Chicago Tribune from Chicago, Illinois • 21

1 444)- (6' Ay; I I 1 I 41p oAtt 1 I-I 0 1 )1 e. ce I A. .1,, ctirxbmte 0 I r- lb 1 THZ WORLDS GREATEST 461161 NEWSPAPER I TUESDAY. ATIGUST 8. 1933.

21 WEIMEMM1 Sales of Department Stores in Leading Cities Compared Viti Eh Year Ago 43 Outlying: Adopt Bankers Wait Figures as Key to U. Credit JUDGE PERMITS SUIT AGAINST INSULL CHIEFS GRAM BOARDS DRAFT CODE TO STEADY PRICES GE111 moons VOTES OMEN RAISES WAGES PER CENT INCREASE IST WEIMMIMIM i -e ID 0 I Payments Continued at Usual Rate. May Limit Swings, Size of Accounts. 37 Millions Will Be Asked in Action. BY HOWARD WOOD.

The treasury's announcement yesterday that the eight year 3U. per cent bonds had been oversubscribed more than six times and that the two year treasury notes had been oversubscribed more than four times svaa viewed In Chicago banking circles as highly encouraging. Bankers. however. preferred to await the treasury's detailed report on subscriptions before attempting to Interpret the response to the issue.

The key to treasury credit. they said, was not In the amount of the total subscriptions. but In the proportion of the issues which were taken by the general public. -C Ch 'Ast el re I :1114 0 law .4. 0 Cr: OEM 7t.

0 Cr 0 0 se do do Zs! .0 7 c- ittle 76 CO I. 0 -0 OA 0 )- CO 4 4 iteb (t 0 Al AD AD 11 Per Cent of Increase or Decrease, June, 1933. Over June. 1932 i15 PER CENT tsrSPECF Uniform hours of business for Chicago's 43 outlying banks have been adopted by the Chicago chapter of the Illinois Bankers' association. In the future the 43 banks will open at 9 a.

tn. and close at 3 p. m. daily, including Saturday. At present the hours of business differ among the various banks.

The live large downtown banks are already within the maximum hours set by the bankers' code. Business hours of the eve institutions will remain unchanged. The new schedule for the 43 banks, which includes the smaller hanks located in the loop area, has been approved by the national recovery administration, according to telegram received yesterday from A. D. Whiteside, deputy recovery administrator.

Suburbs Not Affected. "An exception applying to the 43 outlying Chicago banks referred to in your telegram of Aug. 4 Is permissible and in keeping with the fact and spirit of the President's reemployment agreement and the bankers' code," the message said. Frank Itatkie, treasurer of the Chicago chapter of the association, said that the suburbs are not affected by the ruling. The suburban banks will set up a schedule of their own for submission to the recovery administration.

Mr. Ilathje said that the new schedule will result In some Instances In reducing the present hours of business, but that in no case will it reduce employment In the banks affected. Flan 40 Hour I'Veek. The new schedule will enable many banks to put into effect a 40 hour week for clerks. he said, without changing the number of workers.

Some outlying banks now close Wednesday afternoon. The present Saturday hours of business range from 9 a. m. to 1 13. m.

and 9 p. m. The new schedule will make the Saturday hours uniform among all outlying banks. The five large loop banks will con tinue on the 9 a. tn.

to 2 p. m. schedule for week days and the 9 a. m. to I p.

rn. schedule on Saturda)s. SALES OF AUTOMOBILES I IN JULY EXCEED BEST 1 PREVIOUS RECORD 29 DOLLAR GAINS SLIGHTLY IN DULL TRADING SESSION That 'Bicycle Built for Two Is Still Popular (Wise, Tribune rreen Service. New York, Aug. 7The dollar recovered further In the foreign exchange market today.

Trading was quiet and dull, being affected by the holiday in London. Sterling fell 1 cents, to $4.43, the franc cheapened The attitude of the banks toward sovernment bonds is widely known. They have Invested heavily in short term issues and will continue to buy new short term securities as the old issues mature. In addition, they are In the market for a limited amount of longer term bonds, although they do not bind themselves to hold all such bonds that they may buy. Other Institutions, notably insurance companies, are heavy purchasers of government bonds.

