Evening Star Newspaper, July 24, 1930, Page 14

A—14 *=» FI BOND PRIGES MOVE | === - BONDS s s |WEATHER AFFECTS | IN NARROW RANGE Junior Rails, Speculative In- dustrials and Others Sag in Heavier Trading. BY F. H. RICHARDSON. Epecial Dispatch to The Btar. NEW YORK, July 24.—Bond trading increased in volume today, but prices remained unchanged or—as was the case with the junior rails. speculative ind and second-grade foreign dollar credits—sagged a little. The opening was strong on a mod- erately large overnight accumulation of orders, induced by Wednesday’s strong market, but when these had been cleaned up, little new buying appeared and there was an increase in selling. Some of it was attributable to the fact that hundreds of quotation tickers in New York City were put out of com- mission by an electrical storm, and nervous speculators sold their holdings rather than remain in the market with- out the guidance of the ticker. Counter Trading. ‘The principal index to the market was in counter trading. and here prices were firm and trade was brisk. New capital issues for the day totaled only $8,000,- ©00, of which $7,000,000 consisted of Mississippi Power & Light Co. first mortgage gold bonds, due December 1, 1957. These were priced at 95 and ac- crued interest, to vield about 5.30 per cent. This is another slice of the £100,000,000 néw financing _currently being Eut out by Electric Bond & Share subsidiaries. In listed bonds, high-grade rails and public_utilities were the ‘only spots of _strength, manifested more by unchanged prices then by advances, Canadian Pa- cific 4s, which touched a new high on Wednesday at 89'4; were unchanged at the opening and continued in good de- mand. The same applied to such is- rues as Atchison general 4s, Baltimore & Ohio first 4s, Canadian National 5s, New York Central 4s, Pennsylvania 4'ss, Southern Pacific 4!zs, Frisco A 3 Northern Pacific 4s, Great Northern 7s, and Chicago, Burlington & Quincy 4s. Public utilities such as American Tele- phone 5155, Duquense Light 415s, Phila- delphia Co. 5s, and Columbia Gas & Electric 5s were also firm. Convertibles Dull. Convertibles mirrored a dull stock market. Texas Corporation 5s had & amall gain. In the second-grade rail group St. Paul adjustments dropped to a frac- tional net loss on the day after being sharply higher‘at the opening. Rock Island A 4lcs improved. Florida East Coast 55 were up % and some of the Southern Railway issues commanded better prices. Industrials like Anglo- Chilean Nitrate 7s, National Dairy Products 5Ys and Goodyear 5s were slightly higher. Chile Copper 5s failed to reflect the cut in the company's divi- dend rate. Oils were steady. Tractions ‘were fairly active. Poreign bonds were wnchanged for the most part. German 51,5 were V4 higher and so were the old Austrian 7s. The new Austrian 7s sold at their offering price of 95. Belgian and French issues continued strong. VIRGINIA BUILDING CONTRACTS INCREASE . With awards for new building and ehgineering works in Virginia amount- ing to $9.878,800 in June, large gains were registered both over the preceding month, when the contraci fotal was $5.340.400, and over June a year ago with $4,897,700. New ronstruction of 8ll types undertaken in Virginia during the first half cf the ysar was valuxd at $39,934,400, compared with $35,244,200 {;r”me corresponding six months of . It was reported throngh the Rich- mond Clearing House that deposits in 15 banks in the city were $10,378.631 higher on June 30 this year than last. ‘The report this year is for one less bank than in 1929. Total deposits this year ‘were $125,984,416. BANK CLEARINGS. NEW YORK, July 24.—(Special).— New York clearings, today, $1,105,000,- 000; a year ago, $1,654,000,000. New ‘York bank balances, today, $152,000.000; A year ago. $219,000,000. New York Federal Reserve credit balances, today, $125,000,000; a year ago, $174,000,000. POTATO MARKET. CHICAGO, July 24 (#) (United States Department of Agriculture) —Potatoes— Receipts, 99 cars; on track, 204 cars; total United States shipments, 620 cars; weak; trading slow; Kansas and Mis- souri sacked Irish Cobblers, best, 1.40a 130; few fancy shade higher; ordinary to poor, 1.25a1.35. Baltimore Markels Bpecial Dispatch to The Star. BALTIMORE, Md. July 24.