Evening Star Newspaper, July 12, 1931, Page 56

4 BOND PRICES MOVE | IN NARROM RANGE German Issues Drop Lower as Further Selling Pressure Develops. BY ALEXANDER HENDERSOX, Associated Press Financial Writer NEW YORK, July 11.—The bond tnarket today was a typical Midsum- mer snui, session affair. Trading was quiet and prices fluciuated narrowl without a definite trend in most group: No sales of any kind occurred in a large number of bonds, many of which are normally active. Nevertheless there were some inter- esting developments. German issues continued to reflect selling pressure. The 5's of 1965 were probably the most active bonds of the whole list with sales approximating $200,000 at par valie. These bonds lost about 3 points. The 7s of 1949 receded about 1 point on & much smaller turnover. Other German obligations were lower also. Reichsmark exchange weakened, being fractionally higher than the 1931 ttom level. o eaaiian 615 of 1926-57 showed outstanding strength and the course of | other foreign obligetions was_irreguler- ! ly but narrowly higher. The quist! trading in most of this and other| groups contributed to the narrow fluctu- | ations. A few industrial loans made good gains, such as_International Match 5s, Goodvear 5s of 1957 and Chile Copper ! 5s. The market in them was o dull, | however, that the total sales in a large | number of issues was confined to single ! minimum transactions. Public Utility and railroad obliga- | tions were more active than the in-7 dustrials, but the net chanzes were/ unusually small and few and they | lacked a definite trend. The same de- | scription was true to a greater extent of the loans of the United States Gov- ! ernment. . i Atchison 41zs, Lautaro Nitrate 6s; and Loew’s 6s of 1941, made moderate | gains among the stoci:_privilege issues. Kreuger & Toll 55, General Theater Fquipment 6s and International Tele- | phone 4'5s moved in the opposite di- Tection. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, July 11.—The following | 1s today's summary of important corp- oration news prepared by Standard Statistics Co.. Inc., New York, for the Associated Press News Trend. Stocks of refined copper as of June 20, set & new high, according to the monthly figures of ~the American | Bureau of Metal Statistics, thereby confirming the forecasts of an un- favorable showing. Finished copper stocks at refineries in North and South America totaled 413.474 tons on June 30, | compared with 398,667 tons on May : 31 and 316762 tons on June 30,! 1930. Blister copper stocks, however, | showed a_decrease, declining to 187,353 | tons on June 30 from 190,598 tons on | May 31 and 193,876 on April 30. United States mine output of copper in June | was 44,647 short tons, compared with | 45,580 in May and 56,743 in June, 1930. | The Industries. Tron—June pig iron output was 1,638,627 tons, compared with 1,994,082 tons in May and 2,934,129 tons in June, 1930. Mining and smelting—Rand gold out- put in June totaled 897,000 fine ounces, compared with 910,000 in May and 887.000 a year ago. Oil—Okiahoma City operators vote to petition Gov. Murray and Oklahoma Corporation Commission to issue order to suspend output until crude oil price reaches $1 a barrel. Retail trade—Petition for rehearing of Indiana chain store tax decision formally filed with Supreme Court by Standard Grocery. The Companies. Alpha Portland Cement—First half operations unprofitable, shipments off about 25 per cent, Arnold Constable sales running 15 per cent above year ago; physical volume up 30 per cent. Continental Baking Corporation class A share earnings, 10 weeks to June 20, $1.31, ageinst $1.76; 25 weeks to June 20, 12 cents, against $1.71. _ Corno Mills—Common share earnings, five mcnths to May 31, $1.48, same as year ago Equitable Office Building June not profit $193,576, against $206,330; two months, $348,249, against $414.998. Finance Co. of America net income available for common stock, six months to June 30, $74.156, against $91,089. Fox Pilm—Gross income for year to July 3 off 10 per cent. General Cable expect>d to report loss for second quarter; has 11 plants in operation. Hall (W. F.) Printing—30 cents quar- terly common dividend: paid 50 cents formerly. Mackay Companies—Telegraph oper- ating revenue cf land lines only in first five months $18,066,665; met deficit, $1,171,525. Mcentgomery Ward & Co.