The Philadelphia Inquirer from Philadelphia, Pennsylvania • Page 17

FINANCIAL AND BUSINESS SECTION FINANCIAL AND BUSINESS SECTION PHILADELPHIA, THURSDAY MORNING, JULY 31, 1930 a bd 17 JULY WHEAT STRIKES BEARS FORCE SHARP fill TURF UBLIC UTILITIES Ullb I IlllWIIb BOTTOMAT76CENTSkm mi I i RECESSIONS DECLINE IN PRICESmm 01 TRADING IN i OF CHICAGO All Lowest Price Recorded Since 1914 Quotations Down 2 to 3 Cents for the Day Corn Drops 2 Cents a YEN ran UTILITY OFFERINGS; Professional Operators, Under Leadership of Jesse Licermore, Cause Lowering of Industrial "Average" by More Than Seven Points; Closing Figures Are Lowest of the Dau Bushel July Oats Decline I to I 7-8 Cents- felling Movement is Transaction Included a Net Is $7,823,683 $50,000,000 General Foreign Demand Falls Of Against $4,416,580 in Third Party, It Is Heaviest Recorded in Several Weeks Gas and Electric Issue on Sale Like Period of 1929 CHICAGO, July 30 (A. By ROBERT WINSMORE sions from war-time prices were prob- a plethora of wheat in the world. Large quantities of hist year's crop are still anaiting sale to ultimate consumers and a golden stream of new cereal is pouiing into crowded elevators. No one needs it, apparentlv. nhly nil outdistanced today by one of America's greatest commodities, wheat.

United Corporation and Na The basis for "the staff of life" dropped to a figure not equaled for the world's premier grain since 1014 and not often minted in ante-hellum Ohio Edison Company Puts Out $18,834,500 Five Per Cent, Gold Bonds Purchase of 1100-Mile Road Fits In With Carrier's Expansion Plans Kelvinator Corporation Clears $2,112,965 for 9 Months, Compared With $1,301,658 tional Power and Light Sustain Losses years. J'rices were down 2 to 3 cents lor the day. July wheat struck a bottom of 831i General Gas Ac Klectric Corporation for twelve months ended June 30 re By FRED WHITECAR Financial Editor of Th Inquirer There were further recessions re cents bushel in Chicago, 70 cents In Kansas City, HH in Winnipeg and was only a couple cents above dollar a bushel in Liverpool. The September option was not much higher. Kven December delivery wheat was around 10 ported net income after in terest, depreciation, taxes and sub garded in the trading upon the Thil- Wnhia Stock Exchange yesterday, cents less than a dollar a bushel on all sidiary preferred dividends, against In previous year.

American exchanges. the decline were more severe than ai mers in many places are reported feeding wheat to livestock in plnce of the more expensive corn. July oats finished the day from 1 to l7, cents down. Rye (imitations followed the other grains, September delivery closing down about 3 cents nt Wi. (iloomy predictions of a world wheat crop bushels larger than last yeer and the extreme quiet of demand from foreign buyers, forced prices down to the lowest levels since 11)14.

The day's loss in wheat ranged from 2 to 3 cents a bushel. Final quotations, moreover, were at or fractionally above the lowest mark of the session. July delivery touched 83. Low for September, the basic month now, wns Iv'i cents and the close 83 to December low was 90 i and March 051,4. Corn lost some ground today, but was still at a premium over wheat for current month delivery.

Rapid harvesting of spring wheat and bulging granaries helped undermine prices. Lorn lost ground also, l'fc to 2 cents the previous session, wnen mey I 1 f.aA,inn Kelvinator Corporation Kelvinator Corporation reports net a bushel, but the July option of the coarser grain closed around 2 rent a bushel higher than wheat for the same were usually recorneu iu jYesterday the list' sagged from the opening although there were several profit after all charges tor nine months ended June 30, 10,10, of $2,112,005. month, as contrasted to the usual 30 By FRANK J. WEBB From The Inquirer Bureau. NEW YORK, July public utility security issues aggregating are the features of the new financing announced for public offering tomorrow.

