Evening Star Newspaper, July 31, 1931, Page 15

FINANCIAL THE EVENING STAR, WASHINGTO D. C., FRIDAY, JULY 31, 1931 ANCIAL., *#» A—I1§ CURB ISSUES DRIFT TOLOWER LEVELS Leaders Sag as Volume of Trading Shrinks—0ils Are Active. BY JOHN A. CRONE. Special Dispatch to The Star. | NEW YORK, July 31.—Stocks turned | quiet and drifted slightly lower on the | Curb Exchange around midday after opening higher today. Electric Bond & Share moved within a range of a half point and Citles Service's fluctuations were even smaller. American Gas & Electric declined a point. Standard Oil of Indlana was | only moderately active and was a shade | lower. 2 The oils exhibited the widest group movement in the forenoon as some of the inactive stocks, like Ohio Oil pre- ferred, rose a point. Stutz was a fea- ture of the motor list as it recovered almost two points. Daniel Reeves with an advance of | 1% points, in anticipation of & favor- able July sales statement, led the grocery chains. Deere & Co. moved down to a new low and proved the soft- est spot in the farm implement divi- sion. Bigelow-Sanford Carpet, as a re- | sult of the favorable reception accorded the recent rug price advance, moved forward about a point on a limited! turnover. North American Light & Power com- mon end Georgla Power preferred stood out in their respective classifications, the former pushing ahead and the lat- ter retreating. By declining 2 points Lefcourt Realty preferred came within a fraction of its previous low mark. Shortly after midday, following the trend on the big board, pivotal curb stocks weakened. This movement erased most, if not all, of the early ap-| preciation_recorded by such issues as; Vacuum Oil, Stfla\dl\'d Oil of Indiana; and United Founders. i General Aviatién sped along to lower | Jevels in & dull market for aviation shares. Aluminum Co. of America shuttled back and forth in a 2-point range. Middle West Utilities at this period was off about a half point, and railroad shares were conspicuous by their virtual absence from the tape. Expectation that some of the buying in motor shares would attract attention to motor accessories was not fulfilled in any marked degree, despite the fact ‘that several of the latter concerns made public half yéarly earning statements. PER CAPITA PURCHASES OF FOOD ARE ANALYZED By the Associated Press. Several interesting facts were brought out by the Department of Commerce in its recent survey on food distribu- tion in cities of 10,000 population and over. The per capita annual purchases of food were determined as $138, while the per capita purchases in restaurants and other eating places, exclusive of hotels, were $30. The percentage of the consumer’s retail dollar spent for food amounted to 23.04, thh 5.04 per cznb' expended in restaurants. %e!e combination store, handling fresh meat as well as groceries and produce, is now the leading type of food outlet, accounting for about 34 per cent of re- tall food sales. PFood chains of all kinds, including ronfectionery, dairy and others,-as well as grocery chains were found to ‘do about 40.1 per cent of the total retail food business. If only combination grocery and meaf stores are consid- ered, then chains handle about 42.6 per cent of the total volume in these out- lets. The average independent store han- dling groceries, meats or both lines, has a volume of $17,314. The average chain unit does business amounting to $65,986. | Wheat Feeding Estimate. LINCOLN, Neb., July 31 (#)—Prof. H. J. Gramlich, head of the husbandry | Department of the. University of Ne- braska, yesterday estimated Nebraska farmers will feed 20,000,000 bushels of the State’s 1931 wheat crop to live stock, | if current market prices continue. He said tlLat if the corn crop is poor farmers might feed as much as 40,000,- 000 bushels of the State's wheat crop estimated at 65,000,000 bushels. He estimated that more than one- fourth, or 18,000,000 bushels of the Nebraska wheat crop last year was fed to live stock. POTATO MARKET. CHICAGO, July 31 (&) (United States Départment_of Agriculture) —Potatoes, 82; on track, 236, total United States shipments, 324; weak, trading slow; sacked, per hundredweight, Missouri Cobblers, 1.00a1.15; -poor, 80 up; Kan- sas, 1.00a1.05, few 1.10al.15; poor, 75 up; East Shore Virginia Cobblers, bar- ;‘l. 2.35a2.50; ordinary to poor, 2.10a CHICAGO STOCK MARKET By the Associated Press. CHICAGO, July 31.