Evening Star Newspaper, July 3, 1930, Page 11

FIN P A. DRURY QUITS HIEH BANK POST Resigns as Chairman of Board of Merchants’—Will Remain Director. BY EDWARD C. STO! Peter A. Drury, founder, and for about 15 years actively connected with the Merchants' Bank & Trust Co., Fifteenth and H streets northwest, has resigned his position as chairman of the board of directors. He tendered his resignation at a meeting of the directors held late yes- terday afternoon, giving as his reason, therefore, that he felt that he must have more time to attend to his per- sonal business affairs and be freed from the details of banking. Mr. Drury remains a director in the Merchants’ Bank and it was announced today by President Rolfe E. Bolling that the retiring chairman is also holding his stock in the institution. Mr. Drury has unusually large per- sonal business interests. He owns the Southern Building in which the Mer- chants’ Bank & Trust Co. is located, has a beautiful Summer estate at Blue- mont, Va., another near Fairfax, and a large number of minor business mat- ters that require his constant attention. About a year and a half ago, on the advice of his physician, Mr. Drury re- signed as president of the bank and Mr. Bolling was elected to succeed him, being advanced from the vice presi- dency. Mr. Drury made this move to get away from the details. Since that time, however, his friends have still insisted on taking up their bank mat- ters with him personally so that he got very little business relief by becom- ing chairman of the board. Long Service Appreciated. At yesterday's meeting the board ac- cepted his resignation with regret and expressed great appreciation of his long and faithful service. They also ex- pressed gratification when he consented to remain president of the bank’s finance_company Mr. Drury who is now over 65 years old, has had a long and successful career as a Washington banker. He organized the old Merchants & Me- chanics Bank of Washington in 1904, and served as president until 1906. He then organized and was made president of the National City Bank of Washing- ton, being at the head of that institu- tion until 1916, when he organized and ‘was elected president of the Merchants Bank, which became the Merchants Bank & Trust Co., on April 2, 1922. Mr. Druary always has been consid- ered a sagacious business man. While president of the Merchants Bank he built up the bank’s deposits to the neigh- borhood of $10,000,000. This was about two years ago, quite a while before the crash in the New York stock market, which lowered the deposits in the banks all over the country. It was announced today that Mr. Drury will still retain an office at the Wenk so that he will continue to be in touch with the financial district. The directors decided not to fill the position of chairman of the board, which was created especially for the veteran bank- er, when he gave up the presidency. His retirement from the chairmanship, effective today, will cause much surprise in the ‘Street’ as he had made no ad- vance announcement of any such in- tentions. Bliss on Metropolitan Board. Election of Louis Denton Bliss, presi- dent of Bliss Electrical School, to the directorate of the National Metropolitan Bank was announced yesterday. ~Mr. Bliss was born in Newburg, N. Y., in 1871. and completed his education in Columbian, now Gearge Washington University, in this city. He founded Bliss Electrical School in 1893, and has di- rected its educational work for 36 years. He was a member of the town council of Takoma Park, Md. 1920-1921, is & life member of the National Association of Stationary Engineers, a fellow of the American Institute of Electrical Engi- neers, an associate member of the Edi- son Pioneers, a member of the Cosmos Club and Takoma Park Citizens’ Asso- clation and a past president of the Fed- erated School Men’s Club. Mr. Bliss is the author of “Theoretical and Practical Electrical Engineering,” & two-volume work in its third editipn. Insurance Educator in City. 101 92 127 136% 101 135% ANCIAL. THE EVENING STAR, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 10.) e s, Sales— Add 00. Hig) 2 82 17 160: 3 108 7103 17 101 1980~ and Low. Dividend "Rate. 28 Newton Steel (2).... 150% N Y Central (8) 106 N Y Chi & StL pf(6). 97% N Y N H & Hart (6). 116 NYNH&HDpf (7) 100 N Y Steam pf (6). 10 Norfolk & Southern. 2134 Norf & Western (10) 7is North Am Aviation. 