Evening Star Newspaper, September 11, 1931, Page 14

FINANCIAL. FRIDAY, FINANCIAL. BONDS ARE DRVEN | (= ‘= BONDS e sws] DAL RESERE ' CREDTINCREASEL UNITED 'ATES, (Sales are in%41.000.) Bales. Low. Close. 102 7 Daily Average Volume Out: standing for Week Is $8,000,000 Greater. HE EVENING STAR, WASHINGTON, D.. C, SEPTEMBER NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. e TONEWLOWMARK 14 Starrett(LS) (12%). 9 15 2 Sterling Secur (A). 2% 5 Sterling Secur pf. 30 Sterling Sec cv pf(3 8 Stewart Warner..... 234 Stone&Webster (m2). 14% Studebaker Co(1.20). 118% 109 Studebaker pf 81 Sun Ol (M) 94 Sun Ol pf (6). 40% 23 Superheater (2%). 15% 11% Sweets of Amer (1) 16% Telautograph (1.40). 4% Tennessee Corp(50c) A—14 x¥» INCREASED COPPER CONSUMPTION SEEN Slight Improvement in Next! 20 Few Months Predicted I L by Brookmire. Sales. High. Low. Close. GrandTr sf db 6536 3 106% 106% 106% Grand Trunk 78’40, 2 112% 112% GrtNor4%s'76D. 12 84 82 Grt Norgn 6%s'52 18 Grt Nor gn 7s ‘36 Greek 63°68. Haitl 65°52 2 Hav El Ry 6348 '51. Hock Val 43 Hoe & Co 638 '3 Hud & M ad 58 °57. Hud & Mrf 65'57.. Humble O 6341832, Hungary 738 44 111 Bell Tel (Continued From Page 13.) 931~ i —_— High. Low. 25% chige. TAb 3%w 32-47.. 12 1% 102 7102 7 Li1st4%s 32-47 12 102 25 10228 L4th 4%s 33.38261 104 104 28 104 25 US3%s'49....407 100 204100 20 100 25 U S 3%s 40 88 101 29X01 710127 U S3%s41-43. 231 101 28, 101 15 101 82 U S 3%s43-47..101 101 241101 16 101 24 1 S3%s46-56.. 75 105 20 305 16 105 20 US4s44-54....132 107 24 19716 107 24 US4%s47-52, 238 111 24 11112 11123 Bales. High. Low. Close. 17 53% 52% 1 324 Stock and Bales— Dividend Rate. Add 00. High, Low. Close. 9% Nelsner Brothers... 1 114 11% 114 6% Nevada Copper (60c) 28 7w T4 % 10% Newport Co (1)..... 19 194 41 Newport Co (A) (3). 55 __5% Newton Steel. . 11% N Y Air Brake (1). 60% N Y Central (4)... 17 NYChicago & St L 25 NYChi&StLopt. 147% N Y & Harlem (5) o t Heavy Selling Affects Most Sections of List—U. S. Group Higher. ~1% +1% i B & + Abitibi P&P 5s BY F. H. RICHARDSON. *7ms Exp 48 . Speetal Dispatch to The Star. By the Associated Press. ‘The daily average volume of Federal Epectal Dispatch to The Star. NEW YORK, September ~ 11.—The AT it (6).. . copper industty has reached the state where a slight improvement may be.ex- pected within a few months, according to the Brookmire Economic Service, Inc., which has tabulated copper con- sumption, in thousand short tons, for the major consuming industries in the t three years. Increased consumption s not expected in this year or in 1932 to establish a return of marked prosperity for the copper industry, but to show small gains over current levels. “There is no longer any question that copper is cheap,” says a Brookmire statement. “Few, if any, producers can show profits with copper at 7i: cents per pound. Nothing will bring about a reduction in output and & consequent halt in the trend to higher levels of refined inventories more surely than a continuance of non-profit price levels. We, therefore, expect a more drastic curtailment of mine production in the months ahead. Blister stocks have shown an uninterrupted decline since last October and are now the lowest since August, 1921. A change for the better in demand for copper could bring about improvement rather quickly. This has not yet appeared, however, and wé expect another increase in ‘l:cflned stocks to be reported for August. The following tabulation shows cop- per consumption, in thousand short tons, for the major consuming indus- s Preliminary estimate 1020, 1930. 1931 Flectrical manufacturers... 261 224 180 Automobiles 138 Building 59 Telephone and telegraph... 164 Light and power 121 Manufacturing for export.. 15 Others . Total Butter—One-pound prints, 33; tub, 32 Eggs—Hennery, 28; current recclpts, Poultry. _allve—Spring brotiers, 3| unds and over, 25a3T; 2| gfiunds. 24a25; 17 to 2 pounds, 22a23; | Teghorns, 18a20;° hens, large, 23a24; small, 21a22; roosters, 12al3. i Dressed—Spring_ broflers, 3 pounds | r. 32233; 2 to 2'; pounds, 29a | - Leghorns, 2 2! hens, large, coosters, 13al4; Long Island ducks, 218 22. Meats—Beef, prime, 17; choice, 1 16':; good, 14al5; medium, 13a13} cow, 10al1; veals, top, 15; medium, 13a 14; lamb, top, 18; medium, 14a16; pork loins, 8 to 10 pounds, 23a25; 8 to 12 pounds, 21a22; 12 to 14 pounds. 