Evening Star Newspaper, July 28, 1931, Page 15

FINANCIAL. GARE IN EXTENS| OF CREDITS URGED FINANCIAL THE- EVENING STAR, WASHINGTON, D JULY 28 0URB SHIRES FIRM | [NEW YORK CURB MARKE N QUET MARKET i Received by Private Wire Direct to The Star Office New York Cotton Everybody’s Business Special Dispatch to The Star. NEW YORK, July 28.—Cotton prices continued to decline and lost over a United States Capital Invested in Chile Estimated at Make Good ~Prev. 1931~ High. Low. 11% Note—All stocks are sold In one hundred-share lots exoepting those designated by the letter s (80s) (250s). Dividend Rate. Add 00. Open. High. Bales<" MacMarr Stores (1). 10 10% List Gives Evidence of Sold-| Out Condition—Leaders ~Prev. 1931~ Sto.x ana Hish Low. Dividend Rate. 2215 11% Afilated Prod 1.60.. 87 63 Agfa Anscopf. : 1037 10D Ala Pow pf (6) 115'3 112 Ala Pow cum pf (7). Add 00. Open. Hign. Low. Close. 15 1008 1258 58 18% 60% 102 114% 18% 60% 102 114% 18% 18% 60 60 102 102 114% 114% 4% 5% 18 36% 1% 10% 4 2 18% Mass Utll Assoc. ... 4 Mavis Bottling (A).. 2% May Rad & Telev(1), 18% Mesta Machine (2).. 271 Mid St Pet vtc B.. 5 Little Changed. BY JOHN A. CRONE. pecial Dispatch to The Star. NEW YORK, July 28.—Prices on the Curb market were firm today in dull| trading. In ccmmon with the Stock | Exchange, the combination of hot| weather and uncertainty as to what| United States Steel would do with its | dividend rate held volume down to| &mall proportions | As in recent sessions, the list gave un- { mistakable evidence of a desire fo rally. | o far as stocks with foreign affliatio were concerned. some strength was in evidence. American & Foreign Power warrants were fractionally higher at 16'.. Brazilian Tracticn was nearly a point higher at 195. Imperial Oil and International Petroleum were fraction- ally better. The same trend applied to foreign corporation bonds listed on the Curb. Electric Bond & Share kept close to its previous final level, now up and now off a small amount. Other utilities were little changed. American Gas & Elec- tric was a shade higher at 66. Amer- ican Superpower was up slightly at 111y, Central States Electric, Niagara Hudson Power and Utilities Power & Light were turned over quietly at steady prices. The oils_were no more active than the rest. Vacuum Oil held firm after losing most of its early advance Standard Oil of Indiana clung to its previous closing price. Cities Service relapsed into dullness at 10%, un- changed, after having shown a small decline carly in’ the session. Dubilier Condenser & Radio Corpora- | tion, as & result of its victory in a pat- ent ‘suit against Radio Corporation of America, rose more than a point. May Radio & Television also was active. Bigelow-Sanford Carpet was a _fea- ture of textiles and allied lines. It ad- vanced following announcement that the company on many of its products had marked up prices 10 per cent, ef- fective next month. Sherwin-Willlams Was up about a point following Presi- dent Martin's _statement that June earnings wage about $160,000 over those | of the same 1930 month and net profit for this fiscal Year would exceed the same 1930 period, when common share earnings equaled $4.14 a share. Universal Pictures and International Safety Razor B shares were leaders on the upside of their respective lists. Over in the rails a lot of 10 shares of Chicago, Burlington & Quincy sold at a gain of 5 points. The weakness of Stutz was notable in the motor group. Davenport Hosiery was up 134 points. Celanese Corporation _preferred lost | about 2 points. Afga-Ansco preferred, one of the few issues with German af- filiations to appear on the tape, hit a new low for the year. STEEL WAGES. NEW YORK, July 28 (#).—Since Secretary of Commerce Lamont, for the first time during the Hoover admin- istration, declared that “wage cuts are necessary in some corporations” Wall Street considered the statement signifi- cant, coming on the eve of Steel's divi- dend meeting. Naturally statisticians spent_considerable time today figuring out the cffect of a wage cut by the Steel Corporation on its common shares. In the 1930 annual report wages and salaries wore said to have aggregated | $391.271366. If the corporation cuts| wages 10 per cent. this would mean | $4.94 a_common share on the 8,701,371 common shares now outstanding. POTATO MARKET. CHICAGO, July 28 () (U. S. Demart- ment of Agriculture).