Evening Star Newspaper, August 1, 1930, Page 14

Wholesale Dealers Look for Upturn After Showing of Fall Materials. BY WALTER BROWN. ‘Written for the Associated Press. CHICAGO, August 1.—Wholesale dry dealers of the Chicago district see two satisfactory developments in. the sluggish business of the first half of this year. They are: The elimination of retailers whose training for the business was unsatisfac- tory, and whose capital was inadequate. Improved financial standing for com- petent retailers who permitted their | stocks to slump while maintaining col- lections. Trade Upturn Expected. Salesmen for Marshall Field & Co., one of the largest wholesalers of dry goods, here for the Midsummer show of materials, report that retallers have now larger bank accounts than in sev- eral years. An executive pointed out that this will enable them to take ad- vantage of every discount and to post lower prices for their trade. An upturn in trade is expected to follow the showing of Fall and Winter materials here August 4 to 8. The Chicago Midsummer and Mid- winter shows of dry goods wholesalers and novelty manufacturers are the bus- iness barometers of those industries. Steadily since January the volume and price of wholesaie dry goods have fallen. The June sales of the Chicago district as indicated in the seventh Federal Re- serve Bank report were 27.6 per cent under June of last year. At the same time the price index of all textiles was 82.2, compared with 93.3. a year ago. ‘The index for woolens and worsteds was 88.6 as compared with 97.8 a year ago. Silk and rayon prices fell the heaviest, from an index of 79.5 in June a year ago. to 64.3 of last June. Cottons were at 99.1 & year ago. They now.are at 89.3. Chicago's wholesale dry goods busi- ness approximates $300,000,000 a year. It is the largest distributing center. A new building, the $30,000,000 Merchan- dise Mart, devoted to the wholesale business, largely dry goods and kindred comiodities. Price Adjustments. ‘Wholesalers contend that retail prices have followed wholesale drops. These reductions, they say, will compare favor- ably with the recent cuts in mail order house catalogue prices, considering that whglesalers and retailers adjust their prices daily, while mail order prices are djusted when a catalogue is “We do not mean to prophesy that there will be no further price declines,” said Frederick H. Scott of Carson, Pirie, t & Co.. wholesale department. ‘There may be, but if so, we believe they must be slight. We do not mean to forecast hisher prices, but asure mer- cnants tnac at present levels and under existing conditions there is little danger of inventory losses to that man- who supplies his requirements for approach- ing weeks witn new s, fashioned right and at current price levels.” PUBLIC PARTICIPATION IN MARKET IS SMALL Special Dispatch to The Star. NEW YORK, August 1.—The public shows no sign of interest in the cur- rent stock market. It is unwilling to follow up advances which are the result of pool operations. It is taking a holi- day so far as its market commitments are concerned and is not likely to be- come an active factor again until there is either another sharp reaction which affords a good buying basis or it sees evidence of a permanent turn in the business situation. thie: floor of the exchange. Traders there have adopted an in-and-out policy, ‘which leaves them at the end of the day with a few open contracts on their books. There is some indication that Ia capitalists and institutions are slowly accumulating stocks, though in a reduced volume, compared with their purchases in June and in the early part of this month. 5 FURTHER BOND HOUéE MERGERS ARE RUMORED Special Dispatch to "The Star. NEW YORK, August 1.—The an- mnouncement of the control of Harris, Forbes & Co. by the Chase National Bank was the basis today for rumors of other negotiations of the same sort. It ‘was not believed, however, that the movement is a general one. In this in- stance it represented special conditions. Improvement in distributing methods and efforts to gain control of more underwriting by houses of issue are having careful attention as a result of ;’M.d'yw'l experiences in the investment el Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., August 1.—Po- tatoes, white, 100 pounds, 1.80a2.75; . hamper, 75a1.00; beets, 100, .00: cabbage, hamper, 75al.15; carrots. 100, 3.00a4.00; corn, dozen, 5a 10; lima beans, bushel, 1.75a1.90; let- tuce, crate. 60a75; onions, bushel, 1.25a 1.75; peas, bushel, 1.75a2.25; squash, hamper, 25 tomatoes, crate ham- pers, 60a7 apples, bushel, 50a1.20; blackberries, quart, 18a20; cantaloupes, crate, 1.50a2.00; peaches, crate, 1.25a| 1.50; watermelons, 100, 25.00a35.00. Dairy - Market. Poultry, _alive,— Chickens, Springs pound, 23a32; Leghorns, 17a23; ducks, 13a20; pigeons, pair. 15a25. | Eggs—Receipts, 1892 cases: firsts, 20a21; Southern firsts, 24. Butter —Good to fancy pound, 36a3612; process, 29229z, packed, 20a21 Hay and Grain. ‘Wheat—No. 2 red Winter, export, 901,; No. 2 Winter, garlicky, spot, 86's; August delivery, 86':; September, 87!, Corn—No. 2 domestic, yellow, new, 1.03a1.04: cob corn, 4.75a5.00. Rye—Nearby, 60a72. Oats—White, No. 2, 45; No. 3. 