Evening Star Newspaper, August 13, 1930, Page 14

FINANCIAL. BRIGHT SPOTS SEEN INTRADE PICTURE Many Companies Have In-| creased Property Account During Last Year. BY PRESTON S. KRECKER. #pecial Dispatch to The Star. NEW YORK, August 13.—In the drab picture of current business here and there appear bright spots which stand | out in relief against the dark back- ground. Much has been said and written about the decline in earnings of corporations and, unfortunately, it is almost 100 per cent true. But there is another phase of the current position of corporations which contrasts sharply with the profit-and-loss column, and that is the balance sheet A well known statistical service has just compiled an analysis of balance sheets of those companies which pub- lish midyear statements. It makes pleasant reading to investors who are palled by the endless tale of bad busi- ness, diminishing sales and shrunken rofits of the companies in which they Pave put their savings. In compiling that analysis statements of more than %0 of the larger and better known com- panies were taken. Property Account Increased. Here is a summary of the more im- portant facts disclosed: During the six months ended June 30 those companies in the aggregate in- creased their property account 3.8 per cent. They expanded their net work- ing capital by 3.4 per cent. Cash and ‘marketable securities in their treasuries gained 4.3 per cent. Working capital exclusive of inventories, increased 26.3 cent. pelrJunnR the same period the ratio of aggregate current assets to the aggre- gate current liabilities expanded from 458 per cent to 5.27 per cent. The & me companies raised the ratio of total cash and marketable securities to_total assets from 28.2 per cent to 29.5 per cent. The significance of these figures is, of course, that corporations have been strengthening their financial position during the first half of the year despite the severe decline in their net profits, which, on the average, are off 25 per cent, compared with the first half of it T, u‘l'hzudecmlse in inventories is im- portant. It differentiates the present dej from that through which the sountry passed in 1920-21, when falling prices caught business houses and cor- porations all over tue country loaded to the brim with raw materials and man- afactured products of every imaginable 7ariety, which they were compelled to liquidate at terrific losses. Financial Position. The excellent financial position of the average corporation is due to the ad- vantage all wise business executives took of the prosperity of the last few years to liquidate bank loans, cut down bonded debt with proceeds of stock financing and invest profits in market- able securities or in loans payable on demand. Those corporations which made the most of such opportunities find themselves financially equipped to pass through a depression and to make the most of whatever revival of trade is experienced. A strong balance sheet is a sort of guarantee to shareholders that their equity in the company’s business is safe and that when business does turn their return on their investment will reflect the improvement. (Gopyrizht. 1930.) Baltimore Markets Bpecial Bispatch to The Star. BALTIMORE, Md.. August 13.—Po- tatoes, white, 100 pounds, 1.75a2.00; new, barrel, 2.75a3.25; beans, hamper, . 3 100, 3.00a4.00; cab- 1.00a1.25; carrots, 100 ds, 4.00a5.00; celery, crate, 1.25a .25; corn, dozen, 15a40: cucumbers, | hamper, 75a1.50; lima beans, bushel, 1.75a4.00; lettuce, crate, 40a90; onions, 100 pounds, 1.25a2.00: peppers. ham- per, 50a60; peas, bushel, 2.25a2.5 squash, hamper, 75a90: tomatoes. ham- per, 40a85; blackberries. quart, l4al cantaloupes, hamper, 50a1.00; huckle- berries, quart, 12a18; peaches, bushel, 75a3.75; watermelons, 100, 15.0050.00. | Dairy Market. | Poultry, alive- -Citirkens,, Springers. und. 4 18a23; old N Leghorns, 12al15: old TOoO0Sst 13al4; ducks, 11al5; pigeons, pair, 1,a20. Eggs—Receipts, 2.331 cases; firsts, 23a25; Southern firsts, 22. Butter—Good to fancy creamery, nd. 35a40. ladles, 25a26: rolls, 24a ; process, 32';; store packed, 23. Hay and Grain. Wheat —No. 2 red Winter, export, 9415; No. 2 Winter, garlicky, spot, 9114} August delivery, 91'a; September, 92's; October, 94%5. Corn — No. 2 domestic, yellow, new, 1.15; cob corn, 4.50a4.75. Rye—Nearby, 65a72. Oats—White, No. 2, new, 51; No. 3, nearby Hay—Receipts, none. No change in market; continues quiet. 