Evening Star Newspaper, July 20, 1930, Page 58

4 BECOMES BRIGHTER Savings Banks and Insurance Companies Coming Into Op- timistic Market. BY BYRON SFLLER. NEW YORK, July 19 (#).—While the Ppast week's bond market was not char- acterized by heavy trading in listed ssues or by any wide advances in price | —except in special cases—it was never- | theless a week of heartening omens for | the dealers. Most of them report a bet- | ter over-the-counter business than has obtained since last year and one or two of the houses with vast retail sales or- | ganizations throughout the country term it the “best bond market in six ars.” y"l’o students of the ticker tape both of assertions are welcome surprises. Beyond the fact that prices generally held close to their high marks of the previous week, there was little in the performance of listed issues to indicate a healthy investment trade. Volume was off, the average running .under | $8,000,000 a day on the stock exchange and $2,000,000 on the Curb Exchange. Foreign bonds became weak with the {issuance of the new Austrian 7 per cent Joan and vague hints at serious unrest in Europe. ! At the same time money clung to its | Jow levels at the start of the week and | when it did tighten a little, the quotable difference was not wider than the spread between the bid and asked prices. New capital offerings were down to $50,000.000—one of the smallest totals | of any week this year—compared with | $150,000,000 last week and $94,000,000 in the previous weck. ‘There was no reason why bonds ghould rot improve, Savings banks were active in the market to fill out their portfolios of bonds, and insurance com- nles with a substantial increase in usiness so far this year were also seei- { ing investments. (Copyright, 1930.) BALTIMORE MARKETS. @pecial Dispatch to The Star. BALTIMORE, July 19.—The live poultry market shows an easier tone under liberal receipts and white mixed colored Spring chickens, 2!5 pounds and over are moving out readily, smaller stock is slow sale and the market gen- erally in buyers’ favor. Most of the receipts of Spring chickens being under- sized are slow to move at outside prices. Too many small Leghorns are arriv- ing, which are hard to move, and bare- back chickens being discriminated against and have to be sold strictly on merits at sharp discounts. Mixed col- ored Springers, 21; pounds and over meet with ready sale, 29 to 34 cents a und, but smaller will not bring over gg to 30. Leghorns are in fairly good demand at 20 to 24 for stock weighing 2 pounds and over, with smaller stock neglected at 17 to 19. OIld hens in liberal receipt and more than ample for trade wants, consequently, the mar- ket rules easy under only a fair de- mand at 20 to 26 for- stock welghlnfi 3% pounds and over, but Leghorns wil not bring over 17 and 18, while all poor, thin fowl is neglected at 14 to 15. ©Old roosters in ample supply for the demand, which is limited at 14 to 16. Only full-feathered young ducks attract attention and with demand limited the market, rules easy at 18 to 23 for stock weghmg 4 pounds and over, while ler stock is not wanted at any price. Pigeons continue in liberal receipt and the market is easy at 25 cents a pair for old and 15 to 20 for young. ‘With little trading on the exchange and sales confined mostly to street sales, the tmmflket has a firmer tendency on laid stock, which shows an in- crease of a cent a dozen over opening prices Monday. With the warmer ‘weather prevailing, most of the arrivals are showing losses under the candle and this class of stock is slow to find vor even at current receipts prices. Buyers are ver&p critical as to quality at this time of the year and prompt shipments are advisable to realize best Tesults. The market closed today at 22 cents a dozen for nearby firsts, but current receipts will not bring over 20 cents. tatoes in moderate receipt, but amj or the demand, which is light, and the market is generally easier at 90 to 1.10 per bushel and 2.75 to 3.00 & barrel for well graded No. 1's, but No, 2 stock will not bring over 1.50. Recelpts of nearby garden truck con- tinue fairly liberal, with prices holding steady on