Evening Star Newspaper, July 20, 1931, Page 15

FINANCIAL. CURB ISSUES MOVE IN NARROW RANGE Utilities Again Featured. Overseas List Active on London Strength. BY JOHN A. CRO) Bpecial Dispatch to The Star. ! NEW YORK. July 20.—International | Becurities featured dealings on the Curb ! Exchange today. Following a dull, but firm opening, stocks sprinted, only to slacken their pace shortly after midday. ! Electric Bond & Share quickly n!ned; 13 points, but lost a small fraction of this bulge as the session progressed. Cities Service was moderately active at | virtually unchanged prices. Active overseas issues, following the steadiness of the London market, in-| cluded Brazilian Traction, British | Amcrican Tobacco B, Ford Motor Ltd., | Woolworth Ltd. common, and Utilities Power & Light common. One usually inactive issue, International Sleeping Car & European Express Trains Co., a | Belgian security, opened down a point, at 10, a new low for the year. American & Foreign , Power War- rants were up a half point on their first few sales. Consolidated Mining & Smelting was the widest mover in the Canadian group as it dropped 8 points. The mines, despite good foreign sales of copper, were dull American Salamandra Corporation, holder of stocks of insurance companies. | opened off 11 points, mirroring the! trend of its holdings over the last week. | The ofls, especially the lower priced | ghares, stood out in the domestic in- dustrial division. Solar Refining, which | was up 6'; points last week, advanced about 2 points today to 12!z a new record high. The oil trade hears Solar | Refining contemplates a merger with | another former Standard Ofl subsidi- ary. Borne Scrymser was another of the low-priced petroleums to gain more than a point. International Petroleum was a trifle higher. Standard Oil of Indiana and Standard of Kentucky also moved ahead. Humble Oil was up 3 points and Gulf Oil of Pennsylvania up 4 points dur- ing the forencon. Meanwhile, as a re- sult of the appearance of several large blocks of Standard Oil of New York over on the big board at rising quota- tions, Vacuum Oil developed a firmer tone. New York Cotton Special Dispatch to The Star. NEW YORK. July 20.—The heaviest ; 48-hour rainfall in the cotton belt in | over six weeks, coming after almost daily showers in many sections last week, caused & sharp advance in cotton prices today. The prevalence of condi- tions favorable for weevil propagation broadened the buying movement and prices moved upward 35 points, closing at the top with October selling at 9.82, | a quarter of a cent above the best ! figures of last week. Spots were ad- | vanced 35 points to 9.65. Cotton range H Grain Market B the Associated Press | CHICAGO. July 20.—Selling of corn | against buying of wheat led to decided weakness of corn prices today, whereas wheat developed relative strength. The action of wheat was commented on as surprising in view of 7.195,000 bushels Increase of the United States . visible supply, compared with 3,660,000 increase a week ago. The amount of wheat afloat for Europe, however, rhowed a decrease of more than 4,000,000 Lushels in the last week. Corn closed unsettled 1':-23. cents lower, wheat unchanged to ! ofl, oais down, and provisions unchanged to 12 cents decline. WHEAT- July September December . 5.7y Close. 5202 5310 8702 July ooy Sepiember December RYE July e September . December ...... CHICAGO STOCK MARKET By the Associated Press. CHICAGO, July 20 —Following is the complete official list of transactions in stocks on the Chicago Stock Exchange 0 $100 Bendix Aviation lec > 30 Kellogg_ Switch 'pf . 70 L of ath 300 Eibby-McNeill 50 Midland Uni 't pf s Val U4l P L 470 Mo-Kans Pive 10 Mosser Leather | | { | ik X“ 1 i | 8 e Fi 2 % | 1 s | th B! 234 NEW YORK hundred-share 1ot mlt:r 8 (80s) (3808), ~Prev. 1931~ e High. Low. 22% 114% ™ 1% 5 4% 224 20 % % 0 1 L3 17 89 AfMliated Frod 1.! Alleg G Allted Mills (80e). .. Aluminum Co of Am Am Austin Car. AmCit PAL B . 