Evening Star Newspaper, July 24, 1930, Page 15

.FINANCIAL. Sentiment Remains Chee’rfui, but Volume of Trading Is Much Smaller. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, July 24.—The Curb Ex- change was quiet and irregular today. The early morning storm that swept over this city tangied up wires and put out cables In most sections north of ‘Wall street, with the result that a large part of the financially-minded in New York City either depended on quota- tions flashed periodically over news tickers or telephoned some of the broker- age offices fortunate enough to have their tickers working. Many traders stayed out of the market. i Sentiment Optimistie. Trading in the first two hours was fully 20 per cent below the same period Wednesday, although the street gener- ally maintained a cheerful view of the future of the market. Bleotric Bond & Share advanced a small fraction, while Cities Service eased slightly. Niagara-Hudson Power most_of the time was around 17%, off 1. Standard Oil of Indiana clung around 51. Goldman-Sachs, around aréund 195, was off 4. Transamerica, ot 25%, was down even after the big board announced it would be traded there at the opening Friday. English buying was _responsible for the activity and strength of Ford M_'c- tors, Ltd., which, after opening at 17%, ptly moved up a point by midday. ration was slightly higher, #nd Stutz was down a shade. ‘Babcock-Wilcox was up 3 opening transaction of 50 shares. Coon Co. preferred rose 2%. Jersey Zinc, recently inactive, e niars "Carlson was the feature jealings in radio shares, ‘;‘0.“!]9‘: 14, duplicating it& previous . Canadian Marconi was dlil:gyhuhfl‘ubel’omte S * ja Corporation common lost 113, but. ly recovered thi mid 1% while the prefeerred was uj . Bigelow-Sanford Carpet, Whic] yecently enjoved quite a spurt just-be- fore the regular dividend was declared, advanced a point. Other Changes. % tsburgh & Lake Erie, whose traffic Inlt;“ur‘:!&gs fluctuate with the steel industry, opened up 3% at 116. Tampa “Flectric experienced another one of its wide swings today, when it jumped 7 points. Commonwealth Edison at times was up deopped on s W. B. New opened of f as it gold at 3% to 34, ithin § nts of its record ;’:c!h 1:\‘01:31 n:o. p(glunmrd Motors A with a decline of 17 hit new low ter- 8. titory at 5. nge Crush BONDS ON THE CURB Bieh. Low. ar TRt 2 103s 03t 111 gfi""l»q 98 9 97 Ve iy 103's {81 18t ! ‘l“,“': 100% 100% Eean ;i‘ h‘_';‘ i lq 9 Al i 8 Api i i 2998988 23 e, o 990 [ 9 g Y y 43 982 9 i 035 6014 o 7a 104% 1047% 10012 1007 100%a B rnanumateesmun S8t o 13 s E rn Sec Am 85 13 Intersta Fower 35 /37 90% 80 Intersta Power 65 '82 872 87'a & E 4'25 '80 & 4 gans s o ‘56 '50 xu- 10315 100%4 1083 b Ye 104 1 B '52. 104% 1530 1023 102% 102% 901, 9912 9 v 5% L 5% 97 Ol 4138 . 102 anage 55 A '54. T4l '30.0 T rrsome s SR amn B 2RT2ITIIT Bt SR & 2 8o & 1 Btaler. Mg’ e a2 24 Standard P & L 65 '57 100 4 Te: Ut 65, '45. Lt & Gulf. .. - ub 8123 ‘36 Wash W & w 5 14 W x Ut 58 A '78. 93 4 Dntted B1 Fo 54 B 62 103" jexin FOREIGN BONDS. ousands. High. 1 Agr Mtz Bank T '47 3 l:r!“! Oy E 65 '55 wi { Bogor. M Bk 75 47 n 4 Brisbane City_6s '50 Low. Close. 61s 86V 8512 8512 821y 9 g ¥ Je! 2 R TR ; ' B e 38 ‘zz3as.33PIa8EIzeISas T ae &5 eisingfors 6'as '8 un 1t B 7'z8 AC 'co Hyd Pl 75 132 Bup’ Pow fs 81 aranhao Braz is ‘58 doza_ Pr 7'as 51 6158 '83 EmETO S o En 25 wE '1. 5 Bunr Sioiis “olas 5a 87 useian 'Sty ¢lfs 30 Santiago, Chile 7 ¢ innes 7 xw s tinnes 7s ! dney NSW gzr.. Soc 8%ax A ' ww--With warrants. Iv_Without warrants, S B o1 18 s AR TDENIS! ! 2R, 2R R R NE2 2322328282383 waSwses & ST xw,o S More than 23,000,000 articles came to w“buzomqmmom 1% Aeronautic Ind war. 81 Agfa Ansco pt 11% Air Inv, Ine, ev pf. 4 Allegheny Gas...... 210 Aluminum Co of Am 109% 105% Alu Co of Am pf (6). 48% 3614 Am Arch Co (3)..... Am Capital pf (3). 