Evening Star Newspaper, July 22, 1931, Page 14

—14 xx¥ U1 5. GOLD STOCKS - GAIN $200.000.000 Interest Rates Have Re- mained Low as Credit Base Expands. BY CARLTON A. SHIVELY. Snectal Dispatch to The Star. NEW YORK. July 22—When finan- cial crises occur in Germany, Hungary, Austria_and in s:me of the South American countries, peopl> i this coun- try are prone to forget their own sus- tibility to financial fright. Crpdit panics age far from rave in the United Stats, however phlegmatic w2 may consider curselves 2s compared with cther nations. “Some interesting figures are published by the Federal Reserve Board on the «fTect of bank failures and fear of fail- urcs on the public mind. In the past two months the gold stock of this coun- try has increased more than $200,000,- €00. In a sinzle week $90,000.000 was added t) our ho'dings, partly. through importation of the metal from Germany, Scuth America and the Orlent and partly through release frof eirmark at the.Federal Reserve. Bank. Releas> from earmark means that the reserve bank had set acside—in effect, packed for shipment—gold b-ught by some for- eigner and that this goid was resold by the forcigner and returned to that sec- tion of the reserve bank vaults where ils own metal is storei. In practice this is usually a bookkeeping transac ticn, but the effect on credit 5 the same. A gold release from earmark adds to bank reserves the same as a shipment rom abrczd and vice versa. Credit Demand Siack. Had it not been for this immense ad- dition to gold here, the Federal Resrve Banks would have been obliged to pump credit into the money market, else interest rates would have risen. In this period the demand for credit did nc increase, since trade continued slack, but bank depositors withdrew ~their money on a large scale in scme parts of the countr; were spreading. Bankers figure that each dollar of goid imported adds sufficiently to bank reserves to provide bank loans of from $10 to $13. ‘That is to say. bank credit can be expanded more than a billion dollars when ad- dition to gold stock reach a hundred million dollars. The gold additions of the past two months widened the credit base by more than two billions. When potential crodit is thus in- ereased interest rates tend to go down, since the banks to _employ their dit-making powers. This Summer money rates have been low, but fairly in spite of so much 'increase in rgely because of the offset in ney circulation. A commercial k must keep a reserve against cur- in circulation. The bulk of the ating medium consists of Federal erve notes and gold certificates. he lattor must be backed dollar for dollar with gold at the Reserve banks. | Reserve notes require only a 40 per cent gold reserve. Thus a dollar of imported usually permits an in- cresse of more than a dollar in cur- rency circulation without tending to stiffen money rates. Autumn Aetivity. ‘e ween the end of March and the of June currency in_eirculation 0,000,600, almost offsetting_in efiect the gold imports. The alance cf these two items ex- plains why our gold imports have not brought_inflation. Our apparent in- flation has not really been that, since the increase came solely from deposit withdrawals in the Chicago district and other tions of the where bank failures were numercus in that period. As confidence in the banking structure returns to mnormal an casier period in money is in pros- pect, unless offset by a pick-up in trade. Ordinarily the Autumn activity brings a considerable rise in credit and currency in use. (Copyright, m OS2 credit nea 1931) Baltimore Marke pecial Dispatch to The Star. BALTIMORE. Md. July 22—Po- tatoes, new, barrel, 50a1.50; sweet po- tatoes. bushel, 2.00a3 beans, bushel, 50a1.25; beets, per 100, 1.00a1.50; cab- bage, bushel, 40a60; carrots, per 100, 2.00a3.00; corn, per dozen, 6a25; cu- cumbers, hamper, 10al5; eggplants, hamper, 1.50; lettuce, per crate. 1.00a lima beans, hamper. 1.25a150; e, 2.00a2.50; peppers, . onions, per 100 pounds, peas, per crate, 6.00a6.50; per bushel, 20a3 < ; cherries, per per crate, per quart, 20a50; curran Dairy Market. Poultry, alive—Chickens. young, 20a 33; oid hens, 18224; Leghorns, 12al7; ducks, 15a22; pigeons, current —Receipts, 1.456 ca s, firsts, ts, 18a19; hennery w er—Good and fancy. creamery, ladles, 17a18: rolls, 16al7; i store packed, 14215. Hay and Grain Prices. 0. 2 red Winter, export, no No. d Wintar, garlicky, July, 51',; August, No. 2 red Winter, gar- ; No. 4. 49; No. 5, 47. domsstic, 72; cob rrel. dom? . 365 Wheat quctations whit 40245. none. General hay Roceipts ample .and nent, . Compctition urage making itself fclt. Fair to good timothy and clover mixed hay (old), ranges from 18.00 to 20.00 pe: ton. tion very unscttled. Straw—No. 1 whea ton; No. 1 oat, 12.00a Live Stock Market. Cattle—Receipts, 75 head; light sup- ; market steady. Steers—Choice to prime, none; good to choice, 7.2527.75; medium to good, 6.60a7.25; fair to medium, 5.75a6. plain to fair, 5.25a5.75; common plain, 4.5025.25. Bulls—Choice to prime, none; good to choice, none: medium to good, 4.502 5.00; fair to medium, 4.00a4.50; plain to fair, 3.50a4.00; common to plain, 3.00a3.50. Cows—Choice to prime, none; good to none; medium to goad, 4.00a 50; fair to medium, 3.50a4.00; plain to fair, 2.30a3.50; common to plain, 2.00a2 50. Heifers—Choice to prime, none; good to choice, 6.50a7.00; medium' to good, 6.0026.50; fair to medivm, plain- to fair, 5.00a5.50; plain, 4.5025.00 Hogs—Receipts, 250 head; light sup- ply, market spotty; light, 8.15a3.4 heavies, 6.7527.75; medium, 8.1528.4! roughs, 4.7526.00; light pigs, 8.00a8.25; pigs, 8.4028.65. 