Evening Star Newspaper, July 21, 1931, Page 15

1931, PINANCIAEL. *¥% A—18° SHOE SALES GAIN FEATURES TRADE Replacement Demand Gives * Industry Real Boost De- spite Depression. NG STAR, WASHINGTON, D. ©. MARKE ~Prev, 1931~ stock and High, Low. Dividend Rate. 25 1414 Lone Star Gas n 88e. 364%__29% Long Island Lt (60c) 117 4% MacMarr Stores (1). % ' Magdalena Synd. 54 1% Mavis Bottling (A) 1% May Rad & Telev(1). 118% Mead Johnson(t4%) 14% Merritt Chap & Scott. 36% Mesta Machine (2) 115 Mid St Pet vtc B, Mid W St Ut (1%)..y 4 Mid West Ut (b8%). Mid St Prod n (2) ) Mo-Kan Pipe L ( Mo-Kan Pipe L (B). Miss Riv Fuel bdrts. Mohawk Hud 1st (7) Mountain Prod (1)..; Nat American Co.... Nat Bd & S Corp (1). Nat Family Stores. ., Nat Fuel Gas (1) . Nat Investors Nat Service Co. Nat Sh T Sec A t60c., FINANCIAE, TUESDAY, JULY 21, " CURB SHARES SHOW | [ NEW YORK CURB STEADY TENDENCY Trading Remains Light, but Market Easily Absorbs All Offerings. 3 Received by Private Wire Markets at a Glance Direct to The Star Office Everybody’s Business Cordial Feeling Between French and German Finan- cial Conferees Augurs Well for Success of Efforts to Solve Credit Problem in Europe. NEW YORK, July 31 (#)—Stocks firm; rails strengthen in late trading. Bonds strong; railroad issues gain. Curb firm; dullness continues. Foreign exchanges irregular; sterling Tecedes after early strength. Cotton lower; easier cables and favorable weather. Sugar higher: steady spot market. Cof- fee higher; Brazilian buying. BY DR. MAX WINKLER, CHICAGO, July 21 (/’).—Wheat firm; | 8pecial Dispateh to The Star. unfavorable mrez;n cr‘:p and weather NEW YORK, July 21.—A somewhat better feeling seems to pre- reports. Corn steady: bullish Nebraska |vail in business and financial circles. The news from Europe is more advices, Cattle steady to higher. Hogs | encouraging. For the first time in more than two generations, a Ger- lower. man_chancellor is visiting Paris in time of peace. Dr. Bruening’s arrival at Paris and his cordial reception augurs well for a satisfactory adjustment of Ger- many’s and Europe’s troubles. In an official statemeni the French government agreed to recognize the meeting of Franco-German dignitaries as marking the beginning of confident_collaboration. The London conference is expected to stress the economic, rather than the politi- cal, side of the problems. With France favorably disposed, the much-talked-of Bales— Add 00. Open, 6 17% 304 Note—All stocks are sold In one hundred-share lots exoepting those designated by the letter s (80s) (350e), which shows those stocks were sold in odd lota. 1931~ Stock and Sales— Low. Dividend Rate. Add 00. Open. High. Low. Close. Affillated Prod 1.60.. 19 19% 19% 19% 19% Ala Pow cum pf (7).. 758 115 115 114% Alleg Gas.....0. 6 1% 2 1% Aluminum Co of Am 2508 126 129 124% Am Capitalprp£6% 1 66 66 66 AmCItPELBD10%. 8 6% T 6% AmCom P A (b10%) 23 12% 1313 12% Am Com Pwr 1st 614 268 738 73 73 Am Cyanamid B.... M ™ ™ Am D T NJ cv pf (7) ul I Am Equities. . Bl 5% B4 Am For Pow war. ... 17% 18% Am Founders. 3% 3% Am Gas & Elec (31). 694 Am Laundry Mach 2 27 Am Superncw (40c). Am Uti1&Gen (B)vte Am Yvette Co (25¢). Anglo Chil Nitrate Appalachian Gas. ... Appalachian Gas wr. Arkansas Nat Ga 115% 112 3% 1% 224 90 65 60% 10 b% 17 10% 75 65 12% 6% 112 1104 7% 3% 81% 11 5% 2% 974 484 45 26 19% 8% 5 1% 1 Special Dispatch to The Btar. NEW YORK, July 21.—Although the recession from the Spring rally in busi- ness, which ended in April, was extend= ed in June, the index for last month remained above the extreme low level of November to January, according to the analysis of the industrial situation issued today by Moody’s Investors’ Serv- ice. The survey estimates also that the July index will not show any substan- tial decline. MONEY MARKET. NEW YORK, July 21 (#).—Call money was slightly firmer today. Although the rate in the official market held at 1'; per cent, the renewal rate, no funds were available in the outside market under that rate, in contrast with a 1'4 per cent rate which prevailed in the outside market for several days. Bankers' acceptances were quiet, with BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, July 21.