Evening Star Newspaper, July 19, 1930, Page 21

FINANCIAL. Sales. High Youngstn S &T §: 12 103 RAILROAD. 3 96% 6 1414 Mty 951y 100% Prev. Low. Close. Close. 80 % 1% 34w 54y UNITED STATES. (Bales are in $1,000. . High. Low. Close. 01 100 29 100 25 10029 51021 1021 1021 10227 102 25 10227 2 1128 1128 1128 FOREIGN. High. Low. Clase, (Continued From Page 8. 102% 108 Stock and Bales— Dividend Rate. Add . II;I. FINANCIAL ; g = B9 Low. 5 Stand invest Corp. WAOLESLEPREE | NEW YORK_STOCK EXCHANGE | BONDSIRRGULA, | (o= = BONDS =) JPEAL TOPBL * DECLNE REPORTED ' MARKET LITLESS FORCOTTON St Bdsiness Report by Depart-! i 38" anaoiieckan ) 1 Heaviness in Stocks at End Federal Agencies Taking Ac- ment of Commerce Shows i 30 StandON ¥ i140). of Week Put Damper tion to Help Cut Down Stoek and Sajes— Dividend Rate. Add 00. Hieh. ‘Sai 19 82% ) Atchison gen A.T&SFov 4 Atl Coast Line ¢ B & O gold 4 B&Ocv4%4s'33 US4uss2.. 364 1 198% 151% U S Steel (7). Low Close Bank Loan Increase. BY JOHN F. SINCLAIR. Why has Chancellor Bruening become the German dictator? In an address on June 28 he an- nounced the following program to raise more taxes to cover the growing deficit: 1, a tax on bachelors and_spinsters, to bring in a net revenue of 110,000,000 marks; 2, a 5 per cent increase in all income taxes exceeding 8,000 marks an- nulllg, to net an estimated revenue of 68,000,000 marks; 3, a _vigorous cut in iscellaneous” expenditures of 100,- 000,000 marks; 4, a “sacrifice” levy on civil servants’ income to net the gov- ernment 135,000,000 marks. The sum' total of this program amounts to 403,000,000 marks, while Dr. Bruening's estimated deficit for 1930 is 485,000,000 marks. To cover the bal- ance of the deficit a poll tax of from 3 to 6 marks for each citizen was under ‘consideration. When the Reichstag refused to accept the chancellor's program of increased taxation the dictatorship became a ne- cessity. A drastic overhauling of German finances was intimated in the last re- port of §. Parker Gilbert, then agent- general of reparations, who warned Germany that it must quit “kidding” itself and use sterner measures to bring its national expenditures below its income, if economic recovery is to permanent. as a new Bismarck arisen in Ger- many? Wholesale prices have declined 14 per cent during the past 12 months, says the United States Department of eTce—some -more, some less. Iron | and steel prices are but 9 per cent lower than they were a year ago. Business for the week ending July 12, as indicated by the volume of checks sented for payment, declined from he precveding period and was lower than for the same week in 1929, Bank loans and discounts and stock prices for the week ending July 12, in- Creased over that of two years ago. While the number of business failures during the last week were less than during the same week of 1928, e industries are ahead of last year. Candy manufacturers report in- creasing sales. “Candy is purchased at retail in such small units and at such smail cost that it is a negligible factor in the family budget,” - says the National Confec- tionery Association. “Statistics show that the average person spends only 2 cents a day for confections. Individ- ualh this item is so small that it doesn § figure at all in any scheme of econony.” ‘There 1s a distinctly better feeling re- grdlng the business future now than ere_has been for months past. i Brokers' loans sre getting back into the control of the banks again, after their wild excursion into “green pas- tures” “Bootieg” loans—those con- tracted outside of banks—are little talked about now, because they are get- ting ller every week. The shift, which has taken place from the non-ban’ g lenders to banks, is considered a gen..ally “stabilizing in- fluence upon the country’s credit facili- tles,” according to Dominick & Domi- nick, well known bankers. Brokers' loans still, however, are also higher—probably attributed to the withdrawal of non-banking funds. Banks are, if anything, discouraging Joans on securities. Their immediate LOKI; is to take on the brokers' loans, let se by the non-banking lenders who ‘withdraw from the loaning market. The value of listed stocks increased almost $6,300,000,000 to May 1 this year, 201 14% 47 . 113% 4T 43% b 20% Stewart-Warner (1). Webster (4). aker Corp (4). Superheater (13%). » ZolaruRaronancmmnsaBonEe annnweBama S 7 Symington. .. 17% Setmington (A). 17 % Tenn Cop & Ch (1).. 601 Corp (3). T Gulf Sulphur(4) 14% PC&oOll..... Texas Pac Land Tr.. Thatcher Mfg (1.60). Thermoid Co @ « ‘Tide Water As p! ) 4 Timken Det Ax(80e) Timken Roller (3). .. ‘Transcontl O1l (30¢). Transue & W (1).... Tri-Contl Corp. ‘Truscon St (£1.20) Union Bag & Paper. . Unlon Carbid: ) Union Pacific (10 Union Pacifio pf (4 Union T'k Car (1.60, Utd Afreraft. o & United Corp (50c) United Corp pf (3)." Utd Electrio Coal. Utd Fruit (4) 5 Y- o ~o R Utd Stores pf... U S Expre. coses U S & For Secur..... - 89% 1 101% 97% 36 18% 219% 150% 201% 124% 29% 30 274 36% L 51% 674 78 7% 12% 5% 191 174 R4 92% 378 184 B0% § a9l 19% 194 2 19% Plus 10% in stock Tus fock *F Bius 8% 1n stock. 