Evening Star Newspaper, July 16, 1932, Page 12

FIN AYRES SEES SIGNS | OF BUSINESS TURN Gold Exports Lower—Status| of Dollar Better—Hints of Building Recovery. BY EDWARD C. STONE. Leonard P. Ayres, Cleveland Trust Co. economist, who stands so high in the estimation of many local bankers, ! believes conditions are now more fa- vorable to economic recovery, that the | gold situation has greatly improved and | that the open market operations of the | Federal Reserve System continue to be a vital factor toward helping credit (‘x-l pansion. | In his latest business bulletin, Col. Ayres says that by ending reparations the nations of Europe have taken a long step toward making cconomic recovery j possible. They have also placed a grave i responsibility on the American people, for it seems clear that this Nation must shortly absorb the war debts, or greatly reduce them. The alternative i be to bear the blame of the rest 1d for blocking international yeconciliation and accord. The choice | lies between the heavy cost of assump- and the dangerous futility of in- ting on payment conomic problems were discussed at all by the delegates to the political conventions that met in Chicago. It is an astonishing fact, the banker adds, that the thousands of men and wom meeting there to nom- inate candidates and adopt party plat- Torms evinced almost 1o interest in the and adopted with little dis- parts of their campaign | have to do with agri business, banking and money. *d to adhere to the old hat depressions cause them- cure themselves, and that n be done about them. They seemed clearly to have little faith in political remedies for economic diffi- culties. programs that Economic Programs Much Alike. pledged support to our none system, both of them promised economy in governmental ex- penditures, and neither one suggested changes in tariff policies. romise unemployment relief and iculture. Either party could sment accept the eco- the other. Ap- aess has little to hope for the coming political cam- respect, Col. Ayres thinks, presidential year differs from those of previous periods of great depression in our earlier history. During the half of this vear Pusiness act has steadily decreased from month and it cannot truly be said that definite signs of im- provement are appearing. Nevertheless, some fundamental factors are more fa- Yorable than they have been. Gold | exports have greatly declined, and this | kes it possible for the continuing | market operations of the Federal tem to bring further pres- rfor credit expansion. in- | stead of merely offsetting the effects of gold withdrawals. Foreign doubts about the doliar have disappeared, Col. Ayres declar - | Building Shows Recovery Signs. | The low levels reached by the iron| and steel industry are the logical con- sequ of o d buving by its the railroads, ry and the build- | indust istrative of the re- stricted railroad buying is the record | of freight car orders placed. During The firet six months of last vear the | total These car orders was 6.0a4. | During the first six months of this year the total was only 359, and in two of these months there was actually not a | single car ordered | utomobile production for the first ( If vear was approximately one-half | of the production for the first six months of 1931, A somewhat similar comment may be made about the build- ing industry. The hopeful thing for | the stecl stry in the months ahead, the ban is that building ac- tivities _are ning to show some | that the automobile | the second half of the year feel the sustaining influence Ford production. and that v relief afforded railroads would soon show itself in orders for steel preducts. paign ity to month, ing Transfer Company Expanding. At the semi-annual meeting of the directors of Smith' nsfer & Storage Co. it was voted to lease another large fireproof warehouse, which _includes 150.000 cubic feet of space. The offi- cers of the c ion are Clarendon Smith, p treasurer; Arthur C. Smith, vice president, secretary and general manager; J. H. Gaszner, sales manager. and M. C. Richardson, super- intendent. American Ice Adds New Unit. smpletion of the first large unit in what will ultimately be a chain of laundries operated by the American Ice Co. and its subsidiaries in the larger cities of the Atlantic Seaboard. was announced today by President Charles € Small of the American Co. The new plant is located in Long Island City and wili serve New York, Brooklyn, Long Island and Westchester County. Employment will be afforded to several hundred people. Noted in Financial District. The governars of the Federal reserve banks met here yesterday with the Fed- eral Reserve Board. No statement was made as to the matters discussed. | The Naticnal Association of Credit Men has joined the campaign to bring about the wider use of trade accept- ances to expand