Evening Star Newspaper, July 16, 1930, Page 11

PN ANCIAL., * BONS RREEULR 0N QUETARKE Slightly Tigher Conditions in Credit—Rise in Rates Is Discounted. Bpecial Dispatch to The Star. NEW YORK, July 16 Bond trading was quiet and price trends were irregular today. However, there were no wide declines among sea- soned favorites and there were few ad- vances. Money rates did not change in quota- tion, but there was a slightly tighter condition in the money market, and the action of bonds was attributed to a discounting of an expected rise in money rates. The feature of the market was the active buying of Lautaro Nitrate 6s and Anglo-Chilean Nitrate 7s. Both com- anies are involved in the merger that Bas fust been effected on all_the Chil- ean nitrate concessions. ~With the Guegenheim interests at the head of the consolidation, in which the Chile government has taken a 50 per cent interest, and in return has revoked the export tax that was placing a $30,- 000,000 drain on the industry, the re- covery of losses suffered by the com- panies in the past year is declared to e assured. e erioan Telephone & Telegraph convertible 41, per cents led the stock privilege group in activity, but sagged 11, points. Other losses here, reflect- ing stock declines, were scen i1 Phila- delphia & Reading Coel and Iron ds, Snternational Telephone 412s, and Gen- eral Theaters Equipment 6s. Junior rails were stronger s a group than any other section. St. Paul ad- justments, Florida East Coast 5s, Mis- (CPA)— i L ~Prev.1930~ Stock and High. Low. Dividend Rate. 4 42% Nat) Cash Reg.A(t4) | 62" 45u Natl Dairy (12)..... 4 24% Natl Distillers (2)., 17% Nat Enam & Stamp 4125 Natl Lead +18).. 116 Natl Lead of(B) (6). 82 Natl Pwr & Lt (1), 53 Natl Steel (2) 6614 Natl Surety (5) 15'¢ Nevada Copper (1 8 Newton Steel (2). % N Y Alrbrake 3 6 150% N ¥ Central (8) 94 N Y Chi & StL ¢ 178% N Y & Harlem (5). Y Invest (1.20)... ¥ NH& Hart (8). YNH&Hpt (.. Y Ont & Western Y Steam pf (6)... vorfolk & Wn nf (4) North Am Aviation. 198 is North Am(b10%stk) 100 NoGer Lloyd (343). 5 % Northern Pacific (5). 5 2 North Pacific et (6). 15 % U1l Well Supply.. 15 011 Weil Sup pf (7)..2008 13% Ollver Farm Kauip.. 14 70 Olv FrEaofA 6).. 1 36 Oppenhm Collins (5) 55 Otis Elev n(2l).... 25 Otis Steel (2%), 9 208 86 1 7 6 R Pacific Lizhting (3). Pacific Tel &Tel (7) 160, Pacific Tel & T pf(6) 10! Packard Motor (1).. 179 51% Pan-Am Petrolm.... 6 s 4'x Panhandle P& R.... 48% Param'nt Publix (4). 1% Park Utah...cccoees 9 Parmelee Trans 1%. 2% Pathe Exchange. .. 5 Pathe Exchang 17 Patino Mines 4% Peerless Mot 26w 48 Penney (4 Cj (3).... 86% 697 Penna RR (4).. 325 230 People’s Gas, Chi ouri-Pacific 4s, Seaboard Airline 6s, Southern Rallway 4s and Wabash 4158 | led the upturn. 2 xndusm?us also gave a good account of themselves. - Certainteed 5las prefac- ing an expected increase in earnings, gained 315 points. Chile Copper 5s, Na- tional Dairy Products 5!4s, Armour of Delaware 5155, American Sugar Refin- ing 6s and Transcontinental Oil 6138 were better. Prime issues such as In- Jand Steel 41;s, Standard Oil of New York 4l,s and Standard Oil of New Jersey 5s dropped to the levels of the previous close after initial gains. New capital flotations totaled a little over $20,000,000. In the last hour there was some sell- ing and junior rails and industrial is- sues fell below their best prices of the day. But i general the market held strongly. Volime was low at around $7.900.000:" oprisnt, 1920 e COTTON UNSTEADY IN QUIET TRADING Conflicting Influences Bring Oper- ators to Point of Watchful ‘Waiting. NEW YORK, July 16 (/).—Conflict- ing influences in the weather and crop news were reflected by more or less ir- regularity in the Cotton Market here today. . Trading was generally quiet, as if there was an inclination to await fur- ther weather or crop developments, and after selling 6 to 16 points net higher, prices sagged back to about yesterday's closing quotations. The midafternoon market showed no particular feature, with active months net unchanged to 8 points higher. CLEARING HOUSE STATEMENT. NEW . July 16 (#).—Clearing House s}’l?elmnb:éxchums, $1,307,- 000,000; balances, $205,000,000. Washington Stock Exchange SALES. wash. Gas 6s B—$100 at 105. N. & W. Steamboat rts wi—9 at 16. Fed-Amer. Co. com—10 at 30, 5 at 30, 5 at 30. 4 Natl. Mtge. & Inv. pfd.—65 at 47%. AFTER CALL. Pot. Elec. 51 % pfd.