Evening Star Newspaper, August 5, 1930, Page 15

THE EVENING STAR, WASHINGTON, D. €, TUESDAY, AUGUST 5 1980. COMMODITY PROES =220 “mes A—18 SOVIET FAGES TEST (U. 5. PUBLIC DEBT | FINANCIAE. FINANCIAL CURBISSUES FIRM |[NEW YORK CURB MARKE Received by Private Wire Direct to The Star Office IN GROUP INSURANCE National Dairy Products Corpo- INAGTIVE MARKET Motor Shares Featured in Turnover—Oils Are Also in Demand. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, August 5.—The motor shares featured an active and firmer Curb Exchange Market today. Public utilities registered about as many losses as gains and oils continued in demand. Electric Bond & Share opened lower, recovered and around midday reacted. American Light & Traction declined 1% points at the opening only to re- cover that loss and add 2 points later. Eastern States Power B opened up a point and St. Regis Paper, a close as- sociate, rose half that amount. Cities Bervice moved within a narrow range. Ford Motors limited stood out in the forenoon session as it crossed the 21 - level into new high territory for the year and up more than 21, points. A Tecent security portfolio of United Founders showed that company owned 80,000 Ford Motors limited shares and since the first of the year bankers closely associated with General Motors have bought in this market upward of 60,000 shares of the English Ford com- pany. Ford Motors of Canada A shares were fractionally higher. The only other active motor in the forenoon was Stutz Motors, which eased. Saxet Corporation was & lealsr of the trust companies as it moved into record high ground. Chemical National fates continued active as a result the exchange offer made by Chemi- 1 Bank. Insull Utility In- ‘vestments opened fractionally better than its previous close, as did Blue Ridge common and Goldman Sachs. Anglo-Chilean Nitrate, the first of the mine shares to appear, leaped 1% It was soon followed by New- opened irregularly, with Fox Theaters A lower and Technicolor higher. Canadian Marconi furnished virtually all the activity in forenoon radio transactions. Appalachian Gas during this period led natural gas shares. BONDS ON THE C o 53552 F 2555 FEETEFG &, 2929 3 5 £ w3 228 5! ! - m#g:i 33! | g g - > Sad FES g 3 : 0 i 9! i o 9990! e 2! W SRR 5 s 5% 2 '3 ¥ eazegasynSnsssssessnnisnnnseaiians: FEEE 2 a0 e ame o - 2 Greie rran 875 S 3 Ul o P 5 S 25 3 0113 1001 1031 004 100 * 100 102 o 3 uthw G&E 55 A 87 ‘thw P&L 65 A 2022 1 1 o871 . g5 5= <acadad: i BoaSoo! with n—Ne COLORADO-SOUTHERN RWY. arrants. xw— Without war- Wi—When issued ! ! : Alum Ltd cu pf(new) 7% Am Br B fd shars. R PSS ers 17% Am Cynam B (1.60)., 1 Am Gas & Elea (31)0 e e 941 Am Pub Sve pt 175 Am St Pub 8 A(1.60) 20% Am Superpwr (1) 3 Am Thread pf(25c) 7% Am U&Gen B vie 3 15% Angle Chil Nitrate.. 3 8% Appalachian Ga: 5 ¥% Arkansas Nat Gas. 84 Ark NatGas (A). 1 5% Asso Elec Ind (30e) 1 35 Asso Gas & Eiee. 1 30% Asso GEE A (ar12.40) 17 5 1 2 1 1 1 % pf.. 5O (7).. b0s 1 8 . 1 . 1 97 Asso Gas&Klotfs(8) 268 5% AS30 G&E (A)dbrts 2 28% Asso Rayonpf (6).. 2 8t4 Atlas Util Corp. 315 Atlas Utilities( .3 AutoMu Ins A(T110 3% Auto Voting Mach. .. 915 Aute Vot Ma cv of pt 24% Aviation Corpof Am 1 124 Aviation Credit..... 122 Babcox & Wil (19).. 258 21 Bania Corp. .. S 454 BancomitCorp(160). 2 146 Bell Telof Can (3).. 258 18 BlUssCo(EW) (1).. 1 6% Blue Ridge Cp (40e). 15 33% Blue Ridg 1 Blyn Sho 2% Brazil Trac & Lt( 2% Bridgept Mach (25e) 1% Burco, ine (war) ! 8% Butler Bros (30¢) 3% Canada Marcont % Carib Syndicate. 28 Cent P8 (A) (a1.75) 19 Cent States El(k40e) 2% Chain Stores Dev. . 17% Chat Ph Al nv (50¢] 17% Chem Nat Asso w22 wma-S anneana Sve P& s CIL!P&MD(‘C‘T) . De: 13% Cens Da'ry Prod (2) 21% Con Gas Util A 2.20.. 5 Copeland Prod.Inc A 6 CordCorp........es 19% Corp Sec, Chl (b6% ). 