Evening Star Newspaper, August 28, 1931, Page 15

FINANCIAL, “TomT IFINANCIERS AWA RATEON U. 5. LOAN Treasury Will Announce De- tails of New Issue on Monday. FINANCIAL. STAR, W. - CURB SHARES GAN | TNEW ON BETTER BUYING Utilties Prominent in Upturn. i Oils and Other Groups ! Rise. THE EVENING SHINGTON, “D. €, FRIDAY, AUGUST 28, 1931. YORK CURB MARKET Stock and Sales— Dividend Rate. _ Add 00, Open. High. Tefcourt Real pf (3). 1 20 20 Leonard Oil....... 1 1 T.one Star Gas n 88c 5% 15% Long Island Lt (60¢) 30 30 MacMarr Stores (1).. 1% Magdalena Synd. # Mapes Con Mfg 13. 40%m Mavis Bottling (A) 2% Met Chain Stores. 1w G 1o 50e Strs p % A a Pet vic A 2% Mid West Ut (b8%). 17 Mid W Sts Ut b10 0 Miller & Sons. 9 Mo-Kan Pipe L (A % Mo-Kan Pipe L (B) # Mohawk Hud 18t(7).4255 1067 Mount St Pow pf (7) 10s 83 Nat American Co. . 2% Nat Family Stores. . 1% 1% 21% 13 STOCK AND BOND AVERAGES By the Associated Press. FRIDAY, AUGUST 28. Received by Private Wire Direct to The Star Office NEW YORK, August 28 (#).—Stocks: Week end selling checks advance. Bonds: Irregular; rails recover further. Curb: Firm; utilities fractionally higher. Poreign exchanges: Irregular; sterling somewhat easier. Cotton: Steady; fore- cast unfavorsble weather. Sugar Higher; steadier spot market. Coffee: Higher; trade buying. CHICAGO, August 28 (&) —Wheat: Easy; beneficial rains, poor export de- mand. Corn: Easy; Good rains Iowa, predictions larger contract deliveries. Cattle: Steady. Hog=: Steady. STOCKS. 50 Industrials. ~Prev. 1931.~ High. Low. 5% 19% 19 14% 2014 Nolte—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s). ~Prev. 1991~ Stock and Sales— High. ‘Low. Dividend Rate. Add 00. Open. High. Low. Close. 24% 11% AMliated Prod 1.60.. 3 21 21w 21 21% 116% 112 Ala Powcumpf (7). 76s 115 115 115 115 | 109% 95 AluCoof Ampf(6). 6 99% 991 991, 994 224 90 Aluminum Coof Am.775s 128 12615 123 126 60 12 Alum Ltd B war 18 18 18 18 60 14 Alum Ltd D war 23 28 23 23 | 38% 31% Am City P&L (A) a3 8¢ 3¢ 88,38 | 10 5% Am Cit PALBb10%. o 6% 6w 6| 17 10% Am Com P A (b10%) 1% 12 1% 12 90 71 Am Com Prist pfA 7 % T1% T1W TI% 6% Am Cyanamid B ™ ™% T % Am Equitie: 5% 54 B% b Am For Pow . 16% 16 164 16 Am Founders. .. 2% M ™ M Am Gas & Elec (11). 67 67w 67 674 | Am Invest Ine (B).: 5% 5% 5% Am Invest war. . W 1M 1% Am Lt & Trac (2%) . 38% 3R% 38% Am Mfg Co (1), 24 24 24 Am Maracaibo. .. % % Am St Pu Sv (a1.60). 61 61 Am Superpwr (pdoc) b 1% i Am Superp 18t (6)... 918, 915, Am Superp pf (6) . 82 82 1% 20 Rails. Today...... 64.8 Previous day. Week ago. Month ago Year ago. .. Two years ago.. Three years ago. High, 1931... Low, 1931 High, 1930. . Low, 1930, High, 1929 Low, 1929..... i b Special Dispatch to The Star. NEW YORK, August 28 —Next Mon- day the Treasury will announce the form of its September tax date financ- ing. It gave notice last week that new | loans of some sort would b: made to mect the maturities on that date. Up to now there has been some dis- cussion among bankers and other Gov- ernment security dealers s {» the prob- ability of a long-term issue at this time, It is taken for granted that the Gov- ernment will borrow on iong-term bonds before the end of the year in order to Teduce the huge and growing volume of floating short-dated debt. but the bonds were expected in December. Th» {only good reason for hurrying such an issue would be the expectation that money market conditions will h: more favorzble next month than later on. ~ Outstanding Bills. Wall Street is inclined to compro- ,mise on a short-term and a long-term issue for September, and looks for some of both. At the end of this month the market will be asked for tenders on another disccunt bill issue, to raise fresh money for Treasury expenditures. This will increase the amount of money in addition to refunding raised in August to $80,000,000 and will leave the Treac- ury with approximately $520,000,000 of outstanding discount bills in eight issues, maturing at vericus datcs be- tween SeptemHer 30 and November 30. Treasury certificat maturing Sep- tember 15 total $634,000.000, including $334,000,000 of per cents and $300,- 000,000 of 1'; per cents, Decemb-r 15 maturities aggregate $994,000,000, of which $543,000.000 are 17 per cent cer tificates and $451,000,000 are the series C 3% per cent notes on which noties of 1 was given last June. The latte: issue in particular, being itself one of moderate life, was expected to be re- placed by a lcng-term bond. The total of bills, notes and certificates of indebt- edness which the Treasury will have to refund in the next 3! months is thus $2,148,000,000. The only maturity sccheduled for the next year is $624,000.000 of certificates on March 15. All other tax dates are open, but the June 15 date may be seized for calling of the $536,000,000 first liberty 31; per cents, and possibly the $1,392,000,000 of first liberty 313 per cents. Treasury bonds of earliest maturity, 1940 optional date, are sell- ing on a basis of about 3.02 per cent. Guesses on terms of a new bond issue which might be offered next Monday, to be dated September 15, favor a 3' per cent coupon, the same as that for the last issue, avith the offering price probably at a slight premium above r. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, August 28 —Stimulated by an increase in demand, Curb Ex- change stocks at midday broke out of the hesitancy that marked early trad- ing and moved toward higher levels. The market leader, Electric Bond & Share, moved up a point and carried with it for fractional gains such issues as American Commonwealths Power A, Commonwealth Edison, Middle West Utilities, Niagara Shares, Niagara Hud- son Power and United Light & Power A Cities Service was up a small frac- tion, A. O. Smith Corporation was the feature of the forenoon session, as it rose more than 10 points. This move- ment, followed Milwaukes dispatches re- porting a visit to the company's plant by Myron C. Taylor, chairman of the Finance Committee of U. S. Steel Cor- poration. This visit immediately caused rumors of a merger of the two com- panies, but both Mr. Taylor and L. R. Smith refused to make statements. Newmunt Mining, with a rise of 2 points, led the mine list. Aluminum Co, of America likewise turned strong. Pending more details on the East ‘Texas proration plan, traders were in- clined to cut commitments in the oils, since the industry is not unanimous in believing that all of the recent price gains in crude oll and gasoline can be maintained. Standard Ofl of Nebraska, mentioned as a merger possibility, was up a small iraction on a few sales. Standard Oil of Indiana, whose subsidiary, Stanolind Pipe Line, announced it would receive bids for pipe line construction, was vir- tually unchanged. South Penn Oil Chio Oil preferred and Gulf Oil pointed ‘higher. Reports of contemplated mergers among the independent automotive manufacturers failed to be mirrored cn the tape. Cord Corporation and Stutz were up slightly on a small volume of sales Motor of Canada A was up a fraction. Pines Winterfront firmed. | General Pireproofing, which recently stepped up operations, opened off 1% ts. Following approval of the mer- ger between MacMarr Stores and Safe- way Stores, the former was active but little changed in price. American & Foreign Power warrants sold lower in early dealings. Electric Power & Light warrants during this rrlod. however, were up about & point. Insull Utility Investments second pre- ferred advanced more than a point. S MONEY MARKET. NEW YORK, August 28 (#)—Call money renewed at 1% per cent today and held at that rate in the official market. Funds were available at 1 per cent in the outside mlrkt:imN Bankers' were ¢ with business Hflmm demand and supply. Asking rates were unchanged. Commercial paper was quiet and un- changed end time money was dull and May Curtail Copper Output. NEW YORK, August 28 () (Special) —Recent softness and inactivity of copper shares reflects the trade beliel that production must be curtailed fur- ther, and it is likely that some such action will result from the meetings to be held here for that purpose next month. July copper imports of 15456 metric tons, compared with 21,056 in June. Great Britain's July exports of 11,946 tons, contrasted with 13,112 dur- ing June. 'Refined copper exports by the United States last month were 16, 540 tons, against 16,637 tons in June. 9901959 91t it it e 53 20 1 it BONDS. 10 Industrials. Previous day Week ago. Month ago. . . Year ago...... Two years ago.. Three years ago. T Sec A t60c. nsit (1), Newmont Mining. N Y Transit (170¢) . 1ud Pow (40c) Hud Pow A w h Md (40c) Am Util & Gn B vt 11k Am Ut&G cupf1%.. 127 Am Yvette (26c).... 1% Anglo Chil Nitrate. . 1 Appalachian Gas. 4 Arkans Nat Gas A 4 Ark N G eu pf (60c). f1a Ass0 G&EL (A) (al). 12 Asso GRE all et 1.60. 17% Aszo Tel Ut (b8%).. 24 Atlas Util Corp. % Atlas Utilities war. . 2 Bahla Corp. Bickford's (1.20). Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brit AT B 1.17 4-5c. Nordon Corp Ltd. Nor Am Aviat A war. North Eurepean Oi1. Nor Ind Pub S pf (6) Nor Pipe Line (+4). . Nor St Pow A (8).... Ohio Ofl cu pf (6)... PacG & E1stpf 1%, acific Pub Sve new "ac Western Of] 'an Am Afrways. \ Pandem Oil rtepec Of1 2 Paramount Cab M . Buft N&EP pf (1.60) . Fennrous Gt raet Cable Radio T vic. 8§ Denn Mex Fuel(7se). ! Cent Pub Sve A b3 % . s Peoples L&PWE (A). Cent Stat Bl (b10%) . 