Evening Star Newspaper, August 10, 1931, Page 15

_Unfavorable News Over Week End Cause Drop. Trading Light. BY JOHN A. CRONE. @pecial Dispatch to The Btar. NEW YORK, August 10.—A budget of unfavorable news over the week end caused prices on the Curb Exchange to “turn downward today. Trading remained bt Flectric Bond & Share was a trifle r and comparatively dull. Cities L-rvice was down a_fraction, as was American Gas & Electric. Several #iz2ble blocks of Niagara Hudson Power .eame out around 10%x. Ford Motor, Ltd., was offered some- what more freely as Berlin cables re- ‘ported that purchases of new cars in Germany fell from 58734 in the first ‘gix months of 1930 to 42,564 in the same period this year, though exports in- ‘ereased. In' this connection motor clalists were interested in the rumor that Ford Motor and General Motors were said to be negotiating for the pur- chase of Houdaille-Hershey Corporation. There were a number of strong spots. Cumberland Pipe Line jumped § points to a record high level for the year on jts first sale of 100 shares, following the announcement that an offer had been made for the major portion of its plant, and that a special mecting of Zshareholders to vote on the offer soon “will be called. Eureka Pipe Line rose 4! points on al few sales, coming within a fraction of | “4its previous 1931 top. Elsewhere in the ipe line list fluctuations and transac- jons were colorless. In the Standard Olls a few sales of Borne Scrymser were ‘completed at & gain of 2% points, which Hifted that stock to a new 1931 high. " General Theaters preferred was the first amusement stock to hit new low, ‘though others also softened. In ‘specialized trusts Mayflower Associates _xlfid a point. Union American In- ‘Vestment lost & point. New England Telephone & Telegraph pointed higher. *This was true for a time also of Middle West Utilitles, which was in demand ‘as a result of improved earnings. Nat- qural Gas stocks were moderately active without showing price movement. Acetol Products lost 2 point on a few ‘gales and Crowley Milner declined 4 ints to a new 1931 low. United States FI.ym. Card was up 4 peints on its first sale, after losing about 3'2 in a recent session. ‘Mesta Machine eased. Natlonal Container Corporatiod pre- ferred hit & new low. Central Public Service A was th’!l first utility to sink to a new low tocay. gradually settled down to lower Sovels, a& the trads became convinced that red metal would go down further. Rails were inactive, but weak. MARYLNAD TOBACCO RECEIPTS SET RECORD Common and Greenish Grades Ac- ¢umulating on Market—Some Demand Good. Bpecial Dispatch to The Star. BALTIMORE, August 10.—Receipts of Maryland leaf tobacco last week to- taled 2,500 hogsheads, setting a record for this season, and sales of 1,100 hogs- . heads were reported, leaving a stock in State tobacco warehouses of 11,682 igarette grades continued in active demand, but common and nish to- bacco is accumulating in sellers’ hands. ‘While rains are needed in certain lo- calities some of the earlier planted €TOpS are now ‘harvested, it is re- ported here. There are many late crops which the future alone will determine )ml;md or how poor they will prove to be. Quotations today for Maryland leaf 00 pounds: Frosted and common, $7.00a$20.00; medium to good, ‘common. $7.00a20.00; medium to , $20.00a$30.50; good to fine red, $40.008 $54.00; fancy, $54.508855.00. Seconds, | common to medium, $6.00a$30.00; good | to fine, $31.00a$44.00; upper country burley, nominal. i METAL MARKET. NEW YORK. August 10 () —Copper | quiet; electrolytic spot and future, 7ica 73,. Iron quiet; No. 2, fob. Pennsylvania, 15.50a16.50; 15.00a16,00; Alabama, 4 .00, ‘Tin steady: spot and nearby, 25.12; fu- | ture, 2525 Lead steady; spot New | York, 440; East St. Louis. 