Evening Star Newspaper, August 14, 1931, Page 14

FRIDAY, AUGUST 14 FINANCIAL. ADVANCE IN BONDS | (oo sore BONDS ocesscascr] | DOMESTIC DEMAND MARKS ACTIVE DAY FOR GAS HOLDS UP |Investment Market Shows * 1381 Slump In Exports, However, Best Progress Since Start Results in Loss in Net of Debt Plan. Sales of Producers. CA—14 mws CITIES PROTESTING - UTLITY RATERALT Municinally Owned Services Face Same Troubles as Private Concerns. FINANCIAL, NEW YORK STOCK EXCHANGE , Recelved by Private Wire Direct to The Star Office. UNITED STATES. Prev. (Sal Low. Clese. Ciose. 4 44 s 11% 281 22% 10% Stock and Dividend Thermoid Co. Third Avenue. Third Nat Inv(m Thompson Prod 1.20. Tide Water Asso Oilf Tide Wat Oil pf (5).. ; Timken Roller B(2). Tobacco Products. .. Tobacco Prod A 195 ransamerica (40c) . Contl Corp. . | oPrev. 1931 Bales— (Continued nom_Pl_n 13) Add 00. High, Stock and Sales— Dividend Rate. Add 00. High. Prairie Oil & Gas. ... 1% % Prairie Pipe Line(3) Proct & Gamb (2.40) Pro & Refiners. . Public Sve NJ (3.40 Public Sve NJ of (3) Public Sve N J pf(8). PubSve GEE pf (5).. 1 Pullman Corp.,..... 6 T 2 Punta Alegre Sugar. | T BY GEORGE E. DOYING. 3 " Munieipal utilities are beginning to TUR Pekdnee ). experience some of the troubles that for Radio Corp. many years have been the source of Radio Corp (B) (5).. part of the difficulties of privately Radio-Keith-Orph A, 153 owned plants, H RR Sec 1C stk C(4). 50s he heels of a revival of the hoary % Reading Rwy (4)... 4 tale of Chanute, Kans.,, where the mu- Reading Ry 2d pf(2). 1 nicipal utility is make 50 much Real Silk Hosiery . 15 money that the €itizens pay no taxes, Reis (Robt) & Co. come report§ ffom Wisconsin that the Remington-Eand.... 36 State Pubi€ Scrvice Commission is in- Reo Motor Car(40¢c). 8 le‘!t;{[g municipal utilities and find- Republic Steel. .. 25 L 4th 43 = 33-38 41 104 28 10426 104 28 US3us4s 17 101 16 101 16 . TS3%s41-43. 13 10225 10225 102 25 | JapAnese 54x 65, , 7.. 11 102 29 10229 102 29| Japanese 6135 54 4 11210 11210 112 10 | Jusosl Bk 7a'57.. 11 Saler. High. Low. Close, | K2 CFS&M 4w'38. 16 L Kan City Sou 5850, 3 Abitibi P&P §s'58. 2 53 a2y B3 < Sity 80 Alleghany Cp5s'44 11 6414 64 64 |on :;“"F’;:' o ‘2 Allegheny 55" 3 a R s $ Allegheny 58 '50. 59 50 59 : Kerd 518 48 ww.. 1 Allis 37. 7 103 102 108 | K BY F. H. RICHARDSON. A Chain 6u.33 9ox 'agv, ags | Krese Found 6xié 13 A et ~ Kreug & Toll 58'59. 10 | Special Dispatch to The Star. o feif A8 oo % Bt it _{AmIGChhlss" 947y N ckaw St 5’50, NEW YORK, August 14—The invest- |/ 8134 Lac G BL 8s [ ment market made better progress on 18% Laclede 55 C | the up side today than has been the 411021 10214 | Laclede 5348 D *60.. | case since the early days of the Hoover | Am T&T cv 4%s'39 128 129 | Lake Shore 3158’9 debt holiday plan. Am T & T 58'65.... 31 108% 109 | Lautaro Nit 68°54.. Trading Was more active, and the|Am T&T c tr 68 46. 11 106% 4073 | Leh Val cv 4s 2003, 14% | demand for securities, which for months T09 109y [ Loew's 6s ex w '41.. 2: 16% | has been largely exemplified in heavy 110% 1104 | l.ong Islrf 4s°49.. 4% | premiums for prime issues and readily 102 102 224 | cashable short-term paper, extended Am Wat Wks 103 « | throughout the second and third grade{ Am Wr Pap 6s 2 52 ~Prev. 1931, Low. US4ys47-52 BY BENNETT WOLFE, Associated Press Staft Writer. TULSA, Okla, August 14.—The af- ficted petroleum industry was offered & morsel of comfort yesterday in & sur- vey of gasoline statistics for the first half of the year. “Tt that the petroleum in- dustry been one of the most for- the basic industries 734 Union Oil of Cal Union Pacific (10) it Aircraft. .. Unit Am Bosch Unit Carhon Unit Cigar Stor Unit Corp (75 Unit Corp pf. Lorillard 5 Lorillard ing taat several of them are making | allsgether too much money. And the @upreme Court of Indiana has ruled that the rates of municipal utilities in that State are completely subject to control by the Public Service Commis- sion