Evening Star Newspaper, September 12, 1931, Page 15

FINANCIAL. STAR, WASHINGTON, THE NEW YORK CURB MARKE Stocks sold in 100-share lots except those desismated by letter * ~Prev. 1931~ Stock and nles— High. Low. Dividend Rate. Add 00. Open. High. Low. Close. s 11% Affliated Prod 1.60.. 1 19% 19% 19 9 50 224 60 Aluminum Co of Am .10608113% i AmCapitalprpfsig. 1 60 Am Cit PAL B b10%, Am Com P A (510%) Am Corpn (£30c) . Am Cyanamid B Am For Pow war. Am Founders. Am Gas & Elec (¢ Am Gas & El pt (6) Am Invest war .. 4 Am Invest Inc (B).. Am Lt & Trac (2%). 215 Am Mz Co (1) Am Superpwr (p40¢) Am Superp pf (6)... Am Util & Gn B vte Am Ut&G cupf13%. Appalachian Gas. Arkans Nat Gas A 13 Ass0 G&EI (A) (al). 123 Asso Tel Ut (b8%).. Atlas Plywood (2). EVENING D. C., SATURDAY, 1931. FINANCIAL CURBISSUES DRIFT ||~ Everybody’s Business T0 LOWER LEVELS] | vience of vty of pesimisn s | Price Recovery Expected as Result of Pole’s Ruling on Bonds SEPTEMBER 12, **% A—15 CONTRACTORS SEEK BAINS IN BUILDING War-Time Ruies May Be In- Received by Private Wire Direct to The Star Office SEES BUSINESS - GAINS IN CANADA Banker Points to Status of Crops and Construction as Evidences. Sales— e. Add 00.Open. Hich. na Synd..... 2 Asso (2).. 1 Meniph N Gas (80c)., 1 Mercantile Strs (1).. ; 4 1 ~Prev. 1031, Low. Close. & Mid West Ut (b8%). Mid W Sts Ut b10% .. Mo-Kan Pipe L (B).. Mohawk Hud 18t(7). 7bs Mont Lt HEP (134).. 258 Nat American Co.... 14% 614 Utlities Again Featured in Trading as List Meets BY DR. MAX WINKLER. Special Dispatch to The Star. voked to Revive Sagging Pressure. NEW YORK, September 12.—The favorable reception accorded the Industry. British budget, together with an over-sold condition in the New York securities market and rumors of a highly constructive announcement | = from Washington, combined to create a somewhat more cheerful BY CHARLES P. SHAEFFER, lt;no’splr;ere. R R ! Associated Press Business Writer. t is becoming increasingly evident tha ¥ s e there has been an oversupply not merely i,0;‘;’:":,"’:”‘;’0“;“Ll‘mbi el of cotton and copper and wheat and ; b B . k3 o numerous other commodities, but also of fl e 0t theountiy 40 Gmote pessimism. This is merely a natural re- | ing of directors of the Assoctated Gen- action from the highly inflated optimism | eral Contractors of America here the of two years ago. The pendulum, as a | latter part of this month. rule, swings too far, and it has done so The assoclation will seek to have the now. ling the mobilzation of capiial and It appears within reason to assert that st e the intrinsic merit of many securities is e ntion ol dnts et Uy no longer determined by quotations, to attain, ang the EE‘(erclse of every gov- which fact may be attributed the recent ernmental and civic force to defeat, or ruling by John W. Pole, controller of the at least hold, the forces of depression. currency. Convinced that prices of bonds Asserting that the construction in- do not, in the majority of instances, reflect | dustry occuples the strategic point in accurately their status, national banks will | any general business recovery. the asso- henceforth be permitted to carry such | clation said drastic action was neceseary issues at face value. to restore confidence. Since 1928, con- tract awards have dmnn.;.; steadily. | During he first seven months of 193 Price Recovery Expected. | they fiu from their maximum of $18.- This ruling will apply to Government, 200.000 per calendar day to the rate of State, municlpal and hi hAgrade com- £9.200,000 on the basis of F. W. Dodge mercial bonds, which, while depressed in o e BemmnSn rice at present, are expected confidently to recover because of their (et o8 he Rocky Mountaine. For nherent soundness. It is quite likely that this decision will go a long way toward restoring confidence in the mind of the investing public in the various financial institutions of the country holding bonds of the above category. It is also evident that a genuine revival in BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, September 12.