Evening Star Newspaper, May 6, 1930, Page 14

IANNINI CONFERS | ON GROUP BANKING Noted Financier Talks With House Committee on Proposed Changes. BY EDWARD C. STONE. A. P, Giannini, founder of the Trans- america Corporation and one of the| most noted bankers in the United States, is in Washington today con- ferring with the House mittee on banking and currency, which is now completing a study of group and branch banking. It happens that to- day marks his six- tieth birthday an-| niversary and he is retiring as an executive of all companies in which he has been an officer. On June 11 he will sail with Mrs. Giannini and their son, V. Giannini, for a year's absence abroad. “When T turned over the presidency of the Bank of Italy to my successor, in 1924, I made the statement then that I would retire as an active officer from all organizations with which I was con- nected when I reached the age of 60," sald Mr. Giannini here today. “While 1 shall continue as a director of our various companies and possibly go on the boards of others, as well as serve, without compensation, as chairman of the advisory committee of Transamerica Corporation, I will hold no executive office. 1 am definitely off the pay roll. “All of the so-called ‘Glannini in- terests’ are now vested in Transamerica Corporation, and it is my hope that hereafter they will be known as Trans america interests, and not Giannini interests. The con- duct of the affairs of all these com- panies will be un- der the direction of Elisha Walker and the other ex- ecutives associated with him.” During the time that Mr. Giennini has been at the head of his great financial enter- prises he has never received salary from more than one corporation at any time, and has held office only in those organizations for whose creation he has been respon- sible. ! Milor Heads Building Association. Rufus E. Milor, well known masonry contractor, has been elected president of the Fidelity Building & Loan Asso- ciation, succeeding Harevy Cox, assist- ant to the Attorney General. The report of the retiring president showed that the company, just one year old, had paid 7 per cent to its stock- holders on the first year's business and that $328,000 of the stock has been subscribed. The authorized capital is $25,000,000. All of the old officers were re-elected except Mr. Cox, who resigned. They are Harry J. Miller of the Caslon Press, vice president; Marcus Borchardt, sec- retary, and John L. Fletcher, treasurer. ‘The six directors re-elected were George D. Sullivan of Fruit Growers’ Express, Leo F. George of the Federation of Postal Clerlu Katharine R. Pike of the *Customs Bureau, Alfred B. Baker of the Suburban Title & Investment Corpora- tion, G. P. Bickford and Capt. Charles O. Shaw of the Veterans’ Bureau. Pred B. Rhodes and William E. Richardson ‘were renamed general counsel. President Milor called attention to the scope of the work being done by Fidelity, saying that its charter per- mits it to make loans within a radius of 30 miles of Washington. He said that this field offered greater returns to the company’s stockholders as the greatest demand for loans on small homes now is in the suburban areas. Special Convention Bulletin. ‘The District Bankers’ Association to- day brought out a special Convention Bulletin, edited by A. O. Dooley and devoted wholly to the coming session at_Asheville, N. C. ‘The Bulletin includes a picture of the mayor of Asheville and the special wel- come sent to the members, an article on the convention by President W. J. Waller, and another article on the value of bankers’ conventions by H. H. Mc- Kee, president of the National Capital Bank and vice chairman of this year’s program committee. The sports, entertainment and sight- seeing programs, plans of the Asheville Chamber of Commerce and full details regarding transportation are also in- cluded in the booklet, also a descrip- tion of Asheville and the Grove Park Inn. ‘The Bulletin includes a number of pictures and requires 16 pages. It pre- sents the special attractions in a very interesting manner. Bankers all over the city are showing more than usual interest in the coming gathering and the attendance this year is likely to break all former records. Bond Club Nominates Officers. Nomination of officers for the Bond Club of Washington to be elected at the annual outing of the club at Burn- ing Tree Club, June 13, are announced as follows: For president, Sidney T. ‘Thomas of Gillet & Co.; for vice presi- dent, Lawrence M. Proctor, Alex Brown & Sons: for secretary-treasurer, W. W. Mackall; for.members of the board of