9% Corroon & Reynolds. = B0 00 00 5h 00 e 1 0 1 T | Crown Cork IntlA Curtiss Wright war, Dayton Alr & En Deere & Co (m1.20 De Forest Radio. Derby O1] Refinli Detroit Alreraft .. Dinkler Hotels (2).. Doehler, Dis Casting. Douglas Alr (75e) ‘Driver Harristnew), Duke Power (it5) Dugquesne Gas Cp w.i- Durant Motors. Esstn Sta Pwr B(1). Eastn Ut!l Asso e Eisler Eelectric(1%) E! Rond & §h (b§). . El Bond & Sh pf (§). El Bond&Sha cu pf(§ Elec Pwr.Anpo (1)..: * Elec Pwr Aaso A (1) Elec Shareholdg($1) | - . P AR RE RN A~D A Buro Elec debrts. Evans Wallow Lea. Ex-Cello AIr&T (80c) Fokker Alrprafi. . Ford Mot. Can A +13§ Ford Mot.France 8¢ Ford Mor.L1d 37%e, 857 Fox Theater Cl (A). sral Baking Baking of ¢ Sate HoNNNERO-N ) Gen W WE&E(A) (2), % 3old Coin (new) Goldman Sach T C. Gold Seal Flee new. . Gorham, Ine of (3)... Graymur Corp. . ... GrA&PTn-vh).. Gulf Ol of Pat1%). i Heeia Mining (1)... Houston Ofl of Texas Hudxoo Bay M & 8., Humble O11 ¢3) .. . Hygrade Fond Prod. 5 Imp Chem Ind (26¢). imp O11. Can. atéve). (nd Terr 11l O1) (A) ind Terr Illu O1] ¢B) Indus Fin ev of (1 insull Util Inv b9 % ins Co, No'Am (13).. insurance Sec(1.40). Intl Petroleum (1).. Internatl Supert (1) internatl Util «B' Interstate interst Eq s caxBo nTnnnlannnmna o (PRI PN ST 1% 304 6 % 36 37 19% B 12% | cash ‘or stoc! holders stock stock (e lend Rate. 84 Ttaltan Superpwr A. Kirby Petroleum. Klein (DE) Co (1).. Lefeourt Realpf(3). 1% Lion O11 Loew’s. Ine (war)... Lone Star Gas, n (1), Louisiana Lan & Ex.’ Marion Steam Shov.. ‘Mavis B Mayflower Anso (13) Met & Min. Inc (1.2, Mid W Sts Ut (1%).. Mid Wst Mo Kan P L (b10%). Mock Jud Voehr (1).. Monroe Chem(1%).. Moody's Mount Prod(1.60)... Natl Am Natl Aviation. Natl Fam Stra(1.80) Natl Fam 8 pf (2). Natl Investor . th Rub Mach (2).. t Sh Tm See(£60c) t! Unfon Radlo. ... hi Corp (1.30).... New Brad O1] (50¢c).. Newmon N.Y Rio&Bu Afres. . N. Y. Transit (11.80) Nia, Niag Shars Md(40¢). Niles-Bem-P (12%4).. Noth Euro Oll Corp., Ohio Copper. . . Ohlo Ofl new wi. ©Ohio 011 O'stocks Outbd Mot(A)(1.80). Pac G&E 1st 8 Pac Pub Wi People: Prince & Prince & Prudential Invi Pub Util Pub Utll Puget Sound prior pf Pyrene Mfg (80¢)... Rainbow Rainbow Rel Roosevelt Field,Inc.. St Regls 4 Salt Creek Prod (2).. Saxet Co..... Schulte Un be-31 St. Seaboard Util (50c). Seg Lock & H (50¢). :tllel Indpri6%)... veport Elec (D). Siltea Gel Sisto Finance Sni Viscosa re So Cal Fd pf B(1%) 2% So Cal Bd pf C (1%). S W Bell 4 8 W Gas Standard Motors. ... Stand O1l ind (2%). Steln(A) Strauss Roth. .. Stromberg-C (11%) Stuts Motor Car. Snnrav Ofl (40¢) Swift & Conew (2).. Kwift Internatl(2%4) -Am El of (6).. Syrac Wash M B (1) Taylor Milling (13).. % Technicolor Ine.. Thermoid Co pf (T). Swil Todd Shi Tran Con Alr Tran. Trans Lux DLPS Tri Utilitien pf (3) TwinStNGApt1). % Ulen & Co ( Un N G of Can (11.60 Unmited Chem pf (3). L&P. A 22.40 4 Philippe(L) B 11.80 Pilot Radio Tul Power Securiti, Sales— Add 00. Open. High. Low. Close. 8% ¥ B B 1% 1% 1% 15% ' % 15% 27 19 Refin (3)..a o 4 - @ ] RN NN MR~ ACNH RN S HON AN B NG AR AR D DD~ AT BN TR I N - ttling 0y Util(b8%) . I8 ptpf(3) r Co. t Min (f4).. ©). 0e) . pf ne; Ld B Pt (114) (1.30) = pf.. White(25¢) Whit pf(3) Hold w w. Hold war. . e 0 5 s pe Lu Prod A. Lu Prod B.. Manag. Paper (1) 1 Cuts » S Tel pf (7).. Utilities, & Co (1.60). ® = o e DO RIS B G0 O IS IS IS N TS TN R e i e e G B T A b8 pyard (4).. 60) United Corp fwar) Unit Found (b2-3; United G as Co inew) United Gas (war). United Gas pf (7). Ud L1 & Ut Lt & Unifed Stores. USDary B U 8 Rlec Pwr At1).. Pwr pf(6). Pwr ww.... U S & Intl Secur. U S&int) U'S Lin USa& U S St Utility & Sec of Ut & Ind pf ¢ Utility Pwr&Lt(al). Vacuum Ofl (4). van Cam Venezuel D Packing a Petrolm. . Vie Finan Corp (40c) Walgre Walker ¢ Wenden Copper . Williams R C(1 Wil-Low n Co. Hi v % 1834 % 0. Cafeteria. Worth. Inc (A).. “Y* Ofl & Gas Zonite Products (1). RAIGHTS Segal Lock......Aug. 22 Dividend rates in dollars based on last quarterly or semi- | annual_payment *Ex dividend k. ayab eAdjustment nPlus 17 in mPlus 1'2% in tPartly extra 10% Expire 5 % % % in stock le in stock stock. JPlu stock DPlus 89 in tock djvidend kPlus 10% THOUSANDS CHANGE | HANDS AT SARATOGA' Fur Houses Find Business Good at Fashionable Track as | ‘Women Buy Coats. Special Dispateh to The Star. +SARATOGA, N. Y, (NANA)— of kings—racing—hundreds of | thousands of dollars change hands every day in the smart private gambling clubs and at the tracks. Women are as fash- | jonably gowned as ever they were and the display of jewels at the night clubs shows no diminishing brilliancy. Luxurious -motors, shining new, roll through the shaded streets, while the salesmen for exclusive far houses, which maintain display rooms in the best| hotels, find plenty of women are al-| ready fortifying themselves against the | com| wintry blasts with the usual ermines and sables. Fear, not lack of funds, sends women scurrying to hide their cash away in tea) and sew it into mattresses. When there is something women really want to own or something they really | int to do, the money is forthcoming. (Copyright. '1930. by the North Amerie Newspaper Alliance.) e CHICAGO DAIRY MARKET. CHICAGO, August 5 (#).