Evening Star Newspaper, July 20, 1930, Page 55

' News o of Markets ages 1 to 4 Part 6—12 Pages INSURANCE JUNPS 19 PER CENT HERE INMONTH OF JNE Delaware Alone Exceeds Capital in Advance, Re- ports Reveal. POLICIES ALSO GAIN IN FIRST HALF YEAR Less Competition With Stock Mar- ket Given as Reason for Nota- ble Progress. BY EDWARD C. STONE. Insurance sales in Washington in June showed an increase of 19 per cent over the corresponding month a year ago, according to a report re- ceived yesterday from Hartford. The District of Columbia was second in the List_covering the whole country in the policies written, Delaware, with a 28 per cent advance, leading the pro- cession. In this territory West Virginia re- eorded a gain of 9 per cent, Florida 2 per cent, Maryland 1 per cent, while Georgia did 6 per cent less business, South Carolina reported an 8 per cent drop and North Carolina a 12 per cent slump compared with last year's June business, The report states that Virginia wrote practically the same amount of insur- ance as in June a vear ago, 0 being the figure in the gain or loss column. The splendid showing made by Wash- ington is more clearly evident when it is stated that the average sales for the whole United States in June re- vealed a loss of 1 per cent compared with June, 1929. Six Months’ Gain Reported. Next to the District of Columbia in Sespect to sales came California with a gain of 17 per cent, followed by Maine and Vermont with 13 per cent each and Illinois with a 10 per cent boost. New Mexico agents had the hardest sledding during June, business taking a 34 per cent tumble. Business in Montana was off 26 per cent, down 19 per cent in Mississippl, and 17 per cent in Mich- , Louisana and Alabama. The Hartford bureau also reported on sales for the first six months of 1930, average of 3 per cent over despite the business depres- advance was well distributed throughout the country. considers that this record ness is slowly but definitely returning to normalcy. A year ago the insurance salesman had to compete with the stock broker for the consumer’s dollar. The stocl market offered a quicker but less cer- tain means of building an estate. To- day, the report adds, the public has lost a little of its confidence in the ability of the market to amass a for- tune quickly. Tn addition to figures for June and the six months of 1930, the Research Bureau gives figures showing the trend for the past year. For the 12 months ending June 30, 1930, the United States as a whole purchased 6 per cent more insurance than in the 12-month period » year ago. During this period every section of the country experienced & gain. Only eight States failed to sha: the prosperity that such figures indi- cate. Booklet Gives Investment Facts. A wealth of information of interest to investors in securities of Washington corporations is contained in the 1930 edition of “Facts and Figures on Wash- ington Securities,” just issued by Y. E. Booker & Co., investment bankers, 1508 H street. Officials and directors of ‘Washington banks will be particularly interested in that portion of the book- let devoted to bank statistics. In this section is given in convenient form comparison of the items of surplus and undivided profits on June 30, 1930, and June 29, 1929. It also gives a com- rison of the total deposits of each k as of June 30, 1930, and June 30, 1929, as well as the high and low quo- tations for the year and dividends id. ”‘l‘l‘u public utilities section shows gross and net earnings of the various public utility companies for the past five years as well as a comparison of the earnings for the first five months of 1930 with the same period of 1929. A substantial increase in earnings of the Potomac Electric Power Co. for the first five months of 1930 is re- vealed, the net being $1,877.886, &s compared with $1,716,203 for 1929. Utility Earnings Compared. The Washington Gas Light Co. showed a decrease in net for the five- month period of $23,576, the figures for 1930 being sseu;.:sz. as compared with 93,208 for 1929. ‘sPlgurei given for the street railway eompanies reflected the inroads being made on their traffic by automobile competition. The Capital Fraction Co. sufferad the zreatest loss. The net earnings for the five months ended May 31, 1930, being $228,207, which is a de- crease of $52,994, as compared with the same period last year. During this same period the Washington Railway & Electric Co. showed a loss in trans- portation operations of $9,085, the figures for the first five months of 1930 being $233,770, as compared with $242,- 855 for the same period in 1929. ‘The booklet also gives detailed infor- mation as to the capital structure of all the securities listed on the Washington Stock Exchange, including dividend dates, high and low prices for the year, | call prices of preferred stocks and bonds | information of | nd much additional :llue to those interested in Washington securities. Would Move Reserve Board. As noted in The Star at the time, the executive council of the American at the Spring meeting, had a very lively two or three Bankers' Association, k | cent, and Egypt, 16 per cent. FINANCIAL AND CLASSIFIED he Sunday Star WASHIN GION, D, C, SUNDAY MORNING, JULY JOHN R. WALLER, President of the International Bank, who predicts that Washington will be the first large city in the country to get back to business normalcy. He looks for steady improvement during the rest of the year. COMMODITY PRICE LIST STILL DROPS General Average 17 Per Cent Below Level of Year Ago, Survey Indicates. BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE, Mass., July 19 (#).