Evening Star Newspaper, July 31, 1930, Page 15

FINANCIAL AS SELLING GAINS Utilities Bear Brunt of Liquidation—Other Issues Are Lower. BY JOHN A. CRONE. Special Dispateh to The Star. , NEW YORK, July 31.—A lower price frend marked trading on the Curb Ex- | ehange today. Volume was larger than | in previous session and transactions were not confined largely to public util- ities, but were sprinkled throughout a wide List of securities. ! Electric Bond & Share, after opening an & block of 4,000 shares « &1, down H & point; several times got atiove 82 only to meet profit-taking around that level. #American Gas & Electric d 2 points before meeting support. Cities | rvice most of the day was a small ction lower on lessen alings. Eastern States Power was one of the weakest spots in the bwer-priced utility list. The softness 4 this issue unsettled St. Regis Pajbr. Niagara Hudson Power and Niagara Shares, also associated with Eastern States and St. Regis Paper, slipped. Aviation Group. ‘The flight of the British dirigible R- m the prospect of several air mergers its order for 3¢ Army planes was Douglas Aircraft, which shéws a gain in unfilled orders, ad- . Bliss and Detroit Aircraft ‘Trans Lux Pictures, which is expanding into the sound fleld, were fractionally lJower in early dealings. Chemical Nattonal Associates con- finued its activity without making much ited Founders showed slight im- provement in this period. curb admitted to dealings today: m‘;lhnnn" Oord‘nge“gu.. u.n;ma first cu- m participating preferred, Agnew Shoe Stores fimd and Mid- Utilities Co. 6 per cent prior lien Edison Electric Illuminating Co. of Boston appeared on the tape for the second time this year. It opéned at 270, off 5 points from its previous sale on June 6, when it broke 30 points. Western Massachusetts Co. common, opened up 3% points at 63. Other Changes. Lerner Stores, discounting lower sales, opéned at 36, down 8, and then fell to 34%, a new low for the year. This weakest in the apparel chain mmw?kflv:’d' &h&n ‘3‘& ‘:.:: down 4 ect others group. e Co., reflecting unmuln& outlook, solf off to a new | before midday. A. O. Smith open: 193. BONDS ON THE CURB MARKET. Deere & of the ed down 5 points at DOMESTIC BONDS. sands. Mibama : 7 1 v 88 ama By 4igs $7 uminum, Ltd 88 Mt{;}&lll\‘,} ARE B 3 1 gE 13 5% Acetol i 3% 1% Aeronautie Ind war 18% 164 AMIProd, Ine (w.i). 381, 16 Ainsworth (12% ... 4% 1% Alaxander Indust 3% Alleghany Corp wa i Allled Mills (89e; . . Tl Am Br B fd shars 12% AmCP&L(B) 10%) 204 Am Colortype (2.40). 21% Am Com I°(A) b10% 17% Am Cynam B (1.60). 12% Am Equities.. ... 38% Am For Pwr(war). . 104 Am Gas & Eieo (11). 7% Am Invest ine (B).. 52% Am Lt & Trac (2%). 1% Am Maricane . ... 74 Am Naturai Gas. .. 524 Am Salamandra (3). 18 Am St Pub S A(1.60) 20% Am Sunerpwr (1)... 94% Am Sperpwr 1st (6). T% Am U&Gen B vtc 40¢ 6% 167 16% 19% Auto Mu Ins A(t1.1 122 Babeox & Wil (19).. 24 Bania Corp. . 1% Bahia Corp pf. 50% 45 BancomitCorp(1.60) 20% 18 BlsaCo (BW) (1).. 16% 6% Blue Ridge Cp (40e). 44% 193% Blue Ridge cv pfia3) EB'% 36% Brasil Trac & Lt(h2) 28% 25% Br Am Tob cB 79 1-1 6% 24% Buff,. N&EP of(1.60). 46 32 Bulovaevpf(3%).. 3% 24 Burma Corp (t31c).. 1 Cable&Wire (B) rets 31 Canada Marcont. ... 18 Carman & Co(A)(2). 33 26% Carnation Co (J1%). 6% 3% Cent Atlantic State 36% 20 Cent Hud G&E n(80e 42% 28 Cent P8 (A) (21.75) 39% 19 Cent States El(kd0c) 8% 4% Centrifug Pipe(60e) 8W 2% Chain Stores Dev.... 25 17% Chat Ph Al nv (50e), 26% 17% Chem Nat Asso n-v. 44% 24% Oitles Service(g30c) 93% 88 Cities Srve pf (6 21 8% Col Ofl & Gas vte. ... 