davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-16
ms. TREASURY BALANCE.

The United States Treasury balance
annoslnced today, as of close Of business
:June Is, was 81, 1s9, 454.5o. Customs
receir,ts for the month to date were
n. 7SO, 1858. Total ordinary expendi-
E1fes, S7,z27,7l6.86.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-16
NEW YORK STOCK EXCHANGE
Received BY star

Note-An stock are sold In one hundred Share ~
excepting those Designated by the letter tSOsl SsO
which shows those stocks were sold I'm odd lots
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-16
BROKERAGE HOUSE
HAS HOTEL BRANCH
B. F. Keech Co. Takes Over
Offices in MayfIoWer.
FridIey in Charge.

Another important move in Washing
ton brokerage circles Is revealed In the
announcement that B. F. Keech q Co.
has opened a branch ONCE in the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
WALL STREET AWAITING ACTION
ONU.S. STEEL COMMON DIVIDEND

ranged with these German industrial
pledges as security.
Railroad Aid Expected.
The moving up by three weeks Of the
hearings of the opposition to the rail-
road freight rate increase is construed
as indicating that the Interstate Com
MERGE Commission is doing everything
possible to expedite a solution of the
current difficulties of the common car
riers. Wall Street continues confident
that the transportation companies will
be given relief but it does not believe
that the common carriers will receive
the full Is per cent advance applied
for.
Better Earnings.
Publication of earnings statements
for the second quarter of this year re-
veals that in many instances business
was not as bad as had been predicted.
The fact that many corporations show
ed earnings for the second quarter in
excess of those for the first three
months of this year is encouraging
and would seem to lend color to the
belief that the worst has been seen in
general trade.
lot industrial companies showed an
earnings gain of 40 per cent in the sec
ond quarter over the first quarter,
while the composite net income of 1872
industrial corporations for the first six
months of 1881 totaled 1904, 691 900, a
decrease of only 28.4 per cent when
compared with the first half of 1880
(Copyright, 1881, by the North American
Newspaper Alliance, Incl
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
Studebaker Net Gains.

NEW YORK. July 81 LP)-Increased
net earnings for the June quarter this
year over the corresponding period OF
1880 we're reported today by the Stude-
baker Corporation.
The report showed that the ratio of
ret profits to sales was considerably
better in the quarter this year, the re-
suit of economies
Net profits of the corporation and
subsidiary companies, after reserves for
Pierce-Arrow minority stockholders in
terest, for the June quarter this year
were S1,2196O5. equal to Sc cents a
common share, against S915,274. or Al
cents a share, in the like quarter last
year.
S2.o29.354, equal to 81 cents share
on the common, compared with S2,25s:-
7o2, or s1.o3 a share, in the first half
Of $780,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
BANKING FAILURES
/. DISTURB BUSINESS
684 Institutions Closed, In
voIving $454, 200, 900,
in Half Year.
BY CHAS. p. SHAEFFER.

The record of the country's banking
structure during the first half of 1881
makes one factor seriously affecting
business recovery readily understand
able.
Records Of the Federal Reserve Board
indicate half-year total of 6S4 failures.
These involved not only $4,000 900 Of
depositors' money; but proved a dis
turbing factor in the communities in
which the banks ceased to operate.
A survey of the record indicates that
all the insolvencies. Rather the extreme
depression, which has made itself felt
more acutely in the agricultural sec
tons, would seem to account for a
substantial proportion of the in
Sclvencies. Statistics of the board show
the State of Illinois led the list for
6 months with 100 suspensions. Other
agricultural States with high average
are Iowa with 49. Indiana with As,
Minnesota with AZ. Mississippi and
Pennsylvania with 81 and Michigan
with IS.
No one type of banking institution
has escaped difficulties. Even the pro-
visions of the Federal Reserve act has
failed to protect member institutions.
During the period under discussion 148
member banks, or PIG per cent of the
total. were forced to suspend despite
the systems restrictions and require
ments.
OF the total suspensions 1T subse-
Quently reopened, including 81 member
institutions. This showing netted 507
institutions closed during the months,
including 1877 member banks, or rs per
cent. Total deposits of the reopened
institutions amounted to 1852 900.
OF the total suspensions during the
half year, l21, or ID per cent. we're
national banks. "
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
CURB ISSUES HOLD
IN NARROW RANGE
Wide Movements in 0rdinar'
lily Inactive InduStriaIS
Feature Trading.
BY JOHN A. CRONE.

