Evening Star Newspaper, July 10, 1931, Page 14

A—14 #x» FINA LOAN T0 PROTECT GERMANY'S CREDIT International Bankers May| Extend Credit to Aid Cur- rency Situation. Special Dispatch to The Star. NEW YORK, July 10.——American and ssing a private | amcunt_from $200:000,000 to $400.000,- 000. The International Accepjance Bonk, of which Paul Warburg i3 the head, is belicved to be the logical lead- ed in this mo The credit will b> usei to protect German currency. This gesture of confidence in Germany by International bankers may do much to bring back the $2.500,000,000 short- erm credits which took flight during the period of apprehension befcre Pres- ident Hoover went to Germany's rescue. Situation Summarized. The following cable in regard to the an situation was reccived by Lud- wig Bendix, investment banker, of Ne City frcm a first-hand source in in 1+ continuous _calling of foreign i or rather the failure to renew s| erm commitments, has resulted in unfounded rumors about cifficulties in the German banking world. Today have becn initiated which should n end to further withdrawals from and bring about a general res- he effects of these measures will b2 apparent in the next few days. There solutely no reason to fear that any cne of the large German banks is in| Mortgage Loan Interest. Home builders in Westchester County, | can now borrow money at the st rate in many y neial in: the Lawyers ‘White Plains, announces a reduction in its terest rate from 6 to 5': per cent on mortgage loans for Westehester prop- o the 5 com| , said the reduction was rranted the cheap money market. Other mortgage companies in West- chester have refused to follow this lead. Westchester is one of the few sections around New York City where real es- tate was undamaged by the slump. As a matter of fact, property there has in- crezsed in value during the slump and there is an actual shortage of resi- dences New York Realty Situation. The real estate situation in New York City rroper is anything but Apartment h are so far overbuilt that owners pretty generally zre offer- ing tenants three months' free rent. Some of the advertisements read “take possession now and rent starts in Octo- is also true of office buildings. Some of the new skyscrapers in the Wall street district are less than one- ird rented. Scme of the newer ones e no at all. During the bocm man large banks let con- tracts for grand new buildings which just now completed, nf Wall street has been old ling remaining on Wail street frem Broadway to Water street is the tional Benk Building on the f Broadway and Wall street reets new skyscrapers ve been erected, and if all the new | iildings were to be filled up the finan- cial district would need new subways at once. Banks and mortgage comparies holding mortgagzs on a lot of tres ap2riment and office buildings are not feeling very happy about the situation. rs. One of the | niugns in White McRgage Co. of Richard M. Hurd, president of | rosy. | NEW Stock and Sales— Dividend Rate. Sparks Withing (1).. Splegel-May-Stern.. 2 Stand Brands (1.20). 37 Stand Brands pf (7). 1 Stand G & E (3%) 18 Stand G & E pf (4). 2 Stand G & Bl pf (1).. 1 Stand Ofl Cal (n23%) 26 Stand Ofl N J ($2)... 12" Stand O1l N Y (1.60). "4 Stewart Warner. 6 Stone & Webster Studebaker (1.20) Sun Oil pf (6). Supertor Ofl. Sunerior Steel .-Prev. 1931~ High. Low. 13% 6 17% 5% 204 147 118 551 56 101 311 305 3 &8 Texas Corp (2)..... 49 Texas G Sulphur (3) Texas Pac Land Tr.. Thatcher Mfg (1.60). ‘Thatcher pf (3.60).. The Fair (2.40)..... Third Avenue. ... Thompson (J R) (1 Tide Water Asso Oil. Tide Wat Oil pt (5) Timken Roller (3). Tobacco Products Tobacco Prod A t95¢ Transamerica (40¢). Tri-Cont Corp....... Tri-Cont Corp pf (6) ico Products(2% 30 Und-ll-Fisher (5) 431 Unjon Carb & C 2.60. Un Oil of Cal (2). Un Pacific (10). 3 Un Pacific pf (4). 'n TankCar (1.60). Unit Atreraft....... Unit Aircraft pf (3 Unit Carbon. . Unit Cigar Stores... Unit Cory (75¢) Unit Corp pf (3). Unit Fruit (4) 1 UnipG & Im (1. Unit Piece D W (2) US & For Secur. . (Continued From Page 13.) Add 00. High. Low. Close. Close. 8% 8 18 123 YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev. 1931~ High. Lov. T 24% 10% 3% 5% 17 85% €9% 3Th 20 204 17% 36% 134 204 104 360a~ 17 152% 834 150 1365 9% 3% 35 19% . vadasco Prev. 8% 8 17% 123 64 60 104% 64 84 8 18 123 654 60 104 3T 38% 17% 1% 3% 1815 101% % % 234 3514 11 1% 35k, 19 15% 8% 8 18 124 63% 5974 104 36% 37N U 8 Pipe Real! U S Steel 21 90 3 an 14% 17% 51 92 10215 10315 17% 9 9614 20 54% 15% 3% Waldort Ward Ba Wess Ofl West Pa West Pa West Pa Western Western Western Westing Westing 10:30 A.M. .. 1:30 P.M. payments based on the tPartly extra | 1ast v or stocks in I no regular rate. n Plus JONE DNDENDS EACHHUGE SN More Than 400 Million Paid by Domestic Concerns. Gain Over May. | Special Dispatch to The Star. NEW YORK, July 10.