Evening Star Newspaper, July 14, 1931, Page 14

A—14 x»¥¥ FINANCIAL. DEBT PLAN DELAY ADDS DIFFICULTIES Situation in Europe Regarded Worse Than Ever, While Operation Still Pends. Bpecial Dispatch to The Star. NEW YORK, July 14 (NANA)— The financial world is mystified over what has delayed the Hoover plan for the postponement of war debt pay- ments. In Wall Street yesterday the question was asked: Is it only another | “scrap of paper?” When the announcement was made that an agreement had been reached | between France and the United States, | the world was hopeful that all nations were going to work in good faith to! cure the financial difficulties of Ger- | many. Nobod$ seems to know now whether the plan is in operation or not. Apparently there was no definite un- derstanding when the reparations holi- | day should starf. All the important| nations but France says the holiday is | in effect. France says it isn't. The! European situation is more muddled $han it was before Mr. Hoover made pis proposal. So much squabbling has developed over details that statesmen seem to have forgotten the original in- tention of Mr. Hoover. The latest move of the American President to straighten out matters in Europe appears to have revived all the war hatreds between France and Ger- many. Instead of the guns of 1914, however, economic weapons are being used and they aie just as cruel and ruthless. France refuses to help Ger- many with money unless the former stops building batileships and ends her trade treaties with Austria, and the Germans say no German government can make such humiliating sacrifices and continue to rule. ! Germany's position went from bad to worse over .the week end. One of her important banks failed, others had to Testrict payments to depositors. and still there were no signs of outside as- sistance. Germany at the beginning was enthu- siastic over the Hoover proposal and believed that the United States would extend immediate financial aid in the | form of a large credit. No credit has been forthcoming, and inquiry among the important banks yesterday did not en- courage the belief that any larg: credit would be extended to Germany vet. The Executive Committee of the Fed- eral Reserve Bank of New York held | its weekly meeting yesterday and ad- | journed without making any public | statement in connection with the Ger- { man” situation. Washington intimated that any credit would have to be ex- tended by private banking interests, which would bs given a free hand. New York bankers apparently are divided in their opinions as to whether it would be advisable to lend Germany more money now. It is possible that the banks heavily involved in Germany would like to see a credit ext>nded, and those not involved hold different views. Plainly. foreign bankers are a little dubious about the strength of the pres- ent German government. They want to know why Germany hasn't under- taken more drastic measures to pro- tect herself. It is estimated that about 80 per cent of the capital withdrawals from Germany were of German origin— that is, the German people have been turning their money into sterling, dol- lars, francs or other currencies. For- eign bankers do not feel like lending Germany money if her nationals are going to send it out of the country again It is thought that if the German government, had put restrictions on the export of capital two weeks ago the present crisis would never have been reached. Directors of all the German banks met yesterday and agrced among themselves to limit payments to deposi- tors who want to draw money to send abroad. The German muddle is made much worse by internal politics and an ex- cited press. German political parties are using the present crisis to suit their own ends. The closing of the Darmstzedter und National Bank is| blamed on political enemies and attacks in the press Bitter assaults are also being made in Germany on foreign creditors who ex- tended money freelv to German bor- rowers in the last five years and then suddenly demanded repayment. Ger- many accuses the powers of raising her hopes by postponing reparations pay- ments and at the same time refusing financial aid. The French are playing a lone hand. They point out that they solved their own problems in 1926 without outside help and call upon Germany to bring | about her own reforms. The delay by | France in accepting