Evening Star Newspaper, July 6, 1931, Page 14

THE EVENING STAR, WASHINGTON, D. C, MONDAY, JULY 6, 1931 FINANCIAL. NEW YORK STOCK EXCHANGE. | BONDLIST STEADY | Coxe vore BONDS oo sxcnnca] | (JTLO0K IN STEEL T a————— INQUIET MARKET INDUSTRY BETTER A—14 STOCK SALES PLAN | CAUSES CRTICIH Ll . Close 2% T2% 3% T34 90t A1 88 88 80% 80% 95% 95% | UNITED STATES. (Bales are in $1,000.) Sales. High ~Low. Close. Lib 3% s 32-47.. 14 10218 10218 102 18 List4%s32-47. 36 1051210310 10312 L4th43s33-38 118 104 25 104 23 10425 Stoek and Sales— B Dividend Rate, Add 00. Hign. 44% Unit Corp pf (3)..... 25 3 Unit Electric Coal... 4814 Unit Fruit (4). (Continued From Page 13.) Stock and Sales— Prev. Dividend Rate. Add 00. High. Low. Close. Cioss. Shattuck (FG) (11%) Int Rap Tr Int Rap Tr 783 Int & Gr Nor Int Hydro El 68 *44. Imt M Co 58 ret *41. —Prev. 1931~ High. Low. 20y 164 Corporations Are Embar- rassed as Result of Selling Securities to Employes. Bpecial Dispatch to The Star. NEW YORK, July 6.—Directors of many large American corporations are | worried over the losses employes have | taken on stock sold to themn on the in- stallment plan, with the best inten- tions, during the boom. While the market was shooting skyward it was thought to be a splendid idea for cor- porations to make their employes’ pa:t- ners in the business by making them stockholders | This was fine while the employes saw their stocks mounting day by day, and undoubtedly helped the morale of the firm. Profits of employes of the largest corporations in 1929 r1an into hundreds of millions. These profits were never taken, of course, because the employe could not get his stock until he had paid for it outright. The installment plans under which the stock wag sold calied for a weekly levy on the' pay envelope until the shares were paid for, and large numbers of employes are still being taxed for stock bought several years ago at much ! higher market prices. This condition has produced a great deal of grumbling among the workers, | who now feel that they were “stuck” by their employers with stock they never should have been encouraged to buy. The morale has besn as much damaged by the decline in the stock market as it was helped by the rise. Directors of corporations now see that the systs of making workers partners rather dangerous experiment, and they do not know just what to do about it. Some corporations have been seri- ously considering making the losses up to their employes, but they also feel that the employe should take part of the loss anyway. New Refinery. struction of a large refinery at PO(IE;,HJ:ran. 120 miles from Paris on the River Seine, has been started for the Societe Franco-Americane de Raf- finage, an affiliation of the Smndn‘n{ Oll Co. of New Jersey. 1’1;};; plant wil ration eatly in 19 MRL:(‘:‘I?: changes in the importation | Jaws and increases in duties levied on petroleum products have made it de- Sirable to refine such products in France. Several large foreign oil com- Ppanies already operate refineries in that country and with the adoption of the new policy others either have already begun construction or contemplate building operations in the immediate future. Eventually it is expected that French markets for petroleum products will be supplied entirely from the output of French refineries. The crude for these lants for the present will continue to E@ supplied from nited States Gulf and South American export points. Later, with the opening of the rich reserves in Mesopotamia, a good part of the crude supply of French refineries will come from the Iraq fields. New Level of Values. Economic conditions throughout the world have in the past two years been characterized by the creation of a new Jevel of values. Although the adjust- ment process has been under way a comparatively long time, it is not as yet completed, and numerous correc- tions still remain to be made. accord- ing to the Reichs-Kredit-Gesellschaft, Aktengesellschaft. All the world's economic forces have been directed toward attaining a new equilibrium, the bank says. Wherever the adjustment process has encountered obstacles, the inevitable consequence has been social and political tension. It is axiomatic that the existence of a fixed burden of indebtedness will in a period of falling prices tend to prolong the crisis. Therefore it has always been to the interests of the creditors as well as the debtors to adjust outstand- ing debts to the change in values Under free market conditions a de- cline in prices will produce a lowering of interest rates and facilitate refund- Ing operations. The adjustment proc- ess must fail if non-economic causes, principally those of a political nature, influence the movement of capital ‘This_maladjustment must in turn lead to serious political complications, which, the longer they last, will more and more seriously jeopardize the very debts out of which they originated. The political debts are the key log which must be removed by timely initiative on the part of the creditor nations. This would, in turn, also fa- cilitate the refunding of private loans. Because of these involved relation- ships, the German bank says, a de- cision of this kind may prove the starting point of a new cyclical