Evening Star Newspaper, May 9, 1930, Page 15

FINANCIAL. FOREIGNERS BUYING WASHINGTO. D. €, FRIDAY, MAY 9 1930. BANK T0 AUCTION FINANCIAL. G STAR, . PRICES AREMIXED || NEW YORK CURB MARKE AND BOND AVERAGES By the Asseciated Press. From Yesterday's 5:30 Edition. Received by Private Wire Direct to The Star Office IN CURB TRADING Market Turns Irregular in Dull Day—Utilities Are Feature. g% BY JOHN A. CRONE. fpecial Dispatch to The Star. NEW YORK, May 9.—Curb stocks pursued an irregular course in extreme- ly dull trading today. Fluctuations were small and while advances were in the majority, they hardly revealed & definite upward trend. One effect of this week's $200,000,~ 000 reduction in brokers’ loans was to narrow the spread between the price of eall money on the Stock Exchange and at the Curb Exchange money post. ‘This was held at one-half per cent for the first few days, but now that banks with huge sums to invest are seeking placement of funds at rates above the big board's official rate, some loans are going on the curb at only one- qu;rbfl' per cent above the big board ral ‘The official call money rate on the curb today was 31y per cent, with loans oft tt.he floor going at 2'¢ to 3V, per cent. Electric Bond & Share and Asso- Gas were the only stocks to gell in large blocks at the opening. Thelr initial prices revealed fractional fluctuations, which were soon canceled, but they later rose to net gains on the day. An analysis of the public utllities list showed 14 stocks higher by & shade, 3 lower by a similar amount and 20 unchanged. The same situation applied to the industrials, with 9 issues showing a slight gain in early trading, 4 a lower level and 11 unchanged. Segal Lock . & Hardware, however, was brilliantly active against the solidity of the rest of the list. It ran up to a new high for 1030 in a series of heavy trans- actions on expectations of an increased earnings report. General Electric, Ltd., receipts, being equivalent to ordinary shares, were also active and higher on the London Stock Exchange's favor- able interpretation of the speech of the chairman, Sir Hugo Hirst, on Thursday. lesin DOMESTIC BONDS. ousands. High. Low. Close 1 Alabama Pow 53 '56 v 4les ‘87 96 5 Garlock Packs 8s /3 4 Gatineau Pow 55 56 neau Pow 65 '4 91 91y 108% 1081 Bl 5o iz 9012 6% 6% i 95 95 ver 85 '87. 10014 Grand Trunk 6'as '36 106% 48 ww. 100 100% 106% 106% 101% 101 102% 102 97" 97 4 Hyer 1 Tiflnols PAL 5755 3 Independt Oil 65 1 55 A 57, 1 137 Iniand Uil 65 3¢ . 3 Tnsull Utilities 65 40 7ansuil Ul 68 B4 o S E s McN & L 55 '42 57, 1j Nor Ind P § 55°D '66 102 * 102 5 Nor Sta Pow 6's '33 10215 v 160 9974 . 9413 10315 103% 2 101% 101% 44 Peop L & P 5s ‘79 W 1 Ehila Flec 51g - 100%, 100 105% 108% v 55 12 Standard P&L 65 4 Texas G ’ Cal 55 "4 100 Lt & Ry 5as 52 90% 8 Uni Lt & Ry 65 A '52102'2 ius *oa s A ‘5T 91 Union Tel 55 '60 103 FOREIGN BONDS. 1% 01% 103% 103% 96 8 951 96% 82 n Pr 518 20 Cuban Repub 53 S Dunish Cons 55 ' 15 109% 105% Am Gas&Elec pf(6). 6! 2 Gelsenkirchen 6s '34. 80 Ger Cons Mun 65, '47 1Ger Gon Mun 7s 19 Bernover Cred o 3 Helsingfors 81ss 80 4 Isarco Hya EI 75 52 75, 81 o 3 Ruhr Hous 6! 