Evening Star Newspaper, July 27, 1931, Page 15

[ FINANCIAL. CURBISSUES HOLD | IN NARROW RANGE Wide Movements in Ordinar- ily Inactive Industrials Feature Trading. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK., July 27.—The Curb Exchange steadied and slackened its pace today soft. International issues. despite the firmness of overseas markets, lagged and eased. Electric Bond & Share was a trifie above its previous ciose near midday, but Cities Service was a shade below its preceding final quotation. Standard Oil of Indiana was up about a half point most of the time. A feature of the forenoon session was the wide movements in some of the inactive industrials. Franklin Railway Supply declined 6 points. A. O. Smith Corporation fell 2 points to a new low for the year. Parker Rust Proof rose Rubberoid advanced 2!z polnts. Partial suspension of Bperations by Aluminum Co. of America caused that stock to move fractionally lower. Swift International was up about a’ point. British-American Oil was down 13 on its initial trade. Western Air Express was a featurs of , the air shares, as it gained more than a point. The Ford shares, Canada A and Ford, Ltd. were leaders in the automotive division. Austin made no immediate response to the announce- ment it would resume production early in_August International Utilities, like other overseas securities, dragged along. Bra- gilian Traction was a shade lower and £0 was hydroelectric securities. South American political disturbances brought some selling into American & Foreign Power warrants. During these move- ments International Superpower com- pletely ignored publication of its bal- ance sheet, which showed improvement in asset value per share in the last six months, Neither possible German purchases nor the decree making silver the sole legal currency of Mexico produced an immediate market cffect on the shares of silver mines. Copper continued dull, with Newmont up less than a half point on a few trades. National Sugar Refining in early aft- ernoon transactions was up a trifle. This was true also of Hires A shares. Reflecting the poor June earning re- ports, Pennroad sold off. Natural gas ghares maintained an almost uniformly downward trend. Studebaker Net Gains. NEW YORK, July 27 (#).—Increased et earnings for the June quarter this year over the corresponding period of 1030 were reported today by the Stude- baker Corporation. The report showed that the ratio of net profits to sales was considerably better in the quarter this year, the re- after opening somewhat | Note—All stocks are sold Sto.c ana Dividend Rate. Acme Wire, . Affliated Prod 1.60. 3 Ala Pow cum pf (7). 1008 Allied Mills Inc..... 1 Aluminum Co of Am 1000511 AluCoof Ampf (6). 1 10 4 Am Br B fd shars 1 AmCit P&1.Bb10%. 9 Am Com o 1st pfA 7 50: 4 Am Com P A (b10%) ~Prev. 1931~ High Lew. 14% 6% 2215 11% 115 Bl 224 109% ™ 1 11 s 6 1 Am Gas & Elec (£1).. Am Invest. Inc (B) Am Invest wa Am Maracaibo. Am St Pu Sve(al.60) Am Superpwr (p40c) Am Superp pf (6)... Am Thread pf (25¢). Am Util&Gen (B)vte Anchor Post Fence Anglo Chil Nitrat Appalachian Gas Arkansas Nat Ga Arkans Nat Gas A... ArkP&Lpf(7).... Wks (60c) 123 < El (A) (al). i a Atlas Util COrp. ..o Aviation Securities. . Benefical 1L (1%).. Blue Ridge cv nf a3. Brazil Trac Lt&P(1) Brit-Am Oil reg (80c) Br Celanese rcts. Buff N& E P 1st Butler Bros. . . Cable & Wire A rets. '« Cable & Wire B rets. Cab & W pfrets 19¢. Canada Marconl. Carib Syndicate Celanese Cp pf (7 Cent Atlantic States. Cent Hud G&E (80c) Cent Pub SvcA b10% Cent Stat El (b10%). Cent West PS Aally Chain Store Devel. Chain Stores Stock Chat Ph Al n.v. (1).. Citles Service (g30c) Citles Serv pf (6)... Cit Sv pf B (60c).... Clev El 1llum (1.60) . Col Oil & Gas vte.... Cmwith & Sou war. . Com Wat Ser g12%e Comstock Tunnel Consol Aireraft Consol Auto Merch. . Con Gas Balto (3.60) Crocker Wheeler Curtiss Mfg Co (A). Curtiss Wright war. Dayton Alr & Eng... % De Forest Radio. Derby Oil Refining. . Detroit Afrcraft Cp. . Duguesne Gas Corp.. Durant Motors. . Duval Tex Sul w1 Fagle Picher Lead. .. East Util Assoc cv. . Elec Bond&Sh (b6 %) Elec B & Sh pf (6).. Emp Corporation. ... in one hundred-share lota excepting those designated by the letter s (80s) (250s). Bales— Add 00. Open. Hign. Low. Olose. 