Evening Star Newspaper, August 14, 1930, Page 14

NGUATD GREDT || SUPLYESSENTL World Has -Turned to Gold Standard as Basis of Monetary System. Received by (Continued Prom Page 13.) Divi Stock ana Dividend Rate. | =Prev.1as0~ I 3 e s Magio Corn Sates— Add 00. High. Low. Close. cee.e.. 1115 40% 38Y 38% 68 RadioCorp (B) (6). 1 19 Radio-Keith-Orph A. 130 28 Raybestos Man 2 9 34% Rea) Silk (5)...... 23 Rem Rand (1.60) 814’ Reo Motor Car (3| 374 Repubiic Steel (4) 85 Republic Steel pf (. 564 RevergC&B (A) (4 23 Reynolds Metals (2). 3 Reynolds Spring. 70 Reynolds Tob A (3).. 10; 45' Reynoids Tob B (3). 14% Richfield O1l (2).... 15' Rio Grande Oil (2).. 27% Rossia Insur (2.20).. 49% Royal Dutch a3.2165 57 Safeway tes) . 87 Safeway pf (6) 103 Safeway Strs pf (7). 1108 £515 St L-San Fran (8).., 4% Schulte Retall Strs 56 Sears Roebuck(32% 1% Seneca Copper 5% Servel. [re. .. 311 Shattuck(FG)(+1% 18 Shell Union (1.40). 8% Shubert Theatres. 21 Simmors Co. 18 Simms Petrm (1.60). 20 Sinclair Con Of) (3).. 108 Sinclair Ofl pf (8).... 2415 Sloss Sheffield Steel.. 15% Sou Porto Sug (1.40) 3 105 So Port Ric S pf (8). 120 52% Southern Cal £4 (2). 7 18% Sou Dairles,A (1%).. 108 . Southern Pacific (8). 76% Southern Rwy (8). 33 Spalding (A G) (2) 108 Spaldingz 1st pf (1) 19% Spang-Chalfant. 92 Spang-Chal pf (6 13% Sparks Withngtncl 17 Stand Branas (1%) 315 Stand Comm Tob. 84% Stand G&E 13%). 61% Stand G & Et (4). 963 Stand Gas& El pf(6). 55 Stand O of Cal (23%). 29 Stand Oll of Kan (2). 58 Stand Ofl of N J(12). 30 Stand OII N ¥ (1.60). 9% Sterling Sec (A). 11 Sterling Sec p£(1.20) 0% Stone & Webster (4). 25% Studebaker Corp (2). 102% Sun O1l pf (6) 2 Superior Ofl. . 1214 Superior Ste 7% Symington (A). 50% Texas Corp (3).... 48'% Tex Gulf Sulphur(4) Utd Bis Utd Carl 4 Utd Cig: United United BY JOHN F. SINCLAIR. 8pecial Dispatch to The Star. 1 NEW YORK. August 14—Gold is the foundation stone of credit, and credit is the basis of modern business. A well | regulated credit supply, with ample gald | support, spells industrial activity and nent. A poorly managed credit cupply, built on too small a gold basis, means the re- = Utd Pa; Lea S Lea Pip Neaily every nation now or is T striving to be, on a gold basis. China| is about to go on_that basis. India is} working on a modified gold basis. World's Gold Stock. H How much new gold must be mined every year to maintain-the credit equi- librium without business disturbance? Prof. Lionel D. Edie, University of Chicago, who made an important study f of the gold situation, estimated the * world's gold stock in 1925 at $9,800.- 000,000. Some time between 1930 and 1935 a deficiency of actual stock may be expected to exert an influence upon . the value of gold. ; “Owing to exhaustion of deposits and the application of the law of diminish- ing returns. future gold production 15 more likely to decline than to inczease, says Dr. Edie. “That would tend ln; cause a relative decline of the price; level in all gold standard countri It is the Edie contention that no se- rious long-time deflation of the price Jevel in gold standard countries is likely to take place before 1935, but after that time “it is likely that there will set in a gradual lowering of the price level over a long period of years.” ‘With regard to suggestions of changes in the gold stapdard which might_bring about an economy of gold—the ‘With- drawal of gold circulation and the pool- ing of reserves—Dr. Edie does not see anything but temporary relief. Monetary Problem. Prof. Gustav Cassel, who stabilized the Russian money system in 1923, be- lieves the general level of prices is ex- clusively a monetary problem and that the only true solution is for a nation to “have an invariable money standard of value.” “We cannot give the working classes higher wages by falsifying the monetary unit systematically,” he says. “We can only do it by economic progress and by increasing the capital of the country so that more workmen can be occupied under better conditions, and therefore it is necessary that a nation should save as much as possible to be able to increase the capital supply of the coun- try; that is to say, to increase its supply of factories, buildings, working men’s houses, waterpower, electricity and everything you want in the way of capital eq:ivmenn “Tha the only way of real prog- nation must have real p » U S Sm] » o roaBaBcRen Univ Py, Vicks S va-Car ™ v VaEl & Vulcan Ward B Warner Warner- Warren oil Weston Willy: 17% Thatcher Mfg (1.60). 2415 The Fair (2.40) 3 11 Thermold Co. 36 Thompeon (J R) (3). 