Evening Star Newspaper, July 30, 1931, Page 14

A—14 #x¥ ETD “OUTLOOK IN STEEL - DECLARED BETTER Gain in Ingot Production and " Higher Scrap Prices Held Encouraging. By the Assoclated Press. NEW YORK, July 30.—An out-of- . season gain in ingot production, con- * tinued buoyancy in scrap and the de- . cision of the Steel Corporation directors to maintain wage rates are regarded as constructive factors in an exceedingly »quiet iron and steel market, Iron Age says in its weekly review of the in- custry. “Steel plant orrltlnm have risen at .. Cleveland, Buffalo, Youngstown and in he Wheeling district,” the review says, d ingot production for the country _'at large now averages 32 per cent, s against 30 per cent a week ago. The , upturn has come at an unusual time— Midsummer—and follows an unbroken . declihe since Ma;ch.mlt is dimeult to assign a reason for the change ul 1t gen'-hlt steel output dipped below the ‘rock bottom’ requirements of the - country. And it is too early to foresee whether the gain will be followed by .. further increases or by relapses to ~ lower rates. Reduced Auto Schedules. “The closing of the Ford plants from July 27 through August and the ~ sharply motor car makers next month certainly v'do not augur well for automotive con- sumption of steel in the immediate future. Tin plate output, which has "'been the brightest spot in the iron and steel situation, likewise is an unfavor- able factor, having declined further to “'a 55 to 60 per cent rate, with addi- - tional curtailment in sight. ~ Blast ' ‘furnace operations also still point downward, with three stacks reported 'put out during the week—two at Bir- mingham and one at Chicago. » " “The conviction that business is slow- 1y, if almost imperceptibly, on the mend is' read into the action of the Steel **Corporation directors in maintaining ‘wage rates, after a reduction had been ++almost universally forecast. Possibly the fact that the corporation’s operat- ing rate has risen from a recent low of 30 per cent to approximately 34 per cent of capacity turned the scales against a */ step that would probably have been taken if an indefinite continuance of un- profitable operations seemed to be \:n *"prospect. At any rate, the corporation's .Teport is widely interpreted as an in- ~-dication of faith in the future, and ~‘should operate to restore the repeatedly shaken confidence of industry in gen- eral. “Construction continues to account “‘for a substantial ‘portion of the exist- ing steel plant operations. The steel “for some of the larger projects placed earlier in the year—for example, the Radio City, New York, taking 125,000 tons—is now being rolled and shipped. In addition, a fair volume of new work «is being placed and is coming up for bids. New Projects. “New fabricated steel projects, at "°85,000 tons, include a freight termi- nal, and an elevated structure for the “New York Central in New York, 21,500 “tons. Another New York improvement »soon to be contracted for will take 10,000 tons of 18-inch seamless pipe. A 200-mile, 20-inch gas line to be awarded in Texas calls for 40.000 tons of steel, while a prospective 125 to 150 mile ofl line in the same State will re- “quire 34,000 tons.” The Iron Age composite price for steel scrap has again advanced, being now $9.42 a gross ton, against $9.25 a week ago and $9.08 a month ago. The finished steel and pig iron composites are unchanged, at 2.116 cents a pound and $15.54 a ton, respectively. ‘Butter—One-pound prints, 291%; tub, ) 2. Eggs—Hennery, 22a23; current Te- ceipts, 15a17. Poultry, alive— Spring broilers, 3 pounds and over, 32a33; 2 to 2!y .pounds, 32a33%2; 11, to 2 pounds, 28a ©30; Leghorn broilers, large, 24a25; .medium, 22a23; hens, large, 22a23; “"small, 18a20; Leghorn hens, large, 15a 16; small, 13al4; roosters, 12a13. Dressed—Spring broilers, 3 pounds and over, 38a40; 2 to 2!; pounds, 37a 3812; 12 to 2 pounds, 32a35; Leghorn broilers, large, 28a30; medium, 28; hens, large, 25a26; small, 20a22; Leghorn hens, 17a18; small, 14a15; roosters, 13a 14; Long Island ducks, 21a22 Meats—Beef, prime, 15al5%:; choice, 131;a141;; medium, 12a121:; cow, 11; ®veal, top, 12%al3; lamb, 17; pork loins, 8 to 10 pounds, 23a24; 10 to 12 “pounds, 19a20; fresh hams, 19a20; -smoked hams, 21; lard, 10%; all; strip ‘bacon, 24. Live stock—Hogs, heavy, 6.50a8.00; 00a8.50; pigs, 8. lambs, 5.00a - loupes, 50a1.50; honeyballs, flats, 758 1.00; honeydews, 