governors, Baker Robinson, Y. E. Booker & Co., and Charles Henderson, Henderson, Winder & Co., r,oruspand- ents of Lee, Higginson & Co. e re- tiring president is Pranklin H. El".s of E. H. Rollins & Sons. A new office has been created, that of assistant secre- tary-treasurer, the incumbent to be designated by the president. Outing chairmen announced are: Robert Stead, golf; Charles Carroll Morgan, G. M. P. Murphy & Co., put- ting contest; Kenneth S. Wales, Bon- bright & Co., dinner; Sidney T. Thomas, prizes; Lawrence M. Proctor, tickets. Members of the nominating committee are Kenneth S. Wales, C. C. Morgan, Robert Stead, Franklin H. Ellis, W. W. Mackall. New_active members of the club are John F. Brawner, G. Fenton Cramer, Frank J. Rapee and John T. Pelton of Waggaman, Brawner & Co., Inc. James Weir, Townsend, Scott & Son; Ralph M. Wolfe, Mackubin, Goodrich & Co. New associate members are E. J. Walsh and Joseph Sheehy of E. J. Walsh & Co. ‘Washington Gas Stock Active. ‘Washington Gas Light stock turned active today after sleeping quietly for some time. The market opened with 10 shares selling at 127, followed by 40 more changing hands at the same fig- ure, It then advanced to 127, where +0. 30 and another 10 shares moved at that figure. Capital Traction again sold at 76'%. Rallway & Electric preferred at 9833, _anston at 124 and Merchants' Trans- fer & Storage preferred at 100. Ameri- can Security & Trust sqjd at 412. Mergenthaler Linotype opened 32 shares selling at 107 lnd closed W! 20 shares moving at 106%. The last stock sale was in Potomac Electric Power 514 per cent preferred at 108. Bond trading was confined to Wash- ington Gas issues, Wlshlnzwn Railwa *z Electric 4s and Army and Navy Clul 5. The latter opened at 92 and closed at 92% on a $5,000 turnover, # A. P. Giannini. Elisha Walker. ~Prev. 1930.— Hieh 181 200 33 142 58% 124% 98% 41% 32% 58 47 192% 144 324 32 STAR WASHINGTON, D. C., TUESDAY, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Stock and Lo Dividend Rate. 111 Karstadt (R) (1.02). 18 Kaufmann DS (134). % Kayser Julius (4). 34 Kellv-Spring Tir 713 Kelvinator Corp. 423, Kennecott Cop (5). . 49 20 Kinney (G R) ¢1). 861 Kinney (GR ) pf (8). 1% Kolster Radio. .. 3814 Kraft PhCh (1%4). .3 98 Kraft Ph Ch pf(6%). 30 Kresge(SS)Co(1.60) 7% Kresge Dept Stores. 23% Kreuger&Toll (1.34) 30% Kroger Gr&Bak(nl). 21% Lago Ofl & Trans, 6 Lambert Co (8) 70% Lehigh Valley(t4%) 80% Lehman Corporation 28 Lehn & FInk (3).... 19% Libbey Owens (1)... 91's Liggett & Myers(15) 91% Ligg & Myers B(15). Lima Locomotive. ... Liguid Carbonic (4). Loew's, Ine (3)..... L,oew‘-. Incpt (615). Long Bell Lumb (A) Loose-Wiles (12.70) . Loose- Wiles 1st (7). Lorillard (P) Co. ... Lorillard (P) pf (7). 8 Louisiana Ofl £4 Louis Oil pf (6%)... 381 Lou G & KI(A) (%) 28 Louls & Nash (1) 28 Ludlum Steel (2) 28 McAnd & F (12.85).. 40% McCall Corp (23). .. 14% MclIntyre Pore M(1), 61 McKeespt T P(143). 25 McKesson & Rob (2), 41% McKes & Ro pf(3%). 14 McLellan Store; 70 Mack Trucks (6 25 Macy(RH) & Co( 11 Madison Sa G (1%) 33% Magma Copper (5). . 6% Mallison & Co. . 17% Manati Sugar pf.... 30 Man Elev mod (d5) 51% Manhat Elev gtd (7). 17 Man Shirt (2).. 5% Maracaibo Ol Exp.. % Marlin-Rock (14%) 17% Marmon Motor (2). 44 Marshall Field & Co. 3 Martin Parry. . 37 Mathieson Alkili (7). 49 May Dept Strs (n2).. 16% Maytag Co (12) 29% Maytag Co pf (3). 26% Melville Shoe (2). 15% Mengel Co (2) 2315 Metro-Gold pf(1 16% Mexican Seaboard 18 Miami Copper (4) 53 Michigan Stl (m2 924 « 90 Midland Steel pf (8). 61 Minn Hon Reg(13%) 12% Minn Moline Pwr. 1% Minn & St Louis. . 54 46% Mo Kan & Texas. ... 108% 103 Mo Kan & Tex pf(7). 145% 126 Missouri Pac pt (5) 22 Mohawk C Mills (3).. 48% Monsanto Ch (g1%). 36% Montgom Ward (3) 3% Moon Motors. .. 58% Morrell & Co (4.40). 1% Mother Lode (40c)... 4% Motor Meter G & El.. 50 Motor Products (2).. 26% Motor Wheel (3)... 12% Mullins Mfg. . 46 Munsingwear 18 Murray (b %stk) 35% Myer(FE) & Bro; 38% Nash Motors (6) 16% Nat Acme (13%) 11 Natl Air Trans. 9% Natl Bella H, 71 Natl Biscuit, n(2.80 53% Nati Cash Reg.A(14) 45% Natl Dairy (32). 20 Natl Dept Stores (2). 29 Natl Distillers (2)... 26% Natl Enameling (2).. Page 13) 49 Kimberly-Clark(t3). 38% 400 931 91% 5% 51% 2 109% 1 87 31 2 301 12 1% 31% 59 3 21 115 1 31 175 23 1 30 208 153 108 52 3 41 = 4 1 46 23 Fi 1 21 108 M StP & SSM 1sd (4) 20- 84 54% 52 2 105 104% 105 4% 9% 128 2% 55% 103% 71 125 2 53% 40% M 16 68 20 01 1 18 5 138% Natl Lead pf(A) (7). 20s 32 Natl Pwr & Lt (1)... 543 & 102 Natl Supply (5) 30 Natl Tea Co (2) 18 Nevada Copper (3).. 