Evening Star Newspaper, September 10, 1931, Page 15

FIN UTILITIES FEATURE - TRADING ON CURB Inactive Shares Are Sharply Lower as Offerings Increase. BY JOHN A. CRO! Bpecial Dispatch to The Star. NEW YORK, September 10.—Soft- ness of most of the Electric Bond & due to the dissolution of T ndicate that offered the $5 cumulative preferred stock, was the feature of a weak and active Curb Ex- change session toda Electric Bond & Share $5 r W low leve afterward and $6 and y the th the market ving > new low ground— c Bond & Share occupies the relative position on the curb that S. Sleel does on the Stock Exchange Ided. Cities ; ociated Gas & Electric it & Power A, Koppers Utility Holding Co. and others estab- es for the year or nt active s bled. Safety Ca- Heating & L ing sheared off nearly 3 points, hitting & mintmum price. American Cigar Ma- chinery lost a point. Seeman Bros. at 29 was off 3 points. Aluminum Co. of [America rose more than 5 points, but lost all of that advance as rapidly as it had attained it The oils display>d a degree of steadi- Humble Ofl opened off a point, d Ol of Indiana, Standard Oil of Kentucky and Gulf Oil moved : range on comparatively light trading Railway and Light securities, mir- roring the softness of both rails and public utilities, lost 2 points on a few trades. A block of 25 shares of Bell Telephon= of Canada changed hands at a decline of 114 points, though some of the higher-priced utilities were rela- tively firm. Commonwealth ~Edison, after its recent decline of 10 points, opened unchanged and Duke Power was up more than 3 points on a small block. Markets at a Glance YORK, September 10 (@) i many rails gular; foreigns and heavy; _utilities y; Canadian ton lower: Southern spot situ- Brazilian selling. St ation. Cof markets, CHICAGO. f c STOCK MARKET 50 Lynch 150 Marsha 103%4 105% 10834 touch new | ANCIAL NEW YORK CURB MARKE Stocks sold In 100-share lots except those ~Prev, 1931~ Stock and Sales— High. Low. Dividend Rate. 4 24% 11% Afliated Prod 1.60.., 3% 1w Allegheny Gas Corp.. 1 5% 4% Allied Mills Inc.. 2 224 90 Aluminum Co of Am.560s 11 Alum Ltd B war. 1 ‘Alum Ltd D war. 2 Alum Goods (1.20) ‘Am Austin Car. Am Capital B.. Am Capital pf (3) Am Cigar Co Am Cit P&L % . Am Com P A (b10%) Am Com Pr B(b10%) Am Com Pwr 15t 6%. 258 ‘Am Corp (f15¢) ‘Am Corp war. Am Cyanamid B. Am Equities Am For Pow war. Am Gas & Elec (31).. Am Gas & E1 pf (6).. Am Laundry Me! Am Lt & T : Am Mara atural Gas. Am St Pu Sv (al.6 Am Superpwr (p40c) 17 Am Superp 1st (6)... Am Util & Gn B vie.. Am Ut&G cupf 1} Appalachian Gas. . Arkans Nat Gas A. ArkP&LPL(T).... Art Metal Wks (60c) Asso GEEL (A) (al). Asso G & El war. Atlas Uti] Corp. AutoVj cv pr pt 50c. Axton Fish To A Bell Tel of Can (8) Bickford's (1.20) . Bickfords pf (214) Blue Ridge Corp. Blue R Cp cv pf (ad). 19 40 1 atbo. ble Radio T vte. nadian Marconi. lanese 1st pf ‘ent Pub Sve A bj ‘ent Pub “ent Stat E (b10 “ent West PS Aal% “hain Store Devel. .. Cities Service (g30c) ¢ P & L pf (6) Claude Neon Lts Inc., Clev EI Illum (1.60). Col Oil& Gas vtc, Colon Oil « « 612 Com Wat Ser g12%c. Comstock Tunnel Shares cv pf ‘ont Shares pf (B) JOTAICOED, .+ o ieioe “or & ey pf A (6) le Petroleum. ... s Mfg Co (A). usi Mex Mining. Da De Co.:: De Forest Radio. Detroit Afrcraft. Dresser Mfg B (2 Duke Pow (5) « « « « b « [& d&Sh(b6%) 630 5 hcupf5.. 3 Elec B & Sh pf (6)... ¢ Pow Assoc (1). ec Pow Assoc A (1) Elec P & Lt op war Theater (A). Mfe. ble Oil (12 Huyler St cu pf Hygrade Food Prod. Insull Inv (b6%). ... Ins Co 0fNo Am 12 Insurance & Intercontinent Petn, Int Petroleum (1). Int Utilities A (3%2). Int Utilities B Int Utilities war. Interstate Equities Inter Equ cv pf (3) Interstate Pw pf(7). z Air Chute (1) Italian Superp war. . Italian Superpow A. Jer Cent P&L pf (6).250s Kings C Lem pf D Klein (H) ptpf. . Kleinert Rubber Koppers G&C pe(6) . Lake Shore Mines(2) Lefcourt Realty 1.60 4 4% 35 88 11 31 . 