Evening Star Newspaper, March 8, 1930, Page 20

* F SCHACHT PENSION -~ TOTALS $700,000 Retiring President of Reichs- bank to Receive Eight Years’ Salary. BY JOHN F. SINCLAIR. Bpecial Distpatch to The Star. NEW YORK, March 8.—Dr. Hjalmar Schacht's resignation yesterday as president of the Reichsbank at the end of a very stormy session of the directo- rate indicates the intense feeling in Germany against putting into effect the Young plan for collecting reparations. This German banker has been the outstanding leader in German finance since 1923, when he became president of the Reichsbank. He took the job at a time when 133 printing offices ‘with 1,783 presses were turning out money by the bale—when the mark nose- diving to its lowest. He brought order out of chaos. He was known as & “man of iron.” . So Dr. Schacht, riow ‘53, leaves the highest paid position in the German public life—a salary of $85,000 & year lus additional royalties. The total of hese royalties never has been made public. 4 Realizing the uncertainties of public life, Dr. Schacht had a clause inserted in his contract which provided that in the event of his severing relations with the Reichsbank for any reason whatso- ever he would be given a lump pension of eight years' salary. So he leaves with more than $700,000 bulging his pockets. Sometimes there are compensations, even after a hectic ‘public career. With 3 per cent of all the banks in the United States possessing 64 per cent of all the deposits, the present trend toward bank consolidation is not new. Should the Chase National Bank and the Equitable Trust Co. of New York merge, & bank with resources in excess of $2,700,000,000 and deposits of more than $2,000,000,000—easily the largest commercial bank in the world—would result. * Will Charles E. Mitchell ax:!!lmtha Na- tional City group start nego ns once more lookin‘:o to the merger of the Corn Exchange with theirs? ‘The world's 10 largest banks from the standpoint of resources then would be: Chase-Equitable, more than $2,700,- 000,000; National City, $2,206,000,000; Midland of London, $2,169,000,000; Lioyds’ of London, $2,098,000,000; Guar- anty Trust of New York, $2,017,000,000; Barclays' of London, $1,876,000,000; ‘Westminster of London, $1,618,000,000; National Providence of London, $1,402, 000,000; Deutsche-Disconto of Berlin, $1,326,000,000, and the Continental-Illi- nois of Chicago, $1,176,000,000. ‘Massachusetts-born Albert H. Wiggin, 62, who became president of the C) 19 years ago, one of the best-known bankers in America, at present chair- man of the board of the Chase, and ‘Winthrop W. Aldrich, 44, Harvard grad- uate, son of Senator Nelson W. Aldrich, and brother-in-law of John D. Rocke- feller, jr., and president of the Equitable, ‘are two personalities to reckon with. S0 far the big merger is merely in the talk stage. It may not materialize at all. But, whether it does or not, the growing power of the Rockefeller inter- ests in Kfmum\ banking is very sig- wifiront Dr. Benjamin M. Anderson, jr., Chase National Bank economist, told the In- ternational Foreign Trade Convention at Buffalo that time had now arrived Anderson says that we gave the outside more than $25,000,000,000 “when hases of American and the loans made by the United States go.v‘gmmmc during the war to our al- ‘This banker-economist uses a graphic illustration to show the relati ip be- tween America’s debtors and herself. “The debts of the outside world to us are ropes about their necks, by means of which we pull them toward us. Our trade restrictions are pitchforks pressed against their bodies, by means of which ‘we hold them off. But from the period from the middle of 1914 to the middle of 1928 we steadily eased the strain by feeding out more rope. In 1920 we ceased to feed