Evening Star Newspaper, August 15, 1931, Page 13

AUGUST 1 WALL STREET HOPES VAINL FOR IMPROVEMENT IN BgNDS Gmu "Ew lss‘[s Investors Believed Alarmed by Fear Raill GAm FUR ""s Y[AR D. C, SATURDAY MARKET EXTENDS CURRENT RECOVERY NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. ~Prev, 1031 ‘Stock and High. Low. Dividend Rate. 27 Houston Oil 6 -Houston Ol ) 3% Hudson & Man (3% Bales— Prev. Add 00. High. Low. Close. Close. 5 13 3 44 9 9% 36 Note—All stocks are sold in one hundred-share lete n*nl-. those designated by the letter s (80s) (250s) ahnev. 1 Stock and Bale: Prev. 5— 3 Dividend Rate. Add 00. High. Low. Close. Close. 14% 4% 4 "IN TRADE REPORTS Dun’s Review of F_Business Says Good Factors Offset by Urifavorable Signs. No well defined general commercial trends are revealed in the trade reports this week, according to R, G. Dun & Co.’s review of business. Various favor- ekis signs were said to be offset by unfavorable factors. “Price unsettlements are again a dis- turbing influence in some of the leading markets,” the review explained, “and the outlook for the remainder of the quarter s not so ‘clear as it appeared to be cily a few weeks back. Retail sales of seasonable merchandise have made a fair showing, but the volume s below expectations, in view of the at- tractive price concessions offered at the special Midsummer clearance sales and the assistance given by somewhat cooler weather during mcst of the week. Some ‘wholesale dealers are busier, particularly those specializing in accessories and plece goods. . Buyers of high-priced merchandise continue conservative in their commitments. The broadening of Fall buying in dry goods was temporar- 1ly checked by the first government cot- ton crop estimate and conditions re- y?;_ti’(or the season. e promised yleld is 1,500,000 bales Wbove trade estimates and expectations, and threatens to add greatly to an un- usually large carry-over from the last crop year. Cloth prices weakened, and the effect of the report on related tex- tile markets was quieting fo a_time. Definite sales improvement is reflected in millinery orders, with the heaviest wolume in two rs re] by some houses. The frequent duplication of orders is becoming particularly marked In men’s wu‘.r m; monmant‘ of 1‘“';2 been slow. sharp gain in metl for furniture is reported in some e normal production, are not barren of . Leather consump- tion during June was the h%hut for month since Januay. Shoe fac- jes in some of the large centers are now doing more than at any time in 10 years. Some rather poor sta- arding activity in July have ht, notably that of %kon and steel t_production, whi fell to the levels of 1921, The output of au- tomobiles in July below the Commeodity Prices Lower. “Declines in commodity prices have e D erment, conaidaring that of rment the advances this week constituted 45 cent .of the total alterations, con- rasted with 49 r cent last week. !naerevmn es this week, which Jess by one than those of & week firm, and dairy strongest items wool remains in sale premium, nounced following approval of the plan by Gov. Ritchie. On & bond issue sold at a record high to the Union Trust Co. of Baltimore Since Thursday’s issue of $500,000 cannot be spent until after January 1, work during the late Winter is assured on rmja:u covered by the sum. These include additions at the new peniten- u;znm Roxbury, Wi County: 8 Grove Hospital, Frostburg Nor- mal l, National Guard Armory construction, additions at the Maryland Traning School for Colored Girls, House of Correction and in the Depart- ments of Conservation and Forestry. ‘The State’s next bond issue, of $1.