Evening Star Newspaper, September 4, 1931, Page 15

FINANCIAL. CURB SHARES FIRM | AFTER EARLY DROP Utility Issues Feature Trad-i ing—0ils Steady as Shbrts Cover. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, September 4.—The Curb | Exchange, after opening lower today.| exhibited a firmer undertone around | midday as a result of snori covering rather than increased investment de- mand. | Electric Bond & Sharc braced after declining about a point and Cities Se jce. within narrower limics, acted sim- American Gas & Electric, American & Forelgn_powsr warrants and United Light & Power A wete off & shade, but resisted o well, Features of the forenoon session in- cluded the erratic moveraent of utili- ties. steadiness of the oils, and the se- Jeetivity of industrials ' Furaiure | shares moved in highly mized fashion, but moct of the steels and allied in- dustries were somewhar soft. Motors and coppers lagged. Specialtics strength- encd as investment tiust. cned. Community Water Service hit 8 uew *Jow for the year. Consclidated Gas of Baltimore opened off 2 points. New | England Telephone at 143 wwas at a new | high for the year, Penisy. r & Light preferred was active than usual Chescbrough Manu: eption to the seneral steadine: the oils and alled shares. as it yi 6 points by midday. Southwest Penn- sylvania Pipe Line ren up nearly 2 points to new heights for the vear Trade advices indicate furniture sales rather spotty at this season, which may | account for the mixed price trends of | such sto Ludwig Bauman preferred broke mors than a dozen points to a | record low level for the year, while} Spieael May Stern preferred rose about | 11, points. . 1 The somewhat clouded prospects for | stcel, depending largely on a pick-up of | demand from the automotive and rail- | road industries, as well as a_continu- 2nce of pipe crders. created heaviness in A. O. Smith Corporation. Centrifugal | Pipe. Mesta Machine and others in the | group. | Reflesting disappointment_over agri- cuitural machine prospects, Deere & Co. broke into ncw low eround. Todd Ship- ds gaired a point. Parker Rus proof with today's rally retraced most of tha ground lost in the last week. | Bulova Watch prefcrred was up nearly 3 points at t Modern Menu for Royalty. * What the chef described as the “per- | focy modern” menu was arrangsd in | Paris when the Duke and Duchess of York recently lunched with the Presi- denc at the klysec. Iced cantaloupe was followed by hot lobster a Americaine. Then came breasts of chickens. cooked and served with hearts There was a salad | . cucumber and pears, | iced sweet and black IETAL MARKET. 4 (. —Cop- spot and futuie, NEW pcs a New York, Zine quiet 3.80 . 4.22, and future, aicd Press. | Seplember 4. —Following ouicial list of transac- the Caicago Stock | s on Hizh. Low 80 Close () S Kl 12 r Fuplic weiv Pl Racio 100 Mid o0 i ) Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s). Stock and Dividend Rate. Air Investors cv pt. . Affiliated Prod 1.60 Ainsworth Mfg. . 1 %R Allied Mills Inc. .. 2 Aluminum Co of Am 7258 118 Am British & Cont... 1 1 Am City P&L (A)a3 1 32 AmCitPERLBbI0%. 