Evening Star Newspaper, March 11, 1930, Page 14

VAR OF SCENCE INTRATESSIONY Use of Chemicals Results in Reducing Cost of Many Processes. 1 BY J. C. ROYLE. Scientists all over America are work- ing day and night on developments to formulate new lines of industrial en- deavor and reduce the cost of existing ! processes. Developments in electron ! tubes, the radio,.talking pictures and | other scientific achievements have | brought greater appreciation and re- i spect for scientific methods than have " ever existed in this country. 1~ Industrial leaders are recognizing the value of the application of science to + marketing as well as technical prob- i lems. “Rule of thumb” methods are being abandoned and supplanted by exact formulae. Some businesses, ac- cording to H. O. Moraw of the chemical division of the Department of Com- merce, are “sleeping businesses”—that is, they are in a comatose state until a new roduct or a mew use awakens them. velopment of these products and uses serves as a stimulus for business in general. TImportance of Coal. Coal in one form or another is one of the most important items in world eco- nomics, according to Mr. Moraw, yet the amount of coal used in the last year was only 5 per cent greater than that used in 1913, World coal consumption was practically stationary during those seven years. It is now agreed that the best chance coal has for future develop- ment is as raw material for chemicals. ‘The distillation of coal and the utiliza- tion of coal-tar products are pre- eminently important, as is its hydro- genation. The hydrogenation of petro- leum is of equal value, and now the two ‘x‘i‘re being worked out together by chem- ts. Modern business is making constantly increasing demands for industrial al- cohol, carbon black, potash and its derivatives, sulphur and a score of other products. Agriculture is commencing to Tealize that fertilizers act as crop guar- antees and aid not only the income but the safety of the farmer. In the fertilizer field the nitrates, of course, occupy & dominant position. For years Chilean deposits of sodium nitrate have been the main source of American supply. Now the production of syn- thetic nitrates by chemical processes is the predominant interest from the lgri- cultural standpoint. This has made possible by the dzve]opment of cheap power. Synthetic ammonia is now being produced in seven plants in the United States, the output from ‘which is three times as large today as aL the end of 1928. These plants have & yearly capacity of approximately 150,000 tons of synthetic ammonia. Synthetu: Ammonia. In the manufacture of synthetic ammonia hydrogen gas plays a more important part. It is in the {manufacture of synthetic ammonia i'that . the process of fixed at- ‘mospheric nitrogen takes place. Francis C. Wilson, river commissioner of New Mexico, claims that Boulder Dam will ‘make le the production of fixed nitrogen at roughly $9 a ton, as com- pared with ssn at the private plants now in operation. Increased demand is in evidence for _welding supplies such as oxygen and @acetylene, and new processes are rapidly .changing construction methods. Ex- ports of chemicals in the last year iamounted to over $200,000,000, while sthe value of chemicals produced in the United States was placed at last re- ports at $2,750,000,000. One example of scientific activities in the electrical fleld is found in the development of the electric “eye,” by which traffic lights and street lighting and other circuits are automatically turned on and off us the natural light makes it necessary, in. stead of following a fixed schedule vlhlch takes no account of fog, storms and other factors. (Copyright, 1930.) MACHINERY ORDERS LAG. Volume of Inquiries High, How- ever, and Dealers Optimistic. NEW YORK, March 11 (Special).