Evening Star Newspaper, August 27, 1931, Page 15

FINANCIAL " wss A—I§ DEMAND FOR STEEL IS DECLARED QUIET I | Weekly Trade Review De- fines Business as Still at Ebb Tide. SHARES G | REARLYGAN Market Activity Decreases " When List Slips—0ils Are Irregular. INANCIAL NEW YORK CURB MARKE Stock a Dividend Rate. Mapes Con Mfg 13.75 Mass Util Assoc. Mavis Bottling (A).. Mead Johnson(t4%) Meniph N Gas (60c) Mesta Machine (2) Met Edison pf (6)...125, Mexico Ohio Oil. Mid West Ut (b8% Mid W Ut A war, Mid W Ut B wi. Mid W Sts Ut b10 Miller & Sons. ... Mo-Kan Pipe L (A). Mo-Kan Pipe L (B).., Mohawk Hud 1st(7). Mountain Prod (1) , Nat American Co Nat Aviation. .. at Family Stores STOCK AND BOND AVERAGES the Assoclated Press. THURSDAY, AUGUST 27. Received by Private Wire Direct to The Star Office NEW YORK, August 27 (#)—Stocks: Heavy; Kreuger & Toll at new low. Bonds: Irregular; rails fmprove. Curb: Barely steady: oils sag. Foreign ex- : ; sterling STOCKS. Note—All stocks are sold in one hundred-share lots ~Prey. 1031~ excepting those designated by the letter s (80s) (250s). ‘“"" x‘;} ~Prey, 1931~ Btock Sales— A Dividend Rate Add 00, Open. High. 11% Amliated Prod 1, 7T 21% 21% 7 Alnsworth Mfg 1 8% 8% 1% Alleg Gas. .. L1 AW A% 22%% Allied Int Invevpf2 3 21 21 90 Aluminum Co of Am 350s 122 95 AluCoof Ampf (6), 1 11% Alum Goods (1.20) . 1 76 Alum Ltd cum pf(6). 258 1% Am AustinCar. .. 1% 5% . High. Low. Close. 40% 3% . disappointing cables, Southern selling. 73.,, Sugar: Easy; poor spot demand. Coffee: 26 26 |Steady; trade buying. “’g& "gm CHICAGO, August 27 (#).—Wheat: 165% 16% | ; decreased export demand, large 1 s 1 b4 Three years ago Easy. Russian shipments. Corn 3 e Figh, 1931 L 1 Basy; 1% | ficial rains Towa. Irregular. | 9 |Hogs: Steady to higher, H % O ”% Columbia Gas & Electric. 107% | NEW YORK, August 27 (#) —Colum- 5% | bia Gas & Electric Corporation has ar- | ranged to purchase from Kentucky By- | Products Co. all that compeny's oil and | gas properties for §1.500,000 principel | amount of Columbia Gas 23-year 5 per | cent debenture bonds. The properties | | aggregate 51.739 acrec. of which 19,859 | ecres of cil and gas rigits are owned in | 4| fee. and 11,880 acres are controlied by Am City P&L (A) Am Cit P&L Bb10%. Am Com P A (b10%) Am Corp (f15e)..... Am Corp war. Am Cyanamid B Am Equities. . Am For Pow war, 4 Am Founders....... Am Found 1st pfD 3. Am Gas & Flec (31). Am Gas & EI pf (6).. Am Invest Inc (B).. Am Invest-war Am Maracaibo . Am St Pu 8v (a1.60). Am Superpwr (p40c) Am Util & Gn B vtc.. Am Yvette (25¢) ‘Anglo Chil Nitra Appalachian Gas Arkansas Nat Arkans Nat Ga: Asso G&EL (A) (al). Asso G&Eall ct 1.60. Atl Coast Fish. . Atlas Plywood (2) % Atlas Util Corp. Auto Voting Mach BahiaCorp. ... Bickfords pf (2 Bliss Co(EW) Blue Ridge Corp Plue Ridze ey pf(a3) Borne-Serymser Bos & Albany (8% ). Bulova cv pf (33%) Canadian Marconi. .. Cent Hud G&E (80c) Cent Pub Sve A b5%. Cent&Sowst Ut pf(7) Cent Stat El (b10%). Cent St El pf xw(6) . Cent West PS Aall 30¢c) By the Associated Press. NEW YORK, August 27.