Evening Star Newspaper, September 16, 1931, Page 14

THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, SEPTEMBER 16, 1931. - FINANCIAL, MLBSNES || NEW YORK STOCK EXCHANGE | BINDLIT FRVER (o BONDS ] | S WAL AD WAR VITAL BUSNESS . | NEW YORK STOCK EXCH . DS s S WILLA L1st4% 83247 44 102 27 58 Maytag Co 1st pf (6) L4th 4% s 33.38 104 25 22% Melville Shoe (2).... 93 3 M 1 C US3ls"49....209 100 27 engel Co:.... 1US3%s40-42,. 40 101 24 22 Met-Gold Pic pf 1.89, Chief Elements in Present 20 414 Miami.Copper S3%s41-43. 65 l[lo)ll :z 5% Mid Continent Petm. Situation Summed Up by Remain_Sensitive to 1ol 3 27 Minne & Hon Reg ¢3) ) i 111 10 Market Observers. 14 Minne-Moline P pf. s Selling Pressure. 7% Mo Kan & Texas.... *x 3 ., Sales. High. para—— 25 Mo Kan & Tex pf (7) Tiw Abitibl Ié&P“S; 53. l: 5214 #pecial Dispatch to The Star. 13 Missouri Pacific. .. BY F. H. RICHARDSON. Ab&St5% Alleghany Cp 5 NEW YORK, Beptember 16—Unta- | 24%: Missour! Pac.pf (§) + 14| Bpecial Dispateh to The st 1815 M to Chem (1% " Allegheny bs 4! vorablé and favorable factors in the o Monieoty Whd s —%| NEW YORK, September 16.—Apart | Allegheny 55°50.. business situation are summed up in — % |from the foreign list, the bond market | Allis-Chalm 5 '3 today had a much improved tone. Rail- | Am F P 55 2030 the current bulletin of the Brookmire * 3| road bonds, atter dropping to new lows | Am 1 G ch 83s 2% %0 fce. Although definite 1 ortly after the opening, rallied:Am Intl53s’49.... ‘ncownon;lc s::xc:‘mpmvemz;t are lack- 2% | sharply on reports that a constructive i Am Metal 534s'34.. 8 62 k. i — % | announcement in regard to one group|Am S&R 1st5s'47. 9 ing, it is sald, there is ground for be- —.%|of rail securities was imminent. This|Am Sug Ref 6s°37. 7 lief that the major portion of depres- ~3% | the Street inferred would be some new Am TaTcv4%s'39 18 jon both in the extent of the decline 114 Stand Invest Corp... financial set-up. _Activity tapered off |Am T & T 556! 116 S 3134 Stand Ol Cal (h2%). 21 - %4 lon the advance. Money rates were un-| Am T&T c tr 5s'46. 62 and in the amount of time covered is 8% Stand Oil of Kansas. 1 "+ % | changed. AmTaTSss 160! 3 over. While the unfavorable factors 30% Stand Oil NJ (12).... - % At the opening the list was sym-|Am 5% . are more impressive than the favorable 10% Starrett(LS) (12%). + % | pathetically affected by the heaviness| Am W WkS5s'34.. kmire feels that it is well 13 Sterling Secur (A).. iin_continental markets and by initial [ Am Wat Wks 687 L That the uniavorable situations 4% Sterling Secur pf.... declines in stocks. German dollar | Arrentine/5iis 62, b R 2 g ot 2814 Sterling Sec cv pf(3) issues opened close to their lows and | Argentine May'61. T A s Tastars 0~ 8 Stewart Warner showed much reluctance to leave that | ATgentine 6sJuso. e e "Bad st the top of the busi- 2214 Stone&Webster(m3). price area. Reports that exchange di- | AT scured the bad &t the tap ¢ 13% Studebaker Co(1.20). Tectors in Berlin were hesitant about |Argentine fress boom two yéars ago. 118% 109 Studebaker pf (7) 4 109 guoting Young Plan bonds were re- Argentine 68 B 'S Unfavorable Factors. 45% 31 SunOll (1) 34 33 ected in further declines in German |Arm & Co 4368 '39. et t of European affairs is 104% 94 SunOilpf (6). Bank 6s and 7s, United Steel Works|Arm Del5%s 43... J e pitts copfidence 40% 21 Superheater (23) 6125, Siemens & Halske 6,5, most Ger- | Atchison'gn és 95 P veher Mquidation of real estate 1% % Superlor O1 man municipals and utilities. Many [ Atchi3 cv 4% values, rents and labor is expected. NewportCo (1)..s«» Tennessee Corp(60c) of these touched new low prices. AMICL 1n 3—Agricultural purchasing power Newport Co (A) (3). 18 Texas Corp (2)...... Favorable news came from Germany Jow and is expected to continue so until Ne 291 Tex Gulf Sulphur(3) in the announcement of the receipt of | A ne: the 1932 harvest at best. N T Centra) (8 214 Tex Pacific Coal&Oil interest and sinking fund installments | Australia 55" 4—Unemployment will probably be N Y Chi & StLpf.... 7% Tex Pacific Land Tr. on Berlin Electric Elevated and Under- | Austria 7s '43 greater in the Winter than now. 4 N Y & Harlem (5). 