Evening Star Newspaper, August 18, 1930, Page 14

A4 wE® mrc—ue SURPLUS IN WHEAT SUPPLY INDICATED New Figures Show Drought Has Failed to Cut Down Carry-over. BY FRANK I. WELLER, Written for the Associated Press. No very definte reason can be found | for the break in wheat prices other than that the trade, after the flurry of buying caused by fear that the drought had seriously cut the corn yield, has come to realize that there is as much wheat in the country as there was be- {‘m farmers started feeding it to their ve stock. New figures indicate the North Amer- fcan surplus will be about 125,000,000 bushels more than it was last year, 75,- 000,000 of which will be in Canada and 50,000,000 in the United States. The increased supplies in North America and s larger crop in India are expected to offset the smaller stocks and crop in Europe. Supply in Europe. Little information is yet available as to supplies of wheat in Europe, but stocks of old wheat are probably around 50,000,000 bushels smaller than a yvear ago. The 1930 European production, not including Russia, may be seventy- five to one hundred million bushels be- low that of last season, largely because of smaller crops in France and Italy. Reports from Russia indicate that the harvest in that country is above that of 1929 and that the quality of the grain is good, although of higher mois- ture content. Conditions in the Southern Hemis- here indicate a larger harvest than in ¥929A but the crop has four or five months to go before harvest and con- ditions during that period ‘will largely determine the outturn. A record acreage is reported seeded in Australia and weather conditions continue favorable |~ for the growth of the crop in that country and in Argentina. Supplies of old wheat in the Southern Hemisphere are considerably below a year ago. The August 1 official estimate placed the United States Spring wheat crop at approximately 175,000,000 bushels and the durum crop in the four prin- cipal producing States at 48,000,000 bushels, making a total of 223,000,000 bushels of Spring wheat, compared with 228,000,000 bushels produced last sea- son. ‘The estimate of Winter wheat has been raised to 597,000,000 bushels, or about 40,000,000 bushels more than the July 1 estimate. That is about 20,000,- | 000 bushels more than last season’s harvest. Thus the total outturn of all | ‘wheat would be about 821,000,000 bush- eh2’15.000.000 bushels more than in Acreage in Canada. The August 1 estimate placed the 8 wheat acreage in Canada at 24,085,000 acres and the conditis of the orop at 85 per cent of the 10 average yield of 16.9 bushels per acre. ‘This suggests a crop of- 65,000,000 to 75,000,000 bushels more than last year's harvest. Stocks of old wheat in Can- ada are estimated at 112,000,000 bush- els, or sbout 8,000,000 bushels more a year ago. Combining produc- tion and carryover estimates of the ‘United States and Canada, supplies of ‘wheat in North America for the cur- rent season apparently will be around 125,000,000 bushels more than those of gs _of hard Winter wheat have fallen off materially, but demand continues fairly active in most markets, with mills and shippers absorbing the current offerings. Cash prices, how- ever, have followed the decline in fu- tures, and for the most part are 4 to 5 cents loyer than a week ago. The line has not carried wheat back to.the lowest levels of the season, and it still is a question how much of a bullish influence the corn shortage in the .United States and the shortage of feed grains in European countries will have on the wheat market. So far the shortage of corn has not had & marked effect.on wheat. In some sections it is being fed ‘to live stock, but present indications are that the rate of feeding will decrease as the season advances. Farmers on the Pacific Coast are feeding barley now. and those in the g:emnl West are feeding oats and bar- ey. Effect of Rains. Recent geod rains over most of the feed-grain region have lessened the feeding of wheat to stock. One and a | half inches of rain was recorded at Kansas City, 3 inches at Nashville, Tenn,, and from 1 inch at Des Moines, Jowa, to ', inch in Kentucky, !5 inch in Ohio and 1 inch in Illinois has given crops in the worst part of the drought area a chance to improve. How much they will improve depends on how far gone they were before rain fell, and Whether precipitation was of the steady type that soaks into the ground or the hard, quick downpour that runs off | rapidly and in a drought of the current | nature leaves the ground as dry as be- Tore it fell. It is rather difficult to determine what effect the feeding of wheat to live stock will have on the market. During 1901, when drought cut the corn crop, ‘wheat prices averaged only about half a cent a bushel more than for the im- mediately preceding yvear and for the year following. That fact