15 Rum 7 93, 8615 8615 w 52 9% With warrants IW—_Without WArrants. ‘ nNew. \ Wa—When issued. eh. 344 Dividend Rate. 334 Addressograph Intl.. 214 Alr Investors (war). 314 Alr Investors v.L.e... Sales— Add 00. 1 2 2 126 Ala Gt Sou pf (17)... 408 Alabama Pwr pf (7).3408 414 Allied Int Invest.... 10 39% 33 Allfed IntInvpf (3).___ 6% 7 12% 8 14% 9% Allied Mills (60¢). . % Allison Drug St (A)« ) 14 AmCP&L(B)(10%) 23% Am Com I'(A) b10%. 2% Am Co'with Pwr war Am Control Ol Flds. 24% Am Cynam B (1.60). 3 Am Dept Store 15% Am Equities 46 Am For Pwr(war). 118% Am Gas & Elee ($1). 10 Am Invest, Ine (B). 6714 Am Lt&Trae (n). 45 Am MfgCo (4). 1% Am Maricabo. 74 Am Natural Gas... 28% Am Superpwr (1) 10% Am U&Gen B vte 400 * 3 Am Yvette (n) w.i 10% Appalachian G ¥% Arkansas 8% Ark Nat R Atlas Plywood (2) 6% Auto Music A(+1.05). 24% Aviation Corp of Am 124 Aviation Credit. Co(EW) (1).. Ridge Corp.... 33% Blue Ridge cv pf(a3) 63 Bohack (HC) 2%.... 28 Borne Scfymser (2). 6 Bourjois, InC........ 85% Brazil Trac & Lt (2), 57 BuckeyePL (4).... 2% Burma Corp (131¢) «a 2% Cable & Wire A rots.. 314 Canada Marconi gy ). 264 Carnation Co (313 Cent Stat Chain Stores Dev, ... Charis Corp (13) Chathm Phoe Al Chem Nat Asso n-v.. Cities Service(130¢c) Cities Srve pf (6)... City Sav B, Ltd(2.79) Clark Lighter (A). .. Clev El Illum (1.60). 4 Club Alumn Utensil Cohn & Rosen, Inc Colombia Syndicat Columbia Pic ($1%). Colum Pic v.t.c.(1%4) Com'with Edison($). Com'with & Sou war, Comm Wat Serv b6 % Consol Auto Merch. . Consol Au Mer ou pf. 5 Consol Copper...... 4« Con Gas, Balto(3.60) Con Gas Util,B v.te.. Consol Instrument. . Consol Laundries. ... Consol Nevada-Utah Continental Oil. ..... Cooper Bess pt A (3) Cooper Bessemer(2), Copeland Prod,Ine A. Cord Corp... . Corroon & Reynolds. Cor & Rey pt (A)(6). Cosden Oil.......... 25% Corp Secur, Chicago. 39% Coty,S0 Anon 74 4-10 6% Creole Petroleum. .., 4 Cresson Consol (8¢). 18% Crocker Wheeler. . % Crown Cent Petrol 3 - e 3% Ak AR ER e - T NARE R R BN - Sw 3 140 s DN RS AN O e 2 30 Crown C&S pf(2.70).150s 4 Cuban Cane propt w 86% Cun Press pf (62) 1% Curtisi 74 Darby Petrolm (1).. 3 Dayton Air & Eng... 2% De Forest Radlo, 64 DeHav.Alr 1td ret 50¢ 414 Derby Oil Refining.. 5 Detroit Aircraft. 31 Dres(SR)MIgA3%. 41 Driver Harris(new). 8 Dubilier Cond & Rad 4% Durant Motors 25% Eastn GAF Asso. 18% Eastn Sta Pwr B(1, 39% Eastn Util Asso (2).. 14 Eastn Util Asso cv. 7% Eastn Util Inv (A).. 134 Elsler Eelectric(1%) 80% El Bond & 8h (b6).. 103% El Bond & Sh pf (6).. 24% Elec Pwr Aseo (1).. 22% Elec Pwr Asso A (1) 99% El P&L 2d pf(A) (7). 28'3 Elen Pwr & L op war 15% Elec Shareholdg(31) 82 El Sharehold pf (6).. 13% Empire Fire In . 19% Emp Pub Sv A(1.80). 18 Europ EL Ltd.A 60c. 3% Evans Wallow Lead. 2 Fabrics Fininshin % Falcon Lead.... % Film Inspect Mach 1% Fiat Stock deb 13% Fokker Alrcraft. 28 Ford Motor. Can( 64 Ford Mot of France.. 104 Ford Mor.Ltd. 37 e. 214 Foundation For Sh 2l Fox Theater Cl (A). 76 Franklin Mfg pf (7). 2% Galena Oil Corp w.i... 20 Garlock Pkg (1.20).. 2% General Baking. 3414 Gen Baking pf (3) 10% Gen E, Ltd rets(50e) 6 Gen Laundry Mach. 95% Gen Mot pf new w.i... 20 Gen W W&E(A) (3). 9814 Ga Power pf (6).... 