Evening Star Newspaper, July 9, 1931, Page 15

ean’ A1S CFINANCIAL, ¥~ g ( | AIRWAY CONTRACTS LET, WALL STREET AWAITS REPORTS N NARROW RANGE Leaders Fluctuate Uncer- t+ tainly, With Changes of Small Proportions. BY JOHN A. CRONE. Specis] Dispatch to The NEW YORK, July 9.—Dullness and narrow price movements marked deal- ings on the Curb Exchange today. Here and there in various parts of the list corporate or political news caused some swings in individual issues, but the market a whole was listless. . As ust Electric Bond & Share led in point of activity. It moved within a range of & point until. noon, when it inted higher. Cities Service barely mdxed. but continued moderately active. One of the inactive public utilities, Compania Hispano-Americana de Elec- tricidad 8. recorded the widest fluctuation as it broke 1213 points to & record low level of 55 on a sale of 50 shares. This move reflected unsettled Spanish political conditions. In 1930, the company reported today, earnings were $4.02 a share, against $3.91 in 1929. Proposal of Atlas Utilities to uire Jackson & Curtis Associates brought a rally into the former trust. Atlas since last October has u:%mred control of All-America General Co! tion, Exide Securities (now Allled Atlas Corpora- tion), Power & Light Securities Trust, Iroquois Share Corporation and the General Empire Corporation. It also took over the management of Federated Capital Corporation. United Pounders Corporation proposes to acquire Investment Tiust Associates, of which 89 per cent is owned at pres- ent. The latter's shargholders will re- celve $1264 a share in cash or its liquidating value as of June 30. United Founders rose fractionally on this news. Railway, Light & Securities was a weak spot in speclalized trusts. Irregularity of overseas markets to- day was mirrored in Transatlantic shares here. Brazillan Traction, de- apite its favorable dividend action, was down fractionally. Ford, Ltd. was lower. Woolworth, Ltd., common was relatively inactive, though virtually un- changed. Traders believe the cash divi- dend declared by Woolworth. Ltd., will be used in part to pay a substantial ex- tra dividend to the American company's shareholders in October. Reliance Bronze & Steel was down 3 points to a record low. Parker Rust Proof lost more than 2 points. Singer Manufacturing rose 4 points on a few aales. 8troock & Co. was up about 1!, points. Aluminum Co. of America ad- vanced 5 points. $21,000,000 GILLETTE HEARINGS ARE OPENED Stockholders Seek Funds From Safety Razor to Recover Directors. By the Associated Press BOSTON, July 9.—Hearings began today before a master on a bill in equity brought against the directors of the Gillette Safety Razor Co. by a group of minority stockholders. The stockholders seek to recover for the benefit of the company about $21.000.000 in alleged Josses, for which they claim the direc- tors 'are responsible. ‘The amount sought, $13.000,000, is for impalrment of capital of the corporation. C. & 0. GETS EXTENSION. ‘The Chesapeake & Ohig Raflway has been allowed a time extension to December 31, 1932, of the period allowed for the completion of 47 miles of new line now under construction in West, Virginia and Kentucky. The projects include a 19-mile ex- tension of the Cabin Creek branch from & point near Edwight to Surveyor in Raleigh County, W. Va.. and 28 miles to be bullt Sandy River to the Kentucky-Virginia State line in Pike County, Ky. Secretary Hurley announced today he would sall from Seattle, Wash., August 8, for the Philippine Islands. He will arrive in Manila August 31 and will spend 17 days in the island disc all phases of politics and ith Philippine leaders. uezon, president of the enate, probably will sall e Secretary. economics Manuel Philippine ‘with CHICAGO STOCK MARKET By the Associated Press. CHICAGO, July 9.—Following 1s the complete official list of transactions in :;%ck: on the Chicago Stock Exchange lay: Sales 3 555 Abvoss 1 gh. Low. Close. 37 9800 Bendix 2400 Borg-Warner. 3 100 Brown F & W0 A0 £0 Burnham Trad 5 250 Butler Br 50 Cent” Tl 20 Cent T o5 00 Chic 880 Cltiep Bervice . o' %) is 400 Cont. Chicaso' . 250 Foote G & M 50 Gen Thea Eq vi 530 Gt Lakes Aircraft 200 Grigshy-Grunow 300 Houdaille-Her A . 100 Houdaille B 13050 Insul!_Ut 50 Fireman 100 Nat Term 150 Noblitt Sparks 50 North Am L & 8450 Walereen Co ... 