422 Zinc uet; East St. Louls, spot and future, | .852387. Antimony, 6.65 Quick- silver, 83.00285.00. CHICAGO STOCK MARKET By the Amsociated Press. CHICAGO, August 10—Following is the complete officlal list of transactions 1n stocks on the Chicago Stock Exchange today: BTOCKS. Hl%h Low. Close. 38 38 6 3 NEW YORK CURB MARKE Note—All stocks are sold in one hundred-share lots hose designated by the letter s (80s) (250s). | | . 1831 Hizh. Lew. N 11% 100 12 23 24% 20 5 [ 1% 3% L 10% 17 614 1% 3% 2% 4AR% 102% m 1% W 3 8% 31y 815 22% 108% 115% 28 30% 224 109% 1% % Canada Marconl. 1_’ toux ana Dividend Rate. Acetol Prod A. Affiliated Prod 1. Ala Pow pf (8) Allied Int Inv e Allfed Prodev A3%. Aluminum Co of Am 1008 Alu Co of Am pf (6). Am Austin Car.. . Am British & Cont. . Am City P&EL(A) a3. Am Git P&1 B b10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B.... 17 Am Dept Stores. . 6 Am Equities. Am Founders. Am Gas & Flec (11) ‘Am Superpwr (p40c) Am Transformer Am Util&Gen (B)vte ‘Am Yvette Co (25¢). Anglo Chil Nitrs Appalachian Ges. ... Appalachian Gas wr. Arcturus Rad Tube. . Arkans Nat GasA. .. Ark N G cu pf (60c). Armstrong Cork (1). 50 Art Metal Wks (60c) Asso Gas & Electric. Asso G&EI (A) (a1) Assoc G & E pur rt; Assoc G & E A dbr) Asso GEEL all ct 1.60 AssoG & Elct (8)... Atias Uti) Corp. . Atlas Utilities war. . Bahia Corp........o Bigelow-Sanford Slue Ridge Corp. 2 Borne-Scrymser Co. . 50 Brazil Trac LI&P(1) 4 Brill Corp A (34¢). Brit Am Of1 C (80c). Bt-A T cup B 97 710c, Buff N&EP pf (1.60). Bwana M Kubwa.... o S 8 P NN ARAH NS NS D AR Na A 9 5 1 1 2 1 0 5 Carib Syndicate. Cent Hud G&E pf (6) 50s Cent Pub Sv Del..... 1 Cent Pub SvcA bl 10 Cent&Sowst Ut pf(7) 1 Cent Stat El (b10%). 13 Cent St EL pf xw (6). 1 Cent WestPS Aally 1 ChatPh Alnv (1).. 15 Citles Service (g30¢) 100 Citles Serv pf (§ 3 Clev Ei Illum (1.60). Cleveland Tractor. .. Col O1l & Gas vic. ... Coulm Plctures(75¢) Cmwlith & Sou war. . Com Wat Ser g12%e Comstock Tunnel. . . Con Gas Balto (3.60). Cooper Bess pt A(3). Cord Corp Cresson Co Crowley Milner (2).. % Cumberland P L (2).100; Darby Petroleum. ... Dayton Air & Eng... De Forest Radio. ... Derby Oil Refining. . Detroit Afreraft Cp. . Dubflier Cond & Rad. Duguesne Gas Corp.. East States Pwr (B). Bisier Electric Corp. Elec Bond&Sh (b6 %) Elec B & Shpt (8).. Elec B & Sh cu pf 5. 3008 Elec Pow Asso A (1) 8 ElecP&Ltopwar.. 1 El Shareholdg(b6%) 2 Eureka Pipe L (4).. 1008 Fageol Motor 5 7 Ford MCan A (1.20). 4 Ford Mot Can B 1.20. 25s Ford Mot Ltd 36 3-b0 3 Foremost Dairy Pr.. 1 Foremost Fabrics. 3 Foundation For Shs. Fox Theater Cl A, Gen Aviation: ....... Gen Empire Cor (1). Gen G&E cv pf B (6) 1005 Gen Laundry Mach.. 1 Gen Theat Eq cv pf.. 45 Glen Alden Coal (4).. Globe Underwr (15 / 1 28 1 1 Graymur Corp (1) GrtA &P Tof (1) Guif Oll of Pa (1%4). Hackmester Lind.... Hamilton Gas rets 2% Hygrade Food Pred. Imp Ol of Can (50¢) Ind P&L cu pf (6% ).225s 105 industrial Finanotfs 1 Insull Inv (b6%)... THE EVENING STAR, WASHINGTON, €, MORDAS, Al Received by Private Wire Direct to The Star Office Stocx ana Sales— Dividend Rate Add 00 Open. Ine Co ofNo Am 2% 0% Insurance See(40¢). . intercontinent Fetn. Int Petroleum (1) Int Superp (+1.10) Int Utilities B Int Utilities pr Italian Superp war. , Kolster-Br (Am Sh). Lackawanna Sec (4). Leonard O11. , Lit Brothers....... Lone Star Gas n 80, Lonz Isld Lt pf (7). Louisiana Lan & Ex. Marfon Steam Shov. Mass Uil Assoc. ... Mavis Bottling (A) Mayflower Asso (2). May Rad & Telev(1) % Mesta Machine (2).. 6% Metal & Mining, Inc. - ~Prev. 1931~ High. Low. 63% 45 9% Low Close Miss Riv Fuel bd rts % Moss Gold Mines. ... Nachman Spring. Nat American Co. Nat Container pf t Family Stores at Investors. . Nat Pow & Lt pf (6). 4 Nat Service Co . Nat Sh T Sec A 160c. Nat Union Radlo. ... Nelsner Bros of (7). 15s NewEng T& T (8)..100s New Mex & Ar Land. 1 Newmont Mining... 1 N ¥ Tel pf (6%4).... 