Evening Star Newspaper, September 23, 1931, Page 14

FINANCIAL WORLD'S BUSINESS | CENTERS CHANGED Financial Leaders Abroad! Look to U.' S. and France for Leadership. BY A. R. DECKER. B Cable to The Siar, i PARIS, France, September 23. —The; Americans and French will be ubli‘ed to co-operate in conducting the world's | business, say continental business men, | now that the pound has slipped. i A 15 per cent loss in the exchange value of the pound is a fair estimate of the amount of prestige London has lost as a financial center. London, under present conditions, cannot hope to be the world's discount center. Al- readv the bul nu 1.n London has risen to:5' and 5% ent. French cmrmenc u expressed in one | ‘financial newspaper, is: “British prestige is hurt; also. the monetary prestige of all Europe is | harmed, while American ambitions are | made easier of realization. The dollar and the franc are the only currencies holding in the present crisis.” This crisis, brought to a head by re- valuation of the pound, is expected to have far-reaching effects: First, definite | abendoning of . the gold exchange standard; second, real economy in ernment administration, and thi return to honest currency with bona fide silver coins in circulation. ‘The continental European countries which have based their currencies on holdings of foreign exchange have been hit hard by the collapse of the pound. ‘Their currency base is now reduced by 15 per cent. This means inflation for them as well as for the British, for- pound bills cannot be collected in gold. Probably several Central European eountries will be obliged fo alter their currency systems. The Germans, whose extravagance on borrowed money ini- tiated the present difficulties, will suf- fer along with others in the fall of the pound. Continental governments wil now be unable to complement weak budgets borrowing and will obliged to reduce expenditures. Also, the pound wave lost confidence in the currencies that governments caused to » issued and will demand honest, se- cured notes and honest silver coins. It is reported that the British asked the French to close their stock ex- = change, but the French said that in- dividual needs required keeping the merket open. They wmproml&!‘ by not_quoting the poun Most of the Lhon nlu are’ supposed to originate in Amsterdam, which is| the traditional short market for nlr-l rencies. Other large short sales were in Canada, where Montagu Norman, overnor of the Bank of England, has just passed his convalescence. ‘The European bond market is curious | to know t.;u fi:ifiufle of the B‘rmlh regarding_foreign bonds exgre-ed pounds. Is the service on a loan to be paid in gold or in d currency? It is pointed out that there is a BPBritish group of bondholders formed to urge the French to pay the service on a loan in gold francs. Now | 1 comment is protesting that bondhold- ers can open the pound section. (Copyright, 1931.) Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., September 25— Potatoes, 100 pounds, 80a1.20; toes, bush per, d 3.75; caulifiower, crate, ery, crate, 1.5023.00; lima beans, ham. per, okra, bushel, ”IIM peppers, hamper, 30a40; onions, per 100 pounds, 1.75a2.00: squash, bushel, 80a 1.00: tomatoes, hamper, 25a50; can- ners’ stock, bushel, 50a69; apples, bush- el 40a1.25; cantaloupes, crate, 1.10a 1.50. Dairy Market. { Chickens—Young, 22a27; Leghorns, | 19a22° old hens, 18a26; mhorns, old, 14a18; roosters, 12a15; ducks, 13a22; ns, pair, 15a20; Guinea fowls, cases; curren Ppigeo Pair, 25a50. s hennery whites, 28a30; Eggs—Receipts, 961 receipts, 22: 23a24; Western firsts, nearby firsts, 23a24. Butter—Good and fancy, creamery, 80a35; ladle, 20a22; process, 23a24; store packed, 16. Hay and Grain Prices. Wheat—No. 2 red Winter, export, no quotations; No. 2 red Winter, earlicky, spot, domestic. 