Evening Star Newspaper, July 30, 1930, Page 12

FINANCIA STEEL TRADE AIDED BY RAIL PURCHASES Weekly Review Fails to Find D. C., WEDNESDAY, JULY SMALLEST DECLINE IN. COMMODITY PRICES A decline of three-tenths of 1 per cent is shown by the wholesale price index of the National Fertilizer Asso- ciation for the week ended July 26, the smallest in three weeks. Six groups declined and two ad- vanced. Of the 476 items, 32 declined and 21 advanced. The largest declines occurred in fertilizer materials, textiles, G _STAR, WASHINGTON. NEW YORK CURB MARKET CLAYTON APPOINTS S NEW COMMITTEES Received by Private Wire Direct to The Star Office l CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS UTILITIES FEATURE TRADING ON CURB stocks are sold in one hundred-share lots those designated by the letter s those stocks to be sold in odd lots only. St a Satep— nd Rate. Add 00. Open. High. Low. Close. Alnsworth (32%) . Sales— te. Add Lone Star Gas. n (1). Long Island Lt (55¢) Louisiana Lan & Ex. MacMarr Stores (1). Prev.1950.~ High. Low. 331 16 | NEW YORK, July 30.—The following Remainder of List Displays Irregularity, With Sales Volume Small. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, July 30.—The ability of some of the public utilities to ad- vance in a market otherwise character- ized by much irregularity was exem- ( plified in curb dealings today. Led by Electric Bond & Share with & point gain, stocks that advanced in early trading included American Com- monwealths Power “A” and “B,” Aner- can & Foreign Power Warrants, Amer- ican Gas & Electric, American Super- power, International Superpower and Consolidated Gas of Baltimore. Re- newed selling came into the market at moon, but even then the utilities stood out best against the movement. Some of this strength was attributable to the fact that Consolidated Gas of Baltimore announced a favorable earn- ings report for the first half year. Other earnings reports are expected to show a favorable trend, though much of the support was based on the recent general strength of utilities. Thea again, the utilitics harbor a large amateur short interest. Trading coroporations ratically. Goldman Sachs equaled its previous low of the ye refleet ng its earnings report. Blueridge, Insull Util- | ities, National Investors and Tri-Util- ities were lower, while United Founders, Marine Midland and Shenandoah were firm or a shade better. Industrials were also ragged. Crocker- ‘Wheeler dropped off in moderately ‘heavy selling. American Cyanimid “B" and A. O. Smith moved lower, while other industrials remained quiet. As a group the oils were also quiet, but Cosden Oil was traded in blocks at constantly higher prices until it was nearly 3 points higher on the day. The Standard Oil group moved fractionally Jower, Vacuum dropping ' point and Humble Ol losing almost a_point. Mining stocks were dull. In the pipe lines Missouri-Kansas Pipe Line was fractionally higher, but there was no interest in the rest of the group. Gas stocks were somewhat more active and their trend was also mixed. Memphis Gas, United Gas new and Duquesne Gas lost fractionally, but there were advances in National Fuel Gas and Ap- palachian Gas. Volume was slightly above that of Tuesday, sales up to noon totaling 202,- 100 shares, against 181,900 on Tuesday and 206,900 on Monday. moved er-: BONDS ON THE CURB MARKET. ales in housands. 99% s 139 6 4 92 L 65 2016, 107% 107% 107% 9 B 9 Amer 1Amer Roll Mill 5s 43 98% 8 Appalach Po 156. 1 35 1003, 1002 1003 210880 18302 gt 48 '8 i 23 dry ATe 8na 42100°" 1 o 14 Can Na! s E 6 Carolina P & L 55 3 Cent Stat Elec 5s 2Cent St 1 ‘Wat Ww 65 B '44 88 = 88 g 3 G0N Ba 58 7., 10115 10115 10134 Pa 5s '47103 103 108 | 5 9% 1013 1013 104 104 991, 99%% 6s A 43 95% 5iss B '54 10134 3 Independ! Oil s ' 16 Indnap P&L 83 A ° 6 Inland Uil 6s 34 0 Insull_Utilit 6s B 40 102% 6 Inter Pw Sec 75 E '57 89 8 Intern Sec Am 5 933, 933 93 G4 ww 11108 11115 111 o610 o6i2 o8 X g Falls Pow 6s 5Nor Ind P 8 s D 1Nor Sta Pow 6'4s '33 104 3 Northw Power 6s '60 991 99 9914 141 10134 10135 101% 87 987 981; 961z w 80 b 0312 10214 102% 0312 10315 083, 10374 10334 03 103 103 53 1 2. 106 99%, 99% A 5Rem Arms 51,5 30.. 