Evening Star Newspaper, August 8, 1931, Page 13

on the cuth Llst Finishes Slightly Higher,! ,gf': but Price Changes Are Small. BY JOHN C. CRONE. Specisl Dispatoh to The Star. NEW YORK, August 8.—In one of the Gnllest Saturday sessfons this Summer, varb Exchange stocks today finished with unimportant price changes. The trend was slightly higher at the end. Electric Bond & Share moved within & half point range throughout the ses- sion, and Cities Service also showed lit- tle movement. Standard Oil of Indiana was inclined to movs forward. Ameri- can Oyanamid B, with a fractional gain, stood out in the chemicals. Following the weakness of General Theater issues over on the big board, the preferred k ped to a new low pfice. Iness gripped the aviation group and Line securities were lifeless. meulim Ofl somewhat belatedly re- to the declaration of an initial y-Vacuum Corporation payment of 40 cents, which, if ‘continued, would maintain old dividend rate on Standard Ofl of New York and double the recent tate on Vacuum, which with- in tl;e year halved its dividend disburse- ment. Northwestern Yeast, recently con- wm because of its lassitude, opened a point and then promptly moved ahead five points before encountering any resistance to the uptrend. MacMarr Stores, which are being merged with Safeway Stores, Inc, sold off slightly, as July sales of $6,959,421 a decrease of 2.3 per cent. David Pender A shares, which rose more than four points Friday on unconfirmed re- ports that the company eventually ‘would be a unit of a huge grocery chain combination, opened unchanged today. Dullness of the motors was empha- + sized by the fact that it was well into the second hour before any of them, lndumn’ Ford Motor, Ltd., and Ford Motor of Canada A, appeared oh the . In the accessories a few sales of ‘Winterfront were recorded at a trifling decline. Markets at a Glance el o A BALTIMORE STOCKS. BALTIMORE, August 8.— i =] s & o 2afs FE 2, w S 5 3 3 et 2535 EEZ3 e sex ! PEEEES ons 25322 R T 22 R o gt ~25as8! i &> =3 bt ' 5 Q, 2saSes F o S s iy 3 F = Fihererit iy o 4.'::”4 228 s3232s355ue PR 8 £ B &gfim 2 823 3 ' fl';g,:‘ 23 ESSEES R e L] ¥ FF N R S ST B ¥ =g Soeres : S Sy | gaSFRgEY et i ‘5‘ 22, T - Fuo> o >, 28332322V I: & 8832233828235 2I8I233R2, 4ty 28322388222 5338ITI22BR2L ot B B B en 2 £5 L L 2! RS LR 8 & g o g 0% o> 15 59 " 25 SEEERES g;:ng S| irgoén :2 i >IN B! dgs sang ] <3 e ) FengEnees! FE FITTEITIIEESE 3 0 R W4 10 o dgg FEFIPEEIVES 58332 g23aze £ a3 223 £ 4 £H3 oolil pes s T 55 ~,:ug~3§~ o) 3 3 B iz g% g73¢ L L TEEY B mmant 2 g ™ p; 5 uegsad OF BN G ' 5, ) e 2 a, oy PR 788 133 Emzasss;sz:s:fii" i e TEN - . > SEgSS & - g5, = >0 g> ....... 1 i M1 T * 23538; L P s spefFedene P T 5 ons! & PE TN 2 20222! {BANK ADVERTISING 4|1t is undoubtedly because bank de- in one hundred-share lots by the letter s (80s) Sales— Dividend Rate. Affillated Prod 1.60. . Alr Investors cv pf. . Aluminum Co Ltd Am City P&L(A) - B D SRRSO NHNAS A LB RAROD Am Gas & Elec ($1).. Am Lt & Trae (2%). Am Marscaibo. ... .. Am Superpwr (p40e) Am Superp 1st (8),, Am Thread pf (25c).. Am Utii&Gen (B)vte Appalachian Gas wr, Arkans NatGas A . Asso GEEIl (A) (a1). Atlas Util Corp. Auto Vot M cv pf pt. Bahta COrp. ........ Braztl Trac Lt&P(1) Buft N&EP pf (1.60). Canada Marcon! - 14 Carman & Co A (2 Cent Pub SvcA b10% Cent Pub Sve pf (4). 2268 Cent Stat Bl (b10%) 12 Cent West PSAal% 1 Centrifug Pipe (80c) 2 Chat Ph Aln.v (1).. 4 Cities Service (g20c) 134 Cities Serv pf (6). 4 Clev El Illum (1.60). Copeland Coré Corp Cerp Eeo Cresson Consol (4¢). Curtiss Wright war.. Dayton Air & Eng Duquesne Gas Corp.. Elec Bond&Sh(b8%) Elec B& Shcu pf5.. Elec B & Sh pf (6).. Elec Pow Asso A (1) Ford M Can A (1.20) Ford Mot Ltd 36 3-5¢ Fox TheaterCl1A... Gen Alloy: Gen Empl Gen Theat Eq cv pf. Golden Center. Goldman Sach T Gold Seal Elec new.. Hamilton Gas r Hudson Bay M & Imp Of! of Can (50e) - Insull Util 2d pf (8). 