Evening Star Newspaper, September 2, 1931, Page 14

A—14 xxs "TAX CASE INVOLVES : STATE AUTHORITY “Gas War” Has Echo in Appeal to Supreme Court. May Set Precedent. BY DEAN DENWOODEY. The authority being asserted by State ~public utility commissions in different “sections of the country to investigate and o consider, in fixing rates, the re- “lationship existing between parent com- panies engaged in interstate commerce and affiliated local utility companies is challenged in a test case filed with the Supreme Court of the United States. The case arises out of the “gas war” which has been waged .in the State of Kansas for_some time between Gov. ‘Harry H. Woodring, Kansas official and other interested parties, on the one hand, and Henry L. Doherty, the Dog herty Co., and afillated organiza- *tions, on the other hand. It involves, principally, the charge of 40 cents per thousand cubic feet of natural gas paid at the “city gate” by local Kansas dis- “tributing companies to the Cities Service Gas Co., a Doherty subsidiary. Appeal Is Filed. The appeal to the Supreme Court was fled by the Western Distributing Co. «controlled by Doherty interests, which cwns the local natural gas system serving the city of El Dorado, Kans. The company is seeking to compel the Kansus Public Service Commission to order an increase in the local rate on gas distributed for domestic purposes. To the company's claim that the present ‘charges, established in 1920, result in confiscation of its property, the com- mission’s attorneys countered with the contention that if the {)rlce paid by the company for its natural gas were reason- able it would be e led to make a profit. The local company distributes ‘gas which it purchases under contract from an afiliated interstate pipe line company, as do other local units in “Kansas, at the fixed rate of 40 cents per thousand cubic feet. The application of the Western Dis- tributing Co. for an increased rate was “denied by the Fublic Service Commis- sion on the ground that the compan: “has failed to introduce evidence pro ing to the satisfaction of the commis- sion the reasonableness of the price of 40 cents” paid at the “city gate.” Re- dress was sought from a Federal three- Jjudge district court, the company claim- ing that the commission has no power to consider the relationship existing be- tweer it and the pipe line company and, in particular, the matter of the inter- state 40-cent rate. The Federal Court overruled this con- tention. All three judges were in agres ment. The question of the reasonable- ness of the 40-cent rate charged by the (Cities Service Gas Co. and of other «harges paid by the local company to Henry L. Doherty & Co. and the Gas Service Co., all four affillated, were held to be subjects of proper inquiry by the State commission, Judge's Statement. “The 40-cent rate at the city gate ‘fs an interstate rate,” one of the judges stated. “which the commission cannot directly regulate. It does not follow, however, that the commission may not inquire into the reasonableness of that rate for the purpose of fixing the local rates.” It was the opinion of another judge that “the set-up of these com- ‘panies is such as to justify a close &crutiny of the whole situation.” “The commission may not fix an in- terstate rate but it may determine,” the third member of the court concluded, “whether & corporation buying gas from a related and affiliated corporation is paying such affiliated corporation an unfair and fictitious charge fos gas at the city gate, and using that charge as one of the elements of cost upon which it seeks to have the local rate fixed.” The Supreme Court has now been asked to reverse the ruling of the Fed- eral District Court. The case presents a novel legal situation to the high tribunal. Probably the most closely analogous case to _come before the court was the so- called Chicago Telephone case involving the relationship_existing between com: panies in the Bell Tefepmme system, but the decision in that case, handed down last year, did not determine the questions now raised. (Copyright, 1931.) Baltimore Markets Spacial Dispatch to The Star. BALTIMORE. Md., September 2— Potatoes, barrel, 1.40al.75; sweet po- tatoes, bushel, 65a1.00; beans, bushel, 75a1.00; beets, per 100, 2.00a2.50; cab- bage, bushel, 25a40; carrots, per 100, 2.00a2.50; corn, per dozen, 6al0: cu- cumbers, hamper, 20a30; eggplants, hamper, 20a35; lettuce, per crate, 1.50a 5.25. lima beans, hamper, 1.25 A celery, crate, 2.00a3.50; Okra, b 2.00a2.50: peppers, hamper, 20a2! Onions, per 100 pounds, 1.75a2.00; squash, per bushel, 40a50; tomatoes, bushel, 35a65; apples, bushel, 25a75: cantaloupes, per crate, 1.50a2.00; crab- apples, basket, 25a40. Dairy Market. Poultry, alive—Chickens, young, 18a 25: old hens, 18a25; Leghorns, 13a17; roo-iers, 12a15: ducks, 12a20; pigeons, pe . 