5 Sheep and lambs—Receipts, 200 head; light supply. market steady: sheep, 1.0 22.50; Spring lambs, 4.0028.50. Fresh cows and springers, 30.00260.00. Calves—Receipts, 25 d; light sup- ply, market steady: calves, 3.50a9.00. 12.00212.50 per 50 ton. to Lambert Company. NEW YORK, July 22 (#.—The YTambert Co. reporter net profit of $3,372,529 for the first half year, equal t5 $4.77 a shave on .the capite]l stock. This compares with $3,764,349, or £502 a chare, in the same period of 1239, IMet for the second quartgr was £1462222, or $1.95 a share, 1,696,082, or $2.26 a share, where bank failures | Middle West, | ham- | Between seasons now and situa- | 5.3086.00; | common to | FINANCIALY NEW YORK STOCK EXCHANGE 3 THE EV Received by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. 1631 High. Low. 26% 10 22% 11 5415 40% 6% 1 104 3% 26 42% 654 108 30% 62% 12 1 14 14 Republic Steel . Reynolds Metals (2). Reynolds Tob B (3).. Richfield Oll. 1 Rio Grande Ol Rossia Insur (2 20). Royal Dich(n 89) 1 Safeway Stores (5).. 20 Safeway Stra pf (7). 40s St Joseph Lead (1).. 2 St Louis & San Fran. 1 St L-San Fran pf (8) 3 oard Alr Line... . 3 eab Air Line pf..... 1 Seagrave (60c). 1 Sears Roebuck (2%) 33 Secvel Ine. ... 24 Sharp & Dob 4 Sharp & Do pf At 1 16' Shattuck(FG)(11%) = 4. shell Unton 011 Shel) Un Oil pt (5%) Simmons Co. ... Simms Petroleum Sinclair Consol Ofl. . Skelly O o 2 uider Packing pt. outh Port Rico Suz. 12 ou P Ric Sug pf (8) 1508 South Cal Ed (2). 7 outh Pacific (6). 4 Southern Rwy (m6). 6 Spalding 1st uf (7).. 508 Sparks Withing (1). 5 tand Brands (1.20). tand G& E (3%). .. Stand Ofl Cal (h234) nd Oil of Kansas. tand Oil N J (12).. nd Ol N Y (1.60). erling Sec A . Sterl Sec pf (1, Sterl Sec cv pf 13) Stewart Warner. . b4l 25 Stone & Webster (3). 26 14'y Studebaker (1.20). . 1 118% 110 Studebaker Cp pf (7) 10s 45% 31 SunOli (11). 40% 30 Superheater 115 5% SuneriorOfl........ T 5 Tennessee Lorpiote) 18 Te: D (2)ivae s G Sulphur (3) Pac Land Tr. 0)econs b4'y 109 6 657 27 115% 111 18% 6 0% 14% B5Ix 314 8% 74 144 4 3 7 Texa 18l The Fair 33 Thermoid Co. 52 Third Aven 154 Thompson (I Tide Water Asxo Oil. Tide Wat As pf (6) Timken Roller (3) Tobacco Products « Tobacco Prod A 195¢ Transamerica (40c). i 6 Tri-Cont Cor | 9 Tri-Cont Corp pf (6) » Trico Products(214). con Steel (60¢). Twin City Rap Tran, Add 00. High. 51% ~Prev. 1931~ High. Low. 21% 9% 5% 40 13% 8% T2 A3% 26% 14 206% 137 87 83% 38% 20% 41% 31 28% 13 % 4 31% 164 62 dan 3% 2 3 12 67% 484 25% 3714 105% 98y, “31% 124 50 12% T 10% 6% 374 20% 36% 20% 3614 152% 150 42 31 o 714 51 27% 20% 46% 32 26 103 112 120. 121 19% 147 150% 3614 i 1073 119 40 47 Ung " % Unit Carl Unit Cor Unit Fruf U S & Foi % US Hofts Tndu: Leat) Leat] Pipe i US us Us us W US 7 S Real u u 136'% 24 1915 19 21 Wabash Waldorf West I 4 West Pa West Pa Western Western Western Western Westing Westing Westing Westvacy 361 31 Ba 874 6630 21 | | Woolw Wricley Yale & T+ 5% 2 % 11 % Insur Sh 10:30 A.M 1:30 P.M Dividend rates as given in the above table ar payments based on the | P part, 314 extra. 1Pl | 1ast year—no regular rate. 1314 | OF stock. {Plus 87 in 8 ! no regular rate. n Plus Stock and Dividend Rate, Add Ulen & Co (1.60) 4. ... -Ell-Fisher (5). Union Bag & Paps TUnlon Carb.& C 2.60 Un Ol of Cal (2) Un Pacific (10) Un Pacific pf (4) Unit Atreraft. Unit Biscuit (2 Unit Cigar Sto Unit Corp (76c) .. Unit Dyewood. Unit Electric Coal Unit G & Im (1. Unit G & Im pf (5).. Unit Plece D W (2). U S Gypsum (1.60).. P &F 1st (1.20).. S Rubber-. .. S Rubber 1st pf, U S Steel (7).... U S Steel pf (7)..... Univ Plc 1st pf (8).. Utl] P&L A (012.15) . % Vanadium Corpn... 8 Vulean Det (4). Warner Bros Pict. Warren Bros (2). Warren Fdy & P ( Wess Oll & Snow (2) White Rock MS t4% 39 | Wilcox Oil & Ga ogth (2.40 Worthington Pump. 5% Yellow Trick ith Radio. o Zonite Prod Corp (1) RIGHTS. Sales of Stocks on New York Exchange. in special preferred stock. Prev. Low. Close. Olose. 1% 11% 11 49% 49' B0% 12 12 13% 49% b0 51 16% 16% 17% 162% 162% 164 €5 85 85 ‘27% 27% 28% 3645 36% sa High. 1 Nk 4 50 3 12 87 51 16% 163% 8 28% 36% 15% 5 23% 50% 3 5% 581 29% 105% 21 | % 361y 114 30' | Tay 85t 23 1815 173% 14% 254 96% 1% TN 3 28% 34 | 315 5ln D Dt (3) it (4). 50 1 18 r Secu 'man..... st Alcohol. . her. h prp 4 &F(2).... ty & Imp(1) RR(A).... Sys (1%).. E1pf (8)... 408 99 | EI D (7)... 408 Pow pf (7). 10s Dairy B. 12 Ma. Pacific. Union (8).. ABa).... EI&Mfg (4) 157 E&M pf (4). 208 & 9 o Chlor (2). 8 | 1 5§ | 16 4 (Wm) (4).. owne (2)... Bl 2% 12% Expire. Del, Ank10 4, % 200,000 700,000 12:00 Noon. 2:10 P M 500,000 3 900.000 the annuai cash | arly declar, 0 stock. ‘a Paid | ¢ Payable in cash | s 2% In stock. ) Plus 50 cent instock. mPaid this year— test quarterly or hal % in stock. YPlus O b Payable in stock stock. h Pl k Plus 3 5% in stoc us 1 CORPORATION 1 REPORTS TRENDS AND PRCSPECTS OF | LEADING ORGANIZATIONS | | . NEW YORK, July 22.