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 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, 450 to 5.00. ~Bulls — Choice to prime, none: good to choice, 6.25 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 plain, 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; com- mon to plain, 225 to 2.75. Heifers—Choice to prime, none; good to_choice, 6.25 to 6.75; medium to good, 575 to 6.25; fair to medium, 525 to $.75; plain to fair, 475 to 5.25; come mon to plain, 425 to 4.75. Fresh cows and springers, 30.00 to 60.00. Sheep and lambs — Receipts, 1,200 head: moderate supply, market steady: sheep, 1.00 10 3.50; lambs, 4.00 to 9.00. Hogs—Receipts, 300 head: light sup- ly. market steady: lights, 10.25 to 0.50; heavies. 925 to 10.25: medium 1050 to 10.75. roughs. 6.75 to 8.25; %nz pigs, 8.75 to 9.50; pigs, 9.00 to 0 Calves—Receipts, 100 head: fair sup- ply, market higher; calves, 5.00 to 11.00. Wall Street Briefs By the Associated Press Purchase of the Toledo Lithographing & Etching Co. of Toledo, Ohio, by the | Moiome er Gauge & Equipment Corpo- ration was announced today. The To- ledo company will be merged into the accessory group of Motometer. Pepublic Steel Co. orders during the first week of August showed a daily aver- age increase of more than 12 per cent over the first week in July, officials of the company said. The increase re- flected larger pipe bookings, other de- partments holding their own. The 1930 construction budget for service extensions and improvements by the Associated Telephone Utilities Sys- tem has been increased approximtely 40 per cent to a total of $7,000,000, Mar- shall E. Sampsell, president, announced. More than $3.047,000 will be invested in the Western States served by the sys- tem, of which $2493,850 will be aded by Associated Telephone Co fid.. in the territory surrounding Los jes. About $553,500 will be divided CTET g PR 71 Naul Biscult. n(2.80 41 NatiCash Reg.A(t4 45% Natl Dairy (12) 24'% Ni 174 124% ) ) atl Pwr & Lt (1).. Natl Steel (2).. 100% Natl Supply (5) Natl Supply pf (7). 1TeaCo (2) .... ada Copper (114) O Tex & Mex (7). Newport Co (A) (3). 150% N ¥ Central (8)..... 94 N Y Chl & StL (6) 175 N Y & Harlem (5) 17 N ¥ Invest (1.20)... 115 NYNH&HDf (), 97% N Y N H & Hart (6). Ry N ¥ Ont & Western. 100 N Y Steam pf (8). 110 N ¥ Steam 1st pf (1) 213% Norf & Western (10) 74 North Am Aviation. 87l North Am(b10%atk) 100% North Am Ed pf (6). 66% Northern Pacific (5) 9% Ofl Well Supply. ... 13% Oliver Farm Equip.. 70 OlivFrEapfA (6).. 2% Omnibus Corp. . 55 Otis illev n(2i4). 25 OtlsSteel (2% 53 Outlet Co (4) 6% Pacific Cq .. 52 Pacific Gas & El (2). 17 53 71% Pacifio Lizhting (3). 2 173 130 Pacific Tel &Tel (7). 1508 132 121 Packard Motor (1).. 291 51% Pan-Am Petrolm 1 504 Pan-Am Petm (B) 18 4% Panhandle P&R.... 5 47's Panhandle P& R pf. 48% Param'nt Publix «4) 10; Park & Tilford (13) 15 Park Utan 7is Parmelee T 2% Pathe Exchi 5 Pathe Exchang 17 Patino M:wes. .. 264 Penick & Ford (1)... 48 Penney (JC) (3).... 9315 Penney(JC) pf A(8). 6ix Penn Dixis Cement. . £6% 69 Penna RR (4). 325 230 People's Gas. Chi (8) 16415 1291; Pere Marquette (18). 943, Pere Marq pr pf (8). 18% Petrol Corp (1%). 11% Phila Read C& 1 29 Phillips Petrm (n2)., 19 Plerce-Arrow (A). 68% P 1 Plerce O1l . 24 Plerce Petroleu 27 Pilisbury Flour ¢ 4% 19% T4 1077 178 23% 64t 674 19% 32% 56% 50 100% 12 50s 38 Pittsburgh Coal. .. 160 151 Pitts Ft W&C pf(7). 22% 17% Pittsbgh Screw 1.40. 204 Pittston Co (37%¢). 20% Poor & Co (B) (2)... & P Rican Am To (B). 35% Prairie Ofl & Gas(2) 44 Prairie Pive L (16). 615 Pressed Steel Car. . 52% Proctor & Gamb(2.4 6's Prod & Refiners. ... £1'; PubServ.N J (3.40). 91% Pub Serv N J pf (8). 106's Pub Serv N J of (6) 1074 Pub Serv E&G pf( 62 Pullman Corp (4). .. 1% Punta Alegre Sugar. 19% Pure Ofl (1%). 110% Pure Gil pf (8)..... 52 Purity Bakeries (4). 325 Radio Gorp.........1027 19 Radio-Kelth-Orph A 204 2% oo 30s 1 6 3 46 20 4 8 21 SRl 0 51 155 1 2 & Rwy (4) 34% Real Sk (). 2 Rels (Robt) & Co. 23 Rem Rand (1.60) Rem-Rand 1st pf(7). 84 Reo M Car (80c) 374 Republie Steel (4) 85 Republic Steel pf (6) 56% Revere C&B (A) (4). * 3 Reynolds Spring. ... 70 Reynolds Tob A (3). 454 Reynolids Tob B (3). 14% Richfield O1l (2). 15': Rio Grande Ol (2 38 Ritter Dent Mfg (t 274 Rossia Insur (2.20). 49% Royal Dutch a3.2165 58 Safeway (eB).. 87 Safeway pf () 334 St Joseph Lead (13). 16 Savage Arms (2) 4% Schulte Retail Strs. 3 5 Seaboard Alr Line .. 10 56 Sears Roebuck(32%) 132 5815 Sec Natlinvpf(5).. 1 1% Seneca Coppe: 6 Servel. Inc. - 31% Shattuck(FG)(t1 18 Shell Union (1.40)... 95 Shell Un Ol of (5%) 5% Shubert Theatres. 21 Simmons Co. 18 Simms Petrm ( 20 Sinclair Con Of! 108 Sinclair O1l pf (8)... 28% Skelly Ofl (2)....... 415 Sloss-ShefMels pf (1) 95'% Solvay Am pf(b%).. 15% Bou Porto Sug (1.40) 52% Southern Cal £4 (2). 108 Southern Pacific (6). 