out more rope.” But Dr. Anderson warned the Ameri- can public that as Gresham's law no longer operates to send gold here, mak- ing it impossible to expect that the United States will be able to absorb for- eign securities at anything like the rate of recent years, the United States must face the alternative of lowering import restrictions and buying more goods from Europe if it expects to continue to sell & considerable volume of goods abroad. What is Gresham’s law? ‘This name was suggested in 1857 by H. D. MacLeod for the principle of cur- rency which says that bad money drives out good money from the country. Mr. MacLeod thought that Sir ‘Thomas Gresham, London merchant and the founder of the Royal Exchange, first explained this law in 1558, but in real- ity the law was set forth by earlier writers—Copernicus, for instance, Mr. MacLeod expiains the law in this way: The worst form of currency in cir- culation regulates the value of the whole currency and drives all other forms of currency out of circulation. Gresham's law applies where there is underweight or debased coin in circula- tion with fullweight coin of the same metal; where there are two metals in circulation and one is undervalued, as compared with the other, and where inconvertible paper money is put into circulation side by side with metallic currency.” Many of the countries of the world today are faced with some, if not all, of these conditions, to which Gresham's Jaw applies. (Copyright, 1930, by North American News- paper Alitance.) By the Associated Press. NEW YORK, March 8.—George H. Bushnell has resigned as first vice president of the J. C. Penney Co., chain department store system, He will con- tinue as a director, Stockholders of the Airparts & Tool Corporation of Detroit have voted to the offer of the Excell-O Air- & Tool Corporation, also of De- troft, to acquire the Airparts company on an excharge of stock basis. The terms of the acquisition are three-quar- ters of a share of Excell-O for each share of Airparts class, A stock, and one-half share of Excell-O for each class B share of Airparts, The net income of the International TInvesting Corporation for the period from March 6, 1929, to December 31 1920, after charges, but before bond interest, amounted to $145,458, or more S purses there” remeine SPBTONL: ‘expenses re Tema! approxi- mated 8179 « share earned on the common stock. . ENTERS INSURANCE. Everett Eynon, only son of Edward B. Eynon, jr., scecretary of the Washing- ton Base Ball Club, bhas entered tne INANCIAL. THE EVENING STAR, WASHINGTON, D. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct t* The Star Office. (Continued From Page Stock ana Bales— Prev. 1930~ Dividend Rate. Add Bish. Low. 192% 167 324 180 124% 108% 121% 00. 29 North Am pf (3).... North Am Ed pf (6). Northern Pae (5).. Nortb Pac et (5). Northwestn Tel (3). Oll Well Sup pf (7). Oliver Farm £quip. . Oltvr Fr £g cv pt(3). Omnibus Corp. .. Orpheum Cir pf (8).. Outlet Co pf (7). Pacific Coast...oo.e. Pacific Gas & B (2).. Pacific Lighting «3). Pacific Ol stubs. ... Pacific Tel & T (7)... Packard Motor (1), Panhandle P & R Paramount-F-L (4). Parmelee Trans 1% Pathe xchange. ... Pathe lixchange A. Patino Mines (3.89). Peerless Motor Car.. Penick & Ford (1). Penney (J §) (3).. G Pere Marq pr pt (5) Phelps Dodge (3) Phil Phil Philip Morris (1) Phillips Petrm (n2). Plerce Ofl. Pierce Ol pt. Plerce Petroleum. .. Pittsburgh Coal pf. . Pilisbury Flour (2). Pittston Company . Poor & Co (B) (2). P Rican Am To (B). Postal Tel & C pf(7). Prairfe Oil & Gas(2). Prairie Pipe L (15) Fublic Serv, NJ Pub Sve NJ pt (5). Rt 21 LubSve NJ pf (7). Punta Alegre Sugar. Pure Oil () %). Pure Oll pt (8 Purity Bakerl Radio Corp. Radio-Keith-Orph A. Raybestos Man 2.60. Reading (4) S Real Silk (5 Reis (R) & Co Rem Rand (1. Reming-Rnd 1st (7). Reo Motor Car (.80). Repub Ir & Steel (4). Reynolds Spring.... Reynolds Tob B (3). Richfleld O11 (2). Rio Grande Ofl (2)... Ritter Dent Mfg (13) Rossta Inc (2.20)..., Royal Dutch (a3.20). Safeway Btores(es). Safeway pf (. 