Evening Star Newspaper, July 9, 1931, Page 14

- - FOREIGN BANKING Financial Tragedies Averted by Prompt Acceptance of Hoover Proposal. Special Dispatch to The Star. NEW YORK, July 9.—Banking trou- bles uncovered in Germany, Hungary and elsewhere in Europe showed plainly that the debt agr:ement was made only Jjust in time. They can be adjusted now in the new spirit of international har- mony and co-operation, but under the cloud of fear and suspicion that existed before there would have been some ter- rible financial tragedies. Europe was on the edge of a preci- pice and President Hoover was perfectly aware of it. English statcsmen also knew quite well that the capitalistic system was actually tottering in Europe because of stupid greed and selfishness. Henc> the close co-operation between London and Washington. In finally coming to an agreement, France prob- ably decided that a law-abiding Ger- many at her borders would be better than a red Germany. ‘Those in touch with German affairs ‘were convinced that a complete finan- cial collapse in Germany would mean an extension of the Soviet state. As it is, the Hoover proposal struck the most effective blow possible at the red men- ace anfl there is now opposed to Rus- sia a ‘united instead of a divided capi- talist/c world. As Russia is herself turn- ing yaore and more to capitalistic ways, it would appear that 'the world can brgathe a little easier from now on. Has Aided Business. The United States Department of | Commerce finds that the debt mora- torium has actually and definitely stim- ulated business in several regions of the United States and in several countries. It would be encouraging to see a rise 1n employment as some’ proof of the im- provement in business. Industrial employment in Ohio in June declined 2 per cent from May, ac- cording to Ohio State Bureau of Busi- ness Research at the Ohio State Uni- versity. The bureau ascribed the cause to the falling off in manufacturin Dayton was the only large city report ing an increase in employment. The monthly review of the Ninth Federal Reserve District states that em- ployment conditions at Minneapolis ap- rently deteriorated during May. It as become evidents that the more fa. vorable aspects of the employment situ- ation in that district during the Win- ter and early Spring months were due to the phenomenally mild weather, which afforded an opportunity for cer- tain lines of outdoor activities to be carried on in unseasonable volume. Store Sales Gain. Lessing Rosenwald, vice president of Bears Roebuck & Co., who has just re- turned from a tour of 25 stores in California, Oregon and Washington, said that the company's stores on the Pacific Coast are showing considerable improvement. Gold Supply Increases. Gold keeps pouring in. The daily statement of the New York Federal Re- serve Bank Tuesday showed imports totaling $4,013,000. Argentina sent $3,- 013,000 and Canada $1,000,000. There “vere no exports of gold from this coun- Movies in Canada. Canada has decided that motion plc- ture producers have too much power in the Dominion. A royal commission de- clares that a combine exists, the prin- cl‘pnl parties to which are the Famous Players Canadian Corporation, Ltd.; Paramount Corporation and a number of subsidiaries of these companies. The Famous Players Canadian Corporation is alleged to occupy a dominant posi- tion in all towns and cities in Canada with populations of 10,000 or more. Airplane Fares. Flying is a comparatively new form of transportation, but the industry ap- parently is old enough to have a price war. The Century Pacific Air Lines, & new entry into the air transportation fleld on the West Coast, has reduced DEBT ACCOROADS | (Continued Prom Page 13.) Tl e ot s, el 0 Stock and —Prev. 1931~ . Dividend Rate. High. Low. 31% RR See 1C stk C Rayhestos Man 2. Real Suk Hoslery pt.150s Reminzten-Rand.... 4 Rensselaer. & Sar (8) 108 Republic Steel. 