— The average level of all commodities continues the down trend so pronounced in recent months. The movement, how- ever, was not so rapid as during late June and early July. During the week just closed out of 15 incividual groups 11 declined, 2 remained unchanged, and 2 advanced. Compared with a year ago, com- modity prices in the United States have slum| 17 per cent. Prices in foreign countries have shown a similar trend, well illustrated by the fact that in the United Kingdom prices are down 11! per cent, Prance, 11 per cent; Holland, 15 per cent; Italy, 14 per cent; Czecho- slovakia, 13 per cent; Hungary, 26 per All over the world steps have been taken to drastically curtail output, but to date conservative demand has about matched the decline in production. To realign world production of basic commoditizs to a level that will enable high stocks to _be reduced requires time. During the past week all commodity rices declined moderately. The lower vel was due to a lower movement in the industrial, agricultural, hides and leather, textile, ferrous mctal and non- ferrous metal groups. Industrial. Prices of industrial commodities are still reflecting conservative demand from all lines of business. Indusirial activity during the past week reached a new low, 2 per cent lower than the low ebb of last December. Agricultural. Agricultural prices are fluctuating within a more narrow range. The July crop estimates show that 15 crops prom- ise to exceed the total of & year ago, while only three are lower. The tariff will not prevent agricultural expansion either in this country or throughout the world. Non-Ferrous Metals, Prices of non-ferrous metals sagged moderately during the past week. Cop- per is again quoted at 11%, weakness being directly attributable to the fur- ther increase in refined stocks. In- ventories of lead, zinc, tin and antimony remain sharply above average. Textiles Prices. ‘Textile prices have declined mod- erately. Cotton on several occa- sions approched the 13-cent level, and silk, while erratic, has recorded dis- tinct weakness. Wool remains stable at sharply depressed levels. Building Material. Bullding material prices are handi- capped, due to & surplus supply in all lines and a decline in building for the first half year, 13 per cent under the same period & year ago. Residential building this year compared with last dropped 47 per cent. Most important price changes: This Previous PFirst week. of I Asricultur: Hides and I Met, fine RUBBER MARKET. NEW YORK, July 19 (C.P.A.).—Rub- ber—Crude rubber, smoked ribbed sheets, was marked down lj cent at today’s noon quotation of 10%. This compares with 113 a month ago and 1207 a year ago. DRY GOODS MARKET. NEW YORK, July 19 (C.P.A.).-—Dry goods—Cotton goods markets were quiet today. Print cloth quotations remained junchanged at 5'; for 64x60s and 6'4 for 68x72s. Raw silks were 10 points higher. NEW BUILDING PLANNED. NEW YORK, July 18 (C.P.A).—The Manhattan Bureau of Buildings today hour discussion over the proposal 10| announced the filing of plans for an- move the headquarters from New York was This month’s Bank- ses the action and even goes further, having this to say to Washington. The proposal finally voted do ers’ Magazine p about the Federal Reserve Board: “In refusing to sanction the removal of the headquarters of the American | Association from New York o Washington, the Administrative Com- mittee of that organization has acted wisely. As the financial center of the United States New York is the proper place for the headquarters of an or- ganization representing the bankers of Even if a removal to some other city should ever become desirable. ‘Washington ought to be left out of con- Bankers’ the country. sideration. To begin with, that city is of little tmportance from a banking standpoint. It is a center of legislative and other And that is precisely the reason why the American governmental activities. Bankers’ Aassociation should never lo cate its headquarters there. The head quarters should remain in a banking charged with th atmosphere, and not be transferred to Reserve Board. other 65-story building on Wall street, the latest project to be built on the block bounded by Wall, Pine, Pearl and Water streets. Louls Adler is the | guiding genius. L P a place where the chief aim is to pro- mote legislation. There are enough of such organizations now in Washington. “Instead of further banking concen- tration at Washington, the aim should be to reduce that which already exists. This is especially true of the Federal Reserve Board. The composition of this body should be radically altered, so that the board would be made up of bankers and business men selected either by the Federal Reserve Banks or the member banks, The appointment of the members of the board by the President is wrong in principle and has proved unsatisfactory in practice. Wash- Sees Better Time: | { parently, OPTINISTI VEW LEADS STRONGER TONETOARKETS Belief That Reduced Earn- ings Have Been Discounted Boisters Purchasing. INDEX OF 90 STOCKS HIGHER AT WEEK END of Reaction Similar to That of Last April. BY CHARLES F. SPEARE. NEW YORK, July 19.