Evening Star Newspaper, September 1, 1931, Page 15

FINANCIAL CHANGES IN CURB || NEW YORK CURB MARKET * PRICES IRREGULAR Utility Stocks Continue to Occupy Spotlight in Quiet Market. BY JOHN A. CRONE. Special Dispatch to The Star., NEW YORK, September 1.—Weak- ness in some groups of utilities, steadi- ness in most of the ofls, and mixed trends in industrials marked today's dull and irregular session of the Curb Exchange. The leader of the utllities, Electric Bond & Share, was :‘: a shade near midday, after it had steadily work- ed lower in early trading. Cities Service was off a shade on & rather light turn- over. Neming of a receiver for Tri-utilities Ccrporation, a $400,000,000 holding company, whose subsidiaries rated in 700 cities in 26 States, ca weak- ness in some sections of the utility di- vision. Tri-utilities common hit & new low. This development offset favorable an- nouncements by other utility concerns. Thus Middle West Utilities common ig- nored the system’s weekly report of elec- trical output, which showed a gain of 5.1 per cent. Utllities Power & Light likewise did not respond to that cor- peration’s statement showing rural elec- trical demand up 14.1 per cent for the vear ended June 30 last. In the electrical companies Crocker- Wheeler was in more active demand and McGraw Electric was up a point. New York & Richmond Gas preferred, which seldom comes on the tape, rose a point. North American Light & Power fell 5 points to a new low as further selling orders came in from Chicago. Standard Oil of Indiana, Standard of Kentucky and Standard of Ohio moved back and forth within a narrow range during the forenoon. In the miscel- laneous group Pacific Western Oil firmed, but most of the lower-priced ofls were virtually unchanged. Amusements were up slightly because of improved trade prospects and or- ganized operations. Educational Pic- tures preferred was up a point and Gen- eral Theaters preferred was somewhat firmer. Joseph Ryerson & Son at 18% was down to a new low level for 1931. Con- solidated Gas of Baltimore did not ap- pear until early afternoon, when it opened off 2 points. A. O. Smith Cor- poration, recently strong on merger rumors coupling it with United States Steel, opened off 6 points. Community ‘Water Service was the first stock in that group of utility services to record a new low for the year. Woolworth, Ltd., was one of the few active British shares today. CHICAGO LIVE STOCK MARKET CHICAGO, September 1 () (United States Department of Agriculture).— Hogs, 20,00 head, including 2,000 di- rect; active; steady to 15 lower; weight pounds down at decline; 200-260 pacl Ing sows, 4.25a5.00: few light weight, 5.15a5.50; light weight, good and chulce‘! 140-160 pounds, 5.75a6.40; light weight, | 160-200 pounds, medium weight, 200-250 pounds, 6.5026.75; heavy weight, 250-300 pounds, 5.50a 6.70; packing sows, medium and good, 2752500 pounds, 4.25a5.25; slaughter pigs, good and choice, 100-130 pounds, 4.75a5.75. Cattle, 7,000 head: calves, 2500; strictly good and choick fed steers and yearlings fully steady with recent de-| cline; instances gave higher; lower grades slow and weak; early top long yearlings, 10.15; outstanding weighty steers, up to 10.00; most weighty bul- | locks promising to sell at 8.00 to 9.00; | yearling heifers, up to 9.65; bulk gen-| eral steer and yearling run, 7.75a9.25; bulls strong. Slaughter cattle and vealers: Steers, good and choice, 600- | 800 pounds, 3.00a10.25; 900-1,100 | pounds, 17.75210.25; 1,100-1,300 pounds, | 7.75a10.15; 1,300-1,500 pounds, 7.50a | 9.75: common and medium, 600-1,300 pounds, 4.25a7.75. Interest Defaulted. NEW YORK, September 1 (#).—Wil- liam R. Keenan, junior president of the Florida East Coast Railroad, said today that the road will not pay interest on its first and refunding mortgage, series A, 5 per cent bonds of 1974. There are $45,000,000 of these bonds" outstanding, on which interest is due today. U. 5. TREASURY BALANCE. The United States Treasury balance announced today as of close of business August 29 wes $139,698,154.95. Customs receipts for the month to date were $36,586,759.20. Total ordinary ex- penditures were $6,653,518.48. . CHICAGO STOCK MARKET CHICAGO, September 1.