Special Dispatch to The Star.
NEW YORK, july 27-The Curb
Exchange steadied and slackened its
pace today after opening somewhat
soft. international issues. despite the
frmness of overseas markets, Jagged
and eased.
Electric Bond & Share was trifle
above its previous close near midday,
but Cities Service was a shade below
its preceding final quotation. Standard
Oil of Indiana was up about half
point most of the time.
A feature of the forenoon session
was the wide movements in some OF the
inactive industrials. Franklin Railway
Supply declined points. A. o. Smith
Corporation fell points to new low
for the year Parker Rust Proof rose
4 points. Rubberoid advanced 212
points.
Partial suspension of operations by
Aluminium Co. of America caused that
stock to move fractionally lower. Swift
International was up about point.
British-American Oil was down s. on
its initial trade.
Western Air Express was a feature of
the air shares, as 1t gained more than
a point The Ford shares. Canada A
and Ford, Ltd. were leaders in the
dlNloIOIl. AllSClll ulaStC AiO
immediate response, to the announce
ment it would resume production early
in August.
International Utilities, like other
overseas securities, dragged along. Bra
lillian Traction was a shade lower and
80 was hydroelectric securities. South
American political disturbances brought
some selling into American & Foreign
Power warrants. During these move
ments International Superpower COM
pletely ignored publication of its bal
ance sheet. which showed improvement
in asset value per share in the last six
months.
Neither possible German purchases
nor the decree making silver the sole
legal currency of Mexico produced an
immediate market effect on the shares
of silver mines. Copper continued dull,
with Newmont up less than a half point
on few trades.
National Sugar Refining in early aft
ernoon transactions was up trifle.
This was true also of Hires A shares.
Rejecting the poor June earning re-
ports. Pennroad sold off. Natural gas
shares maintained an almost uniformly
downward trend.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
GEORGIA TOBACCO
AUCTIONS TO OPEN
Growers Hope for Good Prices as
Crop Is of Better
Quality.
SIOfsE anu
niViflhiId Rais.
By the Associated Press.

by tne ASSOCldteu FIeoS.
ATLANTA, Ga, July 27.-The first
of the several million dollars that the
season will bring will begin to flow into
the pockets of the Georgia tobacco
growers as 1881 auctions open through
out the belt tomorrow.
Growers we're optimistic for better
prices on improved quality, despite a
crop curtailed sharply by drought and
other factors. Today buyers prepared
for the opening of the market and
growers were moving quantities Or
bright leaf to the warehouses.
Fifty-six warehouses in 81 markets
in the belt will open tomorrow. AS a
result of delay of maturity of some
of the crop, tobacco men have agreed
some warehouses may be kept open
longer than the customary four weeks
if it be necessary.
Last year Georgia growers marketed
LOG, 100000 pounds of tobacco. The
crop estimating service of the United
States Department of Agriculture on
the basis of the condition July /, how
ever, forecast a production of ap-
proximately 100000 for this year.
Tobacco is already on the floor of
the three warehouses at Hahira, where
the highest average price was paid last
year. An approximate is per cent
curtailment of acreage in the region
led warehousemen to predict lighter
sales this year than last. Drought and
the heat have also effected the crop.
Similar factors of drought and cur
tailed acreage have caused warehouse
men at Douglas the oldest and one of
the largest markets in the State, to
predict a crop Is to 80 per cent less
than 1880. Light sales were expected
for the first 10 days because of late
maturity of the leaf around Douglas.
Douglas has been designated the key
market for the operation of the Federal
State Grading Service and the Crop
Reporting Service. Daily statistics will
be issued.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
BY CHARLES w. STORM.

