Evening Star Newspaper, July 12, 1930, Page 14

A- 14 TREASURY BTANS RECORD LOW RATE Bankers Now Anxious to Loan Large Sums to U. S. Government. Special Dispatch to The Sta NEW YORK, July 12.—Thanks to the abundance of funds seeking invest- ment in these days of slack business, the United States Treasury is cur- rently borrowing money on the most favorable basis since the war. A record high price of 99.672 average has been bid for the forthcoming issue of Treasury non-interest bearing bills which wili be dated July 14. At that price they will cost the Government only 175 per cent. The last previosu piece of financing done by the Treasury took the form of certificates of indebtedness sold last month, when the Government paid 27s per cent for its loan. That loan, how- ever, will run longer than the new issue of Treasury bills, which will mature in two months and therefore are comparable with bankers’ bills in the open market. Sixty-day bankers’ acceptances are discounting at 2 to 17 per cent or just a shade under the price paid by the Government for 60-day money. Lower Money Pictured. The downward trend of money is ac- curately measured by the rates at which successive issues of Treasury bills have been discounted. The first offering made since the Treasury was auther- ized by Congress last year to sell se- curities below par was one of $100,000.- 000, issned last December. It was sold on a discount basis of 3!4 per cent. The second issue was made in February, consisting of $56,108,000 bills discounted at 3.30 per cent. A third issue of $51,- 316,000 was made in April on a dis- count basis of 293 per cent and that was followed by $104,600,000 Treasury bills in May discounted at 2.54 per cent. It is apparent, therefore, that the Treasury is receiving the full benefit of the cheap money now ruling. The method of borrowing money through issue of non-interest bearing bills sold at a discount, which for many years has been the British government’s favorite method of financing short- | term requirements, is growing in popu- | larity here. ‘The issue just announced has re- eeived greater response from money lenders than any of the other Treas- ury bill issues. Secretary Mellon an- nounces that subscriptions aggregated $328,968,000, or more than six times the amount offered. Despite the heavy oversubscription, the Government, it is officially stated, will accept tenders for but $50,920,000. Tax Exemption Factor. Probably one reason for the fact that subscriptions for the present offer- g ran far higher than any other was the added tax-exempt privilege of Treasury bills extended by Congress in its recent session, presumably as a result of complaints of bankers against the more limited exemption provision attaching formerly to bills. The new legislation specifically exempts from tax any capital gain from sale of bills in addition to exemption of interest. The only exceptions to such exemption are estate or inheritance taxes. Much com- plaint had been made by bankers be- cause the bills heretofore were not free from capital-gain tax. The Treasury bills find lodgment in the hands of private money lenders' hands in a greater extent than certifi- cates of indebtedness, which are a favorite instrument among banks. Banks prefer the certificates because subscribers to the latter entail no im- mediate cash outlay, but take the form of credits by banks for account of the Government. Treasury bills are sold for cash only. In the present state of uncertainty in business, private bankers and in- dividuals are eager to lend money to the Government for short periods. A point of interest with regard to this ssue is whether any public offering will be made. The extremely low dis- count rate would appear to preclude such re-sale. (Copyright. 1930.) KISSELL IS NAMED REALTORS LEADER Association Elects Western and Middle Western Men at To- ronto Session. B the Associated Press. TORONTO, Ontario, July 11.——HllTY} 8. Kissel of Springfield, Ohio, was| elected president of the National Asso- | ciation of Real Estate Boards at Thurs- | day's session of the twenty-third an- nual convention. Mr. Kissel will as- sume office on January 1, 1931 Walter 8. Schmidt, Cincinnati, Ohio, was named to fill the vacancy on the board of directors caused by the resig- nation of Mr. Kissel, who is expected to continue to act as the association’s counciler to the United States Cham- ber of Commerce. Other officers elected were: Treas- urer, Earle G. Krumrine, Chicago: vice presidents, William H. Garner, Winni- peg. Manitoba; J. C. Nichols, Kansas City: George D. Robertson, Los Angeles: August C. Sehrt. Milwaukee, and Good- win Gibson, Toronto. Wall Street Briefs NEW YORK, July 12 (4).—June pro~ duction of copper by. United States mines totaled 56465 short tons, com- pared with 60,238 in May and 82,354 in June last year, the American Bureau of Metal Statistics reports. Stocks of Tefined copper at North and South| American refineries at the end of June totaled 316,762 tons, compared with 308.646 tons May 31, 301,338 tons April 30 and 83,140 tons June 30, last year. The average price of erude petroleum in 10 producing fields was unchanged last week from the previous week at $1.497 a barrell, Oil, Paint & Drug Re- porter says. The average for the cor- responding period last year was $1.757 a barrel. Gasoline at. refineries also was unchanged last week from the previous week at 7.16 cents a gallon at four principal refineries. Contracts awarded during June for new building and engineering construe- tion in the 37 States east of the Rocky Mountains totaled $600,573,400, com- pared with $457.416,000 for May and 529,891,100 for June last year, F. W. Dodge Corporation reports. The total for June, this year, was the largest monthly total since July, last year. The total for the first half, this year, was $2,638,013,300, a decline of 125 per sent from $3015,546,800 in the line Beriod last year. NEW YORK, July 12 (#.