—Following is a complete list of transactions in stocks on the Chicago Stock Exchange High. 381 40 Low. Close. £ ‘2 e Snic 3500 Ciuies Sext 145 Com with Edis | 4 7| 4 Assoclated Press: ‘ended August 30 declined to 47,787 Note—All stocks are sold in one hi undred-share lots excepting those designated by the letter s (80s) (250s). ~Prev, 1981 Stock and Bal High. Low. Dividend Rate. Add 11% Affliated Prod 1.60.. 114 Alleg Gas. .. ey | Allled IntInvevpf2 1 ‘Aluminum Co of Am 1575 Alum Goods (1.20) 1 Am Cit PAL B b10% Am Com P A (b10%) 23 Am Com Pwr 18t 83, 255 ‘Am Cyanamid B 32 Am Dept Stores. T Am Equitie 30 ‘Am For Pow war ‘Am Founders, - Am Gas & Elec (1) Am Lt & Trac (2%).. Am Maracaibo. Am Meter (3). ‘Am Superpwr (p40c) Am Superp 15t (6)... ‘Am Thread pf (250) . ‘Am Util & Gn B vtc.. Am Ut&Geupf1i.. Am Yvette (25¢) Anglo Chil Nitrate Animal Trap (1) ‘Appalachian Gas Appalachian Gas wr Arkansas Nat Gas Arkans Nat Gas A % Assoc Elec Ind (30¢) i Asso G&EI (A) (al). Asso G & B1A dbrts, Asso G & E pur rts. Asso G & El war. . Asso G&E all ct 1.60. Asso Tel Ut (b8%).. 312 1 A [ e N T I T T T P =T TR Ty -3 - ‘AutoVM cv pr pt 50c. Bell Tel Papf (6%3). Bigelow-Sanford. Bliss Co(EW) (nl). Blue Ridge Corp. . Blue Ridge cv pf(a3) ¢ Brazil Trac Lt&P(1) Brit AT B 1.17 4-5c.. Buff N&EP pf (1.60), Bulova c®pf (3%)... Cable & Wire A rets. Cable & Wire B rets.. Cab & W pfrets 19¢. Canadian Marconi Cent Pub Sv Del *ent 'ub Sve A b! Cent Stat El (b10%). Cent St El pf xw(6) . Cent West PS Aally Chain Store Deve! . Chain Stores Stock. . Cities Service (g30¢) Cities Serv pf (6)... Cit SyP&Lpf (6).. Claude Neon Lts Inc. Col Oil& Gas vte. . Cmwlth & Sou war. . Com Wat Ser g123¢. Consol Auto Merch. . Con Gas Balto (3.60) Consol Retail Stores Contl G&E pr pf (7). Tooper Bess pf A(3). Copeland Pr Inc (n). Cord Corp. Corp Sec Ch Creole Petroleum. Cress=on Consol (4¢). Crocker Wheeler. ... Curtiss Wright war. Cusi Mex Mining. Dayton Alr & Eng De Forest Radio Detroit Alreraft Dresser Mfg B (2) Duke Pow (5). Duquesne Ga Durant Motors Duval Tex Sul wi. East G & F As pf(6).200s stSta Pow (B)... 1 Iducational Pic pf. . 2255 Elec Bond&Sh(b§%) 57 Elec P & Lt op Wi . 2 Elec B & Sh cu pf El Shareholdg (b6 Empire Corp Europ Elec deb rts. . Ford M Can A (1.20). Ford M Ltd (36 3-5¢) Foremost Fabrici Gen Alloys Gen Aviation . 4 GenE Ltd res 36 3-5c. Gen Fireproof (2). .. Gen G&E cv pf B(6).400; Gen Theat Eq ev pf.. Gilbert (A C) (1). Goldman Sachs. Gt At&Pac Tea pt(7) Gulf Oli of Pa (1%4). Hackmester Lind. . . Hcllinger Gold(65¢) . Imp Ofl of Can (50¢) Imp Tob Gt Br t78c. Ind Ter Illu Oil B. Insull Inv (b6%) Ins Co ofNo Am t2%3 Insurance Sec (40c). 4 Intercontinent Petn. Int Hydroevpf3lz.. Int Petroleum (1). Int Utilities B. Int Utilities war. ... Interstate Equ! . Interstate Pw pf(7). Italian Superpow A.. Kolster-Br (Am Sh). Leh Coal & Nav 1.20.. Leonard Oil...... Lone Star Ga: Long Isld Lt pf (7). MacMarr Stores (1). ) S - - a o ) o 3 [PPRNS- O CTSIUI JUPYOIDL - {IGPGTPPIOTOS- J3-~ [OPQUIEE -1 P NOTIB OIS » k3 i %) X 3 2 11 68% 2% % 19% 1% % 25 4% 112% 106% 12 4% 14 les— 00, Open, Higl 4 20% 20° 1% 19 7% 3% % 15% 1111 11% h, Low.: Close. % 20% 20% 20% South Corp. Southern Nat Sou Pipe Line (2). Southld Rovalty 20c. SW Bell Tell pf (7).. Stand Motors. ....... Stand Otl of Ind( 1) .. Stand Of1 Ohfo (212). Stand Oil of Ky 1.60. Starrett Corp p! Strauss (Nath: Stromberg- Stutz Motor Car. Sunray Oil (b5%). Swan Finch Oil Swift & Co (2). Syracuse W Mach B. Taggart Corp. ... Tech Hughes (60c) Technicolor Inc Tob Prod Exp ( Todd Shipyard (4). ‘Tran-Con Air Tran Trans Lux DL P Tri-Utilities. .. Tubize Chatel, B. Unit Founders. Init Gas Corp. {tLt&PwA (1).. it L & Pwr pf(§). ‘nit Verde Exten (1) Elec Pow ww. ... & Intl Secur. Inter Sec 1st pf. . Lines pt Radio & Telev 1 P&Lt(at1.023;) ] IS ;8 78 '8 Util Equity pf(5%3). 2008 Venezuela Petrolm Walker (H) (50c) Walker Mining. . W Va Coal & Coke. bt 20 1 15% 11115 11% m tock. us 3% 1% stock. § Plus stock. 1 Plus 8% Stock and Bales— Dividend Rate. - .Add 00. Qpen. High. % Magdalena Synd. Mapes Cons Mfg(t4), Mavis Bottling (A).. Mead Johnson(t43%), Mesta Ma :hine (2).