Evening Star Newspaper, August 14, 1931, Page 15

FINANCIAL Everybody’s Business | |END OF CUT-THROAT Better Tone on New York Exchange Attributed to mm m Progress of German Credit Problems—Congress Advance in Cigarette Prices Expected to Tackle Tariff in Move Serious T — Interpreted as Reflecting Improved Condition. of electricity in the United “tfl for week ended A\‘ult 8 totaled 1,642,- ,000 kilowatt hours, decrease of Stock and Dividend Rate. Lone Star Gas n 88c.; % Louisiana Lan & Bx. MacMarr Stores (1).. Magdalena Synd. . . Mavis Bottling (&) May Radio (1)... Mead Johnson (4%, Meniph N Gas (60c) .. Mereantile Strs (1) Mesab Iron. . Mesta Mach! % Mid Sta Pet vtc B. Mid W Sts Ut b10 Mid West Ut (b8%) Mo-Kan Pipe L (A)., Mo-Kan Pipe L (B).. Miss Riv Fuel bd rts, Mountain Prod (1)... Nat American Co. Nat Aviation. .. Note—All stocks are in one hyndred-share lois ~Prev. 1031~ *Ml‘fihmm-(fi) (2508). y Dividena Rate. - Add 6 Open. 4% Acetol Prod A 11% Affiliated Prod 1.60.+ 6% Air Investors cv pf, o Ala Pow pf (6). 102% Aluminum Co olAm.uMnts Am Austin Car. . . 1 Am Cit PALBb10%. Am Com P A (b10%) Am Com Pr 18t pfA 71008 ‘Am Cyanamid B Am Dept Stores. Am Equities Am For Pow war. 4 Am Gas & Elec (3 Am Invest Inc (B) Am Lt & Trac (2% ‘Am Maracalbo Am 8t Pu 8v ( Aanoo opcn. llllh. Low. Close. 10 15‘4 6 . Low. Close. 61 6% ”K Sh ION 103 128 Improve. (¥ ’Et " 103% 224 Industrials Also Demand for Utilities Shows Increase. BY DR. MAX WINKLER. Special Dispatch to The Star. y =% NEW YORK, August 14 e German credit problem seems be nearing & solution. Prics of muflfiu and quotations on Euro- pean ::c:lnm'gtu leemm m“i th':,fi‘f"u"'t of the exlmmlttleie £y udying these questions cessful. Albert Foan . vflgm chairman of the group, has been authorized by the New York banks which have short- commitments in BY CHAS. P. SHAEFFER, Associnted Press Business Writer. ‘The era of sharp competitive retail selling appears to have reached its peak and a period of healthful compe- tition is in prospect. The first step toward this end al- BY JOHN A CRONE. @ipecial Dispateh to The Star. NEW lmermpo- o A ST ‘ 19 Amer G & Am Superpwr (p Am Thread pf (25¢) Am Transtormer. Am Util & Gn B vte. Anglo Chil Nitrate. Appalachian Gas. ... Arcturus Rad Tube. . Arkans Nat Gas A. .. Art Metal Wke (60c) i Asso G&EL (A) (al). Ass0 G & E1A dbrts., Asso O & EIWAr. ...y Atlas Plywood (2).. Atlas UtH Corp.....s Atlas Utilities war. . Bahia Corp. Bahia Corp pi Bell Tel of Can Beneficlal I L (1%). ll\u R:‘n Corp Sory Brasil Trao Lt&P (1) Buckeye PL (4).. Butler Bros. ... Canadian Marcon Carib Syndicate. . Cent Fire Ins Bo v lr Cent Pub 8veA b10% Cent Stat E1 (b10% ). Cent Bt El pf xw(8). Cent West PS Aallf Nat Family Stor Nat Fuel Gas (1) Nat Investors Nat Pow & Lt Nat Pub Sv A (1.60) Nat Service Nat Sh T Se Nat Transit (1) NYTtlnf (!%). N Y Transit (170c).. Niag-Hud Pow A w. Niles-Bemt-Pond u) Nipissing...... Nordon Corp Ltd. Nor Am Aviat A war, North European Oil., Nor Central Texas. .. Nor & So AmCorpA. 