—The Memphis Power & Light Co. e gross earnings for May were $527,741 FINANCIAL. THE EVENING STAR, WASHINGTON, Th Ok SATURDAY, JULY 12, 1930. FINANCIAL. NEW YORK STOCK EXCHANGE (Continued From Page 13.) Tide Water As (80c). Tide Water As pf (6) Timken Roller (3) Tobaceo Products. . . Tobac Prod(A) (80c) ‘Transcontl Oil (30c). Tri-Contl Corp...... ‘Truscon Sg) (£1.20). Una-Eil-F¥scher (5). Union Bag & Paper. . Unton Carbide ¢2.60) Union Oil of Cal (33) Union Pacific (10) Utd Afreraft.... Utd Bisguit (1.60).. Utd Biscuit pt (1) Utd Carbon (2) Utd Cigar Stos United Corp (50c) .. United Corp pf (3).. Utd Electric Coal. ... Utd Gas & Imp(1.20) U S Steel (7). U § Steel of (7). Univ Leaf Tob (3) Univ Pipe & Rad. ... Util Pwr&Lt A (e2).. Vadasco Sales Corp.. Vanadium Stl (t4) 25 2% 30 2% 49% 9 45% 0 e 143 Va Elec Low. 101% 60 Wabash Warren Wrigley 1 % Intl Sal Dividend rates as gi nit of t in stock. no regular rate. able in cash or b Plus 5% in ‘sl st Vulcan Det (4)..... Vulean Detin pf (7). 10s ek § Pt 2570 fock. I Plus 8% n stock. fock. rrev. Close. Close. 103 101% 6703 95% = te. Add 00. High. Prpf (6)n.. 10s 103 608 Low. 103 Waldorf § Walworth Co (2) Ward Baking (A) Ward Baking (B). W Fdy & P (2). Wess oil & Snow (2). 3O & Sn pf (4).. Western Md. . Western Pacific pf... Western Unijon (8).. Westinghse E&M (5) 1 Weston EI Instr (1). Wextark Radio Strs. White Motors (2). White Sewing Mach. Willys-Over of (7 Woolworth (2.40). Worth Pump. . (Wm) (4) Yellow Truck. . Yellow Truck pf. Zenith Radio. . RIGHTS EXPIRE Am Tel & Tel.Aug Ches & Ohlo..July 23 DuPont deN..July 16 424 1144 23 t July — 19 ven in the above table are the annual cash payments based on the latest quarterly or half vearly declarations. Unit ing less than 1 tPartly extra. c Paid SPlus 4% tock, = Stk £y stock. B Pius in stock. & Plus k Plus 3% in CAPPER ASKS U, | TOBUY NORE GRAN Kansas Senator Thinks Farm Board Should Take 100,-' 000,000 Bushels Off Market. BY the Associated Press. Closely following. tH§ action of two Kansas publishers yestefiday in demand- ing the resignation of &hairman Legge of the Farm Board, Senator Capper, Republican, Kansas, joined Gov. Reed of his State in advocating that the board purchase and remove from the market an additional tonnage of wheat. The Senator, speaking to representa- tives of the press, proposed an amount four times as large as that suggested by Gov. Reed—recommending that the board buy 100,000,000 bushels. In his campaign t the board’s acreage- reduction plan the Governor has recom- mended the purchase of 25,000,000 bushels. Declaring the Government could not lose any money on the purchase of wheat at current prices, the Senator said he would take the matter up with Chairman Legge as soon as he returns from his tour of the Winter hard wheat belt in behalf of acreage reduction. Believes Move Wise. “If the stabilization program of the new farm relief act ever is :oln{l to work now is the time for it and I think the Government could well afford to buy wheat at the present prices,” Cap- per said. “I belleve it would help to improve prices.” Chairman Legge’s answer to Gov. Reed’s criticism of the board’s wheat policy has been that wheat already is getting the lion’s share of the $500,000,- 000 revolving fund. The chairman pointed out that the board is spending $1,000,000 a month in carrying cha on approximately 60,000,000 bushels of wheat the Grain Stablization Corpora- tion took out of the 1929 crop. It was in the midst of the wheat- acreage reduction controversy that Max M. and Louis Levand, joint publishers of the Wichita Daily Beacon, called upon Mr. Legge to resign and apologize to Kansas for a statement they said Legge made at Dodge City, Kans., that the “biggest hog will always lie in the trough. Kansas is now in the trough.” White House Silent. ‘The White House made no statement in connection with the publishers’ re- uest. b Senator Capper and Senator Allen of Kansas said they had received no demand for Mr." Legge's resignation. The demand for Mr. Legge's resigna- tion is the most precipitate action the foes of his acreage reduction campaign have taken thus far. The conflict with Gov. Reed has been fought on economic lines—the Governor maintaining Kansas should be allowed to produce to the limit because she could produce cheap- ly and turn out a superior product. The chairman's answer has been that Kansas should be the first to reduce because it is the largest wheat State and adds the greatest amount to the surplus. It was recalled at the Farm Board that Chairman Legge's reference to the “hog in the trough” is a pet phrase of his and one he had used before in urging large cotton producing States to reduce their acreage. Used Familiar Term. “He uses it as a ):::nple Ylll'm term —one that speaks own language to the farmer who has wrestled with the proclivities of the biggest pig in the pen,” those familiar with him said. Referring to the telegram to Legge, asking him to resign on the strength of a report that he had said he was “through,” board headquarters recalled that in starting his tour with’ world wheat outlook figures to show the dilemma of the American export mar- ket, he had said the board has done its duty when it presented the facts and that it was up to the individual farmer to determine whether he would be guided by them or continue to add to the “back-breaking surplus.” I;I'ALIM] OFFERS SELF FOR MEDICAL TESTS Writes From Rome on Learning Chinese Had Declined to Be Ex- perimental Victim. By the Associated Press. SANTA FE, N. Mex, July 12.