Evening Star Newspaper, July 23, 1930, Page 15

®x3 A_I§ IDEMAND FOR STEEL NG STAR, WASHINGTON, D. C, WEDNESDAY, JULY 23, 1930. FINANCIAL. IFAVORABLE TRADE | STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday's 5:30 Edition. Received by Private Wire Direct to The Star Office - GURB SHARES GAIN INACTIVE TRADING . 1930.~ Stock and Bales - Low. Dividend Rate. Add 00, Open. High. 34% Lone Star Gas. n (1). 39% 40% Notice—All stocks are sold in ene hundred-share lots fleflzmlmflfifinml(lh) (285) hich shows those stocks to be sold in odd fots only. STOCKS. Low. Close. o 20 % Utilities and Oils Hold Spot- light—Amusements and Tobaccos Improve. BY JOHN CRONE. + Bpectal Dispatch to The Star. NEW YORK, July 23.—Strong at the opening, today's curb market continued its rapid pace, the volume of trading increasing as quotations advanced. Public utilities and oils led the up- twing, but they were joined by virtually all other sections of the list. Traders exhibited more cheerfulness than they have thus far shown on any single day this year. In the forenoon session trading volume was nearly 20 per cent ahead of the same period of Tuesday. Electric Bond & Share rose 2 points before meeting profit taking, which put it fractionally lower. Cities Service backed and filled within a half-point range. United Founders, Goldman Sachs, Transamerica and National In- vestors were active and pointed nigher. Penn-Road Corporation was up about a half point and Standard Oil of In- :ll.un was slightly above its previous lose. Better earnings reported by Pacific Western Oil, International Petroleum and Imperial Ofl of Canada put these issues higher. After the advance of public utility and petroleum issues was well under way Natural Gas shares and & diverse list of miscellaneous indus- trials swung into the rapid stride to- ward higher levels. American Tobacco new. reached a new high by crossing 120, Mapes Consolidated, makers of egg-packing cases, responded to a favorable earnings report. Ford Motors limited ran up a Ppoin Amusement shares were whirled as a the signing of the sound in Europe. Fox Theaiers lor were in brisk de- ireraft led the zooming air shares, moving 2 points higher before meeting selling. Then Aviation Cor- poration of Americas started on a flight lifted it 4!2 points, and New Rio & Buenos Aires Lines, men- in merger rumors with the for- company, moved up 3. Western , often linked as a merfir r ‘high Pipe lines turned active. New York ‘Transit was up 13 points and Indiana Line was up fractionally. Mis- -Kansas Pipe Line, which is a natural gas carrier, was up about a point. BONDS ON THE CURB MARKET. in DOMESTIC BONDS. L High. Low. Alsbama Py 425 a7 lflh‘ K S 6:0 100, = i : H 2 s & B EY] 1:3;5 10244 102 37 9535 98, % 147] o et 3 (3 Q R H haLy g i} 2! - 8 5 oS, L i g 3825ang b BT e, q92 s 272 ZERAE] Y !. 3 amdt e Rty 3 £ !l 3 REPTEREE] WS ¥ ¥ vm ) '.; i} Ot o Tet f 35 23333382138 1078 107 10834 ioasd fotsd s 54 90 ash W & Pow 55 '60 1033 1033 103 Wes Tex UL 5¢ A 75 927 92% 937 South Nat Gas...... 96's 95% 95% Union Guif........000 101 101 101 POREIGN BONDS. 1 Saar Basin Con 7s '3h 9 3 Bantiago Chile 7s ‘61 inne 36 xw.... TREASURY CERTIFICATES, (ml“ by J. & W. Bel & B g i Stock and Dividend Rate, 23% 10 Aero Underwriters. . 83% 16 Ainsworth (32%) :u 8% Alr Investors v.t. m 106% Alu Co of Am pf (6) 18 Alumn Goods (1.20) 30 Am Capital pt (3)... 12% Am C P&L(B)(10%) 21% Am Com I'(A) b10% Yo Am Gas&Elec pf(6). 1046 Am Gas & Elee (31). 52% Am Lt& Trac (2%). 45 Am Mfg Co (4). 1% Am Maricabo. 20% Am Superpwr 87% Am Superpwr pf (6) 111 Amer Tob new (D4), 111% Am Tob B new (D4). 7% Am U&Gen B vte 1% Am Yvette (n) w.i .6 AnchorPF (b10%). 8% Appalachian Gas.... & Ariz Globe Copper. .. 8% Arkansas Nat Gas... 8% Ark Nat Gas (A).... 36's AssoGas& Elee. ... 30% Asso GEE A (at2.40) 5% Asso G&E (A) db rta, 97 Asso Gas&El ctfs(8) 1 Asso Laundries. .... 13% Atlantic Secur Corp.. 15 Atlas Plywood (2).. 