Evening Star Newspaper, July 2, 1930, Page 14

FIN GASOLINE SUPPLY PROBLEM IN OIL Excessive Quantity of Fuel on Hand Clouds Horizon of Industry. By the Associated Press. TULSA, Okla., July 2.—While bene- fited by conservation measures that have served to alleviate the menace of overproduction of crude oil the petro- leum industry enters the second half of 1930 with an excessive gasoline sup- ply clouding the horizon. That was the gist of statements to- Gay from prominent figures in the in- dustry, while signifying pleasure over the progress achieved toward stabiliza- tion through co-operative reduction of the crude oil output, they emphasized that overproduction of gasoline had created an acute situation requiring immediate attention. Cognizance was taken, however, of | recent steps to curtail production of gasoline and hope expressed that the last half of the year would bring a decided improvement in the situation. Progress in Output Curb. Spread of the movement to curb the output of the refined product, together with the fact that demand is increas- ing rather than slackening, was cited by E. B. Resser, president of the Amer- ican Petroleum Institute and the Barns- dall Corporation, as indicating progress toward restriction of operations to a demand _basis. ‘Wirt Franklin, president of the In- dependent Petroleum Association of America, who led the ineffectual fight for a tariff on oil imports, declared that reduction of refinery rush was more important at present than curtailment of production of crude oil. Willlam N. Davis of the Phillips Petroleum Co., vice president of the American Petroleum Institute, described the result of oil conservation during the first bhalf of the year as “impressive,” but added that immediate limiting of the gasoline supply was necessary. Concerning the crude ofl situation, Reeser pointed out that production in the United States at the end of June was 300,000 barrels a day less than it Was a year ago. “If the curtailment movement were mnot in effect.” "he said, “crude prices would be so low that the losses to the industry probably would be $1,000,000 per day greater.” Constructive Co-operation. Davis said the first six months of 1930 had witnessed “unexampled con- structive co-operation in the reduction of petroleum with impressive resuits.” “A potential flood of petroleum.” he continued, “has been limited to a moderate surplus and present co-opera. tive efforts, if successful, should effect a slight reduction in the excessive stocks of crude by the end of the year. “Refiners, on the contrary, have run too much crude, made too much gasoline and created an acute condition of oversupply. The situation can be corrected, but only by immediate re- duction of domestic refining activity and also of imports.” Franklin quoted figures which, he said, showed obviously that while the crude ofl situation was in a “better. position statistically today than in Mid- summer of 1929, the refined situation was worse.” While the producers of the United States have restricted production, he said, importers have increased the move- ment of refined oils into this country. He cited statistics showing import in the first six months of 1930 had in- creased 9,009,000 barrels over the im- ports for the same period of last year. Tmporis Are Heavy. “If the imports for the last half of 1930 are not more than they were for the first half,” he went on, “they will total approximately 40,000,000 barrels for the full year, compared with 29,000, 000 barrels in 1929, and 11,000,000 barrels in 1928. This is due to the effect of giant refineries off the coast of Venezuela and indicates an increase of 80 per cent in imports of refined products for the year in the face of a generally known ‘overrefined’ situation in the United States; and is further evidence of the need for a tariff on oils. “The crude situation is somewhat better due to the fact that the imports are coming as refined products instead ©of as crude ofl. “While the present price structure of crude oil absolutely requires that the current supply be held at, or preferably below, the current