— ‘While the number of incoming machine- tool and machinery inquiries continues in unabated volume in markets through- out the country, hesitancy in closin \orders still persists among buyers an business in the trade is holding its own, American Machinist reports. Expres- sions of optimism are common from all quarters, lnd the general tone of busi- ness in the metal trades is considerably improved. Most of the demand during the past week was for single items for replace- ment purposes. Machinery orders in the New York district are still for single items, with the D. L. & W. list expected to be closed this week. Detroit dealers report little change, but a tendency to- ward improvement. Railroads are dis- playing buying interest in New England and present business there is chiefly for one or two tools. Philadelphia dealers report a decline In sales for the past week, but expect a recovery within a fortnight. In Mil- waukee, production schedules are hold- jng up well, no cancellations are re- rted and substantial sales are seen in {:e offing. Machinery business in Chi- cago is considered slightly better and Cincinnati dealers report a slight gain. Cleveland business is reported on the upgrade, with a good volume of inquiries, and Buffalo, likewise, shows definite improvements ir trade activity. OIL OUTPUT ~DECBEASES TULSA, Okla, March 11 (#).—The daily estimated average production of crude oil in the United States in the week ending March 8 decreased 80,890 barrels. the Ofl and Gas Journal says Thls 1s in addition to 66,000 barrels Jost during the week ending March 1. Proration activities and natural fluc- tuations were held responsible. The total estimated daily production for the week ending March 8 was 2,538,308 barrels, as compared to 2.619,- 198 for the week ending March 1. CHICAGO DAIRY MARKET. CHICAGO, March 11 (/) —Butter, firm; receipts, 14,316 tubs; creamery ex- tras, 37, standards, 37%%; extra firsts, 361,a37; firsts, 3323515 seconds, 30a31. Eggs, steady: Ieceiplb, 23,262 cases; ex- tra firsts, 25325' 2 grnded firsts, 24; ordinary firsts, 2323 MONEY MAEKET‘ NEW YORK, March 11 (#)—Call money firmer, 4 per cent all day. Time loans ‘steady, 30 days. 4Va: 60-90 days, 4'4; 4-6 months, 4i4-41 ‘Prime ‘commerclal paper easfer, 4%4- 15 Hankers' acceptances unchanged. NEW YORK BANK STOCKS. NEW YORK, March 11 (#).— TRUST CDMPANIZSBM P 17 15 Bankers Cent. Hatover Chemical Bank & Trust.’ Corn Exchange... County ... / Eauitable New Yol United States.... America FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, TUESDAY, MARCH 11, [ v BONDS = NEW YORK STOCK EXCHANGE s Recelved by Private Wire Direct t- (Continued From Page 13.) and Sales— ~Prev. 1930.~ High. Low. 224 15% Mengel Company (3) 29% 16% Mexican Seal 26% Miami Copper (4) Michigan Steel (2%). 231% Mid-Continent P (2). 16 Middle States Ol et. 105 Midland Steel Prod. . 1 Minn Moline Pwr... MStP&SSM11(4). 220l Mo Kan & Texas. ... Mo Kan & Tex pf(7). 25 44 23 Missour! Pac pt Mohawk C Mills (3).. Monsanto Ch (§1%) Montgomry Wrd (3| Moon Motors. Morrell & Co (4.40). Mother Lode (40¢)..: Motor Meter G & BE. o Motor Products (2) Motor Wheel (3). Mullins Mfg. . MurrayCor (b3 % stk. Myer(FE)& Bro (2). Nash Motors (6) Nat) Biscuit (7) Nat B (p2.80). 4 Nat Cash Reg,A(t4). Nat Datry (32)...... Natl Dept Stores(2). Natl Enameling (2) National Lead (18).. Natl Lead pf A (7).. Natl Lead pf B (6)..110s Natl Pwr & Lt (1)... 106 4 Natl Surety (5). 2 24 13 18 6 50s 1 20s o 2 NH&Hpf (). Steam pf (6).... 60s N Y Steam 1st pf (1) 30s North Am(b10%stk) 60 North Ampf (3).... 8 North Am Ed pf (6). 1 Northern Pac (6).... 20 North Pac et (5).... Northwestn Tel (3).; l0l 011 Well Sup pf (7).. 20s Oliver Farm Equip.. 15 Olivr Fr Eqpf A(6).. 2 Olivr Fr Eqev pt(3). 18 Omnibus COrp.....e 1 Orpheum Cir pf (8). 400s 8¢ Otis Elevator (6).... 5 3 OtisSteel (2%).coe 7 Owens 11l Glass(n4). Pacific Co: Pacific Coast 1st pf. . Pacific Coast 2d pf.. Pacific Gas & £ (2).. Pacific Lighting (3). Pacific Oll stubs. . Pacific Tel & T (7) Packard Motor (1).. Pan-Am Petroleum.. Pan-Am Pel Pathe Exchange. Pathe Exchange A Peerless Moor Car.. Penn Dixie Cement. . Penn Dixie Cemt pf. . Pennsylvania RR(4) People’'s Gas Chi (3). Pere Marq pr pf (5).. Philip Morris (1). Phillips Petrm (n2 Plerce-Arrow A... Pierce-Arrow pf (i) . Plerce Petroleum. Pilisbury Flour (2). Pirelli Co(A) (p3.14) . Pitts Steel pf (7). Pittston Company Poor & Co (B) (2)... P Rican Am To (A)7 Prairie Pipe L (16).. Pressed Steel Car.... Proc & Gamble (2).. Public Serv, NJ 3.40 Pub Sve NJ pf (6)... Pub Sve E&G pf(6).. Pullman Corp (4). Punta Alegre Sugar Pure Oil (1%). Pure Oll pt (8) « 10 Purity Bakeries (4). 