491%;, September de- livery, 491 October, 4954, Corn—No. 2 yellow, dmesfl: spot, $8a50; cob con, 3.00a3.25 per barrel. Oats—No. 2 white, domestic, spot ! $1a32; No. 3, 30431 Rye—Nearby, 40a45. Hay—Receipts, none. starting to ariive in increasing quanti- ties, but so far no official grading has been attempted, selling bei strietly on merit. Demand for f‘):z hT:“ l\nr ll;,fl‘ market is full and qui i prices buyers’ favor at a range of 14.00a18.00 T ton. p'sv,nwANn. 1 wheat, 9.00a9.50 per ton; No. 1 oat, 9.00a10.00 per ton. 1 Live Stock Market. Cattle—Receipts, 50 head; light sup- ly: market sten Lt hoice 10 prime. none; good | to. choiee, 8.9587.50; medium o good, | €.0086.75; fair to Tedium. 5508600 | plain to fair, 5.00a5.50; common to| plain, 4.75a5.00. Buils—Choice to_prime. none; good | 4.5024.75; medium to good. fajr to medlum. 3.50a4.00: 3.2523.50;, common tn to choice, 4.0004.50; plain to fai plain, 3.00a3 Cows—Chs to prime. none; 'md to choice, 42524.50. medium to good. 3.75a4.25; fair to medium, 3.25a3.75: plain to fair. 225a3.25; comxon to! plain, 1.50a27%5. Heifers—Choice to prime, none; good to choice, 6.00a6.50. medium to good, 5.7586.00; fair to medium, 525a5.75: plain to faikr, 475a5.25: common to plain, 4.00a4.75; fresh cows and lpfln'- ers, 30.00a60.00. Sheep and lambs-—Receipts. 100 head: light supply, market lower; sheep, 1.00a 3.00; Jambs, 3.50a7.50 Hogs—Receipts, 800 head; ply; market spotty: lights, 5.90a6. medium, 6.30a6. light pigs, 5.75a6.¢ N heavies, 5.60a6.30; roughs, 3.752475; pigs. 5.90a6.25. Calves—Receipts, 50 head; light s ply; mlrkvt ntradv calves, 4.00210.00. i ' light sup- Epecial Dispatch to The Star 1 NEW YORK, September 23—Re- eeivers of the New York State Raiiw; have released their statement showing the results of railway operations for the first eight months of the calendar yea: ' 1931, as compared with 1930. THE EVE NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Offiee. (Continued From Page 13.) WO it Rl i e e SR 1981 !u-;: uu 61 Dividend Rate. Leh Val Coal pf (3). Lehigh Valley R R Lehman Corp (3).... Lehn & Fink (3).... Libbey Owens Glass. Liggett & Myers(t5) Ligg & Mvers B (15) Lily Tulip Cup(1%). Lima Locomot (m2). Link Belt (1.60). Liquid Carbonic (l) . Toew's Inc (3). Lorrillard (P) Co. .. Loulsiana Oil. .. f.ou 614 Ludlum Steel 15% McAnd & Forbes (2). 23 MecCall Corp (23%) McCrory Strs A (2) McCrory Strs pf (6). 177% Mclntyre Pore M(1)., 50 McKeesport T P (4). 7% McKesson & Rob(1). 20 McKes&Rob pf(3%) 314 McLellan Stores 18% MackTrucks (2). 647% Macy(RH)& Co(n3). 2 Madison Sq Garden.. 8% Magma Copper (1) 1% Mallison & Co 4 15 Manati Sugar 214 Manati Sugar pf. 3 Mandell Brothers. 128 ManhatElev mod gtd 14% Marine Midld (1.20). 815 Market St Ry prpf.. 12% ‘Marlin-Rockwell (2) 2 Marmon Motor Car. . 17 Marshall Fleld (23%) 1'% Martin Parry....... 16 Mathieson Alkill (2) 26% May. Dept Strs (23 ) Maytag Co 15t pf (6) Mengel Co Mengel Co pf (7) Met-Gold Pic pf 1.89. Miami Copper. . i Mid Continent Petm. Midland Steel (3). 4 Midland Steel pf (3). Minne & Hon Reg (3) Minn Moline Pow. ... Minne & St Lou: 67 Mo Kan & Texa: 24% Mo Kan & Tex pf (7) 10% Missour Pacific. ... 