Oakland Tribune from Oakland, California • Page 34

Exctuti rAssoctated (jeorge T. Hughes FINANCIAL SECTION aklattii ributte WRJTES OF Wall Street and its Activities VOL. CXV SEPTEMBER 11, .1931 Wire te TRIBUNE.) WALL STREETy NEW YORK, Sept. 11 Just when It seemed that the June lows were to be violated, support appeared in today's stock market, a covering movement developed arid stocks closed moderately higher on the day. It could, not be said that the buying was urgent, although there was a retreat on the part of the short interest.

However, the decline was checked and the market was turned by the buying in United States Steel Western Stocks Stronger As Support Enters Market 1 Alaska Juneau Makes New High at 2 IVs As General List Moves Higher I MIDWEST STATES HOLD OIL PARLEY By L. D. With one new high and one new low, registered in the morning trading, San Francisco stocks today took a leaf out of the eastern book and rose generally. Volume was slightly less during the morning's activities, but the' feeling was acutely better in practically all parts of the list. Standard Oil company of Iew York at 17 was in a new low.

This was offset, in large measure, by the continued Press AjsocVattott FRIDAY EVENING, National and State Control Agencies Recognize Loss Incurred in 'Legal List' By CHARLES F. SPEARE. NEW YORK, Sept. 11. If the superintendent of banks In New York state cooperates with government authorities in endeavoring protect banks all over the country from the effects of a depreciation In their securities, he will not use his authority to compel savings banks within hi jurisdiction to sell railroad bonds that may be automatically eliminated from the legal list this year through failure to meet the exacting requirements as to coverage of bond Interest, It is clear from the announcement from Washington today that the administration, together with representatives of the treasury and of the federal reserve, is attempting to lighten the burden on banks that have had the misfortune to purchase securities that have gone into default; also to establish a reasonable policy with respect to "write downs" on.

Issues that have suffered from the general liquidation. The estimate that defaults approximate $1,600,000 makes it evident that It Is largely real estate bonds and the obligations of municipalities, such as those In Florida, that represent the bulk of the obligations involved. REAL ESTATE BONDS. There have been only two rail AUTHORITIES 10 EASE BANK RESTRICTIONS NEWS NO. 73tJ Trade Reports State Metal Could Be Produced for As Low as 40 a Pound WASHINGTON, Sept.

11. With prices at the lowest level In Ja- tory and a surplus accumulating North and South America, ther hangs over the copper" Industry menace of a new and formidable competition from the Belgian Congo and north Rhodesia. Recent 1 copper trade report-from Europe all emphasise the possibility of producing copper In Africa at a lawer cost than any other country In the world, chiefly because of the low native labor Charges. Some trade reports have alleged that copper could be produoed In Africa at a costf-sa low as 4.5 eerita per pound, which compare' with average costs ot North and South American companies ranging nine to 12 cent per pound, Chilean companies hitherto the most economical producer in the world, have never reported production -costs below 7.5 cent per pound; LARGE SCALE WINXNG. 1': One authoritative report from London said that mine northern Rhodesia will commence production In the latter part of 1931, and are expected, to reach a produption of 800,000,000 pound annually by 1934.

New production activities in tha Belgian Ka-tanga region also have been ire-ported. The strong Internationa com petitive position of the African .1 IntnntAj Illuuiit'Cia to iiiuiv.a.cu v. that In 1930, despite large stocks and low prices, copper shipments from the Belgian Congo to the United States were 397,000 pounds of ore, and 72,061,000 pounds ot unrefined black blister copper, The reported plans for large production In Africa have aroused political interest here because of the campaign waged by domestlo producing interest of the southwestern and northwestern states for a protective tariff. The United States tariff commission now is making a cot-of-productlon study for the information of the next Congress. SURPLUS GROWS.

