Evening Star Newspaper, July 23, 1931, Page 14

A—14 »%% FI VEGETABLE PRICES REGISTER DECLINE Increasing Supplies Result in Weak Market for Farm Products. Seasonally increasing supplies were Jargely responsible for the lower prices of potatoes, onions and peachcs toward the close of July, says the United States Department of Agriculture, Bureau of Agricultural Economics, Market News Service. Increased demand strength- ened prices of watermelons and canta- loupes. Grain and live stock markets were generally unsettled. Demand for hay and mill feeds remained slow. Prices of butter and eggs continued to slant upward. Potato Shipments Heavy. The continued rather heavy carlot movement resulted in weak potato mar- kets. Prices of Fastern Shore Cobblers had declined to shipping point basis of $1.50 to $1.60 per bushel. Sales in the Kaw Valley d'strict of Kansas were ‘made at 90 cents to $1 per 100 pounds. Onion prices slanted downward. Yel- low varieties from Virginia sold mostly at 50 cents to 75 cents per bushel in Eastern cities, but stock from New Jer- scy, Towa and Kentucky brought 75 cents to $1.25. Both Western Iceberg type and New York Big Boston lettuc: were selling higher in city markets. slight advance in prices of watermelons was reported in Cential Georgia and in South Carolina. City mark:ts reported a slight advance in prices of Western cantaloupes, but honey balls and honey dews were somewhat weakened. Elberta peaches are starting to move from Georgia, with opening sales at $1.40 to $150 per bushel. Lower prices of peaches were repoited in many of the leading city markets. Butter Market Firm. Following the mid-July weakness which apparently brought butter prices to a lower level than was justified on the strict basis of supply and demand, slight price advances occurred in some of the Eastern markets. Many dealers expressed more confidence in the gen- eral situation. A reduction in the vol- ume of butter being made is indicated by the reports from butter manufac- turers. City cheese markets reflected the firmer feeling at country points, and Tuled steady to firm the third week of July. Dealers held firmly to asking pricss in anticipation of higher replace- ment costs and in view of the difficulty experienced .11 procuring quality ship- ments. Canadian and London cheese markets were reported fractionally higher. Poultry in Good Demand. A fairly good consumer demand for poultry was in evidence, but it was noj sufficient to take all offerings and the market ruled weak and unsettled. Fowls were in light supply and prices Jor the large, fancy sizes held steady. Domestic turkeys are now beginning to arrive in limited quantities. Quotations on lower grade eggs ad- venced one-half cent per dozen the third waek of July. while an advance of 2 cents was made on top grades. The aqt of the supplies now arriving at the principal markets is showing con- derable irregularity. The supply of p quality stock has been short and yeceivers have had some trouble in moving low-grade eggs. r Live Stock Markets. Increased receipts, hot weather and a poor set of dressed beef markets were Teflected in declining cattle values. Fed cows sold mostly within the rangs of $5 to $6, but grass-fat stock closed round $350 to $4.50. Light mixed wearling steers and heifers sold up to $5 to small killers. Choice grade lots of hogs were scarce. Prices fluctuated unevenly, but on the Irreg! whole the market showed slight ad-| vances. Packing sows were plentiful, comprising 50 per cent or more of the offerings on some days. Fat lamb prices went to extremes dur- ing the third week of July. Range lamb values advanced from 75 cents to $1, but later lost most of this advance. The bulk of good and choice native ewe and wether lambs brought $7.75 to $8. Range lambs sold mostly around $8, the tulk of these grading good. and choiee. A fair degree of activity characterized the Boston wool market. . Lines that did not. require grading prior to deliv- ery to the mills sold freely, but graded wools moved a bit slower. Values on original bag lines were slightly stronger. Territory wools and other lines from the Far West were quite active. Grain Markets Unsettled. Future prices of wheat for July de- livery in Chicaga declined during the third week of July to the lowest point in more than 80 years, then turned firmer and regained most of ‘the loss. Feed grains were generally steady un- der a fair demand for the moderate Teceipts. Fear of hot-weather damage t> the cofn crop over a large part of the belt, together with a lack of moisture- in some sections, was & strengthening feature. Oats held firm and barley markets were about un- changed. Demand for the larger offerings of wheat feeds continued slow after the middle of July end prices declined to new low points for the season. Ap- parently wheat mill feeds are being consumed about as fast as thev are produced. _Prices of cottonseed meal were mostly lower at the important distributing _markets, with dull de- mand. Production cf cottonseed meal is unusually light, but_stocks on July 1 were very heavy. Yellow