—20 at 107%. Mergenthaler Linotype—12 at 96%. Wash. Rallway & E. 4s—81,00 at 86%, $1,000 at 86, $500 at 86. Bid and Asked Prices. BONDS. PUBLIC UTILITY. C & P. Tel of Va. Capital Traction E. City & Suburban 5s. eorgetown Gas 1st Elec, cons. Wash,, Alex Wash, Balt. Washington vash ' Gas 5s.... 6s, series A s, secles B. & Elec. 4s.. MISCELLANEOUS. arber & Ross. Inc, 6t Bhevy Chase Club 81ss. . C. Paper Mfg. 6s.. Wash. Mkt. Cold Storage Wash, Cons. Title 6s..... STOCKS. PUBLIC UTILITY. Tel. & Tel. (d9).. Traction Co. (4 Gas Lt. Co. (18) & ‘'w. Steamboat (d12 ts ) W NATIONAL BANK. Capital (14)... Columbia (12)7°00700 00 Commercial (stamped) ( District (8). Eass Federal-Ameérican” (10" Liberty ¢15) .. Lincoln (12) Metropolitan (14 Riges (15)... Becond (9e) . Washington (13) 11110 : TRUST COMPANY. & Trust Co. (15). Wash. Loan SAVINGS BANK. ank of Bethesda (65). Bommerce & Savings (i0 East Washington (12). Potomac (10)....... Security Sav. & Com Seventh Street (12) United States (30).. Washington Mechanics' (20} FIRE INSURANCE. Firemen's (8).. National Union (15)...100 TITLE INSURANCE. Columbia (6h) ... 5 Real Estate (6h) ] Title & Inv. Co. Md MISCELLANEOUS. Barber & Ross, Inc., com. Chevy Ch Duiry pfd. (1) ol, Band & Gravel ptd. () fii Fed-Am._Co. pfd.” (6). Lanston Monotype (8) Mer. Tr. Mer. Mergeathaler 27% 18% Petrol Corp (134). 21% 17w Pet Milk (1% 44% 29% Phelps Dodge (3). 55 50w PhilaCo 6% pf (3).. 11% Phila Read C & 1 Bl Philip Morris (1). 29% Phillips Petrm (n2). 684 Plerce-Arrow pf (6). 1 Plerce Oll.. 20% Plerce Ol pf.. ... 21 Plerce Petroleum. 27 Pilisbury Flour (2).. 931 Pltts Steel pf (7).... 7 Pittsbgh Trml C 11 P Rican Am To (B).. 90% Postal Tel & C p2(7) 35% Prairie Ofl & Gas(2). 44% Prairie Pipe L (15).. 50 Pressed St1 Cpf- (7). 52% Proctor & Gamb(2.40 61 Prod & Refiner . 8115 Pub Serv.N J (3.40). 98% 91% Pub Serv N J pf (5). 131 121 PubServNJ pf (7). 89% 62 Pullman Corp (4)... 81 1% Punta Alegre Sugar 2T% 19% Pure Oll (1%). 114% 110% Pure Ofl pf (8) 88% b2 Purity Baker 3214 Radio Corp. . 68 Radio Corp (B) (5). 19 Radio-Kelth-Orph A 1503 28 Raybestos Man 2.60. 29 34% Real Silk (5).. S 2 Rels (Robt) & Co. 23 Rem Rand (1.60).... 95 Rem-Rand 2d pf(8).. 81 Reo Motor Car (80c) 6 Iteo Motor ctfs (80c) 37% Republic Steel (4). .. 86% Republic Steel pf (6) 23 Reynolds Metls 2.40. 3 Reynolds Spring 70 Reynolds Tob A 45% Reynolds Tob B (3 14% Richfield Ol (2). 15% Rio Grande Oll (2) 271 Rossia Insur (2.20).. 49% Royal Dutch(3.2165) 122% 70% Safeway (eB)....... 109% 105 Safeway Strs pf (7). 5714 83% St Joseph Lead (13) 118% 85% St Le-San Fran (8)... 92 StL-San Fran pt (6) 52% St L Southwestern. ., 16 Savage Arms (2) 4% Schulte Retafl Strs.. 45 Scott Paper (31.40).. 6 Seaboard Alr Line... 59% Sears Roebuck($2%) 7 Second Natl Inv. 58 Sec Natl Inv pf ( 1% Seneca Coppe: % Servel. Inc. 16% Sharp & Dohm . 31% Shattuck(FG)(+1%) 18 Shell Unton (1.40)... 95 Shell Un Ofl pf (%) 8% Shubert Theatres. ... 21 Simmons Co. 18 Simms Petrm (1.60) 20 Sinclair Con O11 (2). 2814 Skelly O1l (2). 8914 Skelly Ol p(6). 4 Snider Packing. 95% Solvay Am pf(6%). 16% Sou Porto Sug (1.40 52% Southern Cal £4 (2) 108 Southern Pacific (6) 89% Southern Rwy (8 907% Southern Rwy pf ( 87 Sou Ry M&O ct (4) 19% Spang-Chalfant..... 13% Sparks Withngtn(1). 71 Spear & Copt (7). Spicer Mfg... Spicer Mg pf (3). Stand Branas (1%).. 27% 108 54 60 6% T8 11% 128% % 85 Py 0 PSS ) 17 (Continued From Page 1 Sates— Add 00. High. Low. o 3 THE EVENING STAR, WASHINGTON, D. C.. WEDNESDAY. JULY 16, ]936. 0) —Prev.1v36 - Close. 261, 463 16% 26 29 2 167 1094 Superior Superior Tobacco Truscon Pipe geacaccaac s s s s s s s S s Waldorf West Western Wrigley 16 1% 10:30 A.M. 1:30 P.M... payments based oj 5 Unit of tradin in ‘stock. §Payable no regular rate. ayi 38 204 88 21 5% in stock. Stock and Dividend Rate. Stand Brands pf (7). Stand Comm Tob.... Srand G & E3%)... Stand G& Epf (4)., 1 Stand Invest Corp. ., Stand O of Cal (214). Stand Ofl Exp pf(5).. 3 Stand O1l of Kan (2) Stand Oil of N J(12).1 Stand OfI N Y (160). 158 Sterling See (A) Stewart- = Stone & Webster (4). Studebaker Corp (4) Studebaker Co pf(7) Sun O11 (§1). Sun Of1 pf (6). Superheater (1 Sweets of Amer (1).. Symington (A) Telaut Corp ($1.35).. Lerin Cop & Ch (1) Texas Corp (3) Tex Gulf Sulph Texas P C & Oll. Texas Pac Land Thatcher Mfg (1 60). Thatcher pf (3.60) The Falr (2.40) Thermoid Co % Inter Salt. Sales ‘of Stocks on New York Exchange Dividend rates as given in the above Jess than 100 stoc] k. i Plus 8% in stock. Prev. Close. Close. jen— Add 00. Hich. Low. 120 117 81 120 _ 119 41 4% 94% 931 64 3 21 4 44 " 621 10214 102 39 36 3 92 Warner 2566 1041 10 . 