- 996,700, will be sold Pebruary 15, 19: and the last, of $3,075,700, on August 15, 1932 Through the Winter months, when| paving activities cease, the State Roads | Commission will employ men for grad- | ing and other cold-weather jobs. ‘ork already under way by con- tractors also is due to continue and payment will be made out of future is- sues. The high bid of August 12 on the bonds was 107.065, a 25-year record. ‘That in June was 108 plus. Personal Mention. William D. Hoover, president of the | National Savings & Trust Co. who is enjoyin, & vhcation at North Pond Club, Oakland, Me., is expected to re- turn to the cfty the last of i&is month. P. E. Ghiselll, vice president of Ped- eral-American National Bank & Trust Co.. Fifteenth and H streets branch, is on vacation at Craig Healing Springs, Va. H. J. Donoghue, assistant cashier of the same institution, is on vacation. ) CUBAN COMMUNICATIONS ARE REPORTED FOR SALE | By the Assoctated Press. Negotiations for the sale of the Cubsn mmnum‘- telegraph and radio sys- | {0 private American interests are | reported by the E 381, 107 2\,., Abitibi Pwr & Paper, 1 4% Abraham Strauss Adams Express (1).. Addressograph 1.40 Ady Rumley § Alr Reduction(t4%). Alaska Juneau (40c) Albany Wrap Paper, Allegany Corp. ..... Alleg Cp pf $30 Alleg Cp pf w $40 w i Allied Ch&Dye (n6). Allis Chalmers (2).. Am Bank Note pf (3) Am Beet Sugar pt ‘Am Can Co (15) Am Comcl Alcohol. . 4 Am European Secur. Am & For Power. ... Am & For Pwr pf(7) Am & For Pwr 2d pf. Am Haw St'ship (1), Am Home Prod 4.20. ‘Am Ice Co (3). Am International. .. Am Mch & Fdy 1.40. Am Metal Co 4 Am Pwr & Lt ($1) Am P&Lt pf A st(5). Am Radiator (60c). . Am Rolling Mills. Am Safety Razor (5) Am Ship & Com. . Am Smeit Ref (2) Am Solv & Chemical. Am Stores (121) Am Sugar Ref (5).., Am Suzar Ref pf (7 Am Tel & Teleg (9) Am Tobacco B (16). Am Type Fy pf (7).. Am Water Wks (3). . Am Wat Wks cfs(3). Am Woolen Co...... Am Woolen Co pf. Am Zinc & Lead. , ... Anaconda Cop (1%). Archer Daniel Mid. . 4 Armour of Il (A) ... Associated Apparel. Asso Dry G (2%). Atch To&S Fe (10). . Atlantic Refining (1) Atlas Tack......... & Auburn Auto (f4)... Autosales. 3 Aviation Corp (Del) 9% Baldwin Locomotive 43% ‘Balto & Ohio (5).... 5% Barnsdall Corp'n. ... Beatrice Cream (4 Belding-Heming Bohn Alumn (13%) Borden Co (k3) . Borg Warner (1). . 18 Botany Con Min (A).100s Briggs Mfg (11%).. Bklyri-Man Tran (4). Bkiyn Union Gas (5) Brunsw-Balks . Bruns Term & Rwys. Budd Wheel (1)..... Bullard Co. , . Burrough A M(11%) 83 g 1 1 20 1 1 17 95% Bush Terminal pf(7) 10s 1% Butte Copper & Zine. 28% Byers (A M) Co. . 20% Calif Packing (2)... 10% Camp W&C Fdy (1). 213 Canadian Pacific 1% . 51% Case (JI) (6)...... ) 47 85 Case (JI)pf(7).... 4 2134 Caterpiliar Trac(3). 8% Celaness Corp. 177 Cent Aguirre (1 14 Cerro de Pasco (1) 2% Certain-teed Prod. 7 Checker Cab Mrfg. 27 Ches &Ohio (2% 27% Chesapeake Corp(. 15% Chi Great Westn pf. 25 Chi & Northwest (4) 22% Chi R1& Pac (m2%) 14% Childs Company. 3 12% Chrysler Corp (1)... 268 2 City Stores. . . 138 Coca-Cola (17%) 50% Coca-Cola (A) (3)... 40 Colgate-Pal-P (234). 101% €61g-Palm-P pt (6).. 9 Collins & Aikman. ... 9% Colo Fiel & Iron. 20% Col Gas&Elec (2). 6 Columb Graph (56c) . 6 Col Graph cfs (56c). 55 Columb Carbon (5).. 13 Comel Credit (2) 20 Comcl Cred pf (1 20 Comecl Inv Trust (2). 82 Comm Inv cvpf(e6). 2 1 1 1 1 1 - 4 1 8 5 3 . 208 1 1 10% Comecl Solvents (1).. 120 6% Comwlth&Sou (40c). 