2 Thermold Co ground Railways 30-year 6l5s, City of | Austria 7s ‘57 ctfs. 5—Any help the raflroads may re- RF Thodators ceive from a possible increase in rates NY Lack & Wn (5).. 10s Will be moderate and the probability NYNH & Hart (4).. 18 that agitation to reduce wages will de- N Y Ont & Western A velop later is an uncettling. factor. N Y Shipbuilding. 12 51 Third Avenii Berlin 25-year 655 and City of Frank- 9% Thompson Prod 1 fort 7 per cent serial gold bonds. These —Construction has not been thor- N Y Shipbldg pf(7).. oughly defiated. This is particularly N Y Steam pf (6). . 2 Thompson Starrett. . securities had a firmer tone as a . 244 Thomp-Star pf (3%) At the same time, however, Pnl;::‘d:l true of the engineering types, includ- | N Y Steam 1st pf(7) ing public works. 4 Tide Water Asso Oil. bonds—on which October 15 redempti 36 Tide Water As pf(6) 2 el ate Al m?mflfii."é‘ zgw ;'ml‘:en-Delroll Azn- % fell to a new low. 14 Timken Roller B(2).. s The British navy disorders lool 1% Tobacco Products. .. 2 14 | ominous to Wall Stieet and there :’.‘.’ 7—The immediate outlook for the 8% Tobacco Prod A t95e, iy e T e e steel industry is not encouraging owing to an expected continuance of a low rate of construction, reduced rallway buying, low volume of automobile out- &c, the distressed state of the farm Sales. High. Low, Close. 36 4 106% 105 105 GrandTr sf db 65" 0. 12 1! 86 Grand Trunk Grt Nor 55 '73, Stock and Bales— Net. low. Dividend Rate. Add 00. High. Low. Close. Chge. 48 Sharp & Do pf (3%5). 2 48 48 - % 15% Shattuck (FG) (11%) 15% + % 414 Shell Union Qil.... 45 &= 25% Shell Union Oil pf 3 29 4. 10% Simmons Co.... - 8% Sinclair Consol Oil.. - 3% Skelly Oil........ 1 i + 3 20 Slgss-Sheff Steel pf 16% Socony-Vacuum 1.60. 75 Solv Am pf ww(5%). 73% South Port Rico Sug. 36 Southn Cal £d (2)..." 61% Southn Pacific’(6) 184 Southern Rwy (m6) 18 SpaldingTAG) (1). 110 Spald (AG)1st pf(7). 5% Sparks Withing (1) 22 Spicer Mfg pf (3) 4% Spiegel-May-Stern. . ~1931—~ Close. 2 2102 5 102 25 102 27 104 23 104 24 100 24 100 24 10124 101 24 10123 10123 10122 10122 107 4107 4 11110 111 10 Grt Nor gn 534 s 52 ,} 58 Officials in Movement to Reduce Mort- gage Loan Calling. Grt Nor gn 7s '36. Greek 65 Rails Rally—Foreign Issues " | Government =i e : Humble Oil 55'37., 14 Humble 0534532, & Hungary 7%s '44... 3 111 Bell Tei1 5, Ti1 Cent rf 4, BY WILLIAM BRUCKART Government leaders in economiic afe fairs, in comjunction with some of the FEFEIFEFT % 34 101% 1 6 111 Steel 43,540, Inland St 4148 Inland St 4% Int Rap Tr 5s '68 Int Rap Tr sta ' Int Rap Tr 6532 Int Rap Tr 78 82... Int Cement 5s'48.. Int & Gr Nor 68°52. Int& G Nad 6s'52. Int Hydro El 6544 Int M Co bs ret'41 Int Match s '47 ’|Int Pap 5s A 47 Int Pap 65’55 | & 36% 8% Mullins Mfg...... 7215 30% Mullins Mfg pf (7) 147 Stand Brands (1.20). 18% 614 Murray Cor % -+ 51 ‘Stand Gas&El (3%). 54 Stand Gas&E! pf (4). 40% 20 Nash Motors (4).... ‘0. stituted a detérmined effort to reduce the high rate of mortgage foreclosures, and it was confidently predicted hers today that results soon will begin to show In various places. - The purpose behind the move is one c’ relief. Lying deeper, however, is the hope that a breathing spe§ will have a salutary effect on commerce and industry, for, it was pointed out, the holder of property with a maturing mortgage staring him in the face Is mot likely to develop plans te do much busi. ness. The uncertainty constitutes a millstone. 102% 104% 117 107% 8515 Stand Gas&El pf (6). 99% Stand Gas&El pf (7). Nat Biscuit pf (7)... Nat Cash Register A Nat Dairy (2.80).,.. Nat Dept Stores Nat Dist I'rod (2) Nat Enam & Stamp Nat Lead (5).. Government May Aid. Such information as has been allowed to leak out indicates that the Govern- ment is expecting the bankers to work among themselves and among the life insurance companies and other holders of trust funds, spreading an idea that this is a good time to go easy. The Government jtself may be expected to pu.;l:rte in the general n:::emen: by )g« severe pressure on m gees from the Farm Loan Board and the joint stock land banks. This phase of the pro- gram is circumscribed by cold statutory’ requirements, but it has been suggested that there is much discretionary power available, despite the laws. that