The international oopper situa tion in recenv unj. uei marred by the gradual accumulation of refined copper at North and South American refineries, which at mid-year had total surpluses- of 413,000 short largest In history. A condition ot depression exists in the industry whtoh occasions a. struggle for continued existence among many competing groups. Under this circumstance, the African production based on cheap labor is likely to cause apprehension abroad perhaps out of proportion to the actual volume of nroductlon In the rich Katanga and Rhodeslan regions.

Efank of America Declares Dividend Bank of America, N. T. B. declared the regular quarterly -71 cent dividend yesterduy. No data of payment 1 announced.

AH but 0.465 per cent of the durtrlbutlon accrues to Transamerlca corporation and amounts to about 408,000. It Is stated that directors of Corporation of America, affiliate of Bank of America, which has been contributing 25 cents additionally to the bank's distribution, havs not yet met on dividends. coraiii OF AFRICAN COPPER FEU BUSINESS 35 ULAKK." KLX Broadcasts Market Reports KLX, the broadcuitlni itallon of The TRIBUNE, proridei listener! wltb dock quoUtioni and summaries three times dally. The hoars and information vail-able ire i follown 6:35 a. in.

(daily), opening price of the New Yorw exchange. 10:15 (daily), price of San Francisco exchange ai of 10 a.m. 12:30 (daily) exrepl Saturday and Sunday, produce market review. 2:35 (daily except Sunday), closing prices San Francisco exchange. 12:00 Noon (Saturday only), closing prices San Francisco exchange.

U.S. GOLQSTOCK Holdings High; Metal Reach Ail-Time Foreigners Send Here for Safety WASHINGTON, Sept. 11. M) Monetary gold stock In the United States during the week ending September 9 reached $5,000,000,000 for the first time In hlBtory. The Federal Reserve Board Is sued a statement showing that the gold stock at the close ot business Wednesday was $6,000,300,000, an Increase of $2,000,000 over last week.

In a year the gold Btock has Increased $497,000,000, due, tn part, officials have satd.rto foreign owners of gold sending It to the United States as a place where It could be deposited with security. Money In circulation In the United States totaled 000, an Increase of $57,000,000 In one week and $628,000,000 In the last year. Thl Increase ha been attributed almost entirely to hoard ing by person throughout the country who fear to put their cash In banks. The actual business de mand for money, It was said, Is no greater now than It wa a year ago and the hoarding of money wns the only cause that could be assigned for the Increase. Alberta Farmers.

to Have Voluntary Pool CALGARY. Sept. 11. Opposition to a 100 per cent pool wns today by members of the Alberta wheat pool. 'An nouncing result of a plebiscite taken on the question, official aald 4288 ballot opposed the compul sory organization and 8191 favored the plan, giving the eupporter of voluntary pool a majority oi In the road receiverships Thursday.

Western United Consolidated OAKLAND, CALIFORNIA, Smith Named Oakland Bank Executive In New Plan Bank of America President Announces Appointment; A. E. Connick Is Promoted The appointment of James E. Smith as vice-president and man ager of the Oakland bank office of the' Bank of America was an- ou today by A. J.

Mount, president of the institution. Smith will succeed Arthur E. Connick, who has been named an executive vice- president of the bank under its newly an-n ou district ad- I I of tion olan. Smith JAMES E. SMITH has been affiliated with banking since 1906, when he joined the staff of the Union Savings Bank In Oakland.

After eight years with that institution, he went to the. Central Savings Bank, where he fi nally became manager of the credit department In the Central National Bank, an affiliated Insti tution. Smith entered the service of the former Bank of Italy on September .1924,, as assistant manager Of the Oakland branch. He was ap pointed assistant vice-president in and a year thereafter was given the-' title 4 of vice-president. With he setting up of the former district plan of management.

Smith was made rupervlsor of the Eastbay district, this appointment coming on December 15, 1928. Smith wns born In San Fran cisco In 1886 and obtained his education at the University of Califor nia. BE After Dropping Swiftly in First Part of bession, Market Rebounds at End By JOHN A. CRONE NEW YORK, Sept. 11.

