Evening Star Newspaper, July 26, 1931, Page 53

FINANCIAL. CURBSHARES UL ONLGHTTURNDVER Small Losses in Early Trad- ing Are Mastly Recovered at Close. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, July 25—The curb market rounded out a dull week to- day, with prices virtually unchanged for the two-hour session. Activity was al- most at a standstill at times. and a though there was a seg in prices dur- ing the first hour, the small losses were mostly recovered FElectric Bond & Share went below 37, but firmed again and finished at 37's, which was yesterday's closing quotation, Brazillan Traction, United Light “A” and Utilities Power & Light gained nominally. Standard Ofl of Indiana, which tum- bled 3 points on Friday, was_relieved from further selling pressure. It sagged occasionally in light dealings, but closed at a small advance. Other oils were easy. Citles Service dipped to 10 and then recovered. Gulf was off 2 points and Vacuum about half a point. ‘Woolworth, Ltd, reached a new low for the movement, trading slightle above the level at which it was listed several wecks ago. The net loss was & small fraction. Other specialties were firm, with few exceptions. Todd Ship- yards, Technicolor, Deere, Pilot Radio and Ford of England changed hands at or slightly above the previous close. SPREADS IN WEST Farmers and Live Stock Raisers Are Asking Debt Suspension of Banks. Special Dispatch to The Star. KANSAS CITY, Mo., July 25— Financial discussion throughout the Soutiawest has turned to moratoriums. Seizing on the term after President Hoover's action on foreign debts, pro- ducers of grain and live siock and debtors of banks and mortgage com- panies have carried it into every com- munity and demanded similar aid. Instead of meeting opposition, they have been pleasantly surprised by a spirit of co-operation on the part of their creditors, within reasonable limits. Just a concrcte instance of an anery, | nervous farmer coming into a rural bank th's week and bitt>rly stating: “I have 4,500 bushels of wheat which will just pay what I owe you. What do you want me to do?” The banker came back: “Do what blamed please—keep the wheat and we will renew the note or sell ths wheat and pay the note” Tha debtor went to see the implement man whom he also owed. There he received the same reply and came back to tae bank feeling at peace with the world (Copyright, 1031.) COMMERCIAL LOANS FLAUNT DEPRESSION A rather encouraging expansion has been in evidence in commercial loans, gays the Alesander Hamilton Institute In the four weeks to July 15 commercial loans Increased from $7.862.000,000 to | £8.002.000.000, 2 gain of $149,000,000. An increase ‘n commercial demand for credit is encouraging. in view of the fact that a gain in borrowing during this period occurred in only three of the past ten vears, and these were pe- riods of business setivity—1925, 1928 and 1929 during the Summer of last year, and a declining or stationary trend for the period was the rule in all other years of the decade except those above men- tioned. HOW IS B Showing Current Business Activity compared with Same Week Last Year. u‘lhe past week recorded a reaction as Commercial loans fell off | MANITOBA GOLD YIELD 'MAY SURPASS YUKON Special Dispatch to The Btar. | WINNIPEG, Manitoba, July 25.— Manitoba, longest settled and most pcp- ulous of Canada’s femous prairie prov- inces, is making rapid gains as a pro- ducer of gold, and now gives promise of surpassi the Yukon as the fourth .in;ges'. gold-producing territory of Can- ada. During the past four menths of 1931, says a bulletin just released by the departmentof immigration and coloni- zation of the Canadian Pacific Rallroad, Manitoba produced 35928 ounces of gold, valued at $739,540. This surpasses the production for the entire year of 1930, when 23,189 ounces, valued at $479,359, was produced. STEEL OPERATIONS DROP DURING WEEK |Smaller Demand Causes Further | Curtailment in Mill Activities, Coprer Sales Slow. By the Associated Press. NEW YORK, July 25.