Evening Star Newspaper, August 1, 1931, Page 11

FINANCIAL A1l IOUTLOOK DIFFERS THE EVENING STAR, WASHINGTON, 1. C. BATURDAY, AUGUST 1, 1931, IMURRAY OIL ORDER FINANCIAL CURB SHARES GAIN || NEW YORK CURB MARKE Received by Private Wire oo gt Everybody’s Business IN QUET MARKET Public Utilities Issues Well . Supported on Good Earn- i@ ings Reports. Mneeis] Dispateh to The Star. BY JOHN A. CRONE. NEW YORK. August 1-—Prices on the Curb Exchange were firm to a shade higher in quiet trading today While the market as a whole took fts cue from the big board, Curb stocks showed a more definite inclination to follow domestic news. This resulted in firmneas in the public utility stocks, where earnings reports have been well maintained: unchanged to slightly bet- ter prices in she ofls following an im- proved outlcok for gasoline prices, ard selective trading in the industrial list. There was little evidence of anv speculative interest in the market on either side. The market leader, Elec- tric Bond & Share, was on the tape quite often as & Tesult of a recent easing of the differential required on odd lots. But this had no effect on its price movements, which. in keeping with the general inactivity, were small and tended higher. Vacuum Oil was fractionally higher at 45%, but Imperial Oil, Int>rnational Petroleum, Standard of Indi~na, Stand- ard of Kentucky and other Standard Ofl fasiies were stationary. Cities Serv- toe opened lower, recovered 8nd then dipped again. . Wnited: Verde was offered around 9 with very few bids following announce- ment. that at. the end of the June qua ter investments costing $5.004.726 a market. value of only $2.984.182. New Jersey Zinc was off over a point &t 39. Anglo-Chilean Nitrate was a shade higher Aluminum Corporation eased af the start but later advanced nurlv‘ points. Deere & Co. was lower at 15 Tn the motors, Cord was unchanged and Stutz at 12 was a shade higher Tinited Gas was slightly higher at 6. hut, other gas company issues weie un- changed. Goldman Sachs. Shenandoah and United Founders were the only active trading corporation equities. JAIL STORMED IN STRIKE SAN JOSE, Calif, August 1 (8 - Approximately 1,500 cannery st avmpathizers stormed the City Hall yesterday afternoon demanding the re- jease of 10 persons arrested earlier in the day in connection with strike dis- | w%e"rfl" blocked the City Jail doors. and the crowd was dispersed by police and firemen, assisted by 178 special officers. Police sald about 770 emploves were on strike, 1,500 having walked out Thuraday. BONDS ON THE CURB MARKET. Pw 8s 49 62 9 Asso Gas & v Gnams § Gent St P&L 5'.8 '3 21 Chi Dis EL 423 70 A 94 10 Chic_Ry cod 58 2027 Cig St Real 5128 A 49 6. 49 Ciltes Service' 55 '3 10 Citles Service 5v ‘68 14 Ci Serv Gas 8lan 42 1Cit Berv Pow 5133 1 Comwh Ed 4128 D €Con G Ut 6128 A 4 1Con Gas Ut 63 A 3 Consum Pow 4'>% '3 80 Cont G & E 55 A 5 1Grncible Steel 3¢ ° 6 Gudahs Packs 5¢ 3Det C Gas 5 5 Det. Inter Bi DI GG et A 131 ww t Ot Inv 5% 34 ww Bl Fla oe & 0% ad | e Int Peiroleum (1)... R Note—All stocks are sold in Stoux ana Dividend Rate, Afiiated Prod 1.60.. 2 Aluminum Co of Am 175a 11 Am Capital prpf 6% Am Cit PAL. Bb10% . Am Com P A (b10%) Am Com Pr B(b10%) Am ¢'orp warrants ‘Am Cyanamid B Am Dept Store: Am For Pow war. Am Gas & Elec (31) Am G Elpf (8).. Am Superpwr (p40c) Am Utll&Gen (B)vte Anglo Chil Nitrate.. Appalachian Gas. Arkans Nat Gas A Asso G&E! (A) (a1). Assoc G & El war..., Atl Fruit & Sugar. .. ~Pre 1~ 207 “ 12% 3 =T TP Py 3 ummnRen e Ruckeve PL (4).... Buft N&EP pf (1.60), Cable & Wire A rets. Cable & Wire B rets. Carib Syndicate. . Cent NI Pub S pf (8) nt Pub SveA b10% tStat El (b10%). nt West PS Aally Chain Store Devel. .. Chat Ph A 1.. Citles Service (g30c) Colombia Syndicate. Coulm Pictures(75c) Cmwlth & Sou war.. Com Wat Ser g12%e Copeland Pr Ine (n). Cord Corp...... Dayton Alr & Eng Deare & Co. .. De Forest Radio. ... Detroit Alrcraft Cp. . Durant Motors. .. Elec Bond&Sh (b6 %) Blec Pow Asso A (1) El Shareholdz (b6 %) Fageol Motor. ...... Fairchild Aviation. . Ford Mot Ltd 363-6e Gen Aviation. .. Gen Theat Eq cv pf. Glen Alden Coal (4) Gold Seal Elec new . Goldman Sach T C Gray Tel Pav 8 t3%4. Gt AT&P T nv (t8'% ) i 38 Gulf Ofl of Pa (1%). [ Y Hackmester Lind. .. 2 Happiness Candy. . & Hygrade Food Prod. 184 Imp Oil of Can (50e). Intercontinent Fet n, Int Holding & In Co. Int Hydrocv pf 314 Sroo= Suald 3 R AN mh A D BN e | | i | ? F ST aom g D) int Int 4 Interstate Equities 21 lialian Superpow A 'l Grain Market | ' | CHICAGO. August 1.