bears out the contention that in the long run corn prices have very little effect on the Pprice of whea VACUUM OIL EXPANDS. NEW YORK. August 18 (#)—An agreement has been reached for acqui- sition of the White Star Refining Co. |y’ of Detroit by the Vacuum Ofl Co. on | A basis of 92t. shares of Vacuum for | every 100 shares of White Star, C. E. Arnott, * president of Vacuum, an- nounced. In addition negotiations are about complete, he said, for purchase of a company similar in size and opera- tions to White Star and he expected to announce the transaction soon. Con- solidation of White Star and Vacuum will become effective as soon as ap- Pproved by White Star stockholders, MARYLAND TOBACCO PRICES. | BALTIMORE, August 18 (Special).— Both receipts and sales of Maryland leaf tobacco showed declines compared | with the previous week, but top prices | for the season were paid on three very, fine hogsheads grown in Virginia sofl, which brought 53 cents a pound. and ! two other fine hogsheads sold at 501 cents a pound, with prices on other grades holding firm. Receipts for the week totaled 1243 hogsheads and sales of 1,011 hogsheads | were reported, leaving a stock in State tobacco warehouses of 6,432 hogsheads. Bales for the month of July totaled 5,312 hogsheads, containing 3,738,245 pounds, which sold at an average price of 2621 cents per pound, compgred ‘with sales of 2,767 hogsheads, contain- 1ng 1,899,875 pounds, at 24.17 cents per pound during June. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior, 6.00a | 8.00; sound common, 8.00a14.00; good common, 15.00a24.00; medium, 25.00a 34.00; to fine red, 35.00850.00; fancy, 50.00a50.50. Seconds—Common to good common, 6.00a7.00; medium, 16.00a25.00; good to fine, 26.00a36.50; und leaves, nominal; upper country urley, nominal. Crop Damage' Reported Small. NEW YORK, August 18 (#).—Emil *Trubz, vice president of the American Sum Tobacco Co., said today that Saturday's hail storm in Connecticut caused only small damage to the com- FINANCIAL. (Continued From Page [ «80c) 14) 1 of (6) Reynolds Metals (2). Reynolds Tob B (3). Richfleld Ofl (2).... Rio Grande O1] (2).. Rossia Insur (2.20). Royal Dutch a3.2165. Safeway (es) ot a Schulte Retail pf(8) Seaboard Air Line. . Sec Natl Inv of (5) Seneca Copper. Servel. Ire..... Shell Union (1.40)... Shell Un Of) of (5% ) Shubert Theatres. .. Simmons Co. . Simma Petrm (1.60). Sinelatr Con Of1 (2) Skelly Ol (2) Snider Packi Solvay Am pf(6%). Sou Porto Sug (1.40, Southern Cal £4 (2). Southern Pacifie (6). Spang-Chalfant..... Sparks Withngtn(1)., Spiegel-May-Stern. . Stand Branas (14).. Stand Comm Tob. SiandG& E (3%)... Stand G & Epf (4).. Stand Invest Corp. .. Stard O of Cal (2%). Stand Oll of N J(12). Stand Oil N Y (1 60). 15 Starrect (LS) (12%) Sterling Sec (A) Sterling Sec cv vf(3) Stewart-Warner (2) Stone & Webster (4), Studebaker Corp (3). sun 01l (§1) Sun Ol pf (6). Superior Ofl . ‘Tenn Cop & Ch (1).. Texas Corp (3)ue.e.. Tex Gulf Sulphur(4) Texas P C & Ofl. Tex: The Thermold Co. o W ‘Tide Water Ofl pf(5) 21 Timken Det Ax(80c). Timken Roller (3)... Tobacco Products. . . Tobac Prod(A) (80e) Trensamer (31.60). . ‘Transcontl O1l (30¢). Tri-Contl Corp...... Tri-Cntl Corp pf (6). Truax Traer (1.60).. Ulen & Co (1.60) ” e R EZaonanttonmmaa THE EVENING STAR, WASHINGTON, D. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 13.) 141 2% 80 21 Vadasco 49% 4 Waldorf Warner- Wrigley vidend T 5. 21%( s Unit of tra 174, | per cent in stocl 5 ¥ | aPaid this year 12 | when earned. | stock. g Plus 6 ding 1 3 JPlus 8 per cent in stock. k stock. D Plus 5 per cent fn ¥ Subject to approval per cent in preferred stock Utd Strs pf (62 U S Alcohol (17).. Webster-Eisenlobr. . West Penn E1 A (7).. West Penn Kl pf (6). 30s West Penn Pw pf(6). 10s West Penn Pw pf(7). 20: Worth Pump. . Yale&Towne Mfg(4) Yellow L'ru Youngs S&' Sales of Stocks on New York Exchange .« 820,500 less than 100 shares. Payable in scrip. no regular rate. e Pavable in cash or stock. per cent in_ stock. Union Carbide (2.60) Union Oll of Cal (32) Union Pacific (10). .. Union Pacific pf (4). Utd Atrcraft. . Utd Biscuit (1.60)... Utd Carbon (2) . Utd Cigar Store United Corp (50c) . United Corp pf (3).. Utd Dyewood. . Utd Electric Coal U S Freight (3). Utd Fruit (4) 25 3008 Imp(1. & Imp pf (5). e Dye W (2) 13 D pf (6%) 1008 Aoy 15¢) e Leather (A)..... Leather pr pf(7). Pipe & F (2 Realty (5). 17% U S Smitg & Ref (1). 151% o) 8 Steel (7). U 8 Steel pf (7). Univ Pipe & Rad. Utll Pwr&Lt A Sales Corp. Vanadium Stl (14) Va-Car Chem Vulean Det (4) Systm(1%) Warner Bros Pict. 11 2 208 Quinian (1). s 7 Weston Elec (A) (2). White Rk MS(14%) 13 % 3% 56% 110% 5% 384 113% T5% 38% 220 1130 - 31 1 1 85 (Wm) (4) 38% 22% 130 A 21% 130 130 187,000 12:00 Noon. 2:10 P.M. . 