—Butter— | 14,055 tubs; easy. Creamery—Extras, ;_ standards, 36!;: 35'5036; firsts, 33'5a34%; 3. 8 fresh current receipts, 20a22' nary current receipts, 15a17, NEW YORK, August 5 (#.—The Colorado-Southern Railway system re- ported June net operating income of $120,228, compared with a net operat- ing deficit of $11,780 in the like month in 1929. For the first half this year net operating income was $1,154.052. compared with net operating income of .’1‘.1::,1” in the corresponding period last year. MONEY MARKET. NEW YORK, August 5 (#).—Call money firmer; high, 2';; low, 2; ruling rate, 2; close, 21 per cent. Time loans steady: 30 days, 2a2'%; 60 days, 2',: 90 days, 214223 Where visitors gather to indulge in the | © DIVIDENDS DECLARED | NEW YORK, August 5 (4).— | Regular. Company Beech Nut Colgate Palmoiive Peet .. ) ol Columbus Pkg bf. Continental Bank Trust Co P Detroit EI €I B Dexter s Ea. L L r & Light 36 series pf.. .$1.50 Holt (H) & Co A 45c Jaeker Machipe. . 821sc Keokuk Elec pf. $1.50 Morre Twist Drill & Shrs)_ . Ser C1 A 40c cl B 40c s cum pf.75¢ Hundred A ren’ Corp Do 33 Nineteen ™D Class Northam War Ing 6212¢ :I‘i‘ll & Clathier ind em Ol A 17124 Tide Water Pow Z.‘ » Vl’l‘tol ’5’& B r' $1.78 Wheatsworth Ing White Motor . 30e . sec pf 1178 counter market: Amer Founders : British_ Type Invest. months, 23,a3: 5-6 months, 3a8'4. Prime commercial paper, 343'¢. Bankers' acceptances unchanged. v Rate. riod. T O 000% X o 090 5 00 © £oO Initial. Am Smelt & Rel .| and pf- .o, 8 INVESTMENT TRUSTS NEW YORK, August 5 (4).—Over the Pe. Pav- b 1 Sep. 5o 18 s Augl 15 | Aue Aug. € 2gee 00000 ©O OO ' pp 1 15 5 o B atit | i o | 3| GRAIN MARKET. CHICAGO, August 5 (Special).—The | | wheat market continued to advance in Hidrs. ot | the final record, | Monday and today, were reported as 8ep. 12 | high as 4,500,000 bushels, mostly Mani- 20| tobas, and this stimulated bullish feel- ing. of the day, showing gains of 21. to & cents. higher. hour today. Export sales, Last prices were near the best Corn closed 1% to 4 cents Oats closed 15 to 1 cent higher. Lard cloced 10 to 15 higher. The table: March My RYE eptember December Narch 69'% NEW YORK COTTON NEW YORK, August o (Special).— Scattered showers in Arkansas and Oklahoma Monday night and private reports that it was raining during the dsy at several stations west of the Mississippi River caused a lower cotton market today. Liquidetion became more general in the last hour, closing the list at the bottom with a loss of about quarter of a cent and wiping out virtually all of Monday's improvement. reduced 25 points to 12.8! Cotton range Open 13.10 e October (old),. Oclober (new) December - (old) December (new) January (old) January (new). 13.10 Mt 1342 May SILVER QUOTATIONS. NEW YORK, August 5 (#).—Bar sil- ver, 34! CHICAGO LIVE STOCK MARKET CHICAGO, August 5 () (United States Department Agriculture).—Hogs, 129 133 181 132 131 133 135 | = :| CHICAGO STO 100 1% | aPayale in | Spotg were | CONTINUE SPOTTY Falling Tendency in July Holds in Early August, De- spite Some Recoveries. Price advances or recoveries in corn, live stock, dairy products, eggs and Western potatoes partly offset récent declines in wheat, cotton, fruits and vegetables, says the United States De- { partment of Agriculture, Bureau of | Agricultural Economics. Market News Service. But the generally falling tendency of July prices held over into early August. Dry weather—long-con- tinued and rather general—caused very serious injury to corn, truck crops, fruits and pasturage, leading to lighter market, supplies in some lines. Butter, cheese, choice eggs and poultry tend higher. Cattle, hogs and lambs made good price recoveries on reduced mar- ket supplies near the first of the month, but meat trade continues slow. East- ern potato markets showed no improve- ment, but, generally, potato receipts were lighter. Chicago gained about 10 cents, bringing the price about back to the level prevailing in the middle of July. Most vegetables, also peaches, meions ‘and cantaloupes, tended lower, even when shipments decreased. Vegetable Shipments Maintained. Combined carlot shipments of fruits and vegetables have been greater than a year ago, despite heat and dry weather. Potato markets in the East were still dull and draggy in -early August. New Jersey potato shipments increased rapidly. The season opened in