Evening Star Newspaper, July 23, 1929, Page 12

sk - 1 12 GURB SHARES GAIN IN SHORT COVERING -Vigorous Rallies Follow Sink- ing Spell of Yesterday. Utilities Active. BY HARRY H. BECKER. Special Dispatch to The Star. NEW YORK, July 23.—Vigorous ral- lies were scored by numerous utility and miscellanecus industrial issucs in another active session on the Curb Ex- change today. Short covering was on &n urgent scale in many instanc Prominent among the strongest issues were the American OCities Power &| Light shares, which derived impstus from Monday's spectacular movement in Central States FElectric, by which it is contrelled. The old stock of the parent concern climbed further, follow- ing its 40-peint gain the day before, and the new stock, as well as both issues | of preferred, also established new peaks. | Select!ve Buying. The buying also was stimulated by a rumor that a new utility and finan- cial investment was being organized in conjunction with the Goldman Sacks Trading_Co. Selective buying was in evidence also in other parts of the utility list. Duke Power started 15 points higher, but the advance was sharply reduced by subsequent profit taking. Selling of that nature was also in evidence at the outset in Electric Bond & Share. | United Gas Imvrovement and in one or two other high-priced issues, but Quickly subsided when support ap- peared. All rallied substantially Substantial gains to new highs also were witnessed in_a few specialties, among which the Investment Holding Co. 1ssues were conspicuous. Third Na- tional Investors continued to move ahead without any apparent explana- tion. Goldman Sachs, connected with the report of the formation ofsa utility investment trust, ran into some profit taking after its recent rise. Realizing also influenced a loss of hl;l; o onday's gain in the case of Grigs L Radio in the Tace of the news that directors had voted an increase in authorized capital stock as the fore- Tunner of a split-up on a four-for-one basis. _Stockholders will vote on the | proposal August 14. P onE the firm spots_were Marconi ! International Marine, _United _States | Pinishing, Guardian ~Fire Assurance, General Realty & Utilities and a few | high-priced industrials. Aviation Group. Aviation stocks continued mixed, with Dayton Air & Engine showing strength after recent dullness. Fokker failed to Tespond to the announcement of the | election of three new directors to repre- gent General Motors interests. There was very little change in the oil and motor groups where the tone continued soft. { i ‘Washington Ticker Br the Associated Press. Steady Stock Exchange price ad- vances have marked the recent history of standard railroad stocks, but have ot, yet gone far enough to dampen the enthusiasm about their future. which has been entertained by fome observers. Dr. David M. Friday, a practical I ‘economist with investment trust af- filiation, is one of those who venture a prediction that this class of securities, | Federal Reserve Board or no Federal Reserve Board, will show higher sell- ing prices for some time to come. “No impartial student of the railroad situation can escape that conclusion.” Dr. Priday declared in illustrating some of the factors which have shaped his | ! opinion. “Last vear railroads paid in | dividends something over $400.000,000 out of $900.000,000 earnings. The total earnings will run higher this year, and | what is more important from a stock- | holder’s viewpoint, the percentage of | earnings paid out as dividends can be expected to increase. If it is antici- pated that the total of earnings so paid out as dividends will increase by 6 per | cent each year for the next few years— \and that anticipation is entirely jus | fied—it will be easily seen that standard rails will be showing