This follows heavy utility financing affected successfully in the last ten days and hr If a doxen important additional issues are being prepared for early offering. General Gas Electric An issue of $50,000,000 General Gas and Electric Corporation 4'j per cent, and 5 per cent, serial gold notes, maturing August 1,1, 1031 to 1035, inclusive, is being offered by a group headed by Harris, Forbes and Company and including Hnlsey, Stuart and wriods of brief duration wnen ieeuie ogninst $1,301,053 in nine months ended June 30, Ltempts at a rally were made. 1m cents or so higher price that the finer grain usually maintains over itaize. There was almost no rally at the close of the market, July corn finishing around while July wheat closed at 83 V4. For the quarter ended June 30, 1030, The result of the larlt or buying pow-vesterday was that nearly the whole Oils llJ net profits before Federal taxes were $1,480,033, against $1,441,803 for same quarter of 1020.

Net after provision Lole list sold off at the close, gains king recorded by only about a half 'thii. for taxen for the 10.10 quarter was Plethora of World Wheat All reports indicated that then was ftom TA Inquirer Hure'iu. NEW YOUK, July an. Jess I.iv.r more came back into the news of Wall Sireot today with a whoop. Hear raiding under his leadership produced a general severe decline in prices which lowered the industrial "avenue" by inure than seven points and greatly disturbed the immature bullish Wall Street sentiment of the season.

His followers included most of those professional operators who worked aggressively on the bear side of the account during June, and many volatile Slock Kxchange traders were prompt to switch from long to short positions. Declines in rciesentntive trading fnvoritea ranged from three to eight points and there were several Issues in which the breaks were greater. The selling paused for a time in the last hour, but was resumed in time to make closing prices the lowest of the day. Apparently the directors nf the bull campaign either were indisposed or felt themselves unable to oppose the selling nwnement after it gut under nay, so that no serious attempt was made to rally prices. It was fairly evident, however, that the great bulk of the selling came from professional and senii-professionnl sources, and that no important volume of real liquidation was present.

That, indeed, was the one feature of the generally unsettled market which gave comfort to disconcerted bulls. Selling Movement Timed The timing of the selling movement was reminiscent of I.ivennoie in his palmiest days. It was Inn it'li-'l promptly after an opening which logi-ciUlv showed the heartening influence of the I'nited Slates Hteel Corporation's unexpected and impressive prediction of steel trade Improvement tie-ginning now and lasting through the balance of the year. Considering its high source this was quite the most important declaration of optimism as to the industrial situation that bus been heard for months, and was so regarded by Wall Street when the day's business began. Consequently the appearance of heavy selling of pivotal stocks, and the failure of the market to respond to the outgiving, was extremely discouraging.

As of old, therefore, I.ivermore's several pools and followers had the benefit of "1J I t.l from The Inquirer Bureau. NEW YORK, July 30. The jsnai-mnre Ohio Railroad has acquir control of the Chicago Alton, IKKt-tnile carrier serving thn territory from Chicago south and southwest to St, Louis, it wns learned today. Purchase of the road, in the bands of re- ceivers since 1022, Is understood tn have been accomplished through a third party, who has turned over to banker for the Baltimore Ohio a majority of the bonds of the Chicago Alton. As thn Chicago Alton was assigned to the Baltimore Sc Ohio in the railroad consolidation plan announced hy the Interstate Commerce Commission Inst December, no objection to the present transaction came from that aource.

In fact, It Is stated that the Commission, already Informed nf the purchase, has given an informal expression of approval on the deal, Daniel Willard, president of the Hal-liniora Ohio, earlier in the current, year made a tour of inspection of the property of the Chicago Alton. At that time Mr, Willard declared that he was well pleased with the manner in which the affaire of the road had been conducted by the receivers, William Heird, president of the Carrier, and W. Wheelock, a Chicago attorney. Purchase Not Denied Mr. Willard was not in New York today and could not he reached for $1,414,407.

Issues. Jne selling wns ine nea-ieit that has been in evidence here or several weeks and many comment-id upon the fact that activity increased commodity prices to trade inventories and corporation profits assumed new importance in many ticker-centred eyes. Weekly steel trade reviews reported some betterment arising from railronJl buying of rails, hut were otherwise gloomy with respec to Immediate ron- dil ions. Moreover, some further recessions in steel prices were reported. In the niotii'y market rales remnined unchanged anil culling nf loans in connection with August Ni-rt lfiiioiit preparations did not involve a lnrgn total.