8t Joseph Lea L-San Fran pf(§, Seagrave (e1.20)..., Sears Roebuck (32%) Second Natl Inv. Sec Natl Inv pt (5) Servel Inc.... A Shattuck(FG)(1134), Sheil Union (1.40)... Shell Un Ol pf (%) Shubert Theatres. Stmmons Co (3) Skelly Oil (2) Solvay Am In pf 6%. So Por Rico Sug (2).. Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8). Southern Ry pf (5) Sou Ry M&Oct (4). Spalding 1st p£(7. Spang-Chalfnt pf(6) Sparks Withngtn(1), Spiegel-May-St (3).. Stand Brands (1%). Stand Comm Tob. ... Stand Gas & El (3%) Stand O of Cal (23%). Stand Oil Exp pt (). Stand Ol N J (13). Btand ONI N ¥ ( Stand Plate Gla: BONDS IRREGULAR IN BROADER MARKET General Level of Déaling Is High- est for Year—TU. 8. Group Is Strong. o 9 @ erRalonulrsaamoni g BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, March 8.—Bonds con- tinued their activity today, but price fluctuations were irregular. Inactive issues continued to come out at substantial gains in conformity with the general rise of the market the past two days, but bonds which were forzed to new high levels for the year in yes- | terday's/ “boiling” trading had a ten-| dency to drop off fractionally, £vi- | dently some had been quoted too high, and selling, some of it of a profit-taking | nature, resulted. This evening-up process, however, still leaves the general level of the market at its highest for the year, and, in fact, some long-term United States Govern- ment bonds went into their highest territory since 1928, In the outside market there is a large f:munfl for hunicipals, a great deal of coming from insurance ccmpanies and savings banks. i Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., March 8.—Pota- { toes—White, 100-pound sacks, 2.262.7 new potatoes, bushel, 1.75a3.00; sweet potatoes, barrel, 2.00a3.00; yams, barrel, 2.0083.50; beets, crate, 3.00a3.25; cab- bage, hamper, 75a1.00] carrots, basket, 1.10a1.15; caulifiower, 'crate, 1.50a2.25; celery, crate, 2.00a3.00; letiuce, crate | 2.0082.75; kale. barrel, 1.75a2.00; onions, 100 pounds, 1.50al.75; peppers, crate, 3.50a7.00; peas, bushel, 2.50a3.00; pars- | nips, basket, 40a50; spinach, bu 90a1.0Q; squash, bushel, 2.50a4.0 matoes, crate, 1.00a3.00; turnips, ham- per, 30a40; cranberries, box, 7.00a8.00; apples, bushel, 75a3.00; grapefruit, box, 2.25a4.25; oranges, box, 2.1084.75; strawberries, quart, 15a45, . Dairy Market. Poultry, alive—Turkeys, pound, 32a38; | old toms, 26a27; young chickens, 32a38 poor thin, 20; old roosters, 17a20; ca- | pons, 32a38; ducks, 17a30; old hens, 30 a32; Leghorns, 27a28; poor and thin, 18 220 guinea fowls, each, 40165; pigeons, | 25a30. Eggs—Receipts, 2,620 cases; hrnm-ry.l whites, firsts, 26; firsts, 24!5a25; duck eges, 38240, FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal ecld Selling checks o, "0 SR Rome. Zurich, 7.) Low. 184 293 121% 1% 117 564 102% 92 01% 80k 10z 11 6% 9215 224 1134 Ba 49% 338 13% 76 5t 56% 241 19% 54 45% 5014 105 97 Close. 185 293 122 pt Y 117% 55% 1025 93 91y 50 87 . 28y, 43 4%, 80% 102 11 67 93% 2208 1134 BT 49% 85 13% 76 5% 55% 24% 19% b4 46 50% 105% Stock and 8al es— Dividend Rate. Add 0. High. 13 16% Sterling Sec A, Sterling Sec e Stewart-War (h3%). Stone & W ster (4). tudebaker Co (5)... tudebaker pf (7) Sun Ol (§1)..0 5 Sun 01l pf (6). Suj Superl or Ofl. or Steel. Tenn Cop & Ch (1) Tex Gulf Sul (4) Tex P C& O (b10%). Pac Land Tr.. Ir (2.40) . 