25s Niag-Hud Pow (40¢) 114 Niag-Hud Pow A w. Niaz Sh Md (40¢) Niles-Bemt-Fond (1) Nitrate Corp Chile B Nordon Corp Ltd. NoAmL &P (b8%), Nor Europ 0il Corp.. Ohlo Ol n cu pf (8).. Oilstocks Ltd (A)... PacG & Elstpf1%. Pandem Oll. tepec Oil Paramount Cab Mfg. Pennroad Corp (40e) Pepperell Mfg Co(6). Philip Morris Inc.... Phoenix Secur Corp. Phoenix S C pf (3)... Pliot Rad Tube A... Pines Winterfr (1) .. Pitney Bowes (b4 %) Prod Roy Cp (b10%) Pub Util Hold war Pub Util Hold Cp x Lainbow Lum Pr A Rainbow Lum Pr B. Reiter-Foster. Reliance Int A . Republic Gas Corp. . St Anthony Gold. .. .. St Regis Paper (80c) Salt Creek Pro(1.40). Schiff (The Co (2)... Schulte Un 6c-$1 S Seaboard Util (28¢). Seeman Bros (3).... Segal L & H (af0c). Sentry Safety Cont. Shen Corp pf (a3)... Silica Gel etfs. ..... Singer MIg (115)... South Penn Ofl (1).. South CEd pt B1%4. South C Edpf C1%.. SouthernNat Gas. Southld Royalty 2 SW Dairy Products. SWG&EDL (1) S W Gas Utilitte: Spieg May Stern pf. . Stand Ofl of Ind(1). Stand OlL. Ohio (23%) Strauss (Nathan) Sun Invest pf (3). ‘Technicolor. Inc 515 s - IS Srhambmronnal Broamn alconnmneTaneie He v 5 @ - . S [N~ JUR ST ST J0Y - [ORCTOPOL P YOPRIORTPSINS - UL & - UUNS Uy Upa f:’ffl Trans Lux DL Tri-Utilities Union Am Invest. Union Oil Assoc (2). Unit Corp war...... Unit Founders...... Unit Gas Corp Unit Gas war. . Unit Lt &Pwr A (1). Unit Pub Service. ... U S Elec Power ww.. U S Finishing. U 8 & Inl Secu; U S Lines pt U S Playing Car Util PRLU(At1.02% Ut P&L Brat1.024%). Utility Equities. Vacuum O11 (2). . Vick Financial (30¢) Wayne Pump. % Wenden Coppe: . Wiworth (FW) Ltd, “Y" Oil & Gas....... rates In dollai L. *Ex divid FrsdT 3 F§ o 8 21 ). " 24 w e 4 24 1% 114 1% pL based on iast quarteriy or semi-an- TPartly extra’ IPlus 4% in stock, bPayable In SlOCK. e Adjustment dividend. ® Plus 8% in stock. h Pius 1% in stock. §Plus 2% in stock. kPlus 10% in stock. m Plus 3% 1 stock. n Plus 8% In stock. D Paid Iast yesr—no resular rate. E) 2 Dividend nusi paymen . a Pavable in cash or stock 1Plus 5% in stock. 1% 4 FARM INPLEMENT EXPORTS DECREASE Foreign Trade for First Six Months of Year Drops 36 1-2 Per Cent. BY CHARLES P. SCHAEFER, Associated Press Business Writer. | {pany and National Public Service Cor- poration up 16.9 per cent. | General Motors August production es- timated around 77,000 units. Standard Oll of New Jersey to modify employes’ annuities and insurance pro- | visions at ing of next year TRENDS AND PROSPECTS OF Uhited Electric Coal Co.s first-half tonnage sales reported off about 6 per LEADING ORGANIZATIONS cent. | Baumann (Ludwig) & Co. common | share earnings, year ended Ji [$1.04, vs. 49 cenis - Franklin (H. H) Manufacturing—All | departments to continue opera to_recent new orders b = Island Creek Coal—July 374,349 tons vs. 452761, s Kelly-Springfield Tire—Reported loss for first half expected: production at 433 per cent of capacity McQuay-Norris Manufacturing—Cur- CORPORATION REPORTS | By the Associated Press | NEW YORK, August 160.—The fol- |lowing is & summary of important cor- poration news prepared by the Stand- ard Statistics Co, Inc, New York, for | the Associated Press Weekly News Review. In a week In which important indus- trial developments appeared in news | rect 54| IORDERS FOR STEEL - GONTINUE TO DROP Decrease of 74,507 Tons in July, With Operations at 32 Per Cent. | By the Associated Press. NEW YORK. August 10.—Unfilled orders of the United States Steel Cor- | poration showed a decrease of 74.507 tons in July to a total of 3,404,816 tons 1as of July In June & decrease of 141,129 tons was reported. The ba as of June 30 was 3. 1479,323 tons. On May 31 unfilled or- |ders aggregated 3.620.452 tons, against 13,897,729 tons on April 30. On July 31, 930, unfilled orders amounted to 4. 