Evening Star Newspaper, September 13, 1931, Page 62

FIN BONDS IRREGULAR [N DRAGGY MARKET Railroad List Resumes Its De- cline—Industrials Hold Fairly Steady. BY ALEXANDER HENDERSON, Associated Press Financial Writer. NEW YORK, Sepiember 12.—The bond market continued to decline ir- regularly today. but trading in most, 4ssues was restricted to a few small sales, and no transactions of any sort were reported in others. A recovering tendency appeared in the public utility group, but it was a rather feeble movement. Such gains as appeared were the smallest fractions. The movement was not sufficient to prevent lower prices in such issues as Postal Telegraph 5s and North Ameri- can 5s of 1961. Cincinnati Gas & Electric_series A 4s. American Tele- phone 55 of 1960 and International | Telephone debenture 5s gained frac- tions ANCIAL THE SUNDAY STAR BOND SUMMARY FOR THE WEEK —1031.— Hien iow. Stock ana_dividend. 102 23 10020 Lib3%s 1932-47. 105 5 10224 Lib 4th 418 1933 10316 10013 U S 3%m 1940-43, 103 18 10020 U S 8%8 1943-47 10722 104 2 US3%s 1946-56. 10922 10529 US 45 1944-54. ., 114 8 109 14 US4%» 1947-62. —1931.— Hish, Low. 101 874 47 102 102 90BN 51 Stock and dividend. Abram & Straus 6%8'43. . Allezhany Co cv 6844 Am Beet Sugar 6s '35 Am Chain 6s1933..... Am1GChm5%81949.., Am Internation 6%s 49.. Am Natural G 6%s *42... Am Sm & Ref 1st 6347 Am Sugar Ref 68 '37. Am Tel&Tel cv d%s Am Tel & Tel s f 5. . Am Writ Pap 68 '47 Argentine 5s June Argentine 6s A ‘57 Armour & Co 448 '39 Armour of Del 6%s '48. Atch T & 8 F gen 4896 712 Atch To & S Fe 434548 Atlantio C L 1st 4s '52 Atl Coast Line 4% 9014 51y 97 20 74 8 10115 1034 120 99 100 521y 108 Australia Austria T Railroad obligations resumed _their | decline. Only a few of the rail bonds | showed any sieadiness, Losses ranging | from fractions to 1 point occurred in, Baltigore & Ohio 4',s of 1960, St.| Louis-San Francisco 4',s of 1978,/ Southern Pacific 4125 of 1968, Pennsyl- | vania series D 4!58 of 1970 and general | 41,3 of 1965, New York, Chicago & St. | Louis 4'2s of 1978, New York Central | 8s of 2013, Chicago & Northwestern| 4%s and Canadian Pacific deben- ture 4s. Industrial obligations were less active than either the rails or the public util- jties, and they divided their price changes about evenly between gains and declines. Foreign loans provided much smaller and fewer fluctuations than is fre- quently the case. and the turnover was much smaller. The trend, however, was lower. German obligations were gen- ! erally steady and quiet. Polish 7s, Uruguayan 6s, Australian 5s and Aus- trian 7s dropped about 1 point each. United States Government loans were dull and steady STEEL TRADE QUIET AS ORDERS DECLINE; Rate of Operations Is Estimated at 28 to 30 Per Cent of Capacity. £ By the Associated Press. NEW YORK, September 12.—De- velopments in the steel trade con- | tinued unfavorable, with cwrent rate of operations estimated between 28 and 30 per cent of oapacity, the lowest | . since inception of the business depres- sion. August unfilled steel tonnage re- port of the United States Steel Cor- ration dropped 235359 tons to the fowest levels since 1927, and ingot pro- duction_receded to & new low since 51021, Trade opinions were mixed, some | ? quarters contending both prices and roduction have reached resistance vels and that some natural rebound i8 likely from the holiday dullness in- cident to Labor day. Other quarters . contend expectations for improvement are based more on hope than on actual evidence of important improvement in * demand, Some slight gain was noted < in rail buying. and automobile manu- * facturers have ordered more steel for | 1922 models to be in production in| * October-November, but structural steel | . orders, recently one cf the major sup- | * ports of the market, have shown a fall- * ing off Eastness featured the export copper situation, the price receding to 7% cents. cif. a new all-time low, with “ @ fair business reported at that level. . Domestic demand was sleck, with * buyers cautious because of disturbed _ price situation. Rumors of & world i copper curtailment conference in New " York this month have so far lacked con- firmation. . Tin was slightly easier. Demand for " lead has shown no abatement and buy- < ing for September-October needs con- . tinues at & substanial rate. Prompt * shipment zinc has been in better de- mand at unchanged prices. A further | broadening of demand expected in view [ of small stocks in consumers' hands. Antimony was quiet and slightly lower With dealers and consumers showing & little more buyving interest. " §TOCK LOSSES PUT MARKET BACK NEAR LOW MARK OF JUNE (Contigued From First Page) o (Contigued From ! of forel, trade and who are out of Jobs When this element in our indus- trial life fades from it. Stocks at June