.OUTPUT OF PIG IRON
REGISTERS DECLINE
Growing Resistance of Pro
ducers to Price Reduc
tions Is Noted.
BT the Associated Press.
NEW YORK. September 3—Pig iron I
production declined 4.3 per cent In i
August, sinking to the lowest daily r*te
since October, 1924. Iron Age will say
tomorrow in its weekly review of the
Iron and steel industry.
•'But this recession is regarded as
water over the dam,” the review states,
••in view of the current trend of iron
and steel works operations and the
growing resistance of producers to price
pressure.
i- Steel Ingot output, notwithstanding
the rather general Interruption of busi
ness during the Labor day week end,
hits registered the third consecutive ad
vance In as many weeks, now averaging
65 per cent, compared with 54 per cent
last week and 62 per cent three weeks
ago. While the gains have been slight,
they have been none the less recogmx
able and have encouraged leading in
dependent sheet makers to make the
first determined price stand in more
than a year.
Attempt to Halt Decline.
"Quotations announced by these mills
eliminate recent minimum figures and
will apply particularly on September
business. The advance represents an
effort to halt a protracted decline which
depressed $4 to sl2 a ton below the
levels of the first half of 1929 and at
the same time reflects a recognition of
the growing interest in future require
ments manifested by buyers in the last
two weeks. J ~
"Doubtless this move and others re
ported to be in contemplation are cal
culated to help replace the depression
psychosis with a spirit of confidence.
While events will determine whether the
time is yet ripe for such a change, it
is the consensus of opinion that tne
trend of the- trade this month will
largely determine the fortunes of the
steel industry for the remainder of the
vear and that even mild seasonal re
covery will do much to put business on
a firmer basis and lead the way to sus
tained improvement early in 1931.
"Until a more definite trend is ap
parent reference must be made to such
straws as are available. Pig ironJ*L lp r
ments at Chicago in August showed a
aain of 20 per cent over July, while
certain Cleveland producers report an
Increase of 25 per cent. Improvement
In orders for both all °y * teel , ba ” a " d
carbon bars point to moderate «xP*n
skm in automobile production. The
first purchase of sheets < 1.000 tons) for
the new Chevrolet models has been
made, and steel purchasesaresoon to
be concluded for the first 20,000 oi
these cars. New inquiries for fabricated
structural steel at 71.000 ’ ton*, are the
largest since the second week of June
T'in olftte production risen to 0
per cent of capacity, following the pass
tog of the drought scare. Scr*P
kets have held their recent gains not
withstanding ample stocks in the hands
of large consumers. ,
''Leading outlets for iron and steel
disclose little change in tonnage con
sumed aside from the slight expansion
TpJentlv noted but no survey of the
trade at a time like this can estimate
th* amount of business that is Deing
held back by the ultraconservatism that
extends from manufacturing user sna
fabricator to ultimate consumer.
a slight loosening of the purse strings
all along the line, such as may be now
in the making, would P. u * ™ a “L!® * ha "
producers’ books. Another faetor tn
mav prove a deciding influence is the
largely unclassified, miscellaneous group
of consumers which last year took near
ly one-fifth of all the finished steel
rolled.”
Pig Iron Production.
Total pig iron production in August,
estimated from telegraphic returns to
the iron Age, was 2,526.500 tons com
pared With 2.639,537 tons in July. The
dally average to August, 81,500 lons,
underwent a decline of 3.646 tons 4.
per cent) from the July rate of 85,146
the Iron Age, was 2 526,500 tons, corn
main unchanged, finished steel at 2_142
cents a pound and pig Iron at 16.88
a gross ton.
- ■"-»
NEW CONSTRUCTION
NEW YORK, September 3 (A*).—New
construction undertaken in August in
the metropolitan area of New York
totaled $76,708,900, an increase of 11 per
cent over $68,861,300 in July and an
increase of 1 per cent over $75,669,700
in August last year. P. W. Dodge Cor
poration reports. For the year to Au
gust 31, construction awards in the
area totaled $658,073,000, compared with
$846,926,700 to the like period last year.
FOREIGN EXCHANGES.
(Quotation* furnished by W. B. Hlbb* * Co.)
Nominal told Beilina check*
value. ♦“"I* 3 -
London, pound *$ *••* M fS' tc
Paris* franc 3 • ’«c 3.J3 «c
Brussels, belts \\ ilr 2$ 86*.c
Berlin, mark « 6 ai*2£
Rome, \llra » 2«c 523 ,c
Zuricm. dranc »*•**
Athens.! drachma-... *•** ii'siiie""'
Mad®.; peseta - l?lS. «c
Vienna, schllllnt. ... 14 O'®
Budapest, pento..... 174*® -j*iii»e
Prague.terown (nom.i 1M(« 2.»»ue
War*’* * lotjr li'g 6 saiaiii 1
CopeXisaen. crown.. M.Se *2 rt
SSister~*i.::: S* "K
SIVIDENDS DECLARED
N$W YORK, September 3 <**>•—
Be talar.
Pe- Pay- Hldrs. of
rnmnane Rate, rtod. able. record.
Am ETi-*ustlcTlVt..3sc Q Sept. 30 Sept. 16
8, , n N k f r yb Tru,t ...76c Q Oct. 1 sept.»
Cable* * Wireless.
Ltd* Kmer dep
reci |or s '* _ Oct. « Au*. 3#
Cam4i4"lronV 11 SA Oct. 1 Sept. 15
Coat* (fj & P*.
o^riS dePre . 6 :...*d .. Oct. 5 Aut.3*
C m'? o Sr W *A Uh $1.75 Q Oct. 1 Sept. 30
Do wFb *l5O Q Oct. 1 Sept. 30
Do Cl. A,‘..'.'.r..37Hc Q Sept. 30 Sept. 30
Sr B ...37'ic Q Sept. 30 Sept. 30
Corn! Ots i w...*110 o Oct. 1 Sept. 13
Do 7'> pr pi... 51.75 Q Oct. 1 II
De Hftviland Air-
LtSy p(° f . *1.75 Q Sept. 15 Sept, t
®*w.y pf T .:.*.":«7*c Q Oct. 1 sept. 15
M. 75 « Oct. 1 S*Pt. .
*s? Uehy 50c M sept. 15 sept. 10
K?t£ar«U" $, *?si 2 o?t. i ss-s
Doibfl *l5O Q Oct. 15 Sept. 30
uEtjv’inc........7«C Q sept. 30 Sept. 13
McWilliams Dredt-
In* .50c Q Sept. I Aut. 30
Do pf.'.. !*oc Q Bept. 3 Aut. 30
Mirhlcan Elec Pow , _ .
7% pf *1.75 Q Oct. 1 Sept. 15
Do pf *1 SO Q Oct. 1 Sept. IS
Midland Royal _ _ ,
Corp *3 pf 50c Q Sept. 15 Sept. 4
Mononcahela Val ,
Water of 51.75 <9 Oct. 15 Oct. 1
Nal City Bank
i N y> **l Q Oct. 1 Sept. 6
Niagara Share _
(Md) 10c Q Oct. 15 Sept. 35
Do *« Pf *l5O Q Oct. 1 Sept. 30
°W ~n - 10c M Sept. 15 Aut. 30
P T. l ‘pT‘ ter Wk< .1.75 Q Oct. I sept 30
Pittsburgh Steel
Fdy pf ..*1.35 Q Oct. 1 Sept. 24
Royal Baking 25c Q Oct. 1 Sept. 8
Do pf SIM Q Oct. 1 Sept. 8
Stand Roy altlea . ~, . ■ .
Wewoka pf .145 M Sept.lt Aug. 30
Do Wetumka pf.. .1% M Sept. 15 Aug. 30
Do Wiehltg pf... 1% M Sept. 15 Au« 30
Btate Title&Mtg. .t 150 Q Oct. 1 Bept 15
Western Explor . 2>»'/ Q Sept. 20 Sept. 15
EndlCOtt Johnson. *125 Q Oct. 1 Sepl.lt
Do pf *1.76 Q Oct. I Sepi. It
InteriiaUontl Shoe 76c Q Oct. 1 Sepi. It
Safeway Store*. . *135 « Oet. 1 Sept. 13
Do V, pf *l-75 W CKt. 1 Sept. 12
Do •<« pf 5150 3 Oct. 1 Sept 12
Walgreen Co pf .ti nt's O Oct. 1 Sept 30
Initial.
Barriman Investors' _ .. _ .
Fund *1 Q Sept.* 3 Aut. 31
* Includes dividend on National City Co.
City Bank Farmers’ Trust Co.
PINANCIAC.
il NEW YORK STOCK EXCHANGE
Received by Private Wire Direct to The Star Office.
(Continued From Page 10.)
I . Prev.lSJO Stock and Ssles— Prev
Hleh. Low. Dividend Rat*. Add 00. Htth. Low. dot*. Clone.
16**i 7% North Am Aviation. , 24 9% 9 9% 9
132% 87% Nor Am (blo%stk).. 70 107% H>s% 106 107%
67 51 North Anier pf 13). .. 2 56'* 56% 56U 66*.
97 66% Northern Pacific (I). 1 75 75 75 75%
32 SOH Ohio Oil CO (3) 32 30*4 30V4 3014 30%
24*4 9'4 Oil Well Supply.. .. 1 23% 23'-% 23V, 24>4
108 96 Oil Well Sup pf (7).. 60s 104% 104% 104% 105
34% 11*4 Oliver Farm Kqulp.. 3 12% 12% 12% 12%
90**. 68% OlivFKqpf A («)... 2 68>.» 68 68 68% I
46% 18 Ollv Farm Kq cv pf., 7 18*4 17*4 17*4 19
80% 55 Otis Kiev n (2%). .. . 3 70% 69% 70% 70 !
128 118% Otis Kiev pf (6) .... 10a 127% 127% 127% 127
j 60% 45% Owens 111 Glass (3).. 4 46% 46 46% 46
19% 6% Pacific Coast 1 9 9 9 9
29% 14 Pacific roust Ist pf. . 10a 19 19 19 24
74% 52% Pacific Gas* El« 2). 4 5<% 57 57% 57%!
