Evening Star Newspaper, July 29, 1931, Page 14

FINANCIA PRIGES FOR FARM PRODUCTS FIRMER Steadier Tone Noted in Mar- kets as Month Closes. Potatoes Higher. Ithough some sharp up and down prfise changes were reported, a steadier tone seemed to rrevlll in the general farm markets of late July, says the United States Department of Agricul- ture, Bureau of Agricultural Economics, M News Service. Some recovery took place in the potato markets. Prices of cheese and eggs advanced. Butter and poultry weakened. Grain-fed cattle were in good demand at higher prices. Corn and oats sold lower, but wheat markets yemained about steady. Trad- ing in fhay and feedstuffs continued dull. Potato Markets Firm. Practically all lines of potatoes showed a stronger tendency toward the close of July. Eastern Shore cobblers ad- vanced slightly to a range of $1.60 to $1.65 per barrel at shipping points and Kansas stock brought $1 per 100- pound sack in the Kaw Valley district. City market prices of Western Iceberg and of New York Big Boston lettuce were slightly weaker. Early recelpts of yellow onions from Orange County, N. Y., brought $1.25 to $1.75 per 100- pound sack in New York City. Iowa onions held firm at 80 cents to $1.50 per 50-pound bag. Heavy arrivals of peachs were largeiy responsible for Jower prices. Georgia Eibertas drop- ped to a range of $1 to $1.75 per bushel basket in city markets. Arkan- sas stock brought $1.50 to $2 per bushel in the Middle West. City values of watermelons and cantaloupes were gen- erally lower. Butter Markets Weaker. Eastern butter markets . weakened toward the close of July. Trading was unsatisfactory and as a result accumu- lations were reported in practically all markets, Confidence in butter sufficient to develop into any appreciable amount | of buying appeared to be lacking in spite of favorable news from many sources. The percentage of fine butt: was small, but ample to meet the light | demand. i In line with higher country replace- | ment costs, distributing markets ruled firm and quotations on all styles of | Cheese were fractionally higher. Sup-| plies of fine quality cheese were rather | short., and some dealers experienced difficulty meeting their full require- | ments. Less desirable stocks were plentiful, and were quite generally of- | fered at discounts of 1'; to 2 cents per pound. Held cheese ruled firm, with volume of trading nominal. Lighter Receipts of Eggs. Receipts of eggs at the four principal markets for the first three weeks of July fell behind the receipts of the corresponding period last year by ap- proximately 14 per cent. Both current and prospective production indicate rela- tively light supplies of eggs for the re- mainder of the year. The market has shown more confidence than has been in evidence for some time, and prices continued their upward trend. Good quality heavy-weight fowls have been in moderate supply and have moved well to a fairly good demand. An advance of 1 cent in quotations was macde the early part of July, but it was not sustained on fowl weighing four pounds and under. l Light Cattle in Demand. All interests competed for light cattle, and a price discrimination against those fed largely on grass was effected toward the close of the month. Price spreads widened between grain fed and grassy kinds. The bulk of grain-fed weighty steers sold for $7 to $8, while yearlings of comparable finish brought $7.50 to | $8.50. | Packing sows supplied a liberal pro- portion of the Chicago hog receipts. but | pigs and light lights were scarce. Fresh pork prices at Chicago and Atlantic seaboard markets declined around $2,: and acted as a depressing factor in the | live hog trade. i Prices of fat lambs continued to slant | downward since the year's top of $8.85 was reached early in July. Toward the close of the month most good and choice native ewe and wether lambs sold at $7.50 to $7.75 and range lambs at $7.65 to $7.75. Desirable slaughter ewes brought $3 to $3.50, with weighty kinds downward to $2.75. The sheep ! and wool outlook report indicates the | likelihosd of a considerable reduction in numbers of sheep and lambs during the next two or three years. This year's crop of Jambs was estimated at 31,648,000 head, an increase of ap- proximately 8 per cent as compared ‘with the 1930 lamb crop. Quantities of wool sold on the Bos- ton market were somewhat smaller due to the inability of concerns to make im- mediate deliveries, also to the tendency of some concerns to hold for higher | prices. In general, prices were steady ; to slightly stronger. Corn and Oats Lower. 