150a1.76; oranges, » California, 4.75a5.50; Florida, 5.00; *Jemons, 5.5026.00; limes, per 100, 1.75; bananas, 50a2.00; apples, per bushel, 25 ,a1.00; box stock, 2.2582.50; huckleber- ries, '3.504.00; pineapples, 3.50a4.00; _peaches, 1.00a2.50; pears, 3.25: figs, .00; nectarines, 1.75; plums, 2. Vegetables—Potatoes, per barrel, 2.00; weets, per bushel, 1.75; tomatoes, two- peck baskets, 50a75; corn, five-dozen acks, 50a1.00; celery, 2.00; lettuce, ceberg, 5.00; string beans, 1.00a1.25; limas, 3.0 cabbage, 50; _okra, £3.00; peppers, 1.00; eggplant, 1.75a2.00; pinach, New Zealand, 50; kale, 25a35; arrots, per 100 bunches, 2.0 ts, Sper 100 bunches, 2.00; onions, Cali- - fornia, 50-pound sacks, 1.50; Eastern < Shore, bushel baskets, 75. 'BALTIMORE 'i'ROLLEY Co. REPORTS REVENUE DROP 2 Bpecial Dispatch to The Star. BALTIMORE, July 30—Gross rev- fenues of the United Rallways and +Electric Co.. which controls the trolley systems of Baltimore, in June amount- ted to $1,195,125.50, a decrease of $137,- 43.90, or about 10.2 per cent, compared the Public Service Commission. + Net income showed a deficit of #£34,952.01, compared with a profit in sJune last year of $35318.96. Operat- » ing expenses, including depreciation, stotaled $846,190.01, a decrease of 70,661.86. * For the six months ended June 30, tlast, gross amounted to $7,372,792.93, «a decline of $1,122,941.04. Net income showed a deficit of $25783.66, com- is after all charge, on the income bonds. Electricity Output. NEW YORK, July 30 (#).—Produc- Stion of electricity by the electric light sand power industry of the United States or the week ended July 25 totaled 680,358 kilowatt hours. Although it wed an increase over the previous ‘week, the total was 1.9 per cent below he like week last year. The Atlantic seaboard showed an increase of 1.4 per cent above last year. The Central industrial region, outlined by Buffalo, Pittsburgh, Cincinnati, St. Louis and Milwaukee, registered a decrease of 4.5 reduced schedules of other N A i NCIAL. THE EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to.The Star Office. (Continued From Page Stock and Sales— Dividend Rate. ~Prev. 1631~ High. Low. 65% 38% Safeway Stores 96 86 Safeway pf (). 108 y Strs p! 30 4% Secvel InC.......... 164 Shattuck(FG)(t1%) 415 Shell Unton OIl. ... 2514 Shell Un Oll pf (5%) 2% Shubert Theaters. .. 10'x Simmons Co........ 6% Sinclalr Consol Ofl. . 10" Skelly Ol pf........ 6 Snider Packing pt 714 South Port Rico Sug. 96% Sou P Ric Sug pf (8) 1108 36 South Cal Ed (2).... 19 67% South Pacific (8). 12 27 Southern Rwy (m6). 27 53 Southern Rwy pf (5) 1 6 Sparks Withing (1). 56 StandG& Epf (4).. 101 Stand G & Elpf (7).. 81% Stand O1l Csl (h2%) 30% Stand Ofl N J (12) 13% Stand Ol N Y (1 2l Sterling Sec A.. 8 Stewart Warner. 26% Stone & Webster (3). 14i4 Studebaker (1.20). .. 110 Studebaker Cp pf (7) 31 SunOfl (11)e..euene 30 Superheater (2%) 5 Superior Oil, 6 Superior Steel 11% Sweets of Amer (1) 18 Texas Corp (2)..... 294 Texas G Sulphur (3) Texas Pac Land Tr.. The Falr (2.40)..... Thermold Co Third Aven: Thompson Starrett. Tide Water Asso Oil. Tide Wat As pf (6).. 4 Timken-Detroit Axle Timken Roller (3) Tobacco Products Transamerica (40c). Tri-Cont Cor . Trico Products(2%). Truscon Steel (60¢) . Und-Ell-Fisher (5).. Union Bag & Pape Tnion Carb & C 2.60. Un Oil of Cal (2). Un Pacific (10). Un Pacific pf (4) Unit Atreraft. 26 118% 45% 40% 1% 18% 13% 364 B5% 17% 153 16 4 387 20% Add 00. High. 25 61% 13.) 4 31 19% Ul P& 2 £ 6% 283% 8% 1 100 98% T1% 384 27% 21 Va,Car Vulean Wi Wi Wileox Wilcox a Wilson b% Vellow 14 11 % 1:3¢ P.M..... Dividend rates Iy extra, —no regular Unit Blectric Coal. Unit Fruit (4).. Unit G & Im (1.20! Unit G & Im pf (§ Unit Plece D W (2) U 8 Distributing. Vadasco Sales Corp. Vanadium Corp’ Willys-Overlas Woolworth (2.40) Worthington Pump. Worth Pump B (6) Wrizley (Wm) (4 14% Youngzs Spring (3) . Zonite Prod Corp (1) IGHTS. Eypire. % Insur Sh Del. Ang10 31 Sales of Stocks on New York Exchange. payments based on the 1) 1Plus 4% in stock. U S Steel (4). U 8 Steel pf (7) Univ Plc 1st pf (8). 1% Univ Pipe & Pad. 1 T. A (012.15). 14 Chem. Va Elec & Pwr p! Det (4)... Waldorf Sys (1%).. Walworth Co.... Ward Baking B..... 4% Warner Bros Pict. Warren Bros (2). Warren Fdy & P (2). ‘ess O1l & Snow (2) Westing El&Mfg (4) 210 Westing E&M pf (4). 308 Weston El Instr (1). Wheeling Steel. White Motors (1) 0il & Gai 5 Rich A (2%) 2614 4 &CoA. 5% 6714 4 60 72 Truck....... 