Evening Star Newspaper, July 31, 1931, Page 14

A—14 ®Ex AUTO PRODUGTION SHARPLY REDUCED Producers Hold Output Close to Demand—Shutdowns Are Ordered. v the Associated Press. DETROIT, July 31—Hopes of the sutomobile industry’s leaders that Mid- summer vacation shutdowns might oe omitted this year as the result of im- proving business_conditions apparently are not to be realized. As was the case last year, two weeks’ suspension have been decided upon by several plants. Olds Motor Works closed July 22, Oaklend closed July 25 and Graham- Paige and Reo will suspend August 1 to_re-cpen August 17. Early In the year, in the flush of a better than expected demand, not a few of the industry’s leading sales ex- ecutives had predictad there would be produced and _sol not less than 4,500,000 cars during what has been termed the ‘recovery year.” On the basis of these fizures it was added that business would be so definitely on the upgrade that Midsummer shutdowns would be nct only unnecessary, but im- possible. Output Estimated. It appears now, however, that the total o?l‘:;ut of the automobile indus- try for 1931 may not exceed 2,600,000 units. This will be more than a month’s normal producticn under the - total output of last year. During the first six months of 1931 aggregate out- put of cers and trucks in_the United States and Canada w:s 1,623,033 units. ¢ That the “recovery’ vear's showing thus far has bsen disappointing is not being denied in any quarter, and even Jess is heard of the predicted improve- ment during the Fall months. Final figures for July will not be available for several days, but manufacturing ac- tivity showed a seasonal falling off. Au- gust also is expected to be & normally quiet month. Following precedent, there would be a slight stepping up of production in September and then a gradual falling off each month until the end of the year. It is upon these nor- mal conditions that the estimate of a total output of not more than 2,600,000 assenger cars and trucks for 1931 is ased. The fact that many producers will be working on new models during the final quarter has been taken into considera- tion in the year's output estimate. Bar- ring an entirely unforeseen forward spurt, the production of new models is ot expected to very greatly exceed a normal output of the current model. ‘Whatever production expansion may come with the swing over to new models is expected to be discounted by the present suspensions and those that will be necessary while plants are being re- tooled for the new type production. Production Leveled Off. The Bulck Motor Co. has announced its annual inventory will be taken in September. It has aiso announced plans for continuing production during the Summer and Autumn, with a new model to be brought out in December. While manufacturing activity during the next four weeks may be at its low- est level for many years, the industry's optimists decline to be discouraged. They agree that a total output of 2 600,000 units would be the lowest pro- duction since 1921. At the same time they point out that, unlike any previous year during the last decade, the auto- mobile industry has leveled off produc- tion to demand and will go into the following year with no surplus output that would require “distress selling"— no-profit turnovers—to dispose of. BROKER LOAN TOTAL SHOWS FURTHER DROP Decrease of $26,000,000 During Week Puts Figure at New Low. Bpecial Dispatch to The Star. NEW YORK, July 31—The weekly statement of the Federal Reserve on brokers loan's showed a decrease of $26.000,000 during the week ended July 29 to a total of $1,390,000,000 a new low for the movement and the lowest since June 4, 1924, This compares with a total of $1416,000,000 last week, and with $1,406,000,000, the previous low for the year on June 24, and with $3,- 228,000,000 on July 30, 1930. Loans for own account were $1,002,- 000,000 compared with $1,033,000,000 a | week ago; loans for out-of-town banks | totaled $219.000,000 against $215,000,- 000, and loans for account of others amounted to $169.000,000 contrasted | with $168,000,000. Demand loans con- | stituted $976,000,000 of the total against | $1,001,000,000 & week ago, and_time| loans were $414,000,00C against $415,- 000.000. The New York Federal Reserve Dis- trict rediscount rate remains unchanged at 1, per cent. Business Notes By the Associated Press. ' NEW YORK. July 31.