Evening Star Newspaper, July 3, 1931, Page 12

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CURB SHARES GAIN - INACTIVE TRADING Pace of Market Quickens When Favorable Reporis Arrive From Paris. BY SOHN A. CRONE, Specia) Dispatch to The Star. NEW YORK, July 3.—Strong from the opening, today's Curb Exchange session remained quiet until noon, when private Paris cables indicated the debt negotiations were progressing satisfac- torily, and then quickened its pace. As usual Electric Bond & Share led the domestic division in point of vol- ume, rising about a point on increased demand. Citles Service lost some of its early buoyancy. Vacuum Oil, Standard Oil of Indiana and other popular issucs maintained their prices. | Strength in international stccks, es- pecially utilities; firmness of leading hoiding companies, irregularity in motors, notably Stutz; firmness in coal shares, a sustaining demand for oils and activity in the higher priced indus- trials featured forenoon dealings. Shenandoah Corpcration and Blue Ridge Corporation preferred and com- mon shares responded to the announce- ment thst the former had purchased 53.605 of its preference shares in the open market and the latter had taken similar action with 22,900 prefer- red shares. These blocks of stock were taken out of the market at quotations v below their par value, y reflected in forth- United Statcs & Overseas Securities with warrants, Goldman Sachs and other issues in the general trust division also bettered. Central States Elec- tric improved following announcement it had purchased in the open market, at substantial discounts from par, $1.100,- 000 of its 5 per cent convertible deben- tures. Middle West utilities moved upward after its directors voted to extend com- mon stock purchase warrants, series A, to December 31, 1932, and B warrants to December 30, 1933. FISHERIES IN‘DUSTRY INCREASE IS REPORTED By the Associated Press.* An increase of several million dollars in the value of the fisheries industry is expected by the Commerce Department to result from research studies to be made by the Bureau of Fisheries. A research laboratory has been es- tablished at Gloucester, Mass. J. M. Lemon, a: ate technolegist of the burcau, has left Washington to take charge. He will have a staff of biolo- gists, bacteriologists and chemical engi- neers, who will seek improvements in fish merchandising and the elimination of waste. Lemon will direct his efforts toward nproving the handling of fresh fish, in- cluding transportation, canning, smok- ing. salting and freezing. One assistant will be in charge of the by-products work, such as fish meal, fish flour and fish ofl. The researcin in bacteriology will be devoted to study of the action of vari- ous bacteria on fresh, canned and smoked fish in an effort to ascertain if an improved fiavor can be produced. Studies also will be made of the effect of freezing on the' nutritive value of | fish A scientific smoke house will be es- tablished, and an effort will be made to set up a standard smoked fish product. Lemon believes it may be possible to develop a spic>d fish product which will be popular in delicatessen: Ll # NEW YORK BANK STOCKS | NEW YORK, July 3 (#).—Over-the- | counter market: Banks. Bid. Asked. | America . aan, arty 8014 Em) Guaranty frving Manufactir New CHICAGO STOCK MARKET By the Associated Press. CHICAGO, July 3.—Following is the compl:te official list of transactions in stocks on the Chicago Stock Exchange today: York 150 Chic Invect pf 30 10 Chic No Sh_& Mil pl Cab . 18 500 Gt Lakes A t 450 Grigsby-Grunow 730 Hall Print i 100 Houdaille-Her ' B 100 Hussma Me 07 McWilliams Dreds 250 Herch Ao 200 Mickelberry's Food .. 4200 Mid - West UMl ... 1oMid Ut 7% LIl 50 Miller & Hart pi 500 Mo-Kans Pipe ...... 350 Nat Battery 150 Nat Family Str 100 Nat Leather 200 Nat Sccur Inv Nat-Stendard . 700 Noblitt-Sparks *:.0. 2700 Nor Am L & Pow. 20 No West Ut pi 40 Peabody Coal 100 Perfect Circle ...... 100 Sangamo Elec 00 St Lcm.xgl:\ll Stk Yds £ - BONDS. ales Loday, $7,000. NEW YORK CURB MARKET ~Prev. 1831~ High. Low. 12 11 . 