24 1 1815 12 % 300.000 '12:00 Noon. 800,000 2:10 P.M. iven in the above table a; est quarterly or hal « 700,000 + 1,000,000 the annual eash arly declarations. Plus 9% in stock. a Paid b Payable In stock. e Payable in cash in stock. hPlus 2% in stock. J Plus 50 eents 1 preferred stock. k Plus 3% In stock. m Pald this year— e. n Plus 5% 1n stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, July 30.—The following is & summary of important corporation news prepared by the Standard Statis- | tics Co., Inc., New York, for the Asso- ciated Press: News Trend. The rise in steel operations was en- couraging, especially as it was the first time in many months that independent operators, exclusive of the Steel Corpo- ration, had enl‘nrndh-ct:\élty. zzcex::l: average operations showed an increase, but lll;len ;:: was wholly due to United States Steel, while last week the ac- tivity of independent operators was far greater. Steel ingot for the week was at about 33 per cent of capacity, com- the previous week, around 31 per cent two weeks ago and 57'> per cent in the corresponding week last year. ing to Dow, Jones & Co., steel exports in June, as Teported by the Department of Commerce, were 75585 tons, a de- cline of 15822 tons from May. while imports rose 643 tons to 37,818 tons. The Companies. Atchison, Topeka & Santa Fe Rail- way—Gov. Murray of Oklahoma files escheat suit against subsidiary, Coline Oll Co. and Coline Gasoline Co. Suit averred that Coline companies were “Dummy” corporations, With capital stock controlled by Atchison. Injunc- tion asked to halt operations. Atlantic, Gulf & West Indies Steam- ship Lines May net deficit $12,652, vs. surplus $20,207; five-month surplus $398,195, vs. $1,262.043. Conde t Publications preferred share earnings, six months ended June 30, $1.12, vs. $2.68. Indian Motor Cycle deficit six months ended June 30, $28,425, vs. deficit $368,792. International Superpower liquidating value June 30, $33.39, vs. $31.34 Decem- ber 31, 1930. Lamson & Sessions Co. deficit six months ended June 30, $209,319, vs. net income $259,885. Pittsburgh Screw & Bolt deficit six months ended June 30, $80,852, vs. net income $1,249.479, equal to 83 cents a common share. Western Pacific Railroad June net operating deficit, $5.266. vs. $101,712; six months deficit, $562,616, vs. income $478,185. Worthington Pump & Machine pre- ferred share earnings six months ended June 30, $1.32, vs. $6.61. Young (L. A) Spring & Wire com- mon share earnings six months ended 1June 30, $1.48, vs. $2.62. American Machine & Metals deficit six months ended June 30, $85444, vs. deficit $224,569. American Bakeries—Common share earnings 28 weeks ended July 11, 84 cents; 7 months ended July 31, $1.64. Allied International Investing—Liqui- dating value June 30, $34.78 a preferred share vs. $35.88 December 31, 1930. Childs Co. passes quarterly common dividend; paid 60 cents June 10. Ford Motor—All manufacturing plants to be shut down August 1 for an in- definite period, throwing 75,000 men out of work, with no reason stated. Eleven of 36 assembly lines in country to rur on curtailed schedule. Introduction of new car anticipated, with longer wheel ! base, slightly larger motor, heavier parts and larger body, and a modified Borg- Warner free-wheeling unit. Gobel (Adolf), Inc.—Net income 12 weeks ended July 11, $42,703, equal to 10 cents a common share; deficit 36 i weeks ended July 11, $306.048. Southern Railway Co. officers volun- tarily reduced their salaries; does no. contemplate reduction of wage scale covered by contracts with organized labor at this time. American Car & Foundry receives order for 225 container cars from L. | €. L. Corporation. Armour & Co.—Salaries to be re- duced 5 to 10 per cent; wage basis em- ployes’ scale unchanged. Federal Screw _Works deficit six months ended June 30, $65,712 vs. net income $290,342, equal to $1.83 a com- mon share. Hoskins Manufacturing Co. common share earnings six months ended June 30. $1.15 vs. $2.30. International Shoe — Manchester plants on overtime schedule: produc- ing 52,000 pairs of shoes daily. New York Dock—June quarter com- mon share earnings, 36 cents vs. 96 cents; six months, 4 cents vs. $1.43. Rollins Hoslery Mills common share earnings 24 weeks ended June 20, 17 cents vs. 14 cents for like period ended June 21, 1930. Shattuck (Frank G.) common share earnings six months ended June 30, 8¢ cents vs. $1.06. Southwest Gas Utilities passed divi- dend on preferred stock; paid $1.621% May 1. Texas _Corporation subsidiary ad- vances prices for Gulf Coast crude oil r-.nfl;-ng from 40 cents to 56 cents a rrel. per cent, although the Chicago district | bas showed a decrease of only eight-tenths of 1 per cent. The Pacific Coast showed a gain of two-tenths of 1 per cent over a year ago. Ulen & Co. common share earnings .;'fs"?onm ended June 30, 85 cents vs. Warner-Quinian deficit six months pared with better than 31 per cent in | Accord- | income | TO $4 BASIS BY CARLTON A. SHIVELY. Special Dispatch to The Star. NEW YORK, July 30.