—AltRough very few drastic style changes have ap- peared in the Paris dress openings and | considerable uncertainty regarding the | new silhouette hes been eliminated in the New York ready-to-wear markets, buying during the current week was spotty, with retail representatives not placing as many orders as they had in- tended, resident offices report. It was said the peak of the Fall buying season is expected to be reached next week. Current activity in the shoe market continues &t a fairly rapid pace, with demand for immediate goods centering on women’s footwear and with some orders being placed by independent ; stores for men's Fall shoes, trade circles report. Retailers are ordering with fair degree of caution on Fall footwear, however, in line with their policy of frequent and small purchases, Announcement by the Bigelow-San- ford Carpet Co. of an advance in prices on odd sizes has given a firmer tone to both the imported and domestic rug market, buyers report. In the import branch of the trade wholesale dealers are convinced that prices will advance from 3 to 5 cents a square foot imme- diately after the domestic floor coverings mills hold their openings in New York on Monday. Several of the leading lines of tropi- cal worsteds for 1932 are expected to open officially within a week or 10 days at prices substantially lower than last year’s opening figures, it was indicated in the trade. Some goods are being shown unofficially to buyers who have expressed interest in the new lines and prices quoted. OIL PRODUCTION CUT IS REPORTED ASSURED By the Associated Press. TYLER, Tex., July 31.—W. E. Mec- Kinney, oil operator, said yesterday.that sufficient producers have ed an agreement to shut down wells to reduce production in the East Texas field 25 or 30 per cent when the agreement is put into effect. “The movement started quietly, but already more than 50 operators are with us,” he said. “A majority of the independent operators sre heartily in favor of the prcject.” ™ McKinney said that after a raise fn price is obtained no drilling ¢ampaigns will .i carried on by the operators, ‘ FINANCIAL. THE EVENING .STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The (Continued From Page 13.) Btockand Sales— Dividend_Rate. StLouis& San Fran. 4 1 St L-San Fran of (6) Savaze Arms (1 Schuite Retail 8 Seaboard Afr Lin Seab Air Line pf. Sears Roebuck (2%) Second Nat Inv..... Second Nat Inv pf. 4 Seneca Covper. Secvel Ine. . Sharp & Dohme. Shattuck (FG) (+1%) Shell Union OAl... ... 4 Shell Un O1) pf (%) Simmons Co. Sinclalr Con Skelly Oil pf. South Port Rl . Sou P Ric Sug pf (3) South Cal Ed (2).. South Pacifie (6) Southern Rwy (mé). Southern Rwy pf (5) Spalding (A G) (2).. 4 Splegel-May-Stern., Stand Brands (1.20). Stand G&E (3%)... Stand G & E pf (4). Stand G & E pf (6). Stand G & El pf (1) % Stand OlI Cs) (h23%). 30% Stand OIl N.J ($2), 13% Stand Ofl N ¥ (1.60), 16% Starrett (LS) (t2%) 301, Sterl Sec v pf (3). . 2515 Stone & Webster (3 1414 Studebaker (120). 6 110 Studebaker Cp pf (7) 508 94 SunOflpf (6)... 30 30" Superheater (2%4).. 18 @Texas Corp (2).. 294 Texas G Sulphur (3) 2% TexasPC&OIll..... 714 Texas Pac Land Tr. The Fair (2.40) Third Avenue Thompson S Tide \Water As A 4 Timken-Detroit Axle Timken Roller (3) ~Prev, 1081 High. Low. - o darrenBornnnRsnnSnavanlao~Denun, 36% 55% 6% 17% Transamerica (40¢). Transue & W (1).. Tri-Cont Corp. . Tri-Cont Corp pf (6) Trico Products(2%). Truax T Coal Co 40 (5) 8% Union Bag & Paper.. 1 8% 13% Add 00. High. 28 Star ~Prev, 1631~ High. Low. 12 434 s 2054 137 6% 6%, 14 28'% Vanadiu; 27% o7 20% 46% 26% Waldort Warner w Westing Woolwor Worthington Pump. Wriziev S v ellow Trock 11 Zomite P RIGHTS. % Insur Sh Del. Ang10 17 Stock and Dividend Unlon Carb & C2.00,, Univ Leaf T pf (8).. Univ Plc 1st pf (8).. % Univ Pipe & Rad.... 19'5 Utll PEL A ($2.15). 10 Van Raalte 71% 38% Vulcan Der Warren Bros (2).... gou Ofl & Snow (2) Westvaco Culor (2). 2 Wileox Ofl & G: Willys-Overland Office. Bales— Prev, Rate. Add 00. High. Low. Close. Close, 8% 188 1856 % 26% 26% Erielid ol ] 2214 50t 571 28 T% 35% 28 (2 213 4% 22 50% 6% 21% 18% 15% 13% 18 86 140% 06% 105 L1} 53% 1% 21% 26% 12% 48 28% m Cor; Sys (13%).. d Baking ot (7). 40 7 Bros Plct... 19% 19 b5 977% 104% T4 1% 115% 26 ) E&M pf (4). 30s rth (2.40)... 29 51 (Wm) (4., 2 17 rod Corv (1) 12 Expire. 12 % Sales of Stocks on New York Exchange. 10:30 A.M. . Dividend rates payments based on the 34y 1Partly extra. 