Evening Star Newspaper, September 2, 1931, Page 15

C., WEDNESDAY, SEPTEMBER 2, 1931 Markets at a Glance NEW YORK, September 2 (). Stocks weak; rails under pressure. Bonds irregular; ralls react. Curb heavy; alty issues soft. Foreign exchanges ;° Prench franc firm. Cotton | easy cables, Southern selling. FINANCIAL. FINANCIAL, "DECREASE INAUTO Ll S dent Foresees Improvement. ‘Sharp D CHICAGO, September 2 (#).~Wheat | | ®asy; bearish Winter wheat estimate. Received by Private Wirp Diree 1s The Star Offcs Everybody’s Business ~Prev. 3031~ Stock and Sales— High. Low. Dividend Rate. Add 00, Open. 112% 106% Long Isld Lt pf (7)., 20s°111 111 12 4% MacMarr Stores (1).. 13 11% % s Magdalena Syn 2 10 Marconi Int Mar . 6 Bia Mavis Bottling (A).. 113% Mead Johnson (1413) 30 Mercantile Strs (1).. in eme bundred-share lois by the letter s (80s) (2503). Sales— E Add 00, Open. High. Low. Close. | 1790 4% Acetol ProdA....... 4 9 10 9% 9% P24 Affiiated Prod 1.6 391 21 L 8 ‘ 224 Aluminum Co of Am 475s 125 125 122 124 i 95 AluCoof Ampf (), 3 99 09% 99k 99 | Am British & Cont... 1 1 Note—All stoeks are sold excepting these designated CURB SHARES DROP Low. Closs. 11 1y Industrial List Irregular, But ecline for July Is 0il Issues Hold in Steady Trend. BY JOHN A. CRONE. Special Dispatch to The Star. ' NEW YORK, September 2.-—Stocks | moved steadily lower in today's Curb Exchange session, the market showing a slight pickup in speed on the down- | side. 1 ‘The usual leader of the list, Electric | Bond & Share, was off a shade along| with Cities Service. Olls were steady, industrials highly irregular, utilities mixed and investment trusts and hold- | ing companies weak. . Low. Close. | sas, 99 a 5 88104 104 I Aluminum Co 5s h Pw 6s ' a $ appaiach 2 Arkans P & L 85 13 Asso El Ind &' 3Ass0 G & E 4 9 Beil Tel 7 Bell Tel Can 3 Birmingm El IBost & Me 6s M '3 iCan Nat R E s E 3 Carolina P & L 5s ' Cent Ariz L& c e 8t Real 5138 A ‘49 s Service 58 s Service 8s 4Cit Serv 4 Cleve Elec Tilu 20 Cos 5 Gor 89 Con Gas ' Balto 3 Con Gias Ut 6" 11 Consum Pw 4 133Cont G & E 83 5 Continen O1l B'y 1] Crane Co 53 3 s Crucible Steel 35 ‘40 7 Cumb_C_P&L 4125 ‘56 98%a 2Det € Gas 55 A 47.. 1083 §Det C Gas 55 B '50. 104!z 1) Dusuesne Gas 65" 45 13 4 East Ut Inv 35 '3 lec P & L 55 A 2030 SEl Paso N G 8las 1 Pederal Wat 3'38 one C HERD Geor Gifteht 3 Eid 5 Glidden Co Hous L&P 4'35 D gade Fd 6 A ow & Lt 85 A 5 C 1 N 9 11 assachu Gas Ss '85. stre, Edison 4 '71. id Wt Ut s ‘82 ev Wt Ut 5s '3 cv A IO e tional Tea < w 418 Calif 35 R hio Edison 5s 0 Pow 4!3s D) o Pow 55 B '52.. 0 Pb Ser 55 D ‘54 Gas 551301 &E %57 Ot JCTONPUNDIO P - oot - Q. -.... R IIITP I TIINI000 & Zizes00 8 N T 4 b Ber Okl B P&L 51zs A 0°9°9°90'9; EEEL) 35, 6s ington 5'3s A h Cn Pw 55 A '53 59 e H il 47 34 #pepne (TP, = 4 3 Texas Flec 5< '60 wi 9813 45 4 2unie P 2 mnn 3 Rubber 65 " Swerin 5 E&PS RERRELLE) any 57 8 '37 1027 FOREIGN BONDS. Buammmisw—as $§dsEsss 2Asr Mte Bank 3 Buen Alr Pr 735 'i7 § 11 Cauca_Valley 75 48, Com Pr Bk Slas '37 41 n—New. wi—When issued. | quotations for the day, 5.al3 cents be- Am Cit P&Y. Bb10% , Am Com P A (b10%) Am Corp war. . Am Cyanamid B, Am Dept Stores. Am Equities. Am For Pow war. Am Founders. . Am Gas & Elec (31). 