Evening Star Newspaper, July 7, 1931, Page 14

JIVLY 7, 1981 . FINANCIAL. HE EVENING NEW WHEAT CROP [~ NEW YORK STOCK EXCHANGE - | [BONDS IRREGULAR | Coxiex o BONDSsmoce reounvee] |BRANCH BANK PLAN Received by Private Wire Direct to The Star Office. SR Received by Private Wire Direct to The Star Office DEPRESSES PRlBES X e R ; e u s d 6 % 98% 99% (Continued From Page 13.) Crrev. 1031 Stock and Sales— O en® ieh Low. Close. |Mum O&R63s ‘62, 2 102 102 102 t o, D e o o0s Lib3%s32-47.. 60 10218 10218 10218 | Hungary 7%s 44.. 22 981 98 98 “P.° O, TUESDAY, —Prev. 1931~ Stock and Sales— Prev.| B88% 5514 StandG&E (3%)... 47 691 65 65% 2 High, Low. Dividend Rate. Add 00. High. Low. Close. Close. | 64% 56 StandG&EDf (4).ua. 5 60% 60 60 List4%s32 21031010310 10310 {1 BT 1stpfssA.. 2 106% 106% 106% —— 44% 204 Nat Pow & Lt (1).... 107 S 26% 274 100% 1014 Stand G&Elpt (1), 1 10312 108% 108% Léth4%s 3338 41 T in e |, ... . : 58 33 NatSteel (2). 4 % | 51% 311, Stand OflCal (h2%). 35 38la 36% 36% 111 Cent ref 4s '55. Ad]uslment in Values Results| 7o 26 NatSupply (i).+ 2 28 28 28 20 | 105% 99% Stand Oil Exppf (5). 1 1021 1025 1021 10220 10218 10218 | 1) Cent 4% Nat Surety (2). . g 36 34 34 36 19 8% Stand Ofl of Kamsas. 1 11% 11% 11% 10224 102 18 10224 | 1)) CCStL&N bs A 1; ;g'a 5% 754 ¥ 5 8. 2 % \Controller Believes System 89 89 89 :Early Advances Cut Down by 76'% 31 " i i 247 13 NatTea (1).. . 3 16% 16 15 154 | §2% 30% Stand OILNJ (12)... 359 397 37% 374 elli 10227 10220 10220 | 1)) Steel 435 '40 103 103 102 in New Low Grain 25% 10 Neisner Brother: 1-41 1k 1;.‘ 10% | 26 13% Stand Ofl N Y (1.60). 266 184 17 17% s Ing as Stock Market 10816 10816 10816 | juland Stl 4% 96 961 96% womd Reduce Number‘ of evada Copper (1) 7 s Sterling Sec A. 2 4 B 4 Sales. H: . Cluse. | Inland Stl 4s3; B'81 95, 95 H t. Newport Co (1)... 17 Sterl Seccv pf (3)... 4 37% 36 36 Weakens. o T SLAwHONS | [t FapTh6s 68 Tty a2 Failures Greatly. ADItII P &P Newton Steel 104 Stewart Warner...., 36 12 AD& St 5%8°43.... 99 | Int Rap Tr sta ‘66 13 72 —_ i N ¥ Central 869 Stone & Webster (3). 82 37 — = Allegheny bs 44, 75 | Int Rap T'r6s 3z, 585 585 ¥ i P, NYChi&StL( 4T Studebaker (1.20)... 27 19% BY F. H. RICHARDS Allegheny 5549, 72% | Int Rap Tr 78 91y 91 BY CHAS AEFFER, By the Associated Press Chi & St L pt (6) Sun Ol (11). G 1 asi e Alle: Corp b 5 % 717 |Int Cement & BTh G s 101% 101% | Int & Gr Nor 65 1025, 102% |Int& G Nad 6s°52. 22 601 The world situation may become im- portant in influencing th> wheat mar- Special Dispatch to The Star 7 Aliis-Chalm 68’37, NEW YORK, July 7.—-With the news am Ag Ch 738" 88y w01+| The opinion that establishment of 801 | branch banking in the United States . 108 101% v, 4% Harlem (5)... Investors. ¥ ;{& Sun Ol pf (6) Y NH& Hart (6).. YN ¥ Superlor Oll. N N N N N N kets, especially since the markets have Superior Steel. 3 104 of agreement at Paris on the essentials | Am Beet Sug 6335, 311 31% | Int Hydro El 6844, !a'il(‘del‘o respond actively to domestic H&HDL (1.0 Symington A . i 38 of President Hoover's debt plan, the|amF P5s2030.... 8 Blin 95, | would reduce greatly the number of developments. Ont & Western.. s . 3 A% bond market today had considerable { Am 1 G Ch 6% 40, 100% 100% bank fallures was expressed by J. W. N Y Railways pf EPRPR (N0 o e profit-taking to absorb from those who|Am Int Cp 5%s 49.. 87 87 |Int Papbs A 47, Pcle, controller of the currency. Spring wheat det-rioration and the Farm Board's announcement of a sell- ing policy seemed to be largely ignored by traders. with more attention being Texas Corp (2)...... 31 Texas G Sulphur (3), 41 Texas Pac Land Tr.. 59 1l% Thatcher Mfg (1.60), 1 13 ‘Treasury figures showed 1386 banks with total deposits of $891.955,000 failed during the first 11 months of the 1931 fiscal year. compared with Int Pap 68 '55. Int T& T 4%s ‘53, at T&T cv 4%3°39 Int T & T b8 55 bought in anticipation of this result. In|Am N Gas 6%s '42. addition, there was an attack by shorts | Am B&R 1st 68'47.. on the stock market, which drove prices | Am Sug Ref 65 ‘37 sharply lower and was reflected in the | Am T&T cv 4%8°39 Noranda Mines Norfolk & Southern.. Norf & West (112).. pald to Liverpool, continen-tal crop North Am Aviation.. : 1 o Drocpects and Teports of Russian sales, Nor Am (b10% stk). et g T bond market in convertible and stock | Am T&T 58'65..... 