3% | last ye or stocl fPlus 8% In 42% | in spectal preferred 10% ' no regular rate. n Pl 35% 4 40 1% 11% 1% 1Plus 4% in stock. {Plus 9% —no regular rate. 200,000 1 800,000 given in the above tabl latest quarterly or half-yearly in stock. a Pal b Payable in stock. e Payable in cash stock. hPlus 2% in stock. j Plus 50 cents k Plus 3% in stock. m Pald this year— 5% in stock. MANY SUGGESTIONS FOR RELIEF OF IDLE Proposal to Turn Crop Sur- plus Over to Needy Held Fallacious. BY DAVID LAWRENCE. Many and varied are the suggestions coming to the Government here as to how to handle next Winter's unemploy- | ment problem. With the prospect of about 7,000,000 out of work and predictions by Presi- dent Green of the American Federa- tion of Labor that Winter will see the need for more relief work than last| year, plans already are being made for the co-ordination once more of Federal, State and municipal agencies. Why not turn the wheat surplus over to the unemployed—this is one of the questions most frequently asked. With everybody complaining about the huge surpluses of commodities, why should there not be some distribution where the goods and supplies are most needed? Queries like this fill the mail of Gov- ernment officials. Surpluses Privately Owned. ‘The answer is that all the wheat and all the products of which there is such an abundance are privately owned. Government agencies could get posses- sion of these supplies only if the owners were to donate them as philanthropy or if the Government were by act of Congress to have funds appropriated authorizing their purchase. ‘The wheat would have to be made into flour and baked in bread to be edible. To get the surplus wheat into bread, somebody would have to make available millions of dollars for pur- chase. The Hoover administration con- tended last year In the case of the Arkansas drought that Government purchase of food was wrong in principle and that it would system in vogue in Great Britain, the disadvantages of which are supposed to be the development of a large class of people who lean on the Government and make no effort to work or become wage-earners again. Overproduction Too Great. As for purchase of surplus goods and food from charitable funds, this is ex- actly what happened last Winter. Mil- lions and millions of dollars were donated through relief agencies, but the surpluses of products are so larg® that even after feeding and clothing the un- employed hardly a dent was made in the overproduction. To absorb the wheat surplus alone, the United States would require gn additional population of from 20 Yo 40 million persons. The question then arises whether the surplus cannot be used to feed millions of people in other parts of the world | who may need it. The Congress would have to buy the wheat and other gov- ernments would have to agree to re- ceive and distribute it. Purchase of wheat for foreign consumption would never pass Congress as long as Gov- ernment charity to American citizens as in the Arkansas cace remains un- acceptable. Problem for Local Agencies. So the problem is one of direct re- lief through local agencies. President Hoover insists that the State and city relief organizations know local condi- tions and know how to raise the neces- sary funds to buy food and shelter for the unemployed. Last Winter, it is argued, anybody who really wanted chelter got it, and that in the large citles there was plenty of relief. Dona- tions of clothing and beds were made on an unprecedented scale. Next Winter’s hungry will be fed at less expense because charity funds will buy more food, as there has been a drop in the cost of food products. Arrange- ments are being discussed for the dona- tion of non-perishable food products by the public. The relief job is still regarded as a private responsibility, with local com- mittees in State and city co-operating with Government agencies to bring about efficient distribution of food and clothing to those who are in need. (Copyright, 1931.) NEW FORD PLANT. MEXICO CITY, July 31 (#).—The Ford Motor Co. of Mexico last night announced that a contract was signed for construction of a new Ford as- sembly plant here. Construction of the plant will start 2t once, and about 1,500,000 pesos will be expended. It is estimated it will be finished in nine months and will employ 800 men and turn out 100 cars daily, as com with the present pay roll of pared 200 men and daily production of 30 cars. g Steel Plants Reopened. NEW YORK, July 31 (#).—Mszhoning Valley Steel Co. has resumed opérations with six sheet mills at Niles," Ohio, after two weeks of idleness. 847,247,600 IN GOLD lcrop this season far below the aver- lead to the dole | PRODUCED LAST YEAR| w = i | i $19,538,029 in Silver Mined in U.S. | and Philippines in Same Period, Mint Reports. By the Associated Press. Gold and silver valued at $66,785,629 | were produced in the United States | and the Philifpine Islands in 1930, with gold accounting for $47.247.600. | Anpouncing these figures, the Bureau of the Mint said California led the way in gold production with 450,289 | ounces, valued at $9,308,300. Utah led | in silver production with 14,451,266 ounces, valued at $5,563,738. |~ The 1930 gold production was $1.