Evening Star Newspaper, September 12, 1931, Page 14

A—14 * FIN ANCIAL. THE EVENING STAR, WASHINGTON, D. (. SATURDAY, SEPTEMBER 12 STANDARD METHOD FOR BELL SYSTEN Telephone Company Has In-! stituted Reforms to Save Millions. Bpecial Dispateh to The Star. NEW YORK, Sentember 12—How the Bell Telephone System, by applving, the methods of industrial standardiza- i tion on a vast, nation-wide scale tol almost every phase of its operations and equipment, has effected savings of millions of dollars annnallv and bas reached a new level of efficiency inj business functioning was described Thursday by H. S. Osborne. transmis- sion engineer of the American Tele- phone & Telegraph Co., in a paper pre- sented before & meeting of the Ameri- can Standards Association The Bell system’s standardization has extended from the most compli- cated automatic switching equipment to lead pencils—with a saving of $50.000 annually on this last item alone—and. to the phraseology used by operators | in answering calls. By standardizing the paper used in telephone directorics. Mr. Osborne said, the system saves, $800,000 each year. Standard Types Used. i An abstract of Mr. Osborne’s paper follows The standard construction practices | of the Bell system are based upon the | use all over the country of standard| types of construction material. This | standardization of materials makes it} possible for the purchasing organiza- tion to buy very large quantities of a relatively small number of types of | material with resultant large savings in cost. Also with shifting of needs men | engaged in ccnstruction work can| transfer easily from one part of the| system to another. It is common prac- | tice, in cases of emergency due to large | storm damage or other causes, to con-| centrate temporarily in one small area construction’ gangs from a number of | different operating companies. These | men have no difficulty with the work in & new area because of the uniform | construction practices in use through- | out the country. Furthermore, in se-| Vere storm emergencies the fact that| the material needed has been standard- ized makes it possible to obtain it quickly in great quantities from the points where it is stocked| throughout_the country “By stocking standard units the de- livery intervals on certain types of cen- | tral office and private branch exchange | cquipment have been greatly reduced in the past few vears. For example. the delivery interval for certain private branch exchange equipments re- duced from six months to cne month. Rendering of Bills. “One of the routine accounting jobs | which lends itself to standardization is that of kecping the accounts of cus- tomers and rendering bills for service. The value of standardization for this youtine work is readily seen in that, in | the Bell system, accounts are kept with appreximately 11.000.000 customers, and more than 125.000.000 bills for ex- change service are rendered cach year. More than 1,250,000.000 charge tickets are handled annually in order that | charges for service may b2 properly made against telephone users. Nine hundred million of these charge tickets are for toll service, of which 750.000, 00Q must be entcred separately on ap proximately 71,000,000 toll service state- ments. “Telephone directories have offered an important field for standardization. | in spite of the fact that no two di- rectories are entirely alike “The general arrangement of ma- terial in the book is standard, standard alphabeting rules are followed in list- ing names. standard page sizes used, standard sizes of :nace offersd for ad- vertising and standard types used in| printing. In the clerical work of com- pilation _standard _practices are fol- lowed. From this standardization have Tesulted not only a uniformity in ap- pearance and ease of reference, but also large economics in compilation and manufacturing cost. It is estimated that without the standardization of di- rectory paper and the bulk purchasing which this permits, the same quality of paper would cost the Bell system about £800.000 more per vear. Reduction in Costs. “The effect in reduction of costs ean be 1llustrated by the single item Ofl black lead pencils, the purchase of which on an average amounts at the present_time to more than $150,000 a year. Prior to standardization 55 dif- ferent brands were in actual use, while at the present time only three types are used, these providing a range of quality, with one of these grades covering 93 per cent of all requirements. The sav- ing from standardization of black lead pencils is estimated at $50,000 per year. “It is not an exaggeration to say that the telephene service of today could not be given without this high degree of &tandar tion and simplification. “In the installation of telephone sets on subscribers’ premises, numerous re- quests are received for wiring plans by which telephones may be switched from one line to another, special ringing ar- rangements may be provided, and ex- tension stations may be associated with the line. The extent to which simpli- fication in practice may bp advantage- ous is illustrated by the results from-| & single operating company of a review fome time ago of their wiring plans. In this one company it was found that whereas 540 different plans were in use the requirements could be met by 28 standard plans, and of these 28, 16 tock care of all but a few exceptional cases. “In the design of buildings for the new manufacturing plant at Kearny, N. J. a uniform column spacing is maintained throughout all multi-story buildings. A great many advantages relating to occupancy have been realized from this standardization. An example is a reduction in cost of approximately 50 per cent in constructing and erect- ing_metal partitions. “The use of standards not only