6 4l 40% o1 6 5% Steel 174 1% 10 18%, er As (60c). Tide Water As pf (6) Timken Det Ax(80¢) ‘Timken Roller (3)... Products Tobae Prod(A) (80c) Transcontl O1) (30¢) Transue & W (1).... Tri-Contl Corp...... Tri-Cntl Corp pf (6). Truax Traer (1.60), . Stl (£1.20).. Und-Ell-Fischer (5). Union Bag & P: Union Carbide ¢2.60) Union O1l of Cal (32) Union Pacific (10)... Union Pacifie pf (4). Union T'k Gar (1.60). Utd Afreraft. ... Utd Aircraft pf (3) Utd Biscuit pt (7). Utd Carbon (2) Utd Cigar Store! United Corp (50c), United Corp pf (3) Utd Dyewood. , ;- 665 8 & For Sec pf(6).. Freight (3).. Alcohol (17).. Leather. .. Leather (A). &F(2). Realty (5). Rubber of. Smitg & Ref ( Univ Leaf Tob (3)... Univ Pic 1st pt (8) Univ Pipe & Ra Util Pwr&Lt A (e2).. Vadasco Sales Corp.. ¢ Vadsco Sales pf (7).. Vanadium Stl (t4) Va-Car Chem. . Va Iron Coal & Vulcan Det (4) Wabash........ Wabash pf (A) (5) Systm(1%) Walworth Co (2) Ward Baking (A) Ward Baking (B).... Warner Bros Plo (4). 277 Warner-Quinlan (1). Warren Bros (3). Penn Pw pf(6) Penn Pw pf(7) Dairy (B) White Motors (2). White Sewing Mach.. ‘White Sew Mach pf. Willys-Ovgriand. ... Willys-Over pf (1) Wilson & Co (A). Woolworth (2.40).... Worth Pump. . (Wm) Yale&Towne Mg (4) Yellow Truck....! Yellow Truck pf. Youngs Spring (3)... Zenith Radlo........ RIGHTS EXPIRE Am Tel & Tel.Aug’ 1 Ches & Ohlo..July 23 8% 19% 21% % 21% % 21% weeeduly 21 % 245,700 12:00 Noon. 5 1,632,000 2:10 P.M..... 983,700 1.870 800~ ible t annual cash half yearly declarations. VP;,ICI‘H’ eéu;:l 1Plus 4% Pavable when earned. & Pay- stock. g Plus 6% teck. Plus §% 1n stock. B Pius latest quarterly or shares. rip. (Plus 9% i le in stock. d Plus 10% in Baltimore Markets Srecial Dispatch to The Star. BALTIMORE, July 16.—FPotatoes, white, 100 pounds, 2.00a2.25; new, bar- rel, 2.00a2.50; beans, hamper, 50a1.00; beets, 100, 1.50p2.00; cabbage, hamper, 50a75; carrots, 100, 2.00a4.00; celery, crate, 2.50a3.00; corn, dozen, 8a25; hamper, 60a90; lima beans, bushel, 1.5022.50; lettuce, crate, 50a1.00; onions, bushel, 75a1.00; peppers, hamper, 60a75; peas, bushel, 50a2.50; spinach, bushel, 1.00a1.10; squash, hamper, 15a25; to- matoes, crate, hamper, 25a1.50; apples, bushel, 1.25a3.00; blackbetries, quart, 10a15; cantaloupes, crate, 1.00a3.00; cherries, pound, 5al0; oranges, box, 3.75a9.00; peaches, crate, 2.50a3.50; pineappls crate, 3.00a4.00; water- melons, 100, 20.00a35.00. Poultry, alive—Chickens, Springs, pound, 25a35; leghorns, 18a25; ducks, 18a23; pigeons, pair, 15a25. gs—Receipts, 2,737 cases: nearby firsts, 2312; Southern, firsts, 2215 Butter—Good to fancy , creamery, pound, 32a35; ladles, 24a25; rolls, 24a 25; process, 28a29; store-packed, 18. Hay and Grain. ‘Wheat—No. 2 red Winter, QXDO_Y!‘, 921%; No. 2 Winter, garlicky, spot, 817%: July, 87%; August delivery, 88 Corn—No. 2 domestic, yellow, ‘new, 93a94; cob corn, 4.25a4.50. Rye—Nearby, 65470, Oats—White, No. 2, 46a47; 45046 Hay—Receipts, none. The general hay market continues quiet under licht receipts, mostly by truck, but ample for the demana, which is limited. While not enough hay is arriving on which to establish values by grades on ear- j0ad lots, the better grade of timothy and clover mixed are in fair demand at a range of 20.00a25.00 per ton. Live Stock Market. Cattle—Recelpts, 125 head; light sup- ly, market dull and lower. Piteers, good to choice, 800 to 8.50; medium to good, 725 to 7.75; fair to medium, 650 to 7.00; plain to fair, 575 to 6.25; common to plain, 5.00 to B lls—Good to choice, 625 to 650; medium to_good, 6.00 to 6.25; fair to medium, 5.75 to 6.00; plain to fair, 5.25 10 5.50; common to plain, 4.50 to 5.00. Cows—Good to choice, 5.75 to 6.00; medium to_good, 5.00 to 550; fair to medium, 4.00 to 4.50; plain to fair, 3.25 No. 3, W. Mech. Mt Wash Med. Bldg. Cori ‘Woodward & Lothrop ptd (1) *Ex dividend. $2%% extra. to 3.75; common to plain, 2.50 to 3.00. Heifers—Good to choice, 7.50 to 8.00; medium to good, 6.50 to 7.00; fair to medium, 6.00 to 6.50; plain to fair, 5.50 to 6.00; common to plain, 5.00 to 5.50. light supply, market lower. Sheep, 1.00 to 3.50; lambs, 6.00 to 11 Hogs—Receipts, 325 head; light sup- ply, market spotty. Lights, 1025 to 10.50; heavies, 9.50 to 10.00; medium, 10.25 to 10.50; roughs, 6.95 to 8.60; light pigs, 9.00 to 10.00; pigs, 9.75 to 0.25. Caives—Receipts, 50 hea ply, market lower. ~Cal WESTERN UNION HBNINGS. Speclal Dispatch to The Star. NEW YORK, July 16.