Evening Star Newspaper, August 4, 1930, Page 14

‘A—14 k%% EUROPEAN STATES OBJECT TO UNION Italy, Germany and England Hesitate to Indorse Briand Proposal. BY JOHN F. SINCLAIR. 8pecial Dispatch to The Star. NEW YORK, August 4.—How is Aris- tide Briand's proposal for a European union coming along? In May he sent a copy of his now famous memoran- dum to every nation in Europe, asking each whether it would be desirable to discuss_his suggzstions at Geneva in September. Most of the nations have now replied, and all of the replies received agree on four points, according to a state- ment of the Foreign Policy Association: 1—That the principle of European union_merits further study. 2—That a meeting of the European states should be held at Geneva in September. 3—That the proposed union should not conflict with or impair the value of the League of Nations. 4—That it should not be directed @gainst any other continent or group of nations. The three nations that have raised the most serious objections to the Bri- and proposal are Italy, Germany and England. Italy’s objections probably can be overcome. Those of Germany. perhaps. Those of England—well, that is doubtful. For Great Britain, engaged in build- ing up a closer trade relationship with her own vast commonwealth. questions whether any such movement could be successful without damaging seriously the L-ague of Nations, However, a meeting will be held in Geneva in September and 26 countries will send delegates to talk over the pro- posal. Like many other movements, it's an intangible asset that becomes extremely difficult to define and put on paper. George Bubank, Georgia cotton grower, doesn’t see much future in the co-operative movement until marketing costs are cut. As a member of the Georgia Growers” Co-operative Association. he presents figures showing that in 1927-28 this as- sociation handled 22,000 bales of cot- ton at the marketing cost of about $15 & bale—or about 3 cents a pound. There is plenty of evidence to show that many successful cotton merchants have accumulated large fortunes, trans- ferring cotton from the local dealer to the mill, at from one-fifth to two-fifths of a cent a pound, or $1 to $2 a bale, figuring a bale as 500 pounds. One writer, commenting on the cost ©f co-operation, asked: “Can the taxpayers of this tountry Pproperly pay out $500,000,000 through agencies which are operated on so ex- tensive a basis that they require 3 cents 2 pound to cover their marketing ex- Ppenses?” While it is to be expected that the larger volume of business costs will tend to drop, this feature should be carefully studied by the Farm Board, since it is backing up the co-operative marketing movement both with its money and its moral support. Edward Plaut, president of Lehn & ink, Inc., has sounded a note of warn- "elllhul the price cutting in drug s, Lehn & Fink have inaugurated an ex- tensive advertising campaign to induce the public to trade only “at those retail stores where fair retail prices prevail and to encourage the retail druggists of the country to maintain fair retail prices.” “Price cutting can't be passed over htly,” said Mr. Plaut. “It's a vast il which undermines th: very founda- m of the entire retail structure.” Mr. Plaut, who leaves this week for Europe to study merchandising methods in European drug stores, is frank and :xndid; but not at all sentimental about is anti-price-cutting campaign. His appeal is going to be “a hard headed, sound, practical appeal to the consum- ‘s reason, his common sense and his nate sense of fair play.” “Buy only merchandise of assured value and expect to pay a reasonable Price for it,” says Mr. Plaut. Martin Codel, s recent boak on “Radio and Its Future,” tells of the yarious ways that different governments handle broadcasting. In England the British Broadcasting Corporation is a jovernment owned, departmentally ad- inistered monopoly and the owner of sadio receiving sets pays to the govern- frent an annual fee of about $2.50. The German Broadcasting Co. also is nder government auspices and col- ots a fee on each set of about 50 >nts a month, the collection being made through the postman. Fees in other countries vary from § cents a year in France, which is ¢he of the few countries authorizing rivate operation, to $18 in Salvador, ‘h:re the government holds the mo- |opoly. In the United States, of course, it & well known that two large broad- earting companies cover the national fird A network chain of stations runs inio money. Mr. Codel says that the basic net t of 20 stations extending from New ork to Kansas City is $5,000 an hour. Twenty-nine leaders in radio and broadcasting give their views of the guture, among them Dr. Lee De Forest, “who speaks of the “Future of Radio.” “There are so many fields in which vadio technique can be applied.” says the doctor. “In geology, for the lo- -cating of mineral deposits, and agri- culture for accelerating plant growth and for exterminating insect pests: in industry, for the refining of rare metals in vacuum induction furnaces; in diagnosis and medicine because of the culiar creative properties of certain igh frquencies; in surgery because of the approved value of the radio knife which steers its way through flesh, cauterizing as it does; in fine measure- ment work in the laboratories.” (Copyright, 1930. by North American News- paper Alliance.) HABYIIND TOBAC(EO—— PRICES. BALTIMORE, August 4 (Special).