Evening Star Newspaper, August 28, 1931, Page 14

-~ ISHELD POSSBLE Bankers Mention Standard of Nebraska as Link in Hook-Up. Special Dispatch to The Star. NEW YORK, August 28—Standard Ofl of Nebraska may be the next former Standard Oil Co. unit t» anncunce a | consolidation, it wa2s lcarned from oil men and bankers here. Rumors of a merger of the Nebraska company follow hard on the heels c¢f a consolidatior agreement between Standard Oil of New Jersey and Standard Oil of California. Action of Standard Oil of N:braska on the New York Curb Exchange tape does not indicate any specific buying of the stcck in anticipation of a mer- ger. Only 200 shares have changed hinds recently, though the stock seld up 5% points on that small turnover. This gain, however, was dus to iack of offerings which compelled a raising of bids, acccrding to curb traders. Merger Held Logical. 1In the opinion of ofl bankers, Stand- ard of Nebrask:, a marketing company. would logically fit into Standard Oil of Indiana, Prarie Oil-Sinclair Oil. Stand- ard of California-Standard of New Jer- ser, or possibly Continental Oil. Owning and operating about 350 bulk and 200 fil'ing stations in Nebraska, the com pany handlss the products of Standard Oil of Indiana, of its subsidiary. Mid- west Refining Co., and of Standard Oil of Kansas. Standard of Indiana, through Mid- west Refining, whose marketing ma- chinery it brought under direct control in April, 1930, now markets its prod- ucts in 13 States. Indiana Standard at the year end had 4783 bulk and 11.074 owned or controlled retail sta- tions, besides additional outlets through STAR, WASHINGTO NEW YORK STOCK EXCHANGE ! — ~Prev, 1931 Stock and High. Low. Dividend Rate. ales— St Joseph Lead (1).. Stl-San Francisco. . 8tl-San Fran pf(6). St Louts Southwn pf Schulte Retall Stores Seaboard Oil. .. Sears Roebuck ( Second Natl Inv Servel Inc.... . Shattuck (FG)(11%) Shell Unjon Oil. . Shell Union Ol pf Simmons Co. .. Simms Petroleum. .. Sinclair Consol Ofl. . Sinclair Oil pf (8) Skelly Ofl pf ww. ... o= hefeld Steel. ony-Vacuum 1.60 piv Am pf ww ( 1 s 3 P = uthern Rwy (m Sparks Withing (1). Stand Brands (1.20). and Comel Tobacee and Gas&El (314) . fxframicunRoceBal 2R amnel + 25 N Stand Oil Cal (h215) Stand Ol Exp pf (5) Stand O11 NJ (2)... 4 Sterling Secur (A). . 4 Sterling Sec cv pf(3) Stewart Warner. ... Stone&Wehster(m2). Studebaker Co(1.20 Superior Oil........ iperior Steel . ..... Sweets of Amer (1). @ & P OVEN -~V %05 Texas Corp (). Tex Gulf Sulphu; Tex Paeific Tex Pacific 1 . "hateher Mfg Co. . teher Mfy pf 3.60 Thermoid Co. ... . Tide Water Asso Oilf Tobacco Prodiicts Transamerica (40¢c). Tri-Contl Corp g Trico Produ. several thousand independent dealers. The extent to which, if at all, Midwest Refining has gone into Nebraska to compete with Nebraska Standard and others never has been determinable here. In the case of the Prairie Oil & Gas- Sinclair merger, Nebraska =Standard ‘would fit in nicely, for it is well known that when this consolidation is com- pleted it will endeavor to extend its territorial operations. Marketing Agency. At present there are only two oil s that enter every State in the Union. They ul;e" Shell Union Oil 912 Ulen & Co (1.69) ... Under Ell Fisher (4). (Continued From Page 13.) Sal Add 00. High, Low. Close. Close. 67% 967 ~Prey. 1931~ 66 65% % 97 105% Unit At Stock and Dividend Rate. Union Oil of Cal (2). Union Pacific (10)... Union Pacific pf (4). Unit Afreraft pf (3). Received by Private Wire Direct to The Star Office. Sales— Add 00. High. 22 1 reraft....... 74 Unit Carhon. .. Unit Cy Unit Corp ¢ gar Stores. ) Unit Corp pf (3). Unit Fruit (4). Unit Gas&Im (1.2 Unit Gas&Im pf ¢ Unit Pi ece DW (2).. U S & Forn Secur. .. s El 104 US 13% 831 13613 U S Stes 3%, United v v v U U o S Sm S Gypsum (1.60).. S Indus Alcohol. Leather (A). Pipe & Fdry (2). Rubber. . tg & Ref (1). U S Steel Corpn (4). el pf (7)) Stores (A). 1% Univ Pipe & Rad. 1912 Uth P&T(A) ef Wabash It Waldor: fS: Walworth Co.... Warn Bros Pictur Warner Bros pf 3.8 Warren Bros (2 West Pa El pf (7) 30 Western Dairy (B).. Western Maryland. . Western Union (8). . 6 5 Westing EI&Mfz (4) 124 2 Westva, co Chlor (2). White Motors (1)... White Sewing Mach. Wilcox Willys- i) & Gas. Overland . . Woolworth (2.40). .. Worthi Wrigle: Cstwn Sh&Tube. 107 Zonite Prod Corp (1) nglon Pump. (Wm) (4).. 3 1y 1 Sales of Stocks on New Yook Exchange. 10:30 AM. 1:30 P.M Dividend rates as vear—no tock. | in special 500,000 £00,000 he annual cash rly deciaration. stock. 