Evening star. [volume], August 02, 1930, Page B-5, Image 17

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
CHASE BANK PLANS
FURTHER GROWTH
Absorption of Harris, Forbes
& Co. is Step in Expan
sion Program.
BY JOHN F. SINCLAIR.
Special Dispatch to The Star.
NEW YORK, August 2 —Although it
is the world’s largest bank, the Chase
National Bank is not letting any grass
grow under its feet.
The announcement of its purchase of
the entire capital stock of Harris,
Forbes & Co. brings into the Chase
group one of the world's most powerful
retail security organizations.
This is the largest banking deal
consummated since the stock market
smash of last Fall. It resembles the
Bancamerica-Blair merger of last year. j
“The Chase National has never, up
to now. engaged in retailing securities,”
said one of the Chase officers yester
day. “This is the initial step. We have
been wholesalers and underwriters of
various securities, but now we ar£ going
one step further. With the purchase
of Harris, Forbes & Co., which has
over 50 retail and distributing of
fices throughout the world, the business
is expected to expand in a substantial
way. No corporate change is contem
plated.”
Bonds that have a rating below A
are not selling as bond dealers hoped
they would when money became plenti
ful. The market for first-class bonds
is good. But for the second-class bonds
It is poor.
“Personally, I would much rather
have a first-class common stock pay
ing me below the rate I can get on a
first-class bond than have my money
invested in a second-class bond, which
pays more and is not supposed to have
as much risk,” said a well known bond
dealer to me yesterday.
“Understand me, I am all for an in
crease in the bond business. But if I
had SIOO,OOO to invest right now I
should personally prefer to put it into
first-class common stock and take a
chance on the appreciation or deprecia
tion in that stock, rather than to put it
into a second-class bond, which may or
may not have the liquidability features.
Os course, a bond is supposed to be
more liquid than a stock.
“The difficulty with the banking situa
tion today is that too many banks are
loaded up with second-class bonds,
which, if liquidated, represent substan
tial loss.”
Not all bankers take this position.
For the swing from stocks to bonds is
proceeding. Many people who invested
in stocks last year have quit and gone
back to bonds, because of the belief in
the public mind that bond interest in
times like these is surer than dividends.
The National City Bank's compilation,
Just issued, bears out this contention. It
shows a decline of 24.4 per cent in the
net profits of industrial corporations
during the first half of the present year
as compared with the first six months
Os 1929.
In the 275 industrial corporations in
cluded in the figures the net profits for
the first half of 1930 amounted to
$633,608,000. as compared with $837,-
$57,000 during the first half of 1929.
Rails are off worse probably than
most of them, showing a 33 per cent de
crease in net earnings.
Such checkings, of course, are very
misleading, for the reason that 1929
was the year that more high industrial
records were broken than in any other
period in history.
As a matter of fact, the results for
the first six months of this year are
very little short of those for the first
six months of 1928.
This question presents itself : Must
dividends be reduced to the levels of
1928? If so, it means a decline of
about 37 per cent from the present
levels. .
The corporations that are standing
up in these days are those that carry
plenty of cash reserves on hand and
ready to meet any situation that
arises.
It looks now. however, as if business
during the last quarter of 1930 will
show up better than the last quarter of
1929.
American business for the week which
ended July 26, based on the volume of
checks presented for payment in the
United States, declmed from the pre
ceding week and was below the level
of the week which ended July 27 last
according to the latest report of
the Department of Commerce.
Wholesale prices, as measured by
Irving Fisher’s index, were 16 per cent
lower than the corresponding period of
last year.
One encouraging .situation is the
price of bonds. Over both prior periods
bond prices record increases.
Building and engineering projects
and the activity of the steel mills for
the period which ended July 19 showed
marked gains over the period which
ended July 12, but compared with the
similar period of 1929 both registered
declines.
No perceptible change in business,
•ne way or the other, is indicated.
♦Copyright, 1930. by North American New»-
paper Alliance.)
GERMAN DEMOCRATS
TO AID SECOND PARTY
Political Faction Is Reported to Be
Planning Dissolution at
Autumn Session.
By the Associated Press.
BERLIN, August 2—A committee of
the Democratic party has voted 300 to 4
to "place the Democratic party's entire
organization at the disposal of the new
Commonwealth party,” in the coming
i national election.
The move was made following upon
> a report of the impending dissolution
of the Democratic party which, it was
said last night, was not expected to
take place before the Democratic con
vention in the Autumn.
... - • 1
WEEKLY BANK CLEARINGS.
Bank clearings continue to be
swamped by the extremely heavy rec
ords of last year. The total this week
at leading cities in the United States,
as reported to Duns Review of $9,-
•111,779,000 is 28.4 per cent below that
of a year ago. At New York City
clearings of $6,255,000,000 are 31.2 per
cent under last year’s, while the aggre
gate at leading centers outside of New
York of $2,756,779,000 is 21.1 per cent
less. There )6 little of encouragement
in this week’s figures. The heavy de
cline at New York and at some of the
ether large centers, reflect conditions
in the financial markets; in fact, the
entire report is very largely influenced
bv the change this year in that respect.
Bomewhat lower commodity prices also
reduce this year’s figures.
Clearings for the week, as reported
to R. G. Dun & Co., and average daily
bank clearings for the last three months
are compared herewith:
Week Per
July 31. 1930 Cent.
Boston 1474,000,000 Dec. 6.0
Philadelphia 440,000.000 Dec. 18.8
Baltimore 83.431,000 Dec 10.8
*ittsbur«h 183.811,000 Dec. 14 *
Buffalo 44.208,000 Dec. 35 4
Chicago 493,195,000 Dec. 31.1
Detroit 146.355.000 Dec. 29 7
Cleveland 117.657.000 Dec. 30.7
Cincinnati 53,201,000 Dec. 24 6
St Louis 99.800,000 Dec. 22 3
* Kansas City 118,100,000 Dec. 32.4
Omaha 38.904.000 Dec. 17.2
Minneapolis 88.446,000 Dec. 26 6
Richmond 38,543,000 Dec. 3.7
Atlanta 34,882,000 Dec. 30 0
Louisville 31,513,000 Dec. 2.8
New Orleans 32,551,000 Dec. 29 2
Dallas 29.978.000 Dec 33.5
San Prancisco .... 157,800.000 Dee. 14.6
Portland 29.074.000 Dec. 18.5
Seattle 43,332,000 Dec. 13.3
Total 12.758,779,000 Dec. 21.1
York 6,255,000.000 Dec. 31 2
Total all 19,011,778,000 Dec 28 4
FINANCIAL.