74! 28an Ant P 8 55 B '58 SRR e 13 Schulte R 5 Scripps 51 5 Shaw W&P W 101 Xw 10314 10715 1071 744 10310 103%, 1037 15110334 1033 1037 93% 9 22 § &L 6s A 2025 5 South Calif Ed 55 South Calif Ed 5s th Gal Gas 55 1104 92" 912 92 85 i De3” 8212 93 101% 101% 101% 52 903, 9012 9013 5 9612 96% 921, ©2ia 9 6710314 10314 10314 ... 91t 91 914 6 70 68 68 '3 97 97 9T ... 10034 10034 100% 54 9012 90%2 90%: Pw 5 '60103'3 1032 103 FOREIGN BONDS. 1Aer Mtg Bank 7s /47 1 Baden Con Mn 7s '51 21 Berlin Cy E 68 '55 wi ires 6125, '61 86'4 '52. 963 i Rid Ry s '8! 3 oo Fatl Ts '3 24 Prussian F 8 6vas © 7Ruhr G 28 A 1 Btinnes 17s . XW . 23 Sydney NSW 5iss '85. 1Terni Boc A'zs A '52. 1 Tietz (L) T's '46 xw 5 Unit Indust 6'2s '41.. ww—With warrants. xw—Without warrants, n—New. Wi—When issued. R The new truss arch bridge across the harbor connecting Sydney and North Sydney, Austrakia, is regarded as one of the greatest 'of modern engimeering 9% 34 Alr Investors v.te 15% - 8% Allied Mills (60c)... 356 210 Aluminum Co of Am 99% €8 Alum Ltd cu pf(new) 6 Am Capital pf (B). 85% Am Cit P&L(A)(a3) 12% Am C P&L(B)(10%) 20% Am Colortype (2.40). 21% Am Com I'(A) b10% . 34% Am Cwith P(B)10% 17% Am Cynam B (1.60) AOBNaHBHEN O o Sw = Am Gas & Eleo (31) Am Gas&Elec pf6). 7% Am Invest Inc (B).. £274 Am Lt & Trac (2%). uize Prod (2) 20% Am Superpwr (1)... 94% Am Sperpwr 1st (6). 111% Am Tob B new (D4). 15 Am Transfor (1.40). 7% Am U&Gen B vtc 400 1% Am Yvette (n) w.i. 6 Anchor PF (b10%). 8% Appalachian Gas. 5% Asso Eleo Ind (30¢) Gas & Elec. S PI - P 15 Atlas Plywood (2). . 81 Atlas Util Cor 8 31 Auto Voting Mach. . 91y Auto Vot Ma cv of pt 24% Aviation Corn nf Am 6 Avia Sec of N Eng. 24 Bahia Corp. 1% Bahia Corp pf. 454 BancomitCorp(1. Blisa Co (E W) (1) 33% Blue Ridge cv pf(a3) 86% Brazil Trac & Lt(h2) 2% Brill Corp (B)...... 14 Cable&Wire (B) rets 3% Canada Marconi % Carib Syndicate. 18 Carman & Co(A)(2). 261 Carnation Co (j1%).. 28 Cent PS (A) (al.76) 19 Cent States El(k40c) 4% Centrifug Pipe(60c). 2% Chain Stores Dev. ... 17% Chat Ph Al nv (50¢), 177% Chem Nat Asso n-v. 4 24% Cities Service(g30c). 93% €8 Cltles Srvopf (6)... 3 Club Alumn Utensils o E TP PRIV P Y - R T Tor S 9 Ko 14% 21 8% Col Ofl & Gas vte. ... 3351 234 Com'wlith Edison(8). 6% 3% Com'with & Sou war. 19% 11% Comm Wat Serv bé% 27% 15 Consol Alrcraft. 8% Consol Copper 13 Cons Dairy Pr 136% 90% Con Gas, Balto(3.60) 10 Consol Laundries. ... 28 Cooper Bessemer(2) 5% Creole Petroleum 15 Crocker Wheeler. ... % Crown Cent Petrol. . 1 § Cuban Cane pr opt w 51% 34 Cuneo Press (2%)... 4% 1% Curtiss Wright war. 8% 2% Dayton Afr & Eng... 162% 80% Deere & Co (m1.20), 8% 2ia De Forest Radio.... 22% 16 Deisel W Gilbert (1% 11 4% Derby Oil Refining.. 9% 4% Detroit Alreraft.... 23% 10 Dixie Gas&Utilit! 23% 12% Douglas Alr (75c). . 56% 31 Dresser(SR) A(3%). 44% 31% Dresser (SR) B (2). 108% 41 Driver Harris(new). 209 140 Duke Power (§t5).. 8% Duquesne Gas Cp w: 2% Durant Motors. ... 5% Duval Tex Sul w.i... 12 Educational Pic nf.. 9 Eisler Eelectric(134) 95% 92% El Bond&Sha cu pf(5 117% 70% El Bond & Sh (b6).. 109% 108% El Bond & Sh f (6).. 39% 19 Elec Pwr Asso (1).. 37 16% Elec Pwr Asso A (1) 78% 28% Elen Pwr & L op war 15% Elec Shareholdg(31) 39 Emp Pwr pt (14.04) 1% Evans Wallow Le: 2° Fabrics Fininshing. 3 Fairchild Aviation. 7 Fansteel Products. .. 16% Fiat recelpts (1.25). 13% Fokker Alrcraft.... 28 Ford Mot, Can A 1% 64 Ford Mot,France 28c 10% Ford Mor.Ltd. 37% 4% Foremost Fabrics. 2% Foundation For § 21 Fox Theater Cl (A). 2% Galena Oil Corp. 2% General Baking. . Gen Baking pf (3)... 10% Gen E. Ltd rets(50e) 20 Gen Empire Corp (1) 74 Gen G&E ev pf B(6).100 #0 Gen Petroleum w.i... 75 Glen Alden Coal 8 9 Globs Underwrite: 2% Sold Coin (new). 18 Goldman Sach T C. 1% Gold Seal Elec new. 29 Graymur Corp. 180 GrA&PTn-v 31% 26 GtLakes DDnwi(1) 49 29 Guard Fire Asso(2). 29% 24 Guenther Law (2)... 166% 117% Gulf Ollof Ra(1%).. % Happiness Candy..a 18% Hazeltine Corp (2).a 8% Hecia Mining (1).... 5 Hollinger Gold (60c) 13 Houston Ofl of Texas 7 U y M & 78 Humble Ofl (2) 35% Hydro Elec Sec - 81 Hygrade Food Prod. 18% Imp O1). Can. n¢50e). 26% Ind Terr 1llu Ofl (A) E3% Insull Util Inv tb9% 63 InsCo. No Am (13).. 