14% Gilbert (AC) (1) 98 Glen Alden Coal 264 20 Gram'ph'nercts2.91. 260 122 220% GrA&PTn-v(6)., 115% Gr A &P Tea pt (7).. 11% Groc Stores Prod vte Corp (2., Helena Rubenstein.. Hollinger Gold (60c) 41 Horn & Hard (2%).. 19's Houston O1l of Tex n 8% Hudson Bay M & 8 78 ' Humble O1i (2), 3T Hydro Flec Sec (2 10 Hygrade Food Pro 22% Imp Oil, Can (b0e. ... 35 Ind Terr [llu O1l (A) 35% Ind Terr Illu Ofl (B) 17 Ind ¥in ctfs(b10%). 60 Indus Finev pf (7 6414 Insull Ut Inv(b69% 69 Ins Co, No Am (13).. % Intercontinent Petn. 17% Intl Petroleum (1).. 6% Internat Products, 8244 Intl Superpwr($: 10% In 6 Irving Air Chute war 12 Irving Air Ch(1.50)., 9% TItalian Superpwr A.. 28% Johnson Motor & Kerr Lake..... 1% Kirby Petroleum, 18% Klein H pt pf($1.2 18 Kleinert Co (23%). % Kolster-Br (Am S 13 1 1 2 790 435 Deere& Co (36)..... 258 7. 162% 113 Deere & Co (11.20) O R0 O T B p B RSO - s 3 ahunacdaraunSonalaasalen P T P ~Prev1030~ _Stock and High. Low. Dividend Rate. 45% 41 Ley (FT) &Co (3).., 17% Lily Tulip Cup 1% ... 18% Lion Ofl Refin (2)... 124 Lo 3% Loew's, Ine (war)... 341 Lone Star Gas (1). 40 * Long Isl Light(60c). 3 107% Long Isld Lt pf (7)..1008 3 Louisiana Lan & Ex. 23 1 Magdalena Synd. 12% Mangel Stores. 22 Mfg Finance v.t.e. 324 Marine Mid (1.30 Open. High. Low. Close. 3% B4k 33U 3% 2% 2% 2% 2% 6 6 6 6 130 130 130 130 114% 115 114% 1148 19 19% 19 19% 2 2 4 28 1 48 Mayflower Ass 554 Mead Johnson(t3%) 10% Memphis Nat Gas. .. 1744 Mer Cha & S (1.60). 1% Mesabi Iron. . 8% Met & Min, Inc( 16 Met Chain Store: 25 Mid W Sta Ut A% 2514 Mid Wst Util(b8%). 7% Mid Sts Pet v.t.c. A.. 415 Mid Sts Petv.tc. B.o 22 Midland Ut(b1% %). 164 Mid Roylty cv pf(2). 19 Mid St Prod, n (2).. 18% Mo Kan P L (b10%). 22% Monoga WFP pf 1% . 12 1381 Mon L H&P (2.40).. 2 12% 18| 12 % Mount Prod(1.60)... 2% 12% 73% Natl Amer Co Bio 814 Natl Aviation w1 Natl Da Pr pf A (7) 6% 6% Natl Fam Strs(1.60)« 4 45 Natl Fam S pf (2)... 394 13 Natl Food Prod (A).. T 25% Natl Fuel Gas (1).. 135 134 125 NatlInvestors(new) 524 52% 17 tl Rub Mach (2).. 19% 194 15% Natl Screen Sve(2). . ™ T 12 Natl Short Trm SecA 2 a2 50 Natl Steel x-war(2).. 16% 16% 16% 29 Natl Sugar, NJ (2) % % 18% Natl Transit (1). 4 114 314 Natl Union Radio. ... 152 160 84 Nebel Oscar 1% 204 20% & 25" qu 16% LY B2% 144% 140 144% 108 108 108 13 12% 13 T T2 AW b4 b4 4 3 18% 3313 12 4 17% 18 31y 32% 12% 13 404 384 12 134 134 8 1% 6% 4 40 T 19% 11% Newberry (JJ)pf(7 4 144 New Eng T & T (8) 664 N JZinc (12%).. 3% New Mex & Ariz Ld 105% Newmont Min (34).. % 19 N Y Merchandise (2) 8 N Y Rio&Bu Alres... 18% Niag Hud Pwr(40c). P Hud Pwr A war 11% Niag Hud Pwr B war 14 Nipissing (30e)..... 12 Noma Elec (1.60).... 264 Noranda Mines (3).. 20% Nor&Sou Am Corp A. 2 NoAm Aviat A war 67 Nor Am L&P (b8%).. 95% North St Pwr pf(6).. 22% Novadel Angene (2) % Ohlo Copper. €614 Ohio Oil (4) . 108% Okla Gas & Kl pt (7). 10 Outbd Mot(A)(1.80). 8% Outboard Motor (B). 26 Pac Coast Biscult (1) 49 Pac Coast Bis pt 3.50 101 Pacific Ltg pf (6)... 12% Pac Western Oll.... 1 ndem O1l. 1% Pantepec Oil. - 5 Param't Cab(b8%).. 12 Pennroad Corp...... 98% Penn-Oh Pwr pf (6). 73 Pa Water&Pwr(3).. 32 Peop L&P. A (a2.40). 92 Pepperell Mfg (8)... 