a return to hold- | ers that will justify considerably higher prices than those now prevailing. “Total railroad earnings are on the increase, because the growth in freight traffic is dependable, and further be- cause the rail carriers have now taken the full impact of bus and truck com- petition. They are likely to have even | better passenger earnings. Also. the necessary, assumed or real, for retailing £0 large & portion of their earnings for reinvestment in plant is passing, and more of the actual earnings can and | will be devoted to dividends. Safety life at sea, it is called to mind by the return to Washington of Dicker- son N. Hoover, inspector general of the ' United States Steamboat Inspection | Service, is only attained by learning of tragic lessons. THe last big sea dis- aster was provided by the sinking of the liner Vestris far off the Virginia Capes last Fall, with a heavy death list, and certain conditions as to load- ing. inspection and the like which suggested that the fatality might have beenaverted. Mr. Hoover has since been exploring in Europe the possibliity of applying some of the lessons learned in the torribly expensive Vestris instance to the improvement of international steamboat inspection. Demand for small bills, now common over the Continent, is still disturbing serjously the paper money issue of the Nation. To July 18, the Federal Reserve Board figures indicate that $346,667,000 of new money has been issued, and but £142,852,000 of old bills retired from circulation. If this rate is maintained, against the $2,393,000.000 of Federal Reserve currency outstanding, it will take about six more months before tie old-sized currency is all replaced. But aside from th Feederal Reserve currency, there is also the national bank note issue of around $700,000,000. which has been scarcely touched, and the $300,000,000 of greenbacks, United States notes. The components of the currency seem to be a little slower in + geiting into the new dress than the Teserve currency. For a good many years wiseacres | have been saying that the next great source of world petroleum would be somewhere in Java. The idea hasn't been getting so much attention of late, ! in view of the literallv tremendous , advances in production attained in the United States, but it now seems to be emerging into the field of fact in notable style. The last recorded month of customs service statistics shows that the country providing the second largest total of petroleum brought into the United States was the Netherlands West Indies. The import for the month amounted to 1,778,317 barrels; Venepuela was the source of 3.422,171 .barrels, exceeding the West Indies total, but the Colombia supply was in third place under the Pacific total, and amounted to 1,330,- I'sates s in hundreds. 5 Acetol Prod A.. 169 Acousiic Prod . 20 Aero Indust 7 13 Aero Indust war... . 2 Aero Sup Mfg B n.. 1 Acro Underw 1Asta Ansco ! 5 Ainsworth Mfg .. 8 Alexander Indusiric: Allied Pack . llied Pk 8 'pf. ilied P & L INDUSTRIALS. WNE Low. Close. 18 18 15 578 0 lum Goods Mfg Alum_ Ltd ... .- 1Amer Arch Co 1Amer Beverage 5 Amer_Chain 33Am Citles P & 533 Ara Cities P & 24 Am Commonw P A.. 5Am_Commonw P B.. 2A Comm P optl war 8% 155 Am Cranamid B n... €3 59 Amerabept Stores. . 6 Amer Gas & El 0 1Amer Gas & EI pfd 103 Laund Mach. . Lt & Trac doveli oo )00 Iav Mg Meter Inv ris!ll] Millin Nat G % Pneumatic Sol & Chem.. 1 § & Cppfd.. 