Evening Star Newspaper, August 8, 1930, Page 14

D. C., FRIDAY, AUGUST FINANCIAL.S ONVERTIBLE BOND | [ox-ses son BONDSocesecuwes] NEW ALARMNOTED Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are tn $1.000.) Bales High. Low. Close. 8, 193 THE EVENI TAR., WASHINGTON NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. A4 CHANGE IN PACKER Low. Close. 102% 102% 106 106 High 102% 106 Prev. a : Close, Close. Stoek en te. Add 00. High. Dividend ~Prev.1930~ Low. IN STEEL QUARTERS (Continued From Page 13). DECREE 1S OPPOSED Meat Dealers” Association May Make Political Issue of Legal Fight. BY JOHN Bpecial Dispatch to The Star. NEW YORK, August 8.—Are 120,000 retail meat market owner or- ganizing to fight any modificatior of the packers' decree. which prohibits the Big Four meat packers from ever en- tering the retail distribution of meat? The big packers want the decree modified. They have asked the Gov- ernment’s permission. Attorney Gen- | eral Mitchell, before leaving on his va- cation in Scotland, announced that he was opposed to modification and that he would fight against any change of any kind. Now the National Association of Re- tail Meat Dealers. which is meeting this week in Minneapolis, was advised by United States Senator Schall that if the “packers are allowed to go into meat retailing they will have an abso- lute monopoly on the entire meat in- dustry within a few years.” “The packers’ consent decree enables the individual retailer to carry on and improve his business,” said the blind Senator. “If the packers are allowed to enter the retail field they will soon con- | trol the entire industry and the retail dealers who now own their own shops will be working for some one else Undoubtedly this sentiment is the sentiment of -the retail meat dealers They oppose the change, and the indi- cations are now that they will make it a political issue, if necessary, to main- tain their point. It looks as though the Big Four packers (for all other packers except Swift, Armour, Cudahy and Wison can enter the retail meat distribution field) will have to have their modification, if they ever do, from an appeal to the courts. And this is exactly what they are after now. When R. B. Bennett takes charge of the Canadian government. he will be faced by one serious obstacle in the for- mation of his cabinet. During the cam- paign this Conservative leader promised that he would choose his cabinet from the elected Tepresentatives of the peo- ple. It was a campaign promise, made primarily to strengthen the party ma- chinery and morale. But the strongest Conservative lead- ers did not run for Parliament. Many of them were Mr. Bennett’s advisers and had much to say about the cam- paign. But now that a strong cabinet i8 desirable, Mr. Bennett finds his ma- terial “none too plentiful.” Two names of outstanding business leaders have been mentioned for places in the cabinet. But if the campaign promise of Mr. Bennett is a real prom- ise, these men cannot be considered. One of them is Sir Herbert Holt. Mon- treal financier, head of the Royal Bank. He has been suggested for minister of finance. Undoubtedly, this Montrealer wields as strong an influence in Ca- nadian business as any other man in the Dominion. The other suggestion is to make J. S. McLean, president of the Canadian Packers, head of the depart- ment of agriculture. The Pinancial Post of Toronto says: “Mr. Bennett can find seats, if he will, for two or three big business executives not now in political life. He can find in the Senate, or later on appoint to the Senate, other brainy administrators. Such departments as agriculture, trade and commerce or labor must not be intrusted to mere politicians. They must be politicians, plus.” Easier said than done. Find a suc- eessful public leader who ignores poli- tics and he remains the leader but a short time! Reginald McKenna, former chancellor of the British exchequer, now head of England’s largest bank, the Midland. challenges the position that the central banks of the world have little or nothing to do with the ruinous price declines of the last few years. He believes they bave a great deal to do with it. “The world is staggering under the essure of deflation, largely because ritain has pursued a restrictive money licy,” says Mr. McKenna. “The regu- r expansion of money supplies which ust be undertaken, if ‘trade is to be tive and the price level stable, has not n permitted; as a consequence, Brit- h prices, and with them the world