15% Insurance Sec(140). 100 Inter Cigar Mach nev % Intercontinent Pet n 17% Intl Petroleum (1).. 10 Int'l Safe Raz B(12% 30% Internatl Supert (f1) 6% Internat) Uil 1B)... 6% Intl Utll war (new).. 7% Interstate Equities.. 12 Irving Air Chute (1), 81 Italian Superpwr A.. 4% [tallan Super war... 1% Jonas & Naumburg.. % Kolster-Br (Am Sh). 21% Lane Bryant (2).... 13% Lefcourt Real(11.85) 27% Lefcourt Real pf(3). - 1w Leonard Ofl. .o 384 Lerner Stores (2)... 17% Lily Tulip Cup 1% 18% Lion Oil Refin (2)... 44 260 28 120 1% 24 13% 46% 36% 26% 37 29 23% 4 Mid S Mid Sts Mo Kan Strauss Swift & Tubsize 14% 124 20% Wi West T: annual_paynient *Ex dividend, cash or_stock. holders. stock. EPlus 1 stock. mPlus 1%, Magdalena Synd. ... Mapes C Mfg (134). Marine Mid (1.20) Mavis Bottling. May Hos cum pf (4). Mead Johnson t3.15.. Memphis Nat Gau Meccantile Stors (5), Mesta Mach (11.80).. Met & Min. Inc(1.20) Met Chain Stor Mid WSts Ut (1%). Mid Wst Utii(b8%). Mid Royity ev pf(2). Miss Riv Fuel bd rts. MissKPLvte.... Moh H P 1st pf (7).. Moody's I § pt pf (33 4 Mountain&Gulf(8c). Natl Amer Co. Seg Lock & H (59¢c) 4 Selected Industrie: Self Prov St (13¢) ntry Safety Cont. Shenandoah Cor Shenan Coro pf ). Singer Mfg (117)... Smith (AO) (2).... SoCal Ed pf B(1%). Southern Corp...... Southland Roy (1).. 8 W Gas Utilities Standard Motor: Stand Oil Ind (2%). Stand Oil, KY (11.80) Stand Oil. Ohfo(2%). St Oil, Ohlo of (7).. 4 Stand Pwr & Lt (2) Starrett Corp.... Starrett Corp of (3) 4 Stein Cosmetics. aggart Corp (1)... Tampa Electric (12) Technicolor. Inc. ... Teck Hughes (60¢).. Tennessee Prod (11) ‘Tobacco & All Stks. . % Tobacco Pr Exports. Todd Shipyard (4).. Tonopah Mining.... Tran Con Alr Trai Trans Lux DL P Tri-Cont Corp (war) Tri Utllities(21.20) 1% “Y* Oil & Ga Zonite Products (1). RIGHTS. Ins Co of N A Intl Nickel w. 1Partly extra, bPayable in stock, eAdjusiment dividend. % in_stock. % in stock o ot v.t. Pet v.t.c. PLb10e) *© a g T R =TI PR SR TP Natl Fam Strs(1.60) Natl Fuel Gas (1 Natl Investor: Natl Pwr&Lt pt (6). Natl Pub Sv A(1.60) Nat Sh Tm See(50c) Natl Union Radfo. ... Neet, Tnc, ¢v A(1.60) Nebi Corp (1.30) Nevada Cal Flec N J Zine (123%). % N Y Telpf (R%) . ... Newmont Min (f4).. fag.-H. Power (40c) ~H. Pwr A war. & Hnd Pwr B war ag.-Hud Pwr C wai Niag Shars Mdr40c) . Niles-Bem-P (1234).. Noranda Mines (2).. North Am Cement Noth Euro Ol Corp. Novadel Agene 121 Ohfo Coppe: . Ohfo Oil new w! Ohlo Ol (1434). Oilstocks LtdA (50e), Orange Crush (1.50). Outbd Mot(A)(1.80). Overseas Secur (1).. Pandem Ofl. % Pantepec Ofl \ Param’t Cab/b§%). . Penn Mexic Fuel (1) Penfroad Corp (20c) Pa Water&Pwr(3).. Popperell Mfg (8) Petrol Corp war. Philip Morris. Ine. .. Philippe(L) A 11.80.. Pilot Radio Tube (A) Pitney BP.n (20¢).. 4 Pitts Plate Glass(2). Plymouth Ofl (2). Power Securities pf. i Premfer Gold (24c). Prince & White(25¢! Prince & Whit pf(3) 4 Prudential Invest. .. Pub Util Hold w w.. Pure O1l pf (6). Radio Produets (2 Railroad Sh Cp(25¢). Rainbow Lu Prod A. Rainbow Lu Prod B.. Reiter-Foster. . Reliance Man: 4 Rich Ofl.Cal, pf( Roan Antelope Min elt Field.In, Intl Corp. Royalty Cor pf ( Ryan Consolidated. . 4 St Anthony Gold.... St Rexis Paper (1).. i Salt Creek Prod (2) B3 commSS o am— o - P - S.» EYST ISR P 3270 FPEVE - ) 20) 5 6 Roth Stutz Motor Co new Chatel (B Twin States Nat G Ungerleider F Corp. Utd Am Util(b2% %) United Chem pf (3).. % United Corp (war).. United Eelec Service # Unit El Sve pr war. . 4 Unit Found (b2. United Gas Co (new) United Gi United Gas pt (1) Utd Lt & Pwr A(1 Utd Lt & Pwr pf(6). Unit Milk Products. . Unit Shoe Mach(13% U S Dairy (B) U S Elec Pwr ww.... U S Elec Pwr (war)., sh (war)... - U S Gypsum (1.60). U S Lines pf (1). U S & Overseas war. Unit Verde Ext (2 Universal Ins(31 ) Utility Equities Utility Pwr&Lt(al). Utility & Ind....... Util & Ind pf (1%).. Vacuum Oil (4)..... Venezuela Petrolm. . 4 Vic Finan Corp (40c) Walitt & Bond A (2)., Walgreen Co. er (H) (1 r Min (7%e! 85 2% ™ 19 19 32% 9 215 304 % 10% 19 32% ¥ 215 30t % 11% £ 214 30% 1% 1% b & Sta (2) Expire. 