—The following |is a summary of important corporation | ! prepared by the Standard Sta- ist.es Co., Inc., New York, for the As- I'sociated Press: : . ..... News Trend. | Steel operations for the week ended {July 20 showed an upturn—the first in | four months—rising to a shade over 31 iper cent of capacity, compared with around 31 per cent Jast week, over 32 per cent two weeks %igo and 571 per cent at this time last year, according to Dow, Jones & Co. This increase was a result of United States Steel's gain, as the activity of the Independent com- panies_declined | Crude oil production dropped sharply, declining 97.850 barrels to a daily aver age of 2.446,800 barrels for the week | ended July 15, which compares with the | previous wesk's rise of 62,150 barrels to i daily average of 2,544.650 barrels, ac- cording to_the American Petroleum In- | stitute. The reduction was largely due | to the sharp curtailment in the output of Oklahoma fields, being somewhat |tempered by @ sizable increase in | production by East Texas and a slight rise in California. Gasoline stocks at | refineries declined 965.000 barrels to 37,377,000 barrels for the week ended | | July 18. The Companics. Bethlechem Steel cperations averag- ng about 33 per cent of capacity, & |new low rate. Briggs & Stratton June quarter com- mon share carnings, 41 cents, agall | |$1.07: six months, $1.07. against $2.0: Consolidated Film Industries June |quarter commen share earnings, 16 | cents, against 72 cents; six months, 81 | cents, against $1.55. General Electric June quarter com- mon share earnings, 37 cents, 2gains icents; six months, 75 cenis, agal | $1.01. * oilander (A) & Sons, Inc. common chare earnings <ix months ended June |30, $2.16, against 95 cents. International Business Machine June | quarter common share earnings, 52 | against $2.77, after adjustment fo | per cent stock dividend. | Ieland Creek Coal—First half output totaled 2,002,038 tons. | McKeesport Tin Plate common shate earnings six months ended June 30, $4.23, against £5.04. { \”"Peitect Circle June quarter common share earnings, $2.27. against §1.44; six months, $3.04, against $3.26. | Park:-Davis & Co—First half sales {off 3 per cent. | war?:»Arro\v Motor Car Co.—Passed quarterly dividend on class A stocl paid 25 cents June 1. | | Union Pacific Railroad June gross off 12.8 per cent; nct operating income off 1231 per cent; sx months off 9 per| | cent; net operating income coff 28.8 per | | cent, | U 8. Leather deficit, months | |ended Junc 30. $666,204, against net | income '$196,187, equal to $1.34 a com- | I'mon share. U. S. Stecl—Production estimated at | 133 per cent of capacity, against 31 per | cent wesk ago, 3215 per cent two weel | ago and ncarly 64 per cent a year ago. | | U. 8. Realiy & Improvement—Un- | |filed orders of subsidiary, Fuller | | (Georg> A.) Co.,on June 30 totaled $21.- | | €09,000, "against '$31,283,000 December | 31 1930. . i virginia Iron, Coal & Coke nct in- | come, six months ended June 30, $93,- . 681, equal to 43 cents a common share, | against deficit $110,219. | “Warner Bros. Pictures, Inc.—Court | holds talking picture equipment of Pa- | | cent type infringes on patents embodied | |in Western Electric scund system. A | number cf this company’s units use : Pecent apparatus. 3 Wilcox Rich Corporation first-quarter I net income $158,772; six months, $298,- 1 416. ; ) Brooklyn & Queens Transit—Prelim- inary common share earnings year !ended June 30, $137, egainst $1.79 | earned in- preceding like period; June net inccme off 14 per cent. | Brooklyn-Manhattan Transit — Pre- ! Jiminary common share earnings year | ended June 30, $8.09, against $7.69 earned in preceding like period; June | | met income up 16.2 per cent. Burns Bros. — Small siockholders, charging mismanagement, file receiver- ship suit in Federal Couw. Congoleum—Nairn common share earnings. six months ended June 30, 42 cents, against 40 cents. Copeland Preducts, Inc., July sales reported 25 per cent above year ago. General Motors Corporation 1931 ex- ports to date reported 25 per cent below same 1930 period. Interlake Iron—Deficit six months ended June 30, $195,307, against net inccme, $1,297,538, equal to 65 cents a common share. . . Lambert Co.—June quarter common share earnings, $295, against $2.26; six months, $4.77, against $5.02. ‘Waldorf System, Inc.—Common share carnings. six months, ended June 30, | guarantees | from parent company and Arkansas | June quarter common share earnings | 30 approximately $1.56, against $1.52 | duced from 23, to 2 per cent. 2.28, against $1.24. s‘Amo:m—Deflc\l six months ended June 30, $258,657, against deficit, | 543,249, Brazilian Traction Light & Power— | June gross off 21.6 per cent, net off | 17.8 per cent; six months off 22.8 per | cent, net off 19.3 per cent. | Motor products—June quarter com- mon share earnings, 84 "cents, against 88 cents; six months, $1.31, against | $3.05. Pudget Sound Power & Light June | gross (including subsidiaries), off 5.2 per cent, net after taxes off 9.9 per | cent; 12 months, gross off 2.4 per cent, net after taxes off 6.6 per cent. Atlas Powder June quarter common share earnings, 40 cents, against 92 cents; six months, 43 cents, against $1.74. _ City Ice & Fuel common share earn- ings, six months ended June 30, $1.19, against $1.41. Consolidated Gas of New York—New Rochelle sceking to bring about revisfon of rates in the city charged by West- chester Lighting, subsidiary. Copeland