Evening Star Newspaper, August 23, 1930, Page 13

FINANCIAL CURB PRICES MOVE ANNARROW RANGE Teend Irregular, With Util- ities Group Featured. Oils Are Weak. BY JOHN A. CRONE. Bpecia® Dispatch to The Star. NEW YORK, August 23.—After open- ly and dull today’s curb picked uj for a = a moderate amount Temained mixe The market leader, Electric Bond & Share, was up more than a point. Gas & Electric, American it & Traction and American Super- war Ykewise moved higher as Middle ‘est Utilities and Niagara Hudson ::'“ continued dull and .virtually Cites Service was down fractionally. amusements offset gains with i - This was also true of aviation i » Selling of Oils. ofls were the most uniformly in the market. Reductions e prices in Chicago by re- and expectation that some of petroleum interests would pertinent comments about ¢ a ’EE ‘E:i i ggi H turday session, of diana pointing lower in first hour. Houston Ofl, new, Plymouth Ofl and such pipe line com- panies as New York Transit, for in- stance, moved lower in this period. Light & Power A was the 1 session, but price | | | ext wi ~Prev Hish 3 T 28% By 10%) 28% Am Com IM(A) b10% 37 Am Cynam B (1.60), 187 Am Gas & Blee (11). 16% Am In Ine «B).., 894 52% Am Lt & Trae (2%). 39% 10% Am Superpwr (1)... 15% Am U&Gen B vte 400 14% Appalachian Gas. . . 6% 51 48 60% i 49% kil 154 “n 8% Rayon pf 4 AtlantieFruit & Sug. 86 Axton-F TobA ( 5o . Blue Ridge ov pfiald) Canada Marconi Carman & Co(A) Cent PS8 (A) tal 7l Cent States El(k40e) Cbain Stores Dev... Chain Stores Stock. . s Com'with & Sou war Comm Wat Serv b§% Consol Laundrie Durant Motors..... Eisler Belectric(13) E] Bond & 8h (b§). . 4 El Bond & 8h pf Ele~ Pwr & L op Elec Sharehold pf(a$ Fokker Alrcraft Ford Mor.Ltd 27 ea leader of utflties on President wi Chamberlain’s comments in- dica there was no shoi of .4 condénsing, even though the [ l.:my never too plentifully sup- b in best years, that the total in- lustria] power output was being main- despite slackened industrial op- erations around Davenport, and that natural gas development through North Amerjcan Light & Power was promising, Radio manufacturing shares met freer nflerlml that retail sales were down $5,000,000 for the country in the sec- ond quarter, and so far showed only & moderate upturn. American Austin was the first of the companies as the trade lotors » and both Durant Motors and Standa; Motors pointed higher. Dairy Shares in Demand. low-priced dairy shares showed demand. Liberty Dalry will tend to fory: , &8 the latter is a heavy user of metal. Canada Wire plans rod and wire drawing plant alongside 's refining subsidiary. ~ ————— CHICAGO-STOCK MARKET CHICAGO, Al it 23.—Folls is the''complete official list of Lrlxmonl st on the Chicago Stock Exchange STOCKS. & Hl‘h. Low. Close. 100 1 3 9 102 10 & 0235 235 "88-§=§:8u8§= & IS oo 2 33 P ot ;lfl:&- 3. ?-F.fi‘;n’”i‘fiflf . sy F37s =2 S = 2853 ey 3 ¥ 23 BERESSBESIRINE LHE! £3 EIS IR S AL b > S W T 2888555 e Rt P . % 6000 Insull 6s '40 Bond. sale: (Reported by J. & W. Seligman & Chalmers Co. 5s 193’ o Co.) Gifer. S28 5 5t ¥y 2 $353s: RS W 5528 FESTE PN 23358 33 1 g8 & 235 Foremost Fabrics. Fox Theater Cl tA). Gen Alloys (80c) Gold Coin (new) 2% Golden Cen Goldman Sach T C, Gold Seal Elee new Goth Knitback Mach Guard Fire Asso(2). Gulf Ofl of Pat1%4. % Happiness Candy... Hecia Mining (1)... Houston Ofl of Texas Imp OIL Can reg 50¢. Intercontinent Pet n Intl Petroleum (1).. Internat] Utll (B)... Interstate Equities. Leonard O11. Liberty Dairy Food. Loew's, Inc, deb rts. Loew's. Ing (war)... Lone Star Gas. n (1). Mavis Bottling. ... McCord Rad (B) (1). Mead Johnson 13.7¢ 8% Met & Min Ine(1.30) Mexico Ohio Oil. Wat Util(bs Mo Kan P L (b10 MissKPLv.te Nat Fam Sth2%4 % Natl Pwr&Lt pf «6). 