Evening Star Newspaper, July 22, 1930, Page 14

FINANCIAL. THE FEVENING STAR, ASHINGT * FERTIIZER PRIE | (e o BONDS o sons) [BONDS ARE HIEHER - MAYBESTABILIZED| | quantities. Improved Processes Make Standard Charge for Nitrate Products Possible. BY J. C. ROYLE. Increased use of fertilizer is indicated in the United States, according to farm authorities and Government agencies. This trend is being brought about by efforts of the Department of Agriculture and the Federal Farm Board to restrict acreage in many crops and by the ex- pectation that fertilizer will "be “more zeadily available to American farmers at prices which will make its use most profitable. The nitrate situation which has re- cently developed is taken by agricul- tural experts to substantiate this. The government of Chile has turned over its federally owned nitrate lands to a company in which British and Ameri- can nitrate producers are interested and in which the Chilean government owns 50 per cent of the stock. This will probably enable the Chilean indus try to produce nitrates more cheaply because of improveg processes to be made avgilable and by elimination of the government export tax. Synthetic Process. This move i5 not calculated in any way to put the American manufacturers of fixed nitrogen out of business, Gov- ernment authorities assert. G. R. Mans- field, specialist in nitrogenous products of ‘the Geological Survey, says the suc- cess of the synthetic process for pro- duction of nitrates is almost suffcient at present for the consumptive demand of this country. FOr years America was dependent to some extent on the fo eign product, but the output of syn- thetic nitrates has greatly increased in the last year. The American- industry 15 not menaced, but many experts feel that the developments in Chile are likeély to stabilize the price of fertilizer to ‘the farmer. In the normal fertilizer 3'2 per cent of “the plant food content is nitrogen, | Ger 615'30-"35 rets 118 »R3, 10" per cent phosphoric acid and 5 per cent potash. With an adequate supply of ‘nitrogen, this country is assured of an ample production of phosphate rock. Gérmany until now has dominated the industry to a large extent, but 2 new and huge supply is promised from the commercial operations now going on around the Dead Sea, in Pales- tine, in which at least one big Ameri- can firm is engaged. In the waters of that strange body of water potassium chloride exists in large quantities. This production is likely to break into the plans of the German potash syndicate, as cheap power is available at the Dead 8ea from a hydroelectric plant on the Jordan Rivep. - ‘Wheat Grower. Until now the American wheat grower has been at a disadvantage.com- red with the Canadian farmer, since e latter was breaking up virgin soil, which needed no fertilizer. ‘The yield per acre of land in some of the older farming sections of the United States, however, was dropping and the %ol needed plant food. From this time on the advantage is likely to be with thé American farmer, since the Cana- dian farmer, in all probability, will have totbuy his fertilizer from this country, and it is only a question of time until the Canadian fields will need ll'n large (Copyright. 1930.) | DECREASE IN U. S. OIL OUTPUT IS REPORTED Diop of 35,148 Barrels Occurs in Daily Average Pro- Auction. By the Associated Press. TULSA, Okla., July 22.—Declines in Oklahoma and other Midcontinent areas acmounted for a drop of 35,148 barrels the daily average production of light and heavy gravity oil in the United States for the week ended July 19, the Oil and Gas Journal estimated. The tofal daily average was placed at 2,506~ | 282 barrels, as compared with 2,541,430 bagrels for the preceding week. Oklahoma flelds led the downward meovement. with a decrease of 29435 barrels, the average dropping to 585,750 bagrels. The Kansas output was down 10 116,240 barrels, a decline of 11,530 | bagrels; North Central Texas production was 125,878 barrels, or 8.040 barrels un- der the prévious week's average, and | ‘West Texas fields showed a decrease of < 5.884 barrels to average 298,707 barrels. The total daily average for the Midcon- tinent area, including both light and 5 heavy oils, was 1,363,223 barrels, or 56,- 055 barrels under the previous week's | - Bgures. ! The Rocky Mountain area registered sn increase of 17,514 barrels, its daily | erage yield being estimated at 105,975 | barrels. California light oil pro#iuction was up 2,750 barrels to 524,250 barrels, while its heavy oil output fell off 500 barrels to 86,500 barrels. The Gulf Coast area’s production of heavy oil was laced at 205,148 barrels, a gain of 2.180 Ln‘eh: Eastern production remained constant at 133,000 barrels, and South- west Texas heavy oil production de- ereased 1,037 barrels