Evening Star Newspaper, August 1, 1930, Page 15

FINANCIAL CORB SHARES ROP b AFTEREARLY SAN Market Encounters Selling on Bulge—Trading Volume Remains Small. ga BY JOHN A. CRONE. % Bpecial Dispatch to The Star. NEW YORK, August 1.—After open- ing moderately active and with a rising price trend, the Curb Exchange reversed this tendency today as trading crept along at a snail's pace. Electric Bond & Share got up about a point only to lose that gain and as much more by midday. Cities Service was relatively dull and moved within a half- point range. American Gas & Electric slowed down and shuttled back and forth within a 2-point range. Missouri-Kansas Pipe Line did not ap- pear on the tape until 12:30 p.m., when it came out a small fraction lower de- spite the announcement that construc- tion on the first compressor station on the Chicago-Texas line was started to- day. Early Changes. Aluminum Co. of America opened at 25415, up 415. Great Atlantic & Pacific Tea was a point higher. New Jersey Zinc at 66 was down a point. Many stocks, usually active, were slow in coming out today. Central States Electric convertible preferred provided the widest move in utility investment companies in the forenoon as it rose 5 points. Corpora- tion Securities Co. of Chicago declined. National Investors sprinted in the first few sales, then slackened its speed. Pub- lic Utility Holding Corporation of America, which will be the vehicle used 1o effect a merger between Standard Gas & Electric and American “Water ‘Works, if personnel details of that con- solidation can be arranged, moved up more than & point on increasing turn- over. Driver-Harris, one of the specialty steel companies, lost ground. American Cigar Co., reflecting the declining out- put of the cigar industry, opened at 60, down 8 points. Ulen & Co. responded to an earnings statement showing 82 cents a share for the first six months, against 81 cents in the same 1929 period. ‘The curb admitted to listing today the :‘hnel of Capital Management Corpora~ fon. Zonite Products declined immediately after it became known that the com- pany would probably offer soon a small amount of additional common stock round prevailing levels. Earnings of 65 cents a share in the first six months contrast with the 50-cent dividend re- qQuirement for that period. Other Price Movements. Segal Lock & Hardware was & small fraction higher today, following the ap- proval of the issuance of rights to shareholders at 5, which would make the value of the rights $0.042666, or wme of the lowest priced rights Wall ptreet has seen in many days. The wights opened at 4. DOo! C BONDS. g ¥ "n-.‘ Low, Close. ma Pow 5s ‘561031 103 10302 927 927 983, 98% 5 Can: 11 Carolina P 1 Cent St P& 14 Childs Co 55 3 Citles ice 55 10 Cos 3 97 91 1 Cudahy Pke 5'as '37. 9712 9712 9744 'S5 74610112 10133 10112 94 " 94 moyas S 2352 nsREEEEeass N ! ERECCEEEE CUTRCEE LR S r 3 Intern fec Am 55 Intersta Power 55 s A ‘4T 98V, 98% 103% 108% 99" 99k 98'2 987 98 25,30 100 1 '57. 10112 101% 101% A 2026. 106~ 105!, 108%z B...... 1% n¥ % 0222 e 5 - Gesa -t aumm emn S 2 IITERS 2., 106 106 106 I 102% 102% 102% *56; 100 = 100 100 s 47 97 97 97 *49 10234 102'; 102% RUB VP (] o & o, m 5 L Gas & C 65 Sien, 4 22T IITY. 54 30.. T8 470 7 e 4 15 thw Nat G 65 '44 957 ‘thw P&L 65 A 2022 107%4 1 Inv s )37 692 €9% 911, 89 10014 100 100 1007 100% 100 4 Bawbuasan nobrano! @) 4 West, News Del 65 § Wes Tex UL 55 A 75 i 1Buenos Aires 8128 '65 XW BK 75 '44.. 100% 100% 47 86% 86% 47 87 3 :;Vq lg% O 88 ' 88 69% 682 z 75 'S8 71 71 B '72 104% 104%5 1 5! 7 88! 5 10 Tern! 6la8 A 83 i IO TNE st oes 41 0% 0% . _ww—With warrants. xw_—Without Bots n—New. wi—When issued. NEW YORK CURB MARKE Notice—All stocks are sold in one excepting those designated by which shows those stocks te be sold tn —Prev.1930.~ Stock and Hich. Low. Dividend Rate. L 5% Acetol Prod (A) 16' AfMl Prod, Inc (w.i.). 4 Allegheny Gi 814 Allted Mills (80¢)... 