The Curb Exchange finished irregu larly today, with many of the leaa-r recovering from their lows of early afternoon and with quite a few Issues showing net gains for the day after previously breaking Into new low territory. Electric Bond Share common broke to 29 H. but wan above 31 near the end. Cities rvlce was down to 9 a. one time, but a few minutes before the gong rang it crossed 9V4.

Standard Oil of In diana was up a small fraction. Selling from overseas unsettled British Issues, tho some of the offerings were from local holders. Meanwhile weak spots developed elsewhere. Blue Ridge common hit a record low and United Founders duplicated it low. Ap palachian Gas, Hachmelster-Llnd and General Aviation slipped to record low prices.

A rally under tne leadership of Electrlo Bond Share common got underway In mid-afternoon, but before this recovery took place many stocks suffered sharp breaks, on limited offering. Breaks of points and more were recorded. Empire Gas Fuel, with a drop of 8 points, hit a new bottom. Losses of 8 points or more were suffered by Carman convertible preferred, Duke Power, Empire Power and Shawlnlgan Water, Meanwhile the oils slowly but steadily pointed upward. Gen.

Motors Share Owners at Record NEW! YORK. Sept. 11. Common and preferred stockholder of General Motor corporation for the third quarter of 1981 totaled a new high record, compared with 286,656 for the second quarter of 1931 and with 249,176 for the third quarter of 1930. The common stockholders totaled and preferred holder to taled 17,238 for the third quarter, compared with 268,400 common holder and 17,265 preferred holder In the second quarter ot the current year.

Atchison Continues Reduced Fare Rates CHICAGO, Sept. 11. A a result of the succes of the reduced passenger fare put into effect experimentally last April, the Atchison, Topeka ft Santa railway will continue the ichedula, W. J. Tlack, passenger traffic manager, announce.

The line anticipate a good fall and winter traffic to the west coast. A CURB EARLIER Pw to I and American Can, presumably for the account of banking interests. Before the recovery, scores of new lows had been registered in all parts of the list. Commodity markets were steady, with strength In crude rubber. Up until late in the day bonds were weak, but eventually they rallied with stocks.

Sterling Exchange was up 3-16. Strength of gold mining stocks was a feature of the day, with a new high for Homestake mining. TTtnUKcl glA In Early Transactions As in recent sessions, there was a brief period of covering at the opening, but when that was over the decline was resumed. It took In stocks of all groups rails, industrials and utilities. New l'ws by scores were set up all through the list.

In the railroad section Reading was conspicuously weak, breaking through 48 and foreshadowing a cut In the dividend at the meeting later In the month. Other hard-pressed railroad shares included Baltimore Ohio, Pennsylvania and Southern Pacitic. as doubts about their dividend rates continued to be expressed. All three mentioned made new lows, and besides these, Delaware Hudson and Lackawanna broke through their previous minimum prices. Leading industrials were freely offered.

The electrical manufacturing stocks. General Electric and Westlnghouse, made new lows, and a little later General Motors, dipping under 31, sold at the lowest for the bear market. The utilities were not spared. Consolidated Gas and American Telephone made new lows an the movement, while new lows for the year were reached by American Foreign Power and American Water Works, among others. Oils were weak, especially Texas Co, The high-priced issues broke easily, including In- ternatlonal Business Machine, Allied Chemical and Eastman Kodak.

All through this weakness strong support was accorded to United States Steel and to American Can. Buying in the former was said to bo for account of Important Interests. At any rate, the stock liuld up amazingly well while the rest of the market was reacting. To a lesser degree the same was true of American Can. Probably a good deal of today's selling was of the distress variety.

Some of Jt, of course, was for short account and to that extent the technical position was improved, but the larger part seemed to come from individuals' or institutions in need of cash. Business Outlook Relatively Unchanged The market was' unfavorably affected by the weakness in thn bond lint. There was no change in the business situation to warrant sacrifice of stock. In fact, as far as the steel industry goes, reports from Youngstown were encouraging. Steel production tn that district was said, lo have advanced 11 per cent, canceling the decline caused by the Labor day shutdown.