ON NEW YORK BONDS STOCK EXCHANGE |
Received by Private Wire Direct to The Star Oflce
UNITED STATES.
(Sales are ta tl.ooo >
Bales High. Low. Close.
Lib let 47 102 6 102 2 102 6
Lib 4th 4 %S.. 20 1031 10231 103 1
FOREIGN.
Sales. Hlch. Low. Close.
Argentine 8a 1 90>/4 90% 90%
Argentine, May *Bl. 2 99 98% 99
Argentine (sOet’il 4 99% 99% 99%
Argentine $s A.... 6 99% 98% 981*
Argentine 8e 8.... 3 99 98% 98H
Australia 6a ’65.... 17 88% 88% 88%
Australia 4%a’61.. 7 79 78V« 78%
Australia 6s *67.... 15 88% 884. 88*
Austria 7a 1 103* 108% 103%
Bank of Chile 6%«. 6 95 94 94
Bank of Chile 6%a. 1 98 98 98
Batavian Pet 4% e. 90 95% 94% 95%
Belgium 6s 4 103?* 103% 103%
Belgium 6%s 2 110% 110 110
Belgium 7e’65 8 114% 114% 114%
Belgium 7s ’6s 4 109% 109% 109%
Belgium Is 6 109% 109% 109%
Bolivar 75’66 2 71% 71% 71%
Bolivia 7s ctfs’69.. 9 71% 71% 71%
Bolivia 8s 10 88 87% 87%
Bordeaux <5....... 1 105% 105% 105%
Brazil 6%a *26 7 75 74% 75
Brazil 6%« '27 12 75 74% 75
Brazil 7a 1 90% 90% 90%
Brazil 8a 6 100% 100% 100%
Bremen State 7a... 2 103 103 103
Canada 6s ’ll 5 101% 101% 101%
Canada 6s ’63 1 105% 105% 105%
Chile 6s'6o 1 90 90 90
Chile 6s *6l 5 91 91 91
Chile 7s*4S 1 102% 102% 102%
Con Pwr Japan 7a.. 6 100% 100 100%
Copenhagen 4Hs'f 1 92% 92% 92%
Copenhagen 6s rets 3 99 99 99
Czecho Ss ‘6l 4 111 110% 111
Danish Munlc Is B. 10 109% 109% 109%
Denmark 4%s 2 93% 93% 93%
Denmark 6%a '66.. 8 101% 101% 101%
Dutch East IntT 47. 2 102% 102% 102%
Dutch East I 6a 7 102% 102% 102%
Finland 7s 3 100% 100 100%
French 7s 12 119% 119% 119%
French 7%s 51 125 124% 125
Gclsenklr Min 65’34 5 96 96 96
Ger 6%5’30-’35 rets 84 87% 86% 86%
German Bank It'3. 1 90% 90% 90%
German El P 6%5.. 5 94 94 94
German 7s 11 106% 106% 106%
Ger Gen TCleo 75.... 3 104 104 104
Italy 7s 18 98% 98% 98%
Japanese 5% a '66,. 5 92% 92% 92%
Japanese 6%s 5 105% 105% 105%
Jugoslavia Bank 7s 2 84?* 84?* 84?*
Karstadt 6s *41.... 4 76 76 76
Kreuger&Toll 6s ct. 1 96% 96V* 96%
Marseillais 1 105?* 105% 105%
Milan 6%e 9 91 90% 91
New So Wales 61.. . 2 83?* 83% 83?*
Norway 6s *63 15 100 99% 100
Norway <s *43 1 104% 104% 104%
Norway 65*44..... 7 105% 105 105
Norway 4%5’6J.... 6 103% 103 103
Orlant dsv 6% 66.. 6 90% 90% 90%
Orlsnt Davis'66... 6 97% 971* 97%
Parls-Lyons-M is.. 1 103% 103% 103%
Parls-Ly-Msd 7a... 6 105% 105% 105V*
Psru 6s '<l 2 72% 72% 72%
Poland 6s *4O 1 74% 74% 74%
D oland 7s (rets)... 8 85 84% 85
Poland 8s 6 94% 94 94%
Queensland 6a 4 99 98% 98%
Quaenland 7a 1 104 104 104
Rhine Wat BP 65*63 2 90 90 90
Rhine Wsst6s*st.. 6 90% 90% 90%
Rhine Wet BP 7a’6o 6 102 102 102
Rio de Janeiro 6%.. 8 71% 71 71
Rio de Jan is *46... 6 96% 96% 96%
Rome 6%s 6 91% 91% 91%
R’jr*l Dutch niivw 10 90% 90% 90%
Sao Paulo 8s *66.... 3 99 99 99
5a0Pau10'60...... 2 93 93 93
Seins 7s *42 2 108 108 108
Serbs Cr Slov 75... 5 86 85% 86
Serbs-Crot-Slo ss.. 3 96% 96% 96%
Solssons 6s 2 106 105% 106
Sweeden6%s 4 105% 105% 105%
SwissConfed 15... 10 107% 107% 107%
Toho El Pwr 6s *l2. 7 99?* 99% 99%
Utd Klngm 6%s 'l7 14 106% 105% 106%
Uruguay 8s 2 108 108 108
Vienna 6s's2 6 87 86% 87
Warsaw 7s *62..4 75% 75% 75%
MISCELLANEOUS.