Products, Inc., common share earnings, six months ended June 30, $5.10. | Empire Steel—J. D. Waddell, formerly | vice president, reported arranging to buy company’s Waddell plant in Niles, Ohio Gillette Safety Razor third-quarter | earnings not expected to exceed average of 48 cents a share of first two quarters. Maytag Co. June quarter $3 prefer- are earnings, 50 cents, against i six months, 86 cents, against 54.01. Paramount Publix reported next divi- | dend may be paid in stock because cf demands on current assets resulting from repurchase of common stock under | given with property pur- | chase agreement. | Powdrell & Alexander first half year | common share earnings $2.42 vs. $2.25. Radio-Keith-Orpheum reported pres- ent program will keep studios at ca- pacity for at least four months, Reading Co. to increase service 31 to 71 per cent with beginning of electric operation July 26; expects to cut run- | ninz time 15 to 25 per cent. Richfield Ol of California—Court ap- | proves contract for purchase of gasoline requirements by New York subsidiary Natural Gas. Atlantic Refining deficit 6 months | ended June 30, $4,013.000 vs. net in- | come $2818,823, equal to $1.05 a com- mon share. Hercules Powder June quarter com- mon shares earnings 53 cents, against $1.11; six months, 55 cents, against $1.99. Union Carbide & Carbon June quar- | ter commen share earnings 50 cents against 70 cents; six months, $1.01, against :$1.42. Cempbell Wyant & Cannon Foundry 45 cents, against 73 cents; six months 85 cents, against $1.68. Continental Oil Co. posts flat price of 40 cents a barrel for all grades of crude in Kansas, Oklahoma and North Texas; company formerly paid prevail- | ing scale of 10 to 22 cents. Lily Tulip Cup common share earn- ings 12 months ended June 30, $3.14. Monsanto Chemical Works commcn share earnings six months ended June earned in like 1930 period. Swiss American Electric class B com- mon share earnings year ended April 30 62 conts, against $1.11. Tietz (Lecnard) A. G. common share earnings year ended January 31 $2.19, against $2.77. CHICAGO DAIRY MARKET. CHICAGO, July 22 (#).—Butter— | Receipts, 8,972 packages; unsettled; | creamery specials (93 score), 2412a25: extras (92 score), 24; extra firsts, (90- 91 score), 23a23V, firsts (88-89 score), 21':2221;; seconds (86-87 score), 19a 20; standards (90 score centralized car lots), 24%,; Eggs, 9,024 cases; steady; prices unchanged. INTEREST RATES REDUCED. OTTAWA, Ontario, July 22 (#).—The Ottawa Evening Citizen yesterday said Canadian banks have issued a notice to the customers that the interest on current accounts is to be reduced from 2 to 1': per cent, effective August 1. Interest on accounts calculated on the minimum monthly balance is to be re- A bal- ance of not less than $2,500 free from intersst is to be maintained. METAL MARKET. NEW YORK, July 22 (#— Cepper steady; electrolytic, spot and future, 8. Iron quiet, unchanged. Tin easy; spot and nearby, 24.50; future, . Lead steady; spot New York, .40; East St. Louis, 4.22. Zinc quiet; East St. Louis spot, 3.90; future, 3.95. Antimony, 6.75. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Rate_Maturity. Bid. 2,45 Sept. 15, 1tos Sept 17as Dec. 13, 1931, 1795 Dec: 15, 25 Mar. 15, “3%2s Dee, FOOD CONSUMPTION HOLDING UP WELL' Industry’'s Earnings This Year Expected to Come Near 1930 Figures. | Special Dispatch to The Star. NEW YORK. July 22—Domestic consumption of food is unlikely to de- | cline this vear, and no new difficultes of major importance arc expected for the industry, according to a survey by | the Standard Statistics Co,, which con- | ‘_ones, in part: | *A moderate loss of volume will be ervorienced i many food lines, because of the obvious shift of numerous con- sumers to cheaper brands and types of foods, with the higher-priced, semi- luxury and keenly competitive brands uffering most. Improved profit margins will, in’ some instances, largely offset the decline in unit sales. ! “Producers of package goods, dairy| products, biscuits and soft drinks likely will earn nearly as much this year as last. and there will be exceptional ex- amples cf income expansion. Fruit and vegetatle canning and bread baking | concerns. depressed by excessive produc- tion and competitive practices, will make poor showings. Conditions affect- | ing the packers, however, probably will | begin to mend after distribution of the 1930 crop has been completed, thus re- versing the trend of profi | EAI;NINGS REPORTED, NEW YORK, July 22 (#.—Commer- cial Solvents Corporation today report- | ed for the June quarter net profit of | $644.799. equal 0 25 cents a share on | the common stock, compared with $747.- 025, or 30 cents a share, in the corre- sponding quarter of 1930. William Wrigley, Jr.. ‘Co.. including | subsidiaries, reported for the June quarter net profit of $3.057,222, equal to | $1.53 a share, compared with $2,365.