54% 33% Colum Pict vte (f1% 19% 11% Comm Wat Serv b6% 64 3% Com'with & Sou war 27% 15 Consol Afreraft..... :K % Consol Auto Merch. . ) B = = e 190 1 00 1 00 €0 1t 03 O 0009 00 80 RS bt 1t 1t 1t ok i 1k G5 80 1 O 0 O 0 10 N 0900 1 20 1 1S S 1D 1 Crocker Wheeler. % Crown Cent Petrol Cunee Press (23%) Deere & Co (m1.20), De Forest Radio. .. . Deisel W Gilbert (1% Detroit Afreraft Dizie Gas&Utilities. 4 Doehler Die Casting. Douglas Alr (76e) Dow Chemical (2). .. Dr T(SR) A(3%). Dresser (8R) B (2). Dubilier Cond & Rad Duke Power (§15)... Dugquerne Gas Cp w.{ Durant Motors. . Eastn Sta Pwr B(1). Edison Elec Illum... Eisler Eelectrict1%) E] Bond & 8h (b6). . E] Bond & Sh pt (6). El Bond&Sha cu pf(§ Elec Pwr Ass0 (1).. Elec Pwr Asso A (1) Eler Pwr & L op war Elec Shareholdg(21) Empire Fire Ins. .. Emp Pwr pt (14.04). Engineers Gold. o S - S 3332TBRRE23: 1 103 % 100% 2 S 48 s 5 = E‘, 51 2283888332 2! HT - SR W %) 0229 secs § & H ai 558 i Fabrics Fininshin, Falcon Lead Fairchild Av! Federal Screw (3) Film Inspect Mach.. Fokker Afreraft.... Ford Mot. Can A 1% Ford Mot,France 28¢ Ford Mor.Ltd 373%e. Fox Theater Cl (A). - 8 EY=TIST - ST P 124% b% 3y 464 184 9 41 3T Mountat 8% 3 124% 5% Nipissin, % Noth Eui Nor Sta Novadel hio O11 Pandem Param't Pennroa Peoples Ple Bak Pitts R'kland Stand S Swift & wport NY Pet ) Corp war. WASHINGTON, D. C, THURSDAY, JULY 31, 1930. Received by Private Wire Direct to The Star Office Lew, Close. % 6% 2% Mid Wat Util(b3%). Mid Wst Uti] A war. Mo Kan Miss K PLv.te. In&Gulf (3 Mount Prod(1.60) % have been pleased to witness such Natl Pwr&Lt pf % Natl Screen Sve(2) 16% N J Zino (t3%) New Mex & Aris Co () Royalt N Y Ria&Bu Alres Niag.-H. Power (40¢c) Niag-H Pwr Niag Shars Md A war. (40e) . g (30e). . 4 Noranda Mines (3 No Am Aviat A war. North Am Cement. . % 4 8% 150% 0% ro O11 Corp Pwr A(8). .. Agene 214, Novad Agene pf (7). Ohio Copper . ©Ohio Ol (t4% new wi. tbd Mot(A) (1. Cab(b8%). . d Corp (20¢) L&P. A 22.40 of Am A (2). &LE(t10).... 4 Prince & White(25¢) Pub Util Hold war.. Radio Products (2).. Rainbow Lu Pred A. Rainbow Lu Prod B. Richmond Radiator. Lt & P (90c) 1] Cot St Anthony Gold. ... St Rexis Paper (1). . Salt Creek Prod (2).. T RN Schulte Real Estate. Seaboard Ut (50e). Bros (3). Sex Lock & H (50e) . Shenandoab Corp. Shenan Coro pf (a8 Smith (A O) I2).... So Cal Ed of B(1%). Sbuthern Corp. .. So Pipe Line (t3)... S W Dairy Produets. Spigel Ma: %) Standard Motors. ... Stand Ol Ind (2%). OfL KY(11.30) . Co new (3). Swift Internatl(33) Tampa Electrie (33) Trl Utiiities(21.20). Ulen & Co (1.60) . 5 sh United Gas Co (new) MARKET FOR BONDS IMPROVES IN' JULY Only High-Grads Issues Are Influenced by Casy Money Rates. ment issues. An anglysis of the July quetatien Shona except as they e md ex as y ve Convertible, nature. Dealers in bonds and houses of been of STOCK AND BOND AVERAGES By the Asescisted Press. T T Prom Yesterday's §:30 Edition, wright. 1030. Standard Statistics Co.) use. CHICAGO STOCK MARKET | provement as has taken place, but they | By the Associated Press are au-ppm&m in the indifferent re- produced sessions of twice the preseni size and daily advances in proportion. Between the first of January and the last week in March, when moncy rates were considerably firmer than today, the average of domestic bonds advanced ‘While interest rates were 4] range. Now ve W 3 month nétable for its ner- mal of funds ints the investment less than one-third of the lprlnfl decline. While there will undoubtedly be a stiffer tone to money rates in the Au- tumn, it nevertheless should be possible during the remainder of 1930 to borrow well into 1931 at 3} per cent and on short term from 2 to 3 per cent. This ought to insure a steady bond market. It does not, however, in the existing state of mind of the investor, guarantee a market of extraordinary strength, such as has been freely predicted for ‘months. Safety Is Demanded. The greatest degree of safety and liquidity, regardless of yield, is being demanded . by those who are compelled by the low rates on call and minimum earnings from deposits with correspond- ent banks to turn to the investment . This ex- it 50 tvo";un previous, they have CHICA(zg J\]fl{hll.