Abitlbl PAP 6s '63.. 1 85% 86% 85%
Alleghany Cp 6s '44 1 100 100 100
Alleghany 6s *4*... 9 99% 99% 99%
Allis Chaim Ss'l7.. 2 102 102 102
Am For Pwr 6s 2020 7 88% 88% 88%
Am lOCh 6%5'4». 1 106 106 106
Am IntCor 6%5'4» 1 97% 97% 97%
Am Metal 1%5'14.. 39 97% 97% 97%
Am Smlt A R Ist Is 5 102% 102% 102%
Am Sugar Ref 65.. 7 104 103% 103%
Am TAT cv4%s’l9 8 162% 162V* 162V*
Am TAT 65’66 9 106V* 106% 106%
Am TAT cl tr 6a... 1 105?* 105% 105%
Am TATsf 65..... 13 106 105% 106
Am TAT 6% s 9 108% 108% 108%
Am Water Wke 6s. 1 101 101 101
ArmourACo 4%s’lf 5 92V* 92 92
Armour. Da1.6%a.. 4 82 81% 82
AU Refining i 5.... 1 102 102 102
Bethlehm CU pm la 2 102% 102% 102%
Csrtn-Td f% s rets. 8 62 52 62
Chile Copper i 5.... « 96% 96% 96%
Col GAEI 6s,May'62 1 102% 102% 102%
Com Invest 6%5’49 1 95 95 95
Com Invest 6s *41.. 1 99% 99% 99%
Con Coal. Md. 15... 9 50 49% 49%
Con Gas N ¥ 6%5.. 3 106% 106% 106%
Cuban Am Sugar la 1 93% 93% 93%
Denver Gas 6s 2 100V* 100V* 100%
Det Edison 6s '40.. 5 104V* 104% 104%
Dodsels 9 93 92% 93
Duquesns 4%s ’67.. 1 101% 101% 101%
East Cuba Bug 7%s 20 65 63 63
Gan Mot Ae Cor 6a. 13 103 102% 102%
Gen Pub Bve 6%5.. 1 100 100 100
Gen Than Eq 6a *46. 13 96 95% 96
Goodrich 6Via....► 1 106% 106% 106%
Ooodyer Ssrets.... 7 98% 93 98%
Humble OAR IVI a 1 102% 102% 102%
IllßaU Tails 1 106% 105% 105%
111 Steal 4%5’46.... 9 100% 100 100
Inti Cement ia«i.. 1 100% 100% 100%
Inti Match Is *47... 14 99% 99% 99%
Inti Paper 6s ’47... 2 84% 84% 84%
Inti Tel A Tel* Via. 2 90% 90% 90%
Inti TAT 4V*S ev.. 2 109% 109% 109%
Inti TelATel 6s *65. 10 97% 97% 97%
Laclede Gas 65.... 9 101% 101% 101%
Laclede 6%a ’8*.... 5 103V* 103% 103%
Laclede 6%s D '60.. 2 108 103 103
Lautaro Nitrate la. 8 83% 83 83%
Loew's 6s w o war.- 2 100 100 ino
Larlllard 6Vi a 5 95% 95% 95%
Midvale Steal Is..► 1 101% 101% 101%
Montana Pwr’46... 6 103V* 103% 103%
Montana Pwr db 6s 10 103 103 103
MorrlsACo lst4V*a. 3 83% 83% 83%
Nat Dairy 6Via.... 33 98% 98% 98%
N y Edison 6Vi a... 6 114% 114% 114%
NY Tel 4 V*s 7 101% 101% 101%
N T Tel 6s *41.... a. 2 106% 106% 106%
N 2 Tsl 6s '49 1 111% 111% 111%
North Am Ed 6a... 6 102% 102% 102%
No Am Ed 6Vis'l3.. 2 103% 103% 103%
Nor States Pwr 65.. 5 102% 102% 102%
Nor States Pwr 6s. 3 106 106 106
Pacific Gas AEI 6s. 3 103 102% 102%
Pan Amer Pete 65.. 3 103% 103%* 103%
Paramount 6s *47.. 5 101% 101%.101%
Paths Exchange 7s 1 61V* 61V* 61V*
Phils Co Ss '67 3 101 100% 101
Phlla A Read 65'46. 4 99 99 99
Phillips Pst 6Vie.. 3 96% 96 96%
Por Rlc Am Tob 6s. 1 85% 85% 85%
Pub Svc G 4Vis'67. 2 100% 100% 100%
Rem Rand 6Vis war 5 98% 98% 98%
Sinclair 011 6s 3 100V* 100% 100%
Sinclair Oil 6Vis... 2 104 104 104
Sinclair OU 7s 4 104% 104% 104%
Sinclair CrvdelVis 14 102% 102% 102%
Sinclar PL 6s 4 101% 101% 101%
Skelly Oil 6Vis 10 96 95 95
Sol vay Amer 6s ’4l. 2 98 98 98
Southwest Bell Is.. 3 105% 105% 105%
Stand OIL NJ '46... 49 104% 104 104
Stand OIL N 7.4 Vis. 1 99% 99% 99%
Tenn El Pwr 6s *47. 6 106?* 106% 106?*
Tex Corp ev is *44.. 10 104% 104% 104%
United Drug 6S’6l. 5 98% 98 98
r> S Rub Ist rs 65... 13 82% 82% 82%
Utah PwrALt ia... 1 100% 100% 100%
Vertlentea Bug 7a.. 6 36 36 36
Walworth 6s "46... 1 89% 89% 89%
Warn Bros P6s *4l. 61 96V* 95 95%
War Quin 6s '66.... 6 81 81 81
Western Elec 6 a... 2 104% 104% 104%
Westn Union IVis. 3110 108% 110
Wilson ACo Ist 6a. 14 100% 100% 100%
Toungstn SAT is.. 16 103 103 103
RAILROAD.
t Atchison gen 4a... 20 96% 96 96
S B AOcv 4%5’61... 7 100?* 100% 100?*
I BA O 4%s ‘6O 21 101% 101% 101%
| BA O ref 6a 1 103% 103% 103%
1 B A Ole 3000 (D>.. 11 103?* 103% 108%
I BA O ref 6s '96 6 110% 110% 110%
! Boston AM 6s 1961 1 99V* 99% 99%
j Bklyn Else 2 90 90 90
THE EVENING STAR, WASHINGTON, P. 0., SATURDAY, AUGUST 2, 1930.
Sales. Hieh. Low. Close.