the Farm Loan Board may employ. Although none of the details of the program has become avaflable, and it Is probable that there will be no shout- ing of them from the roofs of banks or Government buildings, it is made to ap- pear that several governmental leaders are convinced there should be refi nancing employed in many instances as & means of giving the mortgaged prop- erty a chance to pay out. That certainly is considered necessary in projects where the evils of overfinancing obtained 5 or 10 years -ago, Conelu- sions reached by investment bankers who have investigated the problem jus- ttl‘ynthe course as a method for a fresh start. Whether the rank and file of bankers and mortgage holders can be convinced that they should follow the bellwether in this direction is another matter. 3“8:: is flpthnismmhe‘rnee,d' however, be- , 88 it was explai the ci of obtaining full settlement in “‘3 forced liquidation in these days are r“nher ;‘!‘mow. mT:: answer is that there much more gained by helpful hands than by. bentmmda'n after the manner of story book mort- S merais o2 mare ezl also that thers to be considered than just fh:' effect on the mortgagee. Under nt busi- o 19% % % Nat Ry Mex 2d pf 58 33 Nat Steel (2). 201 Nat Surety (2). 12% Nat Tea (1).... Neisner Brother: Nev Copper (80c) Towa Centrf 4551, Irish Free St 55 '60. Ttaly 7s'51. Italy Pub S 7s'52 Japanese 614 Japanese § ugosl Bnk Kan City Sou 3s'50. Kan City Sou 5850, Kan City Ter 4s'60. Kan G&E 4155 '80. . Ka 1 L1 Cent 6158 36, ... th sk | e L country’s outstanding' bankers, have in- 15 FOIF EFERFREE 2 = » o s H tadt 6s ‘43 R Kreug & Toll 65’5 Lackaw St 5550 Lac G St L 5s '34 Laclede 5% 5 C'53 Lautaro Nit 63’5 Leh Val ev 58D 2000. 850K oer oo PEWV 48’41 Sw.dv 58’50, Toledo 4 of Chile 6% Bk Chile 6%5°61.., Batav Pet 4 %542, Belgium 68 '55. Beigium 635s 4! Belgium 75 '55 Belglum 78’5 Bell Tel Pa 5 Bell Tell P B Ind Loan Beth Stl pm 68 '36. Beth St rf 515842, Bolivia 78 '58 Bolivia s Bolivia 85 | Bordeaux 6 Brazil 68 Brazil 6148 Brazil 7s. Bklyn Elev 6%, Bklyn Man 65 '68. . BKlyn Un bs'45.... Bklyn Un 1st 55'50. Buenos A 6s'61 Pv., Budapest 6s'62. ... Buff Gen'El 41 2008 FEPFFE FEFS 39 40 b0 00 0 % rREPrRPRR 200000202 x L+ 4% North Am Aviation.. 90% 54% Nor Amer(b10%stk) * B7 53 North Amerpf (3)... 60% 25% Northern Pacifie (5). 6% Transue & Will (1).. = J#| tional declines in Canadia e n government 4% Tri-Contl Corp. ..o * | direct and guaranteed obligations, - But 30, Tei-Contl Corp pf(8). Great Britain 5Y;s and steriing quota- 9% Truscon Steel (60c) . 8 Strong, hetd . T Ponsonbip 2% 6 Ulen& o, Completion of Argentina’ 75% 354 Under Ell Fisher (4). meet its October 1 nfimn?u: wf:'rlul'l‘: 123 118% Und EN-Fish pf(7).. ed with substantial improvements in 14% Union Bag & Faper . Argentine 6s. Brazilians continued nion Carb & (2.60). eavy, Sn:on ol c; Cal (2) higher. T R el ot nion Pacific (10) In the domestic department th ~ Union Pacific pf (4 a brisk rally before mid-day i’ many Un Tank Car (1.60).. issues which earlier had slumped to new Unit Alreraft....... lows. Among them: Alleghany 5s, Upit Afreraft pf (3). Chesapeake & Ohio A and B 413s, St. Unit Biscuit (2) Paul adjustments, Tllinois Central 43%s, Unit Carbon. . Missouri Pacific 515, New York Central refunding 5s and Pere Marquette 414s. Substantial gains were made by South- ern Rallway general 4s, Erie 5s, Mis- sour-Pacific general 4s, Nickel Plate 4155, Rock Island A 415 and St. Louis- San Prancisco 4!5s. The gains were shaded when activity | dried up on the advance. but still the market had a much improved tone.! Bush Ter con 5s'55 Some of the industrials were better also, | Buh T Bldg 55'60. notably the New York City tractions.|calit Packing 5s 40 Utilities were firm. | Canada 45 ‘60 New York State’s issue of $40,000,000 | Canada 4155 " bonds, which on Tuesday was sold at a | Canada bs ‘52 record rggh price, was reoffered to the | Can Nat 41585 54. public today at prices to yield 1.375 to | Can Nat Ry 4% #'56 29 ) 3.30 per cent. The city of Winston-|Can Nat 4148’57 Pipe&Fy 15t'1.20 Salem, N. C., offered $1.434,000 of 4%s Realty & Imp(1) * %1 at prices to yield 4 to 4.60 per cent, ac- | s 4 . T | cording to maturity. Metropolitan Edi- | C J S Rubber 1st pt. .. 