Evening Star Newspaper, August 6, 1930, Page 14

TA__M T F1 -~ UNITIZATION IN O INDUSTRY IS URGED U. S. Officials Study Opera- tion of Pools in Conser- vation Inquiry. BY BENNETT WOLFE, Associated Press Staff Writer. TULSA, Okla., August 6.—Unit oper- ation of oil pools, a plan which Govern- ment officials are studying this week for proposed application to the Kettleman Hills fi2ld in _California, where the United States has 30 per cént of the holdings, is regarded by leaders of the petroleum conservation movement as offering a permanent remedy for the oil industry’s economic ills. Unit operation, also called unitization, 15 a plan designed for stopping competi- tive drilling drainage, which is consid- ered the beginning of the industry’s troubles because of the attendant waste- ful practices and results. Unit opera- tion calls for co-operative development of an area through a pooling of acre- 2ge. eliminating hasty and extravagant arilling with an excessive number of wells and dry holes. Government Indorsement. Indorsement of the plan came from the Government recently in ths enact- ment of a law permitting unit operation of pools on land$ in which Uncle Sam owns interests. The measure was spon- sored by the Interior Department in an effort to conserve petroleum resources and to eliminate waste. Previously the board of directors of the American Pe- troleum Institute had approved the n. nI’{\lllinm N. Davis, vice president of the institute and chairman of its di- Vision of production, has been one of the most zealous advocates of unitiza: tion. He is vice president of the Phil- troleum Co. ng§ul::-“ operation,” he said, “attacks the industry’s economic ills at their source, and through the elimination or reduction of competitive drilling drain- age offers the one sane Il:ld sound pro- gram for their correction.” % He explained the principal economies of the unit system were affected by development of & pool with one-half or one-third the. number of wells com- monly drilled and with a_reduction in the number of dry holes. He is author- ity for the statement that unitization would have saved the oil industry more than $200,000,000 in de=velopment of the Seminole field in Oklahoma, known in fts heyday as. the. “World’s Wonder Pog\ B. Reeser, president of the Ameri- ean Petroleum Institute and the Barns- dall Corporation, regards the general adoption of the unit plan as ‘inevita- ble.” Orders Called Palliative. Prank Phillips, president of the Phil- lps Petroleutn Co., believes application to the advancement of, unitization of the same co-operative spirit which has made possible curtailment and proration NANCIAL. 4% Peerless Motor Car.. 261 Peniek & Ford (1). .. 107 Penick & Ford pf(7). 48 Penney (J C) 13).... 61 Penn Dixis Cement. . 697 Penna RR (4).... 94% Pere Marg vr of (5).. 11% Phila Read C & { 6613 Phillips-Jones pf( 29% Phillips Petrm (n2) 3 19 _Pierce-Arrow (A) | 1 Plerce Ol 2% Plerce Pe ¥ 27 Pilisbury Flour (2).. 7 Fitsbgh Trml Coal.. 20% Pittston Co (37%c).. « Poor & Co (B) 2)... 5 P RAmTob A (3%). 9 P Rican Am To (B).. 25% Prairie Ofl & Gas(2). 44\ Prairie Pive L (15).. 6'5 Pressed Steel Ca 52% Proctor & Gamb(2.40 30 Prod & Refiners pf X1'y Pub Serv.N J (3.40). 91% Pub Serv NJ pf (5).. 1061 Pub Serv N J of (6). 107% Pub Serv E&G pf(6) 62 Pullman Corp (4). 1%_Punta Alegre Sugar. 1912 Pure Ofl (134). 4 110's Pure Oll pf (8)...... 52 Purity Bakeries (4). 32% Radio Corp...... 19 Radio-Keith-Orph 28 Raybestos Man 2. 34% Real Silk (5). 23 Rem Rand (1.60) Reo Motor Car (80¢). Republic Steel (4) .. 86 Republic Steel pf (6) 174 Revere Copper & Br. 3 Reynolds Spring.... 45 Reynolds Tob B (3). 14% Richffeld O1l (2). 15% Rlo Grande OIl (2 491 Royal Dutch a3.2165. 581 Safeway (e8) 90 Safeway pf (6). St Joseph Lead (13).. St L-San Fran (8)... rom - o 2 % 8515 4% Schulte Retail Strs. . 59% Sears Roebuck(32%) 7 Second Natl Inv 6% Servel. Inc. 16% Sharon Stl Hy 16 Sharp & Dohme. 314 Shattuck(FG)( 18~ Shell Union (1.40)... 95 Shell Un Oll pf (6%) £% Shubert Theatres...: 21 SimmonsCo...... 18 Simms Petrm (1.60). 20 Sinclair Con O1l (2).. 2815 Skelly O11 (2)......0 52% Southern Cal 4 (2). 108 Southern Pacific (). 85! Southern Rwy (8)... 907% Southern Rwy pf (5) 19% Spang-Chalfant..... 92 Spang-Chal pf (6)... 20s 13% Sparks Withngtn(l). 2 71 Spear & Co pf (7)...220s 17% Spencer Kelg (1.60).. 