—For the first six months of 1930 Western Union Tele- graph Co. Teports net income of $4,- 326,068, after all charges and taxes, equivalent to $4.22 a share on 1,023,789 shares of stock outstanding, compared first half of 1929. Gross revenues were with $7,622,589, or $7.44 a share, in the $69,054,195 for the first six months of the current year, against $72,803,162 last year and total expenses and taxes were' $62,359,894, conirasted with $9,- 427,621, against which appeared higher interest charges, which were $2,368,233, compared with $1,805,032 in the 1929 period. TREASURY BAL_A;CE. ‘The United States Treasury balance announced today as of close of business July 14 was $219,343,267.09. Customs receipts for the month to date were $10,817,331.35. Total ordinary expendi- tures, $12,259,512.86. DIVIDENDS DECLARED NEW YORK, July 16 (#).—Dividends declared: light sup- Regular, Pay- Hidrs. of able. d. Pe- Company. Rate. riod. Dominion Bridge. . §0c Elec Stor Battery.i1.25 DOTRE oo 3120 itlein (DBl o, 25¢ Do. pf Tidewster Ol pfiiyc Williams (RC) & Co..35¢ Wil-Low Cafc cv pf..31 Q Bloom'le Bros pf.1% H H Frank'n M pf.31.75 . prior pf il 3150 Do. convertible pf 51 Keudall Ce 3 Kinney Co & Do. pf .. Vanadium’ Gorp Interim, Midland Bank Ltd..18% 18 | futures, 30.37. Lead, quiet; New 1 | steadter; 5 | futures, 4.15a4.20, Antimony, spot, 6.75. Washington Produce Butter—One-pound prints, 371423815, tub, 36a37. Eggs—Hennery, ceipts, 21a22, Poultry, alive—Spring broilers, large, 33a35; medium, 28a30; small, 26a27; Leghorns, large, 23a24; small, 20a22; hens, large, 24; small, 21a22; roosters, 15a16. Dressed, shipped in, iced—Spring broflers, large, 32a33; medium and small, 26a27; fowls, large, 25a26; small, 15a17; roosters, 16al7; Leghorn fowls, 15a18. Jobbers’ prices, home-dressed—Spring broilers, large, 38a40; medium, 37a38; small, 35; Leghorns, large, 29a30; small, 25a26; fowls, large, 27a28; small, 25a Eig Leghorn fowls, 19a20; roosters, 15 Meats, fresh killed—Beef, 18a21; veal, 15a18; lambs, 25; pork ioins, 25a2! fresh hams, 25; fresh shoulders, 18a20; smoked hams, 27; smoked shoulders, 20; bacon, 27; lard, in package, 13; bulk, 12, Frults—Watermelons, 30a1.00; canta- loupes, 2.00a3.00; honeydews, 3.25a3.50; honeyballs, 3.00; oranges, 6. .50; lemons, 4.40a6.75; limes, per 100, 2.0( pineapples, 5.00; 'pears, Bartletts, 5.50; alligator pears, 4.50; plums, California, 1.75a2.25; blackberries, cultivated, 6.00; wild, 3.00a4.00; gooseberries, per quart, 20; peaches, 2.50a4.00. Vegetables—Potatoes, 3.00a3.25; to- matoes, 2-peck baskets, homegrown, 1.25a1.75; string beans, 2.50; lima beans, $.00; corn, 1.00a1.50; cabbage, 1.26; cu- cumbers, 1.50; kale, 1.00; spinach, 1.00; okra, 150; carrots, per 100 bunches, 2.00a3.00; beets, per 100 bunches, 3.00 3.50 pnpp«r:nol.ooal.zsz ‘mushrooms, METAL MARKET. NEW YORK, July 16 (#).-—Copper, easler; electrolytic, spot and future, 11%4allls. Iron, steady; unchanged. Tin, firmer: spot and nearby, 30.12; York spot, 5.25; East St. Louis, 5.15. Zinc, East St. Louis, spot and 24a26; current re- MONEY MARKET. NEW YORK, July 16 (#).—Call ;, high, 2; low, 2; ruling 2. Time loans, 30 days, 214-3: days, 2303 45 montns,” 3-310; 6 Fresh cows and Springers, 40.00 to 80.00. - Sheep and lmp&—neeelpttw head; Yo% July A% S8 Due uiy 31 8- 4350 8-A m 310s monihs, Sy, o 33K; 6 Prime commercial paper, 3-3%. 'TS' eS unc i By the Associated Press | September WHEAT GAINS FALL | ON CARADIN RAN Market Turns Downward at Close’ After Early Ad- vance in Prices. CHICAGO, July 16.—Late reports of timely rains’ in Canada turned the wheat market downward today toward the last end early gains were more than wiped out. Only a small export bush- ness in United States wheat today was apparent. Meanwhile, increased unoffi- cial estimates of wheat yields in Kansas and Nebraska were current, Kansas, 175,000,000 bushels, and Nebraska, 75,- 000,000 bushels, based on threshing returns Low Close. 8714 874 1 December March . RYE July . September Drecember March Corporation News NEW YORK, July 16.—The following is today's summary of important cor- poration news prepared by Standard Statistics Co., Inc, New York, for the Associated Pres: ews Trend. Noteworthy in today's news is the Department of Commerce report on May net earnings of 98 public utility companies, excluding telephone and tele- graph. totaling $86,000,000 or 2.4 per cent under April, but 49 per cent in excess of May, 1929. During the five months net earnings increased 4.5 per cent ovef the same time last year. Consolidated Gas, Electric Light & Power of Baltimore also Teports & gain to May 31, and Associated Gas & Electric announces a fair output in- crease in four weeks to July 5. Steel industry production, currently at 57 per cent, has increased 9 per cent over the average during July 4 week, but remains 7 per cent under the last week of June and 38 per cent below the 1929 average. The 1928 rate