Evening Star Newspaper, August 12, 1930, Page 14

FINANCIAL. AUGUST 12, 1930. [y so BONDS e ] FARMAIDDEPENDS ONGOOD FINANCING Sales. High. Low Close. T ode 102 o5 | Quick Relief Needed in Agri- NoAm EAB%e"62. 4 103'5 103% 103% 103% . seu| cultural Sections Affected Nor Ohlo Tr&L 6s. 3 106 105% 105% Nor States Pwr bs. 5 103 102% 103 101% 0 by Drought. WASHINGTON, D. C., TUESDAY, HGH GRADE BONDS SHON STRONETONE Investment Demand Con- tinues, but Speculative Group Sells Off. FINANCIAL, THE EVENING ~ STOCKBREAKLAID [[T NEW YORK STOCK EXCHANGE -TOBUSINESS DROP e e o Economist Believes Slump in . Securities Was Preceded at] Dairy (32)..... ; : . by Trade Recession. Natl Dept Stores (3) d 24'% Natl Distillers (3) Natl Lead ¢13). .. 138% Natl Lead pf(A) (1), 50s ‘atl Lead pf(B) (6). 108 at] Pwr & Lt (1)... 181 at] Supply (5)..... 3 Natl Supply of (7).. 1208 4 Natl Suretv (6)..... 1 STAR, UNITED STATES. (Sales are in $1,000.) High. Low. Close. 10029 100 29 100 29 1025 1022 1022 1032 10231 103 101 26 101 26 10126 10126 10126 101 26 1086 1086 1086 11225 11225 11225 FOREIGN. Sales. High. Low. Close. 62. 6 95 94% 95 8% Pree 29 991 98% 4% 101% 8% £6'9 86% 96% 9! ~Prev.1930~ High. Low. 30% 134 § 17 Stock and Sales— (COHHHM Dividend Rate. ~Add 00. High Low. par ithogtn(1). 24 20% 19" Spencer Kelg (1.60).. Spiegel-May-Stern. » Stand Branas (1%) i =“' "‘.‘ 16 "t Embaa Nor States Pwr ¢s. 2 105 105% 106 121 Murray (bi%stk).:. 16 Chat & StL(5). 10s i US4s’s % 60% 61 c 103% 103% 103% US4%ssa.. 31 31 32 6T% 67% 691 31u 314 34 34 10% 10% Stand Oil Exp pf(5) .. Stand Ol of Kan (3). 1 Stand Ollof NJ(12). 8 Stand OfI N Y (1.6 Starrett (LS) 17 101% 101 14 97 97 65 96% 96 2 85% 851 Pl Phillips Pet 63 Por Rie Am Tob 6s. Postal Tel &CB34e 18 931 931 93% Pub ServG¥%s'10 15 101 100% 101 Rem Rand6%swar 1 99 99 99 Sinclalr Ofl 7s. 25 104% 104% 104% Sinclair Crade 638 <92 10214 1023 1024 Sinelair P L & 1 101% 1015 101 Skelly Ofl 53 2 96 96 96 South Bell Tel bs.. 5 10.% 105% 105% Stana O1l NJ '46... 7 10415 104 St.nd Ol N Y.4%a 99% 9914 Sug Es Orient 1s 34 34 Argentine 5% ;e Argentine, M T Sterling Sec (A).... BY F. H. RICHARDSON. u‘sy 5 b Suaeting Seopr(1.19) Special Dispatch to The Star. Sterling Seacv pf(3) : i NEW YORK, Au g . : . August 12 (P).—Sea- Diene eae O soned investment issues, a few of the| . e ot junor rails, the better grade industrials oo oo el and some high-grade foreign loans were orag e g stronger in bond trading today under a Sun gl 4 fair_investment demand. But the rest B of the list, notably the convertibles, re- Superior W flected the early weakness of stocks. Symington (A). At the opening the market heard Telautog’h C (11.35). talk of easier time money rates when ‘Tenn Cop & Ch (1).. some 90-day loans were placed at 2% ‘Texas Corp (3)...... per cent, but these proved to be ex- Tex Guif Sulphur(4) ceptions ‘and later the rate was quoted &0il..... 21, to 215 per cent or unchanged. Texas Pac Land Tr. # matter of fact, certain sections of the Thatcher Mfg (1.60). street expect higher money rates within Thermoid Co the week, owing to current and pros- | B Third Avenu pective withdrawals by interior banks. |5 Thompson (J R) (3). It is admitted that such withdrawals Thompson Prod(2.40) might become heavy within the drought Tide Water As (60¢). distress area, though Wall Street gener- Tide Water Ofl pf(5) ally is not inclined to view the situa- Timken Det Ax(80¢). tion through pesimistic eyes, Tiniken Roller (3)... New capital issues were again light, Tobacco Produets. ... below $3,000,000, consisting entirely of Tobac Prod (A) (80¢) municipals. ‘Counter trade was reported | Ch! Trensamer 11.60). . * [good, with a number of large blocks of Transcont] Ofl (30¢) bonds purchased by insurance com- Tri-Contl Corp. panies who, perforce, are back in the Tri-Cntl Corp pf. open market for bonds since no new is- Truscon Stl (g1.20) sues are coming out for which they Twin City Rap T(§4 can bid direct. R i In the convertible group Warner Bros. UionlbaEE Paper s Pictures 6s came up a shade from their URionCaibids.t80) record low of Monday, though the gain Union Ol of Cal (32) was partially lost later. American Unton Paeifie (10). .3 Telephone & Telegraph 414s dropped a Union Pacifio pt (4) ~. point. General Theaters Equipment 6s T R R declined along with American Interna- Utd Alroratt of (3)+ tional 5125 and Chicago & Northwestern Utd Bisouit (1.60).s 4%s. On the other hand, International 4 Utd Carbon (2). Match 5s, American 1. G. Chemical 5145 Utd Cigar Stores. and Baltimore & Ohio, 415s showed United Corp (500) firmness. American I. &. Chemical is United Corp pf (3 reported to benefit under the European Utd Electric Coal cartel agreement on synthetic nitrate Utd Fruit (4). production. BY OWEN L. SCOTT. 8pocial Dispatch to The Star. CHICAGO, August 12.