Evening Star Newspaper, July 27, 1931, Page 14

7THE EVENING STAR, WASHINGTON, MONDAY, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. JULY 27, 1931 IFRENCH BANK SHIES AT GOLD SHIPMENT Huge Supply of - Metal Threatens to Raise Cost of Living, LIVE STOCK PRICES | N HIGHER TREND Hogs and Cattle Have Grad- ually Worked Upward. Lambs Lower. BY FRANK 1. WELLER, Associated Press Farm Editor: | Reaching, in the upper bracksts, 8/ and 9 cents, respectively, hogs and cattle | have attained the goal beckoning 0 them for the last two months. It took a drop of almost 50,000 head | fn hog recelpts, as compared with a| week go, to boost the best porkers to $8 a hundred and then the bulk did well to make $7.70. The advance made by grain-fed steers and yearlings elicited a litt e mor> confidence because | of the seasonal thinning out of good to choice offerings. The proportion of grassy cat'le has expand-d, which makes for a smaller and less attractive tonnage of beef in the acgregate and infers that the 25 to 50 cent advance and in some instances 75 ccnts, may hold on finished kinds as -the price #pread widens. Cattle Prices. Cattle prices have a lot to do yet| before taey got any one excited. ‘The | extremely average of $1330 for| choice and prim> around the middle | of January slid down to $7.50 for the Jast week of May and was barzly bob bing above $8 last week. The loss o BOND PRICESFIRN | Lo BONDS v Received by Private Wire Direct to The Star | UNITED STATES. (Sales are 1n $1.000.) . Sales. HI Low. Close. Lib 3148 32-47.. 22 10216 102 16 102 16 jLista3s32-47. 13 10310 103 8 103 8 L4vh4%s 33-38 143 104 27 104 25 104 27 US3%s°49... 20 1011510114 101 15 US3%s40-43., 11021910219 10219 US4¢s44-F4... 2 10810 108 10 108 10 Bales. High Low, Close. Abitibi P & P 68°53. bdle b4 54w 9% 10% T0% 69% 69%3 69% 6814 68 684 102% 102% 102% 100 100 100 73% T3 T3% 981 98% 9B 831 82% 83 99" 98" 18 18 17% 1% 103%. 103% 108% 106% 106% 105% 134 133% 134 109 108% 108% 107% 106% 106% 108% 108% 108% 110% 110% 102 102 104% 57 Sales. High T0% 70% 9014 87 85% B1%, 90% 8T 54 661% 54 19 91 86 103 99 91 Low. Close 0% 'luv.‘ 0% 70% 904 90 | 86 87 85% 85% 81% 81% 89% 90% 8 8T% 53% 53% 664 664 53 54 7T 1% 91 91m B4y 854 103 103 9815 99 90% 90% 9% 9% Int Rap Trbs '66 Stock ana Bates— Int Rap Tr sta ‘6 Dividend Rate. Add 00. High. Vanadium Co 64 Prev. Low. Close. Close. 28% 20% 28% 55 gy 107% 107% 107 50% 50% 487 12 1% A% 4 % 40 67 208 19% 998, 111 119% 8 12 14 64 20% 4 67 46'% T 4z 12 (Continued From Page 13.) 8a Add 00. Int Int & Gr Nor 63'52. 5 Int Hydro El 63 "44. 23 Int M Co 58 ret *41 Int Match 68°47... Int Pap 68 ‘55 Int Rys C A 6 IntRyCA6 Int T & T 4%s °6i Int T&T cv 4%s°39 Int T & T68’55.... Irish Free St ts '60. Italy 78 °51. (taly Pub 8 Japanese 5% .o Japanese 6% s '54.. Jugosl Bank 78 '57. Kan City Sou 3. Kan City Ter Karstadt Kend 5345 48 ww. Kreug & Toll bi Lackaw St 58 ‘50 Laclede 5%s C '53. Lautaro Nit 68 "54.. Leh Valcv 4s 2003 LehV cv 43%s 2003 ~Prev. 1931~ Stock and High. Low. Dividend Rate. 11% 6% Tri- 941 91 Tri- 45% D284 Trico Products(2%). 62 1% Twin Citv R T of (7) 108 6% Und-El her (5).. 8 Ulen & Co (1.60).. Unfon Bag & Paper.. Unfon Carb & ¢ 2.60. Un Oil of Cal (2) Un Pacific (10) Un Pacific pf (4) iTnit Ajreraft...... Unit Aircraft pf (3). Unit Business Pub Unit Corp (76¢). Unit Corp pf (3)... Unit G & Im (1.20).. Init G & Im pf (5).. 'S Frelght . 1i S Gypsum (1 60) .., U S Indust Alcohol. . U S Leather USPipe & F USP&F 1st (1.20).. U S Rubbe: . U S Rubber 18t pf... U 8 Smelt & Ref (1). U S Steel (7). U S Steel pf ( Unit Stores A. Unit Stores pf (4). Unlv Leaf Tob (3) Univ Pic 1st pf (8)..160 Ut P&L A (e12.15). NET EARIGS 22% 109 98y T1% _ 38% 6 8% o7% 20% 46% 26% 103 113% 120 12% 19% 160% 107% 40 8 72% 10674 1ot 76 bl 14 “ Elec & Pwr pf(8). 10s ran Det (4) 608 Wabash RR 1 Ward Baking 1 Ward Baking pi . s Warner Bros Pictl.. 29 Warren Bros (2).... 1 Wess Oll & Snow (2) 5 West Pa El pf (6)...100s West Pa Pow pf (6). 10s West Pa Pow pf (1). 40s \Western Dairy B. Western Md. Western Unfon (8).. Westing E1&Mfg (4). Westvaco Chlor (2). Willys-Overland 54 Woolworth (2.40)... 3714 Worthington Pump. 5% Yellow Truck.. 42 Yellow Truck of. . 2% Zenith Radu .. 11 Zonite Prod Corp (1) RIGHTS. Expire. % Insur Sh Del. Ang10 2 3 S Sales of Stocks on New York Exchange. 10:30 AM.. 100,000 1 cee 800,000 1:30 P.M. 400.000° ceeennes £00,000 Dividend rates as given in the above table are the annual cath payments based on the latest quarterly or half-yearly declarations. tPartly extra. tPlus 4 in stock. YPlus 9% in stock. a Paid 4 | last year—no regular rate. b Payable In stock. e Payable in cash 518 | oF stock. fPlus 8% In stock. h Plus 2% in stock. ) Plus 50 cents in special preferred stock. k Plus 3% in stock. m Paid this year— « | no Yegular ra 5 CORPORATION REPORTS Buying of Rail Issues Con- tinues Despite Unfavor- able Earnings. 40 7 20% 19% 99 111% us 8 12% 114% 641 40 9% 8l 4318 17% 92 1084 114 A% 9 96% b4l 18 3% Alleg Corp b: Allis-Chalm 137 By the Assoclated Press. PARIS, July 27.—Financial experts today emphasized the disadvantages for 107 o7 France of receiving abnormal gold ship- ol }“ ments from England and attempted to disabuse the public of the idea that 79 79 |there was any profit in the influx of 97% 97% | gold for any one except precious metal 87 37 |brokers and shippers. 