4 Aluminum Co of Am 1025513 Alu Co of Am pf (6). 5 Am Austin Car...... AmCit PELBb10%. Am Com P A (b10%) Am Com Pwr 1st 6% Am Corp (£15¢)..... Am Corp warrants. 4 Am Cyanamid B.... Am Dept Store: - Am Equities. Am For Pow war... Am Founders. . Am Gas & Elec (31). 4 Am Gas & El pf (6).. Am Laundry Mach . 4 Am Lt & Trac (2%). Am Natural Gas % Am Superpow (4 Am Superp 1st (6) Am Superp pf (6)... Am Util&Gen (B)vte Am Yvette Co (25c). Anglo Chil Nitrate. . Appalachian Gas 4 Arkansas Nat Gas Arkans Nat Gas A i Armstrong Cork (1). Art Metal Wks (60c) Asso G&EIL (A) (al). Atlas Util Corp. Auto Voting Mach Auto Vot M cv pf bt Aviation Securities. . Beneflcial IL (1%).. Bickford's Inc (1.20) Slue Ridge Corp Blue Ridge cv pf a! Braz Tr & Lt (b8%). Bridgep Mach (25¢) . Brit AT B 1.17 4-5¢). Br Celanese rets. ... Buft N&EP pf (1.60). Burco Inc cv pf (3).. Cable Radio T vte... Canada Marconi. . Carib Syndicate. Cent Pub SvcA b10% Cent Stat El (b10%). Cent St E cv pt n a6 Chaln Store Devel Chat Ph Aln.v (1 Chesbrouzh Mfz + Citfes Service (520c) ities Serv pf (6)... CitSvP &L pf (6).. Claude Neon Lts, Inc Colombia Syndicate.. Colts Pat Fire A 1% . Col Ol1 & Gas vtc. 4 Coulm Pictures( Cmwlith Edison (8). 100s 20’ Cmwlth & Sou war.. 36 Com Wat Ser gl2%ec 22 Comstock Tunnel 6 5 27 X 68 3 Con Gas Balto (3.60). Consol Royal (20¢).. Cont Shares conv pf. 7 COrd COrD. .ecerecon Ccrp Sec Ch (b6%) . Creole Petroleum. .. i Cresson Consol t4c). Crocker Wheeler-. ... Cross & Blk pf (3%). Cuban Cane pr opt w. Curtiss Wright war. Cusl Mex Mining.... Darby Petroleum. ... Dayton Alr & Eng Deere & Co (1.20). % De Forest Radlo Detroit Alrcraft Cp. Duquesne Gas Corp % Durant Motors. .. East St Pow B (1) East Util Inv A Eisler Electric C SR RN e HASN S RADEANTEARANTE KA TTD - DB B R 4 Elec B & Sh pf (6).. Elec Pow Asso A (1) Elec P & Lt op war.. Emp Corporation. .. Empire Pub Sve (A). Europ Elec deb rts. . Evans Wallow Lead. Fajardo Sugar. 4 Federated Metal: Ford M Can A (1. Ford Mot Ltd 36 3-5¢ Fox TheaterCl A... Franklin Mfg Co. Gen Aviation...... Gen Empire Cor (1). Gen Leather Co . Gen Theat Ea cv pf.. Gen Waer Wks&El A Glen Alden Coal (4).. Globe Underwr(15¢ ». Goldman Sach T C Gold Seal Elec ne Goth Knitback Mch. Gt At&Pac Tea nv(§) 40 GrtA&PTpf (7)., §0s 12 Groc Strs Prod vte. . 1 Gulf Ofl of Pa (13%). Hamilton Gas ret 5 Happiness Candy . 3 Hecla Mining (40, Humble @i (123). . Hydro Elec Sec 1.40. 2 111 Pow & Lt pf (6)..100s Lmp O1l of Can (50¢) 7 Insull Inv (b6%).... 2 InsCoofNo Am ¥23%. 1 Insurance Sec (40c).. 2 Intercontinent Fetn. 17 Int Hydro cv pf 3%.. 26s % Int Petroleum (1) 17 Int Superp (+1.10). 2 Int Utilities A (3% Int Utilities B Italian Superpo! Kirby Petroleum. Kleinert(JB) Rubber. i Kolster-Br (Am Sh). Leh Coal & Nav 1.20. Lone Star Gas n 38a. B 2 4 6 14 1 1 3 9 00. Open. High. Low. Close. 20 9 2 100% 102 100% 102 1 Y% % % "5 19 61% THE EVE ~Prev. 1931. High. Low. 36% 29% 112% 106% 0" 1030 20 20 146% 139 10 20 146 % 41 8 8 % 6 M 3% 7% 1% NG _ STAR. Stock Dividend Rate. Long Island Lt (60c) Long Isld Lt pf (7) Magdalena Synd. Mapes Con Mfg 13. Mavis Bottling (A) May Rad & Telev(1). Mead Johnson(t414) Memph N G Co (60c) ritt Chap & Scott Mesta Machine (2).. Met Edison pf (6). Mexico Ohio Oll..... Mid Sts Pet vtc A 22¢ Mid St Pet vtc B. ... Mid W Util A war. Mid WSt Ut (1%)... ' Mid West Ut (b8%). Mo-Kan Pipe L (A). Mo-Kan Pipe L (B). Mohawk Hud 2a (T) 268 4 Mountain Prod (1)... Nat Aviation. . ! Received by Private Wire Direct to The Star Office and Sales— Add 00. Open. High. Low. Close. 1 30% 30% 30% 3 110% 110% 110% ‘ % Y 37% 3T 2% 16% 1 21 18 5 3 Nat Investors % Nat Pow & Lt pf (6). 4 Nat Rubber Mach. Nat Service Co. .. Nat Sh T Sec A $60c. Neisner Bros pt (7). 4 Nevada Cal Elec. ... Newberry (JJ) 1.10.. 