8 3% 3% 3% 3% 4% u % & & * 1 % % o based on last quarterly or semi- Plus 4% In stock. aPayable In dSubject to approval of stock- Plus n stock. gPlus 6% In. IPlus instock. kPlus 10% nPlus m stock UTILITIES GROUP AIDED BY REPORTS OF MERGERS Special Dispatch to The Star. NEW YORK, July 30.—Rumors of more consolidations among the public utilities have been an influence in mov- ing up this group and making a half a dozen members of it moderately active and strong. Pool operations have been apparent in Standard Gas & Electric, Public Service of New Jersey, United Corporation, and Electric Bond & Share, with a tendency to limit operations in the former favorites, such as American Power & Light, American & Foreign Power, American Water Works, and Co- lumbia Gas & Electric. ‘.he adjourn- ment of Comgress has tagen a poten- tially bearish influence from the situa- tion. On the other hand, the recession in industrial operations and the usual g Summer duliness are affecting earnings of power and light companies in various parts of the country. —_— Corporation reported hold- Delaware & Hudson are be- in n 5077 pad R07) chares, METAL MARKET. NEW YORK, July 30 (#).—Copper quiet; electrolytic, spot and futures, 11.00. Iron quiet; unchanged. Tin steady; spot and nearby, 29.87; future, 30.05. Lead steady; spot, New York, 5.25; East_St. Louis, 5.15., Zinc firm; East St. Louis, spot and future, 4.75a4.80. Antimony, 7.12. INVESTMENT TRUSTS NEW YORK, July 30 (#).—Over-the- counter market: Bld. Asked. Cont Metro Bankshares A 4 81, d Cap . 1% o Jackson & Curtiss Inve: Power & Rail Trustee Shares. nd Inc. "Others unchanged. FatitEt N Murray Corporation of earned 57 cents common share in June CHICAGO DAIRY MARKET. CHICAGO, July 30 (#).—Butter— Receipts, 6,282; steady; creamery ex- tras, 36%%; 35a351. 3 Eggs—Receipts, 8,593; firme: firsts, 232315 ; fresh graded firs fresh current receipts, 19220z ; ordinary current receipts, 17a18. RAILROAD CONTRACT LET. NEW YORK, July 30 (#).—The Vang Construction Co. of Cumberland, Md., has been awarded a contract by the Pittsburgh & West Virginia Railway to bufld the final link in the Cochrans Mill to Connellsville line, near Scotts- dale, Pa., to a junction with the West- ern Maryland in Connellsville. A 60- foot bridge across the Younghiogeny River will cost about $1,500,000. Work will be started soon and between 500 and 600 men are to be employed for three months. —_— quarter, against $140; 6 months, 94 New Jersey has approximately 30,000 cents, aga‘nst $2.72. Fr<line pumps, & Grain, Hay and Dairy Products ‘| heavier production than in 1929 and | 2 cents less than in 1928 and 1 cent less President of Credit Men’s As- sociation Pushes Plans for Year’s Activities. Charles W. Clayton, president of the Washington Association of Credit Men, announced at the regular weekly meet- ing of the association yesterday at the Raleigh Hotel, his selections of stand- ing committees for the year 1930-1931 The appointments were as follows. National councillor, Frank W. White, National Electrical Supply Co. Fraud Prevention Case Committee— Henry E. Stringer, Hydraulic-Press Brick Co. Trade Group Executive Committee— H. R. Glass, chairman, Crane Co.; Harry S. Moyer, vice chairman, J. Carey King, Inc.; James Bligh, Barton, Duer & Koch Paper Co.; A. E. Kostulski, Graybar Eléctric Co.; T. A. Flynn, But- ler-Flynn Paint Co. Legislative—S. _ Percy ' Thompson, chairman, W. A. Pierce Co.; James A. Messer, vice chairman, James ‘A. Messer Co.; Addison Boren, jr., Otis Elevator Co.; Elmore T. Burette, Potomac Sav- ings Bank. P‘;h‘l{are—‘k. Jesse Chaney, chairman, Commercial National Bank, E. H. Ruark. vice chairman, Bradstreet Co.; W. R. Little, Evening Star Newspaper Co. John N. Auth, N. auth Provision Co.; Eugene Madden, Galliher & “iuguely, Inc.; C. Vincent Griffin, Rosslyn Steel & Cement Co.; John Brewer, R. G. Dun & Co. Luncheon Attendance—Mrs. E. J. Hess, chairman, E. B. Adams Co.; Miss F. E. Thompson, vice chairman, James E. Collifiower & Co.; Elton F. Lollo, Sherwood Bros., Markward, Pittsburgh Membership—Louis M. Hew] man, Griffith-Consumers Co.; Norman Estes, vice chairman, Hugh Reilly Co.; Charies K. Gibson, Capital Wall Paper Co.; E. S. Rowzee, Edmonds Art Stone Co.. W. W. Weidman, Doubleday-Hill