President Hoover's proposal probably precipitated the pres- ent trouble The French have not such a large stake in Germany as Great Brit- ain and the United States. And while France was arguing over the details of the Hoover plan she was withdrawing her credits from Germany. To make matters worse France has been drawing down her balances in Lendon during the last few days and gold is be- ginning to flow from London to Paris. This has ceused quite a swing in Eng. lish sentiment to the German side. German bonds were sold heavily yi terday all over the world. The German Government 7s, the Dawes plan bonds, slumped to a new low record of 893 on the New York Stock Exchange for a loss of 9 points. The German Govern- ment 55 and 5!,s. the Young plan bonds, declined 674 points to a new low record price of 623;. The Young, plan bonds were offered to investors | of the world in June, 1930, at 92. The | total loan was $300.000,000, of which | about $98,000,000 taken in this| country. | On July 28 the directors of the| United States Steel Corporation will hold a meeting, and the results of their | deliberations will be of great impor- tance to American workers. At that meeting the steel men are expected to decide whether they will continue to maintain the present wage scale of the corporation’s thousands of workers. No indication is given that a wage cut is contemplated. but if it is put! through, it might result in similar ac- tion being taken by other corporations. ' Clerks of the Pennsylvania Railroad for an indefinite period will have va- cations every Saturday without pay. The American Tobacco Co. has; opened a new addition to its cigar fac- tory in Charleston, 8. C., which will eventually afford work for 2,000 em-| ployes. fitted up with new machines for more efficient production. (Copyright. 1931. by the North Newspaper Allfance, Inc | American SHORT-TERE SECURITIES. (Reported by J. & W. Beligman & Co) Bid. Offer. Allis-Chalmers Co_ 55 1937 adian Nor. Rwy. 4 . Northwestern R. Mot. Accep. Corp 7 eneral Petroleum Corp. 5s 1940 blic Service 8135 1939 s 2 R. 55 195 nada 6 Humble O Internat. Matc Marland Ol 551032 . National Dairy Prod. 5ius ‘1948 New York. Chi. & St. L. 6s 1932 Portlan, d Gene: Republic Iron Co. ‘The plant has been completely | NEW YORK STOCK EXCHANGE THE. EVENING. STAR, WASHINGTON, D. C, TUESDAY, JULY 14, 1931.. Received by Private Wire Direct to The Star Office. (Continued From Page 13. Stock and Sales — Dividend Rate. Pressed Steel Car. .. 2 Pressed StCpf (T).. 1 Proct & Gamb (2.40) Pub Sv N J (3.40). Pub Sv N J pf (5). Pub Sv N J nt (6) Pub Sve G&E of ( Pullman Corp (4) Punta Alegre Sugar. PureOll....... Pure Ofl of (8) . Purity Rakeri, Itadio Corp Radio-Kelth-Oroh A. Raybestos Man 2 60. Real Silk Hoslery... Remington-Rand.... Reo Motor Car (40e). Republic Steel. Republic Steel pf. ... teynolds Metals (2). . Reynolds Tob B (3). Richfiel Rossia Insur (2 2 Rov Dteh(m1.3404 ~Prev. 1831~ High. Low. Safeway Stol St Joseph Lead (1).. St Louis & San Fran. St L-San Fran pf (6) St L Southwestern Savage Arms (2) Seaboard Afr Line Sears Roebuck (2%) Seneca Conper. Servel Inc. . Sharp & Do pf (3%) . attuck (FG) (11%) Shell Unton Oil. . Shell Un O1l pf (5%) Shubert Theaters. Simmons Co. ... Sinclair Consol Of1.. 11 South Port Rico Sug. 21 South Cal Ed (2).... 2 South Pacific (6). ... Southern Rwy (mé). S rks Withing «1). Splegel-May-Stern. . and Brands (1.20). Stand Comel Tob Stand G&E (3%)... Stand G & E pf (4) Stand Invest Corp. .. Stand O1l Cal (h2%) 30% Stand Ol N J (12). 13% Stand OlI N ¥ ( 21y Sterling Sec A. 5 Sterl Sec pf (1.20)... Stewart Warner. Stone & Webster (3) . Studebaker (1.20). Sun Oil pf (6).. Superheater (2%). mington. 8 2514 Tex: pI(2)... Texas G Sulphur (8) Texas Pac Land Tr.. Thatcher Mfg (1.60). The Fair (2.40) The Fair pf (7)... Thermold Co. ... Third Avenus. .. Third Nat Inv(m Thompson Srarrett. . Tide Water Asso Oil Add 00. Hign. Low. Oiose. Uiose. 3% 30 2 ‘64% 37 80 997 118'% Prev. 3% 64 1% Tobacco 10% Tobacco 6% Tri-Cont 92'% Tri-Cont 9% Ulen & C 40 Un Tanki Unit Cor: 19 A Vadasco 234 Vi 6% 2T 21 15 5 8% 20% West Pa West Pa Western Western Western Western Western Westing ting Wh Wi Wricley 5% yellow 14's Youncs Spring (3) . T Zomite P'rod Corp (1) Sales of Stocks on New York Exchange. 10 | 1% | . 