1 Nor Ind Pub S pt (6) 258 Nor Pipe Line (4)..150s Ohio Ol cu pt (8) Pacific Pub Sve new Pan Am Alrways Pandem Ofl. ... Pennroad Corp (40¢) Perfect Circle (2)... Perryman Electric. . Petrol Corp war BE3C2S2IESEREIT2 3 iy 88 afford an opportunity to those who are charged with the 74 | the demntgsp%( natfons to evolve and put into effect suc! mn{nto act on their behalf. valls on_the &nd the b llnehlnc e shorts m to be indl general, a much better tone pre- ew York Stock Exchange, g is of a much moreé impres- T than the selling. Moreover, duals unfa muln with '.ht mndmenu.h and merely turn is Intergovernms it the market are the same men %’l:l‘ pflcu in the uch men are ble tor mu‘n'. ‘movements, the not far off. Tarift lh-ol for Crisis. tal debts and unrea- sonably high of the administration question DR. MAX WINKLER. torium. suspension for one year may not m’ omic crisis. Wnamnswn’ it . e has dealt with the debt through the one-! mora- Although it is admitted that the provide a complete cure, it should dance of measures as will prove far-reaching and of lasting benefit. Co-operation be- tween creditor and debtor nations is ted to be tackled in a much more that this will rot be lacking. The tariff problem is e imperative. Indicatipns point ready han been taken by an increase in the wholesale price of the four lead- ing brands of cigarettes. New Basis of Cost. ‘The new basis of cost to retailers of these brands is 12.08 cents a package, as against a former cost of 11.20 cents. Under the old rate a retail price of two nlchxel for 235 cents permitted I.:n & net pmflt mr::fnw;’ mm of negl for independent cf Independent ;“n:c to & mnfm. 15-c0mt charge ered a severe loss of patronage. All this now as mn;n necessary, even for grocery chains, where overhead is & negligible factor, to demand a minimum price of 14 cents straight, or two pack- ages for 27 cents. Even with inde- pendents still maintain! & 15-cent rate the price differential is consid- ered too narrow to affect adversely patronage to any substantial degree. Earnings Enhanced. Earning possibilities of manufacturers #re enhanced by the increase. The expec “’4 i serious manner than heretofore at the December session of Congress. Ml It is believed that account will be taken of economic canddanuou 104% |rather than political views, which a s nla important part in the making of ufl.d & s lo! 1 Philip Morris In, Phoenix Secur Corp Phoenix S Cpf (3). a Pilot Rad Tube A. Pines Winterfr (1 Plymouth O1l (1) % Centrifug Pipe (60c) ain Store Devel Chat Phoenix nv ( Chief Consol Mining. Citles Service (g30c) Cities Serv pf (6). g: profit margin at the new price 2 {are of the opinion that proucuon is useful, they are equally of the gross who _maintain a straight Jg-cent charge Der cent. E % - ! i SOFT DRINK INDUSTRY INVOLVES $600,000,000 , the do- NEW YORK, Aumm 14 (P —New | ‘bond off: 1.”' “ek‘ tad 10 1 conesea i | com] 38756000 'in the Tvesk and 7s1ooomunmmam¢ ‘week year. Detroit Bonds Offered. 14 WA am DETROIT, Auun nkers Co. of | MY& oflemuo, lhwm!mflu'h one to five years. CHICAGO STOCK MARKET By the Associated Press. in ircraft -bruns 0 u-lue Ser A 2 ailie-Her B 180 711 Brick ngull Ut or an. .. Drus. B 5 S e ST g 23 T SRS FE EFITEEIEE 220s 38, SSRIINNS s - P & i - T O l % ] | a0 E: 5 &r.::s:s:‘_.:sz.mst" Swd! g & Cmwith Edison Cmwith & Sou war. . Com Wat Ser g123%c. Consol Auto Merch. . Consol Copper. . Cont Shares cv pf . Cont Shares pf (B).. Copeland Pr Inc (n). Cord Corp. . Cor & Rey pf A (6).. Cosden Of1. Creole Petroleum. . .. Cumberiand P L (2). 150- Cuneo Press (2%) ... Curtiss Mfg Co (A).. Curtiss Wright war. Dayton Alr & Eng... 175 Detrolt Afrcraft. . Driver Harris new 2% Dubllier Cond & Rad. Duquesne Ga Durant Motors. A Bast G & F As pf (6) .1008 East Sta Pow (B)... 20 Elec Bond&Bh (b6 %) 399 Blec B & Shpt (8)... 