—Curb Ex- change stocks today developed a firmer tone around midday, but trading, ex- cepting minor flurries, remained light from the opening gong. Electric Bond & Share, after ogen- ing unchanged, sold up a point. Cities Service was_tractionally higher. Vac- 6 15 8% uum Oil, widest mover in the Standard Ol division, fluctuated through a range . of a point British shares were moderately active here. Brazilian Traction and Utilities Power & Light were not much changed. Offerings from London of Woolworth, Ltd., common continued to be readily absorbed on minor recessions. Closing of the Cologne Ford plant failed to check the advance of Ford, Ltd. Imperial Tobacco of Great Britain was off about a point on a few sales. International Petroleum was a shade firmer, and Phillip Morris, Inc., showed more demand than usual. During this period German and French stocks on the Curb wer2 conspicuous by their ab- gence from the tape. Reversing the trend in evidence late Monday, the sugars opened lower. Fa- jardo was down a point. Later the sugars pointed upward. Ol preferred shares were also_inclined to softness. Standard Oil of Ohio preferred, for in- stance. was down a point. Crocker Wheeler Electrical, with an advance of more than 1! points, was a feature of its classification. Cope- Jand Products, up more than a point, proved the best performer in its group. Specialties exhibited irregular trends. Mead-Johnson was about a point lower, as Parker Rust Proof gained about that amount. Aside from the turnover of Ford, Ltd., the only active foreign motor was Fiat, Whose depository receipts were up about !> point. * Inactive public _utilities showed no uniform trend. Gray Pay Telephone Station fell 39, points as New York Steam was pushing forward. Pan-Amer- jcan Airways, with a loss of 75 of a point, was the outstanding mover in the aviation issues. Newmont, Mining, a company holding mine shares, ran up_about 2 points on a few sales. Quincy Mining eased. Gen- eral Theaters preferred was the cnly . active amusement during the forencon. The Natural Gas shares displayed the most uniform upward trend of any group during the first three hours. This move took place despite the decline in May revenues of 1.3 per cent, or frem $55 76 to $54.788.105, for nat- ural and manufactured gas companies, according to the American Gas Associa- tion. However, this revenue decline was the smallest for the current year for the gas industry. The drop of only 1.3 per cent in revenue compares with a decrease of 4.5 per cent in sales. This relatively gcod showing is due to the marked expansion of both branches of the gas industry in domestic and in- ust:iil ficlds. Chain_Store Stocks Inc. was first of the specialized trusts to unwerd. MacMarr Stores. which to morge with Safeway Stores, frm the | head is | also - . = SHORT-TERM SECURITIES. & W Selisman & Co ) Bid - Offer .01 102 R=ported by J mers Co 35 1037 Metal 548 a0 1107 10 437 | Rio Grande 4!.5 1936 Accep. Corp. 6s 1937 Corp. 551940 ional Dairy New York. Chi. & St Portland General Elec 3is 1948 L. 6s 1932 55 1935 Crude Ol Co_ 8.5 1938 Pacific 5s 1934 > Stanaard Oil N. Jersey 3s 1946 Standard Oil N. York 4'.s 1951 St L LMS. Ry. R. & F. 45 1933 Union Elec, Lt. & Pow 3 10312 10674 90%4 CHICAGO STOCK MARKET CHICAGO, July 21.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange 23 2100 Borg-W 100 Brach & 4 2 160 K 200 Libby iuicie Gear A . Mot Spec A imann Spring’ Battery ... Eiec Pow A i ‘| Aviation | deficit six months ended June 30, $729,- Arkans Nat GasA. .. Art Metal Wks (60c) Asso G&RI (A) (al). Asso Tel&Ted A (5). Atlas Plywood (2) Atlas Util Corp...... Atlas Utilities war. . Auto Vot M cv pf te Beneficial IL (1%).. Slue Ridge Corp. . Bohack (HC) (4). Brazil Trac Lt&P(1) Brillo Mfg (60c) . Brit Am 011 C (80c). Bunker Hill & Sulliv 125 Burma rets +27 3-5¢.. Canada Marconi. . Carman & Co A (2). 