12 80 ~Prev. 1831~ % 1% 8lg° 24% 2% 7 v . May Rad & Telev(1)., Mesta Machine (2).. Mid Sts Pet vtc A 22¢ Mid WSt Ut (1%, Mid West Util (8%). Midland Unit (b6% ) 12 18% 115 “~ 117% 12 8% 5 % 519 4% 6 6% Mohawk Hud 1st (7)175s Nat American Co. 5 3% 5. a Nat Pow & Lt pf (6). Nat Screen Sv (2) Nat Service Co...... Nat Sh'T Sec A $60c New Haven Clock. Newmont Mining. NYP&Ltpf (6 N Y Tel pf (6%4) ST TUTIUN- - e O S v P e Niag-Hud Pow A w. Niag-Hud Pow B w. pissing...... ordon Corp Ltd. Nor Am Aviat A war No Am L &P pf (6). Nor Europ Oil Corp.. 90 Nor & So Am CorpA. 1 Ohio Brass (B) (2)..100s 258 Ohio Pow pf (6) Outboard Mot A Pac Pub Sve A(1.30). Pan Am Alrways.... Pandem Oll......... Yarke Davis (+1.55) . Parker Rust Pr (3).. Pennroad Corp (40¢) Perryman Electric. . Philip Morris Inc. Phoenix S C pt (3). Pllot Rad Tube A. Pitney Bowes (b1 Plymouth Ol (1). Premier Gold (12¢). Prod Roy 'p (h10%) Pub Utll Hold war... Pub Utfl Hold Cpxw 3 Puget Sd P&L vt (5) 20 Reliance Int A Reliance Manag Republic Gas Corp. . Rock Lt & P (90¢) Rubberoid Co (4). St Anthony Geld St Regls Paper (60c) Salt Creek Pro(1.40). Schulte 5c-81 St pf... Sezal L & H (a50c). Seiberling Rubber Selected Industrie 1ind alctfs (5%). = Ind prior (5%). . Smith (A0) (2).... Smith-Corona vtc. .. Solar Refining...... South Penn ©11 (1).. South CEdptB1%. 10 ® S SR A~ Stand Oll of Ind (2) Stand Oil of Ky 1.60 Starrett Corp. Stinnes (Hugo). Sunray Ofl (b5%) 2 | supply. NEW YORK, July 27 (#).—Stocks ir- regular; rails sag in dull market. Bonds utllities, foreigns and rails sag. Curb steady; changes normal. Foreign exchanges irregular; \Arlmune peso touches new 1931 low. Cotton lower; fine weather, poor trage cemand. Sugar lower; Cuban selling. Coffee higher; firmer Brazilian markets. CHICAGO, July 27 (#).—Wheat easy; favorable weather, increased visible Corn firm; hjgh temperatures West, damage reported in Nebraska. Cattle steady to lower. Hogs higher. Chilean Situation. NEW YORK, July 27 (Special).— Though Wall Street bankers with a stake in Chile have for months been aware of political diSturbances there, the ousting of President Carlos Ibanez came as surprise. Chile’s external debts have been fluctuating for some time, but this was laid as much to the poor exch.nfi situation and the failure of Chilean business to pick up as to political reasons. It has beem only a few months since Chile was recom: mended as one of the best South Ameri- can credit risks. Though one of the chief grievances against Ibanez was his willingne: 5 to saddle Chile with heavy external debts to provide public works, it is not believed the new government will consider repudiating Chile's outside loans. —e Radio Shipments Gain. NEW YORK, July 27 (#.—Shipments of Philco radios during the months of June and July were nearly 300 per cent greater than shipments during the like period of 1930, officials of the company said. James M. Skinner, president of the ‘company. said the outlook for the radio business this Fall has never been T, SILVER QUOTATX().N S. NEW YORK, July 27 (#)—Bar silver steady and '3 higher at 277%. BONDS ON THE CURB MARKET. Salesin DOMESTIC BONDS. thousands. H 9 Aluminum Co 55 '52 1Am Cmwih Pw 65 ‘40 18 Amer G & E 55 2028 39 2Amer G & Pow 6y 2Amer P & L 65 2016 5 Amer Rad 81,5 '47 . 100 15 Amer Roll Mill 55 ‘48 1Amer Seating 6s ‘36 ias 6s 45 FINANCIAL. Everybody’s Business Reports From Berlin Indicating That the Reich Will Attempt to Work Out Its Own Financial Problems Are Considered Encouraging. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, July 27.