Evening Star Newspaper, September 19, 1931, Page 13

FINANCIAL. BOOSTING BUSINESS Thompson Restaurant Chain | Reports Pre-War Charges CUTSINFOOD PRIGESi | o Jw”m Broadened. “BY EDWARD O. STONE. Chdtles A. McCulloch, chairman of the Hoard of the Jobn R. Thompson Co., Which operates several restaurants in Washington, declares that the pre- war prices have boosted earnings, which for the current year will be close to $3.60 a share on the 300,000 common shares outstanding in 1930. “If! the excellent response which we have feceived 50 far to our merchandis- ing campaign offering various foods in, our restaurants at pre-war prices con- tinues. to hold, as appears likely, we should earn close to the $1,126,585, shown in 1930,” Mr. McCulloch said. “Since we started our merchandising program at pre-war prices with re- duction of ham and egg sandwiches to 5 cents during the middle of July we have made the same price levels apply to other items on our menus. We in- tend to broaden this price level still further. “As an indication of the public’s re- sponse to such prices we added 405,000 new customers within 30 days after the prices were put into effect in the 37 cities in which we operate,” he as- serted. Mr. McCulloch stated that the third quarter this year, ending September 30, would show & profit considerably higher than the 74 cents a share re- ported in the third quarter of 1930. In the first six months this year company’s . earnings were $1.3¢ a share compared with $1.94 a share in corresponding period of 1930, It is expected that in- creaséd volume stimulated by lower rices will produce profits in the final half this year to offset the 60 oents a share drop in earnings of the first half. He further stated that there was lit- tle likelihood of any extra dividend or & regular rate higher than the current $1 annual dividend this year. He indi- cated that the management, which is headed by John R. Thompson ‘as presi- dent, planned to spend between $2,000,- 000 and $3,000,000 in an expansion and rehabilitation program. Retail Trade Maintained. R&Eoru heard from time to time dur- ing the past year that retail trade had not slumped mnearly so badly as had production are being confirmed by the reports of representative merchandising corporations that have issued statements for the first half year, says the ke Association Journal. The two big mail order houses both showed a marked improvement in earning power, despite a decrease in volume of sales. Sears, Roebuck & Co. net profits were approximately $6,008,- 000 this year, as against $5,618,000 in the first half of 1930, while Montgom- ery, Ward & Ce. reduced their ne deficit for the period from $2,503,000 to $1,376,000. , Some of the other large organizations which :rade good showings included the Kroger Grocery & Baking Co. which increased its net profits from $265,000 in the first half of 1930 to $2,316,000 in the first half of 1931; Schiff Co., _which increased from $151,000 to $223,- 000; Peoples Stores, which in- creased from $231,000 to $247,000; J. C. Penney Co., which increased from $3,- 407,000 to $4,212,000; Safeway Stores, which increased from $1,711,000 to $2,- 001,000; Grand Union Co., which in- creased from $509,000 to $525,000; Pirst National Stores, which increased from $1,438,000 to $2,386,000, and Loft, Inc., ‘which changed from a deficit of $261,- charges) half of 1931, or by 18.8 per cent. As proof that goods can be moved in large volume if the price is attractive, the Great Atlantic & Pacific Tea Co. reported that in the five weeks ended Al 1 sales amounted to $95,528,000, a decrease of 1.2 per cent in dollar val compared with the corresponding period & year ago, but tonnage of goods sold d the period amounted to 513,005 and showed a 11.1 per cent increase compared with last year. Dividend Is Increased. A quarterly dividend