Evening Star Newspaper, September 10, 1931, Page 14

FI NANCIAL. THE EVENING STAR, WASHINGTON, D C., THURSDAY, SEPTEMBER 10, 1931. DUTLOOK IN STEEL TRADE 1S BETTER Production and Prices Seem to Have Struck Resist- ance Levels. Br the Assoctated Prees v YORK. Scptember 10.—The passing of Labcr diy. which marks the end of the Summer vacation period, has had the usual effect of injecting re- ngavad vigor into ircn and steel sales Yograms, Iron Age cays in its weekl. Teview of the industry “While it would be an exaggeration to say thit any marked betrerment in de- mand is expected to result from a_more concert>d drive for business,” the review says, industry is at least more cheerful, viewing such favorable indica- tions as there are with satisfaction and awaiting further developments hope. “While August was a disappcintment, in that it failed to give any cue s to Fa'l business prospects, it was theless reassuring in that it showed that both production and prices have struck resistince levels output varied but little throughout the month and eline from a previcus month since the inception of the current recession last | April. The record since the first of Sep- tember likewise suggests that bottom has been plumbed, so far as production is concerned. Prices Hold Well. “Althcugh ggversely bor day curtalment, present ingot out- aversges about 30 per cent, and before the week end may again equal or pessibly exceed the 31 per cent rate ¢ held rather evenly since the first of August. There have been a few additional readjustments in pig yron, including one in the current week which brings the Ircn Age composite > down to $15.42 a ton, a new low since October, 1915, but ruling quota- tions in most market cent remained unchanged. Finished steel prices have yemained generally firm throughout this period. “Evidences of theagh still tco fragment garded as conclusive, include a slight gain in rele s from the automobile industry, the appearance of several rail inquiries, a heavier flow of public W 1equirements in structural steel and re- inforcing bars and more active con- sumption by a number of miscellanecus industries, zmong them radio, stove and ste2l barrel manufacturers. “The Ford Co. placed steel orders balance stocks for the producti 50000 or more assemblies of its esent model before going over to a new car. Subsidiaries of General Mo- tors Corporation ordered steel for new models_to be brought out late in the vear. The Chrysler and Hudson com- panies have issued inquirics for steel for fourth quarter which are expected to provide a severe test for current prices on bars, strip stecl and sheets While estimates of automobile output for this month have been revised up- ward from 160.000 to 180,000 substantial gains in steel requirements are not expected to be felt until later in the vear, when manufacturers start producing _new models to stock thelr dealers. Orders for equipment neces- sitated by impending model changes sre giving A new stimulus to machine tool output. Following recent pur- chases by the rolet Co.. now es- timated as totaling close to $1.000,000, the Lycoming Manufacturing Co.. &n Auburn_subsid: has placed orders amounting to $400,000.” Steel Awards. Structural steel awards, at 41,000 tons, are well above the average. New fabricated steel projects, totaling about 37.000 tons, are the largest for anj week since the end of July. A slightly stronger scrap market at Pittsburgh has raised the Iron Age composite price for heavy melting steel to $9.17 from the seasol v of $9.08. The pig iron composite price has de- clined to $15.42, a new low since Octo- ber, 1915, Finished steel is unchanged at 2.116 cents a pound. AUGUST AUTOMOBILE SALES ESTIMATED Polk & Co. Say New Car Distribu- tion Was Between 150,000 and 166,000 Units. put improved demand, al- DETROIT. September 10.