Evening Star Newspaper, July 16, 1932, Page 13

FINANCIAL. THE EVENING Received by Private Wire UNITED STATES. 1. ) (Sl are In % B 1018 1 Lib3%832-47... 101 Lnn:tm 2.47 10122 10119 Lib 4th 41 s 33-38 10220 102 18 US3s1851-55.... 8¢ 988 3%s 194840, 95 946 HKsMdil-43. 99 9R 12 PRICES CONTINUES Rail and Other Domestic Corporation Issues Lead in Gains. BY F. H. RICHARD Bpecial Dispatch to The Star NEW YORK, July 16--Bonds con- tinued their advance today in active trading. The best gains were in the speculative railroad list but other domestic corporation issues and foreign dollar bonds generally improved. United States Government issues were lower. Revived talk of a four-party rail merger plan—on which an Interstate Commerce Commission report is ex- pected soon—resulted in strength in many speculative issues. Nickel Plate 6s. for instance. which have recently shown strength and were steady today, would probably be taken care of at maturity by an arrangement with the | Chesapeake & Ohio if the merger plan were adopted. Chesapeake Corporation 5s gained a point. Advances occurred in Baltimore & Ohio firsts 4s. Canadian Pacific 4'ss. Chicago & Northwestern 615, Rock Island 4'.s. Erles 5s, Illinois Central 434s, Missouri-Pacific 5s, North- ern Pacific 4'.s, Pennsylvania 4 Southern Pacific, Oregon Lines. 4 and Western Maryland 4s. Higher grade rails like Afchison General 4s, Norfolk & Western 4s and Union Pacific | first 4s also advanced New York City tractions reflected a new accord reached among stockhold- ers of the Brooklyn-Manhattan Transit lines and the Interborough Rapid Transit. There were sharp gains in American International 5'.s. Armour of Delaware 5'.5, McKesson & Robbins 51.s, National Steel 5s. Texas Corpora- tion 5s and United States Rubber Utility issues were quiet, but firin prices prevailed for senior descriptions like American Telephone 5s. Consolidated Gas 5'.s, New York Telephone 4':s and Pacific Gas & Electric 5s. United States Government long-term fssues were 1. to 34 point lower, the largest losses occurring in the low cou- pon Treasuries such as Treasury 5s. 3'ss and 3%s. Wall Street was ad- vised from Washington that the cur- rency expansion amendment to the home loan relief bill would not be- come law Therefore the Treasury issue still at a discount—which had been bought earlier in the week on the assupmtion that they would be legal for currency backing and so worth par—were sold today. Treasury issues at a premjum, like the 4',s and 45 and the Liberty Loans remained steady In the foreign list German issues were firm. Young plan 5'»s and Dawes Rep- arations 7s made small gains. Advances more marked German Austrian issues, reflecting a sudden spurt in prices in London following word that a 300.000.000-schilling loan to Austria had been virtually approved by Prance. Eng- land. Switzerland and Holland, moved up to new highs for the movement. | Baltimore Markets Bpecial Dispatch to The Star BALTIMORE. Md. July 16—White potatoes, old, 100 pounds, 80a1.00: new, barrel, 165a2.00: sweet potatoes, bushel 40a75. yams 1, 1.00a1.25; aspara- gus, dozen, 5 beans. bushel, 40a 50: beets. per 100, 1.00a1.50: cabbage. | bushel. 50a75. carrots. per 100. 1.50a | 300. cucumbers. bushel. 25a1.00. corn. | dozen. 6al8; eggplants, crate, 2.25: | Jettuce, crate, 25a60; onions, per bushel, | 50a60. peas, bushel. 100al.75: peppers. crate. 1.00a3.00. spinach. bushel. 50a75. squash. bushel 30250, ecantaloupes. crate. 75a2.50, tomatoes, hamper, 1.00a | 1.25; apples, bushel, 75a2.00; blackber- ries. crate, 2.00a3.00 Dairy Markets. Young, 15823; Leghorns, 13al6; Leghorns. old, ducks, 12a16; ADVANCE N BOND ‘ 10027 100 12 10218 1029 1029, 105 22 105 17 105 20 High 19% 12 Bales. Abitibi PAP 5s83. | Alleghany Cpbs'44 3 Alleghany bs 42 Alleghany b8 '50 Allis-Chalm Am F P 552030 AmI1GChb%s Am Intl 5348 49 Am SmaRef 841 Am T&T ¢%8°29.. Am TAT c tr 5848, | Am T&T deb 3 Am TAT deb bs 66, Am T&T 534843 Am Wat Wks 5’34 | Am Wat Wks 6575 Argentine § s 62, A BT, Argentine 65 B ‘58, Arm & Co 4%s '3 Arm Del 64 43.. Assoc Ol 6535 B&O 1st4s’48 B B R B B B: atav Pet ¢33 42, Belgium 635 Elum 615 Belgium 7a ‘55 Belzium 7s Bell Tel Pa b5 B'43. Bell Tell Pa 53 C'60 BoclinCity 1648’51 BerlinCityEl6 15 5'59 Rer mun ex 615550 