15a20; guineas fowls, pair, 40a60. -—Receipts, 583 cases; current rec...ts, 22a24; hennery whites, 23a28. Buiter—Good and fancy, creamery, 26a31; ladles, 19a20; process, 21a22; store packed, 15a16. Hay and Grain Prices. ‘Wheat—No. 2 red Winter export, no quotations; No. 2 red Winter, garlickly, spot domestic, 49%; September delivery, 49%: October, 507. Sales—Cargoes on grade, No. 2 red Winter, garlicky, 51; No. 3, 49: No. 4, 47; No. 5, 45. Comn—No. 2 yellow, domestic spot, 59: 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' starting to arfive in increesing 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 of 15.00 to 19.00 per ton, Straw—No. 1. wheat, 9.00a9.50 per ton; No. 1 oat, 9.00210.00 per ton. Live Stock Market. Cattle—Receipts, 75 head; light sup- ply; market dull. Steers—Choice to prime, 8.00a8.25; good to choice, 7.00a8.00; 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, 4.50a4.75; medium to good, 4.00 a4.50; fair to medium, 3.50a4.00; plain to fair, 3.25a3.50; commion to plain, 3.00a3.25. Cows—Choice to prime, none; -good to choice, 4.50a4.75; medium to good, 4.0004.50; fair to medium, 3.50a4.00; plain to fair, 2.50a3.50; common to plain, 1.5082.50. i Heifers—Choice to' prime, none; good to cholce, 6.00a6.50; medium to good, 5.7586.00; fair to medium, 5.25a5.50; plain to fair, 4.25a825; common to . Fresh cows and spring- Sheep and lambs—Receipts, 700 head: light supply, market lower; sheep, 1.00 23.00; lambs, 4.00a8.25. ; lights, 7.00 . light pigs, 6.25a7.15; roughs, 4.2525.00; pigs, 6.75a7.00. Calves—Receipts, ig head; light sup- Pply, market steady; Palves, 4.00a10.00. Pensions f bel we or judges are being urged in FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, SEPTEMBER 2, 1931 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Ofice. (Continued From Page 13.) ~Prev. 1931~ High. Low. 97'% 86 108 30% 623, 76 8tock and Dividend Ra Safeway Strs pf (6). 70s Safeway Strs pf (7).270s St Joseph Lead (1).. 1 StL-San Francisco.. b StL-San Fran pf(6).. 2 St Louis Southwn... 1 1 5 98 14% Schulte Retall Stores Schulte Stores pf (8) 50 Seaboard Air Line. 2 3eaboard Of1 Union Of1 Shubert Theate: Simmons Co Simms Petroleum Sinclair Consol Oil. . Sinclair O11 pt (8)... Skelly Oil. ... . Skelly Ofl pf ww.... Socony-Vacuum 1.60 67 South Port Rico Sug 18 Sou P Rico Sug pf(8) 20s Southn Cal Ed (2) 3 Southn Pacific (6) Southern Rwy (m6). Sparks Withing (1). i Spear & Co pf (7) Stand Brands (1 Stand Brands pf (7). Stand Gas&El (3%). Stand Gas&El pf (4). Stand Invest Corp. .. Stand Of1 Cal (h2%). Stand Oil Exp pf ( Stand Oil of Kans: Stand Oil NJ (12) Starrett(LS) (12%). Sterling Secur (A).. Stewart Warner. Stone& Webgter (m2). Studebaker C an O (€11) Sun OIl pf (6) Superheater ( Superior Steel. ‘Tennessee Corp(50c) Texas Corp (2)..... Tex Gulf Sulphur(3) Tex Pacific Land Tr. The Fair (2.40)..... Thompson Starrett. . Tide Water Asso Oilf Timken Roller B(2). Tobacco Products. .. Transamerica ( 8l Ulen & Co. 39 Under Ell Fisher (4). 81 Union Bag & Paper.. 4315 Union Carb & (2.60). 26% 14 Union Ol of Cal (2). 205 136 Union Pacific (10).. 25% 20 Un Tank Car (1.60) 387 20% Unit Afrcraft.. Bales— Add 00. High. 97 ~Prev. 1981 h. 8% 16'4 445 48Y% 25" 9814 6 5% U 8 Rubl 152% 834 U S St 150 §136% U S Stee! M 3% 411 28 WV 76% 2314 Vanadiu Wabash Warner ‘Warren 4« Wesson West Pa Westing Weston Westvae Wheelin Wileox ¢ Willys-C 40 407 13% 491 17y 139 20y 27% 138, 4914 167 139 2015 2714 (- spec U 8 Rubber “ee U S Smtg & Ref (1).. U S Smtg&Ref pf 3% Wenting BI&Mfg (4) 292 co Chlor cial pr no regular rate. n Plus Btock and Low. Dividend _Rai Unit Cigar Stor Unit Corp pf (3). Unit Fruit (4). Unit Gas&Im(1.20)., Unit Gas&Im pf(5).. 12 U S Express.... U 8 & Forn Secur. U 8 & For Sec pf (6 U 8 Indus Alcohol. .. U S Leather (A).. U S Leath or pf (7). U S Pipe & Fdry (2). U S Realty & Imp(1) 105% " 6% 77 324 8 86% 20 14% 13% 22 16 ber st of. 1 1Corpn (4). 458 1pf (7). United Stores (A)... Univ Leaf Tob (3) Univ Pic 18t pf (8). . Univ Pipe & Rad pf6¢ 108 Utll P&L(A) e12.15. asco Sales Corp. 1 108 16 13 m Corp. 36 71% 38'% Vulcan Detin (4) RR. .. ldorf Sys (1%) worth Co Ward Baking (B). ‘Warn Bros Picture Bros pt 3. Warner Quinlan. Bros (2. Warren Fd&Pipe(2). O11&Sno(2). West Pa Kl pf (6)... West Pa El pf (7 Pwrpt (7). 108 Western Maryland Western Union (8).. hse A B(2) 1 Elec Inst (1) 2 Ve 28, & Steel 3 White Sewing )i & Gas Wilcox Rich A (2% Overland Wilson & Co (A).. Wilson & Co pf. . Woolworth (2.40). Worthington Pum To Yellow Truck & C 14% Youngs Spring (3) the annual cash arly declaration. % in stock. A Paid e Payable in cash . 