Evening Star Newspaper, July 30, 1930, Page 11

FINANCIAL. ks A—11 HIGH-GRADE BOND | [ox wew son BONDS sroce mxcmunce |CORN LEADS WHEAT ISSUES ARE FIRM IN MARKET PRICES . $70,000,000 in New Financ- First Time Since 1902 That ing Depresses Remain- Values Have Changed der of List. Places. THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, JULY 30, 1930. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. HIHER CANADIAN. | TARFF ISPLANNED New Prime Minister’s Pro- gram Will Cut Down Buy- ing From U. S. ES. Tow. Close. UNITED STAT! e e 101% 101% 95% 96 Stinclatr Crid. %s 27 (Continued Prom Page 10.) Sinclajr P L 1 Stock and Sales— Dividend Rate. Add 00. High. Low. Ford (1) 8 45 50% Texas Corp (3). B 48% Tex Gulf Sulphur(4) 8% Texas PC& - 13% Texas Paoc Land Tr., 17% Thatcher Mfg (1.60). 11 Thermold Co. ‘Third Avenu Third Nat Inv (2).... ‘Thompson Prod(32. ‘Tide Water As (60c). 26 1026 1028 1023 43 1083 10230 103 15 10126 10125 10126 120 10530 10529 10529 10 1086 1086 1086 25 11222 11222 11222 FOREIGN. 994 99% 107 107 104% 104% 109% 109% 984 98% 81% 82 101 101 1 7% 230 People’s Gas. Chi (8) 2 267 95 Pere Marqpf (5).... 1 97 94% Pere Marq vr pf (5). 200s United Drug s °Si 'S Rub 1st H‘ll. -« 10 1 BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, July 30.—Richard B. Bennett, 60, lawyer, wealthy bachelor from Calgary, will be Canada's new prime minister. In electing at least 137 of the 245 members constituting the Canadian Parliament, ths Conservative party turns out of power the Liberal govern- ment of W. L. Mackenzie King, after an almost uninterrupted reign of 12 years. The coming prime minister is a smooth-shaven, round-faced, studious man, a graduate of Dalhousie University, New Brunswick, who was admitted the practice of law in New Brunswick at the age of 23. Four years later he moved to Cal gary, Alberta, and in the following year 'was elected a member of the Territorial After serving a term in the Assembly at Albesta, he entered the Canadian Parliament in 1911 and served until 1917. In the Meighen administration he ‘was minister of justice and attorney general. Then for a few months in 1926 he was minister of finance—until &! defeat of the Meighen administra- n. His wealth, estimated in eight figures, came to him largely as an absolute windfall. Here is the story: “Bennett in his youth was one of a g:cup of three zealous Sunday school ‘hers, the other two being a young woman and her brother. This three- cornered friendship was lifelong. The oung woman married the “lumber iycoon,” E. B. Eddy. When Eddy died, Mrs. Eddy and her brother inherited his rfl’vfl’ly and when they died, they left ,507 shares, the controlling interest in the E. B. Eddy Co., to their pious friend, Dick Bennett." 2 ‘When he is in Calgary, Mr. Bennett lives at the Palliser Hotel in a magnifi- cent suite of rooms presided over by his sister, who “idolizes and prays for him.” What does the sweeping Conservative victory in Canada mean to the United Btates? In the campaign Mr. Bennett, as the Conservative leader, promised to call Parliament together at the earliest pos- sible moment to provide at once em- ployment for all who work “by a gen- increase in the tariff.” 'His own policy is “Canada first, the British Em- next.” He believes a protective , high enough to conserve Cana- dian markets for Canadians, is the best ‘way to relieve unemployment. Contrary to the views of the defeated Premier King and other Liberals, in- stead of throwing purchases heretofore made in the United States to Great Britain, Mr. Bennett wiuld throw them to_domestic manufacturers. He is, commercially, first a Canadian, next a citizen of the British Empire | and then a citizen of the world. After he takes officc as premier he will eall Parliament to give him au- thority to carry out the following w:m'r“he: institutios f- great bl ¥ ution of ublic ‘works for national advantage, lugh as pro better port facilities on the Atlantic and the Pacific Coasts and on Hudson Bay. 2. The development of a rail outlet from the Peace River district to the Pacific_Coast. 