29 Missouri Pac pf (5). 16% Monsanto Chem (1% 11% Montgomery Ward. . % Mother Lode. ... % Motor Meter G & El. 18% Motor Products (2).. % Motor Wheel (1) 8% Mullins Mfg. 30% Mullins Mg p 14% Munsingwear Ine(2 7 . 614 Murray Corp. 28% Myer (F E) & 45% 40% 16'% Nash Motors (4).. 10% 4% Nat AemeCO........ 13 4 Nat Air Transport.. Nat Supply f (7). Nat Surety (2). Newport Co (1) 10 N Y Air Brake (l) 57% N Y Central (4). 15 NY Chicago & St L.. 12 NYChi&StLpf.... 130% N Y & Harlem (5). 3 N Y Inyestors... 94% 364 NY N H & Hart (4) 119% 93 NYNH&Hpf(7).. % 5% NYOnt & Western 3 N Y Railways pf. 3% N Y Shipbuilding. 107% 190 N Y Steam pf (§) Norf & Westn pf (4). 4% North Am Aviation. 901 07 Nor Amer(b10%stk) 57 50 * North Amer pf (3).. 1071 98% North Am Ed pf (6). 60% g Northern P_lrc!fle 5). 4 19% 26 5 OlivFarm Eq prpf.. 6% 2% Omnibus Corp. .. 58% 25 Otis Elevator (234) 129% 124% Otis Elev of (6) 16% 4 OtisSteel. ... 69% 164 Otis Steel pr pf 55 42 Outlet Co (4). 113% 106 Outlet Co pf (7). 39% 25'; Owens 111 Glass (2) 54% 35% Pacific Gas & El (2). 69'2 42 Pacific Lighting (3). 131% 113 Pacific Tel&Teleg(7) 133 121 Pacific T & T pf (6). 1% Packard Motor (40c) 3615 Pan-Am Pet B (30c). 201 Panhandle P & R pf. 50% % Paramt-P(m1.62%p) Parmelee Transport. Pathe Exchang A). 4 Penick & Ford (1). Penney (J C) (2.40 Penn Railroad (3)... Peoples D S pf (6% ) Peoples Gas(Chi) (8) Pere Marquette Ry.. Pere Marq pr pf (5). Petm Corp of Am(1) 4« Phelps Dodge (1).... PhHa Co 6% bf (3).. Phila Rap Tr pf 3% . Phila&Reading C & 1 Philip Morris&Co(1) Philllips Petroleum Phoenix Hosier: Pierce-Arrow 4 Pierce-Arrow pf (6 Pierce Oi1 Plerce Pet 4 Pillsbury Flour (2).. Pirelll (A) (m3.13).. Pitts Coal pf. 3 Pitts Screw&B(7 Pitts Steel pf....... Pitts Term Coal nf Pitts United Cory Pittsbzh & West Pittston Ci Poor & Co (B). Port Rie Am Tob(A). Port it Am Tch (B) . al Tel&Cable pf. § Pranie OVl & Gas. ... Prairie Pipe l.ine(3 Presred Stee! I'roct & Gamt s'Tue ECamb py ) & itefiners, Pallman Corp i4. .. Punta Alegre St Pure O}1. Pure O!1 Lf (8). 2adio Corp. 45 Radio Corppf A 314, dio Corp (B) (5).. Radio-Kelth-Orph A R Bec 1Catk C(4). Raybestos-Man 1.60. 45 Neading Rwy (4)... 47% Nea! 8ilk Hostery. Remington-Izand Rem-Rand 24 pf (8). 20 Net uuen High, Low. OClose. Cbse. | 22° 22 22 42 | 27 4| 45% 2% | 23 + 3| ~ s S| 1| 1% 1% | - - Bew o e a2sB88~Sonan SResss amman | 109 % T @ +1+1 . FESFPEE FyryEr F 4+ s 2R PR A1% 26 2% G": mm, 26 51 2% 15 57% 20% 119% 28 40 20% 26% AT P4y 30 G STAR, WASHINGTON. Stock and Dividend Rate. Richfield Of1. 214 Rio Grande Ol...... 13 Ritter Dent Mfg 134. 12% Rossia Insur (2.20). 131 Royal Dich(m2.2789) 38% Safeway Stores (5).. 85 Saf Strs pf (6). St Louis Southwn Savage Arms (1).... Schulte Retail Stores Schulte Stores pf (8) Scott Paper (11.40).. % Seaboard Air Line. & 3eaboard Oil. . 42 Sears Roebuck (235). 214 Second Natl Inv 1% Seneca Copper. 434 Servel Inc Sy 4 Shell Union Ol. 28% Shell Union Oil pf . 10% Simmons Co. .. 4% Simms Petroleum 634 Sinclair Consol Ofl. . 314 Skelly Oil. 10 Skelly Oil f ww. 1% Snider Packing. 13% Socony-Vaeuum 1.60 B55% Southn Pacific (6)... 17% Southern Rwy (mé Southern Ry pf (5).. South Ry M&O ct(4). Spalding (AG) (1).. Spald (AG)1st pf(7). Spang-Chalf pf (6). . l% Sparks Withing (1). ‘dpicer Mfg pf (3) Splegel-May-Stern. % Stand Brands (1.20). Stand Gas&El (33). Stand Gas&El pf (4). Stand Gas&E| pf (6) + StandInvest Corp. .. 