Evening Star Newspaper, August 22, 1931, Page 14

ASEINTRUCK L USIGE INDIATED | Were 3,480,939, Against 20,000 in 1911, «Bpecial Dispatch to The J . BOSTON, August 22.—Although the *' tonnage of revenue freight carried by class 1 railroads is known—2,063,078,000 L tons in 1930, a drop of 388,523,084, or . 15,8 per cent, from the 1929 record—no comprehensive statistics have been ob- " tainable indicating the volume of ton- nlfc handled by motor trucks. t is known, O eieoads the tracks rison with the roas e c] * Pandiea a relatively small percentage of “the country’s freight trafic. Inroads have been made particularly on less than carload freight moving over the “ shorter distances. The Bureau of Rail- way Economics made a study indicating that in 1928 the raflroads handled 77 cent of all freight traffic moving in ?fi'{ United States, with only 2 per cent handled by trucks, electric railways and airplanes. The rest was divided be- T s gt 1 & SR ::lmt:n::lvu‘,":hroo\'x::“ i, “have entered this field to increasing ex- ulll: 1911 there were only 20,000 trucks ey in the United States. In 1930 there were 3,480,939. This represented a gain of 101, over 1929 and of 366,- 940 over 19 Pasenger automobiles the other hand, de- now more trucks than ‘There freight cars in use, although there is, = parison in_carrying | AEEEEEYRE : Efisifiiafig SHARPLY DECREASED Trade Journal Finds Reduction in Returns Has Hit Record Figure. ‘The present depression has resulted in reductions of raflway traffic, earn- * | By the Associated Press. THE . EVENING . STAR, WASHINGTO:! (Copyright. 1931.) IVIRGINIA PRODUCE Movement of Apples to Mar-| ket Shows Gain—Cabbage | Sales Large. | BY JAMES B. CLEWS. | Special Dispatch to The 8¢ | NEW YORK, August 22.—In spite of RICHMOND. Va., August 22.—Carlot ]‘ pess!mistic predictions of the familiar 0d | Jhipment reports for Virginia, released | Variety, the market has continued to e | here by the United States Department | hold its own well, and, on some days, B %ii : ol % d § & ] B g i ] . f | % | E i i i l Ex § 1 : g I i gk i g g 58 £ ; Hy g5 i = 3 g £ gz 58 e ) i o Eg; §8r af f g £ g | E ii g g i | i g H § E E i | 2 H | it 18 ] 4 f 1 4 i i . o+ ] {1 E f ¢ i 13 £s3 fagt 32 class 1 roads in the year 1921 was about $616,000,000. In 1931, if it should be 2s it was in the first half, it would total only about $541,000,000. This would be $76,000,000 less than in 1921, al- though the investment in railroad prop- erty is $6,000,000,000 more than it was then.” WAGE CUT IN STEEL INDUSTRY RUMORED .Dow, Jones & Co. fays Leading Interests Are Considering Reduced Pay Schedules. By the Associated Press NEW YORK. August 22.—Dow, Jones & Co. says the question of wage rates almost the undivided at- “While some interests in the industry hope to be able to avoid making i ; i ;§ ¥ | | 5% gsis g2k ! 3 : 1| experts to be late this year, account- “Total net operating income of the | g2 Egk: 22 I of Agriculture through the Federal- | has shown unmistakable sirength. The State Crop-reporting Service, indicated | volume of business has continued to that Virginia crops are moving in | be relatively small, out there is clear greater quantities, , than last | evidence of the growth of genulne in- e vepoet | vestment demand. The prolonged hot 915" b et 13 cariants of anut | weather and the fact that many va- ‘were shipped, as compared with 10 dur- | Cations have been extended far beyond ing the week preceding. The tdtal f their usual scope, either through choice b or as the result of business inactivity, | | the season was 145, as compared | corresponding period have done their share toward reducing < g | the ‘turnover of trading. But the signs 5 [ of revival are already being noted here “-nd there, and, as the clcse of the business. As for business and economic symptoms generally, they are