89% North Am(b10%stk) 51 North Amer pf (3). 45 No Ger Lloyd (3.43). 66% Northern Pacific (5). 6313 North Pacific ct (5). 9'% O1l Well SUppiy..... 13% Oliver Farm £quip. . 70 Oliv Fr Eq pf A (6). 27 Oliv Fr Eq cv pt(3). 2% Omnibus Corp. ..... 7314 Omnibus pf( A) (8). 55 Otis Elev. n(2%).... 90 Otis Steel pr pf (7)., 5214 Pacific Gas & E (2). 72 Pacific Lighting (3). 130 Pacific Tel &Tel (7). 1608 1214 Packard Motor (1).. 53 60% Pan-Am Petm (B) 6 48% Param'nt Publix (4). 19 Park & Tilford (33). 1% Park Utah.. ~Prev. High, 178 23% 'S JC)(3).... 931 Perney(JC) pf A(6). 6% Penu Dixis Cement.. R4).. Gas, Chi (8) 24% 12 Peoria & Eastern. 94% Pere Marg pr pf (5). 17% Pet Milk (1%). . 183 Petrol Corp (1%). 29%s Phelps Dodge (3). 11% Phila Read C & L 29\ Phillips Petrm (n2 6814 Plerce-Arrow pf (6). 1 PlerceOll.. 20% Pler 1l pf. . 2l Pilerce Petroleum 27 Pillsbury Flour (2). 30 Porto Ric Tob A ; 36 Prairie Oll & Gas(z) 44'% Prairie Pipe L (16).. 64 Pressed Steel Car. .. 50 Pressed St Cpf (7). 52% Proc & Gamble (2).. 8113 Pub Serv,N J (3.40).. 91% Pub Serv N J pf (5).. 62 Pullman Corp (4). 1% Punta Alegre Suga: 1% DPunta Alegre S ctf. 19% Pure Oil (1%). o raRERuSarane 40s 21% 274 114% 110%: Pure Oll pf (8) 8% b2 Purity Bakeries (4). 69% 32' RadioCorp..... 53 Radiopf A (3%) 68 Radio Corp (B) (6).. Radio-Keith-Orph A. Raybestos Man 2.60., Reading Rwy (4)... Rem Rand (1.60) Rensselaer & Sar (8 Reynolds Spring. 45% Reynolds Tob B (3). 14% Richfield Ol (2)..... 15% Rio Grande Oil (2) 27% Rossia Insur (2.20).. 49% Roy Dutch (al1.3415). 75% Safeway (e5) 94 Safeway pf (6) 3 33% St Joseph Lead (13). 86% St L-San Fran (8)... 92 St L-San Fran pf (6) 524 St L Southwestern 16 Savage Arms (2) 35 Schulte Retall pf 6 Seaboard Alr Line. .. 59% Sears Roebuck(3$2%) 7 Second Natl Inv, 58% Sec Natl Inv pf (5) 6% Servel. Irc. .. 16% Sharp & Dohme. 31% Shattuck(FG)(t1%) 18 Shell Union (1.40)... 95 Shell Un Ofl pf (6%) 8% Shubert Theatres.... 22 Stmmons Co (3). 18 Simms Petrm (1.60). 20 Sinclair Con Ol (2).. 28% Skelly O1l (2) 15% Sou Porto Sug (1. 52% Southern Cal £d (2) 108 Bouthern Pacific (6). 89% Southern Rwy (8)... 95% Southern Rwy pf (5) 87 SouRyM&Oct (4). 19% Spang-Chalfant..... 13% Sparks Withngtn(1). 6 Spear&co.......... 2 18 Spencer Kelg (1.60). 14% Spicer Mfg 17 Splegel-May-8 (3) 17 Stand Brands (1%). B84% Srand G & B (3%) 61% Stand G & E pt (4) 9x% Stand Gas& EI pf(6). ® S - HBuoaacSvonna-an—nn 8 37% 30 10% 25 36% 52 29% 129% 67 100% ~Prev.1936 High. Low. «15% h. L3 % % 4 5514 29 % 14 Sun Of] Texa Tri-Cnt Warren Am Tel Ches & 10:30 A.M. 1:30 P.M payments based on in’stock. no rei abl us 2% In 8¢ in stock. ular Tate. n cash or stock. J 4 Utd Gas & Imp(1.20) Utd Plece Dye W (2) Utd Piece D pf (6%) 210 Utd Stores (A). 15 t S Smitg & Re: U S Steel (7). U S Steel pf (7) Univ Pipe & Rad..,. Util Pwr&Lt A (e32).. Vadasco Sal Vanadium 8i Va-Caro Chem 6% pf Va El & Pwr pt (1) Vulcan Det (4).. Warren Fdy & P (2). Wess ol & Snow (2). Penn Pw pf(6). 10s Penn Pw p£(7). 50s Dividend rates as given in the above table are the the latest quarterly or half yearly 5 Unit of trading less than 10( §Payable in scrip. b Payable in stock. d Pa: tock . Stock Dividend 5 Stand Invest Corp. Stand O of Cal (23%). Stand Ofl of Kan (2) 2 Stand Ofl of N J(12), 184 Stand O1l N Y (1.60). Starrett (LS) (12%) Sterling Sec cv pf(3) Stewart-War: Stone & Webster (4). Studebaker Corp (4). te. Close. 6% 604 Low. 6% 59% 40 1 1. of (6) . 108 Superheater (1314).. Superior O1l. Tenn Cop & Ch (1)... Texas Corp (3)..... Tex Gulf Sulphur(4) PCa&oil... Texas Pac Land Tr.. 90 Thatcher pf (3.60).., Thermold Co (2). . Thompson (J R) (3). Thompson Prod(2.40 Thomp-: 4 Tide Water As (60c). Tide Water As pf (6) ¢ Tide Water Ofl pf(6) Timken Det Ax(80c). Timken Roller (3)... Tobacco Product: Tobac Prod (A) (804 2 Transcontl O1l (30¢). 108 Tri-Contl Corp 8 12 Star pf (3%) 23 1Corp pf Trico Prod (2%) Truscon Stl (g1.2 Und-Ell-Fischer (5). Unton Carbide (2.60) Union Oil of Cal (32) Unlon Pacific (10)... Union Pacifio pf (4).. Union Tk Car (1.60). Utd Atrcraft. United United ( Utd Dyewood pt (7). 7 208 1 81 2 of.... f(1). Corp.. (14).. . 1208 ) Waldor? Systm (1% Walworth Co (2) Wi Warner-Quinlan (1). Bros (3).. 2 1 5 Western Union (8) Westinghse 4 B (2). Wh White Rck MS(14%) White-Sewing Mach., Wilcox Otl & Gai Willys-Overland Wilson & Co (A). Woolworth (2.40). Worth Pump...... Wrigley (Wm) (4) Yellow Truck. Zenith Radlo.... RIGHTS EXPIRE & Tel.Aug 1 195 Ohio..July 23 79 1% 19% DuPont deN..July 16 736 1% Intl Sait. Sales of Stocks on New York Exchange July — 24 1 134,500 - 484,500 . 