vel of prices, have tended steadily wnward.” Sir Josiah Stamp, British industrial ader and a member of the Board of e Bank of England, takes much the sition. “World bankers meet and decide on licies—the Young pian,. for example. uch of the work is invoived and tech- cal. But it doesn’t mean a thing un- ss the world price level stops dropping. world prices drop another 20 points, bt only will Germany not be able to pay E:r reparations, but it is very question- the le whether Great Britain could con- nue to pay her obligations to the nited States. And yet, it's a subject at very few people have given any dy at all.” % In these words this British economist ke frankly to this writer. Every udent of world finance knows that ere has been a grea! deal of money uctuations in the last few years due to anipulation and not to natural causes. : In thesc times such manipulations dre inexcusable. spelling as they do the Ruination and bankrupicy of thousands firms and individuals. | { The National Industrial Conference | Board in a recent analysis shows that from 1920 to 1928 the number of Bilowatt hours of electricity generated | fhcreased more than 100 per cent, the Per capita increase being almost 80 r cent. But the number of customers creased about 115 per cent. i In the gas industry the number of @ustomers increased during the period 34 per cent; the sales of gas in ousands of cubic feet, 55 per cent, 4nd the number of emplo 32 per cent ¢ During this period the number of tablishments declined almost one- ird. Electrical expansion has gone ghead faster than gas expansion. * But the new uses developed for gas fh the field of cooking and heating and f the expansion of natural gas in the st few years has given the gas in- stry new life ¥ Some public utility operators are lay- g plans now to spend more money the field of gas than in that of ectricity, for in the former field the | possibilities for growth and expansion tly exceed that in the field of elec- icity, they declare @opyrisht. 1930. by North American News- paper Aliiance.) 3 Locomotive Shipments. i NEW YORK, August 8 (#).—Ship- fents of railroad locomotives in July | fotaled 56, against 81 in June and 69 | July last year. For the first seven onths shipments were 475, against 388 H el s { FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Ce value (or par) . 34,8685 y JEXTEN . schilling s pengo cague. crown (nom.) yarsaw. zloty 4 nhagen. crown . crown ‘2osiic 26 8115c 26.81c d Sales— te. Add 00. Hig) Missourt Pac pf ( 5 122 Mohawk Carpet..... 3 17 Monsanto Ch (g1%). 2 41 Montgom Ward (3).. 34 Moon Motor: e Morrell & Co (4:40).. Mother Lode (20¢). ., Motor Meter G & El.. Motor Products (2).. Motor Wheel (3 Mullins Mfg Murray (b2% Nash Motors (4). t Acme (1%) Natl Alr Trai Natl Bella Hi tl Biscult, n(2.80). Cash Reg.A(14) Dairy (13).... Natl Dept Stor: Natl Distillers (2).. Natl Lead pf(A) (7). Natl Pwr &Lt (1). o g Somo3 Sannuman 100% 3 108 24 15% 28 3714 150% t1 Supply (5) Natl Supply pf ( Natl Tea Co (2).. Nevada Copper (1%) Newton Steel (2).... N Y Alrbrake (3.60).. N ¥ Central (8) N Y Chi & StL (6). ¥ Chi & StL p£(6). ¥ Dock. Y& H Y Invest (1.20) Y N H& Hart (¢ N Y Ont & Western. . Noif & Western (10) North Am Aviation.. North Am(b10%stk) North Amer pf (3)... North Am Ed pf (6). No Ger Lloyd (3 43). Northern Pacifie «5). Norwalk Tire & Rub. Ol Weli Supply..... Oliver Farm Equip.. Oliv Fr Eq ev pt(3) Otis Elev. n(2%). Owens 111 Glass (7 Pacific Gas & El (1) ., Pacifio Lizhting (3).. Pacifie Tel &Tel (7) Packard Motor (1) Pan-Am Petrolm. . Pan-Am Petm (B). Panhandlé P & R. Param’nt Publix Park & Tilford (33) Park Utah.... Parnieles Trans 1% « Pathe Exchange Patino Mines. Pathe Exchange Penick & Ford (1). Penney (J C) (3). Penney(JC) pf A(6). Penn Dixie Cement. . Penna RR (4)....... People’s Gas, Chi (8) Pet Milk (1%).... Petrol Corp (1%) Phelps Dodge (3) Phila Read C & 1. Philip Morris (1) N N N N N ). Phoenix Hos pf (7) Plerce-Arrow (A). Arrow pf (6). Pierce Petroleum FPilisbury Flour (2) Poor & Co (B) (2). PRAmTob A (3%). P Rican Am To (B) % Prairie Oll & Gas(2 Prairte Pipe L (15) P 1 Car. . Pressed Stl C pf (7). Proctor & Gamb(2.40 Prod & Refiners. Pub Serv,N J (3.40). Pub Serv N J pf (b).. Pullman Corp (4) 4 Punta Alegre Sug: Pure Ofl (1%) Pure Oll pf (8)..... Purity Bakeries (4). Radio Corp. .-1945 Radlo pf A (3%). 