transactions. A new record low for pr by farmers for their goods was estab- lished June 15. at 52 per cent of the 1910-1914 advance, the Department of terda ars. directors and other employes of fayer and Loew | earning $1.500 have their pay under a gen- effective received motion picture inter or more a weck wil checks cut by 35 per cent eral salary reduction order Mon HARDWARE A.SSOCIATION LISTS 35,473 OUTLETS the Associated Préss The National Retail Hardware Asso- ciation reports that approximately 35,- 473 retail hardware outlets were in operation on May 1. With the possible exception of not more than 1,000, these were all regular hardware stores, Of the group, 12374 had an annual average sales volume exceeding $30,000. Of this limited group, 10 per cent, or a possible 1,200, passed the $100,000-mark per year. A total of 206 operated to some extent whole departments also, the association said, and claimed their retail sales exceeded $100,000 per year, ‘while 1 8 did less than $20,000 worth of business and 7,355 ranked some- where between the $20,000 and $30,000 B NCIAL. THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Daylight Saving Time Is Used in All ~Prev.1932— Stock and Sales— High. Low. Dividend Rate 161 4% Affiliated Prod 1.60.. 1 6215 307 Air Reduction(t4%). 19 16% 7% Alaska Juneau (50c). 34 % Alleghany Corp % Alleg Cp pf $30 % Alleg Cp pf $40 ww 421 Allied Chem & D (6). 9615 Allied Chem pf (7). 4 Allis-Chalmers Mf; 12 Amerada Corp (2). 5 Am Bank Note.... Am Can Co (15 Am Car & Foundr: Am Car & Fdy pf (7). Am Encaustic Tiling. Am & Foreign Pwr. . Am&Forgn Pw pf(7) Am & For Pwr 2d pf. Am Hide & Leath nf. Am Home Prod 4.20.. Am Ice (2) e Am Internatio E Am Mach&Fdy(80c). AmPwr &Lt (..., AmP&Ltpf A (5., Am Pwr & Lt pf (6). Am Radiator. ... Am Safety Raz (3) Am Smelt & Ref. Am Smeltz & Ref pf. Am Steel F eEa T4 6y 8745 119 13% 1T 18% 8% S a mranrFuSaane@e AmTo Am Wa nace e jour of Del pf(7). Armour of 111 (A). Armour of 111 (B). Armourof 11i p Atch Topeka & S Fe. Atchison pf (5). X Atlantic Coast Line. . Atlantic Refining (1) Atlas Powder pf (6) . Auburn Auto (f4). itosales pf. . ation Corp (Del) W in Loco pf altiniore & Oh : altimore & Ohio pf. srnsdall Corp. atrice Cream ( dix Aviation. ehem Steel . Bethlehem Stl pf Borden Co Bklyn Manhat Tran. Bklyn Unie s(3). Bucyrus pf (7).. A B G) M g h Term deb stk h Terminal pf(7). Bvers (A M) ‘entury Rib Mill ‘erro de Pasco. . “hecker (ab Mfzr. i Great West “hi Mil SIP & F *hi & Northwestern. “hi Pneu Tool pf. ... *hi Rock I & Pacific. hi R1 & Pac 6% pf. “hi Yellow Cab (2) “hrysler Corp (1)... “ity Ice&Fuel pf 6. “oca (ola (18) “oca Cola (A) ( 1-Pete(1). ias (b1) *arbon (2).. “omel Credit A (3) “omel Solv (60c) ‘omwlth & Sou(30c). “omwlth&Sou pf (6) “onsol Laundries(1) “onsol Ol Corp W Can 11 Motor Contl 011 (Del) . Contl Shares Corn Products (3)... Coty Inec.. . Crown Zellerbach. Crucible Steel pf. iba R R pf (). % Cuban-Am Sugar. Cuban-Am Sugar pf. Curtiss Wright. 115 Curtis Wrizht (A). 313 Cutler Hamme §9% 32 Deiaware & Hud 13 Del Lack & Wester T3 Dome Mines (11 20). 5 Douglas Aireraft (1) 23 Drug Corp (4). 22t Dupont de Nem (3) ~tman Kodak (5) .. Elec Auto-L (1.20) ectric Boa &Musical Instru. Pwr&Lt....... ec Pwr & Lt pf (7). feRR... : je R 12 1st p 3 Fed Wat Service A 10% Firestone T & R (1).. 45 Firestone T&R pf(6). 85 First Natl Strs (21%). % Fisk Rubber. 3 Foster-Wheeler. ... 10% Fourth Nat Inv 1.20. 1 FoxFilm (A)....... 10 Freeport-Texas ( 13 Gen Am Inve Gen Am Tank Car(1) Gen Asphalt (1). Gen Electric (40c). s & ElecA(T). Gen Mills (3). 4 Gen Motors (1) Gen Motors pf (5) . Gillette Saf Raz (1 Gillette Saf R pf (3). Gimbel Bros pf. . - Glidden Co pr pf Gobel (Adolf). Gold Dust (1.60). Goodrich (B F) Goodyear Tire& Goodyear 15t pf (7)., Gotham Silk Hosiery Graham-Paige. Grant (W T) (1). Great Northern pf... Great Nortaern Ore. Great Western Sug. . » Grigsby Grunow ntanamo Sugar. . Hershev Choc pf 15.. 7% Holland Furnace (1). 131% 110 Homestake Min (9).. 24% 8% Jlouston Oil 5t 1%Houston Oil (new) 5% 1l3 Hupp Motors. . - 30% 8 Hudson& Man (3%). 11% 2i5 Hudson Motor Car. .. 18% 3919 14% u7 51p 29% Ilinois Central. . . Ingersoll Rand (3) Interboro Rap Trans. 5 Int Bus Machine(n6) Int Carriers Ltd 20c. int Harvester (1.80). Int Harvester pf (7). Int Hydro-Elec (A).. Int Nickel of Can Int Paper pf... Int Paper & Pwr (A). Int Shoe (3) .. Int Silver pf (4). int Tele & Teleg. 65 12% 25% 10 Johns-Manville. 