—With Au- gust drawing to a close, iron and steel demand &till fails to foreshadow a sea- | sonal rise in prod: {in its weekiy rev “Evidences of improvement in busi- ‘}nts to date have been litils mo,e than Tpples on a sca which remains at ebb tide,” ths revie “The recent up- turn in specifications from (he auto- {mobile industry has not been followed by gains of sufficirnt magnitude to in- dicate n measurable cxpansion of mo- tor car output in September. The re- guirements of other leading outlets for iron and steel show both increases decreases, largely offsetting each other, :’u)':ll:"relem! !roms'?llmmul con- S t no signifi change. — Production Irregular. X “Steel production continues to show the irregularity characteristic of a pe- riod when backlogs are low and speci- fications intermittent. At Chicago in- got output has risen from 30 per cent {to 33 per cent of capacity and there [has becn a miror gain at Youngstown, while the Buflalo rate has been raised by the resumption of operations af a | steel plant which hed been shut down for a week. These increasss are in contrast with declines at Cleveland. in the Wheeling district and in the East. The average rate of production for the (-ou:m'y at urse is “e‘:m’r;nted at 31 per cent, compared wi cent in g B g g o . truction activity, although sub- normal, offers the best promise of mak- ing heavier on the steel in- dustry. 1 1 33 2 50 4 BY JOHN A. CRONE. Epecial Dispatch to The Star. % NEW YORK, August 27.—After open- : iug irregularly higher today, curb ex-' . Charge stocks slipped slightly near . midday as the trading pace slackened. Electric Bond & Share moved nar- T as demand sl wed, which also true of Cities Service. In the util- . ities spurts in American Gas & Electric ..end American Citles Power & Light A wore offset by declines in Middlewest ies and United Light & Power A. . Declaration of the regular common quarterly dividend brought firmness into Nisgara Hudson Power. Several of the pipe ilne shares were outstanding features of the forenoon session. Eureka Pipe Line, which re- cently announced price advances and whose July deliveries showed a large , ran up 13, points to a record high for the year. Cumberland Pipe Line dropped 1': points following the call- 1ing of a shareholders’ meeting for Sep- tember 15 to vote on the sale of com- pany to Ashland (Ky.) Refining Co. for $420,000. Standard Oil of Kentucky was some- what more active than usual st ac- vancing quotations. The company is mainly e marketer and stands to benefit ‘rom firming gasoline quotations. A slight increase in offerings caused Humble Oil to slip about two points in the first few hours. Ohio Oil pre- ferred moved within a fractional range during this period. South Penn Oil ickly erased an early rally. Standard il of Nebraska, the subject of merger rumors today, was inactive. Phillip - Morfis A was the first of the miscellanepus industrials to record 2 new high for the year. Its run-up was due to the reported success of its new product and to organized opera- tions in the stock. Atlas Plywood, maker of boxes, which recently has felt the slowness of general business, hit a record low today. Tri- * Utilities, holding company for Ameri- can Naturel Gas, Oklahoma Natural Gas and other utilities, also made a nevw low merk. Unconfirmed rumors here were th2t Oklahema interests may . Tepurchase Oklahoma Natural Gas. tors were irregular, with gains ¢ recorded by Ford Motor, Ltd., and Josses. registered by Paramount Cab and Ford Motor of Canada A. Pan-Amer- ican Airways was most active in the aviation division. % 1% % 20 1% -20% 19% 5 6 15 8% 64 6% 23% BONDS ON THE CURB High, 1931. Low, 1931. High, 1930. 1930 93 w Jers Zinc (13).. iag-Hud Pow (40c) Sales in thousands. 12 Alabama Pw_4%3s '87 DOMESTIC BONDS. igh. Low. Close. 