90 Comwlth&Sou pf (6) 6% Congolm-Nairn (1).. 25% Consol Cigars (5) . 22 3 6 2 8214 Consol Gas N Y (4).. 128 101% Consol Gas NY pf(5) 11% Consol Laundries(1) 25 ConsolRwyspf (6).. % Conso] Textile. 9% Contl Baking (A). 1% Contl Baking (B).... 40% Contl Can (2%). 34 Cont Insur (2.40). 5 ContlOf (Del) 3% Contl Shares. 55% Corn Product 123 Crex Carpet. 434 Crosley Radio. 80% Crucible Steel 80% Cuba RR pf (6).. 35% Cudahy Packing (4). 68 Curtis Publish (4).. 2% Curtiss Wright. 3 Curtis Wright (A). 9% Dayison Chemical. .. 14% Diamond Match (1).. 14% Domn Stores (1.20).., 17% Douglas Alr (1% 61% Drug Corp (4).. 71 Dupont de Nem (4) .. 124% 118% Du Pontde N pf(6).. 185% 21% 1% Fastman Kodak (18) Eaton Axle (1.60)... Fitington-Schild. ... Elec Auto Lite (6) Electric Boat.. . 4 Elec Pwr & Lt (1). Elec Pwr & Lt pf (T) Eng Public Sve (2).. Equit Office Bldg 21 Hrie RR. . Evans Auto Prod Exch Fairbanks Morse 1.60 Fashion Park Asso. . Fed Wat Sve A(1.20) Federated Dept Strs., ¥id Ph Fire In(2.60) . Firestone T&R pf(6) First Natl Strs (%) Fisk Rubber 1st pf Foster Wheeler (2).. Foundation Co . Fox Film (A) (214). F 118 9% Gen Electric (1.60) .. Gen Elec spee (60¢) . Gen Food Corp (3) Gen GASEEL A (e30c) Gen Motors (3) . Gen Motors pt (5). .. n Prig Ink (23%). . Gen Prig Ink pf (6). Gen Public Service. . Gen Ry Bignal (5)... Gen Realty & Util. .. Gen R & Ut pf () Gen Refractories (3) Gillegte Saf Razor. .. Gillette Saf R pf (5) 4 Gimbel Bro: % Glidden Co. Gold Dust (2%). 2 13 2 16 Buft (13%) 101 38y 15% 160 5l B35 108% 108% 176% 174% 112% 1 8 T 8% 11% 1 2% 147% 1 52% 45% 108 1 13% 5 31% [ 8% 5% 174 24% 96% 106% 1 14 30 % 1% 18, 4874 39% 9% 3% 678 144 3 40% 413 100% 1 0% 12% 8 6% 85 10% 24 05 1% 32% 23% 13% 22% 624 871 23% 13 224 16% 6 9 351 35% 25% 26% 39% 15% 243 2% 47H 52% 4% 034 13% 15 30% 9414 061 18% 29% 13% 134 484 391 9% 0014 36 123% 148% 147% 134 89 86 1% 38% 21% 57% 804 11 Hudson Motor (1)... 5% Hupp Motors. 3815 111inois Central (4), 2114 Indust Rayon (4) Inspiration Copper Int Bus Machine(n Int Cempent (4) Int Harvester (2% Int Hydro E1 A (e2 Int Match pf (4).... Int Nickel of Can (40, Int Paper & Pwr C Int Shoe (3)... IntTel & Teleg (2) ¢ Iot Dept Stores (2).. B61s Jewel Tea (4). .40% Johns-Manville (3).. 52 2 116% Jones & Laugh pf(7) 108 19 100%; 36 581a Kansas City Sou (2). K n Dept §: n Kayser (J) & Co (1). Kelsey-Hayes Wheel Kelvinator Corp.... Kennecott Copper(1) Kresge (S §) (1.60) Kreuger & T(m1.61). Kroger Grocery (1). Lambert Co (8). 18 Leh Val Coal pf ( 45% Lehman Corp (3) 22% Lehn & Pink (3). 11% Libbey Owens Glass. ¢ Ligg & Mvers B ( 2014 Liquid Carbonic (3 Y Los o eCamannn 11% Lorrillard (P) Co. .. 25 LouGas&ElA (1%). 8% Ludlum Steel. . #5 McAn&Forbes pr(6). 20 3 cCall Corp (23%).. cCrory Strs A (2). cGraw-Hill (2). .. N T ol McKesson & Ro P McKes&Rob pf(315) Mack Trucks (3). . Macy (RH)& Co(n3). Magma Copper (2) Mallison & Co. Marine Midld ( . Marmon Motor Car. . Marshall Fleld (23%) Mathieson Alkill (2) Maytag Co 18t pt (6) Mid Continent Petm. Midland Steel (3). Minn Moline Pow Mo Kan & Texas. . Mo Kan & Tex pf souri Pacific. rEE el el oA na A A M Montgomery Ward. . Morrell (1) & Co (3). 4 Motor Meter G & El. Mullins Mfg Mullins Mfg pf (7) Murray Cor "~ 14 11 43 13 Nevada Copper (1) Newport Co (1) N Y Central (6) N Y Investors 4 NY N H & Hart () ¥ Y Shipbuilding N Y Steam pf (8) % Noranda Mines. Norf & Westn (112). North Am Aviation.. 10 Nor Amer(b10%stk) 69 rth Amer pf (3)... 1 Northern Pacific (5). 2 7 Ohio Oil. . 10 317% Otis Bleva: .. I8 1% Pacific Coast 2d pf.. 1508 B8 Pacific Gas& E1(2). 