30 Waukesha Mot 1100 5013 3 200 Wayne ‘Pump pi- i 103 100 West P L & Tel A . 21 Stock sales today, 80.000 sharer. = BONDS. 26000 Insull Util s 1940 000 Edison 58 1953 0 85 g 108 102 8 10310 183 1034 from ‘a connection near | Millard &t the Levisa Fork of the Big| Note—All stocks are sold in one hundred- ting those designated by the tetter ?l:l’:%n:ommn‘:cu'mwmlnodfl Bales— & Add 00. Open. High. Low. Close. stock and Dividend Rate. Affiliat=d Prod 1.60.. Alleg Gas....... Aluminum Co of Am.7! 4 Alum Goods (1.20) Am Capital B.... AmCIt PAL. Bb10%. Am Com P A (b10%) 20 Am Com Fo 15t pfA.T 15; ~Prev. 1931~ High. Low. 22% 114 3% 14 4 90 1 19 4 5% Am Founders. . Am Gas & Elec (1).. Am Gas & El pf (6).. Am Invest. Inc (B).. Am Lt & Trac (2%). Am Superpcw (40c). Am Thread pf (25c). Am Utll&Gen (B)vte Am Yvette Co (25¢). Anglo Chil Nitrats ¥ Al AssoG & Elct (3). Assoc Ravon. . Atlas Utll Corp Auto Vot M cv pf pt.. 4 Bahia Corp..... Beneficial I Blickfor: Bigelow: dlue Ridge Corp. Blue Ridge cv f a3. Brazil Trac Lt&P (1) Bulova cv pf (3%) Canada Marcont. 4 Carib Syndicate Celanese 1st pf (7) Celanese Cp pf (7). Cent Hud G&E (80c) Cent Pub SvcA b10% Cent Stat E) (b10%). Cent States El war.. ain Store Devel. .. n Stores Stock 3 ChatPh Aln.v. (1) 4 Citles Service (g30¢c) Citles Serv pf (6). Cit 8v pf B (80c) Clev El Illum (1.60). Colon Of1. Col O11 & Gas vtc. Cmwlith & Sou war. Com Wat Ser g12%¢ Com His Am sh p3 ‘4 100 Consol Afrcraft Con Gas Balta (3.60). Consol Retall Stores. Cord Corp.... Cor & Rey pf Creole Petroleum Crocker Wheeler Curtiss Wright war. Cus! Mex Mining.... Dayton Alr & En, Deere & Co (1.20) De Forest Radlo. Dinkler Hotels (2).. Duquesne Gas Corp.. Durant Motors. .. East Util Assoc (2). Etsler Electric Cor Elec Bond&Sh (b6 " Elec B & Sh pf (6 Elec B & Shcu pf5.. # Elec Pow Asso A (1) Elec P & Lt op war.. Elec PAL 24 pf A T El Shareh pt (a6%) .. Emp Corporation. . Empire Pub Sve (A). Engineers Gold. . Europ Elec deb rts Europ E Ltd A (60c), Ford M Can A (1.20) Ford Mot Ltd 36 3-5¢ Foremost Fabrics. Féx Theater Cl A Gen Pub Sve pf (8) Gen Theat Eq cv pf Glen Alden Coal (4 Golden Center. Goldman Sach T C. Goth Knitback Mch.. Gt At&Pac Tea nv(8) Groe Stra Prod vte Hamilton Gas ret Happiness Candy Horn & Hard (214) Hudson Bay M& 8 .. Insull Inv (b6%).... Intercontinent Fetn. Int Petroleum (1). Int Utilities B.. Int Util pt pt (7) Interstate Equities. . Italian Superpow A . Kings C L cum pf D5 Kirby Petroleum Lazarus F & R Co Leh Coal & Nav 1.20. Leonard O Libby McNell & L... Lone Star Gas n $8c. Long Isiand Lt (60c) Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Syn 8 Uil Asso % Mavis Bottiing ( May Rad & Telev(1 Swmmmm S~unnean » ARV AR - G AR 010 i e 1 B » @ 2 2 =3 3 Brbom AR A —® ROl e AN SR~ pnE = o ) » ) 1% 508 127 5 13 share lots 2508), 4 (m( M'ville % 19% 19% 1% a2t 19% 1% 133 Parker Parke! Rossia 81, 1Ind Sis Ind Singer Tri Bividend Ra Mid W Utll A'war... Mid W.Utev pf xw 6. Minne Pwr&Lt pf(7) Mo-Kan' Pipe L (A).- Mountain Prod (1)..; Neptune Meter A (2) ew Eng Pow f (8) 50: New Eng T& T (8)..300s 4« New Mex & Ar Land. Newmont Mining. ... N Y Hamburg (23%).. N Y Tel pf (63). Niag-Hud Pow (40¢! Niag-Hud Pow A w.. Niag-Hud Pow B w.. % Nipissing. . Nitrate Corp Nordon Corp Ltd. Pennroad Corp (40e). Philip Morris Ine. ... Phoenix Becur Corp Pilot Rad Tube A. .. Pitney Bowes (b4 %) Plymouth O11 (1). Foterero Jugar. Premier Gold (126 Prod Roy Cp (h10%,) Prudential Invest... Pub Utll Hold war.. Pub Uti] Hold Cp xw Pub Ut Hold cu pf(3) Pure O11 pf (6). Pyrene Mfg (80¢ Rwy & Lt Secur (13). Relter-Foster...... Reliance Bronze&Stl Reltance Int Cor B.. Reliance Manaz. . Republic Gas Corp. . Reynolds Invest. ... St Regls Paper (60c) Salt Creek Pro(1.40). Schulte Un 5¢-31 St.. Segal L & H (a50e).. 8henandoah Cor S8hen Corp pf (: . Signature Hosiery.. Signature Hosiery pt Silica Gel c*fs South Penn O11 (1) South CEd pfB1% Spieg May Stern pf. Stand Motor Stand Oll of Ind (2) . Stand Ofl of Ky 1.60. Stand Oil, Ohio (234) 1508 Stand Oll. Ohlo (5).. 20a Strauss (Nathan) 4 Strook & Co (60c) Stutz Motor Car Syracuse W Mach B ‘Teck Hughes (80c) . Texon Oll&Land (1)« Thatcher Sec Corp. .. Tob Prod Exp (10c) T Ttilities. Tubize Cantill Received by Private Wire Direct to The Star Office Balee— Rate. ~ Add 00. Open. High. Sh.istpf (6). 