210 Aluminum Co of Am 105% Alu Co of Am Alum Ltd cu pf( 6 109% 99% 10% )(a3) 12% Am C P&L(B)(10%) 21% Am Com P(A) b10% 17% Am Cynam 12% Am Equitie - 38% Am For Pwr(war).., 104 Am Gas & Elee (11). 52% Am Lt & Trae (2%).. 29% Am Maize Prod (2).. 52 Am Salamandra (3). 20% Am Superpwr (1)... 87% Am Superpwr pf (6) 94% Am Sperpwr 1st (6). 7% Am U&Gen B vte 400 1% Am Yvette (n) w, 81 Appalachian Gas. % Ariz Globe Cop 8% Arkansas Nat G: 84 Ark Nat Gas (A).. 5% Asso Elea Ind (30c 30% Ass0 G&E A (a12.40) o7 AsEo Gas&El ctfs(8) 6% AsS0 G&E (A) dbrts % Atlantic Lobos. 8% Atlas Util Corp 3% Atlas Utilities(war). 3 Auto Mu Ins A(11.10 124 Aviation Credit..... 2% Bahia Corp, 1% Bahia Corp pf. 146 - Bell Telof Can 14% Bickford's. Inc (1).. 64 Blue Ridge Cp (40e). 33% Blue Ridge cv ofad) 35% Brazil Trac & Lt(h2) 2% Bridgept Mach (2bc) 55% Buckeye PL (4).. 32 Bulovacv pf (3%) 2% Burma Corp (t31¢).. 3 Cable&Wire (B) rcts 315 Canada Marcont. ... 26% Carnation Co (j1 3 Cent Atlantic States. 28 Cent PS (A) (al.76) 19 CentS 101 Cent St 17% Chat Ph Alnv (56c), 17% Chem Nat Asso n-v. 24% Citles Service(g30¢). 88 Cities Srve pf «6). 8% Col Oil & Gas vte.... 284 Com’'with Edison(8). 3% Com'with & Sou war. 11% Comm Wat Serv b6 % Consol Cigar (war).. o =8 aaooma » & L T L TS Py T 194 Corp See, 32 Cosden Oil. 10% Courtaulds 5% Creole Petroleum. .., 15 Crocker Wheeler, 1% Curtiss Wright ware 2% Dayton Alr & Eng. 78 Deere & Co (m1.20) 2% De Forest Radl 6% DeHav.Air 1td re 4% Detroit Alreraft. » - 31 Dresser(SR) A(3%). 81% Dresser (SR) B (2. 41 Driver Harris(new). 140 Duke Power (jt5)... 8% Duquesne Gas Cp w.i 2% Durant Motor: 25% Eastn G&F Asso, 83 Edison Bros Strs (1 270 Edison El, Bos 13. 9 Eisler Eelectric(1%) 70% Kl Bond & 108% EI Bond & 92% EIl Bond&Sha cu pf(§ 16% Elec Pwr Asso A (1) 19 Elec Pwr Asso (1).. 28% Elen Pwr & L op war 15% Elec Shareboldg(21) 17 Emp P Ser A (a1.80). 3% Euro Eiec deb rts. 1% Evans Wallow Lead. 2 Fabrics Fininshing.. % Fandango COrp....a 161 Federal Screw (3)... 11% Finance CBalt A.... 28 Ford Mot, Can A 11% 10% Ford Mor.Ltd. 37 e. 7% Foremost D P pf 1. 4% Foremost Fabrics. .. 24 Fox Theater Cl (A). 2% General Bakin, 10% Gen E. Ltd re: 19% Gen Empire Corp (1) 74 Gen G&E ev pf B(6).100s 14% Gilbert (AC) (1) 1 % Goldfield Consol. . 18 Goldman Sach T C. IEPATS (SR O SRS e ® ®.S s HMRA N RONEN N SRENN BN SN - 24 Guenther Law (2)... 117% Gulf Ofl of Pa(1%) 8% Hecla Mining (1).... 15 Holt (H) & Co(1.30). 24% Hires (CE) (A)(2).. 5 Hollinger Gold (60¢c) 13 Houston Ofl of Texas 7 Hudson Bay M&$ 78 Humble Oll (3)..... 356% Hydro Elea See (2).. 8% Hygrade Food Prod. 18% Imp Oil, Can, u(S0e). 26% Ind Terr [ilu Ofl (A) 17 Ind Fin otfs(b10%).. 60 Indus Finevpf (7).. 63% Insull Utll Inv tb9% 63 InsCo, No Am (13).. 15% Insurance Sec(1.40), % Intercontinent Petn 17% Intl roleum (1).. the letter s odd lots enly. 16% 18% hundred-share lots (65s) Mid 4 Sh annual_payment. eash or stock. holders. _eAdjustme stock. hPlus 17 stock, T 19% Internat) Superd (1) Int Utilities A (3%). Internatl Utll «B). Int] Utll war (new).. Interst Eq cv pf(3) Kirby Petroleum. .. % Knott Corp (a2.40) Kolster-Br (LAm 8 Lane Bryant (2). Lefcourt Real(11.85) Lion O11 Refin (2). . Louisiana Lan & Ex. MacMarr Stores (1). Pepperell Mfg (8). Petrol Corp war..... 4 Pilot Radio Tube(A) Pitney BP.n (20¢).. 4 Pitts Plate Glass(2). Prince & White(25c! Pub Util Hold war. Rainbow Lu Prod A. Rainbow Lu Prod B.. Relter-Foster Reliance Manag. Rich Oi1.Cal, pf(1%) R'kland Lt & P (90c) Rolls-Roy of Am pf.. St Rexis Paper (1).. Salt Creek Con(40c). Sait Creek Prod (2)« Shattuck Den Min. doah Corp. Coro pf (a3) 4 Shreveport Elec (D). Sim’ons Bd ev pf (3). Singer Mfg (117).... % SoCal EA pf C (1%). Southern Corp. Standard Motor: South Penn O11(12%) Stand OIL Ind (2%). Stand OiL. KY(11.80) Starrett Corp. 4 Strauss Roth Sunray Ofl (40¢). Swift Internatl(2 % Teck Hughes (60e). . Technicolor, In ‘Thatcher See Corp. ‘Thermoid Co pf .(;I) .