1 New Bradford Ofl... 1 New Eng Pow pf (6) 20s New Eng T & T (8)..2508 New Haven Clock 2 Newmont Mining N Y Tel pf (6% ) Niag-Hud Pow (40c) Niag-Hud Pow A w. Niles-Bemt-Fond (1) Nordon Corp Ltd.... Nor Am Aviat A war NoAmL &P (b8%). Nor Europ il Corp.. Nor St Pow A (8) Novadel Agene (4) 4 Onhto Copper. .. + Outboard Motor B. Pac G & PacG&E Istnf1%. Pan Am Afrways. Pandem Oll......... Paramount Cab Mfg. Parke Davis (11.55) . Parker Rust Pr (3). .45 258 108 2 L 50s 33 Ipr1.273% el pf d Corp (40¢). Perryman Electric Philip Morris Inc. . Phoenix Secur Corp.. Phoenix S C pf (3) Pllot Rad Tube A Pitney Bowes (bi%) Plymouth Ofl (1}.... Polymet Mfg Premier Gold (12¢)., Producers Roy Corp. Prudential Inve, Pub Util Hold wa: Pub Util Hold Cp xw Pub Ut Hold cu pf(3) Puget Sd P&L of (6) 603 Pure Oil pt (6)...... 30s 1iroad Shares iter-Foster Reliable 2 Reynolds Invest. Rossia Intl Cp (1 Rubberoid Co (4) St Antkony Gold. St Regis Paper (60c) alt Creek Pro(1.40). Schulte Un 50-31 St.. Seaboara Cti! (50c).. S, 0 3% 3% 1% v v W W Dividend nual payment. Payable in cash 23% 18% U S Lines p Iworth (FW) Ltd. 323 “Y” Oll & Gas....... rates in dollars base: s in do d on last quarteriy or Secu Corp Gen (40c). Segal L & H (as0c) Selected Industries. . Shenandoah Corp Shattuck Den Min. Singer Mfg (115 ony Vac Corp new outh Penn O11 (1). .. SoCal BApfA (1%). South C Ed pf B 13. South C Edpf C 1 SouthernNat Gas S W Gas Utilitles Spleg May Stern pf Stand Ol of Ind (2). Stand Oil of Ky 1.60. Stand O1l. Oh1o (2% ) 10 Stutz Motor Ca Sunray Ol (b5%). Swift & Co (2). Technicolor. Ine. ... Teck Hughes (60c).. Texon Oil&Land (1)s Todd Shipyard (4).. Trans Lux DL P 8, Tri-Utilities. ....... % Tubize Cantillon (B) Un Nat Gas Can (1).. Unit Carr Fast (10¢) Unit Chem pt pf (3). 4 Unit Corp war. Unit Dry Docks Unit Elec S Unit Gas Corp. Unit Gas pt (7) Unit Lt &Pwr A (1), U S Elec Power ww., U S Inter Sec 1st pf.. 4 Unit Verde Exten (1) Utah P & Lt pf (7). 4 Util P&LE(aT1.02%). Util & Ind pf (1%) Utility Equities..... Vacuum Oil (2)... Venezue Wenden Copper. Vest Mass Co(2%). t Md pf Petrolm| e 208 fepf (4). 3 204 11 9 1% % semi-an- TPlus 4% in stock. e Adjusimeni dend. 1Partly exira. b Pay; CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, July 3.—The following is today's summary of important cor- poration news, prepared by Standard Statistics Co., Inc, New York, for the Asscclated Press. L4 News Trend. Brokers' loans for the week ended July 1 advanced $73,000,000, the first increase in 10 weeks, bringing the total 10 $1,479,000,000, compared with $3,219,~ 600,000 & year ago. The Companies. Niagara-Hudson Power—Reported tie- in of lines with those of New York : | Edison has been delayed pending sub- mission_of more data regarding cost and maintenance charges. . Agnew Surpass Shoe Stores, Ltd., sales, 12 months to May 31, off 5.02 per cent. Bethiehem Steel—Stockholders rgtify modified plan providing for executives' bonus of not over 8 per cent of consolidated net income after fixed charges, depreciation and annual divi- dends on preferred, exclusive of shares in_treasury. ) Borg-Warner Corporation—FPirst half sales of Norge Corporation, subsidiary, vz | up 480 per cent; June sales 371 per cent H ahead of year ago. Chapman Valve Mfg. 25-cent com- mon dividend; formerly paid 50 cents * |.quarterly. Devoz & Reynolds Co. first half net eapnings to show imprcvement over year ago; gross income off more than 11 per cent. Dominion Steel & Coal, Ltd.—Wa- bana iron ore shipments to May 31 totaled 152,218 tons; mines closed for indefinite period. Dcminion Textile, Ltd., plants oper- ating at about 70 per cent of capacity. Electric Auto-Lite operations ave- raging about 60 per cent of capacity. Pacific Gas & Electric—California State Grange seeks 20 per cent cut in agricultural power rates. Paramcunt-Publix Corporation—War- ner Bros. to exhibit pictures during coming season; reciprocal arrangements reported under way. Peerless Cement passed quarterly preferred dividend; paid 1.75 April 1. Peerless Motor Car to shut dow plants for one month. Pullman, Inc.,, May net, after taxes of Pullman Co., off 39.3 per cent; months off 71.4 per cent. St. Louis-San Francisco Railway Jure gross to show smaller decrease than re- corded in May. United Light & Power May gross, 12 months to May 31, off 5.1 per cent; net income, after subsidiaries preferred div- idends, off 