1353 Amer Superp n 2 Amer_Super 1 pi 1Am Thrcad pid 2Anrlo Ciil Niifa 2 Arcturus Radio T. 19 Ark Natl Gas....... 200 Atk Nat Gas A..l 1Ark Natl G cum pid 2 ATk Natl Gas A s7d. 1Ass0 Dye & Print... Asso Gas & El A Asso G & El_deb rts Ass0 G_& E deb rts ur Ass0o G &E 57d...... Asso Rayon... : Atl Fruit & 'Sug!.l Atlas Plywood.... Auto VM cvt pr pt Aviation Co cf Am.. Corp._ .. Aviation Credii Aviation Sec..... Axion Fisher A Bahcock & Wilcox. . Bickford. . ... & Kaiz' cfs pid vte 01 T 'Pa Bellanca Aire Biauners. ... iccford ' pid. law Knox n. liss E_W. lum 8. e nots Purs Drig’ Co raz Tr L & P.... ridgeport Mch. . rit Un_Shoe Mach rifl Corp A. 5 rill Corp Blil.llll rit-Am Tob Cp.... -Celanese Ltd 3 Bklyn City R R. 47 Bruce . 10 Budd Edw ... 1 Bruck Silk M. 10 Budd 2 But : 4 Budd_Wheel i 47Buf Niag & EP Al 6 Corp . B DwPEHTD. 2 Cable Rad_Tub vic 2 Camphell Wyant... . 20 Can Marcont W.... 1 Capitol Admin A.... 2 Admin A pf 3 1Celan C_Am_ 1st pf 2Cen At Sta Ser vic. 13 Gen & Souhtw Ut 10 Gen Pip Cor 7Cen Pub S A . 3 Cent Pu 8 A States Bl war ‘ent Sta_EI conv pi en Sta El con pfd n 203’y Cent Sta El pfd ww. 8 Chain Store Stock Check Cab MIg ..... Childs Co pfd 1Coli's Pat Fire 5 Columbia, Pictures 2 Columb Auto Pt cv pf 26 1 Columbus EI Pow ... 134 2 Gommonw Ed ... 37 Commonw Util B . 2 Commonw P E{’d 1667 Commonw & Sou 514 Common & Sou opt 10 Cons Aircraft .. . 22 Co! Auto Mar vic.. 5 Cons Auto Mer pid.. 12 Consol Coal teeeen 6 Consol Dairy P . 1 Consol Film ... 29 Consol G Balt . 1Cons Gas Util A 17 Consol Instru 20 Consol_Laund . 5Cons Ret Strs . % Cons Theaters 2 Conil Diamond Fibre % Cooper Bessemer 2 Cooper Bessem pfd A 3 Corroon & R ptd A 2, Grocker Wheeler 1 Curtiss Aero Exp.... 35 Curtiss Airport_vic 17 Curtiss Flsine Se &5 Curtiss Wright.. 2 Curtiss Wright ‘A" ‘wi 4 Curtiss Wright war.. 1 Daniel Reeves. ... 12 Davega Tne... ..l 2 Davenport Hos. | 90 Davton Aireraft..... 129 Dayton Airplane..... 34 Decre & Co..... 30De For RC..... 7 Detroit Aircraft 1 Doehler Die C C..... 1 Douslas Alreraft. ... 1; Draper Corp... 15 Dow . Chem 2 Dubilier & 3'; Duke Pow.. $ Durant Motor. . 1Duz Co A vte 33 East States Pow B.. 18 East Util Inv A... 7 Eisler Elec. . 267 El Bond & Sh. .. . 2El Bond & Sh pfd.. 360 El Bond & Sh ts... 84 El Invest Inc. . 1Fl Invest Inc pfd P& L optl war ) Hold 1 A... Sha Hold pfd..... 2El S Hold pfd s 2 Eng Pub Ser opt war 7 Evans Wall Lead... 4 Pabrics Finish.. 2 Fandango Corp A.. 4 Fansteel Prod ..... 1 Fedders Mfg A... 12 Federal Water A.... 3 Fiat stk deb rts. 1 Financial Inv N Y. 8 Foltis Fisher 19 Ford M Co_ Ca 14 Ford Mot &1 1Forhan Co A. B 1 Foundation For A .. 20 Pox Theaters A..... 10 Frank (HH) Mig Co 40 Freed Eisen R C. ... 113 Freshman Chas Co.. 10 Garlos Pkg .. 3 Gen Bak . . 5 Gen Bak pfd. . 2 Gen Elec Ltd reg 2Gen Indus Alcho.. 9 Gen Toeaters Eq vic. 32 202 Gen Resl & Util Cor 368% 64 Gen Re & Ut Cor pfd 1103 11 Globe Underwrit. 26 l? gollgbsell BE‘IE\‘, n..o 258 Goldman_Sachs n. 1 Gorham Inc pfd.... 2 Gramoph rts cash... 3 Gram Co Ltd cut div 1Grand Rapid Var.... JaGrA & PTCopfd...1L T Gr A& P TCn vic.. 4 9 Greenf Tap & D..... 1 21 Gfll.\bj Grunow n.. 22 2 Ground Grip Shoe.... 4 2Ground Grip Sh pfd 2 Guardian Invest . 1 Hazeltine Corp..... 5 Helena Rubenstein. . 13 Hir Walk G & W n 2 Hygrade_Food Prod.. 8 Indust Financ ctf... 3 Insur Co N A .. 4 Insur Secur. 9 Insull Util Inv. 46 Insur_Shares A. 11Intl Pertfume... 11Intl Prod.... 32 Intl Project n 11ntl 8af Raz B. 12 Intl Super Pow Co l}nurn util A...... 2 Intern Util B. 32 Intern Util wa 2 Investors uit; 13 Irving Air Chute. 14 Ital Superpow A. 11tal Superp deb rts. 4 Johnson M . 3 Jonas & Naumb..... 3 Karstadt R 1Kermath . 5 Kevstone Alrcraft 2 Kleinert 1Knott Co ... 4 Kolster-Brande: 3 Iakey Found & 2Lane Bryant 1 Lefcourt Real . e e 533 e S53L5N F ¥ EBE2 .55 Pt e waam g T VEEEE FENT RSS2 52 000 barrels. None of these petroleum imports bulk very seriously in comparison with the total domestic production . of nearly 60,000,000 barrels a month, but the increasing Javanese intrusion is prob- ably of watch. Geologists have recounted in past the evidences in favor of the proving there of an immense oil pool and the statistics now current make it look as though the stories had all been soundly based. e i ‘The real rubberneck has been dis- covered in Europe in a man nagped Nil- , whose neck is 8o conatructed that ‘can turn his head completely around look backwards. 