- Unit Found'(b2-35 sh United Gas Co (new) United Gas (war)... Utllity Pwr&Lt(al). Vacuum Oil (4) Van Camp Pkg p! Vic Finan Corp (4| Walgreen Co. .. Walker (H) (1)..... Walker Min (7%e).. West Mass Co(2%). West Va Coal & Coke Zonite Products (1). Jock. .o in dollars based on last quarterly or semi- “Ex dividend. {Partly extra. IPlus 4% in stock. bPayable in_stocl nt dividend. _{Plus 5% in stocl P mPlus 1%% in stock (., FRIDAY, AUGUST Received by Pri Direct to The Star Office Tes— Add 00. Open. High. 4 e 5 35 40% 12% Bla 3T% Low. Close. Produets. . 4 25 40 12% 5% T ™ 194 ™ 2:% 144 1% 19 2% Met & Min. Ine(1.20) Mid W Sts Ut (1%).. Mid Wst Util(b8%). Wst Ut A war. e PLDIO%). mEs KPLv.te. Mock Judson Voe(2). Monnt Prod(1.60)... Municipal Service % Natl Amer Co Natl Da Pr pf Natl Fam Stra( Natl Fuel Natl Inve Natl Pwr Natl Screen Sve(3).. Nat Sh Tm See(£60c) Nevada Cal Elec..... New Eng Pwr (2) N J Zino (12%) Newport Co (2) N Y Pet Royalty. N Y Rin&Bu Atres. . Niag.-H. Power (40c) Ciag.-H. Pwr A war. iles-Bem-P (1234). Nipissing (30e). ..., Noth Euro Ofl Corp Nor Sta Pwr A(8). Ohio Bra Ohio Copper Ohlo Ofl (1434) Ohlo Ofl new wi Outboard Motor (B). Pac G&E 1st pf (1%) Pandem Ofl. Pantepec Oil. t p » S raxmalooma B (5) B 2 P11 Fawn 2 - e 2 B9 110 00t 0 00 TNt 00 T I ONED ok O 01 8 ek 03t 80 B3 BB 1 00 NN IS 10 A 5001 0 0000 i B 4 D90 DO DTS 50 1 e 35 59 1S e et 1n 1 1 18 3% 8% 3% 3% 10 & % & & n 9 % n yable in ock &Plus dBubject to appro: k. % in kPlus 10% in in stoc ‘instock. 1n stock. . CO-OPERATIVE SELLING | OF TOBACCO IS URGED By the Associated Tress. BLACKSBURG, Va., August 1.— James C. Stone, vice chairman of the Federal Farm Board, said here that the Farm Board cannot buy tobacco in Georgia, as growers in that section have urged the board to do. Mr. Stone discussed the Georgia situation follow- ing two addresses on_the general to- bacco situation at the Virginia Institute of Rural Affairs. . “The market has just opened and | the low prices offered is causing many to wire the board to act,” Mr. Stone said. “Under the agricultural market- ing act under which the Federal Farm Board was formed, the board can treat only with organized co-operatives, and not with individual farmers,” he con- tinued. “The board can assist growers in Georgia to form their own co-operatives if the growers ask for such aid, but the board is not starting such co- operative movements. It will furnish assistance only when growers make the initial move. “Overproduction of is to blame to a certain extent for the low prices,” Mr. Stone said, “but the un- organized grower competing with buy- ing power concentrated Into a few hands is a fundamental factor.” He stressed “the importance of or- ganizing the producers so they may compete with the buyers.” ‘Bonds Are Called due July 1, Northern Ohio Traction & Light Co. per cent debentures due January 1, POTATO MARKET. CHICAGO, August 1 (#) (Unjted States Department of Agriculture).— Potatoes—Receipts, 93 cars; on track, 204 cars; total United States shipments, 476 cars: weaker: trading slow; Kansas and Missouri, sacked Irish Cobblers, 1.45a1.60; poor, 1.35a1.40; Eastern Shore of Virginia, barrel Irish OobAM. best, 2.9083. » CHICAGO LIVE STOCK MARKET| CHICAGO, August 1 (#).—(U. 8. De- partment of Agriculture).—Hogs—17,- 000 head, including 7,000 direct; active; mostly 10 higher; heavy butchers and packing sows, steady to 10 higher; top, 9.75; bulk 160-220 pounds, 9.60a9.75; packing sows, 7.50a8.00; light light, good and choice, 140-160 pounds, 9.25a9.70; light weight 160-200 pounds, 9.50a9.7: medium weight 200-250 pounds, 9.15a 9.75; heavy weight 250a350 pounds, 8.35a9.25; packing sows, medium and good, 275-500 pounds, 7.00a8.00; slaugh- ter pigs, good and choice, 100-130 pounds, 8.25a9.40. Cattle—2,000 head; calves, 1,000 head; generally steady, but rather top heavy after week's sharp advance; light yearlings hold up best 817-pound kinds topping at 10.60; most fed steers, 8.50a 9.75; slaughter cattle and vealers, steers, good and choice, 600-900 pounds, 9.25a 11.25;; 900-1,100 pounds, 9.00a11.25; 1,100-1,300 pounds, 9.00a11.25; 1,300~ 1,500 pounds, 9.00811.00; common and medium, 