40 Newton Steel (3). %5 N Y Airbrake (3.60) 107% N Y N H & Hart (6) ., 119% N Y N H & H pf (1) 10% N Y Ont & Western. % 100 N Y Steam pf 99% 80% 126 38% 70 60% T4 107% 30 178 23% 63% 1% 110 N Y Steam 1st pi 226 Norf & Western (10) 93 North Am Aviation.. 93% North Am(b10%stk) 51 North Ampf (6)...., 45 No Ger Lloyd (3.43). 78 Northern Pacific (5). 77% North Pacific ct (5).. 9% Ofl Well Supply.... 13% Oliver Farm Equip. 31% Ollv Fr Eqcv pt(3).. 70 OlUvFrEqpfA(6).. 2% Omnibus Corp. . 63 Oprheum Cir pf (8) 675% Otis Elev, n(2%). 118% Otis Elev pf (6) 30 Otis Steel (2%) 53 OutletCo (4).. 52% Owens,Il1 Glllltnl). 524 Pacific Gas & El (2). 72 Pacific Lighting (3). 21 Pacific Mills. . 100 140 Pacific Tel &Tel (1) 16% Packard Motor (1). 50% Pan-Am Petm (B). 4% Panhandle P & R. 185 27 45 114% 7 121% 8 12% o % 2 3 232 163 11% 158 117% 55% 1 311 308 71 4 51 21 45 23 142% 145 16% 17% 58% 208 145 251 17% 61% 5 77% 48% Param’nt Publix (4). 15\ 35% 4%, 26% 9 19% 32% 14 55% 86% 323 100% 44% 24% 15% 44% 33 2% 48% Th 37% 50% 22% 103 121% 22% 34% 2T% 76*- 11% 20% Park & Tilford (33) 21, Park Utah. 124 Parmelee Trans 1%., 2% Pathe Exchange. 5 Pathe Exchange (A). 18% Patino Mines (a2.92) 614 Peerless Motor Car. 26% Penick & Ford (1). 72} Penn: 230 People 95 Pere Marq pt (5)... 94% Pere Marq pr pt (5) 34% Phelps Dodge (3) 11% Phila Read C& 1. 8% Philip Morris (1).... 29% Phillips Petrm (n2).. 213 Pierce-Arrow (A)... 1 PlerceOll.. ! 20% Plerce Ol pf. 2% Plerce Petroleum. ... 31 Pilisbury Flour (2).. 443% Pirelll of Jtaly(3.14). 17% Pittsbgh Screw 1.40. 100 Pitts Steel pt (7).. 100 Pitts& W Va (6) 20% Pittston Company. 25 Poor & Co (B) (2). 12 P Rican Am To (B) 45 Prairie Oll & Gas(2). 53 Prairie Pie L (15) 7 Pressed Steel Car 52% Proe & Gamble (2) 6% Prod & Refine: 45 64% 9 9 45% 45% 78% 6% 76 u 309% 294 309'4 294 7 T% 96% 34% 20 11% 39% 28% 1% 43% ssv- 35% 21 12 40% 1% 170 1 17 10 33 14 5 3 208 123% 81% Pub Serv.NJ (3.40). 455 112% 130% 89% 814 27 114% 88% 69% 85 50 6% 58% 141% 106% Pub Serv N J pf (6).. 121, Pub Serv N J pf (7).. 767 Puliman Corp (4). 214 Punta Alegre Sugar. 213 Pure Ol (1%). 112% Pure Oil pf (8).... 66 Purity Bakeries (4). 34% Radio Corp.... 68 Radio Corp (B) ( 70 RRSecICstkC(4). 33 Raybestos Man 2.60. 110% Reading Rwy (4). 45% Reading 1st pt (2) 47% Reading 2d pf (2). 43% Real Silk (5).. 3% Rels (Rabt) & Co. 25% Rem Rand (1.60).. 10% Reo Motor Car (80¢). 50% Republic Steel. . 95 Republic Steel pf () 30 Reynolds Metlx 2.40. 4 Reynolds Spring..e. 3530 ). 19 Radio-Keith-Orph A. lsso 1 1 5 30 3 56 23% 20; lll!u 110‘& 6‘,6 80 405 1 4 Td% 111 42% 39% \ 113% llz% 50 49% JQ’A 45% 8% 4% 10% 53 , 95 29% % 31% 4% LR Sales— Prev. Add 00. !l:h Low. clau Close. 3 517 X 49% Stock and Dividend Rate. Reynolds Tob B (2). Rhine W E1 P (2.16). Richfield Oll (2)..... 4 Rio Grande Ol (2 4 Ritter Dent Mfg (13) Rossia Insur (2.20). i Royal Dutch (a3.20 Safeway (e5). 10 Safeway Strs pf (7). 1208 St Joseph Lead (13).. 8 St L-San Fran (8)... St L Southwestern Savage Arms (2).... Schulte Retall Strs. Seaboard Alr Line. Seaboard Air Line pt Seagrave (e1.20).... Sears Roebck (12%) Second Natl Inv. ~Prev. 1030.~ High. Low. 58% 49 45% 28% Shell Union (1.40). Shell Un Oil nf (5% Shubert Theatres Simmons Co (3). 7 Simms Petrm (1.60). 2F Sinclair Con Ofl (2).. 245 Skelly O] (2)...... loss-ShefMeld pf (1) Snider Packing. . Snider Packing pf. Solvay Am pf(5%).. So Porto Rico Sug (2 Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8). Spalding (A G) (2) Spalding 1st pt (7) Spang-Chalfant. % Sparks Withngtn(1). Spear & co. 10 4 Spicer Mfx. . Spiccer Mfg pf (3)... Spiegel-May-S (3).. Stand Brands (1%) 5 Stand Comm Tob. % Stand G & E (3%). Stand G & E pf (4). tand Invest Corp. Stand O of Cal (234). Stand Ofl Exp of(5) .. Stand Oil of Kan (2) Stand OfI N J ¢12).,.1325 Stand Oil N Y (1.60). 242 Stand Plate Glass... 58 Stand Plate Glass pf.2108 Starrett (LS) (12%) 17 Sterling Sec (A)..... 34 Sterling Sec pf(1.20) Sterling Sec ev pf(3) Stewart-Warner (1). Stone & Webster (4). Studebaker Corp (4). 4 Submarine Boat. Sun Of1 (11). Sun Oil pf (6) Superior OIl. Superior Steel. Sweets of Amer (1. 4 Symington (A).. Telaut Corp (+1.30) ‘Tenn Cop & Ch (1).. Texas Corp (3)...... & Tex Gulf Sulphur(4) Texas & Pacific (5).. Texas PC&OIl. . Texas Pac Land Tr. Thatcher Mfg (1.60). Third Avenue Third Nat Inv Thompson Prod (2.40] Thompson Starrett. . Thomp-Star pf (334). Tide Water As (60c) . Tide Water As pf (6) Tide Water O11 pt(5) 4 Timken Det Ax(80¢). ‘Timken Roller (3 % Tobacco Products % Tobacco Products A.. 4 Transcontl Ol (30c). 