Evening Star Newspaper, July 31, 1930, Page 14

AUTOMOBILE TRADE SITUATION CLEARS Industry Put House in Order Immediately After Recent Market Crash. BY DAVID J. WILKIE, Associated Press Staff Writer. DETROIT, July 31.—Whatever else may be said about the position of the sutomobile industry in relation to the general business depression, it must: be recorded that the industry lost no time in putting its house in order when the slump came. While in many other lines of business there was some hesitancy to make drastic readjustments, because of the belief the depression would be only temporary and of short duration, the leaders of the automobile industry took immediate and drastic steps to curtail production and to distribute a heavy accumulation of overproduction. ‘When the slump came last Fall the automobile industry found itself with a surplus of more than 800.000 units. This ‘was really stock on hand and the pros- pect of moving it was none too good. Moreover, it had to be moved or become a total loss in many cases, because al- ready many factories had new models well under way—too far under way to suspend production on them. Production Reduced. Production was reduced below actual consumer demand, and Ignoring the o| timistic statements made in’ sore quai ters' that early Spring would find busi- ness well-back on & normal level—or at léast on the upgrade—the automobile industry’s chiefs disposed of the surplus and went ahead with the production of their new models. The production, of course, was on a sharply restricted basis. Then came the time for the for- mal presentation of the new cars. A complete suspension of manufacturing activity was decided upon by several companies. This suspension lasted for two weeks and it served to finally clean up that part of the surplus &roduruon that had not already been disposed of. Few of the industry's leaders look for an immediate improvement in business conditions. Most of them look for a continuance of restricted output and curtailed demand at least for the re- mainder of the current year. The in- dustry, however, is in position to take immediate advantage of any improve- ment ip the demand for new cars. * Automobile executives are not natu- rally pessimistic nor easily discouraged; an the contrary, they are inclined rather to hold that transportation is one of the first_essentials to the economic life of the Nation and as such bound to feel the first move toward improved busi- ness conditions. In the current depres- sion, however, there have been no at- tempts by the industry’s leaders to cre- ate an artificial condition of prosperity by rushing into print with unduly opti- mistic statements. Very few of the mo- tor industry’s chiefs want tc be quoted at all; one declined on the ground that he did not want to “lie about condi- tions,” nor did he want tc be a pessi- mist. Another went further and pre- dicted that business conditions would show little, if any, improvement before next Spring. Operations Schedules, Although those chiefs or the industry whose function is mainly production efficiency and the speeding up of opera- tions on the assembly lines have found little opportunity to exercise their skill during the last six or eight months, there has been one comforting result of the drastic steps the industry was forced to take when it was caught with a huge $urplus. This is the fact that there has been no permanent discontinuance of operations by any manufacturer. There . been “dealer mortality,” as the trade describes failures, but, barring something at present unforeseen, the re- turn to normal business conditions will find all of the cars popular a year ago still in production. Baltimore Markets Epecial Dispatch to The Star. BALTIMORE, Md., July 31.—Po- tatoes, white, 100 pounds, 2.25a3.0 beans, hamper, 7561.40; beets, 100, 1.00 #2.00; cabbage, hlmper 75a1.15; car- fots, 100, 3.00a4.00; corn, dozen, 5a10; Jima beans, bushel, 2.00a2.25; lettuce, crate, 60a onions, bushel, 1.50a1.65; geppers, hamper, 60a75; peas, bushel, 75a2.25; squash. hamper, 25a35; to- matoes, crate, hamper. 30a1.00: apples, bushel, 50a1.35; blackberries, quart, 18 620; cantaloupes, crate, 1.50a2 00; Peaches, crate, 1.25a1.50; Wwatermelons, 100, 2.00a3.00. Dairy Market. Poultry, ' alive—Chickens, Springs, gound 23a32; Leghorns, 17a24; ducks 38200 pigeons, pair. 15225, ceipts, 1,046 cases; nearby et 20n5a benthein finte 33, Bulter—Good to fancy = creamery, pound, 36a3612; process, 20a29%. Store packed, 20. Hay and Grain, ‘Wheat—No, 2 red Winter, ex] No. 2 Winter, garlicky, !Dot 88 y, 88',; August delivery, 88!%; September, 89%. Corn—No. 2 domestic, 89%; cob corn, 4.75a5.00. Rye—Nearby, 60272, Oats—White, “No. 2, 45'%a46; No. 3, 445245 Hay—Receipts, none. market; continues quiet. Live Stock Market. Cattle-—Receipts, 400 head: light sup- ply: market dull. Steers—Choice to prime, none; good o cholce, 635 to 6.55; medium to good, 5.55 to 625; fair to medium, 5.25 to plain o fair, 450 to 5.00; com- mrm to plain, 4.00 to 4.50. Bulls—Choice to prime, none; good to choice, 6.00 to 6.25; medium to good, 575 to 6.00; fair to medium, 550 to 5.75; ‘plain to fair, 550 to 5.55; com- Ton th plain. 