Bklyn Manhat 15... 3 99 09 99
Bklyn Un Ist Ss’6o. 1 88% 88% 88%
Bklyn Un El 6s ’60.. 1 103% 103% 103%
Buff R A Pitta 4 Vis. 3 92% 92% 92%
Can Kat4Vis 64..„ |5 97% 97% 97%
Can Nat 4Vis *67... 3 97% 97% 97%
Can Nat 4Vis ’11... 2 98 98 98
Can Nat 6a July’69. 2 103% 103% 103%
Canadian Pac db 4s. 1 89% 89% 89%
Can Pao 4 Vis '46... 3 99% 99% 99%
CanNorlVis 1 117 117 117
Cent of Ga 65C69.. 2 100% 100V* 100%
Cent Pac let 6e *9O. 9 104% 104% 104%
Ches Corp 6s '47 15 100% 100% 100%
Ches AO4Vi a B ‘96. 7 99% 99% 99%
CB AQ lstrf 65... 6 108% 108% 108%
Chi A E 111 gn 6s 61. 1 73 73 73
Chi Gr West 4s ’69. 2 71% 71% 71%
Chi M&St P4s 'l9 1 85 85 85
Ch» M&StP 4%s '99 3 99V4 99V4 99%
ChIMIIStPAP 65‘76. 6 84% 84% 84%
CM&StP Pao adj 6s. 40 62 50% 52
Chi AN W con 4%s 5 101 100% 101
Chi RIA Prf 45... 13 98% 98% 98%
Chi Rk Isl 4Vis A.. 3 96% 96% 96%
Chi Un Sta 6s '44. .. 5 105 105 105
CA W Ind con 45.. 3 91% 91% 91%
C&W IndlViS’fl. 3 104% 104% 104%
CCC&StL 4Vis (E). 37 99% 99% 99%
Clev Term 4 Vis *77. 11 100% 100% 100V*
CubaNors Via*42.... 2 62% 62% 52%
DelA Hud ref 4s ’43 2 94% 94% 94%
Den A Rio Gcn 45.. 1 95% 95% 95%
DenARGW 6s '66... 4 93% 93 93
D R GAWat 65'76.. 6 91% 90% 91%
Det United 4Vi5.... 3 99 99 99
Erie Ist con 4s 1 85% 85% 85%
Erie gen 4s 25 81% 81?* 81?*
Erie 6s. 1967 3 93% 93% 93%
Erie 6a 1976 3 92?* 92% 92%
Erieconv Ex 75.... 1 100% 100% 100%
Erie Genessee Rs Is 2 112% 112% 112V*
Gr Trunk st deb 6s. 2 106% 106 106%
Grand Trunk 75.... 2 111% 111% 111%
Gt Nor 4Vi> '76(D). 5 99% 99% 99%
Grt Nor Ist 6s 7 98 98 98
Great Nor gen 75... 4 111% 111 111
Gulf Mo 6s (8)....- 5 100 100 100
Hud A Man adj la.. 25 81 81% 81
Hud A Man ref 6s. . 5 100% 100% 100%
111 Cent 4%5’66.... 1 101% 101% 101%
111 Cent Chi 4 Vis... 15 98% 98% 98?*
Int Rapid Trans 6s. 12 65% 65% 65%
Int Rap Tr 6sstpd. 1 65 65 65
Int Rapid Trans 6s. 18 47V* 46% 47%
Int Rapid Trans 7s. 1 87% 87% 87%
Int AG Nor Ist 65.. 15 103 103 103
Int AGt Nor adj Is. 1 87% 87% 87%
Int Rys CAm 65... 6 72% 72% 72%
Kan City Term 45.. 1 92% 92% 92%
Lehl Val con 45.... 2 91 91 91
Long Isl 6a 17 1 101 101 101
LAN uni 4a 5 96% 96% 96%
Mill El RyALls’6l. 10 101% 101% 101%
M StFASSM con 4s. 10 88V* 88% 88%
M StPASSM 6s gtd. 1 96 96 96
M StPASSM IVis.. 4 100% 100% 100%
MK A Tex adj 65.. 1 102 102 102
MKATprlndiA) 5 104 103% 104
Mo Pacific gen 45.. 2 79 79 79
Mo Pac 6s V *77.... 1 101% 101% 101%
Mo Pac 8s G '76.... 9 101 100% 100%
Nash ChatAStL 45.. 5 93% 93% 93%
NOTez AMSViI. 13 102 102 102
N y Cent 45’95.... 1 93% 93% 93%
N y Cen rs lm 4 Vie. 14 101% 101% 101%
Ny C A StLdeb 4S. 8 100% 100% 100%
N T Cen rsf Is 2 108 108 108
NYChIAStL 4Vi*’7t 4 97% 97% 97%
NyCAStLIVisA 2 107% 107% 107%
NC C A StL Is’Sl.. 1 101% 101% 101%
Ny C AStLls’3l.. 6 103 102% 103
NY NHAH 4 Vis *67. 1 94% 94% 94%
N y NHAH elt 6a.. 1 105% 105% 105%
N Y Sus&Wn Ist Ss 1 80% 80% 80%
NyW AB 4 Vis 3 85% 88% 88%
NorfASou gn 6s’6«. 1 50% 50% 50%
Norf AWn con 45.. 4 96% 96% 96%
Nor Paclflo Is 2037. 8 68 67 68
Nor Pacific 4s 4 94 94 94
Nor Pac 4Vis 2027.. 5 99% 99% 99%
Nor Pacific ref 65.. 3 113% 113% 113%
Ore Wash lit 45... 8 92% 92% 92%
Penna 4Vis 1670.... 15 97% 97% 97%
Pennacon 4Vi5.... 10 102% 102% 102%
Penna gen 4Vi5.... 1 101 101 101
Penna «%s’IS 1 101% 101% 101%
Penna gen 6s. 2 110 110 110
Penns 65‘64 14 105% 104% 105%
Penna IVis 6 109% 109% 109%
Peoria E Ist 45.... 1 87% 87% 87%
P C CAStL 6s B '76. 6 109% 109% 109%
Port El PL 6s 1 99 % 99% 99%
Port R L 65'47.... 1 99 99 99
Port RLAF 7V*s'46. 2 106 106% 105%
St L 1 M A 8 15... 2 101% 101% 101%
StL IMAS RAG 4s. 9 99% 99% 99%
StL ASF pi 48 A... 6 91% 91 91%
StL ASF 4 Vis 71. »i 3 93% 93% 93%
StLASanF 6s B 2 103 102 103
StLASF gen 6s ‘61.. 1 101 101 101
3eaboard AL cn is. 11 64 63 54
S B All Fla 65‘26 A- 3 44% 44 44
Sou Pac elt (s 1 93 93 93
Sou Pao ref 45.... 4 94% 94% 94%
Sou Pac 4 Vis re ta.. 24 99 98% 99
Sou Pac 4Vis’69 ww 5 100 100 100
Sou Rwy gen 45.. 11 90 90 90
Bou Rwy 6s '11.... 6 118% 117 118%
Tex A Fas 6s C *79.. 2 102% 102% 102%
Third Avs adj 15... 6 29 29 29
Un Pac Ist rsf 4s. 1 94% 94% 94%
Vs Ry A Pwr 15.,,. 7 101% 101 101
Wabash Ist 6s 1 103% 103% 103%
Western Md «5..... 6 85% 85% 85%
CANADIAN GIRL TO WED
SCOTS GUARDS OFFICER
For Third Time in Three Years
Aide to Governor General Picks
Dominion Bride.