The selling slackened In the afternoon and a moderate- recovery ensued, but on less volume. Evidences of support for U. S. Steel and American Can persuaded the shorts to. take In a part of their contracts.

Electric Auto common stock was put on a $4 basis 'gainst $6 previously pal', but-the reduction proved to Viaui Kpaii rilfirnunteri. for the stock rallied on the news; A little sell-; J. came Into Eastman Kodakxjan news of an explosion In the pjant at Rochester, but there was no real weakness. The cut In the rate on International Telephone, announced overnight, wbi reflected in a lower selling range, of about a point, but that development also had been 'anticipated. Du Pont was well bought on the recovery.

Associated Oil Co. Omits Dividend SAN FRANCISCO, Sept. 11. Associated Oil company omitted the quarterly dividend due September 30 Went Coast Oil com pany, a subsidiary, declared the regular quarterly dividend of $1.60 a shure, payable October 5 to stock Associated Oil, about 98 per cent of whose capital stock Is owned by Tide Water Associated Oil company, has paid 85 cents a sh'Sre In dividends so far this year. In the iflrst quarter 60 cents a share was paid and 35 cents in the second quarter.

Profit during the first six months totaled 48 cents a share MPW vnTJV Sent 11. Tide Water Associated Oil company de clared the regular Quarterly dm dend of $1.50 on the payable October i to stock of rec Tide Water OJ1 company, owned tv Tide "Water the common dividend due at this time. The paid dividends aggregating 35 cents a share on the common during the first nan or mis year ana -lusc munm declared thn retmlnr niiarterlv dlvi. oeno bt 11.25 oa the preferred. P.

Dollar Sales ts.eporiea flower i wmr vnutr cnf 11 tan A decrease of five per cent Was shown in dollar sales of the Great Atlantic Pacific Tea company -for the lallir weeks ended August 29. compared, with the like. period last year. Tonnage sales amount ij4.41v.Hdi. camnsrea wim $78,567,330 last year, ton- jiuKB naies 01 onrpareu 1 a-A mm with 373,568 last year.

L.ont.-Uiamond Omits Dividend NEW YORK, Hi ContN hental-Diamond Fiber company omitted the dividend on common due at this time. In I a previous lour quarters the coqaikiiy paid cent Street Basis Sees for Stock Rally Length of Decline nd Short Selling Attached Thereto Is Believed Sufficient WLL STREET, New York, Sept. 11. For three weeks the stock market has been In a declining stage. In the last six sessions it has had an uninterrupted break.

SInce the end of August, industrials have lost 12 points, rails eielit points and public utilities 5 points. Combining the three groups the total average approximates the low of June 2, for that of the rails Is much below the level of last spring. Industrials, individually, however, are still about six points over June and utilities two points. The length of the latest decline and the! amount of short selllnB that has gone with it. Wall street believes, gives basis for' the expectation of a technical rally.

If there Is any sort of good break In the news. This is not in sight, however, for each day has produced some dividend change or feature of foreign situation that has made the street more bearish than ever. MORE SlTPERIJEATEK CORP. Superheatercbrporation common stock hroke sharply from 30 to 23 V. on the stock exchange within few minutes this afternoor fol lowing the circulation of rumors that a bid for 900,000 shares at 30 had been placed with specialists in the stock.

These rumors were promptly denied by the brokerage house mentioned as placing the order, whereupon the stock drop ped abruptly. The bid would have been almost the entire cap italization of the company, which amounts to 9G5, 405 Only Thursday Wall Street, had heard that the corporation, which declared the regular common quarterly dividend of 02 cents, had decided to protect its stock against bear ralo, NATIONAL DAIRY The general heaviness in all se curities hns brought a hew low price for the movement into the market for National Dairy Products and the company's fA per cent bonds, which have been notably strong for months around 102, have just dipped below par. The food group has shown relatively smaller depreciation than others, until lately, when earnings for 'the. summer months indicated the fall ing off in consumption of their products. It Is estimated, for In stance, that some sections of the country are showing a 20 per cent reduction In the use of milk.

