Evening Star Newspaper, July 24, 1931, Page 14

.’:r'x;14 30 i OUTPUTNOW TORS ; | LAST HALF OF 1330 Reserve Board’s Review Notes Industrial Levels in Second Quarter. Industrial production showed more than the usual seasona decline in June, and factory employment and pay rolis decreased. Wholesale prices, which had continued to decline until the end of May, advanced in June, but for most commodities declined again in the first half of July, says the Federal Reserve Board's monthly summary today. A decrease 1n industrial output from May to June was reflected in a decline in the board's index of industrial pro- duction, which is adjusted for seasonal variations to 86 per cent of the 1923- 1825 output, as compared with 89 per cent in May. Taking the second quar- ter of the year as a whole, produ has averaged about 4 per cent above it; low level in the last three months of 1930. The reduction of activity in June was most marked in the iron and steel in- dustry, with steel plants operating at 38 per cent of capacity. Automobile output declined further, and there was some recession in production of lumber, meat products and flour. Petroleum output, however, was not reduced. Ac- tivity of textile mills and shoe facto- ries continued in relatively large vol- ume; in the woolen industry, activity was_ sustained at the unusually high level of May, and the decline in the consimption of cotton was not in ex- cess of the usual seasonal amount. Other Reductions Noted. During the first half of July there were further reductions, partly seasonal in nature, in output of steel, automo- biles and lumber. Factory employment was further re- duced by nearly 3 per cent, and pay rolls declined by 6 per cent between the middle of May and the middle of June. The largest decreases were in the steel, machinery and women's cloth- ing industries, while reductions at au- tomobile plants and cotton mills were partly seasonal in character, and em- ployment at woolen and hoslery mills increased. Building contracts awarded in June were 'somewhat largar than in May, but declined again in the first half of July. Since the early Spring awards have not increased as much as is usual for the season. In residential building there has been relatively little change for about a year and a haif, except for seasonal fluctuations, and the decline in construction has been rh&efly in other types of building, principally pub- lic works and uc!um[c. department_sto; 4 salAe: Sero seasonally smaller in Jun in May. 'n}l‘sann reduced, reflecting principally a further reduction in loadings of mis- cellaneous commodities. Wholesale Prices Stronger. During June wholesale prices of many commodities advanced consider- ably after having reached low levels late in May and early in June. Prices of live stock and meats increased, and after June 21 there were rapid advances in prices of raw materials important in world markets, especially cotton, hides sugar, silk, copper, silver and rubber. Subsequently, however, most of these prices receded somewhat, although in mid-July they were, in general above their lowest levels. The price of wheat declined during June and the first half of July, as (htmd(]!m tic price became adjusted to world levels. A iAn reporting member banks in lead- ing cities loans on securities continued to decline between the middle of June and the middle of July, while all other Joans increased by $140.000,000. This increase was concentrated at New York City banks, and was largely in the form of acceptances purchased in the open market. Member banks’ investments daily average Freight car loadings were | FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, FRIDAY, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Stock and Dividend Rat 5% Remington-Rand.... 6 Reo Motor Car (40¢). 10 Republic Steel... 27 Republic Steel pf.... <69 Reynolds Tob A (3). 40% Reynolds Tob B (3). 1 Richfield Oil. 314 Rlo Grande O 15% Rossia Insur (2 20). 247 Royal Dich(m?2.2789) 38% Safeway St 5). Safeway Strs pt (7). St Joseph Lead (1) St Louis & San Fran. St L-San Fran pf (8) Savage Arms (2) Seaboard Alr Line Seab Air Line pf. . Sears Rosbuck (2%) Second Nat Inv. ¥ saneculcoow ~Prev. 1631~ High. Lo 3 2 16 19%, 104 1 608 49 1 Sharp & Dobm Sharp & Do pf (3% Shattuck(FG) (t133) Shell Unton OM1. ... Shell Un Ofl pf (§%) Simms Petroleum . 4 Sinclair Consol Ofl. . South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed (2) South Pacific (6).... Southern Rwy (m6). Southern Rwy pt (5) Sparks Withing (1 Splegel-May-Stern Stand Brands (1.20. Stand Comel Tob Stand G& E (3%). Stand Invest Corp. Stand Ofl Cal (h2% Stand Oil Exp pf (5). Stand 011 of Kansa: Stand OIl N J (12). .. Stand OIIN Y (160). 