4 Transue & W (1), Tri-Contl Corp. Tri-Cntl Corp pf (6). Truax Traer (1.60) Truscon Stl (£1.20) .. Twin City Ra Tr(4).. Twin City R T pf (7) Und-Ell-Fischer ll) Unlon Bag & Union Carbide (2. Union Ol of Cal (12) Union Pacific (10). Union Pacific pf (4).. Union T’k Car (1.60). Utd Afreraft. ... Utd Alrcraft pf (3) Utd Biscuit (1.60). Utd Biscuit pf (7). Utd Business Pub. 27 08 19 1 2 . 223 4 29 113y 15 86% Utd Cigar Strs pf.... Ttd Corporation. ... United Corp pf (3).. Utd Dyewood pf (7). 108 Utd Electric Coal Utd Frult (4) Utd Gas & Im Utd Gas & Imp pf(5). Utd Paperboard. .. Utd Piece Dye W (2 Utd Stores (A). Utd Stores pf..... % U S Distributing. ) SRR AN AN AN N AN D @ Leather (A). Leather pr pf(7). Pipe & F (2)....1 Pipe & F 18t 1.20. Realty (5). Rubber. - s Univ Leat Tob pf(8) Univ Pic 1st pf (8) Univ Pipe & Rad. Util Pwr&Lt A Vadasco Sales Corp.. Vanadium Stl (14) Vick Chemical (2%). Va-Car Chem........ 17 Va-Caro Chem 6% pf 2 Vulcan Det (4)..... 480s Vulean Det A (4) Warner Bros ble (0).1280 Warner-Quinlan (1). 28 Warren Bros (3).... 11 Warren Fdy & P (2). 4 Wess oil & Snow (2). 10 West Penn E’ pf (6). 20s West Penn Ei pf (7). 90s West Penn Pw p£(6). 20s Western Dairy A (4) 3 Western Dairy (B).. 5 i Western Md 104 Western Md 2d pf. Western Pacific. Western Union (8) Westinghse 4 B (2). Westinghse E&M (5) 424 Westhse E&M pt (5) 1508 Weston EI Instr (1), 10 tvaco Chlor (2).. 2 White Motors (2). 3 White Sewing Mach.. 2 Wilcox Ofl & Gas. ... Wilcox Rich A (2%) Wilcox & Rich B (2). Willys-Overland Woolworth (2.40). Worth Pump Worth Pump(A) (7). Wright Aeronau. Wrigley (Wm) (4). Yale & Towne (15) Yellow Truck. .. Youngs Spring (3) Zenith Radio. ....... RIGHTS EXPIRE Am Roll M..June 16 225 Am Tel & Tel.Aug 1 A Chi R1& P..May o Ludlum Stl Rad-Keith- Warner-Quin. % ¥ Zenith Rad...May 1¢ 17 1 Sales of Stocks on New York Exchange 10:30 AM. 696,800 12:00 Noon. 1,950,500 1:30 3,157 400 3:10 P.M 900 Dividend rates aa given In the above tadle are the anmusi cash oayments based on the latest quarterly or haif yearly declartions. 8 Unit of trading less than 100 shares. ¥ Partly extra. I Plus 4% ™ stock. § Payable in scrip. 1 Plus 9% in stock. a Pald fast year— 00 regular rate. bPayable in stock. d Payable when earned. e Pay- able in cash or stock. tPlus 10% In stock. gPlus o% in stock. h Plus 2% in stock.. jPlus 8% In <tock. k Plus 3% in stock. n ®lus 5% in stock. 1% 1% ¥ A ; | new low IHIGH GRADE BOND ISSUES IMPROVED Prices Slightly Higher as De- cline in Stock Market Is Checked. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 6 —With the stock market steadier today and, therefore, not such a concentration of interest in % it as formerly, a little more attention was given to bonds. Prices for high- grade issues were steadier. They are, however, back to about the average level of 'a week ago, having lost more |than the gain which immediateiy fol- lowed the reduction in the rediscount rate. The action of the market has been most_discouraging to those who antici- pated an immediate and definile re- sponse to cheaper money. Unfortunate- ly, the lowering of official rates coin- “lcided with the worst break in stocks since last November, whereas at other times this year, when rates have been reduced, speculative markets have been serene and sentiment has been opli- .| mistic. It is only a matter of time, however, before the influence of low interest rates will bring about a change, though not as great a one as would have oc- curred under similar conditions a few years ago, or before the competition llzelween stocks and bonds became so een. Individual changes in the market to- day were small. The telephone con- vertible moved up % a point and then moved down. The stronger market for railroad shares helped the group of rail convertibles a little. The oil bonds witn warrants attached were also steadier. In the junior rails there was a mixec market, but, on the whole, improvement over Monday's situation. The St. Paul, Western Maryland, Missouri Pacific and Erie issues, with the exception of Erie general 4s, were higher, Kansas City Southern 5s rose a point. Seaboard Air Line 6s and the All Florida 6s touched prices on the movement. The local tractions rallied after several days of weakness. French, Belgian, Italian and some of the German issues were fractionally higher. The latest information on the reparations loan is that the American allotment will be $80,000,000. Negotia~ tions are being carried on for a dollar loan to Antwerp. Several good sized railroad equipment issues are expected to be offered this week and there are a number of public utility and indus- trial issues pending, including $25,000,- 000 Massachusetts Gas debenture 5s to be offered shortly at 98. Special Dispatch to The Star. BALTIMORE, Md., May 6.