3: The perfirieént solution of the oconditions now existing in the coal and steel industry by which Canadian coal nn:luldueel will be used almost entirely in anada. 4. The building of a national high- ‘Wway from ocean to ocean. 5. The institution of programs which will give jobs to every willing man and ‘woman in Canada. In a word, the election of the Con- against American . It means less f trade—many millions of dollars less an- nually—between the two nations. What American industry will be af- fected particularly by the Canadian po- gfiul upheaval? I should say steel and | on. In an election address at Moncton, Néw Brunswick, Mr. Bennett said: “Today Canada is buying steel and steel products from the United States at the rate of $1,000,000 a day, and last year we sent over to the United States more than $60,000,000 for coal and ‘Mr. Bennett proposes to keep the last mentioned $60,000,000 in Canada, while in Nova Scotia he asked his audience, “Just think what $500,000 a day spent in the United States for steel and lt(:el products would mean to Nova Scotia! This is why Sir Herbert Holt of ‘Montreal, Canada’s largest banker and industrialist, gave his hearty support to the Conservative party. “We have coke and coal in Canada and plenty of iron ore. We have ships to carry both. We expect in the next few years to make all the steel and steel products that Canada consumes gight here in Canada,” said Sir Herbert #o_this writer recently. Now Canada—the greatest customer of American ght from the United States in 1920 goods worth #868,000,000 and sold to the United States goods to the value of a little more than $500.000.000. How much of this trade will be lost @s a result of the higher schedules of the new American tariff, plus the almost certain rize of the C:nadian tariffs, as a result of the pre‘ent elec- tion, is a mere confecture. E-timates are mere guosses. It mev meen £100,- 000,000 or it may mean 500,000,000, But before the businese atmosph elears American indusirv faces a cerious Joss of trade with Canada Argentina continues to be America's best customer in Latin America. Her material progress in recent vears has been on a par with that of the United States and Canada. Today, her foreign trade, according to the American Department of Com- merce, constitutes 51 per cent of all the foreign trade done by all of the South American nations combined: her raflway lines are 42.7 per cent of the total in those countries, her railway freight hauled 60 per cent. the num- ber of rajlway passengers 57 per cent, her telephones, 45 per cent; her auto- mobiles, 58.4 per cent: her gold re- serves, 59 per cent, and her consump tion of newsorint, 56 per cent. Turing 1929, Argentina purchased from the Unfl.rdo os‘;sws g),odc‘r lzptl(l(; valus of $210,000,000, an incresse Of $31,000.000 over the sum of $179,000,000 | for 1928, or about 40 per centcof all the exports to the entire continent of South America. And _yet Argentina’s population 15 but 11.00,000: her area about a third of that of the United States, and her capi- tal—one of the finest in the world— Buenos Aires, has nearly a fourth of the entire population of the country. t, 1930. by North American News- s paper Alliance.) here | U. S. {REAS‘VBY}ALANCE. United States Treasury balance ~d today as of clos® of business was $195,300.503.47. Custom- ‘or_the month to da'e were 82 127, ‘Total ordinary expend- iturss, §19,181,795.87. 18% Petrol Corp (1%) 3 29% Phelps Dodge (3) 50% Phila Co 6% pf (3. 11% Phila Read C& 1. 8% Philip Morris (1) 29% Phillips Petrm (n 39% Pirelll, Italy (23.14). 20% Pittston Co (37%¢).. 20% Poor & Co (B) (2). 