615,600 1.053 700 given in the above table are the annual tes ayments based on the latest quarteriy or half yearly declara- tPartly extra. tPlus & Plus 9 per cent In stock. b Payable in stock. d Payable 1Plus 10 per cent in h Plus 2 per cent in stock. Plus 3 per cent in_stock. m Plus i stock: p Plus 50c cents in of stockhoider: DROP N RALROAD EARNG 5 SE Banker Cites Factors Tend- ing to Reduce Incomes This Year. Special Dispatch to The Star. NEW YORK, August 18.—The rail- roads of the United States will fail to earn the statutory return—that is, 5% per cent on their valuation—by nearly $500,000,000 during 1930, in the opinion of F. J. Lisman, railroad banker, who believes that the best that can “rea- sonably be looked for by way of rail- 1929, Elements in Picture, Mr. Lisman cites the following ele- ments of weakness and strength in the railroad picture as'it is projected todey: ““1. The constant whittling of the rate structure, brougit about to a laige extent by the railroads themselves for competitive purposes. “2, The further loss of passenger business. In 1929 there was some that this loss was going on at a dimin- ished rate; during 1930 it is ‘going on at an increased rate, although this is partially due to the general decline in business and pleasure travel. 3. Loss of profitable, as well as un- profitable 1. c. 1. and carload freight business to highway competition. “4. In the oil-producing regions the loss not only of crude ofl, but also the profitable traffic in gasoline owing to Pipe line competition. “5. The continuing consolidation and co-ordination of various industries which will gradually eiiminate wasteful competition among themselves and thus reduce the amount of competitive cross shipments. For example, the various manufacturers of meal and other cattle feeds are endeavoring less and less compete in territory not strictly tribu- tary to their localities. Another ex- ample is the result of a recent important consolidation in the soap industry. “'6. Further possible loss in certain commodities or in reduced rates, owing Government subsidized waterway petition. Coal traffic is likely to further decrcase with the growing competition not only from hyaro-electric develop- ment, pipe lines carrying oil, but pipe lines carrying natural gas, which are under construction to practically every city of 250,000 pogulation or more, with the exception of ton, Rochester, N Providence, Washington, D. C.; Minneapolis, Seattle and Portland, Oreg. “8. With very few exceptions, rail- roads have not learnec to ‘merchandis2’ transportation. Railroa.. in general and the traffic departments in particu- lar have not drawn mych new blood from the outside, and the traffic depart- ments largely suffer from ingrown men- talities. Most of the traffic men started railroading when transportation sold it- self. To quote from a pamphlet written by W. H. Manss, former railroad officer now living in Chicago: ‘Most traffic men grew up when they had a seller's market for transportation and do not know how to adjust themselves to pres- ent conditions, where railroad transpor- tation must be markcied or dispos:d of to consumers against various competi- tors; in , to a buyers' mar- ket.” Ma men do not even thorsughl own couniry! Railroad “Solicitors.” “The railroads have ‘solicitors’ or, what in mercantile parlance are desig- nated as ‘order takers’ ‘They do not have salesmen. Very few of ‘these ‘so- licitors’ trouble themselves with toe de- tailed problems of the men on whom they call; neither are they prepared to make constructive suggestions to them. They think they have done tieir duty when they call frequently, ask whether they are getting their share of business whether the service is good and leave a few cigars. “Work in the railroad traffic depart- ment should have a big appeal to young college men, because in such a depart- ment, if properly run, they cannot only learn sbout the movement of traffic, and how they are distributed, but it brings them into contact with practi- cally every line of bush and utor. Somehow this appeal been brought to the college men at all. One wonders why. “9. The most important of all—in fact, probably more important than all the other items together—the railroads suffer from cowardice in dealing with g:ny’l crop. - Hheunla most_of Lh:,!:- mfi‘ and that ru‘nllnl.n: Inh&flnfldl was of low quality. the shipping public. They lack the backbone not y to hold up and to tes wherever possible, but also road earnings for 1931 is recovery of | one-half the loss of 1930 compared With | forthcoming loss of the much more | know the geography of their | 63 where the different products originate |2 the | problem of every produeer and distrib- | S has not l\sumflles, such as rails, etc., be redlxced! | commensurate with the reduction of | | similar products sold to - other con- sumers. |~ “10. Labor dominates Congress today |to the same extent as it did when the | Adamson bill was passed, 14 years