Evening Star Newspaper, July 30, 1931, Page 15

FINANCIAL. "TRBTSSUES NOVE | NEW YORK CURE “IN'NARROW RANGE Leaders Become Steadier After Dull and Lower Opening. | - BY JOHN A. CRONE. Bpeeis] Dispateh to The Star. NEW YORK, July 30.—After opening lower and du!l today, stocks on the Curb Exchange steadied around midday | and showed signs of increased demand. | Electric Bond & Share held in a frac- ticnal range, which also was true of Cities Service. Vacuum Oil, whose shareholders approved its merger with | Standard Oil of New York, was one of the most active Standard Oil shares. BEarning reports and estimates greatly influenced movements of domestic is- sues, while mest cverseas and securi- ties disregarded _corporate develop- ments and sold off in response to the increased English bank rate. Consoli- dated Gas of Baltimore was down al- m-st a point after the second quarter statement showed earnings of $1.18 on the common shar>s, against $1.28 on & lesser amount of shares in the same 1930 quarter. American Citles Power & Light B | thares receded despite the fact that asset value of such shares was $9 on June 30, against $8.35 a share at the 1930 year-end. Central States Electric was down a shade, though its invest- ments showed an appreciation in the last six months of $7.739.309. Other specialized trusts moved lower in re- sponse to less favorable asset showings. Shortly before the approval of the Vacuum-Standard Oil of New York merger the new Socony shares were ad- | mitted to dealings on the New York Stock Exchange. Pan-American Airways did not re- spond at once to the announcement that the United States Government had awarded it the contract for carrying mail from Bangor, Me., to Halifax, Nova Scotia, at the rate of $2 & mile. Pittsburgh & Lake Erie, whose earn- ings are dependent on the steel indus- try, and Deere & Co.. which recently omitted its common dividend, broke to new low levels for the year in early dealings. Announcements of additions and ex- | pansions, planned or completed, by | Utllties wer & nght in its properties | here, in Canada and in England caused increased turnover in that utility's com- mon stock. United Founders showed & slightly improved demand as its_of cials announced that Investment Tru; Associates had authorized the trustees to accept the offer to acquire its assets and properties. Great Atlantic & Pacifit Tea was up 2 points. AJuminum Co. of America moved within a range of 6 points. Newmont Mining qulcfly canceled an opening gain. EARNINGS REPORTED. NEW_YORK, July 30 (&).—Worth- ington Pump & Machinery Corporation | today reported for the first half net in- | come of $209,856. compared with $1.052,732 in the like R!fiod of 1930. The general balance sheet as of June | 30. 1931, showed that cash had in-| creased to $7.096,763, as compared with $4.770,378 last year. American Machine & Metals Co. for the first half reported net loss of | $85443, compared with net loss o(i $224,569 in the first half last year. ! Indian Motor Cycle Co. for the six months ended June 30 reported net loss of $28,424, against net loss' of $368,793 in the corresponding period of 1930. { Pittsburgh Screw & Bolt Corporation | had June quarter net loss of 8“,04|_| against net profit of $470,716 in the like | period last year. NEW SECURITIES. NEW YORK. July 30 (P.—New securities offered today include: West Penn Power Co.. $10,000,000 first mchle bonds, series H, 4 per | cent, due July 1, 1961, priced at 96 and | accrued interest to vield 4.23 per cent, by W. C. Langley & Co. Pennsylvania Electric Co.. $9,000,000 | 31, per cent notes, due August 1, 1932, , priced at 99.76 and interest, yielding 3.75 per cent, by a syndicate headed by Chase Harris Forbes Corporation. Westchester County, N. Y., $5,649.350 | Note—All stocks are sold in ope hundred-snsre low - exoepting those designated by the letter s (80s) (3508), Sto.c and Bales— Add 00, Open. Hign, Low, Olose. 