31% Stand Oil Cal (h2%) 99% Stand Oil Exp pf (5). 84 Stand Oil of Kansas. 30% Stand Ol NJ (12)... 9% Starrett(LS) (12K). 1% Sterling Secur (A). 3 Sterling Secur pf. 22 - Sterling Sec cv pf (3) 4% Stewart Warner.... 16% Stone&Webster (m2). 10% Studebaker Co(1.20) 30 Sun Ofl (71).. 94 Sun Ofl pf (6) 20 Superheater (2%). % Superior Oil 6 Superior Ste 11% Sweets of Amer 1% Symineton (A). 16 Telautograph (1. w) 3 Tennessce Corp: 18 Texas Corp (2). 24 Tex Gulf !Illnhllrd) 2'% Tex Pacific Coal&Oil 6 Tex Pacific Land Tr. 5 Thatcher MfgCo. 28 THatcher Mfg pf 3. 14 T air (2.40).. 93 The Fair pf (7).. 2 Thermold Co..... 5% Third Avenue. . 7% Thompson Prod 1 20. 2 Thompson Starrett. . 2215 Thomp-Star pf (3% ) 4 Tide Water Asso Oil. 32 Tide Water As pf(6) 4 Timken-Detroit Axle 26'% Timken Roller B(2). 1% Tobacco Produets. 814 Tobacco Prod A 191 4% Tramsamerica (40e) 515 Transue & Will (1 ‘ontl Corp. 82 Tri-Contl Corp pt( 28 Trico Prodllctll"‘/.)- 7% Truscon Steel (60c) . 4 _Twin City Rap Tran Union Carb & (2.60) . Union Ol of Cal (2). Union Pacific (10)... Union Pacific pf (4). Un Tank Car (1.60):. Unit Afreraft. Unit Afrcraft pf ll}. Unit Am Bosch. ... 28% Unit Biscuit (2) Unit Biscuit pf (7). 3 Unit Carbon. . Unit Cigar Store; Unit Corp (76 Unit Fruit (4). .. Unit Gas&1m(1.20 4 Unit Gas&lm pf(5) Unit Plece D W (2) U 8 Distributing. ... 3 US&Forn Secur.... 66 U S & For Sec pf(§). 10% U'S Freight.... 24 USGypsum (1.60). 5% U S Hoftman...... U'S Indus Alcohol U8 Leather. ... U S Leather (A).... U S Pipe & Fdry (2). U 8 Pipe&Fy 15t 1.20 U 8 Realty & Imp(1) U S Rubber. .. . U 8 Rubber 15t pf. U S Smtg & Ref (1). Uss Corpn (4).. U S Steel pf (7).. United Stores (A) United Stores pf (4). Univ Leaf Tob (3).. Univ Leaf Tob pf(8). Univ Pic 1st pf (8). . Univ Pipe & Rad pf. Ul P&L(A) e12.15. ‘M Vadasco Sales Corp. anadium Corp. .... A-Caro Chem..... Car Chem 6% pf. 984 Va Elec&Pwr pf (6). 32% Vulcan Detin (4). 6 Wabash RR. . 14 Wabash RR (A) 21 Waldort Sys (1%).. 3% Walworth Co 24 Ward Baking pf (7). 4% Warn Bros Pictures. 5% Warren Bros . 12% Warren FA&Pipe(2). s Wesson Ol1&Sno(2). tern Maryland. . Western Pacific. .. .. Western Pacific pf. . Western Union (8).. stinghouse (2%) . Wiathse EM 1at m37% Weston Elec Instru. Westvaco Chlor (2).. Wheeling Steel: White Motors. White Rock (t4%). . Wilcox Ofl & Gas. Wilcox Rich A (2 Willys-Overland. Wiliys-Overland pf. Wilson & Co. . Wilson & Co (A) ...+ Wilson & Co pf... Woolworth (2.40) Worthington Pump. Worth Pump B (6).. 5% 8% 13 13% 11% 25 314 20 . w _80% 66% Wrigley (Wm) (4 30 15% 78 5l Dividend rates 17% 5 14% Young 8 25% Ygstwn snmuub 1% Zenith RAdIO. .. .... 8% Zonite Prod Corp (1) e & Towne (2) low 'l'ruc . Net. . CEge. +M T +3% —3% +1 Tan 5% +4% + % - % 1% x 3 n_am - Srwamimu~Zo3lon u-non -2 S0 + W % 18% oM 2% 208 3408 54 20 -+1% | ] +4% 17 + 2% - 2% 1% -+1% + % -1 + % -2 1% - SDAY, SEPTEMBER 23, 193Y _ BONDS o vxcuuvaa] |BRITAIN BEARING BONDS IN ADVANGE | ON STRONG BUYING German Dollar Issues Prove Feature of Rapidly Ad- vancing Market. BY F. H. RICHARDSO! Special Dispatch to The Star. NEW YORK, September 23.