15a186: fresh hams, 19; smoked hams, 21; strip bacon, 22a23; lard, bulk, 10; package, 101 Live stock—Hogs, heavy, 5.7526.00; medium, 6.80; light, 6.50; pigs, 6.00; roughs, 3.00a4.25; calves, 7.0089.00; Jambs, 4.00a7.50. Fruits—Watermelons, 15a35; canta- Joupes, Colorado, flats, 1.15; nearby, crates, 1.00a1.50: honeydews, 1.75a2.00; Persian melons, 2.00a2.75; oranges, 3.508 5.50; lemons, 4.00a6.00; limes, per 100, 1.75; apples, bushel baskets, 50a1.00; box stock, 2.25a2.50; pears, 3.00; Seckles, per bushel, 1.00a2.00; 18- pound baskets, 35a50; peaches, 50a1.00; grapes, Concords, crates, 1.00; bushel baskets, 65275, Toka: 2.2582.50; Thompeon, seedless, 2.00; pineapples, 4.0024.50; prunes, 1.00; figs, 5.00; dam- sons, two-peck baskets, 1.00a1.25; grapefruit, 5.00a5.50; bananas, 1.758 250; persimmons, 1.00; cranberries, 375! Vegetables—Potatoes, per barrel, 1.75a 2.00;, sweet, per bushel, 75a1.00; toma- toes, 50a75; string beans, 75a1.00; limas, 450; cabbage, 50a75; kale, 50; spinach, 1.35; corn, 50a75; cucumbers, 75; cel- ery. 3.75a4.00; lettuce, Iceberg, “3.258 4.00; New York, 125a1.50; carrots, per 100 bunches, 3.00; beets, per 100 bunches, 3.00; eggplant, 75; okra, two- peck baskets, 1.50a2.00; peppers, 758 1.0t squash, 50a75; mushrooms, 60a 1.00. AUTOMOBILE INDUSTRY IS LEADING CONSUMER By the Associated Press. ‘The American Research Foundation finds the automobile industry is the country's leading consumer of six basic industrial commodities. In four of these commodities the automobile’s share of consumption was shown to exceed one-half of the total annual production. The country's motor vehicles, the foundation said, consumed 85 per cent of all the gasoline produced in the United States, 82.6 per cent of the Tubber, 68.7 per cent of the plate glass, 53 per cent of the malleable iron, 30 per cent of the nickel and- 26 per cent of the lead. No other industry, it was #ald, tpok an equal share of any of these products. In addition to using 14,130.000.000 gallons of the 16,613,520,000 gallons of gasoline produced last year in the country, automobiles took 307,790 long tons of the total of 372,627 long tons of rubber and used 495,000,000 gallons of lubricants. Salary Cuts Ordered. NEW _YORK, September 11 (#)— Eighty-five per cent of the employes of the Gulf, Mobile & Northern Railroad, except those in train service organiza- tions, will have their salaries cut 10 per cent. The reduction is voluntary and will be in effect as long as the road is unable to cover interest charges and taxes. The reduction amounts to approximately 32 per cent of the rail- road’s taxes and charges. DIVIDENDS DECLARED NEW YORK, September 11 (7)— Pe- Pay- Rate. 1iod. able. 29 Sep. 3 Hidrs. of Company. record. Binger Mfg ..... Bep. 10 Incre Househd Fin Pt pf_$1.0 8ep. 30 uce Elec Storage Battery.sl Sep. 31 Do. pf 51 Sep. 31 PEs s Inter Tel & Tel Ohio Elec M Chi Daily News Chi R1& PRy tied. %(‘ .£1.75 Q Due Oct. 1 Dividerd due af this time; Dividend Safety & Ltg. .51 Legu! Am Cm Pw $6 1 pf $1.50 Do. $6. pf $1.50 . .. 15¢ $1.25 Dt $1.6312 35¢ nto........ due at this time. Car Heat .. Due Oct. oct. Oct. Amer Corp t. Amer Mrf pf oct: Appon 614 i Bancohio Corp. . Cinn G & E pf Dennison Mf A.. fzon. .. Qct. Oct. Sep. e 8 o 58 s rarae e fndugtrial Ravon nt But Hole Sew Mach .. 8 mb_ Ins Manhattan Co. Mitchell (J 5) & Ltd pf... BaBern whin SRS gfik! ‘mlfl Co i it Eorinata Fire & lB?“’rd c’fl‘l A Toy ‘sunshade o 2 S ? DPOO DOOOOOOLOOO HOO HOOOOL * LOOOLL: PO” For [UrRy e 5% N Y Ont & Western. . N Y Shipbuildin, 190 N Y Steam pf (6 111 N Y Steam 1 4% North Am Aviation. 56% Nor Amer(b10%stk) 102 North Am Ed pf (6). 25% Northern Pacific (5). 3 Norwalk Tire & Rub. 7 Ohio Of! 2 Oliver Farm Equip. 8% Omnibus Corp... 67 Omnibus pf (A) (8) 35 Orpheum Cir pf (8).. 31% Otis Elevator (2%).. 2513 Owens Ii1 Glass (2). 11 Pacific Coast. 38 Pacific Gas & El (2).. 4715 Pacific Lighting (3). 116 Pacific Tel&Teleg(7) 124 Pacific T & T pf (6).. i Packard Motor (40¢c) Pan Am Petroleum. . Paramt-P(m1.62%p) Park Utah.....oze00 Parmeles Transport. 