107% 71% Pacific Lighting (3). 6 78% 77% 77% 79 j
178 130 Pacific Tel ft Tel (7). 20a 141 140 140 141 i
22% 12% Packard Motor (1). . 68 13 12% 13 12% i
77% 48% Param’nt Publlx (4). 94 61*4 60% 60% 61%'
36% 10% Park ft Tllford ÜB>. . 1 13% 13% 13% 13%!
4% 1% Park Utah 11% 1% 1% Z j
26% 6 Parmelee Tran («0c) 10 8% 8 8 7%'
9 2% Pathe Exchange 15 4% 4% 4% 4% I
19% 5 Pathe Exchange (A). 1 10 10 10 10% j
32% 16 Patino Mines 2 16% 16% 16% 16%!
14 4 Peerless Motor Par.. 3 4% *4% 4% 5 i
65% 26% PRnick ft Ford (1). .. 4 41V* 40», 40% 41% j
80 48 * Penney (.T P) (3) .. 3 54 54 54 54%
100% 93% Penney (JC) pf A MS) 1 99% 99% 99% 100' 4 j
55% 30% Penn Dixie fern pf. , 5 45 43% 43% 50
86% 69% Penna R U (4) 25 74% 73 73 74
27% 18 Petrol Corp (1%).... 9 18% 18 1R 18%
44% 28% Phelps Dodge (3).... 4 30*4 30% 30% 30%
5K% 50% PhllaCo6% pf <3).. 4 56% 55 65% 55%
25% 11* Phlla Dead Cft 1.... 6 18 17% 17% 17*.
15% BV* Philip Morris 5 11% 11% 11% 11%
27% 17 Phillipa-. Tones Corp.. 1 17 17 17 17
44% 29% Phillips Petrol (n 2). 30R 34 33 34 34
82 68% Pierce-Arrow pf (6). 1 73 73 73 70
2% 1 Pierce 0i1...: ... 3 1% 11 1%
7% 2% Pierce Petroleum.... 2 4% 4% 4% 4*.
37*4 27 Pillsbtirv Flour (2).. 3 32% 32% 32% 32%
50% 39% Pirelli Italy <a3.14). 10 40% 39% 39% 40%
22% 17% Pitts Screw (1.40)... 2 18 18 18 18% !
24% 20% Poor ft Co (B) (2). .. 2 25 24% 25 25 ]
30%' 21 PR Am Tob A (1%). 8 25% 25 26 25% j
27% 8 PRAmToh(B) 14 9% 9% 9% 9%
103 90 Postal Tel ft Ppf (7) 1 87% 87% 87% 90
54 33% Prairie Oil ft Gas (2) S 35 34% 35 34*4
60 44 Prairie Pipe L (t 5).. 3 45 44% 44% 45
16%, 614 Pressed Steel Car. .. 2 76% 6% 7
78% 62% Proct & Gamb (2 40). 15 75% 74% 74% 74%
123% 81% Pub Sv XJ (3 40) 29 93% 92 92% 93
98% 91% Pub Sv NJ pf (5). .. 3 96 $6 96 96
8% 1% Punt* AlegreSugar.. 11% 1% 1% 1%
27% 19% Pure Oil (1 %) 10 20 19% 20 20
114% 110% Ture Oil pf (8 > 60a 112% 112% 112% 112%
88% 52 Purity Bakeries (4). 14 66 65 65 64
69% 32% Radio Corp 1353 40% 39 39% 41%
60 19 Radlo-Keith-Orph A. 391 36% 34% 35 36
58% 28 Rayhestos Man 2.60.. 2 31% 31 31 21%
141% 100 Reading Rwy (4) .... 3 109% 109% 109% 111
64% 34% Real Silk (5) 3 44 43% 43*4 44%.
46% 23 Rem Rand (1 60). .. . 42 29% 28% 28% 29
100% 92 Rem-Rand Ist pf (7). 2 98 98 98 96
14% 8% Reo Motor Car (80c). 4 11% 11% 11% 11%
79% 82 Republic Steel (4)... 28 36% 35 35% 35%.
34** 23 Reynolds Metals (2). 1 24 24 24 24% !
7% 3 Reynolds Spring. ... 13% 8% 3% 3%
58% 45% Reynolds Tob B (J). 23 52% 51% 51% 52%
28V* 14*» Richfield OU (5) 20 15% 14% 15 15
26% 16 Rio Grande Oil (2).. 49 16% 15% 16 15%
48** 27% Roaata Inaur (2.20).. 8 32% 31% 31% 32%
66% 45** Royal Dutch a3.2165. 6 49% 49 49V* 49%
122% 57% Safeway (e5) 5 69% 68% 69% 71
67% 33% St Joseph Lead (13) . 7 40% 40 40% 40%
118% 85% St L-Ban Fran (8) . .. 1 90% 90% 90% 91% :
101 92 St L-San Fran pf (6). 1 94V* 94% 94% 94%
76% 52% St L Southwestern.,. 19 69% 68% 69% 69%
31% 16 Savage Arms (2).... 1 20% 20% 20% 19%
13% 4% Schulte Retail Strs.. 9 7% 77 7%
12% 4% Seaboard Air Line... 5 5% 5 5% 5%
100% '26 Sears Roebuck f 2% .. 64 75 71% 71% 75
18% 6% Servel Inc 12 76% 6% 7
37% 16% Sharon Stl Hoop (1)„ 12 19 17% 19 17%
62 31 % Shattnck PG < 1 1 V4 ) . 1 37% 37% 37% 37%
48% 40 Shell Trans (a2.428). 60s 42% 42% 42% 42
25% 14 Shell Union Oil 10 15 14% 14** 14%
35 8% Shubert Theaters.... 4 18% 18 18 18%
94% 21 Simmons Co 31 26V* 25 25% 26%
37 18 Simms Petrol (1.60). 2 18% 18% 18% 18'%
32 20 Sinclair Con Oil (2).. 58 21% 21% 21% 21%
112% 108 Sinclair Oil pf (8)... 1 110% 110% 110% 110%
42 27% Skelly Oil (2) 14 27% 27% 27% 27%
36% 15 Snider Packing pf./. 1 19 19 19 18%
127 108 Southern Pacific (6). 8 116 116 116 116
136% 75 Southern Rwy (8)... 8 85% 85% 85% 85%
101 90 Southern Rwy pf (6) 2 91% 91% 9114 91%
135% 87 Sou Ry MftOct (4). 2 116 115% 115% 110
3014 18% Sparks Within* (1).. 15 22% 21% 21% 21%
10% 6% Spear ft Co 80s 5 6 6 5%
25 17 Spencer Kel U. 60)... 1 16 16 16 16%
86% 14% Spicer Mfg 2 16% 16% 16% 16%
29% 17 Stand Brands (1%).. 46 20% 20% 20% 20%
129% 84% Stand G&E (3%)... 87 106% 103% 103% 106%
67 61% Stand GftE pf (4)... 3 66% 66% 661* 66%
15% 5 Stand Invest Corp.., 17 77 6%
75 55% Stand Oof Cal (2%)'. 16 60% 60% 60% 60%
104% 98 Stand Oil Exp pf (5). 3 103% 103% 103% 103%
49 29 Stand Oil of Kan (2), 2 SO 30 30 29%
86% 48 Stand OH of NJ(t 2) 184 69% 68% 68% 69% j
40% 30 Stand Oil N Y (1.60). 27 31% 31 31 31%
47% 27% Starrett <LS) (t 2%). 2 36% 35% 35% 36%
20V* 9% Sterling Sec (A) 4 11% 11% 11% 11%
48 36 Sterl Seccv pf (3). .. 2 39 39 39 39 j
47 19% Stewart-Warner (2). 13 26% 26% 26% 26% I
113% 70% Stone & Webster (4). 20 80 78V* 78% 78%'
47% 25% StudehakerCorp (3). 9 31% 30 30 31%
125 116 Studebaker Co pf (7) 10s 122 <122 122 122 '
• - ' 1
Baltimore Markets
Special Dispatch to The Star.
BALTIMORE, Md., September I.—
Potatoes, white, 100 pounds, 7&a2.00;
barrel, 2.00a2.75; sweet potatoes, barrel,
3.50a4.00; beans, hamper, 2.25a3.00;
beets, 100, 4.00a4.25; cabbage, basket,
1.00al.l5; carrots, 100, 3.00a4.00; celery,
crate, 1.25a1.75; corn, dozen, 25a40;
cucumbers, hamper, 1.00al.50; lima:
beans, bushel, 3.00a4.00; lettuce, crate, I
4pa9o; peppers, hamper, 60a60; squash, l
hamper, 60a75; tomatoes, hamper, 50a i
1.25; packing stock, bushel, OOal.OS; i
cantaloupes, hamper, I.ooa 1.50; huckle
berries, quart, 18a20; peaches, bushel,
1.50a3.50; pears, bushel, 75a1.50; water
melons, 100, 10.00a40.00.
Dairy Market.
Poultry, alive —Chickens, Springers,
pound, 20a28; Leghorns, 15a23; old hens,
17a24; Leghorn*. 13a17; old roosters,
13a14; ducks, 12al8; guinea fowl, each,
65a75; pigeons, pair, 15a20.
Eggs—Receipts, 1,930 cases; nearby
firsts, 25a28; Southern firsts, 24a25;
current receipts, 23a25.
Butter—Good to fancy creamery,
pound, 36a42; ladles, 28a30; rolls. 27a
28; process, 33a35; store packed, 25.
Hay and Grain.
Wheat—No. 2 red Winter, export,
•1%; No. 2 Winter, garlicky, apot, 88H;
September, 88Vi; October, 90’4.
Corn—No. 2 domestic, yellow, new,
1.15a1.16; cob corn, 5.25a5.50.
Rye—Nearby, 68a75.
Oats—White, No. 2, new, 50; No. 3,
49. I
Hay—Recmpts, 130 tons. General hay
market strengthening. Drought has
seriously curtailed nearby crops, chang
ing the entire situation. Sections here
tofore shipping are now asking for
offers of hay. Good clover mixed and
timothy new hay will bring from 22.00
to 28.00 per ton.