28% 12% AmC P&L(B)(10%) 284 21% Am Com I'(A) b10%. §0% 344 Am Cwith P(B)10% 37 17% AmCynam B (1.60) 22 124 Am Equitle 76% 38% Am For Pwr(war). . 157 104 Am Gas & Elec (31). 109% 104 * Am Gas&Elec pf(6). 16% 7% Am Invest, Inc(B),. 7% 2% Am Invest (WAr),... 4% 1% Am Maricabo 39% 205 Am Superpwr (1). 94% Am Sperpwr 1st (6). 111% Am Tob B new (D4) 7% Am U&Gen B vie ¢ 6 Anchor P F (b10% 15% Anglo Chil Nitrate, 8% Ark Nat Gas (A) T% Ark N G cu pf(60 5% Asso Eleo Ind (30¢ 36% Asso Gas & Elec. 304 Asso GEE A (a12.40) bW Asso GRE (A) db rts 3 Auto Mu Ins A(11.10 9% Auto Vot Ma cv pf pt 36 Axton-F Tob A (3.20 Babcox & Wil (19).. 24 Bafia Corp.... 1% Bahia Corp pf. 56 Bigelow Sanf Cp 6% Blue Ridge Cp (40 33% Blue Ridge cv pf( 85% Brazil Trac & Lt(h2) 214 Bridgept Mach (25c) 2% Brit Celanese ret “able Radlo T v.t.e.. Campe Corp (2). 3% Canada Murce Sy nese 15t pf(7%) 2608 3% Cent Atlantic States 26 Cent Pub Sve. Del. .. 19 Cent States El(k40c) 4% Centrifug Pipei6ic) 21 Chain Stores Dev. .. 17% Chath Ph Al nv (30e) 17% Chem Nat Asson-v. 53 2414 Cities Service(g30c). 164 1 z 9 6 2 4 7 8% Consol Copper. 13 Cons Datry Pro 90l Con Gas, Balto(3.! 7% Con Gas UtiLB v.t. 10 Consol Laundrie 7 Con Retail Strs ( 28 Cooper Bessemer (2 88 Cooper Bess pf A (3) 6 CordCorp....... 9% Corroon & Reynold 82 Cosden Oi 30 Crown C&S pf( # Cuban Cane propt w 34 Cuneo Press (2%)... 12 Darby Petrolmn (2) 82 Deere & Co (m1.20), 2% De Forest Radlo. ... 4% Derby Oil Refining.. 4% Detroit Aireraft. 16% Detroit Gasket (1 10 Dixie GasaUtilit 814 Doehler Die Casti: It Dubllier Cond & Rad 140 Duke Power (§15) ... 1268 8% DuquesneGasCp w.d 17 18% Eastn Sta Pwr B(1). 8§ 9' Eisler Eelectrie1%) . 924 Kl Bond&Sha cu pf(§ 70% El Bond & Sh (b§). . 103% El Bond & Sh of (6). 19 Elec Pwr Asso (1). Empire Corporation. - 1% Evans Wallow Lea 2 Fabries Fininshing. 15% Federat Metls(11%) 17 Fiat receipts (1.26). 28 Ford Mot, Can A 11 10% Ford Mor.Ltd. 37 3%e. 4% Foremost Fab (2 2% Foundation For Shi 2% Fox Theater Cl (A). 2% General Baking..... 27 Gen Baking pf (3). Gen Cable (war).... Gen G&E ev pf B(6) 255, Gen W W&E(A) (2). Goldman Sach T C... Gold Seal Elec new. . Gramapho rets (20c) GrA&PTo-vb).. Groc Stores Prod vte Gulf Oll of Pa(1%). Hazeltine Corp (2) % Hecla Mining (1) Hollinger Gold (6 Houston Ofl of Texas 1 . Imp O11, Can, n(50e). Ind Terr 1llu Oil (A) Ind Terr Illu Ofl (B) Ind #in etfs(b10%). Insull Ut In 24 pf(8) Intercontinent Pet n Intl Petroleum (1).. Int'l Safe Ra¥ B(12% Italian Superpwr A Kirby Petroleum. ... Kolster-Br (Am 8h). Leonard Oll......eu Libby McNell & L. Loew’s, Ine, deb rt % Loew's,.ino (war). Long Isld Lt pf (7).. Louisians Lan & Ex. MacMarr Stores (1). Mapes C Mfg (13% Marine Mid (1.20)... Mass Util Asso. # Mavis Bottling £ Mayflower Asso (12) Mead Johnson 13.75.. Memphis Nat Gas... Mesta Mach (11.80).. @« 2 - DA TN NN E s BN N 10% 25% PRGES MENDED || NEW YORK CURB MARKET a2 | LISSOF RUSSAN N CURB DEALGS ~Prey. 1930~ High. 24 15 1 104 11 12 8 1644 Nehi 60 Nevada 2% New B! ” 7 113% NY 10 N. 4 2 103 29 H 3% 4 31 17 108 10 35 18 4 6 10 1" 10 50 5 64 33 9 1 28 30 25 13 12 5 60 2 15 A4 Wal Ry Way) * 3 annual payment. *Fx dividend cagh or holders. stock. stock. 255 = in Stock and Low. dend 8% Met & Min, 1nc(1.20) 8 Met Chain Stores.... 4% Mid Sts Pet 214 Mid Sts Pet v.te. B.. Mid W Sts Ut (1%).. 1% Mid Wat Utl] A war. 26% Mid Wst Util(b8%). 25% Miller & Son= (2).... Mo Kan P L (b10%). MissKPLV.te...on 21 8% Monroe Chem(1%).. % Mountain&Gulf(Se). 8 Mount Prod (1. . 6% Natl Amer Co. . Natl Da Pr pf A (7). 254 Natl Fuel Gas (1)... Natl Investors. . 100% Natl Pwr&Lt pf (6). 150 21% Natl Pub Sv A(1.60) 15 Natl Screen Sve(2).. Nat Sh Tm See(£60c) 15% Natl Transit (1).... 314 Natl Unjon Radlo. .. Nehel (Osqp) (62%5¢) 90% New Eng Pwr (2)... 10 65% N J Zine (12%). Newmont Min (f4). N Y Rio&Bu Alres. Tel pf (6%).... Y. Transit (11.80) 15% Niag.-H. Power (40¢) 25 Niag.