Evening Star Newspaper, September 9, 1931, Page 15

FINANCIAL. THE EVENING “STAR, WASHINGTON, D. CURB SHARES DROP AFTER EARLY GAIN Rally Nipped When Offerings Increase, but Losses Are Moderate. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, September # —Reacting to a budget of unfavorable news, the | Curb Exchange opened lower today rallied and then relapsed as offerings increased. Electric Bond & Share was off only & small fraction around midday, which also was true of Cities Service. Pressure on the public utilities, however, broke Commonwealth Edison, Associated Gas & Electric A, Eastern States Power B and other equally diverse issues record low levels for the year or longer. American Commonwealths Power eased, despite a siight gain in 12 months' surplus. News that Jersey Central Power & Light would offer $6.000,000 of 5!2 per tent cumulative preferred stock in connection with the acquisition of Eistern New Jersey Power Co. properties was followed by selling in Middle West Utilities, of ‘which the Jersey properties are a part. Niagara Hudson was dull and in- elined to heaviness. though the Street generally expects that hearings on the company's power contract in connec- tion with the development of the St. Lawrence Power project will begin next month. Declaration of the usual 50-cent extra and 75-cent quarterly dividends by Mead- Johnson was greeted by a recovery in that issue. Brillo Manufacturing A, Jjumped 34 points, but Montgomery- Ward A fell 375, to a new low. and Crane Co. preferred also recorded: a new minimum price. QGreyhound Corporation in the motor and allied group feil to & new bottom ievel. Seiberling Rubber eased. United 8hoe Machinery turned active, follow- ing the payment of a $1 extra. besides the usual common quarterly dividend of 621y cents. I. Miller & Sons, fur- nished a contrast in the ahoe and allied industries by declining more than a point. Meanwhile the oil list. which had been making a show of steadiness, turn- ula; Humble Oil easily wiped out its early gain. Standard Oll of Indiana and Standard Oil of Kentucky opened off a trifilc and elsewhere prices were inclined to vield rather easily. U. S. TREASURY BALANCE. The United States Treasurv balence announced today as of close of kbusiness September 5 was $101.693.550.97. Cus- toms receipts for the month to date were $6.574.3 Total ordinary cx- penditures were $10.297,406.35. CHICAGO STOCK MARKET By the Assoclated Precs. CHICAGO, Septembrr 8.—Following s the complete official 1ist of transac- tions in stocks on the Chicago Stock Exchange today & Low Clase P UIN 0 ix Avia lums Tnc pf org-Werner . L . ProaliBala N80l R Mi Mid Ut 65 Mid Ut 7¢ Mo Kansas i P K& Pipe dine i E R TR i hkosh | 0 Peabody Coal 50 Perfect. Lo R R F S N FS puan e o —oBD B it B M e e 22,5, 5558 5880w t SR S R L e we & Ing yul & Ind ot Yortex cup .. ortex Cup “A" Wal 85000 Insull Util 6s nd sales toda: BALTIMORE STCCKS. Bpecial Dispatch to The Star BALTIMORE, September 9.— STOCKS. Arundel Covporation imore_Trust Co. . Bl ker com C & P Telephons Baito pfd..... Commercial Credit ptd. ... [ 15 3 Gy 00" fa A 108 & Deposit o' i 0 12 Miners Tians 11 Mt Vernon-Woodbuiy Mills pid. 44 00 Northern Cert R R com . B Al 'dem Cas Co & + Fauip Co prd . Co. ’e & Electric ranty... 0 14 BONDS, 2000 North Avenus Market 6c 4060 United Rwy & Elec Ist 4s 1000 United Rwy & Elec 65 1949 79 United Ry & Elec income 45 o IH 1613 | 1 Stock an: Dividend Rate. Aero Underwriters. . Affiliated Prod 1.60. . Agfa Ansco. Agfa Ansco p Ainsworth Mfg Afr Investora vc. 1 ‘Aluminum Co of Am.1225 Alum Ltd B war 68 ‘Am Austin Car. Am Bakeries A (3).. AmCapital B....... Am Capital prpf 54, Am Cit PRL B b108% . Am Com P A (b10%) g Am Com Pr B(b10%) 1 Am Corp (f15¢)..... Am Cyanamid B ly Am Dept Stores. Am Equities Am For Pow Am Founders. Am Gas & Elec 5 Am Gas & EI pf (6).. Am Invest Inc (B).. 