Evening Star Newspaper, August 11, 1931, Page 15

¢ ) * was th FINA O UTLTES' LEAD fmprovement in Prices Fol-| lows Opening Below Earlier Close. BY JOHN A. CRONE. Bnecial Dispatch to The Star NEW YORK, Augusi 11.—After open- ng slightly lower today, the Curb Ex- change railied under the leadership of public utilities. Electtic Bond & Share was the lsad-r of this midday upturn. It was followed by United Light & Power A and Nisgara Hudson Power. Cities Service during mest of this period was a shade lower. Standard Oil of Indiana and Vacuurm again moved ahead. ‘Commodities played an important part #n influencing price trends on the curb during the forenoon. Trading was wirtually non-existent until the market 12arned of the “eaction of wheat to the tearish Winter wheat estimate. When the wheat market opened steadily stock traders took courage. - aker Oats opened 16% points | h&r as a result of the bullish crop | estimate on oats. On the other hand. | belated effects of the huge cotton crop estimate of last Saturday made their appearance in Worth street. the textile center, and on the security exchanges today. Cotton textiles shares were dully until later in the day. when Pepperell | Manufacturing recovered most of its loss | of the previous session. which resulted | from the announcement of plans to cur- operations. A "IAS p'mlnu!nftur!n of commodities competing with cotton sharpenzd their pencils and did some serious figuring, stock traders did likewise. The resull t Celazniese Corporation of Ame icipating preferred fell 4 points. -Sanford Carpet lost more than e lines were in- ica pe Bigelow: & point and Allied Textil clined to heaviness. ‘The Ford sha led the motor. list, Ford Motor, Ltd., being the most active, but Ford Motor of Canada B making the best price gain. Cord Corporation was more active, in sympathy with- the heavier turnover in Auburn. Cumberland Pipe Line, after jumping # points Monday, rested in the forenoon today. The spurt followed announce- ment that the company had received an offer for some of its properties. It is believed this offer came from Manufac- “gurers’ Light, Heat & Power Co., though this could not be confirmed. Manufac- turers' Light recently bought part of Southern Pipe Line. Eureka, which ad- vanced Monday, was inactive today. Bureka connects with (flxmb?rllnd at st Virginia State line. = :’;enmfig in Affiliated Products whose management is closely connected with Drug, Inc), and American Home | Products, both of which have been frequently in merger rumors, "'s"-:“i"':'ifmi“m the. industrials in the | third hour. Orocker-Wheeler Electrical lost a point, while Crowley Milner recovered more than that amount. Aluminum Co. of America rose about 3 points at | one time and Newmont Mining im- ed. Deere & Co. was up slightly. oolworth, Ltd.. common provided the | bulk of trading in British industrials Montreal Light, Heat & Power was a strong spot in Canadian utilitles. Ge eral Aviation, one of the few active air shares, 5 Insurance Co. of North Ameriea was | down a point and other insurance | shares lagged. R. C. Williams, one of the few food packing companies to &p-| r on the tape, softened. De Forrest | :flh featured the radios in the first | few hours both in point of demand and | in width of fluctuation. CHICAGO STOCK MARKET | | | i By the Associated Press. | CHICAGO, August 11—Following Is | the complete official list of transactions | in stocks on the €hicago Stock Ex- | | Low. Close. | s 3341 Mig b Cold Storage Cent 1i1*Pub Ser vf nt 11l Sec nt Pub Serv A 500 Cent & So West West Pub Ser A 3:8535 099! D Sec : tis Light Hougenoid leral Elec jmmons & Con t Lakes Aircraf t Lakes Dredre ? 