Evening Star Newspaper, July 28, 1931, Page 14

THE EVEN FINANCIAL, A--14 4w FINANCIAL. PRES FORWHEAT | N NARROW RANGE . ~Prev. 1931~ High, Low. Divicend 5 26 1414 Studebaker (1.20). 31 SunOfl (11) 30 Superheater Business Notes - By the Assoclated Press. - NEW YORK, July 28.—Orders for 55 813, | Fall merchandise placed in the New QIMIYOPK markets at the opening of the 87 week were reported substantial and slightly heavier than those of last week Coats were purchased liberal while lightweight woolen dresses moved freely, other styles were bought cau- tiously because of uncertainty over stlhouette changes. The Paris show- ings opened yesterday, but no definite information was received in the New York markets regarding the high lights of the new modes. Practically all of the important manufacturers of balbriggan underwear are filling reorders on goods with a guarantee to buyers against the price reductions which are expected to be put into effect when the new Spring lines are opened around Labor da:. trade circles report. Some of the mills held off as long as possible against, this i practice. but buyers became insistent. it was said, and most of the producers agreed to sell “at value” toward the close of last week. Int&GNad Int Hydro El 6 . Int M Co 58 ret *41. Int Maich b8 41... Int Pap s A *4¢ INtT&T4%s I3t T&T cv 4 %3 Int T & T ba"5 Irish Free St & Italv 78 ‘51 . . (taly Pub Sv 7s ‘52 Japane Iapanese 6%5 54. . Kan City Sou 35 50, Kan City Ter 45 '60. an G & 4155 '80. Karstadt 6s '43.... Kend Glas 48 ww. . Kresge Found 6s 36 Kreug & Toll bs ‘59 Lackaw St b8 ‘50 Laclede 56345 C ‘53 Laclede 5348 D ‘60 Lautaro Nit 68 Leh Valcv 4s 2003 Leh Val 63 2000, Lig & Myers 58 Loew's 65 ex war. Lorillard ss Lorillard 5 Stock and Dividend Rate. 51% 24 Univ Ple 1st pf (8)..340s 31 19% Util PAL A (e42.16). 9 Z % vadasco Sales Cor, 1 76% 23% Vanadium . 87 3% 1 Va-CarChem.. 5 109 98% Va Elec &Pwrpf(8). 108 71% 381 Vulean Det (4).... 408 26 8 Wabash RR. e | 51 19 bash RR (A)..... 1 27% 21 Waldorf Sys (13%).., 1 51 1 Sales— Add 00, High. 56 22% ~Prev. 1§31~ High. Low. Prev. Low. Close. Close. b2 b54% B51% 22w 22% 22% % 29% 1% 107% 50% 12 23% 248 67 \ oo BY F. H. RICHARDSON. 100 | Spectal Dispatch to The Star. 99% | NEW YORK, July 28.—Foreign dollar }"N:v bonds, led by the German group, ad- 8 |vanced substantially today. Domestic 12 |issues were irregular and extremely in- 114 |Active, taking their cue from the stock 261, | market. Volume was not particularly 4% | heavy, but owing to the activity in for- eigns it showed a considerable advance over Monday's business. German 5!,5 dnd German Repara- tions 7s held the market’s interest at the opening with jumps of 2 points, Later the gains were extended and the improvement spread to German Cen- tral Bank issues, which gained 4 to 6 poinis; German industrials, up 3 and 4 points; municipals, up 2 to 5 points, and public utilities, also sharply higher. Offerings were scarce at the start, but % |the advance brought out more bonds. These might have served to depress prices again, but bidders also became more active. There was nothing in particular in (Continued From Page 13.) UNITED STATES. Baien, !H— TR e IL4thais 33-38 40 10427 104 25 104 25 (Bales are 1n $1,000.) US3%s"49 41 101 15 10113 101 14 NG STAR, WASHINGTON, D. C. TUESDAY, JULY 28, 1931. - l I ON NEW YORK STOCK EXCHANG! NEW YORK STOCK EXCHANGE |!FOREIGN BOND LIST BONDS Received by Private Wire Direct to The Star Office. Received by Private Wire Direct to The Star Office STAGES RECOVERY,.,., 2&858%2 o ¥ ILib 3%s32-47. 148 10218 10216 10216 List4%s32-47. 9 10310 10310 103 10 US3%s 40 52 10220 10219 10219 US3I%a4l-42 110222 102 22 10222 USés4e-04... 2 10810 108 19 108 10 Dollar Loans, Led by German Group, Make Substan- tial Advance. %% 290 20% 15 " 1% 107 107 49% 49% 124 124 201 2018 24% 4% 6% 7 21 21 ax 100 100 995 99% 106 106 111% 111% R 8 12% 17 26 664 194 4 5% 68 arket During Week Has] Held Within One-Cent Trading Area. BY FRANK 1. WELLER, Associated Press Farm Editor i The wheat market has held withing “about a cent trading range for a week, and any move up or down should indi- cate the Immediate trend. While some traders can't see any thing but an export basis ’?nd Jower | rices, there is & strong inchnation in! Suarters to own Chicago December | Wheat .merely upon the fact that the| grain cannot be produced by an: ethod of farming known today at even | near present values. . -’ Fair Absorption Reported. | In line with the latter view, commis- { sion houses report a fair absorption of | Wheat by outside speculators who are, buying it because it is so close to the 50-cent level. which in the past ai ways has marked an upturn in values. In truth, the only accounting factor; in market strength seems to be that; prices are fundamentally low and that| 40 9'y Texas Corp (2)...... ‘ Texas G Sulphur (3) i s les. High Low. Close. Abitibi P & P 6853 24 Adams Exp 45 48 Allegheny 68 44... Texas PC& Oil... Texas Pac Land Tr The Fair (2.40). 'hompson Starret Timken Roller (3 Tobacco Products Tobacco Prod A t95¢ Transamerica (40¢c). ri-Cont Corp...... Truscon Steel (60c). 