—Reduced cp- erations by rail, tubular end sheet mills reflecting smaller demand accounted for further slackening in steel operations during the past week. Steel ingot pro- duction was estimated at 30 per cent of capacity and the prospect is sald to be for a continuation at the low rate for another month. Call for structural steel was fairly well maintained and pros- pective construction projects continue as a sustaining factor. Prices were slightly easier for bars, shapes and plates, but other descriptions were steady, with scrap prices firm. Pig iron experienced a slightly better demand at the decline. |~ Foreign demend for copper, particu- lllrly for German and French account, caused a steadier tone early in the week, but this demand tapered off | later, especially when a moderate quan- tity of domestic copper became avail- able at concessions of a quarter of a | cent through smelter sources, while the | export price was maintained. Large producers continued to hold firm at 8 cents for electrolytic in the Connecticut Valley. Domestic demand remained at a minimum, with further curtailment in the uto industry checking buying. | Tin sagged during the greater part of the week, reflecting a stagnant de- mand and weakness at London. Lead held steady in a quiet market, with | consumers limiting purchases to car load lots. Zinc remained unchanged. | Antimony quotations were largely nom- | inal, although there were said to be | bids under the market without attract- ‘xng offerings. —_— INEW YORK BANK STOCK MARKET RANGES LOWER By the Associated Press. NEW YORK, July 25—The New | York City bank stock market during compared with the previous week, as in- dicated by the dollar index figures compiled by Hoit, Roce & Troster. Based upon July 25 prices, 16 leading bank and trust company shares wers ( quoted at 17.4 times known earnings, against 18.9 times at the close of the previous week. The yleld now stands at | 4.945 per cent, against 4.559 per cent | a week ago. ik S EARNINGS HIGHER. | _NEW YORK, July 25 (Special).—The General American Tank Car Corpora- | tion and its eubsidiaries showed an in- crease in earnings during the second quarter of this year, despite general trade conditions. Net income, after all | |charges, totaled $1.271,000, compared | with $1,204,000 in the first quarter of 1931. This is equivalent to $1.55 & shere, against $147 a share in the pre- | ceding quarter. QUABTIEBLY DIVIDEND. DETROIT, July 25 (Special).—Bur- | roughs Adding Machine Co. has de- clared the regular quarterly dividend | of 25 cents. payable September 5 tol | stock of record August 3. USINESS? GENERAL BUSINESS ACTIVITY for the c York City. Shaded ai previous year. Check Transactions compared show weeks of activity above the eorresponding weeks of the Black aress indicate declines from same weeks 12 months earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. try indicated by Bank Debits outside New ith the same week a year Boston | New York | Philadelphia —24.2% % | —11.9% “Cleyeland Richmona Atlants | % —~16.3% —163% | St. Louis —245% Chicago Minneanolis —163% —19.9% . Francisco | —269% | LEADING BAROMETERS. Showing Trend of Business in dollars (checks cashed).. Employment (Department of Labor). Wages (Department of Labor) Cost of living (Industrial Confere: ‘Wholesale prices (Fisher's Index) Agricuitural prices (Department of Agricuiture) Movement of goods (car loadings).. Retail trade (Federal Reserve Board) Building contracts (F. W. Dodge) .. Failures (Dun’s)... Bond prices (Annalist) . Stock prices (Annalist) .. Stock market volume (shares traded). (All rights reserved, Cambridgs Associates. Boston ) STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, JULY 25. STOCKS. 50 Industrials. .105.7 . 106.3 . 108.7 ‘Two years ago. Three years ago. High, 1931 0. High, 1929....... Low, 1929, ... 804 important factors. Present trend. Upward Downward Downward Downward Downward Downward . Downward Downward Downward 20 Rails. %31 13.2 74.7 79.5 (Copyright, 1931, Standard Statistics Co.) 4 Contl Gas TdE SUNDAY STAR, Y E FOR WEEK ENDING JULY 25, 1931. Stock and dividend. High. Low. Close, Acme Steel (215) 30 30 30 Acme Wire....... 8 8 8 AfMljated Prod (1.60). 