of 60 cents a share is announced on the Loomis, Sayles Mutual Fund, Inc., Shoreham Bullding, payable October 1 on stock of record September 15. This fund's divi- dends are paid only out of earned in- come. The present payment is an in- crease of 10 cents over the five previous quarterly dividend: DISPLACEMENT OF COAL BY OTHER FUELS SEEN| By the Assotiated Press. James D. Francis, vice president of the Island Creek Coal Co. has esti- mated 122,000,000 tons of coal have been displaced in 10 years by water power, manufactured gas, fuel oil and natural gas. In 1920, he said, producers sold 569.- 000,000 tons for $2.130,000,000. In 1929 they sold 535,000,000 tons for $856,000,- 000, a reduction of 58 per cent in the selling price at the mines and a de- cline of $1.274,000,000 in the consum- | ers’ coal biil. During 1920 a general freight rate advance of 40 per cent was put into effect, he reminded, which was de- creased by 10 per cent in 1922, remain- ng_stationary since. “The average coal bill of the con-| sumer,” he said, “is divided one-third | for coal and two-thirds for ralroad | freights.” 1 Further statistics reviewed by Fran- cis included pointing out that 90 per | cent .of production of bituminous in | the United States was east of the Mis. sissippi River, and more than 80 per cent was consumed in this territory. | Seventy per cent, or 350,000,000 tons, ! of the normal supply was produced in | Pennsylvania, Ohio, West Virginia, Virginia, Kentucky and Tennessee. Ap- | proximately 100,000,000 tons of the m-‘ ta] were produced by steel and indus- trial companies mining their own fuel. | The remainder was mined by commer- | cial coal companies. PUBLIC BUYING BETTER | GRADE OF TEXTILES| Bpecial Dispatch te The Star. SANFORD, Me., September 19.—Re- turn of the buying public to better textile values is strengthening condi- tions in the industry, particularly in the movement of quality products, ac- cording to Louis B. Goodall, director of Sanford mills, founder and chair- man of the board. of the Goodall Worsted Co. and veteran mohair tex- tile manufacturer, “Many factors explain the present ull in the markets” said Mr. Goodall. “Overproduction is one of the most im- portant causes, but there is a marked movement on the part of the buying public back to genuine permanent Values. People have been buying prices instead of products, but they are be- ginning to pay more attention to the quality of the merchandise attached to_the price tags.” Mr. Goodall sees no cause for undue alarm )nlcmdzB?h!)( fashion and other passing tren it temporarily upset market conditions in mdlvmulf mm— rials. He wu the zealous preser- vation of g quality in merchandise and the rigid maintenance of a firm'’s | good reputation as two constructive and rflac(;v; ways of meeting business de- THE EVENING STAR, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Offiee. Stocks sold In 100-share lots excent those desismated by letler 1931~ Stock and High. Low. _ Dividend Rate. 144 2 Abitibl Pwr & Paper. 22 52 104 Abitibi Pwr&Pappf. 1 106% 100 Abram Straus pf (7). 20s 2% 54 Adams Express (1).. 9 %2 80% Adams Exp pf (5) 331 22% Adams Milis (2).,.. 12% Addressograph (1).. 2 AdvRumley........ 60% Afr Reduotion(t43), 24 Al 7 Al 815 Allegany CorD...... 915 Alleg Cp pf $30 ww. , 10 AllegCppf wSd0 w. 24% Allegheny Steel(.60). 92 Allied Ch&Dye (né). 121% Allied Ch&Dye pf(7) ¢ 16% Allis Chalmers (2).. 15% Amerada Corp (2)... 10 Am Ag Ch of Conn pf 7% Am Agri Chem(Del), 21 Am Bank Note (+3).. . Am Reet Suzar pf... Am Brake Shoa(2.40. 4140 Am Can Co of (7) 9% Am Car & Fdry (1).. 40 Am Car & Fdy pf () 71 Am Chain.... 58 Am Chain pf ( 3714 Am Chicle (13). 7 Am Colortype. . 5% Am Comel Aleoh £14 Am Freaustic Tiling 12% Am Enropean Secur 16% Am & For Power. 64 Am & For Pwr pf(7). 281 Am & For Pwr 2d nf. 5% Am Haw St'ship (1). 