Evening Star Newspaper, July 24, 1932, Page 48

FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. C, JULY 24, 2—PART SIX. FINANCIAL. BONDSHOLD GAINS || BOND SUMMARY FOR THE WEEK IN STEADY MARKET = 4 AIR FREIGHT LINE 10 START AUGUST 1 Re-Elected LOCAL BANKER RETURNED TO OFFICE 17 TIMES. High. Low. Close. Chge. 51 u". IntTel & Tel 4%5°52..... 29% 22% 26% +21 5414 Int Tel & Tel 53 ‘55 . 30 25% 29% 43% 79% Irish Free State 55 '60.... 76'% 76 76 =+ % 93 Italy 78 '51.... 93 89 92 UNITED STATES GOVERNMENT. T 7 —1932.— et ( Fligh. Low High. Low. High. Low. Close. Chge. 10112 942 Lib3%s1932-47.....1019 1012 1013 Lib 1st 435 1932-47..101 26 10121 10122 1022 9722 Lib 4th 41,5 1933-38. 102 23 10218 102 18 —01 By the Assoclated Press. | Traders Are Apparently Awaiti greater percentage of Cuba’s supplic pparently Awaiting |CUBAN BUYING HEAVIER |CHANGES IN COTTON | that “oniiea States- merchants sl a gzc}&z; ::.th:n‘;;.a:g despite the heavyj Figures in U. 8. Government 7m, 10226 988 821 Seven Companies Joined in Service to 138 Cities of United States. BY BRADLEY W. TRENT. Bpecial Dispatch to The Star NEW YORK, J 23—The first Nation-wide system for the handling of ight and express by air, through the linking of seven air lines who routes touch 138 cities. will be inaugu- rated on August 1, with the Postal Telegraph & Cable Corpe as the collecti 1 wes officially ann ‘The General somewhat after Agency, will Canada. South America ‘This linking of commu transportation facilities, the portant meve made ce the d tion of the “Pony Express” years ago. will not be a stock company, but purely & co-operative service. according to Gen. Georg> S. Gibbs, president of Postal Telegraph. List of Parti The air co *store-to-door American Airway Transconti- nental & Westc Eastern Transport, american | ‘Airlines Corporation, Urited States Axr vays, Inc.. Pennsylvania Aj Lucington Air Line: ted that Northwes Pan-American Airwa; join the group sh Under the new arrangement it will be Air modeled Express connectiors with | ipants. ining in th service are: possible to call a uniformed messenger, give him the package, which he will| deliver to the where it will be | picked up by nd flown to its destination. There a messenger again will pick up the pa ge and delive it to the consignee Motorized ery equipment also will be employed. The frce exchange of merchandise airlin, another at con- termina made possible cugh adop of a uniform waybill the first ¢ ) aviation history s and one cover the ship- ment or to the con- ianec A coz s within the with may require Through Shipments. of a 10-pound package to Miami, includiig will cos. t of the same s will ap- \lar pack- Los A shipme about $10.80. s are not only ndise deliv- e country, lture ed week ) grain fed 25 lower; good n and medium offerings 50 of stoc and feeders 25 all fat she stock and yearlings 50 ore lower; or more down,; light heifers and mixed lower; general d on all killing classes irom last week’s high time ranging from 50 to 100, Instances more; cutters 25-50 ‘J\‘ bulls stead: to 25 lower; vea to strong; exireine top fed al top 940 on both xw,aht,\' steers and long yearlings; rain feds Z cost of 0 under 3 Southwestern steers closed at 4.0024 cake fed Southwe grass doubles f direct; better gr s'and yearli slaught nces; markei v hot weath- Good to 5, few 5.85: er; closing bulks choice range lambs able nativis top 6.50 range few 6.00; 1 | JAMES L. SHERWJSCD, Who remains at the helm of the North- east Building Assoclation, which has Just closed a successful year. Mr. Sher- wcod is a vice president of the Federal American Naticnal Bank & Trust Co. and manager of the Brookland