Evening Star Newspaper, August 10, 1931, Page 14

WASHINGTON, D. C, MO "NEW YORK STOCK EXCHANGE | |BOND ISSUES SOFT; = e = TRADIG LIMTE |Good News From Germany Offset by Collapse of Cotton Prices. ~Prey. 1931 stBck and Sales— Prev. b High. Low. Dividead Rate. AQ4@0.High. Low. Close. Close. B Prev.| 20% 10% US Rubber. 3 ' ’m"x‘:r’w‘.“ nlvt!a‘::: “Rate. 288 00, Filen. Low. Oiose. Cuoes. | 36% 17, U S Rubber 1st pf. 56 StandG&Epf (... 2 60 i;:/. 5914 g:w l‘a s d O1l Csl (h3%). 5 36 357% 3 E ;m =::fl Oil Exp pf (§). 2 103 103 2 52 35 Unit Stores pf (4)... Present Condition and Pros- tores o (i . N o T pects in Various Lines oo Stand OFl N 3 (181 a6 R Vaiuios Sles Gorv. 1% 4 Vadasco Sales Cp pf. 3 2s ¢ g% Are Noted. il e 40 11'1“ BTSN Car C 5 LT SRR % 71% ~ 381% Vulcan Det (4). 2614 Stone & Webster 2% g T T T . BY F. H. RICHARDSON. 144 Studebaker (1.20)... 174 s Walworth Co. 30 Superheater (2%) 30% b iy % SueriorOtl, o) Ward Baking B, ¢ Superior Steel, ) Ward Baking pf (7). of August resume of the outlook for; % __ % A o Warner Bros Pict porta 3 54 "arner Quinlan.. - e, y . 18 23% 22% 3 Warren Bros (2). Agricultural Machinery. — Recovery s ‘3% | il & Snow (2) from the present low level of sales and -4 5 O & Sn pf (4).. earnings will lag perceptibly behind the (Continued From Page 13.) 102 28 108 6 11210 US4s 44-54. . UB4%s47-52.. s ADbItib! P & P 63 '53. 27 Allegheny s ‘4 1 Allegheny 6s " Alleg Corp b3 Special Dispatch to The Star. Al NEW YORK, August 10.—The bond | Am F P 55 2030. ... | market had encouraging news today in [ AM 1G Ch 6348 40. Am IntCp 5%s 49, | the victory of the conservative elements | Am b gty in Prussia, thus assuring the continu- |Am N Gas 6%s 42, |ance of the Bruening government and | Am B&R Iat b8 '47. s constructive policy, but the collapse | Am ot ve ¢igs 45 " Current indications of the trend in Warious divisions of tndustry and trade. FINANCIA Received by Private Wire Direct to The Star Office - 3 2 e e ‘ nm m (Sales are in $1.000.) i Sales. Hish Low. Close. LIb3%s32-47.. 5 10212 10212 102 12 List4igs32 017. 1: 103 108 e L4the%s33-38 3 26 104 24 10424 : ;3 10113 101 17 A 3 % e el | .| Wall Street Hopeful Market's ntT&T 88°55.... 1 Towa Cent rf 48 51 Downward Trend Is Ap- {rish Free St ta ‘60 ALY T8 61, 0eunne 99 i tinly P S e’ proaching End. Japanese s%s 68 7 e apanese 6% 2 " Tugost Bank 7887, £ 3 BY CHARLES W. STORM. Rt Cliy Phe i 9714 | Special Dispateh to The Star. Rano BTes 39| NEW YORK, August 10 (NAN.A).— Karstadt 6s 43 297 | A study of the general course of the stock ::'e::::.: ;:x: - 68 | market over a long period of years shows | S . that the trend of prices has usually tautaro Nit 68 '64. 307 25 80 |Wall Street is hopeful the downward Leh Valcv 4s 2003. ¥4'% | trend in the stock market will be halted 1284 1281 Texas G Sulphur T next cyclical upturn of general business. Afreraft.—Sales and earnings of prac- tically all manufacturing companies will be materially curtailed during the near term. ‘Apparel.—Aside from the hosiery di- wision, where large stocks are a restrict- ing factor, the industry should experi- ence continued comparative improve- ment during the balance of the current ,e:rll'nmohlles,—’l'hhd'fllnrur Teturns, in most instances, will be of slight pro- portions, and full-year profits will be somewhat under the 1930 showing. Automobile Parts.—The current quar- ter, undoubtedly, will show only slight profits for the trade in general. Automobile Tires—The apparently improved competitive conditions now prevailing lead to the belief that a pe- riod of generally more satisfactory earnings is imminent for the casing in- justry. The complicated problem of distribution methods, however, remains as an um:e{um factor in the longer- term outlook. Building.