—Now that the | corporation performance which Wall | Street has eagerly awaited for weeks | has been given, there is still far from a feeling of relief in the Street. United States Steel has, according to expecta- | tion, cut its quarterly dividend rate | from $1.75 to $1 a share on the common | shares, which was a somewhat larger | reduction than predicted by the m: | jority of guessers. | " 'On_analysis, the reduction to & $4 | annual basis ‘was a logical one. To have cut only to $5 would have meant ‘pcyln‘ out greater dividends than were paid during the post-war depression. | At that time the regular rate was $5 | but since then the corporation has in- | creased its common shares by 40 per cent. Dividend Policy Liberal. Payment at the rate of $4 annually indicates that the steel directors have not forsaken their old custom of hewing dividends to the line of earnings. Stock- holders scarcely can enter any com- plaint on the score either of earnings or of dividends. Temporary setbacks in earnings (of a few months only) have never meant penalties for shareholders, whereas even brief spurts in earning power usually have brought extras, as, for instance, the dollar extra paid in the Autumn of 1929, following unusually high earnings, but preceding what the directors must have known would be a long depression. Net earnings for the second quarter of $13,817,000 were the lowest for any quarter since the last three months™ of 1914, when the beginning of the war paralyzed business and reduced steel's for any quarter during the post-war depression were 60 per cent larger than net to $13,551,000. The lowest earnings | | those for the three months just ended. IS HELD LOGICAL 1Report of Corporation Shows It Has Been Running in the Red for Past Nine Months. | Stecl had available for dividend dis- ‘lrlbunon only $230,389, which was the | equivalent of only 6 cents a share on | the preferred. In the previous quarter ‘the corporation managed to show 5 cents on the common, with the pre- ‘rened covered. Full dividends were ‘nol covered on the common in the | fourth quarter of last year, so that after paying dividends the corporation has run in the red for the past nine months. Addition of the profits of $7,160,000 on sale of some properties |8t Gary gave a bookkeeping coverage | for preferred dividends in the second | quarter and 12 cents on the common, | but that will be non-recurring and has | nothing to do with real earning power. There is every reason to believe that for the remaining six months earnings will be as poor as, if not worse than, | in the second quarter. Facing Facts Beneficial. It is plain that the Steel Corporation ! directors have decided they can no | longer temporize with cold facts nor lerive any nourishment from mere ’hope, Facing facts, while painful at | the start, will be beneficial in the long |Tun. That is why the board announced | its decision to reduce salaries for officers |and office workers. It is known that | reductions will be extended to the | wage of common labor before long un- less an upturn in earnings takes place, which means that Steel will lead the way for large corporations in cutting wages. Such a move will be made with great reluctance, but Wall Street re- gards the current squabble in Wash- ington over what the administration's stand on wages may be as of no im- portance. Any promise to maintain wages can be binding only so long as the conditions under which it was given obtain. Wages will have to be decided particular position, (Copyright. 