1 Radlo Corp (B) (6) k. Radio-Keith-Orph A. Raybestos Man 2.60.. Reading Rwy (4).... Real Silk (5)...... Rem Rand (1.60).... Rem-Rand 1st pf(7). Reo Motor Car (80c). Republic Steel (4) ... Republic Steel pt (6) Revere C&B (A) (4). Reynolds Metals (2). Reynolds Spring . Reynolds Tob A (3). Reynoids Tob 8 (3). Richfield Oll (2).... Rio Grande VIl (2). . Ritter Dent Mfg (13) Rossia Lnsur (2.20). Royal Dutch a3.2166 Sateway tes: Sateway pf (6). 2008 Safeway Strs pf (1). 308 Savage Arms (2). 5 St Joseph Lead (13). 6 §t L-San Fran (8)... 36 St L-San Fran pt (6) St L Soutnw. St L Soutwn Schulte Re Seaboara Alr < Sears Roebuck($2%) Second Naul Inv. Seneca Copper. Servel. Inc... Sharon Stl Hoop Sharp & Dohme. ... Shattuck (FG)(113§) Shell Union (1.40)... Shell Un Of) pf (5%) Shubert Theatres. ... Simmons Co. ..... Simms Petrm (1.60). Sinclair Con O] (2). Sinelair Ofl pf (8)... Skelly 011 (2) Skelly O1l pf(6)..... Sloss-Sheffleld pr (7) 100 Snider Packing pf... Solvay Am pf(6%).. Sou Porto Sug (1.40) Southern Cal £4 (2). 59 66 19 2 16 54 40 127 108 Southern Pacific (6). 24 11¥ Southern Kwy (8) Spang-Chalfant. s Withngtn(1). h. e % % % Sp: Spear & Stand G Stand G Stand Gas& E1 pf(6). Stand In Stand O Stand Of Stand Of Stand Ci Stand Of! Starrett Sterling Sterling Stewart-Warner (2) Stone & Studeba Submari; Spicer Mfg Stand Branas Stand Brands pt (7). 128 80% 11 32% 28 23 408 79 7 J6% 7% B0 32% 33k 23 79 165 19% 120 Co pt (7) 7 116 93 3 2 vest Corp... 1 of Cal (2%4). 19 1 Exp pf(6)e 2 lof Kan (2) 14 1of N J(12).1131 1IN Y (1.60). 62 (LS) (12%) 1 Sec (A).... 10 Seopf(1.20) 3 78 &E (3%) & Epf (4).u Webster (4). Kker Corp ( ne Boat Sun Ol (11). superheater ( Superior ofl. Superior Steel Symingt on (A). Telautog’h C (11.36). Texas Corp (3)..... Tex Gulf Sulphur(4) Texas P c&ol. Texas Pac Land T Thatcher Mfg (1.60). The Fair pf (7)..... ‘Thermoi d Co... Third Avenu Third N: tInv Thompson Prod (2.4 Thomp Tide W Tide Wa! Tide Wa 4 Timken x Timken Tobacco Tob Prod A (new) Tob Prod div ctfs A" Tob Prod div ctfs B. Tob Prod div ctfs C.. Trensamer (31.60).. Transcontl O1l (30¢). Transue Trico Pr Tri-Cntl Truscon Utd Atre; United ( Utd Dye Utd Fruy Utd Gas Utd Stor Utd Stor U S Disu s s 8 S Pipe s s s s Sml u U U u u u u u U u Vadasco vanadiu: Va-Caro va El & Wabash Wabash Waldort Warner Tri-Contl Corp. Vulcan Det (4). Walworth Co (2).... Ward Baking (A) Ward Baking (B)... n Starrett. . er Aw (60¢). ter As pf (6) ter O] pf(5) Det Ax(80c) Roller (3). Products % 'S atd YOO (OO & W (). od (2%). Corp pt . Stl (£1.20).. Und-Ell-Fischer (5). % Union Bag & Paper. Union Carbide ¢ Union Oil of Cal (32) Unlon Pacific (10) Union T’k Car (1.60). 60) raft Utd Biscuit (1.60) Utd Carbon (2). Utd Cigar Stores. Utd Cigar Strs pf. ... “orporation United Corp pf (3).. wood. .. Utd Electric Coal. t(4)eeeoene & Imp(1.20) es (A). es pf. ributin; U 8 & For Secur U S & For Sec pf(6) S Freight (3).. Alcohol (17). Express. . Leather. . &F (2) Realty (5) Rubber Rubber 18t p! tg & Ref (1), S Smelt Ref pf 3% U S Steel (7).. U S Steel pf (T).. U S Tobacco (4) Univ Leaf Tob 13) Univ Leaf Tob pf(8 Univ Pipe & Rad.... Util Pwr&Lt A (e2) o Sales Corp. i m Stl(14).. 1850 9 Chem 6% pt 4 2 Pwr pe (6).. 60s 1021 . 2808 iy y 8 28 P (B) (5).. 10 Sysunclis) 5 50 50w 23 L1919 Bros Pict War Bros P pf (2.20) Warner-Quinian (1). Warren Webster Wess o1l Bros (3). -Eisenlohr. & Snow (2). WessO&Snpf(4).. 1 West Fe West Pe West Pe West Pe: West Pe Western Western Western lJnion (8). Westing| Westing| Wesths Weston Weston nn £l pt 16). 20s nn K1 A (7). 2208 nn K1 pf (7). 1808 nn Pw pt(6). 70s nn Pw pf(7). 20, Dairy (B). Md. .o, 28 5 hse . B(2). 1y nse E&M (6) 419 E&M pf (6) 10 El lnstr (1). Eiec (A) (2). Westvaco Chlor (2) Wextark Radio Strs., White M White R 0Lors (2)... ck MS(T4%) White Sewing Mach. : Wilcox U1l & Ga Willys-Overland . Willys-Over pf (7). Wilson & Co. .. Wilson & Co (4). Woolworth (2.40)... Worth Pump. Worth P Wrigley >ump(B) (6) (Wm) ()., Yale&Towne MIg(4) Yellow Truck...... Young Sheet & T (5). Youngs 24% 21 | o 24% | 110 84 B804 | 51 | 20 110% | 1n"stock ° tPavable in 16% | no rexulac rate. b Pay. | able“in cash or stock | b Plus2% in sock % in stock & % IntNick 10:30 A.M. . 1:30 P.M. > Dividend rat 115% 115% 1 Gold to Oth BT “RESTON S. KRECKER. Special Dispatch to The Star. | NEW YORK, August 8.