11 12% 11 102 102 102 ~Prev.1930.~ . High. Leow. No Am Shenan Tampa Otility 6% 1% % & 3 Sohnon Dividend rates in anual payment. 12 h Plus 1% 102 OIL POOL WILL CUT FLOWTO 5 PER CENT South Oklahoma Operators Agree on Sharp Curtail- ‘ment of Supply. lines serving the about 85,000 barrels daily. Will Hear Complaints. ‘The Oklahoma A | ston_has set September & as the date for hearing complaints filed - large number of oil companies and operators in that State for alleged vio- lations of various curtailment orders of the commission, it was also reported from Oklahoma City. It is the belief of the commissioners, the report stated, that some companies in the proral areas are not abiding technically by the {‘\llel rather than showing willful viola- on. The penalty for the violation of the % | conservation laws and proration orders of the commission can be at & daily fine, or the State may ask receiv- ership of the properties involved, it is said. Of the operators charged with the violation of the law, 59 are in the South Oklahoma City field. Commenting on the unfavorable de- velopments in the prorati in Oklahoma, W. 8. Faris| the Humble Oil Res v that confidence in the ranks of the ofl industry that it will be able to con- tinue its present sensible scale of opera- tions is the industry’s remaining need. Lack of confidence, Mr. Farish is re- ported to have said, revolves around the future proration in the Oklahoma City field, where certain town lot promoters are reported planning legal steps to halt or hamper proration. Should they suc- ceed, even temporarily, Mr. Parish uoted as saying, Oklahoma City would ?urnllh sufficient production to disrupt seriously the situation for some time. Price Level Low. In the meantime Mr. Parish is re- ported as stating that in his opinion interior refiners are selling gasoline on 11e basis of expected failure of prora- tion in the Oklahoma City pool, which has resulted in prices at refineries be- ing at the lowest level in a number of years. On the other hand, he is quoted as feeling that if definite evidence that roration in Oklahoma City will be re- ed the present weakness in the piv- otal gasoline market would be reversed. Mr. Farish is reported as basing his conclusion on the fact that failure of proration in the Oklahoma City field would produce a serious disruption in the present situation on the assumption that 8,000 to 9,000 acres of oll lands are bound to provide an enormous out- put. Biiet i it B-ut; Affect Ship Profits. NEW YORK, August 23 (#).—Under the adverse influence of the lowest 2538 = ae: 2 o v, Mt B 1 " Seuthwesiers RY. 4 198 58 193 A » 1 Co. Caiif, s ;m SR uber S5 1847 peiern Blecine Co, 44,194 ing g : Wheeling Rtes) Gorp. 415e 1985 Jewel Tea Co. Sales. NEW YORK, August 23 (7). —Sales of & 8o. -".z"- 53833355 £ 88 freight rates experienced in the last , and the mp‘"“vv:tlly s i et World Lead Output. A vidend Rate, ~Add 2% 9% Natl Rub Mach (2).. Natl Screen 8ve(3).. Niag Niles-Bem-P (11%). Noranda Mines (2).. North Am Uti] See Nor Ind Pwr Sve( North St Pwr pf( Novadel Agene 2% . Ohio Pu Sve pf A(T). Ollstocks LtdA(50e) Outboard Mot (A)... 26% Pac G&E 1st pf (1%) Pae Pub "?:J'“ Pub Ut Pure Oil pf Rainbow Lu Syrac Wash M B (1) ‘Thermold Co pf (7 Tran Con Alr Tran TransLuxDLPS.. Utd Lt & Pwr A(1).. Unit Lt&Pwr(B) (1) Utd Lt & Pwr of(8). Unit Milk Products. . Unit Publie Sve. . U S Elec Pwr ww.... U S&Intl See 18t (5). U S Lines pf (1).... Utility & Ind... Utility Bquities. Vacuum Ofl (¢, Watson (J W) Co... Zonite Produets (1). KIGHTS. Expire. 