22,055 tons Only a small chinge in the figures 1, | for last month had been expected. The | , corporation’s operations in July were jat the lowest rate of the year, averag- ing about 32 per cent of capacity, and the management endeavored to keep production and business as close ac possible to new orders. Demand was small, a normal experience at Midsum- mer ‘although the slackness was em- phasized by the extreme depression in the industry. July usually shows narrow changes in the A vear ago there wos an increase of tons. while July, 1929, brought op of 168,733 tos comparatively backlog. :|CHICAGO LIVE STOCK MARKET CHICAGO. August 10 (#) ceipt: —Hog: 32.000 head, including 17,000 abovi bulk, 8.0 —Re- di- | pounds top, 220-250 i pounds, it 7 ;g 7.1587.75; '216-310 pounds, 6.25a 715; pigs, 6.25a7 light_lights to 7.75: packing sows, 4.40a525: light weights to 6.00; light light, good and choice, 140-160 pounds, 7.25a7.85; light weight, 160-200 pounds, 7.7088.00; medium weight, 200-250 pounds, 7.10a 8.00; heavy weight, 250-350 pounds, 5.65a7.30; packing sows, medium and good. 275-500 poun 4.2526.00; slaughter pigs, good and choice, 130 pounds, 6.00a7.25. attle—Receipts, 16,000 head; calves, 2,000 head: fed steers and yMlml‘l’ln?.l i steady to 25 higher ostly 10 to 15 Up on better grades: in-between sho ! maximum upturns; largel and yearlings in run; she stock elntive Iy scarce. fully steady; full and choice :'::{H‘s Zsfiw.ds but medium to vealers 25 to 50 lower, 2 for yearling steers, b light helfers up to 9.40; slaughter cattle and ve ;St,_ee , good and cholce, 600-900 po:;l:r |3:3009.75. 900-1100 pounds, 8.259.5 1,100-1,300 pounds, 8.00a9.50; 500 pounds, 7.759.35; | medium, 600-1. H:ldt‘cn good and pounds, 6.5029.50; common - dium, 3.0047.00; cows, §o0d ard chers 3.7586.75; common and medium, 3 00a 3.75: low cutter and cutter, 2.00a3.00 bulls (yearlings excluded). good and choice (beef). 4.00a4.75; cutter to me- dium, 3.00a4.25 vealers (milk-fed) good and choice, 8.00a10.00; medium. 6.50a8.00; cull and common, 5.0086.50, Stocker and feeder cattlo—Steers, good and choice, 5001,050 pounds, 5.50a7.00; | common and medium, 3.75a5.50. | -Receipts, 17,000 h | mostly” steady: early’ best it et 2 er to choice native lambs, | 7.00a7.50 to packers; several get 7.5 to city butchers; asking 7.75a8.00 for choice rangers. Lambs, 90 pounds down, good and choice, 6.7528.00: me. | dium. 50026.75; all welghts commoy | 3.5085.00; ewes, '90-150 pounds, medium to choice, 1.75a3.25; all weights cull and common, .7582.25; feeding lambs, 60-75 | pounds, good and’ choice, 5.0085.50, FOREIGN EXCHANGE, (Quotations furnighed by W. B. Hin! . Hibbs ) Nominal goid Selling ehecks $4.8065 3913, L 1391c 23820 5.26c 100- London, pound | Baris, rene; ssels, beiga | Berlin, Tk SRE38eY 253 lo. crown | Stocknolm. BRVZLEEBE, Lid crown INVESTMENT TRUSTS | | NEW YORK, Augu: { 3 st 10 (P). - fthe-counter market: ek A B C Tr Shrs “D’ A B C Tr Shis "B 1 Am Invest A’ & Cont Corp & Gen Sec & Qen sec Bid, Asked. 4 s [ Fauttaw o 1380 003280 with' light heifers | Special Dispatch to The Star NEW YORK, August 10.—It is interfere in what seem to be pure nated Gen. Hindenburg for the | fille i tired feated and at the merc; " | s Business Everybody’ Government Victory in Prussia Should Find Favor- able Response in Securities Market—Rejec- tion of Cotton Offer Held Regrettable. BY DR. MAX WINKLER. always a mistake for outsiders to ly the internal affairs of a nation. It will be recalled that when Germany some eight years ago nomi- residency consternation and gloom the hearts and minds of many men The Reich, although de- | of the allies, | of war. BRP 'A—ls By the Associated Press. CHICAGO, August 10.