simpli- | fies the work of making the manu- facturing layouts. but it also simplifies the introduction of the manufacture of new products in the shop, as the operating people are already acquainted with these standard processes and have | the necessary materials and equipment already available. . Improvements in Design. | “These plans do not retard the work of the development engineers in ef- fecting improvements in design. Im- provements end_changes, however, are made on an annual basis unless the advantage of thé improvement makes it expedient to introduce it at once. “This facilitates the introduction of new designs and minimizes the effecteon | stocks and schedules. “Before a completed equipment is turned over to the telephone company | certain standard final tests are applied | by the installers to assure its satis- | factory performance. This insures that a certain circuit will be tested in the | sam> manner and must meet the same | requirements whether installed in New | York cr on the Pacific Coast.” | it : Westinghouse Electric. NEW YORK. September 12 (Special). —The most important of next week's | dividend meetings is that of Westing- house Electric, at which the question of maintaining or reducing the present dividend of $4 a share will be dis- cussed. At the last confetence on the subject it was felt that there was suffi- cient improvement in earnings for the quarter to justify paying the rate, which had been cut in the Spring to the pres- ent level. The stock has dropped 2 points from its June low. Wall Street believes the coming rate will be $3 a share per annum. ‘Bully or bully-boy is an old English expression dating back to tite year 1609. ' \ | 109 __98% Va NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 1931 Stock and High. Low. Dividend Rate. 25% 19% Un Tank Car (1.60).. 207 Unit Alreraft. .. Unit Biseuit (2). nit Carhon. it Cigar Stores. Unit Cgr Strs pe(§ Unit Corp (75¢). Unit Corp pf (3).. Unit Fruit (4). Unit Gas&Im(1.20).. US & Forn Secur. ... U S Freight. .. S Hoftman. . Indus Alcohol. Leather (A). U S Pipe & Fdry 4 US Realty & Imp(1) 10' U S Rubber 17 US Rubber 1st of... 13 USSmtg & Ref (1). 79% U S Steel Corpn (4) . 129 U S Steel pf (7). 3% United Stores (A) United Stores pf () 9% Univ Pipe & Rad pf 2 Util P&L( 2 215 Vanadium C aro Chem...... ‘aro Chem pf (7) lec& I'Wr pf (6). 6% Wabash RR. 21 Waldort Sys (1%) 412 Walworth Co... Sales— 4 123 TTh 157 3T 368 201, 361n 25% 1521 150 9% 52 60 31 6% 3% 1 1% 57 v u v s s 26 277 15 Add 00. High. Low. Close. Chge. 1931 High. Low. 27% 6% 201 4% 464 B10% 60 25 26% 5T | 12 13) Net. 19% 1% | o (S Western Western W Western sting Westing FEE Wilson & Woolwor 10 Zonite tions. XEx-dividend 4% in stock. TPlus 9% b pavable in stock. h Plus 27- in stock 37 in stock. m Paid stock. P Pius 2'a% in Stock and Dividend Rate. Ward Baking (A)... rn Bros Plctures. Warren Bros........ Webster-Eisenlhr pf Wesson Oi1&Sno(2). Wesson O&Eno pf(4) 4 West Pa EL>f (7)... 'y Western Dairy (A).. stern Pacific pf inghse A B(2). Westvaco Chlor (2). Wheeling Steel White Motors Wilcox Oil & Wilson & Co. Worthington Pump. Wrigley (Wm) (4).. 5% Yellow Truck....... 14’3 Young Spr&Wire(2) . Prod Corp (1) Dividend rates as givea in the above table are the annual cash payments based on the latest quarterly or half-yearly declara- sLess than 100 shares. e Pavable in cash or stock jPlus 50c in_special preferred stock Net. . Low. Close. Chge. 4% 14% - 9% 9% - 10% 10% —1% 25 25 16% 51 4 107% 25 7 10 10% 104 21% 49% 8914 16% 185 12% an 1y 3015 6215 3814 70% 6 15 131 11 803 6 3 20s wii Dairy (B).. Maryland. . Union (8).. SI&M I (4) E&M pf (4) Cop th (2.4 tPartly extra. IPlus a Paid last year—no regular rate. 1 Plus 8% in stock. { x Plus | nPlus 5% in in stock. this year—no resular rate. stock. GOVERNMEN MAY AID BANKS WHICH HOLD DEFAULTED BONDS Movement Is St;:ed to Assis;; Institutions; IRADE FU”NI] FAIR Affected by Recent Heavy Declines | in Railroad Securities. BY CHARLES F. SPEARE. Special Dispatch to The Star NEW YORK, September 12.—If the superintendent of banks in New York State co-operates with Government authorities in endeavoring to protect banks all over the country from the effects of a depreciation in their se- curities, he will not use his authority to compel savings banks within his jurisdiction to sell railroad bonds that | may be automatically eliminated from the legal list this year through failure to meet the exacting requircments as to_coverage of bond interest. It is clear from the announcement from Washington that the adminis- tration, together with representatives of the Treasury and of the Federal Reserve, is attempting to lighten the burden on banks that have had the misfortune to purchase securities that have gone into default: also to es- tablish a reasonable policy with re- spect to “write-downs” on issues that have suffered from the general liquida- tion. The estimate that defaults ap- proximate $1,500,000,000 makes it evi- dent that it is largely real estate bonds and the obligations of municipalities, such as those in Florida. that repre- sent the bulk of the obligations in- volved. Railroad Receiverships. There have been only two railroad receiverships during the panic period and a comparatively few defaults by | public utility holding companies and less industrial failures of consequence than in any other period of depression in the past 30 vears. It is the situa- tion in real estate bonds which have defaulted and have suffered a decline frequently of as much as two-thirds of their original value and for which there is no market at present that is giving bank examiners their toughest problems. Although second and third grade cor- poration bonds held in bank portfolios have, together with foreign dollar loans, suffered a depreciation next in size