4.50 to 5.00. Cows—Choice to prime, none; good to choice, 475 to 5.00. medium to good, 450 to 475; fair to medium, 3.50 to 4.00; plain to fair, 3.00 to 3.25; common o plain, 2.25 to 2.75. Heifers—Choice to prime, none; good to choice, 6.00 to 6.50; medium to good, 550 to 6.09: fair to medium, 500 to 550; plain to fair, 450 to 5.00; com- mon to plain, 4.00 {o 4.50. T cows and Springers, 30.00 to Sheep and lambs—Receipts, 600 head: light supply, market steady; sheep, 1.00 10 3.50; lambs, 5.00 to 9.25, Hogs—Receipts, 1,200 head; light sup- ply. market steady; lights, 10.25 to 10.50; heavies, 9.50 to 10.00; mediury, 10.25 to 1050 roughs, 7.00 to 8.25; light pigs, 9.25 0 10.00; pigs, 10.00 1o 10.40. Calves—Receipts, 75 head: light sup- ply, market steady; calves, 2.00 to 9.00. NEW YORK BANK STOCKS NEW YORK, July 31 (#).—Over-the- counter market— Bank Stocks. yellow, new, No change in Bid Asked merica ank of U 8 units'. mmuy National Vit * Aveni First National N ¥. Harrimei : Manhat Feoples National " “Trust Companles. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to (Continued From Page 13.) —Prev.1930~ Stock and Dividend R Petrol Corp (1%4). Pet Milk (1%).. Phelps Dodge (3). Phila Read C& 1. Philip Morris (1) Phiilips Petrm (n2). Phoenix Hos pf (7).. Arrow pf (6). ot Plerce Petroleum. Pitts Ft W&C pf(7). Pltts Steel pf (7). Pittsbgh Trml Coal. . Poor & Co (B) (2). P Rican Am To (B). Prairie Pive L (15). Pressed Steel Car. .. Presseq Stl C pf (1) Proctor & Gamb(2.40 Prod & Refiners Pub Serv.N J (3.40). Pub Serv N J pf (5). Pullman Corp (4) Punta Alpgre S ctfs. Pure Oll (1% . Pure Ol pf (8). Purity Baker! Radio Corp Radio pf A (3 Radio-Kefth- l)rnb Raybestos Man 2.60. Real Silk (5)....... Rels (Robt) & Co Rem Rand 11.60 Reo Motor Car (80¢) Republic Steel (4) Republic Steel pf (6) Revere Copper & Br. Reynolds Metals (2). Reynolds Tob B (3) Richfield Oll (2). RioGrande Oil (2) Rossia [nsur ¢2.20) . Royal Dutch a3.2165 L LR feway PL.(6Y. .. .. 2208 ‘Safeway Strspf (7). 1008 St Joseph Lead (13). 6 St L-San Fran (8)... 1 St L-San Fran pf (6) 2 Savage Arms (2) 2 Seaboard Alr Sears Roebuck (1214 ) Second Natl Inv. .. See Natl Inv of (5) Segrave (1.20). Seneca Copper. Servel. Inc. A Shattuck (FG) (11%) Shell Unton (1.40). .. Shell Un Ofl pf (5%) Shubert Theatre: Simms Petrm (1.60). Simmons Co. . Sinclair Con O] ¢2). Sinclair Oil pf (8). Skelly Of] (2) Skelly Oil pf(6)... Solvay Am pf(b%).. Sou Porto Sug (1.40) Southern Cal Ed (2) Southern Pacific (8). Southern Rwy (8). Southern Rwy pf (5) 188 17% 2914 . 1 28 208 . 108 2 14 P oo SraahGannholoaans 6 15 1 14 16 24 2 6 Splcer Mfg. . Spiegel-May-Stern Stand Branas (1%). Stand G & E (3%). Stand G& E of (4). 4 Stand Gas& El pf(6). Stand Invest Corp. Stand O of Cal (2%). Stand Oil of Kan (2) Stand Oil of N J(12). Stand O1l N ¥ (160). ¢ Starretr (LS) (12%) Sterling See (A). ... Sterling Sec pf(1.20) Sterling Sec ev pf(3) Stewart-Warner (2) Stone & Webster (4) Studebaker Corp 44) Studebaker Co pf(T). Superheater (131). Superior O11, ... Sweets of Amer (1). Symington Symington Telautog’h C (11.35). ‘Tenn Cop & Ch (1). Te: &on 14 21 38 108 ~Prev.1930~ Hi Low. 6075 678 32% 36M 267 6% 471 393 Thatche: Thompi Tide Wa Timken Timken Tobac P Trensamer (31.60) Transue Transeontl Ofl (30¢) Tri-Contl Corp. . Und-Ell- Union Carbide (2.60) Union Oil of Cal (32) Unlon Pacific (10 Union Pacifie pf (4). U1d Atre; Utd Biscuit (1.60)... Utd Cigar Strs pf United Cq United Corp pf (3) Utd Electric Coal Utd Fruit (4).. Utd Gas Utd Gas Utd Stor U S Dist: Rub| S Rubl S Sml U S Steel U S Stee vadasco Vanadiu Va-Caro Wabash Waldorf Walgree Warner Warner. Warren Wess oll West Pei West Pe West Pe West Pe Western Western Western Western Westing! Westing! White M Worth P Wrigley 32% 150% 108 Young S| RIGHT! Sales of Sf 10:30 AM. LAY P Dividend rates as g1 Dlu{,\enu based on the in P i Teuiar rat 16T cash oF stock. h Plus 2% in.stock. 5% in ‘stock The Star Office. Corp Tex Gulf Sulphur(4) Texas Pac Land Tr.. Thermoid Co. . Third Nat Inv (2)... Thompson (J R) (3). Thompson Prod(2.40' pe & F (2).. Realty (6). 4 U S Tobacco (4). Univ Leuf Tob pf(8) Univ Pic 1st pf (8).. Univ Pipe & Rad. . Utll Pwr&Lt A (e2). Vulcan Det (4). Wabash. Walworth Co (2).... Ward Baking (A)... 120s Ward Baking (B) War Bros P pf (2.20) Western Union (8).. Westvaco Chlor (2) Wextark Radio Stri Wilcox Rich A (2%) Willys-Overland. Willys-Over pf (7) Woolworth (2.40). Yale&Towne MIg(4) Am Tel & Tel Aug 1 1 1,621,600 less o1 8" 1 sl WASHIN rre 52ty 584 22 38 152 r MIg (1. la). ‘| n Starrett. s ter As (60c). Det Ax(80¢c) Roller (3)... rod (A) (80¢) ® - e & W (1) 124 9274 43‘1 Fischer (5). S - rerSe GowlebeSeunmms . 216'» 215% raft. orp (50¢) ... 50t 89% & Imp(1.20) & Imp pf(5) es pf. . ributing. ber. ber T8t of. g & Ref (1). 147). 