—Potatoes, white, 100 pounds, 2.25a3.25; new, bushel, 1.25a2.50; sweet potatoes, bar- rel, 2.50a5.00; yams, barrel, 4.00a5.0( asparagus, dozen, 1.50a3.50; beets, crate, 3.00a3.25; beans, hamper, 200! 4.00; cabbage, hlmptl‘ 1.00a1.7: rots, bushel, 1.25a1.50; caullfluwer crate, 2.00a2.50; celery, crate, 2.504.00; cucumbers, hamper, "4.00a7.00; kale, bushel, 2.25; lima beans, hampers, 4.50 a550; letfuce, hamper, 1.00a2. onions, 100 pounds, 50al 1.00a1.25; peppers, c! & 3 radishes, 100, 2.00a3.00; spinach, bushel, 30a50; .squnsh bushel, 3.50a4.00; matoes, crate, 1.75a5.50; apples, bushel, 1.25a3.00; _grapfruit, box, 3.25a6.25; ’onnges, , 3.75a9.00; pineapples, crate, 3.00a3.50; strawberries, quart, 10 a25. Hay and Grain Prices. | Wheat—No. 2 red Winter, export, | 104‘4, No. 2 red Winter, garlicky, spot, 1.09%; May, 1.09%; No. 3, garlicky, no quotations, Corn—No, 2 domestic, yellow, 90a91; cob corn, new, 4.75. Oats—No. 2 white, domestic, spot, 54a541:; No. 3 white, domestic, spot, 5212a53. Rye—Nenby. 75a80. Hay—Receipts, none; no change in market. Some little hay is arriving, but hardly enough upon which to establish quotations by grades. Price range, 18a new, Live Stock Market. Cattle—Receipts, 50 head; light sup- ply, market steady. ‘Steers—Choice to prime, none; good to choice, 11.50 to 12.25; medium to good, 10.25 to 11.25; fair to medium, 9.25 to 10.25; lain to fair, 8.25 to 9.25; common to plain, 7.25 to 8.25. Bulls—Choice to prime, none; good to choice, none; medium to good, 8.25 to 8.75; fair to medium, 8.00a8.25; plain to fair, 7.50 to 8.00; cemmon to pmn. 7.00 to 7.50. Cows—Choice to prime, none; nood to choice, none; medium to good. 7.00 to 8.00; fair to medium, 6.00 to 7.00; plain to fair, 5.00 to 6.00; common to plain, 4.00 to 5.00. Heifers—Choice to prime, none; good to choice, 10.00 to 10.75; medium to good, 9.00 to 9.75; fair to medium, 8.00 to 8.75; plain to fair, 7.00 to 7.75; com- mon to plain, 6.00 to 7.00. i l-"t;onh cows and Springers, 50.00 to 10 Sheep and lambs—Receipts, 50 head; light supply, market steady, Sheep, 2.00 26.00; Spring lambs, 11.00a13.75. Hogs—Receipts, 500 head; light sup- ply, market higher. Lights, 10a85a 11.10; ‘heavies, 10.25a11.00; medium, .40; light pigs, P! Calves—Receipts, 25 head; light sup- ply, market steady. Calves, 6.00a11.00. Dairy Market. Poultry, alive—Chickens, Springers, pound, 30a38; Leghorns, 25a32; old Toosters, 15a18; old hens, 27a28; Leg- 6; ducks, 14a21; Spring ‘guinea fowls, each, 50a75; pigeons, pair, 30a35. Eggs—Receipts, 1,722 cases; nearby 15; hennery whites, firsts, 25%. —Good to fancy creame pound, 36a39; ladles, 31a32; rolls, 25a 28; process, 31a32; store packed, 19a20. CHICAGO LIVE STOCK MARKET CHICAGO, May 6 (#).—Cattle, 9,000 head; calves, 3,000 head; fed steers and % | yearlings unevenly steady to 25 cents lower; lower 'grades predominating: downward; best around 14.00; low priced fat cows and cutters lower; bulk low cutters, 4.00a4.50. Slaughter classes steers, good and choice, 1,300-1,500 pounds, 12.25a14.75; 1,100-1,300 pounds, 12.0014.50; 950-1,100 pounds, 11.50a 14.00; common and medium, 850 pounds up, 8.50a12.00; fed yearlings, good and choice, 750-950 pounds, 11.00a14.00. Heifers, good and choice, 850 pounds down, 10.00a12.50; common and medium, 7.50a10.00. CoWs, good and choice, 7.50 28.75; common and medium, 5.7587.50; low cutter and cutter, 400!5 75 Bul].!, good and choice (beef), 19.00; cut- ter to medium, 6.50a7.50. ve-lzrs, milk fed, goos d choice, 8.75a11.50; me- dium, 7.5088.75; cull and common, 5.00 .50, Stocker and feeder steers, good and choice (all weights), 10.00a11.50; common and medium, 8.00210.00. Sheep—13,000 head; very slow; scat- tered bids and sales to outsiders suldy wooled lambs, 11.00a11.25; above 11.50; best shorn lambs held 10.50; fat wooledd eh‘;?' °§§5 down. Lambs, good and choice, pounds down, 9.60a10.65; medium, 9.25a9.7: medium to choice, 92-100 pounds, 9.00a 10.50; ewes, medium to choice, 150 pounds down, 4.2586.00; cull and com- mon, 2.2524.50. mostly weak to 25 cents off; bulk, 12.00 t of the Calumet ‘& Co., including that of t.hcnewcomencorpperco prior to consolidation, amounted to 7,504,000 pounds, compared with 7,100,000 \md in March and 12,082,700 in Apri MAY 6, 1930. FINANCIAL. (o v o BONDSmoce ssounvee] | MARKET SHAKEOUT. NOTE—The New York Stock Ex- change is now operating on daylight saving time. UNITED STATES. (Sales are in $1,000.) Sales. High. Low. Close. 