most lines on the following uotations: Stringless beans, 75 and .15; beets, 1.50 to 3.00 per 100; cab- , 60 to 85 bushel; carrots, 3.00 and 100 pounds; sugar corn, 15 to and fleld, 8 to 15; cucumbers, 0 hamper, and 90 to 1.00 hamper Eastern Shore fancy stock; egg- ghn , 1.25 to 1.50 hamper; lima beans, .25 to 3.00 bushel; onions, 65 to 1.25 bushel; peppers, 75 to 90 hamper; spin- ach, 1.00 to 1.10 bushel; squash, 25 to 35 bamper, and tomatoes, 75 to 1.25 per. The live cattle market is overloaded, with the stock yards filled ith heavy, undesirable cattle, weighing 1,000 to ds, which sold at 7 to 8 t cattle of first quality are in demand, the receipts being mod- erate of this sort, which is the only line that will bring top values. Mar- ket for calves shows a slight improve- ment under an active demand, but old sheep are dull snd slow sale, especially clipped stock. Lambs in more liberal Treceipt, and, with demand easily satis- fled, the market is mostly in buyers’ favor, and it takes choice, handy- ‘weight veal calves to bring top vajues. Quotations today at Light et Wharf: Beef cattle, first quality, pound, | 8 to common to medium, 5 to 7. Cows, common to quality, 5 to 7. Calves, veal, choice, 11; large, fat, 9 to 10; large, rough, 7 to 8; common, thin, 5 to 6. Sheep, 2 to 3; old bucks, 2 to 3; Spring lambs, fancy, 10; choice, | 7 to 9. Hogs, straight, 9 to 10; sows, 7 to 8; stags, 6 to 7; live pigs, 12 to 15; shoats, 10 to 12. e CITIES SERVICE REPORT. NEW_ YORK, July 19 (Special).— Cities Service Co. reports net to com- mon stock and reserves, after pre- ferred dividends, of $40,338,435, equiv- alent to $1.44 a share on the average | number of common shares outstanding | during the the 12 months ended June 30, compared with $24,669,542, or $1.13, on the average common shares out- standing during 1929. For the month | of June, net to common stock and re- serves was $3,811,842, contrasted with $2,212,388 In June of last year. EARNINGS COMPARED. “NEW YORK, July 19 () —Per-share earnings of corporations reporting this week, with comparison for a year 8go, include: & uus o ¥ g Six Months June 30. American _Telephone. General Electric 33 S2ZITZRELBZNITS W Feoples Gas. . Bun Oll. . oo ARt e 19 v S Eaton Axle. .. Bohn . Aluminw Colgate-Paimolive Peet. American Chicle . v Mathieson Alkali H 7 5 P SR AN e 222220558 R08R8RE: Nine Months June 30 Caneada Dry olnfr Ale .64 s on *Increased capitalization. 100.28 98.30 99.1 103, 101.16 109.24 941 108 99 100% 10415 101 1113 107% 84 105% 1 B8 10214 106 945 301y 82 109% 991 1031 101% 101% 96 9714 112% 118 8814 8414 1017% 106% 103% 103% 107 101 1187 125 105% 100% 13% 101! 92 10! 85 100 86 105% 99% 91 83% 98 103% 105 105% 878 94 UNITED STATES GOVERNMENT. Net High. Low. Close Chge. .101.1 100.25 Lib 1st 4148 1932-47. 102.6 Lib 4th 41 s 1933-38. 103. Lib 3%s 1932-47. US3%s1940-43. 3%s 1943-47... 3%s 1946-56. 48 1944-54 4148 1947-52. FOREIG Argentine bs June ‘59 Argentine 6s A’ 415 Australia 5s'55 102! 92 Bank of Chile 6%s'57.... Bank of Chile 638 1961. . 2% Austria 7s'43. . % Belgium 6s'55. Belgium §s°41... Bolivia s ct 63.. Burdeaux 6s ‘34 ¢ Brazil 615= 1926-57 Brazil 8541 “hinese Govt Ry bs Colombia 6s 1961 Jan Copenhagen bs 62 Czechoslovakia 8s ‘51 Denmark 5%s 1955. Denmark 6542, . . Dutch East Indies 6s 47, Dutch East Indles 65 '62. Flat 75 "46 war Finland 7550 French 7 French 7%s Ger Gov 5155 '65 wl German Bank 6s 1938 4 German s '49..... Greek 65 1968. Irish Free State 55 '60 Italy 7s°51. Japanese 648 '54. . Kreug&Toll 5s ct wi'59.. Mexico 45 1904-54 Milan 63%s '52 Netherlands 6s '72. New South Wales '57. Norway 58 Orfent Dev 5% '57. Parfs-Lyons-Med 6s '58. . 4 Paris Orleans 5%s 1968. . Peru 63 '60 Peru 7s. Pireili Co of Italy Poland 85 '50. Queensland 6s 47 Queensland 7s "4 &« Rhinelbe 7. . . Rhine Westphalia 6s'52. . Rio de Janeiro 8s'46. . Rio Grande Do Sul 65 '68. Rome 6458 "62..... 8 Sao Paulo State of 83 '36. % Seine Dept of s Serbs.Croats&Sla; Serbs Croats Slov 8 4 Swiss 5345 46.... Toho Elec Pwr 7s'55. 