If the treasury Is to refund into long term issues any considerable portion of the securities maturing during the current fiscal year. however. the investing public will have to buy bonds In tremendous quantities. That is why bankers place more importance on the amount subscribed by the general public than upon the lumped figures of total 'Although business continues to forge 'ahead and pay rolls and employment are both growing, bank credit throughout the nation continues to contract. The federal reserve board's report on member banks in 90 principal cities.

released yesterday, showed total bank loans and investments of le billion 957 million dollars on Aug. 2, a drop of 105 millions for the week. Thus, instead of inflation, the nation has actually been experiencing further deflation as far as its principal banks are concerned. This shrinkage has been going on for months. A large part of last week's decline in bank credit was due to a further decline of 128 million dollars in deposits, all save 5 millions of it a drop in demand deposits.

Demand deposits have been falling off since the passage of the banking act of 1933 prohibiting payment of interest on them. talkers Tribune Tress Servirea New York. Aug. board of directors of the General Motors corporation today declared the regular quarterly dividend of 25 cents a share on the common Mock. At the same time the corporation announced In New York that all salaried employes will be given a 10 per cent pay increase.

effective Aug. An increase of 15 per cent in the hourly wage rate of employes was put into effect Aug. 1. The dividend is payable Sept 12 to stock of record Aug. 17.

Common ttvidends have been paid by the company at the rate of 91 a year strive June. 1932. when the rate was reduced to 25 cents quarterly from BO cents. The regular quarterly dividend on tbe preferred stock also was voted. Dividend Expected.

While payment of the regular dividend on the common was expected generally, there has been some expectation in Wall street that the corpora- tion might make a small extra pay. ment on the 43.500,000 shares of corn- mon stock outstanding. Those predicting the extra payment pointed out that the corporation giant of leaders In the automobile world, earned more than 91 a share on the stock In the first half of 1933, which after the payment of two 25 cent quarterly dividends, left a balance of a little more thon 60 cents a share available for additional dividends. The earnings record of the General Motors corporation since 1931 was a. reflection of the depression period with sales to dealers in all parts of the world declining sharply from the pak year of 1929.

Last Tear Results Poor. At the same time 1932 saw a sharp recession In other than automobile sales with the result that a 915.00000 deficit was shown for the last two quarters of last year. That deficit practically wiped out the profits in the first half of the year, so that the corporation was able to show only $165.000 net income for 1932. In the first tbree months of this year dollar volume of sales dropped 20 per cent more and after preferred dividends only 11 cents a share was earned on the common stock. In the June quarter 90 cents a share was earned, reflecting the sudden upturn In buying' power.

2 points to 8.31 cents and other ex The old fashioned tandem bicycle, popular back in the '90's and the early part of this century. Is finding favor again according to Cycle Trades of Americaan organization composed of bicycle and accessory manufacturers. After discontinuance of the manufacture of the old tandem bike. except on special order, for many, years, July saw a renewal of the the association stated. Production of ordinary bicycles in July totaled 45.000 units, compared with 12.000 in July.

1932on Increase of 275 per cent. The total for the first seven months was 145.000 unitsa gain of 29 per cent over the like puriod of D32. Ithiraga Tribune Press New York, Aug. 7.Sa1es of new passenger ears in the United States In July were approximately 63 per cent greater than in July last year. according to IL L.

Folk Co. July tales as estimated were only 2 per cent below those in June. thus far the peak month of the year. The gain last month was 23 per cent above the best previous July, which was In 1925, when 42.000 units were shipped. The estimate was based upon reports of sales In 103 leading cities.

