Evening Star Newspaper, September 6, 1931, Page 36

INVESTHENT BOND | PRIGES ARELOWER Pre-Holiday Selling Resuits | in Loss at the Week End. Special Dispatch to The Star. NEW YORK, September 5.—In view of the strength shown by railroad bonds late in the previous week, the last five sessions of the investment market were disappointing. The week started off. well. Bonds were firm and showed every indieation of a broad improvement, but ‘when stocks started on the downgrade bonds lost virtually all of their improve- ment and at the end of the week, meas- ured by Standard Statistics' index of 60 issues, were within a third of a point of the year's low level. It was obvious thet there was a con- siderable amount of pre-holiday selling by those unwilling to take a risk on ‘what might develop between Priday and next Tuesday. But this was chiefly by speculators who had bought for the re- covery in badly depressed issues such as the domestic railroads and some of the foreign dollar descriptions. It was significant that domestic industrials such as National Steel 5s, Vanadium 5s, Thalted States Rubber 5s, Dodge Brothers 6s and Paramount-Famous 6s—all is- sues that had held firm through the previous downswing—broke to new lows. The fact that this movement was ac- companied by a moderate amount of liquidation in high-grade corporation bonds like American Telephcne 5s and Columbia Gas & Electric 55 pointed to forced liquidation. With railroad stocks breaking under their June 2 lows there was every reason to believe this was the case. United States Group. In United States Government bonds it was a week of heavy tr=ding. The long-term issues advanced broadly when Secretary Mellon announced his $800,- 000,000 offering of 24-year 3s. It was a smaller coupon than the market had anticipated for so lcng a term. The average guess had been for 10-to-14 year 3s or 3ls. An accompanying of- fering of $300,000,000 Treasury 11y per cent certificates of indebtedness was quickly oversubscribed four times, but the books were held open on the long- term loan. An oversubscription was re- ported, but Washingtotn intimated that it would be nothing like the 71; times subscription received for the last issue of long-term treasuries. ‘The market saw in this a cautious titghtening of money rates end Govern- ment bonds lost much of their im- provement as a result. Stocks were sold on the theory that income tax in- creases, both Federal and State, were impending and an acute demand de- veloped in a scantily supplied tax-ex- empt municipal bond market. In the last three weeks less than $20,000,000 of prime municipal bonds have been offered in a market that normally can take care of double that amount each week. The continued advance of the high- grade and short-term groups once more emphasized the spread between them and junior bonds, for the latter were neglected. The break in stocks gener- ated considerable nervousness amcng small commercial banks and there w<re reported quite a number of instances of banks selling corporation bonds they had picked up at the low point two ‘weeks ago and in June. Foreign Factors. Some reason for the market's anxiety came from abroad. German issues broke to new lows on the reopening of the Berlin Bourse. The decline there of 35 to 40 per cent far exceeded ex- pectations and had an immediate se- quel in the market of London, Paris, Amsterdam and Geneva. Large blocks of Kreuger & Toll 5s and International Match 5s were unloaded. It was felt, that the large government advances mad® by the match concerns would be first. to be affected by any fresh dif- ficulties in Europe’s finances, and there ‘were adverss developments in South American republics in connection with the match monopolies granted these conpanies. One, Ecuador, rescinded the concessicn. (Copyright. 1931.) Commodity Price Trends of Week BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE. Mass.. September 5.— During the past week commodity prices were weak, as evidenced by the fact that not one group showed an upturn, while 11 declined and 3 remained sta- tionary. The declines, however, were practically all fractional, and the aver- e for all commodities remained above the low point established in June. Industrial. Practically all the gain of last week ‘was lost by industrial commodity prices, due to weakness in all groups except fuels, paper and ferrous metals, which remained the same. There is no evi- dence of any change for the better in the industrial situation. Production of iron is the lowest since 1921, steel out- put continues at & very low level, au- tomobile production declining and ac- tivity in building lines is also low. Con- ditions in the shoe industry and an in- crease in manufacturing activity of tex- tiles, including cotton, wool and silk, are the bright spots. These do not have enough effect upon the total business activity to show eny upward trend. A forced curtailment of output of petro- leum is producing the desired result and the average daily production during the m week was the lowest in nine years. ign economic conditions seem