—Larger unit volume of sales indicated for final half. National Dairy Products’ dividend needs well covered in first half. Sinclair Censolidated Oil—Consolida- tion negotiaticns may be resumed with Rio Grande Oil. Standard Investing 50 cents dividend on $5.50 preferred stock: previous pay- ment, $1.37':; cents, made August 15, 1930. United Verde Extension Mining- June copper output 3,284,008 poun against 3,370,000 in M American Hide & Leather—Increases | side super leather prices 1 cent a foot further, or about 15 per cent in two weeks; also advances calf leather 2 cents a foot; operations averaging about T5 per cent of capacity against 60 per cent some weeks ago. Bunte Bros.—50 cents common divi- dend; paid $1 February 2 and 50 cents a year ago. Empire Steel—Creditors and security holders voted to continue operations: had operating profits of about $4,800 in_June. National Enameling & Stamping— Bought in over 25000 shores of own stock this year, leaving about 130,000 shares outstanding. B Transue & Willlams Steel forgings June quarters deficit, $36,071 against net income before taxes $23,411, equal 'o 23 cents common share; 6 months seficit, 72321 against net income be- fore taxes $52,730, equal to 53 cents a common share. Kelly-Springfield Tire—May consider general increase in prices; Juns sales to dealers up 26 per cent from May. National Railways of Mexico April net after expenses, off 223 per cent; 4| months, off 29.5 per cent. Sally Frocks June sales, off 7.4 per cent; 6 months, off 4.2 per cent. ‘Walg-zen Co. had 449 stores as of June 3. Standard Steel Spring gets Spring contract for new Plymoutt: car. Ages of7133 Total 9,948 Years. ‘Members of the Ruchill Old Man's Club of Glasgow, Scotland. recently joined in an excursion to Lanark Loch, and on the way found that the com- bined ages of the 133 totaled 9.946 years., M. Mars, formerly a dancing cher and now nearing the century gave a violin and dancing num- —1981.— High. Low. 02 23 100 103 16 102 105 5 103 16 103 18 107 22 109 22 114 8 112 —1981.— High. Low. 101 90w 8715 57ia 105% 102 47 261 102 958 511 104 104 20 105 29 FINANCIAL Btock and dividend. 8 102 24 100 13 100 20 2 U S 43 1944-54. 6 US4Ys 1947-62 Stock and dividend. Abram & Straus 5% e'43. . Alleghuny Cocv Am Internation 5% 4 2 Am Sm & Ref 1st b8 °47. Am Sugar Ref 63 37 Am Tel&Tel cv 4% ‘3! Am Tel & Tels( bn. Am Writ Pap 63 '47. Argentine 53 June ‘69, Argentine 6s A ‘57 Armour & Co 4% s Armour of Del 5% s "48. AtchT &S Fead) AtchT& S Fgen AtchTo & SFed%r 48.. AtlanticC L Atl Coast Line Austris 7843, B & O gold 48’48 B&Ocvat%sas.. 4 Balto & Ohjo bn "8 B&Oref 5896 R&OrefSsD Balto & Ohio 6s °55. R&EOPLE&X W Vads... B&OS W Div Banror & Aroos Rank of Chile 6158 57 Rank of Chile 6% s 196 Relginm 635, .. Bell Tel (Pa) ref 6248, .. 5 Beth Steel pm 6836 '« Brooklyn Afanh 1at 6x A Bolivia 78 ct 69. Rordeaus 68 ‘34. Roston & Matne 68 ‘67 Brazil 65 1926-67. Rrazil 8s°41. . Broadwy & Tth Av 6343, Brooklyn Union b8 ‘60 Careda S8 °52. Ca“ada National 4% Coladian Natl 4148 ‘57, Conadian Natl 4155 '68. “n Nat July 5= ’69. Sinadian Natl 5363 fnnadiar Pacife deb ¢ Ches & Oh gen 414892, Ches & Ohin 4%8"92 A, Ches & Ohio 4% s B '95. ChiB&Q4é%sB'17 THE SUNDAY STAR, WASHINGTON, D. C [ BOND SUMMARY FOR THE WEEK INSURANCE RATES UNITED STATES GOVERNMENT. High. 102 20 10074 1074 81% 102% . 9Bl 9% €BY 94% 104% 103% 89% 108% 994, 991, 100% P8l Ch & Fast 11l gen §s '51... Chi Great West 4g '59. . Chi M StP&PBx'T5. " Chi M St P & P adi & Chicazo&Nwn cv 4% Chi& N W 6%s Chicago Rvs bs 27 ChiR1& Pacref 4 e Chicago Rock Tsl 414860 Chicago R14%s A Chi Union Station Chi Unfon Station 6 Chile Copper bs *47. . - i CCCRStLrf4%sET. CCC&SKtLEaD CCC&StLref6sA’29 Cleveland Term 6= B'13 Colombia 6s 1961 Jan. Colon Of1 6s°38. . Colo & Sou ref 4% Columb G & E deb 4 Comm Invest 63,849, Con Coal (M) 1st ref Copenhagen s 52 Cuba R R bt Cuba North 6%s Czechoslovakia 85 °61. Del & Hudeon b3%s *37. « Denmark 63%s 1966, Denmark 6542, .... Den & Rio Grande en 4s. Den& RG W 51 Den & R G W, Detroft United 4% Dodge 6s°40. Duquesne 41 g Indies 6. Dutch East Indle East Cuba Sug 7% Erie 18t con 43 '9) Erfe gen lien Erie ref 5, Erie 53'75. Fiat 7s (xwar) "46 Finland s '50. Flor East Coast Fonda J & G 4% 52 French 78’49 French 73%s "41 Gelsenkirchen Min 65 '34. General Cable 6148 1947 German 7s '49. Goodrich (BF) 6%s°47 Goodyear Rub b3 195 4 Great North 4148°76 Great Nor gen 6% s '52 Great North gen 7838 Greek 65 1968. . Hudson & Man adj 5867 Hud & Man ref 5s '57. Humble O & R 6%s ‘32 Illinois Cent ref 4s '55 Illinots Central 4% s '66. Inland Steel 43,8 197! Inter Rapid Tran s Inter Rap Tr bs sta "66 Inter Rapid Tran 68 '32... Inter Rapid Tran cv 7s. B 4 Inter Cement 68 *48 Inter Gt Nor adj "65 Inter Match 6s'47. Inter Mer Marine Inter Paper 5s A Inter Ry Cent Am Int Tel&Tel cv 4%s tu i —6n 1014 101% —1% r—ll!!; 1%"101% Trish FresState Stock and (‘1"6"!:. 