Editor the News Service of Wall Street.
Special Dispatch to The Star.
NEW YORK, July 27.-The immedi-
ate future of the general stock market
is in the hands of the directors of the
United States Steel Corporation, who
are scheduled to meet andktake action
Tuesday on the quarterly dividend for
the common stock.
Because of knowledge of the low rate
of operations of the corporation during
the three months ended June 80, and
the expectation that earnings for that
period will show little or nothing on the
common stock, the Street has worked
itself into an unusual condition of mind,
feeling confident that the dividend will
be reduced from 81 to SIS or 81 year.
The stock market last week started
to shrink in anticipation of such de-
velopment. Nothing official has been
obtained on the subject. so that declara-
ton of the regular payment will be a
pleasant surprise.
UnfavorabIe Influence.
Reduction of the steel dividend would
be deplored by those important people
who have taken a constructive position
in the stock market. Such course of
action is also expected to be unfavorably
construed by the business world, mas
much as the steel industry has always
been considered a barometer of general
trade and industry. A reduction in the
dividend on the common stock by the
leading corporation in the industry
would undoubtedly be construed as in
:; IL 80 ha u
of the management in the outlook for
general business.
The fact that the corporation has a
huge surplus and could pay the reg
ular dividend at this time holds out
the hope that the corporations board
may see fit to make the regular pay
ment Declaration of the regular dis
bursement would be regarded as an ex-
preston of confidence by the directors
in the future of industry and would,
without doubt. do much to improve
confidence in the predicted betterment
in general trade and industry for the
Fall.
German Situation.
While the possible development with
regard to the Steel dividend have for
the moment overshadowed the German
situation, the conclusion of the London
parley does not mean, according to
banking interests we'll advised with re-
gard to foreign affairs, that efforts to
extend aid to Germany have ceased.
These bankers maintain that the con-
ference held abroad accomplished what
was most desired, and that was the
preventionTof bankruptcy for Germany.
The temporary credits and the holi-
day declared on reparation payments
will be sufficient, it is said, to carry
Germany along until such time as it is
ascertained whether additional credits
are urgently needed. A way to extend
these further credits is expected to be
man industries have given the Reichs-
bank to the amount of $l25, 5000, 900.
It is expected that If more credits are
absolutely necessary. they will be ar
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
Chilean Situation.

NEW YORK, July 81 (SpeciaD.-
Though Wall Street bankers with a
stake in Chile have Gor months been
aware of political disturbances there,
the ouSting of President Carlos Ibanez
came as a surprise. Chile's external
debts have been fiuctuating for some
time, but this was laid as much to the
poor exchange situation and the failure
of Chilean business to pick up as to
political reasons 1t has been only a
few months since Chile was recon-
mended as one of the best South Ameri-
can credit risks. Though one of the
chief grievances against Ibanez was his
willingne;J to saddle Chile with heavy
external debts to provide public works,
it is not believed the new government
will consider repudiating Chile's outside
loans.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27

IueIcu, dIlu WillCIl dlt lJldCcu dU
TENS are estimated at $795, 900, 900.
Security Holders Committee on the
railroad emergency, is drafting a new
plan which is to be submitted to the
State Legislature in Albany Accord
ing to Mr.. Dicks proposal, railway
bonds are to remain on the legal list
if they have earned their fixed charges
16 times in each of the four years
ending 1880.
1t is understood that Joseph A.
Broderick, superintendent of banks in
New York State, favors the new pro-
posal which would maintain railroad
bonds now legal on the legal list for
another year. 1t may be of interest to
recall that during the war an amend
ment was put into effect providing for
flve-year' respite from the then ex-
listing requirements on legal invest
ments for railroad bonds.
Steel Dividend.
Tomorrow at pm. the directors of
the United States Steel Corporation
will meet TO act on the dividend A
reduction to SIS from the present 81
rate may be ordered. Assuming a SIS
rate, the return on the basis of current
prices is still in excess of SIS per cent,
doubtless satisfactory yield under
prevailing monetary conditions.
The significance in the reduction, if
it should be effected, lies in the fact
that it might be followed by a down.
ward adjustment in wage scales
throughout the entire steel industry.
Such a move would be contrary to
President Hoovers program of wage
maintenance.
However, the sustained low volume
Of business in the steel industry. wage
reductions by many other corporations
and reduced living costs, would seem
to justify an adjustment in wages.
(Copyright. 1881. by the North American
Newspaper Alliance, Incl
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
Reorganization Approved.