0 1009 1005 100 9 10121 10116 101 21 1023 1021 1023 1015 10031 1015 1015 10030 1015 10512 10512 10512 10731 10725 10731 1122 11126 1122 FOREIGN. Sales. High. Low. Close. | Argentine 68 Ju'59. 39 9% 98 Argentine, May '61. 99 98y Argentine 6= Oct'59 98% 984 Argentine 5%5°62 924 92% Argentine s A..... 98% 984 Argentine 6s B 98 98 Australia 4% s '56 82 814 Australia 5855, 91 90% Australia 63 '57. 91 90% 90% Austria 7s.... 104% 104% 104% Bank of Chile 635 93% 93% 93 Bank of Chile 6% 978 9T% 9% Belgium fs. 1024 102 102 Belgium 6%s. 107% 107% 107% Belgium 7s°5 112 111% 12 Belgium 7s ' 108% 109 Belgium 7% 115 116 Belgium 8s. 110% 110% Bolivar 7s '58. 1 «80 80 Bolivia 7s ctfs '69. . 7 19 Bolivia 8s. 1 973 98 Bordeaux 1031 103% R0 80% 9% 80% 98% 98} 102% 102% 100% 101 104% 1047% 91 9% N4 9% 100t 101 25% 25% 7 1% 99% 99% 9% YI% 9% 9Tk 100 100 110% 110% 109% 109% 109 109 91% 92% 104% 104% 1015 101% 101% 101% 101% 101% 107% 107% 90% 90% 97k 9T% 100 100 108 108 1175% 117% 122% 122% 122% 91‘,9 91 9 92 H 103% MSK 108% os ‘)s 9815 985 Brazil 6148 °27.., Brazil £x Bremen State 7s. Canada 5531, Canada 5552, Chile 65 °60. Chile 6361, Chile 7843 Chinese Gov Ry Colombia 6s,Jan '61 Con Pwr Japan 7s. Copenhagen 4%s'5* Copenhagen 6s rets Cuba b%s.....z... Czecho 8= '51. Danish Munic 8s B. a 54 Finland s f 6545, Finland 7s. .. Framerican 7% s. French 7s. 117% German Bank German EI P 6%s | Italy 7s | italian Japane: Japanese 61;s. Jugoslavia Bank 78 Karstadt 6s *43. 1 Kreuger&Toll b5 ct. Lyons 6s. Marseflle 63 Milan 63s Momuvld 4 103% 103% 1031 103% orway 6 63 Norway 53% Norway Norway 6s'44. . Norway 6% s '52 Orient dev 53 53. Orlent Dev 6553, Paris-Lyons-M 6; Par{s-Ly-Med 7s. Paris Orleans 5% Peru 6s '60. Peru 65’61 101% 100% 101% 102% 1023 102% 103% 103 108% 101% 101% 90% ~90% 87% 9Th 6 103% 103% 108% 104% 1043 104% 1024 102% 8% 8% 9% 79 951 £ Queensland Queenland 7. Rhinelbe Un 7. 9% 101 101 107 107 105% 105% 89 ¥9% 89%, 89% 101'« 101% % T9% 99 Y9 73 98 % 91% 9% 8944 887% 89 lUlh 101% 1011 9 96% 97 961 96% 107% 107% 83 84 95 95 0% 90% 104 104 104% 104% 1043 1043 107% 107% 100 100% 814 814 9% 9K Y94 99% 1045 104% 100% 100% 98 98 E6% 86% 9%k 9% Rhine West6s ‘53 Rhine Wst EP 7 Rio de Janeiro 63 Rio de Jan 8 Rio Gr du Sul | Sao Paulo Sao Paulo ’50., Saxon (PW) 7 Selne 7542, Serbs Cr Slov 7s. Serbs-Crot-Slo 3s. Shineyetsu 6%s ‘52 Solssons 6s. Swiss Confed 8s. Toho El Pwr 7 Tokio s, Tokio 5%s ‘61 Toho El Pwr 6832, Utd Kingm 533537, Utd SS Copen 65'37. Uruguay 6%°60...., Vienna 6s ‘52 Yokohama 6: MISCELLANEOUL 9 ¥6% 86 86 6% 7102 102 102 844 14 101%.100% 100% Alleghany 63'49... 34 101% 100% 101% ses 110115 1013 101% AmChem 53%s cv'49 41 106 105% 106 107% 100% 81k 8T% 8% 8T% 1101 101 101 . 9 103% 103 Am T&T cv414s'39 474 167 1 104% 104% 104% 20 104% 104 104% 19 107% 107 107% Am Water Wks 23 102% 102 102 Am Wrtg Pa 6s’47.. 11 824 814 8214 Armour&Co 4%'39 13 89 88% 89 Armour, Del.5%: 13 83% 83 &3 Atl Guif 55 '59 13 76% 6% 1T5% Bell Tel, Pa, 53 (B). 3 104% 104% 104% Bell Tel Pa 53 (C).. 4 107% 107 107% Bethlehm Stl pm b8 2 10249 1023 102}y Beth Steel rf 6s. 103 103 Brklyn Edison s. .. 2z 50% 50% b0 556 95% 95 954 1 9% 79% 79% 42 101% 100% 101% 2 96% 96% 96% 21 49% 47 494 7 105% 106% 105% 3108 103 103 6 107% 107% 10734 4 95% 95 95 4 99% 99% 99y 2 102% 102 102 21 103% 108 108% 1 1043 104% 104% 9 106% 106% 1064 48 941 93% 94 5 101% 101% 101% 7 101% 101% 101% 8 105% 104% 105% 4 99 99% 99y T 94% ud 94w 5 101% 100 45 100 9% 3 100% 1004 100% 9 91 90k 91 9 88% 88K 884 2 92 92 Gen Mot Ac Cor 63.. Gen St Cast 5%3'49 Goodrich 6% Goodyer b8 ret Humble O & R Humble O & R 5343, Intl Tel & Tel 4343 2 92 Intl T&T 4%s 238 1234 121% uau Intl Tel&Tel 65'65.150 98 97 Kan G & E 6362 6 105% 105% 105'/. 8 1 92 92 92 15 101% 101% 101% 1103 103 108 Laclede 5145 D 15 103% 103 103% Lautaro Nitrate Lo Lorlll-r(dl 5;} Lorillard 168 °52., 20 102% 102% 102% R 7 62% 60 60 1 101% 101% 101% 1 102% 102% 102% 5 101% 101% 101% 14 83 82 82 70 100 99% 99% 6 104% 104% 104% 29 100% 100 100 2 106% 106% 106% 5 110% 110% 110% 20 103% 103% 103% 8 102% 102% 102% 10102 101% 101y 9 106 106 106 Montana Pwr *43. Montana Pwr db & Morris&Co 1sté% Nat Datry 5% Nor Ohlo Tr&L s, . Nor States Pwr 58. Nor States Pwr 63.5 Pacific Gas & El 5s. PacT&T 1st5s... PacT&T 5852 Pan Amer Pete Paramount 63 Pathe Exchange Teoples Gas 5 Pierce Oil deb 8§ Por Ric Am Tob Postal Tel & C 5 Pub Sve Gas 4% Punta Alegre Pure Oi1 5%s°37. Rem Arms 6s 37 Rem Rand 6% Richfield Oil Sinclair OI1 Sinclair O11 Skelly Oil 6%s. ... So Por Rico Sug 7s. South Bell Tel 53 Southwest Bell 5 Stand O1l, NJ “4 Stand Oil, N Y Tenn El Pwr 68 °47. Tex Corp cv bs 44. . Transcontl Oil 6% s United Drug 58 ‘53 U S Rub 1st rf U S Rubber 7% Utah Pwr&Lt §: Vertientes Sug 7 Western Elec 6s. .. Westn Unfon 65'51. Westn Union 6% Wickw Spen 1s Willys-Ov 6%s Wilson & Co 1st 65. Youngstn S &T bs. . Received by Private Wire Direct to Tho Star Office Sales. 