1 Sterl Sec cv pf (3). Stewart Warner. Stone & Webster (3). Studebaker (120)... Superheater (2%). 5 Superfor Ol 141 30 ‘Telautograph (1.40). Tennessee Corp(50c) Texas Corp (2) . 4 Texas P C & Oll. Texas G Sulphur (3) Texas Pac Land Tr.. Third Avenue. 5 Tide Water Asso Oll. Timken-Detroit Axle Timken Roller (3 Transamerica (40 Tri-Cont Corp Tri-Cont Corp pf Trico Products(2%). Truscon Steel (60¢ Und-Ell-Fisher (5). . Sales— Add 00. High. 130 ~Prev. 1931~ Prev. w. Close. Close. 8% B 69 6% 1% 13% 31y 0% 504 1% 4% 18% 8% 50 33 5% U 8 Iof Univ Le Univ P 1% Univ P 28 76% 60 2y 3% 1 1% 27t 6% 20% 57 12 4 Wester: Wester| Wilcox Wilson Woolw Worthi) Wrigle: b% Yellow Zonite K 10:30 A.M. 1:30 P.M Dividend rates Partly extra. last vear—no regular | (P B in special preferred 49% | no regular rate. n Pl 3318 12% 4Ty 13% | or stock. RIGHTS. E % Insur Sh Del. Ang10 26 Sales of Stocks on New York Exchange. iPlus 4% in stock. Stock and Dividend” Rate. Unit Coryp (75¢). Unit Corp pf (3) Unit Dyewood. . Unit Electric Coal. . Unit Frult (4) ffman. .. 24% U S Indust Alcohol. . U 8 Steel (7). U 8 Steel pf (7). % Unit Stores A. Unit Stores pf (4) eaf Tob (3). e 1st pf (8). 1pe & Rad. 1915 Utll P&L A (o2, Vadasco Sales 2314 Vanadium Cor, an Raalte 15t pf. .. Va-Car Chem. Western Dairy B... B Md. . ooaae n Union (3).. Westvaco Chlor (2). White Motors (1).... White Rock MS t4% 0il & Ga Willys-Overland. & Co pf orth (2.. ngton Pump. y (Wm) (4).. Truck. 39%s Yngstwn Sh&Tu(2). Prod Corp (1) Expire. % « 200000 12:00 Noon. . 400,000 + 500,000 X 2:10 P.M. « 600,000 given in the above table are the annual cash | payments based on the latest auarterly or half-yearly declarations. | nstock TPius o Fate. b Pavabie in stock, e b Flus 2 le in cas! in stock. h in % sk pih Flis 27 in stock. ) Plus 30 cent ‘m P - us o in stock. o it o . @ Paid BY JOHN A. CRONE. | Special Dispatch to The Star. | NEW YORK, July 24.—The increase lin the rediscount rate from 2! to 3!z | per cent by the Bank of England caused little surprise in informed international banking circles here. It was preceded | by weakness in the pound sterling in {this center late Wednesday, when the | English bank lost $16,911,700 of gold, | the most yellow metal it has ever lost |in a single day in its long history. When the pound sterling dropped lowest price since Great Britain re- 29-32 cents on July 15 to $4.833, its | Recent Losses of Metal by London Institu-i tion Resulted in Weakness of Pound Sterling—Effect of Change. | ers for long have maintained enormous | balances in London, which is also the | clearing house for all nations. Dis- | turbance to financial equilibrium and | nervousness over credit naturally af- | fects London first of all and most se- | yerely. “Credit is not being withdrawn | because London bank safety is doubted, | but rather because (with the exception {of France) withdrawing nations need | more of their funds at home. | same way a small bank will sell its in- | vestments to provide hard cash when |1t fears a run by depositors. Bank of England has lost nearly | $100,000,000 in ‘gold in the past two weeks. 'Most_of it has gone to France because the French were in a position In the| BRITAIN PROTECTS GOLD SUPPLIES PRICES OF GASOLINE 'THROUGH INCREASED BANK RATE PURCHASERS RAISED By the Associated Press, TULSA. Okla., July 24—New strength was added to the mid-continent crude oll market today as four more major purchasers revised their prices upward. The Texas Co., the largest of the so. called independents, posted prices rep- resenting an advance of from 18 to 25 | cents a barrel in Oklahoma, North Cen- tral Texas and North Louisiana. The | company’s new prices in these fields are 35 cents a barrel for ofl of below 36 gravity and 40 cents for oil testing 36 gravity and above. e Barnsdall Refining Co. a nounced a fat price of 40 cents a bar- rel for Kansas oil. The company, one of the few that failed to meet the 10- to-22-cent scale that became general recently. retains its former schedule of 25 to 37 cents a barrel in Oklahoma. | The Skelly Of! Co. posted flat prices of 35 and 40 cents a barrel in Kansas, | adopting the 36-gravity test as the di- viding line between the two prices. The company buys between 17.000 and 18- BOND PRICES DROP IN'SMALL MARKET Traders Believe Conference Did Little to Solve Ger- man Credit Crisis. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, July 24.—Bonds were quiet and lower today. The final results of the London seven- power conference, in the Wall Street view, were somewhat disappointing. Feeling was that the conference had left the German crsis to solve itself. Continental markets were lower before New York opened and this wa3 re- flected in the prices of both domestic and foreign bonds. German Government 5',s were off a point early and Dawes Reparations 7s lost more than 2 points. In both cases the losses were recovered, but the tone was weak and It ‘was evident that neither speculators nor investors could be_enticed into the market for foreign dollar securities. German industrials such as Siemen’s & Halske 6'.s I about 2 points. Municipals like Berlin 6'.s were off a similar amount. Deutsche Bank 6s sagged 4'; points on the sale of a few bonds. ine 6s were 2 to 3 points lower. ‘While the revolution was reported sup- pressed and quiet Testored, advices from Buenos Aires reported anything but po- litical stability in the country, This, to- gether with the prospect of a large national deficit and weakness in Ar- gentine exchange, was sufficient to un- ' scttle the market for the bonds. Other South Americans were also weak, Australian bonds moved higher. Lon- don opinion has now veered around to the view that Australian affairs are on the mend and that New South Wales will shortly resume responsibility for her external debts. It will be recalled that the state defaulted on its bonds some time ago and that the common- wealth assumed service on them. While wheat prices are at record lows, new to Australia, As for domestic issues, the chief con- sideration here was the inactivity in other securities. Railroad bonds in some cases were narrowly higher. Wall Street heard that the fire insurance companies were in the market for se nd-grace carrier bonds. This would rgue that influential quarters are con- vinced that the roads will be granted scme freight rate increase. Industrials such as Goodycar 5 Dodge Brothers 6s and McKesson Robbins 5',s were firm or a shade low- er. International Match 5s were sub- stantially lower. The company’s many loans to European governments are re i tor just now selling in London of the stock and the allied equi- ties of Kreuger & Toll and Swec! | Match. | High-grade issues were firm. There |was a total of over $37,000,000 of new | offerings. Washington Stock Exchange | i SALES. | Washington Rwy. & Elec. 45—3§1,000 at | %. Potomac Electric 5'> % pfd.—5 at 1111} Federal-American Co. com.—25 at 21 AFTER CALL. Federal-American Co. com.—25 at 21'z. Capital Traction Co.—10 at 42 Lanston Monotype—10 at 881;. Bid and Asked Prices. BONDS. FUBLIC UTILITY. Bid. Asked & Tel 4'as '39 1905 Tel et i, 55 JULY activity in the wool trade is beneficial | sh | 4, 1931, FINANCIAL [ovmw v BONDS o ] Private Wire Direct to The Star Office UNITED STATES. (Sales are 1n $1,000. s. High Low. Close. 11 10220 10219 102 19 6 10311 10310 103 11 3-38 61 104 30 104 25 104 27 9... 115 101 17 10110 101 10 1 10220 102 20 102 20 60 106 13 106 13 106 13 45 108 14 108 10 108 10 Lib 3%s 32-47 Li1st43s32-47, L4th4 US3% US3%s 41 US3%s46-56. U 845 44-54 u B4%s47-52., 41138 Bales. AbItIHI P& P6s’53. 9 4! 5 A Alleg Corp 65 '50. Am Chain 6s'33.. Am B&R 1st b8 Am Sug Ref 2 Am T&T cv 4%8°39 62 47.. ‘37 Argentine May ‘61 Argentin Argentin Argentin Argentine 6s 3 Atchison gen 4595 Atchiscv 4%s'41.. At & Danv 4s '48 AtCLcol 48°52 Australia 4% 5 Australia 63 '55. Australia 68 ‘67. Austria 7s'43. Austria 7557 ctfs O4%s'33..... conv 43%8 ‘60 B & O Sw dy 58°50. Bk of Chile 6%8 ‘57 Batav Pet 4145 "42. Belgium 6s ‘65 Belgium 6% ‘49 Bell Te. P B Ind Loan Co 65’46 Berlin Cy El 68'55. 1in CyEl 63%5'51 eth Steel pm 53'36 Beth St rf 65 '42 Bolivia 7s ‘69 Bolivia 88 45. Bost & Me 4% Bos & Me 5 Brazil 6% Brazil 6%s 27 Brazil 85 41. Bremen 78'35..... Bk Ed gn A 5349, Bkiyn Man 6 Bklyn Un 5845 Bkiyn Un ist & Budapest 65 '6: | Buenos A 6s '61 F Calif Packing Canada 45 ‘60 anada 4 Canada bs Can Nat 438 ‘54 Can Nat Ry 4138 Can Nat 4328 ‘w7 Can Pac 4436 Can Pac 6s cifs ‘¢4. Can Pac 53 '54. C&Ogend¥hs’s2 C&O4RsBY... CB&Qgends CB&Q418"T... CB&Q1stifh Chi & Eas 1Ll Chi M StP&P 65 '75 Chi M & St P ad) 58 Int RysC A 5s . [nt Ry CA 6%s°47. 10 51 lat T&Tcv4%4s°39 18 92 Int T & T 6s'55. 102% 99% 9% 113 118 Low. Close. 54% 71 Laclede 5%sC’53 ede D 51. Long Isl db 6s'37.. Lortilard 6s 51.... Lorfllard 6%s'37.. Lorillard 7s 44 Lou G & El 5353 L& N uni4s’40. L&N 4345 2003. L &N 1strf 5348, La & Ark 6869, McKes& R5%8’50 4 Manh Ry 1 % 1 Marseille 6534 Milan 6348 ‘53, M1l E Ry & L bi M StP&SSM 55 '3 MK&T4sB'62... MK&Tal)68 67, MK&TprinésA. 