—After opening higher, stocks on the Curb Exchange drifted lazily lower today, with some firming of bids noticeable in_sections of the list. Electric Bond & Share opened higher, but more than canceled its early ad- vances. Cities Service moved within a fractional range. Standard Oil of Indiana barely budged. United Light & Power A and American Superpower exhibited firmer tendencies Food and allied shares weére more active than usual, though their price trends were mixed. Golden State Co., Ltd., was off a point to a new low price. Seeman Brothers, in packing group, was the first to yleld ground. Copeland Products, Inc., opened lower, but rallied. New Lows Recorded. Philadelphia Co. common, more than 90 per cent of which is owned by Stendard Gas & Electric, declined to & new low of 22's, off 2% points. Glen Alden Coal orened at 27%, off 114 and at a new minimum quotation Doerler Die Casting, world's largest maker of die castings. declined frac- tionally 40 & new low level. Only re- cently it announced expansion plans. Ford Motor, Ltd., early duplicated its Bpecial Dispatch to The Star. MONTREAL, September 12.—“The most favorable factors in the Western crop situation are the satisfactory state of grains in the Northern area and the indications to date that the general quality of Western wheat will be high" states S. H. Logan, general menager of the Canadian Bank of Commerce. “The crops of _Eastern lywo Canada are almost uniformly geod.” Atlas Util Corp..... “Maderate seasonal _expansion in Atlas Utilitles war. .- general business is now in sight,” con- Blue R Cp cv pt (a3), tinues Mr. Logan, “although indus- i Brazil Trac Lt&P(1) trial operations were on & very low Buft N&EP pf (1.60). level during August. This expansion is Burma rets 27 3-5c.. consequent upon the continuation of Caninaian Marcon. .. a fair volume of construction work Cent 111 Pub 8 pf (8)+ contracted for during the past few Cent Pub Sve A b5%. 17 months and the official plans for pro- Cent&Swn Ut (b7%) 1 jects designed to relleve unemploy- ‘ent Stat Fl (b10%), 18 ment; upon harvesting and movement entStEcvptnag. 1 of the new crops, and upen the usual ‘ent West PS Aalg 1 Autumn increase in the consumption ‘hain Stores Stock.. 1 of certain products, such as newsprint.” ‘hilds Copf (P)..... 1 h “ities Service (R30c) 64 Ve e ‘leveland Tractor... 1 “The weather during August was Colon Of1. 10 generally favorable to farmers. In On- Col Oil& L tario fleld work proceeded more rapidly Cmwlth Edison (8) .. 50s than usual, and while some spring Cmwlth & Sou war.. 48 grain orops, oats and barley, were not Com Wat Ser g124c. 8 as large as were first expected, and Comstock Tunnel. .. there were complaints of poor pastures t Sh T Sec A $60c. t Transit (1)..... Nat Union Radlo New Bradford Oil. Y Transit (180¢) .. ag-Hud Pow (40c) Niag-Hud Pow A w Niag $h Md (40c) pissing. Ohto Copper-. . Ohto Pow pt (6)..... PacG&E 18t pf 1%. Pac Light pf (6). ... Pandem Ot Parsmount Parke Davis (11.65). Pennroad Corp (40¢) Peoples L&PWr (A). Phila Conew(t1.40), Philip Morris Inc. Thoenix § C pf (3) Pilot Rad Tube A T'rod Roalty (b10% ). Prudential Invest. .. Pub Sve Oklapl (6), Pub Util Hold war Pub Util Hold xw. Pyrene Mfg Co (40c) Ratlroad Shares(40c) Rainbow Lum Pr A.. Republic Gas Corp. . PRESTO e s H DR. MAX WINKLER. had declined to $16.100,000 per day, and dropped to $13,270,000 per calendar day in the first seven months of 1930 “If a megsure of confidence is to be 4 Con Gas Balto (3.60). 2 in certain districts, an excellent yield of winter wheat was harvested; such later crops as corn, roots, tobacco and tree fruits continued in excellent con- dition. In Quebec and the Maritime Provinces an average quantity of hay was cut_and there is the prospect of large vields of other crops. “British Columbia was favored with good weather for the harvesting of heaty yields of hay and grains, but the absence of rain left the large com- mercial fruit districts dependent, upon irrigation svstems. the supply of water for which was not large, although no marked damage is reported. Harvest Well Started. “Grain-cutting commenced in the Prairie Provinces early in August and threshing about —mid-August. Good progress has