—Potatoes—Re: celp's. 27 cars; on track, 238 cars; total | U. S. shipments. 338 cars; market about steady, trading rather slow. Sacked per hundredwelght—Kansas and Missouri Cobbl 1.15a1.30; Mississippi Tri- umphs, 1.80; East Shore Virginia, bar- Tel. Cobblers, 2.35a2.50; fair to poor, 2.10a2.25. DIVIDENDS bECLARED NEW YORK, July 28 (#).— Extra. Pe- Pav- Rate. riod. able. 50c .. Oc Hidrs. of record, | Sep. 25 Company. Hannibal Bridge. . Omitted. 5350 S Regular. Banque Can Nat.. $2.50 Can Car & Fdy pf.43c Chgo “Wilm & Fr, Cozl pf £ 8150 Hannibal Bdg Co .. .34 bee Co st pf. §1.75 2nd pf 2 Horns 'Jos) Co bt $1.50 a Plain Tr (Boston 52 of the Woods Milling_pf 175 In Tel & ‘Tel.. 52 Touis Hend & St L Do pf Mont_Power Co pf § Nat Baking Co of $1.7 Na: Lock Wash 51 Penna Bradford Co €250 pf 521.c Schrammyginison Do. T1>% bf.. 318712 Bouth Side Bank & Tr (Scranton) .. .T5¢ Bo Acid & Sulphur 7 Southern Calif Gas Corp 36.50 pf 51.62' Btefco Steel Co 7 1st pf £1.75 Tacony-Palmita B Vo2 pf 31 Whalker Mifx Co 13 b1 CHICAGO STOCK MARKET B the Associated Press. CHICAGO, July 28 —Following is the complete official list of transactions in stocks on the Chicago Stock Exchange | today: Bales. STOCKS 10'Altorfer Bros .. 20 Am Pub Ser pf 50 Appalach Gas 4 Assoc T & T A 400 Assoc Tel Util 1800 Bendix Aviation 1230 Borg-Warner 150 Borin Vivitone Bf. 30 Brach_& Sons : 170 Cent Tl Pub Ser of 80 Cent Pub Serv A 250 Cent & So_West \Cent & S W pl pi 50 Cent Weet Pub E 100 Chi ity & Con 0 Ehie No Sh & M 450 Chie Investors 40 Chic Towel i 101 Ehie Yell Cab 4700 Cities Service 100 Club_Alum vith Edis umers 6 of P'L Gulbranson Co pf Due July 1 Sep. Oct. 2 50 D0 p © PO DO O DOONUHD O OOOWO PO 5¢ High. Low. Close. W e e 89 41n 8512 24 201, ALl 800 Cord Corp 250 Corp Sec ...l 110 Erane Co 7 kes Aircraft 50 Gt Lakes Dredge 50 | 200 I ihby-McNeill 50 Lincoin - Print 200 Lion Ol Pef . 50 Manhat Dearhorn £0 Material Serv 4r0 Merch & Mfrs A 3500 Mid_West_Util. . 930 Mo-Kans Pipe 20 Mosser _Leather . 100 Musk_Mot Spec A 200 Nat Secur Inv. 50 Nor Am G & Ei 8050 Nor Am L & Pow..... 50 No & So Am ... ... 200 Nor'west Bancorp..... 10 No West Pt pl..... 100 QRS DeVrs. . * 720 Quaker Oats... 20 Set oard P S $3.25 pf 44 mEmlal 22') So West G & E pf 150 Swift & lie erenn 50 Swift Intl . 50 Unit Corp of Am.. 1500 'S Gypsum....... 10U 8 Gyosum pf {taled 249,462 vehicles, compared with ! six months $6,044,370, vs. $5,761,211. | Ry. June net cperating income off 76.1 27350 U S Radio & Tel. [l 100 Uil & TIrd : 50 Util & Ind pf. .. 1300 Walzreen Co 110 West P L & Tel A... 100 Zenith Radio y; Btock sales today, 74000 shares. 000 Tnsull UtiL Geo1aa0 . 83 83 ey . e 88 Bond sales today, 33,000, 21 (11 11 9% All Am Gen Corp. 1 3% 1% Alleg Gas, 2 224 Aluminum Ce of Am 5005 109% AluCoof Ampf (6). 2 17 AmCom P A (b10%) 14 9% Am Com Pr B(b10%) 5% 3% Am Corp (f15c). . " Am Corp warrants. 12% Am Cyanamid B 3 Am Dept Stor Tih - Am Equitie. 311 Am For Pow war. 51 Am Founders. 9714 Am Gas & Elec ($1) Am Invest Ine (B).. Am Superpwr (pioc) Am Superp 18t (6).. Am Util&Gen (B)vte Am Yvette Co (25¢). Anglo Chil Nitrate. . Appalachian Gas. Arkans Nat G » 9 Atlas Util Corp...... Bickford's Inc (1.20) Bigelow-Sanford. Slue Ridge Corp. Blue Ridge cv pf al. Brazil Trac Lt&P(1) Buft N&EP pf (1.60). Burco Inc. . ) Burco Inc wa Burco Inc ev pf (3). Burma rets +27 3-51 Cable & Wire A rcts. Cable & Wire B rcts. Cab & W pf rets 19¢. » Canada Marcon!. 2 Carnation Oe (j1% Celanese Cp pf (7).. 