Br the Associated Free*.
OTTAWA, Ontario, August 3.—For the
third time In three years an aide-de
camp at Rldeau Hall, residence of Can
ada’s Governor-General, has won the
heart of a Canadian girl.
The engagement is announced of
Helen, daughter of Mr. and Mrs.
Guthrie, to Capt. Victor Blundell of the
Scots Guards. Capt. Blundell came to
Qanada last February as aide-de-camp
to Viscount Willingdon.
Margot Fleming of Ottawa married
Viscount Hardlnge in February, 1928,
and Elizabeth Lawson’s marriage to
Capt. Derek Murphy took place the
next March. Both came from London
as aides at the “Canadian White
House.”
0
WHITE MOTOR CO.
NEW YORK, August 2 (Special).—
Directors of the White Motor Co. of
Cleveland In a meeting held here re
ported net earnings of the company
for the first six months ended June
30 of $1,048,000, equal to $1.31 a share
on 860,000 shares of common stock,
against $1,404,000 for the same period
last year. The earnings are approxi
mately $250,000 In excess of the regu
lar dividend requirements for the
period. The directors also declared the
regular quarterly dividend of 50 cents
a share, which was doubled from 25
cents late last year, payable Septem
ber 30 to stock of record at the close
of business September 12, 1930.
DIVIDENDSDECLARED
NEW YORK, August 2 UP)-
Regular.
_ Pe- Pay- Hldrs. of
Company. Rate. rtod. able. record.
Ne*’* • 50c BM Sep. 15 Sep. 5
Br 1 Corp pf ,n 75 Q Sep. 1 Aug. 18
CeUul Corp Ist pf *1.76 Q Sep 2 Aug. 11
D° * 7 ?f ...*1.75 Q Sep 2 Aug. 11
City *25 £ F l el 90c Q Aug. 31 Aug. 15
D 0.6%% pf.. .$1.62% Q Sep. 1 Aug. 15
Cleveland Quarries. 75c Q Sep. 1 Aug. 15
Komp Film pf j% m Aug. 1 July 36
Morlson El Supply , ,25c Q Aug. 31 Aug. 15
New Rochelle Water
***•••..• *175 Q Sep. 2 Aug. 20
Oil Royalty Inv pf .iOc M Aug. 15 July 31
Stand Oil N J..... 25c Q Bep. 15 Aug. 16
Stand Oil NY.. . ,40c Q Sep. 15 Aug. 15
Victor Weld Eq A.37%c Q Aug. 35 Aug. 15
Do. 8. ..........37%c Q Aug. 35 Aug. 15
Wagner Electric. ,37%e Q Sep. 1 Aug. 15
Western Newspaper
Union 7% pf *1.75 Q Sep. 1 July 25
Western Royalty A. 10c M Aug 5 July 15
Wheeling Steel *1 q sep. 1 Aug. 12
Extra.
Cleveland Quarries. .25c .. Sep 1 Aug. 15
Stand Oil of N J... 26c .. Sep. 15 Aug. 16
Reduced.
, Hancock Oil Cal A 35c Q Sep. 1 Aug. 16
( Do. B 36c Q Sep. 1 Aug. IS
, Stack.
, Morlson El Supply 1V 4 % Q Aug. 31 Aug. IS
i Omitted.
1 Borln-Vivl pt pf .61.38 8A Due Aug. 16.
Bruck Bilk Mi115....25c Q Due Aug. 16.
BOND PRICES FIRM
ON UGH! TRADING
High-Grade Issues Continue
Steady—Rail Group in
Demand.
BY F. H. RICHARDSON.
Special Dispatch to The Star.
NEW YORK, August 2.—Bonds were
quiet with strength in high-grade issues
today. The characteristic of the cur
rent investment demand—the difficulty
of supplying prime issues to satisfy In
quiries for them —continued to force
these descriptions to new highs.
Over a period of weeks the gain in
the prime group is wide, though the
daily appreciation Is so narrow as not
to be noticeable much of the time. But
the fact cannot be ignored that bonds
like Atchison general 4s, Canadian Pa
cific 4s, Pennsylvania 4%5, Southern
Pacific 4%5, American Telephone 5y 2 s.
Standard of New York 4y 2 s, Standard
of New Jersey ss, DeQuesne Light 4%5,
Utah Power & Light 5s and New York
Telephone IVis are all selling at their
best prices since 1928.
United States Government bonds also
continued to hover near their best
prices In two years, though trading was
quiet.
Volume today was a little more than
half that of Friday. The usual Satur
day stagnancy was aggravated by the
approach of the August bank holiday
In England, thus drying up the English
demand in this market. Money rates
were unchanged.
Convertibles were dull and featureless
with the stock market. Warner Pic
tures 6s advanced IV2 points, while the
complementary stock was dropping.
However, since the bond carries a 6
per cent coupon, and the price at which
the stock warrants can be exercised Is
away out of line at $75. when the stock
is selling around $36, the stock’s move
ments for the moment have ceased to
have a direct effect on the bonds.