Western New York and in Pennsyl- vania and Wisconsin. Most city sales of Southeastern melons were within a range of $1.75 to_ $3.50 per carload. Baltimore reported Virginia melons sell- ing at 15 to 35 cents wholesale. EIl- berta peaches declined to low point of $1.50 per basket or crate in New York City and general jobbing range in Northern markets was $1.50 to $3.25. New Jersey yellow onions in bushel hampers brought 75 cents to $1 .per bushel, jobbing sales. Onions from Orange County, N. Y. sold at 60 to 65 cents in New York City. Prices of Western cantaloupes declined generally to & range of $2 to $3.25 per standard crate. Arkansas and Maryland canta- Joupes are jobbing at $1.50 to $2, ‘while growers in the Eastern Shore sections received $1 to $2.50. Market supplies of eggs were lighter and quality poor _on account of heat in early August. Dealers reported diffi- culty in filling orders calling for best | grades. The marked falling off in re- ceipts caused a firmer tone in the mar- ket and prices on best grades advanced from 2 cents to 3 cents per dozen within a week. Lighter receipts of poultry caused the market for broilers weighing two pounds and less to develop a steady to firm tone, resulting in a rise of about 2 cents per pound early in August. Broilers of this weight are now selling about 6 cents Jower than at this time in 1929, 4 cents less than in 1928 and. 3 cents below the price in early August, 1927. There wtu a good demand for the larger sizes Of dressed fowls. CK MARKET | By the Associated Press. CHICAGO, August 5.—Following is the complet: official list of transactions | in stocks on the Chicago Stock Ex- | Sreamee pochY: . Low. Close. 32% 32 9 5 60 Assoc | 89 Astoc Tl Dul... urn _Auto. | A rentcks: 1250 Bastia 2100 Bendix 3150 Borg _Warner.. 50 Borg-Warner Dl 885, | 1arger than June. 29 i w0 Consumers 8'c 750 Cont Cnicago 500 Cont Chic PI | 8900 Cora Corp. .. 2800 Corp Sec : Tov Corp Sec etis. . Co. 100 DuG iesne Cor 1030 Klec riousenoid....... 50 elec Resea.c o0 Emp G & ¥ 50 FiZSImmons 4ourooie G & M Tou en Taca ka 100 Gen Wai, Wks aeh fod 1000 Lioby-mcNeill 0 Lincol _print 400 Lindswy Lignt . 1000 Majestic House Ut.. 50 MauiRL Dea:oorn .. 1000 Marsnall Fiela W 100 Mialand 1050 Midland United 100 Migland Unit 400 Midiaxd Unit 50 Miss_Val Uil P L. 200 Mo-Kar 30 Monroe ng. . 7% bt West Ut 100 Polymet _ . 50 Potter Co | | L Oll-0-Matic. . 10 Woodrufl & Ed.. 1300 Zenith Radio. Total stock salex tod: BONDS. €000 Insull ULIl 65 '40. .. .. £000 Southw Uul Tce 6 "41 128 5000 North UL ww 6 Bond sales toduy, §16,000. PARIS BOURSE PRICES, PARIS, August 5 (#).—Trading was inactive on the Bourse today. per cent rentes, 88 francs 75 centimes. Five per cent loan, 100 francs 85 cen- times. . Exchange on Lonhdon, 123 francs 835 centimes. The. dollar was quoted at 2! francs 42 centimes. FaBHsER.EEY shares. 10215 10212 102%: 6 = 58 B 81ty Fit Three | PO! ration, through Thomas H. McInnerney, out group life, accident and sickness insurance invelving $60,000,000 life in- surance and more than $500,000 weekly benefits for sickness and non-ogcupa- tional accidents for the 35,000 employes in its 150 subsidiaries throughout the V!\ll‘fied States, including & Washington unit. nuhumwummtmv policy issued this year. Liberal benefits are provided, ranging upward ffom a minimum_ of ' $1,500 'fite Insurance and $15 upward weekly sickness and m“ dent benefits, depending on empl earnings. The plan f§ co-operative and | was underwritten by the Travelers’ In- surance Co., Hartford, Conn. National Dairy is the first corpora- tion to buiid a Nation-wide system of operating . companies _distributing milk and ice cream and has subsidiaries in almost every State in the Union. Al- ready the largest company in the dairy products industry, the recent acquisi- tion of Kraft-Phenix Cheese Corpora- tion brings its official 1930 estimated sales volume in excess of $400,000,000. Corporation. Reports NEW YORK, August 5—The follow- ing 16 a summary of important corpo: ration news, prepared by Standard St tistics Co., Inc., New York, for the Al sociated Press: News Trend. The day's corporate news on the whole is unfavorable. Earnings state- ‘ments make poor contrasts with 1929. Marmon Motor passed quarterly com- mon dividend due at this time. Warner Bros. announced their studios would close for period 8 to 10 weeks, begin- ning September 1. Preliminary erude dil production fig- ures indicate daily average