21%). ~Pre; High. 12 24'% lyg 2 1 Am Natural Gas. ... Am Superpwr (pi0c) 9 Am Superp 1st (6). .. | Am Util & Gn B vic. Am Yvette (25¢).... Anchor Post Fence. . Appalachian Gas Arkansas Nat Gas Arkans Nat Gas A ArkP&LDL(T). Assoe Elec Ind (30c) Auso G&EL (A) (a1). Asso G & El war..... As=o G & E1 Adbrts. Ass0 G & E purrts.. As=o G & El ct (8) Atl Coast Fish. . Atl Secur Corp. Atlas Util Corp. . Auto Voting Mach. .. AutoVM cv pr pt 50e. Beneficial 11, (1%). Rigelow-Sanford. ... Rliss Co(EW) (n1) Riue Ridge Corp. ... Blue R Cp ov pf (a3) Rourjofs Ine (250). .. Brazil Trac Lt&P(1) Brillo MR A (2).... Buft N&EP pt (1.60), Burconcevpf (3)... Burma rets t27 3-5c. Cable & Wire A rete. Cable & Wire Rrets. ! canadian Marconi. .. Cent Pub 8ve A b5 % . Cent Stat El (b10%). CentStFEevpfnas. Centrifug Pins (80¢) Cities Service (g30¢) Cities Serv pf (6)... Claude Neon Lts Inc. Clev El 11lum (1.60). Cleveland Tractor Colon Oil . Colte Pat A1y Col 0il& Gas vte Col Pieture vte( Cmwith Edison ¢ Cmwifh & Sou war.. Com Wat Ser g121z¢ Comstock Tunnel Consol Anto Merch .. Con GGa< Balto (3.60) 5 Contl G&E prpf (7). 268 “ont Shares cv pf. .. 4508 Cord Corp. . & Cosden Oil Cosden Oil pf. | Creole Petroleum. | «'resson Consol (4¢). | Crocker Wheeler. } Crown Cent Petrol. . Cumberland P L (2) Cuneo Press pf (6 ! Curtiss Airports vic | a8 Curtiss Mfg Co (A). Curtiss Wright war. Dayton Alr & F Deere & Co. ... De Forest Radio Derby Oil Refining. . Detroit Afreraft Domin £t & Coal B.. Dow Chemical (2)... Drasser Mfg B (2).. Duke Pow (3)..... Duquesne Gas Durant Motors. Fast G & F Assor ast Eta Pow (B) ec Rond&Sh(b6% ) ec B & Sheupfs.. ec B & Elec Pow Elec Pow As S 101 R NN BB BTN WO A BB E e BB R o = —23 R+ / 10 593 11 El Shareholdg(b6% ) Slec Sharhlds pf(a6) mpire Pub Sve (A). Europ Elec deb rts. Faleon Lead. 3 Fansieel Products. .. Federal Baking Shop Federated Cap cu pf. Fischman & Sons. ... Flintkote Co A 5 Ford M Can A (1.20). ord Mot Ltd 36 3 Foremost Dairy Pr.. Foundation For Sha. Fox Theater (A). Galena Oil Corp. Gen Aviation : Genl: Litd res 36 3-8c. Gen Empire (1). Gén G&E cv pf B(8) Gen Pub Gen Theat Eq ev pf.. Gen W Wks & EI A Glen Alden Coal (4) . Globe Underwr (15¢) o L2508 v (16%) 208 t At&Pac Tea pf(7) 5 Guif Ol of Pa (11%4). Hackmester Lind. Happiness Candy Hevden Chem (2) Hellinger Gold(6c). Hudson Bay M & S.. Humble Oil (12%).. Imp Oil of Can (50¢). Imp Tob Gt Br 179c.. Ind Ter llu Oil A. Ind Ter 11lu Oil B. Insull Inv (b6%). .. Ins Co ofNo Am +21 Insurance Sec (40c). Intercontinent Petn. Int Hydro cv pf 314 Int Petroleum (1)... Int Utilities A (313). Int Utilities B Int Utilities war.... 2 Int Utilities pr pf(7) 508 Interstate Equities. . Inter Equevpt (3).. Italian Superpow A 1 25 1n 100-sbare lois ameent these destenated By lester “s.” ~Prey. 1931.~ ~ 5 Add 00. Open. 9 9 20% 51 508 60 3 '8 % 8112 1 High. Low. Long Is Int Mass Ut Mav M: Metal & Mid We: Mid W T Midland Miller & Mo-Kan Stock Dividend Rate. Kirkland. ... Klein (H) pt pf. Kolster-. Lake Shore Mines(2) Liéfcourt Realty 1,60, Lefcourt Real pf (3). T.eh Coal & Nav 1.20. Libby McNeil & L. .. Lone Star Gas n 88c. MacMarr Stores (1) Magdalena Synd s Bottling ( Mead Johnson (4% Memniph N and Sales— Add 00. Open. Migh. Low. Olose. L T Br (Am Sh). 12 cu pf B(6)..1268 . 82 . 2 Mar( il Asso. ¥ ias (60c). Mining Inc Met Chain Stores. Mexico Ohio Oil. . Ut (b8%). “tevpf xw 6 Mid W Sts Ut b10% .. Unit (b8%). Sone. ...... Pipe Line. .. Miss Riv Fuel bd rts Mont Lt Moody's H&P (1%). 250 18 ptpt (3) Moss Gold Mines. Nat American Co. Nat Aviation. . Nat Fuel Gas (1). Nat Investors....... Nat Paw & Lt pt (6).150 Nat Service Co . Nat Sh T Sec A $60c. Nat Transit (1). Nat Unifon Radio NY Tel ) PE6Y%). ... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow R w. . Niles-Bemt-Pond (1) Nitrate Corp Chile B, Noma Elec (40¢). ... Nor Am No Am I Nor Am N 152m 14 " 111% 104% 107 G013 3y 1% L 2 30 26% 17% N Pac G.& Pan Am Pandem Aviat A war. 1 L& P (b8BT ). 