9 P Rican Am To (B).. 35% Prairie O1l & Gas(2). 6% Pressed Steel Car... 52% Proctor & Gamb(2.40 6% Prod & Reflners..... 81 Pub Serv,.NJ (3.40). 91% Pub Serv N J pf (5) 87% Republic Steel (4) .. 86 Republic Steel pt (6) 58% Revere C&B (A) (4). Reynolds Metls 2.40. 4b% Reynolds Tob B (3) . 39 Rhine W E1 P (2.16). 14% Richtield Ol (3). ... 15% Rlo Grande il (2).. 381 Ritter Dent Mfg (13) 27% Rossia Insur (2.20).. 49% Royal Dutch 23.2165. 60% Safeway (ed). 90 Safeway pf (6). 334 St Joseph Lead (13). 85 St L-San Fran (8) 92 8t L-San Fran pt 16 Savage Arms (2). 4% Schulte Retall Strs. . 59% Sears uck(32%4) 7 Second Natl Inv. el. Ioe. .. 31% Shattuck(FG)it1%) 42% Shell Trans (a2.423) 18 Shell Union (1.40)... 95 Shell Un Ol pf (5%) 8% Shubert Theatres. ... 18 Stmms Petrm (1.60). 21 SimmonsCo........ 20 Sinclair Con O11 (2). 28% Skelly Ol (2)......0 88 Skelly Oll pf(6 41% Sloss-ShefMeld pf (7) .16 Snider Packing pf... 95 Solvay Am pfi63). 52% Soutnern Cal Ed (2) 108 Southern Pacific (8). 88 Southern Rwy (8)... 90% Southern Rwy pf (5) 15% Sou Porto Sug (1.40) 108 Spalding st pf (7).. 19% Spang-Chalfant..... 13% Sparks Withngta(1), 17% Spencer Kelg (1.60. 14% Spicer Mtg.. 10% Spiegel-May-Stern.. 17 ~ Stand Branas (1%) 84% Stand G& B (3%) 61% Stand G & E pf (4).. 96% Stand Gas& El pf(6). 5 Stand Invest Corp. 55% Stand O of Cal (2% 98 Stand Oil Exp pf(5). 30 Stand O1l N ¥ (160) 9% Sterling Sec (A) 11 Sterling Sec pf( 86 Sterling Sec ¢v pf 19% Stewart= 254 Studebaker Corp (4) » Submarine Boat..... 50 Sun Of (1).. 102 Sun Of) pf (6). . 38 Superheater (1334) 4% Superior Ol 2% Symington. . 7% Svmington (A 15% Telautog’h C (11. . 1908 105 Safeway Strs pf (7). 2908 106 3 39 1 100 4 6% 6 62% 2 102% 584 T4 824 18% 92% Transal ‘Transt United United Utd G U S Fre Sm] cgecccac Va-Car Vulcan Web: . W Wesths Westvay Wextarl Willys- Am Tel ng in’ stock. n no rexulac Tate b ! able o Pluz in 18% as given in the above table ai n, or_stock 2% in stock. ‘stock. er O11 pt(5) Tis ‘Timken Roller (3) Tobac Prod (A) (80 er (31.60).. &W (1)...0 ‘Transcontl Ofl (30c) Tri-Cntl Corp of (6). ‘Truscon Stl (g1.20).. Und-Ell-Fischer (5). Union Carbide (2.60) Union O1l of Cal (32) Union Pacific (10)... Unlon Pacific pt (4).. Union T'k Car (1.60). Utd Afreraft. . . Utd Alrcraft pf (3).. Utd Biscuit (1.60) Utd Business Pub. Utd Carbon (2) Utd Cigar Stores. Utd Cigar Strs pf. Corp (50¢) Corp pf (3) Utd Dyewood. .. Utd Eiectric Coal. Utd Fruit (4).. . Utd G & Imp(1.20) & 1mp pf(6). 3 U 8 & For Secur. 1ght (3)... S Alcohol (17) Hoffman (2) Rubber 1st pf. Itg & Ref (1), Smelt Ret pf 3% U S Steel (1).. U S Steel pf (7)..... Univ Leat Tob pf(8) Univ Pic 1st pt (8).. 70s Util PwT&Lt A (e2). 22 Vadasco Sales Corp.. 2 Vanadium St (14).. 15! 20s Chem. Det (4) Wabash. e Waldorf Systm (1 Walgreen pf (6%) 4 Walworth Co (2) Ward Baking (A). Ward Baking (B). Ward Baking pf (7). 2 Warner Bros Plo (4), 118 War Bros P pf (2.20) 2 Warner-Quinlan (1), ¥ Warren Bros (3).... 8 W'ren Bros cv pt (3) 10s Warren Fdy & P (3). 1 r-Eisenlohr., 2 85 01l & Snow (2). 2 t Penn El A (7). t Penn Pw pf( t Penn Pw pf(7). 10s Western Dairy A (4) 1 208 . 60s Westinghse E&M (5) 346 E&M pf (5) 3008 Weston El Instr (1), co Chlor (2). k Radio Str White Motors (). Overland. Wilson & Co pf. ... 4 Woolworth (2.40)... Worth Pump. Wrigley (Wm Yale&Towne MIg(4) % Yellow Truck.. Yellow Truck pf.. Zenith Radio RIGHTS EXPIRE ceeee 917 90% & Tel .Aug 1 765 18% 18% Sales of Stocks on New York Exchange 293,100 1.707,900 - 1.906 200 the annual cash uarterly or hail vearly declarations {Paruy extra. 3Plus 4% scrip. (Pl in stock. a Pald last yeai— Payable in stock d Pavable when earned e Pay. stock: & Plus Plus 6% in steck. € 10% 1| ‘Puuls 8% 10 stock. % in stock. o Plus Alaska Packers' Assn 32 Oanad Car & Fdy pI. Consum Co pr pf.51.50 Deere & Do., Do pi Distiflers’ Genl Asphalt, . Hath: k& coln Uncflr_l, Printin . 