5 1 pf (7 Sales Corp. m Stl (14). Cnem pe(T). T pf (6) .+ 1050 1 7 78 208 1024 102 1 8% 4 1 12 D Systmd1%) n pf(6%). 2 7 Bros Plo (4). 678 1 Quinlan (1). 12 Bros (3). & Snow (2). 2 nn E1 pf (6).140s nn El of (7). 10s nn El1A (7). 208 nn Pw pf(6). 50s Dairy A (4) Dairy (B).. Md 20 pf... Pacitic pf hse ~. B (2). hse E&M (5) otors (3). ump. ¢ 124% (Wm 76 ax 24% 115% 3 heet & T (5) 'S EXPIRE 3 765 18% 1T% tocks on New York Exchange 38,900 12:00 Noon 18 18%; ven In the above table are the annual cash Iatest quarterly or haif vearly declarations. han I‘"?u‘h“"m :Plr x 1Plus 4% VOLUME OF STORE SALES MAINTAINED Chains and Mail Order Con-| cerns Have Enjoyed In- creased Patronage. BY J. C. ROYLE. Chain stores and mail order houses | are maintaining their sales volume at| an astonishing figure, according to data reaching Government departments, but this does not mean that the independ- ents are doing badly. Many of the in- dependents have had to cut prices on some articles to meet the chain and mail order house levels, but they have a decided advantage over the latter type of merchandising since tney can change prices readily, while mail order houses, | with high cost catalogues outstanding, must make their prices and stick .w them. There still is much discussion as to the danger to the independent mer- chants from the chains. The chains are generally considered a modern de- velopment, but, as a matter of fact, the chain store in the United States dates back to 1858, and it’ was known in | other countries at least 400 years be- fore that date. Today there are some | 6,000 chains operating 150,000 stores | which, it 1s estimated, do about a tenth of the retail merchandising of the country. Room for Independents. At the same time there has been little, if any, diminution in the number of independent merchants. The De- partment of Commerce predicts that there will always be ample room for the independent. “The resourcefulness and freedom of action of the indjvidual will always g0 far toward offsetting the large-scale operations of the more complicated or- ganizations,” the department says. Merchandising specialists of the de- partment add that there will always be many individuals engaged in business | who are not fitted by training, expe- rience or ability to be successful, but that such individuals would have failed even if chain stores never had been known. The authorities hold that at the moment the ability to utilize new methods and to take advantage of changing trade conditions is the domi- nant factor determining success or failure. It is certain that mistakes are made in the chain store field as well as n the individual stores, and these mis- takes are multiplied by the size of the operations of the chain. A piece of baqd buying for the Great Atlantic & Pacific or the Woolworth chain is far more costly than a similar mistake for an independent corner grocery or a small dry goods store. Although the growth of the chain stores has been rapid, it has been proved that mere bulk is not synony- mous with profits. Gurtailment of costs is an advantage supposed to be possessed by the chains, but Depart- ment of Commerce specialists point out that the chains have no monopoly of efficient management. Moreover, they iack the. ingividual contact which the independent’ merchiant has with his customers. It is regarded as equally important that unprofitable customers be eliminatéd as, that excessive over- head should be reduced. Speeial Service. ‘There will always be pl!m.y of Ameri- for specis they want credit. The chains find 1t difficult and costly to make deliveries and to extend credit, whereas the in- dependent can judge better how to time and zone his deliveries and to whom to extend credit. 1t is likely that the independent mer- chants will account for $50,000,000,000 worth of business in 1930, according to distribution authorities. Of the chains 67 organizations will probably sell $4, 000,000,000 worth of goods this year. (Copyright, 1930.) Rail Stocks BY GEORGE T. HUGHES, (This is the twenty-second of a of “brief analyses Mr. Hughes on rauroad securitfes. The intent is not to recommend the purchase or sale of any particular stock. but to give the investor such information as may enable him _ intelligently to chart nis own se.) 1 | Louisville & Nashville. Since 1864 there have been only two periods during which Louisville & Nashville did not pay some dividend on_its capital stock. There were no disbursements in 1874 to 1876 and none in 1894 to 1898. With these two exceptions shareholders have received anywhere from $1.50 a share up to $8 annually. In addition there have been numerous stock dividends, the Ilatest of which. was paid in May, 1923, so that the owners of the equity in the property have fared well. ‘The present rate on the stock is $7, payable semi-annually. Earnings have failen off this year, like those of other railroads in general and like those serv- ing the South in particiilar. Based on results for the first five months of 1930, and including equity in earnings of subsidiaries, Louisville & Nashville will show something between $9 and $9.50 at the end of the year. If busi- ness_improves, of course, this estimate will be raised, and if the depression be- comes more intense it will be lowered. Meanwhile there is no suggestion of danger to the dividend, and the stock has the investment rating to which its| long record of seasoning entitles it. At recent market prices the yield is well over 5 per cent. In 1929 the stock sold | above 154, and in 1928 and in 1927| above 159. The high in 1926 was 144.