150 U'til Sec Ohlo Copper. Ohio Pow pf (8).....8 Ohio Pub Sv pt A (7)1008 Outboard Motor B. .. Overgeas Sec E1stpf1%. Alrways.... il Pantepec Oil Parke Davis (+1 5). Parker Rust Pr (3)..600 Pennroa d Corp (40c) 37 Penn Pw & Lt pf (7) 8008 Penn Wat & Pow (3) Perryman Electrie. . Phoenix S Phoenix Pilot Ra; Tube A Plymouth Oil (25¢) .. /210 1023 1874 Prudent Prudent Pub U Pub Prod Roalty (b107% ). ial Invest. .. falInv pf(8) 50w 1 Hold war. . 1 Hold xw. . . Pub Ut Hold cu pf(3) Puget Sd P&L pf (6) Quaker Oats (7). Rainbow Lum Pr B. Reiter-Foster. . 5 Republic Gas Corp. . Rossia 1 ntl (10c) . Ryan Consolidated. . St Anthony 14 tegis Paper (60). <alt k Pro(1.40). Sec Aliled Corp (1).. Sexal L & H (as0c).. Seiberling Rubber Selected Industries. ., e Indalctfe(iiy). Sentry Safety Cont. . Shenandoah Corp. ... Shenandoah pf (a3). Sherwin Wil (+41%) Silica Gel ctf: Singer Mfg (11 3 Spieg May Stern pf.. Solar Refining. . South Penn Oil (1 South Corp Southld Ro: o Stand O1l of Ind( 1).. Stand Oil of Ky 1 60. Stand Oil Ohio (215). B0, Stand Pwr &Lt (2).. Starrett Strauss Corp pf (3). (Nathan)... Stutz Motor Car Sunray Oil (b5%) Swift & Co (2) Swift in ternat (3) Syracuse W Mach B. Taggart Corp Taylor Milling (214), Technicolor Inc. . Teck Hughes (806) . . Texon O Thatches V& Land (1). Todd &hipy: Tonopah M Trane A Tubize ¢ ir] ‘hatel, B.... I'ngerisider Fin Cp.. U'nit Corp war Unit Dry Docks. I'nit Gas Corp. s U'nit Gas Corp war Unit Gas pf (7)..... Tnit Lt & Pw A (1).. Urit L & Pwr pf(6). U'nit Shoe Mach 21 U'S Dair Elec Pow ww Util P&Lt(at1.02%). Util Pwr & Lt pf(7). Utl&Ind ... ‘ Ctility Equities. Van Camp Pkg...... Venezuela Petroim. . Vick Finanelal (30¢) Walker (H) (50c) Western Air Exp.... Wilson Jones (113). . Woolworth(FW)Ltd 55 Wright Har (t12%¢) 1 es in *Ex cash_or stoc] dividend. £ Plus 5% in stock. Hal JBlus 2% in stock. 2's | stock. n Plus 8% in stock. p Paid last ye ¥ (B). 4 80 B ot £ L YST T TP 10% 3 3 doliare based on Iast quarterly or semi-an- 1Partly extra. :iPJus 4% in stock. b Payable in stock. Plus 6% in stock. i Plus 107" in_stock stock. e Adjustme 1Pl I CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, September §.—The fol- | lowing s & summary of important cor- poration news prepared by th> Stand- ard Statistics Co., Inc., New York for | the Assoclated Press: News Trend. The trend of rallroad freight car| loadings during the week ended Au- gust 20 continued substantially below | normal seasonal levels. Total for the| period was 763,764 cars, a gain of 15~ 053 cars over the preceding week, but 220,746 cars less than in the 1930 week and 508,336 below the 1929 period. Miscellaneous freight and merchandise less than car lots, two -cccgud indi- cators of industrial activity, showed de- creases of 102,840 and 24,605 cars, re- spectively, compared with a year ago. Crude oll statistics, covering the week ended September 5 are again fa- vorable. Daily domestic output for the period averaged 1746,300 barrels, a de- | crease of 5250 barrels from the pre- ceding week and 690.750 smaller than in the 1930 week. The shutdown in| East Texas is reflected in the figures, | since the report for that area covers | the week ended September 2. Last month's steel ingot production declined to 1.719.642 tons and com- with 1.876.149 tons in July and ,095,293 in August, 1930, For the first | | pacity. | action taken on | etght months of this year aggregate | | ingot production was 18,864,134 tons, | compared with 29,561,602 tons in the | 1 1930 period. Operations for the eight | | months’ period averaged about 42.9 | per cent of eapacity, ag2inst 71.3 per cent a year ago; in August rate of op- | erations averaged 31.1 per cent of ca- | The Companies. Alaska Juneau Goid Mining August | estimated profit after development | charges, but before depreciation and Federal taxes, ,8$145,800; eight months’ profit, $1,124,850. American District Telegraph—No referred or common dividends, due to lack of quorum; pre- vious payment, $1.76 and $1, respec- | tively, made July 15. Apex Electrical Manufacturing—First six. months’ net equsl to $1 per com- mon share; first six months’ dollar sales up 25 per cent. Blumenthal (Sidney) & Co.