14 6 Am Com P A (b10%) 22 11 Am Corp (f15 Am Corp war. Am Cyanamid B. Am Equities Am For Pow Am Founders Am Gas & Elec (£1). Am Invest Inc (B). Am c 4) . Am (a1.60). Am Superpr (pd0e) Am Superp 15t (6)... ppf (6). Util & Gn B vte,. Yvette (20c0). ~Prey. 1931~ Sales— High. Low. 9 6 24% 1% TR, % 90 1% 2 2 8 Am Am Am ans Nat Gas A ATk N G eu pf (60c). Asto G&I all ¢t 1.60. Axso G (A) (al). Asso G & Blwar. ... Asso G & Eipf ( Asxo Tel Ut (b8 %) Atlas Plywood ( Atlas Util Corp Atl Coast Fish, AutoVM cv pr pt 50¢. Baumann (L)pf( Beneficial I L (11 Bizelow-Sunford Blue Ridze Corp. . Blue R Cp ev pf (a3) 1 Trac Lt&P(1) N&IP pf (1.60). oV pf (313).. Wire A rets “elanese pt (7 telanese 1st pf (7) ‘ent Hud « (s0c) ‘ent I'ub “ent Pub “ent St Kl ‘ent West fug Pipe (6 tities Serv pf (6). “ol OI1& Gas vic Col Picture vte(7 Cmwlth & Com Wat § Consol Auto Mej an Consol Copper 101 108 5 5 as Uil (A) t Shares cv pf. Cooper Besseme Cord Corp Corp Sec Ch (1 ; Cor & Rey pf A (6) Coxden Oil. 3 Creole Pet Crown Cuban « « « « urti ‘urtiss Dayt De Forest Detroit Aircraft. Duquesne Gas. Durant Motors Duval Tex Sul wi le Picher Lead. ec B & Sh pf (6) e Pow Assoc (1), ec Pow Assoc A (1) ec P& Lt op war holdz (b6 7% ) GO ... 1A (Roc) ecdeb ris. . Gen Alloys, en Aviation. . n Capital 3 Ltd res S pf B(6).100 ev pf. 101). (15¢) nv (+614) Pa (113). Happiness Candy Hudson Bav M & Humble Oil (12 Imp Ofl of Ind Ter 1l Ofl A Ind Ter i Ol B Insull Inv (h6%) fnsurance Sec (40c). Intercontinent I'et n Int Petroleum (1) Int 1 fes A ( Int Utilities . Int Utilities war Interstate Equitie Kress SH sp pf 60c. . Lackawanna Sec (4) Leonard Oil 21, Lion Ol & ; Lone Star Gas n S8c. Louisiana Lan & Ex. Marr Stores (1) . CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, Scptember 4.—The fol- lowing is a summa:y of important cor- : Standard ies Co., Associated P.c | BALTIMORE Bpecial Dispaici to The § | BALTIMORE. Sepi ] 13 147 %" 1011 U S_Fide o weits. i B & Blec 61 1040, 1000 U & Elee ficome 4 1000 United RwS & Fiec Tdg 85 . 14 | 7000 W B & A Railway st 55... i | Girls of Scotland have a bagpipe- playing craze. 31" 7 ns_for rail- oa tiue Stock Exchenge yes aus=d the indx for this class of security to delite to the lowest in over 30 yo rs. For the year thus far rallrcad freight car loadings have fallen abeut 18 pe: 2-ed with a year ogo and 26 per cent contrasted with th> 1929 period. Net revenucs of most ors have shown even greator do- due to their irability to Iower coriion w th reduc:d re- curtty list also akness in yes- Th> Standard Stotis- in‘iex for 50 industral shores . whil» the pverage for i sp2d ebout 2 per cent. The comp verazs for 07 siocks da- clined 2.3 per cent to 106, as #gainst last year's low of 95.9. The Companies. Amcrican La France & Foamite Cor- | pocation deficit six months to June 30, | $240,185 vs. deficit $111,604. Columbia Oil & Gasdlinz net income, siz_months to June 30, $267,403, vs. 1,804,409, Gy Mansfield Minicg & Smeling 1950 | deficit $547,992, \s. net income $7,723. McKeesport Tin Plate declares regu- Iarly quaricrly $1 common divicend but vmits usual 50 cents extra. Pacific Telephons & Telegraph July | ross for syctem off 2 per cent, ne: off | 3.5 per cent; soven months gross off-0.9 per ceni, ret up 13.3 per cent. | Wayne Pump deficit, eight months to | July 31, $3,548, vs. not income before | Federal taxes, but after subsodiaries’| preferred divicends, $591,152. | American Radio & Television—Re- | ceived in bankruptcy appointed for Post | Radio Co., subsidia Columbia Investing preferred and Add 00. Open. | and 1 | olifte p: staticns, NEW YORK CURB MARKE Btock and Diyidend Rate, Magdalena Synd. . ... Mavis Bottling (A).. Mayflower Asso (2).. Mead Johnson(t4 Meriph N Gas (80 Mercantile Strs (1) .. ~Prev. 1931.