-;fizollflwins is tl’lle sponse of neral bond market te|complete official list of transactions in conditions thlt“hexm(ore would have | stocks on the Chicago Stock Exchange today: B (E. 500 Buranam Buralim Butler asile 150 Cen 50 Cent High. Low. Close. 43 41 42 M 4 Tl Pub ‘Ser il Tl Sec .. Pub Serv 800 Cent & So West 400 Cent & 8 W 1380 Chi City & 2 3838 335 3 24, sunsEE85Y r. 2 G G 4 2 180 Modine .. Bk ) 150 Nat _Seeur 750 Nat-Standard 50 Nat Ui 50 North 100 Nor Am G 450 Ne = S BB SRS ANEEBSRYR: e - P T e FL o o M R e 8 FOF TEE 5R5 B2 5320885 ! FEFEFOFEE T L wguSs 2o58! 3 A & TP & REERASS AR5 &F = i, 2puustng ! BoiEBeanass. us: ote By the Associated Press NEW YORK, July 31.—Buyers regis- tered in the New York market duri the past week totaled 848, as against 869 in the previous week and 1,125 i the corresponding week last year, a cording to lists published in ‘the New York Times. Tuesday's arrivals showed Being regifiered. as against 366 Toporied as Tuesday. inaugurating the second project in tl company’s main pipeline construction program, the first being the Chiltim Field-Devils River line. ~Present plans LR A—18 TARFF BRRERS DEMANDED AROA Foreign Markets May Be Protected Against Com- petition by U. S. BY JOHN F, SINCLAIR. Special Dispatch to The St NEW YORK, July 31.—The sweeping Conservative victory in Cansda this week has given new life to the Ceon-. servative in Great Britain. This movement, is not new. Thirty Yyears ago Joseph Chamberlain adve- cated such & plan and then said that adversity would eventuslly eliminate British free trade. Today the 2,000,600° men out of work in Great Brita'n, tw decisive Conservative victory in Canads, which means a higher tariff in that country, the turning mway from Labor and Liberal leadership in Eng~ land—all point one way. To the United States, it any such: plan is adopted, it means that these particular foreign markets will be much harder to break through in the future than in the past. velume urity issues offered in the United States, S ‘The Morgan firm organizes all its own. issues. It never sells other bankers® of- call for completion of the new line by September 1. ‘The week opened fairly auspiciously in regard to the number of buyers ap- pearing at wholesale houses and resi- dent offices, the trade reports, Retail representatives are shopping very cautiously, however, as exemplified by the larger number of accounts being opened by wholesale firms. Instead of concentrating on a few firms, as for- canvass of the market and spreading their commitments. The Associated Grocery Manufac- turers of America, whose membership includes more than 200 of the st food manufacturing companies, launched its plan for central ware- housing facilit the duxnfion of two warehouses at Philadelphia. Warehousing Committee of the associa- tion, expressed belief that advantages of the group warehousing plan would be p:n.. Each manufacturer has se- lected warehouses without regard to the location of other manufacturers' ware- houses, Mr. Browne said. Under the group plan, food products of members of the association will be concentrated in two warehouses in each eity. Great savings will be effected, he said, in trucking, and also in increasing em- clency in handlin, |A. T. & T. RIGHTS EXPIRE AT END OF THIS WEEK Spectal Dispateh to The Star. NEW YORK, July 31.