600-1,300 pounds, 5.75a9.25. Heifers, good and choice, 550-850 pounds, 8.50a10.25; common and me- dium, 5.00a9.25; cows, good and choice, 5.50a7.75; common and medium, 3.75& 5.50; low cutter and cutter, 2.85a4.00; bulls (yearlings excluded), good and choice (beef), 6.50a7.25; cutter to me- dium, 5.00a7.25; vealers (milk fed), good and choice, 9.50a11.50; medium, 8.5029.50; cull and common, 6.00a8.00; tocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 6.75a7.50; common and medium, 4.75a6.75. Sheep, 6,000 head; native lambs strong to 25 higher; bulk light sorted kinds, 9.0009.25; bucks mostly 8.0088.25; rang: ers unsold. Best held around 9.50 sheep and feeders unchanged. Lambs, 90 pounds down, good and choice, 8.50a 9.50; medium, 7.00a8.50; all weights, common, 5.00a7.50; ewes, 90-150 pounds, medium to cholce, 2.25a4.00; all weights, cull apd common, 1.00a2. 16 I'.:;I: 50-75 pounds, good and choice, o MADE RAIL DIRECTOR. John G. Lonsdale, president of the Am:‘rlc:n Bankers' Association, was re- cen HAWAIIAN CROPS AIDED BY RECENT RAINFALL By the Associated Press. ‘The Hawaiian Islands face unusually favorable conditions for its growing crops, the Honolulu Chamber of Com- merce reports, due to more than average rainfall during the latter part of June and in early July. It appears at present that the 1931 cane crop will set a new tonnage record. ‘The current crop, which is 88 per cent harvested, and 70 per cent shipped, promises to yleld about 900,000 tons. A pineapple pack of 10,00,000 cases for the current season seems assured. Canneries are working on a day and night schedule and employing 12,000 ‘workers. Many acres of coffee planted when prices were high begin producing this year and a yield of between 8,000,000 and 9,000,000 pounds is anticipated. Due to climatic conditions the coffee harvest will start one month later than usual. Merchants on the island report busi- ness somewhat improved due to heavy distribution of wages by canneries and to an increase in the Summer tourist trade, although low sugar prices con- tinue' to prevent a return to normal conditions. Retall buying is still con- fined largely to essentials. Collections are slow, but credit conditions have im- | proved somewhat. PARIS BOURSE PRICES. PARIS, August 1 (#).—Prices improv- ed on the Bourse today. ‘Three per cent rentes, 80 francs. Five per cent loan, 100 francs 75 centimes, ex_coupon. Exchange on London, 123 francs 81 centimes. The dollar was quoted at 25 francs 41% centimes. BANK CLEARINGS. NEW YORK, August 1 (Special).— Today A year ago. New York bank Clearings ... $1.410.000.000 $2,086.000.000 New York bank . 162,000,000 balances . Fed credit balances 144,000,000 SILVER QUOTATIONS, FRANCE INGREASES | SUPPLIES OF GOLD Bankers at Loss to Account for Piling Up of Metal Stocks. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, August 1.—Is France, by deliberate gold hoarding, forcing down the world price level? Yes, say some British and American observers. France says nothing. She demands more and still more gold, in spite of the fact that she today has more than twice as n}uch gold in her vaults as Great Brit- ain. The French price level is rising and tourists, while not as numerous in France this year as Ist, are leaving plenty of money there. Still very little expansion of French credit has taken place with the receipt of gold except a small amount of notes. The Bank of France apparently has matters in hand, and has effecied almost a total sterilization of this gold surplus, in a way that it will not cause French prices to rise disproportionately. But why is France demanding more and more gold? It's about the firsi question every international banker asks another these days—by way of greeting. But France, shrewd, calculating, suc- cessful, playing a lone hand, growing more powerful every hour, only asks for more gold. - Emil Lengyel, American _economic writer, was in Berlin when the Reich- stag was dissolved and the dictatorship was put into effect. He has been