ago. | This control of Congress will not, and | cannot, be broken unless the railroads as a group will boldly face the situation and put their case before the very large class of voters—that is, the farmers and others—and secure their co-opera- tion toward reducing, or at least holding down, the cost of transportation. There are more voters interested in proper adjustment of railroad wages to the cost of living than there are railroad employes. It is a question of proper or- ganization and presentation of facts. ¢‘Railroad employes have mostly very responsible positions .and are entitled | to liberal pay, which they can only obtain when the employing companies | themselves are prosperous. Their com- pensation should be adjusted both up and downward, according to the actual cost of living, based on retail prices. Rules designed merely to create work for men not needed and which increase the cost of transportation service must be eliminated as an injustice to all parties concerned. The Elements of Strength. “The: elements of strength in the | ituation are: “1. Operating efficiency demonstrated by getting better results out of every dollar spent for maintenance of way |and equipment and for conducting | transportation; possibly also in connec- {tion with general expenses. This is re- | flected by the great reduction in fuel | expenses, by the greatly increased num- | ber of ton-miles per man-hour, etc. No doubt some further progress, but at a greatly reduced rate, can be made in that direction for some years to come, | but far from enough to overcome the | elements of weakness above enumerated. | “2. The realization on part of the Interstate Commerce Commission of the need for increased revenue as evidenced by the recent advances in class rates in | the East and Middle West and in many other ways. These particular cases have been pending for several years and have | only been adjudicated after testimony was taken all over the country. The record in these cases runs up to many hundreds of thousands of pages. In the Western case alone no less than 544 | lawyers who represented raflroads. ship- | pers and offictal bodies had to be heard. | The decision just rendered.in the grain rate case is not necessarily” a proof to the contrary, because the Hoch-Smith ‘resolu!lnn and the present condition of | agriculture affected this situation. | | DAIRY FIRM EXPANDS. | BALTIMORE, Aughst 18 (Special).— | Plans for the establishment here of & | subsidiary of one of the largest dairy | concerns in the United States are be- | ing_completed rapidly. The Chestnut Farms Dairy, Inc. & | | direct subsidiary of the National Dairy | Products Corporation, Inc., of Delaware | has acquired title to a plant at 418 | South Hanover street, | The plant, with 60,000 square feet of | floor space, will be the local headquar- | ters for the Chestnut Dairy, which | also operates in Washington. | FOREIGN EXCHANGES. | |« shed by W. B. Hibbs & Co.) Quotations furnlg G o1 Yol seunlu;%wcn o London. Paris, 1 | | Capital Maj Chain & | Diversified Trustee Sh; 19.4813¢ 2.06%¢ 2682¢ 2681150 kholm, 26.88¢ SHOBT‘TVEVRfi SECURITIES. (Reported by J. & W. Seligman & Co.) | Bid. Asked | Bid. Offer. | Allis-Chalmers 55 1937, 102 mer Tel & Tel 8! filas crown ad : 28 1938, Canadian Nor Rwy 418 1935 Chicago Rock Isiand 4s 1934. . Chile Copper Co 55 1947.. Cudahy Packing 5lae 1937 Gen Motors Accep Corp 6s 1937 General Pet Corp bs 1940.. .. Gen Theaters Equip s 1940, R 55 1957 3 nada 68 1936 1931.... 1 g F 6s_ 1932, Philiips Petroleum 5'ss 1930 Pure OIl Corp 1937 Union Oil um 51is |Int Secur Corn Am B PRICE TRENDS CONFUSE WALL STREET TRADERS Special Dispatch to The Star. NEW YORK, August 18.— The speculative outlook continues con- fusing. Prices may move either way at will of the professional element. The public stands aloof and holds no defi- nite opinion. On the bullish side of the account is the improvement in the crop situation which should lead to a more uniform price range in both corn and wheat and gradually bring back the courage of buyers of merchandise. The iron and steel trade indicates some signs of betterment in the rise in scrap iron, but the ratio of production is lower than ever and quarterly re- ports are depressing. The advice of brokers today was to be cautions of any definite moves either way and not to follow up advances in highly speculative issues. The change in the price Mst between Saturday and today's opening indicates the fickleness of the market. NEW SECURITIES NEW YORK, August 18 (#).—New se- curities oftered today include: Lucas County, Ohio, $1,230,000 4', per_cent bonds, by Wallace, Sanderson & Co. and Otis & Co. City of Beaumont, Tex. $1,190,000 414 per cent bonds, to yield irom,4.25 to 4.60 per cent, by Eldredge & Co. and Stranahan, Harrls & Oatis, G INVESTMENT TRUSTS NEW YORK, August 18 (#).