70 70 French economy, they declared, is 86% 86%,forced to undergo these gold imports 103 103 |and does not seek them. 101% 101%| It was pointed out that the gold 35 35 |obliges the Bank of France to issue cor- 8514 &6 |Tesponding quantities of paper money, 100% 100% [and the increased circulation threatens 104 104 |to raise the already too high cost of 10814 1081 | living. 98 98 | “When it is known,” says the news- 96% 961 |paper Excelsicr, “that the national 935, 94y | treasury and the Bank of France have 100 100 |pound sterling stocks which run into 4 114'% 114% [billions, it will be understood that 1067 1067 | France does not want to see sterling 99% 991 |depreciate and with it the value of 108% 1051 | numerous French investments in Eng- 104 104% |land “The close interdependence of French, English, American and German invest- ments was clearly seen at the London conference. There is no other explana- tion for the anxiety of the French gov- ernment to make a healihy and serene political atmosphere between France BY F. H. RICHARDSON, | spreial Dispaten to The Star. NEW YORK, July 27.—Considering the number of things it had to contend | with, today’s bond market put on an encouraging performance. It was true that the uncertainty prevailing over the European situation, especially in the heavy flow of gold from Hbgland to France and new disturbances in South Amcrica, reduced trading to record low roportions, but prices, where changed, { Inclined to a.firmer tone. Publication of & long list of domestic railroad earnings reports was calculated to cause liquidation, but this factor proved to have been sufficiently dis- counted and there_was some buying of railroad issues of & secondary type. German bonds were higher at the start, reflecting a reported “‘gentlemen’s agreement” that most of Germany's short-term credits will be extended two s. Evidence that Dutch, Swiss and scandinavian banks had participated in this agreement along with the central banks of the larger powers was found in the statement that “smaller banks have also agreed to the extensions.” Other European dollar bonds were firm- er, though Italian descriptions were off slightly. Am F P 55 2080.... Am 1GCh65%s’4d. Am Int Cp 5%s"49. Am Metal 6%s ‘34.. Am S&R 1at Am Sug Ref 6 Am T&T cv 4% Am T&T 63°65..... Am T&T c tr 58 '46. Am T&T 65 82°60.. Am T&T 6%8'43... Am W Wks AmWat Wk Am Wr Pap Argentine 5% Argentine May “61.. Argentine 6s Ju ‘69, Argentine 6s 00 ‘69 Argenting | Argentine Arm & Co 4 Arm Del 6% 5 Atchis 45 1905-5 Atchison gen 48 Atchiscv 4%8 '41.. At & Danv 4s 48, At C Lcol ¢4s°'52. At Ref deb 63 °37. Australia 4%8 ‘66 Australia 63 ‘G5 Australia 68 '67 Austria 7543, a2n 2% 120 % 58 e I 13 e e 0 1 554 1 Long Is1rf 4849, Lorillard 68 '51.... 2 Lor/llard 6%s'37.. Lorillard 7s ‘44 Lou G & El 53 L & N uni 45’40 L&NI1strf5%s Lyons 6s°34. McKes & R6% Market St 78 Marsellle 65 3 Bt 224 1 2 . 5 ’fgu.m for lke period ended June 20, 30. Atchison, Topeka & Santa Fe Rail- way June net operating income, $1,80: 597 vs. $3.622523 a year ago; six months, $7,553,195 vs. $10,276, Alleghany Corporation preferred share Midvale Stl 68 °36. . Milan 6348 '62. $5 a hundred in five months cut the feet from under the whole range of values and shippers ars going to have to burn up the market for cattle well enough finished to bring $8.25 and better before the best stuff moves toward the place it belongs. The attitude of readjustment, how- ever, has become very apparent and there now seems to be a double dis- crimination—one against weight and the other against plain quality. Up to A few weeks ago the proportion of bet- fer-grade stcers was running sharply over a year earlier, but recently this has abated and buyers say that even 1he best grades are vielding as much as 1 per cent less in the beef. That can only mean. as many ob- servers have been expecting for weeks, that well finished stock is disappear- ing and that a definite two-way mar- ket is at hand—one for the premium grades answering the active demang for light beef and one for the less de- sirable grassers and short-feds. Replacement Demand. Feeder and stocker cattle and calves have been running in too poor qual 1 determine whether the country is responding to the upturn from May lows. Replacement demand, neverthe- less, appears to be broadening mod- erately, with prices reflecting a_little strength here and there. Most of the cfferings are grassy, light, thin-fleshed natives selling at $4.50 to $5.50—an attractive price if feed costs continue Jow and a better consuming power catches the country sort of beef next year because of almost constant liqui- a@ation Slow demand, reflecting a weak fresh pork market, has kept light hogs away from the advance started last week and only about steaay with the closing prices of the last marketing period Heavier weights are weak to 25 cents cer and packing sows are off about 15_cents. The price spread was widened late last week at the expense of heavy kinds, and the current week’s trading has not acted to narrow the range: Packing sows continue to arrive in liberal num- ! bers, but pigs and light lights comprise a relatively small percentage of the run. There is some indication that a large volume of light-weight hogs might be moved