Knrther gold export engagements were generally Ignored. Kew stocks require individual mention. Vanadium nnd Itadio were prominent among the I.Uermore targets, but the declines forced in the two were not out of proportion to the character of either, or out of relation to losses scored by active stocks ns a class. The action' of Steel Corporation was especially disappointing for obvious reasons, and afternoon drops in several recently lifted utility issues were also disconcerting to many buyers, who. during the past few days, have been following what seemed to lie the lend of important financial coteriijM.

Industrial Alcohol and Wnrlhinglon Pump, were Industriously hammered anil Westingkotise was the object of an especially vigorous attack. Warner Brothers Weak Continued forceful selling of Warner lliothers established another new low record for the year, and increased Wall Street's fear of the development of a Warner situation snniewhnt like that into which the Knx organization was lately Involved, Comment upon the company's supposed inability to nr-range financing at this time waa widespread. Safeway Stores also continued Its downward Course in spite of a statement by the company's president which rather definitely forecast maintenance of the present dividend rate. In Southern Hnilway, renewed Belling was again effective and the stock's weakness encouraged discussion of the bearish possibilities of other leading railroad shares. The market's wenk closing waa generally accepted as meaning a further wave of selling in the early trading tomorrow.

Beyond that, however, the immediate course of prices will prob Wheeling Steel Wheeling Steel Corporation reports the declines. Total sales otitnum- ASK P. R. R. TO SELL WEEK'S PAYMENTS those of the preceding session.

Company, Chase Securities Cor for June quarter net income after Federal taxes, depreciation, depletion, Comment in the board rooms alter tne It am Chatham and Phcnix Or- ilt-i close was not bearish as a result of poration. These notes are priced to It II ii downward movement, for ns upon Phi fi-nlnra nrlrllfd thnt STOCK HOLDINGS DIP 6S.000.000 on the preferred A and shares there was a balance for the common nf The common dividend requires For six months the net Income was after taxes, depreciation and depletion. HrAiil irn to he exneotert after the re- "ll nf thm liar 'Ihaaa tratt c.tuv rf are convinced mat me upwaru irourse of the general market will be irtiumed tietore tne end or tne ween yield from 5.02 per cent to fl per according to maturity. The corporation has no funded debt except this issue of serial gold notes, current indebtedness incurred in the ordinary course of business and a small amount payable to holders of called securities not yet presented for payment. These notes are followed by preferred and common stock of the corporation, having an Indicated present market value of more than Chllds Company Childs Company and subsidiaries six months ended June 30 net.

income Public Utilities Off Current Period Ends -Dullest Business Month of the Present Year Interstate Commerce Commission Advised by Counsel to Require Such Action It was the public utility group which mi most prominent in the advances after preferred dividends to a share on 3ti2.3!"i2 no-par shares common, agninst or 07 cents a hhnre on 302,101 shares in first hnlf of 1020. ide during the past several weeks nd it was these same Issues that were itnrally the most conspicuous in the comment, but (leorge M. Shriver. eenior miqrfer lii't inciime 'Mtl OOO Securities Involve Lehigh ISigns Warrant enunl to fit! cents a share on 3112.3.17 1 OOO.OOO. oline of With total sales Hope Trade for in well over thirteen thousand shares, common shsres, agninst $377,232, or SO cents a share on 302.334 shares in of Revival August Valley and Wabash Shares Bought for Investment preceding quarter and $200,3211, or 47 Net earnings of the corporation as of June 30, 103O, based on present cash dividends and interest rales on the securities owned by the corporation, hut not including dividends paid in the form of stock are over 3 3 lime the maximum interest charges of mt'd Corporation was again the most rtlvi of the power shares.

In the mrly trading it managed to show a isia, hut afterwards dropped back until old below Despite a small re- cents a share on 302.101 shares in June quarter previous year. Amerlcan Writing Paper kerr it ended the day with a net nctiiMl7.1!W on this issue of serial gold An increase of $13,331.74 in hss of one and one-half points. the psychological etlect ot wiuesprenu disappointment. Commodities Weak bonds. Uitcrt das Improvement turnover earnings during the first six months of 1030, compared with the same period of 1020, is shown bv the finan only a little more than half that Continued serious weakness in wheat ably depend upon how much general I Imted Corporation, and it too at time moved up a trifle.