—Surprising strength developed In the corn market after a wavering start. Traders who had been selling September corn be- | came uneasy over scantiness of receipta | and quickly switched to the buying side of the market, causing a sudden bulge of more than 3 cents & bushel. Chicago | arrivals of corn today were only 26 cars | compared with 348 a week ago and 98 at this time last year. Tending further to lift the corn market was expectation that August unofficial crop summaries due on Monday would be bullish, On the upward swing of corn prices bidders found offerings scarce. Talk spread that the chief owners of cash corn were supporting the September delivery, their motive being to hoist | the general market. Some brokerage | houses advised turning attention to De- | cember contracts, representing the new 1931 eorn erop. but that month was infiuenced by the action of September. which stands chiefly for corn aiready in_bins. : | " wheat and oats sympathized with the | advance of corn Provisions were neglected. Markets at a Glance % NEW YORK. August 1 (#).—Stocks: ! Heavy utilities impiove moderately. Bonds: Irregular: foreign strong. Curb: <Firm: changes small Foreign ex- changes: Irregular: sterling advances. Cotion: Lowe : bearish year end sta- tistics. Sugar: Holiday. Coffee: Holi- 1, | day. 1 Indnap, s 13 Toaull Uit 65 1 Inter Pw Sec 75 4 Intern Sec Am 3% 43 Intersta Power 38 <ta Power 8t 8 Intersra Power 63 iss Riv P 1 Elsctric 5" P&l ss Nat P 8 31 78 + Steel Corp 53 x 4128 81 ) Ohio Edison 5s '80.. 5 Ohio Pow 5s B '3, . I 5 Okla Gas & El 3¢ 'S0 S Pac G & E 4128 P 80 101 3Pacific G & E 5¢ C 52 2Pac_Wes Oil 8las '43 & Por Edis 428 F 81 wi 97 § Potomac Ed 8¢ F ‘56104 s P A1 98 w4 180 98 149 10715 *50 1 0014 941a L I pub_Ga: fe H Wat 4138 79 101%% o8 A 87 97%a s B 68 9870 2223 (13 pbior - e n e p B o m R0 zaa 233 H P A IBLBBNI I s BB 37T 355 5 {1t & Ry 8% t & RY 65 A <ggqaggg, 4843 EES n_ Air ca Vall e ey 9872 | Jower: light-weights off most: shippers | st 675 | Choice, 100-130 pounds, 6.25a6.85. | | Ba:avian . General Public Service 8}as 193¢ R. 55 1957 4 Z . |CHICAGO LIVE STOCK MARKET CHICAGO. August 1 (#) (United | states Departrent of Agriculture) — | Cattle—Receipts. 600 head: compared | week ago strictly grain-f2d steers and ! yearlings 25 to 50 cents higher; light ! stears showing | s mostly steady = ng to 25 cents higher on stocker k nds: grass-fed cows 25 to 50 cents lower: grass heifers fully 15 cents off, instanzes move on thin- fleshed lighi-weight ofierings: ~grain- fed cows and fed buicher heifers 25 cents or more higher; low cutters and cutters shared grass cow decline: fully steady to 25 lower; vealers. 1,50 higher: most. light grain-fed steers, 8.00 up- | ward; best fed yearling steers, 9.35; | heavies, 8.65: vearling heifers, to 9.00 Sheep, 2,000; for week 42 doubles from feeding stations; 16.900 direct; substantial price advances registered at week's opening mostly lost: leaving fat lambs steady to 25 cenis higher: sheep mostly 25 cents higher: feeding lambs { strong; strictly choice range lambs top | | at midweek 8.65, with best available at yearlings And weights | the close at 7.75: native top at 8.50, with | . 800 and 8.25 paid sparingly on close; bulk to packers, 7.50 to 7.75: bucks at 1.00 discount: throwout native in good demand early at 5.00a5.50; closing at 4:50 down: fat sheep 25 cents higher: | supply light; few choice handyweight | ewes, 3.00a3.50. Hogs, 5.000. including 3,000 direct: market. almost at standstill; few sales |25 cents below Friday: plain and light- weight kinds 25 to 50 cents and more | lower; few 170-210 pounds, 7.35a7.90 top, 7.90; packing sows, 4.25a5.25; scar- | tering light-weights, 5.50; compared with week ago market steady to 25 cents took 800; holdovers, 8.000; light. lights, | good and choice, 140-160 pounds, 6.75a | 7.50; light-weights, 160-200 pounds, | 7.00a7.90; medium-weights, _ 200-250 pounds. 6.90a7.90; heavy-weight, 250- 50 pounds. 5.65a7.15; packing sows, medium and good, 275-500 pounds. | |4.1585.75; slaughter pigs. and | SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co ) id. Offer Allis-Chalmers Co. 85 19 . 1027 102, American Metal 5'as 193 American Tel. & Tel. 55 Baltimore & Ohlo 4';s 1933.... ) Pet, Corp. 418 1943 Bell Tel. of Gahiada 55 1957 1 ‘fornia Pet. Gorp. §' { 5 : Chi. Northwe: R. 35 1933 Chicsgo Rock Isiand 4s 1934... Chir: Copper Denver & Rio Grande 4'as Gen. Mot. Accep. Corp. General Petroleuin Corp. 63 1940 1933 5 Core. s 1947, 19! ¥ Bies 1948 New York, Chi. & 8t. L. 6s 1033 Portland General Elec. 55 1935. Republic Iron & Steel 35 194 Crude OIl Co. §ias . Ry. R. & E. 4 5 & Pow 58 Oll Co. of Calif. 55 1935 ad Drug Co. 5 1t e, 1 10715 9342 | Wastarn Eleetric Co. 56 1944, Wheeling Steel Corp. 5%as 1048, one hundred-share exocepting those designated by the letter s (80s) (2808). Sales— Add 00. Open. Hign. Low. Close. 18% 18 o 64 61a 12% | : | Physician of Halls Hill Files for Jot 18% 18% L1 Mid Wst Mo-Kan Nat Pub No Am T PacG & Philip My Phoenix Plymont Pub U] Pure Of1 Stand O Stand Of Strauss Stutz Motor Car. Sunray O1l (b5%). Sylvanit Syracuse W Mach B. Trans Lux DLP 8. Tung So! Unit Founde Unit Gas Corp. Unit Lt &Pwr A (1) s 1 S Elee Util P&T Util & Ind..... Vacuum Wenden Wlwort “Y" Oil & G Tategin dty; K. . mPlus 8% in stock. D Paid last ¥ SOME INDUSTRES REPORT ADVANCES —_—— | Refrigeration, Beverages." Chain Stores and Utilities Score Gains. BY I R. BRACKETT. Associated Press Business Writer NEW YORK, August 1.