to market if prices hover around the $8 mark. Lamb Prices. Tnequalities of distribution and com- paratively large receipts at the 12 big markets for the second consecutive week has depressed fat lamb prices. The spread between native and range lamb: also shifted around for no apparent reason, with the former outselling th Jatter 40 cen's a hundred, creating an out-of-line condition which appears to have bcen corrected. The fact that most native lambs have been dressing out well probably influenced small killers to pay upward to $8 for a few choice loads when range lambs found it hard to beat $7.50. Early last wagk rangs lambs reached a season’s peak of $8.85. Washington Produc = Butter—One-pound prints, 29 81, Eggs—Hennery, current re- ecipts, 15a17. Poultry, alive — Spring broilers, 3 pounds and over, 33a35; 2 to 2! pounds, 32:33'.: 1'. to 2 pounds, 28a 30: Leghorn b s, large, 24a25; medium, 2 tub, 22a23; 2 s, large, 22a23; small, 18a20; Leghorn hens, large, 158 16: small, 13a14: roosters, 12a13. Dressed—Spring_ broilers, 3 pounds and over, 38240; 2 to 2'. pounds, $7a 38%.; 112 to 2 pounds, 32a35; Leghorn broilers, large, 28a30; medium, 28; hens, large, . 25326; small, 20a22; Leghorn hens, 17a18; small, 14al5; roosters, 13a 14: Long Island ducks, 21a22. Meats—Becf, prime, 14'.al5; choice, l4al4'.; medinm. 12'.a13; cow, 11; veal, top. 13al4; lamb, stag, 21: medi- um, 19a20; pork loins, 8 to 10 pounds, 23a24; 10 to 12 pounds, 19a20; fresh hams, 19220; smoked hams, 21; lard, 10°. all; strip bacon, 24. Fruits—Watermelons, 30a75; loupes, 50a75: Ridgeways, 1.00a1.25; California, 2.5023.00: honeyballs, 2.25a 350: honeydews, 15021.76; orang California, 4.75a5.50; Florida, 5.0 lemons, 4.50a6 00: limes. per 100. 1.75; bananas, 1.50a2.00: apples, per bushel, box stock, 2.25a2.50; huckleberries, rineapples, 3.50a4.00; peaches, 0 Vegetables—Potatoes, per barrel, 2.00; sweets, per bushel, 1.75; tomatoes, two= t 5a1.00; corn, five-dozen clery, 2.00; lettuce, string _beans, 1.00a1.25; cabbage, 50: okra, 1.00; eggplant, 1.75a2.00; Zealand. 50: kale, 25a35; bunches, 2.00: beets, onions. Cali- 1.50; Eastern Iceburg. 5.00 Jimas 3.00a3. 3.00; peppers spinach, New carrots, per 100 per 100 bunches, * fornia, 50-pound sacks, Bhore, bushel baskets, 75. CHECK TOTAL 71;01’5. By the Associated Press. Checks cashed on individual bank ac- eounts in 265 leading cities of the Fed- eral Reserve System totaled $9.116.000,- 000 during the week ended July 22, a decrease of 10 per cent, as compared with the previous week. Total debits for comparable periods. as announced by the Reserve Board, follow: Week ended July 22. $9.115,844,000; previous week. $10.168.038.000; same ‘week last year, $11,835,656.000. RAILROAD EARNINGS. NEW YORK, July 27 (P —Railroads reporting today net operating income for June, with comparisons with last year, included: 1031, Baltimore & Ohit $3.082.903 New York. New Hi Hartford Boston & Maine Pennsylvania Mi: Pacific o International- Northern : GuIf Coast, Lines." Fexas & “bacine. 11! Minneapolis & Si. Louis Bankor & Aroostook Chicago & East. Tllinois Atchizon ‘Topeka & Santa Fe seees louthern Pacific uisville & Nashville Virginian *Defleit. 4 1500137 11177.087 713 166,445 1.803.597 3 465,145 INSECOND QUARTER canta- | Reports by 107 Firms Show, 40 Fer Cent Rise—Still Behind Last Year. Special Dispatch to The Star. NEW YORK, July 27.—Aggregate net earnings of industrial corporations which have thus far reported for the second quarter of 1931 make a dis- i tinctly better showing than had been enerally anticipated, according to a survey issued today by Moody's Inves- tors Service. This preliminary compila. tion shows profits for 107 companies which were 402 per cent higher than in the preceding three months. although 227 per cent less than in the corre- sponding period of 1930. Composite earnings of 182 industrials for the first six months of the year totaled $304,691.000, a decrease of 28.4 per cent from 1930, the analysis states. “The quarterly comparison is perhaps even more significant,’ Moody's con- tinues. “When it is realized that the increase from the first to the sccond quarter this year was 40 per cent as against a gain of only 10.6 per cent for the same companies in 1930, it would scem that the 1931 advance was more |than seasonal. This, however, was { probably due not so much to an actual { improvement in general business as to the effort of the more efficient corpora- tions to reduce expenses as much as possible and to go more aggressively | after new busin No positive con- clusion can as yet be reached on this point in view of the small number of carings reports that has appeared. “$or the same reason, an attempt | to break down the industrial profits by groups would be largely meaningless and probably of negative value untu more earnings statements have been ued.” | Railroad earnings fail to show the | comparative improvement registered by the industrials, but the survey finds utilities making a much better contrast with the second quarter of last year than they did in the first three months The first quarter net of 38 utilities was 0.7 per cent under that of the initial | three months of 1930, but indApr\vl npl:l? | May the aggregate increased 2. ent as romgparc-d to the same months ast year. INVESTMENT TRUSTS NEW YORK, July 27 (P).