987 983 (Copyright, 1931, Standard Statistics Co.) Nor St Pow A (8) Ohfo Copper Ohio Ol cu p! Outboard Mot A Pac G & E 1st pf 1 Pan Am Airway Pantepec O1l. Paramount Cab Parke Davis (11 Parker Rust Pi . .100; Pennrcad Corp (40¢) Periect Circle (2). Petrol Corp war. . : Philip Morris Inc Philip Morris A. . hoenix Secur Corp Pilot iad Tube A. Pines Winterfr (1 Piiney Bowes (bi % Plymouth Oil (1)... "otrero Sugar. . Premier Gold (12¢) Prudential Invest. . . Prudential Inv pf(6) Pub Util Hold war... Pub Util Hold xw Puget 84 P&L pf (6) QR S-De Vry. . Quaker Oats (17 Reiter-Fos iteliance Mana Republic Gas Corp. . Rossia Intd (10¢) . ... Ryan Consolidated. . St Regis Paper (60), 6s 39 8 4Amer G & Pow 85 '53 63 9Amer P & L 6 2016 10474 8 Amer Rad 4'%s '47.. 3Amer Roll M 4145 '33 1Amer Roll Mill 10 Appalach G Everybody’s Business * - e T e T [T - SRy ey )5 1.4 Malicious Rumors Being Spread on Banks and Their Conditici—Chatham and Phenix Counsel Spikes False Rumors by Issuing Financial Statement. 16 184% 52 BY DR. MAX WINKLER. NEW YORK, August 27.—Rumors malevolently spread regarding the supposedly precarious situation of prominent banking institutions do more harm than is realized by those who invent and spread them. Steps are being taken to put an end to such rumors. One indictment is now being prosecuted and is the direct re- sult of a whispering campaign pertaining to one of New York’s leading institutions, the Chatham & Phenix National Bank & Trust Co. . Some months ago, when similar rumors were circulated and the reasons requested therefor, the writer was told that the bank was probably involved in short-term Latin American commitments. Having followed closely this particular phase of , he knew it was obvious that the report was based upon vicious falsehoods. To prove the utter baselessness of current rursnsnrs land the psnhm mflin‘;ncy of the whispering campaign now ) Thomas L. Chadbourne, general euunulmnf‘o’r the bank, issued a statement accompanied by a financidl statement as of August 18, showing that the bank is in an exceptionally liquid position. This should not only set at ;edst vjcioul: ‘::r!il:ui lfmt tendufio rieswiae con- ence, W of far greater significance. TN WS The improvement in the oil industry may | be regarded as a definite sign of the beginning of an rd trend in business generally, according to O. R. Beagraves, vice chairman of the United Gas Corporztion. Inasmuch as oil was one of the first com- modities to be deflated, it is only logical that it should be the first to | turn upward. $1 Crude Oil Price to Be Brief, Says E. W. Sinclair, The significance of a change for the better in the oil trade is per- haps best evidenced from the fact that, according to Mr. Seagraves, | more than $12,000,000,000 is invested in the industry, which 1'- em- ployment to 2,500,000 people and boasts of over 2,000,000 stocl h basis is not expected to a;:i RS i 3 208 Cmwlth & Sou wa: Com Wat Ser gi2%ec. Consol Th Cont Shar Cord Corp. . Creole Petroleum. . .. Cresson Consol (4c) . Cuban Cane pr opt w. Cumberland P L (2). Curtiss Mfz Co (A). Cusi Mex Mining Dayton Alr & Eng. Deere & Co. ..., De Forest Radio. 4 Derby Oil Refining. Dresser Mfg B (2). % Duquesne Gas Durant Motors. ... Eisler Electrie. Elec Bond&Sh(b6 % ElecB& Sheupf s Elec B & Sh pf (6). Elec Pow Assoe A (1) Elec P & Lt op war.. Empire Corp. Eureka Pipe L (4).. i Europ Elecdebrts. . Fairchild Aviation Federated Meta Flintkote Co A. Ford M Can A ( )e Ford M Ltd (36 3-5¢) . Foremost Fabrics Fox Theater (A 4« Gen Alloys. ... Gen Theat Eq cv pf.. Globe Underwr (13¢) Golden Center. Goldman Sachs. Gorham Mf vte (£2). Gt At&P T nv (16% ) GUAt&Pac Tea pf(7) Guif Ol of Pa (1%). 