—Federal Re- | serve policy, it was authoritatively learned, will be directed to alleviate | the pressure on the money market| caused by heavy gold exports already | made and in prospect, with a view to| keeping interest rates at currently low | levels as a restorative for prostrate business. An alternative policy would have been | to take steps to halt the gold move- | ment. That, however, would have en- tailed a tight money policy with rising rates, which would be objectionable be- cause of the handicap high money rates would be to industry and trade The decision not to interfere with gold exports is evidence that the Federal Reserve authorities do not view the movement with alarm. It is under- stood, in fact, that thelr idea is that the gold may serve a more useful pur- pose if shipped abroad than if retained . crown 2690 ¢ Y TREASURY CERTIFICATES. s 83 “ o 100 30-32 100 28-3: 100 30- ’ here, where it is not needed. Will Buy U. S. Securities. About the only means at hand just now for relieving the money market from the pressure caused by gold ship- FEDERAL RESERVE PLANNING | TO PREVENT CREDIT INFLATION| Boisd R Nakibly: Brepilene Toomern-] ment Securities to Offset Loss of er Nations. mulated several hundred millions of Government securities earlier in the year, the Federal Reserve banks more recently utilized the bankers' bill mar- ket as a means of infusing wdditionsl funds into the market. The supply of bills recently has run down, however, and now is inadequate for the purpose in view. On the other hand Government securities is for all practi- cal purposes unlimited. The latest member bank report shows that mem 000,000 of United States Government issues. bidding for those bonds the Federal Reserve Bank should experience no difficulty in accumulatin, a sufficient volume to meet its purposes. The gold export movement to date metal from this country. Canada has taken $14,500,000 while France has bought $53,000,000. The firmness of franc exchange indicates that more gold will go out whenever fast steamers are available. The movement fias pos- bilities of widening. A fact not gen- | erally understood is that exchange rates | on about 14 different European coun- tries command a premium over the to the gold point. If Belgium, Holland or Switzerland, just to mention a few, should want any of our gold they prob- ments is for the Federal Reserve banks to buy Government securities. That, it 15 learned, will be done on a large scale immediately. -After having accu- ably would experience no difficulty what- ever in getting it. As matters stand they do not want it. Belgium has actually as given in the above Labie & | ayments based on the latest quarterly or haif yearly deciarations | ™S Unit of trading less than 100 shares 1 Plus 8% 1o stocl the supply of | ber banks are carrying nearly $3,000,- | By going into the market and| has taken $67,500,000 of the precious | American_dollar and several are close | Spring (3). Zenith Radio o RIGHTS EXPIRE el (Aug. 30). 545 W% Sales of Stocks on New York Exchange 258,600 2,028,200 12:00 Noon 2:10 P.M. 378,000 415 100 the annual cash 1Partly extra. tPlus 4% scrip. WPlus 9% In stock a Paid iast ve able in stock -~ d Payable when earned e (Flus 107 in stock € Plus’6% in s . & Plus 3% In stock. o Plus port. movement of gold country. into that England Needs Gold. The country which needs gold more than any other undoubtedly is England. The British have lost a lot of gold to Prance and Germany and would like to Teplenish their reserves. It is pos sible they will yet be able to import American gold, as exchange on London is not far from the gold point. Canada, t0o0. needs gold and fortu- nately is getting some. In fact, the present movement to the Dominion is nothing short of a godsend. Canada had been a steady loser of gold for sev- eral years, with the result that her re- serves became so seriously depleted that the Dominion government was forced to the humiliating policy of vir- tually suspending gold payments for a period, although never officially aban- doning the gold standard. (Copyright, 1 SHORT-TERM SECURITIES. (Reportea by J. & W. Seligman & Co.) Bid. Offer. . 102 1021 108%, 108%; 10014 10098 95 103 10214 | Tel. & Tel. 51,5 1643 American Thread 5i:s 1938 Baltimore & Ohio 4 Batuyian Pet Bell Tel. of Ca California Pet Canadian_Nor s 1933 idahy Packing Co Sen. Mot | Geniral Pet Corp. 55 1940 ... General Thealers Eq. 65 1940 Goodyear T. & R. 551957 3% | Grand Trunk of Canada 6s 1936 10574 Gult Ol of Pa 55 1937......... 101} Humble Ol 5158 1932 .0 . Internat. Match Corp. 5s’ 1947 N. Y. C. & St. Louis 6s 1932 Phillips Pet. Co 5Yzs 1939..... | Pure O1l Corp. §12s 1937 934 Shell Union Oil Co. 5s 1947, " 971} Sinclair Crude Oll Co. 5'ss 1938 1021y | Standard OIl of N. J. 58 1946 . Standard Oil N. York 4las 1951 St L, Ir. Mt & S, Ry. 85 1931, | St L Southw "Ry Co. 4s 1932 | Switi & Co_ 5s 1932 100 Union ‘Ol Co. of Calif.’ 