— Both receipts and sales of Maryland jeaf tobacco continue to increase, the former totaling :,958 hogsheads, while sales reported amounted to 1,261 hogs- heads, leaving a stock in State tobacco warehouses of 5020 hogsheads. Prices remained the same, although a few fancy hogsheads sold up to 48. Quotations today for Maryland leaf bacco, per 100 pounds—Inferior, 6.00a t’oo; sound, common, 8.00a14.00; good, gommon, 15.00a24.00; medium, '25.00a 34.00; good to fine, Ted, 35.00a47.00; fancy, 47.50a48.00; seconds, common to good common, 6.00a7.00; medium, 16.00 22500; good to fine, 26.00a36.50; ound leaves, nominal; upper country urley, nominal. BANK CLEARINGS. NEW YORK, August 4 (Special) — ew York bank clearings, today, $638,- ,000; @ year ago, $632,000,000. New York bank balances, today, $157,000,- : a year ago, $136,000,000. 'New York Federal Reserve credit balances, today, $126,000,000; & year ago, $131,- D DIVIDENDS DECLARED NEW YORK, August 4 (#).— Regular. Pe- Pay- Hldrs. of Rate riod. _able. record. 75c Q Sep. 1 Aus $1.50 L 34lac Myers (F E) & Br._50c pf...........51.50 N P 8VC $3.50 pf.871sc t L Sthwstn pf. $1.25 tand Oil of Kan: €. 1 31 Bep. 13 . 18 .18 Bep. 13 Aug. 23 g Q Se Q Q i Omitted. Purhsm Hos Miils pf..51.50 @ Due Aus. 1 Deferred. | @iz ghain 8L Te BL.ILTS @ 1“.1 FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. | (Continued From Page ~Prev.1930~ Bigh. Low. 31% 16 Savage Arms(2).... 574 33% StJoseph Lead (13).. 101 92 St L-San Fran pf (6) 100% 59% Sears Roebuck($2%) 3t 13's 3% 52 25% 106% 35 947 37 32 42 S9% us Stock Sales— Dividend Rate. Add 00. Hi: 2 4 3 16% Sharon Sti Hoop (1). 31% Shattuck(FG)(11%) 18 Shell Union (1.40)... 95 Shell Un OMl pf (5%) $% Shubert Theatres. ... 21 Simmors Co.. . 18 Simms Petrm (1.60). 20 Sinclair Con Ofl (2).. 281 Skelly Ofl (2). £5 Skelly Oil p£(6). 9515 Solvay Am pf(634) 52% Southern Cal £4 (2 108 Southern Pacific (§ £5'« Southern Rwy (8) 90% Southern Rwy pf (5) Spalding 1st pf (7) ant Spicer MfE....... 17 Stand Branas (1%).. 117 Stand Brands pf (7). B4% Stand G& B (33). .. 96 Stand Gas& El pf(6). 55y Stand O of Cal (23%). 29 Stand Ol of Kan (2) 58 Stand Ol of N J(12). 30 Stand Ofl N Y (1.60) 9% Sterling Sec (A). 19% Stewart-Warner (2). 70% Stone & Webster (4). 25% Studebaker Corp (3). 50 Sun Ol (11). 1021 Sun O1l pf (6). 38 Superheater (t3% 2 Superior Ofl... 10% Tenn Cop & Ch (1) 50% Texas Corp (3).. 4815 Tex Gulf Sulphur(4) 13% Texas Pac Land Tr.. 17% Thatcher M(g (1.60). 31 Thermoid Co. 614 Third Avenue. . Third Nat Inv (2)... Thompson (J R) (3). 20 Thompson Prod(2.40} 10% Tide Water As (60c). 78 Tide Water As pf (6) 12% Timken Det Ax(80c). 55% Timken Roller (3)... 211 Trensamer (21.60) 16% Transcontl Ofl (30 11% Transue & W (1) 30% Trico Prod (2%) 9% Tri-Contl Corp = 25 Truscon Stl (£1.20).. 83 Und-Ell-Fischer (5). 9% Union Bag & Paper. . 0, o o orenifaSuann~ 138 1T% 106% 242% o 86% 824 Unlon Pacific pf (4).. 3815 25% Union T'k Car (1.60) " Baa 20% 6 281 * THE EVENING STAR, WASHINGTON, IBONDSHOLD FIRM o ev ~one BON 13). . 9te United United Utd Gai Util Pwi VaEl& Vulcan 20% 120 958 100% Warner Warren on Weston Woolwo! Wrigley Youngs q16% nts based on ti s Unit of trading les: in stock. §Pavable in no regular rate. b Pay, able in cash or stock. 5% in stock Utd Fruit (4).. Vadasco Sales Corp.. Vanadium Stl (14).. h Plus 2% in stock. 1 Plus 8% in stocl Corp (50¢). Corp pf (3). & Imp(1.20) (A) Univ Leaf Tob (3) . Univ Leaf Tob pf(8 r&Lt A (e2).. 8319 2% 101% 1021 82% Pwr pf (6). Det (4). Wabash. Waldorf Ward Baking (A Ward Baking (B)... Ward Baking pf (7). 1 ) Bros Plo (4). War Bros P pf (2.20) Warner-Quinlan (1). Bros (3).... Fdy & P (2). oil & Snow (2). Penn El pf (7). Penn Pw pf(6). 3 Westinghse E&M (5) Y , % 4 Westhse E&M pf (5) £l Instr (1). Westvaco Chlor (2). Wextark Radio Strs. White Motors (2). ... White Sew Mach pf. Wilcox Rich A (2%) Willys-Overland. rth (2.40) Worth Pump... (Wm) Yale&Towne Mg (4) Yellow Truck....... Yellow Truck pf Spring 3). 5% Zenith Radlo Sales of Stocks on New York Exchange 115,000 12:00 Noon. . 636,300 2:10 P.M.. Dividend rates as given in the above table are the annuai cash he latest uarterly or vearly declarations. s than 100 shares. y extra. $Plus 4% scrip. 