Beth Stlrf s '42... Rolivia 15 58. Bolivia 78 €9... Bolivia 83 '47 Bordeaux 8°34. Ros & Me ¢ % «'81 Brazil 61426 Brazil 6345 '27- Bklyn Ed 52 A 49 Bklyn Elev 6%s. .. Bklyn ian 6s A ‘68 Bklvn UnGass Budapest 6s 62. Buff Gen El 4 %5 Bush T Bidg 55'60. Canada 4= Canada 4%s 36 Canada 5s ‘52 Can Nat Ry 414 %31 Can Nat Rv 413554 Can Nat 4155 88 Can Nat5s 69 July Can Nat 58 69 Oct Can Nor drn 6151 " Can Nor de Can Pac b Can Pac 4%s 60 Car Clin & ¢ 2. Cent Pac 1st 4u '4s. | Ches Corp 53 47 C&Oren4gs-92., | €h & Oh con 5529, |CB&Qen4s'ss C&04%sB 95, CR&Qrt5s 71 CH&Q 111 dv 48" Cht & Est I11 5 . Chi Grt West 4859, Chi M&SIP 4148 B, ChiR14%s 60 CTH&SE in 5s C& W Ind 53562, Chile 65 ‘60 Chile 65 *61 Sep! | Chile 65 ‘63 Chile Cop @ CinUnTrust 5 CCC&St L 415 Clev Term 4138 77, Chickens- pigeons. pair. 20a25 Eggs—Receipts, cases. ru!rrn( receipts, 12a13; hennery whites, 15a17; Western firsts, 14al5; Southern, current receipts. 11a12 Butter—Good and fancy, 16a20; ladles, 12al3; process, store packed, 9. creamery 14a15; | Clev Ter 5 Colo & Sou 414 Col Gas&El 55 °61. . Com Inves 5145 49. Con G NY 41851, ConG NY 5%8 45, Con Pwr Jap 6148 . Cen Pow Japan 7 Cuba 5148 45. Cuba Nor 5148 '42.. Del&Hud ref 43 ‘43 De! & Hud 5% 5'37. Denmark 415 ‘62.. Denmark 6s '¢2 D& RGren D&RG W Det Edi 448 D '61. 2 92 | Det Edison rf 55’43 4 Deutache Bk 68 '32. Dodze Bros 6s Duquesne 4% ‘67. Dutch East 1 6847, Dutch East [ 6 Eriecon 4s Erie cv 4s A Erie gen s Brie ref 5 . Erieref 5575, Fiat deb T8 "46. Fisk Rub 8s ‘41 Finiand 5%s'58... Finland 615s'56. .. French Gov 7s 49, French Go 738 '41. Gelsenk’hen 6s°34. . Gen Baking 5%s 40 w York Cotton Bpecial Dispatch to The Star NEW YORK. July 16 —With tem- peratures in the Eastern belt the highest of the week, prices on the Cotton Ex- change today maintained the recovery | of vesterday and ended with a gain of | 2 to 5 points. Showers were predicted | in the Atlantic States over Sunday. but the list closed around the top. Sprts advanced 5 points to 5.90. Cotton range Open. July October : December .. January March Mas CHICAGO STOCK MARKET CHICAGO. July 16 (#).—Following is the complete official lis* of transaction: in stocks on the Chicago Stock Ex- change today Sales L High Low Close fa Bla 6lal Ger Gen Elec 6 Ger Gov 5iea 5. . German 6%3 80, . German Rep 78 '49. GoodHopeS&1 78’ Goodrich 63 45. .. Goodrich 634847, Goodyr Rub 58'67. Grand Trunk 6s 3¢ Grand Trunk 7s40. Grt Nor 43%s D Grt Nor 448 E Grt Norgn 78 '36.. Haitl 6s°52. .. Hudson Coal 58 62 Hud & M adi bs 57, Fud & Mrfbs 57, Mumble O1l §8°37.. 20 Nn West Ut 77 130 Quaker Oats 0 S 150 Wis Bankshrs Etock sales today. 5.000 shares BONDS 65 1940 £4.000 4000 Tnsull Util s Bond sales today. 0 101% Market Averages 1014 By the Associated Press. STOCKS. 20 20 til Tot e 111 Steel db 4348 40 1 5 Inland St 4%s A'TR Int Rap Tr rf 6566 Int Rap T1 66 sta. 5 int Rap Tr 6s°32.. Int Rap Tr 7s'32 Int Cement 55 ‘48 Int Hydro El 6 Int Match ha'41... Int Match 58 47, Int Mer Mar Int Pap B IntRyCA 6 Int Tel&T 4% IntT&T4% Int T &T6s 56 50 Inaus SmmonsaDasana 5 14347, 9. 53. . | Milan 648 Mil B R: | Rich 011 cal § { Rio Gr W elt 43" 4, | obligations and its assets are BONDS ON N. Y. STOCK EXCHANGE Direct to The Star Office. Karstadt 6s° Kreug & Toll b Lautare Nit Leh Ven 438 200! Leh Val en 55 2008, 1ig & Myers Lig & Myers 7 ‘44, Long Isl rf 4s'49.. Long 181 4b 58 '37 Lorillard bs ‘51. Lorillard 184 La& Ark 53 '69. LouGAEIbs A 8y 401 294 02 17 Té% ke 1 1 AR~ NaR BARNRNIneD e = Market 8t T8 A 2 MStPASSMen 48’18 MSPASSM 5348’78 » Mo Pac 53 G 'l Mo Pac s Mo Paclb zz wConeaBannol anFlanaSa Iataadado ZZRZZ2227 orf&Wn div North Am Co bs N Ger Lioyd 6s 47 Nor Pac gn 38 2047 Nor Par 48°97.... Nor Pac 4348 2047 Nor Pacri6s 2047, Nor St Pw 58 A "4 Nor 8t Pw 6s B 41, Norway “ Oreg-Wash Orlent Dev 514 u'58. Pac GAE bs 41, Pac T&T 15t b Paramount 64 Param-Pub §%s §8. Paris-Lyv M 6358 Peme R we wmadaan i ne—saainenSrwrRIe Pathe Exch Ts ‘37 Penn 4% D81 Pennend%s'80. Penn gn 4158 ‘45, TPenn 4%s D70 Penn zen 563, Pann 615838, Penn O&D 414811, Penn PAL 4% Pare M st & Peru §8°60. Peru 63 '¢1 Peru Ts s = Phillin Pet f % s '3 Poland 7841, Poland 8= 58 0 RoarvnenBoawnamnuan Pos Tel & C 5353 Prussia §s ‘52 Prussia 6% 61 ~ '3 Read gn 4% A 9T, Readinz 4% s B "0 Rhinelhe U 78 *46 