—Pota- foes, white, 100 pounds, 1.75a2.00; bar- Tel, 1.25a2.50; beans, hamper, 1.00a1.5! beets, 100, 1.00a2.00; cabbage, ham, 65a90; carrots, 100 pounds, S.Mfilxfl celery, crate, 2.50a3.00; corn, dozen, 8a25; bushel, 1.50a2.50; lettuce, crate, 50a1.00; onions, bushel, 75a1.00; pep- hamper, 65a75; peas, bushel, 1.00a . pinach, bushel, 1.00a1.10; squash, hamper, 15a25; tomatoes, hamper, 50a 1.00; apples, bushel, 1.25a3.00; black- berries, quart, 10a15; cantaloupe: crate, 1.00a2.50; oranges, box, 3.75a9.00; peaches, bushel, 2.00a4.00; watermelons, 100, 15.00a40.00. Dairy Market. . Poultry, alive—Chickens, und, 23a32; Leghorns, 17a23; old ns. 19a24; Leghorns. 14al17; ducks, 18a23; pigeons, pair, 15a25 Eggs—Receipts, 747 cas firsts, 22a24; Southern firsts, 22. ! Butter—Good to fancy creamery, und, 34a38; ladles, 24a25; rolls, 24a process, 29a29’ tere packed, 18. Hay and Grain, : Wheat—No. 2 red Winter, export, 9! No. 2 Winter, garlicky, spot, 913 July, 01 August delivery, 92; -Septem- ber. 94, - Corn—No. 2 domestic, yellow, new, 25a96; cob corn, 4.25a4.50. 2 Rye—Nearby, 60a72. Onts—Write, No. 2. 4615: No. 3, 4515, Hay—Receipts, none. No change in market; continues quiet. Live Stock Market. Cattle—Receipts, 500 head; good sup- ply, market dull and slow. Steers—Good to choice, 8.00 to 8.50; medium to_good, 7.25 to 7.15; 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 .50 medium to good, 6.00 to 6.25; fair to medium, 575 to 6.00; plain to fair, £25 10 5.50; common {o plain, 4.50 o Cows—Good to plain, 575 to 6.00; medium to good, 5.00 to 5.50: fair to medium, 4.00 to 4.50; plain to fair, 3.25 % 3.75; common to plain, 2.50 to 3.00. Heifers—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, ;22 to 6.00; common to pfain, 5.00 to Fresh cows and Springs, 40.00 to 80.00. Sheep and lam! Receipts, 1,000 head; good |u&;;ll|y, market lower. Sheep, 1.00 to 3.50; bs, 5.00 to 9.25. H ipts, 600 head; light sup- Springs, nearby Rocelnt = 98 he-7: 9% ¥ aum. NANCIAL. UNITED (Sales are 2 Bai 511 271 H S Argentine 6s Ju '59 Argentine, May Argentine 5% 62. Argentine 6 A Argentine 6s B. ... Australia 43 Australia 68 ‘65 Austria Bank of Ch1 Bank of Cnt! Batavian Belgtum 6 Belzium 6% Belgium 7. Belgium 7 Belgium 8 Bollvar 78 '58 Bolivia 7 ctfs ‘69 Bolivia 83 Bordeaux 6s. Brazil 61,5 '26 Copenhagen 4%s Copenhazen bs rets Czecho 85 61...... Danish Munic 8s A. Denmark ¢ % Denmark 6%s ‘65 Denmark 6; Dutch East Ind 47. Dutch Fast 1 6s'62 Fiat 7s ex war '46 Finland 6%s. Finland s f 634 Finland 78 French 7 German Bank 6s ‘3. German Fi P 6%3s German 7s. . . Ger Gen lec 78 Gelsenkir Min 65 '34 Greek 6563 Karstadt 63°43... . Kreuger&Toll 65 ct Lyons 6s. . Marsetlle 6: Mex 45 190 Milan 6% Montevideo 7s New So Wales '57.. Netherlands 6s'72. Norway 68 '63 Norway 6s Norway 6s 44 Norway 6%s Orfent dev 63 58.. Orient Dev 65 53.. Paris-Lyons-M 6s Paris-Ly-Med 7s. Paris Orleans 5%s Peru 68 ‘60 Poland Porto Alegre Queensland 6s. Queenland 7 Rhine Wst EP 65’62 Rhine Westés °5: Rhinelbe Un Rio de Janelro Rio de Jan Rio Gr du Sul 6s'48 RioGr Du Sui 8. %s.. . R'y’l Duteb 4 % sww Sao Paulo 8s'18 ons 63. Sweeden 6% Swiss Confed Tokio 6s. ... .. Tokio &%s '61. Utd Kingm 6%s 37 Uruguay 6 °60.... Vienna 63 52...... Yokohama 6s. AbItb] P&P 63 '53. Adams Exp 4548 Ajax Rubber 8s. Alleghany Cp 68 ‘44 Alleghany 58°49. .. Allis Chalm 58 37, Am Chain 6s Am For Pwr bs Am 1GChb%s 49, Am Int Cor 5% 43 Am Metal 5%8°34. . Am Nat Gas 6% 5'43 Am Smit & R 1st 58 Am Sugar Am Water Wks 58 Am Wrtg Pa 6547, Armour&Co 4% 5’39 Armour. Del.5% Atl Gulf 5s 59 Bell Tel, Pa. bs (B) Bell Tel Pa §s (C).. Bethlehm £€tl pm bs Beth Steel rf bs. Certn-Td 6%s ret: Chile Copper bs. Com Invest E14s 49 Com Invest 6s ‘48 ConGas N Y 6%s.. Denver Gas 5s. . Det Edison bs '40. Dodg = Duquesne (%8 67. . Gen Mot Ag Cor 6s. Gen St Cast 5% 8'43 Gen Thea i3q 6540, Goodrich 6%8 Goodyer b rc 1li Bell Tel b 11) Steel 4% s "40. Inland Ste % 78 Intl Cement 8. Intl Match 6 Int] Mer Ma: . Intl Paper 58°47... Intl Paper 6s. Int) Tel & Tel ¢%s Intl T&T ¢%scv.. Int] Tel&Tel b8 '65 Kan G & E 68 '52. Lackawanna St 6s. Loew's 65 w o war. Lorfllard 68... ..., Lorillard (P) 7 McC'rmek ER 65'34 Midvale Steel bs. .. Montana Pwr ‘43... Montana Pwr db b5 Morris&Co 1814 %8. | Nat Dairy 6%s . | Nat Radlator 6% | | Nor States Pwr 6 8. 1 100 29 224 1032 2 101 20 2 101 30 28 1138 FOREIGN. STATES. y 1n $1,000.0 High. Low. 100 29 102 29 101 20 101 29 067 1063 0R 16 108 14 11226 Close. 