studying to find out why it is that Getmany admires Amer- ica so much, while believing at the same time, that the United States is the cause of much of her present trouble —the Young plan, for example. In a recent article in the Annalist, Mr. Lengyel said: “Germany likes to consider herself America’s Euroj ‘annex. * * * Ger- many by and large, is ‘sold’ on the ideals of economic Americanism. They still consider themselves pupils and look up to. the United States, their school- master, with reverential awe. Ameri- cans are sure of a sincerely cordial wel- come in Germany.” But the German face becomes studied and troubled when the Young plan is mentioned. Why does America want. to destroy Germany, the German asks. Mr. Lengyel continues: “America wants the money collected from Europe, under the Young plan, to tuck it away in & corner.of her over- filled Treasury, while Germany is bleed- ing to death. This is the German view olyth: ncl‘tumon:' ef lermany hopes that some da; fin"'pffiil wgl‘l ‘wake ‘1‘:‘:’ and realize Lh{ le dilemma which Ge finds herself, Sy A ca Wi that wiil initiate the l'e\!].ul(;:l.e St James N. Jarvie, the coffee firm of died about a year ago. He was known 10 be rich and unostentatious. He gave away a great deal of money during his lifetime, but no one realized the extent of his wealth at the time of his death. It develops now that he has be- queathed about $26,000,000 of an estate of between $37,000,000 and $38,000,000 to ald worthy aged couples who have come into straightened circumstances through no fault of their own. James Turner, Jarvie's nephew, with offices on lower Broadway, charge of a staff of 10 executives, who work for the Jarvie Commonweal Fund, fin out, in their own way, the unfortunate couples who need financial assistance. No publicity has attended this or- zation' in any way. The benefici~ aries, who are all people once accus- tomed to the comforts and the luxuries of life, are particularly shielded from any notoriety. The Jarvie Commonweal Fund is one of the least known charitable foun- dn_".!gnaln America. e 48 States comprising the United States spent $910,485,000 in improving 32,522 miles of State highways last year. The press has said little about it. Think of 314,136 miles of State high- ways at the end of 19291 D:gging into figures a little we note for construction and right of ways the States spent $557,000,000; for mainte- nance, $173,060,000; for equipment and machinery, $18,056,000; for interest on outsanding bonds and notes, $45,834,000, and the rest was spent on var items. But the States last year had total sums dvailable of $1,194,775,000, or $232,967,000 more than was expended. ‘Where did the large part of this money come from? Motorists and vehi- cle fees contributed $278,000,000; gaso- line taxes, $287,000,000; State bonds and notes issued added another $161,000,000; Federal aid fund allotments gave $77,- 572,000, and the rest was from miscel- laneous sources. ‘Who would have thought 15 years ago that the road costs could ever reach such proportions, and the States still remain solvent? Not one taxpayer in a hundred! former member of Arbuckle Brothers, The oil industry is worried again. Just when everything seemed to be going along well, with production almost in balance with consumption, the curtail- ment plans in the rich desert ofl field in Texas were blown up by a court in- junction against the proration order of the Texas Railroad Commission. So what happened? Instead of 20,000 barrels & day production in this field it moved up last week to 75,00 barrels. Still more difficulties! The Midcon- tinent Petroleum Corporation, a big re- fining unit, notified the American Pe- troleum Institute, as well as the Federal Trade Commission, that it was ‘with- drawing from the code of ofl marketing ractices which was drawn up by the Blduxtry last year with the approval of the OIl Conservation Board. ‘Thus the ofl industry, after ‘months of hard work spent in whipping the vari- ous factors into a workable