—Reports from Europe are somewhat more encouraging. Pending aid from abroad, upon which depends Ger- many’s lasting recovery, the Reich has, for the time being, decided to work out its own salvation. Leading private banks, with the assistance of the government, have organized the Ac- ceptance and Guaranty Bank, with a capital of 200,000,000 marks. ‘This should make possible the complete reopening of German banks, since the cash which the new institution will get will be placed at the disposal of all banks and give them liquidity in case of renewed with- drawals or runs on their reserves. Extent of Borrowing. An analysis which T have just com- pleted indicates that for every dollar Ger- many has paid on account of repartions during 1925-1930, she has borrowed $1.60. Her total borrowings abroad aggregate for the above period about $2,950,000,000, of which $1,855,000,000 is represented by long- term transactions. Reparations payments during the same period total about $2,355,- fi?oé)w exclusive of reparations paid in nd. vinkle The country’s trade balance during the eSS E period under review was adverse to the extent of $2.025,000,000. In- terest on external obligations totaled $665,000,000, which amount is offset appreciably by services rendered, and which are placed at $450,000,000. Miscellaneous credit items are estimated at $795,000,000. Exclusive reparations. but on the as- | Security Holders' Committee on the sumption that repargtions in kind would | railroad emergency, is drafting a new have been replaced by exports of a | plan which is to be submitted to the similar amount to the countries in |State Legislature in Albany. Accord- question, Germanys unfavorable bal- ing to Mr. Dick's proposal, railway ance of payments during the period |bonds are to remain on the legal list 1925-1930 would have amounted to only |if they have earned their fixed charges $395,000,000, or less than $66,000,000 a | 1.6 times in each of the four years | year. If we add reparations, the ad- |ending 1930. verse balance amounts to $2.750,000.000, | It is understood that Joseph A. or about $460,000.000 yearly. This would scem to account for the Reich's |New York State, favors the new pro- need for financial accommodations, 'posal which would maintain railroad Dehsle Lairaas |bonds now legal on the legal list for i | another year. It may be of inter Official Washington regards the |recall that during the war an amend- American financial situation as serious | ment was put into effect providing for in view of the large deficit which looms |a five-year' respite from the then e for the current year. President Hoover | isting requirements on legal invest- mr‘;sequ}:nuy 1unm; deparlmenl‘ heads | ments for railroad bonds. and others in executive positions to | apply rigid economies when submitting | Steel Dividend. | their estimates. ‘Tomorrow at 3 p.m. the directors of It is quite likely that the Navy and |the United States Steel Corporation War Departments budgeting for $358.- | will meet to act on the dividend. A 253952 and $445,765735, respectively, | reduction to $5 from the present $7 will undergo substantial cuts. It is not |rate may be ordered. Assuming a $5 | Broderick, superintendent of banks in | st to | tmpossible that America's rather large deficit is emphasized so that Europe may understand that the debt holiday proposed by President Hoover consti- tutes a real sacrifice on the part of the United States. Railway Earnings. Continuance of unsatisfactory rail- /% | way earnings may result in many inci Str Ry 6s B 96 Cities Bervice 3s | road bonds—the amount is placed | three billion_dollars—losing their leg: status. According to_the existing law, the roads must earn their fixed charges 1.5 times during the five out of six years, including the year directly pre- | rate, the return on the basis of current prices is still in excess of 5.5 per cent, | a_doubtless satisfactory