—Over-the- counter market: Bid. Asked. 2 ABCT: AP Am Invesiors A Am & cont_Corp AW & Gen szcur AL At & Gen Secur B0 Am & Gen secur 33 pi.. Brit & Coat 6 pt. Composite Tr Shrs. Founders 6c Bl.... Founders 7' pL.. Founders 1-70th com. . Founders conv pt cus. Tounders war ... Founders 1-40(h "com Am Ing Stocks ©....o- | Assoc Stand OM Al Sec Bf... Al Sec wap 1l All & Pac Tnt units Atl & Pac com Atl & Pac pf w Bankers Nat_In Bansicilla_Corp Basic Industry .01 British Type Invest Century Tr Shrs Shain & Gen Eauities. ... Chain & Gen Eauit 6'a% bf | Ghain Store Invest 3% | Ghain_Store Invest pf | Ghartered Tnvest : | Ghartered Invest i | Ehefsea Exchane A:1 . | Ghelsen ‘Exchange B Glimuiative Tt Sh. Corporate Trust Grum & Foster 8 +Grum & Foster... ... | Grum & Foster Tns 7' Crum & Foster Ins... Deposited Bank Shis N | Deposited Bank Shrs N | Di¥ersined T iversified Tr o DBiversified Trustee Shrs C.. Diversified Tr Shis...... Bauity Corp com. Eauits Corp pr.. ... Eduity Trast. Shrs. . First Amer_Corp. Five-vear Fixed Tr Fixed Trust Shares A Fixed Trust Shares B Fundamentai Tr Shrs ALl Fundamental Tr Shrs B General Equits A . Graneer Trade . "L Gude: Winmill Trad Incorp Investors ... incorp Investors Eauit.: Independence Tr Shrs.. | Int “Becur Corp Am A iInt Secur Corp Am B.....1 int Secur Corp Am 6 bt Int Secur Corp Am 6'a% BI.... ot i Y ¥ A PR P -2 23 "o Invest Tr Associates . | Invest Tr of N ¥ Collat A | Investors Trustee Shares Jackson & Curtis Inv Assoc Jackson & Curtis Sec pf Leaders of 1industry Leaders of Industry B Leaders of Industry C Low-Priced Shrs Major Corp Shrs.. ... Mass Investors Tr.. Mohawk Invest ! Mutual Invest Tru Mutual Manage ... Nation-Wide Sccur National Indust Shrs. National Tr Shrs. N Y Bank Tr Shrs . Nor & South Am Corp Nor Am Trust Shares Northern Secur Oil Shares units : Old Colony Invest' Tr ... | Old Colony Trust Assoc.. Petroleum Trad A..... Public_Service Tr i Representative Tr_ Shis Secur Corp Gen $6 pf.. Second Int Secur Corp’ A Second Int Secur Corp B Sec Int Secur Corp i Selected Am Shares Selected Income Shrs Selected Manage Trus Shawmut_Bank ... Spencer Trask Fund e Am Trust Shrs ... Collat, Trusteed Street Invest ...... Corp of Am Tr A Corp of Am Tr B Corp of Am Tr C. Super Corp of Am Tr D Trust Shrs of Amer.. Trustee Stand Invest C. Trustee Stand Invest D_. Trusiee Standard Ol A.° Trustee Standard Oil Shr§ B Trusteed N ¥ C Bank..... Trus.eed Am Bk Sh. 5 Twentieth Ceniury Fixed Tr. . Two-Year Trust Sh : United Fixed Shrs United Fourders 1 Uniied Ins Shis Unitea Bank Tr. S & British T & British Int Ltd B...0 11 & British Int Ltd $3 pf... Elec Lt & Pow A.. : Elec Lt & Pow B niversal Tr Sh Stand Stand per Super Super U USs Us USs Us o | ditions in' Central Europe, trading on | reduction precipitated | movement of the stock market for the *|befere the cut " |the week ended June 13 loadings have - | the seasonal gain. - | National Acme June quarter deficit, ';: . 51, ended June 37 §704,128 TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, July 27.—The following | is & summary of important corporation | news prepared by the Standard Statis- | ties Co.,, Inc, New York, for the As- sociated Press: Weekly News Review. Due to the continued unsettled con- the stock market was extremely slight. For the first time in several weeks at- tention was focused on a domestic sit- | uation—the probability of a cut in the | United States Steel dividend. The seemingly authoritative intimation of a | the most em- | phatic declines in the stock market witnessed during the week. The actual week ended July 24. as indicated by Standard Statistics’ price index for 90 stocks, showed a decrease of 39 points. From 114.8 on July 20 the index drop- ped to 1109 on July 24. industrials, rails and utilities all contributing to the decline. Like the stock market, bond trading was moderate in volume, under the in- fluence of prevailing _uncertainties | abroad. There was no definite trend of prices noticeable, most issues tending to stabilize around existing levels. Automobile_production for the week | ended July 18 was slightly lower than the preceding week, and had it not been for the increased Plymouth sched- ule the drop in output would have been much greater, as most of the man- ufacturers produced fewer units. Steel operations for the week ended July 20 showed an increase, which, al though slight, was encouraging, as it was the first increase in four months. The rise was due to the increase in United States Steel's production, as the activity of most of the independent companies declined, Electric output for the week ended July 18 showed a decline of 1.6 per cent | from the corresponding 1930 week. thus marking the climax of a series of suc- cessively smaller declines commencing early in June, as well as the smallest reaction for any week since early April. Although allowance must be made for the effect of the holiday, it is of considerable significance that aggregate production for the fortnight ended Ju! 11 was exactly equal to the output dur- ing an identical two-week period of l.1930. | Crude Oil Output. Crude oil production for the week ended July 20 declined 97,850 barrels, mainly Que to the curtailment in the Oklahoma | district, as East Texas again showed a sizable