-H. Pwr A war. 20% Noranda Mines (2).. 7 No Am Aviat A war, " 95% North St Pwr pf(6). 2% Noth Euro Oil Corp,. 1 1% Ohio Copper. . s 3214 Ohio Ol new w Ohio Ofl pf new (6).. 814 O'stocks Ld B (50¢). 1 Qrange Crush (1.50). 9% Outbd Mot(A)(1.80). Outboard Motor (B) Pac GaE 1st pf (1%) Pac Pub Sve (1.30).. % PandemOfl........ Param'f Cab(b&%) .. Parke Davis (11.55). 10% Pennroad Corp (20¢) Penn Mexie Fuel (1) Penna Pwr&Lt pf(1) 2514 Peoples L&P, A a2.40 2% Petrol Corp war. ... 415 Pilot Radio Tube(A) Pitney B P.n (20c). Pitts & L E (110). 2015 Plymouth Ofl (2)... 12% Pond Creek Poncha.. 1415 Power Securities. .. 815 Prince & White(2bc Prince & Whit pf(3) 12% Prudential In . Pub Util Hold Pub Utll Hold war 51 Railroad Sh Cp(26e). 914 RY & Utll Inv (A). .. Rainbow Lu Prod A. 274 Rainbow Lu Prod B. 214 Reiter-Foster. . 9% Reliance Manag " Repetti Candy . 1% Richmond Radiator. 19% Roan Antelope Min. . 19% R'kland Lt & P (80c) Root Refining. . Root Ref ev pf (1 5% Rossia Intl Corp. ... Royalty Cor pf (1.20) 3% Ryan Consolidated. . 4 St Anthony Gold. ... 18% St Rexis Paper (1).. 14 Salt Creek Prod (2). 14% Saxet Co..... Scovill Mfg (4)..... Seg Lock & H (50¢). 5% Seiberling Rubber. . 5% Selected Industries. Sel Indust ctfs (4%) 31 Sentry Safety Cont,. 14 Shenandoah Corp. ... Shenan Coro pf (a3) 7815 Sherwin Will (1434). 16% Sisto Finance Corp. . 137% Smith (AO) (2).... 24'% SoCal Ed pf B(1%). Southland Roy (1).. 815 S W Dairy Products. %_Spanish & Gen Re, % Standard Motors. ... 47% Stand OiL Ind (23%4). 30% Stand OfL KY (11.80) Starrett Corp. . Starrett Corp of (3). 4% Stein Cosmetics. 915 Strauss Roth. Swift & Conew (2).. Swift Internatl(214) 5'% Syrac Wash M B (1) 54'% Tampa Electrie (13) 441, Todd Shipyard (4).. 20% Transamer (31.60).. 4% TransLux DLPS.. 36 Tri Utllities($1.20).. 19 Trunz Pork S (1.60). 6% Tubsize Chatel (B).. 17% Ulen & Co (1.60).... 21% Ungerleider F Corp. Un N G of Can (11.60 % Union Tobaces. ..... Utd Am Util(b2% %) 6% Unit Car Fastnr(60c) 124 United Corp (war).. & Unit El Sve pr war.. 15'3 Unit Found (b2-35 sh United Gas Co (new) United Gas (war)... 91% United Gas pf (7)... 271 Utd Lt & Pwr A(1).. 9744 Utd Lt & Pwr of (6). Unit Shoe Mach (13% 1814 Westn Alr BXp 614 Wil-Low Cafeteria.. 10% Zonite Products (1). RIGHTS. % Intl Nickel w.1. & Mo Kan Pipe. Dividend rates in dolla ab) 4Partly extra. $Plus 4% in stock. stock. R n oiock, ‘aupiect ‘eAdjustment -dividend. 5 5 u mPlus 1%2% in stock Bales— Add 00. Open. High. Low. 10 18 18% I3 6% [3 2% 25% 2 Rate. Close. 31 6% 0 1 te. A.. B . 3 3 2 2 0 1 3 2 14 1 6 5 5 1 et 1 3 1 1 2 207 20% 121 p (1.80).... 1 Elec 01l (50c) . 008 121 1 % 2% . 2 2 108 10 7 2 0)" 3 £ - ® 3 R RS RN WA R e DNADOA O B BR NN A BT DR L BBD BT AN LS R SR AT —a NN » 2 - 10% U S Elee Pwr ww. 17% U 8 Foll (B) (1) 364 U S Gypsum ( 2% U8 & Int] Secur. U S&Int] Sec 18t (5). 144 Utility Pwr&Lt(al). 12 Utility & Ind........ 20% Util & Ind pf (1%).. 76% Vacuum Ol (4)..... Venezuela Petrolm. . 6'3 Viek Financial Corp. / Waltt & Bond A (2). Walgreen Co. 354 H) 9 13 8% Expire. & & & & * & & based on last quarter)y or semi- aPagable in val of stock- . €Plus 6% in kPlus 10% in le in stock, JPlus 2% instoc nPlus 8% in stock. ivide % in stock. GOVERNMENT BUILDING PLAES BOLSTER U. S. CONSTRUCTION By the Associated Press. Pigures compiled by the Associated General Contractors of America indi- 100! 