Evening Star Newspaper, July 25, 1931, Page 11

FINANCIAL. " CURB PRES IRFT |[NEW YORK CURB MAR . TOLOWERLEVELS Yrading Slows Down Consid- erably as Whole List Sells Off. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, July 25.—After opening dull and irregular, the curb exchange today slackened its pace, while prices drifted aimlessly. Electric Bond & Share shuttled back end forth within a quarter point range. Citles Service and Standard Oil of Indiana exhibited even less of a price movement. The flatness of international se- curities, dullness of motors, lethargy of natural gas issues, and the conspicuous let-down in turnover of both petroleum and pipe line shares were features of the trading. ° Standard Ofl of Indiana was only a fraction as active as it was on Friday, when a selling movement, engendered by dividend fears, hit it for a net loss of 23 points. Very few, even of the Jower-priced miscellaneous oils, showed any life. Public Service of Northern Illinois, atter a break of more than 13 points Friday, recovered about 5 points in its first few trades today. It was the only higher-priced utility to be traded in during the first hour. Woolworth, Ltd., common, which re- cently has been compelled to absorb offerings from London, exhibited better resistance powers today. From the British capital came private advices that the company was earning about one dollar on the common, which is expected to go on a dividend basis of 75 cents a share. Heaviness in bank stocks was mir- yored in a slight decline in Chatham- Phenix Allied Corporation. Insurance Co. of North America and lnsurlne!l Securities eased. Natural Gat shares were dull, with Josses and gains about balanced. Western Air Express led the aviation group in activity and width of fluctu- ation. Pan-American Airway was in- clined to softness while Irving Afr Chute braced. Fox Theaters A and General Theaters preferred pointed upward. EARNINGS REPORTED. NEW YORK, July 25 () —Tntertype Corporation reported for the June quar- fer Tnet incomé of $76,486, equal to 25 cents & share on the common stock, szainst $128,307, or 47 cents a share, n the June quarter last year. Coca-ColaInternational Corporation reported June quarter net profit of $1.- 338404, compared with $1,163,221 in the' like period of 1930. American Commercial Alcohol Co. re- ported net loss of $167,779 for the quar- ter ended June 30, against net profit of $581, in the corresponding quarter last year. BONDS ON THE CURB MARKET. Bales DOMESTIC BONDS. in thousands. High. 7Alabama Pw 4las '67 99 1Alabama Pow 55 '56. 104 9 Aluminum Co '5s Arkans P & L ¢ 3 Afso Blec fnd 4138 '33 8318 7 E 4l THE EVENING STAR, WASHINGTON, Note—All stocks are sold in one exoepting those designated by the ~Prev. 1931~ Sto.z ana Sales— Hich. Lew. end Rate. 11 Afliated Prod 1.60.. 1% Alleg Gas. ... 4% Alded Mills (60c)... 1% Am Capital B....... Am City P&L(A) a3. Am Com P A (b10%) Am Com Pwr 15t 6% Am Com Po 15t pfA T Am Cyanamid B..... Am Dept Stores. Am Equities. . Am For Pow wi Am Fbunders. Am Gas & Elec (£1).. Am Lt & Trac (23). Am Superpcw (40c) . Am Util&Gen (B)vte Am Yvette Co (25¢). Anglo Chil Nitrate Appalachian Gas. Arkansas Nat Gas, Arkans Nat Gas A. .. Assoc El In Ltd $0c. Asso G&El (A) (a1). Assoc Rayon. . Atlas Util Corp. Auto Vot M cv pf i Beneficial 1L (1%).. Carnation Co (§13%) Cent Pub SvcA b10% Cent Stat El (b10%). Chain Store Devel. .. Chat Ph Aln.v. (1).. Citles Service (g30c) Cittes Serv pf (6).,. Cmwlith & Sou war. . Com Wat Ser g12%e Consol Auto Merch. . Cont Shares conv pf. 2 Cord Corp. ... Creole Petroleum. Crocker Wheeler. ... Curtiss Mfg Co (A). Cusi Mex Mining. ... Dayton Air & Eng... Deere & Co (1.20). De Forest Radio. ... Derby OIl Refining. . Detroit Aircraft Cp.. East G & F Assoc... Eisler Electric Corp. Elec Bond&Sh (b6 %) Elec P& Lt op war.. ¥1 Shareholds (b6 % ) Emp G & Ecu pf (7). Europ Elec deb rts. . Fairchild Aviation. . Ford Mot Ltd 36 3-50 Fox Theater Cl1 A. Franklin Mfg Co.... Gen Empire Cor (1). Gen Theat Ea cv pf.. Globe Underwr (15¢ » Goldman Sach T C. Gray Tel Pay S 13%. Guif Oll of Pa (1%). Horn & Hard (2%).. Hygrade Food Prod. Imp Oil of Can (50c) Insull Inv (b6%). ... Ins Co ofNo Am 123 % Insurance Sec(40c). . Intercontinent Fetn. Interst Pow of (7). . Irving Air Chute (1) 4« [alian Superpow A.. Lerner Stores (2)... Leonard O11.... ' Lone Star Gas n 8%0. Los Ang G&E pf (6). MacMarr Stores (1). Mass Utll Assoc. ... hundred-share lots letter s (80s) (2508). Add 00. Oven. Hign. Low. Close. 