9% Elec B & Sheu pfs. . Elec Pow Assoc A (1) Blec P & Lt op war. . i Europ Elec deb rts Evans Wallow Lead. # Faleon Lead. . Fansieel Prod Ford M Can A (1.20) 9% Ford M Ltd(36 3-5c) Fox Theater (A) Gamewell pt (6).. Gen Alloys. Gen Aviation. Gen 1 Ltd rets 3’ §-5e CGen Empire (1), Gen G&H cv pf B(6).100s Gen Theat Bqev pf.. 21 Glen Alden Coal (4). Globe Underwr Goldman Sachi Graymur Corp 1 Gt At&P T ny (16% ) 2608 Gt At&Pac Tea pf(7) 208 oe Strs Prod vte Guif Oil of P (1} Haekmester Lind. Happiness Candy Hazeltine Corp (1 Helena Rubenstein. . Hudson Bay M & 8 Humble il (12%) Imp Ol of Can (50¢). Imp O Can reg (500) . Indiana Pipe Line(1) Ind Ter luOli A 1nd Ter Illu Oil B. Insull Inv (b8%). 1ns Co ofNo Am 123 Insurance Sec (40c). Intercontinent Pet n. Int Hydro cvpf 8%.. Int Petroleum (1)... Int Buperp (11.10)... Int Utilities B. Int Utilities f pr(7) 508 Kolster-Br (Am 8h). 28 Lackawanna Sec (4) Lake Shore Mul».). Land Co of Florida. Leonard Ofl. .. 3 4 2 e | Libby McNell &L... 1 Prod Roalty (b10% Prudential Invest Pub Util Hold war Pub Utll Hold xw. Puget Sa PAL pf (8). Pyrene Mfg Co (40c) QRS-De Vry. . Reeves (D) (1 Reiter-Foster Rellance Int B Rellance Manag. Republic Gas Corp. . Reybarn Co. . Richfield Oil Cal pf . Rock Lt & P (d0c) Rossia Intl (10¢). St Regis Paper (60). Seaboard Utll (28¢) . Secu Corp Gen (40c). Seaal L & H (a50¢) .. Sie Ind al ctfs(5%).. 8lct Ind prior(6%).. Sentry Safety Cont. . Shattuck Den Min. .. Shenandoah pf (a3). Singer Mg (116).... Solar Refining...... SoCal KA pf B (134). lou Cal Ed pf C(13%) South Penn Oil (1). . Southld Royalty 20e. \\' Dairy Products. ay Stern pf. . tarrett Corp pt Strauss Roth. .. Stutz Motor Car Sylvanite Gold Mine Tech Hughes (60c). Texon Ofl&Land (1). Thatcher Sec Corp. .. Tish Realty & Con. .. TransLux DLPS.. Tubize Cantillon (B) Un Nat Gas Can (1). Union Ofl Assoc (2). Unit Carr Fast (10¢) Unit Dry Docks. ... Unit Founders Unit Gas Corp...... Unit Lt & Pw A (1).. U'S Dairy (B U S ElogPow ww. U 8 & Intl Secur U 8 Inter Sec 1st p 4 US Lines pf. . Unit Verde Exten u) Univ Pictures Utah Metal & T Util P&Lt(at1 Util Pwr & Lt pr(7). Upl&Ind ... Vacuum 0! ; Venezuela Petrolm . Vick Financial (30¢) Walgreen Co.... % Walker (H) (500).." Wenden Copper-. ... . ‘Woolworth (FW)Ltd 11% 11% “Y" 0il & Gas M I 1% Dividend rates in doliars based on last quarterly o % | payment. *Ex dividend. tPa SPlus 1% in' Sock yable in cash or e Ad dividend. {Plus 6% in stock » Phus 1% stock. JPlus 2% In stock. m Plus 3% in stock. 1 Plus 8% in stoek. 70 regular rate. $186,652, equal to 73 cents & monlporlucm Ltd—Common share earnings | share. Economy Grocery Stores July sales up 3.7 per cent; tonnage up 15 per cent. | , Gillette Safety Razor suing Segal Lock ! & Hardware for alleged patent infringe- | ment on ragor blades; summons fiied in ‘Pedenl Court on behalf of Segal Lock | & Hardware Co. alleging violation of ‘clnywn act by this company; reported $1,500,000 damages would be asked. Goodrich, B. F, Co. consolidated net sales, six months ended June 30, off 23.2 per_cent. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS By the Associated Press. NEW YORK, August 14 —The follow- is a summary of imj it o - | _Houdaille-Hershey Corporation acqui~ General Motors denied by president. Blatistios Co., Inc. New York, for the | mmnfllum Cigar M{c ine common Associated Press: e‘mlnr,llxmentmto.! e 30, News Trend. ‘nuvn 4137 - Brokers' loans showed & furthier de- | per cent: séven monihs’ of 165 Pt cline, dropping to the lowest levels since | “ff’m '0 e :e: f $17.