branch office. CUTIN REAI.TY TAX OF RICHMOND URGED Twenty-Cent Slash Is Recommend- ed by Council Committee Fol- lowing Protests. BY A. Z. CLARKE. Special Dispatch to The St July 23 —Depres- gerieral has been less severe in Virgini: making itself real e: ty owners gitating ‘or a decrease in lh(‘ $2.35 per $100 tax rate, admittedly one of the lowest among si The fight has been chiefly bctween real estate men and city officials, with insisting that the city g is operating eco- were for a 25-cent rate, which woul £610 000 f: this ve: of approximately $5 nd, the City an ordinance $2.35 to $2.15, a reduction mean a loss real estate ta 500,000, (‘rm\rll con- | estate men that citizens for the run tion. t all reductions in the rate ned councilmen that the city is faced with the problem of ab- sorbing approximately $682,000 in 1933, ince the city will have that much less enue next year. Real estate men have insisted on the re- duction, alleging that if it is not granted will get individual re- assessments in the courts, thus bring- ing down the total assessed valuation of real estate in Richmond and endanger- ing the bond limit of the city. At pres- ent the total essessed value is fixed at $410.000.000 and the bonded indebted- ness of the city is about $38.000.000. Richm s bonds are selling at a premium nrmrn)f ?‘nd the city's North American ? Alliance, Retail Trade Prospect NTW YORK, Julv 23 (#).—No sub- stantial improvement in consumer bu or retail price levels is in prospect g the balance of the Summer, but undation has been laid for a slow of at least seasonal proportions uring the later months of the year, in the opinion of Standard Statistics Co. Record Stockholder List. NEW_YORK., July 23 (#.—Interna- tional Telephone & Telegraph Co. now has 100.745 shareholders, the largest number in the company’'s history. On December 31, 1929, the stockholders’ list was only about half as large, con- mmng 53,594 names. out aga He has at " pape; cities wmpm'nble in Week-End Profit Taking Ab- sorbed, With U. S. Issues in Demand. BY VICTOR EUBANK, Assoclated Press Financial Writer. NEW YORK, July 23.—While some traders showed a disposition to take profits over the week end, the bon market today continued to maintain a steady front in a moderately active | turnover. There was an increased demand for United States Government securities, with the largest transactions in Treas- ury 3s and 3%s, both of which were | up the better part of a point. Treasury 3%s of 1940 and 1943 moved above par for the first time this year. The liber- ties, while quiet, showed gains of nearly a polm Government financing for August 1 |is estimated at between $600,000,000 and $900,000,000, principally for the Reconstruction Finance Corporation refunding needs. It is expected to be in the form of low-yleld notes and cer- | tificates. Most rails held firm, although the gains recorded were small. Issues mod- erately_stronger included some of Ili- nois C:cntral, Santa Fe, Boston & Maine, Baltimore & Ohio, Chicago & ! Norihwestern, Erie and Pennsylv While a few industrials gave wa realizing, a number continued to ad- vance. Among these were loans of Phillips Petroleum, Texas Corporation, International Cement and Lehigh Val- lcy Coal. The utilities were a trifle easier. Rapid conversion of the big British war loan brought an increased demand for United Kingcom 5!.s. which ad- vanced substantially. = The Germans were somewhat quiet, although the | Reich 5':s gained. French loans im- proved, as did bonds of Argentine. SHORT TEBM SECURITIES. (Reported by Chas. D. Barney & Co) Bid Offer Allis-Chalmers Co. 55 1937_.... 