110 1061 100 96 4 2 11 5 98 24% 61n 50s 3 Add 00. Open. High. Low. Close. 131 20 55 THE EVENING STAR, WASHINGTON, D. C., THURSDAY, SEPTEMBER 10, 1931. signated by letter *'s.” ~Prev, 1031~ High. Low. 27% 184% 25 144 8614 29% % e 3% 15 7% 4 2% 197% 1w 4% 118% 12 21 13% % 18 19% 1% % 113% 12 21 13% % 1% 204 54% 6 10% 17% 5915 2 9% 1% 4% 5 2 1 19% 1w % 1181 12 21 1314 MacMa - Mer Ch 1% Mid W Mid W Mohaw % 6% | 4% 12% 58 i 110% 26 35% | 1% | 84 | 97 9 9% 915 1. a1 1 11 3w 3y 3% 3% 108 108 4 4 10 104 % % 61 gy 378 133 15 29% | | 1115 30 Munici at Ba at Pu at Sh ew Je NYTe ¥ 6% 105 70 3 30% 57 | Stock and Dividend Rate. Leh Coal & Ni Lone Star Gas n 88c.. Long Island Lt (80c) Louisiana Lan & Ex.. at Cas Nat Family Stores Nat Investors..... e at Pow & Lt pt (6).550, NYP&Ltpf (7)... N Y Steam Cp (2.60) ., Di 1.20.. rr Stores (1).. Magdalena Synd. ..., Mavis Bottling (A).. &SPrA6L%. Metal & Mining Inc. . Mid Sta Pet vtc A 22¢ Mid West Ut (b8%). Ut cv pf xw 6 Mid'ld Steel Prod(2) 740s Sts Ut b10%. k Hud 15t(7) Mountain Prod (1).. pal Service. .. Murphy Co (1.60)... &S Corp (1). sh Cr Asso pf. b Sv A (1.60). at Service Co...... T Sec A 360c. rs Zifie (13).. 1pf (635).... 1ond Ros (1). Niag-Hud Pow (40c) £-Hud Pow A w.. iag Sh Md (40c).. agara Sh Md war., Niles-Bemt-Pond (1) Nor & So Am Corp A. Nor Ind Pub S pf (6) 150s Ohio Brass (B) (2).. Ohio Copper-. . . Ohio Pow pf (6). PacG&E 1stpf1%. Paramount Cab Mfg. Parker Rust Pr (3)..250s Pennro; Perryman ad Corp (40c) Slectrie. o Philip Morris Inc. hoeni Pilot R Pitney Plymou x Secur Cor| ad Tube A. Bowes (b1%) 1th O1l Polymet Mfi. 4 Premie: Prod R Pruden Pub Ut Pub Ut Pub Ut Pure O! r Gold (12¢).. oalty (b10%). tial Tnvest. ... 11l Hold war... il Hold xw. Hold cu pf(3) 11 pt (6).. Received by Private Wire ct to The Star Office Salos— Add 00, Open. High. 181 14% 30 k] 1 ¥ 1% 50 1 2% 147% 88 14y T 1 i 1 12 18 6 10 1 2 | 17 1 18% 14% 30 % 11 18% 14 30 11 Minn Pw & Lt pf (7) 1008 Mo-Kan Pipe Line. .. 9 008 1 1 1 10 1 2 7 N 10 1 22 ew Eng Pow pf (6) 1108 4 505 258 1 18 13 2 14 nn s ST . 10s Rwy & Lt Secur (13) 1508 Rainbo Rainbo: Reiter- w Lum Pr A.. Lum PrB.. Foster. Reliance Int A. Relianc Republ Rock L Ros! Ry rso y co Manaz.. ic Gas Corp &P ( Intl (10c). n (JT) (1 Car H&Lt (4) 5 Regls Paper (60). ulte Un 5 Sec A S an Seyal L Sle Ind Shenan Shenan Sherwi Stand ¢ Stand ¢ c-§1 St.., ted Corp (1).. W Bros o & H (a30c).. oah Corp. doah pf (ad). nw )l of Ind(1). )il of Ky 1,60, pt A)&Co (1.60) 3 56 Stutz M inray B (A)&C Strauss (Na ) pe 6 1an fofor Car. c Land (1). er Sec Corp. . hipyard (4) ‘nit Founders. . “nit Gas ¢ as Co it Gas pf nit Lt& Pw A (1).. Init L IS&] t Ve il F Tt P&L Tl Eq 31 78 9% b & Pwr pf(6). ntl Sel : Sec 1st pf.. res v.t.c... ., rde Exten (1) LB(at1.021). uity pr(535). Util& Ind ... 7 Vick Financial (30c) 83 61 2y 24 Dividend nual payment. a Payable in cash o dividend. fPlus 5% ock. JPlus 26 in | stock. n Plus 8% in Wil-low 103 10014 1 103 1004 1% “Y" 0il Woolworth ( *Ex dividend. Walker (H) (50c)... w Cafeterfas. . W)Ltd & Gas rates in doliare basea on last quarterly Pastly extra. b Payab T stock. in stock. g Plus stock. k Plus 1 stock. p Paid las 13 B 1 70 4 4% 24 e Adjustme ock. hPlus 1% % in stocX. mPlus 3% year—no regular rate. Low. Close. 18% 14 30 or semi-an- in stock. nt in m CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. tember 10.