Evening Star Newspaper, August 2, 1930, Page 18

B—6 * CURBISSES DROP INQUETHARKET Slight Changes Noted in List, With Trading Interest Small. 2Y JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, August 2.—Prices; drifted fractionally lower today in one of the dullest Curb Exchange sessiond ih more than two years. Electric Bond & Share opened low- er, then fractiohally improved. Citles Service maintained its lower price trend. Standard Oil of Indiana braced. Pennroad Corporation declined a small fraction. Mead-Johnson opened up 7 at 73%. Among the beverage issues, Hires class A was up about !:. National Screen Service, first of the amusements to sell, appeared at 31'3, up la. Hartford Electric Light on a block of 25 shares appeared at 88, up 6 points. American Gas & Electric, which in the past week gained more than 20 points, opened today at 137%, of 1%. Con- solidated Gas of Baltimore was steady. Utllity & Industrial _Corporation opened up fractionally. Insull Utility Investments, which was soft following the announcement of rights, firmed today. Prudential Investors advanced. Eastern States Power B, reflecting | uncertainty over the rate situation in New York State, dropped more than 4 points Thursday, but it opened up 215 points today. Ford Motors, Ltd, which has been steadily accumulated by a big motor banking group for some months, con- tinued to be the leader in point of volume in the motor list. Cord Manu- facturing was the only other motor ssue that showed any activity. Buckeye Pipe Line moved slightly Jower in initial dealings. Over in the aviation division just two issues came out in early trading. They were Niles Bement Pond, unchanged at 29, and National Avietion warrants, up 1> at 9. One of the features of today’s dull week-end session was the appearance of many inactive issues on. the tape. Quaker Oats, which has not been printed on the tape since June 14, came out at 208, off 3 points. American Stove, which has not sold since late in June, appeared at 58 unchanged. NEW YORK COTTON NEW YORK, August 2 (Special).— A further advance in cotton prices to- day brought about a recovery of half a cent from low levels of the week, but the market met sufficient contracts to leave a net gain of about 5 points on the day. ‘There was no relief in drought sec- tlons and short covering continued & feature of trading. The Weather Bu- reau predicted possible showers in northern sections of the belt, as well as in West Texas next week. Spots were advanced 5 points to 12.85. Cotton range: October, old October, new ' December, old December, new January, old January, March May MEMPHIS NATURAL GAS SIX MONTHS’ NET UP Bpecial Dispatch to The Star. MEMPHIS, Tenn, August 2.—The Memphis Natural Gas Co., in its re- port to stockholders for the six months period ended June 30, reflects a contin- uation of the substantial gain in busi- fess enjoyed by the company, the in- erease in net nmuunfln‘nw 107 per gent over the corresponding périod of 1929. Gross revenues increased 81.5 per cent, while sales of natural gas in- creased 86 per cent. ‘Total gross revenues for the first six fmonths of the current year amounted %o $827,087, against $455,624 for the same period of last year. Net earnings before interest, depreciation, Federal in- come tax, etc., are $463,384, compared to $223,380 last year. Natural gas sales are 4,448,178,400 cubic feet, as against 2,391,369,373 cublc feet last year. BONDS ON THE CURB MARKE DOMESTIC BONDS. High. Low, Close. 12 103 new [orrereooe. 23523285 LEREEEEEE 3 Gent Stat Elec 5s 48 &Chi 1Cig Sir Re 5128 A ‘49 Cittes Service 58 '66. . Berv Gas 5ias '4: 3 Cit Eer G 6 '43 1 Comwh Ed 4'3s D ’57 22Cont G & E 55 A ‘58 1 Cudahy Pkg 5'2s '3 7 Det Inter Brdg 7s 's: 10 Florida P & L 55 '33. 2 Gatineau Pow 55 '3 Gatineau Pow 65 1 Util_ 55 A 56 91 Houst Gulf G 65 A 43 o & L 5%2s B '3 P&L 58 A '5 Util 68 ‘34 Utilit 6s B 4 10313 10315 1034 w 99 72.. 106 907 100 106 9% g e, W e B fos 40110 93% 93% 93% ash 5s D 580... 101 " 10014 101 h W & Pow 55 '60 10314 10312 10315 Tex Ut 55 A '35 923, 92% 92% FOREIGN BONDS. 6'as ‘61 865 uen ALL 47. 95 om Pr anish_Con 5! 5. 1 fgscaae 3 2 P r 7%, Bk 5128 s o '3 5 u; 7 AC 8 Isotta Fras s ‘4 1 1%l Sup Pow 6s | were 770 _motors, against 921 June 30, | of removing 2,000 workers. | as receipts this year included figures for FINANCIAL NEW YORK CURB MARKET ' Notice—All stocks are soid in ene which shows those stocks 6 be sold in to Sates— Am Capital pt (B)i.. Am Cit PEL(A)(a3) Am C PEL(B)(10%) Am Com P(A) b10%, Am Cynam B (1.60),, Am Dept Stores. ..., Am For Pwr(war). ., Am Gas & Bles ($1), Am Invest. Ino (B)., Am Lt & Trac (2%).. Am Maize Prod (2).. Am Maricabo. ..., Am Superpwr (1)... Am U&Gen B vte 400 ta Asso G&E A (a2 As30 G&E (A) db rta Auto Vot Ma ev pf pt Bahia Corp. Blus Ridge ) Brazil Trac & Lt(h2) Buckeys P L (4). Buft, N&EP pf(1.6 Burma Corp (t81c) Bwana M Kubwa. . Cable&Wire (B) rets Canada Marconi. .... Carnation Co (J1%).. Cent P 8 (A) (a1.75) Cent States El(k40¢) Chat Ph Al nv (50c), Chem Nat A8so n-v. Cities Service (g30c) Club Alumn Utenstls Com'wlith & Sou war. Comm Wat Serv b6 % Consol Auto M ). - PO SR e AR B B G e 1 e B p B R BN e O e g Corroon & Reynold; Cosden Oil. .. De Forest Radlo. Derby Ol Refining, Detroit Afrcraft. Doehler Die Casting. Dresser (SR) B (2). Duke Power (§15). Duqueene Gas Cp w.