20 Thompson Prod(2.40" 9 Thompson Starrett. 10% Tide Water As (60¢ 83 Tide Water Oil pf(5) 55% Timken Roller (3) 2% Tobacco Products. 7% Tobac Prod(A) (8 19 Trensamer (21.60).. 16% Transcontl Oll (30¢). 9% Tri-Contl Corp.. 894 Tri-Cntl Corp pf (6). 12% Truax Traer (1.60) Ulen & Co (1.60)..... Youngs tions. = 5 Unit of trading per ‘cent_in stock. aPaid this year—no ¢ Payal 19% 17% 11% 93% 123 21 when earned. JPlus 8 per cent in preferred stock. % Union Bag & Paper. . Union Carbide (2. Union Pacifie (10 4 Union Pacific pf (4). Utd Afreraft... 222 U S Rubber... U S Rubber 18t pf. .. a-Caro Chem 6 «. 1,083,800 Dividend rates as given cash payments based on the latest quarterly or half year] SPayable in scrip. r cent in stock. n Plus 5 per cent in stock. Br T Subject to approval of stockhol THE EVENING STAR. WASHINGTON. NEW YORK STOCK EXCHANGE Private Wire Direct to The Star Office. tock and Prev. jos— dend Rate. = Add 09. High. cuit (1.60). bon (2) ar Store H Corp (50¢) ..« Corp pf (3).. Utd Electric Coal Utd Fruit (4)...ceeen Utd Gas & Imp(1.20) erboard. ther (A) . ther pr pf o & F (2). 1ty (6)..uien 1tg & I U S Steel (7). U S Steel of (7) Univ Leaf Tob (3)... pe & Rad. Utfl Pwr&Lt A (e2).. Vadasco Sales Corp.. Vanadium Stl (4 1 hrv&Pac(5). Chem. . 24 Pwr pt (6) Det (4) Wabash. . Wabash pf (A) (5).. 4 Waldorf Svstm(13%4) Walworth Co (2).... aking (B). ... ward Baking pf (1). Bios Pict. -Quinian (1 Bros (3) 1& Snow West Penn Pw pf(7). 40s Western Dairy A (4). 1 4 Westinghse 4 B (2).: Westinghse E&M (6) 345 Westhse E&M pf (5) 60s El Instr (1), Westvaco Chlor (2).. Wextark Radio Strs., White Rek MS(14%); White Sewing Mach.. ‘Overland Woolworth (2.40). Worth Pump. . Wrigley (Wm) (4) Yale&Towne Mfg(4) Yellow Truck. .. Spring (3) Zenith Radio. ... 172300 12:00 Noon. 2:10 P.M. in the above table are the annual declara- less than 100 shares. tPartly extra. $Plus 4 §Plus 9 per cent in stock. b Payable in stock. d Payable regular rate. £Plus 10 per cent in ble in cash or stock. stock. g Plus 6 per cent in stock.’ hPlus 2 per cent in stock. stock. k Plus '3 per cent in_stock. m Plus i Plus 50¢ cents in iders. Tess, Tess if it expects its workmen to get a better standard of living. But we can- not serve the purpdse in the monetary fleld better than by keeping the mone- tary unit inviolate.” Prof. Cassel sees little to be gained by pooling the gold mines of the world under an international head, because gold today is an international medium, and such a progress would not increase the gold- supply at once. What he wants is a rationalizing of the gold we INSULL POWER MERGER FOR CHICAGO RUMORED By the Associated Press. NEW YORK, August 14—The New York Times says financial circles yesterday heard reports that the Insull interests are planning to combine the public utility companies serving Chi- cago and the surrounding territory. It have to do more work. He believes the | was said interests have been acquiring central banks of the world should bel blocks of stock of the Commionwealth organized to do just one thing—"“limit | Edison Ce., the People's Gas Light & their own demand for gold.” Coke Co. and the Public Service Co. of Stable. Monay Ja Alm: Northern Tllinois preliminary to a trans- action. Becoming more specific, the- famous Combined assets of all three com- Swedish economist believes the Federal | panies amounted to $758,000,000 at the Reserve s has. no other function ysteny end of last year, and the holdings of than to “give the country a stable |the Insull family are believed at least money.” Checking Stock Exchange working control in all three companies. speculation should not be a subject of ‘the Federal Reserve policy at all, at TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity, ¢ Sept. 15, 1931 5, 1931 193! 193; 932 he maintains. Holding that “the general level of prices is_exclusively a monetary ques- tion, and the major function of the central banks is that of providing a stable money standard for each coun- try,” Prof. Cassel say. ‘There is no economic force which would prevent countries from keeping | to the gold standard as long as the central banking systems are intact and can follow their own policy, because they are supreite masters of the sit- uation, simply by the fact that they have to regulate the supply or means of payment.” Speaking before the Committee on Banking and Currency of the House of Representatives, Dr. Cascel reiterated these opinions and stated that the first purpose of the Federal Reserve system is to “keep up the gold