20 Radio COrp. .o.essss 1294 Radio-Keith-Orph A. '109 Reading (4)...ece0en Reading 1st pf (2) Real Stlk (8).. Reming-Rnd 1st ('l)- Reming-Rnd 2d (8).. Reo Motor Car (.80). Repub Ir & Steel (4). Rep Ir & S pt ctfs(7) Reynolds Tob B (3). Rhine W El P (2.16). Richfield O1l (2).... Rio Grande O1l (2).. Ritter Dent Mfg (13) Hossia Ine (2.20).... Royal Dutch (23.20). 4 Sateway Stores( Safeway pf (6). Saf y Strs pt (' 48 St Jnltph Lead (13). St L-San Fran (8)... St L-San Fran pf(6). Savage Arms (2). Schulte Retall Strs. . Schulte Retall pf(8) 2!0- Seaboard Alr Line. .. h Seagrave (e1.20) BzV. Sears Roebuck (13%) a7 9% Second Natl Inv..... 6 58% Sec Natl Inv pf (6).. 2 NEW YORK COTTON. NEW YORK, March 11 (Special).— Cotton prices advanced sharply today and closed with a gain of 22 to 30 points. There was more short covering by professional interests and the recent drastic liquidation appeared to have run its course, for the moment at least. After selling not far from 11 cents Monday May recovered above 14.39 and ended around that figure at best prices of the day. Spots were advanced 30 ints. Closing quotations: January, old, 1491 nominal; January, new, 14.72 nominal; March, 14.19; May, 14.39 to 14 41; July, 14.58 to 14.59; October, old, | 14.64 to 14.66; October, new, 14.43; De- ! cember, old, 1485 to 1487, Decel mber new, 14.65 nominal. GRAIN STOCKS ON FARMS. By the Associated Press. Stocks of grain on farms March 1 in important producing States were an- nounced today by the Department of Agriculture as follows: ‘Wheat—Ohio, 7,092,000 bushels; In- diana, 4,436,000, Illinois, 4,384,000; Mis- souri, 2,595,000; Nebraska, 11,311,000; Kansas, 17,948,000; Oklahoma, 4,003, 000; ‘Texas, 2,268,000; Washington, 3, 593,000; Oregon, 3,005,000; Minnesota, 3,789,000, North Dakota, 20,547,000; South Dakota, 5,747,000, and Montana, 8,020,000. " Cern—Pennsylvania, 15,335,000; Ohio, 48,795,000; Indiana, 52,878,000; Illinois, l37 060, 000; Minnesota, 41,679,001 196,992,000; Missouri, 44 283,00 braska, 99,852,000; Kans: and Wisconsin, 17,917,000. PARIS BOURSE PRICES. PARIS, March 11 (#).—Price changes were irregular on the Bourse tod: 92 Bunk of United Siates units roadway Natlonal hase Nationa Phenix Natioai.. Avenue National N. ¥ ‘Three per cent rentes, 86 francs 50 centimes. Pive per cent loan, 101 francs 90_centimes. Exchange on London, 124 francs 265 centimes. The dollar was quoted at 25 francs 55% centimes. Stock Prov. Dividend Rate. _Add 00. lul. Low. Close. Close. 2~m 2)% TH cgaagacaag nunBBEnn Yi 17% 22% XY 184 20% 3% 10:30 A M....... payments based in stocl 8%% in stoc] kholder. Markets at a Glance NEW YORK, March 11 _(#).—Stocks irregular; General Motors at year’s high. Bonds firm; foreign bonds advance. Curb irregular; oils buoyant. Foreign exchanges easy; sterling sags. Cotton higher; firm cables and trade buying. Sugar steady; Cuban support. Coffee easy; European selling. CHICAGO, March 11 (#).—Wheat easy; poor export demand and bearish Kansas report. Corn steady; unfavora- ble weather, Cattle steady. Hogs steady to hlgher UNITED FOUNDERS’ OFFER TO AMERICAN EXPLAINED Because of the large amount of Amer- jcan Founders and United Founders common stocks owned by Washington investors there is much interest here in the offer made by United Founders Corporation, which is seeking to acquire a majority of the outstanding shares of American Founders Corporation. The offer, received by American Founders stockholders a week ago today, already | has resulted in the exchange of many ithnublnds of shares, according to J. W. Iglehart & Co., identified with both is- sues. k. its shares for three shares of American Founders, with a dividend adjustment that will give American Founders stock- holders