12'2 15 American Cham Co 63 1033 11 41~ 48 80 American Tel, & Tel, 5123 1943 1017 Wat. Wks. & El. 5s 1934 Pas s 65 1936 76 1936 1935 ern R. R. 55 1933 Island 45 1934 g 55 1533 $ias 1935 1935 1935 So. vial Crédit Co, 3130 re & Hudson Co. 5s & Rio Grande 41»s 1936 Accep. Corp. 65 1937 oleum Corp. 55 1940 ic Service 53as 1939 unk of a 6 1936 E v 1933 5s 1935 55 1034 55 1937 ht Co. Rws. Co. 55 1939.. FOREIGN EXCHANGE, (Quotations furnished by W. B. Nomina! gold Se value: $4.8665 London, pound.. franc..... 3913,c Montreal, discount. U. S. TREASURY CERTIFICATES ed by Chas. D. Barney & Co.) 1 Bid. Offer. 2 100 6-32 100 4-32 100 13-32 137 100 1100 o101 June 15. S 100 2 STOCK MARKET SHOWS HOPE FOR BETTER RAIL EARNINGS Recent Action of Carrier Issues Indicates ossil)le Remecll'es {01‘ Improvement in Status of Leadi t‘\m\\\ uts 4.50 to kill n’\ti\c throw- | ‘ewes 1.25a2.00; b'ack faced rang: 7 lambs 4.50. pts 5.000; steacy 0 po 50-300 pounds 4.40a4.0 Sows 3.2524.10; com- icstly 5-10 lowe: estimated holdovers . good and choice, 140- 20: light weights 4.6025.00; mecdium pounds 350 pounds, medium and good HOW IS B including 4000 with day's 4.8525.00; ounds, 4.55a 140-170 o 200 pounds, atch to The Star. ¥ YORK, July 23—The appeal e railroa ds in their statement ad- dressed “to the American public” co-operation in solving their problem of meeting unreguiated competition, le they themselves are under the | most rigid governmental control. coin- cides with a much more optimistic attitude toward the immediate and the longer future of the carriers than has been apparent in Wall Street in months 5 It is not easy to give convincing recsons for this feeling, but of its ex- istence therc can be no doubt not due to the railroads’ work out their own salvation, in so far USINESS? Showing Current Business Activity Compared With Same Week a Year Ago. | PRESENT. BUSINESS GENERAL BUSINESS ACTIVITY for the country ind} York City. Shaded areas show weeks of activity above the corresponding weeks of the previous year. Black areas indicate declines from same weeks 12 months earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions compared with the same week & year ago. oston | New York | Begen 14.3" Cleyeland T Ricgmond Atlanta gt A I * 2.2 ~ St. Louis \ Chicago 5 X ~264% " Kansas City I —303% | Dall; LEADING BAROMETERS. Showing Trend or Business in dollars (checks cashed) . Employment (Department of Labor) . ‘Wages (Department of Labor) Cost of living (ind Wholesale prices (Fisher's Index). Agricultural prices (Department of Alrlclllture) Movement of goods (car loadings) Retail trads (Federal Reserve Bo: Building contracts (F. W. Dodge) Failures (Dun’s) .. Bond prices 1Annzllsl) . Stock prices (Annalist) 8fock market volume (shares {radea). trial Conference Board) . mportant factors. o Change Present trend. (rom year age. Downward Downward Downward Downward Stead; Downward Downward Downward Downward Downward (Al rights reserved, Camibridge Asscolates, Bosten.) » . for | ing Gompanies. |as the anti-trust laws will allow, by agreeing among themselves to cut out destructive rate slashing in an effort to get business from each other. That | is good as far as it goes, but it does not meet the menace of the truck or the carrier by water. It is not due to | any present prospect of legislative help for the season that has passed. Public Sympathy. There is public sympathy with the raflroads in greater degree, but the hard-pressed shipper cannot afford to let sympathy interfere with routing his products by highway if that means | lower costs. He cannot sacrifice any method which will help him fight off | the effects of this unprecedented de- pression on