9% 3 KaufmanDS (80c).. Add 00. High. Low. Close. Chst Market Editions. Net. | High. 108% A 13 5% 6% 35 9% Ly 1 1 A% 6% 35 (Rl 41+ + (58] P+ 4+ 3% 33y 6ix 404 213 23 59 &4 94 105 94 125 5% 3 1% 4% 45% 3% 57 10% 5 1Ti4 61% 24 13 3% 3 5% 3 % 21l 3215 5 124 3% FH1 1+ 2% 13 74 314 5% 3 £ 2% 215 | 5 | 4% 12% I 4+ +++ | 1n stock. ~Prev. 1932~ Low. 2% % 6% 10 2% i Loew 3 Marin, 4 2y 1 1'a i 1% 124 30 60 69 9ty 1% 1% 22 5 25 Stock and Dividend Rat Kelvinator Cor Kennecott Copper. .. Kresge (SS) Co (1).. Kroger Groce Lehigh Val Coal pt.. Lehigh Valley R R Lehman Corp (2.40) .. Libbey Owens Glass. Liggett & Myers(15). Lige & Myers B (15)., Liquid Carbonic (1), s, Inc (14) Loft Ine ceee Loose-Wiles Bis (2). Lorillard (P) (1.20) Louisiana Oil. . Louisville & Mcintyre Porc 1%, McKeesport T P (4). McKesson & Robbins McLellan Stores. ..., Mack Trucks (1).... Macy (HR) (n2). Manhat Elev mod gtd Midld (80c). Marlin-Rockwell(1). Marshall Field & Co. Met-Giold Pic pf 1.89. Mid Continent Petm.- Mo Kan & Texas pf.. fissouri Pacific pf. Montgomery Ward. Murray Corp it (2.80) it pt Nat Cash Reg (A) Nat 50) Nat Dist Prod dpf A7) tPwr& Lt (1), ¥ Mex 1st pf. \da Con Copper Central. er(b10% sik). North Am I Northern P ting (3). ckard Motor Car. Panhandle P & R pf 'aramount Publix. Am Pete Bnl), 1C) (2.40). ilroad . oples Gas Chl (5). re Marquette pr pf Pere Marquette pf. Petrol Corp of Am Phelps Dodge Phila & Read 3 Phillips Petroleum. Pierce Oil pf airie Oil & : Prairie Pipe Line. Pressad Steel Car. tor & Gamble. amb pf (5). ve N J(3,20) ) Corp (3) Puritv Bakerie: Radio Cotp. .. dio Corp pf B Reminzton-Rand. Reo Motor Car Republic Steel ... ] < Tob B (3) Rio Grande Ofl. Reyal Dich (a8 150) Teway Stores (5. way Strs pf (8). feway Strs pt (7). tJoseph T ead. St L-San | ran pf. ard Air Line Aboara Oil Del 406, <Tioebuck. . . tuck (FH) 50 Shell Union Oil, Shell Union Oil pt Simms Petroleum S Oil... Ol pf ww ony-Vac (80c) Am pf ww South Port Rico § Southern outhern ltailwa. hern Railway pf. and Brands (1.20). and Gas & Elec (2), nd Oil Calif (2).. tand Oil Exp pf (3). Stand Oil Kansas. . Stand Oil N J (12). Starrett (L S). tewart Warner..... tone&Webster(50c) perior Ol Texas Corp (1).... Tex Gulf Sulph (2) Tex Pacific Land Tr. Tide Water Asso Ol. Tide Water As pf (6) TimKken-Detroit Axle Timken Roll B1%. Transamerica Corp “ontl Corp i-Contl Corp pf ( len& Co...... Underwood-EI-F (1). “nd-Ell-Fish pf (7). n Carbide & C(1.20) n Oil of Calif (1). ‘nion Pacific (6). ‘nion Pacific pf (4). n Tank Car (1.40).. ‘nit Aircraft. ‘nit Cigar Stores. it Corp (40c). nit C S Gypsum (1.60). Indus Alcohol 8 Leather (A) ]S Smtg & Ref (1).. Univ Leaf Tob (2). Util Pwr & Lt (A) Vanadium Corp Ward Baking pf (4). Warn Bros Pictures.. Warren Bros . Warren Bros cv pf. Western Maryland. . Western Union. .. Westing'se Air B(1). Westinghouse Elec Westvaco Chlor (1) Wilcox Oil & Gas. Willys-Overland. Wilson & Co. . Wilson & Co (A) . Woolworth (2.40) Worthington Pump Wrigiey (Wm) (3). 61 Yale & Towne (1) 1% 4 A% Dividend rate in stock. Yellow Truck. Younzstown Sh&Tu. Zonite Products(60c) . | m Paid iast year—no regular 3% + % | In serip. i Ex-dividendo Tt Sales— Add 00. High, am i 22 e O » - 9., BoanBeaa DN c B BRR " » »3 WEuRT e maRaa-RRRE ~Ga o 9 o arSlunanmarracaRafa —o ws - o oan S alalan~s 2 27% 12 30 LY 1% 6% 5 3u 597 16% 24 ™ 17 % 1% 3% 3 16% 10 18% 5 31 1 1% 4 2614 2 301 63, 1% 6% 5 10% 2315 597 163, 2 ™ 17 i 1% 3% 3 167 101 181 5% 4 3 1% 4 26% 12 3014 6% 18, 6% 5 1Partly extrs aPaid this year—no regular rate. stock. e Payable in cash or stock, Net. Low. Close. Chze. + + ! Fir 44+ 441+ 14+ VL4440 44| FFFEF IITFEFEIVY VIS + o+ + " % % w D. C.. SATURDAY. JULY 16, 1932. FINAN 'STOCKS IRREGULAR AT SHORT SESSION Week End Realizing Resuits in Slight Losses in Some BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, July 16.—Stocks made further moderate gains, all of which were not held to the end, in today's short session. Trading continued in light volume and there was some week end realizing, but all in all the market gave a good account of itself. As yes- terday, the buying today favored the oils and the rails—the oils because of their improved statistical position and the rails for reasons not so clearly apparent. Two oil issues went to new Union preferred. In the ralls Union point, with large blocks of the lower- advances. Preferred issues did better today, in- dicating investment demand. General Motors preferred, one senior issue whose dividend has never been questioned. touching 62 was up almost 6 points from its low and nearly 2 points on the day, but still selling to give over 8 per cent return. Atchison preferred, in not | so favorable an earning situation, but up to this year at least always consid- ered a high-grade investment, advanced over 2 points. International Harvester was another preferred stock to move ahead. $ In the first hour standard industrials and utilities were higher but in the sec- ond half of the session they reacted. at no time establishing any’ real trend. { American Telephone was heavy and is Jikely to continue so until the next divi- dend meeting & month bence. Even should the rate be cut to $7 annually, the yield would be between 9 and 10 per cent and be covered by earnings at the present rate, so that a