'k Blus $% In stoek. 9 2% Univ Pipe & R: 45% 80 Util Pwr&Lt A 2% Vadasco Sales Corp.. 143% 49% Vanadium Stl (14 4 Va-Car Chem.. 60 Vulean Det (4).. 67%_ 30 _ Wabash 70~V h 3 101% e Y ] 2308 85 12 1 3 478 Westvaco Chlor (2).. 7 Wextark Radio Strs.. White Motors (2). White Rck MS(14%) 5 White Sewing Mach. Worth Pump(B) Wrigley (Wm) (4).. Yellow Truck. . 8 Zenith Radio. o A RIGHTS EXPIRE 16 Am Tel & Tel.Aug Ches & Ohlo..July 23 & % Inter Salt 1187 . 2214 JJuly 21 35 s 4 bove table are the annus iy of half yearly declarations. {Eatuy oxtra Pus 4% 1Plu in stock. a Pal year— in stock d Pavable when earned. e Pay. 8% in stzck. n Plus an 1 ip, Corporation News NEW YORK, July 19 (#).—The 10!4‘ lowing is today’s summary of hnporunt‘ corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press: News Trend. Although indications of improvement in industrial activity have been report- ed from some quarters, there are yet no reports or data to signify a broad re-| versal of trend. During the past week money rates have again receded to new low points, clearly reflecting extreme lack of employment for funds in com- mercial lines. News of most favorable character has continued to emanate from the oil fields, with all flush pools in Texas, Oklahoma and California pro- ducing at sharply curtailed rates. Later reports disclose that similar steps also have been taken by operators in the Northwestern Pennsylvania and West Kentucky fields. Additions to six months’ Wfir‘potlllnn reports reveal that in spite antici- pated showings of an 'extremely un- favorable nature, some companies show marked improvement over previous year’s results, and, taken as a whole, earnings do not appear to fall below ex- pectations. General Baking, Lehigh Valley Coal and Motor Products Corpo- ration earnings were down, while Gould Coupler and Houston Oil of Texas re- port improvement. Emporium Cape- well cuts it quarterly dividend rate, Sears Roebuck announces a decline in sales, and Hudson motor car six months’ shipments are reported considerably be- low 1929 levels. The Industries. Copper—Domestic sales of T have been made at 11 cents delivered; at least one large producer at that price; foreign metal 11.55 cents at while new listings added another $3,000,- 000.000. Brokers’ loans during this n:‘d Tose but $850,000,000 and security around $350,000,000. huge brokers' loan drop of $1,020,000,000 during the month of June brought the total brokers' loan down to ,$3,721,000,000, the lowest level Teached since August, 1917. The New York banking situation, while complicated somewhat because of the need for taking up the brokers’ 1o&ns, formerly carried by outside banks and private corporations, is in excellent shape, judging by the June 30 call re- ports. Of the $9,000,000,000 of taxes levied this year in the United States, about 75 = cent of it is asked by the State and | /¢ al_governments and one-fourth by the Federal Government. ‘This is three times as much as was Taised in 1913. But every year since, the total taxes levied have risen from $400,000,000 to $600,000,000. So when the Bureau of Railway Eco- nomics announced that 54,000 miles of railways employ 372,000 people, 13,300 locomotives, 521,000 freight train cars and 12,000 passenger train cars just to roduce enough net earnings o pay xes, it brought the problem of the constantly increasing taxes to the front. Today one-fourth of the total net in- come of railroads goes .into taxes— other industries show much the same percentage. ‘When conditions are prosperous and everybody is making money, tax bills in the United States have been paid cheerfully, but in a period of falling commodity prices and heavy unemploy- ment it becomes a much more serious one. That is the situation today. Another well known writer on busi- ness_conditions, Theodore M. Knappen, in the Magazine of Wall Street, sug- gests that the third and fourth quarter Teports of corporations’ net earnings will be disappointing and will tend to offset in the public mind the certain consequences of the resumption of busi- ness activity. He says: “The writer is inclined to think that August will witness the ces- sation of the business retreat, but that the upturn will not be undeniably in evidence until after the first of the year.” Quoting the committee on economic changes 10 the effect that while a tech- nique of balance for the control of the business cycle may in time be worked out, he adds, “it might, if attained, tend to impede pr 55." Then says Mr. Knappen: “Mankind require the alluring hazards of unccrtainty and ‘the sting of defeat from time.to time to make it put forth its best efforts.” (Copyright, 1930. by North American News- paper Alliance.) B.&0.T0 F{ESUME WORK AT MT. CLAIR @pecial Dispatcn to The Star BALTIMORE, July 19.