to be g-duuly improving. With a reduction the discount rate by the Reichsbank and with England's immediate financial difficulties alleviated by sizable loans by private banks in this country and in Prance, the way is paved for better copditions. Agricultural. Agricultural prices continue their downward trend, yet the rdte of decline in the past week was not as great as the week before. The Government reports #wmt crop vields are now becoming pretty well known and generally speik- ing are abou: average. The great trouble seems to be in reduced purchasing pow- er of those taking our surpluses, low prices and heavy carry-overs. The crop Teporting board has summarized the re- ports of farmers in regard to the in- tended acreage of Winter wheat and finds that there will be about a 12 per cent reduction. The Farm Board is apparently coming to believe that the unmclested law of supply and demand 18 th> best remedy for the agricultural situation. Carl Williams, member of the board, announcing that the board does not intend to purchase any cotton or wheat this year says that the board has discovered and hopes that the American people have discovered that continued purchases in the face of over- production are not a remedy for the agricultural situation. He says that cot- ton stocks have accumulated in the world for over four years and wheat for over six years, and that although st- bilization is valusble in the face of tem) seagoral surpluses, it is not worth anything in the face of continued overproduction. Hides and Leather. One of the three groups to show more than a fracticnal decline wzs hides and | leather, due to weakness in oak leather and calfskins. Building Materials. Due to the decline in the composite figure for lumber, which reached a:low Li FINANCIA THE SUNDAY UNITED STATES GOVERNMENT. —1931.— High. Low. 102 28 100 20 103 16 102 8 105 5 10224 103 16 10013 103 18 100 20 10722 104 2 109 22 105 29 114 8 10914 —1031.— High, Lo 101 874 102 Stock and dividend. Lib 18t 4%8 19 Lib 4th 4%8 1933-3 US2%s1940-43, U S 3%s 194347, U S3%81946- U S 43 1944-54. US 4% 1947-53. Abram & Stra: Alleghany Co Am Chain 6s 1933 Am1GChmb5%s Am Internation 5 %| Am Natural G 6%s of 15t Stock and dividend. 5% 4 Am Tel&Tel cv ¢4 Am Tel & Tels Am Writ Pap Argentine bs Argentii Armour & Co 4% Armour of Del 5% B& O gold 4s'48. B&Ocv é%s's Balto & Obi: B& O ref 58'95 B&OretbsD2 Balto & Oh1o B&OPLE&W Vads... B&OS W Div Bangor & Aroos Bank of Chile 6%8°57.... %s196).. 5 Broadwy & 7th AV 6843, Brooklyn Manh 18t 65 A, Brooklyn Union b Canada 5352 Ci ChiMStP& Chi M St P & Padj 5s Chicago&Nwnecv 4% Chi& N W6y Chicago Ry! ChiR1& Pa Chicago Rock Is] 4 Chicago R 14%3 A Chi Union Station Chi Union Station Chi & West Ind con 4 Chi & West Ind 6% Chile Republic s 196! Chile Copper bs *47 Chinese Govt Ry 5s'51 CCC&StLrfe%sE'TT. Cleveland Term 6s B'73.. Cleveland Terminal 5%s. Colombia 6s 1961 Jan Colon Oil 6s°38 4 Columb G & E deb Comm Invest 5%s8 49, Cuba North §%8 Czechoslovakia 8 Del & Hudson b%8°37 Erie 58°75 Finland is'50... Flor East Coast 58'74. French 7849 French 7%s'41 Gelsenkirchen Min 6s'34 General Cable 538 1947... Gen Motors 6s '37. 1 Ger'Gov 5% '65 w! German Bank 6s 1938 German 75 '49. Goodrich (B F) 6%8'47. Goodyear Rub s 195 Grand Trunk s £ deb 6s. Grand Trunk 7s ‘40 Great North ¢%8s Great Nor gen b%s 4 Great North gen 18 Greek 65 1968 Havana Elec Ry 6%s. Hudson & Man adj 68’57 Hud & Man ref 57 Humble O & R 6%s8'32 4 Ilinois Cent ref 5 I1linols Central 4%s°66. . Inter Cement bs 48. Inter Gt Nor adj ‘65 Inter Match 5s'47. Inter Mer Mari; Inter Pape 62 47% Inter Ry Cent A .11216 112 8 11210 + 2 Net Chge. -1 +1% -1 - % -b% —2u 1025 102% — % 1041 105 12615 126'% 109t 109% 9 49 - 64 647 105'% 105% 9% 964 9% 95% - 104% 105% 91in 90 102% 9215 92'3 100 101 101% 1023 110 110% 10215 103 13 13 106% 105% 93y 9314 87 374 45 46 6 634 9915 99% 105% 105% 106 106% 99 99 99% 99% 99% 998 10419 104% 104% 104% 81 82 97% 98% 99 100% 51% 54 90%: 9014 104! 104% 99 98% 101 106% 106% 22'; 23 62s 62% 45 451 16% 163 60's 61y rFeFeFirevrrre sov Pl++ 0400000+ - 106% 1064 109% 109% — & 381 -3 -1 13 —% 37 37 107% 107% 99's 100t 9% 9 '~ 997 104% 104% 8414 84u 9 107% 107% 1127% 113% 84 84 9815 98% 104% 105% 82 82 10% 10% T0% T0% 9512 95% 102% 102% 70 6214 941 67 STAR, ~—1931.— High. Low. _Stock and dividend. 96 81 Int Tel&Tel ev ¢%s 39, 107% 100% 60 100% 92% 107% 4. %854, 8 1950... Kan City South 3| Kendall 538 '48 (w: Kreug&Toll 6s ct wi Lackawanna Steel 5 Laclede53s D60 Lehigh Val cn 4s 2003 Liggett & Myers 53 °51. Loew's Inc 6 ex war'dl.. Lorillard 6%s '37. . Louls & Nash uni 4s ‘40, Market St Ry 7s A *40 Mexico 48 1904-6¢ Midvale Steel 6536 Milan 6348’52 MIIEIR &L 18t re Mo Kan & Tex 1st 45 °'90 Mo Kan & Tex adj 68 °67.. Mo Kan & Tex pr In 68A. . Mo Pacific gen 4s°'75. Mo Pacific bs A "65. Mo Pacific 55 Mo Pacific 55 G. Missouri Pacific 6s H Montana Power 58 1943 Nat Dairy Prod 6%s 48, 102% 3 102% 39% N Y Cent deb 65 '35 NY Chicago & StL ¢ NYCh & S Lref6%s N Y Chi & StLouls 6s z mx R i 2k 2z 3 H & Hevded 68 2 L2227 ZLZ " v Zzz North Amer Ed North Pacific 3s North