826,700 «e. 917,400 nnual cash ec es. tPartly extra. Plus 0% in stock. a 3 vable when earned. e % lus 6% in st 1 Plus n stock. & Plus k stock. 'k Plus 3% in stock. n Plus us 10 Plus 8% in Dr. 8. 8. Huebner, prefessor of in- surance, University of Pennsylvania, end education adviser of the Massachu- setts Mutual Life Insufance Co,, holding an all-day session at the Wash- ngton agency of that company. This meeting is being attended by Massachu- setts representatives from Virginia and ‘West, Virginia. Dr. Huebner is a nationally known figure in life insurance and his serv- Aces as a speaker are in constant de- mand by Chambers of Commerce, un- derwriter associations and business gatherings throughout the country. The Washington agency of the com- y is experiencing & most prosperous ear. its business to date for 1930 be- g 18 per cent in excess of the same period for 1929. Trading on D. C. Exchange. In _the last session on the Washing- ton Stock Exchange until next Monday, trading was dull. Steamboat rights sold at 16'x, Mergenthaler moved at 98, Potomac Electric Power 6 per cent pre- ferred at 111 and 111';, Capital Trac- tion at 58';. Washington Gas and Downward Trend Continued Dur- their downward trend during the week ended June 28, averaging one-halfof 1 per cent decline as compared with the pre- vious week. The following comparisons | are calculated by the Census Burcau, | based on representing 1026 prices as | 100. a ton of composite steel is also given | for comparable periods: Week ended June 28. Previous week... Same week last year COMMODITIES DROP ing Week Ending June 28. General commodity prices continued In addition, the selling price of All com- Steel $33.44 $33.52 $36.84 85.7 86.2 911 ORDERS SMALLER. NEW YORK, July 3 (/P).—Orders re- Washington Produce Butter—One-pound prints, 3614a37%; tub, 341523515, Eggs—Hennery, celpts, 21a22. Pouitry, alive—Spring brollers, large, 35a36; medium, 30; small, 25a2 horn broilers, 20a23; hens, large, small, 20; Leghorn hens, 15; roosters, 13 ald; ducks, 15. Dressed, shipped-in, iced—8pring broilers, 30a32; medium and small, 25a27; Leghorns, 25a2' fowls, 23a25; Leghorn fowls, 15al’ roosters, 17; ducks, 15. Jobbers’ prices- Spring broilers, 'ge, 40a42; medium, 35a36. small, 30a32; Leghorns, large, 29 , 25a27; fowls, large, 28a30; 25a26; Leghorn fowls, 22a23; roosters, 18a19; ducks, 23a25; turkeys, 32a33. Meats, fresh killed—Beef, 18a21; veal, 15a18; lamb, 25; pork loins, 25a28; fresh hams, 25: fresh shoulders, 18a20 23a24; current re- Saus | EXPECT WOOL DECLINE JTude Looks for London Prices to Be Lower Next Week. | BoSTON, July 3 (Spectal) —Mem- | bers of the wool trade are looking for | London to decline at the sales opening | next week, but they feel that a moder- ate decline from the level of the closing of the last series will only reflect the easing in values that has occurred in | foreign primary markets. Top makers |and manufacturers continue to buy domestic wools to cover current orders at steady prices as compared with a week ago. Fine territory combing clean was quoted today at 75 to 78, French comb- ing, 72 to 75; halfblood, 70 to 73; three- cighths blood, 60 to 63, and quarter- blood, 58 to 60. Fine Ohio fleeces were quoted at 30 to 31, grease basis, half- blood, 29 to 30; three-eighths blood, 30, and quarter-blood, 30 to 31. WASHINGTON, D. C., THURSDAY, Weakness of German Inter- national Loan, However, Feature of the Dealings. By the Associated Press. NEW YORK, July 3—The upward movement of listed bonds continued today on the New York Stock Exchange. The market was quiet but firm and good gains were recorded as the demand for investment issues showed no signs of diminishing. The feature of the trading was the weakness of the German international 5'2 per cent bond, which broke nearly 2 points following dissolution of the offering syndicate. Maintained by the issuing syndicate at 90, the offering price, since it made its appearance three weeks ago. The bond was sold down to 881 and then rose fractionally. When offered the loan sold at a premium as high as 1!, points, but during the past two weeks rarely has advanced more than ! issuing price. The American portion of the $300,000,000 German loan, the first under the. Young plan, amounted to $98,500,000. Some