| Bastn Sta Pwr B(1). Eisler Eelectrie(1%) £1 Bond & Sh (b6).. 31 Bond & Sh pt (8). El Bond&Sha cu pt(§ Elec Pwr Asso (1).. E1 PAL 2d pf(A) (7). Elec Shareholdg($1) Empire Fire Ins, Faleon Lead, Ford Mor.Ltd. 37%e. Fox Theater Cl (A). Genéral Baking..... Gen E, Ltd rets(50c) Globs Underwriters. Golden Center. Gold Seal Flec new Goldman Sa¢h T C.. Griet & Br pfX (7). Gulf Oll of Pa(1%). Handley Pag pf t15¢ Harbishaw (1) Hartford El Lt(2%) Hecia Mining (1)... Hires (CE) (A)(2).. mp OAl, Can, nis0e). ind Terr (11u O] (A) Insull Util Inv tb3% Insurance Sect1.40). Intercontinent Pet n Interstate Equitiel Intl Petroleum (1). 226 Ot e Tt e e S 00 08 o T e O 9814 1664 3% 19% 98% 14 B32% 80 those designated by the letter s (65s) 08¢ e L ek 6dd lots only. THE lots (285) h 18% 26% 1 B5% 8% Lion 011 Mid Roy Midland Miller & Natl Amg Natl Avt Natl Da Natl Inv, Niag.-H. Niag. Noth Eu Ohlo Ol Ohlo 011 Outba M Pac Pub Premier Pure Oi1 So Pipe Stand O Stand Ot Stand O} St 011, O % Stra Sun In Swift Ini Texon O Un % U S Finis Vacuum Yukon Gi or 8. bi . ek Adjustment Elus 1% in us 1%% in Hock Stoek and Dividend "Hate. "Aetos. 1% Leonard O 1 Moh H P 1st pt (7). . 1004 Natl Screen Sve. Nat Sh Tm See(£60c) Newmont Min (£4).. Niles-Bem-P (1234).. Nor&Sou Am Corp A. Prince & White(25c! Pub Util Hold w w Quaker Oats (4). Quiney Mining. Ralnbow Lu Prod Rainbow Ln Prod Relter-Foster. .. Singer Mfg (+17) So Am Gold & Plat Tri-Cont Corp (war) Tri Utllities(21.20).. Ungerlefder F Corp.. United Corp (war) Unit Found (b2-35 sh United Gas Co (new) United Gas (war) Gaspt (7). Utd Lt & Pwr A(1) U 8 Line: U8 & Ovi U S Shares Fin..... Universal Ins(3%).. Utility Pwr&Lt(al). Utllity & Ind, 4 Utllity Equities. Van Camp Pkg p! Walker (H) (1).... Wil-Low Cafeteria. RIGHTS. Intl Nickel w.1.. Segal Lock. Dividend rates in doll uinu‘l payment. livide . tPartl: R g, ety EVENING STAR, WASHINGTON, D. C, SAT Received by Private Wire Direct to The Star Office Opén. High. iy FLAE LY Refin 20 Mangel Strs pf(6%). 508 Mavis Bottling...... Mead Johnson 13.16.. Memphis Nat Ga Met & Min, Inc(1.20) 7 ~o 1ty ev pfe2). Unit (b6%). Sons (2).... e er Co. ation. PrpfA estors. Power (40¢) Pwr A war,. ro Ofl Corp, . newwi..... Dt new (8)., 0t(A)(1.80), Svo (1.80).. Gold (24e)... o o S000 100 NI 0 10 8010 1O It <00 RO 1 4 i DD " 5 s ot (8).. - " Line (12), - 1L Ind (2%). 1, KY (+1.80) 1. Ohlo(234). hio ot (7). Roth Pt (38). ternatl 11 & LA (25¢) . S EE NN F a0 1 0 © 8z FRuanTaR oD RN e shing,,... ) o 3 ol t4) Srom o tter old. . % quarter's or semi- tra. $Plus 4% in stock. aPAzABIS 1n ‘stock, _‘dSubject 2 dividend < tPlie S% In at6cE. RIS BiC d. 0 Sock. AFlus 8% 1 Siock Wall Street Briefs By the Associated Press. 3 Production of commercial aircraft in the United States during the first six months of this year approximated 38 per cent of production for the corre- sponding period last year, which was a peak year in the industry, the Aeronau- tical Chamber of Commerce of Ameirca reports. Military production for the first half of this year was approximately 60 pe;’e!m of that for the like period of 1929. Pathe Exchange, Inc, has exercised its option to purchase for $500,000 49 fir cent of the Du Pont-Pathe Film anufacturing Co. Mont tgomery Ward & Co. reported July sales totaling $18,668,623, a de- crease of $1,139,720 from sales for the corresponding month last year. Sales for the seven months erded July 31 totaled $148,853,726, an increase of | $6,237,843. Walter P. Chrysler, president and chairman of the board of the Chrysler Corporation, said the automobile busi- ness is turning for the better and ex- pressed the belief that business gener- ally is on the upgrade, The Kinner Airplane & Motor Co. of bered 55,857, those who hold preferred | first six months this year totaling 202 | motors, compared with 408 in the first half last year. Unfilled orders June 30 | 1929. Officials said orders on hand will insure operation of the plant throughout the Winter. Middle West Utilities Oo. today an- nounced that the number of its stock- holders had increased from 64,188 at the beginning of 1030 to 75,796. Those who owned common stock only num- bered 55,857 those who hold preferred only, numbered 2,349 and holders of both preferred and common totaled | 17,590. Under a plan devised to alleviate un- employment, the Goodyear Tire & Rub- ber Co. is giving employment seven weeks out of eight to all employes on its pay roil six months prior to June 1 last. Officials estimate that the ar- rangement has eliminated the necessity The National Bellas Hess Co. reported | July gross cash receipts of $2,412,454, a decrease of 26.2 per cent from $3,271,- 105 for the like month last year, and for the seven months ended July 31, $20,- 692,899, a decrease of 27.7 from $28,- 638,770. The statement explained that | units not operated in the early months of 1929, the actual comparative decrease for the period was 34.48 per cent. YIELDS OF FIELD CROPS INCREASE IN CALIFORNIA By the Associated Press. SACRAMENTO, Calif, August 2.