Evening Star Newspaper, July 26, 1931, Page 54

FINANCIAL. BONDS ARE FIRMER AS MARKET CLOSES Foreign List Lower—Domes- tic Issues Show Irregu- lar Trend. BY ALEXANDER HENDERSON, Associated Press Financial Writer. NEW YORK, July 25—The bond market today was a typical Midsummer ghort session affair, Trading was t in all Buch activity a: appeared was con-| centrated in a few of the more im- portant Issues. Prices were generally | steady except among foreign obligations. | which were lower. although sales of | them were restticted. German 5'zs and 7s dropped about 1 point each, but the volume was much smaller than | 8t other times when weakness has ap-| peared in them, and no sales at allj were reported in a number of the Ger- man provincial, municipal and corpo- | rate loans. Losses of 1 point or more | were scored by such bonds as Argentine | s of M2z, 1961: Australian 5s of 1957, Polish 7s and Uruguayan 6s. The turnover in United States Treas-, ury and Liberty loans was limited ex- cept in the Liberty Fourth 4!4s, and the mized price changes were usually narrow. Public utflity, railroad and industrial bonds ed their changes about evenly between gains and deelines in quiet trading, but the latter group pro- vided even fewer sales than the two former. The two-sided price movement may be realized from the fact that St. Paul 55 of 2000, Nickel Plate 4!3s of 1978, American & Foreign Power 5s, Inter- national Telephone debenture 5s and | International Match 5s receded. Moving in the opposite direction were American Smelting 5s, American ‘Telephone debenture 5s of 1965, Dela- ware & Hudson 4s, Canadian Pacific debenture 4s and New York Central 5s of 2013 closed higher. The character of the market is indicated also in the fact that these few issues constituted most of the more active corporate loans. Stock privilege obligations were un- usually quiet also, without a definite trend. groups. Commodity Price Trends of Week BY H. N. McGILL. Editor McGill Commodity Service. AUBURNDALE, Mass., July 25 (#).— TThe index of all commodities reversed its slightly downward trend of the last two weeks and thowed a fractional gain. The individual groups showed a mixed trend, with six increasing, six decreasing and two remaining un- changed The London Conference has been ~concluded and President Hoover has as- serted that a sound foundation is laid for economic stability in Germany. Now that the disturbing foreign con- ditions are at least temporarily im- proved, attention will be centered on conditions in this country. Reviewing these conditions, general business ac- tivity recorded a favorable gain from the first of the year. through April. The trend was sidewise in May and | moderately downward in June, Low Point in June. Commodity prices since the first week in August, 1929, have recorded an al- most continuous decline. The low point was established on the second week of June this year. The decline from the high point to the low point Tepresented a 38 per cent decrease. A favorable recovery occurred from the low point in June through the first week in July. Since then, prices have declined somewhat, but the index has not_reached the low point established n June. Fcr commodity prices to show any strength, a good statistical posi- tion is necewary as well as a favorable demand for raw materials. Stocks of most commodities ere at or near the present rate of consumption but the avorable demand factor is not apt to eppear during the Summer months. All Commodities. Noting specific changes in the indi- wvidual groups, the average for all com- modities increased fractionally due to upturns in agricultural. live stock, hides and leather, non-ferrous metals, paint materials and course textile groups. Industrial Prices. Industrial prices declined fractionally due to building materials, fuels, ferrous metals, Gine textiles and vegetable ofls. Live Stock. One of the three groups which showed more than a fractional change was liv® stock. The downward trend of the past two weeks was reversed, showing a sub- stantial upturn in prices of cattle, hogs, sheep and lambs. Hides’and Leather. ‘The upward swing of the past three weeks was