1931.) ended June 30, $235,167 vs. deficit $167,361. ‘Western Electric Co. — Executives placed on five-day week, effecting salary reduction of about 10 per cent. Abitibi Power & Paper—Iroquois plant employes oppose 5 per cent wage cut; plant operating on full time; Pine Falls mill on short time. American Cities Power & Light liq- share vs. $8.35 December 31, 1930. American Ice common share earnings $1.09. Blue Ridge Corporation net asset val- $5.17 December 31, 1930. Cities Service Kansas officials appeal Shawnee County District Court enjoin- ing interference with sale of company’s stock in State; State banking depart- ment withdrew approval of company's stocks except first preferred. Endicott - Johnson common share earnings, six months ended, June 30, $2.51, vs. $2.12. Fischman (I) & Sons defers ferred dividends July 15; paid $1.75 April 15. Rels (Robert) & Co., June quarter gross sales off 22 per cent; six months off 205 per cent. Shenandoah net asset value $3.32 December 31, 1930. Standard Brands common 63 cents vs. 57 cents. United American Bosch deficit, months ended June 30, $267,052, deficit, $19,967. Union Bag & Paper employes agree to wage reductions of from 5 to 10 per cent. ‘Warren Foundry & Pipe approximate 30, $1.05, vs. 69 cents. Wheeling _Steel deficit, six months ended June 30, $1,216,828, vs. net income share. Hazel Atlas Glass common share earn- ings six months ended June 30, $2.57, vs. $1.42 after adjustment for 100 per cent stock dividend. International Silver deficit six months ended June 30, $269,542, vs. net income. $13484, equal to 22 cents a common ‘Waco Alreraft deficit six months end- ed June 30, $36,623, vs. deficit $55,612. ‘Westinghot ke common share earnings 30.61 cents, vs. $1.26. Cigar Plant to Reopen. 6 months ended June 30, 62 cents vs. | 4! ue June 30, $4.77 a common share vs. | & Cl pre- Ise ordinarily payable | S share B. earnings, six months ended June 30, Eaulty § six Bl vs. | B} share earnings six months ended June | Inc $2,351,580, equal to $2.58 a common |y INVESTMENT TRUSTS NEW YORK, July 30 (#).—Over-the- counter market: A B C Trust Shrs D A B C Trust Shrs E. All"Am_Investors A m & Cont Corp & Ge Bid. Asked. a5, e uidating value June 30, $9 a class B |Am to Supreme Court from an order of the | At June 30, $3.30 a common share vs. Dive fied Trustee Versified Trustee Shrs Gorp com Pundamental Tr Shrs B General Equity A. ranger Trade ude Winmill Tiy Incorp Investors Leaders Leagers of Leads L% "Frcea S Mass Investors Mohawk _Invest Mutual Inve NEW YORK, July 30 (#).—Standard | g0, Cigar Co. plans to reopen its Bracken- ridge p! within a few days, giving employment to 125 workers and. putting the company’s facilities in full opera- tion. ’'s main plant, at overtime. STAR, WASHINGTON, D. BONDS ARE LOWER | L= = BOND ! C.,. THURSDAY, ON SMALL VOLUME | Market Declines in Sympathy With Drop in Stock Prices. BY F. H. RICHARDSON Bpecial Dispatch to The Stas NEW YORK, July 30.—Both foreign and domestic bonds moved lower on a small volume of trading today. In the case of foreign dollar issues, the de- clines were in an extremely thin mar- % (ket and represented chiefly the reluc- 14 tance of buyers to come forward. Do- mestic issues were adversely affected by the action of companion stocks and by individual earnings reports. The opening was steady and quiet. German government issues were off a point or more, with 555 below 57 and Dawes Reparations 7s below 84. Both fluctuated _ irregularly in subsequent trading. German municipals, utilities and industrials worked slightly lower where they were changed. Saturday is the due date for interest payments on a list of German dollar bonds, and some pprehension has been evident in the market because the emergency decrees in Germany designed to prevent the outflow of capital require a formal ap- plication to forward funds. However, underwriters here are of the opinion that there will be no default. ‘They point out tl the situation in Germany is measurably better and that the Reich government would certainly not jeopardize the return of cohfidence by stopping interest payments. Nevertheless, the bonds affected were |somewhat lower today. They included Bavaria 6!2s of 1931-1945, Berlin City Electric 6'3s of 1959, German Consoli- dated Municipa! Loan of Savings Banks 6'2s of 1947, Hanover 6s of 1957 and 6158 of 1949, Ilseder Steel 6s of 1948, Munich 7s of 1931-1945, Nuremberg 6s of 1952, Rhine Westphalia Electric 6s of 1953 and 7s of 1936, Silesia Electric 6l2s of 1946 and Tyrol Hydroelectric TY,s of 1955. Sterling exchange was stronger with the advance in the Bank of England rate and British bonds showed firm- ness. A reflection cf new co-operation