1 Domestic wheat markets remained | about unchanged during the week end- ing July 24, although a sharp reduction | in receipts of Wintez’ wheat had a! steadying influence in {Central Western markets. - Corn prices\ declined under the influence of benefickl rains in im- portant areas of the corn belt, increased | offerings of cld crop grain and low wheat prices. Oats were lower with corn. Barley and rye held steady under | s good demand for the high quality grain. Production of straight foodstuffs in the past few months has been the ligh{est in recent years, 'The volume of spot and future trade is generally light with fair pasturage limiting im- mediate recuirements. The depressed market situztion cf grains and dairy- ing curtailed intcrest in covering the Winter's feed cuppl: Prices of wheat feeds were generally steady to slightly higher. A slow demand and prospects for a liberal carry-over of tottonseed, cake and meal into the new crop sea- son further weakened cottonseed meal Frlcu. Other important feeds were argely unchanged. = - ° I The movement of ‘Timothy hay re- mained considerably below normal for the season at most of the principal consuming markets. Growers were generally reluctant to sell at present prices and buyers are interested only in small lots for immediate needs. Al-l falfa markets remained verv dull and | quiet with light offerings and generally slow demand. GEORGIA TOBACCO PRICES ARE REPORTED HIGHER By the Associated Press. A { MACON, Ga., July 29.—Georgia i bacco planters went to ‘market yes- ! terday and found the opening 1931 auctions rather drab. ‘This, however, did not dampen their | enthusiasm for spirited offerings in later biddings, as a dull opening was anticipated, due to late maturity of bright leaf in the belt. First offerings bore out Government predictions of a sharply curtailed crop, forecast recently on reports of acreage reduction and adverse weather. The 21 markets in the State opsned with good crowds :nc. the floor supply ' was plentiful, periicularly at‘ Adel ‘where more than a qu>rter of a million pounds were available. Prices improved as sales ed and an unofficial report said the av- erage price there was about 7 cents. The only official prices re in the belt came from las, where the service. First-qual brought $12.50 near the fifth” grade brought $2.20. , while & |1.03 ps lity orange’lugs there $: NEW YORK STOCK EXCHANGE Recelved by Private Wire Direcf fo The Star Office. ~ ~Prev. 1631~ High. Low. Stock and Dividend Rate. Reading 1st p; Real Silk H Remington-Rand Rem-Rand 2d pf (8). 20s Reo Motor Car (40e). 1 Reynolds Metls(1% Reynolds Tob B (3). Richfleld Of). Rip Grande O Rossia Insur (2 20). 247 Royal Dich(m2.2789) Safeway Stores (6). Safeway pf (8)..... Safeway Strs pf (7). St Joseph Lead (1).. St Louis & San Fra: St L-San Fran of (§) St L Southweatern. Savage Arms (2) Seaboard Afr Lin Afr Line pf. s Rosbuck (2 nd Nat Inv pf. el ino. . # Sharp & Dobme. . . Sharp & Do pf (3%). Shattuck (FG) (113%) Shell Union OML. . ..... Shell Un O1l pf (5% ) Simmons Co..... . .. Sinclair Consol Ofl. . Sinclair Ofl pt (8). Skally OM. ......... Solvay Am pf ww 6% South Port Rico Suz. Sou P Ric Sug pf (8 South Cal Ed (2) South ific (6 Southern Rwy ( Spalding (A G) (2).. Sparks Wirhing +1). & Spicer Mfg pf (3)... Splegel-May-Stern. . Stand HBrands (1.20), Stand Brands pf (7). ¢ Stand Comel Tob. & S 8 S Stand G & E pt (6).. Stand Ofl Cal (h2%) Stand Oil Exp pf (5). Stand Ol N J (12)... Stand Ofl N Y (1.60). Starrett (LS) (12%) Sterling Sec A, Sterl Sec pf (1.20)... Sterl Sec cv pf (3). Stewart Warper. Stone & Webster (3). 4 Studebaker (1.20). .. Studebaker Cp pf (7) 208 Sun Of) (11)........ Superheater (2%). % _Superior O1l. 16% 18 Telmutogrupn Texas Corp (2).. Texas G Sulphu; » Texas PC & Ol. T Pac Land Tr.. Thatcher Mfg (160). Thatcher pf (3.60).. The Fair (2.40) Thermoid Co Third Nat Inv(m Thompson Prod 1 Tide Water Asso Ofl. Timken-Detroit Axle (Continued From Page 13.) Sales— Prev. [ Add 00. Hich. Low. Close. Close. 1 43 2 43 43 4“ 6% Tri-Con Unit C Unit Ca Unit Co! Cnit Co: Unit Fry U 8 Ina U S Lea Univ Pi Univ P 19% Util P& 109 T71% 38% Vulean 26 Ward B Ward B: Warner Warren Warren w o P Stock and Dividend Rate. Add 00. u.u'.. Tri-Cont Corp pf Unit Electric Coal... Wabash RA. Ol & Snow (2) Bales— 55 t Corp. ) 2%) Und-Ell-Fisher Tnion Carb & C 2.6 Unit Alrcraft pf (3).. 4% rbon. 1 15 . 213 22w 1 50% 25 rp (76¢). rp pf (3) uit (4). . 4 B7% Unit G & Im (1.20).. 47858 28% Unit Plece D W (2).. U S Hoftman. ... 19 ust Aleohol. . ther. pL . lo 1st pf (8).. 708 pe & Rad.... L A (ot2. 2 % Vvadasco Sales Corp. 76% 23% Vanadium Corp’ 98% Va Elec & Pwr pf($) 20s 107 9% | 125 | 138% 40 Det (4). . 208 aking A..... aking pf (7). Bros Pict. Bros (2) Fdy & P 7 21 22 19% & Snpf (4).. ELA (7)... Western Md........ Western Pacific pt. Western Union (8).. Westing EI&Mfg (4) 338 Weston Westva Wrizley (Wm) (4 5% rellow 14% Youngs Spring (3).. Tt Zemith Radio. . ... Zonite Prod Corp (1) RIGH 11 % Insur S| Sales of Stocks on New York Exchange. Dividend rates payments based on the in special preferred tio regular rate. n —— El Instr (1). co Chlor (2). 2 4 2 434 72 % 18% 2% 11% Truck. .. 1 2 TS, Expire. h Del. Ang10 15 % « 300,000 + 1,200,000 given in the above st quarterly o 12:00 Noon... 2:10 P.M.... tal - 1,000,000 1300,000 are the annu -yearly declar, able in cash Plus 50 cents id this year— Everybody’s Business Salary Read justment by U. S. Steel Held Justified by Poor Business, Sharp Decline in Earnings and Increase in Value of Dollar. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, July 29.—The reduction in the quarterly dividend rate of United States Steel to $1, as compared with $1.75, which rate has been maintained since July, 1926, was slightly disappointing. | Wall Street anticipated the declaration of $1.25. ‘The board also suggests the necessity of an adjustment in salar- ies of officers and other employes. While nothing specific was said in regard to the extent to which wages would be cut, it is worth bearing in mind that a reduction in wages of 10 to 15 per cent would, from the standpoint of the employe, compare very favorably with a reduction in divi- | dends of about 43 per cent. tion in the dividend rate, more drastic than anticipated, should, therefore, ren- der easier whatever wage adjustments| may be effected. Those who still adhere to the high- wage theory maintain that reductions would tend to defeat the one objective in which President Hoover and his severest critics are agreed upon, namely, the res- toration of prosperity. United States Steel has a duty ag They add that good citizenship in this crisis which it cannot afford to forget, especially in view of the huge surplus that places the corporation in a class different from small concerns, DR. MAX WINKLER. which must choose between reduction of operating costs or shutting down. What these people overlook, however, is poor business, the sharp decline in earnings and the increase in the purchasing power of the dollar, by reason of which a reasonable wage cut is more apparent than real. Merger May Aid Oil Trade. Consummaticn of the merger between Standard Ofl of New York and Vacuum is expected to exert a favorable effect not only on the operations of -the two units themselves, but on the ofl indus- try 1n general. Acccrding to Charles E. Arnott, presi- dent of Vacuum, the combination should bring to the oil industry a stabilizing factor that already has the good will of its competitors. Mr. Arnott adds that all the econcmies and advantages of joint. operation must work to the favor of the stockholders. Banking Situation in West. Tre banking situation in the Middle West does nct seem to show much im- provement. For the first six mogths of this year, 684 banking institutions closed down, with aggregate deposits of $453,994,000, as comparsd with 477 in the same period last year, with deposits totaling $208,741,000. - Suspensicns for the past month were the highest since January of this year, while deposits of banks closed in June, emounting to $218,013,000, were the largest total for one month on record, except for December of last year, when the failure cf the Bank of United States accounted for the record totil of de- posits to be affected by bank suspen- slons. Dollar at Discount. How many rezlize that in at least four | important financial centers the United States dollir is quited at a discount? Yesterday the dollar was worth in Paris only 99.94 per cent of par; in Brussels, he value wes 99.60 per cent, and in Amsterdam, 99.70 per cent. In Zurich the discount was largest, amounting to cent, the doller being quoted at only 98.89 per cent of par. Home Market Financing. Many a country whose bonds are sell- | ing in the New York market at bank- | ruptcy prices may, several years hence, come— 1o be ded as high-class credit risks. It will be recalled that not so many years ago France, Belgium, Switzerland and _the Scandinavian| countries were obliged to contract loans in the United Sttes at mate- rially more than 8 per cent. Most of these loans have been paid off, and whatever financing is arranged now is done chiefly in the home mar- ket. Belgium is the latest example | She is now floating a 75-year internal issue of 1,000,000,000 france, equivalent to $27,810,000. Bonds bear interest at ! the rate of 5 per cent, and are being | offered at 96. Hungary Seeking Loan. Hungary is a loan of about 40,000,000. France is expected to take half. In this “Lt. better feeling may be established iween France and . corresponding we Hungary, which for some time past has been leaning toward Italy. We learn from reliable sources that United States bankers will also participate. Pundamentally, conditions in Hungary are scund. The budget for the current year anticipates a surplus of 1,000,000 pengoe (the pengoe is quoted at about six to the dollar). Service on the coun- try’s debt will absorb 92,100,000 pengoe, or less then 6.73 per cent of total re- ceipts, and slightly cver 10 per cent of ordinary revenues. The entire debt of the nation stands at about $250,000,000, equivalent to about $29.40 per capita—a figure which compares very favorzbly with similar figures for other countries, The major portion cf the debt is ex- ternal, amounting to ebout $221,000,000. It comprises, among others, the 7'; per cent League of Nations loan, issued in 1924 and maturing in 1944. Of an original issue cf about. $50,000,000, ap- g:’oximnlely 20 per cent has been paid 1t is of interest to point out that the revenues pledged as security for the bonds amounted, for last ‘year, to sub- stantially more than the tctal par value | ¥ of bonds outstanding. This does not, of course, take into account the value which resides in the fact that the %‘e’lguz of Nations is sponscr for the nds. (Copyright. 1931. by the North Newspaper Alliance, Inc. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. , American NEW YORK, July 29.—The following is a summary of important corporation news prepared by the Standard Statis- tics Co., Inc., New York, for the Asso- clated Press. News Trend. Revenue freight car loadings for the weck ended July 18 totaled 757,555 cars, a decreace of 6,026 from the prévious week and 170,716 cars less than in the 2k last year. Decreases were reported in all commodities exc:pt grain and grain products, forest prod- ucts, ore and live stock. ‘The first 71 railroads to report June carnings showed a decreas: in net oper- ating incomes of 26.5 per cent from last year, which is better than these same roads reported in May when net operat- ing incomes were 38.1 per cent below May, 1930. Abitibl Power & Paper, Ltd. planning 5 per cent wage cut for all em- Ainsworth Magufacturing June quar- dend. The reduc- | ter common share earnings 26 cents, against $1.16; six months, 4 cents, against $2.06. Alabama Great Southern Rallroad June net operating income $39,687, against $79,165; six months, $157,512, against $630,466. Canadian