—Figures as- sembled by R. L. Polk & Co., who com- registrations throughout the tes, indicate that new car he automobile industry during August totaled between 150,000 and 166, s weekly survey of the industry the Polk company reports that passen- gor car sales in Delaware, Illinois, North T consin during August were cent lower me month last year. Sales in these States, representing 10.85 per cent of the entire country, totaled 18900 new passenger cars, against 22,128 units last year. The report says that while sales in North Dakota and Utah were off 40 per cent, those in Maryland showed a ioss of cnly one-half of 1 per cent, indicating a “spotty condition of the market.” i oo JAPANESE AUTOMOBILE COMPANIES ARE MERGED By the Associated America’s automobile Japan is threatened b; mations, believed by Department to be a step toward the formation of a domestic automobile manufacturing industry The department was advised absorp- tion of the Dat Motor Car Co. one of Japan's three motor manufacturers, by the Tobata Iron Foundiy was to manu- facture motor parts and accossories on an extensive scale. The Dat Co. has been making trucks, but it was under- stood commercial vehicles now will be manufactured. The mestic manufacturers never have pro- duced more than 200 units per year, whereas one of the two American as- sembly plants in Japan has a capacity of 50 units a day and the other 17,000 units a year. ns were reported on foot in Japan to amalgamate the thres manufacturing compani The latest plan was for these three firms to organize a joint company and allocate the production of parts to the three existing plants, while the cars were to bz assembled by a new company. It was b »d_little actual work would be done on this project in 1931. The success of the plan was understood to depend to a large extent on the amount of subsidy or other protection the government would extend. It is be- lieved possible the Japanese government might extend a subsidy of from 100 to 2,000 yen per vehicle and grant prefer- ential treatment to domestic cars in Tespect to taxation or other government regulations. This subsidy would amount to, roughly, $50 to $1,000. POTATO MARKET. CHICAGO. Scptember 10 (United States Departmert of Agriculture) —Po- tatocs—99; on track. 262; total United States chipments, 50°: weak, trading glow; sacked, per hundredweight, Wis- consin Cobblers, 85a1.00; mostly 90a95; Minnesota, 85a95: Idaho Russets, No. 1, 1.65a1.70; Commercials, 1.20a1.30; Tri- wmohs, 1.25a1.40, ess. market in recent amalga- the Commerce with | Steel ingot | ored the smallest de- | affected by La-| ary to be Te- | | units, Maryland, South Caro- | than during the | department said the three do- | Stock and Dividend Rate Ngrth Amer pf (3). 1 Ny Lloyd m2.56 1 | Northern Pacific (5) Ohio Oil. Orpheum Cir pf (8).. 313 Otis Elevator (2%).. 61 Otis Steel........... 30 Otis Steel pr pt (7). . 45 Outlet Co (4)..... 5106 Outlet Co pf (7). lg 39% 25': Owens Il Glass (2). | Bary S&El(2). o691 =hting (3). | 1 Tacific Tel& Telez (7) Packard Motor (40c) W Paramt-P(m1.62%p) Park Utah. Parmel ansport. Pathe Exchange. .. . Pathe Exchange (A) cerless Motor ick & Ford (1). .. 281 Penney (J C) (2.40). 241, Pern Railroad (3)... ' Peoples Gas(Chi) (8) Petm Corp of Am(1) Phelps Dodge (1). 9511 Phila Conew (6). ... 614 Philag&Reading C & 1 9 Philip Morris&Co(1) 4%, Phillips Petroleum. . 10 Pierce-Arrow....... Pierce-Arrow pf (6). 3 PlerceOll.......... Pillsl-ury Flour (2)., 2814 Pirelli (A) (m3.13).. 8 Pitts Serew&B(70c). 113 Pitts Terminal Coal. 30 Pittsbgh & West Va. 6 TPoor& Co (B)... 41 Tort Rig Am Tob(A). 61y Prairie Oil & Gas. . 14% Prairie Pipe Line(3) 56 Proct & Gamb (2.40) 167 Proc &Gamb pf (5).. 174 P'ro & Refiners. ... 6 Prod & Refiners pf. 72 Public Sve NJ (3 40). 95 Public Sve NJ pf (3) 109% Public Sve NJ pf (6) 148 Public Sve N J pf(8) 103% Pub Sve GEE pf (5) .. Pullman Corp (4). « Punta Alezre S 66% Pure Oil pf (8)... 19 12 Radio Corp s 45 Radio Corppf A 3%4. 3115 Itadio Corp (B) (5).. 111 Badio-Keith-Orph A, 15 Raybestos-Man 1.60. 0'a Reading Rwy (4) ... Iteal Bales 37 21 1017% G Purity Bakerfes (3) Maotor Car(40¢).x 10 Republic Steel. ... 25 Republic Steel pf. 0% Reynolds Tob B (3). 15% Rossia Insur (2.20) 19% Roval Dich(r =6 98 14 4 1% feway Strs pf (7). St Joseph 11). s n Krancisco. . San Fran pf(6). ouis Southwn. ze Arms (1) lte Retail Stor Schulte Stores pf (8 Seaboard Air Line Seaboard Air Line pt seaboard Oi 2 Seagrave (60c). | Sears Roebuck ( Second Natl Inv p Servel Inc : i Sharon Steel Hoop. Sharp & Dohme.. .. Shattuck (FG) (1134) Shell Trans (m1.73). 