~ High. Low. % W 1% 2 64 Ri4 20 24, High, Low. Close. 8 20% 814 e " Y% Y ' Mesta M ,: Midland X il Mining ¢ Received by Private Wire Direct to The Star Office Bales— Add 00, Open. % 2 27% Low. Close. % * 2 27% 64 B3 23 achine (2).. 25 Unit (b6%). Mid Sta Pet vtc B.... Mid West Ut (b8%). Mid W Sts Ut b10%.. ‘orp of Can.. Minne-Honey pf (6). 40 Mo-Kan Mont Lt Pipe Line. .. H&P (1%5).. Moss Gold Mir Nat American Co ores. .. 2 !l Gas (1) Nat Investors....... tPow & Lt pf (6). 508 at Nelson ( New Eng T& T (8) New Jers Zine ( Newmont Mining -h Hud Pow (40c) N Y&Ric ervice Co. .. h T Sec A $60c. Nat Union Radio. 3 132 2 2 408 508 4 o 108 72 Herman) as pe(6) . Bemt-Pond (1) Nipissing.......... Nitrate Corp Chile B, Nordon Corp Ltd. . Nor Am Aviat A war, North I Nor St P’ Northwe opean Oll. ow pff (8) . st Yeast(l Ohio Copper. Ohio Pow pf (6). Outboard Mot A. Weste Pan Am Pandem ISUpf1tg. XUIN Alrways. 0il Fantepec Ol Parker Pennr e n Pw Peoples L& 10 LUpf (1) wr(A). Perryman Electric 2 Philip M Phoenix Pine orris Inc. ... Secur Corp. Win Kront(1 Pitney Bowes (b1 Plymout Polymet h Oil M Prudential Invest, Pub Util Pub Util Hold war. Hold xw et 5d &L pf (6) Reiter-F ORter icuieme Int A Reliance Manag. ... Republic Revbarn Co. Richtield 101l (¢ Richman Bros ( Rock Lt & ' (90, Ryan Consolid Ryerson Sufery € st JT) (1.2 ‘ag H&LE (4) gis Paper (60). eck Pro(1.40). Allie nan I 1 d Corp (1).. 08 (3) . H ( indust es.. e Ind al ctfs(5%).. Shenand Sinzor M oah pf (a (t15) Smith (A O) (2) Smith-C SW P orona vie nn 1 M Ay Stern pf.. d Ofl of Ind( 1) 1 O 1 0hio (21 Swift Inte Sylvan Technice ok H Todd slor Inc ches (6oe rd (1) rans . 'l':.u\l.[\ DLPS Cont Corp w T lex Safety Glass Tri-Uti Tubize « “nit k nit Tnit € it Lt& Pw A (1) & Dair ec Pwrpf(6). v (B).. Pow ww Int Inter 7S Line "ia it Very s pf. in Bat1.0 1y PG Ul & Ind ., or ( + Woodley a Petrolm H) (30c). Petroleum. W)Ltd 105 10% jast quarterly or sem in stock j Elus n Plus 8% 1 5 common d sced: pid $1.50 | cents, respectitely, May 1. ental Oil advances Denver gas- ces 1 cont a gallon at service Conti: Florsheim Shoe reported company weuld earn common and preferred divi- nds for fiscal year cnding O« margin: merketable securit h September 1 subsidiarv Gulf Pipe Line, | 5 nis a barrel regular us 25 and | idends July 1. er 1939 ccmmon share ean.ngs 59, . $16.08. Facifi: Western Oil, erude oil and na- tural gas producticn, six months ended June 50, Z Reliance International Corporation ¢ fers action on quar‘erly preferred div cend; previcus payment 75 cents June 1. Pullman Inc., Pullman Co, subs'diar} July nct after s up 17.4 per cent, 1 .6 per_cent. , of California Protective decleres reorganization im- ~a Electric commen rhare earn- 12 menths to June 20, 32.72 vs. Chamers Mfg.—Unfilled o 3.700.000 ve. 58.9 . and 52,000 August 1930 Buckeye Fipe Line prices of Corning and Ponnsylvania crude oil in com- rany’s lines advanced 5 cents a barrel to 75 cents and $145 respect Sinclair Consolidated Oil, subsidiary | Sinclair Refining Co., awarded contract | to supply State of Texas with gacoline over 5,500,000 gallons of gaso- | line involved. Telephone Eond & Share net Income, < l;"nths to June 30, $483,640, vs. 45 Butterick Co. to increase price of | Delinzator in Canada to 15 cents a copy; will absorb new Can‘dian tax