3 TRO0D 5! oudaille-Her st_Co atz D eliogs Se/ 10Ky UL It 450 Libby-McN Lincoin Pri Loudon Pack Majestic House Ut 100 MeWilliams Dreds 100 Mid West Tel 17300 Mid_ West Ut Bl $5u38EaEa! s 1 RIS T T Block sales todn e Bond sales todey 2 120,000 shares BONDS. Insunl UUL & 40, L United Am Ut 88 40 BALTIMORE STOCKS. @recial Dispateh to The Star BALTIMORE. August 11 Saies. OCKS 18 Arundel Corporauion . 50 Baltimore Trust Co 5 8 & P Taconove Baito pid 10 Gonsolidated Gas com 3 Pldeiity & Devosit Go nuiacturers Fin Co pid 194 73 New Amsterdam Cas Co 592U 8 Fideb'y & Guaranty 22 Western Marviand Dairy ptd BONDS. 2000 W B & A Railway st 5¢ STOCKS EX-DIVIDEND. NEW YORK. August 11 (#.—Stocks ex-dividend today: Pa bl s L 830 L) Last awie TR D% chhe yiand Oasusity Co i is 9 NCIAL-. NEW YORK CURB MARKE Stock and Dividend Rate. Interstate Hosiery . . Trving Air Chute (1) Ttalian Superpow A Italian Superp w Kolster-Br (Am Sh Lackawanna Sec Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (2508). Stock and Dividend Rat Aero Supply MIg(A) Aero Supply B...... Affilisted Prod 1.60. Air Investors cv pf. . Alleg Gas. . g % Aluminum Co of Am 675 Alu Co of Am pf (6). Alum Mfg Ine (2), .. Am Cit P&L B b10%, Am Com PP A (h10%) Am Corp (f15c) ~Prev. 1931, Sale-. 1 1 25 2 Am Gas & Elpf (6). Am Invest Ine (B) Appalachtan Gas Appalachian Gas wr. Arkans Nat Gas A ATk N G e pf (60c) Art Metal Wks (80c) Asso Bl In Lid 30 Asso G&EI (A) (al). Atl Coast Fish Atl Secur Corp.... Atlas Util Corp AutoVM ey prpts Bahia Corp Bickfords pf ( Bizelow- Rlne Rid Blue Ridze ov pf ad.. Rorne.s Brazil Trac LI&P(1) : Buff N&EP pf (1.60). ble Radio Stat 121 (h10% ). Cent West PSAall; Centrifug Pipe (60c) 2 Chat Phoenix nv (1). 21 Ciiies Service (g30c) 166 Cities Serv pf (§) Clande Neon Lts Inc. Clev B Mllum (1.60) Club Aluminum 1 Col O1& Gag vie. ... Cmwith Edison (8). Cmwith & Sou war Com Wat Ser k121zc Consol Copper Consol Gas Ut Consol Gas Ut B vic. Cont Shares pf (R).. Cooper Bess pf A(3). Cord Corp........., Cor & Rey pf A (6).. “osden OIl ole Petroleum. . Cresson Consol (4c). Crocker Wheeler Crowley Milner : Crown Cork Intl (A) Cuban Cane pr opt w. Cumberland P 1L (2). 50s Curtiss Mfz Co (A).. Curtiss Wright war. Dayton Ajr & Eng Deere & Co (1.20). De Forest Radio Derby Ofl Refining Detroft Areraft Dross § Dresser Mz B ¢ Duquesne Gas Durant Motors. East Sta Pow (B) Elec Bond&Sh(h6 n P Bio mtommmmoa enE e 61 1087 a7 Te T | Blec Pow Assoc A (1) Elec P & Lt op war.. Fairchild Aviation. . Fire Asso Phila 1.60. Fischman & Sons. .. Ford M Can A (1 Ford Mot Can B 1 Ford Mot Frn 37 %ec. Ford M Ltd (36 3-5¢) ., Foremost Fabries Fox Theater (A). Gen Alloys Gen Aviation. Gen Bl Lidrets 35 1 Gen G&E cv pf B(6) 4508 Gen Theat Eqovpf.. 18 Globe Underwr (15¢) 28 Golden Center...... & Golden State Co | Goldfield Consol . dman Sachs 201 62% 3 A& T v (16%) Gt A& Pac Tea pf(T) Gulf Ofl of Pa (1%5). Hackmester Lind. .. Hamilton ¢ Hazeltine Corp (2)., Hudson Bay M & & Humble Ofl (12%5) . Hygrade Food Prod 111 Pow & Lt pf (6 Insull Inv (h6% ) Ins Co of No Am 1 Insurance Sec (40c) Intercontinent Pet n Int Petroleum (1) Int Saf Razor B(1) Int Utilities B Int Urilit Interstate Kaquities CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 11.