108 Shell Unfon Ofl. . eu.e. 17 Shell Union Ol pf. 1 | i Simmons Co. ..... 11 Sinclair Consol Oil. 25 SKelly Ofl.. o v 2) Skelly Oil pf wiv. . Z Snider Packing. . 1 Socony-Vacuum 1 29 Solv Am pf ww( South Port Rico Sug Sou P Rico Sug pf(8) | Southn Cal £d (2)... Southn Pacific (6). Southern Rwy (m Spalding (AG) (1). Spald (AG) 1€t pf(7). Sparks Withing (1). Spicer Mfg pf (3)... Spiegel-May-Stern. . Stand Brands (1.20). s s 1 40 14 108 tand Comel Tobacec tand Gas&El (35). SEEK CURTAILMENT Conference May Be Held for Purpose of Reducing Pres- ent Metal Output. By the Associated Press. NEW YORK, September 10.—Pro- | ducers of copper are considering the | advisability of holding another confer- | | ence on the curtaflment of production, it was said in important copper cir- | cles yesterday. It is understood, how- | ever, that no definite decision has yet | been reached. Present record low prices for cop- | per, which are said to represent losses for 'several producers, are the impelling motive for a curtailment agreement. One of the greatest obstacles to such !'a pact is the anti-trust laws. An effective agresment would have to include Belgian and Canadian as | well as American interests. M. Pisart, vho has represented Belgium in previ cus conferences, is expected to visit the United States again nest month, | which gives rise to the thought that | the conference might be postponed un- | til then. It is thought also that an | agreement between the leading Cana- | dian and American interests might be | submitted to the Belgians for their | consideration. : It is recalled that there was some | possibility the conference on the sub- | | ject last Jun> might result in some | | agreement. The Hoover moratorium, | coming shortly before the first mee | ing then, preceded an advance in cop- per. which persuaded the producers to defer a decision. The sluggishness of | the copper market in the interim is ample proof of the need for curtail- | ment of production, it is felt, MONEY MARKET. NEW YORK, September 10 () — C1l money renewed at 11, per cent to- | day and held stoady in the official mar- | ket. Tn the outside market some mcney | was available 2t 1 per cent. | The Bankers' Acceptance market was somewhat more zctive, with a larger | supply of bills bing offered. Demand ~vas only fair and asking rates wers un- changed. Time moncy wis dull and | unchanged and commercial paper was quiet and unchanged. NEW YORK BANK STOCKS NEW YORK, September 10 (#).— Over-the-counter market: Bid. Asked el 51" 218 a3 | a7t 747 38 America ... Chase Chat_Phenix Commercial* Natl. First Natl N ¥ Manhat Co Natl City . Fublic TRUST COMPANIES, ! Bankers 5 5 Brocklyn 3 Chem Bk & Tr.. .l Cont Bk & Tr...... . Corn Exch 9 | Empire ... i Guaranty .. & | Irving : 3, an3, | Manufacturers o a1 New York . 3L (Continued From Page 13.) Add 00. High. 56 14 3015 10714 10714 410 6915 19% | official 1931 High. Low 6474 56 Stand 109% 101 51% 81t 5213 30% 34 15 5 2 9% 40 2 b1y Low 56 14 27 9y 36 331 T3 35 49 30 R 23% 141 30 Stock and Dividend Rate. Stand Gas&ElIpf (1), 1 Stand Ol Cal (h2%). Stand OI1 NJ (12)... Starrett(LS) (12%). Sterling Secur (A).. 5 Sterling & terling Sec cv pf(3) tewart Warner. ... Stone&Webster(m2). studebaker Co(1.20). Superheater (2%) Superior Oil.. 1% Symington (A) Telautog ennessee Corp(50c) Texas Corp (3. . ulf Sulphur(3) acific Coal&Oll s & Pacific (5).. acific Land Tr. Thermoid Co. .. Third Avenue. .. Thompson P'rod 1 Thompson Starrett. . Thomp-Sta ide Water Asso OIS NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Sales— Add 00 1 Net. High. Low. Close. Chge. 4 5T BT « 1031 1031 36% 36% - 36 364 — Y% 15 15 2 2 - 5% 5% 30 30 8% 8% 23% 151 30 S&EIpf (4). 5 103 37 367% 48 137 £ urpf.... 3 81 9 198 Dh (140) . pf (312) Timken-Detroit Axle Timken Roller B(2). 1% 615 9014 281 12 Trus obacco Produets, .. ansamerica (40¢). Tri-Contl Corp. . -Contl Corp pe(6) Trico Products(2%3) x o St (600) . 6 871, B21% Under Ulen& Co. ... Fishe Union Carb & (2.60). Union Oil of Cal (2). | 205w 13115 87 nion Pacific (10)... nion Pacific pf (4). n Tank Car (1.60).. nit Afrcraft....... nit Aireraft pf (3).x nit Cigar : K nit Corp ¢ 4 s 197 . rp pf ( 3 nit U O b G 1 Unit Biscuit (2).. 