17.2 per cent. Willys-Overland Co. June factory sales estimated at.6,600 units, against 7,151 in Ma; output of 5500 units. Allis-Chalmers Manufacturing — Un- filled orders July 1 totaled $9,051,000, against $9,776,000 June 1 and $17,- 926,000 year ago. . American Locomotive—Alco Products, subsidiary obtains contract for five high vacuum distilling units from Amtorg Trading. Electric Storage Battery marks down low-priced batteries abcut 10 per cent. Pan-American Petroleum & Transport .cuts tank car gasoline prices to 5! cents a gallon at New York, 5% cents at Bos- ton and proportionately at other coastal points. Bohack (H. C.) Co. sales, four week: weeks, up 12.3 per cent. Cities Service—State of Kansas with- draws approval of sale in State of all company’s stccks, except first preferred issue; Governor asks Public Service Commission to start action for reduc- tion in domestic gas rates. Eastern Gas & Fuel Assoclates—Mas- sachusetts Public Utilities Commission upholds 50 cents a month service charge of Boston Consolidated Gas, sub- sidiary. Edison Bros. Stores may sales up 62.9 per_cent; five months up 46.4 per cent. General Motors—June Cadillac-La | Salle shipments up 39 per cent; six months up 9 per cent. Minneapolis, St. Paul & Sault St. Marje Railway sclls grain elevator to Farmers’ National &rain Corporation. Pennsylvania Railroad vice president denies company desires to obtaln con- trol of New Haven system. Brockway Motor Truck expected to show deficit for first half. Jantzen Knitting Mills 15 cents quarterly common dividend; formerly paid 37% cqnts. ‘Warner Bres. pictures has cut wages and salaries 5 to 25 per cent. Blue Ridge Ccrporation has pur- chased and retired 22,900 shares of preferred stock. Great Atlantic & Pacific Tea ad- » 27 eemts for two five | July schedule calls for | | happens is that accumulated capital, |a small return on the highest-grade ended June 27, up 10.1 per cent; 21, vances cigarette prices to 14 cents 2| pyciness recovers. es, 1.32 a carton and 33 cents a tin of 50. Shcnandoah Corpofation has pur- chased and retired 53,605 shares of preferred stock, Buying for Profit BY GEORGE T. HUGHES. The normal sequence of events in a reviving security market after a long depression is for bonds and preferred stocks to lead the way. What generally seeking safety above everything else, first finds its way into obllgnuagns the return on which is assured beyond ques- tion. That is the reason that United States Government bonds have been in such urgent demand of late, with a consequent, falling off in the yield. Eventually, investors, dissatisfied with descriptions, turn to those just a trifie below the best, and the movement gradually extends downward until it Teaches the extremely speculative type of stock. Now, two or three years ago |'the theory gained wide acceptance that he only profitable investment was the equity in the enterprise—that is to say, the common stock, to which all the profits went after the bondholders and the preferred shareholders had been satisfied. That was the basis for the wild bull market of 1928 and 1929, with results so well known that they do not need to be reviewed here. The question now is, What shall we do with our savings if and when income from the highest grade of investment becomes inadequate for our ' needs? Shall we jump right back to common stocks, expecting the market to indulge in another orgy of rising prices, or shall we learn from experience and put hard- earned money into something conserva- tvliv;‘e,L esthewu}-;{ tsflpe;ul;flon? We know at we ougl o, but the b instinct is inherent in most DXEI‘I:‘ e For the minority who will take the safe course, and, incidentally, who will surely profit thereby, whatever may happen to the majority, it is' in order to say at this time that the best results will be achieved by going slow. If the savings bank reduces the interest rate on deposits, say from 4 per cent to 3% per cent, there are plenty of bonds per- f:lcuy sloundb:;x{nh I“'lm give more &n e savings at its best. There is not much tarill about :}c‘nr about wm:hlud mt‘qunm e newspapers, and yet, if nt holds, they will surely sell mr«u , them. | <teady, 1% ?"w"““ rants. per cent. EER e EPuEER WS, SRS S 21 B b B 3 I 23828888 ee SEE R sea FEEEE 5 IS ;3:858 2332952828228 228! SR 5 '52 W 3 v 55 ‘54 ww 6 is EI Boston 55 '33 1027 ec P & 155 A 2030 873 irbanks Mor 55 1as wSe sesafavie. TN 2 154 2 8 en Mot Acc 35 '3 2Gen Mot Acc 85 Gen Wat Wk 65 B '44 3 9 Georgia Power 5s ' Gillette S Raz 55 ' Glidden_Co $'4s Grand Trunk 61 18 Koppers G & C 5t 1 Kopper G&C 5% 4 Kresge 3s - 101 5Lehigh P S 65 2026 104% ibby McN & L, S5 '42 93 P & L 55 '57...... 