| In all of these years the quotation was | never under 110. Louisville & Nashville controls Nash- ville, Chattanooga & St. Louis and is controlled by Atlantic Coast Line. All the Louisville & Nashville bonds are in- vestments of the highest railroad type. All of them sell on a low yield basis. Funded debt, however, is more than twice the amount of the outstanding capital stock, the exact figures being $237,312,500 for bonds and $117,000, 000 for stock. The latest Interstate Commerce Com- mission consolidated plan puts the Louisville & Nashyille in the system headed by the Atlantic Coast. Line, and includes the Nashville, Chattanooga & St. Louis, the Gulf, Mobile & Northern and the New Orlcnn'\ Great Northern. WHOLESALE PRICE REI‘OE By the Assoctated Precs General prices registered a fractional pnxm decline last week. Census Bureau figures which follow give the index for the week and comparable periods, rep- resenting 1026 average wholesale prices as 100 In addition, selling -prices for composite ton of steel products at like periods is. given: Al commodities—Week. ended - July 26, 83.3; previous week, 83:4; same week Iast year, 99.2. * Steel—Week ended -July 26, $33.1 previous week, $33.18; same week, last year, $36.68. Pl U. S. TREASURY BALANCE. The United States Treasury balance announced today as of clou of bullnen | Lead steady; spot New York, 5.25; Eut HARDWARE TRADE SPOTTY, BUT SOME LINES GAIN Special Dispatch to The Sta NEW YORK, Jul?’ —Influenced largely by the type of weather prevail- ing at the present time in individual trade territories, some hardware market centers report an active demand, while trade in other sections been ad- versely_affected by droughts, Hardware Age will say tomorrow in its weekly market summary. High temperatures in some sections have served to stimu- late the demand for Summer goods. In contrast, long periods of exoeedtnzly hot and dry weather in other localities has damaged farm crops and has had a tendency to retard trade activity. Outing_equipment of every descrip- tion continues to move in an almost unprecedented fashion. This would |seem to indicate that the Nation as a whole is taking vacation activities more seriously than ever, Shelf hardware and most of the staple lines continue to move in about the normal volume, for this period of the year, which is fisu- ally quiet in the hardware trade. Sum- mer merchandise, generally s. aking, is enjoying a brisk demand. and dealer interest is being evidenced in orders for Fall and Winter goods for future de- livery. Little fluctuation has occurred in prices. In the main present quotations are considered remarkably firm. Re- arjustments of minor importance have bPfll{respOnslble for a few slight de- The credit situation, while “spotty” in character, is considered fairly satis- factory as a whole, METAL MARKET NEW YORK, July 31 (#).—Copper quiet; electrolytic, spot and future, 11, Iron quiet, unchanged. Tin steady; spot and nearby, 30.00; future, 30.12. St. Louis, 5.15. Zinc stead; Bast Louis, spot and future, 4.74a4.80. Anu- mony, 7.37. MONEY MARKET. NEW YORK, July 31 (P).—Call money steady, high, ruling rate, 2; close, 2 per cent. Time loans steady, ‘30 days, 2a2! |60 days, 2'4a21:; 80 days, 21;a2 four months, 23;a3; five months, 3; six months, 3a3is Prime commercial paper, 3a3' Bankers’ ~acceptances unchnnaed DIVIDEND IS OMITTED NEW_ YORK, July 31 (#) —Dlrectors' of the Buffalo, Rochester & Pittsburgh Railway, a Baltimore & Ohio subsidiary, today omitted the semi-annual dividend of $2 a share on the common stock due at this time. The regular semi-annual payment of $3 on the preferred was authorized INVESTMENT TRUSTS NEW YORK. July 31 (#).—Over the | counter market: | Am Ut & Gen Al|ul At | Atl & Fac it Un Amer Brit Chelsea Exchange A Chelsea Exchange B Corporate Trust Shar: Crum & Foster Ins B Crum & Fe rustee Shares C First Amer Corp. Fixed Trust Shares Fixed Trust Shares' B Toves Eaquiti | Incarporated . Invesiots | Investient ‘Trust of ‘Wide Secuj r Cqrp of Febetes Biand July 29 was $193,080,062.50. cans who are ur\'lee -nd thn s nn v.he indlvldull merchant has an opportunity 16 _Tl red. recel) for the mant a-hvm 5410984615, a'fimrtmu- ustee Stand Oil ) 8 nct: RSDAY HIGH-GRADE BONDS ONTINUE STRONG {New Offerings of $75,000,- 000 Again Influence List. Convertibles React. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, July 31.