of the gains made by railroad and utility issues this week raised them to within close proximity of the best levels of the year. Offerings of prime issues continue small and the demand good, apparently in anticipation of easy credit conditions throughout the Sum- mer. New York Central 31;s rose more than 2 points. Albany and Susque- hanna 312s sold at a new high for the year. Canadian Northern 7s, Illinois Central 4s, Louisville and Arkansas 55, Central Pacific 4s, Missouri Pacific 5s, effected the best improvement. Prime rails held firm on the sales. The downward trend of the German bond was contrary to the dominant movement of the foreign group which has steadily improved this week, Cana- dian Dominlon 4745 touched a new year’s high, advancing nearly a point. Greek 6s were active and firm. Argen- tine 6s were the firmest of the South American governments. Few sales of United States Govern- ments appeared in the early dealings, with prices little changed. Bond offering for the four-day week which closed today totaled $93,811,000 compared with $90,461,500 last week, and $10,791,000 a year ago. An issue of $15,000,000 Public Service Co. of North- ern Illinois 417 per cent bonds was the largest piece of new financing today. Washington Stock Exchange SALES. Norfolk & Washington Steamboat rts. w.i—11 at 161, 1 at 16'4. AFTER CALL. Mergenthaler Linotype—5 at 98. Potomac Electric 6% pfd.—5 at 11113, 10 at 111, Capital Traction Co.—5 at 5815, Norfolk & Washington Steamboat rts, w.i—6 at 1615, 1 at 1615, Wrg};ingwn Gas 6s “A"—$1,000 at 5. Wl?hl:x‘s\mn Rwy. & Electric 45—8$1,000 at 85%5. Washington Gas 6s—$100 at 1013, $100 at 101%, Notice—This exchangs will be closed tomorrow and Saturday. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. & T Amer. Tel, & T Am. Tel. & Tel. ctl A R H ash. Gas 6s. seri Wash. Rwy, & Elec, MISCELLANEOUS, Rarber & Ross, 1g. 65 e Cold ‘Btorage 53.. . Title 6s... STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel ash. Wash. Cons. Gapital (. Columbia " (12) Commer District (8, Federal-American” (10)". Liberty (78).. Lincoin (13) Metropolita) Riggs (15). Becond (9e)." . Washington (13 TRUST COMPANY. mer. & Tr. Co. (19)..... Continental Trust (6)..... " Merchants Bank & Trist (6 National Savings & Trust (1 Prince Georges Bank & Tru; Union Trust (3g)....... Wash. Loan & Frist (14} SAVINGS BANK. Bank of Bethesda (8%). Commerce & Savings (i a4 Sec. 140 585 0 275 500 L) 85 above the | .| Warsaw 7s '62 JULY 3, 1930. FINANCIAL. Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are 1n $1.000 Sales High. Low Close. 221011 10081 1011 64 10229 10227 10228 110131 10131 10131 100 1056 1066 1066 110822 10822 10822 101 11226 11224 11226 FOREIGN. Sales, Argentine, May'61. 2 Argentine 8s Ju '59 US3%s"4T.. Low. Close. 98 98 ] 98y 92 Australia 43 Australia 58 ‘55, Austria 7 k Bank of Chile 615 Bank of Cnile 6% Batavian Pet 4153, Belgium 63 2 Brazil 6145 '26 Brazil 614527 Braz{l 7. Bremen State 7s. Canada 5s'31 et pExEan analSaRRat-~2a a 6s. Colombta 6s.Jan '61 Con Pwr Japan 7i Copenhagen 438 Copenhagen s rots Cuba 6%s. ., . Danish Munie 8s A Danish Munic Denmark 4 %3, Denmark 514 Denmark §s. oo - MRS kA me® Mch,’52. Dutch East Ind’ 47, Finland 7s.... French 7s. French 734 3 o Greek 65’63, 6%s. . Jugoslavia Bank 7s Karstadt 7 Rhine Wst EP Rhine W Sao Paulo '60. Saxon (PW) 7 Seine 78 ‘42, Serbs Cr Slo Soissons 107% 99 9914 0%, 104% 100% 95% 106 87 75 6% Toho El Pwr 6s°33. Toho El Pwr 7 Toklo 5%s'61. Utd Kingm 615 '37 Utd SS Copen 65'37. Uruguay 6s'60 Uruguay Vienna 6s ‘52 1044 100% 96% 106% 871 6% 3 96% MISCELLANEOUS, ADItIbI PEP 68 '63.. 2 84% Abram&Straus 5%s 1 100 Ajax Rubber 8 . 6 €6 Alleghany Cp 58 44 Alleghany 6s'49. .. Allis Chalm 68°37, Am AgriChem 7%s Am For Pwr §s 2030 Am 1 G Ch 5%, Am Int Cor 5% Am Metal 38 '3 Am Smlt & R Yokohama 98% 98% 102y 102 108% o e o Armour&Co 4% 8’39 Armour. Del.5% 4 | Can Nat 4348 67 102% 89% 600D GAINS MADE | Cox v o BONDS s sxcuan] Sales. High. Low. Close. Nor States Pwr Nor States Pwr 6 Pacific Gas & EI Pan Amer Pete Pathe Exchange 78 Phila & Read 65°49. Phillips Pet 5%8. . Plerce Ofl deb8s. .. Pilisbury F° M 6543 Postal Tel & C5%s Pub Sve G 44867, Pure 011 53 Rem Arms Rem Rand 6148 war Richfield Ofl 63 "44.. Sinclair Of1 634s. .. Sinelair 01117 s Stnclair Crude 68 Skelly Oll 634 n. Solvay Amer South Bell Tel Stand OIL N Y.4% Sug Es Orient 7s, Tenn El Pwr 6s *47, 1024 105 1023 10 3 4 1 19 27 134 17 ;] 5 Tex Corp v 65 '44. 