19% 5% Motor Car Ford (1)... Penney (J C) (2.40).. Penn Dixie Cement.. Pern Railroad (3). Peop Drug Strs (1).. Peoples Gas(Chi)(8) Pere Marquette Ry.. Pere Marq pr pf (5). Pet Milk Co. . Petm Corp of Am(1) Phelps Dodge (1)..... Phila&Reading C& I Philip Morris&Co(1) Phillips Petroleum Pierce-Arrow pf (6 Plerce Oil Plerce Petroleum Pillsbury Flour (2) Pitts Coal pf. Pitts Screw&B(70c). Pitts Term Coal pf. Port Ric Am Tob(A). Postal Tel&Cable pf. Prairie Oil & Gas. ... Prairie Pipe Line(3) Proct & Gamb (2.40), Pro & Refiner: Public Sve NJ(3.40). Public Sve NJ pf (5) Public Sve N J pt(8). 27'% Pullman Corp (4) 6% Pure Oil 66% Pure Oil p! 19 Purity Bakeri 12 Radio Corp. 45 RadioCorppfA3l5. 3114 Radio Corp (B) (5).. 11% Radio-Keith-Orph 15 Raybestos-Man 1.60 5 TReo Motor Car(40c). 10 Republic Steel... Republic Steel pf. 5 Revere Copper. .. 11 Reynolds Metls(1%) 40% Reynolds Tob B (3).. 1 Richfleld Oil. 314 Rio Grande Oil. 18% Royal Dtch(m2.2789) 38% Safe Stores (5).. 98 Safeway Strspf (7). 130s 14% St Joseph Lead (1) 9 9 StL-San Francisc: 154 StL-San Fran pf(6).. 7 St Louis Southwn. 4 Schulte Retail Stores 40 Schuite Stores pf (8)x 20: 3 Seaboard Air Lin 10% 3eaboard OIl. 22 1 L] 6 b 2 2 . 315 Seagrave (60c)...... 447 Sears Roebuck (2%). 33 Second Natl Inv pf. 4% Servel Inc 6 Sharon Ste 71 Sharp & Dohme 16% Shattuck(FG) (t134) 4% Shell Unfon Ofl.. ... 25% Shell Union Ofl pf. 2% Shubert Theaters. 10% Simmons Co. . . 6% Sinclair Consol Of1. 10 Skelly Oll pf ww...., 167 Socony-Vacuum 1.60. 73 South Port Rico Sug. 36 Southn Cal Ed (2). 653 Southn Pacific (6). 19 Southern Rwy (m6). 6 Sparks Withing (1).. 111 Spald(AG)1st pf( 415 Splegel-May-Ster: 147% Stand Brands (1.20). 56% Stand Gas&E1'3% ) . 56 Stand &E1 pf (4). 87 Stand Gas&El pf (6). 1% Stand Invest Corp. 3114 Stand Ofl Cal (h2%). 99% Stand Oil Exp pf (5). 30% Stand Ofl NJ (12).... 25 1 27 4 1 142 29% Tex Gulf 2% Tex Pacl 17% The Fair 1% Tobacco 5 Transam T% Transue 61, Tri-Cont 90%s Tri-Contl 11% Truscon 6% Twin Cit. 6 Ulen & Ct 37 Under El 81 »21% % 14 Unfon Of & 131% 82 19% Un Tank 31 Unit, Unit Cgr 161 44 481, 25% 9813 Unit Gas: Unit Fru 24% U S Indu: 7 16% U S Pipe 17 13 129 3% United S 35 United Si 28 1% Univ Pip 9% Univ Pipy 191 UHIP 14 31 28 6% 14 3 1 17 7ia Va-Car Vadsco S Va-Caro bash ldort Ward Ba ‘Ward Bal ‘Warn Br Webster ‘Webster- West Py West Pa Vestern Western Western Western Western Westing. Westvac, 12' White M. 4% White S 315 Wilco: 21 66% Wrigley 38 Yellow T: 32 10:30 A.M. 1:30 P.M. tions. XEx-divigend. o1 374 stock. 05% 374 105 36 stock: 2 stock. 364 + % P Pius 2%% in 3% Thermold Co 5% Third Avenue. 16 Third Nat Inv(mbsc 9% Thompson Prod 1.20. 2% Thompson Starrett. . 241 Thomp-Star pf (3%)x 4 Tide Water Asso Of1§ 5% Timken-Detroit Axle 28% Timken Roller B(2). Union Bag & Paper.. 43% Union Carb & (2.60). Jnion Pacific (10) Union Pacific pf ( 20% Unit Afrcraft....... Unit Alreraft pf (3). Unit Biscuit (2),. rbon. . Unit Cigar Store L(A) et2.15 21% Vanadium Corp 10 Van Raalte. .. 1% White Se 14'3 Young Spr&Wire( Ygstwn Sheet&Tube . 17 Zenith Radlio. .. 10 Zonite Prod Corp (1) Sales of Stocks on New York Exchange. Dividend rates as given in cash payments based on the latest quarterly or Less than 100 shares. o n s P 106% B ] W 18 Texas Corp (2) Sulphur(3) fic Coal&O1l. 714 Tex Pacific Land Tr. 31% Thatcher Mfg pf 3.60 (2.40). > I L ) Products. .. erica (40¢). & Will (1) 1Corp. 1Corp p! Steel (60c) . y Rap T 0. : 1 Fisher (4) x 250 4 [N E ST E MR FEFE Br ET FIPEFEERER ek 10f Cal (2) +1 4 @ ar (1.60).. £ & | & Strs pf(6) Unit Corp (75¢) .. Unit Corp pf (3) it (4).. Unit Gas&Im(120).. &1m pf(5) 1614 Unit Piece D W (2) 10% U S Freight . 32% U S Gypsum (1.60).. s Alcohol U S Leather (A). 694 U S Leath prpf (7).. & Fdry (2). 16% U S Pipe&Fy 15t 1.20 1214 U S Realty & Imp(1) 10% U S Rubber. ... U S Rubber 15t pf U S Smtg & Ref (1) 79% U 8 Steel Corpn (4) U S Steel pf (7) tores (A) tores pf ( Univ Leat Tob (3).. e & Rad. .. 1 e & Rad pf.. 208 42 ales pf 1 291 71% 381 Vulcan Detin (4) RR 5 Sys (113).. Kking (B) Kking pt (7). os Pictures. Warner Bros pf 3.85. Warner Quinlan Warren Bros (2 ‘Warren Bros cv p Warren Fd&Pipe(2). Eisenlohr. . Eisenlbr pf Elpf (7)... Pwrpf (7). Dairy (A).. Dairy (B).. Maryland. . Pacific. . Union (8). Westinghse A B(2).. EI&MIg (4) Weston Elec Inst (1) o Chlor (2) Wheeling & L E pf. Wheeling Stee otors..... ing Mach. ing Ma pf. Oll & Gas. 3% Willys-Overland. 