hominy was quoted at & premium over white hominy in most markets. Moderate to light offerings of timothy and clover hay were in cnly fair de- mand at the principal marketing cen- ters the third weck of July. Pastures were reported as averag> or better in most of the arca extending from Northern New Englana southwest to ©Ohio, with only local areas of good pastures in other parts of the country. _EARNINGS REPORTED. NEW YORK, July 23 (#)—Loose- ‘Wiles Biscuit Co. today reported an i crease in Juns quarter net earnings this year over the lik> pertod of 1930, Including subs net profit for the quarter this year was $551,600, equal to 88 cents a share on the common stock, compared with $450,702, or 75 cents a share, last year. Bayuk Cigars rzpotted June quarter earnings of $135,125, compared with $164,344 in the like period of last year. Air Reduction Co. reported Jun2 quarter net earnings of $1,026,451. equal to §1.22 a share, compared with $1,- 360.569. or $1.72 a share, in the corre- sponding quater of 1930. United-Carr Fastoner Corporation re- ported for the quarter ended June 30 net profit of $74,645, against $67,224 in the like period last year. Sharon Stzel Hoop Co. for the June quarter reported net loss of $681,016, against net profit of $30,129 in the June quarter of 1930. NEW YORK BANK STOCKS NEW YORK, July 23 (#).—Over-the- counter market: BANKS. Bid. Asked. America .. a1’ Tas Chase o Chat_Phenix . Commercial Natl First Nationzl N Y. Manhattan Co. National City .. Public . ... Bankers . Brooklyn . Chem Bk & T Cont Bk & Tr. Corn "Exch... Empire Guaranty Irving Manufactu New York. NANCIAL. T NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) Stock and Dividend Rate. Real Silk Hoslery. 2 @ Remington-Rand. 10 Republic Steel E Reynolds Metais (2) 8 Reynolds Tob A (3). 60s Reynolds Tob B (3). 15 63 Richfleld Oil 10% 3% Rio Grande Oil. 41% 20 Ritter Dent Mg 1% 24% Royal Dtch( 425 6b% B88% Safeway Stores (5). 96 86 Safeway pf (6)... 108 98 Safeway Strs pf (7). 30% 14% StJoseph Lead (1) 62% St Louis & San Fri 76 St L-San Fran pf (8) Schulte Retail Stri Seaboard Alr Line. Seagrave (60c)..... Sears Roebuck (2%) Second Nat Inv..... Servel Ine. ... Sharon Steel Hoop. Sharp & Dohme Shattuck (FG) (113%) Shell Union Oil..... Simmons Co Simms Petro] " Sinclair Consol Ol1 Snider Packing pf. .. Solvay Am pf ww 6 %150, South Port Rico Sug. 1 South Cal Ed (2). South Pacific (6). Southern Rwy (mé). Spiegel- May -Stern Stand Brands (1.20). Stand G & E (3%). Stand G & E pf (4). Stand O11 Cal (h234) Stand Ofl N J (12)... 41 Stand Oil N ¥ (1.60). 12 Stewart Warner.... Stone & Webster (3). 14'» Studebaker (120) ) ‘Texas Corp (2)..... Texas G Sulphur (3) * Texas Pac Land Tr Thatcher Mfg (1.60). Thermoid Co 5 Third Nat Inv(m3ic) Thompson (J 1t) (1) Tide Water Asso Oil. Tide Wat As pf (6) Tide Wat Oil pf (5).. Timken Roller (3 Tobacco Products Tobacco Prod A 95¢ Transamerica (40¢) . Tri-Cont Corp...... Tri-Cont Corp pf (6) 2814 Trico Products(2%). Vi3 Ulen & C0 (1.60). { 72 431 Union Carb & C 2.60. 26% 14 UnOilofCal (2).... | 205w 137 Un Pacific (10) . 87 83% Un Pacific pf (4).. ~Prev. 1931~ High. Low. 30% 5 19% 6% 25% 10 22% 11 754 69 b4ls 40% 1 9 16% 2 FhalemnonBurmorr 3 e < ® 4 28 8 RoRER NS ranZo me5he 21% — Add 00, ma ) THE EVEN ~Prev. 1631~ fHigh. Low. ‘387 20%4 60% 46 41% 31 % 6 28% 31% 52th 314 674 3716 105% 50 % 10% 374 204 20% 364 1625 150 9% 42 4 60 31 28 2] Unit Cig 1364 3% 24 1% 9% 19% 14 Wubash W w Westing Westing w 29 7% 14 39 Iy RIG % % Insul ™% 9 92 34% 111 50% 16% 161% 85 10:30 A.M. 1:3¢ P.M. Dividend rates as given in the above table are the annual cash payments based on the latest quarteriy or half-yearly declarations. Plus 4% in stock. last year—no regular rate. £Plus 87 in stock. h Plus 2% in stock. 1 preferred stock. tPartly extra. or stock. spec! | no'regular rate. n Pi Stock and Dividend Rate. Unit Arrcraft. .. Unit Afrcraft pf (3).. Unit Biscuit (2) Unit Cigar Stores. Unit Carbon. . Unit Corp (76c)..... 115 Unit Corp'of (3).... Unit Dyewood. Unit Fruit Unit G & Im (1.20).. Unit G & Im pf (5).. U 8 Gypsum (1.60) .. U § Indust Alcohol U S Leather. . USPipe & F (2). i USP&F 1st (1.20) U S Rubber. U S Rubber 1st pf.. U'S Steel (1) U S Steel pf ( Unit Stores A. Univ Pic 1st pf (8)..160s Univ Pipe & Rad.... Univ Pipe & Rad pf Utl] P&L A (o12.15). Vadasco Sale; 231 Vanadium Corp'n. .. 984 Va Elec & Pwr pf(§) 20s 381 VUnlean Det 14) .. Waldorf Sys (1%).. 4 Ward Baking A. Warner Bros Pict Wess Oll & Snow (2) Wess O & Sn pf (4) 1 t Pa EI pf () 4 West Pa Pow pf (6). West Pa Pow pf (7). 20s Western Dairy B.. Vestern Md. . Western Pacific. . Western Pactfic pf. . Westera Union (8).. tvaco Chlor (2). White Rock MS t43. Wilcox Oil & Gas. Willys-Overland. Wilson & Co A. . Woolworth (2.40) Worthington Pump. Worth Pump B (). 5% vellow Truck. . 145 Youngs Spring (3 1y Ynestwn Sh&Tu(2 Zouite Prod Corp (1) Sales of Stocks on New York Exchange. STAR, WASHINGTON, D. C. THURSDAY, IBONDS AR LOWER Prev. Close. 27% 59 36% 5 60% 15 22% 0% 3 58% 29 106% 36k Y F. H. Rl 20% B ICHARDSON. 