—Some of the high-grade domestic bonds made frac- tional advances today. United States Liberty fourth 4lys started off at the best price of the year, but elsewhere there was irregularity and, in the for- eign list, a heavy tone to some of the prominent _issues. The day's offerings of nearly $7: 000,000 new bonds and notes, in addi- tion to the issues earlier in the week, brought the competitive factor out :Btflln as an influence in the day’s mar- et. Convertibles React. ‘The feature of the raflroad list was the rise of several points in Chicago & Alton refunding 3s and a stronger mar- ket for the 313s, which have advanced 10 points in the last week. Both bonds were benefitted by the news that the Baltimore & Ohio will assume control of this property and a reorganization on terms favorable to the security holders will be effected. Convertible issues were inclined to react in sympathy with the heaviness in stocks. = Warner Bros. Pictures was prominent in this group at a new low price for the movement. Canadian Pacific 4s and 5s advanced Y to %, with Northern Pacific, Great Northern, Southern Pacific and Union Pacific obligations strong. There was a trifle shading to some of the newer 412 and 43 per cent railroad bonds. St. Paul adjustments were off about a point. The local traction issues again failed to respond to better earnings, Public Inferest Small. The life insurance companies are in the market for high-grade bonds be- tween 4.60 and 4.80 basis. Savings banks have been quite free, buyers this month are willing to take legal issues around a 4% per cent basis. The gen- eral public is still apathetic. The new German Government 5148 touched a new low point on moderate offerings. The failure of this issue, which has been as distinct as was the success of the 7 per cent loan, and the heavy discount quoted on the Neetuus- trian 7s, will make it extremely diffi- “cult to carry out plans for additional foreign financing, it means that later series of it will meet with resistance wherever offered. Belgian and French issues were both both firm todfly STOCK RIGHTS OFFERED. NEW YORK, July 31 (#).—The New York Stock Exchange has received no- tice that stockholders of A. P. W. Paper Co., formerly the Albany Perforated Wrapping Paper Co., of record August 4 will be offered the right to subscribe at par and interest from July 1, 1930, for 25-year 6 per cent convertible notes to the extent of $6.25 principal amount for each share held. The rights expire September 4. B. & 0. IS NEGOTIATING FOR CONTROL OF C. & A By the Associated Press. i NEW YORK, July 31.—George M.| the | Shriver, senior vice president of Baltimore & Ohio Railroad, sald today that negotiations for acquisition of the Chicago & Alton Railroad were being carried on, but no definite conclusions had been reached. His statement was made in answer to r!pom current in Wall Street that the B. & O. had acquired control of the Midwest carrier through a third party, who had turned a majority of the bonds of the Chicago & Alton over to bankers for the B. & O. The Chicago & Alton, which is valued at $100,000,000, has been in the hands of a receiver since 1922. It is a thousand-mile road, serving the ter- ritory from Chicago south ;nfl south- west to St. Louls and Kansas City. Washington Stock Exchange SALES. Norfolk & Washington Steamboat rts, —10 at 16. AFTER CALL. Lanston Monotype—10 at 113} Capital Traction 55—$500 at 94 at 941 Norfolk & Washington Steamboat rts. —2 at 16%. Washington Gas 55—$500 at 104. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Telsa. 41z 233 & Telga. 41as Amer. Tel Amer Tel, im. shington Gas s h. Gas g5, series A sh. ries Wash, Ruy. & Bec s MISCELLANEOUS. Barber & Ross. Inc.. 65 Cheyy Chase Ciub. 5125 D. C. Paper Mfs. 6s. W. M. Cold Storage n Wash. Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer NATIONAL BANK. Gapilal (). Coiumbia (17 Commercial u(nmvedi {1} District (8 8 Federal- Am-nmm a8y Srsshiheton (13) TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6).. 12 Merchanis’ Bank & Tiis tl. Bavings & Trust (12 Erince Georges Bank & Trust.. Union Trust (3 > Wash. Loan & friist (14).". AVINGS BANK. Security Sav i Seventh Street (1) United States (30). Washington Mechanics' (20} . FIRE INSURANGE. TITLE: INSURANCE. Columbia (h) Real Estate (gh) Title & Inv. Co. Ad! ‘com. MISCELLANEOUS. Birber & Ross, 3T & Ross, Tnc. ‘com. Secuiity g Ter. Rtyl Elou e The Caroet corn ufo <o 3 JULY UNITED Baien are 1 1 1 Ulcu-n.. 1 Argentine 5s. .. Argentine, May ‘61, Argentine 65 Ju ‘69 Argentine 6s Oct’59 Argentine 5%s 62, Argentine 65 A, Argentine 6s B Australla 435756 Australia £s 5 Australia 53 ‘67 Austria 7 Batavian Pet 433, Belgium 6s. Belgium 63s. ... Belgium 755, .. Belgium 7s ‘56 Belgium 8s Bolivar 75’5 Bolivia 7 ctfs Bolivia 8s Bordeaux 6s Brazil 835 '26. . Braeil 7s.. Brazil &8 Bremen State Canada s '63. Chila 6560, Chile 6561, Chile 7843, Chinese Gov Ry 5 Colombta 6s.Ja Con Pwr Japan 7s. . Copenhagen 4148 'f Copennagen 