upturn in_business conditions. Therein lies the essence of the Hoover plan. In the first four months of this year the business depression has been losing momentum in a number of important countries and in some instances it has come to a standstill. It will take time to see just what the effect of the debt moratorium will be. While there is plenty of room for optimism, it would be a mistake to overemphasize the benefits to be expected. The public should realize that this is only the beginning of a new attempt to straighten out the crooked affairs of a much-disjointed world. It cannot be denied that so far the agree- ment has made a profound impression on business the world over. Shoe Business Booms. ‘The debt holiday already has caused something of a boom in the shoe busi- | premier Says High Commissioner ness. A decided pick-up had been noticeable in the business of the In- ternational Shoe Co. before the Presi- dent’s proposal and the business has received added impetus since. Com- pany officials say that business is now better than at any time within the last year, with all five of their men's shoe " factories running full time. If the present boom continues all four of their women’s shoe factories will be running full time shortly. (Copyright, 1931. by the North American (Newspaper Alliance. Inc.) POTATO MARKET. CHICAGO, July 6 (#) (United States Department of Agriculture).—Potatoes, 182 carloads; on track, 252 carloads; | total United States shipments, Friday, 806 carloads; Saturday, 335 carloads Sunday. 8 carloads; firm on good stock, weak on decayed; trading fair; sacked, per 100 cwt. Arkansas, Ok lahoma Bliss Triumphs, 1.70a1.80; iced cars, 1.90a2.00; decayed, $40 and up a carload; barrels, Eastern Shore. Vir- ginia, cobblers, 2.80a2.90; Norfolk sec- tion, 2.60a2.65: few, 2 Nort Caro- lina, around 2.50; decayed, 2.10a2.40. SILVER QUOTATIONS. NEW YORK. July 6 (#.—Bar silver quiet, 20% .a decline of 3 NEW YORK BANK STOCKS NEW YORK, July 6 (#).—Over-the- counter market. Bid. Asked. | priation of $132,260 for the high com- shell Unton Onl. ... 14 Shell Un Ol pf (5% 3 mmons Co. ... . 65 inclair Consol Oll.. 114 Skally Ofl..... 1 Solvay Am pt ww b% 1 South Pert Rico Sug. 16 South Cal E4 (2) . 10 South Pacific (8) . Southern Rwy (m6). Southern Rwy pf (3) Spalding (A G) (2).. Spang-Chal pf (6)... 108 Sparks Withing (1). 1 1808 L Spiegel- May-Stern.. 2 Stand Brands (1.20), 41 SundG&E (3%)... 4 StandG&Epf (4).. 3 Stand Ofl Cal (h2%) 32 Stand Ol N J (12) 110 Stand OfI N Y (1.60). 64 Sterl Sec pf (1.20) Sterl Sec cv pf (3) Stewart Warner. Stone & Webster (3). Studebaker (1.20)... Sun Of1 (1) . Sun OIl pf (6). Superheater (2 15 9 Telautograph (1.40) Tennessee Corp(£0¢) Texas Corp (2)...... Texas G Sulphur (3) Texas Pac Land Tr.. The Fair (2.40). Thermoid Co. Third Aven. Third Nat In Thompson (J R) (1) Thompson Prod 1.20. Tide Water Asso Oil. Tide Wat As pf (6).. mken- Detroit Axle Timken Roller (3)... Tobacco Products. .. Tobacco Prod A 195¢ Transamerica (40¢). Tri-Cont Corp Tri-Cont Corp pf (6) nscon Steel (60c) . 13 n 54 Ulen & Co (1.60).... Union Carb & C 2.60. Un Oil of Cal (2) Un Pacific (10)... Un Pacific pf (4) Unit Alreraft. Unit Biscult pf (7).. Unit Carbon. Unit Cigar Storei Unit Coryp (76¢) . 171 85 30 16! 5 24 18% 119 25% Unit G & 21 6 76 US & For U S & For 24% U S Indu 3% U S Leat] 20 U S Pipe 17 8314 U S Ste 28 42 24 UnivPic 31 76¢, T1% 26 274 8 Wabash Waldorf Ward Baking B.. Ward Ba rner Warner Quinlan. Warren Bros (2).... Warren Fdy & P (2). O&Snpf (4).. Pa West Pa West Pa Western Western Western Western Westing 54'% Westing 18 Wheelin 315 20 a% a4 B4y 37's Worthin, 66% Wrizley Wilcox R 5% U S Hoftman. . 1m (1.20) Unit Piece D W (2).. T Secu-..... r Sec pf (6). st Alcohol har:. ... &F (2). 17% U S P &F 1st (120).. 131 U S Realty & Imp(2) 10% U S Rubber..... U S Rubber 1st pf. U S Tobacco (4.40) 3% Unit Stores A. . Univ Leaf Tob (3)... 1st pf (8) 1916 U111 PEL A (et215). e Vanadium Corp'n. 1o Vnlean Det (4) RR Sys (1%) king pf (7). Bros Plet. 4 1 7 1 3 1 1 1pf (6)... 108 1 pf (7)... 208 Pow pf (7). 308 Dairy (A).e 1 Dairy B Md... Union (8).. AB(2). EI&M{g (4) 216508 Westvaco Chlor (2). & Steel pf... Wilcox Oil & Rich A Willys-Overland Willvs-Over pf (7) Woolworth (2.40 gton Pump.. (Wm) (4).. 18 [ H% Yellow Truck Sl 1 2% 134 | 11 Zonite P 124 | bdu 18% | 1710 51 31k | 17 (N LS 10:30 A.M 1:30 P.M v payments based on the “Unit of trading les in stock. §Payable in no reguiar rate. Plus 8% 30 19 16 5% 241, 30% 119% 16 519 24 % ] % in stock. enith Radio. . b Payable n stoc 3 Plus 50c in special preferred stock. this year—no regular ra 2% 12% 2% rod Corp (1) 4 134 13 Sales of Stocks on New York Exchange. 200.000 700,000 12:00 Noon. 0 P.M. 5 500,000 800,000 Dividend rates as given in the above table are the annual cash latest quarterly or h: s than 100 shares. scrip, vearly declarations. tPartly extra. 3Plus 4 Plus 9% in stock. aPaid last ye e Payable in cash or stock. in stock. h Plus in stock. k Plus 3% in stock. m Paid in stock. & Plus 6% n Plus S— * INVESTMENT BOND MART WAITS CZECH DRYS KEEP ON AGREEMENT IN DEBT PLAN BEER FROMYOUTH Prague Passes Law Against § Giving Brew to Children on Outings. Speclal Dispatch to The Star. | PRAGUE, June 30.