Evening Star Newspaper, June 4, 1929, Page 15

FINANCIAL | GERMAN BOND LIST CONTINUES GAINS Domestic Group Displays Ir- regularity—Convertibles Move With Stocks. BY CHARLES F. SPEARE. Bpecial Dispatch to The Star. NEW YORK, June 4—Further short covering today in German bonds that had been dragging down for & month prior to the settlement of the repara- tions agreement carried their prices 1 to 115 points higher. This was the out- standing feature of the foreign group. In the domestic list there was con- siderable irregularity among the semi- speculative issues, but again a strong tone to the high-grade mortgages and further evidence that courage is de- veloping among dealers and institution- al buyers. Convertibles Fluctuate. An unfortunate incident was the break of over 4 points in Philadelphia & Reading Coal & Iron 6 per cent de- bentures, which were brought out in March at 100 in the amount of $3 800,000 It is understood that stockholders of the company took $17,000,000 of the total issue, but that recently they have been reselling them in such volume that the syndicate could 'not support the market and today came to the conclu- sion that it would disband and estab- lish free trading for the bonds. . Convertible issues fluctuated with the equities with which they are identi- fied. American Telephone & Tele- graph 4;s advanced a point. Wwhich placed them 6 points above last week's low. International Telephone 4'3s were also up a point and at one time about 8 points higher than a week ago. Atchi- son Convertible 4':s lost ground in sympathy with the reaction in the stock. Southern Pacific 47,8 were actively dealt in above 92, compared with their recent low price of 8934 and the issue price of around 95 In spite of the higher rate for call money today the high-grade list was not affected, inasmuch as time money rates are easier and there are increasing evi- dences that credit will be freer as the month goes on. Short-term issues are benefiting by this change. The United States Government list was higher. All of the Liberty bonds improved, though the first 3155 are in- clined to drag more than the others. ‘The Treasury certificates were from g to 14 higher. German Tssues. The strongest of the German issues were the Central Bank for Agriculture 6s and 7s. The short-term 6s have ral- lied 7 points since the middle of last week, 5o that today their yleld was less than 714 per cent, compared with nearly 812 per cent recently. French and Bel- gian descriptions were fractionally higher. as were Scandinavians and Brit- ish Colonial bonds. There was some sign of liquidation in the Japanese group owing to the unsettled financial conditions in Japan Fertilizer Production. BALTIMORE, June 4 (Special).—The Davison Chemical Co. will produce and market this year approximately 800,000 tons of mixed fertilizer, making it one of the largest manufacturers of this prod- uct in the United States. The company now operates about 45 plants engaged in the manufacture of complete fertilizers, covering nearly every Statefrom Con- necticut_to Texas and east of the Mis- sissippi River. —_— Washington Stock Exchange SALES. Washington Gas 6s “A"—$500 at 102V, ‘Washington Gas 6s “B"—$500 at 103%. $500 at 1033, Capital Traction Co—10 at 92%, 10 at 929, 10 at 923, Potomac Electric 6% pfd.—10 at 11214, Potomac Elec. 51:% pfd.—10 at 105, 10 at 105%. Washington Rwy. & Elec. ptd—10 at Liberty National Bank—20 at 245. Commercial Nat'l Co. pfd.—50 at 1031}. Mergenthaler Linotype—2 at 105, 8 at 105. AFTER CALL. Mergenthaler Linotype—10 at 105%, 5 at 10515, 20 at 105, Capital Traction 55s—$2,000 at 98 Potomac Electric 51 % pfd.—2 at 105. Potomac Electric 65 1953—52000 at 1071, Washington Gas 6s “B"—$300 at 103, $200 at 103, $200 at 103, $300 at 102, $300 at 103, 200 at 103. Capital Traction Co.—2 at 923%. Bid and Asked Prices. STOCKS. Chestnut Fa Chevy Cha D. C. Pape; Pot. Joint St Wash. Mk . Wash. Cons cele BONDS. PUBLIC UTILITY. tion Co t“ashington Gus Norfolk & Wash, Votomac Elec. td.. Totomac Elec. 51,7 pfd Wash. Rwy. & Efec. com Steamboat | Mar: | Milan 6% { Mexico 48’10 asnt. THE EV. NG _STAR, WASHINGTO! ON NEW. YORK BONDS@ Received by Private Wire Direct to The Star Office UNITED STATES. Paramount 68 1. Phila Co 53 67 . 40 Phila & Read 68 °49 211 Philips Petro 34s.. 2 Por Ric Am Tob 6 3 Postal Tel & C5%s. RemingtonAr 6s33. 