—The third Qulmr promises & better relative record for the industry than has been witnessed in either pre- ceding three-month period of the year. ‘Chemicals.—Important operating econ- omies effected will permit chemical earnings generally to continue their rel- ative favorable comparison with aggre- 3 3 | a 5 961 ¢ ; of cotton prices, both at home and i e 3 abroad, was an offsetting factor. As & 1077 Tide Water Asso Oil. Timken Roller B(2 ‘Tobacco Products. .. 9% Tobacco Prod A t95¢c. Transamerica (40c) . Tri-Cont Corp. ... ... 3% Truax Traer Coal Co n & Co (1.60) Und-Ell-Fisher (5).. Union Bag & Paper.. TUnlon Carb & C 2.60 Un O11 of Cal (2) Un Pacific (10) Un Pacific pf (4).... Un TankCar (1.60). . Unit Atrcraft. Unit Carbon. Unit Fruit (4). Unit G & Im (1. U S Hoftman. . 7§ Realty & Imp(1) Western Pacific pf. Western Unfon (8).. 10 Westing EI&Mfg (4) 91 % Westing E&M pf (4).100s Weston El lnstr (1). 100 White Motors (1).. o 2 Wilcox Oil & Gi 12% | Wilcox Rich A (2%). "y Willys-Overland. ... < 35 725 Woolworth (2.40) 143% | 1067 Worthington Pump. % 85 Wrizley (Wm) (4). . OBk ... -o 14% Younes Sprine (3) e e TOUNES SUMNRLE). . ' Zenith Radio s Zonite,Prod Corp (1) Sales of Stocks on New York Exchange. . 100.000 300,000 500,000 600,000 Dividend rates as given in the above table are the annual cash Dayments based on the latest quarterly or half-yearly deciarations. tPartly extra. iPlus 4% in stock. iPlus 3% in stock. & Paid 4 {last year—no regular rate. b Payable in stock e Payable in cash r stock. 1 Plus 8% in stock. h Plus 2% in stock. ) Plus 50 cents in special preferred stock. k Plus 3% in stock. m Paid this year— no Tegular rate. n Plus 5% in stock. 2:10 P.M. 184 CORPORATIONS 'SALE OF GOODS ON LONG-TERM | brighter. | banks result, most bond issues were soft. Trading was in small volune. German bonds opened sharply higher 3 and held most of their gains through the subsequent reactionary movement. Young Plan 533 retained & point of their 2!,-point opening advance. Dawes reparations 7s also held a point German municipa lan 6s, were higher. German Central Bank 6s and 7s ran up 1 to 3 points, but lost some of the improvement later. Industrials, including Siemens & Halske 6155 and German General Electric Ts, were up_ sharply. The European outlook was generally The J. F. Schroeder Bank of Bremen was successfully reopened. While this bank was of comparative un- importance, its reopening indicated the | probability that otHr closed German il be able to resume business. This is considered the first step toward the removing of the moratorium on for- eign credits and the establishment of normal relations. Sterling exchange was firmer. Eurcpean bonds like Austrian 7s and Hungarian 715s improved. Italian issues were firm. Serbian 7s gained. The high grade French 7s, British 5'5s and Bel- glum 6s rose fractionally. The South American group, however, 109 1107 Arm & Co 435 '39. Arm Del 53543 Atchison gen 4s ‘95 54 Atchiscy 4%s '41..106 Atch Ariz 4348 '62.. 20 AtCLcol 4s°52... AtCL4%s8'64. ... 1014 10115 1 At Ref deb 53 37 101% 1017 Australia 4 %s ‘G| 54% Bdix Australia bs Austraifa 5 71 96% 9614 995 99 85% “ 104% 104 99% 9§ 103% 10214 102% Ban & Aroos Bk of Chile Leh Val 53 2000 3 1001 Lig & Myer Loew’s 6s ex Long Isirf 4849 Loriilard 58 Lorillard 6 La & Ark 58 Lou G & Ei McKes & R 5%8 ‘50 Market St Ts 40. Midvale Stl 68 36 . MIERy &L M SIP&SSM MK &T Ist 4590 . MK&TprinbsA. MK &Taljbs'67. Mo Pac gen 4 Mo Pac 5s A '65. Mo Pac 58 F 77 Mo Pac bs H ' Mo Pac ref 68 Mo Pdc 5%scv Nassau Elec 48 61.. Nat Dairy 5% s '48. Nat Rad 6145 '4 N Eng T 1st 5852, N this week and a forward movement started, based on buying in anticipa- tion ol( senonnldr;u! improvement in general trade and industry. Seasonal sence of such a development. E vel uch as the steel industry is the general ge. the United States Steel 5 