12 20 2 971 1 52 Am Invest Inc (B) Am Invest war.. Am Meter (3) & Am Buperpwr (pd0c) Am U1&G cu pf 1% Am Yvette (25¢). Anglo Chil Nitrate Appalachian Gas Arcturus Rad Tube. Arkansas Nat Gas. .. Arkans Nat Gas A. Art Metal Wks (60c) As50 GSEL (A) (al). Asso G & El et (8 Asso G & ELpf (5) Asso Tel Ut (b8%) At} Coast Fish. Atl Lobos. . Atlas Util Corp Atlas Utilities war Auto Voting Mach... ‘AutoVM cv pr pt 50c. Beneficial 1L (1%).. Blue Ridge Corp. ... Blue Ridge cv pf (a8) Bulovacv pf (313).. Burma rets 127 3-5c. Canadian Marconi... « Syndicate lanese Ist pf (7) Celanese pf (7) Cent Pub Sv Del, Cent Pub Sve A b5 % . Cent&Swn U't (b7%) Cent Stat El (b10%) . Cent StEcvpfnaé Cent West PS Al Chain Store Devel... 1 Cit Sv pf B (60c) Cleveland Tractor. Colon OIl. . Colum Pietu Cmwith & Sou w, Com Wat Ser g12%c. Consol Copper. .. Cont Shares pt (B) Cont Shares cv pf. Corroon & Reynolds. Cord Corp. 5 Cresson Consol (4c). Crocker Wheeler-. . .. Crown Cork Intl (A) 1 Cumberland P L (2).150s Curtiss Wright war. 18 Dayton Alr & Eng. Deere & Co. ... oy De Forest Radio. Detroit Atrcraft. Doehler Die C: Duquesne Gi Duval Tex Sul wi. Durant Motors. . East Sta Pow (B)... Elec Bond&Sh (b6 % Elec B & Sh pf (6). Elec P & Lt op war El Shareholdg (b6 %) Empire Corp. .. Eureka Pipe L (4) Europ Elec deb rts Federal Baking Shop Fire Asso Phila 1.60. Ford M Can A (1.20). Ford Mot Can B1.20. Ford M Ltd (36 3-5¢). Foremost Dairy Pr. Foundation For Shs. Galena Oi1 Corp. ... Garlock Pkg (1.20).. Gen Alloys Gen Aviation . Gen Empire (1). . Gen GEE cy pf B(6).400 Gen Theat Eq ev pf. . Gilobe Underwr (15¢) Golden Centei Goldman Sachs Gt At&P T nv (16%) 408 Gt At&Pac Tea pf(7) 30s Gulf Oil of Pa (1%). 8 Hackmester Lind. Hamilton Gasrcts. .. Hecla Mining (46¢).. Hollinger Gold (65¢) . Imp Oil of Can (50¢). Insull Inv (b6%).... Insurance Sec (40¢ Intercontinent Pet n int Petroleum (1) Int Utilities B. Inter Equ ev pt . Ttalian Superpow A. Italian Superp war.. Kolster-Br (Am 8h). Lerner Stores (2). Lerner Stores pf § Lion Oil & Refining Lone Star Gas n 88 1% ! 6% 65 11 " T 1 an 23 P Mer & Mfg SA (1%). Met Chain Stores, Mid Sta Pet vic B. . Mid West Ut (b8%). Mid St Prod n (2)... Mid Unitpf A (a3).. Minne-Honey pf (6). b0 Mo-Kar Pipe L (B) Mo-Kan Pipe Line Miss Riv Fuel bd rts Nat C C A pf (185c) Nat Family Stor Investors. . [ 124 W T 18, Ly 16% 2% 67 111 36 Bt 1% 43 114 12 1% 2 4 an, 41 44 atServiceCo...... 4 at Bh T Sec A 360c. 163 at Transit (1). 3 eisner Bros pf 50s ew Eng Pow pf (6) 1208 N Y Tel pf (6%) Niag-Hud Pow ( Niag-Hud Pow A w. -Bemt-Pond (1 Nitrate Corp Chi Nordon Corp Ltd. Nor Am Aviat A war, OhloOfl cupf (6)... 1 Ohio Pub Sv pf A (7) 108 Outboard Mot A..... 1 ). 4 ker Ryst Pr (3)..200s nroad Corp (40c) 13 n Pw & Ltpf (1) 1008 Peoples L&PWr (A). 1 Perryman Electrie., 43 Petrol Corp war 4 Thilip Morris Inc. Phoenix Secur Corp. Phoenix $ C pf (3)... Pilot Rad Tube A. ... Pines Win Front (1), Pitney Bowes (b4 %) Polymet Mfg. Premier Gold ( Prudential Invest Pub Util Hold war. Pub Uti] Hold xw. Pure Oil pt (6)... Reiter-Foster. Reliance Int B Republic Gas Corp. . Reybarn Co. . Rossia Intl (10c).. Ryan Conselidated. . Safety Schulte Real Estate. Sec Allied Corp (1).. Segal L & H (a50c). Selected Industries. , Sle Ind al ctfs(5) Shattuck Den Min ShawiniganW&P 214 Sheaffer (WA)P(13). Shenandoah Corp. .. Shenandoah pf (a3) Singer MIg (115) Smith (A 0) (2) 4 Solar Refining 80 Am Gold & Plat. . Southld Royalty 20c. South Penn 0il (1).. SoCalEd pf B (1%). South Corp Sou Pipe Line (2) Spieg May Stern pt. . Stand Ofl of Ind( 1).. Stand Ofl of Ky 1.60. Stand Oil Ohio (213 ).150; Starrett Corp pf (3). Strauss (Nathan) Sun Invest Sun Invest pf (3) Sunray Ofl (b5%) Swift Internat (3) Tampa Electric (£2). Teck Hughes (60c).. Thatcher Sec Corp. Tri-Utilities. . Tubize Chatel, B. Union Am Invest. Un Nat Gas Unit Dry Dock Unit Founders. hing. . U S Playing Card 2% 50. Unir Stores Unit Verde Exten (1) Util P&Lt(at1.02%). Util Pwr & Lt pf(7). Ut P&L B(at1.023). Utility Equitles. . Vick Financial (30¢ Wenden Copper. ... .. & 'y Woolworth(FW)Ltd 28 11 108 103 based on last quarterly or semi-an- % in stock . e Adjustment & Plys 6% in steck. b Pl 1% k Plys 10% in stock. 