—“Rights” to subscribe o the new isme of American Telephone & Telegraph expire on Sat- urday, after which they have no value. ‘They have recently been selling around 17-18. Over 75 per cent of the sub- scribers to the new stock are paying for S FEE W merly, buyers are making a thorough | Every other banking ho among the first dosen leaders, partici. n & larger volume R originated. TE of issues than But the Morgan firm stands alone, It. is fiscal agent for more big nations and corpo than any half dozen other firms in the world. Its financial ramifi- cations are world-wide. Here's the record of the first eight in the underwriting fleld for the first six months of this year: . P. Morgan & Co. aranty Co.. National City ‘Go. James F. Brownlee, chairman of the | Re ‘The Lamp is the house organ of the. powerful Standard Oil Co. of New Jer~ sey. The Midcontinent oil field, says the. Lamp, could maintain a daily output of. 4,000,000 barrels for several months—or. 50 per cent in excess of the current rate of 2,600,000, if the oil wells were allowed to flow to their limit. But with co-operative production methods in vogue, or partly so, the first five months shoyed oil production ex~ ceeding demand by less than 3 per cent. Still there is plenty of danger in a restrictive movement. It's ble that production might be cut down to a point where profits could be unconscionable, unreasonable, nad unwarranted. There is always this danger lurking in the background. The recent decision in Texas. ad- verse to co-operative oil restriction, has confused matters considerably. But eventually something will result in a large way, for a number of oil men, in- dent and Standard, are giving it outright, with the remainder taking advantage of the instaliment payment ivileges. When the “rights” were L dealt in, they sold around 25, and subsequently in the stock market re- action, which carried American Tele- phone & Telegraph down to approxi- mately $200 a share from its high of about §275, they automatically lost sround. Their ave: he it 3 FEOEEE X their life was i come return on American phone stock, from dividends “rights” to shareholders over a of the last few years, nearly as many 1t on stocks or | vict depen: ,f:eh':‘lr full time to the study of the prob- The legal difficulties in the way are fully recognized. And the rights of the small producers must be carefully safe~ guarded as those of the richest and most potent oil corporations. % How much less are retail prices now than they were one year ago? The business week, in its latest issue, gives a specific list of such prices of various articles in a large New York Saims e S e gsar e T e year ago. s -t the story in New York: o Merchandise. 88223 General Baking..... Gen GEE ev pf B(6). Gen W WAE(A) (3). Gilbert(AC) pf (3%) on speculative comme on good grades of preferred - 1y Socke P public util ——— |CRUDE OIL PRICE HOLDS 2 55 the same ratio of securities as at ufl'lAer '.I'l‘l’ul and thhn;e been significantly slow to move their surplus and low-earning funds into -term bonds. 9 o EE EE IS TR Atwater Ken Wool Jarsey. . 2l s sgg!nbond util 600 Southern Un G =288 3 ¥ 3 20! gg 922 288 555 g25nzensnesrSegepiaanss: 55 RETE T L PP £Egee L < e - S on! nlanc nsull Utilit 6s Inter Pw Sec 75 15 Intern Sec Am 55 14 Intersta Power 5 Inves Co 58 A 4 7Towa-Neb L&P 55 '57. 1Jers ©_P&L i1 Minn P & L 428 zis, K I t 3 Miss Riv ¥l 65 44 wii 1120 112 1125 100%2 10044 2 108 2eghSoe: t 75 ‘35 Power 85 '60 5 D 86 £33 FR ST L2 223328333223322: 22 3230eEasensEE5S: FE OB PEE €. 2832 e £ Alr 52 E Port 8 Bk 23833333 g f-: Y 5 & i adii 2eesienesg=gent: ILIIISA2IS2 & MHS wi RESEE FE Griet & Br ptX (1).. Groc Stores Prod vte Guard Fire Asso(3). Gulf Ofl of Pac1%). Helena Rubenstein. . Housten Ofl of Texas Hudson Bay M & Humble Otl (3).. Hygrade Food Prod Imp O1l, Can. n(sbe). Ind #in ctfa(b10%). Insull Util Inv 169 % ins Co, No Am (13). Insurance Sec(1.40). Intercontinent Pet n Intercont Pwr war Inter Cigar Mach nev int) Petroleum (1). . 