—Cash divi- dends were paid by domestic corpora- tions in June to a total of $412,327,778, according to the Standard Statistics Co. This is a substantial advance over the May figures of $220.608.425. Electric light and gas companies '~ the list for the third consecutive month, with pay- ments of more than $62,000,000. Pe- troleum companies were next with a tot:] of more than $60.000,000. De- tailed figurss for the various major in- dustries follow: Advertising, printing and publish- 3 Asricultural impi Apparel Automobiies Automobile parts.. Automobile tires Banis ements 2 1504 38.110.269 3.895.301 165238 a2 843 real estate 2 it | Chemicals . : 15.246.509 Coal s 2,082 { Conper % i | Cotton £oods Electrical equ Fertilizer Food prodic : Honsehold ' prodiicts Ins | Tnvestme | “financ Lead a usts. holding and Hauling at Night. The intcfesting feature about the new construction 1 Wall street is that all the hauling of girders and materials bas to be done at night. The hurrying sands in the financial _district see the material delivered for the ants that tower to the sky. It i be next to impossible to bring cavy girders through the crooked, cets during traffic hours. builders maneuver the huge fron bearas around the narrow alleys is something of a mystery, A great deal of the blasting for foundations also has 10 be at night. In consequence, Wall street’s population hardly realizes the changes that go on around it. One of sunlight on the sidewalk not seen the sun in 50 years s up to find an old building It seems only a few weeks before the observer looks up to see a mighty tower in the same spot Real Estate Pool. A pool is said to have been formed by one prominent real estate mortgage man, head of a large mortgage com- nd his associates, to buy New City rez] estate at 25 cents on the dollar over a period of five years. The pm‘!fils reported to have $50,000,000 to spend. These men do not intend to climb for properties but propose to stand there and catch them as they fall into their laps through forced sales. Some prop- erties in and around New York City have sold for less than their assessed luztion. If things turn out as the ool expects these men stand to make le of money The decline in real e values is expected to bring a g plea from property owners for assessments. Tire Prices. Sears. Roebuck & Co. have started a price war in tires by reducing the price of its “companion” tire an average of than 5 per cent. effective today. ar, Goodrich and General Tire companies yesterday reduced their third line of tires in proportion to the Sears, Roebuck slesh. (Copy he North American Newsguper Alliance, Inc.) Petition in Bankruptey. BALTIMORE, July 10 (Special).— William V. Wilson of Rockville, Mont- gomery County, has filed a bill in United Slates District Court here asking to be adjudicated a .bankrupt. The peti- tioner has no available assets and $16,- 498.49 liabilities. Orders were signed adjudicating him a bankrupt and re- ferring the case to Hold°n S. Felton, Teferee. DIVIDENDS DECLARED NEW YORK, July 10 (#).— Resumed. Pe- Pay- . Company Rate. riod. able. New Orl Pub Ser.6'ac Q July 1 Do vt ctfs 56tc Q@ July 1 Reduced. Nat Republic Inv T; I allot ctfs Hdrs. of record. June 16 June 16 bc @ Aug. 1 tock. 2% Q Aug Omitted. Mobile & Ohio RR..$3.50 U S Mortgage pf (NJ). 3oc Western Tab & Stat....50c Regular. Central & South West Util P pf.51.75 Do $7 Pf......SL7: Crampion Ut 'Co’§1 Do pf 51 P 5§46 pllS15 33) & Co Inc. pr. $1 hofer (Win) Bak July 25 Mid West Util 15 July 15 s s Q Due June 30 Due July 1 Due ‘Aug. 1 Aug. 13 Aug. 15 July July 1 July 1 July 15 July 15 July 31 July 31 June 19 June 19 June 16 July 10 July 10 June 30 July 20 July July July July Emp Felin Do Fr 56 i THEDE . e 7 Homestake Mining.50c Hous Oil (Tex) pf.75¢ Illinois No Ut..... .52 Aug, July July July 20 July July 8 July 1 Junezo Q ‘Aug. J July 13 b NJ) Tr Co.52 ne Co 6% pf £1.50 (550, Wesig Pw L& T A0 u OZO00 WOPMEO Puooood Leathe | Machin { Meat | Mifin 1M |0 3 | Radio | Railroads ! Railroad equipment | Rayor Retal ce equipment er leum shipbuilding Thea \ Tohacco Ul ifght. gas. etc tilitiestelegraph and telephone ol ction and busse: Woolen goods 2 Total | Gain in Airmai NEW YORK, July 10 (#)—The big- | gest factor in the present aircraft sit- |uation is the favorable trend of air | mail volume, a curreht survey by Stand- jard Statistics Co. says. In the first | four months this year total poundage {of mail carried increased 18 per cent | over the corresponding 1930 period, as compared with a decline of 5 per cent in the volume transported by the rail- roads. Mileage flown by mail planes {in the first quarter this year also | reflecting the addition of another route. — { SII:V;}:R QUOTATIONS. | NEW YORK, July 10 (#).—Bar silver i:mady, 28';, an increase of li. 12 | Locomotive Orders. NEW YORK, July 10 (#).—June bookings of the Baldwin Locomotive Works totaled $4,400,000, compared with $2,090,000 in June last year. Bookings for the first six months this year totaled $13,070,000, compared with $22.- | year. FOREIGN EXCHANGE. (Quotations furnighed by W. B. Hibbs & Co.) Nominal gold Selling checks value. today. . 348065 $4.86 301%c 392 13.91c 9612 23.82¢ T3thc 5.26¢ 2313c . 193¢ 0% 1.3c 193¢ . 