44. Hay—Receipts, none. No change in market; continues quiet. Live Stock Market. Cattle—Receipts, 600 head: light sup- ply: market active and strong. Steers—Choice to prime, none:; good to choice, 6.50 to 7.00; medium to good, 6.00 to 6.50; fair to medium, 550 to 6.00; plain to fair, 500 to 5.50; com- ron to plain, 4.50 to 5.00. Bulls—Choice to prime, none; good to choice, 6.25 to 6.50; medium to good, 6.00 w0 625; fair to medium, 550 to 6.00; plain to fair, 5.00 to 5.50; common to plain, 4.50 to 5.00. Cows—Choice to prime, none; good to choice, 475 to 5.00; medium to good, 450 to 4.75; fair to medium, 3.50 to 4.00; plain to fair, 3.00 to 3.25; com- mon to plain, 2.25 to 2.75. Helfers—Choice to prime, none; good to choice, 6.25 10 6.75; medium to good, 5.75 to 6.25; fair to medium, 525 to 5.75; plain to fair, 475 to 5.25; com- mon to plain, 4.25 to 4.75. Fresh cows and springers, 30 to. 60. Sheep and llnllhs-—mklp"u.mziiw cad; supply; marke gher. e Too 350; iambs, 4.00 to 9.50. pts, 800 , head; light sup- ‘market lower. Lights, nearby 10.10 to 10.40; heavies, 9.25 to 10.00; medium, 10.10~ to 10.40; roughs, 7.00 to 8.10; light pigs, 9.25 to 10.00; pigs, 10.00 to 10.30. C ht 0 piy: ‘alves—Receipts, 75 head; 1 . Py “market higher. Calves, 4. NEW Divi Rate. Purity Bakeries (4). Radio Corp......... 718 Radlo Corp (B) (5).. 2 Radio-Kelth-Orph A. 181 RRSec1CstkCW4). Raybestos Man 2.60 Republic Steel pt Revere Copper & Br. Revere C&B (A) (4). Reynolds Tob B (3). Richfield Ofl (2)...., Rio Grande Ofl (2).. Rossfa Insur (2.20).. Royal Dutch a3.2165. 5 Safeway (e8). Safeway pf (6). Safeway Strs pf (7). St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf (6) Savage Arms (2).... Schulte Retall Strs. . Seaboard Alr Line. .. Sears Roebuck($2%) Seneca Copper. Servel, Ine. . Shattuck(FG)(t1%) Shell Unlon (1.40)... Shell Un Ofl pf (6%) . Shubert Theatre: . Simms Petrm (1.60) . Simmors Co. . - Sinclair Con O11 (2). Skelly Of (2). Skelly Ol pf(6)..... ¢ Sloss-ShefMeld pr (7) 100 5% Sou Porto Sug (1.40) Southern Cal £4 (2). Southern ) Southern Rwy (8)... Southern Rwy pf (5) Spang-Chaifant..... Spalding (A G) (2).. Spalding 1st of (7).. Sparks Withngtn(1). Stand Eranas (1%).. Stand G& B (3%)... Stand G & B pf (4) Stand Invest Corp. .. Stand O of Cal (234). Stand Ofl of N J(12). Stand Of1 N Y (1.60). Starrett (LS) (12%) Sterling Sec (A).... Sterling Sec ev pf(3) Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3) Sun O11 (11) Sun Ofl pf (6). Superheater (13%).. Supertor O1l 4 Superior St Symington. ‘Tenn Cop & Ch (1. Texas PC & Oil. Texas Corp (3) Tex Gulf Sulphur(4) ‘Texas Pac Land Tr. Thatcher Mg (1.6 The Fair (2.40) The Fair pf (7)... ) 22 24 24 106! 17T% 110 102 Received by Thermoi: Third Prev. Low. Close. Close. | 61 62 61 | 424 | Twin Cit: Und-Eil- Union O1] Utd Afre: Utd Alres Utd Bisc Utd Elec Utd Frulf Utd Gas & Imp(1.20) Utd Piec Utd Stores pt.. US & Ko U S Alcol U S Leat! Vadasco Waldorf W ¥ s Ward Bal ‘Westvac Worth £ Wrigley Sales of S Ve 7 % ] jar Ta in cash Jus 2% in in ‘stock. 106% 106% 106 Stock an 1 Dividend Rate. Add Tide Water As (60c). Tide Water Oil pf(5) Timken Roller (3)... Tobac Prod(A) (30¢) 3 Trensamer (31.60).. Transcontl O1l (30¢) + Union Carbide (2 Utd Carbon (3) Utd Cigar Stores. United C Unitéd Corp pf (3) Univ Leaf Tob pt Univ Pipe & Rad. Util Pwr&Lt A (62). Vanadium St} (t4) Va Elec Pr pf (6) n.. 10s Vulcan Det (4)...... worth Co ¢2) Warner Bros Plo (4). 297 Warren Bros (3).... t Penn kK1 A (7). 1208 Penn Kl pf (6). 10s Pénn El pf (7).100s West Penn Pw pf(6). 20s :‘vu: Penn Pw pf(7). 10s 3 Western Wnion (8) Westinghse 4 B (3).- P Westinghse E&M (5) 116 3 Wextark Radio Stri Willys-Overland Yale&Towne Mfg(4) Yellow Truck. Zenith Radlo. ... Bocke ‘or stack, ock.”3 Plus STAR, WASHIN YORK STOCK EXCHANGE : Private Wire Direct to The Star Office. 3§ d Co.. Inv (2 o ¥ Rap T(84). Flscher (5). o 1of Cal €32) raft. .. raft pf (3) ult (1.60)... - » oelale nnoBNeuen~~ 8o 1 orp (50c)...511 tric Coal t(4).. ® e Dye W (2) r Sec pf(6).. hol (17). her pr pf(7) &F (2 N 1y, » 3 i " S BLCT TV JOP TR IeE P 16 = 479 Sales Corp.. 1405 Svstm(1%) 2 o T king (A)... 40s 1 0 Chlor (2 ump. (Wm) (4) . 8% tocks on New York Exchange . 784,900 2:10 P.M. 'n in the above table a arterly or half yearly he tPartl; stock.” d Pi Tels 10% in' shock” 8% 10 stock. 'k Flus i'%x T e u: D stock. $% i stoek.” & Bius CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, August 1.