making the exchange scrip equivalent to the dividends on bot stocks for the month of April. The of- fer will expire April 1. United Founders was organized about a year ago by the management of American Founders and had acquired | P over 36 per cent of the ouuundxng common stock of the latter company prior to March 1 of this year. United of United States Electric Power Cor- ing Corporation of America and insurance, ity, investment _compa: bsnking and railroad fie Stock a Bales— nmn-nlun Add 00. High. Low. Close. cku 214 Seneca Copper. Servel Inc. Sharp & Dohm: - Shattuck(FG)(t1%), Shell Unfon (1.40)... Shell Un O1l pf (6%) Shubert Theatres. .. Stmmons Co (g3). Simms Pet (1.60)..e. Sinclair Con Ol (2).. Sinclair Oil pf (8) ( Warner Bros Ple “) . War Bros P pf (2.20) Warner-Quinlan (1). Warren Bros (19)... Warren Bros 1st (3). Warren Fy&Plipe(2). Webster-Eisenlohr. . Wess Oil & Snow (2). Wess O & Sn pf (4).. West Penn El pf (6). West Penn Pw pt( West Penn Pw pf (7) & Towne (16).., 1 Yellow Truck & C. Young Spring (3).. 3 45% Young Sheet & T (). Zenith Radio. RIGHTS EXPI Am Roll M., June 16 191 United Founders has offered two of | & Founders is also the largest stockholder | § has other large holdings in tha public util- | U; The Star Office. 2% 2% 2% 8% 8% 24 25 45% 45 22 22% Southern Cal Ed (2) Southern Dairies B Southern Rwy (3) Southern Ry pf (5).. Sou Ry M & O ct (4) Spalding(AG) (2)... Sparks Withngtn(1). Splcer Mfg...coceoee Splegel-May-St (3).. Stand Brand®(1%).. Stand Gas & El (3%) Stand O of Cal (2%). Stand O11 Exp pt (5). Stand OII N J (12)... Stand O11 N Y (1.60). Sun O1l pf (6). Superior Ofl. Superior Steel. Telauto Cp (11.25) T. n Cop & Ch (1) xas Corp (3) Tex Gutf out (4 TexPC& O (b10%). Texas Pao Land Tr.. Thatcher Mfg (1.60). ‘Thompson J R (3.60) Thomps: Water Asso 60c. ‘Tide Water Oil (80c) Timken Det Ax 1300 Timken Roller (3)... Prod (2.40) Tobaceo Product: Tobacco Products A. ‘Transcontinental Ofl. Transue & W (1).... ‘Truscon Stl (g1.320 Twin City RD T (4) ee Und-Ell-Fisher (5) .. Union Bag & Paper. . Union Carbide (2.60) Union Oll of Cal (32) Union Pacific (10)... Union Tank Car. Ga: Utd Gas & Im pf (5).. Unit Piece Dye W (2) United Stores A. S Ind Alcohol (17). S Leather. Leath Pipe & Fary Pipe 1st pf (1.20) Realty (6).. Rubber. Rubber 18t pf. Smelt Ref (3%).. Smelt Ref pf 3%. U S Steel (7). adiu; Vick Chamlcll (2% ). Virginia-Car Chem. . Virginia-Car 6% pf. Vulcan Detinning (1) 230s 120% ‘Vulcan Detin (A)(1) 130s 110% Wabash... e 2 52% 2 26% 20 37% 108 28 2 664 565 72% 4 63% 3 17% 29 185 60s 61 Weston El Ins (1)... Wextark Radlo (2).. White Motors (2). ... White Rock M 8 (14) Wilcox Rich, B (2).., Willys-Over (1.20) Woolworth (2.40). Worthington Pum, Wrigley Wm (4).... 13 104% 1 68 1% 182 22 16 146 1 9 1% .May 9 49 1% ‘Mar12? 62 17% Mar 315208 21% LApr2l 61 3% 14 17% 21% 3% Sales of Stocks on New York Excl 633,600 12:00 Noon......1,971,800 Dividend rates as given in th a5 glven in the anove tables are the annual cash 8 Unit of trading less th k. § Payabl 1, yearly declarations. rtly extra. in stock. a Paid t uarterly or 100 t 1P o ;. b Payable 131" Hotks o payaie hin st B Plus 25" n stock. 3 Plus T Plus' 8% e us 10% in stock. g Plus 6% 1n'stock. 'k Blis 3% In stock.” m Byes "0’ stock, ' Sublect o approval of GRAIN MARKET. CHICAGO, March 11 (Special).—The wheat market suffered a sharp slump in the final 15 minutes of trading today under liquidation caused by the weak- ness in Winnipeg and Minneapolis. Last prices were % to 2 cents lower. ‘)'d?l‘chl 051]05;:1).1 May, 1.11% to 1.11; uly, 1. 05%s; Se) tem 3 '-Ocloo" vy ‘s; September, 107}, m cloued Ta h her to 7 1 March, 773 to 77‘ ay, 81% 'w g;fl!‘r ggl 83% '.o 83%%; Sep'.ember 83% to Onl.s closed 13 higher to 13 lower. March, 4115; Mny. 42% to 42%; 4204; September, m,." iG] STEEL PRICES ADVANCED. NEW YORK, March 11 (#).