Evening Star Newspaper, August 31, 1931, Page 15

FIN TURNSDOHNWARD *Activity in Oil and Utility Is- sues Continues, With Irregular Trend. BY JOHN A. CRONE. Special Diapatch to The Star NEW YORK, August 31.—Weakness in foreign shares and activity in the " oll and public utility issues were the * outstanding features of a session of dull trading and irregular prices on the ‘ Curb Exchange today. Blectric Bond & Share and Cities Bervice were both off fractionally around midday. American Gas & Elec- tric lost a haif point and United Light & Power was down nearly that much. “ _ Softness of Brasilian securities in London, as a result of the suspension *of the sinking funds on forelgn loans, was transmitted here. Brasilian Trac- tion lost a point. Bahia Corporation, = Brasilian concern making black dia- monds, was stricken from the list of the Curb Exchange until further notice. Although the exchange made no an- nouncement, it was learned that a re- quest for suspension came from Illinois following organized operations in the stock by a Chicago fmup. _ Mortgage Bank of Colombia, Ameri- can shares, fell 10 points to a record " low price of 8. Colon Oil, American & Forel Power warrants and other proving, though downs of wells are not fully reflected in present figures. As of June 30 there * was a 34-day supply of gasoline on hand and 221 days’ supply of crude oil. Gasoline stocks August 22 were 47,069.- 000 barrels. of which 34,068,000 were at refineries, 10.528,000 at bulk terminals and 2,113,000 in transit. Since the daily average gasoline demand is esti- mated at 1,280,300 barrels, this would be the equivalent of 37 days’ supply. Imperial Oll and International Pe- troleum were the first of the standard group to head for higher levels. They were followed by Standard Oil of Ohio, but Standard Ofl of Indiana was in- clined to heaviness after Standolind Pipe Line indicated it would not at once undertake a pipe line project on ‘which bids were to be opened today. South Penn Oll and Standard Oll of Kentucky during this period were a trifie easier. Pacific Western Oll, Reiter-Foster and a few other lower~ priced miscellaneous oils improved. Pipe lines were moderately active, but unchanged. RAILROAD EARNINGS. NEW YORK, August 31 (#).—Rail- road earnings reports received to date indieate that July had net operating income of $55.- 750,000, a decrease of 32.6 per cent from $82.750.153 reported for the same month last year, And per_cent from July 1829. ‘The first 72 carriers to report showed July net operating income of $50,553,- 000, a decline of 31.8 per cent from $74,222.000 reported for July, 1930. In June the same railroads showed a de- cline of 26.2 per cent from June last year, MARYLAND TOBACCO PRICES. BALTIMORE, August 31 lSnechlr.—i ‘The market for Maryland leaf tobacco | continues active with receipts of 2,180 hogsheads reported last week, leaving a stock in State tobacco warehouses of 15.622 hogsheads. Prices are holding firm at the follow- ing_quotations per 100 pounds: | Frosted and inferior, 3.0026.50: sound to good common, 7.00420.00: medium to good. 20.00239.50; good to fine red, 40.00254.00; fancy. 54.50a55.00. Seconds, common to medium, 6.00a30.00; good to fine, 31.00a44.00. . Upper country, burley, nominal. MONEY MARKET. NEW YORK, August 31 #).—Call money renewed at 1!; per ¢ent today, making the average renewal rate 1'; per cent for the third consecutive all class 1 railroads ini eduction of 54.9 ANCIAL. Note—All stocks are sold in one hi undred-share lots excepting those designated by the letter s (80s) (250s). ock Sales— Add 00. Open. ~Prev. 1031~ Stock and Dividend Rate. Acetol Prod A... . Affiliated Prod 1.60.. Air Investors ¢v pf. . 5 2 ™ Aluminum Co of Am 9258 130 84% Alum Ltd cum pf(8). Am City P&L (A) A3 Am Com P A (b10%) Am Corp (£160)..... Am Cyanamid B.. Am Equities.... Am For Pow war. Am Founde! Am Gas & Elec (1) Am Lt & Trac (2%) Am Mtg Co (1) Am Maracaibo. Am 8t Pu Sv (a1.60). Am Buperpwr (pd0c) Am Util&Gn B vte.. Am Ut&Geupf1%.. Am Yvette (25¢).. .. Anglo Chil Nitrate Appalachian Gas. ... Appalachian Gas wr. Arkans NatGasA... Ark P& L pt Arundel Corp (3). . 