—Farm reliet this season resolves itself into a prob- lem of transportation and one of emer- gency financing in isolated sections of the country. 104 | ,, The Government crop reports show 9¢%: | that there will be ample food produced 34 | to take care of the needs of live stock i S 2 34 |and more than ample for all human ennCop6sB44.. 210 102 102 |requirements. But the task is to get Tenn El Pwr6s'47. 1107 107 107 |grains into districts where an animal o teranie 91 104% 103% 103% | population of 25,000,000 is faced with & Transcontl Of1 4 109% 109% 109% | Jocal shortage. 18, 98 97% 97%| It is this problem which 12 State 30 8215 821 214 | Governors, in confefence with President 3 100% 100% 100% | Hoover and the Federal Farm Board, 11 89 88's 88%|will seek to solve during the present 1 87 87 87 |week. Railroads already have come 95 89% 88y 8sw |forward with voluntary offers to do 7 105 104% 104% | whatever is asked of them in meeting 1 10415 104% 1041 | the crisis. 6 109% 109'5 109% 357 85 BY JOHN F. SINCLAIR. Special Dispatch to The Star. : NEW YORK. August 13~Who or | what started the present business de- | cline? Thousands still point at the .“;.':L",'\K:efi?md A atl Steel (2). R « Let Dr. Carl Snyder, able economist ada Copper (1%) 125 of the Federal Reserve Bank of New Seoe 1 York City, give his expert opinion: Alrbrake (3.60). 11 “The tendency-to decline had shown Central (8)..... 32 itself some time before the panic, just Chi & StLpf(6). 3 as it did before the long stock market Harlem (5)... 20 decline which began at the end of il g‘ls," he says. “There are reasons 4 believing that the declining course of trade would have been much the same, in both instances, had there been mo_stock market panic.” Yes, the decline started months be- fore the stock market smash. “It is indeed difficult to believe,” Dr. Snyder continues, “that stock market gambling, even on such a colossal scale s last year, could so dominate the vast business of a nation of 120,000,000, ‘whose population and trade are now equal to nearly half the total for the commercial world. The forces that de- termine the ups and downs of this in- credible volume cf trade lie deeper. Now that the “new golden age” busi- ness spectrum has turned a sickly green, others point to the business cycle—that oid man of the sea—that so often Tises to plague and mock the best efforts of man, as the answer. . What is meant by the business cycle —a term often used but little under- stood? Australia bs ‘57 . Bank of Chile 6% Batavian Pet ¢ Belgium #s Belgfum 104% e 109% 114% 110 109% T 71 » Baswm wrma 58a N ) 881 1061 5% 5 874 % 100 5 102% 101 105 4 90% 101% 90% T5% 101 9 Utilities Pwr %, Walworth 6s°4 Warn Bros P s * Western Elee b ‘Westn Uniqp b Westn Union 644s. White Sew Mach Wilson & Co 15t 9915 99 Norfolk & Southern. North Am Aviation. . Corn Situation. “The situation in corn is shown by the . crop report to border on catastropl s e s e o in large sections of the country. States RAILROAD. hardest hit are Indiana, Ilinois, Ohio, AnnArbords...... 5 & s3 s |Misour, Kansas Kenfucky, Virginia, ) 1, | West Virginia and Arkansas. A1l Conut Line 36 n wllhlngnl'lt month a drop of 581,000,~ 925 | 000 bushels occurred in the prospictive crop, and the Dcpartment of Agriculture 95% | egtimates that an additional 100,000,000 bushels has been lost since August 1. A yield of 2.202,000,000 and a crop condi- tion of 62 per cent are estimated—both : Canada 6s°31.,,.. Northern Pactfic (5) T ] Of1 Well Supply..... 117 Oil Well Sup pf (7)..610s Oliver Farm Eauip.. 11 Oliv Fr Eq ev nt(3), Orpheum Cir pf (8. Otls Elev n(2%) Otls Steel (2% Owens 111 Glas: Pacific Gas & £1 (2). Pacific Lizhting (3). Paekard Motor (1) Pan-Am Petrolm Pan-Am Petm (B) Panhandle P& R.. Param’nt Publix (4) Park Utah...coeoens Parmelee Trans 1% .. Con Pwr Japan 7 Copenhagen 4148 Copenhagen bs rets Danish Munfe 8s B. Denmark 4%s. Denmark 514 s ‘55 Denmark 6; Dutch East Ind' 47. Dutch East I 6s Fiat 7s ex war 46 Finland 7s 991 Atl Coast L 1st és., 18 " 951 110 9315 101% 106% 10214 10244 91 997% 119% 124% 95% 8714 90 9314 105% 95'% 100% 1007% « 125.101% 100's 100% BaOH :ooocn) . g 106% 106% 106% 3 (D). 104 1033 103% st since 1901, BopprAroah oL, 3 s 914 14| yheat, oats and barley. Production of oston L 8 99% 99% 99%| o) wheat is st at 820,613,000 bushels, Boston & Maine 6s.. 12 1003 100% 100% | Gonnareq with 807,000,000 bushels' pro- B M. e |1 0w 83% 39%| duced last year. There i a carry-over Bklvn Un El 6850, 16 104" 103% 10475 | Of nearly 250,000,000 bushels from pre- Bilyn Un 18t 68750, -8 8014 ug* ‘ug’*| vious crop surpluses and the country 18 Bush Torm con b8e: 5 105 105 109 | glutted with this cereal. On a price par- e 102 10z | BCRE RO It profitably can'be fed to Can Nat 4% 1 98% 98% 987% | live stock and 100,000,000 bushels easily 2 9 2 5 1 102% 91 100% 119% 124% 95% 871y 90% 9315 105% i Cycle Is Disturbance. “Viewed in the long stretch of our industrial develoopment, tive business cycle appears as a disturbance in an otherwise singularly even, continuous growth in the production and distribu- tion of goods,” says Dr. Snyder. 