55 1935, 1003, United_Drug Co. 55 1953....... 8% U 8 Rubher 53 1947 Western Electric Co. 35 1944 Wheeling Steel Corp. 8'as 1 Wheeling Steel Corp. 4'3s 1 Algeria now has nearly 37,000 passen- taken specific steps to prevent an im- \ ger automobiles, SSUES ARE VA Prime and Semi-Speculative Groups Hold at High Levels. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 8.—Though there was no change today in the situ- lation as it relates to the investment market and bonds both prime and semi~ speculative, held well or advanced frac- tionally, there was a sharp increase in volume ‘due to the activity and weak- ness in_convertible and stock option issues. ‘This was chiefly due to the lack of resistance of the amusement com- pany bonds to the decline in their com- plementary stocks, notably ~Warner Brothers' Pictures. At the opening Warner Brothers' Pic- tures 6s were off fractionally at 91%, but a series of large blocks drove the rice down below 90 within the first our and in later trading it went even lower. This weakness was conveyed to General Theaters Equipment 6s, Loew's 6s, Pathe 7s and Famous Players 6s. As the unsettlement in stocks be- came more emphatic other bonds with equity provisions lost ground and there was heavy selling of Baltimore & Ohio convertible 415s, Philadelphia & Read- 1ing Coal & Iron 6s and Texas Corpo- ration 5s. These lost a point or more, part of which was regained in subse- quent dealings. Other convertibles to sag were Alleghany 5s, American 1. G. Chemical 5!5s, International Telephone 4',s and Southern Pacific 415s. In other directions the market was quiet and fluctuations were unimpor- tant. In the foreign department Mexi- can bonds were active, but at un- changed levels, following the announce- ment that the first remittance of 10,000,000 pesos as advance payment agreed upon at the recent New York conference on the Mexican debt settle- ments will be made this month. It is stated in Mexican government cir- cles that the reorganization of the National Railways of Mexico, as stipu- lated by the bankers in arranging a settlement of the carrier's defaulted bonds, will cause the dismissal of more than 15,000 employes. Other foreign dollar bonds were strong, though inactive, Belgian 7s (1955) reached a new high 7!z points above the call price. It is now as- sumed that this issue will not be called, as was intimated last month. French issues rcmained firm. German and Austrian credits were unchanged. South Americans did not move. There were no new issues, though the market has in_prospect a $11,000,000 issue by the St. Louis-San Prancisco Railway of mortgage bonds of 4, 4! and 5 per cent coupon; and $4,000,000 of Seiberling Rubber Co. 3!;-year notes carrying a 6 per cent rate. Seiberling July sales were about 24 per cent ahead of June, though sales in the first six months ‘vere somewhat behind the same 1929 period. Most of the activity in the domestic list was in_junior rails and here the bet- ter grade bonds continue tleir advance while other issues were unchanged or dropped slightly. The gains were in Erie 5s, International Great Northern adjustments, Frisco 412s and Boston & Maine 5s. Chile Copper 5s and Anglo-Chilean 7s were both higher, buying o: these bonds being attributable to purchases in Chile consequent on the recent favorable de- velopments between the Chilean gov- ernment and its foreign concessionaires. Washingu;nr StockA E:change SALES. AFTER CALL. Potomac Electric 52% pfd.—1 at 109. National Mtge. & Inv. pid. 0 at 5. Chesapeake & Potomac of Va. 55—$100 100. Potomac Electric Cons. 55—$1,000 at 103. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Tel. & Telga. 41us '33 Amer Tel. & Telxa. 4'2s '39. Am. Tel. & Tel. ctl. tr’ 8s.. Anacostia & Pot. R. R. 5s. Ana & Pol. guar. 5 C & P Tel of 58 Capital Traction R. R. 55. City & Suburban 55., Georgetown Gas 1st 3. Potomac Elec. cons. 871100 Potomac Elec. 65 1053 | Wash., Alex & Mt. Ver. cif.. Wesh'. Baito. & Annap’ 58 Washington Gas 58...... Wash. Gas 65, series A.. Wash. Gas 6s. series B Wash. Rwy. & Elec 4s MISCELLANEOUS. Barber & Ross. Inc. 6'a5... Chevy Chase Club 8izs.. .. D. C Paper Mfg. 6s W. M. Cold Storage 58 Wash Cons. Title 65 STOCKS. Amer. Tel. & Tel. (9) s Capital Traction Co. i) Wash. Gas Lt. Co. (18) N. & W. Steamboat (12} Pot. Elec. Power 67 pld Pol. Elec. Power 5137 Wash. Rwy. & Elec. com Wash, Rwy. & El pfd. (5) NATIONAL