5 5 Phila Co new (11.40) Cent West PSAni% *hilip Morris Inc. ... Cities Service (g30c) *hoenix Secur Corp. Claude Neon Lis Ine. ’ilot Rad Tube A . Cleveland Tractor. .. ines Winterr (1), . Colombla Syndicate. itney Bowes (b4 %) Col OIl& Gas vte. ... ‘otrero Sugar. . . Col Picture vie(73¢). remier Gold (13¢) . Cmwlith Edison (8) .. rod Roalty (b10% ). Cmwith & Sou war. . Prudential Inveet. .. Com Wat Ser £12%¢ Prudential Inv pt(s) 20 Cont Shares cv pf. QRS-De Vry Cooper Bessemer . Bartueditets Cord Corp. Reiter-Foster. Corp Sec Ch (b6%).. Reliance Int A Creole Petroleum. e ooy Cresson Consol (4¢). L (Ao Republie Gas Corp. . Cuban Cane pr opt w. B et Cumberland P L (2) .100: St Regls Paper (60). Salt Creek Pro(1.40), Curtiss Wright war. Sec Allled Corp (1).. Ir & E Pekeh Co. s - Sexal L & H (asoc) .. De Forest Radio. Al s vty Detroit Afreraft. Singer Mig (¥16)... . Dubilier Cond & Ra: Duke Pow (5). Duquesne Gas. Durant Motors. East Sta Pow (B)... Educational Pic pf. . Eisler Electric. . . 2 Flec Bond&Sh(b6%) 154 Flec B&Shpf (6)... 3 ElecB&Sheupfs.. 1 Elec Pow Assoc A (1) Elec P & Lt op war Empire Corp. ....... Eureka Pipe L (4). Fairchild Aviation Fischman & Sons Fhintkote Co A. ... .. Ford M Can.A (1.20). Ford M Ltd (36 3-5c) . Fox Theater (A) Gatena O11 Corp. Gen Aviation. . Gen Empire (1)..... 5 Gen Fireproof (2)... 1% Gen G&E cv pf B(§).100s 12 268 508 BONDS ON THE CURB Low, 1929, . Sales in> DOMESTIC BONDS. thousands high. Low. Close 18 Alabama Pw 4135 '67 987, 07, 8% 1Alabama Pow 55 'S g 2 Aluminum Lid 55 12 Am Cmwih Pw 65 '40 67% 3 Amer El Pow 6s A ‘57 60 36 Amer G & E 55 2028 947 9 Amer G _& Pow 65 '39 93 7 Amer G &Pow 5s ‘53 63'a 26 Amer P& L 65 2016. 104 19 Amer Rad 4%5s “47.. 100% 11 Amer Roll Mill 5s '48 74 13 Appalach Gas 65 45 582 19 Appalac Gas 65 B '45 46 25 Appaiuch Pow 55 1Asso Ei Ind 45 SAsso G & E 4'as 15As80 G & E 4125 49 C 24 Asso Gas & El 55 50 42 Asso Gas & El 35 '68 10 Associat Rayon 55 '50 11AS30 T &T 51us A '35 9As Tel UL 5's5 ‘44 C 7 Baldwin Loco §'>s'33 1Beacon Ofl 6536 ww 8 Bell Tel Can 55 A 3 Bell Tel Canss B 3Bel Tel Can 55 C '60 3 Birmingm E1 425 68 3 Birmham Gas 55 '3 7 Carolina P & L 35 '36 10 Caterpillar ‘Tr ‘3¢ '35 3 Cent Ariz L&P 55 '60 4Cent Tl P8 4':5 P 67 15Cent Tl P 6 55 G /88 12 Cent Pow . Lt 5s '36 50 24 Cent Pub Ser 3133 49 13 Cent Stat Elec 55 '48 3 Cent St El 525 C 34 § Cent St P&L 5'2x '53 30 Ciz St Real 5125 'A 49 5 Cinel Str Ry 6s B '35 90 Cities Bervice 5s 30 1 Cities Service 5s 66 5Cit Ser Gas P 65 43 3 Git Serv Pow 5'zs '52 3 Cleve Elec Tiiu b5 '301 1Cleve Ter Blds 6s 41 3 Comdr Larabee 63 5 Comwh Ed 4125 C 44 Comwh Edis 45 F 65 Commun P&L 53 7Con Gas Balto 4s 2Con G Bal 5'as E 2 Con Gas Util 8¢ A 43 62 1} Gonsum " Fou +Tax 158 104% 29 Gont 55 A " & 40.... 101% 67 Everybody’s Business Improvement in Pound Sterling Indicates British Political Changes Are Viewed Constructively. Confidence Improves Under Codlition. BY DR. MAX WINKLER. NEW YORK, August 28.—Improvement in the pound sterling and strength and increased activity in British government securities are perhaps the most tangible evidence that the change in the political | situation in Great Britain is viewed constructively. Some even go so far as to hail the coali- tion government as one of the most favor-| able developments since the peace treaty.) This may be and probably is somewhat exag-| gerated. In addition, there are too many] post-war happenings which lay claim to this] distinction. The age-old habit of the British to rally in time of distress, irrespective of party af-| filiation, once again has asserted itself, and| the outside world must not underestimate the significance of the change. It has, above. all, greatly increased confidence, which’ should prove of very material assistance in whatever arrangements may be made re- garding a credit or a loan to Great Britain. ‘The response to such financing on the part of the American banking and investing pub- lic is expected to be very fivorable, and a successful flotation of a British issue mav "have a very salutary effect upon the market | for foreign bonds in general. % 2 Refunding Operations. Shifting of Bank Holdings Looms. B T Sentiment is growing throughout the United States in favor of | bills and certificates will mean trans- segregating investment trusts or holding companies from banking in- | fer of what are at present largely stititions. The most recent example is the Transamerica Corpora- | bank