increase and California was up | slightly. The strike for higher crude | prices seems to have accomplished re- | |sults, as all leading producers in the greater Midcontinent area, with the ex- | ception of East Texas. advanced prices to a slightly higher level than existed Revenue freizht car loadings for the week ended July 11 were, of course, |larger than the previous week, when | traffic was reduced because of the holi- | cay. After the sharp drop reported for |shown a steady increase, with the ex- | ception of the holiday week, in which, | | however, the daily average was above | * American Commerical Alcohol deficit six months ended June 30 $42.942. | against net income $175,931, equal to! 45 cents a_common share; June quarter deficit $&67,779, against net income $581 a year ago. | Arnold Constable Corporation com- | mon share carnings four months ended | May 31 33 cents. Intertype Corporation common share | earnings six months ended June 30 50 | cents, against $1.17. | Maine Central R. R. June surplus| | after charges $4,835, against $64,747 a | year ago. Nevada California Electric net income | 12 months ended June 30 $836,699, | against $86,645. Pond Creek Pocahontas common share earnings six months ended June 30 43 cents, against 17 cents. Studebaker Corporation June quar- | ter common share earnings 58 cents, against 41 cents; six months, 94 cents, against $1.03; number of vehicles sold, including subsidiaries and Plerce-Arrow, | during six months ended June 30, 36, | 777, against 38,320. American Bank Note common share earnings six months ended June 30 16 | cents, against $2.03. | General Mills common share earnings year ended May 31 $3,71, against $4.83. International Nickel of Canada first half nickel poundage exports off 25.2 { per cent from ycar ago; dollar sales off | 26.4 per cent. $232,353, against net income, $88,039 ' | six months, deficit, $474,728, against net | income, $303.151. | Stewart-Warner June quarter net in- |come, $110,937, against net income, $878,852; six months’ deficit, $220,819, against net income, $1,534,862. Bangor & Aroostook Ralilroad June deficit, after charges, $161,283, against deficit, $6,876. Chesapeake Corporation common share earnings six months ended June 30, $1.85, agaimst $1.65. L4 Congress Cigar Co. common share |earnings six months ended June 30, | 81, against $1.88. Great Northern Railway June net .op- erating income off 32 per cent; six months, off 34.5 per cent. Jewel Tea Co. sales four weeks to July 11 off 8.2 per cent; 28 weeks, off 10.2 per cent. Minneapolis & St. Louls Railroad June net operating income, $54,608,- ageinst $75.972; six months, net oper- |ating deficit, $19,35, against operating | deficit, §97.020. New Orleans, Texas & Mexico Rail- way June net operating . income off 3.2 per cent; six months. off 37 per cent. Texas & Pacific Railway June sur- plus, after charges, off 10.7 per cent. Brown Shoe receives Army contract for 53,676 pairs of service shoes for $2.445 a palr net. MacMillon Petroleum Corporation — ‘Wins suits against Texas Raiiroad Com- mission, when Federal Court at Austin, Tex., ruled commission had no authority to enforce proration of ofl production in East Texas fleld. American Hide & Leather deficit year | speculation is improper or even | chandise was placed in the New York earnings, six months ended June 30, $1.49, including loss in 1930 and profit in 1930 on sale of securities, vs. $3.41. Boston & Maine Railroad June net income off 16.8 per cent from a year ago. Coca - Cola International common share earnings. six months ended June 30, $8.02 vs. $6.02. Interborough Rapid Transit—Transit Commission, city and this company to oppose protest against proposal of Fed- eral authorities to collect an income tax on the $6.291,000 company paid to city August 30, and settling dispute over $14.000,000 charged by company to joint operating costs under contract No. 3. proposed $800,000. taxes estimated at| Buying for Profit BY GEORGE T. HUGHES. 11t was | triend! The action of sterling against the dollar and the franc induced a new | flow of gold from the Bank of Eng- land, but at midday it was reported in Paris that a $100.000,000 credit had | been given 1 Bank of Engiand by the | Bank of France and London advices ! were that fcars of the necessity of emergency measures had been definitely removed. British and Irish bonds were firmer. There was also an upward trend in Newtoundland and Australian bonds In South America, according communique, d in Chile. stated here, to a order The new regime, will probs be | with the 'country’s external | Chilean 6s were unchanged nd 38-40. with very few offered. n issues were off sharply, with | drop in Uruguayan exchange to less | n 50 cents per peso, compared with a par of $1.04. Argentine i lower, despite a favorable ance for the fist half of 1931 bank th were | bal- State of | Dictionary definitions of investment are not very heipfui. Discussion of t subject might better begin with the ob. Jects of investment rather than with a statement more or less exact of what the operation is. The motive behind investment is first, to obtain security for savings, and sec- ond, some return on those savings in the form of interest, dividends or appr ciation of principal. It may be argu that the purpose last named