Electric C R. W. Simons, W. H. Hessick & C E. E. Downham, West Bros. Brick Ce J. 8. Kerr, Firestone Tire & Rubber Co. Fraud and bankruptey — Joshua Evans, jr., chairman, District National Bank; W. C. Hanson, vice chairman, E. G. Schaefer Co. ‘Educational—Arthur J. Linn, chair- man, Federal-American National Bank; E. L. McIntosh, vice chairman, Frank Hume, Inc.; Felix Moriarty, E. Mor- rison Paper Co.; M. M. Watson, Dulin & Martin Co. Interchange—W. J. Tastet, chairman, Fries, Beall & Sharp Co.; Eugene Bac- zenas, vice chairman, Washington To- bacco Co. Banking and currency—F. P. H. Sid- dons, chairman, American Security & Trust Co.; Robert H. Lacey, vice chair- man, Columbia National Bank. . FARM PRICES RECORD GAIN IN DRY SPELL| Sell Higher—Potatoes Drop $1 Barrel. Farm prices responded in late July to dry weather and the threatened lighter | production, says the United States De- | partment of Agriculture, Bureau of Agri- cultural Economics, Market News Serv- ice. Grain, hay and dairy products sold higher, with sharp advance in corn. All kinds of live stock continued the month'’s downward trend. Dressed fowls sell a little higher. Wool markets are firm, cotton lower. Eastern potatoes dropped fully $1 a barrel through July, but re- cent shipping movement is lighter. Most fruit and vegetables were selling lower near the end of July. Best Cobbler potatoes were down to $2.25 per barrel. Long Island stock declined in New York City to@ range of $2.50 to $2.75 per barrel. Acreage of lettuce and yield per acre are increased in five late ) crop States over last year's figures. New York and Colorado expect slightly California looks for a crop 28 per cent greater than that of last year. Termi- nal lettuce markets were weaker. The peach-shipping season opened in Mary- land, Delaware and Tennessee. Six- basket crates of best Elbertas, medium to large sizes, were lower at Georgia shipping points at $1.75 to $1.85. ‘Watermelons showed a slightly better position. Dixie Belles, 26 to 28 pounds in weight, were selling on a cash track basis in Central Georgia at $75 to $150 per carload. Cantaloupe movement was | starting in Maryland, Tllinois, Indiana and Washington. Maryland growers were getting $2.25 to $3.25 per crate in late July for their cantaloupes. July egg markets failed to maintain the improved tone noted in June. Some of the features lending support to the market a month ago were lacking. Re- ceipts failed to show the full normal crop in July and consumption was not | s0 active as a year ago. Toward the latter part of July de- mand for broilers below two pounds be- came a little more active, although rices have shown no advances. Some | crease in the supply of broilers weigh. ing two pounds and more occurred dur- ing the past month, but it was not suf- ficlently heavy to depress prices much and dealers reported a very good outlet for such stock at sizable premiums. Fowls are selling at about 8 cents a pound less than at this time in 1929, than in 1927. They gained 2 to 3 cents | during July. GRAIN MARKET. By the Associated Press. | CHICAGO, July 30.—Wheat prices dropped more than 2 cents a bushel un- der the record low established yesterd: and July contracts finished today at 831, to 833, cents, while corn for de- livery this month sold at 857%. Gloomy predictions of a world wheat crop 200,000,000 bushels larger than | last year and the extreme quiet of de- ' mand from foreign buyers forced prices | petroleum, foods other than fats, live stock and metals. A material advance in the group of miscellaneous commodities, attributable to an increase in _the price of coffee. Based on 1926-1928 as 100, and on 476 quotations, the index stood at 85.4 for week ended July 26, 85.7 for July 19, and 86.2 for July 12. . STATE AGENCY IS URGED FOR FRAUD PREVENTION Special Dispatch to The Star. BALTIMORE, July 30.