— Vigorous as- sanlts on the depression have brought good fortune to some American indus- tries which were able to make and take advantage of opportunities. While earnings statzments indicate a decline of more than 25 per cent for American industry generally in the first half of 1931 as compared to 1930. re- frigeration, gas and electric utilities, chain stores, certain food products and cigarettes appear to have maintained a relatively strong position Perhaps most. siriking has been the |'success of the gas and electric utilities, which, despits the decline in their fuel loads through decreasing industrial use, have virtually maintained earning ca- pacity by concentration on household use for fuel. . Advance in Sales, In 1921 American householders bought only 4.000 electric refrigerators, no gas refrigerators. In 1931 they bought 770.000 electric refrigerators and 60,000 gas refriger- ators. | Despite the depression, there were more boxes sold of each kind in 1930 and thus far in 1931 than during the height of prosperity in 1929. Utilities executives explain that the refrigerators were sold because they lit- erally “had” to be sold—the depression meant declining profits because of les- sened industrial use of power and ges, and the household field seemed to fur- nish the only outlet for the huge amount of power and gas produced. So. with aggressive sales policies, the utilities and the refrigerator makers concentrated on America’s homes, with | the result that industrial electric con- sumption, which declined 8 per cent, was made up by household consump tion. i The gas companies not only stressed refrigerators but emphasized household gas heating with results so gratifying that 1930 gas consumption increased, | and 1931 consumption seems likely to follow. | Utilities executives feel they virtually established a new want by aggrescive selling of refrigerators—a want that | brought the refrigerators many millions, but added more millions at the rate of $25 per refrigerator per year in pay- ment for the gas and electricity used. Result of Advertising. | The strong position of the cigarette | companies can be explained in one word—advertising. | Food sales, while declining somewhat, | were generally held up by sales promo- | tion of package goods. Foods, of course, are in a fortunate position be- cause America js always hungry. And food earnings have kept up too, because retail prices do not decline as rapidly | as Taw material costs. Chain stores went ahead because of drastic price cuts and vigorous com- petitive practices, as well as limitatign of gxpansion which allywed concentra- tion on and development of existing markets, Beverage companies also have had remarkabie success in the face of the deprassion. They need only two words to explain their success—advertising and prohibition. * COLORED MAN TO SEEK SEAT ON COUNTY BOARD Arlington Post—Sponsors of Candidacy Unknown. By & Staff Correspondent of The Star. ARLINGTON COUNTY _ COURT HOUSE, Va., August 1.—Dr. Edward T. Morton, colored physician of Halls Hill, yesterday filed notice of his candidacy Tor one of the five places on the County Board. He is said to be the first col- ored man to seek public office in Ar- lington County since 1903. ‘The latest candidate has been a dent of the county for the past 14 years and is well known among the entire colo on. So far as is known he is not sponsored by any particular organization. 5 A national economic China is being ergnnized. counell for stock ana los— Dividend Rate. Add 00. Open, ll‘:h. Mid West Util (89 Ollstocks Ltd (A) Nat Fuel Gas (1) Nat Pow & Lt pf (8).460: Nat Screen Sv (2). Nat Service Co. .. Nat Sh'T Sec A $60¢., Y # Zino (13) NoAmL&P (b8%). Nor Europ Ol Corp.. Nor 8t Pow A (8)... Northw Yeast Co 13) Parke Davis (11.55). Pennroad Corp (40e). Phila Blee pf (5). Pilot Rad Tube A, Prod Roy Cp (b10 Pub Util Hold Cp xw Relter-Foster. Reynolds Invest. Salt Creek Pro( Solar Refining. .. Sou Pipe Line (2)... Southld Reyalty 20¢. | would try to use WATCHED IN TRADE Petroleum Interests Anxious to Learn if Oklahoma Wells Will Close. &8 . Olose. 1% 3 May Rad & Telev(1), ' Memph N G Co ($0¢) Mesta Machine (3). . StUtb10%, Pipe L (A).. Sv A (1.60). 7 the Associated OKLAHOMA CITY, August 1.—The petroleum world looked today to the Oklahoma capital, where Gov. W. H. (Alfalfa Bill) Murray was expected to attempt to shut off the flow of one of the Nation's most prolific ofl areas until prices take a definite upturn. Murray announced more than a week ago he would order the wells closed unless prices reached $1 a barrel by tonight, and that, if necessary, he would call out the National Guard to keep them closed. He said only “strip- per” wells would be exempt. The price remained at levels from 50 cents downward. OCrude purchasers gave no indication of willingness to pay more for it ai the well. The taking of allowsble production for Au- gust from prorated wells began at 7 o'clock this morning. Employes of Otto Bradford, Okla- homa City fleld umpire, were sent into that pool about midnight with orders to prevent any operator from produc- ing his August quota before the 7 a.m. deadline. ‘The “stripper” wells expected to be exempt from the shutdown order are the producers of 10 barrels or less daily, which might be ruined by salt water | encroachment if kept idle long. As curtailment of the flow would seriously hamper operations of many | refineries, rumors grew of contemplated plans to tap the prolific East Texas pools by pipeline. Tn the opinion of observers, such action would obviate much of the ef- fectiveness of enforced idleness of Okla- *“ | homa wells. |MAJ. PEYSER RESIGNS ' WARDMAN BOND POST Recently Named Receiver, Lawy Quits as Member of Protec- L& P Dl (6). Bistpf1k. 3 =2 IO TUR CTSTOTR T POpO =y P orris Ine Secur Co! h 01l (1) ). Hold war. .. pr(6). B lof Ky 1.60.. 