Rhine West €3 5. t Rhine West Rio Ae Tan 6% RIAT&A L 4%s'34. Rome 634852, . Reyal Duteh 45 "45. S'L IM RAG 4533 StLASF 48 A ‘60 SILASF4%s'T St LASF Es B'50.. Sao Pau 7540 Sao Paulo®s'16... Sao Panlo 88 ‘50 Saxon P W 64551, Seabd A L 65 A 45, Sarbs-Cr-81 786 Qerbs-Cr-S18s°62.. Shell Un Of1 58°47 = —e 3205 uncawn® an oY oa3SoimwenZan o wAST.. SineCrOfsas Sine P L 5s'42 | Son Rell T&T | SW Bell T bs Scu Pac col 4s 48 Sou Pac ref 4855 Sou Pac 4% SouP4%s '8 ww, Sou Pac 4%n'81. .. Sou P&OTr 4%s A'T7 Sen Ry n 48 56 on Ry Rl4w . Son Ry M&O 4n'38. St Ol N T b="48 SIOINY4%s s Swisub%s4b..... Tatwan E P 5% w71 Tenn Cop 6s B44.. Tex Corp ev 5844 4s Tokio EI Lt Un RIPSL ref Sa'ss UE&P 1t 5248 A'BS Un Pae 18t 4847, Un Pac rf 45 2008 Unit Drug bs 10114 101 914 781 0% 104 L3 24% 26 681, Urnguay 6568, .. Utah P& L 5s 44 Util Pw 55 '69 ww.. Utf] Pow 6% °¢1. vanadium St 641, Va Ry 1st5a A 62, Wahash 24 533 Walworth 6s A ‘45 Warn Br Pic 63'39 Warren Bros #s'41. West El4b b3 4 Union 6s '60. West Un6in Westphalia 6= '53. . WEOS%s 37 ww, Wil&Co Ist 68 41, Yokohama 6s Yestn SAT bs A" Ygstn S&T bs B’ 0% 48 Bany L1 b Receivership Asked. WILMINGTON. Del., July 16 ().— Appointment ot _recelvership for the General Gas & Electric Corporation of New York, was asked in a suit filed in Chancery Court yesterday by the Gen- eral Utilities and Operating Co. and Frank R. Kent, both of Baltimore, Md.. | stockholders in the defendant concern. _ The General Gas & Electric Corpora- tion is & holding and investment cor- poration which operates subsidiaries Supplying electric, gas and other serv- the d‘;;endnnt is in- solvent because it cannot meet maturing less than its liabilities. SUGAR PBICEAADVANCED. NEW YORK, July 16 (.—A 15- Irish Free St 55760 Ltaly 7s 'b1.. . Japanese 5158 ‘65 . Japanese 6% s "64. . Jugos! Bnk 78 '57.. Kan C P&L 4% J City Son 5250 Kan City Ter 45°60. Kan G&E ¢%8°30.. 61 31| 93 37 ©3a5aa3390 ar ) ” point advance in refined sugar, fo a price of 4.15 cents a pound, was an- nounced yesterday by some companies. The rise becomes effective tomorrow. Last week nearly all refiners increased their quotation to 4 cents from 3.90. Futures have since advanced and there partly stimulated by warm weather, STAR, WASHINGTON HUGE SUMS SPENT National Bill for Recreation Equals Cost of Gov- ernment. Bpeciai Dispatch to The Star NEW YORK, July 16.—Perhaps be- cause it is so hard to find in their work, Americans spend a lot of money for fun. In the gay year 1929 the out- lay of individual consumers in the United States for recreation of all kinds amounted to $5.250,000,000, and e\-e& znr since 1926 it has run over $4,000,000,000—about as much as it costs to operate the Federal Govern- ment, says the current issue of the Business Week. ‘Whether 1931 and 1932 will show a return to the simpler and less costly pleasures of life is impossible to say at this stage, but 1921 did not reveal any extraordinary recession in total recreational expenditures, and the up- ward trend was promptly resumed. Commercial Recreation. The outstanding feature of the plc- ture of pleasure expenditure by the American consumer is the dominant and relatively increasing importance of the commercial or professional kinds of recreation, as contrasted with the pri- vate, personal or individual varieties. Americans are apparently vicarious sportsmen, preferring to pay and see and to participate as spectators rather than to indulge actively themselves. Between 1919 and 1929 expenditures on private recreation, including all those activities in which the individual did anything himself besides pay an admission fee, hardly doubled, While those pleasures cor mercially dispensed incrensed about four times. and since 1925 have involved more than twice as much money as the other kind. An- other striking thing is that outiay on private recreation apparently drops more sharply in depressions than that on_the commercial variety. Theatrical amusements are, of course. the most important general class, and show the largest increase next to radio But the legitimate and vaudeville thea- ter have shown relatively little gain, whereas the money spent on movies has multiplied about eight times over the period and even increased_continuously in depression years. In 1930 almost