9 !son Co. announced the issue soon of Can Nat 5s Oct 6! ¢ USSmtg & Ref (1).. $5,000,000 of 6 per cent refunding bonds | Can Nat 55 °70. . U S Steel Corpn (4).. to mature in 1961. U S Steel pf (7)..... 2 A, United Stores pf (4). e aie- e Tniv Leat Tob (3).. HT LOADINGS DROP. ca 17% Util P&L(A) ei2.1 Loadings of revenue freight dropped off slightly during the week ended Sep- tember 5 as the change was measured hahjit, so that the increases in spending| 28 tts Term . : § —_— e ot staiges ot rebor Pffb‘: ) 31% Vanadium Corp. jences by the American Railway Association. | are any eriterion, may ; 221 Van Raalte 1st pf. exper Exceetl the Ancredses 6 Poor& Co (B)...... 4. — % i i expected to r g RS o 3 il Total loadings for comparable Weeks | Cont pactsor - 7. Deficlts of manufactured products 1% Port R Am Tcb (E).. Tt Cont Pac 360 - ars being built up. Evidences of im- 6% Prairie Oil & Gas. ... 3744 Vulcan Detin (4) Week ended September 5, 759.546 | con Ry NJ g provement in replacement demand have 14 Prairie Pipe Line(3) e TS Pogvious week 168764 ohts; SRMP | uctitd ah% 34 siready appeared in shoes, automobile 214 Pressed Steel Car.... 6 Wabash RR........ week last year, 856,649 cars. Ches Corp 55°47 tires and textiles, A similar demand for 14% Pressed Steel Car pf.. 21 Valdorf Sys (1%).. 23 = =l automobiles and other more expensive 5215 Proct & Gamb (2.40) i el ® Washington Stock Exch acts will eventually make an sp- 107 Proc &Gamb pf (5).. ard Baking (B) ... ge":?'mee. with a widespread effect on 1% Pro & Refiners. ..... 4% Warn'Bros Pictures. Rl LSO L i : 108% Warner Bros pf 3.85. SALES. ‘Busin Tract. 55—8$1,000 at 78, $4,000 at . £3,000 at 78, i Publi NJI(3.40 g ¥ ) Warner Quinian . Baltimore Markets Lanston’ Monotype—10 at 8414, 10 at 95 Public Sve NJ of (5) v 1605 148 Public Sve N J pf(8). Warren Bros. .. 107% 103% Pub Sve G&E of (5). " Warren Fd&Pipe(2). v shwnn B P Raaid ) < 84, 10 at 839, 10 at 83'5. Mergenthaler Linotype—5 at 743, @pecial Dispatch to The Star. Pe;)&lfl Drug Str. pfd.— 5 at 100%, 5 at BALTIMORE, Md., September 16.— T4 Potatoes, 100 pounds, 75a1.20; sweet 5812 26% Pullman Corp (4)... 2 % Punta Alegre Sugar. Wesson O&Sno pf (4) 1% West Pa Elec A (7). potatoes, bushel, 50a75: beans, bushel, | 55% 40a60; beets, per 100, 2.00a2.50; cabbage, 514 Pure Oil. X 551 17% Purity Baker! West Pa EI pf (6)... West PaEl bt (7). .. 113% 10315 West Pa Pwr pf (). 120 114 West Pa Pwr pf (7). 03. 44% 173 Western Dairy (A).. E. pfd—10 at 99%, bushel, 25a30; carrots, per 100, 3008 k4 western paiey (). e P at 99%, 5 at eminer, 30040; ceuplants, Bamper 08 15 45 Reading Rwy (4)... e ryland. . 35; lettuce, per crate, 2.50a3.50; cauli- 37 Reading 18t 5“2’)i flower, crate, 1.75a2.00; celery, crate, 37% Reading Ry 2d pf(2). 150a3.25; lima beans, hamper, 3.00a (B 350 okra, bushel, 1.00a1.50; peppers, 8 Reis (R) &Co 1st pf, Lanston Monotype—10 at 83. 4 Western Pacific. .. .. % ¢ + 4l M y sl P Eeeino, + ' | Mergenthaler Linotype—10 at 743 . 5% Remington-Hand. .. hamper, 0a3s: onlona, per 100 pouiids 45 Rem-Rand 1st pf (1) N Wastngheed B 2674 Pot. Elec. 65 1953—$100 at 108. 44% Westinghouse (215) . 1239 +1hl " P ani Aakéd Pittes: 130 Rensselaer & Sar (8) 4% Reo Motor Car(40c) . T8% Westhse 1st pf (21;) 14408 BONDS. . O < g 9% Republic Steel. Weston Elec Instru PUBLIC UTILITY. cantaloupes, crate, 1.00a1.75, 23% Republic Steel pf. Westvaco Chlor (2 Wheeling & L E pf Amer_ Tel. & Tel. 4135 '39 Am. Tel. & Tel. ctl. tr. 88 L) a'& Poi. R. R.'5s. Dairy Market. ;g lR'llyno!I:l?e;l;(l:*) Chickens, young, 21a26; Leghorns, 19 eyno, o ). 825, 0l nens, 18426; Leghorns, old, 14 15 40% Reynolds Tob B (3 als; roosters, 12a15: ducks, 13a22; |‘ Richfleld Ofl. .. pigeons, palr, 15220; guinea fowls, pair, 3t Rio Grande Ofl. 25250, Eggs—Receipts, 2,000 cases; current receipts, 22a24: hennery, whites, 28220, nearby firsts, 24: Western firsts, 24. Butter—Good and facy creamery, 30a 35; ladle, 20a22; process, 23a24; store packed, 16a17. Hay and Grain Prices. No. 2 red Winter, export, no quotations; No. 2 red Winter, garlicky, spot, domestic, 511;; September deliv- ery, 5115: October, 52%4. ‘Corn—No. 2 yellow, domestic, spot, 60261; cob corn, 3.0023.25 per barrel. Oats—No. 2 white, domestic, spot, | 31a32; No. 3. 