1 Plus 50 cents m Paid this yesr— stock. p Plus 2%% in stock. ORCES FORFARN PRDI]@S“[[]WER' Increase in Shipments Re- sults in Decrease of Values. Price changes in most of the farm | products were moderate near the first | of the month, but the general tenden- | cy was downward under the usual in- | crease in supplies at the time of year, | says the United States Department of | Agriculture, Bureau of Agricultural | Economics, Market News Service. Fruits | and vegetables were a weak feature and | nearly the whole list sold at lower | prices. Cabbage was one of the few | exceptions and held its price level well owing to limited supplies, especially | those from Western producing sections. | Cantaloupes maintained values fairly well. Peaches were a weak fea- ture in the market. Dairy markets were nervous and unsettled. ~ Eggs brought fairly steady prices. Light to medium weight chickens were in oversupply and lower. Grain markets are irregular, with advances in feed grain and weak- | ness in Winter wheat. Mill feeds are still inclined downward, but demand is rather light. The live stock market lately has been a matter of shifts in supply, resulting in slight declines for cattle and hogs and cos snondimflvl small advances in prices of market lambs. Green Produce Lower, | | Nearly the whole list of frults and | vegetables tended downward in price around the first of the month owing | .|to & combinatior. of heavy receipts lng‘ k demand. Declines of 5 to 1 ents per bushel or per 100 pounds | were fairly general. Carlot shipments | of potatoes are moderate for the sea- | son, but nearly of the markets re- ported slow demand and prices lowe by 5 to 10 cents per 100 pounds. Onions declined to about the same extent in some markets, while other cities re- ported fairly steady prices. Apple sales felt the competition of extremely heavv supplies of peaches. Prices ranged mostly 50 cents to $1 per bushel in consuming markets and peaches sold about @ low as apples, | with many sales “around 75 cents a bushel. Grapes were slightly lower on the Eastern and Western varieties Cantaloupes were one of the few steady features, supplies of good stock being moderate. Melons continued to sell close to recent low prices, with sales on unit or carlot basis indicating prices | of 10 to 25 cents each on small to me- dium sizes. Cabbage was one of the few vegetables holding prices well at jobbing range of $18 to $25 per ton. Sweet potatoes advanced in Chicago, but tended downward under increas- | ing supplies in most of the leading | markets. Butter Market Unsettled. ‘The outstanding feature in the nerv- ous. unsettled condition of the butter market around the first of September | was the liberal use of storage butter, resulting in some lack of demand for | fresh receipts and a tendency of sup-| plies to accumulate. Trade on most | markels was slow and unsatisfactory. | Production. of butter as usual at this | time is decreasing, but not so rapidly as before the recent rains Low-prlced‘ grain and feed will tend to keep up the milk flow if prices on dairy products are fairly well maintained. Poultry Shipments Liberal. In view of the liberal receipts of dressed - poultry and the lack of vigor- ous demand at prevailing prices, deal- ers-show evidence of an inclination to operate cautiously. Prices on light to medium weight chickens are 2 to 4 cents below the highest of August and the present range is not far from the level of a year ago. In general, poultry has been making & better market showing than most other farm products ~The | light holding in storage is still the strongest feature of the year. In the market the price trend is still slightly upward as usual at the time of year, although recent progress has been slow. The weak point seems to. be the limited consuming demand, only partly offset by moderate produc- tion and the storage holdings less than average. Cattle and Hogs Lower. Cattle markets declined unevenly near the end of August under exces- sive supplies. Most weighty bullocks were fully 50 cents lower. The under- tone on _strictlv choice cattle was| sifll healthy at the end of the month, | aithoug the bulk of steers were un- | evenly lower. The declines in the hog market at, Chicago were elso irregular, although | §: action of the neavier weights was more | satisfactory to sellers. The increasing scarcity of heavy butcher grades has, strengthened the price position of such kinds. Top of the about $6.75 at the end of the month. The week's average of $5.61 compares {1 | middle of July. hog market wu"oooooo with & little spondiny over $10 for the corre- time a year ago. The lamb market also was chiefly a matter of supply. Receipts at the large markets were lighter and prices advanced about 25 cents on most lines except ewes, which continue to sell at extremely low levels. Price changes' were mostly about 25 cents during the | last week of August. Top on native lambs was $8.40. Wool markets continued to show a ' | strong tone, although actual trading | have completed was in limited quantity. The market | position was considered favogable be- | cause of fairly active conditions in | the woolen industry. Grain