102% Japanese 6%s ‘54 73 83 95 97 Kan City South Kan City South 6 4 Kan City Ter 15t 48 Kan Gas & Elec 4%8 80.., Kendall fi4s 48 (war) Kreug&Toll 6s ct w! 4 Lackawauna Steel 58 50 D60 Lacledes % Lehigh Val cn 4s 2 Liggett & Mvers bs Manati Sug 81 743842 Market St Ry 7s 4 Midvale Steel Milan 6% 8’52, ... MU EIR& L 18t ref 6s... Minn & 8t L ref 4; MStP&SSMEys'3. Mo Kan & Tex 1st 45 '90. & Mo Kan & Tex adj 68 Mo Kan & Tex pr In 5 Mo Pacific gen 4375 Mo Pacific 55 A ‘65 % Mo Pacific 6s ¥ Mo Pacific 63 G. Missouri Pacific 55 H ‘30 Mentana Power 58 1943. . i Nassau Elec 48 '51. 5 New South Wales '57... N 'Y Cent deb 43 ‘34 N Y Cen ref imp 6s 2013 N Y Cent deb 65 '35 NY Chicago & StL ¢ NYCh& SLref6%sA.. N Y Chi & StLouis 6s '32. N Y Edison 18t 63%s 41. E Norfolk & W en 4 North Amer Ed b North Racific 3 North Pacific 4: E North Pacific 68 D 2047. North Pacific r 1 65 2047.. Northern States Pow bi é Norway 5%s. Pacific Tel & Tel b3 ‘62 Pan-American 6s ‘34 Para-Fam-Lasky 68 Paris-Lyons-Med 6; 2 Paris Orleans 5% Penn gen 4 Penna RR 415 Penn 4% ‘63 « Penn 63 196 Penn gen Penn 65 ‘36 Peru 65 °60. Peru 7s. Philadelphia Co bs 6 Phil&Read C&1 68 wi'49. Philips Petrolm 6% 839 Pireilf Coof Italy 7s ‘52 Pittsbgh& W Va 43%s C '$0 Poland 8s°50. Postal Tel & Cab 68 '33.., Queensland 6547, Queensland 7s *¢1. Reading 438 '97... Reming-Rand 6 %8s Rhinelbe 7s... Rhine Westpha! Rio de Janeiro 8s 46 Rio Grande Do Sul 6. RIATk & L 43834, Rome 6% '52.... SLIM&SR&G 4s'33. StL&BF prinds A'50. StL&SF 4%s"Tl St L & San Fr 58 B '60. St Louls S W con 4s '32... StPKCS Line 4%5'41.. Sao Paulo State of 85 '36. Seaboard A L ref 4s'59. Seaboard A Ladj 5849, Seaboard A L con 6s "4 Seine Dept of %s. Serbs.Croats&s A Serbs Croats Slov $8 '63. Stnelalr Ol 7837 Sinclair Crude Ofl § Sinclair Pipe Line § Southwes Rell Tel South Pacific col 4s South Pacific ref 4s 55 South Pacific 4 %: Southern Pac 4% 5 '69 ww Southn Pac Ore 438 '77. Southern Ry gen ¢s ‘66 Southern Ry 1st 58 Southern Ry gen 63 ‘56 South Rv dev 6%8 '66. Stand OIINJ Stand OfIN Y 4% Swiss 5%s ‘46 ¢ Tenn Copper 6s B '44 Texas Pacific 55 B Texas Pacific 58 C " Thira Ave 1st ref 4. Third Ave adj b5 "60. Toko Elec Pwr 18 '55 United Drug 6s °5; Utd Kingdom 6%s '3 U S Rubber 13t & ref bs. . Uruguay s 1960.... Utan Power & Light 6s Utilitles P & L 6%s '47 % Vienna 63 1952.. Va Ry & Power 5. Virgiola Ry 1st 65 62, Wabash 41 h 39. Wi 5 Wabash 55 B 1976. Wabash 58 D '80. Wabash 5%s'75. Walworth Warsaw 7s 1958 . West Shore 1st 45 2361 4 West Maryland West Maryland 6%s Western Pacific b Western Union Tel 6%s. . Wilson & Co 1st 6s Yokohama 6= '61. . Youngstown Steel 53 *78.. 1. 1014 Net Low. . Chse. 106% 106% ~ " 100 100% 107 7% 1074 + % +1% +1% + % 5! ” % ) » % % (3 % % W +14 — " + Wi +1% e ~1% -1% - % % -% =11 ~ t Gl | i) + % W 13 e % o B e & (R 4 FEFEFE §F F REE R 4t o we L3 + & | = %f + % +28 | — 21y +1 + % -24 2wl -1k + %l L4441 Frryz 101% + % 004y 100 NEW YORK STOCK EXCHANGE (Continued From Second Page.) 4 U S Steel Corp pt (7). Stock and dividend. U S Tobacco (4.40)... United Stores A.... Unit Stores pf (4). Universal Leaf Tob Vulcan Detinning (4)... Wabash RR... Wabash RR (A) . Waldort System (1%) Walgreen pf (6%). ‘Walworth Co. . Ward Baking (A). Ward ing B. Wara Baking pf Warner Quinlan.... ‘Warren Bros (2) § Warren Fdy & Pipe (2). Wesson O11 & Snow (3). Wesson Ofl & 8p pf (4).. High. Net Low. Close. Cha 141% 141 U1 F osesE" F R “eEad Stock and_dividend. West Penn Power pf: Western Dairy (A) W . M. 11 2! Western Pacific pf. Western Union Tel (8).. 1 Westinghouse Alr B (2). Westing EI&Mfg (4) Westinz E&M pf (4) West Vuco Culorine(2). Wh teel. . . Wheeling Steel pf (6). s White Motors (1)... White Rock M S (t43).. Wilcoz Oll & Gas. ... Wilcox & Rich (A) 3% Willys-Overland......., Willys-Overland pf (7). Wilson & Co p! Worthington Pump. Wrigley Wm (4).. Tale & Towne (2) Yellow Truck & Coach. Yellow Tr & Coach pt Young Spring (3) Youngstown Sh&Tu (2), % Zenith Radlo. ...... Zonite Prod Corp (1) gh. Low. Close. Net Chge 24 3% 1 8 117%x1 Y 25% ™% 12% 9 18 26 1% 5% 1% 5% 1LHl+4+1+ +) (AER AN 12% i nnual cash West Penn Eleg A (7)... year] West Penn Elec pf (6) West Penn Eleo pf (7) 113% 103% 107 West Penn Power pfi6). 