the entire population. excluding _infants, apparently attended the movies once weekly. Golf is the most important of the “personal” sports. It is estimated that there are over 4,000,000 golf players in the United States, using 4.500 golf courses, 60,000 caddies, 25000 waiters, cooks, locker-room boys and other as- sistants to run up their high scores paying over $300,000.000 for equipment and club dues (in prosperous vears) Next to theaters. among the amuse- ments that affect the commercial mar- ket for recreation radio and foreign travel are the largest single items. In earlier vears foreign travel expenditures were far ahead of radio, but in 1929 they were about equal Base Ball Holds Own, As against the radio. the decline other musical recreation. both Phonograph and self-production, striking ’ throughout the period. but foot ball has gained on it rapidly. rising from about $10.000.000. or a third as much as base ball in 1929, to $74.000.000 in 1930, twice as much as was spent on commercial base ball—an nteresting sidelight on the economic aspects of the rogress of higher education in Amer- ca. But in recent vears both base ball and foot ball appear to be relatively poor competitors with dancing and night club entertainment. on which in 1829 Americans spent twice as much as on both combined. EXPORTS OF COTTON CONTINUE TO EXPAND in by Increase for June Marks Advance for Ninth Consecutive Month. Figures Given. By the Associated Press Cotton exports for the ninth consecu- tive month showed a gain during June as compared with the same month last ar The Department of Commerce an- nounced that coft'n exports during June were 360.000 bales as compared | with 255.000 bales in June last year The June exports showed a seasonal decline as compared with May, when 501.000 bales were exported The seasonal decline shipments to practically all countries, the department said, with substantial reductions in shipments to the United Kingdom, Italy and Canada. Exports to Greece, Sweden, Portugal and China were above those during May Shipments for the 11 months of the cotton season from August to June, in- clusive, aggregated 8.258,000 bales, an increase of 1.757.000 over the shipments for the correspcnding period of the 1930-31 season. BANK CLEARINGS GAIN FURTHER DURING WEEK By the Associated Press. NEW YORK, July 16—Bank clear- ings are again slightly improved, especially at a number of the larger cities outside of New YOrk. The total this week, at all leading cities in the United States, as reported to Dun's Review, was $4.148.239,000 showing a reduction of 419 per cent from last year. At New York City, clearings were $2,716,473,000, & loss of 44.3 per cent, while the total for the cities out- side of New York of $1.431,766,000 was 38.9 per cent smaller. At most of the larger eastern and western centers bank clearings continue to make quite as unfavorable a com- parison as heretofore, but at other Centers, notably those in the South- west, and South, the losses are smaller. Clearings this week are $476.288.000 less than those of last week. while a year ago. when the week was also for &ix full days in the middle of July, the decline was $453,762,000. For July to date the percentage of loss has been less than in the preceding five months. Clearings at leading cities, as com- piled by R. G. Dun & Co. showing decreases as compared with same period a year ago follow: (Totals i Thousands.) ook July 13, 1832 o Ealitmors 37308 Pittsburgh X Buffalo . Chicago Detroit Cleveland . Cincinnatt t. Louls Kansas City .. Omaha . . Minneepoiis Richmond EPETE Tt Nuaransas ! New Orleans allas_ . San Pranci Portland Seattle . Total .. New York Total all ......... $4.148.239 Average Daily. July to date.. 3800.084. June ... May Apri] f 794452 e 923356 The price of a day's work was fixed year 1351 at 1 penny per day. t I8 occurred in | D. C., SATURDAY STOCKS ARE FIRM Leaders Hold Steady, With Only Slight Changes at Short Session. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, July 16.