Evening Star Newspaper, July 23, 1931, Page 15

GURB SHARES SAG N OUET TRADNG British Issues Lower on Raise in London Discount Rate. BY JOHN A. CRONE. Bpecial atch to The Btar. NEW YORK, July 23.—Stocks on the Curb Exchange moved lower today on a limited volume of trading. noon feature was the decline in BZtish shares listed here, which was caur®i by | the increase in the Bank of E-ghwnd rate. This rate increase, along with fhe limited achievements of the Y.ondon | Conference, discouraged tgaders fh most securities today. Electric Bond & Share was. virtually unchanged around midday, after open- ing lower. This was true also of Cities Service and American time was down about a point. Woolworth, Ltd., after ojening off a shade regained its early loss and point- ed higher, but Ford Motwi. Ltd, the other active British issue today, was compelled to absorb offerings on each bulge. In the mine sharea R'Wana M’ Kubwa and Roan Antelope t#gistered the eaviest losses. In the utlities Brazil- jan Traction was the widest mover on the downside. Babcox & Wilcox, tye American concern, eased though the British company’s shares did not sell in the first few hour. Cables & Wireless “B" veceipts were active but unchanged while Canadian Marconi pointed lower. in the radio manufacturing comparfies Hazeltine was the feature, losing & point on its Arst sale. Over in the alectrical group Crocker Wheeler w#s inclined to heaviness. The big internatiépal investment trusts like American Founders and United Founders tapered at the open- ing as a result of the heavy tone of foreign merkets, in which are traded some portion of thelr portfolios. Amer- jcan & Foreign Power warrants and Utilities Power & Light common during this period also were off a shade. Copeland Products. leader of the mis- cellaneous industrials for several ses- slons as a result of its report showing $5.10 a share earned in the first eight months of its fiscal year, rested today. Aero Underwritcra and Pan-Amrican ‘Afrways, with losses approximating a point each, stood out in the air shares. Indiana Pipe. wné of the few pipe line issues to ppear, was a trifle bet- ter. Humble Oil. with a gain of a point by midday, made the bast showing in the Standard Oil list. Eastern Util- jties Associates rose 113 points. In the higher-priced_industrials A, O. Smith Corporation los¢ 8 points. Aluminum Co. of America moved within a range of a few pofts. CHICAGb LIVE STOCK MARKET CHICAGO, July 23 (® (United States Department of Agriculture) — Hogs, receipts, 44.000 head, including 2,000 direct; 10a15 higher on best kinds “ below 250 pounds; packing sows, 10a25 higher; bulk, 170-220 pounds, 7.50a7.70; : 230-300 pounds, 6.00a7.55 25; packing sows. 4.40a5.65: | good and choice, 140-160 light weight, 160- . medium weight, top, 5 pigs. 6.50a7 light light. pounds, 17.1587.50; 200 ponnds, 7.40a7. 200-250 pounds, heavy weight, 250-350 pounds, 5.40a7.2! packing sows. medium and good, 27 500 pounds, 4.25a5.65; slaughter pigs, good and choice, 100-130 pounds, 6.50a7.25. Cattle—Receipts, 5,500 head; calves, 2000 head: fed steers and yearlings fully steady; plainer killing quality con- demand broadest for better ;" supply such kinds small; other uneven; she stock steady to bulls weak and vealers 25-50 higher; light fed heifer yearlings, 8.85, the top: best weighty steers, 8.35; some 1300-pound averages, 8.65. Slaughter cattle and vealers—Steers. good and choice, 600-900 pounds. 7.7529.25; 900- 1,100 pounds, 7.75a9.10; 1,100-1,300 pounds. 