Fairly Steady. Although sales of wheat for future delivery declined to new low levels near the end of August, the price of cash wheat did not change much. Expor trade continues light. Reported inten- tion of farmers to plant less Winter wheat and rye and somewhat less fa- | vorable reports from forelgn producing | sections help to strengthen the long- | time point of view. Feed grains were mostly steady, although prices of corn | at Chicago declined at one time to| the lowest point in 30 years, but recov- | ery followed on reports of less favoral conditions in the Western corn country, particularly in Jowa and the Upper Lakes region. There was a firm mar- ket for oats because of demand from the droughty region, but sales for Cen- tral Western and Southern markets were slow. Prices of mill feeds broke into new low ground near the first of September under the influence of slow demand and the fairly good pasturage in most sections, Some feeders who need sup- plies are buying lightly because of small income available from sale of crops. Wheat feeds declined 50 -cents to $1 per ton. Cottonseed was weaker than linseed in the market. but corn feeds held up fairly well. Feed prod- ucts, as & group, seil for about half the price of a year ago. Hay markets continued slightly irreg- ular. The comparatively small changes In price were dependent almost entirely upon the volume of supply. since de- mi remained limited at all the princl- pal arketing centers. Better grades of alfalfa advanced 50 cents per ton at Kansas City, and the St. Louis market was also a little stranger, but principal Texas and Southwestern markets held about steady. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, September 2.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co. Inc, New York, for the Assoclated Press. News Trend. Steel ingot production throughout the country continues unchanged from last week, at 31 per cent of capacity, the Iron Age reports. Specifications, it is said, are about holding their own, but expected indications of improve- ments are absent. Demand for struc- tural steel, to be used largely for pub- lic works, was the largest since the During the past week, however. contracts from the automo- bile, railroad and other industries were smaller, o Statistics of railroad freight car shipments are also negative. Total loadings for the week ended August 22 amounted to 748,711 cars, a gain of 15.- 975 cars over the preceding week, which is_considerably less than normal sea- sonal expansion. Official estimates of last week’s daily average domestic crude oil production is the lowest in nearly 10 years. Aver- age of 1,751,550 barrels daily compared with 2, 250 barrels in the precedin; week and 2,461,350 in .the 1930. ke Practically all the decrease was ac- counted for by the enforced shutdown in East Texas fields, where average | output in the previous week was 848,450 | barrels daily. ’ The Companies. ! Buffalo, Niagara & Eastern Power earnings on $1.60 preferred stock in 12 Central Public Service July gas sales up 132 per cent, 12 months up 9.3 per cent; July electric sales up 11 per cent, 12 months off 1.8 per cent. Continental Securities omits pre- ferred dividend; paid initial quarterly dividend of $1.25° June 1. General l‘%'orr—mult ©Oldsmobile shipments totaled 2,400 cars vs. 1,983 a year ago; elght months: factory ship- ments humbered 42,500 cars, or 1.8 per cent above a year ago; August retail de- liveries are reported to have exceeded shipments by 1,000 cars; field stocks arc 35 per cent be'ow vear ago; Frig- idaire cuts prices 5 per cent on models selling up to $250 and 10 per cent over 2500 Oliver Farm Equipment—Reported | 1931 earnings would be aided by about ' $2,000,000, due October 1, !;or;\msz\lrlzfl vernment as part paymen - 8o X ents made earlier in year. shipments 2 in July; Reo M Car—A 1,137 cars and tsucks vs. first eight months' shipments totaled 10,298. Standard Oil (Indiana)—Increases Chicago filling station price of blue gasoline 15 cent a gallon to 12'; cents, including 3 cents State tax. United States Steel — Subsidiary. ! American Bridge, gets order for 48,000 ns of structural steel; reported con- tract involves about $2,500,000. Warner Bros. Pictures—Reported to feature pictures of 70 scheduled for 1931-32 season; sched- ule also called for 168 short subjects. Barcelona Traction, Light & Power— July gross up 1.4 per cent, net beforo depreciation up 5.3 per cent; seven months' gross up 1.2 per cent, net off 0.7 per cent. Continental Ofl—Kettleman Hills well producing approximately 1,700 barrels of ofl and 80,000,000 cubic feet of gas dally, is shut down in accordance with curtailment agreement. Derby Oil & Refining—Gasoline sales volume, six months ended June 30, off 5.7 per cent. lorida East Coast Railway: Re- ceiver appointed for company by Fed- eral Court on application of the