- | 596.200 more than in 1929, while silver | showed a decrease cf 10,579,741 ounces. 'POOR CANADIAN CROP | OUTLOOK REPORTED | Dry Soil and Hot Winds Expected to Cut Down Yields of Grain. Western Canada will produce a wheat | age of the past 10 years. Drought, extreme heat and high winds are | doing it irreparable damage. Con- ditions since the first of the month have been growing worse so that the crop estimated for all Canada at 235, 000,000 bushels will have to be revised downward. In its weekly review of crop condi- tions the Dominion government said that the past week of excessively high temperatures, hot winds and negligible precipitation in the Western provinces was one of “the most disastrous of the season.” About 75 per cent of the wheat is now in the head and without adequate moisture cannot fill properly. Earlier in the season it was pointed out in these columns that Western Canada was very deficient in subsoil moisture. In reality the country has dry for three years and did not | lay up a sufficient supply of moisture | last Autumn and Winter. This fact has been generally overlooked. Depend- ing largely upon surface moisture, the | crops now are deteriorating when the supply is inadequate and the hot winds rapidly dry up what there is. A private estimate at this time of | 55 per cent would, on present acreage, produce 175,000,000 to a possible 201 000,000 bushels, against 374,000,000 a year ago. To attain the latter figure it would be necessary for rains to come now in time to save the late sown wheat. HALF YEAR'S PROFITS IN SHARP DECLINE| Special Dispatch to The Star. | NEW YORK, July 31—First half- year earnings reports of 117 industrial companies aggregate $133,137,000, a de- cline of 29 per cent from the- $186,- | 630,000 reported by identical companies in the corresponding period of 1930, says the Standard Statistics Co., in a current survey. It is probable, co; tinues the survey, that total industrial profits registered a considerably more pronounced recession. Available second-quarter reports in- dicate a more moderate decline from the preceding three months than was registered a year ago. There is increas- ing evidence that drastic operating economies are tempering the reduction in gross business. CHILEAN BANKS REOPEN. SANTIAGO, Chile, July 31 (#).— Banks and stock exchanges reopened today after a four-day special holiday ordered as a result of the change in government. In the interim the Na- tional Savings Bank has been reor- ganized with several prominent citi- un:o appointed to the board of di- rectors, Radio Stockholders Increase. NEW YORK, July 31 (#).—Stock- | holders of the Radio Corporation of America now total approximately 93,- 000. June 30, 1931, there were 74,824 holders of the new common stock, an increase from 50,160 in April, 1930. At the end of last month there were approximately 10,000 .owners of pre- | ierred A stock and approximately 6,000 cwners of preferred B. ol CHICAGO DAIRY MARKET. CHICAGO, July 31 (#—Butter, bs; firm; creamery specials 2 score), | 15; extra firsts (90-91 score), 232231, firsts (88-89 score), 21a22; seconds (86~ | 87 score), 19a20; standards (90 score, cent car lots), 24%. Eggs, 8,682 crates; steady; prices unchanged. i o = PARIS BOURSE PRICES. PARIS, July 31 ().—Three per c:nt rentes 87 loan, 104 francs 25 centimes. centimes. francs 503, cent i francs 45 centimes; 5 per cent | St Union Oil Co. Exchinge on London, 123 francs 90 | United Drus ‘The dollar was quoted at 25 | weste times. . ICENSUS OF GROCERY CHAINS ANNOUNCED Federal Trade Commission Finds 395 Co-operative Organizations Operating in U. S. By the Associated Press. The Pederal Trade Commission esti- mates there were 395 co-operative grocery chains in existence in this country in January, 1930, having a| membership of 53,400 retail stores. These chains in 1929 transacted a volume of business estimated at between $600,000,000 and $700,000,000, with not more than three-fourths of this volume represented as business with retail | members, the balance being done with non-member retailers. A co-operative chain is defined as an assoclation of independent retailers act- | ing co-operatively, either by themselves | or with a wholesaler, to obtain advan- tages in buying, advertising and other merchandising activities. Those retail- ers who co-operate to perform for their own benefit the functions of a whole- saler, but are not connected with a particular wholesaler, are