1 14% Spicer Mfg. 10% Spiegel-May 17 Siand Branas (1%).. e o > B LT PR Y P PN~ o PRSP - Beo oements will hasten the time when :filflm&nt lnddegmrltlon agreements v needed. . ‘igt:lg!flnb; the oil industry's ills were “gcep-seated and chronic,” Harry H. Smith, general secretary of the Mid- continent Oil & Gas Association, de- scribed proration orders as “palliatives, t cures.” m"m industry’s ills” he continued, “may be eliminated only by fundamen- tal change in the methods end practices of oil production whereby separate in- Gividualistic holdings and activities are merged into undivided, co-operatively managed interests whereby the oil pool, as distinguished from the individual lease, shall become the competitive unit. It is the conviction of many sincere of petroleum economics that this new method of organizing explora- tion, development and operation, which 1s called ‘utilization,’ is the one prospec- tive accomplishment which may be re- Tied upon to yield that economy of de- Velopment and operation, n.ore complete recovery from the sands and stability of output which are conceded to be essen- tial. Czlls Change Desirable. “But whether we view the petroleum problem from the standpoint of econ- omy for the benefit of the producer and the consumer or from the stadpoint of conservation for the protection of the country and the natiohal defense, the change to unitization is, in either case, clearly desiable ana constructive” ‘The association recently published a handbook on unitization in which are analyzed the possible benefits from unit operation if it had been practiced various pools. Within the last year unitized opera- tions have been put into effect in sev- eral midcontinent areas. Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., August 6.—Pota- foes, white, 100 pounds, 90a1.00; beans, hamper, 1.25a1.75; beets, 100, 3.0024.00; cabbage, basket, 1.25; carrots, 100-pound sacks, 4.00a5.00; celery, crate, 1.75a2.25; corn. dozen, 20a40; cucumbers, hamper, 50a1.00; lima beans. bushel, 1.90a2.50; lettuce, crate, 35a1.00; onions, bushel,’ 50a1.00; peppers, hamper 50a65; peas, bushel, 2.25a2.50; squash, hamper, 40a 50; Tomatoes, hamper, bushel, 35a1.25; blackberries, quart, 13al15; cantaloupes, hamper, 50a1.25; huckleberries, quart, 15a20; peaches, bushel, 50a7: Vi melons, 100, 25.00a30.00. Dairy Market. Poultry. alive—Chickens, _springers, pound, 20a32; old hens, 17a22; old Toosters, 13al4; ducks, 1iald; pigeons, pair, 20a25. Eggs—Receipts, 1,167 cases; firsts, 20a23; Southern firsts, 22. Butter—Good to fancy creamery, pound, 35a39; ladles, 25a26; rolls, 24a26: Process, 31a32; store packed, 21a22. Hay and Grain. Wheat—-No. 2 red Winter, export, 1.00%; No. 2 Winter, garlicky, spot, 97 ; August delivery, 87%; Scptember, 99; October, 1.01. Corn—No. 2 domestic, yellow, new, 1.05; cob corn, 5.00. Rye—Nearby, 62a70. Oats—White, No. 2, 46a47; 45a46. Hay—Receipts, none. market; continues quiet. Live Stock Market. Cattle—Receipts, 200 head; light sup- ply; market steadier. Steers, choice to prime, none; good to choice, 6.50 to 7.25; medium to good, 6.25 to 6.75; fair to medium, 575 to 6.25; plain to fair, 5.25 to 5.55; common to plain, 4.55 to 5.75. Bulls, choice to prime, none; good to choice, 625 to 6.50: medium to good, 6.00 to 6.25; fair -to medium, 550 to 6.00; plain to fair, 5.00 to 5.50; common to piain, 4.50 to 5.00. Cows, choice to prime, none; good to choice, 4.75 to 5.00; medium to good, 450 to 4.75; fair to medium, 3.50 to 4.00; plain to fair, 3.00 to 3.25; common to plain, 2.25 to 2.75. Heifers, choice to prime nearby No. 3, No change in in|shipped to otker countries. This, in i none; good 5515 Stand O of Cal (2% 98 Stand Ofl Exp pf(6).. 9 58 Stand Oil of N J(12). 452 30 Stand Ol N ¥ (1.60). 27% Starrett (LS) (12%) 9% Sterling Sec (A).... 36 Sterling Sec ev pf(3) 19% Stewart-Warner (2). 704 Stone & Webster (4). 1 25% Studebaker Corp (3). 50 SunOfl (11)..... 38 Superheater (13%).. 75 104% 8474 47 70 454 peahenass (Continued From Page 13). 4844 Tex Gul! 25 1 36 Thomps 55 Timken 83 37 200 25% Union T 36 21 Utd Busi 28% United ¢ 83 31% Utd Gas Utd Plecy U S Alcol T% US L 15% U S Pipe 48! U S Real 20 42 141 99 30 30 60 30 24'% Waldort 2115 Ward Bal 125, Warner-( 50 18% Western 5 .2 515 67% Wrigley 40 12% Yellow T 10:30 AM. 1:30 P.M. payments based on the Unit-of tradi in stock. §Pav no Tegular Tat 45% | 85 i ‘stock. 46% United Corp pf (3).. 7 Utd Electric Coal. Utd Fruit (4). Utd Paperboard. ther... U S Rubber........s 40'% U S Rubber 1st pf.... 174 U S Smitg & Ref (1), 4 U S Smelt Ref pf 3% 151% U S Steel 7). . U S Steel of (7)..... 5 Univ Leaf Tob pf(8) 08 Univ Pic Ist pf (8).. 30s Utll Pwr&Lt A (e2). 215 Vadasco Sales Corp. ¥ adium S Va El & Pwr pf (6) Vulcan Det (4) Wabash. 40% Warren Bros (3).... W'ren Bros cv p! 23% Warren Fdy & P (2). 50l Wess O & Snpf (4).. Yale&Towne Mfg(4) 'TUCK. eoeoee 5% Zenith Radlo........ Sales of Stocks on New York Exchange Dividend rates as given in the above table less thi in serip. TPlus 9% in stock. a Paid b Payable in stock. d Payable when earn 1Plus 8% In stock. k Plus 3% In stock. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 2 Superfor Oll........ 10% Tenn Cop & Ch (1).. 50% Texas Corp (3)..... £ Sulphur (4) 8% Texas PC&OIl..... 13% Texas Pac Land Tr. 17% Thatcher Mfg (1 The Fair (2.40). Thermoid Co. 0). on (J R) (3). 10% Tide Water As (60¢). Roller (%) 211 Trensamer (31.60). Und-Ell-Fischer (5). 60% Unlon Carbide (2.60) Union Ol of Cal (32) Union Pacific (10) 82! Union Pacific pf 'k Car (1.60). 431 Utd Alrcraft. . Utd Biscuit (1.60) iness Pub 40'%\Utd Carbon (2). 614 Utd Cigar Stor “orp (50¢) & Imp = £ 0 o1 00 58 8 e e Dye W A hol (17) &F () & F 15t 1.20, ty (6) . 2o e B i 141d).. 1210 % 2 «. 1208 . 308 Systm(1%). king (A)... 2 4 20w 33% Warner Bros Plo (4). 596 3 3 s Quinlan (1). ) 130, Md.... 361 White Rek MS(143%4) White Sewing Mach.. 6% Willys-Overland. 3% Wilson & Co. . 7% Wilson & Co (A) Wilson & Co pf... Woolworth ( 674 Worth Pump. . Y% 46% 595 1231 T 40 25 8% Y% 461 607 125% 1% 40 256% 8% (Wm) (4).. 141,300 1 863,300 0 Noon 2:10 P.M.... - 1.400 100 the annual cash searly declaratis {Partiy extra P Iatest quarterly or an 100 shares. us 9% e st L Plus 10% in stock k. o Plus € Plus 6% in SHRINKAGE IN CORN CROP TO BE LARGE Year's Production Expected to Fall 300,000,000 Bushels Behind Recent Estimate. By the Associated Press. Officials of the Department of Com- merce announce there will be no ex- portable syrplus of the 1930 corn crop, | sae for possibly a figurative handful in the form of meal for the nearby West Indies Islands. Corn exports havey never been a weighty factor 'in erican foreign trade. An average for the last five years shows but three-quarters of 1 per cent of total production having been 1929, amounted to approximately 41,- 000,000 bushels with slightly more than half going to all Surope. Canada ab- sorbed almost 10,000,000 bushels, ,with the Lulk of the remainder egually divided between West Indies and the Pan American States. e Considerable speculation is heard here concerning the status of the it year's crop, the official report of which is scheduled to be issued early next month by the Department of Agricul- ture. While no official estimates can be obtained at this time the concensus, gained by private estimates from corn- growing sectors, indicates the year's production will be at least 300,000,000 bushels less than the department’s estimate of the crop as of July 1. At that time official estimates gave the 1930 crop as 2,802,000,000 bushels, an increase of approximately 200,000,000 bushels over last year's output. Since that time, however, the severe drought has settled over practically all corn- growing territory. The extent of this dry spell and the intense heat, it is feared by the department, may prove even worse than the private reports which are coming in almost daily. Estimates of corn acreage and produc- tion for ofher parts of the world are available for only a few countries. In Europe, however, generally smaller figures are foreshadowed by a cut of 12.6 per cent in acreage for 1930 in the important Rumanian figure. France also records an_acreage reduction, as do three sther European countries re- ported earlier. The total for five Eu- ropean countries stands 11.4 per cent under the 1929 total for the same countries Bulgaria is the only European country to report on the 1930 crop and shows an estimated reduction of 7.4 per cent below last year's figures. Morocco also reports some reduction. These two are the only foreign countries to report to CONSTRUCTION CONTRACTS. JNEW YORK, August 6 (#).—Con- struction contracts awarded during July in the 37 States east of the Rocky Mountains amounted to $367,528,400, a decline of 39 per cent from $600,- 537,400 for the previous month and a decrease of 44 per cent from the total of $652,436,100 for July last year. F. W. Dodge Corporation reports. For the first seven months this year hew con- struetion undertaken in the territory totaled $3.005,541,700, compared with $3,667,982,900 for the like period last year. to choice, 6.25 to 6.75; medium to good, 575 to 6.25; fair to medium, 5.25 to 5.75; plain to fair, 4.75 to 5.25; common to plain, 4.25 to 4.75. Fresh cows and springers, 30.00 to 60.00. Sheep and lambs—Receipts, 800 head; ‘moderate supply, market lower; sheep, 1,00 to 3.50; lambs, 4.00 to 10.00. Hogs—] market easier; lights, heavies, 9.25 to 10.25; medium, 10.45 to 10.70; roughs, 7.00 to 8.25; light pigs, 9,00 to 10.25; pigs, 10.00 to 10.50. Calves—Receipts, 75 head: light sup- ply, market higher; calves, 4.00 to 11.00. -vnh Sam has 21,000 wards in the transferred to Detroit and specially schools. fldren are fed