50 ins Co ofNo Am 2% Int Hydrocv pf3%. Int Petroleum (1)... Int Utilities B...... Inter Equ conv pf(3) Kolster-Br (Am 8h) . Lefcourt Realty 1.60 Letcourt Real pf (3) Mass Pwr&Lt pf w.l. Mavis Bottling (A).. 2 2 THE EVENING STAR, WASHINGTON | cPrev. 1931< High. Low. By 4% 2 (250s). Hign Low Close. 20 20 20 7 7 50 82% 6% 12% % 50 2% 6% 12% 8 5% 68% | 36% Received by Private Wire Direct to The Star Office Stock ana Dividend Rate May Rad & Telev(1). Mesta Machine (2).. Mich Gas & Ofl Corp. Mid Wst St Ut b10% . Mid West Util (8%). Mo-Kan Pipe L (A). Nat Fuel Gas (1), Nat Investors. . Nat Pow & Lt pf (8). 50 Nat Service Cs. M Nat Sh T Sec A 60c. ~Nat Transit (1) NYP&Ltpt (1) ate Corp Ch NoAmL&P (b8%). Northw Yeast Co 12) 60s 14 Ohlo Copper..... Ohlo Ofl n e P (6).. Pender DGr A (3%) Pennroad Corp (40¢) Philip Morris Inc. .. 508 Pines Wintertr (1).. Premier Gold (12¢).. Prod Roy Cp (510% ) Pub Util Hold war. . Pub Util Hold Cp xw Pure Oil pf (6 . Relter-Foster . Republic Gas Corp. St Anthony Gold. .. .. St Regis Paper (80c) Schiff (The Co (2)... Seaboard Util (28¢). Segal L & H (ab0¢c).. Seleuted Industries. . Sel Ind al ctfs (53). Shen Corp pf (ad). .. Sherwin Wil (t434). 1004 Signature Hosier; 4 Solar Refining. 2%\ B 12% 69 524% 40% | 124 7 23% | % 7 20 25% 2% » Payable in dividend. stock. § stock. n o0 lus ?Plus 5% in stock. lus 8% in stock. South Penn Ol SoCalEBdpfA (1% South C Bdpf C1%.. Southld Royalty 20c. Stand Motors . Stand Ollof Ind( 1).. Stand Ol of Ky 1.60.. Starrett Corp. ... Strauss (Nathan) Sun Iny... Swirt & Co (2). Swift Internat Sylvanite Gold M Syracuse W Mach B. Technieolor. Ine. Trans Lux DL P Unit Founders. Unii Qas Corp..... Unit Lt &Pwr A (1) U S Elec Power ww. U S & Inl Seeur. . U S Lines pf. Unit Verde Ext: Utl] PALt(at1.02%). Ut PEL B(at1.02%). Vacuum Oil (2).. Venesuela Petrol: Wenden Copper..... * Wiworth (FW) Ltd. e ) 1n dollars based on lasi Quarterly or semi-an- x dividend. {Partly exira. 1Pius 4% in stoek. cash or stock. bPayable in stock. e Adjustment £ Plus 6% in stock. N Plus 1% in k Plus 10% in stoex. m Plus 3% in 5 Paid last yesr—no reguiar rate. 2414 4% n 2% in stock. LAW 15 CONSTRUED Minnesota Statute Sets Lim- itations on Announcements of Institutions. BY C. B. UPHAM, Banks in Minnesota may not use such expressions in their advertising as “the little bank with big backing.” This is the conclusion of counsel for the Minnesota Bankers' Association in in- terpretation of a law enacted by the 1931 Legislature. A small bank in that State has used the above slogan for some years, and has already ordered calendars for 1932 carrying d’w legend. The advertisement including this stal and followed up by & list of the and would be a violation of the 1031 statute, in the opinion of the attorneys for the Bank- ers’_Association. The statute decrees that no bank shall advertise in any way the aggre- or individual responsibility or rs, above the limit pro- are available for the pur- iabilities. the passage of the fact that small banks the two Minnea) organizations had been connection on their , that it is a member ‘with total resources of X . It was felt by many of the smaller banks of the State, which are not allled with a group organisa- tion, that this sort of advertising was disadvantageous to them. . A similar complaint was made by some of the Wisconsin banks last year as followed by respondent, they felt it unjust for that | “parent” of the group to be a party | to advertising which affected them ad- | versely, as they alleged was the case. As a matter of fact, small banks in here, which are | isations, make use of their independ- ence as a bid for favor, to the | , it would | the banks oups nection of other banks to be advertised. itors have come to have confidence GOLD FLOW TO U. S. CONTINUES, WITH HUGE GAIN IN STOCKS Increase of $355,000.000 Reported Since First of Year—Bankers Try to Discourage Movement. BY CARLTON A. SHIVELY. Special Dispatch to The Star. |or sufficient ruggedness of character to | part with it, have stopped payment on NEW YORK, August 8.