continued by hides and leather, with prices of calfskin, oak and union leather increasing. Vegetable Oils. The only group to show a marked cdownward trend during the week was vegetable oils, due to decreases in prices of coconut and cottonseed oil. China wood and palm oil increased. ‘The groups remaining unchanged were paper and chemicals. Important Price Changes. McGill weekly price index—1926 average—100. This waek. Prev_week, Year ago. July 24, July 17, Julv 28, 1831 1920, B 4.0 6.7 70 § ) 2 Feaetabie 'ohe 87 CROPS DOING WELL. MONTREAL, July 15 (Special) —Due @ favoring weather and sufficient moisture in most districts, and with no material damage from insects or hall, crope in those areas of the Canadian prairie provinces not already ruined by drought have continued to make satis- factory progress during the past week, says the Bank of Montreal in its weekly crop review. All commodities Industrial Agricultural Live stack 3 des and leather o s Bonds Falling Due. NEW YORK, July 25 (#).—Corpora- tion bonds and notes falling due in Au- gust. lf,p’mt! $56,043,740, slightly less than the $59,856,380 total for July and under the August, 1930, figure of $68.- 827,950, of the amount maturing rail- yoad bonds total $9,080,950, public utility issues, $23,111,290, and industrial issucs, $23,851,500. In addition, foreign obli- gations faing due in August amount to $3,685,000, making a combined total for the month $59,728.740, against $72,208,- 380 in July and $72,012,950 in August last year. s PUSRIEEES Clearing House Statement. , NEW YORK, July 25 (@)+-The ‘weekly et-temenl?l of the New York ring House shows: c‘;'!om!lurplu- and undivided profits of $1,198.758,400 unchangsd. Total netddemand deposits (average) 8,609,000 decrease. “'nrn- deposits (average) $19,735,000 $4,041,- decrease. Clearings week ending toda 706.429. Clearings week ending July 18, $4,- 989,440,809, CHICAGO DAIRY MARKET. CHICAGO, July 25 (/).—Butter, re- eeipts, 13,815 tubs: quiet, prices un- changed. receipts, 7,456 cases; UNITED STATES GOVERNMENT. High. Low. Close .10221 102 18 10220 Lib st 4348 1932-47, 10312 103 8 103 8 — 4 Stock and dividena, 0 Lib §¥s 1933-47. Lib 4th 4% s 1933-38, 105 103 16 1 108 18 107 22 109 22 9 114 8 109 14 1031, — High. Low. 101 904 871 5T 1054 10214 102 98 102 < 961, 95% 834 Slly 8w 104 101% 105% 103' 13! stock_and Rivide Abram & Strans b % Alleghuny Co av s Am Acri Chem 7348 '41 Am Chain 65 1933, . Am I G Chm 6% 194 Am Internation 6% Am Natural G 6%s'42... Am $m & Ref 15t b3 '47 Am Sugar Ref 68 '37. Am Tel&Tel cv 4343 '3 Argentine Argentine Armour & Co 4% s Armour of Del b %, Atlantic C L 1st 48 '53. Atlantic Ref deb 58 '37... Aunstralia 56 Austria 7843 B & O gold 4i B&Ocvak% - Balto & Ohlo 51 °48. B&Oref 5s'96. B&Oref bs D2 Balto & Ohlo 6s 'S Bank of Chile 6%s ‘57, Bank of Chile 6% s 1961.. Belgium 6s '55. Bell Tel (Pa) ref Beth Steel pm §3°36.... Bolivia 7s ct 101 107 2 1014 111 10819 97, Broeklyn Manh 1st Brooklyn Union Canada 5s°'52. Canadian Natl 4348 Canadian Natl 4 Can Nat July bs : Canadian Natl 5369 Oct. Canadian Pacific deb 4a. . Centrai Pacific 4s ‘49 Central Pacific 63 1960, .. Certain-teed 538 194 Chesapeake Corp 5847 Chi Great West Chi M StP&Pbs'75. Chi M St P & P adj 5s. Chicago&Nwn cv 4% Chi& NW6ek%s'3 Chicago Rock Isl 413 Chicago R [4%s A. Chi Union Statien 4 As. Chi Union Station 6%s. Chi & West Ind con 48 Chi & West Ind 5%3'63. . Chile Republic 65 1960. .. Chile Copper bs '47. Chinese Govt Ry b8 '51 CCC&StLrf4%sE'TT CCC&StL5sD. : Cleveland Terminal & 4a. Colombi: . Colon Oil 6s'38. Colo & Sou ref 4% 8 ‘36 Columb G & £ d 102% 114% 871y 100% Copenhagen 58 'l Cuba R R b8 ‘52 Cuba North b3 ‘eeae Czechoslovakia 88 '51.... Del & Hudson 5%s'37. Denmark 5%8 1956 Denmark 6s'42. o Den & Rio Grande en 4s. . Den & R G West 53'55... Den& R G West 63 °78... Detroit United 4 %8 '33 Dutch East indies 6s Duteh East Indt East Cuba Sug 7 Erfe 1st con 48 * Erie 35875 Fiat 7s (xwar) "46. 0 5 wi Germa¥® Bank 6s 1938 German 7s '49 Goodrich (B F) 6% Goodvear Rub 53 1957, Grand Trunk s f deb 6s. Grand Trunk 7s ‘40 Great North 418 Great Nor gen 5% s Great North gen 78 '3 Greek 63 196 4102 20 10220 102 20 103 4 10226 10226 — 6 .106 16 106 13 108 13 — 13 .10827 10810 10813 + 12 .11315 113 108% 107% 97% 97T 104 92 101% . 