124% 95y BTl 90% 9314 105% Gelsenkir Min 63’34 2 Ger 6345'30-"35 rets 55 German Bank '3 German EI P 6%s. German 7s. Greek 63 '63 , Let's study this a bit. A year and a half ago everything looked fine. Many jusiness writers and economists were about “a new industrial era”—a lden age for business.” Labor, more nt than ever, was fully employed buying, on the installment plan, ra- automobiles, new furniture, on a seale never dreamed of 10 years beforé. Mass production was in the saddle. ‘There seemed no end to it. No more business depression. The business cycle ‘was a relic of the dead past. Few had courage to express the belief that we'd see any more cycles, for such a belief ‘was sure-fire evidence of “defective and strabismic vision.” Then the boom days crashed. Busi- ness slowed. Demand declined. Pro- dyction died down. - Unemployment rose. Spme contended, “just a passing shower t0 clear the atmosphere.” "But it's still raining. and the machinery of business 15 being floaded: ? So old man business cycle appears again to tell us, after a long absence, the “how and when” of it all. Also, why the specter of cruel unemployment and the loss it brings in wages, income and ‘wealth just had to be, under the present oorder of things. aThe business cycle is a fascinating subject. The term was devised by one of our foremost American economists, today as the wold's author- ity on trade fluctuations. He 4s Dr. W. C. Mitchell, director of the National Bureau of Economic Research. Study of the causation and behavior of the cycle, however, goes back well into the last century. Fred Y. Presley, chairman of the Committee on iomic Re- search of Harvard University, and now president of the National Investors’ Corporation, issued a book five years ago on “The Economic Cycle,” which has had wide distribution. In this Mr. Presley says there are | five fairly well defined phases of the economic cycle and that these phases usually _occur same order: (1) Depression, (2) recovery, (3) pros- perity, (4) financial strain, (5) indus- trial crists. Phases Develop Gradually. Each phase develops gradually into the succeeding one, according to Mr. Presley, and is distinguished by char- acteristic movements of the speculative business money market. But what is back of the business cycle? Is it inevitable, one of those factors society must always be sub- Ject to? The rising and falling price level has much to do with expansion and contraction of trade. This is admitted all. And there is, too, a very definite relationship between gold and prices. The long, drastic_depression of the 70s and tl 90s—the worst in American history—presented years of deeclining gold production and declin- prices. ut in the last 40 years from two- thirds to three-fourths of all the gold ever recovered in the world has been mined. With it has come world expan- sion of bank credit, easily available cap- ital and a world rise in prices. Gold, the base on which the credit structure of civilized nations rests, seems to have a wvery definite Telationship with the world price level. But in the last few years gold produc- tion has been decreasing. Prices, 100, have been declining since 1925, about 25 per cent in Great Britain and 15 per cent in the United States. Today, ac- cording to the Statist, the price level index in Great Britain is not quite 22 r cent above that of June, 1924, while the United States Bradstreet's index on July 1 gave it as just 21.2 per cent above August, 1914 The world may be facing a long pe- riod of decline in gold production. Then what? About 4 per cent annually of new gold (about $400,000,000) must be added to the world’s monetary re-| serves to meet the natural credit de- mand, based on the way it is handled today. But new gold production is add- ing around 3 per cent (about $300,000.- 000). This is a danger the world must reckon with in the next decade. If it is not met, a long period of depression, unemployment, and distress may be the result. forme Increased Production. So the long depression may not be a thing of the past. Dr. Snyder says on - u““'X’h? facts are clear and these long depressions run parallel with declining gold production and falling prices, while the large prosperity and the short and crisp crises of the present generation have run parallel with an enormous in- crease in production and the credit line and a corresponding rise in prices.” It is the contention of the Snyder School, in contradistinction to the Irv- dng Pisher group (who hold tiat the business cycle is essentially a phenom- ena of prices or price changes), that the