94 Ulen & Co (1.60). 40 Und-Ell-Fisher (5).. 43% Union Carb & C 2.60.. 14 UnOilof Cal (2). 137 Un Pac'fic 110). . 20 Un TankCar (1.60) 207 Unit Atreraft. . 46 Unit Afreraft pf (3). 13 Unit Carbon...... 16% Unit Corp (76¢). . 44% Unit Corp pf (3). 2 Unit Electrie Co Unit Fruit f4) . Unit G & Im (1.20).. Init G & Im pt (5). . U S Express. ..... U S Gyosum (1.60) U S Indust Alcohol U'S Leathar. . USPlpe & F (2 USP&F 1st (1. 20% 4% Warner Bros Pict... 46% 14% Warren Bros (2).. 82 21% Warren Fdy & P (2). 1 105% 95% West PAELA (7).... 108 103, 92 West Pa El pf (6)... 308 112 102% West Pa EI pf (7)... 308 113% 1081 West Pa Pow pf (6). 108 12% - 4% Western Dairy B..., 1 & 19% 9 Western Md. . 1 121 150% 96% Western Union (8) 10M17 36% 20 Westing A B (2). 26 1073% 5% ‘Westing El&Mfg 66 40 18 Westvaco Chlor (2).. 20 8 3% Willys-Overland 10% 4% Wilson & Co A. 72% 54% Woolworth (2.40)... 106% 87'4 Worthington Pump.. 803 66% Wricley (Wm) (4).. 1% b% Yellow Truck. . | 76 42 Yellow Truck pf. 78 39% Yngstwn Sh&Tu). 14 11 Zonite Prod Corp (1) % Am Chain Am F P 58 2030, Am1GChb%s’4d.. Amyint Cp 634845, 3 Am Metal6%s 4., 2 Am N Gas6%s'42., 1 Am B&R 111% H 12% 113% 26 6414 19% 4 @ T AR ea-Bar Am T&T c tr 68 °46. 18 Am T&T 588 £°60.. 13 AmT&T 6%3 43... 16 Am W \yks 5834 i Exacting demands made by candy manufacturers in their purchases of holiday supplies have caused man candy box manufacturers and litho- graphers to revise their present lines, it was learned in the trade. The cand box producers have dropped many of the conventional Christmas numbers and have appealed to designers for new patterns based on modified modernistic motifs and on Colonial and ea American scenes 100% 114% 997, 96y 104 76 541 104 61 1025 851¢ b Argentine 58 1 Argentine b4 22 Argentine May '61. 8 Argentine 6sJu 59, 28 Argentine 63 Oc '69. 12 Argentine 68 A ‘57, 15 Manh Ry 1st 4 Argentine 63 B '68.. 11 Marsellle 65 '34. Arm & Co 7 Mexico 58 A "45. Arm Del § Mich Cen 434 Atchison Milan 6348 62 MIERy &L 484% 264 ¥8'y LY 33 24% 3% 20 17% 45 12 e 5 McKes& R5% RIGHTS. Expire. % Insur Sh Del. Ang10 3 & & Sales of Stocks on New York Exchange. 10:30 A.M. . 100.000 12:00 Noon. % 1:30 P.M. . 400,000 O PM....ocoo Dividend rates as given in the mbove table are the annual cash 300,000 Offerings on declines are quickly ab- o & good mill demand absorbing the sharply curtailed receipts of hard ‘Winter wh t .much ignored as if the country were “on a domestic basis. How long this will Jast is subject to debate. many traders ‘expecting a new rush of wheat when Jeduced freight rates go into effect on ugust 1. A ments to seven centers totaled only 14149 cars last week. tompared with 21,053 a week ago, and had a steadying influence in Central Western markets. It may be argued that re- ceipts are tapering off naturally be- cause of the carly harvest. but most observers are prepared to believe the Jetdown was caused by unfavorable weather for loading and a desire on the part of farmers to hold back for lower freight rates. _ Those who believe domestic values will have to come down to world prices unless foreign countries advance them ideas say American markets have held up thus far because Farm eBoard re- tention of old wheat sent purchasers into the new crop. Now they suggest big consumers have sufficient wheat for some time to come and a a big move- | ment to market after August 1 may find mill demand curtailed and prices at_the mercy of world competition. In that connection, Liverpool is 1 to 2 cents lower than a week ago, due to the gen-ral weak demand situation re- sulting from the unsettled economic conditions in Europe and prevailing trade barriers. High tariffs keep native wheat at $1.73'; on Hamburg mar- kets, $1.80'; at Paris and $1.28 at Milan. Meantime, new Russian wheat ready for shipment sold last week at Liver- pool at 58'. to 603, cents a_bushel: 63-pound Argentine wheat, afloat, at 54 cents: No. 1 hard Winter (Ameri- can) at 607a, Gulf port quotations, and No. 4 Canadian Manitoba at 57 cents. Price Prospects. Some say there probably will be no radical ¢ are roduced next year in the whole Northern Hemisphere. The Depart- ment of Agricultur> estimates the world wheat crop will be 250.000,000 to 300.- 000,007 bushels less and a 30 per cent raduction in acreage is forecast for mew plantings in both Argentina_and Australia. While Germany expects a crop about 28,000.000 bushels larger than last vear, the Russian harvest is not coming up to expectations, toba are for a crop of 55 to 70 per cent normal, in Saskatchewan less then 0 per cent, and in_Alberta 70 to 75 per cent of normal. Light yields are in %rosp@rt in the American Spring wheat -lt, where harvesting already has tarted bacause of the hot, dry weather, hich hastened maturity. Although the Grain Stibilization Cor- Yoration denies rumors that it has con- dracted with Eastarn interests to take its oldings—a ng which right now “would mean much to the political and ®conomic situation, providing the grain avere not ofiered in such a way as to “depress prices—there is a disposition to await further developments in the matter. The corporction is reported to have sold 50,000,000 bushels abroad over the last weekly marieting period, and some close to tha current grain siiuation ex- pect the board to announce within a f-w days the actual amount of wheat it ie holding. Its purchases are be- Sieved to have boen close to 300.000.000 but es may hova stocks to around 200,000,000 sppeanesencas current re- - Spring broilers, 3 35; 2 to 2': to 2 pounds, 28a Hennery, eipts, 15a17 « Poultry, alive ounds and ov wpounds, 322331, <0, Leghorn br smedium. 