—The follow- ing 1s a summary of important corpora~ tion news prepared by Standard Statis- tics Co., Inc., New York, for the Asso- ciated Press: b News Trend. Earnings statements continue to con- tribute the bulk of current corporation news. - Today's batch, without excep- tion, show lower returns than those in like periods & year ago, tending to verify the statement that concerns ex- periencing relatively the poorest results | are generally tardy in reporting. Those companies which make a distinctly poor comparison with 1929 include Stude- baker Corporation, Bethlehem Steel, General Cigar and Texas Pacific Coal & Oil. Other corporate items also are generally unfavorable. Announcements of omission or reduction of current divi- dends were published by Studebaker Corporation, Durham Hosiery Mills and American Mecial, Ltd. Rights to subscribe to additional stock have been offered by Segal Lock & Hardware. Chase National Bank has completed arrangements for the acquisi- tion of Harris, Forbes Co., largest retail distributor of securities. The Companies. American Commercial Alcohol earned 1-10 cent common share in June quar- ter, against 67 cents; six months, 45 cents, against $1.42. American Metal, Ltd., reduces quar- terly common dividend to 37!, cents from 75 cents. Earned 46 cents com- mon share in June quarter, against 94 cents; six months, $1.23, against $1.73. American Water Works & Electric earned $3.82 common share in year to June 3, against $3.43 previous year. American Zinc, Lead & Smeliting June quarter net income, before depre- ciation, depletion and taxes, $202,233, against $301,456; six months, $428,565, against $616,364. | Autosales Corporation had deficit, be- fore taxes, $41,519 in first half, against profit of $25,750 in 1929 half. Barker Bros. Corporation earned $1.48 preferred share in June quarter, against $2.39; six months, $4.59, against $7.48. Barnsdall Corporation earned 86 cents common share in June quarter, against 99 cents; six months, $1.50; against $1.83, Bethlehem Steel June quarter earn- ings, $1.86, against $4.17; six months, $4.46, against $7.21. Orders on hand June 30 total $59,906,772, against $73,- 333,010 March 31 and $56,829,800 year ago. Operations currently at 55 per cent capacity. During second quarter average was 69.3 per cent, against 80.8 | per cent in previous quarter and 100.6 per cent 1929 quarter. Average billing prices second quarter, $1.49 a ton less than in first three months. Chase National Bank to acquire con- | trol of Harris-Forbes through exchange | stock; company to continue to operate as _separate organization. Crown Cork Seal earned $1.38 common share in June quarter, against | $1.65; six months, $1.77, against $1.75.| Durham Hosiery Mills passes $1.50 | quarterly preferred dividend due Au- ust 1. o Fairbanks, Morse & Co. unfilled or- Jers June 30 were 28 per cent larger than at January 1. General Cigar earned $1.52 common share in June quarter, against $2.52; six months, $2.59, against $4.04. MacMarr Stores first half earnings estimated 41 cents common share. McCrory Stores to erect three-story stone building in Houston, Tex.; cost, about $450,000. 1. Miller & Sons, Inc., currently pro- ducing 26,000 pairs shoes weekly; hosiery output is at rate 100,000 pairs yearly, while bag outturn is at rate 2,200 & month. Royal Dutch Shell to reopen refinery in Buenos Aires, closed last year when government withdrew license. Segal Lock & Hardware offers rights to subscribe for additional stock at $5 share in ratio one-hal{ new share for each share stock held. Proceeds to liquidate indebtedness incurred in ac- quiring Norwalk Lock. Prank G. Shattuck Co. June quarter earnings, 4& cents common share, against 54 cents; six months, $1.06, inst $1.16. “Epm;' Chalfant & Co. earned 96 cents common share in June quarter, against $1.20; six months, $1.97, against 18, ‘2Sundlrd il of New Jersey Baywater hydrogenation plant starts month's ex- ital run. tion reduces quar- | permission be granted to build Algarail | |decline in industrial operations experi- 35,423; six months, 38,320, against 67,- 430. June quarter earnings, 41 cents comron = share, against $3.02; six months, $1.03, against $5.56. . Texas Pacific Coal & Oil June quarter net income, before depreciation and de- | pletion, $273,519, against $541,513; six | months, $647,553," against $969,655. United States Foil net income first half $602,435. United Wall Paper factories earned $1.31 common share in year to April 30, against $2.10 previous year. | Utah-Idaho Sugar, 77,770 acres of | sugar beets contracted for, against 77,970 in 1929. ‘Warner Bros. Pictures all productions to be exhibited in Fox and Loew's Thea- ters in New York City. Western Union Telegraph new high- speed tickers to be ready for activity September 2. ‘Westinghouse Electric & Manufactur- ing files counter suit against Ingersoll- Rand for alleged infringement of Karl Baumann condenser patents. Ingersoll- Rand sueing Westinghouse for infringe- | ment of Banzel patents. American News earned $1.97 common share