10 Cent Pub SvcA b10% 64% Tent Stat El (b10%). Cent St EI pf xw (6). Centrifug Pipe (60c) Chain Stores Stock.. Chat Ph Aln.v. (1).. Citles Service (g30c) Wlev El Illum (1.60) . ol Oi] & Gas vte . Co Pleture vte (75¢). Colombia Syndicate.. Cmwlth & Sou war. . Com Wat Ser gl2%30 Consol Auto Merch. . Consel Copper. . Consol Gas Ut B vte. Contl GRE pr pf (7). Copeland PrInc (n). Cord Corp .- Cosden Ofl. . Creole Petroleum. 4 Crocker Wheeler. . Cuban Cane propt w. Curti Airports vtc. Curtiss Mfz Co (A).. Curtiss Wright war. Cusl Mex Mining.... Dayton Alr & Eng... Deere & Co (1.20). De Forest Radio. Derby Oil Refining. . DressS R A (333). Dresser Mfg B Dubilier Cond & Ra . Duquesne Gas Corp.. Durant Motors S AN NN AR NS A A RSN NN DO W AN AN R BN 1 » E P O 1 ates Pwr (B). lison E t (30c) Elec Bond&Sh(b6% ) Elec B & Sh pf (6).. lec Pow Assoc (1). mp Corporation x Public Sve war. urop Elec deb rts ajardn Sugar. . Fiat rets (44%4c) orida P & L pf (7). ord Mot Ltd 36 EYSPRRTES SRR LT JOpaors, Garlock Pk Gen AlloyS....... Gen Aviation s 2 cv pf B (6) 150 1t Eacv pf.. Frerem Gen Th Gold Golden Center. . . 5 GrtA&PTpf (T).. Groc Strs Prod vie Gulf Oil of Pa (1%4). 4 Hamilton Gas rets « Hand I’ p pf(p2ic) Happiness Candy . 111 Pow & Lt pf (6). Imp Vil of Can (50¢) Insull [nv (D6%). .. Insurance Sec(10¢) Intercontinent Fet n Int Cizar Mach (233) Int Util ptpf (7).... (nt Petroleum (1). int Utilities B. .. [tallan Suverpow A. Kolster-Br (Am Sh). Lackawanna Sec (4) Leh Coal & Nav 1.20. Leonard Oil. . Nehl Cor Newmon N Y Stea Niag-] Niag-Hud Niag-Hul Ohto O11 Pepperel Perryma Phoenix Pilot Rad Premier Prudenti Pub Ut Pub Util Pub Utk ybarn ck Lt St Antho: St Rezis Schift (1 4« Schulte Un 5c-§1 St. Silica Ge! S1. Ind full pd « nd pi Stand Of; New Mex & Ar Land. NY Teipf (6%)..... Niag-Hud Pow (40¢) Niag Sh Md (40c). Nordon Corp Ltd Nor W ev pf (3). Nor Am Aviat A war Nor Europ 0il Corp.. PacG&E1stpf 1%. Pan Am Alrways.... Paramount Cab Mfg. Parke Davis (11.55), Parker Rust Pr (3)..150; Pennroad Corp (40e). Peoples Lt&Pwr (A) Philip Morris Inc Prod Roy ¢ Quincy Minin, Republic Gas ke Kumbler oot Ref cv prpf. ... ossia Intl Cp (10¢). D (60¢)..... t MInIng. ... mn (2.60) d Pow B w.. d Pow C w. . ncupf (6).. 27 901, 65 6 677 1 1M n Elect *0(6). Secur Corp. d Tube A Gold «12¢). ai Inv pe(6) Hold war.. Hold Cp xw Hold cu pf(3) Co. &P (90¢)... ny Gold..... Paper (60¢) he Co (). letfs rior (5%). Shenandoah Corp, r Mfg (115) Tof Ind (2 and Oil of Ky 1.6¢ 1d Oi » Strauss ( vift & Co (2). .S 1. Ohlo (5) Natnan). Syracuse W Mach B. Teck Hughes (60c).. Texon Of I&Land (1), Tran Con Air ‘I'ran Utili ize DLPS antillon (B) | Lamp (1).. 1 Nat ¢ Unit Fou! Unit Gas Unit Gas Unit Lt& Foil Can (1). nders. Corp. WAL v o0 >wr A (1). i (B) (i0c). & Inl Secur. 5 inter Sec 1st pf. US&Ov erseas war. tores 3 tVer 1% 91 1215 30 6t L3 50 50 100 100 1nh 1 Uil & Ln Util & In Vacuum Wenden Wil-Low Wil-low Wilw “Y" Oil & Gas Dividend nuai payment. -Ex di a Pavabie In_casn o idend. _f Plus 5% 2% rates In CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, July 21—The following| is a summary of important corporation | I news prepared by the Standard Statis-| tics Co., Inc., New York, for the As- sociated Press. News Trend. Although the actual number of auto- | mobiles produced last week was smaller | than the preceding week, the decline was less than th> usual seasonal reces-| sion. The total output for the week | ended July 18, according to Cram’s Au-| tomotive Reports, was 60.944 cars. com- | pared with 61,833 cars in the previous| week, and 36,788 cars in the correspond- | ing 1930 we-k, which was caused by the beginning of a three-week suspension by Ford. Most of the manufacturers | curtatled their schedules and had it not i been for a further increase in the out- put of Plymouths, the decline would have been much greater. The Companies. Corporation (Delaware), 480, against deficit $3,236,318. Beech-Nut Packing June quarter com- mon share earnings, $1.42, against $1.72; six_months, $2.63, against $2.96. Buffalo, Niagara & Eastern Power June electric output off 20.2 per cent; six_months off 12.9 per cent. Capital City Products omits dividend on capital stock; paid 34 cents April 1, 1931. Chesapeake & Ohio Railroad June quarter common share earnings 90 cents, vs $1.04; 6 months, $1.5, vs $1.96 Commonvwealth Edison June quarter common share carnings $2.67, vs $2.66; 12 months, $11.08, vs $12.09. | Congoleum-Nairn 25 cent common dividend; pair 50 cents, October 30, 5. Electric Auto-Lite first half earnings | approximated $3 a share: operations of company’s Toledo plant werz around 37 %, | per cent of capacity and Niagara Fails Stcck sales today. 