100 4 108% 105 1008 105 a3 Hudson & Man adj 65°57.. 7 ! Hud & Man ref 58 °57 Humble O & R 5%s 32 Illinois Cent ref 48 '55. Illinois Central ¢ % Inland Steel 43481978, Inter Rapid Tran 6366 Inter Rap Tr 5s sta ¢ Inter Rapid Tran 6s 1017 781 Tl 938y 841, 6414 50t 8914 8015 37 85 Inter Cement 5s ‘48 Inter Gt Nor ad} '65. Inter Mateh b *47 Inter Mer Marine 6s°¢1.. Inter Paper 63 A ‘47 Inter Ry Cent Am Int Tel&Tel cv 4% Irish Free State 5. THE SUNDAY 10425 104 26 - 4 -2 113 14 100'a + 1154 + 1034 9ty 433, 50 101 2 110 103% 16 104% 100 102 -1'a| 1100 + w1 | | | | 2 58 — 10t 1018 105% + 1067 1004 — 1008 — 1001 105% — 108 Ore Wa Kan City South Kan City South b: Kan City Ter 1at Kendall 1% Kreug&Toll §s ct wi NY Wes& Norfolk & W cn 489\ 4 North Amer Ed bs 57, 4 North Pacifie 38 2047 North Pacifio 4 Preree North Pacifior | 65 2047.. Northern States Pow b Orient Dev 5% Pacific Gas & El Pacific Tel & Tel 63 '52 Pan-American Para-Fam-Lasky 6s '4 STAR, WASHINGTON Net High. Low. Close. Chae. 100% 9814 9815 - 14 107% — % 78% — 14 -14 - % +1 (wa +T% —4% + 4 + % 14 W 1% Lo a 37. Louls & Nash uni 4 Manati Sug af T%a 42 Market St Ry 7a & "4, Mexico 48 1504 Midvale Steel 63 Milap 6%48°52. .. MHEIR&L 1st ref MStPESSMeKs'S ., Mo Kan & Tex 18 Mo Kan & Tex ad] 6s Mo Kan & Tex Mo Pacific Mo Pacifie 890, 7 5 N'Y Cent deb 43 '34. N ¥ Cen ref tmp b8 N Y Cent deb 65 '35 NY Chicago & StL 4% NYCh& SLretbk%s A N Y Chi & StLouis 6s 1+ + 1144 41, Bos 418 104'% 68% 94, 1104 97 101% 95 931y 1051 1081 102 86 L+ ++4 141 18t ref 4361, 8T Paris-Lyons-Med 63 '5! Paris Ovleans 5%s 196 1088 + 4w 924 — 4 74 -5l 80 1% 1084 | 115% — 4 9114 | 105 + % 38 89 | 21+ Y 96% ~1% 1041 — 1 110y + % Queensland 7 Reading 4%8 97 Rhinelbe 7s..... Rhine Westphalia Rio Grande Do Sul 6s '68. Rio Grand West col ¢s. RIArk&L ¢%s'3¢.. Rome 6%s '52... SLIM&SR&G4s'i3 % StL&SFprindsa s StL&SF 4%s8'78 StL&SanFrésB St Louls S W con 4 StPKCS L1 Sao Paulo State of 3 Seaboard A Liref ¢s°59. 94, Seaboard A L con 6s 45, Seine Dept of s. Serbs.Croats&Slav Serbs Croats Slov 8 '63. Sinclair Ol 78 '37. Sinejair Crude Oil 6%s. Sinclair Pipe Line 63 ‘42 Southwes Bell Tel 5s'54. South Pacific col 48°49... South Pacific ref 4; South Pacific 418 '68. Southern Pac 43%5 69 ww Southn Pac Ore 4143 ‘77 Southern Ry 5 Southern Ry Southern Ry South Ry dev 6% FERREEE o Stand Ol N J & Stand Ol N Y ¢ Sugar Est Orfente 68 "2 Swiss5%s 46, Tenn Copper 65 B '44. Texas Pacific 58 B'77. Texas Pacific 53 C'79. 124% — 4| 8 -7 Thira Ave st ref 4s Toko Elec Pwr Unton Pactfic 1st 4 Union acific 43 Un Pacific ref United Drug Utd Kingdom 5%;9'37.... U S Rubber 15t & ref b Uruguay 6s 1960 Utah Power & Light Utiitles P& L 6% RN Vienna 6s 1952 Va Ry & Power Virginia Ry 1st 62 "62. Wabash ‘Wabash Wabash Wabash %8197 1st 6839, 5s B 1976, 5s D'80.. Wilson & Co 1st Yokohama Youngstown Steal 81 100% + % 100% (Continued From Second Page.) . Stock and_dividend. .West Penn Elec pf (6 112 102% West Penn Elee pf (7 113% 103% West Penn Power pf( 120 114 4 Western Dairy (A) Weatern Paeifie pf. West Penn Power pf(7). lgw Western Union Tel (8).. 119 Westinghouse Alr B (2) Westing EI&Mfg (4) Westinz E&M pf (4) Net Low. Close. O 99 x99 105%x108 111% 111% 18 118 2 26 s % 12% 12% 16 18 813 8% 15 15% 1144 114% 2815 26% 6414 99 20% 19 394 3 3 4% 4 tPartly extra. 1 oA AL EEELL in special preferred st ne reguiar rafe. n Plu: gton Pump. Worthngton Pump Wrigley Wm (4). Yale & Towne (2). Young Spring (3).. Youngstown Sh&Tu (2) Zanith Radfo Zonite Prod Corp (1). RIGHTS—EXPIRE. Ipsurance (Del) Aug 10 Dividend rates as given in the above tabl payments based on the latest uarterly ot half yea 0 regular ;:". Plus 8% in st n for ock. k Plus 3% in stoek. s B(6) - T1% xT2% 2% 224w % TTh 18% 184 45 45 FLU+1 0+ + 244 2% - 11% 124 oW % are the annual cash riy declaration: u I’ stock. 1PI Ap stoek. a Pal b Pagabie o Pa ock. h Plu 3 lus 9% in stock. yable in cf 3% ‘in stoc ' Plus 50_cen| id this year. 5% in stock. TRADE IN CANADA - AT LOWEST POINT Midsummer Dullness Relieved Onl by Tourist Traffic in Re- duced Volume. 