7.25a8.75; 1.300-1,500 pounds, 7.00a8.50; common and medium, 600- 1.300 pounds 5.50a7.50: Heifers, good and choice, 550-850 pounds, 7.25a8.8 common and medium, 4.25a7.25; cows, goods and choice, 4.5026.25; common and medium, 3.5024.50; low cutter and cutter, 2.25a3.50; bulls (yearlings ex- cluded), good and choice (beef), 4.25a | 5.00; cutter to medium, 3.35a4.65; veal- ers (milk-fed), good and chcice, 7.25a 8.50; medium, 6.00a7.25; cull and com- mon,'4.50a6.00. Stocker and feeder cat- tle:—Steers. good and choice, 500-1.050 pounds, 5.75a7.00; common and medium, 4.2525.75. Sheep—Receipts, 10,000 head: fairly active to packers; mostly steady: no strietly choice lambs here; desirable | natives, 7.00a%50 early; best held higher; rangers unsold; around 94- pound ‘vearlings, 6.25; lambs. 90 pounds down, good and choice, 6.7588.25; me- dium. 525a6.75: all weights, 4.00a5.25; ewes, 90-150 pounds, madium | to choice, 1.75a3.50: all welghts, cull] and common, 1.00a2.00; feeding lambs, | g(\;;s pounds, good and choice, 5.00a CHICAGO STOCK MARKET | ‘The fere-! Superpower. | American Gas & Electric most of the | common, 1 Alr Investors vte Ala Pow cum pf (7). 258 Alleg Gas........... 1 Aluminum Co of Am. 758 AmCit PRLBb10%. 9 Am Com P A (b10%) 22 Am Corp (f15¢).. Am Cyanamid B, Am Equities, Am Superpow ( 5 Am Utll&Gen (B)vta Am Ut&Gen cu pf (3) Am Yvette Co (25¢). Anglo Chil Nitrate. . Ap) hian Ga Arkansas Nat Ga Arkans Nat Gas A. Armstrong Cork (1). Art Metal Wks (80c) Asgo G&EI (A) (al). Assoc G & El war Atl Fruit & Sugar. Atl Lobos pt. Atlas Util Cor Auto Vot M cv p! Babcock & Wil (7)... Jlue Ridge Corp. Borne-Scrymser Co Bourjois Ine (25¢). . Brazil Trac Lt&P(1) Brillo Mfg (60c).... Brit Am Oil C (80¢). Buff N&EP nf (1.60). Buft N& E P 1st (5). Bwana M Kubwa. Cable & Wire B rcts. o » 3 o S [PPTOTIEUN PYUPPPRIS 0~ UTOVOPIIIN 0 SUTUR VY 0104 . JRG-JV ot - NNOP Cent Pub SvcA b10% Cent Stat El (b10%). Cenc West PSAalty Centrifug Pipe (60c) Chain Store Devel. .. Chat Ph Aln.v. (1).. Citles Service (g30c) Claude Neon Lts, Ino Clev El I1lum (1.60).. Cleveland Tractor. Colombia Syndicat Colon 011, Col Ol & G: Cmwith & Sou wa Com Wat Ser g12 Comstock Tunnel. .. Con Gas Balto (3.60). Consol Gas Ut A 2.20 Contl G&Epr pt (7). 268 Cont Shares conv pf. 1758 peland Pr Inc (n). Cord Corp. Corroon & Reynolds Cor & Rey pf A (6) Cosden Ofl..... Crocker Wheeler Crown Cork Intl (A) Cuban Cane propt w. Cu Mfg Co (A). Dayton Alr & Eng. De Forest Radlo. Derby Oil Refining. DressSRA (3%). Duquesne Gas Corp Durant Motors. . States Pwr (B). st Util Assoc (2). ast Util Assoc ev.. ler Electric Corp. Elec Rond&Sh (h6% ) Elec B& Shcupf5.. Elec B & Sh pf (6).. lec Pow Assoc (1). Elec Pow Asso A (1) ¥l Shareholdz (6% ) 2mp Corporatlon urop Elec deb rt Fischman & Sons Ford M Can A (1.20) Ford Mot Ltd 36 3-5¢ Foremost Fabrics Fox Theater Cl Gen Aviation....... Gen G&E cv pf B (6) 150; Gen Theat Ea cv pf.. Globe Underwr (15¢ Goldfield Consol. ... Gold Seal Elec new Golden Center.. Goldman Sach T C 1 Gray Tel Pay S t3%. 50, Guif Ofl of Pa (1%). Hazeltine Corp (2).. Hecla Mining (40¢). Hudson Bav M & S Humble Of1 (1214). Hygrade Food Prod. 111 Pow & Lt pt (6)..125 imp Oil of Can (50¢) Indiana Pipe Line(1) Ind Ter 11U Ol A. .. Ins Co ofNo Am 12% Insurance Sec(40c). . intercontinent Fetn int Petroleum (1)... Int Saf Raz B (12%). Int Utilities B. A L % T~ 4 2 5 5 1 1 1 1 2 1 1 1 0 1 2 1 2 17 15 Note—All stocks are s0id in one hun exoepting those designated by the letter s (80s) (2508). nles— Add 00. Open. Hign. THE EVENING STAR, WASHINGTON, D. C, dred-share lots B 2% 12% 8 18% Lerner Mangel May R McCord Memph Merritt Mexico Minne. Mo- Mohaw! Nat Avi Nat Investors. Nat Ser Nat Sh ag-Hi Nordon Nor Eu Pan Am Penn Ce Petrol Corp war. Stock ana Kolster-Br (Am Sh), Lakey Foundry, Leonard O11 Mavis Bottl Nat American Co, Nat Family Stores, t Fuel Gas (1) Nat Pow & Lt pf (6).100 New Eng Pow pf (6) 30s New Mex & Ar Land. Newmont Mining. ... NYP&LtDI (6). N Y Steam n (2.60).. N Y Tel pf (6%) iag-Hud Pow (40c) Received by Private Wire Direct to The Star Office Bdles— idend Rate. Ad@00. Open. High. Low. Close. SR W 1% 1% 1% % 21% 1% 1% % % Stor Lone Star Gas n 88c. Long Island Lt (60¢) Loulsiana L\ & Ex. MacMarr Stres (1), Stor pf.... T(A).. &' lev(l), Radi:tor B. . N G Co (60¢) Chap & Scott Ohio O11. Mid Sts Pet vtc A Mid St Pet vtc B. Mid West Ut(b10 oney pf (8). Kan Pipe L (A). k Hud 1st (7) 50 iation. . 