6 18 ] 1 4% Aluminum Co of Am 7508 116 1 81t 134 3 £0 % 214 ~Prev. 1931~ High. Low. 5% 1% 8ly 181 61 1% 4%, 116 1% 81% 13% 73 80 ki 2% bis 18% 1% Ll 116 18% 1% 1% NI Pab Rallroa St Regl Schulte Solar South Sunray Ut & oul Wilson : Z Wilworth (FW) le:10900l £ ¥" Oll & Gas 16% u t. 11 H . bie l: 10% 20% dividend. | stock, j stock. n Plus 8% Plus 2% in 4 in stock ana Dividend Rate. Mavis Bottling (A).. May Rad & Telev(1), McCord Radiator B., Mesta Machine (2)... Mid St Pet vtc B Mid W St Ut (1% 4 Mid West Util (8 Mid Roy ev pf (2)... Midland Unit (b6%). Mo-Kan Pipe L (A). Miss Riv Fuel bd rts, Mock Judson Voehr. Nat Family Stores. . Nat Pow & Lt pf (6).15 at Rubber Mach at Service Co. - Nat Sh T Sec A $60c., Nat St Corp war. Nat Union Radlo. New Eng Pow pt (6) Newmont Mining. ... NYP&Ltpt (6)... Niag-Hud Pow (40¢) Republic Gas Corp. . Koan Antelope Min. Rock Lt &P (30¢).., 1 St Anthony Gold. ... Unit Verde Exten (1) Utll P&LU(A11.02%). 1na Ina Vacuum Ofl (2)..... Walker (H) (50¢)... Wenden Copper. .... West Alr Exp (60c).. Bales— Add 00. Open, High. Low. Close. 2 2 2 2 184 17% 184 7 17 27 T 10% 1% 11% 18% % 6 8 7 27 % 10% 17% 11 18% A% 6 2% 100' 34 Nor Europ 0il Corp. Ohto Copper. . Pan Am Airway: idem O1l. Pennroad Corp (40¢). Perryman Electric. , Philip Morris Inc. .. Phoenix Secur Corp. Pllot Kad Tube A... Prod Roy C ve of No 1l n p.176s Pub Utll Hold war. . Pub Util Hold Cpxw 1 Pure Oll pf (6)...... 108 4 d Shares(40c) 2 5 3 21 s Paper (60c) Salt Creek Pro(1.40). Un 5c-31 St.. Seaboard Util (28¢) Seiberling Rubber. Segal L & H (as0e) Sentry Safety Con Shattuck Den Min Shenandoah Corp, rp Southld Royalty Spleg May Stern pf.. Stand Oil of Ind (2) . Stand Oll of Ky 1.60.. Stand O1l, Ohio (2%4) 100s Stand Pwr & Lt (2)., 2 Stutz Motor Car. . Ofl (b5%) Taggart Corpn. Technicolor, Ine. Teck Hughes (60c Todd Shipyard (4). Trans Lux DL P 8. Tri-Utilitles. Twin SUN G pf (A).. Union O11 Assoc (2). Unit Corp war... Unit Founders. - 2% 20% 9 8% 5y 15 3% 139 * 11t 151 125 15ty 10% 10% 1 1% 1% On last quarteriy or semi-an- tly exira. tPi Jones (1%).. 1 stoek.” m Plus 3% 1 stock. stock. p Paid Iast year—no resular rate. WALL SREET CONFIDENT STEEL . DIVIDEND RATE WILL BE CUT Contraction in Operations and Earnings of Corporation Expected to Result in Smaller Disbursement. BY CARLTON A. SHIVELY. Special Dispatch to The Star. NEW YORK, July 25—Preparations in Wall Street for a reduction in the United States Steel Corporation’s reg- ular $7 annual dividend rate on the common shares are now virtually com- plete. As stated in this column a little |shown for the preferred, which also | pays 7 per cent dividends annually, but | nothing for the common. ] Wall Street is merely guessing at the | size of the common rate cut. Formerly | | Steel paid 5 per cent annually, but then | | 1t had 40 per cent fewer common shares outstanding than it does now. A cut to 'INCREASED BUSINESS VOLUME PREDICTED | BY EVERIT B. TERHUNE. | Do you believe that the present volume of merchandise being dis- tributed is the result of low prices? Not entirely, Price is seldom the con- troling motive in a purchase. What has developed this then? Starvation of desire. People will no longer deny themselves. And, as we add more confidence to our diet, I be- lieve that the volume of business will increase at an astonishing rate. What will be the trend in mer- volume, D. C, SATURDAY, KET zremrseae U5 AND EUROPEAN | NATIONS INDEFICT INet Loss in Operations Last Year Estimated at | $1,612,931,860. BY CHARLES P. SCHAEFER, Associated Press Pinancial Writer. The United States and the countries of Europe operated at a net deficit of $1,612,931,860 during their last year, with this country holding the unen- viable record of supplying more than half the amount involved. The deficit of the United States dur- ing the last fiscal year has been an- nounced as $903,000,000. A statement prepared by the European section of the Commerce Departmetnt shows 15 na- tlons reporting a total deficit of $734.