in the imlln encouraging. It is not "likely |that there will be any sudden restora- |tion of full activity, but there is no | reason_why there should not be a very | marked growth during the Autumn | months. Signs of Business Revival Among these signs of business re- vival have often been mentiuned the | marked restoration of the consumption | industries of New England and the | South—shoes, cotton, textiles and wool- ens. These industries have shown that Iwnumnd increasz in the amount of is evidently founded upon | Teal’ growth of solid demand. During the week just past there have also been | some en: indications with re- e 1o have reached | of production seems ive k. | The ow figure and is beginning to climb | upward. Some large building projects, | recently announced, may be expected |to give a backlog of and S | there is likewise good reason to believe {in a somewhat larger purchase of ma- | terial for sutomobile construction. If | the rate increase, now under consid- | eration before the Interstate Commerce | Commission, should be granted at an e somes was eaid by csap | %01y date, ralivay buyiog will be one { bt, grown up in some fng for the reduction. The carlot ship- | Lhere has B0 doub, B mmission nas ment of Irish potatoes this year was |0 (0 4 ‘the determination—currently set at 18,430, as compared with 21,376 | SIOUEE o0 “many to have been T - | Feached—to grant at least a portion of Watermelon Shipment. | the railways’ "“""l".fm - o The shipment of watermelons this | this opinion there Wollll FREUG ovle year showed a slight increase in the | SHE%, 10 E SUol hng [ somsons total to date over the cor- | hotcdure 15 merely (g om respondin t year e car- | Proced . i Ta | TP record Tor “watermelans this year |Sion seems to have thought | 1) ymbers Lo retain every was 325, as compar:d with 302 last ‘:’;,;‘e‘d”(‘f,“r:‘;' e in their procedure | that has besn evident in the past. Th's | vear. ¥ |~ Truck hauling was not indicated in the report. { ble, & tion that {1t has clearly discouraged « have been inclined to 1ook forward witi (NEW EAT SLOGAN DRAWS | CUSTOMERS AT 60 CENTS ipulre'™ hembie 204 P Slashing Restaurant S | onsible for the continued decline in e . g S raflwe; . t Other business llve.t Satisfied Give “All and ground for belief in the full season: : oo | St g vu’uzdau | upturn that should be r | Whatever You Want.” securities n. With it there ought to }2’.‘;‘1‘&",’ volume and lerger invest- NEW YORK (N.AN.A)—If you have A ment demand for stocis. . New York shculd be diners' ondi Paradise o, what with the restaurant Adjupting Credit C m“"‘l R “wars” and uent price-slashing. | _The week has been frultful in the It all began & sign that read: | development of the credit ual 9 # t and whatever you wan | both ai home and abroad. ! and entered. | seml He beg>n with a grapefruit cccktall. | element And this is what followed: A bowl of tomato soup. Pilet of sole with mashed potatoes and | g e i § | Summer approaches, there will be a | their recovery is not a “flash in the | | of the first features of the Fall market. | stapl about the | that the commis- | have been necessary or unavoida- | |GAIN IN INVESTMENT DEMAND NOTED BY MARKET REVIEWER SmMENT I-ARGERIJamcs B. Clews Finds Stocks Have Been Showing Underlying Strength—Signs Of Revival Appear. He Says. of places. These are local troubles and must be cured by local remedies. | Meantime the member bank state- ment, as published from week to week, shows a steady restoration of liquidity ‘I& the ncmlof secured lo:‘m “:'hrwch progressive reduction total of that 3 banking than for a | they have met the efforts of the Bank | of Prance to realize gold in this coun-+ |try, as illustrated by the immense ac- cumulations it is developing through the conversion of its American bill holdings into cash. | Progress in Commodity