1 3 2 3 5 s vice Co T Sec A 5 .o ud Pow A w.. Niag Sh Md (40c). Corp Ltd Nor Am Aviat A war. rop Oil Corp.. Ohto Copper. PacG&E1stpf1%. 1 Alrways Pandem Ofl. .. . Pennroad Corp (40¢). nt Lt & P pf. Philip Morris Inc. Pllot Rad Tube A. Plymou! Iratt & Pruden: th Ofl (1)... Lambert (41 tial Invest. Pub Util Hold wa: Pub Util Hold Cp x' Pub Ut Puget §d P&L vf (6) Rainbo: Reliancy Republ Reybar: ioan A Roch Gas&E pf D(6) Rock L Royal Typewriter(2) St Anth St Regl Schift ( Schulte Seaboard Util (28¢).. Segal L & H (abe).. Selected Industrie! Sel Ina Sentry Shattuck Den Min. .. Shenandoah Corp. Smith ( Socony Solar South Corp. . South Penn O1l (1) uthld Stand O1l of Ind (2) Stand Of Strauss Sunray Syracuse W Mach B. Technicolor. Inc. ... Teck Hughes (60¢).. Texon Oil&Land (1). Unit Fo Unit Gas Corp. Unit Gas war Unit Ga Unit Lt Unit Shy us C U § Fin U S Foll U S Inter Sec 1st pf. . Unit Verde Exten (1) Util P& Utility Vacuum Of1 (2). Vie Finan Corp(40¢) Walgreen Co. ™ Walker (N 104 334 12% 2% Dividend nual payment. a Payable In cash dividend. fPlus 5% stock. § Plus 2% In stock. n Plus 8% in West P Wlwor “Y" 01l ec Power ww.. ec Pwr war.... Wenden Copp Wil-low Cafe pf (4). *Ex dividend. Hold cu pf(3) 3 w Lum Pr B.. e Manag..... ic Gas Corp. . R ntelope Min. . t& P (90c). .. ony Gold. . .¢ s Paper (60c) The Co (2)... Un 5¢-31 St.. - Alctfs (3lg). Safety Cont.. A0) (2).... V Corp (new) Aning. Royalty 20c. il of Ky 1.6 (Nathan)... O1l (b5%). e RN DO AN E PE AN R N AN & D under: o s pf (7) 3 &Pwr A (1). oe Mach (23 ishing. 1 (B) (! ® Lt(at1.02%). Equities = (IO 0 S OTOTIIOIOTIP FIeS - RO oTor ey (H) ( 10 2008 1056 7 84 114 1% wr pf (7) 23% 10% 1 th (FW) Ltd. 105 & Gas. 11 artly exira. 1Pius 4% in stock. bPayable in Stock. e Adjustment g Pius 6% in stock., h Plus 1% in ck. 'm Plus 3% in r stock. in stock. stock. kPlus 10% in stock. p Paid I CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS is a summary of important corporation news prepared by the Standard Statis- ties Co., Inc., New York, for the Asso- | clated Press: News Trend. By the Associated Press. | CHICAGO, July 23.—Following is the | complete official list of transactions in | stocks on the Chicago Stock Exchange today: 5 Bales. STOCKS. 1 American _Equifies .. 10 Am Pub Ser pf ...} 50 A 1 S 100 A High. Low Close. i m Radio ppalach Gas 100 Bastian Blessing . 3300 Bendix Aviation . 1200 Borg-Warner 100 Burnham Trad 80 Burnham Trad pi 50 Rutler B M 31 Bests & s EEaaE Nat Secur Inv pf Noblitt-Sparks Nor Am L & Pow rie . Perfect Cii e Vry . BONDS. 7000 Insull _Util 6s 1940.. sary El & G . 21080 Sou O Gas 612% i e salet tocar. 34 .. R 845, 55 1934 98 80 lumania is camj against high interest lhlmp“‘nm‘ % | lines would be operate 1 history. 4 C course, larger than the preceding week, when freight trafic was reduced be- cause of the observance of Independ- ence day. Loadings for the week ended July 11, according to the American Rallway Association, totaled 763,851 cars, which compares with 667,879 cars !in the previous week, 759,290 cars two weeks ago and 915,985 cars in the cor- responding 1930 week. Increases were reported in all commodities. In view of the proposed freight rate increase, it is interesting to observe the decreased traffic on the class 1 rail- roads. Freight traffic for May totaled 30.014,344,000 net ton miles, which is 17.9 per cent less than May, 1930, and 23.3 per cent less than May, 1929, ac- cording to the Bureau of Railway Eco- nomics. Compared with May, 1930, the Eastern district showed the greatest drop, declining 19.7 per