13 4 High. Low. Close. 1024 1024 1021 1024 105 105 104 104% 100% 101 68 68 102% 102% lo»&s mw S 984 444 99% 96 9% 26 100% 100% 102 102% 103% 10: 99% 100 98 98 96 96 105 105 103% 103% 4 104 104% 102% 103% 97% 9% 1056% 106% 104% 105 102% 102% 96 96 85 851 100% 100% 1004 100% 56 57 103 103 1024 102% 108% 105% 34 34 99% 99 100% 101 101% 102% 46‘4 1081 103% 3 108% 34 100% 9 101 17 1025 RAILROAD. Ann Arbor ds..... Atchison gen 4s. Atchdeb 4%s '43 Atl & Dan 1st 48’43, Atl Coast L 1st 4s. . Atl Coast Line 4s. . AtICL4%s'64.... B & O gold 4s. B&OcviYus B&Ocv4%s 60 B&Oref 5s... B & 0552000 (D). Boston & Maine 5s. Brdway&T7th Av 5s. Bklyn Elev l’/& Can Nat 4%s'57 Can Nat 4%s'68... Can Nat 5s, July's9. Can Nat 5s. Oct '69. Can Nor 4% s '35 Can Nor 6%s. Can Northern Can Pac deb 4s. Can Pacific cf Canada Sou 5 Central Pacific Cent Pac 1st 58 '90. Ches&Ohio Corp b Ches & O 4%5'93 A Ches& O 4%s B'95 CB& Qgen 45'68.. CB&Q4%s'1T CB&QII3H% Chi& K 11l gn 68 51. Chi Gr West 45°69. CM&StP ret 4% s 89 Chi Mil&St P 4%s C ChiMilStP&P 65'75. CMSP&Pac adj5s03 Chi & NW gn 3%s. . Chi & Nw 6%s. Chi & NW 7s. % Chi StPM&O 6 '30. Chi Un Station 5; C& W Ind 5%s 62, Clev Term 438 '77. - Colo & Sou 4 Cuba RR 7% Cuba Nor 5% Del & Hud 1st rf 4s. Del & Hud 6%s. ... Del & Hud 7s '30 Den & Rio G cn 4 Den&RGW 5356 E Tenn Va&Ga b Krie 1st con 4 Erie conv 4s (B)... Krie gen 4s. . . Erfe bs, 1967 Erie bs, 1975 Erie & Jersey 6 Fla East C55'74... Gr Trunk st deb 6s. Grand Trunk 7s. Grt Nor 4%s (E) Gt Northern 5% Great Nor gen 7s. Hocking Hud & Man adj & Hud & Man ref bs.. 111 Cent ref 4s. 11 Cent 4%s 111 Cent ref 65 '55 Int RysCAm6s... Int Ry C Am 68 "41. Int Rys CA 6%s re. Towa Central ref 4s. Kan City Ft S 4s... L &N 4%82003. ManRy 1st 4390 Market St 7s "40. Mill El Ry&Lt 4%s Mill El Ry&L 5s'61. Minn & StL cn 5s. M StP&SSM con 4s. M StP&SSM bs gtd. M St P&SSM 6%s. . MK & Tex 45 (B).. M K&T prin 5s(A). MK & Tex adj 6s. Mo Pacific gen 4s. Nio Pac 5s F '77 Mo Pac "8 Mo Pac 5%s "49 Mob & O 4%s'17 Mont Trm ret 58’ Nassau El 4s°'51.... NOTex&Mb5sB.. z e ggn SSe atTe She Cenrfim l‘bl- ‘en ref &: deb 6 Q H I o e & StL deb 4s. St L 6%sA. StL 6s'31.. StL 65 '32.. H&H 4365, aaaaaQ & & & 272 22222222222 2 R 1 O 3 o . 107 6 644 95% 4%s.. 4 &StL4%sC.170 96% 96% 96% .20 64 6% R1% B1% 94 flfi’,fi ws&. 021 lU'h 100 115% 110 102% 102 100 115% 110 6 90 90 29 100% +100% 100% 1 106% 106% 106% 1 108% 108% 108% 99% 9% 78 T8 90 90 96% 9T% 94 95 100 100 1041 104'% B8% 88 104 104 98% 99 104% 104% 107% 107% 99 993 84 84 62% 62% 93 934 104 104 100% 100% 94la 4% 94% 95 105 105 86 86 84 84 80% 81% 944 95% 94% 95% 112% 112% 54% 55 105% 105% 110% 111 971 9TY% 110% 110% 110% 110% 99 99 81 82y 98% Y8 921 921 100 1004 106 106 i 109% 109% 97% 98 104% 104% 70 0% 68% 70 56% 5814 3 104% 1 8t 25 105 120 99 19 104% 1107% 1 99% 1 84 8 6% 10 98!‘ 71 2 lolm. 5 94% 3 95 3 105 6 ¥6% 5 B4 67 81% 14 95 13 112% 15 56% 6 106% T 1% 8101 100% 100% 8 91 0% 91 8 99% 99% 99% 22 B9% X9 89% 4 99 99% 991 108 108 100 100 8% 98Y% 5214 52‘4 16 102% 102 10 104 104 38 9% 78y 29 100% 15 997 102 104 T9% 99% 100 99% 9974 77 107% 106% 107% 8 96} 96 964 1 98% 98% 981 5 53 5215 521 10 98 98 98 1102 102 102 591 91 ‘91 4 99% 9w 99% 21 99% 99% 991 2 106% 1064 1064 6 107% 107% 107% 79 8% 79 1100 100 100 11 107 107 107 5 101% 101% 101% 11 102% 102% 102% 16 86 85% 86 B6Y% 11 81% 80% 94 94% 94 18 126 , 15 105% 1056% 105% T 90 89 90 67 65% 654 92 921 92y 65% 654 65 40 91 90%% 90% 24 98 98 93 15 18% 113 113 9 90% 90 90% 2 93% 93% 93% IS BELIEVED ENDED Powerful Bear Pool Has Be- gun to Cover Heavy Short Sales. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, May 6.—Another hectic, heartbreaking five-hour session, very similar to the November frenzy, occurred yesterday on the New York Stock Ex- change. The turhover was the greatest of the year, totaling 8,300,000 shares. It wasn't because the final sales at 3 o'clock were higher than the opening, which they were in most cases, but be- cause the swing in individual stocks was so violent that panic ruled in many places during the session. The speedy gyrations burned many a trader up and left him weak and wondering. A report was widely circulated that a vast amount of British selling, precipi- tated by the arrest of Gandhi, had caused the brpak. There was no truth in this. British interests are buying heavily in this market at the present time, and very few are selling. The same thing