Evening Star Newspaper, July 25, 1931, Page 10

A—10 * REVISION OF LAWS ON OIL ADVOCATED Chairman of Unit Operation Committee Urges Co-opera- tion in Trade. BY BENNETT WOLFE, Associated Press Staff Writer. TULSA, Okla., July 25.—The root c(‘ the petroleum industry’s troubles lles in the atchaic legal concept that oil is akin to wild game, declares Earl Oliver, chairman of the Unit Operation Com- mittee of the American Institute of Mining Engineers, in an article to be published in this week's issue of the ©Oil and Gas Journal. In the opinion of Oliver and more than 200 engineers and lawyers who aided him in a study of unit operation, the fundamental stcp to be taken for stabilization of the industry is a revision of the law on oil and gas to make im- possible the “legalized robbery” that exists under the principle that oll be- longs to any one who can produce it. No Protection Afforded. Unit operation, designed to stop com- petitive drilling drainage, with . its wasteful practices and results, calls for co-operative development on an ofl field through a pooling of acreage, drilling costs and production. Oliver points out that the owner of potential oil land now has no protection against a rapacious neighbor except to race with him to the oil sand, and that no mattor what the condition of the market an oil producer cannot stop drilling, cammot stop producing and cannot, limit his production unless his neighbors do the same. “This presumed right of every drilling site owner to do what he likes, regard- Jess of the effect upon others, has re- duced the industry to & condition of mnarchy.” the journal comments editorially. “Matters have come to such & pass that nothing short of a revolutionary change in the whole habit of thought mbout ofl production can save the industry.” The remedy, as urged by Oliver, is Jegislation which recognizes that each Jand owner or leaseholder is entitled to share proportionately in the oil and gas in the common reservoir underneath his land. “The havoc that has come upon the industry over the last two vears as the result of unrestrained competitive de- velopment at Oklahoma Citv and East Texas is familiar history.” Oliver writes. «Vast reserves of natural resources have been ruthlessly destroyed without bene- fiting society. “It is a singular fact that contem- poraneously with ruthless waste there comes a demoralization of the petrolenm industry. Such waste and such de- moralization have always gone hand in hand. Causes of Difficulty. “Three basic facts account for this: (A) there are many separately owned tracts of land in each pool; (B) oil and gas deposits are migratory, and (C) in each pool there is a limit to the cur- Tent market demand for these sub- stances. Lately oil has droned from $1.30 n barrel to 20 cents, with the result that the petroleum industry is paralyzed, fortunes are :‘Wed out, and labor goes begging for bread.” %whrg universal thread running through all ideas contributed to his study of unit operation, Oliver says, is that the ofl industry's plight is directly due to the “peculiar method of determining ownership in ofl and gas that was de- vised by early courts at a time when the characteristics of oil and gas de- posits were little known. * * * “Obviously, before rellef will come to the petroleum industry some method must be devised that will protect each owner, big and little, in his just shares of oil and gas from the common rest voir without the necessity of bringing them to the surface to provide against their appropriation by others. “Unit operation offers that method. Proration based on acreage content likewise offers it. While successful ef- forts both in unit operation and equitable proration demonstrate these results can be obtained under present Jaws, the handicaps are so great as to make them almost insurmountable.” W. P. Z. Gorman, chief counsel, Skelly Oil Co., who collaborated with Oliver in his study, said he belleved the State clearly had the power to require unit operation. Brokers’ Comment NEW YORK, July 25.—A lower drift in stock prices was foreseen by most brokerage house commentators today. It was pointed out that the expected cut in United States Steel's dividend might prove to have been discounted from the market standpoint. Hornblower & Weeks—We feel the ‘market will offer little constructive op- portunity until the cut in the Steel dividend ceases to be news to the gen- eral investment public. Redmond & Co.—The action of the market in not selling off further means either that it has been thoroughly liquidated and lower Steel dividends and wages have been discounted, or that many people still doubt that such action will be taken. Time alone will tell, but we continue to urge a cautious trading and investment policy, as we still see a possibility of lower prices. Shields & Co.—With nothing imme- diately ahead to give buying incentive further quiet drift lower is to be ex- pected. Clark Williams & Co.—It is our opin- fon that stock market prices will con- tinue to move within a narrow range until the German situation is improved and more definite indicatios of an up- trend in business is at hand. Jackson Bros, Boesel & Co.—The full significance of the expected cut in the Steel dividend lies in the fact that it will in all probability be accompanied or followed quickly by downward ad- justments in wage scales throughout the entire steel industry. As such a move would be contrary to President Hoover’s program of wage maintenance it is bound to be the source of future stock’ market unsettlement and we see no reason for abandoning a policy of conservatism with respect to the buying side of the market. Hamershlag, Borg & Co.