0..e0 Thompsn Prod(2.40) Thompson Starrett. . Tide Water A 60c. Timken Det Ax 1800 Timkes n Roller (3. Tobacco Products. .. Tobacco Products A. Trans: e & W (1)eees Trico Prod (2%).... Und-Ell-Fisher (6) .. Union Union Union Union Union Utd At Utd At Utd Bi Bag & Paper. . Carbide 12.60) Oil of Cal (32) Pacific (10)... Tank Car. reraftd Tr reraft&T pf scuit (1.60) Uid Carbon (2). Utd Cigar Stor United United Utd Gas & Imp(1.3 Unit b Udt Stores pf........ U S & Foreign Secur. U S & For Sec pf(6). U S Freight (3). S Hoftman (2) ind Alcohol (17). Leather. Le: u u u u u Us u u u u CRURRBUNE Utll PWr&LUA (e2). Vadsco Sales Corp Vanadium (14).. Van Raalte 1st pf. Vick € Virgin: 3 Plpe & Fdry (2). Pipe 1st pf (1.20) Rul Rul Klec Coal Fruit (4) 0) iece Dye W (2) ® o ather A, © = bbe bi e S EETR- Bk Bor 8 tenunnBun o =y hemical (2%). ia-Car Chem. . Vulcan Detifining (1) Waldo: rf Sysun (13%4) Walworth Co (2) Ward Baking A. Ward Baking B. Warne! War Bros P pt (2.20) Warner-Quinlan (1). r Bros Ple (4)., Warren 5ros (19) ... Warren Bros 1st (3) arren Ky&lipe(i) ster-lisenionr. . O1l & Snow (2) t Penn kil pf (7). West Penn Fw pf(6) Wi 5! Westhse &M pf (5). Weston £11ns (1)... Westvaco Chlor (3).. Wextark Radio (2). s White White Motors (2). Rock M 8 (1 Wiicox Rich, B (2) Willys-Over (1. 20) Wilson & Co. Wilson & Co pt . Woolworth (4.40) eae Worthi Wortn ington Pump . Pump B (! Wrigley Wm (4)eeem Yale & Towne (15).4) Yellow Truck & C. ... Young Young Zenith RIGH' Spring (3).... Sheet & T (5). Radio........ TS EXPIRE Am Ioll M., June 16 Balto & Ohic.Mar 11 ChiRI&P.. Col Carbon..Ma: 11 13% 20% N Dividend rates as payments based on t s Unit of ding less than 100 yable in te. b Pa: in cash or st ius 2% in stock. 6%% in stock. B kholders, CHICAGO STOCK MARKET. Sales. €200 Bor 200 B 2 F 50 M 4100 Mai 300 Houdi 1) 2090 Moudaille- Hershey BTOCK! ®_ Warner.. 9 106 Am Shipbuilding > .} 94 350 Brown Fen & Wire A 850 Brown Fen & Wirc B 950 Burnham Trading. . 450 Lehm 750 Libb; Mi 50 Mid 250 Mid] rshail at 0 Natiol 1800 Noblitt-Sp 100 North Am 900 Allied Mot Ind 1780 Allied "Products. 245 Altofer Bros. . r rier " - Her'siie y-McNell' in P nd Unite arks Car. By the Associated Press, CHICAGO, March 8—Following is the complete official list of transactions in stocks on the Chicago Stock Ex- change today: High. Low. Close. T T bi; B fiss Valley Uil PL Field ock Plus 8% 1% May 9 1 1% 16% 221 21% 3% 34 re the anoual cash yearly declarations. Uy extra. 3 7 Mar 12 18 165 ~Mar 313208 LApr2l 20 iven in the above table e latest quarterly or shares. 1 scrip. 1Plus 9% in yable in stock, d Payable 1Plus 10% in stock. in stock. k Plus lus 5% in stock. p Sul Markets at a Glance NEW YORK, March 8 (#)—Stocks irregular; Bethlehem Steel at year's high. Bonds steady; Allegheny Corpo- ration 5s sag on rumors of new issue. Curb mixed; Lehman Corporation rises above 90. Foreign exchanges firm; Ger- man mark sags on news of Schacht's resignation. Cotton lower; liquidation. Sugar easier; trade selling. Coffee higher; Brazilian support. GROUP INSURANCE TAKEN BY FOUR BIG CONCERNS Among industrial organizations whose employes recently have been placed un- der the protection of group insurance are: Savage Arms Co., Utica, N. Y., and | its subsidiary, the J. Stevens Arms Co., of Chicopee Falls, Mass,, covering about, 1,300 employes. The Pacific Coast Food Stores of San Prancisco, chain stores. Mercantile Commerce Bank & Trust Co. of St. Louis, 550 employes. National Electric Power Co. of Cana- da, 8,196 employes. BALTIMORE STOCKS. BALTIMORE, March 8.— STOCKS. Sales. 1120 Arundel Corporation, 26 Baltimore Trust C 416 Black & Decker pi 1 Telephone Bl 0 Consolidated Gas com n Trust Co.... Fidelity & Guaranty. BONDS, 100 United Rwys & Elec. 1st ds.. 3000 United Rwys. & Elec, Incomie 4s.. u's 400 Roilroad 50 Relia 100 Rollins Hosiéry 800 Seaboard ULilities. 100 Sheflield Steel. . . 