1 Cent Pub SvcA b10% Cent Stat El (b10%). Cent West PS Aall Chain Store Devel. .. ChiB&QRR (10)... Citles Service (g30c) Citles Serv pf (6)... Cmwlth & Sou war. . Com Wat Ser g12%e Comstock Tunnel. Consol Alrcraft. Consol Auto Merch. . Cont Shares conv pf. 2 Cont Shares pf (B)..225s Cord Corp..... Creole Petroleum. .. i Crocker Wheeler. ... Crown Cork Intl (A) Cuban Cane propt w. Curtiss Mfg Co (A). Cusi Mex Mining. Davenport Hos (2).. Dayton Alr & Kng. Deere & Co (1.20) . Detrofit Atrcraft Cp.. Driver Harris new Dubllier Cond & Ra; Duquesne Gas Corp. . Durant Motors. . Fast G & F As pt (6) ast States Pwr (B) lec Bond&Sh (b6 % ) Slec B & Sh of (6). . ¥l Shareholdz (b6 %) Empire Pub Sve (A). Employ R#insu t1.580 Flintkote Co A. Ford M Can A (1. Ford Mot Can B 1.20. Ford Mot Ltd 36 3-6c Foremost Fabrics. .. Foundation For Sbs. Gen Alloys Gen El Ltd ret Gen Theat Ea cv pf.. Globe Underwr (15 4 Gold Seal Elec new.. Goldman Sach T C. Graymur Corp (1) Happiness Candy. .. Hudson Bay M &S .. Imp Ofl of Can (50c) Imp Tob Can (35¢) industrial Finan ct Insull Inv (b6%). Intercontinent Fetn. Int Petroleum (1)... Int Saf Raz B (12%). Int Utilities B. Int Utilities war Int Utilities pr p Interst Pow pf (7).. Irving A Chute war. Kings CL cum pt Kolster-Br (Am Sh). Leonard O11... 5 Lerner Stores (2)... w9 2 2SI B e Booa e v oSz anRean 1 5 25 26% 1% 23 1 10% Mid W 1% 118 1044 13% 21/ 3% o T 2% 5% 16% 3 10% 10% % 1% 115 116 104% 104% 13134 a1 a3y 3% 3% & * T 1% | 22U 5% B 164 3 67 5% 114 92% 1 an | 1 an 3% 6 Mid Roy Midland Mo-Kan n Nat Pub at Serv 67 [ 11 92'a Nelsner P& Niay Niag-Hu Nitrate ¢ Nipissin, 12% 5% 16 31 31, a2m 198 Nor St P Ohto O11 Penn Me: Phoenix Ihoenix Pub Utll Pub Ut Pure 011 Reliance Roch Antho: It Cree it Creel 'Mid West Util (8% N Y Tel pf (6%) -Hud Pow (40¢) Noma Elec Cp(40c). Nordon Corp Ltd. ... Nor Am Aviat A war. Nor Europ Oil Corp.. Ohio Pow pf (6)... Ohio Pub Svpf A (7) 20s Outboard Mot A.. Outboard Motor B.., PacG&E1stpf1y, Pandem Ofl......... Pennroad Corp (40¢). Petrol Corp war. Philip Morris Inc. Plymouth Ofl (1).... I'rod Roy Cp (b10% ) t Ut (1% )., 10y 18 11 18y P % cvpt(2)... Unit (b6%). Pipe L (A). Pipe L (B). Miss Riv Fuel bd rts. Moss Gold Mines SV A (1.60). ice Co. Nat Sh T Sec A Bros pf (7). 1008 New Eng Pow bf (6) 508 mont Mining Lt pf (6). 25 4 26 d Pow A w.. ‘orp Chile B. 1 10 6 11 . 608 2 .. 208 ow pf (). ncupf (6). x Fuel(75c). Somaote =n —e Secur Corp. SCpt (3) Hold war.. Hold Cp xw NN Tuget Sd P&L pf (5) L (6). Reiter-Foster....... Manag..... Reynolds Invest. . P& B e ny Gold. ck Consol. k. Pro(1.40). Schulte Un 5c-31 St.. aboard Util (28¢)., zal L & H (a50¢e).. cted Sls Ind prior (5%4) Sentry Safety Cont.. attuck Den Min. Industries. . awinign W&P 215, 1% 19% £ 4 14 2% R 3715 104% Sherwin South Pe Spleg Ma. utz Mo Sunray Of (b5%). .« Technicolor. Ine. ..., Texon Oil&Land (1), Thatcher Sec Corp. .. Tran Con Air Tran LuxDLPS tilitles. ....... Tubise Cantillon (B) Twin StN G pf (A).. atGas Can (1).. P Tri- ar Unit Cor Unit For Unit G Unit Gas war Unit Lt &Pwr A (1).. U S Elec o S Foil TUnit Ver Univ Pic Util P&LU(AT1.023%). Utility Equitl Util & Ind.. Vacuum Wenden Wiworth (FW) Ltd. “Y" Oil & Gas. Tates In dollars based on lastequarterly or semi-an- Dividend nual payment. *Ex di a Payable in cash or dividend. fPlus 5% in stock. JPlus 2% in stoek. kPlus 10% in stoek. nPlus 8% In stock. pPaid last year—no reguiar rate. stock. ! stock. Wlxflh). 351 Solar Refint nn O11 (1) SouthCEdpfB1%. South CEdpf C1%.. y Stern pf.. Stand Oil of Ind (2). Strauss (Nathan)... tor Car. Soe Sy r Fast (10c) D wi nde: Corp. Power w' Pwr war (B) (50¢)1.. de Exten (1) tures PO ST PRt T T por ey o1l (2). Copper. “n & 11 1% 1 1% vidend. stock. 1Partly extra. IPlus ¢% In stoek. bPayable in stock. e Adjustment € Plus 6% in stoek. hPlus 1% in m Plus 3% 1n CORPORATION | | REPORTS | o | TRENDS AND PROSPECTS OF | LEADING ORGANIZATIONS | NEW YORK, July 28.—The following is a summary of important corporation news prepared by the Standard Statis tics Co., Inc., for the Assoclated Press News Trend. | Automobile prodiction for the week | ended July 25 showed a decline, mainly due to a_further curtailment in Ford output. Tae total output of trucks and | cars, as estimated by Cram’s Automo- | tive reports, was 58,489, which com- pared with 60,944 units in the preced- ing week and 34,267 units in the cor- responding 1930 week. Automobile production for June to- 315115 in May and 334,506 in June, 1930. In the first six months 1563478 vehicles were produced, while the total for the first half of 1930 was 2.198,580 units. It s been estimated that the total outturn of cars and trucks during | the final half of 1931 will closely ap- | proximate the 1,200,000 vehicles pro- duced in the like 1930 period. The Companies. Atlantic Coast Line R. R. June net operating