5. RuSonommars 3 Mont Tr 1st 68 *41.. Mor & Co 1st 4% Nat Dairy 5% s 100% 50 505 N Y Edison 68 B N Y Ed 1st 63841, NY ELH&P 6848, NY NH&H clt NY NH&H eva NY O&W 1st 48°92. NY S&W gn 5s"43.. N Y Tel 433839, 41 1001 1004 1001, 1000 1015 NorOT & L 6 Nor Pae 3 Nor Pac 48°97..... Nor Pac 4%3 2047., Nor Pac r 1 632047, Nor St Pw 63 B"41. Norway 53 Norway 5%s Norway 6s'43 Norway 6852 Oreg-Wash 4s°61.. Orient dev 5%s 58. Orient dev 63 53... PacG & kI 68 Pan-Am Pet 6; Pac T&T 1st 6337, Paramount 65 °47.. Paris-Ly M 6s '58.. 27 12 21 1 20 * 85% 85% 864 102% 102% 99 99 0% 90% 97% 107 3 91 T8% 90% 7% 38 102 85% 102 101 84U 102% 111% 105% 110 25 100% 101% 10218 101% 95% 94 99% 105% 1024 106% 104 9 107% 3 1 T8% 90% 9% 38 102 85% 102 101 8% 38 8% | ica interwoven with those 1018 1025 101% 95% 95% 100 105% 1024 | show improvement in some iines. BANK SEES BETTER BUSINESS OUTLOOK Domestic Picture, However Is Largely Colored by European Events. Special Dispatch to The Star. , July 24.—Some favor- able signs are appearing in the domes- tic business picture, but the general outlook is colored by European devel- opments, according to the Union Trust Co. So closely are conditions in Amer- \broad that the outiook cannot be considered inde- pendently of the international situa- tipn, the bank says in its current sur- vey of trade. Among the favorable indications Ppointed out are a few satisfactory earn- ings statements, some firmness in com- modity prices, some increases in retail sales and a reduction in commercial in- solvencies. “Ever since President Hoover pro- the moratorium new developments ve followed in rapid succession.” says bank in its magazine Trade Winds. “There is no question but that the President’s expression of this country's willingness to endeavor to assist in the solution of the reparations problem has brought renewed hope that a solution may eventually be found. By a single stroke the critical attitude to the United States which has been developing in milfiope has been transformed into good Some Tmprovement Seen. Discussing the domestic situation, the bank continues: “The general volume of business dur- ing June showed little, if any, improve ment over May, and production figures in most lines remained at iow levels. I must be remembered. however, that this was quite in line with expectations, s a period of seasonal dullness usually develops at this time of the year. “It is also encouraging to note signs of price stabilization in some fields. In spite of coniinued severe declines in prices of agricultural products, com- modity price indices, an the whole, have shown some upturns during the last month, and at this writing aver- ages have held a small per cent of the gains made. Furthermore, advances have not been confined entirely to basic commodities. Cigarette prices, for in- stance, have been advanced by all of the more important manufacturers, and these advances have, to a large extent, already been passed on by retailers to the buying public. Better Demand Ahead. “Automobile equipment and accesso- ries companies are not, on the whole, suffering as severely as might be ex- pected, due to the fact that the larger percentage of cld cars in use this year is being reflected in the larger replace- ment demand. Gasoline consumption figures show that, in spite of the de- crease in procuction of new cars, just as many cars are being operated this Summer as were last Summer. The tire trade particuiarly is benefiting by this situation, and during the last two months has shown more than normal seasonal improvement. - “It is obvious that if the present rate of car usage continues to be maintained the wearing ouc of old cars will inevita- tly produce an increased demand for new models in the comparatively near future. It is this situation which leads some observers 1o predict a_substantial upturn in the automobile field this Fall. “June statistics covering retail trade Ac- cording to the Wall Street Journal, sales of 39 of the leading chain store systems and mail order houses in June showed a decline of only per cent below June of last year, whereas the decline for the first six months was 4.4 per cent.” g continued at about the same level as in May nad early June. Outstanding Bank Credit. 