Stand- ard Ofl of Kentucky; not to pay Sep- tember 1 interest on first and refunding series a 5 per cent bond, due 1974. Goodman (H. C.) Co., unit sales seven months ended July 31, up 12 per cent; dollar volume off from a year ago; pro- duction of nine plants in operation August 27, was about 30,000 pairs of shoes daily, and close to maximum out- put for those plants. Hupp Motor Car August shipments, 847 cars vs 1,257 in July; eight months shipment, ,858. Mack Trucks declared 50 cents com- mon dividend; paid 75 cents June 30. Mid-Continental Laundries: Stock- holders to vote on reorganization plan involving creation of $1,200,000 first lien collateral 6s, $60.000 of which ‘would be issued in exchange for present 7 per cent notes; also would issue $640,- 000, 7 per cent debentures; State capi- tal of participating class “A” stock to be reduced from $2,500.000 to $500,000, and common from $500,00 to $50,000; new shares to be exchanged for present stock. Ple Bakeries of America: Final date for deposit of class “A” preferred shares and voting trust certificates for class “B” shares extended to September 19. Pure oil begins sale of new United States motor gasoline throughout Ohio territory at 11 cents, 2 cents under regular price. South Penn Oil advances, Corning cru'd: oil price 5 cents a barrel to 70 cen Southern Natural Gas passed $7 cu- mulative preferred dividend; paid $1.75 | ity tes. Geori June 1 in dividend certifical Standard Ol of Ohlo: Increase in authorized common stock from 766,667 2 shares to 811.112 shares proposed in conneetion with acquisition of Solar Re- fining Co.; exchange offer to latter ex- pires November 30. American Home Products common share earnings, six months to June 30, $2.77 vs. $2.59. Delaware, Lackawanna & Western Railroad common share earnings, six months to June 30, 56 cents vs. $1.56. Kinney (G. R.) Co. current output 12,000 pairs shoes daily; plant capacity is. 16,000 pairs; number of company's stores September 1, 415. Richfield Ofl of California deficit, pe- riod January 15 to May 31, $2,543,349; tank car gasoline price at terminal ad- vanced 4 cent to 6 cents a gallon. United States Steel operations in week ended August 31 averaged about 34 per cent of capacity vs. 35 per cent in the two preceding weeks, 65 per cent in 1930 week, 92 per cent in 1929 period and 77 per cent in 1928 week. Virginia. Electric & Power July gross up 14 per cent, net operating revenue up 8.5 per cent: 12 months gross off 0.5 per cent, net up 0.5 per cent. Lehigh Valley Railroad takes no ac- tion on common dividend; paid 6213 cents July 1. Vanadium Alloys Steel — Reports steady gain in sales of corrosion and heat resisting -steels for year ended FINANCIAL, TWEAK RAL GROUP | (o oo BONDS e ] |(ROPS SHOW GAIS UNSETTLES BONDS) . Large Offerings Cause De- cline in Speculative Is- sues—~Utilities Firm. BY F. H. RICHARDSON., Special Dispatch to The Star. NEW YORK, September 2.—Led by the railroad group, bonds declined sharply today in active trading. Virtually all of the tmprovement of the last hcur on Tuesday was wiped out in liquidation that followed a rumor that the Interstate Commerce Commis- sion would pass cn to Congress the car- riers' application fcr a freight rate in- crease. A decision on the application Wwas expected next month and Wall Street has been inclined to accept the theory at least a part of the 15 per cent requested would anted. ues of a speculative nature were ly depressed by moderately large :?lflul. ‘Brie Geners 4 points under Tuesday's c‘l’&m rices. Erie 55, which had opened her, slipped to & net loss of over a t. Missouri-Pacific 55 were off 1 to 2 points. Missouri-Pacific General 4s were off 2. Prisco Prior Lien A 4s and 4155 were more than 2 points lower. Nickle ‘Plate 4133 and 6s sagged 2 to 3 pointe. Losses occurred also in Baltimore & Ohlo 4!3s. Boston & Maine 44,5, St. Paul 5s, St. Paul adjustments, Big Four 41,5, New York Central refunding 41, Southern Railway general 4s and Wa bash 41,5, Passing of the common div- idend by the Lehigh Valley Railroad did not help the railroad bond list. High-grade bonds held against the trend. In the case of prime utili- ties, such American Telephone 5s, Philadelphia_Co. 5s, Columbia Gas & Electric 55, New York Telephone 4!, and Utah Power & Light, many sales of sizable blocks took place at un- changed or fractionally higher prices. United States Government bonds were active and a shade higher. The over- subscription four times of the $300,000,- 000 offering of Treasury 1y per gent certificates of indebtedness proved bull- ish for the short-term market. Wall street saw in Secretary Mellon's action in leaving the books open on the $800,- 000,000 of 24-year 3s a clever move to get a large oversubscription. Bond houses reported many applications be- ing forwarded for small blocks of the bonds, some of them for single $50 and $100 bonds. 