- 961, or $1.18 a share. in the preceding ouarter. No comparison is available with the like period of 1930, as this is the first year the company has reported | quarterly earnings on a consolidated basis. | The Marion Steam Shovel Co. re-| ported for the six months ended June 30 net loss of $148.647, compared with the net lass of $108,731 in the first | half of 1930. | Atlantic Reflning Co. reported for the ' irst half net loss of $4,013,000, against net profit of $2,818,823 in the first half last vear. | Hercules Power Co. earned 55 cents a | common share in the first half this year, ompared with $1.99 on the first half last year. Lane Bryant. Inc., and wholly owned | subsidiaries today reported for the fiscal year ended May 31 net income of $227,- 503, equal to $1 a share on the com- mon stock, compared with $632,616, or $4.09 a share, in the preceding fiscal year. For the six months ended may 31 net income was $181,467, equal after preferred dividends to $1 'a share on ! the common, while in the preceding six months net income failed by $290 to meet dividends on the preferred. Uruguayan Peso Lower. MONTEVIDEO, Uruguay, Ji —Reflecting the_ unsetiisd world Tacny t!:!hl situation and the deerease in ruguay’s exports, the peso has to 51.50 cents, Unitsd s?:"s }’:‘I':nef;.fl!n The National Administrative Council has called a special session with the minister &: finance to discuss measures to meet the nsxt forelgn debt services. New Automobile Official. NEW YORK, July 22 (#).—Harry B. Harper has been elected vice president in charge of sales of the Willys-Over- land Co., effective August 1. Mr, Har- per recently has been associated with Alr-way Electric Appliance Co. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co ) Allis-Chalmers Co. 5s 1937.. g{q) %7;‘: American Metal 5'>s 1934, 0 ' 178 80 American 1. Tel. 5las 1943 1101, Baltimore & Oplo 4'; 1833 100 Batavian t, or‘f 4los 1042, 943, Bell Tel. of ‘anada 5s 195 . 106% g-m%‘mn . Corp. z"“zl} . 90 ‘anadian Nor, Rwy. 413s 1935° 10 I Northwestern K. R8s 1833 10135 Chicago Rack Island 4s 1934.. 931, g‘hlle Cg T ('Au Mdl. . nver io Grande 4'.s 1936 ‘a2 Gen. Mot Accep. Corp. 6s 1937 104 General Pet. Corp. 55 1940 2 Gene Goodyear T. & R. 53 195° Grand_Trunk of Canada Gulf Oll of Pa 85 1937, Humble. Oll 5.5 1932, R a New York, Chi. & St. L. 65 1932 943 Portland Gieneral Elec. 5s 1935 103 Repunlic Tron & Steel 55 1940. 97 Sinclair Crude Oil Co. §'us 1938 Jo2% B AR R 08 Ry & 1 99 tric_Co, ‘88 154 i Wheeling Steel Corp, 8'as 1 | stocks, | Barber I BONDS ARE LOWER IN QUIET MARKET Principal Losses Occur in Ar- gentine List—Other For- eign Issués React. BY F. H. RICHARDSON., Special Dispatch to The Sta: NEW YORK, July 22.—Bonds were lower today in qulet trading. The chief losses were in the Argentine list, where selling was quite heavy owing to the meager reports reaching New York re- garding the revolution in Corrientes province. Local bafikers stated that advices to them from Buenos Afres did not claim that the uprising had been suppressed and the government communique was distrusted. Argentine 6s dropped 2 to 3 points, most issues going below 80 for the first time since the bad break in June. This influence, together with the lack of any definite news from the London Conference, resulted in general weak- ness in the South American list. Chi- lean and Colombian bonds were off a point or more, Uruguay 6s dropped 3 points. Brazilian government bonds were a point lower and obligations of the states of Sao Paulo and Rio Grande | Do Sul were substantially under Tues- day’s closing prices. German issues were off 1 to 2 points at the start, following weakness in London, Berlin and Paris. Young plan 5i.s were most active and were sup- ported around 63, off over 2 points on the day. Dawes Reparations dipped under 90 again and there found a level at which bids about offset offerings. Some_ of the German Municipals lost 1 to 3 points of their recent recoveries. German Industrials and Utilities, as on ‘Tuesday, had a lower trend. The big- gest losses were in United Steel Wcrks 6'.s and German General Electric issues. The one strong spot in the foreign department was in the Australian list, where firming wheat prices and a bet- ter tone in Australlan exchange fol- lowed the agreement of Premier Lang of New South Wales to co-operate in eflcrts to resume payments of external debt service by his State. Queensland 6s were 3 points higher. Australian 5s | were firm. New South Wales obliga- tions gained a point,or more. Rising feeling in China against Ja- pan, as evidenced by cables from Hongkong telling of Chiang Kai-Shek’s offer to lead a united China against Japan in Korea, was reflected in de- clines of a point or more in Yokohama 65, Tokio 5'5s and Toho Electric Power 6s and fractional declines in Japan 51:s and 61:s. In the domestic list railroad bonds were_fractionally lower in the case of the high-grade and off 1 to 2 points in the junior section, owing to Wall Street's increasing conviction that the freight rate increase will be o de- layed, if granted, that it will not be of any use to the carriers marketwise this year. Industrials were lower with especially Texas Corporation 55, American I G. Chemical 5'2s and Vanadium 5s. New bond ‘offerings amounted to about $17.500.000, all of the highest grade of securities. FOREIGN EXCHANGE. uotations furnished by W. B. o Nomina! gold Sel! value da S6BEES §4.847sc 3917ac 3913,c D 139ic 13.92¢ . 2382¢ 5 26c London, pound Paris. franc Brussel 8226 """ 1942c Vienna. schilling Budapest. pengo .. Prague. crown (nom.) Warsaw. zloty Copenhagen. crown.. Oslo. _crov Stockholm, rown 26.70¢ Washinigton Stock Exchange SALES. Capital Traction Co.