100,000 700,000 ven in the above table are t ea 1 Plus 8% in st 1 preferred stock. no regular rate. n Plus 5% in stock. P Plus 2'2% in stock. CASE BASED ON TAX Indiana Public Service Com- | mission Rules Against Permit to Operate. i The subject ‘of taxes 1s of plnmoum. importanee in eonsidering the propriety of granting permission to a motor vehi- 1| cle company to operate in territory (Copyrignt. Bpecial Dispatch to The Star. 1931 30a | that lima which is already adequately served by a | rallroad, in the opinion of the Public Service Commission of Indiana. | The commission’s opinion was handed down in the case of the application of the Drake & Houk Transportation Co. for a certificate of public convenience and necessity to operate motor trucks between certain points in Indiana which were already served by the Penn- sylvania Railroad. | Territory Alrealy Served. | John W. McCardle, chairman of the in den the aj , em| was being provided with ample service by the railroad. | “It is_very evident tbat in this case the applicant and the railroad. operat- | ing in the same territory, cannot both | survive,” says the decision. “Which of | the two shall remain? | 1 | as a whole is better served by the rail- | road than by the truck. Motor trucks | pay no taxes in comparison with rail- | roads. For the year 1929 the Pennsyl- | vania_Rallroad in taxes in_ the | 208 | Counties of Randolph, Jay and Adams | !l the railroad pays $2.73 ‘Wheat—No. 2 red Winter, export. no quotations; No. 2 red Winter, garlicky, spot. domestic. 49%; August, 49%; September, 51'5. Com—No. 2 yellow, domestic, 58a59; cob corn, 3.00a3.25 per barrel. Oats—No. 2 white, new domestic, 30; No. 3, 29. Rye—Nearby, 40a45. Hay—Receipts, none. General hay market is quiet. Receipts ample and outward movement siow. Competition of pasturge making itself felt. Fair to good timothy and clover mixed hay (old) ranges from 1500 to 19.00 per ton. Between seasons now and situa- tions very unsettied. Straw—No. 1, white, 9.0020.50 per ton; No. 2 oats, 9.00a10.00 per ton Live Stock Market. Cattle—Receipts, 1,600 head; supply; market dull Steers—Choice to prime, 8.00a8.25; light the sum of $179,677.16. The population of-these three counties by the 1930 cen- | sus is 65662. On a per capita basis | .- year for | every man, woman and in these three counties. The railroad serving | this territory was assessed at the sum of $38,332 per mile for the year 1929, which amount includes main and side | track rolling stock and improvements, but not the local assessment. | It is interesting to note, the decision points out, that the average cost of maintenance of the highways over a period of seven years, 1924-1930, was $355 per mile. ““The 1930 average of $605 shows an increase of $50 per mi it is explained, “which is conclusive evidence that the cost of maintaining | | the public highways of the State is in- creasing by leaps and bounds. No ex- | pense of this kind can be attributed to | | the railroads.” | H Duplicates Facilities. | | Questioning the necessity of addi- tional facilities which would duplicate those of the railroad, the decision con- tinued, in part: | “The commission realizes that store- | door delivery is somewhat convenient |in the. transportation and delivery of | cargo property. However, the commis- | sion wishes to work for the welfare of the community as a whole, and must 'CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 28—The fol lowing is & summary of important cor | poration news prepared by the Standard | | Statistics Co. Inc., New York, for the Associated Press: News Trend. Brokers’ August 26 increased $6.000.000 to & total of $1.3¢9,000,000. Changes for the week were a $10,000,000 increase in loans made by local member banks for their own account, $1.000,000 rise in non-banking lenders’ loans, and a de- crease of $5,000,000 in loans for ac- count of out-of-town banks. The Companies. Canadian Canners, ported running 12'z per cent above 1930. Colonial Beacon Oil—Deficit, six months to June 30, $1,864,020 vs. deficit $1,316,164. Colorado & Southern Railway—July net operating income, $27,312, vs. $49.- 588; seven months, $98 441, vs. $513,397. General Motors—Delco-Remy August business 15 per cent above 1920 month; Guide Lamp plant operating at normal production. Long Island Railroad—July net oper- ating_income off 32.3 per cent; seven months, off 3.3 per cent. Patino Mines & Enterprises Consoli- dated output cn August 24, 1931, was at rate of 1,300 tons a month: cperations were on 24-hour basis. Spang Chalfant & Co. net income. six months to June 30, $1,268, vs. $1,881,981, equal to $1.97 a ccmmon share. Alabama Power July gross earnings T 9. per cent, gross income off 0.4 per cent. Asscciated Ofl gets lubrication con- tract for United States Navy's Pacific Fleet. Atlantic Coast Line R. R. July net operating deficit $374.395, vs. income $12.804; 7 months net operating income, $5,669,975, vs. $5,774.015. Bangor & Aroostock R. R. July deficit, after charges $204.935, vs. deficit $137.