cent, while the Southern and Western districts were off 15 and 16.4 per cent, respectively. The Companies. American Radiator & Standard Sani- tary Corporation subsidiery, American | Radiator Standard Saniiary Manu- facturing Co., awarded contract for neating and vlumbing equipment for Radio City d:velopment; contract for metal windows and yadator inclosures awarded to Cempbéll Metal Window Co., another su Y. American Water Works & Electric June electric_output off 55 per cent; six menths off 9.0 per cen:. Bethlehem Sieel—Department of Jus- tice finds no objestion to proposed pur- chas2 of Eastern Steel Co. , Brooklyn Union Gas Co. accepts new | mas rate suggested by Public Service | Commission. Buffaic, Rochaster & Pittsburgh Ry. stockholders approve agreement before the I C. C. whereby this comvany's { lines and Buffalo & Susquehan:a R. R. by Baltimore fo. Chicago Great _Western Railroad president_expects July net earnings to {be best for that month in company's mercial Solvents common share June quarter earnings, 25 cents, i six months, 47 cents, Corn Products Refining Co. reported having acquired substantial interest in Resinox Corporation, hitherto wholly owned subsidiary of Commercial Sol- vents Corporation. Delaware, Lackawanna & Western Railroad June gross off 11.2 per cent, net operating income off 26.4 per cent; six months’ gross off 12.2 per cent; net operating income off 21.7 per cent. NEW YORK, July 23.—The following | £3o0 COtCERmEnt | Revenue freight car loadings were, of | Electric Bond & Share earnings, 12 months ended June 30, $2 on average number common shares outstanding, against $2.59. PFinance Co. of America (Baltimore) common share earnings, six months ended June 30, 59 cents, against 73 cents. General Motors' June quarter com- mon share earnings, $1.22. against cash, Government and other marketa- $245,856.668 June 30, against $179.037.071 December 31, 5,693,782 a year ago: net working capital June 30 totaled $32 against $281,037.636 on D cember 31, 1930, and $290.577.234 a year ago; to erect a $1,000,000 building for display of General Motors products at Chicago International Exposition in 1932. Howe Sound Co. June quarter com- mon share earnings 26 cents, against 93 cents; six months, 90 cents, against $2.38. Hudson Motor Car Co. sales on up- trend sinc2 latter part of June current- 1y exceeding output. Hupp_ Motor CN deficit six months ended June 30, $1,077,110, against net incom= $509,053, equal to 34 cents a common share. | Indian Territory Illuminating Oil Co. | to shut down all producing wells in Ok- | lahoma City field exc<pt where neces- | | sary to protect against drainage by | | other operators. | | International Carriers, Ltd., net asset | value June 30, $13.77, against $14.91 | December 31, 1930. | International Salt common share | earnings six months ended June 30, $1.66, against $1.77. Lane Bryant common share earnings 12 months ended May 31, $1. Loblaw Groceterias, Ltd.—Sales four | weeks to June 27, off 15.6 per cent; | profit off 2 per cent. . { Minneapolis - Honeywell Regulator | $1.50 semi-annual dividend; last pay- ment $1.50 regular and 50 cents extra. Minneapolis Moline Power Implement | Co. passed quarterly dividend on pre- ed stock: paid $1.62'; May 1. Minneapolis, St. Paul & Sault Ste. Mari> deficit six months ended June 30, $3.678.402, against deficit $2.908,501. Nash motor cars not to be manu- factured in Canada by Dominion Mo- tors of Canada, Ltd.: has not acquired any interest in latter. Niagara Hudson Power electric output three months ended June 30 off 16 per cent, 12 months, 13.4 per cent; three months’ gas sales off 2.3 per cent, 12 r onths off 8 per cent. Oil Stocks, Ltd, liquidating value class A and B share June 30 $3.65, against $4.98 December 1, 1930. Penn-Dixie Cement deficit 12 months ended June 30 $115,551, against net in- come $304,553, equal to $2.24 a prefer- red share. Public Service Co..of New Jersey June gross off .03 per cent, surplus after charges off 42 per cent, 12 months’ gross up .7 per cemt, surplus up 4.2 per cent. Seagrave Corporation deficit six months ended June 30 $41,088, against net income before taxes $29,989, equal to 3 cents a common share. i aarp & Dohme, Inc., first half net estimated at $555,000, against $614,000 earned in like 1930 period. Skinner o\?