24% ‘Aviation Corp of Am 12% Aviation Credit..... 36 Axton-F Tob A (3.20 Corp 6% Blue Ridge Cp 33% Blue Ridge cv pf 1 Blyn Shoes, Ine. .. 86% Brazil Trac & Lt(h2) 2% Bridgept Mach (25e) 25% Br AmTob ¢B 79 1-1 256' Brit Am To reg t1.: 24! Buff, N&EP pf(1. 2 Burco, Ine (war). 7 Burco, InG.......... 89 Burco, Inc, ev pf (3) 8% Butler Bros (30¢)... 3% Canada Marconi 23 Carman & Co(A) 25% Cent Pub Sve. Del. 19 Cent States El(k40c) 4% Centrifug Pipe60e) Dev. ANAT AT N AT B - 4% Citles Service(g30c) 36% 14% Clev Tractor (1.60) % % Colombia Syndicats 21 8% Col O1l & Gas vie. . 56% 24 Columbia Pict (f134) 336% 234 Com'with Edison(8) 64 3% Com'with & Sou war 19% 11% Comm Wat Serv b6 % 14 % Consol Auto Merch 3% Consol Copper. ... 90% Con Gas. Balto(3. 214 Consol Instrument, . 10 Consol Laundries,... 28 Cooper Bessemer(}) 6 CordCorp.......f.. 9% Corroon & Reynold: 37 Cor & Rey pf (A)(6) 2 CosdenOil...... 5% Creole Petroleum. 16 Crocker Wheeler. .., % Crown Cent Petrol. . 9% Crown Cork IntlA(1) & Cuban Cane proptw 34 Cuneo Press (234)... 1% Curtiss Wright war, 82 Deere & Co (m1.20) R NP TM0 A 10 O 58 O O OO e Dresser(SR) A(3%). 8% Duquesne Gas Cp w.{ 2% Durant Motor! 254 Eastn G&F Asso. 18% Eastn Sta Pwr B(1). 7' Bastn Utl] Inv (A).. 12 Educational Pic pf., 175 92% Kl Bond&Sha cu pf(§ 70% EI Bond & Sh (b§, [REPHOT - 16% Elec Pwr Asso A (1) 28% Elen Pwr & L op war 15% Elec Shareholdg(31) 8 Empire Corporation. 17 Emp P Ser A (a1.80) 4 Empire Steel Cor| 41 Eureka Pips L (4).. 1 3% Euro Elec deb rts. ... Fandango Corp. . Federal Screw (3)... Financial Inv,N Y, % ) 16% 1% 13% 104 % 2% Fox Theater Cl (A). General Baking. Gen Baking pf (3 Gen W W&E(A) Glen Alden Coal Globs Underwriters. Gold Coin (new)..... Golden Center..... Goldman Sach T C/.. % Gold Scal Elec new. . Gramapho rets (20c) Gr A &P Tea pf (7). Gt Lakes DD n wi (1) Groc Stor a Guif Ofl of Pac1%). Happiness Candy. .. 144 10% 5% 3 166% 117% 28% Hollinger Gold (§0¢) Horp & Hard (2%).. Houston Oll of Texas Humble Ofl (2). ... Hygrade Food Prod. Imp O1L Can, n(50e). Indian P L n (12%).. Ind Terr 1llu O1l (A) Ins Co, No Am (13).. Insurance Sec(1.40). Intercontinent Pet n Int} Petroleum (1).. Internatl Supert (£1) Intl Tetbook (75¢) 6% Internatl Util + § 37 Interst Eqev pf(3). 3% Irving Air Chute war ¥ Kolster-Br (Am Sh) . 21% Lane Bryant (2) 11 Libby McNell & 17% Lily Tulip Cup 1 20% 3% Loew's, Ine (w: . Bales— Add 00, Open. High. &A% 224 4n 1% 250% 250% Low. Close, 12 2 2214 i 1% es C Marconi 20 314 1% 22% 22% 15% 49% 48 106 % 118% 61% 461 24 24% Mid Sts 14 8 22 M ts 15 Mid Roy Miller & Mo Kan Moody's Mountat Mount Si Inve New Qui Newport H. Noranda Noth Eu: Nor Sta ©Ohlo Of1 Pa¢ Pub Pandem 4 Premler 4 Prince & Pub Util Ry d St Regis Selected Sel Indu S W Gas Spanish Stana O Stand Of Std Pwr Starrett Starrett Bwift In Syrae Wi ‘Teck Hu, Tri Utils Tri Uil Tubsize Vieuum Waitt & Walgrees Wenden Worth, I R dividen agh or siock; Tha 26 holders. * sAdjus 10% 104 tment stock. mPlus 1%% in MacMarr Stores (1). "Millan Petroleum, Marine Mid (1.20)... Mavis Bottling Mead Johnson 13.15 Memphis Nat Gas Cha&Spf A6 Met & Min. Inc(1.20) Mid W Sts Ut (1%).. Mid Wst Uti] A war. Mia Wst Util(b8%). N Y Pwr&Lt pf(6 N Y Rio&Bu Afres. . N. Y. Transit (+1.80) Niag Shars Md (40c. Nipissing, (30¢) No Am Aviat A Qutboard Moter (B). Pac Western Oll. Pennroad Corp Pa Watera: Pepperell Mfg (8) Pertect Circle (2) Petrol Corp war.... Pilot Radio Tub Pitney B P.n (30¢). Pittbgh Forg (1.60). Plymouth Of] (1) Pratt&Lambert(15). Prudential invest Pyrene Mfg Rainbow Lu Prod AJ Rainbow Lu Prod B. Reiter-Fost: ce Manag R’ Rossia Intl Corp.... & St Anthony Gold.... Schulte Un e-$1 St. Scovill Meg (4). ... Seg Lock & H (506) . 4 Sentry Safety Cont.. Shenandoah Corp.... Shenan Coro pf (a3). South Penn O11(12% Standard Motors. Stein Cosmetics. ... 4+ Technieolor, 4 Texon Oil & Ld(25¢) ‘Thatcher See¢ Corp. . Toledo Ed cu pf (7). Trensamer (31.6i ‘Tran Con Air Tran. . TransLux DLPS.., Walker (H) (1)... Walker Min (T3e) RIGHTS. Intl Nickel w.l.... Mo K 'ipe. tPartly yable i stock. hPlus 1% in sl 15% 15% 15% 16 45% 4b% 15% 15% 45% 9 31% 1% 693 1419 85 12% Y Mfg (13%). 