76% Southern Rwy (8)... 2 108 1 29 54 15 8 1008 50 110: 3 29 1314 Sparks Withngtn. 17% Spencer Kelg (1.60). 10% Spiegel-May-Stern.. 17 Stand Branas (1%). 3% Stand Comm Tob 84l Stand G & E (3%) 61% Stand G & Epf (4).. 9613 Stand Gas& El pf(6). CORPORATION | | (Continued From Page 13.) 1 131% 131% 184% 28% 28% 15% 54% THE EVENING STAR, WASHINGTON, D. C. BONDS ARE LOWER | (e oo ONTIGHTER CREDIT, Direct to The S v.1930 h. Low. 5514 Sta 98 29 58 30 9% . & tudeb: Sweets 110% 100t £ 1034 113 The Fal; Third A Timken Tinken Tri-Con 52% TI% % 131% 13 57% Twin Ci Twin Ci Und-Ei1 Union C: Union O Unlon P; TUnited ¢ Utd Fru 130% 98 18% 14 USS VaEl & Va Iron Wabash Warner Warren Warren 97 W 4 105% 104% 113% 10% West. Wi 219% 150% | 52 368 | 201 124% 197% 126 59% 30 21 7 W West! 36'n White Si Yale&T 109% = Youngs e 110% 15 53% 4 1154 T 32w 16% 10:30 AM .. 1:30 P.M.. tions. s Unit of trading JPlus 8 per cent in per cent in stock 01% “rut $130 to $170, to range $895 to $1,045; Pontiac line reduced $80 to $110 to range $665 to $785. Effective August 14, Chevrolet sport model prices to be Third Ni . Thompson Prod(2.4 ‘Thompson St Tide Wuter As Utd Gas Utd Stor Utd Stores pf. U S Distributing. U S Distribut pf (7). U S & For Secur. .. U 8 Freight (3) U S Alcohol (17). Vulcan Det (4).. Warner-Quinian (1). Yellow Truck Yellow Truck Young Sheet & T (5) . Zenith Radlo. .. Sales of Stocks on New York Exchange Dividend rates as given cash payments based on the laiest quarterly or hal tPayable in scrip Payable in cash or & Plus 6 per cent in spock n Plus 5 nt in st preferred stock. r Subject to approval of st REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS | cut 840, adjusting for extra charge for wire wheels, which are now standard equipment. ns new assembly plant at Sao Paulo; has capacity 300 cars day. | Golden State Milk Products earned | 93 cents common share m four months to_June 30. | Hudson Motor Car stocks being re- NEW YORK, August 13.—The fol- duced at rate of 700 to 1000 cars | week; operations on three-day week lowing is a summary of important cor- | poration news prepared by the Standard International Combustion Engineering Statistics Co, Inc, New York for the|subsidiary obtains $2,000,000 contract Associated Press: from Brooklyn Edison for eight boilers and accessories. News Trend. International Match to purchase $30,- Excepting for the distimetly gratify- ooo,Luo(; LIGE;Eg%onug;;rnmefilx :xmds. part of the ,000,000 which Interna- ing report of further sharp reducllo:s T R e o A g e in crude oil and gasoline production, the | ¢ purchase, Germany to cede to match day’s news from industry is disappoint- | companies major portion of match ing. Operations in the steel industry business, including sale right to impor- were reduced 2 per cent during the past | tation and exXportation of matches. week to average 56 per cent of capacity | S. H. Kress & Co. minority stock- for entire industry. Railroad car load- | holders institute suit against company, ing for the week August 2 declined |three directors and John Franklin Cor- 1,014 cars from previous week to aggre- | Poration. Allege latter, controlled by gate 918335 cars. This total is 187.- | three directors. bought prospective store 585 less than in like week of 1929 and |Sites and then sold them at higher fig- the lowest of any corresponding period | ures to Kress & Co. since 1922. Usually both steel produc-| MacAndrews & Forbes Co. earned tion and railroad traffic register some |$1.31 common share in first half, seasénal expansion in these periods.|against $1.35 year ago. The official oil figures we-e decidedly| Mead, Johnson & Co. earned $5.12 better than expected. Crude output was | COmmon share in first half, against cut 34,950 barrels daily to the lowest | $3.33 year ago. average in several years, while gunnn»\ Motometer Gauge & Equipment ac- stocks were cut 1,371,000 barrels to low- | quires Toledo Lithographing & Etch- est total since the first week of the year. | Ing. The monthly copper statisticr indicate | Nevada Consolidated Copper first- refined stocks were increased 5277 tons | hall earnings 49 cents common share during July to the highest level since | before depletion d taxes, against September. 1921. Blister stocks werc |$2.16 year ago. reduced 11,622 tons during the month.