credits given the Treasury to tion, which is understood to be considering a number of pians for;“’““";m g;g;:'a "“‘{'h °fh:h°,um;:' | the regrouping of the interest of the holding company, including II:',',',’; will 'u“ it m‘:’h 1',,“ ;’, ,‘,,m:. scheme for divesting the organization of its principal banking in- employment for their funds. In gen- vestments in California and in the East. eral, a long-term Government issue Among the plans prominently mentioned is one by which the | absorbs from the capital market funds stockholders of the Transamerica will receive the corporation’s hold- | Which otherwise would go into indus- ak 12 \ »F I DL S 14 23 Singer Ltd re mith (A O) olar Refining. ... .. ‘outh Penn Oil (1).. o Cal B pt B (1%). outh Corp. . outhld Rovalt and Motors. ., and Ofl of Ind( 1). and Oil of Ky 1.60. and Oil Nebr (2 Stand Oil Ohio Stand Oll Ohio Starrett Corp. . rauss (Nathan) . utz Motor Car. . unray Oil (b3% ) . Swift & Co (2). Swift Internat soe racuse W Mach B. Technicolor Inc. Tech Hughes (60c) .. Texon Oil&Land (1) Tran-Con Air Tran. . Trans Lux DL PS.. Tri-Utilities. e FrenbSoannnen - s & L 5 A 2030 D Ser 3ius 42 ] 54 9 Pisk Rubber 5'as ‘31 17 Florida P&L 3¢ 34 6 Gatineau Pow 8s ‘36 § Gatinean Pow 8: '41 8 Gatineau Pw s B 41 1Gen Mot Acc 85 '36 3Gen Vend 65 ‘37 xw 9 Georgia Power 5s 67 16 Glidden Co 5' 3 Goeb B 6%4s A '3 1Grand PAW 6 NEW YORK, August 28 (#).—Copper quict: electrolytic spot and future, 7}y Tin quiet; spot &nd nearby, future, 27.12. Iron steady: un- . Lead steady: spot New York, 4.40; East St. Louis, 442. Zinc quiei; Fast St. Lou's spot and future, 3.80. Antimony, 6.60. Lerner Stores Corporation. NEW YORK, August 28 (Special).— The directors of l{.rnfl' &ewesm?uar have declared my dividend of 50 cents per share on the common stock, payable September 16, 1931, to stockholders of record September 4. 1931. CHICAGO STOCK MARKET By the Associated Press CHICAGO, August 28—Following is the complete officic] list of transactions in stocks on the Chicago Stock Ex- change today: Bales STOCKS 100 Adams Royalty 150 Am Equities 30Assoc T & T A 450 Assoc Tel Ut 400 Bendix_Aviation €50 Binks Mig 2800 Borg-Warner 30 C P 23 Cent 11l 10 Cent Ind Pow Co 700 Cezt Pub Serv A 250 Cent & So West 100 Cent & So West pi 50 Cent W_Pub Ser A 10 Chi N EMpl 2100 Cities _Service 8ot B ot 84 10 19% 1984 19814 1 1'a 28 ° 28 10 il Nor Uil 750 Insull Util 100 Insuli U p Co_of 30 Jefiersozi Elec 80 Kalamazos Stove 50 Katz Drug 200 Keystone 100 Libby Ame 200 Mohawk Ru 507 Nat Leathe 490 Pines Winte: 25 Public Sery (5100 p 50 Pubiie Serv oRs 5 Gypsum Radio & T voriex Cup A igreen Co A 20 Waukesha Mot 120 West P L & Te 360 Wis Bapkshrs 180 Zenith Radio Btock sales today BONDS. 20000 Insull Util 65 1940 Bond saies today--330.000 70,600 BALTIMORE STOCKS. Special Dispatch 1o The Star BALTIMORE, August 28— Saic STOCKS. 25 Baltimore Trust Co.. 10 Black & Decker ecom 100 Commeicinl Credit pld 19 solidated Gas com a5 rson Bromo-Sclizer 1} Kervlend ohsasiis Go 423 Mty r-l Title Corp com. - 15 Marviand g’mll. Co. . . alc' Amsterdam Cas Co. U B Pidelity & Guaranty.. s B Last A com v & Elec ist " a7 B | turers’ Trust Co., are encouraging. Gen Theat Eqcv pf.. 20 Glen Alden Coal (4). 3 Godschaux Sugar B. Goldman Sachs Gorham Inc pf. Groc Strs Prod vic Guenther Law (1)... Gulf Oilof Pa (1%). Hamilton Gas ret Happiness Candy Imp O Can reg (50¢). 4 Industrial Finan ctfs insull Inv (h§% ) Insull Util 2d pf (6). Ins Co of No Am +235 Insurance Sec (40e). Intercontinent Pet n Int Cigar Mach (2%) Int Petroleum (1). Int Utilities B. ... Inter Equ cv pf (3).. Italian Superpow A Italian Superp war. . Kolster-Br (Am Sh). Lake Shore Mines(2) “mgerieider Fin Cp. . Tnion Tob, 2 Init Carr Fast (10c) “nit Col Init Fo ‘nit Ga it Gas war. .. Unit Lt & Pw A USs 18 Fin. Unit Ve Utah M Uil P& Utfl Pwr & Lt pf(7 Walker Walker Wenden West P Wilson Woolworth (FW)Ltd “Y* 0l end_rates in nusi pavment & Payabie In_ cash dividend. {Plus 5% stock JFlus 2% in o WAGE POLICY OF CORPORATIONS CLOSELY WATCHED IN STREET BY CARLTON A. SHIVELY. Special Dispaich to The NEW YORK, August social and humane point 28 —From & of view the | formation of the Gifford National Com- mittee on Unemployment and the or- ganization effected in Wall _Street among leading financiers and industrial compay executives, headed by Harvey D. Gibson, president of the Minufac- It would indeed be unfortunate if in this land of plenty any one were allowed rve. At the same time, the im- tions with regard to th~ tradc fon of the country are less reas- surine It is freely admitted that unemploy- ment will be gre:ter