- 852; 7 months surplus, after charges, $563,603, vs. surplus $1,162,204. Central R. R. ¢f New Jersey July net operating income off 66.1 per cent; 7 months off 31.2 per cent. Chicago, Rock Island & Pacific Rall- way July surplus, after charges, up 33.2 per cent; 7 months off 41.9 per cent. St. Minneapolis & General Realty & Utilities—Net in- | come, six months to June 30, $913,354, vs. $2.649,187 Georgia Power—July gross off 7.1 per cent, net after taxes up 0.3 per cent: 12 months gross off 3.5 per cent. net off 7.3 per cent. Irving Air Chute—Common earnings, six months to June cents. Philadelphia Rapid Transit— share 50, 54 $3.500.- Joans for the week ended | Ltd—Sales _Te- | W.R &EBUSLINES " AREDONG BETER Déficit of Last Year Changed Into Net Income Since | January 1. | Bus business of th» Washington Rail- way & Electric Co. is graduaily pulling out of a deficit into a net income, ac- cording to the monthly report of the company today to the Public Utilities Commission. While this July shows a smaller deficit than last July, the first ‘uven moenths of this year changed the | deficit of last year to'a net income. ‘The Washington Railway & Electric Co. car lin>s showed a gain both for July and for the seven-momth period in cperating revenue and net income. Pctomac Electric Power Co. showed an increase in operating revenues, but a falling off in net income, ‘The rallway lines show an increase in operating revgnue from $375.365.61 in July, 1930, to $389,501.34 in July, 1931, but a much larger proporticnate gain in net income from $8,456.98 to $33472.37 for the same period. Operating revenues | of the lines for this vear to date were | $2.867.476.80. Net income of the railway |increased from $996.627.57 for the first |seven months last year to $1,115,556.96 this vear. | _The bus figures show the deficit de- | creased on net income from $9.287.24 in | July, 1930, to $4.933.38 in July. 1931, but | the seven-month figures show the busses | pulling the 1930 deficit of $12.010.02 into a net income this year pf $3,783.42 | _ Potomac Electric Power Co. operating revenues gained from $824.776.89 in July, 1930, to $869,735.11 in July, 1931, while net income showed a decrease | during the same comparable periods | from $349,668.96 1o $335,143.10. Seven-month figures show similar {trends. a_ gain in operating revenue |from $6.078,552.52 last year to $6.252.- | 637.67 this year, and a falling off in net | income from $2.687.228.27 last year to $2,660,438.77 this year. '500-YEAR OIL SUPPLY REPORTED IN U. S. New Book Gives Present Extent of Petroleum Resources and Traces Industry. BY J. R. BRACKETT, Associated Press Business Writer. NEW YORK, August 28.-—Yesterday, the 72d anniversary of the petroleum industry in the United States, found the Nation with an available supply *|Rail Group Continues in Re- N, ‘D0, "FRIDAY, IBONDS IN ADVANCE | covery Movement—Market Apparently Oversold. BY F. H. RICHARDSON. Special Dispatch to The Btar. NEW YORK, August 28.-—Bonds. both foreign and domestic, advanced | sharply today in quiet trading. | The third day of the rally in railroad | bonds found many issues running up 2 to 5 points on transactions involving small blocks. «Probably the chief fac- tors behind this strength were the mar- of “buying when the bad news is out,” meaning the reduced railroad earnings , for July Trading was still thin, but it was significant that many volatile _issues were as quick to respond to small buy- ing orders as they had been to sag on | small offerings. Missouri, Kansas & Texas adjustments, for instance, rose 5 points on a single bond transaction. That made an aggregate advance of 13 points on_purchases of nine bonds in | the last three market sessions. Earlier in the week the same issues dropped 16 points on the sale of 15 bonds. There were still a few soft spots in the railway list. Alleghany 5s cf 1949 dropped 113 points at one time, but the | 55 of 1944 advanced over a point. Balti- more & Ohio refundings 6s eased. while the 4155 of 1933 reached a new high on the recovery above 97 and the con- | vertible 4'.s gained substantially. Rock Island 4'is of 1960 jumped 2 points. Erle general lien 4s Tose ', point at the opening and then ran up nearly 