113% 112 x113% y extra. 3Pl 106 107 R A | Fefas Dividend rates as given in th payments based on ‘the latest o ot e, e or 510 lus. in special preferred stoc no regular rate. n Plus 57 in stock. quarterly or half zl’g {Plnble in cash o in stock. 50 cents in’stock. “m Pald this vear— 4% 2% stock. g ck. k Plus AMERICAN TOURIST BILL IN MEXICO $58,109,000 By the Associated Press. American tourists spent $58,109,000 in Mexico last vear. “This sum,” the Commerce Department said, “is enou| to pay for nearly one-third of Mexi- co's imports of merchandise from all countries.” At the same time the department said expenditufes of Mexican tourists in this country amounted to $13,000,- “Mexico benefits far more from | American tourist expenditures than any other foreign country except Canada, unless payments to British vessels be included in the estimate for the United Kingdom,” the de- partmert said. “The 1929 estimate of expenditures by Americans crossing the border was only $38,000,000. The normal growth in the trafic was checked that year 2 by the disturl conditions of the count:rybfd pot et “Some of the growth in 1930 re- sulted from recent roadbuilding in e b s fostering this traffic,” e King George has sent a congratu- latory message to C. W. A. Scott, who broke the record by his flight from Australia to England in 10 days 23 hours. JULY 12 ) INUPHARD TREND Charges for Compensation Advanced as Cost to Com- panies Increases. BY ROLLIN M. CLARK. Encouraged by the action of the Na- tional Convention of Insurance Com- missioners In recognizing that work- men's compensation insurance rates should be increased in view of the! emergency caused by progressively higber loss ratios sustained in recent | years, the insurance carriers have lost no time in developing a new rating method whereby rates are moved up- ward. This action is likely to affect employers of labor in about two-thirds of the States. A proposed increase averaging 13.4 per cent for the entire country has Just been announced by the National Council on Compensation Insurance. As the new rates are based on the ex- perience of the individual States, the increases vary considerably. In two States, Towa and South Dakota, no change is to be sought, but in 33 others, the District of Columbia and Hawaii, the proposed schedule calls for in- creases ranging from 17 per cent to 57.9 per cent. In general the higher | increases are found in the industrial States, where experience has been par- 1y poor in the compensation field as a result of the business depression. In a majority of the States compensa- | tion insurance rates are subject to State approval. Plans have been made to obtain early action by the supervisory bodies where this course is required Kentucky has already granted approval to & 9.4 per cent increase asked by the insurers. Oklahoma, on the other hand, has denied an application for a 579 per cent increase, the largest sought in any State. pending submis- sion of detailed data by the companies at the order of the State Insurance Board. Texas. which makes its own rates.- has just dnnounced a revised schedule which includes some increases end some reductions, thereby failing to follow the suggestion that rates be increased uniformly 20 per cent in that Btate. The present emergency arose from the distinctly unfavorable experience of ' the policy years 1928 and 1929, con- tinuing through 1930. according to data placed before the various State in- surance commissioners by their repre- sentative on the national rating or- ganization. ~Although indemnity loss ratios remained almost constant during 1825, 1926 and 1927, progressive in- creases have occurred each year since then. At the same time medical costs also have incre: annually at an al- most uniform NEW BUSINESS POLICY BELIEVED ADOPTED Special Dispatch to The Star. NEW YORK. July 11.—Abandonment of America’s isolationist philosophy is seen in the initiative taken by this country in intergovernmental debt sus- pension, Payne Webber & Co. say i their Semi-Monthly Review, discussing the probeble future effects of this re- velopment. “It respresents a sharp re- versal in ‘our Government’s attitude to- ward world affairs,” the bankers state. Insurance Case Dismissed. RICHMOND, Va. July 11 (). —Pro- ceedings were dismissed today by the State Corporation Commission against the Security Life Insurance Co. of America, under a decision that the capital structure of the company was in_satisfactory condition. The proceedings were instituted against the company, which has head- quarter in Chicago, after the commis- sion had receved reports of impaired capital. Testimony centcred chiefly about valuations of stock of two affili- ated companies, the Intersouthern Life Insurance Co. and the Northern States Life Insurance Co. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., July 11.—There being no trading on the egg exchange the past week, the market is unsettled, but has a firmer tendency on fresh- Iaid stock. With warmer weather pre- vailing most of the arrivals are showing considerable loss under the candle d this class of stock is slow to find favor even at current receipt prices. Buyers are very critical as to quality at this time of the year and shippers are ad- vised not to hold their eggs, but to ship promptly, even in single case lots, to realize top prices. The market closed today at 20 to 21 cents a dozen for hennery white firsts and 17 cents for current receipts. Poultry Prices. With the good demand which pre- vailed over the holiday continuing this week, coupled with generally light receipts, the live poultry market rules steady to firm and values on old hens show an increase over last week. De- mand for Spring chickens continues good, especially for stock weighing 2 pounds and over, but smaller chickens are slow to move out and most of the arrivals are largely of this sort. Mixed colored springers, 22 pounds and over, are bringing 32 and 33 cents a pound, and 2 to 212 pounders, 28 to 30. but smaller are slow sale at 24a26, with Leghorns selling mostly 20a25, as to size and quality. Old hens in light receipt and values show an advance of 2 cents a pound at 18a24 for stock weighing 31, pounds and over, but Leghorns will not bring over 15a16 and all poor light fowl is neglected at 12a13. Old roosters ample receipt and generally slow sale at 12a15. Demand for ducks limited and centered on fat stock 4 pounds and over at 18a22, but smaller stock moves slow at 15al7, and old ducks are not wu:md l:- am; p;lce. Pigeons are in ample supply and prices are mostly in buyers’ favor at 20a25 a pair for both young and old. Vegetable Prices. ite potatoes in moderate receipt, but.Wh:m |:°{or the demand, and the market gmlds steady at 1.75a2.25 per barrel, but ungraded as well as No. 2 stock will not bring over 1.00a1.25. Native and nearby garden truck is in ample receipt and with the exception ' of stringless beans and tomatoes the market rules easy and mostly in buy-. * favor at the following quotations: eAr:pl{'.lxm,.metllum to large, 1.25a1.75 r dozen, and small, 75a1.00; string- ?.'- green beans, 50a1.10 bushel: beets, 1.00a1.50 per 100; cabbage. 30240 ham- < carrots, 3.00a4.00 per 100: corn, f;:zs ‘dozen; cucumbers, 50265 bushel; onions, 75a1.00 bushel; Spring onions, 75a1.00 per 100; peas, 508125 bushel; 30a40 bushel, and tomatoes, 1.00a1.25 hamper. Live Stock Market. The ttle market holds steady under ll};'mumfl ts on the wharves and while prices show no chlnfe from week the market for grass-fed cat- tle is slightly easier. Quotations today at Light street wharf. Beef, first qual- 1 squash, 3 to medium, 4a5; bulls, Sa5: cows, choice to fancy, thin, 4al ant 1a2; Spring good, 6a6; small, thin, Z:ZV‘:.J:." sodlent, Ta7iy; sows, 5a6; stags. 3ad; live pigs, 15218; shoats, 12a14. x e 1931—PART SIX OIL PRODUCTION SUGGESTED AS INDUSTRY AID BY CARLTON A. SHIVELY. Special Dispatch to The Sta: NEW YORK, July 11.—An oil pro- duction moratorfum is as badly needed |1n this country as relief from debt pay- ments is in Europe. Although companies which buy crude oil at the wells and transport it to their own or to other refineries are still “posting” prices in the Texas and Oklahoma fields, crude oil may be ob- tained in the new East Texas fleld for almost any price which the buyer is willing to pay. At some wells it is sell- | ing in quantity for as little as 6 cents| a barrel. Posted prices of 10 cents a barrel are becoming general in Texas and Oklahoma. Tt is estimated that: ithe 400.000,000 barrels of crude oil in !storage were produced with average prices close to a dollar a barrel. Recent Price Slashes. Crude oil price slashes this week | jhave exceeded anything seen in the cil 1 industry for a good many months. Cut- ting began by straight reductions of 15 cents a barrel by Humble Oil & Re- fining Co., a Standard Oil of New Jer- sey subsidiary, in the Texas fields. It