—The anti-alcoholic movement Is Increasing in the land of the famous Pilsen beer. During the last few days all the anti-aicoholic | organizations of Czechoslovakia have combined into an association which is to concentrate the attack on alcoholic | beverages. The program of the new federation includes systematic attention to drunk- ards, the propagation of anti-alcoholic principles as a part of the education of | young children, the protection of young | persons against alcohol. scientific re- search into alcoholism, etc. In addition, the problem of replacing alcoholic | drinks by nutritious beverages is to be attacked. Pass Children Ban. A decision along the lines of this pro- gram was made last week by the civic authorities of the City of Prague. The Municipal Education Committee has pro- hibited the consumption of beer on Summer excursions made by school | children. Some industrial enterprises are in the habit of offering beer to school children visiting their buildings. Now even this form of hospitality is | prohibited. The Czechoslovak women'’s organiza- tion has a great influence on the anti- alcoholic campaign in this country. In this connection it may be recalled that some time sgo & woman's organization sent a petition to the Czech Parliament asking that wages might be paid on Wednesday instead of on Saturday, in order to prevent the abnormal con- sumption of alcohol at the week end. President a Teetotaler. Czech teetotalers have a supporter in President Masaryk, who habitually takes only soft drinks. It was only after a serious illness some years ago that, act- ing on his doctors’ advice, he consented to fortify himself by a few glasses of champagne. At official receptions in Prague Castle, however, several kinds of wine are always offered to guests. At Lany Castle, Dr. Masaryk’s Summer re- sort, where the President receives his friends unofficially, no alcoholic drinks are served. Dr. Benes. foreign minister and Masaryk's intimate collaborator, is also a teetotaler. (Copyright, 1931). LONDON POST HELD NOT DIPLOMATIC ONE of Canada Is Political offi- cer of Government. OTTAWA (Special).—The high com- missioner for Canada in London is not a diplomatic cfficer in the sense in the usual meaning of that term, it was stated by Prime Minister ' Richard Bennett in connection with the appro- missioner and staff. His position with respect to the government is one of the most confidential character, the premier said. The question was raised by former Premier MacKenzie King, who recalled that when the Bennett ministry as- sumed office in August, 1930, Vincent | Massey was high commissioner for Canada, having previously been Cana- dian Minister Plenipotentiary to the | United States for three years. Mac- kenzie King expressed the view that the position of high commissioner is the highest of all diplomatic offices belonging to Canada, the commissioner | being, the agent of the Dominion, not | of a political party. It was on that understanding that Mr. Massey had accepted the appointment, he said. Premier Bennett read to the House the order in council passed July 24, 1930, four days in advance of the fed- eral election transferring Mr. Massey from Washington to London. In reply to the inquiry of the Liberal leader as| to why Mr. Massey had been obliged to resign, Mr. Bennett explained that after he had interpreted to Mr. Massey his_conception of the duties of the high commissioner the diplomat ac- America . Chase G Ghat_Phenix Commercial Nati First Natl N Y Manhat Co atl City ublic ... Trust Companies. Barikers ... Brooklyn "1 Chem Bk & Trl Gont Bk & Tr orn Exch mpire | Shiaranty | frvine Manugaciurers cepted the situation and, not being a supporter of the policies of the Bennett ministry, tendered his resignation. Had he remained at Washington he wouid not have been dealt with differently from the Canadian Ministers to Japan and France, Premier Bennett stated. ey Although English postmen have been denied the privilege of wearing open- necked shirts in hot weather, they just have been allowed to crease their trousers at the front and back instead of at the sides. | ot | higher yield long-term bonds. | commission houses were inclined to ad- | believe that the low point of the bear | market was probably witnessed on June Special Dispatch to The Star. Y NEW YORK, July 6—The invest- ment market stood still last week, pending the outccme of the negotiations | in Paris between the French govern- ment and Secretary Mellon on Presi- dent Hoover's debt holiday plan. | Because of French reservations, In- terpreted in London as nullifying the entire effect of the proposals, and in Washington as a gesture without mean- ing since rejection of the debt su pension scheme will mean a declaration | of & moratorium under the Young plan by Germany, skeptical sentiment had a chance to develop both here and abroad. It was not marked by any important attempt to drive down prices, because | the very uncertainty of the situation acted as a check to the bears as well | as the bulls, but there was a consider- able volume of profit taking by those who had bought lower down. New TIssues. ‘This liquidation served to cancel a large part of the gains in the South American dollar descriptions