115 Transcontl Ol 6% s 25 United Drug 5853, S Rub 18t rf U S Rubber 7% Utah Pwr&Lt b8, Utllities Pwr 6% Vertientes Sug 7 Walworth 6 Warn Bro War Quin 8s '3 Warner Sug 7s *41. Western Elec bs. .. Westn Unfon 6’51, Westn Union 6% White Sew Macn Willys-Qv 6343 "33, Wilson & Co 1st 6s. Win RepeatAr 1148 Youngstn 8 &T 5 22 100% 85% 43 89% 101% 82 104% 1041 1024 109% 6915 0% 100 103 11 102y RAILROAD. A T&SF ev Atchison ad) 2005. Bang&Aroos 4s '51. Boston & Matn . Buff R & Pitts 4% Can Nat 4%a 6. Can Nat 438 ‘68, .. Can Nat bs, Jul. Can Nat 6s. Oct Canadian Pac db Can Pacific ctfs bs. Can Pacific 6s '64. 63, Cent of Ga 6sC 59. , Centof Ga 6% Central Pacific Cent Pac 1st 9 Ches Corp 58 47, Ches& O 4% s B"95 Ches & Ohio con 6. Chi & Alt 3s., . 9 Ch. M&StP 4% 88 ChiMIIStP&P 68'75. CM&StP Pac adj 6 Chi& NW gen 4s Chi NW 4382037, . Chl& NW %8s Chicago Rwys 6. ChiRI&Pgn ChiRI&Prt ChiRIcv4ys Chicago T H Chi Un Sta 434s. ., CCC&StL 4348 (E). Clev Term 4348 1. Clev Term 6%s. ... CubaNorb 1 8'42. Del& Hud ref 45 '43 Den & Rio G en 4 Den&Rio G 4155 Den&RGW b8 ‘56, ., D R G&Wst ba 7 Duluth $ S & Atl 63 Erle 1t con 4 Fla East C6s'T4... Fonda J&G 4% 5’62 Gr Trunk st deb Gt Northern 6%u. Great Nor gen 7s. Hud & Man adj 5 Hud & Man ref 5i 111 Cent 45 '53 Tr b8 stpd. Int Rap!d Trans 7s Int & G Nor 1st 6s. . Int & Gt Nor ad) Int Rys CA 6%s re. Kan City Ft 8 & Kan City Sou b; Kan City Term 4, Lake Shore 43 31 Leht Val con 4s. 2 92 7 1 10 1 13 9 3 10 20 9 22 9u% 101 105% 1024 1039 102% 105 102% 1034 wxx A_q) TRADE WELGOMES FOURTH HOLIDAY Good Buying Is Expected Following Celebration. Farm Outlook Drabh. BY J. C. ROYLE. There has been mighty little resist- ance to the extension of the Fourth of July holiday over the week end in most industries this year. Employers were glad, in many instances, to have their workers take this time off, This does not apply to all industries by any means, but even the most pros- perous industries were glad to get a chance to readjust and repair machin- ery and prepare for the continuance of factory runs for the remainder of the year. As soon as the holiday is’ over, how ever, the effect of the tremendous vol- ume of payments of dividends and in- terest on bonds which took place July 1 is expected to develop in the commodity markets. This volume of ready cash should stimulate buying, according to the best-informed statisticians. It al- ready has stimulated buying to a cer- tain extent, as the retail purchases of vacationing goods have been extraordi- narily heavy in many sections of the country. This has aided the apparel industry and the sports equipment lines very materially. Farm Outlook Drab. ‘The TFourth of July celebration among the agriculturists probably will not be marked by high enthusiasm. As one farmer put it: “We can shout the 6 96 96 0% 100% 100% 8 98 98 991 99% 1 109% 109% 109% 2 87 67 57 10 34 3 23 9 5 7 11 105% 105% 1 988 94% 98 90% 921 9% 8714 80% 92 92 43 274 98% 95 98 903, 9214 9% 874 80% 934 92% 48 27% 05% 3 110% 110% 110% 12 105% 105w 1053 11 110% 110% 110% 9 111 1 78% 4 99 2 89% 29 93 8 100% 1 9 1104 1 17 62% 1 ez 18 & 13 100 10 73 1 90 3 964 5 101% 1 1 81% 1 101 110% 8% T84 98% 9 89% 89 935 uan 00% 1004 106 1104 61% 62 62 62 8 85 99% 100 2% iy 0 9 964 96% 01% 1013 91k 9134 battle cry of freedom until we are hoarse, but, so far as I can see, it only means that we are free to sell our wheat at prices less than it costs to roduce. Few of us feel like celebrat- ing freedom of that sort.” Scores of industries have done re- markably well. It is true that some corporations have cut dividends. It is equally true that some corporations have been in a position to cut melons in_the way of stock dividends. The difference between the two types seems to be best explained by efficlency in management and advertising. gasoline will be consumed from Thursday mnight to Monday morning than in any similar period in history. Automobile traffic has been heavy and sales of automobiles have been fully as large as was antlcipated by most business experts. Production of oll, however, is still in excess of require- ments and no immediate improvement Js in sight. The reduction in auto- mobile output has meant a cut in tire production and reduced consumption of crude rubber. As a result stocks of crude rubber seemingly are as hlfl now as before the tapping holiday the Straits Settlements was put into effect. That holiday, however, was