demand it is today more vital that refinery runs be reduced in order to cutl rl:lnvy mficnu of refined products, especially gasoline. “The oil mmfl'y has ample warn- ing and ample time in which to set its house in order in preparation for new methods of handling new production of crude oil—the transportation of liquid refined products by pipe line and the introduction of hydrogenation. The in- dustry today is facing epochal changes that in the next five years practically will make it over and will involve ex- 'nditures of new capital that may tal $2,000,000,000. HATDAX ZAENDWITSCH PROCLAIMED TO TOURISTS SBtrange Chanting of Waiter in Ger- man City Attracts Attention of Travelers, UELZEN, Germany (/). —Travelers passing through this city on the way | from Berlin to the sea have been puz- zled by the strange chanting of & waiter who walks up and down the station platform singing: “Hatcax zaendwitsch seltz tschoklet limnaet, Sssiggarrs ssiggrits milk salzweed] trickaek.” traveler who had been to thought_he heard something | One America familiar amid the strange words. He | investigated. Sure enough, on the| waiter's sleeve was an armband with the legend: “English spoken.” The refreshments he served were hot- dogs, sandwiches, Seltzer water, choc- olate, lemonade, cigars, cigarettes, milk and Saltzwedeler Baumkuchen, a Ger- man pastry he translated literally as| “tree cake.” TURKS ARE SUSPICIOUS v Ove Drapoeat 108 Basmns nian Institution on Border. ADANA, Turkey (#).—Reports that an Armenian national home is to be established in Syria are causing nerv. ousness in the Turkish press. Informa- tion has it that this concentratioh’ of Armenians near the Turkish border has been planned in Aleppo by the Catholjc Armenian bishop, Mgr. Sahak, and that Eubscriptions have been opened among Armenians abroad. TEETH MAKE DOG ILL Experiment Conducted to Show How Disease May Spread. VIENNA (#).—How a dog was given |17 A disease through a tooth was described to the Vienna Medical Society by Dr. C. C. Rosenow of the Mayo Clintc' at Rochester, Minn. ., The experiment was offered to prove that infection travels from a decaying tooth into the system. The bacteria | 8234 No. 2 Winter, garlicky, spot, 81% ANCIAL, THE EVENING NEW YORK STOCK EXCHANGE (Continued From Page 13.) Stock and Sales— Low. Dividend Rate. Add 00. 17% Nat Enam & Stamp. . 1384 Natl Lead pfiA) (7). 58% 32 Natl Pwr & Lt (1) ;h iator. 1 —Prev.1930~ 61% Stand G 55 98 Starrett Y Invest (1.20). Sterling Y NH& Hart (6). YNH&HDf (7).. N Y Rallwayspf.... 1 N Y Steam 1st pf (7) 130s North Am Aviation.. 2 North Am(b10% stk) 156 Northern Pacific (5). North Pacific ct (5). Northwstn Tel (3) Oll Well Supply..... Oil Well Sup pf (7).. Oliver Farm kquip Oliv Fr Eq ev pt(3 OlivFr Eapf A (6 %« Omnibus Corp. 4 T 205. ‘exas P 2 8 128 387% 99 4% 524 1079 72 178 130 23% 12 674 504 48% 19 Tobacco Otis Steel pr pf (7) Pacific Gas & £1 (2)s Pacifio Lizhting (3). 4 Pacific Tel &Tel (7). 180s Packard Motor (1).. 46 Pan-Am Petm (B).. 14 Param’nt Publix (4). 1% Park & Tilford (13). Tri-Cntl Penney (J C) (3) Penney(JC) pt A(6). United C Penn Dixie Cmt pf. .. Penua RR (4)...... Pere Marq pr pf (5). - R TSP =TS SR Se Utd £ 2 - Utd Gas Phila Read C & 1. Phillips-Jones Corp. Philip Morris (1) Phillips Petrm (n2).. Plerce-Arrow pf (6) Plerce O1l. Pilisbury . i Pirelll, Italy (a3.14). n_ e - JOYO) Pressed Steel Car. ... Proo & Gamble (2).. Prod & Refiners. .... Pub Serv.N J (3.40). Pub Serv'N J pf (5).. PubBery E&G pf(6). Pullman Corp (4) S .o waenadnTarnnmmn Purity Bakeries Va-Caro Radio Corp. . Radlopf A (3%)... Radlo Corp (8) (5) Radio-Keith-Urpb A. Raybestos Man 2.60. Rem Rand 11.60 Reo Motor Car (80c) Republic Steel (4) Heynolds Spring Reyno Revere C&B pf (7) Richfield O11 (2) Rio Grande Ol Roy Dutch (a1.3415). Sateway ( Safeway pf (6)...... 