Pacific North Pacific 58 North Pacifier Northern Stat: 4 Norway 6%s. ¢ Ore Wash 1st Orlent Dev 6%s Pacific Gas & El 5 Para-Fam-Lasky Paris-Lyons-Med WASHINGTON, High. Low. Close. Net Chge. 82% —2% 101% + % 9N~ % 105% ~ % 8214 101% 9 FESEEE . C.. SEPTEMBER - 6, 1STOCK YIELD DROPS TO 8.3 PCT. ON SEPT. 1 Average yield on the 315 active cash dividend-paying common stocks listed on the New York Stock Exchange ex- perienced only & minor fluctuation dur- ing August, according to the monthly compilation by Moody’s Investors’ Serv- ice. The average return on September 1 amounted to 8.03 per cent, as com- pared to 8.16 per cent at the beginning of the previous month and 7.14 per cent a year_ ago. ‘The decline was due principally to cuts in_dividend rates, the analysis states. Dividend reductions were noted in 15 cases and omissions in three in- stances since August 1. | Of the 42 individual groups of stocks tabulated, there were 20 decreases and 22 increases in ave: yield. None of these changes, Moody’s remarks, was km enough to have outstanding signi- icance. Outlook Spotty In Various Lines Current indications of the trend in various divisions of industry and trade ere summarized by the Standard Sta- tistics Co. from its 1st of September of the outlook for important as follows: Advertising —It is unlikely that ma- terial improvement in appropriations will be witnessed prior to a substantial betterment in general industrial sales. Agricultural Machinery.—Only the r ceipt of sizable Russian orders, we be- lieve, could materially alter the near and medium term outlook for leading mekers. Aircraft.—The transportation branch registered steady improvement during the first half of the vear. but better- ment has been insufficient to result in & satisfactory degree of earning power. Apparel. —Moderate improvement in full-year profits is expected in most di- visions. Automobiles—Reduced demand les- sens the probability of any sustained increase in total outturn for some time to come, although the resumption of production by Ford this Autumn prob- ably will effect a temporary rise in total operations. Automobile Parts—The start of a sus- tained, substantial increase in opera- tions of parts manufacturers will un- doubtedly be postponed until large- scale operations of 1932 automobile 4| models are commenced. Paris Orleans 5%8 1968. . 1 Penna cn 4%s 1960. Penn gen 4%s Penna RR 4%8'70 Penn ¢%s 63, Penn 5= 196 Penn gen Penn 6%s '3 Peru 6s'60. Peru 7s.. Philadelphia Co 5s 6’ Phil&Read C&1 63 w149, Philips Petrolm 6% 8°39. . Pireili Co of Italy i Poland 8s°50. ... . Postal Tel & Cab 68'33... Queensiand 63 '47. ., Queensland 7s "41 Reading ¢%s°97. Reming-Rand 5%8'47. Rhineibe Ts..... Rhine Westphalia 6s '52. Rio de Janeiro 8 '4 Rio Grande Do Sul 63 Rio Grand West col 4; RIATk& L 4%n'34. Rome 638 '52.. SLIM&SR&G4s'32 StL & San Fr 6s St Louis S W con StPKCS Line ¢ Sao Paulo State of Seaboard A Lref Seaboard A L adj 6549 9% Seaboard A L con 6s 46 Sinclafr Of1 Sinclair Cru « South Pacificcol 48'49... Bs .. Southn Pac Ore 4% Southern Ry gen Southern Ry 1st b Sugar Est Orfente 5s Swiss5%s Tenn Copper 6s B Texas Pacific 5s Texas Pacific bs C ‘Third Ave 1st r Third Ave adj b Toho Elec Pwr 785 Union Pacific 1st Union Pacific 45 *68 Un Pacific ref 4s 20 United Drug 6 '5: Utd Kingdom 6%, U'S Rubber 1st & ref Uruguay 63 1960. .. Utan Power & Light 5s. Utilitles P& L 5%8 "47 Vienna 6s 1952. Wabash 438 1978. Wabash 1st bs ‘39 Wabash 55 B 1976 Wabasth 58 D'80. Wabash 535975, Walworth 6s "45. Walworth 63835, Warsaw 78 1958 West Shore 1st s 236] West Maryland ¢s ‘52 West Maryland 5%s 77, Western Pacific §s Western Union Tel 6% Wilson & Co 1st 6s "¢ ‘Yokohama 6s '61 Youngstown St NEW YORK STOCK EXC (Continued From Second Page.; Stock and dividend. Vanadium Corp'n. Van Raalte pf. .. Che Va-Caro Chem pf (7). Va Elec & Pwr pf(6).... 10 Vulcan Detinning (4)... 4 Wabash RR.... Waldorf Svstem Walworth Co. Ward Baking (. Ward Baking B. Waro Baking pf (7) Warner Bros Plet. Warn Bros Pic pf(3. Warner Quinlan Warren Bros (2) W'ren Broscv pf (3)... Warren Fdy & Pipe (2). Wesson O11 & Snow (3). Wesson Oil & S pf (4 West Penn Elec A (7)... West Penn Elec pt (6) Low. Close. 264 26 57 7% T West Penn Elec pf (7).. 107% West Penn Power pf(7). 1 Westinghouse Alr B (2) . 115 . 28% 181y 27 1% . Stock and dividend. Westing EI&Mfg (4 Westinz E&M pf (4 Weston Elec Inst (1) West Vaco Chlorine( Wheeling & Lake Erfe. Wheeling & Lake Erie . Wheeling Steel White Motors. White Rock M § White Sewing Mach. Wiicox Oll & Gas Wilcox Rich A (2% Willys-Overland. & Wilson & Co pt. Woolworth Co (2. Worthington Pump. Wrigley Wm Yale & Towne (2 . Yellow Truck & Coach Yellow Tr&Coach pf. Young Spring (3). Yourg Sp & Wire (3) Zenith Radfo.......... Ygstwn Sheet&Tube(2). 38 10% HANGE Low. Close. 5 % |out the world has remained at a low % | continued to decline moderately. Tire Outlook Satisfactory. Automobile Tires—Aggregate activi- ties of tire companies are likely to re- main at comparatively satisfactory levels. Building.