—Dollar sales, two months ended August 31, up 10 r cent from like 1830 period; profit for period nxoned sufficient to cancel $139,640 deflcit on operations for year ended Jun* 30 and to cover $105,000 full year dividend require- ments on 7 per cent preferred shares. General Motors August Oldsmobile factory shipments and domestic sales up 19 per cent. Goodrich (B. F.) Co. defers quarterly | preferred dividend; paid $1.75 July 1. | Hartman Corporation doficit. six | months to June 30, $933,115, vs. deficit $695,787. | Melville SBhoe August dollar sales off | 13.6 per cent, eight months off 6 per | cent; eight months unit sales off 1 per cent. Northern Pacific Railway repérted August gross off more than 20 pex cent, vs. 17.9 per cent in July. Quincy Mining resumes operations on six-day-week basis. ‘Walgreen Co. August sales up 6.7 per cent; eight months up 6.1 per cent: had 462 stores of company in operation Au- gust 31 vs. 435 August 31, 1920. Associated Telephone & Telegraph reported will pay 81 dividend and extra of 50 cents on class A stock, January 1, 1932, Callahan Zinc-Lead Co. deficit before depreciation and depletion, six months to June 30, $30,049, vs. deficit $24.003. Ford Motor ~operaticns resumed at River Rouge plant, with 65,000 men em- plaged. rand Union OCo. store sales, four weeks ended ‘August 29, off 1.7 per cent; period, January 3 to August 29, off 3.5 per cent. Island Creek Coal August production 393,015 tons, vs. 418,493; eight months, 2,769,402 vs. 3,426,877. Nevada Corsolidated Copper declares 20 cents dividend; <formerly paid 25 cents quarterly. New York, New Haven & Hartford Rallroad—One dollar quarterly common dividend declared; formerly paid $1.50 quarterly; directors’ fees cut 50 per cent and higher officers voluntarily reduced their salaries 10 per cent. Peoples Drug Store August sales up 1.3 per cent; eight months, up 4.4 per | cent. Pond Creek Pocahontas—August coal mined, 119,570 tons vs. 122,531 Roan Antelope Copper Mines August copper production totaled 5,544,988 pounds vs. 4,163,235 in July. Western Electric Co.—Directors meet- ing for dividend action postponed until September 15. ~ | Markets at a Glance NEW YORK, September 9 ( Stocks irregular; United States Steel breaks under 80 before rallying. Bonds irregulaw foreigns weak. Curb heavy; Electric Bond & Share touches old low. Foreign exchanges firm; sterling and French franc gain. Cotton higher; good trade demand, covering. Sugar steady; improved spot market. Coffee steady; better Brazilian advices, CHICAGO, September 9 (#).—Wheat firm; firm cash markets, bullish Gov- ernment weather report. Corn steady; small receipts, unfavorable Kansas ad- vices. Cattle weak to lower. Hogs ir- regular, BONDS ON THE CURB MARKET. Salesin ~ DOMESTIC BONDS. thousands. Hign 7 Alabama Pw 41as 67 duia 2 Alabama Pow 58 '56 103%a Co 53 5210412 P & L 6s 201 Roll Mill 55, 48 i 5 Amer Seating 6s '36. 53 10 Appalacn_Gas 6s 45 507a 18 Appalac Gas 65 B 43 41'2 s '8 4 Baldwin Loco 5138 ' 13 Bell Tel Can 55 4 | 2 Bell Tel 5 G 418 el Can 12 Birming'm El o IS TS 88 Cont G 7 Crane Co 5s 1 Gudahy Packg 5 e ssadusassraalniaiississ SonnmnsneaD: 533! 28 88 Cen P&L 5¢ B 47 A 47 ent H 81 opper 50 Tesge 5e s 0 0 92 105% 931n |3 P&L 88 B 2030 8 55 78 10814 o =5BumsanBeanwon 3R 2 AR 1 2 114 10614 555 ggg<<<cacc, es Penn P s H ‘81 99 Wiscon PAL 83 E '86 10 FOREIGN BONDS. 2 Agr Mtg Bank 7s '46 60 R TIN ‘51 45 [ =TT OO lec : 12R G Co 6'as A icantia®) Chile s '49 18tinnes” s 36 xw 9 Boc 628 A 'S warrants. New. wi—When issued. 5 CEAEs 5 TIEgEESEaIZIIRSIBRASARES Spain's sewing machine industry is seeking government aid. (., WEDNESDAY. SEPTEMBER 9, 1931 STOCK AND BOND AVERAGES By the Assoclated Press. WEDNESDAY, FINANCIAL. SEPTEMBER 9. i STOCKS. Year ago.... Two years ago Three years ago. High, 1931 * New 1931 low. 20 Today..... Previous day. Week ago Month ago. Year & Two years ago Three years ago. High, 1931 Low, 1931 High, 1920 .’ 