betwe>n the Bank of England and the Bank of France was seen In the return to new highs of French government is- sues. The 7s sold above 120 and the 71,5 above 125. French municipals sharad the giin. South Americans were dull, with declines of a point or mcre in & few Chilean, Brazilian and Uru- guyan issues. Argentine 6s rallied after early weakness. Domestic issues were paying more a tention to earnings reports. The bearish news from the steel industry brought selling into Vanadium Steel 5s, which dropped 3 points t> a new low on the movement. Oil company bonds worked lower also. as did virtually all of the ;wond-gnde rails. Prime issues were rm. SALES. Potomac Electric Cons. 55—$4,000 at 1 1 2. | washington Gas 6s “A"—$1,000 at 1033, Commereial National Bank—10 at 210. Lanston Monotype—10 at 88, 10 at 87%;. AFTER CALL. Capital Traction 55—$500 at 84. | Columbia"Country Gl 51253500 at 10015 ,Mergu_ajm-!er Linotype—10 at 773, 10 aL 773 Bid and Asked Prices. BONDS. FUBLIC UTILITY. . & Tel. 41is & Tel ctl. tr. 5s. & Pot. R. R. 58 & Potomac guar. 5s. & el. of Va. 55 Capital Traction R. R. 5 City & Suburban 5s Georgetown Gas 1st 5 Potomac Elec. cons. 5% . Potomac Elec. 6s 1953 Wash.. Ale Amer, Tel Am. Tel. Wash. Gas Wash. Rwy. & Elec. ds..Z.. . MISCELLANEOUS. Barber & Ross. Inc.. 6'zs.. Chevy Chase Club 8ias . Columbia Country Club 5%3s. D C. Paper Mfg. 6s W. M. Cold Storage 55 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9).. Capital Traction Co. h. Gas Light Co. by each corporation according fo its | oo Di: .-Am. Natl. Liberty (78). Lincoln (12). Second ( Washington (13). p TRUST COMPANY. Amer Sec. & Tr. Co. (13 Natl_ Sav. & Ti Prince Georges B Union Trust (8s). Wash. Loan & Trust ( SAVING BANK. Bank of Bethesda (6%). S Com. & Savings (10). American (12) reoran (10) Firemen's (8) TITLE INSURANCE. Columbia (6h) Real Estate (6h) 'MISCELLANEOUS. Barber & Ross, Inc., com. Col"Sana & Gravei ptd. (1 i o Paper e pid, Dist. Natl. Sec. pfd. ( Foteral Siorase 1 jeral Storage p! Fed’ . GOrP. (1) .+ +oues Woodward & Loth. com. (1.20). 28 Woodward & Lothrop pfd. (7).. 106 *Ex dividend. ks closed. ¥2ia% ext §3% extr §1% ext: 1% & extra. % ella% extia. . SHORT-TERM SECURITIES. M , & Tel. 5% Baltimore & Ohio 4 Bata; Pet. Corp. I Tel. of Canada 55 1957. California Pet. Qorp. 5'as it dian Nor, Rwy. 4las 1935. 102 Northwesiern E. R. 5s 1933 Chicago Rock Island ds 1934 9 Guile Copoer Co. 58 1947, Denver & Rio Grande 4s Mot, Accep. Corp. 6s 1937 General Petroleum Corp. 5s 1940 General Public Service 5%s 1939 iyear T. & R. 55 1957 Grand_ Trurik of Can }Washin;t(;n Stock E;change: JULY 30, UNITED (Bales 1931, STATES. 10 1n $1.000.) FMales. High. Low. 22-47. 17 103 7103 5103 5 -38 43 10426 104 22 10423 21 10113 10113 101 13 60 102 27 102 25 10227 27 106 6 106 108 4 108 4 108 4 44-54 10 6106 6 847-52.. 2 11223 11223 11223 Sales. Hign ADitibi P& P 6353 Allegh Am N Gas 6%s ‘42, Am Sug Ref 6s'37. Am T&T cv 4%8'39 Am T&T bs '65 AmT&Tctrb Am T&T bs s £ °60 Am T&T 5% 43, Am W Wks 68’34, AmWat Wk 6375, Argentine May Atchison gen 4s Atchiscv 4% Atch Ariz 4 AtCL 1st A % | Australia 6s'55. Australia 5s ‘57, Austria s '43. Austria 7867 ctfs B&O 4848 B&O4%s B& O conv 4 B&O 15t B & O ref 58°95. B & O 58D 2000.. Ban & Aroos 4s '61. Bk of Chile 638 '57 Bk of Chile6%s ‘61 Batav Pet 4148 "42. Belgium 68 55. ... Belgium 6%s°49. 55 B Ind Loan Co 65'46 Berlin Cy El 6s'55 Beth Steel pm b: Beth St rf s Bolivia 78 Bordeaux s '34 Bos & Me 58 '55. Bos & Me 5367, Brazil 634 ‘26 Brazil 6%s'27 Brazil 7s Brazil 83 41 Bk Ed gn A 58 49 Bklyn Elev 6%s. Pkiyn Man 6 | Bklyn Un 55 °45. Bklyn Un 1st 58°50 Budapest 6s '62 Buff Gen El 4 Buenos A 6s'61 Pv. Bush T Bldg 55 '60. Calif Packing 5 Canada 45 '60. Canada 4%s ‘36 Canada 5s 5. Can Nat 43%s ‘54. . Can Nat Ry 445 '56 57 Can Nat 54 July Can Nat 55 Oct '69. Can Nat 55 '70 n Nor 4%s '35. Can Nor 7s deb 40. Can Pac deb s Car Clin & Cent Pac 58 60. Cert-td deb 6% s Ches Corp 6s *47.... C&Ogen 438’92 C&O4%sA'SD ‘|C&O4%ksB %5 CB& Qgen4s's8 C B&Q 1st rf 58 °7; Chi & Eas 111 58°51. Chi Grt V kS Chi M StP&P 68 76 Chi M & St P ad) ba Chi&NW g 3%5 '87. Chi&Nwn 43%s 2037 C&Nwn 4%8 ¢ 2037 Chi& NW con 4% Chi Rwys 68 27 Chi It1 & P rf 4834 Chi R Icv 4%s '60. Chi RI&Pac 4348'52 Chi Un Sta 4%s *63. Chi Un Sta 7s B '63. .. Clev Term 5%s *73. Colomb 6s Jan '61.. Colombia 65 ‘61 Oct Colo & Sou 4% '35. Col G&E 63 May '52 Col G&E coup 58 '61 Com Inves 5%s 49. CGas NY 4%s'95wi Copenhag 6s ‘62 Cuba 5%35°45 Cuba Nor 6% 42 Cuba R R 68 '52. Czecho 98 *52. Del & Hud rf 4543 Del & Hud cv 5s 3| Denmark 4%s '62.. Denmark 5% ‘56 Det Edison rf 5s '49 Deutsche-Bk 68 '32. Dodge Br ¢l 68 '40.. Duquesne 4343 '67.. 