19| o PM.. 104 | e ‘, tPartly extra. | tast ‘year- 23% or stock. bl payments based on the 3Pl in spec 4 5% no regular rate. n Plus Btock and - Dividend Rate. Add 00. High. 38 Tide WatAspf(6).. 1 45 5% Timken-Detroit Axle 82 Timken Roller (3),.. 6% Transamerica (40c).. 8 281 Trico Products(2%).% 2 Und-Ell- 43% Unlon Carb & C 2.60. Un Oil of Cal (2) Un Pac'fic 110) Unit Atreraft....... Unit Biscult pf (7).. Unit Carbon. Unit Cigar Sto; Unit Corp pf (3). Unit Electric Coal. .. U S & For Secur. Unit Fruit (4). Unit G & Im (1.20) Unit G & Im pf (6)., 4 U S Indust Alcohol. . U S Leather. USPlpe& F (2) U 8 Rubber . U S Rubber 1st pf... U S Steel (7). U S Steel pf ( Unit Stores A. G Unit Stores pf (4)... Univ Leaf Tob (3)... Ut P&L A (012.15). dium Corp'n. 71% 594 Va Car Chem pt (7). 71% 38's Vulcan Det (4) Waidort Sys (1%) Walworth Co. . . Warren Bros (2) Warren Fdy & P (2 Wells Fargo. ... Wess Oll & Snow (2) vac ite Rock MS t4% . Iys-Overland Wilson & Co A. Wilson & Co pf b Woolworth (2.40)... 14 Worthington Pump. Dividend rates as given in the above table are the annual cash no regular rate. £Plus 87% in stock 1 preferred stock Bales— Prev. Close. Close. 45 46 6% 6% 36 36 3 3% 10% 11% % M 8. 8% 92% 384 10% 104 52 524 51% 50% 17% 17% 1635 16218 Low. 4 Product, Prod A 98¢ Corp......t Corp pf 3 1 0 (1.60) Fisher (5).. Car (1.60).. 26% 6% 19% 119% 15% 15% % 5 22 224 50% 50 5% 55 271 10s 1 1 7 D (76c)..... 285 5 Tl 23% 4 141 1411 [3 L3 40 44 32u 33w 23% 23% K % 81w 31% 62 6 484 46% 244 24 6% 6% 4 4% 7 T 21% 21% 22 22y 1 1 19% 20 97 97 1061 107 8 ales Corp. b 51 0f (6)... B0s Elpf (1)... 10s Dairy B.... 10 Ma. 7 Pacific. 1 Pacific pf Union (8).. AB2). 15% 113y 265% 65% % 23 38% 4 3 10 4 90 E&M pf (4). 60s o Chlor (2). . 5% 3215 66% 47% 7w 4 (Wm) (4).. 1 TR 9 i 1 18% 6 12% 12 200,000 1 500,000 . 700,000 « . 800,000 Iatest quarterly or hal 1s 4% in stock. TPlus 9% in stoc a Py b Payable in stock. e Payable in h Plus 2% in stock. ) Plus 50 ces k Plus 3% in stock. m Paid this ye 8% in stock CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS By the Associated Press. NEW YORK, July 14.—The following is a summary of important corporation news prepared by the Standard Statis- tics Co.. Inc., New York, for the Asso- Automobile production for the week ended July 11 went against the down- ward trend, which is customary at this | season and showed an increase. Al- | though the tctal figure was greater, | most manufacturers did curtail their | output, the rise being caused by the re- sumption of operations by a concern which had be-n closed and a sharp in- crease in production of a producer in- troducing & new car. The actual fig- ures, according to Cran's Automotive Reports, was 61,833 units, which com- pares with 60,976 units in the preceding weck and 73.636 units in the week ended July 12, 1930. The Companies. Barker Bros preferred share earn- ings, six months to June 30, $2.04, against $4.60. Fashion Park Associates June consol- idated net sal’s, $1,628.855. General Tire & Rubber—Loss in first three months recouped in second quar- ter. Inland Steel second quarter earnings expected to exceed net of $633.873 re- ported in first quarter: operations at about 37 per cent of capacity. Kansas City Public Service total re- ceipts January 1 to July 5 off 2.8 per cent from year ago. Kelvinator Corporation June ship- ments 30 per cent above year ago; six months up 15 per cent. MacMarr Stores 162-3 cents adjust- ment dividend on common stock. May Radio & Television sales for six months ended June 30 up 63.3 per cent. Packard Motor Car plant at capacity on new models; vacation shutdown canceled. Pennsylvania R. R. establishes a five- day week for clerks, no salary to be paid for the Saturday morning off. Public Utility Holding Corporation of $9.17 class A and common share. Real Silk Hoslery Mills plants oper- ating at 80 per cent of capacity, against 70 per cent for last_three months. Ryerson (Joseph T.) & Son, 30 cents quaiterly dividend; formerly paid 50 cents quarterly; 30 cents quarterly divi- dend also declared for payment Novem- Atlantic Securities net asset value June 30, 1931, $9.74 a common share, against $8.60 December 31, 1930, Interborough Rapid Transit—Transit Commission refuses to rescind 6-cent County Railway, subsidiary, granting six months extension of time in which company may charge 6-cent fare, American Chain—Subsidiary, Ameri- can Cable, gets $6,255,767 Golden Gate Bridge cable contract. Bethlehem Steel — Subsidiary, Mec- Clintic Marshall, gets $10,494,000 Golden Gate Bridge superstructure con- tract. ¢ Bunker Hill & Sullivan Mining & Concentrating May operating _profit, before depreciation and depletion, $16,- 117, against $263.852; fiive months, $466.684, against $1,180,821. Chrysler Corporation—Production of New Plymouths at capacity. Crown . Zellerbach Corporation pref- terred share earnings vear ended April 30, $5.17, against $17.36. Detroit Edison common share earn- ings, 12 months to May 31, $8.74, against 10.13. . ‘Hupp Motor Car—June quarter deflclt: expected: number cars in dealers’ | hands July 9, 4.200 cars, against 8.000 July 9, 1930; no new models antici- pated this year; cash June 30 reported | $1,000,000 above year ago: inventory reduced about same amount. Kroger Grocery & Baking common share earnings, 24 weeks to June 20, 1931, $1.25; earned 12 cents & common share in 26 weeks to June 30, 1930. National Sugar Refining—President expects maintenance of $2 annual divi- dend rate; unsatisfactory earnings in first half; full year's earnings expected to cover -dividend needs Otis Elevator June quarter common share "earnings, 64 cents, against 67 cents; six months, $1.33, against $1.50. Pan-American Petroleum & Trans- port—Venezuelan crude oil output in- creased by 20,000 berrels over out- Sinclair Crude Oll i) Prcific 5s 1934... Standard Ol N Jersey 85 1946 Standard Oil N. York 4'zs 1851 St. L LMS8S Ry. R & E. 45 1933 Union Elec Lt & Pow. bs 1933 nion Ofl Co. of Calif. 5s 193! ited Drug Co. 88 1653 1 irginia Rallway & Pw. 5s 1034 W Electric_Co. 53 1944. teel Corp. o turn of June 30, to 105,000 barrels daily; 90-day production curtailment agreement_expired on latter date. Parker Pen—Working schedule step- ped up to nine-hour day and five-day week. Pennsylvania-Dixie Cement—Smaller net. expected for 12 months end- America liquidating value May 31, 1931, | fare order for New York & Queens | | ed June 30 that the $467202 reported | for 12 months ended March 31, 1931. | Scotten-Dillon 30 cents quarterly divi- | | dend plus 10 cents extra; paid 30 cents | | extra August 7. 1931. | American Founders net ass:t value May 31, 1931, $3.59 common share, against $5.55 November 31, 1930. | Chicago & Alton Railroal June quar- ter deficit $785,367, against deficit $1.- 394,856; six months, deficit $2,044,293, against deficit of $2,286,192. Globe-Wernicke Co. deficit, year ended | May 31, $433.766, against net income | | $344,689, equal to $7.27 common share, | in 1930, | Standard Oil (New Jersey)—Louisiana | subsidiary cut crude prices ranging from 10 to 22 ‘cents a barrel. | United Gas & El-ctric Corporation— | Earned $13.29 a $7 preferred share in | 12_months to March 31. | United States Steel—Subsidiary, Co- lumbia Steel gets $996,000 Golden Gate Bridg= approach span contract. American Telephone & Telegraph | June quarter common share earnings, | $2.38. against $2.76; six months, $4.89, | | against $5.72. | | "Cities Service Co—Decison reserved on plea for dissolution of order restrain- | ing enforcement of stock sale ruling is- | | sued by State of Kansas. barring sale of | |all_company's stock, except first pre- | | terred in that State. | Insuranshares Corporation of Dela- ware net asset value, June 30, 1931, 1$20.18 a common share. | Kroger Grocery & Baking operating | 5,065 stores. against 5411 in first half o i | The Industries. i Cement—June Portland cement pro- duction declined 18.1 per cent. ship- ments were off 14.3 per cent and stocks | t the mills were 6.1 per cent lower | than a vear ago, according to the Bu- | reau of Mines. Cotton—Lint cotton consumed in | United States mills during June was | 455,388 running bales, according to the | Census Bureau, compared with 465,770 | in May and 405.236 in June, 1930; spin- | dles active during June numbered 25.- 798,910, compared with 26,397,906 May and 27,659,308 in June, 1930 | Paper—June production of newsprint was 295,057 tons rated capacity. compared with 303.809 | tons or 64.8 per cent of capacity in | May and 322,032 tons or 75.2 per rcent | of capacity in June, 1930, according to | Newsprint Service Bureau. PLAN TW0 NEW ISSUES. | consin Valley Electric Co. and Wiscon- | sin_Public Service Corporation, both | | controlled by Standard Gas & Electric | Co., have authorized the issuance of $4,000,000 4!2 per cent gold notes and | $2,500,000 4 “per cent gold notes, re- | spectively, Both issues are dated July‘ |1, 1931, and are due in a year. In| | each case the proceeds will be used to | | retire current indebtedness and to re- imburse the companies in part for ex- | penditures for additions and extensions previously and presently being made to the properties of the system. BOSTON WOOL iAiKET. BOSTON, July 14 (Special).