19% Petrol Corp (1%) 4% Petrol Corp war... % Philip Morris, Ine. 13% Philippe(L) B t1. 9% Pierce Gov (1%). 10 Pllot Ra T(A)(1.20). 10 Pitney B P.n (20¢).. 9 Polymet Mfg ($1)... 13 Pond Creek Poncha. . 38 Power Securities pf 814 Prince & Whitely 1., 354 Prince & Whit pt(3). 14 Prudential Invest. 17% Pub Util Hold w w. 99 Puget 8 P&Lt pf (6). 15% Radio Products 1. % Rainbow Lu Prod B.. ter-Foster(40¢). . iance Manag. ® Repetti Candy. ... 5% Reynolds Bros. Inc. . 19% Rocklans Lt&P(92¢ 2 Roosevelt Field.Ine.. 16 Root Ref cv pf(1.80). % Ross Stores, Inc 9% Rossia Intl Corp. 4 St Anthony Gold. ..« 191 St Regis Paper (1).. 10 Salt Creek Prod (2).. 2% Schulte Un 6ec-$1 St.. Seaboard Utiliti Sec Corp Gen ne 51 Seg Lock & H (50c)... 614 Seiberling Rubber. 7% Selected Industries.; Ind allot efs 5% a4 ct Ind pr(s%) try Safety Cont.. 5% Shattuck Den Min 81 Shenandoah Corp. .. 33 Shenan Corp pf (a3). 18 50 50 50 312 312 312 " b b 48 17% 17% 17% . L _2m 2w 5% b% 2N 126% 124% 1264 125 11% 12% ok ELY 12% 134 - - 1bk 154 46% 46% 49 50 1% 11% 1% 14% T4k 497 26% 40% 6 4% 13% * s El At » SN ANA A e % 85 8% % 10% 10% LE Y 7L 71 145% 141 145% % B4 5% 1 4 8% 8, 6l 19 5 South Coast. " 87% South Penn Oll (1234 24% So Cal Ed pf B(134). 224 So Cal Ed pf C (1%). 4% Southern Corp. 414 Southern Ice U 3 SoPipeLine (12) Southland Roy (1).. 4 8 W Gas Utilitles. .. 106% Stand Gas&El pt (7). 70% Stand Inves pf(5%). 49% Stand Ofl, Ind (2%). 33% Stand Ofl Ky. (1.60). 81 Stand OIl. Ohfo(2%). 99% Std Pwr & Lt pf (7). 34 Starrett Corp pf (3). 10 Stein Cosmetica..... 1 Steinite Radlo...... 2615 Stromberg Carl(1%) 1% Stutz Motor Car. . 485 Sullivan Mach (4) 100 " 107% 107% 107% 88% 32 33y 31 29% 31 103 103 103 61% 614 614 24 3 100 100 100 4% 131 14% 20 im 19 3% % e 1l 21% 31 24 20 3% B4 " 1 21% 8% 29 31 Swift Internatl(2% 90 Swiss-Am El pf (6).. 54% Tampa Electrio (12) 61 Technicolor. Ine. ... 4% Teck Hughes (600). 8% Texon Oil & Land. .. 3% Thatcher Sec Corp. . 43% Tish Realty & Con. % Tobacco Pr Exports. 444 Todd Shipyard (4).. 38% Transamer (31.60).. Tran Con Alr Tran.. 4% Tr-Lux DL P S(A) 4 Tri-Cont Corp (war) 40 Tri Utilities($1.20) 45 Tri Utilities pf (3 15 Tubsize Chatillon, 17% Ulen & Co. < Ungerleider F « Union Am Inv Un Nat Gas, Can 1.60 9% Unit Car Fastnr(60c) ‘14% United Corp (war).. % Unit El §ve pr war. . 27 Utd Founders(b2.35) 19% United GasCo...... 17% United Gas Co (new) 6% United Gas (war)... 94' United Gas pf (1) 291 United Gas Co c. 27% Utd Lt & Pwr A(1). 971 Utd Lt & Pwr pf(6) 1% Unit Profit Sharing 13% U S Dairy (B) 14% U S Elec Pwr 20 U S Finishing (12). 42 USGypsum (1.60).. 14 f 5 11 orD. 14% Utility Pwr&Lt(a1). 16'% Utility & Ind. .. #57% Vacuum O1l (1H4%). 74 Van Camp Packing.. 37% Veeder Root (23%)... 21 Venezuela Petroleum 8 Viek Financial Corp. 8% Walker (H) (1) 8% Wi 184 W 90 Western Md pf (7). 614 Wil-Low Cafeteria. . 2 Woodley Petroleum. % “¥” Oll & Ga 14% Zonite Products (1). RIGHTS. 20 Clev El Lll. 4 Lone Star % Mio Kan Pipe 1% Phillips Pet vidend rates in dciars based on Mifl“m’ or semi~ e Parth; 5 D% Zh in a6 Sock b Basable ta stoeit " Bales— ‘Add 00. Open. High. BLOCK OF STOCK Chase National Will Sell Ex- tra Shares Resulting From Big Merger. Low. 42 42 22% 4z 23 26% 62 % 112 3% Special Dispatch to The Star. NEW YORK, May 9.