to 88,186 barrels. The decrease for the entire country ‘was wholly in light oil, heavy oil produc- tion being estimated at 422,679 barrels, #n increase of 448 barrels. Wall Street Briefs By the Associated Press. Southern Natural Gas Corporation, & subsidiary of the Tri-Utilities Corpo tion, has entered into a long-term con- | tract to supply natural gas to the Insull properties which now use manufactured gas and operate in Biloxi, Hansboro. Mississippi City, Long Beach and Pass Christian, Miss. e a The Sterra-Pacific Power Co., 90 per cent of whose common stock is owned by Stone & Webster, Inc., has purchased l{l of the physical properties of the Ne- wpda Valleys Power Co. The National Assoclation of Rolled Steel Manufacturers today reported that the unfilled tonnage of sheet steel as of July 1 totaled 431,324 tons, or 123.3 per cent of rated capacity. Total sales in June were 187,412 tons. 53.6 per cent of capacity: total production, 205,675 thns, or 58.8 per cent of capacity, and total shipments, 212,930 tons, or 60.9 per cent of capacity : American Smelting & Refining Co. has acquired a substantial interest in Mining Trust, Ltd., which owns the ma- jority of shares of Mount Isa Mines, Ltd.. large lead-zinc-silver mining prop- riies, located in ustralia, William §pen, vice president of American Smelt- g, announced. Mining Trust also owns wnhills concessions in Northern Queensland and controls New Guinea Gold Plelds, Lid. Compagnic Nouvelle s Mines, De Villemagne & Mining Trust of Northern Rhodesia. Manufacturers’ Finance Co. | BALTIMORE, July 22 (Special).— Net earnings of the Manufacturers’ PFinance Co. for the first six months of 1930 amounted to $319,276.94, after ~es but before reserves, according to ' »:uref Jjust issued by President V. G. nnington. 17T 2 total voiuhe of purchases of bus- in or the 1930 period to June 30 am 'd 1o $37,283,000, while its col- fit for the same period were $39.- §26,0¢ aking an excess of $2,143,000 ‘cu.om over nurchases. | 3 FOREIGN. Bank of Chile 6% Bank of Cnlle 6% Belgium 7s '56. Bolivia 7s etfs y . 14 22 4 Brazil 618 ‘27. 11 Bremen State 7 Canada 6s'31 Canada bs 52 Chile 63 '60. 8 101 6 10! e L 5 91 2 101 1 Chile 7843 Chinese Gov Colombta 6s.Jan ' Con Pwr Japan 7s. Copenhagefi 6s rets Czecho 8s '51. Czecho 8s '52. Danish Munie §s B. Denmark 4 %s 1 Denmark 6% ‘65 Denmark 6s Dutch 3 101 1 Framerican 7% French 7a French 7i4a Gelsenkir Min s ve 80 119 55 124 4 96 German Bank 6s " German EI P 6%s.. Germanis Ger Gen & Hait1 6 Holland-Am 6. 20 90 19 92 13 106 3 103 96 81 Japanese 4s Japa Yn Jugoslavia Bank 7a Karstadt 6343, Kreuger&Toll 55 Mars Mex Milan 6%s New So Wales '57. . New So Wal Norway 6s ‘63 Norway b3 Norway 65 Norwa; 2 82 13 100 3 102 39 105 9 105 6 103 1 90 b 97 5 104 3 105 3 71 10 71 19 Orfent dev 63 b Orient Dev 6s 53.. Paris-Lyons- M Paris Peru Peru Peru Pirelli Poland d 13 8 o 9¢ 5 103 3 104 Prague 7%s Queenland 7 Rhinelte Un 7 Wst EP w 3. . Rhine Wst BP 7s'50 Rio de Janeiro 6% . Rio Gr du Sul 65'48 Rome 6% R'y’l Duteh 43 sww Sao Paulo 85°36. .. Saxon (PW) 7i Seine 78 42, 9 5 1 28 173 12 66 20 91 1 100 1 108 19 96 “6 105 1105 4 105 10 107 7 100 3 79 7 91 38 105 1 1001 3 96 Sweeden Swiss 5%s Swiss Conted Toho El Pwr 1 Tokie 6s. . Tokio b%s Utd Kingm 6% '37 Utd SS Copen 6337, Urugua: Abitibl P&P AbramasStra Adams Exp Alleghany C) Alleghany 68 '49. .. Allis Chaim 68 37. Am Agri Chem 7%s Am Beet Sugar 6s. . Am For Pwr 6s 2030 Am 1GChbls 49, Am Int Cor 6358 49 5 85 11 99 5 90 25 100 20 99 12 102 60 105 . 3107 2 100 3 80 Armour&Co 4% 5’39 Armour. Del.5%s.. 7 &I Atl Refinirig 5 3 103 Bell Tel, Pa. 68 (B) 4 107 Bell Tel Pa 58 (C). 15 109 Bush Term Bldg bs 6 10. Certn-Td 6%s rets. Chile Copper 6s.... S 10 3 94 st ConGasN Y 6%s.. Consumers Pwr 63. Cuban Am Sugar Det Edison 5a *40 Dodge 6s. . .10 ar East Cuba Sug 7%s Fisk Rubber 3. Gen Mot Ac Cor 1 s 49 20 Intl T&T 4%sev.. 13 110 Intl Tel&Tel ba i KanCity P & Lt 53 Laclede 5158 ‘63 Laelede 538 D Lautaro Nitrate Loew’s w0 war. Larillard 6%s. Manati Sugar 7%s. McCrinck KR 6534 Montana Pwr ‘43... Montana Pwr db b | Nat Dairy 6%s. New Eng Tel bi N Y Edisén N Y Edison N YT NYT N Y Tel North Am No Am Ed 6%s Nor Ohto Tr&L Nor States Pwr Nor States Pwr 68 Pacific Gas & EI 5i Pan Amer Pate Paramount 6 Pathe Exchange 78 Phila Co 3 Phila & Phillips Pet 6348, Por Ric Am Tol 11 1 4 3 10 2 10: 116 9 111 3 10, 11 10 UNITED STATES. (Sales are tn $1.000.) Sales. H! i B 29 DB ORY, 934 99% ' 3 104% 103% 314 6 97 96% 6 104% 104 12 109% 109 2 114 8 109% 109 77 6% 89% 7 100% 1 2 104 21% 8 75 7 100 6 98% 084 1 110% 110% 2 110 2 108% 108% 934 20 1055 1058, 1024 1024 1 102% 1027 1 100 .11 108 38 90% 90 3 823, 00% 100 18 8y% 8.% 89% 14 96% 95% 951 43 8TU 86k BTN 2 86% 86% MISCELLANEOUS. 