— Estimates of California’s fleld crops for | 1930 show an increase over 1929, with | the exception of hay, rice and alfalfa. | Barley and wheat head tk. list of in- creased crops. The barley yield is csti- mated at 20,854,000 bushels and wheat at 13,666,000, Other yields forecast by the California Agricultural Departmens include beans, 5,553,000 bushels; rice, 5,940,000 bush- eis: hay, 5,130,000 tons; potatoes, 6,320, s; oats, 4,928,000 bushels: ai- falfa, 4,040,000 tons; corn, bushels, and sweet potatoes, bushels. e REPORTS HIGHER NET. ‘The West Virginia Water Service Co., a subsidiary of Federal Water Service Corporation, reports gross revenues of $830,563 for the year ended June 30, 1930, as co red with $791,054 for the preceding 12 months. ~Operating ex- penses, maintenance and taxes, other than Federal income tax, totaled $444,- 611, as against $422,093. Gross income amounted to $385,952, which compares with a:.u,ut for the year ended June 30, 1929. » 904 woWn xw-_Without —New. Wi—When issued. arran| warrsits. Steamer Safely Beached. LONDON, August 2 ().—The 4,928~ ton British India steamship Nerbudda, badly damaged in collision with the | the volume of business showed an in- GRACE, ONCE MESSENGER BOY, NOW MANAGES “KATY" SYSTEM By the Astociated Press. DALLAS, August 2.—A faculty for remembering facts, figures and faces has played a part in the rise of Frank ‘W. Grace from a messenger boy's to the general managership of the Mis- souri, Kansas and Texas Railroad. And the new “Katy” executive, after 36 years with the road in a dozen dif- ferent capacities, is optimistic about the future of railroads, and foresees improvement in business conditions. Grace, now 50, started life on a Texas farm, but left high school to join the railroad as a messenger at 14. After five years he became a freight and pas- senger brakeman and later a yard clerk. Then his memory first attracted a tention. In checking cars it was sai b | and in 1914 was advanced to a train- he could pass a train of 30 or 40 cars, glance at the number and owner of each car and later write them accu- rately in consecutive order. In 1906 Grace became a yardmaster master's job. A terminal trainmaster’s job later was followed by the superin- tendency of the Wichita Falls and Northwestern line, a part of the Katy system. Seven years ago Grace was named superintendent of the McAlester divi- slon of the Katy and in 1927 he became general superintendent of the entire system. All along the Katy lines Grace is known as the man who knows more workers by their names and faces than does any other employe of the system. NATIONAL DAIRY’S NET GAINS IN SIX MONTHS Special Dispatch to The Star, NEW YORK, August 2.—Net sales of National Dairy Products Corporation for the first six months of the cufrent year amounted to $181,765,179, against $194,- 457,157 for the same properties for the same period of last year. Net earnings, however, amounted to $12,947,211, com- pared with 811,601,872 for the same period of last year. In commenting on the report Thomas H. McInnerney, president, said: “Earnings of $2.16 a share as com- pared with §1.85 a share for the same period of 1929 represent an increase of 111 per cent, which includes consid- eration given to the issuance of rights in September, 1929, and also the regular quarterly stock dividends. While dollar volume of sales showed a decrease of $12,691.978, due to lower selling prices, crease, which, however, was more than offset by reductions In commodity prices. “Consolidation of yarious units and increased operating efficiency of the cor- poration’s plants played an important part in the higher profits shown for the first half year. There has been no re- duction in’ the wage scale. GRAIN MARKET CHICAGO, August 2 (Special).—The corn market was moderately higher to- day under buying caused by the con- tinued dry weather. Profit-taking sales were uncovered on the advance. Sep- tember opened. 87% to_87%, December 8334 to 83%, March 86% to 867. After first half hour September 87%, De- cember 8375, March 87. Wheat was higher with corn. Sep- tember opened 86 to 8614, December 91%4 to 917, March-9575 to 95%. After first half hour September 864, Decem- ber 9133, March 9. Oats were higher. September opened 3114, December 41Y; to 41, March 433, After first half hour September 37%, December 41%4, March 487%. Provisions were firm. CONVICTION IS UPHELD Brokers Must Go to Prison in Cop- per Stock Deal. NEW YORK, August 2 (#).