since been made in harvest operations. Judging by protein tests of early wheat there is the promise of a high quality crop, although the gen- eral grade will not be known until most of the crop undergoes inspection. The most important factor in this area during August is that late grains, in- cluding_wheat in the Northern dis- tricts, have so far progressed safely %oward maturity; another week or £ ®f good weather is required in these districts, which this year are counted upon to furnish more than one-third of the Western grain production.” S i Stock-Holding Employes. NEW YORK. September 12 (Special). ~—Where the employe of a corporation 15 also a stockholder in it he may these days find himself on shorter hours or at a lower wage or salary scale while the dividend on his stock is being maintained. This apparently is what has happened to those mn the employ of the Western Union Telegraph Co., whose savings have been large in the past seven months through placing em- ployes on part time, but whose divi- dend has been maintained at the reg- ular 8 per cent rate. In the case of employes of the United States Steel Corporation, who are numerically large holders of 'Steel common stock, sal- aries have been cut along with a reduc- tion in'their dividend checks. It is a trying period for managements in de- termining which policy means the least loss to their constituency. COPPER STOCKS GAIN. NEW YORK, September 12 (#)— Btocks of refined copper increased 15,358 tons in August to 455,775 short tons as of August 31, the highest total in the history of the industry. INVESTMENT TRUSTS By the Associated Press. NEW YORK, September 12.—Over- the-counter market: Bid. Asked A B CTrshrs - i, Asked A B C Tr 8hrs B o Ins Stocks Stand Ofl Sec pt & Pac Df war Bankers Naf Inv... Bansicilla Corp . Basic Indusiry .- Britisn Type Iny .01 Gentiey 77" shits Shain's GenEaluient’) Chain & Gen Eq 6'5s bl Chain Store Tnvest ... Ghain Store Tnv Crum & Foster Crum & Fost 87 pf Crum & Fost Ins: Crum & Post Ins 7 pf.. Depos Bk Shrs N Y k h N Y “A’ Diversified Tr D . Equity Invest ... Bauity Invest pi’:’ uity Trust Shrs First Am Corp ... Five-Year Pixed Tr . Fixed Trust Sh A.ll oS ana o General Equity Granger Trade Gud o Incorp Invest Equit Independ Tr Shrs Yuzuanfeadd swalife o &2 Inve: Mutual Inv Nation Wide Sec Natl Indust Shrs Nail Baomacn & avd A 2% Repres Tr Shrs Second Int Sec A ; &econd Int Sec B ' 8ec Int Sec 6% 1st pf Secur Corp Gen 36 pf. Selected Am Sh ... Selected Income Sh Stlected Manage ~Trust nl 5 A B. D ®aet Shrs of Am.... Arustee Siand Inv C. Trustee Stand Inv D Trustee St A gihy '8 Elec Lt & Pow Universal Tr Sh .. Sales in ds. zzzEzz:Zzzzr S 6L 222 2 R ~ERensaZ R 8w iuenSEasamea Phila 4 Cont Shares cv pf. Copeland Pr Ine (n) Cord Corp. Cosden Oil Creole Petr Crocker Wheeler Tl Curtlss Mfg Co (A Cusl Mex Mining. De Forest Radio Detroit Afreraft Doehler Die Casting. Duquesne Gas Durant Motors. ast Sta Pow (B)... lec Bond&Sh(b6% ) 24! Elec Pow Assoc A (1) Flec P & Lt op war. . Fl Shareholdg (b6 %) Elec Sharhldg pf(a6) Empire Corp........ Fairchild Aviatfon. . Ferro Enamel (A). Ford Mot Frn 3714c. Ford Mot L.td 36 3-5¢ Gen Aviation Gen G&E cv pf B(6).400; Gen Theat Eq ev pf.. Glen Alden Coal (4). Golden Center...... Golden State Co Ltd. Goldman Sachs. ... Gulf Oil of Pa (13%). Happiness Candy. .. Hudson Bay M & S.. Insull Inv (b6%). ... Ins Co ofNo Am 123 Intercontinent Pet n. Int Petroleum (1) Int Superp (+1.10). Int Utilities A (314). Int Utilities B Kolster-Br (Am Sh). Lone Star Gas n 88c. Lonx Island Lt (80c) Louisiana Lan & Ex. BONDS ON THE CURB DOMESTIC BONDS. las 67 983 abama Pw 4 1Alabama Pow 58 '56. 103': 104 1 Wil 28 Amer G & E 5 Amer G Amer P & L 6s 2018 100% ch 45 49 & Pow 65 ‘39 51 Power 55 1671 8 Raz 55’40 882 n Co 5'4s '35. 