4 Pathe Exch 78 37.. Penn 45 '48 S Penna 4%s D'81 sumed the gold standard in April, 1925, | ol LG it was geonerally felt that the Federal | Reserve Bank of New York, by both | direct and indirect means, was trying | to buy on the weakness of sterling |C00 barrels daily in Kansas. It pur- American banks also could profitably chases in no other State. ! ship in gold from London, but they| The Cushing Refining & Gasoline Com b el “hi & NW con Brokers® Comment Notwithstanding a further addition of | $77,000,000 to the country’s stock of| monetary gold between the weeks ended June 20 and July 18, there was no de. crease in Federal Reserve Bank credi outstanding. During the period the re- serve banks’ portfolio of United States securities was increased by $75,000,000, while their combined holdings of ac- ceptances and of discounts for member banks decreased by approximately the | same amount. The gold inflow provided | member banks with funds to meet an | added demand for currency as well as| to increase their balances with the re- serve banks. There was also a con- siderable growth in foreign bank de- posits with the reserve banks. Money rates continued at low levels. Trade Trends Br the Associated Press. Cotton—Present indications point to a full production of cotton in various foreign cotton-growing countries, ac- cording to advices from Liverpool to the New York Cotton Exchange Service. Argentina_reports that the outturn in| the province of Santafe has exceeded expectations and_that there is a short- age of pickers. Brazil reports that the crop of the state of Pernambuco Is large and the production of the state of Sao Paulo is estimated at around 70,000 bales, against 18,000 last year. Food Prices.—Bradstreet’s weekly food index has turned upward and registers a slight gain, four-tenths of 1 per cent, over the previous week. As compared with a month ago this week’s number shows an increase of 1.4 per cent, but is still 18 per cent below the like week of last year. This week’'s index number is $2.19. Weekly price changes in Brad- street's list of 87 commodities shows that 18 were higher than last week, 15 were lower and 54 remained unchanged. Furniture—A _limited number of orders for furniture for August sales purposes provided the only activity in the New York wholesale furniture mar- ket this week. Jobbers and selling agents estimated that orders had de- clined between 30 and 35 per cent from the peak reached last week, but pre- dicted buying would resume after the first of the month. Hides.—An analysis by the New York Hide Exchange shows that the con- sumption of cattle hides, including kips, during the first five months this year exceeded the movement into sight by | 1,158,000 hides. The visible stocks of all cattle hides and cattle hide leather, including kips, ceclined steadily during the first five menths of this year and at the end of May amounted to 15.504,- €00 hides, compared with 16.662.000 cn December 31 last and 16,236,000 May 31, 1930. Stocks on hand May 31 this ;;;; were at the lowest May level since Silver.—Bar silver continued weak in the primary markets Thursday, sagging | 2n cighth of a cent in New York to 27% cents an ounce, and a sixteenth of a penny in London to 12 15-16 pence. PARIS BOURSE PRICES. PARIS, July 24 (#).—Three per cent rentes, 87 francs 40 centimes. Five per cent loan, 103 francs, 80 centimes. Exchange on London, 123 francs 80 centimes. The dollar was quoted at 25 francs 54 centimes. SHOE CONTRACTS AWARDED. PHILADELPHIA, July 24 (®).—The Army quartermastr's depot today an- nounced th: award of a contract for 53,676 pars of service shoes to the Brown Shoe Co.. Inc., of St. Louis, for $2.4415 per pair net. A contract for 163,028 pairs of garrison shoes was awarded to the Joseph M. Herman Shoe Co., Boston, for $3.23 per pair, one- quarter of 1 per cent for 1¢ days. to support the English currency. Amer- ican bankers co-operated, because they could have made a good profit had they chosen to transfer gold from London to New York. Heavy Gold Withdrawals. Sterling opened here yesterday at $4.841, up 7-16 cent overnight, after a decline’ of 11-16 Wednesday. Mean- while, London cables stated that early in the day another shipment, approxi- mating $4,302,000 of gold, had been sent to the continent. Within_the last week the Bank of England has lost around $125,000,000 of gold, which was slightly offset, however, by receipts of gold from South Africa. These heavy withdrawals of gold may be due to several causes. Huge foreign talances always are maintained in Lon- don and they may be drawn against at any time. A recent tax levied by France on foreign securities may be responsible