vield uader | prevailing monetary conditions. The significance in the reduction, if | it should be effected, lies in the fact ! | that it might be followed by a down- | ward _adjustment in wage scales throughout the entire steel industry. | |Such a move would be contrary io President Hoover'’s program of wage maintenance. | | However, the sustained low volume of business in the steel industry, wage | | reductions by many other corporations | |and reduced living costs, would seem r2¥» A—15 " BANKING FAILURES DISTURB BUSINESS |684 Institutions Closed, In-" volving $454,000,000, in Half Year. BY CHAS. P. SHAEFFER. ‘The record of the country's banking structure during the first half of 1931+ makes one factor seriously affecting business recovery readily understand- able. » Records of the Federal Reserve Board indicate a half-year total of 684 failures. These involved not only $454,000,000 of * depositors’ money; but proved a dis< turbing factor in the communities in which the banks ceased to operate. A survey of the record indicates that'’ bad management did not account for | all the insolvencies. Rather the extreme = depression, which has made_itself felt™” more acutely in the agricultural sec- tions, would scem to account for a ' substantial _proportion of the in-" sclvencies. Statistics of the board show the State of Illinuis led the list for's 6 months with 100 suspensions. Othcr agricultural States with a high average are lowa with 49. Indiana with 45, Minnesota with 42, Mississippi and Pennsylvania with 37 and Michigan | with 35. B No one type of banking institttion | has escaped difficulties. Even the pro- visions of the Federal Reserve act has failed to protcct member institutions. During the period under discussion 148 | member banks, or 21.6 per cent of the total, were forced to suspend despite the system's restrictions and require- ", | ments. | Of the total suspensions 177 subse- quently reopened, including 21 member institutions, This showing netted 507 institutions closed during the 6 months, including 127 member banks, or 25 per cent. Total deposits of the reopened institutions amounted to $93.662.000. Of the total suspensions during the half year, 121, or 18 per cent. were national banks. " REDUCED 0IL OUTPUT PLANNED IN OKLAHOMA By the Associated Press. . OKLAHOMA CITY. July 27.—Okla- . homa oil producers prepared today to | launch a State-wide campaign for a shutdown of flush oil fields until crude oil prices reach $1 per barrel. Dele-. gates from every State district are scheduled to mect at Tulsa tonight %o further the shutdown cause. Production of the Oklahoma City fields, where most producers have closed in wells under a voluntary agree- * ment, dropped to around 60.000 barre! Sunday morning and was believed lower today. This compares with 251.000° barréls daily production two weeks ago. Grain Market gult of economics. Net profits of the corporation and gubsidiary companies. after reserves for Pierce-Arrow minority stockholders’ in- terest, for the June quarter this year were '$1,219.605, equal to 56 cenfs a common share, against $015.274. or 41 cents a share, in the like quarter last Fairchild Aviation Film Inspect Mach. . Ford M Can A (1.20) Ford Mot Ltd 36 3-5¢ Foremost Dalry Pr. Fox Theater C1 A Franklin Ry Suppls Gen Aviation Gen Leather Co. Globe Undeswr(15¢ » Gold Seal Elec new Goldman Sach T C. Gorham Mf vte (£2)y Hamiiton Gas rcts. Happiness Candy Haverhill Elec v.t.c. Hires (CE) A (2). Humble Oil (12%) Hydro Elec Sec 1.40. 11l Pow & Lt pf (8) Swift Internat (3)... Technicolor. Ine. . Teck Hughes (60¢).. Thatcher Sec Corp. Tran Con Air Tran Trans Lux DLP 8 Tri-Cont Corp war.. Tubize Cantillon (B) Ungertelder Fin Cp.. Unit Corp war Unit Founders, Unit Gas Corp Unit Gas war. Unit Lt &Pwr A (1). Unit Lt& Pwr pf (6). U'S Elec Power ww. U S Finishing. U S Inter Sec 1 USLinespf........ Unit Verde Exten (1) Util P&Lt(AT1.023%). Utility Equitie: Vacuum Oil (2)..... Vie Finan Corp(40c) Walker (H) (50¢) Wenden Copper. ... West Alr Exp (60c) Wilworth (FW) Ltd. 10% Ol & Gas. L1 1 1% 1% 1w Tates 1n doliars based on Iast quarteriy or semi-an- nuai_payment. °Ex dividend. 1Partly extra. 1 able in_ cash oc a or | dividend. _f Plus 5% in | stock. i Plus 2% in stock. stock. n Plus 8% in stock. ceding. if their bonds are to be on the 1 legal list Fairman R. Dick, | to justify an adjustment in wages. . | (Copyright. 1931 by the North American | chairman of the| Newspaper Alliance, Inc.) | By the Associated Press. | CHICAGO, July 27— Jumping 3 AND BOND AVERAGES cents a bushel, com today displaved | nervousness regarding month-end diffi- By the Associated Press. | culties 'in” settling July contracts and ! - - |and as to crop dangers from heat and . L i drought. More than 7.000,000 bushels of July corn_contracts awaited final.. adjustment. Traders who are short of corn have only until Priday to even their accounts or deliver the grain. Corn closed unsettled, 3ga27; cents, advanced, wheat 34a7 1o a shade up, P & L 55 A 2030 0Ei Pa NG 6135 43 ww 97 2 Empize Dist ‘El 5 '3 O&R 5! ear. ” For. the first half, net profits were $2.029.354, equal to 91 cents a share on the common, compared with $2.258.- 702, or $1.03 a share, in the first half of 1930. amn D mRumvaamanEStan tneneee 8ReaRBan STOCKS. 50 .20 Industrials. Utilities, 162.1 161.1 | oats 1galy down and provisions varying u Oil Pa 55 47 166.4 3\“1 St Utl 5s A | from 10 cents setback to 10 cents gain, na 65 3¢ .. 0 3 ;. & | s WHEAT: High. o o i | September A | Decemoer | . corRN— July Scptember | December OATS - July . Eeptember December RYE— July Septembe: December National Steel Corporation. NEW YORK, July 27 (#)—National | Steel Corporation will probably be the only major steel company to earn more | than its dividend requirement in the | first, half of 1931, its carnings for this| period being substantially in excess of the $1 disbursement on the capital stock, according to Wall Street esti- mates. Despite the handicaps of de- pressed industrial conditions and the completion of a $36,500.000 construc-| tion program, National Steel has earn- ed over its 50-cent dividend require- ment in each quarterly period since its | organization at the end of 1929. ) Reorganization Approved. NEW YORK. July 27 (#).—The plan of the Securities Protective Committee for simplification of the capital struc- ture of the Canada Power & Paper Corporation can be considered now as definitcly _approved by the requisite number of security holders involved, a member of the committee said. It is expected that announcement of the ap- rointment of a leading Canadian finan- cial leader to head the reorganized com- »t. £ Three years ago. High, 1931. Low, 1931. High, 193 Low, 19 Imp, ind Per Insull U 5 ins Co ofNo Am 123 4 Intercontinent Fetn Int Petroleum (1) Interstate Equities. . Irving A Chute war. ltalian Superpow A.. Kolster-Br (Am Sh). Leonard Ofl...,. Lerner Stores (2)... MacMarr Stores (1). 4 221a 4 Bia n 1% 9 K Dividend , 1929, 13 Jers C P&L 5 s A e Jer Cen F&L as B Kansas Pow 55 A 5 Keivinator s 36 4 Ken Util.t Ist 55 1 Kimberiy Cla 55 A 1 Koppers G & C & 16 Kopper G&C 3728 15 Libby McN & L o5 1% 11 3678 117 k Plus 10% in stoex. " D Paid last year—no re GEORGIA TOBACCO WALL STREET AWAITING ACTION | AUCTIONS T0 OPEN ON U.S. STEEL COMMON DIVIDEND | BY CHARLES W. STORM, Fditor the News Service of Wall Street. Today. .... Previous day Week ago. Month ago Year ago P 10% 100, 10% sular rate. | Special Dispatch to The Star. - bl el i 5 o 5 NEW YORK. July 27.—The cotton | | market came under pressure again to<"| "4 | | dav. and a decline of a dollar a bale carriad -October to 882 which was' | about 30 points from low records of the veag Operators secmed more disposed | to Mticipate the weight of hedges when the crop begins to move. Room cover- Mia West Mid West Ut bs "2 ev 1 SMinn G & L 1 Miss Fow ranged with these German industrial Growers Hope for Good Prices as| T Low, 1929. 