his own business. It is unfortunate for the railroads that the trade relapse coincided with the de- velopment of this new form of trans- portation, but that cannot be helped either. In a_measure the revival of faith in the railroads rests on the belief that behind the scenes plans are being worked out for a new alignment, which would not be undertaken if the skies were not partially clearing. This understanding accounts for the sup- port accorded to railroad stocks when statistics report continuously declining earnings. The June statements are now appearing and, as usual, they make unfavorable comparisons With those of June, 1931. The percentage loss is perhaps not as large as in May. Car loadings do show, for various individual systems. a slightly more than | seasonal gain, For example Pennsyl- vania for the week ending July 16 showed a 343 per cent loss over the previcus year. against a drop of 42.5 per cent the week before. That is partially accounted for by the holiday, but not entirely. The same_trend is shown in other statements. It is true also that rallroad stocks traditionally sell at their high prices in the second half of the year, when most of them enjoy the largest traffic. All this has be taken into account. Market Indication. Something is due to the reliance placed upon the ability of Reconstruc- tion Finance Corporation to avert receiverships and to give the manage- ments time to show what they can do, if and when trade revives. Even as to that policy, however, ttere is no unani- mity of opinion. One railroad authority of long experience suggests that for business in general it would be better to let some of the weaker units go into receivership rather than rely upon Government aid. Nevertheless, the policy stands. About all that can be said is that the market displays a dawning con- fidence which is entitled to more re- | spect because it has so long indlcwed nathing but despair. (Copyright. 32) 823 83 881 8724 8720 8916 94 98 30 ~—1932— fiign. Low. 41 8an 4l 40 33 47 6819 8 5% 4 15% b4l 63% 1 73 98 951 9754 911y 911y 99 66 12 3 46 30% 343 35 US$381951-55....... 965 US3%s1946-49..... 97 U"ia‘us *4 -43 Mar 100 1 U S33%s194;-43 Jun.100 2 U S3%s1943-47.....101 US33%s1946-56.....101 US4s1944-54.......103 U S 4%s 1947 99 998 2% 9416 95304215 9522 9626+2.10 1001 +1.21 1001 +1.08 9829 9928+1.18 100 20 100 30 +.10 10218 10231 +.82 .106 20 10524 10616 +.28 Net Hich. Low. Close. Chge. 191 70 18% 69%% 12 ki 5l 25% Abitibl P & P 58'53. . Abram & Straus 515 '43. Alleghany Co 5s '44 141 Alleghany 10 Alleghany 5s'50 8 Am & For Pow 55 2030... 30% Am 1G Chem 5 % 675% 66'% Am Internation 5128 " 651 654 Am X\Jluralt-as&lf.s'l" 1 1 Am Sm & Ref §s 47. - 8 B0 Am Sugar Ref 6s '31. . 103% 102'% Am Tel & Teleg 4%s'39. 993 9Riy Am Tel & Tel cl tr 5s°46.. 100'g 100 Am Tel & Tel deb 58 60. 95 94 Am Tel & Tel 5865 . 94% 93% Am Tel & Tel 53, . 102% 101 Am WIW & E col tr .;S 34, B1% 73 Am Writ Pap 6s'47 22% Antiquia 7s A "45.. 9 Argentine 5s "4 48 Argentine 5%’ 40 Argentine 6s A '57. 43 Argentine 6s ‘59 Jun 43 Armour & Co 4%5°39. ..+ 63% Armour of Del 538 °43... 613 Atch T & SF gen 4595 80 Atea T & Atlantic CL 1st 4s ", Atlantic Ref de Australia I" 461 % 67 i's Australia Austrian s Austria B&O st 4s 48, B&Odlas Balto & Ohlo 428 '60 § B&O 1st 5848 B&OS W Div5s'50. Bangor & Aroos 4s '51. tavia Petroleum 4358°4 4% Belgium 6s 5 9474 Belglum 6% 984 Belgium 7 Belgium 78’56 Bell Tell (Pa) 5s B '48. Bell Tell of I Berlin City Elec 6%s Berlin mun ext 6% Beth Steel p m 5s ' Beth Steel rf 554 livia 75 '69. Bolivia 85 47 Bordeaux 6s'34. Boston & M: 4 Brazil 6381 2 Budapes gaee Brazil Cent F zil 85 '41. . tate 7s '35 