6s rots Crecho 8s 52. . .. Dantsh Munie 8s A. Danish Munic §s B. Denmark 4% Denmark 6%s ‘56 Denmark 6s. DE15%s. Mch.'52. Dutch East Ind' 47. Dutch East 1 63 '62. El Salvador 85 48.. Fiat 75 ex war Finland 6%s. Finland 7s. . . Framerican 7%: French 7 French 7 Gelsenkir Min 6534 Ger 515°20-35 rets German Bank German 7s. Ger Gen Rlee 7s. Hafti 6s. Italy 78 stalian Japanese 4s. Japanese 5145 ‘65 Japanese 63s. . . Jugoslavia Bank 7a Kreuger&Toll 5s ct Lyons 6s. Marseflle 6 Milan 8%s. . Montevideo Ta. o Norway gaies Nor 5% Norway 6s ‘44 Norway 648 '52. Orfent dev 51 §8. Orient Dev 6s 5 Paris-Lyons- M Paris-Ly-Med 7s. . | Paris Orleans 538 | Peru 65 60, P.rn 65°61 Porto Alegre 8 Queensland 6s. Queenland 78 Rhine Westés '53. Rio de Janeiro 63 . Rio de Jan 8s '46. Rio Gr Du Sul 8s. . Rome 6%, .. R'y’l Duteh 4% Sao Paulo 8536 Saxon (PW) 1. Seine 75 '42. Serbs Cr Slov 78 Serbs-Crot-Slo 8 Sofssons Gs Sweeden 6 Swiss 51484 Swiss Confed § Toho El Pwr 1 Tokio 6% Utd Kingm 5% s ‘37 Utd SS Coren 65'37. Uruguay 6s 60. Vienna 6s 52 Warsaw 78 '52 Yokohama 6: MISCELL. ADbItibl P&P 6s '63. Abram&straus 5% s Ajax Rubber 8 Alleghany Cp 68 ‘44 Alleghany 68 ‘49 Allis Chalm 58 31. Am Agri Chem 73%s Am Beet Sugar 030 4. Am Int Cor 5% 4 Am Metal 618 '34. Am Nat Gas 6 % 5'42 Am Smlt & R 1st 68 Am Sugar Ref AmT&T st 6 Am T&T 6%s. Am Water Wkas 5, Am Wrtg Pa 6347, Armour&Co 4% Armour. Del.5 Atl Refining ba. ... Bell Tel, Pa, 63 (B) Bethlenm Stl pm b Certn-Td 6%s rets. Chile Copper b Col G&E 63, May'52 Com Invest 635 ‘49 Com Invest 6s '48. ConGasN Y 6% | Cuban Am Sugar Denver Gas b: Det Ed:son bs '40. , Det Edison 6s Dodge 6s Duquesne 4348 Gen Cable blss ar. Gen Mot Ae Cor 6s Gen Pub Sve 5% Gen Thea Eq 6 Goodrich 6% Goodyer 68 re Humble O & R Humble O & R 634 (L Bell Tel bs. 11 Steel 4% s 40, Inland Steel 4% '78 Intl Cement 65 48. Int] Match 68 *47 Intl Mer Mar 6s. Intl Paper 53 47 Intl Paper 6s. . Intl Tel & Tel 448 Int] T&T 4%s ¢ Intl Tel&Tel ba ‘65 Laclede 5% = D '60. Loew's 65 w o MecC'rmek ER 6334 Midvale Steel b Montana Pwr db Bl Morris&Co 1st4%s Nat Dairy 6%s Nat Radiator 6%8. | New Eng Tel 68 N Y Edison 5s 44. N ¥ Tel 6341 - No Am Ed 6%s ‘62 Pan Amer Pete Pacific Gas & K1 bs Pac T & T 635! Paramount Pathe I:.x:nl;llc s 102 FOREIGN. . 21 108% 10 193 STATES. In 1,000 Low. 0 100 28 1022 10231 0129 10129 062 1062 088 1088 1229 11229 11229 High 00 0 Low. Close. 0% 29y . High. 0% 29% a8 9814 98% 9315 ) 7% ns* 88 103' 103% 95 95 1031 103y 110% 110% 1141 114% 109% 109% 1005 100% 103 103 105 105 90 w0y 9 9% . High. Low. Close. 9 96 96 98y 9RY; 98y R9 89 . 89 100% 100 100t 104 103% 104 10415 1044 10415 1028 1021 102% 1014 1014 1014 96, 964 96% 98 98 98 105 104% 105 105% 105% 105% 1043 104 10415 99% 99 99 101 101 101 107 106% 166% 104% 1041 104% 109% 108% 109% 9815 98 9813 821 Blu 82 101 100% 1007 S89 89 944 95 104% 104% 104 104 109% 109% 10914 104% 101% 1043 2100 100 100 100% 100% 100% Richfield Ol 63 '4 Stnelafr Of1 6 Sinclair 011 Sinelair Crud Stnelalr P L 6 Stand OfL NJ *4 Stand OIL N Y.4 %8 Tenn Cop 68 B 44.. Tenn El Pwr Tex Corp ev bs ‘44 Transcont] O1l 638 United Drug 58 ‘53. ™S Rub lstrf 6a... 1 Utah Pwr&Lt 6 Walworth 6s°45. Warn Bros P Western Elee 5 Westn Union bs’ Sl. Westn Union 6% White Eagle 6% Willys-Ov 618 '33. Wilson & Co 18t 6s. Win RepeatAr 7%s 1 103 103 103 Youngstn S &T bs. 103 102% 1027 RAILROAD. A T&SFcvs2006. 2 924 2% 924 20 92w 92% 92 5 96 96 96 5129 129 129 3 96% 95% 96Y + 36 100% 100% 100% Atchison gen A. T&SF cv 435548 lnl\a 101% 21 .w 100 7814 100 99 110'% 110% 110t 1104 109 109% 9215 9214 101 101 105% 105% 102 102 10214 102 102% 10-% 109% 109% a0y a1 By 86% 100t 100 1081 108% 119% 119% 1248 124% 9% 96 874 K74 0% 90% 105% 105 10315 103% 6 98% 95% o 1025 1025 109% 914 86% 100% 1081 119% 125 11 98Y% Un 84n 847 964 96% 105% 105% 105% 105% 9015 90% 101 101 84 84 834 831 993 99% 1013 101% 101 1034 104% 90K 90% 96 97 10 % 103% 1051 105% 1 1031 90% 97 - 10 85 a1y 93 99 10815 108% 0% 904 TN 714 9615 96% 9 964 91 91 90% 29 9615 10614 106 106 105 105 108% 108% 100 100 9K 91 105%: 105% 100% 100% 951 95 86% 86l 6% T6% 9Ms 9% 106 10814 100 914 105% 100% 9614 86% 6% 9% ANEOUS. 3 86 3100 100 100 5 60 60 60 9 100% 100% 100% 18 99% 99 991 5102 101% 102 2 103% 103% 103% 3 65 6, 65 2 101% 101% 101% 130 8% 87% 88 11 106% 106 106 25 9R%, 9T 98 10 97% 97% 9T 1 8% 784 T8 14 1023 1024 102 104 104 86 86 18 106% 105% 106% 15 106 105% 106 1081 5101 101 102 3 1070 1 107% 15 1021 1 2 3 106 93 1 100% 100% 10014 1 104% 104% 104% 3 107w 10,3 107% 11 9 30 101% 1014 10114 5991 991 99y 24 103 - 1021 1024 2% 100% 100 100% 11 96 95% 96 2 106% 106% 106% 5 934 934 93y 13 102 101% 101% 4 10.