Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-26
TRADING IN STOCKS
REACHES Low EBB
Dull Sessions on Exchange
in Contrast to Activity
of Last Year.
BY JOHN F. SINCLAIR.

- Special Dispatch to The Star
- NEW YORK, July 26--More New Yorl
a, stock brokers can be seen these days al
dog days on the exchange having ar.
(. rived. the ticker is silent for IS min.
'ootltes at a stretch. Pretty slow bushes:
10 those who rolled in the buying-al
~, buying-orders last year.
Yesterdays sales up to 2:10 pm. were
less than million shares, with no de-
mand and no great supply coming out
: Only in the last 20 minutes was there
any activity. Money was dirt cheap
some lending at per cent. the lowest
-,.on the Stock Exchange was per cent
-.plenty of money could be had in the
lower brackets.
Still the stock market was liStless
npull affair-no life at all. Traders seem
:, less sure about the way stocks are
going. Nobody is sure of anything. And
the great American public is out of It,
It's still a purely professional market.
The Mexican foreign debt is to be
,4fefunded. Luis Monies de Oca. youth
9 full finance minister of Mexico, after
FIVE weeks of negotiation with foreign
Representatives at the J. P. Morgan &,
Co. offices, has been successful.
The old bonds now in arrears are to
be exchanged for new refunding issue,
which, it is understood, merges the
$500 900 900 principal and 5000, 900 OF
unpaid interest.
-, This is the third agreement reached
between Mexico and her foreign
creditors since 1922. During 1922 and
1923, Mexico paid her foreign interest.
then fsulted until 1925. when the PAM
agreement was entered into. Interest
was paid during 1925 and 1925, but
again it stopped in 1927.
The present negotiations in an at
tempt to arrive at Mexico's present situ-
alton have been carried on in the midst
Of New York's intense heat.
The settlement is understood to be
based on Mexico's ability to pay.
The volume of check transactions for
the week ending July IS increased Is
per cent over the preceding week, re-
ports the Department of Commerce.
Wholesale prices are down 16 per cent
over the same week of a year ago, but
are about the saJHe as week ago.
There was no change in the iron and
steel prices for the week. although they
are down 10 per cent over year ago.
Stock prices rose markedly over the
preceding week, but are still lower than
they were a year ago. Bond prices
showed gains for both the preceding
week and for year ago. Bank loans
and discounts were greater in both the
preceding week and the same period
q year ago,
Wheat receipts at the primary mar
-ket, building activity and the work at
the steel mills, for the week which end
ed July IL, were all greater than for
the preceding week. But building and
steel operations were smaller.
There Is nothing exceptional in the
report It's just the record of another
average week in business.
Alexander Legge is at it again. Re-
tail meat prices are too high. Some
body is profiteering in meat" he in
-Eists. The cattle raiser is not. Then
who is?
The Livestock Advisory Committee
of the Federal Farm Board. meeting
In Washington this week, urged that
the packers consent decree be modi-
fed to permit them to retail meat
Chairman Legge brought out that
the railroads, the -four mills. the wheat
farmers, together, operate on margin
of 80 cents on the dollar. The. rest
of the dollar, which the consumer pays,
is consumed in retail costs and retail
distribution.
Blaming the "lazy buying public" for
HUCH lAAC q DVnA u
chairman is frankly puzzled for way
to cut retail prices.
One of the disquieting features in the
present business decline is the growing
wage cut
When Walter Chrysler announced two
months ago a cut of 10 per cent for
every ofiicer and worker in his Offices
and factories, other factories followed
suit
The National Cash Register Co. an
nounced yesterday that all classes of
workers, in both their Dayton plant and
their Newark, N. j., plant have suf-
fered 10 per cent cut.
At the present time, their employees,
about the same in number as they have
averaged for the last 10 years, are on a
fve-day week schedule.
Many companies are using these
times to put their finances in order.
Bank borrowings are being iiquidated
and cash reserves being built up.
j. H. Barringer, the vice president
Of the National Cash Register Co., an
nounced this week:
"Our bank loans are being liquidated
steadily, and the company should be
entirely free of its floating debt by the
end of the year. Our cash balance is
satisfactory, and we are borrowing q
little"
This is the kind of statement thai
will be repeated by scores of executives
during the rest of 1880.
Industrial production in June was
back to where it was in November, 1924
SAYS the Standard Statistics Co.
Then the index of production fol
June stood at 1864, compared to 1905
in May; 1923 in June, 1929, and 1877:
in May 1929--the all-time peak
Put the figures in another way. June
figures Were 1919 per cent lower than
last year. 225 per cent below the May
1929, peak and l0.4 per cent lower than
June, 1923
The steel industry showed a decline
IN June over the same month OF 9
year ago of 29.l per cent and the mo-
tor car industry 45.8 per cent These
tvo-steel and automobiles-showec
the most severe declines.
The aggregate production for thu
frst half of 1890 fell IS per cent under
the corresponding period of last year
with the automobile. steel and iron in
dustries the leading sufferers, showing
drops of 33e per cent. 179 per cent ant
1875 per cent, respectively.
The big business turn has not ye
come.
downright 1890. ny North American News
paper AllianceJ
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