WheatSstraw, No. 1, per ton, 9.00a
10.00; oat straw, No. 1, per ton, 9.00a
10.00.
Live Stock Market.
Cattle—Receipts, 200 head; light sup
ply; market steady.
Sters —Choice to prime, none; good
to choice, 9 00 to 10.00; medium to good,
8.00 to 9.00; fair to medium, 7.00 to
8.00; plain to fair, 6.00 to 7.00; common
to plain, 5.00 to 6.00.
Bulls—Choice to prime, none; good to
choice. 6.25 to 6.50; medium to good,
6.00 to 6.25; fair to medium. 5,50 to
6.00: plain to fair, 5.00 to 5.50; common
to plain, 4.50 to 9.00.
Cows—Choice to prime, none; good to
choice, 5.50 to 6.00; medium to good,
5.00 to 5.5<|; fair to medium, 4.00 to
5.00; plain to fair, 3.00 to 4.00; common
to plain, 2.50 to 3.00.
Heifers—Choice to prime, none; good
to choice, 7.00 to 8.00: medium to good,
650 to 7.00; fair to medium, 6.00 to
6.50; plain to fair, 5.00 to 6.00; common
to plain, 4.00 to 5.00.
Presh cows and Springers, 30.00 to
80.00.
Sheep and lambs—Receipts, 300 head;
i light supply; market steady; sheep,
’ 1.00 to 3.50; lambs, 4.00 to 9.50.
I Hogs— Receipts, 1,000 head: light
i supply; market steady; lights, 11.15 to
> 11.55; heavies, 10.50 to 11.50; medium.
11.25 to 11.80; roughs, 7.00 to 9.00;
light pigs, 9.25 to 10.50; pigs, 10.00 to
l 1050.
Calves—Reeripts. 75 head; light sup
ply; market steady; calves, 5.00 to 11.50.
1 "A ...u 1— ' T '
THE EVENING STAR. WASHINGTON. D. G., WEDNESDAY, SEPTEMBER 3, 1930.
,-Prev 1930—. Stock and Sales— ,? rev '
Hlah Lot. Dividend Rate. Add 00. Hith. Low Close. Close.
108 102% Sun Oil pf (6) .. 20* 106% 1.06% 106% 106%
JPH, 2 Superior Oil 6 2% 2% 2% 2%
45% 38 Superheater »♦s%).. 1 $3% 43% 43% 43%
17% 7% Symington (A) 2 9'* 9 9% 9
26% 15*4 Telautog C (11.35). 2 18% IS'* 18'* 18%
17 10% Tenn Cop ft Ch (1)... 1 11% 11% H%
60% 50% Texas Corp Gt).. .. 13 51% 61% 51% 51%
67% 48% Tex Gulf Sulph (4).. 9 59 58% 59 58**
14% 8% TexaaPCftOi! 8 8% 8% 8% 8%
32% 13*4 Texas Pac Land Tr. . 11 21% 20% 20% -1%
| 36% 17% Thatcher Mfg (1.60). 11 24% 23% 23% -.4
| 26% 11 Thermold Co 1 11% “ 11 ‘
1 15% 6'4 Third Avenue 2 11 11 H “
: 46% 24% Third Nat Inv (2). .. 1 30 30 30 27
39% 20 Thompson Pr (2.40). 3 21 20% 20 * 20,
17*. 10% Tide Water As (6"e) 21 14% 13% 14 14 8
89*. 78 Tide Water As pf (61 1 84". 84*i 84* <4 *
! 94% 82 Tide Wat Oil (pf (5). 2 91 91 91 91
I 13%. 7% Tob Prod (A) (80c). . 32 12% 11% 12% 12
| 6% 2% Tob Prod div ctfs A.. 2 6%. 6% «% ” ’
6% 3% Tob Prod dlv ctfa R.. 2 6% 6% "% 6*
' 6% 2% Tob Prod div ctfs C. . 3 6% 6% 6% 5 *
25% 19 Transamer (t 1.60)... 126 23% 22% 23 23
j 2.4 16% Transcont Oil (30c). 35 17% 17% 1(% I<%
20% 9% Tri-Cont Corp 26 13% 12% 13% 13%
j 95 89% Tri-Cont Corp pf (6). 5 95 94** 95 95
I 41% 30% Trlco Prod (2%) ... 1 32 32 32 32
! 22 10% Truax Traer (1.60).. 3 13% 11 11 I''%
i 79 631* Twin City RT pf (7). 80s 63 63 63 63%
i 138 83 Und-Ell-Fischcr (5). 11 98 96% 97 96%
! 106% 60% Union Carbide (2.60) 156 80% 78% 79% 78**
50 37 Union Oil of Cal (J 2) 3 40% 40% 40% 40%
242% 200 Union Pacific (10)... 1 217 217 217 220
87 82% Union Pacific pf (4). 2 86% 86 86% Ri'4
38'4 25% Un Tank Car (1.60).. 2 25** 25% 25% 26
99 43% Utd Aircraft 467 61% 58% 59% 59%
58% 36 Utd Biscuit (1 60)... 1 46 46 46 46%
84 40% Utd Carbon (2) 19 51% 50% 50% 51%
8% 5% Utd Cigar Stores. ... 22 7V* 77
52 28% Utd Corp (500 237 34 ~33 33% 34
53% 46% Utd Corp pf (3) 37 51% 50% 51% 51
105 * 83 Utd Fruit (4) 3 89 88% 88% 89%
49% 31% Utd Gas ft Im (1.20). 27 37 36% 36% 37
103 97 Utd (las ft Im pf (5). 3 102% 101% 102% 102'*
14% 4% Utd Stores (A) 5 10% 10% 10** 10%
32% 15% US ft For Secur 5 18% 17% 18% 17
j 30% 17 IIS Hoffman (2) 1 14 14 14 17
j 139% 59 U H Ind Alcohol (+ 7) 7 70 68% 70 68%
! 94 77% IT S Loath pr pf <7).. 1 83 83 83 86
38% 18% U S Pineft F (2). ... 178 36% 35% 35% 35
75% 41 US Realty <5) 1 44% 44% 44% 45%
35 181* IT S Rubber 31 21% 20% 20% 20%
63% 38 1’ S Rubber Ist T's-• • 16 40% 39 39 39%
36% 17% tT S Smelt ft Ref (1). 2 20 19% 20 19%
198** 151% US Steel (7) 760 171** 168% 168% 170%
146** 141 US Steel pf (7) 24 146% 146% 146% 146%
68 59% ITS Tobacco (4).,... 1 04 64 64 64%
9 2** Unlv Pipe ft. Rad.... 14% 4% 4% 4
126 122 IT S Tobacco pf (7).. 40s 140 140 140 126
76 30 Unlv Pic Ist pf (8). . 100 547 40% 47 41
45*, 30 Util Tow ft Lt A <e2) 24 36% 35** 35% 36%
7% 2*4 Vadasco Sales Corp.. 24 2 2 2 2%
143% 49% Vanadium Stl (14).. 614 83 79% 79% 82%
104% 101 Va K1 ft Pow pf (6) . .900 s 104% 103% U>4 104
19% 12 Va Iron Coal ft Coke. 20g 20% 20% 20% 18
166 60 Vulcan Det (4) 90s 79 77 79 78%
67% 28 Wabash 1 32 32 32 34
31% 24% Waldorf Sysltn (1 %) 6 28 27% 28 28%
42% 20% Walworth Co (2).... 6 26% 26% 26% 26**
54 21% Ward Baking (A)... 760* 35% 26 33% 23*,
15% 4% Ward Baking (B).. . 98 10% 7% 8% 7%
77% 58 Ward Baking pf (7). 8 67% 62% 67% 61
80V* 24% Warner Bros Piet. .. 682 32% 30% 30% 32
27 11 Warner Quinlan 1 11% 11% 11% 11%
63% 40% Warren Bros (.3)... . 9 60*4 50 50% 50%
55 50 War Bros cv pf (3).. 20* 54% 52 54% 52%
9% 4% Webster-Eisenlohr. . 14% 4% 4% 4%
•>9% 22% Wess Oil ft Snow (2). 2 27% 27 27 27%
59% 50% Wess OftSn pf (4).. 10 56% 56% 56% 57
104 97% West Penn El pf (6). 20s 102 102 102 102
111% 105% West Penn K! pf (7). 130a 110% 110% 110% 110
110 104% West Penn Pw pf (6) 10# 109% 109% 109% 111%
11814 113 V, West Penn Ppf (7).. 10a 116% 116% 116'.* 117
36 18% Western Md 5 24% 231* 23% 24%
219% 150% Western Union (8).. 4 173'* 172'.- 173'* 174%
52 36% Westlngh’se A B (2)• 1 38% 38% 38% 38
201 % 124% Westing FI ft M (5).. 147 151** 147% 147% 151
48V4 29% Weston El Instr (1).. 12 35 33% 88% 36
59% 30 Westvaeo Chlor (2).. 1 40% 40% 40% 39
43 27% White Motors (2).. .. 1 34% 34% 34% 34
54% 36% Wh Rock M S (t 4%). 9 49*, 49", 49% 49
13% 4% White SewlngMach.. 8 4% 4% 4% 4%
39% 12% White Sew Mach pf.. 1 12 12 12 12%
21 11% Wilcox OH ft Gas... • 1 15% 15% 15% 15%
11 5% Willys-Overland.... 4 6';* 5% 5% s*,
72% 51% Woolworth <2.40). ... 29 63% 62% 62% 63%
IK9 67V* Worthington Pump. . 40 136 133 133 135%
93 78 Worth Pump(B) (6), 1 92% 92% 92% 92
81 67% Wrigley (Wm) (4).. 1 75 75 75 74
77 38 Yale ft. Towne (2)... 1 40 40 40 40
32% 12% Yellow Truck. ...... 213 23% 21% 21% 22%
105 72 Yellow Truck pf 10* 88 88 88 88%
47 32% Young* Spring (3). .. 95 40% £9 40 39%
150% 108 Youngst’n Sft T (B). 4 114 111 114 113
16% 6% Zenith Radio 78% 7% 7% 8%
RIGHTS EXPIRE
1% 1 Mich Steel.. Sept 22 4 11 11%
i 3 % Warn Broa P.Sept 16 587 3 2% 2% 3
Sales of Stocks on New York Exchange.