8 D Paid last year—ne regulsr rate. Py n cesh or stock. dividend. { Plus 6% in stock. stock I Plus €% n stock. stock. n Plus 8% in stock. ‘ in 15% % Grain Market By the Associated Press. CHICAGO, September 2.—Grain mar- kets finished easy tday after s firm start. Practional ad-ances teok place early, with scattered buying of both wheat and eorn, but the upturn was short-lived, liquidation developing later, which carried deferred wheat.deliveries to new low levels for the season, Easi- ness of the stock market and slow ex- port demand had depressing effects. Rainy weather generally prevailed again in Europe, and cables said wheat was of inferlor quality this year. Corn was under pressure and declined stead- ily after a small advance early. Oats and rye weakened with other grains.| Provisions were unsettled. Wheat closed easy at near bottom low yesterday’s finish; corn was weak, 3al lower; oats unchanged to a shade weaker, provisions mixed, ranging from # 5-cent decline to an equal advance. WHEAT- High. Low. Septemper 47 s e | Special Dispatch to The Star. NEW YORK, September 2.—Weak- ness in the stock market and favorable weather in producing sections, excepc) for rain In Oklahoma pRd Arkansas, brought further pressuse OR mmn\ prices today and a d of 12 to 14| oints occurred. Lowgst s of the | y w;re ’r‘uched i.nu” ; dealings, | and, though comparatively few "“n“n“" cJ..uom were tr: ed | easier throughout the sesslon. Spots were reduced 10 points to 6.85. ' Cotton range: METAL MARKET. RK, Sepiember 2 (P).—Cop- trolytic, spot and future, | 715a7%;. Tin steady; spot snd nearby, 26.80; future, 27.05. Jron steady: un- changed. Lead quiet; spot. New York, 4.40; Fast St. Louls, 4.22. Zinc steady: East St. Louls, spot and future, 3.80. Antimony, 6.60. Freight Loadings Increase. ] SHORT-TERM SECURITIES. By the Associated Press. (Reported by J. & W. Beligman & Co.) Loadings of revenue freight continued ' nis.chy Co. 58 1037 to show an upward tendency during the | Amgrican Ohain Co. 6s 1088 week ended August 22 on the besis of | American Tel. & Tel. b'as 1943 Teports to the American Railway Asso- | Amer- Watyr Wis. & E 55 1934 ciation. In the figures that follow the | peiaine Heminoney Co 6 1038 total loadings ere given for comparable Bethlehem Steer Corp. 5s 1936 periods as calculated by the association: Canadian Nor. Rwy. 4'as 1935. Week ended August 22, 748,711 care, OBl Northwestern R. R. b5 1983 ’ o Ca % 1834 Previous week, 742,736 cars, e Same week last year, 940,558 cars. | alaceis a0 Rev % | Commercial Oredit Co. 5'as Delaware & Hudson Co. 55 Denver & Gen. Mot 1933 s 1935 = 1035 BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, September 2.— Genesal Seles STOCKS. Last sale. | §enera 5 Marsland Casuaity Co... 20 Maryiand Trust Co.. Oh) 3 Northern Cent R | Northwestern : | Bditiand eneral Elec. §5 83 | Poitland General Elec. 88 1935. | Ropublie Sion & sieel 85 1043 153, | Bipclair Grude Oil Co. Sigs 1938 98 ' | Boutlern Pacific bs 193¢... |S. L IMS Ry. R & G. { Union Eléc. Lt. & Pow. Dnien Oil Go. of Calll’ b8 rginia Bwy & Power AR SR R ARG S 887, 4 at€o.. . 