26s 96 96 Co (8 91 2;% Low, 96 9% 27% 1 21% 96 9% 9% 27% 1 FTTS) 22 1% 1% % NS NN e s 1 4 Nor St Pow pf (8) Ohto Copper. . Ohto O1l n cu pf (6 PacG&E1stof1%. Pac Western Ol Paramount Cab 5. PenCo...... RustPr (3).. = 3 © S BT DD A DR T o s (O YOV PRSRTN P » Intl Cp (10¢). full pd (634 ). prior (53%). ) 3 Mfg (115). B AP NE =S 1 lon (B) Un Nat GasCan (1).. Unit Corp war Unit Founders. Unit Gas Corp. Unit Gas wi Unit Lt &P Unit Lt& Pwr of ( Unit Profit Sharing U 8 Elec Power ww.. U S Foll (B) (50¢)... Unit Verde Exten (1) Util PALt(a11.023%). Util & Ind. Utility uum Oll (2) Eauities. Venezuela Petrolm. . Vie Finan Corp(40c) Walker Mining. Wayne ‘Woolworth Ltd pf. *“Y" Oil & G 1n_do x dividend. 4 2% 15% Plus 8% in in stock. Pump. 118 B 1% s based on last quarteriy or semi-an- 1Partly extra. 1Pius 4% in stock. b Ps in’ stock. e Adjustment ¢ Plus 6% in stock. hPlus 1% in k Plus 10% in stoek. m Plus 3% in D Paid last year—no ref stock. lar rate. Brokers’ Comment | | NEW YORK, July 9.—Many broker- ‘age houses today expressed the opinion that the immediate stock market trend { would be lower, although a severe break , was not anticipated. Comments follow: | Jackson Bros., Boesel & Co.—" While the effects of the moratorium are still | more or less uncertain and while the ' | stock market is still facing a succession {of poor second quarter reports, we do | not look for anything in the near fuiure approaching the sharp advance whick took place in June. It is more logical to expect quisting down of trading | activities at attractive for long-term accumulation. Hornblower & Weeks—There are as et no jndications that the current re- | ction has run its full course. Al-| though the market yesterday gave a ! better account of ilself than the day ! previous in so far as there was better | support indicated, nevertheless, when pressure subsided the market showed | | Lime belng is Lamborn, Hutchings & Co.—A tech- nical rally is loozed for Thursday or | Friday. Whether or not it will be depends cntirely on the rnews accom- panying it. If it is simply <lightly oversold condit.on 1 from the he sales of Tuesday and Wednesday, it probably not b: more than 2 to 5 poini the active stccks and will probably not h ‘We would use strength to lighten trading holdings. Cassatt & Co.— It will be unfortunate if inaccurate and garbled rumors re- garding foreign conditions are to readily accepted and followed to influence the ' stock market unduly i Smith, Graham & Rockwell—In the | absence of definitely adverse news we may run into some trading swings around the current level when stocks become oversold, which should furnish trading opportunities on both sides of the market. Redmond & Co.—Recent deveigp- ments in Germany indicate quite clear- ly that the credit situation in. that country, which inspired President Hoover's war debt moratorium plan, was much more serious than most le imagined. Strenuous efforts are being made to stabilize conditions by the Ge: man government, and it seems incon- ceivable that they should fail, but nevertheless, it is obvious that consid- erable damage was done by the pro- | longed Franco-Amorican negoliations, we feel that it is still too early to | i i Consequently, ve continue to urge ex- _treme caution in the making of new commitments at this, time as the nefl-l ousness hy latest developments- state that the crisis is definitely over. |s Germany has left the market In a rather vulnerable position. Shields & Co.—At the moment, pro- fessional Bear traders appear to exert maost power in the market. It will take definite Bullish news to frustrate their = activity and to again give attraction to the buying side. Winthrop, Mitchell & Co.—Looking at it from purely trading standpoint, it would appear that normal trend might be somewhat lower, subject, however, to rallies. The market still has con- siderable unfavorable news to absorb— but at any moment this news could be offsct by unexpected announcements of constructive nature. Regarding it from long range standpoint, it is now ap- parent that many stocks, regardless of immediate price trend for the leaders worst that might be e: are advancing. NEW LEFT-TURN PRAISED BY DIRECTOR VAN DUZER Trafic Chief Tells Rotary Club Cleveland Also May Change From Old System. The new left-hand turn, to go into effect here September 15, was praised esterday by the new director of pub- xpected and slowly {lic vehicles and traffig, William A, Van ing | Duzer, at the luncheon meeting of the | Rotary Glub at the Willard Hotel, Only one other city, Cleveland, he explained, now has the old rotary turn as practiced in Washington at the pres- ent time, and Cleveland, he predicted, would change over to the new turn next year. Mr. Van Duzer praised certain fea- tures of the old rotary turn, but stated that these were wutweighed by the ad- | vantages of uniformity. POTATO MARKET. CHICAGO, July 9 (#) (United States Department of Agriculture).