18.07c London, pound | Parss. franc ... ssels, belga Berlin. ‘mark | Rome.' lira ... Zurich, franc Athens, drachma | Madri 13 23 5 5. peseta . Vienna, schilling | Budapest. pengo ... 17.49c Prague, crown (nom.) 2.964c Warsaw, ~ zloty..... . 11:22¢ Copenhagen, crown . 26:8c | Gslo, crown’ ... ... 268¢ Stocknoim, crown ... 26.8¢ TREASURY CERTIFICATES. (Reported by J. & W. Selisman & Co.) X Bid °_Offer. 296, 26 26.781 26181%2c Allis-Chalmers Co. 55 1937 American Metal 5tys 1934 American Tel & Tel 3':s 1943 Balto. & OhIo dlas 1 g5 Batavian Pet. Cor Eell Tel. of Car California Pet Ganad. Nor. Ry. Co. Chicago Northwes. R. R. Chicago Rock Island 4s 1934 ... Chile Copper Co. &5 1947 Gen. Pet.” Corp, 5s 1940 ....... Genéral Pub. Seivice 1351950 Humble Oil 5755 1932 Internat. Match Corp. 55 1947.. | Marland' Qil 5s 1932 . i National Dairy Prod ’3%ss 1948 N. Y. Chi & St. L. 65 1932.. Portland General Elec. 55 1035 Republic Iron & Steei 55 1940 Einclair Crude Ofl 5ibs 1938. Southern Pacific 55 1034 .. 3, 55,1938 ; R.&E. 45 33 97 551933... Calif. 55 1935 ... 100 United Drue Co. 55 1953 ... Railway & Pow. 53 1034 Electric_Co. 55 1044... 1 Whecling Steei Corp 5'zs 1048, | gained 54 per cent, the increase partly | 901,000 in the corresponding period last | % | York market or kept them on deposit BY LOUIS E. VAN NORMAN, | Uncle Sam’s annual “cash book™ dis- closes that in every month last year this country had a world “turnover” of | about one and one-half billion dollars, | This is the story told by a survey of th> balance of international payments of the United States,” which has been | prepared annually for nearly a decade by the finapce and investment division of the Burcau of Foreign and Domestic Commerce. This tremendous “turnover” is made up of figures showing America's mer- chandise trade balance, the vast under- writing of foreign securities, receipts of war debt payments, various phases and problems of the merchant marine, in- | creasing gold shipments, and. in gen- eral, Uncle Sam'sinew status as an in- ternational banker. | Economic Relations, A summary of American financial dealings with the rest of the world is a stupendous piece of bookkeeping. This cash book record, moreover, tells the story of Amcrica’s chief activities as a nation. Her international economic re- lations, in short, concern the well rec- ognized interchange of commodities They deal also with the equally impor- tant, although far less well known, items of loans, services and many other “invisibles” and “imponderables,” of the very exist-nce of which many of us are quite ignorant. » The survey for 1930 covers a period of world depression which has been | markéd by a number of developments not known in former periods of busi- ness decline. As such the record dis- closes a number of impressive reversals of world trade end finance. There is no record of the last world crisis—that of 1920 to 1922—which might be used for purposes of comparison. This 1931 report, in fact, may b> the first record of its kind of any business depression of world proportions. ‘What does this report show? Per- haps one of its most significant reve- lations is the amazing use made by forelen debtors of the opportunity to repay to Americans, at generous dis- counts, obligations held here. Impres- ve also are the huge expenditurss made by the American people for for- | elgn travel, even in the depression, and ilhc continued increase in this country’s stock of gold. Interesting also is the fact.that while business declined and Stock and Dividend Rate. U S Indust Alcohol. . U S Leather. o U S Leather A U 8 Leath pr pf (7) S P&F 1st (1.20).. U 8 Steel pf (7). Init Stores A.... Unit Stores pf (4) (111 PEL A (812 15). 2814 Vanadium Corp'n 8ls Vnlean Det (4). Walgreen pf (63%).. Warner Bros Piet Warren Bros (2). Wess O & Sn pf (4).. White Motors (1) Willys-Overland. Wilson & Co pf. Woolworth (2.40). Yellow Truck pf. Youngs Spring (3 5 Sales of Stocks on New York Exchange. Dividend rates as given in the above table are the annual cash $Plus 4% in stock. r rate. in special preferred stoc} BILLION AND A HALF "TURNOVER' " A MONTH IS REPORTED FOR U. §. {Uncle Sam's Cash Book for Last Year Reveals Extent of Trade With Foreign Countries—Survey Summarized. - | very great contraction in financial op- Sales— Add 00. Higa. 31 Bl 13 8’4 24 18% Prev. Close. uioss. 31 29% 8% 13 84 24 18% Low., 30 8 124% 84 24 18% 16% 4% 25 954 o &F (2). 231 84 , 18% ty & Imp(2) 16 14% 24% 967% 141% [ [N Sules Corp. Sys (14 King B.. & Snow El pf (6) Bl pf (7) Pow pf (6). Dairy (A) Ma. Uni, AB(4). EI&Mfg (4). 148 5% yellow Truck. 42 4514 19 49 19 18% 200.000 12:00 Noon . 