—Employes at the Mount Clair shops of the Baliimore & Ohio Railroad, numbering 2,800, will Teturn to work Monday after a lay-off of three weeks, it was announced today. The shops closed July 4 for what F. X. Milholland, assistant to the senior vice president, termed the shopmen's annual ‘vacation. - Mr. Milhollahd said: “Following the custom of several years' standing, the shops were closed for three weeks when we found the budget was being exceeded.” { REPORTS LARGER NET. NEW YORK, July 19 (Special).—The Beaboard Utilities Shares Corporation reports total net gain from interest, dividends and realized profits for period March 20, 1929, to July 7, 1930, amount- base ports. rators in northwestern sec- tion of Pennsylvania, excluding Brad- ford and Alleghany flelds, agree to cur- tail oil production 30 per cent, effective Monday, July 21. Radio—First-quarter data on the radio industry indicate that only & small percentage of set and tube manu- facturers were able to make a profit in the period. Although little information regarding second-quarter results is avail- able, all indications combined with sea- sonal quiet in both wholesale and retail radio trade would render a reversed trend in the second period unlikely. Zinc—World production of slab zinc amounted to 95,303 short tons in June, compared with 95,360 in May and 97,661 in April, according to American Bureau etal Statistics. The Companies. Allegheny Corporation earns 6 cents a common share months, 15 cents, American Radiator & Standard Sani- tary Manufacturing president says company booked over $2,000,000 heating contracts in May and June resulting from sales campaign. American States Public Service presi- dent says first six months’ earningé about 8 per cent ahead of 1929 period. Brazilian Traction, Light & Power Co., Ltd, June gross off 1.5 per cent; six months, 1 per cent over a year ago. Community Power & Light June net after taxes; before depreciation, amorti- zation and interest, up 1 per cent; 12 months, 6.4 per cent over year ago. Driver-Harris appointed licensee for Krupp-Nirosta stainless steel patents. General Baking in 27 weeks to July 5 earned $2.27 a share, against $3.77 to July 6, 1929. Gould Coupler earned 48 cents share in June quarter, 13 cents year ago; six months, $1.77 vs. 45 cents. Granby Consolidated Mining, Smelt- ing & Power had net before deprecia- tion, depletion and Federal taxes $418,- 099 in June quarter against $1,164,813 year ag ix months net off 4 per cent. Houston Oll Co. of Texas June quar- ter share earnings, $1.43 vs, $1.20; six months, $2.99 against $2.04. Hudson Motor Car six months ship- ments reported around 90,000 units, compared with 225,000 in same 1929 period, and dealers stocks average about five cars. International Telegraph & Telephone gets Dutch West Indies concession. Lehigh Valley Coal had deficit $140,- 992 in June quarter, against deficit $168,707 year ago; six months deficit, $288,200 vs. net $209,621. Market Street Rallway June net after charges off 31 per cent; 12 months up 31 per cent. Middle West Utllities granted tax re- fund of $244,218 by Bureau of Internal Revenue. Motor Products Corporation earned $1.88 a share in June quarter, it $4.04; six months, $3.05, against $8.76. National Steel first half net income sstimated $6,100,000; July operations ex- pected to average 70 per cent; August estimated 85 per cent. Sears, Roebuck four weeks' sales to July 16, down 15 per cent; 28 weeks to July 16, off 5 per cent. | Sinclair Consolidated Ol states in- vestment in Sin_lair Pipe Line and Sin- clair Crude Ol Purchasing, subsidiaries, was $44,189,000, not $34,189,000. Nathan Straus June sales up 14 per cent; six months, 25 per cent over year ago. 'L‘nmd States Rubber sued by Over- man Cushion Tire Co. for alleged pat- ent infringement on tires manufac- tured under name of “United States Airflex.” starts construction n mill, to cost about $2,000,000, to be in operation early 1931. P POTATO MARKET. CHICAGO, July 19 (/) —Potatoes, ing to $1,274,395, not including $123,217 market value of stock dividends re- ceived but not sold. Surplus and reserves as of July 7, 1930, amount to $425,043 after deducting July dividend w& of $200, - 141 cars: on track, 260 cars; total United States shipments, 572 cars; market slightly stronger; Kansas and Missouri sacked Irish Cobblers, 1.50a in June quarter; six |y B. & 0. MAY GET ENTRY 10 GOTHA Reported Decision to Fall in Line With Consolidation Plan Important. Special Dispatch to The Star. BALTIMORE, July 19.—Considerable interest was stirred in railroad circles timore & Ohio Railroad has decided to fall in line with the Interstate Com- merce Commission's consolidation pro- 1 for a five trunk line system in the . 