—Bonds. were pushed higher today in one of the strongest markets of the year. Overnight emphasis by bankers on the * unreuonnhly low levels to which bonds have been driven by panic sell- Ing,” announcement of the formation of a $25,000,000 consortium to hunt out bond bargains and a surging stock contributed to the strength llm'lcdu“e Nt o ::dltlon Xfil; flr; firmness on the ning of the exchange, which, tmumy. came after investors had turned to a calm appraisal of the benefits of the sus- Emm of gold payments by England ‘om their former hysterical surprise at the necessity for such drastic action. Great Britain 5!58 opened here at 99, up 4 points on the day. Later part of the gain was lost, but around noon, when stocks started jumplnl up- ward, this British bond returned to high price for the day. The most notable advances, however, were in German dollar boj Large amounts of Young Phn 5ls and Dawes Reparations 7s were traded at constantly higher prices, until a sub- stantial percentage of the loss sus- tained on Monday and Tuesday was regained. German Central Bank is- sues advanced 2 to 4 points. United Steel Works 6'5s gained 7 points and Prussia 6s 3 points. Other Europeans regained lost ground as fast as they | had lost it the day before. Foreign issues did not move uniform- ly. The highly mixed movements in brought about by disturbed foreign ex- changes and security trading restric- nom rather than corporate develop- Pbrd Motor Ltd., leader of the foreign automotive shares, was up almost point at times. Woolworth Ltd. com- chain stores. was up about a half point and the preferred also was firmer. The depreciation of the Canadian dollar, however, adversely affected Ford Motor of ada A, Imperial Oll Lid., International Petroleum, Hiram Walker and other Dominion shares. In the case of Brazilian tractions it was the good buying from London that enab ed those shares to withstand the pressure of Brazillan milrels and Canadian dollars. Removal of a block of some 5,000 shares that had been overhanging the market gave a firmer tone to Singer Manufacturing. Safety Car Heating & Lighting was down around 3 points and Great Atlantic & Pacific Tea dis- played a heavier tone. Hungary 7! which had dipped 10 points Tuesday, advanced 11 points to- day. Vienna 6s land 7s were 6 points above their pre- vious close. There were substantial gains in Italian issues. In the South American list, Argentine 6s gained about 6 points on the average. An- nouncement of the continuation of sery- ice on two Colombian issues brought advances in that republic's obligations. French City 6s, the highest grade mu- nicipal issue in Europe, which have been quoted at a good premium until Monday’s s-lling, sold today above par, after touching 94 on the dip. Japanese and Australian issues shared the im- | provement. SALES. Ana. & Pot. R. R. 55—8§1,000 at 70. Pot. Elec. 5% % pfd.—10 at 11015, Riggs Natl. Bk.—5 at 370, 5 at 370, Natl.. Bk. of Wash.—10 at 190, 10 at ulM 5 .ltd’”t P nston Monotype—7 at 76, !lt'ls. 10 at 753, 10 at 76, 10 at 7. Sec. Savgs. & Coml. Bk.—5 IG IHS 5 at 435. Mergenthaler Llnocvpe--lo at 72%, 4 at 713,, 10 at 7135, Real Est. Mtge. & pfd.—115 at 62, 25 at 61%. Wash. Gas 6s —$200 at 105. Pot. Elec. cons. 55—$1,000 at 104, $4.000 at 104%. Capital Traction 55—$1,000 at 78. Pot. Elec. 6% pfd.—4 at 112. . Guar. Wash. R. & E. pfd.—10 at 98, Lanston Monotype—10 at 75%;. Bid and Asked Prices. BONDS. PUBLIC UTILITY. AM!I TQ] & Telga. 4'%; ‘Tel. & Tel. ctl. tr. 5] Amicostin % Wot."R. H. 35 Auacogiis & C. . Tel. “ V. Washington Gas' a5 w hlnmn Gas Bs... | MISCELLANEOUS. Bprber & Ross, Inc. 6ias.. Eolimbla” Co Couniry cln’b bias D, C. Paper Mi Cold PUBLIC UTI‘H‘I'Y Amer. Tel. & Tel (9 Gapital et Elec. Power 6% pfd Fot: Biee: JPower 8! Waih. Ruy. & E Wash. Rwy. & B NATIONAL BANK. MSiropolitan Riges (1358) . Washineton 13’ TRUST COMPANY. Amer. Sec. & Tr enta s858 b 83 (8: ‘ash. Loan & Trust (14 SAVINGS BANK. ank of Bethesds (6%). ‘omme) fazia nu INSURANCE. American (12) +1% - 81y -2 —BY% +1% 27 +L* 1% — % 3 36 10% + % Sales of Stocks on New York Exchange. 