—It is with a less agitated feeling that Wall Street now receives the daily grist of unfavor- able business news. It believes, ap- that reduced corporation earnings and dividends, falling com- modity prices, smaller exports and cur- tailed employment and wages, affecting purchasing power, have all been freely discounted in the shrinkage in stock prices during the past two months. Consequently, sentiment is moderate- ly cheerful. There is less disposition to believe that the country is going to wrack and ruin. ‘This more optimistic viewpoint, char- acterizing the first half of July, has developed stronger and broader markets for securities and led to the repurchase of stocks recklessly liquidated last month. A consequence of this was the improvement on Friday of Standard Statistics’ index of 90 stocks, based on the 1926 average adjusted to a base of 100, to 172.8, the high point of the current movement. Group Trends Distinet. ‘The effect of & stronger technical market situation, produced by the clearing up of weak accounts carried over from the November panic, and the creation of a large short interest, is tempered by the fear that stocks may make & false start, as they did in April, and suffer another decline if the busi- ness of the country in September or October does not show signs of sub- stantial improvement. So we have to- day, and probably shall have through the Test of the Summer, irregular move- ments of prices and quite distinct trends in different share groups. Next to the railroads, no group of companies has suffered such a decline in earnings as the automobile manu- facturers. In June motor production was 40 per cent under the same month in 1920, and for six months it de- creased 32 per cent. In & like period exports of automobiles dropped $150,- 000,000. Factories are running on short time or are closed. Earnings for the September quarter will be poor reading for shareholders. Return on Capital Attractive. Notwithstanding this actual and pro- spective situation, it is evident that a considerable body of investors believe that motor stocks have discounted the future and that the return on capital now placed in the shares of companies that lead the trade justifies the risk involved. It is to be remembered that such concerns have followed a policy of enlarging their properties from earn- ings and have little, if any, fixed debt. ‘They have built up large cash re- sources. For years General Motors has shown an average of 40 per cent in cash and marketable securities over its total pre- ferred stock. Nash Motors, while lib- eral with its dividend, has nevertheless been thrifty. In spite of & poor six months, which compelled the first re- duction in its dividend, it showed nearly $40,000,000 in cash and securi- ties at the end of May. Other concerns in the industry are reiatively in as fa- vorable position. Commodities Find Buyers. In the fleld of commodities we find a new boldness among buyers. While they are not convinced that prices have touched bottom—in fact, they are in- clined to believe they may go several per cent lower, which would mean a 15 per cent drop from a year ago—they are willing to take their chances on raw materials at the present levels. This has led to increased demand for copper metal from the electrical com- panies, which are working it up into finished materials for which their is no immediate market, but which they can afford to hold on the basis of cost. It has likewise impelled such large dis- tributors as Sears, Roebuck & Co. and Montgomery Ward to enter the market and to pass along to their customers the benefits of a wholesale price aver- age the lowest in 15 years. The adjustment of retail prices to the decline in wholesale prices is pain- fully slow to the man whose income is falling either from unemployment or 5 | loss of dividends. This and the current wage reductions undoubtedly explain the unwillingness to buy many semi- essentials, r*unlnz_lthz sharp June de- cline in both chain store and retail de- partment store sales. Investment securities rave benefited this week from the prevailing low rates for money. These have permitted the Government to sell another batch of discount bills at a rate passed on to the consumer at a 134 per cent yleld. Noth- ing like such easy credit conditions has been witnessed in years. Still they have failed to develop the quality of investment market that should have grown out of the present money glut. ‘The Street saw in the somewhat heavy selling of short-term high-class securi- ties on Friday, which coincided with & hardening of prime long-term bonds, a turn toward long-term investments that may result in the long-awaited general advance in these issues. (Copyright, 1930.) MONEY IS EASIER. NEW YORK, July 19 (#).—Though & slightly better tone has been in evidence in some parts of the money market, notably in time money and in commer- cial paper, of late, ease to a degree very seldom witnessed is still the rule in the case of demand funds. Today it was reported virtually impossible to place funds on a day basis at the official 2 per cent rate. That condition could hardly have proven any great surprise when it develops that money was being placed freely in the outside market be- fore a midday as low as 1% per cent. . SALES SHOW DROP. CHICAGO, July 19 (#).