4« Asso GREL (A) (a1) Asso G & El war. At Util Corp, Atlas Utilities wa) Beneficial I'L (1%).. Blue Ridge cv pt(a3) Borne-Scrymser... .. Brasil Trac Lt&P(1) BritA T B 1.17 4-c.. Burco ne cv pf (3) Canadian Marcon} Carib Syndicate. o Pw & Lt pf f (7) . Cent Stat El (b10%). Cent West PS A A1l Centrifug Pipe (60c) Cities Service (g30c) Cities Serv pf (6)... Claude Neon Lts Inc. Colon Oil. ... 3 Col DIl& Gas vte. Col Picture vte(75¢). 3 Cmwith Edison (8) . .100; Cmwlth & Sou war.. 30 Com Wat Ser & Comstock Tunnel . Consol Gas Util (A). Cont Shares cv pf. Cord Corp Cosden Oil. Creole Petro! 5 Cresson Consol (4 Crown Zel pt A (3) Cumberland P L (2). Curtiss Mfg Co (A Cusi Mex Mining. Dayton Alr & Eng... De Forest Radlo. Detroit Afreraft. . DressS RA (3%). Duquesne Gas. Durant Motors Educational Pic pt Elsler Electrie Elec Bond&Sh (b6 7 Blec B& Shpf (6). 1 Elec P & Lt op war | Elec Sharhldg pf(aé) s Empire Corp. ... Europ Elec deb ris | Evans Wallow Lead. Fairehild Aviation Federated Capital. | Ford M Can A (1.20). | Ford M Ltd (36 3-3¢). Foremost Fabrics. .. Fox Theater (A).... Gén Theat Eq cv pf. . | Globe Underwr (15¢) ® Rl e . e Gt At&P T av (16%) 10s Gt At&Pac Tea pf(7) 50s Grier Stores. Hamilton Gas rets, Humble Oil (213) 4 Hydro Elec Sec 1.40. | =8 % Hygrade Food Prod. Imp Oil of Can (50¢). 1 Imp O Can reg (50c). Ind P&L cu pf (6 Ind Ter 1lu Oil A Ind Ter 11lu Oil B Insull Inv (b6%) . Insurance Sec (40c). Intercontinent Pet n. Int Cigar Mach (213) Int Holding & In Co. Int Petroleum (1)... 1 Int Utilities A (3%). Int Utilities B Isotta Fraschini 1.06 Italian Superp war. . Leonard Oil Lone Star Gas n 33c. Long Isld Lt pt (7). . 30 2! Received by Private Wire Direet to The Star Office -~Prey, 1931.~ \Stock and Sales— Kish, ‘Low. Ividend Rate. Add 00. Open. High. Low. Close, 41 32% Mapes Cons Mfg(14) 1 40 40 40 40 5 3 Margi sevesians 1 ::K 14% Mid West Ut (b8%).. Migh, I"l GI.:‘I‘ " 3 1 MiaWslsULbion. 107% 1004 5 84 9 20% b ‘g: [3 % Mo-Kan Pipe L (A).. 1204 Mohawk Hud 18t(7). iy Monroe Chemical. Mtg BCAm sh3. Mountain Prod (1) Mount 8t Pow pf (7) Nat American Co.... Blec Pwr pt (7). Newmont Mining. ... N'Y Shipbuilding Cp. NY Telptf (8%).... Niag-Hud Pow (40¢) Nitrate Corp Chite B, Noma Elec (40¢). ... Nor Am Aviat A war, NoAmL&P (h8%). NoAmL&Ppt (8). North European Oil. Nor Ind Pub 8 pt (8) Nor Pipe Line (14).. Ohio Pow pf (6)..... PacG&E1stpf1%. TR 268 116% 116% 11 10% 10% 1 "1 i 1 4% 4% 2w % 9 615 61% 268 82 82 18 & K 708 1024 102% 4 33 33 208 110% 110% 2 29% 29% & 6 Pennroad Corp (40¢c). Peoples L&Pwr (A). Perryman Electric. . rol Corp war. . Philip Morris Ine. Phoenix Secur Corp Pilot Rad Tube A. Pines Winterfr (1).. ymouth Oil (25¢). Potrero 8u Prudential Invest. Pub Util Hold war Pub Util Hold xw. Rwy & Lt Secur (13) Reiter-Fostei Reliance Int A Reliance Int B Republic Rock Lt & P (30¢). .+ St Regis Paper (60) Salt Creek Consol. .. Salt Creek Pro(1.40), Schulte 5c-31 St pf... Sec Allled Corp (1).. Segal L & H (as0c) .. Sentry Safety Cont. . Shattuck Den Min. .. Shenandoah Corp. Shenandoah pf (a3). Sherwin Wil (141%). Silver (Isaac) pf( Singer Mg (115). ... 508 258 Smith (A O) (2) 208 119 Solar Refining. . 1 So Am Gold & Plat. . SoCal Ed pf B (133). South Penn Oil (1).. Southld Royalty 20¢ Spieg May Stern pf. Stand Motors. A Stand Ol of I 107 2 Stand Ollof Ky 1.60. 4 20% 20% Stand Ol Ohlo (213). 508 52% 52% Stand Oil Ohio (5)... 208 102 102 Strauss (Nathan) Stuts Motor C Sun Invest..... ray Ofl (b5%) Swift&Co (2).. Swift Internat (3) Tampa Blectric (12). Tech Hughes (60¢). . Todd Shipyard (4).. Tran-Con Air Tran. . Trans Lux DLPS.. Tubize Cantillon (B) Unit Founders...... Unit Gas Corp. ... Unit Lt & Pw A (1) U'S Dairy (B U S Elec Pow U'S Plaving Card 2% Unit Gas war....... “nited States Stores. ‘mit Verde Exten (1) JUl PELL(aT1.02%), “Ul Pwr & Lt pt(7). Tt P&L B(at1.0233). Tl Equity pf(3%) .. 50 til&Ind .. 2 “til & Ind pf (1%).. Vick Financial (30e) Walker (H) (30c)... Wenden Coppe : Woolworth (FW)Lid 85 Ygstn S&Tupf(5'z). 30s 86's 86y 85 15% | Dividend rates in doliars based on last auagtecly or | nual payment. *Ex dividend. tPartly extra. ;Plus 1110 | 2'Payabie In. cash’ or stock. b BaYABle in- stock- 99 10 D015 = 08 b 1S 1 1t e DY 083 3 30 508 604 . 258 60 30 60% 60 270 119 16% 1 1l 28% 28% 18% J8y 512 5% 30 30 1 1 1 4 1 1 ‘ 12 1% £ 26% 34 2% W 40% 5l an 5 L 82 18% 67 5 4% 5 LR bl i 85 semi-an- in stock. & Atjustment in stock. hPlus 1% in * 11 % in stock. g Plus " New York Cotton|. Special Dispatch to The Star. ) . NEW YORK, August 31.