output in the past week was increased 20,514 bar- rels ‘daily over the week preceding. ‘This is the first expansion in output since early last month. Gain is con- fined tq flelds east of California, as yleld in that State dropped nearly 5,000 barrels. Production in the Darst Creek pool, Texas, which was opened wide about two weeks ago because of oper- ations dissatisfaction with restriction program, has been returried to prora- tion. A compromise agreement has, been made allowing output 44,000 bar- rels daily, against about 20,000 barrels formerly. The Companies. Adams Millis Corporation July ship- ments up 27.4 per cent; six months, 13.4 per cent above year ago. American Machine & Foundry un- filled orders on hand sufficient to pro- ;/‘ldl} full operations for most of second alf. American Piano to pay 50 per cen dividend on allowed creditor ~claim: further payments to be made as ad- ministration of estate permits. Bon Ami July unit sales declined about 4.9 per ceént from year ago. g ‘California Packing to erect plant at ‘Tampa, Fla., for packing and dis- tributing grapefruit and grapefruit Juice. Central Bublic Service net earnings’ before interest, depreciation and taxes, 12 months to June 30, up 7.5 per cent. Chrysler Corporation to add to Day- bered 44,459, against 23,688 year ago. Consolidated Cigar earned $2.50 com. mon share in first half, nst $3.88 year ago. Engineering Public Service earned $2.80 on average number common shares outstanding in 12 months to June 30, against $2.69 previous year. Ford Motor, Ltd., operations resumed at_Barcelona assembly plant. First half passenger car registrations com- prised 41.4 per cent of all domestic registrations. Ford truck accounted for 45.7 per cent of new truck registrations. Fraser Co.s, Ltd., .sale. of properties to imwestment organization . repotted imminent. . & W. Grand Silver. Stores.July sales off 0.7 per cent; six months, 9.1 per cent above year ago. Lerner Stores earned $2.24 common share in first half. Marmon Motor omits gquarterly divi- dend currently due; paid 2 per cent in stock June 2. L Radio Corporation of America new R. C. A.-Victor models to retail for $110 to $285, More expensive models to be equipped with recording device by | which programs may be permanently | recorded. ¥ Republic “Steel July orders’ were Steady tinplate busi- ness and increased orders for pipe were factors in improved showing. Ritter Dental Manufagturing first half earnings $1.78 common share, against $2.85 year ago. | Swift & Co. sells patents, patterns yand good will of equipment subsidiary, Mechanical Manufacturing, - to . All- bright-Nell Co. for consideration re- ported around $2.000,000. Teck Hughes Gold Mines earned 48 cents common share in nine months to May 31. Telautograph Corporation - contracts | received in ‘ July equaled -in annual | Tentals $17,021, against $14,106 in July, 11929, | Tidewater Oil advances | ford and Alleghany crude ol | barrel. Union Pacific Railroad to build road rice Brad- 5 cents a * | connecting Boulder Dam site. with ' Los . | Angeles & Salt Lake Railroad. | Warner Bros. Picture Studios to close | down for 8 or 10 weeks, beginning Sep- % | tember 1. ‘Warner-Quinlan Co. obtains contracts ‘(rorn R-K-O, Paramount, Warner Bros, |and Fox for 1930-31 fuel oil require- ments. | Air Wav Electric Aonliance first half , | earnings, $1.07 common share ‘vs. $2.06 | year ago. | * American Stores earned $1.75 com- mon share in first half vs. $1.81 year Ago. Bickfords, Inc., July, sales up_10.5 per cent; 7 .months, 109 per cent above | year ago. Colorado & Southern R. R., June net operating income, $120,228, vs. operat- ing deficit, $11,780; 6 months, 30 per cent below year ago. Eureka Vacuum Cleaner had deficit $184,949 in first half profit $617,172, equal $2.24 common share, 1929 period. General Water Works & Electric net earnings, 12 months to June 30, 1 per cent below previous year. ¥ McLellan Stores, July up 10.3' per cent; 7 months, 7.2 per cent above year ago. Old stores during July showed increase 2 per cent. ’ Richfield Oil of California subsidiary gets contract to furnish gaseline to Pan-American Alrways. 5 Schiff Co. July sales up 5.3 per cent; 7 months, 21.5 per cent above year ago. Viking Pump first half earnings, $1.53. e DIVIDEND OMITTED. NEW YORK, August 5 (P).