7% pL:.. Lindiay (€' W) Dee: Mall 3 27 3 Al Bal Ba Be Cal Cai Cu Ge Un NEW YOIK. July 30 (Special) —New U York bank clearings, today, $1,003,- 000,000; year ago, $1,572,000,000; New York bank balances, today, $144,000,000; ar ago, $154,090000; New York derel Re - va ~eedit balances, today, <epac. ar ez, $147,000,000, Company. Iniatd "Steel: Joges (3 B Western Traction (Re, Rate—} American Tel American Thread 5)zs 193 1933 Chicago Chile Coj General Pet Gen. Theaters Goodyear 5 Grand Trunk of Can: Gult Humble Oil Intern . Chic. & Phill ps ‘Pet. C Su 1. Suirl Western Electric C DIVIDENDS DECLARED NEW YORK, July 30 (#).— Pe- Pay- Rate. riod. able. Res 1. 43¢ Co old.. 150 new c o . 3175 Lid. .. Koot Pow away ¢ tr ctfs *515.53 ot 50 000 DOOLO OTOODPOL LOOOO ” . 15 51 . 18 75 Q Sep. 29 Increased. Pow, Lt & A Usele @ Stock. re & Co mew...1llc Omitted. man Interstate Rep. llory Hat 23.89%4¢ 5:23%c Copenh: Oslo. crow 4 Stockholm, erown' TREASURY CERTIFICATES. orted by J & W. Seligman & aturity. Bid s Sept. 15, 193 . 100 6-32 e 15, 100 17-32 1 100 28-37 1100 27-32 100 28-32 s SHORT-TERM SECURITIES. (Reportea by J. & W. Seligman &' Co Bid, is-Chalmers Co. 55 1937..... 101% & Tel. slas 10437 108 itimore & Ohio tayian Pet. Coi 11 Tel. of Can lifornia Pet Corp. nadian Nor. Rwy. 4 Rock Island 4 per Co. 55 1947 3 y Packing Co. 5%as 1937 n. Mot Accep. Corp. 6s 1937 Corp. 55 1940 Equip. 65 1940 T. & R. 55 1057 Oil of Pa. 55 193" 5 32 Match & S 01 Co. 5 1N iy £5 1948, Oll N, York 4's 1981 Mt £ 8o. R: Southwestarn o & h(l.;ézll by 16357 i - of Calli. 5 163 hivea Drus Go. B 1083..0.- 944 45 1948 Stee} corp. 15 Bteel Corp. 4'2s Hldrs. of J Aur. p. 4 D Do. pf. ... 3175 Q Aug.30 Au Warien (8 D) o 3Lib @ Aug. 15 5 93 de 65 1936 1083 7 10145 9914 s 1931 1007, 45 1032 9904 i . 1020 9114 record. | July 31 Bep. 25 | uly 31 | Co.) Oirer 2 | 5-dozen sacks, Washington Produce Butter — One-pound prints, 41a42; tub, ;39a40. Eggs—Hennery, 24a25; celpts, losses off, 20a21. Poultry, alive—Spring broilers, large, 20; medium and small, 25a27; Leghorns, large, 23a24; small and medium, 20a22; fowls, large, 23a24; Leghorn and small fowls, 15; roosters, 14a15; ducks, 15. Dressed—Spring broilers, large, 36; medium, 33a34; small, 30a32; Leg- current ré- 3 7 | horns, 27a28; fowls, large, 27a28; small, 3 | 25a26; ) 117818, ducks, 22a23; turkeys, 42a43. Leghorn fowls, 20a22; roosters, Meats, fresh killod—Beef, 18a20; veal, 15a16; lamb, 20a23; pork loins, 25a28; | fiesh hams, 25; fresh shoulders, 18a20; | smoked hams, 27: smoked shoulders, 20; bacon, 27; bulk, 11. Live stock—Calves, 8; lambs, 8. PFruits—Watermelons, 35a75; loupes, 1.25a3.00; honeydews, 2. honeyballs, ponies, 3.00; standards, 4.00;" jumbos, 5.00; oranges, 6.50a8.50; lemons, 10.00a11.50; limes, per 100, 2.50; apples, 50al1.75; peaches, 2.00a3.00; plums, California, 2.50; grapes, Malagas, 2.75; Thompson seedless, 3.50; huckle- berries, 6.00a6.50; pears, per box, 3.50; alligator pears, per dozen, 2.50; pineap- lard, in packages, 12, m | ples, 5.00. Vegetables—Potatoes, 2.7583.00; sweet potatoes, yellow, 9.00; red, 6.00; toma- toes, 75a1.00; kale, 75; spinach, 1.00; peas, 40-pound crates, 4.00; 1.00a1.25; lima bean 2.50a2.75; steing beans, 2.00; - cabbage, per barrel, 3.00; cucumbers, 1.75a2.50 carrots, per 100 bunches, 4.00: {per 100 bunches, 4.00; okra, 2.00. TOBACCO EXPORTS GAIN. By the Associated Press. Exports of all tobacco gained 17 per cent in volume during the first half of 1930, as compared with the corre- sponding period of last year. Total for the 1930 period is 260,268,- 347 pounds, an increase of 37,776,814 pounds over the total for the similar period of 1929. By the As 50 Today Previous day. High (1929) . Low (1929) . Previous day. Today. .. Month ago. Three years Yea: ago...... Two years ago. High (193 D SN2 I Houssboat vacations are unusually ,-pular in Englend this year. 35a | beets, | Industrials. 