idison 5s A Un Gas 5850, 165°62. .. Buenos Aires prov 65 '61. "alif Packing 58 '40 Brook! Ca Canada Canada “anada Natl nada Natl & “upad North deb 63 5 ad Northn deb 7s'40.. nadian Pacific deb 4s. . c 4125 '60. adian Pacific s es & Ohio con 1 B&Q LIl div 4s” “hi Bur & Q gen 4s hiB&Q41SB" “hi B & Q ref 55 71. i & Eastn 111 5s “hi & West Ind5%s e 6560 “hile 6361 3 Jan 61, n‘m:u opper deb 55 '47... ('lu]& Mt Bk 6s°61. Mtg Bank h’ Cin Un 'lerm 5 StLrf4ls E CCC&StLESD. Cleveland Term 5s B '73. Cleveland Terminal 5138, Cologne 6% Colom Colombia & " Colon 0il 6s Colo & Sou 1007, 64 30 204 918 74 3 Copenhasen 55 Cuba R R 1£t 55 Cuba North & Czechoslovakia 85 '51. Del & Hud ref 45 '43 4 De! & Hudson 5128 60 42 16 5 llfl% 109 123% 110% 49% 564 102% 61 % 45 45 45 434% 5014 511 25% 25 97% 38 1 23 21% 21% 22% 26% 244 413 12 34y 60 61t BT% 92% 38% 46% 12 26% 27 60 94 96% 35 19 60 31% 311 10% 431 42 2 19 1% 2 18 Denmark 4% Denmark 5148 " Denmark 6s "42 . Den & Rio Grande cn 4s. Den & R G West 58'55. Den & R G West ref 55" Deutsche Bank 65 '3 Dodge cv deb 6s . . + Duguesne 15t 4348 67...... Dutch East Indies 6s* l7~. % Erierefs’ Fiat 78 "46 war, Finland 7s '50. Fisk Rubber 8s Flor East Coast 587 French 7s"49. .. French 7%s"41. Gelsenkirchen 6s ‘34, General Cable 5338 '47 Gen Motors 6s " Gen Steel Cast 5%8°49... Gen Theater Eq 6s 40 German Bank 65 '38. Ger Cnt Ag Bk 6s Ju Ger Cnt Ag Bk 6s Oct "60. German Gen EI 6548 German Gen E17s '45. . German Gov 5%s German Rep 7549 Good Hope S&IW 75 '45 Goodrich 68 "4 Goodrich (B F) Goodyear Rubber 5s'57 Grand Trunk 6s°36. Grand Trunk 7s *40. Great Nor gen 5%s B'52. Great Nor gen 7s 36 Greek 6568 - Hudson Coal 5562 5 Hudson & Man adj 58 '67. Hudson & Man rf 58°57... 72 Humble Oil deb 5537, ... 10214 111 Bell Tel 1st rf 58 A '56. 101% Illinois Cent rf 45 '55..... 41% Iilinois Cent 4% 66 Inland Steel 4355 A *7! Inter Rap Tran ref 6s '66. Inter Rap Tr §s '66 sta. Inter Rapid Tran 6s'32... Inter Rap Tran cv 7s32.. Tater Cement 55 '48 Inter Gt Nor adj 6s ‘52, Int Hydro Elee 65 ‘44. Int Match 5s'41. Inter Match 5s ‘47 Inter Mer Marine 6 Inter Paper 5s A *47 - Inter Ry Cent Am 614847, Int Tel & Teleg 4%5°39.. 117% 38 2 101% 50 1% 40%, 38 38 33 42 405 6513 29 344 674 6514 95t 9615 4% 59 20 30 38% 71 101% 100% 401 21 66% 43w 42 20 LS 50 21 43% 41 414 361 43 4414 69' 31 36 681 69 9T 99t 55% 62% 224 28% 39% 6% 3314 39 22 30% 19% 70 14% 10 % 30% 67 65% 1 8015 103 9%y 100% 95 945 102% 9% 1001y 674 337 2214 94 6 81 684% 78 19% T5% 53 32 3t 118% 42 42 101% 50 2, 43% 41 a1 361 43 44% 68 30 35% 6813 68 97 99 55% 62% 22 321 391 11 1021 101% 41% 25 68 48 48 25 681 = +21 +1% +1% +20 +8% +3% -1 +3 T+ % + % + % +3% +3 +1%4 +3% +4 +3 56 +10 35 29 5% 6 324 39 22 30 +5% +1% +2 +24 —9% +3% +8% 55 431, 524 36% 2874 78 2% 41 6 53 44% 273 96% 64 15% 91 66 98% 25% 22 Italy P U Credit 78°52.. 71 68 Japan 5358 '65. 556 52% Japanese 6% ‘54 671 65 Kan City South 35 '50. figv‘ 867 9% 48 1% 71 46 33% 102% 7413 27 Kan City Term ®st 45 '60. Kan Gas & Elec 415 '80 Kendall 6168 48 ww. Kreug & Toll 55 '59 Lack Stl 1st 5550, : Laclede 5145 D 60. . Leh‘gh Val cn 45 2003. . Liggett & Myers 5851 Loew's 65 1941 Loutsfana & Ar'c 5 Louisville G & E5s A " 9714 Louls & Nash unf 4s'40... 79 Lyons 65 34. ... . 104 McKesson & Rob 5%58'50. 32 Man Ry N Y cn 4s'90. i Market St Ry 7s A "40.. Marseilles 65 ' Midvale St & O Milan 615 Mil El R&L 1s Mil El R&L gn ref 55 '71.. Mo Kan & Tex 1st 45 "90 Mo Kan & Tex adj 65 '67.. Mo Kan & T 58 A "62 Mo Pacific gen 4875 Mo Pacific rf 5s A '65 Mo Pacific 55 F *77 Mo Pa:ific 55 G '78 Mo Pacific 5s H '80 Mo Pacific 55 I '81. Montana Power o8 43. 