shape, must face another severe overproduction era. Harry Elmer Barnes, Smith College professor, doesn't see how poverty can be solved by using such temporary methods as stock dividends to employes, unemployment insurance, old age pen- sions, charity, company bonuses and the like. None of them s fundamental e"-?'i'xgh' i f poverty and u e main cause of employment “is the single-tracked de- votion to economic profits, irrespective of the good of soclety, or the soundness of our economic life,” he says. The Barnes’ chalienge is directed at the larger business leaders of the Na- tion, He sees nothing but evil in stock gambling, which “‘contributes nothing to society, and only feeds the lppflllc of getting something for nothing.” “Unless capitalism can meet the test of producing for service, instead of for profits, then 1 am ready to see any experiment, including the Muscovite, attempted in this country.” Prof. Barnes, 41, was born at Auburn, New York, and is an honor graduate of Syracuse University. He is the author of numerous eco- nomic and historic books, a prolific writer, and one -of the leaders of the liberal group. (Copyright, 1930, by North American News- Daper Alllanee.) INVESTMENT TRUSTS NEW YORK, August 1 (#).—Over the counter market: Bid. Asked Amer Founders war Cont Metro Bank s Diversified Trustee shares A Diversified Trustee shares B. Diversified Trustee shares C. Investors' NEW YORK, August 1 (P).—Bar sil- 37 M iy ; b STOCK AND BOND AVERAGES By the A ¥rom Yesterc 10 lndl;lfllh- Week ago Month ago. Year ago. Two years ago. Three years ago, weekly aver High (1930) Low (1930) High (1929) Low (1929) . 90.4 (Copyright. 1930, Standard Statistics Co.) BUSINESS OUTLODK DECLARED SPOTTY August Forecast Is Made for Different Lines of Trade and Industry. Special Dispatch to The Star. NEW YORK, August 1.—Current in: dications of the trend in various divi- | sions of industry and trade are sum- mariged by the Standard Statistics Co. M of New York, from its 1st of August resume of the outlook for important lines, as follows: . Agricultural implements—TIt is not ex- pected that this year's last-half profits. will equal those of a year ago. Alrcraft—The preponderance of man- ufacturing companies are operating at a loss, and the prospects hold scant promise of any material improvement developing for months to come, at least. Engine manufacturers are much more favorably situated than are the craft builders. Apparel—Profit margins of apparel companies will continue narrow, pend- ing downward readjustment in their costs. Automobiles—Only moderate relative improvement is looked for in the final three months of the year. Automobile parts—A number of pro- ducers will have difficulty in reporting anything earned during the current three months’ period. Automobile tires—Total tire sales in 1930 probably will be in the neighbor- hood of 60,000,000, representing a sharp reduction from approximately 71,000,000 in 1929. Building—Evidence is still lacking to indicate a sustained uptrend of build- ing, and, excepting cement, the major building materials are weakly situated. Chemicals—Few producers will report larger earnings during the balanice of the current year than in the correspond- ing 1929 period. The longer term sales and rnings outlook, however, con- tinues attractive. Coal—Earnings of bituminous pro- ducers during the next few months will leave much to be desired. Copper—Full year 1930 earnings will probably be far below those of the pre- ceding year. Cotton—On the whole there seems little prospect for rising cotton prices (barring crop disaster). Electrical equipment —Taken as a ‘whole, results during the balance of 1930 are likely to compare unfavorably with those of 1929. Farm products (grain)—There seems no basis for any sustalned recovery in wheat values, because of the weakened statistical position. No sharp rally in corn prices is in early prospect, even though present quotations should be maintained. Fertilizers—The outlook for the cur- rent