1015 Am Com P A (b10%) §75M Am Com Po 15t pfA T & Am Corp warrants Am Cyanamtd B.. Am Dept Store: Am Equitie. Am For Pow war. Am Founders. Am Gas & Elec ($1) Am Gas& Elnf (6).. Am Laundry Mach 2. Am Lt & Trae (2%). Am Sunerpow (40c). Am Superp pf (8). Am Util&Gen (B)vi Anglo Chil Nitrate Appalachian G Arcturus Rad T Arkansas t Gi Arkans Nat Gas A .. Asso G&EI (A) (a1). Assoc Ravon. . Atlas Utll Corp. Auto Vot M cv pf pt.. Blue Ridge cv pfal.. Borne-Scrymser Co. . Brazil Trac Lt&P(1) Brit Am O1] C (80c). Bt-A T cup B 97 710c. Canada Marcon! Carib Syndicat o Cent Pub SvcA b10% Cent Stat El (b10% ). Centrifug Pipe (60c) Chain Store Devel. .. Chat Ph Aln.v (1).. Cities Service (x30c) Citles Serv pf (6)... Clauds Neon Lts. Inc Cleveland Tracto: ol Of1 & Gas vte. Com Hix Am sh p3% . Crawlth & Sou war Com Wat Ser g12 e Comstock Tunne! Consol Gas Ut A 2 20 Con Min & Sm (f2%) Cont Shares conv pf. Cord Corp. Cosden Ofl. Creole Petroleum. .. Crocker Wheeler. Cuban Cane pr opt w. Curtiss Wright war. Cus! Mex Mining. Dayton Alr & Eng. Deere & Co (1.20). Forest Radio Detroit Alrcraft Cp.. % Duquesne Gas Corp.. Durant Motors East G & F As pf (8) % Fast States Pwr (B). East Utl] Assoc cv.. Flec Bond&Sh (b6 %) Elec B & Sh pf (6).. Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P& Lt op war... El eholdg (b6 %) Evans Wallow Lead. Fajardo Sugar. Faicon Leads. . Federal Baking Shop Florida P& L pf (7). Flintkote Co A Ford M Ford Mot Ltd 36 3-60 Foremost Dal pr pf. Foremost Fabrics Fox Theater Cl A. Franklin Mfg Co Gen Aviation....... 4 Gen Theat Eq cv pf.. Globe Underwr (16¢ ) Goldman Sach T C... Gold Seal Elec n Golden Center...... Golden State Co Ltd. Gorham Inc pt (1) Gorham Mf vte (£2) Gt At&Pac Tea nv (8 Guif Ofl of Pa (1%). Hamilton Gas rets Happiness Candy. Humble O1! (1234).. Hygrade Food Prod. 111 Pow & Lt pf (8)..1008 imp Oll of Can (§0c) 17 1 2 2508 121 | b 12% 3 T 3114 5% » - o YT -E TIPS - VY oL PR P T B F E T e AN DN R a3 33 Y4 Insurance Sec(40c). ., Intercontinent Fet n varoev pf3%. Int Petroleum (1)... Add 00. Open. High. Low. Close 5 18% 9 4 THE EVEN Received by Private Wire Direct te The Star Office CURB MARKE Stock ana Bales— Dividend Rate Add 00. Open. High. Int Sleeping Car&Ex. 10 Int Uthlitles A (33 ). ate Equit) Kolster-Br (Am Sh), ~Prey. 1931. 4 odd lota. 18% 1% 19 1 1% % 4% 124% 15 T 12% 80 1% . Lone Star Gas n 38e, 0 o MacMarr Stor: hed Magdalena Synd. « ‘Metal & Mining, Inc. Mid WBt Ut (1%).., Mid West Ut (b8% ). Miss Riv Fuel bd rts. Mock Judson Voehr. Moss Gold Mine Service Co....., Sh T See A $80c. New Eng Fow pf (§) New Mex & Ar Land. N Y Merchandise (1) NY Tol pf (6%)..... NI - Hud :o' (40¢) Nipissing. Nor Am Aviat A war NoAmL&P (b8%), or Europ Oil Corp Nor 8t Pow pf () Ohto Copper..... Ohio Pow pf (6)..... Outboard Motor B. .. PacG&E1stpf1%. PacG&EDf137% Pac Western O1l. Pandem O11. Pender D Gr Pennroad Corp (40e Perryman Electric. Philip Morris Ine Philip Morris A..... Pitney Bowes (b4%) Pratt & Lambert (4) Prod Roy Cp (b10% ) Propper McCallum. , Prudential Invest Pub Utll Hold war. ., Pub Util Hold Cp xw Pure Ol pf (6). Reiter-Foster. . Republic Gas Ci Reybarn Co. Reynolds In Ryan Consolidated. & St Anthony Geld..... St Regls Paper (60c) Schift (The Co (2)... Segal L & H (a50e) Selected Industries. . S1.Ind full pd (63%). Shenandoah Corp. Sherwin Wil (143% Solar Refining. .. # So Am Gold & Pla South Penn O11 (1). SoCalEdpfA (1%). South CEApt B1%. SouthCEdpfC1%.. South Cor) SouthernNat Gas. Spleg May Stern pf.. Stand Ofl of Ind (2).. Stand Ofl of Ky 1.60. Stand O1l. Ohio (2% y250 Stand Pwr & Lt (2).. Stand P& L (B) (2). Strauss (Nathan) Stutx Motor Car Sunray Ol (b6%) Swift & Co (3). Tri-Cont Corp war. .. Tri-Utilitt Unit Corp war. Unit Gas pf (7) Unit Lt &Pwr A ¢1) U S Dairy (A) (5). U 8 Elec Power ww.. Unit Verde Exten (1) Utl] PALt(a11.02%) Utll & Ind Vacuum Ofl (2) Venezuela Petrolm Walker (H) (50e). Walker Minin, Wenden Copper Woodley Petr m Wlworth (FW) Ltd. “Y~ otl &Gas....... 1% Tates In dollars dased on last quarteriy or semi-an- ent. * | dividend. fPlus 8% 42 | atock. §Plus 3% in 11% | stock. n Plus 8% in °Ex dividend. | s Payable in eash or stock. {Fartly exira. iPlus 4% in sioek. ayable in steck. e Adjustment in stock. & Pius 6% in stesk. B Plus 1% in stock. R Plus 10% in stoek. m Plus 3% In stock. D Paid last year—no reguiar rate. STOCK AND BOND AVERAGES By the Associated Press. MONDAY Three years ago. High, 1931. Low, 1931. High, 1930. Low, 1930. High, 1929. Low, 1929. Today. .. High, 1929. Low, 1929. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, July 20.—The following is a summary of important corporation news prepared by the Standard Statis- tics Co., Inc., New York, for the Asso- | riated Press: Weekly News Réview. Developments tending toward a cli- max of the German situation again far overshadowed other influences in their effect on the security markets, every re- port_concerning the progress of the re- habllitation of German credit seeming to have a direct bearing on the rise and | decline of security values. The actual movement of the stock market for the week ended Ju]y 17, as indicated by Standard Statistics price index for top Stocks, showed an inerease of 0.3 point. | From 113 on July 13, the index ad- vanced to 113.3 on July 17, industrials and utilities reg:stering an increase, while rails declined. In the bond market the breaks in erman bonds in the Americar® market and the disquieting news from Ci upsettled the entire foreign lst. Do- mestic corporate issues receded gener- ally, mainly because of the unceitain- ties of the foreign situation, but it is interesting to observe that the London JULY 20. | metals. However, better resistance was | shown in provisions generally. ! The price of copper dropped to 73, | probably due to the better demand, a result of the price being lower than the cost of production to a large num- | ber of companies, many are, curtaling | their operations. The Companies, Fuller (George A.) Co.—Gets Marshall Field office building contract; $11,000,- 000 involved. Great Western Power of California— Ccmbined Iretmed share earnings, 12 months ended March 31, $21.82, against $15.53. Pennsylvania Railroad — Granted buudln‘ permit for $10,000,000 West Philadelphia station. Roan Antelope Copper Mines, Ltd.— July production of copper estimated at 4,500,000 pounds. A Warner Bros. Pictures—Books Univer- sal Pictures Corporation's feature pro- duction for next- season, involving mlfll between $2,500,000 and $3,000,- Denver & Rio Grande Western Rail- road—Accepts 1. C. C. conditions in ! connection with acquisition of control of Denver & Salt Lake Railway. | _General Fireproofing Corporation— PAcity. ¥ hile| Grand Raplds Stofe Equipment Cor- ;aonuan.—hlm dividend on $10 pre- erred stock; paid 171 cents May 1’,“ A.) Co—June quarter common shsre earnings, 14 cents, | against 47 cents; six months, 23 cents, Hanns (M. icents a pound during the week, but,| quotations rose to 8 cents & pound. As ' | Operating at about 65 per cent of ca-| ai 8ross up 12.4 per cent; net income up 2.6 per cent; 12 months’ gross up 6.3 per cent; net up 1.2 per cent. Republic Steel—Operations at 35 per cent of capacity; off § per cent from last week. Sun Oil—Common share earnings, six months ended June 30, 49 cents, against $2.42. Brooklyn-Manhattan Transit — Cuts bonuses 50 per cent, effective August 1 affecting about 10,000 men, with sav- ings estimated ‘at $500,000; hourly wages not reduced. ‘Calumet & Hecla Consolidated Cop- | per—Reported has made a sale of 1.~ | 000,000 pounds of copper; current pro- duction ‘about 50 per cent of normal and in excess of eurrent deliveries. Mohawk Mining—Revises wages down- ward, thereby cutting production cost to less than 7 cents a pound, exclusive of taxes, smelting. freight. marketing. Radio-Keith-Orpheum — Negotiations reported abandoned for -rental of seven theaters from Fox Theaters Corporation in New York and vicinity. Royal Typewriter—Reported to have earned over $1.50 a common share in first half; in full year, 1930, earned N:O .rl common share. merican Telegraph & Telephone Co. —Public - Utilities Commission to test validity of stock sale by Chesapeake & Potomac Telephone Co. of Washington, D. C, subsdiary to this company; al- leges violation of La Follette anti- merger act. Capital