10-30 AM 226.500 12:00 Noon 780,500
1:30 P.M 1.133.200 2:l<* I\M 1271100
i Dividend rate* as given In the above table are the annual
cash payment* based on the latest Quarterly or half yearly declara
! tlo,> «TJn!t of trailng less than 100 shares. tPartly extra. tPlai «
1 per cent In stock. IPayable in scrip fPlus » per cent In stock
i a Paid this year—no regular rate b Payable In stock, d Payable
when earned e Payable In cash or stock f Plus 10 per cent in
! stock «Plus 6 per cent in stock, h Plus 3 per cent in stock.
! ) Pius • per cent in stock, k Plus 9 per cent In stock, m Plus 1
: per cent In stock n Plus 5 per cent In stock p Plus 50c cents In
1 preferred stock, r Subject to approvsl of stockholders.
RAILWAY EARNINGS
INQUIRY SCHEDULED
Rate Bom Ii Basis for Quiz in
Congress on the Howell
Bill.
i By the Associated Press,
j Echoes of the celebrated O’Fallon de
i clsion of the Supreme Court will rever-
I berate In Congress next session when
hearings are opened on the Howell bill,
i to provide a method of arriving at a
rate-base for determining railway earn- ■
ings.
The provision of the bill by Senator
Howell, Republican, Nebraska, center
around the value of the railroads and
also would require that earnings above
8 per cent be held In truat, one-ha'*f for
investors and one-half for the United
States.
Determined opposition to the measure
already has been expressed In a brief
filed with the Senate Interstate Com
merce Committee by Alfred P. Thom,
general counsel for the Association of
Railway Executives.
Thom contended the bill would be an
“insidious and dangerous” approach to
Oovernment ownership and manage
ment.
In the decision, handed down last
year, the court ruled the Interstate
Commerce Commission, in fixing a val
uation of the St. Louis and O’Fallon
Railroad, had not given sufficient con
sideration to cost of reproduction.
The brief by Thom Insisted the How
ell proposal for determining a rate-base
was contrary to the O'Fallon decision
and that the figure arrived at would be
far less than actual value.
“It is respectfully submitted.” the
brief asserted, “that Congress will not
accept so. flagrant a defiance of the
court and of the Constitution.’’
Thom added there was no danger to
the public from strong and prosperous
railroads, contending that even if they
had “the puYpoae to oppress they are al
ready so regulated as to make oppres
sion impossible."
The hearings will be before tne Inter
state Commerce Committee of which
Senator Couzens, Republican. Miclii
, gan, is chairman.
- ■ '■ ■ ■ • - ■
NEW YORK BANK STOCKS
, NEW YORK. September 3 (*>).—
Over-the-counter market—
Bank Stocks.
Bid. Asked.
Americ* as 99
1 Bk of U S units 40',4 43'/«
Broadway National no 100
Chase 146'i 149'/i
> Chat Phenlx lOfi 109
l City 151 154
Fifth Avenue 2900 3200
First Natl N V 5025 5325
) Rarriman 1500 1800
Manhatan Co 118 119
. Peoples Natl 400 500
, Trust Companies.
Banker* MC'j 14£>'»
t Cent Hanover J4ti 351
. Chelsea Bk A Tri 31 34
1 Chew Bk A Tr 8# 70
: couVuy xch *“ ,e M 111
' Ouaianty 636 641
s Irvin* 51 3 a 53 3 »
Manufacturers B*'a 07'2
. New York 754 259
. United Stales ....... ... 3975 4175
L Westchester TttW ATr 130 170
Washington Produce
Butter—One-pound prints, 44!^a45V4;
! tub, 42>/ 2 a«H.
Eggs—Hennery, 32a33; current re
ceipts, 27a28.
Poultry, alive—Spring chickens, large,
25a27; medium, 24a25; small, 24a25;
Leghorns, 22a 23; fowls, large, 19a 20;
small and medium, 17al8; Leghorn
j fowls, 13a15; roosters, 13a14; ducks, 15.
Home dressed—Spring chickens, large,
,32a35; medium, 30a31; small, 28a30;
; fowls, large, 26a28; small and medium,
j 24a25; Leghorn fowls, 18a20; roosters,
18a20; ducks, 20a22; turkeys, 33a35.
Meats, fresh killed—Beef, 19a22; veal,
18a22; lamb, 25; pork loins, 38; fresh
hams, 25; fresh shoulders, 22: smoked
hams. 28: smoked shoulders, 20; bacon,
28; lard, in bulk, 15; 1-pound packages,
16.
Live stock —Calves, flalO; lambs, 9.
Fruits—Watermelons, 50a85; canta
loupes, flats, I.ooa 1.25; nearby, 2-peck
baskets, 1.50; Persian melons. 1.50a
2.50; oranges, 5.50a8.00; lemons, 5.50a
6.50; limes, per 100, 1.50; peaches, 2.00a
3.00; apples, bushel baskets. 75a1.50; .
box stock, 3.00; plums, 1.25a1.75; grapes,
tokays, 2.75; malagas, 1.75; quinces,
California, fancy, box of 40, 2.25; pears,
1.75a2.75; damsons, 1.50.
Vegetables—Potatoes, 3.25a3.50: sweet
potatoes, 5.50a6.00; tomatoes, 1.50a2.00;
carrots, per 100 bunches, 5.00; beets,
per 100 bunches, 5.00; turnips, per
bushel, 1.50; peppers, 1.00a1.25; string
beans, 3.00a3.50; lima beans, 4.00a4.50;
cabbage, 90 pounds, 1.75a2.00; eggplant,
2-peck baskets, 75; corn, 2.25a2.50;
okra, 2-peck baskets, 1.50; cucumbers.
New York, bushel baskets, 2.25a2.50;
nearby, 2.00.
-
SHORT-TERM SECURITIES.
(Reported by J. A W Selliman Si Co.)
Bid. oner.
Ailis-Chalmers Co. 5a 1937 101% >O2
American Tel Si Tel, 5%s 1943. 108% 108%
American Thread 5%s 1938.... 100% 101
Baltimore A Ohio 4%s 1933.... 101 101 V,
Batavian Pet. Corp. 4%s 1942. 95% 95'a
Bell Tel of Canada 5s 1957 ... 103 103%
California Pet. Corp. 5%1 1938 102%. 102>a
Canadian Nor Rwy. 4'as 1935.. 100% 101
Chicago Rock Inland 4s 1934... M% 99%
Chile Copper Co. 5s 1947 97 97%
Cudahy Packing Co. S%( 1937. 98'* *7%
Oen Mot. Accep. Corp. 6s 1937. 103% 103%
General Pet. Corp. 5s 1940 102% 102%
Oeneral Theaters Eo. fls 1940... 95'4 95%
Goodyear T. A R 5s 1957 93 93%
Grand Trunk of Canada 6s 1936 107 107%
Gulf OU of Pa. 5s 1937 101'i 101%
Humble OU SUs 1932 102% 102%
luternat Match Corp. 5s 1947. 100% 100%
Mariand Oil 5s 1932 100% 100%
New York. Chi. A 81 l. 8s 1932 102% 102%
Phillips Pet. Co. 5%s 1939 98% 97
Pure OU Corn. 5%g 1937 99% 99%
Shell Union Oil Co. 5s 1947. . . 95 95%
Sinclair Crude Oil Co. 6%s 1938 102% 102%
Standard Oil N. Jersey 5s 1948. 104% 104%
Standard Oil N. York 4%s 1951 99% 100
81. L. It Mt. *So Rv 5s 1931 100% 101%
81. L . Southwestern Ry. 4s 1932 99% 99%
Swift & Co 5s 1932 100% 101
Union OU Co. of Calif. 5s 1935 101% 101%
United Drue Co. 5s 1953 09'4 100
U. 8 Rubber 5s 1947 §2% 83%
Western Electric Co. 5s 1944.... 104% 105
Wheelln* Steel Corp 5%s 1948. 103% 103%
Wheeling Steel Corp. 4%s 1953. 92% 93%
INVESTMENT TRUSTS
NEW YORK, September 3 Mh.~Over
the-counter market.
Bid. Asked.
Amer Brit & Cont t'i pf 80 86
Amir Composite Tr -Shr* 9% 9%
Aasoc Stand OU Shares 9% 10%
Deposited Bank Share Ber 10*4 11%
Oil Shares Inc Units 45' 4 49%
Trust Shares of America 8% 8%
Untied Ins Trust Shr* P 18% 17
United N Y Bnk A Trust Shrs C 17% 19%
INVESTMENT BOND
MARKET IS STEADY
South American Issues in De
mand on Rumors of Rev
olution’s Collapse.
BY F. H. RICHARDSON.
Special Dispatch to The Star.
| NEW YORK. September 3.—With the
rest of the list dull and Irregular, the
strength of South American bonds was
the feature of the investment market
today.
Some of this was attributable to cov
ering by speculators who went short of
Argentine issues on the supposition that
a revolution was in the making and
who are now protecting themselves in
view of the continued quiet in that
country. Still more of the strength was
traceable to investment buying induced
by the bullish news that a rapproche
ment is imminent between Bolivia and
Peru, whose bickerings in the past have
often resulted in loss to investors In
their credits.
Right from the start it was evident
that » better outlook was seen for the
future of South American bonds. Ar
gentine 6s gained a point in all maturi
ties. Bolivian 7s were up a like amount.
Sao Paulo 6s and the recent Coffee
Realisation 7s. sympathetically affected
and also strong in the face of reports
that another stabilization credit is being
arranged in London, were higher, the
former by nearly 3 points. Peruvian
bonds were firm.