—An almost entire absence of favorable proepects leads us to ex- pect & continuation of unsatisfactory volume of buliding for the next several months at least. Chemicals —Under the influence of several consuming lines, chemical op- erations generally should register mod- erate, although temporary, improve- ment during the early future. Coal—During the early future at least a seasonal expansion in consump- tion is looked for, with consequent moderate strength in prices. Cotton Goods.—The outlook for marked improvement in the cotton E cal Equipment.—Indications are lacking of a broad increase in consumer demand for electrical equipment. that sales of fertilizers during the bal- ance of the current year will attain the level of 12 months earlier. Food Prospects Good. jority of food companies during the re- able. Household Products.—The Fall sonal expansion in sales of household products and supplies probably will not materialize to the usual extent this year. Lrad and Zinc.—Earning power of the leading producing companies will not register material betterment before 1932, at the earliest. Earnings of shoe producers erally lower this year than in 1930, since consumers continue to ft:ow a marked preference for cheap es. Machinery.—It is unlikely that aggregate voiume of profits of machine tool makers will approximate those of the closing six months of 1930. Meat Packing.—Favorable conditions in the pork products division, upon which the profits of meat packers are dependent to a considerable extent, have been generally lacking during the fiscal year to date. Office Equipment—The large stocks of equipment already in the hands of consumers and the lack of new pur- chases point to the continuance of low earning power over the balance of the current year. Paper—The establishment of the current low price for newsprint over a five-vear period has had a stabilizing effect on the industry. This develop- ment may alo encourage early merger negotiations and restrict unnecessary general expansion, Petroleum —Both crude ofl and - line are likely to show continued firm- ness in coming months. Radio Buying Improves. Radio.—It is doubtful if net income can be attained this year by most set and fube concerns, even in the heavy buying season which is now beginning. Raliroads—The only lasting benefit to railroad revenues would be a sub- stantial and sustained improvement in freight traffic, a development not in early upmpect, Rallroad Equipment.—The car leasing division currently is operating at satis- factory rates. Rayon.—The trade is enjoving a rela- tively favorable demand for its products and a further expansion of demand of at least seasonal proportions is expectea in_the near future. Retail Trade.—No signs of seasonal gains in trade volume, usually evident at this time of the year. are vet ap- parent and prospects for the Fall season are not favorable. Shipping.—Shipping activity through- level during the past month and the aggregate volume of new tonnage under construction in domestic shipyards has seasonal Fall expansion of activity 4n| goods situation is somewhat renfote. { Pertilizers.—It 1s not to be expected | Food Products (other than meat) — The outlook for earnings of the ma-| mainder of the current year is favor-, i squash, 20 to 25 1931—PART SIX. . NEW SECURITY 50 PER CENT IN EIGHT MONTHS Corporation Financing Alx;:ost Stopped During July and August—Banks Not Interested in Production Schemes. Special Dispatch {o The Star. NEW YORK, Sept:mber 5.—One of the flelds in which s of overproduction has been wed by a reduction in output to nominal figures is that of new security issues. Again this week the offerings of new stocks and bonds have becn insignifi- cant. The total for the last three weeks scarcely approsches the $25,000,000 mark. Most of it has been for the ac- count of municipalities. Financing in behalf of corpcrations ceased almost entirely during July and August. There is no sign that it will be resumed in September. A promoter who has been identified with many large consolida- tions was bemoaning the fact today that he could not get his usual bank- ing ccnnections interssted in any pro- duction schemes, as they were, he said, spending all their time on “trouble cases.” 50 Per Cent Drop. For the eight months to August 31, the total issues of domestic and foreign stocks and bonds aggregated $3,375,- 000,000. This was a drcp of exactly 50 per cent from the same period in 1930, which had experienced, in turn, a decline of about 20 per cent from ! the January-August period in 1920. In the five years 1926-1930, the aggre- gate of all corporation, foreign govern- ment and municisal financing in the United States wes approximately $47.- 000,000,000. Of this amcunt $7.000.