ef- fective only with the English and Dutch companies, the Chinese, Japanese and Malay producers seemingly paying little attention to it. Steel production has been well main- tained and the drop which usually comes at this period of the year has not been as severe as usual. The In- dependence day holiday will be largely devoted to repairs in the various plants. The railroads of the country are spenc ing more for new equipment than they have for many years, despite the fact that freight trafic has fallen below the levels of 1928 and 1929. Tool Buying Drops. ‘There has been a drop in the buyin of machine tools. w;g&ule buying of furniture has started in good volume in anticipation of the Autumn retail de- mand. Cotton consumption has fallen off and cloth manufacturing companies have cut re| clos to re- quirements. Prices are low, but it is possible to purchase raw materials ad- vantageously. The one marked drop noted is in the work clothing produc~ tion, although this is largely a seasonal development. ‘Wool mills are operating at only around 40 to 45 per cent of capacity, but prices for raw wool are fairly steady. Silk production has been cut down de- spite the fact that raw silk is ilable at fairly low price levels. Shoe uc- tion is fairly well maintained. Tanners have excellent supplies on hand, sipee they took advantage of the low price of hides to lay in stocks for future require- ments. In the last week department store sales have made up for the small amount of business they did early in June, when the weather was unfavor- able. There is some improvement in employment recorded, but this is only slight. Purther betterment is antici- pated after next week. i SALES ARE LARGER. Camp Fackang Go. 1oported saes of $0. amp Packing Co. repor - 42!.\)%0 for the first five months ef 1930, compared with $9,391,000 for the corre- sponding period last y SIGNS FILM CONTRACTS. 'NEW YORK, July 3 (#).—The Fox Film Corporation has signed contracts for its entire program of 48 films with Famous Players Canadian Corporation and the Butterfield circuit, which operates 79 theaters in Michigan, DIVIDENDS DECLARED 15 100% 100% 100% 3 8 89 g9 5 99% 994 991 5 108% 108% 108% 3 100% 100% 100% 1 99% 99% 99% 6 46 45 26 97 10 101 L ceived by the General Electric Co. for| the second quarter amounted to $09,- | 916,027, compared with $119,351,248 for | the like period last year, Gerald Swope, president, announced yesterday. Orders received for the six months ended June | 30 totaled $190,313,758, compared with $220,716,456 for the corresponding pe-| . = CHICAGO LIVE STOCK MARKET CHICAGO, July 3 (®) (United States Department of Agriculture).—Hogs— 18,000 head, including 8,000 head di- rect; mostly 20-30 higher on better 78 Railway & Electric bonds were the only ki issues figuring in the day’s sales. 0 Heard in Financial District. Deposits in the Union Trust Co. were $8,651,501.82 on June 30, the date of the last call, against $8.476,255.87 on the previous call of March 27, 1830, or smoked hams, 27; smoked shoulders, 20 | bacon, 27, lard, in packages, 13; in bulk, 12. Live stock—Calves, 915; lambs, 9%. Fruits—Watermelons, 50a75; canta- loupes, California, 4.50a5.50; Georgia | and South Carolina, 3.00a3.50; black- | berries, 3.00a4.50; honeyballs, jumbos, At Gulf 55 '69.. Atl Refining bs. Bell Tel. Pa, 63 (B) Brklyn Edison 63.. Certn-Td 6%s rets. Chile Copper bs. Colon O1l 63 '38 G Lehigh Val con Leh Valley 5s '20 Long Is deb bs L &N 4382003, ManRy 1st 48°90.. . Market St 78 '40.. . Mill El Ry&L 6s'61. Minn & StL ref NEW YORK, July 3 (#).— Re 105% 104% Wash. Mechanics' (20). FIRE INSURANCE. Amerlean (12) Corcoran (10) Firemen's (8) National Union (1 Company. Amer Chatn Am Ma & Fy Atl Pwdr 6 Bunte Bros . of . Chain Belt " s T} o 26 % an increase of $175,245.15. Through an error in yesterday's paper, the bank was not given credit for this substantial gain. It is now indicated that the banks of ‘Washington will show a gain of well above $5,000,000 on the call of June 30 compared with the figures of the March 27 call. The increase is most gratifying to_local bank The Federal Reserve Bank of Boston has cut rediscount rate of 3 per cent, from 3!