Lows. : An approximation of the low price levels o)()p.!une was reached in stocks this week, coincident with the reduc- tion and omission of dividends on & 3 dozen or more important stocks. The rate to which the dividend on New York Central has been reduced is the Jowest since 1899. Such men as the elder Vandebilt. J._ Cassatt, J. J. Hill. E. H. Harriman, Stuyvesant Fish * ‘and Milton H. Smith never could have delieved that the American public would look so disparagingly on Ameri- can railroad stocks as th when in a majority of caces y “, cal values of properties and the way n which they function are greatly su- ¢ perior to that when market values of % their stocks were many times higher _-and when rafls. instead of industrials = and public_utilitles, held the center of the stage. | The prevailing prices for many cor- porstion bonds are as difficult to ex- plain as those for stocks. As they are essentially a_medium for institution2l investment, it is inferred that much of the liquidation comes from banks thet are sorting out the weakest mem- bers in their portfolios and exchanging them for issues of higher grade or elss turning S the prcceeds into cash and building up a stronger primery reserve. The bank stat-ments as of the end of September will zgain show the element of high ratios of cash to Government securities and deposits. Not infre- quentiy this {5 known to be as much as 50 end even 75 per cent. It is im- possible to develop en investment mar- ket so long rs the banking community 45 in the mood where abundant cash Tesources is its main objective, Tax Talk Affects Market. Factors that enter into the disturbed ~ -#tate of the Wall Strest mind this week are the pronounced failure of the latest Government loen, when measured with - the results of earlier issucs, and the rapid crystallizing of political opinicn < on the subject of higher Federal income ¥ taxes in 1932 in order to balance the £ pational budget. This has taken form i since the new tax schedul> was an- nounced in England ‘and will undoubt- edly be cne of the most actively de- bated mezsures in the next Congre Already a certain amcunt of @iscount- ing of it is taking place in the sale of securitics on_which losses may be es- tablished. securitics Into a market that has had guch poor powers of reception. There have been few business devel- | opments during the week that would indicate improvement except in limited industries that are rezlizing the benefits of repiecement of the common necessi- tles of the average citizen. ‘ / - = b o & g (Copyright, 1931.) This adds to the flow of | 9% 924, 1021y 8T 86 100 92 98 861y 01y 31 1000 107 101 11 103% B &O gold 48’48 B&Ocudl4s'3s Balto & Ohio 58'48. B & O ref 55'95. B & O ref 6s D 2000, Balto & Ohfo 63 '95. B&OPLE& W Va ¢ B&OS W DIvb Banzor & Aroos Bank of Chile 6% Bank of Chile 6% 8 19 Belgium 65 '65. . Bell Tel (Pa) ref bs Reth Steel p m 68 ‘36, Bolivia 7sct 69.. Bordeaux 6s * Boston & Maine 53 Brazil 6% Brazil 8341 Brooklyn Manh 1at ooklyn Union 68 ‘0. 5s 82..... lonal 41854, Canadian Natl 414s . Canadian Natl 4925 '68... Can NatJu 5 Canadian Canadiar, Pacific deb 4s.. Central Pacific bi Sertain-teed 5% 1948. Chesapeake Corp bs ‘47 Ches & Oh gen 418 '92 Ches & Ohlo 4% Ches & Ohlo ¢ hiB& Q4% Chi B & Q ref 6371 Ch & East I1l gen 58 °51 Chi Great West 469 Chi MStP &P 6s'75. Chi M St P & P adj bs. Chicago&Nwn cv 4% Chi& N W 6%8°36 Chicago Rys 58'27. Chi R 1 & Pacref 4s'34 fcago Rtock Isl 415560 “hicago RI14% 8 A.. Chi Union Station 4 48 i Unlon Station 638 Chi & West Ind con és. .. Chi & West Ind 6%s '62.. Chile Republic 6s 1960. ile Copper 58 '47 CCC&StLIf4%sE'TT. CCC&StLEsD..... Cleveland Term bs B '73. Cleveland Terminal 6%s. Colombia 6s 1961 Jan Colon Oil 6s'38. Colo & Sou ref 4%s 't Columb G & E deb s '62.. Comm Invest 5%s ‘49 Con Coal (Md) 1stref is. Copenhager s ‘62 Cuba R R 68’52 Cuba North 6% Czechoslovakia 8s ‘51 Del & Hudson 6%48°37... Denmark 5% 1955. Denmark 65 '42. Den & Rio Grand Den & R G West 5 Den & R G West 55 '78... Dodge 65°40. . Dugquesne 4%s 1967 Dutch East Indles 68 '47. Dutch East Indies 6s '62. o 1st con 4, Erie gen lien ¢ Erie ref 53 °'67. Erie58'75. Fiat 78 (xwar) *4 Finland i s '60 ‘Fonda J &G 4% French 7s'49 French 7%s 41. Gelsenkirchen Min 6534 General Cable %8 1947, Gen Motors 6: . . Ger Gov 545 '65 wi... erman Bank 6s 1938. ... erman 7s 49 ... oodrich (B F) 61%s'47.. ivodyear Rub 5s 191 s Grand Trunk s f deb 6s. Grand Trunk 7s "40 Great North 4% Great Nor gen 5% Great North gen 7 Greek 681968 ...... Havana Elec Ry 6%s. Hudson & Man adj 68 Hud & Man ref 68’57 Humble O& R 6%s°32 Tilinois Cent ref 4s 5. Illinofs Central 4%s"66. . Inland Steel 4148 1978. Inter Rapid Tran 5s°66. Inter Rap Tr 58 sta "66... Inter Rapid Tran 6s'32. Inter Rapid Tran cv 7s. Inter Cement bs 48 Inter Gt Nor adj '65.. Inter Match 5347 Inter Mer Marine 6s°41. Inter Paper 63 A '47. Inter Rv Cent Am 6% 8 Int Tel&Telcv 43%s ‘39 UNITED STATES GOVERNMENT. High. 102 9 102 3 102 7 —2 10316 102 8 Lib 1st 4% 1932-47, 10229 10225 10226 — b 104 28 10423 104 24 +,10226 10116 10124 10221 101 16 101 28 .105 20 105 16 105 20 .108 3 10716 107 23 211210 11112 11124 High. 1004 997% 10414 1047, 831 Net ZLow. Close. Chae. 101% 102% +1% 99% 99% 105% 1 4 1% 963 9% 65 4% 104% 97 764 108 96 98 7% 9214 991y 80 1034 86y 62 81 514 72 72 1% Net Low. Close. Chse. . Stock and divid Irish Free State Italy 78 '51. Japanese 6% Kan City South High. 102% -2 -28 - 26 ~16 13 —18 Net Low, Close. Chge. N 96 96 —1 58 -5 40 +2 9% —1% 90 -4 7% + % 19% -+ 2% 103+ Y4 104'% 1241y 109% a8, 621y 6414 T4 57y 99 107% 97 74 Kan Gas & Elec ¢%s 30 Kendall 53848 (war)... Kreuz&Toll bsct wi Laclades%s D "60. Lehigh Val cn 48 2003 Liggett & Myers b5 *61... Loew's Inc Lorillard 6% Louls & Ni Market St Ry 78 A *4! Midvale Steel 55 '36. Milan 6%s "l MIEIR&L 1 Mo Kan & Tex oo Mo Kan & Tex adj 68 '67,. Mo Kan & Tex prInbsA.. Mo Pacific gen 75. Mo Pacific 5s A 65 Mo Pacific 5s I Mo Pacific bs G Missouri Pacif Montana Power at rat 6 Nat Radiator 6%s 1947... Netherlands 63 *12 New England Tel 65 ‘52 New South Wal NY tdeb 4s'34 N Y Cen ref imp N Y Cent deb 68 '35. ... Y Chicago & StL 4%s ‘78 Ché& SLret6%sA.. Chi & StLouis éa *32. Edison 15t 648 N H & Hart 4 NH NH [} 102% 108% 391 96 99 108 i+ 41 FaFE 1051 87 86 100 921y waa z y Sta Y Y Y Y Y ot Y Y Y 22722227 North Amer Ed bs ‘67 North Pactfic 38 2047, North Pacifio 4 '97. North Pacific 58 D 2047... North Pacific r 1 63 2047 ... Northern States Pow bs. . Norway 6% Ore Wash 1t ref Orient Dev 6% '57. Pacific Gas & E1 105 1084 Penn gen 4% 1008 Penna RR 4 106'% 1008, - 1064 Penn gen Penn 6341 ‘36 Peru 6 PeruTs..... Philadelphia Ce Phil& Philips Petrolm 6% 8'39. . Pittshgh& W Va 435 C ‘60 Poland 8s'50. . Postal Te) & Cab 63 '33. Queensiand 65 '47. Queensland 7 Rhine Westphalia Rio de Janeiro 8 *46. RIATk & L 4348 '34 Rome 6%s '52.. SLIM&SR&G4s'3.. StL&SFprindsA‘s0.. StL&SF 448", .. StL & San Fr 58 B ‘50 St Louls S W con 4 StP KC8 Ll Sao Paulo Stat Seaboard A L ref 4s Seaboard A L con 6s Sefne Dept of 1 Serbs.Croats&Slav Serbs Cronats Slov Sinclair Of 78°37. Sinclair Crude Ofl 5 Sinclatr Pipe Line 5 Southwes Bell Tel South Pacifie col 4 South Pacifie ref 4s ‘55, South Pacific 4 148 68. . Southern Pac 455 '69 w Southn Pac Ore 4% Southern Ry 106 - 61 +3 70 41w My — 4 102% — 3 1001 —14, | 107 — sl 86 93—, Bdly 13 " | 108t 101 30 107 99 100 58 481 101 1023 95 98 10215 1088, South Ry dev 634 ‘56 Stand O1I N J 6 2 Tenn Copper 6s B " exas Pacific 53 B Third Ave ixt ref 45 60 Third Ave adi bs €0 Toko Elec Pwr s Union Pacific 15t 4s 47, Union I'acific 45 "68. . Un Pacific ref 4s 2008 United Drug 58 '63. . td Kingdom 5%s ‘37 U S Rubber 1st & ret b, Uruguay 6s 1960. . Utah Power & Light s, .. Utilitles P& L 6%8 *47... Vienna 68 1952.. Va Ry & Power s 34 1001, a1 .06 101y 1047 661y 401 103 0% 7815 103% 102% 83 984 39 1000 —118 | 91 -1 96l 1y 101y — 1y 104% — 5 67 40's 10315 704 24 731 —14 103% + % 108~ 3% 35 -7 981 -2y 39 -8 6 — 5 45 Wabash 58 D ‘80 Wabash 6348 '76 Walworth 6 Walworth 6%s '35, Warsaw 7s 1958 481 Tl - 6815 -1 mn1 - % 63 —1u 10815 — 901, 991y + 95w - p West Maryland 4s ‘63 g West Maryland 5%s '77. Western Pacific 68 '46. ... Western Unfon Tel 63, Wilson & Co 1st 68 '41. Yokohama 6s ‘61 Youngstown Steel 53 *78. 7212 65 109 93 991, 961 63 104% 88% 95 95'n 3t ] Baltimore Special Dispatch to The Star. BALTIMORE, September 12.—The | general egg market continues firm under light receipts of desirable fresh- laid stock, for which there is ready | sale. ‘but "average nearby current re- erwise they are slow to move out, the trade preferring Western goods. Ship= pers are forwarding a number of small pullet_eggs. which, under compulsory Government rules, have to be sold at lower values. and in many instances dealers are compelled to separate them from the larger eggs hence, careful grading is necessary to rcalize h'gher quotations. Hennery whites and firsts must have the size, weight and fresh quality, otherwise they are termed current receipts and have to be sold accordingly—in <ome inctances below actual market values. ‘The market closed today at 28 to 30 cents & dozen for hennery whites, 55 pounds end up, with nea bringing 25 and curent receipts 22 to 24, but sma'l pu'let eggs will not bring over 15 to 20. The oultry ma: ! ket continues firm, ally ‘on old hens, light recelpt end good demand fat old kens for the Jewish trade at 23 to 25 a pound. but small poor fowl is not wanted and hard to move at, 14 to 18 | Large colored mixed Spring chickens, 21, pounds and ovey, meet with ready cale at 22 to 25 a pound, but smaller ' will not bripg over 20 and 21, while Leghorns are not so dsirable at 18 to 20. Market holds steady for large fat young ducks of the e variety, but only a fair demand exists for 'poor undersized stock. Black ducks of the Moscovey variety preferred, on account of weight and fatness, at 18 to 20, but stock under 41, pounds is neglected at 13 and 14. Guinea fowl and pizcons holding stcadv at 40 to 60 each the former afd 15 to 20 a“pair young and old of the latter, Vegetable Prices. The market for white potatoes s weak under ample receipts from all sections and a slow demand at 75'to 80 per hundred pounds, but No. 2 stock both ceipts must grade good quality as oth- | in the cases,| for | B | NEW YORK BANK STOCKS | NEW YORK, September 12 (#).