was 69 per cent. Although this is an improvement over Independence day week, the 9 per cent increase falls short of 17 and 12 per cent gains in cor- responding periods of 1929 and 1928, respectively. Total car loadings for Independence day week ended July 5 totaled 792,141, about in line with early estimates. The decline of 144,707 cars from the previ- ous week compares favorably with the drop of 196,581 cars in corresponding week of 1929. The Industries. Advertising, printing and publish- ing—Despite fairly sharp decreases in newspaper lineage, total advertising ex- penditures in the first six months ap- proximated those in the 1929 period. Newspaper losses were partially offset by gains of about 7 per cent in maga- zine and 45 per cent in radio adver- tising revenues. Exceptional 1929 profits makes for sizeable advertising reserves this year. Copper—Has been sold by custom smelters at 11Y; cents lower since 1921; large producers holding at 113z cents. Ofl — Oklahoma operators approve plan to reduce State output 25 per cent to 550,000 barrels daily. Railroads—Interstate Commerce Com- mission approves proposal of Southern Pacific to cut class and commodity freight rates applying to California ports and inland points; also to Wash- ington and Oregon ports and inland points beyond to meet competition of coastal steamship lines. Steel—Current operations of industry at 57 per cent, against 48 per cent in week of Independence day shutdowns, 95 per cent year ago and 69 per cent in 1928. United States Steel produc- tion 63 per cent, compared with 55 per cent in past week, 99 per cent same time in 1929 and 73 per cent mid-July, 1928. Independents at 52 per cent v: 42 per cent in preceding week, 91 pe! cent last year and 67 per cent two years ago. The Companies. Ajax Rubber starts production of tires in McClaren Rubber Co. plant, Charlotte, N. C. American Telephone & Telegraph add {.J!hunnll to transatlantic phone serv- ce. Baltimore & Ohio establishes rail- truck service with Store-Door Trucking Co. for Staten Island Terminal. Bohn Aluminum & Brass June quar- ter .share earnings, 83 cents, against $2.17; six months, $1.95, against $5.08. Campbell, Wyant & Cannon Foundry earned approximately 71 cents common share in June quarter, against 68 cents; six_months, $1.66, against $3.05. City Ice & Fuel's subsidiary, Federal Cold Storage Co., to build $2,500,000 ice plant and warehouse at Pittsburgh. Colgate Palmolive Peet six months’ earnings, $1.66, against $1.36. Consolidated Gas, Electric Light & Power Co. of Baltimore May industrial power sales up 6.20 per cent; five months, 8.34 per cent over 1929. Dominion Stores, Limited, June sales off 48 per cent; six months, 1.2 per cent over year ago. Grand Union six months' sales up 14.5 per cent. General Mills subsidiary, ~Sperry Flour, cuts price 20 cents barrel to low- est in 18 years. Great Atlantic & Pacific Tea sues J. Henry Koenig Co, for $1,000,000 for al- leged trade-mark violation. International Telephone & Telegraph new radio-telegraph link from San Francisco to Manila nearly ready. Lamson & Sessions earned 82 cents a share first half. Montgomery Ward closed contract with Pines Winterfront Co. to sell units at_reduction of $2.50 and $5.00. North American Cement had net loss $49,374 six months to June 30. Oppenheim Collins & Co., Inc, cuts quarterly dividend to 75 cents from $1.25. President estimates year to July 31 earnings over $4.50 a share. Paramount Publix domestic =~ film rentals in June quarter 7 per cent over year ago; first two weeks July up 16 per cent. Foreign rentals, April and May, 21 per cent above 1929 months. Phillips Petroleum acquires market- ing facilities of Gilliland Oil Co., New Mexico, wholly owned subsidiary of Reserve Petroleum Co. Scoville Mfg. "fl;uum p:{ schedules; some cuts up to 10 per cent. Shell Unlax:l 01l Co.’s subsidiary Shell 0il Co. to maintain present wage scale for year effective August 31. Southern Railway re-employing shop workers laid off 10 days ago. Union Oil Co. of California cuts daily | Fioes gasoline crude oil runs to stills to 65,000 barrels, 25 per cent below 1929 average. United States & Foreign Securities liquidating value June 30, $26.65 a share, against $30.78, December 31, 1929. ‘Western Electric six months’ sales up 3.5 per ct v riced line. ‘°‘li'm?m Chicle Co._earned $1.21 share in June quarter vs. $1.31; six months, $2.16, against $2.27. Anglo-Chilean Consolidated Nitrate Corporation included in new company to consolidate all Chilean nitrate hold- ings; all interests to represent 91 per cent of total production. Associated Gas & Electric gas output, four weeks to July 5, up 1 per cent; electric, 2 per cent over 1929. Carborundum _Co. offers to American Glue Co.s abrasive business for $2,189,020, and stock of its subsid- » Abrasives, Ltd., for $300,000, ent. Zenith Radio negotiating to produce NYT [ v somx BONDS st ] FINANCIAL. kwx A—11 Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are I $1.000. Sales. High Low. Olose. Lib3ks..... 2 10 10016 10026 Lib 1st 4% 11024 1024 1024 Lib4th 4%s. 182 10231 10229 10231 US3%s'43.. 