« Mid West Ut (b8%) .. Mid W Sts Ut b10% Mo-Kan Pipe Line. Mo-Kan Pipe L (B) t Service Co...... Nat Sh T Sec A $60c. Nat Transit (1) Nat Union Radlo. ... New Eng Pow pf (6)., 10 NewEng T & T (8) New Jers Zinc (13) N Y&Rich Gas pf(6 N Y Tel pf (63%). N Y Transport (2) . Niag-Hud Pow (40¢c). Niag-Hud Pow Bw., Nitrate Corp Chile B, Nor Am Aviat A war. 6 Am L & P (b8%) .200; orth European Oil. or Ind Pub S pf (6) 258 Nor St Pow pf (6). . Pacific Pub Sve new. Pac Western Ofl, Pandem Oil. . Pantepec Oil...... Patterson Pennroad Corp (40c). Peoples L&PwWr (A). Perfect Circle (2). Perryman Electric. .. Philip Morris Inc Phoenix Secur Corp. Piedmont Hyd El n'w Pilot Rad Tube A Potrero Sugar. Premier Gold (12¢) Prudential Invest. Pub Util Hold war. Pub Util Hold xw Puget Sd P&L pt (6). Rainbow Lum PrB., Reliance Int A. ... Republic Gas Corp. . Reybarn Co Reynolds Inv . Rock Lt & P (90¢) . Ryan Consolidated. . Ryerson (J T) (1.20) St Regis Paper (60).. Salt Creek Pro(1.40). Schulte 5c-$1 St pt Seaboard Util (28¢) Sec Allled Corp (1) Sexal L & H (a50c) Selecred Industries. . Shenandoah Corp. ... Shenandoah pf (a3). Singer Mfg (115) Smith (A 0) (2) So Am Gold & Pla South Penn Ofl (1 SoCalEdpf A (1%). SoCal Ed pf B (1 % in_stocl in stock. in stock. Received by Private Wire Direct to The Star Office Markets at a Glance NEW YORK, BSeptember 1 (#).— ) Stocks steady; leaders hold despite rec- . |ord dullness. Bonds frregular; rails re- act. Curb steady; trading dull. For- eign exchanges easy; sterling sags. Cotton steady; .light offerings. Sugar 31 |steady: trade support. Coffee steady; Brazilian buying. 'CHICAGO, September 1 (#)—Wheat ; bullish Spring wheat estimate. Corn, steady; light contract deliveries. Cattle irregular. Hogs steady to lower. POTATO MARKET. - 'EE:CAOO. eemmz b:t 1 ml(vmd) Department of Agriculture).— Potatoes, receipts, ‘20 cars; on dull, trading rather slow; packed, hundredweight, Wisconsin Cob- 1.1581.25; poor, 1.00a1.05; 1.2081.35; Russets ; few higher; Triumphs, innesota Cobblers, 1.00a Basis of $1,100,000,000 Bpecial Dispatch to The Star. the war, should be a source of gratification to those who are guidi It should also direc speedy rehabilitation. !utex-nn?I market, anot! in the impressive improvement in called secondary bond list. less preceded or accompanied by BONDS ON THE CURB MARKET. fixed income-bearing obligations. DOMESTIC BONDS. h. Low. Close. 8% 03 ousands. Hil TAlsbama Pw 4'as '67 9‘}'. 98% luminum Co s '52 10412 1043 pool, organized to bolster up the grade rails, it is safe to say that s x character and has been o conviction 10 Am¢ lach 2 Abpalac Gas 8 systems, <, Bow To cite one concrete example: & (2) circumstances? Furthermore, the likely to continue indefinitely. The Wabash case is only one Brazil Suspends Payments. ‘Brazil's present attitude toward her foreign creditors is of especial interest to the United States. The latter's stake in Brazil was estimated, at the beginning of this year, at $623,022,000, of which $376,424,000 represented Gov- ernment, State and municipal obliga- tions, $25,000,000, various sterling, franc and milreis loans, and $222,498,000 so- called direct investments. Prior to the war, United States investments in Brazil were placed at $50,000,000. American-Brazilian commerce aggre- gated, last year, about $185,000,000, as compared with $153,000,000 in 1913. United States exports to Brazil amounted, in 1930, to $54,000.000; while imports from Brazil totaled $131,000,000, resulting in a favorable balance for Brazil of about $77,000,000. Announcement by Brazil that sink- ing-fund payments on her foreign loans would be suspended, therefore, cannot be received with complete indifference by American investors in Brazilian securities and enterprises. It is, ho ever, obvious that sinking-fund pre visions contained in some of the Brazil- ian loan contracts have proved too onerous, with coffee —the republic's chief source of income—selling at prices very materially below those prevailing at the time the loans were contracted. Brazil had to choose between complete default, to which many of her neigh- ve already resorted, and a par- rium. She chose the lesser A 9 A FITTISITINESS % & E 55 Gudahy Packe 83 udahy Pke 5%as mb C P&L 4Vas s 55 A 47, t Brdg 6135 52 13 1Det Inter Brdg, is '52 ix GG 6 w 1 Dix a8 6 Duquesne Gas Jont G Ou; 1 10 1 Dei 3 De 2883575, L sgRsasn s teasegeey t t Ind E RS 30 Georgia Powe: 95 10 Gillette § Raz 55 ‘40 90 1Glidden Co 5'ss 31 Goed B 6725 A5 ww 6 o s o S B N RN AR S e xR h GIN —MON i 3 5 O 18 5 90 1 b 53 Gulf Oil Pa 55 '47 6Gu!f St Utl 55 A of the two evils, a step which, on care- ; ful analysis, should prove satisfactory from the standpoint of the