instead of by the city which owns the plant. The court also held that a | municipal plant is entitl:d to charge rates that will produce a fair return on the investment, but may not charge enough to make up for the loss of taxes which the utility does not pay. Cities Also Protest. | The Wisconsin commission is check- ing up on all the municipal plants, which in that State are required by law to be managed by a local public utility commission or board of public works. It appears that the cities do not like to be told that th:ir rates are too high, and in some instances they are protest- ing just as vociferously es the officials | of private utilities have been known to _do. In the city of New Richmond, for instance, the State commission declared: tha electric plant was making too much money and the rates to consumers should be reduced. The city commis- sion followed instructions and was promptly abolished by the city council, which appealed from the State com- mission’s findings. In the city of Spooner, Wis,, the State commission found that the municipal electric plant was earning about 25 per cent on the depreciated value of the property, Officials of the viilage of Mazomanis protested that the State commission’s valuation of the municipal electric plant was all wrong, and that the property were properly valued the rate of return would be found to be only about the allowable 8 per cent. Indiana City’s Argument. | ‘The city of Logansport, Ind., which | operates an electric plant, contended | that State regulation of the rates of | municipally owned public utilities inter- | feres with the right of local self-| government. “This argument,” the Supreme Court Teplied, “is one which can bs made as | well regarding State regulation of the rates of privately owned utilities. While it is true that the regulation of rates | of a utility, whether owned privately | or by a municipality, usually affects the citizns of a particular municipality more than it does the citizens of the remainder of the State, yet the State, for reasons which the legislative depart- ment deemed sufficient, has determined, as it had the right to do, that regula- tion should be by a central commission rather than by delegating such regula- tory power to the local communities.” (Copyrignt, 1931 MONEY RATES UNCHANGED. No change in money rates occurred during the week ended August 8, as the Call. 1.50 | E 1.50 3.50 233 e MORE GOLD IMPORTED. NEW YORK, August 14 (#)—The gold statement of the Federal Reserve Bank of New York for the week ended August 13 showed imports of $2,841,000 1rom Mexico, and $131,000 chiefly from other Lafin American countries. Ex- ports amounted to $17,000 to France, and gold earmarked for foreign account showzd an increase of $5,000,000. INVESTMENT TRUSTS NEW YORK, August 14 (#)—Over- the-counter market: B C _Tr _Shrs D" . .- 2.C.T 8ors o 8| 13 | i 4| 8% | 4| 5. 1 res | | Shartered Inv Chelsea Exch | | Pive-ves Fixed Trus f 5% - . A Fund Tr Shis B Geners! Equity A ranger Trad: t de Wi } | of Indust B ¢ Indust C | public interest.’ | efficient. St Louis Southwn Schulte Retail Sto 4 Seaboard Oil. Seagrave (60c Sears Roebuck Second Natl Iny Servel Inc. .. harp & Dohme. .. .. harp & Do pf (33) . hattuck (FG) (11%) Shell Union Oil. ... Shell Un Oil pf(512). Shubert Theate Simmons Co. .. R[fmms Petroleum. .. Sinelair Consol Oil. . kelly Oil..... 3 Skelly Oil pf ww. ... Socony-Vacuum 1.60. South Port Rico Sug. 7 4 Sou P Rico Sug pf(8) 10s Southn Cal Bd (2).. i* Southn Pacific (6) . Southern Rwy (m6). Southern Ry pf (5).. Sparks Withing (1) Spicer Mfg...... Spiegel-May-Stern. Stand Brands (1.20). Stand Comel Tobacco Stand Gas&El (3%). Stand Gas&ElL pf (7). Stand Ofl Cal (h2%). % Stand Ofl Exp pf (5 Stand Of1 of Kansa. Stand Ol N Y (1.60). Starrett(LS) (1234). 4 Sterling Sec cv pf(3) Stewart Warner. ... Stone & Webster (3) Studebakeh (1.20)... Sun Ofl (1) Superheater (2%) . % Superior Oll. . Sweets of Amer (1). 