210118 10118 10118 US3%s%47.. 75 10128 10127 10127 US4s'44.... 5 10813 10813 10813 FOREIGN. . High. Low Close Argentine 55 88% 88% 88% 99 891 88% 89 88 103% 1024 102% 971y 9% 9TW 94% 943 94w 104% 104% 104% 108% 109% s 1154 11 % 109% 109% 9% 109% 738 72% 8% 105% 1054 Austria Bank of Chile 6% Batavian Pet 4355, Belgium 63 Belgium 6%s. Belgium 7855 Belgium 7s ‘56 Belgium 8s. Bollvar 78 6 Bolivia 7s et Bolivia 8s. Bordeaux ! Brazil 6%s 8Y1y 100% 100% 103% 103% 101 101 105 105 90 40 102 102 21% 21% 7% 16 100 100% 923, 92 . 1031 101 1 105 904 102 60. Chile 78 ‘43 Chinese Gov Ry § Colombla 6s.Jan Con Pwr Japan Copenhagen 414 Copennagen bs Cuba 63 Ctecho 8s Czecho 8s ‘52 Danish Munic Denmark 4%s. Denmark 6%s ‘65. Denmark 6s. Dutch East Ind’ 47, Dutch East | 65 ‘62" DE15%s, Mch,’52. El Salvador 8. Fiat 7s ex war "4 Finland 6% e 981y 8 101 ° 101 & 109% 1093 1107 110% 108t 10815 93% 931 101 101% 105% 105% 102 102% 102 10:% 101% 101% 109% 109% 9% 914 Bit Bbh 100 100 107% 107% 118 1184 128% 1234 88% &9 90% 90% 106% 106' 103% 103% X REPRRTT RN 19 o b-j=ry Ger 5%8'30-'35 rcts German Bank Gen Elec 7s. Hait1 6. Japanese 545 '65. Japanese 6158 104% 1047 Jugoslavia Bank 7s 831 831 Karstadt 6343 78 Kreuger&Toll 9614 Lyons 6s. 1054 Marsetlle 65. 5 Milan 6%s 13:: 823 82% 83 83 4 100% 105% 95ty 984 102 102 4 105% 105% 105 105% 4 105 105 91 Sales. Pub Sve G 434867, Pub Serv G 414370 Pure Ol %8 37 Rem Arms 100% 100% 100% 100 997 99% 96 9% 98 97w 8815 88y 100% 1004 102 101% 104 103% 101% 101% 991, 987 9uss, 993 104% 104% 105% 105% 103% 10: 99%, 994 106% 106% o4 103% 109% 10.% 9N 9T 821y 997y 101% 1014 881y 88 43 43 1004, 100% 104% 1044 103% 103 1087% 10314 109'5 109's 104 103 o> i6T 100 9974 Richfield O1) 68 "44. Stnciatr O1l 63 Sinclair O1l 6348 Sincilair O11 7 . Sinclair Crude 6% Sinclalr P L s Skelly Oll 634a.... South Bell Tel 5s.. Southwest Bell 5s. Stana O1L NJ ‘48 Swnd Ol N Y.4% Tenn El Pwr Tex Corp v bs Transcontl Ol 6%s United Drug 8 "'S Rub Istrf 6 U S Rubber 7% Utat Pwr&Lt Utilities Pwr 6% Verilentes Sug 7 Warn Bros P 6 Warner Sug 78 "41 Western Elec 6. Westn Union 65’ Westn Union 6%s White Eagle 51 White Sew Macn Wilson & Co 18t Win RepeatAr 7%s 1 105 103 Youngstn 8 &T ba.. 10 102% 102% RAILROAD. Atchisonadj4s.... 2 92 92 Atchlson gen 4. 27 96% 96 Atl Coast L 1st & 2 94 98% AtICL4%s'64. 1100 100" Atl& Dan ist4s’43. 2 60 60 983, 1004 103% 103% 105% 105% 110% 110% 4s.. 95 95 B&OSW 68'50.... B & O Toledo 4s. Bang&Aroos Boston & M: Bklyn Elev 6% Bklyn Manhat Blklyn Un 1st 55 '50 Bklyn Un El 5s ‘50, Bush Term con bs. Can Nat 4%s 64 Can Nat 4%s 86% 8919 100% 21 10 1034 103'% 99 Can Nat s, Oct " Can Northern 7s. 1087 1031% 110% 110% 5 105% 105W 87 87H 98% 98 102% 102% 100% 100% 103% 103% 100% 100% 100% 100% 9-3, 981y 104% 104% 951 94% 100% 100% 1 88 88 Cent Pac 1st Ches Corp 58°47.... Ches & O gen 4%s Ches& O 4%8B 95 22 Ches & Ohio con 6s. 3 C B& Q gen 45°63.. 1 95% 0 1% BoM 98% 881 55k 91 9714 1 CM&StP Pac acj 6s. 48 Chi & NW gen 4; Norway 6%s ‘52 Ortent dev 6% 6! Orient Dev 6s 5. Paris-Lyons-M M. & 1027% 100% 90% 90k 9T 9T 104% 104% 1054 105% 71 1% 105 105% T2 % 84 Bd% 94% 95 97 973 105% 105% 10312 103% 89% 89% 90 90 101 101% T3% 3% 66 66 M4 91% Bo% 897 100% 100% 94 97 107% 107% 85k 86k 95'% 95% 1055 105% 107% 107% 9% 995 99% 100 9l 91w 105 105% 954 96k 106 10738 9% 9TH o - n 1035 WL EF 68'52 90 Wi ‘63 . Rhine Wst £P 7860 Riode Janeiro 634.. Rio Gr du Sul 65°43 90 101% 7314 684 9115 vo 100% CURNNNN RN X HARNA OF OSRES 0 wnlo B s Swiss Conted s, Toho El Pwr 6s'32. Toho El Pwr 1i Tokio 5%s o wad S eac Uruguay 8s. Yokohama 13 MISCELLANEOUS. AbItibl P&P 68 63 Ajax Rubber 8 Alleghany Cp 85% 65 99% 4 99% 99% 9yn 8 101% 101% 101% Alleghany 68 ‘49 2 103% 103% 103% Allis Chalm Am Agri Chem 7%s 3.... 