7 Special Dispatch to The MONTREAL, July 25—“Midsummer dullness rests u) trade, relieved only by a tourist t reduced in volume, on the whole, and apparently disbursing less money in y pleasure,” says the Bank of Montreal in jts current review. ‘‘Statistical returns show busi- ness generally to have reached the low- est point since reaction set in two years ago. g“An outstanding event of the month has been the eonclusion of a new com- mercial convention with Australia, the terms of which promise mutual advan- tage on a considerable scale and whose coming into force will follow soon upon ratification by the Dominion and Aus- taken to tralian Parliaments. Lumber, news print and fish-industries are given easier access to the important Australian mar- kets, while manufacturers are placed on equal competitive basis with British manufacturers in the commonwealth. “In the political field there may be noted the of legislation for the creation of a new tariff board clothed with wider power, the withdrawal of Fivants minister ' s Dudgct speech ance mi and the adoption, without material ai- teration, of the new tariff rates de- t domestic industri thoug] and boot dustries are fairly busy. of all commodities conf low last year and bank clearings re- flect the general contraction. The ca- pacity of lectric plants, despite the many adverse factors, continues to expand. Shipping is dull and unprofit- -b?i by reason of the slow movement of ext 1 trade.” Found wandering at_Harleaden, e b Soate i the | saine police station, but refused to est until the 200, X MORE SALES NOTED. 8. L. Shanks, manager of the Wash- ington district of the Monroe Caleu- lating Machine Co., Inc., reports that sales in his district were higher for June than for any previous month in the year. Mr. Shanks has again been awarded the monthly sales pennant, presented by his eompany because his district led the cities of its size in percentage of sales quota. J. E. Ball jr, of the Waghington office, ranked first among the repre- sentatives of the entire number of sales points June, R McLELLAN STORES. McLellan Stores Co. reports for the 12 months ended June profit of $538.019, after all deductions, except Federal income taxes, equivalent, after preferred dividends, to 50 cents share on the common stock. For basis, amounted ”:‘n $257, equivalent to 1 ecent per share on the common gtock. D. C., JULY 26, PRICE DROP URGED IN FINISHED 00DS Ratio Should Harmonize Witk Raw Materials Costs Is Claim. Special Dispatch to The Star. NEW YORK, July 25.—That prices of finished goods must continue to de- cline until they reach their normal relation with the prices of raw ma- terials—a contention consistently urged by the Alexander Hamilton Institute during the past year—is repeated with emphasis in the current issue of the institute's Business Conditions Weekdy. It is one of the outstanding lessons of histery, maintains the institute, citing 1921 as an instance, that purchasing power canot return to normal as long a3 the producers of raw materials re- ceive relatively less for the products they sell than for the finished goods they buy. According to the weekly, recent developments have aggravated the price discrepancy: a gredter decrease from May than fin- ished goods prices. This, resulted in the widest spread between raw ma- terial prices and finished goods prices which has occurred since the depres- sion started. Raw material prices in June were 34.9 per cent below the peak in 1929, whereas finished goods prices showed a decrease of only 24.3 per cent. to finished goods prices, after holding steady at 88.5 during the previous three months, dropped to 87.4 in June. “A definite business revival cannot get underway until the spread between raw material prices and finished goods prices begins to narrow. Business needs the support of raw material producers. Raw material products canot provide this support until their purchasing power is enhanced either by an ad- vance in the prices of goods which they sell or by a decline in the prices of price movements in conjunction “In 1921 the purchasing power of raw material producers was restored by a recovery in raw material prices accompanied