30a31. Rye—Nearby, 40a45. Hay—Receipts, none. New hay is starting to arrive in increasing quanti- ties. but so far no official grading has been attempted, selling being strictly on merit. Demand for old hay slow and market is full and quiet, with prices in buyers' favor at a range of 14.00a 17.00 per ton. Straw—No. 1 wheat, 9.00a9.50 per ton; No. 1 oat, 9.00a10.00 per ton. Live Stock Market, 100 head; Loew's 6s ex w "41. Long Islrf 45’49 Long Isl db 55 '37 Lorillard 5s ' Lorillard Lorillard La & Ark 5s 1+ RE 5 Tramsamerica (40¢). fliations which extended even to frac- lement industry, etc. 7 OhtoOfl.... 2814 Orpheum Cir pf (8) 5815 281 Otis Elevator (2%) 129'% 124% Otis Elev pf (6) 16% 63 Otis Steel.... 6915 25 Otis Steel prpf (7). 39% 2515 Owens 111 Glass (2) . 54% 38 - Pacific Gas & El (2). 691 47 Pacific Lighting (3). 131% 116 Pacific Tel&Teleg(7) 133 124 Pacific T & T pf (). 11% 5% Packard Motor (40c) 85 ‘While inventories of manufactured are low, raw material inventories are burdensome and in many cases still inereasing. 9—Further bank failures may be ex- pected, though the worst in this re- spect is probably over. Favorable Factors. 1—The textile and shoe industries have shown several months of improve- ment. although profits are still small. Improvement in these industries has| 201, 10 Panhandle P& Rpf. 20s given considerable buying power to &/ Foi 18% Paramt-P(m1.62%p) 98998 great number of employes. 2% 1 ParkUtah.......... 4 2-—The rubber industry has improved | 45, 2. Parmelee Transport. and ehould :tomlnue at a favorable rate 24 1 Pathe gu:“"_(‘i_ rough next year. 8% 3 Pathe Exchange (A). o banking -situation in general 3—The 15% 6 Patino Mines... B {s in an extraordinarily mon[dposlthn, 461, 281 Penick & Ford (1) 4. Farmers of the South and South-| 44a, 2814 Penney (J C) (2.40) ‘west are not going hungry, and though| 1001, 90 Penney(JC) pf A (6) thelr cash crops are selling 5% 11 Penn Dixie Cement. they will enter 1932 with 1st5158 2008. Lyons6s'34. ...... McKes & R 534 %50, Manh Ry ist 4s'90. Market St 7s " Marseille 65 Midvale Stl 65 '36. . Milan 6355 °52 MIIERy & L Mi) El Ry&Lt 557 M StP&SSM en 4s.. M StP&SSM 55 '38. MSP&SSM 514878, MEK&T 1st 4s°90, MK & T adj 58 '67. MK&T prin 5sA'62 Mo Pac gn 45 '7 Mo Pac 55 F Unit Cigar Stores. Unit Corp (75¢). Unit Corp pt (3) Unit Electric Coal 4 Unit Fruit (4)...... Unit Gas&Imt1.20)., Unit Gas&lm pf(5).. U S & For Sec pf(6). O~ ) t low es, s great deal| 29 8 Penn Dixie Cmtpf. more hopefulness than they entered| 64 31% Pern Railroad (3). this year. This plays an important| 351 23 Peop Drug Strs (1 part in their spending propensities, par-| 250 = 163% Peoples Gas(Chi)( ticulerly with a slight improvement in 101 Pet Milk Co.. actual buying power. Farmers, in gen- 51 Petm Corp of Am(1) eral, are leamning considerable in the 9% Phelps Dodge (1).... economies of farm operation. 5% Phila&Reading C& 1 5. Railway traffic is expected to con-| 125 9 Philip Morris&Co(1) tinue small well into 1932, but the 11 Phillips-Jones Co. .. various railroad managements have 44% Phillips-Jones pt (7) Jearned a lot about economy, and once 4% Phillips Petroleum the tide in traffic turns for the better 9 Plerce-Arrow. many of the roads will show consider- 6% PlerceOilnf..... able advantages from the experience of Plerce Petroleum 2 Hoffman. ....... Indus Alcohol. .. J S Leather........ Leather (A)..., Leath pr pf (7),. Pipe & Fdry (2). to foreclose in tht Mo Pac s A ‘48 e o the injection ot et e acils A 49, . A : Mont Pow 68 '4; industrial life. the Nation's Mont P db 55 A 3 > “Obvious” Method. Mor&Co 1st 414 5'33 66 ot ?! ”,: s s jere is a conviction that where N :E:"EVI':::: 51. any possible way out is avallable mort- N gage holders should look for that way B e Tather than take the immediate gain, if such there be, in foreclosing. Look=- ing at the picture from a national v!ewgol.lu. as the Federal Government official must see it, the administration Spokesmen fostering .the idea declare that they are proj the *“obvious” method. Further, they think it will mly tich dividends later as a general policy. Some of the New York bankers have agreed to participate actively in pro- moting mrp?unficlx:nth said that they are men ol consequence the financial field that their observa- as the best - 2 N BB - SF;K FE PFE £ F gadedacagaqad wnmmnRRNL R » 3 ESTY =} | Can Nor 43535, .. Cen Nor 613 db *46 Can Nor 7s.db '40. . | Can Pac db 4s. Can Pacific 4% v 7% “an c 43560, “ .n Canbre fCas N ¥ Cent 4%s 2013, Can Pac58'54. ... NY Cn rf 4% 52013, Car Clin & O 5538, NYC rfim 55 2013, NYC&StL4s'37.. NY C&StL 43578, NYC&StL5158A"74. NY C&St L 6s'32.. NY Ed 1st 634541, NY NH&H 43 NYNH&H cit - wa 8 FRanm e BRouan Va-Car Chem 6% pf. Va-Caro Chem pf.