- aw Grooeterias, Lid., Januasy 8, 1824 The redustion of $17- | ¢ LCl N0 G0Ny o1k va, $134,00 000,000 brought the total to 1328 | ® NSO IL BRA v SURAN 000,000 as of August 12, with the major | share , six months to June 30, Part of the deciine in New York City. | 90 cents ve. $4.68 Pittsburgh & Lake Erie Railroad | The | six_months to June 30, $1.29 vs. $1.34, Great Atlantic & Pacific Tea of | America—Dollar sales five weeks ‘ended | August 1 off 1.24 per cent; July tonnage sales up 11.14 per cent, Milwaukee Elestric Railway & Light— Net income 12 months to June 30, $3,840,707 vs. 85,345,503, Valyoline Oil—Deficit five months to May 31, $69,396. MACHINE TOOL MART SENTIMENT IS BETTER | Special Dispateh to The Star. NEW YORK, August 14.—Improved | sentiment and actual progress in sev- eral centers are reported in machinery and machine-tool markets in the first x;leklnr ‘x‘hemyel:rs -Jowutc:;::;h erican Machinist _reports. Buffalo and Philadelphia show up- turns. Other districts are marking | time, although good prospects are | cropping up in the stape of inquiries six m J\fl{ 3, .l‘n mon 8. Bethlehem Stee! ives_order mll.flflhflhpl’l Jersey. X '.'Wflch Corporati deficit, jon six months to0 June 30, $1.463.154, vs deficit $5.351,660 Norwalk Tire & Rubber unit sales for five months ended July 31 up 69 per ecent. Ohilo Oil 6 per cent preferred share esrnings 12 mumm ta June 30, $2.10. Philadeiphie Electric sesks approval for purchase of thre: Chester County companies which have been working under operafing agreement with com- Oil of New Jersey—Exten- | earpy sion of Wayne field line to Mt’:‘n::’y planned subsidiary, Lycoming " ural Qas vnnnmtusmumnm’nnuec from Coum- | ves order mmm’ x s, e ynoldn to June 3 dated) ”IM Rutland Railroad deficit, six months to June 30, $04.420 vs. net income $96,- 025 equrl to $1.06 a preferred share. Standard Ol of New le Mrv Magnolia Petroleum, wz ~erl|u a barrel for nu at ‘hxu Standard Oil of Ohlo reported ne- otiating for acquixition of Solar Re- ning Co. Underwood Elliott Fisher declares $1 quarterly common dividend; previously paid 81.35. United Chemicals: common share earnings six months to June 30 20 Rubber me output cents, va. ll_;‘l“ Firestone & Mfl-tflm-m or 60 per cent | mmnwxumx.m common share, earnir: nm Jum!nsuuu.w* at Keith-Albse-Orpheum mbn | | e oil 4,009 vs. defieit (consoli~ nel ing deficit, six months | urnlnr six months 0| and leads. Used-tool demand continues | light and industrial absent. buying is still CKICAGO DAIRY l(AlKET CHICAGO, August 14 () —Butter— 9,680 tubs; st creamery _specials (93 scors), 29a29'5; extras (92 sccre), ‘"l extra firsts (90-91 score), 2% u:'l' firsts (88-39 score), 24a25%%; | senonds (86-87 score), 23a28; standards (90 score, centralized cer lots), 2715 ¥iggr—€,922 cases; week: extra frsts, 20'%%821%: fresh graded firsts, 1905 current receipts, 15a17; Poultry—Alive, one car, 28 trucks; | firm; fowis, 17'4a20; broilers, 20; fryers, ' , 23: roosters, 13; 17; turkeys, | 21; Springs. colorsd, | 15a18; white cucks, l.em 1. 13; NEW YORK K BANK STOCKS NEW YORK. August 14 (#)— s 900 Rubber Sbes 38 631 2 E"“ Qulj O IMinn G & Lt 41a8 13 ing § & B ag § Miss Pow & Lt 5 3 Miss _River ¥i - Fiectric .-,v,z, 7 1 New £k ow 51os Rew Orieans 4 ¥ L s 68 3's 51 51 ot B L*ss.A‘sz?z bt s 22 West Penn by Wes { Wikcon PAL B fl Habh, Pm'tmn BONDS D New wi—When issued, \.lu w’g\, 96 3 ba ”’:‘ " 9! 