1701 EARNING§ REPORTED. NEW YORK, July 30 (#).—The Ritter Dental Manufacturing Co. for the June quarter reported today consolidated net profit of $232,548, equal to $1.18 a | share, compared with $332,274, or $1.74 a share, in the corresponding quarter last year. Savage Arms Corporation for the first haif reported net loss of $52,66. c.mpared with a net profit of $266,3: in the like period last year. The Caulmet & Hecla Consolidated Copper Co. for the June quarter had nel profit of $156,085 before depletion, compared with $1,841,766 in the June quarter last year. Graham-Paige Motors Corporation and subsidiaries for the June quarter re- ported net loss of $391,480, against a net loss of $489,480 in the preceding quarter and a -net profit of $818,07v in the June quarter last year. Eagle-Picher Lead Co. for the first haif has a net loss of $36,413, com- pared with a net profit of 97 cents a common share in the first half last year. The Spicer Manufacturing Co. for the June quarter had net profil of $214,150 before Federal taxes, compared with $203,793 in the preceding quarter and $790,266 in the June quarter last year. A "M Byers Co. of Pittsburgh re- ported June quarter consolidated net profit of $263,612, compared with $530,- 199 in the June quarter last year. The Westinghouse Air Brake Co. and subsidlaries in the first half has net profit equal to $1.26 a share, against $1.27 a share in the like quarter last ear. Y The Murray Corporation of America and subsidiaries earned in the first half 94 cents per share on 769,173 common hares, compared with $3.02 per share | on 538,055 shares in the first half last | | year. Y€ 8onde Nast Publications in the June | quarter had net income of $332,978,| cqual to $1.05 a share, against $315,- 661, or 99 cents a share, in the June | quarter last year. AV STOCK RIGHTS OFFERED. NEW YORK, July 30 (#).—The In- ternational Nickel Co. of Canaca is of- fering to stockholders the right to sub- seribe to new common at the rate of six shares, at $20 a share, for each 100 shares held as of August 7. STOCK AND BOND AVERAGES clated Press. Prom Yerterday's 5:30 Edition, STCCKS. 20 Rails. 2) Utilities, 124.0 30.0 10 ilities, . BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, July 30.—High-grade bonds, both domestic and foreign, were firm to a shade higher today, but the Argentt: Argentine Australia 4 Australia 5 rest of the list was depressed by a total y Australia &s *57 of nearly $70,000,000 in new issues and by a slight tightening in money sup- plies. The ihdividual feature was a 215~ point drop in tHe new Austrian 7s. The withdrawal of the syndicate's firm bid of 95 for all bonds offered in the mar- ket established open trading in the issue. Since its offering it has been at a shade discount & number of times and the original drop of over 4 points on the London market was canceled by a renewed demand for the bonds from Switzerland and Austria, where the original slices of the loan were insuffi- cient to supply the demand. However, the fact that the bonds did not droj further was interpreted as a b\lflhg point, especially when the old Austrian 7s managed to hold their high level. Austria 7s. Bank of Chile 6% Bank of Chile 6% Belgium Some of the junior railroad secur- | Ch: ities were under pressure, as the full effect of the second quarter earnings reports has become apparent. St. Paul | C adjustments Jost all of their recent gains and dropped to within 1! points of their previous low. Other declines were shown by St. Paul 5s, Rock Island 4l5s, Denver & Rio Grande Western 5s, Erie General Lien 4s, Erie 5s, Frisco 4las and Boston & Maine 5s. Industrial issues of a comparable type remained unchanged or gained fractionally. There were advances in Certainteed 5)2s, Goodyear 5s, Ameri- can