70.000 shares. BONDS. 4000 Comwith Edi 55 1940 108% 107 3000 Insull ULl 6x 1940 = 83% 85 Bond sales today, 36,000 BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, July 21.— Bales. STOCKS. 50 Black & Decker com . 10C. & P. Telephone. 57 Commercial Cred.t pi, Gonsolidated Gas com. . Finance Co. of America First National Bank 15 11 8 18 - 50 Maryland Gasualty Co per cent. Associates, Inc., full | resumed at plants for 2 in 18 months; 3,400 workers | plant about 60 Fachion Pa Godchaux Sugars, Inc. advances pricesof refincd sugar 10 points to 4.75 |cents a pound. Graham Paige Motors, operations on | basis of four days a week; to have two weeks vacation shut down in August. Granby Consolidated mining, Smelt- ing & Power net income 6 months ended June 30, before depreciation and depletion, $177,483, vs $1,106,485. Graymur _ Corpor-tion — Liquidating value June 30, $35.34 a common share, against $34.21 December 31, 1929, Inland Steel operating at 35 per cent of capacity, against 40 per cent last| week. | unit name: stockholders approve sale of 100,000 shares of company executives at a minimum price of $2: Loft, Inc., net income six months ! ended June 30, $219.005, equal to 21 cents a common share, against deficit $260,971. Madison Square Garden share earnings year ended. May $1.04, against $1.27. National Air Transport—June quarter common share earnings, 31 cents against 34 cents; six .months, 49 cents against 53 cents. National Biscuit—June quarter com-, mon share earnings, 66 cents against 80 | cents; six months, $1.37 against $148. Southern California Edison, Ltd.— June gross up 0.6 per cent, net off 3 per cent; six months gross up 1.5 per cent, net up 3.2 per cent. Standard Oil Co. of Ohio buys 62 gasolino stations from Refiners Oil. United Fruit Co. subsidiary, Revere Sugar Refinery, marks up price of sugar 10 points to 4.75 cents a pound. | United States Pipe & Foundry com- mon share earnings 6 months ended June 30, 92 cents, against $1.76. Youngstown Sheet & Tube—C. S Eaton resigns as a director and member of Executive Committee. | American Woolen Co. operations re- sumed at Weybosset Mill, when employes | striking for restoration of 121, per cent | December wage cut return to work; | wages reduced 15 to 20 per cent at the | Ounegan mill. Chicago, Rock Island & Pacific Rail- road subsidiary, Peoria & Bureau Val- ley Railroad, declares $3.50 common dividend; paid $4 February 10. Fanny Farmer Candy Shops. Inc, first half preferred and common d dens reported earned by a substantial margin; increased returns expected in second half. American_ Sugar Refining advances price of refined sguar to 4.74 cents a pound. Associated Apparel Industries deficit 6 months ended May 31, against net income $532.79 $3.01 a common share after adjustme For 1Y; per cent stock dividend. Kelly-Springfield Tire June ments to dealers up 27.7 per cent May and 43.6 per cent from a y National Sugar Refining advances price of refined sugar 10 points to 4.75 cents a pound. New York, Chicago & St. Louis Rail- read June surplus after charges off 12.3 per cent. Fierce-Arrow Motor Car first half sales 2,087 vehicles, against 4,596. | Republi: Steel tin plate mills opcra ing at 44 per cent of capacity St. Louis-San Francisco Railway 1930 earnings expected to be between $1 and $2 a common share. Stutz Motor Car—Surplus reported to have increased $2,332,541 between Oc- tober 31, 1930, and May 31, 1931. Tampa Electric