22a23 mall. 18a20: $16: :mall, 3 Dressed fand over, 3 81.: 11, sbroilers. large slarg 25a26; thens, 17a18; 214; Long Island ducks, 21a2: . Meats—Beef. prime. 14'.a13; choice, $14al4',; medium, 12'.a13; cow, 11; *veal, top, 13al4; lamb, stag, 21; medi- um. 19a20; pork loins, 8 to 10 pounds, :23a24; 10 to 12 pound:, 19a20: fresh shams, 19220, smoked hams, 21; lard, 101, ali: strip bacon. 24. Fruits—Watermelons. 30a loupes. 50a Ridgoways, 1.00a1 California. 3.00; honevballs, 2.2 3.50; boneyde 150a1.76; orange: California, 4.75a5.50; Florida, 5. slemons, 5.50: limes. per 100, 1 Ibananas. 1502200 apples. per Soushel, 00: box stock, 2 huckleberries, 50: pineappler, 00; peaches. 00a2.50; pears, 3.23; figs. 1.00a1.50; “nectarines, 1.75: plums, 2.75. + Vegetables—Potatoes. per barrel, 2.00; Ssweets, per bushel, 1.75; tomatoes, two- speck basket, 50a corn, five-dozen esacks, 75a1.25; celery, 2.00; “Iceberg, 5.00: string beans, slimas, ~ 3.00a3.25 3.00; peppers, 1.00; egapk rinach, New Zealand 22a23; . large, 158 12a13. 3 pounds pounds, 37a . Leghorn . 28: hens, rooster: broiler 28230 smal!, canta- Construction Work Planned. NEW YORK, July 28 (4)—Directors Jof Central Public Service Corpora:ion “have authorized construction work at sthree of the company’s gas properties, including the laying of a 19-mile pipe *line. The three projects, it was an- ounced, will effect substantial operat- ng economies at the properties in- olved. The pipe line will permit the | Zsupplying of gas for the company's sproperty at St. Johns, Mich., from the Owosso plant. Gas ¢ ailable to (hc communities of Ovid sand Shepardsville and other irtermedi- sate territory. Other work suthorized in- Sctudes the rebuilding cf gonerating eecuipment and the construction of a scoke-handling plant at Salem, N. J.. ‘and the rebuilding and modernizing of .gas-generating equipment at Salis- *bury, Md. Japan has 30,000,000 farmers, ac- cording to a recent esnmn', at, foreign news is almost &s | nge in prices until acreages | than last season, ! d prospects in Mani- | reduced | Leghorn | sma.l, 14al5; roosters, lJa; e glso will be | U S Rubber. 17 S Rubber 1st pf. U S Steel (4) . U S Steel pf (7) Unit Stores pf (4). Univ Leaf Tob (3). O Tt RUSSIAN ECONOMIC PLANTS STUDIED | Treasury Department to De- termine Application of Tariff | to Soviet Goods. BY WILLIAM BRUCKART. With the German economic crisis |alleviated for the moment, Ogden L. | Mills, Acting Secretary of the Treasury, | has begun to read up on Russia, prep- aratory to dealing with a problem aris- ing under the tariff act of 1930 There is & provision in the tarlff act that prohibits importation of merchan- dise, manufactured wholly or in part {by forced or indentured labor. It be- | comes operative automatically on Janu- ary 1, 1932, and its troublesome char- acter already is recognized at the Treas- ury, for there is much preliminary work |in"the shape of policies and regulations { to be laid out. | No longer tied up literally day and night_in White House conferences on |the German_ situation, Mr. Mills this | week 1s familiarizing himself with the | cetails that are necessary to an under- standing of Russian methods, because, as the Treasury learned in enforcement of provisions barring convict-made | goods, Russia enters this new picture. | The Acting Secretary, who is under- secretary and in general charge when Secretary Mellon is not at his desk, is faced with drafting the regulations to |carry out the forced labor sections as | well as the Treasury policies regarding { them. Studies Russian Economics. It is a delicate job. He recognizes | that, and has consuited with several au- | thorities on Russia. Moreover, it was |stated officially today, he has invited |several outstanding experts on Russia |to_supply him with a_young library of i volumes devoted to Russian economic | policies and activities. From these he hopes to acquaint himself with the vari- | ous slants available as to what the Rus- ans are doing and how they are doing 1t. The tariff act provisions which have | caused this study are contained in sec- | tion 307, wherein it is stated that “all 1 goods, wares, articles and merchandise, | mined, produced or manufactured (wholly or in part in any foreign coun- try by * * * forced labor and (or) in- | dentured labor under penal sanctions | shall not be entitled to entry.” Further, | the section, after fixing January 1, 1932, as the effective date, defines “forced |labor” as meaning “all work or service | which is exacted from any person under the menace of any