Apart, from this group the foreign
department was quiet, though there was
impressive strength in some of the Ger
man descriptions, notably Berlin 6'*B
Cologne 6' 2 s and United Steel Works
A 6> 2 s (1951). Swiss s'jS, Belgium.Bs,
Norway 5s and Japanese s'is advanced.
In the high-grade domestic section
rhere were a few declines caused by
the competition of a $40,000,000 issue
of Portland General Electric first and
refunding 4V 2 s. which were priced at
93 ! 4 . The selling affected such Issues
as Utah Power A Light ss, Philadelphia
Co. ss, Dtiquesne Light 4'is and com
parable bonds which are selling around
a 4.30 to 4.50 per cent basis against
the 4.90 yield of the new issue.
Such high-grade rails as Canadian
Pacific 4s, which are not legal invest
ments for savings banks and trust com
panies in New York State, were also
off a shade, but otherwise the rail
group showed strength, with small ad
vances in Baltimore & Ohio first 4s
and others.
Junior rails were fairly active with
price fluctuations about evenly divided.
International Railways of Central Amer
ica 6Vs reflecting the improved tone
in Latin-American credits, gained 2
points, though the first mortgage 5s
were unchanged. St. Paul Adjustments,
St. Paul ss, Florida East Coast ss,
International Great Northern Adjust
ments, Frisco 4Vis, and Southern Rail
way 4s improved. Erie General Lien 4s
and Erie 5s were lower. Industrials
were dull.
There was a total of over $45,000,000
in new bonds, including besides the
$40,000,000 Portland General Electric
issue, $2,264,000 New York Water Serv
ice Corporation ss. priced at 99 to yield
4.08 per cent, and $2,000,000 Province
of Saskatchewan, Canada,4 4, 2 s priced
at 99% to yield 4.55 per cent.
- —•• • ■
Utilities Firm Expands.
NEW YORK, September 3 UP).—
Southern Cities Public Service Co. sub
sidiary of the Central Public Service
Corporation, has purchased one-half in
terest in the Georgia Natural Gas Cor
poration and will operate the property
in connection with Its own properties.
Southern Cities owns and operates gas
utilities in nine Georgia cities, while
Georgia Natural Gas owns completed
gas "Systems in three cities, has three
under contract for construction, and
franchises have been obtained in* many
other municipalities.
Washington Stock Exchange
SALES.
Cap. Trac. ss SSOO at 93. SI,OOO at 93.
Geo. Gas ss—ssoo at 103 Vi.
Wash. Gas ss—sl,ooo at 103 V
Peoples Drug Str. pfd.—lo at 101 Vs, 10
at 101%, 10 at 101V4, 10 at 101*4, 10
at 101%, 10 at 101 >/ 4 , 10 at 101 V 4. 10
at 101 > 4 , 10 at 101 Vi, 101 at 101V4.
Real Est. Mtg. A Gr. pfd.—loo at 6Vi.
AFTER CALL.
Cap. Tract. ss—ssoo at 93.
Pot. Elec. cons. ss—sl,ooo at 102V2.
Wash. Gas 6s A—s2oo at 102 Vg-
Pot. Elec. s>/2% pfd.—s at 108’4, 1 at
108 V*.
Wash. R. A E. 4s—sl,ooo at 89%, SI,OOO
at 89%.
Bid and Asked Prices.
BONDS.
PUBLIC UTILITY.
Bid. Asked.
Amer. Tel. A Teles. 4*ie ’33... 100%
Amer. Tel. A Tel. 4%s ’39 ISO
Am. Tel. A Tel. ctl. tr. Ss 105
Anacoatia A Pot. R. R. 5s 83%
Alia. A Pot. guar. 5a 93
V -A P. Tel of Va. 5s 102%
Capital Traction R, R. 5s 93 94
City A Suburban 5s 80 83
Georgetown Oas Ist 5s 103%
Potomac Elec. cons. 5‘,. 102 108
Potomac Elec. 8s 1953 108
Wash., Alex A Mt. Vernon ctf. 6
Wash.. Bnlto. A Annap. 5s 48 52
Washington Oas 5s 1032 104
Wash. Oas Cs, series A 103% 103
Wash. Gas Bf, series B 105‘i 107%
Wash. Rwy. A Elec. 4s 89'a 90
MISCELLANEOUS.
Barber A Ross. Inc.. 6%i 89 90
Chevy Chase Club 5%a 100 .....
D. C Paper Mfg. 6a. .’ 80 75
W. M. Cold Storage 5a ?S .....
Wash. Cons. Titla 6s $9 100
STOCKS.
PUBLIC UTILITY.
Amer. Tel. A Tel. (9) 314% .....
Capital Traction Co. <4) 81 82'4
Wash. Gas Lt. Co. (18) 131 132
N. A W Steamboat (12) 235 255
Pot. Elec. Power 6'» pfd 110 IJ I Va
Pot. Elec. Power 5%”» pfd 108 110
Wash. Rwy. A Elec, com (7)... 500 .....
Wash. Rwy. AEI pfd. (5) »7% 98Mi
NATIONAL BANK.
Capital (14) 230 250
Columbia (12) 400 .....
Commercial (stamped) tlO) 225 235
District (8) 212 250
Federal-American (10) 275 300
Liberty (7S> 200 215
Lincofn (12) 400 440
Metropolitan (14) 350 385
Riggs (15) 475 510
Second 19e I 176 210
Washington (13) 245 255
TRUST COMPANY.
Amer. Security A Trust Co (15) 385 405
Continental Trust 18) 120 • •••.
Merch. Bk. A Tr (6) ..... 125 rSO
National Sav. A Trust (12t) 545 580
Prince Georges Bank A Trust. 38 40
Wash. Loan A Trust (14) 475 510
SAVINGS BANK.
Bank of Bethesda (61) $• •*
Commerce A Savings (10) 330 .....
East Washington (12) 25 35
Potomac GO) 65 75
Srcurlty Sav. A Com. Bk. (17). 471 500
Seventh Street (12) 815 .... •
United Slates (30) 830 630
Wash. Mechanics (20) 50
FIRE INSURANCE.
American (12) 330
Corcoran (10) I$J .••••
National Union (15) 22 26
TITLE INSURANCE.
Columbia (8h).., ~1% ,1}
Real Estate (8h) IJB 1J»
Title A Inv. Co. Md com 20 30
MISCELLANEOUS.
Barber A Ross. Inc., com.. 15 18
Chevy Chase Dairy pfd. (7» ... 104 105
Col Band A Gravel pfd. (7).... 69 94
Col. Medical Bldg. Corp. 100
D C Paper Mfg. pfd.. 1J .....
Dist. Natl. Sec. pfd (7> 70 85
Emer. Bromo-Scfr.. A (2) 30 32
Federal Storage pfd,.(OK 110 135
Fed.-Am. Co. com. G.3OU 30% 33
Fed.-Am. Co. pfd (8). 99 101
Lanston Monotype (8) 114 113(5
Mer. Tr. A Stge. com. GO) 10S no
Mer. Tr. A Stg. pfd. (7) JJ'a 100
Mergcnihaler Linotype (•) *96 #7%
Natl Mtte. A Inv. pfd.......... 5 5(4
Peoples Drug Stores pfd. (6(5).*101'4 102
Real Ist MA O. pfd (») 61a «H
Security Storage (4e)........... 112 114
Ter. Ref A Whg. Corp. (8) 46 52
The Carpel Corp (1.50) 23% ,34
W Mech Mtge. com. (8). ...... 8% .....
Wash. Med. Bldg C0rp.,...,... 85
Woodward A Luthrop pfd. (7). 107 108
•Ex dividend. yß%'i extra.
B Books closed. fSfl. extra.
n2sc extra. n4‘* extra.
f3oc extra. tß'» **(*»•
extra dEx righta.
el 1 /, extra. wl—When Issued.
s 2?» extra.
’ j,
[ ON NEW YORK BONDS STOCK EXCHANGE |
Received by Private Wire Direct to The Star Office
UNITED STATER.
(Sales are in 81.000.)
Sales. High. Low. Close.
Mb Ist 4%5. . A 102 2 1022 102 2
Lib 4th 4 *4e. 75 102 31 102 28 10230
U53%5’43.. 110112 10112 10112
tTS3*»s’47... 1 1012* 101 27 101 27
USS%e 1 106 2 1062 106 2
1* R4a ’44 1 108 4 108 4 108 4 ,
U S 4Vi s ‘52.. 11112 19 112 19 112 19
FOREIGN.
Bales. High. Low Close.
Argentine 5s '45. .. 3 88% 8844 88%
Argentine 5%5’6’.’.. 1 91 91 91
Argentine May '6l . 15 97 ' 96% 97
Argentine 6s Ju '59. 21 96*4 T9s*« ;95 r 4
Argentine 6s Oc ’j>9. 3 96 95** 95*4
Argentine 6s A '57. 63 97 96 97
Argentine 6s B’sß . 11 97 96 97
Australia 4 Vs* '56.. 11 81% BH4 81*4
Australia 5s '55 , 8 88% 87*4 88*.
Australia 5a '57. .. . 7 88*4 88*4 88%
Austria 7s *43 4 104*4 104% 104%
Bafav ret 4%s '42. 15 95% 95% 951.
Belgium 65'55 5 105% 105*4 105*4
Belgium 6%5’49. .. 10 109% 109V4 109%
Belgium 7a'55 4 114*4 114*4 114*4
Belgium 7* '54 14 110% 110% 110%
Belgium Bs'4l 6 109 108% 108%
Bolivar 7s'sß 7 68 67(4 68
Bolivia Bs’4s 3 88% 88 88%
Bordeaux 65'34. .. . 4 105* 4 105% 105%
Brazil 6 'is 'l6 27 74*. 73% 74%
Brazil 6%5'27 32 73% 73 73%
Brazil 7s 5 84*4 84*4 84*4
Brazil Bs'4l 39 98% 97% 98
Bremen 75'35 7 102% 102% 102%
Canada ss'3l 1 100% 100% 100%
Canada 55'52 15 105*4 U>s% 105%
Chile 6s'6o 22 88*4 88% 88%
Chile 6s'6l 1 89% 89% 89%
Chile 7s '42 15 102 101 101
Colombia 6sJan'6l .6 73% 72 73%
Con Pow Japan 7s. . 1 101 101 101
Copenhag 4VJs'53. . 37 94 94 94
Copenhag 55'52.... 7 100% 100 100%
Pan Mun 8s B '46... 1 110 110 110
Denmark 4%5’62. . 3 94% 94% 94%
Denmark 5% a '55.. 6 101% 101 101
Denmark 65'42 ... . 3 106 105*4 105%
Dutch Kast 1 Nov.. 1 102% 102% 102%
Dutch East 16s '47. 1 102*4 102*4 102*.