fiscal period is made extremely un- certain by the expected reduction in this year’s farm income. Lead and zinc—There seems no in- centive to make other than near-term purchases at the present time. Leather—Successful passage of the tariff act is a constructive development in the longer term outlook for the tanners. Machinery—An improved sentiment is apparent in the trade, but 1930 income as a whole will probably fall substan- tially under that of last year. Meat packing—No basis exists at this time for predicting improvement in profits during the balance of the fiscal year. Office equipment—The industry should be one of the first to benefit from any general trade recovery. Paper—On the whole the industry gives evidence of having definitely turned the corner, after some two years of adversity. % Petroleum—Considerably more encour- aging are the recent trends dominant in ted Press. :30 Edition, 20 Utilities. 2215 NEW YORK COTTON NEW YORK, August 1 (Special).— With only a few stations in drought sections receiving any moisture over- night, the cotton market developed a wave of covering which advanced prices a quarter of a cent today and carried October to 12.60, as compared with 12.22 at one time Thursday. Realization of the growing serious- ness of the worst drought in records of the Weather Bureau in the past 40 or 50 years attracted more buying and the market closed at the top. Spots were advanced 25 points to 12.80. Cotton range: October, October, Markets at a Glance NEW YORK, August 1 (#).—Stocks irregular; _American ‘Tobacco issues buoyant. Bonds irregular; institutional buying aids rails and utilities. Curb easy; Goldman Sachs touches new la Foreign exchanges irregular; sterlin, at highest since January. Cotton steady; week end covering. Sugar steady; firmer spot market. Coffee lower; easier Brazilian markets. CHICAGO, August 1 (#).— Wheat easy; small exports and bearish -crop estimates. Corn steady; bullish crop estimates. Cattle steady. Hogs steady to higher. A. T. & T. Stock Subscription. NEW YORK, August 1 (#).—The American Telephone & Telegraph Co. at the close of business July 31 had re- ceived 225,000 subscriptions to its new stock issue and total cash received was around $130,000,000. Of the 225,000 subscriptions, 213,000 had been received in the New York offices and 12,000 in the offices and 12,000 in the offices of associated companies. Seventy-eight per cent were fully paid and 22 per cent on a time payment plan. All of the money received has been put into short- term Government securities and munic- ipal issues. By the Assoclated Press. NEW YORK, August 1.—Several man- ufacturers of nationally branded under- wear have stated that they do not con- teraplate price reductions on men's shirts and shorts, despite the recent downward revision in yarn quotations. They said, however, that they intended to improve the quality of the garments and give better values for the same price. Believing that any change in present rules will impair the efficiency of the Federal food and drug act, the Natlonal Wholesale Grocers' Association has asked - its members o writs protests against a proj rop rule re- auiring & Seclaration on the label when corn sugar is substituted for cane or beet sugar in a food product. ‘The demand for copper, lead and zinc continues heavy, though the volume of copper sales during the past week was only about half that of the week before, Metal and Mineral Markets reports. Lead business showed a considerable increase, more lead being sold last week . Low. Close. | 1285 12.60 12.8% |BILL PUTS 8 PER GENT | LIMIT ON INTEREST A bill making it a misdemeanor to charge more than 8 per cent interest on loans in Squth Carolina has been passed in that State. The legal raf¢: there is 7 per cent, with 8 per cent by agree- ments. Banks are confined under the law to 8 per cent. Those in favor of the hill said that it was intended to: bring relief to persons who had fallen into the clutches of “loan sharks” who, it was said, sometimes charged as much as 200 to 300 per cent on small loans. Its opponents asserted that its passage - would affect concerns dealing in in- stalment :lpcr and urged that no one could make small loans at & rate no ! hizher than 8 per cent and continue in business, CHICAGO STOCK MARKET By the Associated Press. CHICAGO, August 1—Following is the complete official list of transactions in stocks on the Chicago Stock Ex- change today: i KS. High. Low. Close. - o PO TIN .:::::E:a:.:;r:::: = v Cneiry Burreli. 