4 Hamilton Gas rets. Hollinger Gold (65¢) . Hudson Bay M& S Humble Ol (12%). Imp O Can reg (50c). Ind Ter llu Oil A. Insull Inv (b6% ). Intercontinent Pet n. Ins Co ofNo Am 12% Int Petroleum (1). Int Superp (11.10)... i Int Utilities B. Inter Equ cv pt Kings Co LLpt B (7) Kolster-Br (Am Sh). Lake Shore Mines(2) Leh Coal & Nav 1.20. Leonard Oil Long Island L Long Isld Lt pt (7)., MacMarr Stores (1). Magdalena Synd.... i 18l A 2 Comwh Ed 4'as C 5 Comwn_Edis 4s P P & L Ss quiries pending business to the highest lev of the year to date. * ° “Prices of finished steel and pig iron are holding rather steadily, although they have not heen subjected to severe tests markets are quict, but T S b vy mel BTa ving de:gmedzsuenhnm-cmehntwu centers. The Pit district 2! 1 Breom moome Allied Corp (1) Sexal L & H (a50¢) Selected Industries Slet Ind prior (5% ShawiniganW&T Y PARIS BOURSE PRICES. PARIS, August 27 (#).—Three . cent rentes, 89 francs 15 centimes. ~:l;ep-rcentmluhnuum- es. Exchanges on London, 123 francs 98 centimes. The dollar was quoted at 25 francs 50, centimes. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, August 27.—Following is . the complete official list of transactions in stocks on the Stock Ex- change today: Taerm Solar Refining . South Penn Oil (1).. 97 Sou Cal Ed pf C(1%) 108% ) 2214 3T 2% 3415 4 B of 12300 tans over the hmm ted structural 20, steel ttshurs) Stahi-» b Stand Motors Stand Ol of Stand Oil of Stein Cosmetics. . Strauss (Nathan) Stutz Motor Car.. Sunray Ol (b3%).. Swift & Co (2) Technicolor Inc Todd Shipyard (4) .. Tran-Con Alr Tran.. Traps Lux DLPS.. Tri-Utilities Tubize Cantilion Tung Sol L pf (3) Union Am Invest. Unit Founders Unit Gas Corp Unit Gas war. . UnitGaspf (T)...00 Unit Lt & Pw A (1).. Unit Shoe Mach 2% .. U § Eiec Pow ww. U 8 Inter Sec 1st pi U 8 Playingz Card 2% Unis Stores. Unit Verde & Utll P&Lt(at1.02%). Util Pwr & Lt pt(7). 1008 Upliity Equities Walker (H) (50¢) ‘Wenden Copper . Woolworth (FW) Ltd Wright Har (112%c¢) “Y" Ol & Ga: ™ (RS IPRET - SR UPREPR TP R O DN |- I 5 10% 12 29% 19% 6% 64 10% 31% 9 ! C. & P. OF BALTIMOR JULY NET IS $264,011 ‘Telep! & Potomac Telephore Co. city In July amounted to 81,186,872, the Jjust filed with the hiersta 3interst P 8 4125 38 The price of crude oil on a $1 according to Earl W. Sinclair, president of the Sinclair Oil Corporat=n. As the chief reason for this, Mr. Sinclair cited the fact that there is too much oil in other fields outside of the United States. which is easily brought to the American Explaining the recent advance in the | . Grain Market - rice of cigarettes, 8. Clay Williams, | ;ruldent of the R. J. Reynolds To-| By the Associated Press. CHICAGO, A t 27.—Wheat bacco Co,, pointed out that the main, had a_downwa d toany becatss reason .for the rise was to see if, by | that method, scme optimism and buoy- tren | of scattered selling which found buying 50 - B 3 Gas '3 46, .. 108 Edison 43 '7i. 931 id West Ut 80 33 cv 8612 '35 cv Lo Se B L 5 I3 8 # 4 19 3 k a 20 % i ancy could be put into the leaf tobaeco markets this Fall. Mr. Williams added that in the event of failure to hold up prices in the leaf markets, additional revenues will be employed to advertise cigarettes more widely. This, he said, would create a greater demand for the product, stimulate the consumption of cigarette tobacco, _and, affect favorably the price. Germany Aids Egypt Bank. Germany, financially ~embarrassed. and still s ling with all sorts of moeasures to order into her finan- | cial house, does not neglect those who | have put faith in the country’s financial 2 B phone for first months of this year were $1.945.f ‘The o:.auny'l Tevenues for ‘months ling July 31, were $14,306. during