9012} cate building construction declined 12Y; per cent during the first half of 1930, as c?n{g;;ed with the correspanding period o ;. That the decline would have been much more severe is indicated by the association’s figures on Government and &ubllc works’ construction, which IP&- tered an increase cf a quarter bil- lion dollars during the six months. This increase, however, was inadequate to cope with the drastic decline which was recorded by private construction. The fields contributing to the increase were those of educational, hospital and institutions, religious and memorial, blic buildings and public works and utilities, while those showing declines were social and recreational, commercial, industrial and residential which combined in a 33 per cent de- cline. The association reports it is prepared to lJaunch movements to lerate con- struction on a sound basis in the lag- fields, especially that of residential ding, which in the first six months wed decline of $523,657.400, or per cent, as compared with the ding period of 1929. With lowever, was the elimina- & base year and re, used | addition, the ullb‘mm speculative building which found its :{-\ndpul outlet in Apartment struc- Among the flls in residential con- struction the, assoclation is el to o me Ims been unreg: buildings, | basis. ulated activities of shoestring specu- lative builders, lack of gmper provision for second mortgage financing on & conzervative at low cost, lack of organization of legitimate home build- ers and other residential contractors, existence of unsound - appraisal prac- tices and what appears to be a growing lack of confidence in this section of the industry on the part of the public. Declines of 16 per cent in commer- cial buildings, 17% per cent in indus- trial bulldings and 7 per cent in social and recreational buildings reported for the first six months may yet be made up in the year's total in the event of an appreciable business revival within the near future, the association believes. Drastic corrective measures, however, it says, must be brought to bes~ ~ %the residential section of the ~ __w.y be- fore it is enabled to »- . COMMODITY PRICES. By the Associated Press. The wholesale commodity price de- cline continued uninterrupted during | & In the fig- 1925 a8 In of the week ended July 19, ures that follow the a wverage is given using ting composite steel is also given: EARNINGS REPORTED. NEW YORK, July 24 (#).—Worthing- ton Pump & Machinery Co., reports net income for the first half at $1,052,732, equal to $6.61 a share on the combined A and B preferred, against $1,099.428, or $6.91 on the preferred in the same riod of 1920. ‘There is an accumu- ation of unpaid dividends on both the preferred issues. Foster Wheeler Corporation had net income of $1,079,630 in the first six months, equivalent to $4.27 a _common share, against $834,346, or $3.57 a share a year ago. B and Stratton Corporation re- ports t half net profits of $622,845, or $2.07 a share, against $812,966, or $2.70 a share In the first half of 17a7 June quarter net was $321,804 .«cHm- red with $470,723 in the sapZe period nst year. Westvaco Chlorine Products Corpor- ation earned $1.66 a common share in the first half, compared with $3.52. . INVESTMENT TRUSTS NEW YORK, July 24 (#).~Over-the- unter market: Assoc Stand Oil 8hi g | time obligations TRADE THREATENED Busipess Men ‘Watch Inquiry Into Activiti's of Am- torg Corporation. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, July 24.—Prter A. Bog- danov, head of the.Amtorg Trading Cor- poration, occupied the center of the stage yesterday at the Congresisonal Committee’s investigation of Soviet ac- tivities in the United States and uttered a velled threat to withdraw Russian purchases “unless persecuion of the Am- torg ceaser Unless the charges made by various Americans that the Amtorg has used its powers for propaganda are “thoroughly investigated and found baseless,” said this Rusisan business man “even the continuance of * Soviet-American trade will be an almost impossible task.” Rusisa’s trade with the United States has been growing. In" 1924-25, the United States sold to Russia $82,000,000 worth. In 1928-29, $138,000,000 worth, and in the fitst nine months of the pres- ent fiscal year to June 13, the American exports to Rusisa exceeded $114,000,000. Hamllton Fish, jr. 