to that of real estate mortgages publicly distributed, the effort has been made to establish’ a reasonable per- centage of ‘“‘write-offs”- which will not jeopardize the capital and surplus of the holding institutions. It is realized that, as in all other periods of de- pression, many of these bonds are suf- fering from sentimental rather than underlying conditions. Eventually they will recover much of their lost ground. On the other hand, it is felt that a reasonable readjustment between the price at which they have been carried and the market price should be ma in order that the position of the ban in its published statements be a fair indication of its standing. In many in- stances “write-downs” of 25 per cent have been recommended and carried out by institutions after examination by State or national deputies. e there has been a policy of accommoda- tion where the institution showed a con- | servative record in its commercial loans and only a moderate amount of What might be regarded as “frozen” real es- tate loans, with no attempt to compel banks to sell their second-grade lssues at the present market level. Current Level Temporary. With respect to high-grade corpora- tion, as well as municipal and other tax-exempt issues in which the market has_slipped away, the position of the tanking authorities, as it is today indi- d, is to regard the current market level as temporary and giving no occa- =ion for setting up reserves by an insti- tution against ultimate depreciation. A case in point is the current price level for Federal Land Bank bonds, of which approximately $1.000,000,000 of par value have been issued and are held | in large measure by the banks of the country, Owing to the deflation in the price of agricuitural products and in that of farm at prescnt quoted at a heavy discount The 4 and 414 per cent issues today averaged a bid of about 70. The 4! were in the neighborhood of 75 bid. These figures are from 25 to 30 per! cent below normal for issues that are Trade Reports at a Glance By the Associated Press In general, | lands these bonds are | | tax exempt and are of a quasi-govern- | mental character. | 'In a case of this sort the policy of the banking authorities would be to parmit the holding institution to carry the bonds at a normal price rather than compel it to write them down. The seme attitude will be adopted toward holdings of certain municipal bonds that have depreciated this year, but whose status is regarded as sound and which will resume their former rating when | conditions again become normal. Real Estate Bond: The problem of dealing with the great mass of real estate bonds in delault which are being kicked around the ccuntry and whose holders are fer- quently being made the victims of un- censcionable Tacketeers in defaulted is- sues is one that will be much more difficult to handle than that of sec- ondary corporation and tax-exempt bonds, although the amounts involved in bank holdings of the latter many times exceed those of the former. Toward all classes of bonds that in ordinary times are in good repute, the policy of National and State banking | zuthorities—and this includes their su- pervision of mutual savings banks—will | from now on be one of accommodation 1o the abnormal conditions and to an casing of the pressure that previously had been appli=d to the point of causing unnecessary bank suspensions. (Copyright. 1931) 'NEW EFFORTS MADE TO CUT LIVING COST Special Dispatch to The Star. NEW YORK, Scptember 12.—With food losses in retail stores estimated at nearly a half billion dollars annually, the Industrial Rescarch Committee of the National Electrical Manufacturers’ Association will extend the investiga- tion begun by Louis Ruthenburg, presi- dent of Copeland Products, Inc., Mount Clemens., Mich.,, and chairman of the refrigeration division of the National ! Electrical Manufacturers' Association, to the losses of perishable foodstuffs in retail stores. “The first investigation on whig figures were recently announced.” said Mr. Ruthenburg, “dealt only with the retail part of the process of food pro- duction and distribution. It was stated at the time that the losses in perishable foods on the part of producers, whole- | salers and produce men would likewise | be tremendous and that this investiga- | tion would be extended into these ficlds | with a view to cutting down the enor- mous annual losses in foods which, if conserved, would materially reduce the cost of living. | “Not only is the preventable loss of foodstuffs excessive in the channels of distribution, but there is a loss in the homes of consumers that is even more directly costly to the household than these other losses, huge as they are. There is no question but that with | pro Tefrigeration living costs of | farlilies can be materially reduced. | | These lower costs of food in the home | can be effected through several means. | First, there is the prevention of spoil- |age. " Then there is the prevention of loss from wilting, shrinkage or discol- oration of various foods, such as meats | and vegetables. Another is the econo- | mies correct refrigeration makes possible for tne housewife by enabling her to buy iarger quantities of food at a time because she can keep them safely. This enables her to take advantage of favor- able market conditions. “Our aim is eventually to conserve the food from the point of production on through the channels of distribution | and in the homes of consumers. It can safely be said that enough food is lost | in these channels to feed the needy of | the Nation in times such as we are | | facing. Much of the food that now | goes to waste on farms and in orchards | can be saved and stored for later use | when needed.” ‘ | NEW YORK, September 12.