7% | SPecial Dispatch to The Star. 23"| NEW YORK, July 33—Bonds, both 18% ' foreign and domestic, moved sharply zgltllower on a small volume of trading to- 941, |day. Offerings were small, but there 141% | was little bidding and sellers were at a Bg!flduldvnnuge. Price declines of 2 to § 13 | points were the result in the foreign list. Domestic issues lost ground by fractions for the most part, It was significant that at the open- ing there was no sharp increase in of- ferings. Overnight news from the Lon- don Conference was not calculated to, inspire much confidence, especially when viewed in the light of ‘the increase in the Bank of England rate and the quite evident difficulties experienced by the German government in holding to its | rigid control of foreign exchange. Wall Street turned pessimistic when conti- nental markets were reported decidedly weaker. German Government 5'is were off only a small fraction at the start, but Bales— Add 00. High. 61 28y 59 35% 5 B8% 15% 22% 50% 3 58% Foreign °List Especially Af- fected by London Con- ference Incidents. Strs pf(6) 2 1 5 1 1 1 . 1008 L4 56 1 10 5 108 9 s 145 Cp pf. 708 2 2 43 1 RN ... 108 a0s 3 and succeeding transactions drove the price still lower before any degree of recovery set in. Dawes Reparation Ts were more than 4 points lower at one time. Other German issues declined { sharply on small transactions. Siemens & Halske 65, for instance, sagged 4 | points. Most of the recovery from the recent low level was trus canceled, and Germans were selling once more where a 40 per cent depreciation on outstand- ing German dollar bonds had taken place, or a loss of about $525,000,000. Other European issues were less a fected. Austrian issues were lower, Ttaly 7s at one time dropped below par, but~ recovered. Vienna 6s were off nearly a point. South Americans were generally lower. The Argentine gov- ernment reported the revolution in Corrientes Province definitely ended, but Argentine 6s sold off 1 to 2 points. ' Domestic issues confined their losses to narrower proportions. In the case of second grade railroad issues like Erid 55, Missouri-Pacific 5s. St. Paul adjustments, Alleghany 5s, Wabash 5, Frisco 4'.s and Baltimore & Ohio convertible 4'.s the average loss was 4 1 1 3 EI&Mfg (4) 109 E&M pf (4).270s . Ang10 200,000 12:00 Noon, . 400,000 500,000 2:10 P.M. 600,000 Plus 9% In stock. a Paid b Payable in stock. e Payable in cash | 3 Plus 50 cents kPlus 3% 1n stock. - X, k Plus 37 in’s m'Paid this year Bankers Believe Con BY CARLTON A. SHIVELY. ll Special Dispatch to The Star. NEW YORK, July 23.—President | Hoover's second formal plan for a solu- tion of the German financial and eco- nomic difficulties has met with a rather cool reception in Wall Street. Governm:nt statisticians estimated this country’s share of short-term bank | credit extended to German banks, in- dustrials and_institutions at $600.000,- 000, or virtually half the total employed in_Germany from all lending countries. ently numerous estimates were made of withdrawals of credits and funds from Germany, those following and immediately preceding the first Hoover debt moratorium plan being estimated at $500,000,000. Thos in a | position to check up on such matter: think thet very little of that exodus was for this country’s account. To begin with, it was by no means all credit. It/ had the net result, according to Federal | Reserve Board calculation, of adding| $200,000,000 to this country’s gold stock, | partly through imports of metal from | Germany and partly through releases of | gold under earmark at the Federal Re-| serve Bank. This was an indirect way for Germany to s'nd gold here, since the gold released belonged to France and was bought by Germany. | ‘Withdrawals Heavy. | A distinction should be made between | credit withdrawals, merz transfers of bank funds seeking employment, and the “flight from the mark” of German | private capital. Money is mobile and flows to thé center of greatest attrac-| tion; that is, to the place where in- | terest rates are higher, combined with reasonable safety. Large amounts of | bank capital have been attracted to| Berlin betause of th: high interest rates. This money was in no sense| credit. Most of it has been withdrawn. | Germans anxious to get their money out | of the country, fearing collapse of the| mark, withdrew deposits or borrowed money and bought foreign exchange, establishing deposits in foreign banks. This has been stopped by governm:nt decree and the partial closing of the| banks. | Short-term credits, strictly speaking, | have largely remained in Germany, | particularly those made by American | banks. These credits have becn granted | by thousands of banks throughout the | country, although, of course, the large Wall Street institutions are the most heavily involved. In practice, they are already fairly well congealed, since any attempt to draw them in would en- danger further the German financial siructure. President Hoover is urging that they be extended, either for an in- definite period or for a fixed time. Some relief is felt in Wall Street that | the rumored plan of the Administration | did not find public expression. Wall Street bankers had feared that this country might propose a fixation of ex- | isting ‘short-term credits for a period of two years and. in addition, a large Federal Reserve Bank credit, similar to that granted the Bank of England in 1925. Under the plan, the Bank of England was empowered to buy gold at | 'any time from the Reserve bank in ex- STOCK | 50 Industrials. Today. ... Previous day. Week ago. Month ago Year ago 2 Two years ago. Three years ago. | | High, 1931. Low, 1931. High, 1930. Low, 1930.. High, 1929. Low, 1929.. Industrials. 