It lost a Ohio Edison Co. The first public financing to be cial statement of the American Writ vice president of the Ilaltimore Ohio, said thnt there was no statement he might make at present. Other close connections of the road refused to comment, although none would make any denial of the transaction. Acquisition of the Chicago nnd Alton tils in with trunk line aspirations nf the lliiltimore and Ohio. In the Inter-state Commerce Cnitimission'ii consolidation plan the Poiffaln, Rochester and Pittsburgh, the I'lifTuln mid Sunquehau-iin, the Rending, as well as the Chicago and Alton, and a number of smaller roaila wero allocated to thn system to be headed by the H.

O. Control of the HufTalo and Susquehanna and the lliiffnlo, Rochester and Pittsburgh have already been acquired by the Baltimore road. Negotiations are now under way to consolidate these proper-lies into the system of the larger carrier. The Baltimore Ohio's interest In the Reading Company, which control ing Paper released todar. undertaken by the newly organized us more than a point for the session.

jitsnce to the downward trend was This increase in earnings was effected and cotton cotitrilmteu to me successiselling la inducen hy the ilispinv oi new of the hear operation. Wheat dropped I weakness on the stock exchange. Hero new low records for the psst sixteen covery will be in order promptly If years, and much was made nf thatllhe bear effort does not produce the exhibit in the day's Wall Street gos-Inssistance of real liuuidatioii in volume sip and discussion. The relation of low to carry on the decline. tterlnl to Inquirtr.

WASHINGTON, July 30. The Interstate Commerce Commission was advised today to require the Pennsylvania Railroad and Pennsylvania Company to divest themselves of their direct or indirect holdings of Wabash and Lehigh Valley stock, in a brief prepared by Bonneville and of Commission Counsel, in support of the Commission's complaint against the affiliated companies under the Clayton anti-trust act. A vigorous attack was made bv the Ohio Kdison Company, which is the luplayed by Commonwealth and South-rn, which once more manaeed to stav Ohio Klectric operating subsidiary of fe 14 throughout the dav and show- the Commonwealth and southern or-poration, is placed on the market throush an offering of $18,834,500 only a small fractional loss when final gone sounded. This slock Ohio Kdison Company first and con- been helped by unconfirmable rumor With the end of the current week closes the dullest business month this year in point of production and distribution of goods. Other years show that business in July usually reaches the lowest point in the valley between the two mountains of seasonal activity, and this year this point has been somewhat wider in area than in former years.

Commercial payments last week have declined about $155,000,000 and were a little over $200,000,000 less than in the corresponding week last year. 'The decline in the country has been relatively about the ame as in this district, so that the general though partly usual quiet has not been confined to this territory exclusively, but has been widespread in scope. Signs Point to Revival There are at present sufficient siens with a gales volume for the first half of this year 10 per cent, below sales for the first six months of 1920, tho report shows. The cj'mpanv's net earnings for the first half nf 103O totaled compared with for the same period of 1020. Monroe Calculating Machine Palea figures of the Monroe Calculating Machine Company for the first I EXHI 01 CONFERENCE 10 END PQR a coming merger with other utility solidnted mortgage gold honils per cent, series due 1000.

The bonds, which have been approved by the pub t'trestg. Government men upon the railroad's Much Profit Taking Nltional Power and Licht continued lic utilities commission of Ohio, are priced at OS and accrued interest to yield over 6.13 per cent, and are offer- Sf PI ROTE IR PRIX II In one of the most active of the hwi appearing upon the local board. contention that the purchases of Wabash and Lehigh Valley stock by its subsidiary, the Pennsylvania Company, was in the nature of an The commission's conmlniiif. hrnueht wording total sales nf 12.000 shares. Continued on 21st Page, 4th Column Continued on 21st Page, 5th Column ins the victim of heavy profit-taking jointly against both the railroad and its subsidiary under Section 7 of the Clayton act, charged that the companies violated the law in acquiring control of ,1, t.

1 i mi V. U. S. Board Takes Action wrday ami at one time fell below i or more than five points under the ck made on the present move. It ilifd a little before the end, however, LATE TOPICS OF WALL ST.

Philadelphia Shipping Display Takes Honors at Antwerp Exposition il cut its net loss down to a little me tinnRxn ana j.enign valley necause such acquilition was held to eliminate competition between the carriers in Towards Stabilization of Industry on the business horizon to warrant a hope for a revival, however iradual. Fmm The Inquirer Bureau. NEW TORK, July 30. With the dis the Central Railroad of New Jersey, for a number of years was maintained at 25 per as were the holdings of the New York Central in the same company. Recently it waa stated by an official of the Ilaltimore Ohio before the Interstate.