—Over- the-counted market: Afiiliated Inv new un Alex Hamilion inv A Ame: Amer Amer Amer Founders Ins Stocks Utl & Gen A’ Util & Gen Allot cii. . Assoc Standard Ol Shares Atlantic Bec DI ; Atlantic Sec war. Atlantic & Pacifc Atlantic & Bankers Nat Inv Bansicilla_Corp z Basic Industry Shares British Type Invest nage Gen Equities |10 & Gen Eauit 6% pi. .. n Store Invest. in Store Invest Hi Tnvest Int uniis P wai T 2 w3585 25850 23ZmassS: Grum & Foster Inc B Crum & Foster Inc 8% Deposited Bank Share Deposited Bank Share Ser B . Al Diversified Trustee Shares B Diversified Trustee Shares C. Eauitable Financial A.... Federated Cap . ....... Federated Cap ‘uniis .. Fixed Trust Shi A General Eguity Granger Trade 82235 nvest D Guardian Tnvest Guy Investors Eaqujties . '. Incorporated Investors Insurance Trust Saares Int Secur Corp Am A. e 5303558! nt Secur Corp Am 67 ‘bt "l Int Secur Corp Am 6'a% bi Int Secur Corp 7% pf.... ... Invesiment Co of Am Investment Co ot Am pf Tavestment Trust Assoc . [l Investment Trust ‘Associaies . Investment Trist of N ¥ Invesiors Trustee Shares . Jdackson & Curtis Invest 'Asoc Jackson & Curtis Secur Corp nf Jotm Investors : 2328 17 50 9 38 M Natl Investors, Nation Wide Nor & South Northern Secur ... .. Old Colony Invest Trist . lony Trus il Shares Inc uni Shawmut Bank Sung Amer Trust Sha) Swift ern Wheeling Wheeling ral to ol 0 8% 1932 Union Ol of Calif 55 1935 United Drug Co 5s 1953.... U 8 Rubber B8 1947 . Prance produced u.sifi tons of that the cost of large items of | iros last 3 1932 1 jectric 55 1944, teel Corp 8ian’ ) teel Corp 4135 195 "ii“ Feas, % BT thr | nt, C., MONDAY, AUGUST 18, 1930. FINANC SECOND-GRADE RAI| [ wors BONDS ot s | BONDS IRREGULAR Prime List Continues to Dis- play Steady Tone on Active Buying. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, August 18.—Strength in the old seasoned favorites, with ir- regularity in second-grade rails and speculative industrals and firmness in the foreign list described today's bond market. There was no change in the money situation and there were less than $10,000,000 of new bonds put out. Volume continued only moderately above the level of last week’s sessions. ‘The brisk demand for high-grade is- sues was reflected in listed bonds by in- creases of from 1.32 to 4.32 in the out- standing long-term Liberty and Treas- ury descriptions, by a- few new high marks reached by high-grade railroad, public utility and industrials credits, and by a continued heavy demand for good municipals .nd railroad equip- ment trust certificates. In connection with the municipal section of the market, the City of Chi- cago put out $7,000,000 of 4 per cent gold bonds, priced at 3.25 to 2.90 per cent yleld, according to maturity. The offering syndicate found little difficuity in_moving them. ‘The balance of the new offerings con- sisted of small municipal offerings. In corporation bonds, the issues rak- ing new highs were Union Pacific first 4s, Inland Steel 41is and Standard Oil of New York 4'>. Bonds equalling previous highs were Atchison general 4s, Baltimore & Ohio first 4s, New York Central 4';s, Pennsylvania 4.s, South- ern Pacific 4'cs Northern Pacific 4s, Nickel Plate 4s, Chesapeake & Ohio 4’28, American Telephone 5ls, Du- quesne Light 4!s, Philadelphia Co. 58 and New York Telephone 4'3s. Convertibles had no default trend, though gains were more numerous than declines. 1In the former group Ameri- can I G. Chemical 5's, Commercial Investment Trust 5'5s, International ‘Telephone 4';s and International Ce- ment 5s improved fractionally. Atch- ison 4'5s, American Telephone 41:s, ‘Texas Corporation 5s and Warner Bros. Pictures 6s lost slightly. Junior issues. of the carriers were affected by unaccustomed dullness, Chicago & Great Western 4s, however, were a strong point, equaling their pre- vious high mark for 1930. Erie general lien 4s, Chicago & Eastern Illinois 5s, Missouri-Pacific 4s and Frisco 4);s were unchanged. Erie 5s and Southern Rail- way 4s improved a little. Industrials acted well, small gains showing in American Natural Gas 6!3s, Hudson Coal 5s, Dodge Bros. 6s, United States Rubber 5s and Third Avenue 4s. Most foreign dollar credits had an upward tendency. German 5'>s were slightly better on the theory that the wide world fall of prices has affected German imports rather than exports and thus improved the trade balance in Germany's favor. Other German issues went along. South Americans were quiet but firm. French municipals recovered the fractional losses of Satur- day. Japanese issues were off a shade. Washinaon §fock Exchange SALES. W:;{'\ingbnn Rwy. & Elec. 45—$1,000 at | Se! Capital Traction Co.—10 at 61%, 2 at 61, 10 at 60, 10 at 60, 10 at 60, 10 at 0 at 60, 10 at 60. Potomac Elec. 52% pf.—10 at 108%. Union Trust Co.—17 at 255. Federal-American Co. com.—7 at 31. Memen‘thller Linotype—20 at 96'z, 10 at 9615, National Mtge. & Inv. pfd.