holder of Brazilian issues. The country's decision to suspend sinking-fund payments is the third within a period of 33 years. P 13 Insull Utlit 65 B 2 Intercon Pw cv 63 ' 4Inter Pw Sec 75 E 6 Intern Bec Am 55 | 48 Intersta_Power 3s '57 lInterst P 8 4128 ‘S8 F I Bs A 4T ww 55 A 47 and political subdivisions which find themselves in a position somewhat similar to that in which the Brazilian government finds itself could also, to temporary suspension of sinking-fund payments In the present predicament, & good deal of talk about the sanctity of bond contracts may safely be dis- missed. The duty of the bankers today, in the course of lean years, is to save 4 | investors who, in some instances, seem | to have listened incauticusly to specious | recommendations made in the course %) of fat years. Bank Closing Continues. The closing of banks continues throughout the United States, but the institutions affected are small and the influence which the closing exerts upon the stock.market is regarded by many i as negligible. Many investors seem, * | however, to overlook the fact that a relatively unimportant bank failure at times may have more serious conse- =2 sn. 505 fajlure of a so-called important in- stitution at other times. The other day a bank in Brooklyn. N. Y., was ordered closed by the State banking superintendent. The deposi- tors numbered 21,000, whereas the total resources of the bank were repcrted at $5.500,000, equivalent to about $260 per depositor. From this figure. one may . Qquarterly or semi-a 1Plus 4% in stock. k. e Adjustment hPlus 1% in 3% 1n = ‘based on last ne 1Partly extrs n b Payable 1 3 1 Flus J0% " 10 D Paid last yea: CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, September 1.—The fol- lowing is a summary of important cor- poration news prepared by the Standard Statistics Co., Inc, New York, for the . News Trend. Production of automobiles in the week units from 49,953 units in the preceding week, according to Cram'’s automotive reports. Decline, it is said, was caused by & further reduction in Ford output, which was only partially offset by & gain in outturn of producers of one of the other low-priced units. Preliminary statistics of domestic crucé oil output for last week reflect the shutdowns in the midcontinent area. Average daily production for the seven BRE3N-E, 00 50 Kellogg 50 Libby-McNelll 309 Lindsay_Light 1 Mapes Cons 200 Marsnail Field 50 Mid West Tel 51 0%4 § 41 33 34% | 16% | 0! 3 3o CHA s i El 100 Nst Rep Inv 50 Nat Secur Inv 430 Nat-Standard 5600 Nor Am L & 250 No & So A o 30 Norwest Ba 10 No West U Pow Rears 100 Pe: 3200 Pines Winter 50 Public Serv 1000 Q R § De Vry 0 Quaker, Oats ack . - 8. bR e o) Thompson (3 it Corp of Am § Raa erererey SRS 205 | 371 Insull Uil 6s nd sales today- e nded August 25 is placed at 1,740,- gfi.b:rnu. a gfop of 537,642, compared with the week preceding. ‘The Companies. Butler Brothers ed July snd| August sales about 4 per cenbunder yeer | ago; 8 months, sales off akout 12 per /| cent. Colorado & Southern Raliway (in-! cluding Fort Worth & Denver City & | Wichita Valley Raillway) July net operating income, $839,914, vs. $486,741; | 7 months’ net operating income, $1,373,- 403, vs. $1,640,793. | Dubilier Condenser deficit, year end- | ed June 30, $188,741, vs. net income | $4,145, equal to 1 cent'a common share. | Hobart Manufacturing common-share earnings, 6 months to June 30, $1.30, | against £1.90. | Interrational Great Northern Rail road—East Texes oil shutdown causing | company to lay off 900 men. { International Products deficit, 6 months to June 30, $68,004, 2gainst nel | income, $427,626, equal to 55 cents a common share. Montgomery Ward & Co.—Merger negotiations with Sears, Roebuck & Co. | terminated due to inability of directors to_agree on terms. National Breweries Ltd—First 7 months sales off 6 per cent from like 1930 period. | New York Central Railvoad to re- open West Albany shops, virtually | clcsed since August 14, emplcying 1,700 | | men. Parker Pen July domestic sales up 197, per cent. i Sears, Roebuck & Co.—Merger nego- | tiations with Montgomery Ward & Co. | terminated due to inability of directors to_agree on terms. Ulen & Co.