standard—that is to say, to keép the dollar at a pur- chasing power parity, with gold. This 15 unquestionable, because there is prac- tically no other opinion in this coun- try.” But Roy A. Young. governor of the United States Federal Reserve Board, e when asked by Representative Strong | shell Union Oil Go, 55 1947 this question, “Do you think the first | Sinclair Crude Oil Co. 5}as 1938 duty of any financial system 1s to at- | S0 O ¥ yricls Tafl: ob tempt to stabilize the purchasing power . Jat. & Bo. Ry. 58 1931 of fis unit of value>" replied: "No, 1|8t L Southuesiers Ry, 4s 1033 hardly think so. It never has been." s 1033, H The Strong Bill. At the hearing two years ago on the Strong bill, which was introduced with the idea of having the Federal Reserve Board use its efforts more effectively in realizing a more stable purchasing power of the dollar, E. A. Golden- weiser, director of rescarch and statis- tics of the Federal Reserve Beard. op-. posed the bill because, as he said: “The Teal question deals with one class of price fluctuation. namsly: The relatively short time fluctuations like those be- tween 1922 and the present. The big peaks are war-time peaks and require a special approach. The long-time trends are both elusive and misleading:” No scheme for managing the mone- tary unit has yet been adopted by any nation. Scores of schemes have been suggested. One of the most famous is SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalmers Co, 5s 1937.. American Tel. & Tel. 5i3s i American Thiead 5'zs 1938, & Ohio 413s 1933 . 1t vian Pel Tp. 4%38 1942 Bell Tel. of Canada 5s 1957.... California Pet. Corp. anadian_Nor. Chile ‘Copper Co. 5s 1 e ? & Co. 57 Corp. 68 . 55_1940 Goodyear T. & R. 55 1957.... Grand Trunk of Canada 65 1936 Gulf Oil of Pa. 55 1937........ I Humole Oil 5'zs 1032 g Internat Match Corp. 55 i941 New York. Chi. & St. L. 65 1932 Marland Oil 55 1932 1 Phillips Pet. Co, 5%as ‘1939 Pure Ol Corp. 51,5 1937 937 . 1987 (above) and threshing scene (below) are By the Associated Press. LINCOLN, Nebr., August 14.—For the first time in history the farmers of Ne- braska, second wheat State in the Union, can get money on their grain without moving it from the bins. Under a new State law permitting farm storage in conjunction with the Federal Farm Loan Board, certificates will be issued by State supervisors and the certificates will be held as collateral by Federal farm loan banks. Thus im- mediate credit to the producer is insured. ectric Wheeling Steel Corp. Wheeling Steel Coi DIVIDENDS DECLARED NEW ‘'YORK, August 14 (#).— Regular. Pe- Company. Rate. riod. Amer Dock pf...../82 Atiantic Sec pf... 5 Bank of Noy Scoiia .54 Banaue Can Natl.$250 4 PL; 3330 8A Pay- Hldrs. of able, record. Sep. Aug. 2! Sep! i | 118 i 1 Bep. 18 Sep Aug 21 e, 8! Sep Sep. Sep. Advanlage in Law. Sam R. McKelvie, grain. member of the Farm Board and former Nebraska o000 advantage to farmers, in that it gives them the advantage of farm storage— the cheapest available, and best for keeping burdensome supplies out of s | market, channels and the terminals. In addition, the law permits farmers to store wheat in State-supervised ele- . 15 015 Checker Cab M .23 Columbus Mtge & T Ins_(Newark) Com Ut 36,50 pf. . 1 . 2 Congress Cigar. 8ep. 1 & P Governor, says the law will be of great | CREDIT FOR WHEAT ASSISTS NEBRASKANS IN HOLDING CROP Sam R. McKelvie (insel), grain member of Farm Board, sees new Nebraska loan law as aid to farmers with bumper crop. Typical Nebraska wheat field shown. | vators with the same credit provisions | embodied in the farm storage plan. Drafted last Spring by a special ses- sion of the State Legislature as a means of preventing market gluts, the law be- came of immediate benefit. Estimated at 65,575,000 bushels, Nebraska's harvest of Winter wheat exceeds the 1929 har- vest by 12,011,000 bushels. It is not the largest yleld on record in the Cornhusker State, but it is 12, 080,000 bushels more than the average. Crop Matured Perfectly. Confronted six months ago with ad- verse growing conditions, the Nebraska threshers found it had matured in per- f:ct_condition. Although never as large as that of Kansas, Nebraska’s crop occupies a pe- culiar spot in the American wheat situ- ation. Repeatedly Farm Board head- quarters have referred to the amount of wheat necessary to price improvement through removal from the market as “about as large as the Nebraska crop.” o that of Dr. Irving Fisher of Yale, who i suggests these essentials In a plant to stabilize the dollar: One—Setting up a commodity stand- ard to replace the standard of a mere money metal. Two— Erhploying an mdex number for that purpsse. . Three—Cor- recting money metal standards through a sliding scal relation to another standard But all students of tie question agree | that a stable money 1s_desirable and | se principl® of | is gaining | s the big | COSTS OF EXPANSION TO WHOLESALERS SHOWN By the Associated Press. The unprofitableness of expansion be- . 