— Over the counter market. |1s not wanted at any price. Sweet po- tatoes continue ia good demand at 30 to 40 a basket for nearby and 50 to |75 per bushel for Eastern Shore stos but mixed undergraded potatoes are | not wanted and have to be sold strictly cn_merit. = ! have a prenounced e WASHINGTON, D. C, SEPTEMBER 13, 1931—PART- SIX FINANC NEW YORK STOCK EXCHANGE (Continued From Second Page.) ~1991— High. Low. 1931~ Sales— High. Lew. 24 1% 62 21% 8% 14% 72 268 2054 87 25'% 387y 611y 4% 122 28% Stock and Dividend Rate. 11% Truscon Steel (60c). 7 6% Twin City Rap Tran, 6 854 Twin City R Tr pf(7)x 108 6 Ulen&Co......... 13 87 Under Ell Fisher (4) x 54 814 Union Bag & Paper.. 7 4312 Unlon Carb & (2.60).. 706 14 Union Oflof Cal (2). 88 181% Union Pacific (10)... 79 82" Union Paclfic pt (4).. 19% Un Tank Car (1.60).. 207 Unit Alreraft. 46 Unit Alrcraft pf (3).x Unit Biscuit (2). 1 i 4 1 13 8 20 2! B 3 1 3% Unit Cigar Stores 41 Unit Cgr Strs pf(6)., 16'%4 Unit Corp (75¢) Unit Corp pt (3). Unit hyewood Unit Electric Coal. Unit Fruit (4).. ‘nit Paperboard. . it Plece D W Xpress. .. Hoffman. ....... Indus Alcohol. .. Leather (A). Leather. ... tubb ntg & Ref (1). eelpf (T)..... cco (4.40) lited Stores (A). United Stores pt (4). Univ Leaf Tob (3).. Univ Leaf Tob pf(¥), Univ P’ic 15t pf (8) 114 Univ Pipe & iad. 9% Univ PPipe & Rad pf.. 191 Util P&L(A) e 5 60 31 10 4 ec&I'wr pf (6). 30 3812 Vulean Detin (4).... 610s FINE CROP YIELDS NOTED IN CANADA Harvesting Well Under Way, With Late Crops Showing Further Improvement. , 8peclal Dispatch to The Star. MONTREAL. September 12.—Apart form the drought-siricken areas of the Prairie Provinces, creps generally throughout Canada are fullfilling earli | er promises of good yields of high qual- ity, according to,the latest crop re-| port of the Bank of Montreal. Harvest- | ing in most districts is now well ad- vanced, and conditions continue fa- vorable for late maturing crops of | truit and roots With harvesting 65 per cent com- pleted in Alberia, 75 per cent in Sas- katchewan and 90 per cent in Mani- toba, the estimated Prairie wheat crop now stands at 250,000,000 bushels. In Quebec, most crops are well up to aver- age, or above it, and conditions con- tinue favorable. In Ontario cutting is under way | of a heavy second crop of alfalfa of good quality, and an excellent cgp of corns In the Maritime Provinces crops generally are in good condition. In British Columbia grain crops are esti- mated at 100 per cent of average. BANKING SUPPORT. NEW YORK, September 12—(Spe- clal)—Evidence that several of the pivotal stocks were receiving support at the end of the week again created | discussion over the general lack of backing for the market in the past six months, One answer to this in Wall Street is that the foreign situation has compelled bankers to give most of their time and their capital to it. Not until they feel that they will no longer be calleld upon to grant large credits abroad can thev undertake a market campe‘gn of such proporiions as would on prices of either stocks or bor Electrical Geods Exports. By the Associated Press i The ‘Commerce Department reports July shipments of electrical equipment to Europe were valued at $2.518.341. a gain of $133,571 over the same month of 7eRr. !Ll;to“y‘ to the United Kingdom were valued at $830,000, an increase of $167.- 136. Some of the most Important items taken by this country consisted of port- able electric tools, electric household re- | frigerators and parts. vacuum cleaners and radio receiving sets. ° | French purchases also gained, and consisted principally of svark plugs, ra- dio“receiving sets. electrical household | refrigerators and parts and motors of | one-third horsepower and orer. { WEEKLY FINANCL By the Associated Press. okers' loans.. ase Federal Reserte rati.. Holdings, U. §. Securitl: Gold_ reserve ..... Rediscounts . Bank eclearings .. Eleciric output (Kw ending Scptombe $ UHD week Receipts of native and nearby garden truck continue liberal and while values show little change from last week, prices are moctly in buyers' favor at the following quotations: Stringless green beans, 25 to 45 a bushel; beats, 2 and 2.50 per hundred; cabbage, 25 and 30 a baskel; carrots, 3.00 and 4.00 per hundred; sugar corn, 10 to 15 a dozen; cukes, 20 to 40 eggplants. 