19 Republic Steel pt. 1 Reynolds Tob A (3). 120s nolds Tob B (3). 28 Richfleld O11, 2 Sufeway Stores ( St Joseph Lead (1).. St Louis & San Fran. St L-San Fran pf (8) Savage Arms (2).... Schuite Retail Strs. . 4 Seaboard Alr Lin Sears Roebuck (2%) Secvel Inc. Sharp & Do Shattuck (FG) ( Shetl Unton Ol Simmons Co. Simms Petroleum. .. Sinclair Consol Ofl. . Snider Packing pf... South Port Rico Sue. 17 Sou P Rie Sug pf (8) 208 South Cal Ed (2) 7 South Pacific (8) Southern Rwy (mé). Spang-Chal pf (6). Stand G & E pf (4) Stand Invest Corp. .. Stand Ofl Cs1 (h2%) Stand OIl N J (12). .. Stand Ol N Y (1.60). Sterling Sec A. terl Sec pf (1.20)... Stewart Wal Stone & Webster (3). Studebaker (1.20)... Sun Oil pf (6)... Sunerior O1]. Corp (2)...... Texas G Sulphur (3). Texas PC&Oil... Te: Pac Land Tr.. Thermoid Co. . Thompson Starrett. . Tide Water Asso Oil. Tide Wat As pf (8).. Timken Roller (3) Tobaeco Product: Transamerica (4 Tri-Cont Corp. Tri-Cont Corp pf Trico Products 24 Truscon Steel (60c 6% 40 Und er (5 72 43% Union Carb & C 2.60. 134w 55 5213 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Va Elec n Warner Warner Warren 14% Youngs 11 183% 53y 521 134 B0y | TEIE 8% i Stock. n_speci 51's ' tnis year—no resular " stock and idend Rate, Unit Atreraft, Unit Carbon. Y Waldorf Bys (1% Walworth Co. Wast Pa El A (7) West Pa El pf (7) West Pa Pow pf ( ‘estern Dairy (A) Westing A B (2). Westing EI&MIg (4) Westvaco Chlor (2). White Rock MS t4%. Willys-Overland.... Wilson & Co pf.. Woolworth (2.40). Worthington Pump. Wrizley (Wm) (4) 5% Yellow Truck.... 5l 2% Zenith Radio....... Zonite Prod Corp (1) Sales of Stocks on New York Exchange. lus preferred st n Sales— Prev. Add 00. High. Low. Oiose. Uiose. 9 18 1% 18% 17% 164 166% Bl 84% 20% 26% 15 224 UnitG & Im (1.20). Unit G & Im pf (5). Unit Piece D W (2) U 8 & For Secur.. U 8 & For Sec pf (6). U 8 Gypsum (1.60).. U S Hoffman . U 8 Indust Al U S Leather. . ). U 8 Realty & Imp(2) U S Rubbe: U'S Rubber 1at pf U S Smelt & Ref (1). U S Steel (7).....4. 11 U S Steel pf (7) U S Tobacco (4.40). Unit Stores A. . Univ Leaf Tob (3).. Univ Leaf T pf (8) Utll P&L A (et2.1 Vadasco Sales Corp fum Corp'n r Ch em. . & Pwr pf($) 1 3 Bros P Bros pf 3. Bros (2). 2% 81 Spring (3).. 18% 2% 12% 200.000 12:00 Noon. 1 k Plus 3% in stock. m Pald 3% rate. $% in stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS cel fal NEW YORK, July 9.—The following is & summary of important corporation | ¢ news prepared by the Standard Statis- ties Co., Inc., New York, for the Asso- ciated Press: News Trend. Revenue freight car loadings rose ended June 27, which compares with | 1 739,116 cars last week and 936,690 cars | ¥ the like 1930 week. Grain and coal each advanced more than 9,000 cars, miscellaneous freight over 3.500 cars and forest products nominally, while ore, coke, live stock and merchandise in less than car lots were off slightly. |6 Electricity output throughout the United States for the week ended July 4 was 2.8 per cent below the correspond- ing 1930 period, according to the Na- tional Electric Association. As Inde- pendence day fell on Friday last year, the holiday period included Saturday, |% 50 it is belleved that the statistics are | i robbed of some of their comparative value. ‘The 5 per cent cut made yesterday fares to a level considerably under those charged by Transcontinental & West- ern Air Inc., and the Pacifie Al Toene. \Drand tire was promptly followed by port. The two older companies are! meeting the competition. The Cen- tury is charging $34.11 a round trip | from Los Angeles to San Prancisco. | The Western Air Express carried 712 | passengers over its San Diego-Los An- | FllesSalt Lake City division in the t six months of this year, showing a traffic increase of 240 per cent. Railroad Industry. ‘The mills grind slowly in the rail- road industry. Heads of the four big: Eastern