84.7 Two years ago. Three years ago. High, 1931 Low, 1931.. High, 1930. .. Low, 1930. High, 1929. Low, 1929.. 904 (Copyright, 1931, St Solve Present Difficulty. ‘ AND BOND AVERAGES | By the Associated Press. { THURSDAY, July 23. i STOCKS. LONG TERM LOAN FOR GERMANY |NEW TRANSPORTATION IS FAVORED IN WALL STREET| solidation of Short- ‘ Time Paper Into One Credit Item Will | change for prime bills. Reserve Bank authorities, it is understood, oppose | further Central Bank aid to Germany at this time, feeling that in extending the $25.000.000 credit recently made | and by continuing to discount German bills for the member banks, as they are now dcing. the Reserve banks are go- ing far enough. Favors Status Quo. What President Hoover is really doing is to wge the banks to continue the status quo. They would have done that, | anyway, but are somewhat nervou: at any suggestion that they bind them- selves not to call a call loan. Bankers think such an obligation would increase 1ather than diminish confidence in Ger- man credit and that, once the cnd came to a moratorium period, calling would e <o precipitate as to bring on another Wall Street agrees with the President | hat Germany should continue to put | plans for self-help into effect and that eventualiy a long-term loan must be made to consolidate short-time credit. It is glad to know that Washington Tecognizes the fact that fresh money, either for long or short lending. cannot be_obtained by Germany in this coun- | try at this timo. For the rest, the presi- dential statement was a summary of the situation as it now exists. (Copyright. 1931.) BETTEI; RETAIL BUYING HELD LIKELY SOON| Special Dispatch to The Star. MINNEAPOLIS, July 23.—To all who sell retail goods, the recent action of the comtodity markets is a favorable sign, according to the latest consumer study by the Investors’ Syndicate. “It is typical of the average buyer, the review points out, “that as long a prices are going down, he will post- | pone all purchases that can possibly be avoided. ~The recent extraordinary | activity in the cotton, woolen and shoe industries shows that buying has been confined strictly to necessities during the Spring and Summer. “The recent change in commodity prices, which have, on the average, ad- vanced over 5 per cent since the low point in June, are changing this situa- tion. Buyers will now hasten to fill their requirements before the highly at- tractive low prices have disappeared. This change has come suddenly in past periods and indicates an exceptionally | brisk Fall business for the retailer.” Coal Production. NEW YORK, July 23 (#).—Produc- tion of bituminous coal has been run- ning behind consumption for almost nine months, with the result that com- mercjal stocks have been drawn down to | N the lowest level in 10 years, if strike peri- ods are excluded, Standard Statistics Co. says. . “Current indicauons,” the survey says, “are that the minimum level of bituminous inventories is near; that an upward readjustment of production shortly will b> necessary to bring output in line with the present demand.” 20 Utilities, Utilities, 101.1 10L5 100. andard Statisties Co.) | needed to assure the most effective and . East Shore, | 1745 Dec around a point. Industrials and public utilities, epecially those having foreign affiliations, were also soft. High-grade issues were firm, ew bond offerings totaled about INQUIRY WILL BE MADE | 5;06050.000. a1 % a prime nasure. and e el reported readily absorbed. By the Associated Press. The Chamber of Commerce of the United States will make a study of new transportation developments and | anges and put forward proposals for better co-ordination of such agencies in the public interest. | This topic is one of several subjects which the chamber, representing 1,800 | organized business 'bodies and repre- centing nearly a million business men, has listed for consideration. The changing relationships between the carriers call for a reappraisal of the part that each should play in the - uture development of o F trunsporlallonp system, muer :r:::’:g:: e believes, as well as for a re-examina-| 3¢ ¢'* 90 of ‘the type and extent of public - =ilation, in so far as regulation is' Washingtoh Stock E)Echange SALES. Cnpi:al Traction Co.—10 at 42, 6 413, | Potomac _Electrie 51,7 pfd.—30 11115, 10 at 111, 10 at 11115, 50 11115, 50 at 11175, 10 at 11115, Washington Rwy. & Elec. pfd—10 | 100, 10 at 100, 10 at 100, 10 at 100. Federal-American Co. com.