income $310,026, vs. $20.038; Bajtimore & Ohio R. R. June net| operating income off 16.4 per cent; six months off 35.0 per cent. | Bangor & Aroostook R. R. June quar- | ter common share earnings 35 cents, vs. $2.63; six months $4.56, vs. $8.31. Buffalo, Rochester & Pittsburgh June ing income up 33.9 per cent ar ago; six months off 30.8 per cent. Buffalo & Susquehanna R. R. June | ne operating income off 44.1 per cent from a, year ago; six months off 8.7 per cent. Celotex Co. net sales for fiscal year to July 24 estimated off about 25 per cent. Central R. R. of New Jersey June nét | operating income off 57.2 per cent; six | months' off 23.8 per cent. Chicago, Indianapolis & Louisville per cont from a year ago; six months off 69.5 per cent. Chicago, Milwaukee, St. Paul & Pa- cific R. R. June net operating income up 11.4 por cent from a year ago; six months off 53.9 per cent. Chicago & Northwestern Ry. June net operating income off 44.8 per cent; six months off 50.1 per cent. Chicago, Rock Island & Pacific Ry. June net operating income off 38.4 per cent from a year ago. Chicago, St. Paul, Minneapolis & Omaha Ry. June net operating ineome $104,882, vs. $152,265; six months, $5,738, vs. $840,380. Crosley Radio deficit quarter ended June 30, $144,957, vs. deficit $300,070. Delaware & Hudson Co. June net operating income off 18.9 per cent; six months cff 36.6 per cent. Denver Rio Grande Western R. R. June deficit, after interest and sinking fund appropriations, $192,440, vs. net operating income $40,802 a year 2go. General Cable deficit six months ended June 30, $1,273,608, vs. deficit $895,358. General Refractories June quarter common share earnings 12 cents, vs. $2.07; six months, $1.02, vs. $4:61. Gulf Mobile & Northern R. R. June net operating deficit $32,633, vs net | operating income up 7 | a year ago; six months off 37.7 per | f net operating income $647, vs. $317,099. | Louisville & Nashville R. R. June net operating income up 159 per cent; six | | months off 16.4 per cent. New England Power Association first half production up 9.6 per cent; 12 months up 0.4 per cent. L New York & Harlem R. R. deficit year ended December 31, $475,830, vs. deficit $472,753. International Great Northern Rail- road June net operating income, $447, 223, vs. $26,710 a year ago: six months net, $1,389,618, vs. $59,310. Missouri Pacific Railroad: June net 7 per cent; six months, off 7.7 per cent. Butte Copper & Zinc deficit six months ended June 30, $15,869, vs. net income, $18,242, equal to 3 cents a common share. Colorado Fuel & Iron deficit six months ended June 30, $636.276, vs. net income before taxes, 51,619,053, equal to | $4.52 a common share. National Tile deficit six months end- ed June 30, $13,203, vs. net income. $99,642, equal to 83 cents a common share. Norfolk & Western Railway June sur- plus after charges off 18.2 per cent. Prairie Pipe Line common-share earnings six months ended June 30, 79 cents, vs. $2.61. Pure Oil advances Michigan crude oil price 20 cents a barrel to new level of 57 cents. Safeway Stores, Inc., plans increase | in authorized preferred stock by $1 /000,000 to provide for proposed absor | tion of MacMarr Stores. Sinclair Consolidated Oil—Subsidiary posts flat price of 50 cents a barrel for Oklahoma and Kansas oil, is 28 cents above price recently paid. Norfolk Southern Railroad-——June net operating income up 49.8 per cent from | a year ago; six months off 28 per cent. Pacific Mills—Deficit six months ended June 30, $696,050 vs. deficit $1,139,148. Pittsburgh & Lake Erie Railroad— | June net operating income off 68.1 per cent; six months of 47.6 per cent. | Rutland Railroad—June net operating. income off 38.7 per cent frcm a year ago; six months off 69.2 per cent. ! St. Louis - Southwestern Railway— June net operating income, $451,614, vs. $248,823 a year ago. | Staboard Air Line Railway—June net, operating income off 52.6 per cent from cent. Shell Union Oil Corporation—Sub- sidiary cuts service station gasoline price 11 cents a gallon to 10'; cents, exclusive of 3-cent tax. Smith (Howard) Paper Mills, Ltd.