Evening Star Newspaper, September 3, 1930, Page 11

OUTPUT OF PG RON REGSTERS DECINE Gvrowingd Resistance of Pro- ducers to Price Reduc- tions Is. Noted. BY the Associated Press. ‘NEW YORK, September 3.—Pig iron uction declined 4.3 per cent in | Aungust, sinking to the lowest aaily rate since October, 1924. Iron Age will say tomorrow in its weekly review of thel iron and steel industry. “But this recession is regarded as water over the dam,” the review states, “jp view of the current trend of iron and steel works operations and the growing resistance of producers to price ressure, p“steel ingot output, notwithstanding tive rather general interruption of busi- ness during the Labor day week end, hds registered the third consecutive ad- vance in as many weeks, now averaging 55 per cent, compared with 54 per cent 1ast week and 52 per cent three weeks . While the gains have been slight, they have been none the less recogniz- able and have encouraged leading in- dependent sheet makers to make the first determined price stand in more than a year. . Attempt to Halt Decline. “Quotations announced by these mills eliminate recent minimum figures and will apply particularly on September business. The advance represents an effort to halt a protracted decline which depressed $4 to $12 a ton below the Jevels of the first half of 1929 and at the same time reflects a recognition of the growing interest in future require- ments manifested by buyers in the last ‘weeks. B Doubliess this move and others Te- ported to be in contemplation are cal- culated to help replace the depression psychosls with a spirit of confidence. While events will determine whether the time is yet ripe for such a change, it js ‘the consensus of opinion that the trend of the trade this month will Jargely determine the fortunes of the steel industry for the remainder of the year, and that even mild seasonal re- covery will do much to put business on a firmer basis and Je-fl lthf way to sus- improvement early in % “i‘nU!:fll 2 more definite trend is ap- parent reference must be made to such straws as are available. Pig iron ship- ments at Chicago in August showed a gain of 20 per cent over July, while certain Cleveland producers report an increase of 25 per cent. Improvement in orders for both alloy steel bars and carbon bars point to moderate expan- sion in automobile production. The first purchase of sheets (1,000 tons) for the new Chevrolet models has been made, and steel purchases are soon 'l; be concluded for the first 20,000 teod these cars. New inquiries for fabrica structural steel, at 71,000 tons, Jargest since the second weel e Tin plate production has risen 0 r cent of capacity, following the pass: of the drought scare. Scrap mlt- kets have held their recent gains, not- withstanding ample stocks in the hands $ consumers. < 'Lzr::ln“]) outlets for iron ‘and lue} disclose little change in tonnage W,:n sumed aside from the slight expansion recently mnoted, but no survey of from manu !lbrmd:Wr to ultimate consumer. (?nly » slight loosening of the purse b'eu ng; all along the line, such as may be no in the making, would put many tons on producers’ books. Another factor that may prove a deciding influence is the Jargely unclassified, miscellaneous group of consumers which last year took “’,f,, ly one-fifth of all the finished s rolled.” Pig Iron Production. *rotal pig iron production in August, estimated per cent) from toi ns. , was 2,526,500 tons, com- ginlrggcfil‘;‘ed. finished steel at 2.142 cents a pound and pig iron at $16.88 & gross —_—— NEW CONSTRUCTION NEW YORK, September 3 (#)—New construction undertaken in August in the metropolitan srea of New York totaled $76,708.900, an increase of 11 per cent over $68,861,300 in July and an increase of 1 per cent over $75,869,700 in August last year, F. W. Dodge Cor- poration reports. For the year to Au- t 31, construction awards in the area totaled $658,073,000, compared with $846,926,700 in the like pe! last year. TFOREIGN EXCHANGES. ns furnished by W. B. Hibbs & Co.) e Nominal gold Selling checks val today. fee; - Hldrs. of record. pt. 16 st Aug. 29 Sept. 15 1 1 oct. Oct. ] 3 Oct. Oct. Qct: 1 Sept. 30 Sept. 30 Oet. 1 Oct. 1 6 Aug. 29 1 Sept.20 pt. 20 Sept. 20 120 12 12 Bt 4 Sept. 15 Sept. 8 Oct. 1 Sept. 18 Oct. 1 Sept. 8 . Sept. 10 e Oct. 1 Sept 20 Oct. 15 Sept. 20 Sept. 30 Sept. 13 . 2 Aur. 2 St 3 AR t. 1 Sept. 1§ S 1 8l Sept. 15 Sept. 4 Oct. 15 Oct. 1 Oct. 1 Best. 8 Oect. 15 pt. 28 Oct. 1 a"-” Sept. 15 Aug. 30 L1 Sept.20 B 3.3 8% ODCOODOOOERR OO0 © X OO0 © © o 00 PO DOOOR © & 0 DOOOOO SESTEREERIRE 912 stand R ok o >> 2 88 i H State Title & Western Explo Endicott Johnson. Internations Bafewny Stores B &% whireen & ot Initial TeThane, Iovesor s @ septs2 Aue 3t “Includet dividend on National City Co. asc' Tty Bauk Farmers' Trust Go. gEss §1 1 wFon gana, 88 o S B PRETLTLITD, 8 i 12 12 2 20 £88 8s R (Continued From Page 10.) ~Prev.1930 Sales— Hizh. Lov. 1% 7 132% A7 Stock and Dividend 5 North Am Aviation. . Nor Am (b10%stk) . North Amer pf (3).. Northern Pacific (5). Ohfo 011 Co (2). OIl Well Suppi; Oil Well Sup p Oliver Farm Equi Oliv F Eqpf A (6) Ohv Farm Eq ev pf. vn(2l). ev pf (6) ... Owens 11l Glass (3), Pacific Coast Pacific Const 1st pf. . 