—25 at 217z, 25 gt 2117, 10 at 21 ergenthaler Linotype—5 at 78';, 5 at at at at & Guar. pfd.—30 AFTER CALL. Mergenthaler Linotype—5 at 781, 4 at e 8%, ;3?20:;‘15;3] rienlcde in the interest of washington Rwy. & Elec, pfd.—2 at 100, th shippers and carrier. | Potomac Electric 51 % pfd—2 at 111. T dgl e pnnouncement, Merle Washington Gas 6s “B"-—&300 at 106. “There is a question as to Whether Couroi Sand s Grares S0 governmental competition in certain fol:ms of transportation is on an equit- able basis, and whether governmental | charges are fair and if these factors | in the long run are likely to prove | uneconomic and undesirable from the the standpoint of the public.” No date has been set for the study. Bid and Asked Prices. BONDS. FUBLIC UTILITY. Bid. Asked. Amer_Tel. & Tel 41ix 5k | Am. Tel & “Tel. ctl. tr. 35 | Anacostia ‘& Pot. R. R. 55 Anacostia_& Potomac euar. C.'& P. Tel. of Va. 5: Capital Traction R, R 53 City & Suburban 5s . Georgetown Gas Ist 38 Fotomac Elec. cons 5'c Potomac Elec. 6s 19! Vi & Mi Vernon ctf vashington Gas 55 Wash Gas 65, series A Wash. Gas €s. series B Wash. Rwy. & Elec. 4s ... MISCELLANEOUS. Barber & Ross, Tnc. 6'a: Chevy Chase Club 5145 Columbia Country Ciuh D C. W. M. POTATO MARKET. CHICAGO, July 23 (#).—P Recepits, 67 cars; on viack, 208 United States shipments, ' 597: dull, | trading slow; sacked, per hundred- weight. Missourt and Kansas Cobbler: 1.00a1.10; fev, L158120; poor. 80895 nia, sacked Col | barrels, 2.35a2.45; ordinary. 5.5 . 1000 10674 L1 o 3¢ 145 22.20. PARIS BOURSE PRICES. | PARIS, July 23 (#).—Three rentes, 87 francs 25 centimes. pin per cent loan, 103 francs 50 centimes, "E:(]c':xl::\we_rgn London, 123 francs 63 s. The dollar wa: i francs 53 centimes. PIRINE g eaENes Paper Mfg. 65 3 Cold” Storage s PUBLIC UTILITY. Amer. Tel .& Tel. (9) 3 Cepital _Traction (4)- Wash Gas_Lt. Co. (18} N & W. Steamboat (12i.0 Pot. Elec Power 6. pid Pot. Elec. Power 5'a% pid Wash. Rwy. & El com. (7) Wash. Rwy. & Elec. pfd. (3} NATIONAL BANK. TREASURY CERTIFICATES, (Report, : ateported by J. & W. Seligman & Co.) 245 Sept. 13, 135 Sep 3 1319303 10 1805 13, 1932.. " 100 29.33 15 103132000 101 9-32 SHORT-TERM SECURITIES, (Reported by J. & W. Beh:mlna& Co.). Allis-Chalmers Co. 5s 1 Q% American Metal 5138 19547 +; 192's 103, | American Tel. & Tel. 5,5 1943 o | Baltimore & Ohio 41,s 1933 Batavian Pet. Corp. 4'ss 194: Bell Tel. of Canada 5s 1957, California Pet. Corp, 5125 19 Canadian Nor. Rwy. 41.s' 10 Chi. Northwestern R. R."5s 1933 gfi:f 80 Rock Island 4s 1934... | capitar (19 1t Columbia (12)..2.00 11 : Commercial (stamped) (101111 District (8) Gz Fed.-Amer. Natl Bk & Tr. Liberty (78)..... Lincoin (12 Metropolitan (14) Rirgs (155)...... Second. (9e) Washington '{13) TRUST COMPANY. Amer_Sec. & Tr. Co. (15). Continental Trust (6).. Natl. Sav. & Tr. (2010 Prince Georges Bk. & Tr. (6) Union Trust (85) ... Wash. Loan & Tr. (14). SAVINGS BANKS. Bank of Bethesda (6%). Com. & Savings (10) East' Washington (12) Potomac (10)..........i.: Sec. Sav, & Com. Bk (17) Beventh_Street (12). United States (30) Washington Mechanic: FIRE INSURANCE. 178 Dec 25" Mar. 3'as Dec. Copper Co. 55 194 Denver & o Grande 411" id36 General Pet. Corp. 5s 1340 Gen. Mot Accep. Corp. s 937 General Public Service 515 1039 8?‘."‘5“1' T. & R. 55 1957 nd_Trunk of Ca "193 Gulfoil "o by’ Ganads, 6 i3 Humble Oil 5'ys 1932 Internat. Match Corp. Marland' Oil 55 1932 Natiopal Dairy Prod. 5i,s 194 ew York, Chi. & St. L.'6s 1933 Portland General Elec. 55 1935 Repunlic Tron & Steel 55 1940 Sinclair Crude Oil Co. 5145 193 Southern Pacific 55 1934 Standard Oil N. Jersey Standard Oil N York 4133 . L, i Ry. R. : rilon Elec, 14, & Pow 80 American (12) Corcoran (10)....." Firemen’s (8)... National Union’ (15). TITLE INSURA Columbia (6h).. Real Estate (6h).. MISCELLANEOUS. Barber & Ross. Inc. Col._ Sand & Grave D. Paper_Mfg. pfd. Dist. Natl. Sec. pid Emer. Bromo-Selz. Federal Storage pfd Ped.-Am. Co. com. ( Fed.-Am. Co. pfd. (6).... Mer. Tr. & Stge. pfd. (T)... Mergenthaler Linotype (6). Natl. Mtge. & Inv. pid (8) Peoples Drug Stores pfd. Real Est. M. & G. »fd. Security Storage (4e).. Ter. Ref. & Wh. Corp. ahe Cl;pe’lw‘l:flrnrfl;:r Woodward & Lothrop nH‘. *Ex dividend. 2% bBooks closed. Pow.’ 5¢ Union Oil Co. 'of Ca United Drug 0o: 5 1353 Virginia Railway & Pw. 55 Western Electric Co. 55 1944 Wheeling Steel Corp. 5125 194 DIVIDENDS.DECLARED NEW YORK, July 23 (2).— Omitted. Rate. Period. 34 averBal x Smelfing ( Fed Fidelity Ine (Ky)...:20¢ 5,4:?“1'“201;‘ Sn}-. Bk (Chi).32.50 3 ne L Peck Bros & Cor. P ighs i6).; s .20, ‘3% 1., 108 extra. Due. July 10 July 1 July 1! June 30 Aue. 15 Aug; 15 Q a s H Q Pay- Hidrs. of ansle. Auve. 1 Aug. 13 1 Company. Rate.tiod Am Fore & Sock... 136" Q" Bass M, Y G 6% pe. Chase (A" W) Ltd. pf. Cosmos Iini Milis pf. Eastern That urop Elec Lid A. Do B 15¢ Fairbks Morse i..¥1.75 Fireboard Prod pr_pf. General ioc Holt (Henry) Co’A..d5¢ Homestead Fire Ins.65¢ Ind Nat Bl (Ind).$2.50 Louls P&L 86 pf.. 1. COPPER AT 73-4 CENTS. NEW YORK, July 23 (P).