—Tabloid review of wholesale and retail business conditions and the state of crops, as reported to Bradstreet's this week from the following centers, on the basis of comparisons with condi- tions in the same areas in the corresponding week last year: Wholesale and Retail Jobbing trade. trade. . Quiet Quiet . Quiet Quiet . Quiet Quict . Quiet .. Fair . Fair . Quiet .. Quiet - Quiet .. Quiet . Quiet Quiet Quiet Fair Manufacturing and indust, Quiet r\ Quict Quiet, Quiet Fair Quiet Quiet Quiet Quiet Quie! Quie Quiet Quiet Quiet Collections Slow Slow Slow Slow Slow Fair Slow Slow Slow Fair Slow Slow Slow Slow Crops. Good Good Good Fair Good Fair’ Pittsburgh Louisvill Cleveland Detroit .. Milwaukee Chicago St. Louis Minneapolis St. Paul Duluth Omaha . Des Moines .. Kansas City Baltimore le.cburgh—fiomx and department store stocks low; glass slow and irregular. Louisville—Hand-to-mouth buying in wholesale trade; retail trade slow; manufacturing looking up. Cleveland—Machinery manufacturing fair; brass and plumbers’ goods at low ebb; building supplies slow. Detroit—Ford will reach peak employment by middle September; other plants increasing operations. | Milwaukee—Retail trade fair; no improvement in employment; manu- facturing active. Chizago—Retailers active with school supplies: corn crbp news mixed. St. Louis—Clothing behind last year; larger lead and steel mills slowing up; retail trade fair. Minneapolis—Manufacturing at low ebb; retail trade better; crops good, but need rain. St. Paul—Retail trade decreasing: furniture!satisfactory. Duluth—*“Sales” move Summer stock. Omaha—Fall showings help retail trade; corn crop only fair. Des Moines—Manufacturing slow; building slow; unemployment situ- ation poor. Kansas City—Dry goods orders small; flour sales not improved; many lead and zinc mines closed. . Baldtlmcu—Mnre activity in Fall goods; men's and women’s clothing mproved. | 3150 Mid west vtil. VOLUME OF RETAL ncreased Wholesale Activity Also Reported in Weekly Review. By the Associated Press. NEW YORK, September 12 street’s says: “Slightly increased wholesalc _ac- tivity and a fair volume ol retail trade in seasonal lines are the most notice- able characteristics of the reports this week to Bradstreet’s from 40 large cities. Frequent mention confinues to be made of buying for the opening of schools as a stimulus to retail activity. A feature of the Fall goods, now every- where displayed, is the lower prices from a year ago of the same quality | merchandise. ‘Sales’ of Summer lines are becoming fewer and therc is indi- cation that retailers, in general, were successful in fairly complete disposal of those stocks.” Dun’s says “Reorders of Fall merchandise in the | wholesale markets have reached a fair | total. Prices in vdrious commodities are still unsettled, yet greater resistance | to further declines is noted. The in-| terruption caused by the holiday was not so marked this week at a number of points as it was a year ago. New England reports continue to show sub- stantial gains in some lines of trace. Improvement also appear: at other Eastern cities, but in *the South con- ditions regarding the cotton crop sfill tend to check dealings. The Middle West is now taking the lead in the actual increase of wholesale distribu- ion.” Weekly bank clearings, $4.813.000.000, a decrease of 40.8 per cent from a year ago. Outside of New York there was a decrease of 38.9 per cent | MORTGAGE COMPANY CREDITORS ORGANIZE. Action Taken in New York for Those Holding Securities in Bankrupt Concern. Brad- | Special Dispatch to The Star NEW YORK, September 12.—An- nouncement is made cf the formation of a committee for the protection of creditors of the Amcrican Bond & Mortgage Co. recently adjudicated a | bankrupt. The members of the com- mittee are S. P. Wocdard, president of S. P. Woodard & Co. New York; Alan H. Andrews, treasurer of F. L. Andrews & Son Association, and Harry M. Blair, president of Associated Bond | & Share Corporation. Hclmes, Rogers | & Carpenter, New York. are counscl for the committee and Philip B. Saw- ver of 20 Broad strect, New York, is secr-tary. The committee in its announcement states that “it is necessary for the creditors, secured and unsecured, to crganize for the protection of their in- terests” and requests all creditors to communicate with the secretary. - Heads Sugar Company. NEW YORK, September 12 (P).— Wiley Blair. jr.. vice president, has been | elected president of the Holly Sugar | Corporation to succeed the late A. E.! Carlton. | CHICAGO STOCK MARKET By the Associated Press. CHICAGO, September 12 (#).—Fol- lowing is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales. STOCKS. 50 Abbot Lab 50 Acme Steel 200 Allied Mot Ind 30 Assoc T&T 77 1100 Assoc_Tel Util 2400 Bendix Aviation ... 650 Borg-Warner 5 150 Brown F & W “A". 50 Bruce (E L) 130 Butler_Bros 50 Ceco Mg 50 Central Cold " Storage 30 Cent 11l Pub Ser pf 150 Cent Il _Sec . 230 Cent & So West 1. 250 Cent & So West pf.. 50 Cent W Pub Ser A.. 150 Chic Yell Cab 300 Cities ' Service 475 Comwith Edis 100 Consumers war 850 Cont Chicazo . 500 Cont Chic pf.. 850 Cord Corp 1100 Corp Sec 5 100 Corp Sec ctis . 250 Crane Co 10 Crane pf 100 Elec Househoid 50 Foote G & Mach ... 1000 Gt Lakes Aircraft .. 100 Gt Lakes Dredge 350 Grigsby-Grunow 1190 Hall Print - oudaille-Her " B.. 4950 Insull Uil .00 750 Insull U pf 2nd Ser 100 Jefferson “Elec . 200 Libby-McNeill 50 Lion Ol Ref.. ' [l 50 McWililams Dreds . High. Low. Close . 33% 357, 353, 242 2413 241; 1 1 1 98 3%, 2 I 100 Mid W Ut 67 bt A 100 Mid W Ut B war 250 Midland _United 100 Nat Elec Pow A’ 150 Nat Secur Inv ' pi 5 & ok 10No West Ut 7s pf 100 Pertect _Circle 5 300 Pines_ Winter %5 Pub Ser (5100 par) 125 Public_Ser n p 500 QRS De Vry ... 30 Quaker Oats pf 400 Railroad Sh 200 Rath Pack 100 Seaboard Util .. .l 50 Sezal Lock Tdwe 100 So Union _Gas 30 S0 West G & E pf 200 Swift & Co... i 150 Swift Intl . 