good deal of the unfavorable outiook has been discounted marketwise. Elsewhere in the list Armour of Delaware preferred and South Porto Rico Sugar rallied, the latter making a new high. There was good demand for General Motors common and for the stocks of some of the independents. Food shares were steady. On the other hand the shorts in Auburn, in J. I. Case and in other stocks of that caliber dis- played no concern. In fact, a feature of the trading was the concentration of demand on shares with a better claim to support than the existence of a large short interest. A T. &T. NET INCOME DECLINES $14,100,000 Report for First Half of This Year| Reveals Deficit of $8,875,020. Issues. I 1932 highs, Atlantic Refining and Shell | Pacific was up over a point, Atchison | a point and Delaware & Hudson a: priced stocks turned over at fractional; | By the Associated Press. | NEW YORK. July 16 —The American Telephone & Telegraph Co. has issucd | its earnings statement for the first six| ' | months of this year, showing net income of $75099.345. against $89.213.356 in the corresponding period of 1931 | | 'Total earnings were $130.846.788.1 against $150,379,198 in the same 1931 ‘| period. After dividend payments, the! | P 4 \. k) 1 1 n n " g I'e % S k3 P n K3 £ as given in the above tables are the annum cash payments based on the latest quarterly or hall-yearly decla- rations. *Unit of trading less than 100 shares. 2Plus b Payable in {Plus 8% in stock. h Plus 2% i Plus $1 in special preferred stcck. k Plus 3% in stock. nFlus 5% 1n stock. p Payable REOPENED MARYLAND main in manent casher is elected. the same position until a per- land Pederal Reserve note liabilities Y | chinery might result during the heavy | company had a deficit for the half year of $8.875.020. against a balance one | Year ago of $9.331.270. {” “During the first six months of 1932 | the number of Bell System telephones | disconnected exceeded those added by | about 785,000, said Walter S. Gifford, | + 14| president.” Long-distance calls declined | 15 per cent from last vear. | ““While the company shows earnings of $4.02 per share in the first half of 1932, dividends received from associated | companies amounting to $69,671.263 were not fully earned by these compa- | nies during the six months by approxi- | mately $8.000,000.” The company has received no divi-| dends this year from the Western Elec- | | tric Co.. as compared with $10,325862 | received in the first six months of last year. Western Electric is now operat- | ing at about 20 per cent of capacity, Mr. Gifford said. with a net loss for the first four months of this year of | | $3,381,000. COMMODITY FUTURE ' SALES TAX OPPOSED, | Reduction From 5 to 2 Cents on Transfers Urged by Leading Exchanges of Country. By the Associated Press. CHICAGO. July 16.—Warning that & | breakdown of commodity market ma- crop periodghas been seng to President | Hoover and congressional leaders by the | principal commodity ex- i changes. The message urged adoption of the Purnell bill which would reduce the 400 | per cent increase in taxes on commodity future sales. This reduction would | make the tax 2 cents por $100 instead {of 5 cents, leaving an increase of 100 | per cent. “A grave situation has developed as a | result of the utterly prohibitive tax of |5 _cents,” the message said in part.| | “The commodity exchanges wish to ad- | ! vise that unless the Purnell bill is en- | acted before Congress adjourns there is Teal danger that during the heavy crop | | movement period the weight of hedges may prove too great for the markets.” | The communication was signed by the Grain Committee on Naticnal Affairs, | Thomas Y. Wickham, chairman, repre- | senting nine grain exchanges. American Crown Cork & Seal. BALTIMORE, July 16 (Special).— Indications are that foreign affiliates of | the Crown Cork & Seal Co. are showing an improvement in earnings, especially the companies operating in England and Canada. The Crown Cork Inter- national Corporation, controlling the foreign properties, does not publish quarterly .reports, but banking interests here in close touch with the company have received & preliminary statement showing combined profits from opera- tion, less holding company expenscs, of somewhat over $47,000 for the first quarter. This is equivalent to about 13 cents a share on the Class A stock. In addition to the indicated operating profit of 13 cents per share, there was a net profit from foreign exchange ad- Jjustments, less a miscellaneous item of approximately $72.000, equivalent to 20 cents a share on the Class A stock. NEW YORK BANK STOCKS | 0.4 point. CORPORATIONS CONTINUE SALE | OF STOCKS TO THEIR EMPLOYES Many Firms—Advantages and Dis- advantages of Plan Are Discussed. Special Dispatch to The Staz. NEW YORK, July 16.