1 Rem Rnd 538 war.. 79 Sinclair O1l & Sinclair Oil7s. Sinclair Crude 638, Sin Pipe Ling Skelly O11 & Close 967 9816 9828 96 6 967 967 10010 1002 1002 [ 10314 1036 1036 10610 106 4 10610 FOREIGN. Sales. High. Low. Close. Ju by, 56 9 z:\l zg:v ‘61, 11 98% o 9 981 99 .36 951y 95% 39 100t 3 99 994 Australia 4% 4“ 5 85% Australia 68 1 28 98 92% Austraiia bs 1957 Im 94 Austria 7, 3 3% 103% Bank of CI 964 Belgium 6s 100% lum 104% 107% 105% 114% 108% 85% 1004 1004 Advance Brings Out Profit- Taking—Utilities Are Featured. BY HARRY H. BECKER. Special Dispatch to The Sta: NEW YORK, June 4.—Recovery went further on the curb exchange for a time during today's session, but a belief subsequently that the improvement had gone far enough served to bring in some profit-taking and made for a de- cidedly mixed undertone. Shorts cov- ered at the outset, but after this de- mand had been satisfied the market quieted down. Profit-Taking Appears. Oils as a whole, one or two of the aviation issues and a number of spe- clalties showed independent strength. The buying of the petroleum shares favored stocks like Humble, Vaccuum, Standard of Indiana and some of the low priced independents. However, profit-taking also tended to cut down their gains in the early afternoon, in- fluenced by the increase in crude oil output last week to a new high figure. Pivotal shares among the utilities be- gan the day with another burst of strength, but a portion of the gains was lost in the ensuing realizing. Amer- jcan Super Power new broke away from the general irregularity toward midday and shot up In big blocks across 40 to a new top along with the old A issue. which climbed almost 7 points, whereas the B was reactionary. During the forencon advance Allled Power & Light. Electric Investors, Electric Bond and Share, Consolidated Gas of Balti- more and Central States Electric were especially prominent. The last named reached the highest at which it has ever sold. Southeastern Power. Northeastern Power, United Gas Improvement and Buffalo, Niagara & Eastern reacted after initial strength. Fokker Aircraft enjoyed the biggest opening, almost five points above its previous close, followed by a sharp re- action and a gradual rally to the initial figure. The buying was attributed to expectation that the company will benefit from the manufacture of small planes besides its other activities. Miscellaneous Group. In the miscellaneous industrial group Checker Cab, in further response to the excellent first-quarter report, rose sev- eral points, and there was continued covering in the shares of companies which went down most during the de- cline in wheat. After a sharp opening decline Deere & Co. recovered the entire loss and sold a few points above the previous closing. Investment trust issues advanced on light trading, while some better demand was in evidence for Gold United Drug 6 63.. US Rub 1strfbs US Rub 73 U 8 Steel 8. Utah Po Utilities Powr Vertientes Sug 7s.. ‘Walworth 6348 '35, Warner Sug 7s 41.. West Elec b . Westn Union 63 61. White Eagle O 6 %8s Willys-Ov 6348 33.. Bordeaux Wiison & Co 18t §s., Brazil 638 WinRepeatAr73%s. Brazil : - Youngstn S & T 5s. 24 RAILROAD. At&SF cvt4s06.... 1 88 Atcnison gen <12 Atch deb 4% s'48.. 363 Atlantic C L 18t 4 AtlanticCL 433 Belgium 7s 1956 Belgium 7% Bolivia 7s et Bollvia 8 Chile 78 1943 . Colombla 6s Jan'é1. . Con Pow Japan 7s.. . Copenhagen 4% 53 3 e Copenhagen be ct.. % Cuba 6% 2 | Czecno 5 Czecho 8s 1952 Danish Munic 83 A. Denmark 4%s Denmark 5%, ‘56. | Denmark 6s.. Dutch East 1 6s47.. 2t 102%_ 1024 Dutch East16s63.. 6 1024431024 £l Salvador 1095 109% Fiat 78 x wi Finland 5% Finland 7 Framerican 7%s. French 7s...... French 7% German EI P 6%s. German 7: .o German Bank 6s '38 Ger Gen Elec 78 Haity Holland-Amer 6 irish Free State b B&O SW5a80..... B &O Toledo 4s.... Bang & Aroos 48 51. Brookiyn Klec 6%4s. Bkiyn Mannat 6s. .. Bklyn Un EI 68 '50. Buff R & Pitt 4%s.. Bush Term con 5s.. Can Nat 438 64.... n Nat 4% 67 Canada Natlé % Canad North 6%s.. Canad North 7s.... Canad Pac deb 48 Can Pac 4%s 48 Car Clinch & O 5s. . Car Clinch&O 68 62, Centrai Pacific 4s.. Cent Fac 1st 68 90.. Ches & O Corpn b5 Cnes & Ocv4ans... Ches & O 4%3'93 A Chi B&Q gen 48 53.. ChiB&Q1strfs Chi&K 111 gn 63 6. Chi Gt West 