1930 Everybody U. S. Gradually Learning Americans BY DR. MA Special Dispatch to The Star total supply of receded rather sharply, and in a of instances new lows were record will not materialize? gold of and by itself has little, out also. Brant, president of the Bank of B: maintaining “a relative stability |rency by its conversion. tists, the excess is prejudicial | provoke. orelgn merchandise, in the country. There is much truth in Senor Confidence Teacher Nceded. Wanted—A leader! What the United States needs tocay above everything . [ ¢lse is & leader who will teach Ameri- cans to have confidence in themselves as well as in their neighbors—a leader who will teach them how to utilize the enormous resources with which their country is blessed. The United Btates now produces 60 per cent. of the world’s pig iron, 53 per | cent of the world’s copper. 43 per cent of the world's coal, 72 per cent of the . | world's petroleum. 52 per cent of the world’s cotton Wnd Jumber and possesses |40 per cent of the world's developed | water power. It occupies unique position of being simultancously the | werld's greatest producer and exporter | of goods and the principal reservoir of | capital. 1 Furthermore, the United States is a | country whoee national wealth exceeds | $3.000 per capita, whose annual income is normally more than $750 per capita, whose annual per capita savings ap- proximate $170. whose annual govern- per capita. whose investments abroad are approximately $180 per capita and which has life insurance amounting to about $800 per capita And all these impressive figures point to one thing—that Americans sadly need a leader who will call their at- tention forcefully and convineingly to | the pre-eminent position which™ their | country holds among the nations of the world and which cannot but point to a future more brilliant than the past and more cheerful than the present— {a future open to all who are willing to believe in the greatness of the coun- try. its vast resources and their own industry. Better Terms on Wheat Urged. While efforts to sell wheat to Ger- | many on credit have been successful, it should be emphasized again that deals {of this character, in order t> be ef- fective, must be on somewhat more equitable terms. The present transac- | tion_involves the sale of 500.000 tons of \hard Winter wheat by the United the Chicago market cn future deliveries, with interest at 4!, per cent. The credit | is scheduled to run for three years. Although Germany has accepted these terms, there is no reaton why more satisfactory have b2en made in regard to price and rate of interest. so as nct to give of fense to German agricuiture, and ren- to both the United States and Germany. At prevailing levels, Rock Island com- mon gives a rather abnormal yield of close t> 14 per cent, assuming the main- tenance of the $4 dividend. A change in the rate is likely to be effected at the meeting scheduled for this week. Entire omission is also being mentioneq in some quarters., No Change on Preferred Seen. No changes are expected to be made in regard to the two classes of preferred stocks, the requirements on which have been covered during the first seven months of the current year, with most of the profits realized in the month of July. It is of interest, perhaps, to point cut that' July comp2res most favorably with the showing made by any of the other major transportation systems. ‘Those familiar with the type of the bulk of investors who had ced funds in the stock of the Bank of United States may well doubt the advisability of the latest move on the part of the New York State superintendent of banks. Mr. Broderick contemplates as- sessing the stockholders, numbering 22,- 800, to the extent of the par value of the shares, or $25 per share. This step should yield $25,250,000 and should go a long way toward making up the de- ficiency of the collapsed institutions. No one knows it better than Mr. Brod- erick himself that much the largest rumber of stockholders were men of decidedly resiricted means, and an at- tempt to collect additional funds from these people will not only prove futile, but may even tend to aggravate an ex isting difficult situation. If, as the su- perintendent maintains, the payment of the assessment will determine further disbursements to depositors, it would seem that the latter have little to look forward to. (Copyright. 