1 St Joseph Lead (13). St L-San Fran (3). Savage Arms (2) Sec Natl Inv pf (5) Servel. Inec... Sharp & Dohme Sharon Stl Hoop (1). Shattuck(FG)(11%) Shell Union (1.40)... Shell Un Ofl pf (5%) Shubert Theatres. ... Simmons Co (3). Simms Petrm (1.60). Sinclair Con O1l (2).. Sinelair Ol pf (8). Skelly O1l (2) S Willy: Wrigley Snider Packing pf... Solvay Am pf(5%).. Sou Porto Sug (1.40) Southern Cal Ed (2). Southern Pacific (). Southern Rwy (8). Spang-Chalfant. . Sparks Withngta(1). Spear & co. .. Spencer Kelg (1.60).. Spicer Mfx. g Splegel-May-8 (3). Stand Branas (1%).. ” 1% to % in stock. 19% B2 Ih Yok Dividend Rate. 841 Stand G & E (3%) 9815 Stand Gas& EI pf(6). 5 Stand Invest Corp... Stand Oof Cal (3%). Stand Oil Exp pf(6).. Stand Oil of Kan (2) Stand Ol of N J(12). Stand Ofl N Y (1.60). Stewart-Warner (1). Stone & Webster (4). Studebaker Corp (4). Sun Of1 (11).. 4 Sun O11 pf (§) Superheater (1314) Superior O1l, s Corp (3)..... Gulf Sulphur(4) Texas Pac Land Tr. ‘Thermoid Co «2). Thompson (J R) (3). ‘Thompson Prod(2 40 Tide Water As (60c). Timken Det Ax(80¢) Timken Roller (3)... Smitg & Ref (1). 8 % Univ Leaf Tob pf(8) Univ Pipe & Rad.... Util Pwr&Lt A (e2).. Vulcan Det (4). Wabash...... . Waldorf Systm (1% ) Walworth Co (2). Ward Baking (B) 3 Ward Baking pt (7). 4 Warner Bros Plo (4). 223 Warner-Quinian (1), 2 Warren Bros Prev. Low. Close. Close. 0% 93 90 63% 98%, 7 & Bof (4 60% 101% s 31% 66 31% 31% 10% 20% 8% 28 w554 4 10314 42 (LS) (12%) Sec (A).... 21 3 1108 3 54 60 51% 26 6 60 C&O1l.. Products Tobac Prod(A) (80¢) Tob Prod div ctfs A. ‘Transcontl O1l (30¢). Tri-Contl Corp. Corp pf ‘Trico Prod (2%). Truax Traer (1.60).. Twin City Rap T(§4) Und-EIll-Fischer (5). Union Carbide (2.60. Unlon Pacific (10) Union Pacific pf ( Utd Afreraft. Utd Biscuit ( Utd Carbon (2 Utd Cigar Store: Sorp (50c), United Corp pf (3). Utd Dyewood f (7). retric Coal. Utd Fruit (4)....... Utd Gas & Imp(1.20) & Imp pf(5) Utd Plece D pf (6% ) Utd Stores (A)...... @ - o ). of (). M : PO IUROT 19 POV - P A - 2 Chem 6% pf . 1608 8 3 30 3 o 3 Westinghse E&M (5) 357 Westhse E&M pf (5) 100s ] Weston El Instr (1). Westvaco Chlor (2). White Rck MS(14%) White Sewing Mach. Whit Sw Mch pf (4). O 12 land. Willys-Over pf (7).. Wilson & Co pf. Woolworth (2.40) Worth Pump. .. (Wm) (4).. Yale&Towne M{g(4) Yellow Truck. Yellow Truck p: Youngs Spring ( Zenith Radio........ RIGHTS EXPIRE Am Tel & Tel.Aug 1 Ches & Ohio..July 23 DuFPont deN..July 16 Intl Salt. July — 211,900 12:00 Noon 783,900 2:10 P.M. en earned. §1 in A % in stoek. o Plus B. & 0. WINS TIME TO GET RID OF STOCK I. C. C. Orders Railroad to Divest Itself of Western Maryland by January 13. Special Dispatch to The Star. The Interstate Commerce Commis- | sion today gave the Baltimore & Ohio Railroad an additional six months in which to divest itself of control of the Western Maryland. By a recent decision of the Inter- state Commerce Commission ownership | of the Western Maryland by the Balti- | more & Ohio was declared unlawful | and the original finding required the two systems to be divorced by July 13. { ‘Today's order extended the period until | January 13. Special Dispatch to The Star. BALTIMORE, Md,, July 2—Poultry, alive—Chickens, Spring, pound, 25235; Leghorns, 21a24; old roosters, 13al5; old hens, 21a24; Leghorns, 14al 16a18; Guinea fowls, each, Ppigeons, pair, 25, Eggs—Receipts, 1,907 cases: nearby firsts, 22),; Southern firsts, 21'%. Butter—Good to fancy creamery, pound, 33a35; ladles, 24a25; rolls, 24a25; Pprocess, 28aZ); store packed, 18. Country Produce. Potatoes,white, 100 pounds, 2.00a2.50; new, barrel, 1.75a3.25; asparagus, dozen, 75a3.00; beans, hamper, 35a75; beel 100, 1.50a2.50; cabbage, hamper, 40a7 carrots, 100, 2.00a4.00; _celery, cra 3.00a3.50; corn, dozen, 25a30; cucum bers, hamper, 40a65; 1ima beans, bushel, 2.00a3.25; lettuce, crate, 1.00a1.50; onions, bushel, 75a1.15; green, 100, 75a 1.25; peppers, crate, 1.2582.25; peas, bushel, 1.75a3.00; spinach, bushel, 75a 1.00; squash, hamper, 25a40; tomatoes, crate, 50a1.25; apples, bushel, 1.25a3.00; blackberries, quart, 10a15; cantaloupes, crate, 1.50a5.50; cherries, pound, 5al5; oranges, box, 3.75a9.00; peaches,. cr-te: 1.50a3.00: pineapples, crate, 3.00a4.00; watermelons, 100, 20.00a40.00. Hay and Grain. Wheat—No. 2 red Winter export, SILK ADVANCES Better Cnbl; >Advicel From Japan | Give Market Strength. Special Dispatch to The Star. NEW YORK, July 2.