—Prices on all grades of wool remain firm, not- | withstanding diminished trading. Me- | dium grades are particularly strong, as |2 number of houses have taken orders | for such a volume that it wil] require | several weeks to complete grading and | delivery. Receipts of domestic wools at Boston continue large, amounting to 13.562.900 pounds last week, against 12, 133,500 the week before, Fine territcry combing clean was quoted today at 60-63, French comb- ing, 58-60; half blood, 56-58; three- eighths blood, 48-52, and quarter blood, 45-47. Fine Ohio fleeces were quoted at 25-26, grease basis: half blood; 24- 25; three-eighths blood, 24, and quar- ter bicod, 23. COAL PRODUCTION OFF. Production of bituminous coal during the week ended July 4 dropped off 11.7 per cent as compared with th: previous week. The decreass resulted primarily from observance of Independence day at the mines. The output for compa- rable periods follows, as measured by the Bureau of Mines: Wesk ended July 4. Previous week. ... Same week last year. 5,961,000 ++:6,752,000 fons 6,545,000 tons FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal g0ld’Selling checks e | Am Am or 626 per cent of | h NEW YORK. July 14 (#).—The Wis- | on MACHINE TOOL TRADE SHOWS LITTLE ACTION Special Dispatch to The Star. NEW YORK, July 14.—Definite de- talls of automotive purchases in the field of machinery and machine tools are generally lacking as compared with last week, and the volume is less, Amer- | ican Machinist reports. Of nine dis- tricts reporting conditions for the week two show slight improvement, five found no change, and two admit slight reces- sions. Model changes should give rise to further business from automotive buy- |ers in 10 days, according to Detroit | opinion "in which Milwaukee concurs. Otherwise. the usual seasonal slacken- | ing s making itself felt, in addition to | that of vacations and shutdowns. There | is hope for a pick-up in the Fall, but | some centers are not expected to make any real progress until after the first of the year. INVESTMENT TRUSTS NEW YORK, July 14 (#).—Over- the-counter market: ABC A B All Am & Bid. Asked Trust Shrs L 1 7% 10 13, Am & H Am Am Am m Am Am Founders conv pf ctfs Am Founders war . Am Founders 1-40th ‘com Am Ins Stocks Assoc Stand Ofl . Atl Sec pf ... Atl Sec war Al & P Atl & Pac AU & Pac . pf war . B aaltBul rs - “. Century Tr Sh: 3 ain & ‘Gen Equities & Gen Eauit 6'2% pf Store Invest Store Invesi pf hain Store Shr Owners Chartered Tnvest Chartered Invest pf Chelsea Exchange Chelsea Exchange Cumulative Deposited Bank Sh AL Diversified Trust Diversified Trustes Shrs Diversified Trustee Shrs Y A 3 Diversified Trustee Shrs D. a ve Tl Fixed Trust Shares A Fixed Trust Shares B Fundamental Tr Fundamental Tr General Equity A 5 Granger Trade ... .. Gude Winmill Trad .. Incorp Investors Incorp Investors Jageradiresio Bqi” endenge Int Se % rs Mutual Marage . Nation Wide Secur .. National Indust Shi National Tr Shrs .. N Y Bapk Tr Shrs .i1l0! Nor & South Am Corp’ B Nor Am Trust ‘Shares Northern Secur Otl "Shares units Qld Colony Invest ir Qid_Colony Trust Assoc Petroleum Trad A Public_ Service' Tr Representative Tr FEIE sanmad SEEREES agw e Sh; Selected Manage Trustee . Shawmut_ Bank _.. Spencer Trask Pund Stand Am = # 3 RS L & S RN - Trustee Stand Invest D. Trustee Standerd o Trustee Standard Oll Trusteed N ¥ C Bank Bk 8h, T Shrs B! ooans vuae: st In British Int Ltd B c Britisn Tt Lid 83 5 Ct Stocknoim, Nearly 700,000 acres in Suma | Washington | wash. Rwy. & El DRIVEN DOWNWARD Selling o’f Foreign Dollar Issues Continues Active on Market. - BY F. H. RICHARDSON. Special Dispatch to The Star. 20% 20%|: NEW YORK, July 14.