General opinion is that, notwithstand- ing the low rate of operations during July, the statement of unfilled tonnage will show but little change one way or the other. Should the figures, how=ver, show a substantial increase it would b2 considered as favorable. Another reason why the Street looks for possible improvement in the stock market this week is the fact that the general run of stocks have been thor- oughly deflated. This is emplasized by the low level of a prices for stocks and the record-breating log figu broke: loans. The small volume of stocks being carried on margin also shows that securities are now lodged in ;trun. hands. . second reason for expecting a turn for the better in u‘: stock X the unusually attracti be obtained on_di at this time. The Cent db 6835, Y Cen rf 43452013 ¥Cre tm 68 201 ¥ C&StL 4%s 18 | CREDIT URGED AS TRADE CURE ey ioo piac e ere” i N N N # 1 N break 1 to 2 points. This occurred in | Belgium 7s ‘65 ) ; GA'N |N EARNINGS TR Gruguayan 65, Sac- Patle ‘ssuss wete | B Tnd Toan s i ; : : s wete o 15 . Potential Markets Exist Abroad for Sur- el perog under th. cofee reala: - i st S i i i tion plan. e coffee loan 7s gaine 5 314 | NY C & St L] 48 plus Commodities Built Up in Recent |22 oinis Bolivia s 43, . Y i Period of Overproduction. Cuban bonds were depressed by the | Bolivia 8s 45 2 o N N prices. The outlook is less favorable in the anthracite field. Copper.—Earnings of even the “low- ucers will probably be highly uring the remainder of 0 Adjustment petiod. Increase for uua.rter of Sam Companies First Since Depression Began. PRI revoit news frcm Havana, with martial | Bordeaux 6s 34, N law in force. Bos& Me 6s'67.... 13 4 ST In the dcmestic list trading was very | Brasil 634s ‘2 4oy N NHER IR AS, tlow. Junior railroad bonds were frac- | Brazil 614s '27 tionally higher for the most part. Since | Brazil8s 41.. 3 |tainly we can assume a broad risk in | there was no news to account fcr this | Bremen 75°35. ... sale—particularly since, entirely | mMOvement it was attributed to specula- | Bk Ed gn A 55 ‘43 expansion of demand is probable over o Temainder of the year, the prospect e e profits is stil relatively factory, due to the price situa- finished fabrics. ecirica) Equipment.—With little cut- raaSunwnRon Bankatnebs N BY CHARLES BENEDICT. N From the Magazine of Wall Street. |a | . apart from from economic advantages, | tOrs. Many second and third grade rail | Bklyn Man 6s ‘¢8. The excess stocks of commodities must 3 e . quickening demand | por the first time since the begin- | pe lifted from the bent back of business | o Eres o R s | e T oved e oak | Bklvw tin T4 b0 ® | ning of the present business depression | and restricted and depressed markets ‘unnappv people. - { then dropped again. Missouri-Pacific is- | Budapest 6s62. .. . “‘fiv‘é’nfi‘i;'& current earnings of 184 representative |relieved of the surpluses which keep lh‘e‘ Moreover, the machinery for ac- |Sues were about a point higher at one | B R & Pitt 4148 '57. American corporations show & substan- | Prices of cotton. wheat, copper. coal | complishing this is at hand in our great | time. Industrials in many cases were |BushT Bldg s 60. ins in de- | tial increase over earnings of the same | Oil and other raw ";lm'h’s below the | agricultural co-operatives, our trade as- | firm despite another batch of DOOT | Calif Packing 55 40 companies in the previous quarter. im‘t of Drod\;chwn.i we are ‘to eXperi- | socfations and similar institutions, | €ATNINgs reports. U. S. Rubber 5s drop- | Canada 65 62 The increase of the second quarter | ence an early termination of the de-| which can undertake the sale of these | Bed a pcint. but Dodge Brothers' 6s, over the firét quarter of this year |pression which has beset world trade | surpluses to those individuals