102 ¢ Steel Corp 55 |86 38 Nebraska Pw 4125 '81102% 3N lif 55 56 90 INYP&L 4 Nieg Falls Pow 5Nor Ind P 8 5t 18 Paciic. G&E 5Pac G & 15 Pacific G&E 8s C 1 Pac Inves 55 A '48 xw 672 17 Pacific Pw & L 55 '55 98% 5Pa Cen P&L 4'ss ‘77 9712 24 Penn Elec ds 917 Ed 5'us B '59 1007 d 65 50 xw 103'4 s '62. 12 8 f Ed 5s '5: s 425 Gas 5s '37 I 0 99 1Tex City Gas 55 '48. 64la 2 &F 885 e 08 nacEasts: 2e5s & 7 Texas Elec 55 '60 wi. 1004y as 1 L 55 '56.. 102 21 Ry Unit B & United P & 8. Unit Lt & Ry 55 '32. 100% U S Rub 614 " Utah P & L 4738 'dd Van Swerin 6 35 Wi Va Bb Ser Sis Va Pub Serv s Waldort-Astor Wes Tex Ut 53 A FOREIGN BONDS. 3 Com Pr. s 2 Danzig Port 6 2Den Mtg B 58 1Ercole Mare 6% 1Eur El 72 i s ‘53, Cp 6Yas 163 xw 16 Ham a 1 Hanover ity s i anover Pro 6128 '49. 10 Ttal Sup Pow 6 A '63. 67 4 Mendoza Pt 75 |3 k/ it Indust 6':s '4 w Uit warrants n—New. 232382583845 a0 i e Sy . o it wi—When issued. Ay BALTIMORE STOCKS. Special Dispatch to The Sts BALTIMORE, July STOCKS. S*5% Arundel Corporation . 30 Consolid: s com. as 5% cum pf 1 Consolidated Gas 8% Fidelity & Guar 10 Pirs! o Cas te way ,& Electri U"8 Fidelity & Guaranty EE8RE asu aEEaanEzeat 23 §=§§§:===:=:=s::~'=ss== g F3 an 83% WASHINGTON, D. C., FRIDAY, JULY 3, 1931. C IAL. Trade Reports at a Glance By the Associated Press. YORK, July 3.—Tabloid review of business conditions in the NEW whoiesale and jobbing trade, the retail trade, and menufaciuring and industry, as well as the state of this week from the following centers: ‘Wholesale ‘Trade. Quiet Quiet & S Tee a 5 Bk o Jure crops. = mated from 275,000 to 300,000. - S ive St. Louis—Men's clothing, electrical trend; iron and steel quist. and Joboing Retail Trade. collections, Teported to Bradstreet’s Manufactur- ing and Industry. Quiet Collec- tions, Slow Crops. Good Quiet Fair Fair COMMENT. Quiet Good Louisville—Rain helps crops; Midsummer lull in wholesaling. Cleveland—Menufacturing on part time; steel at 45 per cent; storms in- Detroit—Hot weather stimulates retail trade; June auto production esti- Milwaukee—Heat wave affects shopping, but helps fans, refrigerators and light clothing; rain needed for crops. ' Chlc-?o—Ccm growing fast; oats damaged by heat; steel at 30 per cent; 1ive stock lower; grain prices mixed. supplies and hardware show upward Minneapolis—Retail trade fair, but retarded by extrexre heat: Summer wholesale lines improved: crop and Eastern Montana very bad. conditions in Western North Dakota St. Paul—Minnesota arnd East North Dakota crops good; West North Dakota poor; retail trade equal to last year. Duluth—Business only fair; tourist season on in force. Omaha—Door-to-door service helps does not stimulate retail buying. Des Moines—Business lags, but heat railroad shipments; large advertising helps corn. Kansas City—Flour mills 65 per cent, against 200 per cent la: year; Wwheat 35 to 37 cents on farms; retail trade llight‘l’y better. et Baltimore—Summer dullness pronounced in industry; retail trade bettor. APPROVAL OF OIL PRORATION POLICY MAY By the Associated Press. DALLAS, Tex., July 3.