2w Cii Gity & Lon Ry . 500 Cnie Gorp. A Frint . aiile- 500 [niana Util . 15500 tnsull vul .. 100 Katz _Drug 2 T 2 100 E‘IBD]-McNfl‘:Im .D n 100 Mid Ut 7% Bl 1 Uil pi. Pive xd N it P‘ececlld Brrresgean. T rect o ines Winter biic lic Serv . rv Music . DICUM 2 | Sy TR o o5 ST SR 3 Time-O-Stat Transformer. ET SEPREE NS R a0 s 3 253, 358 e SRESESE o8 et IR sussEEas s ::-ogu“- rd Mont Wextark Will_0il-O-Matic .. 1850 Wis “Bank Shrs 50 Zenith Radio Stock sales today, shares. BONDS. 2000 Tnsull 6 40 .. 1080 Northw &1 Ry ‘63 Bond sales ‘today. 33,000 58 a5 s vat 8, 102! 102%2 102 T 5 s Oanwn!ng $17.50, & wallet lost by, John Nicholson, a college student, h‘l”t September on the lofty summit of Ben than in any other since the publication began keeping records. the oil industry. Radio—Prospects for the second half year point to moderately favorable re- sults for the strongly situated concerns. ‘Tube manufacturers, however, do not appear to be in so strong a position. Rallroads—With any expansion in fourth quarter traffic, earnings toward the end of the year could easily record gains in comparison with the downward trend in effect during the closing months of 1929. Rallroad ec}ulpmenb—m“r net in- come for the full year is in prospect. Rayon—Earnings of rayon producers for the final half of 1930 will fall con- PHONE, DI NEW YORK CHICAGO siderably under those of the correspond- ing 1929 period. i‘uuu tl::de——Aslrea-u profits of re- tailers for the latter half or for the full year will hardly make favorable com- parisons with 1929 income. Rubber—There is no convincing evi- dence available to indicate a sustained P e . Entirely _satistactory in ng — Entire = D sured for those yards which are in a position to benefit from the ex- pansion of our deep-water fleet during the next two or three years. FIRST Silk—Prices between now and the end of 1930 !hfluldl !ulbmu at current or; slightly higher levels. el Earnings for The current half year will probably be even less favorable than at present. Sunr—n—slow demand and reduced values will cause refiners to report re- duced profits during the balance of the current year. ‘Theaters—Net income of producers this year will attain levels substantially in excess of the 1929 amount. Tin—Quotations continue to exhibit more weakness than strength, and little | improtement is expected un! imme- diate curtailment of output materializes. { Tobacco—Aggregate sales advance in i the cigarette industry during the final half of 1930 should materially exce: that of the June half. Utilities—For the full year no more ings of electric light and power com- mnlu can be expected. The extent of p.flm"m'm in gas distribution in the depends to & extent on the recovery of trade vity. The tele- phone industry has been making rlorruu and the long-term outl favorable. No hope in the near or dis- tant future is seen for & permanent re- covery from the ills of the street rallway business. ‘Wool — Business will probably not equal that of the final half of 1929. than slight decreases from 1929 m-l I Coal Dumpings Gain. NEW YORK, August 1 (P).—Lake Erie coal dumpings for the se: July 27 amoun to 18,877,107 tons, t 18,602,893 last year, 14,728,972 in 1928 and 19,015,809 in 1937, . We take great pleasure in announcing that MR. JOHN R. DEVEREUX, Jr. has become associated with us in our Washington Office SHOREHAM BUILDIN G. L. OHRSTROM & CoO. INCORPORATED LOS ANGELES it of Machul, in Scotland, just been’ found by M. 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