1 i 1 i o uit (4). nit Gas&Imel 20 s Leather (A).... eath prpf (7) x 1y ipe& Ky 15t 1.20 Ity & Imp(1) T A R Rubber 15t pf. .. Smtg I L Pipe & Fdry (2). P ] i Ref pf 314 Steel Corpn (4). Steel pf (7)...e. Univ Pipe & ha. i 191, Util P&L(A) et215 "\ Vadasco Sales Corp. 31x Vanadium Corp. bash RR ald ard ard Baking (B)... arn Bros Pict rner Bros Warren Eros W W Wet W arren Bros cv pf 3. arren Fd&Pipe(2). ster-12 sson O&S ne3.85. senlhr pf o prid) estern Dairy (B).. w esting sting g E&M pf (4) co Chlor (2). hite Motors....... Rock (1413).. . A d g ewing Mach. i | 283,333,000 and hite hite estern Mar 0 P stern Unic and.. n 8., a20 30s 14 ilcox Ol & Gas ilcox illy ilson & flson & Co Woolw Worthington Pump. Yale & T , \ Yellow 17 3 101, 2 10 40% 0 0 P d 0% rates e | folte 2 Zenith Radlo. ...... Zonite Prod Corp (1) Sales of Stocks on New York Exchange. 21,000,000 as mive. s based on the ich A ( verland swne ( 6 i i 10w 11 1 10,000 12:00 Noon.... 2:0 PML... in the above table are the a tect quarterly or half-vzarly de: 00,000 ’ sLess than “e'Pay in “stock ; P Plus 2157 Washington Produce SAI_ES []F FARMS Butter—One-pound prints, 33; tub 32 Eggs—Hennery, 28; current receipts, 18a20. | Poultry, alive—Spring broilers, 3 pounds and over, 25a27; 2 to 2, pounds, 24a25; 115 to 2 pounds, 22a23; Leghorns, 18a20; hens, large, 23a24; small, 21a22; rcosters, 12213, Dressed—Spring _ broilers, 3 pounds and over, 32a33; 2 to 2': pounds, 29a 30; 1'; to 2 pounds, 27a28; Leghorns, | 25; hens, large, 27a28; small, 23; qr”)ostcrs, 13al4; Long Island ducks, 21a ‘ Meats—Beef, prime, 17; choice, 16a 161.; good, 14al15; medium, 13a131.: cow, 10all; veal, top, 16; medium, 14a 15; lamb, top, 20; medium, 17a18; pork loins, 8 to 10 pounds, 25226; 10 to 12 pounds, 21a22; 12 to 14 pounds, 18a19; fresh hams, 19; smoked hams, 21; strip bacon, 22a23; lard, bulk, 10; package, 101 Live stock—Hogs, 5.7586.00; medium, 6.80; light, 6.00, roughs, 3.004.25; lambs, 4.00a7.50. Fruits—Watermelons, Joupes, Colorado, flats, crates, 1.00; honeydews, sian melons, 2.00a2.75; heavy, nearby, | 1.75a2.00; Per- oranges, bushel baskets, 2.2522.50; bushel, 1.75; apple: box ' stock, Seckles, per 3.00; 1.00a2.00; 18 pound baskets, 35a50; peaches, 50a1.00; | as it is not having the cash with which c. 1.00; bushel | to purcnase. We make a large number | Metropolitan Concords, baskets, 65a75; Tokays, 2.25a2.50; Thompson, seedless, 2.00; pineapples, 4.00a4.50; prunes, 1.00; figs, 5.00; dam- | sons, two-peck baskets, 1.00a1.25; | grapefruit, 5.0025.50; bananas, 1.75a| 2.50; persimmons, 4.00; cranberries, | 3.75. Vegetables—Potatoes, a2.00; sweet, per bushel, 75a1.00; toma- toes, 75a1.00; string beans, 1.00; limas, 4.50; cabbage, 50a75; kale, 50; spinach, 1.25; corn, 50a75: cucumbers, 75; cel- ery. 3.75a4.00; lettuce, Iceberg, 4.50a | 5.00; New York, 1.25a1.50; carrots, per | 100 bunches, 3.00: beets, per 100 bunches, 3.00; eggplant, 75; okra, two- peck baskets, 1.50a2.00; peppers, 75a 1.00; squash, 50a75; mushrooms, 60a | 1.00. " grapss, crates, per barrel, 1.75 | METAL MARKET. NEW YORK, September 10.—Copper easy; electrolytic, spot and future, 71 Tin steady; spot and nearby, 25.87; fu- ture, 26.12. Iron stcady, unchanged. Lead quiet, spot New York, 440; East St. Leuls, 4.22. Zinc steady; East St. Louis, spot and future, 3.80. Antimony, 6.60. WHOLESALE By the Associated Press. ‘Wholesale selling prices resisted suc- cessfully a further decline during the week ended September 5, as their trend was calculated by the Commerce De- partment. In the index that follows, the average is given for all classes of com- modities, based on representing the 1926 level as 100: ‘Week ended September 5. .. . 68.9 Previous week ..... . 689 Same week last year.. . 