Sugar Refining 6s, and Interboro- ough refunding 5s. National Dairy Products 5145 and other industrials of a high order remained at or near their best prices of the current movement. Prime domestic bonds were firm, with new highs touched by Southern Pacific 4%5s, Union Pacific first 4s, Great Northern 7s, Chesapeake & Ohio gen- eral 4155, Columbia Gas 5s and Laclede Gas “C" 5lss, Apart from the activity in Austrian issues, foreign dollar credits were quiet, with price movements mostly upward. French bonds were again very strong, with the French 7s and 7l2s both at new highs and the French municipal group hovering around their best levels of the past two years. Volume was much above that of ‘Tuesday. SOUTHERN PACIFIC ASKS AUTHORITY TO EXPAND By the Assoclated Press. The Southern Pacific Railroad sought the sanction of the mkr‘:&a’ Commerce Commission for the purchase of the property of the Gulf & West Texas Railway Co., which is engaged in constructing a new line between San Antonio and San Angelo. By a contract between the Southern Pacific and the West Texas stockhold- ers the trunk line will pay $50,000 for all outstanding common stock of the small line, will pay all operating expen- ses, assume its indebtedness and finance ;:‘on.strucnon of the 113 miles of new ine. IGHT LOADINGS. By the Associated Press. Revenue freight loadings gained 12,271 cars during the week ended July 19, as compared with the previous week, but the showing is quite unfavorable as compared with the same period of last year. The following totals for compar- able periods are given by the American Railway Association: Week ended July 19....... 928,256 cars Previous week. .. . 915,985 cars Same week last yea .1,079,968 cars WashinEton Stock Exchange SALES. Wash. Gas 65 A—$1,000 at 103%. Wash. Gas 65 B—$100,at 103%. Cap. Tract. Co.—9 at §7. Lanston Monotype—2 at 115, 8 at 112, 10 at 112, 10 at 112, Peoples Drug Store pfd.—5 at 103%. Merch. Tir. & Stge. pfd.—5 at 97. Mergenthaler Linotype—3 at 97. AFTER CALL. Coml, Natl. Bk.—7 at 225. Cap. Tract. 55—$1,000 at 941;. N. & W. Steamboat rts.—7 at 16. Bid and Asked Prices. . BONDS. PUBLIC UTILITY. 9'1! . Bid. Asked. Amer. Tel 103 . mer. Tel Am. Tel. & T Anacost; Ana & C. & P. Tei of Va. 55 Capital Traction R. R. 38! City & Suburban 55 Georzetown Gas Ist Potomac Elec. cons, Polomac Elec. 65 19 Wash., Alex & Mt. Ver . Baito. & Abnap. ington Gas 8s.. Wash. Gas 65, series A Wash. Gas 6. Wash. Rwy. series BL1111LL0 Elec ds.. MISCELLANEOUS. Barber & Rosg, Inc. §tas.. D, pe! W. M. Cold Wash. Cons. Title 6s STOCKS. PUBLIC UTILITY. Amer. Tl & Tel (49) .. N. Steamboat (d! N. &sW. Bteamboat rts owe! ) wi. 60 pfd & El. com. Elec. pfd. (5) NATIONAL BANK P Wash. Ry Wash, Ry. & Capital (14) Coiumbia (13 Comme:cial (st District (B)..... Federal-American Liberty (78). Lincoin (12 Metropolita Riges (15) Second _(9e). 3 Washington (13). S TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6). i« Merchants' Bank & Tiusé (8} National Savings i 4 o). Prince Georges Bank Union Trust (88)... ... Wash. Loan & Trust (14).... SAVINGS BANK. ak of Bethesda (6%) 5 Bommerce & Savings (1 st Washineton (12) Ameri Soemen's (&) s Nationas UBion (18). TITLE I bis (6h). SoalEutute (8’ Title & Inv. Co. Md. MISCELLANE Ross, Inc.. com. Bhehe &b "Batiy pra. 01 ol Bynd & Gravel ptd. {7 D; ©. Paper MIg. pt Dist Natl Foalster eder Fed.-Am. C L e com v, . Bidg, Col 93 & Lothrop ped. (7). 108 73%% extra. 3% extra. % (BB sir s Corp, 111 The Carpe 0 W. Mech 4 1% extra. Hz’l’ extra. 829 extra. Danish Munic 8s B Denmark 4%s. Denmark 6% n Dutch East 1 6s°62. 13 Fiat 78 ex war 46 Finland 5%s Finland 7s. 95 €0 German Bank 6s°3. 20 88 . 1 10 o 26 1 6 16 7 17 12 Kreuger&Toll 6 ct Lyons Marseflle6s. ..... Mex 451910 asst. Mexico bs asnd. Milan 6348 Montevideo, New So Wal New So Wal Nora 6% Norway 6s Norway & Norway Queenslana Queenlzna 7 w Rio de Janeiro Rio 1e Jan 8 . Rlo Gr_du Sul 65’48 Rome 6%s. ... Sao Paulo 8136 Sao Paulo '50. Saxon (PW). 