—Although we feel that recent domestic develop- ments have been relatively satisfactory and corporation records somewhat en- couraging, we would not care to advise common stock commitments until the foreign situation is further clarified. RADIO RECEIVING SET SALES ABROAD INCREASE By the Associated Press. A gain of more than 60 per cent in exports of radio recelving sets is re- ported by the Department of Commerce for the month of May. Total shipments for the first five months of the year are calculated by the department to be 57 per cent in excess of the correspond- ng period of last year. Sets ex| during May totaled $1,171,000, in gomparison with $726,000 in May of last year. - ‘The five months’ total was $5,191,483, as compared with $3,312,000 in th same months of last year. o Stock Trader Suspended. TORONTO, July 25 (A—W. G. Bhedden of the brokerage firm of Wm. G. Shedden & Co., members of the To- Tonto Stock Exchange, was guspended trading on the exchange'ioday, { prasent urgent p oblems a FINANCIAL. |ECONOMIC CRISIS HAS FORCED WORLD TO SEEK REMEDIAL PLAN THE EVENING STAR, WASHINGTON, D. C. | VEGETABLE PRICE FOREIGN BOND LIST Reparations, Tariffs and Disarmament Declared Major Problems Which Must | Be Solved to Revive Business. BY F. STALLFORTH, European Representative of Chase. Harris, ‘orbes. Corporation. Special Dispatch to The Star. NEW YORK, July 25.—The eco- nomic crisis, which has extended to every part of the world during the past 18 months, has had the stimulating ef- fect of forcing mankind to face the present situation squarely. That is the one saving grace of the depression. Such experiences are sent to try us. They may hamper and harm us, but they also inspire a determination to overcome our difficulties and even arouse us to great achlevements. The distress caused by the crisis may in the end be beneficlal if the nations can be induced to see things from a new and different angie, and consider their own positions more critically than they were wont to do during periods of unbroken prosperity. Now that the crisis has assumed world proportions, difficulties have become of mutual in- terest, and national problems, being much more apparent, command the at- tention not only of the responsible lead- ers, but also of the mass of the people. Poverty and distress, now so widespread that they do not stop at frontiers, can- not be overcome by government meas- ures alone, but require the co-operat:on of all the nations concerned. The not 21l due to the world crisis, of couise, but they have boen accentuated by it and brought into the foreground. No doubt they originated, at least in part, in the Great War, but more especially in the economic and technical changes intro- duced by the last generatiol “World Economics.” “Throughout the past century the in- terchange of national merchandise has been steadily increasing, and this has led to closer relationships than ever before. In the course of time “‘world economics,” or the interdependence of the various national economic systems, has come Into being. The best evi- dence of this increasing interdepend- ence is the marked development of all means of communication. Great coun- tries seem to have shrunk to small pro- portions owing to the extension of transcontinental railway lines, and es- pecially with the air services, which have reduced long distances to a mat- ter of & few hours fiight. Telegraph and wireless communications also link the nations together by broadcasting news of important events. These re markable changes are now so accepted that they have become commonplace. The interdependence of the various | national markets 2lso must not be over- looked, as it profoundly affects living | nditions in-every country. A civilized :l‘;l(un can no longer live to itself; its social fabric in each case is no longer confincd within its own boundaries, but extends its tentacles all over the world. This is the result of continual contacts in the form of mercantile exchange, the | Tedit system, the purchase of raw m gerldllz. };U:A ‘The daily life of each in- dividual nation depends intimately on all other nations, or in other words the welfare of each nation is inscparably bound up with the rest, linked to them for better or worse. Strange to say, this fact is not gener- ally realized; indeed its recognition is gaining ground very slowly. Nothing less than a world economic crisis can Grive home to mankind the existence of world economics, and we are still far from a frank acknowledgment of this new idea. This new theory is not easy to accept , as it conflicts with the old cherished attitude toward the relation- ship of nations. The process of adapta- tion is bound to be long, difficult and tiresome, especially if it is to mean a complete reorganization of international | relationships, both politically and eco- | nomically. Solution Is Difficult. The demands of world economics are so totally different from the old—shall We say old-fashioned?—political meth- | ods that the solution of existing prob- lems is exceedingly difficult. It is a struggle between deep-rooted traditions, and the needs of an entirely new situa- tion. This discr:pancy of thought ap- plies not only to each nation, ‘but almost to each individual. We cannot dismiss the matter simply by stating that some nations, will adopt one attitude and some the reverse, although obviously the tendency in certain countries to cling, to their traditions of rivalry is stronger than their ability to recognize the necessity for co-operation. ‘That ess is impossible on the principle of pure rivalry is evident to any one capable of considering with an nbiased mind the existing conditions in Europe. This fact must be accepted by all nations. Those in Europe are con- fined within a relatively small area, and co-operation is inevitable. Yet for this very reason co-operation is all the more difficult, for controversies become inten- sified the moment that a policy is put into practice. The traditions of his- tory—at times ap asset no doubt—and the bitterness still lingering from the World War impede progress, although they should provide the strongest pos- sibls incentive to strive against the re- currence of such a terrible experience. The interdependence of the various rations of the world is particularly true of Europe. In the first place, the Eu- ropean