and buy- | Pathe 7s. Shell Union Off 55, Reming- equaled 332 per cent, od {0 industey for noarly tw ye. 1t | ing "co-operatives of other countries | (o1 Rand 5135 and other representative increase of 3. nt for the sec- | | who need such goods ly to- y. - m'o:‘?flu_ Rhe “first quarter of | be in progress before the coming harvest | day. + ¢ + s o Bty o et 1930. | adds its weight of abundance to the | Sales should be directed to those Washingt Stock Exch Can Nat 58 Oct '69. The fact that the third and fourth | current oversupply of agricultural | countries where it is logical for our | Washington Stock Exchange | can xatss 7o, d_the first | products if full benefits are to be de- | export trade to develop and expand SALES. 3 Can Nor 6%s db ‘46 | rived. And if, in addition, foreign mar- | during the next few years. The Far i Can Nor 7 40. ‘ms are simultaneously improved by | East is certainly of significant im- | Washington Gas 6s “A"—$500 at 103. NY S&W 1st 58 '37. N Y Tel 414839, N Y Tel 6s 41 NY W&B 4%s48.. Nia Sh Md 5%s'50 Nord 6148 B0.. . Norf South bs 41 Nor & Wnev 4s ‘98, No Am Co 5861, Nor 76ls 75 100% 100 E 9 Nor Am Ed 5% '63 NorOT &L 63 '47. Nor Pac 38 2047.... Nor Pac 48°'97. Nor Pac r 1 62 204 Norway s '83 Norway 5% Norway 68 "44 b Norway 6s'63 961, | Ores-Wasn 4561, . 1008 | Orient dev 5345 ‘58, 975, | Orient dev 63 63... 100% { Pac G & K1 53 °42. Pac T&T ist 68'37. Pac T&T ref bs ‘52, Paramount 6s M7 Paris-Ly M 6 i 5 SRR 10038 100 100% 100 ¥ rotars mEEE D A SRS NNNN NN PR A N A~ A NR the injection of new vitality, restored ' portan in this regard. | Washington Rwy. & Elec. 45—8$1,000 credit, and relief from suffering in the ;:&mdfit opp:m"mi:r . !:;h e::;,“s at 93. and president of the Business Economic | weaker nations which have been most |raw materials and finished products orely afflicted by the economic cata- | once the huge population of ttote areas lysm of 1930-1931, then revival and | has been releesed from poverty and rec;::tg' wlln. mdeed,b ]be ;::rund.' - brought to u;‘ higher standard of exist- re a reasonable ee of sta- |ence—and the installment pla May Err in Conelusions. | bility in raw material prices by a broad- | quickest and soundest xm!'(hpmif1 b ( In this connection Mr. Wright said: | ening of the channels of consumption, | “Considered solely from the point of | and many of the current ilis of the | Benefits to Accrue, ! view of -relative magnitude, the in- | world, economic, social and political, | With proper precautions observed, crease of in the recent quar- | will be cured at once. | the benefits of international long-term | e the increase of last | This seeming Utopian condition is by | credit sales should react to the early | AT®T Tel & Tel ¢'os 39..... no means impossible of realization. It | alleviation of the depression and cause | Anacostia & Pot. R. R. 55. mistaken conclusions. | calls for no more than a mixture of | a sustatned period of prosperity to Total earnings in both guarters of this | common sense with a modicum of cour- | ensue. Heavy increases in national year of the 184 companies considered | age. governmental debts and ensuing in- were only, approximately 50 to 65 per | It has been commonly and truly said, | creased taxes would be = prevented. cent, of earnings by the | that present ills are largely attributable | What amounts to commodity loans in s c. 68 same companies in similar quarters 1ast | to mal-distribution; that potential con- | reality would supplant money l0ans. | wash Alex & . year. The actual figures are for the | sumption exists for all the surpluses. Suffering, starvation and ultimately un- - | first and second quarters of 1930, Te- | The answer then is in bringing the employment both at home and abroad T during re- | spectively, $244,632,000 and $253,388,- | consumer, whether he be in Argentina | would be relieved—a gradual increase | wash. Gas 6s. series B fair-sized | 000; for the first and second QUArters | or Zanzibar, in touch with the seller in living standards and potentially | Wash. Rwy. & Elec. 45 of ‘this r they are, respectively, | and providing terms that will be ac- | broader markets for finished goods and MISCELLANEOUS. 