1 49 29 166% 117% ™ 3% 27% 13 14% 19 15 30 A Internat) Util (B).. Walker & eAdjustment 12 hPlus 1% In 41 12 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, July 31.—The following is a summary of important corporation news prepared by Standard Statistics Co., Inc., New York, for the Associate Press: News Trend. General reactionary tendencies were in evidence in yesterday's principal markets. Security price averages, with the exception of July 21, registered the sharpest drop since June 24. The util- ity group lost most ground, avi de- clining 7.9 points. Industrials fell 4.7 ts and rails 0.8 point. In the com- modity markets, wheat futures dropped to the lowest prices since A t, 1914. Cotton also declined to new ints for the year, while sugar established another record low. With the exception of Childs Co., earnings statements contained in the day’s news show lower returns than a year ago. Distinctly unfavorable com- parisons are shown by Graham-Paige | unif Motors, Atlantic, Gulf & West Indies; ‘Wheeling Steel and Real Silk Hoslery Mills. An extra dividend of $4 was de- clared by American Tobacco on the old commen and B common . Un- favorable action was taken by Borin- Vivatone, omitting semi-annual pre- ferred dividend currently due. It is re- Ohio Railroad has ‘The Companies. rican Tobacco declared extra dividend of $4 and regular quarter) dividend ‘2 &h old common and ‘Atlantic, Guit & West Indies 8. 8 éarned total to 97. operation. Childs Co. earned 56 cents common share in June aulm. Against 48 cents; 6 months $1.36, t 68 cents. Consolidated Gas reported plan_re- du tion electric current rates in New York City revisions involve reductions 143 to 28.6 per cent in present domestic rates. E. 1. Du Pont De Nemours & Co., an- nounce another reduction in price cellaphone. Foster-Wheeler Corp. withdraws of- fer to acquire International Combustion gineering. Graham-Paige Motors had deficit $391,480 in June quarter, against ft $818,070; six months deficit $880,960, against profit $1,341,711. H -Wakefleld Co. had deficit $216,573 in June quarter, -'!unn ?roflt $12,038; six u;%n’t:: deficit $311,860, higan Sugar had loss $411,797 in year to June 30, against loss $611,059 in previous year. Mullins Manufacturi, rofit June CurTasd; elght quarter $23,704, a months’ deficit, $5,812, against profit $341,700. National Steel earned $1.35 common mr" in June quarter and $2.85 in first People’s Gas Light & Coke authorized by Illinois Commerce Commission to bill customers hereafter on basis of heat its of number of cubic feet Real Silk d. Hosiery Mills earned $2.62 common s in first half, against. $4.80 year ago. Reo Motor Car has expended $1,000,- v00 for new machinery and equipment since January 1. . Safeway Stores nt_states six months’ earn! slightly exceed $2 common share, against $4.31 in 1929 period. S earned $2.75 com- gnal Oil & Gas mon share in first half, against $3.22 Of these stores 69 are in gas consume: stock. mPlus 1%% in steck APlus 8% in stoek Vacuum Ofl (4)..... Van Camp Packing. . Vic Finan Corp (40e) Vogt Mfg Co (2).... Walgreen Co. (H) (1) Worth, Ine (A)..... Zonite Products (1). 21 RIGHTS. Expire. based on iast quarterly or semi- *Ex dividend. fPartly extra. tPlus 4% In steck. cash or stock. bPayable in stock. dSul epsraval of ‘stock ibject to approval of stock- dividend. {Plus B% in stock. Plus 6% in stock. JPlus 2% instock. kPlus 10% $1.51; six months, $2.93 against $3.23. Electric Auto-Lite, about 1,000 workers to be added to 3,200 employed at ‘Toledo plant. Grigsby-Grunow Co. earned 87 cents common share in year to May 31 against $2.92 previous year. Richfleld Oil subsidiary, eld Ofl New York, plans floating service sta- tions for planes and watercraft. Seeman Bros. earned $5.55 common share in year to June 30 against $6.53 previous year. Sinciair Consolidated contemp! advan and arrangements have already been made for interconneeting lines of “Siperior. Oll Superior receiver, a , allsges company unab debts and $500,000 notes uuee i Western Dairy Products earned $3.85 | common share in June quarter, it | $4.20; six months $3.35, against $4.62 Western Dairy Products earned $2.85 common share in June Quarter vs $4.29; six months, $3.35 vs. $4.62, Buffalo, Rochester & Pittsburgh Rail- Toad takes no action on $2 semj-annual common_dividend currently due, Aluminum Industries earned 71 cents in uarter $1.2 months, $1.35 vs. §1 75 American Pneumatic " June :&-.mr t::t ‘;n;_??e u‘:_’b V. $158,164; months, $3,270 ve. $371,520, ' American Wril preferred share in_June '“”'.:Lu $1.83; six months, $2.78 vs. $2.63, g&um, receivership astion filed in United States District Court A L. Moody, 3d, of Tex.; o Taaneis, againes 341 oy 2 preterred dividend dus ot this Gme. has signed three new 1o standing general meortgage bends due September 21, principal amount of the | bond. | dey Plans | elgn of the early issues this year had the unfortunate sequel of declin- well below their offering price as fre¢ market for them had ‘The performance of though one atest tments was of the muea;mven.ued :‘:d intensely promoted German r( ara- Diy& per cent issue, which urop- points below its American price | yment day had arrived. This elt the re of igh for the lnfl‘v‘ilew of other German in-| vestments &t & much better return. has been near] roughly, $25,000,000. Other Foreign Issues. This is also true of large groups of German municipal and mortgage bank bonds and notoriously so of practically all of the South and Central American ernments, inces and mortgage mkx Very little response has been made bY ey ondiions” prevalling mon con A et m.ypruflu on American for- trade stimulated American capital in the form of n&ndum !?l.fiu‘:he cost price to institutions and private investors who have hbought ‘Australian, Austrian, Argentine, Bo- livian, Brazlian, Bulgarian, Chilean, Colombian, German, Greek, Italian, Pe- ruvian, Polish, Rumanian and Seérbian bonds in the past three years. Not a little of this loss could have been avoided if the houses of issue had gl less consideration to their pres- tige and more to the market con tions surrounding the bonds they were 11ing. seOn: thing that benefited the July investment market to_some extent was the curbing of the heavy volume of new issues. The total of &re!;;n?‘xl in nth was approxim: e o0, 'compared. with $617.836.500 and only $291,380,545 in July, 1929, is still & large total, but the decrease from June is an illustra tion of the success of the larger bauk- mmmmmmmwmm bond market by reducing the constant 000,000, in June V® | oversupply of new CHICAGO DAIRY MARKET. GHICAGO, July 31 (P —Butter—Re- S e, Soaiovs; ore, seconds, 303! 9,049; firm; éxtra foste, 30, freh graded, Bess, O3y e e A0aTT g SILVER QUOTATIONS. ufw YORK, July 31 (#)~—Bar silver, Rad] t 24000 Insull Ttil 68 5000 City Ry ctfs 85 i ity Ry tod; 7000 Ch Bond saib Shrs i 0. kid 7 ‘Will Explore Island. LENINGRAD ‘The next Winter on the island. CHICAGO LIVE STOCK mn1'| CHICAGO, July 31 (#) (United States ent of Agriculture, Departme ] Receipts, 20,000 head, including 5, dire uneven; 150-230 pounds, (#).—The “North Re- may head direct; 15a25 lower: heavier weight 160 pounds, 9.15a9.65: 200 2! medium and good sows, steady to 10 lower; ht light, good and choice 14 lightweight 160- | unds, 9.40a9.65; medium weight 54! 275 8.00; slaughter pigs, good 100-130 pounds, 8.2 Cattle—Receipts. 