3 s § Pidelity & Gu ® Western Maryiand Dais pf i BONDS. United Rwy & E! gl B > 5 Elec iacom B& A Railway 181 o A radio broadcasting station is to installed in the Tongan Islands, in « the South Pacific. More than 100,000 timepieces were be mported into British Malaya last yc-:. STOCK AND BOND AVERAGES By the Associated Press. WEDNESDAY, SEPTEMBER 2. STOCKS. ‘Week ago. Month ago. Year ago. Two years ago. Three years ago. (Copyright, 1931, Standard Statistics Co.) _—_— - Corn easy: good rains Iowa. regular. Hogs higher. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, September 2. — Following is the complete official list of transac- tions in stocks on the Chicago Stock Exchange today: Sales. STOCKS. 50'Adams Mfg . ....... 100 Adams_Royaity ' 40 Amer Pub Sery i Close. . OTets 8" 3% =T s0ld ardncr-Den © Lates A El 1 60 G G 00 G 1 ‘rint B oudaille-Har A'111] oudaille-Her B 00 H 50 111 i 4200 Insull U 30 Tnvest Co of ‘Am 50 Jeflerson Elec . 300 Katz Drug 50 Lawbeck Corp . 150 Lindsay Light ... 100 Marshall Field 100 McQuay Norris . 00 Mid West Util Mid Wt Ut 65 pf A 300 Mjdland United 3 erl ] TELEH $3- 0 4 " pf 50 Morgan Litho ..... 200 Na: £ic sow 130 Nat Secur’ inv S T ] 0 150 U'S Gypsum 31900 U 8 Radio & Tel 200 Utah R 100U P & 200 0t & b 30 Viking Pump pfd tex Cus : 220 West P L & Tel A 300 Zenith Rads 94.000 sheres. adio Stock sales today. BONDS, 2000 Chi Ry R 5c 1827 1000 Insuil Ut 6s 1340 2000 Me' S Flev 4 Bond sales todny, TREASURY CERTIFICATES. (Reported by J, & W. Seligman Rate—Maturity Bid 17ss Dec. 15 17as Dec’ 1. s’ Mar. Bizs Dec.' 15, < 33 £5.000 i 1 100 11-32 31-T'D.2 100 11-32 100 24-32 1931-32. .. 160 28-52 . New companies organized in Germany in a recent month pumbered 1073 3 Cattle ir- | 2 unusual experiment, Edgar M. Qut BY DR. MAX WINKLER. | NEW YORK, September 2.—The protracted efforts to solve the | difficulties of the United States Lines, launched so auspiciously only a few years ago by Paul W. Chapman, are likely to come to an end. There is a possibility that the Shipping Board will create a huge Special Dispatch to the Star. American _shipping combine, Chapman line as the nucleus, and the Roosevelt-International with the include Mercantile Marine, the Dollar-Dawson interests, and perhaps some minor shipping enterprises. Such a combination is likely to prove beneficial not onl. to the operators, but to shippers as well. It will be in line with developments abroad, where competing shipping concerns have found this merger the mos} feasible solution sort of of the problems with which they were eonfronted, and which were greatly aggravated by the world-wide economic crisis. Cudahy South’s Benefactor. It would seem that the South has found 2 benefactor in the person of E. A. Cudahy, jr., president of the Cudahy Packing Co., who will invest 10 per cent of the con- cern’s Southern sales up to_December in the outright purchase of &tton open market. in the Through this transaction, estimated at $1,000,000, Mr. Cudahy hopes of Southern commodities. | cotton. | negligible, to say the least. prices does not seem probable. Frisco Head Sees Improvement An improvement in business is looked | for in the not distant future by J. M. Kurn, president of the St. Louis-San Francisco Rall¥ay. Speaking of the | Southwest and Southeast, Mr. Kurn states that these sections have the greatest crops in history, which, how- | | ever, are not bringing good prices. | farmers therefore are obliged t0 | | stack most of their wheat, and this sit- | uation is having its effects upon the | Frisco System and is reflected in the