100298 1032 101 20 101 30 1067 108 15 118 ales. 1 6 1 5 1033 103% 4% 9 96 %% 94T 1040 104% 109 109% o 114% 114% 105% 100% 764 164 764 # 8o, 1001 1000 10315 10314 3 110% 11015 1101 110% 1101 1104 o3 03 1014 1014 105% 105% 01, 92, 023 106 106% 10415 1044 96l 964 i) 12 105% 105 105% 106 SRRt 89% 90y 100% 1003 8:M 82% 106% 106+ 991 991 104% 1043 105% 105% 103 105 90 90 97 97 104 104 @ 105% 10514 1031 103% T4 Tlu 0% TO% 104% 1041 Ty T2 97 66 95 95 0% 90% 8ut 89 9915 991 96 96 108 108 R6ly 861 6% 97 105% 3 97 66 THE EVENING Pub Sve G 4%s67._17 Pub Serv G 4343570 55 Pure Oil 538 °37. Rem Arms 65 °37. Rem Rand 6%s war Sinclar O11 63 100% 100% 9% 961, 981y 100% 103%, 104% 102% Stwnd OILN ¥ Tenn Cop 6s B Tex Corp cv 58 44.. Transcontl Oli 6% Onite¢ Drug 68 '53. 'S Rub 1strf ba... Utah Pwr&Lt b Utilities Pwr 5% Warn Bros P 68 4 Warner Sug 73 41.. Western [lec 55 Westn Unton 58'51. Westn Unlon 6%s. Wilson & Co 1st 68. Win RepeatAr 1448 Youngstn S &T 5s. RAILROAD. A T&SF cv 45 2005, Atchison ad) 4s. Atchlson gen 48. .. A, T&SF cv 4%58'48 Atl Coast L 1st 4s. . Atl & Dan 1st 4s8'43. B & O gold 4s. B&Ocv4ls’33. F & O PLEWY 4 15 & O SW 6560 Boston & M 5s 1 Buston & Maine bs, Bklyn Elev 6%, BKlyn Mannat sklyn Un st 5; Buff R & Pitts 4% Bush Term con 8. . 100% 90 98 85 924 Can Nat 4%s '67 Can Nat b8 et Can Nor 414836 Can Nor 6%8. Can Northern 78 Canadian Pac db 48, Can Pac4%s 46 Can Pacific cts b8, Cent of Ga 65C 69. Central Pacific 4 Ches Corp b8 '47 Ches & O gen 4%48. . Ches& O 4%3'93 A 14 Ches & O 4338 B '95 108 Chi & Alt 3s. 2 1 100% 954 100% 100% C B& Q gen 48 63, CB&QIstrbs. .. <hi & k 111 gn bs o1 Chi Gr West 4869, Chi Ind & L ref bs. . Chi M&SL P 4889 Cha M&SUP 4% '89 ChiMI:StP&P 6875, CM&SLP Pac ad) b Chi & NW gn 3%s. Chi NW 4% 2087. Chi& N W eon 4%s Chicago Rwys bl ChiR1&Prf ChiRlcv4% Chi Rk Isl 4%s A, Chicago T H 5 Chi Un Sta 4% StL 4% (£). 167 Clev Term 4%s'77. 21 Colo & Sou 4% Cuba R R 6s. Cuba R R 7%s. CubaNors 13 s'42. Del& Hud ref 4543 1 Den & Rio G ¢n 48 Den&RGW b8 '56. DR G&Wst 6878, gen 48 bs, 1967, irie 6s. 1976. Erie conv Ex T .. Fla East C 68 °74... Fonda J&G ¢%s 52 Grand Trunk 7 Grt Nor 1st bs. . Gt Northern 6% Great Nor gen 7, Gulf Mo 58 (B).... Hud & ad) 5 Hud & Man ref 6! 58 1 1074 1075 107% 991 99% 100 100 ] 105 96% 105 961 86 97 MISCELLANEOUS 26 86 100 8¢ 85 99% 8914 63's 631 100 100 99% 100 102 102 101% 101% 87% 87% 105% 105% 974 9TY% 9T 75% 1017% 102 103% 1 165 1051¢ 105 105% 106% 1058 1058 107% 108 1014 101% 9% T9% 90% 90% 81% 82 3% T3% 107 107 109% 109 102 102 102 10z 45% 45% 95% 96 9% 94% 991 991 106% 106% 10114 101% 104% 1041 9115 91% 102 102 10216 102% 101%% 101% 96 961, 1068 106% 934 984 105% 105% 100% 100% 95 95 100% 101% 99% 99% 100% 100% Bay 8 871 90% 11111 9T 971 10614 106% 103% 1073 103 86 100 *9%% 1004 100 102 101% 8T% 105% o 101% 104% 9% 102 1023 2 1011 8t ¢ 117% 117% 99% 100 101 103% 103 111 Cent 45 52 111 Cent 48 *5; I Cent 4%s Int Rapid Tra: Int Rapid Trans Int Rapid Trans 1 Int Rap Tr bs stpd Int & G Nor 1st 6s. Int & Gt Nor ad) 6 Kan City Sou 63 Kan City Term 4 Lake Shore 43 ‘31., Leh1 Val con 4 Lehigh Val con 4 %8 Long 18] rf 4849, L& N uni ¢s L &N 4%52003... Mich Cent 41579, . Mili Ei Hy&L 6861, Minn & StL ref 4s. M StP&SSM con ¢ M StP&SSMen 63, M StP&SSM 6%s. . M K & Tex 43 (B) Mo Pacific gen 4s. Nio Pac bs ¥ *17. Mo Pac 68 G *7 Mo Pac 68 49 cv. Mob & O 43877, Nat Ry Mex 4s°77.. NOTex& MbsB NOTex & Moks. N ¥ Cen gen s} N Y Cent 439 Cen deb 6 £ YChi&S(L 414578 C&StL6%s B 1 NY NH&H 43867, NY NH&H cv db 6 Nor Pacific ref 6 Ore Wash 1st Penna 4%s 1970 Penna gen 4% Penna 4% s '63 Penna gen b Penna 68 Penna 6% Pere M 4% Pere Mara 1st & P CC&StL 5s( Port EI'P L 63 Port R L & P 58 '30. Port R L & P 68’42, Port RL&P 734546, RIAMK& L 4%s. .. StL1M&Sba. StL IM&S R&EG StL & SF pl 48 A 92% 97 100% 101% 109 Sk L& StLS W st 4 St LS W con 4833 SIL S W s '52. Seaboard AL ref 4s 1 3eaboard AL cn 6s. 20 SBAIlFlaés 354 10 Sou Pacelt4s..... 1 Sou Pac ref . 125 Sou Pac 4%s rets. . 32 Sou Pac 415569 ww 74 Sou Rwy gen Sou Rwy con bs. Sou Rwy 68 5! - P P A 106% 10615 1034 1034 105% 105% 104% 1043 101% 101% 65 65 4 108% 10815 1004 100t 9y 99 95% 958 FREhR TN SonRwy 6148 Sou Rwy Mo & Tex & Pac b3 B17. Tex & Pac b8 C*79. Third Ave ref 4560 Tol StL & W 45 '60. Union Pac 1st Un Pao 18t r Union Pae ¢ %s. Sales. High. Low. Close. 00 1008 100% 99 96 98 100% 103% 104% 100% 95 1031 100% 95y 100% 981y 4 ! 