——Potatoes, receipts, 44 carloads; on track, 91 car- loads; total United States shipments, 1313 carloads; demand, good, market stronger; sacked, per hundredweight, Arkansas Bliss Triumphs, few sales, g.?gg Oklahoma showing decay, 1.90a 1.90a2.00; barrels, 3.003.15. CHICAGO DAIRY MARKET. CHICAGO, July 9 (#).—Butter, 13,434; easy; creamery specials, 93 score, 23153n24; “exiras, 92 score, 28; exira firgts, 90-91 score, 22a22';; firsts, 88-89 car lots, 23%. Eggs, 10,013, steady to firm; extras firsts, 13; fresh firsts, 16%,; owrrent receipts, 14a! East Shore VIrginIA cobblers, | 2a211;; seconds, 86-87 score, | standards, 90 score centralized | | | ~Business Notes By the Associated Press. | NEW YORK, July 9.—Retall sales thus far this month are divided into { two sharply contrasting periods, execu- tives in New York commented. Turn- | over for the three days prior to July 4 was notably good, running ahead of the same period last year. Thus far this | week, however, poor weather conditions have affected the volume of trade, al- | though no marked decline from a |vear ago bas developed. From this | month “on, i was pointed out. dollar | volume comparison with a year ago will levels which’ should be |as & whole, have fully discounted the |hecome more favorable in retail price | declines steadily gained momentum in | the latter half of last year. Fall stocks of imported oriental rugs arrived in the New York market this week and will be displayed to buyers at the domestic floor coverings opening August 3. The merchandise being put into stock at this time, importers said, | is intended for sale in the medium and better price ranges. Limited profits available in cheaper goods and the in- tense competition offered by domestic orientals have resulted in the curtail- |ment of stocks of cheap forelgn | products. Development of uniform markings | for valves and valve fittings will be ! sought by as committee appointed by | the National Association of Purchasi | Agents. Difficulties and sometime Seri- | ous accidents, it is claimed, result from | the lack of uniform markings, or ene tire absence of markings, on valves and fittings. In the oil fields, particularly, it was sald, the lack of uniformity in markings is a serious problem. Fourteen colors for Fall and Winter have been adopted by the Color Con- {'leunoe Oom’zu' '1“ the E::zorlr; %% inery Association +in co-ope! the Color Car Association. Browns are well to the fore. WEST POINT CUT-OFF Steam Shovel Tears Out Telephone Cable to Academy. WEST POINT, N. Y. July 9 (®.— The United States Military Academy here was rendered incommunicado yes- t-rday—captured as it were—by €steam shovel. 1 ing telephone service was T {h: lh’A’)Vel cut through a cut off \‘;‘h’:n msla cable, - Enlisted men of the Signal Corps, stationed at West Peint to assist in in- wicting cadets, and linemen from the ~lephone company hoped to re-estab: lish’ communication soon. i treight serve Rail ices in are ¢ 8. 3 CHAIN STORES | Distinct Upturn Reported by Big Corporations in June Sales. 1 | Special Dispatch to The Star. NEW YORK, July 9.—Early reports %! of sales of chain store companies for June, as compiled by Merrili, Lynch & Co., show a Stinct upward trend in the sales of the 5-and-10 cent stores. The results of eight 5-and-10 cent stors com- panies for June were reported at $47,- 823,624, as compared with $45.447,988 in June, 1930, an increase of 5.22 per cent while sales for the first six months of the current year for these 5-and-10 cent store companies were $272,919,539, com: pared with $271,581,621 in the corre- sponding period of 1930, an increase of 0.49 cent. mmu for June, 1931, as reported by including total 36 chain store companies, three mail order concerns, sales of $186,109,544, against $190,083,- 782, in June, 