this period B50s 115% 1 1% 10% | R 1 1 1 1 based on Jast quarterly or semi-an- 1Partly extra. :Plus 4% in stoc Barable in 1 I 31 10% 1 27% 3 20% ¥ -3 1 30 208 111% 6 11% 2 L and . Corn was wheat. Oats showed relatively move strength than corn. Provisions were firmer with hogs. L " 30 111% 111% 1% 1% #* ! SPEES’S g2 2 JiF & ¥, in 3 in stock. & I Plus 2% n Plus 8% sddggss 8823285, tH 10% in stock.” m stock. D Paid last yedr—no reguiar rate, s awk Rub Leather 150 Nat Ren Inv Nat Becur Inv e LESERERTLL wad 8% $¥ ussms: 3 LB o DS R FEEFES G ypsum adio & Tel Radio & Ind 100 Dul & Ind pf 50 Vortex Cup 150 Vortex Cup 00 Walgreen Co 00 Ward Mont ‘A 00 West Grocer West P L & Tel 50 Wieboldt St 80 Yates Mach 350 Zenith Radio BONDS 38000 Insull Uil 65 1940.. B1’; 1000 Public Ser S5 1956 106’ jlock sales today, 95.000 sh d sales todey, 119.00. DIVIDENDS DECLARED A Pay- Pe- Rate riod able. = record Sep. 21 Aug. 2 Compary Pederaied Dept 5t 25 Mohawk Fire Ins . 30c Reduced ton Elev Ry $138 @ Dent Sup $0¢ @ e Co 25¢ Omit t Steel pf 178 rvey Sysiem lne 34 Medart (Fred) Mfy... 50c Deterred “Douglas (John) Co Bf.11.78 Regular. 218 &t of Tel Ut $6 Hy Iilinois Bell T Inter Bitver of.. 317 Light pf 171s¢ tule Miami R R Hidrs ot | | below CORPORATION | | REPORTS ; TRENDS AND PROSPECTS OF | LEADING ORGANIZATIONS. August 27—The fol- | NEW Jowing is a summary of important cor- poration news prepared by the Standard | Btatistics Co., Inc., New York, for the | YORK, News Trend. The July aggregate net operating in- come of the first. 35 railroads reporting | was 38.7 per cent below that of last| year, whicn compares with the decline of 15.4 per cent reported by these same roads for June. ‘The Companies. Chicago & Eastern Illinois Railway— July net operating deficit $92,704 vs. | @eficit $79.529; seven months' deficit $1,045,093 vs. defict $525,701. New York, New Haven & Hartford Rallroad—President expects 1931 earn- ings to exceed $4.50 a common share; | for first two weeks 14.1 per cent g:)ow 1930 period. | Thompson - Starrett Co.—Common | share earnings, quarter ended July 30, | 16 cents vs. 34 cents. | Alabama Great Southern Railroad— | July net operating income $39.714 vs.| $41.8 seven months, $197,227. Amd ficit, six months to_June net income before Federal taxes, $163,- 429 Atlantic, Gulf & West Indies Steam- ship—June net loss after taxes and charges, $179,372 vs. $88.065. Brown Shoe—Operating around 80 per cent of capacity, which is slightly below average for three past month:. Chicago, Milwaukee, St. Paul & Pa- cific R. R. July net operating income off 1.3 per cent; seven months off 42.4 per cent. # 1 1 1 Chicago & Northwestern Ry. July net operating income off 29.5 per cent; 12 months off 46.3 per cent. Consumers Pow:r July gross off 5.4 per cent, net after taxes off 5.5 per cent: 12 months gross off 4.8 per cent, Q Due Aug. 15| net after taxes up 3 per cent. Continental Steel preferred dividend passed quar- ts hane Co, devlared 25 cents com- man dividend: paid 40 ‘Houdallle-Hershey re earnings six months to June , vs. 21 cents. ley R. R. July net oper- i seven income $1.