and much | the improvement in the German| group, and, in the domestic list. it pro- duced an irregular trend. Measured by the averages, the list sagged slightl: but this tendency was corrected by ti quick shift of funds back into high- grade and short-term securities. These had been cashed the previous week to| provide mcney !o%nperulatl\'e oppor- tunities opened up by the rise in stocks and junior bonds. | Near the end of the week the street expressed surprise that three public utility concerns should offer sizeable | | issues of short-term notes, apparently at a time when these securities were beginning to lose ground in faver of But the uncertainty of the international politi- | cal situation had caused a check in| the flow of money from short-term | securities and these three issues were quickly subscribed. During the week, Baring Brothers of London published a favorable analysis of the Argentine financial situation and Uruguay reported a favorable trade balance for the first six months of the vear. The Argentine definitely an- nounced that her debt service would be continued, even if payment had to be made 1n gold. Colombia made a sim- ilar assertion and New York bankers announced the completion of arrange- | ments for credits sufficient to take care of interest payments for various South American republics. ‘These factors aided the foreign dollar list near the week end Commodity price averages retatned a firm tone and to this was attributed the strengh in evidence in ponds and stocks near the end of the week. Wheat turned upward, but this was not an un- mixed blessing as the prics impwvement was predicdted on a situation in Canada which Premer Bennett characterized as threatening “one of the worst national disasters in Canadian history.” 1931 Canadian crop is estimated at 185.000.000 bushels against a normal | crop of 400,000,000. This, at a tim: when there is a large world surplus of wheat, means that Canadian farmers will not receive a compensating high price for what wheat they do produce To the strength of commodities and hopes of a freight rate increase was ascribed the improvement in carrier stocks and secondary bond issues. These were stronger at the end of the week than at any time of the current re- covery. The immediate future of the bond market is hidden in the obscurity of the political horison. But on the long view it is generally accepted that the bottom of the present depression has :)e;n c&mp]?[{ely trdlvcrsed and that the indicators of trade are - L e pointing up: (Copyright, 1931.) Brokers’ Comment NEW YORK, July 6.—Stock Exchange vise a policy of caution pending testing of recent levels in their advices to cus- | tomers today. Comments follow: Hornblower & Weeks—We continue to) 2. but we also believe that we are ap- proaching a top in so far as this phase of the current advance is concerned and prefer to stand aside temporarily. Jackson Bros., Boesel & Co.—The conclusion seems logical that moderate inflation must follow in the wake of a moratorium on international debts. The commodity markets should be watched in particular for signs of inflation. World commodity prices are extremely low, and if new credits are established for debtor nations, it seems logical to assume that creditor nations will be benefited by an influx of orders for raw materials and finished goods. Pask & Walbridge—Although we feel the broad trend will be upward for the next year, there should be ample op- portunity to purchase sound stocks on modest setbacks in the next few weeks. Redmond & Co. a Franco-American agreement bring about a further recovery in prices early this week. However, we would‘ not be inclined to follow up any sharp rally. from this level, as we still believe that more favorable buying opportuni- ties will present themseives later in the | month. Shields & Co—The record of the | administration and the political life of its members depend on the current effort to hasten business improvement. Realizing that business psychology is | formed by the stock market more than by any other factor, there undoubtedly has been ammunition prepared to fos- | ter the existing improvement. Silver | stabilization, South American credit arrangement and further measures to ease money that will point to renewed inflation are the probabilities most mentioned at the moment. ‘Winthrop, Mitchell & Co.—By virtue of investment trust policy in this coun- try, the general public has opportunity at least twice a year to see what the’ mere reputable management trusts have been doing. W. J. Wollman & Co.—Summed up, an analysis of sentiment at the mo- | ment seems to show a full realization of present gonditions and the necessity for still firlher readjustment before lasting progress can be made, also a feeling that the removal of the present crisis in Europe will result in a better demand for goods, not only from those countries, but from our own con- sumers as the result of greater hope for domestic improvement. Mrs. Maria Alexander of Ilferd, | England, who recently celebrated her| 100th birthday, says that the man who invented automobiles should be shot, that short skirts are all wrong, but the radio is & good thing. Business Notes By the Associated Press. NEW YORK, July 6.