108 Pacific Gas & EI (2). 4 Pacifie Lighting (3). Pacific Tel & Tel (7). Packard Motor (1). . Param’'nt Publix (4). Park & Tilford (13) Park Utah Parmelee T Pathe Exchange. . Pathe Exchange (A). 16 TPatino Mines. 4 Teerless Motor ('a 264_Pénick & Ford (1) 48 “Penney (JC) (1) .. ¢ Penney (JC) pf A (6) 30% Penn Dixie Cem pf 69% Penna RR (4).....0 18 Petrol Corp (1%).... 281 Phelps Dodge (3).... 50% Phila Co 6% pf (3).. 11% Phila Read C &1 8% Philip Morris. 17 Phillips-Jone: 29% Phillips Petrol (n2).. 6814 Pierce-Arrow pf (6). 1" PlerceOll..... 8 Pierce Pe(roleum Pillsbury Flour (2).. Pirelli Italy (a3.14). Pitts Screw (1.40)... Poor & Co (B) (2)... PRAm Tob A (3%). PR Am Tob (B).. Postal Tel & ¢ pf Prairie Oil & Gas Prairie Pipe I (15).. Preased Steel Car Proct & Gamb (2.40). 2 1 32 R 608 301 Wy 96 1% 6RY 18 BO% 55 128 118% 60% 454 19% 6% 200 14 T4 B2 107% 71% 178 130 2% 124 T 48N 3% 10% 1% 2 2 - P ] 21 27 39% 17% 208 21 8 90 38% 44 6% 52% 8114 918 1% T 19% 114% 110% BR% 52 69% 3215 50 19 58% 28 141% 100 64% 34% 46% 23 100% 92 M 8y 32 23 ~uBhewe—amen 1o 'ure Ol (135). ure Oil pf (8) R Purity Bakeries (4). 14 Radio Corp......... 1353 Radio-Keith-Orph A. 301 Rayhestos Man 2.60. Reading Rwy (4). Real 8ilk (5) Rem Rand (1.6 Rem-Rand 1st pf Reo Motor Car (80c). Republic Steel (4). .. Reynolds Metals (2). Reynolds Spring. . Reynolds Tob B (3). Richfield O] (2). 10 608 3 46% 4 Rossia Insur (2.20).. Royal Dutch a3.2165. Safeway (e5) Seaboard Air Line. .. Sears Roebuck $2%. . Servel Ine.... ... Sharon Stl Hoop (1). Shattuck F'G (11% ). Shell Trans (a2.423). 60s Shell Union Ol Simmons Co. Simms Petrol (1. Sinclair Con 011 (2).. Sinclair Oil pf (8)... Skelly Ol (2)... Snider Packing p Southern Rwy (8). Southern Rwy pf (5) SouRyM&Oet (4). Sparks Withing (1).. Spear & Co. .. Spencer Kel ( Spicer Mfg. Stand Invest Corp. ., Stand O of Cal (2%). Stand Oll Exp pf (5). Stand Oil of Kan (2), Stand OH of N J (+2) Stand OIL N Y (1.60). 4 Starrett (LS) (1234). Sterling Sec (A).. Sterl Sec ev pf (3)... Stewart-Warner (2). 70% Stone & Webster (4). 20 25% Studebaker Corp (3). 9 116 Studebaker Co pf (7) 108 1 16 - 13 s Add 00. High. 24 9% 70 107% 568% 31% 30 122 /122 ~ Prev.1930~ High. Lov. | 108 9% 45u 1% 2614 17 6015 67% 145 Symingt 15% 10% 50 481 84 13% 1% Yl Texas Co Texast % Tide Wa Tide Wa Tide Wa Stock and 3 Dividend Rate. 102 Sun Ol pf (6). Superior O1l. Superheater (1318).. Telautog C (11 Tenn Cop & Ch (1) Tex Gulf NEW YORK STOCK EXCHANGE MM.!PHVI“'INDM“TMMOM.‘ Sales— « 208 1067 1067 1067 106's 2% 2% 2% 43 439 430 a9 9 18% on (A) 18% 1% orp i alph (4) .. RO, s vs Texas Pac Land Tr.. Thatcher Mfg (1.60). r RYCO. o0 s Thompson Pr ( ter As ( ter A% pf ( t Ol (pf Tob Prod (A) (80c).. Tob Prod divctfsA.. Toh Prod div ctfa B.. Tob Prod div ctfs ¢ Transamer (11.60) Transcont Oil (30¢). rri-Cont Twin Cit n Tank Ttd Aire td Ciga td Gas 1 1 1 1 1 1 1 1 1 1 1 1 v 1 1 1 1 U S Hoff) 1 1 1 1 1 1 1 1 Univ Ple Vadasco Vi Wabash Waldor! Walwort Ward Ba Ward Ba Webster. Wess Oil & Snow 4 Wess O & Snpf (4).. West Penn I pf (6). a-E- nion Carbide (2.60) nion Ol of Cal (1 fon Pacific (10) . Ttd Bisc! 7td Carbon (2) Util Pow & Lt A (e2) nadium St (14) Va Kl & Pow pf (6)..9008 Va Iron Coal & Coke. Vulcan Det (4).. Ward Baking (B). Warner Bros Pict. .. Warner Quinian..... Warren Bros (3).... War Bros cv pf (3).. Corp. Y RT pf (7). Fischer (5). 11 156 Car (1.60).. BRIt . uit (160). r Stores Ttd Corp Ttd Corp pf (3). ta Fruit (4). &Im (1 td Gas & Im pf “td Stores (A) 18 & For Secu: man (2) T8 Ind Alcohol (17) 4 U S Tobacco (1), Uniy Pipe & Rad. Tohaceo pf (7) 1st pf (8).. 1008 24 24 614 Sales Corp. 208 . 908 h King (A). . 98 king pf (7). 8 682 1 9 208 senlohr 1 2 10 203 4 West Penn El pf (7).1308 West Penn Pw pf (§) 108 West Penn P pf (7).. 10 Western Western Westing Westvac Worth P 4 Wrigley YellowT: Youngst 10:30 AIM. 1:30 P.M. Dividend rates as tions. per cent In stock. s, | stock. & Plus 31% | per cent T stock 31% | per : 122 | Breserr White Motors (2). Wh Rock M S (1414). White SewingMach. . White Sew Mach pf.. Wileox Ol & Gas Willys-Overland Woolworth 12.40) . ‘Worthington Pump. . Yale & T Yellow Truck. . 'Unit of trading less than 100 shares, §Payable in scrip. 