1930, a dccrease of 2.09 per cent. The three mail order con- cerns alone show sales for June of $52,- 415,360, against $58,606,781, a decrease of 10.70 per cent. Excluding the mail order concerns, 33 chain store com- panies show sales for June of $133,694,- 184, against $131,387,001, an increase of 1.75 per cent. ‘Thirty-six chain store companies in- cluding three mail order concerns show total sales for the first six months of 1931 of $1,063,604,219, against $1,111,- 984,917 in the corresponding period of 1930, a decrease of 4.35 per cent. The three mail order compani-s alone show sales for the first six months of 1931 of $284,376,737, against $320,741.561 in the first six months of 1930, a decrease of 11.33 per cent. Excluding the mail or- der concerns, 33 companies show sales for the six months of 1931 of $779.227,- 482, against sales of $791,243,356 in the same period of 1930, a decrease of 1.51 per cent. | Grain Market By the Associated Press. CHICAGO, July ' ‘Wheat today. July deliver: Chlcnfl‘.lwyp!:d- senting the 1931 crop now being har- vested, fell to below 54 cents a bushel for the first time since 1896. The new break in prices provoked comparisons with records that wheat sold as low as 544 cents at Winchester, England, in 1652. and that in 1601-02 King's College received the rent for its farms in wheat credited at a price equal to 5234 cents. Reports were current that the United States Farm Board was considering sales of Government financed wheat to Germany. Wheat closed unsteady, i,-11; cents lower; corn varying from 31y decline to ', advance: oats, Yg-l5 off, and provisions unchanged to 10 cents down. July o September December CORN.-— Julv 2 ptember December OATS— July o Beptember December 3 July Beptember December Ne\'v York Cotton Special Dispatch to The Star. NEW YORK., July 9.—With rain over the greater part of Oklahoma and about half of Texas, a further decline in cot- ton occurred today. Under heavy sell- | ing by the house operating for the Farm | Board, prices broke 30 points, or $4 a bale in two days,_and ended 22 to 26 points lower than on Wednesday. Despite denial that co-operative as- sociations were releasing contracts, the { market was depressed throughout and Octcber sold at 940. Spots were re- duced 20 points to 9.35. Cotton range: v Markets at a Glance NEW YORK, July 9 (#).—Stocks ir- regular; rails lead rally. Bonds heav German issues sag. Curb irregula changes slight. Foreign exchanges i regular; sterling and reichsmark gain. Cotton easy; rains Texas and Okla- homa. Sugar higher; trade buying. | Coffee steady: European buying. CHICAGO, July 9 (P .—Wheat easv: ' increased Southwest receipts. Corn ir-| regular; lower cash markets. Cattle firm. Hogs steady. CHICAGO LIVE STOCK MARKET | CHICAGO, July 9 (#) (United States Department of Agriculture) —Hogs— Receipts, 17,000 head, including 3,000 direct; market moderately active, 10a15 higher: bulk 170-220 pounds, 7.45a7.60; top, 17.60; 230-350 pounds, 6.90a7.4 140-160 pounds, 7.15a7.40; pigs, 6.2527.00; packing sows, a5.40; smooth light- weights, to 5. light light, good and choice, 140-160 pounds, 7.00a7.40; light weight, 160-200 pounds, 7.25a7.60 ; medium weight, 200-250 pounds, 7.15a7.60; heavy weight, 250-350 pounds. 5.90a 7.40; packing sows, medium and good, 275-500 unds, 4.65a5.75; slaughter Digs, good and choice, 100130 pounds, 6.25a7.00. Cattle—Receipts, 6,000 head; calves, 1,500; yearlings and light steers strong to 25 higher; butcher heifers and other grades light weight she stock sharing advance; best yearling stecrs, 8.65; year- ling heifers, 8.50; very dull trade on weighty steers; weak to 25 lower; bulls steady and vealrs 50a75 higher. Slaughter cattle and vealers—Steers, good and choice, 600-900 pounds, 7.75a 8.75; 900-1,100 pounds, 7.5088.75; 1,100~ 1,300 pounds, 7.00a8.50; 1,300-1,500 pounds, 6.50a8.00; common and medium, 600-1,300 pounds, 5.25a7.00; heifers, goqd and cholce, 550-850 pounds, 7.00a 8.50; common and medium, 4.00a7.00; { | cows, good and choice, 4.5085.75; co mon and medium, 3.50a4.50; low cutter and cuttef, 2.00a3.50; bulls (yearlings excluded), good and choice (beef), 4.2 24.75; cutter to medium, 3.75a4.75; ve ers (milk fed), good and choice, 8.50a 9.50; medium, 6.50a8.50; cull and com- mon, 4.0026.00. Stocker and fzeder cat- tle—Steers, good and choice, 500a1,050 