20 to 35 hamper; 5. 1.50 to 2.00 hamper; onions, 1.75 to 2.00 per hundred pounds: pep pers, 20 to 25 hamper; spinach, 60 to 75 hamper: squash, 20 to 25 hampe tomatoes, 20 to 60 hamper, and 35 to 42 per bushel for canners’ stock. | Live Stock Market. ‘The live cattle market holds generally steady, but qu'et under moderaie re- coipts of choice cattle on the wi Demand fairly good for this so-t, but common craincry catile s slow sale at inside prices. Recelpts gonerally ample for all trede wants and tié market is mo-tly a buyers’ market at the fol- lowing quotatio Beef cattle, first quality, pound, 6a7; common to me- dium, 4a5; bulls, as to quelity, 2ad cows, choice to fancy; 4a3; common to far, 2a3; oxen, as to quality, 3a5 calves, choice, 929} rough, 6a7; 4a5; sheep. 1a2; Spring lambs, choice, a7l fair to good, €ag':: small, thin, 4a5; hogs, straight, T; sows, 5a6; stags, 3a4; live pigs, 12al15; shos 10a12. Ci Pheni Netion, i N ham | Commercial First Natiorai Manh, Co. National City | Public Bankers Brooklyn Ghem Bank & Trust [ Cont. Bank & Trust ... Corn Exchange Empire. Guaranty Irving Nanu New York ul. we SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid, Offr. 01%, 102 100 it American Chain Co. 63 1533 Awerican Tel. & Tel. & nevay Co. 65 1936 1936 50 RO Cleve.. Lor. Colorado & So. Rwy. Commerelal Credit Co. 5's Delaware & Hudson 55 | sl Public Bervice 5148 d Trunk of Canada 65 1936 Houst. E. & W. T. 55 1933 stpd. 100 Humble Ol 518 1952 ... Laclede Gas Light Co. 35 ij; Louisyille & Nashville 55 ‘1937 New- York Cent. & H. 4 New York. Chi, & 8t, L. Korthwestern Tel. 4ias Ba K. R Co. 6.5 1936 3 Fortiand General’ Elec. 35 1835 c_Iron | Beile ot & s 2, thos & CO.) | Bouthern Pacific 83 0 It € 1eci's | 8t. L. LM.S. Ry. R. & G. 45§ Union Elec. Lt & Pow. 55 8033 | Union 01l co. of cat. 5¢ 1935 Virzin'a Rwy & Power 55 1934. Wabash Rwy. Co. 88 1939. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) . | — e | FOREIGN EXCHANGE. | (Quotations furnished by W. B. 21 gold Value: Viidoes 39130 1391c 23.8ic 2 today, 34.86 1-32 392/ 13.82¢ 23500 . 3} Zurich, Atiens, Madrid, Vienna, {rane. drach pese schi!ling pengo. . rown (nom. Warsaw, gloty... | Copenh (Final three ciphe omitted in | Car loadings, veck ending August 20 Crude oil produ-ticn (harralo). ... Y. Stack Exchange), . Stock Exchange).. Call money Time money ra‘s.. Commercial paper By the A SATURDAY, Sl ~ 50 Previous cay Week 230.. Mon‘h ago. High, 1929. Low, 1929. * New 81.0°% 1.4 82.2 83.1 94.7 92.5 95.0 90.4 814 94.9 83.3 95.3 Today..... . Previous day. Week ago. ... Month ago. Year ago High, 1931 Low, 1931. High, 193 High, 1929 Low, 1929. * New Add 00. High. Low. 9% \ ‘This week e STCCK AND BOND AVERAGES clated Press. Industrials. Industrials. Net. Close. Chge. 1% — % Th — W 38 -% 6% + W 3TH — % 12% — 14 45% 48% -2 1b% 16% — % 131% 13214 —4'y 82 o 82 —1% 19%° 19% — % 231 23% — % Bhi 654 -2 59 -4 1124 112% —2% 1 _97__90 Vulcan 26 51 27% 156 27% 8% 57% 20% 40% Th 46% 4974 32 6 60 264 57\ 106% 108 12 11814 120 2 84 11% Th 38 6% 37 12% 19 21 4 6% 3 24 4% 108, 1% 10% 26 18% 3 7% Th 619 2% 01y 5% 8 47 24 Webste w 50 — & 264 1% 105 105 -1 Weston Wheelir Wheelis White | 5 Wilcox Wilcox Willys-Overland. Wilson Wilxon Wilkon Woolwa 108, 513, 728 1067, B0 30 15% 76 29 78 55 B 14 361 381 29' 3 10713 10 2 42 s 1y 25 25 -3 20% - I = = 20 5% Yellow 38 Yellow 145 Youny 3 Yrstwn 1y Zenitn | 10 Zonite ¥ ayments based tions, xEx-dividend 4% in stock. ‘Plus 9 b pavabie i stock. e h Plus 2 in stock 3% o ‘slock. *m Pal stock. p Plus 20 2 N 1 6'e 1064 1061 - 6 43 44 |BIGELOW-SANFORD SEEKS ORDERS LISTING ON EXCHANGE NEW YORK, September 12.—Bige- low-Sanford Carpet Co., Inc., made p- plication today to list the capital stock of the company upon the New York Stock Exchange. The stock is now traded in on the Boston Stock Exchange and the New York Curb Market. Capitalization of the Bigelow-San- ford Co. comprises 55000 shares of 6 per cent preferred stock, par value $100, and 326500 shares of common stock of no par value. Tre preferrea stock is distributed amcng 1,025 stock- holders and the common among 1 stockholders. 2 . 2 Two Billions Urged for Roads. By the Associated Press W. R. Smith, president of the Ameri- can Road Builders Association, be- lieves $2,000.000,000 for roads and streets in 1932 is the minimum neces- Sary to preserve normal activity with- out considering extra construction to relieve unemployment. More than a million men are em- ployed in road and street building, Mr. Smith said, and states that twice this number are employed in furnishing ma- terials. equipment and supplies. Fed- eral aid and State road construction this year exceeded $1.000,000,000, em- ploving about 350.000 men; county and township road work this vear will in- | volve in excess of $670.000.000, empl ing in the neighborhood of 350,000 men, with city paving employing ap- proximately the same number. . . Canadian Canal Traffic. OTTAWA. September 12 (#.