3 Nationai pany will be made shortly. MONEY MARKET. NEW YORK. July 27 (P)+-Call money held at »_per cent, the re- newal rate today. Funds were availa- ble in the outside market at 1 per cent. Bankers' acceptances were quiet, with both demand and supply moderate. Asking rates were unchanged. Time money was dull and unchanged, and commercial paper was unchanged. CHICA-GO STl:JCK MARKET By the Associated Press. CHICAGO. July Following is the complete official list of transactions in gtocks on the Chicago Stock Exchange | STOCKS. s Low. Close. Allied Mot Ind . 1 1 b Ser_pf, 5 ec 500 Cent Pub_Ser A 300 Cent & So_ West 80 Cent West Pub Sy 100 Cherry Burrell 50 Chic Investors . 50 Chic Invest pf 2000 Cities Service 50 Consumers ... 1230 Gont Chicazo . * Cont Chic pf 50 Cont Steel ctfs’ 1700 Cord Corp 800 Cord Sec.. 20 Cord Sec ctfs 70 Crane Co 100 Foote G & Mach: \. 150 Gt Lakes Aircraft. . 20 H 200 Houdaille-Her 250 Houdaille-Her 6 | Reporting Service. Dally statistics will | 130 Perfect_Circle . 160 Pines Winter QRS DeVry 100 100 Quaker 38 Xates, Mo 1o 3 Zen: Bodk “sales todas—46/600 | BONDS. 1l ULl 65 40, .. An Ber Bl 12 4 % Put 92 Bond sales today—#31,000, P % Crop Is of Better Quality. { By the Associated Press. ATLANTA, Ga., July 27.—The first of the several million dollars that the season will bring will begin to flow into the pockets of the Georgia tobacco growers as 1931 auctions open through- out the belt tomorrow. Growers were obtimistic for better prices on improved quality, despite & crop curtailed sharply by drought and other factors. Today buyers prepared 1for the opening of the market and bright leaf to the warehouses. Fifty-six warchouses in 21 markets in the belt will open tomorrow. As a ,|result of delay of maturity of some of the crop, tobacco men have agreed some warehouses may be kept open onger than the customary four weeks if it be necessary. Last year Georgia growers marketed 106,000,000 pounds of tobacco. The crop estimating service of the United Stales Department of Agriculture on the basis of the condition July 1, how- ever, forecast a production of ap- proximately 51,000,000 for this year. Tobacco is already on the floor of the three warehouses at Hahira, where the highest average price was paid last year. An approximate 15 per cent curtailment of acreage in the region led warehousemen to predict lighter sales this year than last. Drought and the heat have also effected the crop. Similar factors of drought and cur- tailed acreage have caused warchouse- men at Douglas, the oldest and one of the largest markets in the State, to | predict a crop 25 to 30 per cent less than 1930. Light sales were expected for the first 10 days because of late maturity of the leaf around Douglas. Douglas has been designated the “key” market for the operation of the Federal State Grading Service and the Crop i be issued. MARYLAND TOBACCO PRICES, BALTIMORE, July 27 (Special).— Receipts of Maryland leaf tobacco con- tinue to increase each week, 1,843 hogs- heads arriving last week, but sales are not quite so active: 694 hogsheads being sold last week. Stocks in State tobacco warehouses are increasing right along, storage. Demand continues good for all cigar- ette grades, but common grades are rather inactive. 100 pounds: .50, sound to good common. $7.002$20.00; medium to good, $20,002$35.00; good to fine red, $36.002$52.00; fancy, $52.002$53.00. Sec- onds, common to medium, $6.00a$30.! good to fine, $31.00a$41.00. Upper country burley, nominal. Special Dispatch to The Star. Railroad Aid Expected. Tea 28 v 65 A 20. NEW YORK, July 27.