—The Marmon Motor Car quarterly dividend on the common stock due at this time. June 2 last & stock dividend of 2 per cent was paid. On March 1 a dividend of 50 cents was , | paid, and on December 1 last year the company paid a dividend of $1 on the comthon. METAL MARKE' NEW YORK, August 5 (#).—Copper, quiet; electrolytic, t and future, 11. Iron, quiet; unchanged. Tin, steady: spot and nearby, 30.25; future, 30.55. a; 5.50; East Zinc, . Louis, spot and future, 4.50a4.55. Anti- mony, 8.25. — Financing in July. NEW YORK, August 5 (#).—Corpo- rate financing in July totaled $530,700,- 000; the lowest figure recorded so f this year, Standard Statistics Co. re- rts. The total for the first seven months_this year, $5.345,800000, was nearly 30 per cent under the financing for the corresponding period of 1929 In a recent month 53,700 tourists vis- ited Vienna, Austria. president, announces that it. has taken |, ton plant. Stockholders June 30 num- | Co. has omitted the | IN FARM POLICIES Drive on Kulak Will Furnish Clue to Future of Pres- ent Regime. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, August 5—The most exhaustive study yet made in the United States on the Russian agrarian lem has been ¢ompleted by the Forel Pol- icy Association of New York. ‘The present Soviet drive on rural Russia is aiming at the elimination Airst of the kulak. He is defined as “a peasant who rents land, hires labor, possesses & mill or other ‘home indus- try’ and engages in trade or usury.” In 1926 the kulaks amounted to but 3.3 per cent of the rural population, the middle-class peasants about 66.4 per ceg and the poor peasants 30.3 per cenit. But in 1928 the upper middle-class peasants tended toward the kulaks, who then formed 10 per cent of the agri- cultural population, furnished 30 per cent of the total grain production and 40 per cent of the total marketed grain. Machinery, still more machinery, is the watchword of the rural Russian. With Ford's tractor factory there in shape, supplemented by, the factories the Soviet government has erected, from 50,000 to 100,000 tractors will be turned out annually in the next five years. The Federal Council of Churches, too, has issued a long article dealing with the future of agriculture under Soviet rule. Soviet rule embraces three steps— first, the military organization; second, the new economic policy nep, formu- lated by Lenin; third, the building up of collective farming. Will the Soviet government succeed? It depends on results. If it gives the peasant more food, better housing con- ditions, more recreation, better educa- tion for his children, then the peasant will support it. Otherwise, the govern- ment will face its most critical test. Every farming section of the world is watching the experiment. ‘The report, rather widespread, that meat consumption has been decreasing for many years is not founded on facts, according to the Bureau of Agrieultural Economics, which has checked the fig- ures for the last 30 years. C. D. Whalin, in charge of the divi- sion of live stock, meat and says that the increase in the population of the United States during the Jast three decades has been met by increased meat production and’ that consumption -and production - have about paralleled one another. jt Today, accerding to Chairman Legge of the Farm Board, there is no surplus pn:sb)em either in meat or dairy prod- veth The lamb increase of 2,000,000 this year is very heavy and the Farm Board has recommended that these lambs be moved to market as soon as possible to avoid a rush later. - ' In the case of pork and lard, the United States bhas always been on an export basis, but the beef and mujton roduced during the last 15 years largely has been consumed within its {own borders. 4 ‘The per capita meat consumption | the last 30 years has varied, according to the Government. It was as high as 155 pounds in 1907-and as low as 120 pg\cl:gs in 1917. The 1929 figures were Meat consumption must be considered normal, concludes Mr. Whalin. “Copper prices have about reached the bottom,” says Sam A. Lewisohn of the Miami Copper Co. ‘With prices now at the lowest figure since 1902, 31; cents below the 10-year average of 1920-29, and- close to-8 cents below the previous 10-year average, this copper magnate believes that the pres- ent 11-cent price is far below the cost to m: .American mines. Mr. Lewisohn _quotes statistics. from the United States Tariff Commission to show that approximately 46 per cent-of the domestic output of. copper last year cost 11 cents or more to mine. These high-cost production o mines face a