Pacific Raillway June net off 214 per cent. Six months off 14.8 per_cent. Commonwealth & Southern common share earnings 12 months ended June 30, 50 cents, against 69 cents. Continental Shares, Inc., liquidating value June 30, $1.88 a common share, against $15.62 D:cember 31, 1930. Curtis Publishing June quarter com- mon share earnings 83 cents against $2.31; six months, $2.54, against $5.08. Gotham Silk Hoslery common share earnings six months ended June 30, 29 cents, against 2 cents. | Great Atlantic & Pacific Tea 25 cents | extra and $1.50 registered quarterly di- | vidends on common. | _Kellogg (Spencer) & Sons. Inc., of- iflcl‘l reports this year's dividend re- qQuirements will be substantially covered. Pennsylvania Coal & Coke deficit six %mnnlh.! ended June 30, $128,415, vs. | deficit $27,523. Reynolds Metals ccmmon share earn- ings six months ended June 30, $1.05, | vs. 99 cents. Sharp & Dohme ccmmon share earn- ings six months ended June 30, 20 cents, vs. 27 cents. Southern Railway June net operating | income off 3.9 ver cent from a year ago, six months cff 50.1 per cent. Standard Investing liquidating value | June 30, $67.12 a_ preferred share, vs. $106.88 February 28, 1931. Third Avenue Railway June gross off surplus after charges up iy Bauite y Equities Corporation - | share, vs. $4.07 December 31, 1930. Warner Co. seccnd preferred share ‘;:rznmn six months ended June 30, -29. American Colortype first half sales off 2.1 per cent. | Deere & Co. directors voted to omit quarterly common dividend; paid 30 cents July 1. Foster-Wheeler common share earn- ings six months ended June 30, 3 cents, vs. $4.25; unfilled orders June 30, $4,247,560, vs. $10,720,757. Inland Steel common :l‘x“monthn ended June 30, $1.17, vs. Jones & Laughlin Steel omits r- terly common dividend; pl!g.m qc'::lts June 1, 1931; preferred share earnings .;1lx] x’rgonth: ended June 30, 34 cents, vs. Radio Corporation—Eleven plaintiffs in anti-trust suit against company ask damages totaling $23,350,000; alleges radio tube;uunw in same contract with radio set manufacturers. Republic Steel deficit six months ended June 30, $2784,898, vs. net in- come of $1,643,241, equal to $2.49 a pre- ferred share. Standard Oil of New York—Stqck- holders’ approval of Vacuum oil merger reported assured U. 8. Steel June quarter eommon share earnings, 12 cents, vs. $3.02; six months, 18 cents, vs. $6.46; figures in- cluding special income. Youngstown Sheet & Tube June quar: 2,810,345, equal to $2.17 a common shai six months’ deficit, $1,999,353, vs. net income of $5327,051, equal to $4.10 a common share. Allled Kid Co. deficit six months end- ed June 30, $84,487, vs. net income $271,405, equal to 95 cents a common | share. Censolidated Cigar ccmmon share earns s:x months ended June 30, $2.64, vs. $2.49. Eastern Rolling Mill deficit six income before tax, $29,914, equal to 13 cents a common share. Gorham, Inc., defers action on quar- terly dividend cn cumulative preferred stock; paid 75 cents May 15. fore depreciation six months en g“;’;" 30, $91,061, vs. net income $135,- Tnternational Shoe to cut office and ;'taekr unroomt employes wages about 6 Mullins Manufacturing net incor six Im«;‘t’m:lzoe’m J;uu Sfl,t m.z?f. equal .93 a preferred deficit of $5,812. '3 =x National Aviation lquidating value months ended June 30, $218,246, vs. net B Havena Electric Rallways deficit be- & "l::uonll mflwn‘y’! gtsuexloo May net, a expenses. off 9.5 per H mflntha‘g; 255 cent.l’e o fl"'l National Steel' Car common share :;r;l’lnfi year ended June 30, $2.62, vs. New York Telephone Co. June gross off 0.7 per cent; net, after taxes, u 7.3 per cent; six months gross off 0. per cent; net, taxes, up cent. Savage Arms deficit six months ended P ALy : paid 50 cents. BONDS ARE LOWER AS VOLUME GAINS Selling of Domestic Issues In- duced by Reduction in Steel Dividend. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, J)uly 29.