— Pietro Canale of Rome, Italy, has volun- teered as a subject for a trachoma ex- periment. He said in a letter sent here he had read of an effort to get Woo Dak San, condemned Chinese, to aid in an at- tempt to isolate the germ. “Well known and well liked here (Italy) and young and robust,” the 27- year-old Italian wrote, “I would be at their dispcsal to give my head in any experiments for the benefit of suffering humanity.” ‘Trachoma is among Indians. ‘Woo Dak San was offered his free- dom if he would give himself to science for experimentation, but he refused. HEAT WA an eye disease, prevalent VE HITS CHINA against $472,740 in May, 1929, and balance after interest and deductions was $162,718, compared with $140,688. WEEK'S BOND ISSUES. NEW YORK, July 12 (#).—New bond offerings f;r the :;vk &m:o“;mfim £146,710,000, compared wif X last week and $91,559,900 in & like Week last year. Temperature at Hankow Rises Above 100 Degrees. SHANGHAL, July 12 (#)-~The heat wave which has caused widespread suf- | Chicago Traders in Clutches TS | or storm and Baltimore Markets Specisl Dispatch to The Star. | BALTIMORE, Md. July 12—Pota- | toes, white, 100 pounds, 2.00a2.25: new, barrel, 2,00a2.50; asparagus, dozen, 50a 3.50; beans, hamper, 50a1.00; beets, 100, 1.50a2.00; cabbage, hamper, 50a75; carrots, 100, 2.00a4.00; celery, crate, 2.50a3.00; corn, dozen, 5al5; hamper, 60a90; lima beans, bushel, 75a1.75; let- tuce, crate, 50a1.00; onions, bushel, 75a 1.00; peppers, te, 1.25a2.50; peas, bushel, 50a2.50; spi , bushel, 1.00a 1.10; squash, hamper, 15a25; tomatoes, crate, 1.00a1.50; apples, bushel, 1.258 3.00; blackberries, quart, 10a15; canta- loupes, crate, 1.00a3.00; cherries, pound, 5a10; organes, box, 3.75a9.00; peaches, crate, 2.50a3.50; pineapples, crate, 3.00a 4.00; watermelons, 100, 20.00a40.00. Poultry, alive—Chickens, Springs. | pound, 25a36; Leghorns, 18a25; old roosters, 15a16; old hens, 22a27; Leg- 15a20; ducks, 18a23; pigeons, Jair, 15a25. Eggs—Receipts, 1,930 cases; firsts, 21; Southern firsts, 20, Butter—Good to fancy creamery, pound, 32a35; ladles, 24a25; rolls, 24a25; process, 28a! store packed, 18. nearby WEATHER LEADING FACTOR IN GRAIN of Sun and Rain in Wheat and Corn Belts. By the Associated Press. CHICAGO, July 12.—Grain traders are just now almost wholly in the clutches of the weather. Several weeks of critical conditions ahead as to the 1930 crop outcome regarding United | States and Canadian Spring wheat de- pend to a great degree upon sunshine give rise to daily light- ning-like fluctuations in the wheat mar- ket. What happens, too, in the corn pit is nearly altogether, as in wheat, a question of rain or no rain. Compared with a week ago, wheat prices this morning, overwhelmed by reports of downpours north and south of the Canadian border, especially north, showed 3%a4% a bushel setback. Simultaneously, corn was. 7a3', up, owing to dearth of moisture in the corn belt, oats were unchanged to Vs higher | and provisions ranging from 10 decline | to a rise of 35, Crop Damage Reported. ‘Tumbles of wheat values have been in the face of reports of sensational irre- parable crop damage in sections of the Dak Morecver, ad- vices at hand are still suggestive that the Spring outlook is spotted, the best trade authorities here saying areas of ince on both sides of the Cana- dian line remain badly in need of mois- ture. Under such circumstances weather developments during the next few weeks | are generally expected to determine the course of price, subject, however, to possible unlooked-for changes in the volume of transatlantic bread stuff de- mand. It is freely admitted among friends of higher prices that carry-over stocks of wheat in this country and Canada are heavy, but nevertheless the assertion is made’ that such supplies are not so heavy that any further sacrifice of values appear requisite. An additional factor mentioned is that the movement of domestic Winter wheat is falling off from the peak at some points, and that despite big receipts the cash basis for No. 2 hard Winter wheat at the Gulf of Mexico has gone to & premium of 2 cents over September contracts, although the basis was 3% cents discount a year ago. Meanwhile, & holding tendency shown on the par of many wheat growers elicits commen! in some quarters that current record- | breaking low prices furnish but little | motive for any unusual haste in mar- keting. Corn Forecast Surprise. | In the corn market, sprprise over the | Government forecast of 172,000,000 bushels less production this season than unofficial experts have looked for is giving emphasis to complaints of pro- | longed dry weather and excessive high temperatures. ~Oats are upheld by apparent likelihood that existing low | Prlces will cut receipts, and will also| increase demand. Irregularity characterizes the provi- sion market, lard showing a downward slant, whereas meats veer upward. PENDER GROCERY SALES OFF SLIGHTLY IN JUNE| ‘The David Pender Grocery Co., which | has many stores in Virginia, reports | gross sales for four weeks ended June | 28 of $1,161,477, compared with $1,210,- 879 for the corresponding period of 1929, & decrease of 4 per cent. Gross sales for the five months and four weeks ended June 28 were 37,792,744, compared with $7,504,504 for the cor- responding period of 1929, an increase of 3.8 per cent. U. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business July 10 was $250,449,788.76. Customs receipts for the month to date were $7,002,480.86. ‘'Total ordinary expendi- tures, tu,sq'l.n'luo. BUTTER PRICES FIRM. CHICAGO, July 12 (®).—Butter— Receipts, 17,911 tubs; firm; prices un- changed. fering in the Yangtse Valley recently hit Shanghal again today as the tem- Dl‘l: 100 ‘There to | perature degrees. Wwere many heat tions. The tem- R Eggs—Receipts, 19,747 cases; steady; prices unchanged. hannesburg, B‘:uth Africa, will é 45,000,000 w-a&_n- WHEATREDUETON 5UPT0GROWERS Hyde and Legge Complete Speaking Tour Urging Farmers to Unite. By the Associated Press. y ENID, Okla.. July 12.—Proposals of acreage reduction In the Southwestern Winter wheat area, which produces a considerable portion of this country’s contribution to the world's bread basket, tonight will lie in the hands of the growers. Completing a week’s swing through Nebraska, Colorado, Kansas and the ‘Texas Panhandle, Secretary Hyde of the Department of Agriculture, and Chair- man Legge of the Federal Farm Board today brought their acreage reduction proposal to Oklahoma. Today’s meet- ing here was the last of six in five States they visited. Throughout the campaign the Secre- tary and the Farm Board chairman have urged farmers to organize in order to better their own situation. Chairman Legge has expressed the theory that curtailment of production to domestic demands would enable the growers to obtain the full benefit of the 42-cent wheat tariff provided by this country, but he has stated such a dras- tic reduction was not contemplated im- meadiately. An auaience of 1,500 at Amarillo, Tex., yesterday heard Secretary Hyde expound his_doctrine that it is profits in net bushels of production that pays the debts and raises the standards of living. Chairman Legge said he believed the ! present grain marketing system would not be destroyed and that organization of farmers would remove the need for grain futures trading. WIFE-KILLER FAILS T0 GET NEW TRIAL Court Denies Plea in Behalf of For- mer Realty Operator, Convicted of Hatchet Slaying. By the Associated Press. SEBRING, Fla, July 12—Circuit Judge J. J. Barker announced late yes- terday he would deny a motion for a new trial for Willlam R. Carver, for- mer Philadelphia and Miami real estate operator, convicted recently of first- degree murder in the hatchet slaying of: his wife. Judge Barker said he would enter the formal order Monday, when Carver's attorneys will be present. He declined to give the grounds on which he denied new trial. Carver also is under indictment for murder in the hatchet killing of his 2-year-old son and the fatal shooting of Bey Whitehead, Negro servant. In returning a verdict of guilty against the realtor the jury recommended mercy, which automaticaily would carry a sen- tence of life imprisonment. W. D. Bell, chief defense counsel, has indicated he would appeal the case to the State Supreme Court. The triple killing occurred here on the afternoon of April 12 last. At his trial Carver testified he was awakened from an afternoon nap to see the Negro, with a blunt instrument in his hand, standing near the bodies of his wife and infant son, in his wife’s bed room. He said he then ran to his bed room, got a pistol and killed the Negro. The State contended Carver killed his wife and child for a $10,000 double indemnity life insurance policy which Cld been taken out on the life of Mrs. arver. [ o o] NEW YORK, July 12 (#).—Duquesne Gas_Corporation announced that an oil well, making between 20 and 25 barrels daily, has been brought in on the corporation’s property in Wetzel County, W. Va. The well is located in territory where the corporation has leases covering 1,000 acres. Five addi- tional locations for wells have been made and drilling will start immediately. Advancing seasonal slackness and per- | ceptibly lower industrial activity are reducing _electrical equipment sales levels to the year's low point, Electrical World reports. Demand in the Nation's markets during the past week showed no change from the dullness and inertia which has characterized it for many | weeks. An active demand for better grade curtains developed in the market dur- ing the week, New York selling agents report. A number of buyers represent- ing stores in the Middle West placed orders in nominal volume for future delivery. Trade associations in all lines of in- dustry have been asked by the Amer- ican Manufacturers’ Export Associa- tion to supply that body with data on trade conditions in the industries they represent. Frank R. Eldridge, executive vice president, said the information will be used in formulating a plan for sup- plying foreign trade information to the organizations for the use of their mem- bers