15 | yond a wholesaler's logical trading ter- 15 | ritory is emphasized in the second of a - 15 | series of bulletins entitled “Distribution .14 | Dollars,” in which the National Whole- -9 |sale Grocers' Association summarizes Engineers Pub Ser: Do 35 pf. ..o Do $5.50 pf.\. % Fed Compr & Wh' Pinance Serv Cl A..40c Do. Cl B......... 40c a “manzged gold stand; ground. But hcw to do it—t! question! b 20 | grocery surveys Hazeltine _Corp . 13 H Gu G pt A n warns its members i ) 2| that when a sales campaign is carried into foreign territory the merchant usu- ally will encounter low volume, a nar- rowing line, unprofitable cdmmodity se- lection and restriction to weaker outlets, '3 | while costs mount in both the sales and 0 credit departments. 50: §173 178 Discount Rates. “By manipulaticn of the discount rate of central banks, or by interna- tional regulation of the amount of metal produced in the gold field, or by applying the principle of the com- pensated dollar, or by some other de- vice, the value of money may be stabilized,” says Dr. Edie. That @ solution is on its way, so the general price level can be stabilized, should be welcome news to every labor man and every business men in the world. Reginald McKenna, formerly chai- | cellor of the exchequer of Great Britain and now head of England's largest bank, the Midland, is on record to this effect: “History has shown that apart, per- haps, from wars and religious intol- erance, no single factor has been more productive_of misery and misfortune than the high degree of viriability in the general price level.” (Copyright. 1930. by North American paper Alliance.) —e- Meteor Mo, Car.....2 Morrell (J & Co)..31 RR pf. 3 Mol Seminder t Steel. Ca Nal Sy e 500 Natl Tranalt .35 it 1.25 * 300 POTATO MARKET. CHICAGO, August 14 (#)—(United States Department of Agriculture.—Po- tatoes, 19 cars; on track, 121 cars; total United States shipments, 691 cars; white stock firm, trading fair to good; red stock dull, trading slow; Mis- souri, New Jersey and Nebraska sacked Irish Cobblers, 2.00a2.15, with occa- s | sional fancy car higher; sacked Irish Cobblers, 2.20; fancy, 2.40; 5 | Minnesota sacked Early Ohios, 1.60a Pow 65 o Ve Pgor 58 N York ‘frahsport...50c Omnibns* Gorp pf, .52 Proct 5., pl. $125 P Seiv Colo 67, pf, 50c Do 3% i, 38%ac P ferv OKlic . 32 Do 8. pr hen. $1.75 len. [$1'50 31.75 Wheatsworth 87 ot ¢ Wh Rock Min Spg: Do st pf Do 3nd pid.. METAL MARKET. NEW YORK, August 14 (#).—Copper easier; spot and future, 103%. Iron quiet; unchanged. Tin quiet; and nearby, 29.87; future, 30.12. Lead steady; spot New York, 5.50; East St. Louis, 5.35. Zinc qi East St. Louls spot and future, 4.30a4.35. Antimony, Sep. 2 787 £05550350900XZ0OOODOOOLOOOOLOLELOOLOODOK00OODO0OODOD DOPOOT E0D %81 HE ) 3 Deferred. News~| yrap Leat Mill pf B..53 SA. ‘The Dutch government has ordered that part of all plantations in. thelgeneral Eable € A..31 Netherland East Indies be devoted to West Oil & Rf pf A. 31 Taising rice for food for plantation Stock, workers. A% ., ’ Eastman Kodak. Q Q Mayflower Assoc.. » AU%: 30 | for wholesalers the findings of recent Wisconsin | Spot CHINESE SILVER STOCKS By the Associated Press. 7 totaled 213,400,000 taels, of which banks. The corresponding figures for | July 31 were 214,000,000 and 120,000,000 | taels, respectively. Sycee and silver bars were valued at 1110,000,000 on August 7, as compared with the same amount of July 31. The total number of silver dollars in Shang- hai on August 7 numbered 142,200,000, as compared with 144,000,000 the previ- ous week. MONEY MARKET. NEW YORK, August 14 (#)—Call money steady; high, 212; low, 2%; rul- ing, 2% close, 2% per cent. ‘Time loans steady; 30 days, 2a2%; 60 days, 2%a2%; 90 days, 2';a2 4 .| months, 2%2a3; months, 3a3 Prime commercial paper, 3a3%. Bankers' acceptances unchanged. 