1 Mar (38¢), Pet y.t.e A.. Pet'v.t.e. B.. 3 25% 2 30 Ity ev pf(2). Sons (2).... PL(b10%). Miss K PLv.te..... Miss Riv Pwr pf () Moh H P 1st pf ¢7).. Moh Hud P 2d pf (7). 18 pt pf (3) n&Gulf (Sc). t Pwr pf (7) stors. 3 Pwr&Lt pf (6). 135 Sh Tm See(50c) Transit (1).... ncy Mining. Co (2). . 258 2 63 Power (40c) 27 Mines ro Oll Corp Pwr A(3).. new wi. Sve (1.30] Oil..... (20e) Pwr(3).. Aali0 o L R R =T PP - 3 s A) Gold (24e).. White(25¢) Hold @ o Lt& P (30c) Paper (1).. 3 wamn NROANNS 80 R e o Z o S Industries. st ctfs (4%) 1 ) e RAAN®RD Utilities. .. & Gen Reg. : 438 17 1. Ind (234). 1 KY(+1.30) Stand Oil. Ohlo(2%) 100s & Ltpf (7). COrp.....ua Corp of (3). 508 new (2).. ternatl(234) MBI ghes (600). . - Ao ~wpNnNe S (11.20).. ties pf (3).. Trunz Pork 8 (1.60)., Chatel (B).. Twin States Nat Gas Union Tobaceo...... United Corp (war). . Unit Found (b2-35 sh 3. United Gas Co (new) United Gas (war)... U 8 Gypsum (1.60).. U 8 Lines pf (1).... U S & Overseas war. Unit Verde Ext (2).. Utility Pwr&Lt(al). Utility & Ind. . Utl] & Ind pf (1%). Utllity Equities. . Ol (4).. Vick Finanetal Corp. Bond A (2). Waltt&Bond,B(1.20) n Co. Copper. . Westn Alr Exp(80e) West Cont UtA(1.30) ne (A)..... Zonite Produets (1). Expire. o - * based on Iast quarterly or semi- ra. tPlus 4% in aPayable in tock. nu‘] 't to k- dividend. - (Plug 5% in é n?! 3% us 10% in tock. JPlus 2% instoc stock. nPlus 8% 1n stocl LUMBER TARIFF IS HELD NO CAUSE FOR PRICE GAIN By the Associated Press. Wilson Compton, secretary of the Na~ tional Lumber Manufacturers’ Associa- tion, expresses the opinion that the duty of '$1 a thousand feet on rough softwood lumber will likely have no ef- fect on the cost to consuniers in the United States, but may increase some- what the consumption of lumber manu- factured here as distinguished from the imported product. . his statement was evoked by a re- cent speech of Representative Canfield of Indiana to the effect that the duty would add $50,000,000 to the cost of Isumber annually consumed in the United Mr. Compton described this assertion as “fantastic, a gross exaggeration and entirely unwarranted by the facts.’ “It has been generally overlooked in discussions of the tariff act,” he said, “that the lumber sections, as enacted, leave on the free list all softwood lum- bér imported from Canada, which is rough or not further manufactured than dressed on one side. According to the import statistics this means that about 60 per cent of the softwood lumber im- ported from Canada, the source of over per cent of our lumber imports, will tinue to come in free of duty. Aver- age annual importations from Canada ve about 1,500,000,000 feet, in- . Of this, therefore, féet will be duti- CHICAGO LIVE STOCK MARKET CHICAGO, July 23 (&) (United States Department of Agriculture).— Hogs, 20,000 head, including 4,000 di- rect; steady to 10 higher; top, 9.40; de- sirable, 160-210 pounds, 0a9.40; pack- ing sows, 7.60a7.75; light light, good and choice, 140-160 pounds, 9.0089.40; light weight, 160-200 pounds, 9.20a9.40; medium weight, 200-250 pounds, 8.90a 9.40; heavy weight, 250-350 pounds, 8.35 : packing sows, medium and 3 50 pounds, 7.00a7.90; ,n..u.'m glfi :m and choice, 100-130 pounds, “Cattie—Receipts, 9,500 head; calves, 2,000; better grade fed steers, strong to 15 higher; others steady; e stock weak, best yearlings, 10.50; weighty steers, 10.85; slaughter cattle and veal- ers, steers, good and choice, 600-900 unds, 9.25a11.00; 900-1,100 pounds, .25811.00; 1,100-1,300 pounds, 9.00a 11.00; 1,300-1,500 pounds, 8.50a10.75, common and medium, 600-1,300 pounds, 6.0089.25; heifers, good and choice, 550~ 850 pounds, 8.75a10.50; common and medium, 5.25a9.00, Cows—Good and choice, 5.50a8.00; common and medium, 4.0085.50; low cutter and cutter, 3.00a4.00; bulls (yearlings excluded) and choice (beef), 6.75a8.00; cutter to um, 5.2587.00; vealers (milk fed), and choice, 10.50a11.75; medium, 9 75810.50; | 508 con and he ::141 l’nd wmm'o'?. 