—The offering by the Standard Ofl Co. of New Jersey to its employes of an opportunity to purchase stock of the company, while simply carrying out & previously de- | termined program, also implies that faith in this method of Interesting iis workers in the progress of the company has not been lost. The price at which subscriptions ma~ be made is not only below the par value of the shares, but is the lowest ever quoted for the present stock. It would seem that, regardless of the immediate outlook, an investment bargain was presented. No Guarantee of Dividend. It is not to be inferred, however, that the offering means that the present dividend rate will be maintained. There is no guarantee to the employe stock- holders of any dividend, any more than there is to those outsiders who buy the stock in the open market. On February 2 the United States Steel Corporation offered employes common stock at $4) a share, the amount offered being 200, 000 shares, all of which was taken. Or April 26 the directors passed the divi- dend on the common stock and since that time it has sold almost 50 per cent under the offering price. As far as the corporation employes are concerned. it must be remembered that practicaliy all of these plans in- 'clude some special advantages, either in the way of installment payments, a bonus for retaining the stock for a minimum period. an extra dividend. or ome other inaucement. Employes who could not afford to buy even a single share of stock have been able to acquire #n ownership interest in the business by this method, and in normal times it has proved a benefit to both buyer and seller. The point is that too much significance should not be attached to CONTINUE UPTREND General Average Is Higher Than Month Ago After Long Decline. BY CHARLES P. SHAEFFER, Ascociated Press Business Writer Action of commodity prices is an outstanding favorable business indica- tion at the present time. These prices appear steadied. The trend of the general average has been downward for more than two years, but at present the general average is higher than & month ago. Considered of most significance i3 that the advances and chief strength have appeared in the most heavily weighted groups. These include the main groups of foods. fuel, grains, feeds. live stock and textiles Alter three consecutive weekly gains, the wholesale price index of the Na- tional Fertilizer Association for 476 commodities showed its largest gain of ihe year during the week ended July 9. 1t advanced to index number 61.5, based on representing 1926-28 averages as 100, a rise of 1.9 points over the record Jow point of 59.6 shown on June 11, end a gain of 0.8 point during the week. A month ago it stood at 59.6 and a year ago at 70.3. Foods advanced 1.9 points during the week, grains, feeds and live stock rose 1.8 points and textiles scored a gain of Fats and oils. not so heav- ily_weighted. advanced 2.2 points. For the first time in months the num- ber of commodities that advanced was greater than the declines. During the week 21 commodities scored price rises while 18 declined Among the advances were such items as cotton, lard, butter, sugar, pork. potatoes, wheat, corn. cattle. hogs and rubber. ‘The declines includcd wool. rayon, egas, apples, feedstuffs, pig iron, hides and coffee. VIRGINIA COUNTY ASKED FOR INDUSTRIAL SURVEY Special Dispatch to The Star. WINCHESTER, Va. July 16.—The Berryville Chamber of Commerce has received a letter from the industrial de- partment of the Norfolk & Western | Railway Co., at Roanoke, asking for an industrial survey of that town and Clarke County. The letter stated alsosthat many large industries were anxious to change from large city locations to smaller communi- ties, and that the industrial department had received many inquiries in recent months relative to prospective sites along its line in Virginia and other States. The company wished to be in a posi- tion to supply such inquirers with all possible information. Capt. Frank M. Wray, president of the chamber, ap- | pointed R. M. Dorsey. Rs E. Potts and L. C. Kackley a committee to make the survey. Trade Reports at a Glance. By the Assoclated Press. NEW YORK, July 16.