—20 at 5. AFTER CALL. Washington Rwy. & Elee, pfd.—10 at ':‘75 4 at 9813, 1 at 99,10 at 99, 20 at 99. . Potomac Electric 51 % pfd.—5 at 108%. The Carpel Corp.—50 at 23. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4155 '33.. Amer. Tel. & Telga. 4'as '39 Am. Tel. & Tel. ctl. tr. 53 A s, & Pot. R R8s Bid. Asked 103 7 i 1. of Vi Capital Traction R. ity & Suburban 5s eorgetown Gas 1 Potomac Elec. cons. 5% Potomac Elec. 6s 1953..... . Wash., Alex & Mt. Vernon Wash.! Baito. & Annap. 5s.... Washington G : Wash. Gas 6s, series A Wash. Gas 6s, series B Wash. Rwy. & Elec. 4s 5 MISCELLANEOUS. Wasn: Sons. " Focte a0 100 STOCKS. PUBLIC UTILITY. Tel. & Te ower 67 pfd; Power 5'3% pid & EL com. (7 . & EL ptd. (5) NATIONAL BANK. Capital (14, Columbia (1 Commercia Distri 3 (stamped) " (10) (963" Washington (1)’ TRUST CO! Amer. Sec. & Tr Co. (15) Continental Trust (8)...... " Merchants' Bank & Trist (6} nal Savings & Trust (1 Bank & Trust ust 14) SAVING BANK. Bank of Bethesda (65)... Commerce & Savings (i0) .. East Washington (12) 3 FIRE INSURANCE. American (12). Corcoran: . Firemen's (8) ', National Union TITLE INSURANCE. Columbia (6h).... H, Real Estate (6h) Title & Iny. Co. Md' com f MISCELLANEOUS. Barber & Ross. Inc.. com.. ... Chevy Chase Dairy pfd. (7) Col. Sand & Gravel. pfd. (1) Col. Medical Blds. Corp..... D. C. Paper Mfe. pfd, ... Dist. Natl, Sec. pfd. (7). Emer. Bromo-Selz. “A” -Am. Co. co Fed.-Am. Co pfd. (6) Lanston Monotype (8) Mer. Tr. & Stge. com. {10} er. Tr. & Btge. pfd. (7). Mergenthaler Linoiype (6). Natl. Mtge. & Inv. ptd.... .. Peoples Drug Stores pfd G, pfd. « - ex dEx righ eltiee extra. wi—When issued. 827 extra. Gas fin;: Extends Holdings. NEW YORK, August 18 (/).—Edward R. Berry, president of Twin States Natural ‘Gas Co., announced prelimi- nary negotiations have been completed for ncqulsmun of a controlling interest in Midland Natural Gas Co. In addition the company will acquire further hold- ings adjacent to its present properties in West Virginia and Kentucky. Mid- land Natural Gas owns and operates natural gas proper in Pennsylvania and West Virginia, UNITED STATES. (Sales are in $1,000.) Sales. High. Low. 6 100 30 100 29 - 81022 1021 164 10231 10229 2 10116 10112 50 106 106 . 325 1082 1082 511224 11220 FOREIGN. Sales. High. Argentine %s'62. 17 95% Lib3% US3%s US4s'4s USé%es2 Bank of Chile 6% . Belgium s, Belgium 7a°55. Belgium 78 °6 Czecho 85 Danish Munfe Danish Munie 108% 100 108% Ger 51 %°30-'35 rets German Bank 6s Japanese 4 Japanese 5% Japanese 63, é Kreuger&Toll §s ct Montevideo 7 New So Wal i Norway 6%s Orient dev 6 [ Paris-Ly-Med 7s Paris Orleans 6% 8 Peru 6s '60 Porto Alegre 8 Prague TH%s. Rio de Janeiro Rio Gr du Sul Rio Gr Du Sul 8s Saxon (PW) Ts. 1n Tokio 6%8 Utd Kingm 6% Utd S8 Copen 6 Uruguay 65 '60. Uruguay 8s... Vienna 6s'52.. Warsaw 7s ‘53 Yokohama 6s MISCELLANEOUS. Abitibl PAP 68 '63. 20 Alleghany Cp 58 ‘44 Am For Pwr 63 203C Am Nat Gas 6% #'42 Am Smit & R 1st 68 Am T&T cvd 158’3 At] Guif 5 Atl Refining Bell Tel Pa b3 (C).. Bethlehm £t pm bs Brklyn Edison bs. . Bush Term Bldg bs Certn-Td 6%s rets. M Samnl? BaSuno aan ConGasN Y 6% Det Edison 68 °40.. B oomanm Humble O & R 6s.. Humble O & R 6%s 1 Steel 4 Inland St 1024 10:% Laclede 6% D '60. Lautaro Nitrate Ligr&Myers 6351, Lou Gas& El 5» Montana Pwr "43.., Montana Pwr db bs Nat Dairy 6% N Y Tel 68'41. N Y Tel 6549 North Am Ed o RoBrnaS on muuneonea o -1 ] ZranBasancan Pub Serv G 438 T Pure Oi1 638 '37 Rand & Richfield Of1 Sinclair Of) 6%, Sinclair O1) 7 Sinclair Cre.d Sinclalr P Skelly Ol & South Rell Stana OIl. NJ "¢ Swund Ofl N Y4 Y%s Transcontl Ol 6%s 1 Onited Drug 6»°63. 12 TS Rub 1at rf be.., 37 10315 % 10374 W 103% 99 108 114% Close. 100 30 1022 10230 10112 106 108 2 11220 110% 110 110 93% 106 i 103% 100 85% 100 991 10 103% 1037 103% 991 108 114% to The Star Office Sales. High. Low. Close. 8 101% 101% 101%% 874 87 /7% 91% 901 904 81 81 81 494 494 494 184 18 184 194 19% 19y 100% 100 100 Youngstn 8 &T + 8103% 103 103 RAILROAD. 9% U 9TH 3 93 14 9! 1 2% B2% B2% 14 9 96% 95% 10 101 101 101 21 101% 100% 101 104 104 104 106% 106% 106% 106% 105% 105% 8 89 89 92 92 92 100% 100 100% 100% 100% 100% 3 9% 91 9% 9 98% 994 104 104 104 MU N MY 99% 99% 991 99 98% 99 99 98% 98% Utak Pwr&Lt §s. Walworth 6s 45. War Quin 6s ‘39 White Sew Mach. 3 4 Buft l? & Pitts 4%s. 10 Can Nat4%8°'84... *1 10: Bklyn Un EI 58 '50.. Canadian Pac db ¢s Can Pacific 53 '54. Cent of Ga 5sC 59., Cent of Ga 5% ghhnl Corp b8 "47. 