310,864,000 and $159,631,000. | ceptable to the latter and within the manufacturers would ensue. The credit | Barber & Ross. Inc. 6%ss...... “Obviously the volume of business capacity of the former. Nor is this all | of many countries now rated as very | Shevy Chase Club Shes. ... 1 ransacted, although on the upturn. is | fine theory. It has been done befare. | high risks would be improved. D C Paper Mis. ok still far below that of a year ago. It is It is being done now. L ety ey e RN, W e N OO DI - probable, therefore, that the relative in- | esca) from burdensome surpluses, STOCKS. crease in earnings is due to an adjust- Some Companies Gain. establish a firmer price trend and re- ment of production and sales costs t0 | 1In this second year of a depression & ' lieve not only our farmers, but the en- PUBLIC UTHATY. a basis of lower production. At the out- | handful of companies are showing spec- tire economic community. Let the co- | Amer set of the depression production and | tacularly mounting sales records of me- | operatives and industrial institutes and sales costs were geared to a volume of | chanical refrigerators solely as a result | trade associations give thought to these [N. & W. Steamboat (12) ... Chile 6s ‘61 2 31 29 business which quickly shrunk to a of a suitable extension of credit terms— | advantages. o i e ‘v’.'fl%m Chile 6563 20 point below half of its former level. |terms by which@eople who could not af- | The ! skeleton of the mechanism . Rwy. & EL com. (1) “o ... | Chile 78 42 5 Effort to bring production and sales ford to buy a refrigerator even in good necessary to put this plan to opera- Ryw. & El pfd. (5) | costs into line with volume is neces- | times are buying this modern comfort | tion already exists. What is needed is NATIONAL BANK. CCC&St L 4% . 951 95 of /profits. sarily a slow process and it is probable | for the small cost of what they would | ction now. Capital (14) o 3] CCC&StL6s D63 103% 10: —The best that can be expec! that the showing of the second quarter | normally expend daily for ice. In other | Columbia_(12) : Clev Term 43s 77, for the full years 1931 is that most radio | of 1931 reflects the first success of that | words, companies manufacturing | Commercial (stamped) (10) ro;o,,..h. 1485 Colomb 6s Jan ‘61.. the and tube concerns will report smaller | movement. | these devicés have been smart enough | R ) e B a Iosses than- were incurred Iast year. Earnings Significant. e e posapitiies. 1 he vuvins | GASOLINE PASSES e N ban ) Colombia €8 '€1 Oct - AFTER CALL. Can Pac 58 '54. . " Cent Pac 4549 Capital Traction Co.—10 at 3915, e Washington Rwy. & Electric 4s—$1,000 | Gont Pacss 0. ... at 9314, $500 at 9375, y NJ g 5387, A " Cert-td deb 535 43 Bid and Asked Prices. Ches Corp 6 47. Ca& ‘53, 0 BONDS. O gen 4% s'y: ». it FUBLIC UTILITY. 100 |Bid. Asked —ax el 106% 10615 108 87 104 It had been expected that the trans- 104% portation companies - some relief from the Inteistate ‘Commission the Penn gen 4%s ‘65, Penn 4%s'70 Penn D&D 4% 8 Penn P&Lt 4148 ‘81 “s| Peoples’ Gas & Pere Mar 4% Pere M 1st 68 B Peru €s ‘60, Peru 63 '61. Phila Co 58°6 Phila Elec 4s 71. Pnila & Read 65 "4% Phillip Pet 5% '39. P CC&SIL 438 17, PCC&StLosA Ch M&StP ¢%s'89. Chi M StP&P bs 75 Chi M & St P adi 5= Chi&Nwn 4%s 2027 C&Nwn 4345 ¢ 2037 | Chl & NW con 4% s. Cht & NW 6%s '36. Chi RI&P gn 45 '88. Chi K1 & Prf4n’3s Chi R Icv4s’60. | Chi R1&Pac 4%s'52 C TH&SE in 5s 60 C& W (nd cv 4s '52 2 C& W Ind 5%s '62. 