—The following is a summary of important corporation news prepared by the S dard Sta‘istics Co., Inc., New York, for the Associated Pres: News Trend. The U. S. Steel Corporation’s un- filled tonnage as of August 31, to be reported today, is expected to show nother decrease. However, it is not | anticipated that the decline will reach | the proportion of the two preceding years, when the month's shrinkage ex- { cceded 400,000 tons. ‘Because of the low rate of operations during August, 34 per cent of capacity, it is generally felt that the reduction was less than 200,- 000 tons. | Electric output throughout the { United States during the weck ended | September 5 recorded a decrease of cent, compared with a year ago ause comparison is made with the s common 35 cent Electric—August clectric output up 23 per cent, 12 nths up 4.8 por cent; August gas out- ths off 0.1 per cent. ities Service Co—State of Kansas sharing expense seven months to July 31 $745.041. Neisner Bros. common share earn- ings, six months to June 30, 32 cents, vs. 60 cents. | Northern States Power gross, 12 months ended July 31, up 2.1 per cent; | total income before depreciation up | 0.8 per cent. | Oklahoma Gas & Electric gross,, 12 months ended July 31, off 12.6 per | cent; total income before depreciation off 16.4 per cent Pepperell Manufacturing reported op- erating at 75 per cent; rate of output maintained at 70 per cent throughout Summer, Philadelphia Co. gross, 12 months ended July 31, off 6.3 per cent: total income before depreciation off 4.1 per | cent. Safety Car Heating & hting—No action taken on dlvldenlassordlinrfly payable October 1; paid $1 July 1. Foster Wheeler Corporation net in- come, six months to end December 31, 1931, estimated under $70,828 re- | | ported for six months ended Jun: 30, | 1931; unfilled orders September 2 re- | ported to approximate $4,247,560, Te- | ported on June 30. Lane Bryant Inc., 182 per cont; eight’ months off 5 per r Stores August sales off 2.4 ht months off 7.7 per ce les' reported adversely affected e usual August annivers: tponed until September ty Car Heating & Lighling re- ed 1931 sales to August 31, off about was n Stores August eight monibs off 5.5 per c-vt. Inc., net e after all but before subsidiaries preferred es off 59 Loews, harge: d| 482 vs. $11,781.924. 1 Atlentic Refining marks up service | lon in Philadelphia Capital City Products deficit, year % ' sues to stop sale of company’s stock in | ended June 30, $44,384, vs net income 0 United Rwy & Elec 1s 19000 Uhitad Rvs & Eiec 65 10 2500 United Ry & Elec {dg 55 1000 W B & A Railway Is Explorers Threaten Church. TRIESTE, Italy ()—E: been called, upon 1o tafeguard a structure while arecheologists an ancient one. T s have nodern cxpiore of a Roman d beneath The ruir temple have been discov the Church of San Git cavation: threatened damage to the reih ur an elaborate & 'm of supports was installed. State. | Delaware & Dudson R. R. Corpora- tion deficit six months to June 30 $658,- ‘Endicott-Johnson Corporation officfal states orders on hand and increasing yes full-time ~ Ex-Cell. 3 | months to June 30 $13¢,1¢ | come $63.187, equal to 18 ¢ { mon share. International C: Ltd., declares 12!, cents common dividend; similar payments made July 1. Midland Steel Products net income after all charges but before profit- nts a com- | $191,555, share. Chicago, Rock Island & Pacific Rail- way passed quarterly common dividend; paid 81 in preceding quarter and $1.25 six months ago. Cuts salaries of offi- cers receiving over $3.000 annually ranging from 5 to 20 per cent, Continenial Diamond Fibcr passes coremon dend; formerly paid 25 cents quarterly. August sales off | vidends. 