1001 10014 100% 100% 98 100 100 i3 »61s 52 9 4% 4% 9 8114 93 92% 100 46Y% 20% W 110% o8ty 110% 1t 1004 100 3% 8615 53 9415 94%, 944 91 811 9315 93 100 46% 26% 110% 981y 110% 111 100 80 % 100% 924 100% 100% 100% 9% 8RIg 93% 100% 89 78 96% 100% 101 10814 104 105% 994 102 98y, 90% 9254 102} 10114 106% 100% ‘38'» 981 5% 5% 2% 97 1003 101% 109 104 10914 991, 104% 110 987 100% 10014 105% 99% 102 NATIN' BUSIESS Effects of Recent Dry Spell Are Apparent in Va- - rious Lines. BY J. C. ROYLE. The business man no longer is indif- ferent as to whether it rains or does not rain. Whether he lives in the city or the country, he pays strict attention to heat, and drought and moisture, not because of his personal comfort or dis- cdmfort, but because they affect his business basically. Business in America now is so closely interlocked that a factor like the weather cannot affect one line without having a bearing on every other. Effects of Drought. The recent drought, for example, has peen causing the steel manufacturers almost as much discomfort as it has the farmers. If the crops drop off the movement of crops over the railroads also will drop off. This means smaller loadings of revenue freights and smaller sums available for purchase of new equipment and maintenance supplies. The steel mills depend to a marked de- gree on railroad buying. The carriers already have had to curtail steel buying because of drops in revenue freight sarlier in the year. If the loadings continue low the steel men can expect to sell less tonnage. The drought has cost the oil men, with large stocks of gasoline in storage, no small sum in evaporation and pre- vention of evaporation. It has had a bearing ,on automobile trafic and on automobile sales, If farm revenues drop, auto sales in rural districts will drop with them this Fall. This would result in smaller sales of copper, tex- tiles, rubber and a score of other com- modities used in making motor cars. On the other hand, the hot spell has stimulated sales of refrigerating equip- ment, house cooling systems, ice, ice cream, dairy products, cotton textiies, bathing suits and other hot weather goods. It has hampered the sale of certain kinds of meats and encouraged the consumption of fruit and —green vegetables. The dry weather has lowered the level of the streams and has reduced the production of current from hydro-elec- tric plants. This has resulted in re- stricted operation of some plants de- pendent on such power, but has stim- ulated the consumption of coal in the steam generating plants, which supple- ment the water power stations. Sales of fuel oil have increased for similar reasons. Other Results of Heat. Use of taxicabs has increased, accord- ing to some of the cab companies, owing to the reluctance of the public to crowd into subways, busses and street cars during hot weather. Another in- dication of the widespread effect of the heat waves is seen in the fact that the cost of upkeep of golf course greens and tennis courts of country clubs throughout the country has practically doubled temporarily. Laundry profits have risen and sales of electric house- )gn’ldk labor-saving machinery have been risk. (Copyright, 1930.) ‘William M. Rankin, jr., formerly with the Riggs National Bank, has recently become identified with the discount house of Salomon Brothers & Hutzler, 60 Wall street. While with Ri; Mr, Rankin was for several years editor of the Washington Chapter publication, Dollars and Sense, and was a member of the original board that sponsored the publication. He also edited the Riggs house organ, The Clearing House Key. He is a graduate of the chapter. Mr. Rankin's mew situation will be in the acceptance department of the dis- count house. s S LV I Washington Stock Exchange SALES. Geo. Gas 55—8$1,000 at 103. Wash. Gas 6s A—$500 at 103, Cap. Tract. Co.—10 at 67, 10 at 67%, 10 at 6774. Lapsion Monotype—10 at 1143, 10 at i AFTER CALL. Poll.o!Ellrc. 5%% pfd.—5 at 108'%, 5 at N& W. Steamboat rts—69 at 16, 4 at Wash, R. & E. pfd.—4 at 98, Cap. Tract. Co.—5 at 673, 5 at 673 Bid and Asked Prices. BONDS. PUBLIC UTILITY, Amer. Tel. & Telga. 4% & Tel. 4748 Bid. Asked. 102 seri & Elec. MISCE] Ross. Inc e Ciub 8 Wash. Gas Wash. Ry. Barber & Ch P e @8) Federal-American (i0) Liberty (78) Lincoln (12) Metropolitan { Riggs (13) cond _(9e) Washington Amer. See. & Trust Co. (15) Continental Trust (6). * Bank & Trust (8} ings & Trust (12 k & Ti LET 100 Bank (i7) s ( Mechanics' (30) . FIRE INSURANCE. n (12) el Washington TITLE INSURANCE. Columbia (6h) .. a Barber & Ross, Inc., com. .. Chevy Chase Dairy pfd. (7} . 