shut-down. And silver, being largely the by-product of many of these high-cost mines, only adds to the rrohl:mA For silver prices stand at the lowest price in a century. Is there danger that substitutes- for copper will add still further to the cop- 'r producers’ troubles? Mr. Lewisohn loes not believe so. In fact, quite the ‘reverse. Copper is being .nore -widely u.s;_dh m;'lv tln:n ever before. te 11-cent-a-pound cop) rice ‘is the lowest in 28 yng".l. Last pwe:ek“l sales of foreign copper by Copper Exporters, Inc,. were the largest in two months. Still some profess to believe that copper will decline to 10 cents before the up- swing comes, Should the Transcontinental Air Transport-Maddox and the Western Air Express merge, it would bring together a new coast-to-coast passenger, mail and express air service, tying up more than 30,000 miles of airway and create | & seeond big transcontinental system. What's back of this move, which will bring together two well known young men. Charles A. Lindbergh, chairman of the Technical Committee o. the Trans- continental Air Transport-Maddox, and Herbert Hoover, jr., chief.engineer for the Western Air Express? Eliminating overheads? = Yes—but it is more likely getting ready to bid for the profitable air mail business. The Transcontinental Air Transport lines, only two years old, have -never carried mail—only passengers. But the proposed tie-up would bring forth for lin, a rival to the Boeing System, which car- | ries both passengers and n.ail. I Some day, the airplane. serving pas- sengers exclusively. will be a profitable business. But until that day arrives, air mail will-continue to be a lfie saver. (Copyright. 1930, by t : EARNINGS REPORTED. NEW ' YORK, - August 5 — | 3 (#).—Th |"American locnmntlve.“(‘.‘.q, -nu‘"}unmiE laries today reported first -half net profit of $2,194,534.- equal after 7 per | cent preferred dividends to $1.10 a | share on the common, compared with | $3,075,939, or $2.24 a share in the first ha'l,t ;1‘1?:« year. i ni orders as of July 1 totaled | $15,472,948, compared with $17,834,363 January 1 Iast and $31,727,460 July 1 | lm\;e%ur. x leral Bake Shops, Inc., reported for the first half net profit of $115,377, equal- after 7 per cent preferred divi- | dend requirements to 37 cents a share | on the common, compared with $104,- 971, or 31 cents a share, in the cor- responding period last year. { eatsworth, Inc.. had first half net | jearnings of $184,205, equal to $1.23 a share on the common, compared with $171,829, or $1.10 a share, in the first half 1ast year. | Wisconsiin Power & ht Co. has | June quarter net of $616,962, com; with $593,602 in the June quarter of 1929. Mack Truck had net profit of $1,900,- 633 in the first half,-equal to ‘l 2 Second share, against $3911,128, or share, in the first haif of 192! was 81, 24, or| against $2,481,541, or juarter net profit 1.85 a share, $3.28, in the same quarter a year ago. | Pittsburgh Steel Co. reports June ! quarter net profit of $341,007, or 62 cents a common share, against $1,422,- | 548. or $4.89 a share, in the same 1929 quarter. The preliminary statement for the 1 year ended June 30 shows net profit of $1,683,149, or $3.74 a com- mon share, compared with $4,535437, or $15 a share, in the previous fiscal | year. | 3 -— | Steps are being taken to erect a mo-l ‘morial for Sir Henry Segrave, the auto and motor boat lmd xug'., who was killed while regaining for England the world’s speed record om water. GREATLY REDUCED Figure Now at Lowest: Point Since End of World War., By the Associated Press.. ‘The gross public debt of the United States now stands at $16,175,51%.622.43, the lowest point in post-war years. From the peak reached on August 31, 19 ‘when the gross was $26,596,701,- 648, with a per capita indebtedness approximately $240, the obligation hal been steadily and consistently reducre to its present size of about $140 pe& capita. 