Skip to main content
The largest online newspaper archive
A Publisher Extra® Newspaper

Star Tribune from Minneapolis, Minnesota • Page 13

Publication:
Star Tribunei
Location:
Minneapolis, Minnesota
Issue Date:
Page:
13
Extracted Article Text (OCR)

-BUSINESS SECTION MINNEAPOLIS, SUNDAY, AUGUST 2, 1931. (12) FAGE FIVE SHADE FIRM Everybody ess ItePOLIS Plant Will DICTATORS. LATIN AMERICA. FOREIGN BONDS. CHILE.

Two City Improvement Projects 'I Be Equipped With $100,000 Machines TAX LEI! FOR 1929 By Dr. Max Winkler. BUILDS FACTORY IN CITY FOURTH QPERTY rar rii iki i irm TradeUpturri Second Lowest in Assessed Sauk Rapids Firm Movet to Location at North western Terminal. qeo do 9iiu on oo no xfc a V- n.m i "f7-nr--- pupils and will be ready for use next iff i 1' I I 111 llu II Two important municipal building projects are progressing rapidly in Minneapolis. Above is the Ramsey junior high school on Nicollet avenue between Forty-ninth and Fiftieth streets.

The school, to cost injf over Minnehaha creek at Bryant avenue. It will cost $69,000, of which $50,000 will be paid by the car company. The bridge, which will carry an extension of the Bryant avenue car line, will he com will accommodate 1,500 pleted in October. For the present, is go designed as to permit widening 'done, the old foot bridge, shown at I January. The other picture shows the concrete work for the street car bridge that the city and Minneapolis Street Railway Co.

are build How Minneapolis Firms View Developments in Business World scaling down of investment trustiln operations suggests that the cur-prlces, with the Dow-Jones averages rent level represents the minimum off 4 points to approximately 135, requirements of the country. While the lowest point since June 20. It is not expected that the heavy "Stock prices have now lost 80 per material Industries will show a cent of the rise which followed the! marked increase during the coming Hoover announcement. Averages: weeks, nevertheless, a substantial are down more than 20 points from! fall upturn In general business can the high of 157 reached a month develop. Cnrrltht.

1M1, kr Inc. Dictatorships and depressions do not last forever. Very often, however, they last too long, but few take advantage of th valuable le. on they teach, thua proving once gain the truth of the Hegelian dic-tum, that what w- learn from history Is that we learn nothing from history. America's relation toward her southern neighbor amply br-ar out this view.

While Slle was holding forth In Bolivia. American bankers overwhelmed him with offers of loans. While Legula was guiding Peru's destinies, millions of American dollars were poured into the country. Similar treatment was accorded Washington Luis and Prest.es In Brazil, Irlgoyen In Argentina, and Thanes Jn Chile. Dictators, a rule, especially In latin America, cart continue to wield power as long as they have an ample supply of funds.

It is through money that they keep thrir discontented subject occupied. Hence, the very ambitious puhlio work projects which some of the Latin American countries launched, large sums were required for such projects, but these were readily forthcoming In the form of loang and credits which American bankers era willing, nay, eijer, to extend. Strang though It amy sound, no ens wss struck with the feverish hast with which some of the republic south of the Rio Grande were willing to pawn their national assets. They did not even appear to renent it when the bankers took it upon themselves to lay down certain line of conduct which the borrow. Jng rations were to follow In their domestic afralrs.

Little or no ohjec-tlon wss raised as to what may have eemed onerous term. The few who dared- object were conveniently disposed of. They hud to chooee between prison or exile. Difficulties however, Wan to rie when Anierirsn hanUris cmjld rt longer market foreign bonds. The Inventing public had developed an equity- op common stock nnt religiously avoided fUed Income bearing e'-irit ie.