and is part df the program for encouraging manufacturers to take a greater interest in export trade. VIRGINIAN RAILWAY. W. M. Ritter has been elected a director of Virginian Railway Co. to fill an existing vacancy. W. H. Heath of Putney, England, and his daughter Nancy, who took up danc- ing seven years , have just won the champlonship world amateur Paris, RAILS ARE BUOYANT IN BOND MARKET Issues Legal for Savings Bank Show Strength in Today’s Trading. By the Associated Press. NEW YORK, July 12—Despite the usual Saturday dullness, railroad issues were buoyant as they continued under accumulation and the standard issues maintained a firm trend. Rall issues legal for savings banks showed strength. Atchison 4s sold at their year's peak price with a half-point gain, while Union Pacific 4s, another popular issué, was moderately active at yesterday's closing price. Great North- ern 7s, Chesapeake & Ohio 425 B and Southern Pacific 4s were other issues which showed rising tendencies. American Telephone 5s were in de- mand. Western Union 55 were strong with a gain of about 1 point. In- dustrials were steady and received little attention from buyers. in carrier issues, and narrow fluctua- tions were the rule as stocks rose. French 7'2s, German 5!,s, Italian 7s were well bought and held their upward course. Lautaro Nitrate war- rant 6s continued to rise, after a 3'5 point gain yesterday. Corporation News NEW YORK, July 12.—The following is today’s summay of important cor- poration news prepared by Standard Statistics Co., Inc., New York, for the Associated Press. News Trend. Copper statistics for June show stocks of refined copper were increased fur- ther during the month to the highest level since September, 1921. Supplies at North and South American refineries aggregated 316,762 tons .on June 30. This was 8,116 tons larger than stocks of May 31 and 233,622 tons above a year ago. A reduction in surplus stocks had been generally expected, and it is believed the expansion is due to the further deferring of shipment of the large orders placed in May. Domestic production was reduced about 3,800 tons, compared with May and 25,889 from June, 1929. The week’s commercial failures num- bered 428, against 435 in the previous week of five days and 490 two weeks ago. Bank clearings were sharply reduced compared with a year ago, chiefly be- cause there were six business days in | the 1929 weeks against five this year. | Aggregate for principal _cities ~ was $8,201,854,000, A drop of 33.4 per cent | from Iike week in 1929. clearings declined 42.2 per cent, while exchanges in cities outside New York were 28.6 per cent lower. The Industries. Coal—June output of bituminous coal estimated at 33,683,000 net tons, 6.3 per | cent less than in May and 5.3 per cent below year ago. Anthracite production is estimated at 5,202,000 tons, decline of 12.5 per cent from May, but 2.6 per cent above June, 1929. Copper—Stocks of refined copper at North and South American refineries totaled 316,762 tons on June 30, an increase of 8116 tons over May 31 stocks and 233,622 tons larger than on June 30, 1920. June production by domestic mines totaled 56,465 short tons, against 60,238 in May and 82,354 in June, 1929. Petroleum—South Oklahoma City operators have voted to shut down all wells up to prorated output allowance or which have produced over alloted amounts. Shutdown to permit pipe line companies to clear oil storage on leases and allow operators or under- produced wells to make up their allow- ance. Railroad—Interstate Commerce Com- mission has requested carriers to fur- nish complete information as to oper- ation of motor busses. This is initial step in its recently instituted investiga- tion into co-ordination of motor trans- portation with railroads under commis- sion’s jurisdiction. Sugar—Sugar melt 15 domestic re- finers in Period January 1 to June 28, totaled 2,365,000 long tons vs, 2,585,000 long tons in like 1929 period, according Sugar Institute, Inc. Deliveries totaled 2,145,000 long tons vs. 2,345,000. The Companies. Alr reduction first half earnings, esti- mated at $3.85 common share against $3.45 in 1929 period. American Boverl reported unfilled shipbullding business totals about $50,- 000,000. assets (cash $4,831,209), rent_liabilities, Inventories were about $2,000,000 less than on November 30, 1929, California packing reported will soon offer $15,000,000 10-year 5 per cent debentures, convertible into common stock at about $75. Proceeds will fur- nish additional working eapital. Chicago, Milwaukee, St. Paul & Pa- cific railroad, June net operating in- against cur- 089,000 year ago. Continental Baking earned 3 cents on B shares in 10 weeks to June 21, against 15 cents in 1929 period. In 25 weeks earned $1.71 on a stock (nothing remaining for B shares after dividends), against $4.89 in 1929, Cutler Hammer, Inc., June quarter shipments totaled $2,683,398, against $2,524,207 in March quarter. Durant Motors June_shipments in- creased 7 per cent over May. A. Hollander & Sons, Inc. earned 96 cents on common stock in first half, against $1.68 in 1929 period. International Printing Ink propose increasing authorized common stock from 400,000 to 1,000,000 shares, and preferred ‘from 98,457 to 250,000 shares. Also will change name of company to International. Washington Produce Butter—One-pound prints, 371,a3815; tub, 36a37. 