classed as “retailer co-operative chains,” while re- tailers who affiliate with a wholesaler in these merchandising activities are “wholesaler-retailer co-operatives. Retailer co-operatives, on the average, succeeded in getting goods to their | members and other retailers on a gross margin of 5.5 per cent, as against an average of 11.5 per cent for the whole- saler-retailer co-operatives. The average wholesaler-retailer, in at- lempting to meet chain store competi- tion, has emphasized regular retail use | of low-priced leaders, backed by exten- | sive newspaper and other advertising and such features as store appearance, |arrangement, display, management and supervision, the commission says. The commission states further that|Q? the wholesaler-retailer co-operative is o0 recent a development to permit a definite conclusion as to which of the | W two plans of merchandising is more effective in meeting competition. CONSOLIDATED GAS. BALTIMORE, July 31 (Special).— Comparative statement of the Consoli- dated Gas, Electric Light & Power Co. of Baltimore for the three months ended June 30, shows a small increas> in gress over the corresponding period a year| ago, but a slight decline in net. Gross operating revenue .mounted to - $7,062,738.09, an increase of $8,655.61 compar-d with the corresponding quar- ter in 1930. Surplus ilable for divi- dends, etc., was $1,657,308.59, a d:cline of $76,029.78. Surplus, after dividends ztzo!'og_,“. $327,472.38, a decrease of $87,- For the period $1.18 was earned per share on the 1,166,417 common shares, the average number in the period out- standing, as compared with $1.26 earned per share on the average of 1,157,892 shares outstanding during the 1930 quarter, The common dividend was earned 131 times, against 140 times in the corresponding three months a year ago. Total number of common shares out- standing at the end of the quarter was 1,166,336, comparcd with 1,162,619 a year ago, or an increase of 3,917. FOREIGN EXCHANGE. (Quotations furnished by B. Hibbs & Co.) l'omln]- Id &lll%fluckt London, sl 3. und Barls, "franc 'st. _pengo. Prague, crown (nom.) Warsaw, zloty 2 Copenhagen Oslo. crown. Stockholm, ¢ TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity Bid. __Offer. 2%s Sept. 15. 1931 100 9-33 1%s Sept. 15, 1031. 100 3-32 100 5-32 1% 3100100 100 18-32 1931°T'D'3 100 16-32 1931 100 28-32 193] 101 7-32 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co ) Bid, ~ Ofter Allis-Chalmers Co. 55 1937 o 102% American Metal 5is 193: American Tel. & Tel 5% i943. Baltimore & Ohio 4%5s 1933.... Betavian Pet. Corp. 4%s 1 Bell Tel. of Galifornia 1 pper C Denver & Rio Gra 9434 Gen. Mot. Accep. Corp. 6s 1937 lflz- “oleui Corp. 55 1940 10352 General Public Service 5 Goodyear T. 5 1957. . 90%, Grand Truni of Ganads 65 1635 107 Gulf of 937. 101 Humble Oil 5%s 1932 Internat. Match 8 . L. 6s 1932 91% o I 1935. Portland Gene r:t.i‘:cr s 1935. 10; . Bi48 1938 1025 1 5 10312 Jersey 55’1948 10avs Fork 43:s 1851 1003 N. N R 96% i i B g et TONEW LOW MARK Both Foreign and Domestic » Issues Are Sharply Lower. BY F. H. RICHARDSON. Special Dispatch to The Btar. NEW YORK, July 31.—Junior domestic bonds dropped to new low levels for the. year today on a moderate volume of trad- ing. Foreign dollar bonds were also weak, with the exception of the Argentine, Brazilian and Australian groups in the lesser rated division and the entire prime D. Bun;:rd Satistics’ index of 30 repre- sentative domestic issues below 94.9 was at its lowest level of the year and reflected further sharp declines In railroad and industrial issues - uent on a lower stock mnkegon-:fd iminished confidence in high yleld securities following publication of first half-year earnings reports. The continued failure of junior bonds to rally and the. renewed liquidation in them have again turned buyers to high-grade investments, especally those of a short-term character. This was evidenced by the sale of over $59,000,- 000 of Treasury bills today at an an- nual interest rate of .51 per cent by record ition bonds of the “triple A” type were all at their best prices of the year, the most active being Atchison General 4s, American Telephone 5s, Columbia Gas 5s, Con- colidated Gis 4'.s, Pennsylvania Power & Light 4'>s and Western Union 5. econd-grade carrier issues ‘were weakest. ~ Frisco Prior Lien A 4s dropped below 64';. TFrisco 4!;s were joff fractionally. Alleghany Corpora- tion 5s lost a point and issues of other Van Sweringen properties such as Mis- souri-Pacifis 5s, Erie 55 and the Nickel Plate were off sharply. Nickel Plate 428 lost more than a point on selling Induced by