—Several independent steel producers in the P!luburgh district have advanced the prices of black and galvanized sheets for second-quarter deuvery $2 a ton. BHOBT-TEBM SECURITIES (Reported by J. & W. Seligman & Allis-Chalmers Co, 55 1937. Aaerican Tel. & Tel th Oenenl Psrl cnrn %% 100 Goodyear T. Grand Frum ou Co. . Jersey ; York 4 8t. L rorlflon and the Public Utility Hold- me C 1 Whnain Flseinicoo; o, 1844, el ‘Corp. 8148 WL Sial Car Gk FOREIGN BOND LIST FEATURES TRADING South Arfierican Group Is Prominent in Active Session Today. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, March 11.—Since the bond market has now discounted in full—as far as prime issues are con- cerned—the probability of a cut in ‘he New York Federal Reserve rediscount rate this week, attention was turned today toward the foreign list. South American descriptions were the feature. ‘The stock market also contributed to the partial halting of the bond mar- ket's advance. Stocks were actively higher and there was evidence in the senior market of a considerable diver- slon of funds for the purchase of equities. This was most heavily felt in junior railroad group, the industrials, olls and tractions. Chicago & Great Western 4s, Rock Island 41;s, Missouri- Pacific 4s, Frisco 4l5s, Bouthern Rail- way 4s, Certainteed 512s, National Dairy Products 4%s, Dodge Brothers 6s, Armour of Delaware 5%s, Sinclair 6148 and 7s and Hudson-Manhattan Refund- ing 5s were all fractionally lower. In the South American list, Antio- quia “A” 7s ran up 4 points to a new hlgh for 1930. Other substantial ad- vances were made by Argentine 6s, Chile 6s, Uruguay 6s, Brazil 6l,s, Sao Paulo 8s, Colombia 6s, Buenos Aires 6s and Santa Fe 7s. Most of them were at or close to their best prices of the year. This section of the !?relgn de- partment suffered the heaviest losses last Fall and has been the last to come back to normal levels. Brazilian bonds are still a considerable distance below their high levels of 1928 and 1929, due chiefly to the continued depression in commodities on which Brazil depends for revenue. United States obligations again made new highs. Convertible issues rmged higher, the most active bein; i tional Telephone :l¢s, Ame! Tola- phone 4%s and Alleghany Corporation 5- of the old and new descriptions. i th-grade rail bonds and public ul ‘were irregular. Washington Stock Exchange SALES. Wluhamflon Rwy. & Hjectric 45—$500 CIpiul Traction Co—10 at 85, 40 at Pommlc Electric 5% % pfd.—1 at 107%, 10 at 107%, 10 at 107%. Federal-American Co. com.—15 at 29. National Mtge. & Inv. pfd.—100 at 47%. ‘The Carpel Corp.—50 at 23, 10 at 23%, 10 at 237, 30 at 237, AFTER CALL. Georgetown Gas 55—$500 at 100. Anltol;a;il & Potomac R. R. 55—$1,000 at 83 Capital Traction 5s—$500 at 95%. National Savings & Trust Co.—5 at 540. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & ;em 4 Amer. Tel. Am. Tel & Te i LAY American_Tel. & Tel Capital Traction Co. Washinglon Gas Li Steambor lectric . & Elec. com. 9 . & Elec pfd Wash,, Balt. & Annap. com Wash., Balt. & Annap. pfe NATIONAL BANK. National Capit Lincoln .. 0.5 . National Metropolitan. Riggs National' B TRUST COMPANY. American Security & Trust Co. Continental Trus 12 Merchants' Washington l.eln &' Trust “ SBAVINGS BANK. % | Bank of Bethesda. | Commerce ng mert & Savit East Washington. ates Washington Mechanics’ FIRE INSURANCE. American .. -l men's National Union.. TITLE INSURANCE. Columbia _ Titl 3 Real Estate Tit Title & Inv. of Md. com. MISCELLANEOUS. Barver & Row, Inc. com. Chevy Chase Dairy i ol Sand & gravel n(u . C. Paper Mfg. ptd.. Fronal Secu Emereon’s Bromo Seltzer Federal Storage pid.. Federal-American Co. coim . Federal-American 0 8z 28558 a0sess Nuflce—Tmz exchange adjourned to- day out of respect to the memory of the late President, Willlam H. Taft. INVESTMENT TRUSTS. NEW YORK, March 11 (#).—Over the counter market: !Id Anked Equity_Investors com . Fixed Trust Shares A Do B Investors Trustee Shiares & Curtis Inv A‘ufl TREASURY BALANCE. The United States Treasury balance announced today, as of close of busi- ness March 8, was $10,054,230.29, Cus- + toms receipts for the month to date were $11,080,168.16. Total ordinary exvenditures £16.856.395.17, 1930. UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Close. . 