1! W Paid this year—no regular rate. e Payable in cash or stock 6 per cent in_stock. per cent in stock. k Plus 3 per cent in_stock n Plus § per cent in stock. p Plus 50c cents in stock. Subject to approval of stockbolders. . Md. 8 U Westingh'’ B &M (5) Weston El Instr (1).. o Chlor (2).. ump(B) (6), (Wm) (4) owne (2)... ruck pf. Youngs Spring (3) ‘nS&T (B), Zenith Radio RIGHTS EXPIRE 1 Mich Steel.. % Warn Bros P.Sept 16 587 Sales of Stocks on New York Exchange. Sept22 4 226 500 ) Noon 1.133.200 ) P.M. given In the above table ar 1 780,500 1271 100 the annual cash payments based on the latest quarterly or half yearly declar 1Partly extra. Pl 1s 9 per cent in s Payable in stock. d Payable T Plus 10 per cent in hPlus 2 per cent in stock. m Plus 1 b S Baltimore Marke Bpecial Dispatch to The Star. BALTIMORE, Md., September 83— Potatoes, white, 100 pounds, 75a2.00. barrel, 2.00a2.75; sweet potatoes, barrel, 3.5024.00; beans, hamper, 2.25a3.00; beets, 100, 4.00a4.25; cabbage, basket, 1.00a1.15; carrots, 100, 3.00a4.00; celery, crate, 1.25a1.75; corn, dozen, 25840 cucumbers, hamper, 1.00a1.50; lima :;:’na. bushel, !i?.o“.on: ‘l;:tuee, crate, ; TS, hamper, 60; squash, hamper, 75; tomatoes, hamper, 50a 1.25; packl tock, bushel, 6081.05; cantaloupes, per, 1,00a1.50; huckle- | berries, quart, 18a20; peaches, bushel, | 1.50a3.50; pears, bushel, 75a1.50; water- | melg‘l. 100, 10.0040.00. Dairy Market. Poultry, alive—Chickens, Springers, pound, 20a28; Leghorns, 15a23; old hens, 17a24; Leghorns, 13al7; old roosters, 13a14; ducks, 12a18; guinea fowl, each, 65a75 , pair, 15a20; Eggs—Receipts, 1,030 cases; nearby firsts, 25a28; Southern firsts, 24a25; ut creamery, pound, 36a42; ladles, ;mlm: luzr'l,n 28; process, 33a35; store packed, 25. Hay and Grain, ‘Wheat—No. 2 red Winter, export, 91%; No. 2 Winter, garlicky, spot, Wy.; September, 88'2; October, 90%. No. 2 domestic, yellow, new, 1.15a1.16; cob corn, 5.2585.50. Rye—Nearby, 68a75. “O!'J—Whlte. No. 2, new, 50; No. 3, ay—Reodlpts, 130 tons, General hay market strengthening. Drought has serjously curtailed nearby crops, chang- fin, the entire situation. Sections here- tofore shipping are now asking for offers of hay. Good clover mixed and timothy new m will bring from 22.00 to_28.00 4 ‘Wh aw, No. 1, per ton, 9.00& lg.gg: oat straw, No. 1, per ton, 9.00a 10.00. Live Stock Market. Cattle—Receipts, 200 head; light sup- ply; market steady. Sters—Choice to prime, none; good to cholee, 9.00 to 10.00; medium w&m, 8.00 to 9.00; fair to medium, 7.00 to 8.00; plain to fair, 6.00 to 7.00; common to plain, 5.00 to 6.00. Bulls—Cholce to prime, none: good to choice, 6.25 to 6.50; 6.00 to 6.25; fair 6.00; plain to fair, 5.00 to 5.50; common 0 plain, 4.50 to 5.00. gan—-cho\u wogflmtc.dl‘lm! :wmod to 2 to 6.00; medium to good, efim H to medium, 4.00 to 5.00; to_plain, Heifers—C and lambs—Receipts, 300 head; ! % : market steady: sheep, 1 . Hogs—Receipts, H supply; market steady; lights, 11.15 to 11.55; heavies, 10.50 to 11.50; medium, 1125 to 11.80; .00 to 9.00. : | clston of the Supreme Court will rever- | light | Oent RAILWAY EARNINGS INQUIRY SGHEDULED Rate Base Is Basis for Quiz in Congress on the Howell Bill. By the Assocated Pre: Echoes of the celebrated O'Fallon de- | berate in Congress next session when hearings are opened on the Howell bill to provide a method of arriving at a | rate-base for determining railway earn- | Qhe provision of the bill by Senator Howell, Republican, Nebr: center around the value of the r ads and also would require that earnings above 6 per cent be held in trust, vne-haif for investors and one-half for the United States. Determined opposition to the measure already has been expressed in a brief filed with the Senate Interstate Com- merce Committee by Alfred P. Thom, eral counsel for the Aasociation of {lway Executives. ‘Thom contended the bill would be an “insidious and dangerous” approach to Government ownership and manage- ment, In the decision, handed down last year, the court ruled the Intersiate Commerce Commission, in fixing a v uation of the St. Louis and O'Fallon Railroad, had not given sufficient con- sideration to cost of reproduction. ‘The brief by Thom insisted the How- ell proposal for determining a rate-base was contrary to the O'Fallon crcision and that the figure arrived at would be far less than actual valuc. “It is respectfully submitted,” the brief asse; , “that Congress will not | t - 50, ant 8 deflance of the court and of the Constitution.” y Thom added there was no danger to the public from strong and prospervas ratlroads. had “the purpose to oppress they are al- ready so re| lu:zd as to make oppres- sion 1mj . ‘The hearings will be before the Inter- state Commerce Committee of which Senator Couzens, Republican, Michiz #an, is chairman. { NEW YORK BANK STOCKS NEW YORK, September 3 Over-the-counter market— Ameriea ... of A pol M Peopies “Nacr, Trust Companies. sean " .o 146Y Washington Produce Butter—One-pound prints, 44'5845%; tub, 421524375, Eggs—Hennery, ceipts, 27a28. Pouitry, alive—Spring chickens, large, 25a27; medium, 24a25; small, 24a25; Leghorns, 22a23; fowls, large, 19a20; small and medium, 17a18 horn fowls, 13a15; roosters, 13a14; ducks, 15. Home dressed—Spring chickens, large, 32a35; medium, 30a31; small, 28a30; fowls, large, 26a28; small and medium, 24a25; Leghorn fowls, 18a20; roosters, 18a20; ducks, 20a22; turkeys, 33a35. —Beef, 19a22; veal, ; lamb, 25; pork loins, 38; fresh hams, 25; fresh shoulders, 22; smoked hams, 28; smoked shoulders, 20; bacon, fl: lard, in bulk, 15; 1-pound packages, 8. 