—10 at 43, 10 at 43, 20 at 43, 10 at 43, 30 at 43, 1 at 43, 20 at 427, Wash. R. & E. pfd—10 at 9975, 100 at 997 | Coml. Natl. Bk.—10 at 21215, 10 at 212. Federal Storage pfd.—10 at 110. AFTER CALL. Pot. Elec. 6s 1953—$1,000 at 110. $1,000 at 11015, $1,000 at 11014, $1,000 at 110%. ¢ Pot. Elec. 5!2% pfd.—10 at 1111, 10 at 11135, 10 at 111, 50 at 11175, Pot. Elec. 6% pfd.—10 at. 1131 Natl. Savgs. & Tr. Co.—10 at 390, Bid and Asked Prices. BONDS. FUBLIC UTILITY. Amer. Tel. & Tel 4%s '39 Amer. Tel. & Tel. ctl. tr. Anacostia & Pot’ R. R. 5. Anacostia_& Potomac guar. 5 C. & P. Tel. of Va. 55 ‘ Capital Traction R, R 580 City & Suburban 5s Georgetown Gas 1st Potomac Elec. Potomac_Ele. Wash.. Alex. & Mt Washington Gas 4! Washington Gas_5s Wi series A series B. Elec. 45 MISCELLANEOUS. & Ross, ™nc., Blas . Chevy Chase Club 3izs Columbia Country Clu} D C. Paper Mig. 65 W.. M. Cold Storage 5 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9). Capital Traction Co. (4} h' Gas Lt. Co (18), c W. Steamboat (12 Bid. Asked 130 515s N. Pot. Elec. Power § Pot’ Elec. Power 5 Wash. Rwy. & El. com. 3 Wash, Rwy. & Elec. pfd. (3). NATIONAL BANK. Capital (14) Columbia_ (1 Commercial District (8)..........-.. Fed.-Amer. ‘Natl. Bk & Tr. Liberty (7§)... Lincoin (12)" " Metropolitan. (14) RIEES (155)....... Second- (9e) ... Washington (13)..."" TRUST COMPANY. Tr. Co. (15) Tust (6)... : & Tr. (2B, Prince Georges Bk. & Tr. (6). Union Trust _(8s) L 2 Wash. Loan & Tr. (14).. SAVING BANK. Bank of Bethesda (6%) Com. & Savings (10)... East Washington (12) Potomac (10).......... . Sec. Sav. & Com. Bk (17) Seventh_Street (12). United States (30). Washington Mechani FIRE INSURANCE. American (12 Corcoran (10). PFiremen's (8)....... National Union (15). . TITLE INSURANCE. Columbia (6h).. H 1002 Real Bstate (8., ... .00 160 MISCELLANEOUS. Barber & Ross, Inc.. com. Col, Sand & Gravel pl % D. C. Paper Mfg. pid.. el . Natl. Sec. pfd. ( LT B, . Bromo-Selz . 3 7 100 (siamped) {10 Amer Sec Continental Natl. Sav. Pl 75 500 6307 £ 13 Tr. & Stge. com. Mer. Tr. & Stge. pfd. ( Mergenthaler Lintotype (6) Natl Mige. & Inv. pid. (| oples Drug Sto. pfd. (61) al Est. M. & G. Dl Security ‘Storage (de)... . Ter. Ref. & Wi *Ex dividend. bBooks closed. nase extra, & i s elizn extra, { ) NG éTAR, WASHINGTON, D. €, WEDNESDAY, JULY 22, 193® Lo sonc BONDS srocx sxcnncr] FINANCIALS Received by Private Wire Direct to The Star Office UNITED STATES. (Bales are 1n Rales. ‘High. Low. Lib3%832-47.. List4is32-47, L4th4%s33-38 61 105 US3%s'49 US3%s40- U S 45 44-54.. US4%s47-52.. Abit/bl P& P 6863 Allegheny 65 '44... Allegheny 58 ‘49... Alleg Corp 68 '60. .. Allis-Chalm 6s ‘37 Am Ag Ch 7%84 Am Chain 65 '33. Am F P 68 2030.... Am1G Ch5%s"40, Am Int Cp 6%8 49 Am N Gas 6%3 "4 Am B&R 18t 58 '47. Am Sug Ref 63 '37. Am T&T cv 4%8°39 Am T&T 6865 'Am T&T ¢ tr Am T&T 585 £°60.. | Am T&T 6%s 43... 2 AmWat Wk 63 75.. Argentine 53 45... Argentine 63%s Argentine May . Argentine 65 Ju ‘69 Argentine 6s Oc 59 Argentine 63 A ‘57, Argentine 63 B °! Arm & Co 4% Arm Del 5% 35 43 Atchison gen 4s ‘95 Atchiscy 4%s'41., Atch Ariz4%s '62.. AtC Licol 45°52. At Ref deb 5 Australia 4 Australma bs ‘05 Australia 68 57 Austria i 3... Austria 75 ‘67 ctfs. B&O4s‘48.., B&O44s'33..... B& O conv 4%s 60 B&O 1815548, ... B & O ref 5895 6 & O 58 D 2000.... B&06sY5.. B&O P&WYV 4841 E & O Sw dy 6860, Ban & Aroos 43 1. Bk o1 Chitle 6438 o7 Lk of Chile 635 '61 Batav Pet 4% 42. . 120 102 1 108 H b4 2% 72 68 103 102% 100 T6% LoarmrmerSumeannea Belgium 6% 4 Belgium 78 '§5. Belgium 78 ‘66 Beli Te: ’a b8 Bell Tel I'a 58 C '60 B Ind Loan Co 65'46 Beth Sceel pin 6 86 Beth Strfbs 42, Bolivia 7 ‘58 Bolivia 75 °6: Bordeaux 65 ‘34 Bost & Me 4% s 61, Bos & Me b8 ‘vb Bos & Me o3 ‘67 Brazil 6% * Brazil 6ins 27 Brazi Brazil ¥ BKkiyn Man bs 68 Bkiyn Un Ist Budapest 65 '62.... Buenos A 65’61 Pv. 2 BR&FitLalas 67, Canada 43 '60.. Canaoa 438 36 Canaus os oZ. . Can Nat Ry 115 0 AL 4as v, D Nat 4ias 65, NatdsJuiy 6y n Nat bs Oct "6y, n Nor 414535, .. 0 Nor 6723 db 46 Lan Pac dew 4 Cen Fac 43 49, Cent Pac 5360, Cont 1 GEE Cell-lu Uew v iys 48 Ches Corp o5 47 C&Ogen sty CkOsBsE ¥ CH&Qgend CB&Q4is” C B&Q ISUIL b8 T1. Chi & kias ill 08 '51. Chi Gt West 43 5y Chi M StU&P bs Chi M & St P adj b8 Chi&Nwn 4345 2037 CENwn d1zs ¢ 2037 Ch1 & NW con 445, CRi&NW rf 55 2037, Chi& NW 635 36. Chi Rwys Cal RI&P gn 4s Chi LKl & P £1 48 34 Chi K lcv 43576 Chi R1&Fac 4% 552 Cnt UnStos a4.... ChiUn Sta 6%s 63, C& W Inu cv 45 52, |C& W ind 6%s 62, Chile 63 °60. Chile 63 6 Chile 6 Chite T8 coes Chile Cop db o5 47. Chin Gvt Ry SCL&SL L 4 1as CCC&StLosD'63 2 Cologne 638 50... 11 Colomb 63 yan 61.. 15 Colombia Gs ‘61 Oct 17 Colo & Sou 4338 35. 17 Colo & Sou 41 s Col G& 58 May Col G&E coup o8 jCom Luves osps 4y. 13 CCMd Istrfos 50 29 CGas NY 4%2s'95wi ConG N Y oizs 45, Con Pwr Jap 6%3.. Con Pow Japan 7s.. Copenhag 4% Copenbag 68 52 Cuba 5%5 45. Cuba Nor b%s "42.. Czecho 85 '51. L Del & Hud rf 443 Denmark 458 62.. Denmaik 5%s 55. . Denmark 65 42.... 27 D& R Grgn s Det Ed G& R4 %5’ Det Edison rf 5s '49 Deutsche Bk 63 '32. Lodge Br cl 68 '40.. Duguesne 4%s '67.. Dutch East 1 Mar.. East C Sug 738 '37 Kriezon 4s A 53... krie Gen 4; Erie cv bs Erie 5876 Finland 6%s '58.... Finland 63 ‘45 Finland 6%s 56. Finiand 7s 60 Fla . Fram | D 73542, . ‘French 7s'4y...... French Gvi7%s 41 13 Gelsenk'chen 6s°34 1 Gen Baking 5%s'40 3 T 2 8 4 2 0 5 Motors 65 7. en P Sv 5%s 39.. Gen Th Eq 63 40... 