(7) 981 Va Elec&Pwr pf (6). oA Est 111 58'51. . Grt West 45’59, 20 o ‘Teason mgain. (Copyrisht. 1931 A Sonthern Business Prospect. NEW YORK, September 16 (#).— Shippers’ Advisory Board reports indi- 6% | cate - that shippers in _Southeastern territory expect a net volume of busi- ' ness in basic industries in the third quarter approximating that in the same period last year. Pulp manufacturers anticipate a 10 per cent increase over the 1930 third quarter. sEFe NY W&B 435 46.. Nia Sh Md 5350 Nord 6145 ‘50 Norf South Nor & Wn ov 48 No Am Co 55 ' 3 10¢ Qaggyaaa e Sem aaluvaiineg wleia SEF Chi & NW gn 4587, 10 C&NW 41%5C2037. 1 Chi & NW cn 4%s. 163 Chi&NW rf bs 2037 hi & NW 6%s°36.., Chi RI& Prf 4s'3 Chi R Icv 41860 ChiRI& P 418’53 C TH&SE 1n 53°60. Chi Un St 55 '44 Chi Un Sta 6%s C&W Ind 5%s 6. Chile 65 °60. Chile 65 °61. Chile 6563, Chile 78 4 AFTER CALL. 45 Radlo Corp pf 311 Radio Corp (B) (5) e 6s A—$500 at 1 11% Radio-Keith-Orph A. o B 14% Raybestos-Man 1.60. Wash. G E FRFRER FR Sales. High. Low. Close. Shinyetsu 6%s'52. 5 754 75l 764 Sinclair Oil 6%5'38 29 90 8TW 87% SincO7scvA’37.. 36 92 91 91 SineCr 0 5% . 1102 103 Skelly Oil 5% . 1T 02 61 Sinc PL 5842, 1 929 Sotssons 6s '3 Solvay Am 5s'42.. 1 Sou Bell T&T 5s ‘41 SW Bell T 55 A '54. Sou Pac col 4549 Sou Pac ref RoavnameaaS852 8 Norway 6s 44 Norway 6s'52 Ore Sh L 55 gtd '45. Oreg-Wash 4s Orent dev 53 5'58. Orient dev 65 '53. .. Pac GRE 5842, Pac T&T 18t 65'37. Pac T&T rf 55’5 Paramount 6s Paris-Ly M 65 Paris-Ly M 7s Paris-Or 5% s Pathe Exch 75'37.. Penn 4%s D 81 Penn gn 3% Wilcox Oil & Gas. ... Wileox Rich A (2%). Willys-Overland.... Willys-Overld pf (1) 4 Wilson & Co. . Wiison & Co (A) Wilson & Co pf...... 4 Woolworth (2.40). .. Worthington Pump. 38% Safeway Stores (5). 55 5 66% Wrigley (Wm) (4).. 98 Safeway Strapf (7). 5 : 1730 20 Yale& Towne (2)... St Joseph.Lead (1).. 1 4| 151 5% Yellow Truck. " Sti-San :‘:::cl:f:’ % 29 14% Young Spr&Wire(2). Bt Touts Sothwn 3% . 5% 1% Zenith Radio Ly =N 10 Zonite Prod Corp (1) 10% h Savage Arms (1).. Schulte Retail Stores Sales of Stocks on New York Exchange. Schulte Stores pf (8) 10:30 AM. 300,000 12:00 Noon. + 1,000,000 1:30 P.M.........1,300,000 2:10 P.M. . 1,400,000 % S rd Air Line. 10% Seaboard Oll. . "Dividend rates as gives in the above table are the annual 3% Sotnfp“ "’l'k"(! . cash payments based on the latest quarterly or half-yearly declara- 447 Sears Roebuck (215). tions. . X . -dividend. sLess than 100 shares. fPartly extra 3Plu 3 ) 2% Seconll NatiIny 4% i stock, TBI4S 9% 1n stodk. s Pald 1ast year—tio Tesuiar rate, | N. & W. Steamboat (12} 4% Servel Ine... : .. © Payable in cash or stock. {Plus 3% 4 Sharon Steel Hoop. 5 Plus 27 _° 1 Plus 50c in spec red stock. tock. m Pald this year—no regular rate. 7 Sharp & Dohme. . it ok »Pws 2%a% in stock. o CCC&St L 4% s E Elby " TSburban o 3% > | Clev Term 43 eorgetown Gas 1t < | Clev Term 53 R fee Colowme Sl Yo s Colomy 68 Jan '61.. Weshinston” Gas 4! Colomb 6s°61 Oct - Colon Oil 65 '38: Wash. " Serl Sh. Gas 65, series CotodBre vi Colo & Sou 4%s Wash. Gas 6s. series B.. Wash. Rwy. 0 Col G&E 58 May'52. & Elec. 4s. . MISCELLANEOUS, Barber & Ross, Inc, 6'as Col G&E cou 55 v ub. 3125 ' Eofumbia. Couniry Club 81 SO Al D. C. Paper MIg. 65..(.... - strf 58’50, 3 . Cold Storage : Con G XY 43851 146 on G N Y 5%s'45. 30 STOCKS. Con Pwr Jap 6%s.. 2 PUBLIC UTILITY. Con Pow Japan 7s. 59 Amer. Tel. & Tel. (9) 2 Consum Pow 58 '52. 5 Capital Traction_Co. Copenhag 4%s'53.. 8§ Wash. Gas Lt. Co. (18). Copenhag 58 '52... 22 F FEEE Sou Ry gn 45 '56. Sou Ry 58"94...... 29 Sou Ry 65 '56 1021 Sou Ry 614 1061 84% 9% 95 96 3 106% Penn P&L 4% Peoples’ Gas 5s Sweden 5% Talwan EP5%s'71 24 Tenn El P 63 A '47. 