8and & Gravel pfd. (7) Mig. pfd Sec. pld. ( Lanston Monotype ( Mer. Tr. & Stge. com. (10). Mer Tr & Stge. pfd. (7 528229835845 dEx rights. Wi-Wheu issued. STAR, WASHINGTON, D. C.. THURSDAY (Continued Prom Page Penney(JC) pf A(S). Penn Dixie Cement. . Penna RR (4)....... Gas, Chi (8) Marq pr of (5).. 80s Petrol Corp (1%). K s Phillips Petrm (n2). 23 Phoenix Hos pf (7).. 108 Plerce Petroleum. 12 Pilisbury Flour (2).. 14 Pitts Steel pf (7).... 60s Poor & Co (B) (2)... P Rican Am To (B). Postal Tel & C pf(7) % Prairie O1l & Gas(2) Prairie Pipe L (15). Proctor & Gamb(2.40 Prod & Refine: Pub Serv N J pf (8). Pub Serv EXG pf(6) 25s Pullman Corp (4)... i Punta Alegre Sugar. Pure Ol (1%). Pure Oil pf (8) Purity Bakeries (4). Radio Corp. . Radjo-Kelth-Orph Raybestos Man 2.60. Ieal Silk (5)....... Real Silk Hos pf(7)+ em Rand ¢1.60). ... Rem-Rand 1st pf(7). Reo Motor Car (80c) Reo Mator ctfs (80c) Republic Steel (4) . Revere C&B (A) (4). Reynolds Me:!s 2.40. Reynolds Spring. ... Reynolds Tob B (3). Richfield O1) (2). Rio Grande LIl (2) Safeway pt (6) St Joseph Lead (13). St L-San kran (8)... St L-Sun ¥ran pt (6) St L Soutnwestern. . St L Soutwn pf (5).. Savage Arms (2) 4 Schulte Retail St Seaboard Alr Lt % Sears Roebuck(3: Second Natl Inv.. % Seneca Coppe! Servel, inc. Sharp & Do pf (3%).. Shattuck(FG) (11%) Shell Union (1.40)... Shell Un Otl pf (5%) % Shubert Theatre Simmons Co...... Simms Petrm (1.60). Sinclair Con Of] 12). Sinclair Oll pf (8). Skelly Ofl (2). S Sheflield p! Snider Packing pf... Solvay Am pf(6%).. Soutnern Cal Ed (2). 33 21 65 Sparks Withngtn(1). Spear & Co pt (7). Spicer M1Eg. . Spiegel-May-Stern. . Stand Branas (1%4).. Stand Gas& El pf(6). Stand Invest Corp. Stand O of Cal (2% Stand Ofl Exp pf(5). Stand O1l of Kan (2) Stand Oil of N J(12). 857 Stand Ofl N Y (1.60). 458 Sterling Sec (A).... Sterling Sec pf(1.20) Stewart-Warner (1). Stone & Webster (4). Studebaker Corp (4) Submarine Boat. .... 24 JULY 24, 1930. 13). Sun Ofl 4 Timken Timken Utd Biscuit (1.60). Utd Carbon (2) Utd Cigar Stores. Utd Cigar Strs pf United United Utd Gas & Imp(1.20) Utd Stores pf. U S & For Secur. U S Alcohol (11). 4 USPipe & F (3). U S Realty (5). U S Rubbe U S Rubbe: i U S Smelt Ref pf 3% U S St U s st Vadsco Vanadi Va-Car Vulcan Warne, West P Py P We. We: We Wilson Worth Yellow “Zenith Am Tel Sales of 10:30 AM....... 1:30 P M. oayments based 5 “ | in "stock.~ §Payable in no regular ra abl b Plue 3% in 5% in stock stock. Taond Rate. Add 00 1 Close. Clone Dividend Rate. Add 00. High. Low. i Symington (A). % Telautog’h C (+1.35), ‘Tenn Cop & Ch (1). Thermoid Co. 1 Thompson (J R ‘Thompson Starrett Tide Water As (§0c Tide Water As pf (6) Tide Water Oil pf(5) Tobacco Products. . . % Tobac Prod(A)(80c) 4 Transcontl Oil (30c). Tri-Contl Corp. . Tri-Cntl Corp of (§). Trico Prod (2%).... Twin City Rap T(§4) Und-Ell-Fiscner Union Bag & Pa| Union Carbide Gniv Pipe & Ra. ULl Pwr&Lt A (e2). Va-Curo Chem Va El & Pwr pt (6) Va Iron Coal & Coki Walworth Co (2).... Ward Baking (A)... Warren Bros (3).. Warren Fdy & P (2). Wextark Radio Strs. White Rck MS(14%) Willys-Overland Woolworth (2.40). Wrigley (Wm) (4).. Yale&Towne M{g(4) RIGHTS EXPIRE Dividend rates as given on the latest Unit of trading less than 100 . b P ble i1 in, Sasht o stock TPl 955 FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 58% 104% 5 1) 581 584 104 5% 3% 3% 1%y 19% 1% 53% 5% 9% arm | 11t 14% Det Ax(80c) Roller (3 Corp (214)... Corp pf (3) 147).. 1 pf (7) Sales pf (7). um Sl (14) Chem ! Det (4 ¢} June, FLECTRETYFOOND INBETTERDEWAND Figures Show Equipment, Apparatus and Supplies Swinging Upward. Special Dispatch to The Star. NEW YORK, July 24.—Productive activity is swinging Zpward in Ameri- can plants engaged in the manufacture of electrical equipment, apparatus and supplies. A survey of operations in based on the consumption of electrical energy, reveals a 1.4 per cent gain over May, an advance which I8 approximately 1.2 per cent greater than the normal seasonal increase, Electrical ‘World reports. Manufacturing activity in the in- dustry as a whole last month was € per cent. below June, 1929, levels, x'l' was 34.8 per cent above June, 1928, the curvey further shows. During the firsl six-month period, however, equipment manufacturing averaged 4.1 per ceni above the same period last year. This is one of the very few industrial groupe reporting higher operations in the Jan- uary-June period than for the corre- sponding time a year ago. Operations for the second quarter averaged 1.2 per cent under the second quarter of 1929 whereas the average rate of activity during