—Following is the complete official st of “transactions in :::ld‘. on the Chicago Stock Exchange ay: 5 S, High. Low. Close. J20'Altorter Bros 3430 T3 4% 4% 88 8 86 4% 23 85 26 2 20 o 90 Sazue: ot WS Corp rane Co lec Househoid . G&F 1% Ao 150 Gt Lakes Dredge 200 Greyhound . 850 Grigsby-Gi 300 Hall Print . 200 Houdaille-Her “ A 50 Houdaile-Her B 30 11 Brick .. 291 030 Insull il 50 Insull U Bt 20 | Kellogg Switch pf | Kellogg Switch e Na, BaNes & T2l ! B0 Mohawk Rub .. 100 Musk_Mot. Spec ‘A .. 980 Nat Family Str. Nat Secur Inv v 100 Nat-Standard 50 Noblitt-Sparks Nor Am I & 300 No & £0_A 58 I { Quaker 50 Railroad 200 3, S Bon-eaiays! 28! R SE 2880 o SRS - r 3 1SR anlE. FE o355 o 1o BN S PONES . 110% 1101 1 BRI e NEW YORK CURB MARKET Stock ang 8a: Dividend Rate_ Add Long Isld Lt pf (7).. 10s 110% 110% 110% MacMarr Stores (1). Magdalena Synd. ... Mavjs Bottling ¢A).. May Hos cum pf (4) . Rad & Telev(1), ritt C i Mesta Machine (2).., Met Chain Stores. Met ¢ to G0c Strs B Mexico Ohlo Ofl. ... Mid Wst St Uth10%. Mid West Util (8%). Note—All stocks are sold in one hundred-share lota exoepting those designated by the letter s (80s) (2508). Sales— Aaa:n Open. Hign. Low. cl]eu, ~Prev. 1931 Stox ana Dividend Rate. Affijjated Prod 1.60. Ala Pow pf (6).... Aluminum Co of Am 525s 11 Am Austin Car...... 1 3 1 Am Capital pr of 5% Am City P&L(A) a8, Am Cit P&L B b10%. Am Com P A (b10%) Am Com Pwr 15t 63 Am Corp warrant: Am Cyanamid B. Am Equiti Am For Pow war.... Am Founders. . Am Gas & Elec (1), Am Invest Ine (B).. % Am Superpwr (pd0c) Am Util&Gen (B)vte Am Ut&Gen cu pf(3) Am Yvette Co (25¢). Appalachian Ga Arkans Nat Gas A. Art Metal‘Wks (60c) Assoc El In Ltd 30c. Asso GEEl (A) (al). Assoc G & El war. Atlas Util Corp Auto Vot M cv pi Bahia Corp. . Brazil Trac Lt&P(1) Brill Corp A (34c). Brill Corp B. Bt-A T cup B 97 Buft N&EP of (1.60). Buft N& E P 1st (5). Burco Inc. . 4 Burco Ine war. Burco Inc ev pf (3) Bwana M Kubwa, Cab & W pf rets 19¢. Canada Marconl..... Carib Syndicate..... Celanese Cp pf (7).. 5508 Cent Pub SvcA b10% 9 Cent Pub Sve pf (4). 508 4 Cent Stat El (b10%). 20 Cept West PS Aally 2 Chain Store Devel. .. Chat Ph Al n.v. (1) Childs Co pf (7). rvice (g3 Citles Serv pf (§) Clev El Illum (1.6 Cleveland Tractor. R R O e e 1 08 Com Wat Ser g12%4¢ Consol Auto Merch. . Consol Copper. Con Gas Balto (3.60). Consol Gas Ut A 2.20 Cont Shares conv pf. Cont Shares pf (B)..150s Copeland PrInc (n). 1 Cord Corp Cosden Ofl. % Cresson Consol (4¢). Crocker Wheeler Curtiss Mfg Co ( Dayton Alr & Eng. Deere & Co. .. De Forest Radio. . Derby Oil Refining. Detroit Alrcraft Cp. . Driver Harris new. Duquesne Gas Corp.. Durant Motors...... East G & F Assoc... East States Pwr (B). r Electric Corp. Elec Bond&Sh(b6%) 28 4 Elec B & Sh pf (6). . Elec Pow Asso A (1) El Shareholds (b6 %) 4 Ford M Can A (1.20). Ford Mot Ltd 36 3-50 Fox Theater ClA.... Gen Aviation. . Gen El Ltd rets 37 Gen Leather Co. . n Theat Eq cv pf Georgia Pow pf (6).. Globe Underwr(15( ) Goldman Sach T C... Gr'd Rapids Var 50 GuilfOllof Pa (1%). Happiness Candy. Hou-Her cvpf A 2%, Humble Of) (12%). . tmp Ofl of Can (50¢). Ind Ter Illu Oll A. Insull Inv (b6%) Ins Co ofNo Am 123% 4« Insurance Sec(40c).. Intercontinent Fet Int Petroleum (1). Int Utilities B... Int Utilities pr pf (7 Irving A Chute war. Italian Superpow A.. Kolster-Br (Am Sh)., Lefcourt Real pf (3) Lone Star Gas n 88e. 4 Long Island Lt (60 » [YPTOUN - FOPOTV PR OTOINe - | B A P A A 0 0 ST 200 p N e ~Prev. 1931~ High. Low. 112% 106% 8% 19 18 102 102 111 108% L] LY 65 65 31% 81% 6% 6% 13 1, 70 70 1 bl Mo-Kan Mo-Kan Novadel Ohto Ol Phoenix Pub Util Pub Util Pure Oil Reeves ( Stand Of Strauss Swift In Tra U S Elec U S Foll Unit Wa Vacuum Walgree 4 W 1 2% W ™ % Dividend | nual payment. 20 | aPavable in cash or 151 | dividend. | stock. §Plus 3% in 30% stock. n Plus 8% & Wenden Tates In Mohawk Hud 1st (T) Nat Aviation........ NatDPropf A (7)... Nat ::.lec Pwr pt (1) Reiter-F Reliance Manag. . Republic Gas Corp.. Rubberoid Co (4). St Anthony Gold St Regis Paper (60c Salt Creek Consol. .