Junior rails were irregular and gave
evidence of again being played by spec
ulative operators. It was only the com
paratively poor bonds, which in the past
have shown wide fluctuations, that
gained, such as Chicago Great Western
4s, St. Paul adjustments, International
Great Northern adjustments and Sea
board Air Line 6s. Better grade junior
rails sagged, like St. Paul ss, Rock
Island 4 1 25, Erie general lien 4s and
refunding 5s and Southern Railway 4s.
Industrials pursued an indeterminate
course. Chile Copper ss, United States
Rubber ss, American Sugar Refining 6s
and Anglo-Chilean Nitrate 7s showed
firmness, while Certainteed s 'is. Hud
son Coal ss. Goodyear ss, Phillips Pe
troleum 5 Vis. Pan-American Petroleum
6s, Skelly 011 5 V 2 s and Shell Union 5s
sold off.
EGG MEN PLAN CO-OP
TO AID POULTRY TRADE
By the Associated Press.
SEATTLE. August 2.—Faced with a
veritable deluge of powdered eggs In
thj first six months of 1930, Washing
ton egg producers have proposed a na
tional co-operative.
The co-operative would unite all egg
ar.d poultry associations in the United
States In opposition to Oriental pow
dered eggs.
Hopes for tariff relief were blasted
by the Smoot-Hawley bill, said officials:
of the Washington Co-operative Poultry
and Egg Association.
The new act raised duties on shell
and frozen products, ’>ut did not affect
powdered or dried eggs, which, they
said, constitute the greatest menace to
the industry.
»
BANK CLEARINGS.
NEW YORK, August 2 (Special).—
New York bank clearings today, $1,471,-
000,000; a year ago, $1,649,000,000. New
York bank balances today, $180,000,000;
a year ago, $182,000,000. New York
Federal Reserve credit balances today,
$158,000,000; a year ago, $162,000,000.
CHICAGO STOCK MARKET
By the Associated Press.
CHICAGO, August 2.—Following is
the complete official list of transactions
in stocks on the Chicago Stock Ex
change today:
Sales in STOCKS.
hundreds. Hich. Low. Close.
100 Abbott Lab 42 42 43
50 Acme Steel 55 55 55
150 Adams Mfs 32% 31% 31%
100 Allied Mot Ind 10% 10% 10%
54 Am Pub Util PI 107 108% 108%
101 Am Pub Util Par pf .103 103 103
100 Am Util A Gen 9 8% 9
100 Appalachian Gas .... 8% 9% 9%
300 Art Metal 11% 11% 11%
50 Assoc Inv 58% 58% 58%
450 Auburn Auto ...122% 120 122%
100 Banco Kentucky 20 20 20
1450 Bastlan-Blesslnx 43% 42 43%
600 Bendlx Aviation 32 31% 31%
750 Borc-Warner 29% 29% 29%
150 Burnham Trad Pf.. 22 21 22
600 Butler Bros 9% 9 9%
300 Ceco Mfx •% 8% 8%
100 Cent Pub Berv A.... 28?* 28% 38%
300 Cent A So West.... 33% 33% 33%
100 Chi City A Con Ry.. 11l
300 Chic Corp 11 10% 11
600 Chic Corp pf 38% 37% 38'%
100 Chic Invest pf 37 36% 37
800 Cities Service 38'% 38% 38%
50 Club Alum 3% 3% 3%
750 Cont Chicago 14% 14% 14?,
600 Cont Chicago pf 43 43 43
600 Cord Corp 8 7% 8
400 Corp Sec 25 34% 25
107 Crane Co 42 42 42
40 Crane pf 114 114 114
700 Elec. Household 44% 44 44%
700 Elec Research 11l
1000 Foote G A Mach... 10% 10% 10%
lOOGen Thea Ea 33% 3.3% 33% I
50 Gen Wat Wks A 28% 28% 38% j
150 Gt Lakes Aircraft.... 5% 5% 5%
1400 Grigsby-Grunow .... 14 13% 14 j
150 Hall Print 22 21% 22
150 W Harnischfeger 24 23% 23%
100 Houdaille-Her B 11% 11% 11%
50 111 Brick 30% 20% 20%
450 Inland Util 22% 22 22%
3300 Insull Util 61% 60% 61%
100 Katz Drug 31V, 31% 31V*
400 Libby-McNelll 14% 14% 14%
50 Lincoln Print 23% 23V* 23%
100 Lincoln Ptg pf 44 44 44
1300 Lion Oil Ref 20 19 20
100 Lynch Glass 21V, 21V, 21V,
1600 Majestic House Ut... 37 36’, 37
50 Manhat Dearborn.... 39% 29% 29%
200 Marshall Field 337% 37% 37%
100 Merch A Mfrs A 32% 32% 32%
3500 Mid West Util 30 29% 29%
100 Mid WUt “B“ war.. 4% 4% 4%
150 Midland Nat Gas “A” 16 15% 16
900 Midland United 26% 26 28%
200 Midland Unit pf 45% 45 45%
250 Midland Unit war... 2?* 2% 2%
1200 Mo-Kan Pipe 23V, 21% 22
100 Mo-Kan rts V* % %
50 Morgan Litho 10% 10% 10%
100 Nachmann Spring ... 11% 11% 11%
200 Nat Secur Inv 15V* 15V, 15V*
100 No West Bancorp... 42V. 42\ 42%
250 Polymet 8% 8% 8%
25 Public Serv n p ....280 280 280
10 Pub Serv 7% Pf 126'/a 126'* 126'*
50 Q R S Music 14V, 14% 14V,
350 Railroad Sh 6 5% 5% ■
2 Reliance Inti 50 47% 47V*
400 Reliance Mfg 10 9V, 10
50 Rollins Hos 36 36 36
50 Ryerson A Son .... 32% 32% 32%
350 Saxet 16% 18% 16V,
500 Seaboard Util 6V* 6 6V,
550 Southern Un Gas .. 35 24% 24%
50 Swift A Co 29% 29% 29%
50 Swift Inti ....... 34?, 34% 34%
50 Tlme-O-Cont Cent ... 25 25 25
550 Transformer 24 33% 34
200 Twin St Nat Gas 13 12% 13
800 Un Pr A Pubs 15 15 15
400 U S Oypsum 42% 42V, 42%
100 U S Lines 11% 11% 11%
100 Utah Radio ....... 6% 6% 6%
100 Util Pow ALA .... 33% 33% 33%
100 Util Pow A L n-VOt... 17 17 17
200 Util A Ind... 13% 13% 13%
300 Util A Ind pf 23 22% 23
100 Vortex Cup 24 24 24
200 Wextark Radio 10 10 10
150 Zenith Radio 8% 8% 8%
Stock sales today. 45,100 shares.