43 63.. CM&StPgnsy... ChiMISP&Pacbals. CMSP&Pacadissi3 Chi& NW gn 3%s.. Chi& NW 7s. Chi Rys §s. . ChiRI&Pridas... Chi RI & Pac 4%s., ChiStPM&O 68°30.. % Kreuger&Toll 53 ot Lyon 6i ille 6s. Montevideo 7s. New So Wales Norway 53 1963. Norway b%s Norway 6s 1943, Norway 65 1944. | Alleghany Cp 5544 40 i ChiT M inc 63 6u. .. Chi Union Sta i Chi & W Ind cn CCC&SIL deb 4% Clev Term ba. Clev Term 5%! Cuba R R b Cuba R R 651936 cf Cuba R R7%8...., D & Hud cv bs 36, Del & ldud 634s. . Den & Rio G cn D Rio G West bs, Erie Gen ¢s. Seal Electric new, the radio shares and Orient Dev 6%s'57. the metals. Motors were quiet. Paris-Ly-Med Paris-Ly-M Paris Orleans §3%s. Peru 6s 1960. Peru 651961 Markets at a Glance NEW YORK, June 4 (#) .—Stocks strong; commercial solvents rise 30 points. Bonds firm; German issues again strong. Superior Power issues buoyant. Foreign exchange irregular; Spanish pesetas slump to new 1929 low, while Japancse yen rally sharply. Cotton higher; favorable farm relief reports. Sugar easy: lower spot markets. Coffee de- clined: European selling. CHICAGO, June 4 (#).—Wheat strong farm _relief reports. Corn strong; sympathy with wheal Cattle 1 steady to weak. Hogs lower. WHEAT GAINS CONTINUE. CHICAGO, June 4 (#)—Quick sharp advances in grain values took place in the late dealings today after announce- | ment that immediate use of $500,000,- 000 would be proposed for farm relief. A general buying rush set in, and the wheat market swept above yesterday's topmost level. Early sellers of wheat flocked to the buying side, and the sud- den action of the market forced into execution many standing orders to buy. and thus put a stop to losses on the part of speculators who had a wrong idea of the course of prices. Wheat closed boyant atu the day's tip-top point, 37 to 6'x cents a bushel higher than yesterday’s finish. Corn closed 373 to 5'x up. Oats, 113 to 17s advanced, and provisions varying from 2 decline to a rise of 5. Wheat Tieh. 113 118 Poland 85 Queensland & Rhinelbe Un 1. RhineWst EP 65'63 RhineWst EP 65'63 Rio de Janeiro 6% Rio GrDo Sol 65 '4! Rome 6148 Sao Paulo 8s 1936, Sao Paulo 1950... Saxon (PW) s, Seine 78 42. Serba Cr Slav Serbs Crot Slo Shinyetsu 648 52. Soissons 3. Sweden 534 Sweden 6s. Swiss 548 19 Swiss Confed Toho E! Pow 7 Tokio 55 Tokio 648 1961. Utd Kingm b6%s 29. Utd Kingm 6%s37. Utd SteamCopen 65 Uruguay 6s 1960. 5 97 Uruguay 8s. 106844 2 86% Warsaw 78’5 79 Yokohama 65 v3% MISCELLANEOUS. Abram&Straus 6%e 2 103% 103% 99y 99 Alleghany 6349 wi 50 100% 100 100 AmAgriChem 748, 1 104% 1043 Am Chain 6s’33... 1 94 94 Am Chem B1§8 cv'49110 100% 102 Am Int Cor 6%8 "4y 2 102% 10.% | Am NatGas 6359'42 74’ " i AnSmit& R 13t 6s. 12 100% 100 100% Ain Sugar Ret 6 10213 1025 10215 0 - Fla East Cés Gr Trunk stdb Grand Trunk is. Great North b Great North 6% Great Nor gen 1, Hav El Ry 63 52 Hud & Man a3 Hud & Man ref §s, 1l Cont 4% 8 6 11l Cent Chi 4 34s. . Int Kaptd Tran int Rap I'r 68 stpd.. Inf Kap Trans 1 int Gt Nor 6 19 | Int & G Nor 18 Int&GiNor adj 6s b3 Int Ry C Am 63 41.. int Ry C A 6% ret. Kan City Ft 8 Kansas City 8 .. Liake Shore 4s31... LehiVgen 4138 2003 Louis&Nash uni 48, L &N 4132003... Louis & Nash 68 B. 1 1014 Lou's & Nash7s... 6 10i% Market St 78 40. .., 84 MUEIRy&LEsS1. 1 93 Mil Kl Ky & L 68 61 98 MStP&SSM5a38gtd 9% M StP & SSM 6% 100 B2% 0% MK#&Tud)b 10419 Julv Mo Facific gen s September Mo Pac 58 A 65. 48 e nr 2 Mo Pac bs F 71, 9i'% u = *mT&Yeltrdn 9% 99% | Ao Pacific 68 G ‘78, 26 904 Loptember | Am T&T cv 475539 1 1264 | Mo pac 6 9 evt 102 1097 Drcember . AmT&Toliro 102 | \obaO 458 17 €ta 93 o AmMT&Ts! bs. 102% | 2 T P Am Tei & Tel 6%s NOTex&MbsA 90 sl Am Water \Vks b8 NOT&Mb%s Wi anacouda 1st 8 Y Cen gen s s s Armour&Co4%s 39 ¥ Ceut 4s 98 874 Armour De) 6% ¥ Cent deb 43 95 YCrfimd ¥7% Atl Gulf Sbs Atlantic Refin Y Centrfh 103% | Rel! Tei Pa 68 B. ¥ Cent aeb 1051 Bethiehm supmes & ot Bethlehm Stl pm Y 61 Beth Steel 5%863.. § 101 | NY C&StL 4348 C.. 93y Bethlehem § 27 Togre | N1 emasiL osA: 0 Certain-Tdb % 23 8 New Haven 3z 64, i Chile Copper 53.... 1¢ | New Huven 31gs b6. Colon Ol 683 30 96 INYNH&H48b ol Gas&kl deb “ 9%l NYNH&Haws. 18 Com Invest 5% '49236 93°, NYNsHevdbes 4 Com Invest 6s'48.. 11 93 [NY NH&Hei6s . 