16% Telautograph (140). 18 Texas Corp (2) 293 Tex Gulf Sulphur(2) 1% 24% 358 215 Tex Pacific Coal&O1] 4y 7% Tex Pacific Land Tr. 29 11 mtg&Ref pf 3% Al teel Corpn (4). Steel pf (7)... 1% Univ Pi 19% Util P& 231, Van 981 Va le 381 Vulean S&Tn ¢ ', 64 30 3 e g +| groups of both foreign and domestic bonds. The improvement even included second-grade railroad bonds that only | a day ago could find no favor anywhere. 2| While there was a slight stiffening of 201 Pt (7)., 36 6 6ls 86 Fdry (2) . 2 21% p(1) 16% Ssia 14% 251 891 13718 pe & Rad. ... 1 1% L(A)e 2: 22% Sales ( n Corp &Pwr pf (6) Detin (4) Wabash | Wat Warner Bros pf 3.85. er Quinla Bros ( a B West Pa Pwr pf (7). Western Dairy (B).. ‘Western Maryland. . Western Union (8).. Westinghse A B(2).. Westing ton stva White F Wileox Willys Wilson W 001 Wi Worthil Wrigley (Wm) (4).. 7 3% 74 15% 5% Yellow 76 41 Yellow 29 13% Youngs 14 _ 11 Zonmite¥ c Inst (1) co Chlor (2). Rock (14%%) . Oil & Gas. ... dverland. ... & Co pf rth (2.40). .. gtor Pum. 708, 463, 3% TR .-...» - 8 81 8 Truck & C pf. 30s 40% 40 41 Spring (2) 1 1% 1% 17 Prod Corp (1) 7 12 11'a 11% 11% ~ Sales of Stocks on New York Exchange. 19 19 23% 24% 34% 35 Tesular osd i preferred st an 101 10% T rate n Plus 5% in stock. P 300,000 12:00 Noon 1,000,000 10 P.M.. .1,500,000 ove table are the annual cash u st fPlus 9% in stoc] b Payable in stock. e Payable in cash n stock. b Plus 2% fn stock. ) Flus 50 cents % s 3% in stock. m Pal s — aber 0 s "o Plus 273% in stock. FLECTRIC RAILWAY Lines Continue, However, to' Suffer From Politics, Taxes | and Thin Profits. Special Dispatch to The Star. NEW YORK, August 14—Passenger | travel on electric railway lines and | affliated bus systems in the United | States is on the increase, despite com- | petition from the private motor car, but | the lines continue to be the victims of local political oppression, high taxes and thin profits. | Public understanding of the difficul- ties besetting the electric railway indus- | try and edsing up of the tax burden | under which the companies operate in | many American cities are two solutiops | of the industry’s problems suggested by | Big, Asked | proncls H. Sisson, vice president of the | ¢ Guaranty Trust Co., in the current issue | of Electric.Railway Jougnal. He states that a fairer attitude on the part of the public in the matter of rates and taxes would place the railway companies in a much stronger financial position, and adds that the operations of the lines for many years have been for the most part unprofitable. Census Shows Increases. : oting the United States census o eleg;.lnc railways, the banking executive shows that since 1902 there has been steady increase in the number of pas- sengers carried, in the total of miles of route served and in the vehicle miles operated. Qperating expenses and taxes are shown to have increased much more rapidly than gross revenue in 25 years Net revenue showed a moderate increase until 1922, as did the income available for interest and dividends. Since then both_have declined rapidly. “There can be no doubt,” Mr. Sisson writes, “that one very important cause of tl difficulties of electric raflway | compapies has been the oppressive and | arbitrary treatment they often have re- | ceived at the Bands of public officlals. | The railways, being protected monopo- lies, are subject to regulation ‘in the | In its-historical appli- cation to the specific problems of the electric railway management this sup- posed ‘public interest' has often taken the form of a demand for cheap and transportation, regardiess of financial returns to the companies. “One course that would seem to_offer great possibilities,” the banker adds, “is to place the real situation squarely be- fore the public and to make business men think about it. The transportation companies have been trying to do but their efforts have often been garded as insincere. Few leaders of business and Industry and few