Evening Star Newspaper, July 21, 1931, Page 14

A—14 »as FINANCIAL, PROFTESSLINE | AREBEING STUDID Retail Store Executives Plan Method of Reducing THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. D: €., TUBSDAY, JULY: 21, 1931 4 ~Prev. 1931 Stock and Sales— Prev. High. Low. Dividend Rate. Add 00. High. Low. Close. Close. 'BUNl] ISSUES FIRM | Corz=v vorx BONIDS stocx sxcmanca] Received by Private Wire Direct to The Star Ofice i 45% 28'4 Trico Products(2%). kS 833% 33% |N UPWARD TREND 24 12 Truscon Steel (60c) 3 183' 124 UNITED STATES. Salea, High Low. Close. Ton 40 Undimiriener ey " [Foreign Dollar Obligations (Continued From Page 13.) (Bales are 1n $1,000. Inland St14%s A'78 17 96 9% 9B% 75% 40 Und-Ell-Fisher (5). 10 ] Irregular as Credit Con- Sales— Prev. Add 00. High. Low. Close. Close. 3 304 30% 20% . 402 19 19% 184 3 401, 39% 7% 4% 14% 2 20% 20 ~Prev. 1631~ Stock and High. Low. Dividend Rate. 65% 241 Purity Bakerie: 27% 12 Kadio Corp. .. 60 31'4 Radio Corp B (5). 24% 11% Radio-Keith-Orph A. 291 173 Raybestos Man 2 60. L4th43s33-38 87 104 31 104 29 104 30 17 83%s’45.., 13 10119 10117 101 17 U S 3%s40-43., 85 10226 102 25 10226 US3%s43-47.; 5 103 4103 103 U845 4a-54 5 108 27 168 27 108 27 U S 4%s47-63.> 11 11315 11311 11811 Int & Gr Nor Int&GNed Int Hydro E1 Int M Co s ret "41.. Int Cement 63 *43. 8 i 3% ¥ North Carolina Considers 5141 & Ton-Year Proposal to Lib3%s32-47.. 10 10221 10221 10221 |Int Rap Tr 68 1% 71 471 L1st43%s32-47.151 10312 103 9 10812 | Int Rap Tr sta ‘66 THe 704 71 88 88 2 “nion Carb & C 2.60. 26% Un Ol of Cal (2) 52 81% 81 ° FINANCIAL. Sales. High Lot INSnaBU (SR TSIIE O S0 1315 nion Bag & Paper. . 50% 17 934 187% 50 92 | 93% Loss on Sales. Bpecig! Dispatch to The Star. ! HEW YORK, July 21—With the | necessity of preserving net profit as the driving force, steps to remedy the poor | showing of the increasing number of | non-profitable departments will inev- | itably figure prominently in retail plans | covering the near future, retail exec- utives hero agreed. | An acute stage of the problem. it was felt, has now been reached, with low Tetail prices reducing the gross operat- | ing margins in_ profitable as well as | non-profitable departments. This is! further borne out by the fact that out | of 76 departments in 60 typical stores doing $2,000,000 to $5,000,000 annually, 50 were non-profitable, according to 1930 figures recently compiled by the Controliers' Congress of the National Retail Dry Goods Association. These | 50 non-profitable divisions, moreover, it | was pointed out yesterday by H. IL Kleinhaus, manager of the congress, ac- counted for 54 per cent of the total dollar sales volume. In other words, | more then half of the business of these typical stores was done at a loss. Only 23 departments were profitable, and they accounted for but 41 per cent | of the dollar volume. The remaining three departments broke even and ac- counted for 5 per cent of the volume. Drain on Store Profit. How serfous a drain the non-profita- | ble departments prove, from the stand- point of the store as a whole, was shown | by Mr. Kleinhaus in the calculation that the profit of 2.6 per cent on the sales in the 23 profitable divisions, equivalent to 1.1 per cent on total dol- lar sales volume, was entirely wiped out | by the loss of 2 per cent, also equiva- lent to 1.1 per cent on total dollar volume, in the 50 non-profitable de- partments, which had 54 per cent of the total Sales. In dfscussing one aspect of the situa- tiga revealed by these figures, one well ¥nown retail executive said he believed that the device of having wholesalers increase the cash discount, as recently suggested by Oscar Webber, vice presi- | dent and general manager of the J. L., Hudson Co., would have the immediate | effect of swinging many present non- profitable departments out of the red. He said this would be particularly the | case in home furnishings, long & non- | profitable group of departments. He saw this increased trade discount as likely to materialize in a number of lines in the near future, but did not see the need for it in trades such as the ap- parel industry, in which discounts were | already high enough. Other retail executives _expressed | similar views, pointing out that a dis- | count of from 6 to 8 per cent affords a cushion that will make a material | difference in the combined discount operations showing of many depart- ments. A discount increase of say 4 or 5 per cent will overcome losses of 1 or 2 per cent now experienced on sales, it was asserted. Turning to other phases of the ques- tion of bringing departments out of red ink, executives pointed out that only a few of the 50 non-profitable divisions are usually found on first-floor loca- tions, while a majority of the profit- able ones usually