700,000 2:10 400,600 900,000 latest quarterly or half-yearly declarations. fPlus 9% in stock. a Paid b Payable in stock. e Payable in cash tock. h Plus 2% in stock. j Plus 50 cents k Plus 3% in stock. m Paid this year— 5% in stock. commodity prices fell, there was no crations between nations. Foreign Stock Buying. In his remarks introductory fo this report Dr. Jullus Klein, Assistant Sec-| reary of Commerce, points to the fact | that during 1930 Americans bought | foreign stocks and bonds to a total of $360.000,000. During the same period, however, foreigners bought back their | securities, which had accumulated here, to an ageregate of $806,000,000, leaving a net balance of just under $450,000,000 remitted to this country. Taking into account the year's pur-' chases by ioreigners of American stocks and bonds, 1930 was marked by a rela- small net export in long-term capital on the part of American in- vestors—a total of $290,000,000. Bank deposits and short-term loans brought | up the net export of all capital from | the United States to some $730.000.000, | as compared with an annual average of | about $450,000,000 for the eight years preceding. | During 1930 American’s total exports | and impo:ts of gold were, respectively. 967,000 and $396,054,000. while total exports and imports of silver were | $54,157,000 and $42,761000. There has been much comment on the gold hold- | ings of the United States. In general says the report, the movement of gold | was one from “outlying countries pro- | ducing raw materials to the financial | centers and bore no significant relation | to differentials in money rates.” ! Exports and Imports. Merchandise exports and imports | last year, as usual, made up the largest | item’in America’s balance of payments. The totals for the calendar year were, Tespectively, $3,843,000,000 and $3,061,- 000,000, showing a decline from the rec- ord figures of preceding years. While the world movement of merchandise was curtailed Uncle Sam’s receipts from interest, the redemption of bonds and | amortization on American long-term investments abroad, including pay- ments on war loan account. actually | reached a new record of $1,300,000,000. | American tourists are estimated to have left abroad a total of some $811,- 000,000 in 1930, a relatively small de- | cline from the “high” tourist expendi- tures of $868.000,000 in 192. (Copyricht. 1831.) BIDS FOR SHORT- " BRISK AFTER BY CARLTON A. Special Dispatch to The Star. NEW YORK, July 10.—As antici- | pated by Wall Street, the first develop- ment under the German debt suspen~ sion agreement proves to be a scramble | for new short-term credits by the central bank, private banks and busi- nesses and a strong effort to retain in | Germany those credits already granted. “ Germany's success in this direction will | determine the degree of recovery whlch" | may be expected under the debt mora- torfum. o | Wall Strect bankers are of two minds | on whether in the long run the German situation might not have been stronger | had no move been made to secure suspension of debt payments. Over the past year and a half large amounts of | short-term bank credits had found their way into Germany, although few long-term loans had been made except for the International 5% per cent issue, | floated to put the Young plan into effect. SHIVELY. . Credit Withdrawals. That loan commercialized a portion | of the unconditional reparations which serve as a first charge on German rail- way revenues. Since last September, when German drives for a moratorium began to attract serious attention, with- drawals of short-term credits have reached, according to Berlin estimates, approximately $1,000,000,000. ~Part of this probably is German capital which | has sought a safer refuge, but most of it is repatriated foreign bank loans. This money was badly needed by Ger- man industrial enterprises. Along with declining interest rates paid on deposits by New York banks and the fall in the New York Stock Exchange call and time money rates, to say nothing of the drop to record: breaking low levels of Treasury bill and | bankers’ acceptance bill yields, the in- terior banks, which have always em- | ployed their surplus funds in the New | with New York banks, have found it difficult to obtain even a modest return. They get only one-half per cent for money ke;)t on deposit with the large banks. After paying the service charge, their net return from call loans ranges from one-half to 1 per cent. Their| losses on investments for the past two years were Meavy, and under the cir- cumstances they were receptive to for-| eign bank offers on deposits. Solicitation of small bank funds was actively carried on throughout the| United States by agents for German banks, which offered much higher de- posit rates than were obtainable else-| where. How much money they got no| one knows, but it is thought to have | been considerable. Naturally such| | funds were ultra timid and have been the first to leave Germany. ! Relief for the Germar, government | tained in addition to the debt mora- TERM CREDITS DEBT PLAN WINS| from reparations payments for a year will enable the treasury to retire a | large portion of its dangerously large floating debt, but the funds thus re- tained will not be used as a substitute for tax collections and therefore can in no way assist business. Such aid as German trade needs must be ob- torium sums. k Important Steps Taken. Long-term loans are out “of the question