—A portion of the increased stock of the Chase Na- tional Bank to be issued in connection with the Chase-Equitable-Interstate merger will be sold at public auction, it was announced following a meeting of directors of the Chase National. The stock to be auctioned amounts to 34,980 share units of Chase National Bank stock ($20 par value) and Chase Se- curities Corporation (no par value), rep- resenting the balance of a stock in- e ther w exchange of shares with the Equitable Trust Co. and Interstate Trust Co. The consolidation plan of the”three institutions calls for an increase of the capital stock of Chase National Bank from_ $105,000,000, consisting of 5,250~ 000 shares., to $148,000,000, consisting of 7,400,000 shares. Of the 2,150,000 addi- tional shares, 2,000,000 are to be allot- ted pro rata to Equitable shareholders on the basis of 4 shares of Chase for every five shares of Equitable and 115,- 019.20 shares are to be allotted pro rata to Interstate shareholders on the basis of 32-100ths of a share of Chase for each share of Interstate. The remaining stock will be sold at public auction in 34 lots of 1,000 shares each and one lot of 980.80 shares, on May 20, GENERAL MOTORS SHOWS INCREASE IN SURPLUS By the Associated Pres NEW YORK, May 9.—General Motors Corporation sales for the first quarter iotaled $280,554.453, or approximately 95,000,000 less than in the like period last year, according to & report issued to M:vckholdetu by Alfred P. Sloan, pres- ent. ‘The company's surplus at the end of the quarter was $390,601,846, compared with $380,560,273 at the end of 1929, and with $310,288,832 on March 31 last 28% | year. The balance sheet showed total 19% [ assets March 31 this year as $1,326,- 4 |412755, compared with $1,324,889,764 December 31 last. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, May 9.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales in 10% 10% B 8 15% 17% W 129% 129% 38% 39% 99 99 15314 153k 80 80 4% 4% 116% 118% % 19 19 161 21% % 14 1% 1s% Hieh. Low. Close. Lo T00 6% 8% 1 aph Tnter.. 300 Allied Mot_Ind - 50 Am Com Pow ' 200 Art Metal ... 50 Associated Apparel 250 ‘Assoc_Tel & Tel * 750 Assoc Tel Util 300 Atlas Stores . 100 Auburn_Auto 100 Banco Kentueky | 2650 Bendix Aviation . 50 Binks Mig .. 1800 Borg-Warner nF & W 250 Construct 250 Construct 300 Cont. Ch 50 Electric i Researc 50 Empire G e Y] & F 625 Dt Serv 21 443 General Wat Wks A * 50 Generai Wat Wks pf 100 Gleaner 3: hieger 200 Hart-Carter 100 Horm Il 500 Houdaille-Hershey 8460 Houdaille-Hershey 20111 North Util 80 Ind Terr ... 3730 Inland _Utiliiies 1750 Insull Uil Invesi 100 Insull Ut In pf 24 100 Jack Mot 750 Jefferson E 16 109 1 3 KL B "«)y”"’“ Yaiind 3 % “Continent Save 531 23400 Midaie West Util b S o 150 Middle W Ut 6% pf A I 92 92 100 Middle West Ut A war 1031 103y | 1550 Midiand United.. ... 3R% 38M, 400 Mid Unit pf. 20 Chemical 160 Monroe Chem pf 150 National Battery. erminals. . 13 250 National Union Radio 50 Northw Enginee Mfe o Elec 950 Seabd Uil 50 Sheflield _ Steel 100 Signode Stl Strap. 