75 | Dutch Bast 1 6 % 1D 7%s"42 Fram French 7s 4! s Gen St Cas 6% Ger Cen Bk Ger Cen Bk German Bk 6s '38. . German Bank 7s ‘50 German 7s rep "49.. Ger Gen E17s'45. .. Goodrich cv 63 *45. Good 1st 638 '47... Goody'r Rub 58 '57. 68 "53. Hud & M rf 68 '67 Hurble Of 58 °37 Hum O&R 6% INBT st pr 11l Cent 43 5 111 Cent 4% s ° 111 Cent 65 '56. , | Inland St1 4358'A'78 Inland Stl 4s% B'S1 Int Rap Tr 68 "6 Int Rap Tr sta - 1ot Rap Tr 6s'33 Low. Close. 8 65% 53 2 FINANC S STOCK EXCHANGE Office te The Star 901 90% 84% 73 55% 80 Int Rap Tr 7832 int Cement ltaly Pub Sv 78 '52. 21 Japanese 5348 ‘65, Kan CFS&M 4: Kan City Sou Js 50 3 Kan City Sou 65 '50 Kan City Ter 42 '60. Kend G848 ww. . Kreug & Toll 68°69 29 86% Laclede 548 C*53..#3 101% b4.. Leh Val cv 45 2003. 31 100% 5 114% 17 1021 2 106's 99 531 9 104% 5 6% 1004 | 114% 10214 105% 53 L 104% 7615 20 La & Ark 6869 Lyons 6: McKes & R6% Mexico 53 A *45 98% | Midvale Sti 100 100% | MSP&SSM 5348 78, 99% 107 103 10435 100% 51 100% 95% 954 102% 1067 6 100 100 100% cl 1 French Gvt 7%s 41 GrandTr sf db 68’36 . 1 Hud & M adj 6867, H M StP&SSM 6%s. . MK & T 1st 4590, MK&T4sB'62 MK&Talbs's Mo Pacbs A 65, .. F 17 v Mont P db 68 A Mor & Co 1st 4%s. . Nat Dairy 5% s "48. N Eng T 1st 68 '62. e 49 ‘62 73% 26 102% 102 10 111% 23 55 NY Cen rf 4%52013 NYCre im 68 2013. 32. NY ELH&P 4549, NY NH&H 4s ‘55 Nia Sh Md 5%s’'50 Nord 6%3 60 Nor & Wn cv 0 Am Co 65°61. Nor Am Ed 58 '57.. A Ed'son §s C '69 Nor Am Ed {14563 NorOT & L 63’47 Nor Pac 38 2047... 1007 1041 102 | 104% 10714 1074 | 681 Orient dev 5345 ‘58 Orient dev 68 ‘53 PacG & K168 42 Pac T&T 1st Pan-Am Pet Paramount 6s '47.. Paris-Ly M 6s '58.. Paris-Or 5%s '68 Pathe Exch 7s '37.. Penna 4%s D Penn 6148 36 Penn P&Lt 4% Pere M 1st 45 ‘56 Pere Mar 4% '8 1. Peru 78 '59 Phila Co 53 Pnila & Read 6s " Poland 8s 50 Port Gen El 4 Por RTam 6s Pos Tel & C 5: Public Serv 3 0% 1 85 1101 Queenland 7s *41 Read gn 4%s A '97.. Reading 4%s B Rem R 6% A * Rhinelbe s " 2 Rhine West 6s '55. Rhine West 75 °50. . Riode Jan 6%s 52, 4 Rome 634852, Roy D s '45 w' StL IM R&G 4833, 16 97 StL&SFindsA.. 45 66 StL&SF4%s'78. 13 52 St L&SF pr In 68 B, ;g 6% Serbs-Cr-Si 8 Shell Un Ofl Shell Un O1] 58°49. Sinclair Oll 6%s38. Sinc Cr O %8s Skelly O11 6%5'39. Solvay Am 63 '42.. Sou Bel T&T bs "41. SW Bell T 68 A "5é.. Sou Pac ref 4s ‘55. Third Avad) Toho El Pow | th 3% | short-fed steers very uneven, i pounds, Toho EI Pow 78 '66. Tokio 5%s Toklo E1 Lt 65 63.. 25 85% 84 101% 2 9 w. 24 68% 28 13 68 68 2% 873 IAL. CRUDE PETROLEUM PRICE IN UPSWING | Recent, Developments Point to Improvement in U. S. 0il Industry. BY BENNETT WOLFE, Assoclated Press Staff Writer. TULSA, Okla., July 30.—Stripped of excess weight, the oil industry may rea- % | sonsbly expect to pull itself from the bogs of depression ‘or at least make a good start in that direction, befcre the year ends. Such a view, inspired by tecent en- couraging developments, s gaining ground in mid-continent oil circles. The upswing of th> crude petroleum market and improvement of the industry’s sta- tistical position have been the majcr note of cheer. Contributing to the more favorable outlook is the industry's physical posi- tion. Operating expenses have been re- duced and saner producing and market- ing prcgrams adopted. Semi-Annual Review. The Oil and Gas Journal will say this week, in a semi-annual review, that the industry “should b: able at least to start on its way out of the woods dur- ing the coming half year.” “This is not a period of undue opti- mism,” the journal will continue, “but it would be unwise to overlook the con- structive factors at work within the in- dustry and what they~have been ac- complishing toward stabilizing produc- tion and demand particularly during the l=st six months in the face of the East Texzs stampede. “TLe liquidation of excess stocks, the Xressun learned by producers and refiners Tom the experiznce of reckless produc- tion in East Taxes. . “The indications of a better demand at a living price during the remainder of the season encourage the hope of substantial improvement from now on. “It has taken the industry in gen- eral a long time to get away from-the idea that production meant profit, huntihg for the pot of