—In the month of August traffic through the Canadian canal at Sault Ste. Marie, Out., increased 111,269 tons over Au- gust. 1930, but freight through the United States locks showed & diminu- tion of 2993487 tons. The chief re cuctions were in iron ore, 2.720.622 tons, and wheat, 8788555 bushels, while soft coal increased 88477 tons Freight amounting to 972976 t ns rawed through the Welland C:nal in Augnst. 1931, as against 985.829 tons in | the same month of August, 1930. Wheat registered a decrcase of 255,945 and pulpwood a decrease of 39.366 The cumulative traffic to August 31 was 6,306 tons greater than for the cor- respending period of 1930. ‘ U. 8. TREASURY BALANCE. ‘The United States Treasury balance announced yesterday as of close of busi- ness September 10 was $50.823,370.21. Customs receipts for the month to date were $10,348,622.06. ‘Total ordinary ex- penditures were $13.851,747.03. tons SILVER QUOTATIONS, NEW YORK, September 12 (#).— Ear silver steady and unchanged at 28 AL HIGH LIGHTS Last week $1,366.000 9.4 $728.108 3,484,960 257.235 6,142,893 Year ago. $3.143.000 81.3¢, $602.033 2.959.600 183,195 8,130,110 1,630,081 984,510 2,437,050 11.718,550 $48.207,000 $144,711.000 2% % 3%-3"4"% 3% 1,325 000 79.5% 872,065 3.470 046 260.232 4,813,084 1.627.380 above.) 736.764 1,637,533 $44.417.000 EPTEMBER 12. 20 Utilities, 146.2 150.1 15%.1 161.2 Utilities, 98.7 98.7 99.4 112 101.1 96.9 99.3 1015 98.4 201.4 96.6 99.8 96.0 Total. 90.4* 90.7 91.9 93.1 Stock and Dividend Rate. 6% Wabash RR, Wabash RR Waldorf Sys (1%) Walworth Co..., Ward Baking (A) Ward Baking (B) ‘Ward Baking pf ( Warn Bros Pictur Warner Bros pf 3 Warner Quinlan. Warren Bros ov pf 3 Warren Fd&Plpe(2). Webste: vesson Ofl&Sno(2). Wesson O&Sno pf (4) West Pa Elec A (7) West Pa El pf (6). West Pa West Pa I'wr pf (6). West Pa Pwr f ( Western Dairy estern Dairy (13) Western Mary land. Western Md 2d pt Western Paclfic. ., Vestern Pacific pf. Western Union (8) Westiughse A B(2).. ting EI& Mg (4) 3461 Westing White Motors White Sewing Mach White Sewiig Y gstn S, sLess than 100 shares Sales— Net. Add 00. High. Low. Close. Chge. 20s 95% 94 94 68 T% 6% T wW 4 19 19 19 ~14% 30 24w 23 2 4% 4% 4% 3 14% 14% 31 3% 3 1 41 41 1066 10 9% 3 25 25 7 2% 132 808 69 2% 148, r Kisenlohr., 4 10% 284 27 204 8 Eisenlhr pf 1708 11 18% 3 25 25 17% 16% — % 12 51 108 95 -3 608 9% -1 1008 107% + % 208 1M% 1% 408 116% — 1 7 L e 21 7 L) 48 s 3 Detin pf (7). devens - % - - W - % S1pf (7). v (A) 10 3 154 1 1¢ 21 — % 491y - 891y 12 16% 50 184 — 127 - 331y - 2 4 4 Df (4) 8908 E 1K & L 1g Steel, tock (1413). © $ F FTEE K5 Ol & Gas. ... Rich A (215). & & Co (A). & Co pf. th (2.40) - % =i Worthingion Pump. Wrigley (Wm) (4).. Yale & 1 Towne Truc ruck r&Wire(2), Sheet&Tube, &T ctfs Blue wdio "rod ¢ eq in the above table are the snnual on the latest quarverly or half-ysarly declara. tPartly extra iPlus ast year—no resuiar rate £ Plus 8% in stoes. in special preferred stock. k Plus no regular rate. nPlus 5% in FOR LUMBER EXCEED PRODUCTION Exceeds . Output for | Fourth Consecutive Week, Ac- cording to Trade Reports. © i stock. & Paid Pavable ih cash or Atock. 1P i o in st Demand Lumber orders were approximately 9 | per cent above production during the week ended September 5, it is lnmr:lledi | in telegraphic reports from 85" leading | | hardwood and softwood mills to the| National Lumber Manufacturers’ Asso- | | clation. This marks the fourth con-| secutive week in which the ratio of new business over production has been favor- able, although continued curtailment of | | the cut should be noted. The cut of these mills for the week amounted to 189,743,000 feet. Shipments were 15| | per cent above this figure. A week iei!ller 847 mills reported orders 7 per | cent above and shipments 12 per cent above & cut of 196.195.000 feet. Com- rison by identical mill figures of the | atest week with the equivalent week & vear ago shows—for softwood: mills. production 20 per cent loss, ments 1 per cent less an cent less than fo | ship- | d orders 9 per | the week in 1930 for | hardwoods, 219 rills, producticn 31 per cent less, shipments 4 per cent less and | orders 13 per cent under the volume for the week a year ago. Lumber orders reported for the week ended September 5. 