11 Wilson & Co... 4% Wilson & Co (A).... Wilson & Co pt. 54% Woolworth (2.40) 371 Worthington Pump (Wm) (4).. 20 Yale & Towne (2) 5% Yellow Truck. . ruck & ( Zou Wz = f. 2). 15% 32 1% 11 19 10% 2 1% 4 % + % 200,000 12:00 Noon. 1,300,000 2:10 P.M. the above table are the i7" dec] +Partly extra. IPlus Paid last year—no reguiar rate. n cash or stock. fPlus 8% in stock. Mjs S0c,in special préferred sosk. -k Plui lbis year—no regular rate. nPlus 5% in 900,000 1.600,000 in stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, following is & summary of important corporations news prepared by the Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. The Government's forecast for Spring wheat yleld, based on condition as of September 1, was reduced 8,000,000 bushels from the August 1 estimate to a total of 110,463,000 bushels. The con- dition of Spring wheat was reported the poorest on record, being estimated at 36.7 per cent of normal, compared with 64.5 per cent a year ago, and a 10-year average of 71.1 per cent, while the prospective Spring yleld is the smallest in about 25 years. The esti- ‘mated Winter crop of 775,180,000 bushels is the largest on record and brings the year's aggregate yleld, with four excep- tions. to the highest ever grown in this country. The Companies. Affliated Products common share earnings, six months to June 30, $1.81, against 96 cents. Chicago, Burlington & Quincey R. R. —August _net operating income esti- mated off 33.6 per cent; 8 months, estimated off 22 per cent. Commonwealth & Southern—August electric output (KEWH) off 3.1 per cent; 12 months, off 58 per cent. August gas output (cubic feet) off 2.7 per cent; 12 months, off 5.4 per cent. Dunhbill International — Deficit, months to June 30, $111,423 vs. net income, $38,657, equal to 47 cents a common share. Electric Storage Battery—Declares quarterly dividends of $1 each on com- mon and preferred stocks; formerly paid $1.25 querierly. Parker Rust Proof—Estimated net income for year will approximate $7 common shiar May deciared extra cash dividend on common stock. Pepperell Mfg.—Deficli, year ended June 30, $582,441 vs. net $660,002, equal to 3623 & common share; unfilled orders June 30 equalled 5| about 1 of stock on hand. ‘Tide Water Oll—Omits common divi- dend; paid 15 cents June 30. Wrigley (Wm.) ted up 18 or 20 per cent; no change E‘."u dividend rate contemplated in view of strong cash position and maintenance of earnings. American Ttlephons & Telegraph July gross off 3.2 per cent, operating income up 22.6 per cent; seven-month gross off come up 1.3 per cent. September 11.—The | income, | ugr.-Anmt aales re- | 3.1 per cent, operating in-| cent, eight months off 11.3 per cent. Chrysler Corporation July passenger | car registrations totaled 29,181 units | vs. 23,654; Plymouth registrations numbered 14,599 vs. 8,089. Consolidated Film Industries August | net profit, after Federal taxes, totaled | $124,576 vs. $77,624 in July. 1 Exchange Buffet August sales off 17.13 per cent; four months off 15.69 per cent. ! _ Gulf, Mobile & Northern Rallroad— Salaries of employes other than those in train service organizations reduced 10 per cent. Household Pinance Corporation de- clares extra stock dividend of 6 per cent in class A stock, on class A common, | and 6 per cent in class B stock, on class B common; also regular quarterly 90 cents dividend on both classes of stock. | |, Industrial Rayon net profit after | taxes, two months ended August 31, | $202,934. Power Corporation of Canada Ltd. | common share earnings, including profit | on sale of securities, year ended June |30, $3.44 vs. $3.99. Prairie Pipe Line seeks authority to reduce rate on crude petroleum from |P points in Oklahoma and Texas to Kan- | sas to 15 cents a barrel and to 303 | %c‘;m a barrel on shipments to Kansas | City. | Pure Oil believed to have operated at loss since beginning of fiscal year; ag- | gregate sales of refined products run- ning materially ahead of last year, | _Sally Frocks August sales up 12.2 per cent, eight months off 3.4 per cent. Singer Manufacturing declares $1 extra and regular quarterly $2.50; di- vidend pald $2.50 extra June 