- months $1,517,300, vs. 36 per cent of capacity vs. 35 per cent a week ago; slightly under 34 per cent two weeks ago, and about 66 per cent & year ago. | American Safety Razor common share earnings 6 months to June 30, $2.53 vs. | $3.51. Federated Department Stores de- chnd" initial common dividend of 25 cents. | New York Central Railroad July net | operating income off 39.4 per cent; seven months off 46.8 F" cent. Pacific Mills to install printing equip- ment in Lyman plant at cost of $500,- | 000; at Lyman plant averag- ing about 80 per cent of Y. Pennsylvania Railroaa July net oper- ating income off 54.6 per cent; seven | months off 51.7 per cent. | Standard Ofl (New Jersey) bulk gasoline price advanced ore-fourth cent & gallon at principal Atlantic seaboard terminals. | Standard Oil of New York subsidiary, Magnolia Petroleum, advanced servic: stat.on gasoline price i cont a gallon, ‘Third Avenue Raii et income year ended June 30, $269,379 vs. deficit $196,019. Utah Copper—No curtailment of working force or output contemplated; operations at 40 per cent of normal Addresograph-Multigraph Corporation —Common share earnings, six months to June 30, 55 cents. | Chicago, Burlington & Quincy Rail- | road—July net operating income off 33.5 per cent; seven months off 19.8 per cent. | Federal Water Service—Class A share | earnings, vear cnded June 30, $2.59 Vvs. rican Hawatian Steamship—De- | $2.99 30, $73,204 V. | New York, New Haven & Hartford Raliroad—Action on common dividen deferred until September 18 meeting; | paid $1.50 July 1 Peoples Gas Light & Coke—FPiles new | Tate schedule reducing general rates | 812 per cent, and involving $1,434,00! Bt. Louis Southwestern Rallway—dJuly net operating income up 54.3 per cent; seven months off 18.5 per cent. Arundel Corporation—July net income fier depreciation and taxes. off 445 per cent; seven months off 138 per cent. | Afchison, Topeka & Santa Fe Rafl- | way—July net operating income off 5.5 per cent; seven months off 17 per cent. Baltimore & Ohio R. R. July net g, cperating income off 25.6 per cent, 7 months off 33.3 per ce. |, City Stores deficit. 6 months to July | 31, $325268, vs. net income $311,804, | equal to 15 cents a common share. International Mercantile Marine .in- group. North Americen Car common share rlrnsi?a 6 manths to June 30, 96 cents, v, 3 | , North Centra] Texas Ofl 8630 & | ferred share earn’'ns, 6 months to Jube 30. 51.44, vs. $10 | _Pepperell Manufacturing orders 50,000 spindles. Southern California , Ltd., July gross off 4.3 per cent, and ?onnl | equal to 24 cents & 36 pert erred #hare. | Atlantic, Gulf & West Indies steam- | ship lines first half net income $218.822, | vs, $1,173,978; had net loss $191,571 in| 3 months to June 30, vs. net income $137,462. Buffalo, Rochester & Pittsburgh Rail- way July net operating income off 27.1 per cent; 7 months off 30.4 per cent. Denver & Rio Grande Western Rail- road July defieit, after charges. $07.283, vs. surplus, after chal $74,796; 7 months’ deficit, $948,771, vs. surplus New York Cotton Special Dispaich to The Star. S NEW YORK, August 27.—Though' cotton prices advanced again at the| opening today, the market met more contrects and a slight increase in hedg- ing pressure was noticeabje. Less active short covering created an easier market | sad the list closed about 15 points low- er than 6n Wednesday. Spols were re- | duced 15 points to 7.05. Cotton range: October December . ry h M; 1 July 3 . Transamerica Corporation. NEW YORK, August 27 (#.—The New York Times says plans are under | consideration for regrouping the inter- | €sts of the Transamerica Corporation, | a holding company with resources of $1,703,676,847. ™ Distribution to the corporation’s stockholders of its holdings in the Bank | ¢f America National Trust and Savings | Assoctation, a California institution with | | 438 branches and $1,000,000,000 depos- | {its, and sals of the Bank of America | National Association in New York, with idwtedu of $218,000,000, contem: | ""A decision on this step, which is fa- vored by one group of Transamerica | tion executives and opposed by another. is expected within the next “:'he weeks, the newspaper says. | was originally organ. ;hdunholdmcmwny!ormem- !m-u of A. P. Giannini, California | financier. now holds a dominant | interest in banking institutions through- {out the country. < BALTIMORE STOCKS. 