In these cities 58.000 new passenger automobiles were registered in an average of the first 26 days of the month. This was an average of 2,320 cars registered daily, as compared with 2.364 daily car registrations In the same cities in June. On this basis it was indicated that total new passenger car sales In July In the country were 170.000. which would compare with 104.18S in July, 1932. and 174.190 in June.

this year. Shipments of Plymouth. Dodge, De Soto, and Chrysler passenger cars and commercial vehicles during July totaled 53,119 units, the greatest July business In the history of Chrysler motors. Ile shipments for July were three times as large as In the same month last yea r. WALGREEN SALES FOR JULY 9.8 PCT.

ABOVE YEAR AGO changes were correspondingly lower save for the belga, wbch rose 2 points to 18.92 cents. At the close the dollar was valued at 73.78 cents In terins of French gold compared with 73.1 cents Saturday. Canadian dollars were cent lower at 6 per cent discount. Guilders re. acted 20 points to 54.70 cents.

and Swiss francs were eft 10 points to 26.25 cents. Marks fell 12 points to 32.33 cents. and lire lost 3 points to 7.12 cents. The lower tendency of the pound as compared with the franc late last week does not show. In the opinion of some experts, that the pound has been divorced (ruin the franc.

but It Is In. terpreted to mean that the British support of the pound against the franc Is slowing down and the British treesury Is operating more cautiously In tLat respert. Washington. D. Aug.

7.VP)-- Grain exchanges today responded to the demand of farm adminietratore for a code covering reforms intended to brit-ft stabilization of prices. They Informed administrators that on Wednesday they will submit a code of exchange practices which the farm officials plan to pass on as soon as possible. The exchanges include those at Chicago, Minneapolis, Kansas City. Deluth, Omaha, St. Louis and others on the Pacific coast.

After the mtd-July conapse in grain prices administrators called exchange representatives together here and George N. Peek, the chief administrator. told them that if they did not "put their houses in order the administration would prescribe a code. Several Provisions Expected. Provisions of the exchange code, which will be submitted at a conference with administratore, were not revealed, but it is assumed It wit include proposals that: Exchanges adopt as a permanent policy of daily limitations on fluctuations of five cents a day on wheat, rye and barley; four cents on corn and three cents on oats.

Permanent elimination of trading' in weekly and daily Indemnities, also known as 11 bids and offers." More adequate margins. Definite limits on the volume of futures which any individual can bold at One timea point taken in responee to the contention of Secretary Wallace that large individual holdings make "manipulation" poseible. Mr. Peek takes the position that exchanges can stabilize prices by changing their practices. and that if the alterations are not made voluntarily the farm administrators will prescribe a code for the grain industry, and the exchanges in particular.

Maater Code Maned. The administrators Intend that the code for the exchanges shall be one of a group of supplemental codes covering branches of the grain industry, an of which win be brought under a master code. Other codes are being worked out by millers, terminal elevators, and country elevators. Representatives of terminal elevators conferred with adtninistrators today preparatory to submitting their code. Millers have been drafting one for several weeks and are expected to be ready to submit it formally next week.

Representatives of country elevators are to appear here within the next ten days. Irrespective of what the exchanges present, the farm act directorb have authority to write in" other provislons as they see fit before approving a code. It was said authoritatively that the requirements of administrators have not been worked out in detail and that they intend to ascertain what the exchanges will preeent voluntarily before deciding what they may consider necessary as additions. Elevators to Hake Pay. Representatives of the Terminal Elevator Grain Merchants' association, after discussing their proposed code with administrators, said the 77 members of the organization control approximately 300.000.009 bushels of terminal elevator storage space, about SD per cent of the total in the country.

Approximately 5,000 men are employed by the elevators and the association ppokeemen said their code would have the effect of increaming both employment and pay The maximum hours for clerical and other "white collar" workers would be limited to 40 a week. with wage minimums from $14 to $15 a week, graduated with the size of the city. For mechanical workers the same weekly hour limit would be set, with Suit to recover $37,000.000 alleged to have been "fraudently and unlawfully" dissipated. -will be started et hort ly against ee-e-e the former (Ali- 1 cers and directors of the defunct ty Corporation Semi- 4 7 ritiee company. I Irzle A' eee vt lnsull investment le I firm.