32a33; current re- Live stock—Calves, 6a10; lambs, 9. Fruits—Watermelons, 50a85; canta- loupes, flats, 1.00a1.25; nearby, 2-peck baskets, 1.50; Persian melons, 1.50a 2.50; oranges, 5.50a8.00; lemons, 5.50a 6.50; limes, per 100, 1.50; peaches, 2.00a 3.00; apples, bushel baskets, 75a1.5 box stock, 3.00; plums, 1.25a1.75; grapes, tokays, 2.75; malagas, 1.75; quinces, California, fancy, box of 40, 2.25; pears, 1.75a2.75; damsons, 1.50. Vegetables—Potatoes, 3.25a3.50: sweet potatoes, 5.50a6.00; tomatoes, 1.50a2.00; carrots, per 100 bunches, 5.00; beets, er 100 bunches, 5.00; turnips, per ushel, 1.50; peppers, 1.00a1.25; string beans, 3.00a3.50; lima beans, 4.00a4.50; cabbage, 90 pounds, 1.7522.00; eggplant, 2-peck baskets, 75; corn, 2,25a2.5( okra, 2-peck baskets, 1.50; cucumbers, New York, bushel baskets, 2.25a2.5( nearby, 2.00, SHORT-TERM SECURITIES. (Reported by J. & W. Sellgman & Co.) Allls-Chalmers ‘Co. 85 1937, American Tel & Tel, 6%a8 American ‘Thrend St;s 1938, hio 4%2s 195 ding that even if they | B8 10: Mntch Corp. 85 1947 Mariand Oil 55 1032 ), New York, Ohi, & Bt. L s 1932 hillips Pet. Co. 87 1 Corp. 51 Standard ofl N, L., Ir. Mt. & So. Ry. §t. L Southwestern R: 51 rll!Z eeling Steel % Wheeling Steel Corp. INVESTMENT TRUSTS NEW YORK, September 3 (#).—Over- the-counter market. 458 1083 ; roughs, to 10.50; pigs, 10.00 to | 1vi Caives—Reecipts, 75 head; light sup- ply; market steady; calves, Iml‘s 11.50. Manutacty New Yar nited Wesic] Bid. Acked. Amer Brit & Cont €5 pi 3 Amer Composite Tt -8h Stund Oll Shares posited Bank Share Ber. i Inc Units. of Amer} t 8hrs “Trust ca F it MARKET IS STEADY South American Issues in De- mand on Rumors of Rev- olution’s Collapse. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, September 3.—With the rest of the list dull and irregular, the strength of South American bonds was the feature of the investment market today. Some of this was attributable to cov- ering by speculators who went short of Argentine issues on the supposition that A& revolution was in the making and who are now protecting themselves in view of the continued quiet in that country. Still more of the strength was traceable to investment buying induced by the bullish news that a rapproche- ment is imminent between Bolivia_and Peru, whose bickerings in the past have often resulted in loss to investors in their credits. Right from the start it was evident that a better outlook was seen for the future of South American bonds. T gentine 6s gained a point in all maturi- ties. Bolivian 7s were up a like amount. Sao Paulo 6s and the recent Coffee Realization 7s. sympathetically affected and also strong in the face of reports that another stabilization credit is being arranged in London, were higher, the former by nearly 3 points. Peruvian bonds were firm. Apart from this group the foreign department was quiet, though there was impressive strength in some of the Ger- man descriptions, notably Berlin 6':s Cologne 6!5s and United Steel Works A 6!3s (1951). Swiss 5'.s, Belgium,.8s, Norway 5s and Japanese 5'¢s advanced. In the high-grade domestic section there were a few declines caused by the _competition of a_ $40,000,000 issue of Portland General Electric first and refunding 4.8, which were priced at 93%,. The selling affected such issues as Utah Power & Light 5s, Philadelphia Co. 58, Duquesne Light 415s and com- parable bonds which are selling around a 4.30 to 450 per cent basis against the 4.90 yield of the new issue. Such high-grade rails as Canadian Pacific 4s, which are not legal invest- ments for savings banks and trust com- panies in New York State, were also off a shade, but otherwise the rail group showed strength, with small ad- vances in Baltimore & Ohio first 4s and others. Junior rails were fairly active with price fluctuations about evenly divided. International Railways of Central Amer~ ica 6;s, retecting the improved tone in Latin-American credits, gained 2 points, though the first mortgage 5s were unchanged. St. Paul Adjustments, St. Paul 5s, Florida East Coast b5s, International Great Northern Adjust- ments, Frisco 4',s, and Southern Rail- way 4s improved. Erie General Lien 4s and Erie 5s svere lower. Industrials were dull. ‘There was a total of over 345,060,000 in new bonds, including besides the $40,000,000 Portland General Electric issue, $2,264,000 New York Water Serv- ice