—Gold con- | their debts. tinues to pour into this country in| spite of credits arranged for Britain and Germany and the ingness of the Federal Reserve a: ties and bankers of it. A much n rger amount have bee: in recent had not bankers here had a tacit not to_embarrass the Bank | fio o stability by | at_a refunding loan here. will meet it ;’ncmm mvtu gold ffom London. at a point such erally to see more Sterling | notes by shipping that amount of gold operations | Larger sums than this have, Argentina Payment. Barring a_considerable improvement |in the market's attitude toward for- | eign loans between now and the first lof October, & record will be set up for would| debt settlement in gold by a single "fis‘debwn It is learned on the best au- thority that Argentina, if she cannot Great | unwill- uthori- |an October maturity of $50,000,000 in which | to this country. of | course, been paid over to the Federal the past week a shipment of Government in war debt settlements, n $1,500,000 in gold has come from Eng- land, | but they have not involved large gold the first in several months, but |shipments. On the June tax date for- this was due to a tion to the price for sterling. German Consignment. Germany also sent $11,000,000 gold, perbaps a belated transection and one which is not expected to be cated so long as the present credit ar- rangements continue. A half special private | e ents transaction and had oily (ndirecs Tela. | s Pricia sy et ieret | and principal amounted to $110,000,000, ‘ of which Great Britain pald $65,000,000. | However, these sums were accumulated | here from time to time in the guise inof dollar balances for accoun: of the sovernments concerned, in one way or | another. Argentina could spare this huge billion | amount of gold without unduly de= dupli- came in from Mexico, where the new | pressing credit at home, the ry monetary laws, glorifying silver at the 1‘ tio of gold reserve to clrculeltl;}q:e,r;: :: expense of gold, are having the effect | tual stock of the metal of driving out good money bad. 700,000 was set aside under earmark | at the Pederal Reserve Bank, presum- | ably for the account of France. tion to earmarked gold has the same effect a8 actual export of metal Gold _earmarkings were neavy in July, with the result that this country had n net loss in gold stock of about | $18,000,000, the first monthly reduction All the same, the sinci; August, 1930. net gain in goid since the firsc year i approximately $355,000,0 year. Unable to show a large excess of merchandise exports over im- | ports, and finding the unsettled condi- | tions in South America and the flat state of the bond market militating against further loans, our South been If there were | #ries, confronted with the same diffi- culties, but either lacking sufficient gold | alone has accounted for of our gold imports this The present in favor | reserve ratio of note cir of Pinally, Argentina sent us RS st b e $1,320.000. On balance this country | did not gain much this week, for $13.5 | in the conversion office is 69.8 Withdrawal of the gold for the October maturity, with the equivalent reduction in currency circulation, would still leave the ratio above 66 per cent, which is & figure kw‘ mul'll;ries, can show. The government could, of course, off; deflationary effects of this mld“:):‘ihE ment by discounting bills, but even fll that event the reserve ratio would stin be about 62 per cent. Under these cft- cumstances. no adverse effect on Ar- gentine peso exchange is contemplated. Should Advance Credit. On the contrary, the country! should be enhanced by b»mmprts ;1:::!‘;:1: of the maturity, and a compensatory ::a..r-vgm loan might well be arranged It is unlikely that will be sent on one a steamship does ceed $25,000,000 in Addi- | of the | 00. enough the full shipment carrier. As a rule not transport to ex- ®old, larger amounts insurance rates and Probably the gold Amer- BENNETT REVEALS POLICY ON WHEAT try | 35 Cents a Bushel Base Pri CHINA OFFERS MARKET FOR AUTO TRUCK UNITS By the Associated Press. China plans to use more American ‘anits in the manufacture of motor nrucks. Resistance to Panic Condi- tions Stand Out. By the Associsted Press OTTAWA, Ontario, August 8.