by a further decline in the prices of finished goods. At the tle immediate prospect of a marked recovery in raw material prices due to the heavy supply of such products. The outlook is, therefore, that the restor- ation of commodity price equilibrium will be chiefly dependent upon a further reduction in the prices of fin- ished products.” Trade Trends By the Associated Press. Automobile equipment—Operations of parts and accessory manufacturers were reduced in June in line with the usual Summer slackening in demand, mem- bers' reports to the Motor and Equip- ment Association said. Suppliers of parts, accessories and service equip- ment’ to the replacement trade fared better than manufacturers producing for original equipment on new vehicle: but the usual seasonal decline was a) parent in the business of all groups. although the accessories group managed to hold even with its business for May. The grand index for all groups of manufacturers reporting stood at 94 per cent of the January, 1925, base figure of 100, 8s compored with 124 for both May and April and 116 for June 1930. Electrical equipment—Advices from electrical equipment centers this week indicate an average week's business in trict showing a sharp falling off in volume as compared with recent levels, Electrical World reports. Power com- the industrial and railroad groups in cutting their purchases to a minimum, the publication says. although Govern- ment, State and municipal commit- ments and demand from contractors are filling the gap and totals are fairly well maintained. Petroleum—The average price of crude petroleum at 10 representative flelds was unchanged lest week from ! according to Oil, Paint and Drug Re- porter. Gasoline at the refineries also was_unchanged from the preceding princival refining centers, compared with 7.09 eents a gallon a year ago. Silver—Bar silver sagged at the close of the week. dropping three-eighths of a cent in New York to 273 cents®*an ounce and easing five-sixteenths of & penny in London to 12 11-16 pence. .the Youngstown district next week will be at 42 per cent of capacity. an in- crease of 8 per cent over ® week ago and an increase of 1 per cent over schedules holding at the end of the week, Dow, Jones & Co. reports. Eleven of the week and 8 a week ago. Finizndas < FULLER CO. REPORTS. NEW YORK, July 25 (Special).— Consolidated net income of George A. months ended June 30, 1931, amounted to $332,765. before deduction of divi- dends on the 6 per cent cumulative guaranteed and participating preferred stock of George A. Fuller Co. of Can- ada, Ltd, amounting to $22.500, and before deduction of dividends on the cumulative and participating prior pre- ferred stock nnr cumulative and par- ticipating second preference stock of A. Fuller Co, amounting to $245,615. LOCAL LOANS VOTED. Loans totaling $244.750 on old and new dwelling in Washington and sub- urbs were authorized at the last meet- ing of the Metropolitan Life Insurance Co.’s Real Estate Committee in New reaching here. These loans were nlxtrmh Weaver Bros, Inc., of city. . GOLD STATEMENT. NEW YORK, July 25 (#).—The daily gold statement of the New York Fed- g eral Reserve Bank today showed a de- crease of $1,000,000 in gold earmarked for foreign account. There were no imports or exports. “Raw material prices in June showed | The ratio of raw material prices | goods which they buy or by the two- | present time there appears to be lit- | most markets, only the Eastern dis- |\, panies on the coast lately have joined | the previous week at 56.7 cents a bar- | rel, compared with $1425 a vear ago, | Steel—Operations of steel plants in | open-hearth furnaces will be operating | in the district for the Republic Steel | Corporation against 10 the latter part | Fuller Co. and its subsidiaries for six | York City, according to Information |Lambe; laced | Loo: this | M 1931—PART SIX. FINANCIAL. COMMERCE DEPARTMENT FINDS By the Associated Press. Business conditions at home and abroad grew worse during the week ended July 18 as the situation is summarized by the Commerce Depart- ment in its weekly review. Bank debits, oul New York City, increased slightly from the