9 90 9% 16 1064 3 105 0 94 * 2 104% 2 106% 10 56 66 { 60% 66 6 102% 102% 102% 4 101% 101% 101% 6 964 4 106 106% 1067% 15 93% 93w 93% 8 105% 105% 105% 4 9% 8 100% 100 993 2 100% 100% 100% 5 88 88 7 91 .14 01% 5 105% 105% 105% 5 106% 106% 1064 2 75% 5% T5% 3 103 13 103 84 9 100 9 941y 1 103% 10: 1 1063 104 1105 1106 . 2 102 6 66 14 100 = 100% 100% Postal Tel & C5%s Pressed Sti Car b Pub Svo G 41486’ Pub Serv G 4%s Pure Oil 5%s Rem Arms 65°37... { Rem Rand 6%s war Stnclair Ofl 6% Sinciair O1l 7s. ... Sinclair Crude 5% s Sinclair P L bi 2 98y 3 87 1 100% 2 100% 1 9% 2 96 1 98 35 1031 104% 101% 101 100 26 1023 102 26 10112 10125 10529 1089 11217 11218 tgh. Low. Close. 89 89 Stand Ol N Y Tenn El Pwr 6: Tex Corp ev bs Transcont] O1l 6%s United Drug 58 '53. 8 Rub 1st rf & Utah Pwr&Lt b Vertientes Sug 7s.. Walworth 6s 45. Walworth 6%s '3 Warn Bros P War Quin 65 '39 Westn Unfon 68’51, Westn Union 6% Willys-Ov 638 '33. Wilson & Co 18t 6 Win RepeatAr 7% 108 Youngstn S &T 6a.. 33 1027% RAILROAD. 21 96% a9 a8 983, 93 a8 RN ag%, 93 a8 9B TR's RR'y RRY a1y 114 % 71 7618 6 10313 4 100% 1064 B & O gold 4s. B&OCv4 B&O4% B & U rer ba B & O b3 200 B&OPLEWY 48 Bang&Aroos 48 '81. Boston & M 5s 1955 Boston & Maine os. 96 10015 “ % 101t 21% 5 TB% 100 110 108% 93% 9314 1007% Bklyn Un K1 63 '50. Cah Nat ¢ Teoe Can Nat 4138 ‘68... Can Nat bs, July 69, Can Nat b3, Uct 6. Can Nor 6%s... Can Northern Canada Sou b, Canadian P'ac db 48 Can racific ctfs b Can Pacific b3 '6 Central Pacific 45 9. 1021 1027 91y %y 100 107y 118% 123% 61 BRIy W 90 w92y 106 1064 % 103% 10815 96 16 81 81 99 9914 9812 98y 95%. 5% 974 | 97% P IART 4 105 1051 854 8611 1, Ches& O 4148 B 95 Ches & Ohio con b Chi & Alton 3% CB& Qgen 48 53 Chs M&SLP 4% s '89 ChiMUSLP&P 0876, CM&SLP Pac ad) bs. Chi NW 438 2037, b Y 26 B6% 61 55t 5 98 4 100 1 1064 9 831y 3 921 40 9w 9T 9% 10 von 4 96% 3 100% 1104 9 93 4 1041 1 1000 1 100% b 105% 1 8% ity 90 % 8214 B2 828 823, 99% 100 % 102% 102% 104% 104% Y% 105% 1054 103 103 %o 904 90% % 974 9Tk % 104 104 105 105 1% - T1% 0% T1% 93% 931 10413 10> T4 % 84 B % 94 94 ' 10.% 103% % 104 104 102 ChiR1&Prf Chi Rk I8l 4% 3 A, Chicago T H bx. Chi Un Sta 4%, Chi Un Sta 6s 44... CCC&StL 4%s (E). CCC&S1L s (D). Colo & Sou 414, Clev Term ¢%s % Y “ Den & Rio G en . Den&Rio G 4% s '36. Den&RG W 5 D R G&Wst b1 Det United 4348 Erie conv 20% 91 W T2t B5% 65% 90% 91 100 100 2 100% 12 105% 6 111 1.10.5% 3 110% . 37 111 2 R0 6 Yy Gr Trunk st deb 6 Grand Trunk 7s. Gt Northern b; Gt Northern 6% Great Nor gen 7 Hud & Man ad) Hud & Man ref 63, 111 Cent ref 4s 111 Cent 6%s. Int Rapid T Int Rap Tr bs stp Int & Gt Nor 58’5 Int & G Nor 18t Int & Gt Nor ad. Int Rys C Am 6s Iowa Central ref 4s Kan City F1 S & Kan City Sou Lake Shore 45 Leh1 Val con 4s. L& Nunl ¢s L&N4%s2003.... Louls&Nash 63(B). ManRy 18t 43°90. .. Market St 75 ‘40 Mich Cent 4% 5 79 Mill Bl Ry&Lt 4% Mill El Ry&L 65°61. Minn & StL ref 4s.. Minn & StL cn 53, M StP&SSM cn bs.. M SIP&SSM 6%s. MK & Tex 15t 4 MK & Tex ad) Mo Pacific gen Mo Pacific 58 A “6i Mo Pac 58 ¥ 11 Mo Pac 65 G '18 N Y Cen gen 3%s, 108 . 108 % 96% 964 e 105% 106 % 105% 105% 105 105 % 107% 107% 100 100 79 98 0% 0% % 105% 105% Ve 100% 100% 95% 96 86% &5 993 90 90 100 100 9% 99% 101% 1024 103% 104 68 68 8714 1045 1038 9T 921 97 97 % TT% 410 % ~ 104 164% 5 105% 105% 105% 1054 106t 1075 107% 100% 100% R0 KO 89%_ 90 R1% R1% 108 103 1061 107 109 109 102 102 46% 46% 96 961 63 10214 9% 945 0% 995 106%m 106% 105 105 93% 9 1044 104% 106% 106% o 91% 9l 56 56 85 % 99% 5 n 22 100m 9 90y 4 L6% 4 9915 4 106% ] & ~ * NYChI&SIL 4145878 NYC&StLb6%sA NYC&StIL6%sB b NY NH&H 45 55... NY Sus&Wn gen 68 NYW&B4hs.... Norf & Wn con 4s. . Nor Pacific 8 2037, Nor Pacific Nor Pacific Nor Pacific ret Penna 4%# 19 96 96 94% 94 200 | Pare M 99 o0x, | Pnilippine RR 88 a0 16 110% 97 Rio G West col 4 StLIM&S StL IM&S R&G ¢». 103 103 103 103 R4 B4 9915 100 941p 9% 01 40'% 401, £ 1014 101 108% 215 10215 102% T 9T 974 4« 106% 105 105 4 114% 114% ©101% 107 11 02% 03% 04y 104% e 106% 1024 102% 4% 104% 104% Tin 101% 1017 65% 66 3 Sou Pac elt Sou Rwy ‘Term Asso SL 4s. . Ark FS 64550 & Pac6sC'19. Union Pac 1. Unton Pae Un Pac 18t ref 4 Wabash 4% ‘18 Sales, High. AU & Dan 2d 43’48, 10 5215 Low. 93y RT 100% 109% 9% 82 101 29 <5 2914 295 811 1034 109% 994y 100 103 1024 964 941y 521y 9514 100% 101 1037% 1039 110% 9w 89 29% 100% 10% BYh, 96 103 964 96 108% 1083 1165 110% 1050, BBl 1024y S 1023 947, 1035 100% 100% 5% 105% 654 943, 100 1081 100% 105% 1105 105% 110% 110% 80 99% 3% 110 & 1007% 1005 B03, wea 9914 106 47 93 100% 81% 92 991 107% 80% 97 107% 1071 9319 105% 113% 965 101% 100% 100% 104% 109%, 99 281 9914 100% 86 100% a8% 2015 9244 101% 9914 100 49% Close. 3% 87 100% 100% 99°% 96 98 103% 104% 101% 39 85, 9914 995, Rlly 1031 109% 99% 100 103 102% 964 941y 524 9574 1001 101% 104 103% 110% 94y 89 Y4 100% 10% 1037 1004 100% 985 105% 65t 94 100 108% FRYG 102 8 101% 101 100% 8/1% 2l 994 107% ON BETTER BUYING Investment Demand Sends Leading Issues Up—New Offerings Small. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, July 22.—Bonds ranged fractionally higher in somewhat more active trading today, but even so the market was duller than the fairly brisk counter trading would justify. The threatened stiffening of money tes was regarded as of no immediate ‘importance, and the Street, which had tentatively accepted the theory that either the Bank of England or the New York Federal Reserve Bank might in- crease discount rates this week, has now abandoned it. Investment buying was apparent throughout the list, including some for overseas account. Once again the total of new capital offerings was small, less than $7,000,000, most of which was made up of munici- pals. Of these the only important one was $3,877,000 Essex County, N. J., 44 per cent bonds, maturing 1931 to 1957. The bonds were bought by a syndicate headed by the International Manhattan Co. at 101.35. Prices to the public were to yield 3 to 4.05 per cent, according to maturity. In the foreign field arrangements have been made in London for the flotation of a £15,000,000,6 per cent loan for Hungary, of which part will be mar- keted in New York. e bonds will be for a three-year term, and will be con- vertible into long-term bonds secured by dwelling and landed property mort- gages. Gains in the prime group included Canadian National _5s, Pennsylvania General 41;s, Great Northern 7s, Stand- ard Ol of New Jersey 5s and American & Foreign Power 5s. Convertibles were ragged, with gains in American Telephone 4!ss, General Theaters Equipment 6s, Warner Bros. Pictures 6s and Philadelphia & Read- ing Coal & Iron 6s, and losses in New Haven 6s, American International 5%g%, Texas Corporation 5s and Loew's 6s. Oil company bonds were in demand, and Colon Oil 6s, Phillips Petroleum 5Y,s, Sinclair 7s and Shell Union Oil 55 improved. Transcontinental Oil 6138 were off a shade, but still close to their high of the year. Second-grade rails and semi-speculative industrials were featureless. Washington Stock Exchange, SALES. Cap. Tract. Co—10 at 67, 10 at 67, 10 at 67, 20 at 67, 10 at 67, 10 at 667«. Pot. Elec. 5',% pfd.—10 at 1073, 10 at 107%, 80 at 108. AFTER CALL. . Cap. Tract. Co.—10 at 66%. 10 at 667 20 at 67, 20 at 67, 20 at 67, 10 at 67, 10 at 67', 10 at 67'4. N. & W. Steamboat rts.—35 at 16. Cap. Tract. 55—$1.000 at 943,. Mergenthaler Linotype—10 at 96%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Telge. 4148 ‘33 Amer Toh & Teres. ‘s 3 & Amer_ Tel. & Am. Tel. & Tel. ctl tr. 5s ‘Anacostia & Pot. R. R. 5% Anacostia & Pot. guar. 5s. . C & P. Tel of Va. 5s. Capital Traction R. City & Suburban St . & Anni NATIONAL Capital (14) Columbia (12’ ial (stamped) (10) Commerc! District (8) Lincoln (12). Metropolitan ' (i4) Riggs (15) Second A Washington (13 TRU Amer. Sec. & Trust Co. (15) Continental Trust (8). .. Mercnanty Bank & Triat (6] National Savings & Trust (13).* Prince Geo ank & Trus! Union Trus! ‘Washington United States (30) Washington Mechanics' (20) . . FIRE INSURANCE. American (12). 3 Corcoran (10).. Firemen's (8)..0. 1] jon {i8) . National Uni v TITLE INSURANCE. Columbia_(8h) .. < Real Estate (6h) Title & Inv. Co. 5 4 MISCELLANEOUS. Barber & 'Ross. Inc.. com Chevy Chase Dairy pfd, ( Goi, Sand & Gravel ptd. (7). .-Am. Co. com. ( Fed.-Am. Co. pfd (6) Lanston Monotype (8) Stge. com. ' Mer. Tr. & 113% 96% 101% 101% 100% 104% 109%, 99 281 9% 100% 86 100% 8% 90 Effective August 1, the Consolidated Gas Co. of New York will reduce the price of gas for house. Eflu s 20 per cent, subject “Ru mhe Service Public Mer Tr. & Stg Mergenthaler Linotsy Natl. Mtge. & Inv. pfd Peogles Drux Stores afd. Real Est. M. & G. pfd. ( Security Storage (4e)... Ter Ret. & Wn. Corp, (3 dEx rights. wi—When issued. 2% extra. Exoavation in Germany. Digging in Germany might prove a profitable pastime. Within one week & householder of Marionburg dug up a keg of 697 silver coins of 1625 and 1626, which wege probably buried dur- ing the Thirty Years’ War; a tourist discovered the skeleton of a bear in a cave near Karlsruhe, where none have been seen for 300 years; graves of anclent Celts have been found with bones 5,000 vears ol the oldeet find was a ston there before the glaciers came down /| over Europe 8,000 years ago; under the altar of Speyer Cathedral the stone sarcophagus of an early Christian saint was brought to light; near Frankfort- on-Main a Roman military camp has been excavated and found to be steam- heated throughout its 16 rooms. - Pictures for Public. ‘While the French government is en- terest in the mfimfi f their passe 5 o printing the rtraits of characters of history upon the tickets which are issued to riders. The faces of Tul