1, Ohto (2%4) (Nathan). | H » N L IET T RIS VE S TP @ Gold Mines 1lamp (1).. Pwr war. ... Lt(ar1.03%). Ol (3)aeae Copper. h (FW) Ltd, %4k tive Committee. 10% 107 L 1% or semi-an- ’Aflm atock Jiatment k. e P o ! k Plus 10% in stoek. m PI . Mai. Julius 1. Peyser. one of the re- | ceivers recently appointed to take over nine Wardman-built properties here, has announced he had resigned from the Wardman Bondholders' Protective Committee, in a letter to Leonard L. Stanley, chairman of the committee. His Jetter follows in part: “I_herewith resign as a member of the Bondholders' Protective Committee for first and refunding mortgage gold | bonds of Wardman Real Estate Proper- | ties, Inc., effective forthwith. Because | BALTIMORE. Md.. August 1—Pota- | of the fact that I have been appointed | toes, mew, barrel, 1.00a2.15; aweet po- | one of the receivers for the Wardman | tatoes, bushel, 1.50a2.75; beans, bushel. | Real Estate Properties. Inc., and since | 40a60: beets, per 100, 75a1.25; cabbage, | my appointment certain proceedings bushel. 20a30: carrots, per 100. 2.00a | have been taken in the Supreme Court 340: corn. per dosen. 8a16: cucumbers, | of the District of Columbia’ which in- am 1 doll 1 Baltimore Markets Special Dispateh 10 The Star. per. 20a60: eggplants, hamper, 75a | dicate or foreshadow possible conflict 00: lettuce, per crate, 50a5.00; lima 5 ing plans of reorganization, and as in- | beans, hamper, 1.25: okra. bushel, 2.00a | dicated by the decisions of the Federal| 250; peppers, hamper, 35a50; onions, | courts, it is appropriate that I should | per 100 pounds, 75a1.00: peas, bushel | NOW resign from membership on the 3.50a3.75; squash, per bushel. 30a40; committee.” tomatoes, amper., 25a50; apples. bush- - el. 15a1.00: blackberries, per quart, 10a 15; cantaloupes, per crate, 7583.00. Dairy Market, | Poultry. alive—Chickens. young. 20a | 32 old hens. 18a24; Leghorns, 12a17; 1oosters, 12a15; ducks, 14a232. pigeons, | pair. 20825, Fggs—Receipts, 399 cases: current re- ceipts, 18a19; hennery whites, firsts, 21a23. Butter—Good and fancy, 23a27; Iadles, 18a19; store packed, 1 CHICAGO STOCK MARKET | By the Associated Press CHICAGO, August 1.—Following is the complete official list of transactions | in stocks on the Chicago Stock Ex-| change today: Sates STOCKS. 30 Appaiach Gas .. 250 Assoc Tel Uil | 300 Bastian-Blessing 5250 Bendix Aviation Investment Rules BY GEORGE T. HUGHES, An investment program eannot h" mapped out intelligently having Te- | gard only to the character of the in- | vestment. It is not enough that the | plan be sound, that the securities, if securities are selected, be safe and re- turn a reasonable income as well as | giving the desired degree of marketabil- | ity. The subject has to be looked at from the standpoint of the individual | investor concerned. A retired businessman. a widow, or | any ote else dependent for his or her | livihg on income from investments has | entirely different needs from one just starting to accumulate a competence. To the former safety means assurance | that interest and dividends will be | paid regularly when due snd that a | part at least of the investment can be realized upon in case of an emergency. To the latter the immediate mcome is 65, | not so important. It is the gradual 17’3 | accumulation of sayings which is the 3'2 | objective. Another situation & when the in- vestor is actively engaged in business, 4412 | but has funds temporarily idle and 4ls | wishes some return on them mean- To him the vitally essential thing is that the investment, be such as 312 |may be reconverted into money on short notice and without material loss. E Now it is evident that no one in- 141« | vestment scheme will meet, the needs of 13| all these classes between which, inci- i | dentally, no clear dividing line can be | drawn. ' Moreover there is a constant 3 | shifting from one class to the other. Investment. therefore. whether, taken from the viewpoint of the investor or the analysis of the medium is never a static affair, All of which leads us to still another point which ia that, investment'calls for constant. supervision. Not only do the conditions affecting stocks, bonds, or mor continually change, but the financial situation of the owners sim- flarly changes. Success in investment means much more than a wise initial choice of the investment medium. (Copyright, 1931.) NEW YORK BANK STOCK MARKET SHOWS GAIN Special Dispatch {0 The Star. NEW YORK. August 1.