50 United Gas 150 U S Gypsum 7800 U S Radio & 400Dkl & Ind. .. 150 Util & Ind ‘pf. 100 Vortex Cup 50 Vortex Cup A 200 Walgreen Co 50 Ward Mont A 90 Waukesha Mot 50 Wieboldt St . 100 Yates Mach . 100 Zenith Radio ', Stock zales today. 40.000 BONDS 7000 Insull Util fs 1940 Bond sales today, $7,000. 1 19 | tinued NEW LOW RECORD Both Foreign and Domestic Lists Affected by Steady Selling. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, September 12 —Bonds were weak today, making another new low for the bear market. While do- mestic issues were again heavily de- pressed, it was in the foreign depart- ment that most of the activity pre- vailed. ¥ Foreign Minister Curtius’ forthright declaration at Geneva demanding a new reparations settlement, and warn- ing against attempts to revive German reparations payments after the Hoover debt holiday expires next July, was fol- lowed by new declines in German gov- ernment 51,5 and Dawes reparations 7s. However, 1t was reported that impor- tant banking interests had placed an open order in the market for all Ger- man 5'.s offered at 45 and were buy ing Dawes reparations 7s on a scale down. The market was ready to be- lieve that the non-resumption of repara- tions payments next year is an accepted fact and that its official admission would benefit Germany's dollar obliga- tions rather than otherwise. The acute weakness in Kreuger & Toll and Sweaish Match securities at Stockholm was reflected in a, break of 2!, points in the International Match 5s listed here. But Kreuger & Toll 55 held steady at 75, obviously pegged at that price. The Stockholm weakness, coming at the end of a week filled with rumors of banking difficul- | ties there, resulted in sags all through | the German and Central European list. Swedish Government bonds, how- ever, were steady., and so were Danisn doscriptions. Poland were off 2 points. Argentine 6s were 2 to 3 points higher. Other South Americans were irreqular. Australians were inactive. In the domestic list there was con- liquidation in the rails, even high-grade issues like Atchison gencral 4s, Norfolk & Western 4s and Union Pacific 4s dropping fractionally. In Junior Carrier bonds there was a long list of new low prices. Missouri Paciiic rie Denver & Rio Grande Western 5s. Wal 4.5 apd Inter- national Great Northern adjustments e among those most actively de- ed. BETTER GRADE TOBACCO BRINGS HIGHER PRICES By the Associated Press. FARMVILLE, N. C.. Scptember 12— Final prices vesterday showed a gain for tobacco of the better grades and the poorer grades maintained their price levels. Lugs continued to dominate the markst. However, a fair volume of all | grades were offered here Average price quotations on officially graded tobacco as reported by the to- bacco section of the United States De- partment of Agriculture follows Orange leaf—Fourth quality, $26: fith quality, $12.10; sixth quality, $3.90 seventh quality. $140. Orange lugs—First quality, $22.90: second quality, $15.60; third quality, $8.70; fourth quality, $4.30. Brokers’ Comment NEW YORK, September 12.—Brokers wire non-ccmmittal as to whether ye: terday’s technical market rally could carry further. Unless some unexpect- edly favorable news develops, opinion was that the chances of a very active recovery seemed rather re note. Jackson Bros., Boesel & Co.—We saw | more_evidence of hurried short cover- ing than of important investment bu. ing in yesterday’s session. Redmond & Co.—The rally may Carry somewhat further, but we would be in- clined to utilize any further bulge to take trading profits, and defer new long commitments until many of the current uncertainties in the foreign and domes- tic financial situations are cleaned up. Evidence of a definite change for the better in fundamental business condi- tions is still Jacking. Hornblower & Weeks—The steady de- cline witnessed the past six trading days had undoubtedly caused a temporary oversold condition. and with the outside | short_interest probably increasing too | rapidly and too substantially for any degree of comfort to professional trad- ers, the rebound witnessed yesterday seemed a perfectly normal development. Charles D. Barney & Co—We would be inclined to defer new trading com- mitments until the market's position has been tested further during the course of the coming week. Clark Williams & Co.—It is our opin- jon that the greater part of necessary liquidation in all directions has been accomplished, and the whole economic structure is now resting upon a firmer foundation than has existed in several years, a fact which the farsighted in- vestor is taking advantage of by ac- cumulating equities in sound industrial, utility and railroad companies. Edward B. Smith & Co.—There isalways the possibility that some unexpectedly favorable development may temporarily interrupt a major trend, as in the case of the moratorium announcement in June, but we consider sustained appre- ciation in common stock prices as un- likely until the chief domestic problems, such as reduction in wage rates, defla- tion of real estate and rents and stabi- lization of commodities are nearer a solution than they now appear to be. AMERICAN ICE CO. PLEASED WITH TESTS Special Dispatch to The Star. NEW YORK, September 12.—Suc- cessful results attending the operation of the first railroad coach using ice on a large scale for continuous air con- ditioning are announced by engineers of American Ice Co. The coach, of standard design, ex- copt for the addition of the condition- ing equipment, was hauled by the Bos- ton & Maine between Boston and Troy, N. Y. and temperatures 12 to 16 de- grees cooler than the outside air were maintained throughout the trip. Costs of operation are apparently very fa- vorable and indicate a new field of ice consumption. Additional runs on other roads will be made to confirm these results. BANK AUDITORS ARRANGE NATIONAL CONFERENCE The National Conference of Bank Auditors and Controllers will be held in Atlantic City October 5. 