nations are their own best cus- tomers, as was fully realized before the war, when it was often remarked that an Anglo-German war was impossible for this reason alone. Nevertheless, the war did take place. The curse of un- employment, from which England and Germany especially are suffering, is simply the revenge for the serious in- ;juries done to the law of economic in- lerdependence during the war. If this is true of England and Germany, it is equally true of Europe as a whole, which undeniably forms an economic unit in spite of innumerable customs barriers. These tariffs attempt to ham- per international trade in order to bring about national isolation, or at least nominal isolation. In trifling matters this policy is merely rather ridiculous, but in important affairs the consequences may be serious. The vital question arises as to whether the solu- tion should be sought according to the traditions of isolation and rivalry or in the more modern spirit of co-operation between nations which are closely re- lated. Viewed from this angle, prob- léms which hitherto appeared to be simply the aftermath of the war or of European concern increase in import- ance. The methods adopted for their solution affects the future development not only of Europe, but of all the world. The problems which are most essential to the welfare of the world today may be summed up under three heads—rep- arations, tariffs and disarmament. Reparations. ‘The courageous and broad-minded pronouncement made by President Hoo- ver on June 20 has brought the ques- tion of reparations and war debt pay- ments into the foreground of public in- terest. During the past few months it has become increasingly apparent that, owing to the great troduced by the Young plan, the n of these matters would have to be re- Meanwhile, growing difficul- ties and obstacles were causing grave anxiety, as they seemed to endanger a harmonious solution. Mr. Hoover’s ac- tion swept away these impediments agd cleared the way to a new international understanding. His proposition was re- ceived with enthusiasm all over the world. Not only in Germany, where the situation is most critical, but in other European countries, people now see an open road to peace and prosperity. It is to be hoped that every advantage will be taken of this new ity for frank discussion of fresh solutions. Teparations problem, from the angle of world economics’ may seem to be purely a Europesn affair and of especial concern to Ger- many France, but it extends much further and affects the economic sys- tem of the entire world. We venture to say that the payment of war debts and reparations has created artificial conditions within the world credit sys- tem, thus intensifying the general de- pression. Tariff Barriers. Imbued with national prejudices, the varjous countries of the world are tr) ing to protect themselves against eco- nomic depression by raising their tarifts. The present crisis, however, has overridden all customs barriers. It was soon perceived that no artificial measures could safeguard the pros- erity cf a nation if its neighbors were affected. These customs barriers | proved powerless to avold unemploy- ment, business stagnation, declines in wages and prices, or, indeed, any eco- nomic disturbance. Instead of profiting by this experience, however, and trying to overccme the crisis by co-operation, the nations are determined to abide by their customs duties, although in so doing they are hindering their own Tecovery. In Europe the situation is especially ridiculous, for in this relatively small and highly developed area a confusing network of customs barriers has been erected. The treaty of Versailles, in addition, created thousands of miles of new frontiers and these entailed a new set of tariffs which disturb the traditional markets and prevent the normal exchange of merchandise. Many attempts have been made to deal with~this problem, but without result. When he wound up the Tariff Truce Conference at Geneva in the middle of last March, the president, Mr. Colijn of Holland, was obliged to admit that all efforts had been fruit- less and that four.years' work on the part of the League of Nations had been lost. The European governments had been unable to put into execution the resolutions of the World Economic Conference, which were designed to lower high tariffs and facilitate the exchange of goods. Although the eco- nomic situation was urgently in need of reorganization, they seemed to have given up hope and returned to the statu quo. At the end of March, how- ever, the problem was reopened when | the ‘details of the plan of a customs |unfon between Germany and Austria were published. We shall not attempt here to discuss whether this step on the part of the German and Austrian gov- ernments was intended as a “surprise,” or whether its method of introduction was wise politically. The fact remains that it was the first attempt to link together the disconnected members of the European community by abolishing tariffs instead of erecting them. by uniting the nations instead of forcing them apart. Disarmament. S0 long as the impression of the war, with its memories of terror and misery, remained fresh in the minds of the people, they clamored that everything should be done to avoid a recurrence. The longing for lasting peace was so strong that it cven found expression in the treaty of Versailles, although it must be admitted that this document | contains little of the unfettered spirit of | peace and g will. We recall the clauses dealing with German disarm- ament, which were said to be the first step toward general disarmament. This first step has now been taken, and Ger- many has disarmed. She is left with a very small military force and no modern armaments. Consequently. the amount she is spending for military purposes is much less than before the war, while in all other countries the amount has increased. Figures cannot tell the whole story, but they give a good idea of the general trend, as may be gathered from the following table: EXPENDITURES ON ARMAMENTS. 