4 Utd Kingdom 5%s'37.... Uruguay 6s 1960. Vienna 6s 1952 Warsaw 7s 195 Yokohama 6s ‘61. MISCELLANEO! Abram & Straus 53;5'43. . % % 1 & Am Beet Sugar 6s '35 Am Chain 6s 1933 Am1GChm5%s1949. Am Internation 6%s 49 Am Natural G 6%s ‘42 Am Sm & Ref 1st 55°47 Am Sugar Ref 65 '37 Am Tel&Tel cv 414539 Am Tel & Tel sfbs.. Am Writ Pap 6s°47. % Armour & Co 4%s'39 Atlantic Ref deb bs'37. 4 Bell Tel (Pa) ref sl“a Certain-teed 5% s 1948. Chile Copper bs '47. Colon Ol 653! Dodge 68°40..... Duquesne 418 1967 East Cuba Sug 7%s '37 General Cable 5%s 1947.. Gen Motors 6s'37 . 102 Goodrich (B F) 6%4s°47.. Goodyear Rub b8 1957 % Humble O & R5%s 3 Inland Steel 4%5 1978 Inter Cement 58 4| Inter Match b8 '47 4 Inter Mer Marine 6s '41 Inter Paper bs A '47 . Int Tel&Tel cv 4%8°39... Kendall 6%8"48 (war)... Lackawanna Steel 53 ‘50, Lacledes %s D ‘60 Liggett & Myers 5s'61... Loew's Inc 6s "41 war, woew's Inc 6s ex war'l.. Lorillard 6%s '37 Manati Sug s 7%s Midvale Steel 5836 Montana Power 55 1 100.29 —.4 2 10112 10112 101.18 10113 5.11 105.20 a9, 8914 3% 103% 94 9715 100% 100% 515 104 105 90 90% - 98 98% 2 109% 109% 101 101% 1051 105% 101% 102% 102 102% 9 96 100 100 118% 11 123% 1231 8% 88% 90 90% 106 106% 5% 85% 991 X 98% .+ 104% 105% 95% 95% 11% 12 907 907 71 1051 1051 824 83 101% 1011 897y 90 2104 104 104% 1041 103% 103% 89% 90 97% 98Y% 65% 66 91% 9% 100% 100% ¢ 107% 108% 105% 106 99% 100 1041 105 95% 96k 86' 864 5% 76 9T 9T 9915 99y 99% 1008 103% 104 68 101% 101% 104's 104y 96!y 98 7% 80 101% 101% 103 104% 160 164 5% 107% 1(_);-". 102% 102 106% 106% 101% 102 50'%% 106% 106% 9Lt 9% 101 . 101% 55 55 98% 984 102 1024 106 106% 93 93 101% 101% 94% 95 100% 100! 99% 99% 100% 100% 85 86 % 110% 111 75 5 103% 108 103 103% 105% 106 115 118 99 99'% 9315 94% 40 40 101% 101% 1. 103 103% 4 Eriecon 7s 30 4 Grand Trunk 7s 40, 6 % US Rub 734s'30.. Utah Power & Ligh Ctilities P & L 6%s 47 Walworth 6 Walworth 6% "35. Western Union Tel 6% Wilson & Co 1st 65 '4 Youngstown Steel 5578 RAILROAD. Atch T & S Fead) 45 '05 Atch T & Atch To Atlantic C L 1st 45 Atl Coast Line 4%4s 4 B&Ogold 4548 B&Ocv4ls 33 B&Oref 5s B & O ref 55 D 2000 Balto & Ohio 55 '48 Balto & Ohio 63 B&OPLE& W Vads. ¢ B&OS W Div 58 50 Bangor & Aroos 4s '51. Boston & Maine 5s '67. . Broadwy & Tth Av bs '43. s Brooklyn Manh 1st6s A. . Canada National 4%s'54.. Canadian Natl 4%4s 57 Canadian Pacific deb 4 Central Pacific 43 49 Central Pacific 5s 1960 Chesapeake Corp 58 '47. Ches & Oh gen 43%s '92 Ches & Ohio 4%s ChiB&Q4%sB 4 Chi B& Qref 5s'71... Ch & East 11l gen 55 '51. Chi Great West 45 '59. Chi M St P & P 5875 ¢ Chi MSt P& Padj5s.... Chi& N W 6%8'36 Chicago Rys 6s ‘27 4 Chi R 1 & Pac ref 4 Chi Union Station 4 45. Chi Union Station 6%4s. 4 Chi & West Ind con 4s. Chi & West Ind 5%s '62. CCC&StL5sD.. Cleveland Term 6s B '73. . Cleveland Terminal 514s. Colo & Sou ref 415 '35 Cuba R R 53’52 Cuba North 5384 Del & Hudson 5% "37 Den & Rio Grande cn 4s. . Den & R G \Vest 63 '55. .. 2 Den & R G West 6s 718 Des M & Ft Dodge Detroit United 4 %3 Erie 1st con 45°96.... Erie gen lien 4396 Flor East Coast 65 74 Fonda J & G 4%s '52 Grand Trunk s £ deb 6 Great North 4% '76. . ..« Great Nor gen 5% i Great North gen 7 Havana Elec Ry 5% Hudson & Man adj b Hud & Man ref 68 '57. Illinois Cent ref 4s ‘55 Illinojs Central 4 %s '66 Inter Rapid Tran 53 '66. .. Inter Rap Tr 5s sta '66 Inter Rapid Tran 6s '3 Inter Rapld Tran cv 7: 94% 100" 961 100% 104 104'% 1055 110% 9% 104% 90 101% 100 G 97 96% 883 “ 100% 1 - Net | Low. Close. Chge. 9% - % 101% + 3 0% +1% +1% W 3 1 % a (Continued From Second Page.) —1930— Hien. Low. 70 50 1054 102% | 434 38 5 Superior O11 1.1 Superior Steel 81 Sweets Coof Am (1). 2% Symington. . 7% Symington Class A. 16% Telautog'h Corp (11.35). 10% Tenn Copper &Ch (1) 501 Texas Corp (3).... 481y Texas Gulf Sulphur (4). 110 Texas & Pacifie (5). 