—The con- viction two years ago of George F. Shurtleff, Herbert C. Locke and John T. Locke of the defunct brokerage firm of Cameron, Michel & Co. for mail fraud in the sale of Canario Copper Co. stocks was unanimously upheld Thurs- day by the United States Circuit Court of Appeals. Their sentences also were affitmed, and the men, who have been at lib- erty on $10,000 bail each, will be taken into custody to serve terms in Atlanta Penitentiary. Shurtlefl was sentenced to four years and the Locke brothers to three years each. . Princess, 4, Studies Piano. GLAI , Scotland, August 2 (P).— Princess Elizabeth, 4 years old, is taking music lession§ in Glamis Castle. She practices on the same piano that her Spanish ship Legazpi 100 miles east of Gibraltar, yesterday was reported safely beached at Ferro Castle. | mother, ',hf Duchess of York, used when irl, Washington Produce Butter—One-pound prints, 41a42; tub, 39a40. Eggs—Hennery, 24a25; current re- ceipts, quality inferior, prices not quoted. Poultry, alive—Spring broilers, large, 32a33; medium, 25a26; small, 23a24; Leghorns, 20a23; fowls, large, s small, 20a21; Leghorn fowls, 15a16; roosters, 15a16; ducks, 15, Dressed, shipped-in, iced—Spring broilers, large, 30a32; small and me- dium, 23a25; Leghorns, 22a24; fowls, heavy, 25; small medium and Leghorns, 15a17. Jobbers' prices, home-dressed— Spring broilers, large, 37a38; medium, 33a34; small, 28a30; Leghorns, 27a28; fowls, large, 27a28; small, 25a28; Leg- horn * fowls, 20a22; roosters, 19a20; ducks, 22a23; turkeys, 32a33. Meats, fresh killed—Beef, 18a20; veal, 15a16; lamb, 20a23; pork loins, 25a28; fresh hams, 25; fresh shoulders, 18a20; smoked hams, 27; smoked shoulders, bacon, 27; lard in packages, 12; bulk, i1 Live stock—Calves, 8; lambs, 8. Frults—Watermelons, 40a75; canta- loupes, 1.25a2.50; honeydews, 2.50a3.00; honeyballs, ponys, 3.00; standards, 4.00; Jumbos, 4.75; oranges, 6.00a8.75; lemons, 8.5029.50; limes, per 100, 2.50; peaches, 2.00a3.00; pineapples, 5.00; plums, 2.50a 3.00; grapes, Thompson seedless, 2.25a 2.50; Malagas, 2.75a3.00; blackberries, New Jersey, 6.0086.40. Vegetables—Potatoes, 2.7583.00; sweet potatoes, yellow, 8.00; red, 5.00; toma-~ toes, 1.00a1.25; peas, Washington State, 4.00; carrots, per 100 bunches, 3.0( 4.00; beets, per 100 bunches, 3.00a4.0¢ spinach, 75a1.00; kale, 1.00; corn, per dozen, 20a25; cabbage, per bushel, 758 1.25; eggplant, 1.50a2.00; peppers, 1.5 squash,” white, 1.50a2.00; yellow, cucumbers, 2.00; string beans, 1.75a2.0 lima beans, 3.50a3.00. 20; in ELECTRICITY OUTPUT. GAINS DURING WEEK Special Dispatch to The Star. NEW YORK, August 2.—The pro- duction of electricity by the electric | light and power industry of the United States for the week ended Saturday, July 26, was 1,660,190,000 kilowatt hours, according to the National Elec- tric Light Association. This is nearly 30,000,000 kilowatt hours greater than the output of the previous week. It is 2 per cent below the figure for the correspouding week in 1929, but 10 per cent above the output for 1928. Arranged in tabular form, the out- | put in kilowatt hours of the light and wer companies during recent weeks as follows: uly | Juty | uly July ? o 11:631.600,000 /660,190,000 Dawes’ Dividends &ow. Years ago a life insurance agent sold a policy to Charles G. Dawes. In 1890 the dividend paid to Mr. Dawes on that policy amounted to $7.95. But the years brought their accumulations and for 1930 Ambassador Dawes received lrsn‘n:alhlt same policy a dividend of $54.48. poet Chaucer bel t0 a shoe- a little When the princess returns- to London in the Fall she intends to slay to the queen. ‘The making family. In faet, chaucer is an old English word for shoe. its stock. JRDAY, AUGUST 2, 1930. INVESTMENT TRUST |NATURAL GASOLINE ISSUES ANALYZED Comparison Made Between United and American Foun- ders Based on Reports. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, August 2—Enough time has elapsed since the publication of the six months’ report of the United Found- ers’ Corporation and of the American Founders’ Corporation to permit of a careful analysis of the financial position and portfolios of these two interrelated “investment trusts.” Having done this, the question with the 77-odd per cent of American Founders shareholders who exchapged their holdings for United Found®rs, on the basis of three shares of the one for two of the other, is % | whether they made a good bargain. ‘This*was evidently in the mind of the cashier of a small bank in Northern New Hampshire, on whose desk the writer found a report of the United Cor- poration the other day, and who asked @s to the feeling in Wall Street toward Investment Favorite. The old American Founders Corpora- tion has been a favorite in New England of a large body of investors mJ hi held about the same position in its class as does Atchison among the rail- roads, American Telephone & Telegraph of the public utilitles and_United Fruit in the industrial :ruup. It was a