railroads have been trying for eight years to work out a plan for con- solidation of the territory covering the | greater part of the regions east of the Mississippi. They held one more con- ference at the New York Central offices in New York City yesterday and an- nounced that “some progress had been made” and that another conference ‘would be held soon. Gasoline Prices. The Standard Oil of New Jersey re- duced the price of gasoline 1 cont & gallon yesterday throughout its terri- | fory except Delaware. This follows sev- made by other companies i the Middle West and probably means that still further cuts will fllow. As a result of the increased output in Oklahoma the daily average crude oil production in the United States for the ‘week ended July 4, estimated by the Ol and Gas Journal at 2,483,425 bar- | ele, Increased 37,034 barrels ‘over the in (m“ Joa1, i ek P by North A - aper Alliance, Thes o0 NeT® ! TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) —Maturity. Bld. Sept- 18 ioat 3 1931 1931 . 1931 . 15, 1932 o 13, 1931-32.. 18, Vs atlcr 15. 2 100 % 2 2 100 30- 3%26 Dec. 2 101 ]g.g; e e Wi FOREIGN EXCHANGE. (Quotations furnighed by W. B. fi:;m'i:l-yl Void Beitie Snecis lue. to Y di London. pound .. 3436 10-32 g drachma peseta . schilling apest. pengo ‘ague, crown (nom. Warsaw, zloty. Copenhagen. slo. crown % . ockholm, erown 2 ! SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Offer. lis-Chalmers Co. 5s 1937 . 1014 2285238388582 110% 100t 969 2228 1% e Facr) S3e858se &, i fon & Stee) roge ‘Ol 8" ¢ §52575582252=853, & electric output off 2.3 per cent; ! immn share earnings approximated $1.24 4 [ on account of new vessel construction. by Sears-Roebuck on their Companion Goodyear, Goodrich and General Tire, who made & corresponding reduction in the prices of their third line tires. The Companies. Amsterdam Trading, 50-cent dividend | on American shares; paid 24 cents January 19. Purity Bakeries’ current earnings running at level of first 16 weeks, when net totaled $630,955; net working capi- tal July 2 in excess of $3,000,000. United States Leather marks up sole leather 2 cents a pound, making 15 per | $1 cent advance in three weeks. American-European Securities June | $1 30 liquidating value $30.53 a common | share, after giving effect to issuance of 20.500 common shares at $12.50 a share, | against $37.45 on March 31 and $28.60 | on December 31, 1930. Arizona Edison preferred dividen needs being amply covered by current earnings. cre Atlantic Refining meets Standard Oil of New Jersey gasoline price cut of 1 cent a gallon. Brazilian Traction, Light & Power, 25 cents quarterly cash dividend; for- merly paid 2 per cent mn stock. Commonwealth & Southern Jml" six months, off 5.7 per cent, and 12 months, off 7 per cent from year ago; June gas output off 6.9 per cent; six lmonths, off 5.5 per cent; 12 months, off 6.1 per cent. Dep:oe & Reynolds Inc. combined A and B common share earnings, six months to May 31, 56 cents against 32 cents. Exchange Buffett June sales off 11.4 per cent; two months off 15.2 per cent. General Public Service Corporation liquidating value June 30, 1931, $11.73 a common share against $28.18 June 30, 1930. 5 Interstate Department Stores Jine sales all stores up 19.5 per cent, old stores up 15.3 per cent: six months all stores up 6 per cent, old stores up 2.5 per cent. _ + Lane Bryant June sales off 17 per cent; six months off 1.1 per cent; op- erated one less store in 1931 than lnl 1930. New Orleans Public Service 5874 cents common dividend; last previous pay- ment was 564 cents made July 1, 1929. New York Telephone May gross off 2.1 per cent, net after tax up 59 per cent; five months' gross off 0.1 per cent, net up 9.2 per cent. Revere Copper and Brass lowers prices of copper and brass products to basis of 8'¢ cents a pound for copper. Richfield Oil of California receiver negotiating to convert New York sub- sidiary into operating concern. Schulte Retail Stores Corporation in- creases cigarette prices to 14 cents & package, two packs for 27 cents, 33 ts & tin of 50 and $1.32 a carton. “gimmom Co.