'This is particularly of interest in view of the fact that the Chesapeake & Ohio is standing out firmly in oppo- sition to the proposal. It is said that the Baltimore & Ohio's position h the fact that the R!ndlnz-deraey en- tral system, which would give it the entrance into New York it has desired, was allocated to the Baltimore road in the commission plan. The Baltimore & Ohio already owns more than 40 per cent of the Reading stock and the Reading in turn controls the Central of New Jersey. The Bal- timore road also desired the Wabash, but instead was allotted the Chicago & Alton, which would give it an outlet west of Chicago substantially as satis- factory as that of the Wabash. In view of the fact that Congress did not approve the Couzens resolution to block consolidation moves it is under- stood that the Baltimore & Ohio is lay- plans for expansion along the lines down by the commission. Washington Ticker BY CHARLES P. SHAEFFER. Russia bids fair to eclipse all former records in her commerce with the United States in 1930 if the first four months’ trade between the two coune tries may be taken as a criterion. For the calendar year to May 1, American exports to Russia had reached a total of approximately $55,000,000, or about two-thirds of the total amount for last year. At the same time imports amounted to $7,208,846, or a favorable balance of trade of approximately $49,- 000,000 for the four months. uring 1929 imports totaled $22,500,000, leav- a favorable trade balance of about $62,000,000. ‘While the remaining eight months of 1930 will not likely provide such a lu- crative markef as the past, Commerce Department officials entertain little doubt that last year's totals, particu- larly outgoing cargoes, will be surpassed. These officials point out that 1929 was a subnormal year in our foreign com- threat of the Soviet which curtailed its foreign buying in this market in the hope of inducing official recognition. Offsetting this factor, however, is the improved feeling between the Soviet and England due to resumption of official recognition some time ago which is just becoming apparent in commerce. Russian buylng is more or less se: sonal, it was pointed out, caused by un- certain budget apportionments, which become definitely known on October 1, beginning the new fiscal year. This has a tendency to group purchasing, it was said, particularly in the case of the United States, which is the primary market for tractors and farm ma- chinery, which are sold for delivery be- o daatsial macht Industr! machinery is responsible for about one-third of $ Soviet buying in this country. Lar, increases are also occurring in electric station equip- ment, and particularly other transport material, and particularly in tractors, Runiib,repremun( two-thirds of total forelgn' consumption of this article. Purchases of cotton are falling off. Bales of Russian products in Amerl- can markets are showing decreases in agricultural and animsl products, but increases in other groups. Furs, lum- ber, precious metals, manganese ore and coal accounted for most of the increase in the latter groups. Germany remains the chief country of origin of imports and destination of exports for Boviet commerce, followed by England, with the United States in third position. It is significant that the two leading market sources have un- favorable trade balances with Russia while the United States’ balance is fa- vorable. Germany during the fiscal year 1928- 29 did a gross business of 397,000,000 rubles. with a trade balance of 20, 000,000 in favor of Russia. England’s gross was 237,000,000 rubles, with un- favorable balance of 148,000,000 In the case of the United States during the same period total exchanges were valued at 191,000,000 rubles, with fa- vorable balance of 114,000,000 rubles. Reports to the Bureau of Mines are to the effect most railroads in Alabama are taking from 10 to 25 per cent below their regular minimum coal purchases, and that mines producing domestic household sizes of coal are operating from 25 to 60 per cent of capacity. Many dealers are sald to iack funds with which to even pay the freight rate on coal, although they co make credit arrangements with operators. In Colorado domestic coal mines are operating two and thres a week and steam coal mines are running three to four days a week. The current month is expected to show an im- proved demand for domestic sizes. The Colorado and New Mexico markets ap- pear to be demoralized, orders confined to small lots, with no book- 1.65; Eastern Virginis, Irish barrel, 3.3023.50, | Leghorns, | hens, large, 2 15a16. grem here yesterday by reports that the Bal- | s been influpnced chiefly by | % merce, due in large measure to a veiled | for future 9 | "85 Southern Hinols the demand for Washington Produce Bufter—One-pound prints, 371283815 tub, 36a37. lggs—Hennery, 24a26: ceipts, 20a21, oultry, alive—8pring broilers, large, 33a35: medium, 28a30; small, 26a27: large, 23a24; small, 20a22; small, 21a22; roosters, shipped iced— Spring broilers, 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 1zg; Leghorn fowls, 19a20; roosters, 15a Meats, fresh killed-—Beef, 18a21; veal, 15a18; Jambs, 25; pork loin, 25a28: fresh hams, 25; fresh shoulders, 18a20; smoked hams, 27; smoked shoulders, 20; i lard, in packages, 13; in 11: lambs, 10. Fruits—Watermels 20a60; canta- loupes, Ridgeway, N. C. 2.00a3.00; aches, Hileys, 2.50a4.00; Georgia Bells, 2.50a3.50; apples, 50a2.00; pears, 4.50a 5.00: alligator pears, 4.50; blackberries, cultivated, 