trained men placed in £ iy Chmh.l service station, Evans {for about 20 cents a day " | bombers placed by the Navy. The fac- PLANE FACTORY MOVED. DETROIT, Mich., August 6 (#) —The Ryan aircraft factory has been removed from St. Louls to Detroit, Edward E. Evans, president of the Detroit Aircraft Corporation, announced today. The St. Louis plant, Evans said, will now be used as a central service sta- tion for all models of airplanes manu- factured by his company. The plant will have facilities for all types of re- pair and service, he led. The Detroit plant has been enlarged to take care of Ryan production and to handle a recent $827,000 order for tory force of the Ryan plant has been Rail Stocks BY GEORGE T, HUGHES, (This 15 the twenty-sixth of a series of brief analysis by Mr. Hughes on Tailroad securities. but to give the in- vestor such information as may enable Rim intelligently to chart his own New York Central. Few raliroad stocks have a better | claim to an investment rating than | New York Central. Since 1870 divi- | dends have been paid to shareholders | at rates ranging from 3 to 10 per cent. In addition there have been numerous offerings of tights to subscribe to ad- ditional shares which could either be exercised or sold in the open market and the proceeds be regarded as addi- tional income. The latest of these of- ferings was the one of last November, and there is reason to expect similar | opportunities in the future as the company’s plans for expansion require. The stock now pays 8 per cent and recently sold on a basis to yield 5 per cent or a little less, which is attractive in a money market like the present During the great bull market of 1929 the shares sold above 256. They are now down almost 100 points from that price. The decline represents in part| deflation of the general market and in part the traffic slump which has af- fected the New York Central, as it has other railroads. Whether the present price discounts the temporarily unfa- vorable situation is the only question the intending investor has to answer. Tllustrative of the magnitude of this railway enterprise is the fact that funded debt totals more than $640,000,- 000 and that capital stock outstanding is nearly $500,000,000. Needless to say, any bond for which the New York Cen- tral is responsible is an investment of the highest grade. There are technical differences between them, but nothing that affects the safety of principal or interest. In the Interstate Commerce Com- mission’s latest consolidation plan the New York Central is placed at the head of System No. 3. ently consolida- tion of the Michigan Central and the Big Four under a lease arrangement was approved by the commission. POTATO MARKET. CHICAGO, August 6 #) (United States Department. of Agriculture) — Potatoes, 16 carloads; on track, 175 carloads; total United States shipments, 388 carloads; slightly stronger, trading fairly good: Kansas and Missouri sack- ed Irish Cobblers, 1.60a1.75; Minne- sota sacked early Ohio's, 140a1.60; Idaho, Colorado sacked Bliss Triumphs, 2.50a2.55; Virginia barreled Irish Cob- blers, 2.90a3.20. Business Notes By the, Associated Press. nmfi YORK, August 6.—For the first time in the present buying season, the number of buyers registered in the New York market reached the thousand mark last week. The total listed was 1,231, compared with 848 in the pre- ceding week and 1,355 in the like week A year ago, the New York Times re- ports. Arrivals Tuesday were 651, against 374 reported a week ago. A belief that women are going to do more home sewing in the coming year than they have in a decade is said by converters to account for the fact that the large mail order houses are em- phasizing plece goods in preparing their Midwinter and Spring catalogues. A. L. Coyle, who formerly owned and managed & group of natural gas prop- erties in Southern Kansas and Northern Oklahoma, has joined the Municipal Telephone and Utilities Co., in charge of all the -system’s gas properties, Millard F. Cheek, president, announced. ‘Transformer Corporation of America, which last year made only radio parts, is now making 3,600 radio sets a month, Ross Sirgausa, ent, said. He add. ed that this amount represented de- mand uction, since the company's CREDIT MEN BELIEVE OUTLOOK IS BETTER National Association Declaras Bu hess Skies Are Clearing—Brisk Buying Seen. Evidencing a more optimistic tone than in any month since last October, the August bulletin of the National Association of Credit Men says that “the business skies are clearing.” “We have managed to get through the storm with no conspicuous failures and no serious damage to our ma- chinery of production and