3 points. Missouri-Pacific general 4s were more than 1'; points higher. Prisco prior len A 4s sold 3 points higher and the 4i.s gained a point. | Southern Railway 61zs, which recently | dropped below 84, sold at 89 and then | extended the gain. Wabash 4%;s gained 2 points. Smaller advances were scored by Chesapeake Corporation 5s, St. Paul 5s, Chicago & Northwestern 4%s, Rock Island refunding 4s, Erie 5s. Great Northern general 5';s, Missouri-Pacific 55 and 5i.s, New York Central 4'is, Nickel Plate 6s and 415s, Pennsylvania 4%s and 4':s, St. Louls Southwestern :\;mso]idnted 4s and Southern Pacific 45 The other group to show outstanding strength included bends of international concerns, especially those that had been sold so heavily Thursday. Kreuger & | Toll 55 were sharply higher around 75. International Match 5s, both the con- vertibles and the debentures, ran_up 2 to 3 points. American & Forelgn Power 5s, International Telephone issues and | International Hydroelectric 6s im- proved. American I. G. Chemical 5'4s gained over 2 points. The foreign list was buoyed up by the quick arranging of a new British loan, the largest private credit ever | granted to a government. The total | | was said to be weil above $500,000,000. | British 5155 held firm and German gov- | | ernment bonds were steady. There were | | |gocd gains in Central Eurapean bonds |and in the South American group. 1 T, S AR |Washingtcn Stock Exchange SALES. | Capital Traction 56—33500 at 84'5. | Capital Traction Co.—30 at 35'., 1 at| 1, .35% | Liberty National Bank--10 at 180, | AFTER CALL. “A"—$1,000 | Capital Traction Co.—10 at 351;. | Mergenthaler Linotype—i0 at 773 s | Potomac Electric 3%:% pfd—17 at 110%. Bid and Asked Prices. BONDS. FUBLIC UTILITY. Bid A & Tel. 45 39 .17 Tel ctl ir. 5% Washington Gas 6s at| 1031 | sked. Amer_ Tel VS Am. Tel. & Capital Traction {City & Suburban 55 | Georzetown Gas 1st 55 { Potomac Elec. cons, 5% ... | Potomac Elec 6s 1953 | Wash., Alex & Mt Vernon cii Washington Gas 4'zs.. Washington Gas 58 Wash. Gas 65, series A.. Wash. Gas 6s. series B. | Wash' Rwy. & Elec. 4 MISCELLANEOUS. Barber & . Inc. Chev:r Chase Club 3'zs. " /' X Columbia Country Club 3'a¢ D. C. Paper Mfz. 6s L3 W. M. Cold Etorage 5 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Elec. Wash. Rwy. & EL Wash. Rwy. & EL pfd NATIONAL BANK. Capital : lumbia (12} Commercial (siamped) (10) District (8) Fed -Amer_ Nail. Bk & Tr. i2) Liberty (78) Lincoln (121 Metropolitan Riges (1581 sec. ond _(9ei Washington, (13) TRUST COMPANY. Sec. & Tr. Co. (1%) ntal Trust (6) & Trust (i3t Prince Georzes Bk & Tr. (6) Union_ Trust (8s) Wash: Loan & Trust (id} SAVINGS BANK. of Bethesda (%) (14 Amer. Continer Natl. AUGUST 28, Private Wire Direct to ket's oversold condition and the theory | | cuba 1931, UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Lib315532-47.. 22 102 9 102 9 L1st 4%s32-47 7 102 30 10228 L 4th 41, 33-38 33 104 24 US3%s 40 101 US3 102 16 1 10215 T 102 24 1 105 31 1 107 27 v 1z 3 Abitibl P&P 55°53. Ab& St 5% '43 Alleghany Cp b8 '44 Allegheny 554 Allegheny 58'50. .. Allis-Chalm 58 '37, Am F P582030.... AmIGChb5ls 49 Am Intl5%s Am Metal 5% Am 1 52% 3 EL 61 Am W Wks 5834, A Wat WK 6535 Argentine 5% '4 Argentine 5%s Argentine May Argentine 65 Ju Argentine fs Oc'59. Argentine 65 A '57. Argentine 65 B ‘38, Arm & Co 4%8'39.. Arm Del 5%5'43. .. Atchis 45 1905 Atchison adj 48 Atchiscy 4'% AUCLst AtCL4%s Atl Refdb 58 Australia 4155 " Australia bs " Australia 5% '57 Austria Ausiria B&O 4! B&Ocvd! B&O Ist B&OTfis" B&O5sD2 B&O6s95... B&OSwdv5s's Bk of Chile 614%'57 23 Ratav Pet 4138’42, 2 Belgium 65 ‘55 17 Beiglum 61 17 Belgium 7s Belgium 75 "5/ Bell Tel Pa 58 B Ind Loan C 6546 16 Beth St rf 58 " Bolivia 78 69 Bolivia 85°47... ... Bost & Me 435 '61. Bos & Me ¥ 4 5 4 6 Brazil 8s " Bremen 7s '35 Bklyn Man 6s Bklyn Un 5545, Budapest 63 '62 Buenos A 6s'61 Pv. 4 Bush T Bldg 5560 Calif Packing 58 '40 Canad® 45 '60 ’ Canada 55’52 Can Nat 4%:s Can Nat 433857, Can Nat 415568 Can Nat 43,5 3 Can Nat 55 Oct '69. Can Nor 4138 '35 Czn Nor 6% db 46 Can Nor 75 db '40. . Can Pac 41;s 6! Can Pac 55 ctfs Can Pac 555 Car Clin & Cent Pac 45 J g 5887, Cert-td db bles "48. Ches Corp 58 °47. C&Ogen4iis Chi R1ev4%s 60, ChiUn Sta 4158 '63, C& W Ind en 4 . C& W Ind 5%s 62, Chile 63 '60 Chile 65 '61 . Chile Cop db 55 '47. 12 CCC&StL5sD'63 2 Clev Term 435 '77. Clev Term 5%s '72. Colomb 6s Jan '61.. Colomb 65’61 Oct Col G&E 58 Ma Col G&E co Colon Ol §s '3 Com Inves 51549, Con G NY 4135°51. Con G Con Pwr Jap 6%s.. 10 Con Pow Japan 7 4 Copenhag 4148 Copenhag 5s '52. Cuba Nor 514542, . 