rtine, Michelet and Victor Hugo are among those ap- pearing _uj the tickets, and It is supposed it the passenger will be spurred on_ to improving his mental :u“xmenx by contemplating the por- ON. B ©C, TUESDAY, JULY 22, 1930. NC NEW YORK STOCK EXCHANG Recelved by Private Wire Direct te The Star Office. o Sales— Dividend Rate. Add 00. ria & Eastern.... e Marq or pf (5). Petrol Corp (1%)... Phelps Dodge (3)... Phila Read C& 1. Philip Morris (1). Phillips Petrm (n2). Plerce Ofl. Pierce Petroleum. . Pilisbury Flour (2).. Pitts Ft W&C pf(7). Pitts Steel pf (7). Poor & Co (B) (2) i»rmvk 80s 10 | Proc & Gamble pf(5) Prod & Refiner: Pub Serv.N J ¢ Pub Serv N J pf (5) Pullman Corp (4). .. i Pupta Alegre Sugar. PureOil (1%)...... Purity Bakerf| Radio Corp. .. Radlo Corp (B) (5). Radlo-Kelth-Orph A 54 Raybestos Man 2.60. 0 4 Reo Motor Ca: Republic Steel (4) Republic Steel pf (6) Revere C&B (A) (4). Reynolds Metls 2 40. Reynolds Tob A (3). Reynolds Tob B (3). Richfleld Ol (2). ... R1o Grande O1 (2).. Rossia Insor (2 20) Royal Dutch a3.2165. Safeway teB) ... Safeway pf (6)..... St Joseph Lead (13). St L Southwestern. . St L Soutwn pf (5).. Savage Arms (2). Schulte Retall Strs. . Schulte Retall pf(8). Realioard Alr Line Sears Roebuck(3214) Second Natl Inv..... Sec Natl Inv. pf (5).. Seneca Copper. Servel. Ine. . Sharp & Dohm: Shattuck (FG) (1 Shell Union (1.40) Shell Un Ofl pf (5% Shubert Theatre; Simmons Co. . . Simms Petrm (1.60). Stnclair Con Oil (2) 4 Skelly O1l (2).. Skelly Oil pf(6) 4 Solvay Am pf(5%).. Sou Porto Sug (1.40) Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (5) Spang-Chalfant. Sparks Withngti Spear & co. 4 Spencer Ke! .60). Stand Branas (1%).. Stand Comm Tob. Stand G & E (3%) Stand Invest Corp. | Stand O of Cal (2%4). I Stand O1l Exp pf(6). 9 Stand O1l of Kan (2) Stand Oil of N J(12). Stand O1I N Y (1 60). Sterling See (A).... Sterling Sec pf(1.20) Sterling Se cv pf(3) art-Warner (1). Webster (4). aker Corp (4) Submarine Boat. . Sun O11 (11) Sun Ol of (6) Superheater (t334).. 4 Sweets of Amer (1) Syming.on. .. Svmingten (A).. Telautog'h C (t Texas Corp (3). . ) (Continued Prom Page 13). Hizh. 1 10 ™ . Dividend Rate. A, Tex Guif Sulphur(4) PC& oil. The Fair of (7) Thermoid Co Third Nat Inv (2 Thompson (J R) Thom Tide Wi Yols ). h Starrett. . er As (60c). ‘Tide Water As pf (§) 4 Timken Det Ax(80¢) Timken Roller (3).. Tobac Prod (A) (80e) Transcontl Oil (30¢) Transue & W (1) Tri-Contl Corp. ..... Tri-Cntl Corp of (6). Trico Prod (215) 4 105% R 8 947 a1, Truscon Stl (£1.20). 4 Twin City RT pf (T) Und-Ell-Fiscner (5). Union Rag & Paper. . Union Carbide Union Oil of Ca Union Paeifie (10)... Unton Paeifio pf (4). Union T'k Car (1.60) Utd Alreraft. 0) 12) 220% 2 R6% 20% 57% Utd Carbon (2) Utd Cigar Stores. ... United Corp (50¢) . 6% United Corp pf (3) Utd Fruit (4)..... Utd G: & Imp(1.20) u U S Leather... U S Leather (A).. U S Pipe & F (3) U S Plpe & F 15t 1.20. can W 105% 104% willys. Yellow Zenith Radlo Wabash covses Waldorf Svstm (13%) Walworth Co (2).... Ward Baking (A)... 2 Ward Baking pf (7). Warner Bros Ple (4). War Bros P pf (2.20) Warner-Quinian (1). ren Bros (3).... ‘en Bros cv pf (3) Warren Fdy & P (2). Wess oil & Snow (2). West Penn EI pf (7). West Penn Pw pf(6). Western Dairy A (4) Western Dairy (B).. Western Md. .. Western Union (8). Westinghse .. B 2). Westingnse E&M (5) 375 Westhse E&M pf (6) 180s Westvaco Chlor (2). Wextark Radio Strs. White Rek MS(14%) White Sewing Mach. Willys-Ov 5 Woolworth (2.40)... Worth Pump. ...... Wrigley (tWm) (4).. 23 Yale&Towne Mfg(4) U 8 Realty (5) U § Rubber. . U S Rubber 18t pf. U S Steel (7). 2U 8 Steel pf (7). Univ Pipe & Rad . Util Pwr&Lt A (e2). sco Sales Corp. c2i10 . 2208 4308 4 Det (4) 2 sl R 9 1 o 1 ‘Lruck. 1 4 1 3 R 3 0 i 5 1 2 RIGHTS EXPIRE Am Tel & Tel.Aug 17% Ches & 1 246 Ohlo..July 23 56 20% 22 Sales of Stocks on New York Exchange 1:30 PM.. Dividena payments nit of in"stock *§Pa By Tezulac rate able | b Plus 2% 1n 5% in stock 3% 10% 18 52% ook tes as given in the aboy ‘based on the latest quarterly or trading less than 100 vable in scrip, b Pavable in stock d Payable wnen earned e Pay. in, cash or stock. {Plu 5t 1 Plus 8% tn stock. k Plus 12.00 Noon. . E 2:10 P.M. tal 283.900 e annuai cash 'y declarations ra. iPlus a Pald iast yea 3 Uy “Plus 9% in stock shares s 10% in stock & Plus 6% in stick E 3% ip stock o Plus Baitimore Markets BALTIMORE, Md, July 22.