penalty for its non- | performance and for which the worker ! does not offer himself voluntarily.” Interpretation and enforcement of | that language as it stands obviously | present plenty of potential trouble. but i Congress gave the Treasury and its { Bureau of Customs additional work to {do in connection with the forced or indentured labor clause. by specifying that the prohibition shall not be oper- ,ative. if there is not sufficient output of any ccmmodity to meet “the con- | sumptive demand” within the United | States. Thus, the Treasurv has to | measure the market. a purelv domestic | matter that is burdened with just as |much delicacy as the international | phases of deciding when a foieign- made product is not entitled to entr | "The Bureau of Customs has found lately that every time Soviet-made goods ,were presented for entry at the cus- {tem houses, domestic interests chal lenged the shipment as the product of convict labor. A policy finally was evolved. Now shipments from Russia are al- lowed to enter this country providing it is shown that they originat'd south of | | 60 degrees north latitude. When that | fact cannot be shown, the burden is | | placed on the consiznor to show that convict labor did not enter in any way | {into production of the consignment. Forced Rabor. On top of this, aft:r January 1 will ‘come determination of whether the ship- | ment was produccd wholly or in part | | by forced or indentured labor 2s defined | by law. Of course, Russia is not the | only country which will have to be con- | sidered. But some of the other countries R By the Associ STOC 50 Industrials. ....108.2 106.9 Mon'h 2g0... Year ago. Two years 2go Three vears ago. High, 1921. Low, 1931. High, 1939, Low, 1930, High, 1929. Week ago Mer'h ago Year 2g0. Two years Three years go. High, 1931. Low, 1931. High, 1930. Low, 1930, High, 1929. Low, 1929. fare to be liberally or rigidly TUESDAY, extra, no regular £ Plus 8 ! in special preferred UTILITIES RATE tock. no regular rate. n Plus 5% in stock. payments based on the latest quarterly or half-yearly declarations. Plus 4% in stock. IPlus 9% In stock. b Payable in stock. e Payable in cash h Plus 2% in stock. ) Plus 50 cents k Plus 3% in stock. m Paid this year— a Paid rate. n stock. AGITATION' TENDS TO DEPRESS SECURITIES Investors W;ll Not Pt;rch;se Stocks of Companies Which Are in Controversy With State Governments. BY CARLTON A. SHIVELY. Svecial Dispatch to The Star, NEW YORK, July 28.—Believing that public utility rate disputes will become increasingly frequent ss a result of political agitation, investment firms in Wall Street. which specialize in utility | securities are paying closer attention | to the rate question. Mcre interest is own in the State regulatory commise jons. in records of voluntary and or- dered rate reductions and in all things glving an indication of how customers in the larger communities feel toward ccmpanies supplying electric and gas service, Some of the inquiries received by in. vestment firms indicate that prospective purchasers of utility securities showing a preference for companies having the least friction with State au- therities on rates. Recent controversies of the Governors of Oklahoma and Kansas with natural gas companies, in which summary action of one kind or another was threatened if rate demands were not met, have created some ner- veusness among utility investors, Political Hostility. Demand for lower rates is, of course, mor= or less continuous in some sections end by some pecple in authority or hoping to obtain it. Added to this now are the business depression and the sharp fall in commodity prices. Politi- cal hostility is, of course, more embar- rassing in a period of economic unrest than in prosperous times. When times are good. revenue losses through rate cuts often can quickly be made up from expanding gross earnings. Public utility leaders say they are not especially worried over the general matter of regulation o long as the States confine their efforts to seeking rates fair alike to the consumer and th> utility ccmpany. They are an- noyed by what they regard as attempts by politicians to regulate profits of the industry through the medium of rate control. They also deprecate the suggestion from political scurces that the relative- ly favorable condition of the industry in depressed times is in itself an indica- tion that rates should be reduced. It is will send products, such as rubber, which will bz admitted because there is no rubber produced in the United States and the provision is rendered inap- plicabl> in that event. Before it drafts regulations to carry out the statute, the Treasury must decide what sort of policy is to be fol- lowed. That is, whether the grovisions nstru-d and what sort of proof it wijl demand befor> Admitting cargoes tHat might have had their origin in districts where it is known_that types of forced labor | are used. In other words, it appears that the Treasury must determine in | it will lay down regu- | advance whethe; lations that consider all consignments from “suspected” areas as having bcen the product wholly ot in part of forced labor, or whether it will consider them free of taint until challenged. (Copyright. 