89V "46 105% 100 P &L 0" anitoba Pw §%as 51 etro Edison 4s '71 id West Ut 8s /33 cv 9 id West Ut 55 '34 cv 91 a5 oH Fa; S s nt L H&P 58 A t Electric 5ba L 6s A s '8 ebraska_Pw evada Calif eoples L & P 58 Elec_5'as Raj e 8254 33JE> oS 4seS833 >Sgary Pal 6 xi th Calif Ed 55 Ed 55 '5: High, Low. Close | fuel purveyors in their scramble to se- Richmond Radlator. Rich Rad cum pf..., St Authony Gold Reaboard Util (28¢) Sec Allied Corp (1).. Seeman Bros (3) Sexal L & H (a Shattuck Den A Shenandoah pf (a3). Singer Mfz Co (116), S0 Am Gold & Plar.., South Penn 011 (1).. SoCal Ed pf B (114). S W Gas Utilities. Stand Motors E Stand Ofl of Ind( 1).. Stand O of Ky 1.60., Strauss (Nathan)... ck Hughes (60¢c). . Thatcher Sec Corp. .. Toledo Edison pf(6). “nit Corp war. ‘nit Founders s Corp war. . it Lt& Pw A (1).. 78 Elec Pow ww. Inter Sec 1st pf. 7§ Lines pt ‘nited States s nitStoresvitc. ... THI P&Lt(at1.02%), ‘& 1Ind .. 5 Van Camp Fkg...... Venezuela Petrolm. Walgreen Co war. Wenden Copper... ... YO " Woolworth (FV 1. 104 104 10n “Y" Oil & Gas. 8 & oy ow % in doliars based on last quarterly or semi-an- fPartly extra. 3Plus 4% in Stock bPayable instock. e Adjustment us 6% in stock. tock. § Pl tock. s 10% in s'ock. mPlus 3% in s | srock. s 8% in stock. D Paid last year—no regular rate. 15tand Gas & E o635 951 tand G&E c & 9844 % | |Washi Prod TG £ 8 g ST A ashington Produce gg‘:g&! g!flusun't':n ‘70 89 89 39 I Tex City Gas B - Texas P I& L 8: ! Butter—One-pound prints, 33; tgb, 3 2. Eggs— Hennery, 28; current receipts, 18220 Poultry, alive—Spring brollers, 3 pounds and over, 25a37: 2 to 2!, 10674 | pounds, 24a25; 115 to 2 pounds, 22a23; 313 | Leghorns, 18a20; hens. large, 23a24; 92 * | small, 21a22; rcosters, 12a13. 96% | Dressed—Spring broilers, 3 pounds | and over, 32a33; 2 to 2'; pouncs, 29a 913, | 30; 113 to 2 pounds, 27a28; Leghorns, 25. hens, large, 27a28; small, 23; :é(;)!!erl. 13al4; Long Island ducks, 21a i Meats—Beef, prime, 17: choice, 16a 116';; good, 14al5; medium, 13al13!;: {cow, 10al11; veals, top, 15; medium, 13a 14: lamb, top. 18; medium, 14al6; pork loins, 8 to 10 pounds. 23a25: 8 to 12 ipound&. 21a22; 12 to 14 pounds, 15a16; fresh hams, 19; smoked hams, 21; strip ‘bacon, 22a23; lard, bulk, 10; package, 101;. | Live stock—Hogs, heavy, 5.75a8.00; medium, 6.80; light, 6.50; pigs. 6.00: | Toughs, ° 3.00a4.25; calves, 7.0029.00; lambe, 4.00a7.50. Fruits—Watermelons, 15a35; canta- ——e— — Joupes, Colorado, flats, 1.15; mearby, crates, 1.00a1.50; honeydews, 1.75a2.00; COAL PRICE-CUTTIN Persian melons, 20022 15: oranges. 350 Seckles, per bushel, H C. B. Huntress, executive secretary of | pound baskets, 35a50; peaches. 50a1.00; the Natlonal Coal Association, deplores | grapss, Concords, crates, 1.00: bushel price-cutting tactics of coal and other an 4158 Ritr G Co 674 innes 46 xw 3 Tietz ( 60% 38 n—New. Wi—When issued. bushel baskets, | | baskets, 65a75; Tokays, 2.25a2.50; Thompson, seedless, 2.00: pineapples, 4.0024.50; prunes, 1.00; figs, 5.00: dam- sons, two-peck baskets, 1.00a1.25; grapefruit, 500a5.50; bananas, 175a 2.5 persimmons, 1.00; cranberries, cure Government fuel contracts. “Coal operators on the one hand, nn"hd oll and gas companies on the 2.5 other, often reduce the price of their |3- A fiels 'to a point below any possible var | Vegetablei—Potatoes. per barrel, 115a munerative level,” Huntress said, add- | 2.00; sweet, per bushel 758101 ing, “This policy is suicidal for ail par- 50a75; string beans, 7581.00; limas, ties concerned.” .50; cabbage, 50a75; kale, 50; spinach, Bituminous coal was considered by | 1.25; corn, 50a75; cucumbers, 75; cel- him at a substantial disadvantage in |ery, 3.75a4.00; lettuce, Iceberg, '3.25a this competition because so large a part | 4.00; New York, 1.25a150: carrots, per of the delivered cost of coal was en-| 100 bunches, 3.00: beets, per 100 tirely beyond the control of the oper- | bunches, 3.00; eggplant. 75; okra, two- ator. peck baskets, 150a2.00: peppers, 75a R ey 1.00; squash, 50a75; mushrooms, 60a AMERICAN ICE NET. R Consolidated income account of American Ice Co. and subsidiaries for quarter ended June 30, 1931, follows: Sales, $4,803,979; costs, expenses, ordi- nary taxes, etc., $3,393426: balance, $1,500,553; other income, $82,779; total income, $1,583,332; depreciation, $610,- 500; interest, $84,719; Federal and State 2. Orders Plot Charge Dropped. TIRANA, Albania, September 12 (). —King Zog. in commemoration of the third anniversary of his accession to the throne, today ordered proceedin be dropped against six men in custody here under charges of plotting to as- taxes, $116,861; net profit, $771,25: sassinate him in Vienna last February. STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, SEPTEMBER 12. STOCKS. 