835 .l’iiICES, PIa-xn; on Full Time. NEW YORK, September 10 (#) of Oneida Community, Ltd., manufacturers of silverware, said the ! | farm properties has improved material- | 1y over that of a yeat ago, and this and ! canta- | an increased sales effort also account | 3.50a as appreciative of the fact that farms 550; lemons, 4.00a6.00; limes, per 100, | are now selling at bargain prices as|g 50a1.00; | the people who live in the cities and | towns. much a| | because of the low purchase price. We ~—An | Union Oil Co. of Ci stock this BY BANK INCREASE Demand for Properties Has! Gained During Year, Says Head of Institution. Special Dispatch to The Star BALTIMORE, Md., September 10.— “The Federal Land Bank of Baltimore sold during the first seven months of this year nearly twice as many farms | as during the -same period of 1930 sald Yulosko Vaiden, president of the bank, here today. “The demand for for the greater sales. “We find the farmers are not quite Possibly it is not so matter of appreciation of the situation of sales to urban people, who are mov- ing onto the land. Many of these are families who farmed a few years ago before they moved to the towns and citfes, when jobs were plentiful and wages high. However, we are selling to a reasonable number of farmers who live in the vicinities where the farms are located and who know just about what the propertiey are capable of earning under proper management with the low overhead which they will have are selling some farms for as little as 20 per cent of the purchase price down, with ample time to pay off the second mortgage, which bears a low rate of inteiest. “During the first seven months of this year the farms sold by this bank brought $544,681, compared with $299,- 776 for a similar period in 1930.” SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. 5s 1937... American Chain Co. 65 1933 American Tel, & Tel Amer. Water Wks. & El 55 10; Baltimore & Ohio 4735 1933.. . Belding Hemingway Co, 65 1936 Bethlehem Steel Corp. 55 1936, . Canadian Nor, Rwy. 414s 1935 Chi. Northwestern R. R 5s 1933 Chicago Rock Island 4s 1934 Cleve., Lor. & Wheeling 55 1933 Colorado & So. Rwy. 4les 1935 Gommercial Credit Co, 5'cs Delaware & Hudson Co. 55 Denver & Rio Grande élas Gen. Mot Accep. Corp. s Genéral Petroleum Corp, 55 104 General_Pub. Bervice 5% Grand Trunk of Canada 6s Houst. E. & W. T. 85 1933 stpd. 100 Humbie Ol B%s 1033......._.. aclede Gas Light Co. 55 Eacleenct MR so® 18t New York Cent. & H. 4s 1034 New York, Chi, & St. L. 6s 1932 Northwestern Tel. 41as 1934. Pa. R. R Co. 6'z5 1936 Portland General Elec. 55 19; Republic Tron & Steel 5s 1940 Sinclair Crude Oil Co. 51.s 1938 | were sold toda BOND ISSUES SINK NEW LOW MARK High-Grade Group Firm, but Remainder of List P Declines. BY F. H. RICHARDS . Special Dispatch to The Star NEW YORK, September 10 bond market—aside from the grade group, which remained Nrm touched a new bottom agnin today Standard Statistics' index of 60 honds, which dropped o 91.4 on Wednesday ranged well below that figure tight from the opening today The selling was apread the domestic and forelgn departinents but its source in hoth cares was a t¢ flection of the situation nhrond Ameri can_railroad securities nie Jargely held in England and on the Continent and it was in these deseriptions that todny's largest losses occurred Apprehension in regard to the British | situation was hardly allayed hy Ohan cellor Snowden's annoline - ol increase of 6 penee in the ineome and a reduction in sinking fund nppro priations from £50,000 000 {rs §30.000,000 | Britis issues softened on th iment and a heavier flow of securities to | the New York market was an immeriate | sequel A stock market here that | of resistance was ignored bonds were concerned Hegiort pending announcement ties anong some dorme | rumors regarding dr reorgar | schemes were not ealeulated o b rail market. Chi K 18 cific issues were omission of | 41,5 of 193 over 11, points and 1 | 1924 a point Thi | maturity in three prices yields over | a point or | Northwest | de Western | Erie | N ad, “The high- Ehronghont tax | howed slgns far as of im- | tir e Zation | the el ed e wa Natic prices were marked 1p > $25.000,000 of 20 today on a 4.65 per cen n issue was on! ha expected. These binc e Cinadian g spread of .35 per ce ian gover those guarantced by | ernment Indus tional S |55, an £old off Dominion gov- | G ro-Electric 6s 14'.s, Amer- Dodge Brotr onal Match 5 The Younj plan low sharpl especia banks, were we | that farm loans farms are from ope the there the for the ish port- ereentage s > predic- tion of R. H. P« y with the Bank of complete moratorium will be necessary in Hi ga withdrawal necessitate | bourse indicated one selling of German bc have carried of German scc Stock Exchange SALES. | Wash. R. & E. 4s 00 at 941, ! Pot. Elec. 5 pfd.