1913, 1928, Great Britain $385,000,000 $575.000.600 145,000,000 000 500,000,000 Ttaly .. 145000000 255.000.000 United ‘States . 335,000,000 737 Since 1928 these figures have under- | gone certain changes, but the fact re- France | mains that expenditure on armaments has increased enormously since 1913. This armament race is a grave dan- ger to international relations, the threat of a new war, which lics in excessive armaments, has a disturbing effect on economic enterprise, hampering de- velcpment to an extraordinary degree. 1f Europe were ruled in the spirit of peace instead of under the shadow of national rivalry, her recovery from the World War would be much farther ad- vanced, and she would be able to with- stand the shock of the world crisis with greater fortitude. We venture to say that the present crisis would not have been so severe if the spirit of peace and co-operation had prevailed in interna- tional politics after th> armistice. These principles alone can bring “security” to the nations. This brief survey should be sufficient to emphasize the importance of the Dis- armament Conference which will be held in February, 1932. chiefly of European interest, dealing especially with disarmed Germany and her beavily armed neighbors, it will also have a bearing on the relations be- tween other nations. Above all it will reveal whether a fu- ture conflict bctween civilized nations can only be settled by arms and force as hitherto, or whether peaceful meth- ods are earnestly desired. If the con- ference do°s not succeed, the present uneasiness in Europe will be greatly in- creased. The psychological effect of failure would be serious, as it would mean that the nations would be gov- erned in a spirit of anxiety and fear, even more than they are toda By the Associated Press. NEW YORK, July 25.—The collec- tion percentage of 20 stores selected for an index of business conditions dur- ing June showed a decrease of forty- seven-hundredths of 1 per cent below last year, according to the Credit Bu- reau of Greater New York. Nine of the stores showed an increase over Even if it is; June, 1930, and 11 reported a decline. The average for June was 45.20 and for the same month a year ago, 45.67. Calls for radio apparatus, packaged food products, cosmetics and cther spe- cialties were more numerous in th orders received from South American markets last month, according to in- formation gathered by New York' export trade associations. The sales of radio sets and parts, executives said, are expected to gain steadily through the balance of the year, despite the depressed conditions in other lnes: time coats featured the fairly large volume of orders placed by visiting buy- ers in the wholesale markets in New York during the week, resident offices Tepor Low-priced dresses were also very active, but buyers were reported curtailing purchases on the higher-priced dress lines, due to' un- settled conditions in the market, Volume orders for both aluminum and enameled sheet metal kitchen utensils were placed in the New York market this week by buyers filling re- quirements for early Fall sales events. The activity this week, together with the orders expemext week, sales agents said, will b the volume cf sales for the month ahead of that in July, 1930. In the enamelware field, ‘where prices averaged 2 per cent under Sipelica 1o o s better JFbiias volume expec o & volume than they did last Julye TREND IRREGULAR Watermelon and Cantaloupe Quotations Advance on Better Demand. The active demand for watermelons and cantaloupes toward the close of July_strengthened prices slightly, says the United States Department of Agri- culture, Bureau of Agricultural Eco- nomics, Market News Service. Lettuce also sold higher, largely because of the scarcity of good quality stock. Prices were much lower for such produce as potatoes, onions and peaches. Part of the decline tn peach prices was due to the rapidly increasing carlot movement. Generally slow demand tended to de- press onion prices. Carlot shipments of some 37 leading frults and vegetables are somewhat greater than a year ago. Potatoes led the carlot output with 5260 cars, the third week of July, followed by water- melons with 4,150 and peaches with 2,915. Tomato shipments continued rather heavy with a total of nearly 1,000 cars. Potato Shipments Heavy. Potato markets were reported rather weak after the middle of July under continued heavy supplies. Nearly two- thirds of the carlot movement was coming from the Eastern Shore of Vir- inia. Total output from that section at the close of the third week of the month had reached _approximately 13,000 cars, which is about 2,000 less than at the same time last season. Local shippers estimated that from 80 to 90 per cent of the crop had been moved and predicted a total movement of between 14,000 and 16,000 cars. The crop in Maryland has been variously estimated at 1,500 to 2,000 cars. Most of the standard grade stock remaining in Virginia and Maryland is likely to be shipped by the end of the month, as New Jersey potatoes are expected to offer considerable competition in early August. The prospect of lighter ship- ments, together with continued satis- factory demand, tended to strengthen rices slightly. Most growers who have en holding for higher prices seem to see few indications of any great im- provement in the potato market this season and have decided to harvest their crop. Distribution of shipments continues good. Nearly one-third of the current movement has been billed west of Pittsburgh. A few cars have gone to Southern points and the T mainder to the Atlantic and New Eng- land States. Even at the extremely low price of $1.25 a barrel for potato:s from the Eastern Shore of Virginia and Mary- land, trading in the Baltimore market has been dull. Jobbers in New York City paid from $2 to $2.25, and in Pitts- burgh and Boston sales were reported as high as $240 to $2.50 per barrel. Opening prices of the