— First half sales off 14 per cent. Virginian Railway — June surplus, after charges, off 21.3 per cent. ‘Wheeling & Lake Erie Railway—June | net operating /income off.78.8 per cent from a year ago; six months off 70.2 | per cent. American Zinc, Lead & Smelting— June quarter common share earnings, 16 cents vs. 2 cents; six months, 2 cents' vs. 6 cents. Central of Georgia Railway June net operating income off 61.5 per cent; six months, off 36.5 per cent. Corno Mills common share earnings, ;xlxwmenflu ended June 30, $1.51 vs. Florida East Coast Railway June net operating deficit $121,411 vs. deficit | $342,959; 6 months’ net operating in- come, $1,242,019 vs. $1,544,637, Qeneral Capital Corporation liquidat<" ing value June 30, $42.76 a common share vs. $43.92 December 31, 1930, New York Central Railroad June net operating income off 40.2 per cent; six months, off 47.8 per cent. Peoples Drug Stores, Inc., common share earnings, six months ended June operating income $63,111; six months 30, $1.36 vs. $1.18. A | reflected sca Grain Market By the Associated Press. CHICAGO, July 28.—Equaling the all- time low price record for future deif ery contracts, 5014 cents, wheat today tiness of*demand rather than pressure of selling. On the down- turns some buying was encouraged by belief that the market was near to an itreducible minimum. There were also | estimates that prospective wheat yields in the Dakotas had been considerably curtailed since the July 1 Government report. Wheat closed nervous, 15a%, cent low- er; corn, 114a2'x down; oats, 55al’; off, and provisions varying from 2 cents de- cline to 25 cents gain. Hizh 5i% 51 3508 Low. Close. July 3eptember December RYE— uly September . December FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) R ‘Nominal gold Selling checks today. 34.85 9-18 391lic 13.96¢ 23.70¢ 5:23e 19.51c London, pound Deseta schilling. Budapest, pengo. 17.49¢ 2.964c 11:22¢ 26.8¢ crown..... 26.8c Stockholm, crown.... 26.8c TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity. Bid. . _Ofter. Tops Sept. 15, 1931 ..... 100 7-32 100 9-32 1135 Sept. 15, 1931...0.0 100 3-32 100 5.32 178 Dec. 15, 1831.00 .. 100 16-32 2 1738 Dec. 15, 1931-T'D.2 100 16-32 2 Mar 15 1081 100 28-32 3125 Dec. 15, 1931 01 7-32 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Co. 55 1937 Bt Qo™ Allis-Chalmers Co. 58 S American Motal 5'a 1934 2 American Tel, & Tel. 8iga i64d Buliimore & Ohio 41 1033.... 1 vian et Cotp. Alas 1943.0 Beli"rel. of Canada 5s 1957, ... Colltornia pet. Corp. 5128 1938. Cansdian. Nor. Rwy. 41iv 1938 Oh " Northwestern F. R. 5s 1033 Ghicao, Fock Jaland 45 1904... Benver & Rio Grande 41231538 " Mot Accep. Corp. General Betroleum Corp. 55 1940 CTal Public Bervice 813 1939 Sondvent T. & B, 05 1957 Soo0 S Frunk of Canada 65 1836 Gulf Ol of #a, 8 1857 e Humble e Pmbey.OMatch. Corp. 8 idd7. Marland Oil 8s 1932. National . Ry. R. & Elec. Lt. & Pow. Eicor of cal if. 55 1935 55 1953, .1 ecious stones, set off by con- ool ".:;;tenm uch s emootier Is, onyx are - :rn: m‘rnflnn and bracelets in Paris this Summer. dollar & bale today, ending at the bot- tom. ‘The improved weather and less rain than for some time brought the mar- ket under pressure and October sold at 8.67, which was within 14 points of the low level of the year made last Monday before the market recovered. Spots were reducd 25 points to 8.55. Cotton range: October Decembe: January March May LOANS AND INV TOTAL SHOWS DECLINE By the Associated Press. The Federal Reserve Board's condi- | tion statement of weekly reporting member banks in leading cities on July 22 shows decreases for the week of $131,000,000 in loans and investments, $153.000,000 in net demand deposits, $21,000,000 in time deposits and $28,.- 000,000 in Government deposits, an in- crease of $17,000,000 in borrowings from Federal Reserve banks. Loans on securities declined $63,01 000 at all reporting banks, and “all other” loans dropped $45,000,000. Holdings of Government securities declined $28,000,000 at all banks, while holdings of other securities dropped $5,000,000. Borrowings of weekly reporting mem- ber banks from Federal Reserve banks aggregated $60.000.000 on July 22, the principal change for the week being an increase of $15.000.000 at the Federal Reserve Bank of San Francisco. . August Interest Payments. NEW YORK, July 28 (#).