40 weeks to June 5, $9,829,- | equal to $2.13 a common Company. Am Elec Sec pf Ohio Elec Mfg Am Elec Sec Do " pf | Am P & L 36 pf.$150 | B0, 33.pE A Cerolina PW & | amantes S o 36 ‘Bi eland Trust Cors Film pi. Hari ford Int Car pe Cp 18 Irving Alr Chute awyers Title & ranty Lit Br Leews Manhatten R Mhtual Chem G Amer | Naumkg ol V2% 6 7672 ot Do 6% NY NH & H bt Standard Gas & Electric—Combined | gross earnings of all | affiliated public utility companiss, 12 | months, ended Julv 31, off 3.5 per cent; total income before depreciation off 3.2 per ceah subsidiary and | partic pt ... Toronto Mtge . Balto Brick pf.. Durham Dup Razor pr pf Schumacher Wall Bd..25¢ Service Std Ltd A Do B.. ; Aetna Cas & Sur County Tr. & S Beil Th'$113 Doeller Die Cast.$1.75 delity Tr (Balt).§1.50 Do 77 pf gtd | Mer & Mig pr pf 87'ac 1 Mo?k Judson Voeh{lfll’g!r (cubic fect) off 4.0 per cent; 12 Statin price of gasoline 1 cent a gal- | h c T (sAL 3rie | Newberry (JJ) Realty New Eng Fire Ins..25c New REE North Continént” AL D]l ance 1f ‘of Til | Bt sy <31 | Rike-Kiuimler Co p{.55¢ Do 7% Pf.... Schumacher Wall DIVIDENDS DECLARED NEW YORK, September 10 (P — Extra. Pe- Rate. riod. -10c Reduced. .10c @ Sept.15 Sept Increased. .33 Q@ oct. 1 Accumulated. 2 Sept Omitted. Pay- able Oct. Hidrs reco 3 Sept 28 Sept Due Sept Due Sept Due Oct Due Oct. $1 Q 40 40c Regular. 40c Lt 53 50c t pf 32 vi25c 200000 £O0OOOOD DOOOOOLHOO OOD; 3 c c 0 c % 51 o poo o pf | 215 31,621 §1.50 $1.75 ] .35 Sept. Sept. S5 Sept. July Sent. Sept. Sept. sent. "1 Bept. Oct. Oct. Oc oct. Qi Nov. 5 5 0.0 00 © o O POP O OO OO -$1.75 Board -50¢ 1 sept. 1 el Oct. Sept. 1 10 BONDS ON THE CURB MARKET. Salesin DOMESTIC BONDS. thousands. High. Low. Close. 34 Alabama Pw 4'4s '67 98'2 98%a 98a 1Alabama Pow 85 '56 103%,103% 103 20 Aluminum Co 5s '52104%2 104% 104's 2 Aluminum Ltd 55 '48 9234 9Amer P & L 6s 2016. 101% 31 Amer G & E 55 2028 9834 9 Amer L 6s 2016. 1013 4 Amer i 11014 8 Amer M 4'3s "33 89% 20 Amer Mill 55 ‘48 73% 1Amer Seating 65 '36. 58 9'Appalach_Gas 6s 5 Aj c Ga H c Pw 65 A 2024 10234 23 Arkans P & L 55 '3 987 14Asso Bl Ind gics 30Asso G & E 4125 49 C 35 Asso Gas & EI 55 /50 41 Asso Gas & El 55 '68 15As G&E 55 "38 in cf 5 2 Asso T&T b'as A 14 As Tel Ut 5iis * 2 Bell Tel Can 5s A 2 8 Bell Tel Can 55 B '57 10614 14 Bell Tel Gan 53 C 160 1069 4 Birmham Gas 55 '59 99 2 Boston Con G 58 '47. 10474 20 Can Nat Ry 475 '36. 9874 4Can Nat R'E 75 E 106 ° 106 18 Carolina P & L 55 '5 103 103 1Cent Ariz L&P 85 101% 101% 13 Cent 11l B 8 415 6Cent Tl P 8 b5 G 7 Cent Pow & 1, bs 83 Cent Pub Ser 513 ' 23 Cent Stat Elec 55 ' 21 Cent St El 6145 C 9 Cent St P&L 51 ' 1Chi Dis El 4145 70 i 10 Chi Dis Elec 5las 135 100% 10in 8t Car 5'2s A 270 Cities Service 55 9 Citles Service_5s ' 12 Cit Serv g 13 Cit Ser 12 12 Commun P & L 55 64 Con Gas Balto 45 jas U 6los A 43 6 Con Gas Util 65 A ' 31 Consum Pow 412 43Cont G & E 55 A ' 8 Cudahy Packg 55 1Cudahy Pke 5'2s '3 5 Dela El Pow 5'4s ' 1Denv & S 20 Det C G 5 Det € G 4 Det Int Brdg 6135 15 Duguesne Gas 6'5s '35 U Inv 55 ‘58 ww s El Boston 55 '33 55 A 2030 106'a 108'a 2 10417 1040 131 13% 3% 4 54 10 Georgia Power 55 tte 8 Raz 55 lats Gas 3 3Memph P & L 55 A ‘481 Everybody’ Why Can’t Trade Be Ma FINANCIAL. s Business de to Follow the Dollar? Slightly More Optimistic Feeling Is Noticed in Copper Special Dispatch to The Star. land an true in Even to generall; the lira. The France ning to terial in Ital DR. MAX WINKLER. is scheduled to mature in 10 years per cent and amounts to 17,000.000 [ 000. Proceeds are to be used for t 195 miles in length to be carried out v:non of Italy. Is there any particular reason why trade could not be made to follow the dollar, as it does in