Control. ‘The past few days have also seen some progress in the matter of com- | modity control—and in connection with |a very difficult phase of the case, that of ofl. Following upon the spectacular closing of the wells in Oklahoma by the Governor of that State, Texas has taken drastic steps by adopting a far-reaching |ofl control bill which will a) tly give to the executive of the State & | 1 power of conservation or prora- !turm“ ‘These and other like measures | may easily result in carrying the oil control question over into the next ses- of , at which time the ad- has indicat things E | look-up in oil shares and a better de- mand for them has been observed than |for a good while past. The attempt s control overproduction of cotton | ineffectual as ever, | would appear to be beyond the powers | governmental bodies (at least as now | organized) to gain any real results. Much | the same evidently is true of wheat, and there has been no definite improve- | ment in the outlcok for either of these les. Copper producers are making another attempt to reduce the output | of that metal, but thus far its success remains to be demonstrated. Another | small increase in coppsr metal hold- | ings is foreseen by the experts for the For month of August, |1t has aiready been in the prices prevailing |per shares. Greater stability in the { general average of commodity s | indicates that the bottom has probably | been touched and that future changes will tend upward. | sons to estimate the | the first part of 1931, | was expected, a broad | results of a year ago. | thing about them. however, is the lack 1| of uniformity in the showings so made, ring | and the plain inference to be drawn | from the tables of earnings is that a | good many concerns which have had | sound management and have been free from governmental overinterference are able to present good results. Chain | stores, w net i i ! { D. C., SATURDAY, AUGUST 22, 1931 IFOREIGN BOND LIST INBETTER DEMAND Industrials and Rails in Do- mestic Group Register Further Drop. BY F. H. RICHARDSON. Special Dispatch to The Star NEW YORK, August 22.—The rate of decline in the bond market slackened today, partly because of the week end half holiday, with many traders absent from the Street, and partly because of the withdrawal of offerings by institu- tions which had been pressing bonds on the market in recent sessions. De- clines were in the majority in the rail- way list, but elsewhere there was a sp;tnklén' of ‘sgvmcex. n the carrier group Rock Isk - funding 4s sold off a point to .::gu:r new low, but regained the loss later. Baltimore & Ohio bonds were un changed to lower, with a loss of over point in the 4!2s of 1933. This bond was in steady supply Priday. St. Paul 55 fell back into new ground for a point loss, and Missouri Pacific 55 of 1965 did the same. Offerings of St. Louis Southwestern Terminal 5s found buyers at a concession over a point. The one exception to the trend was Nickel Plate 6s, the issue maturing next year, which regained a point of its re- cent loss. The weak spot in the industrial list was Warren Bros.' 6s, which broke bad- ly. t?threrw:?e l:l]mncss either way were mostly fractional and with = lar_significance. S Against this continued weakness in domestic rails was the better demand for certain foreign issues. German 7s rallied and the 5);5 ranged higher. Colombian obligations were heavy again. Cabled reassurances from the head of the Colomblan government had seem- ingly no effect on the market. Brazilian issues lost ground, with the market un- affected by the plan to exchange Ameri- can wheal, for Brazilian coffee. Aus- tralian issues lx;‘re lower. There was le trading in - grade utiligies or in Uniu‘d suu::a *35‘3- nds, with price changes ernment mixed. Business Notes NEW YORK, August 22.