1f was estimated that the aggregate of small subscriptions alone would take up half of the offering. Foreign dollar issues were irregular. Antioquia 7s were 2 to 4 points higher following an announcement that inter- est and sinking fund payment had b-en received on one issue. Other Colombian bonds shared this improvement. Argen- tine issues were fractionally lower. Brazilians gained a little. German is- sues were firm. FRANCE AND HUNGARY IN GRAIN AGREEMENT Special Cable Dispatch to The Star. VIENNA, Austria, September 2.—As far as grain exports are concerned, the United States can count France out in the future. In an interview published in_the Hungarian _government _semi-official newspaper, Pester Lloyd, Titular Min- ister Alfred Nickl, Hungarian economic Hungarian commercial treaty, declares in effect that Hungary and Prance have found a way to evade favored nation clauses and establish preferences. On a schedule which can be varied from year to year, Mr. Nickl stated, France will refund Hungarian farmers 30 per cent of the French import tariff which the Hungarians pay on grain sent to France. At present this refund is set at 24 Prench francs per 100 kilo- grams (about 96 cents for 220 pounds). Washingten Stock Exchange SALES. Pot. Elec. cons. 55—8$1,000 at 1043, Pot. Elec. 6% pfd.—5 at 11215, Pot. Elec. 512% pfd—2 at 111. Merch. Tfr. & Stge. pfd.—10 at 91, 10 t 91. Real Est. Mtge. & Gr. pfd.—40 at 6'3. AFTER CALL. ‘Wash. Gas 55—$1,000 at 107, $1,000 at 107. at 83. Wash. R. & E. pfd—10 at 9%, 10 at 993 5. | wash. Gas 6s B—$100 at 105. N. & W. Steamboat Co,—10 at 195. Bid and Asked Prices. BONDS. FUBLIC UTILITY. Amer. Tel. & Telga. 4'2s '39 Am. Tel. & Tel. ctl. tr. Ss... Anacostia & Pot. R. R. Ss... Anacostia & Pot. guar. 5s 3 a3 1. of Va Ss. .. Capital Traction R. R. 55 City & Suburban 5s town G 1 st Potor Elec. cons. Potomac Elec 195 Wash., Al ton Gas 4'as.. Washington Gas 58 oss, Inc., 6'38. e Club 8iss...".. untry Club 8i2s. . C. Paper Mifg. 6s.. i . M. Cold Storage 55 & EI com. & El pfd. (5). NATIONAL BANK. as. Gtamped) . Rwy. Wash. Rwy. Capital b Metropolitan Riggs (1585) Second (9ei Washington ( TRUST COMPANY. Natl. Sa Prince Union Trust (8s) .. Wash. Loan & Trust ( June 30. - Curtis Publishing—Canadian price of | Saturday Evening Post at news stands unchanged; new subscriptions to be in- | 5! creased to. take care of tax; lications marked up. Fox Film—Reported arranging for production of films in Europe. International = Mercantile Marine— Shipping Board orders negotiations of contract for sale of United States Lines to Chapman - Dollar - Dawson group eliminating Roosevelt - International l‘il’nc:'ntfle Marine Lines. ; other pub- Whi‘nd Rallroad—States sues o enjoin itestone branch abandonment, Pennsylvania iplates court apriesl of Interstate Commerce Commisston db s Tequesting divest- ment of stock held in Lehigh Valley and Wabash Rallway. Propper-McCallum Hoslery Mills— August dollar volume up 50 per cent. St. Louis Southwestern Rallway— Stockholders' deposits with Southern Pecific not sufficient to effect exchange offer of latter company; more time may be_sought. Southern Pacific Co.—Cotton belt stock deposits with this company not sufficient to effect company's exchange offer; more be sought. Board \pman-: ~-Dawson group elimi- nat Roosevelt-International Mercan- Sec. Sav. & Seventh Street (12) United States (30) Washington Mech: FIRE INSURANCE. American (12). 2 Corcoran (10) Firemen's (8) National Union’ (18) Mer. Tr. m, Mer. Tr. & Stge. pd (7) Mergenthaler _Linotype Mtge. & Inv. pfd. (8| Siores pid, Ide. C Lothrop com. (1,20) Woodward % Lothron pid. (1), Beins extra. T, 25 108 83% extra. sl e, s‘ extra. l oxtra. expert who negotiated the new Franco- | Cap. Tract. 5s—$1000 st 83, $1,000] UNITED STATES. (Sales are in $1,000.) Sales. " High, Ly g 33483247, . 20 483247 2 43,5 33.38 56 102 28 102 28 104 26 104 28 101 8 101 9 10218 102 22 10222 102 22 106 6 106 6 108 6 108 6 11212 11212 - 52 agga=are mamna®n High. Law. Close. 5414 B53'% 5! 27 Allegheny b8 "49. Allegheny 58 6! Allis-Chalm 68 '37. Am F P 58 2030 AmIGCh5% Am Intl 5% 84! Am Metal 5% '34.. Am S&R 1st b8 '47. Am Sug Ref 653 Am TIT cv 4%s'39 AmT&T58'65.... Am T&T c tr 6s '46. Am'r&'rsuf':ou Ranne Atchison gn 48 °95.. Atchison adj 48 95, Atchixcy 4%n 48, AUICL I8t 4n"52.., AUCTLel48'62.... . AtCL 4864 At Gulf 5u" Australia Australia Austria Austria 78 '67 c! B&O4s'48... 978 33 B&O4% ceees 147 9615 Ocv4ls's0... 