2 101% 101k 1014 5 88 87w 8Tl 33 105% 104'5 105 10 97% 9T 9Ty 7 9T% 97 97 5 80 7% 80 4 102% 102 102 15 104 103 104 27 1631% 163 163% 14 1056% 105% 106% 75 105% 105% 105% 41 105% 105% 105% 3 108 107% 108 101 101 89% 89% 89% 82 81% 82 3 102% 102% 102% 5 106% 106% 106% 7 101% 101% 101% 74 54 50 52% 95% 96 62 62 2 102% 1025 102% 195 95 9 6 100 99% 100 12 107% 106% 107% 5 104 104% 105 3 93u 934 93% 27 107% 106% 107 4 914 91 91 15 101% 101 101% 4 55 55 55 21 60 9% 59% 20 98% 98y 91K 22 102% 102 102% 5100 100 100 3 102 101% 102 12 96 95% 95% 13 93% 93 93y 43 102 101% 102 1 101% 101% 101% 1 105% 105% 105% 4 94% 94% 95y 4 100% 100% 100% 14 100 9% 991 1 100% 100% 100% 5 854 85w 85 Z 8T 87w 8% 16 91 0% 90% 83 111% 110% 110% 17 9T% 97 97y 6105 105 106 7 106% 106% 106% 4 75 75 % 1 101% 101% 101% 5'34., Am Nat Gas 64 5'42 Am Smit & R 1st s Am Sugar Ret am T&T cvd % #'39 Am T&T el tr b Am T&T b8 ‘65 Am T&T » £ bs. Armour&Co 4% Armour. Del.6 Atl Refining Tel, Pa, 6s (B) Bethlehm £t1 pm b8 Certn-Td 6%s rets. Chile Copper Colon O11 Col G&EI 6s,May’s3 Com Invest 534849 Com I 68 '48.. Con Gas N Y 6% Consumers Pwr Cuban Am Sugar Det Edison Dodge Duquesne 4%s East Cuba Sug T%» Gen Cable 538 47, ‘Gen Mot Ae Cor 6s. ‘Gen Pub Sve 6%s. HumbleO & R bs. . HumbleO& Rb%s 111 Bell Tel Laclede 5% "5 Lautaro Nitrate Liggett & Myers s 1 12:% 12215 12215 2 115% 115% 115% 20 99% 99 99 . 24 941 931 941 1 109% 109% 109% 2 103% 103% 108% « 13 101% 101% 101% 2 108% 103% 103% 5 83U 83 83% L1656 9T 9TH 9N 17 101 100% 101 2 106% 106% 106% 99% 82 8 97% ChiRlcv4%s60.. 52 100% 99% Chi Rk Isl 4548 A.. 24 95% 5% Chicago T H 5: 2 91 97 Chi Un Sta 4%s. 14 100'5 100% 1105 105 12 115% 115% CCC&StL 4%s (E). 52 92% 984 CCC&StL 58 (D)... 5 104 104 Clev Term 4%8°77. 12 99% 99% Colo & Sou 434s.... 12 100% 100 CubaNors % & Del & Hud cv 55 '36. Del & Hud 6%s. Den & Rio G cn 4s., Den&RGW 63 'IK'. 4 55% 55 1104 104 2 104% 104% 9% 94% 94 o 92 82 934, 93 924 3113 113 8 461 46 1 26% 26% 3 106 105% 7 110% 110% 2 110% 110% e B3 111 110% 5 991 99% 3 79% 79 12,100 99% 5 93% 93% 8101 101 91 82 93 Fla East C 6374, Fonda J&G 43852 Gulf Mo s (B). Hud & Man adj & Hud & Man ref 5 Il Cent ref 4s...... I Cent4¥%s . Int Rapld Trans 5s. 1 93% 931 1101 101 54 86 85 72 93% 963, 78 92 813 901 99% 991 1 108% 108% 2 99% 99y 1 105% 105% 24 4Ty 47y 1 94 94 5 100% 100% 1 102% 102% 6 1013 101% 1 30 30 1 98 98 1 100% 1001 72 Int Rys CA 6%src. 93% Kan City Ft S 4s Kan City Sou 3s.. Kan City Term 4 Lake Shore 33« con . 14 Lehigh Valcon 4%s 1 Leh Valley 6s°20.. L&N4%82003.... Louts&Nash 5s(B). ManRy 1st Market St 78 '4 Mill El Ry&Lt 4%, Mil El Ry&Lt 63'51. Mill El Ry&L 6s'61. std M StP&SSM 6%s. MK & Tex ist 4s 4 B8% B8Rw M K&T prin6s(A) 1 103% 103% Mo Pacific gen 4s.. 22 7815 784 Mo Pacific b8 A "65. 25 101% 1011 Mo Pac bs ¥ *77 54 100% 100% Mo Pac Mo Pac 5% Mob & O 4%s8'77 NOTex&M6sB.. N Y Cen gen 3%s.. Y Cent ¢s'98 1081 96 8 94% 945 2 82 82 1L 92% 81y 5 99% 99y 1 9815 981 2 100% 100% 14 97T 96% 5 1074 107% 3 107% 1074% 6 101% 101% 3 102% 1024 2 7% T9% 1 8% 784 .. 3 8l 80% NY NH&H 43867, 10 94 93% NY NH&H evdb 68 19 122 122 Nor Pacifio 35 2037, 16 Nor Pacific 4 Nor Pacific ref . Ore Wash 1st 4 Penna 4%# 19’ 47 93% 93k T 113% 1134 19 96% 301 99% Reading gen 4% 8 100% 1 o RIArk& L 4% 4 1024 1024 102% 2 103% 103% 103% 2 105 104% 1056 10 108% 103% 108% 3 105% 105 105 3 104 103% 103% 20 103% 103% 108% 6 103% 103% 108% 2 101% 101% 101% Nor States Pwr 5u. Nor States Pwr 6s. '67 Phila & Read Phillips Pet §%8. Postal Tel & C 5% StLIM&SS: StL IM&S R&G 4 StL&SFpIdsA.. SIL&SF %878 StL&SanF s B StLS W lstds 4 92! SB A]"‘ SB Al g 48 Hdy o 9 Righ Low Close. 99% 99% 100% 100% 9974 26 98 8814 100 101% 103 101% 991 99% 1043 1057 1034 9% 106% 104 109% 9714 82 997y 1014 85 43 100% 104% 1031 103% 109% 104 67 100 1011 108% 105% 110% 95 104 86% 89 104% 94% 94 92 82 93 927% 13 461 LOOSENING CREDIT URGED BY BUSINESS Bankers Asked to Relax Atti- tude of Extreme Caution to Aid Commerce. BY J. C. ROYLE. Business men, especially those in the construction industry, are urging bank- ers to relax their attitude of extreme caution. These men describe the situa- tion in a paraphrase of the old Mne of poetry, declaiming, “Money, money all. around, but not a cent to lend.” That unquestionably is an exaggeration, but the fact remains that the panks are ful: of money, while business men declare they cannot borrow it, despite the low money rates prevailing. The amount of money available was adequately shown by the fact that the Treasury Department was able to bor- Tow $50,000,000 at 1% per cent for a short term to meet its pressing needs. That indicates there is a nuze volume of money in the banks, ready *o go into anything as safe as Government secur- itles, especially short-term securities. The bankers, however, do “10t “eem ready to put it into ventures which have more of an element of business risk, even though that risk is one they have deemed negligible in the past. Conditions