- 000,000 represented sefunding operations. So ths actual increase of capital that went into new undertakings here and abroad was $40,000,000,000. Securities during the second half of the five-year term were produced on a scale and in excess of the absorbing capacity of their markets comparable with what had occurred in agricultural products and in products of the mines. It is only within the last few months that the benefit of a cessation of new capital issues, following the period of excessive creation and distribution of such issues, has Wn to show. While there are still blocks of un sted se- curities in financial centers, the degree of these is slight and does not consti- tute one of the bearish elements in the general financlal situation. Little by little, bond organizations have been re- tailing at material price concessions is- FINANCIAL. ISSUES DROP sues which were brought out months 2go, 50 that today an improvement in sentiment would present the me)erh to them of having a scarcity goods to sell, especially those of highest quality. It is not probable that railroads will | be in the market for new capital for | some time, as they have a large amount of idle equipment and few plans for important extensions to their present | facilities. Such money as they need.| they are now borrowing in the form of bank loans. | ‘The public utilities have been the| largest factor again this year in th: market for new securities. Their bor- Towings in the past eight months were | 3315 per cent below those of & yesr ago, | With 40 per cent of the new securities | issued by them for refunding purposes. Under present conditions there is pra tically no new capital going into real estate operations, or at least into se- curities of the type that were offered {reely to investors in the five-year period prior to 1930. It is months since any finance company has had the coyrage to present a new stock or bond for pub- lic_subscription. ‘The large iron and steel, motor, oil and equipment manufacturers have been making only moderate demands on the market for new capital in re- cent months, after & fair amount of activity from these sources in the early part of the year. Foreign Financing. | Foreign financing of a long character is, of course, out of the question for months to come. The present demand for municipal bonds | and the growing discussion of increased income taxes are likely to lead to more State and city issues later in the year. At the November elections in 1930, over $405,000,000 of new fssues were au-| | thorized by various political bodies. | The absence of overhanging amounts of corporation securities and the likeli- | hood ‘that few new issues will be| brought out this Fall has already | helped the Government in the prosecu- tion of its program of long term loans as reflected in the oversubscription of | the $800,000,000 of 3 per cents, and it | gives leeway for further loans of | similar character which will be n | sary to meet the requirements of Te ‘Treasury next December. (Copyright. 1931 time Special Dispateh to The Star. BALTIMORE, September 5.—Ship- pers of live poultry, eggs and perishable fruits and produce are advised not to ship anything to arrive here Monday— Labor day—which is a legal holiday in Maryland, as all outiets will be elosed &nd perishable stock would probably be [ total loss. The general egg market continues firm under light receipts of desirable fresh laid stock, especially hennerles, and values show an advance of 2 and 3 cents and a cent a dozen on current receipts. Cooler weather prevailing the past week has lm}:roved the quality and buyers are now favoring nearby stock, which show the grade under the candle. More liberal shipments are advisable, especially of hennery whites, for which there is ready sale often at a premium, but average nearby current receipts must be of good quality, the trade pre- ferring Western eggs to held stock. 'Mnrke!. closed today at 28 to 30 cents & dczen for hennery whites, 55 pounds and over, and 25 to 27 for smalier, but current receipts will not bring over 22 o 24 Poultry Prices. Market for Spring chickens continues easy and it takes large, fat mixed col- ored springers to find ready sale with receipts fully ample at the m°ment of all under weight stock and the de- mand is easily satisfieq for this sort. Mixed colored ?flngers. two and one- half pounds and over, are bringing 21 10 24 cents a pound and smaller 20 and 21, but Leghcrns not so desirable and move slow at 18 to 20, while stock un- der two pounds is not wanted at any price. Market for old hens steady to firmer in anticipation of a better de- mand next week fcr heavy fat old fowl for the Jewish New Year holiday de- mand. Small fowl of poor quality plen- tiful and hard to move. The Jewish holiday demand will be principally from September 8 to 10, inclusive. Medium to large old hens meet with ready sale at 22 to 25, but stock under four pounds moves slow at 18 to 20, with Leghorns selling mostly 16 to 18 and all poor thin fow] neglected at 14 and 15. Old roost- ers in_liberal receipt and more than ample for the demand at 12 to 15. Mar- ket for ducks continues dull under lib- eral receipts and limited demand at 16 to 20 for stock weighing four and one-half pounds and over, with smaller ducks neglected at 12 to 14. Market for guinea fowl and pigeons holding steady at 40 to 60 each for the former 2nd 15 to 20 a pair for both young and old of the latrter. White potatoes 1n liberal receipt from all sections, and