—Orders Fall goods gained considerable n:;dwf:; in the New York wholesale markets during the past week, and while a fair volume of purchases for Midsummer merchandise to fill in stocks developed, the total dropped off from the previous week. Bathing apparel, low - priced sports wear, fabric handbags and pana- mas were prominent in the orders for promotional goods. While jobbers report a fairly active business ‘in_which buyers are taking fruits for immediate outlets, interest is t. ning definitely to new crops. Spot stocks in the hands of jobbers are gen- erally light, and a few items are practi- cally cleaned up. An earlier and larger prune crop is reported in store than earlier estimates indicated. More fa- vorable weather than was expected in June has helped the crop to a point where it may now yield over 200,000 tons, with first shipments probably as early as August. Reports of damage 10 new crop peas have marked a definite turn in trade sentiment regarding futures. The crops in Wisconsin, New York and Minnesota have been widely affected, first by ex- cessive rains in the East, which caused widespread root rot, and then many days of blistering heat in the Midwest. EMPIRE STATE BUILDING TOWER PAYS DIVIDENDS By End of Year It Is Estimated $1,000,000 Will Have Been Collected From Visitors. NEW YORK (N.AN.A).—Al Smith's Empire State Building, at Thirty- fourth street and Fifth avenue, is do- ing nicely as an office building, but it probably would have been a paying proposition anyway i he had only in- stalled the elevators and forgotten all about the offices. By the end of the year, it is esti- mated, $1,000,000 will have been taken in from the visitors who are daily go- ing to the top to look at the city and pay $1 for the trip. There is a soda fountain at the eighty-sixth floor, and people from out of town get a great kick out of that. * ‘There are 3,000 on week days, and Sunday brings 5,000. Once at the observation tower all kinds of thrills are sometimes available. The Los Angeles and the Navy blimps frequently may be seen close at hand on a clear day. « 5 . o Fire Auxiliary to Meet. API'NGTON, Va., July 6 (Special).— The man’s Auxiliary of the Arling- ton lunteer Fire Department will hold its meeting with Mrs. Albert C. Scheffel, Jefferson sireet, tomorrow. Plans for the participating with the firemen with their annual carnival July 13 to 18 will be discussed. Full attend- ance is urged. The | |German Dollar Group Is Ex- ception to Trend—Do- mestic Issues Firm. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, July 6—Though Ger- man dollar bonds dropped 1 to 3 points today because of the new ob- stacles brought out by France against President Hoover's debt holiday plan, the rest of the foreign and domestic investment list had a steady under- tone and prices, in many instances, showed firmness. The French insistence on payments in kind was not acceptable to Wash- ington, but it was indicated that the State Department expected a favorable agreement today. There was a new attitude in Wall Street—a feeling that the fillip already given general trade and commodity prices by President Hoover's proposal had been sufficient to give a long-term impetus which will carry business out of the depression. For this reason many domestic issues, notably the Junlor rails, had a strong tone today, despite early weakness in stocks. There were advances in Baltimore & Ohio Convertible 4!,s, Boston & Maine 5s, Missouri-Pacific A 5s, Pennsylvania 4%,s, Southern Pacific 455 of 1969, while unchanged prices—or, at least, unimportant declines—ruled’ in Frisco 41,5, Erie 5s, International Great Northern Adjustments, Denver & Rio Grande Western 5s and St. Paul 5s and adjustments. Industrials also were firm. United States Rubber 5s gained a point. Shell Union 5s were 2 points higher. Texas Corporation 5s were firm. Prime sea- soned issues were unchanged or a shade higher, with most of the activity in such bonds as American Telephone 5s, Consolidated Gas 5',s, Philadelphia Co. 5s and American Water Works 5s. United States Governments were un- changed or a shade lower. Municipals were unchanged in an active market. In the foreign list the only weak spot was the German group. Young plan 5';s dropped nearly 2 points at one time. Dawes reparations 7s were off nearly a point, but subsequently recov- ered partially. German Central Bank 6s and 7s eased. German municipals, like Berlin 6';, and industrials, such as United Steel Works 6'; and German General Electric 6s, also recovered after early losses. Much of the trading in the balance of the foreign list was in Argentine 6s. all maturities of which were firm to fractionally higher. Brazilians started lower, but recovered and went higher on the day. Australians were firm. So were Japanese. While no important new bond issues were announced for distribution, the Libbey - Owens - Ford Glass Co. an- nounced that $9,000.000 of convertible notes will be shortly offered to finance acquisition of the National Plate Glass Co. The success of this issue will prob- ably be the cue for a number of indus- | trial flotations that have been awaiting | a favorable market. Washinbtbn Stock E;change SALES. Potomac Electric Power Cons. 5s '36— $2,000 at 105 Washington Rwy. & Elec. pfd.