—Tabloid review of wholesale and retail busi- ness conditions and the state of crops as reported this week from the following centers, on the basis of comparisons with conditions in the same areas in the corresponding week last year: Wholesale and job trade. Quiet Fair Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Fair Pittsburgh .. Chicago .. Cleveland Detroit .. . Indianapolis . Louisville Milwaukee .. Des Moines Duluth ... Kansas City .. Minneapolis . Omaha . St. Comment. Pittsburgh—Coal trade continues dull; fair; lumber and hardware sluggish. Chicago—Steel industry down to lowest level in years; Summer dullness features wholesale and retail trades. Cleveland—Steel milis in seasonal slump; low real estate prices stim- ulate market. Detroit—Hudson Motor Car Co. to produce new low-priced car; em- ‘ployment 1 point below 1931. Indianapolis—Clothing dealers’ volume increases; factories continue gasoline consumption declines. Louisville—Tobacco plants on full capacity; department stores con- on reduced schedules; | week 26 stocks contributed half the | bills bought abroad decreased 2,000.000; the terms of any offering marketwise. At the same time it will hardly b2 denied that a corporation which en- courages its employes to acquire stock incurs a certain moral obligation. This has been recognized in many cases during the past year when markct conditions and business reverses com- bined to make their sgreement a dis- astrous one to the employe investor. In | such instances more than one cornora- tion has canceled the arrangement and returned the money. Increase in Stockholders. BANKERS PREDICT MARKET RECOVERY Investment .Interests See Turn in Stocks, but Bears Are Unconvinced., BY CHARLES W. STORM, Editor, the News Service of Wall Street. Special Dispatch to The Star NEW YORK, July 16.—The stock market yesterday began discounting adjournment of Congress. The Street believes adjournment will be followed by an inflix of buyers into both the stock and bona markets in sufficient number to cause a sharp advance in From the standpoint of the employ there is one other question to bz raised. | Sound investment practice demands adequate diversification. How far is an | employe justified in_placing all his savings into the same business on whick | he depends for his weekly wage? If | as has happened too often in the past | two or three years' wages and salares are reduced because of imperative | necessity, because of conditions beyond | the control of the management, the employe shareholder suffers two ways. | as an employe and as an owner. He | has all his Tesources locked up in one box. all his eggs in one basket. | Probably both executives and employes recognize this situation. Probably also | the latter will continue to take ad- vantage of the liberal terms these va- | rious employe-ownership plans offer. | In that they will be only following the example of the whole American invest- | ing public, - which has_steadily been | increasing its holdings in the equities ! of leading corporations all through the | depression. The number of shareholders in the American Telephone & Telegraph Co. 1s today greater than ever in the history of the corporation. The num- ber of shareholders in the U. S. Sterl Corporation has steadily grown all through the period of declining earnings and falling market prices. (Copyrieht. 1632.) TRADE FORECASTS ARE MORE HOPEFUL Weekly Mercantile Reviews Point to Promise of Increased Purchasing Power of Farmer. By the Ascociated Press NEW YORK, July 16—Promise of improved purchasing power in the ag-! ricultural districts on the rise of live stock prices and generally favorable harvest indications afforded a more favorable basis for trade forecasts, al- | though the business of the week in re- tail and wholesale markets and in in- dustry was on a restricted scale. the weekly merchandise reviews said today. | Bradstreet's said th-t industria] cen-| ters, commerce and trade are feeling| acutely the seasonal lull, although the past week’s retail transactions held up fairly well. Summer and vacation | merchandise in the lower price brackets moved in fair volume, but in some sec- | department store prices of securities The better undertone shown in the stock market reflected buying of the more venturesome speculator who has started to anticipate the upward move- ment. Strength of the general share lisi, at a time when wheat prices touched a new low for the season, was consid- ered significant. Professional bears nold ilhe p[msfnr. strength is o) a rally. but nvestment banking ests believe is the beginning of r 2 = Most Hopeful One of the most important develop- ments contributing to the better ab- sorption of stocks is the surprisingly quick sale the last three davs of ap- proximately $70.000.000 of public utility bonds by investmert bankérs g e lead was taken by the National City Co., and the quickness with which that investment banking institution dis- posed of $10.000.000 of Brooklyn Union Gas and $30.000.000 of Consolidated Gas bonds gave the lie to the repeated dec- laration that there was no moncy avail- ove ign. |able for investment An issu of §25.000.000 of Edisol Electric Iluminating Co. of Boston bonds also was disposed of rapidly. The buyers of the new offerings embraced &l types and incluced insurance com- pRnies, trust companiees, banks and in- dividuals Subscriptions came from all parts of the country for Brooklyn Union Gas Orders for the Copsolidated Gas bonds were heaviest from the metropolitan area. but also came in_heavy volume from New England. the Far West, Phil- adelphia and Chicago. Utilities Stand Up. One of the most pleasant surprises of the market vesterday was furnished by the public utility group which stood up well in the face of an unfavorable statement of carnings by the American Telephone & Telegraph Co. for the first six months of this year, showing less than the dividend earned during that period. and the issuance of an orde: by the Public Service Commission of Wis- consin restraining_the public utilities operating in that State from declaring dividends. (Copyrizht. 