tne case of other countries? Weakness in steel shares is doubtless attributable to the aecline in steel- making operations to the lowest point ince the beginning of the depression Traders, however, overlook the fact that Labor day is, in a large measure, re- sponsible "for the shrinkage and that | next week improvement may be looked | for with confidence No material change is, however, an- ticipated, even though some increase is kely to oceur in the latter part of this |month, and this increase o through October. As thing 3 the third quarter of the United States Steel Corporation will not show any { appreciable pared with the showing reported in the June qu cunt for the apprehension tinuance of ate. | Reduction Not a Surprise. 1 Wi ew York Central 000 shares of Lehigh Va the omis- of div by latter | lly expected to influence div! |action by th> Cent | day’s meeting. A reduction in the pres- {ent rate of to $4 did not therefore On the basis of s a current ook today olding 50.- . per © present turn is less the r marked pressure on certainty in the commodity ] business was giv reason for ent _of the pref divids B. F. Goodrich Rubber Co. r however, that but ha require- | ments. It is questionable whether this ex- tory though it doubt- the standpoint of 3 | planation, satis fless is from ‘|l 'hew York Cotton 9611 10115 10114 | ot 10 2014 10 5 ion” G 1025, 10270 i Am Iny 8212 8 it 1030 1043, L Baty 8913 5s 90 * ! the 150-denier size is S1. T - v B West Danish_Con 5155 Den Mtg B 55 ‘7 io de_Jan 6F e 2 Rubr G Co 61ss A 53 uhr Hous fias "58 Saar Basin Con Ts '35 Saarbrueck 7s '35.... Santa Fe Arg 7s '43 35746 xw. 1 United ‘El Ser 7s '56 T9% 4Upit El Ser 7s '56 xw 79 ww—With warrants. hout warrants. Depression Reduces Marriages. SYDNEY, New South Wales (A)— Dean Talbot of Saint Andrews is stirred | 10| by a 50 per cent reduction in the num- 21iber of marriages in Sydney ‘People cannot afford to get marricd” he s~id. “They are afraid to undertake marriage 15 Nov. 5 responsibilities.” e1, | flar SpecialDispatch to The Star NEW YORK. September 10.—Though an early advance occurred in the cotton rket the improvement of t more selling ist set back battom, from the South ar bout 30 poir rations hour. Spets to 6.70. Cotiton range Ogtober Decemb: depre w RAIL DIVIDEND OMITTED. NEW YORK ber 10 (P Directors of the Chicago, Rock Island & acific way today omitted the d dend due at this time on the common stock. Salaries of $3.000 annual cent up to g more than fficgrs earnt from 5 per cut 5 the road paid $1 a share on its common stock and six | months ago $1.25 was disbursed. Prior to that time the stock had been on a $7 annual basis. Rayon Price Reductions. NEW YORK, September 10 ().— | Price reductions averaging from 20 to | 25 per cent on acetate rayon yarns, { effective at oncs, have been announced | by the Viscose Co. ‘The new price of The former | quotation being §1.22. Other sizes have ered proportionately. The v Viscose was followed by sim- price action by the Du Pont Rayon Co. 50 Industrials, Today. . 951 Previous day Weck ago Month ago. Year ago. Two years ago.... Three years ago. Low, 1 High, 1930 Low, 1230 High, 1929. Low, 1929... * New 1931 low. Today....... Previous day. Week ago Month ago.. Year ago. Two years ag Three ycars ago. High, 1931 Low, 1931 ! | High, 1930 Lo, 1930 High, 1929 Low, 1929. .. * New 1931 low. war Germany, STOCK AND BOND By the Associated Press. THURSDAY. SEPTEMBER 10. Industry. BY DR. MAX WINKLER. NEW YORK, September 10.