-oops ,,.1 Referee In 1, ee----et4. i Bankruptcy Gar- all, Ar, Aeld Charles yes- terday authorized 'i Trustee Sam iA Howard to Pro- ee with the pJ' .4: et''' suits. Ashcraft 'Ashcraft, at to r- lleys for the trustees who have STANLEY FIELD. spent several months in preparing the cases will bring the action. The officers and directors subject to the recovery suits are: Samuel Insult.

Samuel Instill Jr. and Martin J. Insult. Stanley Field, nephew of the late liarshall Field and former chairman of the Continental Illinois bank. Harold L.

Stuart, head of Halsey Stuart Sc Investment bankers. Charles L. Stuart, an official of Halsey-Stuart. Edward J. Doyle, president, Comraonvk ealth Edison company.

Expert Immediate Action. It is txpected that suit will be begun Immediately against the former three-tors now living In Chicago. which will Include all except Samuel and Martin J. Insull. The latter are fugitives.

and are residing in foreign countries. Samuel Insull Jr. Is now aseistant to the chairman of the three metropolitan district utility companies. Cases against the former directors have been in the process of preparation for months. The work has been curried on largely by Attorney Russell F.

Locke of the firm of Ashcraft A Ashcraft. now counsel for the trustees. The firm first entered the case more than a year ago as attorneys for a noteholders' protective committee and later served as counsel for the As the firm now has practically no seeets of any value the compensation of the law firm will depend on its allecese in prosecuting the sults against the directors. several of whom are known to be wealthy. Charge False VelureIlPferee Charles' order was made on a pplication of the law firm.

The petition recites that an extensive examielation and investigation of the books of the company have revealed "that large sums of money were expended by the corporation In the purchase of stock from June 11. 1130. to April lli all pursuant to the direction of the officers and directors, and that in the opinion of the petitioner and his counsel. such purchases were made ter the fraudulent and unlawful put-pose of creating and maintnining a telee and fictitious market 'value for the capital stock of the company." Specific cases are set forth showing the purchaees of large blocks of stock ot the West Utilities company. another Insull bolding company, and the exchange of a large number of plumes of Peoples Gas Eight and Coke company for the capital stock of Insult Utility Investments.

Inc-. now bankrupt. (bargee Ilad Ilusinees Trade. The petition declares that the Peoples' Gas stock had a substantial market value and that the stock of Instill Utility was without value when the trade was made. "In the opinion of the petitioner and his counsel.

the petition concludes. said bankrupt suffered the loss of huge sums of moneyto wit: In excess of $37.000,000 and the officers and directors are liable for the said lora" Issue Permit for $70,000 Two Story Loop Building A building permit for 170,000 was Issued yesterday for the two story structure to be erected at the southeast corner of Washington and Dearborn by Anna Sears, widow of the founder of Sears. Roebuck Co. Sales by the Walgreen company are continuing the which set in some time so. For July.

1933. sales totaled $4,179.827. compared with in July. 1932. an increase of $372,536.

or 9.8 per cent. For the seven months ended July 31 1933. sales totaled $25.584.212. compared with $27.287,472 in the like period of 1932. a decrease of $1.703.360.

or 6.2 per cent Sales for the July period do not include those made in the company's shops in the grounds of the Century of Progress. The number of stores In operation as of July 31 was 466. This was the same number operated at that time last year. 2 HANNAH HOGG OPEN FIRST OF 25 LOOP BARS From a letter sent by one Republican high in the councils of the last administration to another Republican high In the councils of the last administration: "I never thought to see the world and my poor self rushing toward an obscure goal with such speed and such bunny indifference." liarvey T. 11111.

exetutive secretary of the Chicago Stock exchange, who has just returned from a business tour through a dozen Pacific coast and western states. says business recovery in Chicago ben been greater than In any principal western city. A La Salle street executive reeently made a beer discovery. I was talking to the head of a Milwaukee brewery the other day." he said. "The brewery man said something about lagering beer.