5-6 | PG | COMMODITY PRICES. | By the Associated Press. Commodity prices strengthened slightly last week as their change was | calculated by the Census Bureau rec- |ords. Figures which follow give the |index for the week and comparable periods, representing 1926 average | wholesale selling prices as 100. In ad- dition, selling prices for a composite ton of steel products at like periods is given: All comn‘xodmu. Steel. $33.08 33.00 36.60 ‘Week ‘ended August Previous week... Same week last year. 8 97.6 0. C HEHSRADE BOD SSUES N ADVANCE $20,000,000 in New Munici- pals Offered—Money Rates Decline Again. BY F. H. RICHARDSON. Special Dispatch to The Star, NEW YORK, August 14.—Under only a fair demand, high-grade bonds were higher today and the rest of the list was dull and unchanged, with the ex- iception of a few strong spots in the foreign department. There was $20.000,000 of new issues, but since it consisted entirely of mu- nicipals it placed no strain on the bond market, as ‘he demand for good munic- ipals still exceeds the supply. was evidenced by the high price Detroit received for $15,000,000 tax anticipation notes. They were offered on a 2.70 per cent yield basis. Some State of West Virginia seriale bonds were offered on & 2.75 to 4 per cent basis, the low yield on the short-term maturities accentu: ing the continued popularity of such financing just now. Money Rates Easier. Money rates, after a temporary tight- ening on Wednesday, were back at the low levels of the week end, with 90-day IN SHANGHAI DECLINE |5 loans quoted at 2}} to 2%; per cent. ‘The strength of legal railroad mort- gages and some of the prime public utility bonds and industrial credits was still the feature of iisted bonds. Balti- more & Ohio first 4s improved by point. Canadian National 5s rose a similar amount. Other gains were made by Southern Pacific 43s, Frisco A 4s, Great Northern 7s, Iniand Steel 415s, Utdh Power & Light 5s and New York ‘Telephone 4l5s. ~ Slight declines in Standard Oil of New York 415s, Utilities Power & Light 5155 and American & Foreign Power 5s were without signifi- cance. All three issues are selling within a fraction of their best prices for the year. Convertible issues mirrored strength in stocks, with Warner Bros. Pictures 6s and General Theaters Equipment 6s leading in activity. ‘There was dull trading in junior rails and semi-speculative industrials. Chi- cago Great Western 4s, Missouri-Kan- sas-Texas A 5s, Southern Railway 4s, Boston & Maine 5s, American Natural Gas 6155, Hudson Coal 5s, Armour of Delaware 5'5s and Goodyear 5s were all slightly lower, but there were small advances in Denver & Rio Grande Western 5s, Missouri Pacific 5!2¢, Cer- tainteed 5155, Colon Oil 6s, Skelly Oil 51s and Brooklyn-Manhattin Tran- sit 6s. Foreign List. Brazilian and German credits were the chief points of strength in foreign bonds. Rio de Janeiro 613s, Brazil 6155 and Brazil 8s all improved. German 5128 and German 7s added fractions. Washington §fock Exchange| SALES. Capital Traction Co.—2 at 62, 10 at 62. Pownlllc Electric 5':% pfd.—10 at 1085, AFTER CALL. Capital Traction 55—$1,000 at 93. Washington Gas 55—$1,000 at 1041}, $1,000 at 103%. Potomac Electric 6% pfd.—5 at 110%,. Potomec Electric Cons. 55—-$2,000 at 10215, Potomac Electric 6% pfd.—2 at 110%. Cancellation—The sale as of yester- day, Washington Rwy. & Elec. pfd., 4 at 98%, 10 at 98%, has been can- celled today. Bid and Asked Prices. ONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 41us '33... Amer, Tel. & Telga. 4125 '39. Am. Tel. & Tel. ctl. tr. 58 R, R. 5 & P. Tel. of Va. 58 Capital Traction R. City & s Geor Potomac Elec. Potomac Elec Alex & MISCELLANEOUS. 0ss. Inc.. 6Ys. b 8 . Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer.’ Tel Wash. N & Second _(9e) Washington (13). TRUST COMPANY, ation: Prince Union Trust (8g).. Wash. Loan & Trust SAVING BAI Bank of Bethesda (65). Commerce & Savings (i East Washington (12). Potomac (10) crop thrived under June sunshine, and | Se United States (30) ... Washington Mechanics (20 FIRE INSURANCE. American (12) reoran Firemen's () " National Union' (15) H TITLE INSURANCE. Columbia (8h). .. Real Estate (65 ' Title & Inv, Co. Md. MISCELLANE Barber & Ross. Inc.. com.. Bhehe” chare Bairy prd. (1) Col. Sand & Gravel pfd. (7 Col,_ Medical Bidg. Corp. . C. Paper M Dist. Natl. Eme; mo- Fode: Silver stocks in Shanghal on August Fed 122,100,000 taels were held in native |y Mergenthialer Dackies Brus stores prd’ (6141 eoples Dris B Real Est. M. & G, pfd. (8). al Es Security ‘Storage (4e) .. Ter. Re Wi . Corp. ood throp pfd. Woodward & Lof *Ex dividend. ooks closed. &kx Siants X rints. LT VE~wWhen issued. elia% extra. 32% extra. PHARMACEUTICAL TRADE. NEW YORK, August 14 ().