10% Am Hide & Leath nf 45% Am Home Prod 4.20 13% Am Ice Co, (3) 57% Am Tea pf '(6) 8 Am International.. 15 Am La France&Fom. 10% Am Locomotive (1). 66 Am Lo'motive pf (7) - @l BrnnBuBuvbiaZananoa 6 Am Metal Co. 5 Am Natural G 45 Am News (13%4). 2115 Am Pwr & Lt (1) 74 AmPwr & Lot (6). 2 8 Am Radiator (60c).. . 87 129 Am Radiator pf (7)., 10s 31 Am Republiex. . 3 15% Am Rolling Mill 23 35 Am Safety Razor (5) 18 % Am Ship & Com..... 1 22 Am Smelt Ref (2)... 28 4106 AmSm&Refpt (7). 1 i 35 AmSnuff (13%).... 2 14 Am Solv & Chemical. 5§ 1 AmSolv&Chempf.. 2 974 Am Steel Pound (1).. 15 37 AmStores (12%)A. 3 AmSugarRef (5)... 8 Am Sugar Refpf (1) 1 Am Tel & Telex (9).. 580 Am Tobacco (16 70 Am Tobacco B(+6).. 194 Am Water Wkee(3)., 17 Am Wat Wksets(3). 8 a2 2 Am Zinc & Lead..... 17% Anaconda Cop (1%). 8 Archer Danfel Mid. . Armour of Del pf (7) Armour of T (A)... Armour of T11 (B) Armour of 111 pf. 3% Arnold Constabl 5% Associated Apparel.. 295% 14 As=oDry G (2%)..u 203% 108 Atch To&S Fe (10).. 108% 961% Atch To&S Fe pf (5). 23% 11% Atlantic Refining (1) 54 30 Atlas Powder (4).... 997 8215 Atlas Powder pf (6). 295% 101% Auburn Auto (£4)... 2% 1 Autosales 6% 3 Aviation Corp e e, 277 81 Baldwin LocomotiV. 104% 543% Baldwin Loco pf (7). 20s 87% 32% Balto & Ohio (5).... 40 80% 50 Balto&Ohiopf (4).. 5 107 101% Bamberger of (6%). 10s 14% 5% Barnsdall Corp'n. 45 3 22 BayukClgar (3).... 60s T4% Bayuk Cig 1st pf (7). 50s 50 Beatrice Cream (4).. 25 14% Bendix Aviation (1), 122 31% Best&Co (2)....... 15 33% Bethlehem Steel (2). 208 96 Bethlehem Stl pf (7) 7 63 Blumenthal pf (7)... 30s 20% Bohn Alumn (13%). !P‘i 14 Borg Warner (1). 8% Briges Mfg (11%).. 12 Briggs&Stratton(2). 45% Bklyn-Man Tran (4). 84 Bklyn-Man Tr pf (£) 51% Bklyn&Queens pf(5) 97 Bklyn Union Gas (5) 32% Brown Shoe (3) 4% Brunsw-Balks Erl 7 19% Burrough A M(t1%) 42 17 Bush Terminal(2%). 3 1% Butte Copper & Zine. % Butte & Superior. ‘7% Butterick Co. 18% Byers (A M) C 1 4 1 2 19 Calif Packing (2)... b 14 Callahan Zinc & Ld.. 10 2315 Calumet & Arizona. 2 4% Calumet & Hecla.... 13 9% Camp W&C Fdy (1). 4 22% Canada Dry GA (3). 15 16% Canadian Pacific1%. 53 17% Cannon Mills (1.60). 3 91 Capital Admin (A).. ) ¢ 29 Capital Adpl(A) (3) 1 43% Case (J 1) Co. . 53 Case (JI) pf(7).... 2708 15% Caterpillar Trac(3). 10 4 Celanese Corp. 14 Celotex pf... 24 Century Rib M 50 Century Rib Myt 11% Cerro de Pasco (1) 2% Certain-teed Prod 4% Checker Cab Mrfg. 27 Ches & Ohio (2%) 4 ChiGreat Western. . 15% Chi Great Westn pf. 3 Chi Mil StP & P 4% Chi M1l StP & 16 Chi & Northw: 5% Chi Pneu Tool 15% Chi Pneu Too! Chicago R 1&Pa Yellow Cab (3).. Chickasha Cotton Oil Childs Company.... Chrysler Corp (1) City Ice&Fuel (3. City Stores, . City Stores (A Clev & Pitts spec (2) Cluett-Peabody (3). Coca-Cola (11%).... Colgate-Pal-P (2%). Colg-Palm-P pf (6). Collins & Afkman. .. Collins & Afk pt (7). 2683 7% Colonial Beacon. 7 9%, Colo Fuel & Iron.... 1 20 Colo & Southern (3). 90s 20% Col Gas&Elec (2)... 125 95 Col Gar&EIDLA (6). 1 4% Columb Graph (56c). 13 51 Columb Carbon (5).. 24 Comm Credit (1.60). 14 edit A (3).. 1 mel Cred 15L(6%). 108 mcl Cred of B (2). 208 Comel Iny Trust (2) 22 2% Comcl Iny T war sta, 1 10% Comel Solvents (1). 378 6 Comwlith&Sou (40c). 459 84% Comwith&Sou pf (8) Nairn (1).. i 4 of 6% . 160s 6415 Consol Cigars pt (7). 380 %, Consol Film........ 23 ConsolRwys pf % Consol Textile. 1 Container Corp 64 Contl Baking (A) 18 4% Coty Ine..... . 23 Cream of Wheat {234 4 Crosley Radio. ..., 2 Crown Zellerback.,, N Bales— Add 00, High. Low. Close. Chge. 2% “yn Net. ERERIER ER FER 2% — % 48% —1% 143% -"b‘ 4% 4% 85% 28 — % A%+ % - % 125 18 | 2% 1% Lorrillard (P) Co. Stock and Low. Dividend Rate. 80% Crucible Steel...... 9 34% 79 Crucible Steel pf (7) 1008 80 % Cuba Cane Products. 1 8 CubaCo....coovcene 24 Cuban-Am Sugar. 3% Cuban Domn Sugar. 48% 86% Cudahy Packing (£). 