organs of public opinion have interested them- problem Recommends Tax Cut. “A second step would seem to be to relieve the transportation companies of e | FARM SITUATION REGARDED WORST PHASE OF BUSINESS PASSENGERS GAlN h\WaH Street Believes Advice to Plow Under Part of Cotton ifIels F BY CARLTON A. SNIVELY. Special Dispatch to The Sta; NEW Y?RK. August 14—As the dirt farmers of Wall street view the latest move of the Farm Board—the advice to cotton planters to plow under a third of the growing crop—benefit might accrue if the advice were followed. Members of the cotton irade and other-observers take the view that this advice will not be generally followed, inasmuch as the individual planter, now that his crop has been made, will wish to sell as much cotton as he can at any price. The Farm Board with its copious ad- | vice has fallen Jow in the estimation of farmers generally, and such proposals as it 15 now making may be regarded in the farm country with skepticism. Wall street feels strongly that the cotton and wheat markets both are suf- fering from the Government's interfer- e with natural economic laws, and at the situation would be better today had no wheat or cotton been bought by the Parm Board. It can cite examples aplenty of the bad results of artificial attempts to stabilize markets in other commodities in various parts of the world. Worst Feature of Business. Meanwhile there is no doubt that conditions in the farm country are in a poor way and constitute the worst fea- ture of the business position. A promi- nent Wall street firm recently sent a questionnaire to every Federal and joint stock land bank and to many national banks and trust companies operating in every State of the country. It inquired as to farms for sale, crop conditiogs and prices, delinquencies and the prospects. ‘The replies are illuminating. Some | samples are: District No. 1, comprising eight New England and Eastern States, reports fewer farms owned by the banks than a year ago and an increase in de- linquencies in the last three months which 1s not at all serious. Funds were reported as extremely scarce in the rural districts, even for farmers with good credit, and the banks said the “farmer is not going to buy until he can exchange his dollar on a more equitable basis than he can today.” In the second district, of five Eastern and Southeastern States, a summary of replies was that farmers are very de- f‘resmd. and that practically every one willing to sell his farm. Crop con- ditions were good, but prices the lowest ever experienced, and delinquencies were BROKERS’ LOANS LOWEST | Bpecial Dispatch to The Star. ! NEW YORK, August 14—The weekly {selves in this tremendously important|g.iement of the Federal Reserve on | brokers' loans showed & decrease of $17,- {000,000 during the week ended August 12 to a total of $1,329,000,000, the | their present unreasonable burdens and smallest since January 9, 1924, when reduce to the lowest practicable point the taxes they have to pay. This will {mean that compensating increases in taxes must be secured {rom some other source. Opposition to such a plan. how- ever, should not be insurmountable if the public thoroughly understands tbe 13% | situation. B . allesaal s PIETE PEF SR OF 7. “A third step that has been suggested lrsmza(-%:l benefited y 14 P — cent all day. the figure stood at $1,315,195,000. This compares with a total of $1.346,000,000 last week, the previous low on this movement, and with $3,155,000,000 on August 13, 1930. Loans for own accounj were $936,- | 100,000, compared with $960,000,000 a | week ago; loans for out-of-town banks | New Federal Reserve trict rediscount rate remains unchangsd at 1% per cent. TREASURY STATEMENT. By the Associated Press. ‘Treasury SINCE JANUARY 9, 1924/ Crop May Help ncreasing. the high prices for farm m: |it was asserted that the farfers could | not sell enough prouce at present prices | to meet instaliment taxes and