7, Serbs Cr Slov 7s 3 Swiss Confed 83 Toho El Pwr 6s°32. Uruguay Vienna 6s '52. Warsaw 78 '52. Alleghany 6s '49 Am Agri Chem 7348 Am Beet Sugar 6s.. Am Chain 6s°33. .. AmI1GChb%s 49, Am Int Cor 548 49 Am Smit & R 1st 63 Am Sugar Ref 6s. . Am T&T cv4 148’39 Am T&T 58°65. . Am T&T el tr 5. Am T&T s f 68 Am T&T 6% Am Water Wi Am Wrtg Pa 6847, Armour&Co 4%s'39 Armour Del6ls. . Asso Oil 68 Atl Gulf bs Atl Refining ... Bell Tel. Pa. b3 (B) hlenm £tl pi Reth Steel rf & Beth Steel 6s. Certn-Td 6% Chile Copper bs. ... Col G&EI 55, May’62 Com Invest §%s ‘49 Com Invest 6s ‘4 ConGasN Y 6% Cuban Am Sugar Det Edison bs 40 Oet Edison 6s Dodg Fisk Rubber 8 Gen Cable 618 *47. Gen Mot Ac Cor 6a Gen St Cast 5148’49 Goodrich 6%s. ... . | Goodver ba ret Humble O & R 6s. . Humble O & R6%s 11i Bel) Tel 61 T Steel 4 %8 KanG&®E Kendall 515548 ww Laelede 5% s D "60. Lau Nitrate 6s & Myers 78 Lo s w0 war. Larillard 6% Lou Gas&El 3 Manat! Sugar 1348, AMontana Pwr 43 Montana Pwr ab b8 Morris&Co 1st4 8. - - Boamron~E aSha waan SreSeb Nor States Pw. Pacific Gas & 1 Pac T & T Ist bs Pac T & T 65 '52. .. Paramount 65 '47. . Pathe Exchange T8 Phila Co bs 67 . Phila & Read 65" Phillips Pet §%8. . Postal Tel & C5%¢e Pressed Stl Car 68 Pure Ol 63837 oy Borbansrana=a o E8ak - 7% 100% 92% 9874 110% 109 98% 101% 105% 102% 102% 92 85% 99% 107% 119% 125 901 105% 854 100% 991 103% 9314 104% 10i% 22 65 9514 102% 101% 106% 3 10114 102% 106 103% 104% 110% 109% 93% 101% 105% 102% 10:% 92 85% 100% 108 119% 125% 90% 105% 104 65 98Y 103 10 % 106% 93 1015 102% 106 100% 9 1081 104% 0% 90% 5% 88% 9% 99% 95% 95% 104 104% 103% 104 130/. 104% Win RepeatAr T%s Youngstn S &T bs.. 11 RAILROAD. Atchison adj 4s. . 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CHICAGO, July 30.—Corn suddenly has become king among grains in its own right—selling for the first time since 1902 at a premium over wheat. Its reign, however, does «not bring with it the thrill which would come from similar evidence of strength in wheat. This is due to the fact that nearly 80 per cent of the country's corn crop is marketed in the form of live stock, and live stock right now is as he doldrums as any other Mg !lrmerl faces tl:; prospect of expensive corn cheap live stock. To take the edge off of that situation, there is expected to be much substitution of wheat for corn in the feed lots of the country. ‘Weather Is Big Factor. All in all, the weather has played many a trick on_the farmer during the present season. It has given a big crop of best-quality wheat in Winter wheat territory when reduced yields might have been more welcome from a price standpoint; it is providing larger yields than expected of high-quality wheat in Spring wheat territory and promising a 400,000,000 bushels crop in Canada when lessened production there would have been beneficial. At the same time, the weather which helped wheat—a crop which gives most farmers their big cash return—has hurt corn, a crop which can be cheap with. out bringing disaster to producers. The weather, likewise, has forced conside able selling of range cattle, adding to a demoralized market at the same time that this same weather has cut con- sumption of beef. As it is, wheat futures which a year ago were selling at from $1.39 to $1.56 are now selling from 86 to 95 cents. Corn, which sold at from $1.00 to $1.04 a year ago, now is selling at from 80 to 86 cents. Sheep that a year ago sold for 815 a hundred pounds now bring $9—the lowest return in 15 years, Steers that sold for above $15 a year ago now are selling at under $10, while hogs are about $2.50 under & year ago. Live stock market experts say that the present is the bottom of a market cycle which will lead to later high prices. Slump in