100 62% Curtis Publish (4)... 118% 100 Curtis Publish pf (7) 5% 1% Curtiss Wright.. 3 Curtis Wright (A). 815 112 100 Cushmanspf (7).. 6% Davison Chemical. 4% DeBeers Min(m4! 2 Debenhams Security. 22 15 Deere & Co pf (1.40). 167% 96 Delaware & Hud (9). 102 304 Del Lack & Wn (4).. 45% 10% Denver & RG W pf.. 195 140% Detroit Edison (8).. 23° 14% Diamond Match (1).. 24% Diamond Mtch pf 1% 8% Dome Mines (1)..... 14% Domn Stores (1.20) .. 12% Doug Aircraft(t1%) 611 Drug Corp (4)....o0 4 Dunhill Internatl. . 107 69% Dupont de Nem (4).. 124% 117% Du Pont de N pf(6).. 107% 102 __Dugues Lt 15t pf (5) 18% 6 lLastern Roll Mills 185% 115% Eastman Kodak ( 135 128% Eastman Kod pf (6) 21%. 9% Eaton Axle (1.60) 11% 3% Eitington-Schild. 74% 81% Elec Auto Lite (4). 100 Elec Auto-Lite pf: 2 Flectric Boat 3% Elec&Musics 26% Hlec Pwr & Lt (1)... 79 Elec Pwr & Lt pf(6). 92 Elec Pwr & Lt pf (1) 35 Flec Storage Bat (4). 30 Endicott-Johnson(3) 67 Eng PubSVe pf (5). 2614 Equit Office Bldg 2% 107 Erie RR 19% Erie RR A 4% Eureka Vac Cleaner.. 14 Exchange Buff (1% ® Fairbanks.Morse. .. 58 Fairbanks M pf (7).. 31 Fashion Park Asko. . 21 Fed Mines & Smelt. , 4 Fed Mot Truck(40c). 11% Fed Wat Sve A(1.20) 30 Fid Ph Fire In( 85% Filene's Sons pf 61 .. 13 Firestone T& R (1). 564 Firestone T&R pf (6) 41 First Natl Strs (2%) 1% Fisk Rubber. .. 8 Follonshee Bros. 15 Foster Wheeler (1).. 17 4% Foundation Co...... 32% 20 Fourth Nat Inv mbbe 38% 9% Fox Film (A) (2%).. 75 67 Franklin Smnpf(7), 13% 18% Freeport-Tex (3)... 2% 3% Gardner Motor. 7% 31 Gen Am Investor: 88 665 Gen Am Inv pf (6)..: 73% 48'4 Gen Am Tank Car(4) 47 12 Gen Asphalt (2). 17% Gen Baking (2) 7 Gen Cable (A). Gen Cigar (4) 1074 Gen Cigar pt (7). B4% 31% Gen Electric (1.60) 1134 Gen Elec spec (60c).. 42% Gen Food Corp (3).. 314 Gen Gas&El A(e30c) 156 Gen Prtg Ink (2%) 6% Gen Public Servie 86 Gen Ry Signal (5). 1% Gen Realty & Util. 24 GenR&ULDS (e6).. 29 Gen Refractories (8) 1% Gen Theatre Equip.. 8% 12 Glllette Saf Razor. 7% 3% Gimbel Bro: 16% 7% Gliaden Co. 9% 4 Gobel (Adolf). 42% 20% Gold Dust (2%). 117% 104 Gold Dust of (6). 8 Goodrich (B F) 30% Goodyear T& R (3). 71 Goodyear 1st pf (T). 4% Gotham Silk Hostery 52 Gotham pfxw (7)... 2 Graham-Paige...... 9% Granby Con Min (1). 7 Grand Sfl Strs (h1).. 55 Grand Stores pf 6% . 10% Grand (Tnion. . . 36 Grand Union pf (3) 25% Grant (WT) (1). 27 Great Northn pf(4).. 15% Great Northn Ore(2) 7 Great Western Sug.. 2% Grigsby Grunow. 10 Gulf States Steel 3% Hahn Dept Stores. .. 43 Hahn Dpt 8t pf(6%) 11 Hall (WF) (1.20)... 79% Hanna pf (7).. 23% Harb & Walker (1).. 1% Hartman Corp (B).. 40 Hercules Powder(3). 831 Hershey Choc (5)... 89% Hershey Choe pf (15 18% Holland Furn (12%) 5% Hollander Sons..... 81 Homestake Min (18). 4% Houdaille Hershey 27 Houston Ofl..... 5% Houston Oil (new) 13 Howe Sound (2).... 27 Hudson & Man (3%) 11 Hudson Motor (1)... 5% Hupp Motors. ..... 27% lllinois Central (4).. 1% Indian Motor Cycle. . 9 Ind Motor Cycle pf.. 2 Indian Refining 211 Indust Rayon (4) 69 Ingersoll Rand (4).. 35% Inland Steel (2%)... 4% Inspiration Copper. . 214 Insuranshares Del A 10% Interboro Rap Trans 7 Intercontl Rubber. 1% In. Agriculture..... Int Bus Machine(né) % Int Carriers,Ltd 50c. Int Cerpent (4).... Int Combustion. . Int Combustion pf. Int Harvester (2%). Int Harvester pf (7). Int Hydro El A (e2). Int Match pf (4). (nt Merchant Marine. Int Nick of Can(40c) Int Nick Can pf (7). Int Paper & Pwr (A) Int Paper & PwrC... Int Printing Ink.... Int Printg Ink pf (6) 3 Surs ailaaan w3 TaRgemaan Int Tel & Tel (1 t Stores (2).. Interst D 8 pf xw(7) 15 Investors Bquity.... 20 Island Creek Coal(4) 57% 35 Jgwel Tea (4)....... 80% 40% Johns-Manville (3). 45 11% Kansas City Southn. 18 11% K'mann Dept Strs(1) Kayser (J) & Co (1). Kelly-Spring Tire. .. Kelly-Spr T 8% pf.. Kelsey-Hayes Wheel Kelvinator Corp. Kendall Co pt (8)... Kennecott Copper (1) Kinney (G R) Co.... Kresge Dept Stores. Kresge (S 8) (1.80). 