—Aside from increased inquiries this month for such stones as star sapphires, fine rubies and emeralds, there }ua been little definite improvement in ‘the fine jewelry trade, trade circles in New York report. Re- tail volume in leading cities thus far this year is running some 25 per cent under 1930, which in turn showed @ marked drop in _comparison with the preceding year. Retail stocks were said with the staple end of the business, such as wedding, birthday and similar gift items, being the mainstay. Fears that the Empress Eugenie mode in_millinery will be hurt by the quick introduction of the new styles in cheap hats were expressed in the trade in New York. Reports had it that within a day or two Eugenie mod- els to sell at $2 will be shown at re- tail. It was felt that this will have & measurable effect on the high-price | Bugenie hats and that the ‘:-oae in general will have a considerably short- er life than has been expected. Concluding three week's observation and inquiry as to prchable Fall trends in hollow ware, manufacturers re) | they are convinced that sterling ‘Fm will outrank silver plate or combina- tions of pewter and copper in popular &) during the coming season. Can. , _cases, bonbon plates, sugars held to a $5 retail price, will be ordered in quantity, buyers promised. openings curbed Fall buying to some ex- | markets last week, although the volume of orders reached fair proportions. The openings have confirmed the importance jof many earlier fashions, but several i couturiers have emphasized new colors, lincluding wines and browns. Coat buying up in an active manner during the week, with special terest shown in fur-lined types at popular prices. Reports from retailers regard- ing August sales are conflicting. Announcement of new low prices of pink and chum salmon caused such a stir in the canned foods market in New York last week that there was a hesi- tancy about ordering them from the Coast at the prices asked. Instead, buy- ers sought to pick up consigned stocks in New York. The movement of Cali- fornia fruits is reported to be merely Dry goods jobbers are exercising even greater caution in their current purchases, as a result of the uncer- tainty over prices existing in the cot- ton goods trade following the steady recession In raw material during the last few weeks, wholesalers indicate. Very few orders beyond September 1 deliveries are being placed, with job- bers stating that they are marking time until some price readjustments, which they feel are necessary, are put into effect. An encouraging gain in dress orders is now developing, which, producers be- i leve, marks a turn for the better in Fall purchasing. The improvement follows a three-week period in which buying fell materially below expecta- tions, owing to the threat of radical style changes at the Paris openings. The volume of business being placed in better grade dresses, however, is still llllmnflllly smaller than manufac- turers would like to see. All branches of the lamp trade, from low-end to higher price merchandisz, felt the effects of an increase in buying in New York this week. Stores re- porting stocks at a record low point for this time of year, purchased new goods for immediate delivery. In the better price branch of the trade, o-ders more than doubled in the past 10 days, sales agents said. |, One of the recent developments in the women's hosiery trade for Fall to which selling agents called attention is the strong demand for seamless numbers of rayon, wool and cotton. substantial orders for which are bein | placed by chains and jobbers. These styles are priced to retail at around |20 cents and, from current indica- | tions, are pointed for a good season. BALTIMORE STOCKS. | Special Dispatch to The Star. | BALTIMORE, August 22— Sales Stocks 45 Arungel Corporation . 