19% Agfa Ansco. .. Alr Inv Ine. vte. Afr Inveonvpf. . Ala Pwr cum pf (T). Allegheny Gas Corp. Allled Mills_Inc(60c). Aluminum Co of Am. Alum Co Am pf (8). Aluminum, Ltd (¢) war. Aluminum.Ltd (D) war. [REXRN] 3+ Amer Austin Car Am Brit & Cont, Am Capital (B) . Am Capital pr nf (5%).. Am Cigar Co pf... . Am City P&Lt (A) (a3). Am Cit Po& Lt B(b10%). Am Cmwith P A(b10%). Am Com Pr B (b10%). .. Am Comwlth P 1st(81). ‘Am Com Pwr 1st pf A(7) ‘Am Corporation (f15c).. Am Corp warrants Am Cyanamid (B L1+1+ VL+ - Sa Am Equitie: Am ForPwr wa Am Founders. . Am Gas & Elec (31). Am Gan & El pf ¢6). . Am Investment Inc (B). Am Laundry Mach (2) Am Lt & Trac (2%). Am Maracatbo. . Am Salamandra (2). Am Superpowr (40c) Am Superpo pf (6).. Am Sunerpwr 18t pf(6). Am Utl1&Gen (B)vte Am Ut&Gen cum pf( Am Yvette Co (25c) Anglo-Chilean Nit Appalachian Gas Appalachian Gas wr. LEL ++1+ 441 ¥2 ¥ FEs ¥ 4 Arcturus Radio Tub Ark Nat Gas.. Ark Nat Gas A.... Armstrong Cork (1) Art Metal Works (60¢).. Asso Elec Ind Ltd(30¢). Asso Gas & Fl (A) (al). Assoc G & El war. Ass0 G & E debrts Asso Gas&El pur rts Asso Tel & Tel (A) (15). Atlantie Frult & Sug.... Atlantic Lobos pf. Atlas Plywood (2) Atlas Utilities Corp. Atlas Utilities(war) Auto Vot'g Ma ev prpt.. Babeock & Wil (T) Beneficial 1L (1) Bickford's, Inc (1.20). Bigelow-Sanford Carpet. Blue Ridge Corp . Blue Ridze conv pf (a3). Biyn Shoes. Inc E Bohack (HC) (4). Borne-Scrymser Co. Bourjols Inc (25¢) Brazilian Trac Lt&P Bridgeport Mach (25¢).. Brill Corp A (34c). Brillo Mfg (60c). s British-Am O11 C i Brit-A T coup B 97 T10¢. Buff Niag& EP 1st pf(5). Ruffalo. N&EP pf(1.60) Bunker Hill & Sullivan.. Burco. Incev nf (3).... Burma Ltd rcts 27 3-5e. Butler Bros . Bwana M Kubw Cep Cabl & W Ltd. A rcts bl & W Ltd. B rei Canadian Marconi Carib Syndica Curman & Co A (2). Carnation Co (§1%) Cent Hudson GRE pf(6). Cent Pub A(10%)... Cent Pub pf (4) . Cent & Sown Util (b7%) Cent States EI (b10%) .. Cent States El pf(6)xw. Cent West PS Aally Centrifugal Pipe (60c). Chaln Stor Development Chain Stores Stock Chat Ph Aln.v (1) Cities Service(g30c) Citles Service of (6) Cities Ser pf B (.60) ..., Claude Neon Lights.Inc. Clev Eler Nium (1.60) Cleveland Tractor. Colombia Syndicat Colon Of1 Columbia Ofl & Gas vte. Columbia Pictures(75¢). Com’with Edison Comwlth & Sou + Com Wat Ser (g12%¢).. Comp His Am sh(p3%).. Comstock Tunnel. . Consol Auto Mer ctfs. .. Consolidated Copper ... Congol Gas Balto(3.60).. Consol Gas Utll A(2.20). Consol Gas Util B v te.. Consol Min&Sm (f2%).. Consol Royal (20¢). ...« Eilpr pf(7). Cont Shares conv pf Cont Shares pf (B) Copeland Pr Inc (n Cord Corv. ... Corroon & Revnol Crn & Rnlds bfA (6 Cosden Of1 Creole Petrolenm. Cresson Consol (4c) Crocker Wheeler. . Cross & Black pf 3%)... Crown Cork Intl (A).... Cuban Cane pr opt war.. Cumberland PL (2).... CurtissAirprts vt e. Curtiss Mfg Co (A). Curtiss Wright war, Cust Mex Mining....... Dayton Afrplane & Eng. Deere & Co (1.20). 5 1’e Forest Radio. . . Defsel W Gilbert (134).. Derby Ofl & Refin.... . Detroit Afrcratt Corp. .. Dres (8 R) Mfz.A (3%). Dresser Mfg (B) (2).... Dubfler C & Radto. Duquesne Gas Corp. Durant Motors. . Duval Tex Sul wi.. East G & Fuel Asso. East G & FIAs pt(6) East States Pwr (B) Eastern Util Asso (2) Eastern Util Asso cv. Eastern Util Inv (A). Edison Bros Strs (50¢).. Eisler Eiectrie Corp . Elec Bond & Sh (b6%).. £) Bond & Sh of (8).... Elec Bond&Sh cu pf (5 Elec Pow Ass0 (1).... Elec Pow Asso A (1). P& Lopt war..... Elec Shareholdg (b6%). Empire Corporatlon. ... Empire Gas&F cm pf(7) Empire Gas&F cm pf(8) Empire Pub Sve (A) Eureka PipeLine(4) Euro Elec. Litd deb r Evans Wall Lead. Fairchild Aviation Fl4E00004+ + L4+ (R R RS EEErES P4+ 1 F & FrrEeF ¥ X b e BOA 1+11 tLEl "4 14 +1 B $Fse 57 +1+ o Federal Buking Shop. Fiat rets (94%¢)... Fin Corp, Balto A (80c). Fischman & Sons A..... Funtkote Co (A). Florida-P & L pf(7) Ford M Can A (1.20) Ford Mot France 371 Ford Mot Litd (36 3-5¢ Foremost Dairy pr pf. Foremost Fabrics. Foundation For Shs. Fox Theaters(lassA Franklin Mfg Co . Garlock Packing (1.20). Gen Alloys..... General Aviation. General Cable war...... en Empire Corp (1)... Gen Gas&El cv pf B (6). Gen Leather Co... Gen Pub Utld pf (7). . Gen Theat Equip cv pf.. GeorglaPowernfi6) Glen Alden Coal (4) Globe Underwr (1 Godschaux Sug (A) (2). (Gold Seal Elec new..... Golden Cener. ... Golden State Co Ltd Goldfield Cunsolidat Goldman Sachs T C. IV L ERES EE2E F OFF T+ 2EEE PHL+CLL L+ + WASHINGTO £ E ESEREE - FEF OFF - & S s's’::ri 1114 107% 6 3y 297 267 28% Btock and dividend. Graymur Corp (1) Great At&Pac Tea ) 203 Grt A&F Tea pf (7)... . 