84 Texas Pacific C & Ofl. 13% Texas Pac Land Trus! 17% Thatcher Mfx (1.60). That'er Mf pf (3.60). The Fair (2.40). Thermoid Co. Third Avenue.... Third Nat Inv (2) Thompson Prod (2.40) Thompson Starrett Ci Tide Water Asso (60c) Tide Water As O pf (6) 3 Tide Water Oil (80c) Tide Water Ol pf (5) Timken Det Axle (80c) Timken Roller Bg (3).. Tobacco Products. Tobac Prod(A)(80c) Tobacco Prod dv ctfs A. Transcontl Oil (30¢).... Transue & Willlams (1). Tri-Continentl Corp. Tri-Con Corp pf (6). Trico Products (2%)... Truax-Tra Coal (1.60). Truscon Stl (g1.20)..... Underwood-El-Fish(5). % Union Bag & Paper. . Union Carb & C (2.60). Union Oil of Cal (32) Unlon Pacific (10). Union Pacific of (4).... Union Tank Car (1.60). United Afrcraft. .. United Aircraft pf (3) United Biscult (1.60) United Biscuit pf (7) 4 Utd Business Pub. Utd Carbon (2) United Cigar St United Cigar of United Corp (50e United Corp pf (3). United Dyewood. ..... United Dyewood pf (7 United Elec Coal.... United Fruit (4). Utd Gas & Improv (1.20) United Gas Imp pf (5).. Unit Plece Dye W (2)... Utd Piece Dywks pf 6% . United Stores A. United Stores pf. U S Distributing. Stocks and Dividend. Sun Oil (11) Sun Oil pf (6)...... 104% 103 Superheater (1314). “ 40% 17% 12% 3%, 10% High. Low. 60 5Th th bt ,, ‘ N R e AR I+++ T+ ++4+++++1 Hoffman Mch (2). Indus Alcohol (17) + ++1++1+4 Inter Ry Cent Am 6% Kan City South 38 1950... Kan City South 58 * % Kan City Ter 1st 4 Lake Shore 45 '31. Lehigh Val cn 4s 200: Louis & Nash uni 4s Market St Ry 7s A "40 Mil EI R & L 1st reZ T+ H L) Lk TR e FEFF Mo Kan & Tex ad) 65 '67 Mo Kan & Tex prIn §sA Mo Pacific gen 4575 Mo Pacific 55 .\ 65 Mo Pacific 5s k' Mo Pacific 63 G Mobile & Ohio 43377 % Nassau Elec 48 °51.. 7% N Y Centdeb 48 '34. N ¥ Cen ref {mp 65 2013 N ¥ Cent deb 65'35... i NYCh& SLref5%sA.. NYCh&S Lref6%sB.. LN+ NY Wes & Bos 4 48 Norfolk & W cn 4 Ore Wash 1st ref 4s'61..,. Penna cn 4%s 1960 Penn 4% s Penn gen s & Penn 5s 1964 Penn 61536 Reading 4% Rlo Grand West col 4s RIATk & L 435834 St L Iron Mt gen 65 '31. SLIM&SR&G 48'33 StL&S F prin 4s A ’60 4AFE LA L+ Nat Dairy Prod 6%s '48. . Nat Radiator 618 1947 New England Tel N ¥ Edison 1 rth Amer Ed 58 ' Northern States Pow 6 % Pacific Gas & El bs Pacific Tel & Tel 68’62 Pan-American 6 '34..... Para-FFam-Lasky 6s '47.. Philadelphia Co b8 '67. Phil&Read C&I 65 wi '49 Philips Petrolm 6% 8'39 Postal Tel & Cab bs 33 Reming-Rand 5%s8'47... Sinclair Ofl 6s °30 4 Sinclair Ol 78 '37 Sinclair Crude O11 6% Sinclair Pipe Line 65 Southwes Bell Tel 5s'64. . % Stand Oil N J 6s. Stand Ol N Y 4%s'61. Sugar Est Orfente 5842 714 Tenn Copper 6s ‘44 B Transcon Of1 United Drug & 109% 98 U S Rubber 1st & re! .88 B 9715 975 21% 21% 106% 106% 113% 114 100% 101% 106% 106% 10234 1024 103 104% 10214 102% 105% 105% 108% 104% 1014 101% 100% 100% 98% 99% 941 95% 921 93% 97% 98 100% 100% 103% 104% 100% 1017% 983 100% StL&SF 434878 StL & San Fr 6s B % St Louls S \ con 4 StPKCS Line 4% Seaboard A L ref 45 '59. Seaboard A L ad) 5s°49. .. Seaboard A L con 6 South Pacific col 4 South Pacific ref 4 4 South Pacific 4%s '6 Southern Ry gen 4s '56. Southern Ry 1st 5s ‘94 4 Southern Ry gen 65 '56. South Ry dev 6%s '56 Third Ave 1st ref 4s '60 Third Ave adj 6s ‘60 Union Pacific 1st 4s Union Pacific 4368, Un Pacific ref 45 200! Virginia Ry 1st 55" Va Ry & Power 53 '34. Wabash 438 1978 Wabash 1st 5839, Wabash bs B 1 Wabash 513 75. .. 100% 101 109 109% 974 94% 95% 8614 + % 8215 11| 91 West Maryland 4s '62. . West Maryland 6%s '77 Western Pacific 55 '46 98% 97 A 41 West Shore 1st 4s 2361... t 0% + % 4 81 EXCHANGE DECLINES ‘ TO PENALIZE SUTRO SAN FRANCISCO, July 19 (#)—The Governing Board of the San Francisco Stock Exchange will not penalize Sutro & Co., brokerage firm recently sus- pended from the New York Exchange for an infraction of rules in the buying and selling of stock. “In view of the testimony presented and under all of the circumstances of the case, including the penalty im- posed upon the firm of Sutro & Co. and its partners by the New York EX- change,” a resolution passed by the| board yesterday stated, “This governirg | board does not suspend or otherwise punish Sutro & Co. or any of its part- ners, provided the company will carry out promptly their plans to reorganize tineir partnership structure as submitted at this hearing, and to be approved by this governing board.” NORMAL INCREASE SEEN IN CANADIAN INDUSTRY | Special Dispatch to The Star. NEW YORK, July 19.