« Seaboard Util (28¢).. Secu Corp Gen (40c). Segal L & H (a50c). . Shawinign W&P 2% . Shenandoah Corp. Shen Corp pf (a3 Signature Hy 5 Socony V Corp (new) Solar Refining. . So Cal Ed pt A (1 South CEd pf B 1%. Southld Royalty 20c. Spleg May Stern pf.. Stand Motor; . Stand Ol of Ind (2).. Vick Financial (30 Wlworth (FW) Ltd. ~ Oil & Gas *Ex divid 2Plus 8% in stock. ock. Received by Private Wire Direct to The Star Office 0s— 00. Open. High. Low. Close. 110% 30 11 10% IR T T L e ooy ey Plpe L (A). Plpe L (B). Nordon Corp Ltd. Nor Am Aviat A war NoAmL&P (b8%). Nor Europ 0% Nor St Pow pf (6) Agene (4).. Ohto Copper ncu pt (6).. Pandem Ofl. Pennroad Corp . Penn Wat & Pow (3) Philip Morris Inc. Secur Corp. Pllot Rad Tube A. Plymouth Ofl (1).... Prod Roy Cp (b10%) Prudential Inv. Hold war. Hold Cp xw Puget Sd P&L pf (5) P (6). Rainbow Lum Pr B.. D) (1%) oster. o ) 10of Ky 1.60. Stand O1l, Ohto (2% ) 400s Stand Oil. Ohio (6).. 408 (Nathan) Stutz Motor Car Swift & Co (2) ternat (3) Syracuse W Mach B. Technicolor. Ine Teck Hughes (§0¢). Tran Con Afr Tran Lux Tri-Utiliti Un Tobacco. Unit Corp war Unit Dry Dock Unit Founders. Unit Lt &Pwr A Unit Lt& Pwr pt (§) Power ww. (B) (50¢). .y U S Inter Sec 1st pf. TS Lines pf.. 11 Paper. Util PALt(at1.02%). Util & Ind... . Uth] & Ind pf (1%).. Utility Equities. Util Equity of (5%) o1l (2). ) n Co... ker (H) (50¢)... ker Mining. Wayne Pump. Coppe: * e » 10% 10% 10% 3 1% 1% 1% rs based on last quarteriy or semi-an- nd. 1Partly exira. IPlus 4% in tock. dol! vi stock. 3 D Paid last yel ock. 0 regular rate. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, July 31.—The following is & summary of important corporation news prepared by the Standard Statis- tics Co., Inc., New York, for the Asso- ciated Press. News Trend. For the fourth consecutive week, brokers loans showed a decrease, droj ping to the lowest total since June 4, 1924. For the week ended July 29, the net decline was $26,000,000, which brought the loan total to $1,390,000,000. For the second time this week divi- dends played an im| nt part in the news. The cut in the Bethlehem Steel dividend was generally expected, but the omission of both the common and preferred dividends of the New York, Chicago & St. Louls Railroad came as & surprise. Both issues had paid $6 an- nually since 1924, and the common had paid three extras of $1.23 each in 1926 and 1927. It is intsresting to note that Alleghany Corporation, which holds & sizable block of Nikel Plate steck, will lose about $1,000,000 annual revenue because of this action. The Companies. American Chain_ Co. deficit six months ended June 30, $969.218, vs. net income $1,185,215, equal to $3.29 a com- mon share. Barnsdal tion omits dividend on class A and B shares; paid 25 cents on each class May 11, 1931. California Packing Corporation an- nounces reductions ranging from 15 to 40 cents a case on four varieties of canned fruits. Container Corporation of _America deficit six months ended June 30, $168.- 601, vs. net income $316,183, equal to 2 cents class B share. l» Diamond Match Co. advances prices on “Strike Anywhere” maiches on ov- erage of 1 per cent. Gamewell Co. commcn share earn- ings year onded May 31, $4.88, vs. $8.62. Lone Star Gas Corporation—Gov- ernor of Oklahoma signs contract with L. Hirsh, attorncy, directing latter to take acticn toward cbtaining lower rates from various companies, inclu Lone Star Gas Co. and Community Nat- ural Gas Co, subsidiarzes. McGraw _ Hill Publishing common share earnings six months ended June 30, $1.16, vs $1.84. . Moto Meter Gauge & Equipment deficit six months ended June 30, $180,314, vs. deficit $176.574. Munsingwear, Inc., deficit six months ended June 30, $368,320, vs. net income $207,242, equal to $1.15 a common share. Murray Corporation of America com- mon share earnings six months ended June 30, 3 cents, vs. 94 cents. National Tea Co. June quartér com. mon share , 24 cents, vs. 31 cents; six months, 51 cents, vs. 75 cents. Pennsylvania Power & Light combined preferred nrnlnr 12 months ended February 28, $16.95. Pittsburgh Plate Glass—Gets contract from Metre itan Square Corporation for about 1,000,000 square feet of glass. Republic Steel—Youngstown _district operations at 28 per cent of