116 Tex & Ark 5%s'50.. 6 Texas Corp 58 '44.. 39 Tex&P 1st 55 2000. 2 » ot Elec. Bower 87 pid . ioge.” £t [ Por. Bie Poyer i oid; nsh. Rwy. ! Gom. nPlus 8% in | with: Rwy. & Ei. pfd. (5)... NATIONAL BANK. Poultry, alive—Spring brollers, 3 | Gofitania t1z). 000 lstampedi pounds and over, 26a27; 2 to 215 |Sommercial pounds, 24a25; 1% to 2 pounds, 21a23; Leghorns, 18a20; hens, large, 23a24; o small, 21a22; roosters, 12a13. %‘mopoll;tTn Dressed—Spring brollers, 3 pounds | Bisgs (155 and over, 33823; 2 10 214 bounds. 20a | Wisrineion (1) ; 30; s, ; Legh b large, 27838 small 23 | yuer gec 4 Tr s -oosters, 13a14; Long Island ducks, 218 | Continental Trust (8)..... 22. Natl. 8av. & Tr. (127). Meats—Beef, prime, 16a17; choice, | Frifce Georses Bk. & T 15a16; good, 4a15; medium, 13a13s: Wash. Loan & Trust (i410000] cow, 9a10; veal, top, 16; medium, 13a14; lamb, top, 19a30; medium, 14818; POTK | gan of Bethonr rory. o loins, 8 to 10 pounds, 23a24; 8 to 12 | Commerce & Savings (i0) pounds, 21a22; 12 to 14 pounds, 15a16; | East Washington (12) fresh hams, 19; smoked hams, 21; strip wz_:!" 't“’é’ "N bacon, 22a23; lard, bulk, 9%%; p"k“"']6"'13‘3"3;"{'"’:'0‘.2’ i s (30). wfl,}; stock—Hogs, heavy, Wash' Mechnnics (30) Quba RR s ctf Cubu RRrf 713836 2 Cuba Nor 51842, 3 Cgecho 85'51...... 7 iy Czecho 8s ‘52, 2 Del Pwr&L 4%s 71, Del & Hud rf 4534, Del & Hud cv 55’35 Del & Hud 5%%'37, Denmark 4% '62 Denmark 5% Denmark 6s '42 Denver Gas bi D&RGren | earnings year ended June 30, $15.02, vs. $28.03. Electric Household - Utilities—Dollar | volume and unit sales to September 11 below like period of 1930; repossessions mfl:m‘d:hm ‘kflhl::l: year; operations on five-day-weel - Mullins Manufacturing — Estimated that company will about break even from current quarter'’s operations; re- ported may consider passage of regular quarterly preferred dividend due No- vember 1; operations September 9 ap- proximated 40 per cent of capacity. Ag"ly mm{%e‘”“::’ru!‘ade:{m 20; quarter ‘ending pectes to double $31,712 deficit reported for 60 Third Av adj 65 '60. 23 Toho El Pw 6s ‘32 ‘Toho El Pw 75 55 Tokio 58 '62. Tokio 535 61 13 Tokio El Lt 68°53.. 5! Un Pac 1st Un Pac ¢s Un Pac.rf 4s 2003 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. Pillsb F M 6: PCC&StL 4%s'77.. PCC&St L 55 B'75.. '40. 1. '43. light Port Gn El 4%5'60, Porto Alegre 8s'61. Por R Am T 65 '42.. Pos Tel & C 58'53 Prague 714s '52 Pressed St C 5833, Prussia 65°52...... Public Serv 4571, Pub Sv G 4%s5'67 Pub Sv.G 4%570 Pure Ofl 5%5'37... Rem Arms 6s A ‘37, Rem R 5348 A "47 suppl. A E?ms—cmm to prime, none; good to choice 6.00a6.50; medium to good, 5.75a6.00; fair to medium, 5.2585.75; | following is a summary of important plain to fair, 4.7585.25; common o, corporation news prepared by the plain, 5.00a4.75, | Standard Statistics Co., Inc., New York, Bulle—Choice to prime, none; good ' for the Associated Press: previous quarter. to choice, 4.5024.75; na;dmm,t?o u‘ogg i Nites Trond. . €008450; fair to medium, 3.5084.00; ( . uarterly divi- Although trelght car loadings for the | geng. oai e a0 plain to fair, 3.25a3.50; common to plain, 3.00a3.25. week ended Scptember 5 were below the | cents quarterly prior thereto. Central Aguirre Associates earnings NEW YORK, September' 16.—The Det E G&R4%8'61 Det Edison rf 55'49 Det Unit 4%s " UnSt W 6% A'47. 1 51 0 Uruguay 6s 64 Utah P & L 5s "44. Util Pw 5s ‘59 ww. Util Pow 5%s "47. Dutch East 1 Nov. Dutch East I 68747 Hhaggerd= Dutch East I 6s'52. Cows—Choice to prime. none; y0od to ehotce. 4254450, medium. to_§00d 3.7524.25; fair to medium, 3.25a3.75; plain to fair, 2.25a3.25; common to plain, 1.5022.25. Heifers—Choice to prime, 6.5026.75; good to choice, 6.00a6.50; medium , 4.2524.75. h gflb; to p! Presh cows and Springers, 30.00a 60.00. Sheep and lambs—Receipts, 600 head; ; sheep, 1.00 ; light sup- 2528.5 m market . vies, 5.8086.50; medium, 6.40a6.6! roughs, 3.75a4.75; light pigs, 6.00a6.20; plgs, 6.00a6.30. 