—In its quar- terly survey of conditions in Canada, the Bank of Nova Scotia points out that general industrial employment stood on June 1 at 114.3, compared with the index of 122.1 for August 1, 1929—the high point. The index, which is prepared by the Dominion Bu- reau of Statistics, is based on the av- erage for the period 1924-1928 ex- pressed as 100. The review adds that in the second quarter of the year there was a nor- mal increase in’ industrial activity and that August should again see a favor- able index of employment. A significant fact in the Canadian scene is that while revenue carloadings in Eastern Canada maintained their 1929 level fairly well, carloadings in Western Canada have Jjumped from a low index of 75 last No- vember to nearly 130 in June. This in- dex is based on the average of 1923- 1927 expressed as 100. WARNERS’ EXPANSION PLANS DISCLOSED By the Associated Press. NEW YORK, July 19.—Further ex- Inc., was disclosed in an application to list 156,710 additional common shares on the New York Stock Ex- change. g ‘The properties being acquired for the stock consideration include: Federal Theaters Co., operating 10 theaters in Chicago; Appell Amusement Co. in Central Pennsylvania; Danbury Amuse- ment Co. of Danbury, Conn.; Seitz Enterprises, Inc., with two theaters in Sandusky, Ohio; 44 theaters and 4 sites of the Crescent Theater Circuit in Ten- nessee, Kentucky and Alabama; Helns Theater Circuit in Roanoke, Va.; Bor- rough & Boas Theater Circuit in Mas- sachusetts; Midwest Theater Circuit in Oklahoma City; one theater and a site in Chester, Pa.; three theaters in Potts- town, Pa.; two in Parkersburg, W. Va.; two in Pleasantville, N. J.; four in Elmira, N. Y.; one in Dunkirk, N. Y.; | one in’ Milwaukee; four in Santa Bar. | bara, Calif.: one in Punxsutawney, Pa., | and a site in Akron, Ohio. PIPE LINE TRANSFER NEW YORK, July 19 (#).—The di- rectors of the Sinclair Consolidated Oil Corporation Thursday approved sale to Standard Oil of Indiana of Sinclair's half interest in Sinclair Pipe Line Co. and Sinclair Crude Oil Purchase Co. for $72,000,000 in cash. Use fo:knctty Lumber. Boxes with short, thick sides, made of knotty lumber, withstood more knocking ~ than those made of clear Laboratory, 1 pansion of Warner Brothers' Pictures, | material in tests by the Forgst Products | 1 {RADIO MANUFACTURERS IN SOUND POSITION Following the recent period of price cutting and curtailed production in the radio industry, set manufacturers are now in a sounder position than at any | time in- the past 12 months, says a current survey of the Standard Statis- tics Co. of New York. The survey continues in part: “Prospects for the coming season are only moderately favorable, however, owing to the probability of a more rs- stricted demand than prevailed during recent months under the stimulus of low prices. Producers who have main- | tained their position throughout the | period of readjustment should, never- | theless, enjoy moderate profits from | operations during the balance of 1930, | and the outlook for 1931 indicates a resumption of the rapid growth wit- | nessed immediately prior to the cur- ir(‘nL recession in general business. “Tube manufacturers, on the other hand, have not yet eliminated the bur- densome inventories on hand, and a further period of curtailment and nar- |row profit margins is in near term | prospect.” \COPPER METAL SHARES AGAIN PROVE LAGGARDS NEW YORK, July 19 (#)—The cop- per metal shares again are proving the | outstanding laggards of the market, much the same as they have done on previous occasions when the general market has experienced a turn for the better. Thelr backwardness gt the mo- ment, however, is fairly well explained | by the status of conditions prevailing | in the actual metal market. ‘The sit- uation in that direction is still pre- eminently in the consumers’ favor and in a word, a “buyer's” market holds forth. Though leading producers have | not moved to lower the price of the | metal, customs smelters were reported today to e offering fairly good quan- hmes at 111 cents for domestic de- very. Rubber 1st of. U S Smelting & Ref (1). US Smelt & Ref pf(3%) U S Steel (7).... - 146 39 115 6 9 45% 22% 1% 1% —1930— Sien. tew. 2% Univ Pipe & Rad. 171% Ches & Ohio. Stock and dividend, Hish U S Steel Corp pf (7)... 146 Universal Leaf Tob (3).. 25 Univ Leaf Tob pf (8) 105 103 103 Univ Pictures 1st pf (8). 