— at 1103, : FTER CALL. -$1,000 at Washingten 802, $500 2 ptd NOTIC The Exchange adjourned today out of respect to the memory of Mr. Arthur Foraker, who died Tuesday, Septemgg ber 8 Bid and Asked Prices. BONDS. FUBLIC UTILITY. 5 at 1103, Asked Tel. & Tel. 4 el & “Tel. ctl 2 | el 106" | 81ty | 10572 m | io0i " | 1072 94z | PUBLIC UTILITY. & Tel. (9)...... action Co (4) L. Co. (18 Power 67 pid Po pfd & EL pid. NATIONAL BANK. 54 | 2i0°" i 1107 "993: N\ Elec Elec Rwy Ry Pot Pot Wast Was} Capital (19) .. Columbia (12) Commercial (& District (8 amped)” 10 (o U s Riges (158) .. Second (9e) A N Washington (13)." TRUST €OM: Amer. Sec. & Tr._ Co. Continental Trust (6).. .. Natl. Sav. & Trust (i3t) Prince Georzes Bk & Tr. (6) Union Trust (8s) Wash. Loan & Trust (14)....... SAVINGS BANK. Bank of Bethesda (63)..... Com. & Savings (10) East’ Washington (12). Potomac (10)..... Sec. Sav. & Com. Bk | Seventh_ street. (12) United States (30) ... Washington Mechanics (20).... FIRE INSURANCE. American (12).... Corcoran (10) Firemen's (8).... ... National Union {i5)..0%] 5 TITLE INSURANCE. Columbia = (6h) Real Estate (6h). 5 MISCELLANEOUS. Barber & Ross Inc.. com Col. Medical Bldg. Corp. (6). ... Col,_ Sand & Gravel pfd. (7). D. C Paper Mig. pfd : Dist. Natl. Sec. pfd. Emer. Bromo-Selz. Federal Storage pfd Fed.-Am. Co. com. Fed -Am. Co. pfd. Lanston Monotype Mer Tr. & Stge. com. { Mer. Tr. & Stge. pfd. ( Mergenthaler Linotype (6} Natl. Mtee. & Inv. pfd. (8) .0 Peoples Drug Stores pfd.(612) PANY. as) @) 1.20f) (6 (e | Anic lcMa&stpadjs Real Est. M. & G. pfd. (8). Security Storage “(de). Ter. Ref. & Wh. Corp. (3) The Carpel Corp. (2)...... W, Mech, Mtge, com. (6, - e . Corp. (7). 1 Wesdward & Lothiron com (1,30) 35 Woodward & Lothrop pfd. (7).. 108 *Ex_dividend. §2% extra. bBooks_closed. ¥215% ext] 73% extra. h4% extra. 5% ext PARIS BOURSE PRICES. Scuthern Pacific 5s 1934 . St. L. LMS. Ry. R. & G. 45'1933 Union Elec, Lt. & Pow. 55 1933 if. 55 1935 Yirginia Rwy & Power 1 1934. abash Rwy. Co. 5s 1039. main flatware plants at both Sherrill, N. Y., 4nd in Canada, have been placed on full time Talkie fans of Italy are demanding talkies in Italan. i PARIS, September 10 (#).—Three per cent rentes, 89 francs 45 centimes. Five per cent loan, 104 francs 20 centimes. Exchange on London, 123 francs 95 cen- times. The dollar was quoted at 25 francs 50% centimes, FINANCIAL. [ e o BONDS s ] Received by Private Wire Direct te Th UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Close. Lib 3%%32-47.. 10 102 6 102 5102 5 Llst 4%s32-47 21 102 28 102 26 102 28 Lo 4th 4145 33-38126 104 27 104 23 104 28 3%48°49....360 100 27 160 18 100 19 3. 131 102 4 101 101 3. 145 102 9 101 16 101 16 US3%s43-47.. 28 102 R 10116 101 16 175 3% 8 46-56..150 105 20 105 16 105 16 178 45 44, . 66 107 26 107 17 107 20 U € 4%847-52. 100 111 27 11112 11112 Bales. High. Low, Close. AbItIbi P&P 58’63, 15 H3ls 528 52y Ab& St5%'43.... 26 96 96 96 Adams Exp4s'48.. 1 83 83 83 Alleghany Cp 5844 18 60% 60 60 Allegheny 58'49... 14 5213 5115 Allegheny 15 4813 45 Allin-Chalm 9102 101% 397 671 931y 77 68 181 103 A 1 G Chbizs 49, A Enth BI5n 49, PRI (AR Atn HEIL Int G 1 1ot 6u” Al ey 4w At & T Ln Am T&T ¢ tr 53 '46, A TRT Gnwt60. . A TAT 1093 108 109% 115 102 981 Avrentine Avgentine cntine 63 Arientine b Oc Arientine 6 A Arientine Gu B Artn & Cod%n Arm Ded 57543 PAtchison gn 4% Atehis ey 41,848, Lont w52 ALCLel An ALCT a158" At Bzef db Australia 45 56, & O 4548 & O 4%y wnTy 1004 BRI 101% 9214 1001% & O 63795, . 2 L& O PEWV 4841 L& OSwdyis Ban & Aroos 45" k of Chile 6328 '57 teigium 615 telgium kium 78" E Ind Loan ( Berlin Cy | h St Bollvia I8 ordeaux 6s'24.... Bost & Me 47,8 '61. Jos & Me 5855 Bos &Me 556 Brazil 6148 Brazil 6128 '2 Brazil 7s. Brazil 8s '4 Bremen 7s°35. .. Bi Ed gn A 5849, Bklyn Elev 6135, Bklyn Man 6s 68 5’4 Bklyn Un 1 Buenocs A s Budapest 65 '62. BR&P Bush Te Canada 4s ‘60 Canada 4;s '3 klyn Un § 10072 103 ent 11l GRE 58'51. 