6 4% 4% 4% & ~Prev, 1031~ . L Lew. Dividend Rate, 5% 4% Allied Mills Ine. . 224 90 Iflrfi 10 b% 17 Am Com P A (b10%) v Am Corp (f15¢) Am Corp warrant Am Cyanamid B Am Equities. , Am For Pow wa: Am Founders. . Am Gas & Elec (11). Am Laundry Mach 2. Am Lt & Trac (3%) Am Utll&Gen (B)vto Am Ut&Gen cu pf(3) Am Yvette Co (25¢). Asso G&EI (A) (al1). Assoc G & El war.,, AssoG & Elet (3), % Atlas Util Corp.... Auto Voting Mach. .. Aute Vot M cv pf ot. Babeock & Wil (T) Bahia Corp. Bellanca Aircraft. ., Beneficial 1 L (13%),, Blue Ridgecv pfasd, 1 Bohack (HC) 1st pf 7 258 i Bower Roll Bear (1). 1 Brazil Trac Lt&P(1) © Brill Corp B 1 Bt-A T cup B97710c, 1 Buft N&EP pf (1.60). 6 Cab & W pfrets19¢. 39 Canuda Marco; 10 Carib Syndicate. .. 1 Carnation Co (j1%). 1 Celanese Cp pf (7).. 25s ‘elanese 1st pf (7).. L Cent Pub, SveA b10% 12 Cent Pub Sve pf (4). 100s Cent Stat Bl (b10%), Cent St Ecv pf n a6, 1008 Cent West PSAally 1 Centrifug Pipe (60¢) s Chain Store Devel.,. 1 4 ai Colombia Syndica Col O1l & Gas vte. Coulm Pictures(7sc) Cmwith & Sou war. . Com Wat Ser gl2%e Con Gas Balto (3.60) Consol Gas Ut A 2.20 Cont Shares conv pf, 2758 Cont Shares pf (B)..125s Copeland Princ(n). 3 Cord Corp. . Creole Petroleum n Consol 4 Crocker Wheeler. Crown Cork Intl ( Cumberland P L (2) Curtiss Mfg Co (A) Cusi Mex Mining. Dayton Alr & Eng. Deere & Co . De Forest Radlo. .... Derby Oil Renning. . Detroit Afrcraft Cp Douglas Shoe pf. Durant Motors, Dugquesne Gas Corp.. 10 Eagle Picher Lead... { St G & F As pt (6) 25; 217 o & da 55T SOOI [ . 4 Elec Bond&Sh(b6%) 4 Elec B & Shpf (6).. Elec B & Sh cu pt Empire Pub Sve (A). Federated Capital Film Inspect Mach. Flintkote Co A Ford Mot Ltd Foremost Fabrics Foundation For Shs. Fox Theater Cl A.... Gen Alloys e Gen Aviation. Gen Laundry Mach Gen Pub Sve pf (6 Gen Theat Eq cv pf. Glen Alden Coal (4) Globe Underwr (15¢ Gold Seal Elec new, . Goldman Sach T C. , Gray Tel Pay S 13 Gt At&P T nv (161) GriA&PTpt (7). Guardian Invest. ... Gulif Ofl of Pa (1%). Hamilton Gas ret Hecla Mining (40 Hudson Bay M & S [ e L THE EVENING STAR, WASHINGTON Co Mayflow Midland an Nat Pub NYP& Ohio O11 PacG & Pandem Phoenix Pure Oil Rock Lt lected Southld Stand O Strauss Stutz Motor Car. Sunray Oll (b5 % Swift & Co (2). Technicelor. In Teck Hughes (60c).. Thatcher Sec Corp Tish Realty & Con Tran Con Alr Tran Trans Lus DLPS.. Tei-Utilitles. ....... Un Nat Gas Can (1).. Unit Corp Unit Dry Doc Unit Founder: Unit Gas Corp. Unit Gas war. Unit Gas pf (7). Unit Lt &Pwr A (1), Unit Ry cuum ‘enden La Leonard O11 Louisiana La MacMarr Stores (1), Magdal Mangel Stores. Mangel Stores pf...., May Rad & Telov(1). Memph N G Co (60e) Mexico Ohio Of1, Mid St Pet vt Mid Wat St Ut b1 0, Mid West Util (8%) . Mountain Prod (1) Nat Food Prod B Nat Investors. Nat Service C Nat ShT Sec A - Nat Sugar NJ (2). Nat Union Radio New Bradford Oil. New Eng Pow pf (6) New Mex & Ar Land. Newmont Mining. ... N Y Steam n (2.60).. Niag-Hud Pow (40¢) Niag-Hud Pow A w., Nor Am Aviat A war NoAmL&P (b8%). 5 NoAm L & P pf (6).300s Nor Eurep 0il Corp.. 1 Ohio Copper. . . Pyrene Mfg Co ) Rainbow Lum Pr B.. Relter-Foster. ...... Reltance Manag. Republie Gas Corp. . Rossia Intl Cp (10¢c). St Anthony Gold Salt Creek Pro(1. Schulte Un 5c-31 Seaboard Util (28e).. Segal L & H (a50e).. :emerunx Rubber 8lis Ind prior (5%)... Sentry Safety Cont.. Shattuck Den Min. .. Shenandoah Corp. 8hen Corp pf (a3)... Silica Gel ett: Solar Refining. South Penn Ol (1) South Corp,vvveeees Spanish & Gen rcts Spisg May Stern pf.. Stand Oll of Ind (27 U S Elec Power ww. . U S Inter Sec 1st pf., U S & Overse; Util PALt(&11.03%). ezuela Petrolm.. Recoived by Private Wire Direct to The Star Office vidend Rate. Interst Hose Mill Interst Pow pf (7) r-Br (Am of Flor! er Asgo (2).. Unit (b6%). Pipe L (A), Bvpf 3 S L T e L L LU T Ltpt (7). " e B BT eu pf (6).. Oflstocks Litd (A). .. Eilstof1%. Pac Western Ofl. on Paramount 4 Parke Davis (11.55). Parker Rust Pr (3). . Pennroad Corp (40e) Penn Wat & Pow (3) Philip Mo s Pliot Kad Tube A. Pittsbgh&L E(110).. 