was followed Thursday by a similar re- duction by Sinclair in the Oklahoma flelds. Successive reductions in crude in the Texas fields have been considered in- evitable, in view of the huge flow from the flush pool in East Texas. That State has a proration law, but the law lacks teeth. Gov. Sterling of Texas has just called a spectal session of the Legislature for July 14 to amend the law 50 as to force drastic curtailment. | Economic law is doing the job more | quickly in Oklahoma. Oil ‘producers are considerably upset by the spread of the price cuts to Okla- homa, inasmuch as proration has be strictly observed in that State. How- ever, the East Texas oil is of high grade and competes directly with Oklahoma oil and that from all over the South- west. As a result prominent Oklahoma operators are meeting today to con- sider a plan for shutting down entirely in the great Oklahoma City l: Large buyers of crude ofl have been with- drawing in wholesale fashion this week. Disconnections at wells exceeding their prorata quota have become general. These extremely low prices are bring- FINANZIAL MORATORIUM ing discomfort, of course, to dent entirely on immediate from small pre far as the industry as a wi is con- cerned they will have a salutory effect. | They will force reduction in output to a | degree which no amount of proration nmfienu has been able to bring about. New .drilling has undergone a striking decline. Gasoline prices also have suffered in ‘Texas and Oklahoma. Gasoline is sell- ing wholesale at lees than 3 cents at| tank-car market, and has been as low as 2 cents a gallon. Gasoline price re- ductions are spreading throughout the country, but in some sections prices | have withstood the pressure of declining | «rude prices. A vepercussion of the drastic crude oil price cuts is the indefinite exten- sion by the principal importing com- panies cf their agreement made with Secretary Lamont of the Department of Commerce to restrict imports. This | agreement expired today, but by com- mon understanding that restriction will hinge on changes in the domestic pro- | duction and price situation. { Import restricticns came about at the | urgent request of the small operators and royalty men of the Southwest, who held that curtailment of output at home | 22. Demand was being nullified by imports of ofl. A reduction of 25 per cent was agreed upcn by Standard Oil of New Jersey Pan-American Petroleum (a Standard of Indiana subsidiary), the Gulf Ofl| Co. and the Royal Dutch Shell organ- ization. Percentage of restriction was based on 1929 imports. Figures for June show imporis of 6,384,000 barrels, or virtually a 25 per cent decline from a year ag>, indicating that the agreement was adhered to. Domestic Conditions. 1 Disturbed domestic conditions doubt-| | Iess have been the deciding infiuence in import curtailment. The matter is set | out succinctly by an official of Pan- American, who says that his company | will maintain the spirit of the agree- ment and that “our imp'rts will be| consistent with the general welfare of the industry. As far as possible they will be held down to the basis of the original plan, but the agreement with Secretary Lamont is a flexible one.” (Copyright, 1931.) 'BETTER BUSINESS IS SEEN IN CANADA' IOptimism Follows Action of Hoover { in Effecting Holiday on Debts. Special Di - =~ to The Sta: TOROXTO, July 11.—The agreement ' reached by the United States and | { France on a debt holiday is welcomed here as a guarantee of an immediate improvement in business sentiment | This aid-to optimism is all the more hecessary at present, since returns avail- able chowing production and activ for May and June leave the adverse and the favorable features about evenly | balancad. | The most discouraging factor in the | situation has been the reduction of the Westerr, wheat yield through drought | during the first weck of the present | month. With a prospective crop of less | than 60 pcr cent of the average pro- | Guced in the last five years, the West- ern farmer is uncertain whether to view the decrease in the country’s stocks of wheat on hand as a matter for regret or for congratulation. So much grain of last year's crop and of the embarrassing carryover from the.harvest of 1929 has been sold that the stores on June 26 amounted to only 119,498,016 bushels, as compared with 126,693,140 bushels on June 20 of last year. Ordinarily this reduction of sup- | plies would indicate a favcrable