500,000 12:00 Noon. . 2,300,000 2:10 P.M. s given in the above t | cash payments based on the Iatest quarterls of orcoran (10) remen’s (8) National Union’ (18) TITLE INSURANCE. Columbia (i Real Est MISC!LI,ANIOU!. Inc.. com. oY nlu 8’1’&' Fo these groups represented conditions mon, which heads the list of foreign | r2n up 4 points. Po- Washiniton St.ock'E;change ! l -m"vonx UNITED STATES. (Sales are in $1,000. lllu mn. Low. clm 4 102 %532-47.. st4is 32 47 lfl 41,533.33166 . 38 1951-55 21 s'49.... 540-43., 1 e adaaaagarep - Abitibl P&P 58 '53. Ab& St53 43, ..., Adams Exp 48 '8 Alleghany Cp 5s ‘44 40 Allegheny 65 '49 Allegheny 55 50 Am F P 5s 2030, AmIGCh5Yy Am Intl5%s Am Memsv. 10 x m N s 6% Am S&R 1st u'u. Am Sug Ref 6s'37. Am Wat Wks 6575 Argentine 5s '45. Arrentine53;s 62, Argentine May '61. Argentine 6s Ju's9. Argentine 6s gc 9. Arm Del 558 "43, Assoc Oil 6s°35 Atch Ariz 4158°62 AtIC L el 485! At Gulf 58 '5! Australia 5s* 57. Austrja 7s'43. Austria 7s'57 ctfs. B&O4s"48. B&O4%s '3 B&Ocv 414560, B&OSwdvss'50. B & O Toledo 4s 'sn Bk of Chile 6% s '3 Bk Chile 6 Ratav Pet 413 42 Belgium 68 '55 glum 6% Belglum 75 '55 Belgium 75 '56 Bell Tel Pa 55 B '43 B Ind Loan C 6546 Berlin Cy El 6s " Berlin CE 6138 '50. Beth St1 pm 6% '36. Beth Stlrf5lss'42, Bolivia 78 '58. Bolivia 75 '69. Bolivia 85'47. Bordeaux 6s '3 Bos & Me 5s Bos &Me 58 67, Brazil 614 Brazil 6138 Brazil 7s Brazil 854 Bremen 7s '3 . Bk Ed £n A 58 '49. Bklyn Elev 61 BKlyn Man 6 - 14! Bklyn Un 1st 58'60. 32 Budapest 6s°62.... 17 Buenos A 65’61 Pv. 9 Buff Gen El 415831 Bush Ter con 5 '55 1 1 1t ru-kmx 58740 '.: 4s Nat Ry 4% #'56 Nat 4348 '57 Nat 58 July’ Nat 5s ncl '69. Can Pac db is. Can Pacific 415 s '4i Can Pac 4%s '60 Can Pac 58 "44 Can Pac 5554 Car Clin & O 65 '52. Cent 111 G&E 5851, Cent Pac 45 '49 Cent Pac 58 '60 Cert-td db 5%s 'u. Ches Corp 55°47. +216 CM&StPadj5s..148 ChI&NW 41482037, 3 C&NW 41,5 C 2037, 1 Chi & NW en 4%s.. 75 Chi&NW rf 582037 15 Chi & NW 614s'36.. 36 Chi RI&P gn 4s ‘8%, R Chi RI & P rf 4534 240 ChiRTecvdys ChiRT1&P41;s 52 C TH&SE 1n 55 '60 C& W Ind 5%s ‘62, Chile 65 ‘60 Chile 6s '61 Chile 6s '63 Chile 7542 Chils Cop db 58 i Christiana 6s ' Clev Term 4% 4 - Clev Term 514572, Colomb. 6s Jan ’n @ Colomb 6 Colo & Sou 414 Col GRE b5 Ma Col G&E cou o o qmaw.-:u—..._no.a-u. EYCYTEEN 5 CCMd1stre ConG NY 4%s°51. 216 Con Pwr Jap 6%s.. 2 7 | Con Pow Ja; 2 Cuba RR1f 7158 '36 i Cuba Nor 535842, . Denmark 65 '42 Denver Gas 55 '51.., D& R Gren4s’3 D&RG W 5s'55 DRG& W 55’78 Det E G&R4%5'61. Deutsche Bk 6532, Dodge Br cl 6s 40, Donner St Ts Duquesne 4155 East C Sug 7% El Salvador 83 Erie 1st con 4 Erie con 4% A '53 Erie gen 4s. .2 Erfe ov 5867, ... .10 Erie 5'75. 5 Rat 7s wai Finland 65 '45 Finland 61%s '56. Finland 7s Fisk Rub 88’41 Fla E Coast 58 '74.. Fram I D 7% French 7s'49. .. ConG N Y bisn 45, 49 1 110 22 Sales. High. Low. Close. 40 40 92 5 101 82 4 w'u 10211 104 24 104 26 9917 9917 10011 100 17 10118 101 22 101 21 101 21 101 20 101 20 104 21 164 21 106 13 106 13 11019 11020 40 M 92 81 81 45% 51 46 50 30 39 B4% 57 RS 3% 56 20 115% 116 105 106% 106 106 104% 105% 107% 108% 38 40 106% 10615 33 3 90% 93% 1041 104y 26 & 101% 101% o ot 96 17% 96 18 591 41% 14% 6814 % 5915 5% 1015 82 62 > 3 Inland St 4353 A’ Inland St 4%s Int Rap Tr st Int Rap Tr gacas, . Int Rap Tr 7s 32 102 | int Cement 55 ‘4. 