are found on the first floor. In other words, the trend in recent vears in department store mer- chandising has been that the bulk of the profits is obtained from the sale of impulse and convenience goods of the quick-turnover type. It is now the need of the stores to do as good a mer- chandising, promotion and manage- ment job in its upper-floor depart- ments, it was agreed. Style Factors. Tt is also noteworthy, it was added, | that the non-profitable divisions are beset by a larger variety of style factors. which result in higher mark-downs, a most serfous loss of profit. For exam- ple, despite the good rate of turnover | in apparel departments mark-downs in | Teady-to-wear average more than 10 per_cent, against a total store average of 7.6 per cent. Higher consumer re- turns are also an important consid- eration, running at about 12 per cent, as against the store average of 9.3 per cent. Retail executives pointed out that | considerable headway is now being made | in lowering mark-downs and in the re- | duction of consumer returns, the latter | through crganized effort. In one quarter the view was voiced | that a fundamental trouble with the| home furnishings sections, and possibly others, is that items are pushed indis- criminately, regardless of whether they carry high expense charges or not. The head of one large local store condemned this method, stating that he had found the solution of more profitable operation to lie in the merchandising of miscel- laneous items rather than the whole range of heme furnishings. This, he said, achieves expense reduction through the featuring and sale of goods carrying the least expense to the department. CHICAG’O’ I.U;E STOCK MARKET| CHICAGO, July 21 (#) (United States Department of Agriculture).— Hogs—Receipts, 19,000 head, including 2,500 direct; unevenly, 10-25 lower than vesterday's average; bulk, 170-220 | pounds, 7.40a7.55; top, 7.60: 230-260 | pounds, 6.75a7.30; pigs. 6.25a7.00; light | lights to 7.40; packing sows, 4.25d 5.00; smooth light weights to 535: Jight light, good and choice, 140-160 pounds, 7.00a7.45; light weight, 160-200 pounds, 7.25a7.60: medium weight, 200- 250 pounds, 6.80a7.60; heavy weight, 250-350 pounds, 5.35a7.00; packing sows, medium and good, 275-500 pounds, 4.00 | a5.35; slaughter pigs, good and choice, 100-130_pounds, 6.35a7.00. CATTLE — Receipts, 5,000 head; calves, 2.500; yearlings and light steers | steady to 25 higher: weighty steers | mostly steady; fully steady on better | grades, but slow on lower grade. big | weight kinds scaling over 1,400 pounds; active and unevenly higher market on she stock: bulls and vealers steady; not much’ beef in run, weighty steer being scarce; best fed yearlings, 8.85; weighty steers, 8.00. Slaughter cattle and vealers—Steers. good and choice, 600-900 pounds, 7.65a8.90; 900-1,100 pounds, 7.50a8.90; 1.100-1,300 pounds, 6.75a8.25; 1,300-1,500 pounds. 6.50a 8.25; common and medium, 600-1.300 | pounds, 5.25a7.00; heifers, good and choice. 550-850 pounds, 7.2588.75; com- | mon and medium, 4.00a7.25; cows, good | and choice, 4.50a6.00; common and | medium, 3.50a4.50; low cutters and cutter, 2.0023.50: bulls, (yearlings ex- cluded), good and choice (beef), 4.25a 5.00; cutter to medium, 3.50a4.75; veal- ers (milk-fed), good and choice. 6.758 825, medium, 5.7526.75; cull and common, 4.00a5.75. Stocker and feeder cattle—Steers, good and choice, 500- 1,050 pounds, 5.75a7.00; common and medium, 4.2525.75. Sheep—10,000 head: mostly steady: early bulk good and choice native lambs, 7.00a7.50, few 7.75: best rangers held above 7.75: choice range yearlings, 6.00; slaughter ewes largely 2.00a3.00: Jambs, 90 pounds down, good and choice. 6.75a8.00; medium, 5.2516.75; all weights, common, 4.00a5.25; ewes, 90- 150 pounds, medium to choice, 1.75a 3.50: all weights, cull and common, 1.00 2200; feeding lambs, 60-75 pounds, good and choice, 5.0025.75. i CHICAGO DAIRY MARKET. CHICAGO, July 21 (#).—Butter, 16,- 859; unsettled: creamery specials (93 score), 241:a25; extras (92 score), 24; extra firsts (90-91 score), 23a23l3; firsts (83-89 score), 211.22215; s=conds (86-87 score), 18a7): standards (90 score centralized car i i0), 24'.. Eggs,| 9.610; unsettled; extra firsls, 20a203; fresh graded firsts, 182; cugrent re- , 15817, i “ el Al | few grours to fare worse in the second 30% 5 Real Silk Hosfery... 1 90 22 Real Silk Hosiery pf 1508 19% ©% Remington-Rand.... 8 104 Reo Motor Car (40¢). 