of cenis & copy. Edicon Bros. S'ores’ August sales up | 329 per cent; 7 months up 46.6 per cent. Frenklin (H. H) Manwacturing re- ‘x;ml'med shipments 64 per cent ahead of uly. General Steel Castings—No action taken on preferred dividends; previous payment $1.50 July 1. M Lone Star Gu——j Hoffman appointed $4: | vailing for several weeks. in stock ock. pPaid last yea temporary receiver following filing. of suit’ by Governor sccking cancellation of company's right to do business in Oklahoma. Chicago, Burlington & Quincy Rail- road handled 113966 cars of revenue freight in August vs. 115.626 in July and 150061 a year ago: 8 months totaled 920,373 vs. 1,121,205, TOBACCO PRICES GAIN SHARPLY IN CAROLINA the Associated Press. &.GH, N. C. paid for th: beiler graces of .0 on the new b.ight beit auction ets advanced sharply yesterday. At Pocky Mount thz first 300 sales avirog-d $11 per 100 pounds, approxi- mately $4 a 100 higher than Wednesday. | Arsund 150,000 pounds wcre on the ficors. Better demand for the higher grades Increascd the avelagss. Common tobaceo was unchanged. Appreximately 90,000 pounds on the firors at Tarboro wcre bringing an cvercgs of $10 per 100 in early cols and tae same figure was recch d al Enfield where 30,000 pounds were © 3 Sept mber 4.— IATEREST RATES. 7 the Associated Press. Tim> moncy strengthened _slightly last week as the change was noted by the Commerce Department, but call funds remained pegged at the level pre- In the totals that follow the average is given for boih classes of funds for comparable eriods: ““Week ended August 29, time, 1.7 call, 1.50. Previous week, time, 16; call. 1.50. Same week last year, time, 3.25; call, 2.00 BUYS GRAIN FIRM. CHICAGO, September 4 (#).—The rarmors National Grain Corporaticn -estercay purchased th» Midwest Grain i:orparuuo% subsi&uy of the Illinois Grain Cor ticn. ‘The Midwest Grain Corporation was foimed less than a year ago to provide a grain marketing service for Illinois growers. Memberships are held on t| Chicago Board of Trade, the St. Louis Merchants Exchange and the Peoria Poard of Trade, NEW YORK, September 4 (#).— Stocks irregular; utilities under pres- sure. Bonds heavy; rails and foreigns sag. Curb irreguiar; specialties heavy. Foreign exchanges easy; sterling and French franc sag. Cotton ea: pre-holiday liquidation. Sugar higher; steadier spot market. Coffee higher; foreign buying. CHICAGO, September 4 (#).—Wheat firm; unfavorable foreign and crop weather reports. Corn firm; bullish Kansas advices, Cattle steady to weak. Hogs steady to lower. MONEY MARKET. NEW YORK, September 4 (/).—Call money held at 11, per cent, the renewal rate, in the offictal market today. #unds were available early in the day in the outside market at 1 per cent, but later the rate’in that market firmed to 1% per cent. The bankers' acceptance market was fair, with both demand an? supply mo: erate. Acking rates wee unchanged. Time money was ‘dull and unchanged and commercial papzr was unchanged. BONDS ON THE CURB MARKET. Sales in thousands % 6 Alabama Pw 4'4s 2 Alabama_Pow 55 8 Aluminum Co 55 14 Am Cmwlh Pw 65 40 3 Amer EI Pow 65 A 57 5 57Amer G & E 53 2028 2 Amer G & F 53 15 Amer P & L 65 2018. 10 § Amer Roll Mill 55 48 59 Appalach_G 45 30 Appalac 18 Apval 10 Applac Pw 7 Arkans P & L 58 DOMESTIC 10 Asso G, 3 Asso < 37 Asso G 83 Asso 44 ASG&E 3 Asso 3 Assoc 8 Baldwin 25 Bell Tel 38 Bell Tel 8 Caterpillar Tr"8s '33 1 Cent” Ariz LAP 5 60 101 2Cent 11l PS 41as F 3 §Cent Iil P 8 55 G '68101 7 Cent Pw & Lt 55 '56 881» 32 Cen Pub Ser 5';5 02 32 Cent Stat Elec 53 El 8133 °C ! i P&L 58 '57. 