Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-11

wheat REJECTION seen.
Germany's offer TO purchase part of
the wheat which is held in storage by
the Farm Board is likely to meet with
a similar fate as did the Reich's re-
cent proposal to buy cotton. Rejection
is expected to be based on the ground
that the terms are unacceptable.
The board is understood to have no
official knowledge of the proposal but
Berlin intimates that the Reich would
consider the purchase of some $4,000
600 bushels of wheat, on the basis Of
three-year credit at 4l2 per cent.
Cotton Crop Report Bearish.
The cotton market had to contend
with an avalanche of bad news. The
Government crop report could not have
been more bearish. In addition the
association of cotton textile merchants
reported that sales were appreciably
below production. The result was
sharp decline to the lowest level in
more than a generation.
Outside of some covering by shorts
and relatively restricted purchases by
commission houses, little support was
in evidence. While the crop estimates
are disquieting. it is. perhaps. worth
remembering that future weather con-
ditions may alter present prospects very
materially. which is not at all impoSsi-
bic in view OF recent heavy rain in the
cotton delta.
Good News for Chrysier.
Those working on the constructive
side of the Chrysler Corporation have
received additional announcement from
an announcement made by L. G. Peed.
general sales manager OF De Soto Motor
Corporation, member Of the Chrysler
family According to Mr. Peed retail
deliveries of De Soto during June show
a gain of so per cent over the same
month last year. while the week ended
July 10 was one Of the eight largest
weeks in the company's history. and
the largest week since June, 1928.
German Debts Improve.
The position OF German commercial
debts has materially improved. AS
result of Withdrawals, the service on
German long-term and short-term OBJ
legations due abroad should not exceed
$i7O 900 900 during the current year
Inasmuch as the Reich's favorable
trade balance will amount to very ma
terially above this figure. and since
transfers on account of reparations will
also cease, we look not only for no in
terruption in the service on loans. but
also for a gradual repayment of short
term credits.
The failure of German bonds to re-
fleet this improved situation market
wise Is in part due to the prevalence
of high money rates in Germany which
render the purchase of loans, even at
prevailing low levels, relatively unat-
tractive This condition is not likely
to obtain very much longer.
stock Quotations of Interest.
With the German stock exchanges
closed. quotations of German stocks,
even though unofi1cial in character.
should be Of interest today. The index
OF eight most actively traded-in shares
stood at the beginning of the current
week at 82.18. taking July II. tie day
on which~the exchanges closed. at 100
The shrinkage although pronounced, is
far less serious than is believed by
many.
The shares of Darmstaedter and Ma
tionalbank. the closing of which pre-
cipitated the German financial crisis,
showed the smallest loss, selling at 95,
against 1904 on July IL. Dresdner
shares declined to IS, against 100;
Deutsche to IS from 100. German Gen
eral Electric were down to Ga, against
"a; the shares of the dye trust and
Reichsbank to 100, against las. and
those of Siemens to lib, as compared
with lao on the day of closing.
Competition In South America.
Europe is beginning TO compete with
American interests in the utility field
of Latin America In recent years
United States capital has been very
active in the acquisition and develop
ment of light and power properties in
countries south of the Rio Grande
In rnanW instances stfPh nPQnarfiaS
were purchased from European owners
at rather handsome profits to them. 1t
is regrettable to a certain extent, from
the viewpoint of America, that today,
when prices are low and exchanges de-
preciated and plants obtainable at bar