| New York Central Railroad earned $4.63 common share in first half, The Companies. | against $7.77 year ago American Encaustic Tiling had deficit | Pittsburgh & Lake Erie Railroad first- $32,923 in first half, against profit $309,- | half earnings $3.78 common share, 958, equal $1.36 common share, 1929 against $4 year ago. riod. Pittsburgh Screw & Bolt first-half American Gas & Electric output sub- | earnings 83 cents common share, sidiaries declined 4 per cent from year | against $1.11 year ago. ago in week August 9. . R 8. de Vry to hold 40 per cent Celotex Co. receive order for 50,000 | interest in Q. R.'S. Neon Corporation, radio baffles from R. C. A. Victor. Limited, newly formed combine’of Cal- Eitington Schild Co, had net income | ifornia Electric Sign, Limited, and Sun $218,102 in first half, equal $4.65 pre- | Beam Neon of Settle and Brite Lite ferred share, against $1,131.565 year Bigns of Denver. ago, or §1.84 common share, Rossia_Insurance Affiliate buys stock Emsco Derrick & Equipment first half | int-rest in Metropolitan Life Insurance, earnings 89 cents ccmmon share, | giving company and affiliates entire against §2.15 year 8go. «control Metropolitan. General Asphalt approximaie first Rutland Railroad earned $1.06 on $7 half earnings 60 cents common share, | preferred stock injfirst half against arainst $141 year ago. General Motors $2.54 year ago. esght prices | * Binelair Consolidated Oil-ctockholders board. NEW YORK STOCK EXCHANGE Recelved by Private Wire tar Office. Stock and Dividend nd O of Cal (2%). Stand O11 Exp pf(5). Stand O1] of Kan (2) Stand Ol of N J(12), Stand O1l N Y (160). Sterling Sec (A).... Sterling Sec pf(1.20) Sterling Sec cv vf(3) Stewart-Warner (2) Webster (4). ker Corp (3) of Amer ( Tenn Cop & Ch (1). Texas Corp (3) o Tex Gulf Sulphur(4) Texas & Pacific (5).. Texas PC&Ofl. . Texas Pac Land Tr. Thatcher Mfx (1.80). r (2.40) 5 Thermold Co. vanu at Inv ett, . Det Ax(80¢) Roller (3 Tobacco Products. . Tobac Prod(A) (80e) Trensamer (11.60). . 4 Transcontl OIl (30¢) Transue & W (1).. tl Corp. . Tri-Cntl Corp pf (6). Truax Traer (1.60).. ‘Truscon Stl (g1.20). ty Rap T(§4) ty R'T pf (1) -Fischer (5). Union Bag & Paper. . ‘arbide (2.60) 11 of Cal (32) acific (10)... Union Pacific pf (4). Union T'k Car (1.60) Utd Atreraft. Utd Afreraft pf (3) Utd Biscuit (1.60)... Utd Carbon (2) Utd Cigar Sto Utd Cigar Strs pf, “orp ( United Corp p! Utd Electric Coal 1t (4). Imp(1.20) A). U S Steel of (7) Univ Leaf Tob (3).. Iniv Leaf Tob pf(8) Univ Pipe & Rad. ... Utll Pwr&Lt A (e2). Vadasco Si vanadium Va-Car Chem . Va-Caro Chem 6% of Va-Caro Chem pf(7). Corp. 3 1l (14).. 1567 2 6 1 Pwr pf (6)..1108 Coal & Coke. 2008 1008 pf(A) (5). Waldorf Systm (1% Walworth Co (2). Ward Baking (A) Ward Baking (B) Ward Baking pf (1). 2 Bros Pict., 5 51 7 7 Bros (3).... Fdy & P (2). Wess ofl & Snow (2). Wess O & Sn pf (4).. st Penn El pf (6). West Penn EI pf (7). Penn Pw pf(6). Penn Pw pf(7). Inghas Inghse E&. Westhse E&M pf (5) 100s Westvaco Chlor (2). Wextark Radio Str: White Motors (2)... White Rek MS(t4%) ewine Mach. White Sew Mach pf. Willys-Overiand. Willys-Over pf (7) Wilson & Co Wilson & Co (A). Wooiworth (2.40) Worth Pump. ... Wrigley (Wm) (4).. 55% 102% 2% 38 20% 87 owne Mfg(4) 34% 113 7 Spring (3 34% 113 % 401,700 1,553,900 in 12:00 Noon 1.140,000 2:10 P.M... 1.7¢6 000 the above table are the annual yearly declara- less than 100 shares. Plus 4 TPlus 9 per cent in_ atoc) d Payabll tPartly extra. regular_rate. b Payable in stock. stock. 1 Plus hPlus 2 per cent in stock. 3 per cent in_stock. ock. p Plus 50c cents in ockholders. stock per_ce: to vote on authorization of shares new preferred stock for effecting consolidations and mergers and for re- funding of bond issues and retitement present preferred. Also will pass on chasing for $72,500,000. Sparks Withington Co. stockholders to vote on proposal to acquire Cardon | Phonocraft Corporation, maker radio tubes. 1 | Transcontinental Air Transport car- | rled 5059 passengers in July against 5,688 in June. Planes flew 211,490 miles | against 246,525 in June. Warner Bros. Pictures reported discussing offering of common stock to provide funds for current obligations. Productions to be exhibited by Central ; States Amusement of Iowa. i Western Electric_obtains _contract from Braunberger Richebe Studios to equip plant for production French talk- ing_pictures. | American Rolling Mill earned 96 cents | common share in first half, | First National Stores' first half earn- ings, $1.33 common share, against $1.42 General Cable omits $1 class A quar- terly dividend currently due. Gotham Silk Hosiery earned 2 cents common share in first half, against $1.48 year ago. Long Bell Lumber had deficit $610,921 in first half, against profit, before taxes, $403,482 year ago. - Natfonal Air Transport earned 53 cents common share in first half. Ohio Seamless Tube earned $1.25 common :hare in first half vs. $4.82 year ago. Paraffine Co.’s first half earnings $5.27 common share vs. $6.25 year ago. Richfield Oll of California current crude output 25000 barrels daily vs. potential output 40,000 barrels; refinery runs 73,000 barrels daily or slightly 10 per cent in | m Plus 1| N 5,000,000 | WEDNESDAY, Prime Group Eases in Dull Market—Convertibles Decline. BY F. H. RICHARDSON. Special Dispatcn to The Star. NEW YORK, August 13.