6: BZ 87 34w 33 2% Low. Close. 145% 145% 25 x25 Ul Pwr&Lt A (e2). 78, 101% 101 117 116 16% 87% 98ta 40 5% 26% Pwer pt(6) n. Virginia £ & P pf (7) Va Iron Coal & Coke Vulcan Detinning (4) Vulcan Detianing pe ( Wabash. . v I 5 i Waldorf System (1 walworth Co (2) Ward Baking (A). Ward Baking B. Warner Bros Ple (4). Warner Eros P pf (2.20) Warner-Quinlan (1) Warren Bros (3). Warren Fdy & Pipe (2). Webster-Efsenlohr..... Wesson Oil & Snow (32)., Wesson Oll & Sn pf (4). West Penn Elec A (7) West Penn Elec pf (6).. 4 West Penn Elec pf (7).. 4 West Penn Power pf(6). West Penn Power pf(7). . 46% 4¥0 105 102 102 101% , 99%x101% 111% 110 x110% 108% 108% 108% 116 115% 115% 149% 140% 135 135 a8% 35 8¢ 84 39% 34 133 10% Westinghse E&M pf (5) Weston Elec Inst (1)... Weston Elec Ins t A (2). West Vaco Chlorine(2). Wextark Radio Strs Wheeling & Lake Erle. . White Motors (2).. White Rock M S (14 White Sew Mach pf.. 4 Wilcox Ol & G Wilcox Rich. B Willys-Overland. Willys-Overland pf (7).. WIlSOD & COuvevvaanones Wilson & Co (A) Woolworth Co (2.40). Worthington Pump. .... Worthngton Pump B(§) Wrigley Wm (4)..c0uee Yale&Towne MLg(4). ... Yellow Truck & Coach. . Yellow Tr & Coach pf. 0 Young Spring (3) 35% 35 Zenith Radlo... 0% 8% RIGHTS—EXPIRE. American T& T...Augl 19% 17% JJuly 28 22% 214 144% 131% 89 89 9% 2% 44 42% 28% 26% 90 9 B AL A+ L+ dht LA+ A4 R eE AT +1 |+ % DuPont deN. . Internat'l Salt. % July 15 % # July2r 1 % b 4 given In the above table sre the snnual cash the latest quarterly or balf year: 168% + 6 g 8% in stock. k Pius 3% 1 Partly extra Plus 4% in stocl n ¢ B % in stock. I Plus stock. DEPRESSION HITS MARKET FOR COLD Demand for Precious Metal Declines With No, Drop in Production Costs. BY J. C. ROYLE. ‘The “real” price of gold has gone down in conformity with the trend in other non-ferrous metals, although the quotation remains at $20.67 an ounce, where it has held since it became the real monetary standard of the world. This is confirmed by advices received by the Bureau of Mines, the Depart- ment of Commerce and the Treasury Department. It has been found that gold follows the law of supply and de- mand, even though its price is “pegged.” ‘The nations of the world have enough gold, not only, for coinage and currency requirements, but for reserves behind issues of paper currency. Not a single nation on a gold basis needs more gold at the moment. ‘The volume of business all over the world has fallen off compared with a year ago. As business increases, the amount of money in circulation in- creases. This necessitates a large num- ber of gold coins in circulation and a larger amount of gold metal, usually kept in ingot form, to guarantee the increase in issues of paper money. Conversely, when business is dull in any country, the amount of money in cir- culation declines and it is not necessary to_have so much gold in reserve. ‘The cost of producing gold has in- creased in the last 15 years. Wages of miners are higher and materials used in mining cost more. The mining industry has not been able to com- pensate for this added expense by an increase in the price of the metal, since its value is arbitrarily fixed. Conse- quently, many gold properties which formerly were profitable no longer pay to work. Much of the gold produced is taken out incidental to the mining of the baser metals, such as copper, lead, zinc and silver. All of those metals have suffered drops in price in the last year without corresponding declines in cost of production. Considerable gold is consumed in jewelry manufacture and in the arts, but the yellow metal has suffered through competition with platinum. ‘The latter metal has dropped from $74 to $42 an ounce as a result of over- production. (Copyright, 1930.) COTTON CONTINUES UPWARD MOVEMENT Market Closes Week 13 to 25 Points Above Friday on Basis of Weather Outlook. Special Dispatch to The Star. NEW YORK, July 19 (C.P.A).