—June sales, including subsidiary, off 30.3 per cent; six months off 29.3 per cent. Texas Corporation, subsidiary Texas Co., cuts Texas crude oil prices, rang- ing from 9 to 17 cents a barrel. nited Cigar Stores of America in- creases cigarette es to 14 cents a package, two pacl for 27 cents, 33 cents a tin of 50 and $1.32 a carton. United Pruit—Second quarter com- or of or $2.15; six months, $2.20 or $3.45; cash balance June 30, 1931, $25,000,000, against $23,000,000 a year ; had sugar inventory $4,000,000 and Cuban government bonds of $1,292,000 re- gar allocated under Chad- has advanced $5,150,000 ceived for bourne pla; um States s:t;le—rhm operstions avel about 'r cent of ca- pacity before closing &e‘m for holidsy m’wmnmtfltmeentiormlu Automobile Co. during March, April and May, the sec- ond quarter of the fiscal year, earned net consolidated profits of $2,158,764.98, equal to $11.06 a share, it reported to- day. This $769,385, or period in 1930, and $1,312,934, equal to ‘3:.72 a share, in the 1929 se¢énd quar- T, week, against over 33'; per cent a week earlier, 35 per cent two ‘uu»CORRECTION FOR CAUSES ago and 55 per cent in 1930 period. Western Auto Supply—June sales off 16.9 per cent; six months off 10.6 per nt. American ‘Woolen—About 500 em- | nl.oyes at Weybossett mill reported to ve struck betause of company’s flure to restore 12'; per cent wage cut made last Winter. Auburn Automobile—May quarter common share earnings $11.06 vs. $4.25; months, $12.09 vs. $4.79. Brooklyn-Manhattan Transit—Tran- sit Commission agrees to further delay institution of suit over contested ac- crued deficit payments of $6,500,000 to September 17. Consolidated Gas of New York—Sav- harply to 759,200 cars for the week (ing by subsidiaries from tie-in with it | Niagara Hudson Power estimated above 0,000,000 annually. Mayflower Associates — Liquidating value June 30, 1931, $49.33 a common share vs. $54.93 December 31, 1930. Nash Motors May quarter common | share earnings 46 cents vs. 71 cents; | (Interstate months, 86 cents vs. $1.36. Niagara Hudson Power saving to sub- | sidiary from proposed tie-in with New | York "’jd“‘“‘ estimated at $3,000,000 | yho constantly urged department stores annually. Sinclair Consolidated Ofl subsidiary cuts Oklahoma crude prices to 10 cents barrel for 29 gravity with 1-cent flerential for each degree, top price | being 22 cents a barrel for 40 and above. Union Oil of California—First half sales totaled 18,500,000 barrels vs. 19.- 200.000; 000,000 vs. first half of 1931 was 7,200,000 barrels vs. 9,600,000 barrels. value of products was $33- $44,500,000; production in Atlas Utilities—Makes share exchange offer to stockholders of Jackson & Cur- is_Investment Associates. Brown Shoe Operations continuing at 95 per cent of capacity. Cutler-Hammer, Inc.—Shipments for 3 months ended June 30 off 30 per|Amer cent; 6 months off 35 per cent. Fox Film common share earnings, 13 weeks to March 28, 45 cents, against | Amer 72, General Foods first half net about .90 a share, against $2.01. General Theaters Equipment—March | quarter common share earnings, 10‘:“ cents, | International Hydroelectric International - Shoe Production in- eased to $187,000 pairs daily, -or about reached in 13,000 pairs below peak October, 1929. Southern New England Telephone May gross off 3 per cent; net after taxes, up 8.7 per cent; 5 months’ gross, up 1 per cent; net after taxes, up 10 per cent. Southwestern Bell Telephone May gross off 4.2 per cent from a.year ago, net after taxes off 11.1 months gross off 3.1 per cent, net after taxes off 5 per cent. per cent; five Transcontinental Air Transport sub- sidiary cuts Los Angeles, San Francisco and Oakland by 24 per