—Pota- toes, mew, bushel, 90a1.10; barrel, 1.50 3.00; sweet potatoes, bushel, 2.50a3.00; beans, hamper, 50a1.00; beets, 1.00a2.00; cabbage, hamper, 60a75; carrots, 100 pounds, 3.0024.00; celery, crate, 2.50a 3.00; corn, dozen, 8a25; cucumbers, hamper, 35a1.00; lima beans, bushel, 2/0043.00; eggplants, hamper, 1.00; let- tuce, crates, 25a75; onions, bushel, 65a 1.25. pepers, hamer, 75a1.40; peas, bushel, 50a2.50; spinach, bushel, 1.00a 1.10; squash, hamper, 25a35; tomatoes, hamper, 75a1.00; apples, bushel, 25a 1.50; blackberries, quart, 12a18; canta- | loupes, crate, 75a3.25; peaches, bushel, 2.5084.00; watermelons, 100, 15.00a40.00. Dairy Markets. Poultry, alive—Chickens, _Springs. pound, 25a34: Leghorns, old, 17a24; old | roosters, 15a16; old hens, 22a27; Leg- | horns, 15a20; ducks, 18a23; pigeons. pair, 15a25. | Eggs—Recelpfs, 662 cases; | firsts, 21; Southern firsts, 20. Butter—Good to fancy creamery, | | pound, 3235; ladles, 24a25; rolls, 24a 25; process, 28a29; store packed, 18. Hay and Grain. ‘Wheat—No. 2 red Winter, export, 921,; No. 2 Winter, garlicky, spot, 90%: July, 90%; August delivery, 80%. Corn—No. 2 domestic, yellow, new, | 94a95; cob corn, 4.25a4.50. Rye—Nearby, 60a72. Oats—White, No. 2, | 45, Hay—Recelpts, 14 tons. in market; continues quiet. Live Stock Market. Cattle—Receipts, 100 head; fair sup- | ply, market extremely dull and slow. | Steers to choice, 8.00 to 8.50; | medium to good, 7.25 to 7.75; fair to medium, 6.50 to 7.00; plain’ to fair,| 5.75 to 6.25; common to plain, 5.00 to 5.50. Bulls—Good to choice, 6.25 to 6.50; medium to good, 6.00 to 6.25; fair to medium, 5.75 to 6.00: plain to fair, | 525 to 550; common to plain, 450 0 5.00. . Cows—Good to plain, 5.75 to 6.00; | medium to good, 5.00 to 5.50; fair to medium, 4.00 to 4.50; plain to fair, common to plain, 2.50 to_3.00. Helfers—Good to choice, 7.50 to 8.00; medium to good, 6.50 to 7.00; fair to medium, 6.00 to 6.50; plain to fair, 5.50 to 6.00; common to plain, 5.00 to 5.50. Fresh cows and Springs, 40.00 to 80.00. Sheep and lambs—Receipts, 400 head; good supply; market steady. Sheep, 1.00 to 3.50; lambs, 5.50 to 10.25. ‘Hogs—Receipts, 600 head: light sup- ply. market lower. Lights, 10.00 to 10.30; heavies, 10.25 to 10.90; medium, 10.00 to 10.30: roughs, 7.00 to 8.7 ll‘l"l; pigs, 9.00 to 9.90; pigs, 10.00 10.50. 4 Calves- Reeeipts, 50 head: light sup- vlyéo market steady. Calves, 5.00 to| 10.00. nearby | 46';; No. 3, No change | SHORT-TERM SECURITIES. (Reportea oy J. & W. Beligman & Co) Offer. Allis-Chalmers Co. 5s 1! 01% American Tel & Tel. 5! merican Thread 5iis 1 more & Ohio 193300 Batavian Pet. Corp. 4148 1942 Bell Tel. of Canada 5s 1957 California_Pet. Corp 5 Canadian Nor Rwy. 4 ch k Isiand 4 He a8 1943 938. ... 1 General Pet. Corp 5s 1940, . Gen_ Theaters Equip. 65 1940.. T T, & R. 55 1087 103 Ne | COMMODITY PRICES CONTINUE DOWNWARD A decline of five-tenths of 1 per cent is shown by the wholesale price index | of, the National Fertilizer Association for the week ended July 19. Eight groups declined and one ad- vanced materially. 35 declined and 20 advanced. The larger declines occurred in feeds, live stock, foods other than fats, hides, rub- ber, automobiles and metals. A ma- terial advance occurred in the group of fats. Based on 1926-1928 as 100 and on 476 quotations, the index stood at 85.7 for the week ended July 19; 86.2 for July 12 and 86.8 for July 5. HIGHEST BUILDING - CONTEST CONTINUES Various Intercsts Compete in| Struggle to Have Tallest New York Structure. | By the Associated Press. NEW YORK, July 22—The battle over who shall raise a structure of steel, bricks and plaster farthest into the skv tontinues with unabated force on Manhattan Island. When former Gov. Alfredt E. Smith, who is president of Empite State, Inc., the company erecting the Empire State Building on the site of the old Waldorf- Astoria_ Hotel on Fifth avenue, an- nounced the height to which his build- | ing was to reach officials of the Bank of Manhattan Co., then erecting their Wall street building, said nothing, but chuckled up their sleeves. Their build- ing would top the Empire State Build- ing. They carefully refrained from making any announcement, however, Now the former Governor, with the Bank of Manhattan structure virtually completed and his own structure up to the fortieth floor of steel, ha¢ an- nounced the addition of®a sightseers’ gallery 1,222 feet above the street, giv- ing the building 102 stories. For the | moment this holds the record. But Wall street, where most of the newest tall buildings projected are to be placed, and the Forty-second street dis- trict, which is competing for skyline honors, are both interested in the out- come. They recall the manner in which the Chrysler tower grew by a hundred feet overnight, when its lean spire, which had been constructed inside the building and out of sight, was pushed up into its place, I S — NEW YORK BANK STOCKS NEW YORK, July 22 (#).—Over-the- counter market: Bid. Asked America 9 a9 Bank of U. 8. Unils Broadway National Chase G Chat Phenix . City. Fifth Ave First National N Y Harriman ... Manhat Co Peoples Nationai . 400 INVESTMENT TRUSTS NEW YORK, July 22 (#).