30. Timken Detroit Axle reported August sales of oll burners up 30 per cent; ag- gregated oil burner sales to September 7, up about 30 per cent. United States Lines reported has op- i;?’tled at & substantial loss thus far in Utah Copper maintaining output at 40 per cent of normal. ‘Western Air Express passengers car- ried in August totaled 649 vs. 204 in July, elght months 1,484 vs. 864; August ‘}alr ail carried totaled 59,114 pounds vs. 54,991 In July. 1\ __White Motor July shipments reported 0 per cent below same 1930 month, nd ebout 25 per cent below monthly verage of first six months in current cer. - » Airway Electric Appliance omits ' querterly preferred dividend; previous | payment, $1.75 in July. i American Corporation—Fifteen cents common dividend declared; paid 5 per cent stock dividend July 1. Assoclated Oll—Omits capital stock dlvldeg;l; previous payment 35 cents, Sune 30. General Motors—Had 17,238 pre- ited and 276,476 common sharehold- ors in third quarter, vs. 17,255 pre ferred and 268,400 common sharehold- | Tkey OliReported %o have real el 5 ized about $5,000,000 cash from sale Co. August sales off 6.6 per of its 6)2 per cebt interest in Natural Gas Co. of America to remaining mem- bers of controlling group. Waldorf System August sales off 1 per cent; eight months, off 2.2 per cent. International Telephone & Telegraph declares 25 cents dividend; formerly pald 50 cents quarterly. Interstate Department Stores August sales off 11 per cent, eight months up 3.9 per cent. Jefferson Electric 25 cents quarterly common dividend declared; formerly pald 50 cents quarterly. SILVER QUOTATIONS. NEW YORK, Se) ber 11 (#).—Bar silver steady and higher at 28. CHICAGO LIVE STOCK MARKET CHICAGO, September 11 (#).— (United States Department of Agricul- ture) —Receipts, 12,000 head, including 3,000 direct; active; 5a10 nigher; pigs and light lights, 15a25 up; 190-240 pounds, 6.5026.70; top, 6.70; 250-320 pounds, 5.6086.50; 140-180 pounds, 6.25a .60 pigs, 5.5026.00; i to 5.50; light lig] choice, 140-160 pounds, 6.10a8.50; light weight, 160-200 pounds, 6.25a6.70; mq dium weight, 200-250 pounds, 6.40a6.7 heavy weight, 2! 6.55; packing sows, medium and good, 275-500 pounds, 4.25a5.50; slaught ter | 20 pigs, good and choice, 100-130 pounds, | Me: 5.2526.10. Cattle—Recelpts, 1,500 head; calves, 700; clean-up mark desirable fed steers and yearlings steady; plain short mostly 9.15 ':r‘g‘ : it a beeves, 9.25, and y Slaughter cattle and good 10.25; 900-1,100 pounds, 7.75a10. 1,100-1,300 pounds, 7.75a10.15; 1,3%0 1,500 pounds, 7.50210.00; common medium, 600-1,300 pounds, 4.25a7.75. heifers, and choice, 550-850 pounds, 7.50-9.75; common and medi- um, 3.25-7.50; cows, good and choice, 4.25-6.75; common and medium, 3.00- 4.25; low cutter and cutter, 2.00-3.00 bulls (yearlings excluded) good and choice " (beef). 4.35-550; cutter to medium, 3.00-4.40; vealers (milk fed), good and choice, 9.00-11.00; medfum, 17.00-9.00; cull and common, 5.00-7.( Stocker and feeder cattle — S good and choice, g.so-’mo: common and medium, 4.00- e K dgl:ccxmmuy 8.50-7.75; 5.00. weights, common, 3.75-5.00; ewes, 90- 150 pounds, medium to choice, 1.25- 250; all weights, cull and common, 0.75-1.75; feeding 80-75 pounds, good to choice, §.25-5.85, 0 pounds, 5.40a | Ped.-Am. i w. e. ), . Corp.. AT o vl and choice, 600-900 pounds, 8.00a | b 500-1,050 pounds, | &, shany Cp 58’44 23 Allegheny 5549 Allegheny 55 '50 Allis-Chalm 5s'37. Am Beet Sug 65 '35, Am Chain 65833, NEW YORK, September 11.—Bonds dropped heavily into new low ground | today, the selling being of such a broad character that even the highest grade of corporate issues were affected. What funds there were seeking investment were diverted into United States Gov- ernments, which gained fractionally, and into prime municipals, all of which ‘were marked up. Measured by the averages, it was as sharp & decline as the investiment market has suffered in any one session this year. Standard statistics' index of 60 bonds dropped under 91 for the first time since it has been compiled and the general list was estimated to be at its lowest point in more than eight years. Ratlroad bonds averaged 3 points under :helr best average level on the recent Am Metal 53%8'34., Am