5.00; currants, 7.00; goose- berries, per quart, 20; nlnengpln‘ 5.00; honeyballs, 2.50a3.50a4.50; honeydews, flats, 2.00a2.50: oranges, 7.50a8.00; lem- ons, 5.0026.00; limes, per 100, 2.00; cher- ries, sour, per quart, 10al12'z; plums, California, 2.75a3.00. Vegetables—Potatoes, 3.25a3.50; sweet potatoes, per barrel, 13.50; per bushel, 4.50; kale, 75a1.00: spinach, 1.00; beets, per 100 bunches, 2.50a3.50; carrots, per 100 bunches, 2.50a3.50; tomatoes, two- peck baskets, 75a1.25: peas, 3.00a3.50; string beans, 1.25a1.50; cabbage, New York, bushel baskets, 1.25; homegrown, 76a1.00; squash, 1.25; peppers, 2.50; corn, 1.50a1.75; okra, 1.00a1.25; aspara- &us, 450; eggplant, 1.50. TRADING IS SPOTTY IN HEAVY CHEMICALS Special Dispatch to The Star. NEW YORK, July 19.—Lower vrice levels and restricted production sched- ules marked developments in heavy chemical markets during the past month, Chemical & Metallurgical En- glneeflnf reports. Trading throughout the period was spotty, with seasonal dullness exerting a depressive influence on demand for many selections. Changes in sales schedules for chemi- cals during the month were all in favor of buyers. Acetate of lime, acetic acid, tartaric acid, chlorine, tri-sodium-phos- phate, sulphate of ammonia, tin salts, lead pigments and naval stores were among commodities for which reduced sales prices became effective. In some cases, where the open quotation was unchanged, buyers were able to obtain concessions. current re- NO}&ZEMA SALES GAIN. BALTIMORE, July 19 (Special) — Sales of the Noxzema Chemical Co. for the first six months of this year were 35 per cent over the corresponding period of 1929, according to a report just made to the directors by President George A. Bunting. Distribution of the company’s output has now been ex- tended to the Pacific Coast and includes every part of the country. The directors declared a special mid- year dividend of 5 per cent, payable July 24 to stockholders of record July 19. TREASURY BALANCE. The United States Treasury balance announced today as of close of business July 17 was $214,357,825.33. Customs receipts for the month to date were $13,456,600.54. Total ordinary expendi- tures, §7,565,734.22. industrial and commercial been very light. coal has The Commerce Department dealt with 177 violations of air commerce regulations during the second quarter of 1930. Fines in the amount of $900 were assessed and collected from 53 persons, and penalties ih the form of 20 reprimands, 63 suspensions, 12 revo- cations and 5 denlals of license were meted out. In 24 cases evidence was produced which justified dismissal. Violations dealing with acrobatics and low flying led the list of specific of- enses. Italy will, in future, purchase feed- stuffs for its army direct from farmers’ federations instead of through inter- mediaries as formerly, it has been an- nounced. This policy is for the dual purpose of aiding Italian agriculture and economizing in its own expendi- tures, as authorities feel both farmers and the state will benent greatly by this elimination of the middleman. Mexico, by a presidential decree, has increased the duty on some commodi- tics and decreased it on others, effective August, 11. Among the items on which the im= port duty has been increased are cod- fish without bones, edible vegetable fats substitute of lard compounds, fused sili- cate of potassium and soda of vitreous consistency, charged shotgun shells and iron and steel springs for railway cars and locomotives. Decreased import duties are provided for a number of items, including certain lead pencils, silver in sheets, floss silk, carbonate of potassium and of soda, empty shotgun shells, tricycles and kiddy cars with pedals. The usual surtax of 2 per cent of the import duty is added to the basic rate. Sales of electricity to consumers in England have increased from 3.121,- 000,000 kilowatt hours in 1921-22, to|s 7,800:000,000 kilowatt hours in 1928-29. increase represents approximate- ly 150 per cent, and is an average gain U. of nearly 670,000,000 kilowatt hours & mh&nm-mm,_ - { on Convertibles. BY DONALD C. BOLLES, Associated Press Pinancial Writer. NEW YORK, July 19.—Bond buyers showed Mttle disposition. to disturb the present level of prices in the listed market today. Railroad and utility bonds which have made the best show- ing in a week of listless activity were firm, with offerings rather thin. The heaviness of stocks put a dam- per on convertible and warrant issues and the movement was irregularly low- er. International Telephone 41:s lost about as much as it gained yesterday, receding more than a point. Warrant issues showed some resistance to the downward trend. Among prime investment issues, Great Northern 7s, New York Central Ss, North Ameriean Edison 5s and Western Union 58 advanced fractionally. Indus- trials fluctuated within a narrow range. American Smelting 55 and Goodyear 58 were strong. Dealings in forelgn issues influenced a slight upward tendency. British 5158, Japan 51ps, Ttaly 7s and Argentine 6s were slightly higher. German issues were soft. The reactionary trend, which carried United States Governments sharply downward yesterday was absent today. Liberties changed hands at the closing prices of yesterday. Baltimore Markets Spectal Dispateh to The Star. BALTIMORE, Md. July 19.