Corporation 5s, priced at 99 to yield 4.08 per cent, and $2,000,000 Province of Saskatchewan, Canada, 4'2s priced at 99 to yleld 4.55 per cent. Skl et Utilities Firm Expands. NEW YORK, September 3 (®)— Southern Cities Public Service Co. sub- sidiary of the Central Public Service Corporation, has purchased one-half in- terest in the Georgia Natural Gas Cor- poration and will operate the property in connection with its own properties. Southern Cities owns and operates gas utilities in nine Georgia cities, while Georgla Natural Gas owns completed gas Vystems in three cities, has three under contract for construction, and franchises have been obtained in.many other municipalities. Washington Stock Exchange SALES. Cap. Trac. 55—$500 at 93, $1,000 at 93. Geo. Gas 55—$500 at 1031%;. Wash. Gas 55—$1,000 at 10315, Peoples Drug Str. pfd.—10 at 101%, 10 at 1013, 10 at 101, 10 at 101%, 10 at 10114, 10 at 1017, 10 at 1011, 10 at 1013, 10 at 101%, 101 at 101} Real Est, Mtg. & Gr. pfd.—100 at 6%. AFTER CALL. Cap. Tract. 55—$500 at 93. Pot. Elec. cons. 55—$1,000 at 10215, Wash. Gas 65 A—$200 at 102Y,. Pot. Elec. 52% pfd.—5 at 108%, 1 at i 10814 Wash, R, & E. 4s—$1,000 at 89%, $1,000 at 8934, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga, 4%s '33. Amer_ Tel. & Tel. 4%as '39. . ctl. tr. S Pot. R. R. 51 A G 4 P. Tel o 5% Capital Traction R. R. City & Suburban 5s.. .. Georgetown Gas 1st 5s. Barber & Ross. Inc. 6lai o5 STOCKS. PUBLIC UTILITY. Amer. Tel. & . Gas Lt. Co. ( N. & W Steamboat (12} Pot. Elec. Power 6% pi Pot. Elec. Power 8127 pfd. Wash. Rwy. & Elec. com { Wash. Rwy. & El. pfd. (8) NATIONAL BANK. Capital (14) s Columbia (12 Commercial (stamped) (10) District 3)..... Federal-Americ Liberty (18) . Lincoln (12) Metropolitan’ {14} Riggs (18)..... Second (9€) Washington (13 TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6) 120 ch. Bk & Ti erch. T & Trust " (i2i) ¥es Bank & Tru & Trust (14).. SAVINGS BANK. Bank of Bethe | 408 n 10050 40 Security Sav. ‘& Com. Seventh Street (12) United States (30), Wash. Mechanics (30) ; FIRE INSURANCE. American (12) Corcoran (10).. remen’s (8) National Union & TITLE IN! Columbia (6h Real Estate ( Title & Inv. Co. MISOELLANEOUS. Barber & Ros! j 18 105 Sk Y ok o 853858353 2! o : rpel Corp (1.5 Yol Woodward & Lothrop *Ex dividend. oks ¢l Efi’-& extra. 4% ¢ ll;:: 18% 3 __ PatheExch7s37... 28 57% 67 57, SouP&Ord% Received by Private Wire UNITED STATES. (Sales are In $1.000.) Sales. High. Low. Close. 6 1022 1022 1022 75 10231 10228 10230 110112 10112 10112 1 10127 101 27 10127 11062 1062 1062 11084 1084 10R4 11 11219 11219 11219 FOREIGN. Sales. High. Low. Close. Argentine 58 *45. 88% 88% 88N Argentine 514562, . 91 91 Argentine May '61. 97 96% Argentine 6s Ju 59, 96% I95% Argentine 6s Oc 96 95% Argentine 6s A 97 Argentine 65 B 'S 97 Australin 4168 '86. . 81% Australia 65 55 A8 Australia 5s '57 R8T BB Austria 7s '43 104% 104% 104% Batav Pet 41,542, 951 95% 954 Belgium 6= '55. . 105% 105% 106% Belgium 634549, 109% 109% 109% Belgium 7s ' 114% Belgium 7s 110% Belgium 85" 109 Bolivar 7s 68 Bolivia 8s 88 Bordeaux 6s 105% Brazil 4% Brazil 615827, 78 Brazil 7s. 84% Brazil 85 '4 981s Bremen 7. 1028 100% 105% 88% 2914 102 3% 101 94 100% 110 9414 101% 106 1024 102% 10214 87 9 wansa 0w afaRa 100% 100% 105% 105% RBY B84 891 891 101 7316 101 94 100% 110 9415 h s 61, . Chile 7» *42 Colombia J Con Pow Japan 7s. . Copenhag 4358 '53. . Copenhag 5s'52. Dan Mun 85 B 4§ Denmark 41" Denmar 2 Denmark s *42 Dufch Kast 1.N¢ Dutch East I 6s @ PYTT SRS JUCN- 108 - - 9415 101 101 106% 1056% 102 102% 102% 102% 102% 102% B6% 8 93% 93, 100% 100% 108% 108% 120 120% 126 125% /6% 87T 89 RO%% 105'% 1051 104 104 8515 851 951 95% 100 100 9815 981 95 95'% 97y 9Ty 93% 935 515 105% 105% 5 84 84% AN TAN T4 9T 9715 9T 105% 105% 105% 106% 105% 105% 1% 17% 17% 21% 21 21 24 24 24 904 90% 101% 101% 101% 86% 86% 86% 85% 851 85% 105% 105% 106% 100% 100% 100% 102% 102% 102% . 106 104% 104% ceees 105% 106% 105% 1024 1024 102% 92 91% 92y 9915 981 99 % 104% 1041 6615 67 661, 68 TN Ta% 841 85 93% 98% 89 90% 89% 901 01% 101% 813 6815 96 1004 108% 1200 125 /7% ¥rench 7s'49. . ... . French Gvt T%s ‘41 German 514 s '65 1 Greek 6s'63 Haitl 65 '52 Hungary 7 Ttaly 78 '51. Italy Pub § Japanese 4s ‘31 Japanese 58 '65. . Japanese 6158 '54. . Jugosl Bank 7s '57. Karstadt 6s'43. .., Kreug & Toll 58 °59. Lyons 6s'34. o Marseille 65 '34. .., Mex 4s asstd 1904. . Mex 4s asstd 1910. . Mexico 5 5 8615 9514 100 98% 9% Montevideo 7s 52, New So Wales'57.. New So Wales '8, . Nord 6148 '50 Norway 58 Norway 5145 %65. .. Norway 6s " Norway 6s " Norway 6s Orlent dev 5148 Orient dev 6s '63. Paris-Ly M 6s°58. . Peru 6160, Peru 656 o Poland 6840, .. Poland 75 '4 ®oland 8s '50. Rhine West 6s "5z Rhine West 6s Rhine West 75 . Rio de Jan 618 '53. Rio de Jan 8s " R Gr De Sul 6568, R Gr De Sul8s '¢6.. Rome 6158 " Roy D4s'45 ww.... | S0 Paulo 8s°36.... Sao Paulo 8s ‘50, Saxon 7s ‘45 Seine 78 '42 SBerbs-Cr 81 7s Serbs-Cr-S1 8s'62. ., Shinyetsu 6155 '52. . Sweden b5 '54. Swiss 5155 '46 Swiss Confed 85 40 Toho El Pow 6s '32. Tokio bs '52 Tokio 5% '61 Utd King 5% 837 Uruguay 6s°60. . Vienna 6s '5 Warsaw 78 '58. .. Yokohama 65 '61. 