N Gas 615842, Am S&R 18t 63 '47. Am Sug Ref 65'37.. Am TaT cv 4%8'39 Am T & T 55°65. Am T&T c tr bs Am T&T 555160 Am T&T 6%s°43 Am W Wks 583 Am Wat WKs 6376 Am Wr Pap 65°47.. Ann Arbor 48°95. ., Arpentine 53862, Argentine May "61. Argentine 65 Ju'59. Argentine 65 Oc'59. Argentine 65 A '57. Argentine 6s B '58. Arm & Co 4%s'39 Arm Del 5%8°43 Assoc Ofl 68 '35. Atchizon gn 4s Atchis cv 4%s'48. Atch Ariz 413862 AtIC L 1t 48°62. AUCLcl 48’52, AtGulf 58°59. Australia 4% Australia 55 ecovery. - At the start the list was steady, but forced liquidation engendered by a falling stock market offset the favorable reception accorded the British budget plans. When continental markets turned weak under a deluge of selling, bonds here gained momentum on the down- gld!. Losses of 1 to 3 points occurred issues that have held to investment levels all through the bear market. Brooklyn-Manhattan Transit 6s, for instance, broke over 2 points to a new low. Canadian National Railway issues, gusranteed by the Canadian govern- ment, were heavily sold. Canadian Pacific Perpetual 4s dropped more than a point to a fresh bottom for the year. Chesapeake & Ohlo B 4!,5 were off & point and at & new low. Columbia Gas & Electric 55 were forced down a point Other new lows included Dodge Brothers 6s, Great Northern 7s, Illinois 4% New York Central 3!s, Pennsylvani 44s, Philadelphia Co. 5s, Texas Cor- poration 5s, Wabash first 5s and West- ern Union 5s. The universal character of the selling made it plain that a large volume of distress liquidation was coming both from domestic centers and foreign in- vestors. Many of the bonds driven to new lows are of the highest class listed on this market. Buyers switched to high-grade issues and the junior group was left almost devoid of bids. In the foreign department there was no renewal of Thursday's heavy pres- sure on German bonds, but there were few bids for them and what offerings there were forced quotations lower. Ger- man rations 7s were off 1!, points at one time, but recovered. Young Plan 5'28 remained heavy under 50 e_were large block offerings of Great Britain 5':s, and an opening galn was converted into a small loss, but the ssue resisted pressure. no doubt of organized market support. Canadian government issues were frac- tionally lower. Australians were idle. In the South American list Brazilians showed a better tone because of the satisfactory results of the fourteenth month of operation of the coffee realiza- tion plan. Austria 7 Austria T B&O4s'48 B&O4%s B&Oev B&O1st5 B&OTLEs B & O 55 D 2000. B&O 6595, B&O Swdv 58’60, B & O Toledo 45 59, Ban & Aroos 45 °61. Bk of Chile 6338 '57 Bk Chile 6% 5°61. .. Batav Pet 413 Belgium 65 '35 Beiglum 615 '49 | Belgium 7855 Belgium 6 Bell Tel Pa 53 11 Tell Pa 58 C Ind Loan C 6 Berlin Cy El 6s'i5. Berlin CE 6345 '50. Beth Stl pm 58 '36. Reth St rf Bolivia 78'58. Bolivia 7869, Bolivia 85" Bost & Me 435 '61. Bos & Me 58 '55. Bos &Me 5s Brazil 614s Brazil 61;s Brazil 7s Brazil 8s ‘41. Rremen 7s 35, Bklyn Elev 614 Bklyn Man 65 ‘68. Bklyn Un 1st 55'50. Buenos A 6s'61 Py, Budapest 65°62.... Buff Gen El 434831, h Ter con & | Bush T Bldg 55°60.. Calif Packing 5s'40 & 60. Washington Stock Exchange! SALES. Wash. Gas 6s A—$1,000 at 1033, Pot. Blec. 6% pfd.—5 at 113. i Pot. Blec. 5'2% pfd.—5 at 1103, 10 at | 110%. nada 43 Canada 4 AFTER CALL. Wash. Gas 55—8$500 at 1067% Wash. R. & E. 458500 at 933, and Asked Prices. BONDS. PUBLIC UTILITY. Bid Asked. Amer._ Tel. & Tel . 12a8, O Am. Tel & Tel. ctl Anscost! Pot.“R. R bs 4ias ‘39 e Al s ot by Apacostia & Pot_ guar. 55 ..... ., ‘orfi!,ldb 6 ETE o éfi":' ‘;:n?or?udh'w.. pita) ction R. e Can . City .“Tug n §s......... 693 .....|Can p:fi&‘i‘f% own G st : Can Pac 43458 60 g “an Pac 5x 4. o> "an Pac 58 '54. . ‘ar Clin & O 58 '38. ‘ent 111 G&E 5s'51. “ent Pac 45 '49 Cent Pac 55 '60 Cert-td db 5% Ches Corp 5347 C&O 4345 B35, Chi & Alt 3s. CB&Qgen 4558, CB&Q 18t rf 5s'71. CB&Q 11 dv 335549 CB&Q 111 dv 4s49.. Chi & Est Il 58'51. . Chi Grt West 45’59, Chi M&StP 4% S E.. C M StP&P 58°75.. 