—There was more pressure on the cotton market to- day than during closing sessions of the week and prices lost & quarter of a cent ' lunder & large volume of business. Ex- cellent weather, an easier stock nfarket and an increased movement. of new cotton in the South weighed upon the markst and the list closed at the bot- tom. Spots were reduced 28 points 7 centa. 3 PRSI sy Wit LB NEW SECURITIES. NEW YORK, w 31 (#).—New securities offered y include: State of New Hampshire, $1,000,000 35 per cent bonds, due September 1, 1932-19. inclusive, priced to yleld from 175 3.25 per cent, by & syndicate headed by the Detroit Co. SEEE e o =% 3 9 PEFRt bbb St b R S S e o L VESSSIE I S8 5 H =SugF3sesSedzas = 23s3zaresntseiisgesetraneieaasge: £ AN Britflh Financial History for Centuries Shows U. §. Bankers Risking Little in $400,000,000 Franco- American Credit—Bond Issué Probable. BY DR. MAX WINKLER. t 31—That American bankers who are bein $400,000,000 Franco-American credi g little few will arded their credit stand! d financial manipul called '%‘:&:Au te in the | ! %0 Great BHitaih are nations which have QGreat Britain. To tions of an unsound character and deny. There are not many g more jealously than etri- mental to creditors there one has to go back centuries. % It was in the year 1300, in the reign of Edward I, when the British currency, the penny, was reduced one-half grain in weight, so that 243 pennies, instead of 240 as before, were struck from a und of silver. In 1344 and again in 1346, the standard was further lowered, raising the number of pennies in 1465, the number of pennies to the poi was raised to 450. Kin Henry VIII debased the currency several times with the result that, at the end of his reign, contained the sllver coins one-seventh of the pure metal that went into the same coins of 25 | years before. Queen Elisabeth Weakens. With the aid of a loan from the city of Antwerp of about $1,000,000, Queen Elizabeth Dr. Max Winkler. undertook the restoration of the coinage. Eventually, even Elizabeth, with all her inherent love for financial honesty, succumbed and, in the forty-third year of her reign, she was persuaded to have 62 in- stead of 60 shillings minted from the pound of silver. As to actual governmental obligations, one has to go back more than four centuries to find irregularities in the nature of payments thereon. In 1525, during the reign of Henry VIII, Parliament enacted a bill which was tantamount to repudiation, since it forcibly con verted loans into taxes. In 1544, a similar act was passed releasing the ng who ha the money to the treasury. from all the money borrowed since 1542, and requiring these received any payments on account of such loans to refund In 1672, during the reign of Charles II, repayment of-loans made by the goldsmiths to the exchequer was stopped by the sovereign. In the reign of William II, this debt was compromised on the basis of 50 cents on the dollar. English financial history from that point on is without blemish, and the desire to promptly and faithfully meet al obligations has been in- tilled into practically every member And part of the British Empire. New Bouth Wales is a notable exception. Bond Issue Seen. ‘The soundness of the recently ar- ranged British credit, viewed from the standpoint of investment quality, need | therefore, be questioned. co ion accorded it may possibly k & int in the business situation and the securities markets. There is no doubt that an effort will be made to convert, as and when condi- tions allow, the credit held by the 110 banks throughout the United States into & loan which could be sold to the investment public. The successful flo- tation in the markev of an issue of $200,000,000 or more, which represents the American share, will be possible only in an atmosphere of cheer and optimism. 