104 59 8 3 o i :i& 4 1006 1 e belief that extrln{an: and rigidly protecnve measures rarely, if ever, accomplish what 1) eir framers intend to achieve. Besides, they al- most in variably lead to friction among nations, which creditor coun- tries cannot very well afford. ‘Wrong Impression Conveyed. The lverlte investor is bound to inclined to take every statement which i1s made at face value. Every one is pleading poverty. The rails, applying for a 15 per cent rise in freight, maintain that unless the in- danger. Holders of raflroad securities argue that failure to grant an increase might tend to impair further the ai: reufly weaketied position of their rail- S| threaten to use sumuuu- in the event of an increase be ruinous 16 what e8s there is. in each onen argument, it does not contain the whole truth. Prosperity on Wa; 'l'he credit is dead: % & it g 2 5 B 25 35 88 ‘. i g 5§£ ! H E 582 g5 8% il : % | ] § f | il igg i g 3 rity is beginning to return, ac- | Para. cording to Wmum Dickerman, presi- dent of the American Locomotive Co. Oommentln[ on conditions in gen- eral, Mr. Dickerman, who has just res turned from abroad, points out that he has found a basis for bflur feelin| m the business outlook in % !of the opinfon that the recent vote up- 2:s | holding the German Government has|regard credi 4 it | e | i | fl;"“y improved confidence throughout continent and that a sense of se- curity is developing gradually, which, When fully grounded, will hasten the return of prosperous times it the world. Sees No Change in Sugar. It is doubtful whether the continu- ance of difficulties in Cuba will have a marked effect upon sugar prices | gardless of developments, it i felt that the Chadbourne-Gutierrez plan will not inter: wit because powerful ;Ame‘rticxn banking interests are back- ng Furthermore, most of the sugar now in Cuba is owned by American interest fix;dl mmuu e\vfm. of ulflcumn it 15| g ely receive protection. Some changes in nen o:fil positions are, however, not impr ble. One has too much respect for the by it exsotie, Olya Herers s et sad o fi s (Copyrieng, 1031, » of bonds may mmm-.llh un Al‘lllfl.!v . - CEMENT PRODUCTION DROPS 6 PER CENT Output in 1930 Placed by Bureau of Mines at 161,197,228 Barrels. By the Associated Press. Domestic cement production totaling 161,197,228 barrels in 1080 was reported |by the Bureau of Mines today as & | decrease of 6 per cent from 1929 and |9 per cent from the peak year of 19 AMERICAN MACHINERY GAINS IN NEW ZEALAND | By the Associnted Press. . | American industrial machinerv has | made rapid advances in Néw Zealand | during the last few years. A report to the Commerce Depart- ment indicated total imports iate New Zealand in 1930 were valued in excess fl“‘{, lmq xmacun he ni was t supplier, which was attributed to m population’s British an and unfl .:fikmmm!finl 0 26 per | ot 4:500.000, of which $1.212.000 repre- i would be approximately 24 try i8 increasing rapidly. m dlmfl!h?'ommm mmuu. i m :?"n'i““"“ Preliminary fig- = ”1 for 1930 indicate a slight setback mn. New York Cotton NEW YORK, AII‘M 14 decline 1 opening to easier Ll'!l'ml cables and resell- by some of yesterday's buyers was wed recoveries on covers off to 7.17 at the start, % hd‘ toel7 .33, or Zup"otnu bove yesterday’ losing quotations, but the market later eased again under buyers, with prices clines of about 9 to “m“ around 2 o'clock, Futures closed barely steady, 'r to 10 points lower: October, 7.04a’ Decu-ber 7.2307.25: J-mnry. 1: ch, 7.54a7.55; May, 7.7287.74 .vuly. 827.00. Spot quiet; mlfldllnc clo n: By the Associated Press. GO, August 14. -—Incrnfi lngeepruure on September corh breaks today in which that delivg'y fell to a new bottom record Fik ruining tember of his people. was investigating in which corn was la_cents a bushel. 