price of the various securities. The pre- | terred stock, for example, on which divi- | dends have been declared for the whole| of 1931, is quoted on a better than 26 | per ceni basis. Of course, the con- ! tinuance of payments next year is prob- | ‘er‘nral. Surplus of Oysters Lacking. | | = While the problems arising from over- | to assist in efforts to stabilize the price Dr. Max Winkler. Efforts of the above nature are very laudable, but it must be borne in mind that the real solution resides in the solution of the age-old economic problem of supply and demand. Unless we succeed | vehicles was given as follows: in creating a genuine demand for products, genuine stabilization of | Imrther slump in the chemical markets | or a further downward adjustment of cost of living, which, incidentally, Mr. Queeny does not anticipate. Brazil Bans Flour Imports. Although struggling with a steadily | declining exchlllr and burdened with a heavy indebtedness, Brazil continues anxious to carry out as far as possible her terms of loan contracts. She is obliged, in order to make ends meet, to resort to most drastic measures. Th embargo: on the import of flour for 18 months is one of them. It is true that | this -cut off a8 market for United | States flour, worth about 84,000,000 | annually, but only by reducing to an will Brasil succeed in bringing order | into her financial house. | The United States has large invest- | | production are many and varied, there j ments in Brazil, and in order to obtain | is at least one industry in which there |2 return thereon Brazil must be helped. is no surplus. Reference is made (o the oyster business. next to salmon the = | largest item of seafood consumed in the | United States. | Aceording to Willlam H. Raye, presi- | dent, of the Bluepoints Co.. a subsidiary | of the General Foods Corporation, this vear's oyster vield in the United States | | will approximate the 1930 output. and | the opening of the season this month should provide employment for 40,000 additional men. Wages Turn Upward While most corporations resort to| age cuts, one enterprise. the Monsanto Chemical Works, has decided to fin- ! crease wages. Commenting upon this| eeny, | president, said that there was no justi- | fication to lower the prevalent wage scele and that the latter would be ad- Feied to unless there should develop a ' Wiih improvement in the country’s | conditions the situation will doubtiess | change, and Charles C. Bovey. chair. | man of the Washburn Crosby Co., who | fears that the flour trade may be permanently lost to the United States, is somewhat pessimistic. Kreuger & Toll Profits Hold Up. With ramifications in all four corners | of the globe. Kreuger & Tell, powerful Swedish holding company. is naturally ‘affected by all international develop- ments. Revolutions, vernmental changes, suspension of debt payments, bank failures and social disturbances in foreign lands are generally reflected | in the price of the securities of Kreuger & Toll, as well as its numerous sub- sidiaries and affiliate companies, in- cluding especially Swedish Match and International Match. The continued decline in its shares | Shown by Figures of Com- merce Department. A sharp deciiite in automobil duction during July, wnmaogo]:mw; 8 Commerce Department statement, which placed the total production in the United States for that month at 218,961 cars, a decline of 31,696 vehicles below that of June, when 250,657 were produced. Statistics also revealed that ::ey -,’:lympfoflm‘l:cflm was the lowest of onf r with the 'pion of January, o i plg:cllnes Wel’!roldhown in all nger car production droppin 182,927 in July, from 205.955”% J'Il-n':. trucks to 35854 in July, from 41.342 in June, and taxicabs to 180 and 360 in ]qu:; hmr:c ulxleabs figure was the en! TS, t) west M’;_\g A i: l(ly.’