Commerce Commission that this 25 per cent, had been increased to approximately 34 per cent. Various reports since then have had it. thnt the holdings have been increased several times. The stock held in the Rending Company by the New York Central are unchanged. The H.

t). is then left with the const ruction of approximately ISO mileg of new ime across Pennsylvania to complete Its plans for a new short line to Chicago. For this the Buffalo and Susquehanna and the Buffalo, Rochester and 1'ittsbiimh are essenlinl. I' three points. I'nitcd Light and 'w which has been active and ring of late, was dull yesterday, but Ttheless, was compelled to surlier a point.

volved and to restrain commerce and trade in certain localities. dence in the industry and incidentally in the stock market. Rumors Afloat for two days1 rumors hare been afloat in Wall Street, that a strong wnn tne advent ot August. The transportation of commodities already is be Continued on 21st Page, 6th Column Defeats Act's Purpose "To hold that an acquisition which President Atterbury frankly admitted was for the purpose of protecting the Pennsylvania Hailroad Comranv against Electric Bond and Share fell back re than three points and losses were sustained by Cities Service, Amer- Plans to Mediate in Role Similar to Interstate Commerce Commission News Is Cabled Richard Weglein, Director Wharves, Docks and Ferries group of stockholders in Bethlehem Steel Corporation is prepsring to launch an action against officers of closure today that the Baltimore and Ohio Is now in control of the Chicago and Alton it. may be said that the last ten days have furnished more important news on railroad consolidation than the whole period that has elapsed since the Interstate Commerce Commission announced its consolidation plan last December.

Btlnued on 21st Page, 8th Column other competing lines of extending its the company for restitution of a portion of the bonuses amounting to several millions of dollars which the mnuence ami power, as to traffic and otherwise, is an investment." said the Commission's brief, "would be to make officers received in the last few years. The Port of Philadelphia, through its Hprt4il to The Inquirer. WASHINGTON, July the The purchase of working control nf indigent inquiry today failed to re- display of shipping facilities at the veal the names of any of the members the St. I.onis and Southwestern by the Southern Pacific was not In accord PLEA TO STOP SUIT of the reported group. Samuel I n-termyer, beileved to he the largest, in coastal shipping circles, the Cnitedj Msilinii Internationale at Antwerp, Slates Shipping Hoard took steps today Helgium, has received the highest, com-to bring shipping leaders into "a.j nienilation nf the government of that ance with the plan of consolidation laid dividual stockholder In Hethlehem, ad down by the I.

C. O. The acquisition he had heard the rumor of a The Inclusion in tills system of the Chicago and Alton will not only connect the Chicago and St. Louis lines of the Ilaltimore and Uiio, but will provide it with a line to Kansas City, which will Iw a part of the shortest through route between that point and the Atlantic sen hoard. Acquisition of the Chicago and Alton will bring the total mileage of the Hal-limore and Ohio to close to 7000 mile.

-Current assets will be increased to friendly conference' looking to slnbili the lajton act meaningless. If this acquisition is held to be solely for investment." it was emphasised, "then no acquisition is within the purview of Section 7." In an attempt to refute the investment theory of the Pennsylvania witnesses, brought ouf'during hearings in the case, counsel for the Commission asserted that the railroad's experts "in an attempt to fortify their investment theory, adduced evidence to show that up to and including April. 1030. there Application to List More Stock on New York Exchange Reveals Purchases of the Chicago and Alton by the lialti zatinn of the industry. Ijf'ien Property Custodian more and Ohio is in accordance with the plan.

This seems to leave the The Shipping Hoards action was announced in (lie following statement by its Hiiiirniim, T. V. O'Connor: "The Shipping Honrd has authorized me to invite the interronstiil trade in Given Right to Press for status of things pretty even, with the commission getting a 50-50 break. pending suit, but had no clue to its originntors. Highs and Lows A total of three highs and fifteen lows were recorded on the New York Stock Exchange today, the spread between the totals being the widest in weeks.

Five highs and twelve tows were recorded on Tuesday and aeven Dividends on German Stock over Control of the to friendly conference with the board had been received ns dividends on the it American Telephone Rights Approximately of the to- country. This fact was revealed a cablegram received yesterday by Richard Weglein, director of Wharves, Docks mid ferries, under whose supervision the exhibit was arranged. The cablegram was received from Arthur Sichel, who is in charge of the Philadelphia exhibit and reads: "Philadelphia stand received the firand Prix, the highest honor thnt the Helgian Government could bestow. We were classed into (iroup Seventeen, which deals with administration and plant of maritime porta and inland waterways. We are located in the Internationale Agricultural Building.