the first quarter was 10.6 per cent above the same period last year. ‘The closing month of the first hah finds the smaller electrical manufactur- ing companies in a slightly more favor- able position than the group of larger companies, although both experienced an upward turn during June. The smaller companies recorded s June increase of 1.8 per cent over May but were still operating on a plane about 58 per cent under June lasi year. The group of larger companiet reported June operations .4 per cent a;;; May, but 6.8 per cent under June Comparative indexes of produetive activity in the electrical manufacturing industry, based on the cofisumption o: electrical energy by these plants, ad- ng (B)... ing pf (7). 1 Warner Bros Plo (¢). 143 War Bros P pf (2.20) 1 ‘Quinlan (1). 8 3 6 33% 56 101% 110% 116% 12 21 enn El pf (6). 20s enn EI pf (7). 30s enn Pw pf(7). 10s & Co. Pump. . 133 % 1% 26% 9 9% 41% 27% % Truck. Radio. & Tel.Aug 1 204 19 18% Stocks an New York Exchange + 209,100 12:00 Noon. . . 984,200 2:10 P.M. in the above table guarterly or hait 18% 18% 1 es " {Bartiy extra ‘e in stocl A Pald st year— Pl 0% otoek® & Fius 85 i Stk 1us 8% 1o siock. 'k Plus 3% in stock: 8 Bius scrip. Plus 9" BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK, July 24— Political events frequently have interesting reper- cussions in financial markets. Appar- ently it is a far cry from the London naval pact to Wall Street finance, and yet the relationship is actually very close, as proved by the sharp rise in European government and corporation bonds listed on the New York Stock Exchange immediately following the news that the United States Senate had ratified the treaty. Many of the better known foreign bonds sold at new high prices for the year when all doubt regarding the fate of that famouscompact wasremoved, a result for which American investors in fc:‘l;ell'n bonds may thank their Sen- ators. As a matter of fact, everything which tends to establish the security of Eu- rope is an additional guarantee that 1 bondr sold in this country by European nations and corporations will be met, principal and interest, as due. American Investments Abroad. ‘That is a matter of considerable im- portance to American banks and pri vate investors, who have invested bil- | lions of dollars .in foreign securities. Europeans and other borrowers abroad have been selling bonds to us for sev- eral years at & rate of about $1,500,000,- 000 a year, In the first six months of the present year they sold us approxi- mately $850,000,000 of bonds. A mistaken idea is abroad in certain parts of this country that we should not lend our money to foreigners. Some folks believe foreign bonds are something to be shunned as bad busi- ness, They think we should spend all | of our money at home. That spirit was especially manifest when the recent | be put on the market, but it crops out | perfodically whenever foreign loans are | under discussion. it is undoubtedly true that all for- eign loans offered for sale in this | country should be scrutinized very | carefuily by our bankers before they | try to interest American investors in them. That is not, however, because | they are foreign bonds. In fact, the very same precautions should be taken when domestic issues are offered for sale. A bad debt is a bad debt, whether it is domestic or foreign. Quality of Foreign Loans. ‘There is nothing inherently undesir- able in a foreign loan as such. The only guestion should be whether the security behfnd it is good. The respon- sibility of determining that question rests on the shoulders of the American bankers who underwrite foreign loans. An analysis of defaulted bonds probably would reveal that the vastly prepon- derant percentage of bad investments bas been domestic securities. As a matter of fact the investor mn foreign bonds has the benefit of one curb which does not function over do- mestic issues, and that is a certain s pervision by the Government in Wash. ington, Ever since the war brought a horde of foreign seekers for credit to American shores the State Department has exercised the fl‘ht to ban a pro- posed foreign loan if it saw fit. ‘The Government has consistently consulted with bankers regarding every foreign loan publicly offered. It satisfies itselt on several points before sanctioning such a loan—whether the country seck- ing the loan has'ever defaulted on its foreign obligatipns, whether the govern~ German reparations loan