85 Ballo 45 '8i 99 s Ut 65 A '43 61 2 Gas 6s 4 Gas 6'.x '35 58 54 w 5e 1 23 103 2 Duaues 43 81 8700 282 v 1 82 reau Pw 65 B 41 50°a Mot Ace 21n 1 Mot Acc 5 *!in public utility circles .| Marcel Garsaud of EINANCIAL:, ™" sww Aijse Herodotus’ Story of Egypt’s Slump After. Copper Special Dispatch to the Star. most story teller o was speculating in the metal. rose, the greater was the belie higher levels being reached. The inevitable happened. year, spreading {many thought. hopelessly doomed universe. was still for sale. The situation The industrial world is depression of modern times, ace consolation. istatistics, which have just been Utilities Fear Control. A certain degree of uncasiness is felt There seems to be a feeling that the now Federal Power Commission is dispcsed to favor n_extension cf Federal control over ! utilities and utility holcing companies Power Com- | mission is_ reported hold that re- | gtonal utility control might prote more beneficial and mere practical than the present system of regulation by States | "It might perhaps be in order to re- | mind Comm ner Garsaud of the ex pcriences on Ccntinent, especial in Germany, where government and State control over utilitic? is the rule rather than the exception, and where an appreciable number of such corpora- tions continued to show such poor re- sults that those in control were com- pelled to seek salvation in private man- agement and operaticn. to Cotton For Bagging. Disappearance of the cotton surplus within two or three years would seem piobable, if the much-ciscussed acre- |2ge reduction program. together with l he use of cotton bagging, are put into 1 o according to C. J. Calloway of the American Cotton Manufacturers As- sociation. Mr. Calloway adds that the use of {cctton bagging would increase the con- | sumption of cotton by more than 1.000.- 000 bales annually. He apparently ove |looks the fact that this would serfously erfere with the jute manu: rers, who will doubtless fight any attempt to ispose of jute bagging. Hoarding Charge Answered. Every dollar intrusted to the savings | ba is put to work in the t use- 9. | ful and productive channels. according 2| to Howari Bidculph. Mid West Ut 35 Minn G & Lt 41.5 3 Miss Pow & Lt 3Neb Pow 6s 7 Nevada ¢ 6 New Enc 10 New N ¥ Fo In5's 3| ened. 20hip Pb se 10 £ G 11 Repub Gas 3 Remingion 5 1 Roch Cn Pw afe H Wat 4125 | St L Gas & C bs s 2 Shaw W&P 4 15 Shaw W&P 18 Swift Co 53 '30_wi ¢ Pow 14 Texas Eiec 55 ° 1 Texas Gas Ut S an_Swerin_ 65 '3 a Ph Sor 5128 A 46 Pub,Serv 57 3 Jior-Aste e 8 ews Del, 63 St Penn 55 2030... 82)% West Penn P 55 H ‘61 9314 FOREIGN BONDS. 1Asr Mtg Bank 7s '46 60 2 Baden Con Mn Ts 51 10 Poscin Mty Bi 6 Cent Bk Co 65 B 26 Chile Mty Bk 65 2Com Pr BE 5'us 2 Cuban Tel ' 13 Danish Cons 8 Danish Con, 5 11 Eur Eu Cp 625 63 3 Europ Mtz 7s C ‘67, B Eind R M Bk 6 ¢l 12 Ger Cens Mun 6s '47 2 Gesfueral 65 '33 Xw 5 25 Guan W RR 65 A 1 Ham ES&U §1:s C '35 4Hun It B Tas AC |63 1Isarco Hyd ‘El 78 52 15 1tal Sup Pow Gs A '63 & Medellin_Col s 31 10 Prussia Elec €5 'S 1Ric de Jan @' . NEW YCRK BA ;| over. head of the Ne- n of Mutual Savings | tional _ Associ New York Cotton | Special Dispatch to The Star. | NEW YORK, Sptember 4 —Though t covering in advance of Tues- s Government report had a steady- ing infiuence on cotton today, liquidation caured a loss of 9 to 11 points on the day. The list closed at_the bottom. October at 6.64. which was oints from low records of Southern offeri crease as the sinking mov Spots were reduced 10 points | | to 6.70 Cotton range 5 1 1 July 1 NK STOCKS 4 NEW YORK. mber »).