- 542,860, as against six countries report- ing a grand surplus of $24,611,000, with Portugal and Norway not reporting. The former is expected to show & deficit, to be counterbalanced by Nor- way, where a surplus is expected. In the table that follows the budget % | situation of the countries are shown, the European statistics being incom- plete in some cases. It must be remem- bered that the position indicated may be definitely altered when final figures for the complete fiscal period are ‘made public: Deficit. Burplus, 3,000,000 4,435,000 8,043,000 1,293,000 74,825,000 [31,637,542,860 $24,611,000 's are held as a fair indi- rity of the world de- pression. The parallel cannot be drawn too closely, the department says, on account of variations in financial prac- tice and the insufficiency of returns in many cases, but it appears that, with some exceptions, budget balances have ! been upset, roughly in proportion to 7y | the degree of recession in business. R. M. Stephenson, chief of the Eu- |ropean Division, declares tax returns, including customs duties, have fallen ygenerally below estimates in all Euro- pean countries, showing reduced in- comes, fewer commercial transactions and lower imports. Revenues conse- quently were commonly less than budgeted. At the same time, he says, the exigencies of the depression have made heavy unforeseen demands on government treasuries, particularly for unemployment relief, and in spite of administrative economics, it has in many cases been impossible to keep ex- penditures within the estimates. OUTLOOK FOR EXPORTS CALLED UNFAVORABLE Special Dispatch to The Star. BOSTON, July 25.—The continued poor outlock for exports, states the United Business Service of Boston, is further emphasized by high interest rates and financial difficuities in for- eign countries. The gold standard in Germany has practically broken down and Austria and Hungary are in a simi- lar position. Sterling is shaky and if British currency should decline below the gold point British power to buy in American markets would be further curtailed. —_— INVESTMENT TRUSTS NEW YORK, July 25 (#).—Over-the- | counter market: C Trust Srs D. JULY 25, 1931. Trade Reports at a Glance y By the Assoclated Press, NEW YORK, July 25.—Tablold review of business conditions in the wholesale and jobbing trade, the retail trade and manufacturing and industry, as well as the state of collections, reported to Bradstreet's this week from the following centers: ' ‘Wholesale Manufactur~ and Jobbing Retail ing and d Inaufi{y. Collec- Pittsburgh Louisville Cleveland Detroit Milwaukee Minneapolis St. Paul . Des Moines . Kansas City Baltimore . Quiet Pittsburgh—Steel shows dullness in all departments; building shapes most_active; coal strike unimproved. Louisviile—Summer lull in dry goods; wholesale coal quiet; paint business falling off; rain needed. Cleveland—Coal moving slowly; jobbers feel Midsummer lull. Detroit—Electric refrigeration business good; Plymouth holds spot- light in automotive trade. Milwaukee—Coal sales below last year; shge manufacturing brisk; milk prices lowest since 1911. Chicago—Steel at 29 to 30 per cent; wholesaling shows Summer Tull; Spring wheat helped by rain. St. Louis—Men'’s clothing sales slightly increased; flour production below normal; manufacturing on reduced schedules. Minneapolis—Unusual lull in dry goods, clothing and millinery; coal business slow. St. Paul—Retail trade equal to last year; wholesale volume less; con- fectionery business helped by hot weather. Duluthe—Tourists help trade; Summer merchandise selling well; mining quiet. Omaha—Dry goods and ready-to-wear slower; live stock market ir- regular; unemployment greater. R Moines—Hot, weather helps seasonal merchandise; corn crop ex- cellent. ) Kansas City—Hand-to-mouth buying by retailers; Kansas wheat crop estimated at 200,800,000 bushels. Baltimore—Hot weather and general uncertainty; slow down trade; some manufacturing lines slightly improved. Everybody’s Business Liguidation Seems to Have Run Its Course in the A Stock Market, but the Public Remains on the Sidelines. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, July 25—Watchful waiting seems to be the slogan of those interested in the New York securities market. London has not changed the situation, which remains in status quo. Liquidation has pretty nearly run its course. The public continues to stay out of the market. Professional traders are at,a loss to know which way to turn Constructive developments abroad are like- ly to result in an immediate sharp upturn, while adverse news may depress prices further. The market, therefore, is at an almost complete standstill from the standpoint of volume, and there is little likelihood of any pronounced change until we shall see more definite evidence of a change in the for- eign situation. Co-operation Needed. Heinrich Bruening, German chancellor, returns from the London conference with empty hands, but with many promises and assurances. Little wonder that German critics regard it as a bad joke when they learn that Herr Bruening had thanked Pierre Laval, France's representative at the parley, for his efforts on behalf of the Reich. It is becoming increasingly evident that unless there is greater co-operation among DR. MAX WINKLER. the creditors of Germany and less opposi- tion from France, it may be found necessary to apply for or request a moratorium on German commercial debts. -Such a situation is likely to spread and may conceivably affect the whole of Central and Eastern Europe. It may then be too late to help. It is easier to let loose the beast than to lasso it. Washington is aware cf the situation. Hence its efforts to adjust it, through appealing to the bankers to leave undisturbed existing short-term debts until the Bank for International Settlements and the various banks of issue will devise a method for their conversion into long-term obligations. Auto Trade Improves. Business is appreciably better with at least six automobile con- cerns. Contrasting with last Summer, when most of them were obliged to shut down due to lack of business, plants will be kept go- ing this Summer. This effects Chevrolet, whose president, W. S. Knudson, definitely announces that his company, a division of Gen eral Motors, has no plans for a Summer shutdown. It also affects Auburn. Studebaker and its subsidiary, Pierce Arrow, the Federal FINANCIAL %% A—11 IMORE SETTLED ERA IN RADIO INDUSTRY Markets and Other Factors Indicate Better Trade Status in Future. Special Dispatch to The Star. CLEVELAND, July 25.—Indications that the radio industry is emerging from the “leap frog” period of its de- velopment into # more settled era both in the matter of markets and in tech- nological changes are found by the Unlon Trust Co. in & survey of the industry. For years the manufacturers of radio sets were indulging in & race, each one trying to overleap the other with some new technglogical improvement, accord- ing to the bank. With each new ad- vance the development of a few months before became obsolete and so the game went on until today a degree of per- fection apparently has been rehched which is resulting in a marked slowing down in the rate of change. “This year's list prices are about at the range of last ye: distress prices,” says the bank in its magazine, Trade Winds. “The industry has defi- nitely recognized the necessity for low and met that necessity by tak- ing advantage of lower materiai costs and oved processes of manufac- ture, plus the midget set, with less cabinet material and much less over- head burden, to put list prices at & new level. Stability Still Lacking. “The questions which naturally arise, considering the hectic career of the radio industry during the last decade, are whether it has at last settled down into any definite course, and if eo, what that course will be for the near future. “‘Wise observers in the industry do not belleve that there is yet any defi- nite assurance of stability or that any- body can predict. with any reasonable degree of certainty, just what is likely to happen. There are indications, how- ever, that point toward a gradual process of stabilization. One of these is founded on the slowing of the pace in change and improvement, the other is a more or less definite arrange- ment