this Winter than ever and that the azgregate distribution of money in wages. salaries, inierest end dividends will be smaller. Salary Reductions. Wage and salary reductions continue il manner of enterprises hiring with the exception of a few of highly unionized trades, such ss rallroad brotherhoods, and Civil Scrvice employes of the Pederal and of the most State and Municipal Gov- crnments. While this is going on, the controversy still waxes warm between those who maint:in thst the key to prosperily is reduction of costs of production and distribution, and who 2137 hold that the decline in comn.cd- ily priees of the past two vears means that where money wages have not been cut real wages have in effect been lifted, and thote who see in every w'ge cut a deflation in purchasing power of the country which merely accentuates the depression This question probebly never can be settled to the satisfaction of the economists, but in this as ir_former trade depressions the trend of weges inevitably will be downward. The ex- tent to which reductions are ma their asplicition will vary different industrics snd the of the individual companies. moment Wall Sireet is givita closest cutention to the sttitude of tFe United States Steel Corporation. A few aays *go rumors were current thet at the August meeting of the buard an en- in lakor the the nouncement of a wage reduction would | | be_made, but no statem>nt was forth- coming. Pollowing the quarterly dividend . | meeting held on Julv 28, at which time | the common dividend was reduced from a 87 to a $4 annual basis, the board recommended salary reductions, and they have since been put into effeot, ranging from about 10 to 15 per cent. Large corporations make » distinction between tion paid to officers and “white collar” workers— and wages paid to other classes of labor. ‘The large majority of the employes in any manufacturing concern are wage earners and us & rule their earnings run closer to their living costs than do those of salaried workers. Effect of Wage Cuts. Wage .fi distinguished from salary cuts usue! are postponed as &S m\blr bu’nllfl of the political ect. » laboring classes arc boticr organ ized, have more votes lik-] as & unit. and in general more consideration as a than |on salary. No political consequences and rarely do any social consequences of a grave naturc follow salary cuts but wage cuts often bring on strikes and Nation-wide condemnation. It is no seeret that the United States Steel Corporation directors and management are giving serious consideration to wage reductions. Individually Wall Street thinks that they are opposed, as are t pecple, to cutting wages except as a lsst choice to shuiting up shop. However, the faliure of the steel trade to show much sign of revival, the fact that _current operations are unprofitable to the extent that not even the pre. ferred dividend is being covered. and the necessity of the corporation fo bring down costs to mect compztitors and the lower purchasing power of consumers point toward wage reduction The only official hint on this subject was given by Myron C. Tavior. chair- man of the Finance Commiitee, last Spring. whon he said “There are at least two schools of thought on the question Gf raies of com- pensation for service. The answer to that problem probsbly lies in the lap of the future and cepends upon the of the country's occupational s 1o right themsclves from pres- levels August wage cutti It i whether the usual s making will occur, and the public is more zensitive o such things in the Summer. The signs point strongly to wzge reduction for th- Steel Corpora- tion before the end of the year. SHORT-TERM SECURITIES. (Reported by J & W Is = opitious time for difficult to say now casonal rise in steel Seligman & Co.» Bid Offer 1015 10214 100" 101 3 1% 110 1934 102 ° 1ozl I 95 9 epr 103° 1034 100 8 6 991} 105 0 1031, 19314 8% Allis-Chiliers Co. 3¢ 19 Ametican Cinn ¢ i Americen el & o Amer Waie: Wi Billimore & Ou Belding Heminsw Bethlehem Steel Corp. 55 1536 Canagian Nor Rwy 41.: 193 GhL"Northwesisrn K. & “3s 1033 Chicago Rock 4 oad e Lor & Wheeling e 1933 % Bo. My, 4'2n 103 ] Credit o 5'%s 1038 & Fodson Co 3¢ 1a3h & Rio Grande 425 1936 Gen. Mot Accen Corp & 1997 Geners! Peiroieum Corp 3 1047 General Public Service §iza 139 Grand Trunyor Cenana £ 1530 ous E. T 1923 stpa - Hambie olf size ie33 0“9 103 Laclede Gas Litht Co. 5: 1934 Louisvilie & Nashville s 1937 New York Cent- & H_ 45 1094 | New York, Chi. & 8t L. 8 1083 Northwestern Tel 4i.s 1934 Pa. R R. Co. 6.5 1938 Portiand General Eiec. G5 1936 Republic Iron & Steel 5 1040 - nciair Crude Oil Co. uiis 1938 | Bothern Pucind o igga o i L The 8" Ry, R G 4 iilon Biec L0 & Pwr o 1 BRSO € i ailway v Wibsah Ruy: ‘5 050, E ox_ 1935 b 10315 | TREASURY CERTIFICATES. ' Mos sz Dee. “Ex Gividend. n Plus 8% in stock. co rp war unders. . s Corp » R AR e AR ishing pf.. .. rde Exten (1) etal & Tun Lteat1.021 51 ). 