live. | Delinquencies Increase. In the district embracing five South- Complaints were made of hinery, and | time money rates, there was no quot- | able change. The latest batch of Trea® | ury bills was sold at a discount basis of 0.61 per cent, against 0.51 and 0.49, re- ( spectively, for the two previous issues. | _With ‘a strong stock market, Wall | Street again turned to bullish interpre- tations. Amusement bonds jumped into favor because of reports of much better receipts last week. Paramount-Publix | 5128, Paramount-Famous 6s, Pathe Ex- jchange 7s and Warner Bros. Pictures | Gsorun :p sharply. ne brokerage house delivered of the opinion that railroad nor:::l-l 71, | even if it were taken for granted that | the rate increase would be refused— | were oversold. Small gains came into Alleghany 5s, Missouri-Pacific 515s and 5s. Nickel Plate 4ls and 6s, Southern | Railway general 4s and similar car- rier issues’ The prime rail bonds were also_strong, notably Atchison general g} (zhlni:goihBufllr;gton & 'Quincy 4s, eat Northern 7s Maine 5s. ks Oil company obligations substantially with '51‘! r!l(..imnnor;vbel‘; Texas Corporation 58 and Shell Union Oll 5s. Goodyear 5s, United States Rubber 5s, Goodrich 6s and other rubber bonds were firm. Inter- national Match 5s, International Tele- EIP:(;{IE‘ 4‘;5 mddsshlnr.ernluoml Hydro- ric 65 an merican & Palwe; hs; fwere higher. . n the foreign list Germans we; - standingly strong. Dawes rem::&:l:l 7s crossed 90 for the first time on the recovery. Young plan 5l5s were more than a point higher. German Central | Bank 6s and 7s, Rhine Westphalia Elec- tric 6s, and Siemens & Halske 6158 Tose sharply. German municipals were higher all around. This strength was mirrored to some extent by Hungarian and Austrian issues. Italy 7s went over | par for the first time on the movement. The high-grade European list was | strong. ) |y S0uth Americans were spotty. Colom- bian bonds. affected by the Colombian government’s denial of any considera- tion of a moratorium, were 5 to 6 points higrt:’er, MAunhlhns were firm with the continued success of the government’s refunding operation. - a5 Washington Stock Exchange SALES. Washington Gas 55—8$1,000 at 10715. Federsl-American National Bank & ‘Trust Co.—10 at 49. American Security & Trust Co.—4 at 319. Peoples Drug Stores pfd.—10 at 103, 10 at 10312, 5 at 10375. AFTER CALL. Washington Gas 55—$500 at 10714, $500 A 2. . Merg%)th;ler Linotype—10 at 77, 10 at . y Bid and Asked Prices. BONDS. FUBLIC UTILITY. Amer. Tel. & Tel. 4'is '39. . l.%!l7d e m el & Al Tel. etl. tr. 55, . Anacostia, & Potomec K. R 3. ;. o | ern seaboard States replies were that|C. & delinquencies have multiplied threefold this year, and that collections were the most unsatisfactory over a period of 20 | years. In one State a bank reported | about 30 per cent of its loans in default | and the number constantly increasing. Sample replies from the States of In- diana, Kentucky, Ohio and Tennessee were that from a fourth to a third of | the farms were for sale, and that the | insurance companies bad several | the number of farms for sale that the | banks had to offer. Delinquencies were | increasing, collections were the worst in banking experience, and that “the over- head per acre for taxes and interest | will be very hard to handle when cotton |1s quoted at a price below 9 cents.” In | Alabama, Louisiana and Mississippi re- plies indicated 25 to 30 per cent of farms for salg, with an unprecedented increase in delinquencies and more dif- | ficult collections. i One reply from the district including six Northwestern States is that “we had an increase in farms acquired of more than 100 per cent, and we are selling them at an approximate loss of 40 per cent of the investment” In this dis- trict the shrinkage in farm values was 50 per cent, which seems to be about the average for the country, but the | crop outlook was good. | Fifty Per Cent Mortgaged. In