5,000 2,000 head; general market looks rather top heavy, aithough most sales are strong to a shade higher: top, 11.15 paid slaughter for 1,246-pound cattle and veale: choice 800-900 poi 1,100 pounds, 9. pounds, 9.25 9.00a11.00; 1,300 pounds, 5.7 and choice 550- common and medium, 4.75a Cows, good and choice, 5. common and medium, cutter, (yearlings excluded), good and choice to medlnna. cutter and (beef), 6.50a7.25; and oice, and common, feeded cattl averages; steers, good 3.7645. 2.90a4.00 cutter , 6.00a8.75. pounds, 7.00a7. T 000 Corn closed nervous, %a3 ; packing sow: 00 pounds, 7.001 oy and choice | ‘head; calves, and .50a7.50; NEAR LEVELS OF 1929 Special Dispatch to The Star. pointed out that while there has been & severe decline in many commodities, of crude ofl and its by-products ve held well up to the level of 1929, Supplies of crude oil and its by-products have held well up to the level of 1929, Supplies of crude ofl and drawn down, making a stron than has existed being trade situation some time. Among the companies that have shown relatively good earnings for the first half of year are a number of the oll R{:’duufl. All of ti strengthens the position of the oil group, which, while not immune from the effects of weakness in other industrials shows distinct signs of divorcei itself and moving on its merits. Not so much talk of consolida- tions has been heard recently in view of the legal difficulties that have arisen because of the proposed Standard Oil T for — GRAIN MARKET CHICAGO, July 31 (#).—All grains closed higher y, although late t-taking cut down advances dur- the earlier part of the session. % & bushel higher than yesterday's finish, n;:::::dchmlnm up. oats also la13% X rov fo a rise of 17. TENed WHEAT— uly . September bes NEW YORK COTTON NEW YORK, July 31 (Special)— | | After making new low records again ' | today, prices on the Cotton Exchange | were steadied by the absence of relie: in drought sections snd final prices were 2 points higher to 4 points lower than on Wednesday. Lowest quotations were made early, vhen the market met sufficient buying | to steady the list around last might's| l_fi‘tcluin; figures. Spots were advanced 0 points to 12.55. NEW YORK, July 31.—The fact is B tin, fower srade. (Il 1. K It is substantially the story of retail price decline up to date. Wholesale prices usually drop from to six months before retail prices. The retail price declines of recent weeks are the result of wholesale de- clines, which took place three to six months ago. (Copyright, 1930. by North American News- per Alliance.) |AUSTRIA IS PREPARING TO LIQUIDATE LOANS By the Associated Press. With the successful flotation of a $62,000,000 international loan, Austria is planning te repay cash advances from the treasury and short-term bank credits, and to proceed with the placing of orders for railway equipment, in- stallation of automatic telephones in Vienna and other public works. Industries continue depressed, es- pecially textiles, lumber, iron, machin- ery and electrical equipment. Produc- tion during June of iron and iron ore declined by about 25 per cent, and that of steel ingots and rolled goods by ap- proximately 35 per cent, but an im- provement is expected as a result of the recent loan. Unfilled orders in the cot- ton spinning mills at the end of May totaled 7,800,000 pounds. The Alpine Mining Co.’s unfilled or- ders at the end of June amounted to 3,000 tens, a decrease of 12,000 tons from the previous month. The com- E:ny's production of pig iron in June taled 27,000 tons and that of steel ingots 23,000 tons, as against 36,000 and 34,000 tons, respectively, in the preced- { 4+ | ing month. ‘The officlal railway report for May showed a total freight traffic of 378, 000,000 net é:e;ghl ton kilometers, as compared wil 000,000 in April. Money | 67 for I 0 BUILDING LOANS IMPROVED PROPERTY Reasonsble Rates Prompt Action