pounds, 5.50a7.00; common and medium, 4.00a5.50. Sheep—15,000 head; slow: generally 25 and more lower; native ewe and wether lambs, 7.00a7.35 to packers, few ge',csk.u 1,50-7.50"% o,;xalde;:; tlmlll l}:u. .75; rangers bid, 7.50; best year) held above 5.75. Lamb: 90 puum‘\: down, good and choice, 7.00a7.85; me- dium, 5.25a7.00; all weights, common, 4.00a5.25; ewes, 90-150 pounds, medium to choice, 1.50a3.25; all weights, cull and common, 1.00a1.75; feeding lambs, :05-4;‘5 pounds, good and choice, ‘4.75a Fish Supply Imcreased. By the Associated Press. Chile has been making rapid strides in_increasing its fish supply. Henry O'Malley, commissioner of the Commerce Department’s Fisheries Bu- eau, sald more than 16,000,000 Pacific salmon and trout had been planted in Chilean waters from 1905 to 1930. More than 1,900,000 trout were plant- fioz‘ut year, icompared with 198,000 in OF SECOND QUARTER =/ SHOWNEW TRENDIe... l}USINESS t Bank Statement Consideredeairly Good, Despite Recent Cuts in Interest Ratea—Charge-OEs Large. BY CARLTON A. Special Dispatch to The Star. NEW YORK, July 9.—After its world debt settlement spree the security mar- ket is giving sober attention to the state of business as revealed by cor- poration reports. Earning statements for the second quarter and first six months are this Summer slower than usual in making their appearance. The rallroads will not, of course, turn in their June statements until about the ml.gdle b‘l’lt tl’:filt;nonlh. hal industrial and public ul corporations are be- ginning to publish. First reports to come were those for national and State banks, in response to the usual midyear calls for condition. It happens that the previous calls were made as of March 25, 5o that the cur- rent reports cover virtually the second three months of the year. The prin- cipal New York banks made a varled but, on the whole, an indifferent show- ing. Between the end of March and the end of June deposits rose approxi- mately $700,000,000, an amount which is no more than seasonal. Reserves From Surplus. ‘The practice of setting aside liberal reserves from surplus or undivided gr.oflu, initiated by the National City nk last September with a $20,000,000 write-off, was generally followed in the June 30 re, It now appears that New York banks have had to write off an aggregate of around $150,000,000 in the past nine montl. Chase National, the world’s largest bank, reported a | drop of $34,427,000 in undivided profits between March 25 and June 30, the rec- ord for any of she banks. Part of this decline was due to deduction of $7,400,- | 000 dividend, the bank paying the en- | tire amount, since Chase Securities Cor- poration (the Investment affliate) failed to contribute its usual one-fourth share of the bank’s dividend. In the past six months few of the banks covered their dividends paid by & wide margin. Many fell slightly un- der dividend requirements. However, few dividend changes have taken place, SHIVELY. although reductions have become rath- er common in othe f the country. Earnings of many of the banks, aside from special reductions in surplus or undivided profits, were fairly good, in view of low interest rate on Wall Street loans and shrink- Customers’ loan rates for the large banks are now well under 4 per cent. Striking - charge-offs, in addition to that of the Chase National Bank. in- cluded $10,000.000 for the Irving Trust Co., $5.000,000 for Central Hanover Bank & Trust Co. and $3,750,000 for the Bank of Manhattan Trust Co. In the case of Irving Trust, half the write-off went to reduce the value of the bank's new skyscraper h&‘e:t office building at No. 1 Wall street. The Bankers' Trust Co. statement revealed an interesting writing up of real estate account by more than $7,000,000. This reflected absorption of realty holdings formerly held in the name of a subsidiary, since dissolved. In general, of course, the heavy write- downs were largely due to depreciation in_investments held by bank security afliates. Other Earnings. Unusually good earnings for the six months were shown by National City Bank, which, with its afliated institu- tions, is estimated to have earned $2.25 a share, compared with $2 a share in dividends id. Manufacturers’ Trust Co. earned its dividend by an_un- usually wide margin. Chemical Bank & Trust turned in earnings of $1.30 a share, or only 1 cent a share less than the showing made in the first half of 1930. Chemical's dividend rate is $1.80 ($10 par value stock) a year. The largest individual increases in deposits since March were those re- ported by the Guaranty Trust Co., with $129,000,000, and by the National City Bank, with gain of $121,000,000. Chase National's deposits were up only nominally. (Copyrisht. OUTLOOK VIEWED FOR COMING MONTHS Eight Industries Selected as Hold- | ing Best Chances of Steady Improvement. Special Dispatch to The Star. | NEW YORK, July 9.