—While profits of the leading preparers of medicinals and p::smncleumm have loubtedly been adversel ;‘}:‘ed mamZd decline in sales, Standard Statistics Co. says such effects have been only normal, and first half-year profits averaged only slightly smaller than those of a year earlier. Boy's Pigs Gain Rapidly. LEXINGTON, N. C. ().—Eight pigs, owned by John M. Hanes, jr.. 4-H Pig Club boy, ga an average of 13 pounds per day during the first six weeks of feeding under the club plan. Young Hpnes has entered his pigs in the State ton litter contest. i * Despite the damage done recently by hail and floods, Greece expects large crops this year. ‘This THURSDAY, AUGUST 14, 1930. [ e BONDS Received by Private Wire Direct to UNITED STATES. 101 30 1061 1086 11228 1,000.) Low. Close. 100 28 100 288 1024 1024 10230 103 10114 10114 106 FOREIGN. Bank of Chile 6% Bank of Chile 6% Batavian Pet 4%s. Belgtum 6. = PR T T U PICEPN Chile 65 *61. Chile 7n"48. . Colombia 6s.Jan ‘61 Con Pwr Japan 7s.. Conenhagen bs rets o Danish Munic 83 A, Denmark 4 % Denmark 5% ‘55 Denmark 6s. Dutch East Ind' 47, El Salvador Fiat 7s ex war '46. Finland 6%. Pinland s £ 63 °4 Framerican 7% French 7 T S - P T LY Gelsenkir Min 6s '34 Ger 5%8°30-'35 rcts Italy 7s.... italian Pub 8§ Japane: Japanese 6% Jugeslavia Bank 78 Karstadt 63 *43. 4 Norway 6s 4. Ortent 5% . Orifent Dev 6s '53. .. Paris-Lyons-M Paris-Ly-Med 7 3 4 ome 6348, R’y’l Duteh ¢ % sww Sao Paulo 8s°'36 Toho El Pwr 6332, Toho El Pwr 7s.... Tokio b8 Tokio 6%s 61 § Utd Kingm 5% 37 Uruguay 6s°60. Vienna 6s '52. Warsaw 7s ‘52, Yokohama High. 907% 864 96 104% 107% 100 1004 8% 9% 1051 96% 86 T4% 974 1 101 27 10129 106 1 1082 1086 11222 11222 Low. Close. 110% 110 938 1014 105% 1025 109% 91Y% 86% 923, 108% 119 124% 95% 874 103% 105% TI% 1% 92 6% 83% 94 MISCELLANEOUS. 2 86 86 AbItibt P&P 63 °63. . Abram&Straus 5%s 12 Adams Exp 4s'48.. & Alleghany Cp 68 ‘¢4 11 Alleghany 6i Am Chain Am Cotton.Ol) bs. Am For Pwr bs 20! Am1GChbk%s" :m Int Cor 6 AmSmit &R Am Sugar Ref 6s. .. AmTAT cvelisds Bell Tel, Pa. Bell Tel Pa bs (C) Bethlenm £tl pm Bush Term Bldg 6s. Certn-T4d 6% rets Chile Copper bs, Colon Of1 Col G&EI Com Invest Con Coal. Ma, Cuban Am Sugar Det Edison §s. Dodge 6: Donner Stéel 7s. Duquesne ¢% East Cuba Sug T%s Fisk Rubber 85 Gen Cable 5% *47.. Gen Mot Ac Cor 6: Gen Pub Sve 5% Hoe & Co 638, Humble O & R 6. Humble O & R 6%s. 8 48 Intl Match 58%47... Intl Paper 53°7... Intl Paper 6 Int] Tel & Tel 43 Int] TAT é348eV... Int] Tel&Tel 6855, Kan City P& Lt KanG& E6s'53... Kendall 6%5'¢8 ww Lackawanna St 6. Laclede Gas b Laslede 5%e D60, Lautaro Nitrate és. Liggett & Myers 7s Lariliard 6%s. Lorillard (P) 7s.... Lou Gas&El 68 '632. . Midvale Steel Montana Pwr ab s. Morris&Co 1st4 8. New Eng Tel bs.... 4. YGAEHPSs.. N N Y Tel ¢ 3 9314 8014 1023% 102% 991 88 99 991 102% 108% 641 106% 93 80 1024 10219 9% 105% 108 7% 103% 102% 104 83 122 884% 95% 110 90% 95% 98% 101 STOCK EXCHANGE I The Star Office FINANC ! Sales. High. Low. Close. NY Tel 6s°41. Nor Ohlo Tr&L’ Nor States Pwr bs. Nor §tates Pwr Pacific Gas & & PacT&T b5 '52... Pan Amer Pete Paramount Phila Co 68 Sk Phila & Read 65'43. Postal Tel & C 6% Pub Serv G 4348 10 Pure Ol 5% Rem Rand 6% Richfield Of1 Sinclair ON 6% Sinclair Ofl 7s. ..., Sinclair Crude 6348 S'neialr P L 6s.. Skelly Ofl 6%s. ... Solvay Amer b8 *42. South Bell Tel 6a. Stand Ofl. NJ "6 Stnd OIL N ¥.4 Tenn Cop 63 B44.. Tenn E Pwr 6847, Tex Corp cv b8 *44. . Transeont] Ofl 6358 United Drug 6s '53. S Rub st rf Utah PwraLt Utilities Pwr 5% Walworth 6s w Westn Union 6861, Westn Union 6%s. White Sew Macn Wilson & Co 18t Win RepestAr 7%s Youngstn 8 &T 6a. 107 107 1064 105% 103 103 106 106 1025 102 106 106 103% 103% 9915 99% 101 101 9615 96% 961 96% 86 86 & 931 93% 100% 101 4 100% 100% 9816 98% 91 91 103% 1031 % 1045 104% 1021 102% 4 1010 101% 96 96% t 981, 98% 104% 104% 5 104 104% 99% 9% 102 102% 106% 10734 104 104 1091 109% 98 98 N 82% 1003 100% 5 90% 86 86% 90 91 49 107% 1 105% 7°103% 3 100% 8 102% 1 106 23 103% 4 11 109% 28 98% 42% 42% 10435 104% 104% 104% % 109% 109% 53 58 997 100% 103 103 13 103% 103 103% RAILROAD. Atchison gen 48 A T&SF cv 414848 Atl Coast Line AtUCLd4Y%s B & OSW 58 '50. Boston & M 58 1955 Boston & Main Bklyn Elev 6% Bklyn Manhat Bklyn Un E 68 '50. Buff R & Pitts ¢ % Can Nat 6s. July' Can Nat 6s. Oct * Can Northern 7s. Canadian Pac db ¢s s Can Pacific ctfs 6s Car Clin & O 63 '53. Central Pacifie Cent Pac 1st Ches Corp 68 "47 Ches & O gen 4%s. Ches & O 434893 A Ches & O 435 B'95 Ches & Ohio con 6 Chi & Alt3 CB&Qgen ¢s Chi & E 11l gn Chi Gr West 4 Chy M&StP 4% s '89 ChIMJIStP&P 65'75. + | CM&StP Pacads 6 % " Chi & NW gn 3%s Colo & Sow 4% Col So4%sA'80. Cuba R R 6s. CubaNor5%s’¢2 Del& Hud ref 4s 43 Del & Hud 6% Den & Rio G cn 48, Den&RGW 68 ‘55 DR G&Wst 5878 Erieconv 4s (A). Erie conv 4s (B)... Erie gen 4s. Erle bu, 1975... Fa st C Fs 74, .. Fondw J&& 433 53 Gr Trunk st deb & E| Gt Northern 5% Great Nor gen 7 Hav ElRy5%s '51. Hud & Man ad) 6s Hud & Man ref 5. 