—8tocks on the curb exchange finished firmly toda: maintaining the initial trend of today's quiet session. Electric Bond & Share at 7 was off 15, but Citles Service was unchanged. American Gas & Electric held steady. Associated Gas & Electric A was slighi ly higher. The action of the Wisconsin State wtility Commission opposing payment of common dividends by operating com- panies within the State that are con- trolled by holding concerns caused trad- ers to shy at such iscues today. Stand- ard Gas & Electric explained that neither of its companies mentioned in the Wisconsin ruling were paying divi- dends on their common stocks. Oils held fairly steady throughout the session, with Standard Oil of Indiana, Standard of Kentucky, Humble Oil and International Petroleum prominent in the Standard group, and Plymouth, { Reiter-Foster and other low-priced issues leading the miscellaneous di- vision. ~ Pacific Coast utllities turned active in the final half hour. Pacific Gas & Electric first preferred was the most active, but even such inactives as Sierra Pacific Electric 6 per cent preferred came out. Walgreen war up fractionaily in the laggard chain store grcup. Markets at a Glance NEW YORK. July 16 (#).—Stocks— Easy; small losses on profit-taking. Bonds — Pirm; rail issues improve. Curb-Irregular; utilities firm. For- eign exchanges- Steady: sterling gains shightly. Cotton —Steady: local cover- ing: trade buying. Sugar and coffee closed. Construction Awards Gain. NEW YORK, July 16 (#)—Swelled by a $10,000.000 order for work on the Hoover Dam, heavy engineering con- tracts last week reached a valuation of $35.700.000, the second highest week for the year, according to Engineering News-Record. This compares with a weekly average of $29.000.000 so far in July and a weekly average of $23,000,- 000 for June. BONDS ON THE CURB Sales in | thousands. DOMESTIC BONDS High. LR % E 55 2028 1Amer G & Pow 5 53 13 12Amer P & L 65 2016, 5! 15 Amer Roll Mill $a 48 | 15 Asso Gas & EI 85 ‘50 8 As GAE §' [ 5 Cit Ser Gas P 6s 2Cit Serv Pow 5'a8 52 1 Cleve Elec 1llu 38 26 Cleve El Iliu 55 A '5 1 Comwh Ea 4':s 4 Com nity P&L S8 12 Con Gas Uul 3 Consum Pow 428 13Cont G & E 55 A 'S 1 Continen Oil >ias 3 Crane Co 55 .. 9 Det C Gas i 9Bast Ut Inv 58 A b4 12 5o M = 1Georgia Fower 35 5 Gillecte 8 Raz 3s | 20Grana Tiunk 625 s | TGuiL O Fa 38 47 | 1nous LeP ¢ k lrous L & P 35 A 411 FOW & Lt oS A 3 210 Pow & Li 35 C B 1unois ¥ & L a'ss 4 inunep P&L 35 a 7 lnsuli Ul 68 B 40 i iieista FOWer a8 1iniersta Power o 1 10wa-neo Lece 38 1iowa-n0 LaP 98 B 110wa Fuo Serv oy 2Jers C Pl 4128 C 1nentucay U o5 H 2 nopper G&C o'a 3Lenign P S 6 i 5 2026 4 memph P&L 35 A 1Mia West U 98 52 1Mia West U 28 's3 2Minn G & Lt 4'a8 2 Mont L hi&p 58 A 51 24 Narraganseit 38§ YNaL £ S o8 i 1Neb Pow 6s A 3022 . 8 4 Nevada Calii 55 36 19 New Ene G 12 New & 51ps 34 s 87 s C 68 D 69 18outh Calif Ed 5s 7Sou Calif Edis 35 ‘34 3 South 'Cal Gas 3¢ 350UIneCGaE 3 A Uihw Nat G 68 taley Mig 63 42.. BS=482I822242 a2y Ditea B St 78 58 3 & B8Rt nduist 81as a1 With wa . 4 v S When tssued. ‘The outbreak of the European war 834 has been a good demand for refined, by utvzl( English Parliament in the ganmu crippled the Socialist cause in } Fora M Ltd. ... | M1d] West | remedy JULY 16, 1932 N. Y. CURB MARKET Received by Private Wire Stock and sule— Dividend Rate. Add 00. High. Aluminum of Amer 600s 27 Alum Co. Am pf(3). AlumnLtd cu pf(3) Am Beverage...... AmCities PALB. Am & For Pw war.. Am Gas & El (31) Am Gas & E pf (8 Low. Close. 8 5% 1% 1% [ 17 401, L Am Sup’pwr 15t pf. Arkansas NtGs A.. Buckeye P L (4)... Carrier Corp. Childs pf. Citles Servici Cities Sv P&L $6 pf Comwlth Edis (5). Creole Petroleum. . Cresson Cons(kle). Deere & Co. Detroft Alre Dixon (J) Craef Duke Pow (). ... Duval Tex Sulphur, 1 East G & Fuel Asso an KiBd& Share n8%. 2 Elec B&S DI (6).. 217 Flec Pwr As(A)60c 3 Fedders Mfg (A). . 274 Florida P & L pf(7) 2614 3 T e e L I " 5 " 22 34 1 508 Geldman Saehi Numble Oil (2).... Imp O1l of Can §0¢. Int Petrol (1) Interstate Hos ki0c Lack Sec (4). Membphis Nat G: U Mountain Prod $0c 11y 394 T EA T 9 5 204 2 3% ' 3 4 3 2 1 1 1 ] 2 8 5 24 | Direct to The Star Office. Stock ana Dividend Rate. Sugar NJ (2) Sale— Add 00. High 119 Low. Close 19 19 23 2 Niag Hud Pwr(n 8 Nipissing. .. L North Europ Oll. B 1 1 1 2 . 8 Penn W&Pw (3).. 1 | Ploneer Gola (12¢). 8 | Pitney Bowes h4®., 2 Plymorth O11 kb 1 64 Pure Oil pt (6) . 434 1% 4 1 11 60 1613 5 1 1 1 6 1 2 108 Smith (AO)...... | Southern PT.