120 Gr't Bros Co-op A (1. Groce Strs Prod v.t. Gulf Ofl of Pa (1% Hambleton Corp pf. Hamilton Gas rets. Hand P p pf(p25c)... Happiness Candy . Hazeltine Corp (2). Hecla Mining (40c) Hollinger Gold (65¢) Humble Oil (+2% ) Hygrade Food Prod T Pwr &Lt pf (6). MPLES cmpL(6).... Imp Ofl of Can (50c). ... Imp Ofl of Can reg (50c) Imp Tob Can (35¢)...... Imp Tob Gt Brit (179¢). Indiana Pipe Line (1) Ind Terr I1lu Ofl (A). Insull Inv (b6%). Insull Utll 2d pf(6) . . Ins Co of No Am (12% Insurance Secur (40¢) % Intercont Pete new. Int Cigar Mach (2%). Intl Hydro cv pf (3%) Intl Petroleum (1). Iht Safety Raz B (12%). Int Sleeping Car & Exp. . Int Utilities A (3%).... 3 Internatl Utllities (B) , 8 Int Utflities pr pf(7).... 100 InterstateFquities. . Interstate Power pf (7). Irving Alr Chute (1).... Italian Superpowr A.... 3% Jer Cen P&Ltpr(7T).... 109% Kings Co Lt cum pfD(5) 99% Klein (D E) Co (1) 12% Kolster-Br(Am sh 1% Lackawanna Nec (4).... 334 Lakey Fdry & Mach 17 Lehigh Coal&Nav(1.20). 224% Leonard Ofl...... % Lerner Stores (2). Libby McNeill & L. Lone Star Gasn (88c)... Long Island Lt (60c). Long Isl Ltpf (7)... . Los Ang Gas & E1 pf(6). 111 Loulsiana Lan & Ex.... 1% MacMarr Stores (1) MagdalenaSvndieat: Mangel Stores pf. ‘ Mapes Con Mfg (13.75). Mass Util Asso. .. Mavis Bottling (A)..... % May Radio & Telev (1).. 184 Me Cord Rad & Mfz (B). Mead Johnson(143). Memph N G Co (60c). Merritt Chap & Scott. Mesta Machine (2) . Metal & Mining, Inc Mexico OhinOf1... . .. Middle Sts Pet vtc A 22¢ Mid Sts Pet v.te. B..... Mid West Sts Utll (1%). Mid West Util (b10%).. Mid Rovalty ev of (2).. Midland St] Prod. n (2). Midland United (h6%). . Minne-Honey pf (6). ... Mo-Kan Pipe Line (A). . Mo-Kan & Pipe Line (B) M:ss River Fuel bd . 6y Mock Judson Voehr..... % Moh Hud P 1#t pf(7) 1071 Montgomery WardA (7). 99 Moss Gold Mines....... Mountain Products (1). Mount St Pow pf(7).... 0% 9% Nat Fuel Gas (1). Nat Investors. . Nat Rubber Mach. . G Nat Service Co. . . at Sh Term Sec A $60c. eisner Bros of (7) N Amsterdam Gas(2)... 26% New Eng Pow pf (6) 8214 ew Eng P S prIn (6) 834 ew Mex & Ariz Land. . ewmont Mining. Y Auction.. % N Y Merchandise (1 N Y Power & Lt of (6 N Y Pwr & Lt f (T). N Y Steam new (2.60) N Y Telpf (6%)... Niag.-H. Power (40¢) Niag.-H Pwr A war Niag Hud Pwr (B) war. fag.-Hud Pwr C war Nordon Corp Ltd. Nor Am Aviation A g Nor Am Lt& Pwr(b8%). 68% Northam W ev pf (3)... 35 Nor European Of1 Corp. Nor States Pwr pf (8)., 907 Northw Yeast Co 12)... 126 Ohfo Copper........... Ohio Ol n (cu)pf (8). Ohio Power pf.(6). . Ohio Pub Serv pf A (7 Outboard Mot (A) Outboard Mot B PacG & Elstpf (1%).. PacG & EDL137%. ... Pac Pub Sve A(1.30).... Pae Western Ofl. Pan Am Airways... Pandem Of1. Pantepec Of! Paramount Cab Mfg Parke Davis (+1.55).. Parker Rust Pr (3)... Pencer (D) Gr A. (3%) Pennroad Corp (40c) . P C Lt & Pwr pf (2.80) Peobles Lt & Pwr (A) Pepperell Mfg Co(6) Perryman Electric Petrol Corp war Phila Elec pr pf (2). Philip Morris Inc. Philip Morris (A) Phoenix Secur Corp Phoenix S C pf (3) b Pilot Radio Tube(A). . Pitney Bowes P (b4%).. Plymouth Oil (1). Poterero Sugar. .. Pratt & Lambert (4). Premler Gold (12¢). Prod Roy Cp (b10%). Propper McCallum, Prudence Co pf (7). 4 Prudential Inv. Prudential Tnv pf(6) Pub Sve of No I11 no p: Pub Serv Ind pr pf (7 Public Util Hold wa Pub Util Hold Corp xw.. Pub Ut Hold cu pf(3). .. Puget Snd P & Lt pf (8). Pure Ol pf (6). Quiney Mining. Railroad Shares(40c) Rainbow Lum ProdA. Raintow Lum Prod B, Reiter-Foster. Republic Gi Reybarn Co. Roan Antelope Mine Roch G & El pf C(6) R'kland Lt & P (90c) . Root Refining cv pr pf. Rossia Int Corp (10c) Royal Typewriter(2)... Ryan Consolidated . Safety Car Heat&Lt (4) & St Antony Guld. Segal L & H (a50c). Seiberling Rubber. Selected Industries e Sel Indus allot ctfs (5%) B4% Sle Ind prior (5%)...... Sentry Saftey Control.. 