2080 West I & P'bi 0 Standard Dredgh ) 802 S5 S 80Tenn Prodicts . .. . Thompson J_R) Stat " Controls 2 Bezues, o saumanmen e o 500 Utuh Rad 0 UL P 00 ULl P & 1000 Utility & Tna. 150 Utility & Ind i’ 660 Van Bicklen 73 Viking Pum 199 Vortex aify €. 0 Vortex Mfg - olveement . 100 Zenith Radio Stock sales today, 168,850 shares. i 1§!a lfi: 107% i BUSINESS BETTER INTHIRD DISTRICT Signs of Improvement Follow Month’s Decline Reported in Philadelphia Area. Speclal Dispatch to The Star. PHILADELPHIA, March 8.—Business % | activity in the Philadelphia Federal Re- serve district as a whole declined further in Januery, but since then there have appeared some signs of seasonal im- prove in industrial output and in the distribution of commodities. Analysis of the information available shows that the rate of manufacturing activity is turning slightly upward after a severe decline from the peak of last year, reached in October. This is espe- cially true of certain primary and sec- ondary metal products, leather and. a % |few of the textile products. Factory Employment Off. Factory employment in this section declined further between the middle of December and the middle of January, the extent of the drop being about the same as is usual for that time. In com- parison with the same period last year, the number of workers on pay rolls was larger, according to reports from about 1,000 firms, employing approximately 400,000 workers. The demand for work- ers by employers in January, however, declined more than was to be expected, and did not measure up to that in the same month last year. K The volume of wage payments by 4 | reporting. concerns also was smaller in January than in December, but was larger ‘than in January, 1929. This favorable comparison with a year earlier was made possible by larger pay rolls in certain metal, textile, food. leather, paper and chemical industries. The majority of industries producimg build- ing materials, however, had fewer work- ers and smailer wage disbursements in January this year than last. Textile Output Improves. The output of factories and mines in this district in some lines showed gains in January, although the extent of the increase was somewhat less than sea- sonal. ‘The manufacture of such textile products as wool and silk goods, cotton yarns and clothing increased during the month. The output of leather products also was larger. Production by steel works and rolling mills likewise ex- { panded, though the present rate of op- ration is lower than that prevailing in anuary, 1929. | ——— % |MARKET PUBLICATION ENJOINED IN NEW YORK By the Associated Press. NEW YORK, March 8—A perma- nent injunction restraining William Rogers of Brooklyn from further pub- lication of his market sheet, the Wall Street Consultant, and from further stock sales, was Issued yestetday by Supreme Court Justice Harry E. Lewis. ‘The State Bureau of securities said the periodical purported to give expert advice on the purchase and sale of securities to 10,000 subscribers. Rogers was quoted as telling the bureau that the gross income of the publication was more than $50,000 annually. William J. Milholland, deputy attor- ney general, charged that the principal business of the Wall Street Consultant and a daily market letter, also issued | by Rogers, was selling stock of the Kane Stores, Inc,, of New England. Washington Ticke: BY CLINTON COFFIN, Associated Press Financial Writer. Announcement this week by the Packard Motor Co., that its Diesel type nlrp;l:‘ne engine hbu fb]eeen granted ap- pro ate by the Commerce De- pnrmflcldn with the promulga- ,: tion of an official report on the Gov- ernment'’s engine-testing activities. ‘There are now about 16 distinct types of motors available for air work, the aeronautics branch of the Commerce Department says, while 23 motors of different makes have