capacity. American Metal deficit saix months . ended June 30. $102,952, vs. net income 51,272,599, equal to $1.23 & common share. American Tobacco Co. president states recent advance in price of cigarettes , gives manufacturer 6.1 cents a package, vs. 5.28 cents formerly; taxes on each package of cigarettes is 6 cents. Bethlehem Steel declares 50 cents common dividend, payable November 14, a reduction from $1; preferred share | earnings six months ended June 30, |83.39, vs. $17.77; president stated wages | are being maintained, but not all| salaried men are on full time; current | operations averaging about 37 per cent | of capacity, but new orders were not supporting this rate; operations for | June quarter averaged 41.5 per cent, vs. | 50.8 per cent in first quarter and 69.3 per cent in second quarter of 1930; un- filled orders June 30 totaled $57,334,- | 794, vs. $65,803,609 March 31, 1931, and | $50,906,772 a year ago; Youngstown | Sheet & Tube merger situation reported | still in process of appeal. | Bon Ami class B share earnings six months ended June 30, $1.75, vs. $1.88. Borg-Warner first half sales off 17 per cent. Bucyrus-Monighan Co. class B share earnings six months ended June 30, $1.29 vs. $1.20. Bush Terminal common share earn- ings six months ended June 30, $1.76, vs. $2.06. Crown Cork & Seal common share earnings six months ended June 30, $1.24, vs. $1.62. | Dexter Co. common share eunlngs‘ six months ended June 30, 71 cents, $1.37. 1 Ford_Motor Co. official statement | from Ford Co. stated production of model A and AA units will be continued when production is resumed. International * Safety dividend on class B stoc ! paid 50 cents quarterly. Kelvinator Corporation _ common | share earnings nine months ended | June 30, $1.47 before taxes, vs. $1.78. | Missouri Pacific preferred share earn- | ings six months ended June 30, $1.35, | vs. $3.28. Pacific Lighting earnings 12 months formerly shares outstanding, $3.97, vs. $4.67. Revere Copper & Brass deficit six months ended June 30, t‘l,M.OSD. vs. net income, $706,619, equal $1.42 A class a share. Trico Products June quarter common share earnings, months, $3.06, . General Ciger common share earn- ings six montihs ended June 30, $1.56, vs. $2.60. Blumenthal (Sidney) & Co. deficit six_months eided June 30, $139,640 vs, deficit §12,132. Columbus Railway Power & Light class B preferred share earnings 12 months ended June 30, $45.93 vs. $51.15. Consolidated Gas Electric Light & Power (Baltimore) common share earnings six months ended June 30, $2.81 I $2.95. " Elect! Shareholdings rporation net asset value June 30, $13.65 a com- mon share vs. $11.37 December 31, 1930. Engineers Public Service net income 12 months ended June 30, $6,356,956 vs. $6,976,577. General Laundry Machinery Corpo- Tation reorganizetion of company pro- posed; ‘-d:lnn provides for transfer, of good wiil and intangible items of Tol- hurst division of company to a new concern controlled by American Ma- chinery & Metals and remainder of as- sets to Columbie Trsy Corporation; all ended June 30, tn average of common | Bufiaio $1.68, vs. $1.56; six $3.09. fou stock of latter to be distributed among debenture holders and creditors of com- pany. Kelvinator Corporation June ship- ments 40 per cent above 1930 month; | better July showing also expected. Lerner Stores (Md.) common share | earnings six months ended June 30, $1.14, vs. $2.25. North American _Aviation common share earnings six months ended June 30, 26 cents, vs. 48 cents. Pacific Public Service net income six months ended June 30, $267.674, vs. $239,038. Parker Rust Proof Co. to buy in out- standing preferred stock at $11 a share. Pittsburgh & West Virginia Railway common share _earnings ended June 30, 54 cents, v FURTHER DROP IN BANK CLEARINGS IS REVEALED By the Assoclated Press. NEW YORK, July 31 —-l“dinf cities in the United States report further losses in bank clearings this week. The total of $6,006,639,000 reveals a de- crease of 33.3 per cent from last year's figures. At New York City clearings amounting to $3,953,273,000 show & heavy decline of 36.8 per cent. The fall- ing off at centers outside New York, where the total is $2,053,366,000, amounts to 25.5 per cent. There is an especially large percentage of decline at Chicago, one of 41 per cent. In spite of the fact that the trend in most cities is so sharply downward, a very slight increase is noted at Cin- cinnati, the total for that city being 5 cent above the figures for the preceding year. Bank clearings for the week, as re- ported to R. G. Dun & Co., showing in- creases or decreases compared with same period a year ago, follow: (Totals In thousands.) Week g:ncflrllllfl Kansas City sesusmueansEE, 538333338 7 SILVER NEW YOI Silver quiet A!