gold at the end of the rainbow. More progress was made, except in East Texas, toward ac- tual stabilization of operations during the last six months than ever before. More attention is being given to the limitations cf requirements on produc- tion and the need for getting a return on the investment, essentials in any permanent prosperity. Trade Statistics. “That sounder attitude on the part of the bulk of producers and refiners is going to help materially toward evene tual recovery the next half year.” These statistics are cited as indi- cating the industry is in a favorable position: Crude oil production for the first half of the vear totaled 415.774,190 barrels, or 53,119,423 barrels less than for the first half of 1930. Production for the 12 months ended with June was 139,- 000,000 barrels less than for the pre- ceding 12-month period. Crude runs to stills were reduced from 396.910.000 barrels in the first five months of 1930 to 362,098.000 bar- rels in the same period this year. Th> total demand for crude oil os- tensibly hes been greater than the available supply, so that on June 1 | stocks had been ‘cut to 495.122.000 bar- rels, a decrease of more than 38.000,000 from the figure on June 1, 1930. Decrease in Stocks. Including refined oils, stocks de- creased from 700.412.000 barrels on June 1, 1930, to 656,212,000 barrels on | the same date this year, a drop of mors than 44,000,000 barrels. Domestic consumption cf gasoline was practically the same for the first half | of this vear as for the first half of 1930, which means that during this year of acute general depression the demand for the principal product of the oil in- dustry is from 10 to 12 per cent above the demand curing the boom year of | CHICAGO LIVE STOCK MARKET CHICAGO, July 30 (#) (United States Department of Agriculture).— Hogs—Receipts, 00 head, including 3,000 direct: market slow, steady to strong; packing sows, steady to 15 higher: bulk, 170-220 pounds, 8.10a8.35; : 230-290 pounds, 6.65a7.15; igs, 7.00a7.75; packing sows, 4.65a5.50: ! light weights, to 6.10; light light, good light weight, 160-200 pounds, 8.0028.4f medium weight, 200-250 pounds, 7.35a 8.40; heavy weight, 250-350 pounds, 5.90a7.60: packing sows, medium and good, 275-500 pounds, 4.60a6.10; slaugh- good and choice, 100-130 pounds, 7.00a7.75. Cattle—Receipts, 6,000 head, calves, 1,500; fed steers and yearlings steady to strong; market active; grassy and ut rel- atively scarce and mostly steady; 9.35 paid for 946-pound yearlings; best weighty steers, 8.40; some 1287 pound averages, 8.65 grass cows and grassy heifers, weak to 25 lower; bulls steady to 15 off; vealers strong; slaughter cattle and vealers, steers, good and choice, 600-900 pounds. 6.0029.50: 900- 1,100 pounds. 7.7529.25; 1,100-1.300 pounds, 7.2529.00; 1,300-1500 pounds, 7.00a8.75; common and medium, 600- 1,300 pounds, 5.00a7.50. Heifers, good and choice, 550-850 6.75a9.00; common and me- dium, 3.75a6.75; cows. good and choice, 4.0026.50: common and medium. 3.0 4.00, low cutter and_cutter, 2.00a3.00; bulls (yearlings excluded) good and choice (beef), 4.25a5.00; cutter to me- dium, 3.00a4.75; vealers (milk fed) good and choice, 8.50210.00; medium, 6.50a8.50; cull and common, 5.00a6.50: stocker and feeder cattle: Steers godd and choice, 500-1,050 pounds, 5.75a 7.00; common and medium, 4.25a5. Sheep, 10,000 head; fat lambs slow unevenly weak to 25 lower; best na- tives to outsiders, 8.25; bulk to pack- ers, 7.50a7,75; few at 8.00; throwouts mostly, 5.00a5.25; rangers unsold: bid- ding 25 lower; sheep scarce, steady. Slaughter sheep and lambs: Lambs, 90 pounds down good and choice, 7.25a 8.25; medium, 5.50a7.25; all weights, common, 4.50a5.50; ewes, 90-150 pounds, medium to choice, 2.25a4.00 all weights cull and common, 1.00a2. feeding lambs, 60-75 pounds, good and choice, 5.00a5.85. Salary Red;ction Ordered. CHICAGO, July 30 (#).—Armour & Co., packers, will soon put into effect a general reduction in salaries ranging from 5 to 10 per cent, Philip L. Reed, treasurer, disclosed tonight. “Everyone from the president to the office boys will be affected,” Reed said. “Employes on a wage basis, however, will not be reduced.” Reed said the reduction would go into effect in about two weeks. He declined to estimate how many employes would be affected. Sales. High Low. St15s'41 43 83 81w 3 2 75% 6% 103% 103% 105% 105% 50 West Un Tel West Unton 65 '60. . West Un T 6%8°36 13