—No action taken on com- mon dividend; pald 40 cents July 15. Alpha Portland Cement—Stockhold- ers to vote on proposal to reduce com- mon stock from $24,134,500° to 486,000. American Products—Operations Au- gust 26 around 50 per cent; had about 30,000 canvassers cn that date. American Rolling Mill — Expected to report, loss for third quarter; not in ex- cess of $663,049 deficit shown in pre- ceding three months; operations August 25 around 30 per cent of capacity. Assoclated Gas & Electricity —New Hampshire commission’s order to disas- sociate subsidiaries, Portsmouth & Der- by Electric and New Hampshire Gas & Electric, from company’s management appealed to Supreme Court. Beatrice Creamery — Indicated earn- ings, six months ended August 31, re- ported about $4.50 a common share; estimated sales off 10 per cent, Chicago, Indianapolis & Louisville Railway—July net operating deficit $18,989, vs. net operating income $65,- 520; 7 months net operating $174,401, vs. $699,527. Cocoa-Cola Co.—Declares usual 25 cents extra and $1.75 quarterly dividend cn_common stock. Orosley Radio—Maximum Fall output net expected to exceed 5,000 units dally against capacity of 10,000 units daily; output of sets on August 26 was around 1,600 a day; had 18,000 dealers Au- gust 26. Curtis Publishing—Circulation main- tained near last year's levels; advertis- ing lineage off matcrially. Globe-Wernicke Co.—Reported loss will be shown for first 6 months of cur- rent fiscal year ending November 31, 1931; current operations on & four-day week basis, Myers (F. E) & Bro. net for fiscal 3:;\!‘ to end Octcber Niles-Bement Pond Co. — Current dividend rate of 25 cents quarterly ex- pected to be maintained during remain- der of year; unfilled orders August 25 were said to approximate amount on hand on szme 1930 date; number of employes about 1,100, vs, 2,000 nor- mally; number of stockhclders August 25 around 1,500, vs. 1,600 year ago. Pittsburgh & West Virginia Rail- way—July net cperating income off 399t per cent; 7 months off 58.8 per cent. Brunswick Terminal & Railway—Se- curities deficit, 6 months to June 30, $56.962, vs. net income $49,979, equal to 38 cents a ccmmon share. 10 Cudahy Packing—Reported cent of sales to December to be vested in cotton to help stabilize eom- modity price of South. Ford Motor reported introduction of new model may await turn of year. General Motors' August production 2nd shipments of Buick car 4,2 5,320 in July and 20,004 in August, 1930. International ~ Mercantile Marine Shipping Board demands co-operation by Chapman in disposal of United States lines. National Cash Register July sales and profits were ahead of June; no large commitment invelved in Remingten Cash Register acquisition. National Casket common $18,- crown. share earn-stockholm, cro P conclude that a very limited number of the 21,000 are in possession of means other than those tied up in the bank and that the failure is one of the rest blows which could have been them. Waat is needed is not more com- mittces, and less accomplishment, but fewer committees and more work. Why ings, year ended June 30, $6.88 vs. $8.25. National Transit reported Crew Le- vick Co., subsidiary of Cities Service Co., posts price of $1.90 a barrel for Penn- S aiked ‘Btates lines, Shi n! ines, pping Board demands co-operation by Chop;nn in disposing of lines. Universal pictures to start produc- tlm;! of pictures in Europe with native casts. Anaconda Copper Mining reported have closed St. umnce‘mlne. = Assoclated Gas & Electric 12 months gross to July 31 (including other in- geo::e) up 3.3 per cent, net off 4.2 per u_,Dhm‘:mi M:l:c‘h ;o?“mnon share earn- gs, six mon e 30, 77 " Znginers’ Public Se i eers’ e rvice common share earnings, 12 months to ‘2&0#.-“2‘752-.“ - AL 0} o of Columbia common share earnings, six mon! to Ji e e a T, Augus estimated around $100,000; fllat :e\?:!: months net profit $758,047 vs. $1,918,- .