Wheat. ‘Wheat has slumped to new low levels for a 16-year period just now, with one of the contributing factors the news that Russia is back in the world market in a sizable way. She has offered 16,~ 000,000 bushels of wheat for Fall ship- ment and may have much more, Be-" fore the war her exports ran well over 100,000,000 bushels annually. ‘With another country coming into the world wheat market, Chairman Legge of the Farm Board feels that he is on safe ground in urging acreage reduction in the United States. “We want to get the American farmer out of the export business,” he says. “If we can get cur own wheat acreage adjusted, we do not care what the rest of the world does.” UPTURN IN BUSINESS SEEN BY STEEL FIRM Turning Point Has Been Reached, Says Report of Financial Committee. By the Associated Press. NEW YORK, July 30.—The United States Steel Corporation believes the turning point in its business has been reached and anticipates an upturn dur- ing the balance of the year. That was the substance of a statement from the ce yesterday, which accompanied the sec- ond quarterly statement showing net profit equal to $3.02 a share of common, compared to $3.44 in previous quarter . and $6.68 a share in the June quarter of 1929, when a peace-tim: record was made. The net income of $32,126,717, a decrease of $3,651,090 from the opening quarter of the year, confirmed expecta- tions in financial circles, where the con- sensus was that earnings would approx- imate $3 a share. . The terse statement of the Finance Committee on the business outlook read “at this date the manufacturing plants are operating 63 per cent of ca- pacity. Indications in the industry point to an increase in this rate of op- erations during the balance of this quarter, with an improvement in volume during the last quarter.” ‘The optimistic outlook was Viewed in ‘Wall Street as one which provided ad- ditional support to the rather wideiy held view that business has ebbed to about its lowest point in the current re- cession with gradual improvement ex- pected to follow. iy 3 ‘With the annual dividend of $7 nearly earncd in the first six montls, there had been some conjecture as t. the possi- bility that directors would declare an extra dividend of $1. In view of the known conservative policy of the man- * agement, however, and present business conditions such a statement is consid- ered unlikely. HIGHER IMPORT DUTIES ARE PLANNED BY SPAIN By the Associated Press. Spain seeks to_ strengthen its cur- rency and trade balance through im= portant increases in import duties de- signed to curtail importations, the Com- merce Department has been advised. These increases became effective by a royal cecree of July 22, 1930, and apply to the products of all countries. Higher duties are assessed on non-European au- tomobiles assembled in Europe outside of Spain in order “to favor direct navi- gation between our ports and those out- (briet tee side of Europe,” the decree states. Articles of interest to American trade on which the Spanish duties have been raised include automobiles. motor cycles, bicycles, and parts and accessories of each; safety razor blades, sewing ma- chines and parts, films, exposed and un- exposed: artificial organic coloring mat- ted, sulphar, spun silk and artificlal silk, and rubber tires and inner tubes. These rates become effective immedi- ately, but are not applicable to merchan- dise already en route on July 22, or awaiting customs dispatch. Merchandise held in warehouses must be dispatched within five days after July 23, or be sub- Ject to the increased du&a A royal order of July 18 requires the duties ‘on several of these and other articles shall be paid in gold or in securities accepted as such. deving NEW YORK BANK STOCKS NEW YOFZ, July 30 (#).—Over-the- counter maiget— iman Manhat Co Deoples Natl’ = £ -y B