1932. by paper FEDERAL RESERVE CREDIT ITEM GAINS Daily Average Volume Outstanding for Week Ended July 13 In- creases $40,000.000. North Amer ance Inc) B the Associated Press. The daily average volume of Federal Reserve Bank credit outstanding during the week ending July 12. as reported by the Federal Reserve banks. was $2.417. | 000,000, an increase of $40.000.000. com- | According to Dun's. trade is more re- | stricted than is generally the case, and | wholesale markets in practically all; lines are extremely quiet. This review, rowever, regards the prospect of pro-| longed Summer slackness less discon- certing because of the improved agri- cultural outlook. Corn promises a large yield, and the July crop report indi-| cates most satisfactory conditions as to| other farm products, it is asserted.| Curtailment in the cotton acreage is held to have had a beneficial effect on | the extensive cotton industries, and | prespects for farm buying later in the season ere said to have been greatly helped by this situation and by im-| provement in prices of live stock. Industrial operations are reported at a still lower level, chiefly in steel and | textile divisions. Market Cross-Section. NEW YORK, July 15 (Special).—Of the 1.260 stocks on tte New York Stock | Exchange about 750 are selling below $10 a share. Of total transactions last volume, and 20 of the group were selling above $10 a share. The latter group| contributed 39.5 per cent of total week’s | sales. The six selling below $10, in the | group mentioned, were in order of their | volume: General Electric, Interna- tional Nickel, International Telephone, | United Corporation, General Motors and Alaska Juneau. St Bank of France Statement. PARIS, July 15 (#).—The weekly statement of the Bank of France shows the following changes, in francs: Gold increased 155,000,000. sight balances abread decreased 3.000.000; bills dis- counted at home increased 274,000,00 advances decreased 25.000,000; circula- tion decreased 777,000,000 current ac- | counts increased 719.000.000. Rate of discount, 21, per cent. to Bradstreet's Retall Manutactur's trade. and InAustry. Quiet Quiet Fair Quiet Quiet Quiet Quiet Fair Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet Quiet. Quiet Quiet Quiet Quiet Quiet Quiet Quiet Fair Quiet llee- tions. Slow Fair Slow Slow Slow Slow Slow Slow Slow Slow Slow Slow Slew Slow Slow Crops. Good Slow Fair Good Good Fair Fair Good Good Fair Good Good Good Good Good low-priced apparel volume pared with the preceding week. and of $1,465,000,000 compared with the corre- sponding week in 1931 On July 13 total Reserve bank credit amounted to $2.417,000,000, an increase of $9.000.000 for the week. This in- crease corresponds with increases of $52,000.000 in member bank reserve bal- ances and $2.000,000 in unexpended capital funds, non-member deposits, etc, and a decrease of $26.000.000 in Treasury currency. adjusted. offset in part a decrease of $61.000.000 in money in circulation and an increase of $10.000.000 in monetary gold stock Holdings of bills discounted increased 1 $9.000.000 at the Federal Reserve Bark | of San Francisco. $4,000.000 at Atlanta, 1$3.000,060 at Dallas and $16,000.000 at all Federal Reserve banks. The sys tem’s holdings of bi'ls bought in open market declined $15,000,000, of United States bonds $15.000,000 and of United inéfls Trsnrsu_r‘_\‘ notes, $9.000.000, whiie ings of Treasury certific bills increased $44.000.000. = TOBACCO PRODUCTION DECREASED IN GEORGIA By the Associated Press. ATHENS, Ga.. July 16—A decrease of 72 per cent in tobacco production in Georgia this year. due to a March freeze and damage from blue mold, is indi- cated in the July summary of the Georgia Crop Reporting Service. “Acreage of tobacco has been cut nearly two-thirds from last year,” the report said. “Early seacon plans were for a substantial decrease and fewer seed beds were sown. The early March freeze, together with ravages of the blue mold, were responsible for a plant shortage, which resulted in acreage be- ing lowered to about 36 per cent of 1931. With an indicated vield of 550 pounds, production upon the 30.000 acres should approximate about 16.500.000 pounds. as compared with 59.640.000 pounds harvested last season, or a decrease of 72 per cent.” NEW YORK. July 16 (#.