—Copper is available from custom smelters at % tents a pound for domestic delivery, although producers cortinue to hold their metlr .ft 8 c‘:nu, the ruling price of the few days. Sll:!pi.nnthe domestic market have been small for a week, awaiting de- velopments in the European situation. Demand also is small in the foreign market. July 555 5 Nren peuse @ CHICAGO DAIRY MARKET. Nat Thea Sup % Pacifc Clay Prod. P% & Alex ‘Inc Do pt.. E B .5;“52:":1'"; BN Richs I06.¢. . Ly 5 River Cem Security Ins. Shareholders v % Bunkiis ‘West Da pr pi 10,697 tubs; easy; Creamery, i 24a24;; extras (92 specials (93 score), score), 23%; extra 22%%a23; ts- (88-89 score), seconds (86-87 score), d (90 score, centralized carlots), 23%. Eggs—Receipts, 8110 cases; steady; unchanged. 5 1!:!'..: prices 21a2Z; DED DOOOZPPO® POOPOPOOO OODED D @ 0O INDRAGGY MARKET the next sale was at 59, down 114 points, | Columbia Sand & Gravel pfd.—16 at 87. | CHICAGO, July 73 () —Butter—Re- firsts (90-91 score), 19a20; standards JULY 23, 1931.. v { (Bales as Sales. Higl Lib 3%832-47. List44%s32-47 Lo e 1 10220 102 20 102 20 1 103 10 103 10 103 10 [ o BONDS Received by Private’ Wire Direct to UNITED STATES. in $1,000. L4th4%s33-38 36 104 30 104 29 10429 U S 3%s"49 US3%s46-56. U 845 44-54 US4¢%s47-52.. AbitiI P& P Allegheny 58 '44. .. Allegheny 55°49... Alleg Corp b8 '50 Am F P 55 2030 AmIGChb%s Am IntCp 6%s 49, Am Metal 535 '34.. Am B&R 15t 55°47. Am Sug Ref 63 '3 Am T&T cv 4%8°39 Am T&T 65°65. Am T&T c tr 58 °46. Am T&T 555 £ 60 Am T&T 5% 43 Am W Wks 6s'34.. Argentine 58 45... Argentine 5%s ‘62. Argentine May '61. Argentine 65 Ju ‘59 Argentine 83 Oc '59 Argentine 6s A ‘67, Y| Argentine 6s B ‘58, Arm & Co 4%35'39. Arm Del 5% 543 Assoc Oil 6335 Atchison gen Atchiscv 4% Atch Ariz 4%s ‘62, AtCL 1st4s 02... At & Danv 45 *48 At Ref deb 58 Australia 4% 5 Australia 5s '55. ! Austria 7s'43..... Austria 7557 ctfs. B&O4s"4 B&O4%s'33. B& O conv 4% & ~ & 53, 13 8 2 G208 08 bt oz B&8 th8Zenann B [ B& & O P&W Ban & Aroos 4s ‘61. Bk of Chile 6% 57 Bk of Chile 6% 5 '61 Belgium 6s '55. Belgium 6%s ‘49 Belgium 78’5 Belgium 78 ‘b Bell Te: Pa bs B Ind Loan Co 65'46 Berlin Cy Kl 68 '55. Beth St rf 55 '43. Bolivia 7s Bolivia 73 Bos & Me 53 '67. Brazil 6l = '26. Brazil 6%s'27. Brazil 7 | Brazil | Bremen 75 °35. | Bklyn Elev 6 | Bkiyn Man 6s '68.. Budapest 65 | Buenos A 65’61 Pv. B R & Pitt 438 '57. | Buff Gen El 4345'81 | Bush Ter con 55 ‘55 nada 45 '60 s 41. Can Nat 4%4s 68... Can Nat 4%s '55. .. Can Nat 54 July '69 n Nat 55 Oct '69. Can Ner 4345 °35. .. Can Nor 7s deb 40. Can Pac deb 48 Can Pac 4%s Cent Pac 4549, .. Cent Pac 58°60. ... Cen Ry NJ g " Cert-td deb 5% s 48 Ches Corp 65 47 C&Ogen 4%s 'S C&O4KSA'S "&O4%sB o T B&Q 111 dv 4549, 1M SUPE St Padifs W con 4% s Chi 1 & Prr4s’i4 Chi RI&P gn 4s '$8. Chi R 1 cv 4%s°60 Chi RI&Pac 473852 | Chi Un St 5844 Chi Un Sta "s B " Chi Un Sta 638 C& W Indcv 4s Chile 65 °60 Chile 63 '61 Chile 63762 hile 78 42 . Chile Cop db 58 '47 CCC & St L 53 D '63 CC&STL4KSE. . Clev Term 51s 72 Cologne 6145 ‘50 Colomb 6s Jan ‘61 Colombla Gs ‘61 Oct Colo & Sou 4% Col G&E coup Con Pwr Jap 6%s Copenhag 4%s ‘53 Copenhag 6s 52 Cuba R R 58 1Cuba 5%s '45. Cuba RRrf 7% Cuba Nor 515 ‘42 Czecho 8s '51..... Del & Hud rf 4343, Del & Hud 5%s '37. Denmark 4%s ‘62 Denmark 5%, Denmark 6s " Denver Gas §s ‘51 D&RG W 53°'55. DRG & W st &s Det Ed G&R4%s'61 Deutsche Bk 6s '32. Nodze Br ¢l 6s'40.. Dugquesne 4% ‘67 Dutch East 16s'47. Dutch East I Mar East C Sug 71§s 37 Erie Gen 4s. Erfe cv 55 '67. Erie 58'75. . Erie & Jer 6: Finland 6%s ‘58 Finland 61 '56. Finland 7s ‘60 Fla E Coast Fram I D T%s"42 French 7s49. French Gvt 7%s *41 Gelsenk'chen 6s '34 Gen Cable 5148 "47. GenPSvi¥%s" Gen Motors 6s ‘37 Gen St Cas 5%s"49. Gen Th Eq 63 German 5%s 65 German Bk 6s '3 Ger Cen Bk 6s '60 Ger Cen Bk 63 '60 O Ge:man Bank T: Ger Gen EI 7 = German 7s rep ‘49 Goodrich cv 68 *45. Good 1st 6% ‘47. . Goody'r Rub 68 '57. GrandTr sf db 6s'36 Grand Trunk 7s '40 Grt Nor 4%s "7 E. Grt Nor 5s°73 19 Grt Norgn 5%s°52. 4 Grt Nor gen 78 '36¢. 22 Greek6s°63....... 11 Hock Val 445'99.., 4 Hoe & Co 63,834 3 Hud & M adj 68'57. 1 Hud & M rf 58 °57.. 21 o AR e T annes Grannne | 3 o M BTistpfbsa.. 111 Cent ref 45 '55 111 Cent 4% 5 °66 111 Cent 55 °55. 11 CCStL&N 4%s., I CCSIL&N 6s A. . 111 Steel 433540 Inland Stl 4%s A'78 Int Rap Tr 55 '66. .. Int Rap Tr sta Int Rap Tr 683 Int Rap Tr 7832, .. Int & Gr Nor 6s '52. Int&G Nad Int Hydro El 68 "44. IntM CobSsret'dle 99. 5% 12 70 6% Tt 99 85 83 103% 105 133% 108% 107 1084 110% 1024 0% 7 8 77 7 8 801, 741 103 100% 116 104% 101% 60t 64% 106 8I% 9815 1007y 91 101 100 6 108 100% 1003 100% 102 100% 69% 54 n 70 67% 74% 9TH 85 80 103% 1043 133% 108% 106% 108% 110% 10244 75 68 ki 77 76 76% 79 50 10 100% 116 104% 101% 60 64 10515 80% 9T 100 90% 100% 100 1001 1001, 100% 1003 69% 103 97 s 110% 55 6415 6319 % 10075 T1% 54 91 87 50'% 81% 1047 103 9% 1% b4 90% 817 50 80% 119 101 21 10115 101 15 14 106 16 106 16 106 16 4 108 20 108 20 108 20 9113 6 113 6113 6 Sales. High Low. Close. 