1 Flec en gtd 4s'51. Dairy Prod 5%s ‘48 “ent deb 65 '35 Y Chi & St L 4%5°78. Y Chi&StLrf 5%8 A'T4 Y Chi & St L 1st 65'32.. ison 58 B 44.... ison rt 6% N Y NH & Hclt 6540 Y NH&HG6s"48 Y Rys Inc 65’6 Y State Ry 41,562, Y Tel gen 4145 '39. N Y W & Bos gen 434 Niag Share Md 535 " b, nrd lulll\\.x\ orth Am Ed 55 C*6 orth Ger Lloyd 6s'47. or Ohlo Trac & Lt 65 '47 orth Pacific 3s North St Pwr 1st 58 A 41, Pwrist6sB Norway 5%s'65. .. Ore Wash Orient Dev 515 Orient 65'33. Pacific Gas & Pactfic T & T 1s Pacific Tel&Tel r: Penn Pwr & Lt 41581 Peru €s 60 . Peru 65 '61. * Philadelphi Pl & Read C& T 6s Philips Petrolm 5%s '39.. Poland 6s '40 4 Poland Poland §: Port Genl Postal Tel Pr Pub Sve 4 Pu « Queensland 7 Serv Gas 4125 '70. . Queensland 6s'47. 41 Reading 4155 A 0 : Rem-Rand 5155 A 47 ww. Rhinelbe Unfon 7s 46 Rhine Ruhr 65" : Rhine Westphalia 65 '5 Rhine West EL P 6s S Rhine West El 6365 wiw. Richfield Oil Calif 6s'44.. 10 De Janeiro 614 s 0 Grande Do Sul =L1.\|&<n&fiu‘:3. StL&SF4sA’50.. Sao Paulo St. Sao Paulo State 83 '36. Sao Paulo 8s - Saxon Pub Wks 6 wnm Croats s Croats Slov 88 6 1 70 704 £0 851 1001y 96 593, 100% 100% Sinclair O 6355 B '38.. . clair Ol 75 A 37 elly Ol 5138°39. . Southern Bell T&T 55 °41. Sou'west Beli Tel 55 A South Pacific col 4s *49 South Pacific ref 4s South Pacific 41568 South Pacif 415 South Pacific 418" South Pac Ore 435 Southern Ry gen 45 A '56. Southern Ry 58 '94. ... Southern Ry Een 6s and Oil N ¥ 4hs Sweden 5128 '54 Switzerland 545 °46. Tenn El Pwr 65 A 47 Texas Corp cv 5s '44. Texas Pacific 55 C 79 Third Ave 1st ref 4:'sn 3 Third Ave adj inc Tob Prod N J 6% 2 Toho Elec Pwr 78 '35 5 Union EI&Pwr 1st Tokio 5168 '61 Tokyo Elec Lt 65 '53. . a2, Union E1 L & P 58 3% Union EIL & P 534854, Unicn Pacific 1st 4547, Union Pacific 45'68...... Union Pac Ist rf 452008 United Drug 5 Utd Kingdom 5%s'37. l s l(ubhtr 5s'47. s Unit St Wks 6345 A *51.. Upper Austria s 'Ia . Uruguay 6s'60. Uruguay 6s '64. Utah Power&Light 55 44 Util Pow 58 49 Ww...... Utilitles P & L 6%s "47. .. Vanadium cv 5s"41 Va Ry & Power 55 34. ... Virginia Ry 1st 58 A '62, . ‘Wabash 41;s'78 Wabash 1st 55 '39. Wahash 2d 5s'39.. 5 Wabash 58 B'76.... Wabash 58 D '80. Wabash 5%='75... Warner Brs Pic cv 63°39. Warren Bros cv 6s°41. 4 Warsaw 78 West Shore 1st 4s gt 2361 Western Elec deb 5s "44. . West Maryland 1st 45 '52 West Marylana 512s '77. West Pacific 53 A "46 Western Union cl tr 55 '38 Western Union 5s '51 West Union 55 '60. stn Union Tel 6 4% Westphalia EI P 6 45 Wilgon & Co 1st 6 Yokohama 6s '61. Youngstwn Steel ‘Youngstown S&T 53 B '70. 71 531 6612 554 40 +3 +2 +8% Selected Cumul Sh +8Y +2 “}"‘\S(ard All'Am Tr ! Dive | Diversified + Repres Tr Exports to Cuba during the year| zmounted to $45.140,634, or 563 per cent of the island’s total imports dur- ing the year, as compared with 55.1 per cent of the total the year before. ‘Total Cuban imports dropped from 1931. Of the 46 specific commodity groups tabulated by Cuban authoritics, the United States supplied more than 50 per cent in 33 groups in 1931. Of the remaining 13 groups the United | | States supplied more than 40 per cent | lln seven groups, more than 20 per cent in one group, and more than 10 | per cent in four groups. In only one | group, that of linen fabrics and other vegetable fibers, was United States participation less than 10 per cent. In 11930 the United States provided more | than 50 per cent of Cuba’s total im- ! perts in only 30 groups. \UPSWING IN STEEL ! PRODUCTION SEEN! Dun Survey Finds Belief That Low | Point Has Reached. Been Special Dispatch to The Star. | NEW YORK, July 23 | in steel production is expected, | to “Dun’s Review.” Alt! | steel industry 15 ncw at the | f activity