1 of prices, which amounte 1, meaultk rally of lbout 1 cent. Corn ci nerwuz, 14-135 cents lower than nmrnys finieh; ~wheat, cha to 33 down; oats, (- and pmvuwm 15 to 50 cents uj un- Bic!sh e 'uu and excavating FORD MAY BUILD PLANT Shipments from mills in 1930 amount~ | . 17¥ g:"‘ dredging ed to 150,050,33¢ barrels, valued At/ $228,719,756, a decreas® of € per Gel!'.I in quantity and more than 9 per cent | in gross value. Ths average ucm price per barrel, in bulk, was $1.44, & | decrease of 4 cents per barrel, as com: % | pared with 1929. | | | | B BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, August 14— Sales STOCKS. gAruaazx Cogporation | ot Decxu p?g e 2 conna:-ud com l elity 27 Fidelity 168 Binance Co o Ammu l rst National ?’:n Last le “. Producers’ stocks on hand at the | mills increased, reaching 25,838,427 bar- rels December 31. They were 9 cent higher than at the end of previous year and represented the hrg- est stocks on hand at the end of ll\l\ year covered by the bureau’s records. The commercial capacity for produe- tion of finished Portland cement of the 163 plants active at the end of 1930, | r and of three plants idle in 1930, but M. producing within the three pnvioua‘ years, was 270,044,000 barrels. total included increased capacity from extensions and improvements at old ~/ants. There were no new plants re- gomd ntering production lm, year. ‘he year's production was 59.7 per cent | 'of the indicated capacity, ns compared | with 65.9 for the previous 12 months, in thé ON RIVER AT CLEVELAND year. The United this business amounted to 64 per eent and 59 per cent, lm.llmwgm By the Associated Press. tus likewise | NEW YORK, August 14—Dow, Jones ,.,:..., & Co., in & special dispatch from Cleves t involved amounted | Jand, says the Ford Motor Co. is une . | £ Bt 1o St an a year on 365 acres of ot e Tiows Dt | IR Take' Coutiy, ivear. Glovalend, Wity | States’ total of the trade in this item :l‘n idea ?“loc-unu -:1 ‘-Ds;embly DL:n; nearly equal the enm amount pur- b ‘"’mfll oul cars a day, P B el fi tract is located on the Grand : s b e & race slastin . et . of $180,000 was approved by the —— voters to improve Grand River Harbor New Credit Executive, and make it accessible for lake steam= n;w YORK, Auu:‘t. iS l(:).;llmry s, leimann, president t ational | * It was said that on passage of Assoclation of it Men, will succeed | pond issue John Crawtorg, vice Dr. Stephen I 88 exscutive man- | dent of Ford Motar Co. rep- ager of that mmx September 1| resentatives in Lake len‘y that pllnl the muthn announced. The selec- | would proceed at once for tion of Mr. Heéimann, who is vive pres- | of the land and construction ident And credit of the Kawn-, §7,000,000 plant. eer Co., Niles, Mich,, The land is believed to be owned by Emnl of the Selection Commiittee of the New York Central Railroad and the organization. the Cleveland Trust Co. is said to hold the option for Ford. STOCK AND BOND AVERAGES By the Assoeiated Press. FRIDAY, AUGUST 14, Today. . M\;ous day LEAD STOCKS DECREASE. NEW YORK, August 14 (#)—8tocks ® tons in July last year. FALL BUYING DROPS. YORK. Al 14 (P ~The of Fall p\um in the New merchandise :