1% Shattuck Den Min...... 3} Shwainican W&P (23%). Shenandoah Cor 5 Shen Corp pf (a3) Sherwin Willms (14%). Siliea Gel et... Singer Mfg (+15) High. Low. Close. (EIREEARERE 2 U0 T s el 0 3% P | —1931—y . Low. Stock end dividend. £ South Am Gold&Plat South Penn Ofl (1). SoCalEdpfA (1%). So Cal Edis pf (B) (1 Sou Calif Ed pf(C)(1 8o Colorado PwA {2) Southern Corp. .. SouthernNat Gas. . Sou Wn G&E pf (7) Spileg May Stern pf. Stand Ofl of Ind (2) Stand Ofl of Ky (1.60). Stand Ofl Ohlo(2% Stand Oil of Ohio(5). StandPwr & Lt (2). go. Stand Pwr & Lt (B) (2) Standard Silver-Lead Starrett Corp pf (3) Strauss (Nathan) Strau Roth. .. Stromberg-Carl(1%) Stutz Motor Car. . Sunray O1l (b5% ) Swift & Co new (2). Swift Internat (3) Swiss Amer El pf(6)... Syracuse Wash Mch(B). Taggart Corporation.... Tampa Electric (32).... Technicolor Inc. . . Tech Hughes (60c) Texon Ofl & Land (1) Thateher Sec Corp. Tobacco Secur, Ltd. ... Tobacco Secur, Ltd (D). Todd Shipyard (4). Tonopah Belmont Trans Air Trans. Trans Lux DLPS. Tri-contin’l Corp war Tri-Utilitles. . ... Tubize Cantillon (B). Tung Sol Lamp (1) 8% Tung-Sol Lamp pf (3).. 26% % Twin States N G pt (A) Ungerleider Fin Corp. 28 20% 1 Union Am Invest Un Nat Gas of C: High. Solar Refining.......... 13% FINANC Stock 4 A4 1400+ 10 EFEFFFFEEFE R N HE S - REEF [ u [} U U L+ + i T V Camp + 1 + Walker ++ dend. { Plu | stock. 3 Plus ! stock. 10% £ Plus Inter Sec 1st pf Lines pf. .. U S & Overseas war. Unit Stores. Unit Verde Exten (1)... Utah Apex... . Utll Pwr&Lt (at1.02%). Utility Pow & Lt pf (7).. Uttiity & Ind. Util & Ind pf (1 Utility Equiti Utility Equity pt Vacuum Oil (2). Van Camp Pack..... Venezuela Petroleum Vie Finan Corp(40c) Voght Mg Co (1). Walgreen Co.. IAL. and dividend. Union O11 Assoc (2). Unit Carr Fast (10c) Unit Corp war. Unit Founder: Utd Gas Corp United Gas United Gas pf (7)... Utd Light & Pwr A(1) Utd L & Pwr (B) (1) Utd Light & Pwr of (6). Unit Shoe Mach (2%). U S Dairy. A «5).. U 8 Elec Power ww U S Elec Pwr (war). S Finishing. .. S Foll Co B (50c) U S & Interntl Sec. s FEFRIFEEREES PUl+++10+1+1 Milk pf ww P +4 4+ (H) (50¢). Walker Mining. Welch Grave Juic, West Alr Exp ( e Western Power pf (7 Wil-Low Cafeterias. ... Wil-low Wilson Jones (134) Woodley Petrol. .. .. Woolworth (FW) Ltd. .. Cafe pf (4). | rates in dollars based on lust querterly o Payable in cash or stock, 8% in stock. v dividend, tPartly extra. 1Plus 4% in stock b Payable in stock. e Adjustment: dive I in stock. hPlus 1% in in stock. m Plus 3% in in stock. D Paid last year—no regular rate. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, July 25.—The following 1y | is a summary of important corporation 15 | news_prepared by Standard Statistics “ 14 % VUL l+4 144010 £F o o FdF F $FEESE i b4 Fldl L4441+ & “ % EL JHAIIV+L 1+++] 1+ PE EFERF ¥2 B o 2 2 Ld | ++ + - 127 T ERFNEE CFLE EFES T+10+ 14+ +11 " I - ¥ T+l I+ 1++01 sxerFesFos —_ % |share earn —14 |30, $1.90, aga 4+ 1% ' United -~ % | common share earnings Co., Inc., for the Associated Press: News Trend. The first 15 raliroads reporting June 14| earnings showed a loss in net operating income of 19.9 per cent from June, 1930. This decline is smaller then the sema roads registered in May, when net operating incomes were 27.7 per cent below the corresponding month last year. The Industries. Oil.—All major ccmpanies advance prices for crude oil. The Companies. Allis-Chalmers Manufacturing —Un- filled orders, June 30, aggregated $9,032,531, against $11,517,082 March 31, and $13,002923 Docember 31, 1930; common share earnings six months ended June 30, 78 cents, against $1. American Hard Rubber Co. omits common dividend: paid 50 cents May 15, and $1 previously. American Republic deficit six months ended June 30, $1,541483. against net income, $46577; equal to 47 cents & preferred share. Ann Arbor Railroad June deficit, 58,536, against net income, $11.493; six months deficis, $132,488, against net income, $37,052. Arundel Corporation first half com- mon share earnings, $2.29, against $2.43 Baldwin Locomotive Works defirit &ix | months ended June 30, $1775536 against net income, $1,807,897; equal to $1.31 a common thare. ; Brooklyn Shoes, Inc—Equity receiver appointed for company on petition of Bolton Shoe Manufacturing, & $26,000 | creditor. Boston Elevated Railway carmen ac- cept new wag> and working asresment; present basic rates to continue, but minimum wage of new men cut 4l: cents an hour and overtime ecale adjusted. Clark Equipment June quarter com- mon share earnings, 43 cents, against 90 cents: six months, 28 cents, against $1.92. Curtis Pubiishing.—Canadian circula- tion of magazines to be continued; price on basis upon which periodicals will be sold not yet decided upon. Electric Sharcholdings _Corp.