1031. by the North American Newspa) r Alliance, Inc.) 0il Prices at Trial Level. DALLAS, Tex., September 9 (#).—Oil prices in the midcontinent a re- mained more or less at a “trial” level this week as producers and purchasers watched with skeptical interest the ex- periment of renewed production in the huge new East Texas field, under the double surveillancg of civil and mili- tary officlals,s» 50 Industrials. . 98.1 in force States Farm Board. at 50 per cent above | arrangements could not | der the deal of more material benefit | 90 Total. BONDS. Industrials. (Copyright, 1931, Standard Statisties Co.) ’s Business That Gold Has Little Use Unless Put to Work—Leader Needed to Teach Confidence. X WINKLER. NEW YORK. September 9.—The response to the announcement that the United States possesses today more than half of the world's old was not especially favorable. Securities prices number ed. Is it becoming evident that the hoped- for Autumn revival in trade and industry It may be somewhat too early to judge definitely on this point. One fact, however, remains undisputed— if any, significance. Unless it can be put to work, it is of no use to those who possess it. King Midas found this out long ago, and the United States is gradually finding it Gold does not possess for the economy of a nation the importance ordinarily iascribed to it, says Augusto Mario Caldeira razil. This metal, according to Senor Brant, |provides only an actual utility—that of of cur- As long as a country has enough gold necessary for that purpose, 2nd also to sui)ply the den- . e by reason of i the inflation of credit. which it seems to It would find 2 much better application by exchange for or invested abroad, rather than to be hoarded 5. £ j DR. MAX WINKLER. Brant's observations. Grain Market By the Associated Press CHICAGO, September 9 —Upturns in wheat prices late today accompenied trade reports indicating probable gen- eral downward revision of Russian wheat prodiction estimates. The reports were taken fo imply relief from haunt- ing fear that Russia would swamp the world with wheat. Bullish sentiment was aleo based on announccments that the Federal Farm Board was negotfat- ing for further sales of its wheat hold- ings. and did not contemplate asking Congress for any more money. Wheat closed unsettled. 14 to 3, cents higher: corn at 11 decline to, 14 advance, oats unchanged to 's off ! and provisions varying from 5 cents | sctback to a rise of 2 mental revenue amounts to cbout $30 3 auwn A—18 INSURANGE AGENTS' LAW T0 BE SOUGHT Company Executives and Their . Representatives Will Plan Legislative Program. BY ROLLIN M. CLARK. Conflicting viewpoints on three major problems arising out of the relation- chip between fire insurance companies and their agents are likely to be recon= ciled in the near future as a result of conferences just held between the two groups. Percy H. Goodwin. president of the National Association of Insurance Agents, has announced that both eom- pany executives and agency reprétenta- tives are practically in accord on & Joint program which will have for its objective the enactment of laws to limit agents’ licenses to those properly quali- fied, to limit the number o! agents who may represent a single company in any community and to forfeit an agent’s license if he fails to pay the balances he owes to his companies within a spe- cified time limit. Qualifications Question. ‘The question of agents’ qual:fications has long