25% 54 22% 544 6% 10% 26 42% 661 96 108 20% Republic Steel pf. Reynolds Metals (2). Reynolds Tob B (3).. Richfleld O:1 R0 Grande Of1 Rossta [nsur (220). Royal Dtch(m2.2789) Safeway Stores (5). Safeway pf (8). Safeway Strs pf (7). St Joseph Lead-(1).. St Louis & San Fran. St L-San Fran bt (6) Savage Arms (2). Seab: d Alr Line Sears Roebuck (2% Second Nat Inv. Seneca Copper Servel Inc. Sharp & Dohme. . Shattuck (FG) (t1%) Shell Unton Ofl.. ... Shell Un O1l pf (%) Shubert Theaters. .. Stmmons Co. ....... Simms Petroleum. .. Sinclair Consol Ofl. . Skelly OMl. ...... Snider Packing pf South Port Rico Suz. Sou P Ric Sug pf (8) South Cal Ed (2). South Pacific (8). Southern Rwy (m6). Spalding (A G) (2).. Spalding 1st vf (1).. Sparks Withing (1) Spicer MIE......... Stand Brands (1.20). Stand G & E (3%) Stand Invest Corp Stand Of} Cal (h234) Stand OIl N J (12)... Stand O] N Y (1.60). Sterling Sec A . Stewart Warner. Stone & Webster (3). Studebaker (1.20) Sun Of1 (11). Superior Steel. Symington A 16% Telautograph (1.40). Texas Corp (2). Texas P C & Oil. Texas G Sulphur (3) Texas Pac Land Tr. Third Avenue. .. Tide Water Asso Oll. Timken-Detroit Axle Timken Roller (3)... Tobacco Prod A t95¢ Transamerica (40¢). Tri-Cont Corp....... Tri-Cont Corp pf (6) 6% | 255 9% 6% 143, 311y 12% 524 1 4 19% 20% 55 91 107% 18 17% 20 205 87 387 2714 714 314 52ia 315 12 67% 8714 50 7% 10% 15% 87ha 368 208 13| 6% ST 150 9% 52 42 60 25 9% 6 15% 3315 15 51% 1M % 197 30 57 9315 105 18% 18 32 1744 % 56 4 1% 8% 1% 21% 56 an | 1| 8 | 11 214 6in 47 24 31 T6%¢ 60 1% 26 b1 15 20% 7 49 3 163 Tl 1 by 11 15% 110 45% « Van ® 19 5 % 14 217% 17% 1915 Utl) P&L A (ot2.15). 287 Vanadium Corpn... aalte 1st pf. .. 81> Vulean Det (4). Wubash KR. .. Wabash RR (A)... Walworth Co. Un Pacific (10) Un Pacific pf (4) Unit Alreraft Utd Am Bosch. Unit Clgar Stores. . Unit Cory (76c) . Unit Corp pf (3) Unit Dyewood. . Unit Electric Coal Unit Fruit (4).. Unit G & Im (1.20).. U S Gypsum (1.60).. U S Indust Alcohol. . U S Leather 30 Rubber 1st pf USSm& Ref pf 3%. U S Steel (7)........ U 8 Steel pf (7). Unit Stores A. Unit Stores pf (4) Univ Ple 1st pf (8)..110s 9% Univ Pipe & Rad pf. 124% 98% Utah Copper (6). 308 . 308 21 188 108 Warren Fdy & P Wess Oil & Snow (2) West Pa El pf (6) West Pa El pf (7) \Vestern Dairy B... = . 108 . 308 3 Western Md. Western Md Western Unfon (8) .. Westing EI&Mfg (4) 18 Westvaco Chlor 2). White Motors (1).... 861y 31p 3n, 21 54% 371 66% 7% 391 Y RIGHTS. % % Ins r Sh 1. Ang 10 White Rock MS 14%. Wilcox Oil & Gas. Willys-Overland Wilson & Co pf. .. Woolworth (2.40) Worthington Pum Wrizley (Wm) (4).. 5% Yellow Truck. stwn Sh&T! Zonite Prod Corv (1) _, 2 8% 124 Expire. 0 % Sales of Stocks on New York Exchange. 10:30 A.M 1:30 P.M . tPartly extra 100.000 800,000 ¢ Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half-vearly declarations | Plus 470 last year—no regular rate or stock. in special preferred stock 92 no reguler rate. n Pi SOME FIRMS MAKE FAIR GAIN IN SECOND QUA RTER EARNINGS Railroads Have Poorest Showing, Al- though Many Industrial Companies’ ‘ . Profits Are Sharply Lower. BY CARLTON A. SHIVELY. Special Dispatch to The Star. NEW YORK, July 1.—Wall Street | is beginning to find out in the best pos- | sible manner just how poor business | was in the second quarter and in the rst six months of the year. Reports on earnings, as required to be published | by the Stock Exchange, raflroad and public utility governing bodies, or volun- {arily, are now appearing in large num- T | For the half year declines are gen- | eral and substantial. but contrary to anxleties of a short time ago, many of the leading industrial companies did moderately well in the second three | months. Much of the gain was, of course, seasonal. Its discovery is prov-| ing to be none the less cheering. Railroads Fare Worst. Railroads have fared the worst of | any industry. Only a few carriers have to date published gross and net earn- ings for June, but the record of car loadings, the Indication of such re- ports as have been received, and the trend of revenue during the first five months, which already have been pub- lished, make estimates fairly easy. Nothing occurred in June to change expectation of net'railway operation in- come at a level approximately 40 per | cent under that for the first half year | of 1930, itself rather a poor period. This decline in net has come about with a fall of 20 per cent in gross income, operating expenses naturally rising with a decline in volume of freight and pas- senger trafic. As pointed out in de: tail at the hearings before the commis- sion on higher freight rate applications, only a few roads will be able this year to earn anything for their common shareholders. Only a few public utility companies have reported. The utilities were the outstanding feature of the early part of 1930, but their earnings this year have reflected the trade depression to | some extent. In the case of American Telephone, total earnings were higher than last year, but the net for each share of common stock was smaller be- cause of the larger number of shares outstanding. Western Union earned moderately