In dicated earnings on National Dairy Products common this year are $3.50 a share compared with $4.20 in 1930 and $3.88 In 1929. Losses of 1 to 3 Points Are General Over List, With Averages at 8-Year Low NEW TORIf, Sept, 11. Bonds dropped heavily into hew low ground today, the- eelllng being of such a broad character that even the highest rrade of corporate Is sues were affected. What funds there were seeking investment were United States governments, which gained fractionally, and into prime municipals, all of which were marked up. Measured by the averages, It was as sharp a decline as the in vestment market has suffered in any one sesslontihIs year.

Stan dard Statistics tpdex of 60 bonds dropped under 91. for the first time since It has been complied and the general list was estimated to be at Its lowest point In more than eight years. averaged 3 points undeftthfilr best average level on the recent re covery. When continental markets turn ed weak under a deluge of selling, bonds here gained momentum on the downgrade. Losses of 1 to 3 points occurred in issues that have held to Investment levels all through the bear market.

The- universal character of the selling made it' plain that a large volume Of distress liquidation was coming both from domestic centers and foreign lnvestore. Many of the bonds driven to new lows are of the highest class listed, on this market. Buyers switched to high grade Issues and -the junior group was left almost devoid of bids. In the foreign department there wa no- renewal of Thursday's pressure oh German bonds, but there were few bids lor them and what offerings there were forced Quotations lower. There were large- block offerings of Great Britain 6 and ah open ing' gain was converted Into a small loss but the issued resisted pres sure, no doubt because of organized market support -Canadian govern ment Issues were fractionally lower.

General Index of Business' Rises NEW YORK. Sept. 11. The preliminary Index of general business for the week ended September was 72 per cent, compared with the revised Index of 71.0 per cent in the preceding week, according to Business HEAVY TONE IN BOND MARKET 1 1 Representatives Discuss Pro duction and Price Levels With Four Major Firms OKLAHOMA CITY, Sept. 11.

W) Representatives of six southwestern states turned their attention to oil production and marketing problems today in an effort to lift the petroleum Industry again to dlvidond-'paylng levels. They were to sit at a conference here with delegates from four major oil Importing firms and members of the oil states' advisory committee, headed by Cicero Murray, cousin of Governor W. Murray of Oklahoma. The six-state parley was called recently by Thurman Hill, member of the Kansas public service commission. Representatives of Louisiana, Arkansas, New Mexico, Oklahoma, Kansas and Texas were invited.

The Oklahoma corporation commission was expected to sit in on all sessions. PRICE QUOTING. The more optimistic observers saw this conference as opening the way for uniform price quoting and production regulations for the major oil states. The volume of oil imports constituted another problem. Governor Murray has suggested a plan for unitization, of oil fields of Oklahoma, KansaB and Texas with a gauge of production through flow meters.

He declined to say whether he intended to advance a specific proposal today. ALLOWABLE OUTPUT. A three-fold plan for method of taking potentials, setting the allowable production from each state, and maintaining definite price schedules for both crude oil and Its derivatives has been created by Commissioner Hill. In the last six weeks prices have climbed from a bottom of ten tents a barrel to a general top figure of 70 cents a barrel, largely under the impetus of curtailed production from Oklahoma, east Texas and certain Kansas pools. Producers assert, however, prices are still too low.

Oil companies participating In the- session were the Standard of Indiana, and New Jersey, and the Gulf and Shell. AUSTIN, Ttv. Sept. 11. OP) The Texas railroad commission tightened its East oil field proration order today in an at tempt to curtail drilling, announcing that after noon "not more than one well could be drilled on each 20 acres." Radio Corp.