—Establish- ment of a State agency With power to investigate companies which come from other States to operate here and sell stocks is advocated by Willis R. Jones, assistant attorney general of Maryland. Mr. Jones pointed out that the pres- ent blue sky law, while effective in stopping fraudulent schemes after com- plaint has been made, grants no power to any State body to investigate these companies before sales have been made. “I do not advocate a system of State approval of stock sales,” said Mr. Jones, “for this often results in an overvalua- tion of stock. I do think, however, that there should be an agency with power to investigate these companies. This undoubtedly would result in a saving to those people who are easily duped by unscrupulous salesmen.” NEW YORK COTTON NEW YORK, July 30 (Special).— Heavy selling pressure prevailed throughout today's market session and cotton prices declined $1 a bale to new low levels for the year. All months closed below 18 cents with October selling at one time within a few points of 127, cents. The break in the stock and wheat markets, to- gether with increasing hedging opera- tions in the South, influenced the course ('l'cl' prices. Spots were reduced 20 points Cotton range (:) October, QOctober, December, December, NEW YORK, July 30 (#)—Stock- holders of American Reserve Insurance Co. have approved the proposed mer- ger with Reinsurance Corporation of America, which will become effective upon approval by the superintendent of insurance. ‘The name, American Re- serve Insurante Co., will remain un- changed and one of the results is in effect a stock dividend of 3315 per cent to present American Reserve share- holders. Markets at a Glance NEW_ YORK, July 30 (#)—Stocks weak; leaders fall 3 to 10 points on bear raids. Bonds irregular; French 7s reach new 1930 peak. Curb heavy; Goldman Sachs trading touches year’s low. Foreign exchanges easy; European rates sag. Cotton lower; favorable weather forecast. Sugar easy; lower spot market. Coffee higher; covering. CHICAGO, July 30 (#).—Wheat weak; bearish North American estimate. Corn w rains Kansas and lower tem- peratures Central West. Cattle strong to higher. Hogs higher. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, July 30.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange today: e 00 Cent & 50Cent & 8 W pl pi..’ 50 Cent & So West pf . negys - e et 2 46 Crane Co . 42 g, 100 Elec Research ajes 4 Manhat Dearborn 50 Marshall Field . 1450 Merch & Mirs A 15200 Mid West Util 100 Mid W Ut to the lowest levels since 1914. | 2300 Mo The day's loss in wheat ranged from | 2 to 3 cents a bushel. Final quotations, moreover, were at or fractionally above the lowest mark of the session. July delivery touched 83%; low for September, the basic | month now, was 85'; cents, and the | close 83%; December low was 90% ! and March 95%. Corn lost some ground today, but was | still at a premium over wheat for cur- rent month delivery. Rapid harvesting of Spring wheat and bulging granaries | helped undermine prices. Low. Close. 83 831 MONEY MARKET. NEW YORK, July 30 (#).—Call money steady; high, 3; low, 2; ruling ™ Timé loans stbagys 30 days, 2.2% s 3 ys, 3-2%; 60 days, 21 90 days, 215-2%; 4 ;l_!zoizflu, 2%-3; 5 months, 3; 6 months, me commercial paper, 3-3%. Bankers' acceptances unchanged. wons o £ s NRNBESRaET SHERLESUE g i gt ’ ;-;Iflggg‘:ass w1 BoNDS. y 40, . 103% 102 102 000 Tol T oans, Huose!” is a summary of important corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. Of particular interest in the day's news is the earnings statement of the United States Steel Corporation for the June quarter and first six months of the year. Per common share earnings for the June quarter equaled $3.02, com- pared with $3.44 in the ini three months and $6.68 in the 1929 period. For the six months’ period per share earnings were $6.46, against $11.72 in the 1929 half. This showing, while sharply below last year's exceptional results, ex- ceeds the returns in any other year since the war. The June quarter results were about as expected and, all in all, are generally accepted as satisfactory. Com- mon dividend requirement was covered almost twice over. The regular weekly reports from in- dustry indicate operations are continu- ing at low points of the past few weeks. In the steel industry ingot production remains at about 57% per cent of theo- retical capacity. Freight car loadings in the week of July 19 aggregated 928.