—The immedi- | ‘The moving up by three weeks of the (Copyrizht, 1031, Standard Statistics Co.) BALTIMORE STOCKS. ate future of the general stock market |hrarings of the opposition to the rail. i road freight rate increase is construe is in the hands of the directors of the , %y jicating that the Interstate Com- United States Steel Corporation, Who |merce Commission is doing everything growers were moving _quantities o P fEUEEE L Bt et week staried 8,015 hogsheads. now being held in| | are scheduled to meet andstake action | Tuesday on the quarterly dividend for the common stock. | | Because of knowledge of the low rate | | of operations of the corporation during the three months ended June 30, and | | the expectation that earnings for that | | period will show little or nothing on the | | common stock, the Street has worked | itself into an unusual condition of mind, fecling confident that the dividend will | be reduced from $7 to $5 or $4 a year. | to shrink in anticipation of such a de- ! velopment. Nothing official has been obtained on the subject. so that declara- tion of the regular payment will be a | pleasant surprise. | Unfavorable Influence. | Reduction of the steel dividend would | be deplored by those important people who have taken a constructive position in the stock market. Such a course of | action is also expected to be unfavorably | construed by the business world. in much as the steel industrv has alway | been considered a barometer of general | trade and industry. A reduction in the | dividend on the common stock by the |leading corporation in the industry | would undoubtedly be construed as in- dicating lack of confidence on the part of the management in the outlook for | general business. | ‘The fact that the corporation has a huge surplus and could pay the reg- vlar dividend at this time.holds out | the hope that the corporation's board may see fit to make the regular pay- ment. Declaration of the regular dis- bursement would be regarded as an ex- pression of confidence by the directors in the future of industry, and would, without doubt, do much to improwe | confidence in the predicted betterment g-] lsenerul trade and industry for the | German Situation. ‘While the possible development with regard to the Steel dividend have for the moment overshadowed the German situation, the conclusion of the London g:rley does not mean, according to nking interests well advised with re- | & gard to foreign affairs, that efforts to extend aid to Germany have ceased. These bankers maintain that the con- ference held abroad accomplished what was most desired, and that was the prevention/of bankruptcy for Germany. ‘The temporary credits and the holi- dm declared on reparation payments wi Germany along until such time as it is ascertained whether additional credits are urgently needed. A way to extend these further credits is expected to be found through the pledges which Ger- man industries have given the Rei¢hs- bank to the amount of $125,000,000. It is expected that if more credits are absolutely mecessary, they will be ar~ | (Copyright, 1931 News} | Allis-chalmers Co. 5s 1937 be sufficient, it is said, to carry|st. L. 1. possible to_expedite & solution of the current_difficulties of the common car- riers. Wall Street continues confident that e transportation companies will be given relief, but it does not belie that the common carriers will receive the full 15 per cent advance applied or. - Better Earnings. Publication of earnings statements for the second quarter of this year re- vcals that in many instances business was not as bad as had been predicted. | The fact that many corporations show- ed earnings for the second quarter in excess of those for the first three months of this year encouraging and would seem to lend color to the Lelief that the worst has been seen in general trade. A compilation by Moody's shows tha* 107 industrial companies showed an earnings gain of 40 per cent in the sec- ond quarter over the first quarter, while the composite net income of 182 industrial corporations for the first six months of 1931 totaled $304,691,000, a decrease of only 28.4 per cent when compared with the first -half of 1930. by the North American r Alliance, Inc.) PARIS BOURSE PRICES. PARIS, July 27 ().