55 36 Kress (SH) Co (j1). 27% 10% Kreuger & Toll 1.61). 35% 18 Kroger Grocery (1 ) = ] @ §-) 8 2 2 1 e e 87% 56 LambertCo(8)..... 9 Lane Bryant (1).. 81 Leh Port Cement 3% Lehigh Valley Coal 221, Lehigh Valley RR. 69% 45% Lehman Corp (3) .34% 22% Lehn & Fink (3). Owens G 3) 11 4% Loose: 18t (7). 100s 120% 152 18% 2 Loulsiana Oil....... 1 2% 25 Lou Gas&El A (1%). 5 26% 19 714 Ludlum Steel....... 6 &% —_— * (Continued on Page 14) Bales— Net. Add 00. High. Low. Close. Ohge. 33% 33 2% % | of conditions WASHINGTON, D. C, SATURDAY, SEPTEMBER 19, REACTION IN STOCK MARKET RESUMES Heavy Offerings Again De- press Prices—Leaders Are in Supply. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, September 19.—Before the stock market showed the slig] sign of a rally today, it had dipped down well below the level of Friday and had been compelled to absorb a large amount of sacrificed offerings coming from this country and abroad. Such issues as United States Steel, General Motors, General Electric, - American Telephone & Telegraph, Consolidated Gas, American Can, Eastman Kodak and Atchison, which represent the in- vestment and s} ative standards that Wall Street follows, all declined in the first hour and were in liberal supply. Scores of other prominent stocks reacted 10 the general pessimistic temper of the financial district and to the influehce abroad, which were irritated still further by the outbreak of hostilities between Japan and China. The momentum was even greater for a while than in Friday's session, with 700,000 shares turned over in the first hour and a record in total sales for a short session that has not been equalled in months. The individual declines were not so large as in previous sessions, the extreme break in the group of leaders being 3} points in American Telephone & Telegraph. This suggested that there was de- % veloping a greater degree of support and of investment buying than has pre- viously been witnessed. In fact close students of the market expressed the belief that the selling wave was reach- ing its climax and that a steadier market would be witnessed next week, The unusual incident of a decline of over 6 points in the 5% per cent bonds of Great Britain, which had had a sharp drop on Friday, reflected the nervous- ness over the English outlook. This is also emphasized by the spread between the rate of spot sterling and for 90-day z'l;(:, ‘which were quoted below 4.80 pared with the demand rate of about 4.85%. All foreign markets were un- settled, with their own issues suffering equally with those of foreign countries. Cables from London stated that an effort was being made to place an embargo on trading in foreign securi- tles. The market took the offerings in the second hour more readily *han in the early transactions. It was apparent that a stiff fight was going on between the two factions on the Stock Exchangs in which those who supported the lead- ing industrials and publie utilities made the best showing, while weakness was continuing in a large number of Jess important issues. ‘The individual blocks of stock were not so heavy as in some recent sessions, but the flow of seciri- ties was 3o rapid that at times the ticker was several minutes behind the market. PR REL TN éENNSYLVANIA TO SPEED UP PASSENGER TRAINS By the Associated Press. NEW YORK, September 19.—The Pennsylvania Railroad has announced a general speeding up of its passenger trains, effective September 27. ‘The Conj , the announce- ment said, will cut the running time between New York and Washington to four and one-quarter hours, although this trip is generally considered a five- hour run. New fast schedules from New York to Cleveland, Detroit and Pittsburgh were also included in the announcement. The rallroad described the Congressional’s as the “fastest in history.” U. 8. TREASURY BALANCE. ‘The United States Treasury balance, announced today as close of business September 17, was $674,510,699.67. Customs receipts for the month to date were $19,231,876.85. Total ordin- ary expenditures were $10,106,004.25. INVESTMENT TRUSTS NEW YORK, September 19 (#).