0% 101% 1 691 96 63 94 91% 907 95% 9114 9714 107% 87 107% 107% 8 87 L 86% 86% 105% 106% 104% 104% 106% 106% 105% 93% 105% 105% 92% 92% 87 86l 87 73% 78% 178% 5 9B% 98% 98% MISCELLANEOUS. Abitibi P& P 5853, 6 86 86 Ab & St 51;5"43 4 100% 100 Adams Exp 4s'48.. 2 89% Allegheny 5s '44. 1 100% 100% 100% Alleghany 5s *4 26 99 99% 9914 Allis-Chalm 58'37.. 1 101% 101% Am Ag Ch7%s’41.. 1 104% 104% 1041 Am Beet Sug 68 '35. 64 64 AmF P §ls 2030.. 129 893, 893 AmIGChb%s’49. 16 107% 106% 1067 AmIntCor5is’49. 3 99 99 99 Am Metal 5%s'34., 82 97 97 97 Am N Gas 6%s 5 79 79 9 Am S&R 15t 58 '47...11 1084 108%.1031% Am Sug Ref 6s'37.. 1 103% 108% 103% Am T&T cv 4% 8'39. 14 1621 160% 1601 Am T&T 55°65.....182 1067 106% 106% Am T&T 5ss£760.. 18 106% 106% 106% Am T&T 5% '4, 10814 109 92% 92 92% 84% 81 81y 106% 106% 106% 110% 110% 110% 1021 102% 102% 108 108 108 106% 106% 105% 46 46 46 9% 9T 9TH 102% 102% 102% 95% 95% 951 99%, 993 106% 106% 106% 105% 105% 105% 108% 108 108% 108% 108% 103% 103 103 103 68 66 8 96% 961% 964 104 96 95% 96 106% 105% 106% 93% 93% 93% 1021% 102% 102% 86 100 8914 89Y 3. 39 Arm Del 5%35'43. Bell Tel Pa 53 B '48. Bell Tel Pa 58 C " Beth St pm 58 '36. . Beth St rf 5542 Bk Ed gn A 58 Cert-td deb 514 '48 P db b Consum Pow bs 52., Det Ed rf 65 B"40 Donner St 78 '43. ... Duquesne 435 '67.. Fisk Rub 88'41....; Gen Cable 5%s*47. . Gen Motors 37.. 7 Gen St Cas 548 '49. Gen Thea Eq 65 '40. Good 18t 6358 °47. .. 1 Goody’'r Rub b8 '57. Humble O] 5837, . Hum O&R 5%s '62,. I B T 1st pt 68 106% 105 Inland Steel 414 ey e 9% 97U 9T 101 101 101 101 101 101 100% 100% 100% 101 101 101 841, 831 8315 108% 107% 108% 96% 961 964 106% 105% 105% 96% 95% 96% T4 4 T4 Int Match bs 47 InM M col tr Int T&T cv 4% Int T &T 58°55. Kan C P&L 58 Kan Gas&E 4% aclede 5148 C'53 Lautaro Nit s *54 Lig & Myers 68 '5 Lig & Myer Loew's 65 ex war. ., Lorillard 58 '51 Lorillard 5% Lorillard 75 '44. Mid St & O 58 " Mont Pow bs '43 Mont Pdb 5s A" Nat Dairy 5% N Eng T 18t 6862, NY Ed 58 B 4 NY BLH&P 55'48.. NY Tel 43539 NY Tel 6s'41. N Y Tel 65’49, Y 79 105% 1051 105% 128% 1233 123% 99 98% 98% 90 90 90 971 967 973 111% 111% 111% 102% 102 102% 108% 103% 103% 103% 103% 103% 99% 998 9974 108% 1084 108% 105% 105% 105% 95% 95% 95% 108% 108% 108% 101% 1011 101% 107% 107% 107% 111% 111% 111% 103% 103% 102% 103% 108% 103% 106% 105% 105% 106 105% 105% 103% 102% '108% 104 104 104 103% 108% 108% Paramount 7 1004 100% 100% 5 FINANCI INVESTMENT BOND | [ex-sex som BONDS srocs sscavce] | Direct to The Star High. tow Close. 7 101% 101% 101% 101 9% 9% 9 97 97 UL 94N 9% 88 88 &R 102% 102 102% 100 100 100 9615 96 961 99 98 98% 1081 103% 103t 104% 104% 104% 102 1023 102% 102 102 102 96% 96% 96% | 1l 99 99 103% 103% 1 105 1047 104% | 106% 106% 106% | 104% 104% 104% 100 99% 100 107% 107% 107% 102 102 102 103% 1031 103% 110 109% 110 100 99% 299% 8315 83 83 101% 101% 101% 90% 90 90 90% 90 90 105 104% 105 106 104% 105 39 38 38 101% 101% 101% Phila Co 5 '67 Phila & Read Thil Pet 5148 Pos Tel & C 5553 Pressed St C 58 " PubSv G 4%s Pure O11 5%s°37. Rem Armw6s A '37. Rem R'd 538 A 47, Sincl O 61,8 B"38 Sincl O 7scv A'37.. 13 Sincl Cr O 651as '38.. 11 Sinclair P L s '42.. 1 Skelly O115%3%°39.. 20 Solvay Am 58'42... So P’ R Su T Sou Bell T&T 58 '41 SW Bell T 58 A '54. StOIINJb8'46. ... StOILN Y 4%s8"51.. Tenn K1 P 65 A 47.. Tenn Cop 63 B '44. . Tex Corp cv ba 44, 2 Trans O11 6,8 '38. , Utd Drug v 65 '58. 2 U S Rublst s '47.. Utah P& L 5s'4d. .. Util Pow 5145 '47 Warn Br Pic 6539, West Il deb 58 '44. . West Un Tel 58 *51. ‘Wh Sew Mch 6540, Wil-Ov 18t 6145 '33., Wil & Co 1st 6541, 100% 100% 100% You St & T 5s'78... 35 104% 1041 104% RAILROAD. Ann Arbor 4s'52..0 1 84 84 84 Atchison gen 48°95. 25 97% 97% 9% Atchisoncv 4148’48 4 130% 130% 130% Atch Ariz41;862.. 5 103 102% 102% At& Danv4s°48... 10 60 58% 60 AtCL4%s'64 4 101'% 101% 101% B&O4s'4s. ., 2 97 97 97 B&Ocv4s'3s.., 27 101% 101 101% 72 101% 101 101 . 16 104'% 104% 104% . 