Dutch Kast 1 65'62. 5 102% 102% 102%
Finland 5%s T,B 4 87 86*4 87
Finland 65'45 4 9:1% j. 3% 93*4
Finland 7a 'SO 2 100% 100% 100%
Frain i D 7%s '42.. 3 108% 108% 108%
French 7s 49 45 120% 120 120%
French Gvt 7% s 41 30 125', 125% 125%
German 5%5'65. .. 41 87% 86*4 87%
German Bank 6s '3B 8 90 89% 89%
German 7s rep '49. 19 105% 105% 105%
Ger Gen El 7s '45... 1 104 104 104
Greek 65'63 6 86% 85% 85%
Haiti 65’52 2 95% 95% 95%
Hungary 7%e’44... 2 100 100 100
Italy 7s 'sl 17 98% 98% 98%
Italy Pub Sv 7s '62. 8 95% 95 96%
Japanese 4s'Bl 12 97% 97% 97%
Japanese 5%5'65.. 25 94 93% 93%
Japanese 6 %a’s4. . 27 105% 105% 105%
Jugosl Bank 75’67. 4 85 84% 84*4
Karstadt 65’43 1 74*,; 74*.
Kreug & Toll 55’59. 28 97*4 97% 97%
Lyons 6s '34 30 105% 105% 105%
Marseille 6s '34 6 106% 105% 105%
Mex 4sasstd 1904. . 6 17% 17% 17%
Alex 4s asstd 1910.. 8 21% 21 21
MexicoA’4s. ... 10 24 24 24
Milan 6%s '52 2 *90% 90% 90%
Montevideo 75’62.. 1 101% 101% 101%
New So Wales ’57.. 1 86*4 86% 86%
New So Wales’s?.. 2 85% 85% 85%
Nord 6%s ’SO 30 105% 105% 105%
Norway 55’63 17 100% 100% 100%
Norway 6%s ’65.,.. 2 102% 102% 102%
Norway 6s *43 5 105 104% 104%
Norway 65'44 3 105% 106% 105%
Norway 6s 52 1 102% 102% 102%
Orient dev s%s’sS. 10 92% 91% 92%
Orient dev 65'63... 17 99% 98% 99%
Paris-Ly AI 65‘58.. 5 104% 104% 104%
Peru 6s’6o 23 67 66% 67
Peru <s’6l 20 68 66% 68
r *oland 6s'4o 4 74% 74*. 74%
oland 8s 50 31 94 93(4 9374
Rhine West 6s ’«z. 6 90% 89 90%
Rhine West 65’53.. 3 90% 89% 90%
Rhine West 75’50.. 1 101% 101% 101%
Rio de Jan «%s’s3. 1R 69% 68% 68%
Rio de Jan Bs’46. .. 4 96 96 96
RGr De Sul 6s '6B .. 13 63 61% 63
RGr De Sulßs’46.. 60 94 94 94
Rome 6%s ’52 1 91% 91% 91%
Roy D4s '45 ww.... 26 90% 90% 90%
■ Sao Paulo 8s ’36.... 4 96% 96% 96%
Sao Paulo 85'50.... 4 91% 91 gjvj
Saxon 75'45 6 97% 97% 97%
Seine 75’42 2 107% 107% 107%
Herhs-Cr Si 7s ’62.. 19 87 86 87
Serhs-Cr-81 8s '62.. 20 97% 97 97
Snlnyetsu 6Vi s ’52.. 1 86% 86% 86%
Sweden 6%5’54 2 105% 105% 106%
Swiss 5%s '4* 6 104% 104% 104%
Swiss Confed Bs'4o 16 106% 106% 106%
Toho El Pow 65’32. 16 100 99% 100
Tokio 6s ’62 28 81 80% 80%
Toklo 5%s ’6l 26 92% 92% 92%
ITtd King 5V s’B7.. 66 105% 105% 105%
Uruguay 6s ’6O 12 93% 92% 92%
Vienna 65’52 16 87 86% 87
Warsaw 7s’sß 1 73% 73% 78%
Yokohama 6s ’61... 6 95% 98% 98%
MISCELLANEOUS.
Abiflbi PA P 65'53 . 6 86 86 86
Ah ASt 5 Vis '43 4 100% 100 100
Adams Exp 4s ’48.. 2 89% 89% 89%
Allegheny 55’44 . ... 1 100% 100% 100%
Alleghany 55'49... 26 99% 99% 99%
Allis-Chalm 55’37.. 1 101% 101% 101%
Am Ag Ch 7%s ’41.. 1 104% 104% 1041*
Am Beet Sug 65'36. 2 64 64 64
Am F P 5V4s 2030.. 129 89% 89% 89%
Am IGCh 6%5’49. 16 107% 106% 106%
Am Int Cor 5%s ’49. 3 99 99 99
Am Metal 5%s ’34.. 32 97 97 97
Am N Gas 6%s ’42. 5 79 79 79
Am SAR Ist 65’47..,11 108% 108% 103%
Am Sug Ref 65’37.. 1 11)3% 103% 103%
Am TAT cv 4%8’39. 14 162% 160% 160%
Am TAT 55’65 182 106% 106% 106%
Am TAT 5s a f’6o.. 18 106% 106% 106%
Am TAT 5%5’43... 12 109 108% 109
Arm ACo 4%s ’39.. 19 92% 92% 92%
Arm Del 5%5’43. .29 84% 81 81%
Belt Tel Pa 5s B ’4B. 1 106% 106% 106%
Bell Tel Pa 5s C’6o. 2 110% 110% 110%
Beth St p m 55’36.. 7 102% 102% 102%
Beth St rs 55’42.... 2 103 103 103
Bk Ed gn Ass ’49.. 1 106% 106% 105%
Cert-td deb 5%5’48 5 46 46 46
Chile Cop db 6s ’47. 20 97% 97% 97%
Col GAE 6s May’62. 27 102% 102% 102%
Com Invest 5%5’49 27 96% 95% 95%
Com Invest 6a '4B . 5 99% 99% 99%
Con GN Y 5%s ’45. 6 106% 106% 106%
Consum Row 6s 52.. 1 106% 106% 105%
DetEdrf 658’40.. 6 108% 108 108%
Donner St 75’42. ... 1 108% 103% 103%
Duquesne 4%s '67.. 17 103 103 103
Fisk Rub 8s ’41....» 2 68 66 68
Gen Cable 5%a *47.. 1 96% 96% 96%
Gen Motors 85’37.. 72 104 103% 104
Gen St Cas 6%s ’49. 10 104 103% 104
Gen Thea Eq 6s ’4O. 8 96 96% 96
Good Ist 6%5’47. .. 13 106% 105% 106%
Goody’r Rub 6a ’67. 69 93% 93% 93%
Humble Oil 55’87.. 6 102% 102% 102%
Hum OAR 5%s ’62.. 1 102% 102% 102%
HI B T Ist pf 6s A.. 3 106% 105% 105%
Inland Steel 4 %s’7S 30 97% 97% 97%
Int Cement sa’4B. 7 101 101 101
Int Hydro El 6s ’44. 10 101 101 101
Int Match 65*47 31 100% 100% 100*%
In M M col tr 6s 41. 20 101 101 101
Int Pap sis A’47 14 84% 88% 83%
Int TAT cv 4 *4a ’39. 61 108% 107% 108%
Int TAT 5s '55 72 96% 96% 96%
Kan C PAL 6s A’62 6 106% 105% 105%
Kan GasAK 4V*a’So 49 96% 95% 96%
Kand 5%s ’4B ww,. 1 74 74 74
Laclede 5%sC ’53.. « 108(4 103% 103%
Lautaro Nit 6a ’54.. 8 79 77(4 79
Ltg A Myers 5s ’6t.. 6 105(4 105(4 105%
Lilt A M vers 75’44.. 1 123% 123(4 123%
Loew’s 6s ex war... 8 99 98% 98%
Lorillard 6s ’51.... 10 90 90 90
Lorillard 6%5’87.. 48 97% 96T4 97%
Lorillard 75’44..... 2 111% 111% 111%
MidSt AO 5s ’36... 6 102% 102 102%
Mont Pow Ks ’48.. .7 2 103% 103% 103%
Mont Pdbsa A ’6B. 2 103% 108% 103%
Nat Dairy 6%a’48..212 99% 99% 99%
N Eng T Ist 6a ’68.. 6 108% 108% 108%
N Y Ed 5a B ’44. ... 1 106% 105% 105%
NY KLHAP 4a ’49.. 1 95% 95% 95%
NY ELHAP 6a *48.. 5 108% 108% 108%
N Y Tel 4% a ’35... . 6 101% 101% 101%
NY Tel 6s’4l 2 107% 107% 107%
NY Tel 6a ’4# .* 7 111% 111% 111%
Nor Am Ed 65’57... 5 103% 103% 102%
Nor Am Kd 5%a’63 6 103% 108% 103%
NorOT A L 65'47. 1 106(4 106% \05%
Nor St Pow 6s B *4l 16 106 105% jjoe**
Pac G AEI 5a *42.;. 20 103% 102% 103%
Pac TATlst 6a ’87.. 7 104 104 104
Pan-Am Pet 6s *34.. 8 103% 103% 103%
Paramount 6* ’47... 7 100% 100% 100%
rathe Exch 7a *87... 28 57% 67 67
N
FINANCIAL.