—Four | yesterdiy Premier Bennett's announcement on the statements stood out handling of the 1931 wheat crop. ere : An initial payment of 35 cents o] eht. 1931.) DIVIDENDS DECLARED . Pay- able. Sep. 18 Initial, s Rate.riod ».40¢ AR Reeular, nt G&E »f..$1.63 Clies 8g:vice . rs Shrs. ..14.835c Bast Min P 36 bt 3 East Shore Bub |0 Ser $6.50 bI...11.821 150 SOPL..... | Pigrida Bow' Gor» % pf.... | i Hidrs. of ce and | Bsi<; 81ise 81795 icie { Green M Po 16 pr 150 Harbison Walker Re. fractories pi. Homastake Mininj Int Milling st p | ocldes in . They S¥8s Sk & | farmers as a whole will only be slightly cumulation of deferred demand and the Lwo and possibly | in NORE ADVERTISING URGED FOR FAL Greater Sales Efforts Held Desirable as Certain In- dustries Pick Up. Special Dispatch to The Star. NEW YORK, August I,AAd\'ertLfl.ng‘ | and sales efforts should be expanded i the coming months, sccording to the Brookmire Economic Service, which has mapped out those sections of the coun- try and those indusiries where better- than-average conditions prevail. Total income of the country in the next six months is estimated by this service about 8 per cent below the same a year ago, which is a smaller than prevailed recently. Industries which are enjoying im- proved conditions are textiles, shoes, tires, clothing and affiliated lines, which Brookmire feels will have sustained ac- tivity for the next few months. On the other hand, it is said that such heavy lines as lumber, iron and steel, rallroad and electrical flulpment and agricultural implements will lag behind. Best sales prospects are to be found n the textile centers of New England and the Southeast, clothing and shoe districts of New England and the East- ern manufacturing centers, as well as the tire-producing sections of North- ern Ohio. Farm Income Improving. Farm income, according to prelimi- nary estimetes, will show a 1688 of only | 4 per cent from last year and total i in the neighborhood of $7,430,000,000. In Eastern States and in the Southwest there are prospects of improved nfur- chasing power for the farmer and, as the cost of living has been lowered the country over, the purchasing power of lower than last year. Bullding activity is still restralned, and, in the Brookmire opinion, improve- ment will be spotty until next Spring, when a more definite revival should occur. The petroleum industry ap- pears, it is pointed out, to have passed its worst phase and during the com- ing 12 months is likely to see some jm- provement. “Last Fall we felt it necessary to emphasize the unfavorable factors,” says a statement, “but nmow the sc- deflated condition of prices point to re- covery in the coming year. Profits will be largest to those who are alert to take advantage of opportunities. Benefit to Individuals. “Individuals can benefit personally and do their share toward mnhfiui activity by buying goods at current shles or by taking the homes that are’ being offered at sacrifice prices. “Manufacturers should accumulate raw materials for requirements a long period ahead and can take over the plants of competitors who are in difi- culty. Those retailers who bring down prices to attractive levels will achieve volume sales and help to restore the balance that faciltates recovery in business. “Bankers, in particular, can play a big part by encouraging legitimate en- terprise or financi home building where Jocal conditions justify. Dis- criminating investment of time and money in the Nation's industries during the months that are immediately ahead will yield proportionate rewards.” INCREASE IN TOBACCO PRICES IS FORECAST Current Values of Domestic Grades Good but Exports Are Cheap. By the Associated Press. FLORENCE, 8. C, August 8.