6 and 7, with headquarters at the Hotel Clar- idge. Joseph E. Sterrets of Price, Waterhouse & Co. will speak on “The Relation of the Auditor or Controller to the Officers and Directors of the Bank,” and Ben A. Young, controller of the Commerce Trust Co.. Kansas City, Mo., will speak on “Bank Costs™ the afternoon of October 6. R. H. Brunkhorst, controller of the Harris Trust & Savings Bank, Chicago, will speak on “Account Analysis” and John A. Will, controller of the Chase Na- tonal Bank, will address the meeting on “The Man and the Title” the final day of the conference. Members of the auditors’ section of the District Bankers’ Association are greatly interested in this conference. Railroads in Brazil are extending their lines. UNITED STATES. (Bales are in $1,000.) Sales. Lib3%s32-47.. 13 L1st4%s32-47 7 1. 4th 43,8 33-38 14 US3%s'49. 3 US3%s40-43.. 6 3%s41-43. 40 US3%s43-47.. 2 U S 4%s47-52.. 71 Abitibi P&P b5 Alleghany Cp 68 '44 Allegheny 55 °49. .. Allegheny §s'50. .. Allis-Chalm 5s°37. | Am Beet Sug 61 '35 iAm F P 552030, AmIGChbls Am Metal 515 '34 Am N Gas 6%s " Am S&R 18t 5847, Am Sug Ref 65°37. Am TET cv 4%8'39 AmT & T 5865, Am T&T c tr 53 46 Am T&T 55 5 160 Am T&T 5%s°43. Am W Wks 5834, Am Wr Pap 6s°47 Arpentine 58" Argentine 6s Ju's9, Argentine 6s Oc'59. Argentine 65 A '57. Argentine 62 B Arm & Co 4%5 39 Arm Del 5% '43. Atchison gn 45 '95. Atchiscv 41:8'48 Atch Ariz 4138 '62. AtlC L 1st4s” At Gulf 58'59. Australia 4345 Australia 58 '55. . Australia 5 '57. Austria 7s'43..... Austria 78 '57 ctfs. Bk of Chile 6% '57 Bk Chile 635 61. .. Batav Pet 415 42, Belgium 6s Beigium 6% Belgium 78 ‘56 Bell Tell Pa 55 C'60 B Ind Loan C 6546 Beth Stl pm 55 '36.. Beth Stlrf 515842, Bolivia 78 '58. Bolivia 7869 Bost & Me 4% Bos &Me 55 '67. Brazil 614526 Bragilin. . ...o. Bk Ed gn A 65’4 Bklyn Man 6s '68. . Budapest 6 5 Buenos A 6s'61 Pv. | Buff Gen E1 41531 | Bush Ter con 5555 Canada 45 ‘60. | ! Can Nat 4%s '68 Can Nat 43,855 | Can Joen Can ‘an Nor 7s db '40. . ‘an Pacdbds. ... Can Pacific 4 Can Pac 4135 60 Can Pac 5s'44. . | Cent 111 G& Cent Pac 4s '49 Cent Pac 5s'60 d db C&O4%sB 95, .. CB&Qgen 45 '58. “hi & Est 111 5551 hi Grt Wes P St P adj 5s. . NW 4358 C 2037, {Chi & NWen 4%s. | Chi R1& P rf 4534 | cv 4128760, &P4 Sta 435563, Sta 58 B W Ind cn 4s’ Chile 65 '60 | Chile 65 61 hile Cop db Clev Term 4135 ” | Cologne 613550 | Colomb 65 Jan '61. Colomb 65'61 Oct.. . Colo & Sou 4138 " E cou 58 '61. Com Inves 535 '49. Con G NY 4135°51 ConG N Y 513845 Con Pwr Jap 6138 Consum Pow 5s '52, Copenhag 435 '53 Copenhag 5s '52. Cuba 5% 45 Cuba Nor 51,842 Czecho 88 51...... Del & Hud rf 45 '34. Del & Hud 5% 37, Denmark 4%s 6 Denmark 538 "55.. Denmark 6 '42 D& RGren4s D& KGr43s'36.. D&RG W 5s'55.. Det E G&R4% 561, Det Edison rf 55'49 Dodge Brcl 6540, Duquesne 414 '67. Dutch East 1 65'47, El Salvador 8s 4 Erieconv4s B e gen 4s e cv 58’6’ Erie 55'75. - Erie & Jer 6s'55. .. Fiat s war Finland 6s 4. Finland 6% Finland 7s '50. Fisk Rub 8s'41. Fla E Coast 5874 French s’ French 7% Gelsenk'hen 6s'3 Gen Motors 6s'37. Gen P Sv5is Gen Th Eq 6 German 538 "6! Ger Cen BX 6: Ger Cen Bk 6s German 7s rep '49. German Bank 7s '50 Goodrich cv 6s *45 Goodyr Rub 5s8'57. . GrandTr sf db 65'36 Grand Trunk 7s'40. Grt Nor 4%s'77T E. Grt Nor gn 5%s'52 Grt Nor gn 7s'36.. Greek 6568 Halt! 6s°52. .. HavERL &P bs. Hock Val 413899 . Hud & M adj 5s Hud & M rf 5 Humble Oil 5: Humble O 5% Hungary 7% 111 Cent rf 48’55 111 Cent 4% '66 [11 CCStL&N 43%s. . 111 Steel 415840 .. Inland St 4%s A78 Inland St 435s B'81 Int Rap Tr 58 '66. . Int Rap Tr sta '66. Int Rap Tr 6s°'32 Int & Gr Nor 58 '56. Int & Gr Nor 6s°52. Int Hydro El 6544, Int M Co 5sret'4l. Int Match 5s°47. Int MM col tr 6s 41 Int Pap 58 A *47.... Int Pap 68 °65...... Int Ry C A 6%8'47. IntT&T 4%s8'52.. Int T&T cv 4%s8'39. Int T & T 68’55, Italy 78°51. Italy Pub S 7s'52. Japanese 5%s '65. Japanese 63,8 '54. Jugosl Bnk 78 '57.. Kan CFtS&M 4s'36. Kan City Sou 3s'50. Kan City Sou 5s'50. Kan G&E ¢%48°30,, 5 9 5 20 5 27 7 4 4 1 6 27 11 5 5 12 2 6 6 3 3 42 7 1 3 18 27 E] 7 3 2 1 11 12 14 7 11 6 19 2 2 16 5 19 High. 102 7 102 28 104 25 100 28 101 26 101 28 101 30 111 25 Sales. High. 1 52% 10 60 5 b2 7 44 17 101% 2 40 19 667 14 91 12 65% 4 19% 3103 2 104% 3 125% 10 109% 12 108% 13 109% 9 111 7 100% 1 48% 4 55% 7 621 11 63 10 54 4 57 22 106% 9 3% 18 97 1 95% 12 71y 12 881, 4 86 4 1001 14 100 2 24 3 33 1 94% R 1023 24 106% 8 106% 1114 8 96 5 101 21 103% 5 11% 11 11% 1 86% 1 92 9 36 14 36% 4 26 3 107% 12590 9 41 2 36 5 107% 1 85 51 93% 11 106 15 973, 26 978, 15 97w, 3 100 4103 13 1034 7 101 2 117 21 1121 16 81 1 95% 1 93 10 1011 6 96 4 97n 1 99% 4 517 10 g8, 2 98 25 100% 7 91y 1 22 1013 4 82 2 83 1 41 11 10315 1108 17 88% 3 1043, 1 101% 5 65 1 60% 8 651 5 64 10 63% 5 111% 1 88y 170 gr g 1 80% 3 30 8 16 20 118 16 125 7 6215 29 103% 30 9613 25 9F 23 51 32 55 28 55 22 75% 1 63u 3 53 89 106% 12 81 9814 104 80% 70% 30 101 71 9415 1035 102% 68 69 57% 62 103% 92% 92% 6414 6415 49 64 80 65 % 2% 69 67 46% 47 64 9 68% 9% 0% 96% 05% 61 82% 75 78 29% 1 Low. 102 7102 7 10225 102 25 104 23 104 25 100 28 100 28 101 24 101 24 101 27 101 28 101 28 101 28 11123 11124 Close. Low. Close b2% 52% 58 58 52 52 44 44 1014 101% 40 40 66% 66% 90 90 65 65 18% 19% 103 103 104% 104 124% 1241 109% 109% 107% 108 109% 109% 1105 111 993 99% 48% 48y 55la 551 629 6215 61 63a 62% 644 62% 63 4% T4% 57 57 98% 99 10715 10715 102% 102% 9 97 45 45 50 50 54 54 55 55 106 106% " T8 96% 96% 95% 70 87 86 100 99% 24 33% 333 94% 94 101% 101% 106'3 106Y, 106'3 10615 114 114 95% 96 101 101 103% 103y 11% 11 86% 92 36 