ir. “vst half. Baltimore & Ohio Railroad agree- ment reported feached for purchase of 26 per cent interest in Reading .held by New York Central. This would in- crease holdings to about 66 per cent. Bigelow-Sanford Carpet earned $1.41 common share in first half against $3.34 year ago. § Sidney Blumenthal June quarter profit $111,889 against profit $923,958; six months, deficit $12,132 against profit $1,194,430. Bush Terminal June quarter earnings 91 cents common share against $1.03; six months, $2.06 against $1.90. Pairbanks, Morse & Co. earned $1.53 common share in first half vs. $2.38 year ago. General Electric obtains order for turbine electric propulsion for six ships being built by Newport News Shipbuild- ing & Dry Dock and Bethlehem Ship- building. Illinois Pacific Glass merger negotia- tions with Pacific Coast Glass reported pending. Metropolitan Chain Stores directors have not yet met to take action on $1.75 ?ull’lerly preferred dividend due August National Candy share in first hal National Dairy Products earned $2.16 common share in first half vs. $1.85 year ago. National supply June quarter earn- ings $2.98 commcn share vs. $2.06; six | months, $3.38 vs. $5.09. | Packard Electric earned 61 cents | common share in first half, against| $2.18 year ago. . Philadelphia Electric reduces elec- tric rates, effective September 1: will save consumers $1,750,000 annually. Radio-Keith-Orpheum earned 19 cents class A share in June quarter, against 1 cent; six months, $1.17, against 35 cents. Sharp & Dohme, Inc., June quarter earnings 21 cents common share; six | months, 34 cents. United Verde Extension Mining June copepr output totaled 3,580,722 pounds, | against 4,013,796 in May and 4,094,740 in April Western Pacific Railroad interstate commerce commissioner ~recommends | "elrned $1.92 common | entrance into San Francisco, in tenta- +ive report. HALF-YEAR EARNINGS Reflection of the particularly severe enced in May and June, in contrast with the unprecedentedly high levels attained In the like 1929 months, is strikingly evident in second-quarter corporate income accounts which are| now beginning to appear, says the‘ Standard Statistics Co., in a current | survey which follows in part: | “Aggregate net income for the 25| companies which have Teported to date | for the second . quarter was 19.2 per | cent smaller than in the corresponding quarter. of last year. For the 44 repre- sentative concerns which have made ublic statements for the entire first alf year, aggregate net income showed a decline of exactly the same size. “We can discover no valid reasons at this time for believing that third- quarter earnings, considered generally, will represent an improvement over those for the last three months. In | fact. the bulk of current evidence | favors the opposite view; i. e, that a | further recession in aggregate corporate | income will be experjenced. Tn;bine-Electric Order. NEW YORK, August 1 (#).—General Electric Co. has received an order for furnishing turbine-electric propulsion for six new ships being built for the United Mail Steamship Co., diary of the United Fruit Co. FALL FAR BELOW 1929 & SIGNS OF BUSINESS REVIVAL PREDICTED Upturn Seen as Beginning This Month After Further Seasonal Sag. Special Dispatch to The Star. NEW YORK, August 1.—A declire in the business index for the United States from 94.4 per cent of normal last w&k‘ to 91.1 per cent, as compared with the high point of 114.6 per cent a year ago, will be followed by a further decline next week, says the Business' Week in its report covering the week ending Au- gust 2. August, however, the publica- tion declares, will bring definite signs of improvement, and as the last half of the - year progresses, the paralyzing pessimism of recent months will find less to feed on the comparative records of this year and last. Although the usual seasonal decline of building contracts has set in rapidly, abundant security issues for public and private work in the past quarter will cushion the aecline, and the contracts placed so far will carry over into busi- ness activity during the rest of the year.. While general trade is beginning to sag under the pressure of months of impaired purchasing power and business confidence, industrial activity and rail- road movement of merchandise show signs of revival under the stimulus of depleted stocks, and non-agricultural commodity prices are strengthening. At this crucial turning point emer- gency Farm Board support of farm prices against the weight of temporary wheat and cotton surpluses and further Federal Reserve support of the bond market are vitally necessary. This is the decisive round in the fight with the forces of deflation. PULLMAN COMPANY. CHICAGO, ‘ August 1 (#).—Pullman Co. today reported its gross earnings for June, 1930, were $7,197,591, with a net, after taxes, of $947.430. This compares with gross earnings of $7.