cent, meeting cut_instituted by Century Air Lines. Union Oil of California June quarter common share earnings 2 cents, against 39 cents; six months 43 cents, against $1.20. Westinghouse Electric & Manufac- turing gets $1,395,632 machinery order from Navy Department. White Rock Mineral Springs June net over $145,000; first half dividend needs covered. Winn & Lovett Grocery June sales up 1.62 per cent; six months off 9.02 per cent. Bethlehem Steel gets 5,000-ton rail order from Norfolk & Western Railw: United States Steel, subsidiary Car- negie Steel, gets 15,000-ton rail order from Norfolk & Western Railway. Auburn Earns $11 Share. CHICAGO, July 9 (#).—The Auburn and its subsidiaries, compared with profits of $3.94 a share, for theé like Consolidated profits for the first six months ended May 31 last were $2,361,~ 175, equal to $12.09 a share, as com- pared with $866,009, or $4.44 a share, the same period in 1930, and $1,827,507, $9.36 a share, in the first six months 1929. o LEATHER PRICES ADVANOED. NEW YORK, July 9. (#).—The United States Leather Co. advanced the prices of sole leather 2 cents a pound today. tions have risen about 15 per cent ip the last three weeks. Two leading leather factories and numerous smalle companies have been eliminated from the trade since the first of the year, due to the depression that has gripped the industry econtinuously since 1920. Tanneries operating in this country in ‘Today there pproximated 640. System | Class A share earnings, 4 months to pril 30, 99 cents. OF DEPRESSION URGED Speclal Dispatch to The Star. NEW YORK, July 9.—The present depression will end as soon as people figure out its causes and try to correct them, in the opinion of Joseph Wright Harriman, president and founder of | the Harriman National Bank. Ever an individualist, Mr. Harriman, who believes in personally meeting ali of the bank’s borrowers and depositors | when possible, usually writes a large part of the bank's advertising. Thus | far his is the only bank in this vicinity to utilize advertising space to call at- tention to the present railroad situa- tion. One of these ads asks: “Are there not some other financial institutions, with railroad accounts on | their books—their good customers— sufficiently interested even on their own account, ready to join in the move- ment and who will diligently urge the Commerce) Commission, | and n many other ways lend a helping hand?” Incidentally, it was Mr. Harriman | here to carry a more complete line of . stocks, pointing out the difficulty he had in obtaining some staple items of | A | merchandise. INVESTMENT TRUSTS NEW YORK, July 9 (#).—Over-the- | counter market: A B C Trust Shares A B C Trust Shares All Amer Investors Amer & cont corp.. | Amer Amer | Amer Bid. Asked 5 s | Amer | Amer Co x | Amer | Amer Founders conv pf ctfs | Amer | Assoc | AU Se | Atl Sec_war | Atl & Pac I ot ‘units. Pac com " British Type Invesi: . [l Gentury Trust Shares Chain & Gen Equities ci & Gen Eaquit 6'3% Bf Store Invest. . . Store Invest .. Store Share Owher: d Ba Deposited B: Diversified Trustee Si fled Trusted it ndence Trust Shares. cur Corp Amer A. rp Amer B... int Secur Corp Amer 6% Bf Int Secur Corp Amer 6% s F Leaders of Industry Low-Priced Sh 1 Major _Corp Shares Mass Investors Trusi. Mohawk _Inve: SFES SESETIEE, m Public Service Trust. Representative Trust § Gen 36 B2 a4 e8Be sEnouatEua olagmad = NSRRI & INLARGER MARKET Reichsbank Situation Still|y Operates as Factor—Ger- man List Declines. BY F. H. RICHARDSON. Special Dispatch to The Sta: NEW YORK, July 9.