—Under the influence of tighter money rates, bonds moved slightly lower today. though none of the losses were wide. Time money, on a 90-day basis, was quoted ai 213 to 234 per cent, against 21, to 21, per cent Tuesday. Otherwise the market had every reacon for encour- agement. There Te No new issues and the continued dullness of stocks was turning many investors cnce more to_bonds. Prime bonds were off a shade all round, the declines being most no- ticeable in Canadian National 55, Cana- dian Pacific 4s, Great Northern 7s, In- land Sieel 4',s, Standard Oil of New York 4 and Standard Oil of New Jersey Bonds with stock features were low- er. Chicago & Northwestern 4°,s drop- ped fractionally. Atchison 4!5s lost a point. American Telephone & Tele- graph 41,s were off 15 point and Gen- eral Theaters Equipment 6s dropped a similar amount. Warner Bros. Pictures 6s were particularly active, mirroring the rapid fluctuations of the stock, but the net change on the day was small. Junior rails were all weak. Chicago & Bastern Illinois 5s lost 1}z points, and Seaboard Airline 6s dropped a point. Fractional declines were shown by Chicago Great Western 4s, St. Paul 5s, International Great Northern ad- justments, Missouri Pacific 4s, Frisco 4158 and Wabash 4!5s. The industrials pursued the same course, with the most active declines in Chile Copper 5s, Hudson Coal 5s. National Dairy Products 5%s and Goodyear 5s. Armour of Delaware 5'5s and U. S. Rubber 5s, however, made some progress. U. S. Rubber Co. bonds have been strong of late on progress made in the company’s new marketing program. The 5s are now over 3 points above their recent low level. In the oil group, Phillips Petroleum 51s was the only active issue, rising & small fraction to within a point of the high price for the year. In the foreign department thLe out- standing feature was the continued strength of Belgian 7s (1955), which were at a new high for the year. Other- wise the foreign group was ragged. The German 5',s and the Austrian 7s were both weak and both selling close to 3 ints discount. Lautaro Nitrate 6s ailed to reflect the closing of an agree- ment between the synthetic and natural nitrate producers and lost fractionally. Australian’ 5s improved after a long spell of weakness. Solssons 6s made a new high, MERGER REPORT CONFIRMED. NEW YORK, August 13 (#).—George Funkhouser, president of the Dayton confirmed reports of a merger of his concern and the Pheasant Aircraft Cor- poration of Fond Du Lac, Wis, and said that other small aviation companies would be added. The plants of the two concerns will be moved to Pawtucket. R. I, where they will be consolidated, Mr. Funkhquser said. Capt. R. J. Good- man-Crouch will be president of the new concern with Mr. Funkhouser as chairman of the board. —————h — Washington Stock Exchange SALES. Pot. Elec. 5'2% pfd.—10 at 109, 10 at 109's, 10 at 109's, 15 at 109, 30 at 109's, 10 at 109's. Wash. R. & E. pfd—10 at 983, 4 at 98%, 50 at 99, 2 at 93, 9 at 99. Mergenthaler Linotype—4 at 96%, 10 at 96%. ‘The Carpel Corp.—10 at 22%. ° AFTER CALL. Cap. Tract. Co.—10 at 6273 Cap. Tract. 55—$500 at 93. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Am. Anace Ane. C. & P. Tel. Capital Traction R. City & Suburban 5s Georgetown Gas 1st 35 cones ¢ 388800 Vernon ctf nnap. 5 Potomac Elec. Potomac Elec. 65 Wash., Alex & Mt Wash | Balto. Washington Gas 58 wash. 65, series A STOCKS. PUBLIC UTILITY Power 6 pld Power 5137 bl & Elec. com ( & Elec. pfd (5) NATIONAL BANK Capital (14).. Columbia (12). Commercial (sta District (8) s ;o Airplane Engine Co. of Dayton, Ohio, | o, AUGUST 13, 1930. ON NEW YORK Received by Pr Sales g 6 1022 1031 10116 1013 108 6 1 1021 102 30 10116 101 28 108 6 24 1 112 FOREIGN. Sales. 14s62. 6 May 61. 2 Argentine 6 Ju 6y 10 Argentine 6s Oct's9 Argentine 6s B Australla 41456 Australia 68 ‘65 Australia 68 °57. Austria 7 Bank of Chile 6145 Batavian Pet 418 Belginm #s. .. Ralgium 6%s. .. Belgium 78 ‘55 Belgium 78 ‘66 Belgium 8= Bollvar 7 Bolivia 83 Bordeaux 6s. Brazil 614s '26 Brazil 6148 27 43 Colombla 6s.Jan ‘61 Con Pwr Japan 7s. . Copenhagen s rets Czecho 85 ‘51 5 Dantsh Munie Danish Muni Denmark 4 % Denmark 5%s Denmark 6s. Dutch East 1 63 '62. Finland 6%s. ..... Framerican 1%s. French 78. French 7%, Ger 5% 5'30-35 rcts German 7s Ger Gen Rlea 7, Hait! 6s. .. Hungary 7% Italy 7s... stalian Pub Sve s, Japanese 4s. Japanese 538 6. . 