- 763,298 and net of §1,419.929 in June of last year. Gross earnings for the first six months of this year were $39,- 406,164, as against $40,715,620 last year. Net after taxes for these periods was Sg,zflgffl,l)fll in 1930 and $4,187,436 in 1929, METAL MARKET. NEW YORK, August 1 (#).—Copper quiet; electrolytic, spot and future, 11. Iron quiet, unchanged. Tin steady: spot and nearby, 30.12; future, 30.45. Lead firm; spot, New York, 5.35: East St. Louis, 5.25. Zinc easy: East St. Louts, spot and future, 4.65a4.70. Anti- mony, 7.50a7.75. - et SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co. 55 1937. .. . American Tel & Tel. 558 1943 American Thread 5135 1038 ... 1 55 1937, Humble Oll 875 1932 Internat Match Corp. ‘S5 1947 N Y. 'Chic."& Bt Louls 6s 1932 Phillips Pei. ‘Co_ 548 1939.. . Pure ‘Ofl Corp lus 1937 Shell Union Oi) Co. 5 inclair Crude OIl i r Mt v 8t. L, Southwestern Ry. 4s 1932 Swift & Co. 5s 1922 . ... + 100 Union OIl Co. of Calif. 55 1936, United Drug Co. 5s 1953.. . U. 8 Rubber 5s 1047. .. aee Western Electric Co. 55 1944. Wheeling Steel Corp. 5!55 1048 ‘Wheeling Steel Corp. 4'2s 1953, FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (orpar). today. London, .. 34.8663 8 pound Paris, : franc. el Rome, Zurich, Athens. Madrid, peseta Vienna! xchillin: Budapest, peng: ? Prague, crown (nom.) Oslo. Stoc! (Reported by J & W. Beligman & Co.) R turity, Bid. 100 833 100 17-3; perimen! Studel to 75 cents . baker - rly common $1. June quarter sales (including Plerudm;‘, 18,855 units, against of the ships are bein Newport News | Shipbullding Co. and three by the Bethlehem Corporal bullt by the |3 & IDAY, BONDS ARE STEADY INACTVE NARKET Many Issues -Sefl at Firm| Prices -or- Slightly Higher. BY F. H. RICHARDS Special Dispatch to The Star. NEW YORK, August 1.—After a lower opening, caused by the prospect of tighter money, bonds moved up during the morning session today, dropped { again slightly and then struck a level virtually unchanged from Thursday's close and maintained it. The hint of higher money rates was removed with the placing of large new supplies at the money desk. Ninety-day time money was quoted at 21: to 234 per cent. New capital issues amounted to only & little over $6,000,000, but the pressure of Thursday’s heavy toll of new offer- {,nfl:ldstfll served as a damper on listed s. AUGUST 1 1930. [ e BONDS ] | DEGLINE N SUGAR. Received by Private Wire Direct to The Star Office UNITED STATES. 323 1036 4101 20 101 20 7 10129 10129 10 106 6 25 1087 511220 11220 FOREIG Bales Argentine 5s. Argentine, May United States Group Firm. United States Government issues were turned over in fairly large amounts with no important price changes. Liberty fourth 44s, which have been strong for the past week, sold off a shade, but Lib- erty 314s, reported to be under accumu- lation ‘by forelgn buyers operating on behalf of debt payments to the United States, which may be made in cash or Government bonds, gained slightly. Bonds of the Baltimore & Ohio and the Reading Co. were active under the influence of the release of control of the Reading by the New York Central to the Baltimore & Ohio, but price ‘hanges were negligible. Prime carrier issues, like Atchison General 4s, Cana- | Czecho 83 '51.. dian Pacific 4s, Southern Pacific 415s, Chicago, Burlington & Quincy Gen- eral 4s and high-grade bonds, such as Standard Oil of New Yark 413s, Co- lumbia Gas 5s and American & Foreign Power 55 improved by small fractions. Convertibles were strong at the open- ing, but lost the gains when stocks sold off. The most actively traded issue was American Telephone & Tele- graph 415s (1939). The price was off 12 point. Warner Bros. Pictures drop- ped another 1, point to a fresh new low for 1930. Industrials Range Higher. ‘The feature of the industrial group was the heavy trading in National Dairy Products 5!s. Approximately $50,000 of these were turned over in the first two hours. The price ranged small fraction lower. Pathe 7s, Anglo-Chilean Nitrate 7s, Phillips Petroleum 5s, Skelly Oil 5!5s, Shell Union Oil 5s and Brooklyn-Man- hattan Transit 6s were all a little bet- ter. Fisk Tire 8s, a first-mortgare bond that has been depressed for some months, due to conditions in the rubber industry, were off a shade on the day, but 275 points above their opening price. At current quotations this bond is selling on a 12! basis. There were declines in Goodyear §s and American Sugar Refining 6s. Junior railroad descriptions pursued an indeterminate course, with the chief interest centered in St. Paul adjust- ments, which were again off a small fraction and within a point of their lowest price of the year. In the foreign department, German 5158 went to a new low, a small frac- tion below Thursday’s bottom. Austrian 7s were weak as well, at a 1l5-point discount. Ofher foreigri credits were quiet. Washington Stock Exchange SALES. District National Bank—10 at 213, AFTER CALL. ‘Washington Gas 6s “A"—$100 at 107 Mergenthaler Linotype—8 at 96, at 96. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Telaa. 4'us '33... lea 413 390 unchanged to a Certainteed 5155, 10 Amer. Tel. C. & P. Capital Traction City & Suburban 5 Georgetown Gas 1st 8 Potomac Elec cons, 5 Potomac, Elec. 6 1953 2 Wash., Alex & Mt. Ver. cif!.l. Wash'. Baito. & Annap. 55 Washinzton £ i Was,. series A Wash. Gus 65, series B . Wash. Rwy. & Elec. 45.. - MISCELLANEOUS. Barber & Ross. Inc. 6'25...... Chevy Chase Club 3125 D. C. Paper Mfg. 65 .. W. M. Cold Storage 85 Wash. Cons. Title 65 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (d9). Capital Traction Co. (4 Gas Lt. Ce s Wash. Rwy. & Bl. Wash. Rwy. & Elec. pid NATIONAL Capital e Columbia (12 Commercial (s District (8) Federal-Ame| Liberty (78) Lincoln (12) Metropolitan Riggs (13).. tamped) (10). n'"(10). Second _(9e) Washington (13) TRUST COMPANY. Amer. Security & Trust Co. (15) ntal Trust (6)........ Bank & Trusi (6} vings & Trust (121} Prince Georges Bank & Trust.. Union Trust (8g)... ........... 24 Wash. Loan & Trust (14)....... . SAVINGS BANK. Bank of Bethesda (6) ... Commerce & Savings (10} East_Washington (12).... Potomac (10).. S Sav. & Com.'Bank (i1} ¢ erchants’ National Sa Washington Mechanics’ (20} " FIRE INSURANCE. American (12)... Corcoran (10)."."" Firemen's (8) National Union (i3} TITLE INSUR. Columbfa (6h).... ¢ Real Estate (8h).. .0 Title & Inv. Co. Md. ‘com. . 1! MISCELLANEOUS, Barber & Ross, Inc. com. Ghevy Ch. Dairy pfd_(7) Col, Sand & Gravel ptd. ¢ D' C. Paper Mis. ptd. .. Dist: Natl” sec bt (7} Emer. Bromo-Seltzer “A' Federai Storage pid (8) Fed -Am. Co. com. (1.20f) Federal-American Co. b ANCE, & Stge. com. Stge. pfd | . & Inv. pfd... 0 ! Peoples Dris Stores pid. (6! al Est M & G. pfd. (8) Secutity Storaj Ter. Ref. & W) The Carpel Co: e (de) h. Corp. (3! rp (150) | Parts-Lyons-M 6; L] Brazil 614827 Bremen Stat Canada 5531, L] Colombla Copenhagen 4% s ' Copennagen 6s rets Danish Munie 8s B. Denmark 4%s Deninark 5%s Fiat 7s war 46 Finland st s e wawnemnxs o E8onRornacn 20 o 88 Sa ik onwBo IBoaro wnhean mansanmea e oo Jugoslavia By Karstadt 43. ... Kreuger&Toll bsct. Norway bs Norway 538 Norway 6s°43. Norway 6s ‘44. Norway 6%s » e % Orient Dev 6s 53 Paris Orleans 6%s. Peru 63 '60. Rhine We: Rhine Wst 1o de Janeird Rio 1e Jan 83 Swiss 548 Toho El Pwr 78 Toklo 648 '61. Utd Kingm 63837 Uruguay 6s Uruguay Vienna 6s ‘62 Yokohama 6s. N. Hizh 96 1023% 100% 988 973 102 30 1066 108 7 10 10 10: 10 104 101 11 Low Close. | Tenn Cop 6s B 44. . 100% 102% 101% 102% 9414 9214 100 108'% 119% 124% 96% 8714 90% 106% 85'% 96 10214 100% 9815 975 91 105% 845 5% 964 % 105% 10,5 1043 106 103% 908, 974y 103% 103 72% T2% 9:% 85 105% 90% 83% 0 30 120 3 120 101 29 6 6 R 7 220 9013 108% 119% 124% 102% 100%, 98 106% 90% 834 83% 106 100 2 1011 MISCELLANEOUS. Abitibl P&P 63 ‘53, Alleghany 68 49 Allis Chalm 58 12 7 1 Am Agri Chem T%s 3 "'| Am Beet Sugar 6s. . Am For Pwr 65 2030 % 68" |'Am Smit & R 18t b3 Am Sugar Ref Am Wrig Pa 68 Armour&Co 4% Armour. Del.64s. . Atl Refining 6 Bell Tel, Pa, 6 Bethlenm £l pm b8 Certn-Td 6348 rcts. N . Cuban Am Sugar Det Edison bs *40. Det Edison 6s. Fisk Rubber & Gen Cable 635 '47. Gen Mot Ae Cor 68 Gen St Cast 5 %549 Gen Thea Eq 63 *40. Goodrich 6%8 Goodyer bs re Humble O& R 6 Humble O & R 6%s I1 Steel 438 °40. . . inland Steel 434 ‘78 intl Cement 6s 48 & Int] T&T 4148 cv Intl Tel&Tel 68 KanG & E 63 63. ckawanna Stl 5 Laflede G | ptd. (7). 105 ¥213% extra, W. Mech Mige. com Wash Med. Bldg. Cos Woodward & Lothrop *Ex dividend Books close dEx rights. wi—When issued. Unlisted Department. BONDS. Asked Army-Nave Club Ss.. 5 Cosmos Club_ 41.s Commercial Club Is{ ‘5s.. Metropol Club 4! Anacostia i Ralcish Hotel ‘G 3 alel otel Co. Washinsion Savings’ Bank. hington Title Ins. Co. .7 ashington Base Ball Club. Woodridge-Langdon Sav. Bank. 20 Lorillard (P) 7s. McC'rmek ER Midvale Steel Montan: Morris&Co 1st4% Nat Dairy 6% Nat Radiator 6%4s. NYG&EHP« N Y Tel4%s N Y Tel 6341 N Y Tel 65 °49. North Am £d 63 No Am Ed 5%s '62. Nor States Pwr Pacific Gas & K1 Paramount 6s 8 ) [ amwrw clank e 0BT B e al parparan Phillips Pet 6% Pub Serv G 4%s 10 Pure Ol 638 31 6 Punta Alegre 78.... 1 - B53, 991y 101% 102 103% 163 106 106% 104% 108% 92% 101% 647n 99 103 1015 9514 106% 93% 102 10.% 100% 9515 100% 100 87% 9013 109 ity 9 106 103% 1015 1023 102% 103% 162% 106% 105% 105% 10 % 101 7% 917 102% Bay 122 100 9415 110 W 1025 101% % 103% 931 100% 100% 100- 26 102% 8315 100% 1004 99% 25 T4 92% 101% 1021 100 - ! 901y 10914 97 108 10: 3 1015 10 3, - 10 1 95% 110 1025% 101% 103% 102% 8315 98% | 221 | 95% | 11%, 102% | 103% | 103% 103 101% rt ] (] CCC&SIL 58 (D). .. i .| Grt Nor 433 (E) | Penna 6= 64, Sales. High. Low. Close. Rem Arms 6s737... 