66 108 108% | Irish Free St ts 765 banks with total deposits of $34 Wheat prices in domestic markets 3 North Amer pf (3) DHIPAIAYELUS. > g option issues and by cashing of bonds |Am T&T c tr 63’46, 10 1067 1067 | Italv 78°51. . 013,000 for the entire 1930 fiscal year O Nes it ), h 3 4 to_hold up margins on equity accounts. | Am T&T a8 £'60.. 21 1074, 108y | Italy Cr't PU 7s ‘52 Of those failing in the 1931 fiscal Third Nat Inv(msic) 2 234 2312 23 234 year 213 were national banks. 34 State members of the Federal Reserve system and 1,139 non-members. Compet Banking. Pole said he believed branch banking broke to new lows last week with in- 3 creasing movement of new wh-at and a| 60’ 3014 Northern Pacifio (6). further adjustment to m new crop basis. | _47'z 43 Northwest Tel (3) Some traders feel this adjustment is in- | g1y Ohto OIL. . evitable in view of the weck's develop- [ 5% Oliver Farm Equip.. s 110% 110% | ltaly Pub Sv 7852, The market opened higher, with Ger- | Am T&T 5%3°43... 21 10215 1025 man dollar bonds taking the lead, but | Am W Wks 5s'34... 1 when stocks turned down liquidation of | Am Wr Pap 6s°47., bonds started and before noon the | Argentine 5%s 62, Thompson (J R) (1), 1 Thompson Starrett.. 4 Tide Water Asso Oil. b Tide Wat As pf (6).. 2 Timken-Detroit Axle 1 7 8 1 9 1 5 nese 54 fi‘,’" 60 | Japanese 6% 81% | Tugosl Bank 78 '57. iy . O e mte earlier advances had virtually all been | Argentine May ‘1. | el ke converted into net losses. That trend | Argentine 6sJu'59. 87 e i would result in stronger banks in rural Large Surplus Stocks. 6% Oy o J Timken Roller (3) 40 applied to the entire domestic list and | Argentine 6s Oc *59 89y | Kan City Sou 3550 communities and give better service B8l 317 Otls Elevator (2%).. Otis Steel. Owens 111 acinc Gas & i (2).. 22 %7 &7 |Kan City Sou 6850 893 89w | Kan City Ter K% Sl |KanG&E 4% 70" 13| Karstadt 6s°43. 99% 100 | Kend5iss 48 ww.. 114% 1141 | Kreus & Toll 5853 104% 104% | Lackaw St b3 ‘50 46 45 |iacG StLbs 34 89% 91| Laclede 6348 C ‘53 58 | Lake Shore 33%s 57 623 63% | Lautaro Nit 68 ‘64 70 70 | Leh Valcv4s 2003 70 7T0%| Lig & Myers 68 '51. 106 106 | Coew's 63 ex war. and greater protection to depositors and clients. “My own point of view.” he said, “is that rural communities are not sup- plied with adequate banking facilities T should like to see the peopie of every community, no matter how smail, have access to more than one Strong bank with the banks competing fcr business “All persons should have the benefit which comes from a competitive bank- ing service. Our present system of in- dependent unit country banks cannot provide it Pole explained he advocated permit- Tobacco Product; 'ransamerica (40c) . “ont Corp.... Tri-Cont Corp pf (6). 5 Trico Products(2%). 6 Truax Traer Coal Co, 2 Truscon Steel (60c)., 1 Twin City Rap Tran. 1 8 5 B 7 to the German and Austrian groups of | Argentine 6s A '57. dollar bonds, but not to the rest of the | Argentine 6s B '58,, foreign list. Arm & Co4%s33.. 4 Holders of such fssues as Argentine | Arm Del 53%;5'43 6s, Chile 6s, Uruguay 6s, Colombia 6s|Atchison gen 4s and Brazilian government and state ob- | Atchiscv4is®al., 70 ligations correctly construed the de-(Atch Ariz4%s’62.. 9 cline as technical and not likely to[Al& Danvdsis... prevail in the face of betterment in,AtC Licol4s'sz. world trade expected as one result of [AtGulf5s'59.....; the debt holiday. Therefore these |Australia 4}s 56, . 3 bonds retained their small opening | Australia bs’sg gains. Similarly Australian issues, re- flecting & strong demand for them in “The counterbalancing influences, it s said, tending to check price advances at | g snt time, are the relatively - s of old wheat on hand in| 8 38 e N rincipal exporting countries, prospec-| 6913 acific Lig . five fiee sclling of Russian wheat with- | 131% 116 Pacific Tel & Tel (1) 220 in another month, the increased offer-| 132 124 ~Paclfic T & T pt (6).. 108 ings of native wheat in European coun- | 117 5% Packard Motor (49c) 133 tries along the Mediterranean and the| 4% 1's Pannandle P&R.... 2 maintenance of trade restrictions in im- | 80% 19% Paramount-Pub 2. portant importing areas. 2% 1 Park Ulah. . Much seemed to be made of estimates 2% Parmelee Transport. the 1931 world crop will be from 250,- 1 Pathe Exchacge.... 