3¢ & P Telephone Baito pid 50 Houston Ol pfd N cturers' Pin Co pid. . ity Co ... - | routine. Last sales L e 11 is to be the lowest in more than 25 years, | and creamers and similar articles, if | Fashion developments at the Paris| itent in the New York wholesale apparel | UNITED (Bales Lib 3% 32-47.. 77 L 1st 4% 8 32-47 11 L 4th 4%s 33-38106 VS 33849, 0’ US4%s47-52. Alleghany Cp 6844 Allegheny b Allegheny 0 Am Beet Sug 68 '35, Am F P 582030.... AmIGChGs 49, Am Ingl 538 '49. Am S&R 1st 58 Am Sug Ref 653 Am T&T cv 4%8'39 i l j Argentin Argentine Argentine 6s Oc'59. | Argentine 65 B 'S Arm Del 5%5 '43 Assoc Oil 633 Atchison gn 45 '9) Atchis cv 41848, AtICL 1st 4s'52 Australia 68 5. Beigium 65 "49 Belglum 75 ‘55 Belghim 7 Bell Tel'P Berlin Cy El 6555, Beth Strf 5s’42.... Bolivia 7s " 26. Brazil 645 *27. Brazil 8s°41. Bremen 7s '3 Bklyn Man Bklyn Un 58 °45. Budapest. 6s "62. Buenos A 6s'61 Pv. Bush T Bldg 5x'60. | Calif Packing s "40 | Canada 45 60 | Canada 4% Canaca 55 * | Can Nat 438 5. at Ry 4 Can Nat4%s . Cen Nor 6158 db 46 Can Pac db 4s. Can Pacific 4% Car Clin & O 65 '52. Cent Pac 4s '49 Cent Pac 58 '60 Cert-td db 5% 7 CB&Q 1114V 45’49 Chi & Est 111 585 Chi Grt West 48’ ChiM& StP 418 C CM&SLP 4%s8'89. C M StP&P 5875 CM& St Padj Chi & NW gn 4s 87 Chi&NW 4348 2037, C&NW 435 C 2037, Chi & NWen 4%s. . Chi&NW rf 5s 2037 Chi & NW 6145 °36. . Chi RI& P rf 4s'34 Chi R 1cv4%s'60. ChiRT1&P 4%8°52 '63. C& W Ind cn 4s'52, C& W Ind 5%s"62. Chile 6s '60 Chile Cop di Christiana 6s '54 CCC&St L 4% E'17 CCC & St L 58 D63 Colomb 6s Jan '61.. Colomb 6s°61 Oct Colon Oil 65 '38. ... Colo & Sou 43835, Col G&E 58 May's2. Col G&E cou 5861, Com Inves 515 '49. € C Md 1st rf 58'50. Con G NY 43%8°51.. Con G N Y 53845 Con Pwr Jap 6% | Con Pow Japan 7 | Copenhag 5 '5 Cuba R R 58 '52. Cuba RR rf 7%5 36 Czecho 85 '51. . Del Pwr&L 4%s 71, Del & Hud 5%s '37 Denmark 4% Denmark 5% Denmark 6s "42 Deutsche Bk 6s '32. Dodge Br cl 6; Duquesne 4% s ‘¢ Dutch Bast 16547, East C Sug 7%s'37 Erie 1st con 48 '96. Erle cv 58 '67 Erie 58°75. Erie & Jer 6 Finland 5%s Finland 63s Fla E Coast 58°74. . Fond J, French Gelsenk’hen 65'34. . Gen Motors 65 '37. Gen PSviles 3y Gen Th Eq 68 '40 | German 5%s "6 | Ger Cen Bk 65’60 O | German Bank 7s ‘50 German 7s rep '49. | Goodyr Rub 58'57, . | GrandTr sf db 6836 Grand Trunk 7s'40. ! Grt Nor gn 51852 | Grt Nor gn 7836 Greek 65 '63. - Hoe & Co 6145 '34 Hud & M adj 58’5 | Hud & M rf 5557 Humble Oi} 55 '37 Hungary 73%s 44 111 Cent 4s "53 {111 Cent 635 * 111 CCStL&N Inland St 4% Int Rap Tr 55 '66. . int Rap Tr sta '66. . Int Rap Tr 65'32 Int & Gr Nor 58 ' Int & Gr Nor Int M Co 68 re41. . Int Match 5s " Int MM col trés’4l Kan G&E 4%s'80.. Karstadt 6s '43 Kreug & Toll 5 Lautaro Nit 6s Lig & Myers Loew's s ex w "4 Lorillard 5%s '37 Lorillard 7s '44 Lou G & El 55 ‘52 il | 18 & Ark 53 '69 [on e e B Bales. - w REmRanlenlS axe Borwrommannnm STATES. are in $1,000.) les. MStP&SSMEL% MEK&T pr In 55A'6 7! - Euoantanme - 108 108 112 9112 9 112 9 High. Low. Close. 5 61% 61% 1 3 8. fore) PS=1=rN NY Centab 65’3 NY C&StL 4%s'78 NY C&StL 6532, NY Ed 1st 6%s'41 NY NH&H 45°56.. NY NH&H 4348 67, NYNH&H cd 6548, NY O&W 1st 45’92 Bumnoans - weaSeanal - - Son o » Boknun Nord 6348 "5 Norf South b5 '61. No Am Co 55 '61 Nor Am Ed 65 C '69 Nor Am E 5348 '63. Nor Pac 3s 2047. 