20 Rails. 95.1* 57.6 60.8 50 20 Industrials. Utilities, Today. ... 982 Previous da ‘Week ago Month ago. Year ag: Two years ago Three years ago... * New 1931 low. Today.... Tmre ree YCars ago. High, 1931 hPlus 1% in | lemons, 4.00a6.00; limes, per 100, | previous low level, American & Forelgn Power war- rants weakened in sympathy with their common America: & Electric was off al- most 2 points. Electric Power & Light option warrants eased The decline of 2.4 per cent in August sales announced by MacMarr Stores brought a slight recession in that stock. Department store shares, as typified by | the movement in a specfalized invest- { ment_trust, Chain Store Stocks, Inc., softened a3 a result of the less than seasonal sales rise reported in August for stores of that kind throughout the | country. United States Stores also de- clined. Preferred Stocks Firmer. Utility preferred shares, such as Southern California Edison B, New England Power preferred and Ohio Power preferred, braced. New York Transit was off almost a point and 1other pipe line shares softened South Penn Oil was up more than a half point in the final hour, the begin- ning of which ushered in a little firmer | tone in the petroleum division. Asso- clated ~ Telephone Utilities common slipped. Ferro-Enamel A led the steel and allied shares as it opened at 20, up 5 points from its last sale more than a month ago. DIVIDENDS DECLARED NEW YORK, September 12 P — Pas- able. Hidrs ot record. Bept 30 Sept. 4 Company Rate. fio: Markle Banking & T | O0 (Hazieton, Pa.» S0 Increased. First Nat Br (8t | Paul MinniD 1425 Q Sept m1 Lieuidating. Bept. 19 | Reduced Acme Stee] 50c Q@ Oet Oet! Harbauer Co 25¢ Sopt i Bept Due Sept Due Oct Due Sept Deterred. i Feltm & Cur 8 Strs pf$1.75 Q Due Oct. Alles & Fisher Amer ‘Ins Co Am Wriny 59882 92 29 929 on - Birmingham Elec §7 13 T 7 -4 at Corp pf 317 t Lid pf Wireb Bx A n Co pt 21 Btates Util e $1.78 13715 dircle Th Corp.. $1.73 artered Tr & Exes Co 150 Chic Title & Tr Co..34 Conn Gas & Goks ec pf-..... . Conn Gas & Coke 3 e Diversified U Inv A 40c Do pf voee.8ilze 8125 o i 1.75 Elec Auto Lite pf.31.75 merson Bromo Seltzer A.........50c Do B g 50c Do pf : 50c Exchange Tr (Bos) 33 Fid & Dep of Md §2.25 Fizet Nat BK of 8t | I i Flor Stove pf.. . $1.78 Florida Pow & Lt 3¢ Duke Power.. D 9299 999999 2 29 92 2 2 999 32 # 1178 Frankiin Fire ins of LT i Free (AJ) 'Lid pf.3150 Gardner-Denver .. 20¢ It E Gary (Theo) & Co.i5¢ L 40c Goulds Pumps. . 0 Bt Greit (L) & Bros A s 20 99902090 ¢ Do "1%% " pf" Gurd (Charles) & o ? Do pf . Lot Hach-Lind pt’ A’ 3150 | Harbager co ot (3178 Horn & Hardart Baking Phila) .. 175 Hunts_Ltd A Do B DOD POOD DO DOODOOOD © O DOpPOD OOOOD: D OO DO O D HOOOLD DO PESOOD * & Tre Rec Or Reg) 33c Inter Power pf...§ Kaybee St Inc A 433.c Lawyers West M&T.§ M & T Tr Co 13-4 % ooen 9929 909 22 33 Trust b MeCall Frontenac Of MEGny Norria' Mis T uay Norris Mig.75c Mid sts Tel Co g3 (il Mid Ut 7% pr lien Do 8% ‘B lien e b e 99992 82 Do. 6 Miss P Finance Co of e 7 o Do. #% pf A Miss Vai Bub' erv Mbto PR Gorp 5t 13 n Corp. pf.. Nat Fruit Frod 1% |2 o 252 e [UIOFORPRG ORGS0, 209 &2 §2 Northwestern ' Yeast s: Novadel_ Age 4 Park i B o Bl 0%, dy bt 4 icardy Candy pf. Bigehir Ganay» Co Ltd (Am sh ctfs for ord reg Brov & wWor RE 1250 iter Dental Mie, Robinson ‘Cons Gn.37i2c Smith-Alsop P&V 87i5c Stand Coosa Thatch . 