% 1021 102% 1 105% 105% 105% 1101 101, 101 7 95 i Q0% $O% 90%; ‘b 1103 109% 109% ]0' “ IIY-’) 11)5‘ 2 95 95 6 100% 100% 100% 11 10215 1021 102t 11013 1011 101% 11024 102% 1024 2 831 8% 831 61 984 974 98% 4 22w 22 22y 11074 107% 107% 12 105% 1054 1054 8 1 J0o 106 106 2 104 11 106 104 « 152 101% 101 (1014 3 105t 1051410514 3104 104 104 5 103% 103% 103% 6110 109% 109% 3 87 867 87 14 90% 90 90 10 99k 99N 9yl 7100 100 100 L 105 10 "10 Y 0% 90 Y0u 4 99% 99 9y 6 B8y o8 a8 12 103% 103% 1034 9 92 92% 92% 18 100% 100 100 ¥ DT 9TH 9TH 6 104 103% 1032 14 104 104 104 b 106% 106% 106% 4 116% 116% 116% b syl 89 89 6 103% 105% 103% 25 108w 103 1034 16 95% 9% 954 14 1044 1044 10434 8 100% 100% 100% 1101 101 101 99 99 99 99K 991 v 1041 100 1030 72 69 6645 o T2 % T 9 %k 9% Yo% 3 100% 100% 100% = 1084 1000 108t 88)y ¥8y L% Tl 94 94 9k Yyn Bal 85 B & O 53 2000 (D). B & O ref 6395 B & O Toledo Bang&Aroos 4 Boston & M 58 1956 Boston & Maine b, Brdway&7th Ay ba. Bklyn Elev 6% Bklyn Manhat Bklyn Un 1st 53°50. Bklyn Un El 65 ‘50, Buff R & Pitts 434 Bush Term con b Can Nat 4348 °67... Can Nat bs, July'6y Can Nat s, Oct Canadian Pac db ¢s Can Pacific ctfs 5. Can Pacific 63 '54. . Central Pacific 4s. . Cent Pac 1st 53 '90. Ches & Ohio con 68 C B& Qgen ¢ 53.. CB& Q44811 8, ChiGr W est o Chi MUGSIP 4148 E 3 Chy M&SLP 4% s '8y 41 ChiMUSUW&Y o8'Th 45 CM&SLE Pac ad) bs. ve 50k blk Chi NW 41482037, 6 9 981 Chi&N When4ks o 104 108 logs Chi& N Wcon 4%y 44 1005 100% 100% Chi& Nw 6ia 4 109% 109% 1091y Chicago Rwys 085 ¥ H» ChiK1& P gn b8 924 w2i Chik L& Pt Y Sk YT ik ChiR1cv44s60.. i1 99% 991 Yaly Chi Rk 18l 448 A.. 40 36h Yo ubly C& W indconas.. 4 Yl ik 91k CCCEStL 4%48 (E). 65 995 99 995 Clev Term 4 %8 °77. 18 100% 190% 1u0% o 3 sl 34 z 81 s 87 10 945% 94 94n Z 104 104 104% L Yol wa 9Bl 1L 986 w3 9s 13 91n vk 91y B1% Sl 81 o6 26k 6% 93% 9Bl Yom 93 Y Yin B 1A TN 5 46 46 48 3 26 M A 1106 106 106 o 1% Llin 111 2 98l Ysh Bl 1 w vy uy 12 1im 111 111 5 Y9N vum wun .10 81 0% 81 2 100% 100% 100% 20 101% 101% 101 1 105% 105% 105% lut Rapid Trans bs. 16 65 644 65 Int Rap Trésstpd. 32 64% 644 64 Inl Rapid Trans6s. 11 46% d46% 46k Int& G Nor 1st6s.. 1 103% 103% 103% Int & Gt Nor adj z 87 87 87 Kan City Term 6 93 93 93 Lake Shore 48 ‘31.. 13 100% 100% 100% Len1 Val con 4 6 908 Wou Yo% Lehigh Valcon 438 2 100% 100 100% Long Isirf4s'49.. 10 91 91% 914 Long Istdeb 58'3¢. 1 100% 1004 1004 L& N uni ¢s, 20 $6% Ytk 6% ManRy 1st 43 1 49% 49% 49% Ml El Ry&Lt 5 100% 100% 100% Mil El Ry&Lt 6s'51 1 101% 101'% 101% Mill Ed Ry&L 88'61. 1 101% 101% 101% M StP&SSM con 4s. 4 8815 881 88k 1 Bl 844 84y 18 100% 100% 100% 2 88l 88% *8% 2104 104 104 19 794 T8 T9% 27 101% 101 101% 5101 101 101 25109 109 10 1 99% 9% 994 1 92% 92% 92u 15 50% 50% 50% 12 96% 96 96 6102 101% 101% 14 83 82% 83 3 891 99y 99y 2z 934 93u 93y YCenrfim4¥%s. 6 101t 101% 101% YCenref6s..... 4 108 108 108 NYChI&StL 448’78 18 9715 971 97y ¥c&su.usu 13 107% 107% 1073 | Y Del& Hud ret 4 Del & Hud 6%, Denn & 110 G cn 4 Den&RGW b8 6b. . D RG&WsLos T8.. ¥ 1 krieconv Ex 7 Fia st C o8 ‘T4 Fonda J&G 4% Gt Trunk st dep Grand Trunk is. Greal Nor gen 7s.. Gulf Mo 53 (B) Hud & Man a4 b; Hud & Man ref b 111 Cent 4% s 66 111-C-C-StL&N: dio Pac b8 I 17 Mo Pac6sG "18.... Mo Pac 6%s ‘49 ev. Mont Trm ref 55'¢1 Nash Chat&StL ¢s. C&SIL6%sB 2 107% 107% 107% C&StL 6s°32.. 11 102% 102% 102% Y NH&H 3%8°54. 2 79% 794 79% Y NH&H ¢%8'67. X 94\ Y NH&H evdb 63 11 |Zl'u 1213 121 NYOnt& W istds 47 N Y Ry 68 (A) 57 NY State Ry ¢%s. 10 NYW&Bd4k%s. Norf&Sou gn 58'64. Nor Pacific 3s 2027. Nor Pacific 4a. .. Nor Pacific 58 (D). I EIT T 88 501 6715 9314 105% 105% [ e vone BONDS soeeexemwves] | WHOLESALE PRICES Received by Private Wire Direct to The Star Office OF FRUITS DROP Jobbers Also Buy Vegetables at Lower Rates—Harm From Heat and Drought. The Department of Agriculture res ports that cantaloupes and watermelons were about the only products to show & somewhat firmer tone during the past week. Most fruits and vegetables were selling lower than they had been. Ex= tremely high temperatures were still af- fecting crops and markets. Rain wa$ badly needed in most parts of the country. In spite of a considerable reductlon in forwardings of potatoes, markets were rather weak and Eastern Shoré f.0b. prices were down again to a leve) of $2.25 per barrel. Lettuce was lower, as shipments increased to a daily -avers age of 300 cars. Production of lettic in the late States will be much heavier than last season. Peaches became one of the leading products in the list of carlot shipments, averaging 800 cara daily. Southeastern Elbertas had be- come a market feature and prices were mostly lower. The peach season had opened in States farther north. Watermelon movement was again be< coming very heavy. About 1400 cars were shipped on Wednesday, and the daily average for the week was about 1,000 cars. Demand was fairly good, however, and prices were firm to slight~ ly higher. Cantaloupes and honey ball melons also were in demand at better prices than the week before. Onilon markets were draggy and prices gener- ally lower. Shipments of both oniond and tomatoes decreased. . A temporary reduction of apple ships ments occurred last week as Delaware dropped to 105 cars, Illinois to 35 and New Jersey to 55 cars. Northern Cali- fornia apple output was maintained at 425 cars, or three times as many as year ago. The season