—Over-the- | counter market: Amer & Cont Corp, Amer Ins Stocks . Astoc Stand Ol Shares. . Basic_Industry Shares Bid. Asked. 17 18! 13 Deposited Bank Sh: Deposited Bar versife B ed Trustee Shares ed Trustee Shares PFirst Amer Co) Pixed Trust Fixed Trust Share Incorp Investors oment Trust o atkson & Curtis Invest Aisoe. Secur Power & Spencer Trask Fund Inc . Stand Amer Trust Shares. Super Corp of Am Tr res Siper_Corp of Am Tr Sha; U S ®l Lt & Pow Shares Others unchanged. _ Of the 476 items | Bureau Washington Produce Butter—One-pound prints, 5712a38) tub, 36a37. | Eggs—Hennery, 25; current receipts. | 20. Poultry, alive—Spring brotlers, large, d small, 26a28; Leg- . large, 23; small and medium, 18a ‘20; hens, 22a24; Leghorns, 16a18; roosters, 15. | Spring broilers, large, 30a32; small, 25a 127, fowls, heavy, 25; small, 15a17; | 3 -dressed—Spring broilers, large, 39a40; medium, 37a38, small, 35; Leghorns, large, 29a30; small, fowls, large, 27a28; small, 25a 15a18; lambs, fresh hams, 25; fresh shoulders, 18a2( | smoked hams, 27; smoked shoulders, 20; | bacon, 27; lard, in packages, 13; in | bulk, 12. Live stock—Calves, 915 lambs, 8'5. Pruits—Watermelons, 30a65; canta- | loupes, Ridgeway, N. C.. 1.50a2.0 | Arizona, 3.00; peaches, 2.00a3.50; aj ples. 1.00a2.00; pears, per box, 3.50: | 4.00; alligator pears, 5.00; honeydews, | 25023.00; honeyballs, 2.50a4.50; huckle- | berries, per quart, 15a25; New Jersey | blueberries, per crate, 16.00; cherries, | Hood River, Ore., 16-pound boxes, 3.75a | 4.50; damsons, two-peck baskets, 2.0 | oranges, 7.50a8.50; lemons, 8.50210.0¢ | currants, 2.00a5.00; pineapples, 5.00. | Vegetables—Potatoes, 2.7583.25; sweet | potatoes, 12.00; cabbage, 1.25: squash, | 1.00; beets, per 100 bunches, 3.00: car~ | rots, per 100 bunches, 3.00: eggplant, 1.25; peppers, 1.00a1.25; limes, per 100, 2550% okra, 50a2.00; tomatoes, two-peck baskets, 1.00a1.25; stringbeans. 175a 2.00; peas, 40-pound crates, 4.00; lima beans, 1.50a2.50; cucumbers, 1.00a1.25. | CHICAGb I.IAVE. S’I;OCK MARKET CHICAGO,; July 22 () (United | States Depaftment of Agriculture) — Hogs—25,000 head, including 8,000 head direct; uneven; light hogs, 25240 lower; sows and butchers, 10al5 lower: top, 9.40: lightweights plentiful; bulk, de- | sirable, 160-210 pounds, 9.15a9.25: | light |light, geed and choice, 140-160 | pounds, 9.00a9.; light weight, 160-200 | pounds, 9.15a9.40; medium weight, 200~ 250 pounds, 8.85a9.35; heavy weight, 250-350 pounds, 8.25a9.00; packing sows, medium and good, 275-500 pounds, 7.00a7.85; slaughter pigs, good and choice, 100-130 pounds, 8.25a9.00. Cattle—6,500 head; calves, 2,000 head; slow, steady to weak on most killing classes; no tone to trade; only competitive interest being on weil fin- ished yearlings and light and medium | welght steers: she stock & drug on the market; top, yearling, 10.50; some held higher: slaughter cattle and vealers: Steers, i choice, 600-906 pounds, 9.25a11.2: 900-1,100 pounds, 9.00a11.00: 1,100-1,300 unds, 3754 11/00; 1.300-1,500 pounds, 8.50a10 7. ‘ common and medium, 600-1,300 pounds, 6.00a9.00; heifers, good and choice, 550~ 850 pounds, 8.75a10.75: common and medium, 5.25a9.00; cows, good and cholce, 5.50a8.00; common and medium, 4.00a5.50; low cutter and cutter, 3.00a 4.00; bulls (yearlings excluded:. good and choice (beef), 6.75a8.00° cutter to medium, 5.50a7.00; vealers (milk fed), good and choice, 11.00a12.00° medium, 9. 1.00; cull and common, 6.00a3 75. ocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 7.00a8.25; common and medtum, 5.0087.25. Sheep—-17,000 head: slow; native lambs, 25a50 lower: shorts considered mostly 9.25a9.50; rangers, unsold; fat steady, 3.00a3.75; feeding lambs, 7.00a7.25; lambs, 90 pounds down, good and choice, 9.00a9.85; medium. 7.50a 9.00; all weights, common, 5.00a7.50: ewes, 90 to 150 pounds, choice, 2.25a4.00; all weights, cull and common, 1.00a2.75; feeding lambs, 50 to | 75 pounds, good and choice, 6.75a7.25. WORLD LEAD PRODUCTION. NEW YORK, July 22 (#).—World lead | production in June totaled 150541 short tons, compared with 157,270 in May and_153,779 in April, the American Metal Stebistics reports. Dressed, shipped in, iced— | 1 ing. LEGGE RAPSFEAT ONBOARD PROGRAN “Political Bunk,” Says Chair- man, Expecting Acreage Reduction Support. By the Associated Press. - Chairman Legge of the Farm Board * says opposition to the board's wheat policy is “political bunk” of “the same kind” that put the farmer in his pres- ent unfavorable economic position, In a statement published today, he sald he was fighting in the open and not hiding, behind President Hoover, He added he would make a report te the Chief Executive s00h on the prog ress of the board's campaign for a re. duced wheat acreage. “The Farm Board,” he sald, “was created to assist the farmer and not for politics. The farmer’s