“ he next lo le combined total of all cars duced for the first seven montluw; this year, which totaled 1,791,370, show- ed a decrease of 672,200, in comparison with the combined total, 2.464,113, for the first seven months‘in 1930, and & ::nue of 1,934,370 é::'compl.rhon with seven mon in 1929, totaled 3."205‘:;4d i ‘The comi production of all classes of vehicles in July, compared with 265.533 In the corresponding month lines, 1t will be recalled that another prominent industrialist, William | last year and $500.840 in July, 19; .| Wrigley, decided several months ago to employ all the profits of his | company derived from the sales in the South toward purchasing The effects upon the price of the commodity have been ‘The July output of passenger ears and | trucks were both above the low level | of last January. when the production | of passenger vehicles was 137,805 and | trucks 33,531, The automobile production in July and thus far this year by classes of 834 3 227110 i T B 1.2 T’olul i '336.. | 3af? otal (7 mos.). 1791913 TRVivea” A record low for any month in | cent years was shown in the automotive | output in Canada in July. given by the | Dominion Bureau of Statistics as 4,200 | vehicles, of which 3,151 were passenger cars and trucks. The next low- | est output o July occurred in October, ;19!0, when 4,541 vehicles were pro- luce Industry Resists Depression. | absolute minimum her purchases abroad | BY the Associated Press. The steel industry resists stibbornly further depressions within itself. For the week ended August 24 opera- tions were estimated at 32 per cent of rated capacity, compared with 33 per cent for the previous week and with 32 per cent three weeks ago. Last year at this time operations were estimated at about 50 per cent of capacity. has induced the management to an- nounce that for the first half of this year profits show a decline of ap- preciably less than 8 per cent, whil the shrinkage for the whole of 1931 is not expected to exceed 41; per cent. The company further advises that in no single case has there been a de- fault or delay on the various govern- ment bonds owned by the company, or any difficulty in regard to the transfer of exchange. Anticipated improvement abroad, as a result of the successful Franco-American credit to Great Britaig, should help the Kreuger & Toll | situation appreeiably. | (Copsrignt. 1931 by the Nerm “nerican T Allisnee, Lc Newspape: Y Weigh Your 1 TELEPHONE! EIGH W your telephone! Put on one side the calls you make to your out-of-town customers, or to old friends who have moved away from town, lost to sight but mot to mind. Add in the calls that save your wife countless steps each day, the calls that bring pleasant chats with friends, the calls that mean happy times for you both. Add also the emergency calls you may sometimes have to mzake to the fire depart- ment, the police, the doctor. Then, on the other side of the scales, put the few dollars a month you pay for the service. There is no question which way the scales will swing. Nothing you can buy gives you so much for so little as your telephone. b THE CHESAPEAKE AND POTOMAC TELEPHONE COMPANY 725 Thirteenth Street N. W, (Bell System) PRy MEtropolitan 9900