was about to | FOREIGN BONDS STRENGTHENED | BY NAVAL PACT RATIFICATION Action of U. S. Is Looked Upon as Further Guarantee of Peace and Prosperity in European Countries. get, whether proceeds of foreign loans will be used for military purposes and whether the loans will be used to fos- ter monopolies injurlous toAmerican rade. Benefits to Lenders. Benefits of American lending abroad have been numerous. The rehabilita- erated. Hundreds of millions of Amer- 1can dollars loaned to Europe have been spent in the last 10 years in buying American products and thereby con- tributed to the great post-bellum boom this country enjoyed. Foreign bor- | rowers pay high rates of interest for loans. According to the United States Department of Commerce, our income from foreign investments last year was nearly $800,000,000. (Copyright, 1930.) FOREIGN EXCHANGES. (Quotati:ns furnished by W. B Hibbs & Co.) Nominat gold Sellin checks value (or par)y _ toda 54.8 '3.96i 2680 26.790¢ 26,8920 DIVIDENDS DECLARED NEW YORK, July 24 (#).— Regular. . crow Q b Stockholm, crown Pay- able. Hidrs. of Company. Altorfer Bros Do pf .. Am Reins Boss Mg Pe- Rate. riod. 50 1 4B o pf ... 31 oy Churngold ' Corp..".75¢ 1 Hav El Ry 6% b 0 Lord&Tay 1st Spitzer Prop pf 00000ODOD Extra. Altorfer Bros ,....85c — Omitted. Am & Siottish In.. Burdines Inc pf Chariton Mills . Credit Alliance Do A . Merchants Petrol. Due June Due July Due Aug. Due July Due July Due July 30¢ 50c Q Q Q Q Q Q 25¢ 2 NEW YORK BANK STOCKS NEW YORK, July 24 (4).—Over-the- counter market: BANK STOCKA. | America ALY 8 i Bloxdway Natlonai Chase at Phenix | Chi Cit Peoples Natl ... : TRUST COMPANIES. Corr Fxchange County .. Guaranty Trving . Manufacturers ment in question has a balanced bud- | tion of Europe has been greatly accel- | "| corporation, Washington Produce Butter—One-pound prints, 40%%a4d1; | tub, 39a40, ! Eggs—Hennery, 25; current receipts, 20a21. Poultry, alive—Spring broilers, large, 30a32; medium, 27a28; Leghorns, 20a22; fowls, large, 24; medi- um and small, 20a22; Leghorn fowls, 16a17; roosters, 16. Dressed, shipped in ice—Spring broilers, large, 30a: 15al7; roosters, 17. Jobbers’ prices: Home dressed—Spring broilers, large, 35a36; medium, 33a34: small, 32a33: Leghorns, 26a28; Leghorn fowls, 20a22; roosters, 17a18; ducks, 23a 24; turkeys, 32a35. Meats, fresh killed—] 15a16; lambs, 2! 3 s, 18a20; eyt o n‘;lnoked klhouldel’l‘ 20; , 27; lard, ackages, 13; | bulk, 12, i el e Live stock—Calves, 9; lambs, 8a9. Fruits—Watermelons, 40a75: loupes, Ridgeway, N. C. 1. homegrown, ~ two-peck baskets, one-bushel crates, 2.25; honeydews, 2.00 {2250, honeyballs, 3.0024.50; apples, 50a 1.50; peaches, 2.00a3.50; ars, Bart- letts, 3.50; alligator pears, 8 and 9 in box, 2.50; cherries, Hood River, per box, . plums, California, 2.25a2.75; grapes, 2.50a3.25; plums, 2.25 a 2.75; huckleberries, per quart, 16a18; oranges, 7.50a8.50; lemons, 9.00a13.00; ples, 5.00; limes, per 100, 2.50. Vegetables—Potatoes, 2.50; 25; corn, five- dozen sacks, 1.00a1.50; beets, per 100 bunches, 3.0014.00; carrots, per 100 bunches, 3.00a4.00; string beans, 1.50a 2.00; okra, 1.50a2.00; lima beans, 2508 3.00; eggpiant, 1.25ai.50; peppers, 1.00a 125! “squash, 1.00a1.50; cucumbers 1.00a1.25, | small, 25a26; small, 25a27; fowls, heavy, 25; small,| Jjusted for number of working days anc referred to the period 1923-25 as 100 are shown in the accompanying table: April, March, 1930 .. June, Average first half of 1929 CORPORATION NEWS ' NEW YORK, July 24.—The following is today’s summary of important cor- poration news prepared by Standare ";Ismmia Co., Inc., New York, for the Associated Press. News Trend. Reports of an unfavarable wmature continue to characterize the trend o | corporate news, and although oc casional announcements from scatterec points declare activity is swinging up- ward, composite data indicate such re- ports to be local, with industry as whole still.on the down side. The firs nine railroads issuing June statement: show reduction of 25.6 per cent in ne operating income from last year. whil in the six months the drop amountec to 253 per cent, Gross earnings o the same companies fell off 13.2 ne cent in Jupe and 10.9 per cent in the half year. Such declines reflect the steady fall in freight londings witnessec in previous months. With freizht rev. enues comparing with 1924 levels 1 would be unlikely for railroads to re- verse the trend of earnings in the next few months. Of interest