and the foreign short-term credits are the crux of the matter. Wall Street banks expect that, after a few days more, confidence will have been sufficiently restored so that the outgoing tide will stop. Enough mo- mentum had been gained to make it certain that the flight from the mark would continue at least a few days after the debt agreement was signed. . Two important steps are being taken in Germany to solve the short-term credit problem. The government by decree is giving a legal binder to the offer of German private banks and financial institutions to provide ap- proximately $120,000,000 as a guarantee to foreign short-term credits employed in the coubtry. Next the Reichsbank will negotiate for additional credits tor itself, which will be used to support the mark and tiereby discourage specu- lative operations as well as put the bank into a safety zone. The first central bank credit of $100,000,000 has been used up. It likely will be ex- tended and an additional large amount may be asked, through sale of Ger- man treasury bills. No difficulty is anticipated in securing it. This week’s statement of the Reichs- bank shows that the reserve ratio al- ready has risen 3 points above the legal minimum of 40 per cent, almost touched last week. and that gold and {:;%ignt:lxthnx;%‘c heldings have risen lerately. e crisis, Wi believes, has been passed. Lo (Copyrizht. 1931.) ——— NEW YORK BANK STOCKS NEW YORK, July 10 . ver-the- counter market: Ve e Bid. Asked. 4 a1 - 1% s 67 Commercial National First National N Y. Banker's Brooklyn Chemical Cont Bank | Corn "Exchange. Empire ... Guaranty ... T e Manufacturer’s New York. 150 M \| North capital IN SHARP ADVANCE Heavy Buying in Late Trad ing Reverses Earlier Trend of Market. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, July 10.—After drop- ping to their lowest levels on the cur- rent reaction, German bonds advanced vertically in the last hour today. Prices rose 4 to 5 points from the lows and ended with most German dollar bonds 2 to 3 points higher on the day. Wall Street’s belief was that Dr. Hans Luther, president of the Reichsbank, had arrived at an agreement with offi- cials of the Bank of France, Bank of England and other international bank- ing authorities for a short-term credit sald to aggregate nearly $500,000,000. This was not officially announced, but the market's rise reflected its confi- dence, Young plan 5'.s climbed over 4 points. German Central Bank 6s ad- vanced 3 to 4 points. German munici- pals jumped 1 and 2 points between sales and Germhan industrials acted similarly. The spurt 1 the Germans came after a day of unccrtainty in which domes- tic issues advanced while the foreign list was apathetic. Chilean issues had gone off 3 to 4 points in spite of an- other reassuring statement from the Chilean government. The opening was firm, except in the German group. Dr. Hans Luther, presi- dent of the Reichsbank, was in Paris, where his quest was said to bs a $480,- 000,000 short term credit for the Ger- man Gold Disccunt Bank. There was a tendency to sell German long-term bonds cn"the theory that protracted negotiations must follow, during which tim> withdrawals of foreign exchange from Berlin might assume serious enough proportions to negative the re- cent improvement in the bank'’s reserve ratio and cause a collapse of the reichs- mark. ‘The bullish view of the situation was that no collapse of the reichsmark or of the German Central Bank would b2 permitted by America and England. There was fairly good buying of Ger- man dollar bonds on the scaledown. In the South American group there was further selling of Argentine 6s, Chile 6s and Brazilian issues, but price movements were conservative. Aus- tralians were firm. Japanese issues were strong. ‘The domestic market had a healthier tone. The halt in the decline of stocks was an important aid to junior rail issues, but their strength in Tecent ses- sions was an even more important one. It was pointed out today that an in- crease of even 5 per cent in freight rates would mean an increase in net earnings of as much as $3 a share to certain class railroads, and it is be- lieved that the Inferstate Commerce | Commission will grant at least a part of the carriers’ petition for a 15 per cent advance in rates. Similarly, the second-grade industrial list was more buoyant. United States Rubber 55, Goodyear 5s and Goodrich 6s were helped by the high level of activity in the rubber industry. Oils were inactive. Washington Stock Exchange SALES. Peoples Drug Stores pfd.—10 at 101, at 101, 10 at 101, 10 at 101, 1 at 101. AFTER CALL. Potomac Electric Cons. 5s '36—$1,000 at 10475 Washington Rwy. & Electric 4s '51-— $1,000 at 9155, $1,000 at 91':, $5,000 at 911, Washington Gas 6s '35 “B"—$1,000 at 1 Bid and Asked Prices. BONDS. PUBLIC UTILITY. 