problem is an ‘economic one that will never be solved by any political remedies. “The President has not interfere¢ with our program and we have gone ahead sawing wood. I expect to re- port to him soon ; the acreage re. uction campaign, but I am nos behind his skifuf' Qi Legge went on to say he war prepared to tell Mr. Hoover he expecntedp €0- operation in the acreage reduction pro- gram from the farmers of every State in the Winter wheat belt. He de- scribed the purpose of the campaign®as mm;ho:: the farmer he must reduce production or acgept a lower his 'whent. = bt After terming the opposition to the b(»‘udr(l'x polidies “political bunk” Legge sald: “Present and future orations writter by the Democratic National Committee and fathefed by various orators te broadcast the alleged failur~ of the Farm Board are only more of the sam¢ kind of political bunk by virtue o which the farmer has arrived at hi present position,” 3 He said the opposition of Gov. Fee of Kansas, was “wholly political” ant applied the same description to eriti cism of the board for not buying an! storing large amounts of the 193 ‘wheat crop. * WEST VIRGINIA GAS OWNERSHIP CHANGES Appalachian Gas Corporation Re ports Contract for Large Block of Preferred Stock. Speciul Dispatch to The Star. NEW YORK, July 22.—The Appa lachian Gas Corporation now own more than 95 per cent of the outstand: Ing common stock and has contracted. for the purchase of a majority of th preferred stock of West Virginia Ga Corporation, according to announce: ment today. This is the fifth majo acquisition of Appalachian Gas Cor- poration within the last three months the others being acquisition of contra of Texas Gas Utilities Co.. South western Nalural Gas Co., and of sub stantial stock interests in Memphi Natural Gas Co. and Allegheny Ga: Corperation. West Virginia Gas Corporation, or. ganized under the laws of West Vir: ginia in 1927, owns natural gas prop- which are producing and trans- porting natural gas for wholesale public utility and industrial purposes. It alsc owns 95 per cent of the outstanding | capital stock of Monickel Gas Co. operate. as a subsidiary. Among im- porttant long-term contract customer: are United Fuel Gas Co., subsidiary o Columbia Gas and Electric Corporation International Nickel Owens-1} linois Glass Co. and South Renn Oi Co. subsidiary ot Standard 00. of Nev er: West Virginia Gas Corporation an¢ Monickel Gas Co. own or control through lease or gas purchase contracts gas ‘and oil rights in 52,405 acres o land in the gas-producing districts o Cabell, Kanawha, Lincoin, Logan, Put | nanb;nd ‘Wayne Counties in Southwes |'W. Va, of which a considerable portior | lies in,the vicinity of Huntington, or which are more than 155 producinj gas wells with a total productive ca. pacity in excess of 15,000,000 cubic fee! per day. " Union Management and Engineering Corporation, which supervises the oper- ations of the companies in the Appa- lachian Gas Corporation group, wil also supervise the operations of Wes Virginia Gas Corporation. | FACES BUSY SUMMEF By the Associated Press. Members of the House Banking Com | mittee are getting a Summer recess but each carries his “official business’ with him. The committeemen individually wil spend much of the vacation sifting through a mass of conflicting testimon} | gathered in hearings extending morv | than five months in search of a solu tion for the problem created by the cur- rent development of branch, chain anc group banking. While several of the witnesses sough continuation of the unit banking sy: tem by legislation to curb consolid tions, the bulk of the testimony dis closed a leaning toward branch or grouj | systems. U. S. SUGAR MELT. NEY' YORK, July 22 ().—The tota | sugar melt of 15 United States refiner from January 1 to July 12 was 2,575,00/ long fons, compared with 2.770,000 ton in the corresponding period last year Deliveries amounted to_2.360,000 loni tons, compared with 2.525,000 in the lik: | 1929’ period. Linseed 0il Output. NEW YORK, July 22 (#).—The pre liminary figures show that 203,568 ton of flaxseed were crushed in the secon avarter this year and 130,663,405 pound of linseed oil produced, compared witl 278,933 tons crushed and 187.018,53: pounds of ofl produced in the like pe | riod of last year. Tree's B;:k Is Fireproof. | Onme explanation of the longevity o the great redwood trees of Californi is the fact that the bark of these tree is practically fireproof. A piece of | subjected to an eight-hour experienc in a fierce fire was barely charred. FOREIGN EXCHANGES, (Quotatizns furnished by W. B. Hibbs & Co. Nomiaal gold Selling check value (ot par). S08885 3913 medium to | W Crowr. Yockholm. ‘TREASURY CERTIFICATES. 3'as Sept. 15, 1930, l= 1. 3 15, l“ 100 1 15135 Dee 28 3 30 3rox Sey 3123 Dec. 18/