—Sales in the Eastern South Carolina tobacco belt were virtually at a standstill today. Warehouse men brought to a close the least busy opening week in years, but expressed confidence next week would show both an increase in the amount brought to independent warehouses by growers and prices paid by buyers. Very good prices were the rule for good domestic grades, but ° export tobaccos ‘were selling for a song. At Mullins, where an_ordinary diy's sales in an average year is approximate- ly 400,000 pounds, only 125, ‘pounds were offered today. The average price was given as 95 cents. Kingstree reported 126,000 pounds at an average of $7.42 the hindred pounds, while e _City had 100,000 pounds at 9 cents. Farmers at Lake City were said to be well satisfled with what the crop was_brin Diilon had bringing en_unofficial average price of 10.50, with better grades going as high as 30 cents. The low price was around 2 cents, At Timmonsville several hundred thousand pounds were being offered at a price average of 83, cents. Manni | reported 25,000 pounds in independent hightas 15 cents. The oq-operative warehouse at Man. ging had ived somes 15,000 pounds and advances were it on a par h'mh prices received at the independent —o—— s THICAGO STOCK MARKET CHICAGO, August 8—Foflowing ls the complete official list of transactions stocks on the~Chicago Stoex Ex- today: ; .""&=.$’:;;_°‘g:.- i g“ szg Am_Eguitl Assoc T & 50 Assoc ‘Tel ULl xter Laund A ndix Aviation & Warner . 5 FEEFE eSS e K 3 FSEE 05! B! Pt 805 wsw S F SEFER P :.!:!J?: 258 ! e art & & M B il U pf 2nd Ser. 2505 R SATURDAY, AUGUST 8. 1931 Everybofly’s Business Steady Decline of Money Rates Promises Revival of Business in So-Called Second-Grade Bonds and Common Stocks—Good Management Pays. DR. MAX WINKLCER. Special Dispateh to The Star. YORK, August 8.—Two years little attention to steadily rising money ;glmther and that rothing could interfere e inevitable happened. exerted market was destined to with the upward trend. . Wall Street traders .'\;:ul. It was felt thttpt.tlt‘: money factor itself in the end, as it always does. Today steadily declining money rates {nmen of vesting United ignored. But can this situa- n forever? Will not the ds, sooner or later, tire of their savings in short-term States certificates and notes, which return from 0.14 to 0.54 per cent? For how long will they ler to them ‘which yield from 1 in three to six months’ Foans in two to six time per cen commercial 7% t0 2 which return 174 per cent? Prevalance of low money rates has in the almost invariably resulted, sooner or later, in a desire to increase the income on one’s vailable investment capital, and there is no reason (o doubt that it will do so today. DR. MAX WINKLER. seek securities other than equivalent to actual cash. This will mean a revival of so-called second-grade bonds and common stocks. ¢ Good Management Pays, Improvement in the buisiness of the Sears, Roebuck & Co. as compared with last year, is attributed to better management by Gen. R. E. Wood, presi- dent of the company. Gen. Wood adds that during the first seven months of this year his company has not lost any merchandising profits as a result of lower priees, but that the operasing profit has suffered a shrinkage. The company’s large profits are generrlly realized during the fourth quarter of the year, and Gen. Wood believes that 1931° will prove no exciftion. Opposition to Dole. Little wonder that prominent Ameri- can business men and eccnomists are opposed to the dole. The dissstrous ef- | o fects in Great Britain and in Germany should serve as a warning. Nothing could be worse for the general public than a Federal dole, is the view of Stlas H. Strawn, speaking for crganized in- dustry In the United States on the un- employment problem. Cotion Credit Protests. The protests against the projected sale on credit of cotton to Germany are unjustified on economic grounds. They come mostly from the cotton trade, the very pecple who for the past year and & half have insisted that