1931 ) NEW SECURITIES. NEW YCRK, June 28 (#).—New se- | curities offered today includ Luzerne County, Pa. $2,000.000 33, per cent bonds, due 1931 to 1941, priced to yield from 2.25to 3.625 per cent, by E. H. Rollins & Sons. PARIS BOURSE PRICES. PARIS. July 28 (#).—Three per cent rentes, 87 francs 90 centimes; 5 per cent loan, 104 francs 10 centimes; ex- change on London, 123 francs 90 cen- times. The dollar was quoted at 25 francs 5172 centimes. U. S. TREASURY BALANCE. The United States Treasury balance announced today »s of close of busi- ness July 25 was $300,664.992.65. Cus- toms receipts for the month to date were $28.307,019.79. Total ordinary ex- penditures, $5,688,399.80. STOCK AND BOND AVERA ated Press. JULY 28. ! Utilities, 101.2 1013 101.4 100.8 1003 97.1 re | felt that such logic would result in penalizing one industry simply because others were suffering. It would bring to public utility security holders the anx- |lety now assailing holders of rallroad and industrial stocks and bonds, with- out_economic justification. Evere since the congrassional ele tlons of last November it has been | feared that the new Congress, which | meets in December, might pass legisla- | tion to give the Federal Government control over holding companies domi- nating interstate cperating groups. A Federal law regulating the interstate | transmission of power is expected by the industry. and if Congress confines its activity to that, public utility man- | agers will be more than satisfied. | "The press for lower public utility rates at a time when the railroads are seeking higher rates, frankly on the grounds that they need the money, is an interesting section of the present | economic pancrama. It has its coun- terpart in the investment practices of large receivers of money. such ss the insurance companies. Reports that any | Jarge insurance compan- has sold rail- |Toad bonds heavily for a shift into public utility bonds probably are in- | accurate. Railroad bonds once were the mainstay of the insurance com- | pany investment, but in the past two | years or o there has been a strong | trend into utilities. A factor which has | heretofore kept this type of invest- ment down has been the comparative scarcity of good issues. Railroads have | been the only large and safe borrowers | outside of governments | Plight of Railroads. Rallroads are suffering while the public utilities are doing well, partly because the former have by no means & monopoly on their transportation product. Most utility companies (power, light and heat suppliers) are virtually alone in their field. Another reason is that a large item of cost in trans- portation—wages—cannot be regulated at will. With the public utilities, wages are relatively much less important and they can be cut without much notice being taken of it as of political or social importance. (Copyright. 1931) | INVESTMENT TRUSTS NEW YORK. July 28 (#).—Invest: ment trust securities (over-the-counter market) : | {A A An Am Am C Trust_Shrs C Trust Shrs Am Investors & Cont Corp & Gen Secur & Gen Secur & Gen Secur Brit & Cont 6 Composite Tr Shrs Founders 6~ pi Founders ot Founders 1- com Founders conv pf etfs | Am Founders war | Am Founders 1-40th com |Am Ins Stocks |Assoc stand Ol Atl Sec pf... Atl Sec_war Al & Pac Ini uniis Atl & Pac com ww Atl ‘& Pac ‘pf war.. Bankers Nat Tov.. Bansicilla Corp. . | Basic ‘Industry British Type Invesi | Century Tr surs | Chain & Gen Equities ! | Chain & Gen Eauit 6'57 pf | Chain Store mmvest . %7 Chain Store Invest pi Chartered Invest Chartered Irvest pi Chelsea Exchange A Chelsea Exchange B Cumulative Tr Sh Corporate Trust s Crum & Foster 8% pf Crum & Foster Crum & Foster Ins i pf. Crum & Foster Ins Deposited Bank Shrs N Y Deposited Bank Shrs N Y Diversified Trustee Shrs Diversified Trustee Shra Diversified Trustee Shrs Diversified Trustee Shrs Equity Corp com 4 Equity Corp pf... .1 Equity Trust Shrs. First Amer_Corp . Five Year~PFixed Tr... Fixed Trust Shares A. Fixed Trust Shares B Fundamental Tr Shrs Fundamental Tr Shrs General Eauity A. Granger Trade ... Gude Winmill Trad. Incorp Investors : Incorp Investors Eauit Independence Tr Shrs Int Secur Corp Am A Int Secur Corp Am B.. ' Int Secur Corp Am 67 B .. Int Becur Corp Am 6'z bf. Invest Tr Associates.... Invest Tr of N Y Coliat Investors Trustee Shares . Jackson.& Curtis Inv Assoc.. kson & Curtis Sec pf... Leaders of Industry A.... Leaders of Industry B Leaders of Industry C Low Priced Shrs.. Major Corp Shrs: Mass Investors Tr. Mohawk Invest..... Mutual Invest Trust A Mutual Manage . Nation Wide Secur D E e A B 53 pf pf 4. 