almost invariable sequence of cycle movements is rising interest rates, de- clining trade, declining prices, crises and depression. . . . Exactly the steps business has followed in the last 12 months. To carry this important point a littie further, Dr. Snyder considers interest Tates merely a symptom. But the credit {supply, the actual force behind interest rates, is the vital thing. the real clue to these variations in national welfare. And so this New York economist con- cludes 10 yesrs of study of the business cycle by saying: “There is an extraordinary and al- most unbelisvable fixity of the volume of production and trade on one hand, and the volume of credit on the other, with the variations in this trade—credit ratio being expressable in the broad level of prices (not merely in the ty prices).” 168 112 122 127 136% 101 ing is & summary of important corpora- tion news prepared by the Standard Sta- tistics Co., Inc., New York, for the As- sociated Press. gust 1 estimates of crop yields in most cases varied adversel; pectations of the trade. forecast of 2,211,823,000 bushels is con- siderably lower than anticipated and |\’ represents a falling off in expected yield of 690,000,000 bushels during July. Both the estimate and condition of crop is lowest since 1901. of 821,000,000 bushels was higher than was generally looked for and shows ex- pansion of 14,600,000 bushels over the July 1 estimate. both Spring and Winter wheat 14,105, | 000 bushels larger than in 1929, but 94,000,000 less than in 1928 and 58,000,~ 000 below 1927. dous carry over this year more than off- set the favorable aspects of these latter two comparisons. (Copyright, 1930, by North American News- paper Alilance.) { Germany and Rumania have just % signed a provisional commercial agree- Phelps Dodge (3). 4 Phila Co 6% pf (3)..: % Phila ReadC&1.... Phillips Petrm (n2).. 1 PlerceOll.... 20% Pierce Oil pf. 39% Pirelll, Italy (a3.14 Pi urgh Coal. Pitts Ft W&C pf(7). Pittsbgh Trml Coal.. 20% Poor & Co (B) (2)... 23 PRAmMTobA (3%). 9 P Rican Am To (B).. 35% Prairie Ofl & Gan(2) 444 Prairie Pipe L (15). 52% Proctor & Gamb(2.40 6% Prod & Refiners. 811 PubServ.NJ (3.40). 2 91% Pub Serv N J pf (5).. 143 PubServ NJ pf (8).. 7 19% PureOfl (1%)...... 52 Purity Bakeries (4). 321% Radio Corp.... 19 Radio-Keith-Orph 28 Raybestos Man 2| 9 1 8% Reo Motor Car (80c) 37% Republfc Steel (4) . 85 RepubMc Steel pf ( 16 Revere Copper & Bi §7% Revere C&B (A) (4). 23 Reynolds Metals (2). 454 Reynolds Tob B (3) 14% Richfield Ol (2). 16% Rio Grande Ol (2). 3814 Ritter Dent Mfg (13) 274 Rossia Insur (2.20). 49% Royal Dutch a3.2165. 58% Sateway (eB)..... 331 St Joseph Lead (13). 85'5 St L-San Fran (3). 52% St L Southwester! 4% Schulte Retail Strs. 59% Sears Roebuck(32%) 7 Second Natl Inv..... 6% Servel. IR€.....ee0.. 16% Sharon St Hoop (1). 31% Shattuck(FG)(11%) 42% Shell Trans (a2.423) 18 Shell Union (1.40)... 95 Shell Un Ofl pf (53) Simms Petrm (1.60). 20 Sinclair Con O1l (2).. 28% Skelly Ofl (2)....000 95% Solvay Am pf(5%).. 80% 15% Sou Porto Sug (1.40) 72 52% Southern Cal £4 (2). 108 Sou 76% Sout 90% Southern y P 45 33 Spalding (AG) (2).. % 1 15315 107% Pub Serv E&G pf(6). 10s 109% 105 So Port Ric S pt (8). 1508 105 6 55 1 38% Utd Gas Utd Ga Utd Pie Utd Stos Utd Stos U 8 Dist U S Dist: Frel; Pipe caacaaac Rub Vadasco Vanadiu: Va-Caro VaEl & Wabash Waldorf ‘Warner Warren Warren Wess oll Westhse Wrigley Dividend rates a: tion; per cent in stocl a Paid this yea when earned. 3 Plus 8 per cent in stock. 384 Util Pwr&Lt A (e2) Va-Car Chem....... Vulcan Det (4). Walworth Co (2)...0/ Ward Baking (A)... Ward Baking pf (7). 1 Warner-Quinlan (1) Yale&Towne Mfg(4) Yellow Truck. . Yellow Truck pf 2% Youngs Spring (3).. 1 Zenith Radlo........ Sales of Stocks on New York Exchange 5. 3Unit of trading less than 100 k. §Payable in regular rate. e Payable in cash or stocl stock. g Plus 6 per cent in stock. per cent in stock. n Plus 5 per cent in stock. p Plus 50¢ cents in preferred stock. T Subject to approval & Imp(1. & Imp pf(5). Dye W (2) A). »f. ributing. ribut pf (7) U S Express. . 8 & For Secur ght (3). Alcohol (17).... Leather pr pf(7). &F(3).... Pipe & F 18t 1.20. Realty (5) ber . 19 19 156% 156% 160 44 4% 30% 30% 2% 2% 9 T9% 4l AW 234 234 102% 102% W T1% 714 Sales Corp.. m Stl (14).. Chem 6% pt 1 Pwr pt (6).. 60s 1608 2 b 10 108 Systm(1%) Bros Pict... 1711 5 Bros (3).... 1 Fdy & P (2). & Snow (2). E&M pf () 60s Westvaco Chlor (2).. 2 4 White Rek MS(14%) White Sewing Mach.. Wileox Of! & Gas.... Wilcox Rich A (2%) Willys-Overland. ... Willys-Or Wilson & Co Woolworth (2. Worth Pump. .. Worth Pump(A) (7). Worth Pump(B) (6) »r(T ki 11 1 2 5 1 3 2 4 6 7 1 2 3 (Wm) (.. 1 2 108 18 255,400 12:00 Noon. .. 