—The upward movement in cotton prices con- tinued today and under the influence of hot, dry weather over a large por- tion of the cotton belt, the market closed &t the top, 13 to 25 points higher than Friday. ‘The long distance weather forecast held out no hope of relief in the im. mediate future and the demand for advanced 25 points to 13.65. Following the Government 'acreage estimate 10 days ago, when October contracts in New York sold within a few points of 1215 cents, the market has gradually strengthened under the infiuence of a more marked deficiency of rainfall in certain portions of the belt than has developed in the past 25 vears, and today October sold abcve 13.30, a recoveny of about $4 a bale. With only one more full week’s statistics of the current cotton year ending July 31, figures indicate ~ex- ports for the 12 months will approxi- mate 6,800,000 bales compared witlt 7,230,000 last year, while domestic con- sumption will be around 6,650,000 com- pared with 7,650,000 last year, inclu- sive of linters and exclusive of foreign cotton. It is estimated the amount left in the country will exceed 4,250,- 000, or over 2,000,000 bales more than last year, - (Copiyrixht, 1930.) contracts increased today. Spots were | VANISHING. BOOKMAKER DENIED IN WALL STREET Special Dispatch to The St NEW YORK, July 19.—Those den- izens of the financial district who make a practice of arranging wagers on every conceivable contest were all a-flutter today because of rumors flying about that a group of Southerners who had placed bets on Bobby Jones to win the British open title had been victimized by & “vanishing” bookmaker. Vehe- ment denials were going-~the rounds that any New York commissioner has defaulted. The Wall street crowd are as jealous of thelr reputation as is Lloyd's in Lon- don and have for years been trying lo establish a similar clientele. There are some quite respectable houses which wagers in the form of “insur- ance,” much of which business is placed at Lloyd's. MARYLAND FARMERS SEE NEW YORK CITY Group From Eastern Shore In- Inspects Terminal Market Fa- cilities in Gotham. Special Dispatch to The Sta BALTIMORE, July 19.—Three far- mers from each .of the nine Eastern Shore counties of Maryland and a like number from three counties in Dela: ware and two counties in Virginia, companied by their county agents and specialists from the State universities, made & two-day inspection trip this week to terminal produce markets in New York City. They were given an opportunity to see just how their farm products, both plant and animal, are received, handled, graded and dis- tributed when they reach the big city. ‘The Pennsylvania Produce Terminal, the largest unit in the world for handling fruits and vegetables, the Vegetable Auction, the Fulton Street Fish Market, the Pacific Egg Pro- ducers’ Association, and the H. Bren- ner Sons’ commission merchants are some of the places that were visited and at which methods of handling P tou. for the i our, for purpose of study- ing methods employed at markets to which farmers are shipping their products, was arranged through the co- t;g:ugg;:’ ¥ :sx‘ o l.he‘ efieml]on daervlce of of Maryland an Pennsyls ’i%lflmd%o. ) NORTHERN STATES GROWTH RATE CUT East Central Group Did Not Equal Census Gain of Decade Previous. By the Assoclated Pres: Despfte Michigan’s large increase in population, the rate of growth in the last 10 years in the geographic group in which it is located, known as the East North Central States, did not equal that of the previous 10 years. ‘The New England States group also had a smaller percentage of growth in the last 10 years than in the previous decade. These are the only groups whose pop- ulations have thus far been completed. The East North Central States now have a population of 25,405,937, as com- pared with 21,475,543 10 years . That is an increase of 3,630,394, or 16.9 per cent. Ten years ago the increase ove: 1910 was 3,224,922, or 17.7 per cent. ‘The New England States’ population now totals 8,277,396, as against 7,400,- 909 in 1920, an increase of 876,487, or 119 per cent over 1920. The increase in 1920 was 848,228, or 12.9 per cent over 1910. Population of the individual States of these two T;oupi for 1930 and their percentage of Increase in the last decade and in the 10 years prior to that, we: New England Increase. Incr State: e L Popylation. 1020.30. 