Thus, it came to pan thst t'ie stream cold reused, raueing annoyance and embarrassment to America's southern lacking funds, they were obliged to dis-conrtnLe public work begun and in the n'ocess of execution. resulted In serious tinmploy-ment. Feeling galnst the new very bitter, and a which some had thought Latin America find discarded long ego, was once more resorted to: decision of nation-1 lue by the bullet rather than the ballot. Such. Jn brief.

Is the genesis of the recent political upheav-li in Latin American countries. The disastrous decline and continued weakness In the price of the Principal products of Central and South America made It increasingly difficult to continue the service on foreign loans. And, here again, a method so well known throughout the th century was reported to: Suspension of payments on contractual obligations. Chile I the latest ddltlon to the rank of defaulting Latin American government. Not to he outdone by the neighboring republlcg of Bolivia nd Peru.

Chile, too, staged a revolution of lta own, overthrew the Ibsnes dictatorship, and stopped payment on her foreign debt. The slg-nlflcanee to the United States of developments In Chile Is best evidenced from th fact that American Investment In the country are larger than thosa In any South American country tha exception of Argentina. At tha beginning of the current year, they wera placed at $607,102,. 100 (Chilean ource placa America tk In tha country at more than and compare with only 115,000,000 In 1(13, an increase much mora Impresslv than that of America' commerce with Chile during the aame period, which advanced from 150,500,000 in 191 to 1101,200,000 last year. bt America' total Investments In Chile, 1311,367,000 1 represented by government and municipal Issues, while the remainder represents so-called direct investments, that Is, commercial nd industrial proper-tie ltuated in Chll nd belonging to reident of the United States, nd including Investments In mines, manufacturing industries, publ'c utilities, railways, banking and merchandising establishments.

1 Chile's own trade increased from In the last pre-war year to $328,000,000 In 1930, a gain of about 22 per cent, indicating that American Investment In the country hve Increased somewhat out of proportion to the Increase in the country' productivity. It is of interest to note that Great Britain' Investments in Chile which, prior to tha war, were estimated at about amounted, at the begin, nlng of last year, to about $390,000,. 000 a gain of only 17 per cent, while England's trade with Chile declined from $91,657,000 In 1913 to $54,400,000 last year; a shrinkage of mora than 40 per cent America' recent experience along economic and financial line with her outhern neighbor may nerve a a guide to future transactions. Loans to foreign countrle are highly beneficial, if the term on which they are contracted are reasonable; If thpy do not Infringe upon the sovereignty of tha borrowing country; If tha pro-ceeds from the sale of loans are employed productively; If the borrowing country 1 prevented from accumulating a debt, the service on Which I not within the nation' capacity; and If loan contracts are plgijed thy government which are really representative ef tha people' wishes. Property Valuation Among 11 Cities.

Per Capita Tax Rate for Year Is $50.13, Sixth From Top of List. Minneapolis. with the erond lowest assessed, property valuation among the 11 cities of 300,000 to 500, nno population, had tho fourth highest general property tax levy 1n 1313, while the per capita tax rate of $50.13 was the, sixth from the top of the list, according to municipal flnanrlal statistics compiled by the bureau of census of the United States department of commerce. Th assessed valuation total of 1929 was reported as $55,639,000 for Minneapolis. Figures for the other ten cities of the group were: Washington, $1, 766.

162, 000 New Orleans, Cincinnati, Newark, Kansas City Seattle, Indianapolis, $690,711,000, Rochester, Jersey City, Louisville, $460,403,000. The general property tax levy In Minneapolis amounted to $22,997,000 In 1929. The other ten cities reported as follows: Washington, New Orli ans, Cincinnati, Newark, Kansas City, Seattle, Indianapolis, Rochester, Jersey Louisville, $11,504,000. With Minneapolis about in the middle of the list of property taxes per capita in 1929, the other cities report the following levies: Washington, 049.35; New Orleans $38.29: Newark, Kansas City, Seattle, Indianapolis, Rochester, Jersey City, Louisville, $37.4 4. In respect to net bonded debt, Minneapolis has the sixth highest total, as of 1929.

in the group of big towns. The Minneapolis figure is The other cities report as follows; with Washington omitted from the list as It has no bonded debt; New Orleans, Cincinnati, Newark, Kansas City, Seattle, Indianapolis, Rochester, Jersey City, Louisville, $25,069,000. M. S. WILSON APPOINTED At its regular weekly meeting the board of directors of the National City bank of New York appointed Murray S.