— Liquidating. Pe- Rate. riod 10 Omitted. Pamily Finance sc @ Howes Publishirg 1% Q Pacific Pub Serv 1st 4 OF DEWsiiige:s N peterrea. Glen Cove Trust 6 S Herriman Nat Bk & Tr (N Y) ey N Do 55 Ex Harriman Sec Co.$7.50 8 Southland Ice $7 i e AL Pl A Regular. Am Ry Tr Sh 40c Bridgeport City Tr.75¢ Camden_Pire Ins.. 25 Col Ry Pw & Lt .16 pf B.... Counselior Fd Inc.26¢ Cuoa R R p{ 1150 Dallas P & L 67 Df.$150 Family Fin Co pf.17!ac Fed Serv Fin s0c First Nat Bank (Aurgra Do. | Benef Ctts) 357 German'n Tr (Phil) 0c Hartford Times Inc Part P i % Hazelwood Sav & Trust Ete il Howes Pub Bi 1T Tiiic Hud & Man RR p.5230 Idaho Pow 7% pl.§L75 Do. $6 pf L3150 Hidre af record. July 18 Pav- Compar~ i Nat Fabric & Fin July 21 Due July 15 Due July 15 32 Due Aug. Due July Due July Due July Due July Due July July July July July July July July June June July a year mark. |combined that has been occurring centrated on Midsummer “sales.” 7 2D S P s i The association said there were 75 hardware chains and estimated that 1.6 per cent of the total number of hard- ware stores were operated by chains and that these conducted about 9.2 per cent of the total volume of hardware) business. It was estimated that the normal an- nual retail sales of hardware in this country is $1,500,000,000. U. S. TREASURY BAI:ANCE. By the Associated Press. Treasury receipts for July 14 were $4763,504.65; expenditures, $9,293,902,- 31 balance, $254524,96582. Customs duties for 14 days of July were $7,§24,- 488.18, ¢ . BANK NAMES OFFICERS| Special Dispatch to The Star. GRANTSVILLE, Md., “July 16.—The stockholders of the reopened First State Bank of Grantsville elected the follow- ing directors: Dr. N. R. Davis, H. P. Miller, Chauncey E. Ellithorpe, 8. S. Miller, E. R. Jones, J. A Beachy, F. W. Bender, Stewart Rodamer, Otho 8. Fike, William Winterberg and G. W. Diefenbach. Dr. N. R. Davis was chosen president, H. P. Miller, vice president, and W. L. Thomas, cashier. ~Mrs. Harley Spoer- line, who has been acting assistant order to reopen, it was necessary for those connected with the institution to raise $25,000 in new stock and $25,000 |in cash. It was necessary for depositors | to sign an agreement placing 25 per cent of the deposits in a reserve fund to be paid out to depositors as directed by the State Banking Commission and that 75 per cent of deposits be re- leased over a period of 3 years, which agreement was signed by practically all former stockholders. FEDERAL RESERVE RATIO. By the Assoclated Press. cashier since the reopening, will re- ‘The bank closed November 1, and in | during the period ended July 13. the Federal Reserve Board: Week ended July 13. Previous week... Same week last year Redmond & Co—If any organized attempt is going to be made to put the market higher, we would imagine that the beginning of such an operation would be delayed until at least some The decline in the ratio of total re- f the important second quarter earn- serve of the 12 central banks to deposit | ings reports are out of the way. weekly for many months was checked In the table that follows the ratio is given | for comparable weeks as announced by 56.3 per cent 56.3 per cent 84.1 per cent NEW YORK, July 16 (#).—Over-the- counter market: jd, Asked. Chase (2) B, A el (i | Manha 1.3:4'1.\“" n @ | Bational citr @ ., TRUST COMPANIES. Bankers’ (3) ....... Brooklyn Trust (16). Central Hanover (*7) Chemical (1.80) . Continental (1.20) Corn Exchange (4) Eordire ke Guaranty (20) Svine"t] eor Manufacturer: e Cilrants: Ryt (425 juaranty rust ( . *Includes extra. ing light. Kansas City—Live stock price advance helps sentiment; flour sales 110 per cent of capacity. Minneapolis—Retail trade active in seatonal lines; tourist trade far below normal; industry stagnant. ‘Omaha—Merchants favoring low-priced goods; live stock prices ad- vance; hnrvuunt general. St. Louis—S] Milwaukee—Wholesalers’ outlook pessimistic; shipping traffic below normal; attractive prices fail to move retailers’ stocks. Des Moines—Live stock prices advance; response to department store “sales” only fair; millwork at standstill. Duluth—Midsummer trade at low ebb; mining curtailed; road build- 0e production recedes; millinery in seasonal lull; whole- sale furniture trade dull; zinc and lead output curtailed. Kiein (D Emil) Co.35¢ Do. pf 1975, ... Kroehler Mtg Co. i3ijc 150. $1.30 5175 A Dt o Liperty Pimest Corp 1% pf. 1.7 Modine Mfg... ... New Amsterdam G:30c Ohio Pub 8 7% p38i:c Do. €7 DI........80 Do. 5% pfi 1 1l4iie Bionéer Mill Co Ltd.3c & 8) Co . 6% 30 O EEEZ0000 ©000000OWO0 D Omy OO0’ O DO St. Paul—Wholesale and retail volume below 1931; creamery supply sales off: live stock rice increase encouraging. ‘Baltimore—Trade influenced by Midsummer jull; machine tools in fair demand; rains damage wheat crop. Prim Tr 8h'A’id1-10c . Selected Managements Inc Trustee Shares.7.156c .. Simsbury Bank & Tr E% B