season on New Jersey Cobblers was $1.50 per 100-pound sack in New York City. Onion Prices Decline. In spite of the fact that onion move- ment is only about half as heavy as a year ago at this time, prices continued to slant downward. Rather limited de- mand in many of the leading city mar- kets was a depressing factor. New Jersey yellow onions in bushel hampers and 50-pound sacks sold at a range of 90 cents to $1 in Boston and Washington. Stock ffom Orange County, N. Y. brought $1.25 to $1.75 per hundred pounds in New York City. Lettuce Selling Higher, Prices of lettuce advanced quite gen- erally in late July. A wide range of prices was recorded on sales of New York Big Boston type, covering ex- tremes of 75 cents to $1.75 a crate of two dozen heads. the range was in New York City, and, Chicago. | top price was recorded at New York was forwarding fully one- third of the entire carlot output the third week of July, shipping as many as 67 cars some day The Eastern Shore cucumber season is practically finished. Many growers abandoned their fields when the cash price dropped as low as 15 cents to 25 cents a bushel. Shipments to date are about one-fourth heavier than to the same time a year ago. Cantaloupe Markeis Firm. A sharp decrease in the carlot move- ment of cantaloupes, as well as im- proved demand, tended to strengthen | the ecity market prices of cantaloupes. California Salmon Tints sold at a gen- eral range of $2 to $3 per standard crate at distributing centers. Eastern cities quoted North Carolina_melons at 75 cents to $1.75 per crate. Flat crltesi of Maryland and Delaware stock, brought into New York City by motor truck, sold at 50 cents to $1.25, accord- ing to the number of melons in the | container. Moderate shipments were ex- pected from the section around Salis- bury, Md., the last week of July, and peak movement is likely to occur near the 10th of August. Peach Shipments Heavy. About three times as many peaches moved to market the third week of July as during the previous week. Georgia forwarded 2,040 cars, slightly more than | two-thirds of the week’s output. Limited trading was reported at Southern ship- ping points, and generally weaker mar- kets. Medium size Elberta peaches sold at 70 to 75 cents per six-basket carrier in the Macon district of Georgia. Job- bing sales in eastern consuming centers were reported at $1 to $2 per six-basket carrier and 90 cents to $1.50 per bushel. Pennsylvania Red Birds, standard grade and size, brought top prices of $2 to $2.50 per bushel in New York City. A wide price range of 25 cents to $1.75 a bushel covered sales of Summer ples in Eastern markets. Delaware and New Jersey Yellow Transparents were mostly at 75 cents to $1.25 a bushel in the East. Delaware was ship- ping about 20 cars of apples daily the latter part of July and a few cars each were reportéd from Maryland, Pennsyl- vania, New Jersey, Virginia and West Virginia. BIG ADVERTISING FIRMS COMPLETE MERGER DEAL Special Dispatch to The Sta: DETROIT, July 25.—A merger has been effected between Dorland Interna- tional, Inc., of New York and the for- eign advertisting department of George Harrison Phelps, Inc., of Detroit, with the following officers: Chairman of the board, Howard S. Hadden; presi- dent and general manager, George Phelps; presidents, ‘Thomas M. Quinn, Frank B. Amos, J. E. Wingate; secretary, Thomas M. inn; treasurer, Howard S. Hadden. Coincident with Mr. Phelps’ election to the presidency of Dorland Intern: tional, Inc., this company and the over- seas division of George Harrison Phelps, Inc., are merged under the Dorland name. ‘The combined organization, with branch offices in New York, De- troit, London, Paris, Berlin and other centers of world commerce, will handle American export advertising accounts. Foreclosure Suit. BALTIMORE, July 25 (Special).—A hearing in a foreclosure suit against the Maryland & Delaware Coast Rail- single track freight line, between Denton, Md., and Lewes, Del,, will be held in the United States District Court Monday. Judge W. Calvin Chestnut will preside. s gl s It is told of Disraeli that when the old statesman was dying, one of the doctors, feeling his pulse, said. think the old m&:mn's gone, at last.” u) The low point of | 2 SATURDAY, JULY 25, 1931. DECLINES SHARPLY Argentine Disturbance Re- sults in Heavy Selling. Germans Off. BY F. H. RICHARDSON, | Special Dispatch to The Star. NEW YORK, July 25—Argentine dollar bonds. dropping rapidly ST points in active liquidation, commanded most of the attention in bond trading today. ‘The establishment of martial law over a wide area of the Argentine con- firmed Wall Street’s previous fears that the full significance of the revolution in Corrientes Province had not been tevealed in the official communiques. Most of the 6 per cent Argentine gov- ernment bonds sold well below ~ 70. Buenos Aires Province’s 6s went to a new low under 48. At the same time selling was the dominant note throughout the rest of the foreign department and in the do- mestic list. Apart from the Argentine group, however, there was no increase in activity and no renewal of the large bond offerings that were withdrawn earlier in the week. ‘The credit of other South American republics came into question. Riots and martial law in Chile, anxiety over the possibility of a default by Uruguay and the lack of assurance in Sir Otto | Niemeyer's report on Brazil that that | country would be able to continue | debt service were contributing factors. Chilean 6s sold much below 40. Colum- | blan bonds sagged. Brazillans were | barely steady. | Sir Otto's report. published simu'tane- ously in London. New York and Rio de Janeiro, recommends the establishment of a central bank in Brazil and puts forward certain budgetary economies. He neglects, however, to say just what Brazil can do about her external debts, which are currently selling between 45 and 50 cents on the dollar—levels which almost lude the large external loan which he recommends as necessary to the establishment of foreign exchange cover for & central bank. ‘German bonds were off 1 to 2 points on small offerings. Young Plan 5:s were quiet and a point lower. Dawes Plan 7s sold down to around their pre- vious low. German Central Bank 6s and 7s were fractionally lower. Washington Produce za‘BuuerAOne-pound prints, 2972; tub, | 2812, Eggs—Hennery, 22a23; current re- ceipts, 15a17. Poultry, alive — Spring broilers, pounds and over, 33a35; 2 to 2!2 pounds, 32a33,: 1'; to 2 pounds, 28a 130; Leghorn brollers, large, 24a25; (medium, 22a23; hens, large, 22a23; small, 18a20; Leghorn hens, large, 15a 16; small, 13al4; roosters, 12al! Dressed—Spring_ broilers, 3 pounds |and over, 38a40; 2 to 2!» nounds, 37a| 3812; 112 to 2 pounds, 32a35; Leghorn broilers, large, 28a30; medium, 28; hens, | large, 25a26; smali, 20a22; Leghorn hens, 17a18; small, 14a15; roosters. 