“é. seven months sales off 30.8 per cen Packard Electric common share earn- ings, 6 months to June 30, 28 cents, vs. 61 cents. United Light & Power common share earnings, based on average number of shares outstanding, 12 months to July 31, $1.49, vs. $2.37. Worthington Pump & Machinery re- ported second-half net income would not equal $209,856 shown in 6 months endeq June 30; unfilled orders August 1 off about 50 per cent; operations at about 40 ::r cent of capacity. Citles Service Co. acquires Lindsay- McMillan Co. of Milwaukee with more than 100 service stations and dealers. Melville Shoe had 474 stores on Au- gust 26, seven less than in May. General Motors August Chevrolet out- put totaled 54,958 units, vs. 66,307 in July and 51,622 in August, 1930; 8- month output totaled 643,410 units, R committees which are supposed to be operating thioughout the country be charged with devising means of ren- dering immediate assistance and not charity to those who have intrusted funds for safekeeping, and who have done so because of the assurance and protection thev naively believed were afforded through a banking department for the proper maintenance of which they have willingly and rather lavishly contributed? Gradual Change Seen, ‘The change for better business will Proc & Gam 4':s 9P S No Tl 4125 F '81 9 3 Pub 8 Nor 1il 35 C 8 P&L 5! W&P 41%: P&L 65 A 2025 zw th Calif Ed 5s '8 a Calif Gas 4153 ° u Cel Gas 8s A 5 65 (44 5 gseanEnaan Grimes, president of the Independent Grozers' Alliance, the largest voluntary chain grozers’ association in the United States, but if an advancement and stabilization in prices eould be effected the recovery would be more rapid and a more speedy return to prosperity achieved. | Mr. Grimes is inclined to question the efficacy of relief committees com. posed almost exclusively of men promi- nent in business and finance. In order ! - JCTOL IS NBIOPNS 8. JOreapaet Sun O 2 Super of 8Swift_Co 5 By the Assoel West penn F 45 Wes Tex Ui b5 A 5 FOREIGN BONDS. 5 Buen Alr Pr 7'zs '47 53'% s '43.. 35 Sy BY o g 88 ‘8T ‘61 R 2w Year ago. Two years 250. OIL PRICE ADVANCED. PITTSBURGH, September 1 ( An increase of 5 cents a barrel in the price of Corning grade crude ofl was announced today by leading purchasing agencies here. The new price is 7 cents. Pennsylvania crude prices were unchanged. FOREIGN EXCHANGE. CQuetations furnighad 'E’ R V ). — High, 1930. Low, 1930. High, 1929. Low, 1929. Londen, ¥>: [ Baris, fran lr:u els, bels Rome. 1 £, i d, ta. .. fenna; seniin SILVER QUOTATIONS, NEW_ YORK, September 1 (#).—Bar sllver, steady and unchanged -tnrl%. the financial policies of the United States. attention to the inherent strength of the country’s financial structure, which con- stitutes a most dependable basis for a 1980, which were offered only about a year and a declined to 45. Inasmuch as the Pennsylvania, through afliated companies, controls the line, having paid about 90 for Wabash com- mon, is it conceivable that a foreclosure will be allowed under these It appears that other governments | ® advantage, resort to a revision or even | quences of a social nature than the | be very gradual, according to J. Frank | Everybody’s Business U. S. Bond Issue, Lowest Since War, Shows Nation’s Financial Strength, Brazil’s Suspension Interests Americans, “BY DR. MAX WINKLER. . NEW YORK, September 1.—To be able to finance requirements to the extent of $1,100,000,000, on a basis lower than at any time since particularly to the securities er encouraging sign is found the so- It has been maintained, and rightly so, that any ap- preciable rise in the market as a whole could not be of a genuine character, un- an ad- vance in what is regarded as second-class While the theory has been advanced that the recent rise in this group of secu- rities had been the result of a $10,000,000 second- most of the buying has been of an investment d upon the that the downward move in most cases had been out of all proportion to the position of the respective railroad DR. MAX WINKLER. The Wabash 5 per cent bonds of alf ago at 100%5, decline in rallway earnings is not of many. |to bring relief to the average citizens, the committee should include men who | are more likely to understand the diffi- | culties of those in need. |, It may be of interest to point out that, many years ago, a certain Sultan Saladdin, one of the more enlightened rulers of the East, when in need of a finance minister, turned to an ordinary citizen who had been living in strait- ened circumstances, because he, main- tained the Sultan, would be in a bet- ter position to appreciate economy and its effects upon the nation as a whole. (Copyright, 1931 by the North Newsoaper Alliance, Tne.) ™" '4" Grain Market | By the Associated Press. CHICAGO, September 1.