10 104'% 104% 104% -5 110% 110% 110% 1 9 9 96 5105 105 105 2 100% 10074 100% 3 101% 101% 101% 8 92 92 1 3 2 1 10 1 1 1 4 L 3 3 4 2 29 4 4 1 2 1 5 B&OPEWYV 45 . B & O Swn dv 5s 50 Bos & Me bs 1 Hos & Me s " Bkiyn Klev 615 BKlyn Man 6s '68 Bklyn Un E! 58 BR & Pitt 4%s Can Nat 4148 Can Nat 4358 '57. “"an Nat 41;s'68. . Can Nat 4% 870, Can Nat 5s July Can Nat 5s Oct 69 Can Nor 41383, . Bl 99% N 17 104% 104% 104% 10 96 %% 96 9R% 99'% 91 9914 9% 994 16 105% 105 105 14 106 105 105 11 106 105 105 1 100% 100% 100% 6 112 111% 112 35 90% 90 90% 5 1005 100% 100% 15 103% 103% 103% 6 10714 107% 107% 19 101% 101% 101% 1 106% 106% 105% 2790 9 o7 8 105 104'% 104% 19 100% 100% 100% 52 103'3 103% 103% 7101 101 Can Pac 4158 '46. Can Pacific 58 54 Can South 58’62 Cent of Ga 55 C '59. Cent of Ga 5148 '59. Cent Pacific 4s'4 Cent Pacific bs 60. Ches Corp 58 4 Ch&Ogn4s'92 Ch 4%sB 95, Ed o 1021 10214 10214 | N 10315 1034 1031 79 77 o Q = Alt 38, - Qeen 4558, Q4ls'7 Q 1strf 5s r West 48’59 L] D 3 @ o FIFIIESS BT IS 41 52 51 5 100% 100 50 101 100% 101 21 110% 109 110% 2 95 94% 95 7 99% 99% 99y 41 9915 991 9914 8 974 9Tn 97 1 1044 104% 104% 1 928, 9250 928 1 105% 105% 105% 84 101% 101 101% 10 10215 102% 102 33 99y 69% 51 95% 9714 9915 93 91% 98% 98% 107 - 107 86 86 86 8215 938 9314 228223 C& Wind5is'62, CCC&StL 4% s (R). Clev Term 41;8°77. Colo Sou 414880 Cuba R R 58’52, ... Cuba Nor 5% 8°42. . Del & Hud rf 4543, D&RGrgnds’ D&RGr 414" Den & RG W 55 DRG & W st 587, Det Utd 474832, E Tenn Va&Ga ¥rie con 45 A '53 Erie conv 48 (B) Erie gen 4 Frie 55 1967 Erie 58 1975, Fla E Coast 58 '74. . Fonda J&G 418 '52. GrTrsfdbés'ss.. Gr Trunk 78 '40. .. | Gr Nor 414877 (E) Grt Nor 18t bs...... N 5%s 53, Gr Nor gen 7 '36. . . Hud & M adj 58 '57. Hud & M rf 55 '57.., 7 10 28 5. 3. 3% 46 45 20 20 10 107% 107% 107% 5112 112 112 12 99% 991, 995, 3 991 991 99y 1 110% 110% 110% 14 111% 111% 111% 8 88% 834 83y 3 100% 100 100% wE Qe ean LA AL: wkk A_11 OIL GURTAILMENT PLAN IN JEOPARDY Court-Hearing Next' Tuesday to Determine Fate of Pro- ducers’ Agreement. BY HARVEY L. SCANDRETT, Ascociated Press Staft Writer OKLAHOMA CITY, Okla., Septcmber 3.—A hole has been punched in the dyke—proration—that for more than a year has held back the greater part of an oil flood threatened by the tapping of great pools in the mid-continent ares: ‘Whether that hole will be plugg:d or permitted to remain open, with the al- most inevitable crumbling of the proe ration strueture, rests upon a decision of the Oklahoma Suprcme Court after & hearing next Tuesday on an actin of C. C. Julian, Oklahoma City oil opera~ tor, attacking the legality of the produc- tion restricting agreements and their ratification by the State Corporation Commission. Jullan, who recently transferred his oil activities from the Pacific Coast to Oklahoma, plerced the dyke with a temporary writ of prohibition preventing the Corporation Commission from in= terfering with the operation of the two city lot oil wells his company has coms pleted in the flush South Oklahoma City field. His action crystallized opposition hitherto expressed only in operators committee rooms by independent pro- ducers and in mess meetings by royalty owners, who insisted that a barrel of oil above ground—whatever the price— Wwas better than a potential half dozen in the deep sands. Challenges Statute, Julian has attacked the proration structure from a variety of angles. He challenges the constitutionality of the 1915 statute under which the Corpora- tion Commission assumed jurisdiction of oil production in the State, and argucs that even if it is valid, many of the oil companies which agreed to official re- straint are disregaraing the regulation:. He charges the commisison with dele- gating illegal legislative powers fo th< committee of operators and itself assum- ing judicial powers. Allegations of causes for Federal ac- tlon also are centained in the Julian pe- tition. It charges that the commission has instructed pipe lines and railroad companies engaged in interstate com- merce to refuse to purchase, carry or run through their lines, oil from anw operator producing petroleum in excess of the prorated maximum. It asserts the purpose of formation of the opera- tors’ committee was to “restrain and withhold & portion of the commerc: and- trade from the State of Oklaho and to the several States of the Unit States.” It charges that the regulation. if enforced, will serve to deprive the Julian Co. of property *“‘without duc process of law.” ¥ While production of the two Julian wells is comparatively insignificant in r- field of giant gushers, their location i such that self-defense would ca operators throughout the Oklahom: ity field to throw their wells wide ope: in the event proration was broken down The Julian wells are offset by wells o the Indian Territory Iluminating Oi Co., dominant in the field, and b: those of the T. B. Slick interests. Unde the rule of the offset, which is drille: to prevent drainage of oil from a neigh boring well, the lifting of productio: restraints would run through the ent: fleld like wild fire were the movemer; started. Potential Production. The Oklahoma City fleld alone h: an estimated potential production ¢ nearly five times the 550,000 barre daily permitted under proration order its possible daily flow now being com puted at 2,500,000 barrels, more - tha the present production of the entir United States, Operators, in pressing the necessil of continued limitation of oil output i, the State, have argued that the mark¢ “emand for Oklahoma crude is on: 250,000 barrels a day, and that, whi! no drastice pricé reductions have rc sulted from an output somewhat | excess of the maximum stipulated I ° proration orders, a breakdown in b price schedules inevitably would follc the lifting of restrictions, and grer waste of petroleum and its product would result because of the inadequac . of pipe lines to carry off the'exce: flow, the lack of refineries and storag™. 