000.000 to 500.000,000 bushels under 4 Pathe Exchange A.., Ulen & Co (1.60) Und-Ell-Fisher ( Union Bag & Paper. . Union Carb & C 2. Un O1l of Cal (2) Un Pacific (10) 1930. World crop conditions were re-| 13%a 6 Fatino Mines.... Un Pacific pf (4) on, held a s Jement , = Tsi Tt 4849, ported last week practically unchanged | 4 2% Leerleas Motor Car.. Un TankCar (160 2 s e e e S L 100 100% | 120n e 1 ting banks to cstablich branches win from those of a weel 46's 28's Penic for . nit Aircraf: i - i v St 5 b 9 %8 rade arcas served by th> v_in which m thos eek ago. Arrcraft plan loan—an issue much torn between | i & O 1st 5s " 10715 1 Lorillard 5%s '37. the parent bank is located. The trade 40) “| Lorillard 75 44. jation remained| 9% 28lPenney (J Lou G & El 55 ' the| &% 2 PennDixieCement.. Unit Aircraft p Unit Biscuit (2). Th» Canadiar ical and the final outturn, sa the benefits accruing to Ggrmany’s|g & O ref 5s ] ve ind.” he said commercialized _obligations _from the | 5 & O 58 D 2000 larea “which I have in mind 100% 100 “may be called the m-tropolitan trade 1001 101 Unit~d States Department of Agricul-| 29 10 PennDixie Cmtpf Unit Biscult pf (7).. 808 11913 Hoover pl: d th di b L& N unt 4540 .. bt ] | 8= 214 Penn Railroad (3 i = T plan and the misunderstanding | i & O 6s ‘95 30 1080, | 1o & 2 ot would circhmscile X r cns during the next few | 2! 83l b o ). . T 5l the Young plan bonds are among those | B & O Toledo 54 Lt p £ i the rural weeks: harvesting in Russia is in prog-| £0 50 I'ere Marqpf (5).. Unit Cig Strs pf (§ 1 60% ente Cer Rl st Aver o x : braces the flow of trade from ural v 92% 50 Dere Marg prpf (3). ' 76c 21 i ‘many will not have Bk of Chile 6% 61 communities and small citics to a large ress and trade reports indicate an aver- AR e 4 Unit Corp (76¢)..... 883 25 pay for a year, advanced at the start |k of Chile §%q oo L el Unit Corp pt (3) Unit Dyewood. L4 Unit Dyewood pf (7) 10s 48 Unit Electric Coal... 6 5% Unit Fruit (4)e...... 9 59 Unit G & Im (1.20).. 129 Unit Piece DW (2).. 4 2 Unit Piece D pf 6%.. 108 10 U S & For Secur..... 2 U S & For Sec pf (6). U S Freight. . U S Gypsum (1.60).. U S Hoftman. U S Indust Alcohol. . U S Leather. ... U S Leather A.. age outturn in the Voiga district. There was little export demand last ‘week, European buyers taking only im- mediate needs. But there were reports Russia had made sizable sales to the Inited Kingdom Hedging pressure was felt during the week. At Kansas City the market sold down t> 47 cents, a new low mark on the crop as the result of this pressure. Some traders believe that_so long as heavy movements of new wheat are on, and hedginz is being conducted in lib- eral volume, it will require a sharp in- crease in buying power t) absorb them and at the same time maintain present and then worked lower. The position | Batay Pet 4145 fi2.. 19 of both the Young plan 5!;s and Dawes | Belgium 68 '55. reparations 7s is improved under the |Beigium 6%s'49... 15 debt holiday. German municipals rose | Belgium 7855, sharply and retained part of the gains.|Belgium 78°56..... 7 In the domestic list the railroad issues, | Bell Tel Pa 65 B 48 especially those of the junior grade,|Berlin Cy El6s'55. 2. worked 1 to 2 points higher at the|Beth Sieel ym 5336 opening, but later lost th> gains. These | Beth Strf is 42 bonds, quite apart from any general im- | Bolivia 7558, provement engendered by the Hoover | Bolivia 7s'6 plan, have been and undoubt-dly will | Bolivia 834 again be supported because of the gen- | Bordeaux 6s'34 erally better tone in railroad reports. | Bost& Me 4%« 61, Hence the selling of such issues as|Bos& Mebs'55 Prisco 4155, St. Paul 5s, Missouri-Paci- | Bos & Me os ‘67 fic 5s, Erie 5s. Nickel Plate 4!>s and | Brazil6% “Branch banking extended by met- ropolitan national banks into such a trade area would naturally give to these outlying rural communities and smaller 1087 108% | Milan 6%s ‘52, cities a strong metropolitan banking 108 109% | yyi E Ry & L b X a8, | service. 6814 6814 | M K & T 1st 45'90.. 17 89 &% &9 “This proposal would. it seems to me, i 96'4g 961 | Manh Ry 1st 48°90 103%7103% | yarket St 78 °40. 109 109% | Marseille 65 '34. 114% 114% | Aidvale Stl b3 6 Petrolm Cpof Am(1) 14 11 Phelps Dodge (1). 61 Phil Read C & L 4% Phillips Petroleum.. 43 b8, Plerce-Arrow pf (6). 3 13 Plerce Oil. . 6'a Pierce Oil pf. 1 103% 108% | N K & T 48 B '62... 84 B4 84 |clearly tend to decentralize bankinz 106's 106% | M K & Tprin8sA. 17 98 984 984 | capital through a 'm of regiona 28 28 | Mo Pac gen 48 '76. 64 64 |branch banking. Mo Pac 5s A "65.. 89 89 Capital Concentration. Mo Pac b8 F 77.... “The metropolitan banks in th> city {MoPac6sG"78.... 13 85ls 86% 86%of New York have always hold a pre- Mo Pac6sH'80.... 