the ommission of the divi- dend on the common shares, Bonds of Industrial companies which failed to show good earnings could not stand up in such a market. There were declines in Anglo-Chilean Nitrate 7s, Chile Copper 5s, International Hydro- Electric 6s, International Match 5s, Pathe Exchange 7s, St. Joseph Lead 5133, Utilities Power & Light 5143 and Warner Brothers 6s. Others, where earnings have been better than expected, were firm, instanc:s being Dodge Bros. 6s 2nd United States Rubber 5s. German Government 5!5s and 7s lost their initial gains and more. German industrials, utilities and municipals act- ed similarly. A short-term credit cen- sus revealed a total of well over 6000, 000,000 reichsmarks of foreign short- term funds in Germany. The latest pian to retain these balances in Ger- many and thus aid in the suppo:t of the reichsmark involves voluntary exten- sion of the credits in 80 to 90 per cent of the cases, with a sp:ctal decree plan- ned to hold the funds of recalcitrant creditors. This, Wall Street holds, is vurtually a moratorium and the market has discounted it as such. South Americans were firm because cf strength in Argentine and Brazilian exchange and reports of heavier wheat and coffee shipments. Australians were generally firm on London buying. Washington Stock Exchange SALES. | Washington Rwy. & Electric 4s—$1,000 at 923, $3,000 at 927, Potomac Electric 6% pfd.—8 at 11315, AFTER CALL. Washington Rwy. & Electric pfd.—7 at 100, 17 at 100. Lanston Monotype—10 at 87, 10 at 863, 10 at 863, Mergenthaler Linotype—1 at 7815, Bid and Asked Prices. BONDS. FUBLIC UTILITY. Amer_ Tel. & Tel. 4%as Am. Tel & Tel. ctl. tr. Anacostia & Pot. R. R. Anacostia & Potom C. & P. Tel. of Va. Capital Traction City & Suburban Georgetown Gas 58 Ss. . (3 : e 1 & Mt. Vernon ctf. Washington Gas 4iis Washington Gas 5s.... v Gas s, series’ A Wash. Gas 6s. series B.... Wash. Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ross, I Chevy Chase Club ' Coiumbia Country Club D C. Paper Mfg. 6 W. M. Cold Stor: PUBLIC UTILITY. Amer. Tel. & Tel. (9) 52 S5 d. " (5) NATIONAL BANK. Capital (14) Columbla (1 Commercial (stamped) (i0) ! District (8) _........ Fed.-Amer. Liberty (78) Lincoln (12) Metropolit: Riges (138 Second _(9e Washington TRUST COMPANY. Tr. Co. ) Ge Bk & orges Bk. Trust (8s Loan & Trust (i4) SAVING BANK. Bank of Bethesda (6§) Com. & Savin, )y East Washington (12)’. Potomac (10) . Prince Union Wash. Mechanics (30) FIRE INSURANCE. American (12) Corcoran_ (10) Firemen's (8) . National Union' (i3} . - TITLE INSURANCE. Columbia (8h) Real Estate ( 'MISCELLANEOUS, Ross, Inc., com. & Gravel Barber & i con Mig. 'un-f c. pfd. Col. d Bc gt . & Inv. pfd. Tue Sigres prd. 4e) . 0c extea diata, 0" Unlisted Department. (These securities not listed under Exchange Tules.) Army-Neyy cluE Cosm b4 Sercial, club & S e i Nornhun Savings Bank. Park s Bank. Woodridge-Langdon Sav. WRIDAY, JULY 31, BOND PRIES DRUP | L= = o= BONDS oz Received by Private Wire Direct to The Star Office h prices for some mon‘.“ '| term municipals. 11931, UNITED STATES. (Bales are in 31,000.) Sales. High gh, Low. Oloss. Lib 3%882-47,. 110215 10215 102 16 Listdys32dl. 3-38 11 AbitibI P& P 68’63 34 T Allegheny &8 ‘44... Allegheny 53 °49... Alleg Corp §s ‘50 Allis-Chalm ‘l;.' Bk of Chile 6% s ‘61 Batav Pet 4 %342, B Ind Loan Co Berlin Cy El Bolivia 88 Bordeaux 68 '3 Bost & Me 4% Bos & Me 5 Brazil 6348 '2i Brazil 638 27..... Brazil 8s 41. Bremen 7s'35. .. Bkiyn Elev 63%s. .. Bkiyn Man 6s 68 Bklyn Un 68 "45. Bklyn Un I8t b | Budapest Buenos A Bush T Bldg 68 60. Calif Packing 58" 40 Canada 43 ‘60 Canada 68 ‘52 Can Pac ¢%s'60... Can Pac 53 ctfs ‘44. Can Pac 68 '54. Cent Pac ¢5°49 i 3 Chi M&StP 4348 C.. Chi M StP&P bs ‘76 Chi M & St P ad) b Chi&NW g 3%s ‘87, Chi&Nwn 4348 §037 C&Nwn 4348 c 2037 Chi& NW con 4%s. Chi Un Sta 4%s 63, Chi Un St 58 44 Chi Un Sta %8 B Ch 6. i| Chile Cop db 58 47, Chin Gvt Ry 68 '51. CCC&StL 4%s E. . Clev Term 4345 71, Cologne 6% ‘50. Colomb 6s Jan 61.. Colombia 68 ‘61 Oct Colo & Sou 48 '36. Col G&E 55 May Col G&E coup 58 ‘61 Com Invesbys 4. CC Md 18t rf 65 '60 CGasNY 4% Cuba Nor 533 '42. . Csecho 8s 51. Czecho 98 Del Pwr&L 4%s71. Duquesne 438 67, Dutch East 1 68 '47. East C Sug 7%s°'37 Kl Salvador 8 Irie 18t con 4 Krie son 48 A 53. German 7s rep Ger Gen E 7845 . | Goodrich ev 6n4b. 18t 634847 ly'r Rub 68 °57. 2 GrandTr sf db 65’36 4 Grt Nor ¢%s°76 D. 11 Grt Ne 5 1 Flock Val 4% Hud & N ad) 68°57. 15 Hud & Mrf6s'57.. 6 Hum O&R 6345 '62. 15 - Hungary Tis’44.. 