been & bone of contention be- tween most company executives and 2gents. It has been the egency group which hes sporsored legislation now rifective in a number of States to re- quire applicants for agents’ licenses to pass examinations as a proof of their competency to handle their clients’ in- surance affairs. This has been done a8 o matter of self-protection to prevent part-time and side-line -gents from coming into competition with men who devote their entire time to the insure ance business. Many company officers. on the other hand. have contended that since th» contractual relationship between eom- panies and their agents is that ordi- narily existing between principal and agent, the company is responsible for its agents’ acts and thet alone is sufi- cient protection to the public. Mr. CGoodw.n sttates that this viewpoint has chaned, and todsy many company officers who were formerly opposed to any kind of a qualification law are eith>r in favor of such legislation or at least will not oppose it. _ Limitation of agency representation is another mattr on which there has been little agreement in the past. Oregon has a law which requires a ccmpany to pay a license fe= of $500 for each agent it appoints in the larger cities of the State in excess of two and in others in excess of one. titutionaiity of this law is now bsfore the Supreme Court of the United States {or final determination. Should the law be upheld. it is likely that similar legis- laton will be recommended to other a Agents’ Balances. settlement of agents' balances has become an -acute problem during the present depression. Agents arn loath to cancel policies on which credit has bcen ext>nded. especially if their compani®s are not pressing them in turn for payment. But it has been fcund that agents cancel business that is not paid for cn a given date, practicaliy all of it is reinstated because the insurcd does not want to be without insurance protection, To overcome this evil the agents have agreed to indorse legislation which will make it mandatory upon everv insurance company. other than life, to report to the State insurance commissioners the names of any egents or brokers delinquent on their ba'ances s certain period of time. An erring agent would then be given 10 days to settle with the eompany upon penalty of Jos- ing his license for a period of s montis. | INew York Cotton (Copyright. 1931) Epecial Dispatch to The Star o 2510 3674 3674 373, aiz 40 KitH CHICAGb VLIVE STOCk?&ARKET | CHICAGO. September 9 (# (United States Department of Agriculture).— Hogs—19.000 head. including lower: sows, steady; 190-250 pounds. top. 6.43 il 00a5.50: packing sovs. | 5. smooth sorts, 5.00a5.30. Light . good and choice, 140-160 pounds, 5.7526.15; light weight, 160-200 pounds. 6.00a6.45. medium weight. 200-250 pounds. 6.25a6.45 weight, 350 pounds. packing | medium and good, 275-500 pounds. 4.10 25.30: slaughter pigs. good and choice, 100-130 pounds, 5. Cattle. 12,000 he: little done on steers; on medium ht and weighty offer- ings: in-between yearlings sharing de- cline, but strictly good and choice light heifer and mixed yearlings: best me- dium weight and weighty steers, 10.10; heifer yearlings up to 9.75; liberal sup- ply heavy fed steers in run; other classes mdstly steady. Slaughter cattle and vealers: Steers. good and choice, 600-900 pounds. 7.75a10.10; 900-1,100 | pounds, 17.75210.10; 1.,100-1,300 pounds, | 7.75a10.10; 1,300-1,500 pounds. 7.75a 110.10; common and medium, 600-1,300 pounds, 4.25a7.75. Heifers, good and choice, 550-850 pounds, 7.25a9.75; com- mon and medium, 3.25a7.25. . Cows, good and choice, 4.0026.75; common and | medium, 2.7524.00: low cutter and cut- |ter, 1.75a2.75. Bulls (yearlings ex- | cluded), good ‘and_choice” (beef), 4.25a 15.25: cutter to medium, 3.00a4.35. Veal- ers (milk fed), good and choice, 9.00a {11.00; medium, 7.00a9.00; cull and com- mon, 5.00a7.00. Stocker and feeder cat- | tle: Steers, good and choice, 500-1,050 pounds, 5.50a700; common and medium, | 4.0025.; : | Sheep, 22,000 fat lambs around strady with yestarday's close: bulk na- | tives to packers, 7.00a7.25: few to city | butchers, 7.60; throw-outs, 4.00a4.50; | bidding lower on renge lambs; skeep | scarce, steady; feeding lambs strong: slaughter sheep and lambs—Lambs. 