opened in Idaho. Total forwardings of apples were only 750 cars, but should increase again later. Cherry shipments were down to 75 cars for the seven-day period, chiefly from- Oregon, Wisconsin and. Michigan. Movement of grapes increased to 388 cars, of which California furnished 372 Ozark grapes had started moving from Arkansas. Orange shipments from Cali~ fornia totaled 830 cars. New-crop grapes fruit was already coming from Florida, Pears increased to 1,280 cars in Cati~ fornia, with 40 from several other sec- tions. Movement of pears was 57 per cent heavier than during the same wee last season. Plum and prune forwal ings decreased to 365 cars, seven of which came from Washington and all the others from California. Cabbage movement was heavier, to- taling 175 cars for the week, malnly from Iowa and Colorado. Michigan shipped 85 cars of celery and Southern California only 17 cars, Output of cu- cumbers had decreased to 95 cars chiefly from Maryland, New Jersey and Illinois. Green pea shipments from New York and Washington were nearly equal, about 125 cars from each State Iddho and Colorado also shipped quite a number of cars, but the week’s total movement was down to 290 cars. Sweel potato shipments increased to 150 cars most of which originated in Georgia and Alabama. Combined forwardings of 33 fruits and vegetables increased to 26,660 cars, because of heavier move. ment of grapes, lettuce, peaches, pears and watermelons. Total shipments were nearly 8,000 cars heavier than a year ago. Washington Produce 41a42; Butter.; One-pound - prints, tub, 24225} inferior, Hennery, current re. ceipts, quality prices - nol quoted. Poultry, alive—Spring broilers, large 30a33; small and medium, 25a27; Leg- horns, 18a2: fowls, 22a24; Leghorn fowls, 15a17; roosters, 14al15; ducks, 15. Dressed, shipped-in, iced—Spring broilers, large, 30a32; small and me- dium, 23a25; Leghorns, 22a24: fowls heavy, 25; small, medium and Leg- horns, 15a7. Jobbers’ prices, home- dmud-sgrlng broilers, large. 35a36; medium, 33a34; small, 30232; Leghorns, 27!25 fowls, large, 27a28; small, horn fowls, 20a22; roosters, 11 lll ducks, 22a23; turkeys, 42a43 Meats, fresh killed—Beef, 18a20; veal, 15a16; lamb, 20a23; pork loins, 25a28 fresh hams, 25; fresh shoulders, 18a20; smoked hams, 27. smoked shoulders 20; bacon, 27; lard, in packages, 12; in bulk, 11. Live stock—Calves, 8; lambs, 8. Fruits—Watermelons, 35a75; canta. loupes, 1.25a3.00; honeydews, 50!800 honeyballs, ponys, 3.00; standards, 4.0¢ jumbos, 4.75; oranges, 6.00a8.50; lemmu, BSI'IINHW limes, per 100, 2.5 ches, 1.50a2." pears, per box, 2.75a300; nlumx 2.50a3.00; grapes, Thom; seedless, 2.50a3.00; Malagas, 2.75a3.00; crab apples, per bushel, 2.00; apples, $0a1.50; pincappies, 5.00. V!Ietlhleb—]’olawe!, 2.753.00; sweet potatoes, yellow, 8.00; red, 5.00; toma- toes 1.00a1.25; peas, Washington State, 4.00; carrots, per 100 bunches, 3.00a 4.00; beets, per 100 bunches, 3.00a4.00; spinach, 75a1.00; kale, 1.00; corn, per dozen, 20a25; ge, per bushel, 75a5 125; eggplant, 1508300 peppers, 1.50; squash, white, 1.50a2.00; yello 1.00 cucumbers, 2. string bemns 1.75a 2.00: lima belns 2.50a3.00. BANK CLEARINGS. NEW YORK., July 31 (Special) .—New York bank clearings, tcday, $1,066,000,~ 000: a year ago, $2,070,000,000. New York bank balances, today. $137.000.000; ear ago. $255,000,0¢ New York rve credit balances, today, $117,000,000; a year ago, $190,000,000. ————— TREASURY CERTIFICATES. (Reported 4 ) l!E:Mollurllb’ J & W. Selizman & Cai Nor Pacific ref 6: 7 113% 113 113% 7 93 92% 93 24 97u 9T 9Ty 2 1021 1023 10235 11 101% 101 101 1101 101 101 1 104% 104% 104% 5 991 991, 9uiy 10 1021 102 102% 11 100% 100 mou 12931 9314 9 99% 99 5 91 90% 31 93 92 1 %9 ISy 5 99y 99, 5 100% 1005 100% Th 97% 97% 45 45u 38% 534 48k 45l 45W 451 MU 94y 4% Port RL & P 58’42, Reading gen 43 A. Rio Gr Wst 1st 4». StL IM&S R&G StL&SFpl4sA. StL&SF 4%s 18, StLS W istds.... St LS W con 43 '33 SB All Fla 65’35 B. Sou Pac ref Sou Pac 4% e'6) ww 4 908 Qus, 9us, Sou Rwy gen €. 53 %04 90 90 Sou Rwy con <+ 10 111% 111 111% Sou Rwy 8%, 21 1231 123% 123% FOREIGN EXCHANGES. (Quotativns furnished by W B Hibbs & Co.) Nomirtal goid Selling C.h'l'ku SHORT-TERM SECURITIES. (Reportea by J. & W. !elllmnn & Co) Auu Uhl!m'n no 5s 1937 A Tel. 528 Al i h 1 ,r'r.::,".f rafe Spetly Corp. i1a Fe Bell' Tel of & Galifornin '“éa.',"u,. i Tex & Pacbs BT7. 7 10215 10215 102 Tex & PacbsC'79. 5 1021 1024 loz'q Third Ave 1st 58 2 Third Avead) bs. . Union Pac Union Pao 4s '8 20% 967 .,. 97 9674 613, 61% 104%, 105 . 30 100% 100% 100% Pillsbury F M 6s'43 Postal Te! & C b%e Pub 8vo G 4% '67. Pub Serv G 4348°70 Pure Ol 6 %8 39 9R% 97TH 0TH 13 96 96 96 103% 108% 33 1001 100% 1003 1 99% 99% Un Pac 1st ref Union Pac 4%s Virginia Ry 13t bs. Wabash 4% Wabash Wabash Went Md 14 ‘17.. Weat cific bs. 14 100% 100 1 106Y% 106! 1193 931 5102 102 102 3.1004 100% 100% 147 85% 854 &5M 6 991 991 9% 15 95% 98 98u & Sl’ll‘d Tlunk of ult 01I ! Pa. 5 Y.. Chi .5‘ I'II Sfi & Dnls.m‘ ol