(1.40) | 8o West Gas Uil Stand Ofl ind (1) Stand Of: of Ky 1.20 Swift & Co (1). Swiss Am El pf Tech Hughes (80c). | United Founa, United Ga United Ga : Unit LtkPwr (A).. Unit Lt & Pwr pf.. US Elec Pwr ww.. Walgreen Co. Walker (Hirs “Y" Oll & Gi n Dividend rates in dollars based on las: cuarterly or semi-annual payment Partly extra 4" P 19 i0 124 33 4 197 1215 Y 9 EEY t X in_stock. stock. p Pald L TRADE READY FORBLSINES TURN Industry Has Put House in Order for Expected Upswing. BY BENNETT WOLFE, Associated Press Staft Writer, ‘TULSA. Okla., July 16—The oil in- | Qustry. in the views of its captains. is | stripped for action and ready to set the pace in business recovery as soon as the expected upswing in general economic conditions definitely arrives The industry’s statistical position and encouraging developments are cited in support of the prevailing belief the ofl reap every benefit from improvement in other lines. Some cf the facts lending hope to | oildom'’s Jeaders are 1. Liquidation of the heavy gasoline stocks that clouded the industry’s out- | look 18 months ago. 2. Reduction of inventory values and the saving of millions of dollars through culling of organizations and reduction | of operating expenses 3. Curtailment in development of new preduction and in exploration work in ‘)trmnmv | 4. Refining improvements resulting in | better products at lower costs. | 5. The halting of seemingly thought- | less expansion of marketing facilities. Weather Affects Sales. Oil men are agreed the tndustry’s im- | provement has been retarded by the | rainy weather cf the late Spring and arly Summer. Whenever rain or cold hecks operation of the country’s auto- i | mobiles the oil business feels a decided | effect. This vear the seasonal climb in gaso- line consumption has been delaved far beyond expectations and fcr that reason all ofl men are hoping for favorable weather during the rest of the tourist season. And thev're doing their best to promote motorized vacaticns. Meanwhile such leaders as troleum Institute: E. B. Reeser, presi- past head of the institute: W_N. Davis a vice president of the Phillips Petro- leum Co. and Harry H. Smith, general secretary of the Midcontinent Oil and Gas Association. are working to effect a permanent cure of the industry's ills Directors of the institute have beer called by President Beatty to meet at Colorado Springs July 22 tc consider immediate_problems. Reeser. Davis and Smith bave M leaders in a movement to have th- dustry adopt unitized operations, | which. they declare, lies a permane- for present’ evils. Unitization calls for co-operative development of an area through a pooling of acreage, drill- ing costs and production. Law Revision Urged. A study of the plan was made re- business is in a strategic situation to & T Beatty, president of the American Pe- dent of the Barnsdall Corporation and STOCK INVESTMENT PLAN CONSIERED Insurance Companies Re- ported Considering Change in Placing Funds. BY CHAS. P. SHAEFFER, Associated Press Business Writer ‘The life insurance fraternity is said to be seeking a wider investment field Statements by leading companies and by trade organizations within the busi- ness indicate that the recent changes in thelr investment portfolios prompt "this trend if the companies are to con- tinue on the same rates basis as they have during the last 10 years. For instance. it is pointed out these companies are finding that farm mort gages are not meeting their require- ments as well as they did and conse- quently have reduced their holdings of this security considerably, and that if they accumulate large quantities of high-grade public utility or other bonds du g the next decade. they are not likelv to obtain a large enough yield to warrant continued present rates for services, Tke life insurance fraternity is re- | the interest of both conservation and ported to be considering invading the field of common stocks with a part of their investment funds. The sugges- tion has been made to the American conomic Association that they be per- mitted to invest in common stocks, to a limit of 25 per cent of the companies’ total investments. Also, it was sug- gested that not more than 5 per cent of the amount so invested be placea in the security of any one