4 Con Coal Md 1st 5s.. 1 66 L ConGas N Y 6%s.. 19 10402 d i ) s e Consumers Pow 4 1010 | | 3 ba Cane ev 78 G0y 6ory | N : st ;l);:{‘:.l.. | : 6 60 | . s Lo0 1001 | Nor Fae 3u 2037 getons 2 et Cetmanm e Gle —mmsao——wiie Low. Close. : 1027, 108 September December . Corn— 9u% | NEW YORK, June 4 (Special) —Aft- jer a setback of $1 a bale and an ex- | ceedingly quiet trade during the morn- | ing, the cotton market today rose vio- lently a half cent under the most gen- |eral and aggressive covering so fa | ending with & gain of 30 to 35 poin on ths day. Low 1820 1845 18.35 1855 1839 Hew ! Decem ber DetroitiEdison6sé0u 1014 1011 | Morfoik & W en 7 107 . 1074 | Nortnern Pucifie Detroit Edison 6s. 100% 100+ | No-tnern rae 971y 971y | UTe NnOIL L rly 18.70 1891 Curb strong: American COTTON PRICES GAIN. | INDUSTRIALS. Hig 29 Acoustic Prod .. € Aeronautical Ind 32 Aeronautical Ind 2 Aero Bup Mf A. 10 Aero up Mf B 2 Aero Underw 8 As 13 &L died P & L'pid @ ] ed P & L 1st pid. Dr B n. B pha Port Cem El 88 Amer Citles P i 102 Amer Cit P & L B.. €Am Commonw P A 2Am Commonw P B... §Am Comw P ool war 24 Am Cyanamid B 88 Am Cyanamid rts. 9 Amer’ 5 Amer 3 Amer s Amer 2 Amer 2 Amer 66 Amer 3678 Amer 49 Amer 7 Amer 1'Anglo Chil Niti 1 Anglo Nor Hold!n 10 Arcturus Radio T ... 15 Arizona P 171 Atk Nat Gf 55 Ark Nat G 3%, Armstrong Cork . Asso Dye & Print 67 Asso Elec Ind .. 30 Asso Gas & EI 15 As Gas & EI deb i 2 Asso Rayon 8 Atl T 10 Atl Fruit 1Auto Vot Mach 5 Auto Vo Ma cvt 5 Aviation Co Am . 49 Aviation Corp .. 1 Babcock & Wilcox . % Bellanca _Afrc_vte 2 Bendix_Corp n 2Bliss E W..... 2 Bow-B_Hot 1Braz Tr L 1Bridep Mach | 3 Briggs & Stration 2 Bright_Btar Elec B 4 Brill Corp A 183, 2430 B Bkiyn City Bkiyn City 20 Burma Corp 3¢ Burrough A 2 Butler Bros .... 5By Prod Coke n' 1Cable Rad Tube vic. 37 Can Marconi W. 1 Caterpil Tract 10 Gelan C Am n pfd: 5Celan C Am_1 pid 8Cent Pipe 7Cent Pub 8 A 2 Cent Pub 8 A s1d 12 Cent States El n... 2 Cent States El war_ ' 1Cent Sta El 7% pfd.. 1 Cent Sta El 67 pid 6 Cent 5t EI conv pid 1Cent Sta El pfd ww 1 Chain Store Stoek 60 Check Cab Mfg 106 Cities Ser n 1Cities Ser pfd.. 2City Mach & Tool 1Cleve Elee 1Il 2Clum Alum Uten. 4 Cohn-Hall Marx.... . Cohn-Hell Marx ris. 383 63 " 802 2 Commonw 1011 101% 23 Cons Aircraft IO | 1 (i 55 Cons Auto Mer vic. 2Cons Auto Mer pfd. 2 Consol Dalry P § Consol Pilm 22 Concol G Bait. 1 Consol G Balt pid A. 5 Consol Instru ....... 3 Consol Laund . 328 Cons Theatres ' 8 Cont'l Diamond Fiber 3 Cooper Bessemer ... 2 Cooper Besmr pfd A 28 Carroon & R. ... 2Caroon & R pfd A. 24 Courtaulds Ltd 13 Crocker_Wheeler 1 Guneo Press 2 Curtiss Aero Exp.... 20 Curtiss Airport vic.. 2 Curtiss Alrport ur 114 Curtiss Flying Serv. 1 Davega E 1Daven Davis Di 28 Devton Airplane. ... 4Deere & Co...... 4Eisler Elec Eisler Elec ur 2:3E1 Bond & Sh.. 111 2Fl Bond & Sh ptd 133El Invest Inc........1 2El Invest Inc pid 1EI P & L optl war. TEI P & L2ptd A 1EI Shovel C pt pfd . 3Em Power Cor.... 1Eng Pub Ser opt 5 Evans Wall Lead.... 21 Fairchild Aviation A 4 Fairchild_Aviatn rts 4 Federal Water A. 3 Ferro Enamel A 42 Fiat rcts . 1 Fireman Fund Ins 613 Pirestone Tire ...... 37 Pokker Atrp Am.... 3 Foltis Pisher 297 1'Ford Mot Co Can'A' n 49% iy Ford Mot Co C B n 3 Foremost Dairy ptd 1 Porhas TS 5 Poundation For A. . 43 Fox Theaters A § Freshman Chas Co 2Cen Alloys 17Gen Bak 4 Gen Bak pid 10 Gen Cable war. ') 27 Gen Elec Lid rex . 2Gen Fireproofing n 4Gen Laund Ma..... 13 Gen Pub Ser 5Gen Real & Util Co 1 Gen R & Ut Co pfd 5 Gien Alden Coal 41 Gold Seal Elec n 27 Goldman Sache n 2 Gorham Inc pf.. 22 Gorham Mfx ris 5 Gotham Knitbac Ma 1Gorham Mfg ris wi.. .18 2 Gramoph Co Ltd reis 84 1G A&PTC pfd non vtc 405 3 Greenf Tap & Die... 18%, 12 Grigshy Grunow n 4 Hall Printing 13 Happin C_St A 39 Haveart 4 Hazel 1 Helen1 1o He:zcul Powd T Riram walk 20 Hiram W 0 Hiram e 2 Househald F 10 G&W n 187 vis wi v 7 Intl Perfime “Ini Prod 1Intl Project 1 2Int’l Shoe lIntern Util A 3iIntern ULl B Ut war 1830 9634 10513 25 1 Nor Sta P A pr § Northwest “Ensi 3011 Stocks A 301l Stocks B. 1 Qrange Crush 1 Qutboard Motors A 2 Qutboard Motors B. o Bactie, Tin.. ck Motor 5Param Cab Mf 3 G Penney & Co 1233 G Penney prd. 33 Penn’ Ohio Bd. iPenn Ohio Ed wil: 24Penn O E 63 pa. . iy Benn O Ed p pfd 13 Benn O E optl 12 Penn Ohio & B 3 Penn Wi P C- 28 Pennrond Carp, Vic.; 17 3peop Lt & P Corp A 41% 7 Berfect Clrcle. - & 1 Perryman Elec . 