— Po- tatoes, new, bushel, 90a1.10; batrel, 1.50a3.00: sweet potatoes, bushel, 2.50a 3.00; beans. hamper, 75a1.15; beets, 100, 1.50a2.00; cabbage, hamper. 60a85: car- rots, 100 pounds, 3.00a4.00; celery, crate, 2.50a3.25: corn, dozen, 8a25; cus cumbers, hamper, 35a1.00; lima beans, bushel, 2.06m3.00; eggplants, hamper, 1.25a1.50; lettuce, crate, 25a75; onions, bushel, 65a1.25: peppers. hamper, 75a 90; peas, bushel, 50a250: spiffach, bushel, 1.00a1.10: squash, hamper, 25a 35; tomatoes, hamper, 75a1.25; apples, bushel, 25a1.50: blackberries quart, 12a18; cantaloupes, crate, 75a3.25; peaches, bushel, 2.50a4.00; watermelons, 100, 15.00240.00. Poultry, alive — Chickens, Springs, pound, 25a36; Leghorns, 18a25; old roosters, 15a16; old hens, 22a27; Leg- horns, 15a20; ducks, 18a23; pigeons, pair, 15a25. Eggs—Receipts, 602 cases; firsts, 21; Southern firsts, 20. Butter—Good to fancy creamery, nd, 32a35: ladles, 24a25; rolls, 24a 6; process, 28a20; store packed, 18. nearby WHEAT TRADE STRONG ON BULLISH REPORT Weather and Canadian Crop Esti- mates Keep Tone of Market Higher. Special Ditpatch to The Star. CHICAGO, July 19 (C.P.A).—The wheat market was strong today on gen- eral buying influenced by the high tem- peratures and the bullish Canadian gov- ernment STOp Teport. September opened 927 to 93; December, 99 to 9915, After the first half hour: September, 93; De- cember, 98%;. Corn was firm on buying because of ho_P, dry weather. July opened 83 to 82%4; September, 80 to 7975 December, 71% to 71':. After the first half hour’ g;qy, 83; September, 79%; December, 87%. Oats were firm. September opened 371%; December, 41. After the first half hour: September, 37';; December, 41. Provisions were firm, Low. Close. E) 90ta 9311 9914 1037 July . Bentember | Decembe; March . CORN- July ... September . December March, July Beptember . Decembe; March RYE - July September December March RECOVERY AT START Initial Prices 8 to 11 Points Higher, With Southern Houses Selling. Special Dispatch to The Star. NEW YORK, July 19 (C.P.A.).—Cot- ton continued its recovery in early trading today. Initial prices were 8 to 11 points higher, with the wider gains in December new crop contracts. South- ern houses were still sellers, with Liver- pool and the domestic trade supplying most of the support. Opening prices were: July, 13.26, up 8; October, old, 1348, up October, new, 13.24, up 9; December, old, 13.68, up 10; December, new, 13.45, up 11; January, old, 13.68, ur 8: January, new 13.50, up 9; March, 13.70, up 10; May, 13.88, up 10. VIRGINIA TELEPHONE PURCHASE APPROVED ‘The Interstate Commerce Commission Argentl; Argenti; Australia s '57. ., Australia 58 '55. Austria 7s. Batavian Pet 4%s. Belgium &s Belgium 83 Belgium 78 '55 Bolivar 75 ‘58, Bordeaux 6; Brazil 8158 ‘26 Brazf] 615827 Canada 68 ‘31, s ‘52, an Con Pwr Japan 7s. Cuba s, Czecho 83 '51 Denmark 414 4 Denmark 5 s ‘55. . Duteh East 1 Finland s £ 6s '45. . Finland 7s. . Framerican 7348 French 7a.. French Ti4s. Ger 5155'30-'35 rety German Bank 6m German Ei P 6% German 7s. . Irich Free State 8s T ttalian Pub Svo 7s. Japanese 4 Japanese 515 Japanese 815 Jugoslavia Bank 7s Kreuger&Toll 68 ot Lyons 6s. . Marseiile 6a. Mex 45 1904 asnd. . Milan 618 . Montevideo 7 Netherlands 6s'72. New Ho Wales 68 Nord 6348 . Norway 63'63..... Norway 6s . Norway 6. . Orient Dev 6553, .. Prague 7i4s. Rhine Wst BP 6s'62 ! Rhine We Rhine Wst Rio Gr Du Sul 8s. Rome 6% R'y’) Duteh 4% sww Sao Paulo 8s'3 Sao Paulo ‘60 Swiss Conted Toho EI Pwr Toho El Pwr 7 Tokio 648 '61. Utd Kingm 6% s '87 Vienna 6s ‘52 Yokoham Bank of Chile 6tis. k of Chile A% s Copenhagen 6s rots Dutéeh East Ind* 47. Fiat 78 ex war "46. . 9fn 28% 294 a8% 9% 29 £a14 103% a4 06% 245 1041 109 109%, 231, 101 1024 1024 814 100 107y 1181 123% 1031 a0 100% 03w 9014 1987 Re% 105 10515 107% MISCELLANEOUS. ADbItibl P&P 65 '63. Ajax Rubber 8s Alleghany Cp 5! Alleghany 6s '4: Am Agri Chem 738 2030 Am For Pwr b Am1GChbles 49, Am Int Cor 6%s ‘49 Am Metal 6.8 '34. Am Sugar Ref 6s. . am T&T cva 8’39 Am T&T bs '65 Am T&T el tr b Am T&T bAs Armour, Del,5% Bell Tel, P; Bell Tel Pa 6s (C) Bethlehm £tl pm & Certn-Td 6% rets. Chile Copper Col G&E!I 6: Com Inve: Con Coal, Md, bs. Det Edison Dodge 6: has authorized the Chesapeake & Poto- mac Telephone Co. of Virginia to ac- quire control of the Petersburg Tele- phone Co. by purchase of a majority of the capital stock. Petersburg Co. op- crates a telephone system at Peters- burg, Hopewell and Chester, Va. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) E Bid SHORT-TERM SECURITIES. Reportea by J. & W. Seligman & Co, (Reportea by (& G, Allts-Chalmers Co, fs 1037 1010 oty American Tel. Sigs 108 10784 1090 1001 Batavian Pet, Co 9474 Bell Tel of Can Anadian Not Rwy. 4128 1935 Chitago Rock Island 43 1934.. hile Copper Co. 58 1947. Cudahy Packing Co. 5 Gen. Mot. Accep. Corl General Pet. Corp. 55 1t Gen, Theatef Eauip, fs 1040 FFSESSESSTITS S tandard 9 i N Yorl S0 Yt S0 &, " Western Electric_Co. 88 ‘Wh Stee] rp. 8% Wheellne Steel Gors. 4had =88ngs3ass VT Toln | wni Duquesne 4% s Fisk Rubber §s Gen Pub Svo 6% Gen Thea £q Goodrich 6% Goodyer b8 ret Humble O & R 6s.. Humble O & R 6%3 11l Bell Tel b3, 11 8 4 intl Cement Intl Mateh 65 *47 intl Paper Intl Tel & Tel 4 Intl T&T 4%s Intl Tel&Tel 68 '65. Kendall 6%5'48 ww Laelede 5% s D '60 Lautaro Nitrate 6s Ligg&Myers b8 '51. Loew" Midvale Steel b Montana Pwr ‘43, .. Nat Dairy 6%s. Nat Radiator N ¥ Edis N Y Tel 6341 North Am £d 6 No Am Ed b%s Nor Ohlo Tr&L 6 Nor States Pwr b8, Pacific Gas & K1 &'T 18t b Phila & Read Phillips Pet 6%s. . Pillsbury F M 6543 Por Ric Am Tob Postal Tel & C5%s Pressed Stl Car 6s. Pub Sve G 438 '67. Pub Serv G 4148 '10 Pure Ol 63837 Rem Rand 6%s wa Richfield O11 Sinciair O11 6. Stnclair P L 6s. .. Swelly Oll b%s. ... Solvay Amer 53 ‘42, South Bell Tel bs. . Southwest B Stand O1L. NJ 4 & | Transcontl O11 6% United Drug 3. ™S Rub 1strf Utilities Pwr 5%s. Vertlentes Sug 7s. . Warn Bros P 68 °49. Western Elec 5s. ... Westn Unton 6s'51. Westn Union 6% 8. Eagle 5% White Sew Mach Wickw Spen 1st. ‘Wilson & Co 1st #s., ) PIST-1 wxlniteha aat 101% 101% 5 1004 100 99y 93 88 1004 102 108y 104 108% 7% 821 894 41 100% 104 % 1031 109ty 104 61 aR% 988 9y 8%, 89 RO14 103% 101 109% 934 1014 102t 1024 991 106 106 97% 104 10515 106% 934 101% 101% 105% 100% a5 101% 99 881 103% 9T% 214 105 1043 102% 1050 1055 101 65 100% 994 954 1041 | 86 931, 87 100 100t 991y a8 88 1001 103 1041 1017 | 1004 101% 103% 105% 110 9914 B & O 1st bsrets B&Oret fis Boston & M 5 Boston & Main, Bklyn Elev 6% Biklyn Manhat Bklyn Un 1st 5. Bklyn Un EIl bs *50. Buff R & Pitts 4% Bush Term con bt Can Nat 4348 57 at4lys . Can Nat §s. Oct ‘69, Can Nor 6%s. .. Canadian Pac db ¢s Can Pacific 58 "54. . Canada Sou b . Ches Corp 58 “er Ches& O 4%8°93 A Ches & O 4%s B 95 Shi& E 111 gn bs b1. Chi Gr West 69. 1 Chi M&St P 4 Ch. M&SLP 4%, 5 '89 ChiMJIStP&P 6875, CM&SLP Pac adj 5 Ch1 & NW gn 3%s. Chi& NW 4% Chl & Nw 6%s . ChiRI&P gnds,. ChiR1&Prt4s... Chi Rk Isl 4% A.. ChiRlcvialgsbo.. Chi Un Sta 415 C & W Ind con . &StL 4% 8 (E). Clev Term 4 %817, Clev Term b8 Colo & Sou 4% Cuba R R 68. CubaNor5 48 Den & Rio G en 4 DR@&Wst b8 7 Erfe gen 48 Erie 5s, 106 Erie 6s. 1975 Erie conv Ex 7 Fla Bast C 5874 Fonda J&G 4148 ‘52 Grand Trunk 7 Gt Northern 6s Great Nor gen 78 Gulf Mo 68 (B). Hud & Man ad} b; Hud & Man ref b 11l Cent ref 4s.... 111 Cent 48 ‘53, 111 Cent 4% s 6 111-C-C-StL&NO b Int Rapid Trans Int Rap Tr 68 stpd Int & G Nor 1st 68 Int & Gt Nor ad) KanCity F't 8 Kan City Sou 3, Kan City Sou 6 Kan City Term 4 K® eRSm e mRoa ke saDuarealeE~ndh whe 100% 48 26% 1108 10 % 110°s 4% 1004 46 26% 110% 105% 1107 991, 9% 79% 297 89% 931 93 V24U Wl 100% 1008 105 105 62% 62% 621 624 101% 1011% B 96% 7% 10074 922 100% 9201 9 1084 o 99% 106% 471 s 1011y a0 874 104 101% 100 100% 109 941y 102 100% 107% s 9Bl 100% ELEY 85% 9315 12214 106 881 B54% 667 105% 113% 92 9615 100% 101 99 99 o rats aaFemamnaaSmuas R0 mmasmane Lake Shore 4 Lehi Val con 4. . Lehigh Val con 448 Leh Valley 6s‘20. . L& N 4182003, L&N5%s.. ManRy 1st 48°90... Mill Ei Ry&L 68'61. Minn & StLen bs. . MK & Tex Ist4n. . M K&T pr In 5s(A) Mo Pacifie s A ‘66, No Pacbs F*77.... Mo Pacbs G Mo Pac 5%s ‘49 ev. NOTex & MbaB. Nor OreT&M 5% N Y Cenrfim4¥s N Y Cen ref 68 NYC&StL4s. N Y C & StL deb 4s. NYChI&StL 4 %878 NY NH&H 4855 NY NH&H 4%8 ¢ NY NH&H av db 68 N Y NH&H clt NYWa&aB4y Norf&Sou gn 58'54. Nor Pacitie 38 3027, Nor Pacifie 68 (D). Nor Pacific ref 6s.. 1 Ore Wash st ds. .. Penna 4148 1970.., 10’ e 9 Berm n SRS ISR P Pere Marq 1st 48’56 Pere M 4%s 1980.. Reading gen 4% A, 1o G West col 4 s RSaBan w2 StL&SanF 55 B St LS W con 4833 StL S W 58 °'52.., StP Un Dep b Seaboard AL re 3eaboard AL cn Sou Pac 4% #'89 ww Sou Rwy gen ds.. Sou Rwy 63 '66 Third Ave ref Third Av Union Pac 4= ‘68 Union Pac 4%s. va Ry & Pwr Wabash 6876 B... 11 Western Md 4 . 3 84y West MA 5148 ‘77, 10 99% Wis Cen gn 4 3 76 COLLEGE STUDENT SHOT Youth and Unidentified Man Killed After Disturbance on Lawn. DENVER, Colo., July 19 (#).—Harold Irwin, 21, Colorado Agricultural College student, and an unidentified man were shot and killed on the lawn of the youth's home Thursday night by an as- sailant who escaped. Hearing a disturbance near his parked car, Irwin went to investigate. Neighbors attracted by five shots found the bodies. Police were of the opinion the unidentified body was that of the gunman’s companion. Hoan AN G- 101% 100% NET RETURN GAIN SEEN. BALTIMORE, July 19 (Special).