‘" Co. declares :mé quarterly Mividend; formerly pai cen 6213 $ $1.17; six months, $1.83, against $2.15; | ~cent, | Stanoline blue grade gasoline at Min- | neapolis to 6.9 cents a gallon from 7.9 | cents, in Detroit from 5.6 cents to 5.3 | cents. |~ Supermaid deficit four months ended | April 30 $85.514, against net income | $94.987, equal to 63 cents a common |sbare. Western Union Telegraph—President | expects year's net to cover $8 dividend. | Westinghouse Electric Manufacturing Co. may bid for certain assets of Inter- national Combustion Ewgineering Cor- poration. Wisconsin Central Railway June deficit, after charges, $99.848, against $7,857; six months, $1,626,809, against $1,383,162. | Abbott Laboratories common share |earnings six months ended June~30, $1.80, against $1.83. | American Writing Paper to close two | units indefinitely. | Bickford's, Inc., common share earn- |ings six months ended June 30, $1.10, | against $1.06. | "Brillo Manufacturing June quarter | common share earnings, 44 * cents, | against 19 cents: six months, 83 cents, against 38 cents Canada Cement plant at Port Col- !borne closed; operations not to be re- sumed until new one is ready in Janu- 2ry, 1932. Century Ribbon Mill common share earnings six months ended June 30, 60 cents, against 9 cents. General Gas & Electric class B share earnings 12 months ended June 30, 41 cents, against 54 cents. | Lone Star Gas Corp., subsidiary, Lone Simr Gas Co., sues w»:njo}n"gt;?d&?:fi‘- | tion of property by city of 5 | which seeks to take over all gas distribu- | tion properties in that city. | Niagara Hudson Power common share | earnings 12 months ended June 30, 53 cents, against €0 cents. Packard Motor Car declares 10-cent dividend; same payment made June 12, 1931, Pere Marquette June, 1931, deficit after charges $104,155, against surplus after charges, $201,377 & year ago. Standard -Oil Co, of New York sub- sidlary, Magnolia Petroleum, advances crudz oil jrice in North Texas and Ok~ lahoma, to 40 cents a barrel flat. Twin City Rapid Transit common share earnings six months ended June 30, $1.04, against $2.45. Air Reduction common shares earn- ings, six months ended Juné 30, $2.43 against $3.64. Deisel-Weimer-Gilbert common share earnings, six months ended June 30, $1.11 against $1.20. Endicott Johnson Corporation present rate of production reported at 115,000 pairs daily, based on 51z-day week. International Telephone & Telegraph subsidiary, All-America Cables, to sup- ply radio-telephone service to Peru. Procter & Gamble common share earnings year ended June 30, $3.37 against $3.38. ‘United Founders—About 91 per cent beneficial interest shares of investment trust assoclates deposited in favor of offer of this company to acquire mi- nority shares;, consolidated assets value, June 30, $7.21 a share. Wrigley (Wiliam), Jr.—June quar- ter common share earnings, $1.53 against $1.51; six months, $2.71 against $2.83. Standard Ol Co. (Indiana) reduces Markets at a Glance ' NEW YORK, July 23 (#).—Stocks 1|u. S. BUSIN | | | firm; early losses regained in dull trad- g. Bonds irregular; issues heavy. Curb firm; market dormant. Foreign exchanges irregular; Argentine peso at new 1931 low. Cotton steady; trade support. Sugar easy; disappoint- lnrl h:pm. demand. Coffee lower; trade sel CHICAGO, July 23 (#).