4 105 Chi Un Sta 4%s '63. 104% Chile 63 °60. . 30 80 30 5: : Vernon ctf. E B8EES ik Por RTam 68’42, . Pos Tel & C 63 '53.. Prussia 6s ‘52 Public Serv 48 *71. Pure Oil 5%8°37... Queeniand 6s 47 Queenland 7s "¢1... Read g0 4% 8 A 97, Reading 434s B stoc] sired by people in high places. ‘outlook for the Northwestern carriers. “1t 15 my opinion that more signifi-| POVer represented by the few cents a | | day for ice. e A e our tuinrtors | TEN years or more ago the automobile MINE BUREAU TEST { Riggs (155) : | Washington "(13). ErRE R Second (9e; Colo & Sou 4148 '35 Col G&E 53 May '52 Col G&E coup 55 '61 3 Com Inves 5148 43. 971 971y 100 995, 99 98% 931 984 Rem R5%8 A 4 Rhinelbe 78 (Coprright. 1931. by the North . Newspa nee, Ine.) - industry followed a similar procedure. et Lt Gl Ty e g b TRUST COMPANY. CC Md 1st rf 55 50 35% Rhine West 6s '55. erations. during he s hait veas of rsi -year and over the remainder cf 1931, te that earnings for most d equipment companies will be ly curtailed for the entire year. .—The current rate of rayon favorably with b that the depth of the de. | Leading manufacturers found their mar- pression has been reached and that business, at last, is under way on an upward movement. If we are correct in assuming that production and sales costs have at last been adjusted to a lower volume of kets dwindling, as all those who could afford automobiles had them. They Most Regular Price Fuel Has Lit-! sought new markets in the thousands of | : potential buyers who had the desire m} tle Trouble Meeting U. S. buy, but neither the cash nor the credit; just as we, as & nation, must today seek i Requirements. new customers for our goods among the | Amer. Sec & Tr. Co. (15). Continental Trust (61 Natl. Sav. & Tr. (12:) Prince Georges Bk. & Tr. (6) Union Trust (8s) . Wash. Loan & Trust (14) SAVINGS BANK. Bank of Bethesda (6%) .. Com. & Savings (10) . CGas NY 4348'95wi 48 10315 10 ConG N Y 6348 43, | Con Pwr Jap 6%s.. Con Pow Japan 7 Consum Pow 5s '52. Copenhag 4%s ‘53 Copenhag 5s ‘52. Rich Ol cal & Roy D 4845 w StL IM R&G 4 Der Alliance, Inc. utter—One-pound prints, 30; tub, 29. - Hennery, 24a25; current re- Eggs—] ceipts, 16a17. Poul production we can fairly look forward | ngiiong which should be ageressive buy- | ———— . Cuba 5%s 45 to & prosperous hfi mu“ In such a?- ers of commodities, whose physical | By the Associated Press. Esst Washinston 13) R Justments -relatively small increases in | peeds are large. but whose national purse v y Sec. Sav. & Com. BK. (17 volume are instantly reflected in in- i "fat and wh dit is nil. Wh A survey just completed by the Mines | Seventh Street (12) ¢ arnings and with increased | 15 fiat. and whose credit is nil. When pyreay indicates most “regular price” | United States (30) gs. | the mator car makers tackled this prob- StLS W ist 48’89, 2 StIL&SFin4sA.. St L&SF prIn bs B. StL&SF 4%s°78. StLS W5s'52..... Cuba Nor 5%s "42.. 23 4 5 4349 Retail Trade—Variely chains and Wash. Mechanics (20).. " Czecho88°51...... 6 1073 107 those larger organizations offering cut- standing values are making the best relative showing and should continue to do ro during the remainder of the year. chains will probably con- tinue to realize favorable sales and profiis. Shipping —Net returns for the full {‘elr“ln nt]‘rly l| cases will be cf dis- inctly unfavordble proportions. 8ilk —While the outlook for the bal- Dn&'nl'thr ,'fllr blm‘;de“"ll’ llnplove?s. & satisfactory level of earning power not .Mu'}i' to be. establish by silk companies in general. * Steel.—The steel price structure is still unsettied and the best that can be expected during the next few months is that some degree of price stability will be _registered Sugar.