13a | | 14; long Island ducks, 21a22. | Meats—Beet, prime, i5; choice, 14; | medium, 121:a13; lamb, "17a18; veal, top, 14a15; choice, 12a13; pork loins, 123a24; fresh hams, 18a20; smoked | hams, 20a21; str® bacon, 24; lard, {1012a11. | Pruits—watermelons, 35a90; canta- { loupes, North Carolina, 50a1.75: Cali- honeydews, 1.25a1.75; honeyballs, flats, 1.25; oranges, 4.50a 5.50; lemons, California, 5.50; Messina, apples, 75a1.25; . " huckleberries, 3.00ad. blackberries, 4.00; Persian melons, 2.75; pineapples, 3.50a4.00; grapefruit, Porto Rico, 4.00a4.50. Vegetables—Potatoes, per barrel, 2.00; sweets, per bushel, 1.50; string beans, 90a1.00: limas, 2.50a3.50; eggplant, 2.00a2.25; celery, small crates, 1.00; large crates, 2.00a2.50; cabbage, 35a40; spinach, New Zealand, 50; kale, 25a35; beets, per 100 bunches, 2.00; carTots, per 100 bunches, 2.00; lettuce, Iceberg, 4.50 a6.00; tomatoes, 2-peck baskets, 75a 1.00; peppers, 50a75, squash, 2-peck baskets, 40a50; onions, California, 50- pound sacks, 1.50; Eastern Shore, bushel baskets, 75; okra. 2-peck baskets, 1.00a 1.25; corn, 5-dozen sacks, 1.00. Baltimore Markets | Bpecial Dispatch to The Star. BALTIMORE, Md. July 25.—Pota- | toes, new, barrel, 7581.50; sweet pota- toes, bushel, 1.50a3.25; beans, bushel, 35a65; beets, per 100, 1.00a1.50; cab- bage, bushel, 40a60; carrots, per 100, 2.00a3.00; corn, per dozen, 5al6; cu- cumbers,” hamper, 15a35; eggplants, hamper, 1.00a1.23% lettuce, per crate, 1.0025.50; okra, bushel, 2.00a2.50; pep- pers, hamper, '25a50; onions, per 100 pounds, 90a1.25; peas, crate, 2.25a3.00: squash, per bushel, 20a30: tomatoes, { hamper, 50a75; apples, bushel, 15a1.00; blackberries, per quart, 8al6; canta- loupes, per crate, 75a2.50; cherries, per basket, 20a50; currants, per quart, 6a12, Dairy Market. Poultry—Alive, chickens, young, 20a 33; old hens, 18a24; Leghorns, 12a17; roosters, 12al15; ducks, 14a22; pigeons, pair, 20a25. Receipts, 940 cases: current re- ceipts, 18al9; hennery whites, firsts, 21a23. Butter—Good and fancy, creamery, 23a27; ladles, 17a18; rolls, 16a17; pro- cess, 19a20; store packed, 14al5. DOWRY OF DOLLARS. ‘The painting by Walter de Maris called “The Dowry of Shillings,” which was reproduced on the cover of the May American Bankers' Journal, pos- sessed a rorn:nuc qulldi'.y which ap- pealed strongly to readers. - spondent wrote to describe a smar gift made by a father in Richmond, Va., when his two sons married. ‘The father in this modern “Dowry of Dollars” promised the two brides their weight in silver dollars and a few days before their wedding he took them to a grocery store and found that they weighed 131 pounds each, & coincidence which might possibly have been due to the diplomatic needs of the occasion. However, they proceeded from the store to the bank, where each young lady received a bag of silver dol- iars weighing 131 pounds. A few years later each presented her husband with an 8-pound child and the grandfather was s0 pleased that he gave each child its weight in gold dollars. » ‘The sequel of the story, says the Journal, illustrates the danger some- times involved in starting a precedent. With the passage of years two more grandchildren arrived and each, of course, received its weight in gold. The question is, how many dollars are rep- Tesented by 262 pounds of silver coins and 32 pounds of gold dollars? Our correspondent says he presented $4,454 in silver and $8,800 in gold. FOREIGN TRADE STATUS. m;.“lt is mum:ma‘e to note ts:: m wides) pression of nnmmfr:lnulmmed products are making a reasonably satisfactory show- ing. In 1930 the value of our finished manufactured exports amounted to $1,- R S T op By o o in our foreign trade history. The share of this group in total exports ily, increasing for many years. Although the value of exports of finished manufactures for 1930 was 25 per_cent below the 1929 record, it was only 10 per cent below the average 5220, for the five 2‘9; r”m r, forel Tifinols, Oni~ years 1 ‘W. Doonan, m: Co. of 3 Cert-tddeb 6% s FINANCI [z o BONDS o ] Received by Private Wire Direct 4o The Star Office UNITED STATES. (Bales are 1n $1.000.) Rales. High. Low. Close. Lib 3%s 32-47.. 22 10220 102 20 102 20 List4%s32-47. 12 103 8 103 8 103 8 L4th4%s33-38 23 104 27 104 25 104 26 US3%s’'49... 51011410114 101 14 U 8 3%s 40-43., 10 10222 102 22 102 22 US3%s43-4' 19 102 26 102 26 102 26 USdsd4-54.., 2 10813 10813 108 13 Sales. Mign 3 b4 Gas 6% Am S&R 1t 68 '47. Am Sug Ref 63 '“'.' Am T&T s s £'60.. Am T&T 5%s 43 AmWat Wk 6s Argentine 548 Argentine May Argentine 68 J Argentine 6s Oc * Argentine 6s A ‘57, B Atchison gen Atchiscv 4% Australi Australia 63 ‘65.... Austraiia 68 67.... ;) Gk of Chile 6 Belgium 63 5 Belgium Belgjum 7 Belzium 78 '5 g Bell Tel I'a s C ‘60 B Ind Loan Co 65'46 Berlin CyEl 6% Beth St rf 58 '42. Bordeaux 68 '34. Brasil 6% ‘2 Brasil 6%s ‘27, Brazil 8s 41. Buenos A 65 ‘61 Pv. Bush T Bldg 58 '60. Canada ¢s'60 ada 68 ‘52 at Ry 4138 Cent Pac bs 60 Ches Corp 63 '47... CB&Q4%s'T7... Ch M&StP 4%s'89. Chi M StP&P bs ‘76 Chi M & St P ad) bn Chi & NW con 4% s. Chi Un Sta 6%s'63. C& W (ndcv 4 C& W Ind 6%s '62. Chile és LA » el et on suE R aroan macskeseRomRuEctenealae nTuatlearnanSnunancanue Chile 6363 Chile 78 42 CCCaStL 4% Colomb 63 Jan ‘61. . Colombia Gs ‘61 Oct Colon Oil 6 °38.... Colo & Sou 4%8°'35. Col G&E 58 Mav ‘52 Col G&E coup 58 '61 Com Inves o%s 4. C C Md 1st rf b5 ‘50 CGas NY 434 8'95w! ConG N Y 6lym ‘45, Con Pwr Jap 6%8.. Copenhag 4%s '63.. Copenhag bs '62... Cuba 6%s Cuba R R 5 Cuba Nor 6%s '42.. Csecho 83 51 Del & Hud rf Denmark 4% Denmark 5% Denmark 6s D& RGrgnds Det E4 G&R4% s Det Edison rf b8 '43 Dodge Br ¢l 68 ‘40 Dutch East 16847, Dutch East 1 6862, 96 95% 99% 104 92% » e Finland 6% Finland 63 45..... Finland 63%s 66... French 7849 French Gvt 7%s '41 German 7s Goodrich ev Goody'r Rub Grand Trunk 7s ‘40 Grt Nor 4 %8 "i7 E. Grt Nor gen 78 '36. 