another district it was reported that about 50 per cent of all farms in Towa and Nebraska are mortgaged. In some counties as high as 50 per cent of lands were zYned by mortgage com- panies. In Colorado, Kansas, New Mex- }ico and Oklahoma “the crop is magnifi- cent, but delinquencies are increasing and are 76 per cent more than last year. They amount to 63 cents on each $100 of the banks’ loans.” Texas expected a considerable exodus | from the farms and found delinquencies increasing. They were reported up 50 per cent in Arizona, California, Nevada | Fu and Utah, and in one of these States “banks and insurance companies have between 21,000 and 22,000 farms for 1981 CONSOLIDATED POWER SALES DROP SLIGHTLY | il s | Special Dispatch to The Star. BALTIMORE, August 14.—Industrial wer sales of the Consolidated Gas, Electric Light & Power Co. during July, | exclusive of the power supplied to the Bethiehem Steel Corperation and the Baltimore Copper Smelting & Rolling Co., totaled 37,507,606 kilowatt hours, a5 compared with 37,586,550 kilowatt hours in July, 1930, a decrease of only 0.20 per cent. Sales to industrial ccn. sumers for the first seven months of 193] totaled 248,967,044 kilowatt hours, compared with 269538925 in the cor- responding period of last year. Sales of gas for industrial and com- mercial purposes in July were 207,870, 100 cublc feet, compared with 205.858,- 100 cubic feet in July, 1930, an increase of 0.98 per cent. 643,000 cul n.'-v against 1,822,257,100 cubic feet in | York, 4.40; Bast Eaut dull: receipts for August 92 were 7 30 s Capital Traction R. R. 55 City & Suburban 5s Georgefbwn Gas 1 Potomac Elec Po a Wash. Gas 6s. Wash. Rwy, & Elec. 4s. MISCELLANEOUS. Barber & Ross, Inc.. Chevy Chase Club & Columbia Country Cl D:.G; Paper Mt s Wash. Mkt. Cold Storage 3s STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction Co. (4) Washington Gas Light Co. (1 N. & W. Steamboat (12 Pot. Elec. Power 6% pfd Pot. Elec. Power 51, pfd Wash. Rwy. & Elec. com. Wash. Rwy. & Flec. pfd | capital (14 Columbia (12) 5 Gommercial " (stamped) *(10) | Lincoln (12) | Metropotitan (14) " ond _(9e) Washington (13) TRUST COMPANY. SAVINGS BANK. Bank of Bethesda (6%) Com. & Savings (10). .. | East' Washington (12) Potomac (10) Sec. Sav. & Com. Bk Seventh Street (12) United States (30) 3 Wash. Mechanics (20). FIRE INSURANCE. an.. 10) remen's (8).. Nattonal Union (i5).....] 4 TITLE INSURANCE. Columbia (6h) ..... Real Estate (8h)... .. ] MISCELLANEOUS. Ross. Inc.. co | American Corcoran Barber & .4 Dist Emer. Bromo-Selz. @ Federal Storage pid. (8) Fed.-Amer. Ci (1.20f Fed-Am. Co. pfd. (8Y . Lanston Monotype (8) Mer. Tr. & Stge. com. (10} Mer. Tr. & Stge. pfd. ( Mergenthaler Linotype (6) Natl, Mige & Tov. otd, (8) Proples Drus Stares pfd. (670 Real Est. M. & G. pfd. (8).... Security 'Storage (de) . Ter. Ref. & Corp. " (3) The_Carpel Corp, (2) W. Mech. Mige. com W -E.afsasx':s:s: Se rop com Woodward & Lothrop pfd. *Ex dividend, 52% ext: bBooks tlosed. 520, et { n3sc ext 37 exts 1 130¢ ex $1% extra elia% extra. Unlisted El;pnrtment. (These securities not listed under Exchanse Tules.) BONDS. Army-Nayy Club 5s. 'Sab 1?.“ & Ma; it fG g i X A u.:s:s: e seusns! 3 rich Brewery . t n{fim’fiu}xfl'fl"flfi i Rorth "canitel Bavings Bal Northeast. Savings Bank | Park Savin icih Hotel Go neton ‘1 5 n Argentine 5% 67 09 | Chi RTcv 43860, 21 Argentine May Argentine 6 Ju Argentine §s Oc 5 Argentine 6s A * 5% Argentine 6x B'58. 13 4% Arm & Co 4%s'39.. 78 Arm Del 535 69U 69 69 Atchison gn 4s " 99% Atl Ref db 5 Australia 41 Australiabs 5 5812 58 635 651 63% 6513 104% 104% 811y 82 9% 4% 988, 983, 831, 8815 + 103'5 1081 90 101 9% 918, 9915 5 933 ) Bk Chile 638 '61. .. 35 Batav Pet 41 9374 Belgium 65 101% 101% Belgium 6% 106 106 Belgium 4 110 110% Belgium 75 °56. 106% 106% Bell Tel Pa 58 B'48 110 110 Bell Tell Pa b5 C'60 13 118 B Ind Loan C 65 '46 978 98 Berlin Cy El 656 50 51 Berlin C El 6%5'51. 