—Wheat easy; bearish crop and weather reports. Corn easy; beneficial rains in Missouri. Cattle steady. Hogs higher. BT ESS FAILURES DECLINE DURING WEEK By the Associated Pres The daily average of business fail- ures declined again last week, as viewed by R. G. Dun & Co. For the week ended July 18, the average daily insolvencies numbered 71, as compared with 78 the previous week, and with 75 for tHe same week of last year. With the exception of the Pacific Coast, all geological sections reported a smaller number of failurgs as compared with the corresponding week of last year, The rate of operations in the steel Industry, based upon rated capacity for the week ended July 13, was estimated at 31 per cent, compared with the rate of 331, per cent two weeks previous and with 23 per cent for the holiday Week ended July 6. b shogip o METAL MARKET. NEW YORK, July 23 (#).—Copper easier; electrolytic, spot and future, 73;-8. Iron quiet, e 24.55. East St. Louis, spot, 3.9( Antimony, 6.75. Zine steady future, 3.95. BONDS ON THE CURB MARKET. DOMESTI ALES High. 0 Alabama Px 7 Low. Close. 28 99 561 10414 168 104 PEPRTHITYSY TS ' L FEERLET L UL AP SP LT ity S5232084 3580828 285348, 22355 5 TN 7 SN E Con Gas Util 68 A ' w Ao 38 n 55 '33 L 55 A 2030 8! 6 Fairbanks Mor 55 42 11 Pederal Wat 5'.8 '54, 1 Firestone Tire 55 ‘43 5 Pisk 131 s 54 40 8 Lid 46 12 Georgia Power 5s ‘6 5 Gillette 8 Raz 5% St Lexingion Util s 3 Libby McN & L 58 1 Long Island Lt 65 §La & 2 Manitoba Pw 8izs 1Mastachu Gas 8s ' 7 \ass Gas 5708 46 5 Mass Utilit 55 A 49 16 Wesi UL 88 ‘32 ¢ t P8 88 53 Nat Steel Corp, 2 National Tea 5, 5Sou Cal Gas 58 § Southw G&E 38 7 8uper of Tilin 4" * 1 55 40 y 68 A '5i 8 Rubber 6s '33.. 927 33 Van Swerin 6s '35 ww 5813 E & P 55 A" 967 7 9 3 3 West Penn_5 s P West Tex Ut 8s A ' W A '58 4 Hamburg Elec 7s '35 1 Hanover City 333828_5“82;22‘ -With warrants. l'—.w'lthmlt ‘warrants, o When sseusd, THURSDAY, JULY 23, 1931.° Everybody’s Business In View of Germany’s Present Financial Condition It " Would Seem Wise for All Creditors to Extend Existing Short-Term Obligations. Spectal Dispatch to The Sta NEW YORK, July 23—France apparently is unable to see its way as clearly as the United States and Great Britain in the effort to re- ‘The second Hoover plan, coming almost exactly one month after the first, and advocating maintenance of ex- isting German credits, does not appeal to the French. The resultant uncertainty was amply reflected in the downward trend of | yesterday's securities market. lieve the German situation. BY DR. MAX WINKLER. FINANCIAL., ™ gy A—15 i = vage 1 New York Gottonl' Special Dispatch to The Star. NEW YORK, July 23.—After an early loss “of nearly ‘15 points on better weather than had prevailed for some days, the cotton market steadied and recovered about quarter of a cent today, ending 10 points higher than on' ‘Wednesday. Owing to the narrow character of the market the decline of over $3 a bale in a few days attracted more pro- fessional support as well as price fixing by the trade and the market steadied readily, closing near the top. were advanced 15 points to 9.30. ton range: July France’s attitude is difficult to under- | M stand and would seem to be based largely on political rather than economic consid- erations. term credits to Germany, estimated at ,000, the United States holds about $650,000,000 and Great Bri: European countries most of thé remainder. France's stake is merely nomi ing to not more than 5 per cent of the total. In view of Germany's present fiscal $1,200,000, position, thing for and extend existing short-term credits, largely because it is doubtful whether repay- ment at the moment is at all possible. Bv not, therefore, make the best of the bar- gain? Conditions are bound to right them- selves sooner or later, and there is every reason to believe that all legitimate claims ultimately