117 Greek 63'63. Halti 53.. Humble Ol 5 111 Cent 4 111 Cent Ili Cent 4% s 111 Cent 58 ‘55 111 CCStL&N aronmlsvaanaxinenon Bar o Int M Co 5srct "¢1. Int Match b8 ¢1... Int Pap 63 A *47. Int T&T 4%s S 1at T&T cv 4 %3 Int T & T b8 '55. Italy 78°51.. (taly PubSv7s Japanese 5% °65. . Jupanese 638 ‘54. . Jugosl Bank 7 Kan CFtS&M KanG& E4% 43...0 Kend 5%s 48 w Kreug & Toll bs ‘69 Srosmaa Bonnme amana=NaG Mex ¢s . Mex 4s asstd 1910 Mich Cen 4%s°7 Milan 63%s 5! MSP&SSM 5%8 7 MK&Tprin Mo Pac gen ds o - AT HOOM LN NNRN AN O - Sales. High Low. Nord 6%s ‘50 7 1054 105 NoAm Co bs°61. 101% Nor Am Bd 6s 57 1044 NorOT& L ¥s'47. Nor Pac 38 3047 Nor Pac 4897, Close 105% 101% 104% 107 Nmon wEosematoaaeBaalontaSnennnon Ne nralomeniane h 61 Orient dev 6% ‘53, Pac G & K1 65 *42 4. Penn 635 °36.. .. Penn P&Lt 4% 8 ‘81 Pere M 1st 4s Pere Mar ¢34 Pere M 1st bi Peru 63 '60 Phila Co 53 » 47, Poland 8s ‘50 Port Gen El 4% Porto Alegr Pos Tel & C &3 '53. . Pressed St C 6 '33. Public Serv 4s '71.. PubSv G 4%s67.. Reading 448 B Rhinelbé 7 RIAT& L 4%s 34, Rome 6% 852 StL&SF 4%s8. St L&SF prin6s B. 36... Sao Paulo $3°50. ... Saxon Pu W 6% 551 Saxon Ts '46. Seine 7a'42. Sinc Cr O 6% s 38 Sinc P L 5n 43, Skelly O11 & SW B N D neunCla® runtiuranE o e RN neRg SR BEm S e R R StOIINJ6s4s. ... StONN Y 4%s 61. Sweden 6% "54.... Swiss 614848 Talwan E P 5%s 71 Tex & Ark 6%s 50, Tex Corp cv 68 *44. Tex & Pac 63 B '77. Third Av ref 4s 60 Third Avadi bs Toklo 6%s "61 Tokio EI Lt 6s° 3., Un Pac 1st 4s"47... Un Pac 43 '68. Un Pac rf 48 2003 Unit Drug cv Utd King 6%5 ‘37 U S Rub 18t 68 ‘47 Un StI W 6%s A UA St W 63434 '61 Utd St W 6%s C'51 Uruguay 6s '60. Uruguay 6s 6. Uruzuay 8s 4/ Utah P & L 58 '44 1Jt1] Pow 68 '69 w' Utll Pow 5%s "47 Vanadium Stl 55 °41 Vienna 6s ‘52 Va Ry & Pow Wabash 5s D ‘80 Warn Br Pic 6339, Warsaw 78 ‘58 West El deb b West Md 45 '62. West Un Tel 6. West Union 5 ; West UnT 63836 Yokohama 1... TRstn Sr& 18 ¥ng StI&T 58 B 70 23 — LABOR OF MEXICO FIGHTING NEW LAW, Proposed Legislation Regarded as Protection for Capital Against Workers. - 1048 1008 103 10515 100% 100’3 100 3 4 100% 100% 1013% | 100% | Special Dispatch to The Star. MEXICO CITY, July 24—Capital will score an important victory ever labor when the Mexican Congress, as is indicated. passes the proposed labor law now being debated by the Cham- ber of Deputies. Held Blow to Workers. The proposed labor law “has been approved in principle by the Lower House of Congress and is a blow tol workers, protecting only the interests of imperialistic capital,” declares a manifesto. It adds that passage of the bill would be an outrage and that labor must join as one man for vigorous de- fense of its rights. However, it is generally believed that the efforts of the unions will fail to impress the Deputies, who have been pushing the debate at top speed, eager for prompt passage of the bill. The Congressional Labor Committee has spent _several weeks studying the meas- ure, holding hearings in which both capital and labor have set forth their views, and the final report, approved in principle, is now being debated. ‘Will Clear Situation. Labor leadérs declare that the law as drafted “impairs the rights of work- ers,” but employers are also dissatis- fied, claiming that it is a poor compro- mise net affording them all the pro- tection they require. This opinion, however, is considered exaggerated and intended to influence the deputies in behalf of capital as well as to counter- act the efforts by labor unions for amendments. Passage of the labor bill will clear a hazy situation that has prevailed for many years and, by setting down as it does in black and white regulations fix- ing the relations between capital and labor, will help the country relieve the present financial distress. ~Foreign in- vestors will then know what to expect as regards protection, and new indus- tries will be established. (Copyright, 1931.) New Capital Market. NEW YORK, July 25 (Special) —The issuance today of $31,500,000 of new bonds, of which only $5,750,000 con- sisted of municipal offerings, confirmed the active receptivity of the new cap- ital market. Once again the bulk of the 's ‘was made up of public utility ids. The unusual demand for these has resulted in the quick disap- pearance of the few issues offered earlier in the week and today's were reported sold shortly after the books were opened. Besides the $20,000,000 Commonwealth Edison issue, announced ‘Thursday, there was an $8,000,000 issue of Gary Electric & Gas 5 per cent bonds due 1934. They were priced at 98 to yleld 5.75 per cent. An issue of Pacifc Power & Light 5 per cent first mortgage bonds were priced at 9812 to yield 5.11 cent. The only im t municipal ‘was _ $5,000,000 State of South Carolina 3.70 per cent highway notes, priced to yield 3 per cente AL, 0T OF CLOTHIG CURBED BYMARERS Manufacturers ~ Helped by Lower Prices of Materials, Trade Survey Shows. Special Dispatch to The Star. NEW YORK, July 25.