—Reflecting re- newed uncertainty regarding the for- eign situation, the bond market today was lower in moderately active trading. ‘The influence of a lower range of stock prices was paramount in the junior do- mestic list. ‘The list opened steady, with a small volume of trading ‘The market was still awaiting an announcement, either from Washington or London, that the Reichsbank will be helped out of its present difficulties, but the fear that the negotiation of the credits needed— which the market places close to $400,- 000,000—may be as prolonged as were the conferences in Paris on the Hoover debt plan caused nervous selling. A hopeful interpretation was placed on the visit of Dr. Hans Luther, presi- dent of the Reichsbank, to London. This was construed as indicating tha the interior situation In Germany is better, with the fear of bank runs by small depositors removed. But what success he had in London in securing another rediscount credit is problemati- cal. - July losses of the Reichsbank on | account of ‘“devisen,” or foreign- ex- change for export. now have reached the alarming total of 1,700,000,000 reichsmarks. Young plan 5'%s were off over 2 points at one time. Dawes plan 7s held better. German Central Bank 6s worked off 2 to 3 points. German municipals and industrials, while Inactive, were lower. German government 5l,s were more than 5! points below their best price on the recent recovery, and the average of German dollar bonds has receded about 4.4 points from the top attained following President Hoover's initial debt holiday announcement. In that period there has been. an indicated depreciation of about $50,000,000 on the $1,300,000,000 of German dollar bonds outstanding. Other foreign issues were sympa- thetically affected and much more so than on Wednesday. Argentine 6s were off a a point or more for all ma- turities. Similar declines occurred in Chilean, Colombian _and Uruguayan issues. Brazilians, however, showed firmness. The satisfactory results of the first year of operation of the Sao Paulo coffee loan were taken as an indication that Brazil is gradually working its way out of its economic and political difficultes. In the domestc list the railroad group was lower, especially junior issues. This mirrored a lower trend in carrier stocks on bearish estimates of half-yearly earnings. Industrials also were off, as were junior utflities such as American & Foreign Power 5s and Postal Telegraph 5s. High-grade bonds held well. Washin};ton Stock 7E;change SALES. Washington Gas 6s '36—$200 at 1043, $100 at 104%. Washington Rwy. & Electric 4s '51— $1,000 at 92, $1.000 at 917, $2.000 at 917, $1,000 at 913, $1.000 at 913, Capitai Traction—10 at 36, 10 at 363, American Security & Trust Co.—10 a 315. Lanston Monotype—10 at 2815, Real Estate Mtge. pfd.—100 at 674, AFTER CALL. Peoples Drug Stores pfd.—50 at 10075, Real Estate Mtge. pfd.—100 at 615. Merchants’ Transfer & Storage pfd.— 10 at 94, 5 at 94. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked. & Tel 4128 3. 131 Washington Gas 5s... Wash. Gas s, series A Wash. Gas 8s. Wash. Rwy. & MISCELLANEOUS. Barber & Ross. Inc. 6las...... Chevy Chase Club 8ias... Golumpla Country Club 51 aper Mifg. 8s. R. 57800 Storags 3¢ ...s, PUBLIC UTILITY. Amer. Tel. & Tel. (9)... Capital Traction Co. (4 Wash._Gas Light Co. (1 N. & W. Steamboat (12 t Elec. Pow, 68 pfd dec. Powep s »id Wash. Rwy. & Elec. com. Wash. Rwy. & Elec. pfd. (8 NATIONAL BANK. Capital (14).. -Amer Liberty (78). Lincoln (12) Metropoll Second _(9e) Washinston (i3 TRUST COMPANY. Sec. & Tr. Co. (15).°318 Somtinental Trust (6). 2t Satl. Bav. & Tr- (131). Prince Georges BK. & T R et Waen. oan & Tr. SAVINGS BANK. Bank of Bethesda (6). vi 3 Somt" Wasnington (12) mac (10). .. Bec. Bav. & Com Seventh Street (1 United States (30) Wash. Mechanics PIRE INSURANCE. an American il Columbia (6h) Real Estate. (sh) MISCELLANEOUS. Ross, Inc., com B thedical Bide. Corp: S. & Gri T M. d, Emei mo-Selz. “A” {3 | Pea d. (8) rea.'f.:;.' '&',,':,&3." {1.201) %858 & notype ( & Inv. ‘Dld, b, BE5 20! *Ex dividend. bBooks close % 3 32 e fes o 35% extra. . CASH DIVIDEND TOTAL. NEW YORK, July 9 UP.