5. 47 1 1 1 . 16 5 3 16 Czecho s Czecho 98 "5 Del Pwr&L 43%s 71 Del & Hud rf Denmark 4% Denmark 5% Denmark 6342, ... D& RGren4s'36.. D&RG W 585 DRG&W iR Det E GER4 1S 5'61. Det Edison rf 55'43 Dentsche Bk 65 '32, Close. 102 9 102 30 104 24 101 1 102 16 10215 102 24 105 31 107 27 12 5 Sales. High. Low. Close. b2% 52% 9% 61% 56 5114 102% FINANCIAL. Bales. High. IntRapTr7s32... 15 87% Int Cement 55 '48 Int & Gr Nor 5% 5 Int & G Nad 6s'52. Int Hydro El 6544, Int M Co bs ret'41 Int Match 55°47. ... Int MM col tr 65 '41 int Pap 6s ‘55 Int Ry C A 5s IntT&T4lks'52 Int T&T ev 4148’3 IntT & T 58’55 Irish Free St 55 Ttaly 78'51...... Italy Pub S 78’52 Japanese § 15 ‘85 Japanese 635 ‘54 Jugos! Bnk 7s ‘57 KCP&LA%s'ST.. Kan City Sou 35’50, Kan City Sou 58’50, Kan G&F 4% ‘30 Carstadt 6s'43. Kend 5.8 48 ww. . Kresge Found 6536 K % & Toll Gx'69. Laclede 5% % C'53 Laclede 5% s D ‘60 Lautaro Nit 65'54.. Leh Val 55 2000 Lig & Myers 58 Loew's 68 ex w41, McKes & R 5% %50, 36 Mo Pac gn 4875, Mo Pac is A '65 Mo Pac 58 F '77 Mo Pac 5= 1T Mo Pac 55 A 49 Mont Pow Gs ‘43, Mont Tr 1st 5 Montevideo 7% Mor&Co 1st 415 8'39 t Dalry 53,548, at Steel 58 "5 Netherlands 6s 46 182 ¥ Y Cent 438 2013. Y Cnrf 4382013, NYC rf im b8 2013. N Y Cent db 65 '35. NYCLSel3%s’s NY C&StL 4%s 7 NYC&StL5158A'T XY C&St L 65 '32 Y Fd 1st 6% 54 NY ELH&P 43 '49.. Nor Am Ed 55 '57 Nor Am Ed 55 C 69 Nor Am E 5%s5 '67. NorOT &L 6s 47, Nor Pac 3s 2047, Nor Pac 4597 Nor Pac 415 Nor Pacr | 68 204 Nor St Pw 55 A "41. Nor St Pw 63 B '41. Norway 5562 SaReBB e Rus8aBunu aSummnna o Norway 6s '44 Norway 6s ‘52 Ore Short L 5 gtd. Oreg-Wash 4s ‘61 Orient dev 5% Orient dev 6 Pac GRE 58’42, Pac T&T rf 58 '52 Paramount 6s 47 Paris-Ly M 65 '58 Paris-Or 5% s Pathe Exch 7s Penn4%s D '$1 Penn v 4% s 60, Penn gn 4% Penn 41570, Penn 4% Penn 55 '64. Penn gen 55 ‘68, Penn 6345 '36. Penn P&L 415 ‘81 Penn O&D ¢%s 17 0 Bosiale BBnwbue aela -~ Phila €o 58 °67..... Phila Eiec 48'71. .. Phil & Read Phillip Pet 5% s '39. PCC&StL 4%s'77 Poland 6s "40. Poland 7s '47. 22 | Poland 85 50 Port Gn El 4% 5'60. 42, Pressed St C 5833, Public Serv ¢s Pure Ol 5148°3 Pub Sv G 435570, Queensiana 8547, Rem R 518 A *47 Rhinelbe 7s '46. Rnine West 6s " Rhine West 65 '53.. Rhine West 7s '50 Rich Ofl Cal #5"44. Rio de Jan 615553, Rio de Jan 85°46. .. R Gr Do Sul 6s '68. R Gr Do Sul 85 '46. Low. Close. 87 &1 81 1% 63% 634 “u e 78% 81 7% TaY% i, 49 4 57 68 68 83% 854 76 6% 101% 101% 99% 9% 8814 961 97 105% 63% 63% 104% " 6% 85 A 7 103 7% 101 100 24 9915 108, 98 98 113% 4“ 89 T4% 102% 103% 62% 105 101% 43 69'% 101% @014 105 63 52% 51 838, 89Y bl 92 92'% o] |WHOLESALE PROES APPEAR STABILIZED Moderate Upward Movement Predicted in Statistics Co. Survey, * Special Dispatch to The Star, NEW YORK, August 28-—Broadly considered, average wholesale prices have been maintained at close to cur~ rent levels for nearly three months, says the Standard Statistics Co. of New York, in a current survey, which con- tinues rt: “With full allowance for the greater time element required in completing & major depression, we believe 1. pres- ent indecisive fluctuations in commodi- ty prices represent a broad period of stabilization from which a moderate upward movement should ensue. “Commodity markets on the whole are showing relative stability and fluctuations, save in two or three ex- ceptional cases, have been confined 1wlthln narrow limits. Of 40 major commodities 14 declined last week from the week preceding, 11 advanced 15 were unchanged. The bulk of de- were of minor scope and were most noticeable in the farm and food groups: dairy products and provisions, on the contrary, were generally un- changed or slightly higher. Cotton was by far the weakest of the major items, and declined to below 6!, cents, as the significance of the supply situ- ation was realized more universally by the trade. Prices of spot hides have receded 1 cent from their recent high of 12'; cents, despite continued ac- tivity in the consuming trade. Rubber made a new low record. “On the other hand, forced curtafl- !ment in the East Texas ol fields has jcaused the first increase in bulk gaso- line prices in many months, and fur~ tber advances in both crude and re- fined products are possible. Metals as group are hoiding quite firmly. As compared with the individual Jows, mostly established in the early Sum- mer, 21 of 40 commodities are definite- Iy hulghe‘(r)n)lm ;lo .I(n “nna’u these Jevels. y nine signally failed to adhere to this trend.” e BUYING CAMPAIGN WINS INDORSEMENT Investment Banker Approves Sug- gestion to Purchase Goods Aid to Unemployed. 