176 Betrol Corp 1 pd 1Betrol Corp wid. 3 phililp “Morris. . 2 Bhillip Morris Al Ehilippe (L) A" hilippe (L) B ick Bar & Co i ot Radio Tube lihiey Bowes P Bitts 8t & Bolt 2 Potrero Sug .. 184 X 17% 4% 26 13 Proct & g 1Prop Silk "Hos Mil. 8 Prudential _1Iny 13 Bug 8P & L ot Pyrene Mg 8 3 Raybestos_ . 89 5 Rellance Brass & 8ti 22% 1 Repetti Candy 2 8 Reynolds Metal 6 Reynolds Met pt 17Roch Cent Power.... 39% 3 Rockland Lite' Pw 1 29! 2 Rolls Royce Ltd.. 12 Roosevelt Field 1Root Rfg Cv pr bf Gl . St Resis Py ia: 1630 sis Paper pid. 1027 Schiff Co........ 52 Schulte Un 5¢-31 8ir 12 Sec Gen Am Inv pfd 107'% 18eeman Bros. [] 3Segal Lk & Hdw. !l 9 Selected Indus Inc. . 3 Select Ind Inc pfd 99 Sentry_Safety Control 438erv El_vic 5 Slerra Pac E 7 Sikorsky _Aviati 16 Silica Gel ctfs 2Silver T & Bros '3 Smith Co pfd. & Sonatron T ... 139 Southeast P & T 1 Southeast P & L ur.. 98 Southe P & L war.. 1Sou C E C pfd.. 5Sou Rovalty . 2 Sou_Grocery A € Spanish & Gen re §8Stand Mot A d Stl_Prop... tarrett Corp...... 1 5 1 1p i 2 1 2 1 a2 1 12 Stein_ Cosmetics. ... 1 Sterchi Bros Stores.. 4 Sterlin Sec ptd allot. 3 3 Ster Sec pf allot & wi 15 Stern Bros A.... 10 Sterling Sec pid 11 Stinnes Hugo. 1Stromb Carls Tel 2 Stroock _Co 1Stutz Mot . 4Switt Intl 18witt & Co. 18wiss Am_ El 8Syra W Mach.. 1 Taggert Corp . 1 Tampa Ei 1 Thermotd pf .. 1 Tux DL P Alr_Co. 64 Tri Cont Corp.. 5 Tri Cont Corp Bf. .. 104} 5 Triplex _Safe GI Ltd 21% 1Trunz Pork Btores.. 48fs s Tubl Art 8 B 370 10 Tung 8ol Lamp 2 Union Amer_1In 2 Unlon NG Can . 1 Union Tobacco . 2Uni Carbon vt : 3Uni Carbon ptd 17 Unl Cnem pr pfd 70nl Drydock ¢ 2Uni Elec Bond ris 8 Uni G Imp C il Imp n ‘wi. Imp n pid. td 91 B n Camp Milk: pid 2. FkE. B nadium Alloy Steel nigreen i 2Wetson J W 1 Wayne Pumj - 2 West Auto Sup Al 21 Western Air xpE... 9 Western_Grocer 7 Widlar Food Prod 1 Winter B J. 3 Worth Inc A 7 Zenith Radio 1 Zonite 32 MINING STOCKS. Sales in hundreds. 29 Ariz Globe C.. 1 Bunker Hill 1 Chief Cons Min 33 Com Tun & Drain n 19 Cons Cop Mines 1Cop Range. 15 Cresson Con’ Gold .. 1Eng Gold M Ltd Inc 16 Palcon Lead Min 8Gold_Coin.......... 2 Goldfield, Cons.' . 2 Hecla Min 5 Hollinrer G A Kerr Lake 1 Mason ' Val 1 Metal Min . - 3 Newmont Min | INJ zinen ... 4 Nipissing 8 Noranda 9 Ohio Cop. : 5 Premier Gold ‘M 13 Anteicpe Cop.. 1 5 £ Antelope rts tuck Denn 1 inc Smelt . 4 Unty Gold 2 Wendon Cop i Sales INDEPENDENT OIL STOC] in hundreds. 1 Allen_ oIl . 2Am Con Oifide 18 Am Maracaioo Co. 2 Argo Oil....... 4 Carib Synd 10 Colon Ofl 11 Cons Royalty. 43 Creole Pete 8 Cosden Oul i 1Crown Cent Peie 8 Darov Pete 30 Derby O & 2R o 2 it 1 si 3 1 4 Houston Guit Gas 11 Interccnt Pet 18 Kirby Pet . 8 Leonard Oil 1 Lion Ol 4 Lone Etar G Del 6N Y Pete Rov 1 Cent Tex Ofl 2Pac Westerr Oil. 1 Pandem Ol 2Pan.e.ec Ol 1 Pennok_Oil Corp 1 Reite--Poster Oil 18all Ck Cons © Salt Ck Prod o Z Sales in 17215 173% 172 30~ 393 Gk sReresiisumnunsuacy o e Rttt FINANCIAL.” 38ss2ess 3§ Guit Oil Pen 5s 5 Gulf Sta Ut 55 A '56 94 94 Harpen 65 '49....... 90% 7 Hous Gulf G 63'A '43 82 5las 98 511Ind Oil & Gas 8s 11Indianap_P&LSs 2Int Pw Sec 7s 3Int Sec Am 5s ° 1Inters Na G 65 |3 & Intersta Pw 53 '5' 2222 7Z3 eisner Realty FIRECNE2S, 82,3823 Y P & L 4'as or Ind P 8 6s C or Bts P M 613 hio Pow 4128 0222 15 CUT IN ARMAMENT NOW HELD LIKELY Hoover and MacDonald Ex« pected to Influence World Peace Move. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 4.—With Herbert Hoover leading the movement in the United States and Ramsay MacDonald in Great Britain, it looks as though the next year would see substantial prog- ress in armament reduction. Perhaps not in a generation has the situation been so favorable to a sub- stantial and systematic reduction of armies and navies as is presented in the present political leadership of the world. The United States is spending nearly $1,000,000 a day on its Army and nearly $1,000,000 a day on the Navy to main- tain its position. Great Britain is spending almost as much. Pa Oh Ed 5%s '59 B 2 Peoples Lt & P 85 2 Phila Elec 55 '60 7Phila E P_5ias 7 13 Poor & Co 6s '3i 9 7Rel Br & Bt 65 ‘44 5 Richfld Oil 65 A '41 9 10 Richfid Oll 6s A ‘44 8§ Richfid Oll 5tas '31. . 35 Roch Cent P 85 A 2San Ant P S 55 B 58 94 St L Gas & 26, Snider Pack 6 EP &L 6s 2 8outh Cal G 5s 18w Dairy P 6iss 38 5Stand P & L 68 57 138 Maid Rais 6'zs 43 60 10Sun Ol 51a5 '33..... 