BANK. Amer Capital (14) CGolumbia (12 Commercial « District (8) S Federal-American (1 Liberty (75).... Lincoln (12) i Metropolitan (14). Rikgs (15) ... Second (9e)..7 Washington (13) TRUS Amer. Security & Trust Co Continental Trust (8) Merchants’ Bank & Trust (6) National Savings & Trust (121} nk & Trust ‘COMPANY. asy Prince Georges. Union Trust (8g? .. Wash Loan & Trust '(14) SAVINGS BANK. Bank of Bethesda (6§) Commerce & Savings (i0). East Washington (12).... Potomac _(10) s 5 Security Sav. & Com. Bank (17 Seventh Streei (12) 7 United States (30) Washington Mechanics 20} FIRE INSURANCE. American (12)... d Corcoran (16).. Firewen s (8) National Union (15) TITLE INSURANCI Columbia (6h) Real Estate (6h) Title & Inv. Co. Md’ ‘com MISCELLANEOUS. Barber & Ross. Inc.. com, Chevy Chase Dairy pfd. (7) Col. Band & Gravel pfd. (7) Col. Medical Bldg Corp. D C. Paper Mfg pfd. . Dist. Natl. Sec. pfd. (1) Emcr. Bromo-Selz, “A” (2) Federal Storage pid. (8) Fed.-Am. Co. com. (1.20) Fed-Am' Co pfd (6/ Lanston Monotype 18). 011 Mer. Tr. & Stge. com. (10) er. Tr' & Stge. pld. (7} Mergenthaler Linotype (6) . (. Mtge. & Inv. pld Peoples Drig Stores pfd. (6127 0 Real Est M. & G. pfd. (8) Security Storsge (4e) Ter. Ref. & Wh. Corp The Carpel Corp. (150 W. Mech. Mtge. com. ( (3 Wash. Med. Bldg. Corp Woodward & Lothrop x dividend Books closed 5S¢ extra. extra exira &3 h4 dEX vights ' extra. wi—Wheh issued. 827 extra. Unlisted Department. Asked. Commercial Club Metropolitan Club 4! v STOCKS. B 28 Connecticut_Pie ‘Co. Chr. Heurich Brewery. Disttict Title Tus. Co. Franklin_National Bank Munsey Trust Co. Northeast Savings Bank Savings Bank. eish Hotel Co 5 shinglon Savings Bank. v ns Co Washingion B. B. Club. Woodridge-Langdon Sav, Bank. Lib I1st 4%w. Lib 4th ¢ US3n US3%s US4s'4 US4y%sbl.. | Argentine 5a. Argentine, May Argentine 6s Ju 'l Argentine 6s Oct's9 Argentine Argentine tral al Australi Austria 7s. Bank of Chile 6% | Bank of Chile 6% Batavian Pet 4%4s. 1 Belgium s. Belgium Belgium 7 Belgium 17 Relglum 8s. Bolivar 7s ‘68 Bolivia Ts etfs '63 Bremen State 7 Canada 6s°31. Ca: Chile 7s*42. ... Chinese Gov Ry bs. Christiana 6: .. Colombla 6s.Jan "61 Con Pwr Japan 7s. . Copenhagen 4% s 'T Covenhagen 63 rets Cuba 5%s. o Danish Munie 8 A. Danish Munic 3s B. Denmark 4 3. Denmark 6%4s Denmark 6s. . Dutch East Ing Dutch East I Fiat 7s ex war Finland s f 63 '45 Finland 7s. Framerica: French 7s. German Bank €s°3. German EI P 6% German 7s. Ger Gen Rlec 7 Hait 6s. Irish Fr Italy 7 stalian Pub § Japanese 43, Karstadt 6 Kreuger&Toll 5s et 170 Lyons 6s. Marsetll Mex 451904 asnd Mex 451910 asst. Mexico 5s asnd Milan 634s. ... Montevideo 7 New So Wal New So Wales 53.. Netherlands 65 ‘72. Nord 64, Norway 6s"63. Norway b Norway 6 Norway 6%s '52. Ortent dev 61 6! Orient Dev 65 53 Lyons-M 6 Paris Orleans 645. Feru 63 '60. Peru 63 '61. Porto Alegr: Queenland 7 Rhine Wst EP 75’50 Rio de Janeiro 6. Rio Gr_du Sul 6543 Rome 6%, R'y’l Duteh 4 Sao Paulo 8: Sao Paulo 60...... Saxon (PW) 7s.... Seine 7s°42.. Serbs Cr Slo Toho El Pwr 6332, Toho El Pwr 78 Tokio bs. Tokio 6% 5 ‘61 Utd Kingm 5%8'37 Uruguay 6& 60. Vienna 6s 52, Yokohama 6: 5 ADbItIDI P&P bs 53 12 Adams Exp 4s'48.. 1 Alleghany Cp b8 44 63 Alleghany 68'49... 22 Am Agri Chem 7%a Am Chain 6s'33. Am Cotton Ol 68 Am For Pwr bs 0 AmIGChbl%s 49, Am Metal 538 34. . Am Nat Gas 6% 8'43 Am Smit & R Am Sugar Ref 6 Am T&T ev4 1239 Am T&T bs ‘65 . Am T&T el tr Am T&T » 1 b1 Armour&Co 44839 Armour. Del.5%s, At Gulf bs '69. Atl Refining 6: Bell Tel, Pa. 63 (B) Bethlenm £l pm b3 Certn-Td 6%a rcts, 2 Chile Copper 6s. ... Colon O1] 63°38. . Com Inv Consumers Pwr §3. Cuban Am Sugar 33 East Cuba Sug T%s Fisk Rubber §s. Gen Cable 6%5 '47. Gen Mot Ac Cor 6 n Pub Sve 6% Gen St Cast 614, Gen Thea Eq Goodrich 6% 8 Goodyer 58 rets Humble O & R 6 1li Bell Tel 6 111 Steel 414 Inland Steel 4% ‘78 ntl Cement & Intl Match 68 '47. Intl Tel & Intl T&T 4%s ¢ Intl Tel&Tel 68 '55. Kan City P & Lt 6s. nG&K6s b3... Lorillard b Larillard 6%4s. Lou Gas&El bs '52. McC'rmek ER 68'34 Midvale Steel bs. Montana Pwr db §s Montana Pwr 43... Morris&Co Ist4}s. Nat Dairy 6%s Nat Radiator 6% N Y Edison N Y Tel 6 N Y Tel 6: North Am Ed NoAm Ed 5%s Nor Ohlo Tr&L 6s.. 1 18 1026 226 1032 1 10118 10118 10118 50 106 4 33 10812 107 26 11231 11229 11231 EIGI Fons-m. High. Low. Close. 