—Selling of for- eign dollar bonds, especlally the German group, continued in unabated volume on the bond market togay. German Government 5';s were driven down to & new low since issue, off over 4 points on the day and at a 30-point discount. Dawes Reparations 7s were off more than 2 points and at a new low since issue. German Central Bank issues lost Prussian 6s and 6'2s and Nuremberg 6s were off 3 to 10 points with no apparent support anywhere in the market. In- dustrials like United Steel Works 6':s and Siemens & Halske 6155 were 4 to ints lower, as were public utilites such as Westphalia Electric 6s and Rhine Westphalia Power 6s. The _market started only slightly lower BAcause there had been a stronger tone in London just before the open- ing here. But shortly after the open- ing advices from the continent inter- preted the overnight developments as meaning that although the previous $100,000,000 international credit had been renewed—it could not have been otherwise in any event—nothing else had been agreed upon because of the political differences between France and Germany. Then a spokesman for Chancellor Bruening said: “France has increased her poltical conditions for participation in an international credit. gv: are determined not to give in and ence are preparing the utmost emer- gency measures for self help.” The market for German bonds fell to pleces on this news. Losses of 2 and 4 points occurred between sales. In two days the average depreciation in Ger- man dollar bonds has amounted to 14 points, which means a paper loss of close to $200,000,000 to American invest- ors. Current prices for Germans aver- age around 50 to 55. which mean that nearly half of the par value of $1.300,- 000.000 German bonds outstanding has been wiped out. Such panicky liquidation had its ef- fect on other bonds. The South Ameri- can group declined sharply, notably, Chilean and Colombian issues, which are now selling 10 to 14_points below their levels of last week. Brazilians de- clined 2 to 3 points. The Argentine group lost ground more sedately. Aus- tralians were off 1 to 2 points. A new development in the foreign bond mar- ket, and one significant of the current ttitude toward Europe in general, was the unusually heavy selling of high- grade issues, such as French 7s and 7125, Denmark 4!;s, Kreuger & Toll 3s. Copenhagen 4':s and Antwerp 5s. Italy 7s. a bond usually held well above par, fell nearly a point on the liquida- tion of some $150,000. Domestic issues were quieter and their price movements correspondingly narrower, but losses were general in the junior group. Second-grade rails. such” as Frisco 4l,s, Erle 5s, Nickel Plate 4!5s. Alleghany 3s and St. Paul' 5s and adjustments, dropped a point. Even some of the better grade rails like Canadian 'Pacific perpetual 4s were substantially lower. Industrials moved the same way. The most highly regard- ed of the prime issues held firm. (Copyright, 1931.) ——: SALES. Washington Rwy. & Elec. 45 '51—$6,000 at 911y, $4.000 at 911, Washington Gas 6s '33—$100 at 101%. Barber & Ross 6'55 '37—$1,000 at 80. Potomae Electric Power 6% pfd.—10 at 114, 8 at 1141 Washington Gas 6s '36 “B"—$1,000 at 106%,. Nluon‘nl Mtge. & Inv. pfd.—50 at 47, AFTER CALL. Capital Traction—10 at 3734, 10 at 38. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer_Tel & Tel. 4138 '3 Am. Tel . etl. r. Ss! p 108" Capital Traction R 3 City & Suburban 5 Georgetown Gas. 1st Po cons. iodia 108 58 s 1953, 1 Verrion ctt on Gas 4!as.. Z on Gas 5s. 65, series A 6s. series B MISCELLANEOUS. Barber & Ross. Inc. 6'as Chevy Chase Club S%as... .. Columbin Country CInb Bas. {3 RS e8I Blorass 5. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. ¢ - Capital Traction Co. i4 Warh, Gas Lt. Co. (18).01111] N. & W. Steamboat (12). . Pot"Elec. Fower &% pld- ower §13% LS com. (7) Wash. Rwy. & El pfd. (5) NATIONAL BANK. Washingt, Wash. Gas Wash. Gas Ca III[I, lllV‘. Commercial (stamped) (10)... gusten, §58Hss. Secor.d (9e) .. Washington (13). . TRUST COMPANY. 8. . Shast uei zZ3%auds gsflllhgsl{::lulnl’?l FIRE INSURANCE. s TITLE INSURANCE. lumbia (6h). .. E GoulEstate’ 16h) 25 MISCELLANEOUS. Barber & Ross. Inc., com. ... . Corp. ( S ML Bl il (5. 2) 5 & Gravel Siki. Nau, ‘sec, pra Emer. Bromo-Sels L Federal storase pfd, (8); i 88SUEMSE: tge. & InV. rus Stort M. & G. P! 883,23, ¥ Tei 3 Corp I wige com: ‘Wash. Med. Bidg. Corp. Woodward & ult com. (1.20). 35 ‘Woodward & Lothrop ofd. (7). 108 *Ex dividend, ks closed. ot CHICAGO DAIRY MARKET. CAGO, July 14 (#)—Butter, re- oel‘x:n‘?. 