1001 2 Switt & Co'5s '32 . . P & L 5s 56 5s 30 West Pow 5'as 3 West P 8'as A '57 ur 127 Salesin FOREIGN BONDS. thousands. 3 ZAgri Mor_Ba Ts 4T 91’3 S Berlin C E 843 '59.. 91'2 3 Buenos Aires 7125 47 10212 8'6s B 51 81 5 137 anish_Cons. s M El M 6o 53 3 Prankfort 6 32 Gelsen Min 8 '34.: 5 Ger Cons Mun 75 '47 26 Ger Cons Mun 65 47 1Hamburg E 7y '35 5 Hambure E_5ias '38 1Ind M B Finl'd 7s ‘44 25 Ital Superpow 6s '63. 1 Mendoza 728 '51.... 2 Mor Bk Bogota 75 '47 6 Mor Bk Chile 65 '31. 39 Ruhr Gas 6las A '53. 24 Rumanin Tnst 7s '39. 10 Rus Gov 8las 121 cf n 20 Rus Gov 6135 '13 cf n 2 Santa Pe City 1Santiago 7s '49...... 99 1Sauda Falls 55 A 55. 10014 2 Stinnes, H 75 '36 wa. 90 2 Swiss Govt Sias '29.. 90% 41Uni St Wks 8'2sA 47 80% xd—Ex dividend. wi—When issued. n—New. Ww—With warrants. CHICAGO LIVE STOCK MARKET CHICAGO, June 4 (#) (United States Department of Agriculture) — Hogs—Receipts, 33,000 head, including 3,000 direct; slow, mostly 25 cents lower: top. 10.90 paid for a load of around 200-pound weights; bulk or better grades. 160-250 pounds, 10.40 210.80. Butchers, medium to choice, 250-300 pounds, 10.00a10.55; 200-250 pounds, 10.15a10.90: 160-200 pounds, 9.90210.9 130-160 pounds, 9.60a 10.85. Packing sows, $.00a9.60. Pigs, lneedélém to choice, 90-130 pounds, 9.00 210.35. Cattle—Receipts, 10,000 head. Calves —Receipts, 3,000; better grades fed steers and yearlings steady: others slow, steady to weak, 15a25 paid for 1,403- pound bullocks, new high for season. Slaughter classes, steers, good and choice, 1,300-1,500 pounds, 13.65a15.25; 1,100-1,300 pounds, 13.65a15.25; 950- 1,100 pounds. 13.75a15.25; common and medium, 850 pounds up, 11.00a13.75. Fed yearlings, good and choice, 750. 950 pounds, 13.50a15.25; heifers, good and choice, 850 pounds down, 13.00a 14.75; common and medium, 9.50a13.00. Cows, good and choice, 9.50a12.25; com- mon and medium, 8.00a9.75; good and choice, 9.50a12.25;: ccmmon and me- dium, 8.00a9.75; low cutter and cut- ter, 6.25a8.00. Bulls, good and choice (beef), 9.90a 11.50; cutter to medium, 7.75a10.25; vealers (milk fed), good and choice, 11.50a14.75; medium, 9.50a11.50; cull and common, 7.00a9.50; stockers and feeder steers, good and choice (all weights), 12.25a13.25; common and medium, 9.75a12.25. Sheep—Receipts, 10,000 head: lambs, 25 higher; gearlings, strong; bulk n: tive lambs, 16.00a16.25: top, 16.50; year- lings, 12.00a12.25; fat ewes, 6.00a7.00; feeding lambs, unsold, following quota- medium, 14.25a15.50; cull and common, 12.25a14.25: ewes, medium to choice, 150 pourrds down. 5.75a7.00; cull and common, 2.50a5.75. Commodity Notes Steel. Special Dispatch to The Star. PITTSBURGH, June 4—Wha! 1c- cessions are evident in steel activity in this section are due largely to open hearth furnaces failing after the severe driving to which they have been sub- jected. There is some decrease in or- ders from the automobile industry in evidence. Lumber. PORTLAND. Oreg—The unfilled or- ders on hand at Western milis are showing some decreases. Tiie drop has been about 50,000,000 feet, as compared with last vear. according (0 reports trom 425 identical mills around the country. Oil. SHREVEPORT, La.—Increased drill- ing in unproven territory is making it- It the first-class powers would agree to sit around a table and pledge e selves to reduce armament all around, ; | by a certain percentage, the problem of armament reduction would v 2] mg; :h’nple . resolve itself at Great Britain and the Uniteq g;:'b‘:hl‘;c ‘l_.ntthlsmimpomnt matter w\g determine worl the next decade. S AR v The French government is standir pat in its controversy with the At ican film industry. For some time now the French Superior Cinema Control Commission, which adopted the prin= ciple that tour French films should ba shown in French theaters to one fore elgn film, has been surveying the field, The French exhibitors are in arms, clamoring for a greater number of fore eign films, especially American. Amerie can film producers stand opposed to all forms of quotas, even offering to pay & heavy frontler tax, the proceeds of which can even be used to rebuild the French film industry. But the French N0 jthat might establish prece- s iginal position of 4 to 1 ericans are pessimistic and are al- jeady taking steps to close thelr woric in France. If