103% 108% 103% 101% 1013 101% 104% 104% 104% 100% 100% 100% 102% 102% 102% 100% 100% 100% 100% 100% 100% 101% 101's 101% 108% 108% 108% 7 695 69% 72% 18 84% 84% 50% 50% 995: 99 99% 100% 100% 100% 107% 107% 107% 93 93 93 99 99 99 99 98% 981 974 9TU 9Tl 102% 102% 102% 105 105 105 101 100% 100% 102 101% 102 106% 106% 106% 109% 109% 109% 101% 101 101 9% 99U 64% 641 64% 94% 95% 99% 993 90% 91% 86 86% 82% 82% 84% 84 92% 92% 9% 92 92% 106% 106% 106% 112 111% 112 99% 99l €93 99% 99% 99% 110% 1102 110% 111% 111% 111% 100 99% 100 4“4 44 44 82 81, 82 101 101 101 101% 101% 101% 991 991 99y Ches &0 4%s B CB&Q4%s"17B. CB&Qistrfés... Chi& E Il gn s 61. Chi Gr West 48 '59. ChiIMIIStP&P 68’76 CM&StP Pac adj bs. Chi NW 4382037, Chi & N W eon 4% 73 844 51 Chi Un Sta bs 44 CCC&StL 4%s (E). Clev Term 4 %48 71, Clev Term 6%s. Colo & Sou 4% Gr Trunk st deb Grand Trunk 7s. Gt Nor 4348'76(D). Grt Nor 4%s (E).. Gt Northern 5% Great Nor gen Gulf Mo 5s (B) Hav El Ry 5%s '51. Hud & Man ad} 5 Hud & Man ref bs.. 111 Cent 4% Int Rap Tr 6s stpd Int Rapid Tran: Int & Gt Nor s 5l Int Rys C Am bs... Int Rys CA 6%sre. Kan City Sou 3 80 9! 80 Ki 102% 102% 102% 93% 93'% 93% 100% 100% 10014 911 91k 91k 100% 100% 100% 109 109 109 101% 101% 101% 106 106 106 Lake Shore 4s "31.. Leht Val con és.... Lehigh Val con 4348 Leh Valley 58°20.. L&N 4%s 20 L&N&Y% Market St Ts "4 92 92 92 101% 101% 101% Qg:i 904 90% 103% 103% 103% T9% T9% T9% 101% 101% 101% 101% 101% 101% 107% 107% 107% 100% 100 100 99 99 99 B4 844 B4y 102% 100%: 100% 108t 1081 1081 100% 100% 100% 9% 99 99% 107% 107% 107% 107% 107% 107% 101% 101% 101% 86 85% 85 96% 964 964 123 1234 123% 106% 106 106 97 971 97 69 68% b 9l 94u 9 101% 1013 101% 106% 106 1061y 8% T8% 8% 93% 931 93% 103% 103% 103'% 102% 102% 1023 98% 98% 98% 101% 101% 101 Mich Cent 4348 19, MK & Tex 45 (B).. M K&T prIn 5s(A) Mo Pacific 4n, Mo Pacific 5s A *¢5. Mo Pac 6s F *17. Mo Pac 5% Mont Trm ref 5s’¢1. NOTex& MEsB. N Y Cen gen 3%s.. N Y Cenrfim4%s N Y Cen ref bs. N ¥ C & StL deb 4 NYChi&StL 4878 YC&StLb%sA NYC&StLEYs NCCaStL '3 NY NH&H ¢s NY NH&EH ¢%n 67, NY NH&H ev db 63 N Y NH&H elt & Norf & Wn con 4 Nor Paeifio 3s 2027 Nor Pacific Nor Pac 4% Nor Pacific 68 (D). Ogden&Lake Ch Ore Wash 1st ¢ 104% 1043 104% | 110% 109% 109% 101 101 101 101% 100% 101% 5 105 1047 104% 111% 1114 111% 99% 99% 99% 102% 101% 102% 101% 101% 101% 881 884 8xl4 100% 100% 100% 101 101 101 99% 995 99Tk 91% 9% 91% 93 9y 92y 10114 1013 101% 103 103% 1031 101 100' 100%/ 9T 4% 94% 51 b1 9% 95 961 963 1004 99% 100% 101 100% 101 100% 100t 100% 891 89 89 110% 110% 1107% 1234 1284 1234 106% 106 106 1028 102% 102% 48% 481 481 2 20 2 98 97T 9TH 94N 9% 94N 1% 91% 91% 101% 101 101% MU MU YU 103% 103% 103% 100% 100% 100% 86 864 86l 101 101 101 99% 98% 98% 1 74w T4% Tdhw Penna O&Det 4% 8. Pere M 4%s 1980, , PCC&StLEs (A). Port EIP L & Reading gen ¢34 A.. Reading %58 B.... Rio G West col 4 R1Ark & L 4%, StLIM& StL 8 W 68°63. San An&Arn P 3eaboard AL en Sou Pac elt ¢ Sou Pac ret Sou Pac 4 448 reta. . 9 Sou Rwy 6% Tex Ark F'S 5% s’ & Pa BT Union Pae 1st Unlon Pae Union Pac ¢%8s Iron Ore Shipments. NEW YORK, August 18 (#).—Iron ore shipments from Lake Erie docks to interjor furnaces during the first half of August totaled 1915217 tons, com- B:.red ‘with 2,525,005 in the correspond- g period last year. NEW YORK BANK STOCKS NEW YORK, August 18 (#).—Over- the-counter market: BANK STOCKS. ACSLE 8 v Broadway Natl ane . ghat Prenix ity . Peoples Nati 3 TRUST COMPANIES. Banki 3 Cent Hanover Chelsea Bk & Tr- om Tr gorn Exchange. unty . IAL. BETTER BUSINESS PREDICTION MADE Willson & Co. Believes, De- cline in Prices Will Soon Be Halted.. Special Dispatch to The Star. NEW YORK, August 18.—"“An amaz- ingly close correspondence between cur~ rency and price deflation throughout the world,” plus the fact that American currency deflation has now beem checked, leads James C. Willson & Co. to say in their current monthly sum- mary that the facts all point to & prompt “arresting of commodity declines and a idual healthy return to stable rices, better earnings ratios, increased usiness confidence and firmer and higher levels for stocks.” ‘The summary backs up its contention that currency deflation is responsible for commodity price declines with facts glng back over the last 12 years, say=- g: “It is a rather spectacular coincl- dence—to say the least—that the drop in all commodity prices (as registered by the United States Bureau of Labor Statistics) from 1920 to 1922 was 3€.3 per cent, and that the drop in United States currency inflation in the same period was 36.8 per cent. Extent of Drop. “It is an equally important coincl- dence that the commodity price drop from the 1928 average to June, 1930, has been 11.1 per cent, and that the corre- sponding drop in United States currency inflation has been 12.5 per cent. “Still more interesting—as bearing out the close relationship between currency inflation and commodity prices—is the record of the general period from 1923 to 1928, inclusive. The drop in com- modity prices from the 1923 average to the 1928 average was 2.88 per cent. In currency inflation the corresponding drop was 3.64 per cent. Moreover, dur- ing every year of this period the average up or down trend of commodity prices corresponded to an up or down trend in_the extent of