1t will, therefore, become necessary for those sponsoring the transaction to create such an atmos- phere. It has been done before. Prior to the sale of the Dawes bonds in the Al n market, gloom reigned supreme. A feeling of optimism was soon created and the loan was a pr nounced success. The situation was similar at the time the Young bonds were marketed, and it is within reason to belleve that, preliminary to the con- vérsion of the British credit, nothing will Be left undone to bring about a better feeling in investment circles. ‘The investment public, therefore, may expect confidently to be treated to a series of favorAble reports and news from abroad. It is bound to hear of the remarkable progress which is being made along economic and financial | lines by many countries which but yes- terday were in the slough of despon- ney. . Investors, in all probability, will wit- Ness & series of reductions of rediscount ates by Europe's banks of issue. They should also hear that Great Britain's budget will balance, or at least that the anticipated deficit will be greatly re- duced. The political situation will be reported a8 thoroughly clarified. Ger- many's stock exchanges will open and will ot be accompanied or followed by any untoward happenings. It will be- come difficult to discern any clouds on the economic firmament. Subscription Privilege. Under such circumstances and amid |such feeling, it will be regarded as a | rare privilege and distinction to be invited to subscribe to a loan issued {on behalf of the United Kingdom, and | which will be sponsored by the fore- most banking houses of the world. The innate desire on the part of Americans to establish records in every field of endeavor will in all likelihood 1so be appeased. The new loan prob- ably will be the largest that has been offered t0 an investing public, anywhere, At any time. Sales resistance is ex- pected to be very small because what- ever Britith bonds have been sold to | the American investor have always given a most satisfactory account of them- selves. The assured success of the loan should facflitate the resumption on a large scale of constructive financing |careful and dependable observers as | Becretary of the Treasury Mellon, Owen }D. Young and the late Undersecretary of State Cotton, are the sine fqua non trade, so essential to the America and the Ameri- (Copyright. 1931. by the North American Newspaper Alliance, Inc.) FACTORS WORKING FOR TRADE RECOVERY NOTED IN REVIEW BY JAMES B. CLEWS. Bpecial Dispatch to The Star. variously viewed and simply shows the many-sided character of the issues tha foreign | which, according to such | ILIVE STOCK PRICES .~ REGISTER DECLINE !Repomd Scarcity of Fed Steers May Bolster Fall- ing Market. BY FRANK I. WELLER. Associated Press Parm ' Rditors: ‘The reputed: scarcity of finished | steers ready to run at once ultimately may have a lot to do with bringing |bfl:k the fed steer and yearling market Which eased off last week as much as | 35" centa. Under the influence of a depressing dressed beef trade which held upper- rrlde steer meat steady to 50 cents lower And the less desirable grades 50 cents to $2 lower than & week ago, strictly good to choice offerings lost 25 cents while the others declined 25 to 50 cents, mostly 58 cents. On Wednesday of last week, Kansas City sold 10 head of 617-pound year- lings at a top of $10.50. However, they represented only about one-fourth of a load and probably were the best cattle offered this season. In no wise did they represent the total sales in this class, or the tountry-wide trend in the price of prime cattle. Causes of Decline. Cause for the decline in steers can be traced to the predominance of good and choice offerings arriving this week. Runs did not carry many common and medium grade steers. ‘This, coupled with the fact that the beef trade turned sluggish and the live market had been howing & creeping advance for several weeks, explains the downturn which, however, ¥ be more or less temporary because of the light supply of better grade stock. The undertone on strictly choice offer- | ings is still strong and if receipts should be curtailed it would terd to strengthen i the best of those in between. In beating down the in-betweens, the killers merely have accomplished what, they have been trying to do for a week or more—get the different grades of fat cattle more in line with their beef merits. Until recently strictly good steers were selling too close to strictly cholce offer- ings and medium kinds often were just | & shade in price away from good kinds. In a general way good and choice offerings showed the largest loss and among these in-betweens, the weightier i offerings lost more than yearlings. Ina few islolated cases some thick-fleshed but weighty bullocks, now aré 75 cents lower than they were last week. Prices worked a little