54 72 70 6T% 419 99 85 80% 103% 104% 133% 1084 106% 10815 110% 1024 75 68 1 7 6% 6% 77 100% 100% 101% 983, 104% 103% 59 65 104 8915 92 105% 101% 101% 3% 6% 75 4N 112% k. 90%. Int Match 68 "47 Int MM col tr Int Pap 53 A 47 Int P; Int Ry C A 6%s 47, inlard Stl 4s’; B'81 IntT&T4%s52. . tat T&T cv 4%8°39 Int T & T 68 °55.. Irish Free St & Ttaly 7s 51 [taly Pub S Japanese 53 Japanese 6%s "54. Kan CFtS&M 4s ‘36 hCP&L4%s'57.. Kan City Sou 3s 50 Kan City Sou bs '50 Kan City Ter 4s '60. KanG & E4% Karstadt 6s 43 Kreug & Toll 58 '59 Lackaw St 65 '50. Laclede 5%s C ‘53 Laclede 5%s D '60. Lake Shore 3%s ‘97 Lautaro Nit 6s ‘54 Leh Val cv 45 2003, Lig & Myers 7s "44.. Loew’s 68 ex war. Lorillard 58 '51. Lorillard 6%s '37 Loriliard 7s ‘4. Lou G & El 58 L& N uni 4540 . L & N 4%s 2003 La & Ark 58 '69. McKes & R 5%s 50 Man S 1st 7% Market St 7 Marsellle 65 3 Mich Cen 43579 Milan 6%s ‘52. . Mil E Rv & L 58 ‘61 M StP&SSM 55 °38.. MSP&SSM 5%8 7 M SIP&SSM 63%s. . MK & T 1st 4590 MK&Taljbs'67. MK&ToprinisA. Mo Pac gen 48 '75. Mo Pac 63 F 77, Mo Pac 55 G '78. Mo Pac 5s H ‘80 Mo Pac ref 55 8. Mo Pac 5%scv " Mont Pow 63 . Mont P db s A ‘62, Montevideo 65 '59. . Mor & Co 1st 4%s Nat Dairy 6% s "48. Netherlands 6s '72. N Eng T 1st 63 '52.. NOT&MG5%s 54, New S Walew G5 '57 N ¥ Cen 4598 N Y Cent 4345 2013, NY Cen rf 43452013 N¥Cre im 68 2013, N ¥ Cent db 65 '35. NY CLS ¢l 3135 "93. NY C&StL 4387 NYC&SUL 6%s NYC&StL6s 32, N Y Edison 58 B ‘44 NY ELH&P 45 °49.. | NY NH&H 4%s3 ‘67. NY NH&H cv db 6s NY O& W 1st 48 '92. NY O&W &n 4s°55.. Y Y Tel 438739 N ¥ Tel 65°41. Nord 6345’50, Nor & Wn,cv 489 No Am Co 5361 N A Ed'son 65 C 63 Nor Am Ed 5% 63 Nor O T & L 63 "47. Nor Pac 3s 2047 Nor Pac 43'97 2 Nor Pacr 1682047, Nor St Pw 58 A *41. Nor St Pw 63 B '41. Norway 5s '63 Norway 5%s ‘65 Norway 6s ‘43 Norway 68 "44. Norway 6s'52 Ore Short L 55 gtd. Orez-Wasn 4s 61 Orient dev 6% 5! Orlent dev 6s 63. PacG & K1 58°42 .. Pac T&T 1st bs ‘37, Pan:Am Pet 68 '34. mount 6s ‘4 Paris-Ly M ] Paris-Ly M 7u°68 Paris-Or 5345 '68. .. Penna 4%s D'81. Penn ren 4%3 ‘65 Penn 4%s ‘70, Penn 4% s 63. Penp fis '64. Penn 614s ‘36 5 Penn P&Lt 4345 '81 Penples' Gas bs. ... Pere Mar 41 ‘80 Pere M 1st 5s * Peru 65 '60 Peru 6561 Thila Co e Pnila & Read 6549 Phillip Pet 5% 5 '39 P CC&SIL 434877, Poland 6s'40. . Poland 7s *47. Poland 8s 50 Port Gen El 4160 Por R Tam €5 '42.. Pos Tel & C 52 '53 ., Pressed St C 55 '33. Prussia 6 Public Serv 4s ' Pub Sv G 4%s 67 Pub Sv G 414870 Pure Ol 5%5'37... Queenland 7s ‘41... Read gn 4% s A '97. Readinig 4%s B Rem R 5%s A Rhinelbe 78 ‘4 Rhine West 68 '52.. Rhine West 6s 'b3.. Rhine West 6s '55. R Gr De Sul 6s '68. Rio Gr W 1st 4539, Rome 614552 Roy D 4s'45 ww... StL IM R&G 4833, StL&SFIN4sA.. StL&SFa%s St L&SF prn 6s B. StLS W Ist 45 °89. StLS Wcv4s'3a.. San A & AP4s’43.. Sao Pau 7s 40 rets. Sao Paulo 8s'36. Sao Panlo 88 '50 Saxon Pu W §%s'51 Saxon 7s 45, Seine 7s '42. - Serbs-Cr-S1 Shell Un Of} Shell Un O11 Shinyetsu 6% S'nelair Ofl 63 Sine O TscvA'3l.. Sinc Cr O 6%8°38. . Sine P L6843, .... Skelly Ofl 5%s'39. . Solvay Am bs ‘42 Sou Bel T&T 58 '41. SW Bell T 68 A '54. Sou Pac 4 %8 Sou P 414869 ww. . So Pacific 4148 °81.. Sou P&OT 4%s *T Sou Ry gen 4s ‘66 Sou Ry 68°94 ..... Sou Ry 638 ‘66 StOil N J 68°46 StOfI N Y 43s '51. Sug Es Or 7s'42. Sweden 5% '54. Swiss 5%s 46 Taiwan EP5%s71 ‘Tenn Cop 65 "41 . Tenn EI P 68 A "47. Tex & Ark 5%8 60, ‘Tex Corp ev Third Av ref 4 Third Av adi 5s Toho El Pow 6s Toho El Pow 78 Tokio s 52 Toklo 5%s Toklo El Lt 65’ Un Pac 1st 4s Unit Drug cv Utd King 5%s8°'37.. U S Rub 1st 58°47. . Un Stl W 635 A 47 Ud St1 W.6148A '51 C'51 19 15 63 15 24 7 14 21 5 2 - » oy - » o o " aenSond BrasaloneleNmrarBEerne~ SGaannBssnannaan 20 RebBwoete + BowiSe = nueleoninoaRas o 18 6 5 FINANCIATLS Low. 87 3% 70% 53% 66% 52 94% 1% 9% 84% 102 99% 1% 97% 107% 91 104% 8% 91 9% 981 41 86% 102% 1014 101% 84 38 85% 123 98 93% 9915 114 4 106% 99% Close , 87% 734 0% 53% 6615 52 94% 1% 1% 8514 102 995 1% 97% 107% 91 104% 79 91 97% ™ 41 86% 102% 102 101% 84 38 8504 124 93% 541 76 26% 95% 1041 102 86 104 71 8914 981 8814 78 96% 60% 83 83 B4Y% 53 79 105% 102% 54 2% 102% 105% 111% 75 57 84% 9415 9614 9654 105% 10615 1007 9% 115% 59% 52 § 105% 106% 10614 991, | 101% 10214 1045 107 6814 947 110% 105 106 100 102% 1023, 104 102 108% 953, 9415 | 100 47 . B4%’ ¥ng SUAT 68 B 10, 54.100k seceeenea] |INCREASE N POWER The_Star Office PLANTS PREDIGTED Federal Commission Division ~ Sees Rapid Growth in Electricity Demand. BY GEORGE E. DOYING. Despite~a present decrease in the number of applications for permits to construct hydroelectric power plants, rapidly increasing demands for elec~ tricity in the United States will necessi- tate the establishment of many new projects, it was declared at the engineer- ing division of the Federal Power Com- mission. Unless the industry expands more within the next 10 years, it was asserted, { there is likely to be a shortage of power to meet the increasing demands of con- sumers. The plants and equipment of the electric light and power industry in this country already have an esti- mated value of $12,250,000,000 and are serving 24,627,900 customers. The number of customers, however, is in- creasing rapidly in addition to increased demands for energy brought by the multitude of new devices and the wide- spread use of both new an