—Sears, Roe- buck & Co. yesterday reported total sales of $25,986,995 for the period from June 19 to July 16, a decrease of $4.451.091, or 14.9 per cent, from sales of the same period last year. ington—a center of political action—is ible place for a board the powers of the Federal - the worst Total sales from January 2 to July 16 of this year amounted to $198.263.008, as compared with $208,715,579 last year, s decrease of 810,452,571, or 5 per cent. Group Trends Are Distinct on Fear | begin [NEW 8-CYLINDER LINES BOOST Special Dispatch to The Star. DETROIT, July 19 (C.P.A.).—Imme- diate addition to the trade field of new eight-cylinder cars by three producers 1s having the effect of stimulating both production and competition among the automobile manufacturers. ‘The new activity is the bright spot in what would otherwise be the dullest Midsummer period that the industry has shown for many seasons. new jobs are being brought out in anticipa- tion of favorable indications of a defi~ nite upturn in national sales by Sep- tember or early Fall. They herald the ning of intensified competition which is filling the medium-priced fleld with eights in place of sixes. Advent of the new eights has elimi- nated three six-cylinder cars from the competitive line-up and has brought a rice reduction on one other line in is class, with the aim of giving it a better change under present conditions. COMPETITION IN AUTO TRADE Resumed Activity Brightens Dull Sum- mer Period With Changes by Three Producers. With disclosure of official figures on the output of all factories for the first half of the year comes the inevitable comparison with 1929, showing volume 39 per cent lower than that of the pre- vious period. This year's total is given at 2,322,211 cars, as ggainst 3,413,804 in the first six months of 1929. For 1928, which is taken to provide a more ra- tlonal basis of comparison, the first half was 2,326,509, This places 1930 in a somewhat favorable light, despite the large portion of the production that must be credited to the lowest-priced makes. ‘The hope that the forthcoming six months will repeat the history of 1928, in which last-half figures showed a bulge even above the same period of 1929, is being expressed. Whether it will be realized or not depends on de- velopments following September 1, when an upturn to come from a pile-up of delayed buying is looked for. BUSINESS DECUNE FOR WEEK SHOW Gross Volume for Period Ended July 12 Less, Check Payments Indicate. By the Associated Press. Business during the week ended July 12 declined from the preceding week on computations made by the Department of Commerce which used the volume of checks presented for payment as its barometer. The period's gross was like- wise lower than the corresponding week of 1929, The report said “wholesale prices, in general, declined but slightly from a week ago and showed a decrease of 14 per cent when contrasted with the week ending July 13, 1929. Iron and steel rices as measured by the composite idex showed no change from the week of Julg 5, but were 9 per cent lower than the same period, a year ago. “Bank loans and discounts during the last week declined only slightly from the preceding period and were below the level of the corresponding week a year ago. The average prices of stocks re- mained unchanged from the preceding week, but were lower than in 1929, Bond prices, on the other hand, showed ins over both com| tive periods. nterest rates for both call and time ‘money reac to the renewed stock market aotivity were higher than the week ended July 5, but were consider- ably below a year ago. The number of business failures as reported by R. G. Dun & Co., were fewer than the pre- gfl\?gxnveek and the week ended July Steel Falls Off. “The activity of stéel mills for the week ended July 5 fell off from the preceding period, due mainly to the curtailment of operations over the July 4 holiday period. As compared with & year ago the mill activity registered & sharp decline. B loans and discounts and stock prices for the week ended July 12 recorded increases over the period ended July 14, 1928, two years ago. number of business failures during the past week were fewer than during the corresponding period in 1928." In Argentina business continued dull, but a stabler peso exchange and the continuance of the favorable weather to the agricultural and live stock in- dustries have improved the general out- look. As compared with the correspond- ing ‘period of the previous year) ship- ping arrivals for the first six months of 1930 were 482 vessels of registered ton- nage approximately 1,000,000 net tons less than in 1929. The stringency of credit, the heavy stock and the pubiicity given to the appearance of next year's using some anxiety o the le importers. The demand for carded yarns and prospects for the next few weeks are fairly good. Brazil Still in Slump. In Brazil, exchange which had been weak throughout the week firmed July 11 to 9.18 milreis to the dollar fr8m 9.30 milrels on July 9 as a result of support by the Bank of Brazil. Gold exports have been resumed, the Bank of Brazil having shipped $4,000,000 and private banks approximately $1,325,000. Coffee shipments continue light with prices slightly weak. General business remains unimproved. Canadian trade continues slow with little promise of materially increased activity in the near future. In general, the orders now being placed are small and limited to necessities, price ap- fnently being the main consideration n_current purchasing. ‘The prevailing tone in Mexican busi- ness was pessimistic. The Nation's ad- verse trade balance during recent months is attributed largely to the low prices of metals and coffee. The gen- eral business situation in the Yucatan Peninsula is extremely dull and the reduced henequen exports from this section have caused peso exchange to weaken. It is reported that the federal government will reduce the tax on kln‘;nequen in order to relleve the situa- n. SCHOOL BONDS SOLD BALTIMORE, July 19.