83% & Nav....0 18,1 na 28 19! 25 % FF B SR 1 o 8588583, 80522 535BRER0S S FERRE . RS SRR Mrchants Mfy Bec A Mersiit Chep & & pfd 10 Mesabi _Tron.. ¢ Midland Roy ‘¢vi pid £.9u8583.805eeSee) 4 1Moody Inv S p pid 2 Motor Meter Gauge a Mount 8t P C . ta Mount St P C pid. 1 Municipul = Serv 6 Murray rts 1Murphy G C 2 Nat " Aviation., 22 Natl _Containel 2Nat Investor w 3Nat EL Pow A. 5 Natl_Fam Strs 2 Nat Fam Strs pfd... 38 4 National TInvestors @ 119 3 Natl Contain pfd wi 20 2Nat Investors Ifd.. 73 1Nat Mfg & Stores.. 1Nat Leather 69Nat P & L Ts 1Net Pub Ser A 87D.. 2Nat Pub Ser B. iNat Screen 4Nat Sug R N J n 6 Nat Theater Sup 2 Nehi Corp e 3 Neisner Bros n.’... eisner Br ptd. ... ey Calif El..... ¥ Auct n ¥ Hamburg. ¥ Invest.. ¥ Tel Co pid agara Shares ag Hud Pow. . H P A opt war ag H P B opt war oma Elec s or Amer Aviation. . 1 North Amer Cem.. .. 8 13 North Am_Ufility ‘Séc 1 Nor Am Ut 1 pld o 164 North Eastern Pow 35 Nor Sta P A 2 Nor Sta P pfd. 1 Novadel Agne GOl Stocks A. 10jl Stocks B 1 Orange Crush . 2 Qutboard Motors A. 1 Qutbgard Motors B.. 1Pac G & E 1 prd. 48 Packard Motor n 22 2 2222222 =T =y 722 2 Penn G 15 penn O Ed p P! 13 Penn P & L ps pe pid 3penn WL PC........ 10: 1365 Penroad Corp. Vtc 3 Peop L & P Corp 1 Perryman Elec. .. 68 Petrol Corp 1 pid 2 Philip Morris A. 1 Plerce Governor . 25 Pilot Radio Tube 18 Pitney Bowes P. 2Pitts Pl Glass. 3 pitts Scr & Boil 1 Polymet Mfg Corp. 2 Powdrell & Alexand 1 Porters Sug 2 Pratt & Lamb 1% Proct & Gambie. . 53 Proct & Gamble n 1Prop Silk Hos Ml 78 Prucential Inv ... 3,Pug 8 P & L pI... 4Psrene Mig ... 1 Prodence Co pf. . I Rainbow Lum P 4 Raybestos ... 7 Rajubow Lum B! 1 Reliance Brass & St 5 Raybestos Man Inc.. 13 Reliance Management 7 & Lt Sec.. Power. .. Paai; 7 Ratlway 1 Roch “Cent 3 Rockland L & % 8ate T _Stat ¢ 6'd’L. 1, Safew Strs 2 war ... 48t Regis_Paper .. 1Schuite Real Est . 8 Schulte Un pfd 3 Zec Gen Am Iny Segal Lock & H Eelected Indust Inc.. Select Ind 1st pid . Eelect Ind Inc pfd . elfr Prov Storcs v El vic . Silica -Cel_ctis natron T ... outheast P& Scu C E B pf Sou C E C pfd _..... Sou Col Pow A....[ 7 Southern Corp .. 3 Southern Ice & U B 2 Southland_ Royalty . 1Southw Bell pid... 5 Southw Dairy Prod. 2 Southw Gas_Util Cor 2 Spanish & Gen rets % Square Co B....... 32 Stahl Meyer | 111l 725 Stand Brands Inc.. 1Stand Dredge pid. .. §Stand Inv ......... 2Stand Mot .l 8Stand Pow & Li 2 Starrett Corp 2 Stein & Co Pt 10 Stein ‘Cosmetics 11 7Stand Steel Prop 1Stinnes Hugo ... 1 Stromb_Carls Tel. . 23 Stone & Webster Inc 2 Strauss Roth S Inc 112 Swift & Co Swiss Am_El pid. 1 Taggert Corp 17 Tampa 17 Thermoid_ ..."." 2 Thomps Prod A 2 3 Thomps Starrett pid. 8 Third Nat Inv....... 3 Third Nat Inv ur. 1Tob & Allied S 1Tob Prod Export 2 Todd Smip 5 Trans Am 2 Transcon Air Trsp.. 1 Transcon Air Trsp vic 2Trans Lix DLP S A 1Travel Air Co........ 187 Tri Cont Corp 3 §Iri Cont. Corp pid 2 Triplex Saf G Ltd ' Tubl Art S B.... 2 Union Am_ Invest 4 Union N G Can. 1 Union Tooace 1Uni Carbon pfd. . 4 Uni Chem pr pfd. 5 Uni Drydock. : 1Uni Elec Bond ris 103 Uni Gas Co....... 35Uni G Imp C.... 1043 Uni G Imp ris. .. 136Uni L & P A 7Uni Lt & P B, § 38Uni L & P cv pid 1Uni Milk 10ni L P ev pid & 10 Uni Molasses Co Ltd 35! 3Uni Plece Dye Wks.. 34 2Uni Pow G & Wat Co 45% Pft Shar, (3] 2Uni 1Uni Pub Ser. 0 ows oS ZEa Lo < cadqdaan nited Stores ni Stores A 1 Uni Stores pfd. ... 2 Universal Aviation 2 Univ Aviation cod.... 48 Util Equities . ! 1Vost ... 1 Waitt ‘& Bond B . 