100 Signode St1 Strap pf Pow A : 1350 Standard Dredging 4 Radio ...... & Co.. Furnil Swift In 50 Twin States Segusmaun, v e ang B0 600 Winton Engine 150 Yates Machine 5500 BONDS, s '40.... 108 108 ian 61 146 1029 102 b Ser Sibs .. 9 Bond taies today, §18,000. BALTIMORE STOCKS. Bpecial Dispatch to The Bter. BALTIMORE, May 8. Bales. STOCKS. 85 Arundel Corporation 33 Baltimore Trust Co 104 Benisal Fire Snsuranice 14% 164 3 & & P Telephone Balto 13 Gonsolidate Co. L Gas com. erson Bromo-Seltzer ‘A 8 Pidelity & Guar. Fire Corp. 5 Houston Oil pfd 10 Mearyiand Casuaity Co. 7 Mt Ver.-Woodbury Mii t 50 Union Trust Co....... & Guaranty.. NDS. 10 20% 20% 6 4% 44 28 W % 4 1% 1% 20% 20% 4% ¥ [ 611U 8 Fidelity 24 LA sock 8 Pazaie BONDS. able in prelerre 1000 W B & A RaUwax 18k Muceasaase 8 le: | about 12 other Sta Previous day. Thi High (1930) Low (1930). SLUMP REPORTED IN SAVINGS TOTALS Chicago Area Figures Are Below 1929 Deposits by About 3 Per Cent. Special Dispatch to The Star. CHICAGO, May 9.—Seventh district savings deposits at 194 banks on April 1 were 3 per cent below the correspond- ing month of 1929, though totaling slightly in excess of the March 1 fig- ure. In the comparison with Jast year all States registered a decline, while in that with a month previous Iillinois, Im‘ih\nn and Michigan showed smal ains. . The number of depositors increased over a year ago in Indiana, Towa and Wisconsin, the declines in the other two States, however, resulting in a small loss for the district; the number of ac- counts showed little change as com- pared with March 1. The average ac- count for all banks was more than 2 per cent under that of April 1, 1929. Individually, the heaviest decrease of 7 per cent was recorded by Wisconsin. All States, with the exception of Wis- consin, registered a slight increase in this item over the preceding month. Regular savings deposits at 25 re- porting banks in Chicago on April 1 increased more than three and one- half million dollars over the figure of a month pervious, although accounts were approximately 2,000 less in num- ber. | Washington Ticker BY CHAS P, SHAEFFER, Associated Press Financial Writer. Strict adherence to what they claim is the true intent of the White amend- ment to the Jones-White shipping act of 1928, the creation of an inducement to aid in selling the remainder of the Shipping Board lines, will be the basis of arguments by sponsors of the measure when it reaches the floor of the Senate. ‘The amending bill, as originally drafted, provides preference for pur- chasers of Shipping Board lines in ward of mail contracts to aid success- rivate operators, even making it possible to award contracts to such companies without competitive bidding. Since, it has been amended by Senator Jones to provide that not more than one contract shall be awarded for car- rying mail on any one trade route, un- less, in the opinion of the Postmaster General, such additional contract is deemed to be in the public interest. The pending measure is of vital con- cern to the Mississippi Shipping Co. and the Munson Steamship Co., both of whom have submitted bids for & mail contract on an essential Gulf trade Toute. All arguments on the measure, which is virtually assured of passage, both pro and