pio- neer in its field and received much of its early financial support from New England capital, to which it was ex- tremely good over a period of years in pmvldlnfnl high rate of return on the amount invested. Latterly, however, the distribution became more national in Scope, so that today there are about 90,000 shareholders in the United Founders Corporation throughout the United States. In the glst few weeks United Found- ers stock has been under pressure. About 500,000 shares were sold on a 1 point decline from 253 to 155, com- paring with the high for the year of 44. A considerable part of this has been traced to New England investors, who presumably were among the original an. satisfled holders of American Founders Corporation stock, but had become puzzled shareholders in the United Founders Corporation, Ratio of Decline. The ratlo of decline in American Founders stock has been about the same s that in Un'‘ed Founders. Fram a market standpoint the position of the shareholder who made the exchange is About the same as that of the undepos- ited stock. An analgsis of the two re- orts, however, clearly indicates that rom the investment point of view there is a decided differenct, and that making his exchange the holder of American Founders Corporation shares has given up an investment issue for one in which the continigent element is quite prominent. Slow but general ap- preciation of this fact has been develop- ing, and out of it has arisen no small part of the liquidation in United Founders, The reports indicate the difference in the policies of the two companies to- ward immediate or future earnings, in that those of American founders in the half year were about 8 per cent per annum onh the capital invested in the securities and in other income assets, compared with around 4 per cent for United Founders, An even greater difference is to be found in the more liquid character of the American Founders portfolio than in that possessed by United Founders. The former is in & true sense an in- vestment trust. Its holdings are widely diversified, 8o much $o that in order to carry out the terms of the indenture which compel holdings in 400 different issues, the list of bonds is stretched out to includée many $1,000 and $2,000 units. In the United Founders port- folio there are almost no bonds listed, but enormous blocks of stocks which represent major partnerships in cor- porations which, from the standpoint of actual liquidating value, are difficult to assess at their true worth, Yield Is Substantial. ‘The hlg‘h common and dividend for- elgn bonds and stocks give a_substan- tial average vield to American Founders. Large participations in common stocks and warrants in non-productive securi- ties were taken by United Founders last year at the height of the bull market. It is assumed, of course, by the United Founders management that eventually the appreciation on these securities will more than effset their present failure to contribute earnings to the company’s treasury. - The “two corporations, representing the largest aggregation of investment trust capital under one management in the United States, are typical of oppo- site 00ls of policy in investment trust affairs. It may be that in time those ®ho were induced to part with American Founders stock, which had had an almost unlnurmghd rise for years, and to take in exchange United Founders stock, which depreciated in market_value nearly 70 per cent be- tween March and the latter part of July, may be fully satisfled with their bargain. The picture was considerably clouded for a time after the United Founders report was published. It has grown brighter with the events that have taken YIN:P in the past 24 hours in the banking and investment world. (Copyright, 1930.) VIRGINIA BANKER SEEKS HAMPTON ROADS TRADE Jullen H. Hill, president of the State- Planters Bank & Trust Co., Richmond, Va., sailed for England recently on the 8, 5. George Washington as a member of a body which will tour the British Isles as the guest of the Assoclation of British Chambers of Commerce in con- nection with a movement to develop reciprocal trade relations through the port of Hampton Roads. Mr. Hill has long been associated with the activities of the Virginia State Chamber of Com- merce. By the Assoclated Press. NEW YORK, August 2.—Sales total- ing $2,300,000 were reported for the four-day Summer fur auction conducted by the New York Auction Co. Westinghouse Electric & Manufactur- ing Co. has begun distribution of radio receiving sets to dealers, and the sets soon will be available for public inspec- tlon and sale throughout the country. The company has carried on develop- ment and manufacture of receivers since 1920, first under its own trade mark and later for Radio Corporation of America. January 1 last it turned over to the R C. A.