—Raw silk fu- tures opened steady today, with prices unchanged to 4 cents higher due to better cable advices from Japan. Later in the day the market continued to show a steady undertone, with prices up from 3 to 6 cents per pound. There were less offerings coming into the ring, but there was still a fair interest just below the market with sales of 340 bales around mid-day. Yokohama was 20 to 30 higher and Seriplane in the outside market was 750 off 30. Kobe was off 11 to up 15, Saiyu .at 791 was off 10. July, 91%. Corn—No. 2 domestic, yellow, new, 89a90; cob corn, 4.25a4.50. Rye—Nearby, 60a70. F Oats—White, No. 2, 48a48%; No. 3, 4724715, g Hay—Receipts, none. The general hay market continues quiet under light receipts, mostly by truck, but ample for the demand, which is limited. While not enough hay is arriving on which to | smoked hams, TREASURY CERTIFICATES, (Reported by J. & W. Seligman & Co.) establish values by grades on carload | lots. the better grade of timothy and | clover mixed are in falr demand at & | range of 20.00a25.00 per ton. i Live Stock Market. 3 Caitle—Receipts, 100 nead; light sup- | 3 ply: market very dull. Steers—Choice to prime, none; good to_ehoice, 9.50a10.00: medium to good, 8.5029.25; fair to medium, 7.5088.25; plain to fair, 6.75a7.25; common to plain, 6.00a6.50. Bullsv—v?ood 10 prime, none; good to choice, 6.95a7.00; medium to good, 6.258 | Amer: Thry 675, fair_to medium, 5.75a6.25;’ piain | Baliimore & Ohlo 4'%y 1933 ... 10 to "'5 5.2585.75; common to plain, B TED of eanadi Sidusi - 163 0085.25. | Calito . 813 3 . 3 4141 9 99! : fair to medium, 4.00a5.00; ng Co 5las 3.00a4.00; common ‘to plain, | e | 22 32 ar. 15, 1932 3 | 5 Sepr. 15, 1932 3128 Dec. 15, 1932 SHORT-TERM SECURITIES, ‘Reported by J & W klllmlg‘fll Cuob Allis-Chalmers 55 1937 Tel. & g B - dccen, Corn "as 1837 10111 Gen' Theaters Eauip o i946.. He{fers—Choice to prime, none; good | Goody: S5s 1087 to choice, 8.00a8.50; medium to goad, .50a8.00; fair to medium, 7.00a7.50; | Hu) plain to fair, 6.50a7.00; common to g plain, 5.50a86.00. Fresh cows and springe: Sheep and lambs—Receip light supply: market steady. 1.00a3.50: Spring lambs, 6.00a’ 40a80. of a gall bladder inflammation were placed in the dog's tooth and the disease developed in three weeks. AP TR, The British Legion helped 3,473 emi- ~znts to go to the Dominions last year. Hogs—Receipts, 500 head; light sup- ply; market steady; lights, 9.95a10.20; heavies, 9.60a10.00; medium, 10.20; ths, 7.1088.85; light pigs, 0 up; pigs, 9.60810.10 f N, 3 t & 8. Ry. 55 Touls Southwestern ds 1932 it s Union Ol of Cal United Drus Co. 8¢ 1007 '03'2 | 26.77; Sweden, 26. Butter—Obe-pound prints, 3724 tub, 3415a35%5. Eggs—Hennery, 23a24; ceipts, 21a22. Poultry, allve—Spring broilers, large, 35a36; medium, 20a30; small, 26a27; Leghorns, 20a23; fowls, 22a23; Leg- horn fowls, 15; roosters, 13a15; ducks, 15. Dressed—Spring brollers, alive, 42a43; medium, 37a38; small, 34a35; Leg- horns, 28a30; fowls, 24a25; roosters, 17; ducks, 21a23. Meats, fresh killed—Beef, 18a21; veal, 15a18; lamb, 25; pork loins, 25a28: fresh hams, 25; fresh shoulders, 18a20; 27; smoked shoulders, 20; bacon, 27; lard, in packages, 13; in bulk, 12. Live stock—Calves, 9,; lambs, 9a9'5. Frults—Watermelons, " 50a75; canta- loupes, California, 4.5085.50; Georgia and South Carolina, 3.00a3.50; black- berries, 3.00a4.50; honeybalis, jumbos, 6.00; honeydews, flats, 2.00; peaches, freestone, 3.50a4.00; clings, 2.50a3,00; -rplu, homegrown, 1.25a1.50; pineap- ples, 3.25; grapes, Argentine, 2.50; plums, California, 2.00a2.75; cherrics, E;g(ornn, 3.25; cherrles, homegrown, Vegetables—Potatoes, 3.25a3.75; to- matoes, Mississippi and Tennesse, flats, 85a89; homegrown, 2-peck baskets, 2.00; lima beans, 2.00a2.50; string beans, 758 1.00; squash, 50a7! cabbage, 75a85; beppers, 1.75a2.00; lettuce, New York, $.00a1.15; California and Arizona, 3.75; cucumbers, 1.00a1.25; corn, 1.00a1.50; :;A.;fi 5.50; mushrooms, Ohio hothouse, 265. 3628 current re- Prices on Paris Bourse. PARIS, July 2 (A).