— the-counter BA sep 5 Asked 3) 8104 5214 230 | America Chace | Chat' Phanix {Gomi Natl | First Natl N ¥ hat' Co atl City es-div Piiblic | ST COMPANIES. Bankers Brootcivn Chem BY & T 56 Bk & Tr ex-d Eich B v New York . SILVER QUOTATIONS. NEW YORK, September 4 (#).—Bar ilver steady snd changed at 27%,. Previous day Week ago. Month 2g0 Year 250 Two yez2rs 2g0.. Three years ago. High, 1931..... Low, 1931, High, 1930. Low, 1930. High, 1929. Low, 1929 x—New 1931 low. Today Previous Week 250. Month age Year 2go...... Two ycars ago. Three years ago. High, 1931. Low, 1931 High, 193¢ Low, 193 High, 1929, Low, 1929. @mee ga82 VB ®o®: a822 is not much different today. There are with, and among us, certain individuals who hopc' ito profit by engaging in the business of manufacturing tombstones ’and coffins for banks, brokerage house and corporations. 1 Athenian of old, they will not be able to sell their wares. Siump Seen as near the bottom of the greate: | ufacturing plants. TOCK AND BOND A By’the Associated Pess. Friday, September 4, 1931. Speculation Is Repeated Today—Industry Seen at Bottom of Depression. BY DR. MAX WINKLER. NEW YORK, September 4.—Herodotus, Greek historian and fore- antiquity, relates a most interesting incident which seems to fit admirably the present state of affairs. Many years ago, says Herodotus, Egypt experienced a most spec- | By the Associated Press tacular boom, occasioned by the continued demand for and accompanying rise in ccp- per. Every one, from king and high priest down to the ordinary man in the street, Priges soared to the skies, and the higher they in even The crash came, ruining thousands snd exacting the {irretrievable penalty. Depression ensued, i which continued unabated for many a throughout the then known world. The gloom and the pessi- mism became so pronounced that few were inclined even to hope for better times. The days of the world were numbered, so Among Athens’ citizens, one man stood out for his enterprise and ambition. set to work to manufacture a coffin for the Herodotus relates that, decades afterward, the coffin He . DR. MAX WINKLER. Vorst. The above views arc amply borne out by United States trade | published, showing for the first seven months of this year a decline of about $1,700,000,000, as com- pared with the same period last year. Banks, and vice president of the How- ard Savings Institution in Newark, N. J Mr. Bidculph's statement is in’ rcj to charges that the accumulation of funds in savings banks retard busincss. H= adds that the main- tenance of a stable real estate market and the deiclopment of great publ and private werks through the purchase of State. municipal and other boncs are. to a very appreciable extent, due to the savinzs banks. It is of course. quite possible that the deire to place funds with savings institution is mewhat v e, but this is merely the natural reaction to 1 equally abnormal situation prevail- ing two years ago, when funds were withdrawn with feverish haste and em oyed in all sorts of