35 26 26 107 107% 96'a 96Y 4012 403, 36 36 107% 107w 85 85 93'5 938, 106% 1064 9% 9T% 97 978 9% 97y 100 100 10314 103% 103 103 101 101 116 117 112% 112% 80% 80% 95% 95% 93 93 101 101% 96 96 970 997 51 £8% 98 100 99% 24 7812 5915 0% 102 106 106 841 84w 931 931 20 A 21'3 21'g 60 60 100 100 55 55% 3 35% 9% 96% 9615 97 96% 96% 103% 1034 10615 107 8613 8614 106% 106% 91 91 925 92% 481 481 35% 35% 108% 108% 92% 925 100 100% 91 91 97 97 101% 101Y% 81 81 83 83 40 40 1031 103% 108 108 8815 8 104% 1045 10114 101% 65 65 60% 60% 643 643 64 64 631 63u 1113 111% 88% 88w 70 70 ng 73 80% 80% 30 30 15% 16 118 118 125 126 6215 6214 103% 103% 95% 96 208 204 481 49 b4k 54y 5415 55 g 9% 631% 634 53 53 88 88 106% 106% 112" 112 80 80 98 98 103% 103% 80 80 0% T0% 30 30 101 ' 101 0% 11 9% 9414 1031 1084 102 1025 68 68 69 69 56% 56% 62 62 103% 108% 92% 925 92% 925 64 64 63 63 48% 49 64 64 79% 80 64 64 T4 T4y 0 70 69 69 67 (67 461 46% 4% 4T 63% 63% 78 18 67% 67% 99% 99% 90 90 96% 96% 105% 105% 61 61 82% 82% 74 T4 78 18 9% 99% 102 FINANC High. 33 5% 99% 17 7614 108 1013 99 107 4315 Low. Close. 3214 74% Sales. Karstadt 64 5 Kreug & Toll Laclede 55D '60.. Lautaro Nit 6; Leh Val cv 4 Lig & Myers 5351, Long Isldb 6337, Lorillard 4 L& N uni 4540’ . Lyons 6s°34. . McKes & R51% 550, Man 5 15t 7158 42, , Manh Ry 1st 45'00. Market St 7s°40. Midvale St 65 '36. . Milan 63852, ., MilE Ry & L 6s 61 Mil EIl Ry&Lt 6871 MK & T adj 55 '67. Mo Pac gn 4s'75... Mo Pac 55 A '65 Mo I'ac 65 F '77. Mo Pac 6s H '80 Mo Pac rf 5581 Mo Pac 5155 A 49 Mobile-Ohio 55 '3 Mont Pow 55°43... Mor&Co 1st 4% 8’39 NEng T 1st 58 '52.. NYCgn3ys" N Y Centdb 4s " N Y Cent 41452013, NY Cnrf4%s 2013, NYC rf im 55 2013. NY C&StL 4%s5'78. N Y Edisn 55 B'44., NY Fd1st 6%5'41, NY NH&H 45 '55. .. NY NH&H 433567 NY O&W Ist 45'92 NY O&W gn 4555, N Y Tel 65°41 NY W&B 4%5 46 a Sh Md 5%s'50. Nort South 55 61 Nor & Wn cv 45 '36. r Pac 48°97. .. Nor Pacri 68 204° Nor St Pw 65 A "41. Nor St Pw 65 B'41. Norway 53°63. .. Norway 5%5'65. Norway 63"43... Norway 6544 Norway 6552 Oreg-Wash 45 '61 Orfent dev 53;5'58. Orient dev 63 '53. Pac G&E 5s°42.. Pan-Am Pet 6534, Paramount 65 ‘47 1021, 99'y 92 930n 991 1054 Penn4ls D81, Penncv 4, Penn gn 47, Penn 41,570 . Penn 43,563, Penn 58 '64. Penn gen 5s '68. . Penn 6335 '36. Fenn O&D 435 Penn P&L 4 Peoples’ Gas Pere M 1st 55 '36. Peru 6s'60 Peru 7s'59 Phil & Read 65 '49. Phillip Pet 5339, PCC&StL 438" PCC&SIL 55 A PCC&StL 58 B 'T5. Poland 6s 40. Poland 7s '47. Poland 8s°50. Port Gn El 4125'60 Porto Alegre As'6 Por RAmT 6s " Pos Tel & C 55'33. Prague 7% Prussia 6s Public Serv 4s PubSv G4l Queensiana 6s'47. . Queensland 7s 41 Readgndts A Reading 4%s B ‘7. Read Jer Cn 4s '51. Rem Arms 6s A '37. Rem R5;s8 A "47 Rhine West 6s '55. Rio de Jan 6%s '53 R Gr Do Sul 6s '68. R Gr Do Sul 8s"46. RIAr& L 4%2s'34. Rome 6%s'52 StL&SF in 48 A '50 StL&SF 43%s'78. StL. p15sB 50 StLS W 1st 4583, StLS W 53" Sao Pau 75'40 Sao Paulo 8s '36 Saxon P W 613851, Saxon 7s ‘45 Seine 7s " Serbs-Cr-S117s°62.. Shell Un O1l 5 '47. Shell Un Oil 55 49, Sinclair Ofl 6% s'38 Sinc O T8 cv A '37.. Sine Cr 0 51538 Skelly Oil 5% '39. Solvay Am bs '42 Sou Bell T&T s 41 SW Bell T 55 A '54. Sou Pacref 48 '55 Sou Pac 43%5 ‘68. Sou P 435869 ww. Sou Pac 43881, Sou P&OT 4345 77, Sou Ry &n 48 '36... Sweden 518’54 Swiss 5358 '46..... Tatwan E P 51471 Tenn EI P 65 A ‘47, Texas Corp 5s ‘44 Third Av adj 55 '60. Toho El Pw 78 '65.. Tokio 53 61. .. Tokio EI Lt 65'53.. Un Pac 1st 4s°47... Un Pac 4s ‘68 Utd King 5% 5 UnSt W 615s A'47. Ud St W 514sC'51 Uruguay 8s ‘46. Utah P& L 5s Util Pw 53 '59 ww.. Vienna 6s'52 Va Ry 1st bs Wabash 2d 5s '3 Wabash 58 B '76. Walworth 6s A Warn Br Pic 6s'39. Warsaw 7s ‘58 West Eldb 5544, West Md 48 '52. West Md 514877 West Union 58 '51.. West Union 53 '60.. Wes: Un 6158 '36. Wick S cv et 78'35.. Wil & Co 1st 6s"41. Yokohama 6s '61... Ygstn S&T 55 A'78. NEW YORK, September 12 (Special). —The decline in Electric Bond & Share 6 per cent preferred this week to 95 is viewed as one of the significant epi- sodes in a falling market. This stock has for years been regarded as one of the high-ranking public utility senior issues. Prequently it has sold at its call price of 110. More recently the company has financed with 5 per cent }xel’erud. putting out a new series a ew months ;%o around 89';, which is now at 8: e reaction is not due to any material loss of earnings or cov- erage of dividends, but is sentimentally affected by the break below 30 in the common stock. This, in turn, has been influenced by the depreciation in the company's investments in American & Forelgn Power, which Electric Bond & Share interests bought two years ago and was expected to be the biggest money maker in their complement of subsidiary companies. As high as $300 or $400 a share was at one time pre- dicted for it. ‘Low-priced American automoblles lead in. popularity i South Africa this year. TAL. [BOND PRICES HIT | Corsmw sone BONDS o scasver] | GHOST INDUSTRIES LIST AUGMENTEG iClosing of Manganese Fac- tory Adds to Roster of Abandoned Pursuits. Special Dispatch to The Star. NEW YORK. September | closing down of the last manganese | plant operating In this country has | temporarily added another “ghost” in- jdustry to brewing. carriage making, whaling, livery stabling. certain forms of mining and the other industries | now relegated to the limbo of American 12.