—Invgstment of capital abroad, made for constructive purposes, has invariably resulted in expansion of commerce and industry between creditor and debtor. than once rendered possible the solution of serious economic problems which confronted the various nations. Great Britain was a much more pow- erful country when it was in a position to dispense credit to worthy borrowers for worthy purposes. The same is true of Hol- It has more d Switzerland; of France and pre Why should it not prove the case of the United States? day European countries with less gold in their vaults than the United States appreciate the age-old maxim that trade y follows the pound, the franc and recent loan of $40,000,000, which has made to Jugoslavia, is begin- bear fruit. Large orders are being placed with French iron and steel con- cerns for finished and half-finished ma- connection with the construction of public buildings throughout the Balkan kingdom. Iy Receives Profitable Orders. Similarly, as a result of a loan which has just been granted to the Polish gov- ermment by an Italian banking consortium under the leadership of the Banca Commerciale Italiana, Italian con- cerns are receiving profitable orders from Poland. The loan involved bears interest at the rate of 71, zloty, equivalent to about $1,900,- he construction of roads of about by the Puricelli Asphalt Corpora- Goodrich management, will prove cqually satisfactory to the holders of | e | ercial bani the preferred shares of the company Pressure against the shares of Amer- ican Tobacco appears to be based upor a misconstrued statement of the In ternal Revenue Bureau. The latter ad- vised that the company's production for July showed a decline of about 10 per cent from the July, 1930, figures. Cellopkane Blamed. While superficially these statistics may appear somewhat disquieting, it should be remembered that the decline s occasioned, to a_very large extent, | shifting on the part of Ameri- obacco to cellopl pped which necessitated of machinery and miscellaneo ment and tended to interfere sor what with the company’s production program In quarters close to the copper i dust: Iy more optimistic s n 2 tt: the belief that impor shortly convene for th the advisability arta reduction. It is expected that th managing director of the Katanga Cop- per Co.. F. Pisart, will attend the con- t the situation requires immediate ion is evidenced by the fact tha vailable stocks have reached enor mous proportions, wh no mat ently at ab re very fit, an g for ex- ram. The most recent move fon is the construction of hate factory in the world svall in Sweden. is placed at 50.- ent to $13.400,000, and the annual ocutput is estimated at 100.00 right. e A ted Press. CHICAGO, Septembsr scored a brisk lzte advance I to a jump <f more el in the Sept livery at Minne Minneapolis to buying th tive sellers. mills were al top quc 8 cents with tributed re for previous spe Pur Minne changed t hanged to Low Cl e 0il Production Reduced. MARACAIBO, Venezuela, tember There was a reduction in the duction of petroleum in Venezuela as we'l as in the exportation of |o from this country in June cf this v compared with preceding month, according to reports just issued by the 14 leading oil companies operating here. ic tons, the oil pro- duced by these firms in June aggregated 1.359.976, as against 1.404.935 in May, while the amount exported totaled 1.264.679, compared with 1,368,015 in May. In the first six months of 1931 the production of petroleum totaled 8.613.- 864 metric tons, of which 8,341,645 were exported. Stocks on hand Ji estimated at 1,085.028. AVERAGE! STOCKS. 20 Utilities. 119.8 151.4 1578 A gu2 e Eusnalasun N o (Copyright, 1931, Standard Statistics Co.) —_— eas the demand | ial improvement. | IHOARDING RESULTS IN HEAVY LOSSES Withdrawal of F;nds From Circulation Is Serious Blow to Credit Situation. Special Dispatch to The Star. NEW YORK, Scptember 10.