1Plus 9% in A Paid ast able in stock. d Payable when earned. e TPlus 10% In'stock = €Plus'6% in stcck k Plus 3% In stock. o Plus 1Parti k. POTONA NS0 NAMES DRECTOR Action Also Taken for Noting 100th Anniversary of Local Concern Next March. The annual meeting of the stock- holders of the Potomac Insurance Co. of the District of Columbia, was held in the office of the company this fore- noon, the following directors being elected for the ensuing year: Messrs. Judge A. A. Hoehling, Lee Brown, C. F. R. Ogilby, Charles E. Hood, Charles E. Howe, Thomas C. Moore, J. W. Lawler, F. Norie-Miller, S. Norie-Miller, Alex- ander K. Phillips, Edmund D. Rheem, Frederick Richardson, George W. White and Henry Gomont. The company is arranging to cele- brate its 100th anniversary in March, 1931. It was chartered by special act of Congress in March, 1831, and its original charter was signed by Presi- dent Andrew Jackson and John OC. Calhoun, after which it received several amendments which were signed by James K. Polk and President Andrew Jackson in 1837; President Miliard Pillmore in 1851, James G. Blaine and President U. S. Grant in 1870, President ‘William McKinley in 1900 and President ‘Warren G. Harding in 1822. The late W. W. Corcoran was for years a director, stockholder and took an active part in the management and growth of the company. At one time the Potomac insured for George Wash- ington Parke Custis, the owner, the Arlington, Va., residence and all out- buildings on the farm, at a rate of 1 per_cent for one year. ‘The company is enjoying conservative prosperity and has total assets of $3,622,267, paid-in capital of $500,000, and surplus to policy holders of $1,830,- 465. It operates in about 42 States in the Union and writes all fire, automo- bile and allied lines. The officers of the company are: President, George W. White; vice presi- dent and manager, Thomas C. Moore; second vice president, Edmund D. Rheem; secretary, Alexander K. Phil- lips, and assistant secretaries, J. W. Lawler and William C. Dent. TRADE SIMPLIFICATION IDEA GAINING GROUND By the Associated Press. A decided quickening of interest on the part of consumers, the Bureau of Standards finds, has taken place in re- gard to trade simplification. “Where five years ago nearly all sim- plified practice recommendations were initiated By manufacturers and brought to the consumers and distributers for approval or modification,” says a bu- reau pamphlet, “there are simplifica- tion programs developed today at the instance of purchasers.” Specfic instances cited to support the assertion that consumer demand for simplification is a recent economic change are to be found in the com- pleted simplified practice recommenda- tions on classification of iron and steel scrap, bank checks, notes, drafts and stmilar instruments; commercial forms and the proposed simplification of de- partment store wrapping and packing supplies. In concluding the article stated that “If you want to keep pace with prog- ress, if you want to apply scientific management, if you want to effect a reduction of inventories, reduce over- head expenses, cut cost of operation, render better service, obtain quicker de- liveries, benefit by ease and convenience of installation, and help your company meet competition successfully, then you, as & consumer, must recognize and interpret the relation of simplified practice to the commtx)d\!les used by you or by your organization.” Maans by which all interests, the manufacturer, distributer ~and _con- sumer are mutually benefited through their participation in national simpli- fied practice programs also have been developed in the article. —_— Electric Power Production. NEW YORK, August 4 (#).—Electric power juction by public utilit power plants totaled 7,7 watt hours in June, 8,014,202,000 in May in June last year. MUTUAL SAVINGS DEPOSITS. NEW YORK, August 4 (#).—Deposits in mutual savings banks in the United States increased $273,766,807 in the six months ended June 30, compared with decrease of $82,710,075 in the last six months of 1929, the National As- sociation of Mutual Savings Banks re- ports. ‘Total deposits in the country’s mutual savings banks June 30 last 48,476,000 kilo- , compared with and 17,768,000,000 %Y | cent from the comparable 1929 total, as CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 4—The follow- ing is today'’s summary of important corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: Weekly News Review. With the activity at its lowest ebb in several years, stock quotations on the New York Stock Exchange fell off mod- erately during the past week. Average prices, as measured by our composite 90-stock index, declined by 3.8 points to 168.6. The utility group recorded the sharpest loss, declining 7.6 polnrs In- dustrials dropped 3 points, while rails lost 2.3 points. Despite this weakness in stock quotations, prices of high- grade bonds continued to move for- ward. On Tuesday last our index of 30 listed bonds duplicated the previous 1930 high record of 100.5, attained on March 20. The current situation, in re- spect to credit conditions and com- modity prices, appears to be more def- initely favorable to the buyers of long- term fixed-interest obligations than at any time in the past decade. With ab- normal ease in money likely to continue for some time to come and with com- modity prices the lowest since 1916, the purchasing power of the bondhold- er’s interest dollar is obviously greater than at any time since the war. ‘The latest report on brokers’ loans, for week of July 30, indicated borrowings expanded by $2,000,000, to total of $3,228,000,000. This is the smallest net change made in any week this year and is indicative of the slight interest in trading currently displayed by the general run of margin customers. Money rates were unaffected by the month-end demand and continued to 1;:11:: at the levels of the week pre- lous. Commodity prices showed furthet weakness. The annalist index lost 1.1 points for the week and currently stands nearly 20 per cent below 1929. Sep- tember wheat closed Saturday at 85 cents, a new season’s low. Rubber and sugar were also at the year's lows. Corn quotations, however, rose to new high levels, September delivery selling 2 cents higher than wheat. Since the end of June the price of corn had advanced 143 cents a bushel. This independent strength is due to the material redu tion in the visible supply of the com- modity and the adverse weather in- fluences which have reduced prospective yield to 2,400,000 bushels, compared with the Government July 1 estimate of 2,802,442,000. ‘The weekly reports from industry gave no evidence that activities had been accelerated from recent low levels. Operations in the steel industry con- tinued at 57'2 per cent of the theor- etical capacity. Railroad freight load- ings for the week of July 19 were be- low those of any like week since 1922. Total of 928,256 cars was 1.2 per cent larger than in previous week (this in- crease, however, was less than half of the usual seasonal expansion), but 14 per cent below a year ago. For the first 29 weeks of this year total load- ings are below any like period since 1925. Building contracts awarded in the 37 States east of the Rocky Mountains in the seven days through July 25 ag- per cent below a year ago. Building Contracts. Building contracts awarded in the 37 States east of the Rocky Mountains in the seven days through July 25 aggre- gated $81,767,100, or more than 40 per cent below a year ago. Contracts let since January 1 were 17 per cent below the 1929 total. Automobile production dropped to the lowest level of the year, due to several additional suspensions of operations. However, a return to ac- tvity to levels nearer normal is expected this week with resumption of operations by Ford and several other large manu- facturers. Reports from the oil indus- were again distinctly favorable. Current dally average crude output is the lowest in several years, while gaso- line production continues restricted. Stocks of gasoline were reduced by 1,- 186,000 barrels in the week of July 26 to the lowest figure since January 11 this year. Publication of additional first-half earnings statements contributed largely to the week’s financial news. Aggregate earnings of the 289 companies which have reported show a decrease of 24 per compared with the 20 per cent decline, seported a week ago covering 134 com- panies. In the face of this less favor- able showing, however, a substantial number of concerns are still reporting gains over a year ago. The total of such individual increases now amount to 104. The 251 industrial concerns included in this compi'ation sustained an aggregate decline c{ 26 per cent. Excluding the two lergest units in the group, General Mot~rs and United States Steel, the de- crease was cut to 23 per cent. Household products, leather and {and in each classification only a lim- ited number of companies have so far reported. The coal industry, with six companies reported, shows the greatest net loss from the previous year, reduc- tion amounting to 79 per cent. Reflect- ing the adverse price and demand con- ditions, four copper companies experi- enced a decline of 58 per cent. Other substantial declines include automobile and automobile parts, both exceeding 40 per cent; apparel, 34 per cent; steel and iron, 31 per cent, and office and business equipment and oll producing, each 27 per cent. The five electric light and power utilities included counter- balance slight declines in both teles phone and traction fields, with com- bined 11 companies showing gain of 2 per cent. Aggregate decline in railroad group of 27 companies amounted to 38 per cent. Comparisons of present year returns with 1928 also are unsatisfac- tory. Of the three major classifications only the utilities show higher profits than in the first half of 1928, and here the gain is fractional. Aggregate decline of the 213 companies for which com- parable statements are obtainable amounted to 5.7 per cent. While fur- ther reports of first half returns will probably result in a still greater aggre- gate widening of profits decline, it is now apparent that industry in general during the initial six months of 1930 earned some 70 to 75 per cent as much as in the highly profitable first half of 1929 and almost 95 per cent of the to- tal experienced in the like 1928 period. Abitibi Power & Paper Thunder Bay and Fort Willlam plants operating at 60 per cent capacity. Amalgamated Leather Co.’s current unfilled orders about same as year ago. Opell;lfluns reported at 65 per cent ca- pacity. American Light & traction earned 96 cents common share In first half, against 95 cents; 12 