1% Insull Util...Sept16 6 & Insull U In pf.Sep 15 s Unit of trading less than 100 shares. stock. & Payable in cash or stock. e Adjustment dividend. fPlus 8% in stock. &Plus 6% in stock. in stock. J Plus 2% in stock. k Plus 10% in stock. m Plus 3% in stock. n Plus 8% in stock. Received by Private Wire Direct to The Star Office . Clese., 1% 264 4 ? 14% 15% 4 12% 28% 21% 2% EBmaong Aviat A war, 53 3 - [S-1-JOPS 10N NN N e pa al Hold 3. 4% 3% % 5 * 2% | 1 16% Corv pf (a3) Smith (A O) (3) Standard Motori . Stand Oil Ind (2%). St OiL Ohlo of (1) Starrett Corp. Electrio (23) g - annmenlieprenBalBa aude weans - Pwr&Lt(al). % M 1% 2 & & Mot..Aug 26 11 o B, WA, S dollare based on last quarterly or semi- 1% Plus tPartly extra. 3 b Payable in n-ck.l STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, AUGUST 23. (Copyright, 1930. Standard Statistics Co.) Commodity Price Trends of Week BY H. N. McGILL. Editor McGill Commodity “Service. AUBURNDALE, Mass., August (#).—Commodity ~price changes week were less pronounced and fluctu- ations in practically every group ran, within & narrow margin. The index for all commodities showed a further slight decline. The groups which regi- stered a continuation of the ward movement were industrial, agri- cultural, hides and leather, paint mate- rials, textiles, both fine and coarse, and vegetable oils. Out of 15 individual groups, 8 were lower, 5 remained un- was | changed, and only 2 showed an in- ’_,g:oteduumtnhnwwmyum- e s ‘The Midsummer reaction in indus- trial activity, which carried the busi- ness volume to a new low—more than 12 per cent under normal—has acceler- ated Dbearish sentiment. Statistics show, however, that underlying condi- tions are tending to improve, Current production schedules of both raw ma- terials and finished goods are critically low, particularly as stocks of finished is | goods are the lowest on modern records. Commodity prices are down fully 20 per cent from the peak in 1929 and more than 30 basic commodities are now selling cheaper than in 1913, ‘While the stage is not set for a broad expansion in industrial activity, yet it is generally agreed that the low ebb has been reached for this year and the trend to the turn of the year should be distinctly, although only gradually, up- ward. It is not to be expected that major lines such as automobiles, build- ing or radios will experience any marked improvement during the months shead, but such lines as apparel, chemicals, coal mining, electrical ipment, iron and steel, per, machinery, textiles and shoes should respond to the sea- sonal improvement now in prospect. All Commodity Prices. A very moderate decline was shown during the past week. The outstand- ing point is that total price changes are now much less violent and there are definite signs ot price stabilization. It is a common tendency in & period of depression to force commodity prices below their intrinsic value, This has already happened in many commodities. Industrial Prices. ventories are mtly offset by finis} goods. hurl‘do:uflluom;h.