5% A B c D A B 5 4% N Y Nor & South Am Corp Nor Am Trust Shares. Oil Shares units. Old Colony Invest Tr. Old_Colony_Trust Asse Petroleum Trad A. Public _Service Tr. Representative Tr Shr: Secur Corp Gen $6 pf. Second Int Secur Corp Second Int Secur Corp B. Sec Int Secur Corp 6% Isi Selected Am Shares.. Selected Income Shrs.. Selected Manage Trusiee. Shawmut_ Bank ... Spencer Trask Stand Am Shrs.. d Collat Trustee . Street Invest... r Corp of Am Tr A. r Corp of Am Tr B! per Corp of Am _Tr Super Corp of Am Tr D. Trust Shrs of Amer Trustee Stand Invest C Trustee Stand Invest D 7 20th Century % * |'Wash. Loan & Trust (14}l [ the European news to account for.the { strength. Hopeful aspects of the sit- uation were the evid-nce of a new Eu- ropean_co-operation in the help being given Germany in her banking difficul- ties and the $100,000,000 credit given the Bank of England by th: Bank of France, and the strength of continental markets. Other European issucs to im- prove included Austrian 7s, Italy 7s, Greck 65, and those of the Scandinavian countries. Buying of Dawes r:parations 7s followed a heavy London demand for the same bond on the argument that it is a first lien on all German revenue. In the South American group the out- standing development was the improve- ment, in Argentine issues. The 65 were 4 to 6 points higher. Argentina’s bonds have been depressed because of the Chilean situation and because of Presi- dent Uriburo's efforts to keep all active m mbers of the late Buenos Aires gov- ernment out of the new elections. But | trade fieures and first half vear em-| | ployment returns have aided th= coun- | | try” politically and economically, and ! | Aigentin- exchange has firmed | Brazilian issues were higher by 2 to | 4 peints. Chilean’ bonds continued to ' decline narrowly, though the offerings | were small { In the domestic department little of | not: occurred. R:ilroad issues held | surprisingly well. considering the fact that railrcad earnings repor.s have again proved disappointing. with a 24 | per cent drcp revealed by the earnings { of 44 Class 1 roads. Frisco 4!,s around 52 and St. Lou's Southwestern 5s at 60, mirrowed the better position shown by the Southwestern roads. Narrow lcsses in bonds of the Baltimore & Ohio, New York Central and other Eastern roads | reflected doubts concerning wha# the State of New York will do about re- | | taining these investments cn the list | | legal for savings banks and trust funds. | Industrisls were {rregular. Postal | | Telegraph 55 gained a point in svm- | pathy with improvement in Interna- | tional Telephone securities, which firm- | ed with foreign bonds. international | Match 5s were up substantially. Phila- | delphia & Reading Coal & Iron 6s | and Consolidati-n Coal of Maryland 5s reflected a better showing in coal in- | ventories. | Washifiglon Stock Eichange; SALES. | Potomac Electric Cons. 55—$1,000 at 1057, Washington Gas 6s “A"—$100 at 102',. Washington Rwy. & Electric 45—51,000 at 923, $1.000 at 92!, $10,00) at 92'., 51.000 at 9255 Potomac Electric 6% pfd 20 at 113 », 10 at 113" Potomac Electric 5!2 10 at 11054, 10 at 5at 110, AFTER CALL. Electric Cons. 55—$1,000 at 70 at 11315, 50 at 1137 —5 at 110! T 11012, 10 at 110" Potomac 105 Bi;i and Asked Prices. BONDS. FUBLIC UTILITY. & Tel 4'.s 39 Am. Tel. & Tel. ctl. tr 5% Anacostia & Pot. R. R. 5s Anacostia_& Potomac guar. C. & P. Tel. of Va. 5s,... Capital Traction R_R. 55 City & Suburban 5s Georgetown Gas st 5s.... Potomac Elec. cons. 87 . Potomac Elec. 63 1953 Wash.. Alex. & Mt Vernon ctf Washington Gas 428 E Washingion Gas 5s Gas 6s. series A Wash Gas 6s. series B Wash. Rwy. & Elec. 45 MISCELLANEOUS. Ross, Inc. 615 Amer. Tel 550 Barber & gheve Chase Club 51ss ‘Colymbia Country Club 5':s. D C. Paper Mfs. 65 .. W. M. Cold Storage 55 STOCKS. PUBLIC UTILITY. { Amer. Tel. & Tel. (9) Capital Traction_ Co. (4} Wash Gas Lt Co. (18) N.& W. Steamboat (12} Pot “Elec. Power 6, ptd Pot. Elec. Power 51u%c pid Wash. Rwy. & EI com. & El pld. NATIONAL BANK. Wash, Rwy. Capital (14) | Columbia (12} 2 Commercial (siamped) (10} District (8) o Nail. BK. & Tr. (@) Fed -Amer (] Liberty (7§) Lincoln (121 S Metropolitan (14, Riggs (158) Second (9e) 4 Washington (13) TRUST COMPANY. Amer. 8ec. & Tr. Co. (15). Conti Natl. Prince Union Trust (8s) SAVING BANK. Bank of Bethesda (65).. Com. & Savings (10) East Washington (12). Potomac (101 Sec. Sav. & Com. Bi Seventh_Street, (12). United States !30) Wash. Mechanics (20)... FIRE INSURANCE. American (12).. Corcoran (10 145 TITLE INSURANCE. Columbia (6hy ..... e 9 Real Estate (6h) . 145 MISCELLANEOUS. Barber & Ross. Inc., com Col,_ Sand & Gravei pfd. (7 D. C. Paper Mfg. pfd....... Dist. Natl. See, pfd. Emer. Bromo-Selz, Federal Storage pid Fed.-Am. Co. com. (1.20f) | Fed.“Am. Co. ptd." (6 Lanston Moriotype (8 = Mer. T:. & Stge. com. (10) Mer. Tr. & Stge. pfd. (7) Mergenthaler Linotype (61 Natl, Mtge. & Inv. ofd, (8. Peoples Drug Stores pfd. (67 Real Est. M. & G. ptd. (8)..... Becurity ‘Storage (4e) < Ter. Ref. & Wh. Corp. (3 The Carpel ay. W. Mech. M 4 Woodward & Loth. com. Woodward & Lothrop pfd. *Ex dividend. 520 extra DbBooks closed. y2rate ext n2Sc extra. 37 extra. 130c extra. 4% ext §1% extra 157 extra. ella% extia. @) CLEVELAND, Ohio, July 28.