6.0089.75. eeder cattle—Steers, choice, 500-1,050 pounds, 7.0088.00; BANK CLEARINGS. NEW YORK, July 23 (Special) New York bank clenrings todsy, $1,020, 000,000; & year ago, $1,544,000,000. Ni York bank balances today, $135,000,000; & year ago, $179,000,000. New York Pederal Reserve credit balances today,- $123,000,000; a year ago, NEW BALTIMORE PLANT HAS BEGUN OPERATIONS Special Dispatch to The Star. BALTIMORE, July 23.—The new $5,- 000,000 plant of the Proctor & Gamble Manufacturing Co., in Baltimore, has Just commenced operations. The process of “framing” the first soap to be manufactured by the com- pany here was initiated yesterday. In- cidentally the first product of the com- pany in Baltimore will be ivory soap, which just passed its fiftieth birthday. While it takes some time for the entire process to be completed in a new factory of this kind, the first finished products from :heu_loul plant l;’: emc"!';d ltt: make appearance betwe 8 and l!:fi of DANI . o5 mPl'oeM 'd;‘l'l‘ & (;zmmr the Mlll ye;}' une T gToss sales $203,365,610. Net profits after all re- serves and charges for depreciation, losses and advertising have been d ducted was $22,450,600. ‘This compares with sales of $202,213,931 and ‘net profits of §19,148,~ D;l;.!or the fiscal year ended June 30, BUILDING CONTRACTS, NEW YORK, July 23 tracts awarded in the 37 States 12 through 402,400, P. 4 the to that date to $215,309.600 and the daily average at $14,354,000 per business day as com- rr«l with 'a daily rate of $25003,- 00 for July last year. ° New_construction $15,000,000, period | Wall Street Expects Usual e- | A P).—Construc- | & FAGTORS ARESEEN Busingss Upturn by Early Fall. BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK, July 23.—Wall Street today is talking of a prospective recov- ery in business. Whether that more cheerful feeling is merely an automatic reflex of the recent rally in the stock market or whether it is the result of sound economic reasoning is perhaps a de- batable point. 1In either case there is quite a general impression that this month will experience the worst phase of the depression and that with next month the beginnings of an improve- ment will be perceptible, which Ww! continue progressively at least throu early Autumn. Favorable Factors. ‘While the “wish may be father to the thought,” there are more substantial reasons than mere hopes that justify at least moderate optimism regarding the future of business: Here are some of them: 1. Liquidation of inventories. 2. Lowest wholesale prices in 14 years, which have been followed by a decline this month in retail prices. 3. Cheapest money since, 1916. Wall Street has not scen 1': per cent call money since January and February of that year. - In addition to - those fundamental factors, which lay the foundation for an improvement in business, seasonal faxges also are expected to operate in favor of expansion in the next few months. A recovery in trade and in- dustry next Autumn would be in accord with precedent for years past. Business always has picked up in the Fall months, There are logical reasons why it should. One is the change in the weather, which quickens demand for #easonal products, such as heavier wearing apparel. Another the crop movement. The two big mohey crops of the country—wheat and cotton—are moved in ‘the Autumn months. They create freight traffic and money turn- over, which combine to stimulate trade. The crop movement puts farmers in funds, with which they make their sea- sonal settlements. There is no.reason at all for doubting that the usual an- nual business cycle will be experienced this year. The larger question is whether the prospective improvement will be a mere flash in the pan or whether it will mark the beginnings of a permanent change for the better. So many factors