—Domest bonds ranged lowe: | stock market. cay. In the foreign list prices held fairly well on & somewhat reduced volume of business. ‘The opening was uncertain and quiet, ‘with most operators waiting to see how the stock market would receive the cut in United States Steel's dividend. When stocks broke sharply, liquidation in junior bonds got under way, particular- ly_in second-grade rails. Rock Island 4!28 of 1952 and Denver & Rio Grande Western 5s each lost a point. Alighany 5s were off fraction- ally. Missouri-Pacific issues all eased. St. Louis-San Francisco prior lien 4s were off a point, and the 4l3s down fractionally. Even some of the higher rated carrier issues, such as Baltimore & Ohio 428, Boston & Maine 5s, New York Central 4':s, Penmsylvania 4l3s and Southern Pacific 4!2s of 1981, were heavy. Industrials were similarly affected. Anglo-Chilean Nitrate 7s lost a point to a new low on the movement. Chile Copper 5s were weak. International Match 5s, both the debentures and the convertibles, were off a point and more at one time. Phillips Petroleum 5',s dipped over a point. Skelly il 51,8 and Shell Union Oil 5s were under pres- sure. Declines occurred in Youngstown Sheet & Tube 5s, Texas Corporation 5s, International Cement 5s, International Hydroelectric 6s, International Tele- phone 5s, Consolidation Coal of Mary- land 5s, Armour of Delaware 51;s, mour of Ilinois 41;s, American I. Chemical 555 and Vanadium 5s. High-grade corporation bonds were firm, led by Atchison General 4s, Amer- ican Telephone 5s, Philadelphia Com- pany 5s and others of the ultra-con- servative type. United States Govern- ments were steady. In the forelgn department most is- sues were firm at the start, but ran into selling later. German dollar de- scriptions were quiet after early gain: had been canceled. German Centr: Bank issues, reported under accumul tion by American banks, gained about a point and then reacted. Other Eu- ropeans were firm, South American issues fluctuated ir- regularly. Argentines showed a tend- ency to sag slightly below their highs on the recovery. Chilean issues sold a‘ new lows following advices of a severe | earthquake at Santiago and suspension temporarily of debt service. Brazilian issues were off 2 to 3 points on reports of political troubles in Sao Paulo state. VIRGINIAN RAILWAY CO. EARNS $1.44 ON COMMON Virginian Railway Co. reports for six months ended June 30, 1931, net income of $1,290,296 after taxes and charges, equivalent after dividend requirements on 6 per cent preferred stock to $1.44 a share on 312,715 shares of common stock. This compares with $2,076,564, or $3.95 a common share, in first six months of previous year. June net income s $216,427 after taxes and charges, against $275,489 in June, 1930. Statement for June and six months compares as follows: 1931, $1,138,673 418,166 216,427 7.565,493 2,806,198 1,290,296 Washington Stock Exchange SALES. Wash. Gas 55—$1,000 at 1071, $1,000 at 1071z, $500 at 107'5. Capital Traction—10 at 41z, 1 at 413§, 10 at 4113, 10 at 41. Pot. Elec 53% pfd.—2 at 110%5. Fed-Amer. ‘Natl. Bk. & Tr—10 at - 491, Col. Title Ins. Co.—50 at 9. AFTER CALL. Capital Traction Co.—7 at 41%. Pot. Elec. 52% pfd.—7 at 1107, Coml. Natl. Bk.—10 at 210, 10 at 210. Georgetown Gas 55—8$1,000 at 1053, Collg;r:bu Country Club 5)2s—$500 at 3. Wash. R. & E. 45—$1,000 at 923, Bid and Asked Prices. BONDS. FUBLIC UTILITY. & Tel. 4las '39.. Am. Tel. & Tel. ctl. tr. 5s . Anacostia & Pot. R. R. 58l T Anacostia_4& Potomac guar. 5s. C. & P. Te of Va. 5s. 10 Capitsl Traction R, R. City & Suburban 5s . Georgetown Gas 1st 5s. Potomac Elec. cons. 5% . 1930. $1,293,397 465,145 2754 8.849,994 3.502,639 2,076,564 June gross Net operating inc. Surplus after chgs. Six months’ gross Net operating inc. Surplus after chgs. Amer. Tel. share earnings | v, Wash. Gas 6s. series Wash. Rwy. & Elec. 4s.... Barber & Ross. Inc.. Chevy Chase Club Sias... Columbia Country Club 5 D C. Paper Mfg. 6s. W. M. Cold Biorage 5: STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9).. Capital Traetion Co. (4) Vesh. Gas Lient Co. Pot. El . Pot. Elec. Power 5137 pfd . .. Wash. Rwy. & El. com. (1) Wash, Rwy. & Ei. pfd. (5) NATIONAL BANK. Capital (14). ‘ofumbia (12 z Commercial (stamped)’ (i0) District (8) . .