—Direc- |tors of Shervin-Williams Co. paint " I manufacturers, have declared an extra dividend of 12!, cents per share on common stock, in addition to the regu- lar $1 quarterly stipend, continuing a policy of preceding quarters of the year. The payment is equivalent to 18 per cent annually on par value of the stock. The regular quarterly dividend on 6 per cent preferred stock also was declared. President George A. Martin earnings in June were about $160,000 above the same month last year, P | Buenos A 65 Australia 4 %8 56.. Australia bs ‘66 Austraiia 58 57 Austria Austria 7s B&O 4348, B&O4Hs Bd&Oconv 4 Ba&O LIston 48, B&Orel s 6. & O 58 D 2000.... B&O 6895, Bk of Chille 6448 Bk of Chile 6% 861 Batay Pet s Celgium 6% '49. .. Gelgium Belglum Bell Te: Lell Tei 1'a 53 C 60 1 Ind Loan Co 6546 iserlin Cy £l 6856 Berlin Betn Lolivi Lolivia 75 Bolivia s 4b. Eordeaux 68 34 Bost & Me 43861, Los & Me b8 95 £0s & Me ox '6 55430 0e 56 Budapest 6s 1PV, Buff Gen Ei 433881 BR& LAY 5 Bush T Blds s ‘60, Canada 435 ‘36 Caliaua oy o Can Nat By 415 Cau skl 4ze v Cun Nat 43y n Nat b dui Can Nat 58 Can Not 638 ab ‘46 Can Fac geu Can Fac 43543 46, C | Centill GSE 5 €L Pac 4 4. | Cent Pac 55 6v.... Ceri-ta dev b iy s 48 Ches Corp bs 47, C&O4RsA 93 [C&O4Rns B ni& AlL3s. |CBa&Qgends oy, B&Qiiasl 31 23 18 17 1001y U 100y 101, 105 1W05Ys 2 1lyw CB&Q 11 ay 333849 2 ChiGrt West 48 5y Chi M & SUP 435y, | Ch M&StP 43,8 Chi M SU&F o3 76 Chi M & St P ad) ba Chi & NW gn 4s 87. Chi& NW con 4%s. Chi RI&P gn 45 88, Chi Lld P rr4m3e [Cht ki Lev e3as 60, Chi RI&Fac 4% 852 Chi Un Sta 435 63. C& W inucv 43 ‘52, 2 C& W indsths Chile 6860, Chitle 6361, Chile 65 °63. tiana 63 5. CCE&SUL 48 Clev Term 3. Cologne 6138 '50. ‘_olomb 6s Jan 61.. Colombia 68 ‘61 Ocf Colo & Sou 4398 °35. Col G&X bs May 'b2 Col G&E coup 5561 Com Inves 58 4y. C C Md 1st rf 65 ‘60 CGas NY 4%8'95wl ConG N Y blas 45, Con Pwr Jap 6% Con Pow Japan Consum Pow Copenhag bs Cuba 638 45.. Cuba R R 6852 Csecho 83 51. Czecho 98 '62. .| Denmatk 6343 ‘66 Denmark 6s 42. D&RG W 585 Det Ed G&R4% Det Edison rf 55 '49 Dutch East 16547, Dutch East'l 6: Erlecv 5s '67.. Erie 5875 Erie & Jer Finland 6%s '58. Finland 635 ‘56. Fu nd 7s ‘b E Coast 53 Fram 1 D 7348 '42.. French 784y, . French Gvt 7348 41 Gen Cable 5%s '47. Gen Motors 63 °37.. n Th Eq 63 '40 ‘man 5%8 65, n Bh 6: Cen Bk 6560 J Ger Cen Bk 65 '60 O Geiman Bank 78 o Ba sSunan muefnneia® neland e 10 German 7s rep '49..120 Goodrich cv 6: Good 1st 6% Goody'r Rub 58 '67. GrandTr f db 6 Grand Trunk Grt Nor 4%s Grt Nor 5873 Grt Nor gen 7 Hud & M ad) 68 '57. Humble O11 6s '37.. Hum O&R 6%4s 62. MBTistpfosa.. 111 Cent 43 52 . 111 Cent 4 11l Cent 55 I CCSIL&N 6s A.. 11l Steel 4345 °40. Inland Stl 435 A'78 Inland Stl 4s% B'S1 Int Rap Tr 68 Int Rap Tr Int Rap T Int Cement Int & Gr Nor snamadtitcarion anan conn sote 1011 Yisg | NoAmCoss 61... MSP&SSM 514 T4%s"78 MK &Taiibs'67.. MK&TprinssA. Mo Pac gen 4 Mo Pac 68 F '77. Mo Pac ref 5s ‘31 Mo Pac5%mev ‘49, Mont Tr 1st 6s 41, Montevideo 7s'52. at Dairy 6% 48, N ‘5., 013.. N Y Centdb 6 '35.. NY C& St L 4337, &StL 4348 18, &SUL6%sA & StL6s 2. K Ed 15t 6%8 41, NH&H 4%s 67, NH&H cv db 68 O&W 1st 48°92. Rys Inc €s'65. . NY S&W 1st 58°37. N ¥ Tel 68 N Y Tel4%s3 NY WEB 4% 3 Nia Sh Md 5% 50 Nord 6%s ‘50 Norf South 58 4 or & Wnev 23 v ¥ NY NY NY NY Y NY NY N A Ed'son §5C 69 Nor Am Ed 5345 '63 Nor Pac 4897, Nor Pacr1 A Nor St Pw 6a A *41. Nor St Pw 6s B "41. Nerway s " Norway 5% 65... Norway 6s'43..... Norway 6s 44, Norway 6s'52..... Ogden&L Ch 4s '48. Ore Short L 55 gtd. Jreg-\asn 45 °61.. Orient dev 6% s ‘58 Orlent dev 63 63 PacG & ) 63 '42 Fan-Am Pet 63 ‘34. Paramount 6s 47 o o s aEnamm B2unm cfeREanSafiais Penna 4%s D'81.. Penncy4%s'60..., Penn gen 4143 65.. Penn 445 Penn 4% s 63 Penn 5564 .... Penna gen 5s '68 Penn 648 36 = Penn P&Lt 4133 '81 Pere Mar 4135 80.. Pere M 1st 53 '56 Peru 65 '60. Peru 6s ‘61 Phila Co 5 Unila & Philliy Pe: 53 Philippine RR 4s. b F M 6343 CC&STL 43877, PCC&SILISA.. PCC&Si1L5sB.. Poland 6s "40 Poland 75 *47 Poland 8s'50 . Port Gen El 4% Porto Alegre 8: Por RTam 6s Pos Tel & C &n Prussia g E Pub SvG 4%s 67.. Pub Sv G 44870, Pure Oll 5348 °37... Read gn 4% 8 A '97. tem Arms 63 A *37. Rem R5%s A Rhine West 6s'52.. Rhine West 63 '53 Rich Ofl cal €5 "44. Rio de Jar 61 R Gr Da Sul 6: Rio Gr W Rome § Roy D StL&SFin StL&SF 434878, St L&SF prin 55 B, StLSW ist4s StLS W bs 62 Sao Pau 78’40 reus, Sao Paulo 85 '3 Sao Paulo 8s°59.... Saxon Pu W 634s'51 Saxon 7s"46. Seine 78 '42 Serbs-Cr-S1 78 "63.. Shell Un Ofl b8 *47. Shell Un O1l 58 49. Shinyetsu 6338 °5: Sinclair Ol 63838 SincO7scv A '31.. SincCrO6%s 38, . Sinc P L 58 '4: Skelly Oi¥6% Sou Bel T&T SW Bell T b Sou Pac coi Sou Pac ref 4 Sou Pac 43568, .. So Pacific 4 %s'31. Sou P 4% Sou P&OF ¢ Sou Ry gt Sou Ry bs ‘94 Sou Ry 6s 56 Sou Ry M&O 4s ‘38 StOil N J bs'4s. StOIIN Y ¢%m Sug Es Or 7s @ M o, & e Taiwan E P 5%s'71 Tenn EI P 63 A 47. Ter As St L 4s ‘B Tex & Ark 6%8 Tex Corp cv bs Tex & Pac 5s B'77 Third Av 1st 68 '37 Third Av adi b Toho El Pow Toho EI P Tokio 6%8 T°k|gEl Lt 68" b Un Pac 18t 48°47. P SIS IO IR ISP IR - | P L = 2 oo P Un Pac rf Un Pac 448 ‘67 Unit Drug v § Utd King 5% 37, U S Rub 18t 6847 UA St1 W 6% 5A ‘51 Urukuay 63 '60 Uruguay 8s Utah P& L Ut1l Pow 58 ‘69 ww. Utll Pow 5343 "47.0 S —mn P S-trm - el 1001, 6215 1024 10015 7L 53 9114 10614 1164 . 