corporation, nor such investment constitute more than 2 per cent of the outstanding stock of that corporation These investments, under the sug- gestion, would be restricted to corpora- tions organized under United States laws or of one of the States and listed on a major exchange. The corpora- tion would have at least $20.000.000 total capital. whose net earnings would have averaged more than twice all fixed charges for seven years prior to investment. It was suggested further that life insurance companies might be required to carry all investments in common stocks at 75 per cent of their cost, amortized to 100 per cent of cost grad- ually each year over a 10-year period. This, it was said, would dissuade com- panies with an inadequate surplus from considering common stocks, would in- duce investment for yield and long- term results rather than for trading profits, and would provide an immediate cushion of 25 per cent against a de- cline in values. MARYLAND EMPLOYMENT OFF 5 PER CENT IN MAY | Special Dispatch to The Star BALTIMORE, July 16.—There was a cently by Earl Oliver. chairman of the 1088 of 5.2 per cent in employment in American Institnte of Mining Engincers, Selected manufacturing industries in Wwith the assistance of more than 200 Maryland from May to June, with a engineers and lawyers. Their collective 1085 of 28 per cent in the amount of finding was that the root of the ofl in. Combined weekly earnings for the pe- dustry’s troubles lies in the ancient iod reported. according to a statement SECURITY MARKETS IN FIRMER TREND Banking Interests Encour- aged by Recent Stability in Prices. | BY FRANK H. McCONNELL, | Associated Press Pinancial Writer. NEW YORK. July 16—Some of Wall Street’s leading bankers, who for {months have closely watched the se- curity markets for some indication that | finally they would be able to cope with | the steady drift of selling without se- | vere price declines, are now finding grounds for encouragement In the past seven weeks both the | stock and the bond markets have shown | a highly agreeable state of stability. In | this period there has been steady liqui- | dation, but for the first time this year for a sustained period the markets have apparently furnished enough buyers to | keep abreast of tbe selling. | | Price Changes Narrow. Since June 1, when both the bgnd and stock markets reached their low points, price fluctuations have been confined to an unusually narrow range. The bond market averages have fluctu- ated in a range of 4'; per cent and the stock market averages in a range of 6'c per cent. On five occasions since June 1 stocks have given way to a point which threat- | ened to break through their bear mar- ket low prices, but in each case the n | market rallied During ~ this period the Nation's banks and brokerage houses have liqui- dated many millions of stocks and bonds. But willing buvers have ap- peared to take their offerirgs. | _On June 1 all member banks of the Federal Reserve System which tender reports to the Federal Reserve Board had nggre lozns of $4.907.000.000 Against securities. Last July 6 this fig- ure stood at $4,632,000,000, & decline of | $275.000,000. | . Bank investments in securities other than Government bonds stood at $3.- 353.000.000 on June 1. They totaled $3.206.000.000 on July 6, a shrinkage | of $147.060.000 In the same period the total of brokerage loans of New York City banks, representing credit accommoda- tion received by brokers against stocks and bonds as collateral. declined from $409.000.000 to a new low record of $333.000,000, a shrinkage of $76,000,000, Selling Well Absorbed. The total decrease tn loans on se- curities and in bank investments during the period was $498.000.000 The ability of the markets to absorb this selling with only minor price fluc- tuations has attracted favorable atten- tion from bankers who have hoped for the day when they might see a striking of a balance between buring and sell- ing. if only for a time Stable security markets. particularly of bonds, these bankers ascert, would contribute greatly to a robust and healthful business sentiment GOLD STOCKS GAIN NEW YORK. July 16 (P —Monetary gold stocks of the United Sta - swelled $16.992.000 yesterd 4 a decrease of that amount in metal