8pecial Dispateh to The Star BALTIMORE, August 27— 330 Arundel 2 Last sale, SR gy 0 SWOO>E SIEFEES 43, 2288388832 22222238! I B e e 2 ] 82232 ROy, s W St 7 101 L Gas & C 6 47. 31%s n Ant P 8 55 B ‘58 99 S 4B, 81 23 2, 4] w W&P 4135 D ider Peck 67 E PaL 65 A TRILIEE & 258 ang Ons & ¥ ndard P&L R O Oil 843 L [ & % 2 (4 e 900 D AT D 4y 1 e 3 e a3 000 B, RS e en e OB 0333 10 003 -1 555555 noranons 29333003 555 17 Wiseon P&L Bu r Pr 0 Buen Al Thes 47, 53% Cauca Vailey 7s '48.. 27 ~ 2t Chile Mte institutions. As a result of the tem- porary closing of the Darmstaedter & National Bank, one of its principal sub- sidiaries, the Deutsche Orientbank, op: erating chicfly in t, was forced to suspend payments. German gov- ernment hes agreed to loan the bank 15,000,000 reichsmarks, equivalent to about $3,750,000, in the form of five vear treasury notes, and this enabled the bank to reopen its branches. Incidentally, Germany is not blessed with well equipped state-supervised- banking departments, chargsd with looking after the depositors’ funds. Many have asked the question why there are so many anomalies in the market fcr foreign issues traded in on the New York Stock Exchange. Orne sees, for example, a 7' per cent loan gell lower than a 7 per cent issue of the same obligor and identical in every respect except for the interest rate, or finds that third lien bonds are ling materially higher than a first lien issue. U. S. Investors Novices. The enswer resides In the fact that many American investors are still novies in the field of international finance and that the extent of their familiarity with countries and political subdivisions is rather restricted. A frightened investor offersd recently for whatever he could get two bonds of the Republic of Esthonia which he had held for some time. Asked to give the reason for this desire to sell irrespec- tive of price, he stated that he had no confidence in Latin American loans. Text books still refer to Esthonia as % |one of the countries situated in North- eastern Europe. (Copyris) he Horth American jance, Inc P 10,000 CASES OF BEANS CANNED BY NEW PLANT Special Dispatch to The Sta: INWOOD, W. Va., August 27—Ap- proximately 10,000 cases of beans, with two dozen cans per case, were canned by the plant here as the first commer- cial venture into the business completed its first year this Summer. The bean yleld was somewhat dlsappolmln%& to about one-third that in the s ville (Pa.) section, where the same project has been carried on for some years. Those in charge blamed the low 4 production on unfavorable weather and , | men with the task. " 5 48 i pecan it warrants. inexperience of the farmers and fruit Apple-canning work at the same plant, which follows the bean season and cherry season, will be delayed a week later than usual this year, it was stated todn{. probably not beginning before the last of September. Tend- ency in other years, it was explained, has been to start too early, with th: fruit not in the best of shape. COMMERCIAL CREDIT CO. BALTIMORE. August 27 (Special) — Consolidated net income on o tic of Co. for July was at the rate of $3.10 per share on the qutstanding common stock of the '\ 85 with m .