of radio markets. “Indicative of the slowing up of the process of technological improvement is the fact that makers of radio re- reiving sets are, in the main, paying more attention to fidelity of reproduc- don and tone quality than to the capacity of sets for extreme distance. For this trend in the industry the de- velopment of broadcasting networks is largely responsible. It does the indi- vidual set owner little good to be able to get San Francisco if the program he brings in from a station out there is another rendering of the chain broadcast which his local station is at that moment putting on the air.” Another Obstacle in Way. Regarding television, usually regarded as & fairly imminent development of radio, Trade Winds says there are two big obstacles still to be overcome. One of these is the providing of the tele- visicn programs. The other obstacles is described by the bank: “There is another obstacle which stands in the way of tglevision and that is . the question of blic acceptance, It must be remembered that when a family installs a television set it will have to have the undivided attention of everybody when it is used. “When a television set is used, how- ever, the lights will have to go out and activity must stop. Mother does not take her embroidery or father the sport page to the talking pictures, and the living room, when a television set is in use, will be a home talking picture theater. If all the members of the average American family can agree on what sort of a television program they want. it will be the first time in mod- ern history that they have managed to agree on a form of entertatnment. New York Cotton Special Dispatch to The Star. chandise prices? There is a definite necessity for their increase. A | 5 per cent now would be equivalent to | over a week ago, the better informed Motor Truck Co. and Durant Motors. 2 | 7 per cent on the old share basis. At the | NEW YORK, s already had seen the handwriting on July 25—The cotton the wall and were taking it for granted |Same time the exra shares were sold | Serv 35 Refractor Ss '33 55 1 Houst Gulf G 65 2 Il Pow & Lt 85 A 531047 Lenien, & Kibby MeN & °L 35 42 Islang L 65 45 1050 Minn G & Lt 4155 '50 9413 2 Nat Electric 5ias '78. 69% 18Nat P S 5578 .. 0 59 Nat Steel Corp 58 '56 933 8Neb Pow 65 A 2022 103 10 Nevada Calif 5s 90° 3 New Eng G&E 5s '4 26 Nor Stat Pw 4! 2No 8 Py ow o S No Tll 47,5 F '81 98% b 8 No 1ll 55 D '8 99is haw Wa! Shaw W& h ‘31 E P&L 65 A 2025 outh Calif Ed 5 uth Calif Ed @RRENODHDD 1 Was) 4 West Penn 5s 6 Wes Tex Ut 5s A '57 88 FOREIGN BONDS. Agr Mtg Bank 7s '46 17 Bogot M Bk T8 ww—With w, ts Without warrants, Jesued, that a cut would be made at the reg- ular directors’ meeting to be held after | the close of the market next Tuesday | afternoon. Unmistakable hints ob- tained by the press from authoritative sources in the last day or two have succeeded in making this information general. At the same time that dividend action will be taken the directors will publish the corporation’s second quarter earn- ings statements, from which it will be possible to construct the first six months’ accounts and to project the earnings line pretty well to the end of the year. United States Steel is now operating at a rate a little better than 30 per cent of capacity, which is a trifle better than the average for the industry as a whole. Well informed steel men do not expect important im- provement until the Autumn, when they will be highly satisfied if opera- tions rise to as much as 50 per cent of capacity. Lower Prices. With prices as they are, no steel company can earn any money for its shareholders at even 50 per cent opera- | tions. Last May President Farrell of the Steel Corporation told the members of the Steel Institute that no steel company was earning its preferred stock dividend. Conditions have grown worse since then. In the first three months United States Steel, by alloca- ting to profits the interest geceipts on tax refunds from war-time payments, managed to show 5 cents a share for the common. In the second three months a very modest amount may be | to provide funds, in part, for retire- ment of the corporation’s bonded in- debtedness, so that