—The fol- { lowing is a gummary of fmportant cor- | poration news prepared by the Standard | Statisties Co. Inc, New York, for the | Assoclated Press ; | News Trend. Automobile production for the week | ended August 8 was 49,691 units, com- | pared with 56,011 units in the previous | week and 66517 units in the corre- sponding week last vear. according to Cram's automotive report. The decline | was caused mainly by the curtailment ! af Jower-priced cars. Ford producing at a slightly lower rate, while Chevrolet {cut its output to about two-thirds of | the former rate | The Companies. Associated Gas & Electric July elec- tric output up 153 per cent; gas sales off 6 per cent. New Jersey Zinc common share earn- ‘lnfin 6 months to June 30, 88 cents, Vs 157, Owens-Iilinols Glass common sha earnings, 12 months to June 30, §2.43; reported official stated August 10 that 50 per cent of company's $5.000,000 5 T cent debentures outstanding June 0 would be retired within next 30 days. Seiberling Rubber July net after charges and taxes estimated at $110,000, ve. about $113,000 in June. Belding Hemingway Co. deficit, six months to June 30, $207.404, vs. deficit 31,405,381 Bulova Watch June quarter common share earnings, 40 cents vs. B¢ cents; | declares 20 cents quarterly common dividend: formerly pald 375 cents quarterly. Childs Co. July sales off 9.4 per cent, 7 months off 12 per cent Citles Service Affiliate, Unlon Public Service Co. (Kansas) with nine other concerns seeks 1o enjoin enforeenient of Kansis law against appliance sales. Du Pont (E. 1) De Nemours & Co. whu.-t 21,055 shares of Acetol jucts. Inc. ” Pansteel Products deficit vear ended 30. $190,507 vs. net income $240,- 773, equal to $1.50 a commen share. Leland Electric common share earn- ings, six months to June 30, $301 vs. 10_cents, | May Radio & Television comumen | Mnnmmm!omyll.;‘ " Seaboard Ol *— shiare | Mexican Add 00. Open. [ THE E\'E;’L\TG STAR., WASHINGTON, D. C., TUESDAY, AUGUST 11, 1931 | ~Prev. Hieh. Hirh. Low. Close [ 3 3w 22 8 11 1218% 100 131 o 127 1 8 1 115 100 1% 3 Lone Star Gas n 88c. Lons 1s1d Lt pf (7)., Ludlow Mf Assoc 10, MacMarr Stores (1). Received by Private Wire Direct to The Star Office Sales— Add 00. Open. Hizh. Low. Close. 9 9 9% 14 2 34 20 % 18% 1104 Magdalena Synd fe Mass Ut ov pf (2 May Radio (1). Mid W Sta Tt (13).. Mid West 17ti1 (8% ). Mo-Kan Pipe L (A). Miss Riv Fuel bd ris. Mohawk Hud 181(7). 5 Mont Lt HEP (11). Mountain Prod (1).. Nat American Co Nat Container pf(2). Nat Family Stores Nat Nat Nat Po Elee Pwr pf (7 Fuel Gas (1) Investors & Lipf (§). Sv A (1.60). Sh T Sec A 160c. Union Radia. . 2 New Bradford Ofl. . New Jers Zine (13) Niag-Hud Pow (40c) Nia Nipis Sh Md (40¢) . ing Nitrate Corp Chile B Nor Am Aviat A war. North European Oi). Ohio Pow pf (6).. Outboard Mot A PacG&E 1stpf 1. Pac Pub Sve A(1.30) Pan Am Alrways Pandem Ofl... Pantepec O3 . Paramount Cab M(g. Parker Rust Pr (3). . Pennroad Corp (40¢) Pepperell MIg (5). Philip Morris Inc Pilot Rad Tube A Pines Winterfr (1) Powdrell & Alex 31, Producers Royaliy Prudential Invest Prudential Tnv pf(§) P P b Uti) Hold war. . h Ut Hold xw Quaker Oats (+7) Rainbow Lum PrB.. Reiter-Foster Reliance Int B. ... lance Manaz . Republic Gas Corp. Reyharn Co Rossia Intl (10¢) t Anthony Gold t Regis Paper (60) Salt Creek Pro(1.40). Seaboard Utll (30¢). 11 & H (a50c). . eiberling Rubbe. elected Industries. . let Ind £1pd (5% ) Sentry Safety Cont Shattuck Den Min. Shenandosh Corp. henandaah pf (a3). hreveport Elec I Singer Mfx (115) <10 Solar Refining. o Cal KA pLA (1%). 0 Cal BADPLB (1%). SouthM Rovaity 20c. Sou Pipe Line (2)... SW Dalry Products. . Stand Ofl of 1nd (2). 2 Stand Pwr &Lt (2 Starrett Corp Starrett Corp pf (3 Strauss (Nathan) Texon Ofl&Land (1). Tran-Con Air Tran Trans Lux DL P & Triplex Safety Glass, Tri-Utilites. ... Tung 8ol Lamp(1) Tung Sol L pf (3). I'ngeriaider Fin Cp Union Oil Assoc (2 1'nit Corp war 1'nit Dry Pocks. . "nit Founders Unit Gas Corp. Unit Gas war. ... Unit Lt & Pw A (1), Unit L & Pwr pf(5).. Unit Profit Sharing. . U8 Elec Pow ww 178 Elec Pwr war. .. 7§ Finishing pf.. R & Int] Secur. . 8 Linespf........ nit Verde Exten (1) 50 Uti] PRL1(at1.0214). 