1 I Cent 4% s 2T 110 6 5103 7108 7108 7 4 104 25 104 23 104 25 Sales. High Low. Close. b bé b4 6614 63 101% 101% 100 !D!fi /% 2% 97% 9T% 83 83 % 17 15% 16% 103% 103% 106% 105 131% 131% 109 108% 107% 107 108% 108% 110% 110% 102 102 104% 104 %5 66% 66% 4 T4 74 T4 72 100% 100% 114% 114 484 48% 9% 9TH% 89% 89% 56 65 62 61% 62% 61% 105% 105 65% 63 98 9T% 1005 100 BB BN 106 106 100% 100 99% 99% 106% 105% 109% 109% 106 106% 110% 110% 99 98y 48 464 51% 51 104% 104 105 105 17% 16 16 15 24 24% 1045 104% 0 95! 101% 101 2 111% 111 105% 105% 513 106% 1 T8 1T 913, 918, 100% 100% 95% 955 5% 95 1067 1067 100% 100% 100% 100% 1004 100 100 100 106 105% 105% 105% 105% 105% 102% 10214 119% 119 1134 1 B4% 84 100% 100% 9T 978 105% 105 102 102 98 98 103 103 57 85 97 9.8 106 106 101% 100 101 100% 99% 991y 1023 102% 24 32 66 65% 9% 92% 567x 56% 20% 20 T T4 80% 8015 105 104% 105% 105% 106% 106% 9% 91 105% 105 103% 1031 54 54 55 b4 55 &4 100% 100 100 997% 99 99 98% 98 37 36% 108% 103 107% 107% 93 92% 100% 100% 93% 93% 99y 99% 61 42 108 101 95 95% 100% 100% 105 104% 91 91 104% 103% 107% 107% 85% 85 92y 92 106% 105'% 101 101 101% 1014 36'% 36% 95 74 4% 74 T4% 1191 119% 124% 124% 67% 65 98Y 9B% 104% 104% 0% 30 91 91 91 107% 107% 107% ::K 2:“ =2 101% 101% 101% 107% 107% 107% 109% 109% 831 182% I82% 91 +91 91 104 104 104 8% TT% .TT% 99% 99% 9% 102% 102% 102% bR e | " mn m 55 [11 Cent 6%5'36 I CCStLEN 4}48,0 6 T4% T4% 1 108% 108% 14 % 94k 1)1 Steel 43840, Inland St14%s A ot Rap Tr 78 ‘32 Int Cement Int Hydro El Int M Co bs re Int Match 6s°47. Int Pap 58 A 47 % Jugosl Bank 78 ‘57, Kan CFtS&M Kan City Ter 45 '60. KanG& E4%s"30, Karstadt 6s°43. Kreug & Toll Lautaro Nit - Leh Valcv 43 2003. Long Isirf és°49... Loriilard 63 ‘51 Lor!llard 5%s ‘37.. Man S 1st 7%s '4z.. Mana Ry 1st 48 ‘40 Mil E Ry & L 6861, M StP&SSM bs gud. M BIP&SSM 648, F Mo Pac 63 H Mo Pac ref b Mo Pac5%sc Mont Pow b8 43. Nut Lairy %8 N Y Cent 4382013, NY Cenrf ¢ %s82013 NYCreim bs 2013, N Y Centdb 636, NY C& St Les 37, AL CaSil ¢ae NYC&SLLb% NYC&SUL N ¥ Edison NY ELH&P 45 '4¥.. NY NH&H 4%8 67, NY NH&H clt6s... NY O&W 1st 4893, ok LI LT NY W&B 34848, Nord 6% 5! Nor& Wncv 4s'y No Am Co bs 61. Nor Am Ea b8 b7 N A Ed'son 55 C 69 ° Nor Am Ea biss 63 Nor Fac 38 2047 Nor Fac 48 97... Nor Pac 11682047, Nor St Pw 68 A "41. Nor St Pw 63 B 41, Norway 53 ‘63 Norway 5% ‘8. Norway 6s ‘43 Norway Norway Oreg-Wash 43 61 Urient dev 5345 ‘63. Orlent dev 63 63... PacG & K168°42. .. Pan Am Pet 65 1940 varamount 6s 47. Paris-Ly M 65 63 Paris-Ly M 7s ‘68 Paris-Or 5%s68. .. pathe Exch 1s 37 Penna 4is D81, 60 Penn gen 433 65.. Penna gen venn 648 3 Penn O&D 4% Peoples Gas 53. Pere Mar 4%s Pere M 1st 65 '66. 60 Peru 78 °5Y.. Phila Co 53°6 Unila & Head 68 4 Phillip Pet 534839, Pierce Oil deb 8s. Poland 83 °60. ... Por R Tam 6s'42.. Port Gen El 433560 Pos Tel & C b3 63 Prussia 6s ‘52 Pub Sv G 4%s 70 Pure Ol 6%s 37, Queenland 7s ‘41. Read gn 4% 8 A 97. Read Jer Cen 43 61 Rem R6%8A & Rhinelbe 78 46. Rhine West 68 6: Rhine West 6s b3 Rhine West 63 '55. Rhine West 78 ‘50, Rich Of] cal R Gr De Sul Rio Gr W elt St L&SF prin StLSWev4s'ss StP&KCSL San A& A P4s'43.. 16 Smo Pauls‘4vrcts. 1 Sao Paulo 8s ‘5 Saxon Pu W 6%s'61 10 Saxon 7s "4 Seab A L ev Serbs-Cr-S1 Sheli Un Of} Shell Un O11 Sinclair Ofl 634838 Sime O 78 cv A ST, Sinc Cr O 6%s 38.., Solvay Am 63 42.. Sou Bei T&T b8 41. SW Bell T 68 A 'S¢, Sou Pac ref 48 §6.. 21 Sou Pac ¢%s Sou P 4%8 ‘69 ww. So Pacific 4% 81, Sou P&OT 43817 StOIINJbn'4s... StOUN ¥ 438 51. % | Talwan E P 6%8°71 42 6 6 FINASCIAL, POWER EXCISE TAX MEETS OPPOSITION South Carolina and Idaho Companies Oppose Levy - by States. BY GEORGE =. DO The electrio utilities of to have sccepted without argument the contention of that State that interstate elecricity is subject to the excise tax in the same way it is applied to inter- state gas under the decision of the Su- preme Court of the United States in the East Ohio gas case last May. % |, The power companies of South Caro- lina and Idaho, however, are vigorous contesting in the Federal courts the ef- forts of States to collect taxes of one-half mill per kilowatt hour on all electricity generated within each of the States. Regardless of how the Federal district courts decide the matter, the guestion is certain to be carried to the Supreme Court, which will be called upon to decide whether a State can tax power generated within that State, 4 but actually used in anotner. East Ohio Case. In the East Ohio Gas case a some- Wwhat similar question was presented. The East Ohio Gas Co. serves a large :‘nabe; of clu-il pe.;m towns in Ohlo with ral gas pi from West Virginia by an_affiliated company. m‘rg{:b tax is levied upon the business of pub- lic utilities transacted within the State. 