distribu- tion,” the bulletin continues. “Inventories are low in all lines of business. Buying for replenishment of stocks must begin soon, and when it does we will all ~ome back together. Not with a rush, but with a steady, persistent pull, which is the only kind of pull which leads to lasting success.” Dr. Stephen 1. Miller, executive man- ager of the association, points out that brokers’ loans are now largely under the control of the banks, and that loans for the account of “others” have practically disappeared from the re- rts. ‘The bulletin quotes results of a sus vey covering ma’ ufacturing and whole- sale business in New York, New Jersey, Pennsylvania and “Aaryland. Fifty-two per cent of the firms reported larger collections in June than in the pre- ceding month. Sales, however, in most lines of busi- ness were smaller than in the same month of last year. Twenty-six per cent of the firms reported a larger volume of sales than in June, 1929, and 74 per cent a rmaller volume, Commenting on the survey, the bulletin says: “Although these four States are nearest to the center of the stock market disturbance, the reports Teceived carry a pronounced conviction that the corner has been turned. In all of the four inventories are low and brisk buying in the late Summer and early Autumn appears to be assured. WARNER FINDS U. S. FILMS ARE IN DEMAND ABROAD By the Assccinted -Pre NEW YORK, August 6.—H. M. War- ner, president of Warner Brothers Pic- tures, returning from Europe today, de- clined to ke any statement as to his company's business or plans. Directors meet late tomorrow for ac- tion on the guarterly dividend and un- confirmable Wall Street rumors say that the cash payment will be reduced or passed, owing to the necessity of con- serving funds. Earnings during the Summer months are understood to have fallen below expectations, causjng the company a little embarrassment, be- cause of recent rapid expansion. It is understood that the dividend may be paid in stock, and a bond issue be ar- ranged. D. €. WEDNESDAY, AUGUST 6. 1930: FINANCIAL. BOND PRICES GAIN IN QUIET MARKET Index of Thirty Issues Begins Day at High Point of Year. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 6.—Bonds ad- | vanced strongly in quiet trading today. Standard Statistics’ index of 30 bonds, which is based on the 1926 average ad- justed to 100, started the day at 100.5, or equal to the previous high of the year. Later trading sent the index to a new 1930 high. Outside of the fact that, new issues are coming very slowly and that time money showed a slight easing, there was nothing new in the situation. Railroad bonds of the prime grade continued to occupy the investing pub- lic and the corporations who are in the market. Insurance companies, which have been doing a great deal of pur- chasing of issues direct from the un- derwriting houses instead of through bond dealers, have perforce turned to the market for their portfolio needs. Under this stimulus railroad issues have gone to a new high average since April, 1928. Fractional Gains. There were fractional gains by Ca- nadian National 5s, Frisco “A” ds, Atchison general 4s, Canadian Pacific 4s, Union Pacific first 4s and Chicago, Burlington & Quincy 4s. Other high quality bonds like Inland Steel 4155, American_ Telephone 5'5s, Standard Oii of New Jersey 5s, Philadelphia Co. bs and American & Foreign Power 5s ad- vanced. Convertible issifes _were generally strong. Commercial Investment Trust 5s, reflecting the recently issued earn- ings statement, were active. Warner Brothers Pictures 6s still were selling at depressed levels under the influence of the stock's decline. Gains were in the majority in the junior railroad group. Chicago, Great Western 4s; Denver & Rio Grande Western 5s, Missouri-Pacific 4s, West- ern Maryland 4s and Boston & Maine 5s wert the leaders. Semi-speculative industrjals such as American Natural Gas 6'2s, Chile Copper 5s, Goodyear 55, American Sugar 6s ‘and Phillips Pe- troleura 5'4s rose fractionally, but there were declines in Hudson Coal 5s, Dodge Brothers 6s, United States Rubber 5s. Richfield Oil 6s and Chicago Railways 5s. The last-named bond, which re- cently rallied on developments in the Chicago traction situation, was subject to some profit-taking. Foreign List. Foreign issues seemed to take a more active part in the general advance than in recent sessions. This was particularly s0 in the South Americans. This group discounted with general declines the passing of the new American tariff bill, which adversely affects many South American preducts. But the failure of any great dip in trade to occur has brought renewed life into these issues. Japanese, French, Belgian and German issues were unchanged to slightly high- er. The new German 5)>s and the Austrian international 7s both held well at.