‘ , it was May OATS— | September Dacember May RYE— | | e i | May {561,788 SPINDLES ACTIVE IN VA, COTTON MILLS | By the Associated Press. [ RICHMOND, Va., August 27.—Of the 183,676,176 cotton spinning spindles, re- ported by the United States Department of Commerce to h&ve been in place | throughout the countty on July 31, 679.- | 25‘4" were repcrted to be in Virginia mills: Of the total spindles in place in Vir- |ginia, 561,788 wcre reporied active, while | 25,836,262 of ali those in place through- | out the country were | during the month. |~ Active spindle hours for Virginia dur- ing the month of July were reported at 164,042,751, or 242 per spindle, as com- ared with 6,531,745,273 W hours or the United States, or 200 per spindle. ELECTRICITY OUTPUT. ‘The production of electricity by the | electric light and power industry of the | United States for the week ended Sat- | urday, Augusf, 22, was 1,643,329,000 kilo- | watt hours, acco! to the National | Electric Light Association. This is 2. per cent below the corresponding period of last year. | _The Atlantic seaboard shows an in- crease of 1.3 per cent in electrical ouf |put above last year. The central in- | dustrial region, outlined by Buffalo. Pittsburgh, Cincinnati, St. Louls and Milwaukee, registers, as a whole, a_de- | crease of 5.2 per cest, although the Chi- cago district she of |per cent. The Pacific Coast shows decline of 2.5 per cent below last year. seaiaii o METAL MARKET. NEW YORK, August 27 (#)- trojytic active changed. Lead quiet; spot 4.40; East St. Louis, 4.22. Zinc stead! | East St. Louls, spot and future, 3.80. | Antimony, 6.60. st e it MONEY MARKET. NEW YORK, -August 27 (#)~—Call | meney steady, 1 per cent all day. | Time' loans steady; 60-90_ days, 11 | e 4 anine: Tait: 5.6 montits: | 134a2 per cent. | _Prime commercial paper, 13 | Bankers' acceptances unchanged, A S NI been ice cember 31, 1924, plus additions. value on July 31, wes $47.713,114. * Toxos assignable to in amdbnted t> $125,895. This was an in- erease of §12,024 over taxes for the same month in 1930. Taxes for the seven months ending July 31, amounted to $898,710, which wa$an increase of $60,~ 243 over the taxes paid during the first m,m\lu of last '”l;ril ‘Taxes g to $1,479.043. tures for new plant and t in Maryland for the first seven months of the year amount- ed to $2,350,986. B N CHICAGO LIVE STOCK MARKET CHICAGO, August 27 () (United rect; market fairly active, higher: underweights steady to 1 high= bulk 190-230 pounds, 6.50a6.7 240-280 pounds, 6.25a6.65 6.2526.50: pigs, 4.75 pa sows, 4.10a5.50; light light, and choice, 140-160 pounds, 6.0026.50: lightweight, 160-200 pounds. 6.2526.7. medium-weight, 200-250 pounds. 6. 7.75; heavyweight, 250-350 pounds, 5.35 26.50; packing sows, medium and good, 275-500 pounds, 4.1085. ughter pigs, good and choice, 100-130 pounds, 4.75a5.86. Cattle—7,000; calves, 2,000; fed steers and yearlings, very slow; steady to 25 lower; light heifer and nm yearlings, scarce and fully steady; fed steers, 10.25; bulk range fed steers, promising 8.2529.50; best heavyweights, early sell- ing at 10.00: she stock mostly steady; vealers to 50 cents higher. Slaughter lers—Steers, good to lers—Steers, ind_chof pounds, 8.00a 10.4 900-1,100 ., 8.00a10. 1,100-1,200 pounds, 7.75210.25; 1,300- 1,500 pounds, 7.75a10.00; common and medium, 600-1,300 pounds, 4.25a7.78: heifers, good and choice, 550-850 pounds, 7.50a9.90. common and medium, 3.25a7.50; cows, good and choice, 4.25a 6.75; common and , 2.75a4.25; medium, low cutter and cutter, 1.75a2.75; bulls