20 |1t was contended by the gas company 434 | that the gas from tie neighboring State w5 | Was in interstate commerce and there- 104 | fore n:t taxable by Ohto. The Supreme Court, howeyer, ruled otherwise, holding that the transfer of the gas from trans- mission to distribution lines, with the accompanying changes m pressure, con= stituted in effect & “broken package,” by which the prcduct lost its interstate character. Attorney General Gilbert Bettman of ©Ohio holds that the same principle ap- plies to electricity brought into the State for distribution to consumers, and at least some of the electric .companies in Ohio seem to agree with him. The Ohio Power Co. has just to the State the sum of $448245, and the ling Electric Co. has paid $25.- 606. Both payments represent back taxes and interest. Since the Supreme Court's decision the State of Ohio has ¢ |received a grand total of $1.676.885 from gas and electric companies and expects to continue to collect approxi- mately half a million dollars a year | from these utilities. Temporary Injunctions. The Broad River Power Co.. the Lex- _ |ington Water Power Co. and the South |Carolina Power Co. in the Southern State and the Utah Power & Light Co., doing business in Utah. Idaho and | Wyoming, have secured temporary in- | junctions against the tax officials of South Carolina and 1daho to restrain the collection of the half-mill-per-kilo- | watt-hour tax. Much of the power these | companies generate within their respec- |tive States is exported to consumers in !adjoining States, and the utilities insist that the tax is unconstitutional. Of the total of nearly 91.000,000,000 {kilowatt hours of _electrical _energy 105% | avalable for distribution to consumers United States during 1930, vy 12.000.000,000 kilowatt hours 100 e transmitted ' interstate, 100% | per cent. If 2 half-mill tax were to be 105'; | apolied by all the States. even after 1021, | excluding the interstate business. the 4% 701 70% 76 & 104 83ty 104 80 99 1041, | aggregate tax would amount to some- 653 | thing like $39.500.000. w8l | {Copyright. 1931.) 110 105 S wss| | Brokers’ Comment 1011 105 | NEw YORK. July 31.—Some brok 108 |age houses now believe the stock m: 101% | et is near at least a temporary rally 95'% | on the theory that mcst of the immedi- 94% |ately pending bad news is out of the 99% | way and that Bethlehem's earnings re- [port was somewhat better than an- 106 | cicioated. 31% |~ Charles D. Barney & Co.—We cannot 37 |escape the conclusion that at least a 103% | temporary reversal of trend is not very 104% | far off. Tt would seem that the list as 105 | 3 whole has been seriously handicapped 39% | recently by the weakness in a few o% | prominent issues. A reversal of this 105 | weakness should be reflected in a much . lg“);‘lbetm general market performance. Frazier Jelke & Co.—Now that more than 50 per cent of the June 2-June 27 advance has been canceled, the market is definitely on the defensive, but_resistance to lower prices appears to be more determined than in some previous selling movements, suggesting the possibility that the June 2 lows may not be violated by the averages, except possibly by the rals. *E. F. Hutton Co.—Release of the Bethlehem news probably marks the { high point of discouraging domestic de- ! velopments for the time being. There are still other quarterly reports and dividend meetings ahead, but nothing in the near future of the size and im- portance of the week’s steel meetings. Weakness in all classes of bonds is far from helpful and, of course, there is plenty of unexpected developments just under the surface, especially abroad and in the labor situation, but, gen- | erally speaking, we have a chance of & respite from the recent very deep indigo and, perhaps, even something hopeful in the way of seasonal expansion of Uusmess. Smith, Graham & Rockwell—Opti- Imism on the business outlook is at a | discounts, for which reason rallies are {likely to be small. The trend cppears to be toward lower levels. Redmond & Co.—We still adhere to the view that the downward readjust- mert of prices has not been completed, although it may be extended over a pe- riod of several weeks, and technical rallies may intervene. Shields & Co.—It is pdssible, but not probable, that pool work, encouraged . 'by the breathing spell from bad divi- dend news, etc, over the next few weeks, will temporarily interrupt the |market's slide to a -real investment level. o Hornblower & Weeks—A week end rally may very well bz in prospect. Saies High wow Close. 1014 101 9 94 101y Un Pac 1st 43°47 Vanadium Stl 53 "1 Vienna 6s ‘52 . Va Ry & Pow Va Ry ist 6862, Wabash 4%s 18... Wabash 24 b8 39