net earnings are the gainer. Steel scarcely will do better in | the third quarter than in the second, and if the year ends with anything at all shown for the common shares, most people will be surprised. Full dividends paid for the past two quarters and the reduced dividend which will be paid for the current quar- ter will come from surplus: also the bulk of the preferred dividend this year will be taken from surplus. Surplus consists largely of buildings and ma- chinery. of being used for dividends. Obviously, the corporation does not wish to de- plete its cash reserves too much to give shareholders a profit in a business which at present is running without profit. May Be Wage Cut. ‘Were the matter to end with a divi- dend cut, Wall Street would be less per- turbed. It is ready to accept the in- terpretation that the steel directors re- gard the prospect for trade improve- ment as one of a considerable wait. However, it has good reason to think runner of a scaling down of wages, which probably would be taken as the signal for widespread wage cuts in a great many industries. Wage action by he steel board doubtless will be taken only after careful consideration, but Wall Street's viewpoint ,is that when capital takes a wage cut labor must also take one. (Copyright, 1931) STOCKS IRREGULAR DURING WEEK PENDING ACTION IN CREDIT JAM BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, July 25.—Between Mid- summer dullness in home industry and the perplexities of affairs abroad, the financial markets returned largely nega- tive results this week. ‘That Wall Street was neither de- pressed nor stimulated by the results of the London Conference was evident from the fact that in three out of five trading sessions stock sales fell below 1,000,000 shares, and prices maintained the status quo which, the powers de- cided, was the best immediate course to be followed in the German credit situ- ation. Bonds Lower. Bonds were more sensitive. German issues turned downward when it became apparent that no additional aid was to be given the Reich at this time. Latin Americans were also heavy. Incidentally, there has been no renewal of the gos- sip, current a few weeks ago, that a helping hand was to be proferred some of_the Southern republics. rs were a little disturbed when at first glance it seemed as if the Lon- don agreement inferred a “freezing” of German credits, but it developed that only “requests” in this connection were to be made. The large banks have a gentlemen’s agreement to maintain the credits, and this apparently to stand. However, it was quickly pointed out that a radical change in Germany's circum- stances might necessitate a revision of present arrangements. Wall Street took the stand that the | statesmen at London did all that could be done in view of the opposition in this country to an immediate large loan | to Germany. 1t was hoped the ground- work for future constructive efforts had been laid in the proposal for an inter- national bank committee which will | study the German situation. Bright Spots. Seasonal influences are raval the stagnation of some domesiic ingglg tries, and at the same time are helping others, The notably bright spots at present are textiles and leather. Auto- mobile production has still to make its Summer’s low, and steel is gioping for the bottom. The oil business has suc- ceeded in bringing down output, at least temporarily, and this statistical im- provement s being accompanied by smge ndg:aces in crude prices, omm uotations, v g;vg nmodity quotations, on the whole, 4Of the week's changes were advan thus reversing the trend of the previons week. “It is encouraging to note,” the review said, “that with nearly the same number of alterations (42) as during the comparative week of 1930, the ad- ;':ag:s dand dec'l‘l::!u stood in advances week at declines last, week were 30.