been certified as approved for installation in licensed air- craft. The testing involves prolonged operation of the motors under condi- tions allowing the measurement of power developed and an estimate of deterioration sustained by the machine in the trials, “The importance of the work is at- tested by the fact that less than 50 per cent of engines so far tested have successfully passed the Government re- quirements on the first trial,” the state- ment says of the system. “This shows conclusively the necessity of conducting type tests before authorizing the use of nev:;t types of engines in licensed air- craft.” American shipyards noted an increase of business during February as com- pared with January of this year. Fig- ures assembled by the Government placed the total number of steel ves- sels under construction in the United States February 1, at 220, while on January 1 the number on the ways was but_200. The size of the vessels under eon- struction in February was also slightly frcllcr than that of those under way in January, For the latter month the tonna of vessels building was re- ported at 367,586 gross tons, while the total for January was but 360,000 tons. While the French government, in connection with its tariff and tax law changes, has been highly annoying to the “American motor manufacturing trade during recent months, it has also taken action which may offset the un- pleasantness a trifle. ‘Though Ameri- cart cars shipped there will have to bear a greatly enhanced rate of im- port duty, as a result of new laws, they will not be so highly taxed under luxury classification after they once get into France. This is the minor benefit reported from Paris by American trade observers as likely to be experi- enced by world automobile manufac- turers from a recent French decision to cut the luxury tax rate on automobile sales from 12 to 10 per ‘cent. Though Gates W. McGarrah, former chairman of the Federal Reserve Bank of New York, is en route to E accept a directorship and perh post of managing head of the new Paternational Bank now in process of organization to handle German repara- tions settlements, the American G ernment under the Hoover administra- tion is pointedly keeping clear of that enterp Ogden Mills, Undersecre- tary of the Treasury, took occasion in an addre: st night to point out that the Americans who associate with that vast new enterprise are acting in a rivate capacity and distinctly without he association of this Government. “The International Bank was created primarily to receive and _distribute Teparation payments,” Mr. Mills said. “We did not participate in the fixing or apportioning among creditors of the sums to be paid by Germany; we had no share in the attempts to collect those sums. Why should we, at this late date, reverse a long-established policy and make ourseives responsible for the receipt, mobilization and dis- tribution of German reparation pay- ments? If we were officially repre- sented on the bank board or upon the so-called advisory committee we would find ourselves in the position of arbiter, called upon to settle and decide a con- troversial and difficult European que: tlon in which we have no interest.” PARIS BOURSE PRICES, PARIS, March 8 (#) .—Prices were heavy on the Bourse today. Three per cent rentes, 86 francs 25 centimes. Five per cent loan, 101 francs e hangs. on centimes. The francs 56 London, 124 francs 24 dollar was quoted at 28 i | Alleg| Con G US3%se 43.. US3%s 47.. US4y 62... Christiania % Colombia ¢s Jan 61. Con Pow Japan 7 Copenhagen és ct. . Cuba 6%s. Denmark 4%s. Denmark 6% Denmark 6s. Dutch East 1 Finland 6%s. . Finland s f 68 45... Framerican 7%s. Orfent Dev'mt Paris-Ly-Med Queensland 7 Rhine West 6s 53 Rio Gr do Su! Rio de Janeiro 6148 Abitib] Pa&P 68’63 31 Abrama&Straus Alleghany Allis Chalm Am AgriChem T%s 3 Am Chain 6s 33 AmChem b%: Am Int Cor 5% 49 56 Am Smit & R 1st b8 Am Sugar Ref 6s... Am T&T cv 4%s I"NB 41 Am Tel & Tel 5%.. Am Water Wks bs.. Armour&Co 4% 39 11 Armour Del 6% Atlantic Refin 5s. Bell Tel Pa §s C. Beth Steel rf Bush Term BIdg b Certn-Td 6143 rots. Chile Copper 5 Col G&EI 65 May 53 Con Coal Md NY Consumers Pow Det Edison 5s 40, C, SATURDAY, MARCH 8, "1930. Received by Private Wire UNITED STATES. 