1 g (H) (30¢)... Mining n Copper. wr pt (7 Jones (134) 1% 505 43 & Gas, 3o doliare based on last TPaitly sxtra b Payable in % Plus 6% in® k Plus 10% 10 « b Faia last year. 1041 1z 10% LS Quarterly or semi-an- | iPlus 4% in siock, ock e Adjustment ock. h Plus 1% m Plus 3 reguiar rate. 12 11 T siock. in stock stock. IBuilding and Loan BY GEORGE T. HUGH! As a means of helping the average salaried man and wage earner to ac- quire his own home the buildin loan_ association. as it has bees de | veloped in the Uniicd States, its value. These assoc under a number They are governed regulations, is the same | e idea is to mobilize the savi of the members and to loan themm bacs to the same members on residential real estate security. They are essentially co-operative. ‘Their strength lies in their local dchuucun the low ratio of expense and the provision - o B for amortiz. In this fleld, as in eve { financial activity, there have b.',in"z‘."fi-', ures, some of them due to defects in the plan, but more to nanagement, and | yet the record rs & whole compares fa- vorably with that of any other savings institution. From time to time the| writer has been asked to pass upon the | safety of this or that specific building | and loan association, but only a general | answer is possible. It is to the standing in the com- | munity of th: officers and managers of | the particular building and loan asso- clation in question that appeal must b- made when s :2tng is involved. | Granted that the laws of the State in | which operations are conducted are ade- | Quate and that money is loaned only in a disirict contiguous to the home office | and that the association in question | has a record of success, the only re- maining point is as to the character of | business and acumen of the officers. | The item of expense is low because These officers serve either without com- pensation or at a nominal salary. The | factor of safety is high because those | who are entrusted with the duty of making loans are acquainted with the real estate values in the neighborhood ' and becouse, in many instaness, the boirow. 15 are personally known to them. | Thut the borrower will make every ef- ' fort Lo revay his loan is assured by the fzet that’ he himself by virtue of his! membership in the assoclation is also s loa.r and that the profits of the | ociaton go to all members alike, ho borrow and those who do not. Finally, experferce shows that once | A substantial equity in a home hl=‘ beon acquired only an extraordinary series of misfortunes bri (Copsright, 1981.) NEW YORK BANK STOCKS NEW YORK, August 28 (#).—Over- the-counter market: Banks, has proved dations operate of diff:rent plans. by varying State but the underlying principle default. | America | Chase Chat Phenix e Commercial Naii . Pirst Naul N ¥.. 000 | Munbat Co | Nati City 2 Guif Oil Pa 85 2 Gulf Ol Pa 35 ° 23 Gulf 8t Uth 55 A 21 Gulf 8t Uil 55 B '36 91 1 Hygrade Fd 65 A 43 48 1611l PowkLt 6s A '£3103 18 1l Pow&Lt 55 C 9 inois P&l 5'4s in P&L 5':s B 7Indnep P&L bs A 16 Insull Uulit és B 2 Intercon Pw cv 65 4Int P Sec 6'as 60 Intersta Power 3 Intersta_Power 6 Jinterst P S 4125 58 F 15 Inves Co 56 A 47 ww 81 26 Inves Co 55 A 47 xw 82 § lowa-Neo 'L&® 35 181 9 2jowa_Pub Sery 53 '3T o 5 Jer Cen P&L 35 B '41 1 8 Koppers G & i1 99 4 Kopper G&C 5125 '30 10215 1Laciede Gas 5'2s 35 100% Lebigh P S 65 2026 103% Lexington Util 35 '52 96 . P Lt 3% r Pw 35 10 a t Eiectric 5'ss '8 68 CEA L 3B 2030 8 5e 8 New Eng GAE 35 5 New Eng G&E 55 26 New Eng G&E 58 '5 20 New Eng Pow 55 " 7 New Eng Pw 5las 3 New Orieans 438 N Y Fo ln 5'cs 48 A 70 NYP&L4'2s 67 100" Niag Falls Pow 6s '50 107 Nor Ind P 8 5s C '86 103% No Ohio P&L 5%:s '51 105%, 2No Ohio P & L 5 '36 103 5 Nor Stat Po 5'as '40 104 15 Nor_Stat Po 4'zs ‘61 80 6No St Pw 6'3s "33 gn 102', 6 Ohio Edison 58 "60.. 104': 15 Ohio Pow 4%2s D '56. 1013 10hio Pow 5s B '32... 