- 256 cars, an increace of 12,271 over the previous week, but still the lowest of any like period since 1924. Ol statistics are again favorable. Domestic crude output in the past week was_reduced to 2,488,700 barrels daily, a decrease of 11,400 from previous 's average and 407,950 barrels less daily output in the like 1929 week. The Companies. ph International earned A 62 cents common share in June quar- ; six months, $1.50, against, $1.46. American 'Telephone & Telegraph acquires 200-acre tract near Elizabeth, N. J., for laboratory. ‘Budd Wheel reported has received $6,000,000 wire wheel order from Chev- rolet Motor. California Packing 1930 opening prices on dozen-can lots of fruit range from 15 cents to $3.25 below 1929 quo- tations. Charis Corporation earned $2.18 com- mon share in June quarter, against $1.84; six months, $3.49, against $3.03. Colorado Fuel & Iron earned 84-cents common share in June quarter, against $1.29; six months, $4.52, against $3'93. Conde Nast l:uh},luflom er:‘rned l;n: common share in June quarter, ns! 99 cents; six months, $2.68, against 2.38. ‘Domlnion Stores, Ltd, earned 88 cents colhmonu share in first half, ainst 98 cents. “Mm Rolling Mill earned 7 cents common share (before taxes) in June quarter, against $1.06; six months, 12 cents (before taxes), against $2.18. Inland Steel earned $2.19 common share in June quarter, against $2.61; six months, $4.45. against $5.11. International Harvester order from a is for 12,000 tractors, val- International Business Machines earned $2.91 common share in June quarter, against $2.55; six months, $5.73, against’ $5.05. Kolster Radio reorganization plan pro- vides for conveyance of all properties, including patents and assets of sub- sidiaries, to new company. Holders of old common stock would receive one share stock new company for each three old shares, plus right to buy new stock at $10.50 for each new share held. Pro- posed that for debt to Spreckles & Died- rich and preferred shares in their names, 200,000 shares common stock be_issued. we than Kelsey-Hayes Wheel _earned $2.22] common share in t half, against $2.45. Lion Oil Refining earned 6 cents com- mon share in June quarter, against $1.92; six months, 7 cents, against $1.86. Midland Steel Products buys all pat- ent rights covering airbrakes and start- ers for sutomobiles and airplanes held by Niels A. Christensen, inventor. Moon Motor Car—Circuit Court per- manently enjoins old officers from in- terfering with operations of firm. National Cash Register earned 65 cents class A share in June quarter, lg‘_’g\at $2.17; six months, $1.42, against $ Newton Steel earned 1 cent common share in June quarter, against $2.91; six months, 94 cents, against $5.77. Panhandle Producing & Refining had deficit $73,768 in June quarter, against profit $66,537; six months, deficit, $36,~ 542, against $99.457. Purity Bakeries had 331 Cushman stores as of July 12, 1930. Southern Railway Co. first half earn- ings estimated at 36 cents common share, against $5.74 in 1929. Southwest Gas Utilities earned 95 cents common share first five months, against $1.34. . Spicer Manufacturing earned 39 cents common share in June quarter, against $2: six months, 75 cents, against $3.92. Superheater Co. earned $2.47 com- mon share in first half, against $2.24. Third Avenue Railway had deficit $199,460 in year to June 30, against $286,333 in previous year. Transue & Willlams Steel Forging current operations near capacity; or- Any Definite Clue to Future. | By the Associated Press. NEW YORK, July 30.—Rail business stands out as the only new element in the fron and steel market situation. |Iron Age will say tomorrow in its | weekly review of the industry. | The Van Sweringen lines have con- tracted for 58,600 tons of rails and | | there are indications that otner rail- | roads will place their annual require- | ments_earlier than usual. The New York Central is expected to inquire for 200,000 tons, the Pennsylvania for 108.