—The 4 : | economic life. Unlike the other “ghost” industries which were discontinued due to in- { vention, depletion or other normal social cr industrial cause: ican production of mangane: stopped due to the dumping of Russian exports of the metal into Americon ports at below cost of production in order to further the workings af the new Soviet cconomic svstem Ore Still Used, Manzanese ore is still used exten- sively in this country. about 700.000 tons a year being consumed in steel making. in which it is indispensable | The ote occurs in large quantitics in the United States. and the domestic producers claim with the aid of the present tariff to b able to supply s large part of the requirements of the steel companies, 1f competition with foreign producers exists An American supply of nearby manganese ore, however. will shortly jbe made available for the steel com panies from the mangancse properties now under development in Cuba by Frecport Texas Co. This compan which for nearly 20 vears has co fined its operations to the production | 'of sulphur along the Texas Gulf Coast. now is constructing a large mill in | Cuba for treating manganese ore by a new patented proccss. Production is expected to commence shortly after the { first of the vear at the rate of ap- proximately 100000 tons a year. and will be admitted duty free under the terms of the treaty with Cuba in ef- fect since shorly after the war with Spain. Tt iS believed that the American man- ganese industry will vet reappear on !the industrial sccne in less ghostlike outlines owing to the fact that Soviet { production of manganese cannot logi- cally operate on a permanent below= cost basis. When the Russian ore again begins to sell in American ports at of above actual cost or is excluded entire- v by an embargo now being sought. the American producers are prepared | to reopen immediately about 15 plants, | provide work fo 1 employed and maj partly self-sust ! metals no less it creates. The American manganese industry got its start igh_governmental aid | during the World War, when foreign shipments to atry were greatly curtailed. Follov the war produc- tion of the ore decl fifth of the war-time producti | maining in the neighborhood of 50.000 itons a year until about 1928. New | sources and processes of treating the domestic ores then were developed and Americen producers equipped new plants and opened additional deposits 2g as to one of the portant than the stecl would be th: N producers insist. were not dumped at prices fixeq o industry ing todey. the if Russian in this put the out of Supply Is Large. The scheduled output of Freeport Texas Co.. together with the potential uction of the impertant domestic ‘prrduccr estimated at nearly 20C.000 tons a yvear. should supply almost cne- FLalf of the consumptive demands of the American steel compainies. In the ! event of a national emergericy those { familiar with the _potentiaiities of these two sources are convinced their combined _production co; stepped up so that the Natio: not have to depend on Russia, Brazil or Africa, the principal sources of manganese outside of the United States, in the manufacture of muni- tions and other war equipment. : MIXED TRENDS NOTED IN SOFT COAL TRADING Special Dispatch to The | NEW YORK, s that the Summer slum d run its course in the Middle Western bitumi- nous matkets became apparent in Au- gust. An increase in the demand for prepared sizes caused prices to stiffen in the closing wecks of the month, and retailers, in general. showed more wil- | lingness to add to stocks, Coal Age re- | ports. | ~ Steam sizes failed to gain in the face of ht industrial takings, with the | result that slack and screenings prices | eased slightly as the weeks went by. August brought no relief to_Eastern | marketing centers. howéver. Both do- mestic and steam demand languished, and prices, in a number of cases, slid | off in the closing weeks { Increased buving in the last week of August rescued the anthracite markets of the country from an otherwise slow month. The demand was confined { largely to domestic sizes. however. as the steam trade continued in its long- standing slump. Production curtail- ments made buckwheat scarce at times and shortened the supply of rice. De- mand for stove picked up, while there | was a let-up in the call for egg. Chest- | nut was embarrassingly plentiful, and | pea also proved too abundant at times. | August production of bituminous coal is estimated at 30.517.000. an increase of 727.000 tons over the July output of 29,790,000, but a deciine of 5.144.000 from the August. 1930. total. The Coal Age Index of spot bituminous prices for August (preliminary) stands at 1291, against 1307 in July Corresponding weighted average prices were: August, $1.56';; July, $1.58. SCRAP IRON BUSINESS HERE OVER $1,000,000 The wholesale or carload dealérs in scrap iron and steel and other waste materials in Washington did an annual volume of business amouting to $1,122.- 213 in 1929, it was announced by Ben- jamin Sciwartz, director g-neral cf the Institute of S wap Iron and Steel, on the basis of tne first survey ever made. of the scrap irow industry by the Cen- sus Bureau. The net s:les of the whole-. sale scrap iron dealers in 2ll principal citi"s of 100,000 population and over, totaling 93 cities, amounted to approx- imately $280,000.000 in 1929. The re- sults of this survey are expected to be analyzed and interpreted at the semi- annual meeting of the institute, which represents over 90 per cent of the whole- sale tonnage, at Pittsburgh, during October 12, 13 and 14. The increasing importance of scrap iron as a raw material in the manu- facture of steel. it was stated by Mr. Schwartz, is evidenced by the fact that in 1929 the iron and steel mills and foundries of this country remelted 39,120,989 tons of scrap, valued at $540,576,509. This includes all sources of scrap produced by the steel mills themselves and purchased from scrap iron dezlers in the open market. In this city there were 19 wholesale establishments dealing in scrap iron and steel and other w ct> materials, in 1929, with an annual p>v roll of $136.- 781. The scrap piles on hand at the end of 1929 in these local establish- ments were valued at $40,43! 12.—Signs