—Owners of American corporate bond: States Government bonds and foreign dollar bonds will receive $143.229.806 in- terest in August, & compilation by Stan- dard Statistics Co. shows. Redemptions, calls and maturities on these obliga- tions will amount to $189,346,613. BONDS ON THE CURB MARKET. Salesin DOMESTIC BONDS. thousands. High. 1 13 Alabama Pw 4135 '67 99 3 Aluminum Co 35 52 104 5 Aluminum Ltd 3s 48 97 §Am Cmwih Pw 65 '40 2Am Cmwih Pw 6 '49 1Amer El Pw 65 A ‘ST 21Amer G & E 5s_2028 101 16 Amer P & L 65 2016 2 Amer Rad 413 47 2 Amer Roll M 4':s 13 Appalach _Gas s 4Appalac Gas 6s B 45 49 8Arkans P & L 5s '56 100% 4 Asso El Ind 415 °53 833 81 As50 G & E 4’25 '49.C 3Ass0 Gas & EI 85 50 21 Asso Gas_& EI 55 '68 3As T & T Stas A ‘55 SAs Tel Ut 5'3s ‘44 $Bell Tel Can 35 B 1 Bell Tel Can 55 C '80 20 Birming'm El 4’25 '68 8Can Nat R E 75 E '35 12 Caterpillar_ Tr 5535 21Cent IUPS 4'as F 67 8 Cent Pow & Lt 55 '56 29 Cent Pub Ser 51,5 '49 3Cent Sta Elec 53 17 Cent St Bl 8125 C 4 Chi Dis El 4758 70 A $ Chi Dis Elec 5155 35 98 Cities Service 55 '50. 8 Cities Service 55 '68 1Cit Serv Ga 42 8 Cit Serv Pow 5133 '52 2 Cleve Elec Tilu 58 ‘39 1Cn Gas Bal 4156 H 70 15 Consum Pow 4135 '58 10Cont G & E 55 A '58 Pow 3125 59 1,765 "60 5 rdg 6.3 ow. Close 99 99 1042 104 oma 97 73 57 81% 10034 4 atineau Pw 85 B ‘41 on Ray s A 48 Ltd orgia Power 5§ lette 8 Raz 55 '40 rand Trunk 6':s ‘36 t Wes Pw Cal 35 "46 ulf Oil Pa 58 31.. ulf Oil Pa 7 ulf St Ul 58 A yerade Fd 65 A '49 il Pow & Lt 6s Il Pow & Lt 5« C llin P & L 5'28 B '3 ndnap P&L 55 A Incull Utlit 6s B r0000000000! Intersta Power 5s 6 104 2 9215 303 L bs '4; : 1017 52 Pacific G&E 41.s Pac G & E 4155 F ° 1 Pacific G & E 53 C 7Pacific Pw & L 58 '35 1Pac Wes Oil 6125 3Pa Cen PAL 4'1s 5 Penn O Ed 5 ! 1Penn P & 9 Peop G 1 Peoples L & 9 Pleam't El'6 6 Pot Ed:s 435 1 Potomac Ed s ow Co N Y 5, hil Sub G&F 4155 1 1 B R ARG S0 w o = & uneh Gas 5128 A epub Gas 6545 A och Cn Pw 55 A '53 it L Gas & C 65 '47 ha W&P 4725 A 67 a W&P 4125 B '68 ha W&P 4'2s D '70 haw W&P 35 C '70 SE P&L 65 A 2025 Xw outh Calif Ed 55 * 0 Calif Gas 4'as South Cal Gas 55 ' Southern N G 6s ' Southw G&E 55 A '57 South L&P 5125 A '57 13 Southw Nat'G 65,45, 44y 12 80'thw P&L 62 A 2023 105 4 Stand Gas & E 6s '35 101 78tand G&E cv 65 '35 101 5Stand Gas & E 65 '66 98 . 2Stand Inv 5's 39.. 78% 5Stand P & L 65 '57.. 95 3 Stutz Motor 7128 "37. 49 2Sun Oil 31as 390 10212 1Sun Pipe Line 55 '40 100 1Super of Ili 4'2s 70 1'% 1Swift Co 5s '44.... 1033 22 Tenn Pub Serv 55 "70 993, 2 Texas Elec 55 '60 wi 4 Texas Gas Ut 6s 5 Texas P & L 5s 43 Tri Uil 58 '79 ¢ 17 Union_Gulf 5s 7Unit P & L8 15 Uni Lt & Ry 5 020099390 20w 60 1 30080 b 3 5 20 5 2 e 3 2 e et e B 0t e S Rubber 6 "33... § an Camp Pk 65 Ga. an_Swerin 6s '35 ww. 5 6Va Pb Ser 51.5 A 46, 6Va Public Serv_65 '46 4 Waldor{-Astor 7s '54. 2 West News Del 65 '44. 5 West _Penn 5x 2030... 5 Wes Tex Ut 55 A 37, 3Wiscon PAL 55 F '38. 1037 FOREIGN BONDS. 1 Agr Mtz Bank 7s ‘4 6 Buen Air Proy 7s 10 Buen Air Pr 7'as '41. 6 Cauca_Valley 7s '48... 2 Cent Bk Co 6s B 'S} 45 Chile Mt Bk 6s '3i. stas 37 185 '52 60 6 Finid 1Ger Cons Mun 8 '47 48 14 Ger, Cons Mun T7s 47 2 Gesfueral 6s 'S3 ww. al 65 'S8 X 2 Isarco Hyd El 2 Isotta Pras 7s 1 Ital Sup Pow 6s 3 Mendoz_Pr Tias 4Ruhr Hous 625 'S 4 8aarbrueck 7s '35 18Stinnes s '36 xw. 4Stinnes 75 46 xw. . 3 Terni Soc 6125 A A 3 Tietz (L) 7'as ww—With warrants. xw—Without warrants, n—New. wi—When issued. | corresponding period in 1930. $607,102,800—Public Utilities Showing in Earnings Reports. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, July 28.—The n ments which have not as yet revolted is getting smaller. umber of Latin American govern- hile is the latest to join those who prefer to decide grave internal issues by the bullet rather than the ballot. rather America’s interests in Chile are extensive. They exceed those in any other South American republic, ex- cept Argentina. At the beginning of 1931, the United States capital invested in Chile was esti- mated at $607,102,800, of which $311,367,000 | represented investments in government and municipal bonds. The balance repge- sented is, so-called direct investments—that mercial and industrial properties situated abroad and belonging to residents of the United