in its histry, the i vey made by R. G. Dun & Co. shows | i that steel producers believe that | | | An ear |t | dead center in steel production has | been passed. | current ope: ating rate of 12 to 15 per | cent, producers,” according to “Dun’s Review,” “submit it as evidence of the | increditable deflation forced upon so basic an industry. For, to producers, this apparent underproducti | tantamount to_underconsumption. On the basis of 897,275 gross tons in June steel ingot output is at the lowest rate since 1900, adequate only for a popu tion 40 per cent smaller than the ent 122.000,000 and then only if all automobiles, radios. mechanical erators, o er modern produ i sellers regard such factors as | the Lausanne Conference and the cor | duct and adjournment of Congress as | the chief d 1 mand during the next fow Weeks eager buying of late leaves mu r expansion once buyers have lost the r and apprehension which | ping their activities for | Producers ins! H frent decrease ess lost, but as busi simply are | p or wear and | needs are accumulated. from making pred ate at which buy’ g v J! increase wh covery does begin. | «plam ng that, while precedents mi ts lately have proven | | to be quite un | “In spite | ing steel cap lhi meager use of exi he Detroit area national of capac the country: ! nage is only r Detroit and Southe over 30 per cent Capacity special lines.” Comt'uction Awards. Tire Demand Decreases. i NEW YORK, July 23 (—A de- crease of about 15 per cent in tire de- mard is indicated for the last half of the year, as compared with the 1931 pe- od. according to the Fitch Survey. Dealers are d rather heavily with tax-exempt goods and it is expected that the tendency will be to let inven- tories Tun down before reordering. Refinancing Plan Proposed. BALTIMORE. July 23 (Sp: 1) - proposal to isstc an a ditional $5,000- 000 of cert of the Central Pund- ing Corporation, a corporation recentl formed for the purpose of enabling e nge of cert guaranteed tate mortgage bonds and certificates, is now in the process of authorization the local bank: nsoring the ar- rangement announced yesterday. 1 r-the- | | | | NEW YORK. July 23 (#.—O unter market: ed Crum & Fost In< Crum & Fo Depos Bk Shrs N ed Tr A B Gude Winmil Huron Holding int Sec Corp Am Int Sec Am 6’ 3s | v 45‘ Oil Shares : E 2| Qld Col 1r e | old Col T: A el Petrol Trad A Shr Sedond Tnt Fec A Second Int Sec B Sec In® Sec 6'c Ist pf Sezur Corp Gen $6 pf Selected Am Sh ... i Selectcd Income Sh Selected Manage Trust Spencer Trask Fund . Stand Am Tr Shrs and _Coliat Trust ate Street Invest pec of Am Tr A per of ‘A: er of Ar per of e S us oo Sta S ustee St Oil Sirs B Trusteed N ¥ C Bank Trusteed Am Bk Sh Trusteed Am Bk A entieth Cent Fixed| Tr Unit Fdrs 1-70 Com United Ins Shrs United Bank Tr U S & Brit Int Ltd A 8 & Brit Int Ltd § & Brit Int 33 bt H Tl Lt & Pow Al v & Pow B.. 190 U u hid v $162,452,268 in 1930, to $80,111,592 in | | entailc d bs | minion gover Report, Due August 8. By tho Asscciated Press. NEW YORK. July 22 —Trading in |the cotton market here has been com- {paratively quiet during the past week, with fluctuations correspondingly nar- row. The advances have met selling ! promoted by rather a favorable view of prevailing weather conditions, while the ‘r‘l‘clmcs have brought in covering or trade buying in sufficient volume to wfne the market a fairly steady under- | tone Some selling of ecarly new crop months through brokers who are fre- )1 credited with acting for the ve interests has been in evi- and attracted considerable Nothing definite with refer- he actual source or character of this selling has developed, however, while