with demand slow the market, is easy at 90 to 1.10 per hun- dred pounds, and No. 2 stock is not wanted at any price. Sweet potatoes in moderate receipt and market holds steady at 1.25 to 1.50 a barrel and 35 to 50 a bushel, but it takes well graded No. 1 stock to bring these prices, as No. 2 stock is not wanted. - Vegetable Prices. Receipts of native and nearby garden truck continue liberal, and while the market holds fairly steady on most lines prices are generally in buyers' fa- vor at the following quotations: String- less green beans, 75 to 1.00 bushel; beets, 2.00 to 2.50 hundred: cabbage, 25 to 40 hamper; carrots, 2.50 to 3.00 hundred; sugar corn, 12 to 15 dozen; cucumbers, 20 to 40 hamper; eggplants, 20 to 35 hamper: lima 2.00 hm(rer: onions, 1.75 to 2.00 per 100 pounds; peppers, 20 to 25 hamper: basket; tomatoes, 20 to Silk.—With inventories of fabrics reported low, and production fairly well controlled, prices are firm and there is a possibility of a slight upward trend before the close of the year. Steel.—Lack of a satisfactory demand for steel products presages continuance of adverse operating results. Tobacco Profits Better. Sugar.—Prospects over the next few months hinge largely upon the out- % | come of the existing political situation 2% + 11% 10% x10% Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half-yearly decl ons, tPartly extra. tPlus 4% in stock. {Plus 9% in stock. a Paid last year—no regular rate. bPayable in stock. e Payable in cash or stock. 1Plus 8% in stock. hPlus 3% in stock. J Plus 50 cents in special preferred stock. k Plus 3% in stock. m Pald this year— no regular rate. n Plus 6% in stock. p Plus 2%% in stock. not_equaled since March of this year, buildi materials also showed more than a fractional decline. Live Stock. The other group recording more than a fractional-decline was live stock, due to hogs, sheep and lambs. Cattle was slightiy higher. Most Important Price Changes. McGill weekiy commodity price in- dices (1926, 100): Sept. 8, ides and lea! Motion Picture Earnings. By the Associated Press. ‘Wall attendance as compared with last year and a reduction in admission fees. Street economists contended During the last month & large num- | ber orporate earnings reports have ‘been“mcued for the firss half of 1931, | indicating that earnings of movie thea- ters ;vcre trailing 'last year by approxi- mately 30 per cent. Thli' retl?m compared favorably with industry as & whole, which, on the basis |of reliable ealculations, recorded profits of about 44 per cent less than for the perdod of 1930. the decrease low public income brought about by unemp“lfinuns Contributing factors were tobes drap' of 15 per cent in movie interest was at a low ebb, be- cause of advertising tactics. It was claimed in this connection that often- times inferior reels were forced on tha public through a fanfare of publicity usually reserved for only the best films. Producers were considered as disguising an actual scarcity of good reels. Not to be outdone by the men of Dublin, Irish Free State, who agreed to wear silk hats at all chief events during horse show week, leading women of the city got together and adopted a new mode on the lines of the male “topper.” ble in Cuba. / Theaters.—Sustained earnings bet- terment is not expected, pending im proved business conditions. Tobacco.—The advance in whole- sale prices of cigarettes will enable the leading companies to expand profits materially this year. It is unlikely, however, that substantial betterment in sales of cigars will be experienced prior to materially improved industrial con- ditions. Utilities.—It is quite unlikely that electric power production will exceed 1930 levels at any time during the re- mainder of the year. Profits from the operation of manu- factured gas departments probably will differ relatively little from the results obtained during 1930. No variation of the relatively favora- ble showing of telephone companies is expected !urlns the balance of the year. Telegraph and cable revenues will bably continue at considerably lower rervnel! dllrln1 the balance of the year. ‘Wool.—Relatively “low cloth prices make for extremely narrow margins and sales generally are not at a suf- ficiently high level degree of e to provide a favora- X34 Live Stock Prices. ‘The live cattle market rules generally quiet and dull under a limited demand, and while receipts are running lighter they are mostly of poor grade stock. which is slow sale. Choice fat grades of Spring lambs, however, are in good demand and meet with ready sale, often at a premium in prices. Quotations today at Light street wharf: Beef cattle, first quality, pound, 6 to 7; common to medium, 4 to 5; bulls, as to quality, 3 to 5; cows, choice to fancy, 4 to 5; common to f: 2 5 as to quality, & choice, 9 to 915; large, fat, 8 to 815; large, Tough, 6 to 7; common, thin, "4 to 5; sheep, 1 and 2; Spring lambs, choice, 7 to 7%; fair to : small, thin, 4 to 5; hogs, sows, 5 to 6; stags, to 15; shoats, 10 to 12. o EARNINGS REPORTED. NEW YORK, September 5 (&) —Per- share earnings of corporations report- ing this week, with comparisons with last year, include: Six months, June 30— American Home Products *Coca-Cola Delaware, Lac| Diamond Match Hobart Manufacturing Muskegcn Motor Specialties. \Bofore Federal taxes. 