16 10116 1016 1019 29 10120 10118 10118 1 100 15 100 15 100 15 1 10017 100 17 100 17 111223 11223 11228 FOREIGN. . High, 874 98 98 921 Low. Close. trall Australia 65 1957. . Austria7s. | Bank of Chile 6%s. German Bank German 7s. Ger Gen Elec 1 l‘ Haitl 6s... Italy 7s. Italian Pub S 7s.. | Japanese 6%4s. ... | Juoslavia Bank 7s° Karstadt 6s 1943 | Kreuger&To'l bs cf Lyons ¢ Massellle 95% 103% 9% 7% 96% 108% 108% 92 - 1960 43 - o wonrrrmalas Bnhon maBreabic aSearrneanniie Yokohama 6s. MISCELLANEOUS. 8314 834 98 100% 100% % 44 184 1 b5 7 7 12 5 102% 102% 97% 106% 92% 103% 3% ntl Tel&Tal Kan City P & Lt bs. 104% 101% 1034 101% Ehillips Petro b Pllisbury F M 68’43 Por Rie Am Tob 64, Postal Tel & C6%e Pressed Stl Car 6. Pub Serv Gas 418, Pure Ol 534837 Remington Ar 68 33 R Sin Pipe Line Slelly O11 6 % South Bell Tel Stand O1I N J 48 Stand Ol N ¥ 4% Bug Bs Orls Tenn FINANCIAL. Direct to The [ BONDS = 5] Sales High. Lo ‘Tex Corp ev b8 1944 354 101% 10 ‘Transcontl O1l 6% United Drug 6s 83.. Westn Unfon Westn Unfon 6%s.. White Eagle O 5%. Willys-Ov 6% 33, . Wilson & Co 18t § Win Repeat Ar 7 Youngstn S & T 5e Atlantie CL 1 Balto&Ohto gold ¢s, 14 6 Can Nat4%s Canada Natl 5s. Can Nor 7s. D Ch & O 4%s B 1995, Ch! B&Q gen 4. CB&Qistrt Ch&E Il gn Chi Gt West 4859, Chi M&StP 435 E. Chi M{1SP&Pacbs78 CMSP&Pac 8dj5s03 20 Chi & N W con 4%s 101 2 Del & Hud 1st rf 48 Den & Rio G en 4t DRG & Wst Det United 4% Shua wEES ancwoaman s S Erle (Pa) elt tr 4 Gr Trunk st 4b Gt Nor 4%s B. » Soente Gt Nor gen 7s... Green B& W deb .. Hud & Man aj 5i Hud & Man ref 111 Cent ret 4 111 Cent 4% 8 66...0 111 Cent rf 68 55. .00 s 7 Int & G Nor adj Kan City Ft 8 4 PSP Long Isrf 4s49... Long 1s deb 68 34, , Louis & Nash 5%4s. Louts & Nash 7 Man Ry 1st 4 Market St 7 . Ml El Ry & L 6s 61 B H O e Mo Pae 5148 49 evt, Mob & O 4%8 77, Nor Pac 88 2037. Nor Pae 4 Nor Pac 438 Nor Pacrf Penna 45 1948 stpd Penna gen 4% Pere Mar 1st és Pere Marq 18t b Port EI P L 6 Port RL P 6847..0 [Meading gen 4% s A RIATK &L 4%8 StL&SFplisA.. StL&SF4%aTs.. St L&SW con s 33, San A& Arn P ds Seab AL con 6s. Sou Pacelt 4 Sou Pac ref Sou Pac 4% ref S Pac 45 '69 Sou Ry gen Sou Ry con Sou Ry 6%, Texas & Pacifie 1st. Tex & Pac bs B 1977 Tex & Pac b= C19.. Third Ave ad) b R on HerusaneRNN S s e s o Un Pac1strf Union Pac 4%8 Un Pac 1stref 68 Virginia Ry 1st Whash 43 78 rets 5 824 1 96% 2 98% tub, 3715a38%. Eggs—Fresh gathered, 24. old, 28a30; Winter chickens, 32a35; kea 35m38; old, 32a3 Spriny ‘Winter chickens, 11 9% 97 27 93% 93% 1 104% 97 4 1041 109% 111 29 9% 96% Y 101% 87% 90 100 106% 1015, 1008 5 106 82 82 961 96 9% 98N o) [ST00K SWNDLERS ARE AGAIN AGTIVE Advance in Market Followed by Resumption of Old Rackets. BY LEMUEL F. PARTON. Special Dispatch 1o The Star. NEW YORK, March 8.—Spring is still around the corner, but the sucker public already is out again, and the in- vestment sharpers are meeting it with a snappy new Spring line of “gyp” novel- ties of all sorts. ‘The sure-thing workers appear with the simultaneous upturn of the market and new signs of life in basement bar- gain counter stocks, indicating that as the sap begins to flow the saps also are stirring, and the gleaners are ready and waiting to take advantage of returning gullibility. For several months after the market decline of last Fall, better business bu- reaus throughout