for some of the French banks drawing their money back home from London. Then the mere fact that the pound | sterling is cheap. in terms of the dollar, | French franc, guilder and Swiss franc, |as well as_other monies, would induce a gold outflow. Most gold arriving in the form of ibu | A ' mines _which, through agency of the South African Reserve Bank, ship it to Southampton, from where it goes to the Bank of England vaults in London. Sale of this gold is entrusted to an historic banking house each morning, where purchasers, such as bullion brokers, buy the yellow metal either in behalf of foreign banks or of industrial users. Rising Rates an Anomaly. Two weeks ago the German Reichs- | bank, as a first effort to halt the “flight {from the mark” and shut off the heavy drain of gold, principaiy to this coun- try, lifted its discount rate from 7 to |10 ‘per cent. Austrian, Hungarian and a few other minor European bank rates | also are up. i Rising bank rates are an anomaly in |a trade depr: n. The Bank of Eng- land lifted e to 6 per cent in 1929 in an effort to stop the suction of funds |into the New York stock marketyboom. ! Later this was followed by a higher New York Federal Reserve Bank rate. | Since the stock market break in the Autumn of 1929, hcralding a storn business depression, the trend of central bank rates throughout the world has |been steadily downward. New York's |rate of 1!, per cent is the lowsst on | yecord. Bank of Prance at 2 per cent is the lowest for that institution. Bank jof England until recently had been {expected to cut its rate further to 2 | per_cent. These reductions were manifestations | of a determined and agreed upon poiicy {by the world’s throe major central | banks to force down money rates in an | effort to stifile business depression and | set trade recovery in motion. Jacking |up rates in London will now set back | this movement and tend further to de- press British trade, if not trade of other nations. Incidentally, Wall street is inclined to interpret this step as | meaning British expectation that noth- | ing of conscquence will be accomplished at the present London conference on German conditions. Sale of Marks Large. Greater trade activity has not caused the reversal. Trade is, 1 than ever. Collapse of confidence in German cred:t has started the difficulty. Foreign funds and German funds also sought to leave Germany in large vol- gme. This was done through the sale of marks for the purchase of dollars, francs, Swiss and Dutch currency and pounds, thoreby lowering the quotation for marks and making it profitable to ship gold to other countries. In the past week the same rocess lack of faith in the pound sterling, but chiefly because the international shift- ing currents of money have washed cipally on sterling. French bank. fact, worse | Sen Ihas taken place in England, not through | § have refrained because they did not wish to embarrass the Britisn 5y causing them to put up money rates. A higher Bank of Englapd discount rate increas: the cost of London's great credit reserves and aulomatically lifts money interest rates all around. This tends to attract foreign funds, or |at least to hold in London the money already there. Should the present rise {be ineflective, doubtless the Bank of | England will stiffen the money market | by selling securities and follow this with another increase in the discount e. Bank of England Statement. England shows a net loss of £15,155,.- | 000 in gold and a decline in the reserve | ratio of bullion to circulation from 57.2 England considers £150,000.000 as the minimum gold reserve which should be held and with further large shipments | of gold in sight was forced to lift the discount rate. | Sterling has dropped to about $4.84 | to the pound. The Bank of England will always give gold bullion in a fixed | amount for a fixed amount of British currency. When sterling falls in rela- | tion to other currencies, any one wish- ing to transfer balances can take the sum of his London balance, buy gold, ship it to his own country and turn | i% into home currency in ‘an amount | greater than that which he could have | obtained had he made a cable transfer in the usual way. (Copyright. NEW YORK BANK STOCKS NEW YORK. July 24 ().—Over-the- | counter market: 1931) Bid. Asked. = 66% 69% America | Chase ‘Chll Phenix.......... Commercial National. First National N Y.. Manhattan Co. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) ate—Maturity Rid. Offer 100 7-32 100 9-32 1o 332 o SHORT-TERM SECURITIES. (Reported by J. & W Seligman & Co) Rid Offer Alls-chalmers Co, 85 1937... s 103 Bell Tel. California Pet. Ct Canadian_Nor. Corp. 55 1940, ... Pubilc Service 515 1939 T. & R 55 1957 s G 1932, e Corp.’ 85 1941 1932 y Pr New York, Chi. & St. L. 6s Eortland General Elec. S5 1035 o) d Drug Co. 8 195; Virginia Railway & Pw. Electric Co. 53 107 KRR = Wheeiing |Co. posted a flat price of 40 cents a cents. INVESTMENT TRUSTS NBW YORK. July 24 (). —Over-the- counter market: B C Trust Shrs D B,C Trust Shrs E |barrel. It had been paying 25 to 37, " sh Wash. Rwy. & Elec. 4s. MISCELLANEOUS. | Barber & Ross. Inc. 6'as ... Chevs Chase Clupe®i’ 1 Columbia Country Cli D Paper Mfs. 65. .. W. M. Cold Storage b3 STOCKS. PUBLIC UTILITY. This week’s statement of the Bank of | A | per cent to 49 per cent. The Bank of | A & Gen Secur 33 pi.. Brit & Cont 6"~ pf.. Composite Tr Shrs Founders ' Founders Pl Founders 1-70th Founders conv pf Bansicilla Corp . Jasic Industry British Type Inve: Century Tr Shrs & Gen Equiti r:: com. f ctfs. . & Gen Eauit 6'3" Chain Store Invest Chain Store Invest b Chartered Invest Chartered Invest ‘pf. .. A B Chelsea Exchange Chelsea Exchange Cumulative Tr Sh Corporate_Trust Cru & Foster ‘ins Crum & Foster Ins Depotited Bank Shrs ‘N Deposited Bank Shrs Diversified Trustee Shrs Diversified Trustee Shrs auity Corp com. . auity Corp* B quity Trust Shrs! Pirst, Y. RNEes 5 BeBuaalb Diversified Trastee Shis A. A0 Diversified Trustee Shrs B c D. P Pixed Trust Shares B.... Fundemer.ial Tr Shrs Fundamental Tr Shrs General Equity A Granger Trade Gude Winmill Trad Incorp Investors .. Incorp Investors Eqi Independence Int Becur Corp Am Invest Tr Associaies Invest Tr of N Y Ce 0:3 Ty a, ¢ G rs e of Industry aders of Ind Low-Pricod it 1 Tr Shrs N Y Bank Tr Shrs A B A of Industry B Nor & South Am Corp B. Shares. ur Colony_Trus; Petroleum Trad A Public_Servies Tr. Rep: ive Tr Secur Corp Gen $6 ec Int Secur Corp 6 Selecied Am Shax Am Trus Collat Trusteed Street Invest. Corp of Am Tr Corp of Am Tr Trust Shrs of Amer. Trustee Trustee St Trustee Twentieth Two-Year i |Second nt Seeur Corp ALl1 Second Int Secur Corp B...... S o 13t pi. Century Fi 5 niury Trust Sh xed Tr.. i6e 4 37s | Capital (14) NATIONAL BANK. 36 | Columbia (12 eidbeientas | 2| Commercial (stamped) (10} 8, 1 ncoin (12) " Metropolitan (14)." Riggs (15%) Second (9e) Washington (13) TRUST COMPANY. Tr. Co. (13) ust (61 Amer Sec. & Continental T Sav. & ias Wash, Loan & Trust (14 3 SAVINGS BANKS, 0).. c. Sav. & Com. Bk. (1)) Seventh_Street (12) United States (30} Washington Mechanics FIRE INSURANCE. American (12)....... Corcoran (10} Firemen's (8).! National Union’ (i5) TITLE TNEURANCE. ‘olumbia (6h)... Real Estate (6 MISCELLANEOUS. H ss. Inc. com... B0 Bt K Gravel pid (4. 1 £d. i . Stge. pfd. Mergenthaler Linotypé (6). Natl, Mtee. & Inv. pid (8 Peoples Stores pfd. (612} Real Est. M. & G. pfd. (8 Security ‘Storace (42) Ter. Ref. & Wh. Cor. The_Carpel Corp. (). W, Mech. Mte». com. (6) Wash, Med. Bldz. Corn (T} Woodw'd & Lethron com. (1.26). 4 | Woodward & Lothrop ofd. (7). *Ex dividend. 527 extra bBooks closed. . 357 extra. ella% extra. i Ll Unlisted Department. (These securities no:‘x:nl\td under Exchange Tiles 'BONDS. Bl Asked, Army-Navy Club 5. : Club_4las.. ... Commoercial Ciub 18 55.. e Gl 4 t an Netional Precs Blas. 1st ‘Savin Tiie oi G, o S Washtidce-Lansdon Sav. Bank. V. S. TREASURY BALANCE. 5 balance, The United States Treasury ennounced today as of close of 8u;m July 22, was $321,286301.14 Cus for the month to date were ary expendi 23,558,283.66. Total :m'u. é’m.m;& Chi RI&P gn 4 5 hi 111 & P ri 4834 ChfR1cv 4%s 60 | Chi R1&Pac 4%4s'52 Chi Un Sta 4335 63 Chi Un Sta %s B Cologne 6125 50 Colowb 6s Jan 61 Colombia s '€1 Oc Col G&L 55 May 5 8§ Col G&E coup 58 '61 97 Com Inves 5425 4. CC Md 1st rf 55 ‘50 C Gas NY 4328'95wild ConG N Y bips45. 2 Con Pwr Jap 6343 Con Pow Japan 7s Copenhag bs ‘52 Cuba 5%s 45. Cuba R R 58 '5: Cuba RR 6s ct Cuba RR rf 73536 Cuba Nor b%s '42.. Czecho 98 '52 Del & Hud rf 4s°43. 16 Del & Hud 5%s°37. 10 Denmark 4143 '6: 3 Oenmark 53 6 Denmark 6s 4 Denver Gas 53 D&RGrgn4s'ss. 3 Det £d G&R4YS'61101 Det Edison rf 5349 3 Dodge Br cl 68 '40.. 36 Donner St 7s'42... 1 Duquesne 4%s 67. 20 Dutch East | Mar.. 1 Dutch East 163 '62. 2 7 4 B Erie 58’76 Finland 5%s Finland 7s ‘6! Fisk Rub 85 Fla K Coast 55 Fram 1D 7% French 78 '49. French Gvt 7% Gelsenk'chen 6534 19 Gen Baking 5%s'40 1 Gen Motors 63 37.. 18 Gen St Cas 5%8'49 Gen Th Eq 63 40, German 5%8 65 German Bh 6538, . Ger Cen Bk 63'60J " 7 Ger Cen Bk 65’600 7 Ge:man Bank 7850 3 German 75 rep 49..103 Goodrich cv 68'45. 