- about 2! points discount. Municipal bonds were little affected by the announcement that Miami, Fla. will default $180,000 of bond interest soon. It is felt that not only Miami, but cther larger Florida towns whose bonds are in default, will eventually pay every cent of their indebtedness. CAR LOADINGS. By the Associated Press. Car loadings of revenue freight dur- ing the week of July 26 almost equaled the previous period, but are still sub- stantially under those for the corre- sponding period of last year. Loadings for comparable periods follow: Week ended July 26, 919,349 cars. Previous week, 928256 cars. year, 1,102,553 cars. Washington Siock E;change SALES. h. Gas 6s B—$1,000 at 106%5. Wash, R & E. 45-$1,000 at 85, $1.000 8t 89, 8500 at 89, $500 at 89, $500 at 89. Pot. Elec. 5'4% pfd.—1 at 109. AFTER CALL. Cap. Tract. Co.—74 at 65. Pot. Elec, 6% pfd—>5 at 112, 5 £t 112, Wash. R. & E. 45—$1,000 at 89, $5,000 Seend Natl. Bk—2 at 180. Bid and Asked Prices. BONDS. PUBLIC UTILITY?,,‘;- Aited 40 103% 107 %0 glon Gas 55.... Gas 6s. series ‘A . Gas 65, series B . Rwy. & Elec. 45.. MISCELLANEOUS. Barber & Ross. Inc. 6'as Gheyy Chase Club 525 . aper Mig. 6s_. L old Slorase 55 Title 65, W. M. Cold e STOCKS. M. Wash. Cons. & Tel. (9) Whash. Rwy. & FI Wash. Rwy. & Ele NATIONAL BANK. ital (14) . Sobimbia 13 Commercial ( istrict (8) %gr.n.¢fl:rxc.n 10 Riggs (15) . v i Amer. Security & Trust Co. (15) Merchants' Bank & Trust ( Col. Me%‘cullfl‘l;ily Corp SAVINGS BANK. Bank of Bethesda (65). ... : Further unconfirmable reports have it | 56 that John J. Raskob, who has been heavily interested in the company, may be made chairman of the board, placing the du Pont interests in close touch with the management of the company. The du Ponts are said to be interested in Warner Brothers as an outlet for their film business. Mr. Warner, who spent six weeks in Europe, said that American motion pic- ture producers were doing & good busi- ness abroad. . INVESTMENT TRUSTS NEW YORK, August 6 (#).—Over- the counter market— Ame: & Gen Secur 6% Amer Founders 6% pf ders 7% DI ¥ charge of the policy is to manufacture only enough sets to fill orders already received. 0aBa8322e3 3 FIRE INSUR (12) . 16 Piremen's (8) . National Union (15).""" 3 TITLE INSURANCE. Columbia (6h).......... : Real Estate (8h) .0 01000 Title & Iny. Co. Md. com : MISCELLANEOUS. elz, “A” (2) pid. (& Fed.-Am. Co_com. (1.200). ... Federal-American Co. pfd.’ (8)." Lanston Monotype (8! 1 Mer. Tr. & Stge. com. % ext dEx rights. Wi—When issued. Same week last!Uruguay “Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) Sales High. Low. Close . 110029 10029 100 29 11 1026 102 1026 204 103 10231 103 3 10120 10120 101 20 2 11225 11225 11225 FOREIGN. Sales. High. 2 98% US3%s'43., US4ussa.. Low. Close. 98% 98% 99 99% 98%, 99 98% 9% 881 815 1084 9615 97% 04 103% 110 114% Argentine §s B. Argentine, May Argentine Argentine Argentine 6% Australia 68’55, Australia 6s '57. Austria 7s Bank of Chile 6% 08% 9474 REY 88l 104% 9614 Belgium 7s ‘66 Belgium 8. Bollvar 7s '58. Bolivia 7= ctfs Bolivia 8s. Bordeaux 6; Brazil 6%s ‘26 Brazil 614827 Brasil 7s Brazil §s Canada 6531...,.. » 100% 4 100% . 105% 100% 1007% Copenhagen 4% Copenhagen 6s rets Czecho 8s ‘51, Czecho 8s '52. Danish Munic 8s A. Denmark 4%s Denmark 6% Denmark Dutch E Dutch East 1 63°62. Finland 7s........ Framerican 7%s. French 7s. French 71 Ger 6%5'30-'35 rcts German Bank 6; German 7s. 1023 102% 102 100 1084 119% 12, 851 2 100% 100 987 95% 9% 92% 105 856% TN 96% 106% 106'% 12% 13% 9 85 83% 1057% 99% 101% 104% 104% 102% 90% 9714 103% Hungary 7%s. stallan Pub 8vo 7s. 1085 106% Norway 6s 43 Norway 65 44 Norway 6%s ‘62 Ortent dev 6% b Orient Dev 65 Parts-Lyons-M Paris-Ly-Med 7 Paris Orleans 6% 0. ro Rio 1e Jan 8s Rio Gr_du Sul 6; Rome 6%s.. 2 R'y’l Duteh 4% sww Sao Paulo '50. Saxon (PW) 7 Serbs Cr Slov 7s. o Blvman Burmm PETHOPN Toho El Pwr 6332, neR anSe = Tokio 5%s '61. Utd Kingm 6%s '37 Uruguay 60. Warsaw 78 '53. . Yokohama €s... MISCELLANEOUS. Abitibl P&P 63°63.. 