—Prices were steady on the Bourse today. Three per cent rentes, 87 francs; 5 per cent loan, 102 francs. Exchange on Lon- don, 123 francs 66 centimes. The dellar was quoted at 25 francs 43% centimes. FOREIGN EXCHANGES. e (or par) . $4.8665 ela 13.30%a¢ iiling. o ngo. ... | 1 e. crown (nom).. 2.9 Warsaw. zioty. . ...... 11 gopenhagen. crown slo. crown ... Stockholm, crown . NEW YORK, July 2 (#).—Foreign 296%¢ 486 1-32; cables, 4.86);; 60-day bills on banks, 4.83 France, demand, ; Italy, demand, /2, cables, 5.24. Demands: Belgium, 13.96; Germany, 23.83'2; Holland, .40.19%: Norway, ; Denmark, 26.76; 19.38';; Spain, 11.647 Greece, 1.29%: Poland, 11.25; Czecho- slovakia, 2.96%; Jugoslavia, 1.76%; Austria, 14.11; Rumania, .59';; Argen- tine, 81.50; Brazil, 11.20; Tokyo, 49.40 Switzerland, U. 8 Rubber Wheeline Bisel Corp ecling . Wheeling Stesl Cors. 0.10. Calves—Receipts, 50 head: light sup- . B8 ply; market steady. Calves, 5.00811. & Shanghal, 37.00; Montreal, 99.95 5-16. Great Britain, dollars; others in cents. STAR, WASHINGTON, Fe exchanges firm: Great Britain, demand, D. C., WEDNE DAY, N 2, 1930. JULY FINANC BONDLTFRM: [ (o o= BONDS o BEST ISSUES GAIN Trading Dwindles, With Most of Securities Performing in Indifferent Manner. By the Associated Press. NEW YORK, July 2.—The bond mar- ket maintained a firm trend today, with best gratde corporation issues reaping the most benefit.. The rest of the list performed indifferently and as trading dwindled, it appeared that the listed market might close the short week to- morrow with little to its credit in the way of constructive improvement. Signs of & quickened interest of banks gained support from the monthly report of the Federal Reserve Bank of New York, showing that with business de- manding less credit, member banks are shifting funds to bank investments, ‘The reserve reports that the increase in investments of member banks during recent months, although following the general tendencles of previous periods, has not been sufficient to equal the liquidation of commercial loans nor has it been as large as the Increase in in- vestments in previous years of business recessions, and has not yet reached the volume of two years ago. Percentage of ihvestments o total loans and in- vestment of reporting banks was 26 per cent in June, 1930, as compared with 28 per cent in June, 1929, and 27 per cent in June, 1924, A firm trend was apparent among best grade railroads, utility and in- dustrial bonds, but the accumulations were not extensive. Missouri Pacific 5s, National Dairy 5%s and Great Northern 7s were among the more ac- tive issues which improved. Convertible issues moved higher in sympathy with stocks. International Telephone 4138 gained 2 points. Read- ing Coal & Iron 6s rose more than 1. Foreign bonds were fairly stable. Aus- tralian and Finnish bonds were mod- erately active at yesterday's cloam, prices. Japan 6%s improved. Most of th: "Europeln government issues were quiet. United States Governments attracted little attention and were irregularly lower. TRANSCONTINENTAL OIL. NEW YORK, July 2 (#).—A special meeting of Transcontinental Oil Co. stockholders has been called for August 14 to vote on a proposal to sell the com- pany’s assets to the Ohio Ofl Co. in ex- change for stock. If the sale is approved the stockholders will vote August 15 on & resolution to dissolve the company. PRODUCE QUOTATIONS. NEW_YORK, July 2 (#).—Flour, firm; Spring patents, 5.20a5.60; soft Winter straights, 4.50a4.95; hard Win- ter straights, 4.70a5.10. Rye, firm; No. 2 Western, 57 f. New York, and 1f. export. Barley, firm; domes- Y, . New York. Lard, easer; , 9.80a9.90. Other articles unchanged. EXPECT VELVET STYLES. NEW YORK, July 2 (#).—The mil- linery frade is making plans for an ac- tive season in velvet styles. Should the demand develop as expected, the Fall will be the first season in a number of years in which this former favorite and staple will be strongly in evidence. s b b Bird Baths on Links Urged. NEW YORK, July 2 (%).—Bathing beauties are to frolic on golf courses in nature’s costumes. The National Asso- clation of Audubon Societies is spon- Received by Private Wire UNITED STATES. are in $1.000.) Sales. High. Low. Close. 