104% 6 Okia Gas & EI 58 '3 1033, 4 Pacific G&E 4'25 '57 101% TPac G & E 85 F 1 Paeific G&E 35 C 'l 2 Pacific G&E B 6s 26 Pacific Bw & L 35 10 Pacific Pub 8r 58 13 Pac_Wes Ofl §%28 * & Pa Cen PRL 438 41 Penn Elec 43 ‘Ti P 17 Penn O Ed 5t B 2 Pa Ohio PAL 5%s '34 105% 10 Penn W&P 4'3s B '63 101%, 10Peop G L & C 45 '81 96 6 Peoples L & P 5: 19 35 8 Phila Elec 5123 10724 1Piedmo EI 6':s A 60 T3% 2 Pot Edl 422 F 61 wi 98 2 Proct & Gam 4':s '47 106% 15P'8 No Il 4's P 81 99 4Pb 8 N Il 4,5 E '80 96'; §Pub § P&L 5135 A 49 102 Pug 8 P & L b5 C '50 100 ug SP&L 4ios 50 D 943 unsb Gas 5'zs A '52 108'z pub Gas 65 ‘45 A 834 e H Wat_4%28 79 101'a L Gas " Cl6i 4l 32 n At P S 55 B 5B 9 chuite RE 65 35 xw ripps 51, haw W&P 4 h i 57 95% 51108 aaBwaas H 8 10 ] 3 g .,_ 2030 POV~ JUBL O T JR 14 8 aw Wap 41 8 9310 W&P 4'3s D '70 930 &L 6 A 025 xw 10330 PREBEE Texas Gas UL 63 Texas P & L 5 5Trl 7 20 S Rubber 6s '33 3Van Swer 65 35 ww. 49 5 Waldor(-Astor 7s ‘ad 83 4 Werd Raking 65 '37. 1023 # West. Penn 55 s | California and those in the Bank | posed to the plan, which is still i | elaborate comment. In any event, the distribution to | stockholders is perhaps more desirable { than the sale to a third party at this ;| time, when quotations are admiticdly | »lat or near the bottom, whereas, at the time of the formation of most of the holding companies, securities were at or ! near the p-ak. i It is still too early to gauge the ef- | fects upon the copper market of the | formation of the Congolese Copper | Syndicate. The syndicate has just | bzen organized by a group of Belgian producers there, and includes among % | others the Union Miniere de Haut Ka- |tanga. The capital of the syndicate is | given as 30,000.000 francs, equivalent to about $835.000, and its larger copper production through the various member comparies. | American Capital Interested. | While the cost of American produc- {ers is appreciably higher than that of | the Katanga group, many Ame:ican- | controlled companies can produce ever | more cheaply. ~Furthermore, it is defi nitely understood that American capi- |tal is interested to some extent in the Belgian_enterprises, which would lead | one to believe that nothing will be un- dertaken to affect adversely the copper | market in general. and American pro- ducers in particul | " Announcement that no action will be teken on the New Haven dividend until September 8 was accompan ed by | a statement from J. J. Pelley, president of the carrier, to the effect that eam- ings are likely to exceed $4.50 a share | for the current year. It is possible that | the postponement was promnt>d by the belief that within two wesks it may be leesier to gauge the futur: and take action accordingly. This view directs attention to the British system of dividend payment which might be employed advaniage- |ously by American enterprisos. Cor- | porations in England declare. as a rule, an interim dividend and a final disbursement, the latter beinz based | upon actual results of the enterprise in | question. Shoe Industry Improves. The boot and shoe industry is the | first_ major industry -to show definite | improvement, according to Secretary of | Labor Doak, who bases his remarks on | reports coming from all sectiops of the country, and which indicate that the | industry is operating on an average of 90 per cent or better. | _ Mr, Doak's views are borne out by E. R McCarthy, vice president of the Brown Shoe Co. who informs yus that {over the corresponding period last year (and that September is likely to show { increased activity consequent upon cus- tomers’ shelves being stocked conserva- | tive to meet the Fall and Winter Public leaders often commit the un- another in the creation of channels into which the taxpayers money can be poured, In order to win the favor of | the voters, they often launch costly and sterile projects which exc | able possibilities of the community. Holds Dole No Panacea. Nothing is more commendable than | efforts on the part cf those who possess the means of doing so of coming to the laid of those who are without means, as on ethical grounds, to penalize the i i i alm is a! his company's output during the past| three months registered a moterial gain | pardonable blunder of vying with one | But it is unsound, on economic as well | large taxpayers without due regard to| ings in the Bank of America National Trust & Savings Association of of America National Association in New York. Many of the leading executives in Transamerica are op- n too embryonic a stage to permit failed to materialize, Mr. Jackling feels that improvement in the German situ: tion will reflect itself everywhere, and that copper, like other so-called world ccmmodities, will be benefited by such improvement. opyright. 