107 1001 100 100 2 1019 1018 101 8 27 101 22 101 21 101 22 1 100 20 100 20 100 20 6 100 20 100 20 100 20 1 10821 10821 10821 11225 118 6113 Argentin Argentin o 2 Bank of Ch! Bank of Chile l% N Belgium 6; P oRa~e® Danish Munic 8s A. Danish Munic 8s B. German 7s. Ger Gen Elec Greek 65 1963 Montevideo 7s. Netnerlands 68 72.. New So Wales 67 Nord 6%s. Norway bs 1963 Norway 6% { Norway 68 1944. ... Norway 6%s 1952.. Ortent d % 6 Orfent Dev'mt 6: ) Poland s (rets).... Poland 8: Queensiand 7 Rhinelbe Un 7 BP Toklo Tokio 5%s 1961 Utd Kingm Hh 1. 29 8 Abitibl Pa&P bs *63 Alleghany Cp bs ¢4 AmChem 643 cv 49 30 Am Int Cor 6348 49 31 Am Nat Gas 638 43 Armour&Co 43%s 39 Atl Gulf 58 69 Certn-Ta 6%s rets Chile Copper 6 Col G&EI 5= May 53 Colon Oi1 65 38 Com Invest 6%s o, Com Invest East Cuba Sug %8 Fisk Rub 8 Gen Cable 6% Gen Mot Ac Cor Gen Stl Cast 5% 4§ Goodrich 64s. .. Goodyéar bs rets. Humble O & R Humble O & R 633 111 Bell Tel 6 11} Steel 438 40 Inland Stl 4 %s Intl Cement Int] Mateh 68 47 LT 'ntl Tel&Tal 68 '65. Kendall 6%s 48 war McC'rmick ER Midvale Steel North Am Edis §a.. No.Am £d 6348 63. Nor States Pow 6 Nor States Pow Pathe Exchange 1. Phila Co 68 Phila & Read Phillips Petro Por Ric Am Tob (s. Postal Tel & C 6348 Car Pressed 5 Pub Serv G 4%-}' Pub Serv Gas 4% 103% 9% % 95% 108% 108% 92% 101 108% 85% 107 101% 4 105% 106 107% 107% 993 994 MISCELLANEOUS. 83% 834 101% 101% 102 103% 924y 924, 101% 244 99% 92% 96% 100% 109% 104% 101% 108 101% 52% 99 96'»: 9‘ 28% fin vo% ‘Wire Direct to Remington Ar Rem Rnd 6% Richfleld O11 6 Sinclair O11 Sinclatr Ol Sinclatr O11 Sinclair Cru Sin Pipe Lin South Bell Tel Stand OIl N J Stand O1l N Y ¢4s. Sug Es Orlent 7s... Tenn Cop 65 B 44 Tenn ElecPowsi Tex Corp ov 58 1944 United Drug 6s 63... U S Rub ist rf bs... U S Rub 73 Utah Pow & Utilities Pow 5%48.. Vertientes Sug 7Ts.. Westn Union 834 Wilson & Co 1st 6 Win Repeat Ar 748 Youngstn 8 & T 6s. RAILROAD. Ann Arbor ds. ...., Atchison ad) . Atchison gen Atch deb 4158 '43 Atlantic C L 4s. AtlantlcCL 4%s 64 Balto&Ohto gold 4s. B&Ocy4Yys. B & O Toledo Bang & Aroos ¢s 51 Boston & M Bush Term con bs.. Can Nat 4%4s ‘54 4% Ch&O l’él B1996. Chicago & Alton 3s. Chi B&Q gen 48 63.. CB&Q4%s77B. CM&StPGen3y.. ChIM&StP4148CS9. Chi MiISP&Pacts75160 CMSP&Pac adj5s08 Chi & NW gn 3%s. . Chi N W 4%s 2037, Chi&NW 4% s 1987, Chi & N W con 4%s Chi Un Sta 4%s. Chi Union Sta .“l. CCC&StL deb 4345, CCC&StL 4%sE... Cuba Nor 6% Del & Hud 5%#. Den & R10 G en 4 Den&R G W 4% =36 DRG & Wst bs DRG & Wat 53 T Det United 4%s. Erfeconvds A. Erle conv 4s B. Erie Gen 4 Erle cv 68 67. Erle & Jersey Fla EastC6s 74... Gr Trunk st db Great Northn 1st 58 Gt Nor 5%s. Gt Nor gen Hav El Ry §%s51.. Hud & Man a) 6 Hud & Man ref bs.. 111 Cent ref 4s. Int Rapid Trans 6s. Int Rap Tr 6s stpd. Int Rapld Trans 7s. Int & G Nor 1st Int & G Nor adj Int RysCA 6 Towa Cent 1 Nt 3 4 Kan City Term 4. Lehi Valen 4s. Long Isrf 4s 49, L &N 4%s2003. Man Ry 15t 43 90. .. Mil El Ry & L 6s 61 MStP&SSM bs gtd. MK&T lIst 4 Mo Pac 5%s 49 evt. Nash Chat& StL 4s. NOTex& MSsA.. ‘ent deb 68 &St Ldebds StL6%sA H 4%s 67. ev db 6. Nor Pac §s Nor Pac rf 6; Ore Wash 1st 43 Penna 45 1948 Penna gen Penna 4% Penn 5364 Penna %8 Penna Gold 7s. Peo K 18t 48...... POC&StLEsB 6 Port R L & P 58'30. | Port RL & P68 42. Reading gen 4%8 A Reading J C4s51.. RIArk&L4%s St L IM&S R&G 45, StL&SFplisA SIL&SF4%sT3. st L & San Fr in 6. t L&S F gen 63 31, SILS W 1st 4 St L&SW eon 4833, Sou Pac 4% reta. So Pac 4%3'6) ww. Term Asso StL Tex Atk FS 6% 8 58 STOCK EXCHANGE | Star Office Sales. High. 1 97 FINANCIAL. Low. Close 97 97 10 98 97% 98 1 95% 95% 95% 1004 100% 100% 100% 1004 100% 102 101% 101% 98% 98 98Y 9514 95% 951 102% 102% 102% 102% 1021 102% 96 96 96 <40 . 