—In- vestment trust securities (over-the- counter market) A B C Tr Shrs “ & g Tt Chelsea Exch B Cumulative Tr 8h . t Diversified Tr Diversified Diversified Tr D . Eaquity Invest . Equity Invest pf Equlty Trust S Five-Year Fund Tr Ghrs A Fund Tr Shrs B . General Equity' A Milor ‘Gorp '8h ajor ‘Corp Bhrs Mass Invest T, Mutual 1nv Tr utusl Manage Nation wide Sec atl T N Y Bk Tr Shi North Am_Tr Shares . Northern Secur Ofl Shares unit, Qld ol Inv Tr BRwoawa’ ol 88 sSoeial e = mut_Bank .. Spencer Trask Pund Stand Am Tr Shrs . Stand Collat Trust State Strest Invest A Ir B sZuomssnuatiselan B G EEREE E- £ N o8 o, 1931. FINANCIAL, Trade Reports at a Glance. to Bradstreet’ business conditions TOpSs, &8 reported this week from the following centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: and Job tinde. . et Fair Quiet Retall trade. Quiet e et Coltects ustry. tions. Quiet Slow Quiet Slow Quiet Slow Quiet Fair Quiet. Fair Fair Fair Fair Pittsburgh—Lumber and building trades quiet; glass business slow; uiries in steel K‘oduees optimism. 5 uvaflle—sncht cleared; building slow. provement in trade generally; Summer stocks Cleveland—Warm weather retards Fall goods; more inquiries for coal, but shipments below 1930. D’etroflr-kekfl trade at new low point; Ford takes on more workers; improving. st Milwaukee—Fall merchandise featured in stores; corn ripening rap- ly. Chicago—Recent gains in trade volume holding; no increase in steel; rails buy less. St. Louis—Ladies’ clothing fair, but men's quiet; wholesale shoe busi- ness better; lead unsettled. Minneapolis—Heat held trade to low level generally; forest fires caus- ing trouble; employment low. St. Paul—Wholesale furs and hats active; corn being ha 3 Duluth—No improvement in wholesale or retail txtd:; yment increasing. b Des Moines—Corn estimates lessened: Fall goods help retall trade. Kansas City—Fall buying small; building mlmuhlglo'; surplus ofl stocks diminishing. ‘Baltimore—Fall trade injured by hot weather; wholesale volume off; foodstufts plentiful and cheap. RAILROADS PRESENT RECORDS IN PLEA FOR FREIGHT RAISE * BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, September 19—Three months after the railroads had filed their application for a 15 per cent in- crease in all freight rates they have presented to the Interstate Commerce Commission their brief outlining the facts and promises on which they feel they have the right to expect fair treat- ment when the commission hands down its decision in- this momentous case. ‘There is quite general disagreement among railroad men regarding the na- ture of the opinion that the commis- sion will render and when it will be re- leased. The more confident among them anticipate a grant by the commis- sion of an increase. of between 7 and 10 per cent. Others believe that the maximum will be 5 per cent. There is an element among counsel for the car- riers who are extremely pessimistic, feeling that the mwhsum may a “pass the buck™ and leave them where they were before application was made, in June. Record Is Cited. It is doubtful if a'decision can be rendered before the end of October. If authority is then given to make any rn of the 15 per cent increase ef- fective it would not apply on railroad earnings for more than a month in the present calendar year. It would, how- OUTPUT OF LUMBER ever, bring a change in sentiment to- ward rallroad credit and have the ef- fect of continuing some railroad divi- dends whose tenure is based primarily on whether rates are increased