41, chairman of the Congressionai Committee, is one of Harvard's honor graduates. He turtied to politics early and became a member of the New York Assembly in 1914, When Edmund Platt resigned from the House of Representatives to become a member of the Federal Re- serve Board, Mr. Fish was elected to cucceed him. During the war, he was captain of & New York colored Infantry, which took part in several important battles in the great war. American trade with Russia may cease. That is why the committee’s investigation is being followed closely lhro,l:[hmlt the country with keen in- terest. 2 Germany was hard. boiled. Ameri- can films, using American equipment, had lost out * * * The German courts had passed the death sentence. Soon not an American film would be shown in_Germany. ‘Then last May, Adolph Zukor, presi- dent of Paramount-Publix, Berlin. He had a few confidential conferences with leading German mo- tion picture officials, Upon his return to the United States 10 days later, he announced that it was possible for the German and the American groups “to quit fighting and get_together.” Within two weeks, Will Hays had left for Europe, followed by J. E. Otter- son, representing the Electrical Re- search Products; C. J. Ross, represent- ing the R. C. A. Photophone, and J. C. Graham, representing most of the other -motion picture companies. In Paris they met with the German rep- resentatives. After five weeks of negotiations the hatchet has been buried with the pool- ing of the German and the American patent rights. The German groups get the right to manufacture motion arrived in | Dee FINANC STOCK AND BOND AVERAGES By the Press. Asseciated Prom Yesterday's 5:30 Edition. Today. Previous da; Two years ago. ‘Three years ago, week! High (1930) . Low (1930). (1929) . GRAIN MARKET CHICAGO, July 24 (#).—Reports that Russia had sold 3,600,000 bushels of new wheat for August shipment to various European countries at a price fixed on the Liverpool October delivery ad a late depressing influence on grain lues today, but rallies ensued at the finish. Traders here and at the Amer- ican seaboard asserted that the Russian business was being done for propaganda purposes. Words of rains in Missouri and in Canada tended further to bri about temporary price reactions, as wel as the fact that recent buyers of corn appearedyanxious to collect rmnu‘ Corn closed unsettied, Jxa7s higher than yesterday's finish. Wheat closed nervous, unchanged to Ja up; oats, unchanged to % off, and provisions, varying from 2 decline to a rise of 5, steadied by upturns in the value of hogs. Clos 81 5 T01% . e e NEW YORK COTTON NEW YORK. July 24 (Special).— With partial relief in Mississippi and predictions of unsettled weather in sev- eral drought States, the cotton market came under the heaviest selling pres- sure in several weeks today, an ices broke about 30 points to new low levels of the year. i July of the old crop sold below 121 cents, and all new crop deliveries, with the exce) of May, broke below the 13-cent re, The market was under hout and pressure bottom. Spots were reduced 25 points picture equipment under the pooled | Octo! patents for nearly all of Europe, American interests for North America, Australia, New Zealand, India and Rus- The rest of the world, Includin, France, England, Italy and Spain, 1: open to the competition of both groups. The pu; of the arrangement, says the official statement, “is to pro- vide for the widest possible use of patent rights and technical information controlled by German and American interests. These rights are available now, not only to American and Ger- man interests, but to the interests of all other nations.” ‘The automobile industry, after being harassed for years by patent lawsuits, pooled their various patents for the good of the trade and built up the greatest industry in the world. The motion