States. Chile’s foreign trade amounted last year to $329,000,000, of which America’s share was about 30 per cent. Inasmuch as Chne‘gx bonds have al- ready defaulted, the ange in govern- ment is not expected to affect their al- ready impaired position. On the contrary, a new free the country from the stigma o! fault—the first in more than a century, DR. MAX WINKLER. Among American enterprises whic! administration may take steps to de- Public Utilities Earnings. h have withstood the effects of the economic crisis, public utility com- panies rank foremost. This is amply borne out by the earnings re- the manufacturer has succeeded in ge port of the majority of leading” corporations. The Central Illinois Public Service Co., affiliated with the Insull firms have suffered seriously through system, reports for the second quarter of the current year a shrink- age of only slightly more than 4 per cent. Commonwealth Edison, another Insull property, reports frac- tionally higher earnings for the with the June, 1930, quarter. Wage Cuts Expected. The Secretary of Commerce for the United States, Robert P. Lamont, for- merly a strong advocate of wage main- tenance, has changed his views on this subject. Owing to the prolonged de- pression, Teductions in wages in some instances are necessary, according to Mr. Lamont. It is quite possible that Wall Street is being prepared gradually for action by leading enterprises in regard to the lowering of wages. Asks Exemption in Rete Raise. Speaking on behalf of the National League of Commission Merchants, Rob- ert F. Blair, president of the commis- sion group, requests exemption of fresh | fruits and vegetables from the 15 per cent rate increase asked by the rail- | roads. In a_letter to Gov. Roosevelt, Mr. Blair pbints out that a 15 per cent rise would mean $40,000,000 & year more in freight charges, or 10 per cent of the $400,000,000 increase in revenue, while the commodities affected form only 1.28 per cent of the total rail traffic. While in sympathy with efforts to improve the financial position of the railroads, Mr. Blair feels that it would be unwise to raise a barrier that would restrict the New York growers' market, and deny the important but distant producing sections freedom in meeting the consumers' requirements in the great industrial centers of New York. Studebaker Earnings Gain. Earnings of Studebaker for the sec- ond quarter of this year show a gain of about 23 per cent, as compared with the A Erskine, president of the corporation, attributes the better showing to econ- omies effected and the resulting im- provement in the ratio of net profits to sales. Statesmen and économists, whenever | at a loss how to solve grave financial June, 1931, quarter, as compared problems, resort to the formation of & | bank. It will be recalled that at the | outbreak of the war a bank known as the Edge Bank was formed in the | United States to enable the country to | expand abroad commercially. Later, when America thought it could capture Latin American trade at the expense of the European belligerents, | the Mercantile Bank of the Americas | was created. When the war was over Sir George | | Paish suggested the formation of a bil- | lion-dollar bank to solve the world's economic problems. When the repara- tions question became acute the Bank | for International _Settlements was brought into being. When foreign bonds sell off sharply Montagu Norman rec- | ommends the formation of a bank to handle long-term foreign loans. When Brazil's fiscal position needs | drastic_adjustment the republic's ad- | viser, Sir Otto Niemeyer, also recom- | mends the organization of a bank. This | is gathered from Sir Otto’s report just | | published on Brazil, whose economic problems he has been studying for sev- eral months at the request of the Bra- | zilian_government. The bank is to be | patterned after the United States Fed- | eral Reserve system and a loan of | 80,000,000 is needed if the bank is to | start functioning successfully. | With Brazilian bonds selling at less than bankruptey prices, it would be of interest to learn how Sir Otto thinks | |such a loan could be raised. The ex- | pert’s report is silent on this point, | although it does