or ordered to remain at the present level. The brief of the railroads makes s strong point of the record which they are able to t in the way of a “contribution to the economic progress of the Nation” both after the period of Federal® control and in “ on” fol the stock market panic in 1929, when they ed the burden of large capital expens es and held that by 50 Going they were thrcatening y were fia;;xtm 0'}” thmunlnc ween years 1923 and 1930, in- clusive, the railroads spent for additions and betterments the net amount of $5,- 046,000,000, or an annual average of $625,000,000. For 1930 they committed themselves at the Washington confer- ence to expenditures between 25 and 30 per cent greater than this annual aver- age. From the stress of circumstances they have been compelled this year to this figure materially. Railroad executives now state that un- less rate relief is ided for them their future ann expenditures for additions and betterments will fall well below $500,000,000. Obs ly, the suf- ferers from this will be the industries that thrive most when railroads are making satisfactory net earnings. The brief! stresses AT NEW LOW LEVEL | w provide “zeasona Orders and Shipments Are Still Above Turnout From United States Mills. Reflecting the Labor day lay-off, lum- ber production reached a new low level during the week ended September 12, it is indicated in reports from 837 leading t hardwood and softwood mills to the National Lumber Manufacturers’ Asso- clation. These mills gave their cut as 159,803,000 feet. Orders were 11 per cent above and shipments 15 per cent s jere 11 er cent above orders 1 cent above a total Com- the less cent less than for the week in 1930; for hnrdwoodl.hfiw ms:.ui gpfiuggfin‘ g cent less, shipmen! 3:1; orders 10 per cent under the volume week a year 8go. . ‘ml,uq:ber rmierly reported for the week ended ember 12, 1931, by 565 soft- wood mills totaled 156,190,000 feet, or 7 per cent above the production of the same mills, Shipments as reported for the same week were 162,483,000 feet, or 12 per cent above production. Produc- tion was 145,605.000 feet. rts from 290 hu; wood mills give new business as 21,681,000 feet, or 83 per cent above production, Shi ents as reported for the same week were 21,299,000 feet, or 50 per cent above o Production was 14,198,000 from 483 softwood mills give unfilled orders of 544,331,000 feet, on September 12, 1931, or the juivalent of 12 days' production. This is upon production of latest calendar year—300- r—and may be compared with unfilied orders of 510 softwood mills on September 13, 1930, of 766,007,000 feet, the equivalent of 15 days’ production. The 419 identical softwood mills re- port unfilled orders as 533271'.000 feet, or the equivalent of 12 days’ average production, on September 12, 1931, as pared with 11::%000 ;eetihonl' ?‘: 6 s’ produc , for lent of 1 ok F- bl uc was 138,301,000 feet, and a year was 223,649,000 feet: shipments ectively, 153,674,000 feet and 209,639,000; and orders received 149,- 905,000 feet and 222,931,000 In the case of hardwoods, 230 identical mills reported juction last week and a year ago 12,063,000 feet and 21,389,000; ts, 19,263,000 feet and 22,112,- 000; orders, 19,284,000 feet and 21,452,000. GERMANY WILL ADVANCE CREDITS ON OWN GRAIN By the Associated Press. 