—20 at 100. | Federal-American Bank & Trust Co.— |~ 710 at 50. 10 at 50. 10 at 50. 5 at 50. | Real Estate Mtge. pfd.—25 at 6'2. AFTER CALL. | Potomac_Electric Power 512% pfd.—4 at 1111, 1 at 1117 Peoples Drug Stores pfd.—10 at 101, 10 at 101. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer_Tel & Tel 4'2s '39..... Am_ Tel. & Tel ctl. tr. 5s. Anacostia & Pot. R. R. 58 Ana. & Pot. guar Lale C. & P. Tel of Va. ¢ Capital’ Traction R. R 38 City & Suburban 5% - Georgetown Gas 1st 55 Potomac Electric Cons. Potomac Flec. 6s 1953 2 Was Alex. & Mt, Vernon ctf. Washington Gas 4'zs. b Washington Gas Ss s 65, series A 6s. series B . & Elec. 48000000 MISCELLANEOUS. Barber & Ross. Inc.. 6las.. Chevy Chase Club 8las. ...... Columbia Country Club 8ias. C. Paper Mfg. 65 s M. Cold Storage 5s STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) L.184% Capital_Traction_ Co. 385 Wask. Gas Lt. Co. (18). 115 N & W. Steamboat (12) .11 170 Pot. Elec Power 6% pfd Pot. Elec Power 51a% pfd. Wash. Rwy. & Elec. com. (7) Wash. Rwy. & Elec. pfd. (5 NATIONAL BANK. Capital (14) Columbia (12} Gommercial (s istrict ¢ 74 Fed -Amer. Natl. Bk. & Tr. Liberty (78) ... Lincoln (12) Metropolital Riggs (155). . Second (9e) Washington (13) 2 5 TRUST COMPANY. Amer, Bec. & Tr. Co. (13).....*300 Continental Trust (8).....00000 ... Natl. Sav. & Tr. (131). Prinée Georges Bk. & Ti. ©) Union Trust (8s)... Wash. Loan & Tr. { SAVINGS BANK. Bank of Bethesda (6%) Com. & Savings (10) East Washington (12) Potomac (10) 5 Sec. Sav_& Com. B Seventh Street (12) United States (30) . Wash. Mechanics (20). . FIRE INSURANCE. a2 10) Bid. Asked. 2 5 D. W, ). i3 s e American TITLE INSURANCE. Columbia (6h) .. Real Estate (6h) . . . 'MISCELLANEOUS. r & Ross, Inc.. com. . B3 Sedical Bide. Corp. (6 Col_Sknd & Gravel pfd. (7). D. C. Paper_Mfg. pfd. Dist. Natl. Sec. ptd. (1) Bromo-Selz, Federal Storage pfd. (8) Ped.-Am. Co. com. (1.201). Fed.-Am. Co. pfd. (6). Lanston Monotype (8 Mer. Tr. & Stge. com. Mer. Tr, & Stge. ptd. (1) Mergenthaler Linotype (6) Natl. Mtge. & Inv. pfd. Peoples Drug Stores P(d Real Est. M. & G. pfd. Security Storage (de) Ter. Ref. & Wh. Cori “The Carpel Corp. ¢ W. Mech. Mtge. com. Wash, Med. Bldg, Corp. Woodwd. & Lothrop com. Woodwd. & Lothrop pfd. (7). *Ex dividend. ella% extra. bBooks closed. 50c extri n25e extri 130c extr: 1% extri ha% 5% extra. — e $443,235 Plane Contract. NEW YORK, July 6 (#)—Curtiss Airplane & Motor Co., has obtained from the Navy Department & contract for 30 observation planes to cost $443,- 235. CHICAGO DAIRY MARKET. AGO, July 6 (P .—Butter, 22.c11';lex,c easy; creamery-specials (93 score), 24a241%; extras (92 score), 23'%; extra firsts (90-91 score), 32a23; firsts (88-89 score), 21a21%5; seconds (86-87 score), 19a20; standards (90 score cen- tralized car lots), 23%. Eggs, 28,591, steady; extra firsts, 17; fresh (rldled firsts, 16%;; current receipts, 14'3; storage packed- firsts, 17%,; storage packed extras, 18 10111 101 810111 . 20 10221 102 21 10221 . 310226 10226 10226 31 102 25 102 24 10225 15 10820 108 11 108 20 14 11316 11316 11316 Sales. High: US3%s43-47. U B 45 44-54. UB4%s47-52.. 18 8 7 17 9 31 21 57 99% 78 T5% T4 834 101 8T% 20 103 10544 134 108% 106% Abitibl P & P 5353 Ab& St5%8'43. ... Allegheny 68 °44... Allegheny 53 49 Alleg Corp 68 '50 Am F P 65 2080 AmI1GChs% Am Int Cp 6% Am N Gas 6%s'42.. Am B&R 1st 6847, Am Sug Ref 63'37. Am T&T cv 4%8°39 Am T&T 63 '65 Am T&T c tr 5846, Am T&T 585 £'60. Am T&T 6%8 43 Am W Wks 55°34.., AmWat Wk 6575 Argentine 5%s '62, Argentine May ‘61. Argentine 6s Ju ‘69 Argentine 6s Oc ‘69 A 67, Assoc Ol 65 '35 Atchison gen 4 Atchiscy 4%s ‘41, At & Danv 4s ‘48 At Gulf 53 '59. Australia 4% Australia bs '66. Australia 5s ‘57. Austria 1 Austria 7 58 D 2000, 6595 : P&WV 4841 B & O Sw dy 58 '50.. Ban & Aroos 48 '61. Bk of Chile 6%8 57 6k of Chile 6% Batav Pet 4143 Belgium 68 '55. . Belgium 6%3 49 Belgium 78 ‘65 Belgium 78’6 Bell Tel Pa b B Ind Loan Co 6546 Berlin Cy El 68'55. Berlin Cykl 6%s'51 EBeth Steel pm 02’36 Beth St rf 55 '42... Bolivia 7s ‘58 Bolivia 7s '69. Bolivia 83 45 Bordeaux 6 Bost & Me 4% s '61. Bos & Me 68 ‘55, Brazil 648 '2 Brazil 63827, . Brazil 8s 41. Bremen 75 '35. Bk Ed gn A b Bklyn Elev 6% Bkiyn Man 65 63. . Bklyn Un 58°45. Budapest 65 '62. Buenos A 65 '61 Fv. Buff Gen El 42581 Bush Ter con 5 ‘55 Bush T Bldg 55 '60.. Canada 45 °60... Canada 435 '36. Canada bs 52 nNat4iss oo Secw e 2 2 —o P T o~ Pt ) '51 Can Pac deb 4s. Can Pac 4348 '46 n Pac 4%3°6 Cent of Ga 55 C"53. Cent Pac 484y nt Pac 6860, ... Cert-td deb 6% s ‘48 Ches Corp 5s 47 CkO4%SA. C&O4%sB'Y CB&Q 1lav 3y Chi & Eas 11l o Chi Gri West 4 Chi M StP&P b Chi M & St P ad} b; Chi&NW g 3% Chi & NW gn 4s°87. Chi&Nwn 435 2037100 C&Nwn 4138 ¢ 2037 27 Chi & NW con 4%8.194 “hi&N W rf 582037, 4 Chi RI&P gn 43 '88. Chi K1 & Prf 4’34 Chi RIcv 4%s'60. Chi Un Sta 435 '63. Chi Un St 51 Chi Un §‘a 6% C& W Ind cv 4852 Chile 63 °60. . Chile 65 '62 Cologne 6'4S . Colomb 68 Jan '61. Colombia €s'61 Oct Colo & Sou 4348 '3b. Col G&E 53 May '52 Cor c ConGN Y blas 45, 22 Con Pwr Jap 6% 3 Con Pow Japan 7s. Copenhag :hl 1) Cuba R R §8 5. Cuba Nor 6%s "42. Czecho 8 Czecho 98 Del & Hud rf 4 '43. Denmark 448 ‘62. . Denmark 5%s ‘65, . Denmark 6s '42.... Denver Gas 58 ‘61. . D & R Gr gn 4 '36. D&RG W 6856 DRG& Wstbs Det Edison rf 55 '49 36 Deutsche Bk 68 '32:715 Dodge Br cl 6s '40.. 