6 Good 15t 63%48'47.. 2 Goody'r Rub 68 '67. 10 GrandTr sf db 6s'36 11 Grand Trunk 78" Grt Nor 4%4s Greek 68 °63 Gulf Mobile 55 '50.. Halti 63 '52. Hol-Am ss f Hud & M rf 7 Humble Oil 58 37.. Corolaancamano Inland Stl 4s% B'81 Int Rap Tr bs int Rap Tr sta ‘66.. Int Rap Tr 6s 32. irt Rap Tr 78 32. Int Cement s Int & Gr Nor 5s '5 Int & Gr Nor 6s '52. nt & G Nad 6s 52. nt Hydro El 6s 44 Int M Cobsret ‘41, 1 fawe - Int Match'bs 1 3 Int MM col tr 103% 106% 10 ¥ 103% 106% 101% 88 6% ok Tdlh Penncy 4%s Penn 4%s 70 Penn P&Lt 4% Pere Mar 4% Pere M 1st b8 Peru 63 '6! Phila Co ©nila & R Poland Poland 7s *47 Poland 8s ‘50 Port Gen El 445’60 Pos Tel & C 63 53.. % PubSv G4k Pub Sv G 4%: Rhinelbe 78 Rhine West Rhine W Rio de Jan 6%s 63, R Gr De Sul 6s°63. . Rio Gr W 18t 4539, Rio Gr W clt 4349, RIAr& L ¢ls'34. Roy D 43 '¢6 ww. StL&SFindsA.. StL&SF ¢%s'78. St L&SF pr In 68 B. StLSWevds'3i.. StP& KCSL4%s. Sao Pau 78'40 rets. Sea All Fla 65 A Serbs-Cr-S1 78 "62.. Sinc O TscvA Sific Cr O 6% 3! Solvay Am 5: Sou Bel T&T b Sou Pac 4 %8s Sou P 4%48 69 ww So Pacific 43%s'81.. Sweden 5% s Talwan E P5%s°71 Tenn Cop 68 41.... Toklo 5%s Toklo El Lt 65" ! Urucuay fa " Uti) Pow 3 Util Pow 5%s 47 Vanadium Stl 5 » M MRS NER NG e BNNSNR NS aB e haN e B - HemaDZa mmmo M nRanonA~e e te eBBRESR 50 1 60 604 60 551 321 311 95 8% 9y 867% 90 67 54 6% 78 864 T4 474 5919 13% 13% 17 7 8015 8% 76% 9015 93 9614 102% 9614 55 687 3N 85% k1Y NEW YORK, July 24.—Many brok-rs believe domestic news will now receive more consideration from the stock mar- ket. The immediate topic of interest is the United States Steel dividend next Tuesday. Comments follow: E. F. Hutton & Co.—The kneynote of the current situation is the hope that earnings in the third quarter will be better than now seems likely. Mar- ketwise there is lik®wise hope that at least some degree of seasonal improt ment in prices will soon get under way. Traders are hoping that the current dullness will prove to have been an ac- cumulation area in accord with general ideas re “‘dull markets.” Paine Webber—The important ques- tion is whether the market is ready to initiat> a general sure-fire advance from this point. We believe the an- swer will come within the next few days, the Steel meeting of next Tues- day being the crucial date. Until this news is out of the way important posi- tions are unlikely to be initiated. After that date, with second quarterly re- ports absorbed and foreign news less tense, the market will be in a position, if that is its intention, to start the process of “discounting whatever better- ment the Fall may contain. Ousick Kent—The possibility of fur- ther discussion in Berlin by represent- atives of the leading powers should fur- ther expedite the ultimate settlement. We feel, therefore, that the crucial m ment is passed in the foreign situation. Jackson Bros., Boescl & Co.—For the immediate future we feel that interest in the foreign situation will be sup- planted to a large extent by specula- tion as to the probable dividend action of United States Steel directors at their meeting scheduled for next Tuesday. Smith, Graham & Rockwell—The out- look at the moment holds little encour- agement to buy stocks. Redmond & Co.—While the recent action of the market in the face of un- favorable news has been a source of some encouragement, we believe it is too early to state that the danger of further sharp recession in prices has been entirely eliminated. It is probable that the market will drift around in a narrow trading area until after the United States Steel meeting next Tues- day. If the regular dividend is declared, & brisk rally is possible; but we under- stand there is a strong possibility that it may be cut. Shields & Co.—Th= market still faces the test of heavy pressure, and at the moment leading professionals sl no interest in trading. In the absence of any important news, continuance of & verv dull, meaningless market is to be expected pending some definite knowl. edge as to what action the Swel direc- tors will take. Nearly 2,000 of the 3,000 pupils re- cently examined in Manila, Philippine Islands, clinics for entrance into public schools had_defective teeth. Sales. High Low. Close. 32 8 8313 834 6 103% 103's 103% 4 102% 102% 102% 99% Vienna 65'53.. Va Ry & Pow b8 Wabash 1st bs Wabash 2d bs 39 Wabash 6s D '80 Wabash 6345 15 110% 110% 7 7 98% 984 964 96% 100 100 100 100% 1001 101% 100 100 100 B e T whi & Co Yokohama fxxtn Spa& ¥ng SUI&T