—Cash divi- dends totaling $412,327,778 were paid by domestic corporations in June, Standard Statistics reports. This was extra. §1% extrs. “| a substantial advance over the May fig- ures of $229,608,425. Electric light and gas companies led the list for the third consecutive month, Wwith ats of more than $62,000,000. Pe SILVER QUOTATIONS: NEW YORK, July 9 (@ ver, 28%, a deciine of %. Market easy on India and China selling. " 11l Cent ref 48”66, JULY "9, 19 M UNITED STATES. i (Bales are 1n $1.000.) Low. Clese. 2o 10217 10217 102 17 7. 103 12 103 10 103 10 L4th43s 33-38 138 104 30 104 25 104 30 48 101 15 101 13 101 16 «s 1 10226 102 26 10226 1 10226 102 26 102 26 12 102 30 102 28 102 30 2 106 28 106 28 106 28 1 108 28 108 28 108 28 111322 11322 11822 Seles, High- Low. Close. AbItibI P& P 6’83, 12 54 Ab& St5%s’43. :I:tll.lly [ Alleg Corp 68 °50. .. Chalm 68 '37.. Am B&R 15t b Am Sug Ref 63°37.. Argentine 6s B '58.. Arm & Co 4%5°39.., Arm Del %3 Atchison gen ¢s '35 Belgium 6%s ‘49, Belgium 7a'65. . Belgium 78 Bell Tel Pa Bell Tel P'a 68 C '60. Berlin Cy EI 65 '55. Bordeaux 68 Bost & Me 4 Trunwan 67 Brazil 6% 26, w0 FLFYS-+-18 Bklyn £lev 6% Bklyn Man 6s ‘68 Budapest 6 62. .., Buenos A 6361 Py. Buft Gen El 4% 581 BR& Pitt 48 '57. Bush Ter con 5 55 Can Nat 4%s ‘54, Can Nat 434867, Can Nat 4%s 68, n Nat 4% '65, n Nat 54 July “6: Can Nat 55 Oct Can Nat 55°70. Can Nor 433 Can Nor 615 di Can Nor 7s Can Pac d Can Pac 4% Can Pac 68 ctfs Can Pac &8 Car Clin & O 65’52 Cent Pac Cent Pac b8 7. C&O4ts B 9. CB&Qgen s CB&Q4%s'7, CB&Q I1dv34s 49 Chi & Eas 111 58 '51. Chi Grt West 4369 Chi M&StP 4348 C. I nBochioan NN omaneSw~AuSend Chi & NW gn 4°87. Chi&Nwn 448 2037 - o » Chi R1&Pac 4%8'53 C TH&SE in 53 60.. Chi Un Sta 78 B ‘63 ChiUn §:a 6%8'63. C& W Ind cv 4853, Ci 7. CCCASLL ¢ %8 E.. CCC& St L 5s D ‘63 Clev Term 58 °73. .. Colomb 68 Jan 61. . Colombia ¢s ‘61 Oct Colon Oil 68°38..... Col G&E 58 May b3 Com Inves 53849, C Gas NY 4% 895wl ConGNYb% Con Pwr Jap Con Pow Japan 7. Copenhag 43s '63. Copenhag bs ‘62 Cuba 6%3°45 Cuba R R 68 ‘52 Cuba RRT£7 Cuba Nor %8 '42.., Del & Hud rf 4543, - —os & an aBa3n Det Ed G&R4 Det Edison rf 6 Det Unit 4%s 33 Deutsche Bk 65 32, Dodge Br cl 68 *40.. Duquesne 438 '67.. Dutch East 1 Nov.. Dutch East 1 65 '62. Geiman Bank 78’50 2 German 7s rep * INBTIistpI6sA.. 1 106% 106% 106% 6 o82% 824 82 Int Rap Tr sta Int Rap Tr 68’32 Iot Rap Tr 7s Int Cement b8 43 Int & Gr Nor 5s '56. Int & Gr Nor 851, Italy PubSv 7s Japanese 6% s LehV cv 4%8 2003, Lig & Myers 68 '51. 1 Lor/llard 6%s 37 Lorillard 7s°44. . Lyons 68 " McKes & R § Man 8 15t 7% Market St 78 Marseille 6834 Midvale Sti 58 '36. . Milan 6%s ‘62 RN RNE R Mo Pac ref 688! Mo Pac 6%scv Mont Tr 1st 65 "41.. Montevideo 78 ‘52.. Nat Dairy 5%s NY Con rf 43452013 NYCre im 58 2013, N Y Cent @b 6 C&StL ¢%s18. NYC&StLb%sA N Y Edison 68 B "44 NYEdlst6%s 4. NY NH&H 4%3°¢7. Norway Norway Orient dev 68 ‘5! Pac G & K 6 . Pac T&T 1st bs ‘37, Pan-Am Pet 65 '34. Pan Am Pet 6s 1940 Paramount 6s ‘47 Paris-Ly M Paris-Ly M Paris-Or 5% s Penn P&Lt 41458 Peoples’ Gas = Pere Mar ¢%s 80, . Pere M 1st 58 ‘6l Peru 63’60, P CC&StL 4%s°77. PCC&StLEsB Poland 6s'40. Poland 78 *47. Poland 8s '50. Por RTam 6s°43.. Pos Tel & C s '53.. Queenland 6s°47... Queenland 78 "¢1... Read gn 4%8 A 97 Reading ¢%s B 4 o wuo oo 2 "4 Rio Gr W 1st 45’39, RIAr& L ¢%s’3s. » ETICE T T IR T TS s o CENTY 1) Seine 78 °43. Serbs-Cr-S1 78 "63. Serbs-Cr-81 3., Shell Un Ofl 68 *47. Shell Un O11 & Sinclair O11 ¢ Sinc O T8 cv A ‘37 Sinc Cr O 6% 38 Sine P L b1 Skelly Oi1 6 T&' B2 une » TP N 8 Talwan EP 5% Tenn E1 P 63 Tex & Atk 5% rét ¢ Third Av1st6s'37. 1 "s0. 38 Un P 1st rf 58 2008. Unit Drug ov §8°68, 20 BONDS ARELOWER | === = BONDS e=sesivs] [COMNODTY PRCES DECLINED IN MAY Retail Food Costs Also Re- ported Lower by Com-’ merce Department. 