less than a year ago. Among industrials, those groups of companies in industries which have been floundering in depression of a special character, such as copper, sugar and ofl, present a rather sorry picture. Railroad equipment companies have had almost no nourishment this year, due to tightening rallroad purse strings, but that group is sparsely settled. Steel Companies. Steel companies formed one of the quarter than in the first, even in rela- tion to a seasonal mild decline, and their six months’ earnings were sharply STOCK | as last |27 lower than those for last year. The two leaders, United States Steel Corpora- tion and Bethlehem Steel, are yet to Teport, but it is well known that neither company in the second quarter or in the first half year earned anything for the common shares. i Ordinarily the motor compAnies have their best time in the second quarter, and this year has proved to be no ex- ception. Results have not been so good year, but in many cases the difference was less than Wall Street had expected. General Motors, which will pyblish its second quarter report shortly! is expected to have covered its regular dividend in the six months’ with 20 per cent margin. In percentages. a compilation of net income for the six months as shown by the first 65 companies (excluding rail- roads and investment trusts) to report, shows a drop of slightly under 9 per | cent as compared with a year ago. The Federal Reserve Bank of New York cal- culates industrial profits for first quar- ter (net earnings after all charges ex- cept dividends), at 56 per cent under the corresponding period of 1930. In 1930, first quarter profits fell 25 per cent and second quarter profits dropped 35 per cent. | From the insufficient data available, it is impossible to say how far seasonal changes worked in favor of the second quarter this year and how far they were | obliterated by the ever-mounting wave of business depression last year. On the surface, it appears that trade improved somewhat in the three months just | ended. | Washington Produce ‘Butter—One-pound prints, 28'2; tub, Eggs—Hennery, 22a23; current re-| celpts, 15a17. Poultry, alive — Spring broilers, 3 pounds and over, 33a35; 2 to 382 pounds, 32a33'2; 113 to 2 pounds, 28a 30; Leghorn broilers, large, 24a25 medium, 22a23; hens, large, 22a23 small, 18a20; Leghorn hens, large, 15 16; small, 13al4; roosters, 12al3. Dressed—Spring _ broilers, 3 pounds and over, 38a40; 2 to 2!, pounds, 37a 3815; 115 to 2 pounds, 32a35; Leghorn | broilers, large, 28a30; medium, 28; hens, large, 25a26; small, 20a22; Leghorn hens, 17a18; small, 14a15; roosters. 13a 14; Long Island ducks, 21a22. Meats—Beef, prime, 15; cholce, 14; medium, 1215a13; lamb. 19a20; veal, | top, 14al15; choice, 12al3; pork loins, | 22a23; fresh hams, 18a20; smoked hams, 20a21; strip bacon, 24; lard, 1012a11. Fruits—Watermelons, Tom Watson, AND BOND AVERAGES By the Assoclated Press. TUESDAY, JULY 21. STOCKS. 50 Industrials. .Previous day Week ago. .. Month ago. . Year ago.. Two years ago. .. Three years ago High, 1931, Low, 1931 High, 1930. Low, 1930 High. 1929. Low, 192 Three years ago High, 1931..... Low, 1931...... High, 1930. Low, 1930 High, 1929 Low, 1929 . i 5t 1971, St IRs |on ¢ £Plus 8% In stock :00 Noon. 2:10'P.M. in stock. {Plus 9% in stock. b Payable in stock. hPlus 2% in stock. Kk Plus 3% in stock. 3 Plus 50 m Paid this 57 in stock. 35a60: Big Joe. 35 to 70 pounds, 1.00a 1.25; 2.50 California, 3.50a5.25; bananas, huckleberries, 4.50; plums, 2.50; honeydews, 1.25a1.50; honeyballs, 2.00a2.50; grapefruit, 1.50a cantaloupes app! North Carolina, 1.00; 1.00a2.00; pears, 3.00a3.50; 2.50; pineapples, 3.00a3.5. baskets. | corn, | tuce, | beets rots, per 100 bunches, 2.00a3.00; aspara- | . California, nd sacks, 1.50; Eastern Shore, bushel | 75 spinach, New Zealand, 50; | etables per bushel, peppers, 75: string_beans, limas, 3.00a3.5 crates, 1.00a1.25; squash, 50 Iceberg, 4.00; celery, per 100 bunches. ~Potatoes. 2.00a3.00 2.00a3.00; kale, 35240. COAL PRODUCTION. By the Associated Press Production creased 11.8 per cent during the wee ended July 11 as the output was calcu- of bituminous lated by the Bureau of Mines. production for comparable periods fol- | low: Week ended July 11 Previous week . Same week last . 6.667,00 . 