Covers Preferred Dividend NEW YORK, Sept. 11. David Snr'noff, president of Radio Cor poration of America, returning from. Europe aboard the Lloyd liner Europa, said that the com pany had covered Its six months' dividend requirements on the pre erred stock and Its best period of business Is still ahead. "Radio corporation's business is progressing as well as can be expected," he said, "and the outlook for the year will largely be determined by results shown In the last quarter," Sarnoff further said that the last quarter Is normally the best period of the company's business To date, the company has main tained its share of the radio busl ness.

Conversations in connection with the patent suits pending with the government, will, be resumed, with every Indication that an amicable settlement will be forthcoming, he said. N. Y. Board Reports On Largest Trusts Compilation of data by the New York Stock Exchange on the group of 311 fixed investment trusts which the exchange found "unobjectlonal" showed the four largest fixed trusts to be, In order of their size, North American Trust Shares, Corporate Trust Shares, Super Corporation of America Trust Shares and Diversi fied Trustee Shares. North American Tust Shares hod 20,139,000 shares outstanding, Corporate Trust Shares had 720,605, Super Corporation had 4,846,000 and Diversified Trustee Shares had 4,400,800 at the time applications were filed.

These were the only trusts whose total out standing exceeded 1,000,000. Corporate Trust Shares have just announced Issuance of over 000 shares up to the end of August and the other trusts mentioned have doubtless also had substantial sales. Burlington Income Estimated Lower CHICAGO, Sept. 11. August net railway operating income of Chi cago, Burlington Qulncy rail road Is estimated about $2,385,000, against $3,690,898 in August, 1930, a decrease of 33.6 per cent.

Eight months net, with August estimated, was about against $18,472803 In the like 1930 period, a decrease of 22 per cent, Estimated gross of $9,760,000 for August was approximately er 29.9 per cent, under gross of $13,929,233 in 1930, but this sharp drop In gross was off-set In part by a decrease of 800,000, or 81. per cent, in operat ing expenses, indicated eight month gross was about against $94,079,294 in the first eight month of 1930. Claude Neon. Declares Dividend -Claude Neon Electrical Products Corporation, of Delaware de Glared the regular Quarterly dlvl dends of 40c on 'common and 86c on preferred shares. President Paul: D.

Howse aald earnings bay been In excess of dividend require ment. prominence and trading in Alaska Juneau. This gold mining stock which closed yesterday at 18V4 opened at 19, went to 20 V4 and then sold down to 20 about noon. At 20 was in a new high. The utilities were moderately stronger.

Pacific Gas and Electric opened at 43, an increase of overnight. It sold as high as 43 before noon but was gelling at the opening figure later. Pacific Public Service new opened up at 5H, but rapidly went first to and then to 6. Cities Service increased i overnight -at 9Vi. It later slipped to the former day's close.

Transamerlca again led the volume of trade but In no such bulk as characterised the selling ot Thursday when a new low Was made by the stock. Up to noon something over 6000 shares had been traded. It opened at 6, off an eighth, but rose to 6 and was selling at this figure at midday. Goldman Sachs also bettered its price. From an opening of 4, its Thursday close, It rose to 4.40 and then to 4.60.

Caterpillar, with around 1700 shares traded, opened at 17, off an eighth, then rose to 18 and then to 18 by noon. Golden State Milk sold at 10. unchanged. Call-1 fornlaPacking sold at $1, up an Pipe went across the tape un changed at 28. Vlrdln Packing added of a point at t.

National Auto Fibres from a close yesterday of 3.76 opened to 4 today. Fireman's Fund sold, towards noon, at 76 an Increase of a point. California State Life also added a point to Its score at 46 Coast Corporations' Showing la Superior Business for the first six months of 1931 has been decidedly better In California and the Pacific coast than It has In the nation as a whole. A recent national survey of earning reported for the first half- year showed that' 656 companies earned a net of 1589,019,000 for the period ending June 30, 1931 a reduction ot 48 per cent from the same period last year. Walker's Manual, however, analyzing the 43 sU-months' statements appearing in the current number of their monthly Summary of Pacific Coast Securities, published today, finds net earnings of western corporations have dropped only 35.5 per cent a compared with the national average of 48 per cent.