37 Dutch East I Mar. Dutch East 1 6s°47. Dutch East 1 6s°62. East C Sug 7%s '37 El Salvador 85 '48. . Erle 15t con 4596, Erle conv 4s B. Erie Gen Erfecv bs Erie 58'76. Finland 5% "6! Finland 65 *45. Fond J&G 4%s'52., Fram 1 D 7%8'42.. French Gvt 7%s'41 41 Gelsenk’chen 65°34 9 Gen Baking 5%8°40 5 Gen Motors 63 37.. 28 Gen PSv5ls 3s,., 2 Gen Th Eq 68°40... 11 German 5%s°65. .. 299 German Bk 6s°38.. 27 Ger Cen Bk 6360 J. 10 Ger Cen Bk 6360 O 24 Geiman Bank 7s '50 10 German 7s rep '49..117 1 4 5 . 10 Good 18t 6348 47. .. Goody'r Rub 68 '67. GrandTr af db 6536 Grand Trunk 7s '40. Grt Nor 4%s 77 E. Grt Nor gn b% Grt Nor Greek 63°63. HavERL& Hock Val 434 Hoe & Co 635°34. . Hud & M ad) 68'57. Hud & M rf 58 '57.. Humble O1l 5 108 113 96% 1 108% 19110 1 84% 10 41 5 103% 2 Bl 16 9% 3 98% 31 102 52 102% 1 98 13 106% 10 76 2 82% 17 83% 4 106 7 89 2 102% 7 96% 7 9% Hungary T%s I BT 1st pt6s A, 111 Cent 48 ‘53. Il Cent 4% 111 Cent 6% 111 CCStL&N 6s A. 111 Steel 4%5°40. .. Inland St 4% A'78 Inland Stl4s% B'S1 Low. Close. 55 99 78 T4% 3% 821 100'9 878 20 102 104% 133% 107% 106% 107 110% 1024 104 82 90 0% 901 89% 89% 81 T0% 103 99% 116% 4% 100t 1028 1065 10214 1i9% 85l 100 98 105 Int Match 6s 47 Int MM col tr 65°¢1 Int Pap 55 A 47 Int Ry C A 6% Int T& T 4%s’6: It T&T cv %839 IntT & T 68'55. Italv 78 '61... [taly PubSv 7 Japanese 5348 Japanese 6%s ‘54 . Jugos] Bank 7s 57, Kan CFtS&M 4 Kan City Sou bi Kan City Ter 4. KanG & E 434 Karstadt 6s°43. Kend 5%s'48 ww Kresge Found 6s 36 Kreug & Toll 6859 LacG St L 5s 34, Laclede 6%s C ‘53 Laclede 5%s D 60.. Lake Shore 3348 '97 Lautaro Nit Leh Val cv % LehV cv 4%8 2003.. Leh Val bs 200 Loew’s 63 ex war. .. Long Isi rf 4 Lorillard 53 '61. Lorillard 538 ‘37 Lou G & EI 5553, L& Nuni4s'40 .., L& N 55 B 2003 La & Ark 5869, Lyons 65 ‘34 McKes & R 6%8 50 Man S 18t 7%s "42... nh Ry 1st 4890 rket St 75 40 Marseille 653 Midvale Stl 68 ‘36 Milan 6%s ‘62 Mil E Ry & L 58 °61. M StP&SSM 5s '38., MK & T 1st 4890 MEK&TprinbaA, Mo Pac gen 4 Mo Pac 63 A '65.. Mo Pac 6s F *77.... Mo Pac 55 G '78. Mo Pac ref s '81. Mo Pac 5%8cv " Mont Pow 58 43 Mont Tr 1st 68 Mor & Co 1st 43 Nassau Elec 48 '61.. Nat Dairy 6% s "43.. Netherlands 6s'72.. 55 99 78 T4 3% 834 101 875 20 108 1043, 133% 108% 106 108 110% 10234 h ent db 48 '34.. N Y Cent 438 2013. NY Cenrf 43452013 NYCre im 65 2013.. N Y Centdb 6335 NY CLScl3% NY C&StL 434818, NYC&StLE%sA NYC&StL6s'31. N Y Edison 68 B 44 NYEd1st6%s 41, NY NH&H 3%s '56. NY NH&H 45 ‘55. .. NY NH&H 4%3'67. NY NH&H cv db §; NY O&W 1st 48 '92. NY O&W gn 48°B5.. NY Rys Inc 65 '65 N Y Tel 434839 N Y Tel 65°41. N Y Tel 65°49. NY W&B 434848, Nord 6%8'50. Nor & Wncv 43 '96. No Am Co 65 °61 Nor Am Ed 58 ‘6 N A Ed'son b5 C '69 Nor Am Ed 5%s '63 NorOT & L 6s'47. Nor Pac 38 2047 Nor Pac 48'97 Norway 5s Norway 5%s Norway 6s"43. Norway 65 "44. Norway 68 °'52. - S PP Oreg-Wash 43 Orient dev 6%s ‘58, PacG & KI6s'42... Pac T&T ref 5s Pan-Am Pet 68 34. Pan Am Pet 65 1340 Paramount 63 Paris-Ly M 6: Paris-Ly M 7 Pathe Exch 7s ‘37 Penn 4s 48 Sta. . Penna 4%s D'81... Penn gen 433 '65. Penn 438 °70. Penn 4%s '63. Penn 55 ‘64 Penn 6%s 3 Penna gen 55 Penn O&D 4%s 7. Penn P&Lt 4125 '81 Peru 65 '60 Peru 65’61 Peru 75 '59 Fniia Co b8 Phila & Read 65’49 Phillip Pet 54839, Pilish F M 6343, Pirelll 7s.. P CC&SLL 4%8 77, PCC&StL5sB.. P&WV4%sC" Poland 65 '40 Poland 7s "47 Poland 85 ‘50 Port Gen El 4%3'60 Porto Alegre 8s'61. Por R'T am 68 "42 Pos Tel & C 53 53 Prague 7348 '52.. Prussia 6s ‘52, Public Serv 4s *71. Pub Sv G 43367, Pure Ol 5%48'37... Queenland 65°47...# 3 Queenland 7s'41... 6 Read gn 4% 8 A 3T Reading 4%s B. Rem Arms 6s A o [T CITR =P PP TS = " wis Rhine West s Rhine West 6s 's5. 11 Rhine West 78'50.. 3 Rio de Jan 6% s '62. 1§‘ R Gr De Sul 11 RIAr& L 4% 15 Rome 6%s°52. . 27 Roy D ¢s'45 ww. 33 StL&SFindsA. StL&SF 4%s"18 St L&SF pr In StL S W 1st StLS Wev s Sao Pau 7340 rets. Sao Paulo 85 ‘5 Saxon Pu W 6% Saxon 78 "46. Seab A Lcv Setne 78 '42 Serbs-Cr-S1 78 Serbs-Cr-l 3 Shell Un Ofl 68 *47 Shell Un Of] 5849 Shiny o 9 ) L LT T TN T NP - PRSP SincO7scvA Sinc Cr O 63%8 '3 Sine P L 58’43 Skelly Of1 6%s 39 Sou Bel T&T 6s '41. Sou Pac ref 4s ‘56 Sou Pac 4%8s 68 Sou P 4%8'69 ww, So Pacific 44881 Sou P&Or ¢%s 17 Sou Ry gen 48 Sou Ry 56 Sou Ry 6% St Ol N J 54 StOII N Y 4% Sweden 5%8'54. Swiss 5%s "4l Taiwan E P 5%s 71 Tenn El P 63 A ‘47, Tex Corp cv 58 44, Tex & Pac 58 B'17.. Tex & Pac 65 C 7! Third Av ref 4s's0 Third Avadi 5s'60. Toho Ei Pow 6s'32. 1025 Tokio5%s 26 96% 96s, Tokio EI Lt 6 34 8% 95% UnPaolstés fTe. 8 101% 57 30 1 4 35 4 70 7 10 18 10 5 98 76 82% ¢ 83% 106 89 4% 99% 91 75% 71 51 821 94% 88l 1004 93% 97% 5% 43% 9% 964 87h 100% 101 = ¥ng StI&T 53 B "7 91 75% 71 51 82% 95% 8915 1004 931 98 107% Producers Now Hope for Better Business in Second Half-Year. Special Dispatch to The Star. PITTSBURGH, July 6.