6 854 Alleghany 6549, Am Agri Chem T4%s Am Beet Sugar 6s. . Am For Pwr 65 2030 Am IGChbls49. Am Int Cor 63%4s 49 31 6 Am Smit & R 1st bs 30 Am Sugar Ref 44 10 ® oo o sz Armour, Del.6 % Bell Tel, Pa. 63 (B) Bethlenm £l pm b8 Beth Steel rf b Certn-Td 6%4srcts. T ® 2 Laclede 5%s ‘5. Laclede 6% s D "60. Lautaro Nitrate 6s. 18 6 McCrmck ER 65'34 Midvale Steel 5 Montana Pwr Morris&Co 1st4% Nat Dairy 548 Radiator 102% Nor States Pwr 105% Pacific Gas & EI 6s. Paramount 68 °47. . Pathe Exchange Phila Co b3 ‘61 Pilisbury F M Por Ric Am Tob Postal Tel & C 6 Pub Sve G 4%s '67. Pub Serv G 4%s°70 Pure Ol1 6%s '37 Rem Arms 6x 37 Rem Rand 63 s wa Richfleld Ol 6s ‘44, Onited Drug " S Rub ist rf Utilfties Pwr 5% Warn Bros P Western Elec bs.. . Westn Union 68’51, Westn Unfon 614 Wickw Spen 1st. Wickw-Spen cv 7, Wilson & Co 1at Youngstn 8 &T & Sales. High . b 98y 1 RAILROAD. Ann Arbor 4s A T&SF cv 45 2008. Atchison ad; s Atchison gen A T&SF cv 4% a'48 AUl & Dan 1st 45'43, 1 82% 2% " 3% 96w 98 131% 1 60 2 964 126 100% B &O ist5arcta. .. B & O ref 6595 b & O PLEWY . Boston & M 68 1955 Boston & Maine 6s. BKlyn Elev 61 Bkiyn Mannat 26 101% 4104 1 103% 1 105% 4111 396 16 yon, BKklyn Un Kl 68 50, 108 103 Buft R & Pitts 434, Bush Term con §; Can Nat 4%s 64 7 Canadian Pac db 4s Can Puc 448 46. .. Cent of Ga 65C 69. . Centof Ga 5'48. . Cent Pac 15t b8 '90. Ches Corp 58 "47... Ches & U gen 4% Ches & U 4% Y3 A Ches& U 48 B 95 Chi & Alton 3348 Chi & Alt 38 culs. CB&QINs C B& Q gen 4; C B&Q 111 div 1. ChiGr West 45 '69. Chi MII&SLP 4 %43 B ChIMIIStP&P 6575, CM&StP Pac adj 5s. Chi & NW gen 48 Chi NW 4332037, Chl & N W con 4%s Chi& Nw 6145 Chicago Rwys ChiR1&Prt ChiRlev4lk Chi Rk I8l 4% Chi Un Sta 4% Chi Un Sta 6% C& W Ind con 4s.. Cé& W Ind 6148 '62. CCC&StL 4%3 (E). CCC&StL 53 (D). Clev Term 4 Col 8o 4125 A'80.. CubaNor5 8’ % Del& Hud ref 43 ‘43 Erte 15t con 4s. Eriecony 48 (A) Erle gen 43, Erle bs, 1967 Erle bs, 1976 Fia East C63°74 Gr Trunk st deb 6s. Grand Trunk 7s. Gt Nor 4%s'76(D). Grt Nor 4%38 (E).. Grt Nor 1st & Gt Northern Hud & Man ref b: 111 Cent 4s '532. 111 Cent Ch1 111-C-C-StL&NO Int Rapid Trans b Int Rap Tr 6s stpd Int Rapid Tran; Int Rapid Trans 7s. Int & Gt Nor 65 '56. Int & G Nor 1st 6 Int & Gt Nor ad) 6 Lake Shore 3%4s Lake Shore Lehi Val con & L&Nunids.... L &N 41482008, ManRy 1st 45 °90. MK & Tex Ist 4s.. M K & Tex 43 (B). Mo Pacbs G *78. NOTex& MSsB. NOTex & M5% N ¥ Cen gen 3% N ¥ Cent 4898 N Y C&StL 6s°32.. N Y NH&H 48 '57.. NY NH&H ¢ % H.u; Penna O&Det 4%s. Peoria E 1st 4s. Pere M 4%s 1980.. Pitts W Va41is B, Pitts W Va4 Z Port R L 6547 Reading J C4sb1. Rio G West col 4i RIATK& L 4 %8 StLIM&S StL & SF pl ¢ StL & S F % StL&SanF 55 B Seaboard A L 4 Seavboard AL ref SBAllFla Sou Pac re! Sou Pac elt Virginia Ry 1 Va Southwn con 58 95% | watash 1 & 105 105% 1042 9% “ 107 4 104% 109% 106% 1041 99%, 107 104% 109% Stand OiL NJ Stand OIL N Y.4 % Tenn El Pwr 6847, Tex Corpev 68 44. . Transcontl Oll §%s Wabash §; Wabash 5% 76... Western Md 4 West Md 534817 West Pacifie ‘West Shore ¢s 61 3 150 Z 111% 20 Buim 6 993, 17 1005 6 105 2 104% 35 100% .. 1o 102 15 99% 7. 7 i 87 1 9% 2 101% 5 101% 5 96% 16 102% 15 102% 1 81 94% 106 Low. Close 981 98I 821y 100% 20 111% B9 9y, 100k 105 104% 1004 [ v o BONDS oo semses] [[[TILITIES INCREASE HALF-YEAR PROFITS 235 Industri_al Companies and 73 Railroads Reveal Lower Aggregate Net. Special Dispatch to The Star. NEW YORK, August 6.—Aggregate earnings of 339 corporations so far re- ported for the first six months of this year declined 18.6 per cent from the same period a year ago, according .to a compilation by Moody's Investors Serv- ice. A group of 235 industrial com- panies suffered a decline of 23.1 per cent, 73 railroads lost 34.3 per cent of last year's earnings, while 31 utilities scored a gain of 2.1 per cent. Among the industrials the greatest telative gains were noted in motion pictures, 64.4 per cent; rayon, 29.7 per cent; railway equipment, 27.7 per cent; paper, 20.2 per cent; apparel, 20.6 per cent; drugs, 7.0 per cent; ajgriculture implements, 6.5 per cent. However, some of these increases, such as in the case of paper, were merely reflections of abnormally low earnings last year. or els, being only for a limited number of companies. may not be quite repre- sentative of the group. Relatively the greatest decline took place in coal, 79.6 per cent: automobiles, 64.1 per cent; copper, 57.6 per cent; shoes, 49 per cent; automobile access ries, 47 per cent; cigars, 37.5 per cent; steel and iron, 29.9 per cent; office equipment, 29.3 per cent; machinery, 25.3 per cent: finance companies, 20.6 per cent: building materials, 17.9 per cent; shipbuilding, 17.8 per cent; petro- lcum,. 