1 German 5% s ‘66...277 German Bk 6s '38.. 10 Ger Cen Bk 6360 O 18 Ge: man Bank 7s ‘50 German 7s rep '49..12] Ger Gen EI 75 '45... 4 Goudrich cv 68 '45. 29 Goody’r Rub b3 '57. 25 GrandTr st db 6s'36 2 Grand Trunk 7s '40 Grt Nor 4%s'76 D. Grt Nor 443717 B, Grt Nor 5873 Grt Nor gn b%s Grt Nor gen 7 Greek 68 '63 Hait1 63 '52. Hock Val 4 92 79 100 103% 102% 87 106% 76% ‘81% 76% 98 78 24 87k 0vea 3.103 Hud & M rf 58 '67.. Humble O11 55 "37. . Hum O&R 53%s 62, Hungary 73%s "44. .. 111 Cent 45 ‘53 111 Cent ref M1 Cent 4%s 111 Cent 55 *55 Il CCStI&N i INCCS{L&N 6s A.. Ji1.8teel 4% Close. 3 10220 102 19 102 20 7 10312 10310 103 11 104 30 104 30 66 10121 10118 101 18 7 102 26 10227 108 26 108 26 111311 11311 11311 Sales. High Low. Close. e 172 12 67% 102 102% 100 % 99 85 17% 103 104% 133% 108% 1067% 108 110% 105 7' 0% 781 TBln b4% 85 17% 103 104 133% 108% 1067 1084 10014 100 53 b3 B 67 80 w7 1015, 105% o H8% 21 971 971 104 104 0% 601 €5le 6515 6Tl 68k 1014 101% 8 86 9915 Y8 Sales. High Inland Stl 4%s A'78 11 Inland Stl4s% B'81 10 Int Rap Tr b: 13 Int Rap Tr sta ‘66.. 13 Int Rap Tr 78°32, 1 nt Cement b 3 Int & Gr Nor 16 Int& G Nad 5 .int Hydro EI 19 Int M Cobsret’41.. 69 Int Match 68 °47.., 17 Int Pap 12 Int RysC A 58'"3 12t T&T cv 44539 Int T & T 68’55, Italy 78 ‘51 (taly Pub Sv 78 '52. Japanese 5% Japanese 6% Kan City Sou 3s '50 Kan City Sou bs '50 Kan City Ter 4s '60. NG & E4%s" Karstadt 6s°43 Kreug & Toll 68 ‘59 Lac G StL5s34 Laclede 6%s C Lake Shore 3145 ‘97 Lautaro Nit 68 ‘64,. Leh Val cv 45 2003, Lig & Myers 58 '51. Lig & Myers 78 "44. Loew's 65 ex war Lorillard 53 ‘61 Lorillard 6%s '37. Lou G & El b5 '52.. L &N unl 4340 ... L &N 4%52003. Lyons 683 Man S 1st 7 Manh Ry 1st 4890 Market St 7s 40 Marseille 6; Mich Cen 4%s ' Midvale Stl b3 ‘3 M StP&SSM 2 MK & T 1st 4590 MK&Taijss Mo Pac gen 43 Mo Pac 5s A 65, .. Mo Pac bs F "77. Mo Pac 53 G '78. Mo Pac 6s H '80.... Mo Pac ref 68 '81.... Mo Pac 53%scv ‘49, Mont Pow 65 '43... Mont P db 5s A '62. Mont Tr 1st 6s *41.. Montevideo 7s ‘62 Mor & Co 1st 4% Nat Dairy 6%s '48, Netherlands 6s ‘72, N Eng T 1st 58 '52.. N&T&M5s B 54. NOT&M5i%s 54, New S Walew s * New S Wal NYCgn3%s'97... N Y Cen 48 9 N ¥ Cent db 4s ‘34 N Y Cent 4 YC&SLLG6%sSA N Y C& StLés3z. NY NH&H 3%s '56. 3 NY NH&H 4353 67. NY NH&H cv db 68 Y O&W 1st 48 '92. NY O&W gn 4s N Y Tel 65 41 NY W&B 4% Nord 6%s '50 Nor & Wnev No Am Co 65 61. orOT& L 6347, or Pac 38 2047, or Pac 4345 2047, or Pac r16s2047. Nor St Pw 55 A 41, Nor St Pw 6s B '41. Norway 55 ‘63 Ore Short L 5s gtd. srez-\Wasn 4s Orient dev 5%s ‘58 Orient dev 65 53 Pac T&T 1st bs '37. Fan-Am Pet 6s'34. Paramount 6s '47.. Paris-Ly M 6s '68.. Paris-Ly M 7u'58. . Pathe Exch 7s ‘37, Penna 4%s D'31.. Penn gen 4%s '65.. Penn 413570 Penn 4%, s 63 Penn 55 '64. Penn 6%s ‘36 Penn D&D 415 °77. Penn P&Lt 4148 ‘81 Pere Mar 4155 30.. Pere M 1st bs ‘56 Peru 6s'60. . Peru 6s '61. Phila Co Pnila & Itead Phillip Pet 5% 539 P CC&SIL 43877, Poland 6s 40, Poland s "47 Poland 8s ‘50 Port Gen El 4 Por R T am 63 ‘42.. Pos Tel & C 68 '53.. Prague 71s '52. Prussia 6852, ..., Public Serv 4s '71. Pure Oil 5%s'37 Queenland 6s 47 Queenland 7s ‘41 Read Jer Cen 4s ‘51 Rem R 5%s5 A ‘47.. Rhinelbe is . Vest 68 '62. Rhine West 6s '3. Rhine West 6s '55. Rich Oll cal 63 "4 RIAr& L 4%s 34, Rome 6 Roy D 4 StL IM R&G 4833, StL&SFin4s StL&SF 4%s 8. St L&SF prIn 58 B. StLSWev4s'3s. SanA& AP 48’4 Sao Pau 78 40 rets. Sao Paulo 8s°3 Saxon Pu W 6% Saxon T8 '45. ... Seab A Lrf Serbs-Cr-81 7 Serbs Cr-S1 3, Shell Un Ofl 3 °47. 12 Shell Un O1l 58°49. 23 Sinclair Ol 6%#'38 15 SincO7scvA’31.. 4 SincCrO5%a38.. 3 Sinc P L 58 "4 2 Solvay Am 6s 42 Sou Bel T&T 6s ‘41, Sou Pag coi Sou Pac ref Sou Pac 4% Sou P 448 i So Pacific 4348 '81., StOilNJ StOilN ¥ ¢%s '51. Sweden 5% '54. Swiss 5%8 46 Taiwan B P 5%s'71 24 Tenn E1 P6s A 47. 1 Tex & Ark 5% Tex Corp cv b8 Third Av ref 43 Third Avadi 63 '60. 21 Toho El Paw Tokio 53 '52 Tokio 5%s 19 Un Pac 43 '68. Un Pac rf 48 2003., 22 Un Pac4%s'67.... 2 Unit Drug cv 58 °63 14 Utd King 6%s°'37.. 90 7 4 UdSUW, 5111 Low. 95% 4% 1% 71 91 86% 87% 652 ‘8% 91 88 71 b 663 1% 95% 95 12 1% o1% 87 88 52 [81% 92% 88% % 54 66% 92 87% 86% 100% 100 2% 92% 103% 101% % 961 100 101% 107 6% 85 Close. 95% 95 72 kit 91 86% 875 52 81% 91 88 1k 54 66 9% 91y 824 10615 100 101 102% 104 4 | plums, 61 105 a7 106% 92% 97% 94y 95 92 100 81%% 106% 108 104% 100% 104% 106% 94% 107 99% 95 56% 45 995, 8315 963 84% 102 4% 101% 107% 6915 50 53%. 53% 4| drop SMALL DROP NOTED IN GAS REVENUES May Registered Lightest Slump in Returns of Any Month This Year. Special Dispatch to The Star. NEW YORK, July 22.—Revenues of manufactured and natural gas utilities aggregated $54.788,105 in May. as com- pared with $55.505,276 in May, 1930, according to reports to the statistical department of the American Gas Asso- clation from companies serving some 13,719,538 customers and representing about 90 per cent of the public utility distribution of manufactured and nat- ural gas. H This slight decline in revenues, |amounting ‘o only 1.3 per cent, is the smallest decrease in gas utility revenues registered during the current year and doubtless presages the attainment of stabilized levels from which future changes should take an upward trend. Revenues of the manufactured gas utilities aggregated $32.427,273 for the month, a drop of 1.5 per cent from a year ago, while gas sales totaled 30, 419,411,000 cubic feet, a decline of { per’ cent The natural gas utilities reported sales of 54,742,695.000 cubic feet for the month, a decrease of 4.5 per cent from the May, 1930, figures. Despite this in sales, however, natural gas company revenues aggregated $22,360.