—Buying based largely on predictions that the Govern-, Teport due after the market closed would indicate a domesti¢ Spring crop yvield of about 131,000,000 bushels, y. were ‘reached in the late dealings notwithst: that the United States wheat vis supply showed 8.269.000 bushels ine crease to a new record total, 220.943.000° bushels. A report that Russia had chartered vessel room for 70,000,000 bushels of grain so far this year, against 23,000,000 last vear was also ignored. Wheat closed nervous, 1laal%; cents i COTR, 'zalls up: oats, %ai advanced, and provisions unchanged to resented attempts to infringe on what ' 7 cents ofr. little sovereignty was left and returned | Gen. Hindenburg with an overwhelming | 1 o i 3 major! ity. Few men in Germany could | have filled the post with greater dignity | and satisfaction. i | Even Hitlerite group had scored an outstand- ing success at yesterday's doubtful whether even a complete victory would carrie Dr. Max Winkler. { and fiscal problems. | worth pointing out that radicals, rule greater moderation than they threaten to use before obtaining + Influence. i One the less, since much importance has been attached to the | plebiscite, the victory yesterday of the party in power will be received 170-210 | very favorably and should find correspondingly favorable response |in the securities markets. Rejection to Be Regretted. proposal to sell to Germany on credit cotton and eventually other American products has not been accepted. The Federal Farm Board has turned it down on the grounds that many conditions of thes German offer were beyond. the ability of the board to comply. The sale may, however, go through in a somewhat modified form. It will be recalled that many claims of German nationals resulting from seizures during the war have been set- tled by the German-American Mixed Claims Gommission, but not paid. An effort will be made to expedite such payments. Will, however, in such an event, Germany be obliged to purchase American cotton? Is it not within the bounds of probability that she might turn elsewhere? ©ne more instance of the damsging results of politics inter- fering with sound economics. More Railroad Trouble. railroads one more has been added. The Interstate Commerce Commission has discovered that the Pere Marquette Railways owes the Government sums representing one-half of the road's ex- 1920, to December 31, 1925. The irregu- Jarity in the railroad group may, in part t least, be attributed to the commis- sion’s findings snd the feeling that it carriers. Novel Sales System. A desire to build up sales activities during the slow season has led the Graham-Paige Motors Corporation to introduce a novel system by which the company will participate in the com- pensation of its salesmen. ‘This appears to be the first instance in the industry of a motor car factory sharing in the paying of retail sales- men’s salaries and the first attempt to ut automobile salesmen on a regular g\colne basis through a factory-dealer organization. According to C. W. Matheson, gen- eral sales manager, the new system is to prepare the company for improved business in the Fall. . Higher Wheat Seen. Analysis of the wheat situation leads to the belief that a change for the bet- ter in the price of the commodity is not at all unlikely. ‘The world output is placed at a quar- ter of a billion bushels below last year. In addition the carryover from last year is relatively small. The prevalence of low prices has not been conducive to larger planting in the important wheat producing countries, includ the g:mgg States, Argentina, Austral ind | Canada. The unknown factor in the situation, impeded the work which is now being creditors to solve the Reich's economic It is to be regretted that the recent | To the many troubles besetting the | cess profits for the period March 1,/ will sooner or later spread to other | Today the outside world is disturbed | over the demand for a referendum in |Mar® Prussia to decide whether a new diet shall be elected next Fall or in the Spring ‘De of 1032, domestic matter, and it seems that undue importance is being attached to it abroad. This is once again a purely if the Nationalist - Communist - lls it is have altered the situation and d on by Germany as well as her It may perhaps be when they secure power, use as a | however, is Russia. But has not fear on account of Russia almost always | been based upon fiction rather than facts? Credit for Uruguay. Experience teaches that reports are WHEAT » Sepiember .. Hon December March May CORN. New York Cotton NEW YORK, August 10 (#.