—Some improvement in the resuits of American sugar bret companies may be witnessed in the | By the Associated Press | {849 in the corresponding period last earnings prosperity must abound.” |lem of converting a potential market TR {into an actual one they did not do it EXPORTS AND IMPORTS & nine mne i e S, minst which t I OF LEATHER GOODS DROP purchases made -as i« the ‘custom in I3 making loans. but by adopting a system of long-term credit to the individual and to dealer groups, familiarly known as United States exports of leather man- | installment selling. It was no novelty ufactured goods during the first six|even then. Ii had been applied success- months of 1931 anounted to $3.849.218, | fully for vears beforc. The automobile and imports to $11.536.636—respective | industry merely adapted it to its own decreases from $6.677.329 and $18.788.- needs. What happened as a result is_too year. well known to be recounted. The Leather footwear. the Commerce De- | market quadrupled in size. What is partment says. contributed 63 per cent morc, nobody lost by the enormous 10 the value of ‘exports and leather belt- | credit extended. either in good times or | ing about 10 per cent. Out of 1.168,477 bad. Discount or financing companies irs of leather footwear exported dur- | were established, and as it became in- the first six months. 25 per cent creasingly evident that risks were were for men and boys, 47 per cent for sound, that re-possessions and defaults gasolines sold at service stations pass re- quirements of the new specification for }Jn(led States Government motor gaso- ine. The largest percentage of failure to meet the Government specification oc- curred in connection with the sulphur requirement; 15.5 per cent of the gaso- lines that were sold at the “regular” price or below failed to pass the require- ment which limits the sulphur content to 0.10 per cent. No sample failed to pass the corrosion test. four samples failed to meet the distillation requires ments and four samples had vapor pres- sures in excess of the maximum that is permitted under the Federal specifica~ ;.kyl’;] which is 12 pounds to the square inch. That the volatility of commercial gasoline sold last March was noticeably higher than that sold during August of T the previous year is concluded by the FIRE INSURANCE. American (12) Corcoran (10} Firemen's (8) National Union (i3 TITLE INSURANCE. Columbia (6h) Real Estate (6h) MISCELLANEOUS. Barber & Ross. Inc., com ol Sand & Gravel ptd. (1) C. Paper Mig_pfd Nath. Sec. -Am. om Ped-Am. Co. pfd Lanston Monotype (8) i Mer. Tr. & Stge. com. (i0) Mer. Tr. & Stge. pfd. (1) 3 Mergenthaler Linotype (... 1. Mtge. & Inv. pfd (8)... ug S pfd. (61:) .. t. M. & G. ptd Del Pwr&L 4%s Del & Hud rf 45 43, Del & Hud 5%s 37, Denmark 4 %48 62, . Denmark 5% s "55. Denmark 6s ‘42. ... Det Ed G&R4%s'61 Dodge Brel 68 '40.. Duquesne 4% '67. Dutch East 1 68 '63. | Erte Gen 4s. Erle cv bs 67 Erie 55'75. Fiat 7s war. Finland 6% Finland 6s '45 Finland 6 F'inland 7. Fisk Rub Fla £ Coast 55 '%4., Fond J&G 4145 '52. French 75'49. . 100% 100% 9% vhu 100% 100% 1047 104% 104% 1045k 9215 92 105 105 101% 101% TN 3% 69% 6yl StLS Wev4s's1., St P Un Dep 58 P, 4 Sao Paulo 8s " Sao Paulo 8s ‘50 Saxon Pu Saxon Seab A L ev Serbs-Cr-Si Serbs-Cr-Si W 6345’51 45 small, 19a20; X small, 14a15; roosters, 13a 14; Long Island ducks, 21a22. Meats—Beef, prime, 15; good, 13a13%%; Texas steer, ; veal, 14; fresh hams, 1! uuuzl;Mphcon.H;ln\l.l% all. Pruits—Watermelons, 25a60; few, ex- 50a2. 25.75; lemons, 100, 2.00; aj 75: box 1.25; berries, 3. event that sugar prices continue to dis- | women, 11 per cent for children and the in payment were no more than a DUTeau. pla; firmness. Reflning companies ATe | remainder were slippers and miscellan- | fraction of 1 per cent, installment AR R IS {alad profis for the ear. |0 foctwear paper became & commenly acepted. | BOSTON WOOL MARKET Prots for the year. The value of leather footwear imports easily discountable credit instrument. | - late Summer & sub-|guring the period represented 47.1 per The fact that this plan was used dur- BOSTON, August 10 (Special).