15,387 tubs; steady; prices un- Shanged. Teceipts, 12,012 cases: firm; extra firsts, 19%5: fresh graded firsts, 1814; current receipts, 14a16%s. Poultry, alive—Hens, firmer and chick- gonis o o e rollers, 23; fowls, 19; b under 1}z pounds, tock Exchange i FINANCIAL. Received by Private Wire Direct to The Star Office UNITED STATES. (Bales are 1n $1,000.) i Low. Close. 6 102 20 102 20 102 20 Lib3%832-47.. Sales. High 1 10! 84% n 78 3. 110 Grt Nor & reek 84% L1st4s32-47. 21 10313 103 11 103 13 Lth4 US3%s'4I... UB3%s40-43.. UsIN U S3%s 43 UB3%s46-56 U845 44-54 US4%n47-62. : Sales. High Abitib P&P 63’63 45 55 Ab& St 5%8'43. Allegheny 58 44. Allegheny Alleg Corp 63 Am AgCh 1% Am Beet Sug. Am F P 53 2030.... Am 1GCh6%s'49. Am Int Cp 61849, Am N Gas 6484 Am B&R 1at b Am Sug Ref 6 Am T&T cv Am TAT 68°65..... Am T&T c tr 5846, Am T&T 588 £60.. 3 12 108 0 . Argentine bs 45... Argentine 5%s ‘62. Argentine May “61. Argentine 6 Ju 59, Argentine s Oc "9 Argentine 6s A ‘67, Argentine 6s B '68,, Atchis 45 1905-55. . Atchison gen ¢s ‘35 Atchiscv 4348 41.. At Guif 58 ‘59 At Ref deb 5 Australia 4 Batay Pel 448 42 Belgium 6» “ob Lelxium | Belgium Bell Tei I'a B Ind Loan Co 6548 Berlin Cy £l 68 Berlin Cykil 64581 Beln Sieel pi o8 46 Beth St rf bs Bolivia 78 ' Bolivia 7 '¢: + Bost & Me 4% 861, Hos & Me Brazil 6348 Brazil 6iys 27, Bruzii 88 41 Bd& Tth Av 58 °43.. Bk kd gn A 5843, . BEiyn Elev 68 sKiyn Man 65 68 Budapest 6362 Buft Gen Kl 43881 Bush Ter con o5 ‘5 Busn T Bldg 58 60. | Canada ¢s ‘60 Canada ¢33 57 Can Nat 4l 65... Can Nat s n Nat b July ‘6% an Pac 438 46, Lan Puc 48 6u. Can Pac b8 ‘54 Car Clin & O 6 Cen. ra; Uent Pac Cen Ry NJ g o8 '8 Cerl-lu de o by o8 Ches Corp C&O4RsB Y.... Chi & Alt 3s CB&Q Istrtbs ChiGit W est 48 '6y Chi M&SLE 4348 C.. Ch M&SLE 43,839, Chi M Su &y Chi M & St P ad) | ChieNW g 3348 Chi & NW gn s 37 Chi&k NW con e%s. Chi& NW 6ty '36.. Chi RI&P gn 48 ‘88, Chilil& Frrens ChiRlcve¥s Chi R1&Pac 44862 C TH&SE n §s 60.. ChiUnSt5s 44, ... Chi Un Sta %8 B 63, ChiUn Sta 6348 63, Clev Term 68 '73. .. Colomb 68 Jan 61.. Colombia 68 61 Oct Colon O11 68 °38..... Colo & Sou 4%s '30. Col G&X bs May ‘b2 41 Com Inves 638 '4y. 14 CCMd1strfss’60 1 CGas NY 4%8'95wi103 ConG N ¥ bias'4b. 14 Con Pwr Jap 6%8.. 3 Con Pow Jap! Copenhag 4 %8s ‘63.. 41 Copenhag 68 '62.... 16 Cuba 548 46...... 4 Det Edison rf bs 49 Det Unit 435 '32. .. Deutsclie Bk 68 '32. Dugquesne 4 % Fiat7s war. Finland 5%s ‘6 Goody'r Rub 53 '67. 14 GrandTr sf db 68’38 2 108% ba% 99 70 70 vz 108 9ita Y8y 108 95% 108 33-38 167 104 30 104 28 104 28 23 101 14 10111 101 13 2 102 20 102 20 10220 s41-43., 16 10224 102 2% 10224 58 10229 10227 102 27 106 22 106 22 106 22 108 23 108 23 89 11315 11312 11315 Low. Cluse. Hud & M rf 55 '57. . Humble Ol 55 °37. Hum O&R 5% ‘62 Hungary 7% M BTistpfona 111 Cent ref 4s ‘65.. 55 | il Cent 4%s £ 70 70 : 11 CCSILAN 62 & 111 Steel 435 40 Inland Stl 4 %8 A’ Inland Stl 4s% B'81 Int Rap Tr b5 '66. Int Rap Tr sta ‘66, 13 Int M Co 5s ret ‘41, 130 Int Match 6847 51 Int MM col tr Int Pap 5s A 47, Int Paj 66 ... Int Rys C A 58°°3 IntT&T 41852 13t T&T cv 4 %839 INtT&TBs"55.. . Jugosl Bank Kan City Sou 3, Kan City Sou 6s ‘50 Kan City Ter 43°60. 5 KanG & E ¢14n'80. 10 Karstadt 6s 43. 7 Kena5ka'48 ww. 4 Kresge Found 6s 36 9 Kreug & Toll 68 6y 54 Lackaw St bs ‘50, Lac G St L bs 34. Laclede 645 C '63. Lake Shore 3345 ‘97 Lautaro Nit 68 ‘54. . 2 102% 90 10214 1028 101% Baw 40 BT Long Isl db 68 ‘37.. Lorillard 63 ‘51 Lorillard 6%s ‘37, Lou G & EI 55 63. L.& N uni 43’40 . L&N 41452003, L& La& Ark 58'69.... Lyons 63 '3 s 3. Mex 4s asstd 1910. . Mexico 58 A "45. Midvale Sti b 3/ Milan 6%s ‘62.. M &SL 18t rf ¢ MIIE Ry & L b8 "61. M StP&SSM 58 gtd. MSP&SSM 6%s 18. MEK&T 1st 45°90. . MEK&Taijbs'¢7 o Mo Pacref 6s°31... Mo Pac6%scy 49, Mobile-Ohio 55 '38. Mont Pow bi Montevideo 6s Montevideo 7s 5! Mor & Co 18t 4% Nat Dairy 5% s 48, at Ry M 4348 '57 etherlands 6s'72. s = o E A ‘35.. NYC&StL4s'37. TS Y O&W 1at 4892, Y O&W gn 5 Y S&W gn 51 - N o oramanweRa~te ~rHaacRRens reaSticandaaanRenand menaaRaaeBormnnanl N A Ed'son b5 C'69 NorOT&L 6s Norway 5%s . Norway 6s’43..... Oree-Wasn 4s'61.. Orient dev 5% PacG & K1 6842 Pac T&T 1st 68 '37. Pan-Am Pet 6 Paramount Penn 6%s ‘36 . Penn O&D 434877, Penn P&Lt 4% Pere M 1st 63 ‘56 Peru 6s'60. Phila & Read Phillip Pet 63 Philippine RR P CC&StL 4% P& W V4y%sC60 Poland 6s 40, Poland 7s *47. Poland 83 ‘50 . 24 Port Gen El 4%5'60 40 Pos Tel & C 53 '63.., 32 Prague 7%s'52.... 3 Pressed St C 5s '33. PubSvG ¢3%s'67., 1 PubSvG 4%s°70.. 