4 By the Associated Press. Further declines in both wholesale commodity prices and retail food prices were reported by the Commerce De- partment in the July issue of its sur- vey of current business. “Prices of commodities at wholesale in May,” the survey said, “were only oy | 21 per cent above their pre-war level. hth.lnl.n 14| . Do . $1.80 Trenton Banking €0.34 109% 103% 99% 105% They declined 2.7 per cent between April and May, one of the largest de- clines since the beginning of the down- ward movement in 1929 and exceeded ;n‘l“ by the drop from June to July, ‘As_com) with July, 1929, the index in May, 1931, was 37.2 per cent . “As a result of » drop of 8.8 cent in live stock and in prices of cotton, wool, hay, and potatoes, farm products prices fell 4.3 per cent between April and May, 1931, and in the latter month averaged 6.3 per_cent beyow 1913. “Prices of grains in May remained at about their April levels. All classes of foods were lower in May than in April, 1931, and as a_consequence the combined index of all foods declined 3.6 per cent. Meats declined the most, 6.9 per cent. “Due to considerable price drops in three types of building materials, the group as a whole declined 3.1 per cent. Non-ferrous metals and miscellaneous products were 6.9 per cent and 1.7 per gnx l:uwer. respectively, in May than P! “Petroleum products declined 4 per cent, chemicals were 1.7 per cent lower, miixed fertilizers were nearly 1 per cent lower, while house furnishings goods were 1.8 per cent lower in May, 1981, than in the preceding month. “Rubber strengthened some- what and averaged 3 per cent higher in May than in April, 1931, Prices of semi-manufactured articles were 3.9 per cent lower in May than in April, while raw materials and finished prod- ucts were each 2.6 per cent lower. “Farm prices in the middle of May were 5.5 per cent lower than in April. The most drastic drop occurred in poultry products, 14.4 per cent. Dairy products declined 8.1 per cent between April and May, 1931, and cotton and cottonseed and meat animals were lower by 5.1 per cent and 6.6 per cent, respectively. “No change was registered in price of grains. Fruits and vegetables are the only farm products whose farm prices are now higher than before the war; other groups of farm products range from 1 to 38 per cent lower. “Retail prices of foods continued to decline in May, 1931, and on the 15th of the month were about 2.5 per cent lower than on the corresponding date of April. Of the 42 articles of food in which regular quotations are received, 35 declined, 3 advanced and 4 remained | unchangsd between April and May, 1931. Retail prices of foods in May, 1931, w!lr’!I about 21 per cent higher iR R S T MONEY MARKET. NEW YORK, July 9 (#.—Call money steady; 1'; per cent all da Time loans steady: two to four months, 1% to 113; five to six months, 13, to 2 per cent. 'Prime commercial paper. 13, to 2, Bankers' acceptances unchanged. - PAR.}S BOI;BSE rfifci:s. PARIS, July 9 (#).—Prices were easy on the Bourse today. Three per cent rentes, 88 francs 20 centimes: 5 per cent loan. 103 francs 95 centimes: ex- change on London, 124 francs 12 esn- times. The dollar was quoted at 28 franes 50 centimes. DIVIDENDS DECLARED | NEW YORK, July 9.— Changed. Pe. Pay- RateFiod. “ubre. ™etrdt S5 Q sep. 1 Juis 31 Redueed. SR o 2 ] Aup 1 2 wb Company. Braz Trac L & P. July 1 Oil Shares Inc pf.. 2%¢ July Coon (W B) Realty Shares Co. July .3 June 35 Inter Equities A.. Laclede Christy Clay wat. . 5 Nat Cash Credit Sc Whit'nton Mfg pt.31.75 Q Rerular. Ord Reg J Capital Managem't 25c Cent Iilin Sec pf..37!2¢c Cent West Pub Berv A.... Contines (e Coon (WB) Co pf.$1.75 Cumulat Tr Shrs..164sc ited Insur Shre 55 o r A Exch Buff lin (3 Inc July 15 I-'.nneo 1. . July 28 July 31 July 1 Union Old Lowel Nat Bank (Lowell) 31 Util Hyd & R Shrs.10¢ ) Wolve¥ine_Pet Corp. 54 Weolson Spice $0c 050::0 :p' & 00: @ O @ WpOOD; T ion 108 108 Utd King 6% 37 108% S Rub 1st 8 69% 65 69 Pow 5553 ww. | Utll Pow 5%s *47. Vanadium St1 55°41 Vi 52 we @ Do a8 aBmna % - S8 snanaanane Yxstn SPAT s Tag SUAT 58 B 10,