13 T8y, 1] 2 1051 7% ® R Em e n T e x A B&OSwdv6s'50. Bk of Chile 6%s ‘57 Bk Chile 6% 861, .. Batav Pet 4143 '42. Bell Tel Pa 58 B'48 110% B Ind Loan C 6 96 4615 511y 103 Berlin CEl 6% . Beth Sti pm 58°36. Beth StIrf 5128’ Bolivia Bolivia 78 Bolivia 8s'4 . Bost & Mo 4%, Bos & Me 55 Bos &Me Brazil 6138 Brazil 613827, Brazil Ts Brazil 85 '4 Bremen 78 '35. Bd & Tth Av 5 BK Ed gn A 5 Bklyn Man és BKlyn Un 18t 5850, Budapest 65°62.... | Buenos A 6x'61 Pv. | Bufr | Canada 45 ‘60 Canada 43 Canada bs ‘52 Can Nat Ry 413856 3 | Can Nat 433857, .. | Can Nat 4135 "6 1051, 52 381y 106% 9515 102% 2 10613 100 100 994, 101, 10419 104% 1054 §; Can Pacific %546 Can Pac 434s'60... Can Pac 58 44. Can Pac 58 '54. Car Clin & O 68 Cent 111 GEE 58'51. Cent Pac 55 '60 Ches Corp 584 {C&Ogen4y C&O4%sB Chi & Alt 3s CB&Q4lss’ CB&Q 111dv 45’49, Chi & Est 111 58'51. . Chi Grt West ChiM&StPds Chi M&StP C M StP&P 5575 CM&StPad) « C 4138 C 2037, Chi& NWen4¥s. . “hi & NW 6748 '36. . Chi RI&P gn 4s '8, Chi RI&Prt Chi RTcv4l%s ChiR1&P 418 C TH&SE 1n 5260, Chi Un Sta 58 B '63. Chi Un Sta 6135 '63 C& W Ind cn 48’52, Chile 65 °60, . Chile 68 °63. Chile Cop db 58 '47. CCC&St L 4%8 E'T7 25 106 106 11612 116 88 854 26% 25 *| Cologne 6348 °50. Al% 41w Colomb 6s Jan '61.. 34 41k 40% Colomb 68’61 Oct. Colon Oil 6s'38.... 49% 49y Colo & Bou 4153835, 9 941,y Colo & Sou 413880, 22 73 70 Col G&E 58 May'52 99 98y Col G&E cou 5s 61 98 971, Com Inves 51s *49. 96% 961, Con G N’ : 104 103% ConGNY5Y% 10715 107% Con Pwr Jap Con Pow Japan 7s.. Consum Pow bs '53. Copenhag 4%s '53. Copenhag 58 '52. Cuba 535845 Cuba R R 58’52 Cuba RRrf 7%s'36 Czecho 98 °62...... Del Pwr&L 4%s 71, Del & Hud rf 4s'34. 953, 100% 100% 105t 105 1031, _103'4 786 8714 Denmark 5 Denmark 65 ‘4 Denver Gas 5 D& D&RGW DRG& W 58 Det Edison rf 58'49. Deutsche Bk 6532, Dodge Br cl 6840, Duquesne 4%s '67. Dutch East I Mar.. East C Sug 7%8'37. Erie 18t con 48 °96.. Eriecon 4s A '53... Erieconv4sB..... Erie gen 4: Eriecv 58 Erie 55°'75. Flat s war. Finland 5%s '58... | Finland 6s 45 10814 (10814 82 82 102 102y 13 13 87% 87% 68 68 Fram1D 7%8'42.. French 7849 French T%s 41 1184 1184 126% 125 103% 108% 96% 96 Ger Cen Bk 65760 J Ger Cen Bk 65600 28 German Bank 7860 7 German 7s rep ‘49.. 27 Goodrich cv 68 '45. Good 18t 6348 47 Goodyr Rub 58'57..104 | GrandTr sf ab 6536 4 Grand Trunk 78’40 Grt Nor 4138 Grt Nor 4% 107% 107% 113% 112% Grt Nor 58’73 » 107% 108% 83% 82% 2 T ancsaee 2 T2 to The Star Humble O 6%s'32. 111 Cent 45 '52 111 Cent rf 4; 111 Cent 4% Cent 615 I CCStL&N 111 Steel 4348 40. .. Inland St 4% 8 A'T8 Inland St 4% s B'S1 Int Rap Tr 68 '66. . 66 Int Rap Tr6s°32... Int Rap Tr 78 32. Int Cement 55 '4: Int & Gr Nor 68 Int M Co bs ret’41 Int Mateh 58 *47 Int Pap 6s A 47 Int T&T ev 4%8'39. IntT & T 6885, Irish Free St 55 '6 Italy Pub S 78 '52.. Japanese 5145 '65., Japanese 6135 ‘54 Kresge Found 6536 Kreug & Toll 58’59, Lackaw St 68 '50.., Laclede 5%s C'53 Lake Shore 3148 '97 Lautaro Nit 6s ‘54. Leh Valcv 48 2003, lieh Ven 4% 2003, Leh Valley 5x 2003, Lig & Myers Ta'44.. Lorillard 58 Loriltard 5 Lorillard 7s la & Ark o Lou G & N 18t 5148 20 Lyons 6s'34.. McKes & RE%#'5 Man 8 18t 7348 '42 Midvale Stl 55 '36 Milan 6148 52 Mil El Ry&Lt MSP&SSM 5%s'7 MK & T adj 5367, Mo Pac gn 48 '75. Mo Pac 55 A '65 Mo Pac 5s F '77. Mo Pac 55 H'80. ., Mo Pac rf 63 '8 Mo Pac 5138 A 49 Mont Pow 55'43. Montevideo 75 ‘52 Mor&Co 1st 4% 8’39 Cent 41482013, NY Cnrfdls 2018, NYC rf im 58 2013, N Y Centdb 6s'35., NY O&W 15t 45'92. NY O&W gn 45 '55. Rys inc 6s 65 Sh Md 5% '50. rd 635 '50. or & Wn ev 4896, No Am Co 5s°61.... Nor Am Ed 55 C ‘69 Ore Short L 58 gtd. Oreg-Wash 1., Orient dev 515858, Paramount 65 °47, . Paris-Ly M 6558 Paris-Ly M 78 '58 Pathe Exch 78 '37 Penn 4 s D'81. Penncy 413860 Penn gn 47 Penn 415 Penn 613 .. 2 Penn P&L 4138 '81. Penn O&D 4%8'77. Peoples’ Gas 58 '47. Peru 6860 Peru 6s'61. Philippine R 48'37. 2! Phillip Pet 5% '39. Pilisb F M 65 °43. PCC&StL 4%s8'77.. Poland 6s '40. Poland 7s'47. Poland 8s°'50. Port Gn E14% Por RAm T 68'42.. Pos Tel & C 5853 Prussia 6s'52 Public Serv PubSv G 4%s Pure O11 54837, Queensiana Queensland Read gn 41,8 A '97. ading 47,8 B'97. ad Jer Cn 48 ' Rem Arms 6x A '3 AT Rich Oil Cal 65 *44. Riode Jan 638 '53. Rio de Jan 8s°46. StL IM R&G 4s'33. 14 St L&SF in 45 A '50 32 StL&SF4%s'78.164 StL&SF p15sB'50 13 StS Wen 4s'32 Seine 7842, Serbs-Cr-81 7 Serbs-Cr-81 8 Shell Un Oil 5 Shell Un O1l §i Shinyetsu 6348 '52. Sinclair Ofl 6342'38 SincO7sev A ‘37 Sinc Cr O 5%s'38 Sinc P L Gi Sofssons Solvay Am 5s Sou Bell T&T 58 SW Bell T 58 A"54. Sou Pac col 4349 Sou Pac ref L3 10 16 Low. Close. 95% 71 103% 102% 83% 1% 1 06 991 10?