older appli- ances. See Increased Demands. The Federal Power commissioners were declared to be strongly of the opinion that demands for water-power projects will increase. At present the cutput of the hydroelectric plants repre- sent about one-third of all electric energy generated within the United States, but the saturation point has not yet been reached. Advantages of the water-power plant in producing electricity are said to be so obvious that it is certain to be in- stalled in many cases even in localities where steam plants are in use. In such instances, it was pointed out by the commission's engineers, the water- power plant often has great value in taking care of peak loads From 1920 to 1930 the kilowatt-hour production per capita for the entire country increased from 391 to 80Q. During this period the Pacific and Rocky Mountain regions made the largest use of electricity in proportion to population, and the South Central regions the least. The Western terri- tory in 1930 averaged 1412 kilowatt hours per-person, while the South Cen- tral States averaged only 401 per capita. Montana is far in the lead among the individual States in the per capita use of electricity. In 1930 the consumption in Montana - averaged 2.823 kilowatt hours per capita. while California, Washington and Utah each used more than 1500 kilowatt hours for each inhabitant. : | Electricity Census. | More than 84,650,000 of the nation's 120,000,000 citizens now live in_elec- trically lighted homes. and of the | 24,627,900 customers of electric plants 120,391,200 are classed as domestic con= { sumers. The total revenue from ulti- mate consumers during the 12 months ended May 31, 1931, amounted to the | enormous total of $1,987.815,000. With New York, Wisconsin and Oregon Jaying the groundwork for | public or semi-public development of | hydro-electric projects, the so-called | privately owned utilities, which in fact are owned by thousands of stockholders, may see some real competition during the decade in which the Federal com- missioners _anticipate such _extensive development in the construction of water power plants. (Copyright, 1931.) 'PARTY CONTRIBUTIONS | ADMITTED IN PROBE By the Associated Press. OTTAWA, Ontario, July 23.—R.. O. Sweezey, head. of the uharnois Power Co., yesterday assumed complete responsibility for contributions to politi- cal campaigns which had been con- nected with the company. Testifying at the final public hearing of the House of Commons Committee investigating the Beauharnois project, he said the funds had been loaned him by Beauharnois and he had already re- paid considerable portions. Evidence previously given to the com= mittee indicated campaign funds of more than $950,000 had been distributed by Mr. Sweezey among the Liberal and Conservative parties, both federal and provincial. Mr. Sweezey said the Board of Diréc- tors had given “tacit approval” to his campaign fund contributions. - A. F. King, committee auditor, testi- fied the cost of the Beauharnois project to date has been $29,768.816. of which, he asserted, about $7,000,000 repre- sented “water.” MONTGOMERY WARD CO.’ CHICAGO, July 23 (). —Montgomery Ward & Co. reported a profit of $407.- 706 for the quarter ended June 30, as compared with loss of $185,473 for the same period of 1930. For the first six months of the year the loss was $1,375,968, against loss of $2,503,733 in the first half of 1930. The company's statement said the recession in second-quarter sales sub- stantially reduced gross income, but Was largely offset by reductions in ex- penses. Inventories and commitments were “practically $20,000,000 under June a year ago,” and the credit ratio Was even better June 30 than the 11.06 reported for June, 1930, the report said. BALTIMORE STOCKS. Special Dispatch to The Ster. BALTIMORE, July 23.— les. . STOCKS. 15 Arundel Corporation 15 Baltimore Trust Co.. 29C & P Telephone Balto 12 Consolidated Gas com..... 24 Eastern Rolling Mills com. 1 Fidelity & Guar Fire Corp. 10 Pidelity & Deposit CO. 40 First National Bank 11 Maryland Casualty 50 Maryland Trust Co 100 Merchants & Miners Trans 103 New Amsterdam Cas Co 25 Pa Water ower ... 5 Standard Gas Faquip Co pf 100 Union_ Trust Co 84U S PFidelity & G BONDS. 1000 United Rwy & Elec 1st 4s... sa In an effort to curb the mushroom growth of gasoline stations on the Righways a survev has shown that on some stretches of roads in the East the pumps average one in every 230 feet. Sales. High Low. Close. 6 56 B5% B5% M o7 e 23 103% 103% 103% .15 69% 68% 69% 1. 9T 7 85% 85 85% 15 35 35 3B 12 83% 83% 83% 103% 103% 103% 106% 106% 106% 102% 103% 102% 67% 67% 66 67 T6% Uruguay Utah P& L 5 Utll Pow bs Utll Pow 513 "47.- ‘Vanadium Stl 55 *41 t 7342, Vienna 6s ‘5% . Va Ry & Pow £8°34 Va Ry 1st 5562 Waba: Wabash 58 B ‘76 Wabash 5s D '80 Wabash 5%s 75 764 Walworth 65 A *45. 51% 61k 39, 40 4am . 51 51 Wst Sh 1st 45 2361, 90% 90% West E] deb 53 "44.. 107 107 West Md 43 '52 8% 8% 883 78t 103% 1034 109% 100 100 8% West Un Tel 6s West Unlon 6s West UnT 6% Yokohama 6s°61... 30 , YRstn Sr&T 6878, 11 109% 100% 101 109% 100 100