—A last-min- ute buying movement. today lifted the | bank stock and trust share market. Mn.' of the doldrums that prevailed most of the session. Announcement. of the merger of Continental Bank & Trust with Strauss National Bank & Trust and their ac- quisition of International Trust into a consolidated institution, bearing the name of the first bank. caused Conti- nental to finish at 23';, up 2 point. Bankers Trust at 923, was up %,| Chase National, 64's, up !4: Chatham Phenix, 60'2. up 1; First National, 3475, off 5; National City, 75, up %: Guaranty, 436, up 1; Irving, 32, up lg, and Manufacturers, 415%, up ! ‘The following were unchanged: Bank of America, 41: Brooklyn Trust. 380: Cen- tral Hanover. 213; Chemical National, ereamery. process, 20a21; High. Low. Close. 4V, e 4 2403 it 1800 Cities Service. r 3% 0 3 we BB 80 Greit Bros 4 50 Gt Lakes Aircraft 650 Grigsoy-Grunew 250 Hall Print SR | 3 3 S IR - P P o Py i 58w S 3 mwoma 3 J.5 00 Nat Secur Inv pf 350 Nat-Standard . 150 Noblitt-Sparks 50 Nor Am G & Bl 10800 Nor Am 1, & Pow 50 Nor'west Bancorp . No West Ut 1% pf 3 3533-3883288. a8 auis & Ind & Ind pf Walgreen Co .. . 110Wes P L & Tel A . 200 Yates Mach .. Total stock sales B OND 3000 Insull Util 65 1940 . Bond sales today. $3.000. MACHADO MAY LEAVE CUBA FOR ELECTIONS 3333223338388 President Reported Planning tol Go Abroad While Successor Is Being Chosen. 931, Empire, 4415: Manhattan, 647, : New York Trust. 141, and Public, 46%. FOREIGN EXCHANGE. (@uotations furnighed bx W. B. Hipbe & Co) Nominal goid Selling checks Value. o000 3.92c By the Associated Press. HAVANA. August 1.—The Assoctated Press has been informed from s usually reliable source that President Machado was planning to take & t of several months during the 1932 election period if constitutional reforms which | {onaon, pound. provide for elections next year instead | Baris. franc of in 1934 are approved by Congress. _|Brussels, be The President, according to this | Brim source, is planning to go abroad while | Zurich, the elections are being held. e This trip would fulfill the desires of | ¥250d 2SAfH; several opposition leaders, including For- | Budapest. pengo. mer President Mario G. Menocal and }Fr b Miguel Mariano Gomes, former mayor | SAS8W of Havana, who noi long ago asserted g&m S “elections supervised by President Ma- chado could not be fairly held.” S g to| TREASURY CERTIFICATES. ported by J. & W. Seligman & Co) The President would go, accordin #he information, “to give the people of 100 632" 1 3 D el ML gin it Cuba no grounds for suspicion that the e R "¢ Rate— e 8t 1 . 18, 1 1o Bee: 18 85 3:'" Mar. 15. 1933 ¥'as Dec. 15. 198 clevt‘ons might be fraudulent, or that he his influence in pick- R’ ing his successor.” 1 g e A m/k- more than two Na.“ caught recently in a'London 2 i | ahead setting up an international com- Recent Decline in Volume of Trading on New York Stock Exchange May Indicate Early End to Bear Market. BY DR. MAX WINKLER. Bpecial Dispatch to The Star, NEW YORK, August 1.—Recent disappointing dividend action by leadin; rations was responsible in part for the recession throughout the greater part of yesterday’s trading on the New York Exchange. Toward the close, a rally set in and {he body of shares finished appreciabiy above the iows for the day. The volume continued restricted. ‘Those versed in the technique of Wall Street pretend to see in the decline in the volume of trading an approach to the bot- tom of the bear market. We are reminded that the low point of the 1907 market was reached in November of that year, when trading had declined to a daily averags of 438,000 shares. The low in the 1921 market was reached in August, for which month daily sales averaged about 420,000 shares. Even though the situation today is in many resgecu different from that obtain- ing in 1907 or in 1921, we may not be far from the end of the downward movement. The impetus may, and probably will, come from abroad. An agreement between France and Germany, which is not at all unlikely, should result in a change of at- titude on the part of France toward dis- armament. 2 DR. MAX WINKLER. France’s aloofness is not expected to last long, especially because France realizes that, throughout history, she has never been able to oppose success- tully, and for any length of time, a British-continental combine, The solution of the present economic problems resides, there- fore, almost wholly in a real understanding being reached between | the two European nations. The next 60 days should provide an answer. It may come earlier. Low Record for Wheat. The grain market yesterday was characterized by’a break in wheat to 48 cents a bushel, the lowest price ever recorded in the his- tory of the commodity. New lows were also recorded by corn, with the exception of July deliveries, which went to a new high for the season. The reason for the sharp rise in July corn lies in the belief that a corner has been created in the commodity by