15 Tt P&L B(at1.021) Utility Equities Vacuum Oi1 (2) Venezuela Petrolm Walgreen (‘o Wenden Copper Williams R C (70¢) .. Wil-low Cafeterias. . Wil-low Cafe pf (4) Dividend nual_payment. 2 Payable in cash_or _1Plys 3% in stock j Plus earnings before Pederal months to June 30. after Federal taxes. Michigan Sugar deficit, year ended June 30, $525,516 vs. defict $441.797 Nevada Consolidated Copper net in- taxes, six 1 cent vs. 45 cents come before depreciation and depletion, | six months to June 30, $375.831 vs. net income after depreciation but before depletion and Pederal taxes $2,386,285: first quarter copper production up 1 per cent: second quarter pet cost & pound of copper produced. 8.26 cents vs. 8.88 cents in first quarter Simms Petroleum deficit, six months to June 30, $1.699.653 vs. deficit $40,762 Standard Ofl (Kansas) defieit after inventory adjustment, six months to g::e 30, $930,458 vs. net income $831,- Thermoid Co earnings before months to June after Federal taxes Allis-Chalmers Manufacturing ports $1,006,000 in new orders result: from American Brown Boveri and Con dit_Electrical Manufacturing purchase Buckeye Pipe Line—July pipe line de- liveries up 53.7 per cent, seven months up 27.3 per cent Eureka Pipe Line—July pipe line de- liveries up 45 per cent, 7 months off 6.2 per cent First National Stores—Sales, five weeks ended July 25. off 1.5 per cent; tonnage sales up 159 per cent. International Utilities share exchange offer made for Nassau Management Corporation National Transit July pipe line de- liveries up 9.3 per cent. 7 months off 0.7 per cent Paramount-Publix Corporation de- clares quarterly 2!, per cent stock dividend: paid 62!, cents June 27; first half net earnings reported equal to $1.82 & common share vs. $2.70. presi- dent states cash needed for Acquisition of theater 1l Manufacturing ad s 38-hour week for Lindale plan i Unlted Aircraft & Transpori—Navy share six $8.97 $7 preferred Federal taxes, 30, $222 vs. re- orders 45 Boeing speed planes costing | | mon shers. $527 947, Houdalile-Hershey— Reported acquisi- Lion negotiations by Ford and General Motors Indiana Pipe Line—July pipe line de- liveries off 41.9 per cent: 7 months, off $3.2 per cent. Pel Milk Co. common share earnings, &, months to June 30, 34 cents, vs. 64 nt. United Carbon deficit, 6 months to | a1 1 B8 comis s com its & Briggs Mig. share 6 months to June 30, 27 cents, va. Pederal Bake Shops common earaings, § months 1o June 30, 1 " Commeaveaith _ 4 . Southern-— electric oulpus eff 384 per cent; in stoek f Plus 8% in stock. D 1% 2 e v“::lll 4% ‘!‘l\':lo:l % In vidend. stock. months off 6.65 per cent: July t- DUt off 731 per cent; 12 monthe off 8.01 per cent. Interstate Department Stores common share earnings, 6 months to June 30, $1.55, vs. $1.65 Lessings, Inc. common share earn- 1.,;,’.3 6 months to June 30, 98 cents, va, Prairie Pipe Line—July pipe line de- liveries off 45 per cent: 7 months off 59.4 per cent. Superfor Steel Corporation deficit, months 1o June 30, $241,037, vs. deficit $182.350. American Department Stores July sales off 11.3 per cent; 6 months off 59 per cent American Stores—Sales, July 1 August 1, off 4.5 per cent to August 1 off 3.1 per cent. Continental Ofl—Marks up bulk gas- oline in Okiahoma to 4 cents a gallon. Cumberland Pipe Line July pipe line deliveries off 34.3 per cent; 7 months off 11.2 per cent. PFirst National Stores common to 7 months share | earnings, quarter ended June 17, $1.41. against $1.33 quarter ended June 30, General Asphalt 50 cents quarterly dividend: previously paid 75 cents, Grand Union Co. sales, 5 weeks end- ed August 1, off 2 per cent. Mississippi River Power net income. 