50 Pitts Plate G1 (2). Plyniouth O1l (1).... Prod Roy Cp (b10%) 1 Prudential Invest.., 2 Prudentiai Inv pf(6) 300s Pub Utl] Hold war. . Pub Utll Hold Cpxw 5 Puget Sd P&L of (6) 208 of (6) . 108 &P (90c)... Industries. . Royalty 20c. RN T NS N BN Bl B e e e N B e R RSN T TR T = 1of Ky 1.60 (Nathan & El Balto. o N2 war. Ofl (2).00.s Copper..... D. C., THURSDAY, New York Cotton 1 Dispatch to The Star. NEW YORK, July 30.—Though eot- . | ton made new low records for the year at the opening today, an oversold tech- nieal position devel below 8' for October and a cl higher on the day. vanced 5 points loyl.ll). Cotton nnll»o:D tober . s %E’ . ONEY MARKET. NEW YORK, July 30 (#.—Call money steady; 1'2 per cent all day. % | Time loans steady; 2-4 months, 1%,81%%; 3%/5-6 months, 1%a2 per cent. Prime 2% ; commercial paper, 1%a2. Bankers' ac- 6 |ceptances unchanged. 2% i BONDS ON THE CURB MARKET. v G & P&L Bag b M 4'is ch _Gas 160 107 20 Birming'm El 4135 ' § Boston Con G 47 5 Carolina P & L bs '56 11 Caterpillar i 2 Cit Ber Gas P 65 33 it Ser Fow Bias Con Gas Ballo 45 10Cn Ga 4 Con G e Co 55 '40 ole” Steel, 55 di ek bles at 8 Florida P & 10 Gatineau Pow 58 ' 20 Georgia Power 55 '67. 30 Gullette S Raz 55 '40. 92'4 Co 51.s '35.. B Pa B ‘31 Pa 55 ‘47 A 56, in 3 Indnap P&L 55 A 18 Insull Utilit 6s oW ow b Jer Cen PAL b5 B | : 2 Kansas Pow 55 A '47.100'¢ & Kelvinator s '38 xw. 00 tucky Ut 5s ')l “7 i ReERT S 4 Libby MeN & L 3 Lone Star Gas P&l s 58 '78 Nat Steel Corp 5i 3 Nebraska Pw 4! 1 New 23 4 0hio Pow 4128 D 3 Okin Gas & ¥1 83 fe GEE 4'as G & E 41 * i have just announced a cut in firs JULY 30, 1931 FINANCI Everybody’s Business Shorts in Stock Market Should Redlize That Liquida- tion Has About Run Its Course and “Float- ing Supply” Is at Minimum. BY DE. MAX WINKLER. NEW YORK, July 30.—Despite earlier assurances from many Special Dispateh to The B A 3ulnm to the contrary, the reduction in the United States Steel ividend was not recelved favorably. Steel common opened at an overnight loss of five points, extending the loss later on and affecting §4 | the entire market. Thez announcement of a cut in the rate in excess of what was . generally expected was followed by rumors that there would be a reduction or pos- sibl, equally induce tensive DR. MAX WINKLER. tary of the view that the i seriously impaired by a reasonable French Credit Rumor. Rumors have been current for the past several days of a $100,000,000 French credit to Great Britain and that, in connection with such trans- action, French withdrawals from Lon- don would cease. French balances in laced at about $375,000,- France. While withdrawals have been some- what embarrassing to the British, it should be remembered that the Eng- lish reserve more than adequate. Furthermore, if London desirad bank credits it could rreadily obtain them through the reserve bank, and Amerl- can commercial banks would not hesi- tate to participate, as they did at the time when a ,000,000 credit was ar- ranged here on behalf of Great Britain. Golf Club Properties. {industries of the United States golf holds a prominent place. A survey made by the Continental Insurance Co. estimates the value of golf club proper- ties at $500,000,000 and the annual ex- penditure for balls and clubs at $10,- 000,000. It is also stated that clubs provide regular employment for about 50,000 persons, not including the hun- dreds of thousands of caddies. Commodity Prices. It is growing somewhat monotonous {to speak constantly of new daily lows for commodities, especially lgitul'.urll products. Nevertheless, it is interesting 1o point out that the price of wheat in Liverpool has reached the owest figure recorded in three centuries. The markets in the United States were