—Sellers and ibuyers of steel alike have now turned their eyes hopefully on the second half of the year, being supported by prece- dent as to seasonal varjations and by the more sanguine feeling in all circles 4 | Created by the debt moratorium pro- posal. . In every year in which there has been Autumn improvement in steel, August has slightly exceeded July in actual production, and the Jlowest producing rate has been in the forepart or mid- dle of July. Prospects now are that July will run a few points below the 36 per cent representing last Decem- ber's rate, which would be closely in accord with the average seasonal show- ing of active years. Steel has had re- markably wide seasonal swings and has undergone no other change in the last six months as to total tonnage. The automobile incustry has done better, after seasonal allowance, than in the last months of the old year. while rail- roads are not doing so well. Weekly estimates of the steel-producing rate are not particularly illuminating just now, a few departments or plants being closed this week on account of the holi- day, while others when closing for the holiday will remain closed next week. The rate for the five days of this week is probably not over 34 per cent, against about 37 per cent last week. Next week is likely to be lower, but the month of July should easily be distinctly above 30 per cent Second-quarter steel ingot production | may be forecast at about 7.400,000 tons, | against 8,000,000 in the first quarter, or 7!, per cent decrease, a decrease which” is supported by precedents in some active years, though not by all. Unit costs may be estimated a trifle higher in consequence, while in wire products, strips and sheets invoice prices 'have been slightly lower. Whether earnings statements will con- form closely to these influences remains to be seen. Increased economies may be a factor, but they are to be felt more in the second half of the year. With companies making tinplate there is the point that shipments of this steel prod- |uct have been heavier, as usual, in the second quarter. INVESTMENT TRUSTS A B C Trust shi By, Asked. A B C Trust Shr All"Am Tnvesto: Am ‘& Cont Corp | Am & Gen Secur Am & Gen Secur B & Gen Sec Brit & Co: Composite Founders 6" Am Am Am Am Am Founders Founders 1 n Am Founders convs pf ctfs Am Founders Am ¥ 1-40th com Am oc Assoc Stand Oil Atl Sec pf Atl Sec_war Atl & Pac & Pac p! Bankers Nat Inv Bansicilla Corp ndustry Type ~ Inve & Gen Equities & Gen Eauit 6'.% Store Invest £ Store Invest Store Shr Chartered Invest Chartered Invest Chelsea Exchange Cumulative_Tr Sh n pf Owners w355 B T T | 53 Crum & Foster Ins CGentury Trust Sh Deposited Bank Sh Deposited Bank Shr Diversified Trustes Diversified Trustee Shrs Di ed Trusiee Shrs C Shrs D Eq Cotp pf Egquity Trust Shrs First Amer Corp Pive-Year Pixed Tr Fixed Trust Shares Fixed Trust Shares Fundamental Tr Shrs General Eauity A Granger Trade Gude Winmill Trad Incorp Investors Incorp Investors Eauit Independence Tr Shrs Int Secur Corp Am A Int Secur Corp Am B Int Secur Corp Am 67 pf Int Secur Corp Am 6'z pf Invest Tr Associates Invest Tr of N Y Col “A Investors Trustee Shares Jack & Curtis Inv_Assoc Jackson & Curtis Sec pf.. Leaders of Industry A.. Leaders of Industry B Leaders of Industry C Low Priced Shrs G Major Corp Shrs Mass Investors Tr Mohawk _Invest Mutual Invest Trust' A A 1 Manage n Wide Secur versified, Tr B B Natjonal Indust Shrs Natonal Tr_Shrs N Y Bank Tr Shrs Nor & South Am Corp B Nor Am Trust Shares Northern Sec; Old Colony Invext Old_Colony Trust Petrofeum Trad A . Public Service Tr Representative Tr Shrs Secur Gorp _Gen 36 pf. ... Second Int Secur Corp Alll Second Int Secur Corp B @ . Sec Int Sec Corp 6% 1st PI.. Selected Am Shares.. Selected Income Shrs . .. Selected Manage Trustee. Shawmut Bank Spencer Trask Fund. .l Stand Am Trust Shrs Stand Collat Trusteed State Street Invest s Suger Corp of Am_'Tr Super Corp of Am Tr B Super Corp of Am Tr C. Super Corp of Am Tr D Trust Shares of Amer Trustee Stand Invest C Trustee Stand Invest D . Trustee Standard Oil A Trustee Standard Oil Shrs B Trusteed N Y C Bank..... Trusteed Am Bk Sh 11111l Twentieth Century Fixed Tr... Two-Year Trust Sh... United Fixed Shrs United Founders 1 United Ins Shrs United Bank Tr. e US & British Int Lid A US & British Int Lid B.. US & British Int Ltd $3 pf. US Elec Lt & Pow "A US Elec Lt Pow * Universal Tr Sh MONEY MARKET. NEW YORK, July 6 (#.—The credit markets were quiet and unchanged to- day. Commercial paper was relatively active, dealers reporting a slightly larg- er supply at 1% per cent for prime names and 2 per cent for others. Money was easy. Funds were offered outside the Stock Exchange at 1 per cent, while the official rate held at 113. Time funds were dull. o Assoc Eewdual aau ¥ atagou venoSan Sales. High Low. Close. 93l 934% 93 102 101% 101's 112% 1128 112% 102 101% 102 108% 108k 108% 70 69 70 671 ATH 674 98 ' Jes s ne T q0° 12 10314 1031 103% 9190 7 6% 6% T6% 84 8215 S 88 8814 88 106 105% 106 1024 102% 102% 59 59 59 49 49 49 415 41 41% 8T oL 1 92% 921 92% 106% 106% 106% 9 8 18 80 80 80 102% 102 102% 1024 1024 1024 109 109% 109% 96 95 99 98 1014 100% 100 9% 9. 984 Un Pac 4%8 '67. Un P 1st rf 55 200 Unit Drug cv 68’63 20 Utd King 6%s 37 U S Rub 1st b8 Un St W UAStI'W §%sA '51 Uruguay 6s ‘60 Utah P & L 5844 Util Pow 68 ‘59 | Uthl Pow 6% Vanadium Stl 5s 41 Vienna 6s ‘63 Va Ry 1st bs 62 ‘Walwonth Walworth 6s Warn Br Pic Warsaw 7s '58 . Wst Sh 1st 4s 2361, est El deb 58 '44.. Wil & Co 1st 4. Wil-Ov 15t 6% s "33, Ygstn SP&T bs 1!