the holding of cotton by the board was an unwarranted burden on tbe market, and that the Government ought tc get out of the cotton business by disposing of it at onte. nity now presents itself. the sale Not oniy wm'b i (Tade position, but 1t thould go & long way proving the tethnical position of the cotton market in the U L Commons s comma profit is a sounder p&y to bring about a rise in prices by crop restrictions and other artificial meas- ures. wving her Economies and Profits. Drastic economies practiced n by lead- have not. as $2,000,000 last year after preferred éividends. Foreign Trade Facts. !?5&0 pounds which was e ith what under 21 per cent, while Great Britain ranks third, with a drop frac- ing | of 36.84 per cent. France makes the best showing with a decline of 17.15 per cent; Germany ranks next with a drop of 20.87 per cent; followed bty Great Britein with a loss as compared with 1930-of 22.84 per cent. As to exports, the- United States is agajn last with a drop of -36.18 per cent. Germany makes the best show: t. - ing with a loes of only 18.22 per cent. France is next with a decline of 27.80 per cent; with a loss of 33.60 per cent. It is rather significant that the decline in Germany's exports is relatively more satisfactory than that of the other countries under review. Confidence . more perhaps than loans. country’s savings opening Mb‘e’ and the about $75 per depositor. An indication of slightly better finan- new complications do not develop the meantime. - (Copyright. 1031, by the ‘Newspaper Alliance, Inc.) U. . SCOUTING FORCE | SENT TO MANEUVERS Navy Division Receives Orders to Base at Montauk, Long Island, From August 10 to 18. American commanded beneficial to | wijja; i E ? It i g B il g8 . S. LAW FIRMS SEEK " MEXICAN DIVORCE DATA Judge Says ;o,o-.u Will Be Re- " ferred to Gomes Palacio It Full Legality Is Assured. By the Associatest Press. followed by Great Britain | Canadian Stafes drug trade as well as Trade Reports at a Glance By the Assoclated Press. NEW YORK, August 8.—Tableid review of wholesale and as reported to ness conditions and the state of from the following centers, on the manmetnumihfmdln[ retail busi- t's this week Bradstree! of comparisons with conditions in ‘week last year: 5 g § sesteserennglt HHEH P Severe Competition Encoun- tered by American Lines in North Atlantic. BY CLAUDE A. JAGGER. Associated Press Pinancial Bditor. NEW YORK, August 8—Efforts of the United States to re-establish her | supremacy on the seas, which waned with the coming of steam navigation, have been seriously hi the ‘business andicapped by | severe slump in lm?nmmel i ticular L It is in the coveted North Atlantic trade that competition is keenest, ‘whers American efforts to an service between New York Andm European ports, and this line has fallen ?m;%b':d days that the owners are Xpect make a new deal with the Shipping i Board, or sell out to some one cial conditions is the decline in call in the | ha i §!§E§§fi§ $258c el i Ex § EEL 8| i =9 52 i i ?j ; i ! g 5 ;§§ | | i i 58 é 3 “¥ i i i ist H] a_ig i i ] i i i Butter, fanoy, a28; ui:'fx"h#m 20a21; store N ew York Cotton HH i £ 3 b The recent entr the truck mnmlnc{ il 'Q, - of the Orient into field has %03 % '+ bushel to wheat growers who enter a voluntary pool; the operations as “pri- vate” concerns of the 1,600-odd country and terminal elevators owned by the =t NP F R IT !D" e H K 8525528 fgie iizl L4y . B 572 355 § 2 B ngines, rear axles and t report to the Coramerce ment says the work of setting up the machinery and making China's first motor truck at the industrial works in Mukden was in charge of an American siutomotive engineer, who had the major | year. » e ’::§§ 9 & ¥ i 23538525 FIEEES _5..::. 28z oo di%e, 5% v E 2 5 # 03 & o e Bt b 3 s “2}. oy ot 9 Sep. 1 Aus. Cartoonist Under Kanife. 3 & ist, was comfortably after the operstion. Pl S Wb B 59725 decreed that mote aicohol all gasoline. known cartoon! taken frém hip Rk I operation. He was lfill m‘?u-h-m