Co—Declares 2 per cent semi-annual stock diivdend and 50 | cents quarterly cash dividend on com- | mon shares. Trunz Pork Stores common share earnings, six months ended June 30, 98 cents, against $1.11. | General Rauway Signal June quarter | common 31 common to | $ de Exten (1 tarl 0z &1 d pf (1%) 0l (2) Van Camp Pks. . Copper Cafaterias. Cafe pf (1) h (W) Ltd. 11 I 1% 1 doliars based on iast guarteriy or semi end. tPartly exira :Pius 4% stock ¢ Akl in stock b Fi stock_m Pius no reguiar 95 June quarter c six months, $5.64, agai reck Coal common six months ended June inst $1.73. -Owens-Ford—Expected to re- port small profit for second quarter; operations of recently acquired plant at maximum, plate glass plants about €0 per cent of capacity, while window, cet and picture glass divisions were about 50 per cent of capacity. Mallinson (H. R.) & Co. Inc.—Ex- pected to report a deficit for first half; cperations of one plant at 100 per cent. with another at 50 per cent and two closed: cash on July 15 about $600,000; notes payable were less than $650,000, | compared with $1,300,000 on December | . 1930 Minneapolis - Honeywell Regulator- Deficit _six months ended June 30, $184.167, against net income $17,041, | equal to $1.14 a preferred share. | New York, Chicago & St. Louis R road—June quarter preferred s earnings, $1.47. against $1.03: s 2.88, against $1.79. Texas Gulf Sulphur—June quarter common share earinings, 76 cents, | :5.;2\5!. 1.44; six months, 1.73, against | EARNINGS REPORTED. NEW YORK, July 21 (%.—The Her-] Chocolate Corporation and affili- nics today reported for the rter an increase in earnings the like period of 1930. Net income for the quarter this year sunted to $2,047.950, against $1,933.- 296 for the same quarter in 1930. Net for the first half this vear amounted to 54,718,630, compared Wwith $4,253,714 in the first half of 1930 Island Creek Coal Co. for the first nths this vear has net pre equal to $1.21 a share tock, compared with 3 a share, in the first half share 30, il- last year. United States Leather Company re- ported for the June quarter net of $318.284, compared with net profit of $19.859 in the like quarter of 1930. Seneral Railway Signal Co. for the June quarter had net earnings of $564,868, equal to $1.64 a share on the common stock, compared with $658.933, or $1.72 a share, in the June quarter last year. Virginia Ircn, Coal & Coke Co. re- ported for the quarter ended June 20 profit of $26.828, compared with : of $68.766 in the corresponding period of 1930 Briggs & Stratton Corporation re- ported for the first half net profit of $320,042, equal to $1.06 a share, coth- pared with 5622.8415, l‘m' :‘2’.01 a share, in the like period last year. Artloom é'érponuon reported a loss of $225957 for the six months ended June 30, which, after adding deprecia- tion allowance of $32.700, makes a_to- tal net loss of $258,657 for the period. This compares w:th total net loss of $43249 for the corresponding six months of 1930. demand stron Asking money and commercial quiet and unchanged. rates were unchanged. paper METAL MARKET. NEW YORK, July 21 but the supply poor. Time were, (%) —Copper steady; electrolytic, spot and future, 8. Tron quiet and unchanged. spot and nearby, 25.00; Lead steady; spo St. Louis, 4.22. Louis, spot, 3.90; mony, spot, 6.75. future, Tin BONDS ON THE CURB MARKET. DOMESTIC BONDS. h. Low & Pow : P& L 6s d 4 Rayon s '5 4 As Tel Ul 5145 '44 4 Bell Tel Can 5s B 571062 ent St El § y Dis Elec iper of Iilin 413s 7 40" wi k) ec” 55 €0 Wil Ph 5 A 46, Public Serv s 46 1Va Puh Serv 55 B, '50. Bakint 6s News Del & Penn 3¢ 2 1 Wiscon P& 2 Arr At 2 Cent B- C3 €3 B 1 Danish Cons 85 53 3 Danzig Port 6138 ‘52 15 Den_Mtg B 5s 72 ix 2El Pow_Ger 6%s '53 2 Eur El Cp 6%s ‘65 xw 40 Europ Mtg 15 C "67.. 6 Finld R M Bk 6s '61 + 2Ger Cons Mun s ‘47 §Ger Con Mun 7s 47 1Guan W RR 65 A '58 3 5 Matanhao Braz 7s ‘58 33 1 Medellin Col 78 '51 11 Mendoza_Pr 7 1Nippon El P 6las 83 4™ihr G Co 6'-5"A 133 4 Russ 6155 ctf N C 19 2 Savon Pub WK £§ 132 A 53 9974 eas future, 25.50. New York, 4.40; East Zinc steady; East St. 3.95. Anti- Close. 