1022 103 106 4 92 103% 907 107% 100 100 774 a1 105% 96% 86 9T 97 MISCELLANEOUS. B4 H8Y 23 0 104% 1144 1014 1065 110% 1027 103% 105% 105% 1026 103 106 4 10812 92 100% T8l 8315 99% ¢ 871 9515 104 102% 101% 108 | 103% 84k 103% 104 105% 104 100% 101% Q8% 96 104 93% 101 10014 Phil)ips Pet 5% Pillsbury F M 6543 Postal Te) & C6%e Pub Serv G 43 Pure Ol 5% Rem Rand 6% Richfield O11 & Stnclair Of1 Sinclair Ofl 6% Stnciair Ofl Sinelair Cr Skelly Of1 63 So Por Rico Sug 7s. South Eell Tel 6. . Southwest Bell 5 Stand Oil. NJ “48 Stnd OIl N Y4348 TennCop 65 B'44.. 5 Tenn El Pwr 63°47. 14 Tex Corp cv 63 44. 150 Transcont] Ol 638 21 United Drug 8a°53. 10 " S Rub 1st rf 6s. Walworth 6 Warn Bros P Warner Sug 78 41. War Quin 65°39. Western El Westn Union bs' Wickw Spen 1st. Wilson & Co 18t 68 Youngstn S &T 5: RAILROAD. Atchisonad)ds. ... 27 Atchison gen 4 A T&SFK ¢ A T&SF cv 434848 34 1031 104 105% 104 981 82 87 8813 105 81 2 1044 1041y 20 99 103% 928, Gy 9 126 96 10015 1001 107% 104 103% 4 110 Boston & M 58 1955 142 Boston & Maine 6s. 20 Bklyn Elev 6% 3 Bklyn Manhat 33 Bklyn Un 1st Bklyn Un El 5s '50. Buff R & Pltts 4% Can Nat 4348 5: Can Nat 4348 Can Nat 4%s Can Nat 413870 Can Nat 85, Jul Can Nat 58 Oct Can Nor 6% Canada Sou b : Canadian P'ac db ¢s Can Pac 4 %84 . Can Pacific ctfs 6. Can Pacific 58 '54. . Car Clinch & O 5s.. Cent of Ga 55C 69.. Cent of Ga 5% Cent Pac 1st b3 90. Ches Corp 65 '47... Ches& O 4348 93 A Ches& O 4448 B 95 CB&Q 111 div4s. .. C B& Qgen 48 53.. CB&Q4%s8"1TB CB&QIstrebs Chi& £ 111 gn 68 61. Chi Gr West 45 69. Chi Ind & L ret 6 Ch. N&SLP 4% ChIMIISU&P 68'15 CM&StP Pac adj b8 Chi NW 41,8 2037. Chi& N W gen4¥% Chi & N W con 4 %226 Chi R 1& P gu 4s.. ChiR1&Prt 4 ChiR Icv4l4s60. Chi Rk Isl 4%48 A.. 20 Chi Un Sta 43 5 C& W Ind63s'62. 6 CCC&SLL 4%8 (E). 47 Clev Term 44877, 1 Col So4%sA'80.. 24 Cuba R K os. b Cuba RR 7% CubaNors 145’42, Del& Hud ref 4843 40 Del & Hud b%ws. . Den & Rio G en ¢ Den&RGW 68 '55. D R G&Wat ba 7! kirie gen 4x. Erle 5s, 196’ Erle 6s, 1976 Fia East C55°74 9 23 104% | 1141 101 1063 1107 1027k 1031 106% Gr Trunk st deb Grand Trunk Gt Nor 4348 < Grt Nor 4%48 (E).. Gt Northern bs. Gt Northern 5% Great Nor gen 78 Gulf Mo 58 (B) Hocking Val 4% Hud & Man ad) 5 Hud & Man ref b 111 Cent 4% 111 Cent Chi 4%, 1i1-C-C-StL&NO B int Rap Tr 6a stpd. int Rapid Trans §; int Rapid Tran: int & Gt Nor 5 nt & G Nor 15t 6 Int & Gt Nor adj 68 Int RysC Am 6s... Int Rys CA §%s re. Kan City Sou 3 Kan City Term Lehi Val con Lehigh Val con L& N 41582003, Louis&Nash 58(B) L&N5Y%s Market St 7s°40. M1l E] Ry&Lt 4 Minn & StL ref 4s. . Al StP&SSM con ¢s. M SIP&SSM 6'%s. . MEK&T4%s73... MK & Tex adi bs. . 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Seaboard Al en BALFlagg 3 104% 915 99% 4 100% 90% 8% 8% 103% 100% % 104% 104% 100 99% 9Y7a 9615 96 100% 100% 711y 720 10214 10315 104 105% 104 9915 101% 9678 104 938 100% 100% 98n 89 1001 104 1045 9613 94 126 96 100% 10045 1074 10414 104 110% 104% 915 99% 100% 90% 987 8%, 103% 93 9814 9814 9814 1044 104 104% 116% 106% 8974 98 104% 103% 101% 100% 104% 104% 100 997 100 961 96 100% 981 Large Orders in Early Fall May Be Delayed, Says Weekly Trade Review. Special Dispatch to The Star. CLEVELAND, August 8.—Failure of steel specifications to respond imme- diately to the resumption of automobile production, fresh alarm over the dam- ge being done to crops and agricul- tural buying power by the drought, and the most drastic curtailment of pig iron production in recent years have vitiated much of the hope enteriained for an improved iron and steel situation in the early Fall, says Steel, formerly Iron Trade Review, Cleveland. The opinion still is widely held that July may prove the low month of the present dip, and in the next week or 10 days heavier demand is certain to emanate from the automobile industry, as its_inventories of raw material are nil. But whether this betterment will be more than a seasonal fluctuation many doubt. Steelmaking operations continue at 55 to 60 per cent of capacity, with no definite trend. Steel Corporation sub- sidiaries, at 64 per cent, are up 1 point. There are, of course, substantial market factors, such as satisfactory structural wards and inquiries, prospective ship work in the East and capacity opera- tions at line pipe mills. In the scrap trade dealers ate avoiding a short po- sition. Nevertaeless, sentiment for the next 60 days appears slightly dimmer this week. Crop Damage Hurts Steel. Crop damage may assume serio'ls proportions. Directly it threatens to contract the market for wire products and tin plate. Indirectly, it offers pes- sibilities of retarding a comeback in the automobile market. Farm imple- ment manufacturers are gloomy over Fall