23a24; Eggs—Hennery, celpts, 21a22. Poultry, alive—Spring broilers, large, 5a36; small and medium, 27a30; Leg- large, 23a25; small, 22a23; fowl: Leghorn fowls, 15a17; roosters, Dressed—Shipped in, iced, Spring broilers, large, 30a32; small, 26a27; fowls, 24a25; small and medium and Leghorns, 15a16. Jobbers' prices, home dressed—Spring broilers, large, 40a43; medium, 35a3i small, 30a32; Leghorns, large, 29a3 current re- 25a26;, Leghorn fowls, 27a28: roosters, 18a19; ducks, 23a25; turkeys, 32a33. Meats, fresh killed—Beef, 18a21; veal, 15a18; lamb, 25; pork loins, 25a 28; fresh hams, 25; fresh shoulders, 18a20; smoked hams, 27; smoked shoul- ders, 20; bacon, 27; lard, in packages, 13; in bulk, 12. | Live stock—Calves, 10; lambs, 915, Fruits—Watermelons, 3 loupes, 2.00a2.50; few honeyballs, 2.50a4.00; oranges, 8.50; lemons, 5.00a7.50; apples, Hileys, 3.00a4.00; Carmans, pears, California, 18-pound ums, California, 1.50a2.25; grapes, California, 3.50a4.00; blackber- ries, 2.50a5.00; cherries, 6.00; alligator pears, 4.5085.00; huckleberries, 4.00a 6.20; gooseberries, per quart, 20. ‘Vegetables—Potatoes, 2.75a3.25; to- matoes, homegrown, two-peck baskets, 3.50a4.00; Southern, lugs, 4.00; cabbage, 75a1.00; kale, 75; spinach, 75a1.00; turnips, per 100 bunches, 3.00; carrots, per 100 bunches. 3.00a4.00; beets, pe llCIQ bunches, 2.0023.00; fancy, Among convertibles, activity centered | Auburn auto, had $14.733,842 cun’cn'.] $4,473,153 on May 31./ come estimated $547,000, against $2,- | New York City | @ small, 25a27; fowls, large, 28a30; small, 8 [ov sow sons BONDSmoceswemunc] | EXCHANGE TRADING Received by Private UNITED STATES. (Sales are in $1.000. Sales High. Low. 3 101 . 103 1027 Closs. 101 1027 102 30 111223 11223 11223 FOREIGN. Sales. Mligh Low Ciose 92% 9 % Lib3%s. Lib 1st 4% Lib 4th 448, US4yssl.. Argentine 543 '62. Argentine, M: . Argentine 6s Ju ‘59 9 Australia 78's 8814 103% 971y 109 1184 5 103% 7 109 1114% 108% Bank of Chile 6% Belgtum 6% Belgium 78°55... Belgium 7s 56 Belgium 8a Bolivar 7s "5 971y 109 11:% Bordeaux Brazil 815 Brazil 6148 Brazil ¥s. Canada 6s '53. Chile 6s '80. Colombia 6s.Jan ‘61 Con Pwr Japan 7s. . Copennagen 6s rets Danish Munic 83 B. Denmark 41 Denmark 5% ‘55, Denmark 6s. Dutch East Ind' 47, Dutch East 1 6s '62. Fiat 7s ex war 46 Finland 6348, Finland 7s French 7, Gér 5145'30-'35 rets 7 German Bank 6s 3. German 7 Greek 63°63..., Hungary 7%s. .. 100% Irish Free State b, < Italy 7s Japanese Japanese Karstadt 63 ‘43 Kreuger&Toll Lyons 6s. 915 1043 TRl 96 Norway 6s ‘63 Norway 648 Norway 6s 43 Norway 6s 44 Orient Dev 6s°53. . Paris-Lyons-M 6s. Paris-Ly-Med 7s. Paris Orleans 6% Peru 63 '60 Peru 6s 61 Peru 7s. o Poland s (rets). Poland 8s. ... Porto Alegre s, Prague 73s usland Queenland 7 Rhinelbe Un 7 Rhine Wst EP 6: Rhine Westés 5. Rhine Wst EP 7 Rio de Janeiro 6 Rome R'y’'l Duteh 4% sww Sao Paulo 85 '36 Sao Paulo '50. Saxon (PW) 1, Seine 7s ‘42, 105% 98 104% 105 QurpRann = 10 96% 9615 10: :').‘ 1056% 104 10315 90 aon 90 Rov 102 101 5N THN e 89% 100% 9614 105% —t cummansm SR ahen o e 100% 941y 945 108 8.1y Serbs-Crot-Slo 8. Snineyetsu 6is Sweeden 638 Swliss Confed Pwr 6532, Pwr 78 Tokio 5348 ‘61 Utd Kingm 5% 87 Uruguay 6s '60. Uruguay 8s. Vienna 6s 52. Yokohama 6s 2 105, 107 991 99y, £ U 104% 104% 96's 96 1094 1094 871 87l 9% 96% S 1094 8714 96 LT MISCELLANEOUS. Abram&Straus s | 991 Alleghany Cp 6844 5 993, Alleghany 58 49... 10 Allis Chalm 58 37 Am Agri Chem 7%s Am For Pwr 6s 2030 10 103% Am Smit & R Am Sugar Ref 6: Am T&T cv41;s'39 Armour&Co 4%s'39 Armour, Del 5% Bethlehm £l pm bs Beth Steel rf s Brklyn Edison 5 Bush Term Blag bs Chile Copper 58, Colon O] 6s '3 Col G&EI 55.M, Com Invest 538 Com Inves: 63 Con Gas N Y f%4s Consumers Pwr § Cuban Am Sugar 8s Det Edison 63 Dodge 6s ... . Donner Steel 7s Duquesne 4% Gen Mot Ac Cor Gen Pub Sve 6% Gen Thea Eq 6340 Goodrich 6%8 Goodyer bs rets. ... Humble O & R 5%s 11, Bell Tel b Inland Steel 4% *7 Intl Mateh b Intl Paper 6: Intl Tel & Tel o % RSN R RHANE e KN e B 1071% 9k 104 101% 102% Lautaro Nitrai Loew's 63 w 0 war. Midvale Steel bs. Montana Pwr ‘48, Nat Dairy b%s New Eng Tel s, 41 N Y Tel 65’49 North Am Ed No Am Ed 6% Nor Ohlo Tr&L Nor States Pwr 63 Pac T & T 1st bs. Phillips Pet 6% Por Ric Am Tob Postal Tel & C 5l Pub Serv G 4 0 Pure O!1 6%8°37. .. Rem Rand 6%s war Sinclair O 78 9 1001 100 965 100 100 96% Southwest Bell Stand O11. NJ *4 Stand OIL. N Y 4% Tenn El Pwr 6 Tex Corp cv b3 "44. Transcontl Ol 6%s Warh Bros P 6849, Westn Unfon 68’51, White Eagle 5143 Wickw Spen 1st Willys-Ov 6% ‘Wilson & Co 1 Youngstn 8 &1 ba.. 1021 RAILROAD. Atchison ad) 4 1 Atchison gen A T&SFcv4Rie'as 10 B&Ogoldds... . . Ocv %833, 92 9615 129% Sales. High. Low. Close. 5 1014 101% 101% T 90% MU 86t Boston & Maine s Elev 6% Bush Term con bs. . Can Nat 4%4s°57... Can Nat 4%s ‘68 Can Nat 53 Oct Can Nor 41,335 Can Northern 7s. Can Pacific 53 '54. . Ches Corp 58 *47 Ches& O4%sB Chi & E 11l gn s 51 Chi Gr West 48 ‘59 Chi M&St P 48’89 CM&S!P Pac a Chi & NW 43 Chicage Rwys ChiR1&Pgn4 ChiRI&Prf 9 9 ChiRlcv4lss0 9 929 e ChiRk Isl 4% A ub" 1004 1001 108 98, 8Ys, 100 1000 1001 105 9 x93 100 > 1001 a5 56% 861y 94 99 93 100% 108 93¢ 89% 1004 100 CB&Qistrfbs... CCC&SIL 4%s (E). C& W Ind con 4s. . Clev Term 4%s ‘77 Colo & Sou 4%4s. .. Conn Ry & Lt 4%4s. CubaNors 158’42 Cuba RRT%s Del& Hud ref 4343 Den&Rio G 4%s'36. Den&RGW 68 '55. . DR G&Wst 58'78.. ! E Erfe 5s, 1967. Erie 68, 1975. Fla East Cfs 74, Gr Trunk st deb 6s Gt Northern 6% Great Nor gen 7 Hocking Val 4%s. . Hud & Man ad bs Hud & Man ref 6s.. T1linois Cent 45 *51. 