Traction—Net income, h:i.x t months ended June 30, $273,998, $269.091. | _City Ice & Puel—Acquired ice busi- | mess of Union Fuel & Ice, St. Louis. | Peoples’ Gas Light & Coke—Common share earnings, 12 months ended June 30, $10.78, against $11.29. Sinclair Consolidated Ofl Corporation —Texas Railroad Commission tem- porary enj from enforcing pro- Tation order dgainst subsidiary, Sinclair Ofl & Gas. Union Electric Light & Power Co. (Missouri)—Gross _revenue, 12 months to May 31, $31,998,791; net income, $9.876,806. Imperial Ofl, Ltd—Cuts takings of | crude of Turner Valley independents to 50 per cent of output. ‘Westinghouse Electric & Manufactur- ing—Deflcit, six months ended June 30, $1,959,341, against net income, $8,357,- 362, equal to $3.13 a common share. American Writing Paper ferred share earnings, 6 months ended June 30, 14 cents n & M tion subsidiary jointly controlled with Maine Central Railroad to start pes- | senger service in conjunction with Pan- American Airways. Bridgeport Machine deficit six months ended June 30, $13,838 against net in- come before taxes, $150,318, equal to 91 cents a common share. Chicago Pneumatjc Tool June quar- ter common share earnings, 5 cents mt 60 cents six mon 5 cents ay t $1.53. ncmn'cmml Petroleum 1930 deficit, $741,965 against deficit $927,613, — BALTIMORE STOCKS. Spectal Dispatch to The Star. NEW YORK, July 20 (#)—Stocks: Pirm; trading dull. Bonds: Irregular; nce. Stea German mark strong. Cotton: Higher; | steady cables and trade buying. Sugar: Steady; firmer refined market. Coffee: Lower; Brazilian selling. CHICAGO, July 20 (#).—Wheat: Low large visible supply increase. Corn: Lower; rains Southwest. Cattle: Irregular. Hogs: Weak to lower, NEW YORK BANK STOCKS NEW YORK, , July 20 (#).—Over-the- counter market: Bid. Asked. l Ameriea \.... % L 7 i pire Guaranty nifactirers | 'w York . S ON THE CI MARKET. Sales in DOMESTIC BONDS. thousan 18 Alabama Py 1Alabama Pow G STAR, WASHINGTON, D. C., MONDAY, JULY 20, 1931. FINANCIAL. Everybody’s Business Securities’ Markets Reflecting Uncertainty Attendant Upon Conferences to Settle German Credit Situ- ation—1J. P. Morgan’s Influence May Aid Plans. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, July 320.—Uncertainty over an early favorable outcome of the international conference was reflected | in the securities market toward the close of last week. ‘Trading on the New York Stock Ex- change was reduced to a minimum, with the turnover reaching barely 300.000 shares. Prices moved within a narrow range, and whatever changes occurred w‘:re due mainly to professional activi- tles. ‘The markets are expected to continue to alternately reflect hope and fear as to what concrete results the conference will bring about, in which case a more definite trend is likely to be established. Morgan Near Scene. Those who remember the proceedings at Paris prior to the adoption of the Young plan will recall that J. P. Morgan decided on a Mediterranean cruise at the very moment when serious disagreement was reported from the conference. Mr. Morgan's presence at or near the scene may have been re- sponsible for the success of the Paris conference. ‘With important problems scheduled for discussion at London and with fear ;|on the part of many that unnecessary delays might cause embarrassment, it is of interest to know that Mr. Morgan has once more decided on a vacation, this time in his English home. The presence of America’s—nay, the world's “leading banker at or near the scene 63'; | of activities leads to the hope that far- 83352 F 9! 