To my surprise I was told that lagering beer meant ageing beer and that lager beer is merely aged beer. I thought lager beer was a beer that had momething fancy done to it." Here's; a story anent tide machine age. The officials of a large tnanufacturing company recently were show-ins a party a complleated machine which does the work which It formerly required several thousand to do working by hand. a'Our engineers were guilty of an oversight In the planning of the machine," one of the officials remarked. "It takes six persons to operate it and we now lInd that it could have been designed so that only three would be necessary." Night watchmen at loop banks are likely proepects for Republican proselytizing.

'ender the code as approved by the Chieago Clearing house aseoelation all nonexecutive workers earning less than $35 per week are to be put on a. 40 hour week, except the night watchmen. Once locked In the bank at night, they have to stay until the doom are opened In the morning. The first of a proposed chain ot 25 loop bars to bear the historic name of Hannah Ilegg. liquor purveyors from 1873 to 1919, has been opened at the Breevort hotel.

According to Louis Itoeser of the 11. organization, the bars will be installed as on as satisfactory locations can be found In the downtown district. AU of the new bars will be modern in design. -4 trio 5 (4. 0 1 Jr I Ee I 1 9 Z1 0 i 0 0 933 Founded New Treasury Bills Sell to Yield 32-100ths of 1 Tribune Press berlirci Washington, D.

C. Aug. T.Subscriptions to the 75 million dollars of treasury 91 day bills Melt were offered last Thursday totaled more than 263 million dollars, Acting Secretary Acheson announced tonight The average price at which the bills were sold was 99.919 the discount being equivalent to an average interest rate of about 32-100the of 1 per cent per year on a bank discount basis. Continued on rime 22, column 71 Orders for 142 Tank Cars Autos Will Sfriie IDollarlin 2,800 'foe lay! Placed by Three Concerns New York. Aug.

Allied Chemical and Dye corporation today placed an order for 100 tank cars with the American Car and Foundry company, the A. E. Staley Manufacturing company of Decatur, 111., has orderd 21 tank cars from the General American Tank Car corporation, and the Pullman Standard Car Export compiny will manufacture 21 tank cars for the 'United Fruit company. IL' ounded in 1898, the Maryland Casualty Company takes pride in a reputation based upon the solid foundation of fair dealing. in 1898, the Maryland MARKET SUMMARY NEW YORK STOCKS Irregular.

Trading at dullest. CHICAGO STOCKSMixed. Turnover light. NEW YORK BONDS Irregular. Sfvondary rails rise.

FOREIGN EXCHANGES Easy. Dollar firm If 1932 averages are maintained, approximately 2,800 persons Nvill be killed or injured by automobiles today. And, on the basis of 1932 losses, these accidents will cost automobile owners more than $1,600,000.00, not including property damage! It is risky to own and operate a car without Continental Automobile Liability Insurance. Ask your agent or broker about this protection. Chicago Office: Insurance Exchange Building JOHN P.

KEEVERS, Resident Vice-President 162YLEYa su-rtTy. A Chicago Institution WHEATLower. Trading light. CORNLower. Buying CATTLESteady to 25 cents lower; top steers, average, $6.10.

HOGS Steady to 15 cents lower; top, average, $1.10. COTTON Lower at close, higher early. SUGARHigher. COFFEESteady. PRODUCEButter and eggs steady.

Trade light. CONVIINIEN'IPAIL4 4i) MPFIIIY C3ALTILMOPEn 1 alk CASUALTY ASSURANCE COMPANY COMPANY i -a; RA' JT4iiiii3 jauti 1 111 7 -ii In 11 1 2 2f 1 Ai "i 113 4,1 la. IIHIN ll 4 11 1 2 -z' I We have active markets in 1932 and 1933 TAX WARRANTS Accurate Quotations furnished on all Chicago and Cook County Tax Warrants We have ac live markets in 1932 and 1933 BUMS utrqui onnc ntionc PP GSIDenT SURETY BOIIDS 3 PP SIDE Rogers Ilk Tracy INC. INVESTMENT SECURITIES 120 So. La Salle St.

State 4151 CASUALTY InSUI2MICE timmliazonmsx 1.