months, $3.88, against $3.62. Colorado & Southern Railway June net operating income off 50.6 per cent; six months, 7.1 per cent below year ago. Eastern Manufacturing earned $1.65 common share in first half. First National Pictures’ Hollywood studios to partially suspend operations for period of eight to ten weeks, be- ginning September 2. Graham-Paige Motors has added 575 new dealers since first of year. International Mercantile Marine of- ficials deny definite arrangement or agreement has been made to consoli- date with Roosevelt Steamship. Interstate Department Stores to open new store at Willlamsport, Pa. cent; seven months, 18.7 per cent below year ago. New York, Rio & Buenos Aires Lines carried 5,685 passengers over routes be- tween North America, West Indies and South America in first half of year. Otis Elevator gets contract for 31 elevators for New Waldorf-Astoria Ho- feet to operate from rallroad siding beneath hotel to ground floor. Pacific Telephone & Telegraph June net income 28 per cent above year ago. Prairie Pipe Line July crude oil de- liveries totaled 4,811,201 barrels, against 5,571,207 in June and 7,048,207 y ago. Procter & Gamble Co—J. P. Mor- gan & Co. did not exercise option to purchase additional stock at $80 share, which expired August 2. Rellance Manufacturing (Illinols) June quarter earnings 4 cents common cents, against $1.58. Sears, Roebuck & Co. to open auto- mobile accessories store in East Orange, gregated $81767,100, or more than 40| Ny, Southern Cities Utilities net income, before interest, 12 months to May 31, $1,182,698, Standard Oil New Jersey and several other major companies to sell automo- bile tires at filling stations. ‘Teck Hughes Gold Mines, Ltd., es- timated surplus, after taxes and de- preciation, nine months to May, $2,- 293,457, Van Camp Packing 85 per cent com- mon, all prior preferred and 65 per cent preferred deposited under plan reor- ganization. ‘Westinghouse Electric & Manufac- turing gets $750,000 contract from United States Steel subsidiary. Joseph Bancroft & Sons had deficit 99 cents common share in first half, against profit $1.89 in 1929 period. Crown-Zellerbach Corporation sub- sidiary acquires Standard Paper of San Francisco. Detroit Aircraft reported directors at_forthcoming meeting. up 8 per cent; 7 months, 26 per cent above year ago. Exchange Buffet July sales off 6.4 r cent; 3 months, 2.3 per cent be- W _year ago. Marlin Rockwell Corporation earned $1.87 common share in first half, against $3.87 year ago. Maytag Co. earned 44 cents common share in first half against $1.55 year ago. ‘Saxet Co. subsidiary obtains contract | to supply Southern Gas with minimum of 4,500,000 cubic feet of natural gas a day. United States Rubber to close Law- rence dyeing plant permanently in few days. Have dismi 200 employes at shoes, miscellaneous drugs and paper amounted to $9,145,891,859,. are the onllvlttmr groups which reveal any unity income T over 1929, Alice mill, 300 remaining at work to be released by October 1, when plant will be _permanently. shut downy N Neisner Bros. July sales up 84 per|p tel; also will install lift 18 feet by 6|XN. & share, against 67 cents; six months, 42 | & s, N QUET NARKET Lack of New Offerings ‘Fails to Have Effect on Price Trend. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 4.—The renewal of the heat wave today, together with other factors tending to keep the bond market dull, resulted in record low vol- ume of trading. There was no general weakness of prices, however, and high- grade bonds, along with a few indus- trials and junior railroad obligations, advanced fractionally. The Midsummer dullness has also made bond houses wary about bringing out new issues. Today there were no new ofleringh Another lctor that kept trading down to, low proportions was the closing of the London Stock Exchange for the August bank holiday. This caused a let-up in all the continental buying, as Paris, Berlin and other continental ex- changes, while not always closed when London shuts down, nevertheless do very little on such days. Prime Group. In the prime group, Canadian Na- tional 5s were a favorite and went to a new high. Union Pacific first 4s, Great Northern 7s, Standard Oil of New Jersey 5s and American & Foreign Power 5s were also higher. Convertibles dragged along in the wake of a listless I stock market, the only feature being the weakness of Warner Brothers Pic- tures 6s. reflecting a decline in the stock. The bond hit a new low record The same lethargy gripped the more speculative groups such as second-grade ralls, oil company issues, tractions, sugar company credits and miscellaneous in- dustrials. The only discernible move- ment was in Armour of Delaware 5%:s, which recovered an early loss under moderate buying. Hudson Coal 5s, Na- tional Dairy Products 5Y4s, Dodge Brothers 6s, Phillips Petroleum 548, Pan-American Petroleum 6s, Skelly Oil 51%s, Shell Union Oil 55 and Inter- borough Refunding 5s were all slightly higher. The Interborough issue touched a new high for the current movement as a result of earnings estimates look- ing toward