—De- clares 3 per cent semi-annual stock dividend on common shares; formerly paid 11¢ per cent quarterl Fairbanks Co. deficit six months ended June 30, $131,023, against net income, $50,284; equal to $5.03 first preferred share. General American Tank Car common chare earnings six_months ended June 30, $3.04. against $4.58. Goldman Sachs Trading.—Liquidat- ing value June 30. $12.94 a common share, against $12.40 December 31, 1930./ Great Northern Railway asks Inter- state Commerce Commission to recon- sider order allowing Woodrow-Bloom- field construction by Northern Pacific; contends that capital value of its profits | on diverted traffic resulting from con- struction js $1.000,000. Househoid Finance preferred share earnings six months ended June 30, $11.76, against $10.39. Hudson Motor Car June quarter com- mon share earnings 19 cents, against 67 cents; six months, 33 cents, against $212. Inland Steel—To blow out mml(‘tj at Indiana Harbor leaving two of its| four furnaces operating. International Cement common share earnings six months ended Juns 30, $1.57, against $3.25. Lehigh Valley Rairoad June operat- ing income off 4.6 per cent; six months off 23.1 per cent. Loose-Wiles Biscuit—To erect $1.- 500,000 branch factory in Los Angeles. Nash Motors not to clase for vaca- tion period because of better demand following introduction of new models. National Aviation liquidating value| June 30. $1095 a common share, against $8.08 December 31, 1930. New England Telephone & Telegraph six months ended June 30, $4.71, against $4.41. New York, New Haven & Hartford Railroad —Providence chamber of com- merce opposes consolidation of Boston & Maine with company; favors Penn- sylvania affiliation. North American Light & Power— Four subsidiaries filed reduced gas and eliectric rate schedules in Kansas. Parafiin Co.—Common share earn- ings year ended June 30, $3.60, against $5.27. Republic Steel—Places two additional open-hearth furnaces in operation, operating plants at 47 per cent of cnga:gty. hester Gas & Electric balance after interest 12 months ended May 31, $4,639,026. St. Louis-San Francisco Railway June deficit after charges $16,404, against surplus after charges, $259,- 151; six months deficit $501,502, against surplus, $2,514,338. Schiff Co. first half common share, $1.89, against $1.17. Southern Pacific Co. June net opera- ting income up 15.8 per cent; gix months off 39.4 per cent. Standard Oll Co. (Indiana) subsidiary, Stanolind Crude Oil Purchasing, ts. new prices for Midcontinent crude of 30 cents for 29 gravity and below, with 1 cent differential up to 42 cents for grade of 40 degree and above. Standard Oil Co. (New Jersey) sub- sidiary, Carter Oil, reduces crude’ oil prices in Oklahoma and Kansas, 17 to 20 cents a barrel. United States Distributing preferred six months ended June it $2.89. Machinery ended June 30, fs93,937, against net income, $103,203; equal to 47 cents a common share. United States Industrial Alcohol deficit six months ended June 30, $527,- | 287, against net income, $552,485; equal to $1.48 a common share. Wabash Raflway June net operating income, $203,200, against $433.649; six months, $1,365,106, against $3,341,077. W-st>rn Maryland Raliroad.—June surplus_after charges, $52,142, against | $106.902 a year ago. |~ Willys-Overland.—July sales trend | upward; operating expensss running | about 36 per cent under year ago; | bought in 7,650 shares of 7 per cent | preferred stock in first six months at | an average price of $51 a share | Amalgamated Leather preferred share | earnings six months ended June 30, 84 | cents, against 26 cents bofore taxes. | Assoclated Gas & Electric gross earn- ings, including other income, 12 months to June 30, up 4.6 per cent; net after | taxes and depreciation, off 3 per cent. Chicago Great Western preferred | | share earnings six months ended June 30, 89 cents, against 51 cents. Continental Steel deficit six months ended June 30. $106533, against net income, $179.133; equal to 39 cents a | common_share. Corn Products Refining common share | carnings six months ended June 30, ( $1.82, against $2.28. | Davenport Hoslery Mills common | share earnings six months ended Juns 30. $2.31, against $1.58. | . Drug, Inc.