5 Pacific Lighting (3). 3 Packard Motor (40c) 27 Panhandle Pro&Ref. Paramt-P(m1.62%). 38 Pathe Exchange. ... Pathe Exchange (A). Penney (J C) (2.40). Penney (JC) pf A (§) Penn Railroad (3)... Petm Corp of Am(1) Phelps Dodge (1).... i Phila&Reading C&I 3 Phillips Petroleum. . 261 Pierce O1l. . 1 Plerce Oil pf.... Pierce Petroleum Pillsbury Flour (2) Pitts Term Coal pf. 4 Prairie Oil & Gas. . Prairie Pipe Line(3) 19 Pressed St1 Cpf(7).. 1 Public Sve NJ(3.40). 14 Public Sve NJ pf (5) Pullman Corp Pure Ol 665 Pure Oil pf (8).. 24% Purity Bakeries (3 V90 Radio Corp. Radio Corp (B) Radio-Keith-Orph A. Reading Rwy (4)... Real Silk Hosfery... 2 Real Silk Hoslery pf. 30s Remington-Rand 10 Reo Motor Car(40c). 2 Republic Steel. ... Republic Steel p! 4 Reynolds Spring. Reynolds Tob A (3). Reynolds Tob B (3).. Richfield Ofl...... Rio Grande Oil. 10s eaboard Air Line. aboard Oil Sears Roebuck (233). Seagrave (60c).. Servel Inec..... ve Sharon Steel Hoop. . Sharp & Do pf (3%). Shattuck(FG) (113%) Shell Union O11. Simmons Co. . . inclair Consol O1l. kelly Oil...... Skelly Oil pf ww Southn Cal Ed (2). Southn Pacific (6). .. Southern Rwy (m6) . Spalding (AG) (1) Sparks Withing (1).. Stand Brands (1.20). Stand Gas&El (3%). Stand Gas&El pf (4). Stand Oil Cal (h2%). 34 Stand O1l Exp pf (6). 1 Stand O11 NJ (12)... 112 Stand Oil N Y (1.60). Sterling Sectr (A).. Sterling Sec cv pf(3) Stewart Warner. 25% Stone & Webster 141 Studebaker Co(1.20) % Superior Oil . 11% Sweets of Amer (1), Symington (A) 31w 99% 30% 13% 21 30% £ —_— 16% Telautograph (140) 18 TexasCorp (2)...... 29% Tex Gulf Sulphur(3) 21 Tex Pacific Coal&Oil. 714 Tex Pacific Land Tr. 181 The Fair (2.40) ... 3% Thermold Co. 4 Tide Water Asso Of 281 Timken Roller B(2). 17 6% Transamerica (40c). 98 64 Tri-Contl Corp...... 2 903 Tri-Contl Corppf(6) 5 281 Trico Products(23). € 6% Twin City Rap Tri 1 35% Twin City R Tr pt(7) 108 9% Ulen & Co (1.60)..... 39 Under Ell Fisher (4), 8% Union Bag & Paper. b & (2.60 N - 4 Unit Cigar Stores. .. 161 Unit Corp (75¢) 44% Unit Corp pt (3) 25% Unit Gas&Im( 83 wBed BerBensian 13 ™ 41 34 % 39 16% 12 8% 19 73 4% 58 * | sources of $2,704,773, net mo: .| ter market for railway bonds. + | accumulation of the ofl :|HUGH L. POPE ELECTED Advances Moderate and Not Spectacular in Short Session. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, August 15.—The stock market extended its current recovery in today’s week end session. The ad- vances were moderate and the trading was without spectacular feature. Buy- ing operations were conducted cau- tiously and such short covering as ap- jpeared was done leisurely. As a basis for the improvement | there was only the strong technical condition and the reasonable expecta- | tion of a seasonal trade revival after Labor day. The Street, however, has been deeeived too often in the last two years to jump to conclusions about any stock market rally. It is willing to be convinced, but wants more evi- dence from the business world before | rushing in to participate in an upward | movement, even one which has the | strong sponsorship this one seems to | enjoy | Perheps the most gratifying phase of | today’s operations was the stronger tone of the railway shares. Such seasoned dividend payers as Union Pacific, Southern Pacific, New York OCentral and Pennsylvania were all up 1 to 3 points. Ability to hold these gains will be tested mext week, when the July earnings statements begin to appear. It will be necessary also to have the rise in the stocks confirmed by a bet- | Another