Wilson a vice president. He has been an assistant Vice presi dent since February, 1929. Mr. Wilson came to the hank as Indiana representative In 1918 and two years later was made northwestern representative with headquarters In Minneapolis. He was later assigned to the credit department and when the bank opened Its first National City branch he organized the credit department and became its head.

In 1922 he was appointed assistant cashier and transferred to Cuba, where he remained for several months. His entire career has been devoted to hanking, having been cashier of the Borden State bank, Borden, before he came to The National City bank. U. S. MOTORIST AVERAGE TAX IS S33.0G IN 1990 Washington, Aug.

1. TCPr-Each motorist in the United States paid an average tax of $33.09 incident to the operating expenses of his machine, it was announced here hy the American Motorists' association. The average gasoline tax was $19,68, and the other miscellaneous taxes, such as registrations, tags, permits, averaged $13.41, according to the statistics gathered by the association. The motorists of Oregon were the heaviest taxpayers, with an average assessment of $64, the motorists' organization announced, and Florida and Georgia followed, with $53 and $52, respectively. The residents of the District of Columbia were the least burdened by operating taxes, paying $14, and Massachusetts, with $20, and Utah, with $25, followed the nation' capital in lignt assessments.

FOSHAY STOCK ASSESSING! HEARING DATE ADVANCED On motion of Joslah Brill, receiver for the Foshay Investors' corpora tion, District Judge Horace D. Dick inson Saturday advanced the time of hearing on a motion for an order assessing stockholders 100 per cent from January 4 to November 2. At this hearing the court nlso will hear a motion on behalf of the stockhold ers to dismiss the proceeding on the ground that the receiver lacks jurisdiction through his method of obtaining service on the stockholders. Last February the matter came on for hearing before Judge Dickinson nnd was continued to January 4, 1932. Meanwhile, an act passed by the legislature would have deprived the receiver In January of the right to enforce stockholder' liability, and In order to give the receiver such Jurisdiction Judge Dickinson Saturday granted the motion to advance the hearing.

Predictedby Statistician Expert Bases Forecast on Reviving Confidence in U. S. Institutions. A new flisrht for business as a result of reviving confidence In American institutions Is expected by L. Seth Schnitman, chief statistician, F.

W. Dodg corporation, who writes on the debt holiday statement in the current "General Building Contractor." "The dcht holiday statement by-Mr. Hoover was easily the most out- jatanding development In June," he says. "The announcement, now more than a mere proposal, brought with it a striking display of the power of psychological forces which underlie business sentiment. "The suspension of debt payments when most of Europe was financially strait-jacketed has given rise to a new optimism with which to face the tasks that He ahead.

"Obviously, whatever benefits business may derive from the execution on this emergency program are not of the near-term variety. Time is the great healer, If the debt suspension plan has done no more than revive confidence In our institutions, banish pessimism, and restore optimism to its proper status, then business will be ready to hop off on a new flight when time has further healed some of the wounds of our own excesses. "The construction contracts curve will show a further loss with the July record. At the same time fur ther declines appear Imminent In the trend of bank debits which represents the best available single Index of the volume of commercial transactions. Both as to construction contracts and bank dehlts allow, ance must be made for the declines In the level of prices; with this factor In mind the current position of busi- ness Is considerably better than Is In dicated by the dollar totals.