is whe for instance, a man purchases unim proved real estate on the theory that is undervalued. he is investing, nc withstanding the fact that there can be no money return on the investment until the property is sold at an advance | over the price paid On the other hand, to buy a security | with the idea of benefiting from a rise in the market and without caring whether or not there is any dividend or interest return on the money is speculation. This is not to say that inwise but simply that it is not investment. Ordinarily the two objectives already mentioned, security and return, must be combined to make investment. For example. if one turned all of his moncy | into gold end placed the gold in a | strong box he would probably have se- curity, but he would not have an in- | vestment. The gold would ecarn wages and would perform no useful economic function. It is only when savings are entrusted to some institu- tion which in turn reloans them to pro- | ductive enterprise, or are used to buy securities which represent productive enterprise, on the express understand- | ing that the institution, corporation or | individual which temporarily has the | use of these savings pays for the privi- | lege that we have investment relative amount of emphasis placed on | safety and on return varies with the | necessities of thegndividual investor. Business Notes By the Associated Press. NEW YORK, July 27.—While a fairly large volume of orders for Fall mer- wholesale markets during the week, dress purchases were retarded by the fact that considerable uncertainty ex- ists over possible. changes in silhouette. Buyers are proceeding cautiously and awaiting the Paris showings, which are expressed to stress very sirongly the second empire influence. Woolen and knitt=d apparel was purchased liberally, however. Jobbers report a fair volume of re- placement business in_the dried fruit | market in New York. Reisins are hold- | ing firmly, and packers who sold crop | raising short in enticipation of a down- | ward revision are report>d to be writ- ing off their losses and proceeding | cautiously in new commitments until | the future of the market is more clearly defined. Reports that discounts allowed by ! rug producers on volume orders for low- | price domestic Orientals will be more liberal this Fall were current in the New York trade. The change in policy is to enable retailers to obtain a better mark-up on the washed rugs, it was; said, and was decided upon by producers who are faced with keen competition ' from the Wilton rug manufacturers. EMPLOYMENT IS STEADY | IN ELECTRICAL INDUSTRY By the Associated Pres ‘There is greater stability of employ- ment and wages !n the electric light and power industry than in anv other major industrial group reporting to the Bureau of Labor. in the operation of this industry is 97.1 per cent of the number employed dur- ing the boom year, 1929, while the to- of the wages paid during the same period. ‘The National Electric Light Associa- tion reports that more than 285,000 per- | sons are now directly on the pay roll of | the electric utilities and their annual | wages amount to approximately $440,- 1 600,000. U. S. TREASURY BALANCE. ‘The U d States Treasury balance, announced ioday as of close of busi- ness July 24, was $311,671,712.70. Cus- toms reccipts for the month to date were $26,574.801.88. Total ordinary ex- penditures, $10,458,561.30. FOREIGN EXCHANGE. otations furnished by W. B. Hibos & Co.) o ooy sold Selliyy ehecks Siny. 34 !V’\'.’ RIS London, pound Earis. Iranc Berlin, peseta. Vienna, schilling Budapest. pengo. ... Prague, crown (nom ) Madrid, 3. deficlt of | high-grade { higher The { & ! ol The bureau's latest statistics show | that the number of employes engaged & tal amount of wages is 97.6 per cent|. of 1940—the coffee loan— ¢ over 3 points. Coffee cied for were reported | vanced sha shipments co largely inc In ‘th trading sed. | domestic list, most of the | in railread bonds. The | ssues were firm to a shade | Second-grade carricr issues were liquidated earlv. but found fairly good | support and later rallied. Washington Stock Exchange SALES. Washington Rwy., & at 92 Mergen‘haler Linotvpe at 771a, 10 at 77, AFTER CALL. Peoples Drug Stores pfd.—-5 at 101! ashington Rwy. & I ic 45--$1,000 45--$1,000 10 at 77%, 10| aler Linotype—5 at 77': | 1 & Electric pfd.—4 at 10 at 100 ! erican Sccurity & Trust Co—1 at | on Rwy. & Electric 4s—$1.000 at 9215, $1.000 at 9214, £500 at 9215, Bid and Asked Prices. BONDS. BLIC UTILITY. Bid Asked Amer Anacos A o PUBLIC UTILITY. Tel, (9) Second Wa. Amer. Continental Natl. S P Gnion Tru Wash. Loan & Tiust (14) Potomac Sav 10) < & Com. Bk, (17 FIRE INSURANCE. American (12) Corcoran (10)..00 Eiremen’s (81 National Union (i3) 280 145 30 20 lum Real E | & f 1o Co. com. Co. pia. (6} Motioiype (8).. . ez, Tr. & Sige. com. (10). { Mer. Tr. ‘& Stge. pfd. (7).\\ Merzenthaler Linotype (6) . Natl. Mige. & Inv. pid, Peoples Drus Stores pid M ptd. Corp. (3) dend. bBooks closed. D25 extra. 0c extra. 817 extra ella% extia. Loan for Newfoundland. NEW YOREK, July 27 (Specia).