currency inflation.” The summary defines “currency de- flation” as a “reduction in the amount of all currency in circulation compared to the total stocks of gold lvllllb}: for redemption purposes” and says that, compared to a normal spread of from 10 to 20 per cent between American gold and currency, this spread “was suddenly reduced to zero-on April 30-—and the re- sult has been apparent in the most drastic price decline in commodities since 1921.” The practical value of this, according to the survey, “lies in the fact that cur- rency deflation (or inflation) generally precedes by about three months a change in the general price levels"—and adds that since deflation was checked recent- ly and a return toward a normal degree of inflation has again set in we can now “look for continued solid improvement in all markets—an accelerating business pace as buyers move to take advantage of extreme low prices—and above all for a healthier state of mind now that the panic fear induced by the results of sensational currency deflation has no '!unher foundation.” . Deflation Worldwide. ‘The summary gives supporting figures | for the important fact that currency de- flation has been as worldwids as com- | modity price declines, saying “our rec- |ords show that the: weighted average currency deflation of the U. 8. A. and |the six leading foreign central banks has been approximately 11 per cent | from June, 1929, to June, 1930. same period the commodity price de- cline registered by the average of four leading indexes, including the London Economist, has been exactly 12.1 per cent. The summary draws the conclu- sion that this drastic currency defla- tion—now past history—"is certainly & | more reasonable explanation” of com- modity price declines “than the vague huc and cry of ‘overprodustion’” stating | that “in a world living by barter an exchange genuine cverproduction i_n. possible only in a fe'v lines at a time ‘whereas commodity p-ice declines “have been almost universal.” Baltimore Markets® Spectal Dispatch to The Star. BALTIMORE, Md., August 18.—Po- tatoes, white, 100 pounds, 75a2.25; bar- rel, 2.75a3.25: beans, hamper, 3.50a 4.00; beets, 100, 4.00a5.00; cabbage, basket, 1.00a1.25; carrots, 100 pounds, 4.0085.00; celery, crate, 1.25a2.25; corn, dozen, 20240; cucumbers, hamper, 1.00a 1.50; lima beans. bushel, 4.0024.50; let~ tuce, crate, 25a75; onions, 100 pounds, 1.25a2.00; peppers. hamper, 50aT! squash, hamper, 1.00a1.25; tomatoes, hamper, 50a75; blackberries, quart, 13a 16; cantaloupes, hamper, 50a1.25; huck- leberries, quart, 16a22; peaches, bushel, 2.25a3.75; watermelons, 100, 15.008 50.00. Hay and Grain. Wheat—No, 2 red Winter, export, 93; No. 2 Winter. garlicky, spot, 90; August delivery, 90; September, 91; October, 93. Corn—No. 2 domestic, yellow, new, 1.14al1.15; cob corn, 5.25a5.50. Rye—Nearby, 65a72. Oats—White, No. 2, new, 51; No. 3, 50. Hay—Receipts, none. General hay market strengthening. Drought has seriously curtailed nearby crops, chang- ing the entire situation. Sections here- tofore shipping are now asking for offers of hay. Good .clover mixed and timothy new hay will bring from 22.00 to_28.00 per ton. b Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. 1, per ton, 9.00a 10.00. Live Stock Market. Cattle—Receipts, 1,800 head; good supply: market dull. Steers—Choice to prime (grain fed), 8.50a9.50; good to choice (grass fed), 7.50a8.50; medium to good, 7.00a7.50; fair to medium, 6.50a7.00; plain to fair, 5.60a6.50; common to plain, 4.50a5.50. Bulls—Choice to prime, none; good to choice, 6.25a6.50; medium to good, 6.00a6.25; ir to medium, 5.50a6.00; plain to fair, 5.0085.50; common to plain, 4.50a5.00. Cows—Choice to prime, none; good to choice, 4.7525.00; medium to good, 4.50a 4.75; fair to medium, 3.50a4.50; plain to fair, 3.00a3.50; common to plain, 2.25a3.00. Heifers—Choice to prime; none; good to_choice, 6.50a7.00; medium to good, 6.00a6.50; fair to medium, 5.50a6.00; plain to fair, 5.00a5.50; common to plain, 4.50a5.00. Fresh cows and Springers, 30.00a60.00. lambs—Receipts, 3,000 ; good supply; market higher. Sheep, 1.00a3.50; lambs, 4.00a10.50. Hogs—Receipts, 2,700 head; good sup- ply: market higher. Lights, 11.40a11.65; heavies, 10.00a11.25; medium, 11.25a 11.50; roughs, 7.2589.00; light pigs, 10.00a11.00; pigs, 10.50a11.50. Calves—Receipts, 1,100 head; light Aupoxaly; market steady. Calves, 5.00a 11.00. Dairy Market. Poultry, _alive—Chickens. und, 20a30; Leghorns, ens, 15a22; le{hm. 12a15; ol ducks, 11a15; pigeons, pair, ers, 13al: 15a20 Eggs—Receipts, 2,614 cases: nearby firsts, 23a24: Southern, first, 22; current receipts, 204 cascs. Butter—Good to fancy, creamery, pound, 36a41; ladles, 28a29; rolls, 27a28; process, 321:a33; store packed, 23a24, TREASURY CERTIFICATES. (Ieported by J. & W. &I}flr n & Co.) \" Sept. Tigso. g 1009085 Dec. 1 Springers. 15a23; oid ; old reost-