40 C M & St Padj 5s..132 Chi&NW 4345 2037, STOCKS. PUBLIC UTILITY. B 4 Pow. 51a% Dpfy Wain"Rer. & EL tom” Wash, Ry. & EL pfd. (5)..00 NATIONAL BANK, Gepital (14) Col fumbia m': d S T i e w v Liberty i) Lincoln (13) Metropolitan s (1 Washington (13) TRUST COMPANY. Amer. Tr. Co. (15) iinental Frov & atl. Sav. & Trust (idi) Erince Quorfes Bk & Tr. ash. Loan & 4 ChiRIcv4%a’s ChiRI&P 435’5 C& W Ind cn 48’52, Chtle 65 °60. Chile 65’61 Chile 7542 Chile Cop a Christiana 6s'54... CCC&St L 4%s E'17 Cologne 61s'50. .. Colomb 6s Jan '61. SAVINGS ank of Bethesds (61). Colomb 68'61 Oct. . 3 10) £5 failin Potomac (10)...-... enth-treet (13): i o0z, Washington Meehatics (30) FIRE INSURANCE. Amertean (12). . 280 g & 8 Fational Union (i TITLE INSURANCE. lat (8h) . . Py AR 5 MISCELLANEOUS. larber & Ross Inc., com... B Col. 1 Bldg. Corp. (6) L “ltl‘ ) o N " 0. Paper. Mls. DI Ist. atl. Sec. fl (7] FeivcalBigrase bi Consum Pow bs '52. Copenhag 4%s 53 Copenhag 58 '52. Cuba RR 6s ctf ‘o Cuba Nor 5148 "4: "‘d’h Czecho 8s '51 o Del Pwr&L %8 71. Del & Hud rf 45 '34. Del & Hud 6%5°37. Denmark 448 '62. Denmark 538 5 Denmark 68 '42. D&RGrends Det E G&R4%8'61. Edison rf 5s'49. Deutsche Bk 6s'32. Dodge Br cl i 3 . & a.30) 25 < (M.. 106 *Ex_di: 3% extra. Dutch East I 6562, East C Sug 7%s'37, El Salvador 85’48 Erie con 4s A '53 Erfe gen 45 Erfecv5s'67. Erle 58'75. Flat 7s war. Finland 5% Finland 6%s Fla E Coast 58'7. Fram 1D 73%s’42. French 78°49. Frinch 7%s 41. Gelsenk’hen 6s'34. . Gen Baking 5% *40 Gen Cable b 47, Gen Motor! 3740 Gen P Sv5%s’39.. Gen St Cas 5%#'49. Gen Th Eq 65 '40. German 5%s ‘65 German Bk 6s'38., Ger Cen Bk 65°60 J 42 Ger Cen Bk 6360 0 99 German 7srep '49.. 65 German Bank 75 ‘50 25 4% ext 35% extra. Unlisted Department. ted under Exchange 13 2 12 20 g“-'n Cli gdon Bav. Bank. . An old farm wagon was used to con- cask body Goodrich cv 6s°45 8 A . mfimum:' her g:f Good 15t 6%8°4T. 1 4 neral at Fresh ) recently, G00dyr Ruk 5u'61., 43 6% 5% 101 Wt 254 | Por R Am T 5 111 Cent 45 °53 11 Cent 4% 11l Cent 53 ‘55 1 Cent 645 '26 Il CCStL&N 4%s. . NI CCStLAN G A. . 11l Steel 435340 Inland St 438 Inland St 4% s B'S1 Int Rap Tr 55 '66 Int Rap Tr st Int Rap Tr 68 Int Rap Tr 78 Int Cement bs Int & Gr Nor Int& G Nad 6s'52. Int Hydro EI 68 °44. Int M Co bs ret’4l. . Int Match 68 °47. \| Int MM col tr 6541 Int Pap 55 A *47. Int Pap 68 '56 IntT & T 43 IntT&T58'55.... Irish Free St 55 '60. Italy 73’61 Italy Pub 8 Reserve Bank credit outstanding durin; the week ending September 9, as re-| ported by the Federal Reserve Banks, was| $1,232,000,000, an increase of $8,000,000| compared with the preceding week, and| $203.000,000 compared with the corre- sponding week in 1930. On September 9 total Reserve Bank| credit amounted to $1,216,000,000, & de- crease of $5,000,000 for the week. This| decrease corresponds with a decrease of| $84,000.000 in member bank reserve bal-| ances and increases of $4,000,000 in| Treasury currency, adjusted, and $2,000.- 000 in monetary gold stock. offset in| part by increases of $57,000,000 in money in circulation and $29.000,000 in unexpended capital funds, non-member| deposits, etc. Holdings of discounted bills declined| $4,000.000 at the Federal Reserve Bank of New York and increased $6,000,000 at| San Francisco, $3.000,000 at Philadel- phia and $3,000,000 at all Pederal Re-| serve Banks. The system’s holdings of bills bought| in open market and of United States 14 | securities were practically unchanged. Jugosl Bnk 78 °67.. Kan CFtS&M 45’36, 50 B 0 Kan City Ter 45'60 Kan G&E 4 Karstadt Kend 515848 ww. . Kreug & Toll 58'59.128 Lackaw St 58°50. . Lac G 8t L bs 34 Laclede 638 C'53 Lake Shore 31; Lautaro Nit 6s'G4. Leh Val cv 45 2003. Lig & Myers 53 '51. Loew's 63 ex w "41. Long Isl rf 4849 Long Isl db 68'37.. Loriltard 58 '51. ... Lorillard 5% s '37 Lorillard 7s ‘44 Lou G & E1 58’52 L&N4%s2003.... L&N 1st 5432003, McKes & R 5% 850, Manh Ry 1st 45'90.. Midvale Stl 65 '36. . Milan 638 '52. MIERy & L5s°61 2! Mi] El Ry&Lt 6571 M BtP&SSM 6= gtd. Mo Pac gn 4s'75. Mo Pac 55 A ‘65 MoPacblsA’4s.. Mobile-Ohio 55 '38. Mont Pow 58°43... Mont P db 58 A '62.. Mont Tram is°55 Nat Dairy 638 4l t Rad 614847, Nat Steel 65 '56 Netherlands 6s'72. NEng T 1st5s'52.., Nw S Wales 58’57, Nw S Wales 58 '58. N Y Centdb 45'34. N Y Cent 4%s 2013, NY Cnrf43%s2013. NYCrfim552013. NYC &St L 4s'37.. NY C&StL 4343'78, NY ELH&P 4549, NY NH&H 4s'55... NY NH&H 434867, NYNH&H cd NY O&W 1st %s '3 N Y Tel 6541 Nia Sh Md 534850, Nord 618 '50 9 Nor Am E 53%s5'63. Nor Pac 3s 3047, Nor Pac 45 '97. Nor Pacri Norway 68'44..... Norway 6s'52. Pan-Am Pet 68 '34. Pan Am Pet 6s'40.. Paramount 6s *47.. 