16 Walgreen 0 1 2 11 14 10 1 o 1 Sales 100 500 900 50 i 400 10800 | 100 100 Sales 1 1 2 2 a 37 1 3 13 4 1 1 1 22 21 13 H 52 7 73 13 8 Famants e, Sales in hundreds. v Ariz Globe C 1Cum Tun & Drain n i Cons Cop Miaes ... 10 Cresson Con Gold in units. 1800 Anglo Am Oil 2 non-vié 4 Ge ~teon Prons 2 . 2 Wayne Pump . i Wst Al e s T d 24 Western Air Exp ... BIK Whitenizht Ine . § Widlar Food Prod dWii B iWorth Inc A . wonite 54 Golafield Cons 1Hecla Mine . 1} Hollinger"Gold 5 Hud Bay Min 3 Metal & %Min Co Can ... 1Min Co Can s7d 5 Newmont Mining 3N J Znc n . Nipissing Noranda . Qhio Cop. 1 Premier Gold M. .. 23 Roan Antelope Cop. 6 Bhattuck Denn 18t Anthony 1Teck Hughes Uni Verds 2Unity Gold 2 Wendon Cop . Sales INDEPENDENT OIL STOCKS. | i hyndreds 4 Carib Synd ... | 76 Columbia Synd ... 1 Cosden Ofl ... 1 Cosden Oil pfd.... 1} Creole Pete ... 1Crown Cent Feie 1Darby Pete . 4Derby O & Ref. % Emp G&F ¥s cum pid 10> BGulr Oil Pa. .. 1 4 Houston Gulf Gas.’. 10 Intercont Pet 6 Leonard Ol ZLone Star G n Lone Star 2 Mount” Gulf Ficd. | Mount Frc West Pantepe Savoy Ol 3 Texon Oil & Land n. 3 Venezuclan Pt STANDARD OIL ISSUES AND MER A AO Contl Ol Humble 1P L. 1300 Imp O Can’ ‘nillll n Wi 2815 | 1400 Tnter Pet Ltd n...1.0 5 i ind P L Ohio Oil . S0 Ind S 0 Ky S O Neb in thonsans. "8 Abiiibi PAP Ss A 'S3 84 Ala Pow ‘5 35 Allied Pk Bs 2 Ajum Co Am 58 3 Alum_Ltd 55 '48... 5Am Com 65 ‘44 110 | & & Lt Mi Am Roll Am_Sol 6 1 Appal El Pow 5s P & Asso T 1As Stm Hrd 6ias 1 : 74 Bates Val Bag 6s 9" | T Can 53 9 22Bell T Can 55 Bell Bos & Me Bos Cong 'S Cap_Admin Co 5 * Caro' P & L Cent_St El Ch Pneu TI §'3% 3Ch Ry cfs dep 5 Cit Sv Gas Pip 8s Pow 1 Col Riv Lf Br 635 '3 1 Com Larabee 65 4Cons Pub 6%s 1Cons Tex 85 <41 1ont G & E 55 A 'S Cit Sv Cont_ Ot} Cudahy 58 Cudahy, Det Intl 4Det Intl Ts 5Dix G Gas 6'2s A ‘37 NG 6'as El Paso Emp O & Gen Vend Gr. Harpen s 1l Pow & Ind Ofl & Intl Iowa 3 Kelvin_ Corp 6s MINING STOCKS. Min . 0 &R n 27 siore &'8m. Gold.". Ext. G ris!! m Ou wB=Tna s 90 FOR. SUBSIDIARIES —STOCKS. 300 Penn Mex Fuei [l 100 South Penn O | 600 Vacuum Oil s 56 10013 12 | 30" cod 49 | 5210038 9534 El 55 3033 943 94 | 65 2016 10538 | bs '48 057n 95 | L 5s 65 100 100 Gas 5s "47101'4 101'4 1'% 105341084 9913 9912 10 55, 56.. 5548 58 | 87 | Sias 41, 136.. A 45, 5128 2 4Den & St Lake 65 '60 1Det City G 128 6s A ‘52 *53. 43 R 5)is 43 37 Fed Wat Ser 51y 4 Firest Cot Mil 11Fla P& L Ss ‘54, 1 Garlock Pi 5 Gatineau Pow 55 3 Gatineau Pow 65 2Gen A 158 A ww * 5Gen Ind Alco 6':s '44 1037 iGen Laun M 6'as 37 105 Gen Pub Ser Sias 39 11 Gen Theaters 6s ack 65 8312 kY 851137, .o 1Geor & Fla 6s A''46 ia_Pow 53 ‘67, Trunk 6138 '36 2 Gulf Oil Pen 55 '37.. 12 Guif Oil Pen 35 ‘47, 10 Guif Sts Ut 58 A '56 49 % 1 Hous Gulf G 6123’43 2 Hous Gulf G 6s A '43 3T Pow & L 5%as '87 L s as s '39 § Intl Pow Sec s E '37 ec_Am 55 5Int Nat G 6s 2 Intesta Pow 1Intersta Pow 31Inv Cor Am 55 A 47 5Inv C A 5s A 47 ww. N L&P 55 A 57 91 "36.. 13 Morris & Co 7'z '30 M SS Line 6ias '3 Nathan St Nat P& L Inc 6s 65 A 202 Nat Pub Serv 3s '7l Nat Trade NY&PT Nor Tex Ul r 8 P M hio Pow hio Pow 5g00d Co 000%: v 6 J 65 38 22 23 Neb Pow_6s A 20: 4 Neisner Realty s '48. 13 New Eng G&E 55 '48. INYP&L :"fisA('lil Uil Ys 7350 8 s C '33 102 4'as D '56 90 85 '52 B. 6s '38 Oswego Riv P 65 Pac Pac Inves Pac Wm Ofl 31 & E 4 E 55 A 16138 ‘43 Penn O E 65 A 50 Wi OE L 3s B '52100 3 9. 