11 Cent ref 4: 111 Cent 4% s °66. 111 Cent ref bs '55. KanCity Ft 8§ Kan City Sou 3s. . Kan City Sou bs. ManRy 1st 48 °90. Mill EI Ry&L 62'6: M StP&SSM con 4 MK & Tex 1st 4 M K&T pr In b Mo Paciflo gen ¢s. Mo Pac5s F 177 Mo Pac 5%s ¢! Nassau El 45 °51 .20 967 124 3 93 100% 104 95 96% 100% 101 1014 100% 101% 106%T06% 106% 104% 104% 104% 104 103% 104 110 109% 110 104% 104% 1043 100 99% 100 100% 100% 100% 91 91 91 93 98% 99 104 103% 103% 4 93% 94 98 98% 98% 99% 98% 99% 98% 9.1 9813 104% 104% 104% 104% 104% 104% 112 111% 112 R 100% 100% 100% 168l 10312 1031 4 96% 13 1 1 96% 125 1 1 19 32 12 20 14 13 18 5 10 19 44 105 1024 10214 102% 100 99% 100 100% 99% 100% 104% 104% 104% 2% 2% 2% 108% .108% 70 70 72 99% 841 50% 801 00 50% 80Y% 100 92% 99 OBl 9x 9814 97 97 97 100% 99% 100% 101 101 101 109% 109% 109% 101% 101 101% 98 98% 981 67% 6715 674 52% 52% 52% 94% 9415 94y 105 105 96% 96% 93% 931 9% 90% 864 864 864 864 821 9214 9234 A45% 26 5 107 108% 107 64 99% 99 99 1 105% 105%-105% 5 99 99 99 1 111% 111% 111% 4 111% 111% 111% 2 45 45 45 1 81% 8% 814 4 100% 100% 100% 2 94 94 3 101% 101%% 101% 13 107 106% 107 1100 100 100 10 66% 66% 661 29 66% 664 665 1 49 49 49 7 88% 884 881 8 1034 103% 1031 12 87 81 87 49T% 9TU 9T R 9% 79% T9% 5102 102 102 1100% 100% 100% 3 90% 901 901 5 92 92 92 3 100% 100% 1004 1 97% 97% 9Ty 3106 106 5 49 49 49 9 1021 101% 102% 8 8 88 89 26 89% 89 89y 21 104 103% 103% 23 791 191 T0% 12 101% 101% 1014 5 108 108 108 10 50% 50 50% 2 98 98 98 6 103% 102% 102% 3 83% B83% 83% 5 95 947 94% 5100 100 100 10 108% 108% 108% 5 106'% 106 106% % 8214 45 8 93 98% 98% 98Y C&StL5%sA C&StL6%sB C & StL 65’3 C &StL 'NH&H 3% - Y NH&H Il‘l1.1 2222z MO Nor Pacifie Nor Pacific ref 6 Ore Wash 1st ¢s. Penna 4s"48 Sta. + 113 984 15 107% 107% 1073 16 107% 107% 107% 5 101% 101% 101% 3 102% 102% 102% 2.7 19 2 9% T9% 9% 16 95% 95 95u 5 1221 1224 122% 1106 108 8 48 5 80 71 52 9; 6 4% 93% 94 3 113% 113% 118% 2 94 93% 93% 10 9T 9TH 9TH 11 101% 101% 101% 98 98 3 101% 101% 101% 9 1AL, FOOD TRADE MAKES PROGRESS RAPIDLY - New Inventions Are Factor in Promoting Marketing of Products. BY J. C. ROYLE. The food industry is on the brink of a real revolution, owing to startling changes in methods of sales and to the farm situation, which has menaced the wheat, live stock, poultry, dairy and vegetable producers. The extent of this revolution depends in part on the decision on the packers’ consent decree. The hearing on the decree will be held here in October and food men the world over are watching for the result. Under the pro- 1 asked by the meat packers, the decree would be so modified as to allow them to engage in the retail sale and distribution of food. Change in Manufacturing: In addition there has come about a revolutionary change in the me- cha and manufacturing ends of the food business. The packers now have one machine, for example, which is operated by only two men and which can cut 65,000 pounds of pork chops & day. Similar maellues cut and wrap all kinds of meat cuts. Methods of hanging of meat in storage have been modified and’ the quality and value thereby increased. Now the quarters are disposed in the same position as they occupy on the live animal and consequently the flesh is not stretched. Poultry, butter and other food prod- ucts also are refrigerated under the new systems and the freezing of vegetables has proved a distinct success. The flavor of the fresh vegetables and their food value are entirely retained. This means a tremendous saving to the grower, the distributor and the retailer, which should in a short time be reflected in lower prices to the consumer. ‘There has been a big drop in the price of live stock on the hoof. This has forced many animals onto the market which the packers have had to buy. The low wholesale prices have not been fully reflected in lower retail prices. This has brought a sharp drop in consumption and the coolers of the paekers are full of meat. The packers feel that if they could control the out- lets for their meat products, which the modification of the consent. decree would permit, low live stock prices would be more quickly passed on to the con- sumer. - As it is now consumers