held under earmark for foreign account. the New York Federal Reserve Bank ported. In addition, a $516.000 ship= ment of gold was received at San Frane cisco_from China 6% With Safety In Guarants First Mort- gage Securities. Well te- eted investments in denominations < low as 100, CON! VENTENT DEFERRED PAYMENT Real Estate Mortgage and' Guaranty Corp. 1610 K St. Nat. 1403 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. EARN 10 WITH SAFETY 5 offering _Gold Debenture ntes of $100 Up, redeemable on 60 daye motiee Pavineg 21:% Quarterly Partial pavment plan if desired. ee Guil Barber ational 6125 1103 Vermont Av Columbia Permanent Building Association PAYS 5% compounded semi-annu- legal concept petroleum is akin to wild game. becoming property only when re- | duced to possession. As the fundamental step to be taken for stabilization. their report recom- mended a revision of the law of oil and gas to make impossible the “legalized robber” that exists under the principle that oil belongs to any one who can produce it. Washington Produce Butter—One-pound prints, 93 score, 22; 92 score, 21; standards, 20; tub, 93 score 21; 92 score, 20; standards, 19. Eggs — Hennery, 15a16; current re- ceipts, 13al4: Western, fresh, 14a15. Poultry, alive—Turkey hens, 12; toms, 10; crooked breasts, 10; Spring broil- ers, Plymouth Rocks, 2!, pounds ana over, 19a21; 2! pounds and under, 16a 18; Rhode Isiand Reds, 15al17; mixed colors, 14a16; Leghorns, 14al6; hens, colored, 13a15; Leghorns, 12; roosters, 8. Poultry, aressed—Turkeys. hens. 15 toms, 13; crooked breasts. 13; Spring broilers. Plymouth Rocks, 2'; pounds and over, 22a24; 2!, pounds and under, 19a21; Rhode Island Reds, 18a20: mixed colors, 17a19; Leghorns, 17al9; Leg: horns, 15; roosters, 11; Long Island ducks, 14a15; hens, colored, 16a18 + Meats—Beef, 15a1515: veal, 12; lamb, 19; pork loins, 20; fresh hams, smoked hams, 16; strip bacon, 16; lard, 7, compound, 6'5. Fruits—Watermelons. loupes, _California, _crate: North’ Carolina, 1.25a1.75; honeydews, 1.50; honeyballs, 3.25a3.50; oranges, 3.7524.50; lemons, 4.50a8.00; limes, per 100, 1.75a2.00; grapefruit, 5.00. black- berries, 4.00; raspberries. black. 3.25a 4.00; red, 800; peaches, 2.00a3.50; bananas, 1.00a2.50; plums, 1.2! ries, 2.25; alligator pears, 2 ples box stock, 1.75a2.00 transparent: bushel, 50a1.00; currants, grapes, Thompson seedless, 2.25; Mal- aga, 1.50a1.75. 25260 2.00a225; old, 100-pound sacks, 1.00; sweets, bushel, 75a1.00; tomatoes, homegrown, 2-peck baskets, 1.25a1.50; celery, 1.75; string beans, 75a1.00; limas, 1.50a2.50; peas, California, 2.00a2. 23: 2 * | peppers, 1.75a2.00; asparagus. 1.75a2.5 okra, 2-peck baskets, 1.00; corn, 1.25a 1.50; lettuce, Iceberg, 3.50a3.75; New York, dozen, 75; beets. per 100 bunches, 2.00: onions, 50-pound sacks, 1.00a1.25; cabbage, 50a75; spinach, 1.00a1.10; kale, 50a60; cucumbers, bushel, 2.00; cauli- flower, 2.25; eggplant, 3.00; mushrooms, 1-pound boxes, 50. 14; | canta- | 3.25a2.50: | 3.50a4 00; | ally under U. S. Gov't Supervision. Organized Jan. 1, 1903 733 12th St. N.W. Melvin C. Hazen, Pres. Wm. P. Richards, Vice Pres. Floyd E. Davis, Treasurer Fred A. Smith, Secretary by Dr. J. Knox Insley. Maryland com- missioner of labor and statistics. Em- ployment was 22.1 per cent lower than it was in June, 1931. Of the 14 major groups covered by the report. marked gains in employment were indicated for rubber tires and cigars and cigarettes. Losses in em- ployment were sustained by 11 groups, the most outstanding being indicated for chemicals and allied products, tex- | | | tiles. leather and its products, car build- |ing ‘and repairing. THRIFT NOT HOARDING You will not be hoarding—but you will be displaying a very keen sense of thriftiness by investing ! your surplus funds in our 61,9, FIRST MORTGAGES So invested your money will be profitably at work and you will be enjoyving the fruits of it. At the same time you have the satisfaction of knowing that the principal is secured by mortgage on conserva- tively appraised improved Wash- ington real estate. Ozwer a Third of a Century Without a Loss May be purchased in amounts from $250 up. B.F. SAUL CO. National 2100 925 15th St. N.W. ‘Vegetables — Potatoes, new, barrel, | THERE 'IS NO SUBSTITUTE FOR SAFETY