—Wheat av- eraged higher today, although trade was generally inactive and the price range narrow. Small deliveries on Sep- tember ccntracts, 50,000 bushels, had some effect, as this delivery was frac- tionally firmer than the deferred | months. Latest information from abroad placed the wheat crop of 12 countries, exclusive of Russia, at 1,380, | 000.000 bushels, or 3,000,000 bushels | more than last year, but no allowance was made for smaller reserves cf old | grain this year. There were no deliv- | eries on September corn contracts, much |to the surprise of the trade, and this wiped out all early gains and Septem- ber corn was lower at the close. Oats | were slightly higher. Provisions ranged | higher on short_covering in lard. eat closed firm. ix 1o 1 cent higher yesterday's finish: corn, mixed, 1 | cent down on the September and un- changed to 15 up en deferred months; ‘Oll!. 14 to 13 advance, and provisions | unchanged to 15 cents higher. Low. September December March May OATS— | S=ptemper | December . T RYE— =ptember | December iu.y e ' [INew York Cotton Special Dispatch to The Star. NEW YORK, September 1.—A fur- ther decline ozcurrzd in cotton prices at the opening this morning when October sold around 634 cents. The loss of half |a cent from levels prevailing at the | ¢lose of last week attracted covering |and, with very little cotton being | pressed for sale in the South, the mar- ket recovered nearly all the early loss, closing 3 to 6 points lower than on "rfi"’.?%;" Spots were reduced 5 points Ope | Qetober December January could not one of the very numerous METAL MARKET. | _NEW YORK, September 16 (#).— | Copper quiet; electrolytic spot and future, 712273;. Tin easy: spot and nearby, 26.75; future, 27.00. Iron steady, unchanged. Lead quiet; spot New "York, 4.40; East St. Louls, 4.22. Zinc steady; East St. Louis spot and future, 3.80. Antimony, 6.60. —_— BALTIMORE STOCKS. | Special Dispatch to The Star. BALTIMORE, September 1.— Sales STOCKS. Arundel Corporation . 100 Fidelity & Guar Fire Corp 24 Fidelity & Deposit Co. . 20 Finance Servi i 100 Maryland Casualty Go. . . 15 Merchents & Miners Trani. 0 New Amsterdam Cas Os 0 Unjon Trust Co.o. 710U 8 Pidelity & Guaranty. BONDS. ; . 1500 United Ry t !lle 1dg ": STOCK AND BOND AVERAGES Iated Press. TUESDAY, SEPTEMBER 1, 1932, | fact sent prices higher. Later recessions | ADVANCE IN WHEAT PRICES EXPECTED World Reports Indicate Shrinkage in Crop, Due to Unfavorable Weather, BY FRANK 1. WELLER, Associated Press Parm Editor. Crop news 1is strengthening opinion that the international of wheat is likely to advance wi the market feels the full effect of losses in yield and acreage reduction. rts from 34 countries indicate that the wheat crop this year may be about 120,000,000 bushels less than last year. A wet harvest vails in Northern Europe and MML&'H! all re- ports suggest a downward revision of estimates. ates. ‘There has been considerable rain in Germany; the condition of Winter cereals in Austria is below that of a year ago, and 40 per cent of the wheat crop in Prance is said to be in danger of sprouting in the shock. Soviet Production. turn in the Soviet Union is ex be relatively smail because ecfpe‘f:::l:fi to the Spring wheat crop. Spring wheat in Russia is Russia's chief con- tribution to the world store of bread grain. Indications are for a 30 per cent re- duction in this year's seeded area in Australia and a 20 per cent reduction in Argentina. The Canadian visible supply has decreased more than 8,- 000,000 bushels. According to farmers' intention to plant there will be a reduction of about 100,000,000 bushels in the United States Crop next year, presuming 1932 to turn out a norpal yield of Spring wheat. ‘The trade, however, is not losing sight of the fact that domestic supplies now total about 1,213,000,000 bushels. Figur- ing 650,000,000 for domestic requirement and 113,000,000 bushels for export—the approximate amounts for the last year— there may be a carry-over this year of about 320,000,000 bushels after wheat for feed and seed is discounted. Nevertheless, some believe it will take only an insignificant development to crystallize trade attention and senti- ment, now that prices have scored the lowest level in almost 80 years. Sep- tember wheat dropped last week to the lowest point since October, 1852; Sep- tember corn to the lowest since 1900, lnd_l September oats to the lowest since 189 Many in the trade are inclined to be- | lieve that prices have touched bottom and wil