they do, 5000 to 8,000 French employes will lose jobs. The French reply by saying that should ‘American producers withdraw entirely, they can supply the French exhibliors with German and with inde- pendent American_pictures—those not under the control of the Hays organiza- tion. The French press, meantime, is giving the whole subject wide discussion. Beef prices are high all over the world, says the United States Depart- ment’ of “Agriculture. New Zealand, Canada and Argentina are expanding their beef shipments to the United States. Refrigeration has helped the faraway countries in this re- gard. New Zealand now leads Canada as a source of fresh and frozen beef for the United States. Distant Argentina is sending a larger quantity of canned beef to the United States than is Can- ada. Canada’s leading outlet for her cattle and beef, under present world price conditions, has shifted from Great Britain to the United States. There is in Europe more “consumer resistance” to the existing price level of beef than there is in the United States. According to the Department of Agriculture, the cattle industry in the United States is supposed to be passing to bottom of a production cycle and approaching the peak of a price cycle. In other words, as prices rise through the effect of a series of years of shortage in cattle, breeding animals are withheld from the market to build breedingherds, and there is a temporary additional contraction of beef supplies. That period seems about over. Beef prices throughout the world should soon begin to soften. Elmer A. Sperry, president of the Sperry Gyroscope Co., belleves he has found the way to remove the peril from blind-fog flying. Today fog is the greatest enemy of the flyer. As yet no accurate instrument has been invented to give the exact distance to the earth immediately below. Mr. Sperry believes he has found the solution. He has given no details, but {1t 1s thought the invention will be a | combination of the gyroscope and ‘something else.” Just what that “some- thing else” is remains a secret. The Sperry gyroscope, in wide use today, indicates the true course of a plane. During the war Mr. Sperry developed remarkable bomb-carrying, _pilotless planes that periormed perfectly under tests. Just how this was done remains one of the secrets of the United States War Department. (Copsright, 1920. by North American Newse tions on shorn basis; lambs, good and | choice. 92 pounds down, 15.50a16.60; | paper Alllance.) SILVER QUOTATIONS. NEW YORK, June 4 (#).—Ber silver, 513%; Mexican dollars, 397. o e Shell Union Oil is establishing mar= ing facilities in STUDEBAKER R. McREYNOLDS & SON 1423-25-27 L St. N.W. Decatur 686 NEW CARS USED CARS Continental Trust Co. 14th and H Streets 79 {Ore Wash 1a1 4 Giiaanakia 110 | Pennsyl gen 4'an ARE" o8 105 | Penna R K s&s 964 | |eunsyl gen bu. 1011y b 10614, Wash, Rwy. & Elec. pfd. NDA unjts. MER SUBS! 300 Anglo Am oIl non Vi 300 Atl" Lobos. 400 Atl Lobos pfd. 100 Buckeve P L. 5600 Contl Ol . self apparent in the Louisiana and Arkansas fields. This 1s attributed to recent increases 1 noil prices. Fisk Rubber Gen Asphalt Gen Cable 5% CHICAGO, June 4 (United States De- | partment of Agricuiture) —Potatoes— | | Receipts, 48 new, 69 oid: on track, 126 new, 207 old; total United States| Episione gifecats, Carital, $1,000,000.00 1 Knott Co o Kolster-Brandes SR FEEES e Vennsyi 6'as Corn. Liberty eoetee: Linco) Natl Rie Becy Natlo bank’ o T COUPANY. ) Ame e st Co EneEmery & Troe Merchants' Bank National Savings & Trist Onion Tru Washington Loan’ & Trust SAVING BANK. Bank of Bethesda Commerce & Say East Washing! Botomac Security Savings & Coml. Seventh Street United States Washington Mechunics PIRE INSURANCE. i Bank American .. Corcoran Firemen s 2 National Union TITLE INSURANCE Columbia Title. ........... Real Estate Title Title & Inv. Co. of Md. com Wash. Cons. Title pfd MISCELLANEOUS, Barber & Ross. Inc.. com Chevy Chase Daiy pfd Col. Sand & Gravel pid Commercial \Natl. Co. pfd D, C Paper Mg pfd Dist. Natl. Securities pfd Federal Storage pfd Federal-American Co. com. Federni-American _pfd Lanston_Monotype Merch. Trans & Storaze Merch, Trans. & Stor. pfd Mergenthaler Linotype Natl. Mtge. & Inv. pfd Peoples Drug Stores pid Real Est. M. & Guar. pfd Security ' Blorage Ter. Ref. & Whr. Corp