enter into the situation thet he is a bold prophet who makes any prediction with | confidence when the longer pull is con- sidered. Foundation Laid. Undoubtedly the severe deflation in prices has laid the foundation for such a recovery. A mistaken view is held by some pessimists that business can- not prosper when prices are low. That, of course, is a fallacy. While business is depressed when prices are in a de- cline, it can and does pick up after they have been stabilized. Two developments this month may prove straws pointing the the wind blows. Building contracts awarded so far during July have reached the Iargest aggregate since July, 1929, Since the decline in building construc- ton has been one of the principal causes of the depression, that is a sig- nl,mnt development. Another favor- able point is that a substantial increase in automobile construction is reported to be projected and may already be un- der way. One thingyis certain—big business is not holding’ up expansion plans be- cause of the depression. One of the biggest oil consolidation deals in history is in process of being worked out. The steel industry, despite the fact that cur- rently it is operating at not much bet- ter than 50 per cent of capacity, is spending millions of dollars to build bigger mills. The natural gas ‘nd try is enjoying a truly phenomenal *growth. (Copyrisht. 1930.) GRAIN MARKET CHICAGO, July 23 (#).—Unusual buoyancy of corn prices at times today carried the market to the highest point yet on the present movement, almost 10 cents above last week. An over- bought condition of the trade, for at least the time being, developed, how- ever, and the day’s top quotations faile to hold, notwithstanding that in Iowa during the last two weeks is officially estimated as amounting to 45,000,000 bushels, _ Corn closed irregular, ranging from % setback to 5 cents gain, compared with yesterday’s finish. Wheat sagged at the last by closing nervous 14 to 34 cents net lower, with oats 3 off to 3 cents up, and provisions unchanged to a rise of 2 cents. WHEAT- High. uly .. Beptember December Low. NEW YORK COTTON NEW YORK, July 23 (Special).— After holding within a narrow range for several hours, cotton prices today broke sharply a quarter of a cent under active selling by several commission house interests. * The failure of the market to respond to drought news in the South attracted the heaviest selling movement in some time and prices moved off sharply, with both December and January deliveries below the 13-cent level. Spots were reduced 25 points to 12.90, July making a new low record for the year, Cotton range: Hieh 12.94 1331 Lo 134 i 3 1 it i 13 SHORT-TERM SECURITIES. (Reported by J. & W. Seligmap & Co) s R, ofter. e Dime o2 858825383 oo e« | BEREEEEEST 859887223 Bell T¢ California_Pet. C¢ a8 Canadian Nor Rwy. 4}as 1035, Chicago Rock Island 4s 1934.,, Chile Copper Co. bs 1047......"" Oorp. 55 194 ble 8138 ek, e % By Budsy alone the damage of heat and drought|kale, 75a1.0 ‘ude Ol gr'.emrr:cé o BT St % o, n‘. s 19: " L., Southwestern R\ 45 1932 Korky’ &0, 5w, 1933, } L., Ir. Mt. t =% & ma?.‘{:s'saet exter 3 Wh teal Corp. 81as Wheeling Steel Gors. 41ss. 10 Three years High (1930) Low (1930 High (1929) Low (1929) Total. 18 Utilittes. 222.7 9.3 66.3 (Copyright, 1930. Mtandard Statistics Co.) NATURAL GAS FIRMS SEEKING NEW MARKETS FOR PRODUC BY BENNETT WOLFE, Associated Press Staft Editor. TULSA, Okla, Jl&y “.