111 Cent 48 °52 111 Cent ref 4s 11l Cent 4% s " 111 Cent 58 ‘55 111 CCStL&N 11 CCStL&N Bs A ., Int Rap Tr 68 4 944 94% 94y 38 941 93 9414 5 101% 101% 101% 15 107% 10715 107% 2 135"' 1991& 9914 % 106% 106% 28 68% 68 Int Rap Tr 6s Int & Gr Nor ‘93 8 102% 1024 102% 494 935 93y Kan City Sou 5850, IKan City Ter 4s ‘60, Take Shore 3148 '97 Lake Shore 4s '31 Leh Val cv 45 2003 Long Islrf 4549 L &N 4%82003 Manh Ry 1st Market St 78 '40. .., M &SL 1st rf 48’89, M StP&SSM con 4s. M StP&SSM bs gtd M StP&SSM 6% s MK&T4%8'78. .. MK & T adj 55 '67.. Mo Pac gen 4s '75 Mo Pacific 65 F 7' Mo Pacific 58 G Mo Pac5lsev NOT&M6%s"54, N Y Cent ga s NYCentdb 48’34, N Y Cent 43452013, NYCreimbs2013. NYCentdbés3s.. 1 8 8 8 2 100% 100% 100%% 16 98 927, 93 98% 93% 93% 7 102% 102 1023 10 Bl% 51% biw 1 924 9214 9214 2 9% 9 g5 15 89% R9% B9 2 9T 9% 9Ty 5 101 101 1 99% 991 991 9 991 981, 981 29 804 79% 80 11 101% 101% 1017% 11 101% 101% 1011 + 14 108% 108% 108% 1 103% 108% 103% 9 9T 97N 9T 26 100% 100 100 6 1025, 1025 102% 14 109% 108% 109% 30 107 107 107 10 100% 100% 100% 21 9T% 9T 9T% 0 107% 10715 10714 2 108% 108% 108% 11 102% 102 102% 4 102% 102% 1021 2 86% 86% 86% 5 6 87 NY NH&H 433 " o8 NY NH&H cv b 68 NY W&B 4% 8246 Nor & Wn o7 & Nor Pacific 3s 2 4 51 ?‘ 90% 904 90% 9% 97% 97 7 70% 704 70% 15 113% 113% 113% 1 78% 781 Wy T 4% 94 94 5 9% 978 o7 3 104% 104% 104% 3 102% 102% 102% .o 78 98% 981 981 v 6 111% 110% 111% 17 105% 106 105% 7 110% 110% 110% 50 89% 89 89y - 25 101% 101% 101% 4 96% 963 96y 1 11% 111% 1114 9 105% 106 106% . 3100 100 100 Port Ry 6s'42...... 11 105% 105 1064 Por R L&P T8 °46. 33 108% 1084 101 Rio Gr W clt 4 19 89% 894 89K Penna 45’48 Sta. Penn cv Penn gen 4% Penn 4% 7 & Pere Mar 4%s '8 | Rail Stocks ] BY GEORGE T. HUGHES. (This. i3 the thirty-eighth of a series of analyses by Mr. Hughes on railroac © ticular stock, but such information as may enable him in teliigently to chart bis own course.) Southern Railway Co. Because of the active speculation 1= its common shares in recent montl Southern Railway has attracted moi attention in the market than the ave age railway stock. A good part of th peculation has been for ihe dccline « = in other words short sales based nr fessedly on doubts as to the divider outlook. ‘The facts are that Southern pays ! annually on its common and in ‘he ii! six months of 1930 earned only 36 cen a share against $5.74 share in t! first half of the preceding vear. company strong in cash and ca items, the total running to over $30 are according to the .920 balan sheet. It is'understood that funds ha been set aside for the payment of t regular dividend at the $8 rate durir, the balance of this year so bt doubt in the speculative mind relates . what will happen next year. ; A legal question has been raised as * the right of the directors to decla dividends on the common except frc' earnings of the current or the previo: Year. The assertion has been made th the contract with the preferred stoc holders prevents any such declaratio That, however, is a point which t! courts will have to pass upon if .ar when it is raised. It is outside the pro ince of this series to go into the subjec It is belleved that the earnings w. improve during the balance of the ye: * 4nd in some quarters estimates of n available for the common approxima: $5 a share, Obviously everything d- - nds on trade conditions in the terr served. Meanwhile the commc stock must be rated as a speculatic: ‘The preferred, which is 5 per cent nor cumulative, sells to yleld considerab above 5 meent and may be consider: sound w there is no doubt about tk. investment status of the bonds. Great numbers of range cattle we: reported killed by rats in the Siberiar. . Mongolian famine area. Sales. High. Low. Clo: 77 89% 89 89 | 4 111 110% 110 21 115% 115% 115 8 121% 121% 121 Sou Rwy gen 48 '5| Sou Rwy 5894 Sou Rwy 68 '66. Spu Rwy 6385 RIAr &L 4% 6 100% 100% 100% 1 100% 100% 100% 3 99% 99% 37 91% 92 89 93 93% 9% 99% - NemNEea—a0S - 5% ww 100% 100% 10015 777 43 101 100 1. . 101 101% West Pac 68 46naes 44 99% 99 . 99% 5 92% 02% 92 1106 106 106 Term As St L4353 Tex & Ark 53%s '50. Tex& Pacbs B'77.. 7 103 103 103 Tex & Pac 55 C'79.. 2-103% 103% 103 Third Averet 4860 14 50% 50% 50 Third Avad)5s'60. 28 33 323 32 99 95 92 100" 108 101 8% 9l 108 7' 1015 11 100% 100 2 108 108 & 102%. 1917 1874 8Ty 11 %% 34y Md 4552 W West Md § 15 101% 101%