—The financial district estimates that nearly $820,000,000 of United States currency is now being hoarded. which is the equivalent of $8,200,000.000 worth of loans or bank depcsits. This hoarding has a more serious effect on the general money market than an increase in brokers' loans to a record peak line in 1929, bankers here said today. This is what hfppens when money 18 hoarded: . James X. Smith, 48, business leader in a suburb cf Greater New York, steps around to his bank and presents a withe drawal slip for $4,500. “Buying some bonds or some lots, nially queries Bill Brown, the replies Jim. “How much do vour safety deposit boxes rent for?’ Loss on Transaction. And before Bill recovers from his sur- prise Jim takes nine $500 bills and ety deposit box, re- I don't care what here.” The loss cn this little transaction to Smith amounts to interest rates at 3}, per cent a y or $157.50, 1 a year for'a box. cr $162. hoard s not stop witt Sm arding of $4.500 curre happened to be & member of the Fed- 3 t would kave to plenish its reserves at the central nk by $4.500 If the bank from which the hoarding mcney was with- 1 happened to be a savings n, it would either have to some of assets, such as bon mortgage loans in imy mounting sa deposits, less bonds or lend buyers or builders sense, Smith's 1 Systes sell or of y that much tle Te- ving $4.500 ¥ taking it out of circula- t'the same as if Smith had hoarding serves of this countr of mone; tion, is exported $1.800 American dollar gold reserve of Gold Imports. If Smith had t. to the ex have been ex! a for this cou: p thin the last year tt fectgat least. have about offset t Ihr\ardfid Every case of hoarding, hov makes the si : up the amount of cash so because their reserves hdrawn an e to keep more cur- fitable to 3 he fo have to 1 | LS. P L ed comes m of deposits ase their reserve e-tenth Xpansion of the G their re the amount of the currency . drawn. St (Cops: per 100, 2.00 young. 20a no , garlicky, T delivery, Guo! spot, 0 with pr * favor at a range of 15.00 per ton Straw—No. 1 wheat, 9.00a9.50 per ton; No. 1 oat, $.00a10.00 per ton. Live Stock Market. Cattle—Receipts, 700 head; light none; good ., 5.50a6.0 common ime, none; good medium _to good, medium, 3.5024.00; 3.25a3.50; common to to choice, 4 4.002150; fair to plain to fail plain, 3 prime, none; good : medium to good, to medium, 3.50a4.00; | 4.00a4.50;" fair | 2.50a3.50; common to plain to fair. Heifers—Choice to prime. none; good to_choice, 6.00a6.50; medium to good, 5.75a6.00; fair to medium, 5.25a5.75; plain to far. 4.7525.25; common to plain, 4.25a4.75. !" Fresh cows 60.00. Sheep and lambs—Receipts. 500 head; | Yight supply; market steady; sheep, 1.0023.00; lambs. 4.00a8.25, Hogs—Receipts, 1.200 head: | supply: market higher: lights, 6.75 7.00; heavies. 00; medium, 7.00 H roughs, light pigs, ; pigs. 6.50a6.70. s Receipts, 75, head; light sup- ply; market steady; falves, 4.00a10.00. Selli and springers, 30.00a light 6.75a ng for Cash. NEW YORK. September 10 (Special). —One of the phases of the liquidating movement has to do with sales of stocks by people who are having to fall back upon their reserves o carry on their ordinary mode of life. Brokers today imentioned instances where customers | heve been selling such stocks as United I st Ste:l, Union Pacific and Amer- ican Telcphone & Telegraph and also bonds, which had been in their boxes for many years and had to be turned into cash, ‘as their owners were losing money in their businesses or were hav- ing their incomes reduced below the level of normal expenditures. ™