9613 ent Pac 55 '60. . €& O gen 4! C& 0418 B C b & Qgen 4s 58, CB&Q4L “hi & Est 111 58 Chi Grt West 4 C M StP&P os 100% 20 611 43 15% Chi&NW g3 73 Chi& NW gn 4s 's7. Chi & Chi& Chi RI& Prf4s’3 ChiRIcv4%s 60, Chi R1& P 413552 Chi Un Sta 41gs Chi Un Sta 58 B'6 |C& W Ind 5%s 62, Chile 65°60. Chile 6561 Chile 6s '63.... Chile 7s 42, Chile Cop db & Christiana Clev Term 4 Clev Term §s Cologne 6 Colomb 6s Jan "61.. Colomb 65’61 Oct. . Colon Oil 6s '3 Colo & Sou 4 Col G Col G&E cou 5861, 63 Com Inves 5125°49. 6 CCMd istr Con G NY 4135 ConG N Y 573545, Con Pwj Jap 6% Con Pow Japan 7 Consum Pow § Copenhag 4 Copenhag s '52. Cuba 5328’45 uba Nor 513542, echo 8s'51. Czecho 8s'52...... Del Pwr&L 4%s 71. Del & Hud rf 45’34 Del & Hud cv 55’35 Del & Hud 51437, Denmark 435 '62. . Denmark 5125 " Denmark 6s Denver Gas 5s D& R Gren 4 D&RG W 5555 Det 1 G&R416 561, Det Edison rf 55’49 Deutsche Bk 6: Dodge Br cl 65 '40. Duquesne 415 *67. Dutch East 1 6547, Dutch East I 6562, El Salvador 8s48., Erie gen 4s Erie cv 55 '67. Erie 55'75 34 2 Fiat s war. Finland 6s '45. Fond J&G 4 Fram I D7 French 7s B French 7138 '41. Gelsenk'hen 6s'34. . Gen Baking 5%s 40 Gen Cable 51,5 '47 Gen Motors 6s '37. Gen P Sv535'39.. Gen St Cas 5%5'49. Gen Th Eq 6s'40 German 5% '65. . . 244 German Bk 6s'38.. 5 Ger Cen Bk 65°60J 44 Ger Cen Bk 65’60 0107 German 7s rep ‘4 German Bank 7s '50 Ger Gen EI 75" Goodrich cv 68 "45. Good 1st 6358 '47.. Goodyr Rub 58'57. GrandTr sf db 65'36 Grand Trunk 7s'40. 14 1127% GrtNor4%s'76 D. 1 84 Grt Nor gn 5%8'52, 55 96%% 90 107 1128 2 84 Star Office 4 Sales. High. Low. Close. Grt Nor gn 75'36. .. 47 Greek 65°65..... Gulf Mobile 58 '50., Halt! 65°52 Hock Val 47 Hoe & ("0 615534 Hud & M adj 55 * Hud & M rf 5557 Humble Oil §s " Hungary 715 T11 Bell Tell 5356 111 Cent 48 111 Cent 4s * Tl Cent rf 455 111 Cent 4% *66 111 Cent 6155 '36. 11 CCStL& 11i Steel 434540 Inland St 4358 A'7 Inland St 41,5 B'81 Int Rap Tr 58 '66. .. Int Rap Tr sta '66. . Int Rap Tr 6s'32 Int Cement 58 Int& G Nad 6s°52. Int Hydro El 644, Int M Co 58 ret'4l. . Int Match 5347 Int Pap 5s A 47 Int Pap 65 '55. IntT&T4 Int T&T cv 414539, y 7851 .. Italy Pub S 78 Japanese 534S ‘65 Japanese 655 Jugosl Bnk Ts Kan City Sou 55’50, Kan City Ter 4<'60. Kan G&E 48 '80. ., Karstadt 6s'43.... Kend 5158 48 ww. . Kreug & Toll 5s'59. Lackaw St 5550, ., L5s°3s..0 Laclede b5 C Lacledo 5125 D60 Lake $h Leit Val ev 4% 20 h Valley 552003, Lix & Myers 5s'51. Lig & Myers 7s'44., Loew's 65 ex w41, Long Is]rf 45 4% Long Istdb 5 Lorillard 5158 '3 Lou G & El La & Ark 5560 L& N unt 45’40 L&N4%s L&N 1st5s 2 Lyons 65°34....... McKes & R 513550, | Manh Ry 1st 45'90. 24 48 2013. e 6534, Midvale Stl 5536 Milan 63 MK & T 1st 4550, . MK&T prin s Mo Pac gn 4s Mo Pac Mo Pac 3 Mo Pac Mo Pac &s H'80.... Mo Pac rf 55'81. .. Mo % Mont Pow Mont P db Nassau E Nat Dairy 51,5 ‘48, Nat Steel 53 Netherlands €s NOT&M5sB" NOT&MSs N Y Centdb 4s'34. N Y Cent 41352013, NY Cnrtf 41352013, NYC rf im 5s 2012. N Y Centdb 6s NYC LS el 3138 NYC& NY C&StL 4} NY C&St L 6s°32. .. 1st 63841, H&H 432867, NYNH&H clt 65740, NYNH&H cd 65'48. NY O%W Ist4 NY O&W gn 4s'35. NY Rysinc 656, NY St Ry 413862, NY S&W gn 5s'43. NY Tel 415839, N ¥ Tel6s'a. ... NY W&B 4125 '46. Nia Sh Md 514550, Nord 613850 Nor & Wn ev 4596, No Am Co 55 '61.. Nor Am Ed 58'57... Nor Am Ed 5s C 69 Nor Am E 514563 Nor O T & L 6s "47. Nor Pac 33 204 Nor Pac 4s'97. Nor Pacr 1 632 Nor St Pw 5s A 41, Nor St Pw 6s B '41. Norway 5s'63. . Norway 6s '43.. Norway 6s8’44..... Norway 6s°'52.. Orient dev 5155'58. Orient dev 65 '33... Pac G& Pac T&T 1s Pac T&T rf 5 Pan-Am Pet 65 '34. Paramount 6s " Paris-Ly M 6s Pathe Exch 7s '37 Penn 43 s D'81.. Penn gn 4123 '65 Penn 4157 Penn 43,5 '63 Penn 58°64. .. .00 Penn gen Penn 6343 Penn P&L 4133 Peoples’ Gas b Pere M Ist Peru 65 '60.. Peru 7s'39.. Phila Co 55 67 Phila Eiec 48’7 Phil & Read 6s'4 Phillip Pet 53539, PCC&SIL 414577, StL 5. V4335 C60. Poland 6s 40 Poland 7s '47 Poland 8s'50 Port Gn E1 4145'60. Por RAm T 65 '42.. Pos Tel & C 55’53, Prague 7145 '52. ... Pressed St C 58'33.. Prussia 65'52. .. .o Public Serv 45’71 Pub Sv G 4567 Pub Sv G 41570 Pure Ol 53537 Queensiana 6s '47 Read gn 4158 A'97. Reading ¢3%s B’ Read Jer Cn 4s Rem Arms 6s A Rem R5%s A '47.. Rhinelbe 7s'46 Rnire West 6s Rhine West 6s'53.. Rhine West 6s '3 Rhine West 7 Rich Ofl Cal 6s"44. Rio de Jan 6345 '53. R Gr Do Sul 6s '68. R Gr Do Sul 8s'46. Rio Gr W 1st 45’39 RIAr &L 43:s'34. Rome 632552 Roy D 45"45 ww. StL IM R&G 45'33. St L&SF in 4s A '60 35 StL&SF 4%s'78. StL&SF p16s B '50 StP&KC SL 41%s'41 StSWend4s'32.... StLS W 1st 4s'89. Sao Pau 7840 ret. Sao Paulo 8s '50 Saxon P W 6155'51. 