6% Kreuger&Toll bs ct Lyons6s.......... Mex 45 1904 asnd. . Mexico 5s asnd. Milan 6%s. . Netherlands 6s 72 Norway 6s 43, Norway 6s '¢ Norway 6%s ‘62 Orient dev 5% 68. . 53.. Paris-Ly-Med 7s Parts Orleans 5% Rio Gr Du Sul Ro! %s. . - R'y'l Duteh ¢ sww Sao Paulo *50. Saxon (PW) 7 Serbs Cr Slov 7s. ‘bs-Crot-Slo 8 Swiss Confed 83, Toho El Pwr 6: Toho El Pwr 7. Toklo 5%s 61. Utd Kingm §%s ‘37 Uruguay 6s'60.... Uruguay 8 Vienna 6s ‘52 Yokohama 6s. i 7 High 10015 102% 101% 1051% UNITED STATES. (Sales are in $1.900.) High. 101 10 Low. C ay 105 9t 951 104 1091, 115% Low. Close. 101 101 1022 10231 10116 10128 36 11224 Tose. 95 o W 8714 105% 97% 951 104 10915 115% 110 &l 8713 100 102% 101 10504 91% 903, 10214 7514 1014 99% 110% 109% 110 93% 101% 106% ¢ 102% 108% 119% 124% 87 90 93% 105% 103% 951 100% 9814 95% 9TH 92% 1047 847 96% 106 14 18% 90% 107% 83% 84 4 105% 101% 903 9T% 104 106% 10814 100% 105 8916 105% 96 107 857 97U 9974 101% 104% 104% 101% 90% 97% 103% 105% 103 97 MISCELLANEOUS. AbItibl P&P 63 '63. 4 Abramé&Straus 5%s 10 Alleghany Cp 68 ‘¢4 Alleghany 58°49... Am Agri Chem %8s Am Beet Sugar 6s.. Am Chain 6s ‘33 Am Smit & R 18t Am Sugar Ref am T&T cvi 15 8'39 Am T&T bs 65 Am Water Wks 6. Am Wrtg Pa 6s'47. Armour&Co 4% 8'39 Armour. Del.5%s. . Atl Gulf 6369 Bell Tel, Pa. b3 (B) Bush Term Bldg bs | Certn-Ta 6%s rcts. il Copper 5 853 10015 99% 85% 100% 861 1081 119% 125 87 90% 9315 105% 103% 9514 100% 98% 95% .| Chi & Alton 3%s [ Ch1 NW 4168 2037 4 | Leh Valley 6s°20.. sale company’s half interest in Sinclair | L! Pipe Line and Sinclair Crude Ol pur- | i, year ago. | above 50 per cent capacity; are reducing oil reserves about 10,000 barrels daily. Shell Union Oil had deficit $280.977 in first half vs. profit $9,509,659, before taxes, & year ago. A. E. Staley Manufacturing first half 030 common share v, OIL CO. DIRECTOR NAMED. NEW YORK, August 13 (#).—J. W. Stanford, long associated with Sinclair Censolidated Oil Corporation, has heen elected president and a director of American Maracaibo Co., which has oil properties in Venezuela and Colombia. George Armsby, vice president n:; Bancamerica Blair ation, has been elected - to Zfi company’s Washington (13)...." TRUST C Amer. Sec.& Tr. Co Gontinent ra Merchants' Bank & Trust (6] National Sa: ¢ Priuce Georges Union Ti Wash. Loan Bank of Bethesda (61).. Commerce & Savings ( erica nE: Tust (8 Trust n (1000000 as . 16) s & Trust (13 Bank SAVING BANK. i0: East Washington (12).. Potom: Sec. S Seventh iremen av. U & Com Street (12) : United States (30) . ashington Mechanics FIRE INSURANCE, American (12) % orcoran Bank (17 09, National pnion’ (15)." s TITLE INSURANCE. Columbia i ueva Real Estate (6h) (6h) Title & Iny. Co. Md. com. Col &l B Bmer Federal oo an . Med C. Pi M1 d SCELLANEOUS. rave ical Bldg Corp.. Baper M s c. romo-Seltz. Storage ptd. (8) Co._com. £) & Stse. . ptd. Se & . com. (19) | Tr. & Stge. ptd. (1) M::ttnrlhlltr lbmnly e (6) Natl. Mt eoples Wash Woodwa Brug ru; M. & d. Bl rd & Lothrop pfd ¥: *Ex dividend. B Books closed. extra. & Inv. st pfd G. dg. Corp. OMPANY. & Trust.. R 24 & Trust (14)0] FOREIGN EXCHANGES. otations furnished o 5 'Nomiz.at goid Selling checks London, 7 pound rance by W B value (or par Hibbs & Co.) 3 Pr . Pub | Col G&E 65.May's2 Cuban Am Sugar 8 Det Edison 53 '40. . East Cuba Sug T%s Gen Cable 6%s *47. Gen St Cast 5%5'49 Gen Thea Eq 6s *40.100 Goodrich 6% Goodyer bs ret Hoe & Co 6% 11i Bell Tel b 111 Steel 4348 '40. .. Inland Steel 4% ‘78 ntl Cement 68 48.. Intl Match 6847, Int] Paper 58'47. Intl Pa Intl Tel & Te Intl TET 4tsev. . Intl Tel&Tel 5. Kendall 514548 ww Laclede Ga: Laclede 5%s '63. D Lariliard 6% Lorillard (P) 7s. Manati Sugar 7348 McC'rmek KR 65'34 Midvale Steel Montana Pwr ‘43. Montana Pwr db b8 Morris&Co 15t %s. Dairy 6 Nat Radiator 6 NYG&EHPS N Y Tel 63 '41. North &m Ed bs... Nor Ohlo Tr&L és. Nor States Pwr bs. Pacific Gas & Bl 99 54le 1014 9615 n 961 104 93% 87 100% 264 29 Phila Co 6s ‘67 Phila & Read 6 Philly Po Rem Arms 68°37... 3 964% 96 Rem Randbiswar 2 99 99 FINANCIAL. “BONDS soex seenave] | ivate Wire Direct to The Star Office { High Low Close. | stnetatr on o 103t 10314 10315 104% 1045 1021 102% 102% 1014 101% 101% 96 96 96 98!, 9815 981 1051: 105% 105 7 1045 104 1041 100 99% 100 107 102 102 107 1063 106% 104 703% 103w 109% 1091 109% 981y 97% 9B | 83 R2u 2| 101 1001 100% 90 RRL: 90 B 858 8615 S6'c 8Bl 98% 98y 981 897w 8R4 8O 424 424 424 105 105 105 1041 103 104 1045, 104% 1045 19% 19% 101 101 99% 100 103 103 103 5 103% 103 103 RAILROAD. Atchison gen 48 10 96% 968 96% A T&SFev4lw't 15 128 125 125 Atl & Dan 1st 48'43. 