- | 000 tons and the Reading for 35,000 | tons. Would Aid Sentiment. “The only immediate effect of hasten- ing rail buying” the review states, “would be to improve business senti ment, since the railroads are behind in their specifications against present con- tracts. However, slight improvement in rail releases is reported from the South | and from Chicago. The Ensley Mill has resumed operations at a 50 per cent rate on specifications from four South- ern lines. | “Outside of prospective support from |the carriers there is nothing in the current state of iron and steel demand that offers any definite clue as to the future. The trade still voices its be- lief that improvement is near, but with concrete evidence of increasing activity lacking, makes no prophecy as to the extent of the recovery. The extension of ‘vacations’ among consuming plants and the announcement of fresh suspen- sions by companies that have operated through this month indicate that the stimulus from industrial resumptions may not be felt until the middle or. the epd of August. “Tendencies in steel plant operations are irregulal with losses offsetting gains. Ingot output for the country at large remains unchanged at 56 per cent for the fourth week. “Activity is at the lowest ebb among manufacturers of goods for the ulti- mate consumer. Following the decision of the Ford Motar Co. to postpene re- sumption of operations from July 28 to August 4, telegrams were sent to the steel trade rescinding releases of lhlfl- ping orders. It is possible that the Ford shutdown may be extended into the fourth week, because of large stocks output will show much of a gain over July production, estimated at 220,000 cars for this country. “Pipe lines, structural steel work and shipbuilding remain outstanding sus- taining factors in a notably quiet period. Recent Awards. “The Barnsdall Corporation and the Continental Oil Co. have awarded 1,400 miles of 4 to 8 5.8 inch seamless pipe, " requiring 75,000 tons, for a gasoline line from Barnsdall, Okla., to Des Moines, cktli‘:;zo and other Middle Western cities.” Fresh fabricated structural projects that call for 51,000 tons became active in the past week. Bookings were for 33;;?0 tons. e Iron Age composite price has re- ceded to $16.96 a gross ton from $17.09 last week and is now the lowest since late in 1915. The finished steel com- posite remains at 2.171 cents a pound. C. & 0. ORDERS RAILS. NEW YORK, July 30 (#).—The Chesapeake & Ohio Railroad has or- dered 58,600 tons of rail for its 1931 requirements. Contracts have been awarded to Illinois Steel, 25,000 tons; Inland Steel, 19,300; Bethlehem, 8,800, and Carnegie Steel, 5,500. ders on hand sufficient to keep plant at present rate through August. Arundel Corporation earned $1.64 common share in June quarter, against $1.27; six months, $2.44, against $1.91. Bethlehem Steel shareholders group reported planning suit to recover bonuses paid officials. M. Byers earned 51 cents common share in June quarter, against $1.59; nine months, $2.22, against $3.90. Calumet & Hecla Consolidated Copper earned 8 cents common share in June quarter, against 91 cents; six months, 58 cents, against $181. Goldman Sachs’ trading book value securities owned June 30 was $239.417.- 674, against market value, $192,895,649. Stockholders, same date, 41,700, against 30,500 December 31, 1929. Interborough Rapid Transit had def- ieit $2,155,077 in year to June 30, against profit $3,007,900 previous yea Lane Bryant, Inc., earned $3.99 com- mon share in year to May 31, against $4.94 previous year. Loft, Inc. had deficit, before de- preciation and taxes. $260.971 in first haif. against profit $403,403 year ago Moto-Meter Gauge & Equipment re- ported current sales 52 per cent of year ago. Capital & Surplus $3,500,000.00 Deposits invited in any amount. Open Until 5:30 P.M. July 31st and Aug. Ist A Good Backer for Your Thrift Efforts €This sixty-three-year-old bank is the thrift partner of over 50,000 depositors, and will prove a good backer for you. 9[Deposits invite —Same Rate of d in any amount Interest paid on small and large accouhts, FRANK STETSON. Znd Vice Pres. and Trust Officer FRANK STETSON WILLIAM H. WALKER WILLIAM B. WILLARD HARLEY P. WILSON National Savings & Trust Co. 64th Year Oldest Savings Institution in the District of Columbia Cor. 15th and New York Ave.