experi- ence any price rise immediately, but i wait indefinitely for reductions. Ready to Start Retailing. The packers have equipment all ready to install the moment the courts permit them to enter the retail grocery field. They have refrigerators with a show- case where the temperature is about 20 degrees, so that customers can pick out their own cuts. The storage space is kept at zero or below. The meat must be kept under 12 degrees if held for more than three g:y.u under the new refrigerating sys- ms. While the stock growers are in an unsatisfactory position, with feed high and prices for animals low, they have one advantage—they are favored by the style in pork. Light weight hogs are selling at higher prices and are in far better demand than the heavy, fully finished animals. This means that the farmers do not have to feed their hogs longer than 120 days. The short fed st is likely to bring them better return than fully fattened heavy stuff, which has been a drug on the market. Heavy loins in the last month averaged only a little more than half as much in price as the light loins. Foreign busi- ness in pork and pork products is nor- mally light at this season of the year, but is showing improvement, (Copyright, 1930.) Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., August 14.—Po- tatoes, white, 100 pounds, 1.75a2.00; new, barrel, 2.75a3.25; beans, hamper, 3.00a 3.50; beets, 100, 3.00a4.00; cabbage, basket, 1.00a1.25; carrots, 100 pounds, 4.0025.00; celery, crate, 1.25a2.25; corn, dozen, 15a40; cucumbers, hamper, 60a 5; lants, hamper, 1.00a1.25; lima beans, bushel, 1.75a4.00; lettuce, crate, 40a90; onions, 100 pounds, 1.25a2.00; peppers, hampers, 50a60; peas, bushel, 2.25a2.50; squash, hamper, 75a90; toma- toes, hamper, 50a1.00; apples, bushel, 25a1.75; blackberries, quart, 14al5; cantaloupes, hamper, 50a1.00; huckle- berries. quart, 16a20; peaches, bushel, 1.00a3.50; watermelons, 100, 15.00a50.00. Dairy Market. Poultry, alive—chickehs, Springers pound, 20a30; Leghcrns, 18a23; old hens, 15a22; Leghorns, 12a15; old Toosters, 13al4; ducks, 11al5; pigeons, parr, 15a20. Eggs—Receipts, 751 cases; nearby firsts, 23; Southern firsts, 22; current receipts, 20. Butter—Good to fancy creuner)i. pound, 35a40; ladles, 25a26; rolls, 24a26; process, 3215; store packed, 23. Hay and Grain. . Wheat—No. 2 red Winter, export, 94; No. 2 Winter, garlicky, spet, 913; August delivery, 91%; September, 92%; October, 9433 Corn—No. 2 domestic, yellow, 1.14a1.15; cob corn, 4.50a4.75, Rye—Nearby, 65a72. Oats—White, No. 2, No. 3, 50. Hay—Receipts, 23 tons. No change i | market; continues quiet. Live Stock Market. Cattle—Receipts, 500 head; fair 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 o 6:00; plain to fair, 5.00 to 5.50; com- mon to plain, 4.50 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, 5.50 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, 2.25 to 2.75. Heifers—Choice to prime, none; good to choice, 6.25 to €.75; medium to good, 5.75 to 6.25; fair to medium, 5.25 to [5.75; plain to fair, 4.75 to 5.25; com- mon to plain, 4.25 to 4.75. snio‘;esh‘cows and springers, 30.00 to Sheep and lambs—Receipts, 1,000 head: moderate supply, market higher; sheep, 1.00 to 3.50; lambs, 4.00 to 9. Hou—Recelgu. 500 head; light ply, market higher; lights, 10.50 to 10.90; heavies, 9.25 to 10.25; medium, new, new, 5 essew b 1101 109% 109% | 10.80 to 11.10; roughs, 7.00 to 8.50; Pitts W Va d%s B, Pitts W Va 4%sC, Port EIPL6s..... Port RL&P 58’43, Reading 4%s B. RIATK& L ¢%s StL1M&SSs. StL IM&S R&G 48, StL&SFDI4sA... SIL&SF 4%s18.. S&L&SF gen 65 31. StLS Wecon4s'33, StL S W b8 StP & KC Sh! Sou Pac ref Sou Pac 4348 rots. . 8ou Pav 4142°69 ww So P & Ore 4%5 77 Sou_Rwy gen s, Sou Rwy con 6 Sou Rwy 6% Tex Ark F'S 5% 850 Tex & Pac b3 B 77.. 21 101 +8 104% 104% 1041 u;r;s pigs, 9.00 to 10.00; pigs, 9.00 to 3 109% 109% 109% | 10. 2 100% 100% 100% 2 954 95% 95 15 95% 954 98% 3 99 99 99 1100 101 100 10 100% 100% 100% 1 100% 100% 100% 101 101 19 99% 99% 9% 4 91% 91 913 47 93 9um 93 2 1011 1013 101% 100% 89% 894 89U 110% 110% 8 124 123% 124 1 106% 106% 1084 % 15 102% 102%4 102% Wis Con gn aé Caives—Recelpts, 100 head; fair ply, market steady; calves, s.oo"'?fi 11.00. Wwill replace its busses. Moncton, « Canada, street car service with Sales. High, Low. Close. Tex & PacbsC*79. 1 1024 1024 1024 Third Ave ref 4560 10 4815 Third Ave ad) b 11 29% 2 9% 8 99y 13 96 « 11 101% 15 1004 100% 100% g 24 100% 100 Virginia Ry 1st §s.. 13 108 Wabash 4%s ‘78 West M 5%s ‘17,0, 5 86% 8 100% ‘West Pacific 5s. 26 99