Sale* High. I.o* ClO!#.
Phlla Co 5* ’*7 27 101% 101% 101%
Phlla A Read 65’49. 72 101 99*. 99%
Phil Pet 5%5'39 .. 27 97 197 97
Pos Tel &C 6s ’53.. 6 94% 94',4 94%
Pressed St Cos '33. 18 98 88 88
Pub Sv G 4 Vis ’7O. . 6 102% 102% 102% I
Pure Oil 5%5'37... 1100 100 100
I Rem A rmrjs A ’37. 4 96% 96 96%
Hem R’d 5%s A’4 7. 3 99 98% 98%
Sincl O 6%s 8’38.. 11 108% 103% 103%
Slncl O 7s cv A’37.. 13 104% 104% 104%
StnclCt-0 6%*'38. . 11 102% 102% 102%
Sinclair P I. 5s '42. . 11 102 102 102
Skell.v Oil 5%5’39. . 20 96% 96% 96%
Solvay Am 5s ’42. ~ l 99 99 99 i
50 Plt Sup 7s ’4l. . . 3 103% 103% 103%
Sou Bell TAT 5s ’4l 2 106 104% 104% j
SW Hell T 6s A ’54. 1 106% 106% 106%
St Oil N .15*’46.... 10 104% 104% 104%
51 Oil NY4 %s ’5l. .11 100 99% 100
Tenn R1 P6s A *47.. 1 107% 107% 107%
Tenn Oop «s B '44. . 1 102 102 102
Tex Corp cv 55’44 24 103% 103% 103%
Trans 011 6%g ’3B . . 6 110 109% 110
T'td Drug cv 6*’sB. 23 100 99% 299%
IT S Ruhlst 6a’47. . 4 83% 83 83
Utah PAL. 5a’44... 2 101% 101% 101%
UtllPow 5%5’47... 29 90% 90 90
Warn Br Pic 6s ’39. 34 90% 90 90
West Kl deb Bs’44. . 4 106 104% 106
West T’n Tel 5a *5l. 4 106 104% 105
Wh Sew Meh 6s ’4O. 2 39 38 38
Wll-Ov Ist 6%5’33< 1 101% 101% 101%
Wil & Co Ist 6s’4l. 5 100% 1001* 100%
You St & T 55’78... 35 104% 104% 104%
RAILROAD.
Ann Arbor 45’52.. # 1 84 84 84
Atchison gen 45’95. 25 97% 97% 97%
Atchison cv 4 %s’4* 4 130% 130% 130%
Atcb Arix 4%a 82.. 5 103 102% 102%
At A Danv 4* 48. .. 10 60 58% 60
At C I* 4 % s ’64 4 101% 101% 101%
B&O 4s ’4B 2 97 97 97
BAO cv 4%* ’33... 27 101% 101 101%
8&04%5’60 72 101% 101 101
RAO ref 5s ’95.... 16 104% 104% 104%
B A O 5S R 2000 10 104% 104% 104%
BAG 6s ’95 J> 110% 110% 110%
KAOP&WV4S 41. 1 96 96 96
BA O Swn dv 5s ’5O 6 105 105 106
Bos AMe 5s 1955. . . 2 100% 100% 100%
Bos A .Me 5s ’67 3 101% 101% 101%
Bkiyn Kiev 6 Vis. .. . 3 92 92 92
Bklyn Man 6s’6B. .. 51 99% 99% 99%
Bkiyn Un El 5s ’#o.. 17 104% 104% 104%
BR A l’itt 4%s '57.. 10 96 95% 96
Can Nat 4 %5’54..., 5 99% 98% 99%
Can Nat 4%s ’57.... 7 99% 99% 99%
Can Nat 4%s ’68.... 4 99% 99% 99%
Can Nat 4%s ‘7O. . 16 105% 105 105
Can Nat 5s July’69. 14 105 105 105
Can Nat 5s Oct'69.. 11 105 105 105
Can Nor 4'i5’35... 1 100% 100% 100%
Can Nor 7s deb ’40.. 6 112 111** 112
Can Pacific db 45... 35 90% 90 90%
Can Pac 4%5’46. ... 5 100% 100% 100%
Can Pacific 55’64. .. 15 103% 103% 103%
Can South 65’62 6 107% 107% 107%
Cent of Oa 5s C ’59. 19 101% 101% 101%
Cent of Ga 5%s ’59. 1 106% 106% 105%
Cent Pacific 4s ’49.. 2 97 97 97
Cent Pacific 6s 60.. 8 105 104% 104%
Ches Corp 5s ’47.... 19 100% 100% 100%
Ch AO gn 4%s ’92.. 62 103% 103% 103%
Ch AO4 % s B 95... 7 101 101 101
Chi A Alt 3s 13 74ti 74 74
CB AQ gen 4s *68.. 14 96% 96% 96%
C B A Q 4%s ’77 6 102% 102% 102%
CBAQ Ist rs ss’7l. 1 109% 109',* 109%
Ch Or West 45’59.. 22 73% 73 73%
Ch MASt P 4s'B9. . 6 87 86% 87
Ch M&StP 4*4s 'B9. 12 101 100% 100%
Oh MStPA F 5s ’75 23 85% 86 85%
Ch MASt P adj 6s. 41 52 51 61
- Ch ANW 4%s 2037. 5 100% 100 100
1 Ch ANW con 4 % s.. 50 101 100% 101
Ch ANW 6%s '36. . 21 110% 109 110%
IChR IA Pgn 4s’BB 2 95 94% 95
4 *’ B4 * 7 9»% 99% 99%
l,! 1 5J cv <’4*’6o.. 41 99% 99Vi 99%
1 J’hßlftP4iisA.. 8 97% 97% 97%
t nx l ™"?*^ 68 ’ 44 •••• 1 10414i04,< * i04 *
nt c?, 48 “• 1 »2% 92% 92%
7105 H 105 *
tL ’ ,R) * 84 101,(1 101 101%
i erm 4 *'* 8 ’ 77 * 10 102 % 102% 102%
1 J; 0l ° s ° l i 4 '4 8 ’*<>• .. 33 99% 99 99
Cuba RR6s 52 7 69% 68 68
Cuba Nor 5%a ’42.. 10 51 51 51
,drf 48,43 ’ 28 9 *% 95% 95%
1 n£s£ r ?r 4 *« 6 ” 4 9714 97 97
B&RGr 36. 5 99*,a 99*4 99*4
Den ft HGW 5s ’55. 1 93 93 93 *
DRGAW«tS,i’7I. 6 91% 9U* 91%
i llet Ltd 4%s '32. ... 1 98% 98% 98%
i ETenn VaAGa B*.. 6 107 107 107
, Ere con 4s A'53.... 7 86 86 86
Erie con v 45(8>... 9 86 86 86
I v r *f e ” 4 f; 1 82% 82% 82%
i f: re3s ? 9 5‘ * 93% 93% 93%
Erie 5s 19(5 15 9314 9314 9314
Fla K Coast 5s ’74 .. 11 46 45 46
I-onda JAG 4%5’52. 3 20 20 20
O r Trsfdb6s’J6.. 10 107% 107% 107%
7s’4o 5112 112 112
Gr Nor4%s’77 <E) 12 99% 99% 99%
GrtNorlst6a 3 99% 99% 99%
Gr .\ot*n 5%5’52.. 1 110% 110% 110%
Gr. Nor gen 75'36... 14 111% m% m%
Hud A M adj 5s ’57. 8 88% 83% 83%
Hud AMrf as ’57... 3 100% 100% 100%
111 Cent 45’52 4 9414 041,4 q* u
111 Cent ref 4s '65;.. 38 94% 93% 94V4
11l Pent S*’?* 68 B 10114 101ai 10114
111 Cent 5s So 15 107% 107% 107%
111 OCStRAN 4%5. . 5 99% 99% 99%
111 CXTStRAN 5s A.., 1 106% 106% 106%
Int Rap Tr sta ’66.. 119 68% 68 68%
J n ‘ p “ p Tr6s’32... 2 61 51 51
Int AGr Nor 5s s*. 6 96% 94% 95%
Int AGN ad (a’52.. 9 87 86% 86%
Int Rys CA 5s '72.. 1 70 70 70
Int Ry CA6%s’47. 6 93 92 93
Kan City Son 6s ’5O. 3 102% 102% 102%
Kan City Ter 4s ’6O. 4 94 93% 93%
Rake Shore I%a’»7 1 85 85 85
Rake Shore 4s ’31... 2 100% 100% 100%
Reh Val cv 4s 2003., 16 93 9274 93
Ronglslrf 45’49... IS 93% 93% 93%
LAN 4 %s 2003.... 7 102% 102 102%
Manh Ry Ist 4s ’9O. 10 51% 61% 51%
Market St?,’4o 1 92% 92% 92%
M ASR lat rs 4s'l9. 2 9% 9% 9*4
MStPASSMcon4s. 16 89% 89% 89%
M StPASSM 6a gtd.. 2 97% 97% 97%
M StPASSM 6%5... 5 101 101 101
MKAT4VJi’7B., m 1 9914 99 ,, <, 9V ,
Mlv A T adj 6s '67.. 9 99% 98% 98%
Mo Pac gen 45'75.. 29 80% 79% 80
Mo Pacific 6s P’ 77 „ H 101% 101% 101%
Mo Pacific 5S G’ 7 *.. H 101% 101% 101%
Mo Pac 6%s cv 49.. 14 108% 108% 108%
v^*?! 6^ 8 ’ s4 *’ 1 108,4 108,4 108%
N Y Cent 4s 42 9 97% 97*,. 07114
NYCe n tdb4.’34.. 26 100% 100 100
N Y Cent 4%s 2013. 6 102% 102% 102%
NYCreim B s2OIS. 14 1 0 9% 108%* IS
w ~ £* nt db 68 S 5, ’ 3O 107 107 107
N TC&BtLd«b4i. 10 100% 100% 100%
NY CAStR 4%s *7B. 21 97% 97% 9774
NYCAStRS%sA. 0 107% 107% 107%
Y v ( ;* s ‘ R 5% 8 B. 2 10814 108% 108%
CAStL6s'3l. 11 102% 102% 102%
NYC AStL 6s *32. 4 102% 102% 102%
v*wis1 8 ! 56 ’” 2 MV4 86,4 86%
NY NH AH 4s ’56. . 6 87% 87 87
AH4HB ' 67 ’ 6 96,4 35% 95%
NY NHAH cv db 6s. 4 124 124 124
NY Rys Inc 65'65.. 4 6% 6% 514
NY WAB4%*£4«.. 5 90% 90% 90%
Nor AWncv 4k '96. 1 97% *774 9744
Nor Pacific 3a 2047. 7 70% 70% 70%
Nor Pac r 16a 2047.. 16 113% 113% 11J%
OgdenALaka Ch «a. 1 78% 78% TO %
Oreg-Wash 45’«1... 7 94% 94 94
renna 4s '4B Sta.... 5 97% 97% 97%
Penn cv 4%5’60.... 3 104% 104% 104%
Penn gen 4%5’65.. 3 102% 102% 102% 1
Penn 4%s *7O 78 98% 98% 98% 1
Penn gen ss’BB 6 111% 110% m% :
Penna 6s ’B4 17 106% 106 106%
Penn 6%s ’36 7 110% 110% 110%
Peor AE Ist 45’40.. 50 89% 89 89% j
Fere Mar 4%s ’80... 25 101% 101% 101% ]
PA W V4%«C’80.. 4 96% 96% 96%
PCCAStK6aB... 1 111% 111% 111% :
Port Elec 6s ’47.... 9 105% 105 106%
Port Ry ss’3o 3 100 100 100 S
Port Ry 65’42 11 105% 105 106% S
Por R RAP 7%s '4B. 33 108% 108% 108% 5
Rio Gr Welt 45’49. 19 89% 89% 89% g
RIAr A.L,4%5’14. 6 100% 100% 100%
Stlilr M’ntSs’Sl.. 1 100% 100% 100% q
BtL IMAS RAG «s. 8 99% 99% 99% 1
StR ASFIn 4s A.. 87 92 91% 92 1
StLAS F4%5’78.. 89 98% 93 93% 7
St t, SW er 45'82.. 8 99% 99% 99% 1
St L 8 Wist 45‘89.. 24 91% 90% 91% ,
8t R3W 65’62 10 101% 101% 101% 7
StP AKCBR4%s. 3 99V1 99% 99% 1
St PUn Dep 6s ’72.. 4 109 108% 108% 7
Sail AA A P 45’41.. 1 98% 96% 96% 7
Beab ARrf 4s ’49.. 5 46 45% 46| A
Seaboard AX* 4s sta 1 68 58 68 \
Beab ARcv 8a ’45.. 3 61 60% 60% 1
Beab All FI 6s A ’B5. 2 40 40 40 v
Sou Pac eol 4s *49.. 6 94% 94% 94% \