1931, $2.77 5.93 1930 32.59 5 3 s "Three montha, July §iss’ Crows ZEBeTbASh e sresasase ans, 1.50 to | seasol 40 hamper, and 40 to 472 per bushel | G {for canners’ stock. = LUMBER TRADE FIGHTS | RAILROAD RATE BOOST By the Associated Press | ‘The lumber industry opposes the plea | of the railroads for & 15 per cent rate increase on the und it is unable to carry any part the burden involved. Appearing before the Interstate Com- merce Commission, Wilson Compton, secretary of the organized industry. submitted a series of analytical charts, supplemented by explanatory argument designed to show inc lumbe rates could neither be absorbed by the | industry nor on to consumers. because of inescapable economic and competitive factors. He also contended an increase not o:lf crippled an already “impoverished | ; : fiuhwflc xflndustry." butf would de- ea! carriers’ purpose, forcing fur- ther curtailment of timber rnllngll'mv: or diversion to competitive carrying systems and consequent loss of revenue by the roads. Mr. Compton told the commission his industry is surving through liquidation | of capital assets at a loss. | MORE BUSINESS FAITH ADVOCATED BY STRAWN, Silas H. Strawn, president of the | Chamber of Commerce of the United States, will speak on the subject ““More Faith—Fewer Nostrums,” on a Nation- wide radio chain on Wednesday evening, September 9. As spokesman for the largest general business organization in the United | States, Mr. Strawn's talk promises to be | one of vital importance. The Chamber | of Commerce at the present time is working on an economic plan to help | guide business out of the depression, | and Mr. Strawn will probably base some | of his comments on the facts thus far disclosed by the study. Mr. Strawn, a Chicagoan, is an out- | standing attorney and business execu- | tive, chairman of the board and direc- tor of Montgomery Ward & Co.. and a director and member of the Executive | Committee of the Pirst National Bank. He is also a past president of the Amer- ican Bar Association. NEW YORK BANK STOCKS | YIELD TOPS 5 PER CENT | By the Associated Press. | NEW YORK, September 5—New | York City bank stocks sold on an aggre- gate yield basis of better than 5 per ! cent during the past week, atcording | to the dollar index figures compiled by | Hoit, Rose & Troster. With the ex-| ception of June 2, the general level of | prices was at the lowest point of the | year. Based upon closing quotations of | September 4 16 leading bank and trust | company shares were selling at 17.2 times known earnings, compared with | 175 a week ago. The current yvield of | 5.01 per cent compares with 4.90 per | gcnltp;l'eek ago and 5.31 per cent June TOBACCO PRICES. By the Associated Press. RALEIGH, N. C., September 5.—New bright belt tobacco markets were closed today. Figures for the first week's sales | (including Thursday), as released by sales supervisors, show price averages on most markets $1 to $2 lower per 100 | pounds than last year. The average | at Goldsboro. however, was 39 cents per | 100 higher than for the first week last | n. The sales and average price per hun- drdd pounds on the principal markets: Wwilson .. - 1731574 Ibs., at 38.35 | ville 1 11480832 Ths, at 734 358,016 Ibs: 1,514,718 Ibs 8 | '380.523 Ib: 4 | 435,025 Ibs., a I 7 [ 6. Robersonville Wine Extinguishes Fire. When firemen tried to extinguish a 1a1 farm fire on Candia near Ancona, Italy, recently they were unable to obtain water. They connected their pumps to several large vats of wine| standing in a cellar and put out the| flames jn a short time. AY we be of assist fi( Trust? You'll find sources both adequ: r |8 CHANGES N FARM METHODS SOUGHT Diversified Planting Urged as Means of Obtaining More Stable Income. Spectal Dispatch to The Star. KANSAS CITY, Mo., September 5.— Readjustment of the farm program to secure more stable income is the doc- trine being preached throughout the wheat belt this month. Special trains loaded with prize beef cattle, exhibits of feeding processes and speakers drawn from the list of successful live stock men are touring the branch lines and audiences f 3,000 to 5000 are at the stations to hear the new gospel. Bankers are distributing literature advising diversified production and business organizations are helping the | movement. It is to a degree a repeti- tion of the preaching that was commcn 15 years ago before wheat became a fetish because of the ease of its pro- duction. At the same time Autumn ns with tractors running far into the night, hauling plcws and other crop-seeding machinery, getting ready for the new wheat acreage. While “intentions” are for a reduction of 12 per cent, com- pared with last year. favorable seeding weather may bring little change. Tens of thousands of acres will be planted to wheat on a gamble—th~ fields will fur- | rish Winter pasture fir live stock. the cheapest that