—An ‘issue of $150,000 Washington County (Md.) 44 per cent school bonds, on” which bids Were opened Tuesday, was awarded by the county commissioners to a_ group headed by the Mercantile Trust Co. and Stein Bros. & Boyce of Baltimore on a bid of 103.777. 'The next lower bids were 103.523 and 103.400. The bonds have been very well re- ceived on reoffering to the public at & retail price to yield 4.05 per cent. It Is understood that the issue has almost wholly been disposed of. The bonds bear maturities from July 1, 1935, to July 1, 1953. PIPE EARNINGS LOWER. NEW YORK, July 19 (CP.A)— United States Pipe & Foundry Co.'s first half year earnings approximated $1,000,~ l:i:o_’ze:o: gxr:?nn:g. dividends, or around X re, against $826,318 in the first half of last year. Net in 1929 was $2,581,230, or $2.74 a common share. The stock has met organized buying recently on its prospects of land- ing the pipe order for Barnsdall's new gasoline line, and as a result of low money rates which have encouraged municinal construction projects, and satisfactory cast iron pipe prices due to lessened foreign cometition following the increase in ad valorem duty from 20 t0 35 per cept. Y ‘SPRING AND WINTER WHEAT BALANCED | Former Tends to Raise Mar- ket, Latter Has Bearish 20, Influence. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, July 19.—Something re- sembling an old-fashioned tug-of-war is in progress between Winter wheat and Spring wheat just at present. For the most part, Winter wheat develop- ments are tending to promote lower prices, whereas Spring wheat is doing the exact opposite. In the nip-and-tuck struggle going on, the influence of news about damage to Spi wheat has proved the more powerful, and Winter wheat thrashing returns above expecta- tions have been outclassed as a market influence. The best available summing-up of prospects regarding Spring wheat in- cludes reports that weather conditions of the next week or two will largely determine whether Canada is to have & fairly liberal or small wheat crop. If adequate rains are received hefore August 1 throughout the Canadi gramu. the yield is generally expec ere to be 375,000,000 bushels or more, compared with 276,000,000 in 1929. On the other hand, a continuance of the drought conditions which have prevail- ed of late is looked upon by leading Chicago experts as virtually certain to result in heavy deterioration, with the crop already beyond the point where a bumper yleld In Canada is possible. As to the Spring wheat crop outcome in the United States, recognized Chi- cago trade authorities say that as a result of extremely hot weather the prospect now is for 20,000,000 bushels less than when the Government's July 1 report was made, and 5,000,000 bush- els less than last year's harvest. The loss is considered irreparable, and main- 1y a result of premature ripening. Mean- while, thrashing return from the United States Winter wheat belt sug- gest that Winter wheat production will total well in excess of the July 1 official forecast. Moreover, the crop is moving freely, causing rapid enlargement of the domestic visible supply, with Chi- cago prices of wheat future deliveries lower than in any other of the world’s markets. Corn prices indicate general belief that owing to excessive heat and simul- taneous dryness a heav ytoll has been taken from the new corn crop. Inasmuch as the adverse conditions have covered the entire corn belt, the August crop figures are expected to show decided curtailment, especially if rains are not received. Oats values are also respond- ing to advices of considerable damage of late to oats. Some export buying has helped to advance lard. Lacking any special stim- ulus, meats show a sag. BROKERAGE CUSTOMERS ADVISED TO BUY NOW NEW YORK, July 19 (C.P.A.).—The street was much interested in the definitely bullish position assumed to- day by Hornblower & Weeks, which firm sent out advices to its customers urging the purchase of stocks. “We would buy the common stocks of leading Ameridan companies at the market,” the statement said, “believ- ing that they are so definitely in a buying zone that all intermediary fluctuations should be disregarded. We believe the buying opportunities af- forded by the appearance of the mediocre second quarter earnings will prove the bargain prices for the bal- ance of the year 1930. The Fall sea- sonal plck-l:g in business lies directly ahead and the sinews of business, raw materials and money, are available at 1930. Classified Ads Pages S to 1 POLITICAL MATTERS EXPANSION APPEA CONTROL EUROPEAN TRADESTUATION Situations in Balkans and Italy Gives Little Confidence to Outsiders. INCREASE IN BRITISH COTTON DEMAND SEEN General Business in France Fairly Active, With Increase in Last Week Seen. Special Dispatch to The T, NEW YORK, July 14—Cable dis- patches to the Business Week give the following swift survey of business abroad for the week ending July 19: Europe.