Tightened. Instead of loosening credit and col- lateral and other security requiremenot].s. many of the bankers have tightened them. As a result businessmen can- not now obtain credit for ventures which could have readily been approved @ year ago. The bankers defend their stand by declaring that inflation' re- sulted from the easing of credit restric- tions and that they have no intention of making the same mistake twice, in view of the smashing blow dealt by the stock market drop last Fall, Some trade leaders point out- that the time when business is extremely good is the right time to curtail credit and not when business, industry and trade need cash to get back on a paying basis. ~ Businessmen are beginning to exhibit more and more what Lynn P. Talley, governor of the Federal Reserve Bank of Dallas, calls “economic im- patience.” They want to sce recovery proceeding rapidly enough so that the gain can be measured by the naked eye. Mr. Talley said it has been his experience that there is always money for investment in America and that the amount is in direct ratio to the quality of the investment available, Practice What They Preach. Many business men declare the time to “take a chance” is when things are bad and need bracing up. Then, they say, is the time to relax the rules which tend to restrict borrowing for legiti- mate _business enterprices and thus stimulate the flow of ,cash into business and industrial arteries. P Some business leaders are practicing what they preach by raaking credit easier for their own customers to se- cure. They are carrying buvers for longer periods and on smaller payments for amortising their debts. who have recently made investment surveys say that the American public in the last six months has absorbed secur- ity issues totaling over $3,815,000. This. is about 10 per cent below the total reached in the first half of 1929. This is held to indicate that if investments: are attractive from a safety viewpoint, money can be raised readily through their sale to the public. The decline in brokers’ loans is cited as an indica- tion of the “hard boiled” attitude of the (Copyright, 1930.) Business Notes NEW YORK, July 16.—Buyers - tered in the New York market Gurlnm‘ the past week totaled 845, compared with 556 in the previous week and 955 2615 106 110% 110% 110% 9% 79 100 93% 101 62 9914, 108% 99% 105% 4T% 94 100% 102% 1014 30 98 100% *BY 103% T8% 101% 100% 100 109 96 943, 82 91% 994 981% 100% 97 107% 107% 101% 1024 9% 8% 81 93% in the corresponding week a year ago, according to lists published in the New York Times. Arrivals yesterday total 344, compared with 361 reported ‘Tuesday. ‘The Retail Dry Goods Association has announced that in order to act any “fear complex” it is some six weeks earlier than a year ago on preparations for its “‘do your Chris- mas shopping early” campaign. ‘The plain white spade-bosom shirt is expected to be popular in the fall, due to the fact that it is receiving strong favor in college towns, it was reported in the trade in New York. The belief was expressed that this trend toward the popularity of demi-bosom shirts in general indicates a leaning to more for- mal dress. ‘While the United States showed an increase, world construction of merchant vessels showed a decline during second quarter of 1930 from the first. three months period, reports the Lloyd's register of shipping. The total of 3,057,735, while approximately 200,000 less than at the end of March, repre- sented a gain of about the same amount over June 30, 1929. Lloyds reported that United States shipyards showed a gain of 15,000 gross tons, placing it second to Great Britain and displacing Ger- many which now ranks third. The Textile Export Association of the United States has been formed undei the Webb-Pomerene act, by firms inter- ested in the export of cotton textiles Its activities will be confined for th: Yreunt. Qne member said, to establish, ng uniform terms of payment on e: ported textiles. RAW SILK MARKET. NEW YORK, July 16 (CP.A silk futures were off somewhs opening today, reflecting the I in prices in the Japanese ‘Yokohama off 3 to 22 and ¥~ to 25 lower. Around mid was better, but trading with Tuesday’s large vop bales changed since June 11. —ife BOSTON z]c:“'wm BOSTON, Jy'and sales 8X¢ of 64s and i aximun fa the m s this gradely "“o"w Reing. cloy COMDINE figure oton cs:n o ce sat 75 to 8, Saloy haif blood, 88 10 93% 118% Tex 9 to . Y q r bl 10 924 92% 92yquarter B s rets. ‘('wu" 23‘ Third A Third 42% a2 gum oMM 3 99% 5 105% 105% 108% 92% 92% 100% 100% S 84 Sov led Jast * ‘Starting. f