somewhat better yesterday. After having sold lower than at any time since 1896, wheat rallied appreciably, as did also corn, which had reached the lowest on record, with the exception Ship Rates Reduced. | While American railroads expect sal- 4| vation from an increase in rates, ship- ping companies are seeking it in re- ductions. Eighteen transatlantic ll!nu class passenger rates ranging from 10 to 30 per cent, effective August 17. Third- |class rates are reduced 13 per cent, with somewhat similar cuts in cabin, tourist and second-class rates. of quotations in September, 1896. Lack | of demand and absence of speculative activities would seem to account for the | a9: ¢ | situation. an omission in the dividend rate of Bethlehem Steel at today’s meeting. Anticipation of such a move, ang a fear that other corporations might resort to drastic measures concerning divi- dends, caused additional liquidation on a somewhat larger turnover and seemed to short selling on a rather more ex- scale. Those, however, who hope to operate successfull ket should take into account the fact that liquidation has pretty well run its course; that the !!ontlnr reduced to a minimum, and that the buy- ing is becoming of a somewhat more im- pressive character than the selling. y on the short side of the mar- supply of shares has been Lamont’s Remarks. There appears to be some misunder- standing in ashington regarding Secre- Commerce Lamont’s remarks con- cerning wage cuts. A statement issued by the White House states specifically that “no member of the administration has expressed the view or holds licy of the administration in advocating main- tenance of wages should be changed. It has not been changed.” Assistant Secretary of Commerce Dr. Klein, calls upon employers ¥ ! ity . to exhaust all other means of effecting economies before slashing the | 1, our 'L 2nd city expenditures in the * |buying power of the consumer. o Nevertheless, it must be remembered that, due to the decline in | figure. the price of commodities and the corresponding rise in the purchas- | tures could be reduced as much as 10 ing power of the dollar, the buying power of the consumer is not | per cent. it would enable m: cut in wages. nomic and financial condition, the Brazilian government is taking steps to form a central bank. The capital of $80,000,000 is to be furnished by all banks, national as well as foreign. Subscription for the stock in the in- stitution will be compulsory and is ex- pected to be on the assets of the enterprise called upon to take up the shares. (Copyright, 1931, by North American News- paper Alliance, Inc.) Grain Market | By the Associated Press. CHICAGO, July 30.—Sudden set- 'backs in corn prices today after a | sharp new upturn indicated that a' {corner in July corn had been ended Pew realize that among the major |5, | private negotiations outside the | trading pit. The market Suctuated | wildly for a time and covered a range |of 'li- | yesterday’s close when trading ended |after & jump of 10 cents. Deliveries {on July contracts today aggregated 1, 1206.000° bushels, | Corn closed irregular, at % {lower to % higher; wheat 3-7y down, { -1 cent off and provisions show- |ing 5 to 12 cents decline. | o WHEAT Cloge. | Beptember TR Y | December |auly” | September December iy 2 Sentember’ e 3 2 December .. % k1l RYE— 30, uly September December p e e INTEREST RATES. By the Associated Press. No change occurred in money rates last week as their change was calcu- Iated by the Department of Commerce. In the averages that follow the level is given for both classes of funds at lead- ing centers for comparable g_eriodl' ime Call Week- ended July 25 . 150 1.50 Previous week. . 