5.961.00 vear..... 7.861,00 INVESTMENT TRUSTS NEW YORK. the-counter ma Al Am Am Am Am Founders Founders m Founders conv pf ctfs Founders war Founders 1-40th com Ins Stacks Assoc. Stand Oil Br | Century s | Chain' & Gen Chatn | Chain Chain Sto; [ e ‘war Pac ‘Int units Il Pac com ' ww Pac_pf war s Nat Inv sicilla ' Corp dustry 5 sh Type _Invest quities % e Sto; f Chain Store Shr Gwners | Chartered | Chartered 1 | Gumulative_Tr Invest Exchange Exchange sh Corporate Trust Doposi Diversified Diversi | Grum & Foster rum & | Crum & 2 Foster Frustee ed Trustee ed Trustee ed Trustee Corp com Corp pt Trust_Shrs Amer Corp T five Year Fixes Fixed T 5 | Fixed Trust Sharcs B st Shares A Fundamental Tr Shrs_A at Secu {Int Sec Invest T Invest Tr of ) Cundamental 1 B fars B A Secur Corp Am A Secur Corp Am Corp Am' 67 Corp Am 6127 bt t Associates N'Y Collat A f Investors Trustee Shares Jackson & curtis In Jackson & Curtis Sec aders of Industrs A Leaders of Industry B Leaders of Industry C.. ... Iutual Mutual | Natio | National Indust | National N N | Low Priced” Shrs | Masor HMass Tnve Corp_ Shrs, tors Invest T+ Manage Wide Secur .11l Shrs TrBhre ...00 Bank Tr Shrs’[..00] & South Ar Comp B Nor ‘Am Trust Shares. jon: ks | Pet-cleum Tra | Bubic S | Representa | Secur Corp ¢ | Second “Int Secur Corp Utilities, 101.4 1015 100.9 100.4 100.4 913 98.9 1015 95.4 101.4 96.6 99.8 96.0 andara Statistles 68 el L e A nd Int Secur Corp B. ted Am Shares cted Income S ShawmutBan Spencer Tr, Siand Am Stand State § Suver Super Super Trust Trust Sh Trustee Gorp of Am Tr Corp of Amn Tr Shrs of Amer Tr I3 of “Amer... Trustee 20th Ceatury Fixed Two Year ‘i United Tr. 8h.... Fixed United Fo'ncer United Ins Shrs United Bark Ir i h Un: § & British Int British Int 'L . Tid B..:. nt Ltd 33 pf & Pow A.. Flec Lt & Pow B & & ritish ec Lt versal Tr 700,000 | 900,000 e Payable in cash oranges, lemons, 550a7.00 3.00a3.50; blackberries, 5 2.00a2.25 2.50a3.00; | coal 162 85 LT 16 7 28 50 215 5% ference Continues. BY F. H. RICHARDSON, B8pecial Dispatch to The Star. NEW YORK, July 21—Domestic bonds were firm and the rails generally higher today, while foreign dollar bonds had an firregular trend. The dullness of trading was attribut- able to the fact that no definite news was forthcoming from London, where the seven powers are considering Ger- many’s credit problems. London advices indicated that no hug> credit would be granted to Germany at present. It was thought that agreement would be reached on an immediate but moderate- sized loan to Germany, conditional on her maintaining the 'present drastic financial control, and that the question of a long-term loan of important dimen- sions would be left to an Autumn meet- ing of the powers. | Sentiment was helped by half-year earnings reports that were better than expected and by an Incregsing convic- [tion in the Strect that the Interstate Commerce Commission will grant some freight rate increase to the railroads. Junior railroad bonds, such as Frisco | 4125, Missouri Pacific’ 55, Erle 5s, St. | Paul 5s, International Great Northern adjustments, Denver & Rio Grande Western 5s, Western Maryland 4s, Alle- ghany 55 and many other second-grade rail issues were a point or more higher. Rising prices for sugar, some metals and a few other commoditics brought | strength into the industrial list. There | was some activity in low-grade sugar company issues, such as Cuban-Domin- ican Sugar 7!,s and Warner Sugar 7s, 4/ and fractional advances in high-grade issues, among them American Sugar Refining 6s. Other industrials to gain included Shell Union Ol 5s, Richfield Oil 6s, Goodyear 5s, Armour of Dela- ware 5155 and American I. G. Chemical 51,s. In the utility group International Telephone issues were strong with the company'’s stock. The ~ foreign department sagged, though there was fairly good bidding below the market for many widely de- pressed issues by the governments whose obligations are at bargain prices. Ger- man government 5!,s and_reparations is were slightly higher at fifst, but later | rlapsed to their previous closing levels and fluctuated irregularly. German | Central Bank issues remained heavy. ! German municipals, utilities and in- | dustrials were off as much as 2 points | In some cases and_higher by a similar amount in others. Most European bonds | were inactive. South Americans were somewhat more active, but equally disinclined to ad- vance. Chile government bonds and | Issues of the Chile Mortgage Bank were a point higher in dull trading. Argen- | tine 65 were off about a point. Brazilian bonds. which have been strong in recent sessions, sold off following reports of a decline in coffee shipments. a Paid cents year— 1.00a 'Washington Stock Exchange SALES Washington Gas ~$500 at 107. Capital Traction Co.— 100a| 42%1. 10 at 427, cabbage, 25a50; 4275, 20 at 4274, 20 at 427 Potomac Electric 6° pfd.--10 at 1137, 10 at 1133, 65 at 113,, Potomac _Electric 51,°" pfd—18 11112, 5 at 111'2, 1 at 1113, Washington Rwy. & Electric pfd.—4 9975, 10 at 9975, 140 at 9974, 30 a. 10 at A American Security & Trust Co.—10 : let- car- at 50- AFTER CALL. | Merchants' Transfer & Ctorage com. — in-!_ 10 at 96. 