Thomas M. Howell, for many years a spectacular operator in Chicago, and re- membered In connection with his operations together with Jesse Livermore in 1925, United States Credit. Bhoe Co.. the ing - ting at operal Pessimists would do well to bear tn | 90 Der cent of capacity and is reported mind that the credit of the United | ;g "o 0utier than at any time within the past ” States Government still ranks higher | % ronee than that of any other nation, | U. 8. Moters for Argentina. On Tuesday 91-day bills will be| Argentina is going to use American placed on the market to the amount of |airplane motors instead of Prench, $59,850.000. The notes will be soid at which have heretofore been manufac- the rate on a bank discount basis of | tured in the government plant in Ar- slightly over one-half of 1 per cent. gentina. C. W. Webster, president of | The total amount applied for was al- | the Curtiss-Wright Export Corporation, | most four times the figure accepted. announced that the Argentine govern- while the annual basis on which bids ment has acquired exclusive manufac- were submitted varied from 0.51 to 0.58 turing rights to the complete line of per cent. Curtiss-Wright engines. It is safe to state that no other gov- 5 ernment could finance itself on so at- | S ——_— tractive a basis. The cost to Great _ Chancellor of the Exchequer Philip Britain of treasury bills' this week is Snowden is bent on balancing Great 4538 per cent, Bnu!n'smbudgn,"rt gx:c it may. He’ expects to consolidate the country's war Wiggin on Committee. debt. through the issuance of a con In accordance with recommendations version loan. and thereby effect & large made at the seven-power conference Saving in interest. With London's re- held recently at London, the Bank for discount rate at 4!; per cent, it would International Settlements is going Seem that the flotaiion of a loan would | have to be post; until lower money | mittee to help solve the German crisis. | rates prevail. Albert H. Wiggin, chairman of the Chilean Loana. governing board of the Chase National Bank. is the American member. His . EXxclusive of internal loans and mu- | appointment, which he las prompily nicipal bonds. Chile has sold in th'i acoepted, may be due to the faet th _“_’““"1“,“ '"""",e‘;’";mmmt,'"d worl the Chase Bank's commitments in Ger- | frmment guarant o A many exceed those of any other Ameri- SL(Eate Dar value of $274,912.000. Of Mr. Wiggin, as will be recalled. is a 2 { 4 stTonR ndvocate of rastic revision of IS guaranteed by the state and | : placed on behalf of the government- | intergovernmental debts. and #t is not PISeq DO Sank unlikely that during the period of the "IN WOrgaRe bark | one-vear moratorium & more concrete The valie of these bonds on the | plan may be evolved for the settlement | ¢35, Of: 7he 3{,’5’,"‘,”"";"“‘;’"“‘;‘ b=t f ‘his most important post-war Prob- pasis of market quotations on July 30 5 : aggregated $106.434.060. In other | Steel Prices. words. if the American investor had | Although steel prices seem to have purchased one $1,000 bond of each of reached & point. of stabilization. Eugene | the Chilean loans sold in the United G. Grace, president of the Bethlehem |States and had retained his holdings. Steel Corporation, does mot. expect any | the loss to date would amount to $557.10 immediste jmprovement in demand. per bond. This, according to Mr. Grace. applies | If allowance is made for interest re- to other lines of business as well. He ceived during the entire period, the loss is. however, convinced that American | to date. if the holder should dispose of industry in general is very sound finan- his issues at current levels. aggregates cially and in a much better position to slightly more than $300 per $1.000 bond. take care of itself than was true in Although this figure compares rather other periods of depression. favorably with losses registered in many | American iseues, it should be remem- b bl bered that when the American public The firmness in the shares of repre- purchased Chilean loans, they were in- | sentative shoe companies is due to im- vesting rather than speculating. provement in business. In New | Hampshire, home of the International = ‘C°PTHIEhg, WL by, the North . American New York Cotton| ' (Washington Produc Special Dispatch to The Star. « | NEW YORK. August 1.—The weight 2g1;, of contracts on the cotton market to- | Eggs—Hennery, day became the heaviest of the week ceipts. 15a17. and new low records for the year were _ Poultry, alive —Spring brotlers, reached Dounds and over. 32833: 2 to ‘3 & . unds, ; . Liquidation caine from both foreign | 50 " Taghorm brofiars.. Jare 5 and domestic sources. carrving October | medium. 22a23; hens, to0 81, cents, while May sold below the small. 