692,500 1,039,900 2:10 P.M. + 1205 200 given in the above table are the annual cash payments based on the latest quarterly or half yearly declara- tPartly extra. iPlus 4 lus 9 per cent in stock. le in stock. d Payable 3 10 per cent in hPlus 2 per cent in stock. k Plus 3 per cent in_stock. m Plus 1 of stockholders. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 12.—The follow- News Trend. The Department of Agriculture’s Au- with general ex- The corn crop The wheat forecast It indicates a yield of However, the tremen- Corporation news is again comprised largely of earnings statements. Com- panies which bettered their showing of a year ago include Tide Water Asso- ciated Oil, Equitable Office Building and Interstate Railways. A reduction in quarterly dividend was ennounced by I. B. Kleinert Rubber. The Companies, Adams-Millis Corporation current out- put hosiery 15700 dozen pairs daily; operations at 85 per cent ca- pacity. Ahumada Lead first-half 5478,090 pounds refined 5,478,809 pounds. Certainteed Products had deficit $756,038 in first half, against deficit $665,478 vear ago. Consolidated Retail Stores July sales off 11 per cent; seven months, up 7.1 per cent over year ago. Equitable Office Building earned 68 cents common share in first half, against 67 cents year ago. Ford Motor July world production 133,035 cars and trucks, against 174,528 in June and 196,505 year ago. Of July output, 116,895 cars and trucks were made in United States, against 180, 804 in 1929. Great, Atlantic & Pacific Tea experi- menting with sales drugs in several output lead; sales, cafeterias and soda fountains in few stores, Interstate Rallways earned $1.38 common share in first half, against 37 cents a year ago, Julius Kayser & Co. earned 87 cents common share in year to June 30, against $5.93 in previous year. I. B. Kleinert Rubber reduces quar- terly common dividend to 40 cents; for- merly paid 62} cents. Oliver Farm Equipment obtains sub- stantial order from Amtorg Trading for tractors and_combines. Republic Steel current operations at 65 per cent capacity. Servel, Inc., earned $2.99 on $7 pref- erred, before taxes, in first half, against $58.60 year ago. David Pender Grocery had deficit $55,539 in first half, against profit $125,015; equal $1.11 common share in half, 929 hal Sinclair Consolidated Oil subsidiary | acquires ‘Pledmont ' Oil of Gastonia, . C. Standard Gas & Electric net earnings 12 months to June 30 up 3.8 per cent. Tide Water Associated Oil earned 58 cents common share in first half, against 56 cents year ago. Truscon Steel current operations at 85 per cent capacity. Tubize Chatillon introduces new nitro- cellulose yarn. United States Steel July shipments estimated 700,000 to 750,000 tons, against 950,000 in June and 1,500.000 year ago. New orders in July totaled about 800,000 tons, against 860,000 in June and 1,335,000 in July, 1929. United Stores had loss $34,402 in pe- riod June 8, 1929, to June 30, 1930. Warner Bros. Pictures—Warner and Vitaphone productions to be shown by Butterfield circuit; has 60 houses in more than 25 cities throughout Michi- n. American Stores sales for four weeks to August 2 off 6.3 per cent; seven months down slightly from year ago. Associated Oil earned $1.42 common share in first half, against $1.31 year a; 0. udwig Baumann & Co. earned 49 cents common share in first half, against $1.17 & vear ago. Ford Motor Norfolk plant re:umes operations on 4-day week schedule, working 1,900 men. Kearney, N. J.. plant resumed full operations with 3,500 men. Goodyear Tire & Rubber earned $2.02 common share in first half vs. $7.02 a year ago. Kroger Grocery & Baking Sales, 5 weeks to August 2, off 117 per cent; 30 weeks, 5.7 per cent below year ago. Had 5,237 stores August 2 vs. 5,465 year National Battery earned $4.49 com- mon share in year to June 30. Simmons Co. July szales off 20.9 per cent; 7 months, 13.6 per cent below year ago. Excludes subsidiary Philadelpiia stores; have also installed total $686,885 fdr July and $6,872,259 for seven months. common share in first half vs. 65 cents year ago. Sparks Withington Co. earned $2.55 common share in first half against $3.67 year ago. Tide Water Oil earned $1.07 common share in first half against $1.08 year 2go. United Carbon earned 90 cents com- mon share in first h‘,l( against $1.34 year ago. Universal Pipe & Radiator had deficit $85,516 in first half against profit $125,- 863, equal to 7 cents common share year ago. By tho Associated Press. The Ford Motor Co. announced that its world . production in July totaled 133,035 cars and trucks, compared with 174,528 in June. Of the July produc- tion, 116,895 cars were manufactured in the United States. Although the main plants of the com- pany were closed from July 12 to the end of the month for simultaneous va- cations and inventories, branch as- sembly plants throughout the country were in operation, using parts that had been turned out before the closing of the main