—Report of merger nego- tiations with American Home Products denied bv latter. | Foote-Burt —Deficit months ended | June 30, $137.212, against net income, | $82343; equal to 84 cents a common shar» | Fuller (George A) net income six | months ended June 30, $310.265 | _Gillette Sefetv Rasor Co. seftlement | reported effected out of court of $10.- 000.000 lawsuit brought by latter company against Gillette: settle- ment involved pavment of $1.900.000 by | Gillette to United Cigar Stores: no new | agreement. substituted for the one can-) celed. Link-Belt common share earnings | six months ended June 30, 45 cents, | against $1.66. | Long Island Railroad cuts salaries of | executives 10 per cent: clerical force to receive two days each month | without pay. | _McLellan Stores common share earn- | ings 12 months ended June 30, 50 cents. | North & South American Corpor: i!iun—Net asset value May 31, $18.19 a class A share, against $30.22. | | Sharon Steel Hosp operating at 34 | per cent off capacity in Youngstown district. | _ Spear & Co. deficit six months ended June 30, $310.492, against net income of sgoz 965, equal to 58 cents a common | share. | . Ward Baking preferred share earn- ings 27 weeks ended July 4, $2.68, ggs‘iglasol $3.16 for like period ended July | Aluminum Co. of Amerlcfl—Monop-‘ oly suit filed against company by | Bausch Machine Tool Co.; Niagara Falls plant shut down indefinitely. New - York Telephone — Total im- Pprovement appropriations in first seven months, $38,154,445. Pittston Co. common share earnings six months ended June 30, 41 cents. Reading Co. June net operating in-| come, $160.108, against $889.357; si: months, $2,760,076, against $5,770,508. . 5. Steel—Subsidiary, American | Steel & Wire, to blow in 6 of its 13 openhearth furnaces at Donora plant; | | rolling mill to be started August 2 on | | part time. | | Business Notes By the Associated Prees. NEW YORK, July 25.—Recommen- dations on customer returns of mer- chandise have been adopted by leading department and specialty stores in New York under the direction of the Re- turns Committee for the New York | Metropolitan Area and will become effective August 1, A. S. Donaldson, chairman of the committee, announced. The rules provide that merchandise must be returned within 10 days or less from date of purchase, if accept- ed for credit, refund or exchange. Reports that prices on German prod- ucts will be slashed to increase the volume of export sales caused little interest among New York importers. Their reaction to the announcement was summarized by one leading exscu- tive, who explained that, with demand for foreign goods at a low point in the market here, reductions, no matter how drastic, would not induce importers to increase their German purchases. Delayed buying on the part of re- tallers of pewter and silverware lines is causing some concern among selling agents in the market at this time. Most of the buyers expected in New York around the middle of the month to place Fall orders failed to put in an appearance. Those who visited the immediate delivery. A sharp increase in the demand for better grade rayon crepe was the out- standing feature of m; rayon pleTc;- it would continue s first of the coming month. In other ated freely, placing siderable volume of low and medium priced merchandise and for a fair quan- tity of better-price goods. ] HAS $42,941 I_.OSS NEW YORK, July 25 (Special).— American Commercial Alcohol Corpora- tion reports for the six months of 1931 net opera loss of $42,941, which compares with net income $175,931, reported for the first half of 1930. Gillette | against United Cigar Stores Ca. of | America and $7,000,000 counter-suit of | | in their prime. market purchased only sales goods for g SECURITY MARKETS ARE QUIET PENDING GERMAN DEBT PLAN (Continued From First Page) Trust of Chicago, and many others that might be named, is such that they have not depended on the returns of one or two years to maintain rates of dividends. They have either revised their capital structures so that the element of fixed debt has been eliminated or modified or have set aside in special reserve | account a proportion of the earnings of prosperous years. In these reserves stockholders have a proprietorship. It was for such periods as the present that they were established. Now is the time to