stock specula- German Stocks Tfold Up. on the German stock ex- were much less drastic than e quarters. After ce July 11, the esterday for spot trad- the most actively dealt in is- sues. the following changes were re- rded, figuring July 11 quotations as 0 te ccmposite index of six bank ocits stood 2t 71.83: of three utility or quasi-utility stocks at 70.24. and of 10 miscellaneous stocks at 74.10. The index of the entire_group of 19 s stood vesterday at 72.55. against 0 on July ‘11, a shrinkage of about per ce h must be regarded £s not e 7 unsatisfactory, consid- ering the very trying period through ch German econcmic life was forced rehabilita- | as yet, is By the Ascocia CHICAGC. Scptember were not in the 4.—Traders ncod to get far from shere teday with a truple holiday ahead ains held had a around a cent the with corn price veriations around % ¢ant. Some as in evidence Run for s uncven, rangin s decline to 3 cents higher. Low Decemeer March Moy . TREASURY CERTIFICATES. ey & W. r.Ay S:lizman & o i Ofter 100 1 109 1 107 2 100 23 center of th nd Com- have the ng set man- Philadelphia the radio V. den, world’ 'ERAGES STOCKS. 49.6 93.7 1014 100.7 3.5 99.2 10L5 98.4 1014 . 96.6 998 96.0 Like the world | rding to the American Bureau of | i Shipping, adding that all nations seem to be affected alike. The bureau continues that since shipping is the principal means tof communication between nations it is naturally a very severe period of profitless operation—that is, with those ships which are now being operated. Great Britain and Germany, the two greatest commercial rivals of the United States, are said to be even in a more depressed condition, but this the bureau ponts out affords little as tended to | (OUTLOOK FOR AUTO INDUSTRY BETTER ]Financial Condition of Vari- ous Companies Has Been Greatly Improved. The National Automobile Chamber of Commerce finds some cheer in the motor industry. While production for the first seven months of this year was not up to ex- peetations, the financial statements of automobile companies an - tries for the same period sre Dot oy :‘lli_‘(;‘:;s';t}:ah;n 25 more than overbal- 1 e disa i oulg‘:pu[v appointing reduction in -Even with the decrease in unit sales, a number of companics were sbin i show remarkable earnings. with one company recording unit sales for the period two and a hslf times greater than for the corresponding period of Extent of Decline. Such achievements rlieves, indicates the succes Vil Which makers have readbusted thor operations to the new conditions cre- ated by the world depression. In ad- dition. it is claimed, the accomplish- ment has been made without imposing :Bl;urdrnl on employes, as the hourly vag> scales in factorics uelly igh now as in 1920 ¢ COUelly 8 Producticn in the of 1931 showgd a doc per _cent frem th As in no ; cn of cars the association st seven months =2 hs of last 2 1922 hes the n for the last it d the fist frade opinion_indi- the years total output will be well under last vear's figures - el unde E gures of 3.510, The position of retail dealers been greatly improved. t reveals, with manufactu; insisting upon thei: more cars than they can dispose of rlcadkfly r‘I’h)s has resulted in dealers' stocks of new and used cars being re- dlx-zd substantially, e nother factor which augurs well for the future is the willingness shown by individual makers to work together for { the