8dc Tassart Corp pf 3178 Frompson Prod pt 417 ide Wat A DOOO ODO DOOOOOD OO OO pp LOEEOD OO PO PP pPoo: 2289 282 9999 o el 8 e e 85 gesee = g8 =5 3 DO0O D00 DOOO © DOOLO DOOOODL DO 929 299 9289 § 29999 - | tained. largely | tavorable dividen economic life will not be realized until confidence has been restored, | Te54 or, at least, strengthened. While views regarding the immediate outlook for cotton are mot especially optimistic, decidedly bearish sentiment seems absent. Although some relief is expected as & result of proposed poli- tical cures, such improvement will. at best, prove of a transitory nature. Sev- eral States are seriously considering putting into effect drastic curtaiiment with Texas contemplating a reduction from 30 to 50 per cent A somewhat more definite program of relief might result from the proposed (nternational Cotton Conference in Lon- don, suggested by the Egyptian authori- ties. for the gurpflu of dlscussinr a re- duction in the cotton acreage for the coming year. Other foreign growers are expected to join, and Washington may also participate as soon as measures to effect curtailment in the United States have been adopted. Time Ripe to Buying Mills. According to George A. Sioan, presi- dent of the Cotton Textile Institute,! prevalling low prices afford an unparal- leled opportunity to cotton textile mills in all sections of the United States. “With active co-operation of mer- chants,” says Mr. Sloan, “in promptly anticipating their stock requirements the plan should develop into general business improvement with direct bene- fits to 12.000,000 people, who are de- | pendent upon cotton growing and man- ufacturing and result in an increase in the purchasing power of farm and mill communities.” With conditions abroad as chaotic as they are, the reduction in the dividend by International Telephone, which oper- ates almost exclusively in foreign coun- tries, did not come as a complete sur- prise. Earnings for the first half of this year aggregated 82 cents a share, 85 compared with dividend requirements of $1. To & certain extent it is regrettable that the old rate could not be main- because of the wide dis- tribution of the shares among foreign investors, and the fact that the reduc- tion may tend to impair somewhat the | good will of the company. so essential to any corporation, especially a public util- | ity enterprise. Ideas of Value Upset. Normal ideas of value are being upset by discriminate price cutting, producing “a lottery state of mind” in the Ameri- can people. according to Edward L. Plaut, president of Lehn & Fink, Inc., and chairman of the special committee of the New York Board of Trade, con- ducting a survey on retail pricing. Mr. Plaut especially regrets the situa- tion which exists in the drug business, where retail pricing has never been more chaotic and values never so flngnnny} violated as now. An amicable settlement in connec- tion with the radio corporation’s pat- ent suits pending with the Government | is predicted by David Sarnoff, presi- | dent of the company. | Mr. Sarnoff adds that the corpora- | tion’s business is progressing as well as can be expected. that the dividend requirements on the preferred stocks | have been covered during the first six months’ operations, and that the best | period of business is still ahead, the last quarter being normally the best | from the standpoint of earnings. | Sales Gain 30 Per Cent. Operation at capacity for the re- mainder of the year is expected by George F. Johnson. chairman of the Endicott-Johnson Co. For the past New York Cotton Spectal Dispatch to The Star. NEW YORK, September 12.—The combination of a slight increase in hedging pressure and an extremely weak stock market influenced cotton prices today and quotations lost 7 to 11 points, with the market closing at the bottom. Fluctuations occurred over a range of 15 points, with a final sale of October at 6.60, or within 10 points of low Jevels of the week and year. Spots were reduced 10 points to 6.65. Cotton range: Open. High. Low. Clos 3 ’gk |2 702 Markets at a Glance YORK, September 12 (#).— su}:cxl:v ‘weak; "fl.epmd utilities lead decline. Bonds irregular; rails sag. Curb heavy; utilities sold. Foreign ex- changes irregular; Canadian dollar again touches new 1831 Jow. Cotton Jower; Wall Street and Southern selling. Sugar, holiday. Coffee, holiday. RAILROAD EARNINGS NEW YORK, September 12 ().