50 8%, 88 88 |eminent position and under anv sys- MoPacref §8°81.. 185 =8% 8613 87 |tem of banking which would follow the Mo PacEiscv ') normal course of business they woul Pierce Petroleum. 25 Pillsbury Flour (2). 45 Pitis Steel pf (7). 10 YPorto Ric-Am To(2). 2% PR Am Tob 5. . 18 Postal Tel&Cable pt. 613 Prairie Oil & Gas. ... 14% Prairie Pipe L (3)... Pressed Steel Car. . 2 8w 6 14 U S Leath prpf (7).. 1 84 prices. o Tl 5 : , I Private Estimates. i1k Hfiifi’;i:é‘f)‘.o, {’.’:‘;,‘P'If‘:‘;'u 3 asRizEN Denver & Rio Grande Western 5s did | Brazil 61827 s ;"fl‘;’;: A".”' continue to incrzase in size and influ- Realty 2 " i i 7 e The official Government forecast for | 112 Proc & Gamb pt (5). oot B o A T e A hanii Mor & Co 1st 4%s.. Notwithstanding this aspect of the Fily i3 dlie Hers B Pt eaae | 6 Prod & Refluers. ... U S Rubber 13t pf... e faveeable, satointestat] DA AY sud Nat Dairy 53n"48.. 4 matter, branch banking emanating from mates contained in July reports place | 96is Pub SV NJ (3.40)... USSmelt& Ref (1). 5 183 B i Rattein: rofds inceting on- (he | B BEgniAsEted 107 Na&T&MbsB b4, commercial c:nters outside of New York the Winter wheat crop at 10.000,000 to | 102'a 95 PubSv.NJpf(6)... + US Steel (7) 1828 104% IR ARt Eone W S Glto a|BKiyn Elev 6% 7o 73 |NOT&MBHhES. city into surrounding trade areas would 15.000.000 bushels more than June fore- | 118's 109% PubSv N J bt (6). U SSteel pf (1).-.n 5 141 oo schieme Was &1 | S liynisanies 10170 1017, | New S Wales §3 67 cause the New York banks to dec 4 % YCgni% ¥ ¥ Cen 489! { Y Cent db N Y Cent 43 in_relative importance “There would be concontration of .o “ capital. but it would be a regional con- 013. B centration with local charactoristics. casts. The Government rep-rt for June | 158 145 PubSvNJ pf (3). &set_the figure at 649.000.000 bushels. 1047 103% Pub Sve G&E pf( Corn prices advanced carly in the | o8'a 25 FPullmanCorp (4)... ¥ Pure Ofl...... klyn Un Ist 5, idapest 65 '62. ... uenos A 6361 F'v. U S Tobacco (4.40). . 0% Unit StoresA....... 8§ 6 Univ Leaf Tob (3)... 1 34% 105 105 Industrials like United States Rubber | 790 70 5s. Goodrich @ Goodyear 5s. Sh-ll| Union Oil 5s, Texas Corporation 5s, Mc- | 28 wecks with threatened damage by hot| 11'x 5's b 42 24 UnivPlclistpf(8).. 108 301 . Z s 51 x ium | Buff Gen El 413581 weather in the main producing belt, | 101 66% Pure Ol pf (8) 31 19'; Ut PAL A (at2.15). §9 247 B Startod tioons” and lates samed: | BIsRItEA s Cen rf 43482013 Banks in large cities would grow into but veakened toward the close with % Vel Cor.. & International obligations managed to| Bush Ter con bs Creim 68 2013.. institutions fully capable of taking 2 '« Vadasco Sales Corp.. 3 0 i s managed 10| g, .0 Bldg 6s N Y Cent db 68 '35.. of the financial requirements of thrir trade forecasts of a 3,000,000,000-bushel Hadio Do 76% 23'% Vanadium Corp'n.... 689 374 retain part of their early improvement. | NY CLS cl 3%8'93. trade area communities.” Radio Corp pL A(3%. SE0p: 60 Van Ra, e . alte 1stpt... 108 40 This group included American & FOT- | qa1i¢ packing 5s° s C 37 75 3% 1 Va-CarChem. 1% <ign Power 5s, International Telephone | Cans "ackILs 55 40 e s = > e 1% 3815 Vulcan Det (4) 508 51n 5s. International Hydro-Electric 6s and | (anada 4138 ‘36 L|INYC&StLs%sA Mail Truck Order Awarded. International Match 5s. YC&sStL a3, 3 4 o s > Department h D : .| The Post offic partment has nada 5 ‘5. ness Notes 26 8 Wabash RR.... 106% 1074 1 14% Kemington-Rand. keo Motor Car (40¢) . B b RR(A) 26 5 4 - | Caninavasieter. 100 1014 SIX BAWCHERE & awarded an order for 53 heavy duty 2 4 2% 2 5, i n Nat 433 68, H Montev! Z H ¥ Arciion S iZZ?.“.L’ib‘.Tm... 2) 4 & Wl iior 2 Washington Stock Exchange|cin Xi: 33 4. ’1‘-”_. :M_f'h. \Y ELH&P 45 4% $ g;c%z;%tfifi A1 i g ) (rl;‘:\ P NEW YORK, July 7.—Buyers from Reynolds Tob A (3). 160s 6% : 15 SALES. | San Nat 54 July 106% 106% ELH&P 58'43.. 5 112 signed to the New York City Post Office the coast and Southwest led in the Reynolds Tob B (3). 52 3 Ward Baking B..... 4 = iy i | Can Nat s Oct '69. 13 “» 106% 106% | NY NH&H 348 ‘56, 791 79 and twenty-two to Brooklvn. The re- placing of Fall orders in the New York Rio Grande Oil i 4% WarnierBloaDlet. - 140 8% Washington Gas 6s '3 “A"—$100 at|Can Nor 4145 °35. .- e N s Bt g g b Mo i wholesale merchandise markets at the "« Kossia Insur (2. 