—The generally unsatisfac- tory European international situation has again caused a distinct feeling of uneasiness in business circles, The Little Entente is opposed to the threat- ened restoration of the monarchy in Hungary, following Carol's coup d’etat. The situation in the Balkans gives little confidence to the outside world that the threat of a political broil in these countries may not be translated into an actual fact before the end of the year. Mussolini’s continued belli- cose utterances are no longer consid- ered merely a gesture for home con- sumption. Observers hint that I1 Duce desires the formation of a new com- bination of European powers, over which the French are rauch perturbed. Russian orders continue to be a bone of contention in several countries, notably Great Britain, Germany, Italy and Poland. Unofficial reports on the harvest in Russia turned a bit sour this week, with rumors that rainy weather and heavy dews are interferin with work in the South, while genar& growing conditions in the North are in some regions slightly below average. British Business Slow. Great Britain.—Business in general HAKRIS EWING EDWARD J. STELLWAGEN, President of the Union Trust Co, who is basking in the Summer breezes at the Poland Spring House and getting a breathing spell from high finance. Sev- eral other Washingtonians are at the same hostelry. BANKERS DECLIE INSUMNCELOANS Capital Financiers Prefer Other Forms of Collateral Because of Delays. BY I A. FLEMI Life insurance policies, as collateral, are not in favor with the bankers of ‘Washington, indeed while many others are willing, if proper assignments has shows no improvement, though a slight increase in the demand for cot- ton goods created a bit of o ism this week. The French gold drain continues on both sterling and dollar balances, with the expectation that France may eventually drain gold from NS' York. une trade shows decreases: Imj 3 88 per cent; exports, 14.1 per m: re-e: 1 Total exports were down 14.7 per cent and the ex- cess of imports over exports increased 2.3 per cent compared with June, 1929. Heaviest declines were registered cotton, coal, coke, pottery, iron and financial steel, and electric machinery. Germany.—The country’ licy was made definite when the cab- et enacted by decree its financial program which taxes incomes 'more heavily and increases drastically the bachelors’ and head taxes. Two im. portant financial issues remain: The deflcit of communal finances now - gregating $125,000,000; the deficit for the federal railways, totaling $100,000,- 000. To cover the latter, the govern- ment has approved a slight increase in passenger rates, effective September 1, expected to yleld $12,000,000 before the end of the year. | Business sentiment generally is dis- appointed in the price reductions which resulted from recent agreements and lowered raw materials prices. Steel, in particular, has not been in greater demand under the reduced prices and confidence in the plan is at low \ebb. Following the announcement of the Opel Co., controlled by General Motors, the German Ford Co. reported increases in sales for the first half year of 55 per cent above last year despite a de- cline in total sales of automobiles in Germany. ganization is marked by the number of Ford dealers which has increased from 120 to 275 within the last nine months. France Sees Activity France—General business activity is fair and shows ht improvement over last week. The market is calm; iron and steel production is higher, with increased export, but lower domestic consumption, of steel; the machinery industry isi running at maximum ca- pacity, due to new replacement orders; electrical equipment is dull. Construc- tion activity is setting a new record, with the city of Paris planning the immediate construction of 20,000 work- men’s houses., The depression in the cotton industry continues with low prices and slack demand; wool is active. ‘There is no improvement in the auto- mobile industry, either French or Amer- can. The agricultural outlook is unsat- isfactory due to continuing unfavorable weather. Belgium—The stock market continues weak and the public uninterested in long term investment. Money is cheap with call money at 1,375 per cent. Coal demand is weak and stocks on hand are approaching 2,000,000 tons. Industrial grades have been reduced from 7 to 15 francs a ton but the de- mand is still insuficient to absorb the terms favorable enough in themselves to help stimulate trade.” EARNINGS STATEMENTS, NEW YORK, July 19 (#)—Interlake Iron_Corporation of Chicago, formerly the Bi-Products Coke Corporation, to- day reported for the quarter ended June 30 net profit of $532,632, equal to 26 cents a share, compared with $546,~ 847, or 27 cents a share, in the cor- responding quarter last vear. Nt for the first half was $1,207,538, equal to 65 cents a share, compared with $1,- 048,727, or 52 cents a share in the first half last year . The Campbell, Wyant' & Cannon Foundry Co. reported for the six months ended June 30 net income of $583,496, equal to $1.68 a share, pared with $1,061,828, or $3.05 a in the first half last year. Net for the June quarter was $254,732, equal to 73 cents a share, against $586,228, or $1.68 a share, in the like quarter surplus. For household grades the ex- port demand is good and the condition is more favorable. Italy—American automobile agents, except Ford, are presenting a collect- ive protest to the government stressing the losses through ruin of their business and greater unemployment through the closing of offices, shops and service stations. Ford-Isotta agree- ment has been reached for the produc- tion of airplane engines to be followed by a similar arrangement for automo- bile manufacture. Apparently Fiat is included and will furnish Ford with light, Isotta with heavy engines. United Aircraft Strong. NEW YORK, July 19 (Special).