can be secured. and if. as and when the price for next year's crop is visible, decision may be made as to harvesting or replanting the ground to Spring crops. ‘The farmer has his machines, gasoline is cheap, seed is only 27 cents a bushel —Iless than 50 cents an acre—and why | should he not put in his leisure Autumn days taking a chance? Despite the ad- ice t7 cut acreage, it is not £o sure that the present seeding season will show a change materially affecting the total yield—unless there shall come & crop failure. Local trade has been mildly stimu- lated by the coming of Autumn, but is generally well helow last vear, while inventories remain at an ebb unknown in a decade. Merchants’ commitments are kept in the lowest possible figure, and hand-to-mouth distribution, aided by the vast number of merchandite trucks leaving this city and other job- bing centers every evening, makes it gmlble to keep close to the needs of usiness. (Copyright. ey STREAM OF EUROPEAN MONEY COMING HERE Special Dispatch to The Star. NEW YORK, September 5.—A steady stream of European money is going into American securities, and there will be more as industries prove their stability, according to Ross J. McClelland of the tock exchange firm of Tucker, Anthony Co., who recently returned from a hree-month visit to the chief Furopean financial centers. Mr. McClelland, who is in charge of his company's foreign business, formerly was chief engineer of Electric Bond & Share Co. 931.) Army. The project for the development of a caliber .50 tracer bullet which will change color after the bullet has trav- eled 900 vards has progressed very sat- isfactorily. Preliminary tests at Aber- \deen Proving Ground of sample lots de- signed to change color at 900 yards | gave excellent results s to functioning and range, but the exact proportions of the mixtures necessary to effect the change of color at 900 yards have mot been accurately determined. ‘This, however, is purely a matter of varying the amount of mixtures, and it is rea- sonable to predict that this project will be completed within a very short Capt. John B. LaGuardia, C. L] June graduate of the Command and General Staff School, Fort Leaven- worth, Kans., has arrived in Washing- ton and has been assigned to duty as assistant to the chief of the miscella- neous civil section, office of the chief of Engineers. Navy. Installation is now being made of sound motion picture equipment on vessels of the entire naval service. The special appropriation made by Congress of $332,000 for this equipment was sufficient for the purchase of only half the number required to outfit the service and it was necessary to call on varfous ships and stations for financial assistance in carrying through the proj- ect. . The total amount thus obligated, plus that appropriated by Congress, was the basis upon which the Navy Degart- ment determined the number and types of equipment which could be purchased and for which the contract was let. In this connection, the high cost of the large type I, class A sets made it neces- sary to acquire an intermediate and less costly type I, class B equipment The limit of satisfactory projection for the intermediate, type 1. class B appa- ratus is 70 feet, and that for type II, portable equirment, is 60 feet. Delivery of type I, class B apparatus began last month, and it is expected that delivery of type II will commence the latter part of October. ‘Two courses of instruction. both be- ginning about January 1, will be given at the Washington Navy Yard. From two to four members of the Naval Es- tablishment will be assigned to undergo the long course in optical instruction, the duration of which is six months. The Navy department also will order from two to four chief gunners of the Navy or gunners to the Navy Yard for ix-month course of instruction in diving. Those completing the course will be assigned to_duty on submarine rescue vessels, the U, 8. S. Holland or to submarine bases. Lieut. J. B. Dow, U. 8. N, has been appointed to represent the Navy De- partment on the Sectional Committee on Radio of the American Standards Association to fill the vacancy created on that committee by the resignation from the Navy of Lieut. Comdr. T. A. M. Craven, U. 8. N. Lieut. Comdr Don- ald C. Godwin, who has been on duty as navigator of the U. S. S. Nevada, will come to Washington for duty with the Naval Examining Board. A i Thieves recently broke into the po- lice station at Chelsea, England, and rified the till. *nnmnnnmmumnmmn|m|mlmu|||m||u|||m||mImmluummnmmmmmmmu|mu||m||u|||mmm * Money Available for Mortgage Loans ance in financing a First our services and our re- ate for any requirement— when the application is approved. Loans will be considered on apartment house, of- fice building, residential and business properties—lo- cated in Washington or in nearby Mary- 1 land and Virginia—and made for 3, 5 or 5 /2% > 10 year periods—at .... ceew RANDALL H. HAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT N B S Srturcreco Gomplange 1321 Connecticut A Decatur 3600 *mmmnfinmmmmummummnnmm mnmmnmnmmm*