5125 '59 B 29% 05 943 104% 104 104%8 | Athens. | Amer. | Gen. WHEAT CLOSES LOWER. |CHECKS FOR LESS. THAN $1 | HELD LEGAL IN BUSINESS| CHICAGO, \ July 23 (/) —Swinging backward nearly 6 cents a bushel from early upturns, the wheat market today displayed only moderate rallying power in late transactions. An estimate today of only 215,000,000 bushels yield of wheat this season in the Canadian prairie provinces which was sponsored by a leading Chicago crop expert, re- ceived much attention, however, as being the most radical statement of drought losses yet made from any authoritative source. On the other hand, profit tak- ing sales and hedging pressure found the market bare of aggressive buying at times, and total absence of fresh export business from this country or Canada tended further to pull values down. ‘Wheat closed nervous, 17 to 2% under yesterday's finish. Corn closed unchanged to 114 higher; oats, 4 .t0 72 dawn,mnd provisions unchanged to 45 off. Wheat— Hich S ma won Saud 323 338 32 December Lard-- July .1 September October . Ribs— W 333 X July ... Eeptember TREASURY CERTIFICATES. (Feported by J. & W. Seligman & Co.) Rate—Maturity. 4%s Bept. 13, 192 {48 Sept’ 15, Dec. 15, = Dec. 15, 100 s Mar. 2 100 10-32 is Mar. 1. : 6-32 98 s Sept. 2 9720-32 Dec. 32 9714-32 FOREIGN EXCHANGE. (Quotations furnizhed by W B. Hibbs & Co.) Nominal ¥old Seliing checks value (orpar), _‘cday. | Londen. pound Earis. fran Brustels. drachima. Madrid, peseta Vienna. ~schilling. Budapest._pengo. ... Prague, crown (nom.) . warsaw. 7loty . Copenhagen. érown. Oslo. crown,........ Stockholm, crown. .. £ =i SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid. Allis Chalmers Co. 5s 1937. 0812 Aluminum Co. of Amer. 5& 1952 10013 Rolling Mill bs 1948.. .. 933 Armour & Co_of Del. 8128 1943 Baltimore & Ohio 4155 1933 .. Batavian Pet. Corp. 4125 1942 Bell Tel. of Canada 53 1955 California Pet. Corp, 8128 1938 Canndian Nat. Rwy. 4125 1930 Canadian Nor. Rwy. 4!2s 1935, Chesa. & Ohio Rwy. 4135 1930 Chicago Rock Island 4s 1934...0 Chile Copper Co. 55 1947 > Cudahy Packing Co. 8izs 1937 Tslaware & Hudson Ry. 7s 1930 Edison EL Il. Boston 4'as 1930 Mot Accep. Corp. 68 1937 I Pet. Coiv, 58 1860.... ar T. & R 58 2 65 1936 103 s 93, 00 Goo Grand Trunk of Canada Gulf Oil of Pa. 55 1937.. Humble Ol $ias 1032. Mateh Corp. 35 Oregon Short Line 45 192 Philiins Pet. Co. 5'as 1930 Pure Ol Corp. 5123 1937 Shell Union Oil Co. 58 19471 Sinclair Crude Oil Co. 31as i9: Standard Oil N St. L., Ir. Mt. & So. St L Southwestern R Swilt'& Co. 5 1932... Union ‘Oil Co. of Calif. 85 193 United Drug Co. 8x 1953 Western Electric Co. 58 1944 ... Wheeling Steel Corp. 5%as 1948, 1 Pitts Steel 65 '48..... 10213 10213 10212 44 Eoor & Co 63 '3 otomac s E '3 5 Proct & Gamb 4135 47 98 % 1 Reliance B & St 85 ‘44 9913 9 9 Rel Manage 55 '54 A. 90 53 Richfld Oil 65 '44 A, 101’z 21 Roch Cent P 53 A 33 88 28an'An P S 66 B 38 nider Pi 33 ou & L 65 A 2035 1 2 South Cal G 88 '3 7 Southw G&E 55 A '57 4 Southw Da P 6'25 '38 3 Staley Mfc 6s '42.... 7Stand P & L 65 570 1Sun M Rai 6'as " i ] 3 Thermoid 6s '34... 1Trans L 6'2s ‘32 ‘ww 2 Uni L & Rail 65 A 3Us 10 S 2 U Ut : 1Va Elec & P 55 A 3 Westv Chlor 518 ' 12 Western P 5125 A 2 West News Un 65 1 Western P 5728 5 6 d 170 les FOREIGN BONDS. thousands, 4 Bank Prussia 6s '30.. 97 1 Buenos Aires 75 '52 .. 101% 10 Buenos Aires 7'2s '47104% 3 Ce Bk Ge St 6s B '51 82 10 Com & Pr Bk 5'zs '37 85 4 Guban Tel 725 A 41109 9 Danish Cons 5s '53.. 4 3 Danish Con Ss ‘55 2Ercole M E M 6'2s '53 1Eur M & I 7'2s ‘A '50 2Eur M & 17 C'67.. 8 Finland Res Mt 6s '61 1First Boh Wks 7s '57 2 Frankfort 6'zs '53 .. 14 Pree St Prus 6s 5. 3 Free St Prus 6'as '51 4 Ger Cons Mu 7s '47. 1 Ger Cons Mu 6s ' Hamburg E 5138, 3 Superp 6s '63. 36 Ital Superp 6s '63. 4 Jugosl St M Bk s 3 Mendoza _7'as '51.. 1 Mor Bk Bogota 15 10 Mor Bk _Chile, 6562 5 Mor Bk Denm 5s'72 ix 15 Ruhr Gas_6'as_A '53 1 Rumania Inst 7s '59. 2 Russ Gov_5' 21 2 Russ Gov 6'28 10cisn. 1 Saarbruecken 7s '35. 4 Stinnes Hugo 7s'36wa 16 Stinnes Hugo 7s'46wa 10Uni Ind_6'as 41 5 Uni Stl Wks 6'%sA'47 xd—Ex-dividend. 