—A swing of public opinion in favor of production proration in the East Texas oil field, largely induced by fear of water in- | trusion in many wells and low market prices, was seen as the most encourag- ing factor of this week by observers of the industry. There was little lessening of drill- ing and prospecting activity in the field, & new and menacing giant or. the world oil market horizon, as the Texas Rail- road Commission deliberated at Austin before setting the proration allowable figure for July. Seek Special Session. Operators still were disputing as to the proper method of proration and the allowable figure that should be set. Many still besieged Gov. Ross Sterling with requests for a special legislative session to enact laws giving the Railroad Commission “teeth” for enforcing its proration orders, heretofore boldly dis- regarded by many East Texas produc- ers. But all seemed to agree on one thing—that unrestricted production was unwise and that, due either to hasty and careless drilling or to uncurbed flow, many wells faced the danger of ruinous water intrusion. Already the changed sentiment among operators, in favor of reduced produc- tion, had been reflected in production figures for the week, the total of 359,704 barrels daily reported by the Oil and Gas Journal showing a decrease of 11,658 barrels daily from - production T Pittsburgh—Iron and steel production no better, but buying interest great- ly improved. ASSIST INDUSTRY | figures of the preceding week. This fig- |ure though, still was far in excess of | the 150,000 daily allowable set by the | | Railroad Commission. ‘Two large wells which blew in last | week and caught fire. the Bell and | Graddy-Stumpfl, near Kilgore, and the Tulsa Oil Co.’s O'Quinn well, near Over- tion, still blazed unchecked despite the ingenious efforts of expert fire-fighters to | extinguish them. A large gasser brought |in by the Texas & Pacific Railway on | city block 49, in the edge of the town | | of Gladewater, was subdued Saturday |only after it had threatened the town | with a blanket of gas, bringing fear of | another fire such as that a month ago at the Sinclair No. 1 Cole, near Glade- water, which cost nine lives. Drilling Permits. | _ Continued activity in Gregg and Rusk Counties was reflected in 59 drill- |ing permits taken out quring the week | Activity in the Longvew district was | featured by the blowing in of the T. & P. gasser at Gladewater, the comple- | tion of five other tests and coring of | sand in numerous others. The Magnolia | Petroleum Co. reported five completions, three in the Lathrop area and two in the Kilgore pool |, Opening %f a new West Texas pool in Gaines County was seen as a_possi- bility after the Lancreth Production Co. No. 1 Nick Alley showed 3.000,000 | cubic feet of gas, with some oil. The | pool of Eastern New Mexico. New York Cotton Special Dispatch to The Star. NEW YORK, July 3.—Under the in- fluence of a strong stock market and only limited relief in dry secticns of the cotton belt, prices on the Cotton Ex- change advanced sharply over 30 points today, ending with a gain of 31 to 34 points. ‘The market met very little cotton owing to uncertainty of weather over the holidays and the more favorable outlook for the cutcome of the Paris conference on the debt moratorium The list closed at the top. Spots were advanced 35 points to 10.35. Cotton range: 0 Dzcember January March May Markets at a Glance NEW YORK., July 3 (. —Stocks strong; U. S. Steel leads rise. Bonds strong; foreigns and rails gain. Curb strong; utilities active. Foreign ex- changes steady; sterling firm. Cotton higher: firm cables. Sugar easier: Cu- ban selling. Coffee lower; trade selling. CHICAGO, July 3 (#).—Wheat easy: weak cables. Corn lower; large Argen- tine exports. Cattle firm. Hogs higher. POTATO MARKET. CHICAGO, July 3 (#) (United States Department of Agriculture). —Pota- toes—Receipts, 18 cars; on track, 155 cars; total United States shipments, 1,181 cars. Dull, trading rather quiet. Sacked, per hundredweight: Southern Bliss Triumphs, no sales for slightly over freight or even less; occasional sale sound Louisiana, 1.40a1.60; few sales Eastern Shore of Virginia barrel Cob- blers, 2.85; poor grade cleaning up. b o METAL MARKET. NEW YORK, July 3 (#).—Copper quiet; electrolytic spot and future 8l4a 9. Tin firm; spot and nearby 26a37; 26.62. 