60% 60 Atl Coast Line 4s. . 92 92 o . Atl Coast L 13t ¢s. . 95% 95% 95% B & O gold 96 95% 95% 101 100% 101 101 1008 101 104 104 104 104 104 104 104% 1044 104% 93 93 99 100% 99% 100% 100t 100 100% 90% 90 90% 99 981 987 104 103% 104 89% 19 ¥9 98% 98Y 98% 9815 @ 98% 981 98Y, 9.4 98% 104% 104% 104% 104% 104 104% 104 104 104 117% 117% 117% 111% 111% 111% B9% 89 B9 100% 100% 100% 03% 103% 103% 104% 104% 104% 9515 951 951 105% 105 105% 100% 100% 1004 100 99% 995 2% 2% 2% 9% T9% T9% 101% 100% 101% 70 70 70 7 2% 72 99%, 99% 841 84k 51 501 924 92% 99 99 99% 100 811 $1% 92% 92% 9% Stnelair Crde 6348 Sincialr P L 6 Swelly O1l 61, Solvay Amer b8 *42. i Southwest Bell 5 Stand Ol NJ "8 Stund Ofl. N Y.4%s Tenn Cop 63 B '44. . ‘Tenn El Pwr 69 Tex Corp ev by 4. Transcontl O1l 6%s United Drug §a '53. " S Rub 1st rf b8 33 Utilities Pwr 514 Vertientes Sug 7s.. Walworth 6s 45 Walworth 61 Warn Bros ¢ Warner Sug 7839, Warner Sug 7s *41. Western Elec bn. .. Westn Unfon 68'61. Wickw-Spen ev 7s. Willys-Ov 614833, Wilson & Co 1a1 68 ¢ Win RepeatAr 748 Toungstn S &T 6a. —rea BlanBoanctiiEx ~ue Bang&Aroos 4s '51. Boston & M 63 1955 Boston & Maine 6s. Bklyn Elev 6%s. .. Bklyn Manhat 6s. . Bklyn Un EIl 6860, Bklyn Un 1st 5850, » an Canadian Pac db Can Pac4% Can Pacific Can Pacific ct Central Pacific Cent Pac 1st 53 °90. Ches Corp 68 °47. ... Ches & O 4%s B 95 Chi & Alt 3s. . 9 swulosxNonmwrNe-0amno0 o e CB&Q4%s"778. Chi & E 111 gn 6s 61. Chi Gr West 69 . Ch. Mi&StP 4% s 89 ChiIMIIStP&P 68°75. CM&StP Pac adj 5s. Chi & NW gen 4s. 7214 993 84% 51 Chi& N W con 4%s ChiRlcv4%sé0. Chi Rk Isl 4148 A, C& W Ind 5 CCC&StL 4%s (E). 194 CCC&StL 5s (D) 1 cCca&stL Clev T 100% 100% 106% 106% 106% 101% 101 ¢ 101 981 68% Col So 4135 A°80.. Cuba R R & Cuba RR 6536 ctfs CubaNors 1842 Del& Hud ret 4 Del & Hud 6% 54 94% 93 914 ¥9% R6% 1% 914 46 106% 106% 106% 111% 111% 111% R 9E% 98% 111% 111 11 111% 111% 111% 99% 99% 99N 43 43 43 100 100 100 8115 814 81% 100% 100% 100% 94 93% 933 102 101% 101 s, Det United 43%s. . Erie conv 48 (A) Es, 18 Gr Trunk st deb Grand Trunk 7 Grt Nor 4%s ( Gt Northern 6% Great Nor gen 78 Gulf Mo 68 (B). 111 Cent ref 4 UlCent 4% s Int & G Nor 1st Int & Gt Nor ad) és Iowa Cent 18t bs. Kan City F'1 8 48, 103% 103% 103% 87y 87 87 20% 20% 20% 97 97 0 98 101% 101% 101% 93 93 93 Lake Shore 3%s. L.ake Shore 48 '31. . 83% 83 100y 100% 100%; 109 109 109 9% 9% 9% 967% 9674 9674 100% 100% 100% 49 4 92 92 100': 100% 100% 101% 101% 101% 100% 100% 100% bl 89 91 9 91 98% 98y 98y 102 102 102 9% 8% T9% 1013 101% 101% 101% 100% 101% 107% 107% 1074 993 99% 99% 83% 83% 834 9% 993 99% 102 101% 102 108% 1084 108% 80% 80T 80 1001 100% 100% 98K 98 981 107% 107% 1073 101% 101% 101% 102% 102% 102% 95% 95 95% 122 122 Long Isl rf 4s'49.. L& Nunids.. L &N 4%8s2003... Man Ry 2d 4s 2013. Market St 7s ‘40 . MK & Tex 1st 4s.. M K & Tex 48 (B). MK&T4%s73 Mont Trm N Y Cen gen 3% N Y Cendebds. ... N Y Cen rf im 4%s. NY NH&H 4% .9 NY NH&H ev db 6s N Y NH&Helt6s.. 5 95% 95% 95% 68 68 94 “ 106% 1064 10614 113% 113% 113% 94 93% 94 102 101% 102 984 97T% 984 101% 101% 101% 110% 110% 110% 105 104% 105 109% 109% 109% 991, 991 9914 100% 100 100% 104% 104% 104% 110% 110% 110% 954 964 95% 29Y% 991 99% 100% 100% 100% Nor Paeifie Nor Pacific Nor Pacific ref Pere Mara 1st P C C&StL 6s B'75. Pitts W Va 4%48C [Port RL 68 47.... Reading en ¢% A. Reading 4%s Rio Gr Wst 1 RIATK& L ¢ %8 StLIM&S StL & SF pl ¢ StL& S F 4%e Tl StL&SanF bs B StLS W 1st 94 100% 100% 100% 8 101% 101 101 91% 91% 91% 93 92% 93 103% 103% 1 89 89 89 Beoonama 1 116% 116% 116% 123' 12315 12345 i o1 i 10215 102 1021 0 1024 102% 4815 284 2815 40 40 97 Texad & Pac 1st. ! Tex & Pacbs B117. | Tex & Pac b8 C 7 : Third A Third A Ulster & Del Union Pac 18! . Union . 17 Un 18t ref ¢s. o W e e L L) 48 284 40 97 97 1% 91% 918 18 93% 93 - 98% 11 101% 101% 101% 0315 ! DAMAGE T0 CROPS AFFECTING STEEL Recovery in Business Is Re- tarded by Drought Con- ditions in West. By the Associated Press. NEW YORK, August 13.