824 | FINANC . High: m fl-' 997 lowg m\- u B aan 102'4 52 GranaTr ot db 6436 31 Grand Trunk 8’40, Grt Nor 4%4s'76 D, Grt Nor 6373, [ Grt Nor gn 5 a0 101% 52 Hoe & Co 615 '34. Houd & M adj 5s '57. Hud & M rf 58 'a7 Humble O1 55 '3 Humble O 515s Hungary 7%s '44.. 111 Bell Tell 5- 6. 52 67 88 102% 101% 3 Int Hydro Kt 6a 44, 23 Int M Co 58 ret’a1.. 38 Int Match 58 °47... 61 Int Pap 55 A '47. IntPap 6s '55... IntT&T4%8%2.. 16 Int TRT cv 434w39. 78 IntT&T58.55.... 15 Irish Free St 5. Italy 7s'51 Japanese 548 °65.. 58 Japanese 6335 '54..170 Jugosl Bnk 78 '67.. 14 Kan CF(S&M 4 Karstadt 6543, ... Kresge Found 65’36 2 Kreug & Toll 58'59.114 Lackaw St 55 '50. Lac G St L 55 '34 Laclede b 433 C'l Laclede 538 D Lake Shore 3138 "1 Lautaro Nit 68 '64.. Leh Val cv 4s 2003, Lig & Myers 55 ‘6 Loew's 65 ex w Leorillard 58 '51. Lorillard 5%s Lorillard 7s ‘44, La & Ark 5s'60 Lou G & El 63’52, L & N uni 43’40, Lyons 6s'34.. McKes & R5%4 x50, Manh Ry 1st 45’90, Market St 7s'40 Marseille 65 ’; MIlERy & L 58 Mil El Ry&Lt MK&T 1sf MK&T4Y%s M K & T ad) b8 MK&T pr In 584’62 Mo Pac gn 4875 Mo Pac bs A.'65. Mo Pac 5s F 17, Mo Pac 58 G '78. Mo Pac 55 H '80. .. Mo Pacrf bs Mo Pac 5%s A Mont Pow b8 '43 Montevideo 7 ‘52 Mor&Co 1st 4%8'39 Nat Dairy 51,8 ‘48, 4 4 - 101% 101% 110 110 42 42 4 45 28 27% 1% 6 69 67 s lu» xu (3 lfl 3 70 69 Y Fd 1st 63541, 1141 995 IH'/; nz 70 70 NY ELH&P s '48. Y NH&H db 4s'57 105% ' 68% 70 Nor Am E 5%8 NorOT & L 6847, Nor Pac 33 2047. Nor Pac 48 '97. Nor Pac r 1 63 2047, Nor St Pw is A "41. r St Pw 6s B '41. Norway 6: Norway 65 52. Ogden&L Ch 4s'48. Oreg-Wash 45 °61., Orient dev 5%’ Orient dev 6553 Pac G&E 58 '42.... Pac T&T 1st 58 '37. Pac T&T rf b % | Pan-Am Pet 104% 1045 104% 104% 9315 93% 100% 101 78 18 91 103% 103% 80 80 98Y% 98y 97% 98 1% 11% :'l'u 50 55 bt Penn 4145 D Penn cv 4% Penn gn 4% Penn 41470 Penn 4% Penn 58 '64. Penn gen 55 ‘68 Penn O&D 4348 '17. Penn P&L 4%s'81. T Pere M 1st Peru 6s'61 Pillsb F M 6s'43... PCC&StL 4%8°77.. PCC&St L 58 B'75. Poland 6s Poland 75 '47. Poland 8s'50. Port Gn E1 4%5'6 Porto Alegre 8s' Por R Am T 6 Tel & C 6853 94% 5% 100 100 34 36 31 39% 37% 45% 1M 1% 124 124 5 4 43 43% 97 9% 38 3 96% 96% 10215 102% 10214 102% 5 80 Prussia Public Serv Pub8v G 4% '67.. Pub Sv G 4%s'7 0 Pure Q11 5%s'37. Queensland 78'41.. 5 51 Rena gp 4% 5 A'97. 23 94% Reading 4 %8 B'97. 2 93 Shell Un Ofl 5 | St 1A DEPRESSION BRUNT Foreign Investments of Eng- land Have Outweighed Return on Income. BY CLAUDE A. JAGGER, Associated Press Pinancial Editor. NEW YORK, September 23 —Eng- land has been a focal point of world depression, for no other nation has spread its wealth and commercial activ- itles so widely over the globe. British foreign investments are esti- mated In excess of uoooomuo wn‘i‘:d“gs:ltll’ds" Josiah i?‘h‘m mal ind's net wes’ at ulh about $90,000,000,000. In contrast, the United smn hn foreign investments of only $15,000,000,000, while her !ohl 'ulth has boul $300,000,000,000 $400,000,000, John Bull's little island has long had an excess of imp:rts over exports, and the real basis of his present trouble is that he has been living beyond his means—his disbursements to the rest of the world have exceeded his income from the rest of the world. In his better days his income from his huge foreign investments, as well as his earnings from his business as chief carrier of ocean freight and his world-wide insurance and banking , made up the difference be- large pom and smaller lnve-tmenu in South are enormous, and the almost That England, with its limited nat- ural wealth, should have become in the past century the dominant factor in world finance and trade fs indeed FOREIGN ] EZOKA.IG!’