—D!:oll - ment of supply hi ven way je- velopment of markets ag the problem of the natural gas industry. Not many years ago the question was where to et the gas. Today it is where to sell the available gas. ‘The ever-widening search for ofl has brought prolific new gas producing areas, Large gas companies have fol- lowed the trail of' the wildcatter and purchased his discoveries -almost as rapidly as they were made. Pipe Lines Extended. With the quest for new markets bringing a steadily growing network of gas pipe lines, & network that may be the nucelus of a Nation-wide distribut- ing system, the question of adequacy of the supply naturally has arisen. It is generally accepted as a fact that the proven fields can care for many times the present needs, but in the face of the probable withdrawal of increasingly large volumes of gas are the reserves sufficient” to vlfinml;\t the building of expensive pipe lines gconnmlnu of the industry answer that question by pointing to the recom- ‘mendations of leading gas engineers for more and better transmission lines. And operators, having furnished large sums of money for mew projects, ap- parently are satisfled the reserves are adequate. Engineers who have recommended the expenditure of $50,000,000 to $100,- 000,000 for pipe line projects are Afreed that the present sources of supply in this country will last for & minimum of two years and likely for a much longer period. That conclusion does not take into consideration hitherto unta supplies. Production the Texas Panhandle, a major gas yielding area, is estimated by engineers to for about 40 years. Estimates of this field's recov- erable reserve range from 5,000.000.000 to 10,000,000,000 cubic feet. The field is being drawn upon at present for about 300,000,000 cubic feet daily. The Monroe field of Louisiana, largest dry gas area, is given a reserve of about 2,400,000,000 cubic feet. The -life of the Monroe district and the nearby Richland area is placed at between 15 and 20 years. The present combined withdrawal from the two fields is more than 600,000,000 cubic feet daily. Other Producing Fields. Other im) nt gas producing areas of the SoutWwest are Central Okla- homa, including the Greater Seminole and Oklahoma City flelds; Southern Oklahoma, including the Cement and Chickasha fields; rth Central Texas; South Texas, incltiding the White Point and Refugio fields, and Eastern Kansas, In the Southwestern part of the Sun- flower State is being developed an im- portant dry gas fleld. Territory in East Central Oklahoma and Western Arkansas is regarded as an important undeyeloped area, known geological structures in this region not having been drilled. Western 8, EXPECTED TO GAIN Sentiment in Industry Im- proves, but Business Is Still Small. “The opinion is gaining ground, review states, “thlrlndunrhl reaction is at its worst and that the only cent for the third week. “The heat wave has further reduced operations among certain iron ‘and steel consumers, notably foundries, and addi- " tional two-week shutdowns of manufae- turing plants tend to offset the effect of resumption by those reaching the end of their ‘vacations.’ ;. Gain Is Forecast. “‘When the period of industrial sus- pensions has' been finally , iron and stee] demand will doubtless fulfill expectations of betterment. The extent of the gain in bookings, however, is dif- ficult to forecast, sifice so much depends upon the flow of consumer goods to the publie. Inventories of both raw mate- rials and finished products at iron and steel consuming plants will prove or large as the rate of general business activity determines. Several manufae- turers of this class which have been idle for the past two weeks have re-- sumed operations in a very limited way. “The movement of sheets and to industries outside of the auto~ mobile field is somewhat larger, and makers of those products serving the Ford Motor Co. have been able to in- crease their schedules somewhat. most of the favorable news of week is negative. The lack of im- portant price changes in pig iron and the putting out addi- tional blast furnaces are construed as further evidence that the bottom been reached, or is close at Fewer furnaces are in blast in Alabama district than at any time since January, 1932. “Steel prices are still higl ular, but do not show such wis weakness a5 a few weeks ago. price of 3.10 cents, Pittsburgh, on gal- vanized sheets, which had been con-- fined to large jobbers, has been ed to other buyers. Tin mill black plate is off $1 a ton and long ternes: have declined $2. “Pipe bookings have been swelled the placing of 450 miles of 24- ) with the Western Oklahoma and the Oklahoma | COrRor Panhandle are considered potential stores. Southeastern Colorado and California_fields are looked to for fur- ther supplies. Washington Produce Butter—One-pound prints, 40%2a4l; tub, 39a40. > ceipts, 25. Poultry, alive—Spring broilers, large, 30a32; medium, 27a28; small, 25a26; Leghorns, 20a22; fowls, large, 24; medi- um and small, 20a22; Leghorn fowls, 16al17; roosters, ble.