4 Incoming foreign debt payments havi never been permitted by the Treasury to be diverted to other causes, but nave been applied promptly to debt reduc- tion, together with such funds.as eoffie be safely applied from the general balr ance. i Approximately $4.500,000,000 charge+ able to ordinary receipts under the ese tablished g.t‘ozr-m for the liguidation of the debt, have been aj to the ree duction, as has approximately the same amount comprising & surplus of ordir nary receipts. The general fund bal- ance has reduced further the amount tp the extent of about $1,000,000,000. .. The annual interest charge on the interest-bearing debt outstanding the peak on August 31, 1919, amoun to $1,105,690,254. Ten years later t| had been reduced to $652,471,596. Dur- ing this period the gross debt oul - ing was reduced 36.8 per cent and the interest-bearing debt 37.3 per cent. ‘The larger per cent reduction in interest» bearing ‘debt was occasioned slight increases as between the two dates in matured debt on which interest had ceased and in debt bearing no interest. Also, the annual interest charge was reduced 41 per cent during this period The effect of the reduction in interest charge is offset in part by the lpgroprl- ation for the sinking fund each ye: of the amount of interest which wmfi have been paid during the year on ti bonds and mnotes retired through the sinking fund, as provided by law. Approximately two-thirds of present gross public debt consists of war obligations. These include the fourth Liberty loan, wmndlnfi to the extent of $6,268,241,150. Other interest- ring war loans amount te slightly more than $4,000,000,000. Short-term ‘Treasury paper is outstanding to an amount just less than $4,000,000,000, while there is approximately $257,000,- 000 of matured debt on which interesf has ceased. i e HEAT HURTS CROPS * IN SOUTHERN STATES Special Dispatch to The Star. : ATLANTA, August 5.—Weather con- ditions have affected crops adve [ nearly all parts of the sixth The acreage in cotton in the six States same as for last , according to the first cotton report of the season issued by the United States Department of Agriculture. The July estimates of corm, wheat, oats, hay, white potatoes, sugar and rice indicate smaller crops in this disirict than in 1929, but estimates of tobacco, peaches and apples indicate increases. 5 Retail trade declined in June com= pared with preceding months, and was at the lowest level recorded for Jume of any year since 1922. For the first half of 1930 department store sales in this district averaged 8.4 per cent less than di the same part of 1929. The volume of wholesale trade in eight re- porting lines combined was smaller in June than. for any other month an record. Sales during the first half of the year have been 10.7 per cent less than during the first six months of 1928, Collections in June in both retail and wholesale trade were less than in Ma; or in June a year ago. Bullding permits issued at 20 reports ing cities of the district declined 308 per cent in June compared with May and were smaller by 55.2 per cent tham in June last year, and contracts awarded in the district as a whole declined 20.7 per cent compared with May and were 422 per cent less than in Jupe, 1929. For the first half of 1930 permits have been 444 per cent, and contract awards 22.2 per cent, smaller than dur- ing the first six months of 1929. el FARMERS OBTAIN WORK ~ ON OHIO COUNTY ROADS By the Associated Press. WILMINGTON, Ohio, August 5.— Driven to desperation by failure of their crops because of the drought, more than 200 Clinton County farmers appealed to the county commissioners for work o fl'sl;:bk them to buy food for their fam- After listening to their pleas, the commisisoners ordered that $100,000 worth of road work contemplated for later in the season be started immedi- ately and the men put to work. i For the last 10 days the farmers had been wge-lmc to the commissioners in- dividually for work and received promise of work when road improvements werg started later. Yesterday they came en masse in rattle-trap automobiles and on foot. They chose Erakin R. Mayes, u‘rfl retary of the Wilmington Automobi Club, as their spokesman. He led them to the court house. . Most of the delegation were tenant farmers and farm laborers. And under the most favorable conditions crops in that section are sufficient to maintain the families. They depend 5: great extent upon truck gardens, whic] have been completely burned up by the drought. NEW SECURITIES . NEW YORK, August 5 (#).—New se- curities offered today include: Ontario Power Service Corporation $20,000,000 5, per cent bords priced so yield 6 per cent, by syndicate headed By Guaranty Co. Paramount Publix Corporation $15,- 000.000 4% per cent bonds to yield from 3.50 to 4 per cent, by Kuhn, Loeb & Co. and Hallgarten & Co. First Mortgage Money | for 6% BUILDING LOANS or IMPROVED PROPERTY Reasonable Rates Prompt Action B. F. SAUL CO. 925 1Sth St. Nat'l 2100 ‘