11025 1025 1025 73 10229 10227 10228 6102 102 102 16 10131 101 81 10131 49 11225 11222 11222 FOREIGN. Argentine, May "61. Argentine 65 Ju 59 Lib 1st 44w, Lib 4th 4% s. US3%s"43. US3%s%N7 US4yss2.. Low Close. 981y (3] Bank of Chile 6% Batavian Pet 4148 Bejgium &: Belgium 6% Belgium 7s'5§. Belgium 7 Belgium 8s. Bollvar 7s ‘68 Colombia 6s.Jan ‘61 Copenhagen 4148 °c" Czecho 85 '51. Danish Munic 8s A. Denmark 414 Denmark Duteh East 18482, DEIGb%s, Mch,’52. » 2 Ger 5%5'30-"35 rots 392 German Bank 6s°3. 16 German EI P 6 4a. . German 7a. 9% 90% 108% 82% 75 95 104% 12 11% K% 106% 811, 104% R 1013 1081y 104 1024 89% 96% 1034 1054 . 15 1058 R 70% 70 k(] 6%s..... 42 Jugoslavia Bank 7s 13 Karstadt 6s *43 1 Kreuger&Toll 6s et 148 1904 asna Mex 451910 & Norway 6s'43 Norway 6%4a '52. Orfent dev 514 68 Orfent Dev 6353 Paris-Lyons-M Paris-Ly-Med 1 Parls Orleans 53 Peru 6s'60, 10214 893 7 103% Rhine Wat £ Rhine Westés ‘53 Rhine Wat EP 78’50 Rio de Janeiro 614 . Riode Jan 8s 48, .. Rio Gr du Sul 65'48 Rio Gr Du Sul 8 soring a movement for the erection of | St bird baths at golf courses which do not have water hazards. The idea is to prevent the birds from being driven away for want of a drink. Washington Stock Exchange SALES. Capital Traction Co.—7 at 58, 5 at 58, 5 at 5814, 10 at 58} 0 at 58 N. & W. Steamboat Co.—4 at 221, N. & W. Steamboat rts. wi—4 at 16, 4 at 1675, 3 at 16%5. Pot. Elec. 5'2% pfd.—5 at 1077, Union Trust Co.—10 at 246, AFTER CALL, Capital Traction Co.—10 at 58Y. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. & Telga, 4%s '33... Amer. Tel. & Tel. $135 '39..... }6; Am. Tel. & Tel. ctl. tr. 5s. .. Aancostia & Pot R.R.8s. ‘Anacostia & Pot. giar. s C. & P. Tel. of . & P. Tel. o 3 Capital Traction R. R. 5. City & Suburban 5s.. .. Georgetown, Gas _1st ‘83 Potomac Elec, Potomac Elec. e WM. C Wash. Cons. Title 68 STOCKS. PUBLIC UTILITY. Amer Tel ik 130 Wash. Rwy. & Elec. com (7) Wash. Ry. & Elec. pfd. (5). Wash', Balt, Annap. com. Wash., Balt. Annap. pfd. ..l. NATIONAL BANK. Capital (14)........... h nd (Be) Washinston (13) TRUST COMPANY. er. Sec. & Trust Co. (19)...4378 Amnenean rust oy o a0 Sfercnants Bank & Trisi () 1 National Savings & Trust (12} ErinceGedier Bank & Trust # : Wash, Loan & Trist (14 SAVINGS BANK Bank of Rethesda (85 Sommerce & Savings (10) Eist Washington (12). Fotomne 110) e Security Sav & Gom. BE. (1) Tnited Staten 301, Ll Wash. Mechanics (20) 1011 FIRE INSURANCE American (12) &reoran (o) Firemen's (8) Nationar Urmion ‘(18 TITLE INSURANC} Columbia (8h) . Benistate e Tifle &MV, Co. Md" om 1100 MISCELLANEGUS. rber & Ross. Inc.. com.. Bhevy ch Daity oid (1) Fave Gol, Band & Gravel Wash. 355835835 83, 295 1 Security Stor ecurity Storage ot & W 83.205.8 P Se war dEx rights. wiWhen issued. Sweeden 53 3. Swiss 534846 Swiss Confed Toho El Pwr 6 Toho El Pwr 7s Tokio 538 '61 Utd Kingm 6168'37 13 Uruguay 6; Vienna 107y% 99% 99% 90% 1044 961y 86% 74 267 MISCELLANEOUS. Abitibl PEP 5 Al Alleghany 6: Allis Chalm 31.. Am AgriChem T%s Am Beet Sugar fs.. 1 Am For Pwr 63 2030 37 Am1GChb5%s'49. Am Int Cor 5% s Am Metal 5%s'34. . Am Nat Ga Armour&Co 4%s'39 Armour. Del,§% Asso Of1 Atl Guit Bell Tel, Pa, 63 (B) Bethlehm £t1 pm Brklyn Edison 5; Bush Term Bldg Certn-Td 5% s ret; Colon Ofl 6s'38. .., Col G&EI b3, May's2 Com Invest 614 49 Com Invest 3 Con Coal. M4, b ConGasN Y s Consumers Pwr Cuban Am Suga: Dodg: . Duquesne 414567 . East Cuba Sug T%s Fisk Rubb Gen Cable 6% Gen Mot Ac Cor Gen Pub Sve 6% s Gen Thea Eq 65 40, Goodrich 6% s Goodyer bs ret HumbleO & R Bs. . Humble O & R 5%s 11 Bell Tel § Inland Steel (ntl Cement 6 4! [ntl Mateh b3 *47.. Int] Mer Mar 6. . Intl Paper 5847, Intl Paper 6s. Int] TET 4% ev IntLTel&Tel 6 Laclede 638 D "60. Lautaro Nitrate 8s. Loew's 63 w o war Liggett & Myers 73 Lariliard 5348 Lorillard (P) 7s Manat! Sugar 1% C'rrek KR Morris&Co 18t4 3 Nat Dairy 8% Nat Radiator 6%a. N Y Edison b8 '44. . 1024 102% 108 106 Direct to Sales. High. Low. Close. 4 103% 1034 103% 101% 100% 101% 0 65 64 65 103 103 103 100% 100% 100% Pub Serv G 434810 Punta Alegre 7s. .. 