90 pounds down, gocd and choice, 6.75a 7.85; medium, 5.2526.75; all weights, common, 3.75a5.25; ewes, 90-150 pounds, medium to cholce, 1.262.50; all ;‘Teldg_h'.l,lculél ;sd’] 5 Common, 5a1.15; ‘eeding lambs, 50-' ounds, good | choice, 5.2585.85. & e — |GREAT BRITAI;J]F—TS PRODUCTION OF POWER Special Dispatch to The Star. | _NEW YORK, September 9.—Utilities | Power & Light Corporation is in receipt of advices from London that the pro- duction of electricity by authorized sources in Great Britain d the | month of July amounted to 7 ,000 kilowatt hours, as compared with 786,- 000,000 kilowatt hours in July, 1930, a decrease of one-tenth of 1 per cent. The amount of eclectricity generated in | the first seven months of the year ag- gregated 6,415,000,000 kilowatt hours, as | compared with 6,207,000,000 kilowatt | hours in the cotresponding period of | 1230, an increase of 3.4 per cent. - e ‘Thirty-seven thousand persons at- | tended the annual radio show in Mel- bourne, Australia, recently. . 4234 reco NEW YORK. Stptember 9.—A further Ty occurred in cotton today when bsence of any important pressure from ducing sections carried October to 6.85. or 35 points from !'w made Tuesday. Limited hedging operations- counter- ed the influence of & weak stock ct and the list closed at the top a_gain of 17 to 19 points on the Spots were advanced 15 points m with to 6.90 Cotton range October . nber BIG F|REARM.S MERGER REPORTED UNDER WAY = the Associated Prese NEW YORK. September 9 —The American savs it has learned that the duPont Co. will furnish capital for a $60.000.000 combination of firearms V| manufacturing companies. Under the plan, Remington Arms and Winchester Arms wiil become one colossal organization, the paper said, pointing out that the duPonts are the largest manufacturers of gunpowders and explosives in the United States and that Remington Arms Co. is the lead- ing producer of ammunition, other than for military purposes. Winchester Repeating Arms Co. (of Delawere), “another of the country’s leading firearms manufacturers, is now in_receivership. ‘The American says it was told the duPonts will finance acquisition of ‘Winchester Repeating Arms by Remin ton, provided the Remington bid for th: ‘Winchester concern is accepted. It quoted an unnamed official As say- ing, “The duPont Co. will purchase Remington Arms stock. and the. g:rchne moneys will be used partly by 'mington Arms in the purchase of the Winchester concern.” RESERVE CREDIT GAINS. By the Associated Press. ‘The Federal Reserve Board's condi- tion statement of weekly reporting member banks ‘n leading cities on Sep- tember 2 showed increases for the week of $33.000.000 in loans and investments. $49.000.000 in net demand deposits and 813,000,000 in borrowings from Federal Reserve banks, and a decrease of $14,~ 000,000 in time deposits. 000,000 at all reporting institutions. and “all other” loans increased $34,000,000 at all banks. Holdings of United States securities declined $32,000,000 at all banks, while homlngc of other securities gained $2,+ 000,00 Borrowings of weekly re| ‘mem- ber banks from Federal Reserve institu- tions egated $107,000,000 on Sep- tember 2, the principal change being 2n increase of $6,000,000 at Chicago: MONEY MARKET. NEW YORK, September 9 (#).—Call money held at 15 per cent. the renewal rate, in the cfficial market today. In thetonulde market the rate was 1 per cent. Bankers’ acceptances were inactive, with demand and supply almost absent, Asking rates were unchanged. Time money and commercial paper were in- changed. SILVER QUOTATIONS. NEW YORK, September 9 (#).—Bar silver firmer and % higher at 28, J