54 55% Beth Stl pm 55 '36 103t 1031 Beth St rf 65 "42 104 104 Bolivia 78 '§! Bolivia 854 Bos & Me 58 Bos &Me 55 Brazil 6%%s '26 Brazil 6138 "27 Brazil Ts Brazil 8s "41 Bremen 7s '35 Bklyn Elev 6145 52 52 Bklyn Man 6s '68. . i 100% 100% Budapest 65 '62. ... 13 54 55 Buft Gen El 4% 81 5 106% 106% Buenos A 65’61 Pv. 47% 48 Bush Ter con 5s '65 86% 86% Calif Packing 58 '40 91 91 Canada 48 '60. ... 95% 95% 103 103 106% 106% Austria 78 '57 etf: B&O4s'48. IB& 0415’33 B&OcCv4%a'60. Can Nat 4%s ", Can Nat 58 July'69, Can Nat 58°70..... Can Nor Ts db '40. 1125% 113% Can Pac db 4s. 825 82% Can Pacific 412546 98 98 Can Pac 438 '60 9 96 96 Can Pac bs etf: 4 1043 104% Can Pac 55 ‘54 100% 100% Cent of Ga 58 ¢ 70 70 Cent of Ga 53 0% 70% Cent 111 GEE 58'51. 5 Cent Pac 55 '60 E 99 Cen Ry NJ g 588 Cert-td db 535 48 Ches Corp bs '47 C&O 4338 A’93.. C&O4%5B'95... CB&Qgen 4s'58 CB&Q4%s"TT. .. CB&QI1dy 3% 849 Chi & Est 111 58'51. . Chi Grt West 4s'69. 4 ChiM & StP 4%sC, CM&StP 4% 89, C M StP&P 55°75. . 1C M & St Padj bs. . Chi & NW gn 4s 87, ChI&NW 4155 2037, C&NW 4155 C 2037, Chi & NW 614s'36.. 25 Chi & NW en 4¥s.. 13 CRI&NW rf 58 2037, 1 Chi RI&P gn 4s 88, 10 ChiRI& Prf4s'24 19 4 101% 102% 4 106% 105% 105% 105% 2 5 ChiRI&P 4 2 Chi Un Sta 6138 '63, C & W Ind cn 45’52 C& W Ind 5%8'62. Chile 65 °60. Chile 65 °61. Chile Cop db & Chin GVtRy 58 COC&St L 4 CCC &St L5sD'63 Clev Term 58 '73.. Colomb 6s Jan '61 Colomb 65'61 Oct. . Colo & Sou 41;s Col G&E 55 May Col G&E cou 58 '61 Com Inves 5% Con G NY 414851 Con G N Y 514845, 107% 107% | Con Pwr Jap 6% 0% 90% Copenhag 4145 '53 94 94 Copenhag 58 '52. . 99% 99% Cuba 5158 "45. 52 b4 Cuba R R 5852, 57% 574 Czecho 88 '51 . 107% 107% Del Pwr&L 4%s 71, 4 101% 101% Del & Hud rf 4s'34. % 2 Del & Hud 5%8'37, 4 105% 105% Denmark 43%s '62. & 95% ' 95% Denmark 6s "42 105 105 D & RGren 4s 89% 891 D&RG W bi 50% 50% Dodge Br cl 92 9215 Dutch East 1 6847, 101% 101% | Dutch East I 6s'62, 101% 101% El Salvador 8548 80 80 KErie 15t con 4s "9 8T Erie con 4s A '53... 58 Erie gen 4s 3% Erie cv 58 " 7% Erie 58°75.. 7 Finland 6s'45. 77% Finland 6% 75% Fisk Rub §; v 42 Fla E Coast 5s 17 French 78 °49. 4 118 118% French 7% 126 126% Gen Baking 5840 98% 99 Gen Motors 6s'37.. 13 108% 108% | Gen P Sv51%8'39., 95 5 Gen Th Eq 8s'40... 4 German 5% Ger Cen Bk 68760 O German Bank 7s ‘50 re, Ger Gen El 78" Goodrich cv 68 Good 18t §%8 " Goodyr Rub 58’ Grand Trunk 7. Grt Nor 58 '73. 974 91k 9% 112% 112% 95% 95% 99 101 104 105% 65% 65% Hud & M adj 3% 3% Hud & M rf 5 Humble Oil §s Hungary T%s 44, 111 Bell Tell 58°5 111 Cent 48’53 Il Cent 4% Inland St 438 A'T8 Inland St 435 B'S1 Int Rap Tr bt 5 Int Rap Tr sta '66.. Int Rap Tr 65°32... Int Rap Tr 7s 32 int & Gr Nor 68752, Int & G N ad 85 '52. Int Hydro El 65 44. Int M Co 55 tet'sl.. Int Match 58°47.... Int ;:; Tk Int s '55 . Int Ry C A 6%8'4T.. BhnokialuBalBeBiBitey 46 46 |, 101% 2013 s 15852, .. L & N uni 4s '40 Lyons 6s ‘34 . McKes & R 51550, Mich Cen 438 "7 MK& T 1st 45790 MK&T pr In 5sA’62. Mo Pac gn 4s” Mo Pac 58 F'77. Mo Pac 55 G '78. Mo Pac rf 55 81 Mo Pac 5158 A 49 Mont P db 5s A "62 Montevideo Montevideo 7 Mor&Corist 4138 Nat Dairy 518 "48. Nat Rad 61454 Nat Steel 55 '56. etherlands Eng T 15t 5 OT&MGSB" s G Y Cent 45 's8. N Y Cent db 4s N Y Cent 4155 2013, NY Cnrf4igs 2013, NYC rf im 55 2013 Y Cent db 6s '35 YC&StL4s's NY C&StL 434878, NY C&StL 6s'3 Y NH&H 43 '67. YNH&H cd 6s'48. Y O&W 1st 4592, NY O&W gn 4s '55. NY Rys inc 68 NY Rys 65 A '65. .. NYS&W gn n°i3 Nor Am E 5% '63., NorOT&L 6s 47 or Pacr i 68 2047, or Pac 4148 2047., orway 58°63..... Norway 5345 ‘65 Norway 68 '43. orway 68 '44. Norway 6s'52 Oreg-Wash 4 Orient dev 68'53... Pac G&E 5542 Pac T&T 1st 5 Pan-Am Pet Penn cv 415860 Penn 415870, Penn 55 '64 Penn gn 4 Penn gen 14 | Penn 615536, Penn P&L 4158 81, Peoples’ Gas 5. Pere Mar 4145’80, 7 Phila Elec 4s'71. ... Phillip Pet 5% 539, PCC&SLL 43%8 77 Poland 65 "40 Poland 75 '47 Poland 8850 Porto Alegre Port Gn El 4155'60. Por RAm T 6s'42.. Pos Tel & C 58'53. . Prussia 65 '52. Public Serv 4571 Pure 011 5%s'37. .. Queensland 6s°47.. Queensland 7s '41 Reading 48 B " Rem R5%8 A "47.. Rhinélbe 7s '46 Rnine West 6s '52 Rhine West 6s'53. . Rhine West Rich Oil Cal 65 "44. Riode Jan 615553, R Gr Do Sul 63 68 Roy D 4s°45 w' StL IM R&G 4s'33 St L&SF in 45 A '50 StL&SF 43 StL&SF p15s B 50 StL S W 1st 4s 89, Serbs-Cr-S17s'62. Serbs-Cr-S1 85 '62. . Shell Un Ofl 5 3 Shell Un Oil Sinec O T8 cv A Sine Cr 0 5%s Sinc P L 5842 Skelly Oll 5539 Soissons 68 '36 Sou Bell T&T 55 "4} SW Bell T 58 A '64. Sou Pac ref 4s'55. Sou P 4%s'69 ww. Sou Pac 4% 81 Sou P&OT 44877 Sou Ry gn 4856 Sou Ry 5594 Sou Ry 68’ StOil N J 68 "4 StOINY 4%s Taiwan E P 5%s'T1 StLds'53.. ‘orp bs 44. . Third Av rf 45 '60. . Third Av 1st 55'37, Third Av adj 55 '60. Toho Kl Pw 6s°32.. Toho El Pw 78 '55.. Toklo 58 '62. Tokio 535 '61. Tokio El Lt 65 Tol Bt L&W 45 Tex&P 1st 58 2000 Un Pac 1st 45 47 Un Pac 43 '68 . Un Pac rf 48 2003.. Un Pac 4348°67. ... Unit Drg cv 55°53. Utd King 5%8'37.. Un St W 6148 A'47, U S Rub 1st 58 "47. Ud St W 634sA'S Ud St W 6338C'S: Uruguay 0 Util Pow 5148 '47. nadium St 5841, jenna 65 '52 . Ry & Pw 55 '34. Va Ry 1st 5s ‘62, ‘Wabash 5s B 'Y 1 3 2 2 19 2 2 6 Long Isl ab 5 [ 4 5 6 7 5 3 1 13 1100 2| 15 31 20 4 57 1 5 13 33 43 2 1 5 12 24 29 16 7 19 3 18 18 5 13 18 11 2 10 1 E 29 78. 20 13 18 25 2 1 9 26 11 2 27 65 39 11 7 4 66 7 2 19 10 5 4 29 3 19 15 lustry's principal product not only has held its own with the consumption record of last year, but has actually enjoyed an increase of 2.26 per cent. Domestic de- mand from refinerics riod in 1930, an increase cf 4.227.6’;0 barrels.” Gas Exports Drop. Mapes pointed out, however, & slump teen a disturb- line,” he said, “the American export: trade in the product has suffered such severe losses as to cause a decrease in caused a decrease in the export trade in the product totaling 10,411,000 bar- rels, or 31.63 per cent, during the half of the year. o totaled 22,504,000 barrels, as compared with 32,915,000 barrels during the first six months of 1930. “The ‘total demand for gasoline at American refineries was 213,370,000 barrels, as with 219,554,000 barrels for the alx months of 1930, a decrease of 6,184,000 barrels, or 2.82 ' | per cen Conservative Operation. Refiners have attempted td‘q meet the decline in total gasoline d by their operations, Mapes re- His Teview of the six months said: ting and the im- ve operated in a cautious and con- servative manner. Runs of crude oil were reduced 39,322,000 bar- 23 Enfi..wggnd'lln ufirm;u 438,335,000 bar- " 9,502,000 barrels, or 4.35 per “Straight-run gasoline provided 51.15 t of the total tion, while of gasoline covery was 47.65, as compared with a recovery of* 45.72 per ceni for the first six months of 1930. Straight-run re- covery was 24.37 per cent, as X cent in 1930, thereby re- Butter—One-pound prints, 31; tub, 30. Eggs—Hennery, 24a25; current ree celpim 1017 pounds and over, B , 27a28; 11 to 2 22823, ens, large, 21a23; small, 11818; hens, large, 15a16; small, 13a 14; roosters, 12a13. s % ; 2 to 2% 'pounr 30a 2 pounds, 27a28; Leghorns, fresh hams, 19; smoked 21; strip bacon, 24; lard, 10% Live stock—Hogs, heavy, 6.00a7.25; it and medium, 7.2587.75; pigs, 7.25 7.75; roughs, a.s%o-o.oo; lambs, 4.0088.00; pineapples, 3. Rico, 2.00a4.00. Vegetables—Potatoes, 2.00a2.25; sweet, per bushel, 1.75; tomatoes, bas- 1 h cucumbers, 2;:11 baskets, 50; celery, per_bunch, 75a1.00; peas, 4.00a 450, eggplant, 1.50; lettuce, Iceberg, 7.50; okra, 2-peck baskets, 50. Regular Dividend Planned. ~ NEW YORK, August 14 (®)—W. W. even under current adverse conditions in the securities markets.” Consider Consolidation. NEW YORK, August 14 (%).—Meet~ store called for August 26 and September 11, re- Building New Pipe Line. NEW YORK, August 14 (#.—The 5 { Wit Sh 1st 48 2341, ‘West Union 5s '60. West Union 58 '51. West Un 6 6 ‘Wh Sew Mch WEOB%S'3T ww Wil & Co 1st 8s ‘41 ‘Wis Cen gn 45 '36. Con soroniba e for 3gp2as B3 i 3 bobe i