—The report of the Pennsylvania Railroad Co., including the West Jersey & Seashore Railroad Co., as filed with the New York State Public Service Commission, shows for the quarter ended June 30 gt net income of $4,770,104, equal to 36 cenis a share. This compares Wwith net income in the second quarter last year, exclud- ing the West Jersey & Seashore, of $18,527,229, or $1.43 a share. For the first half this year net in- come, including West Jersey & Sea- shore, was $3,564,863, or 27 cents a share, against net income, excluding West,_Jersey & Seashore, of $29,976,895, or $2.31 a share, in the first half of 1930. Unf.vo;;le Divid;:d Changes. NEW YORK, September 12 (#).—Un- changes last week numbered 48, there being 27 decreases and 21 passed, Standard Statistics Co. reports. This is the largest number for any one of the past six weeks. Favor- able changes numbered 18, against § the week before, ? three months sales were 30 per cent larger than thcse for the correspond- ing period Jast year. A somewhat similar situation is no- ticed in other shoe concerns due to the fact that dealers’ shelves are empty and the hand-to-mouth buving policy had to be abandoned With some of Cuba's external bonds quoted at slightly above 50 cents on the dollar, it is difficult to give full credence to reports of a coming Cuban loan of close to $300,000.000. In order to put her financial house in order the island republic recently invited & number of economists to ad- vise Cuba with a view to rehabilitating her economic structure. The commis- sion has presented a plan to conv the island’s entire debt by iscuing $185.- 000,000 in new 60-year 5' per cent bonds. The Cuban 5':s of 1945 vield at cur- rent prices well over 14 per cent, which would seem to indicate that the Cuban economic commission must be rather optimistic over the future market move- ment of Cuban obligations. It ic obvi- ous that no public financing on behalf of Cuba can fully under prevailing circumstances. Copyright. 1931 by the North American Newspaper Alliance, Inc ) be undertaken success- | | reguiar quarterly dividend of 40 cents ed In 1932 and the business index fo upward at least to the level of 1930, the contract award rate must be forced up and not allowed to drop below £13.000,000 per calendar day,” the asso- clation coniended. It was said that results could be at- tained by a united atizck on the build- ing and engincering construction fields. If war-time financing tactics were fol- lowed, it was beiieved monev now inac- | tive could be brought forth to finance the bulk of the work. Positive indicatlons of increase in business volume would offset anv tendency for security values to slump | In the face of Government competition | for money, the assoclation held. BdBEBTS RECOVERS. George E. Roberts. economist of the National City Bank. New York. who has several personal friends among local bankers. is making favorable recovery from his recent fiiness in Paris. He was taken {ll while on the way to the gold conference of the League of Na- tions. REGULAR DIVIDEND. Affiliated Products, Inc.. has declared per_share, payable October 1 to stock ' of record of September 18. CHAPTER XXVIL A PLOT NIPPED! VELYN'S face went white. I i “Have you." she whispered, “told the policeman what you discov- ered?” “Constable Rascoe?” Jimmie laughed. “No. I know, and now you know. I'll get Richmond to meet me in the Dutch garden tonight and tell him." ‘The Dutch garden—tonight?" “Yes. Tl sit in that seat facing the one where your aunt sat. Your maid can send Richmond around to me. I thought perhaps you might want to Once again Evelyn glanced at the clock. The hour was approaching when Jimmie was to meet the superintend- ent. What would happen after that? “Your rubber.” she said to Nancy. “Come along, Lionel. Leave the ex- perts to fight it out together.” Evelyn and her lover went into the next room. The game proceeded to the sounds of music. Duckworth was sing- ing and Evelyn playing. The clear powerful voice rang through the house, but it did not distract the players, though one of them would wander from the table when his partner played his hand. Evelyn stood trembling as Jimmie forced the door. give a little party celebrating the news of your sister's wedding. “When will he come?” “About ten. Don't tell any one what I've told you." “I