}:% % Notes Are Called. NEW YORK, July 31 (#).—The Kel- yinator Corporation has called for re- demption on September 30, at 105 and mccrued interest, the outstanding 10- year 6 per cent convertible notes of Electric Refrigeration Corporation, the QUOTATIONS. July 31 UP).—Bar Tower at 27%. o5 §=§§EE§ SF ] foaaid 3382833 > HE owwm a2, 503532 s:§§'éx§§==ua==:s:====a§ 3355 'arol 99999 gggig_ a0t DR oM an s wn S0 8- 5 au b 355 EEL 20 W e e B 200 229 £ e o} B qusenrorSatis S sn ga20go = () usEseieniaeiseinssansizegeants 55553 PR LT LR O PR T ¥ & 1 Grand Trunk 08, 5 Gulf Oil - 102% 17 Gulf Oil Pa 55 '47, " 102 5 Culf St Util 55 A 8 {Tl Pow & Lt 6s R nsul 7 Intern ‘Sec Am 88 '47 50 Intersta Power 7 ters W 65 48, 6411 6755 36 1 L <Es3aEed 55 " [ 14 Jer Cen 3 Kelvina 9 Kentucky g 2 Lexington U1 58 97 3 Libby McN & L 58 4 Lone Star Gas 5s '42 9% LaP&LSs 43 78 a t P & L 65 A 2026 103'% & L 55 B'2030 85’2 P8 5s " 690 1 New Orleans 4!2s 3 4N Y P &L 4as 1Nor Ind P 8 53 C Ind P 8 55 D SpE: ias 38un Ol S1ys ' 1Sun Pipe Line 55 '40. 991 99% 4795 '70 913 91 101 03 108 100% 10212 3 e ;;u-« i @iy 104% 90" 10724 1073 b 1 041201041 104 bt T 3 eoauloniaSsumnaan Gan dsisssfissssees jorf-Astor 78 W& Pow s News Del 68 FOREIGN BONDS. Mtg Bank s ot M BE s Ky 60 108 105! w4 410 it L0 3 o> £ A amburg Elec 78 2 Mansfield M&S 75 '41 60 3 Manst M&S 8 41 x% BIRUBLLEIIRLL3, W h warra xw—_Without warrants, FiWhen lssued. ey NEW YORK BANK STOCKS NEW YORK, July 31 (#).—Over-the- counter market: - Bid. Asked. eV, 6T 6212 243 3675 PP (Y 7% 4% TRUST COMPANTES. B BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, July 31.— Sales. STOCKS. 100 Appalachian Corp lephone Bal imore 120 Balvimors T T ] *E L FIES Rwy & Elec lst de. 100 Falted Ry "mee fncome NEW YORK, July 31 (#).—The Borg- arner Corporation reported for b et profit St eTaaaTT common share, com- Special Dispatch to The Ster. important dividend meetings, Beth! former reduced the quarterly rate of the tion. 1929, of Ohio. drastic action was' resorted to by Nickel Plate. . both the common and preferred stock were omitted altogether. This action is not surprising, in view prising in View of Reduced Earnings—Chrysler Stock Given Whirl. BY DR. MAX WINKLER. NEW YORK, July 31—Events were featured yesterday by two lehem Steel and Nickel Plate. The from $1 a share to 50 cents. More The dividends on severe contraction of current in- come and the road’s curreat cash posi- During the first half of thi the company coild report a fair balance available for the preferred, owing to the accruing of about $1,800,000 of special in- come representing profit on the sale, in year Pere Marquette to Chesapeake & Extent of Liquidation. Activity in Chrysler shares yesterday at adva ncing prices was attributed to pro- fessionals, who justify a rise in quotations on the basis of the favorable reception of the new Plymouth car. DR. MAX WINKLER. of those who lean toward the mutual savin, were more than $754. In addition to bein United States probably still is the potentially, the greatest cispenser Bank Rate Increase, Abroad the increase in the British bank rate to 47: per cent was the out- standing event. |arrest ‘withdrawals by France and | strengthen the position of the pound . Why is it that whenever financial difficulties arise In any part of the world, Londont almost invariably bears the brunt of the storm? It is London's gold reserve which 1s called upon and which is expected to meet the strain, whereas other countries which possess larger stocks of gold do not mind seeing the yellow metal stagnate in their vaults. Herein, perhaps, lies London's greatness as a true financial center, Why France should continue to take advantage of the situation, passes