—In an analysis of the outlook for major industries er- ing the last half of 1931, the Standard Statistics Co. lists the rolloylnl as being most favorably situated: | Beverages—Barring the occurrence of | unexpectedly cool weather this Sum- mer, " sales and earnings in general | sl’g\ggld compare favorably with those of | 1 Chain_stores—More favorable income | compariscns with 1930 should be wit- | nessed during the remainder of the | year. and in a few instances last year's | Tesults will be exceeded. ~ Cigarettes—We expect a second half | sales record comparing well with that of 1930. Considering advantages secured from the recently instituted wholesale price increase, 1931 trade income should rise about 10 per cent over the 1930 evel. Dairy _products—Producers’ profits will be moderately reduced from the record 1930 levels, because of narrowed marging and restricted demand in some nes. indeterminate, being dependent largely upon the type of Summer weather ex- perienced. Packi leading brands is well sustained, and | should nearly equal those of last year. | Refrigeration—Unit sales this vear | likely will be moderately larger than in previous \year, a corresponding growth of profits. Utilities (electric and gas) —Evidence at hand indicates that a definite re- | sumption of the upward trend of rev- | enues will be established during the | coming half year. Earnings for the full | year should compare favorably with | the 1930 record. | Utilities _ (telephone) —Stability _of | earnings is in prospect for the Summer months, and present indications strongly suggest an upturn ,in revenues and profits during the latter part of the year. WHOLESALE PRICES. By the Associated Press. Wholesale commodity prices increased slightly last week as their change was | calculated by the Commerce Depart- ment. In the totals that follow the in- dex of selling prices is given for com- parable periods based on representing the 1926 average of 100. In addition, the selling price for a ton of composite steel products is given for like periods. Al Com- Taodities Steel 706 $31.11 70.3 30.99 85.6 33.34 Week ended July 4 Previous week Same week last year . DIVIDENDS DECLARED. BOSTON, July § (Special) —Massa- | chusetts Investors' Trust has declared a quarterly cash dividend of 34 cents per share, and a share distribution of 1/100 | share on each share of Beneficial Inter- est has been voted, both to be distribut- | ed July 20, 1931, to shareholders of | record at the close of business July 8. SHIRT SALES DECREASE. NEW YORK, July 9 (Special).— National Shirt Shops, Inc., for June, 1931, reports gross sales of $339,237 against $360,905 for June, 1930, a de- crease of 6 per cent. Total sales for the six months ended June 30 amounted |15 Tce cream earnings are as yet | &pples, June. 1.00: box stock, 2.50a2.7: e foods—Consumption of the | Washington Produc Butter—One-pound prints, 28 27%. Eggs—Hennry, ceipts, 14al16. Poultry, alive—Spring brollers, 3 pounds and over, 33a34; 2 to 2!3 pounds, 30a32; small, 17, to 2 pounds, 27a28 Leghorns, large, 28a29; medium, 23a24; hens, lar 21a2: 11, 17a18; Leg- horns, 25a26: small, 17a18; roosters, 13a14. Dressed—Spring broilers, 3 pounds and over, 37a38; 2 to 2'; pounds, 34a35; 1'3 to 2 pounds, 32a33; Leghorns, large, 28a29; smi 25a26; hens, large, ! 24a25; small, 20a21; Leghorns, 17a18; roosters, 15a16; Long Island ducks, 22a23. Meats—Beef, top, 14a15. medium, 1215a13; cow, 11: veal, 16; Spring lamb, 16al7; pork loins, fresn killed, 19a20; frozen, 17a18; fresh hams, 177 shoulders, 13; smoked ham: 1815; smoked shouiders, 12; strip bacon, 21; Jard, in bulk, 10; in packages, 11. Live stock—Hogs, heavy, 6.50a7.50; light and medium, 7.50a7.75; pigs, 7.00a 7.75; roughs, 3.00a5.00; calves, 4.00a 7.00; Spring lambs, 4.00a7.00. Fruits—Watermelons, 35a90; loupes, honeyballs, 2; tub, 17a19; current re- canta- oranges, California, 3. £ lemons, 7.00a7.50: limes, per 100, 1.50s 2.00; peaches, bushel 2.50; grapefruit, peaches, 1.50a2.50; pears, 3.00a3.5 cherries, fancy, 15-pound box, 1.50a 2.50; homegrown, per crate, 3.0024.00; | plums, 1.75a225; grapes, Thomp- son seedless, 2.25a2.50: pineapples, 3.00a 350; blackberries, 4.00a4.50: huckle- berries. 