will be paid. Dr. Max Winkler, Railroads Score In their ?le another point. December 31, 1930, or tentative valuation for however, earnings of railroa Wheat Gift Suggestion. ‘The American wheat problem will be solved, says John Manley, manager of the Oklahoma Wheat Growers' Asso clation and a member of the Farmers Natlonal Grain Corporation board, if the United States will give Europe 250,000,- 000 bushels of the Farm Board's “stabilization wheat.” | It is reasonable to me that Mr./ Manley could find many among his fel- low citizens who will not obj:ct to re- celving a present of about $100,000,000, but what assurance has Mr. Manley that | the European recipients of free wheat will not turn around and s-1l all, or at least part, of such wheat back to Mr. Manly's own organization? | Firm Mag® Reorganize. | Announcement by the Atlantic Fruit Co. that it will give up the fruit division of its business after July 25, thus dis- continuing operations of its Jamaica British West Indies, subsidiary, the At- lantic Pruit Co., Ltd., is interpreted by some as being a possible forerunner to a second reorganization. The company was formed in 1924 as a result of a reorganization of an enterprise estab- lished 12 years earler. | ‘The board of directors compriscs some | of America's outstanding financiers and industrialists, inciuding Horace O. Hav- ermeyer, Percy A. Rockefeller. Samuel yor, Vincent Astor and Robert W. | Sees Business Upturn. l Business s on the up-grace in 30| States, according to Martin J. Insull, | public utility magnate, and head of the | Middle West Utilities Co. Mr. Insull announces an increas> of 8.4 per cent in his company’s output of power for the week ending July 18, as compared with the corresponding week last year. is the greatest gain made by the sys-| tem in 16 months. Guaranteed both by us and by ... Kelly-Springfield a for an increase in rates, the railroads have scored The Interstate Commerce Commission estimates the reproduction cost of the carriers at more than $27,000,000,000, as of $5,000,000,000 above the recently announced rate-making purposes, ds continue unsatisfa i an increase in rates would be of great help, Story, and ghile improvement in economic conditions, Of the total outstanding short- and other 1, amount- it appears that the most logical all her creditors to do is to renew hy in Rate Plea. In the meantime, May Grain Market By the Associated Press. CHICAGO, July 23.—With specula- tive activity at a minimum, wheat prices averaged lower today. A late steadying influence, however, was a statement credited to the chairman of the Federal Farm Board, that the board had been approached by foreign agents seeking to purchase some of its wheat holdings. The statement said Chairman Stone expressed willingness to dispose of this wheat in foreign mar- kets if a reasonable credit was arranged. Wheat closed unsettled, 's to 13 cent lower; com, unchanged to ': off; oats, Y to 1, down, and provision§ at 2 cents to 10 cents decline. Hish, Low. Close. 4 3% 8% Septembe; 5 December CORN- July : September .11 December the real solution lies in Billion-Dollar Firm Planned. Another billion-dollar concern is in the making if the plan of Harry F. Sinelair is realized. It involves the mer- | ger of the Rio Grande Ofl Co.. the Tidewater Assoclated OIl Co., Prairie | Oil & Gas, Prairie Pipe Line and the | Sinelair Consolidated Ol Corporation The projected combine will rank among the largest in the industry and will ex- | ceed in size the proposed merger be- tween Standard Oil of New York and | Vacuum Oil. Automobile Production. On the basis of expected automobile output for .July, the total production of cars for 1931 may amount to as much | 25 90 per cent of the estimated out- put of 2.900.000 cars. While lttle, if | any, improvement is looked for during | the