5.75a6.00; fair to medium, 5.25a | previous week, the decline was slightly less than seasonal downswing. Actual | loadings, says the American Rallway Association, were 759,546 cars, which compares with 763,764 cars in the pre- ceding week and 856,649 cars in the corresponding week of 1930. Merchan- lain to fair, 4.7585.25; cOMMON | dise in less than carlots, ore and coke, | were the only commodities to show an | improvement over the previous week. ily average crude oil production | for the week ended September 12 was | 172,700 barrels greater than the pre- | vious week, which was almost entirely | caused by the reopening of the East | Texas area. The actual - total, | American Petroleum Institute reports, was 1919000 barrels, as compared with 1,746,300 barrels in the preceding week. Calves—Recelpts, 150 head; light sup- | Gasoline stocks at refineries increased ply, market steady; calves, 4.00a10.00. PARIS BOURSE PRICES. _ PARIS, Septémber 16 (P).—Three per | the recent copper _statistics, | 818,000 barrels to 31,818,000 els. Domestic copj was sofd at 7% cents & pound, ord. e lowest price on rec- “This reduction was attributed to ‘which eent rentes, 88 francs 60 centimes; 5| sHowed & 15,000-ton increase in refined nt loan, 104 francs 55 centimes. per_ce - ~ copper stocks. The. Companies. Cuba Raflroad $6 preferred share the | for fiscal year ended July 31 estimated around $1.60 a share; production for 1930-31 season was about 103,000 tons of raw sugar, vs. 125,644 tons in 1929-30 Season. Fajardo Sugar Co. of Porto Rico— Sugar production year ended July 31 approximated 78,000 tons, vs. 85250 tons produced in preceding year; about 25 per cent of last year's crop remained ederal Minieg & Bmeltis July ship- el ments 4,375 tons, vs. 10,204; three months, 15,379, vs. 31,671, Interstate Department Stores com- mon share earnings seven months to July 31, $1.72. Louisville & Nashville Railroad com- mon share earnings, seven months ended July 31, 64 cents, vs. $1.72. Washington Prodace filuM—Om—md prints, 33; tub, celps, 8a3 28030; eurrent re- | peck i4.38; " caives, T 30as.00; . es, B .00; lambs, 4.0087.50. Pruits—Watermelons, 15a35; canta- loupes, Colorado flats, 1.25a1.35; honey- dews, 1.75a2.00; Persian melons, 2.00a .75, oranges, 3.50a5.50; lemons, 4.00a 6.00; limes, per 100, 1.75; apples, bushel baskets, 50a1.00; box stock, 2.25a2.50; rs, 3.00; Seckels, per. bushel, 1.00a , 1.00; ;i 5. damsons, two-peck baskets, 1%'01 25; grapefruit, 5.0085.50; bananas, 1.75a z_sg; persimmons, 1.00; cranberries, Vegetables—Potatoes, per barrel, 1.75a 2.00; sweet, per bushel, 75a1.00; toma- toes, 50a75; string beans, 75a1.00; limas, 4.50; cabbage, 50a75; kale, 50; spinach, 1.25; corn, 50a75; cucumbers, 1. ery, 3.75a4.00; lettuce, Iceberg, 3.25a 4.00; New York, 1.25a150; carrots, per 100 _bunches, 4. beets, per Ygo okra, two- cel- | wi FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8) National Union (i5) TITLE INSURANCE. Columbia (6h) Real Estate ( MISCELLANEOUS. Barber & Ross, Inc., co Gol. Medical Blds, Corp. 1. Band & Gravel pfd. D. C. Paper Mfg. pfd. .. Dist. Natl. Sec. pfd. (7 Emer. Bromo-Selz. A’ Federal Storay Me) & Bige. com. Mer. Tr. & Stee, id. (1) Mergenthaler Linot: Natl. Mtee. & Inv. pfd. Peoples Drug Stores pia. Real Est. M. & G. ptd. (8 Security 'Sto; Ter. Ref. The Carpel w. East C Sug 772837, El d 43 Eriecon 48 A'53... Erie gen 4 Erje cv b8 Erie 58'75... Finland 5%s '58 Finland "/!;o Fla E Coast 55'74... Fond J&G 4%s '52. Fram 1 D 7%s'42.. French 78" | French 7%s Gelsenk'hen 65'34. . Gen Cable 5%s '4' Ger Cen Bk 00d oty "‘.h&i‘ Com: (130 38 w T 1 Woodward & Lothrop pfd, (1).. 108 Ger Cen Bk German T8 rep *49.. 49 German Bank 78 '50 25 Goodrich cv 6s "45., 28 Good 15t 6%4s "47 ,Goodyr Rub 5s'87.. 82 60% | Rhine West 78°50. . Reading 43%s B '97. Rhinelbe 75 '46. Rhine Wi Rich Ol Ca! . Riode Jan 6%s '63. Rio de Jan 8s'48 R Gr Do Sul 65 ' o mammeanaee B SeSE s StL IM R&G 45'33. 127 St L&SF in 4s A 50 76 StL&SF 4%s'78. 85 StL&SFplssB'50 7 .3 1% Yokohama Vanadium St 55741 Vert Sug 1st 7842, Vienna 6s ‘52 ‘Va Ry 1st 53'62 Wabash 4%s '78. 39 Walworth 6343 '35, Warn Br Plc 65'39. Warsaw T BEENT Wst Sh 1st'4s 2341, 12 West El db West Md 4 West Pac 5s ‘4! West Union 5s West Union 5s°60. Wes: Un 615 '36. . WEOS5%s'37 ww. Wh Sew Mch 6s 40 Witks B & E 15t §s. Wil-O st 6345 '33. WH & Co 1st 881 38% 100% 100% 90 90 ‘Wis Cent gen 5, 4 47 9 *61....26 99K Ygstn S&T 58 A'78. 58 95 944 uuA