In the national segregation by classes, earnings of Industrials were off 52 per tfent. Walker finds that for 25 California and Pacific coast Industrials the drop ha only been 11.1 per cent for the same period. While the railroads, with a drop of 60 per cent, made the worst showing In the national tabulation of profits, oils were Investors' cnlof worry on the Pacific coast. Eleven principal producing and refining companies announced total net of 87,287,900. off 78.6 per cent compared with 133,635,200 reported for the first six months of 1930.

Utilities, which were the only group to show an Increase in the national survey, with net 2 per cent above a year ago, make even a bet ter showing in the walker figures. Consolidated net of seven principal system show an Increase of 8.3 per cent. Credit for thl marked increase, however, must go principally to one corporation, however the Pacific Telephone A Telegraph company which reported 100 net available for dividend lor the first six month of thl year, compared with $7,927,400 In 1930 an Increase of 22.6 per cent. Nev ertheless even without Including this remarkable example of profits in-the face ot the general depres sion, the remaining Pacific' coast utilities report an average Increase In net of 2.9 per cent slightly better than the rest of the country. Eight western corporation reported deficit for the first half-year of 1931, compared with only two last year.

One company which suffered louses during both periods has, however, made notable progress toward a profit position by cutting its 1931 deficit to one-fourth of what It was In 1930. jt Seventeen compante made better showing In 1931 than in 1980, either through lncreaeed- profits or by reduced losses. Intl. Carriers Pays Regular Dividend NEW YORK, Bept. 11.

The regular dividend 'ha been declared In International Carriers stock In pit of the' apparent drop in Income by thl Investment trust, Which I derived almost entirely from holding of railroad securities. Among stock which It held at the end of 1930 which have since reduced or passed their dividends are Boston Maine, Central Railroad of New Jersey, Rock Island, Great Northern, Lehigh Valley. Mlssourl-Gansai-Texai, New York Central, Nickel Plate, New Haven. Pennsylvania of which International Carriers had over 22.000 share. Per Marquette, Pittsburgh It West Virginia, Frisco, 8t.

Loui-Bouthwestern and Wabash. It also1 held St. Paul adjustment bond whose interest was passed. Industrial Rayon Declares Dividend Bept. 11.

Industrial Rayon corporation do-clared the regular quarterly divi dend of $1. payable October 1 tn stock of record September 21. For two month ended August SI, net profit-was $202,984 after charge and federal taxes, panic period and a comparatively few defaults by public utility hold ing companies and less Industrial failures of consequence than In any other period of depression In the past thirty years. It I the situation In real estate bonds, which have defaulted and have suffered a decline frequently of as much as two-third ot their original value and for which there no market at present, that Is giving bank examiner their toughest problems. Although second and third grade corporation bonds held In bank portfolios have, together with foreign dollar loans, suffered a depreciation next in sire to that of real, estate mortgages publicly distributed, the effort has been made to establish a reasonable percentage of "writ offs" which will not jeopardize the capital and surplus of the holding Institutions.

It Is realized that, as In all other periods of depression, many of these bonds are from sentimental rather than underlying conditions. Eventually they will recover much of their lost ground. WRITE-DOWNS NECESSARY. On the qther hand, It Is felf: that a reasonable readjustment between the price at which they have been carried and the market price should be made In order that the position of the bank In Its published statement be a fair Indication of its standing. In many Instances, "write downs" of 25 per cent have been recommended and carried out-by Institutions after examination by state or national deputies.

Toward all classes of bonds that In ordinary times are In good repute, the policy of national and state banking authorities, and this include their supervision of -mutual savings banks, will from now on be one of accommodation to the abnormal condition and to an easing of the pressure that previously had been applied to the point of causing unnecessary bank suspension. Singer Declares Extra Dividend YORK, Sept. 11. Singer Manufacturing Co. declared an extra dividend of fl and the regular quarterly dividend of 12.50.

both payable September 80 to stock of record September Extra quarterly dividends of have been paid since June, 1JJ30. Average Price of Steels Unchanged NEW Sept. 11. The Dow Jones, average price of eight Important iron and teel products, based on Iron Age quotation, remained unchanged from the preceding week at $44.26 a gross ton, Pittsburgh. Farm Board Wheat Sold to Germany WASHINGTON, Sept.