—A break of from 135 to 142 points, or $6.75 to $7.10 par bale, in the price ¢f optton early today was the market's | response to the official crop report pub- lished after the close of busines sa’lt_;x,rday. =i ere was heavy general sellf liquidation, but offerings were lh‘t‘)‘rb;g on a decline to 6.94 for December by covering and trade buying. Business later became comparatively quiet, and ;l»rioes‘;ho]wed rallies of 10 or 15 points Tom the lowest, with December sellf at 7.07 around 2 o'clock. e | rarely to be taken at face value unless | M: | accompanied or followed by official de- nials. There has been talk for the past | several days of a large American credit |to Uruguay in order to enable the | national bank to stabilize the currency, | which has been establishing new lows |each day. The banking house men- tioned in connection with this deal has | issued a denial. | However, the advance in the value of | the peso by about 17 per cent within the past two days tends to the belief | that some aid may be forthcoming in | the near future. Without such aid it is difficult to see how Uruguay ecan con- éh:]t! to meet the service on her foreign ebt. Moreover, it is not impossible that she may emulate her neighbor, Chile, and deposit pesos with home institutions, to be disbursed to bondhclders after ex- change has shown sufficient improve- ment to warrant such action. Hungary Seeks Loan. It would appear that holders of Hun- | garian issues pay more attention to sen- | sational news than to actual deve | ments affecting their investments. T | country is t 0 obtain a long-term foreign loan, and is in the meantime | resorting to various internal measures to prevent a collapse of the economic ecree has V- ernment permitting withdra gm | banks without limit to meet interest and | sinking funds on all outstanding loans, both external and internal. In view of this rather t development. the | sacrifice of Hungarian loans would seem | unnecessary. Concerning Japan. Although _economic conditions in Jepan also have been affected by the prevailing depression. the situation to- day, compared with 1921, is regarded as somewhat more unsatisfactory by Mr. | Yasuda, one of the country’s leading economists. According to Mr. Yasuda, conditions in Japan today are characterized by | three distinctly -avau factors which {did not exist in 1921. Pirst, blic | utllity companies are heavily ine | to_the bankers, to say nothing of the ?elbg under 'h'llll:xl:‘th:'clgfln‘cul‘t}\:rll dis- ricts are groaning: , the sugar \compnnm are in an exceedingly bad predicament as a result of the abun- .dance of the last crop, and, third, rice, one of the country's principal com- | modities. is selling today substantially below 1921 prices. (Copyright. 1831, by the North American Newspaper Alliance, Inc.) BUSINESS NOTES. By the Associated Press. e NEW YORK, August 10.— er ac- ceptance of the Empress Eugenie modes offered the outstanding feature of the {week in the New York wholesale mer- | chandise markets. Reorders on milli- nery of the second empire period were such to give definite evidence of favorable consumer reaction to the new styles, and the trend is now strongly toward modified and practical versions net only in hats, but also in new Fall ready-to-wear and accessories. 