‘hlhnu k:“ the growing 5 WO major crops were b affected—corn and. flaxseed— the production estimates betnerM downward substantially. selling far out of line with wheat. A check-up shows clearly that there is no er of any scarcity of foods or feeds in this country or the world. Non-Ferrous Metals. A very slight gain was shown during the week, owing to the increased price for silver and tin. It is interesting to in non-ferrous limited down- | chas roduction are now showing up more forcefully in stocks on hand, tin stocks the first decline in many months. Textile Prices. A new low was reached, due princi- pally to the sharp break in the price of cotton. Prices are low enough to recall the -a-bale e’n.mpunbo 1907. The ce depression Frobl being over- gz‘n-. yet the fact remal that the ospective cotton crop plus carryover fl' huge in terms of consumption. Price changes in silk, wool and rayon were very slight. Most Important Price Changes. Al et 'l‘:xtllel. ) les, ~ coATse. Vegetabie olls... NEW YORK, August 23 (Special).— Todsy. [y Vil vear ago. n “Clearings ¢ $803,000,000 $1,265,000,000 N lances 130,000,000 152,000,000 New T York Balances 104,000,000 ataaln tatees Ry DIVIDENDS DECLARED NEW YORK, August 23 (#)— " Regula 150,000,000 s 0DODOOOLOOOODOOZT Co. dRag o 3 Omitted. s s Y ERA 3 | Chile ISSUES ARE HIGHER Prime Group Holds Steady Trend—Legal Rails Score New Tops. BY H. F. RICHARDSON. Special Dispateh to The NEW YORK, August 23 —Bonds, s | with the exception of the high-grade group which continued their firrhness, mmrwmmm' dull Saturday trading. However, in the “lullnulthmm‘mnevhlch- made, notably in Union Pacific first 4s and Chesapeake & Ohio 4l4s. The same applied to the prime utflities and industrials such as Inland Steel 4l%s, and Western Union Ss, At the opening there was selling of Liberty and Treasury long-term descrip- tions and they d 1-32 'to 4-32 from their recent. h levels. This was attributed to traders selling on the theory that new Treasury financing to be in the near future will find a somewhat tighter money market and that it will not again be accom- E:htdnlmrmrdmwlho!m two batches of bills. higher, i‘puouu;y Pictures 65, which Second-grade raflroad credits, like Chicago & Eastern Illinois 5s, Chicago & Great Western 4s and Erie general lien 4s, were strong, but the gains were offset by equal sized losses in Erle 5s, Missouri-Kansas A 5s, Missouri-Pacific 4s and Frisco 4)2s. Western Maryland 4s, which have exhibited strength in recent sessions, were still selling at m;:lrd““ irregular. America; were ) erican Natural Gas 6)3s lost 113 points, while 8s and Hudson Coal 5s the only fluctuation in and lyn-Manha! 6s provided the actioh In the tractions by losing slightly. Forel bonds were quiet and vir- tually unchanged. Austrian 7s were & little better. War 7s gained 2%, points. French issues remained the chief strong {5 point. South Americans were dull, NEW YORK BANK STOCKS NEW YORK, August 23 (#).—Over- the-counter market: Bank Stocks. Al . f’o’ G § rondway ifth Ave Pirst Natl N'Y Harriman Manhat Co Peop! TREASURY CERTIFICATES. (Reportéd by J. & W. Seligman & Co.) i o S 1 .&a.n-".?’-ig i 3% 5t e Srrretaricns 2223 73838 28R BB ;‘;’22 ] s e P U . ‘E 82332282888833388:! gfl!:: @_"_ ] i 0 o R . SEES: o i N assaussSSeStens: 8222822288233 55, SHEFE F F FESERE SPEFE F F EEES FERRE O TS 2999 58 SF 2oz F I 5 aF FSE ol mnbmaomwnlEs e 32882222328 & = & FESSE 82555 8se FERT 223838332882 S5 e FETSESE 5;;# S35 388223288 scnisSieaREassnssans 2228508288 szs SRFESE PESESE FE SN S enes 3t 28! Garm oS a e S e Smons SRST5S 5555 vy Rl fett 2] 2% -nsr o g - 9900002222 134 : g on LR F588 o 320wR0 22ty T 0 Sorvers. e = B Pemrm g g : 4 588 | wom UNITED STATES. * (Sales are in 31.000.) Sales. High, Low. 1101 101 1 1021 1021 109 TOOWVERTIBLE BOND| (o= o BONDS Focmces Close. 