lower on com- non and medium grade stocker, but held 11p well on good and choice kinds. The atter grades were scarce largely not nly because the range run was small, | but also comprised either two-way steers or_medium-grade stockers. Despite the fact that the country is eyeing the replaccment advance with caution, demand for good and choice kinds still is broader than the supply, this applying to stockers of value to sell at $6 upward. Hog Prices Weaker. Hog prices have weakened unevenly, declines increasing severely as weight was reduced. Weights above 250 pounds were steady to 15 cents lower, while ight and medium weights were unevenly 25 to 50 cents lower. Pigs and light lights were 50 to 75 cents lower, and packing sows steady to 10 cents higher. Light pork loins at Chicago were $1 lower than a week ago, while heavy loins were $1 to $2 higher. An increase in the receipts and par- ticularly in the lights and underweights was the main weakening faetor. but a drop in the shipping de:i:-ad also weakened the market. The added quota of light lights and medium weights carried a generous volume of strictly finished kinds mest days, indicating that many feeders have been pointing their Spring shoats for early shipment. Fat lambs and yearlings finished moestly 25 to 50 cents higher, the cur- rent market being benefited by better di?mbullon along with curtailed re- ceipts. 'SMALLER TOBACCO NEW YORK, August 31.—Failure of | ffi:;’ m t'l;ids_ mnt;elr. bC]ondmL;ms. as | G . % st y, will obviously involve AIL, invéstars have viewed with & en- | " nycumsity of readjustment, and the sible éye the results of the process of | announcement of the requisite action. reorganization through which European | When it comes, should be a bullish fac- countries have been passing. They have | 1O in the market. Railway managers. MacMarr Storek (1) 11y | Gividend, Cpiis s Magdalena Synd B | stock. in stock. month. Funds in the outside market Rl 2 0o steck . were quoted at 11, per cent, against 1 per cent previously. Bankers' acceptances were fairly ac- - tive, with a somewhat better supply n stock. m 3% year—na regular rate. Y CROP IS FORECAST By the Associated Press. lus D Paid I | Penn crude in company's lines 5 cents | A barrel to $1.40. of bills, but limited demand. Asking rates were unchanged. Commercial paper was quiet and unchanged and time money was dull and unchanged. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, August 31—Following is| the complete official list of transactions on the Chicago Stock Exchange today: STQCKS. High. Low. Close. 150 Abbot * Lab 3710 343,37 300 Allied Mol Tnd 3% 20 Am_Pub Ser pf U e (E L) ucyrus-Monishan eco : Biub ser bt sgc o Invesiors hicate Yellow Cab 126 € 00 Cord Corp 200 Corp Ske .. 420 Crane 10 Crane Co pif 200 Flec Household AT A 50 Kelloag Bwitch pf’ . 50Ky Ut Jr_cum D a0 Lincoln Foint Ll 100 Marshall Piel : 230 MeGraw Blectric 150 Mid West Tel.... 2100 Mid Wast Dtil 730 Midland United 100 Mo-Kans_Pipe 10 Mosser Lea .. 30 Mo-gan Litho Nat Battery 20N West Tl 7% pf 10N West 11l pl... 108 Parfect Gircle 730 Pines inter e Re 100 B, SARAY Pa 230 Beaboard ¢ _Ind 300 Tl & Tn 50 Vortex Cvn . 00 Vortax Cup A.. 51 Wanl 45 750 Walgreen 'Co 100 Walzreen ww C.ll10 & West P L & Tel ALl 2% 780 Wis Bankshes . . 8 8tock sales today—60.000 shaes. BONDS. Insull Uty 1 65 40, 4000 Chi City Rys 55 27 8 1% 56 Bond sales today—s3i0. 100.°° Seeing iwo men wearing leather gloves on a hot day & London detective shrewdly suspected that they were pre- ring to commit a crime that would | f:-ve no fingerprint clue, end when.he ‘ followed them he caught them break- ing into a house, G\ CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 31.