1, | BPecial Dispatch to The Star. 3 the advice of the Emigrant Savings of New York urging its 249,000 to A program of with their surplus savings. “If vice of one of America’s largest 104% | savings banks is followed by depositors 108 1045 105 104% 1041 101% 101% 108 109 9215 93% 934 93y 9% 99 106% 105 1084 1081, 86 86 % 1085, 103% s 104% 10475 41 95 90% 91% 1041; 10415 99 100 0% 17 10315 10315 98Y 98% 60 60 661 67 9 9 104 105 88 88 105% 1054 69 69 70 70 the country it will not “It is one thing to have merchants ballyhoo ‘spend-now’ campaigns.” , “but when a great sav- institution, with as many des positors as the entire population of the State of Delaware says that ‘judicious spending now will help to set the wheels of industry and now out of work’' we can only heave a big sigh of relief at this retumn common sense. “It s as certain as the hours in day that until dollars begin to work mm men can't work either. Five dollars are in the sa of New York State alone. not only not being t in trade, the banks have iculty them for new building. If bank in the country would show courage of the Emigrant Sa Winter would ardly hoarding. We better financial leadership since the de« pression began.” BROKER LOAN TOTAL INCREASES $6,000,000 | Special Dispatch to The Star. NEW YORK. August 28 —The weekly statement of the Federal Reserve on brokers' loans showed an . increase of $6.000.000 during the wesk ended Au- gust 26 to a total of $1,349.000,000. This compares with a total of $1.343,000,000 last week, with th> record low of $1.= 329.000.000 made on August 12 and with $3.102,000.000 on August 27, 1930. Loans for own account were $960. 000.000 compared with $950,000,000 & week ago: loans for out-of-town banks totaled $223,000.000 against $228,000.000, and loans for account of others stituted $953,000,000 of the total against $945,000.000 a week ago, and time loans ci RIAr&L4lss'34. - good to_choice, 7.00a8.00; ‘medium to ven | Of crude oil from all sources sufficient R were $396,000,000 against $398,000,000. 000 decrease in gross receipts for se | Dodge Brel 6540, bear in mind all elements affecting that o 2 davinen 10 B3 84 good, 6.2527.00: fair to medium. 5.50a | 6.25; plain to fair, 5.0025.50; common | to plain, 4.50a5.25 Bulls—Choice to prime. none; good to_cholce, 4.5085.00; medium to good, | 4.00a4.75; fair to medium, 3.50a4.00; [ plain to fair. 3.25a3.50; common to| plain, 3.00a3.25 Cows—Choice to prime, none; good 1o cholce, 4.50a4.75; medium to good, 4.00a4.50; fair to medium. 3.50a4.00. | plain to fair, 2.50a3.50; common to | plain, 1.5082.50 Heifers—Choice to prime. none: good | to_choice, 6.50a7.00: medium to good, 6.00a6.50; fair to medium, 5.50a6.00 Sheep and lambs—Receipts, 1.000 head: light supply: market steady. | Sheep, 10.00a13.00; lambs, 4.00a8.75. Hogs—Receipts, 500 head; light sup- | ly; market spotty. lights, 6.90a7.30; | eavies, 6.25a7.15; medium, 7.00a7.40; roughs. 4.00a5.00; light pigs, 6.3026.75; Pigs. 6.65a6.90. Calves—Receipts. 200 head ply; market steady: calves, 4.00a10.00 4 . RAIL CONTRACT AWARDED. CINCINNATI, August 28 ~Con- tracts for steel rals and accessorizs costing approximately $400,000 were awaraed by the Cincinnaii Union Ter minal Co. A total cf 4,616 gross tons ‘were for steel ralls at the new passeng:r terminal project. Of this, the United States Steel Corporation was awarded 3,162 tons, and the Inland Steel Co.._ Chicago. 1.454 The Rail Joint Co. f Chicigo was awarded the contract to supply 7,800 steel r2il joints; the Carnegie Steel Co. the contract fot. 276,000 tie plates which the steel rests, and the Bethle- hem Steel Corporation’s plant at Steel- *om, Pa., fcr 2,040 kegs of railroa light sup- | INTEREST RATES. By the Associated Press. welfare—especially the subject of tax- ation, in_which every citizen is vitally interested. It must not be forgotten that the benefit derived by a communi- ty from taxes paid by the railroads » matter of no little concern. Every State in_the Union, as well as the na- tional Government, is studying and analyzing the tax question with the view of reducing the burden or dis- covering a more simplified and equalizad method of establishing, collecting and | distributing the same. “The railroads in this country are paying in taxes approximately $1.000.