—Despite the reduced volume of production manufi turers have found it possible to operate at lower unit costs than those of & e ago, chiefly because of a decline in prices for most of the materials enter- ing into their products, says the Stand- ard_Statistics Co., in a survey of the clothing trade, which continues in part: “During the first half of the current year prices for cotton cloth were re- duced by 4.5 per cent on the average, while reductions of 12 per cent and 7 per cent were experienced in the cases of silk and rayon fabrics and woolen and worsted goods, respectively; corre- sponding reductions of 6.3 per cent, 15.5 per cent and 6 per cent were Tegis- tered during the first half of last year. Even greater declines have been Wit~ nessed in quotations for raw silk, wool and_cotton. “Price cuts this year have been of a more orderly nature than the pre- cipitous decreases experienced in the initial half of last vear and, with fin- ished and unfinished stocks maintained at the lowest possible level, inventory losses, which reached substantial pro- portions in 1930, have been only nom- inal in 1931. “Labor costs likewise have been re- duced, with the major savings effected at the expense of non-union operatives. Many Souihern hosiery mills are re- ported. to have instituted reductons in wage scales ranging from 10 per cent upward. In the union mills and cut- iing establishments modifications of union labor agreements have been ef- fected; nevertheless, in some instances, notabiy in the case of the hosiery trade in the Philadelphia area and the New York men's clothing group, the expira- tion of present contracts with the un- ions will open the way for negotiations for the readjustment of wage rates. At- tempts of manufacturers to effect fur- ther savings in production costs in this manrer undoubtedly will be strongly contested by the labor organizations |and may sesult in additional labor dif- ic lties during the balance of 1931." PLUMBING INDUSTRY PLANS FIXTURE SALES Modernized and New Designs Are Placed on Market. 0ld Equipment By the Associated Press. CHICAGO, July 25.—The Nation's plumbinz and heating industries, de- prived of new markets by a dearth ef construction, are concentrating on the business of modernizing old equipment. These allied trades, which in normal years sell more than $1,000,000,000 worth of wares to the American’ public, point to bprices which they say are down to prewar levels, plus new designs on their major products, as reasons for modernizing now. The plumbing industry's goal is to 1pply new fixtures in millions of homes whose plumbing is considered anti- quated, as well as to furnish equipment for other thousands that lack plumbing facilities. In the heating industry’s potential market were included 16,000,000 of the 23,000.000 dwellings in the United States. The Heating and Piping Con- tractors’ National Association figures that this many homes are “inade- quaiely” heated, despite the fact that Americans annually invest more than $500,000.000 in heating and ventilating equipment. Figures compiled by the Plumbing and Heating Industries Bureau, the national trade association representing manufacturers, wholesalers and con- tractors, show that prices on both plumbing and_heating equipment are the lowest in 15 vears. Reductions of from 18 to 24 per cent are listed for bath tubs, lavatories, kitchen sinks and other enameled iron plumbing ware: from 10 to 17 per eent on cast iron radiators and from 7 to 20 per cent on boilers. Radiators and boil- ers, manufacturers say, are 15 per cent below 1929 prices. The plumbing industry sold more than 1.600.000 pieces of equipment in the first five months of this year, compared w\;)ul 2,207,000 in the same period of 1930. Markets at a Glance NEW YORK, July 25 (#)—Stocks heavy; trading apathetic. Bonds irregular; foreigns sag. Curb steady: market dull. Foreign exchanges firm; sterling makes further gain. Cotton lower; favorable weather forec: ‘. Sugar, holiday. Coffee, holiday. EARNINGS REPORTED. NEW YORK, July 25 (#).—The Allis- Chalmers Manufacturing Co. todsy re- ported for the first half net profit of 51,006,061, equal to 77}, cents a share on the common outstanding, compared with $2,351,540, or $1.81 a share in the like period of 1930. June quarter met was $523,253, against $1,180,603. Bookings for the six months this year amounted to $12,224,877, against $29,- 480,951 last year. Unfilled orders as of Juns 30 aggregated $9,032531, against $13.002,923 at the close of last year. eneral Printing Ink Corporation re- ported for the June quarter net profit of $154,069, compared with $195,704 in the like quarter of 1930. Caterpillar Tractor Co., in the six months to June 30, had net profit of $1,446,475, equal to 77 cents a share, compared with $5,622,965, or $2.99 & share, in the first half of 1930. ‘The New England Telephone & Tele- graph Co. had June quarter net income of $3.171,841, equal to $2.38 a share, against $3.060,682, or $2.31 a share, in the June quarter of 1930. United States Distributing Corporation and subsidiaries reported six months' consolidated net profit of $201,465, ?ggsnst $228,645 in the first half of Paraffin Companies, Inc., for the year ended June 30, reported net in- come of $1,746,108, equal to $3.60 & share, against $2,556,041, or $527 & share, in the preceding year. American Hide & Leather Co. and United States subsidiaries for the year ended June 27 reported net loss of $704,128, including losses on sales of fixed assets and provision for reduction in inventory values, against net loss of $68,144 after similar charges in the 1 year ended June 28, 1930. The Chesapeake Corporation for ithe June quarter reported net income of $1,641,516, exclusive of $2,305 profit from the sale of securities which was credited to earned surplus account. For the June quarter last year the com. ?my reported net income of $1,426,206. ncluding $11,311 profit from the sale of securities. The Alleghany Corporation reported for the June quarter mnet income of $870,713, exclusive of $821,589 loss from the sale of securities which was charged against earned surplus account. For the June quarter last year the com- pany re| net income of $1,160,785 including $47,465 profit from the sale of securfties. ' Tests of a non-inflammable gasoline nro‘uced from tar at the Belfast, Ire- have land, gas works, are reported B Sioecetsris