"However, according to all precedents tha rise and fall of construction contracts precede similar movements In business. Hence, If precedent Is to hold, on actual upturn In contracts Is necessary before general business, as reflected by bank debits, starts upward." New Building Contracts Up in N. W. Area Total of $12,401,200 RegisteredPublic Works Plays Big Part. Moving slightly against a seasonal trend, June produced a higher value of construction contracts awarded in the central northwest territory than did May, according to reports by F.

W. Dodge corporation. This territory, which is comprised of the Da-kotas, Minnesota, northern peninsula of Michigan, and northwest Wisconsin, registered a total of in June contracts awarded against $10,108,000 in May. Of the three major construction classes, non-resldentlal building and public works and utilities produced nearly equal amounts with $5,949,. 900 and $5,055,700 respectively.

Residential building was lowest with $1,395,600. The half year record In this terri tory neSrly equaled that of the first half of 1930. "Public works and utilities showed a gain In contracts during both the second quarter and first half of 1931 as contrasted with the same ppriods of 1930," the Dodge statistical bulletin on this territory reads. "Residential building showed a smsll second quarter loss but for the half-year as a whole residential contracts were somewhat higher than thns shown for the corresponding six months of 1930." Outstanding city totals for the month were Minneapolis with St. Taul $3,417,500, and Duluth with $17,000.

Electric Production Is Under Last Year The production of electricity by the electric light and power industry of the United States for the week ended July 25 was 1,680,358,000 kilo- watt hours, according to the Sta tistical Research department of tne National Electric Light association. This shows an Increase over the previous week, but It is 1.9 per cent below the corresponding period of last year. The Atlantic seaboard shows an Increase of 1.4 per cent In electrical output above last year. The great central industrial region, outlined by Buffalo, Pittsburgh, Cincinnati, Bt. Louis and Milwaukee, registers, at a hole, a decrease of 4.5 per cent, although the Chicago district show a decrease of only .8 per cent.

NKW HIGHWAY I'LVNNrD. Grand Marais, Aug. 1. () Reports hae been received here that suivp sre to be made for a new national highway to connect the eastern and western Canadian Sys tems of highways, the new highway to follow e.round the north shore of Lake Superior and connect with Minnesota stats highway No. 1.

30 People to Be Employed 1931 Sales Equal 1930 Level. The Warren Shade one of the oldest and largest manufacturers of porch and factory shades and Vene. tian blinds, has moved its business to Minneapolis from Sauk Rapids, and is constructing a $35,000 factory, to he equipped with mora the $100,000 worth of machinery, at' the Northwest Terminal Co. facing East Hennepin. The company has been located at Sauk Rapid since 1910.

Some 30 people will be employed at the new plant, including most of the workers on the pay roll at Sauk Rapids. The Warren Shade Co. has purchased 110 feet frontage on East Hennepin from the Northwestern Terminal and has stated excavation, for a modern brick structure with 12,000 square feet of floor space. The factory will be completed in about two months. Superior Facilities.

The company has elected to com to Minneapolis because of the superior facilities that the North, western Terminal offers for distribution of its products In a market which includes all parts of, tha United States and several foreign countries. The company recently introduced and- is manufacturing in increasing; quantities a new model Venetian blind, which is said to enjoy a steadily growing demand. Its Industrial shade is designed primarily for factories and warehouses with large metal sash windows. Thl shade is so built and Installed thst it does not Interfere with the open. Ing of a window.

Factories with big window areas, such ss automobile plants and large print shops, use Warren shadeg extensively. Government I Customer. The United States government Is a customer of the Warren Co. and has specified Warren shades for a number of its buildings. One was a new custom house in Porto Rico, The company markets Its product mainly through manufacturers' representatives.

A number of machine to be installed in the new Warren plant have been designed and built in tha company's own shop. One, designed to utilize waste material, convert wood scrap into spatula used by physicians for pressing down tongues of patients In throat examinations. The company was formed by Clyde W. Warren, who had lived in Minneapolis before going to Ssulc Rapids to start his factory. Starting on a very small scale, with limited equipment and output, it has expanded its sales and production steadily through the 21 years.