draw on them. ‘The first fruits of the Hoover “debt holiday” have been disappointing, although much greater accomplish- ments for the peace of the world than | had originally been conceived promise to blcssom shortly. It is as important that France and Germany create a political entente cordial as that means be discovered for relieving the Reich of its present financial embarrassment. Not the least of the gain that has been made by reason of the crisis is that of bringing the United States into the open in all questions of international policy and of squerely, and on a parity with other nations in conference, voic- ing its opinions and casting its vote. This should work great goed in re- moving the confusion that surrounds 50 much of the business of origination and distribution of foreign loans in dollar form. No chapter in recent American finence has done more to destroy confidence in the sagacity of American bankers than that covering such loans. The investing public have the feeling that they have been fooled in being urged to buy all corts of Eu- ropean and South American _issues whose current prices emphasize the risk that attached to them when they were There has been a great lack of correct information conesring their status in the schedule of govern- ment obligations and an almost total lack of sponsorship when they fell on evil days. Chile Unable to Pay. Less than two months ago a recognized expert in South American finances announced that of all loans in the Southern Republics those of Chile were most zcceptable for investment. Chile has just acknowledged inability to pey current interest. The reports of the Investment Bankers' Association on foreign sccurities have been extremely ccsual and unconvincing. v have rhown lack of an Intimate understand- ing of the economic #nd poiitical back- ground of the countries whose loans heve been reviewed. They were good “selling talk.” That is all The general policy of underwriters of foreign loans to “step aside” when holders of these loans were attempting to sell them during the crisis has de- stroved much good will that had been developed over a long period of years. This is particularly true of German and South America issues. Not even the obligations of Poland. Italy, Austria, or Hungary have fluctuated with the vio- lence of the German government 5ls since they were sold in June, 1930. Recently the first mortgage loans of what is considered the strongest public utility in Germany, one able to ride any storm that might break over the Reich, dropped 22 points in one day on the sale of five bonds. It has not been uncommon for foreign bonds that had previously been given the highest rating to be absolutely unsalable. In fact, there have been situations on the stock exchange which might well have brought inquiry as to why no market was being made for certain issues. Domestic Financlal Needs. There is the same need for a more conscientious setting up of the financial structures of domestic companies, the purchase of whose bonds and stocks by the public was solicited. Certain in- dustrial corporations in the past year and a half have presented statements that expert accountants could not reconcile and whose promising features developed the lure for speculative profit or gave assurance of investment stability. The letters now being pub- lished in the newspapers from innocent victims of too intensive and too con- centrated selling campaigns are signifi- cant of a change of attitude on the public’s part toward vendors of securities. Andre Maurois, the French writer, in a recent article discusses business morals from a new angle and makes this striking statement: If people lose confidence in the security of invest- ments, cepitalistic society will not be able to go on.” This is important in a country like the United States, where the gain in the number of shareholders in the past decade has been three and four fold. The collective influence of this great army of corporation owners can make for prosperity or for panic, -ccor':dfing as it is rightly or wrongly ected. (Copyrignt, a1y NEW YORK BANK STOCKS NEW YORK, July 25 (#).—Over-the- counter market: branches of the rayon fleld buyers oper- | Chy orders for a con- |Great Great BReAE o0 5 'P“l:ll Natl N % O seale 23 . o AF S