1931, by 567 soft- | wood mills totaled 186.782.000 feet, or | | 8 per cent above the production of the same mills. Shipments as reported for the same week were 195,011,000 feet, or 12 per cent above production. Produc- tion was 173,620,000 feet. Reports from 199 hardwood mills give new business as 19.529.000 feet. or 21 per cent above producticn. Shipments s reporled for the same week were 22.943.000 fect. or 42 per cent above production. Production” was 16,123,000 ec Reports from 481 softwood mills gis vnfilled orders of 560.563,000 feet on Sopte ":) 5. 1931. or the equivalent of days’ preduction. This is based upon production of latest calendar year—300- cay vear—and may be compared with unfilied orders of 517 softwood mills on September 6. 1930, of 754,705.000 feet the equivalent of 15 days' production ‘ The 418 identical oftwood mills re- port unfilled orders as 547,124,000 feet on September 5, 1931, as compared with | 708,184,000 feet for the same week a | year ago. Last week's production of 458 identical softwood mills was 163.- 780,000 feet, and a year ago it was | 205.436.000 feet: shipments were, re- spectively, 185,160,000 feet and 187.- 569,000, and orders receiver, 181,837,000 feet and 199.405.000. In the case of hardwoods. 219 identical mills reported productio nlast week and a year ago of 14.201,000 feet and 20,484.000: ship- ments, 20,221,000 feet and 21,051.000, and orders, 17,408,000 feet and 20,124,000, |CHICAGO LIVE STOCK MARKET CHICAGO, ~ September 12 —(#— States Department of Agricul- Cattle, 300: compared week ngs and steers y higher vearling: higher; instances, more; heavy steers, mostly 50 lower: grassers and short feds. about 25 lower on killer account: sieady to 25 lower on stocker 1oe accoun! fat cows and strong to 25 higher; up and vealers steady: sup- hty steers excessive; extreme v2ighty 10.25, early; sround 9.75, best yearlings closed at 10.15; yearling_ heifers, up to 9.75; most fed steers. 7.2589.50; grass- . 5.00a6.75; stocker and feeders, 5.00a6 25. She>p-—3.000; today’s market nomi- nal: for weck, 260 coubles of range lambs from feeding stations, 15,100 di- rect; compared week ago, fat lambs steady to 25 lower; decline largely on | natives; sheep unchanged; feeders | strong; closing bulk. good and choice | native’ ewe and wether lambs, 6.75a | 7.25; westerns,_ 7.00a7.65; few, 7.75; tter price top of week: native bucks. 7586.25; throwouts, 4.00a4.50; range throwouts, 5.50a6.00 to killers; fat | ewes, 1.00a2.00; feeding lambs, 5.508 5. | g5—5.500, quality, plain: 180-250 pound: including 3,500 direct: steady to 10 lower: 6.3586.50; top. 6.5 | plainer, "150-200 pounds, 6.00a6. | pigs, 5.50a6.00; packing sows, | 5.25; compared week ago. steady to 15 . pigs, 25850 higher; shippers | took 5,000; estimated holdovers, 2,000: « light lights, good and choice, 140-160 pounds, 6.00a6.40; light weights, 160- 200 pounds, 6.15a6.55: medium weights, 200-250 pounds, 6.2586.55; heavy weights, 250-350 pounds, 5.25a6.4f packing sows, medium and good, 27 500 pounds, 4.25a5.50; pigs, good and choice, 100-130 pounds, 5.2526.10. EARNINGS REPORTED. NEW YORK, September 12.—(®)— Per share earnings of corporations re- porting this week, with cflmnlflml with last vear, included: Six Months, June 30 | Affiliated Products ‘Burtnugh.s Adding | _ chine International Tel. Tel. MacMarr Stores Nelserner Bros. 1931 $1.81 $.50 1930 $0.96 & ... 0.82 1.04 (o042 043 032 060 4.25a | o'tllls (92 score), 31';a32; extrac IAL BETTER INDUSTRIAL METHODS PLANNED Market Development Confer- ence Will Be Held Here September 28-29, BY CHAS. P. SHAEFFER, Associated Press Business Writer. A more efficlent industrial organiza- ton 1s the hope of a trade and market development conference to be held here by affiliates of the United States Chamber of Commerce September 23 and 29, The meeting will be exclusively for the managers of wholesale trade devel- opment bureaus and distribution de- partments of local chambers, and for secretaries nterested in such work in chambers that do not have a special wholesale trade development bureau. It was said that such a meeting was necessary due to changing methods superinduced by lessened business ac- uvity, Such changes have rencered it imperative that all possible wastes in rations, distribution and sales be eliminated. There has been a thorough housecleaning ;n most lines of endeavor l cut out every needless expense and to eradicate every item which did not return profitable results. Improved methods of production, and in many cases more modern machinery and equipment, have been installed in order that costs may be cut. This process 1s still going on. ‘The conference, which has been ar- | ranged by the domestic distriputh department of the National Chamber, will seek to exchange ideas and to gain more practical working knowledge of the distribution problems of wholesa) and manufacturers. ‘The first day will be devoted to consideration of ways in which local organizations can work with individual distribution problems, and the second to means for developing the community as a trading center, CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, September 12.