of the Securities Protective Committee
for simplification of the capital struc-
ture of the Canada Power g. Paper
Corporation can be considered now as
definitely approved by the requisite
number of security holders involved, a
member of the committee said. 1t is
expected that announcement of the APP
rointment of leading Canadian flnan-
cial leader to head the reorganized COM
pany will be made shortly.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
REDUCED OIL OUTPUT
PLANNED IN OKLAHOMA

BY the Associated Press.
OKLAHOMA CITY. July 27.-Okla-
homa oil producers prepared today to
launch a Statewide campaign for a
shutdown of flush oil fields until crude
oil prices reach 81 per barrel Dele-s
gates from every State district are
scheduled to meet at Tulsa tonight to
further the shutdown cause.
Production of the Oklahoma City
fields. where most producers have
closed in wells under a voluntary agree
ment, dropped to around $4,000 barrels
Sunday morning and was believed lower
today. This compares with Isl 600
barrels daily production two weeks ago.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
National Steel Corporation.

NEW YORK. July 81 Educational
Steel Corporation will probably be the
only major steel company to earn more
than it's dividend requirement in the
first half of 1881. its earnings for this
period being substantially in excess OF
the 81 disbursement on the capital
stock, according to Wall Street esti-
mates. Despite the handicaps of de-
pressed industrial conditions and the
completion of a 36500,000 construc-
ton program, National Steel has earn
ed over its 50-cent dividend require
ment in each quarterly period since its
organization at the end of 1929.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
MARYLAND TOBACCO PRICES.

BALTIMORE. July 81 (SpeciaD =
Receipts of Maryland leaf tobacco con-
tinue to increase each week, 1,843 hogs
heads arriving last week, but sales are
not quite so active; 694 hogsheads being
sold last week. Stocks in State tobacco
warehouses are increasing right along,
8o15 hogsheads. now being held in
storage.
Demand continues good for all cigar
cite grades, but common grades are
rather inactive.
Quotations today. per 100 pounds :;
Frosted and inferior, $3.00a6.50; sound
to good common. $700a$20.00; medium
to good, 0,0Oa$35 90; good to fine red,
$36.00a$52. 90; fancy, $52.00a$53.00. Sec
onds, common to medium, $6.00a$30 90;
good to fine, $3l 00a$4l.o0. Upper
country hurley, nominal.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
Grain Market

BY the Associated Press.
CHICAGO. July 81. - Jumping
cents a bushel. corn today displayed
nervousness regarding month-end diff
culties in settling July contracts and
and as to crop dangers from heat and
drought. More than 100000 bushels
of July corn contracts awaited final
adjustment. Traders who are short of
corn have only until Friday to even
their accounts or deliver the grain.
Corn closed unsettled, 3sa27s cents
advanced, wheat a4a7s to a shade up
oats lsal4 down and provisions varying
from 10 cents setback to 10 cents gain.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27

NEW YORK. July 81 (P).-Copper
quiet; electrolytic spot and future
734as Irop. quiet; number fob
Eastern Pennsylvania, 15.50a1650;
Buffalo, 15.00a16.00; Alabama, 1l.00a
1900 Tin, quiet; sport and nearby
2420; future, 24.30. Lead, steady; spot
New York, 440; East st. Louis, 4.22
Zinc, easy; East st. Louis. spot and fu-
ture. 3.87. Anthony, SIS. Quick
silver, $500.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
MONEY MARKET.

NEW YORK, July 81 'PD.ACall
money held at 112 per cent, the re-
newal rate today. Funds were availa-
BILE in the outside market at l per cent.
Bankers acceptances were quiet, with
both demand and supply moderate.
Asking rates were unchanged. Time
money was dull and unchanged, and
commercial paper was unchanged.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27