—Recovery in steel business from the stagnation of Midsummer undoubtedly has been retarded by the uncertainty of erop damage caused by the. prolonged and widespread drought, Iron Age will say tomorrow in its weekly review of the industry. “Pending the gauging of the effect of the losses on steel-consuming indus- tries dependent partly or wholly on farm purchasing power,” the review states, “a renewed spirit of caution has deveioped generally. This has brought a further decline in the volume of new business, consequent curtailment in steel mill operating schedules and broader price weakness. “Steel production for the country at large is not above 52 per cent this week, compared with 54 per cent & week ago. The Steel Corporation continues to operate at about 63 per cent, but some of the larger independents are at 50 per cent or less. Operations ‘have declined several points at Pittsburgh, Chicago and in the valleys, while at Cleveland there has been a rise of 3 points, owing to_ a nmerate gain in orders from & few automobile com- panies. Retail Sales Outlook. “With the major part of automobile production centered on low-priced cars, for which there is ordinarily a large market in rural communities, the out- look for retail sales is cloude Farm machinery builders are checking up to ascertain how seriously low total re- turns for farm products will restrict their Fall activity, although some man- ufacturers in this group are swinging into larger output of tractors and com- bines for foreign shipment. “Can manufacturers already face the possibility of smaller packs of vegetable crops, and moderate holdups of tin plate shipments have brought a decline to 60 per cent in the output of this product from an average slightly above that fig- ure a week ago. Wire fencing and gal- vanized sheets are adversely affected. “Meanwhile there are a few develop~ ments of an encouraging character. Re- sumption of automobile production on a scale slightly above that of July has aided mills at Chicago and Cleveland in a small way, but there has been no im- portant gains in takings of steel by the motor - ear industry. The farm ma- chinery builders, helped out by export orders, are ordering steel a little more freely at Chicago and will step up pro= duction above the low Midsummer rate, notwithstanding the uncertainty in the domestic market. Building construction in the Chicago district is contributing to larger bookings ol structural asteel, ‘mhx an increasing tonnage of pending work. Producers Seek Business. “With steel producers aggressively seeking business to bloster up their de- clining operations and with steel m;m exerting pressure for concessions, price weakness has ber of products.” i Fresh structural steel projects appear- ing in the past week reached a total in excess of 60,000 tons, the largest since the last week in June. Much of the new business consisted of con- struction. Awards of fabrical strue- tural steel also were large, with a total of 45,000 tons. A further reduction in Iron Age com= posite prices brings that for finished steel to 2.156 cents a pound, the lowest since Pebruary, 1932, and that for pig iron to $16.88 a gross ton, the lowest since 1915. Washington Produce su;ezr—om-;mm prints, 42a43; tub, 41a42. Eggs—Hennery, 28; current receipts, qullml' é;“"}r;—am mr‘mtmqouumnd. Poultry, aliv ers, ., 32a33; medium, 28a29; small, m; Leghorns, 23a25; fowls, 21a23; Leghorn fowls, 14a15; ducks, 15. Dressed — Shipped in, iced broilers, 35a36; medium, medium an¢ small, 25a27; fowis, heavy, 25a26; me- dium, 23a24; small, 15a17. Jobbers' home dressed, Spring broilers, large, 37a38; medium, 34a35; small, 30a33; Leghorns, 27a28; fowls, 26a27; medium fowls, 2«2255;‘ !.:chun’\‘.;:-la. 208322; ducks, 24a25; turkeys, 3 | _Meats, fresh killed—Beef, 18a20; veal, | 15a16; lamb, 20a23; pork loins, 25a26; | fresh hams, 25; fresh shoulders, 18a20; | smoked hams, 27; smoked shoulders, 20; bacon, 27; lard, package, 12; in bulk, 11. Live stock—Lambs, 81; calves, 9%. | Pruits — Watermelons, 40a90; canta- loupes; Ridgeways, 1.00a2.00; nearby, 2-peck baskets, 75a1.25; | 1.50a2.00; honeyballs, 3.00a4.00; melons, 1.75a2.00; oranges, 5.5088. | lemons. 9.50a10.50; limes, per- 100, 2.50a H lagas, 3.00; 'nmnr l 2.0022.75; pineapples, 4.00a5.00. Verzubles—l’oumes. 3.5003.75;_sweet | potatoes, 6.25a7.00: tomatoes, 3-] baskets, 75a1.00; spinach, New d, 1.50; cucumbers, 1.50a2.00; peas, 40- | pound crates, 4.00; squash, 1.35; okra, 2,00; string beans, 3.50a4.00; lima beans, | 4.5025.00; carrots, per 100 bunches, 5.00 | 26.00; beets, 100 bunches, 5.008 a0 1.50; cabbage, rs, 1.50; r 5‘0:5: sacks, 1.50a1.75. | TREASURY CERTIFICATES. 5 ted by J & W Seligman & Co.) "fl_;m:"i's"':m B 10085 15, 1930. 100 18-33 18 - 1o 100 SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co.) Allis-Chalmers Co_ Bs American Tel. & Tel. American Thread 8 Baltimore & Ohio 4 Batavian Pet. Co Bell Tel. of Calitornia Canadiai New York. Chi. B sh Lore® 8 isdi cf; Dnion O1t Co s 194 j St L, St L’ Southw. Shion B 6o ol ¢ m . of Cal United Drug Co 58 195: 3 U. S. Rubber 8s 1947 Western Electric Co. 10w, 107% 107% 101% 101% 93% 931 103% 103 les. High. 2 107% 4 101% Sal Virginia Ry 1st 6s. Va Ry & Pwr Wal 76 Wabash 6348 7. Western Md