a complete self-support of the company’s funded debt within Zow under construction by New York y. The gains wef® balanced by losses in Certainteed 51;s, International Paper 55, Goodyear 5s, Cuban-American Sugar 8s and Transcontinental Oil 6!5s. Rails Higher. ¥ Second-grade railroad descriptions like Chicago Great Western 4s, Mis- souri-Pacific 5',s and Southern Rail- way 4s were a shade higher, but there were declines in St. Paul adjustments, Erie General lien 4s, Missouri-Pacific 4s and Seaboard Air Line 6s. In the foreign department German 5128 continued their downturn to a new low price since issued at 3!2 points dis- count. Austrian 7s, however, which last week turned up or down with the reparations bonds, held their level well. French cities 6s were actively bought at new_high levels, but other French bonds, Belgian descrictions and Italian credits were lower, South Americans were heavy. MONDAY, AUGUST 4, 1930. Recei y UNITED STATES. (Salen are tn $1.000. Sales High. Low. Liblst4%s.. 16 1026 1026 1026 Lib4th4ks.. 26 103 10231 103 USeyxss2.. 711227 11227 11227 FOREIGN. Sales. High. Low. Close. Argentine 907% Argentine 6s Ju Argentine, May Argentine s Oc! Argentine 6s A. Argentine 6s B. Australia 4348 56, . Australia 68 '55. Australia Austria 7s. Bank of Chile 6% Belgium #s. Belgium 6%s. Belgium 7555 Belgium 7s ‘56 Belgium 8 Bollvar 7s88...... Bollvia 7s ctfs ‘69 Bolivia 8s. Bordeaux 6s. | Bremen Stat Canada 5s '52. Canada bs 31, n g Dutch East | 6s '62. El Salvador 8s ‘48 Finland 6%s..... R R T L LRI 2 aR Ger 518'30-"35 rets German Bank 103% 101% 100% 9814 95 92 % 4 104% Jugoslavia Bank 7s 85 Karstadt 63 *43. 96% year or two despite competitive lines | M1 1043 90 974 1038, 105% T1 721 9214 5% 847 9415 103% 5 9814 104 90 901 1% 104% 908 97% 103% 105% 72 72% Orfent dev 534 b Orient Dev §s '5: Paris-Lyons-M Rio de Janeiro 6%.. Rio 1e Jan 8 Rio Gr du Sul R'y’l Duteh 4% sw! Sao Paulo 8536 SALES. Norfolk & Washington Steamboat rts. —27 at 16, 6 at 16. Potomac Electric 6% ptd.—5 at 111% Potomac Electric 5% % pfd.—5 at_109. Federal-American Co. com. —10 at 311 Mergenthaler Linotype—10 at 9672, 10 at 9615, Peoples Drug Stores pfd—10 at 1037, 10 at 1031, 10 at 10312, 10 at 1033, 10 at 104, 5 at 1041, Real Estate Mtge. & Guar. pfd.—10 at 6%, ¢ Washington Mech. Mtge. com.—50 at 2. AFTER CALL. Mergenthaler Linotype—10 at 96%, 50 at 967, 10 at 967, 2 At 97. Capital Traction 55—$1,000 at 94. Washington Rwy. & Elec. pfd.—1 at 98, Norfolk & Washington rts—11 at 16. Bid and Asked Prices. BONDS. Washington Stock Exchange S PUBLIC UTILITY. .\ 00 & Telga. 478 102 Amer. Tel. A ., Tei.of Capital Traction R. City & *Buburban 5 Georgetown Gas st Poto 1 Wash', Bail Washington B 1. Gas 85, series A Wash. Gus 8s. series B. Wash. Rwy. & Elec. 45 MISCELLANEOUS. Barber & Ross: Inc. 6l3s. Chevy Chase Club 5125 C er M. C Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9). 2 5 Capital Traction_Co. 66 h. Gas w. Wash. NATIONAL BANK. Capital (14).. Columbia (12} 5 Commercial (siamped) (10} District (8). R Pederal-American (10) Liberty (78)........ Lincoln (12)." Metropolitan (14) . Riggs (18).. Second (9e). " Washington ' (i TRUST COMPANY. mer. Security & Trust Co. (15) ontinental Trust (8)......... 13 erchants’ Bank & Trust (6). National Savings & Trust (121 Prince Georges Bank & Trust nion Trust (80 .50 Wash. Loan & Trust (14).... SAVINGS BANK. Bank of Bethesda (6f) ........ Commerce & Savings (10)...0 CAe East Washington (12) Potomac (10)... . Security Sav. & Col Seventh_Street (12). United States (30). s Washington Mechanics' (30} FIRE INSURANCE. American (12) i (1) s TITLE INSURANCE. Columbia (6h) . e Real Estate (6h) 000 Title & Inv. Co, Md. ‘com. 'MISCELLANEOUS. would consider sale of Ryan Aircraft |y, Edison Brothers Stores June 'sales |3 T Ret. 'l';u Car Cor W Mech, Mg Wash - Me g, Corp. Woodward & Lothrop pfd. (1).0 10 y2%% extra Va% extra. 52% extra. U. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as a close of business August 1, was $187,644,398.76. Customs receipts for the month to date were $1,687,167.31. Total ordinary expendi- tures, $6,291,675.80.; i Swiss Conted #s. .., Toho El Pwr 6s'32. 107% 997 9 5% 8 9T MISCELLANEOUS. ADItib! P&P 68 °63.. 15 85l Alleghany Cp Al Allis Chalm Am Agri Che Am Chain 6s'33.... Am For Pwr 55 2030 Bethlehm £tl pm Bush Term Bldg bs. Certn-Td 6%s rets. Col G&EI 53.May'53 Com Invest 5%s 49 5 1021 100 1% 102% Consumers Pwr Cuban Am Sugar 107% 93 101% 53 53 98% 984 4 103 101% 108% Dodgy o 93 Dugquesne 4 %8s 67.. 1017% East Cuba Sug 1%s Gen Cable 5%s *47.. Gen Mot Ac Cor 96 106% 4 93% 105% 965 100% 99 4 100% 84% 8714 1104 Inland Steel 41 ‘78 intl Cement 6s 48 Intl Mer Mar Intl Paper 58°47. 