150 150 Same week last y 3.50 2.00 CHICAGO DAIRY MARKET. cents, but finally hovered near | cents | AL. *¥¥ A—I5 TWO TAX REDUCING PLANS ARE URGED Adoption of New Method in New York Arouses Inter- est Elsewhere. BY JOHN F. MILLER. Two methods of reducing taxes are now being agi’ated in & number of the States. The first involves scrapping so- called local tax systems and the second is commonly known as the State con- trol plan. Adoption of the first scheme in New York is recommended in a report fust issued by the National Industrial Con- ference Board. The advisability of & zales tax is now being considered by a New York legislative committee, and the report of the conference hoard was made, undoubtedly, for the express pur- pose of showing that such a tax is up- necessary, or at least should not be put into effect until an effort has been made to solve the problem by reducing expenditures. Town System Opposed. “The town system of assessment is | encountering vigorous opposition in al- most every State now using this system and it may be expected that in the future more States will adopt the county unit plan” the board declares. “In view of the cumbersome and ex- pensive local revenue system,” the re- port continues, “it should be seriously considered whether the State should not turn its attention to this phase of the tax problem rather than to seek new sources of revenue which will | serve further to intrench the existing system,” nited States are more than $6,800.- 00.000 annually, or 32; times the 1913 If the amount of such expendi- v corpora- tions now having a deficit to earn a substantial profit. financial experts assert, pointing out that in 1921 the average corporation paid more in taxes than in dividends. State control of local expenditures is a necessary corollary to the central- | ized assessment plan, most authorities | believe. Gov. Brucker of Michigan summed up the situation when he said: “‘One of the chief obstacles in the way of accomplishing any worthwhile and Jasting resuits has been the un- wieldy and disorganized nature of the whole local government structure. This |lack of co-ordination is a major cause for present tax difficulties. In the State of Michigan there are 83 counties, 460 |cities and villages, 1269 townships, 6.878 school districts and an un- numbered host of special assessment disiricts. I am informed that there are more than a quarter of a million local political subdivisions in the country at large. Unwarranted Spending. “This host of dissociated tax-raising agencies cannot fail to weaken the public resistance to unwarranted spend- |ing. The multiplicity of responsible officials perplexes the citizen and paves the way for placing the taxing power | in hands that muy be incapable or un- worthy. Public spirited citizens seek- ing to bring about needed retrench- ments find it necessary to dissipate ‘lhellrhenelglgoln a vain effort to keep | watch over too many spend; | until ey’ ecome discouraged and ghe up_the effort.” Clearly enough, Pederal taxes can- |not be reduced, at least for several |years. County and city expenditures, “'hleh are 70 per cent greater than | of the Federal Government, can ::r er:dm:ed substantially, tax experts (Copyright. 1931.) Exchange Seat Cost Drops. NEW YORK, July 30 (#).—Arrange- ments were made today for the sale of |8 New York Stock Exchange member- |Ship for $210,000, off §25,000 from the last transfer. | _DIVIDENDS DECLARED | NEW YORK, July 30 (®.— Redueed. 1S comiess o, 8a Arms < Hidre ot Tecor, 25¢ e Gas A 8¢ : T e S, el ep: Q July 31 July 3- Omitted. G & E - 4 72 Humble O} (12%).. Bacific GAE 8s © 5210815 9% 111 Pow & Lt pt (8).. 25 18% imp Uil of Can (50c) . 21ls 9a Indfana Pipe Line(1) Salt Lake City, $1,300,000 4 per cent | 11 5 Industrial Finan ctfs bonds, due July 1, 1943 to 1959, inclu- | 63% ins Co ofNo Am 1314 sive, priced to yied about 3 to 3.85 per % % Intercontinent Fetn. cent, by the National City Co. 156% B4% Int Petroleum (1) i 10% Bl Int Utilities B METAL MARKET. o sietreie. ot wna Sute | WAGE CUTS SEEN AS NECESSITY CHICAGO. July 30 (®.