goes for French in- dustrial and banking leaders, who are large holders of American stocks. They are probably buying more than the British_just now. So it's not foreign selling that caused the drop. Then what is it? “What's all the shooting about?” I asked an old successful stock market trader, after the market closed yester- day, and he replied: “Last Wednesday a bear raid of very large proportions, financed by some of the richest men in America, was formed under the leadership of William Dan- forth of Boston. He is a master psy- chologist. His earnings last Fall in the bear market and in this market are known to be stupendous. “This group began selling Wednesday and continued until today (Monday). They never quit. When the stocks began to crack, they hammered them all the harder. They had unlimited funds. “When things looked the worst today. and the best stocks were smashing badiy to new lows, these men were warned by banking interests that enough damage had been done. They decided the time to quit had arrived—for the present. S0 in the final hour, they began buying stocks to cover ‘short’ sales, with the re- { sult that stocks rebounded from 5 to 15 points. “This tells the story, T think the worst is over now, and that stocks will assume their normal activity by the middle of the week.” A remarkable document—one signed by more than 1,000 economists from 46 States and 179 colleges in opposition to | the pending Hawley-Smoot tariff bill —has just been published. The men signing this document present four rea- sons why they think the President should veto the act. Here are their rea- sons and their comment: 1—That the Hawley-Smoot bill will raise the cost of living and injure the majority of American citizens. 2—That the farming ‘populltmn a vast majority of them, will lose more under this new bill than under the present one. 3— That American export trade in general will suffer. 4—That it will result in an increase in unemployment, acute. “We do not believe that American manufacturers in_general need higher ; tariffs * * * Already our factories supply our people with over 96 per cent of the manufactured goods which they con- sume, and our producers look to foreign markets to absorb the increasing out- put of the machines. Further barriers to trade will serve not well, but il.” Among the signers of this protest are Frank D. Graham of Princeton Uni- versity, Henry R. Seager of Columbia University, Frank W. Tausig of Harvard University, Ernest M. Patterson of the University of Pennsylvania, Irving Fisher of Yale University, Paul R. Doug- las of the Chicago University, J. Law- rence Laughlin of Chicago and Claire ‘Wilcox of Swarthmore College. (Copyright, 1930, by North American News- paper Alliance.) Markets at a Glance NEW YORK, May 6 (#)—Stocks strong; rails and utilities lead drive. Bonds firm; convertibles up with stocks. Curb strong; utilities and oils lead ad- vance. Foreign exchanges easy; sterling declines on prospects of gold movement to Paris. Cotton irregular; near months higher, trade buying; distant lower; favorable crop advices. Sugar easv; lower spot market. Coffee easy; forelgn selling. CHICAGO, May 6 (#).—Wheat firm; decreased world’s visible supply. Corn firm; unfavorable crop reports. Cattle irregular. Hogs weak to lower, DIVIDENDS.DECLARED NEW YORK, May 6 (®).— Company. Brill Corp pf.. Continental Intr Safety Raz Penn Mex Piel Seabrd Pub S Soule Mills. Spear & C D0 24 ot Weleh' Dnne Tutde. 356 8up A Wester 5 B ! £ o DOpOOOPO: DOLOLOPZT Welch Gr Juice..$2.25 Stock. Marmon Motor Co..2% Omitted. Tobe Deutschmann pf..30c Deferred. Sterchl Bros Strs. 30c Q Due May 1§ Sales. High. Low. Close. 6104 104 104 lo!% 108% 108% 24 97% 1 May 15 May 19 Q Due Apr. 15 Penna 5s'64.. Penna 6% Pere M 4%s1980. . Pere Marq 1st 5 Port RL & P b % 98% ltw& 104% 104% 9% 99% 99% Reading gen 43 A.. 30 99% 99% 995, RIArk&L 4% 15 98% 98% 98% St LIM&S gn 5s31. 4 100% 100% 100'% 36 98 . 97% 98 90w 91 93% 94 102% 1021 101% 101% StL&SF gen 6s°31.. 101% 101% StLS Wcon 4s'32 21 9 5 Sou Pac 4l4srcts.. 12 Sou Pac 4%5'69 ww 22 53 983, 90% 91k 109% 1091 4 117% 117% 6 123% 128% 93% 93 104% 104! 2% 10214 10214 102% 102% 49 9 25% 90% 9 91) 98% um. 109% 105% 105% 100% 100% 93 94% 10! Sou Rwy Mo & O 43 Ark FS 5% 8'50 Tex & Pac bs B 77. Tex & Pac 53 C"79. Third Ave ref 4s'60 Third Ave adj Tol StL & W 48'50. Ulstr&Del 55°28 sta. Un Pac 1st Union Pac 4 Un Pac 1st re! Virginia Ry Va Ry & Pwr i Wabash 43%s'78 ret. B N0 Hoo MEaT e mee % 95% 95% 1017 102 Y9% 991 903 4 100% 100 100% 2 1074 107% 107% Western Md West Md 54 WilksB & E 15t 5. WisCen gn 45 49.., » oo