30, R Tel. & Tel. 41is Tel. & Tel. ctl.’ir ta & Potomac R. Pot. . Tel. v & Suburban 55 Georgetown Gas Ist 5s.. guar. os of Va. 55 58, B wy. & Electric 4s MISCELLANEO! Barber & Ross. Inc.. 6 Chevy Chase Ciub 51 Columbia Country Club 515 D, C. Paper Mfz. 65 & W. M. Cold Storage 55 5 STOCKS. PUBLIC UTILITY. rican Tel. & Tel. (9 ttal_Traction Co. (4) Wash. Gas Ligbt Co. (13) N. & W. Steamboat (12} Pot. Elec. Power 67 pid. Pot. Elec Power 5ia% pid Wash. Rwy. & Elec. com Wash. Rwy. & Elec. pfd. (5} NATIONAL BANK. Capital (1), S olumbia (12, Gommercial (stamped) (10} District (8), Fed.-Amer. Na Liberty (78)... Lincoln (12) Metropolitan { Riges (155k.. Second i3 TRUST COMPANY. Amer. Sec. & Tr. Co. (15)...... 318 ot S G0y G & Ve T (128) g Pince _:(_iwr(m’sn BK & T 6. 8 Tust | 85) e Wash Toan & Tr. (i4i: 100 SAVINGS BANK. Bank of Bethesd Com. & Savings East Washington (12 1 4 Sec. Sav. & Com. Bk Seventh Street (12)..... United States (307 S Wash. Mechanics (20). s FIRE INSURANCE. American (12) Corcoran (10 o National Union (1511 TITLE INSURANCE. Columbia (6h). .. Real Estate (6h) ... MISCELLANEOUS. Barber & Ross. Inc.. com. . Col. Medical Bidg. Corp. (8). Col. Sand & Gravel pfd. (7) Dist. Natl. Sec. pfd. Emer. Bromo-Selz, Federal Storage pfd Washington SN Buguan BEMNES.SY 28,858 SB5588 National Lanst, Monotype (8) e Aol o Mer. Tr. & Stze. pfd. (). Mergenthaler Linotype (6) Natl. Ml‘l)t & é'xlt;.fe's"g'(z;sl Sl e i) The Carpel Corp (2)... e e Wash. Med. Bldg. Corp. ( Woodward & Loth. com. (L. Woodward & Lothrop pfd. SEx dividend e1%2% e: bBooks closea. U,\er":)flérx = 17 o Unlisted Department. (These securities m::“gs.';td under Exchange BONDS. Bid. Asked. Army-Navy Club_5s. 90 . Cosmos_Club_4lzs. .. Commercial Club ist 5s. #:ur:::. P.reu ‘Bldg. 1st 5%: Anacostia Bank... Chapin Backs Connecticut Ple C Chr. Heurich Brewery. & District Title h‘nurlnntk Franklin National Ban) Northeast Savings Ban! Park Savings Bank.... Raleigh Hotel Co... o Washington Savings Bant. 9 Woodridge-Langdon Si¥. Bank. 4 10 | FINANCIAL, Received by Private Wire Direct te The Star Office UNITED STATES. (Sales a Lib 3% s 32-47. Listd}s32-47. 141 US3%s"49. U S3%s 40-43, U S ¢s 44-54. Abitibi P & P 63 '53. Allegheny 55 "44. Allegheny 58 *49. Alleg Corp bs '50. Allis-Chalm 68°'37.. Am Ag Ch T%s ‘41, Am F P §s 2030 AmI1GChb%n'40. Am Int Cp 5%s 49 Am Metal 5%s ‘34 Am N Gas 6%s '42 Am S&R 1st 6847, Am Sug Ref 6s'37. Am T&T cv 4%8°39 Am T&T 68 '65 Am T&T c tr 63 '46. Am T&T bs Am T&T 5%s 43. AmWat Wk 6s 75 51 13 Argentine May Argenti Avgenti; Argentt Argentine 6s B ‘8., Arm & Co 4%s '3y Arm Del 5% 43 Assoc Oil 6s " I Atchis 45 1905-; Atchison gen 4s At & Danv 45 48 AtCL 1st4s'52 AtC L col 45°52 At Gulf 5859, Australia 4% s '66 | Australia 6 '65.... Australia 6s '67. Austria 5 Austria 7s'57 ctfs. PEWV 4s B & O Toledo 4s'50 Bk of Chile 64357 Bk of Chile 635 ‘61 Batav Pet 4145 '42 Belgium 63 ‘65 Belgium 6%3 Belgium 7s ' Belgium 7s '5| | Bell Tel Pa bs B4 Bell Tel F'a 55 C ‘60 B Ind Loan Co 646 Berlin 3 Berlin CyEl 635’51 Beth St rf s ‘4. Bolivia ‘69 aee Bost & Me 4% 561, Bos & Me 58 °67..... Brazil 6% ‘26, | Brazil 638 '27. | Brazil 8s 41... | Bremen 75 '35. | Bd & Tth Av 5843 ‘XUK Id gn A bs'4y.. | Bklyn Elev 6% | Bklyn Man 6s | Budapest 65 '62. Buenos A 6561 Fv, Buff Gen EJ 414581 BR& PItt 4% 67, Bush T Bldg 65 '60. { Calif Packing 55’ 40 Canada 4s°60.... | Canada 4335 '36. | Canada 55 ‘52. Can Nat43%s’s ¢ at 433857 at 55 Oct '69. 1 Nor 6% db *46 Can Nor 75 deb 40 Can Pac deb 4 | Can Pac 43 B Can Pac §s ctfs '44. Can Pac 58 '54..... “ent Pac 4349 Cent Pac 53 '60. ... Cent of C59. Ches Corp bs '47. .. C&Ogen4s’'s2 C&O4%s B 45.. lcB&QEend CB&Q4iss Chi Ind&Lou 65 '66. Chi & Eas 111 08 '51. Chi Gre®West 4s 59 Chi M & St P 4889, Chi M&SLP 4345 C Chi M&SIP 4355 E Chi M StP&P b5 °15 Chi M & St P adj 58 Chi&NW g 3%s '87. Chi & NW gn 4587, C&Nwn 435 ¢ 2037 W con 4% Chi & NW 6158 '36. Chi RI&P gn 4s '88. Chi It] & P rf 4834 (ICRIRTev 434 '60. | Chi R1&Pac 473552 C TH&SE in 5860, | Chi Un Sta 435 '63. C& W (na cv 45 '52. C& W (nd 5%s'62 Chile Cop db 58 °47. CCC&St L4%SE.. CCC & St L 5s D'63 Clev Term 5573 Cologne 6% 50 Colomb 6s Jan ‘61 Colombia 6s'€1 Oct Colo & Sou 434535, Col G&X 53 May '52 Com Inves 5145 '49. C Gas NY 435" ConG N Y 53845 Con Pwr Jap 6%s. Con Pow Japan s Copenhag 4%s '53 Copenbag bs '52. . Cuba 635 45 Cuba RRrf 734536 Cuba Nor 6%s j Czecho 8s 51 Czecho 955 Del & Hud rf 4 Denmark Denmark 65 ‘42 D& RGrgn4s'36. Det Ed G&R4%5'61 Det Edison rf is ‘49 Deutsche Bk 6s'32. Dodge Br ¢l 6: Donner St 7s'42 Duquesne 435 67. Dutch East | Mar. . Dutch East I Nov. . Dutch East 1 6s "62. Erle conv 4s B. Erie Gen 4s Erie cv 5867 Erie 58'76. Finland 6%s '58. Finland 6%s '56. Finland 7s ‘50 Fla K Coa French 7s '49 . French Gvt 7%s ‘41 21 13 42 Gelsenk'chen 6s '34 Gen Baking 5%s '40 Gen Cable 5%s '47.. Gen Motors 63°37. Gen Th Eq 6s 40 German 53 s 6! German Bk Ger Cen Bk Ger Cen Bk 65’60 O 88 Ge:man Bank 7s '50 19 German 7s rep '49..351 Ger Gen El 5 Goodrich cv 5. Goody'r Rub b8 '57. GrandTr sf db 65'36 Grand Trunk 7s 40 Grt Nor 43%4s'76 D. Grt Nor 4%s 77 E. Grt Nor gn 6% Grt Nor Greek 68°63... Huruble O1 63 °37. . Hum O&R 6%3 62, IMBTIistpfbsa.. 111 Cent ref 4s°55.. I11 Cent 6%s 11l CCStL&N 111 Steel 43%s . Inland Stl 43%s A’ Inlarid Stl 4s3 B'81 Int Rap Tr 58 66 Int Rap Tr sta '66,, n $1,000.) Sales. High. Low. Close. 