néxt month or six weeks, it would seem that the industry is at or near bottom and that Whatever major change will occur from now on should be for | the better. New Firm Incorporated. porated under the laws of Delaware the Electric Co. of Costa Rica, with a cap- italization of 23,000 shares of no-par value. While detailed information is not available, it is believed that the new enterprise is sponsored by an American concern which already Las extensive in- | terests in Costa Rica and which 1t is | sirous of consolidating. ‘ 1. by North American News- | v Alliance, Inc.) | | U. S. TREASURY BALANCE. | The United States Treasury balance| 2nnounced today as of close of business | July 21 was $327,987,558.75. Customs (Copyright, $22,491,189.70. Total ordinary expendi- tures, $3,944,647.55. e Why p TS~ September Becember RYE iy September December NEW SECURITIES NEW YORK, July 23 #).—New se- curities offered today include: People's Gas Light & Coke Co., $15.- 000,000 3¢ per cent gold notes, due July 30, 1922, priced at 99.76, to yield 3% per cent, by Halsey Stuart & Co. City of Trenton, N. J., $2,608,000 4 per cent bonds, due August 1, 1932 to 1956, priced to yield 2 to 3.85 per cent, Ig; a syndicate headed by the Guaranty Central Maine Power Co. $2.000,000 first and general mortgage 41, per cent bonds. due December 1, 1957, priced at 100 and interest to yield about 4% per ornt. by a syndicate headed by the Chase Harris Forbes Co. MONEY MARKET. NEW YORK, July 23 (#).—Demand bankers' acceptances _continued but offerings were small t dull. Interest rates generally were un- changed. Call money was available outside at 13, per cent, & concession of 1 per cent from the Stock Exchange rate. W o Studebaker Plant Remains Open. NEW YORK, July 23 (.—A. R. Erskine, president of Studebaker Corpo- ration, says the company will not close for a vacation period. Just as & housewife today runs around her neighbor's homes to borrow an extra potato or pinch of salt, so did Thh] teceipts for the month to date were|the housewife of the long ago borrow fire. & live coal or ember to start the day with. ay more when you can get KELL ;. at these LOTTA MILES _prices? Do T class Kelly Lotta Miles tires with tires usually offered at these prices. By every standard of per- formance, safety and dependability, the Lotta Miles is fully the equal of many tires that sell for more money. We've sold pleaty of Lotta Miles tires and we know how many satisfied customers we’ve made. © NEW LOW PRICES (29 x 4.40) (30 x 4.50) (28 x 4.75) (29 x 5.00) (29 x 4.95) (28 x 5.25) (30 x 5.25) (G0SB0Y .- . - 4.40 - 21 4.50-21 4.75-19 5.00 - 19 5.00 - 20 5.25-18 5.25-20 5.50 - 20 $4.95 5.65 6.65 6.95 7.10 7.90 8.30 8.95 -_ 30x5 ... 8ply Truck Tire . , . $19.95 32x6 . . . 10 ply Truck Tire . 33.00 WASHINGTON KELLY-SPRINGFIELD TIRE DEALERS Chesley & Harveycutter, Inc. 15th and You Sts. NW. Crosstown Auto Supply Co. 1801 14th St. N.W. Fidelity Garage 2303 14th St. N.W. Haines Service Station, Inc. 6503 Georgia Ave. N.W. Hilltop Service Station, Inc. 4532 Wisconsin Ave. N.W. . S. Kann Sons Co. Eighth and Pa. Ave. N.W. Koontz Service Station 1301 Good Hope Rd. S.E. Lakeman Gasoline Service Station 918 R. I/Ave. N.E. Ourisman Chevrolet Sales Co. 610 H St. N.E. Packard Washington Co. ~ 1701, Kalorama Rd. N.W. Frank S. Pohanka 1126 20th St. N.W. L. G. Herriman 1923 M St. NW. Standard Tire & Battery Co. 935 Pennsylvania Ave. N.W. R. L. Taylor Motor Co. 1840 14th St. N.W. NEARBY KELLY-SPRINGFIELD TIRE DEALERS Aero Auto Co., Inc. 1101 King Street Alexandria, Va. Charles Crump Alexandria, Va. Arrington & Walker Cherrydale, Va. Collins Service Station Forrestville, Md. Lustine-Nicholson Motor Co. Hyattsville, Md. J. W. McNamee e Edwards Motor Co. Mt. Rainier, Md. , Virginia Auto Supply Co. Rosslyn, Va. Wolfe Motor Co. Silger Spring, Md.