111 Cent ref 4 11l Cent 4% s £ I1-C-C-StL&NO bs. Int Rapid Trans b Int Rap Tr 5s stpd. Int& G Nor 1st 6s. . Int & Gt Nor adi 6s Towa Cent 1st 5s. Kan City Sou 3s. Kan City Sou bs Kan City Term 4s.. Lake Shore 4s '31. 110% 99 79% 100 e R B et s ke e L&NG5%s ManRy 1st 4590 Mill EI Rv&L 68'61 M StP&SSM 6; MK & Tex 4s Mo Pacific gen Mo Pac 58 F 7' Mo Pac 58 G '18 Mo Pac 5%m 49 ev. Mob & O gen 4s'38. Nash Chat&StL 4 Nor OreT&M 5%s. . N ¥ Cen deb 4 N Y Cen N Y Cen LS el NYChI&StL, N Y C&siL NY NH&H 41867 Norf & Wn con 4a. . Nor Pacifie 3s 2027 Nor Pac 4%s 2027, . Penna 433 1970 4% PR D i o RTD I AR ARSI DRI R 9 801 Reading gen 4% A. RIATK& L 4%s. .. StL&SFpldsA. .. SIL& S F 4y S&+.&SF gen StLS W 1st 4 St LS W con 4s 33 SILS W 6s'62..... 3eaboard AL en 6s. SBAll Fla 65 35 A Sou Pac ref 4s... Sou Pac 4% %65 ww Sou Rwy gen 4s. % s | Seu Rwy con 68 Term Asso SL 4s. . B11 Third Ave ref 45'60 i Unlon Pac 1st Virginia Ry 1st 5 LOANS AT 1927 LEVELS Figures Considered Remarkable, Considering Size of List. NEW YORK, July 12 (#).—The total of brokers' loans as reported by the Federal Reserve Bank in its weekly statement is now back to a level not ap- proached since September, 1927. Cer- tainly, considering the tremendous in- crease in the total of stocks listed since that time, this accomplishment is quite remarkable. The drop of $16,000,000 this week, probably fell short of most expectations by a considerable margin, But perhaps that was because sight had been lost in the fact that payments fell 000,000 to $160,000,000 new securities brought out in the last month or more. At the current figure of $3,302,000,- 000, there has been a shrinkage of no less than $1,071,000,000 in collateral borl;nl'llng! from the year's high of April 30 last. CHICAGO LIVE STOCK MARKET CHICAGO, July 12 (#) (United States Department of Agriculture) —Cattle— 700 head; compared one week ago, weighty steers, 1.00 lower: yearlings and | lights steers unevenly 50a1.00 higher; yearling prices at premium ove' weighty steers on grade for grade basis Heavies at lowest over weighty steers on grade for grade basis. Heavies at low- est of the season; closing undertone dull; beef cows, 25 lower; cutters steady, but practically all others she stock un- evenly higher in sympathy with ad- vance on yearlings; bulls, 50a75 higher; vealers, 1.00a1.50 up: extreme top weighty steers, 12.25; best yearling steers, 11.75; yearling heifers, 11.25; heavy beef steers predominating; bulk, 9.00a10.50; feeder trade very slow. but prices stronger. Sheep, 3,000 head; three loads range lambs unsold: few choice natives, 11.25: three doubles from feeding stations, 2,000 : by the week, 90 doubles from feeding stations; 15,000 direct: com- pared close last week native lambs, strong to 25¢ up: rangers around 50c higher; aged stock strong to 25c¢. or more higher; week's bulk native lambs, 10.75a11.00: late peak, 11.35: rangers. 11.00, early: 1135 at midweek and closed at 11.50; rangers, 8.00a8.50; yearlings, 8.25a9.50: fat ewes, mostly 3.0003.50; feeding lambs, 8.00. Hogs, 10,000 head, including 8,000 di- rect: steady to 10 higher; weighty butch- ers showing the advance: top, 9.75; ship- pers, 1,500; holdovers, 1,000; compared with a week ago mostly steady on hogs scaling under 220 pounds; heavy butch- ers, 25a35 lower; packing sows, 15a20 lower; light lights, good and choice, 140-160 pounds, 9.50a9.75: lightweights, 160-200 pounds, 9.60a9.’ medium weights, 200a250 pounds 25a9.75; heavyweights, 250-350 pounds, 8.7529.40; packing sows, medium and good, 275- 500 pounds, 7.50a8.25; slaughter pigs, good and choice, 100-130 pourds, 8.75a 9.50. BUILDING PERMITS OFF. NEW YORK, July 12 (#).—Construc- tion permits issued in June at 215 cities totaled $152,806,518, a decrease of 12.2 per cent from May and 30.1 per cent less than in June a year ago, according to Bradstreet's Journal. For the first six 30 permits aggregated drop of 50 per cent from due on a total of something like $150,- | CONTINUES SLOW Investment Leader Declares Time for Accumulation Has Come. BY JOHN F. 5INCLAIR. NEW YORK, July 12 (NANA).— “It'’s time for accumulation, No one who understands this market can deny that,” said an officer of one of the largest investment trust companies to me yesterday. “Stock prices may still Ro down furthey. But in times like these, the wise investors have their eyes wide open to take advantage of the op- portunities as they present themselves.” | But the dull, listless days on the Stock | Exchange continue. Yesterday was just i another million-and-a-half-share day, with a tendency for stocks to sag at the close. The Dow-Jones averages are off a little over two points for the day, and nobody seems to care much one way of | the other. “Dog Days” Are Here, Still, there’s plenty of studying and searching going on—not much buying, but plenty of “short” selling. Thurs+ day’s activity in the market was largely due to short covering. With that over, the buying is not vigorous, but it is orderly. The “dog days"” are here. Even old traders, who usually spend their Summers close to the tickers, are on ® vacation. But progress is being made, Brokers' loans have gone down in five weeks nearly $900,000,000. On October 2 last year, brokers’ loans stood at $6,804,000,« 000. Now they have been cut to $3. 