22 2 H 92: s '53 Dis El 4'as "0 A Bervice” s e = Solatals 999000 3% : Aol 99 33 Kl S2222232323288:32828S 99999999 5853 St e S3s2sszenion. sE558 88, f C'Gas 35 B 30 Int Brdg 6.8 83 Inter B 53 a, t Inv t t S g 'qug X! nEe nd d Trunk 6'as Guardian Iny §s 01 te 8 Raz b & W M Indnap P&L 8 Insull_Utilit €s 1Intereon Pw ev 8s §Int Pw Bec 6'a3 7Int Pw Bec #'3s 3 Inter Pw Sec 7s Bec Am 1 1 E sr 555 7 23228332332222233282338322 33 ERE 5 RS e enen S, 222222222 ZZRER] B B5 FEPAR Aaam & H ~3ng e i vada x aene—e g S5 w0 & 53 Fows 2RI PTGy LLE TR 20 - 3 228 7 .N El 1232882233 88822 3 0S! SERT oS mas e 202200 55 i1 FrS i 1 3 8522822388228 e 8¢ 5555535, et e 00 e 1400 0 00 0 s 0 03 O sh W & §yest Penn ¢ 20 . ets “Tox Tb 63 A ' 1Wiscon P&L 8s F . . FOREIGN ,BONDS. Ml .18 ags s 2 2222323822338 5333, g3 o szfecessesasngsisy w s & "33 & = Mo 1, 2 ll“-? w ’fiif-.'n'uu xW—Without warrants. e 5 FiWhen lasued. reaching results will be achieved at the meeting. “Exintence” for Carriers. Existence, and not prosperity, or a fair return is what W. R. Cole de- mands for the carriers of the United States. Mr. Cole is president of the Louisville & Nashville Rallroad and chairman of the Special Committee representing the Southern railroads be- fore the Interstate Commerce Commis- slon in connection with pleas for s rnznl increase of 15 per cent in reight rates. hether or not Mr. Cole inclines to somewhat exaggerate the seriousness of the situation, it is apparent that unless something is done speedily the rail- Toads will not be able to earn a fair re- turn on the invested capital, which should affect increasingly adversely American raflroad securiti Dollar Value Gains. If your income was reduced by, say 25 per cent as comgqred with 1926, you are actually atill ahead. At least, this is the conclusion one must draw from a study just published by the Depart- | ment of Labor, which tells us that a 1926 dollar was worth last month $1.42. In other words, one can for $1 acquire today as much as $1.42 would have pur- chased five years ago. Decline in Exports. The purchasing ver of the United States as well as of foreign coun- tries continue at a low ebb. This is best shown in statistics pertaining to America’s foreign commerce for June, which have just been released. EXports demand for wheat during the current season. James C. Stone, chairman of the Federal Farm Board, advises that the board does not intend to again at- tempt stabllization in order to put up the price. Copper Situation. Owing to the low price of copper and the large accumulation of stocks throughout the world, leading copper producers feel that salvation curtallment of output. Magma Copper has, consequently, announced, through H. E. Dodge, treasurer of the company. that it would cease production until October 1 and that if all other copper companies would follow its example the situation in ihe industry would be rap- idly corrected. It must, however, be re- membered that reduction in the output of a commodity, whether copper or tin, coffee or sugar, cannot afford lasting and genuine relief, although it may help temporarily. Real improvement in copper can come only with a revival of the demand for the metal and the restoration of the ability to acquire it on the part of those who are normally large consumers. German . Credit Problems. A loan of $500,000,000 to Germany is being mentioned as necessary to relieve the German fiscal troubles. France has intimated her willingness to co-operate, provided the loan will be secured by customs receipts. Apparently France overlooks the fact that the German loa: of 1924, known as the Dawes loan, is specifically secured, among others, by a lien on the gross revenues of the Ger- man government derived from the cus- toms. Furthermore, by the terms of the Young loan of 1930, Germany agrees to reserve free from any charge for any other loan or credit the proceeds of the | | customs_duties, except with consent of | the Bank for International Settlements, | and then only subject to priorities in | favor of annuities as provided in the | Young plan. A new German loan will, therefore, | at best be secured by a third lien on the country’s customs. | (Copyright, 1931, by the North American | ‘Newspaper Alliance, Inc.) | OF STEEL COMPANY By the Associated Press. YOUNGSTOWN, Ohio. July 20— | Cyrus H. Eaton. Cleveland capitalist, | who sponsored the bitter fight against the proposed merger of Youngstown | Sheet. & Tube Co. with Bethlehem Steel | Corporation, today resigned as director | and member of the Executive Committee | |of Sheet & Tube, at the company's offices. i George T. Bishop, jr., of Cleveland, | president