the country found a sharp falling off in swindling cases. As they interpreted it, the crash had been severe enough to discourage even the incorrigible optimists. Rackets Have Changed. During the fat years the fake stock swindlers had been taking something like $1,000,000,000 annually from the trusting public. From October until about two weeks ago, there was appar- ently considerable unemployment in the major fleece industries, but their crews are mlnfi:l shift again, and W. P. Col- lis, in charge of investigations of this type of swindling for the Better Busi- ness Bureau of New York, now reports that their business is almost as usual. “The rackets seem to have elng!d somewhat,” said Mr. Collis, “and they seem to have let down trick of picking up eri fanning them up by fal d leaving somebody holding the bag. The royalties racket seems to be one of the most popular lines. As is erally known, the basic return, by law and custom, to the owner of oil lands is one-eighth of the produe- tion. There is perfectly legitimate speculation in royaltles, the paying the owner of potentially ofl. bearing land a down payment. for wha may later be discovered. When oil is actually brought in, the owner, wish- ing to cash in at once, frequently is given a lump sum for his ‘royalty acre’'—that is, for his problematical return, Installment Sales, “While dealings in royalties are not to be condemned as such and there are many reputable operators doing this, the sharks 3“ in their work, in- flating their holdings, spreading them out among a great many buyers and gett: returns of perhaps $15,000 or $20, from a royalty acre, which might pullbl{ pay out, at best, on an investment of $5,000. ‘“The swindlers are also turning their attention to the sale of listed stocks on the installment plan, with a down payment of 10 per cent. Here, again, is an operation in which reputable men are engaged, and which is not repr hensible or f{llegal in any way. Bu in the hands of tricksters there is mo guaranty that they really own or will be able to deliver at the designated time stocks being sold. (Copyright, 1030.) Washing_ton étock E“xchanqe SALES. Merchants’ Bank & Trust Co—10 at 125, 10 at 125. Chevy Chase Dairy pfd.—S5 at 102. Lanston Monotype—10 at 116, 10 at 116, Merchants’ Transfer & Storage com.— 20 at 112, 20 at 112, AFTER CALL. Washington Gas 55—$1.00 at 100%. Bid and Asked Prices. Wash "Gas 65, Washi 2 Wash. 1 Barber & Ross, Inc. Chamevaubit. Hote & Saner Stk . C. Paper Mg, BurZaoinrGracitvd® W. M. Cold_Storas Wash. Cons. Tit Amer. Tel. & Capital Tractio: Washington Gus N W Beambo tomac Elec. 67 tomac Elec. 8 sh. RwY. pid National Cw Columbia _ Commercial 4 | District Federal-American ', Livert TRUST COMPANY, American Securlty & Trust Co. 420 ust. . Trust Vashingion Losn & Triat BAVINGS BANK. Bank of Bethesda. Commerce & Savin East washingto: Potomac Savin Security Saving: e adates nited Stal : Washington Mechani FIRE INSURANCE. American Corcoran Firemen's Nativnal Union TITLE INSURANCE. Columbia Title o R state Tiiie."! Title & Iuv. of Md. MISCELLANEQUS. Barber & Rosy, Tuc., com Lievy Chase Dairy pfd.. 710 Col. Saud & Gravel pid D. aper Mix. pid..." Distriet Nationel Securitie: Emg 40 n Wholesale Market Butter—One-pound prints, 3913a40%; Poultry, allve—Turkeys, young 32a33; Spring _ broiler. 40a4: erson's Bromo Seltzer Federal Storage ofd... Federal-American C Federal-American pfd Lanston Monotype Herchanis’ Trans. erchants’ Mergenthaler ational Mtge Dr; ':r‘!fl ‘! B Wash Mech. o Wash Medical Bids. inoty Y& Inv. of Btores ptd. . Guar. B! Leghorns, 30 fowls, 30; capons, 32a33; ducks, 15a1 80465, Dressed—Turkeys, young, broflers, C Woodward & Lothrop ofd. *Ex dividend. Unlisted Department. BONDS. Ariny-Navy Olub 5s I ub_ 4 Perrosciitan_ Shus "414e. -