is the Amer. ican Railway Association repori tha: | roads of the United Statss placed 49.20¢ new freight cars in operation during the first six months of 1930. comparec with 32,794 in last vear's meviod. Or the other hand. new cars op order July 1 aggregated only 24.549. against 39,631 on the correspondinz A~v in 1929, mak- ing it appear that rfictls to keep ex- | venditures n line with ve'ume of traffic ! in ensuing months® are becoming ef- Tective. The Companies. American Water Works & Electric June electric output, off 4 per cent; siy - months, up 2 per cent. Atlas Powder earned 91 cents share in June quarter vs. $2.06; six months $1.74; against $3.54. - Castle (a.m.) June quarter share earnings $1.14 vs. $197: six months $2.26; against $3.58. Chicago, Burlington & Quincy Rail- road president says six months’ earn- ings will exceed average of same pe- riods from 1925 to 1929, inclusive. Chicago & Northwestern Railway anc Mamer Air Transport Co. start 24-hour air-rail service between Chicago anc Spokane, Commercial Solvents earned 30 cent: share in June quarter, against 4C cents; six months, 60 cents vs. 26 cents Continental Can gets $114,049 income tax refund. Cushman Sons earned $5.98 on $8.0¢ preferred shares in June quarter vs $2.93; six months, $17.59; agains! $11.54. Cutler Hammer, six months’ share agains earnings to June 30, $2.43: $3.40. Pederated Metals had deficit $482.082 in six months to May 31, against net, $625,269. Ford Motor will extend two weeks' vacation period another week; to re- open August 4. General Motors earned $1.17 share in June quarter, against $2.15 vs. $3.38 Net working capital June 30, $290,- GENERAL'MOTORS SHOWS | STRONG CASH POSITION Special Dispatch to The Star, | NEW YORK, July 24.—Although | operations of the General Motors Cor- | poration in the second quarter of this | vear yielded a profit of only $1.17 a| share on the common stock, compared | with $2.01 a share in the same period | of last vear, the company reports its financial position as substantially | stronger on June 30 than at the end | of last yea | Alfred P. Sloan, jr., president of the | issued a statement yes- | terday showing that net earnings in the second quarter amounted to $53, 386,768, including equities in the un. divided profits of subsidiary and affili- ated companies not consolfdated. This brought the total earnings for the first six months up to $98,355.355. The | quarterly figure compares with $89,949.- | 323 in the second quarter of 1929, while earnings for the first six months com- pare with $151,860.310 in the corre- sponding period of last year. ‘The half-year net in 1930 was equiva- lent to $2.15 a share on the com: stock, against $3.38 in the first half of 1929. The corporation earned $44,968,- | 000, or 98 cents a share, in the first| three months of this year, so that on | | the basis of this comparison considerable | | improvement is shown, ! | Mr. Sloan’s statement showed that the corporation realized a profit of $9.517.943 on the sale of 1,375,000 shares of Gen- eral Motors common stock to the General Motors Management Corpora- tion in the second quarter. This is after Federal income taxes and charges, to 17 cents a share on | the outstanding common stock and is |listed as a non-recurnng profit. With . | this amount added, the .olal net carn: ings the second quarter were $60.963.841, or §$1.34 a share on the | 577,234; against $251,287,782 December 31, 1929. Subsidiary, Buick Motor Car reported to have received over $10.- 000,000 advance orders for new 8- cylinder cars. Patrol Cleaning Ordered. Following complaints made to the Police Department that patrol wagons were in a dirty condition, Inspector Willlam H. Harrison today issued an order to all precinct commanders to keep the wagons clean at all times. TREASURY CERTIF: ICATES. (Reportea by J & W. Selizman & Co te_—Maturity Bid Sept. 15, 1930 Dec. 15" 193 100 100 25-32 SHORT-TERM SECURITIES. (Reported by J. & W. Sellgman & Co. Allis-Chalmers Co. 55 1937.. American Tel. & Tel. §%3s i American Thread 5'is 1933, Baltimore & Ohio Batavian Pet. el alifornia Pet. Corp. usas 19 Canadian_Nor' Rwy. 4128 193 Chicago Rock Isiand 4 1934 hile Copper Co. 35 19 Cudahy Packing Co. 5t en. Mot Al General Gen, Th G Grand ¥ il of Pa. 5s 1 Humble O) 505 1932, Internat. Match Corp. '3s 1947 New York, Chi & St'1 & 1932 ine! Sta: 8L % St. L Southwestern SwWift & Co_ 33 1952 nion OIl Co, of Cal U. 8. Rubber estern Wheeling