-Ame; ter deficit, $1,176,444, vs. net income of | Libeotn | Princ Union Tru: Wash. Loan & Trust (14). SAVING BANK. Bank of Bethesda (6§) Com. & Savings (10) 10% 160 Col vs.! B¢ June 30, $10.93 a common share, vs. ! pe $8.08 December 31, 1930, bl S nston Monotype Mer. Tr. & Stge. com. Mer. Tr. & Stze. pfd. (1) Mergenthaler Linotype . B 0 (07 Est. M. & G. pfd. (® per [ Wood [ = BONDS ] Received by Private Wire Direct to The Star UNITED STATES. (Bales are 1n $1.000.) High. Low. Close. Lib3%s32-47.. 8 10218 10217 10217 Lilst4%s32-47. 9 10310 103 8 103 8 L4th4igs 33-38 132 104 27 104 25 104 26 3%s'49... 49 10115 10113 101 14 40. 64 10221 10219 10219 110221 10221 10221 12 10228 102 28 102 28 1108 6108 6108 6 111230 11230 11230 Allegheny Alleg Corp Am T&T Am T&T Argentine 5%s 62, Argentine May ‘1. Argentin Ju'ss. Argentin Argentine Argent!! 3. Austria 7s 57 etfs. B&OD 4848, Belgium 7s Belgium 78 56 Brazil 88 ¢ Bremen 7s '36. Bk Ed gn A b Bklyn Man Bklyn Un Ist 6 Budapest 6s'63. Buenos A 6361 Pv. BR& Pltt %8s '57. Bush Ter con 58 ‘66 Bush T Bldg Can Nat 58'70. Can Nor 6%s db 46 Cent 11l GRE Cent Pac 4849 Ches Corp bs C&O4%sB CB&Qgen CB&Q4%s'T 9| CB&Q Il av 3348 45 Chi & Eas 111 68 '51. Chi Grt West 43 '59 Chi M &St P 4s's9, Chi M&StP 4 %8 C.. Ch M&StP 4%3'89. Chile Cop db CCCa&StL4%s B.. CCC&StL6sD'63 Col G&E bs May '52 Col G&E coup 53 CC Md 1st rf b8 60 CGas NY ¢48'95w! ConGNYS Con Pwr Jap Csecho 83 Czecho 98’52 Del & Hud rf 4s°43. Denmark ¢ %8 '62.. Denmark 6%s ‘65.. 42 Donner St 78 Duguesne ¢34s '67.. Dutch East I Mar. . Dutch East 1 7 Dutch East I East C Sug 7%s '3’ Eriezond¢s A 53... French Gvt 7%s *41 58 Gen Baking 6%s8'40 5 3y, 7. 1 GrandTr sf db 6536 Grand Trunk 7s '40 Grt Nor 4%s 76 D. Grt Nor sa73. or gn & Grt Nor sen 16 k 6863 8%.. Hum O&R 6148 62. Hungary 7548 44.. 111 Cent HiCent 4% s 86. 11l Cent 68 ‘55 11 Steel 4348 "4 Inland Stl 4348 A'78 Inland Stl 4s3 B'S1 Int Rap Tr Int Rap Tr sta- . Int Rap Tr 68 '32... Int Cement 68 it Ofiice TRADE AT LOW £BB - &) IN SOUTH AMERICA :.fim Commerce Department Is Not il . Aware of Moratorium "0y Plans, However. int Pap Int RysC A bs tT&T 4%s’S3.. Iat TAT cv ¢ %833 Int T&TEs's5 Ilnl Pap 5s A 47, Jugosl Bank 78 '§7. Kan CFtS&M 48 °36 By the Associated Press. > The Department of Commerce is not aware of any steps leading to s mora- torium for South America, Admitting ‘s great deal of unofficial pre hardly escape its trade attaches rep- represented in all the countries, sll of :’ump report ice of any such In this connection it was said the American Government would not be eon'u:ud in such s matter, unlike the of the various countries to individual Amer- ican investors, while the monies in- volved in Europe represented amounts due one government by another. ‘The department says if agreement is sought of creditors as to postponement of debts the various governments af- fected would have to negotiate with the idividual investors themselves, ibly through a committee of bondholders, a procedure holding but slight promise of accord. On the other hand, the department believes that if the exigency should arise the governments affected will, without further ado, fail to deposit with the American fiscal agent the amount due to meet uring bond interest as was the case with Chile and Ecuador. These countries made no provision for interest payments in the United States, but notified holders a sum sufficient to meet bond interest had been deposited in local banks in the interest of in- vestors. Such action is tantamount to & postponement of payments, the de- partment believes. ‘That most South American countries are in a difficult position, financially. is admitted at the department. The prices of principal commodities have decreased sharply, including _coffee, sugar, wool, cotton and ofl. This de- crease revenue affected the balance of payments of the countries, resulting in losses of gold and foreign exchange by the various central banks, thus bring ing about a depreciation of currency. This situation was met by a general raising of import duties to shut out incoming shipments and thus balance the trade. An adverse situation arose, however, due to a sharp decrease in government, revenues derived from im- port duties which forced the govern- ments to pare their expenditures in order to balance the budgets. Advocates of a moratorium for South America hold to the belief that such action would hasten recovery due to temporary elimination of the difficulty of servicing its foreign debt. Opponents of the plan say such jure would imply insolvency and would render the matter of future financing extremely diffic 0IL SHUTDOWN ORDER WILL BE ENFORCED Oklahoma Producers Await Result of Governor's Move to Assist Industry. 