- 000 a day, and this vast amount of money is distributed 5o uniformly throughout the country that it benefits every man, woman and child. A part of this money was spent for road build- ing long before the motor vehicle was used, and these very roads are now being used as the foundation of our present cement or hard-surfaced roads “In other words, part of the tax paid | by the railroads has been used against ! them through the use of the highways oy competitive motor operators. As the Toss end net revenue of the railroads | decreases, the assessment of railroad | property will decrease and the amount | of taxes paid by the railroads will be re- duced. This means but one thing—an ncreased rate for every taxpayer, whose { property, in many cases, has already been assessed at its true cash value. Taxes Merit Consideration. “The commission is of th> opinion that the right of an existing public utility to have the support of public patronage in return for its contribution in the way of public service and taxes paid in support of the Government Btate and local, compared with the render the same or similar service in the existing utility, is a Jactor of no small consequence, and that the general blic, as well as the exi Time money strengthened last week as the change was cal t, but call level prevailing the totals that ‘compet! both | warranted by public policy?” 50 1.50 .. 325 233 a right to have the subject of taxes col in determining the fundamental question in such cases, viz: Do public convenience and wlfl: $3.34, based on average number of |States necessity require such new, compet service, and is such ing service SILVER QUOTATIONS, - NEW YORK, August 28 (#).—Bar silver, quiet and 4 Jower et 27%. utility, | months ended July 31. substantially off- set because of $3.000,000 reduction of operating expenses Pittsburgh & Lake Erie Railroad— July net operating income. $258.122, $804.420: seven months §2,115,824, $4.342.462. Tennessee Electric Power—July gross earnings off 5.6 per cent: gross income up 9.6 per cent: 12 months gross earn- ings off 9.1 per cent; gross income off 99 per cent United Railways & Electric of Balti- more July gross. $1.105.980 vs §1,236,- 414 net loss $117.591 vs. net income $14358; seven months' gross $8.478.- 773 vs. '$9.732.148: net loss $143,375 vs net income $313,440 Vacuum Ol Lockport and Lake Charles crude prices advanced 15 cents a barrel Wheeling Steel declares initial divi- dend on 6 per cent preferred stock Tllinols Central Railroad July net off 152 per cent; seven months, off 60.3 per_cent. New York Railways July gross $470.818 vs. $469,638: net income $40,- 612 vs. $14.910: seven months' gross $3.141.535 vs. $3.217,624: net income $180.002 vs. $13.824. Net figures ex- clude interest on income bonds and on defaulted bonds of subsidiaries. Philadelphia Electric seeks to buy control of Philadelphia Steam Texas Corporation — Pire damages Hankow plant; $300.000 loss reported. Western Grocer Co. common share carnings year ended June 30, 66 cents vs. $2.90. Gulf States Utilities combined pre- fetred share earnings 12 months to June 30, $13.51 vs. $17.54. Commercial Credit declares 40 cents quarterly common dividend; previously vs. right of » mew utility which seeks t0 | Daid 50 cents quarterly. Los Angeles Gas & Electric the same territory, to the detriment of | sarnings 12 months ended July 31 $23.- | | 658.917; net available shares $2,737.987 for common Barnet Leather deficit six months to | June 30, $69,747, vs. deficjt $117.261. | Pederal Light & m«?‘m common | shere earnings 12 months to June 30, shares outstanding. Arundel Corpora common share elrnh‘m months to July 31, $2.64, V5. $3. to last 500 years, in the opinion of Ralph Arneold 2nd Willlam J. Kem- nitzer, geoologists, whose 1.000-page book. “Petroleum,” was published yes- terday Prom the natural reservoirs, the oil wells and from oil shales and coal now scarcely touched. the ultimate | quantity of oil available totals more than 726,000.000,000 barrels, of which | less than 13.000,000.000 barrels, or less | than 2 per cent, has been produced to date, the authors say “This is a startling revelation,” Mr. Kemnitzer said, “and it controverts indisputably the conservation propa- ganda that has constantly been put | forth since the beginning of the in- dustry. ‘Just as startling is the fact that there has not been overproduction, but, rather, underproduction, of oil in the United States. The huge surpluses have been built up by imports of cheap o Tt is true that our natural reservoirs have been about 30 per cent used, out |of a potential production of 39.000.