— Strength of United Aircraft has been due to an expected increase in second- quarter earnings, which some circles believe will approximate $1 a share, against 39 cents a share in_ the first three months of this year. The report will be made public ngxc week. The company expects the third quarter to last year. BOSTBN WOOL MARKET. BOSTON, July 19 (C.P.A.).—Wool— A fair amount of 64s and finer domestic wools are moving, but individual sales generally are only moderate and are limited to immediate requirements. Ohio Delaines and similar strictly combing wools of this grade show a strengthening tendency, with bulk of sales at around 31 cents. Fine territory combing clean was quoted today at 75 to 78; grease basis, French combing, 70 to 73; half blood, 70 to 73; three-eighths blood, 60 to 62, and quarter blood, 53 to 59. Fine Ohio fleeces were quoted at 30 to 31 grease basis, half blood, 29 to 30; three- eighths blood, 29, and quarter blood, 30 b (Copyright, 1030.) | be more favorable than the second quarter, as it hopes to land important Government contracts. The stock has been meeting organized buying from important banking interests. Utility Shows Decilne. NEW YORK, July 19 (Special).— Public Service of New Jersey and sub- sidiaries reports June gross of $10,950,~ 994, compared with $11,307,353 in June, 1929; net, after taxes and depreciation, $3,320,719, against $3,526,394, and sur- plus, after charges, $2,325985 con- trasted with $2,850,071. For the 12 months ended June 30, gross amounted been made, to make fair and reasonable loans. Local bankers will not make ad- vances on kind of security, as they fear pay- ment might not be made until the the companies assert that assignments of life insurance llcludlhotuld not made for any LR “trivial reason,” and only with a clear understanding of the effect of the transfer of rights. The companies engaged in insuring lives have regular forms for assign- ments and these must be L Forms give the right to the assignee to turn in the policy, at surrender value, at any time when the condi- tions of the policy give this right. ‘The owner of the policy also has the right if he so desires, to make further assignment of rights in the policy, but the additional assignment will not operate in any way against the rights of the first assignment. Companies record Illlfl“men" that are absolute and uncondit! 1 on their face, signatures and executed by the insured and the bene! . Only by an order of court can & minor’s in- terest in a policy be assigned. ‘The possession of & policy is an Expansion of the Ford or-|the evidenoe that it is free from any obligation, while inability to produce policy is an evidence of debt. ‘There are so many other iffs and ands connected with policies assigned as col- lateral for loans that it would seem that the local banks are their decision to pass them up, save under very special circumstances and for & valued customer., Another Protest. Another protest has been filed, this time by the economist of Fenner & Beane, main office in New York, with a branch in Wi n, in which exception is taken to recent quotations from the July letter of the National City Bank, referring to the continued dullness in business conditions. To juote from the protest: “Only now has &m world settled down from the strife of war and its feverish energy used up in an effort to rehabilitate the post-war world on the pre-war of things. “Many changes have taken place. Reaction on the present depression will be on a changed world. New stimuli are being developed. Within the past month reports have been received from 100 countries and from every State in the Union. There are encouraging signs already pointing to an early get- ting underway of business improvement. “There are many great enterprises, backed by Government millions, that will be under way very soon, and these will lu‘l:ely be reflected in business re- Market Caution Advised. All of the above may be true or it may be doubted, according to the degree of optimism with which one views the situation. It is & fact that in the last few days the market, referring to the New York stock market, has shown a better tone, that some gains have been made, gen- erally fractional, but with severak more important advances. But as a rule commission houses put the brakes on bullish tendencies and sought to keep traders from extending their long lines. “Follow the market if you will, but go slow and be ready to turn quickly is more often given than any other advice.” Reports of earnings for the second quarter of the year are not encourag- ing, although the automotive trade seems to be improving somewhat. Bullding operations have fallen off seriously, 49 per cent, as given by Straus & Co.; malil order houses report OF DUCE BRINGS MINGR RESPONS Birth Rate of Italy Drop: Legge Sees Difficulty.In Getting Co-operation. UNITY OF ACTION NEED IN ALL STATES STRESSE| Broach Declares Tendency American Business Life Is.to Scatter Its Efforts, BY JOHN F. SINCLAIR. - Ttaly, according to Benito M must either expand or explode! Whid is to be? Expand, says the Duce, at mflfllmmlmm\xfllbm fami “Although words are beautiful thin rifles, ships, airp ore beau machine guns, hings: because