1In the dress trade the week continued to be arding the outcome of the Paris - l‘n's, which has held down the pl of current orders. With the indorsement of its member- ship, the Wholesale Goods Insti- tute has started soun: out manu- facturers on a new selling arrangement, | under which jobbers would be given ex- | clusive distribution of the producers’ merchandise within their own terri- tories. In exchange for the manufac- turers’ concessions the wholesalers will marked by some style uncertainty re- |4 MONEY MARKET. ey, stendy: 115 pes cemt il day: money s 13 per cent y. Time loans steady, 60-90 days, 1Y,al 4 months, 1':al%; 5-6 months, 1% a2 per cent. Prime commercial paper, 13;a2; bankers acceptances unch Thirty-day, 60-00 days, 1a7; 4 months, 1'4a1; 5-6 months, 13%ally. P SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Og.) imers Co. merican Metal §%a: American Tel & Tel. S S0, 4 55 1957, 5is 1 FETR! e "“'lfll‘ r D;‘;nc&r ..flcl 184 . Mot. Accep. ‘&n w 1837 General Public Seruice sioaidin oodyear T & R. 5s 1981.. .. Sesnsieinsty 855eeSS: FED FRFEER SESSUE T < Pt o 3302 b i 5 e B i oen35s 23 i B g i 53 3 g, e g’l ) SR NRE FES FEEPESISTE BB on e =, o fo3i St a3 FaE ggéééz’” 0025 Lot >33 1= - ZonEssEase i 225 Jo} ) 3 'c! = 28 = ] of s & >! 5, $AgdE! 2-238398%! ® i : o d : -'?i> 3 (L gy MosnBussn pERy =2 i 25, 3+ epazaees PR 7 ¥ WL 283802, 3 5323 4233523 2583242 E’- = 3 gSeguns; - = £ 5 BES! 255 2 w09 00n 000 as s hents erst 7 g 2 8553 Se5enedSEeBa5aS: TERE SIEE i S onBrniuSa nwatiem 225 2522282282882323E83 o e 233! % S 22332823, N g32g25as: g— PSS T 333558532555 H i pe 2ega 5 * & 2282 H 08, S TIIEE <o of, "y = (o 1:: e 2o G FEFES 7 ! R a5 asone o 0 2B Mt 35 0 -gg-r ' g rent year's dividend needs pra cm'\;;ed in l?rsl seven mnnth:p e Minneapolis, St. Paul & Sault Ste Marie Railway—Deficit (excluding Wis. consin Central), six months to June 30, | $2,051,503 vs. deficit $1,525,336 & Pennsylvania Power & Light—May | gross Up 14.4 per cent: net, after taxes and charges, up 7.5 per cent; 12 months, up 7.1 per cent; net, after taxes and | charges, up 1.8 per cent. Pond Creek Pocahontas—July produc- [tion 118940 tons vs. 114561; seven months, 620,654 vs. 546.369. Reo Motor Car deficit, six months to June 30, $572283 vs. deficit $349,397. Wilcox (H. F.) Oil & Gas deficit, six | months to June 30, $562,237 vs. net in- jcome $514.291; equal to $1.20 a com- mon share. General Motors July sales to dealers, | including Canada and overseas, | units vs. 7 vs. 844,105 July sales 85,054 units vs. 80,147 678,618 vs. 737,976 Certain-teed Products deficit, st months to June 30. $200.624 vs. defleit | M I agree to push the sale of a product and, | as far as feasible, carry no competitive | - products in the same field. columns hardly at all, a notable lack of interest on the stock market and small-share turnover were the most sig- nificant. features. Turnover ranged from about 700,000 to 900,000 each full day, never touching a million, with Saturday | the dullest half day in years Although August has been a month of advancing stock prices in the past several years, due Jargely to timely an- ticipation of normal Fall business rise, thus far in the current year investors seem more reluctant to buy on antici- | pation with the experience of last vear in mind, when stocks advanced from the middle of August in the hope of a | September seasonal trade recovery, which never came to pass. There is ap- parent, thus far at any rate, a tendency to await positive indications of & turn. Under the circumstances, then, the stock market folowed s vacillating | downward course during the past week | As measured by the Standard Statistics index for 90 stocks, the decline amounted %0 0.9 point. a very small loss, in Wwhich |est month on record and that for i: ‘"u m":u lnr !h-d(‘}mdpqne‘nl] dnvlslém:. first two months shi ts reached rails, utlities and industrials, partici- | ¢755938: to hold substantial s | pated. In actual figures the index 5t00d | furly in Sioane-Blabor Gorporstion last at 108.1 on August 7. as against 109.0 "~ pegeral Motor Truck deficit, six |on July 31 months to June 30, $36,116 vs. net in- | |, Partly reflecting stock market condi- | come, $191458, equal to 38 cents a | N | tions and partly reflecting credit condi- | \ummon share | tions, the bond market continued un- ' “’Niiqete ‘West Utilities net income be- “This | changed for the preceding week. United | sore depreciation, 12 months (0. June States Government obligations and | 35 "g32 743 891, vs. $33.645 505, prime rails and utilities continued % | heonies Drug Stores July sales up attract sustained demand. I | 6,03 per cent; seven months up 4.94 activity and \mpmn:) i::h' prices | 1o cent, = mun! k- Of { Scuthland Royalty c .