-Victor Co., sub- sidiary of the Radio Corporation of America, its manufacturing activities. Arrangements have been completed between the better fabries testing bu- reau of the National Retall Dry Goods Association and the Viscose Co. whereby manufacturers of khit and woven rayon underwear, undergarments and night- wear must fifst obf indorsement from the bureau of their spécifications for cut and size beforé application to the Viscose company for license to use brand labels under that company's qual ity control plan. Construction has been started on the first_compressor station to be used by the Missouri-Kansas Pipe Line Co. to boost natural gas from the Texas Pan- STORAGE ADVANGED Bureau of Mines Reports Large Gains Recently in Plant Capacity. There were 1,035 natural gasoline g:-mz in the United States, with a tal daily capacity of 10,516,000 g lons, on Jafuary 1, 1930, according to a survey conducted by the United States Bureau of Mines, Department of Com- merce. The last similar survey, that of January 1, 1928, showed a total of 1,155 plants of 8,048,000 gallons datly capacity. Thus in two years' time the number of plants has decreased by 120, but the total capacity has increased 2,468,000 gallons, or 31 per cent. This is roughly equivalent to the gain in production over the same period. Over half of the increase in total capacity was reghmed in_California, where the development of flush oil production having a comparatively high gas-oil ratio in such fields as Santa Fe Springs led to construction of some new plants and material en- | Value, Dot Which sight becoine. Impors largement of others, 999 Plants in Operation. Of the total plants, $°9 were operat- ing on January®1, 1930, and 36 were as | sShut down. This compares with 1,080 operating and 95 shut down two years ago, which indicates a tendency to dismantle rlsnu as soon as they be- come obsolete or unprofitable. The total dally capacity of the plants oper- ating on January 1, 1930, mounted to 10,278,000 gallons, or 98 per cent of the total, leaving only 238,000 gallons, or 2 per cent, for the shut-down plants. This contrasts with the refining in- dustry, which usually has 5 per cent of its total capacity idle; the difference is due to the relative ease with which a refiner can secure a crude supply as against the difficulty the natural gaso- line manufacturer has in re-establish- ing his gas connections. During 1920 the avérage total daily capacity of the operating plants was 9,899,000 gallons while the average dajly production amounted to 6,015,000 gallons. This indicates that the plants operated during 1920 at 61 per cent of their capacity. Although over 60 plants were dis- mantled in Oklahoma during 1929, the State, with 268 plants, continued to rank first ifi toal number. California was second in number of plants with 165, and was one of the few States that showed & gain since the 1928 census. California was the leading State in total daily capacity, with 3,658,000 gallons; Oklahoma was Second with 3,085,000 gallons. The disparity between the average size of plants in various sections of the country was mote pronounced than at any time since these surveys wére begun. For example, the average size of the plants in Pennsylvania on January 1, 1930, was less than 1,000 gallons daily, but in California it was over 20,000 gallons. Largest Plant in Country. The largest plant in_the country is that of the General Petroleum Cor- poration of California at Santa Fe Springs; the largest plant east of Cali- fornia is that of the Sinclair Oil and Gas Co. at Seminole. The absorption method of extracting natural gasoline made a further gain in relative importance during 1928 and 1929 at the expense of the compression and charcoal methods. The daily capacity of the plants using the ab- sorption method increased from 5.476,- 000 gallons oh January 1, 1928, to 7,956,000 gallons on January 1, 1930, at which date it comprised 76 per cent of the total. The charcoal method of producing natural gasoline, the most recent development in natural gasoline manufacturing equipment, declined in favor during 1928 and 1929, when the total number of plants fell from 27 to 23, and the total daifly acity from 214,000 gallons to 186,000 gallons. EARNINGS REPORTED. NEW YORK, August 2 ().—Holland Furnace Co. today regorbed for the first half net nrninm of $538,663, equal after preferred dividends to $1.13 per common share, agalnst $540,641, or $1.16 a share in the corresponding period last year. Yale & Towne Manufacturing Co. re- rted June quarter net income of ?gl.ldfl, equal to 5 cents & share on 486,656 shares, against $619,209, or $1.41 a share on 440,000 shares in the June quarter, 1929, Rellance Manufacturing Co. of Illi- nols and subsidiaries had June guartet net profit of $44,948, equal to 4 cents a share on the common, compared with $203,187, or 67 cents a share, in the second quarter last year. Vadsco Sales Corporation reported June quarter net loss of $239,288, against a profit of $114,706 in the pre- ceding quarter. Rail Stocks BY GEORGE