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Chi Gr West 48 Chi M&SLP 4% '89 ChiMIIStP&P 68'75. CM&StP Pac adj 5s. Chl & NW gn 3%s.. Chl & NW 4% 1y Chi & Nw 6 11 109% 109 21 83 82Y% 13 911 90% ChiR1&Prf 4n ChiRIcv4%s60 Chi Rk Isl 4% s A Chi Un Sta 4%s C& W Ind con 4; C& W Ind f%s '62. CCC&StL 4% s (E). Clev Term 4 %48 '77 Clev Term 6s. Colo & Sou 4% 1 89 1 104% 104% 104% 84 98 98 98 48 99% 99% 99% 4 106 105 105 41 100% 100 100% Cuba R R 6: R T CubaNor5 s’ . 6 87 61 87 Del& Hud ref 45'43 10 ¢3% 93% 3% Den & Rio Gen 48 . 26 95% Den&Rio G 4% s '36. 98 Den&RGW 58 '65. . 9014 D R G&Wst 58°78. . 92 Det United 4% 9% Erfe 1st con 48 Erie conv 48 (A). Erie gen 4s. Erle bs, 1967, Erie 6a. 197 Erie Genes Erie & Je: Fla East C 68 '74. Grand Trunk 7s Gt Nor 438 '76( % 2 9214 2 112% 1124 1124 1 112% 112% 112% 5 48 47% 48 2 110% 110% 110% Great Nor gen 7 Hocking Val 4% Hud & Man adj 6s, Hud & Man ref bs.. 11 Cent 48 '53 [l Cent 4% s 11! Cent ref 6s '65. 27 110% 110% 110% 12 99% 984 991 23 T8 T84 TR% 2 98% 98% YBW 7 90% 90% 90% 3 100% 100% 100% 2 106% 1064 106% 3 110% 110% 110% 6 6215 613 6214 6 624 61% 62% 1 85 85 86 2100 100 100 22 713 3 3 10 964 96% 964 4 76% 6% T6% 1 101% 101% 101% 8 91 91% 9% 1 100% 100% 100% 88% 88% Lehigh Val con 9% 99 99% ManRy 18t 48°'90...°27 46% 45 45% Market St 7s'40... 70 95% 94% 95% Mill El Ry&Lt 4% 7 100% 100% 100 Mill El Ry&L 6s'61. 5 101 101 101 M StP&SSM con 4 2 89% B89% 89Y MEK&Tex 1stds.. 9 B88% 87h 881 M K&T pr In 6 6 103% 103% 1031 M K & Tex ad} b: 1100 100 100 Mo Pacific gen 48 T 1T TTN% Mo Pacific5s A "65. 1 101 101 101 Mo Pacbs F*77.... 29 100% 100 100 Mo 68 G 7! 19 100 9915 100 Mo Pac 6%s ‘¢ 6 107% 106% 107% Nassau BI48°61... 2 49% 49% 49% Nat Ry Mex4s'77.. 2 1Th T 7% NOTex&MbsB.. 27 95 95 95 25 102% 102 102% 1 81% 8l 814 18 91% 91'a 91% 12 98% O8% 98% Y CenTfim 4%s. 17 100% 100% 100% ¥ Cen ref 6 8 107% 1074 107% 8 107% 107% 107% 23 80 9% &0 1 100% 100% 100% 97 1 107% 107% 107% &SILE%SB 5 107% 107% 107% &StL 69°33.. 4 10215 10215 10215 ¥ NH&H 3%8°64. 12 9% 79 179 H&H 48 56. . 85 ¥5 85 .. 13 80K 80% RO 67. 15 93K 92% 9814 4 106% 106% 105% 5 4% 451 454 6 4l 4k 4y 3 W Tl Tl 10 87 87 87 Norf&Sou gn 68'6¢. 1 59% 59% 59% Norf& Wnconds.. 2 944 94w 941 Nor Pacifio 382037, 10 66 66% 66 Nor Pac 418 202 b 98% 984 981 Nor Pacific 68 (D] 1 105% 106 105% fl + 27 113% 113% 113w Ore Short L 6sgtd. 2 105% 105% 105% Ore Wash Istes... 33 91 91 917 5 95 95 95 40 9614 8 1005 1004 100% + 16 100% 100% 100% « 7 2 109% 109% 109% ~ 8 104% 104 104 + 17 109% 109% 109% 1 87% 8Tk 87U 4104 104 104 6 109% 109% 109% 1 9 99 99 4 106% 106% 1061 5 93% 9% 93 5 85% 86l 851 5 99% 99 99l Int Rap Tr 68 stpd, Int Rapid Trans 7 Int & G Nor 1st 6s Int & Gt Nor ad) 6 Kan City F't 8 Kan City Term ¢s, Lake Shore 4s '31. C&StLbksA Pere Marq 1stbs. .. P C C&StL bs B 75, Port R L 63’47 Port RL&P 7% Rio Gr Wat 1t 4s.. Rio G West col RIATK & L 4%e StLIM&SSs... SiL IM&S R&G 4 3 100% 1007 100% 92 40 102 911e StL&SanF 101% 101% TAL. BOND MARKETING . TREND1S CHANGING Corporations Scanning Costs of Distributing Securities and Ousting Middleman. BY J. C. KOYLE. New trends are making themselves apparent in the distribution of invest- ments throughout the United States. There is a distinct tendency by corpora- tions to handle the distribution of thuir own bond and stock issues rather tha. place them in the hands of under- writers, who in turn parcel them out to investment bankers throughout the country for retail sales. Corporations nowa are looking chiefly at costs and see no reason why they should receive less for their security issues than. the public pays for them. The middleman s gradually being eliminated in other forms of distribu-~ tion and large corporations feel that stmilar processes can be applied to new financing. Watched by Treasury. ‘Treasury officials privately have noted this trend and are watching it closely, although no official notice is being taken of it. Many of the Treasury officials state privately that they expect this investment style to grow in popularity at least through the remainder of this year, The move has made itself apparent through the emphasis placed by