5 9 96 96 Rem Kand 5%s war 98% 98% 98N 104 10415 104% 102% 102 102% 101 101% 101% 961y 961 961 981, 98l B4 105% 105% 105% 10415 101 101 101 107 106% 107 7 104% 104% 1045 10915 1081 109' 98 98 821y 823 101 100 371 37 95 941 8114 104 104'% 104 6 1055 109% 109% 3 104% 1047; 1041y Wilson & Co 1st 6s. 13 100, 100% 100%s Youngstn S &T ba.. 5 1027 10274 10274 RAILROAD. AlaGrtSouds'43.. 3 94% Ann Arbor 4s, 4 83u Atchison gen 4 . 28 964 A T&SFcv4%wds. 5129 129 129 30 951 95% 95% 1 9% 91% 91% 26 95% 954 95% 12 100% 100% 100% 54 1015 101% 101% 7104 1031 104 1 103% 103% 103% X 110% 105% 109% 1 951 95 9o 1 104% 1043 104%, 1 87 87 87 w0 90 Yyt 100t 90 | Tenn E1 Pwr Tex Corp ev b Transcontl O1l § United Drug 6a ‘83, '8 Rub Ist rf Utal Pwr&Lt 6 Vertientes Sy Warn Bros P War Quin 6s Warner Sug 7s "41. w rn Elec §: Westn Unlon bs'51. Westn Unlon 614 White Eagle 513 41 94% 944 831 83% 96 96 Atl Coast Line ¢s.. B & O Toledo Bang&Aroos Boston & M 68 19 Buston & Maine bs. BKlyn Elev 6% Bkiyn Manh: Bklyn Un 1st 5, Bklyn Un EI 68’50, Buff R & Pitts ¢ % Can Nat 4%s 54 40 31 99y 99 10 8% 28 5 103! 103% 103% 2 92% 92% 92% s 98 104 104 1 103% 103% 103% 1100 100 100 5 116% 116% 116% 3 111 111 111% 4 106% 106 106 T Byk 894 89N 3 991 99 99y 3 1034 103 103 12 100% 106% 100% 2 104% 10415 10415 18 100% 100%% 1001, 9% 9y 991 99, e 88 11 95% 96 Z 100 100 100 2 1054 108tk 108% 1725 2 % Can Nor 438 '35 Can Nor 6% Can Northern 7s. . 448 Can Pacific 58 54. . Cent of Ga 65C Cent Pac 1st Ches Corp 58 '47. .. Ches& U438 934 o Ches & O 4338 B 96 10 Chi & Alt 3s. 7 8814 e Chi MU&SLP 4 Chy N&StP 4% ChIMUSIP&E 6876 CM&SLP Pac ad) 5s. Chi NW 41482037, Chi& N W con 4% s Chicago Kwy, ChiR 1& P gn ChiR1&Prt . ChiR1lcv4%s60.. Chi Rk 18l 68 A. . Chi Un Sta 448, C& W ind 6%s CCC&StL deb 4 48, &StL 44 (). 9914 Bale 50t 935 85 101 101 8: 82 10 924 92 13 98 9sn 11 99+ 965 9.9, 1o 6% 96% 964, 12 101 1000~ 101 10 105 10d% 1043 1 100% 100% 100% 20 99y 99y, 99, 6 104% 104 1041 1 100% 190% 160% 3 52 5z 52 4 T8m 12% z 8 ¥ 8 56 943 9415 94m 2 W0l3 101% 101% 04% 1043 104% 950 Yoln Y5l 93 93 904 91 T9% Ton 82 ¥z Bty 2T 93h 9, S 9z 1 1131 113 11 2 98% 9s% 98% 1 8% ¥BY LY 4 1074 100 1071 1 111% 110% 111% 1z 111 111 11 5 68 o6 66 3 81 0% 81 1 100% 100% 100% 8 933 93% 93% 4 1013 101% 101% 2110 110 110 4 105% 100% 105% 931y 65 643 U 43 59 10 101 8 924 98% Clev Term 4%s Cuba R R 748, Del& Hud ref 4; Del & Hud cv bs 36 Del & Hud b%s. Den & Rio G en 4 Den&RG W b8 '85. . DR G&Wst 6878, . Duluth S S & Atl 11 R Gt Nor 4338 76(D). Great Nor gen 7 Hav El Ry 58 '5: Hud'& Mao ad) Hud & Man ref 111 Cent ref 43 6l Int Rys C Am & Int Rys CA 6%s re. 7 4 3 1 3 1 4 AT 6 102 €195 T8 g8 1 83 83 83 1 100% 100t 100 3 90% H0% 90% 2 9% 9% 9% 5100 100 100 1 100% 100% 100% LA T 101 Kan City Term 4s. . Lake Shore 31 Lake Snore 48 Leh1 Val con Long Il rf 4549 Lehigh Val con 414s Long Ist deb 58 '34. L& N un ¢s. L &N 4%s 2003 Market St 73 '40. MIILEl Ry&Lt 4348 Mill Bl Rv&L 68°61 M StP&SSM 58 gtd. M StP&SSM 6%s MK & Tex 1st ¢ MK&T4%s73 Mo Pacific gen ds.. Mo Pacific 5s A '65. Mo Pac bs ¥ 17 Mo Pae 53 G 18 9 100 % 1015 96 3 100%5 100t 13 1014 101 i 96 TR T 101% 102 101 1011, L 15 101 100% 100% 85 108% 1081 108% 13 83 5 93 6 99y 2 101« 1011= 101 2 1004 100 100% 108 108 108 1014 4 Y Cen rf im 41 Y C& StL deb ¢s. ¥ Cen ref 6 C&StL4n ChI&StL 414878 & St L SlesA &SIL5%s B & St1 w31 C&S1) 6n32 . YNH&H R1gs 56 N Y NH&H 48 67 NY NH&H 430 | NY NH&H cv db 6s NYOnt & Wistan N Y Sus&Wn NY Sus&Wwn g Norf&Sou gn 58'64. Norf & Wn con 4s Nor Pacific ¢s Nor Pacific ref & Ore Wash Ist 48, .. Penna gen 434 Penna 448 1970 Penna 4% ‘63 Penna zen bs . . P z2z7z < c € C z 1015 10 1 1024, 1071 1 98% 2z <0 0% 3 0 931, 134 924 101 9315 1315 1 Penns 648 Pere Mara 1st 48’56 Port R | & P5g'42. Port R 1. 6s 47 StLIM&S StL & SF vi SILE&ESF 4l StL&SanF 5s B StL 8 W 68 °52.. 199 94 9 4 1015 101 10 a1y 92% 93x, 1024 102% 00% 104 98 511 44y 9314 94% 37 98% 11 100 14 90% 311 1117 Seaboard AL en 6s. SBAIFla Sou Pacelt 48 Sou Pac ref 4s. Sou Pac 4}4s rets. . Sou Pac 414569 ww Sou Rwy Sou Rwv con Son Rwy & 56 San Rwv 648 ... ‘Tex Ark F'S b3%8'50 1007 960 8514 931y 1008 100% 99% 25 9310 00 100% PRIGES CONTINES Commodity Is Selling at Low= est Figure in Twenty- Five Years. By the Associated Press. Despite & favorable tariff, refined sugar is selling at the lowest figure 'in 25 years, while the Cuban raw product is at a low level never before paralleled. The United States Beet Sugar Asso- ciation says the depression is caused by the very factor responsible for the cha- otic conditions in the grain market— overproduction. The statement is quali= fied by one important distinction in that the farmers of this country pro- duce a surplus of wheat, whereas but only about one-sixth of the sugar con- sumed annually is of domestic produc- tion. Foreign Competition. Unlike wheat farmers, who glut their own market, the sugar producers, the association says, are beaten down by foreign competition, over which they have no control nor adequate protection. The principal source of competition, the association adds, is Cuba, which, by “exploiting cheap labor and low stand- ards of living, produces prodigally, and dumps its sugar into the American mar- ch:':lAa price ]9.