+ ' "Il iy, BUSINESS FAILURES GAIN, By the Assoclated Press. Business failures gained sharply last week as their change was calculated by | the Department of Commerce. In the | totals that follow the index is given for comparable periods, based on represent- ing the 1923-25 average as 100: Week ended July 1 .2, Previous week ..... eeee 956 Same week 1ast Fealwuawescossertil.l Only a part is in cash capable | that the dividend cut will be the fore- | Dun’s list 72 per cent |7 inverse | 350 The important thing always is profit, , Dot volume. Increased prices will en- able many merchants and manufac- | turers to steer their course away from the dizzy precipice of bankruptey. | But isn't it true that we need volume | to_give employment? w;«:et s "v}:tn expense of solvency. s 0 susf uying ca indefinitely by S hose belbase sheets are written in red ink. business? There is little questic mind. Question of it in my How rapidly will the pick-up come? by assurance that there will be jobs and work. ~Leadership has been x;‘mvlfled. Euw it must be aided in every possible Bureau of Economics, CHICAGO LIVE STOCK MARKET CHICAGO, July 25 (#) (United States Department of Agriculture). Cattle, 700 head; compared week ago grain fed steers and yearlings 25-50, grassy and short fed yearlings barely steady; undertone weak; improvement scored early in week having been | erased; early upturn on grass cows and | Brassy short fed butcher helfers lost; | buyers discriminating against all grassy | she stock; in fact grassy descriptions of all classes of cattle; bulls steady and vealers steady to 50 higher; fed yearling steers passed 9.00, reaching 19.10: 1,288 pound steers reached 8.65; | 1360 pounds, 8.35; heifer yearlings, 8.85; bulk grain fed steers with weight, 1.gg-a.oo; comparable yearlings, 7.50- Sheep—Receipts, 4,000 head; today's from feeding stations, 8,000 direct; tom- pared week ago, fat lambs around 25 lower; sheep and feeding lambs mostly steady; top fat lambs, 8.00; closing, bulk good and choice native ewe and wether lambs, 7.50a7.75; few at 8.00; bucks discounted 1.00; range lambs | mostly 7.65a7.75; few late at 7.90; range throwouts to feeders, 5.75; to killers, 5.75a6.00; native throwouts ter ewes, 3.00a3. downward from 2.75; yearlings scarce; bulk 6.00a6.25. Hogs, 4,000 head, Including 2,500 | head direct; market erratic; best light | weights, 10a25 higher; stead, bulk, i 170-220 pounds, 8.00a top, 8.25; 230-260 pounds, 7.00a pigs, 6.15a7.25; packing 4.2535.75; compared week ago weights strongs to 25 higher; others weak to 25 lower; shippers took 500 head; estimated holdovers, 2,000 head; pounds, 7.15a8.25; heavy weights, 250- pounds, 5.50a7.50; rckmc SOWS, medium and good, 275-500 pounds, 4.25a5.75; pigs, good and choice, 100- 130 pounds, 6.7587.50. Tomboys Only Woman Sports. games at all, Harold Abrahams, who captained the British team at the last Olympic games, told a_teachers' con- |vention at Durham, England. The ‘women who do ‘well 1;: '?:m!y those W] lly are o! type, g ine women could femini not succeed in sport because they were never meant to m BRI SRS What effect will this have on volume? | A whose balance | 4 ninT a Have we definitely reached a turn in | By Just as rapidly as confidence can be | C! transmitted to the great consuming public | & y C (Copyright by United Business Publishers' | C mostly 50, higher; medium heavies and | by heavies about | Sec packing sows steady; spots | Sel sows, | Epel light | § light lights, good and choice, 140-160 | Suber So Many women were never meant for | gn; Founders conv pf ctfs Founders war % Chartered Invest ‘pi Chelsea Exchange A ‘helse Excha yoes,. i3 0 Deposited B: Trustee Trustee ank Shrs N SR akson! FEE ¥ ST B eestnad General Equity A. Granger Trade . Gude Winmill Tri Incorp Investors Incorp Investors Independence Tr e it 13 m Int Secur Corp Am 6'2% Bf invest Tr Associates r of N ¥ Coilat A wu_ naa B8easit market nominal; for week, 116 doubles | Fa e Nation-Wide Seci National Indust Shrs. National Tr Shrs. mostly 5.00a5.50; bulk desirable slaugh- | O with weighty kinds | Qla Go Int Secur_Corp lected Am Shares.... Selected Income Shis. 2.1 s sma! FEFETETELSIESTLE nd Trust Si Stand Collat _Trusteec State Street Invest . Soanssuunne s 252 #388.55-% #|in the world cotton trade. New Low Rates. While railroads expect salvation from a rise in rates, three subsidiaries of the North American Light & Power Co. filed new low rate schedules for 219 cities and towns throughout the State of Kansas. The reduction amounts to 15 per