—Butter, . hilds Co. . soc Q 9,149 tubs, firm; creamery specials (93§ score), 2582515 extras (92 score), 241 |0 C LAUSKIn 8L Soc @ extra ' firsts “(00-01 score). 23205/ Deterred. firsts (88-89 score), 21a22; secon orham I cum pf 75c Q (86-87 score), 19220 standards (90 | l°dustrial Pin pr.il7 Q score centralized carlots), 25. PR l;;:hn steady: prices un- cq} w'Ser e ot 5150 Can Nor Pw.. - 23 23 10% 10% 1% 1y 1.88 per cent certificates of indebted- ness, due June 5, 1932, priced to yield 1.65 per cent, by the Guaranty Co. and R. W. Pressprich & Co. -low Cafe pf (4). W'iworth (FW) Ltd. “Y" Oll & Gas.... RIGHTS. Expire. Westvaco....Sept 1 1 % % s 1o dollars based on iast quart 'Ex dividend. 1Partly llrl.. ‘Pl"ul" S B b Pavable 'in” stock. - N =190t Bie &5 Due Aus. Due Aug | Credit Inquiry. The committee to investigate Ger- many’s economic situation and her need for mew credits is about to be named by the Bank for International Settle- ments. It is generally believed that a Tepresentative of the Federal Reserve Bank of New York will also be included. Although the Reserve Bank tici- pated in the recent $100,000,000 credit to Germany to the extent of $25,000,- 000, it has no official representation on the board of the Bank for Interna- tional Settlements. The appointment of a Reserve Bank official may be the forerunner to closer relations between the two institutions and may possibly lead to Washington formally approving the Reserve Bank being represented on the board of di- rectors of the European bank. Sege3tS5583e! B '9: 55 VA o ks o0 a0 B s Easesy 3 Dividend rat = gy llu.’l payment. N sl @ Adjustment dend. w 1D stoek. h Pius 1% 1o b stoc) ock. k Plus 10% in stoek. 2 Hock: nPide 8% in sloot o Paid 1oy rartio B Plus 3% 18 | NEW YORK BANK STOCKS NEW YORK, July 30 (#).—Over-the- BY WALL STREET OBSERVERS " ™" s | Ameriea 2 2 Decline in Earnings. A earnings feporied of 117 tncurii |61 4% Fa o111 year earnings repor of Industr] 'a T pf . 5 companies aggregate $133,137,000, a de- | JORDSNaR & pf 4178 cline of 29 per cent from the $186,630.- 000 reported by identical companies in | the coresponding period last year, a|"§, ) survey by Standard Statistics Co. says. Onomesa Sugar . 20c The survey adds that it is probable total |San Carios Mil.. 20c industrial “prifits registered a consider- |S&Yunton® &b "Bk oo "y =z Iron quiet; spot and nearby. 24.12; future, .35, Lead steady; spot, New York, 4.40; East St. Louls, 4.22. Zinc steady; East 8t. Louis, spot, 3.87; future. 3.90. v, 6.70. Quicksilver, 94.00. | Asgeg. 6 SEBENS. SRR Bid. 4013 o t Phenix 9 6 Special Dispatch to The Star. charges of breach of faith with the ad- | Commercial National. i First National N ¥.... 21 Stranton 8p CHICAGO ST(‘JCK MARKET CHICAGO, July 30.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange 5. Am Pub Ser pf... 450 Assoc_Tel Uil 30 Baxter Laund A 7000 Bendix Aviatiol 2700 Borg-Warner Sons | ity markets was accentuated. Having | NEW" YORK, July 30.—While Wall| ministration on wages. Any agreements Street awaited the outcome of the{ United States Steel Corporation quar. terly directors’ meeting yesterday after- noon, the Midsummer dullness in secur- had some time to put itself into the proper mental attitude for dividend re- ductions, the financial district is less concerned about that than over wage policies. Most large corporations make a dis- tinction between salaries and wages, the made at the 1929 conferences neces- sarily were based on intentions, ability to pay and the assumption that the trade recession would be a temporary affair. No corporation executive prom- ised to maintain wages through the rigors of one of the most severe busi- ness depressions the country has ex- perienced. Secretary Lamont’s pub- | lished letter on the subject was re- garded in Wall Street as official recog- Manhattan Co. National City. Public ...... Bankers' . Brooklyn .