Of course, we have the Port of Shent. to discuss the lnlerconstnl shipping situation and to lend its sympathetic co C. A. will also leave the Baltimore and Ohio with a comparative small part of its consolidation project yet tu complete. TUEXTOV.

Ti nn i a hi tal of to be paid to the operation in some practical way which such a conference might develop. 1 John Bcvd Avis, in an opinion American Telephone and Telegraph suggested this to the board because I have long felt that this important Company through subscriptions toj highs and eight lows on the last previ-rights offered to stockholders last May ous Wednesday. tbe I mted States District irt today, dismissed equitable by the Eastman Kodak Com-mJ, to an action by Howard Slithered, alien nrnitArtv AaA.l;nn arm of the merchant marine and Na ALLEGES 1 mm Vois Inquirer Bureau. NEW YORK, July 30. Further important acquisitions by Warner Brothers Pictures, including outright purchase of interests in the theatres and theatre companies in Indiana, New York and other States, and the news that Warner Brothers will build large new theatres in Akron, Ohio, and White Plains, N.

were contained in the company's application to list 140.278 additional common shares, announced by the New York Stock Exchange tonight. Of the additional shares, 26.243 are to be utilized as part consideration for tional defense should be established PE on a firm loiimlatiou, anil it is witn stock purchased on the Wabash and $2,020,311,011 on the Lehigh Valley, a total of "But when we consider what was expended and what obligations incurred in securing this stock," said the brief, "a different picture appears." INCREASES STOCK Mexican Electric Raises Capitalization to 3,000,000 Shares from Tht Inquirer Bureau. NEW TORK, July 30. The Mexican Electric Companies, holding com nverr rtf tQ nn i- ticipation ot mucn gooM wnicii coiilil so the Citv of Brussels: a so the result that this friendly gesture tojui.i. Venezuela and Peru In the lzed he Vereinigte Fab- help the trade ia made.

same building. Philadelphia is the only notographiacher Fapiere, Dres-ftermany. The decision leaves the Etonian fra I city exhibit here, If FOSTER WHEELER had been received at the company offices late today. Although subscriptions are payable in three installments most subscribers have paid in full so far. Those subscribers who have already purchased their stock are presumed to be some of the 600,000 small holders of the company, the larger investors, trusts, insurance and holding units being expected to subscribe on the last day, August 1, to affect a saving in interest.

Journal Displays Photo Consider Effect of Plan The effect of Mr. O'Conner's plan, las construed in shipping circles, would be to have the Shipping Hoard act in- ifm.nll -itll r. 1 .1 1 a a. i Eastman Company sought to the stock canceled on the grounds Philadelphia's exhibition as arranged! Atlantic Public UtilitieSi At-for the Antwerp Exposition consisted! facilities antlfi Pllhlir. SprvirA fltlH acquisition of 3262 preferred shares of 1 clnetlv of lillotiigrniins of nier chiefly of photographs of pier pany controlled by the American and tne federal Theatres Comnanv: the agreement, dated February 1, under k.

r- snipping rates, as tne interstate rrnn- i sod today in- properties known as the Indiana Hsr- ioreign Power ompany, merce Commission acts formally as to these were added descriptive literature Water Works Involved Corporation Announces It Will Not Take Over International Combustion ereased its capitalization from JO.O'tOjbor Theatre Circuit; the Jefferson to 3,000,000 shares no par stock. It i Theatre and the Lincoln Theatre. witnout conslil- was in restrainf trn.U interstate railway rates, one to Mack shipping advantage and the eco wns also learned tnat a portion of these jttoshen, the Parthenon Theatre the anti-trust laws and the' New "ey cornoralinn Ian, tk. shares will he offered for the arquisi nnsmess, ir. is sum nun oinerem inter which prevail at this coastal lines have resorted to sharp iorl.