situa- tion, but since the grain of the pr t | crop year has been disposed of at sac- rifice prices and since the new harvest will fall fo much below normal, some Western authorities are inclined to re- gret the hurried marketing. (Copyricht. Radio for all Policemen. To fight the serious and growing auto bandit menace in England a committee of police chiefs and radio experts re- cently met in London and outlined a system by which every policeman in the country will be equipped with a pocket radio set. This will keep all officers in | constant touch with headquarters as they patrol their beats. An electric buzzer, carried on the outside of the | tunic, will warn them when they are | being called and small earphones will | enable them to receive messages. It is jexpected that within the next few | months all English police forces will | have their own broadcasting stations. Compulsory Irish Slow. That the Irish Pree State's plan of enforcing the use of the Irish language in the public schools is hampering edu- cation and handicapping the rising | generation is the charge made in the | annual report of the Free State min- istry of education, which has just been issued. “Otuside the Irish-speaking dis- tricts,” the report says, “the progress in the use of Irish as a medium of in- struction is slow. This is not be won- dered at, as only about one-fourth of the teachers are really competent to give such teaching and a large propor- tion of these is massed in the Irish- speaking areas.” The report adds that English appears to be well taught, LT Battle for Millionaires. Deauville and Le Touquet, prominent playgrounds of the rich in France, are staging a battle for the favor of mil- lionaires of other countries. Le Touquet has been campeiging hard and has won he lead by its golf course. Deauville has just fired a blast in opening a lux- urious $1,400,000 hotel with 250 rooms and most attractive golf course in France. It was built by M. Andre, who, as chief lieutenant to the late M. Cor- nauche, built up Deauville, Cannes and La Baule and controlled 50 restaurants and a dozen hotels. La Touquet is ex- pecvg': to counter with other improve- men! Money to Loan Seenren "‘...‘.:'..:'é':': Joseph W oo 8 ¥ NW. | MONEY*TO'LoAN Trust i 15th Y, Ave. N.W. (Nationai Savings & Trast Co. Blds.) | Natlonal 4346 LOW PRICED STOCKS Every investor should benefit by this timely compilation of 25 stocks which appear to have unusual long term profit possibilities. These 25 represent a very careful sifting our editors of the 425 stocks ly sold under $12 per shate. Each of the 25 showed good earnings in the four years prior to 1930. Each company is in, sound financial condition. This valuable list included free with an eight weeks’ trial subscription including our “‘Semi- Annual Review and Forecast Issue” and “Sound Investment Rules”—§2.00 value for $1.00. Return this “ad” with $1.00 today. WORLD America’s Investment and Business Weekly 53-FM Park Place New York [HISTORY INDICATES | 1918 UPTURN IN BUSINESS World Believed Near Enough tt)‘2 Economic Equilibrium to Permit Advance. The wor'd is near enough to a state of economic equilibrium to expect a ! turn in business and the stock market This opinion is expressed by J. H Lewis of Goodbody & Co., who delves | into former depressions to show that | what further adjustments may come might well get under way after busi- ness has started a slow recovery. “It is to be remembered.” says Mr. Lewis, “that not all of the adjustments are completed before business or the | stock market turn upward. Thus in| 1921 to 1922 the low point in rents was reached abcut 12 months after the low for business and about eight months after the nadir for stocks, and the same was true of wages in comparison with low points for business and stock prices in that period. “Now wholesale prices are back to 1914 levels, retail food prices to the levels, clcthing to the 1916-17 Jevel; rents are the lowest since 1920, cost of living since 1918, purchasing power of the doliar is the highest since %g;g anmi wages the lowest since EABNIN&S REPORfED. | NEW YORK, July 11 () —Per share earnings of corporations reporting this week, With comparisons with last vear, | include: Three months. May 31— Auburn Automobile. .. Nash Motors ree months. ‘June 30 Union OIl of California .. White Rock Mineral Springs.. 