- 232 for the month, as compared with $22,590,984 a year ago, a decrease of only 1 per cent in revenues. This relatively smaller decline in nat- jural gas revenues. as contrasted with tales, was the result of marked expan- sion of sales and revenues in the domes- tic and commercial fields, which tended to offset continued declines in sales and revenues from industrial customers. | While revenues from industrial sales for the month averaged more than 20 per cent under May. 1930, revenues from domestic and commercial sales were more than 7 per cent above the pre- ceding year. Washington Produce Eggs—Hennery, 22a23; current re- | celpts. 15a17. Poultry, alive — Spring broilers, 3 pounds and over, 33a35; 2 to 2! |pounds. 32a33!;: 1'; to 2 pounds, 28a 30: Leghorn broilérs, large, 24a25; medium. 22a23; hens, large, 22a23; | small, 18a20; Leghorn hens, large, 158 16 small, 13al4; roosters, 12a13. Dressed—Spring broilers, 3 pounds and over, 38a40; 2 to 2!, pounds, 37a |3815; 1': to 2 pounds, 32a35; Leghorn | broilers, large, 28a30: medium, 28; hens, | Jarge, 2526; small, 20a22; Leghorn hens, 17a18; small, 14al5; roosters 13a 14; Long Island ducks, 21a22. Meats—Beef. prime, 15; ch: 14; | medium. 121,a13; lamb, '19a20; veal, top, 14a15; choice, 12a13; pork loins, 22a23; fresh ha 18a20; smoked | hams, 20a21; strip bacon, 24; lard, 1015a11 i Live stock—Hogs. heavy, 6.50a7.50; {light and medium. 8.00; pigs, 7.50a8.00; {roughs, 3.50a5.00: calves, 5.00a7.50; ! Spring lambs, 5.00a7.50. | Fruits—Watermelons, 30a1.00; canta- oupes, North Carolina, 1.00a2.50; honey- 1.75a2.00; honeyballs, 3.25a3.50; ; oranges, 4.5086.50; 3 : grapefruit, Porto Rico, 4.50; grapes, 2.50; blackberries, 14.2524.50; huckleberries, 4.00a5.00; 00: peaches, 2.00a3.50; apples, 1.00a1.25; box stock, 3.00; pineapples, 5.0025.50; pears, 3.00a3.50. Vegetables—Potatoes, 2.00a2.25; sweets, per bushel, 1.75; tomatoes, 758 11.25; peppers, 75: string beans, 1.00a 11.25; "limas, 3.00; cabbage, 25a50; | corn, crates, 1.00a1.25; squash, 50: let- tuce, Iceberg. 4.00; celery, 2.50a3.00; beets, per 100 bunches, 2.00a3.00; car- Tots, per 100 bunches, 2.00a3.00; aspara- gus. 2.00a3.00; onions, California, 50- pound sacks, 1.50; Eastern Shore, bushel baskets, spinach, New Zealand. 50; kale, 35a40; peas, New York, 2.50a2.73. e, OIL INTERESTS SEE INCREASE IN PRICES couraged by Results Obtained in Shutdown Policy. By the Associated Press. OKLAHOMA CITY, July 22.—Sup=- port for a movement to shut down oil wells until prices are substantially {higher and an offer of approximately double what they have been getting. for a barrel of crude cil combined cheered Mid-continent_producers today. ‘The Indian Territory Illuminating Oil Co.. dominant producer in the Okla- homa City field. agreed late yesterday to close in wells except where they | might be menaced by offset producers shortly after the Continental Ofl Co. had posted a 40-cent flat price, com- pared with a 22-cent top of other com= panies. Then the Kansas Public Service Com~ mission, without issuing a formal order, suggested a shutdown of all production in that State and withholding of all stored supplies until prices increase. Thurman Hill, member of the commis- sion, said “sale of oil at 18 cents con- stitutes a waste of the State’s reserves.” The commission also suggested cessa= tion of drilling where possible and said 10 companies posting an 18-cent price for crude had been asked to_ confer with the commission at Topeka July 29. Continental was jcined in its increase by two Wichita, Kans., refiners—Derby Oil and Vickers Petroleum. . L. H. Prichard of the Anderson- Prichard Oil Co., a leader in the shut- down movement here, said he and his associates still would insist on $1 a bar- rel as a fair price and announced all companies now shut down will continue the program. Action of the I. T. I. O. brought about 20 per cent of field production into the movement here. ‘To John Baptist Van Helmont, an alchemist of Brussels, is given the credit of discovering gas about 1609. In his eternal search for gold he ac- cidentally produced what he termed a “wild spirit,” and from this magic fuel was gradually developed the .modern illuminating and heating gas.} Bales. High Low. Close. Utd St W6%sC'51 5 55 50 50 Uruguay 60. 7 60 58 59% Uruguay 64.... 15 60" 58 B8 Uruguay 8s°46..... 2 79% 79% 79% Utah P& L 58 "44.. 15 103% 1035 103% Utl] Pow 68 °59 ww. 47 69 68 69% Utll Pow 6% °47.. 15 74 74 74 11 Vanadium Stl 5s 41 86 86% 85% Vienna 83% 83% 83% Va Ry 1st 5a°62. 106% 106% 106% Wabash 43%3°78 631 62% 62% Wabash 6s D '80. 655 65% 65% Wabash 5%s ‘75 T 1% TT% Warn Br Pic 41% 40% 40% Warsaw 78 ‘58 521 52 - 52% Wst Sh 1st 4s 2361, 92% 92 92 West El deb b8 *¢4.. 106% 106% 106% West Md 6%s 77.. 89 89 89 West Union 6s "60 103% 102% 103% West Un Tel 103 103% 103% West Un T 6% 109% 109% 109% Wh Sew Mch 6: 34 34 l: 98% 98'% 98% W1l & Co 1s 96% 96 96% Win R A 73 55 55 55 . Yokohama 100% 100% 100% Trstn SP&T 68°78. 4 100% 100% 100% Tng SULT 68B'70. 2 100% 100 . 100%