Sou Pac ref 45’65.. 4 96 95% 95% \
Soil P 4%s ’69 ww. . 7 100% 100% ]OO% \
Sou PA Or 4 %»’77. 48 101% 101- 101% y
A-11
OIL CURTAILMENT:
PLAN IN JEOPARDY
Court Hearing Next Tuesday
to Determine Fate of Pro
ducers’ Agreement.
BY HARVEY L. SCANDRETT,
Associated Press St aft Writer.
OKLAHOMA CITY. Okla , September
3.—A hole has been punched in the
dyke—proratlon—that for more than
a year has held back the greater part of
an oil flood threatened by the tapping
of gTeat pools in the mid-continent area-.
Whether that hole will be plugg-d or
permitted to remain open, with the al
most inevitable crumbling of the pro.
ration structure, rests upon a decision
of the Oklahoma Supreme Court after e
hearing next Tuesday on an actiin ol
C. C. Julian. Oklahoma City oil opera
tor, attacking the legality of the produc
tion restricting agreements and lheir
ratification by the State Corporation
Commission.
Julian, who recently transferred hi
oil activities from the Pacific Coast tn
Oklahoma, pierced the dyke with 0
temporary writ of prohibition preventing
the Corporation Commission from in*
terfering with the operation of the two
city lot oil wells his company his com
pleted in the flush South Oklahoma
City field.
His action crystallised opposition
hitherto expressed only in operators
committee rooms by independent, pro
ducers and in mess meetings by royalty
owners, who insisted that a barrel of
oil above ground—whatever the price—
was better than a potential half dozen
in the deep sands.
Challenges Statute.
Julian has attacked the proration
structure from a variety of angles. He
challenges the constitutionality of the
1915 statute under which the Corpora
tion Commission assumed jurisdiction of
oil production in the State, and argues
that even if it is valid, many of the oil
companies which agreed to official re
straint are disregarding the regulations.
He charges the commisison with dele
gating illegal legislative powers lo tic
committee of operators and itself assum
ing judicial powers.
Allegations of causes for Federal ac
tion also are contained in the Julian pe
tition. It charges that the commission
has instructed pipe lines and railroad
companies engaged in interstate com
merce to refuse to purchase, carry or
run through their lines, oil from any
operator producing petroleum in exces;
of the prorated maximum. It asserts
the purpose of formation of the opera
tors' committee was to “restrain and
withhold a portion of the commerc ■
and trade from the State of Oklahoma
and to the several States of the Unite:,
States.” It charges that the regulation .
if enforced, will serve to deprive the
Julian Co. of property “without due
process of law.”
While production of the two Julian
wells Is comparatively insignificant in r
fleld.of giant gushers, their location i
such that self-defense would caur
operators throughout the Oklahoma
City field to throw their wells wide opei.
in the event proration was broken down
The Julian wells are offset by wells c
the Indian Territory Illuminating Oi
Co., dominant in the field, and b:
those of the T. B. Slick interests. Undr,
the rule of the offset, which is drille;
to prevent drainage of oil from a neigh
boring well, the lifting of product io;
restraints would run through the entir.
field like wild fire were the movemcn.
started.
Potential Production.
'hie Oklahoma City field alone hr ,
an estimated potential production <
nearly five times the 550,000 bam
dally permitted under proration order
its possible daily flow now being coir
puted at 2,500,000 barrels, more ths>
the present production of the entir
United States.
Operators, in pressing the necessil
of continued limitation of oil output i
the State, have argued that the mark:
''< j maad for Oklahoma crude Is on:
oiO.OOO barrels a day, and that, whi’
no drastice pried reductions have ri
suited from an output somewhat i
excess of the maximum stipulated 1
proration orders, a breakdown in th
price schedules inevitably would folic
the lifting of restrictions, and grer
waste of petroleum and its produc
would result because of the inadequar .
of pipe lines to carry off the 4 exce:
flow, the lack of refineries and storas
Rail Stocks
BY GEORGE T. HUGHES.
(This is the thirty-eighth of a series oi
brief analyses by Mr. Hughes on rallrono
securities. The Intent is not to recom
mend the purchase or sale of any par
ticular stock, but to give the investor
such information as may enable him in
telligently to chart his own course.)
Southern Railway Co.
Because of the active speculation l i
lts common shares in recent mont 1 •
Southern Railway has attracted mo;
attention in the market than the avr:
age railway stock. A good part of th
soeculatlon has been for the decline <
in other words short sales based pr>
fessedly on doubts as to the divider
outlook.
The facts are that Southern pays '■
annually on its common and in ’he h’
six months of 1930 earned only 36 ecu
a share against $5.74 a share in t:
first half of the preceding year. X
company Is strong in cash and ca
Items, the total running to over $3O
share according to the *929 balan
sheet. It is understood that funds ha
been set aside for the payment of ti
regular dividend at the $8 rate duri’ -
the balance of this year so that t‘
doubt In the speculative mind relates
what will happen next year.
A legal question has been raised aft *
the right of the directors to decla
dividends on the common except fre -
earnings of the current or the previoi
year. The assertion has been made th
the contract with the preferred stoc
holders prevents any such declarator
That, however, Is a point which ti
courts will have to pass upon if ai
when it is raised. It is outside the pro
lnce of this series to go into the subjec
It Is believed that the earnings w.
Improve during the balance of the ye:
And in some quarters estimates of n
available far the common approxlma
$5 a share. Obviously everything d -
pends on trade conditions in the ten
tory served. Meanwhile the comm?
stock must be rated as a speculator l
The preferred, which is 5 per cent nm
cumulative, sells to yield considers b
above 5 per cent and may be consider
sound while there is no doubt about th
investment status of the bonds.
Great numbers of range cattle wn
reported killed by rats in the Siberia 1: ,
Mongolian famine area.
Sales. High. tow. Clo:
Sou Rwy gen 4s ’5B. 77 89% 89 89
Sou Rwy 6s '94 4 111 110% 110
Sou Rwy 65’66 21 115% 115% 115
Soußwy 6%5’58... 8 121% 121% 121
rerm As St I* 4s '5B. 5 92% 92% 92
rex A Ark 6%s '6O. 1 106 106 100
rex A Pac 6s B '77.. 7 103 103 103
rex ft Pac 6s C '79. . 2 103% 103% 105
rhird Av» ref 4s ’6O 14 50% 50% 50
rhlrd AvadJ ss’6o. 28 33 32% 32
[ln Pac Ist 45’47... 11 99% 99 99
Lfn Pac ref 4s 2008.. 6 96% 95% 95
Union Pgo 4s ’65... 38 92% 92% 92
LJn Fac 4 ’,4s ’67.... 11 100% 100% 100'
i’a Ry Ist 5s ’62..., 2 108 108 108
i’a Ry ft Pow 5s ’34 102% 191% 101
l’a BWcv 6s *68... 1 87% 87% 87 .
(Vabash 4%5’78. .. 11 94% 94% bl
[Vabash Ist 5s '39.. 11 104 103% 105
[Vest Md 4s ’52. 32 R7% 87'i 87'
Aest Md 5%s ’77... 15 101% 101% 101’
A estPac 6* ’46 WJ s 44 99 . 99%