week pre- vious, but were under the corresponding week last year. Total loans and dis- counts of Federal Reserve member banks were the same as for the week previous, but were about 13.5 per cent under the same week a year ago. Wholesale prices, as measured by Fisber's composite index of 120 com- modities, continued the downward trend which started d¥ing the previous week, but were still slightly above the year's low weekly quotation established during the second week of June. Prices of Agricultural products de- ereased, and were about 29 per cent under the same week in 1930. Prices of non-zgricultural products also de- clined from the previous week and were almost 12 per cent under last year, The price of cotton middling dropped | slightly from the previous week, and the price of electrolytic r also decreased, reaching the lowest level of the year. The composite iron and steel price for the week declined slightly from DECLINE IN WORLD TRADE TREND the previous week, and was 6.6 per cent under the same week lasy year. The violent downward exchange trend in Brazil is curtailing the recent tend- enoy to improvement in import trade. The milrels weakened from 13 milreis 500 reis to 14 milreis 300 reis to the dollar, averaging 14 milreis for the week. Coffee exports from Santos amounted to only 150,000 bags and from Rio de Janeiro to 82,000 bags. The most important development in Canadian trade was the announcement of the new commercial agreement with Australia which provides for special tariff treatment on a number of com- modities important in the trade be- tween the two dominions. Business in China continues restricted by political uncertainties and military disturbances in some sections. During the last few weeks reports from all sec- tions of the country indicate unusually to property and loss of life. Commodity markets in the Philippine Islands are showing greater firmness and some slight price increases, at- tributed to renewed purchases from Europe and the United States since the moratorium proposal, but business con- ditions have not improved materially. COTTON VALUES SINK TO LOW OF MONTH General Market Closes Steady 5 to 10 Points Under Previous Day's Quotations. By the Associated Press. NEW YORK, July 25.—Cotton de- clined to the low point of the month today. ‘The October position advanced early to 9.11, eased to 9.01, closing at 9.02, or 8 points lower. while ths general market closed steady at 5 to 10 points et lower. The opening was steady, 1 point higher to 3 points lower, and for a time the market displayed a fair amount of stability, owing to further complaints too much rain, especlally in the lower Mississippt Valley, which seemea to bring about a fair amount of cover- ing and some scattered buying. The weather map failed to show as much rain as had been anticipated, however, and while the weather forecast indi- cated the possibility of scattered show- ers, weather experts expressed the be- | lief that the chances were in favor of- | more settled conditions. | ~Offers increased on the advances and it was quits evident that recent private advices on the progress of the new crop had created a very favorable impression and it was the consensus of opinion among local traders that private crop estimates, which are due during the coming week, will probably indicate 4 yleld in excess of what the trade at present believes will be needed to supply | the demands during the coming season Houses with foreign connections were identified with the selling during the day. and there was also more or less selling by spot interests and houses with Southern connections, which sug- gested operations against the coming | new crop movement. | Liverpcal cabled that the market there had declined early under liquida- tion and Bombay hedge selling, but had rallied partielly on trade calling. Cot ton on shipboard awaiting clearance at the close of the week was reported at | 67.570 bales, against 24,572 a year ago. | Cotton range: ! 