picture industry, learning from experience, has decided to do likewise. | It is a big step ahead. Why did the City of New York this week issue )IEDAOO(LOOO in short- (not exceeding nine months) to secure funds for its various long-time construction programs? Why were not long-time obligations sold in- stead of short-time owes? The answer is that the short-time issues are in great demand by the banks at this time. Witness the in- terest rate of 2% to 27 Fper cent + | annually—a record price. Long-time bonds are not yet selling with any paricular briskness. Why? Because the panks are loaded up with them and they have dropped in pri to a point where they cannot llflurdlfi without suffering substantial losses. Until the future trend of money be- comes clearer short-time obligations :-m remain in the center of the pic- ure. ‘Too many long-time bonds were sold in the boom hysteria. These have to be “digested" fore the market can absorb any further substantial volume of them. ‘To the suggestion of the five Sen- ators—Capper and Allen of Kansas, MacMaster of South Dakota, Pine of Oklahoma and Howell of Nebraska— urging the purchase of 100,000 bushels 2" | of this year'sswheat to e:.port to China 7% |and India, Chairman Legge has turned 19% | & deaf ear, Senater T. H. Caraway of Arkansas, another farm relief champion, interprets the present farm policy as city, rather 341 | than farm, relief. “The Farm Board is seeking to per- 10% [ suade farmers to reduce production. The real purpose of this is to relieve the world market of the burden of America’s surpluses of farm products, so that ex- * | ports of industrial commodities will have a clear fleld abroad. ““The board also is endeavoring to re- duce costs of farm marketing and production. The idea of this is to pro- vide chen_rr food for the consuming centers. The whole thing,” continues Senator Caraway, “conforms _closely with the bl‘ city man's idea of relief. But if wholly justifiable from the in- dustrialist's point of view, it is a per- fectly harmless Prt\(rnm from the stand- point of agriculture, because the pros- perity of the farmer is entirely incident- Al in the whole scheme.” At least 90 per cent of the big busi- ness leaders that I have spoken with in the last 30 days wpn" the Farm Board's licles. The Natlonal Chamber of 'ommerce, led by Julius H. Barnes, has condemned it, Nobody seems to for it. Alexander Legge, chalrman of the Farm Board, is fighting its battle almest single-handed. . If he succeeds in getting wheat and | cotton_acreage reduced 25 per cent and In effecting co-opefative marketi machinery ?nr farm products, he will have accomplished what he, Perlonl!ly. belleves to be the important factors in- volved in farm prosperity. b erican News- SAYS TARIFF IS NO BAR T0 ARGENTINE’S TRADE Special Dispatch to The Star. BALTIMORE, July 24,—The tariff will not seriously menace American trade with the ntine, according to Dr, Alexander , American com- mercial attache ienos Aires, who was in Baltimore yesterday conferring with busiress leaders. A recent d'”u‘nn,‘mw‘t: of Amcflmned h 0ods by Argen can explaine y :;mnl business conditions, he said. Dr. Dy:h l‘nzt wiu: mmdm‘ - ists and shippers af an - mfl. Bureau of the Baltimore Assocla- n of Commerce, He presaged an increase in the gen- eral relations between the States and South American Z 5 January, new March By the Associated Press, CHICAGO, July 24.—l'onnw1n‘ is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales in e R, i Alrl.ed Mot Ind “'50 Am Com w A mll » Uil par pf dio 150 Assoc Inv . T80Automar Washer 100 Beatrice Creamery 400 Bendix Aviation 150 Bor rner FEE FEIEES & & & _Sa¥E3.tezyen-est syesausd Bur 30 Ghi Clty & Con 530 Gnt ity & SRy pi. 4550 ic Corp . 