attract both consumptive and investment buying, while producers may hold their grains for higher pirces. Cheaper Russian grain in both Euro- pean and Oriental markets and con- tinued light exports were the principal causes of the sag in domestic prices. Russia offered wheat freely in Liverpool at 441; cents & bushel, compared with 573 cents for U. S. No. 1 hard Winter. Strength in Oats. Activity and strength in oats sur- rised the domestic trade. A short, ight-weight crop and small commerciai supplies, together with heavy feeding account, scarcity of old corn, poor pas- turss and a short hay crop, makes higher prices an almost ultimate cer- tainty. Oats are good feed and they are cheap }and the crop probably will be consumed jon the farms which grew it unless prices advance. The tride has noted the unusual circumstance of oats being bought in Illinois for shipment to Iowa. Corn in the northern third of Iowa is said to be dried up, with fodder cut- ting and silo filling being pushed to save as much feed as possible. 1t is said to take about twice as many acres &s | usual to fill a silo. While the price of corn futures fell to the lowest point in 30 vears early in the week, it was more than made up by the later advance. Marketings were light at a total of only 3.000.000 bushels, {compared with more than 5,500,000 bushels a year ago. Baltimore Markets Special Dispatch to The Star. | BALTIMORE, Md.. September 1.— Potatoes, barrel, 140a1.75; sweet pota- | toes, bushel, 75a1.00: beans, bushel, 1 60a1.00; beets, per 100, 2.00a2.50; cab- | bage, bushel, 25a40; carrots, per 100, 200a2.50; corn, per dozen. 10al4; | cucumbers. hamper, 25240; eggplants. | hamper. 30a35; lettuce, per crate, 2.158 6.50; lima beans. hamper. | celery, crate. 2.00a3.50; 9 12.00a2.50; peppers, hamper, 3 onfons, per 100 pound:, 1.7582.00: squash, per bushel, 40a50: tomatoes, bushel. 30a40: apples, bushel. 25a75; cantaloupes, per crate, 50a2.00. Dairy Market. Poultry, alive—Chickens, young, 18a 26; old hens, 18a25. Leghorns, 13al17 roosters, 12a15; ducks, 12a20; pigeo: pair, 15a25: guinea fowls, pair, 40a60. Eggs—Receipts, 588 cases; current receipts, 21a23; hennery whites, 22a28. - Butter—Good and fancy, creamery 26a31; ladles, 19a20; process, 21a22; store packed, 15a16. Hay and Grain Prices. No. 2 red Winter export, no quotations; No. 2 red Winter, garlicky, spot domestic, 49.14; September deliv- ery, 49.14; October. 50%. Sales—Car- goes on grade, No. 2 red Winter, gar- licky, 601%; No. 3, 48!2; No. 4, 46!3; No. 5, 441 Corn—No. 2 yellow, domestic spot, 58a59; cob corn, 3.00a3.25 per barrel. Oats—No. 2 white domestic spot, 30a 31; No. 3, 29a30. Rye—Nearby, 40a45. Hay — Receipts, none. New hay is sarting to arrive in increasing quanti- ties, but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow and market is dull and quiet, with prices in buyers' favor at a range ef 15.00 to 19.00 per ton. Straw—No. 1 wheat, 9.0029.50 per ton; No. 1 oat, 9.00a10.00 per ton. Live Steck Market. Cattle—Receipts, 75 head; light sup- ply: market dull. Steers—Choice to prime, 8.00a8.25; good to choice, 7.0028.00; medium to good, 6.25a7.00; fair to medium, 5.50a 6.25; plain to fair, 5.00a5.50; common to plain, 4.25a5.00. Bulls—Choice to prime, none; good to choice, 4.5024.75; medium to 4.0024.50; {1 to medium, plain to fair, 3.25a3.50; common to plain, 3.00a3.25. [J Cows—Choice to prime, none; good to choice, 4.50a4.76; medium to good, 4.00a4.50; fair to medium, 3.50a4.00; plain to fair, 2.50a3.50; common to plain, 1.50a2.50. Heifers—Choice to prime, none; good to choice, 6.00a650; medium to , 5.7586.00; fair to medium, 5.25a 5.50; plain to fair, 4.25a5.25; common to plain, 4.25a4.75. PFresh cows and spring- ers, 30.00a60.00. 8heep lambs—Receipts, 500 light supply, m-rke:ulever: head; sheep, 1.0023.00; lambs, 4.00a Hogs—Receipts 400 head; lig] 27.30; medium, 7.25a7.50; light pigs, 6.5006.75; heavit 6.25a7.15; roughs, 4.25a5.00; pigs, 6.75a7.00. Calves—Receipts, 75 Thead; light su;z%ly. market steady; calves, 4.00a 10.00. % Develorment of a curved rim which prevents boiling water from splashing over the edge of pots and saucepans has put new life into the Fall demand for such goods, producers said in New York. The improvement is included in lines offered by several producers ard’ all report a satisfactory call for the me¢ ndise. )