5 igh. Lo Qotober Clgse 24 936 5 A 70 . M SECURITIES. (Reported by J. & W. Seligman & Co o, 3 ) or. 03 84 0: oc: 95 106 95 atayian Pet. Corp 4 Bell Tel. of Canada | California Pet. Corp. Oanadian Nor. Rwy Chi. Northwesiern R. R. Chicaga Rock Island 4s Chile Copper Co. 53 1947.... Denver & Rio Grande 4133 i Gen. Mot Accep. Corp. s 193 General Pet. Corp. 1940, . General Pubiic Service 5'.s 1339 Goodyear T & R 58 1957 102:2 108 <1023 93 a23 ] i week at 3.937 cents a gallon at four | M 94 k. Chi i L.'6s 1932 Portland General Flec.’ 55 1935 | Republic Iron & Sieel 55 1840 Sinclair Crude Ol Co. 5.5 Seuthern Pacific 55 1934. ... Standard Oil N. Jersey 85 Standard Oil N. York 4's3 8t. L. IMS Ry R. & E. és | Uniton ‘Elec. Lt. & Pow. 5 | Union QI Co. "of Calit. s United Drug Co. 35 1953 , ... 1 | Virginia Railway & Pw_ 851934 Western Eiectric Co. §s 1944, Wheeiing Steel Corp. 5'as 1948. c FOREIGN EXCHANGE. | (Quotations furnished by W. B. Hibbs & Co.) Nominal gold ‘Selling checks | London, pound Paris, Bow2E: RS 57 £ 1ot - BEsaeaaie FRBL: Warsaw, zloty.... Copenhagen, crown.. Oslo. crow: Stocknolm, EARNINGS REPORTED. NEW YORK, July 25 (#).—Per-share earnings ef corporations reporting this week, with comparisons with last year, include: Three 1 i 1 0 ) n erown months, June 30— Atlas ~ Powder % Beechnut Packing.. .5 hesapeake & Onio R, K. ommercial 'Solvents . Commonwealth Edison ... Consolidated Film Industries ieneral Eleotrie . enoral s neral Motors General Railway ercules Powder. . ershey Chocolate owe Sound ... 2 International Businiess Machines t Co. 33853 s0-Wiles ‘Bis oicr Products National Af National Bil RE2 2R RLTS! ce-Arrow Motor Union Carbide & Carl William~ Wrigley. Jr.. Ce. Six months, June 30— Air_Reduction *.......... . Du Pont de Nem Chrysler Corporation McKeesport Tin Plate. Sun Ol .. 82VS B3 9 BEOBY DD DONE DM D ODD! 8 82322 Z282323INITITISINY goid csialie Bhis Ml e OIS NS CON G & Akl o SL LS LA oL o] T T T Money Available f i atonly ......coocveennee MomTGAGE LoaN or Mortgage Loans OU will find us ready to render all possible service in connection with negotiating a FIRST TRUST LOAN. Prompt consideration, fol- lowed by a definite reply as quickly as the necessary details can be complied with, Applications considered for First Trust Loans on apartment house, office building, residence and business properties located jin Wash- * ington or nearby Maryland and Vir- a—for 3, 5 or 10-year periods, and 5%% RANDALL H. HAGNER & COMPANY CorRREspoNDENT 1321 Connecticut Ave. Decatur 3600 WHEAT PRICES SLUMP IN DRAGGY TRADING \Bninl of Reported Plan to Sell Surplus to Germany Causes Setback. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, July 25.—Material set- backs in wheat values today accompa- nied an authoritative denial that the | Federal Farm Board was negotiating iwflh Germany for the sale of part of this country’s government-financed sur- |plus wheat holdings of 250,600.000 | hels. Earlier, it was rumored that |tion a plan whereby Germany conld | take over wheat on a long-term eracit | guaranteed either by German or Amer- | ican financiers or by both. Primary re- ceipts of domestic wheat showed a de- cided falling off, but export business | was almost at a standstill. Wheat closed weak, at the day's bot- tom level, 7:al%; lower; corn, '4a’s | down; oats, %a’s off, and provisions | unchanged to & decline of 2 cents. | September December OATS— July e September December | RyE— uly | September | r 0IL BURNER MAKERS “ REPORT GOOD GAINS Advertising and Better Market | Conditions Crief Reasons for | Recent Progress. Special Dispatch to The Star. NEW YORK, July 25.—Substantial increases in business for the first six | | months of 1931 over the same period last year were reported by 25 leading | manufacturers of oil-burning equipment | at a recent conference of manufacturers | called in Toronto by the American Oil- Burner _Association. The increases |1anged from a few per cent in some cases to as high as 107 per cent in | others, and one large manufacturer re- ported a 78 per cent increase over 1929, which was a banner year for the in- | % | dustry. B ry The increase was attributed to three | factors—an enlarged advertising cam- | paign, a more vigorous merchandising | campaign and an improvement in gen- | eral ‘conditions. Increases in newspaper and magazine advertising ranged from and most of those present were in- clined to give advertising the major chare of oredit for the improvement H 25 S scription_including our “Semi-Ann: “Sound Investment Rules” — §2.00 with $1.00 teday. 