}& than half of what it s American farmers v in the beet.” T The retail price is not governed by the rate of duty, it was explained, but rather by the ‘price of the unrefined sugar in the port of New York. As with :;:l;l); Ot;;lflbtumhmodi[l_\'. that price is de- ne Y the relationship betw: the supply and demand. P o How little effect the new tariff has had on the price of sugar is demon- strated by prices which have prevailed so far this year. From January 1 to June 17, the date on which the bill be- came law, the wholesale price of refined sugar averaged 4.81 cents a pound, the price including a duty of 1.76 cents & pound. Since the enactment of the new rates the price has averged only 4.57 cents a pound, with a duty of 2 cents. Average Price, To put it differently: The average price under the new tariff has been 34 cents a hundred pounds less than dur- ing the previous six months, even though the duty has been increased by 24 cents a hundred. The explanation, the Beet Sugar Association says, is that ovefproduction in foreign countries, es~ pecially Cuba, has so far depressed prices that the duty is largely ineffec- tive in controlling the conditions of competition. Declaring that, in its opinion, no American sugar producer can realize a profit at present prices, the association says the situation cannot be improved until Americans “are given' ample pro- tection against foreign competitors and tropical standards of wages and living, or there is a marked decrease in world production.” It adds that a bstter price level might persuade one-crop gramn farmers to turn their attention to sugar production, thus substituting a crop of which we produce too little for one which always gives an unwieldy ex- portable surplus. FARM BOARD IS BLAMED FOR DECLINE IN WHEAT | By the Associated Press. OMAHA, Nebr., August 1.—As cash and futures wheat prices declined in Omaha to the lowest level since 1914, President Hugh A. Butler of the Omaha Grain Exchange issued a statement de- scribing the situation as “desperate to both producers and speculators” and blaming the Federal Farm Board for the condition of the market. “We can expect a seasonal decline with the beginning of the harvest.” said Butler, “but the one this year is out of all proportions to the usual reces- sion, and the Federal Farm Board fis Girectly responsibile by forcing the spec- ulator out of the market. “Before the advent of the Farm Board the grain dealers carried the load for farmer and consumer by trading in futures, but now they are afraid to deal extensively in futures, because a state- ment from Washington might ruin them overnight,” Butler stated. STOCK MARKEf ,MO—VING WITHIN NARROW LIMIT Special Dispatch to The Star. NEW YORK, August 1.—The experi- ence of the market this week has been that selling pressure does not_ extend to the point where it causes holders of long stocks to become alarmed and in- cline to liquidation of their securities. There is a resistance level in nearly all of the important issues. ‘The bear interests are cautious and cease their selling as soon as they find stocks standing their ground and note signs of accumulation. On numerous occasions volume has decreased after a certain amount of decline has taken place. The market, in other words, has a nariow range on the down side as well as on rallies. i NEW SECURITIES NEW YORK, August 1 (#) curities offered today include Eastern New Jersey Power Co. $3,140,- 000 5 per cent bonds, priced at 100, by W. C. Langley & Co. and Hoagland, Allum & Co. City of Niagara Falls, N. Y., $1,500.- 000 47 per cent bonds. priced to yield 3.50 to 4.05 per cent, by syndicate h-aded by First Detroit Co. LR NEW YORK BANK STOCKS NEW YORK. August 1 (#).—Ov:r- the-counter market. Bank Stocks. Bid. Asked. 9 98 —New se- America e Bk of U 8 Units Biroadway Natl ; | Ohas Ss, | Chat Phenix ty 7 i Fifth Ave First National Harriman Mankat Co N¥.. | People’s Natl Trust Companies. Bankers' P = : Cent Hanover Chelsea Bx & Tr Chem BX & Tr Corn Exchange County Guaranty Irving 7 Munuiacturers DIVIDENDS DECLARED NEW YORK, August 1 (#)— Regular. itie’ & Tr. aSompany. m Mesai = Betnlehem ‘Steel 0 Pl (R | Edison Bros Sirs pi.s Flynn Elec Pe- P Rate.riod. able. $1.50 Q Se 5130 Q Ne 135 Q Oct. 175 Q Sep. 57 SA Au 5c SA Aug. ... .30c_Q Sep. irs.. 27c SA Aux. $1.75 Q Auk. 13175 Q Sep. tand Royaities Vewoka Do pf Do p! Wichita M- Aug. 15 Studebaxer Corp pf.31.73 Q Sep. 1 1061 1064 1061 1 101% 101% 101% b 93l 93wk 9, 12 100% 100% 100% 2 104% 104 104% 24 86 851 85 12 99% 99y 99% 2 984 98% 984 Wabash 4% Wabash s ‘76 Wavash 5387 Western Md 4 West Md 538 ‘11 West Pacific 8., 7 Initial. Merch Pire As new. United Ins Agencie Do »f.. Am Metals on 2 Studehaser" cors.