won't, but shouldn't you tell him at once?” “If I sit here first, I think I'll be able to picture the whole thing.” “I'll do as you wish.” she said, with some effort mastering her agitation. “I had thought of inviting some friends. But isn't it possible you are mistaken?" “Impossible,” said Jimmie. “No one but you knows about it?"” “I have told you and I shall not tell any one else until I see Richmond to- night, T rely on you to help catch the gullty person.” ‘When he arrived at the Wade home, Nancy ran out to say that Evelyn had telephoned her about Marjorie’s mar- riage and to invite them over for the evening. He told her that Donald would likely be busy elsewhere but that she should go. ‘There were six in the small party that assembled that evening at Merrow Craig, the same little group gathered together. The young couple had gone, Donald and Jimmie were absent, but Maj. Gresham, Bill Netherton, Nancy and Lionel were present to toast the bridal pair with cham, e, served by Janet in the room in which they had previously played cards. Maj. Gresham, talkative after the ourth glass, told Netherton that he had thought Marjorie was fond of him and not Stirling, Bill agreeing quietly others might have thought so. “Why didn’t she say it was Stirling at the inquest?” continued the major. “Maybe she didn't want to drag her private affairs in public.” “D'ye mean you knew it all along?” queried Gresham. “I may have guessed.” 1t appeared that Evelyn had kept her promise to Jimmie and had not told her friends about Green, since no one questioned when the major termed him & blackguard. Her self-control was wonderful. Except for an occasional glance at the clock there was nothing to suggest the secret. Finally she sug- gested bridge. “If Lionel and I play the first rubber, we will cut out after and leave you four while we have some music. Nancy and Bill Netherton played against Evelyn and Duckworth. Evelyn and her flance were losing, but if she was inattentive, it was hardly surpris- g 2 | Al was still in the Dutch garden, where a figure sat motionless in the | seat beside the stone steps. Above it. the satyr stretched its arms in evil | invitation. | The minutes pasced without outward sound or movement. No light was vis- ible from the music room, for that door was shut and the curtain drawn across |it. The music_continued. The song, “To the Desert,” was begun. ‘Then silently, but quickly, a shadow moved from the shade of the house to the hedge-hidden pathway leading to the Dutch garden. The fgrm crept nearer to the broad stone Stepe and crawled up to the level of the wall on which the satyr stood. Then it leapt up, gloved hands gave the stone image a swift, unhesitating thrust, and it fell, crashing on to the figure beneath. No sound followed, but the snapping of woodwork and the breaking of the | stone. The shadow stooped again and made to run. Then there was a sound! Two forms sprang from the shelter of ]Elel trees and seized the escaping erim- al. ‘The startled villain was thrown to the ground. and it was but a matter of moments for cords to secure his trembling limbs. |, “You hold him now, Don. I will | be_back soon.” ‘With these words Jimmie sprang away—started to run to the house. As he did so the clock in the hall struck ten and the strong voice in the music- room sang the opening lines of “‘Sep- tember Roses.” Jimmie crossed the lawn and hast- ened to the drive in front. ‘There, punctual to the second, he met Super- intendent Richmond. “This way!” he led Richmond through the open hall door and headed toward the music rom. “Roses of memory, roses of Septem- ber"—came the words clearly enough. Silently he turned the handle, but the door was locked. Quickly they ran back, through the garden to the cur- tained doorway of the same room. ‘Without a moment’s hesitation Jimmie threw his weight against the door. It yielded, and he stumbled through the parting curtains, the bewildered Rich- mond following. At first the room appeared to be empty. Then they saw Evelyn stand- ing alone, trembling. half-hidden by the curtains they had so rudely thrust | aside. (To be continued.)