16 Queenland 10474 89% Riode Jan 63863, Rio de Jan 3s 46 16 Saxon Pu W 634861 12 31 108% ' Serbs-Cr-81 78 62, 112% Serbs-Cr-8i18s'¢3.. 3 96 Shell Un Ofl §8°47. 15 8% Shell UnQil s 4y, 11 1% IBONDS OF GERMANY, o= onx BONDS stoc s Low. Clone. 110 84u 1024 102% 89 101% 84 88% 1% 57 80 78% ' Yxstn SPAT ba 71% Yng StU&T 68 B 19, 19 i 071.65; balance, $373,032.509.48. | toms receipts for the month to the BEARISH FACTORS | SWAY WHEAT PRICE Huge Production Here and Abroad Has Weakened World Markets. By the Associated Press. It seems as though & strong wind is needed to blow away the cloud of bear- ish influences hanging over the wheat markets. Minor factors fail to produce any ap- preciable effect. while the domestic and foreign situation continues to reveal an unpromising outlook. Materially in- creased domestic wheat marketings of new Winter crop, continued lack of ex- port demand as Tesult of unsettled economic conditions and generally fa- vorable prospects for the new grain crop in Europe were the chief weaken- irg factors in the markets last week. Prices were 1 to 4 cents lower. ‘The low condition of the markets suggests dependence on minor influ- ences to work any changes in bearish sentiment. The decrease in farm stock: may result in farmers holding new wheat for the time being, thus lessening the burden of the inrush of the current harvest. Protein Content Lower. Protein content of 1931 wheat averaging lower than last year. increased the premiums on high pro. tein wheat. and buyers at Kansas City were paying !,-cent premium for each 1-10 per cent protein above 12 per cent This has resulted in a range of as much as 15 cents per bushel in prices of No. 1 hard Winter at that market. Many traders view the markef s more than moderate advances. Speculative buying seems to be at its lowest ebb. Many subscribe to the be- lief the market has gone to its lowest point, but are cautiously waiting for developments to warrant a streng return of confidence. ‘The 1931 forecast by ‘the Agricultur Department exceeded private estimates by several million bushels. The depart- ment foresaw a yield of 869,013.000 bushels. It also estimates the carry- over on July 1 of market stocks zt 204,000,000 bushels as compared with 114.000.000 a year ago. No important changes were reported during the week in foreign crop pros- pects. The condition of Canadian Spring wheat was officially placed at 56 per cent of the 10-year average. The deterioration of the crop in the prairie provinces during June was the most serious since 1908. Since the first of July prospects have been improved by gcod rains and cooler weather, but in most areas rairs came too late to be of material benefit. A crop about 150,000.000 bushels below last season's small harvest now is forecast. European Conditions Favorable. Conditions generally are favorable in Eurcpe. Official estimates for Rumania, Germany, Hungary, Spain and Jugo- slavia indicate a total production about the same as last year. Considerable attention was paid dur- ing the week to reports of Russian charterings for wheat shipments. The total now booked is said to be 800,000 tons. The Farm Board failed to figure in the news, little attention being paid to continued pressure to hold stabilization wheat. President Hoover's charge against speculators selling short brought replirs taking issue and denials of any ki. edge of heavy sales. = i DRY GOODS MARKET. NEW YORK. July 14 (Special)— Cotton goods markets were quiet today. Print cloth quotations were marked up 1% at 5 for 64x60s, and were unchanged at 5% for 68x72s. Raw silks were quie* and unchanged. TREASURY STATEVL;ENTA By the Associated Press Treasury receipts for July $4.691,932.58: expenditures, 11 were $13.996,- Cus- cl%fie of business July 11 were $11,022- NEW YORK BANK STOCKS NEW YORK, July 14 (#).— BANK STOCKS. | America . v, Corn Exchange. Empire Guaranty Irving ... E Manufacturers’ New York.. Shinyetsu 6343 ‘62 Skelly Oil 6% 339 Sinclair Ofl 63#'38 Sinc O Tscv A 37 Sinc Cr O 5%s Sinc P L 58 :l .. StOII N Y 43%s 51, Sweden %8 ‘4. . Taiwan E P 5%s'71 Tenn Cop 65 "41. Tenn El P 63 A "47. ] 111 Toklo El Lt 6’ 63 Tol St L & W 48’50 Ulst & De 5 ctf '28. Un Pac 18t 43°47... Un Pac rf 8 2003 7 UASt1 W 63484 51 Utd St W 6%s C'51 Unit 8S Cop Utll Pow 68 ‘59 ww. Utll Pow 6%s 47 Vanadium Stl 55 *41 t Wabash 4% 78 Wabash 1si Warn Quin 6 . T8 °41.. Warner Sug BeBunBoure v - 3 wo~aSaaae Yokohama §s'61. 3 99 100% 100 100 . 99%