18a20; Leghorn hens, large, 15a 9-cent, level. Foreign selling orders at | 16; small, 13a14: roosters, 12a13. the close left the list under pressure at | Dressed—Spring_broilers, 3 pounds lowest. levels of the day, and 10 points 'and over, 38a40; 2 to 2! pounds, 37a or more lower than Friday. Spots were 38'%: 1l3 to 2 pounds, 32a35; Leghorn reduced 10 points to 8.15. brotlers, large, 28a30: medium, 28: hens, With the Liverpool Cotton Exchange | large, 25a26. small, 20a22; Leghorn closed, the brunt of selling pressure fell | hens, 17a18: small, 14a15; roosters, 13a upon New York. Quotations were the 14: Long Island ducks, 21a22. Meats—Beef, prime, 15a15%: ehoice, 1313a1415; medium. 12a12%:; 11; veal, top, 12%al3; lamb. '17: pork nds, 23a24; 10 0 12 fresh 1 Butter —One-pound prints, 2013; tub, 22a23; current re- lowest since 185, and with less rain | in the cotton beit than at any time during the past month, the market came under vressure from the start. Houses with English and continental 8 to 10 Tond0” IN VARIOUS LINES Foreeast of Commodity Prices Reveals Interesting and Timely Contrasts. Speciel Dispatch to The Star. . NEY’ YORK, August 1. A digest of the outlook and purchasing policy for important commodities, as contained ‘in & current bulletin of the Standard Bta- tistics Co. of New York, follows: Barley.—Only minor price fiuetua- tions sre likely during the rest of the Summer, - Brick.—Inactive demand probably will prevent a near advance in prices. Burlap.—Coverage of the next sevetal months’ requirements is justified on further price weakness. Butter.—We still counsel protection of needs for next Fall and Winter, Cement—Indications are that the existing price war will not be termi- nated in the near term, and forward purchasing is not now advocated. Cheese. —Advise further accumula- tion of forward requirements on price weakness. Coal, Anthracite —With an insuff- clent econamic basis for expecting price advances, we advise against forward Coal, Bituminous —Probable slight strengthening of prices during the bal- ance of 1931 makes it advisable to keep requirements covered three to six months ahead. Coeoa—Still in a buying zone. and we advise gradual accumulation of re- quirements for the rest of the year, taking advantage of market recession: ‘ee. —Moderate forward purchases are justified on further sharp declines. Copper —Deflationary influences in the industry now justify coverage of re- maining 1931 requirements. Corn Crop Forecast. Corn.—large crop forecast precludes advisability of buying far ahead, al though Summer requirements should be well protected on price declines Cotton. - We recommend that eon- tracts for remaining 1931 Tequirements be limited to fairly well defined weak- ness. Cottonseed Ofl. Wa would still ad- here to the poljcy of moderate forward purchases on price weakness. Eges—We expect a more pronounced than normal seasonal strengthening of prices throughout the remainder of the year. Flour.—The price outlook does not indicate need for haste in making pur- chases. but fairly long term coverage | probably will be advisable before the year end. Gasoline -~ We would confine eon- tracting to ifmmediate needs. Hides —Assuming that near term re- quirements already have been met, fur- ther purchases should be made only on moderate reactions. ! Hogs.—We see no need at thix time to make heavy commitments. “Jute. — Requirements for several montbs ahead should be protected around present prices. * Lead.—We advise coverage of needs for two or three months. but wouid await probable slight recession before contracting_into_1932 Linseed Ofl. -Porward purchases are warranted on further price weakness Lubricating Oil —We see no necessity for extended forward contracting at this time. Oats.—There it no resson at thiz time for abandoning a hend-to-mouth purchasing policy. Paper.—With demand low and stocks still substantial. we see little present basis for extensive forward commit- ments in .wrapping and fine paper. Paraffin.—Requirements for the, re- mainder of the year should be gradu- ally satisfied at around current prices. Outlook for Petrolenm. Petroleum, Crude.—Contracting fer the next several months’ requiremen is warranted. Pig Iron.—With an early recovery fn prices improbable. we recommend that purchases be limited to immediate needs. ” Rayon. Cellulose Acetate. —We would defer forward pirchases as long as possible. in expectation of a price et Rayon.” Viscose.—Prices probably will remain at present levels at least until : there is little incentive to buy Rosin.——Present prices justify acén- mulation of requirements for the re- mainder of the vear. E Rubber.—Confinuation of forward purchases for the next several months is advised, but extension of longer tefm r;,mmltmenuu is not warranted at this time. Rye.—Extensive forward buving i not. advised, although nearby require- ments should be covered on 2-cent breaks ; Shellac.—Present prices justify the policy of gradually increasing supplies for forward requirements. Silk, Raw.—Improving statistical po- sition points to advisability of covering needs two or three months ahead Silver.—We advise extending forward commitments through the end of the vear in periods of price weakness. - Steel Industry Status. Steel—With definite price stability likely to be deferred until late this vear, we see no need for extensive forward commitments at, present. Steel, Scrap.