BONDS.
*IOOO Insull 6s '40..........
*SOOO Northwest El 8s 41.. 88% 88% 88%
Bond sales today. *B,OOO.
- -■
BALTIMORE STOCKS.
Special Dispatch to The Star.
BALTIMORE. August 2.
Sales. STOCKS Lait sales.
10 Arundel Corporation «
10 Baltimore Trust Co 37
170 Black A Decker c0m.............. 28%
2 C. A P. Telephone. Balto. pfd....118%
13 Consolidated Gas com 114%
1 Eastern Rolling Mills com 15
10 Emerson Bromo-Beltzer A com... 31
10 Fidelity A Guar Fire Corp 37%
5 Fidelity A Deposit Co 170
82 Maryland CaaualtyVCo 39%
10 Union Trust Co gj,,
56 U. S. Fidelity A Guaranty >6%
COMMODITY PRICE
DROP IS CONTINUED
No Rapid Recovery Seen, but
Changes Are Small Dur
ing Week.
BY H. N. McGILL.
Editor McGill Commodity Service.
AUBURNDALE, Mass., August 2 (JP). —
Price changes during the past week were
merely a repetition of the sagging trend
so pronounced in recent months. All
commodities In the course of three years
have declined 25 per cent. A check-up
on 15 individual groups last week shows
that eight are lower, five remain un
changed and two moderately higher.
Little change was noted in the rate
of industrial activity, although the
closing week of July did not register a
sharp decrease, as was the case earlier
in the month. Major industries, such
as automobile, building, iron and steel,
are marking time, patiently waiting for
an upturn In industrial activity. It Is
the opinion of practically every eco
nomic bureau that business will experi
ence a favorable seasonal upturn dur
ing the closing months of this year.
There is also a general agreement that
the stage is not set for a rapid recovery
nor any sign of a boom.
All Commodity Prices.
All commodity prices again broke into
new low ground. The lower price level
was caused by a further slump in such
groups as industrial commodities, live
stock, hides and leather, textiles and
vegetable oils.
Industrial Commodity Prices.
Prices of Industrial commodities were
lower despite a slight firmlng-up in the
non-ferrous metal group. The fact re
mains that while stocks of finished
goods are limited supplies of raw ma
terials continue sharply over average.
Agricultural Prices.
One of the two groups to advance
were agricultural. July established new
records for heat waves in the West. De
terioration took place in leading groups.
August 1 production estimates will be
revised downward. This will help ma
terially to realign a more healthy rela
tionship between supply and demand.
Non-Ferrous Metals.
Non-ferrous metals recorded the first
advance In several months. This was
due to a moderate firming up In zinc,
antimony and tin. Other products re
main close to the lows recently estab
lished.
Textile Prices.
Both coarse and fine textile prices
were lower. Cotton last week estab
lished a new low. Coarse fibers in par
ticular are weak, particularly hemp and
sisal.
Most important price changes:
This Previous
... .... Week. Week.
All commodities 75.6 76 0*
Industrial 76.4 76.7
Agricultural 71.1 70.5
Hides and leather.... 98.1 99 3
Textiles, fine 70.1 70.8
Textiles, coarse 67.6 68.4
Vegetable oils 82.8 83.7
•Revised.
Three hundred plants in South Africa
are producing coaches and wagons.
DON'T GET BAWLED-OUT
i
DRIVE A GOOD USED CAR ;
IF the brakes don’t hold . ; . if the motor hits on one or two
cylinders ... if the top lets the rain and sun peep through
... if the fenders look like an accordion —it’s time to get a good
used car. Very often drivers continue to operate cars that are un
fit for highway use, cars that are a menace to safety, for the reason
that they cannot afford a new car. The next best thing is a good
used car. ’ There are many good used cars in the showrooms of :
Washington’s transportation merchants . . . cars that are me
chanically perfect and reasonably priced far below their original
purchase price.
READ THE USED CAR ADVERTISEMENTS IN
THE CLASSIFIED SECTION OF
fW )t Jite
THE GREAT NEWSPAPER OF THE NATION'S CAPITAL
• *»- -
o
FORECAST OF BETTER BUSINESS
IS MADE BY MANY AUTHORITIES
Actual Volume Has Shown Little Improve
ment Recently, hut Attitude of Trade
Experts Is Optimistic.
BY J. C. ROYLE.
The trend of business, according to
many well Informed authorities, 1s
likely to be upward from this time on.
The actual volume of business has
shown a comparatively small improve
ment during the week, but the attitude
of business men has improved mate
rially.
No little of this feeling is to be
traced to the statement of the finance
committee of the United States Steel
Corporation, which declared that indi
cations in the industry pointed to an
increase in operations throughout the
remainder of the third and fourth
quarters of the year.
Steel as Barometer.
The steel industry is the galvanom
eter which measures the slightest
change in volume of direction of busi
neas in this country. Only a few lines
of endeavor are not connected with the
steel industry in some way or are not
affected by that industry. Conse
quently this optimistic statement on
the part of hard-headed and conserva
tive financiers thoroughly familiar with
the steel industry carries great weight
with business men in general.
More and more observers are ex
pressing the belief that the present
business depression is a psychological
rather than a natural one. Gov. Em
merson of Illinois declares America is
on the verge of an upturn in business
and that the arrival of this upturn is
entirely dependent on the reversal of
the mental attitude of the people. He
adds that there is just as much buying
power as there was six months ago. but
it is not now being exercised. Otto
H. Kahn has expressed similar senti
ments, warning the business men of
the Nation against both greed and fear.
The automobile Industry is feeling
this attitude of uncertainty on the
part of the buyer, but replacement de
mand is being maintained at a pace
which assures fairly steady production
for the remainder of the year, even if
sales to new customers do not increase.
Further mergers are indicated in the
petroleum industry. Production from
the less profitable properties under
these mergers is being restricted and
costs are being materially reduced.