7 BakSuNe » - o Orfent dev 53 Orient dev 6; Pac G&E 5 5 Pac T&T 1st 58 '37. Pac T&T rf 53 '52. . Pan-Am Pet 65 '34. Paris-Ly M 78'58.. Penn 4%s D '$1. Penn gn 4% Penn 4%s8°70. Penn 4% '63. ®_» - wererRolsoonmmun Sx neakoanARaR S0 —n&n -5 Phil & Read 85 '49 Phillip Pet 6%s '39. Pillsb F M 6s"43 PCC&StL 4%s Poland 7s ‘47 Poland 8: . Por RAm T Pos Tel & C 55’53 4 | Prague 7%s '52. Prussia 6s '52. . Public Serv 4s°'71 Rio de Jan Rio de Jan R Gr Do St Rome 6%s '62. . Roy D 4s5"46 ww StL IM R&G 4 St L&SF in 4s StL&BF 41%8'78 StLSWss'52.... SaxonP W 63851, Sao Pau 78’40 ret. . Seine 78 '42. Serbs-Cr-S1 7s Serbs-Cr-81 Shell Un O11 Shell Un Ol1 Sinclair Oil 6 o sondSo~Ronnnensanunnnanem— - Solvay Am 5s'42. . Sou Bell 'l'f’.l' 55 '41 s Sou Ry 6%s St Oil N J 5 MISLOIN Y 4%s Sweden 535 '64... Swiss 535 °46. . Talwan E P 5%s'71 Tenn El P 68 A '47. Ter As St L 4s Se » BowsBlanorcornwa nao B nenlona e e =5 Util Pw 6s '59 Util Pow 6%s ¢ Vanadium St 58°41. VaRy 1st5s'62... Wabash ‘438 ‘78 Wabash 1st bs ‘39, » 66 107 » memsansBan o SRR OE R R —0D DR RO Warn Br Pic 6839, Wst Sh 1st 48 2341. Eldbs West Union 5s West Union Wes: Un 6 . WEOG5%s'37 ww. Wh Sew Mch 65 '40. Wil-O st 618 '33. Wil & Co 1st 6s'41. Ygstn S&T 5s A'78. 15 Ygstn S&T 5s B'70. 39 » FINANCIAL srocxncmcll Direct te The Star Office 81y 103% 1044 100 9 53 % 5% 665 82% 98 90% 9% 107 55 77 115% 84% 86 110% 58 76 105 106% 105% 21% 101% 101% 634 90% 100% 105% 100% 102 104% 104% 101% 4 105% 106% 108 97 97 97 97 ELECTRICAL RAILROAD MILEAGE IS * | By the Associated Press. America leads the electrification schedule REPORTED world in railroad les. The Copper and Brass Research As- soclation says there are electrified sec- tions of steam roads in tries, with a total 1000 d, wit electrified. The trend toward tion is_ said worldwide. The world's most ambitious | some 30 coun- is track mileage of miles 2,900 miles is 62 per cent additional elec- practically ileage of been formulated in Great Britain by a committee which contemplates the electrification of 36,000 11 31 2 By the Assoclated Press. The Commerce that trade between United States thus tobacco and silver. e e = AR Cnae B0eS vow SEn~manammr miles of British main track and 15,500 miles of sidings at an estimated cost of $1,300,000,000. o e U. S.-CHINA TRADE GROWS. it holds the is ‘most encouraj 3 rticularly in shipments uwun:-umt. four, leat | 510 | modities show gains over last : Prospects for the immediate said to be adversely affected by unset- of these ‘com- ture are MOTOR FINANCING CLOSE TO NORMAL Transactions More Numer- ous Since First of Year, New Car Sales Grow, BY ALVIN RESCH. Written for the Associated Press. CHICAGO, August 22.—Despite de- pression and lower values of motor vehicles, the automobile financing in- dustry may be able to call 1931 a year of return to normaicy in many respects. Reports from more than 400 auto- mobile finance companies to the De- partment of Commerce show an aggre- gate retail installment business of more than $546,000,000 for the first six 1928, the mmry ndm‘nannll Due to decreased values, particular- on_ used cars, more transactions naturally have been handled by finance companies this year to maintain even this approach to 1928 figures. Almost twice as many used cars— more than 760,000—were financed in the first half of 1931 as in the same period of 1928. New Car Financing. Although sharply decreased produc- tion necessarily has reduced the num- ber of new cars financed this year, the National Association of Pinance Com- infes finds the ratio of cars sold on deferred payments to the total of rkle'l cars sold has continued on an even eel. A greater proportion of new cars, however, was financed by the 428 sggregate 2,466,000 cars in 1 700,000, invol ‘more 1529, thén “'SEEK TO REDUCE LOSSES ON HIDES U. S. Specialists Study Skinning, Curing and Preparation for Leather. Hide specialists of the Department of ure are conducting an active up on the field work dealers and tanners showed thal being iplished practices are pointed out practices that will result in more valuable hides and skins are is, their condition and quality. NEW TYPE FLUID ENGINE IS INVENTED IN ENGLAND Claim Is Made That Discovery Will Revolutionize Many Forms of Locomotion. A new fluid engine, different in prin- ciple of operation from any in exist- ence, has been invented in [ the t The medium used in the e is liquid 1 claimed that it will