200 raspberries, black, 3.00a 4.50; rhubarb, per 100 bunches, 2.50a, 3.00; currants, 5.0026.00, gooseberries, 4.00: mangoes. 4.00. Vegetables—Potatoes, per barrel, 2.25a | 250 sweets, per bushel, 1.75: white | yams, 225; string beans, 100; limas, | 2.00; corn. 1.25a1.50; tomatoes, home- | grown, two-peck baskets, 2.00; turnips, | 75: squash, 50; peppers, North Carolina, 1.50; Florida, 1.50a2.00; lettuce, Iceberg, | 4.50a5.00; cabbage, 25; onions, Texas, 1.25; Spring onions, per 100 bunches, | 2.00a2.50; beets, per 100 bunches, 2.00; eggplant, 4.00a5.00; okra, per can, 65a75. U. S. TRADE BALANCE By the Associated Press. | American exports during May were | $23,827,309 in excess of imports, the | Commerce Department announced to- | day in making public foreign trade fig- ures by countries and grand divisions. ‘WHOLESALE PBI(;E iiVDEX. By the Associated Press. The wholesale price index. as tabu- lated by the National Fertilizer Asso- ciation, has remained steady for the last month, the longest period it has done so in 10 months. During the week ending July 4 it de- clined only one-tenth of a point, while :n !t}k‘: preceding week it advanced two- enths. Company Official Dies. NEW YORK, July 9 (#.—John L. Agnew, vice president of the Interna- tional 'Nickel Co. died last night at his home at Copper CIliff, Ontario, an announcement at the company’s offices | here today said. He was about 45 years old. Death was due to.a heart attack brought on by influenza. TU. . TREASURY BALANCE. ‘The United States Treasury halance announced today as of close of business to $1,781,955 against $2,014,606 for the corresponding period last year, a de- crease of 11.55 per cent. 50 Industrials, .110.1 .109.2 113.7 . 822 sesses 93] . 932 95.5 90.4 Low, 1929.. tures, $14,279,828.50. STOCK AND BOND AVERAGES By the Associated Press. THURSDAY, JULY 9. STOCKS. July 7 -was $420,372,545.23. Customs receipts for the month to date were $5,842,130.36. Total ordinary expendi- 20 Utilities, 167.7 165.8 20 Rails. 76.8 6.3 l (Copyright, 1931, Standard Statistics Oa,) Contracts for 589,135 worth of supe | Plies, equipment and labor on the Fed- eral airways systems, including the ‘Wilmington-New' York section of the & Atlanta-New York airway passing® it through the National Capital, were an< nounced today by the Mronumu'{d Branch, Department of Commerce. Work on the section of the airway from Wilmington, Del., to New York is to cost $4,799 and the contract was warded to Hastings & Sanders Con-soen struction Co., Ware, Mass. 5V . All the other airways covered by the contracts are in the far West except one from New Orleans to Atlanta, Ga,” > 1 ee Bales in thousands 11 Al ama Bow 3 Alabama Pow 12 Aluminum Co_8s 3 As C 2382 2338 gaeazy 2Sea i 22 S2opeuSne3eEtes v 238 2272238883318 2323, 5 Con s Gom 84 ont - § S0 e 10230 108% 23 10235 102%gv -~ c A 030 Empire Dist I 85 52 9 Fairbanks Mor 55 '43 12 Federal Wat 5138 8 13 Flonida P’ £ 4 ow’ 8% Gatin & B a6 en Wk 65 B 4 19 Georg Power 55 8710915 194 Cllele’ 8 Rar 33 140 681 rand Trunk 6'ys '36 1081 3Gulr oIl Pa se 100 logrs 7Gult g f 2] gl 1 85, A 381001 'w & Lt 88 A ° 1} Pw & Lt 8 C A r 1 Iowa-Neb 121owa Pw Pt 0 Narragansett S '37 Electric 51 '8 P&LesA 2233 Sy Cx L Bsdsagetunghay 32 838332338 ‘g8 gusgsgSss L 28338885223 %088 gy g f dd84 gag>08e8 3 4ia tomac Ed 5s S No IIi 4125 3333528583 awad i u-_.._.,-..“ aaaananon EhcEEEE S BECRY 2 i 22 800us *afs g g0n 4 3498332 2 3 13002 e gg2<<cacac o dannnZE s Por 2 Wes Tex Ut 5s A '57. 86's 4 Wiscon P&L 3s E '36. 102% FORFIGN BONDS. 1Asr Mtg Bank 7s ‘47, 7% 2Baden Con Mn 7s '3i 78 1Buen Air Proy 7s 1Buen Air Pr 7' 4 Cauca Vallew 7 31 Chile Mtg Bk ' 6 9 Com Pr BK 535 2Danish cons 83 1 8tinnes 7 s Terni Soc 8'as A 53 13 Tietz (L) T'as ‘46 xw wW—With warrant xw—Without warrahts. n—New. wi—When issued. e 84 BALTIMORE STOCKS. Bpecial Dispatch to The Star. July 9.— Pidelity st sual sterdam & Powe 60 Marylan 240 New_Am: 10 Pa Water