otherwise there has been com- paratively little pressure and the mar- ket would seem to have been sensitive to orders either wi More or less un- rermm'y or conflicting opinions have been expressed with reference to the progress of the crop during the spell of the dry hot weather According to the weekly report of the Weather Bureau, conditions were very favorable for checking the weevil, and while some complaints of shedding in a few sections where previous wet weather had caused sapp { noted, the crop progress nlhrru\ se was said o be mostly On the whole attention | ence to the Goverrment ted on August 8. CANADA IS MAKING e e i b o e | TRADE ADJUSTMENT Dominion Has Been Conforming to New World Economic Conditions. YORK, July 23—Su n Canada deponds ng steady g itself to new In this it has Canaca, as follows the prosper: rived from unsettled ex perial Econcmic Confer- It in esta nada's {i "British Empir problematical. nd possibly even newsprint try; rest prosp tion of mar- ucers. Hydro- experienced wih in recent years. but the is now faced with sub- and expansion next s years 1 railroad situation still stitutes a major economic and po- ical p"\bx is an important c in the serious burden ng cost of the Do- The present ad- alted, however, the ward government f r forms of paternal While hopes are cn- that the budge: will b bal- v reduced expendi- one hand and increased taxation cn . a balanced bu y to be realized in the face of declining trade volumes, in- comes and pro Some form of mew federal financing seems probable to- ward the end of the current fiscal | vear.” STUCKHOLDEBS URGED T0 FORM ASSOClATION Editer of Financial Magazine Sug- gests Plan to Exercise In- fluence Upon Business. tures cn th Special Dispatch to The Star _ NEW YORK, July 23 —For the firs: > in the history of Wall Street. one n spokesmen and publishers 20.000.060 stock- 10.000.0°0 bondholders to sociation whereby these s could cxercise the rights ges accruing to them in the nd direction of the busi- i stments. is Guenther, World, an a who details in (h' cur; X's iscue of the pub- lication the role such an organization should have in the present scheme of siness and investing. The platform of such an organi tion, savs Mr. Guenther, should include (1) "Public directors on the boards of the corporation: (2) independent audits of earnin; statements and bal- ance sheets: (3) standardized reports; structive trading reforms; (5) protective _committees are nesded; (6) full pub- offerings and other ters. < the'r riehts to the fullest and bring fa the very best there )~ in American business manage- ment, the suberiority of which is al- ready acknowledged the world ove says Mr. Guenther, “investors thro: cut the nation, both individual and institutional, must assemble their power and outhorily into a concrete driving force and direct its potent energies to- ward the safeguarding of the integrity t r cecurities, vestors must even go a step far- ther; they must be prepared to encour- age honest and constructive manage- ment and firmly resolve to root out the opposite type—management that will not stand four-square on the golden ru'e of business ethics. “If that gral is attained. a new era will unfold for American securities.” Where King Pawned Watch. Castle Inn, Smithfield Market, England, is not too undignified a place to pawn things, no matter how blue one'sm blood may be. So think some of the ncbility who have castles for sale or rent. It is declared that George IV once left his watch there for food and drink, and then gave the publican a pawnbroker's license. The place is now fllt]mfithlnl both as an inn and a plv\‘l.‘l- shop. rear