4“ Lou G & El 53 53 L&N 65 B 2008. ... L&N1strf6%s La & Ark 55 °6) MSP&SSM 638 ¢ MSP&SSM 614878, M StP&SSM €3s.. MK&Taljh A Mor & Co 1st 4%, Nassau Elec 48 Nat Dairy 6% s 48 N&T&MbsB 54, New 8 Wales ¢ New 8 Walen ¢ me W Fo VIR 8n anlia Qqa re im 65 2018, Cent db 6s '35, g 22272222222 e Mg g S g e w3 Nia Sh Md 5%e 50 .’\"nrd $%8°60 mlum mRlnununcR wnSRnane weannasH Norway 648 Norway 6s'43. bi4s Orlent dev 63 §3. By the Associated Press. OKLAHOMA CITY, July 20.—A period of watchful waiting, with Satur- day night the zero hour, was in store for producers of Oklahoma crude oil today, while major purchasers guardedly viewed latest proceedings in the em- battled midcontinent area. The price of oil at the well, now 40 to 50 cents a barrel after a recent climb from & low of 10 cents, must be 104% | g1 o barrel or a complete shutdown of 108% | a1 but stripper wells will be ordered, - Gov. W. H. Murray declared yesterday. What is more, the Governor threat- iened that if the oil producers do not swing into line peaceably with the pro- posed shutdown of wells, martial law will be declared in the flelds to enforce the order. Murray used National Guards- Penn gen 4 %8 65, Penn 448 Penn 4% s §: Penn 53 °64. ... ’ Penna gen s 68, Penn 66536 ... . Penn P&Lt 4% 8 ‘81 Peru 6s°61. | Queenland 7s Phila Co 56°67. ... Pnila & Read 63 '¢9 Phillip Pet 5% s 39 PlilsbF M 6s°43... P CC&SIL ¢%s8°77. PCC&StL5sA PCCa&StL5sB Poland 6s'40. Poland 7s 47, Poland 8s '50 . men over the week end to hold Red River Bridge approaches near Durant, Okla., in a dispute with Texas authori- ties. Stripper wells would be left producing because a shutdown probably would mean their destruction from salt water, the Governor explained. He termed the partial shutdown as now in effect in Ol oma_City's ofl fleld unsuccessful because those oper- ators not complying with the shut- down a ent were taking oil from neighboring property. Gov. Murray said the price of ofl at the well should be in the vicinity of $2 a barrel rather than $1, but he be- lieved the climb upward would follow natural channels after once getting & firm footing. Under present conditions, the Gov- ernor pointed out, oil reserves under State school land were being depleted, and neither the State nor the children the revenue kept in schools were aided. ‘The stripper wells, tojaling about 15.~ 14 | 000, produce only an average of about 33 (two barreis each daily, & small frac- 91% tion of the total of nearly a half mil- 2614 | lion barrels possible from Oklahoma's 90 [oil wells, even under stringent prora- g7 |tion now in effect. 66% 52 6% Public Serv s *71. Pub Sv G %870 Queeniand &5 Read gn ¢%8 A "9 Reading 4%s B Rem Arms 6s A 37, Rem R 6%s A “47 Rhine West 78 '50.. Riode Jan 6% R Gr De 8ul 6 RIAT&L Rome 634852, Roy D ds"45 w' StL IM R&d 48 StL&SFindsA.. StL&SF ¢%8'7l StLS8S Wev 4 .o Sao Pau 7s *40 rews. Sao Paiilo 8 Saxon Puzl%l’" Sterling Above Gold Point. NEW YORK. July 20 (Special) —It Shell Un O1l s "¢ Sinclair Ofl §%s'38 Sine O TscvA'sl.. tation was below 33.90, compared with 39.20 quoted before the recent decre¢ which put Mexico on & silver basis. 102% S Ponies 31 feet high are being bred 93% | at Banchory, Ireland, to replace dogs in % | Europe. Sales. High low. 3 4d 43y Un StIWe%s A 4 4T 46 1084 1 sA kK ‘51 FroeRssa csansliaNa nB~en~he Sa StOIIN Y ¢%s'51. Sweden 5% 854, Swiss 5%8°46. Talwan EP 53871 - - Utll Pow 6% Vanadium Stl Vert Sug 1st 7 104% » [RRTSTSTY TS - ) % 84%| wick Spen ov 7a'35 1524 | Wick Sp ev et Ta'35 1077 | wil-ov 18t 63 32, 100 | Wiracotates a1 101 ' Yokohama €s'81... 107 Yxsta Sh&T bs ‘18, 70 Yng SUAT SaB'10. o TP - P 20 53 1003 % 2. 9% % 6 98% % 00 8!