12 montl to June 30, $1,574422, against $2,064,463. New York, New Haven & Hartford Railroad—Reported reduction of divi- dend to $4 rate indicated: action on $44.34 vs. $51.30 Porto Rican Americen Tobaceo $3.50 class A share earnings, six months to June 30, 51 cents vi 88, adjusted for two for one split in 1930. St. Louis Independent Packi cuit Court refuses to enjoin sale to Swift & Co. —Cir- Union Electric Light & Power (Mis- mn” ) net income, 12 months to June < income. aix months 1o June 30, $21.478. equal to 8 cents s ecommon share vs. deficit, iU. S. GRAIN EXPORTS DROP T0 2,003,000 BUSHELS By the Associated Press. | Grain exports from the United States during the last week amounted 10| 1 Mgix bushels, against 5,591,000 bush- | els during the previous week. | Dezpartment of Commerce figures to- day gave the following comparisons be- | tween last week's exports and those of |the week before: Wheat, 1,026,000 bushels, st 4. | 10,000 bushels against | 000; corn, 2,900 bushels, against 440, 000 barley, 38.000 bushels, against 353.- | 000. No Tye exports. Canadian grains exported last week | |trom United States ports amounted to | 650,000 bushels, against 550,000 bustels the previous weck, while last week's ex- ports of North American wheat flour were 46,000 barrels, against 126,000 the | | previous week. BONDS ON THE CURB MARKET. DOMESTIC BONDS. Hign. Low 67 wion 904 315 10814 1042 8 1 5 B i Can 33 C 80 h El 415 68 Gas o5 ‘99, e 1 Beil e 4; Birming! 1 Birmingh 6 Bost & M 17 Cent Bt El 5ias C '3 Cent 8t 4 103 102% b _Serv fs 83 1 Georgia Power 58 ‘61, 2 Gillette 8 Koz 56 ‘40~ ¢ 2 Grang Trunk 07 s 1024 1024 3 1 1 4 Gult St Uil 13 Hanna _6s '3 1 Houst Gult 12 Hougt L&P e 13,Interst 28 4ins ik e o=t gy &OEEA 23823523502 3838 03020z 0 Frs e, ¢ 332283355388 2855s $ITP FEF & FETE FEET 233233323332823333332! & ORI 233 228222882832 2258 FrEFE SrEf e &1 < S aeanedewse 584230 8588 5 &, Qs 5239483335535 238saennEs0sis! Sual- 17 i g 3 By (T deg 23 g B e, 23, P& | pps Slos 43 W WAP 4125 A'67 971 w WEP 41as B'88 96°0 aw W&P 4'ox D10 9874 aw W&P S5 C 70 108 2B oe B nel Seat el 5 | | | s | thw GAE 35 'A 37 943 | ihw PEL 6sA 2022 1043, and Gas & E 65 '35 Fog e P <cac=mgggsg ggg T 55 225283B88223! A 3T 83 4 Wiscon PAL 55 E '56. 103% 3 Wiston P&L S5s P 'S8 108%. | FOREIGN BONDS, | 0 | 1 53 ! 37 a5 s 25528% $2 4 F325R 222088 22383855: % 22 5 o e 3 | tractive. Market Operators Display Ac Fate of Cott 1 Special Dispatch to The Star NEW YORK, August 11.-Market operators seem to display an activity which is distinctly inconsistent. weakness in the New York Stock Market was attributed to the con- tinuation of bad news from abroad in general, and from Germany in particular. and fears that the news might become worse. With large amounts of American funds at stake in Germany, the attitude of Wall Street seem sonable. However, by the same process regarding Germany's fiscal difficult ership of Albert H. Wiggin. very smoothly. The Hitler-Hugenberg group was ated by Prussian voters. seasonal gain. These developments are cons! in character, an ignored indefinitely. Rail Bond Future at Stake. The future of railroad bonds from consideration as a prime in considered by bankers when analy: ments, arranged by Mr. Benson in Wheat Rejection Seen. Germany’s offer to purchase part of the wheat which is held in storage by the Parm Board is likely to meet with 8 | & similar fate as did the Reich's re- cent proposal to buy cotton. Rejection is expected to be based on the ground that the terms are unacceptable. The board is understood to have no official knowledge of the proposal, but Berlin intimates that the Reich would consider the purchase of some 22.000,- 000 bushels