Daily crude oil production is falling
slowly but surely. Coal mining has
shown some betterment, due largely to
the increased use of mining machinery
rather than to expansion of markets,
although the drought has resulted i»
more extensive operation of steam
generated electrical plants.
Textile Industry.
Textile mills have fouhd nothing to
frighten them in the announcement
of the new styles from Paris this week.
They anticipate that requirements for
fabrics will be fully as large as • those
of last year. Sales of non-ferrous
metals are dull and sporadic efforts to
assist the silver market and advance
quotations for the white metal have
proved of little avail so far.
The farm situation is still dependent
on the weather and not sufficient
FINANCIAL.
moisture has fallen in many localities
to place the crops out of danger. This
is especially so in the case of corn.
The so-called luxury buying is show
ing signs of picking up. At least the
fur manufacturers are buying raw pelts
in satisfactory quantities and paying
prices which are fairly satisfactory to
the sellers. Radio manufacturers are
increasing their output and are making
preparations for a tremendous last
quarter volume of sales. In nearly
every instance the amusement business
will do excellently considering the time
of year and the extremely hot weather.
Many observers believe there would
have been a decided pick-up in busi
ness this week had it not been for the
Continued hot spells, which discouraged
shopping excursions and delayed pur
chases. These purchases, however,
have only been delayed and not aban
doned.
(Copyright. 1930.)
REICHSRAT (hK.’S TAX
ON DEBTORS TO U. S.
New Levy of 15 Per Cent Plus 7.5
Interest Variable as Restitu
tion of Property Occurs.
By the Associated Press.
BERLIN. August 2.—The Reichsrat
has approved an order of the gov
ernment empowering the Reich to
impose upon German debtors to the
United States an annual tax of 15
per cent of their individual debts, plus
7.5 per cent Interest. Germany, ac
cording to the decision of the German-
American Mixed Commission, is ob
ligated to pay the United States 40,-
000.000 marks a year from 1930 to
1981, in satisfaction of claims.
The new levy can be wholly or partly
rescinded or increased under conditions
favorable for the debtor as restitution
is made of his property from the United
States.
NEW TOWEL SUPPLY CO.
VIRGINIA BEACH, Va.. August
2 (/P). —Laundry owners of Maryland,
District of Columbia and Virginia,
meeting here, organized the JefTerson
Linen & Towel Supply Corporation, a
half-million-dollar company, to en
gage in the linen and towel supply
business on a national scale. The fol
lowing were elected officers:
President, William H. Clarke, Wash
ington; vice presidents, O. L. Roach,
Danville; R. L. Branner, Richmond;
C. W. Cooper. Baltimore; secretary
treasurer, J. R. Hutchinson, Rich
mond.
Members of the board of directors
elected were: A. W. Field, Baltimore;
Herbert J. Gerst, Norfolk; F. W. Mac
kenzie. Washington; Webb Minor, Char
lottesville; R. E. Vincent, Washington,
D. C.; G. B. Goodsell, Boston.
B-5
ADVANCE IN BONDS :
IS NOW FORECAST
Former Depression History Held to
Show Good Upswing Within
Next Year. ]
Special Dispatch to The Star.
NEW YORK. August 2.—The bond
market is now at the time of year when
the decisive turn came in the depres
sions of 1921 and 1924, West & Co.
point out in a review of the investment
markets. “The current recession so
far most resembles 1921,” the bankers
say. “While bond prices advanced 21
per cent from July 20, 1920, to
ber. 1922. over 91 per cent of this gain ,
was accomplished in the 15 months
from June, 1921, to September, 1922.*
On this theory we are now entering an
other period of advancing bond prices,”
with the most substantial increases oc
curring within the next year.
“Statistics reveal that in every pe-'’
riod following a depression when busi
ness actually touched bottom and com-'
modity prices became stable, bond •
prices steadily advanced for about a" 1
year. With commodity prices at the
lowest level since 1914, and an abund- J ’
ance of funds available for
it would appear that the present time 1
presents the most advantageous period"
since 1921 to purchase bonds. Not
only are bonds selling on an attrac- ’
tive income basis, but offer an unusual ‘
opportunity for steady enhancement"
in price at more than a normal rate ''
within a comparatively short time.”
KANSANS MAKE PROFIT
ON WHEAT AT 65 CENTS-
By the Associated Pres*.
SMITH CENTER, Kans., August 2. =■
Two lawyers who harvested their first
crop this year refute the contention .
that wheat can’t be grown profitably for
less than $1 a bushel.
Arthur and Theodore Relihan have
marketed 2,641 bushels of wheat from
154 acres. They received 65 cent* a
bushel, a total of $1,716.
Their cash outlay for seed, planting,
harvesting and hauling amounted to an
even S7OO, making their profits exceed
SI,OOO.
Baltimore Markets T
Sped*! Dispatch to The Star. “
BALTIMORE, Md., August 2.—Poul
try. alive—Chickens. Springers, pound."
20a24; old hens, 23; old roosters, 14 ;V
ducks, 12a16; pigeons, pair, 23.
Eggs—Receipts. 1.100 cases; nearby”,
firsts. 23; Southern firsts, 22. L
Butter—Good to fancy creamery. -
pound. 34a39: ladles, 24a58: rolls. 24a',
25; process, 30a31; store packed, 20a21.
Vegetable Prices.
Potatoes, white, 100 poimds, I.ooa -
1.50; new, barrel, 1.25a130; beans, *
hamper, 50af1.40; beets, 100, 2.00a3.00;'’
cabbage, basket, 75a1.25; carrots, 100“
pounds, 3.00a4.00; celery, crate, 2.00a”
2.50; corn, dozen, 8a30; cucumbers,
hamper, 40a65; lima beans, bushel, 75a *
1.00; lettuce, crate, 25a75; onions,”
bushel, 50a75: peppers, hamper, 65a75;«
peas, bushel, 1.75a2.50; squash, hamper, ~
35a50; tomatoes, crate, hamper, 25a75;
bushel, 35a50; blackberries, quart, 17a"
20; cantaloupes, hamper, 75a1.10;
huckleberries, quart, 15a20; peaches,-
bushel, 1.75a2.75; watermelons, 100, *
25.00a30.00. T