6 Larillard 6%s. .. Liggett & Myers 7s Lou Gas&El b8 '62.. McC'rmek ER 68'34 Midvale Steel Morris&Co 1sf Nat Dairy 6% New Eng Tel N ¥ Edison 68 NYG&EHP4s N ¥ Tel 6841 Nor States Pwr Nor States Pwr 6; Pacific Gas & El § 105% 102% 104 103% 101% 100%, 984 961, 8bYy 933, 100% Faoy NN NA wARIRR SR G BES R Pub Serv G 4%8°'70 Rem Arms 6s737... Rem Rand 638 war Richfleld Of} Sinclair O11 6s. 96 98% 89 1004 108% 104% 102% 101% 95% % 104% 4 104 99 1067 104t 109% 98 /2% 100% 20 © Racomm® Stand O1L, NJ "48... Stand Ol N .4 %s. Tenn E] Pwr 6847 Tex Corp ev 5 Transcontl Of) 6 United Drug » 107 104% 109% 98 83 101 0% wila 881 884 95% 93% 95 Weatn Unlon 6s'51. wi Willys-Ov 6%s '33. Wilson & Co 131 6s. Youngstn S &T 6a. Atehison gen 4 A T&SFev 4l B&Ogold ts B&OCv4%s i3 B&O4%s 60, B & O 1st Ssrcts B & O ref bs. B& Oref 6s'95 . Boston & M 55 1955 Bkiyn Mannat 6s . Bklyn Un EI 65 '50 Buff R & Pitts 4% Bush Term con & Can Nat 4%s 54 Can Nat 4348 57 Can Nat 443 68 Can Nat bs, July'69 Can Nat bs. Oct " Can Pacific 53 '54. Cent of Ga 55C"6! Cent of Ga 54| Cent Pac ist 53 90. Ches Corp 58 '47 Ches & O g %! Ches & O 4%8'93 A Ches & O 4343 B '95 Chi & Alton 334s... CB&Q4%s'77 CB&Qlstr Chi Gr West Ch: M&StP 4% ChiMJIStP&P CM&StP Pac adj b Chi NW 4143 2037 Chi & N W con 4% Chi & Nw 6% Chicago Rwys ChiR1&Prf ChiR lcvals Chi Rk Isl 4%s8 A Chi Un Sta 6s 44. Chi Un Sta 6%s... C& W Ind con 4s. . CCC&StL 4%8 (E). Clev Term 4% Clev Term Gs. Erl Erle b8, 1975. Gr Trunk st deb Grt Nor 1st bs Gt Nor 4% '76(D). Gt Northern 6% Great Nor gen 7, Gulf Mo 5s (B Int RysC Am 6s. Kan City Ft 8 4 Kan City Sou 3s. Kan City Term 4 Lake Shore 3%s. Long Isirf 4s L&N4%82003.. ManRy 1st 4 Market St 75 40 Mill E] Ry&Lt 4%s Mill El Ry&L 65'61. M StP&SSM bs gtd. Mo Pac bs G '78. Mo Pac 5%s '¢9 Nasgsau EI 4851 g C&StL6%sA CastLésil., NH&H 3%s'54. NH&H ¢%s°67. NH&H clt 6 NH&H cv db 6 22 22 HH Qe 52 Port RL 6s'47. RIArk&L 4% StL1M&SS: Sou Pac ¢ %869 ww Sou Rwy gen Sou Rwy con b: Sou Rwy 6%s. Sou Rwy Mo& O ¢s ‘Term Asso SL. Texas & Pac 1st. Tex & Pac 63 BT Tex & PacbsC " Third Ave ref 45'60 Third Ave adj bs. Union Pao 1st Union Pac Un Pao 1st re: Union Pac ¢% Virginia Ry 1st 58.. 3 35 RAILROAD. 8 5 e - Y % NP A AN NOBHN CARRERR IS i S G G NN T —a 19344 T - » ar GeEReawson - e R T T L PR IR B e = e e e e e e T ISRy » » o = » P anRe Barmle RN Ao~ Bunor oaw me FINANCIAL. Low Close 104% 105 104% 1041 104 104 104% 104% 100% 100% 100 100 102% 103% 100% 103% 964 130 96 100% 101% 105% 9% 105% 81% 93% 92% 105% 975 9% 111 111 93! 100% 106% 931 100% 851 9915 98% POTATO MARKET. CHICAGO, August 4 (#) State Department of Potatoes—Receipts, 97 cars; on track, 2&5; total United States shipments Sat- urday, 44 cars; steady, trading steady, trading souri sacked Sunday, ‘moderate; slow; Kansas and Mis- rish Cobblers, 1.40a155; (United Agriculture).— 34; sacks barrels ordinary, * 1.20a1.35; Minnesota sacked early Ohio’s, 1.25a1.40; sacked Irish Cobblers, New Jersey 1.75; Virginia barrels Irish Cobblers, 2.50a2.90, ac- cording to quality and condition. STEEL OPERATIONS. NEW YORK, August 4 () —Steel operations in the Youngstown district were reported at 58} per cent by Dow, Jones & Co. ‘The figure marked the first gain in several montbs and com- pared with opers:l:nl at 36 per cent of capacity last SILVER QUOTATIONS. NEW YORK, August 4 (#)—Bar sil- ver, 34%. Italy to Send Pilot Here. ROME, August 4 (#.—Gen. Balbox, ! minister of aviation, yesterday received | Lieut. Williams, formerly of the United +States Navy, who invited the govern- ment to send an Italian pilot to par- ticipate in the Chicago aviation show, August 24, invitation and Squadron t0 ‘The minister accepted the nominated Marshal 88% Pletro Colombo of the st Pursuit head. Tepresymd Sl in the show. DS oo excace] | GONTROL OF WHEAT irect to The Star Office Sales. High 25 105 4 104% 5 104% b 104% 5 1001 PRICES SUGGESTED World Pool Might Stop De- clines in Value of Grain Crops. BY FRANK I. WELLER. Written for the Associated Press. An international alliance of wheat growing countries to give each one an uncontested period of world trade may not seem so imprepable if prices repeat last week's demontration of their abil- ity to do about everything market ex- perts insist they can not. \ Even before the full return of Eu- ropean inquiry for American grain, economists, private and public officials declared wheat prices were as low as they could go. Then followed an amaz- ing export and domestic dem: , con= sidering what it had been. Drought threatened both American Spring wheat and the Canadian crop, Receipts of hard Winter wheat fell off. There were widespread reports of wheat being fed to live stock. Corn, facing a reduction in yield now frequently estimated at al- most 500,000,000 bushels, eclipsed wheat prices in many regions. Market Continues to Sag. Ordinarily such a culmination of bull- ish factors would have been reflected in better wheat pricss. However, the last weekly span of the market saw prices dragging new low levels for the year and the lowest since 1914. Apparently clear out of control just as the new harvest is getting under way in < | the Red River Valley and the Canadian prairies, it is considered entirely pos- sible that wheat quotations may go even Jower than they now are. One of the Department of Agricul- ture’s ablest grain men says the market will not be out of danger of sinking to new low levels until the peak period of hedging Spring wheat has passed. Hedging has the same effect as piling & lot of wheat on