of wheat, on the basis of a three-year credit 415 per cent. Cotton Crop Report Bearish. ‘The cotton market had to contend with an avalanche of bad news. . The Government crop report could not have i been more bearish. In addition, the 5 4eit | association of cotton textile merchants | | reported that sqles were apprecably | below production. The result was & * | sharp decline to the lowest level in | more than a generation. Outside of some covering by shorts “*|and relatively restricted purchases by { commission houses, little support was in evidence. While the crop estimates are disquieting, it is, perhaps, worth remembering that future weather con- ditions may alter present prospects very materially. which is not at all impossi- | ble in view of recent heavy rain in the cotton delta. Good News for Chrysler. ‘Those working on ,the constructive side of the Chrysler Corporation have an announcement made by L. G. Peed, general sales manager of De Soto Motor Corporation, a member of the Chiysler family. According to Mr. Peed, retail deltveries of De Soto during June show a gain of 50 per cent over the same month last year, while the week ended July 18 was one of the eight largest weeks in the company’s history. and the largest week since June, 1926, German Debis Improve. The position of German commercial debts has materially improved. As a result of withdrawals, the service on German long-term, and short-term ob- ‘nrnmu due abroad should not exceed $170,000.000 during the current vear. Inasmuch as the Reich’s favorable trade balance will amount to very ma- terially above this figure, and since transfers on account of reparations will also cease, we look not only for no in- terruption in the service on loans. but also for a gradual repayment of short- term eredits. The fallure of German bonds to re- flect this improved situation market- wise is.in part due to the prevalence of high money rates in Germany, which render the purchase of loans, even at prevafling low levels. relatively unat- ‘This condition is not likely to obtain very much longer. Stock Quotations of Interest. ‘With the German stock exchanges closed, quotations of German stocks, even though unefficial in character, should be of interest today. The index of eight most actively traded-in shares | week at 82.18, taking July 11, tre day | far less serious than is believed by many. ! ‘The shares of Darmstaedter and Na- | tionalbank, the closing of which pre- cipitated the German financial crisis, | showed the smallest loss, selling at 95, | against 100'4 on July 11. Dresdner | shares declined to 75, against 100; Deutsche to 85 from 100. German Gen- | eral Electric were down to 64, against 84 the shares of the dye trust and Reichsbank to 100, against 125, and those of Siemens to 118, as compared with 140 on the day of closing. Competition In South America. Europe is beginning to compete with American interests in the utility field of Letin America. In recent years United States capital has been very countries south of the Rio Grande. In many instances such properties | were purchased from European owners at rather handsome profits them. is regrettable to a certain extent, Yrom the viewpoint of America, that today, | when prices are low and exchanges de- | preciated and plants obtainable at bar- STOCK A Week ago. .. Month ago. Year ago. . Two years g0 Three vears 2 32222 £ sengxs. £t active in the acquisition and develop- | ment of light and power properties in | ND BOND By the Associated Press, TUESDAY, AUGUST 11. tivity Distinctly Inconsistent— Germany's Offer to Buy Wheat Likely to Meet on Proposal. BY DR. MAX WINKLER. For some weeks past, the ed rei of rea- soning, markets