Waih. Mech. Mtge. com. .. Wesdward & Lothicp pid godwar rop p! *Ex dividend. . . . oo shipmenis, 502 cars acks, mrket stronge Bliss Triumphs, 4.00a4.25: sacked Bliss Triumphs, 3.50a3.75: demand on barrels, market slightly easier: Carolina, barrel, Irish Cobblers, 5.00a5.25; old stock fair trading, market steady: Wiseonsin sacked Round Whites, 75a1.00; Idaho sacked Russets, 1.60a1.80: fancy shade higher. w2 | .. e 1000 MumbleO& RE¥s. "6 " 100 | Philippine RR ¢e. . (TMfnots Bell 1st6s.. 11 1024 | Keadtivs ke 4 an A | 1ilincis Steel 4%: 9Tie | M1 ATK & L 4Y, | Inland Stl 4%8°78. G0t | 3t L IM&S e 23, | (ndiana Steel bs. 1031 | STL IM&S k0 b8 31, | tntl Cement 68 4% 104% L IM&S R&G 48, | 1otl Match 58 47 3 95 9 95 |SIL&SFIsA.. 81 | int Mer Marine 1001 100 [StL&SFrensis. 90 er 6 47. 0% 90% [SUL&SKorinks. 12 Inter Paper 6 891y 590s | St LS \V con 4a 3% |int Tei&Te 91t | StL & Sown 68 '62. . Int Tel&Tel 4145 e 6 125 | S0P Un e | Laclede G 5~ 62 21000 | Sun A & At | o4 | LigperaMyers 1004 1001, Seab A L ref 4s | Ligpert & Mvers s T18. 1(8la 4 { Loew's Inc 83.,.... 5 10515 10515 1051, Seab A Loriviard ix S HAn | Lortilard a4 Sou 'aecit 4s Luuisy G & & ManatiSy Midvale Steel Mont Pow 63 43.... Mont Power deh b 91 Mor's&Co 18t 4 %s. : 3 H i -, | Sou Ry 6%s Nat Dairy 6% 33 i at Radiator 6% E 61 | TexArk FSSl%s NewknglundTel 68 1 103% | Texan & Pacific 1st. | N Y Edison 644+ " ex & Pac 5% C*79. 195 NYGELH&P s 4 )31, | Thira Averel 40 6 NYTeialgn ... 4 9%s | THird Avenar bn 17 N Y Tel s 41 3 106 S 108 | T7nfon Pac It 4s N Y Tel s 4 [ 110 | Union Pactfic 4s'68 2 North Am Edis ’ 9915 99% | Union Pac et rf 4s. 15 nsyi guld s .. Pere Miary I8t bs New Welding Process Used. NEW YORK, June 4 (#).—Republic Iron & Steel Co. now is manufacturing steel tubing by electrical welding proc- ess, according to advices from Youngs- town. The first unit, capable of rolling up to 7 inches, has been pronounced Scu baeiie tef 48 | Son Lac 4tgnreis 1 4 been ordered, one of which will produce Sou Pac 413569 wwlosl ) i tubing up to 21 inches in diameter. FEDERAL LAND BANK BONDS NEW YORK, June 4 (Special) — Bid. Asked Land Bank 4s May 1058-3% 0 Land Bank 45 Nov. 1987.37 Lanud Bank 41¢s Nov. 1958 Cond Bank 188747 Land Rank 1 Bank 100% | Sou Ky gen 48 97% | Suu Ry Co! Sou Ry és 864 active demand on | ; Alabama sacked | Louisiana | fair | satisfactory. Two additional units have | No Am 120 blyn 100% 100% | Union Pac 4%48°67, 24 9614 100 100 ' Virginia Ry 1st6s. 12 101 99 99 Whash 4%8 78 re 87 103% 103% . 98 100 1004 14 1024 1024 0L A e re ..2 =:h :2:.: aep“_?,?‘e:; i'r.:eu:dl 5 102% 102% West Shore .2 % ! Oslo, 4 2 1071 107) 1075 WisCentgnds'ed., 1 78 78 n‘;‘u fha i o 8382883222028 Nor States Pow 6i Paeific Gas & K1 bs. PacT& T Inths... 20 Muy Hosle, nower A 7 Memphis 1 Mereantd 9 Merritt Chaj *Mid West Mid W U 2 Miller_ (D) 2 Mine Hen 32 Moutecat deb 2 Moore Drop Fors A. pefid at s at Candy CO 6 Container i @@ 2 Ogntalngr pid wi 31 < Sirs. .. H Jorn Am Ot jor Am_ Ut 1 b iy BNS . 55 100 Eureka P L 2300 Humble 0 & 1%33 fmp O Gail 0 00 Imp Can ... 100 Inter Pet Ltd . 5 3 s nEuSEeus ueutyd Saney T s S SEmgens SEugmes T 32 Abitibi P&P 8 A :J AR how " aths” 87 oln 9 T Alam o Amer s 83 10004 100 i 821 1 4 40 Am Com'wenlth 65 44 9074 “981a 1 rd 8135 '33 8 iL_6s 3611215 n 55 A 55 99% B 100 raBBuocEunsans Tl -5 29535 BRUSRERIEBRE, o X SEES SHY: ST. LOUIS.—The corn country necds dry hot weather before t.ae ground is in shape 5o the crop can be cultivated. Packing House Products. CHICAGO.—! 3’ demand weak- ened the dressed beef trade curing the ast week, with prices about 50 cents wer. Similarly the 12mb market was wwn.k to lower. Pork cuts lost 50 cents $1. Agricultural Machinery. FORT WORTH —Texas will have 5,500 combines in operation this year as against 3,500 last year. Implement deal- ers say the increased operation is due to the success of the machiues in recent ears. One section of Texcs, the Pan- ndle, harvests its wheat exciusively with the combines. Capital Increase Approved. NEW YORK, June 4 (#)—Stock- holders of the British Type Investors, Inc., have approved an increase in the authorized capital to 500,000 class A shares and to split each present share into_four new class A _shares. NASH Btreet™ 1555 14th St NW.™ Dee. 3320 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00