plant. Announcement was made today of the formation of the Lion Oil Sales Co., a wholly owned subsidiary of Lion Oil Re- fining Co,, to market gasoline and other refined products through retail outlets in Arkansas. The new company will have its headquarters in Little Rock. Detroit Aircraft Corporation reported gross sales of ships delivered for the peri-~ from July 6 to August 6 amount- ed to $171,170 and new orders placed $148,670. The statement said the total sales in June, when the Navy placed an value of $827,000. U. 8. GRAIN EXPORTS. By the Associated Press. in tne week ended August 9 totaled 2,112,000 bushels, as compared with 4,- 116,000 bushels in the preceding week {and 3,799,000 bushels in the corre- | sponding week of 1929. Wheat_exports reported to the Com- merce Departmeent were 1,888,000 bushels during the week ended August, 9, against 3,827,000 bushels in the pre-' ceding week; barley, 128,000 bushels, against 236,000, corn, 41,000, against companies not owned ago, which 23,000; oats, 38,000, against 30,000; rye, 17,000, against none. - Southland Royalty earned 71 cenul had been exceeded only by military | Grain exports from the United States | Mer T Junior rail issues to improve were St. Paul 5s, Missouri - Pacific 5'.s and Southern Railway 4s. Industrials that firmed were Dodge Bros.’ 6s, Armour of Delaware 51;s, Goodyear 5s, United States Rubber 5s, American Sugar Re- fining 6s, Phillips Petroleum 5%s and Hudson & Manhattan income 5s. The market's tendency was shown clearly by the line of cleavage in foreign bond fluctuations. On the advancing side were Irish 8s, Kreuger & Toll 5s, German Central Bank 6s, Norway 5s, Italy 7s, Belgian .7s (1955), French cities 6s, Japan 5!5s and Chile 6s. A weak trend was revealed by Brazil 8s, Peru 6s, Rome 6l,s, Poland 7s, Berlin 6135, Jugo-Slav Mortgage Bank 7s and Austrian 7s. Royal Dutch 4s, a deben- ture bond brought out earlier in the year at 89'; and which has remained inactive with a range of 87!; to 90'%, Jjumped into activity today and went to a new high of 91." It is considered a good investment issue. INCREASE IN FRENCH AIRPLANES IS REPORTED By the Apsociated Press. Airplanes on French scheduled com- mercial routes numbered 588 on July 1 last, denoting an increase of 24 craft during the past half year. A report to the Department of Com- merce . showed one company had in- creased its equipment by the addition of 42 new planes, while another decreased its fleet of 27. A few clubs have ac- quired new ships. The Farman School for Aviators has increased its equipment 33 per cent. The remainder of the un- official count of 993 airplanes employed in civil aviation are used by schools, airplane manufacturers, private com- panies and individuals. Washington Stock Exchange SALES. Pol'g;nlc Electric Cons. 55—$1,000 at Washington Gas 6s B—$500 at 105°. Capital Traction Co.—3 at 63, 10 at 63. Merchants' Bank & Trust Co.—10 at 125, 10 at 125, 10 at 125, 10 at 125, 10 at 125. National Bank of Washington—10 at 250, 3 at 250. Merchants' Transfer & Storage pfd.— 10 at 9535, 5 at 95%.. The Carpel Corp.—10 at 2: AFTER CALL. Capital Traction 55—$500 at 9314, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Tel. & Telga. 4125 '33 Tel. & Telga. 4125 '30 Am Tel & Tel. ctl Anacostia & Pot. R, Ana & Pot " guar. C. & P. Tel. of V. Capital Traction R. R. 5 Cit burban_5s Georgetown Potomac Ele o ns, Potomac. Elec, 65 1953 . Wash., Alex & Mt. Vernon cif. to, & Annap. 5s.... ton G 7 Wash. Gas 6s, series Wash. Gas 65, series B. Wash. Rwy. & Flec. 45......... . MISCELLANEOUS. Barber & Ross, Inc. 6'as.. Chevy Chase Club $ias. D. C. Paper Mfg. 6s.... . Cons. Title STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Wash. Rwy. & EL pfd. (5).. NATIONAL BANK. Capital (14)........ g Columbia (13 erican’ (10). Liberty (1 s Cincoin (12) Metropolitan ‘(14 Risks (18): .. Second (9¢) Washington (1) : TRUST COMPANY. Amer. Seeurity & Trust Co. (15) Continental Trust (6)e.. ... Merchants' Bank & Trist (6] National Savines & Trust (13i) Prince Georges Bank & Trust. Union TEUSt (BE):... s meoer Wesh. Loan & Trist 14 SAVING BANK. Bank of Bethesda (65 Comierce & Savings (i East Washington (12)... Botomac (10): o+ oo | 82c."8av. & Com "Bank (17 | Beventh Sireet. (12) ; | United States (30)..2 0" Washington Mcchanics (20} FIRE INSURANCE. | Amertcan (12)... S Corcoran ... Firemen's i8] National Unlon (i8) 5517111100 TITLE INSURANCE. Columbia _ (6h) TRl Real Estate (681 " : Title & Inv. Co. Md, MISCELLANE Barber & Ross, Tic., com, 26 12 165 30 d order for 32 bombing planes with a g e ::‘ = 935mn00 hts. akx sights. T When'iseued, Irish Free State Italy 7s.... italian Pub Sve 7; Japanese 4s. Japanese 548 Japanese 68, Jugoslavia Ban] Karstadt 6s'43. .., Kreuger&Toll 6s ct Lyonses... Marsetile s Mex 45 1904 Milan 6%s. Montevideo 7 Netherlands 6 New So W Orfent dev & Orient Dev. Poland 7s (rots) . Polana 8 Rhinelbe Un 17 Bhine Wesids 53 0 de Jane Rio e Jan 8a et Rio Gr Du Sul Rome 63 R’y’l Dutel Sao Paulo 85 ‘36 Sao Paulo '60. Saxon (PW) 7, Seine 78 '42. Serbs Cr Slov Serbs-Crot-S1 Solssons Swiss Confed Toho E1 Pwr 6 Tokio bs. ... Utd Kingm 614 Utd SS Cq n 65’37 Uruguay 6s '60. Vienna 63 '52... Warsaw 78 ‘62 . 