today should display a firmer tone because news from abroad is | somewhat more encouraging. Discussions ties are progressing satisfactorily under the lead- The opening of banks throughout the Reich proceeded The German stock ex- changes are scheduled to open next week. repudi- The increase ip + junemployment is appreciably below the tructive it is within reason to - assert that they cannot continue to be Dr. Max Winkler. as an investment is at stake at the present time, according to Philip A. Benson, treasurer of the Dime Savings Bank of Brooklyn, N. Y. Testifying before the Interstate Commerce Commission yesterday, at the resumption of hearings in connection with a petition for a 18 per cent rise in freight rates, Mr. Benson ¢xpresséd the fear that removal of railroad bonds from the legal list would remove them vestment. This, the witness said, would tend to destroy their marketability, one of the three elements zing railroad securities. These ele- the order of their relative impor- tance, are safety, marketability and rate of interest. Igain prices, Europe is buying, whereas America’s activity was displayed at a time when prices were absurdly inflated, exchanges at or above parity and the desire on the part of America to buy | greater than the desire of the owners to dispose of their properties. (Copyright; 1931 by the Nerth American lewspaper Alliance. Inc.) | |INew York Cotton | NEW YORK, August 11 (#)—Re- newed liquidation influenced by rela- itl\'ely weak Liverpool cables sent ecot | today's early trading, but after selling off 7.08 for Decembes, the market cteadied én_covering and trade buying. This gent. December up to 7.25, or § | points net higher, but the bulge seemed | to mn: in “a little more selling and | the mid-afternoon market was easier | 4 _net losses of 8 to 10 points. | ¥Futures closed easy, 5 to 9 points : October, 6.93a6.96; December, January 7.2 larch, 7.4la iy T, | 744; ‘May. 7.61a7.62; Spot quiet; middling, 685 1 Qctober .. b received additional encouragement from Chicago Grain By the Associated Press. | CHICAGO. August 11.—Corn suffered a severe tumble late today. falling more than 2 cents a bushel to a.new low price for the season. The setback car- ried December corn down to below 39 | cents, the bottommost level since 1900. Stop-loss selling was a feature. | tember corn was relatively firm, with the oven interest In that month almost | 15.000,000, bushels and the buik of the | Chicago stock believed to be ewnesd by one leading operator. Wheat and other | céreals receded with corn. . In the last few minutes of trading ptember corn also broke the {low price record and went ul | cents | Reports were current that the grain futures _administration were investi- <ating the recent squeeze in the corn | market. Corn closed nervous, 3 to 2 ecents )l finish: wheat <a’s off: oats at l,al: decline, and provisions unchanged to 10 cents down. o i 330 | 58 4y December stood at the beginning of the current May RYE-— on which.the exchanges closed. at 100. | September ....... ‘The shrinkage. although pronounced, is ‘a‘:”"'_h" Markets at a Glance NEW YORK, August 11 (#).—Stocks buoyant; shorts retreat. Bonds irregu- lar; rails make new lows. Curb strong: brisk rally in last hour. Foreign ex- | changes firm; sterling holds steady. - | ton easy: lower cables, Southern selling. | Sugar easy: poor spot demand. Coffee | lower; weak Brazilian exchange. CHICAGO.—Wheat easy: large Rus- sian sales to United Kingdom. reac- | tion Winnipeg. easy; forecas | improved weather. Cattle steady. | Hogs lower. Sl ady AT MONEY MARKET. NEW YORK, August 11 (#).—Call | money steady, 1l2 per cent all day. | _Time loans'steady: 60-90 days, 1%a 1'3: 4 months, 1'2a13,; 5-6 months, {134a2 per cent. }mm commercial paper, 13;a2. Bankers' acceptances unchanged, AVERAGES STOCKS. 20 Rails. * 67.0 65.5 69.1 6.6 (Copyright. 1931, Siandard Statisti TRADEMAY BLOGK RECH CRAN S German Plan Seen to Market Own Wheat Abroad and Buy for Domestic Use. BY FRANK 1. WELLER, Associated Press Parm Bditor. her proposal to buy cotton on long-term credits. . It is apparent that with high tariffs to native farmers the repub- lic does not intend to use American wheat in competition with the home product. Obviously the idea is to sell the German crop, probably to Scandi- navian countries, for eash that is badly needed. and buy enough American grain to tide the country over to the next on long-time credits. t would mean, &s in the case of cotton, that Germany would use the American product in trade com; Stabilization stocks, which are said to bear down the domestic market. More Active Demand. Domestic grain markets have strengh- ened under improved demand and light- er offerings. Record low prices estab- lished for wheat early last week brought out & moré active demand from both domestic and foreign buyers. This, to- with the reduced country mar- of Winter wheat, reports of further damage to Spring wheat in this country and Canada, and larger takings by importing countries—partic- ularly the Orient, which is credited with almost 2,000,000 bushels—gave the market a firmer tone and cash advanced 3 to 5 cents at most Winter wheat markets strengthened materially toward the last of the week when the expected increase in market- ings as a result of decreased rates failed to matérialize. Receipts at the principal Central and Southwestern markets totaled only 8.471 cars, comi- pared with 10,234 last week and 10,81 & year ago. Mills became more active buyers as offerings decreased and premiums were advanced 2 to 3 cents a bushel on most grades and classes of wheat. Acreage Is Problem. nts. very much less than they are now— which means the amount paid the farmet is without precedent in every fi:mmm:mn«b lack of export demand, which final may cause heavy congestion and great . That speculation is unusuale ly low is evidenced by the fact that on one of the best days last week led only 29,856,000 bushels, compared with 120,000,000 bushels for the same day a year ago. . BUSINESS FEDERATION SEEKS 1,000,000 MEMBERS By the Associnted Press. n's nier 45 American Business e ufnn.mm' sagd e purpse of SA ?he organization is “to unite men Inflvmu:::ywnnd natiomally into an United Sf : out of private ‘Government tes: to get the ’bnll.n- u:‘mm“ to its proper judicial and legislative i R e CHICAGO LIVE STOCK MARKET CHICAGO, August 11 (#) (U States Depzrtment of Agriculture) — Hoge—17.000 head, including 1,000 di- rect; market fairly active; mostly 10 to 15 lower than Monday; hels and pack- ing sows, steady to 15 p-unds, 7.60a7.75; top, 7.90: pounds, 6.75a7.65; pigs. ing sows, 4.35a5.90; and choice, 140-160 light weight, 160-200 pounds, 7. medium welght, 200-250 pounds, 7.008 7.90; heavy weight, 250-350 pounds, 5.65a7.25; packing sows, medium Apd good, 275-500 pounds, 4.25a5.90. slaughter pige. good and choice, 100-130 powmds, 6.00a7.15. t) stel 856-pound steers; mixed offering up to 9.50; ets on steers of value to sell .00 upward. Grass kinds and she stock slow. Other kinds mostly steady. Slaughter cattle and vealers: Steers, gcvod and choice, 600-900 lambs unevenly higher; uni kinds, slow, fairly steady:; early bulk native, 7.00a7.50; choice kinds, 7.75a 8.00: Westersn unsold: native ewes, 2.5083.25; lambs. 90 pounds down. and choice, 7.00a8.25; medium, NEW NEW YORK, August 11 (#)— BANK srooxs, ¢ YORK BANK STOCKS