‘1 101% 104% 6415 91% 9012 102 998, 10115 10418 10415 101 94 IN SIXTH DISTRICT |Building and Bank Credit Also Reveal Increases in Atlanta Area. lmnl Dispatch to The Bf i l ATLANTA, September 32 —Available statisties for July and half of August in the sixth reserve district indicate further seasonal declines in the vol- ume of trade. in outstanding ‘member bank credit, and in the production of pig iron and coal in Alabama, but in- creases are shown in prospective build- ing and construction as reflected in both building permits and contract awards, in production by cotton mills, and in the volume of Reserve Bank credit. Rains during July over most of the district brought improvement in crop conditions, and August 1 estimates by the United States Department of Agriculture are higher for most crops than they were a month earlier. Production of cotton, tobacco, rice and sugar in this district is estimated to be smaller than last year, but other crops show increases. The cotton crop, not including those parts of Tennessee. Mississippi and Louisiana situated in other districts, is estimated to be 15.6 per cent smaller than last year. Wholesale Trade Holds Up. Department store sales declined sea- sonally in July and were 4.5 per cent less than in July, 1930. Wholesale trade was in about the same volume as in June, and averaged 23.1 per cent less than a year ago. Debits to individual accounts declined 6.7 per cent over the month, and were 13.7 per cent less than in July last year. Production by both cloth and yarn mills in the sixth dis- trict increased in July and was greater than a year ago, and consumption of cotton in Georgia, Alabama and Ten- nessee was 13.8 per cent greater than in July last year. Volume of Federal Reserve Bank credit increased some- what between July 8 and August 12, but total loans and investments of weekly reporting member banks de- clined further. Time deposits increased. but demand deposits declined. from June to July, and both were less than for July, 1930. Reserve Bank Credit. The volume of Reserve Bank credit outstanding at the Federal Reserve Bank of Atlanta, as represented by its total holdings of bills and securities, stood on August 12 at $45.547.000, an increase of 2.7 millions over the total for July 8. given in the previous issue of this Review. and a gain of 17.2 millions since April 15. when the lowest, point in six years was reached. This August 12 total was the largest for any Wednesday since January 7, and less :’h:n $1,000,000 smaller than for that ate. The increase from July 8 to August 12 was due to a gain of 6.6 millions in discounts and an increase of $625.500 in holdings of United States securities, which were partly offset by a decline of 4.5 millions in holdings of purchased bills during that period. Discounts secured by United States Government obligations increased from $434.000 on July 8 to $770.000 on August 12, and all other discounts increased from $10.865.000 to $17.166,000. Total discounts on August 12 amountedsto $17.936,000 compared with $29.561,000 on the same report date a vear ago. Holdings of Government securities were greate:, but those of pur- chased bills smaller, than a year ago, and total bills and securities show a decrease of $4,809,000 compared with August 13, 1930. Total reserves declined further be- tween July 8 and August 12, but were greater than a year ago. Deposits and Federal Reserve note circulation were also slightly less than at the same time , last year. l Reserve Bank Investments. By the Associated Press. Total investments of member banks of the Federal Reserve system amounted to $7,695,000,000 on August 26. an in- crease for the year of $1.366,000.000. This was held by Treasury officials to reflect the caution on the part of bankers in creating new loans and the lack of confidence on the part of busi- ness men in expanding their operations through new credit. ‘The latest weekly statement of the Federal Reserve Board bore out this opinion. showing loans have dropped off $2,458,000.000 during the last year. loans on securities declining $1.860.000.- 000 and “all other” or commercial falling $598.000.000. Such a situation has brought securi- ties of the Government into their own, the last statement showing loans se- cured by Federal paper amounted to $4,078.000,000. an increase of $1.169.- 000,000 during the year, while loans on other securities scored the nominal in- crease of $197.000,000. Banks generally are faced with an abundance of cash on hand. Lacking other satisfactory sources of investment, proceeds are being put into Government funds which permit quick liquidity in the event of a sudden upturn in busi- ness, at the same time earning a con- servative return with which to meet fixed charges. Trieste, Italy, has just opened a mod- ern maritime passenger station. Sales. High. Low. Sou Ry 615 '5! 23 95% 93% Sou Ry M&O 4s°3 72 StOINJ 584 3tOIIN Y 4348 '51. Sweden 5%s'54.... 1 Tatwan EP5%¥71 Tenn Cop 63 '41 Texas Corp 58 .o Tex&P 1st 55 2000. Tex & Pac 5x B '77. Third Avrfa Third Av 15t Third Av adj 5 '60. Toho El Pw 653 Tokio El Lt 65 Ulat & D55 ct 28 Ud St W 5%sC’ Unit SS Cop 6s Uruguay 6s '64. Uruguay 8s '46.... Utah P& L 5s'44.. Util Pw bs '58 ww. . Util Pow 5%8'47.. Vanadium St 5s'41. Va Ry 1st 5862 ‘Wabash 4%8°78 Warsaw 78 | wat Sh 1st 45 2541, West E1db 5s°44. West Md 48°52.... West Pac 58 '46. West Union bs ‘1. West Union 55 '60. Wes: Un 61836, Wil-O 18t 6165 73, Wil & Co 15t <41, Wis Cent gen 136 Yokohama 6s ‘61 Ygstn 5 Seacun-Snesne Ro BRompu~awaSaman S&T 5s A’ 16 {144 Ygstn S&T §s B'70. 11