} per cent; Philadelphia Federal Reserve Bank has reduced the rate to 315 per cent from 4 per cent Corcoran _ Thom, president the American Security & Trust Co., again | will serve as chairman of the com-| munity Chest Budget Committee, ac- cording to announcement yesterday by John Poole, president of the Chest It should be remembered that all the banks in Washington will be closed | Saturday as well as tomorrow, making | s period of three days in which no money can be drawn at the pay win- dows. of HIDE TRADE DULL. NEW YORK, July 3 (Special) —In a very dull market, raw hide futures were slightly better today, with 22 lots of December selling at 13.85 up to 13.95 nd one lot of May selling at 1520, here was no business reported in the actual market. INVESTMENT TRUSTS NEW YORK, July 3 (#).—Over-the- counter market Am Pounders 7% pf ex di Chain & Gen Equit 6157 Store Invest new 0 p! = Cont Meifo Bank Shares A.. Deposit Bank Sh Series n Fegeraled Cap Firat Amer Fixed T:ust 8 Do Bid. Asked R 50 L | 000 4!, per cent bonds, to vield from 4| riod last year. As a result of the trans- fer of radio set and tube business, the figures for 1930 do not include orders for radio sets or tubes. SECURITY OFFERINGS. NEW YORK, July 3 () —New se- curities offered today include: Public Service Co. of Northern Il.li-‘ nois, $15,000,000 4}; per cent bonds,| priced at 94, by Halsey, Stuart & Co, Township of Ridgewood, N. J., $488,-| to 4.30 per cent, by Kean, Taylor & C0., and syndicate. Elk County, Pa. $175,000 4% per| cent bonds, to yield 4.05 per cent, by Edward Lowber Stokes & Co. and R. M. Snyder & Co. RESOURCES LARGER. NEW YORK, July 3 (#).—The con- densed statement of the condition of the Guaranty Trust Co. of New York showed total resources June 30 of $2,- 038,458,286, compared with $1,749,321, 065 March 27, the date of the last pub- lished statement Deposits, including | ding checks, aggregated $1.379.- | compared * with $1,133,385.430 | March 27. Undivided profits were given as $36,385,493, an increase of $3,749,470 | since the first of the year, EXPECT BUYER INf‘LUX. NEW YORK, July 3 (#).—Advices from stores to resident offices here in- dicate that next week will see a sub- 6.00; honeyde flats, 2.00; peaches, Carmans, 1.50s + Hileys, .Fp]es‘ homegrown, 1.25a1.50; pine: ples, '3.25; grapes, Argentine, plums, California, 2.00a2.75; cherries, E;gtormn, 3.25; cherries, homegrown, matoes, Mississippi and Tennessee, flats, 85a89; homegrown, 2-peck baskets, 2.00; lima beans, 2.00a2.5 tring beans, 75a 1.00; squash, 50a75; cabbage, 75a85; peppers, 1.75a2.00; lettuce, New York, 1.00a1.15; California and Arizona, 3.75; cucumbers, 1.00a1.25; corn, 50a1.00; peas, 5.50; mushs Soa6s. rooms, Ohio hothouse, BUYS TRACTION FIRM. NEW YORK. July 3 (#).—The Mid- land United Co.. has purchased at auc- tlon the larger part of the properties of the Union ‘raction Co. of Indiana, which operates more than 400 miles of interurban railways, BUYS SPRINKLER CONCERN. NEW YORK, July 3 (4).—The Game- well Co. has completed acquisition of the Rockwood Sprinkl subsidiaries, prinkler Co. and its BANK STOCKS NEW YORK, July 3 (#).— stantially heavier influx of buyers. While the bulk of attention will given to surveying the new Fall offerings and general market conditions, con- siderable purchasing also is expected of merchandise for Summer promotions, particularly August sales. ?RO}:ITS ARE SMALLER. NEW YORK, July 3 (#).—The Crown rcoip Invest & ent ) 82\ 1, 8% s unchanged. Willamette Paper Co. a subsidiary of the Crown Zellerbach Corpogation, re- ported consolidated net prof#s of $3.- 557,406 for the fiscal year ended April 30, compared with $3,754,056 for previous fiscal year. be | Chase " o | Chat Phe: | Fitth e, | First Natl N ¥ Hatriman | Manhat Co | Peopies Nati | Trust Companies. Rankers gent T . Ehelsea 5 Ehem Bi & T+ Corn' Exchange " Corn ! C Gua! | Trving | Manufa: New ty cturery York Vegetables—Potatoes, 3.25a3.75; to- | trade hogs; packing sows opened high- er and closing with most of advance |lost; top, 9.75 paid for around 200 pounds; light, light-good and cholice, 1140-160 pounds,. 