— Judging from carloading reported for June, Baltimore & Ohio's gross oper- ating revenues for that month _will again show a decline under 1929. Each week of the month brought lower freight traffic. The final seven days showed total loadings originating on the lines and received from connections of 57,981, compared with 68,896, a decrease of 10,915, Due to lower operating expenses and efficiency of operation the chances are that net returns will compare more fa- vorably with June last year than gross, as was the case in the May report. The management made heavy ex- penditures on maintenance when earn- ings were at higher levels and, therefore, is In a position to cut down on this outlay, now that business is depressed, without detriment to its roadbed or equipment. EARNINGS REPORTS. NEW YORK, July 19 (#).—Johns- Manville Corporation and subsidiaries reported for the quarter ended June 30 net profit of $998,529. compared with $1.933,007 in the second quarter last year. Net profit for the first half this year was $1,740,160, compared with $3,- 039,096 in the first half of 1929. Scott Paper Co. earnings for the sec- ond quarter this year were equivalent to $1.10 a share on 158909 common shares, compared with $1.13 a share on 153,000 common shares in the like quar- Crippling Surpluses. By the Associated Press, With the approval of President Hoover, governmental agencies are ap- pealing to the buying public for in the struggle to keep King Cotton on his_industrial throne. ‘While the Federal Farm Board is launching market stabilization opera- tions, backed by millions of dollars, the Departments of Commerce and Agri- culture are urging consumers to help cut down the vast surplus which is crippling the cotton industry. Trade experts estimate the world supply of American cotton will be 5.800.000 bales on August 1, the end of the season. Economists of the De- partment of Agriculture say that if ail the possible new uses for cotton were taken advantage of the consumption in the United States could be in- creased about 2,000,000 bales a year. Governmental trade and production experts, co-operating with the Cotton- Textile Institute, have been quietly pushing a cotton research and service program aimed at better co-ordination of supply and demand. The results of their studies, which show the possi- bilities of a great increase in the use of eotton products, have been brought to the attention of manufacturers in many lines. Governmental agencies now are con- centrating their efforts on acquainting the public with the opportunities for inexpensive and efficlent utilization of cotton fabrice, The Department of Com- merce is distributing 400,000 booklets, describing how articles made entirely or in part of cotton “can make a vacation more successful.” These articles range from Arctic down sleeping robes and a awnings to lamp wicks, beach pajamas and canvas wading pools. Other cotton conveniences suggested for the vacationer are shelter tents, re- frigerators al fresco, portable boats, pin cushions, life-saving vests and in: able pillows. The Bureau of Home Economics 18 advocating increased use of cotton clothing Cotton sun suits, modish cot= ton dresses, suits ior small boys and protective garments for pre-school chil= dren have been developed by the bureau and are sald to be winning widespread approval. TWO BALTIM.ORE FIRMS AWARDED BOND ISSUE Stein Bros. & Boyce and the Mercan- tile Trust Co.. both of Baltimore, have been awarded the $150,000 issue of 4% per cent Washington County (Md.) school bonds on a joint bid of 103.777. ‘The last issue of school bonds of the same county brought 102.1069. The is- sue just awarded completes the $621,000 issue authorized by the last Legislature. NEW YORK, July 19 (#).—The weekly statement of the New York Clearing House shows: ‘Total surplus and undivided dpruflu, $13,832,300 increase; total net demand deposits (average), $55,240.000 increase; time deposits (average), $16,139,000 in< crease; clearings, week ending today, $6.384,799,303; clearings, week ending July 12, $6,715,201,062; clearings, this day, $1,055,151,620. CHICAGO STOCK MARKET ‘CHICAGO, July 19.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales in hundreds STOCKS. 0 Borg-Warner . 250 Ceco Mfa. . R i 300 Cent 10 €hi No_Sh & 1000 Cities Seivice 200 Club_ A ’lag Léol’l\ wnln, " 30 Construct Mat gin Cont Chicago 4100 Cora Corp 2000 Corp Sec 30 Crane Co MiiPi on pi. woseB, ne. - -SSR 552.4 ni § 50 Houdaille-Her 'B... 150 kil Brick 5 200 Ina “Ter MMlum Ol . 50 inland Util........ 6900 fsull UL ... 250 Iron Fireman 0 ipvest Co of A 500 Kalamazoo Stove 100 Katz_Drug 200 Ken-Rad T & L. . 10 sy Ul Jr Cum B 50 Libby-McNelll 50 Lincoln _Print. | 100 Lynch G 4300 600 Mai 500 Marshall 50 Midland _pfd 200 Midland Unit war 95 Mid Ut 8’ 23 Mid U!. 5300 Mid Ut 51 Mid_ Ut 1100 Mo-Kan 2100 Mo-Kan rts Mot Elec Pow 321s 672 rague. Warsaw, . Gopenhagen. crown Oslo. crow: i Stockholm, ter last year. Net for the six months ended June 30 equalled $2.64 a share on the common, compared with $2.29 in the corresponding period last 103 % - 1035 109 103 8% 83 8% 6s '40.. o . 102% 1021 102% 2 gl Bond sales today 365,000, FOREIGN EXC!&;N GES. {Quotations furnished by W ¥ Hibbs & Co.) Nominai goM Seliiyg checks value (or par) oday. a.. M0 O ades 1885 $741.630 in the preceding quarter and | Zur schiiling . st. pengo.. rown (nom.) zloty 79¢. crown