203,000,000, the lowest level in three years. | . On July 1, brokers’ loans also stood 5.83 per cent of the total market value of all the stocks listed, as against 6.33 & month ago, and 6.72 two months ago. N g wrong here! £®ck accumulation into hands is going on today. stronger Prices in the catalogues of mail order houses will show a reduction of approx- imately 10 per cent on the average this Fall from the 1930 Spring and Summer prices. “Prices in our catalogue are lower than at any time in the last 10 years,” said an officer of one of the leading houses. “We are taking advantage of all of the changes in market conditions, and will enable our customers in our retail stores and through our mail order division to buy their Fall requirements at decided reductions.” Consumers Coming Into Own. So the wholesale price level is being gradually met by the retail price level, at figures lower in many instances than have occurred in a decade. Consumers are now coming into their own, to ben- efit from the sweeping wholesale reduc- tions in recent months. Consuming power of the American people has contracted little. The wheels of industry still hum—in a lesser de- | gree—to provide goods for the estimated | American pay roll of about $850,000,000 | & week. Give us a stable price level and things will adjust themselves without difficulty, The announcement that 200 Ameri- can business leaders have already agreed to contribute $1,000 a year to the Har- vard Business School shows the rapid inroads which the bjsiness courses are making on university life. Fifty more business men will be added to this list. This will give the Harvard « | School of Business an additional $250,~ 000 a year to expand its work. The list of givers reads like the blue book of American business. Among th givers are J. P. Morgan, George ® Baker, Ir.; Walter S. Gifford, Cyrus H K. Curtis, Vincent Astor, Marshall Fielq George Eastman, Jeremiah Milbank, Charles Merrill, Adolph S. Ochs, Wil- liam S. Paley, John J. Raskob, Julius Rosenwald, James Simpson, H. Gordon Selfridge and Alfred P. Sloan. Other subscribers to the fund include O. P. Van Sweringen, Albert H. Wiggin, Owen D. Young, Francis L. Higginson, Thomas W. Lamont, Martin J. Insull, Otto H. Kahn, Sidney Mitchell and John J. O'Brien. Contributors include business men from nearly every angle of business. Today there are 74,000 students of commerce in 89 leading American busi- ness colleges and universities, a gain of more than 500 per cent in 15 years. George B. Everitt, president of Mont- gomery Ward & Co., believes that com- modity prices are ‘now scraping the m. “We are placing orders for millions of dollars’ worth of merchandise at these new low commodity levels,” said Mr. Everitt. “There are 120,000,000 American people to be fed, clothed, sheltered and entertained, and, regard- |less of unemployment, poor export business, low agricultural prices, the requirements of the American N tion total a huge sum.” Col. Theodore Roosevelt. Governor of Porto Rico, wants $7,300,000 to be raised to aid starving Poito Rican children. Business conditions are very bad there at this time, and, paralleling the busi- ness conditions, health conditions are far from ideal. New York City feels it keenly, for already more than 150,000 “half starved and disease-ridden” Porto Ricans have reached New York City looking for work. These unskilled laborers live in congested flats, are largely unemployed, and are thus giving the health authori- ties some anxious moments. Already 40 welfare organizations have joined forces to see what can be done, Citizens of Porto Rico can enter the United States without quota qualifica- tions. It is vitally important for the United States, herefore, to develop a strong public health program for the island. To do less is to subject the peo- ple of the United States, particularly those of Eastern cities, to serious health conditions (Copyright, 1930. 1 by the North Ne wspaper Alliance.) DULLNESS MARKS SOFT COAL DEMAND IN U. . Special Dispatch to The Star. NEW YORK, July 12—With the monotony of light demand unrelieved by any activity worthy of note, the bituminous coal markets of the country went through another dull month in June. Coal Age reports. Business de- pression was blamed for the slowness in steam coals, while hot weather and poor credit conditions hampered do- mestic sales in most of the marketing centers. Even material price conces- sions failed to interest consumers to the point of filing future orders Stocking continued to languish, while only a desultory interest was taken in contracting. June production of bituminous ecoal is estimated at 33.683.000 net tons, a decrease of 2,271,000 tons from May and 1,879.000 tons from the output in June, 1929. Anthracite production is estimated at 5202,000 net tons for June, comparing with 5,947,000 tons in May and 5,069,000 tons in June of last year STRAUS INVESTING CO. REPORTS GAIN IN NET Special Dispatch to The Star. NEW YORK, JULY 12.—S. W. Straus Investing Corporation reports net in- come for the first six months of 1930 Of $570,080 compared with $508,024 for the previous half year and with $301.- 068 for the six months February to July, 1929—the first six months in which the company was in overation, Net available for common stock after the preferred dividend of $300,000 and provision for Federal income tax management fees was $237,582. American