- 000.000 barrels. But there is certain |to be developed oil production on a | large scale from shale and coal as soon as costs are economically justified.” It was 72 years ago yesterday, the | book discloses, that “Col.” E. L. Drake, |a rallroad conductor, drilled the first well at Titusville, Pa. Sixty-nine feet | deep, the well produced 25 barrels a | day. It cost $5.000 ! Now more than 800000 wells have been drilled and the yearly production | reached _more than 1,000,000,000 bar- rels in 1929. | Mr. Arnold has been geologist with (the United States Geologic2l Burvey. | petroleum engineer for the United | States Bureau of Mines and chief of the oil and gas section of the Internal Revenue Bureau. Mr. Kemnitzer, an | economic geologist, has long been an ' ofl investigator. g S S | POTATO MARKET. | _CHICAGO, August 28 () (United | Potatoes —Receipts, 78 cars: on trac) 'm:kmm Dnited States shipments, 505; weak; trading slow; sacl l, un- | dred t, Wisconsin Dobblep: 1.10a .15; few 1.20; Triumphs, 1.10al.15; Idaho Russets. No. 1. 1.60a1.75: com- mereials, 1.1081.20: Idaho Triumphs, /25a1.40; occasional higher. nt of Agriculture).— | Northes East Washington (12 i | - | FIRE INSURANCE American (12)...... B Sorcoran (10).." : Piremen's (8) Natiorel Union (18} TITLE INSURANCE. Columbia (6h) Real Estate (6h) MISCELLANEOUS. Barber & Ross Inc.. com 8ol Viedical Rlde Col_s: ) Dist 3 Emer.Bromo-Se Federal Stotage Fe . Co. com. Co. 17, A 3 1| pld ; 10 10 | (1.201) 3 nrd. (8) ) : T & B | i Tr Mer T Mereenihaler Linsty ergentha. inotype S Mige. & Iov. pfd. (8) T ug Stores ptd. (67 4 | M & G. ptd. (8).... 6 Security Storage (de) & Wh_Corp. (1) (2) Mtge. com. '(6) Woodward & Lothrop com. (1 Woodward & Lothrop pid “Ex_dividend bBooks closed. n2sc extra. 20) a t 1elly% extra. 1 Unlisted Department. (These securities not listed under Exchange | Tules.) BONDS. Bid . g0 H 0 32 Y s8¢ Asked. Arms-Nayy Club 55 £ Cosmos Club_4l3s pPs Commereia) Club 1st 3¢ Mavflower Hotel s Metropokitan Club 4128 1017 Nat. Press Bldg. lst 5s s o8 | STOCKS. | | 8 Anacostia Bank Sacks 8% pid ut Pie ‘Co sy’ g8ou3% nEton Savings Bank.. A Washington Title 1ns. Co Wi se Bail Club. ® Woodridee-Lansdon Sar. Bank. 30 ‘Talkies in Chins troduced into H&m e just been in- China. Grt Nor & Duquesne 43; s "6’ | Duteh East I Mar.. Dutch East I 65'62 Jast C Sug 714237 10 15t con 45 '96. . Erie 58 " Flat 7s war. Finland Finland 6s " Fintand 6% Finland Fisk Rub 85 Fla E Coast Fram | D71 French 7 Gelsenk’hen 6s'34. . Gen Cable 51,58 Gen Motors 6s Gen P Sv 51583 Gen St Cas 513849, Gen Th Eq 6s German 5z " German Bk 6s '38% Ger Cen Bk 63'60 J 26 5414 Ger Cen Bk 65’60 O 56 54 German Bank 75’50 9 69 German 7s rep 49, 37 Ger Gen El7s "4 2 Goodrich cv 68 "45. 125% 64 73 28 1034% 125'% bl 6314 2 72 a8 Grt Nor gn 7 '3 Greek 6s '63 Hait! 65'52. ..... Hock Val 435 '99 Hoe & Co 6135 '34. . Hud & M adj 58 '57. Hud & M rf 55 '57 Humble Oil 55 ‘37 Humble O 5145 '32. Hungary 73%s'¢4... 111 Bell Tell Tl Cent 4% 111 Cent 111 Cent 6158 '36 111 COStL&N 435 111 CCStL&N 55 A Inland St4%s A8 5 94 Inland St 4.5 B'S1 8§ 94% Int Rap Tr5s'86.. 14 684 Int Rap Trsta '86.. B2 66% P Roy D 4s 45 ww StL IM R&G 45'33. St L&SF in 45 A ‘50 StL&SF 41;s'78.107 StL&SFp15sB'50 8 StLSWevds'32 StLSWh5s'52.... Sao Pau 78'40 ret. Sao Paulo Serbs-Cr-S1 78 '§2. . Shell Un.Oil b5 37. Shell Un Of1l 5 Shinvetsu 6% Sine O 7s v A '37. Sine Cr O 515 '3 Sine P L 5842 Skelly Oil 5158 '39. Soissons 6s 36 Solvay Am 55" Sou Bell T&T b= Sou Pac ref 4s Sou Pac 4145’68 Sou P 4%s 6 Sou Pac 438 Sou P&OT 414 Sou Ry gn Sou Ry 6% St Ol N J 58°46. StON N Y 4148 Sug Bs Or 7s Sweden 5%s Taiwan E P 514871 Tenn Cop 65 41. ... Tenn E1 P 6s A 47, | Tex & Ark 5125750, Texas Corp 55 '44. . | Third Av rf 4s'60 Unit Drg cv 5553 515837, 89 89 89 89 52 B4 4% 42% 60 61 69 69 46% 483 7575 The New York Pederal Reserve dis- trict rediscount rate remains unchanged at 1% per cent. NEW PIPE LINES. NEW YORK, August 28 (#).—Stano- lind Pipe Line Co. a subsidiary of Standard Oil Co. of Indiana, is to re- ceive bids August 29 for construction of a seriss of lcops along its main line from Healdton, Okla., loops consist of 190 line. 80 miles of 10-incn line, and 100 :l"’l‘l;‘u _‘o‘:ofidnc_!,\l l’tna. Theu;dfltkm of e s will increase capact of the 1iné to 140,000 barrels daily. frg the present capacity orf 85,000 barrels. FOREIGN EXCHANGE. (Quotaticns furnizshed by W, B, - i I B8 Sales. High. 39 66 11 til Pw 55 '59 ww. Util Pow 538 "47.. Vanadium St 5541, Vert Sug 1st 7s '42. 100% 3% 98% 100% 95% 2% 90% 9515 ‘ 101% 05% a5% 45% 43% 41 534 108% Vienna 6s ‘52 Va Ry & Pw 55 °34 Va Ry 1st 55 '62. Wabash 418 "7l Wabash 2d 55 '39 Wabash 5s D'80. .. Warn Br Pic £s'39. Warsaw 7s ciae Wst Sh 1st 45 2341, West El db 5s '44 West Pac 58 ‘46 WEOG5%s 37 ww. Wick Spev 7s'35. . Wil-O Ist 6%s"33.. Yokohama 65 '61. .. Yestn S&T 55 A'T8, 96% Ygstn S&T 55 B'70. 36 96