@. .0 Chemical ‘Bank & Ti Cont Bank & Trust.. Corn "Exchange. . Empire Suaranty rving . Manufactui New York.... Rt TRUST COMPANIES, Brazilian Central Bank. omplying with recommendations made by Sir Otto Niemeyer in his comprehensive survey of Brasil's eco~ ably more pronounced recession. e £ Restriction of the area grown to cot- ton is being urged by the Egyptian gov- ernment. | ~'Wat Ser 36 pf. 3180 | . Do. 38 of......:81:26 | Super Port & A a1 Tr §id Inv Shrs € 1ic Envel 34 3.50 0c. Soe #8883 REESRREENY oo Rop PZZOPNOOOOOOOOOHEOD ' Do B Westfield M National Métro_p;)iitan Bank nition of this fact. FOREIGN EXCHANGE. former applying to the so-called white | Except that It il omphasize the | Quotations furnighed by W. B. Hibhe & Co.) v collar jobs. Salaried employes have for the most part been retained on_ full time, if at all, and they, in effect, have had wage increases. Wholesale com- modity prices, measured by the Bureau of Labor statistics index, are down 27 per cent in the past two years, although the actual cost of living probably has come down much less. Retall prices lag behind wholesale prices and the item of rents is a slow mover. Little | OLDEST NATIONAL BANK IN THE DISTRICT OF COLUMBIA Capital, Surplus & Undivided Profits, Over $2,300,000.00 15th Street, Opposite U. S. Treasury Uninterrupted Service For Over 117 Years QThe Metropolitan has emerged unimpaired from every period of financial stress that, in the normal course of human events, has befallen the nation. severity of the trade slump, wage cuts al gold Selling checks probably will not increase pessimism in alue . Wall Street. They are regarded as a hurdle which will have to be jumped |Brussels. bei before restoration of prosperity. Bank- | Berlin mark ers mostly favor them, but cannot be h said to press for wage cuts. Al (Copyright, 1931.) | London. pound Paris, franc... p 5 Ghie In ; 2058 Com'with Bale .10 m : 106 Com Wat Serv 300 Consumers war hicaso » 58 e political repercussion will be felt from SILVER QUOTATIONS. | Qarsaw. sloty. Teduction in salaries. | NEW YORK, July 30 (P.—Bar siiver | O, trows... No great attention is pald here to steady and ¥, higher at 28, | Stocknolm, - crown. STOCK AND BOND AVERAGES By the Associated Press. THURSDAY, JULY 30. F T T Soas seepisser 8 —-— - ——— — b Ser 5s » w ; TREASURY CERTIFICATES. D 53,2000, 865 . W. Bell 3 P&L 55 F '58 103 ) . (Reported by J. & eman & Co) Wiscon 5, F o33 _n}.. 3 No Ju‘l Co ot 45 20 Lawbeek 6/ 163 Mennat Dearbarn 08 Marsnanl Field 100 Mid Dec. 1 STOCKS. |30 Mo 3 1hcaae 20 - - n;n:. ties, PARIS BOURSE PRICES. PARIS, July 30 (#).—Three per cent rentes, 87 francs 72 centimes. Five per cent loan, 104 francs 10 centimes. Ex- change on London, 123 francs 90’2 cen- times. The dollar was quoted at 25 francs 50%; ocentimes. ———————— POTATO MARKET. Potatoes, 70; Conservative policies and experienced management have af- forded our customers the maximum in Service and Safety, for over one hundred and seventeen years. 5 14Com Pr Bk 5'as 1Cuban Tel 148 A 2 Danish Cons e SRINE G w! 50 Industria’s. (oo, & £3 Previous day. Week ago. Month ago. Year a; . Two years ago. Three years ago. High, 1931 Low, 1931 High, 1930 Low, 1930..... High, 1929 @ Whatever the scope or character of your individual banking needs, they will be handled with utmost care and satisfaction, at this time-tried bank. We look forward to serving YOU. INTEREST PAID ON SAVINGS Travekrs' Checks and Letters of Credit M e ~3238. ue mamee 38583882382 S Iw_Without “warrants. Iv-oWithout w g wi—When issued. BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, July 30.— STOCKS. {ryndel Corparation & ephol Sales. 33 P redit _pfd. 1 Gt n: Bank Open Until 5:30 P.M. July 31st for Payday Depositors’ Convenience. §us353 35585838858 8nuRassssE 27 2 et E i £ Ss: ~Eguea is g NEW YORK, July 30 (#).—Brokaw, $40,000,000 Panhandle - 2w 53! gac P T imerc; $84ag: Low, 192!