19 New Hamp Vermont . Massachuse Rhode Island Connecticut Visconsin Total Purity Bakeries Report. CHICAGO, July 19 (#).—The Purity Bakeries Corporation reports that for the 28 weeks ending July 12 last net earnings were $2,415,289, or $3 a share, on the common stock, compared with $3.45 in the corresponding period last year. F IR ST Over a Third ofa Century Without a Lo loan. National 2100 THERE 1S NO THEY STAND EVERY TEST FOR SAFETY The loans which our 6% FIRST MORTGAGES represent are all made on im- proved real estate which we have appraised and therefore they will stand the most severe test for safety—paying this liberal in-" terest throughout the term of the May be purchased in amounts from $250 up. B. F. SAUL CO. SUBSTITUTE MORTGAGES 925-15th St. N.W. FOR SAFETY U..S. WORLD TRADE REACHES NEW LOW American International Com- merce at Lowest Point in Six Years in June. By the Assoclated Press. International trade of the United States during June declined to the low- est monthly level that the country has experienced in the last six years. Exports of American goods amounted o $299,000,000, as the Commerce De- partment estimated them today, which was a figure less than that of any month since July, 1924, when the coun- try’s exports amounted to $276,600.000. Imports for last month were $250,= 000,000, which is lower than those re- corded since January, 1922, when they amounted to $217,000,000. Imports and exports for June were each approxi- mately $100,000,000 below those for the same month last year. Gold imports for June amounted to $13,938,000, offset by exports of $26,000, leaving the net gain to the country for the month $13,912,000. The total net gain of gold for the first six months of 1930 was fixed by the report at $222,« 536,000. Silver exports for June, regis- itered during a month when prices of that metal were the lowest recorded in modern history, amounted to $3,336,000, as compared with imports of $2,707,000, PRICE CUT CLUB USED TO CURTAIL OIL OUTPUT OWENSBORO, Ky., July 19 (#).—The ©Ohlo Oil Co., purchaser of most of the oil produced in the West Kentucky field, has notified operators either pro- duction must be curtailed or the price would be cul. The operators will mect Monday to reach a production agree= ment. Crude oil is selling here at 153 a barrel. Last Winter West Kentucky operators curtailed production for three months to forestall & price cut. Chicago & Alton Report. Among the first of the railroads to Teport operating income for June was the Chicago & Alton, which showed a net operating deficit of $60,921 for the month, compared with net operating income of $267,865 for the correspond- ing month last year. For the first half net operating ‘income was $103,191, compared with $1,404,055 in the like period last year. Retailers who launched Midsummer furniture sales during the present week received a satisfactory response from consumers, reports to the trade in New York State Money to Loan Secured by firat deed of 24-Hour Parkin, PSR R e e r, Day or Month. irst Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Correspondent for The Prudential Insurance Co. of America First Deed of Trust 69 Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. INVESTMENT DEPT. BRODIE & COLBERT 1707 Eye St. NW. National 8875 Investors Must Keep Posted Step up to a newsstand Tu and invest 25 cents in the July 23 Financial World. Or, if you are not acquainted with this leading 8t- ment guide, simply return this and your address on a slip of paper and get absolutely free the above important issue together with “Sound Investment Rules.” It pays to keep posted—especially in these times. % FINANCIAL WORLD America’s Investment Weekly—Founded 1902 Louis Guenther, Publisher 53.-Fm Park Place New York JusT IssuED 1930 Edition Facts and Figures On k Washington Securities Giving _Publi: Utilities Earnings and information regarding Capital Structure, Dividends, Price Ri ‘axable Status, Offi- cers, etc, of local companies. Furnished Free Upon Request Y. E. BOOKER & COMPANY Investment Bankers 1508 H Street Metropolitan 1304 We_Specialize in Securities of Washington Corporations. Member Washington, Stock Exchange Direct Wire to New York