the market, regardless of whether actual grain ever is in fi‘hlt; % hamj bushel, 45a60; blackberries, quart, 15a20; One of the Department of ture’s ablest grain men says the mar- ket will not be out of danger of sinking to new low levels until the peak period of hedging Spring wheat is passed. Hedging has the same effect as piling a lot of wheat on the market, regardless of whether actual grain ever is in sight. The result is expected to be the same as the normal reaction when additional stocks are piled on top of a weakened price structure. Since the market cracked in the pres- ence of a brief oportunity to readjust itself, it hardly can be expected to ex- hibit strength with new wheat céming from North Dakota, South Dakota and Minnesota. _ Too, Canadian Spring wheat, benefitted’ by showers, now is expected to yield 75 to 85 million bush- els more than last year's short harvest. In addition harvesting is well under- way in many important Eiropean pro- ducing areas. It has slowed up Amer- ican exports, as proved by the fact that while receipts of hard Winter wheat have been reduced, American market stocks continue to increase. Oversupply of Stocks. . As many see it, the whole trouble with_prices may be traced to an over- supply in world stocks and an effort of all countries to sell at the same time. The new French wheat is light, thresh- ing returns in Italy are poor and yields in the upper Danubian countries are disappointing—but all ~that hasn't strengthened prices. . ‘The situation may work out its own answer by causing the abandonment of wheat production among farmers who cannot make a profit at present prices. There is some indication of such a trend both in this country and abroad. Before that occurs, however, wheaf growing countries may apply the prir- ciple of American co-operative mar- keting to the world trade—each taking its turn to feed the market. To some extent that is done now, be- cause of natural harvesting periods. To work properly, the .United States should have world trade to itself during June, July and August. Canada should have September, October and November and Argentina and _Australia December, January and February. March, April and May would be “open season,” dur- ing which each ‘country marketed its exportable surplus. ' In recent years principal exporting | countries have been cutting in on each other’s natural market pgr{m by hold- ing wheat for better prices, frequently selling it many months out of line with their own harvest. Capada’s effort to hold.her 1929 crop was a notable ex- ample. There is much to be said both for and against an international wheat marketing agreement and, like most present efforts to control supply and demand, it would have to be tested be- fore its efficacy were known. Even if all countries were agreeable, it might not be practicable. Wheat Pool Holdings. However, the Canadian wheat- pool claims to control about 50 per cent of the Canadian harvest, and official pre- diction has been made that by 1931 American co-operatives will control 40 to 50 per cent of the United States crop. Together they would be a power- ful influence in regulating certain pe- riods of world trade. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, August 4.— Potatoes, white, 100 pounds, 90al.00; beans, hamper, 1.25a1.35; beets, 100, 1.00a2.00; cabbage, basket, 75a1.00; car- rots, 100 pounds, 3.00a4.00; celery, crate, 2.00a2.25; corn, dozen, 15a30; cucumbers, L _lscnu’. ; _onions, el, 1.2521.75; peppers, hamper, 65a 75; peas, bushel, 150a1.75; p:quuh hamper, ' 30a50; tomatoes, per cantaloupes, hamper, 50a1.50; huckle- berries, quart, 15a18; peaches, bushel, 1.25a1.50; watermelons, 100, 30.00a50.00. Dairy Markets. Poultry, alive—Chickens, springers, pound, 23a32; old hens, 23; old roosters, 13al15; ducks, 14a16; pigeons, pair, 23. Eggs—Receipts, 939 cases; nearby firsts, 20a21; southern firsts, 2: Butter—Good to fancy creamery, pound, 36a361,; ladles, 24a27; rolls, 24a 26; process, 2922914 store packed, 20a21. Hay and Grdin. ‘Wheat—No. 2 red Winter, expol 91'2; No. 2 Winter, garlicky, spot, August delivery, 88; September, 89%. Corn—No. 2 domestic, yellow, new, 1.04a1.05; cob corn, 5.00. Rye—Nearby, 60a72. Oats—White, No. 2, 46; No. 3, 45. Hay—Receipts, none. No change in market; continues quiet. Live Stock Market. Cattle—Receipts, 500 head; light supply; market dull. B Steers—Choice to prime, none; goog to choice, 6.50a7.25; medium to goog, 6.2526.75; fair to medium, 5.75a6.25- plain to fair, 5.2525.75; common Dllnlniu(_,'lg;i'li. e ul oice to . none; good to cholce, 6.25a6.50; medium to 6.00a6.25; fair to medi 5.00a5. um, 5.5026.00; 50; common to ice prime, none; good to choice, 4.75a5.00; medium to 4.5024.75; fair to medium, 3.5024.00; plain to fair, 3.00a3.25; common to Pplain, 2.25a2.75. Heifers—Choice to prime, none; good to_choice, 6.25a6.75; medium to good, s 'l‘nr ‘u_a’hrgezdslum. 5.2585.75; n air, 4. .25, common to plain, 4.25a4.75. Fresh cows . Ay and springers, 30.00a Sheep and Jambs—Recelpts, 4,500 ; good supply; market higher; sheep, 1.00a3.50; lambs, i.mlfl.i". g