— The announcement today that the gov- ernment of Newfoundland has secured a $10,000,000 loan from the Bank of Montreal put an end to doubts that have existed for some weeks as to tha British crown colony’s finances. It was reported not long ago that Newfound- !land had been refused a loan in Mont- real. The new loan will provide run- ning expenses for the government. Her outstanding bonds are again quoted on an investment basis. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co;) Rate_—Maturity. Bid. _Offer. 23us Sept. 15, 1931 . Itas Sept. 15. 1931 17as Dec.’ 15, 1931 17ss Dec. 15, 1931 Mar. 15, 1331 3 15, 1931-33. . Nearly 260,000 bags of coffee were exported from Costa Rica s0 far this Yyear. 3as Dec. | Belg | Bolivia 75 ‘69, . B&O 48’4l B&O4%sl.. B&Oconv4%s B&O 15t 584 15 & O ref 58y & O 58 D 2000 B&O6s'95. . | B& O P&WV B & O Sw dy 68 °60. B & O Toledo 43 ‘50 ! Ban & Aroos 4s | Bkof Chile 648 bk of Chile 6% '61 [ (13 Eelgium 6% Belglum 7s Belgium 78 '66 Bell Te: Pa 63 B "48 Berlin Cy Il 63 °56. | Beth Steel pm 6836 Beth St rf Bolivia 7 Hollvia 83 4 Hordeaux 68 ‘34 Bost & Me 4% s '61. Brazil 6148 26 Brazil 614827 Brazil 7 Brazil 88 Eremen 78 = Bk Ed gn A 5549 Bkiyn Man 65 6! Bklyn Un Ist 58°50 Budapest 65 '62.... Buenos A 6361 Pv. BR& Pitt 4%8 '57 Bush T Bldg 5s '60. Canada 45 °60.. at 58 Oct '69. Yor 4148 '35, Nor 633 db *46 Nor 7s deb '40. Can Pac deb Can Pac 4% ‘an Pac 443 n Pac 53 ctfs "44. C&O4Rs A9l C&O4las B'95 Ches Corp bs "47 B & Qgeends 38, B&Q4las'17 {C B&Q Ist1fbs 11, CE Q 11av 314849 C B&Q {11 dv 4849, ChiGit West 48 '59 Chi M&SLP 4% C.. Chi M SU'&P bs Chi M & St P ad. Chi&NW g 3%4s '87. C&Nwn 4138 ¢ 2037 Chi & NW con 4% s. Chi&NW rf 65 2037. Chi Rwys bs 27 Chi Kl & P rf ChiR lcv 4% Chi R1&Pac 4%45'52 C TH&SE in 58 °60. Chi Un 8 C& \V Ind cv 4852, C& W Ind 6%s 62, Chile 68°60. .0 uuuee Chile 6s '61. eee Chile 68'63........ 1le 78 "42. \le Cop db Chin GVt Ry & JCC&ST L 4Ys >& St L6s D63 Cologne 638 '50. ‘olomb 6s Jan '61.. Colombia 65 ‘61 Oct Colo & Sou 4338 °36. 3 Col G& X bs May 52 Col G&E coup 53 '61 Com Inves 5338 49. CGas NY 4% 8'95wi ConG N Y bigs 45, Con Pwr Jap 6%3.. Con Pow Japan Ts.. Copenhag 6s ‘62 2 6%43 45. a Nor 648 '42.. Caecho 85 51. Czecho 98 '52. Del & Hud rf 45°43. Del & Hud 5%s°37. Denwmark 4% s 62.. Denmaik 5%s ‘65 Denmark 6s 42. . D& R Gr gn 4x 36, DRG& W st 65’78 Det Kd G&R4¥%s'61 tsche Bk 6 Dodge Br c Donner St 7s '42 Dutch East 1 6547, Dutch East 163 °62. East C Sug 7% Kr St con 4 rie cony 48 B. Lirle Gen ¢s. Erfe cv b Erie 5375, Finland 6%s ‘68. Kinland 65 "45 Finland 6%s ‘86. Finiand Fla k& Coast Fram I D 7%8'42.. French 784 French Gvi 734 Gelsenk'chen en Motors en P Sv 5%s ‘39.. Gen St Cas 6%s'49. Ge:man Bank 7s ‘60 German 7s rep ‘49.. 56 Goodrich cv 68°45. 2 Goody'r Rub bi Grand Trunk Grt Nor b3 '73. Grt Nor gn 6%s '62. Grt Nor gen 78 "3 Greek 6363 Hait! 6; Hoe & Co6lgs 34.. Hud & M ad) 7. 11 Hud & M rf 68 '67.. 13 Humble Oil bs '3 Hum O&R 6%s Hungary 7%s 4 BT istpr 111 Cent 4s 62 111 Cent 61s36. ... I d St1 4% A’ 8 Inland Stl 4s% B'S1 12 Mo Pac bs H Mo Pac ref 65 '81..., Mo Pac 534 scv ‘49 Mont Pow 58 '43. Mont P db 55 A Mont Tr 1st 58 Mor & Co 1st 4% Nat Dairy 6% 48, Netherlands 6s ‘72 N Ene T 18t 58 '62.. New S Wale: N Y Cent db 48 '34.. 53 N Y Cent 4138 2013. NY Cenrf 43452013 NYCre lm 68 2013, Cent db 68 '35. ‘37, NYC&StL6s'32. N Y Edison 68 B 44 N Y Ed 1st 6%s 41, NY NH&H 4%5°67. NY NH&H clt 6. NY NH&H ev d NY Rys Inc 6s " N Y Tel 65°41. . NY W&B 43%8°46. . Nia Sh Md 5%s'50 Norf South b8 41 Nor & Wncv 4n 96 No Am Co 6s°61... Nor Am Ed s '57.. N A Ed'son 63 C'69 Nor Am Ed 515 63 Nor Pac 38 2047. ... Nor Pac 55 D 2047.. Nor Pac r 1 63 2047, Nor St Pw 63 B "41. Norway 5s '63. Norway 5%8 '66... Norway 65 '43..... Norway 68 '44..... Norway 68'52..... Ogden&L Ch 4s'48. res-\Wash 48 °61.. ‘irient dev 534 ‘58. Prientdev6s 53... Pac G & 15155 °42. .. Pac T&T 1st 6337 Pan Am Pet 65 1940 Paramount 63 °47.. Paris-Ly M 6s 5| Paris-Or 5% ‘68 Pathe Exch 7s Penna 4%s D'81.. Penn gen 413 65.. Penn 474570 Penn 4%, s 63 | Penn 5564 . Penna ren 5 "68... Penn 615836 . . Penn P&Lt 41388 Peoples’ Gasbs. ... Pere Mar 4% Peru 63 '60. Phillip Pet 5% P CC&SIL 4%s Poland 7s 47 Poland 8s'60 . Port Gen El 4% Pos Tel & C 5 Prague 71 Prussia 6s ‘52 Public Serv 4s Pub SV G 4%870.. Queenland 6s 47 Queenland 7s ‘41 Read gn 4% 8 A '97. Read Jer Cen 4s ‘51 Rem R5%8 A * Rhinelbe 73 4§ Rhine West 6 Rhine West 63 Rhine West Rhine West 78 '50. Rich Ol cal 6 " Rio de Jan 618 '52 R Gr De Sul 68 ‘68 R Gr De Sul8s ‘46.. Rome 6148 °'52..... Roy D 4s'45 ww StL IM R&G 4333 StL&SFIindsA.. StL&SF 4%8'78. St L&SF prIn 55 B. Sao Pau7 1 lauRancumEalas aRvanBeneras e @A BB - Seab A L cv 68 '4 Sea All Fla 63 A '35 Seine 78 '42 Serbs-Cr-S1 7 Serbs-Cr-§1 8, Shell Un O1l 68 ‘47 Shell Un O11 5849 Sinclair Ol 64838 SInc O 7scv A'37. Sinc Cr O 6%s ‘3! Sinc P L 58 4 Skelly Oll 5% SW Bell T 55 A '64 Sou Pac ref 4s ‘56. Sou Pac 43 Sou P 4%8 69 ww. So Pacific 4248 '81.. Sou P&OT 4%8'17.. Sou Ry 58 '94 Sou Ry 6s 56 Sou Ry 6%8 "6/ StOII N Y 4348 61, Sug Es Or 7s '42 Sweden 5% Swiss 5% Talwan E P 5%s ‘71 Tenn Cop 68 “41. Tenn EI P 63 A 47 Ter As St L 4s53. Tex & Ark 538 ‘60 Tex Corp cv bt Third Av ref Third Av 1st Third Av adj 6i Toho EI Pow 6s'32. Toho El Pow 78 '85. Tokio 58 '52... Tokio 5% Tokio El Lt Tol St L & W 4s5°50. Un Pac 18t 4847 Un Pac 45’68 Un Pac rf 4 Un Pac %8 '67. Un P 1st rf 55 201 Unit Drug cv & Utd King 5%8°37.. 455 USRublistba'e7.. 