100 Chic Corp pf. 4050 Chic Investors 200 Chic Invest pf. e Yell Cu £ it | R 11 100 El T 100 FitzSimmons & Con. 44 100 Foote .G & Mach ... ardner-Denver u 3600 Insull Dl 300 Insull Ut pf 3nd Ser. 400 Iron PFireman FEFE g 53 - = FEF 2305%5 ., SFPEPT EEEIR S I IR a8 = 3 5 38 & 80 Am.... o West_Bancorp. fect_Circle. ‘Wint 358 S8.vasaas. 03 B8, uus: & 323552 25 St $5525 82800522338 Bazaoyanyss, e FIE TN SE @ e 2 8 F 3 CedEST SEsee i FECLOR bt e eaBEESETE: &SSP 3 = i F H ‘40, s 103% 1 103% today,” $21.000. i QUOTATIONS. July 24 (P)—Bar sil- Y i X P ended near the | N FIGURE IN PARLEY British Interests Try to Ob- tain Concessions in Large Irak Field. BY CARROLL BINDER. | Special Dispateh to The Star. Rail Stocke : BY GEORGE T. HUGHES « (This is the eighteenth of a series of brief analyses by Mr. Hughes on railroad securities. The intent is not to-recommend the purchase or sale of any particular stock, but to give the investor such informa- tion as may enable him intelligently to chart his own course.) Great Northern. In one respect the capital structure of Great Northern is unique. It has only one class of stock, a preferred so-called, no common having ever been {ssued. Of course this means that the preferred is in effect common stock entitled to all the profits after the claims of the bondholders have been met. The total funded debt is $360,- 719,500 and the capital stock is $248,- 979,450. All the bonds are high-grade investments and all of them sell on a low yleld basis. Public interest con- cerns itself mostly with the stock. For a decade prior to 1022 7 per cent was paid annually to shareholders. In 1922 disl ents were reduced to 5'4 per cent and since that year only 5 per cent has been paid. Earn- ings in 1930 have been the lowest in eight years, with the ‘present outlook that only about $6.80 will be shown for the stock, which is not a large mar= in over the $5 dividend. It is this alling off in income which accounts for the low market price of the shares and they arve likely to continue de- until there i a turn for the ter in traffic. When such a turn jons in strong the sea- md th‘lnhe::r t.lu“'.‘1 fl::omd’a:‘d from its record of lends - at one rate or nxger without lnlrruw tion for the past 40 rs. Great Burlington and. Quiney” s derives a large non: from that source. state erce Commission a| the plan for unification with the North- ern Pacific the wrmvll was made conditional on the relinquishing of con- | trol by the two roads of the Burl . This condition meither road ling to accept. LARGE CASH RESERVE watching anxiously the discussions bee tween King Peisal of Irak and the Brit« l'::l:dxnvemment which commenced yes- ay. Ostensibly the negotiations' concern the admission of Irak into the League of Nations as a sovereign state and its new relationship to Great Britain, which now holds the mandate for Irak from- the League. Actually they involve the :‘fic :f‘rt!.he m(“th Mosul oil deposits, vl one of the prizes in strfin‘:e for oil. ihe wen not impossible that when Irak blossoms forth as a full-fledged nation the Standard Oil Ca. of New Jersey may find itself deprived of its precious rights to Mosul ofl. The Americans, of course, are looking out for their interests, and a:em ho (fimx Mk ‘eg:nservmg under an in- 'ndent Iral e rights obtained - ing the British ;”n‘b. - Principle Involved. Nuri Pasha, premier of Irak, admitted to me today that he intends to endeaver to establish the principle that ail infef national treaties or agreements con- tracted under the mandate must be: submitted for ratification to the Irak- Parliament before they shall-be binding . upon the new nation. That would xe- clude such concessions as that, of Irak Petroleum Co., In which the Anglo- Persian, the Royal Dutch Shell, pany ‘and an American goup headed by the Standard Ol ew Jersey each holds one-g the shares, n So long @ Irak was a g::’ ::e Arxtn,crlum and participate in this rich flddi.p‘lmk lfg I eignty is ized the League that participation is no Enterprise Favored. Of course, the Americans may " 23.