cent. Another subsidiary lowered the gas rate by about 14 per cent. The gas rate cut affects 52 towns, and is on the basis of the first 5,000 cubic feet per month. According to S. Z. Mitchell, guiding genius of the Electric Bond & Share, and one of the country’s ablest public utility men, the success of utility com- panies lies in the sale of more power at less cost. Maintaining Wages. In periods of depression, public utili- ties serve as a sort of shock absorber | due to the nature of their business and the public service they render. Another interesting point about the industry is its relative immunity from economic | disturbances abroad to which other fields are subject. Charles L. Edgar of Boston, chairman of the committee on stabilization of employment, of the National Electric Light Association, finds widespread ap- plication by electric utility executives of a policy of maintaining employment and ‘wages, and expresses the hope that this policy will be continued. Outlook for Cotton. Some are inclined to view more op- timistically the outlook for cotton. The reopening of the Bremen Cotton Ex- change, which closed on the 15th, is in- terpreted as an expression of confidence In addition, the American Cotton Co-operative Asso- ciation advises, through its vice presi- dent, C. O. Moser of New Orleans, that it would buy for cash cotton from any farmer who wishes to sell and- would ET“ such cotton in the futures mar- et. Bank Cash Payment. A cash payment of from 30 to 35 cents is expected to be made early next month to the 450,000 depositers of the collapsed Bank of United States. The Supreme Court Will, however, have to sanction such cash disbursement. It will be recalled that as a result of the co-operation of all the members of the New York Clearing Association, depos- itors were privileged to borrow up to 25 per cent of their deposits. These bor- rowers, representing about one-fourth of the total, will not be affected by the above payment. Colombian Bonds. In the face of marked weakness in Latin American bonds on the New York Stock Exchange, Colombian issues more than held their own. This situation is doubtless due to the esteem in which Americaa bankers and investors hold Olaya Herrera, President of Colombia and former Colombian Minister at Washington. He is a strong advocate of intelligent budgeting to prevent gov- ernmental deficits and has also come out with a plea to Congress to fix a limit on expenditure and end national subsidies to the various departments. As a result of a drastic cut in the war ministry budget for this year, the government will save about $5,000,000. What was at one time regarded as a somewhat doubtful credit risk is tum- ing out to be one of the most depend- able risks in Latin America. Copyright, 1931, by the North American (COPITIENG wepaper Alliance, Tnc.) TU. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business July 23 was $318,130,425.21. Customs nee;ga for the month to date were $25,255,946.82. Total ordinary expendi- tures $8,178,085.30. STOCK AND BOND AVERAGES By the sociated Prees. SATURDAY, JULY 25. STOCKS. 20 Rails. 3.1 752 - gEpciRzizEs market was under pressure again toda: and closed with a loss of 5 to 10 Wln!sy Outside factors had an unsettling in- fluence and though too much rain has occurred in central districts, crop re- ports have not been such as to broaden the buying power. ‘The market has felt the approaching movement in the new crop this week and closed around low levels reached last week. Spots were reduced 5 points to 8.95. Close 9.01-03 835 936 52-53 870 CHICAGO STOCK MARKET By the Assoctated Press. CHICAGO, July 25.—Following is the complete official list of tnnulgtgbns h: stocks on the Chicago Stock Exchange today: Sales. 400 Assoc Tel U til. 50 Assoc Tel Util 67 900 Bendix Aviation October Decemb January March May .. High. Low. Close. 1w 1% 1's . 23 4% 2 163, g 1 14 e e 828, WBERS eSS e gpmwda FUGEe ey West 100 Zenith Radio .. Stock sales today, 36,000 shares. ‘BONDS, “Sales todsy, 38 s ot BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, July 25.— i An_eminent man dictated a preface to a book of a friend of his. Just im- agine the x:fidma'. feelings when the turne