—The 1 seasonal improvement of ap-|cent of the whole, and leather gloves ing the boom to oversell an already | feature of the wool market for several extral ble benefit to earnings should ma- | contributed 43.1 per cent of the total | saturated market of known buying days has been the broad call for three- o=t 0 French GVt TH4s 41 40 124% 1243 Sou Ry gen rov com. (1 20) Woodward & Lothrep pfd. (7). 108 ..l.0 A 674 6Th | Sou Ry 58 "94. ‘e dividend 7 10454 104 s S 3.75; plums, 2.50a2 Books cl 186 & B Pt 4 . Rico, 3.7503.00, $ Sy s, @ e § S i This more favorable trend| Gzechoslovakia supplied the bulk of the power is not the fault of the install- | eights-blood and quarter blood qual- | °' st 5 - 58 | Sug EsOr 75 *42 former and Germany the latter. ment plan idea, but its application. ity domestic wools and the apparently = 60 2 Sweden 5%8'64.... - . | expanding outlet for quarter bloods as STOCKS EX-DIVIDEND. Getushn BEak 15750 Swiss 5448 RUBBER MARKET. | Paraliel Cited. | the result of increased strength of Tsrep49.. Now the situstion of this country in | three-eighths blood. New business on | ex dividend todag T 0 P —Stocks | O e B Taes. P NEW YORK, August 10 (Special) — its commercial relations abroad is not | tops has been.somewhat slower, but g Goodrich cv 68 '45 . Tex Corp ov 5844 this year will ap.|Crude rubber, smoked ribbed sheets | unlike the domestic situation of the prices have been generally steady to |, Compans. Goody'r Rub 68 '57. Tox & ot ShC"TH '-."“‘" Tha 1630 Sklen’ Sagraats. was 13 cent higher at today’s noon electric refrigerator manufacturers to- | firm. Deliveries on contracts have been | ATer [Tob GrandTr st db Toird &v aatse ee, """“m__m it is probable that|Quotation of 53, cents. This compares day or the motor car industry a few | steady. Bloch Bros Tob ‘ 3 - ies will con- | With 6% & month ago and 104 & year | years back. We have an abundance of | Fine territory combing clean was | Ch ted ' Pai Rate, fiod._ubie. 125 Sept. s Grt Nor 43876 D. ampios Gon s uoted foday at 62a65; French comb- T e e gt g: J A 't Nor gen | eights blood, 49a52. and quarter | £ood Sreaxéen ing rid of surplus blood, 44a47 Fine Ohlo fleeces were Yet there are | quoted at 25a27, grease basis; half customers in | blood, 24a25. thres-eighths blood, 23a nd quarter blood, 21a22. BANK DEBITS INCREASE. Checks ceshed on individual bank ac- counts in leading cities of the Pederal Reserve System showsd a 17-per cent g0 goods- than we B s Toklo 5%s Tokio El Lt TolStL& Wds Un Pac 1st 48747, e $5,883,866.85: Mm‘r‘u s;o.:lzrf*mmhm of potential panies. e | varfous parts of the worl goods 38344; balance, $195,088,42462. Cus- of i for |24 More favorable results are expected for the month to the close |8d_Who are in need of the Fall months. of = 'AUgUSE 7 were $8,199,344.07, | casentials of Hfe. It is not only | of ve 3 am s | %‘if&" Sec'in.| TREASURY CERTIFICATES. that m of profits are by L & W. Sel preserved during the near term. Pty relieve present traction 101% 101% 101% ~93 92% 92% Un Pac 438 87. 100 100% 100% Un P 1st rf 55 200 110% 110% Loy Unit Drug cv s '83 12 101% 101%_ 101 Hum O&R 6148 3 2% %s37.. 111 07 Hungary T%4s "44.. T MBTistprés A.. enia 3543 2§ H Sabaaiey C! UdStI W 634sA 51 4 Utd St W6E%sCS1 7 19 111 Steel 4% s "40. DOOOOOOOO K KOOOOOOOEHOOOOOD: > T estvaco Woolworth ¢ 5... 8951131000 BAR SILVER QUOTATIONS. 8153622000 NEW YORK, Augiist 10 ()] 995,000 ver 3 lower, &t 211 BB Inland Stl ¢s3 B'S1 Int Rap Tr &s "86 Int Rap Tr sta ‘66.. 32 §2-555500s i