1931. by the North American Newspaper Alliance, Inc.) Grain Market By the Assoefated Press. ¢ CHICAGO, August 28 —Coarse grains tock the morket leacdership away from wheat on the Board of Trade today, both corn and oats advarcing sharply. vy sefling just befors the close, however, broke the market below yes- terday’'s finish cn all grains. Corn closed weak at almost the bot- tom figures for the day on a 'ate set- back, unchangad to 33 cent lowsr than yesterday’s finish; wheat was easy, %-': down; oats mixed, 1 down to#; higher, and provisions showing 10-27 cents 2dvance. VHEAT— S-piembe: Decemoer Muren 42 387, 41, a 210 | 227, 247, 25% 335 | -36% | 12rch New York Cotton| | Special Dispateh to The Star. NEW YORK, August 28 —Trade in- terests bought more cotton than was ' sold by the South today and prices | recovered virtually all cf yesterday's Icss, ending with a gain of 8 to 12 points on the day. The most favorable week end statistics in some time and little pressure of coiton from the - terior stiffened prices. Spots were advenced 10 points to 7.15. Cotion range October 5 December January March 2y July - =153 ] 8 2 7 I X IRON MINES TO REOPEN AS AID TO EMPLOYMENT By the Associated Press. 1 CLEVELAND, August 28—Iron ore mine operators here looked forward to- day to a probable ease of produc- tion this Winter from undergiound ore | mines in the Lake Superior district as a_means of relieving unemployment. | U The rate of output of these mines is | now about 30 per cent capacity. | Pickands, Mather & Co. largest in- | aiready has an- its underground | Iron River district of| ) i : i 88 i | croment, FT{ s ; try. This is an unfavorable aspect of the present situation, at- home and | abroad. The matter will not end here with mere refunding of short-term debt. The Treasury s faced with another large deficit, prodably a billion or so, for the current fiscal year, which scarcely can bz made good by greater taxation in view of depressed business | conditions and the unwillingness of ! either political party to increase tax | rates in those directicns whence more i revenue might be obtained. Nor is the prespeet for reduced expenditures en- couraging, with agitation for uncme- ployment relief, soldiers’ bonures, greater public works expenditures and other schemes designed to inflate cur- rency circulation. The capital market, in other words, probably will have to {put up another billion of new money | the next year to keep the Govern- ment's books in balance. Wall Street regards this as largely a taking from | productive to give to non-productive enterprise, something which tends to | prolong hard times. 'EMBARGO ON APPLES IN ENGLAND DENIED bht, 1921) 1 1 ican Fruit Shipment. i | Special Dispatch to Fhe Star. WINCHESTER, Va. August 28—A ! complete embargo on American apples is not contemplated by the British gov- as a means of ajding the colenics i which ‘aprles are grown commercially. aceording to word today to Harry F. Byrd, prasident of the Vir- ginfa State Horticultural Society, from D. N. Casile, Acting Secretary of State, Guoting a moscage from Ambassador Dawes at London. Virginia apple grow- ers, who ship lage quantities of fruit to English markets, received word early in th> week, wh>n the MacDonzald Labor government collapsed, that a complete embargo on American apples was feared in English fruit circles. For the past two vears no American apples below the United States No. 1 grade have been admitied to ports of the United Kingdom between July 1 and Novem- ber 15. Ambassador Dawes, investigating the report at the request of the Virginia crowers, stat~d in his cable to the State Devartment that the Britich government does nct contemplate any change m exis! regulations or complete em- bargo on American apples, but will con- tinue to maintain strictest supervision and inspection. It was also stated the Ambassador said,.that the future policy would bs determined upon any further discovery of mazgots in the apples. EARNINGS REPORTED. NEW YORK. August 28 (#)—Uni- versal Leif Tobacco Co. today reported for the fiscal year ended June 30 an increase in profits over the preceding year. Net profit for the period ended June 30 was $1,227.712, equal to $5.07 a share cn the common stock, against $964.466, $3.20 a common share in the pre- ceding fiscal year. During the past year there was charged to reserve for centingencies provided for that purpose in 1930, $105.146, covering losses on the sale of capital 2ss°ts and premium paid for ferred stock transferred to the &inki fund. Keystone Sieel & Wire Co. T for fiscal vear endea June profit of $196,575, equal to 28 cents compared with $585, a common share year, Leather Co. reported for the June quarter net loss of $15.100, ccm- pared with net loss of $47479 in the June quarter of 1930. oL Eaty T ST GO 28 (). —Butter— ,fl i;m ! firsts (90-91 score)