11. The federal farm board today approved the sale by the Grain Stabilization corporation of 7,600,000 bushel of wheat to the Deutech Getrelde Handelsgesellschaft, a semi-governmental agency of Germany. MacMarr-Safeway Merger Approved NEW YORK. Bept. 11.

Stockholder ot MacMarr Stores, today approved a plan under which the buslnes and asset of the corporation and subsidiaries will be acquired by Safeway Stores, which will asume their liabilities. nothing yet In the operating figure of the company to Justify rumor that the dividend to be declared in November will be reduced. Ac tion on Western filectrlo stock, of which the American TeU As Tel. la a large holder, -will be- taken next MARKETS AT A GLANCE NEW YORK, Bept. 11.

Stocks Irregular; supporting orderseffective after new lows. Bonds Irregular; U. 8. governments recover. Curb Irregular; ahorLcoverlng cheek declined.

Foreign-exchange Irregular; sterling and Reichsmark gain. Cotton hlghenjjrtill Street and southern buying. Sugar easy: increased spot ti Coffee lower; foreign selling. CHICAGO: Wheat firm; bullish government spring wheat eatt- mOorn firm; bullish government estimate, firm cash markets. Cattle steady.

Hog SAN FRANCISCO: Btock generally higher. STOCK AVERAGES DOW JONE8 AVERAGES Thirty Industrial 128.23, up 0.98; 20 railroads 60.91, up 0.72; 20 utilities 53.41, up 0.64.. (Copyright. 1931, Stanford SmUtict Co SEPTEMBER U. eoind'l 10 Kr's 10 lit' 0Tt) Tvday Previous day Veek ago Month ago fear ago Two years ago Three jears ago High Low (193.) i High (1980) nrxr flflXOt High (1929) Low (1929) BOND AVERAGES (Copyright, 1931.

Standard Statixt'ict Co. 10 lnJ is 1U Mr' 97.8 57. 160.1 luu- 97.1 102.2 107.6 169.5 250.1 179.5 140.2 92.7 56.9 60.8 67.4 122.8 162.6 123.8 106.2 56.9 141 6 86 4 187.8 117.7 149.8 157.1 182.8 228.7 383.8 162.8 203.9 141.1 281 8 146 5 156.8 100.2 106.1 lll.l 172.5 260.4 167.4 144.8 96.9 206.8 1147 253.5 140. 202.4 112.9 252 1. 10 ot's to rn 98.7 81.4 9S.1 92,5 94.1 96.7 81.8 99.1- 99.4 101.1 97.8 99.4 101.5 98.4 101.4 96.8 99.8 9 0 1.1 82.2 94.8 92.4 96.1 90.4 81.4 94.9 13 95.1 91 9 8 4 101.6 Si 8 i 9 7 1 109.1 101.1 105.3 105.7 91.S 109.8 97.8 106.4 100.

10.4 New 1931 low. AVERAGES Walsh. O'Connor A MONTH! AVfcKV. August July I une May Apil Today Previous day Week ago Month ago Year ago Tw. years ago Three years ago High (1981) Low (1981) 4 High (1830) Lew (1930) High (1029) A.T.& T.

Reports $500,000 Profit Increase for July Mw KlViV) LOCAL (SO IndmtriaU VtMtiat.by AVERAGE'S ,1 Sept. 11 .2119 Kept. 10 BeoL 8 .........20.98 l-u Sept. 4 22.2 Sept. 8 22.85 Sept.

21.66 NEW YORK. 8ept. 11. July earning of the American Telephone A Telegraph Co. reported today, were more than In the earn month a year ago.

For seven month the Increase was approximately 11,260,000, There I.