com- prehension. In the early part of the World War, Britishers were called upon to purchase French bonds, payable in francs. Allied with France in the con- flict, they readily heeded the call. France subsequently destroyed her money to the extent of 80 per cent of its original value, and English help to France proved a rasher costly affair. To cap the climax, Prance is now calling whatever credits she has in Lon- don, causing rather serious embarrass- ment to Great Britain. I wonder what France would think of her neighbor across the channel, if she, too, attempt- ed to pay off France 20 cents on the dollar. After all, has not France set a precedent? Salary Reductions. ington steadfastly adheres to the pre- wage scales, reductions continue to be effected in numerous lines. The officials of two leading roads, the Southern and the Delaware, Lackawanna & Western, announced that they had voluntarily voted a reduction in their salaries. This follows similar action taken by the Missouri Pacific and the Pennsylvani: A general cut of from 5 to 10 per cent in salaries is expected to be put into effect within the next two weeks by Armour & Co. Philip L. Reed, treas- urer of the company, states that the | This should tend to | | sterling. | ‘While the administration in Wash- | viously adopted policy of mlinmiflm(‘l A further decline in brokers’ loans to a new low level is clearly indicative of the extent of the liquidation which has been going on. Reservoir of Capital. One finds it dificult to share the views ronounced pessimism as regards the futurs outlook of the United Btnfcs. A survey which has j:gt been made oet gs banks of the country shows that, on July 1, there 13,000,000 depositors, with average deposits of about g the world’s greatest producer of goods, the principal reservoir of capital, and, of credit. | reduction will affect every one from the Pr:sident to the office boy, but will not | affect employes on a wage basis. The Western Electric Co. is about to | introduce a five:day week and put into effect a cut in salaries of about 10 per cent. According to the company's vice ::;:ll:‘en;. C. L. Rice, the reduction regarded as a tem; measure only. o g German Credits. Despite decisions ‘hed regarding the maintenance of ‘short-term credits to Germany, certain financial institu- | tions conginue to feel uneasy and in- |sist u) withdrawing their funds. | Negotiat/ are now being carried on | with a view to effecting closer co-opera- | tion ong all creditors of the h. | Should these prove successful, Ger- | many would be relieved of temporary pressure and would find it very much | easier to continue to meet the service |on her commercial debt, which she is | anxious to do. | . Banks which have participated in the origination and distribution of Ger- man bonds to the investing public, owe it to their clients to seriously consider the damaging consequences of hasty | withdrawals of funds. Bonds Retired. ‘The bankers for the bond issues of | the Brazilian state of Minas Geraes have just announced that $107.000 par value of the outstanding 6!2 per cent loans of 1928 and 1929 has been re- tired through drawings of bonds at par. With the bonds quoted in the open market at about 35 cents on the dol- lar, it is apparent that the sinking fund provisions are distinctly burdensome. Moreover, the state could retire three times as many bonds if the sinking fund could be applied to the purchase of bonds in the market. Provisions in loan contracts which are too rigid, are not ‘always the most desirable. In any event, the faithful discharge of interest and sinking fund payments by the Brazilian state indicates that a low price does not always denote that de- fault is inevitable. (Copyright. 1931, by the North American Newspaper Alliance. Inc.) Grain Market By the Associated Press. CHICAGO, July 31.