53-FM Park Place PIRET First Mort vestments interest is our 69 FI 7 Third 2 Oy praised W of a Century Without a which is changeless mortgage. Loss $250 up. National 2100 THERE heavy rains with considerable damage | |the Farm Board had under considera- | | 10 per cent to as high as 200 per cent, | LAYS BANK FAILURES T0 MERGER GROWTH Yale Expert Suggests More Rigid State Laws Governing Hold- ing Companies. By the Associated Press. CHAPEL HILL, N, C, July 25— | Prof. Roscoe B. Turner, banking expert of the Yale School of Law, today gave the North Carolina Bar Association reasons why 7,000 banks in the Unite¢ States have failed since 1920 and sug- gested remedies for banking ills. Prof. Turner said a large part of | the explanation for bank failures in | this country could be laid to the “de- velopment of chain stores, the merger of large corporations, the growth of farmer co-ops and the modern facili- | ties of transportation.” These advancements, he said, have |tended to work a hardship on amall banks in small communities with small | capitals. Banks that have failed since 1920, he said, had deposit liabilities of more than $2,000,600,000, and 1.427 of these | failures "occurred in 10 Southeasterr States. where the defunct banks hac deposits of 620,000,000, | “Some 3,000 banks” hs said, ave | been taken over by chains or holding | companies, ‘while a similar number | have become members of braneh or- | ganizations.” | " In order to provide security “in any | event for ¢hose depositing their sav- |ings,” Prof. Turner recommended that | both national and State banks be re- | quired to et aside the money from such accounts and invest it in ap- proved securities to provide maximum | protection. | “Por the greater protection of com- | mereial deposits,” he suggested that | banks be probibited from accepting de- posits “aggregating more than ten times their capital stock and surplus.” He recommended that the bank eom- missioner be given power to investigate holding companies owning & majority of stock in a State bank and to investi- | gate similar investment affiliates of State banks. In spite of the ravages of destructive |insects to the cotion crop in Haiti cot- |ton production is expected to increase | this year. LOANS Is Your 1st. 2nd or 3rd Trust Due? Da"'Tou Need Moper? MR. FRIEDMAN NAT. 4518 Money to Loan | Secured by first deed af trus Prevailing interest and (Joseph I Weller ‘32, The Truth About Real Estate Bonds and Other Securities Have they reached the bottom? Will the present European, chaos send them still lower? To date four billions have defaulted in interest and principal. Would you like to know whether your bonds will be next? In times like these you need expert, up-to- the-minuteinformation on your securities, which we will render without cost, if you will send us a list of your holdings. You will then be in position te know whether your securities are apt to go lower in price and should therefore be sold at once; or whether you will profic by holding them. We specialize in locating and obtaining highest cash markets for real estate bonds and other unlisted securities. J. STEWART & CO. Delaware Trust Building WILMINGTON, DELAWARE LOW PRICED TOCKS Bvery investor should benefit by this timely compilation of 25 stocks which appear to have unusual long i represent a very careful sifting by our editors of the 425 stocks recently sold under $12 per share. Bach of the 25 showed four years prior to 1930. Each company is in sound financial condi- tion. This valuable list is included free with an dight weeks’ trial sub- term profit possibilities. These 23 good earnings in the ual Review and Forecast Issue” and value for $1.00. Return this “ad” %FINANCIAL WORLD America’s Investment and Business Weekly New York MORTGAGES . THOUGHTFUL INRVESTORS INCLUDE gages in their list of in- because they know their security makes them safe—and the generous. 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