4 Unit SS Cop 65 '37. Un St1 W %8 A 47 UA St W 61435A 51 Utd St W 6348 C'51 Uruguay z Uruzuay 8s Utah P& LG Ut1l Pow bs Util Pow 6 %: Vanadium St 5s 41 Va Ry 4%38°62 1067% 115% and Germany. LONDON. Jul uation was cor the advance of London Saturday toda francs a shipped to Paris t booked several da French exch:nge lower. s p 93y | 1ast few days ; {2mount to cq million sterl Bull that the si siderable less fear t be taken fo tion a gocd impressi 10674 where British be 115% ened BERLIN, Germa cial).—The s i exchanges, r | tial payment As evidence of the nd oday, bu ¥s ag was ¢ ire and n ny. J of stock more Gold Situation Easier. 7 (#).—The gold s rably eased today by the Paris exchange on its maintenance just over the gold point, at 123.90 to the pound sterling. A moderate amount of gold was to be t this onside one point German Cash Reserve Lot ba but to_tin there w rably nproved situa- nased during the e been canceled. The: derably . stressed the opinion has unde; than a con- 1 the gold orders caused on the stock ma: 3 s roce 1 p | rails improved and German bonds hard- home par- e job 3 29% A 101 101 102 102 102102 10415 10415 68% i 100 100 110 110% 1061 1061 100 1000 101% 102 103% 103 1037 104 100 100 961 96 1010 1015 aat 94% 102 10 1083 1083 110 110 87h 19 19 103 66 65 61% 61% 100% 1008, €814 70 73 103 £ 6313 104 4T 987 105 68 85 101 964 i 56 b5 59 56% 2ty 108 47 105 68 £5 101 78 5 59 10614 2% 84 8 765 3 93 96 96 1025 102% 101% 101% 61 61 106 2% 84 1074 1074 961, 93% 9414 913 99% 1065 106 103'% 1032 105 105% 104% 104" 100% 1008 ar - AL 103 104 1055 105% 4% 941 90 90 107 107 95 95 99 99 945 9 561 56'% 100 100 43 991y 99% 100% 100% 81% 82 96% 96% 845 84% 9% 9% 101% 101% 94 94 96% 974 101 101 110% 110% 101% 1013 107% 107% 69%- 6 100 100 4315 434 45% 45% 44 d4m 53 54 Tig 71 103 103 68 681 KE L] 851 854 X% B1% 100% 101 96 94 941 9 5"-‘.\ 9974 | The stock emain deso- for weeks and of getting then op. exchanges seem 1 le the number of pro- Is is g s into hin |u 'is n Even big | cash re ja week or so. | Drain on Britain Heavy. PARIS, { Sir Robert M. directors of the senior pa d ierncr of the Ba | other French bank Lazard here British and French new that Sir Robert discusse gold movemen: which have ass tions and are during any pre It is thoug! assured by M of France wot a helping hand | and at least t sures to persuade | French holders nces in London | not to withdraw them too abruptly. | Until some mezsures are taken to make peace on the gold front, some | American bankers in Paris feel that it | will be n for American banks in their own ini s to continue sup- porting the pound sterling. There are indications of a dcliberate campaign to destroy the last iges of confi- dence remaining u British committment lare said t> be so h out $300.- 000,000—that Great Brit cannot stand the drain of the German crisis, This cguses small French holders of balanc in Lopdon to withdraw them | a n as possib) d also certain | interest rates have been raised in France, which would tend to attract funds. Germany (Copyright. 1931) Broker s> Comment i NEW YORK, July 27 —Stoek-market comment by brokerage houses today pointed out the probabilitv of a lower drift to prices and advised the main- tenance of cautious trading policies. Shields & Co.—If into that quiet downward experienced in May. as expe will be increasing opportunities for in- vestment purchase of the good stocks. While this final corrective phase is un- der way, however. the most advapta- geous trading polid appears to be to sell on all rallies. Smith, Graham & Rockwell—Trend is | evidently downward. with the outlook discouraging purchases. Frazier Jelke & Co.—We do not think the immediate stock market outlook is favorable to higher prices and believe any advance this Fall which may bhe based on a seasonal improvement in domestic_business is likely to start from a somewhat lower level. Redmond & Co.—Business generally continues at low ebb. although fev bright spots occasionally may be seen on_the Horizon. Widespread hopes are still held out for general recovery in September, but if this fails to material- ize, we may as well reconcjle ourselves to a Winter of even greater distress { than that of a year ago. At the mo- | ment, accurate prediction is extremely difficult. Paine, Webber & Co—Doubtless, the news of the week, containing United States Steel’s and Bethlehem's, state- ments, and perhaps wheat prices, wiil furnish the first important Midsumme: test. Tamborn Hutchings & Co.—A fufrther test of the market's technical strength is anticipated. The action of pivotal issues should indicate quite clearly the tude of important banking interests. the market slips t such as d. there Close 106 1028 € % 51's 42 517 90's 107 8 &8 81, 1031 103t 109+ 1034 & Sales. High Va Ry 1st53°62.... 31 106% Wabash 1st 58°39,., 2 103 Wabash 53 D '80. 6574 Wubash 5%s8 75 76 worth 6s A "45. 51t Warn Br Pic 6339, 42 Warsaw 78 58. ..., 517 Sh 1st 45 2361, 9043 West El deb 1073 West Md 43 52 78 Wes' Md 5%s 77 8% West Pac b8 "4 784 West Un Tel 6361, 8 1031, West Union 6 '60.. 18 103k West Un T 6%8°36. 5 1057 WEO5%s'37 ww, 2 103 Wick Sp 1st 7s'35. . 8 Wil-Ov 15t 6345 '33. 99 Wil & Co 15t 63°41. 96 Wis Cen gn 4s 36 51 Yokohama 65’61 100% YrsinSr&T s 1001y ¥ng StI&T 58 B '70. 30 100 Low 106% 102% 65 76 5114 40 514 1 109% 10813 8 99 96 50% 100 100 $9% 99 96 50% 100 100% 9%