1 109'2 10472 109'3 | gy 95 98 Considerable interest was aroused among local bankers in a report pub- lished in The Star July 18 to the effect | that H Ford, in issuing a 2-cent check, had violated a Federal statute passed in 1909. Publication of this re- port caused a search of banking laws, and the suggestion wa$ made that the statute be repealed in the interest of financial institutions and business men who sometimes find it necessary to is- sue checks for less than $1. ‘Thomas P, Hickman, vice president and cashier of the Franklin National Bank, was one of those who took an in- terest in the matter. He consulted Paton’s Digest, where he found that checks for less than $1 are not pro- ! hibited by law when issued in the regu- lar course of business payments. “Several of our depositors called my attention to the Henry Ford story,” sald Mr. Hickman. “On reading it I felt that such a law might be a serious han- dicap in the transaction of business and had intended taking the matter up with the American Bankers' Association, through Mr. Paton, the general counsel, with & view to having the law repealed According to Paton’s digest, however, no bank or business man need be troubled over the result when they pay a debt with a check for less than $1.” Paton's Digest has the following to say in regard to the law, which is pro- visiop No. 178 in the Revised Statutes of 1909: “Without going into its underlying history, the purpose of the law in ques- tion was to prohibit the issue or circu- lation of instruments in sums less than $1, designed to be used as fractional currency, and it was never intended to apply to checks on banks, given in ordi- nary course of business, primarily for the purpose of payment rather than circulation.” 'GRAIN AND LIVE STOCK | SITUATION BRIGHTER Special Dispatch to The Star. NEW YORK, July 23.—Poor pros- pects are developing into splendid financlal results so far as the grain and livestock growers of the country are concerned. Wheat has had a sensational ad- vance just when the farmers were in a position to sell. That means actual cash profit in the farmer’s pockets provided he takes advantage of the opportunity. ~ Corn also is following wheat up and livestock is high and ‘llkely to go higher. This means that {the farmer who markets his corn in the form of meat has a profit in front of him. There is a widespread theory in agricultural circles that prices aiways go down when the farmer wants to year, wheat growers have a chance to sell on an advancing market. Whether they will do so or not they alone can decide. Many of them did not sell last Summer until prices dropped from under them and then many could not afford to sell. This is held ac- countable for the huge amount of wheat from the 1928 crop still in storage. The ‘causes of the wheat advance, according to the conclusion today of the Farm Belt Corn Dallies, a recognized authority on Midwestern conditions, are a reduced crop in Canada and some of the Northwestern Spring wheat States and a reduction in some of the other surplus wheat producing countries. The price has amounted to between {50 and 60 cents above the low of the crop season and the present price is profitable. The Farm Dailies estimates the wheat crop now at 833,869.000 bushels, which compared with a final yield of 902.- 749.000 in 1028 and 878,374,000 in EARNINGS REPORTED. NEW YORK, July 23 ().—American Zine, Lead & Smelting Co. had first half net profit of $616,364, against $409.322 in the first six months of 1928. United States Leather Co. had net loss of $1,125.765 in the second quarter. contrasted with net profit of $1,268,997 in_the June quarter of 1928. Earnings of Kimberly-Clark Corpora- tion for the first half year were $1,366. 259, or $2.73 a share, compared with per share earmings of $2.21 in the first | six months of last year. Pennsylvania Coal & Coke Co. ended the first half with net loss of $24.351 against loss of $452,590 in the same 1928 period. SILVER QUOTATISNS. NEW YORK, July 23 (#).