Exclusive PREPARATIONS. but on the as
sumption that reparationS in kind would
have been replaced by exports of a
similar amount 10 the countries in
question, Germanyts unfavorable bal
ance Of payments during the period
l925l930 would have amounted to only
1895, 000. 900, or less than $66 ZOO, 900 a
year. II We add reparations, the ad-
verse balance amounts to $2,750 900 .00e,
or about 460,O00.000 yearly. This
would seem to account for the Reich's
need for financial accommodations.
Deficit Looms.
Official Washington regards the
American financial situation as serious
in view Of the large deficit which looms
for the current year. President Hoover
consequently urges department heads
and others in executive positions to
apply rigid economies when submitting
their estimates.
1t is quite likely that the Navy and
War Departments budgeting for $685.
253952 and $445.76 1885. respectively,
will undergo substantial cuts. 1t Is not
impossible that Americas rather large
deficit is emphasized so that Europe
may understand that the debt holiday
proposed by President Hoover consti-
tutes real sacrifice on the part of the
United States.
Railway Earnings.
Continuance of unsatisfactory rail-
way earnings may result in many rail-
road bonds-the amount is placed at
three billion EMBARRASSING their legal
status. According to the existing law,
the roads must earn their fixed charges
Is times during the five out of six
years, including the year directly pre-
ceding. if their bonds are to be on the
legal list.
Fairman r. Dick, chairman of the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27

of the government, have organized the Ac-
ceptance and Guaranty Bank, with capital
of 00,000000 marks.
This should make possible the complete
of German banks, since the cash
which the new institution will get will be
placed at the disposal of all banks and give
them liquidity in case of renewed with
drawals or runs on their reserves.
Extent of Borrowing.
An analysis which I have just COM
pleted indicates that for every dollar Ger
many has paid on account of repartions
during 1925-193O, she has borrowed $1.eO
Her total borrowings abroad aggregate for
the above period about 950,OOOOOO, of
which $1,855 100000 is represented by long
term transactions. Preparations payments
during the same period total about $685.
100000, exclusive of reparations paid in
kind.
The colntrY's trade balance during the
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
Radio Shipments Gain.

NEW YORK, July 81 Shipments
of Philco radios during the months of
June and July were nearly 300 per cent
greater than shipments during the like
period of 1880. officials of the company
said. James M. Skinner, president of
the company. said the outlook for the
radio business this Fall has never been
better.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
New York Cotton
Special Dispatch to The Star.

Special Dispatch 70 The star.
NEW YORK, July 27.-The cotton
market came under pressure again to-
day. and a decline of a dollar a bale
carried October to 882 which was
about 80 points from low records of the
year. Operators seemed more disposed
to anticipate the weight of hedges when
the crop begins to move. Room cover
ing brought partial rally in the last
half hour, and the list closed with
loss of to IL points on the day. Spots
were reduced Is points to $50.
Cotton range:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
PARIS B0URSE PRICES.

PARIS. July 81 (P).-Three per cent
rentes, 81 francs 70 centimes; per
cent loan. 104 francs 10 centimes.
Exchange on London, 1913 francs 90
centimes. The dollar was quoted at IS
francs 52A centimes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
Markets at a Glance

NEW YORK, July 81 (P.-Stocks ir-
regular: rails sag in dull market. Bonds
heavy: utilities. foreigns and rails sag.
Curb steady; changes normal Foreign
exchanges irregular; Argentine peso
touches new 1881 low. Cotton lower;
fine weather. poor trace demand. Sugar
lower; Cuban selling. Coffee higher;
firmer Brazilian markets.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
SILVER QUOTATIONS.

NEW YORK, July 81 GP).-Bar silver
steady and u higher at 277s.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
Drug Chain Expands.

NEW YORK. July 81 lP).-The Wal
green Co. has organized the Walgreen
Agency CO. for the purpose Of opening
drug stores in cities of less than 5000
population.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
CHICAGO STOCK MARKET

BY the Associated Press.
CHICAGO. July 27-Following is the
complete official list of transactions in
stocks on the Chicago Stock Exchange
today.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
POTATO MARKET.

CHICAGO. July 81 LE0 Omitted
States Department of Agriculture =
Potatoes, 1o4 carloads; on track, 286
carloads; total United States shipments.
Saturday, 442 carloads; Sunday, 81
carloads: about steady. trading just
fair: sacked, 100 pounds, Kansas and
Missouri Cobblers, E10a125; mostly
Local Is; Virginia, barrel, Cobblers,
240a2.5o: few, $50; ordinary, ELSA
225; sacked, ordinary, 1.35.
Porto Rico expects bumper coffee
crop this year.