One psmpliier. issued by the He-cutting of rates wilh the result that rt inf-Mt of Wharves, Docks'and Ker-the profitableness of the whole industries aWa -lew and the Orpheum Theatre, Canton, and theatre sites at White Plains. Pulling the Props Dealers in bonds were taken aback today by the speedy withdrawal of tion of the Compnnia Nacional de Klec- WII.MINtro.V, July 30 (A. I. lieceiverahio bills ii.i i.

were dismissed by Judge Avis i "nipan.viiig decision, the Court trv is threatened tncidades S. A. The Compnnia Nacional recently an Delaware Rive jrinm. C'harles M. wilh the several; chancery Court today hy the Eastern lereon, wns pnntedl V.

u-iih th r' Iublie Service Corporation With the photo-C i plnces of interest the nounced that the first unit in its frnncke in ten languages. si ,1, T.l graphs showing the newest municipal '5 ''l V'', 11 the 1. stockholder, seek-' in have, the utock declared invalid, the contract, the Court commented. ALT ,0 be in Atlantic Public Service Asso-' Frnm The Inquirer Bureau. NEW YORK.

July 30. Foster Wheeler Corporation has withdrawn its offer to acquire the assets and assume the liabilities of the International Combustion Engineering Corporation, it was announced formally N. nnd Akron, Ohio. The properties involve, in addition, mortgages in the aggregate principal amount, exclusive of equities of and additional cash payments of $40,000. The further amount of 87S0 additional common shares of Warner Brothers are designated as to be used in exchange for the common shares of federal Theatres.

piers, this attracted much al tent ton banking support for the new Austrian 7s offered internationally two weeks ago and ly the extent of the price drop that followed. Support is usually extended for a longer period when bonds remain available In quantity as is the case with the Austrian issue. The price promptly sagged almost three points below the issue price of In addition, Mr. Sichel'a staff has ex electric generating station near Tr-reon, Mexico, had been placed in commercial operation. A new 200-mile transmission line to the principal electric plant owned by an affiliated company near liouqilln was also placed in service.

The Shipping Hoard, nt its meeeling today, also referred back to the merchant fleet corporation Paul W. Chap man's bid of JI.2H2.IHKI fr piers 1, 2, 3, 4 and 0 in Ilolxikcn. The fleet corporation had presented the bid without recommendation as the only one offered. The Shipping Honrd. in turning it back, culled upon the fleet corporation for "Investigation, negotiation ami recommendation." ploiled the advantages of the Port to in Vom "I nti-t laws to such an extenfas to per- fepudiation by Eastman or to In-''lite the There was.

Judge saw! nr. .11 toilnv. many visitors. (Jeorge W. Elliott, general secretary of the Chamber of Commerce, has sent The titan, which had been submitted 0, hut a partial recovery took place! some weeks neo to tlie reorganization h.

1,111 iu cne enect restraint of Continued on 21st Page, fith Column cinies, ami the American Water Works and Electric Corporation. The complainant alleged that tha three defendant corporations are insolvent ami nimble to meet their debts as they fall due and that receivers, were necessary for preserving the corporations' assets for the benefit of creditors anil stockholders. The defendant corporations filed answers immediately, admitting the alle-' gatiotis and consenting to the appoint ment of receivers. Chancellor J. Wolcott appointed Clarence A.

South. in the later dealings. In view of theipommittee of International Combus-favorable result achieved with the is-tion, provided for an exchange of one sue in other markets this drop seemed share of Foster Wheeler for every ten ot competition, the contract had been ration tuare than twenty veors. shares of International Combustion large. CRUDE OIL PRODUCERS PLAN TO CURTAIL PRODUCTION ri "ir iiKiman torn- barred RESOURCES OF STATE BANKS GAIN $50,000,000 IN YEAR Consolidated Statement Issued by Pennsylvania Banking Department as of June 30, Shows Loans Have Declined erlaud, former Attorney-General of Delaware, and nalnh J.

Ritchie, of As. Drilling in Allegheny and Bradford Fields of State Markets at a Glance bury Park, N. a vice president of the complainant corporation, as re-ceivera for the corporation! and their Trading Through the Trusts A well populated customers' room and numerous telephone calls do not mean a large commission business, numerous brokers have discovered sadly. Many of the tape watchers who formerly traded in and out of ten-share lots, have turned to the fixed investment trusts. They call upon their broker friends for the quotes on Can, Telephone, Steel, Jersey and the long list of other trust favorites, but it doesn't necessarily result in any business.