feature of the day was the | stocks which | Like the| was evidently in progress. rails, the oils have been under a cloud o ohg that any brightening of the skies is more than welcome. Standard Ofll of New Jersey made a new high on the recovery and the low-priced issues were taken in large blocks at the ‘best of the movement. Covering in of commitments for flie\ decline was the principal reason for the strength of stocks of which J. I Case is the type. A gain of over three points was recorded in Case. United States Steel crossing 92 made a new high for the rally. Eastman Kodak, which has been loaning at a premium and in which there is a very large short interest, Tan up some three points. Johns-Manville and Allled Chemical moved forward. The merchandising stocks were again in favor. Gains here | had a logical basis of increased sales. Woolworth assumed leadership in this group. Public Utilities shared the improve- ment, including especially Standard Gas & Electric, Electric Power & Light and Western Union. American Tele- phone continued its recovery. The market closed strong at the high of the day. Buying centered around the highest grade of stocks, including General Electric, Consolidatad Gas, United States Steel and American Can. J. I. Case was bid up over six points from the preceding close. Strong spe- cialities were Hershey Chocolate and Liggett & Myer: Ll OPEN FIGHT IMMINENT FOR NITRATE MARKET By the Associated Press. SANTIAGO, Chile, August 15—An open fight for the world's nitrate market appeared imminent as Cosach, the gov- ernment producing syndicate, announced a price cut on natural nitrate in the ‘European market. Alfred Houston, general manager for | the Guggenheim Bros. office here, said | the move was a protective measure de- | signed to meet the competition of syn- | thetic nitrate products. | ‘The development follows upon the | failure of international conferences held | recently in Europe to reach an agree- ment stabilizing the nitrate market. LAND BANK PRESIDENT Special Dispatch to The Star. BALTIMORE, August 15.—The Mary- land-Virginia Joint Stock Land Bank, al a meeting of the Board of Directors | this week, elected Hugh L. Pope presi- | dent of the imstitution to fill the va- cancy which has existed since the death of Elmore B. Jeffrey several yflm Mr. Pope is also t able Trust Co. of Baltimore. Charles J. Hanzlik, treasurer of the Equitable Trust Co., was elected treas- urer of the Joint Stock Lank Bank at the same meeting. The company's statement of condition as of the close of business July 31 shows total re- age loans of $2,540,364¢ and only one item of real estate taken over for the loan carded at $5500. Outstanding farm loan bonds amount to $2,256,500, legal reserve to $50,000, paid-in surplus $25.- 000 and undivided profits $76,209.17. The institution, which was mm in 1923, has a paid-in capital* of $250,000. —_— Seat ta Bring $200,000. NEW YORK, August 15 (P)—Ar- rangements_have been made for the sale of a New York Stock Exchange ‘membership at $200,000, a decrease of $5,000 from the previous sale. First Mortgage Loans * Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. SAFE FIRST Securities Will Be Removed ‘ i From Legal List. BY CARLTON A, SHIVELY. Special Dispatch to The Star. NEW YORK. August 15—Wall Street would feel happier if the bond market would join stocks in showing some tendency to rally. Once regarded as the bulwark of investment, the rallroad bond list of thé market has been the most disappointing in recent months. In their fight for an increase in . freight rates, spokesmen for the railroads have placed so much em- phasis on the danger of removal of the railroad bonds from the legal list for savings bapks that investors are perhaps feeling ndue alafm over such a contingency. ‘The consequences undeniably would be serious, but ‘wholesale dumping of bonds simply because they have been removed from the list is unlikely. The New York law, generally regarded as & model, forbids new purchases by the savings banks or for trust funds of bonds not on the legal list. Provision of Laws. Concerning the propriety of holding to previous purchases, the statute says “Wherever any securitiés purchased by any savings bank * * * shall have, either before or since the time such purchase was made, ceased to be an authorized investment for the moneys of a savings the su- perintendent (of banks) may, in his discretion, require such savings bank to_sell such securities.” 1f certain rallroad bgnds fail to meet the requirements this year, the bonds, assuming that no change JULY ACCEPTANCES DROP $140,170808 American Council Says Half of Decrease Consisted of Foreign Credits. By the Associated Press. NEW YORK, August 15.—A decline of $140,170,808 in the volume of bank- ers’ acceptances during July, almost half of which consisted of forel credits, was reported yesterday by the American Acceptance Council. The reduction, the largest for a single month since these statistics were first compiled, brought the total volume to $1,228,202,179 as of July 31, a decrease | of '$121,493,127 below the figure for the corresponding date lasf Robert H. Bean, executiye secretary of the council, said that almost half of the decline came through the contrac- tion of credits based on goods stored in or shipped between foreign countries and the maturity of many credits that were not renewed. “Notwithstanding some seasonal de mand for strictly American credi Mr. Bean said, “it is now helieved the total volume of dollar acceptances will be considerably lower for the succeeding several months and will continue to fall steadily below the figures for 1930.” MANUFACTURERS’ FINANCE COMPANY SHOWS PROFITS Special Dispatch to The Star. BALTIMORE, August 15.—Despite fro last r, the Manufacturers’ Finance Co. during the first six months of this year was able to show net earnings of $118,234. In the six months the company pur- chased accounts and notes receivable of $22,945,195. ~ Collections, including motor lines, totaled $30,782,079. n accounts, notes and acceptances, Wi last December 31 stood at only $7,344,947 despite the prevailing busi- ness depression, were increased to $8.- 247,704 as of June 30. meme?mny'- collateral mnun out were $5,541,000, against which it has cash on hand of $1,311,999 and accounts and notes receivable of #9,804,571, as compared with an aggre- of collateral trust notes outstan: & last December of $12,701,000. Money to Loan Secured by first doed of trust . e raliing intorest aad sommisaion: ™" Joseph I. Weller i Wash 1. & Traze Established 1899 MONEY TO LOAN at 1% 6% Interest Befors Placin u"l’fl'i::u.!o-r Consult WELCH Realtor Loan_Specialist * (National l'-"vhr"' & Trust Co Bids) Natlonal 4336 NATIONAL BANK 14th and G Streets Banking in All of Its Phases MORTGAGES YOU KNOW EXACTLY WHAT TO EXPECT from an investment of any amount in our 6% FIRST MORTGAGES ver a Third b comes Century varying. Without a assured. May be Less from $250 up. The conservative appraisement of the improved Washington real estate which is back of the mort- gage gives security for the principal. Regularly at the stated periods the 6% interest — never Thus safety and fixed income are purchased in an* nts £ B. F. SATUL CO. National 2100 925 15th St. NNW, | | | | | | made in the law, would not be eligible again for a period of five years. The effect on the market for new Issues would be pronounced. Railroads would have to pay higher interest charges on their borrowed money, because of the neee-lt? of selling new bonds to a class of investors requiring & higher return than savings banks. Discretionary power of the superin- tendent of banks is rarely exeicised and his authority to use it has not been tested in the courts. It is hasz- ardous to predict what any public offi- cial would do, but it appears likely that the discretion of savings banks would be permitted to function as in the past. Savings Banks are unlikely to hold bonds that seem to be on the way to default. Earnings of the railroads are available monthly and investors need not wait for any action such as removal from an approved list to decide whether their holdings are safe. Insurance List Broader. _Trusiees are in a more ticklish posi- tion. They are personally tesporsible for their actions in guiding the in- vestment of estate funds. If bonds are removed from the legal list, they are more likely than the savings banks to refuse to carry previous purchases even though convinced of their safety. As for life insurance companies, their investment is broader. Tgy have to follow no officially approved list. Thcy may purchase bonds, debentures, notes, preferred or guaranteed stocks, of any solvent institution incorporated in this | country, if such institution, or in the ase of guaranteed stocks the guaran- tor, during each of the five years next preceding such investment snall have earned a_sum, applicable to dividends, equal at least to 4 per cent of the par value of all the stock outstanding in each of the five years. ‘When these requirements were set up, insurance companies were given 20 years, plus o in wl?nch to dis- any securities previous! r- chased which did not meet tbebfl::d- ards. Beyond the judgment of the cor- poration, there is no pressure on the panies to dispose of investments that fall out of the legal class. The prominent part played in the re izations of railroads by rep- resentatives of the life insurance com- panies is evidence of that. Many com- panies hold such large blocks of rail- road bonds that a ready market is not available. (Copyright. 1931.) @he Foering Hiar Increase in Highest Grade : Flotations 65.4 Per Cent Above 1929. Speclal Dispatch to The Star. NEW YORK, August 15.—Although the total volume of new corporate flo- tations in 1931 has been sharply re- duced from the level of preceding years, the amount of highest grade new issues for the first seven months is actually 65.4 per cent greater than in the compar- able period of 1929, the peak year for new financing, according to an analysis issued today by Moody Investors’ Service. |~ Classifying the individual flotations by ratings, the survey finds that issues |rated A or better totaled $1,663,524,000 | from January to July of this year. This | represents a decrease of 22.3 per cent from the $2,141,819,200 in 1930, but a substantial gain over the $1,005.540,160 in the A or better group in 1929. | _“The improved quality of recent new financing is largely due, of course, to the larger proportion of bonds current. 1y represented,” the analysis comments | It also illustrates the more conserva tive attitude adopted by the investing public. About 70 per cent of the flota- | tions last month were rated A or higher, while thus far in 1931 the | amount so rated represents 761 per cent of the total. In the first seven months of 1930 it constituted only 48.7 | per cent and in 1929 only 153 per cent.’ : | The productive character of new issues has also improved in 1931, Moody's states, although the seven- month aggregate of productive financing amounts only to $1631,000,000, or smaller than in any year since 1921, | Expressed in relation to total flotations, the productive figure this year com- prises 71.7 per cent of the entire amount. “This percentage,” the analysis adds, “is higher than at any time since 1924, and shows that new capital is available pflndp-nm“{ to finance projects which are itely of a productive mature and which eventually will be transla into em of ma K 3 actual fimuty of productive issues, as well as in percentage to the total, would be more encouraging as a barometer of future industrial activity.” Point-blank is literally white from the French “point-blanc, refer- ring to the white spot, the center of a target. ADVERTISENENTS B ol RECEIVED HERE Do You Know What Happens? ‘When somebody loses something. of value; or finds what some one has 1 ost——straij the miss- ing article is advertised for—or the finder seeks the loser through a ’ Star Classified Adbertisement Everybody interested in Lost and Found news naturally looks to The Star for it. Copy for The Star Classified Section may be left at any of these authorized Branch Offices. No fees for the service; only regular rates are charged. In the Northwest 11th and Park rd.—Arm- strong’s Pharmacy. 14th and P sts.—Day’s Pharmaey. 1135 14th st. — Marty’s Cigar & Magazine Store. 17th and Que sts. — Ken- ner’s Pharmacy. 15th and U sts—G. O. Brock. 2912 14th st—Colliflower Art & Gift Co. 3401 14th st.—Bronaugh's Pharmacy. 14th and Buchanan sts.— Hohberger’s Pharmacy. 14th st. and Colorado ave. —O’Donnell’s Pharmacy. 3209 Mount Pleasant st.— Mount Pleasant Cigar and News Shop. 1773 Columbia rd. — The Billy Shop. 2162 California st. — Co- lodny Brothers. Wardman Park Pharmacy. 215 N. Y. ave. — Sanitary Pharmacy. 1st and K sts.— Duncan’s Pharmacy. 7th and K sts.—Golden- :erx‘s (time clerk’s esk). 7th and O sts. — Lincoln Drug Store. 7th st. and R. L ave—J. French Simpson. 11th and M sts.—L. H. Forster’s Pharmacy. In the Southwest and Va. ave. — In the Northeast 208 Mass. ave. — Capitol Store. 12th and Md. ave~Luck- ett’s Pharmacy. 7th and Md. ave.— Louis F. Bradley. North Capitol and Eye—Ken- ealy’s Phar- Yo 3500 12th st. Brookland Pharmacey, Brookland. 9th and U sts.—M. H. Hunton’s Pharmacy. Ga. ave. and Upshur st.— Petworth Pharmacy. 221 Upshur st. — Monck’s Pharmacy. 5916 Ga. ave.—Brightwood Pharmacy. . Ga. ave. and Kennedy st. —Lampkin's Pharmacy. 2901 Sherman ave.—Sher- man Ave. Pharmacy. 6224 3rd st. — Stewart's Pharmacy. lu:h Mass. ave. — Dupont armacy. 18th and Fla. ave—Bern- stein's Drug Store. Fla. ave. and 1Ist st. Reiskin. North Capitol st. and R. L ave. — Parker's Phar- macy. 1742 Pa. ave. — J. Louis 2154 and G sts—Quigh s sts.—Quigley’s Pharm: Newsstand. Wisconsin ave. and Macomb st.—Harry C. Taft. 4231 Wisconsin ave.—Mor- gan Bros’ Pharmacy. Takoma Park, 359 Cedar st. —Mattingly Bros’ Phar- macy. In Georgetown armacy. 30th and M sts.—Brace’s Pharmacy. 3411 M st.—Moskey’s Phar- macy. 2072 Wisconsin ave.— Haney’s. ‘Wisconsin ave. and O st.— Donahue’s Pharmacy. 35th and O sts.— Sugar's Store. 5104 it rd. — Modern tore. In the Southeast