101 2 124 10231 10229 10229 110112 10112 10112 FOREIGN. Bales. con~abue aneoens » enE8u o Bur Cuen cocran - % 100% Sola 9o ¥ Yy 106% 4% 106% 1% 164 » - Fe- cCEw o Culw o o - - e Qrient Dev 6 b3.. Paris-Lyons-M e »* » R ko SrCum Bucudne Neobionm me - (3 . R'y'l Duteh ¢ sww Sao Paule ‘60, Sazon (PW) Ta.. Setne 18 e Soineyetsu 634e 6! Soissona 6! Swiss bl Lono BF Pwr Wokio bis ‘61 Utd Kingm 6% Uruguay Warsaw 1953, - e 2 ¥ . 1 % bl 10v% 9% vale ol Yin 106% 4% 108% 104+ 1045 9k Y8 104% h 106 96 3% 9% MISCELLANEOUS, Hales. Hign. AbItb! P&P 68 °63. 10 1045 i Armour, Delb ws. . Bell Tel, Pa, 83 (\B) Bethieam £U pm b8 Brkiyn Edison ba. . - - Boxr o rn il rro auscns - - - vale Stee! Montana Pwr db Nat Dairy 634 NYG&BHP = o e o = NeeTS oe arnind oo von manSorrika o - » srmaBuSwe Tex Corp ev . Transcont] O] 6% 8 Wentn Union 68'51. Wentn Union 638, White Sew M: Wilson & Co 1st 100% Youngstn 8 &T Ss. 29 108% RAILROAD, 2 Il 00 frrzsn '%.’ g £ g 882882000 t f b il 1043 101% 1064 102% 06 9 Fiad 9% 26 108% 95% 96% 95N 8T 874 21w 9 90 101 101 11 | 5! 6% 100% 98 9 94 vzle 106% 4% 100% 104% 104% 1% 984 104% Nn 106 96 8% 9% 6% Y8 9% U8k 1045 101% 1085 102% 108 97 4% 9% 95 1034 L1 % ‘were her. %a¥ higher for the day and 1%al% for the week. % hogs. 103% 103% 94 u 108 108 103% 108% 96% 6% 100% 101 105% 105% 100% 100% 101% 101% 99% 995 4% 8% 90% 108% o 986% 9% % 105 105 111% 111% 90! 1od 108 FINANCIAL. | PYTH-1% {9 S0 ono SHenwnan o - rozobin 2Ta aBuma an - - 1064 1064 106% narn 8358 o 92U 92U 92y 102% 102% 102% 88% 83% 88w M StP&SSM bs gd. MW 9TU 9TY M BtP&SSM 6% MK& T Mob & O gen 453! NOTexaM NOTex &M Cen gen 3%, Cen deb ¢a. Cent 45 9! Cen ref o, tL 44878 YC&BtLs%aA YC&BLI%sB NY NH&H %007, NY NH&H ov db s t+ 444 ChbLLl o [PISTOPSIRS 1119y SN - PPN (Do i zZz a0 107%. 107% 96 96 128 128 90 . 90 6 69 % 4% 101% 101% 110% 110% 104% 104% 10 110 96% 100% 100% 95% 96% 101 100% 100% 100% 99% 99% 99% 9% 91% 9% 93 92% 98 101% 101% 101% 99% 9% 99% 85 & noanmaBu - g! 55% H 995 99% 995 100% 100% 100% 1013 100% 101% 88% 88 88% 110% 110% 1104 1164 115% 1154 122 122 122 108 108 49 48 a1 9 98% 98% 4 92% 92% 9% 1014 101 101 ggeain INSURANCE FOR 13,000 EMPLOYES IS PLANNED Special Dispatch to The Star, 2 NEW YORK, August 23.—All em- ployes of the Associated Gas & Electric System, except temporary employes, who have been with it six months or more are eligible to share in an insur- the . The S g S e T straight life policies, instead of group insurance. More than 13,000 em- 90 hat to sub- cent, "w?& sul n%uu e ute tw?‘r‘mzcl net cost of the ordinary premium. NEW YORK COTTON NEW YORK, August 23 (Special) — | After selling about 6 to 11 points net lower, cotton prices advanced ' today on a renewal of covering. close showed | best at net gains of 1 to 7 points. The lgotl i~ market was 10 points higher at ) 3iteet 3) i ¥ i GRAIN MARKET CHICAGO, August 23 Whea ruled highe i o e close was 3 tember, 41%; De- i.'""w' 45845%; h, 47%; May, Provisions declined in sympathy with Bellies unchanged to 15 higher. VEGETABLE EXPORTS. By the Associated Press. hents wore valued st 313 045000, Po: tatoes showed the lai Sy from to $3,228,000 HGHERLVESTOGK PRICE RANGE SEEN Sharp Upturn of Last Week May Be Continued This Fall. - - £ b 5 kA B5eee o2t g 3 st & 3 5 d § i ! fo E iy i g i 5 £ ks i § J i i i 5 g L 1] sEESuE i { i 1 oy will contrib- | United 3 Rooms, Kitchen, Bath and Porch, $45 THE WILSON 412 First Street SE. The sutomobile column in the classified section of today's Star for Packard's list of used cars. PACKARD’S USED CARS gain in value, | Lowest Rates of anterest and Commission *