9.25a9.65; lightweight, 160-200 pounds, 9.5029.75; medium weight, 200-250 pounds, 9.509.75; heavyweight, 250-350 pounds, 9.20a9.70; packing sows, medium and good, 275- | 500 pounds, 7.65a8.65; slaughter pigs, iggazrl6 and choice, 100-130 pounds, 8.50 29.25. Cattle—3,000 head; calves, 2,000 head; | all killing classes active and higher ex- | cept weighty bullocks, but no depend- good to choice offerings recently sell- ing at 11.00a12.50 and better; she stock, 25 up; heavy sausage bulls, 7,000 head and better. Slaughter cattle and veal- | ers—Steers, good and choice, 600-800 | pounds, 10.00a12.00; 900-1,100 pounds, | 10.00a12.25: 1,100-1,300 pounds, 10.25a 12.75; 1,300-1,500 pounds, 10.50a12.75; | common and medium, 600-1,300 pounds, | 6.25a10.25; helfers, good and choice, 550-850 pounds, 10.00a11.00; common and medium, 6.25a10.00; cows, good and | choice, 7.50a9.50; common and medium, 5.00a7.50; low cutter and cutter, 3.75a 5.00; bulls (yearlings excluded), good and choice (beef), 6.75a8.50; cuiter to medium, 5.50a7.00; vealers (milk-fed), |good and choice, 10.00a12.00; medium, |9.00210.00; cull and common, 6.0029.00; stocker and feeder cattle, steers, good nd choice, 500-1.050 pounds, 7.75a9.75; mmon and medium, 5.50a7.75. Sheep—8,000 head; all classes around |steady; bulk sorted range and native lambs, 10.75811.00; native throwouts, 6.0026.50; lambs, 90 pounds down, good and choi~e, 10.25a11.26; medium, 8.75a 10.25; all v~ights, common, 6.00a8.7: ewes, 90-150 pounds, medium to choice, 2.00a3.50; all \:ights, cull and com- mon, 1.00a2.50. WILL CONTINUE PROBE. An additional $25,000 was appro- priated by the House yesterday from its contingent fund to permit its Inter- state Commerce Commi to con- tinue its investigation into railroad holding and investment trust com- panies, able outlet for heavy steers; csreclnlly Se y TITLE INSURANCE. Columbia (6h) . : Real Estate (Gh) Title & Inv. Co. M MISCELLANEOUS. Ross, Inc.. com. Chevy Ch' Dairy pfd (1), Col. Sand & Gravel ptd B,,C faper Mtg ptd Dist. Natl Sec. pfd. Emer. Bromo-Selz, Barber & Fed.-Am. Co. Fed.-Am. Co. pfd (6 Lanston Monotype Mer. Tr. & 8t *Ex dividend. B Books closed. nasc extra. 130c extra. 517 extra EX T o115 extra wi—W 527 extra. Unlisted Department. BONDS. g b Bs.. ehts. hen issued. Asked. Clul 07 Club_4 : nacostia Bank &hapn Sacks. 1 Wi lgtnllfll\ ‘Title Ins. Co. Washington Base B Clul Woodridse-Lansdon Sav. Ban . PRICES ON PARIS BOURSE. PARIS, July 3 (®).—Price changes | Wee ricgllar on the Bourse today. «e per ceni ic..:s, 87 francs 20 cenvimes, Fk.ove EIX cent loan, 102 francs § cenii Exchange on Lon- don, 123 francs 7¢ centimes. The dollar was quoted % 95 ircacs 43% centimes, 3¢ | Gen Pub Sve 6%, [ Det Edison Det Edison o NgmRannd e canartobaSlelnagy Duquesne 4148 °67. . East Cuba Sug T%s Cable 514 *47. Mot Ac Cor 6s. e 20 27 4 13 25 3 82 Gen St Cast 6% Intl Paper 5’47 Intl Paper 6s. . Intl Tel & Tel 4%48. Intl TET 4348 cv Intl Tel&Tel 68 '65. KanG & E 6s ‘52 Kendall 6145'48 Laclede G Laclede 614 5 Laclede 6% D 80’ Ligr&Myers 68 '51. Liggett & Myers 7s Loew's, Inc, Manat! Sugar 7%s. a4 teel b Morris&Co 1stés. Nat Dairy 64 Nat Radiator 6% N Y Edison 58 44.. Edison 6% N N N N North Am £d No Am Ed 6% Nor Ohlo Tr&L 6 M StP&SSM con 4s. M StP&SSM bs gtd. M StP&SSM 6 M StP&SSM 6 Mo Pac!fic gen Mo Pacific 68 A Mo Pac 5% 4! Nassau El 4851, NOTex& M6sB,. Nor OreT&M § ‘en del en LS cl 8%s. NY NH&H cv ab 68 N Y NH&H clt 8 Ore Wash 1st Penna 4%s 1970 Penna con 4% Port RL 68 '47.... Reading gen 4% A. RIArk & L ¢34 StL IM&S R&G 4s StL&SFplésA SIL&SF 4y StLaSanF 55 B StL&SF gen 68 '31., 1 891 4 97% 1 94 4 100% 1 18 178 19 107% I 49% . 4 NOTex&MGEs(A) 10 99% 99 3 95 2 108% 1 3 817 29 99y 13 101 1 3 I b 89% 894 97 9% 94 9 4 00% 100% 07 107 49% 49y 09 95 95 03% 103% 811 81y 987% 99% 00% 101 - 14 107% 1074 10734 073 107 107% 80 80 80 1 107% 107% 107% 31.. 15 101% 1015 101% 2 102% 1024 102% 1 80K 804 ROW 8 93k 934 93y 1121% 1218 1218 2 105% 105% 10514 2+ 82 gy 5 83 83 10 71% T1% Tiw 5 87% 8T 9 95 14 92 874 :Ah. 95 1% 91% 1 113% 113 13 2 9% 9% e1% .76 96% 96% 96% 2 102% 102% 102% 20 100% 100% 1003 9 101% 100% 101% 5 109% 109% 109 6 104% 104% 104% 11 1 3 100 1 9 100 99 983 00% 100% 100% 9 99 29 100 9 6 9815 98% 98% 30 92 v 23 90% 89% 904 9214 924 7 101% 101% 101% 2 101% 101% 101% o Grfd T&D 6% Do 8% pf.. Intl Cik Ma od.'§i28 Musiinal Ser pt. 1572 Bitih Steel pf....31.78 P s June 30 Sundstrd Ma Tool..2%¢ Q July Q July 19 Tung Sol Lamp.....25 Aug. Accumulated. New River pf July 10 Diie Aus. Due Aug. [ Web Holding A Do B 5 Sases. Hign. Low. Close. StLSWconds'ss 3 99 °8% 99 12 100 100 100 9 93% 48y 401y 93% M 8%, 8914 10915 109% 128% 123% 89% 89% 104 104 109% 109% 101% 101% a 4 8% 96% % 90 9214 1% 100 98% 110 110 105 108 101% 101% 8 85 Seaboard AL en ‘Term Asso SL. . Term Asso StL 58 Texas & Pac 1st. .. Tex & Pac 68 C'79. Third Ave ref 4s'60 Union Pac 1 Union Pac 48 '68. ., refds.. 1 Un Pac 1st ref Virginia Ry 1st §s. Va Rv & Pwr bi Southwn co 24 92 100% 1004 83 83