—The “corner” in July corn that has stirred Nation-wide | interest for more than a week went to a successful finish today. Prices dur-| ing the final hour of the last day were | at the peak price of the “corner,” 72%2 cents a bushel, a rise of about 15 cents | in a few days. ‘The successful deal, one of the most spectacular in the history of the grain | trade, was generally credited to Thomas | M. Howell, but just before the finish of | the “corner” reports circulated that he | had an assoclate—James P. Bickell of | ‘Toronto, Canada. July corn closed strong, 4% to 4% cents higher than yesterda: Other corn deliveries were 13 to !4 cent down. ! In the final minutes of trading July | S¢ wheat collapsed, while July corn was aanne are soaring. July wheat went down to 48 cents a bushel, 3! cents under yester- day’s close and at the lowest price ever touched by a wheat future since Chi- cago Board of Trade dealings began. Closing quotations on corn ranged from 3 cent decline to 4!, cents ad- | vance, with wheat showing !, to 3bg| decline, oats varying from 4 off to g | up and provisions 22 to 30 cents down. | WHEAT— Hygh © Lew. MCormick & Co. BALTIMORE, July 31 (Special).— Directors of McCormick & Co., In have g\m declared the regular semi- annuai dividend on the company’s 8 per cent preferred stock, payable August 1. ‘The management states that business is improving and that orders in both June lng July e béen ahead of last yea McCormick & Co., whose headquarte are in Baltimore, are exporters, im- porters and grinders of spices, mustards, toas. flavoring extracts and drug spe- claltfes. ¢ New York Cotton Special Dispatch to The Star. NEW YORK, July 31.—After hold- ing steady for several hours today, pressure on the cotton market was re- sumed and prices broke 30 points, sell- ing at new low records for the year. Private estimates indicated a yield of over 14,000,000 bales. This had an unsettling influence on sentiment and all months except May broke below the 9-cent figure. The list closed at the bottom, with the selling movement still in progress at the close. Spots were reduced 25 points to 8.25. Ootton range: Open. High. Low. & 1 NEW YORK, July 31 (#).—Money rates held unchanged today. Call| | money was steady at 115 per cent, the renewal rate in the official market, and funds were available in the outside market at 1 per cent. Bankers' acceptances remained quiet, with supply unable to meet the demand. Asking rates were unchanged. Com- mercial paper was quiet and unchanged, and time money was dull and un- changed. WHOLESALE PRICE INDEX. By the Associated Press. ‘The wholesale selling price index maintained by the Department of Com- merce showed a slight week. In the totals that follow the level is given for comparable 3 based on representing 1926 prices as 100. In addition, the selling price of a ton of composite steel products is ven for likt fods: Com T Abrogation of the commercial treaty with Czechoslovakia is seriously affect- ing Hungary’s foreign trade. STOCK AND BOND AVERAGES By the Associated Press. FRIDAY, JULY 3L STOCKS. IBUILDING MACHINE EXPORTS INCREASE Foreign Construction Results in Heavy Demand for U. S. Product. Foreign construction, which has been’ on the upgrade in recent years, has brought & heavy demand for American construftion machinery, figures bub- fl:fl by the Commerce Department show. Exports of this type of machinery from the United States during 1930 continued the upward trend which has been in evidence since 1925. The total ship) last year was valued at $16,- 757,&;:, as compared with $16,370,000 in 1929. From 1925 through 1929 the ?nm’tm u‘.n this class of machinery a e rate of approximatel $2,000,000 per year. e As is previous years, Canada occu- pied the position of the most important buyer of American construction equip- ment, its purchase totaling $4,710,000 in 1930, a slight increase over the total of $4,690.000 established in 1929. The outstanding development during last year in this trade was the re- merkable increase in shipments of construction machinery to Chile, which amounted to $2,115,000, or 21; times the total of the previous year. As a result Chile replaced Russia as the second most important outlet for this type of American equipment. The large gain in this instance was made possible by heavy expenditures on the part of the Chilean government on road construction work, public build- ings, water supply and sewage projects, irrigation works and railorads. Although dropping to third place in the list of leading markets for con- struction equipment, Soviet Russia boosted its purchases of this class of goods to $1.500,000 in 1930 from $1,180,000 in 1929, indicating & continua- tion of extensive construction plans in connection with that country's indus- trialization program. Excavators, in- cluding power shovels, with parts and accessories, the sale of which amounted to $900,000, were most important in this trade, followed by $150,000 worth of road-graders. Butter—One-pound prints, 204 28%3. Eggs—Hennery, 22a23; current re- ceipts, 15a17. Poultr; alive — Spring brollers, 3 pounds and over, 32a33; 2 to 213 pounds, 32233%%; 1% to 2 pounds, 28 30, Leghorn broilers, large, 24a2: medium, 22a23; hens, large, 22a2. small, 18a20; Leghorn hens, large, 15a 16; small, 13a14; roosters, 12a13. Dressed—Spring broilers, 3 pounds and over, 38a40; 2 to 2'; pounds, 37a 38'¢; 13 to 2 pounds, 32a35; Leghorn broilers, large, 28a30; medium, 28; hens, large, . 25a2( small, 20a22; Leghorn hens, 17a18; small, 14a15; roosters, 13a 14; Long Island ducks, 21a22 Meats—Beef, prime, 15a15';; choic 13';a14'2; medium, cow, 11; veal, top, 121;al3; 17; pork loirs, 8 to 10 pounds. 23a24: 10 to 12 pounds, 19a20; fresh hams, 19a20; smoked hams, 21; lard, 1012 all; strip bacon, 24. Live stock—Hogs, heavy, 6.50a8.00; light and medium, 8.00a8.50: pigs, 8.00 a8.50; roughs, 3.50a5.50; lambs, 5.00a 8.50; calves, 5.00a8.50. Pruits—Watermelons, 20a65: canta- loug;s, .'g‘u.s oranges, California, 4.00 2.50; bananas, 50a1.00; plums, 2.50a 2.75; apples, bushel baskets. 50a1.00; box stock, Gravenstein's, 2.50; pears, 3.25; , 1.50a1.75; peaches, 50a huckleberries, 4. blackberries, 00; pineapples, 3.50a4. nectarines, 1.75; figs, 50a1.00. Vegetables — Potatoes, per barrel, 2.00; sweets, per bushel, 1.75; tomatoes, 50a1.00; cucumbers, 2-peck baskets, 40a50; corn, five-dozen sacks, 75a1.00 string beans, 1.00; limas, 2. lettuce, Iceberg, 4.00; eggplant, 1.00 okra, 2.00; peas, 4.00; cabbage, 50a60. beets, per 100 bunches, 2.00; carrots, per 100 bunches, 2.00; spinach, New Zealand, 75; onions, 50-pound sacks, 1.25a2.00; celery, 2.00. CHICAGO LIVE STOCK MARKET CHICAGO, July 31 (#) (United States Department of Agriculture) —Hogs— 15,000 head, including 4,000 direct; slow, mostly 10-15 lower; packing sows steady to 10 lower; top, 8.30; bulk.170- 220 pounds, 8.00a8.25; 230-280 pounds, 6.65a8.00; pigs, 6.75a7.50; -packing sows, H 06 4.50a6.10; light light, good and choice, 140-160 pounds, 7.40a8.10; light weight, 160-200 pounds, 7.90a8.30; medium weight, 200-250 pounds, 7.2528.30; heavy weight, 250-350 pounds, 5.85a7.50; pack- ing sows, medium and good, 275-500 pounds, 4.5026.10; slaughter pigs, good and choice, 100-130 pounds, 6.75a7.50. Cattle—3,000 head; calves, 500 head: generally steady market with strictly grain-fed steers and yearlings strong; top, 9.15, paid for mixed steer and heifer yearlings; best weighty cattle, 8.50; some rather rough but fat, 1,509 pounds average, bringing 7.75; heifers up to 8.85; most light grassy heifers sell- ing at 4.00a5.50; slaughter cattle and vealers: Steers, good and choice, 600-900 pounds, 8.00a9.5¢ 900-1,100 pounds, 7.75a9.25; 1,100-1,300 pounds, 7.2529.00; 1,300-1,500 pounds, 7.00a8.75; common and medium, 600-1,300 pounds, 4.75a 7.50. Heifers, good and choice, 550-850 pounds, 6.75a9.00; comimon and medi- um, 3.75a6.75; cows, good and choice, 4.0006.50; common and medium. 3.00a 4.00; low cutter and cutter, 2.0083.00; bulls (yearlings excluded), good and choice, 4.0086.50; common and medium, 3.00a4.00; low cutter and cutter, 2.00s 3.00; bulls (yearlings excluded), good and choice (beef), 4.25a5.00; cutter to medium, 3.00a4.75; vealers (milk fed), good and choice, 8.50210.00; medium, 6.5028.50; cull and common, 5.0086.50; stocker and feeder cattle, steers, and choice, 500-1,050 pounds, 6.00a7.25; common and medium, 4.00a6. Sheep, 9.000 head; slow; fat lambs weak to 25 lower; top natives, 8.25; bulk to packers, 7.50a7.75; rangers un- sold; bidding around steady at 7.75 for best; sheep scarce, weak; few desirable ewes, 2.75a3.! choice, 5.00a5.85. EARNINGS REPORTED, NEW YORK. July 31 (F).—The Lib- bey-Owens-Ford Glass net profit of 816,980, quarter of rter ,376 tn the like in the lke rter of 1930. McGraw-Hill Publ Co. and sub- sidiaries for the three months ended had net It of $323.906, $567,- like