—Bar silver, 1 53. Mexican dollars, 40'. sell and go up when he has sold. This | '$222,000,000 BANK FORMED IN CHICAGO! .Amnlgnmation Makes Third Larg- | est Financial House in { Illinois City. | i By the Associated Press. CHICAGO, July 23.—A $222,000,000 | banking institution has been formed to- | day through amalgamation of the Fore- | { man banks and the State Bank of Chi- | ‘caxo. ‘The new banking group will be | | the third largest in Chicago. It marks' | the fifth major combination of Chicago banks within a year. The consolidation was effected on a | share-for-share basis. The new Fore- | man National Bank, which is to be the principal organization of the consolida- tion, will issue 110,000 shares of $100 | | par value, 60,000 to go to the present Foreman National Bank stockholders | and 50,000 to State Bank stockholders. | These respective amounts eqyal the present outstanding shares of the two consolidating_banks. Oscar G. Foreman will be chairman of the_executive committee of both | banks; Harold E. Foreman will be chair- | | man of the board of both banks. Walter | W. Head has been named president of the two banks. Gerhard Foreman fs to be president of the Foreman National | Corporation. | | COTTON PRICES DROP. | NEW YORK, July 23 (Special)— ' Predictions of showers in both Eastern and Western Texas. where rain is be- | ginning to be needed, and fears of labor | difficulties in England caused further | liquidation in cotton today. Spots | were reduced 25 points to 18.75. Range: 1 High. | gy s . 1545 18.5: | Beiober anae 1B% | December 1933 | January 1925 i Low. 13.38 1890 1890, 1883 1aes | 1908 18%n | 19.01 | Close. 1836 | | MONEY MARKET. ! | NEW YORK, Juy 23 P—Can| money steady; 7 per cent all day: time | loans, firmer: 30 days, 8: 60 days, 8: | |4-6 months, 7%88; prime commercial | | paper, 6; bankers' acceptances un- changed. | METAL MARKET. | NEW YORK, July 23 (#).—Copper | | steady; electrolytic, spot and future, 18; | iron steady; unchanged; tin steady: : spot, 47.37; future, 48.00; lead steady: spot, New York, 6.75; East St. Louis, | 6.55: zinc steady; East St. Louis, spot and future, 6.80; antimony, 8.50a862. AREINVITED TO &5 An Excelle CAPITAL GARA NOW .. $26.67 30.00 . 3334 . .36.67 . 40.00 wi—When issued. n—New. ww—With warrants. Arwarer Kent SCREEN-GRID RADIO ORE PEOPLE are employed for test- ing alone in the Atwater Kent factory than the total number of employees in many other radio factories. Formal Wear Fancy Negligee (Collars Attached & Detached) Were NOW $2.50 & $3. $1.95 3.50 & 4. 2.65 51007 .0 1345 600 .issa 395 800...... 585 White Broadcloth Shirts (Neckband and Now $1.95$2 WHEN SHOPPING AT THI Spring Suits and Topcoats ONE-THIRD OFF Stein-Bloch’s Included Alterations at Cost Excepted ALL DUNLAP °* Straw Hats, 25% Less SHIRTS STORE _YO! SoUR CAR AT AT OUR EXPENSE % nt Selection NOw $43.34 46.67 50.00 53.34 56.67 Were J65. 70. 75. " 80. JaTiis. and Tropicals Fancy Silk Shirts (Collars Detached) Were NOW 1000 ...... 685 Dress Shirts (0dd Let—Slightly Soiled) $4.00 & $5..91.95 Collar Attached) .85—83.95 CRUDE OIL PRODUCTION. TULSA, Okla, July 23 (#).—Dally averag: production of crude oil in the United States during the week ended July 20 increased approximately 26,736 barrels, the Oil and Gas Journal esti- mated today. This made a total increase pf approxi- mately 168,357 barrels the lxgg five weeks. West Texas production increased ap- proximately 17,000 barrels, while LR-_ entire midcontinent srea showed a gain of 25,000 barrels. The output of light oil in California increased about 9,000 barrels. Estimated daily average production in the country for the week ended July 20, was 2,911,543, compared with 2,884,- 807 for the previous week.