All it means is that tbe particular investment trust in which this individual is interested has these stocks in its subsidiaries. Declines Sharply; During July Eleven Wells common, the calling of the present Poster Wheeler preferred, which would have forced its retirement through conversion, and the offering of half a share of new 6 per cent, preferred stock of Poster Wheeler and a half a share of Foster Wheeler common for each International Combustion preferred share. International Combustion shares dropped sharply on the announcement, the common being off to a final price of si, while the preferred dropped .1 to a last quotation of 63. Foster Wheeler stock was down nearly three points to a close of At current prices the Foster Wheeler offer was equivalent to more than $8 a share for International Cotnhiiitlon common and to around $02 a share for International Combustion preferred. On the basis nf the offer.

Foster STOCKS WeaJc. Were Completed Bptcial to The Inquirer. par(( wjtB $1,606,319,123 for a year HARRISBL'RG, July 30. Con--ago. Deposits also showed an increase, solidated resource of Pennsylvania A year ago total deposits were BONDS Irregular.

CURB Heavy. FOREIGN EXCHANGE OIL CITY, July 30 IA. tresis with June's figures nf 184 com- The Atlantic Public Utilities, controls more than ninety public utilities in twelve States; the Atlantic Public Service Associates, operates twenty-three Biibsidiories in eight States, and the North American Water Works and Electric Corporation operates three utilities in nine State. The three corporations control in all more than 120 subsidiaries with a value of They supply water, gas and electricity to several liiiinii ed conini unities. WILMINGTON, Del, 30 (A.

William L. Mrodv, 3d, of Hous banks are approximately while they reaches 544 at the time of the call last month. The Derrick says oil producers in the Alleghany and Bradford fields are greatly curtailing drilling operations in addition to restricting present produc- greater than a year ago a comparative Interest naid on deposits was pletinns and a daily production of 270 barrels and of April's wells and a daily production of 37 1 barrels. In the entire district producing Pennsylvania grade crude oil, the Derrick points nut, In i were 2S0 c.jii-pletions in July as compared with 403 Steel If the stock market had not been so generally weak today some of the crit- greater than the corresponding date last year. There were $05,774,300 paid out statement of the Banking Department, revealed today.

The statement wns compiled as of the Wheeler would have been paving lhn the D'triPg eleven vcrc com wmiW nave as'Tioeo: tne drop nt 1 (:,.. The number of depositors also haitlmore than three points in I mfed Statesl ket valuation for international 7 last bank call issued June 30. The to in June and the new July production Steel common to disappointment aflerbiistion stock. An important feature hid.v production of thirteen parrels as Lower. Easy.

Higher, of ihB nlnn is Hint it nrovided for tin- contrasted with twenty-one new wells tal resources this vcar were grown from 5,881.330 to i fi.010.332 this 512,280. While resources were higher jyear. There were thirty-four less banks COTTON SUGAR COFFEE WHEAT the failure of the directors to declare an extra dividend. Interests identified was 1 barrels as cmnpured with 2155 in June. Fewer rigs are being erected and fewer wells drilled in the ton, Texas, filed a receivership bill in mediale dividends on preferred and land a daily production of thirty-four ibiirrels In June and thirty wells and a lite omiKl.t fllll Oil lOinH WaSlllUU I IRI.

t'OIIl UllHeS I mm S. District Court today against the month than a year ago. The decrease Superior Oil Corporation, which has lower than for the corresponding cnll of 1020. Iiatis of all classes totaled with operations on the upside have been talking of a C. S.

Steel extra for some time while a few brokers in their was the result ot mergers, ine nnm- oil and gas properties in Kansas, Okla tion with the acquisition, including Idnily production of ninety-seven bar-. Eastern territory, according to the "rights" of two-thirds of a share ofirels in April. Derrick which relates that the turtnil- new common to each new common In the Bradford field there were ment of the drilling programme is In new common 10 enen new ooiooou r- a drop ot aooiil ni privsie uno $1.481 .763,807 000.000. homa and Texas. He did not allege insolvency, stating that the assets ex market letters nave ninten covertly mat such a move would be a splendid ges-'sbare issued In exchange for combus-1122 completions In July with a dally I One with the present low price of wg tne year, rcraie nanss euowru increase of nine and trust conipaniea eighteen.

ceed the liabilities, production pt 134 barrels, vblch eon- Pennsylvania grade crude oil, Investment of the banks and trust eompaniea were torn- jean Mleulated to rector publle oufi tion gtock.