. (Quotations nm;'xm rnw B m & g l. Sales. § Sao Paulo f5'36... 10 Sao Paulo s 50 Saxon 7= "45. Seab A Lrfds Seah A L ev 6 Seine 75 "42 Serbs-Cr-S1 Serbs-gr-Sl 8 7 105% 105 .41 35 3% 32 66 664 u 634 5 62% Sinclair Dfl 64538 £3 !Inco?.:v AT, £3 e Cr O 5%s°38.. 29 llllc P L5s42. . Skelly.Oil 5% °39. Solssons 6s ‘36 Solvay Am bs ‘42 SWBell Tis A Sou Pac col 48 '4 24% 58 102 102 8 90 90 3 106'4 106'% 1064 1 80 &0 80 Sou Ry 63856 St Oil N J 5846 StOIIN ¥ au- Sweden § 2 Sfllnl%l’ii 212 1031 102 Talwan EP5%s'71 42 88 87% 87 Tenn El P *47. 36 105 1045 1044 Ter AsStL4s'53.. 2 92 92 92 Texas Corp 55 '44.. 38 90 8713 90 Tex&P 1st 55 2000.. 1 100% looln 104"6 Tex & Pac 58 B '77. 80 Tex & P Tex& Pbs D 2 99% 99% Third Av adj 55'60. 33 30% 293, m Toho El Pw 6s°32.. Toho E! Pw 7, Tokio 5% s ‘61 Tokio El Lt Tol St L&W Un Pac 1st Un Pac 43 Un Pac rf 45 2003 Un Pac %86 Unit Drg cv 6353 Utd King 5%s'37 U'S Rub 18t 55°47.. Un St W 6% s A'47, Ud St W 6158A'51, Uruguay 6560, Uruguay 6s ‘64, Uruguay 8s ‘4 Utah P & L 55 "44. ULil Pw 65 ‘59 ww Utll Pow 58 °47... Vanadium St 5s'41. Vert Sug 1st 7s '43. Vienna 6r 52. Va Ry & Pw 58 '34. Va Ry 1st58'62... Wabash 4%s Wabash 1st s Wabash 5s B ‘80 95% 98 88% Wabash 538 °75. Warn Br Pic 65’39, Warner Sug 7s'41. Warsaw 75 '58. .. % 2 105% 105% 105‘. 42 30% 26 30% SR Due principally to reduced riding, Reo Motor Car(40¢) . gross earnings declined to $4,286,809 JArom $5,339,970, & reduction of $1 ou-, 161, or 19.72 per cent. Operating ex- | penses, rentals, depreciation and taxes ecrensed o $4.281436 from $5.187 930, a reduction of $906,494, or 1747 per cent. The reduction in gross earnings ex- ceaded the cuts in operating expenses, depreciation and taxes by $146.666 re- sulting in net earnings of $5373, as rempared with $152,039 ln the previous jyear, or a decrease of T cent. ‘rhore was a deficit of ‘M 69 after interest on secured obligations. % 114 1357 | Rhine . 4 French Ts 4i. 0.0 15" lien Gen Motors 6 “xEx-dividend sLess than 100 shares. fPartly extra, - 3Plus 4% 1n slock. fPIus 9% In stock. & Paid last year—no resuiar rate. b payable in stock. ¢ Pavable in cash or stock. fPlus 8% in stock. h Plus 2% in stock. §Plus 50c in spectal preferred stock. k Pius | 3% in stock. m Paid this year—no regular rate. uu -( 1% Stack. v Plus 3% o stock. U. 8. TIMSVIY BALANCE. The Unit:d States Treasury balance | 1137 :xlu announced today, as of close of business German Bank s '50 az mber 21, was $633,677,120.21, Cus- mu‘-] po..m conlldenble min- ' Ger Gen El 7s 45 for -tne month to date eral wealth and .m.n ‘Total remain e !llwwuc St 102 vere Cop, S;:SSJ.:-'!SE._'==S==' 280 i3 T noids Tob B (3). 115 «w 4 38% 43 B 4| German Bk Ger Cen Bk 6: Ger Cen Bk 6 German 618 German 7s rep 4! 20 10714 107 . 3T ww. 22 102 102 Wick 8 cv et 7835 WO st 6145 "33, Wil & Co 181 L4148 34, Rome 6148 '53. 59 Roy D ds 45 ww. StL IM R&G 4'33 St )Mr in 48 OIL MERGER APPROVED. FRANKLIN, Pa.. September 23 (). — Merger of the Galena Oil Corporation, ploneer Pennsylvania company, and Lhn Valvoline Oil Co, Cincinnati, vu anec at an -d}ournnd meeting lena stockholders here two companies. Galena stockholders will receive one share of Valvoline stock fot each 36.6911 shares of Galena. 53 4 l’6 u I toms mufl