T. HUGHES, This 18 the twenty-fourth of a feries of brief analsses by Mr. Hughes on rail- road securities. The intent is not to recommend fhe purchase or sale of any particular stock, but to give the inyes- tor such information as may enable him intelligently to chart his own course, Missourl Pacifie. The bonds and the preferred stock of the Missouri Pacific Railroad all and speculative interest. Since the re- organization in 1917 the road has made striking [rrogresa. In 1922 fixed charges were not covered and total operating revenue was $99.871,547, whereas in 1929 bond interest was earned 1.7 times and operating revenue was $139,807,914. While the bonds 10 years ago were more or less speculative, they all rank as investments today. The highest- yielding large issue is the general 4s of 1975, on which a maturity return of around 5.25 per cent is to be had at the present market. In March a year ago there was offered to stockholders the right to subscribe to a new con- vertible bond carrying a 5!s per cent coupon. The conversion privilege was into common stock at $100 per share, on and after May 1, 1931, is bond now sells at a premium of 9 or 10 golnts and combines speculative possi- ilitles with all reasonable safety. ‘There are two classes of capital stock outstanding, a 5 per cent convertible cumulative preferred and a common, both of $100 par value. The regular rate is how being paid on the preferred, on which, however, there were back un- paid dividends of $48.25 a share at the beginning of the present year. Noth- ing has ever been paid on the common stock of the present company. It has been proposed fo settle the accrued dividends on the preferred by giving to shareholders common stock in lieu of cash, but to this plan the interests now in_control of the road have en- tered objection, and the chances are that it will not bé eerried out, The market price of the preferred stock takes into account the uppaid divi- dends. By subtracting $48.50 from the current quotation, you will have the market appraisal of the investment value of a 5 per cent in“ome on a Mis- souri Pacific gnlerr!d issue under pres- ent conditiohs. ‘The préferred stock Also has a conversioh privilege into common, par for par, of no immediate t in the course of time. Obviously, there is a speculative qual ity ih both classes of stock, and thelr market future depends on the earning outlook. As to that, it can be said handle to Indiana through the new 1,250-mile plge line. The station ?A be located 12 miles northeast of erdl, Kans, on tie Cimmaron River. e to with 1929, there has béén a Sharp falling off in the first half of 1980 in comparison oo e T, showing rison W other carriers; e a of have unusual features of investment | FINANCIAL. l The Dagger - Copyright, 1920, by Duf SYNOPSIS Dagger old niece of & Texas rAncher, BiAine Howard, a vagabond Am ldier, of foftine. {rom so! Marley, t he never speaks, Welling and ioward have heard of each other previously, but their exact Ast _connection remains & mysters Dagger falls in love with Who Ras a wife he does not love. He Tesists the temptation to re- turn her affection and leaves to loin he allied armies in France. Dagger is eart-broken, but Welling counsels her to overcome her grief and reveals his own past disappointment in love. CHAPTER VI “SOMEWHERE IN FRANCE.” HE Summer dragged for Dagger after Howard's departure. Everywhere memories of him confronted her. There was a carefully worded letter from him, too, but no reference to what had passed between them. “Am sailing on the Baltlc Wednes- day,” he concluded. He ‘signed himself, “Your friend, Blaine Howard.” The letter established definitely their separation. He was going one way, per- haps to the death that had taken mil- lions of men. What fate awaited her?” Before Dagger realized it, the day was at hand to return to the convent in El Paso. The serenity and peace that dwelt behind its walls were temporarily sooth- ing to Dagger, but soon their spell was dissipated. Wise Mother Seraphina presently realized the difficulty of her favored pupil and summoned Dagger to her_plainly furnished cell. “What is this, child?” asked the old nun. “I find you reported for pertness by Sister Veronica—and it was only three days ago Sister Agnes made the same complaint.” They're so stupid,” scowled Dagger. ‘That is, Sister Veronica is. Sister Agnes was—well, she said I shouldn't tell Lou Anne she didn’t know what she was talking about.” “Ah!” A faint twinkle struggled for mastery in the dim eyes masked by 2 network of wrinkles. “But perhaps Lou Anne—" “Oh, but she didn't know, Mother Seraphina. She’s dumb! It was Wwhether we—I mean women—could love a man more than the church.” The twinkle died in thé mother su- perior's eyes. “That 15 a grave subject for & young person to discuss, my dear,” she an- swered. “How did you ard Lou Anne | disagree?” | “Oh, I sald, of course you could love & man more than the church—more than