9914 105 731, 10045 68 105% 1004 84 631 loan or levels, it Publ tate to a The New Dr. Max Winkler. sl in number of utilities companies are the spirit of the State law.” the manner in which acquisitions Higher Freight Charges Opposed. Opinion regarding the necessity of an increase of 15 per cent in the freight rates of Amerjcan railroads seems di- vided. Fairman R. Dick, member of | Rooscvelt & Son, prominent New York | banking house, and identified with im- portant pieces of railroad financing. calls attention to the fact that “the country has no conception of the seri- ousness of the raiiroad financial emer- gency.” ‘This statement was made in connection with Mr. Dick's testimony before the Interstate Commerce Com- mission. Steel interests, on the other hand, oppose the increase. A. C. Graham of Youngstown Sheet & Tube and H. D. Rhodehouse of Republic Iron & Steel ful to their respective companies It seems reasonable at this time to expect that the commission will grant an increasc in the rate, even though | such an increase may not be the full ise for which the carries have applied zaton’s Resignation. The logical interprettaion of the resignation of Cyrus S. Eaton as a di- Grain Market By the Associated Press CHICAGO. July 21 —Grains advanced today after a wavering sfart. Strength |of prices was largely due to word that { United State had presented to the London international conference a plan for maintenance of Amcrican bank credits in Germany. provided big banks of other countries did iikewise were also reports from the Southwest hat farm re not selling wheat sent low and that -17 cents higher. corn 2 ocats and _provisions { decline to a rise of feptember Decemb plember er December INew York Cotton | Special Dispatch to The EW YORK. July the cotto proved night ar 1 predictions of clearing condit Oklahoma. the cotton market came under selli§g pressure and declined sharpiy over guarter of a ~Rainfall in heavy last 21 strength_in the stock market and moisture where not Wanted held prices within a 10-point range, but the selling mover creased in the last hour and ¢ nd the bottom. Sp points to 9.40. Cotton range several hours sed the were re- T 1040 1049 sociated Press. NEW YORK, July 21—Further im- | petus to Fall purchasing in the New | York wholesaie marke.s was given a heavy volume of orders Monday. resi- dent buvers report. Coats for both Au- 4 promotional sales and for regular | Fall sclling continued in strong demand |in the dress aivision, light-weight wool ens provided a good poriion of the com- mitments placed, with favor also shown | By | for satin, velvet and some canton frocks. | Price reductions ranging from 10 to 15 per cent were quoted by manufacturers, who opened their Fall lines of household bric-a-brac in New York this week. The cuts make beiter | grade pottery pieces available to retail | at from 75 cents up. Although new lines will not be completed until early in August, sales agents said that the new prices would apply to the entire lines. Store managers of the Browning, King & Co group of men’s Wear stores at- tending a meeting at the organization's ! headauarters, reported a definite pick-up in business during June and July, and forecast a good Fall season, Edward C. Koempel, general manager of the com- pany, announced. The feeling was, how- ever, that the recovery will be gradual. and that results will depend upon the merchandising effort put forth, he said A decline in the volume of orders for both popular and better giade glassware is causing some concern among selling agents in the New York market. Re- tailers, who were scheduled to start their regular Fall buying around the middle of the month, are reported as skeptical about future business prospec:s and inclined to wait until next month before ordering. S NEW YORK, July 21 (#.—New se- curities offered today include: Province of Manitoba, Canada, $5,000.- 000 4': per cent gold bonds, maturing August 1, 1941, and August 1, 1951, priced to yield from 4.80 to 4.83 per cent, by a syndicate headed by Wood, Gundy & Co. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity. Bid. Offer. 2755 Sept. 15, 1931 : 1ifs Sept! 15! 1 1 1 15, 1931 i 13/ 1931 i00°20-33 931 100 20-32 932 100 31-32 193 101 11-32 SILVER QUOTATIONS. maintain that the rise would be harm- | pottery | credit of $500,000.000 to Germany may become a reality. However, since Ger- man bonds continue to sel' at very low appears that the loan would either have to be a private one, or German bonds will have to move u possible the public sale of a new issue. sufficiently to make New Rate Inquiry. ic bodies apparently do not hesi- dd to the existing difficulties which depression has caused many corporations. Hampshire Public Service Commis- a_recent report intimates that a disregarding “both the letter and The companies have until September 10 to answer the commission’s accusations, which refer to rates and of new properties were effected. | rector of the Youngstown Sheet & Tube Co. is that the merger of the Bethlehem | Steel Corporation and the Youngstown | istence a much larger and formidable {rival of the United States Steel Cor- | poration. Mr. Eaton was the leader of | the opposition to the merger. The merger of the two companies was brought nearer some few weeks ago when stockholders of the Bethlehem Co. wishdrew their court action against the | | bonuses paid to officials. A new agree- | ment was reached between the manage- | ment and the stockholders in the mat- | ter of bonuses. | “Mr. Eaton will be succeeded on the board by George T. Bishop. jr., presi- dent of Continental Shares, Inc. Frank | Purnell, president of the Youngstown Sheet & Tube. succeeds Mr. Eaton on the Executive Committee | Ship Merger Likely. | 1t appears likely that the Interna- tional Mercantile Marine will become identified with the United States Lin The latter, started so auspiciously by | Paul W. Chapman. prominent publi utility banker of New York and Chi cago, has not proved a success. The ex- | perence of many vears' standing of the I. M. M. may inject new blood into the situation, and revive the hope of Ameri- | cans that they, too, may at least boast of a merchant marine which will com- pare favorably with that of other pow- ers. Copper Interests Combining. The tendency to concentrate the out- put of important products into fewer hands is making rapid progress. The merger between the Calumet & Arizona Mining Co. and the Phelps Dodge Cor- poration makes the combination the third largest copper enterprise in the world. The capacity of the merged companies of about 450.000.000 pounds of copper a year compares with a capac- ity of about 1.250,000.000 for Anaconda and about 800,000,000 for Kennecott. With this situation obtaining. the price of the metal can be more readily con- trolled. Foreign Financing Declines. Uncertain conditions abroad account for the decline in United States foreign financing through the public sale of securities. According to the Department of Commerce foreign issues placed in ' the United States during the second quarter of the current vear amounted to $152.000,000. of which $51,000.000 was for refunding purposes. Most of the remainder was for the account of Canada, Great Bri‘ain and | Japan, which can take care of their financial requirements in their own markets, so that the benefits which usually accrue from lending abroad are not in evidence. | Chile's Default. Chile. too, has succumed to the eco- nomic crisis. The service on her dcbt. held largely in the United States. is to be deposited henceforth in pesos and converted into foreign monevs when the crisis eases. Large short-term obliga- tions were responsible for Chile’s de- fault. Were it not for the German crisis. American bankers would have come to Chile’s aid, which since 1846 has never failed to meet interest paymen's on her debt promptly and punctually. and which since 1883 has never fallen down with respect to sinking fund payments. , Holders of Chilean bonds should bear in mind that suspension of payments by Chileis not a willful repudiation of her obligations. nor is it due to unfair treatment accorded her by her creditors. However. the announcement of suspen- sion of pavment resulted in a new low price for Chilean bonds. (Copyright. 