‘,'.1“'3?:? the British o exercise 3 ices wi assure Continued Americanpacrisipek ; again they mav not. discussions here this week are of th;lrx;‘ orifll.lklry importance. e Irak government needs money badly. Taxation is difficult, and, there-' fore, exploitation of oil is the convenient form of raising and Quiney_and | oL m%‘rm:fw Investors should' continue to hold a 35 per cent cash reserve as insurance against any delay in the completion of The report continues: “We advise the maintenance of a substantial reserve because it is not yet immediately . Some lines of ac- tivity, including steel, automobile pro- duction and several types of building construction, have held up better than anticipated. . “This is also an ideal time to shift from all doubtful stocks into issues rep- to'clean house and get money embvloyed in the most advantageous way possible.” JUNE LIFE INSURANCE TOTALS $1,144,432,000 Life insurance agents throughout the country sold a total of $1,144,432,000 in new business during June, 1930, an in- crease of more than 4 per cent over the volume of new business placed in the same month in 1929. The total new insurance writteri in the first six months of 1930, as com- pared with the first six months of 1929, !’lggzzufln increase of more than $116,- STRONGLY ADVISED| Irak. ia o certain that the bottom in business is | bei resenting stronger companies; that is, | BOND ISSUE AUTHORIZED. BALTIMORE, July 24 (Special) — The Consolidated Gny llect;h @ float a 87,500,000 issue of series H 4 e cent first refunding mortgage m fund gold bonds. o ;. The issue will be used to retire out« standing bonds, and to extend and imw. prove generally the company's service. An ltcr:)uuntlng will be required every six: months. U. S. TREASURY BALANCE. The United States Treasury balance, announced today as of close of busi- ness July 22, was $204,372,019.16. Cus- ~for the month to date Total ordinary expenditures, $1,931,62082. CHICAGO LIVE STOCK MARKET CHICAGO, July 24 (#) (United States Department of Agriculture) —Hogs— Receipts, 19,000 head; including 5.000 direct; fairly active to shippers; 10-25 | higher; most advance on better grades; td choice 160-210 go‘nds. 9.50a .70; light light,” good and 160 pounds, 9.15a9.65; light weight 160-200 pounds, 9.35a9.70; me- dium weight 300-350 pounds, 9.00a9.6! -350 pounds, 8.45a9. sows, medium and good 275-500 pounds, 7.00a8.00; slaughter pigs, good and choice, 100-130 pounds, 8.25a9.25. Cattle—Receipts, 6,000 head; calves, 2,000 head; very little dome; undertone 25 or more lower on everything except a few loads of choice steers; slaughter | cattle’ and vealers—steers, good and | choice 600-900 pounds, 9.10a11.00; 900- 1,100 pounds, 9.00a11.00; 1,100-1,300 pounds, 8.75a10.85; 1,300-1,500 pounds, 8.50a10.75; common and medium 600- 1,300 pounds, 5.75a9.00: heifers, good and choice, 550-850 pouzafi‘ 8.00a10.! 8. ter, 2.50a3.75; ed), good and choice (beef), 6.50a7.2! cutfer to medium, 5.0086.75; veaiers . .75; ker cattle—steers, good and choice, 1,050 ponn_y;",‘l gon.on: common and me 4.75a7.25. 10,000 head; native lambs d ; spots, 25 lower; sorted lambs, 9.0029.25; a ewes, 90-150 pounds, , 2.2524.00; all weights, and common, 1.00a2.75; feed! 50-75 pounds, good and choice, mon, 5.00a7.25, medium to choiee, eull lambs, 6.75a7.. AL ST e S SILVER STOCKS DECLINE. e Money to Loan 4 Secured by first deed of trust on 8 Prevailing interest and u-"ll:‘ln.m . Joseph I Weller ‘3735 % # T9 h24-llour Par ’ ent of tnvestment : ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applications vited - elass par menty snd ‘-.m::.:.' --z“'}m ru. if 5o desired: ‘l'! 35 or Il. 1520 K St.N.W. National 0478 Money on Hand to Loan em First Deed of Trust 69, Interest and Mortgage Money i i 6% BUILDING LOANS or IMPROVED PROPERTY Roasonable Rates Prompt Action