1] Penn O&D 434877, 7’ P&W YV 4%4sC60. Poland 6s'40 Poland 7s'47.. Poland 8550 Porto Alegre 8s'61 432, Pos Tel & C58'63.. Prague 7%s'62. 1 ed St C 58'33 Rhine West 6. Rich 01l Cal Riode Jan 6% Rio de Jan 8s'46 R Gr Do Sul 6! R Gr Do Sul RIAr& L i%s Rome 634852, Roy D ds"45 ww. StL IM R&G 45'33.. 34 St L&SF In 48 A.'50 54 StL&SF 4%s°78.110 S FplbsB'60 80 89. 8 Saxon P'W 6%s'51. 14 Saxon 7s " Sea All Serbs-Cr-S1 78’62, Serbs-Cr-S1 8 Shell Un O1l 68°49. Shinyetsuf%s 52, September 9 totals (in millions of| dollars), with changes from a week ago, were: Bills discounted. . Baited Blaes ates ‘securities Other Reserve Bani Total Reserve Bs Monetary gold stoc| S8 Treasury currency adjusied. Money in_circulation. .. 5.09: Member bank reserve ances Owpital funds its, etc. . 2 2 2 oiher 'depos- Danger Signals BY GEORGE T. HUGHES. These articles are concerned primarily with investment, that is to say, the care of money after it is acquired and not, the method of acquiring it. Neverthe-| less, it may not be out of order tol digress a bit and consider just what justification there is for writing about investment at all in these times. The United States and the whole| world for that matter are passing| through one of the greatest industrial depressions in history. Commodity, prices have dropped in many cases to record lows. The security markets have. verged on demoralization. Unemploy- ment is widespread. Salaries and wages have been reduced and the margin over absolutely necessary living expenses nar-| Towed t0o often to the vanishing point. ‘Why should there be any need of in- struction in investment technique when there is nothing to invest? Is it mot a fair objection that investment discus- sion would have been timely in 1928 and 1929 when we were all prosperous, or thought we were, but is entirely, superfiuous now? Well, one answer is that if we had practiced the principles of sound in- vestment two or three years ago we would not be where we are today. The trouble with most of us was that we didn't invest then, although we called it investment. We speculated. Another answer is that the accumulation of a surplus for investment is a matter of thrift and hardly any of us ever prac- tice thrift until we have to. Of course, we will have to do things on a smaller scale now, but that very fact makes it more necessary that we chart a safe course. With only a small amount to invest there is all the more reason for heeding the danger signals and it is the object of this series to point out those danger signals and to indicate the path of safety. Even if we have no surplus a¢ all to invest now we certainly expect 1o, have eventually and, meanwhile, we can familiarize ourselves with the eles ments of the art. for investment !5 2n art and not a science. (Copyright. 1931) FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibns & Co Nominal gold Selling ebecis London. pound ris, franc Brusse Berlin, pengo_ .. . 1 crown (nom.) 1loty 11 Oslo. ~row: Btockholm. crown ‘Trade conditions in the Union South Africa continue to improve. Low. Close. Sinc CrO5%s'38. . Sinc PL68"42..... Skelly O11 5%s8'39. Soissons 6s '3 Splvay Am 6s’42.. SW Bell T 53 A '54. Sou Pacref 48 '55.. SouPac 4%s'68... SouP 4%s'69 ww. Sou Pac4%s’81... Sou P&OTr 4%8 77, Sou Ry gn 455 Sou Ry 5594 28 16 Swiss 5% s'46. Taiwan E P 5%8'71 Tenn Cop 68 '44. ... Tenn EI P 63 A '47.. Tex & Ark 5148'50.. Texas Corp 55 '44.. 5. Tex & Pac 68 B '7 Tex & P 55 D '80 Third Av rf 4 Third Av adj 5 Toho El Pw 78 65.. Tokio bs '52 Tokio 5%5"6 . Toklo El Lt 68°53. . Ulst & DEsct’28.. 48747 s 99 101% 101% 105% 104% T .ee Unit Drg cv b . 22 Utd King 5%8 '37..131 % Ud St W 6148A'51.,. 52 va nwa%uz’n.. lg Uruguay 88°46.... Util Pw 68 '59 ww.. 65 Util Pow 5%8°47..: 16 Vanadium St 55’41, 13 Vert Sug 1st 78’42, 1 Vienna 6s ‘52 . 10 VaRy&Pwbs'34. 5 VaRy 1st 53'62.... 10 Wabash 4%5°78... 1 Wabash 1st 58°39.. 15 ‘Wabash 5sB'76... 2 ‘Walworth 68 A "45. &l 108% 103% 103% 103 35 35 98% 98y 40% 40 45 44 47 45 ‘Wis Cent gen 4 Yokohama 6s .7 Ygstn S&T 58 A'78. 11 954 TFYRBAT A R'I0. 23 g