1Iron steady and un- changed. Lead quiet; spot New York, 4.40; East St. Louis, 4.22. Zinc firm; East St. Louis spot and future, 4.00. Antimony spot, 7.00. future, Scotland expects a shipbuilding re- vival this year. : : || Grain Market | By the Associated CHICAGO, July 3—Faced by prospec- | tive big arrivals of newly harvested | domestic wheat next week, _grains sagged today from start to finish. Al- most 20,000 cars of new wheat were reported ArTiVIg at the market center during the last five days. Liverpool quotations on wheat closed within a | fraction of the lowest point this season, and only 3 cents higher than Chicago. Wheat closed unsettled, 12 to 1'g cents lower; corn, %, to 75 down: oats, a to 1 off, and provisions at 2 to 7 cents setback. WHEAT- Drember eember CORN— July September . December . September December Brokers’ Comment NEW YORK, July 3.—Little change in the stock market is anticipated by tion is settled. Lamborn Hutchings & Co.—As soon as the six months’ earnings reports are out of the way it seems likely that much of the interest which usually at- taches itself to the motors will beceme increasingly evident in the tire stocks, due to the genuine stimulus now being felt in the industry. E. F. Hutton & Co.—It seems to us that only after the foreign situation is settled will it be possible to judge whether the market can go ahead and disregard the forthcoming second quar- and dullness. Winthrop, Mitchell & Co—We be- lieve that France will ratify the Hoover debt holiday plan and that stocks will go higher. Jackson Bros.,, Boesel & Co.—In view of the indications of an increase in the short position we would look for a sharp rally in the event that announcement is made that the French objections to the Hoover debt plan have been with- drawn. A reasonable compromise would also be construed as bullish, we believe. STOCK AND BOND AVERAGES. By the Associated Press. FRIDAY, JULY 3. STOCKS. 71 wars Last sale. . 3% '35 Western Maryland Dairy pfd ‘BONDS. ‘Electric Rwy 6! 100 g Tt oy, e MONEY MARKET. NEW YORK, July 3 243 8% 1d A 105% 26 2 .—Call money Time day. 1%81%; 3-4 gt Shah ke S unchanged. 1929) *New 1931 High. (Cioysist, 50 Industrials. 20 Utilities. 1711 test is 12 miles southeast of the Hobbs | brokerage houses until the debt ques- | ter_ Teports or elapse into irregularity | INSURANCE FIRMS SEE BETTER TIMES ‘Prosnects for Latter Half of Year Are Declared Much Brighter. BY ROLLIN M. CLARK. With the first half of 1931 now his- tory, the nsurance bustness fids itself | in a far more encouraging situation to- | day than it did at the beginning of the ! . Prospects for the second six months of 1931 are considerably im- | proved, particularly in the investment {side of the business. Two recent developments, both en- tirely extraneous to insurance itself, have renewed optimism on the part of company executives. First came the application of the rail carriers for a 15 {per cent increase in freight rates to cheer companies whose investment | portfolics contain large holdings of railroad 5. Then followed the President’s proposal for a moratorium |on reparations and war debts, with the ensuing rise .n stock market values. Rail Holdings Large. More than $3,000,000,000 of life in- surance reserves are invested in rail- read securities and fire and casually | confpanics also have large rail holdings. | Tt is obvious that insurance as a whole { wiil lend full support to the rail car- riers in their plea for increased revenue. The recent stock market recovery has | been distinctly heartening to fire and casualty companies, which are large holders of sound stocks. It has added dollais . ticn of 5 most on the filing of semi-annual state- illustration of the importance of appreciation in assets is the Trcas s of mey W ne Federal Gover: This list, compiled semi-annual mber 31 and June 30, limits the risk that a company may assumoc er a single bond to 10 per cent of capital and surplus. of the | States have adopted the Federal stand- | ard and will not permit bonding con: | panies to exceed the 10 per cent lim: v bogd. itten within the | sure Ib | my | Pinchot having signed the measure just |a few days ago. Underwriting is pected to Tag < | business