large corporations such as neral Motors, Pennsylvania Railroad, General Elece tric, Swift & Co.,, and Cities Service, on the number of emrloye and customer stockholders on their books. As the list of stockholders grows, the list of prospects for new investments is also growing. These investors are fully con- versant with the affairs of the company and are more than half sold before & new offering is made to them. If they did not have confidence in the com= pany, they would not be shareholders. Recent surveys of the employe owner ship situation show plainly that the po&y did not suffer any setback as & result of the market crises of 1929 and 1930. This conclusion follows a syste~ matic check-up by the National Induse trial Conference Board. In scores of cases new issues have been mnvged up by employes. Some have been heavily oversubscribed. In the last year only four of the 150 large tions em- phasizing the employe ownership polie discontinued this plan. The amnxg of the utility. companies is a nlm monument today to customer ownership. Holding Onto Investments. Despite the heavy fall in security values, customer stockholders and em- mo{e stockholders have shown little desire to rid themselves of their invest~ ments. In general, the conclusion among financeers is that employe shareholders buy their stock with the intention of holding it and subscribe for additional stock as opportunity offers and their situation permits. Many bankers hold that the trend toward direct yh:lng of investment is due in no small part to the popularity of stock as compared with bond financ- ing in recent years. They anticipate a return to the older system when bonds advance and again become more popular. DEALNGS ARE DULL ON CHICAGO MARKET Trade Almost at Standstill Due to Pre-Holiday Unwillingness to Assume Commitments. Special Dispatch to The 8t CHICAGO, July 2.—Trade was al- most at a standstill on the Chicago Stock Exchange today, due to the un- willingness of traders to enter into ex- tensive new commitments prior to the holiday. Price changes generally were DArrow. Middle West Utilities moved ur frac- tionally across 28, while Missouri-Kan- sas Pipe Line responded readily to a re- newal of buying, semnl up 2 points to 26. This was its first display of energy since the recent collapse. There were a few heavy spots, prin- cipally Kalamazoo Stove, which dropped over 4 points to a new low of 56 on top of its 12-point break on Tuesday. Profit taking in’Chicago City & Con- necting Rallways preferred, following approval of the traction franchise, -sent that issue 3 points lower at 15%, while the common eased. Large blocks oa Continental Chicago common appeared on the tape early, and that issue eased. e . . SEES LOWER OUTPUT Iron Age Estimates for. June In- dicate Decline in Produetion. NEW YORK, July 2 (#).—Iron Age will say tomorrow that estimates for June ‘indicate that the total pig iron production for the’ first half of the year was 18,262,000 tons, a decline of 16 per cent from the like period last year, but only 1.4 per cent below the figure for the first half of 1928. The daily rate in June, 97,830 tons, was 6.2 per cent below May and was the,small- est for any month since January. Steel ingot output for the country averages 60 per cent, compared with 64 per cent a week ago and may dip to 50 per cent before the holiday riod has passed. The current Steel Corporation average s 70 per cent, against 72 per cent a week ago. Structural steel awards, at 33,000 tons, were about equal to the average of recent weeks. New work that came into the market was 18,000 tons, compared with 91,000 tons a week ago. TR GETS BIG POST. NEW YORK, July 2 (®).—A, E. Wishon has been elected vice president and assistant general manager of the Pacific Gas & Electric Co. and presi- dent of the San Joaquin Light & Power Corporation and Midland Counties Pub- lic Service Corporation, ———— e e Saies, Hign. Low. Oloss. StLS Woonds'83 54 9 99 StL 8 W bs 53, 96% 961 [ o, Third Ave ref 4560 Tol Tr L&P 5% 8’30 Union Pas 1st Un Pac 1st ref § Virginia Ry 1st s Va Ry & Pwr 104% 101% 9214 Wis Cen gn ¢s ¢