5 at 96 '» Peoples Drug Stores Washington Rwy. 000 at 917, $2,000 . £1,000 at 92, Bid and Asked Prices. BONDS. FUBLIC UTILITY. Total 0 tons 0 tons | 0 tons & "Tel. ctl a & Pot. R. R tia_& Potomac guar. Tel. of Va. 5s Traction R. R. 58 Suburban 5s Georgetown Gas Ist s tomac Elec. cons._ ’ 65 1953 Alex. & Mt. Vernon ctf Wash. Wash. 3 MISCELLANEOUS, 612 | Barver & Ros: 42': Chevy 506 | Columbia Country Club 57z | D C_Paper Mfg. 6s V. M. Cold Storage 55 PUBLIC UTILITY. r Tel & Telga (9).... 1 Traction Co. (4) Gas_Lt. Co. (18) W. Steamboat (12). glec. Power 6" Elec. Pow Rwr & EL g Rwi & Elec. pfd. (5) NATIONAL BANK. Pet Pot Wash Wash. | capital { Columbia Commercial 12) (stamped) {10} . Washington (13) TRUST COMPANY. American Sec. & Tr. Co. (15) Continental Trust (6) Natl. Sav. & Tr. (123} Prince Georges Bk. & Tr. (6) Union t8s) Wash. Loan & Tr. (14) SAVING | Bank of Bethesda (6%) Com. & Savings (10) ... East' Washington (12) . Potomac (10) . Se Bk (A7) BANK. ec. Sav. & Com Seventh_Street (12) United States (30) hington Mechanics’ (20) FIRE INSURANCE. erican (12) : rcoran (10 emen’s (8. National Union (i5) TITLE INSURANCE. | Columbta (6h).. s Real Estate (6h) 7 s MISCELLANEOUS. Barber & Ross. Inc.. com... Col. Medical Bidg. Corp. (6) Col. Sand & Grevel pfd. (7). D. C. Paper Mfg. pfd. g Dist. Natl. Sec. pid Emer. Bromo-Selz Federal Storage pfd (81 . Fed.-Am. Co. cor. (1.200) Fed -Am. Co. pfd. (6)...." Lanston Monotype (8) . Mer. Tr. & Stge. com. (10)... Mer. Tr. ‘& Stee. pfd. (1) Mergenthaler Linotype (81 Natl. Mtge. & Inv. pfd. (81, Peoples Drug Sto. pfd, Real Est. M. & G. pfd. Security ‘Storage (4e)... Ter. Ref. & Wh. Corp. The_Carpel Corp. (2).... . W. Mech. Mtre, com. (6).. Wash. Medical Bldg. Corp. (1) Woodiw'd & Lothrop com. (1.20). Woodward & Lothrop ofd. () SEx d! 27 extra noks closed. Sar,% extra, bBooks closed. T exin hacs extra. 5% extral ity 20 | 383082 & @), POTATO MARKET. CHICAGO, July 21 () (United States Department_Agriculture) —Potatoes, 45; on track, 303; total United States ship- ments, 453; about steady; trading rather slow; sacked per hundredweight, Mis- souri Cobblers, 1.05a1.20; Kansas, 1.00a 1.10; few, 1.15a1.20; poor lower: east shore Virginia barrel Cobblers, 2.50a2.60. U. S. TREASURY BALANCE. The United States Treasury balance, arnounced today as of close of business July 18, was $337,955,501.42. Customs receipts for the month to date were $19,039,703.58. ‘Total ordinary expendis tures, $6,303,100.51, AbitiDI P& P 58’53, 3 Adams Exp 4848 13 Allegheny b Alleg Corp b3 Allis-Chalm 68 '37.. Am Chain 6s'33. Am F P 58 2030.... Am1GChb6%8’'4). Am Int Cp 6%8'49.. Am Metal 5% '.3.;.. Am B&R 18t 58 °47.. Am Sug Ref 63 Am T&T cv 4% Am T&T 68°65. Am T&T c tr 68’46, Am T&T 88 £'60.. Am T&T 6% 43 Argentine bs ‘45 Argentine 6% s Argentine May Argentine 6s Ju "69, Argentine 63 A ‘57, Argentine 63 B ‘68e Arm & Co 448 '39.. Arm Del 6% 843 Atchison ad) 48 Atchison gei = - ~25%0 shoncra~eikBecenar AtCL1st4 AtC L col 4 At Ref deb b8 37 Australia ¢% Au Austraiia B&O4s'48 B&O4%s B&Oconv 4k B&O1stbs” B & O ref bs'95 B & O 58 D 2000.... B&O65'95...0uun B & O Sw dy 68°50. Bk of Chile 6 Bk of Chile 6 Batav Pet 4135 "42.. Belgium 68 ‘b5 Belgium 6% 3 '4! Belgium 78 '55. Belgium 7 . B Ind Loan Co 65'46 Berlin Cy El 68 '65. 1in CyEL 6%5'51 Beth Steel pm 6’36 Beth St rt b Bolivia 7s Bordeaux 63 3¢ Bost & Me 4% s Bos & M. Brazil 6 Brazil 6 Brazil Bremen 7s '35 Bklyn Man 6s ‘68 Bkiyn Un 1st 68°50. Budapest 65’62 Buenos A 65’61 Pv. Buft Gen El 43581 BR&Pitt 433 Bush Ter con bs 55 Bush T Bldg bs '60. ing 68° 40 Canada 43 6 Canada 4133 '36.... Can Nat 448 b4, .. Can Nat Ry 5 Can Nat 4 S Can Nat 4343 68, Can Nat 4%s ‘65 n Nat 5s July ‘6% n Nat 68 Oct '69. n Nor 7s deb 40. n Pac deb 4s.... nPac4%s 46... n bac bs cily 44, n Pac 58 '64..... r Clin & O 65 '52. Cent Pac 45 '49. Cent Pac 58 '60. Cen Ry NJ g 58 '87. Cont 11 G&E : Cert-ta aew vy 48 Ches Corp 65 '47. CkOgen4hs 3., C&O4MsA 93, C&O4has B 95, Chi & Alt 38 CB&QEgen Chi & Eas 111 68 Chi Grt West 48 '69 Ch1 Ind&L gn 55'66. Chi Ind&Lou 68 '66. Chi M & SUP 4889, Ch M&StP 4% s Chi M SIP&P 63 ‘76 Chi M & St P adj b C&Nwn 4348 ¢ 2037 Chi& NW con 4% s. e b 0000 9 AT Pttt 78 €5 100% 95 95% 108 1003, 1007 100% 1007, 102 106 Ca |Ch1& NW 6%s'36 Chi RI&P gn 45 '88. Chi K1 & Prf 48°34 ChiR1cv4%s Chi RI&Pac 4%8'52 Chi Un Sta 4%s 63, 4 Chi Un St 58 °44. ChiUnSta 6 C& W (nd cv 48°62. Chile 63°60. .. Chile 63 '61. Chile 68°63. Chile Cop db CCC&StL4%sE. . CCC & St L 53 D '63 Clev Term 4%s ‘7. Colomb 6s Jan ‘61. . Colombia 68 '61 Oct Col G&I b8 May * Col G&E coup 55 '61 Com Inves 53gs 4. C C Md 1st rf 55 ‘50 C Gas NY 4%s'95w1 ConG N Y blas 45. Con Pwr Jap 6% Con Pow Japan 7s. Copenhag 4%s '63. Copenhag 68 '62. Cuba 53%3°45 Cuba R R 6862 Cuba RRr£7 Cuba Nor 5% Czecho 98 '52. Del & Hud rf 45’43, Denmark 4 %8 °62.. Denmark 5% ‘66. . Denmark 6s ‘42 D& R Gr gn 4536, D&RG W 6856 Det Ed G&R4%8'61 Det Unit 4%s '32. . Dodge Br ¢l Duquesne 43 Deutsche Bk 68 '32. Dutch East I Mar.. Dutch East 1 6s'47. 