10% Warner Bros p S o ! i) { Can Nor 6145 db *4 9% 1195 119% | NY NH&H cv db és cities as follows: Los Ange! l;:;;:\{\lgl n,: 'l-lx‘r'\'n‘?;:kx'r:;;‘drnr:‘al::1‘:1‘-”?‘ 24 Roy Dtch(m1.3404). ]:-- ::'nrnqr gum]an 1 3% 01'1;:!’7"20 Electric Power €7 pfd.—2 at va: :’:2 :f:'c“.... Y 133" ]s”v:'. Y O&W 1st 4 :5: ?yngtcn, 3:‘rll|;qursh 2; (l:])aga. o ; of | — 5 x ‘s Warren Bros (2).... 17 257 : : Can P 6. 13 00 | Ny O&W &n 4555 acksonville. Fla. 1 a:d Des buyers from Middle West and South- (L) 51 WessO&SnDI(4).. 1 a6 Potomac Electric Power 5 ptd.—4 9815 9514 | NY Rys Inc 68 '65 Towa, 1. The order calls for i St Joseph Lead (1).. St Louis & San Fran. St L-San Fran pt (6) St L Southwestern. . Savage Arms (2)... Schulte Retail Str: Seaboard Alr Line, al at 111y, | 96 | Washington Rwy. & Elec. pfd.—10 at| «“ 100, 20 at 100, 30 at 130, 20 at 100, 1027 1027 1134 1134 103 103 | 46 46 | N Y Tel 6549 e 49 99 |NY W&B ¢4 COgendlnssz.. 105 1 Nord 6% ‘50 02 1 Rys 6 A 6, 9. delivery. HIDE PRICES HIGHER Quotations Reach New Ground on 92 WestPaElpf (6)... 10s 967 17t Western Dairy (A)., 2 28 4% Western Dairy B. 13 9y 9 Western Md. e 24 141 10'a Western Pac| E 1 161 96's Western Union (8).. 27 118 ern stores is expectod next week. The volume of purchases was descrifed as encouraging. Interes centers mhainly in ready-to-wear for selling at the end of August, with some buying for needs beyond Labor day already noted. | Cent Pac &3 "6/ 9 at 100. | Cert-td deb | | Dist. National Securities At 68. | Ches Corp 55 '47. | | | Mergenthaler Linotype—10 at | Real Estate Mtge. pfd—100 at 612, 100 | C& O 448 A ‘93, | at6la C&O4hsB’ | y S o 20 Westing AB(2).... 4 & 4] R e N sel)- Seagrave (60c). .. 4 9 d pe 202k [ No A N Y $5¢ saents Doested i the N o e LW SHDE R 1. (47 208 AFTER € CB&QEends 38, Yoot Yoo | Nort South & Buyind Volume. metropolitan area are planning the | Second Nat Inv p Westvaco Chlor (2). = ,7,).“““ abis CB&Q4ls” CHICAGO. v 7 (Spe Sl el CB&QIdv4 prices shouldered their way g former resistance level established last March and reached new high ground in the adjusted hid» price index of the Wheelin s White Motors (1). White Rock MS 414, Willys-Overland. ... ganization of an association through which they can woik for better trade relations, uniform discounts and the es- | tablishment of minimum standards in | or Am Ed 6%58 or Pac 38 2047, | Washington Rwy. & Electric 4s 51— | Chi & Eas 111 5851, | $1,000 at 91 | Chi Grt West 4s 59 | Sharp & Dobme. . Shattuek (FG) (1% | Capital Traction—10 at 36's. 10 at 36'5. | Chi M & St P 48 '89. ; merchandise, trade Teports state. : Woolworth (2.40)... 7 : Chi M&SEP 435 E. A g 5 Leaders will meet later in the week to Shell Union 011, 5 e Wity s e Bid and Asked Prices. Chi M STP&P 65 o il perfect plans 2 z:z‘;::‘;’}:z:: 2 RO% _ 66% Wrizley (Wm) (4). . BONDS. Chi M & SUP ad) ba. 53 The upturn was effected on good vol- — { e 2 Chi&NW g 3%s '81. ! . a S The recent improvement in business Simmons Co. 94 30 21 Yale& Towne (2)... PUBLIC UTILITY. (‘n;&\’\\'ggn%ls'x'l. = Norway 5% lamf, Yhnqu:h snme\u!hat narrow distri: feeling has done much to brighten the Sinclair Consol Oll.. 246 15% 5% Yellow Truck... | Biokampalf CRTENWIERHE 1, o orway 63'43. ution. Shoe manufacturers who fan a prospects for Fall in the higher-price Skelly Oll. .. 1 29 14} Younes Spring (3) . 18% 165 A o & el B | N et o 2081 30 Srwdvies ey v smnnard i oo | X " 2 B PR g i el. 1L 083 = . = V. "63.ccce 3 3 use ste) J arket 1 dress lines. M. Mossesohn. cxecutive Kkelly Ofl'pf. 2 B 2% VARTID RGN0, ..., 2 3 |Anacostia & Por b4 Chi& NW con 4% 114 b it i e o Bl chairman of the Associated Dress In- niuer Packing..... 1 14 11 Zomite Frod Corp (1) 131 < Ana & Pot. guar 04's 1| Chi&NW rf 5s2037. 10 Oreg-Wash s ly for sol e ction ol- dustries, reports. The new devclop- | Solvay Am pf ww 3% 2 125 12% 13 |Gl . Teo of Va5 i ] SRR O vinit mainly le leather production. Fol ments in the situation as they affect South Fort Rico Sug. Sales of Stocks on New York Exchange. R e e e Orent dev 68°53. .. e lines wholesaling at $22.50 and up, he | South Cal Ed (2).... 500,000 Georstiown Gan 1 5 A0 H08%: Gl RIAD gn 4a A g | e s y ecial | 3 10,00 otomac Electric Cons. 3 4 1033 | Chi RI&P gn ds '8 : gaid. will be discussed at a special | South Pacific (8).... A Bivissraii 0,000 00,000 | potomac Elec. 6s 1953 . 109 co..[ChiItl & P rean’3e Pac T&T 1st 5837, tive steers rested at 111, cents, br meeting of producers Thursday. ‘ Southern Rwy (mé). 16 pasSisidend, rates as iven in the sbove table are the annuai casn | Was Alex."