The sales volume of 1930 was the greatest In the compsny's history and the 1931 figures sre on about equal levels, according to J. K. Heymer, secretary of the company. 'While our company develop. ment In Sauk Rapids has been high.

ly satisfactory, we need a location where better shipping facilities would be available," Mr. Heymer said. "W9 found just what we needed at the Northwest Terminal in Minneapolis. Because of its connec tion with the Minnesota Transfer railway, our carlot shipments can go, out over any Twin City road out additional switching charge. Less than carload shipments can ha handled through the terminal own depot and the freight carloadinf companie in Minneapolis also provide fast freight service.

With peopla buying In smaller quantities and demanding very rapid deliveries, a manufacturing concern today must have the best in transportation facilities if it is to compete eucces. fully." CAR PRODUCTION IN U. S. FALLS OFF 23 PER CENT "Production of automobile in tha United States continued to declina seasonally in June," says th July review of the seventh district Federal Reserve Bank of Chicago. "Th reduction of 23 per cent from May represented by passenger car output of 207,798, compared with a recession of 21 per cent during th am month of 1930, while production thii June totaled 27 per cent below a year ago.

Trucks produced numbered 41.304, which it 9 per cent under the preceding month and 15 per cent leus than for last June. In the first six months of 1931, there were 1 310,435 passenger car produced In the United States a against 1,860.361 In the corresponding period of 1930, while truck output of 255,227 compared with 333,591 a year ago. 117 COMPANIES' PROFITS SHOW 20 PER CENT DROP New York, Aug. First half year earnings report of 117 industrial companies aggregated $133,137,000, a decline of 2 per cent from th 630,000 reported by identical cam-pani" in the corresponding perloj of say the Standard SUtistI' Co. of New Tork, In a current survey.

It I probabl, continues tha survey, that total Industrial profita registered considerable more pre nounred recession. Available second quarter report Indicate a more moderate decline from th preceding three months than was registered a year ago. There' I Increasing evidence that drastic operatlnl nomlc are tempering th reductba In gross business, it will carry only the car line but for general traffic. Until this is the right, will be left in place. "A recent survey by an economist! of conditions prevailing at the end of depression periods in America since 1873 points out that in each instance the stock market made an important recovery before there was any important change in general business.

The necessary conditions for such an upturn prevail today, name ly, abundant supplies, credit at low interest rates, low commodity prices low stock prices and Jiquldation of both commodities and lick. While no one caJrlict the ex act bottom prices offn market, we are convinced that the time to buy stocks for the long pull is here. We would choose, however, the stocks of companies whose businesses are showing improvement or where the rate of losses Is becoming less. In this group are included the merchan stocks, certain automotive stocks, tobaccos, certain rails and numerous specialties." STEEL DIVIDEND CI HITS HIGH GRADE STOCKS "The disappointing action of the U. S.

Steel director in reducing the dividend to $4 caused ft sharp reaction in the leading speculative issues last week," W. K. Scribner, manager of the Minneapolis office of Taine, Webber says in his weekly letter on the stock market situation. "It. will be noted, however, that stocks of secondary grade did not decline In proportion to the so-called 'blue chip' stocks.

This would seem to Indicate that the latter are still selling relatively higher than the stocks thst are not so popular with investment trusts and Investors. In other words, high grade stocks have apparently been held shove their true value, while the second grade storks have been liquidated to a basis where they are Intrinsically In a buying range. "We advocate the purchase ef such stocks at the present time and on any further weakness In the high grade stocks, accumulation on a scale down would appear to be advis able. This Is based upon the theory that improvement In business Is Justified from current levels, especially in view of the efforts being made to stabilize ferelgn financing. "The rail stocks continue to reflect poor earning reports, and lower car-loadings than seasonal.