106 9% 101% 101% 1024 37 8T% Tdn TThe 7813 8% 88 77 83 85 88 3 108 5 119 18 124% 1% 11 \04% 7 Y East C Sug 7% Srie 18t con 4 Krie zon 48 A '53. Erie Gen ¢ Erlecv 6867, Erie 58°76.. Fiat7s wa: Finland 6%s ‘5! Finland 68 '45. Finland 6 Finland 78 ‘60 Fram +D T%s '42.. French 7s *49. . French Gvt 7%8s 41 Gen Cable 6%s ‘47 German 5%s'65. .. 269 German Bk 6s'38. . Ger Cen Bk 6860 0 34 German Bank 78’60 2 German 7s rep '49..176 Ger GenEl 78'45... 1 Goodrich cv 68'45.. 6 Good 15t 638 ‘47 Goody'r Rub 68 '57. 20 GrandTr sf di Grand Trunk 103 108% 110% 83 52 kil 997 102% Grt Nor s '73. 6 Grt Nor gn b%s '62. 26 Grt Nor gen 783 11 Greek 6863, 3 Hoo & Co 6%8'34.. 2 Hud & M ad) 68°67.. 9 Hud & M rf .. 8 Humble Of1 - Hum O&R 6%8 '62. 26 1024 111 Cent 63. 2 8% 111 Cent ref 4 2 81T 111 Cent 43 vee. 1 6% 11l Cent 5 36 99 11k Cent 6 1 1064 111 Steel 4348°'40.., 8 103 111 CCStL&N 4% 10 8% U CCBUALN 8 Awe 12 883 55 87 1 12 67% 102 100 6% 98% 85 80 18 103 104% 133% 108% 106% 108 985 1007 9ike 10674 1005 101 107% 103% 100% 10z 105% Seiss, gk Low. Clees, 55 87 72 12 68 103 100 6% 99% Int Match 684! . Int MM col tr 6841 Int Pap 6a'66. Iat T&T cv 435839 Int T & T E8'55. Italy 7s ‘61. Italy Pub 8 Japanese 53, Japanese 63 Kan City Sou 3550, Kan City Sou 58 50 Kan City Ter 4 KanG & E 4% Karstadt 6s"43 Kend 5348’48 ww. . Kresge Found 6s 36 Kreug & Toll 58’69, Laclede 5% C 6 Laclede 635 D "60.. Lake Shore 3%s ‘97 Lautaro NIt 68 ‘64 e Leh Valcv 45 2003.. LehV cv 4%5 2003 Leh Val 65 2000, Lig & Myers 7s *44.. l.o.;n 68 ex war.., i Lorillard 6% Lou G & El L & Nuni 4 Re8% Rent L & N 55 B 2003. Lyons 6s'34. Man 8 1st 7% Manh Ry 1st 4890 Market St 78°40. Marseille 65°34. ... Midvale St) 63 '3, Milan 6348 '63. Mil E Ry & L b M StP&SSM 55 '38.. Buntaznacanws 0 MK & T prinbsA. Mo Pac gen 45 '75. . Mo Pac 63 A ‘6| Mo Pac b8 F '77 Mo Pac g Mo Pac Mo Pac ref bs Mo Pac 548 cv 49 Montevideo 63 °69. Mor & Co 1st 4% Nat Dairy 6% s 48 Nat Ry M 413857, N&T&M5sB 54, caleSronaBa®ata 2 re im 58 2013, Cent db 68 '35 YC&StL4 N YyC&stL . Y Edison 5 B 44 ¥ Ed 18t 634 ELH&P 4549, ELH&P 63'48.. NY NH&H 4348 NY NH&H cv db 68 NY O&W 1st 48°932. Rys Inc 65 '65. Y Tel 4%48°39.. N Y Tel 6 Nia Sh Md 5%8°50 Norf South 53 41.. Nor & Wn v 48 No Am Co 55 °61... Nor Am Ed 5145 '63 Nor O T & L 68 '47.. Nor Pacr16s 2047, Nor St Pw 58 A "41.. Nor St Pw 63 B '41.. Norway 53 '63. Norway 5%s Norway 6s '52. Orez-Wash 43 '61.. yrient dev 64s ‘58 Orient dev 68 53 Pac T&T ref 5s '52.. Pan-Am Pet 65 '34. I'an Am Pet 65 1940 Paramount 6s ‘47 Paris-Ly M 6s '58. Paris-Ly M 78'58.. Pathe Exch 7s '37. Penna 4%s D'31. Penncv 4%4360. .. Penn gen 4%s5 ‘65. Penn 4345 70 Penn 4% s 63 Penn 53 ‘64 Penna gen 55 "6! Penn 65 ‘36. . Penn O&D 4%s'77. Penn P&Lt 4148 '81 Pere M 1st 4s Pere M 1st 53 '56. Peru 63 '60. . ©niia Co 0367 ©nila & Read 63 '49 Plilsb F M 63 °43... Phillip Pet 53839, Pierce Oil deb §s Pirelli 7: ©9 O O, =3 Bl PCC&StLosB.. Poland 6s '40. . Poland 7s *47 Poland 8s ‘50 - Port Gen El 4% 5'60 Pos Tel & C 5s '53. Pub SV G 4%8'70.., Queeniand 6s ‘47 Read gn 4% 8 A ‘97, Reading 4%s B. Rem Arms 6s A ‘37, Rem R5%8 A 47,0, Rhinelbs 4 Rhine West 65 Rhine West 63 Rhine West 6s '65. Rich Ofl cal 68 °44.. Rio de Jan 6%s 63, Rio de Jan 8s '46. R Gr De Su! R Gr De Sul8s "46 RIAr& L é%s 3¢, Rome 6%s8°52. Roy D 4s'45 ww StL IM R&G 45°33.. StL&SFindsA.. 42 StL&SF ¢%8°'78. 128 St L&SF pr In 68 B, StLSWE6s'62..... St P Un Dep 68'72.. SanA&AP 43.. Sao Pau 7s '40 rcis.. Sao Paulo 8s'36 Sao Paulo 8s'60. . Saxon Pu W §%s'51 Saxon 7s *45. . Seab A Lirf 4 SeabA Lev Seine 7842 Serbs-Cr-8S1 7i Serba-Cr-S1 8862 Shell Un Ofl bs "47. Shell Un O1l 58°49 Shinyetsu 6%s *52 Skelly Ol1 5% Sineclair Of] 6%’ Sine O Tacv A Sine Cr O 6%8 3 Sine P L 58 '43 Sou Bel T&T SW Bell T 65 A ‘64.. Sou Pac ref 4s ‘66 Sou Pac 4%8 Sou P 4%s Sou P&OT 4% Sou Ry gen 4 Sou Ry 6 %! StOIlNJ6s StONN Y 4% Swiss 5148’46, . Talwan E P 5%s'71 Tenn El P 63 A 47 Tex & Ark 6%s °50., Tex Corp cv Texas Pac bs Third Av ref Tobo El Pow 6 Tokio 5s ‘62 Tokio 5% s Toklo El Lt 6s' 63.. Un Pac 1at & Un Pac 4s Un Pacrf 4 Un Pac 4% 49 5 88% 8744 8% [N 2 87% 9% 924 98% 107% 8% 91 7% 984 P 68 102% 88% 8% 54 2% 88 100 2% 9% . 