urge economies and reorganization of government-owned | enterprises to fhe end that a maxi- mum return is made possible. | The problem which faces the in- | vestor in Brazilian bonds or Brazilian enterprises has not been solved, a | though Sir Otto recommends the punc- | tual discharge of Brazil's foreign obli- | gations, public and private. Abandonment by Mexico of the gold | standard, by banning gold as legal cur- ANNOUNCING INcome FounDpATION Inc., of Maryland A sound investment program by w! ch it is | Department of COmmercé_ Reveals Unstable Character of Foreign Business. BY CHAS. P. SHAEFFER, Associated Press Financial Writer. ‘The Department of Commerce asserts care in the investigation of firms is essential in granting requests for ex- tensions or long credit in some Euro- pean countries. Cable dispatches to the department indicate the present situation has af- fected the commerce and trade of all | countries and the economic interde- | pendence of nations is very evident. | These dispatches state the number of | business failures in Germany is increas- ing. During June there were 1017 | bankruptcies and 636 receiverships re- | ported.. The commercial credit situa- tion is very unfavorable, and the de- | partment suggests that caution be exer- cised, even in transactions with old-es- tablished houses. In Rumania, in order to do business, many firms, both Rumanian and for- eign, have extended their credit poli- cies to the ultimate margin of safety. In certain cases local firms have been urged to buy stocks on credit or to take these on consignment or on long ac- ceptance drafts. In most of the cases ting his money after a time, but some this policy. American firms sentering the Rumanian market are said to have found it advisable to use caution ih their credit policy. This does not mean that credit should in every case be re- | fused, but the number of firms with & recognized weakened financial position iis large. In such cases it is suggested the manufacturers would do well to ask for a bank guaranty or other se- curity. | In Denmark actual bankruptcies are | running only slightly ahead of last year, | but compulsory property sales are con- | siderably greater, largely as a result of the increased number of farm hold- ings which have been auctioned. No suggestions are made with respect to | this country. In Switzerland credit is reported to be more restricted, and collections are | slower. Traders are buying on a hand- | to-mouth basis, thus curtailing advance | season buying, Autumn orders being re- | ported as exceedingly light. | _ The present condition of trade in Portugal is reported as stagnant. It |{is said that few lines of commerce 6r industry are making satisfactory profits. | Care is suggested by the department in investigating firms not known to be in | good standing at the present time. | rency and by declaring silver legal ten- der for unlimited amounts, is regarded |25 an internal measure, in respect of | both aim and effect. B | Mexico's new monetary legislation ‘followx immediately upon the appoist- ment of Plutarco Calles as president of the Bank of Mexico, and is referred to | as the Calles plan. The new decree i not expected to have any influence upon the country's external debt. In the first place, the latter is in | complete default. and, secondly. the contract calls for payment in gold. It is also doubtful as to whether the | price of the white metal will b2 af- | fected, except perhaps sentimentally. | Improvement in the price of siiver is | however not impossible, if Germany were to put through the much-talked-of plan to issue one billion marks of new currency in silver, because of the lack of sufficient gold to cover additional | notes in circulation. - ! (Copyright. 1931. by the North American Newspaper Alliance, Inc.) « possible to save as little as $10 per month and obtain an interest in 50 of the world's greatest corporations having combined assets of over 38 billion dol- lars, or one-sixth of the corporate wealth of the United States. The completion of an investment program under this plan may be GUAR- ANTEED by life insurance, obtained without medical examination. 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