anything. You can, you know!" “I fear I do mnot,” returned Mother | Seraphina. “And as for the pertne: you will write an essay on deportme: You have some years ahead of you b fore you are fitted to criticize your elders and instructors.” Dagger blushed furiously. “I suppose I'm silly,” she snapped, “but I think I know more about alge- bra right now than Sister Veronica.” “Really?” smiled Mother Seraphina. | “It seems to me you should make use | of such talent.” | “How?” A | Why, I might give ‘you a elass of | the_younger children.” “But hate teaching!” Dagger, dismayed. “Possibly you will appreciate Sister Veronica's troubles after your experi- ence,” the mother supéerior answered. “Oh, I'll do it if you want me to.” “You are unhappy, child?” the old nun_queried. “Not very unhappy, anyway,” Dagger rapped curtly. “Will it ease your pain to speak of it?” “No. No use.” | exclaimed | | nd half-apologetic for her abruptness: “I'm not going to let it bother me. Dick Welling said | you could make unhappiness help you | if you tried hard enough I'm trying.” | Mother Seraphina’s hand stretched @be Foening Htar AHVE Bhsin sl Is a Star No to ap tisem servi THE ABOVE SIGN 18 DISPLAYED BY AUTHORIZED STAR BRANCH OFFICES Branel ular r Tt whe! day ton que you “Around the The Billy Shop—1773 Columbia Rd. Branch Office tion when a Classified Adver- you in touch with those most competent to render the best Classified = Advertising A Mystery Story By Mary Dahlberg ffield And Combany, out involuntarily over the arrogant black head. “God bless you, child,” she sald. “It is 4l to be young and in sorrow, but if sorrow you must, treat yourself as your friend advised. Bend the sorrow to your will. That way lles the peace t is greater than happiness, the peace our Lord said was beyond understand- ing.” Dagger’s eyes were moist as she wen® downstairs and in the chapel resolutely, determined to cud fulness from her spirit, but her eyes only conjured up a vision of How ard. Small wonder that when over the algebra class the fol afternoon she was absent and dist Was it necessary for the girls to be & unutterably dumb? “No, no, Jane, don't you see it couldn't work out that way? Sit- down, Helen; T'll have to let some one else try.” The second day she blew up completely, stormed from the class room and went straight to Mother Seraphina “I'm no good, I reckon,” bluntly. “And are you prepared to be more charitable in” your view of Sister Ve- ronica?” asked the nun. she sald “I sald it's pdssible to love a man more than anything,” Dagger replied. “If you mean, do I understand it isn't easy to teach—yes, Mother Seraphina. But if I must say I'm sorry for being angry at her, 'm not. She really is stupid herself.” “She has taught you for several years, hasn't £he?” “Yes.” “All that you know of mathematics?” “Ye-es.” “Do you see, child? For your knowl- edge, such as it is, you are in debt to Sister Veronica, as to many other ?eo- ple. 1 should say you owe an apol to Sister Veronica and to the class you have abandoned.” “I do,” agreed Dagger, scrambling up. “But will you let me off teaching? Tli do anything, any penance you set me But please don’t make me ieach.” Her next news of Howard was not received until late in the Winter, when Dick had a leiter from him with the cryptic heading, “Somewhere in France.” The rough paper. the purplc of the indelible pencil, the censor'e stamp, were so many invitations to her imagination. “Been strafed a couple of times™ Howard wrote. “We've done a bit, too, The fighting isn't as bad as the mud and the wet. But we are looking for- ward to the Spring, when the big drive should start.” At the end of the sheet a paragraph: “Remember me to Dagger and Jim Marley and every one at the ranch.” And scrawled along one side: “Tell D. I'll send her a souvenir first time we move forward.” He hadn't forgotten her! (Continued Tomorrow-) WOOL FROM ONE COUNTY ENOUGH FOR 4,200 SUITS By the Associated Press. HARRISBURG, Pa, August 2.— Flockmasters of Indiana County have | marketed the largest crop of wool ever handled by the association pool. Representing 282 clips, it totaled 42,- 516 pounds, and brought pool members 8 cents & pound more than they would have obtained by usual marketing methods. The wool came from 7,000 sheep, and was sufficient to make 4,200 suits of clothes. THE ARGONNE 16th & Columbia Road N.W. One Room, Reception Hall, Kitchen and Bath Electrical Refrigeration RTISEMENTS ( RECEIVED HERE need to wait for sorie one ply for that vacant posi- ent in The Star will put e, Copy for The Star Classified Section may be left at any of the Branch Offices. There’s one in nearly every neighborhood in and around Washington. There are no fees cofinection with h Office service; only reg- ates are charged. he Star prints such an over- Imingly greater volume of every than any other Washing- paper that there can be no stion as to which will give the best results. Corner” is a Star Branch Office