40 40 100% 100'% 100% 106% 106% 10614 101% 101% 101% | 94 93% 94 86 86 86 101% 100% 100% 99 98% 99 90 89% 90 60 60 93 93 103% 103 102% 102 109 109 99% 99% 99% 100 100 100 101% 100% 101% 10 17 10 11 17 1 79% T79% 9% 9 90y 90% 90% 10 94 93% 93% 10 136% 136 136% 98 98 1 93% 93K 93W 23 991, 99% 99% 2 .102% 102% 1025 1.102% 102% 102% 6 104% 104 104% 32 110% 109% 110% 9315 9314 102% 1025 855 85% 87U 8T 98 98% 98% 98% 89% 89% 86 86 92% 92% 96% 96% 94% 948, 9414 943 9 nw 116% 116% PRODUCTION LOANS ARE SEENBY BOARD U. S. Farm Agency Expects Demand to Develop for Finance Agencies. BY FRANK I WELLER, Parm Editor, Assoclated Press FPeature Bervice. It has become known unofficially that members of the Federal Farm Board have held informal discussions of an approaching demand for ‘“production credit,” a form of farm financing alisn to the board’s current practice of loane ing money for marketing purposes only, Representative Kemp of Louisians has notified his constituents that he has asked the board for a plan whereby ad- vances can be made to strawberry and vegetable growers of his district to help meet the costs of producing their crops, The request is considered a fore- runner of others that may result in the board consider! the use of Gover: ment funds to help co-operatives mai tain subsidiary “finance corporations™ through which production credit may be extended. Co-operatives. Co-operatives can and some have set up such subsidiaries themselves, invest- ing their capital in securities to be used as collateral in borrowing as much as ten times the amount of the capital from intermediate credit banks. ‘The board is brought into the picture on the theory of growing demands for the use of Federal funds as capital. board is understood to be in- clined to restrict its activities, should any be authorized, to finance corpora= tions the national commodity market= ing associations might organize. There has been some discussion of such a subsidiary for the American Cot ton Co-operative Association. 3 g6 86% 86 ll 102% 102% 102% 6 100% 100 100% 7 93 92% 93 22 1004 100 100% 99% 99 994 3 95% 9614 78 661 69 93 93 98 98 86% 86% 5% 76 €5% 66 85% 86% 95 95 931 94 2% T2% 4 98t 78§ 10 9615 96% 3104 104 104 44 100% 100 100 3 108% 108% 108% 3 90% 90 90% 3 97 9T ql'/l 4% 97 1w 9% 7 9T 9T% 9T 1115 115 115 1 881% 881 881 1 104% 104% 104% 99% 99% 96% 96% 99% 99% 9% 96 66% 664 1 04 104 95% 97% a7 93 96% 85% 8 82 42 95% 95% 5 111% 111% 111% 5 56% 5647 564 14 105 104% 105 20 96 96 96 1 110% 110% 110% 13 111% 111 111% 8 62% 63 7 9% 49 26% 1 92% 25 66 21 6514 % 88Y% 104% 104’% 104% 90 89% 90 4% T TAK 6 321 32% 32% 205 1% 1 101% 101% 101% 50 89% 89% 98% 884 88% 9016 9T 97% 42 10 66% 2 104 16 94 2 4 mm 1024 1 32 1% 77 25 100% 100 100 12.100% 100 100% 8 111% 110% 111 20 oM 91 1% 5" 98% 98% 98 1 96% 96% 96% 5 102% 102 102% 11 80% 80 807 5 89% 89% 89N 5 98% 981 98% 5 106% 106% 106% 1 106% 106% 106% 2 99% 99% 99% 25 107 106% 107 1,101% 101% 101% 5102% 102% 102% 1 93, 93 93 84 131 129% 130% 7 106% 106% 106% 81825, 9% - 28 88% 6 6714 0 1 103% 103'% 103% 4 113% 113% 113% 1 90% 90% 90% 3 93% 93w 93y 77 2 84% 84% 84% 1107 0 1 99% 1 99% 13 20 2 9 1 97% 13 90 42 9% 91y 2 1024 102 1 101% 101% 1nw. T 874 8TW 12 98!1 98% 98y 57% 58 9% 09y 931y 984 Crop Lien Notes. ‘Unquestionably Farm Board icle pation would inject the mvl.non that farmers to whom production credit was extended agree to market their crop through the co-operative. ‘To secure crop lien notes they would be requested to give, there is a g:obw- bility that the board, through operative, would request farmers to fol- low certain cultural methods necessary to successful production. Baltimore Markets BALTIMORE, Md, March 11.—Po~ tatoes—White, 1on-pound sacks, 2.258 2.75; new potatoes, bushel, 1.75a3.00; sweet, potatoes, barrel, 2.00a3.00; yams, barrel. 2.00a3.50; beeu. mte. 2.508 3.00; cabbage, hlmper. 75a1.00; carrots, basket. 1.10al1.15; cauliflower, crate, 1.50 22.25; celery, crate, 2.00a3.00; lettuce, crate, 2.75a3.00; kale, barrel, .MII'IG. onions, 100 pounds, 1.50a1.75; crate, 3.00a6.50; peas, bushel, 2.50!800‘ parsnips, basket, 40a50; spinach, bushel, 90a1.00; squash, bushel, 2.50a4.00; to- matoes, crate, 1.00a3.00; turnips, ham- per, 30a40; cranberries, box, 7.00a8.00; apples, bushel, 75a3.00; grapefruit, box, '2.25a4.25; oranges, box, 2.10a4.75; strawberries, quart, 15a45. Dairy Market, Poultry, alive—Turkeys, pound, 32a 38; old toms, 24a26; young chickens, 34a40; Leghorns, 25a28; poor, thin, 20; old roosters, 17a20; capons, 32a38; ducks, 17a30; old hens, 30a32; Leghorns, 27a28;, poor and thin, 18a20; guinea fowls, each, 40a65; pigeons, pair, z.mo Eggs—Receipts, 1,520 cases; hennery, whites, firsts, 25a25%2; firsts, Zlhlfl duck eggs, 38a40. Butter—Good and fancy creamery. 