19 10218 102 18 56% 73 12 1% 547 73 1% 7L 101% 102% 80% 100 100% 101 100% 1020 1063 106% 1195 1121 5 103 13 103 11 103 13 L4th4%s 33-38 150 10430 104 28 104 28 82 701°16 101 13 101 14 2 10223 102 23 10223 64 108 27 108 24 108 24 Sales. High Low. Close. 54% 73 72 1% 101% 102% 81% 100 88Y 85 19 102% 106% 134% 108% 107 108% 110% 104% 7914 8 106% KoLy 94 Sales. High. Int Rap Tr 6532 Int Cement 58 ‘48 Int & Gr Nor 6556, Int & Gr Nor 6852, int Hydro El s 43, Int M Co bs int Mat Int Pap 63 A *47 Int Pap 68’55 Int Rys C A b3 '¥: Int T& T 4%s"52.. 2t T&T cv 434539 Int T & T 68'55....110 Irish Free St ts Italy 78 ‘51. - Italy PubSv 7s Japanese 5%s 652, Japanese 6%s ‘54. . Kan CFtS&M 4536 Kan City Sou bs '50 Kan City Ter 45 '60. KanG & E 4%s Karstadt 6s°43. 1 3 7 15 Kreug & Toll 5859 Laclede 6% s C'53.. Lautaro Nit 6s ‘64.. Leh Val cv ¢s 2003, Leh Val 58 2000.... Lig & Myers 7s "44.. Loew’s 63 ex wai Lorillard 5%s Lou G & El s '62 L& Nuni 4540 ... La & Ark 5869, Lyons 6s'34 McKes & R 6% Man S 1st T3%s 42. . Manh Ry 1st 4390 Market St 7s 40, Marsellle 65 ‘34 Mex 4s asstd 1910. . Mexico 53 A 45 Midvale Stl 58 °36.. Milan 63%s°52..... M &SL 1strf 4s°3 MK&T4sB'62 MK & T 1st 4390, MK & Taijbs'67.. Mo Pac gen 45 '75 Mo Pac b3 F ‘11 Mo Pac 53 G '8 Mo Pac 5s H '80 Mo Pac ref &3 '81.. 105 Mo Pac 5335 cv '49.. 41 Mont Pow 53 '43. 3 Mont Tr 1st 6s "41. ., Mor & Co 1st 4%s.. Nassau Elec 4 Nat Dairy 6% - NOT&M5%s 54, New S Wale New S Wale« N Y Cen 45°98 N Y Cent 4%s 2013, NYCreim bs 2013.. N Y Cent db 6s'35.. NY C& St L 4s'37.. NY C&StL 4%s 8. NYC&StLb%sA NYC&StL6s 32, N Y Edison 58 B 44 N Y Ed 15t 6%s8 41, NY ELH&P 4s'49., NY ELH&P 53'48.. cREnmneian ewhe R ERmwa H&H 45 '56. .. NYNH&H db 43’57, NY NH&H 4%3°67. § NY NH&H clt 6s. NY NH&H cv db 6: NY O&W 1st 4892, NY O&W gn 48°55.. NY Rys Inc 65 '65. . NY Rys 65 A '65 N Y Tel 43539 N Y Tel 6541, N Y Tel 6549 NY W&B 4% Nord 6%s5 '50. Nor & Wncv 48 '96. No Am Co 5561 Nor Am Ed 58 ‘57 N A Ed'son6sC Nor Am Ed 5145 '63 NorOT & L 6847, Nor Pac 38 2047...., Nor Pac 4597 . Nor Pac 4345 2047.. Nor Pacr16s 2047, Nor St Pw 53 A 41, Nor St Pw 63 B "41. Norway 55 '63. Norway 5%s 65 Norway 6s ‘43, 6344, Orez-Wash 4s Orient dev 6%s ‘5! PacG & E15s°42... Pac T&T 1st 5837, Pac T&T ref 5s * Pan-Am Pet 65'34. Pari; Pathe Penna 4%s D'81... Penn gen 4%s '65 Penn 41%s'70. Penn 4%s 63. Penn 58 '64. Penn 6145 °36. Penn P&Lt 4 Peoples’ Gas & Pere Mar Pere A Peru 6s Peru 6s 61 #nila Cobs67..... Phila & Read 6s '49 Phillip Pet 5% 39, P CC&SIL 414877, P&W V415 B3, Poland 6s 40. Poland s "47. Poland 8s '50. Port Gen E: Por RTam Pos Tel & C Public Serv 4s PubSv G 414567 Pure O11 534 '37. Queenland 6s°47... Queenland 7s '41... Reading 4%s Rem R5%5 A4 Rhinelbe 7s 4 Rhine West 63'52.. Rhine W Rich Ol Rlo de Jan 6% . Rio de Jan 8s '46... R Gr De Sul 63 °'63.. R Gr De Sul8s "46.. Rome 634552 Roy D 4345 ww StL IM R&G 48 °33.. StL&SFin4sA.. 25 StL&SF4%s'78. 161 StLSWev4s'sz.. 1 San A& AP4s'43.. 15 Sao Pau 7s 40 rets. Sao Paulo 8s'36. Sao Paulo 85 ‘50 Saxon Pu W 645’51 Saxon 78 Seab A Lirf 4549 Seab A L cv 6345 Seine 7s "42. Serbs-Cr-Sl 78 '62 Serbs-Cr-Sl 8a 62 Shell Un Ofl 68 *47. Shell Un O4] 58°49.. Shinyetsu 6%s 'S Sinclair Ofl 6 %! Sinc O 7s cv A ‘37 Sinc Cr O 63338 Sinc P L 58 "43..... Skelly Ol1 6%8°39., Sou Bel T&T 68 "41.. *|SW Bell T 65 A *6 Sou 59 £7% () 8 81% 96 92 2% 55 67% 81 94 89 105% 100% 93 8% 107% 92%, 945 98 9815 524 1024 93% 101 10015 43 878 10415 122 9814 991, 107 13% 15% 107w 7815 89 9% 79% 9219 94% 97T 102% 102% 60 106% 107% 97 95% " 96m Sou P&Or 4%s Sou Ry gen 45 'S¢ Sou Ry 6s ‘56 St 011 N J 6 StOIIN Y 4%s Taiwan E P 5%s 71 Tenn Cop 65 °41. Tenn EI P 65 A Tex & Ark 5%: ‘Tex Corp cv 68 *44. Tex & P 1st 58 2000. Tex & Pac 55 B'77.. Tex & Pac 5s®79.. Texas Pac 53 D '80. Third Av ref 4 Third Av adj 6s'60. Toho El Pow 78 '55. Tokio 5%s°6. Tokio E1 Lt 65’ 53 Ulst & De §s ext"zl, 14 5 11 87 2 1 3 Un Pac 4% '67. . 1 ©n P 1strf 55 2008. 10, 93 100% 9814 105 109% 10414 99% 95 90 107% 100 9614 108% 93% 934 93 5% AT% 100% 97 87 76 102 GERMAN BOND LST| (2o BONDS ol Low. Close. 59 | 59 874 8% 77 78 88 80% 88 81% 95k 92 T2% 54% 671 81 931 10¢ 831 105 109% 104 99% 9 90 96% 87 .70 40 101% 101% A 6 93% 93% 9 9T% 9TH 102 1 112% 112 Unit Drug cv 58°63, 16 102 , 10i% 101% 101% 93% 9T 102 L 1125 az | GROWTH OF TRUST SERVICE IS RAPID National Bank Examiner Comments on Expansion of Fiduciary Activities. Speclal Dispatch to The Star. NEW YORK, July 10.