o Bi 88; ause, ol unless accompenied by rmehh.k:x"l Machia disarmed will perish,” warns the dictator. Fine words rate in Italy is 1902, when Italy had 32,500,000, there were 1,100,000 child born in Italy. In 1925, with & popul tion of 40,000,000, the births numbe: mflxl.ls&ooo,m pe ¢ other European nations, ex the Slavic, the increase in Italian p lation in the last 30 years is not. due to a higher birth rate, but to d;iu:: in the ;ut.h rdlti Life D prolonged beyond certain limit but & decline in birth rate has no Alexander Legge states that the difficulty today comes in “getting p ducers to co-0] ite.” “With farmers organized,” he sa “the adjustment of production and fective marketing of tural pro ucts would be comparatively easy. Uni of action is needed through every from planning and planting to mark ,l'hlt'l it. The opportunity is th Farms are exempt from the provisio of the Sherman anti-trust laws. Th can and should organize effectively as| unit in every process of their work. But being strong individualists, th hesitate. They live a life pretty mu alone. Co-operation is one g.lrd pill & the farmer to swallow. o Hence the Farm Board's emphasi "|and even pressure, in insisting th ce I‘lura:rl organize co-operatively for s Uh'.gh.fli\ey do, no flfl‘;‘m'! b of his task, o H. H. Broach, popular president the Electrical Workers of Americs; ar} largely credited with the present pro perity of this union, is a master pointed, pungent statement. ** Speaking the other day of some the problems that confront his own of ganization, he remarked that tH tendency in American life is to scatt efforts. He considers it one of tJ greatest failings in American busine: It's so easy to undertake o tasks— to make certain plans—and th be gradually induced, tempted or pull ed away from going straight ahead cording to plan and from first fini the most important job. It's not' for a man to stay within his limitation I see s0 many men scattering effor in all directions—chasing rainbows, t ing to ride several different horses different directions at one time n getting nowhere.” ¥ Many business men, called to~do thousand things outside of regular bus} ness, knows what this means. ° (Copyright, 1930, by North Americah Newi paper Alliance.) 3 PAGES ARE BARRED FROM EXTRA JOB NEW YORK, July 19 (CP.A.).—W; Street's contribution toward the dist: button of jobs was announced today i a ruling of the Committee of Arra ments of the New York Stock Ea change. This ruling denies stock e change pages, who hitherto have d rived much profit from working aftd hours for stock exchange and othe financial houses, the right to work fa any organization other than the stoc) exchange. Pages have made $1 per hour o more for work after the exchange h: closed. Some ambitious youngsf have carried this idea to the extrem of working into the late hours of night. Since most pages are also stul dents at the stock exchange's own nigh school or at the Wall Street branch of New York universities, this nigh work has interfered with their stud HOUSTON OIL DEMAND BASED ON EARNINGS NEW YORK, July 19 (CP.A)~ demand for Houston Oil in the few days has been due to in e earnings and prospective natural g developments. Consolidated net come of Houston Oil and Houston Pip Line for the first half of this yead amounted to $1,014,417 or $2.98 a s on the outstanding common, is to be split four for one, as agam $779,422 or $2.04 a share in the period of 1929. The company, in con: nection with the capital increase has been approved by shareholders, an: nounced payment of a 10 per cenf stock dividend, but the date of sucl disbursement has not been designated by the board. Motors Aid Metals. NEW YORK, July 19 (Specigl). Recent firmness in the metal share: notwithstandj weakness of the com: modities, may have been aided by pro pects of increased purchases by auto motive manufacturers. The automobi large decreases and money is still a drug on the market—call loans 11, and 2 per cent. ‘Unquestionably there is some buying for accumulation by those who are satisfied that present prices will not go much lower and that they can count on improvement some time during the ear. ¥ ‘The Curb Market the week has shown a better tone the big market. Street Railways Win. The street raflways of Washington Imve won their long-sought higher fares, 10 cents cash, four tokens for 30 to $138,267,081, against $131,052,864 in the preceding 12 months; net, after taxes and depreciation, $42,397,801, compared with $39,687,788, and surplus, after clur%u $30,001,734, contrasted with, $26,677,738. cents. It is an open question just what effect the increase will have on the earnings of the companies. ‘Traction companies have that they were ntf&ud to the =N industry last year, according to the| American Bureau of Metal Statistics, used 35,000 short tons of copper, 40,000} tons of zinc, 19,000 tons of tin, 18,000 tons of lead and 38,000 tons of alumi-| num. preme long felt er fares increase, as the but have hesitated to take the needed steps to secure it for the reason'that it might increase the number of cheap, old automobiles on the streets, gelr complement of workmen to 0. With the streets cluttered with the 35-cent taxies a new problem has been offered and the full effect of the new rates will not be realized until after the August results. An appeal to the United States Su- Court by the opposition to high- 18 likely to be without effect, latter's position is well known.