—The following is today's summary of impor- tant corperstion news prepared by Standard Statistics Oo., Inc., New York, for the Associated Press: News Trend. Stocks of Tefined copper were in- creased 15358 tons further during Au- gust to the highest total in the history of the industry. On August 31 surplus totaled 455775 short tons, compared with 347.688 on same date a year ago Production during August increased about 697 short tons contrasted with July, but was 17,211 tons smaller than a year ago. Stocks of Blister Copper were reduced by 3,553 tons during the month to 176.105 tons. Total surplus of refined and above ground on August 31 was 631.880 tons. The price of cop- per_for domestic shipments contipu-s at 7'z cents a pound, but second-ha- copper is reported to have been sold at Tls cents in past few di The decline in dollar volume of chain store sales expandd considerail' i August. Receipts of 43 leading che store companies for the mor g tered & drop of 4.3 per cent, vhi's the eight-month period decrc s» v onlv 2.7 per cent The trend of mail order s the month remained pracirai) changed. decl'ne of sales of th o~ ] ing units bring 119 per cent. smai=- 11.1 per cent for the first eight mn h The Industrics. Electrical Equipment—July of electrical equipment were v: $7.219,833 vs. $8,277.861 in June and $9.520917 a year ago. 7 month: ports totaled $57,764.229 vs. $81.! The Companies. Acme Steel Co—Declared quarterly 50c dividend; previous payment 62:, cents. Canada Dry Ginger Ale, Inc. end Septem- | Net income ar to | ber 30 estimated at a little above $3 !a common share. Sales volume first {11 months of fiscal year approsimately | 11 per cent less than vear ago. Censolidated Retail Stores—August les off 163 per cent, 8 months off 1 11 per cent; 28 units in operation vs. 30 in 1930. Z Electric _ Auto-Lite $1 quarterly common dividsnd declared; previously | paid $1.50; third quarter net, with Sep- | tember estimated $1.100,000 after taxes | and preferred dividends: cash was ap- proximately $2,500,000: current ratio in excess of 5 to 1; no bank loans, bonds or notes outstanding. Helme (George W.) Co. — Net in- come for 1931 estimated at about $2 331,501; equal to the $8.55 & common share reported for the year ended De- cember 31, 1930. * Phillips’ Petroleum—Disposes of in- terest in Panhandle Chicago Pipe Line to other members of group interested in line. Long Bell Lumber Corporation—Had deficit of $1,926,892 in first half va. def- icit. $610921. g Lamson & Sessions Co.—Dollar sales volume 8 months ended August 81 off about 45 per cent. operations approxi- mating 30 per cent of capacity. MacMarr_Stores, Inc— Stockholders sanction sale of business and assets to Safeway Stores Rubber Co.—Unit sales three ‘months ended August 31 above a yeer | ago. Dollar volume of sales for 1931 to..Seplember off about 20 per cent Production of tires Se ed around 1,350 vs. ca- pacity of 2,000 Murphy (G. C.) Co—Had 172 stor~s in operation September 1 vs. 163. Rath Packing Co.—Resumes 50-cent common dividend payment; last previ- ous payment made April 1. Reeves (Daniel), Inc.—August s off 7.9 per cent; eight months off per cent. Squar> D Co. declares 271;-cent pre- ferred dividend; previously paid 50-cent quarterly. Youngstown Sheet & Tube—Opera- tions at 25 per cent of capacity vs " per cent week ago. Belgo-Canadian Paper Co.—Securi- tles Protective Committee of Canada Power & Paper refuses to alter reor- ganization plan to satisfy compans | preferred stockholders. |~ Cannda Power & Paper Corporation Securities Protective Cormittee refuses to alter reorganization plan to satis’s Pelgo-Canadian Paper Co.’s preferred | stockholders. |~ Colgate-Palmolive-Peet Co.—First half net income $4.003,694 vs. $3,760.625, | eight months ‘approximated year as, Diamond _Electrical Manufactu | Co.—Quarterly common dividend omit- ted; paid 50 cents June 30. Kaybee Stores. Inc.. omits quarterly paid 15 cents,July 15. | New England Public Service Co. | (revised) declares regular Z5-cent quar- | terly cash dividend and semi-annual 134 per cent cormon stock dividend on common shares; previous report stated stock dividend was omitted. Warner Bros. Plctures, Inc., studio estabilshed in England: to produce 27 feature pictures for 1931-32. Western Union_Telegraph—July op- erations income off 24.2 per cent; seven months off 1.2 per cent. CHICA}SO DAiliY MARKET. CHICAGO, Eentember 12. — (@) — Butter—9,337, steadv. creamery-spo- (92 c-ore), 31; exira firsts (90-91 score), °81:a29 firsts (88-89 score), 26a27; seconds (86-87 score), 23a25; standards (30 score centralized carlots), * 283, Egus—6,438, steady; prices 3 | |