—Spectacular growth of trust service in the banking field is shown by the expansion in the fiduclary activities of banks in the na- tional banking tem. Aubrey B. Carter, national bank examiner in charge of section of trust ~depart- ment supervision, | office of controller of the currency, brings out in an article in the cur- rent issue of the American Banl ers' Association Journal. “At the close of the 1930 fiscal year there were 2472 national bank with trust powers " he says. “Their banking resources aggregated $23,520 097,073, which represented 34 per cen. of the number of banks and 80 per cent of the total banking resources cf the 7,252 national banks in operation on that date. Trust departments had been established by 1,829 of these. banks which were administering 79.912 in- dividual trusts with trust assets aggre- gating $4,473,040,926, and in addition were administering 11.511 corporate trusts and acting as trustees for out- standing note and bond issues aggregat- ing $11.803.717.370. “The Tapid strides which these banks have made in the trust field are empha- sized by considering the activities dur- ing 1930 with those of 1926. Comparcd with that year, these figures represcnt an increase during the four-year pericd of 446, or 22 per cent, in the number of national banks authorized to exerci trust powers; an increase of 725, or 66 per cent, in the number of banks ac- tively administering ¢rusts; an increase of 65,370, or 250 per cent, in the nu; ber of trusts being administered; an i crease of $3,500,000,000, or 385 per cent, in the volume of individual trust a sets under administration; an increase of $9,340,000,000, or 379 per cent, in the volume of bond issues outstanding for which these institutions were acting &s trustees, while the gross earnings of the same period increased $14,510,000, or 176 per cent. “The record further shows that 1,829 national bank trust departments in a decade have acquired for administration a volume of individual and corporate trust, business equal to one-half of the tot: resources developed by the banking de- partments of all national banks over a period of 67 years since the establish- ment of the system in 1863." These facts, he concludes. are “a striking testimonial of the growing pub- lic recognition of the desirability 6f the corporate fiduciary in the settlement of estates and the administration of Aubrey B. Carter. Butter—One-pound prints, 28';; f Eggs—Henery, ceipts, 14a16. Poultry, alive—Spring broilers, pounds and over, 33a34; 2 to 2!, pound 30a32; small, 1!'; to 2 pounds, 27a28; Leghorns, large, 28229: medium, 23a2: heps, large. 21a22; small. 17al8; Ley horns, 25a26; small. 17a18; roosters, 13a14, Dressed—Spring broilers, pounds and over, 37a38; 2 to 2. pounds, 34a35; 1’2 to 2 pounds. 32a33: Leghorns, large, 28a29: small, 25a26: hens, large, 24a25; small, 20a21; Leghorns, 17a18: roosters, 15a16; Long Island ducks, 22a23. Meets—Beef, top, 14'ial3: medium, 121;a13; cow, 11; veal. 12a12'.; Spring 17a18: pork loins. fresh Killed, ; frozen, 17a18: fresh hams, 17 fresh shoulders, 13; smoked hams, 18'; smoked sRoulders, 12; sirlp bacon, 21; lard, in bi%, 10 in packages, 11. Live stock—Hcgs, he light and medium, 7.50a7 s, 7.75; roughs, 3.0085.00: calves, 7.00; Spring lambs, 4.00a7.00. Fruits—Watermellons, 35a80; loupes, California. 3.50a4.00; Nort Carolina, 2.25a2.5 honeydews, 1.25a 150; honeyballs 00a4.00: orange: 5.0025.50; lemons. 6.00a7.00: Malagas, 2.00; pineapples, plums, crates, 2.00: gooseberries, 450; currants, 4.00a450; raspberrie 4.50a5.00; apples, June, 1.00; box stocl 2.50a2. peaches, bushel baskets, 2.00 a2.50; grapefruit, Porto Rico, 4.50 limes, per 100, 1.50a2.00: blackberrie: 4.0024.50; huckleberries, 2.25a3.00; mangoes, 4.00: rhubarb, per 100 bunches, 2.50a3.00; bananas, 1.00a2.50; cherries, fancy, 15-pound box, 2.00. Vegetables—Potatoes, per barrel, 2.00 a2.50; tomatoes, home-grown, 2-peck baskets, 1.75a2.00; Florida, 6-pan crates, 1.25a1.50; Mississippi, flats, 75 turnips, 50a60: lettuce, iceberg, 3.50a 4.00; string beans, 75a1.00; limas, 1.50 a2.00; squash, 2-peck baskets, 50: cab- bage, bushel baskets, 25a40: kale, 35 spinach, New Zealand. 50: peppers, 200 }a2.50; carrots, per 100 bunches. 3.00: beets, per 100 bunches, 2.00; corn, 1.00 a1.25: onions, Texas, 1.25; Spring, per 100 bunches, 2.00a2.50; okra, per pan, 65a75. 17a19; current re- SAFEWAY STORES. } _ OAKLAND. Calif., July 10 (A —M. B. Skaggs, president of the Safeway Stgges, Inc., has confirmed reports his organi- zation will purchase the asscts of Mac- 1 Marr Stores, Inc.. subject to approval of MacMarr stockholders. O. E. Marr, president of MacMarr, Inc., said ycsterday all the stores, mar- kets, warehouses, manufacturing acti ities and subsidiary operations conduct- ed by MacMarr in the territory from ! Denver, Colo., west will be acquired by Safeway, effective as of July 1, 1931. Skaggs sald the deal would be con- summated by a transfer of Safeway stock, both common and preferred. He refused to make public the considera- tion involved. ~ Germany, Austria and Czechoslovakia lare now the three leading suppliers of [impons into Jugoslavia. Bales. High Low. 10815 £914 61 6614 Utd King 6% U S Rub 1st b Un St W 6%s A'47 Ud St W 63SA'51 1 'Uruguay 6s°60. ... Utah P& L 58'44.. Util Pow 58 ‘59 ww. €3 Util Pow 5%s "47.. 11 Vanadium Stl 5s 41 24 nna 6s ‘62 R Va Ry & Pow 68 3¢ Wabash 4%s 78 Wabash 1st b8 Wabash 5s D 80 6 7015 762 86 85 103% 103 6% 48 99 . 95 Wis Cen gn 4s 38.. 5% 55% Yokohama 65 '61. .. 1011 101% Yizstn SP&T 68 78, 22 1001 100% ¥ng St&T 55 B'10. 13 100 | 100% WEO5%s'37 ww. Wick Spen cv 78’35 Wilks B & Wil-Ov 1st 6