—The fol- lowing is & summary of important cor- poration news, prepared by the Stand- ard Statistics Co., Inc., New York, for the Associated Press. Weekly News Review. Price movements (n the Stock Ex- change last week weré narrow, with the tendency toward higher levels. Wedl ness in railroad securities, the price in- dex for which declined to & new low )| point last Tuesday, was not accom- panied by reaction in other important sections of the list, Our index of quotations for 90 representative stocks as of Saturday's close was 2.1 per cent bove the levels fo A week preceding, with each of the three major groups comprising the index showing a gain. Arbtl' declining moderately early in the week, bond quotations later recov- ered, our index of 30 leading issues showing_practically no change for the week. The index for railroad bonhds established a new low on Tuesday, but moved higher during later sesstons. Liguidation of rail issues, it is believed, reflects disappointment &t the con- tinued delay of car loading to record the usual seasonal expansion. ‘The changes in commodlt{‘gflw were mixed, with the trénd m down- ward. Prof. Irving Fisher's index of wholesale prices reached a new post- war low, oft about 0.1 per cent for the week. A development of distinct in- terest in the commodity markets was the passage by the Louisiana Senate of a bill prohibiting any planting of cotton, under heavy penalty, in that State in 1032, the measure to become 0p- erative if three-fourths of the regular cotton belt production is similarly re- stricted, The Companies. Canadian National Raflway (including Central Vermont line) July net eaArn- ings, after expenses, $335,618, agalnst $2,283,214; seven months’ net, after ex- penses, $1,664,653, against $13,677,123. Guif ol tion subsidiary re- duces Detroit third-grade gasoline price to 11 1-10 cents from 12 8-10 cents, Hoskins Manufacturing declares two quarterly 75-cent dividends, payable September 26 and December 26, re- spectively. Reo Motor Car has added 359 new dealers since July 1. Republic Steel o] tions this week at 35 per cent of capacity, off 3 per cent from last week. 3 Sharon Steel Hoop—Operations will advance 16 per cent to 50 per cent of capacity this week. Sinclair Consolidated Oil subsidiary, Sinclair Ofl Refining, reduces Detroit gasoline price to 11 1-10 cents from 1 1 ts. 2 8-10 cents. Sun Oil increases Detroit gasoline pflfie to 131-10 cents from 12 cents a gallon share earnings, $5.07. against Buckeye Pipe ¥en ended June 30, 3.92. Line advaifces price of Universal Leaf Fobacco common- Eureka Pipe Line—Price of Penn- | sylvania erude in company’s lines ad- vanced 5 ¢ents a barrel to $1.55. Tliinols Power & Light gross earn- ings, 1 months ended July 31, off 4.2 per ce. ; het off 6.2 per cent. Missouri-Pacific Railroad July sur- glus after charges $301,105, against 776,157; 7 months surplus after charges $1,272,282, against $3,129,864. Nationdl Transit—Price of Pennsyl- vania crude in company's lines ad- vanced 5 cents a barrel to $1.75. Southwest Pennsylvania—Pipe line Pennsylvania crude in company's lines advanced 8 cents a barrel to $1.65. Tide Water Oil—Subsidiary, Tide Water Pipe Co., advances Bradford dis- trict crude 10 cents to $2.10 a barrel. Western Pacific Railroad—July deficit After chatges, $152,530 vs. defic! 756; seven months’ deficit $1,1 deficit 81,874,314, Alleghany Steel—Six moré Bracken- ridge furnaces resuming operations. Enginsers’ Public Service July gross off 38 per cent, net after taxes off slightly; 12 months' gross up 0.24 per cent, net off 0.2 per cent. Ford Motor—More than 15,000 worke ers recalled at River Rouge plant. Muskegon Motor Speclaities common share earnings, six months to June 30, 29 cents vs. 55 cents. New England Public Service gross, three months ended June 30, up 2.5 | Ma; per cent, net before depreciation up 8.3 per cent, 12 months gross up 4.5 per cént, net up 125 per cent. Southetn Natural Gas gross revenue, 12 months ended July 31, $1,749,887; net available for interest, $946,856. Sinclait Consolidated Oil- ltln%ll;: Oll of gfeb‘;l:!l may bert\'dl- clude merger company, Tide Water Associated Oll, Rio Ofande Oil, Prairie Oll & Gas and Prairie Pipe Line. STOCK . bushel. Reported e AND BOND Grain Market By the Associated Press. | CHICAGO, I, August 31.—Persistent | selling by owners of the Septemb:r de- livery of wheat carried prices down to- | day to the lowest levels of the season. | Aggressive buying was lacking, and | the decline was checked by buying |against bids. Owners of September wheat were evening up commitments as tomorrow is the first day for delivery |ot grain on September contracts and many traders were apparently reluctant |to accept delivery. Prices wore the lowest paid here since Octobsr, 1852, when cash wheat sold for 45 cents a ~orn sentiment was mixed, un- certainty over the size of deliveries to- morrow causing prices to fluctuate. Oats were unsettled by other grains. Provisions eased with grains. ‘Wheat closed weak at slightly above [ bottom res, Saal4 cents w urday's €lose; corn finished mixed, 1§ lower to i higher; oats '4a'; off, and ‘govmonl uachanged to 35 cents .. Low. 45 3 2 bl 43t OAT! September December arch .21 22t ‘3644 AVERAGES By the Assoeiated Press. MONDAY, AUGUST 31. Week ago. .. Month age. .. (e 0B 13T 020900 B 00 R B D a3 B a3 AT e Peop G L&C 4y 810, 13 Peoples L&P 55 '79.. 