“ Dreuedl , 30‘:’32 iin ice—Spring brotlers, large, ] small, 15127‘. fowls, heavy, 25; small, 15a17; roosters, 17. Jobbers’ prices: Home dressed—Spring broilers, large, 35a36; medium, 33a34; small, 32a33; Lgghorns, 26a28; Leg- horn fowls, 20a22; roosters, 17al8; ducks, 23a24; turkeys, 32a35. Meats, fresh killed—Beef, 18a21;! veal, 15a18; lambs, 25; pork loin, 25a28; fresh hams, 25; fresh shoulders, 18a2 smoked hams, 27; smoked shoulders, 20; bacon, 27; lard, in packages, 13; in bulk, 12. ; 5 Live stock—Calves, Dl,%: lambs, 815, Frults—Watermelons, 30a75; canta- loupes, 1.25a2.00; honeyballs, 2.50a4.50; honeydews, 2.50a3.00; apples, bushel baskets, 40a1.75; , 2.5083.50; Bartletts, 3.50; alligator pears, cherries, California, 16-pound lugs, 4.25a5.00; plums, 2.25; grapes, seedless, ; New Jersey blueberries, per crate, 16.00; huckleberries, 5.50a 7.00; oranges, 7.50a8.50; lemons, 10a13; limes, per 100, 2.50; pineapples, 5.00. Vegetables—Potatoes, 3.00; tatoes, per bushel, 3.50; toi peck baskets, 50a1.00; bunches, 3.0 huncg!!, 5360 bunches, ; bage, 1 25; lima beans, 2.2582.7 oka, 1.50; eggplant, 2.50: peppers, 1.25; cucumbers, 75a1.00; squash, 50a1.00; ; spinach, 1.00. current ye- B By the Associated Press. NEW YORK, July 23.—Registrations of buyers in the New York marks during the past week totaled 869, against 845 in the preceding week and 1,003 in the corresponding week last year, the New York Times lists show. Buyers who registered yesterday totaled 366, as compared with 344 a week ago. Expansion of the use of paper boxes for the packing of food products during the first six months of this year ac- counted for most of the 3 per cent in- crease in business which the Paper Board Industries Association reported at the opening of their convention here. Officials expressed the belief that sales during the balance of the year would show an even greater gain. * De Soto Motor Corporation, .d gl;u;g’& f the Chrysler Corporation, adde: :zw dealers to its organization during the first half of this year. ‘Two 260-ton, motor-generator _type electric locomotives for the Great Northern Raiflway are en route to Wenatchee, Wash., ‘l‘rl.ld '.w: :m :Ix;a nearly ready for shipment from the Erie, yPn., gf-m of the General Elec- tric’ Co. ‘Th ness Notes . e four locomotives will cost approximately $1,000,000. STOCKS ARE DECLARED IN STRONGER POSITION Special Dispatch to The Btar. avorable commy ce for the fiest time, Saturday's and Monday's selling was regarded as . purely professional and some saw in Tuesday's swift closing & too rapid advance, but virtually all agreed that the public was just waiting for some reaction to get back into the market. Despite the generally cheer- ful sentiments that are expressed there remain the usual “cauf echoes” about business, earnings reports and commodities. ‘ELECTRICAL TRADE GAINS. NEW YORK, 23 (#).—Produc- tive activity 15 ging - in American plants engaged in manu- || Wednesday, July 30, for a hea: facture of electrical equipment, appara- tus lnd,aupogllu, Electrical World sa: A survey of opera publication repor gL, Approximaf than the | POTOMAC EDISON CO. BALTIMORE, July 23 (Special).