—No pronounced near term price strength is likely and only nearby future requirements need be satisfied. © Sugar.- Prospects for firmer prices ! justify coverage of needs through the Summer_season Tin.—We advise utilizing periods of price weaknesé 1o extend coverage nf requirements through the remainder of the year. connections received overnight orders in large volume, partly due to the im- provement in ‘weather and in pari. to the larger end-of-July crop indication | igures than had been generally antici pated. for the tricts, the change for th weather conditions had effect. on sentiment. According to the annual report of Following persistent. ‘molstu t three weeks in central dis- better in * depressing Secretary Hester of the New Orleans 250 Exchange, world consumption of Amer- jcan cotton amounted to 11.856,000 |Smoked hams, 21; lard, 10% all; stri] bacon, 24. v | Live stock—Hogs, light. and medium, .. A8.50; roughs, 3.50a5.50; 8.50; calves, 5.00a8.50. Fruits—Watermelons, 20865: canta- loupes, 50a1.50; éranges, California. 4.00 a5.00; TFiorida. 5.5086.00; grapefruit, half crates, 50a1.00; lemons, 6.00a8.00; | honeydews, 1.2581.50; honeybails, 2.00a 12.50;" bananas, 50a1.00: plums. 2.50n bushel baskets, 50a1.00; 2.60; pears. 50a bales, inclusive of linters, while the 3. carryover, including 420.000 bales of | Fuckleverries, 3.500600: biack- | Turpentine.—Advantage should be taken of present levels to cover needs through the remainder of 1931. Wheat.—Until termination of the { heavy marketing season, we would re strict purchases to current require- ! ments. although we believe that the i‘fnerfll price trend will be toward | higher levels beginning the latter paxt | of_this vear. | Wool.—Only near term requirements {should be covered at this time. $4 | Zinc—We advise awaiting slight, re- cessions before making extensive for- ward commitments. 441;: Commercial. 230: Corn Exchange, | 8 linters, aggregated 9,130,000 bales. Pre- liminary estimates of the New York Cotton Exchange service earlier in the week xllud consumption for the year around 11,100.00C bales and the carry- over at 8,993,000 bales, both totals be- ing exclusive of linters. The carryover a year ago amounted to 6.187.000 bales and two years ago to 4,517,000 bales, ex- clusive of linters, Cotton range: October EXPANSION. VANCOUVER. British Columbi August 1 (P —TIt is widely reported in shipping circles here that the Canadian Pacific Railway is negotiating for a controlling _ interest in Canadian- Australian Royal Mail Co., Ltd. An important announcement in this con- will shortly made at tration of the cdm- Recently the to Canadian and itered” 4 1s | gentina recently broke all ords. 3 slnnpplel. 3.5004.00; nec- , 1. gs, 50a1.00. Vegetables — Potatoes, per 3 2.00; sweets, per bushel, 1.75; tomatoes. 508 cucumbers, 2-peck 40a50; corn, five-dozen sacks. 50a75 string beans, 1.00; limas, 2.50a3.25: lettuce, TIceberg, 4.00a5.50: lant. 1.00; a, 2.00; peas, 4.00; e, 50a60; beets, per 100 bunches, 2.00; car- New Zealand. 75; onion: 1.25a2.00; celery, 2.00. Clearing House Statement, NEW YORK, August 1 (#).—The weekly statement of the " New York Clearing House shows: Total surplus and undivided profits, $1.198,758.400, unchanged; total net demand deposits ), $15,595,000, decrease; time , $2.761,000, decrease; ding today, $4.217,- ending July 25, Tings, 776,705; clearings, $4,041,706,429, Charity Drives Limited. Belfast, Ireland, has such a rush of charity street collec that it is trying to limit the number. The Bel- fast Corporation Police Committee has asked the commissioner of police to re- duce such collections annually to & few of the most cases, and that any such drives shall be limited to one day only. M of cereals and eorn from Ar- previous rec- CONFIDENCE HELD NEED IN BUSINESS REVIVAL Commenting upon the salutary re- sults that are likely to flow from the adoption of President Hoover's war- debt. _moratorium splan, the National City Bank of New York says in its cur- rent economic review: “The one great problem in which all countries are now most, concerned is that of restoring rrom'r!ty and the way to prosperity ies through normal business relation: One need only reflect. upon the conse quences of having. Central Furope re- lapse to the state of monetary disorder which existed in the years following the war to be impressed with the im- portance of safeguarding the situatiod. ‘The President is acting upon the con- viction that it is easier to maintain a state of social and financial order than 2’ Teconstruct one after it has broken wn. 2 “There is an abundance of cepital available to finance a revival of busl- ness over the world, but there must be confidence in the maintenance f peace and normal financial relations between countries, in order that it may flow freely from the centers where It tends to accumulate in idleness to the places and employments in which it 18 needed.” Aftor_medical training_in America, many native Indian doctors are returg ing %o India to practice. >