10 Saxon 78°45....... Seab A L rf 4s . Seab A Lcv 65 '45. Seine 7s'42.... Serbs-Cr-S17s°62.. Serbs-Cr-S1 85 '62. . Shell Un O11 6847, Shell Un Oil 49, 3 98% 98% 98 Shipyetsu6%s’si. 14 14 10 3 26 14 11 28 11 28 3 73 14 1 12 4 11 94 11 15 13 41 1 21 11 11 4 56 106 81 5515 70% 101% 5214 0% 961 103% 77 107 8315 106 101%, 47 100% R 10515 1061 991 1007y 1033 103 5 101 15 31 £0 g 4 61 23 1 & 3 a 17 11 16 6 4 20 12 34 47 37 13 1 6 1 12 11 8 1 20 4 34 18 15 8 1 9315 9911 104% 81 5514 70 1011 524 700, 9515 10315 72 106% 831y 58t 7% 58 100 70 104 9215 a2%, 65 643, 50 &0 3714 66 69 4814 66 8014 0% 1021, 997y 1047, 105'y 75 a01s 1065, 99 100 1041, 101 104 107 104% 81 5514 703, 101 109% 74 12 20% MODERN BUSINESS ON BROADER PLANG | Development of New Indus tries Has Added to U. S. Economic Life. BY CHAS. P. SHAEFFER, Associated Press Business Writer. Development of new industries ma carry the greatest possibilities for th | future economic life of the United tates. Industrial research for these indus tries has been carried on at a pace neve before known in this country since th depression set in. with the result tha many new products and improve methods have come to the front whic} promise beneficial and revolutionar effect. 1 Nor has this research centered on in dividual industries. Rathe it has beer carried on in many small lines insteac of founded on a few major branches auguring for stable and permanent fu ture prosperity. one that cannot be de. stroyed by adversities in a single indus try, Recent Developments. Television is just beginning to show its enormous possibilitie: the com: mercial life of the Nation. Pipe lin tran; rtation bids fair to become arf important carrier for many other. com modities than liquids. Aviation ha graduated its experimental stag and 1 The grow ing pop: n foods thréater, hods of dis w markets Mech cpened up a is fiel manuf 1d | Resea 13,000,000 nually Air Conditioning Apparatus. aters are al have ore & O completely of these ing new ds better ting meth improve products to mee 1 the develo s and product to help I es. merce overcome successf present obstacles. com Xpansion. ptembe Trade E NEW YORK, here has been’ some expa: ic t de and m during the past m S 10 P sion in do activity -obably of easonal s he Amer. Association Journal say t discussion of the cond: As to foreign situation, it says that imp in German: has been offset b is in England ement SILVER QUOTATIONS. NEW YORK. September 10 (F).—Baj silver quiet and !5 lower at 2774 FOREIGN EXCHANGE. <hed b w adrid, peset nc O ine Cr O Sine PL 5842 kelly Oil 514539, ou Bell T&T 5s '41 Sou Pac col 4849, . Son Pac ref 45 '55.. Sou Pac 41:5'6S. .. Sou P 4125769 ww. Sou Pac 4%s'S1... | Sou P&Or 432577, 102 102 1000 100 641 647, 91 84 Sou Ry Sou Ry 65" Sou Ry 615 StOfINJ S Sweden |swiss s ex &P s D80, .. Third Av rf 45 '60. . Third Av 15t 5 o Third Av adj 58 '60. 7( Toho El Pw s Toho El Pw Tokio 5 Tokio 5% o Tokio El Lt 6s°53.. 41 Un Pac 1st 45°47... 10 Un Pac 45’68 Un Pac rf 4s 2003.. Un Pac 4%s 6 Unit I Utd King 5% US Rub1 Un St W 6138 A'47. B 16 Uruguay 8s°4 Utah P& L 5s'44.. 10 Util Pw 58 59 ww.. 76 Util Pow 5148"47.. 6 Vanadium St 59’41, Vert Sug 1st Vienna s 5 va Va Ry Wabash 41% Wabash 1st Wabash 2d 5s Wabash Wabash 5s D '80. Walworth 63 A4 Walworth 61 Warn Br Pic 6s'39. Warner Sug 7s 41, Warsaw 75 '58..... 36 Wst Sh 1st 452341, 2 West E1db 5544, 22 West Md 45 '52 West Md 5158 '77.. West Pac West Unfon West Union § Wes* Un 6125 '36 Wh Sew Mch 6540 Wil-O st 6145 '33. Wil& Colst6s'41. 5 Wis Cent gen 4536 4 Yokohama 63 '61... 19 Ygstn S&T 55 A'78. 34 Ygstn S&T 55 B'70. 11 1037 10315 1004 9ty 1001; 9 48