— The Public Service Commission has set ring on the application of the Potomac Edison Co. permitting and appre g the ex- ercise by it of the rights ahd privileges under the franchises granted it by an ordinance of the commissioners of Poclesville, Montgomery County, Md., adopted April 14, 1928, and an ordinance of the Burgess and c joners of Clearspring, Washington County, Md., e adopted December 17, 1929, CHICAGO STOCK MARKET By the Assoclated Press. CHICAGO, July 23.—Following is the complete official list of transatcions in stocks on the Chicago Stock Exchange o _wooll SE32,. 895, 880s EEb Low. Close. 7 3% 1 s H W 61 23 223, 1273% 20'y ) I N EVeEEEEY & B SR8 et e 2885, g 30 5% 8250353 2% i 18% s Hh a7 26 304 18t 4 H Coee e wEESE FER o 00 17200 Chicago Gorp 000 Chicago Corp ys Ser 2. 50 Chicago _Yellow 9200 Cities Service 328! o '3 B2 8052,.838! " Sid SaFET i3 ot et 3 (3 oudaille- inland Ut ull Util 98 thsull_§''be 400 Iron Pireman . 130 Jefferson Elec . 580 tove W $83y ERsLENT-s.,, 8T = S SEUSIBBERINGE NN S88R SRE ST ea 881 v N sEgRssunL, [k o Ry e, S & o e e SRR RS ETIRSre 288S, some time ago. remains to be placed, but probably not be awarded this year. Manufac turers expect to book line tonnage within the next month or: two, since a number of projects are' still pending and others . are being- fl,lmned. A gas line from New Mexice lug‘Arlmnlmm!otmmfl.nllo-" X Incl Box Car Purchase. ‘ “The lllml:::yolh & St. Louis has bou‘ght 5‘:0 kctu“ but the railroad. equipment market remains unusually. quiet, with pending business totaling. less than 3,000 cars.” Structural steel awards for the week were 37,000 tons, or & little the weekly average for the year, at 33,000 tons.' New projects totaled 22,000 e tren, ‘A - compantte pr e Iron Age com) prices re- d at the low levels of the last week, bel .8 gross ton and-. cents & pound. - $17.09 217 FOREIGN BRANCHES AID AMERICAN TRADE Nation's Business Discusses Prae tice of Establishing Plants in Foreign Lands. By the Associated Press. ‘The economic n{cwr': underlying gro\ practice of establishing branck - E,hnh toreign countries are discusseé the current issue of Nation's Busi- ness. Some Americans, the article ts. see in this comparatively new trade development a danger ising cheap'loreigh Tapor 1. gain com: cheap foreign lal com. petitive advantages in the United States * Others see in this development a higk compliment to the business sagacity of the American executive. There are a number of real sound rrlnlul and compel reasons why he branch plant is necessary to protect and expand - American internationa: trade. 0S¢ same reasons, of course would apply to the establishment of & French plant in the United States or s German plant in Argentina or a Britisk - plant in Spain. Probably foremost ams these rea- sons. the article says, is the desire te hurdle a foreign tariff wall which i either prohibitive or excessively restrict. . ode “The question of preferential tarif treatment in the British Empire is oftey a strong reason for eaubn.hfim a branck lant in Canada. If a tariff or a cus. loms federation is eventually set up among a group of European nations and the United States is not included American interest in the establithment of branch glmu in Europe would re- ceive a mighty impetus. Other {tems by the article support of the foreign branch idea are transportation cost, camj in favor of merchandise “made home country,” patent rights, skille¢ labor supply and so forth. CAR LOADINGS GAIN. By the Assoclated p;m. A Car loadings of revenue freight dur- ing the week ended July 12 rose sharp- ly, as compared with the previous wee} when the Independence day holidays were observed. The tollemn.“ m;’u fo comparable pes are given American Railway Association: Week ending July 12, 915,985 Previous week, 792,141 cars, week last year, 1,086,414 cars. CHICAGO DAIRY MARKET. CHICAGO, July 23 (&) —Butter— Recepits, 6432 tubs; creamery extras, 35%; standards, g::au'o 335a34; firsts, 32a32%; 4 nn—‘/" Receipts, 8617 Cases; umset: tled; prices unchanged. % INVESTMENT TRUSTS . counter market: 10234 1021, 103% 10042 100% 100% a recent month 37.565 new mof In cars were registered in Great Britain.