1§ Phila Elec $';s '72. iedmt EI 8155 A Ed B3 2= ot . tires Soope 5 35935, " s O Bz ES55S 2, 22 & e Pl S 2 FIT o 23gesTasissiangias RRE3Y 23385 8ss! IEE 44 Pow ds '48 i ‘es Tex Ut 55 A '57. FOREIGN BONDS. s 48 Pr Bk Sias 37 88 Con “".'ié‘g C 67 e warrants. warrants, SHORT-TERM SECURITIES, (Reported by J. & W. hul-ulh ©o.) 10, Allis-Chambers Co, 85 1937 American” Chanco! #1533 10 Vate Wks. & EI. 35 1034 103 )33. 9’ Co taeitly, at least, recognized that the final results of what has been in prog- ress are likely to be beneficial to Ameri- can finance and business, and they have not been frightened, much less “stam- peded.” So far as the stock market is concerned it has held up rather well. At home, business conditions have A tered but little, but what has been done has been of & constructive nature. Some progress at least has been made in solving the commodity question. Finan- clally lmlna the Summer has thus been a hopeful, rather thah a discour- aging, period, because it has afforded the beginnings of the fjnal clearing up that is necessary to complete the re- adjustment growing out of the depres- sion. This clearing up . is unavoidably costly, but had to be accomplished at one time or another, so that thé ground is smoothed for the accomplishment of results that would otherwise have prov- en impossible. There is still something t0 be done, of course, but the results already attained will make the rest of the work much easier, Setting Our Own House in Order. Attention has not been so exclusively centered upon the British difficulties of the moment as to obscure the nécessity of setting our own in order. One of the matters that has long called for ttention has restoration of progress ing in that direction and there 18 little reason to doudt that the steps already taken will prove to have been only thembeflnnm' otTtne ma ronmr. process. Restriction in Texas an - homa has had sufficient success thus far to encot e belief in the ultimate effectiveness of oil conservation. The opposition to such m?ol has largély died out, and the week has seen de- cided adyance in the plans for placing the industry on a footing of proration and adjustment of current production to current demand. As a consequence, marked improvement in the prices both of crude oil and of gasoline and other roducts has been noted in most of he chief ol flelds and the industry is today on a more satisfactory fooling than for a good while past. Announcement of progress toward suc- cess in the negotiations for two or three oil company mergers of first importance indicates the organization of the in- dustry on & firmer and more economical and s promise of ’e \nvummm of “u:e oil business—a fact which been réc- in the better P 8 matter of improving the outlook of somo of other ‘commod! if not granted their full request for an acvance-of rates, will be driven to a reduction of wages, since in some way they must bring about a better balance in their budgets if the investor is to ¢continue to supply them with capital. It is the perception of this necessity, more than doubts as to dividends, that has been responsible for the recent pres- sure on the better rails, which has driven them to such low levels as now prevail, Probably the difficulties.of the wage 1éadjustment have been somewhat ex- aggerated. as railway workers are re- alizing today with more force than ever ‘before that there is little use in a high hominai rate of wages under which a substantial percentage of staffs must be laid off, theréby cutting the total income of the average employe more effectually than full-time occupation at lower ratés of pay. There is evidence of distinct progress toward an amicable so- lution of the railroad wage problem. al- though no final settlement of it is likely until the income position of the roads has beeri somewhat clarified by a deci- sion on the part of the Interstate Com- merce Commission. "Market