34a3815; ladles, 31; sum pm:ked. 19a20; rolls, 25a28; pressed, 2. New River Line Proposed. BATON ROUGE, La., March 11 (®). —The Mississippi Valley Barge Line Cc. seeks Interstate Commerce Commis- sion permission to run a barge service on the Mississippi and Ohio Rivers, touching river ports in Ohio, Ken- tucky, Indiana, Illinois, Missouri and the Mississippi River south, NEW YORK, March 11.—The fol- lowing is today's summary of important corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. Preliminary estimate of daily crude oil production in the United States for the week ended March 8 totaled 2,538,- 308 barrels, a decrease of 80,890 bar- rels from the previous week’ verag Prices of petroleum . continued un changed during the week. Crude oil in 10 producing flields averaged $1.46 a barrel, compared with $1.668 l bar- rel in like week of a year ago. line prices at four principal mumm averaged 6.875 cents a and service station prices were 182 cents a gallon. Outstanding in the day’s corporation news was the report that Consolidated Gas Co. of New York had lequl.red control of New York Steam tion. Other items of interest were the announcement of favorable dividend actions by Singer Manufacturing, Ferro Enameling and Lone Star Gas. The Companies. American Stores sales, four weeks to March 1, up 1.0 per cent; sales nine weeks to March 1, off 0.3 per eem. American Woolen sustained 84, 2238190 in 1929 against loss $1, 2“ 253 in 1928. Borg Warner Corporation earned $6.04 ;m common stock in 1929 against $6.47 in 1928. Brillo Manufacturing earned $1.53 on :g;n’mon stock in 1929 against $1.58 in Consolidated Gas reported to have ob- tained control of New York Steam Co. Consolidated Retail Stores February sales up 42.9 per eent; two months' sales up 28.5 per cent from year ago. Elk Horn Coal earned 36 cents on $3 preferred stock in 1929 against 15 cents in 1928. Ferro Enameling declares extra divi- dend of 25 cents in addition to re(ullr qll:)lcrlerly dividend of $1 on class A s General Steel Castings earned $1.56 on common stock in 1929. Hercules Motors earned $3.65 on com- mon stock in 1929 against $1.73 in 1926 Lone Star Gas common stock - Jon $1 annual basis, against 80 eenu formerly. Pierce-Arrow motor car shipments in first two months of year up 84 per cent over like 1929 period. 7315 738 921 9214 96 97 35 98% 984 98 16 90% 90% 901 37 109% 109 109 17 1184 117 118% | 14 124% 124 124%) 3102 102 102 1106 106 106 Pure Ofl orders equipment for 196 miles of 10-inch pipe line from Van field to its Smith's Bluff refinery, Singer Manufacturing declares extra dlvmgnd of $4.50 in addition to regular quarterly dividend of $2.50. Southland Royalty earned $1.25 on fommon stock in 1929, against 95 cents in 1928, Standard Ol of Indiana to reduce re~ Tex & Pac 68 B 1977 10 101% 101% 1011 | finery runs to conform to Federal Ofl Tex & Pac 63 C 7 Third Ave ref 4s 60 Tol Tr L&P 6%8 30 Un Pac 1strf Unton Pac 48 Union Pac 4% virginia Rv st bs. Whbash 68 76 B Wabash 5%s 75... West Maryland ¢s. w I“fll"l' . Wis Cent gn 48 ¢! 43 102 101% 101% 7 60 504 BOY 4 100% 99% 1004 3 89% 89 89 5 98% 98 98% 4 104% 104% 104% 8 100% 100% 100% Conservation Board's six-day-a-week recommendation. Nathan Strauss, Inc., February sales 24,8 per cent; two months’ sales up .« 12 90% 90% 90k 2?3 per cent from year ago. ‘Westinghouse Electric & Manufactur- ing president states no plan for retire- ment of preferred stock has been considered by directors, nor is it con- 5 101% 101% 101% umplnm to submit a plan to stockhold- 1100 100 100 5 105 1031 108% 156 B1% B1% 81 2 s at meeting of April 9, 1930. Peru is changing its reserve hux 9615 96l regulations to eonlorn, with the 1 82 824 82% monetary system.