12 . 16 97% 2 86 1 100% 10 4 98% 2% 95% 6 973 85l 100% 98% 953 973 92% 105 85 3% 967 106% 106% 13% 9014 101 10 7415 39. 97 2 106% 6 1063 5. 13% 2 908 2 101 1107 N SuanSela 3 S amSannnn 107% 99% 78% 105 100 961 86 3% 97 105% 100 9615 15 86 T4% e et S MISCELLANEOUS. Abram&Straus 5%4s 17 Abitibi P&P 68 '63. Am Beet Sugar 6s. Am For Pwr 58 20 Am 1GCh5%s 43, Am Int Cor 634a " Am Wrtg Pa s Armour&Co 4% #'39 Armour. Del.5% Bell Tel. Pa. 63 (B) Bell Tel Pa bs (C) Bathlehm £t om b Beth Steel rf bs. Brklyn Edison fs. . Bush Term Bldg bs Certn-Td 5% rets Col G&E! 53.Ma: Com Invy Com In ConGas N ¥ A4 Consumers Pwr bs. Cuban Am Sugar 83 Denver Gas5s. .... Det Edison 58 *40. . Det Fdison 63. Dod HumbleO & R E%s ili Bell Tel 5s. . 111 Steel 4143 °40. . . Inland Steel 4% ‘78 ntl Cement 63 48. . 99% 99 8 857 88 88 23 10614 109 103 104y 106 10214 49% R b 20 I weh~panSen o Intl Mer Mar 6s.... Int] Match 58’47, . Intl Paper 5847 Int] Tel & Tel 43, Intl Tel&Tel Kan City P Kendall 5% Lackawanna Stl 5 led Lautaro Nitrate Ligg&Myers Midvale Steel bs. .. Montana Pwr ‘43 Montana Pwr db §s Morris&Co 1sté s, Nat Dairy 83 Radiator 105% 6% 10314 101% 108% 8214 106'% 9515 104 42 101% 1034 108 StL&SanF 68 B § 1180 11403 SULS W 1t 4 1071 10715 St L S Weon 4s'33 10 101% 101% StP & KC ShL ¢%4s. 1 1071% San An&Arn 110% 1111 Seaboard Atien 107 85% 100% 98% 105% 6% 103% Can Nat 43 13 981 984 Can Nat 43 7 984 9% Can Nat 4% '70 Can Nat 6s. July'69. 16 104 g:n Nat bs. Oct '69. 104 104 12 100% 100 9814 98% | droughth-stricken sections, the wheat 3 104% 104% 104% | crop has been normal. 20 104% 104% 104% 1007 could be diverted to this use. Even in Oats Production. It is the same story with oats—an 1 117% 117% 117% | important feed crop. While production 2 111% 111 22 8y% 31 Can Pacific ctfs 6s. Can Pacific bs '54. . Car Clin & O Cent of Ga 6sC 69 Central Pacific 4 Cent Pac 1st bi gh s Corp 53 6 9513 951 8 100% 100 15 103 103 2 100% 18 99% 103 1L 9% 79% 2 95% 95l 2 108% 108 2% 172 CB& Qgen 45 '53. CB&Qlstrebs... Chi Gr West 43 '69. Chi M&St P 4389 Chs M&SLP 4% s '89 ChiIMIIStP&P 68°75. CM&StP Pac ad) bs. 85 92 Chi& N W con 4¥s 99% 100 Chi & Nw 6%s. o Chi R 1 & P gn 4 ChiR1&Prf Chi Rk Isl 438 A. Chigago T H 6 Chi Un Station b C& W Ind 6348 '62. CCC&StL 4348 (E). Clev Term 43817 Clev Term bs. 93 90 97 99 9s% Colo & Sou 43 Col So4%sA 80 9916 1004 99% 995 | crops, both grain and hay, for feeding.” 3 104% 104% 104% 9% 9514 98'4| but pleasant - for farmers in general, 721 | particularly those engaged in live stock 100 109% 109% 109% 93 . 98 is estimated to have slipped 13,000,000 8914 89% | bushels during July, it still is nearly 2 104% 104% 104% 1 103% 103's 103'% | 1,316,369,000 bushels. At the 5 107% 107% 107% 11 101% 101% 101% | 50 years and the hay crop the shortest 959 3 105% 105% 105% 100% | sidering both acreage and yield, the in- 100,000,000 bushels over a year ago at same time pastures are in the poorest condition in in 10 years. ‘The Government concludes that “con- dications point to about the usual sup= ply of food crops, but a shortage of feed Farmers’ Plight. ‘This makes the situation anythin, production and in dairying. While the z;’ifl live stock population of the country at “ 50% | 10-year average, prices are low. Cattle 804 present is set at 5 per cent below the are at the -lowest level in four years, about $6 a hundredweight under a year ago. Hogs are $2 below last year, and sheep are down $6 to $1 and at the lowest level in 14 years. In the face of this price situation. the « | grower is called upon to use high-priced corn to. fatten his animals. Hay is short and high-priced, and lack of pasturage is forcing Winter rations in many dis- tricts during the middle of Summer. ‘This involves increased cost, aggravated » | in some of the States by a water short- age which is forcing long-distance cart- ing of that highly necessary commodity in_order to keep stock supplied. It is this situation which President Hoover feels needs the attention of the Governors, in order to prevent forced marketing of animals and a general 52% 52% b2% | impairment of the country’s live stock Del& Hud ref 4s 43 Del & Hud 6%s. Den & Rio G cn Erie gonv 4s (D) Erie cony 48 (A) trie gen Erle 65, 1967 Erle 6, 1975, Gr Trunk st del Grand Trunk 7 Grt Nor 4%s (E).. Gt Nor 448 76(D). Gt Northern §s. Gt Northern 6% Great Nor gen 7s Green B & W deb. . Hav El Ry 6%s '51. Hud & Man ad) 5 Hud & Man ref 5 Il Cent 45 '53. . 