1921. by the North American Newspaper Alliance. Inc.) { | today without first the Free-Wheeling doesn’t know value FREE-WHEELING AT 1518-20 14th St. N.W. will now go through, bringing into ex- | In the relative classification, one in- dustry—shoes—has been raised to the highest grouping_since the preceding month’s report. This advance, Moody's states, is due to the rapid recovery from depression influence on account of the large replacement demand created by abnormally low purchases of footwear in 1930, “Fair-to-Good” Industries. Other industries in the fair-to-good ranking are can manufacturing, electric power and light. food products, gas, telephones and tobacco. The 10 industries listed in the inter- mediate, or fair, position comprise ap- parel, automobiles, chemicals, electrical equipment, leather, motion pictures, publishing and printing, rayon, retail trade and tires and rubber. Included in the lowest. or poor to fair, ranking are agriculture, agri- cultural implements. aviation, building, cement, coal, copper, cotton and cotton goods, fertilizer. machinery and machine tools. meat packing, miscellaneous metals, office and business_equipment, paper, petroleum, radio. railroads, rail= way ‘equipment, shipping and ship- building, silk and siik mills, steel, sugar, tractions and wool and woolen mills. Basic Conditions Good. “Business activity. on the whole, re- mains deep within the depression area.” the analysis states, “and it will take & sustained recovery lasting at least & year or 50 to bring us back to ‘normal. So far as the United States alone is con- cerned, it seems probable that such & recovery could start at almost any time, provided there were not formidable obstacles to a complete restoration of confidence. “Unfortunately such obstacles have been rendered rather serious by recent developments in Europe. Basic ¢ondi- tions, nevertheless, are favorable to a recovery in this country once it is able to get under way on basis of solid confidence.” In the last six months 478 have been d of dole frauds in Engla Authorized Service Delco, Remy, Klaxon, Northeast & Sparton Horns MILLER-DUDLEY CO. 1716 14th St. NNW. North 1583- LOANS Is Your 1st. ?nd or 3rd Trust Due? Do You Need Money? MR. FRIEDMAN h St N.W.. Room __ NAT. 519 Money on Hand to Loan on First Deed of Trust 6% Interest JAMES F. SHEA 643 Indiana Ave. N.W. “Money to Loan Secured by first deed of trust on real estate, Prevailing interest and_commission. Joseph 1. Weller 3578 % & Tove MONEY TO LOAN ON D.C. REAL ESTATE No Commissions or Renewals Before Renewing Your Present Loan Consult Columbia Permanent Building Association - 733 Twelfth St. N.W. | The man who buys a motor car driving and pricing Hupmobile, either ... 0r doesn’t care. HUPMOBILE 'NO EXTRA COST...CENTURY SIX SEDAN, $995... CENTURY EIGHT SEDAN, $1295... THREE OTHER EIGHTS FROM $1595 TO $2295 . . . PRICES AT FACTORY MOTT MOTORS, Inc. Decatur 4341 #Ws believe the Hupmobile to be the best car of its class in the world® ’ Pays 5% I Columbia Building Association 716 11th St. N.W. Under Government Super: Let Us Refinance Your Maturing Real Estate Loan No Commissions Charged 22 Years’ Successful Business Compounded Semi-Annually o ¢ " . s T Oicom:s. Lo common share earnings, $1.63, against | i 7o & e Without the Loss of a Dime 28 251, 5 Maryland Trust Co i 5 18% Merchan‘s & Miners” Trans New Amaterdam Cas. Ci N w90UTB Fdeli @ Guaranty Krog>r Grocery & Bzking Co. oper- | Fl”l_‘l 4, stores as of June 16, 1931: entire chain to be identified ’py Kroger $1.72; six months, $2.10. against $3.04. Gen-ral Foods June quarter common share earnings &7 cents, against 83 Three Que were sold in ensland 1860 4-cent stamps London Geoenuy for $1,150. n—New. Wi—When issued. NEW YORK, July 21 (#).—Bar silver quiet and % lower at 27%. ’