Review and Outlook. The veiy low level of trading—the small volume of business on all the ex- changes of the country—indicates that practically everybody, like Micawber, is is | Waiting for something to turn up. When | the public will come back into the mar- ket actively cannot be predicted. but there is good ground for the belief that present prices offéer exceptional oppor- tunities for picking up bargains. Low levels of security loans made by the banks—evidenced by the current mem- ber bank statements—give good indica- tion that the amount of stock carried on marginh by Wall Street firms has dwindled ‘to very small proportions; consequently there is little fear of any quantity of long stock coming on the market for a considerable period ahead. And this s also true of securities which are paid for in full, as the owners there- of certainly have no idea of throwing them ovefboard at the low prices now prevailing. For the present no definite price trend is to be expected, but if precedent is to be followed in the least, the time 18 not far off when the market should take on & new lease of life. as September has usually been productive of greater activity and higher prices when the important financial interests return from their vacations. FOREIGN EXCHANGE. ) e 6 faahs. itles. . The | Lond ns for restriction of cotton produc- Bouth have more long-staple cot- | Wi the cheaper variety, | £ cent of re to eliminate the boll No announcement has come from the Wn&lfi which had been ex- pected to & definite stand on the subject of rates of wages. The failure lve Committee of the of the i ition to reach at thbm i35 26.75¢ 26.7714¢ Pt TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) te_Maturit 3 c. 27-32 5-32 1 -32 100 31-32 v ling_talk ‘shows “are o RICHMOND, Va.. August 31.—Esti« mates of the fi‘th district Fedeéral Re- serve Bank review today. based on August 1 conditions. forecast & 1931 to- bacco yield in the distric: of 756,388,000 pounds, in comparison with 816,106,000 pounds in 1930. In the State of North Carolind, which, the review said. leads the district in tobacco production, a yield of about 517,560.000 pounds was expected this year, compared with 584,000,000 pounds in 1930. The Virginia crop on August 1 was said to indicate a yield of 116,832.000 pounds, compared with 111,776,000 pounds grown last vi#r. South Carolina was expected “y Wil- liam W. Hoxton, chairman and Federal Reserve agent of the Bank of Richmond, who prepared the review, to yield 81 750,000 pounds, compared with 96,250, 000 pounds in 1930. The Maryland crop was expected to yleld 34,400,000 pounds, with the Au- gust 1 estimate showing a great iacrease over the 19,040,000 pounds last year. Prospects for West Viieinia were for a yleld of 5.846,000 pounds this year, fonilsp;‘;'ed with 5,040,000 pounds grown n . Tobacco auction markets in Georgia were openéd in July and markets in South Carolina and the border crun- tles in North Carolina opened #arly this month. Prices were reported to be exteedingly low, especially for poorer grades, but for the better tobacco prices Were re- ported as giving indications of being somewhat higher this year. Farmers were reported to be marketing their to- bacco slowly, and auction sales were re- ported to be smaller during the " first weeks of the season than in most years, NEW FIRM CHARTERED. BALTIMORE, August 31 (; ial The Utilities Finance Co. of Bethesd: Montgomery County, has been chartered i under the State laws of Maryland to generally do a financial busint The capital stock consists of 250 shares, par value $20 each. Ralph C. Miller of Takoma Park, Md.; Hanserd K. Presley ‘Washington, D. C.. and Carey E. Quinn of esda, Md., are the in- corporators. + SILVER QUOTATIONS. NEW YORK, August .—] stiver steady at l'l:t, an lé‘:u;: ol“:{ —s. BALTIMORE STOCKS. Bpecial Dispatch to The Biar. BALTIMORE, August 31.« 8al 33 Finance Co of Amerl lfl;flrll Natjonal Bank 60 Houston 1 pf 30 Mary] 5 Mercantile Tru: 93 U 8 Fidelity & Guar 25 Western Maryland Dairy pid BONDS. h Av Market 3808 Dativa wy % Eiee Ist 4000 United Rwy & Elec 6s 12000 United Ry & Elec fdg sttt On the eve of her “peace m'ssion” to Belgium Miss Dumelow of Derby, known s the “railway queen,” was feted at the House cf 34 ‘members and presented with 2 gold - zage su¥aas.dudelye 2 watch by the premier.