There may possibly be further dividend reductions in rail Issues, unless something Is done to increase rates or reduce MONET ASHES EXCHANGED. Cisco, Texas, Aug. l.tUP Ashes of $60 In currency burned when the Alexander hotel was destroyed last month were sent to the treasury department at Washington by Wr. E. Keeter, proprietor, In an effort to regain part of his lost funds.

The charred bits were Identified by the treasury, which promptly or. dered the First National bank here to restore to Keeter the full amount. PHILLIPS CO. GROSS Operating Expenses Higher Than in First Half of 1930 Net Earnings Down. Bartlesvilie, An.

1. The i niiilps I'etroleum in it re- port to stockholders for the six month, ended Jure 19S1 ebon-, gross Irwnme. of 127,147, a gain of over the of th first half of last yesr. Expenses, i Including Interest, tsxea and cost of iirwuur-is unm, moiini'-a. io 927 against leaving net operating profit of rom- (pared with $10,200,526 In the opening half of 1930.

Setting aside of 17,575,030 a re serve for depreciation, depletion and retirements resulted in a deficit In final net earnings of J2.674.15S. The Increase In these reserves wa In proportion to the Increase in sl? and value of the eomrany' properties. Earned surplus accordingly waa reduced to J27.0l,590. Inventories of flinlshed products were adjusted monthly to current market price. The statement shows that the second quarter of 1931 made a worse showing than the first three months, with, gross Income of 12,.

850,505 as against 114,651,251 In April, May and June of last yesr. Net operating profit after ell ex penses was compared with In the second quarter of 1930. After allowance of $4,. 282,794 for depreciation and similar charges, there was a deficit of 12, 054,802 against a net profit of 13,. 033,555 In the 1930 quarter.

In a letter to stockholders, Frank Phillips, president, stated that con ditions in the petroleum Industry are somewhat Improved although still far from satisfactory. "Sales of the company's leading grade of gasoline In the first half of this year, through owned or con trolled stations, were 140 per cent greater than In the corresponding period last year." said Mr. Phillips. "Company stations hava nearly doubled In number this year and gallonnge per station has Increased an average of, 22 per cent. Gasoline deliveries through Fhllllp Pipe Line Co.

lines are being made to St. Louis and are nearing capacity at Wichita and Kansaa City. "Perhaps the most favorable fact from tha standpoint of tha entire Industry la the decrease In drilling or new pools. This show a tendency toward economic stabilization and ultimately must balance crude oil supplies with consumption." DAIRY AGENT'S NEW SPRAY WON'T CONTAMINATE MILK Stillwater, Aug. i.IJP) P.

Moffltt, dairy agent with Oklahoma A. M. college, has a fly spray which he says, If properly applied, will not cause odor In milk. The mixture Is made of 4Vj quarts of fish oil, 4H nuarts coal tar dip, 2 quarts whale oil, 1H quRtis nil of tar and bar of lsundry soap, dissolved In enough wsrm water to make a batch of 30 gallon. COME SHOWS 61 i 17.

S. STEKL DIVIDEND CUT DOMINATED WEEK'S NEWS. The weekly stock review by Charles E. Lewis Co, says; Reduction of tha United States Steel corporation common dividend from a $1.75 quarterly basis to a $1 Quarterly dividend distribution has overshadowed all other developments In the market during the week. Even iore astounding, however, than the 'dividend cut was the publication of jtha quarterly statement showing that jdurlng the June quarter the corpora- tlon earned from operations only around cents a share on Its pre ferred toe if Owing to sale of cer-Steel wss able to re tain property port profit for the qusrter equal to 12 cents a share on the common, hut these were of a non-recurring nature and not from sctual operations.

Both tha reduction In earnings snd dividends were more severe than Wall street expected. Steel dividend cut resulted In sharp prlre reactions throughout entire stock exchange list Aside from June quarter results, word from steel centers this week was a little more encouraging. Iron Age reported steel operations for the industry at large at 12 per cent, a gain of 2 per cent over week Previous. Toungstown did even better, gaining 8 per cent by mid-week and showing an Improvement of around per cent to 45 per cent, the high est operations In three months In past two weeks. One thing that It Is well to bear In mind Is that steel Industry when it turn, does so rsp-ldly and that recovery can come about aa quickly as did the slump.