& Mo, Vernon Gl 2, i | CRIR Loy 434u°S Pan-Am Pet 6534 I steers at 101, cents and light native Southern Rwy pf (5 E v i-searly declar; Washinglon Gas 4'28.......... 10014 4 A e 2 i t Men's wear retail stores. which will Soatak WG L), S [ 1n oUmlL OF Srading less ihan 100 shares ' tPartly exira"iFils 4% | Washington Gas se1 0 IUII 060 o |G gl ool BRI CORERELEI Gt start their purchasing of Fall goods this | Spear & Co......... 1008 24 21 oM Bo Tesuiar rate ' b Payable in SiOck. e Pavabie tn Csh ar siock. | Wash Gas 6o series Bl 108 107" | Ca W nd cv 4852, 90% 0% | paris Ly M 6868 s week, are hoping that the general up-| 171, Splegel-May-Stern. . 9 813 | {Ejus B in stock € Plus 6% in’ stock. "hPlis 3%’ in siock: | Wash, Rwy. & Eiec R bt : 915 Eois) PRI DM TR FOREIGN EXCHANGE. turn in business now forecast will en-| 201, 14% Stand Brands (120). 8% 1% 17% this year—no resular rate. n Plus 5% \in sosk, 0 Sock. m Paid MISCELLANEOUS. CHHoERE0 c 59% 591 | Paris-Or 5%3°68. (Quotations furnished by W. B. Hibbs & Co) able them to get away from the strong = = Sre Chile 6361, « 59 b . emphasis on price and to stress quality | = SR S — |parber & Ross, Tne, has...... 8 %% |cutleestei... 60% 60 | Pathe Exch 78 '37. Nomunat soid Seil stress quality Chevs Chase C 5 1o 5 8413 8415, Penn 45 '48 Sta oy g # ; : 1005 103" | Chile s N 3 a London. pound Msinees TP needs. W. M. Cold Storaze 5s D84 | Christiana 68'54... 5 102% 102 1023 | Penn gen 4%3°65.. Gasoline Prices Reduced. ! ORIGIN OF IMPORTS INTO U S In his decision admitting a cargo of STOCKS. . CCAS L 4%s K. 12 e Bome, NEW YORK. July 7 (#).—Standard « ®. | Russian pulp wood, 2,800 cords, destined PUBLIC UTILITY. N b Athens, Ofl Co. of Néw Jesey has reduc:d | &t | for one of the mills of the International | Amer. Tel. & ol CotoaneBiie 60s . Penn 643 Vienna: Schiilre: . rices on both wagon and service sta- | Paper Co., Assistant Secretary Lowman | S0 chi'Ls Colomb 65 Jan ‘61.. Penn D&D 4% °77. t. pengo . tion ga 3 iy CasE Colombia 6561 Oct Penn P&Lt 455 81 crown (nom.) 7loty : nhazen, crown Orlo. crown Stockholm, crown Pere M 1st 55 °56 Peru 6s'60. . Peru 6561, Peru 7s'59. emiia Co b Eloi 0 TREASURY CERTIFICATES. 1 cent a gallon throughout its . . ; Y marketing territories, with the excep- ‘N w of the Treasury stated a few days ago | N, “glec Power 6 pi G # e e e Wi Rdieexoep ;Attempts i1l Be Made to Determine hat‘,m domia el a1 r“u et Colon o1l 58 2 o i | whether this particular cargo had been | Wash: Ruv. & Elec. pia. (31 100" | Com Inves 5338 " Extent of Stock Gain. | GOOdS Are produced by Forced Labor | produced by convict labor, and that no NATIONAL BANK. CC Md I8t rf o850 wi2 NEW YORK. July 7 (#).—Tk ket | o e e (B Drove T, ital (14) B o N X Pet 5 10 6A. 63 63 3 . July 7 (#).—The marke! . . = very shipment of goods from Russia, AT 378 .| Con Y bias 45, 38 Phillip Pet 2 A, 63 2 YT tscay value of all sharcs listed on the New | n Forelgn Countrles. said Mr. Lowman, presents a question | Sommereis] «stamped) (10111 2122 288" | Con Pwr Jap 6%8.. 4 3% | Pilisb I M 68°43. .. 6 104% 104% 104%; | LReported by J. & W. Seligman & Co, York Stock Exchange increased $4.883.- | | by itself, There is no intention on the | District 8 v enioini 180 22 L Con Pow Japans.. 8 100 100 100 | PCCEStL 43871, 2 101 1013 101% | 27s Sept. 13, 1931..... 1001102 301 is; gg? in J{ux.- to a total of 347,417,-) | part of the Treasury to make a sweep- ‘E‘ehfl!;l!\ym:;‘?lm i . . }gg f:g Copenhag 4%8°63.. 8 97 97 97 P& WV 4lsCr60. 1: h: )‘2 K. ?)efgl 15, ll:‘]&\ }%? 2 1 0 T;').’ . as of July 1. - ” AN N ' Ve .| ing order against i incoln (12)" Ci hag 6s 52. & Poland 7s ‘47 . 13 6% T5'3 = ‘The average market value of all listed| BY LOUIS E. VAN NORMAN. | Commission indicates that several hun- | 7€ Opce ’I‘rgasury k’fa": :‘innggggiw 112 h’?f-%é:ol! e z an || CeiaE e BRI an Dec &hares as of July 1 was $36.28, compared | Following the admission to the United | dred million dollars’ worth of United | Jay down an embargo against the prod- | Gecond 3¢} i 168 210 |CubaRRSs . Port Gen El 4 874 Dec with $3258 as of June 1. There Were |giatos of a second cargo of Russian|States imports may be affected by this | ucts of any country. Congress has the | Washinston (13) Bl Cuba Nor 5%s '42.. Por RT am €342, T0% 1297 stock issues. aggregating 1,803.-| ' © ; | provision of the tariff law—and this in | Sole authority. TRUST COMPANY. Czecho 88 51...n.0 Pos Tel & C 63 '63. Low. Clase. 