rec but many ins executives b e that the end of the depression is in sight and are laying iplans to obiain a greater premium f§ { volume when available. | Other Factors. | In the meantime a number of other | factors seem to be working to the ad- | ventage of the insurers. State officials | have recognized the crisis existing in t mpensation field. so h t bz opposed from {that quarter. Several States are taking | the offensive ageinst rate cutting and ircbaung. end if their efforts are as | improvement what behind L4 successful as their seriousnzss indicates {the majority of the companies which | have not engaged in these practices will stand to profit by their refusal to dis- | criminate between insureds. { Recent economics effected by the in- { surers are likely to prove their real rth as premium volume. picks up. The companies which were prepared for the slump and put their houses in order at the outset should reap their harvest in the months to come. (Copyright, 1931). Special Dispatch to The Star. BALTIMORE. Md.. July 3.—Potatoes, new, barrel, 1.00a2.00; beans, h 5921.10; asparagus, per dozenm, T beets. per 100, 1.00a1.50; cabbage, bushel, 60a80; carrots, per 100. 3.00a 00: cucumbers, hamper, 40a60: egg~ plants, crate, 150a2.50; lettuce, bushel, lima beans. bushel, 2.50a3.00; 0; onions. p crate, 50a1.25; spinach, bushel, 60a75: squash, per bushel, 50a80: tomatoes, erate, 70a1.75; apples. bushel, 50a2.50; pples, per bo: cantaloupes, per crate. 758 cherries, per pound, 3al0; grape- iit, per box, 1.00a2.50. Dairy Market. Poultry, alive—Chickens, 3 33; old hens. 17a22: Legh ] . 12a14; ducks, 15222; pigeo , 2082 1,022 cases; current » Good end fancy, creamer: 22a26; ladles, 17a18; rolls, 16al process, 19a20; store packed, 14al5. Hay and Grain Prices. Wheat—N. 2 red Winter, export, no No. 2 red Winter, garlicky, July, 55. |~ com—No. 2 domestic, yellow, 74a75; cob_corn, 3.25a3.50. Oats—White, No, 8 i 38a39; No. 7a38. Rye—Nearby, 60265. | Hay—Receipts, 13 tons. While re= i ceipts of hay are ample for all requirs- | ments, there is no surplus of heavy | clover mixed being ordered. Such grades will bring a premium of $1 to $3 a ton, | depencing on the amount of clover. | Pair to gcod timothy ranges from $24 to $26 per ten. Live Stock Market. Cattle—Receipts, 250 head; light sup- ply: market steady. Steers—Choice to prime, none; good to choice, 7.25 to 8.00: medium to good, 6.50 to 7.25; fair .to_ medium, 5.75 to | 6.50: plain to fair, 5.25 to 5.75; common | to_plain, 450 to 5.25. : ! " Bulls—Choice to prime, none; good to | choice, none: medium to good, 4.50 to 5.00: fair to medium, 4.00 to 4.50; plain | to fair, 3.50 to 4.00;, common to plain, 3.00 to 3.50.° Cows—Choice to prime, none; good | to_choice, 450 to 5.00; medium to good, 400 to 450: fair to medium. 3.50 to | 4.00; plain fo fair, 250 to 3.50; com- { mon to plain, 2.00 to 2.50. Heifers—Choice to prime, none; good 4 e, none; medium to_good, 6.00 fair to medium. 550 to 6.00; 50; common to cceipts, 700 head; light sup- ; market higher; light, 8.10 to 8.35; ies. 7.00 to 8.00: medium, 8.00 to 9 825; roughs, 4.25 to 5.70: light pigs, 8.00 to 8.20: pigs, 8.00 to 8.30. Gfll‘;{?es}l cows and springers, 30.00 to Sheep and lambs—Receipts, 600 head; light supply; market steady; sheep, 1.00 10 2.50; Spring lambs, 4.00 to 7.50. Calves—Receipts, 125 hea i ;uo%ply: market steady; calves, TREASURY CERTIFICATES. (Reported by J. & W. Seligman te_—Maturity. Sept. 15, 1931 100 7 3Eba R S, 1033..... 303 100 i 100 . 18, 100 . 15, 17-32 28-32 The bulk of Fall orders for boys’ wear, which have been delayed longer than during any previous season, is expected to be placed during the current and next months, trade repnb:u &l&e. Fal' buying of better curtaius cpened in the New York market this week when buyers returning from theg curtain show in Boston placed substs: ' tial or . The bulk of business, it wos sald, wes plaged on “ce cusisins of 000 Tnsull ML 6: 1040, Copyrizht, 19310, 82Y; bankers’ aatural and ecru shades. { 1

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