of Continental Shares Corpo- | ration, succeeds Eaton as a director, and | | Frank’ Purnell, president of Sheet & Tube, replaces Eaton on the company's Executive Committee. | The changes were announced after lies in | f, | ter, 'EATON QUITS BOARD ° it was announced$ #xn A—18 U.S. FOREIGN LOAN TOTAL IN DECLINE Only $207,941,500 of New Nominal Capital Raised -in Six Months. BY CHAS. P. SHAEFFER, Assoclated Press Pinancial Writer. The United States, long the Mecca |for foreign borrowers, has been eom- | paratively inactive in this respeet lx‘;thu year. - compilation by the Commerce De- partment shows foreign capital iscues publicly offered here during the haif year amounted to $270441,500. Re- funding totaleq to $62,500,000, leaving $207.941.500 ‘of new nominal capital. = Previously, as far back as 1926, flo- tations during the first half exceeded {those of the last half year. In 1929, | considered a poor year in foreign | financing, two-thirds, or $458,000.000, of |the total issues had been brought out {by the end of June. Similarly, in 1930, | $699.000,000 of & total of $905,000,000 of |foreign issues resulted from the first | half year's activities. Foreign capital issues in the second quarter of this year were $152,000,000, of which refunding operations 'ac- counted for $51000,000. Of the 18 is- sues involved, 15 were of Canadian origin, amounting to $45,500,000. ‘The conversion in May of four of the Dominion of Canada 5 and 5% per cent |issues, originaliy put out in connection vith the World War, into 4} per cent 5-year issues was a feature of the quarter. Bonds presented for conver- sion totaled $640.000.000, of which it is estimated that $50.000.000 came from the United States. There were only two | Canadian corporate issues, both by {firms associated with American con- cerns. Other foreign issues were the eom- mon stock of Ford Motor Co., Ltd. of Great Britain, offered to holders in April, and the bonds of the Taiwan Electric Power Co., Ltd., of Japan. o fered late in June. The proceeds of the first were to be used principally to finance the completion of the ham plant, near London. while the Ia an_issue of $22.800.000 in 51> per cent 40-year bonds guaranteed by the imperial Japanese government, was to rovide funds for completion of. hydro- electric develobment. NEW YORK CITY BANK PROFITS SHOW DECLINE SpeciaY Dispateh to The Btar. NEW YORK. July 20.—Indicated net profits of 15 of the leading New York City banks and trust companies in the first six months of 1931 were 49 per cent less than in the corresponding period last year, after appropriations for reserves, it was announced today by Moody’s Investors' Service. Since local banks do not customarily publish detailed financial statements, the computation is based on dividends paid and a comparison of balance shects. This method of calculation reveals gregate earnings for the first hal{ year of $52.136.000. before allowing for trans- are the lowest for any month since s:fl' meeting of Sheet & Tube directors. e tember, 1914, while imports are lowest during the present depression excepting the month of February. Ex- ports exceed imports by only $11,000,- BALTIMORE, July 20 (Special).— 000, the lowest favorable balance in| Cars loaded on the Baltimore & Ohio many vears. | Railroad and received from connections totaled 53315 during the first seven Wheat Prices. working days of July. This compared Little hope is held out for any marked | with 66.850 in the sam period last vear, improvement in wheat prices in the| & decrease of 13535 ~ Daily average | loadings for the period were 7.616. as against 9.550. & decline of 1934. Com pared with the first seven working days of June, thers was a reduction of 1.098 in totai_loadings and of 157 in the r B. & 0. CAR LOADINGS. Jear of very low prices, due to the oyer- anging supplies of the 1930 crop. The | prediction is based chiefly upon pres- ent prospects of world production and fers of $18.500,000 from surplus or un- divided profits to reserves. “This represents a decrease of 21 per cent from the comparable 1930 period.” Moody's states “After deducting re- serve appropriations the indicated net | thus far in 1931 amounts to only $33,- 636,000, as against $65.957.000 in the first six months of last year, a drop | of almost 50 per cent | ” “Several of the large banks have not [ been included in the compilation be- | cause they have not specified the mount of reserve appropriations. and | as a result an indicated earnings fig- ure could not be calculated in thess ases.” at PDawn with the Electric Industry IN 1880, two years before Edison started his famous Pearl Street Sta- tion in New York, the Rochester Electric Light Company was sup- plying arc light service in Roches- ter, N. Y. Wires were strung be- tween buildings; poles had not yet ‘comeintouse Thefirstincandescent lamps appeared in Rochester in1883. Rochester Electric Light Com- * pany has since become a part of the Associated System, Other As- sociated electric properties that started at dawn with the industry include those serving: y Hornell, N. Y. Patchogue, N. Y. Easton, Pa. 1886 1887 1888 Reading, Pa. New Bedford, M Bingbamton, N. Y. 188¢ Jobnstown, Pa. 1885 Ithees, N. Y. 1888 Cambridge, Mass. 1886 Frankfort, Ky. 1889 Associated electric companies, sea- soned in service, are participating in the rapid growth of the industry —an ex- pansion that promises to double electric output in the next decade. Home Use Can Expand 13- Fold Home use is one fertile field for growth. Full-use electric service in homes requires about 7,000 units (K. W. H.) a year, whereas present average use is only §50 units. It is estimated that 80% of all do- mestic customers now use less than 50% of the total energy consumed for residen- tial purposes. Expansien lies in increasing use by these small consumers, who are just beginning to learn how convenient it created by theu neers in operat System was one United States. possessions. quarter century. security dealer, or 1882—Electric Plant at Lower Falls of Genesee River, Rockester, N. ¥, ) is to tap the vast reservoirs of energy tilities. Just as Associated properties were pio- ion, so the Associated of the first five publie utility groups to be organized in the From 8,000 customers in 1906, it has grown to 1,430,600 cus- tomers, serving one in 26 of the users of electricity in the United States and its Time has tested the operation of Associated electric properties for half & century . . . group management for & Creditable performance in the past augurs well for continued progress in the years ahead, To invest, or for information, inguire of your write to the address below Associated Gas and Electric System 61 Broadway @ NewYori:th | against 60 cents. BALTIMORE, July 20.— 5% | market has been devoid of the activity “19nd drastic price reductions that has | Kendall Co—Common share earnings, i ‘German | 24 Wweeks ended June 13, 33 cents, 15;‘: ;l:;:cm:ed trading in the A 1;::?.12 ]1.;50" for like period ended Commodity Prices. New Orleans Public Service—May Weakness featured commodity prices operating revenue off 3.2 per cent; net During the hearing of a case in athrough the greater part of the week, income off 8.9 per cent. Liverpool. England, court, recently, it|with 20 of the 40 major commodities | Otis Elevator Co.—Net working eapi- was testified that a boi of 10 did not|lower than the preceding week, while 8 | tal, June 30, $24,950,000; w;n and know the names of his King and Queen advanced and 12 were unel De- | Government securities, $14,760,000; in- of England and had not heard the clines again eentered in the farm prod- ' ventories, . ucts and some of the nom-ferrous’ w ,$6,400,000. Woerld War, ivania Power & Light—April U. 8. TREASURY BALANCE. The United States 'n'en\:? ‘balance today as of close of business July 17 was $338,724,669.01. Customs receipts for month to date were $17,985,915.32. Total ordinary expendi- tures, 374 Insull Util 6s 1940.. 86 84% 10000 15"k BN ¥ 53°1050 105 108 8toek s ay, $3.000 shares. Bond sales today, $19.000. Maryland ity Co 10 Merehants & Miners Tr 138 Norihern Cent R R com 0 New Amsterdam Oas Co.. 167U 8 Pidelity & Guaranty nokos. S B it \