489,082 shares, listed 25 of July 1, com- | Pulp Wood a few days ago, it was|P | R ) 3 315 . Prague 7%s'52. 104 104 |Sou P&Or 434877, 99% u 3 i | ition to the & rts of some $16,- Last year the Treasury admitted some | Amer. Sec. & Tr. Co. (15 1 Del & Hud rf 45 °43. L P e ou P&! % par-d with 1397 issues, agaregating 1,- | learned today that the Customs Bureau | addition Al - "~ | 90 shiploads of pulp wood and lumber | Continental Trust (). ... 135 | Dol & Hud 534837 Prussia 6852, i3 74 |Sou Ry gen 4368 w21 305.516.716 shares on June 1. and the Tariff Commission, at the re- | 000,000 which would surely be excluded | and a few months ago, a cargo of lum- | Mot S5 D pil 2 7. (61 Bl e Public Serv 4s '71 108 Total borrowimgs by Stock Exchange | quest of the State Department; have | by the provisions against convict-made | ber was permitt=d to enter. The Pro- | boiss Troce 86 ol = (e Pub SvG 4%8°70.. 3 105'% members. against eollateral o Juis o1 | Begun studies to determine what com- | goods, Important among these, Which | ceedings in cach case were based o #he | Wash. Loan & Tr. (14121100010 Ll iy Lo6te 1061, | Pure Ol 5%3'37 7 1001, amounted to 2.93 per cent of the market | modities produced abroad by involun- | are still in doubt, are certain rubber|indiviaual shipment. The consignees SAVINGS BANK. DenverGas5s 61, . 104 104% | Queenland 6s 47 T \;lm‘ of all shares listed on the ex- | tary labor may be imported in this| products and tobacco, produced in the|submitted evidence to the collector of | mank of Bethesda (8%) D& RGrgn 4s '3 94'; 94% | Queenland 7841 1 884 8814 881 |StOINY 4% change on that date, & decrease of 044 colintzy legally. after the- firat of ‘the | Orlent if not by convict labor at least| customs to show that the cargo had not | Eom" & savings 140) ; R e e 0 uring th | year. or 5 | pey 0+ | East washing! ). = I . 1 aiwan I new Tow Tecord. Borrowings quans | According to the tariff law of 1930, 125t ‘eentanice of ‘the paragraph in the| resn. 1o vy i e mne N gfgflfg;g 0 kY [ ey 4 103 | Reading 4%a ot S M ol T LT S Juns decreased $43. 28, to $1,391,- the provisions against goods produced | tariff law on this provision ends with | up of the four northern governments of | Seventh Sireet (120 ... Det Edison rf 5s " 107% 1073 | Read Jer Cen 4/ 96% 96% 96K | Tex & Ark 53 S0, 324,922 at the end of June. by forced labdr go into force after the significant phrase thanch\ fing | Soviet Russia and extends from the [ QAis" Sates e o) Det Unit 4%3 '3 iy il - W8 - T . o January 1, 1932, | vict-made goods will not bs admitte S 0 Y ash. “ - = e 5 | Rem 'y Third Av ref 4860 e llminery survey by the Tarift Uhioes. the United States does 1ot Pro- | and nortn of the Lot pesaliel of T B i et 9% 37‘,‘4";\:"::15;" 46 U S Iowiniay st ennt y . weee oA o - A 0 3 314 L] . DIVIDENDS DECLARED :;'!‘“#:amé’: ;}“’m‘;‘?‘x"‘_’:k'“°l’ggl to | Americas {15} e o, i 104% 103 | Rhine West6a%s3.. 7 s0y; 80 s0u e . % - N "¢ 7 5 sury art- | Pirenien's _(8) » “ | Rhine West 6s '55. 10 80 79 79! Y 6 i STOCK AND BOND AVERAGES | ment, dated February 10, 1931, Tumber | National Umion (15! M3 | Dutch Bast 16547, 1014 10136 |/ R 12 ~081s 0 e SOt e NEW YORK, July 7 (P).— By tlie Assosintel Prove. lia;ztmlxrl‘p p‘::a ;re be!njztprodutcd, at TITLE INSURANCE. i i Dutch East 1 6s°62. 101% 101% | gich Ollcal 68°44.. 5 31% 31% 31% |10l St L & W 48 50 . by convict labor. ON |Columbia (€h) . S % | g 114873 7 RiodeJan 6%8'52. 16 46 45 o Y TUESDAY, JULY 7. | such _commodities consigned o the | Real Estate (6ni iiad al% | Bastcsug et L Bioaatexs P | Un Pac 1st4s"47.... pSgmpan, Rateriod. able. " record. | | United States the burden of proof is MISCELLANEOUS. bkl it ps RGrDeSul8s'46.. 2 67 67% » | Un Pacrt ¢ 2003 il shs....7¢ Aug. 1 July ui STOCKS. | put upon the importer, who must pro- | Barber & Ross. Inc. com. g 13 | GrieGen ¢ x 77 RIAr& L 4%s'3¢. 11 92 91 } Un Pac 43 '68. . Omitted. ! ol s | duce evidence that the cargo in ques. |Gl Aedical BIAE, Corp- 78 58" | mitecv 6887 o Rorioeiknba: 16 904 90 901 Unit Drugcvie 53 Fed Koit Mile . 1206 Ex Aue 1. .. — tion was not “convict produced.” Bl Faper, Mix, p(e;.j. - 3 | Erie5s'75 d Ml S0 |Roy Dds'bww... 38 93 928 gon | Utd King b4 eTiT. Petrolite Corp Ltd Q Awe 1 1NL | | Today. 3 I Denies Convict Labor Charge, Bl e A 33| FtatTsexwar'46.. 4 89 88 88 |SILIM R&G 48°33.. 6 97% 974 974 | Unjt SS Cop 68'37. 100% e | ‘l;!'g\'l:ous day | Regarding the latest cargo of pulp O om. (1.201) = Finland 65 *45 .1 BTN BTN BTH 3:5:::‘.