14.1 per cent. These losses, in turn, were large mainly in comparison with the unusually favorable results of last, year. Among the relatively favorable groups which appear to be affected only moder- ately and ‘emporariy are electrical equipment companies, off 13.3 per cent; retail trade, off 13 per c-nt; telephones, off 2.5 per cent; food products up 0.4 per cent. Also cigarette companies are apparently doing well, although they are not reporting quarterly. On the whole, companies which suppiy the so-called “‘essential” goods and services of wide and stable consumption are making relatively the best showing. e As compared with the first quarter the aggregate record for the half year was only slightly worse. On the whole, considering the drastic declines in com= modity prices, which, of course, are re- flected in earnings figures, the above showing, in the opinion of Moody's, is not as bad as has generally been ex- pected. It attests to the greatly strengthened structure of our corporate business, which apparently is better le than it used to be to withstand such shocks as the one we have recently experienced. L CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 6.—The follow- ing is-a summary of important corpora- tion news prepared by the Standard Statistics Co., Inc., for the Associated Press: News Trend. Railroad freight loadings for the fourth week in July were the lowest for the period since 1922. Total of 919,349 cars was 8,907 less than in previous week and 183,204 belaw year ago. Usually shipments in_fourth week of July regis- ter a seasonal expansion o1er prec week, Official oil statisuics indicate crude output was increased about 26,600 barrels in past week, somewhat higher than expected. Gain is due almost en- tirely to increase 47,150 barrels in Southwest Texas where Darst Creek pool had been operating at capacity. Corporation news includes several fa- vorable earnings statements. Further July chain store sales reports continue to indicate results in July fell below per- formances in prior months. Smaller dividend disbursements were declared by Manhattan Shirt and Ainsworth 93% | Manutacturing. The Companies. Ainsworth ~Manufacturing declared quarterly 62';-cent common dividend, but omitted 1 per cent stock dividend usually paid. Allis Chalmers Manufacturing un- filled orders July 31 totaled $16,674.000, against $17,926,000 June 30, and $14, 896,719 a year ago. 4 Carnation Co. six months’ net income substantially above year ago. American Laundry Machine earned $1.59 common share in first half. American Locomotive earned $1.10 common share in first half, aj t $2.24 year ago. Unfilled orders July 1 totaled $15,472,948, against $17,834,363 January 1, and $31,727,460 year ago. Commercial Investment Trust earned $1.53 on average number ccmmon shares outstanding in first half, against $2.24 year ago. Chicago, Burlington & Quincy Rail- road June quarter ‘earnings, $2.01, :g’g‘;“" $2.26; six months, $5.40, against Chrysler Corporation dealer shipments in July totaled 21,779 units, against 27,221 year ago. Consolidated Chemical Industries earned $1.12 common share in first half, against $1.24 year ago. Fageol Motors first half earnings 43 per cent below year ago. Federal Bake Shops earned 37 cents common share in first half, against 31 cents year ago. First National Stores plan opening five new economy grocery units in New Blgln}lld.u . H. Hoe Co. earned $2.05 cl: A share in first half, mln:t u.u‘;‘ur ago. International Paper & Power down mill of Wlterel:y Paper Prodfill::‘ll;f newsprint tonnage transferred to Ca- nadian International Mills. Kaybee Stores July sales up 5.5 per cent; 7 months, 32.2 per cent above year ago. ml!)(n(;!}:. Corfor;flon hnmeu $1.62 com- n re in first f, DNocalh alf, against $1.59 S. S. Kresge Co. July sales off 6.8 per cent; six months, 1.2 below year ago. Manhattan Shirt reduces quarterly s::n&non dividend to 25 cents from 50 McCrory Stores July sales off 5.4 per cent; six months, 0.9 per cent above * broctor & octor & Gamble Co. employes hold- ing stock June 30 numnp!ré 5,317, against 5.017 year ago. Standard Brands earned 57 cents common share in first half. Taylor Milling earned $3.17 common " share in first half, against $2.51 year 4 103% 1034 3 101 101 10 104% 104% 23 86 84 100% 16 98% 14 92 109% Wheel&LErf 4%s.. 4 94 853 9% 981y a1 94 ago. Thomas Engineering & Manufactur- ing earned $1.3¢ common share in pe- riod February 26 to December 31, 1929. J. R. Thompson Co. earned $1.94 common share in first hallf, $2.25 year ago. . ‘Timken Roller Bearing plants resume on four-day schedule; employes number 4,200 in all plants. Warner Bros. Pictures arranges with Famous Players Canadian Corporation ;?r":xhllblfi:nv‘uf r;'Ill'llfl' Bros., First ational and Vitaphone pictures in Ca- nadian theaters. . P Wheatsworth, Inc., earned $1.20 com-, mon share in first half, against $1.10 year ago. against WOOLWORTH SALES. NEW YORK, August 6 () —F. W. Woolworth July sales totaled $20,737.- 421, a decrease of 7.9 per cent from $22,521,309 for the like month last year. Bales for the seven months ended July 31 aggregated $152,057.254. a decrease of 3.9 per cent from $158,331.181 in the corresponding period of 192! . s { i /| /