5 The Commerce Department is advis- ing that Germany will advance credits on_her own grain orop. The steps will be ‘taken to facilitate further financing of the grain harvest. with advances being given on actual delivery contracts for rye, wheat and barley.” Two firms have been appointed to handle the transactions, one for all deals effective with the trade and the :!:h.et all involving co-operative socie- The Deutsche Rentenbank Kreditan- stalt has been enabled by the Reichs- bank to allow the same preferred rate of interest on credits which are taken out for advances based on delivery con- tracts as for the bill credits for grain deliveries to mills and other plants. Interest reduction amounts to 6 mr cent. per annum for duration of the bill, providing this is not more than six weeks. If the sent Reichsbank dis- count rate of 10 per cent is reduced, g:c reduction will be changed accord- —_— * Manufacturers’ Finance Co. BALTIMORE, September 19 (i cial) —At the board of m"m&m&':‘" Nanutac. turers’ Finance Co. held yesterday, the of the yegular quarterly divi- ’o'i"l% per.cent on the 7 per cent 30 to stockholders of record ‘The transfer books will not be closed. vestment X u;mmum&’&?’mmm part of the carriers thal the year will amount to onl 000, or 2.25 per cent on ment. Going further, the brief ts out that if the Tevenue '.N?yhellr had been incre: 15 per cent net operat- * A—13 BARGAINS ATTRAGT COMMODITY:BUYING Rgsistance to Price Declines Shows Purchasing Has Increased. By the Assoclated Press. Greater recognition apparently is be- ing given bargain prices offered by pres- ent-day buying opportunities. One proof was seen in the resistance to price declines offered by commodities. ‘The average price of major commodi- ties to all indications has become sta- bilized with the continued downward trend definitely halted in June despite & serles of depressing influences which caused a widening deflation. ‘The wholesale price index of the Na- tional Pertilizer ition covering price movements during the week ended September 12 showed a rise of three fractional points over the previous week, and now stands at 67.6. It was based on 476 price movements with 100 rep- resenting the average price level for the normal years 1926 to 1928. Four of the fourteen groups compris- ing the index advanced during the week as five declined. The gains were - tered by foods, grains, feeds and live stock, metals and chemicals and drugs. Foods showed the largest advance. De- clining groups were fuel, including ;e- troleum and its products, textiles, Tats and olls, fertilizer materials and ‘the p of miscellaneous commodities. th the exception of fuel, the losses were comparatively emall. Prices for 21 individual commodities advanced during the week, while prices for 27 d.ell:ed ‘Those* in- cluded lard, ‘butter, sweet 3 wheat at Min i TV, hogs, lead, silver, heavy mielting steel, coffee and rubber. Among the declines were fi:mh , nlk.‘:ottonum ed d!.mm oats, it pi , copper gaso- line, calfskins, hides, hemp, linseed ofl, QUIET DEMAND IS SHOWN - FOR HEAVY CHEMICALS Special Dispatch to The Star. ing income would be $985,000.000, but ings only 4.01 per cent on in: vestment compared with Bersay in the claims that this would produce equality between those who would called upon to contribute most to the pool and receive least and those who would reap the benefits from it and make the smallest sacrifices. would divert certain traffi truck transportation. (Copyright, 1931.) National Organization —desires to sublease its - spacious quarters in mod- ern, centrally located office” building. Greatly reduced rental. Address Box 111.D Star Qfl'lce EIRST Joseph - Weller 455 & 3w SINCE 1899 MONEY TO LOAN at 5%% and 6% Interest Consult WELCH Realtor Loa: 15th and NN ANe NW, (National Sarings & Teust Co. Bide.) First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applica JAMES F. SHEA 643 Indiana Ave. NW. MORTGAGE PLAN AHEAD FINANCIALLY That is safely and easily done when you adopt our 69 FIRST MORTGAGES as an investment. straight arithmetic—a definite and fixed return, covering a period of Over a Third of a Century Without a Less years, and With them it is with principal fully pro- tected by conservatively appraised improved Washington real estate. May be purchased' in’ amounts from $250 up. BF SAUL €6 _ National 2100 THERE, IS NO SUBSTITUTE = FOR 925 15th St. N.W: