Evening Star Newspaper, August 21, 1931, Page 14

IBONDS ARE LOWER | (o= o BOR YORK Received by Private Wire Direct te The Star Office Hud & M rf s ;..‘u Humble O 5% '33. Hungary 7%s '44. 111 Bell Tell 55 111 Cent 4s '52. (Continued From Page 13.) —=| INDRAGGY MARKET ~Prev, 1921~ Stock and Sales— d_Rate. Add 00. Higk. Low. 28 8 84 High. Low. ‘Dividen 11% 6% Tri-Contl Corp. ™ 94% 90% Tri-Contl Corp p! 10 3% Truax Traer Coal Co 1 35% Twin City R Tr pf(7) 10s Lib 3%s 1023 ‘Stock and Bales— I st 4% IRNe ." _ Dividend Rate. Add 00. High. 31% Radio Corp (B) (5).. 33 & 107% 107 107 11% Radio-Keith-Orph A. 42 6 84 84 17% Raybestos-Man1.60. 8 43 1 32 o Rail Issues Sag Further. Upturn in Buying Is Expected - ‘"Advance in Raw Materials Declared Vital to Busi- ness Recovery. ‘The belief has become general that commodity prices hold the key to re- wcovery from the pressnt and that no sustained upward inovement in business is likely unless the downward Jprice trend is checked and reversed, says Andrew A. Brock in the Financial «World. Therefore, at any time during m&m ths, when this relentlessly o ward *the mkldlemor 1020, seemed fo bl optimism business was prevalent, “only to give way to gloom and pessimism JWhen later on the week:y indices a; srevealed new lows. Many an s explanations for this pnenomenon have been given by students of economy and leven more pemedies and preventives ‘have been pfoposed. Aside from their individual merits, all forcibly prove the one fact—that this fall in commodity _gconomic order. o Two Sides to Question. ‘kets. 5% The other school of economists, while not entirely rejecting the theory of over- production, stresses the monetary aspect. of the question and It the price decline as a change in valuation of ‘medium of exchange, which is based 42% 6915 7% 30% 60% Reading Rwy (1) 5 Real Silk Hosiery. 5 Rels (Robt) & Co 5% Remington-Kand 5 Reo Motor Car (4 Republic Steel Republic Steel pY. 69 Reynolds Tob A (3 40% Reynolds Tob B (3 1 Richfield Oil. 3% Rio Grande O g 24% Royal Dich(m2.2789) 38% Safeway Stores (5). 86 Safeway Strs pf (6). 14% St Joseph Lead (1) 7 . St Louis Southwn. 4 Schulte Retail Stores 3% Seaboard Air Line... 10% Seaboard Ofl.... 447% Sears Roebuck (2 3 Seneca Copper Servel Inc. .. Shattuck (FG) ( Shell Union O11 Shell Union Ol Simms Petro! . Sinclair Consol Ofl Sinclair Oil pt (8). 4 Skelly Oil. Skelly Oil p Socony-Vacuum 1. South Port Rico Sug 4 Sou P Rico Sug pf(8) Southn Cal Bd (2). Southn Pacific (5 Southern Rwy (m$). Spicer Mig o Spiegel-May-Stern. . Stand Brands (1.20). Stand Comel Tobacce Stand Gas&El (3%). Stand Of1 Cal (h2%) Stand Ol NJ (£2). .. Stand Ol N Y (1.60). Sterling Secur pf.... Sterling Sec cv pf(3) Stewart Warner.... Stone&Webster(m2) . Studebaker Co(1.20) . Sun O1i (1) .. . % Superior Oil. 6 Superior Steel of| 15% 11% Sweetsof Amer (1 5% Tennessee Corp(50c) 2014 Tex Gulf Sulphur(3) 214 Tex Pacific Coal&Oil 7% Tex Pacific Land Tr. 8% Thatcher Mfg Co. ... 38% Thatcher Mfg pf 3.60 16 Third Nat Inv(mbbe) 15% Thompson (J R) (1). 4 Tide Water Asso Oilf 10 50% Tide Wat Ofl pf (5).. 281 Timken Roller B(2). 1% Tobacco Produets. .. 6% Transamerica (40¢). 19% Util P& 17 T1% 26 27% 2% 884 20% 40% 46% 60 264 12% 19% 150% 107% 119% 28 26% Wesson 16 15 2% 5 Weston 10% | 9% I8 72% 106% 80% 16% 3% 3% 54% 87% 66% 14% Youngs B 4 1 10:30 AM. 1:30 P.M. Dividend rates as | payments tPartly extra. last yesr—no regular . 1 Pl % Teq 4 us 2 Zenith Radlo........ Zonite Prod Corp (1) 2 Sales of Stocks on-New York Exchange. based on the latest quarterly or haif-yea: % . fPlus 9% in stock. A Psid P 3% haehls in fhock.” o Payable 1n cash K ) | i ferred stock. k Plus in stock. m 7% | o “Tegular Fate. n Plus 5% in stock. B Pius 202% 1n : 9% Ulen & Co (1.60) 2 9 Under Ell Fisher (1). Union Bag & Paper. . Union Carb & (2.60) . Union Oil of Cal (2). Union Pacific (10). .. Un Tank Car (1.60) . & Unit Afrcraft....... 1 Unit Afrcraft pf (3). Unit Carbon........ Unit Cigar Stores. .. 20 % Unit Cgr Stre pf(6) . 1 Unit Corp (75¢)..... 307 Unit Corp pf (3)..... 10 Unit Fruit (4)...... Unit Gas&Im(1.20).. U S Gypsum (1.60).. U'S Indus Alcohol. .. US Leather (A).... 2 USPipe& Fdry (2). 14 4 US Rubber orioh U § Rubber Istvf... 3 USSmtg& Ret (1). 2 U'S SmigkRefpfi% 1 & U S Steel Corpn (4). U § Steel pf (7)..... United Stores (A)... United Stores pf (1) 69 3 73 12 37 405 1 a1 L(A) et2.15 76% 234 Vanadium Corp..... 7% Va-Car Chem 6% pf. 381 Vulean Detin (4). Wabash RR. Waldort Sys i Ward Baking (A) Ward Baking (B). .. Warn Bros Pictur Warner Bros pt ‘Webster-Eisen Of1&Sno(2). Western Dairy (B).. Western Maryland. . Western Unfon (8). . Westing EI&MIg (4) 464 Westing B&M pf (4) 30s 18 Elec Inst (1) 1 White Motors (1)... 4 White Sewing Mach. 1 White Sewing Ma pf. 1 Wilcox Oll & Gas. Wwillys-Overland.... 13 Woolworth (2.40)... 103 Worthington Pump.. Wrigley (Wm) (4).. 1 5% Yellow Truck...... 13 27 1% 1 s 2% 11% ring (3 100,000 12:00 Noon. 300,000 500,000 ) 700,000 ble are the annual cash given in the above tal | sash rable in ius 2% in Tk tock, 1 Plus 80 cents this i i i it % | b i ! income July L. dustrial 1?‘ mhof the juch la) S S e B , Cf charges, = tion coets and other items entering into the costs of industrial have so resistance against + Consequently, the shrinkage stional lnta‘n!y. through a world-wide ‘phenomenon, has been most severe in countrles. . This commodity - producing situation has been ag- ‘gravated by their heavy indebtedness "to foreign upnulész:f cou"x:tm. “exports, which, during the odity prices, were sufficient to take care of such foreign debts, under present circumstances fail to pro- ‘international debts can ultimately be traced to in primary commodities. AP A Y ‘REDUCTION IN APPLE I, Bpecial Dispatch to The Star. Thelr | OFFERINGS FAVORED)| | six months to June 30, Puget Sound Power 10 June 30, $149411, vs. net extraordinary deductions, ‘before Allegheny Steel common share earn- to June 30, 22 cents. Engineers ublic Service cents commeon dividend; paid 50 cents on deficit, Corporati $697,101. & Ligbt July ‘8pecial Dispatch to The Star. NEW YORK, August 21—Long ago ved o their satisfaction time. Money rates have declined from causes. One has been the liquidation c credit tied up in security loans, in com- 1lnzretslentel'pnlel and in all sorts of | borro . Another has been the Banks, $100,000,000 to their ernment securities in the past year. Reserve credit purposely put into the { by reduction of member bank bcrrow- of easier conditions. ! Gold Imports. | ‘The third cause for cheaper | been the enormous imports, country’s stcck having risen about | $400,000,000 in the past year. This gold | has lifted member bank reserves and | enabled them to pay off discounts; | otherwise it has not been utilized as the basis of additional credit, because of lack of demand. The rise in note ci | culation has counterbalanced a part the easing factors, but nmot enough to | make for any change in rate. Greater | circulation has been due to lower con- fidence in banks rather than to more | active business. | market has been offset to a large extent | | ings, but that in itself was a symptom | credit has the | |CHEAP MONEY FAILS AS CHECK TO DEPRESSION IN BUSINESS {Lack of Demand for Credit Has Been One of Chief Causes for Prolonged by Efi?ggggg Eig T (Copyright. 1931.) | gross " off 7.2 per cent. net operating revenue off 10.8 per cent; 12 months, | f cents. discussions. | Southermn Pacific Co. shares not yet deposited by stockhold- ers of Bt. Louis Southwestern Rallway | stringent and its restrictions to make this company’s acquisition of- | greater effect an fer effective; time for deposit sgainst fair compe! ringement. Maine Centr standing reported n of tra pension ding on New York Curb Exchange. i Pure Ofl Co —Philadelphia bulk gaso- | line price advanced ; t, net operating in- shares outstanding, vs. $4.11 on average number of shares outstanding. Appliance files suit Inc, charging un- titlon and trade mark IN- ., our presentation of the scope and | —No action on com- | function of those institutions to discuss | Surance policies were on the increase. mon dividend expected until September | the application the larger rallroads of | Wall Street cansidered this as the na- |the couptry are now making to the | Interstate Commerce Commission for | in company’s stock | an increase in freight rates. 10 meeting. May Radio & Television—Financial | ot involved in sus- | Sears, Roebuck & Co—] ? | tives of | Ward & cent to Investment Rules BY GEORGE T. HUGHES. Because of the timeliness of the | topic and because of the light it throws lon the investment policy of savings | banks, it is in order to digress slightly One of the reasons advanced—if not the principal one—for such an increase is that unlesh it is granted the credit ta- | of the railroads will be seriously im- the fact that the bonds of them will no longer be legal | investments for savings banks. In the York is used because it is the most have expires | road bonds than | enlth. LIFE POLICY LOANS | Special Dispatch to The Star. insurance companies have announced that applications for loans on life in- tural sequel to the renewed decline in securities this year and the closing down of a number of banks in different | parts of the country. | Another factor making for urgent ap- | plications for insurance policy loans is | unemployment. While this is no new | thing in+this or any other depression, | the fact that it is at a peak just now — Sufficient | argument the law of the State of New | offers the financial district the explana- | tion of some of the selling of bonds in (Copyright, 1931.) CHICAGO DAIRY MARKET. on 1, | New Jersey | ARE ON INCREASE & | NEW YORK, August 21.—While no &g figures were available, three large life’ Not. ! Decline. South Americans Also BY F. H. RICHARDSON. Special Dispatch to The Star. i NEW YORK, August 21.—Bonds, with the exception of United States Govern- ments and a handful of high-grade cor- porate issues, were sluggishly lower to- day. Trading was active at the start, but tapered off to a small volume later. Pressure on the rails continued to be the chief factor in the domestic list and in the foreign department Europedn bonds were dull, pending the outcome of the labor conferences in London, and South Americans sold off sharply. The chief development in early trad- ing was the resumption of liquidation in railroad bonds after a small over- night accumulation of buying orders had been filled. Then prime issues like Pennsylvania D 41,8, New York Central debenture 4s, Baltimore & Ohio 415s, Southern Rallway general 4s, Erie gen. eral 4s and Chesapeake Corporation §s were driven dowr again, most of them to new lows for the year. Second-grade carrier bonds fared no better. Losses of a point or more ap- peared in Alleghany 5s, St. Paul 5s, Erie’ 55, Nickel Plate 4!%2s, Frisco prior len 4s and Wabash 58. A few of the highest grade, like Atchison general 4s, Norfolk & Western 4s and Canadian Pacific perpetual 4s, were firm and there ‘were small gains in prime public utili- ties such as American Telephone 5s, Duquesne Light 5145, Kansas City Power & Light 4'2s and Pacific Gas & Elec- tric 5. Industrials were inclined to be heavy, but a few oil issues were strong, especially Skelly OII' 515s, which suld about 25 points above their recent low rumors. Standard Oil of 58 and Standard of Cali- e Sty ey miont for ’s most active group was the South American. Argentine 6s ‘were 1 to 3 points lower, Chilean issues slumped to new lows on the official declaration of the moratorium an- nounced Thursday. Colombian, Uru- guayan and Brazillan credits weakened. All South American exchanges softened on _the news from Chile. Continental markets were nervous be- cause of intimations that the Mac. Don-lflnr‘nmllbzdl{\ l: land may re- s ‘unless lely ivergent views 'fifln the cabinet are reconciled. This served to push British bonds down in Lendon and created a heavy atmosphere throughout the European list, German issues lost opening gains. For Treasury announced that the last offering of $60,000,000 of 91-day bills had been oversul nearly three times and that the average price of accepted bids worked out at a 0.59 per cent cost to the Government on an - Governments itly today. United States Treasury mhlm notes were still at record TIESCHWEOR Washington Stock Exchange SALES. Washington Rwy. & Elec. 45—8$1,000 at 9313, $4,000 at 937 AFTER CALL. thaler Linot! Gas 6s Was| $300 at 1025, Washington Rwy. & Electric 45—$1,000 at 9314, $5,000 at 9315 Mer,enthaler Linotype—10 at 77. Bid and Asked Prices. BONDS. FUBLIC UTILITY. Amer. Tel. & Tel. 4%s '30.. . Tel. & Tel. ctl. tr. 8s.. a & Pot. R it 13 5 22 BE: q 88)... Washington (i3) : TRUST COMPANY. n es o)., Loan & Trust (1 . BAVINGS BANK. Bank of Betnesdn (65) . & Savings (10) ml Washington (12 omac (10} . Bav. & Oom. Bk. ith_Street (12). Tnited States (30) Wash, Mechanics (30) ! FIRE INSURANCE. American (12). g reoran (10) Piremen's (8). . ; National Union (i5)..110] TITLE INSURANCE. Columbis (6h)_.. s Real Estate (6h).. .. 1 110 MISCELLANEOUS. Barber & Ross, In 1._Sand & Gra X M tc. l'.f.rlts ¥ 5 siieais sl 4 2 0 ype—3 at 7134, FA"=$700 at 102%, | Cai ‘| Con G NY 4% * | Con Pow Japan 7 e S2RI88 ., 2§ S Abitibl P&P 5s 53 Ab& St '43.... 22 Alleghany Cp 55’44 11 Allegheny 58°49... 9 ‘Allegheny §8'50. .. Allis-Chalm 68 '37. Am F P 552030.... AmIGChb5%s 49, Am Intl 5%s "4 Am Metal 5%8'34. . Am N Gas 635 '42. Am S&R 15t 58°47. Am T&T cv.4%8'39 AmT&T6s Am T&T c tr 58 46, Am T&T 6551'60.. 7 1Am T&T 53843 Am W Wks 58 '34.. Am Wr Pap 68 '47. Ann Arbor §s 52 Argentine bs "45 Argentine . Argentine 6s B '58. Arm & Co 4%8'39. Arm Del 6% *43. . Atchison gn 48 '95 Atchis cv 43848, 6 At Gulf 58’59 At Ref db 5s Australia 4%s ' Austria 7 Austria 7s '57 ¢! C6s'46 Berlin Cy El 6855 Berlin CEl 63 8'51 Beth Stl pm 5836 Bolivia 7s 5! Bolivia 7 Bolivia 8 Bordeaux 6s Bost & Me 4% Me & &M Brasil 6% Brazil 7s. . ™ RoasnivrRassaSonms - Bklyn Un 5s°45. Bklyn Un 1st 55" Budapest 65 '62. Buenos A 6561 BR&PItt 4%8'57. Calif Packing 5s'40 Gek8a @ Can Nat 58 July’ Can Nor 4345 '35 Czn Nor %8 db Can Nor s db 40 n Pac db 4s. Can Pacific 4% Can Pac 4%8 Can Pac 5 ¢f Can Pac 58 Car Clin & 0 E3ael - P onmRoaRAa~ Chi M&StP 4%s E. C M StP&P 65 °75. . CM&StPadj .. |Chi & NW gn 45 '87. - |Chi&NW 43s 2087. C&NW 4%s C 2037, .| Chl & NW en 4% Shi & NW 63%s ‘36. . Chi RI& P rf 4334 Chi RIev4%s ChiRI&P 438752 Chi Un Sta 6145 '63. C & W Ind cn 48'52 *|C& W Ind 5%s62. 1. Chile 6563 Chile 75 '42 Chlle Cop d Chin GvtRy 58 5. CCC&St L 4% s B'T1 CCC & St L 55.D '63 Clev Term 4%8'77. Cologne 6% '50. Colomb 6s Jan ‘61. . Colomb 6s'61 Oct Colon Oil §s'38 Colo & Sou 4345 °35. 23 Col G&E 58 May's2. CCMd 1strf 58'60. 51.. ConGNY5iss'46. Con Pwr Jap 6%s.. »%e Copenhag 58 '62. Cuba 5%s*45. . o BB moe Czecho 98752, Del Pwr&L 4%8 71, Del & Hud rf 45’34 Del & Hud 5%8'37. Denmark 4%s '62 Denmark 5%s'55. . D& R Gron 4s'36., D& KGrils'ss. S~ DRG& W5s'T8 Det E GER4%5'61. Det Edison rf 58'49, Dodge Br cl 6s°40. , Duquesne 4% Dutch East I P EEel L A8EE, Bl £ o anikend 38550 BalabSosonmand Erie 1st con 4 Erie gen s Erie cv 5s Erie 58°75. Erie & Jer 6 Fiat 7s war. Finland 5% Finland 63%s ¥la E Coast 58°74. . French 75749 French T%s Gelsenk’hen 6s'34.. Gen Baking 5% FagEasEegEe ™ s 2igpeg Eei R - § ssgpisgeanyrgyyn; EEEER = 19 Next Month—New Mod- els Discussed. BY DAVID J. WILKIE. (Written for the Associated Press.) DETROIT, August 21.—The custom- ary Summer apathy of motor car buy- Int Rap Tr 6s°32. Int Rap Tr7s 32 Int Cement 58 '4: ETT Int Match 58’47 Int MM col tr 65 Italy Pub S 7s '52. Japanese 5%s apanese 6% s '5 KCP&L4%s'sT Kan City Sou 355 Kan City Sou 5550, amel 88 LRe 85 eratulBonw - S epaelEaaZamtnnmn r 100 after emphasizing that 108Y% | suthoritative has been ng 3 ‘Reports have 9413 | lated as to what 97% | Ford Motor Leh Vcn 4158 2003, Leh Val 58 2001 o 90% 106% McKes & R 5%8°50. leket‘!tzl 40 g ; i EEE a'§§ 5 MK & Tadj 58’67 MK&T pr In 5sA’'62. 75, H H ;li | § i 3. i 3 2 g a | E E§ | IIOPS 4119 - FOIIVURPR - P 3 ez BT A6l Mor&Co 18t 4139 Nat Dairy 53848, "% | Nat Rad §%4847. . Nat Steel 63°56. .. NOT&MSs B 3i. ™ =58 2 38 ¥ 3253333305848 Nor Am E 5% 63 Nor O T& L 65747 Nor Pac 4597 Nor Pacri6s Nor St Pw 55 A *41. Nor St Pw 63 B "41 Norway 55 Norway 6%s Norway 6s '43 tpecgs M3 s PereMar 43,530, . Pere M 1st 55 '54. . Peru 78’59 Phila €o 55 °67 99% |5t 01l N ¥ 4%8°51.. 38 1 Or7s'42.... 6 ES!!S 6547 Queensland 7s *41.. oy R‘ll’ll%lA"‘!,. 97, §§a= Boay o2 0aBR 8 8582 agegt S gen] apfpegnpnngtien W i g8 H s @ g3isgryrdaiianel gafunzess DI TP -1~ - = Un Pac 4 84% | Un Pacrf 45 2003. . 90% | Un Pac 435’67 §8°3 pasERT Roy D 4s'45 ww. StL IM R&G 4s'33. St L&SF in 48 A '50 StL&SF 4%s'78. oy xr§;s§§5 8 '52 . StP&KCSL 4%s. St P Un Dep 58 '72.. Sao Pau 78’40 ret ass Utah P& 2% g Pw 55 Util Pow 538 "47. 11% | Vanadium St 58’41, BRouuuanall LB 2358082 Bonwedl 2 i!‘. - RRLE o 26 ¥ 82 =.:fl‘=u§l‘"=.~=~ g2 seiiipapnprenyi Sea All Fla 65 B '35 Seine 78 "42........ iyeifpags Fesszesisiiy: sai fuas g sesig gaggageegs i g #355¢ -