1 Six months. Eread i Deree & Ray | CA” an common EH £ Thirteen weeks. M | Fox Fim - 4 1m) Year_ April 30- | Crown Willamette Papers 15t pf. 947 17.42 | voimedin i CHICAGO DAIRY MARKET. ! CHICAGO. July 11 (#) —Butter, | 16.364; steady; prices unchanged. Eggs | 12,284; firm: prices unchanged. 1931 $11.06 e 02 26 CRUDE OIL PRICES CUT. PITTSBURGH, July 11 (#).—Leading purchasers of Pennsylvania grade crude oil today announced that prices had been cut from 5 to 15 cents a barrel, bringing them to levels that have nat prevailed since 1915. Pennsylvania grade in national transit lines was reduced 15 cents to $1.35, in 50 cents. Pennsylvania grade in Buckeye lines was reduced 5 cents to 95 cents._Other grades were unchanged. REPORT OF CONDITION Of the North Capitol Savings Bank Of Washington. in the District of Columbia. at the close of busi on June 30, 1vsl RESOU 1. Loans and discounts ..31.185.813 52 2. Overdrafts 48 6r 3 United States Government se- curities owned 4. Other bonds, stocks and se- curities owned 6. Banking house, ' $54.912.90. furniture and fixtures, $20.- 21883 1.660.00 7. Real estate owned other than banking house Cash and due from . Outside checks a casn items .... Total banks nd other ..$1,562,142.51 LIABILITIES. Capital stock paid in ... . Surplus 3 : Undivided profits_riet Due_to banks, including cer- tifled and cashiers’ checks 90,099 00 09,00 3.133 45 4874 ashinzt . ATES. cashie the above-nemed bank. do solemnly swear that the above statement is true to the best of my knowledge and belief. P. HENRY COATEJ. Cashier Subscribed and sworn to before me this 11th day of July, 1931 (Seal) REBECCA X No' Correct—Attest: CHARLES W FLOECKHER. ALLEN" HOLLANDER. JOHN A. ECKERT. Direeto REPORT OF CONDITION O the Prudential Bank Of Washinzton. in the District of Columb: at the close of business on June 30, 1 RESOURCEA. . Loans and discounts $155.043 61 Qverdratts a1 20.068.75 225.401.28 Banking house. ' '$53.151 9. furniture ‘and fixtures, $14,- e 1281372 . Real estaie owned other than banking house Cash and due from banks . Outside checks and other cash items el Total 512,699 21 LIABILITIES. Capital stock paid in Surrlus Undivided profits—net Reserves for interest. taxes other expenses acerued and unpaid 1 . Due to banks. including certi- fied and cashiers' checks outstending 2 Demand deposits .. 23, Time deposits .. £100.000 09 7.000 00 1.052.53 860.13 243 156, $512.699.21 cashier of the solemniv svear that is irue to the best of d belief ARD A BAKER. Cashier sworn to before me thig Iy, 1 WALTER L- CARTER Notary Pubite JOHN R _HAWKINS, M 'S KOONCE. TALLEY R. HOLMES, PETER W. PRICI BAKER. ahove stetement my knowledg Correct—At: REPORT OF Enfl—r}n?os ¥ the International Exchange Bank Washinston. in the Di Columbia, at the close of business s of on June 30, 1331 RESOURCES. Loans and discounts £506.917.01 Unit cul 1.000.00 ne . sfocks and sl ed 1.102.90 1227 ure and fixtures. $31.- 154.461.41 25.152.84 tate owned ‘other than ouse 5 16512114 nd_due from’ banks checks and other cash 48078 1.303.1¢ A 1855.527.19 LIABILITIES Capital stock paid in £136.820 00 rplus ing - checks Total Ciry of Washington. Distri oliml I F_J. KAUFMANN. Jr. cashier of the above-named bank. co solemnly swear tha the" Shote ‘ctatement s ‘rue 10 the best of my knowledge and bel: Jr. Cashier. e thig F. J_ KAUFMANN. Subscribed and sworn' to before 10t day of July, 1331 (Seal’) JULIA KRAUS. Notary Publie, Correct—Attest: JOSEPH E_ HEFFR( F 1. KAUFMANN, Jr.i 3 SCHIAVONE. ETER BORRAS. HUGH W "BARR Money Available for Mortgage Loans B whether a new loan, ON'T hesitate to make application for that FIRST TRUST LOAN you are nesding— , or for refinancing. We shall appreciate the opportunity of serving you if conditions warrant and with prompt report, in any event. Loans made on apartment house, residential, office building and business properties located in Washington or nearby and Virginia—for 3, 5 and 10 periods, at MomrGAGE Loax 1321 Connecticut Ave. RANDALL H. HAGNER & COMPANY Maryland year 5%:% CORRESPONDENT Decatur 3600 T NO ANXIOUS WATCHING AND WORRIED WAITING when your ’ mvestment 1s in our 6% FIRST MORTGAGES There will be no fluctuation in re- turn from the date of investment to the maturity of the mortgage—and the principal, which has been insured by Ower a Third conservatively proved Washington real estate, will appraised im- be returned intact. of a Century You can Without a Loss it is due. $250 up. B E National 2100 depend upon the interest on time; and on the principal when May be purchased in amounts from SADL. GO, 925 15th’St. N.W. FOR SAFETY