1 11 Cent 4% '65. IU-C-C-StL&NO Int Rapid Trans Int Rap Tr 6s s 2 107 13 5 83 98y 3111 111 111 50 24y 3 44 10 81% 44 44 91 91 91 4 106 3 41 13 50 50 1 88y 881w 1 10. 106 106 Int & G Nor 1st 6; Int & Gt Nor adj Int Rys CA 6%sre. KanCity F1 8 4 871s 9l 92 97 97 93 93 1 .100% 100% 100% 14 91% 6 - 10 100% 10015 100%% 1106 106 106 92 92 100% 100% 101% 101% 88 88 4 100's 1001 10015 16 88% 88 4 91 91 91 Liake Shore 43 ‘31.. Long Isi rf 4s49.. M StP&SSM con M StP&SSM 6%s. . MK & Tex 1st 4s.. MK & Tex 48 (B).. Mo Pactfic gen & 79 i8% 79 Mo Pacific 58 A '65. 2.1011: 101%x 101 . 27 101% 1014 101'% . 2 100t 1003 100t 10 10 Mont Trm ref 58’41 18 99% 99% 9% Nat Ry Mex 4 %s 1 8% 8 8% NOTex&Mbs(A) 1 99% 997 09% OTex&MbsB.. 15 99 971 9% Tex & M5%s. 2 103 103 103 Cengenis.. 7 82% 824 824 Cent 43°98.... 6 94'x 94%x 94% 3 99% 99t 99y . 11 108'3 1084 108% C&StLdebds. 1 99% 994 994 NYChi&StL 414878 11 977 97% 974 YC&StLb6Y%SA NCC & StL 6831, NYC&SIL 6s°33.. NYNH&H 333 ‘56, NY NH&H 4s 65. .. NYNH&H4sS NY NH&H ¢4n NY NH&H ev db N Y NH&H elt NYW&Be%s Norf & Wn con 4s.. Nor Pacific 3s 2027. Nor Pacific 4s. Nor Pacific ref 65 Ore Short L b3 gtd. Penna 43’48 Sta. ... Penna con 4% Penna gen ¢% %819 22 22722277 9 101% 101% 101% 1 102% 102% 102% 5 8% 784w 784 1 ¥5% 5T Bl 2 36 86 5 95 95 5 1224 1224 1 2 106 106 103 717 ‘89 89 89 f} 95% 95% 95% %6 9 6T 677 6Tin 5 935 93% 933 18 113'5 113% 113% 1 105% 105% 105% 1 96% 96% 96% 1 102 1021 1021 9 101% 101% 101% 52 98 973 98 18 101% 101% 101% 1 110% 110% 110% 1 104% 104% 104% 19 109% 109% 109% 7 100% 100 100% 1 104% 104% 104% 12 954 94l 95% Port R L'& P6s'42. 4 101% 100% 100% Reading 4%s B ! stL IM&S R&G 85 | SIL&SF pl4s A. 1SIL&SF 44818 20 100% 1001 100% RloGr Wst Ist4s.. 7 94 94 9 4 100% 100% 100% 7101 101 101 94% 94% 94% 106% 1061 10 111% 111% 111% 9% 9% YR% Y84 4 1074 1074 107% 21 111% 111% 111% 24% 244 B4 81% 3 100% 100% 100% 7 101% 100% 101% 66% 661 66% 66% 66% 661 8714 9% T9% 1% 91% U6in 967k 9674 BHng | 4 107% 1074% | 1 107% 107% 1074 | supplies. Special Dispatch to The Star. BALTIMORE, Md., August 12.—Po- tatoes—White, barrel, 1.25a2.50; beans, hamper, 2.50a2.75; beets, 100, 3.00a4.00; cabbage, hamper, 1.00a1.25; 100 pounds, 4.00a5.! e 1.40a1.50; corn, dozen, 20a50; crate, 24a85; onions, bushel, 1.25a1.50; peppers, hamper, 50a60; peas, bushel, 1.50a2.00: tomatoes, hamper, 50a1.50; apples, bushel, 50a120: blackberries, quart, 15; watermelons, 100, 15.00240.00. Dairy Market. Poultry—Alive, chickens, springers, pound, 17a3( old hens, 14a21; old roosters, 13al4; ducks, 11al5; pigeons, pair, 15a20. | _ Eggs—Receipts, 422 cases; firsts, 24a25; Southern firsts, 23. Butter—Good to fancy mery, | pound, 36a39: ladles, 26a27; rolls, 24a 26; process, 31a32; store packed, 22a23. Hay and Grain. Wheat—No. 2 red Winter, export, 95; No. 2 Winter, garlicky, spot, 92; August delivery, 92; September, 93; | October, 95. . Corn—No. 2 domestic, yellow, new, 1.15; cob corn, 4.50a4.75. Rye—Nearby, 65a72. | ~ Oats—White, No. 2, new, 51a52; No. 8, | 50a51. Hay—Receipts, none. No change in | market; continues quie Live Stock Market. Cattle—Receipts, 100 head; light sup- ply, market steady. Steers—Choice to prime, 7.50 to 8.00; good to choice, 7.00 to 7.50; medium to | g0od. 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, 4.50 to 5.00. Bulls—Choice to prime, none; | to choice, 6.25 to 6.50; medium to good, 6.00 to 6.25; fair to mediunwg 5.50 | to 6.00; plajn to fair, 5.00 to 5.50; eom- + mon to plath, 4.50 to 5.00. et Cows—Choice to prime, none; good to_choice, 4.75 to 5.00; medium to good, 450 to 4.75; fair to medium, 850 to 4.00; plain fo fair, 3.00 to 3.25; com- | mon to plain, 2.25 to 2.75. -3 5 Heifers—Choice to prime, none; good | to choice, 625 to 6.75; mediim. to good, 5.75 to 6.25; fair to medium,:5.25 10 5.75; plain to fair, 4.75 to 5.25; mon to plain, 4.25 to 4.75. : | Fresh cows and springers, 30.08: to 60.00. Sheep and lambs—Recelpts, 100 head; light_supply, market steady: sheep, 11.00 to 3.50; lambs, 4.00 to 9.00. | "“Hogs—Recelpts, 200 head; light sup- ply, market lower; lights, 10.35 to 10.50; heavies, 9.25 to 10.25; medium, 10.50 to 10.75; Toughs, 6.75 to 8.25; light pigs, 8.75 to 9.50; pigs, 9.00 to 10.00. i " Calves—Recelpts, 75 head; fair sup= | ply, market higher; calves, 5.00 to 11.00. Ll am e Sales. High, .Low. Close. g s % 95 99% 99 99% 7 1004 100 100% 25 89% 8915 R9u 10 123% 123 123 4 91% o1y 91y 2 102% 102% 102% 11024 1024 1025 548 S48 A8 £ 9% 9Tk 9Ty nearby SBAll Fla 6 Sou Pa [ Sou Pac 44, 5 Sou Pac 414569 ww Sou Rwy gen ¢s. Sou Rwy 6%a. , Term Asso SL Tex & Pac bs B Tex & Pac b8 C 79 ‘Third Ave ref Unton e 1 Uniton P Un Pac 18t re Union Pac 4% 5 A 1z 101 101 101 50 991 991 9yie 13 9l 9l 91% 23 924 921 92 1 103% 103% 103% 9 .89 89 . 89 2915 991, 994 9T 9TN 9N 5 94N 9% 9% 4 52 51 .81 10 107% 107% 107% 47 101% 101% 101% 7 931 93% 931 6 103% 10314 1034 2 100t 100% 100%