Decision of directors of United States Steel corporation not to reduce waces was favorably received In Washing ton where President Hoover Is doing his utmost to maintain American standard of living. Bank of England again Increased Its discount rate, advancing it for the second time In twe weeks by 1 per cent and bringing It to 4V4 per cent the highest level In some time. Action la an emergency one on part of hank to stem the heavy European gold withdrawals from Its reserves, and while favorable from this standpoint It never-the-less makes business recovery In Great Britain more distant as It penalizes commercial operations. Silver market has shown more firmness of late and whila bids have been advancing they have succeeded in bringing out very few sales of sil ver futures. Copper, on the other hand, lias sagged and some sales of the metal for domestic account have been reported from custom smelter circles at 7 cents a new low for all time.

Other commodities, such rubber and certain grains have shown a heavy tone, rubber futures selling at the lowest prices on record. WEEK rnirXGS MORE UNFAVORABLE NEWS. Paul Brown A Co. say in their weekly investment trust review: "Last week witnessed another accumulation of unfavorable nws, Including dividend and wage reductions, headed of course by the particularly adverse action of United States Bteel directors In reducing that dividend from $7 to $4 ft year. A a result the week saw a further ago, snd are within 15 points of the June low.

They have again reached a point where they have discounted or even overdiscounted the present! and future condition of business. There remains an excellent chance that the June lows will be tested, but with the widespread diversification In investment trusts there Is no reason to believe that prices of these shares will be materially af- fected! as not all companies inchi'led in trust portfolios are facing the same condition. "The United States Steel action, while considered by many as distinct evidence that such an Important group considered the future state of business as distinctly uncertain, can also be regarded as merely a common sense move on the part of these directors. With Steel's to Justify the continuance of a $7 dividend. In the long run such action may prove beneficial, It has removed the prevailing uncertainty and has leveled off one more spot to hasten recovery.

It is often better to build anew than to rebuild. "The last throes of depression are always Indicated by dividend reduction and finally by wage reductions. When wage are reduced It is the last step In any bear market, Just as higher wages are always preceded by rising commodity prices and living costs. It Is never possible to buy at the bottom and sell at the top. If there ever was a time for persons with a little money to Invest, we know nothing better than to accumulate, beginning now, the standard fixed trusts on a scale." LOW FOR JI NE MAY MEET TEST Scott, Burrows St Christie say In their weekly stork market summary: "The outcome of the directors' meeting of V.

S. Steel corporation on Tuesday was a surprisingly sd-verse market factor, both because of the large reduction in the dividend and the very poor earnings statement. The company' stock on Wednesday sold within 2'i points of the June low, and other leading stocks declined sharply. Trading, however, wss light in volume considering the shock the market received from the steel meeting. Dow-Jones industrial averages at the close Wednesday wis still some 17 points above the low on June 2.

It is probable that prices may decline somewhat further at this time, which may result in an early test of th Juno lows. "As we have remarked here before, there is little In the new of current business at this period to indicate what may be expected of the fall seasonal upturn. It Is interesting to note, however, that Ingot produc' tlon for the country Increased from SO per cent to 32 per cent of capacity during the past week, which follow an unbroken decline lnce March. While further increase ar improbable In the immedlat future, checking of tha continuou decline.

Get access to Newspapers.com

  • The largest online newspaper archive
  • 300+ newspapers from the 1700's - 2000's
  • Millions of additional pages added every month

Publisher Extra® Newspapers

  • Exclusive licensed content from premium publishers like the Star Tribune
  • Archives through last month
  • Continually updated

About Star Tribune Archive

Pages Available:
3,156,115
Years Available:
1867-2024