‘;“' 19 72 ;;“ é(‘u Un Stl a’ t",ga::i;l Al gn‘-, S R O R UL Miiting ?;?""'s(,v“fll“’;g;.f::;',‘,;'fi“ (gency of heal xf.flsi?'x’.sfi‘;n;:- ” 2 Hir e A St L&SF pr In Rl 82 | Deaotw eraCsr 5 7o Elee 2 e 7 o v n st MoRise. Ao 0 Finisn 4 bl 3 3 mi Py i ki @ 1 Year ago. States, declared: "No convier. I | Mer: 37, & e PO, (6 | e e R R OB ORI (TTTUT S e i Shain & CorEr 51T H omn . used in any section of the Russian |Mei Miee & 18, pid. (&) L A Sao Pau7s°40 rcts. 21 82 R0 . B0' | Uruguay 854S, . 9% S eaatann Lid T forests.” However, ratner than appear | Beoples Drig Stores p(d, (6121 1003 1001z | (SR faiel - Sao Paulo8s’60... 3 65' 65 ' 65| Utah P& L 58 44 ol Rl o 4 ' High, 1931. .. [0 be seeking to bring lumber and pulp | Renl Est. M & G- pid (@ * a0 SazonPuW 6%%61 1 74% 74% T4 | Uil Pow 6859 wow T K i Low, 18 Wood or any other goods into this coun- | Sec ey, & Wh. Corp. (3 40 | Gen Baking 53540 12 80% K0% B0%a | Utll Pow S34s 47, Fed chem Co pi. 11530 i High. 1 |try in conflict with regulations of the |The Carvel Corp. (2. h: 35 |GenCableots 41.. 2 107 1% 19% irl it T e L 31 : 2 United States Treasury, Amtorg stated | W NS Miie Torp. 11 93 ° 1is™ Motors 6s°37.. 16 16 18% 15%) vert Sux ist 13 42 ool s @ 35 July 13 | that it has agreed with the American |woodwd. & Lothrop com. (120) 25 .. PSvils'3s.. 6 Sea All Fla 68 A '35 Vienna 6s ‘5% . ’C%rt‘)l cSwrm“):hn‘ "lr A 5 al interests it serves to reduce its contract | Woodwd. & Lothrop pfd. (17.. 106 Gen Th Eq 6. 0... 10 Seine 7842 Va Ry & Pow 5s '34 Interstate Dt Strs$1.75 Q 1 July 20 for pulp wood. The Soviet represent- | *Ex dividend, el extrs German 53,3 °¢5. ... 430 Serbs-Cr-S1 78 °62 Wabash 4%s 8. Lowell Elec Lt e Q R BONDS. ative declared that it cannot - be a | PBooks closed: e e 2 Serbs-Cr-Sl 8362, . Wabash bs B '76. Middie: west vl e | 10 question of competition with American | ke exirs. g o Erdgath Ll R 4% T4% | Snell Un Oll 6 Waiworth 65 A '4i | 56t A. 150 Q 15 July 15§ Industrials. producers, since Russian pulp wood sells | £30c extra. Ll i S 5’600 22 T4 T4%| g)ell Un O Warn Br Pic 65'39. Morris Plan Co. Inc et Today 853 in this country for from 15 to 20 per | 1% €Xtrs: iy et bt IR0 D 8 BT | gninyetsu 6%8'62.. 5 Warn Quin 6s 39... Nt Do B ist B s 3 Yoy an| | \mrevicasiaay. . 85.3 cent higher prices than does the domes- & T g"'a'" }:'1[” 149..205 1004 100 100 }ginciatr ON 6348738 7 Warsaw 78 'i8... .. D e o 25 . B 15 July 8) | week ago 84.6 tic product.. The representative of the POTATO MARKET. er GenEl78°45... 7 92% 91 91 {gn007scvA'sl.. 9 Wt Sh 1st 4s 2361, Norhwestern Fire & e 1 I o American _importing company declared 7 () (United States | Soodrich cv 68 /45 22 66% 654 65% ginccrobuass.. & West E1 deb 58 °44. . Omio Mereh Trisi 8 @ 1 e b i 4 that his concern 1s forced to buy a cer- | CHICAGO, July 7 U0 tor o Mootas | 000 1st6%847... 1 98 98 98 |gincpL 5s’ds o o | West Md 63877 Beop Nai'Fire Tni. sc 8 1bdionty | SEEREIREDL it tain amount of forelgn puip wood be- | Department ol Ao too | SooYr Rub e, T 2y 9ln 91N |Skcily Ol 6% Pl o o e b A S e I 1 Jueio] | gmmer seass age cause of the exhaustion of timber lands | 0¢S—RecelPty, T “gies’ shipmients, | Grand Trank 7 40 108 108 | Soissons 653 7 107% West Un Tel bs '51. simmons Nail Bank . o i High, 1951 in the vicinity of certain of the com- g;?-c.“_ strong on good Triumphs; [Grt Nor 4%s'76 D. 9574 96 |SoIv A’K":'{'.i A ls‘-. gu: ll;m_t‘»_n'fi.lgi- wibh (BT &S : 1931 % pany’s mills. ; ; trading just _fair. 3 ¢ - +Sou Bel 11 106% n - B = s 1 Low, 1931 (Copyright, 1931). steady on othm;'g:;“mht}ék,_hnmn TN A 9% 96K iy Bell T bs A 'B4. 11 107 W EO5%s'31 ww. SRRl ™ @ v b et et L Sacked, tomphs, under ice, 2.25; Eastern | Grt Nor T 1o 176 |sou Paceoi4nias.. & 92 o Ao g Low, 1930. 1S, Rl G zel ~ 8o 4n 'B5.. © o 3 | Wis Cen gn 48 % ¥ ! High, 1920 | Smith. Graham & Rockwell—The in- | Shore of Virginia Ccbblers, 1.70: barrel | ;reek 68 63 i SO e e a7 Yokohamn €8 ‘€1, . 2 1000 Dn 8% prpf... 50 M 1 Low, 1929 | qustrial cutlook in the United States ! Cobblers, 2,30:2.Rs.pmedalusrs“fg;m‘;;l: Hoe&Co6%s'34.. 2 52 53 62 SouP4Ws'6Iww. 40 95% 95 95 YrstnSr&T sa'll. 100 100 wasth Met Coach pf..f1 @ 1 continues to justify the gradual letting 2.70; Norfolk section, 3. 169, Hud & Madise's1.421 79% 79% 79% So Pacific 4%8'81..214 98% 93 ¥ng StI&T 53 B70. 16 99 95% ern Pipe & Stl PL... .. 8 80 of stocks when they are styong, .. caved, 2.25. S -