and Winter business. Restrictions of pig iron output may be regarded as a constructive measure and an indication that the market sit- uation has been liquidated, but it does afford an accurate gauge of actual con- sumption. July’s daily rate of 81574 gross tons was 16 per cent below that of June and the lowest rate since Oc- tober, 1924. At the end of July only 144 blast furnaces were active, the least since August, 1922. For seven months of 1930 production totals 20,833,398 gross tons compared with 25420048 tons in 1929 and 21,583,174 tons in 1928. Bridges Help Outlook. Pending structural work includes 35,000 tons for highway bridges in Ken- tucky, 12,000 tons for a bridge at Cleve- land and 5.000 tons for a school at Chicago. Ford Motor Co. has bought 3,500 tons for a factory at Richmond, Calif., and will place a like tonnage for a plant at Buffalo. This week’s structural awards, at 35,432 tons, com- pare with 38,982 tons last week. Freight car awards in July, totaling 1,348, bettered the 998 ordered in June. If the Illinois Central distributes its 2,300-car inquiry this month August will show further improvement. Seven- month car orders for 1930 are 33,952; for 1929, 63,157; for 1928, 28,916. A _reduction in pig iron at Phila- delphia_lowers the market composite of steel 1 cent this week, to $33.08, which compares with an average of $33.21 for July, $36.54 last August. Baltimore Markets BALTIMORE, Md., August 8.—Pota- toes, white, 100 pounds, 1.50a1.60; b>ans, hamper, 1.50a3.00; beets, 100, 3.0024. cabbage, basket, 75a1.25; carrots, 10 pound sacks, 4.00a5.00; celery, crate, 1.50a2.25; corn, dozen, 15a35; cucum- bers, hamper, 50a90; lima beans, bushel, 2.25a2.50; lettuce, crate, 35a90; onions, bushel, 1.25a1.50; peppers, hamper, 40a 60; peas, bushel, 1.00a2.25; squash, hamper, 40a50; tomatoes, hamper, bushel, 60a1.00; blackberrics, quart, 10a 13; cantaloupes, hamper, 75a85; huckle- berries, quart, 15a20; peaches, bushel, 1.00; watermelons, 100, 15a40. Dairy Market. Poultry, alive — Chickens, springers. pound, 24a30; old hens, 20a22; old roosters, 12a15; ducks, 12a18; pigeons, pair, 20a25. . Eggs—Receipts, 610 cases; nearby firsts, 20; Southern firsts, 22. Butter—Good to fancy creamery, pound, 36a39: ladles, 26a27; rolls, 24a 26 process, 31a32; store packed, 22a23. Hay and Grain. ‘Wheat—No. 2 red Winter, export, 99';; No.2 Winter, garlicky, spot, !G'/": August delivery, 96%; September, 97%; October, 1.00. Corn—No. 2 domestic, yellow, new, 1.15; cob corn, 5.00. Rye—Nearby, 65a70. Oats—White, No. 2, 51a511%; No. 3, 5025012 Hay—Receipts, ncne. No change in market; continues quiet. Live Stock Market. Cattle—Recepits, 100 head; light sup- ply: market steady. Steers, choice to prime, none; good to choice, 7.00 to 7.50; medium to good, 6.00 to 6.75; fair to medium, 5.50 to 6.00; plain to fair, 5.00 to 5.50;; com- mon to plain, 4.55 to 5.75. Bulls, choice to prime, none; good to choice, 6.25 to 6.50; medium to good, 6.00 to 6.25; fair to medium, 5.50 to 6.00; plain to fair, 500 to 5.50; com- mon to plain, 4.50 to 5.00. Cows, choice to primg, none; good to choice, 4.75 to 5.00; medium to good, 4.50 to 4.75; fair to medium, 350 to 4.00; plai. to fair, 3.00 to 3.25; common to plain, 2.25 to 2.75. Heifers, choice to prime, none: good to choice, 6.25 to 6.75; medium to gcod, 5.75 to 6.25; fair to medium, 525 to 5.75; plain to fair, 4.75 to 5.25; com- mon to plain, 4.25 to 4.75. Presh cows and Springers, 30.00 to 60.00. Sheep and lambs—Receipts, 4,000 head: good supply, market lower; sheep, 1.00 to 3.50; lambs, 4.00 to 9.25. Hogs—Receipts, 600 head; fair su ply, market higher; lights, 10.25 to 10.5 heavies, 9.25 to 10.25; medium, 10.45 to 10.75; roughs, 7.00 to 8.25; light pigs, 8.75 to 9.75: pigs. 9.75 to 10.. Calves—Receipts, 100 head; light supply: market higher; calves, 4.00 to 11.00. PARIS BOURSE PRICES. PARIS, August 8 (#).—Prices closed higher on the Bourse today. Three per cent rentes, 88 francs 65 centimes. Five per cent loan, 100 francs 85 centimes. Exchange on London, 123 francs, 78} centimes. The dollar was quoted at 2 francs 413 centimes. High. 94 9514 9914 100% 901% . Close. 94 9514 991 Sou Rwy gen & Sou Rwy con bs. Sou Rwy 63 "5 Sou Rwy 648 Tex & Pac 55 B17. Tex & Pac 68 C*7 Third Ave ref 4s 60 Third Ave ad) 6i 1% 1u7 128% 102% 102% 17 123% 102% 102 48 2814 97 911 927 100% 107 = 101% 93 1034 1005 854 100t 987 924 34 Union Pac 43 8. Un Pac st ref ¢s Union Pac 4148 Virgtnia Ry Ist 6 Western Md 4s. . Weat Ma 6145 ‘17, ..