101% 101% 101% 85 40% 86% 9814 104% 122% 97 9313 98% 107% 991 97 1031 104% 20 56 95% 10414 56% 100% 99% 834 963 844 101% % 964, 1008, 1014w 1074 . ¥ merease Its Wealth. B¥ C. B. UPHAM. A 10-year plan for North Carolina for the economic rehabilitatian of the State and to bring about a greater rev- enue for the public treasury while pro- viding relief for taxpayers has been outlined by Tyre Taylor, executive counsel for the State. Combining plans for industrial betterment, agricultural improvement and social and cultural achievements, it is attracting the in- terest of officials ‘of other States and of the National Government. ‘The total bonded indebtedness of North Carolina, cities and counties in- cluded, according to Mr. Taylor, is $550,000,000, or $183 per capita, or $915 per family of five. The total tax bill of the State is $100,000,000 annually, or ;n per capita or $160 per family of ve. Average Wealth. The average per capita wealth of citizens of North Carolina is $1.640, & little over half of the $3.000 per cap- ita wealth of the average American With a taxable wealth only slightly in excess of the national average, North Carolina has the largest per capita pub- lic debt of any State, save one. Farmers, both landowners and ten- ants, are not making enough to pay their share of the tax burden. Unless North Carolina can achieve a better balanced and more widely diffused pros- perity, savs Mr. Taylor, industry is gOIng to be called upon to bear a bur- den of taxation which is not only dis- proportionate, but which will drive it from the State. The State, he mai tains, “literally and absolutely cannot” continue to pay $100.000.000 & yeer in taxes under the economic conditions now prevailing. The first point in Mr. Taylor'’s 10- year plan is to make North Carolina “the most beautiful State in the Union,” to attract a greater tourist trade. Extensive tree planting, land- scaping and painting, with elimina- tion of billboards, would be made the concern of women's clubs and civic organizations. The propogation of fish and game would be given attention under the plan. So would reforestation. A first- class symphony orchestra would be de- veloped. Outdoor sports and outdoor life generally would be promoted. “Economic Crusade.” Scientific research directed along in- dustrial lines, similar to that which has found slash pine to be good ma- terial for white paper. and cotton- stalks to contain the basic material of Rayon, would have an important place. Marketing and distribution problems would be attacked by experts. Every newspaper, radio station, pulpit, plat- form, institution, organization and agency in the State would be called upon “to make common cause in an economic crusade.” North Carolina will never again be Satisfled, this 10-year planner declares, with a hopeless and inferior civilization d_way of life. “Ten glorious years of progress and constructive achievement have given us a new vision and a new standard of civic and cultural values,” Mr. Tay- lor says. “Our old inferiority complex has vanished. A new generation, a generation, which has never become Teconciled to despair, has grown up.” Transamerica Corporation. WILMINGTON. Del. July 21 (&#).— Stockholders of Transamerica Corpora- tion at a special meeting today approved an amendment to the concern's certifi- cate of incorporation changing its authorized 50,000,000 shares of $25 par value stock to the same number of shares without par value. The vote on the amendment was unanimous and represented more than 77 per cent of the corporation’s out- standing 24,555,000 shares. . e General Foods Corporation. NEW_YORK. July 21 (#)—General Foods Corporation and subsidiaries re- ported for the quarter ended June 30 net profit of $4,595.059, equal to 87 cents a share on the 5256.350 shares of com- | mon stock outstanding as of June 30. This compares with net profit of $4.- 638,052, or 88 cents a share. for the corresponding quarter of 1930, when there were 5.284.649 shares outstanding. Net profits for the first six months this year were $10.167.458. equal to $1.93 a share. or 43 cents a share above the $1.50 dividend requirement for the period. For the first six months of 1930 the company earned $10,629,716, or $201 a share. C. M. Chester. jr.. president, said re- ports received this month from the cor- poration's district offices reveal a healthier sentiment among the grocery trade in most sections of the country. “We find,” he added. “that inven- torfes, both wholesale and retail, are at very low levels and the need for re- plenishing should stimulate business in the near future. NEW YORK BANK STOCKS NEW YORK. July 21 (@ .—Qver- the-counter market: A Tr Companies. Bankers Brooklyn . Chem Bk & Tr Cont Bk & Tr Corn Exchang: Empire Guaranty frving Manufacturers New York . America chige... .. Chat_Phenix Commercial Nafl First Natl N Y FOREIGN EXCHANGE. tations furnished b; B. Hibbs b umvt::l: & Selling thecks London, pound. Rome. Zurich, Athens, Madrid, peseta.. Vienna, schilling. Budapést. pengo. ... Prague, crown (nom. Un StIW 6%s UdStIW 6343A 51 16 Utd St W 6%s C'51 Unit SS Cop 6s°37.. Uruguay 8s Utah P& L 63 "44. . Ut1] Pow 6369 ww. Utll Pow %3 "47.« Vanadium Stl 55 "¢1 994 41 51'4 106% 8 89 1031 103 109% 1031 941y 51 10015 100 1008 - 99% 1004 W WEOBY%s'37 ww. Wil & Co 15t 68" 101 Yxstn SnAT bs °18. 100% 1005 Fag BUAL isB 15