| i ccond-grade Sl vers etk 88 | Sopiniend Reyuly common sharg | were other. securities not prime. WOI- | onts ve' 71 cents. ’ | Western Auto Su | earnings. six mont] $1.07. American manufacturers of agricul- tural implements suffered & severe set- back in foreign trade during the first six months of 1931 when exports amounted to only $50,064.303, a de- crease of 36'; per cent, as compared with the corresponding period of last | year. & Depressed conditions throughout the *|{world and lowered prices for, agricul- tural products have prevented foreign farmers from purchasing thel. custom. jary equipment supplies. Statistics of the Commerce Department prove this is especially true in such important tural countries as Canada, Aus- tralia and Argentina, which are the chief customers for American-made implements. . -Russian purchases, which were ex- 3,1 tremely heavy during 1930 and the first | two or three month: of the current 12| year, have very considerably. | This trade is reflected in statistics cover- ng exports for the current year when it is noted that Pebruary was the high- L =) = § gesnssisens! “ 2o F&d — | Rébublic Trom & Steel as witnessed three | Sinclair Crude Oil Go.. 5"1': 1938 Standard Ofl N. ;}',‘{’.-:.‘2"1 ST Ay, R S 4 1908 Union Elee. Lt & Pow. 55 1038 Union Oil Co. of Calif. 35 1938 Vireinia Batingy & P b 1034 16 2 ay & Pw. 4 Hectrie So. 8 “;o 10815 H | Western Wheeling Steel Corp. 948 PO LR The last week | distinct and encouraging trends in the selling field, Joseph H. Dryer, president of the National Counci- of Traveling Salesmen’s Associations, said. “We have had a surprisingly large increase in the inquiries received from business house: looking for experienced road salesmen, he said. Another sign, he said, is the larger number of men now out on the S road and that reports are being re-| Oamels recently moved a settler's cefved that “buyers are not only look- | house in Australia 40 miles to & new ing, but they are also buying.” location. STOCK AND BOND AVERAGES x the Associated Press. MONDAY, AUGUST 10. 109500 19,5 5 5 v 05 s g3e88sSany Tr Shrs A d Tr_Shrs B General Equity A ranser Trade ude Winmill Trad Incorp Investors Incorp Invest Eaut Indepena T+ shrs Int Corp Am A Int Sec Corp Am B {Int Sec Am 6~ Int Sec Am 6lis pr Invest Tr Associates {Tnv Tr N ¥ Coll A S3zu2e3E e PEESS 385 S8l 83 FEGESE it 2! oW e ""-is" 319-20 - 3% 43288 98 23 35 3285 iz 5;. 20, i P =S, 2 23 Leaders 3 TS goael BB T4 to consumers, seven months, | | o EE! B35 3 &Rk 3 STOCKS. a5 'flgg 3832; e 238322 Tl i 200 Lity MeeNett by McNet 5 ingaa> Ligh 50 Indus'rizis. 102.9 55 55 S SEEET 8232 ", spss 252521883 BSOS Borsiars 30 Frsomaliio B nsnsco! 5 ; s i iz i 3Egtanyes = &3S i o Col T Ass Petrol Trad A Bublic Serv =2 s - ggusassds i i f o PN It 3 Sn lected Income Sh jected Manage Trust awmut_Ban) o} P ly common share to June 30, $1, W OF R s The Industries. Cotton--Standard cotton cloths sales {in July were £2 per cent of production and shipments were 109 per cent of pro- duction. according to the Association of | Cotton Textile Merchants. Railroads—1. C. of 1.1 points, falling to 935, ‘as of Au-| | gust 4, from 94.6 on July 31. The Companies. | Amerada Corporation deficit, six August 10 (Special) — months to June 30, $478,226, vs. net in- ;| Some 401,080, equal to 43 cents & com- re. Chrysler Corporation reported _total output estimated around 50,500 .h‘;u“m{:. 38w, ¥, R B8Buses ) = BwsutiamSnbaudron Bunawnon il B F2BLBIILLSIZLR0 = & ¢