6215 102 111% T4 53% 53 K314 [ 133 101% 100% 1081, 1001 621 10212 1113 74 10015 71 106% 10514 8115 | 94's 106 29 100 101 10: 101% a3y 1100 105 106 100 1021, 10415 1047 101 BTy 104 oy 63 6315 234 106 1008 10810 Prices on skunk auctioned at the opening of the four-day Summer sale of the New York Auction Co. advanced 10 per cent over previous levels. More than 65 per cent of the skins offered §re s0ld,"the highest price-paid bring 2.90. PRODUCERS IN PLAN | T0 REDUCE OIL FLOW Independent Well Owners Agree to Curtail Production of Crude. By the Associated Press. TULSA, Okla. July 28—Riding a market only slightly bullish, a thou- sand independent oil men from man: parts of the midcontinent area d persed to their homes today after ex- pressing determination to hold down production until crude oil becomes worth at least $1 a barrel The oil men met here last night on {call of W. P. Henry, chairman of the Oklahoma “Stripper” Relief Commit- tee, and leaders of the Independent Petroleum Associaiion of America and {the Midcontinent Royalty Owners' As- | sociation. Resolutions approving a complete shutdown of the producing wells, al- {ready partly in effect in Oklahoma and | Kansas. and urging continuation of the fight for an oil tariff were adopted | 'Shortly before the meeting opened { Harry F. Sinclair boosted the price of | crude to 50 cents a barrel, after he had | held out several days longer than other i purchasers for the previous scale, rang- ng from 22 cents downward to 10 cents |a barrel. i The rew Sinclair price is 8 scents | higher than the highest price now b>- ing paid for midcontinent crude by other buyers i Russell S. Brown, | Independent Petrol of America, pleaded. “Let us organize for the oll men and not for the trusts.” | He acted as chairman. ! A message was sent to War Seeretar: Hurley asking if the present adm tion favors or opposes an oil tariii. counsel for m Association the RATES AT RECORD LEVEL By the Associated Pres The discount and rediscount rates of | the Bank of Chile are now at the high- est level in the institution’s history, be- inz at 9 per cent for redis-ounts to members and at 10 per cent for dis- counts to the public. Commercial banks in Chile usually charge from 1 pcints higher ~than the | banks. The Commerce Department say: rganic law of this bank provided it might discount bank drafis on foreign icountries and foreign bills arising out Jof import or export trade which bear i two first-class names or one name, to- gether with documents giving the bank control of merchandise at least equal in value to the amount of the advance. The public presents comparatively little paper for discount at the central bank, i preferring to deal with the commercial institutions. The central bank justifies its practice of charging 1 per cent higher to discount public paper than bank paper on the ground that the risk is greater than in dealing with its mem- ber banks. Rediscounting with the central bank by commercial banks, all of which have to be members of the central bank. af- fords in large part the elasticity of the currency. The note issue is expanded as commercial paper is rediscounted and is contracted as the advances are repai to the central institution. Thus. if the central bank insists on the self-liquidats ing character of the paper presented fof rediscount and discount, the note i=sud iexpands and contracts in respons: t the needs of business. MONE;I MARI’{ETA NEW YORK. July 28 (®).Call money held at 115 per cent, the renee rate. in the cffictal market todayv. Fun { were available in the outside market a$ 11, per cent Bankers' acceptances were quiet, with demand good but the supply poor. Ask- ing rates were unchanged. Time money was unchanged and commercial paper was quiet and unchanged., METAL MARKET. NEW YORK. July 28 (#.—Copver quiet: electrolytic spot and future. 73,a 8. Iron quiet. unchanged. Tin steady: spot and nearby, 24.30. future, 24.37. Lead steady: spot and New York. 4.40; East St. Louis. 422. Zinc quict; Fast St. Louis spot and future, 387. Anti- mony, 6.75. BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, July 28— Sales STOCKS. 30 Baltimore Trust Co 13C & P Telephone Balto pfd. ... 2 Commercial Credit pfd..... 5 Consolidated Gas com 5 20 Consolidated Gas 5 pfd A 3 Fidelity & Guar Fire Corp 15 Maryland Casualty Co 5 100 Merchants & Miners Trans 43 Mt Ver-Woodbury Mills pfd. 1l 18 New Amsterdam Cas CO......... 100 Pa_Water & Power 313U S Fidelity & Guaranty . .. 10 Western Maryland, Dairy pfd 'BONDS, 1000 United Ry & Elec income 4 Last sale. Sales. High sow. Close. . 13 102% 1025 102's 7 65 65 65 76 76 51 50% 4“ 4“4 4% 41% 52 52 91 a1 ° 107 107 78 78 R8N K81y T8% T84 1034 10315 1031y 103 1804 110 10314 1034 99 99 - 95% 91 100% 100 100% 100% 100% 100 76 50% 42 41% 51 90% 107 78 8815 78 103% 1035 Warn Quin 6s 39 Warsaw 78 ‘58 Wat Sh 1st 45 2361, 3 West £l deb 5844, . West Md 48 52 Wes' Md 5%s 77 West Pac 58 ‘46 West Un Tel 5. West Union bs West Un T 633 '36. WEO5%s'37 ww. Wil-Ov 15t 6%8 ‘33, Wil & Co 15t 6841, Yokohama €s°61... Trstn SP&T 68 °78. 9 Yng StI&T 58 B '70. 71