—Three per cent rentes, 87 francs 70 centimes; 5 per cent loan, 104 francs 10 centimes. Exchange on London, 123 francs 92 centimes, The dollar was quoted at 25 francs 521 centimes. - SHORT-TERM SECURITIES. . & W. Seligman & Co) (Reported by J. & & coy 1934 e American Metal 5128 American Tel, & Tel. 5’28 i9d3 Bnitimore & Ohlo t1zs 1933, 1 P, 415 ada 55 1087, Chile C Co. 55 Y Denver % Rio Grande 4133 1938 Gen: “Mot, ‘Accep. Corp. 8 1937 General Pubie Sery tH eral Pul eneral Publlc serv] By B on 1033 T Calif, 5 1935 ; & 53°1934 Western Wheeuing via’s agricultural co-operative societies now have a total membership of 600,000 3 23 Pacific G&E 4128’37 1 26Pac G & E 4135 F '60 i & E5s 5 Pot Edis 4. 1 Potomac Ed s . 2unsaa w03 aw W&P 4155 aw WP 4155 D 70 1, 6s A 2025 xw 10478 54 10512 i 29 H 225 i a9 D ais a b 1 w *40 ‘exas Elec 58 3 Texas Gas Ut ‘exas P & L 58 '56. 20 Tri OU1 33 79 T 3 Un 59, 1041 28 Uni Lt & Ry Sias '52 01 7 3Uni Lt & Ry 65 °A '52107% 2 United P 75. 93 $U 'S Rubber és » P &L 4 2 West_Penn 5z 20: 8612 , 6 Wes Tex Ut 55 Ay'57 87% FOREIGN BONDS. 1Buen Alr Pr 7los '47 3 Cauca_Valley 78 t 65 B WV RaES 238835, .452883388 & Terni_Soc 61 6 Unit EI Ser 7s '56 xw ww—With warrants. xw—Without warrants, n—New. wi—When issued. METAL MARKET. NEW YORK, July 27 (#.—Copper, Special Dispatch to The Star. BALTIMORE, July 27.— | ing brought a partial rally in the last | half hour, and the list closed with & loss of 5 to 11 points on the day. Spots were reduced 15 points to 8.80. Cotton range: Low. quiet; electrolytic spot and future, | gaes STOCKS. 73;a8. Irap, quiet: number 2 fob.| Eastern _Pennsylvania, 15.50a16.50: | Buffalo, 15.00a16.00; Alabama, 11.00a | 13.00. ' Tin, quiet; sport and near! 24.20; future, 24.30. Lead, steady; spot | New York, 4.40; East St. Louis, 4.22.| Zinc, easy; East St. Louis, spot and fu- ture, 3.87. Antimony, 6.75. Quick- silver, 95.00. — e Drug Chain Expands. NEW_YORK, July 27 (#).—The Wal- green Co. has organized the Walgreen Agency C6. for the purpose of opening | drug stores in cities of less than 5,000 | 45 Arundel Corporation Baltimore Trust Co 103 Consolidated Gas com 89 %5 Consolidated Gas 5'c cum pfd A 108 4 Consolidated Coal com.......... 2 § Emerson Bromo-Seltzer A st Co.. & Miners 41 Mt Ver-Woodbury Mills pfd 332 New_Amsterdam Cas Co. 2 Pa Water & Power 183 Union Trust Co.... 30U S Fidelity & Gu BONDS:. 1000 United Rwy & Elec 1st_ds 5000 United Ry & Elec fds 5s.... P])}AT&) MARKET. CHICAGO. July 27 ) (United States Department of Agriculture) — | Potatoes, 104 carloads: on track, 286 carloads: total United States shipments, Saturday, 442 carloads; Sunday, 21 carloads; about steady. trading just fair; sacked, 100 pounds, Kansas and Missouri Cobblers, 1.10a1.25; mostly 1.20a1.25; Virginia, barrel, Cobblers, 240a250; few, 2.60; ordinary, 2.15a Population of the Netherland East population. i Indies has just been estimated at 50,- 000.000. Spitzbergen now has only one auto- | ‘mobile. | 225; sacked, ordinary, 1.35. Porto Rico expects & bumper coffee We Offer and Recommend for Investment Chesap;ake & Potomac Telephone Company OF VIRGINfA First Mortgage 5% Bonds, Due 1943 (Callable at 103) Authorized and Issued The “Bell System” in the State of Virginia. American Telephone & Telegraph Company. Net revenue in 1930 available for interest and divid more than eight times the required amount. Outstanding $4,421,000 A constituent company of the ends was $1,892,586, or Legal investment for savings banks in Idaho, Maine, New York, Ohio, Rhode Island, Oregon, Vermont, New Jersecy and Washington, Descriptive circular upon request. Listed on Washington, Richmond and Baltimore Stock Exchanges. "Price 105} and Interest to Yield 4.45% CRANE, PARRIS & COMPANY i 821 15th Street N.W. . Investment Bankers Since 1883