solution of common problems. de- e abnormal competitive conditons. % ited the uniform plan, which re- stricts intrcductions of new mode one period each year, safely program has association s no longer dealers accepting lers, through nk worn-out 1, thus minimizing of the used car markt. ement reached some months | na rers to restrict output H g h>s been rigidly said, with during ing total do- port retail sales by only { production | the first hal mestic and e {1 per cent. EXPANSION IN BANK | CLEARINGS IS REPORTED By the Associated Press NEW YORK, Scptember 4 through the bani: | show some Clearings s this weok naturaliy ver the of the Sepiember 1st r practically in full in Tae total for lead- | United States, as re- ported to Duns Revicew, of $£6.143.893, }_0('0 is 14.7 per cent le han tha* of last yexr. At New Yo City, the emount was §4,078.325.000, a decline of 16.7 per cent trom the record of A vear ago. while the total for all cities out- (:1(* of New York of $2,055.568.000 show- €d a Joss of 10.5 per ce; | this year includes six b vheress a vear sgo th-r | five. The amount for the ¢ T week of v 10.8 per cent—the ratio of inc car ago for the same period of time as 1 . At most of the . the reduction in bank tinues quite heavy as com- . year. ank clearings for the week, as re- | perted to R. G. Dun & Co., showing in- creases decreases compared with b pe a year ago follow ( in’ thousands) e e week st Sept 3.°31. Per cent. 275000 'y Dec. S3HBLSIL > P | o cas Dh3 et RN 585,355, preetene 5 x| Shwe o CHICLCO LIVE STOCK MARKET ber 4 (P) (United of Agriculture).— 16.000 head. including o i0 lower: pack- off; 250 pounds, 6.70; 20 pounds, . 140-160 pouads, E . 169-200 pounds. 6.1025. 200-250 pou ) veight. 5 packing sovs. mey 75-500 pounds, 4.2525.40; sl 3 and choicz, 100-130 , 15,000 head: calves, 1 ady to bulk of steer s and Kan- s .75a6.00; coms mon and medium grad: natives. 5.50a 7.50; best avaiiable around 8. low cutter and cutter cows and bulls fuily fat she stock weak: vealers un- Slaughter_cattle and vealers cers, good and choice, 600-900 pounds, 7.75a10.00: 900-1,100 pound: 7.75a10.00: 1,100-1,300 pounds, 7. 10.10; 1.300-1,500 pounds, 7.75a10.1 common and medium, 600-1,300 pounds, 4.2507.75. Heifers, good and choice, 550-850 pounds, 7.25a9:30: common and me- dium, 3.2527.25; cows, go°d and choice, 4.0026.75: common and medium, 2.75a 4.00; low cutter and cutter, 1,5022.75; bulls (yearlings excluded), good and cholce (beef). 4.00a5.25; cutter to me- dium, 2.75a4.25; vealers (milk fed), good and choice, 9.00a11.00; medium, 7.00a 9.00; cull and ccmmon, 5.00a7.00; stocker and_feeder cattle, steers, and cheice, 500-1,050 pounds, 5.05a7.00; common and medium, 4.00a5.50. Sheep—16,000 head; fat lambs, slow: few early sales native around stead best to city butchers, 7.85; bulk to packers, 7.00a7.50; asking higher on Westerns; getting around steady: sheep scarce and steady: feeding lambs fairly active and fully steady; lambs, 90 pounds decwn, gocd and choice, 6.75a 7.85: medium, 5.2526.75; all weights, common, 3.75a5.25; ewes, 90-150 pounds, medium to choice, 1.25a2.50; all weights, cull and common, 75a1.75; feeding lambs, 50-75 pounds, good and choice, 5.25a5.85. . Lt Gasoline Price Advanced NEW YORK, September 4 (#).—The Standard Oil Co. of New Jersey advanced the tank car price of States motor line one-halt to 6 cents & BG4 n N i crop comprising grassy