con, will be a reiferation of testimony heard before the committee drafting the measure. Claims of stifled export, trade and monopolies made by Munson interests in the event the bill is passed will be combated by pro- ponents of the measure, who will point out the Mississippl Shipping Co. has purchased this essential trade route, equipping it with costly acquisitions from the Government's surplus war- time fleet; organizing their connections abroad, and should be given, not only preference, but exclusiveness, in the matter of mail subsidy. Then, too, the matter of community interest, which played an important part in the committee’s hearings, will be reiterated in Senate discussions by sponsors. They will declare the terri- tory served has gone ahead and sup- rted this line with local money and rade which is too valuable a con- sideration to be cast aside. Although figures for the first quarter of 1930 show a decline, the Associated General Contractors of America find “legitimate” contract construction is now greater in every branch of the in- dustry than in comparable periods of 1928 and 1929. The decrease is atiributed wholly to the elimination of spéculative building, which, in turn, is spurring legitimate construction to greater activity. While definite figures are as yet unavailable, the net decrease in the grand total em- braces a decline of approximately 20 per cent in commercial building, and a larger loss in residential construction, which comprise the two fields in which speculative operations have been par- ticularly rampant. In the unspeculative field of public works and utilities, and other divisions. a substantial gain is indicated. Total awards of surface pavement contracts reached a new all-time peak during the quarter, approximating 63 per cent over the corresponding three months of 1929. This total, which was accelerated by public works construc- tion, reached the imposing figure of 27,200,000 square yards, as against only 16,700,000 in 1929. The association’s study also reveals that long-term State and municipal bond issues for the first quarter ran well ahead of the same period in 1929, averaging $96,700,000 monthly, as com- pared with $88,200,000 last year. Some _interesting facts concerning branch banking is this country were disclosed here by Bank of Italy officials who are appearing before a congressional committee conducting & stury of the subject. ‘The officials declared approximately 20 States now have branch banking. ‘The largest organization is in California, where their own institution maintains a State-wide system with 292 branches. Also the Bank of California, a national bank with its head office is San Fran: cisco, operates the only inter-State bank, with branches in three States—namely, California, Oregon and Washington. ‘This institution, however, established fts extra offices in the period following the Civil War, before leglslative action in- terfered with such growth. New York, Georgia, Louisiana, Ari- Michigan and Ohio are other i edm u:vhlch branch blnkm‘w}ll:fl‘ed:r; veloj major proportions, it 4 there is a limited development in certain sections. PARIS BOURSE PRICES. PARIS, May 9 (#).—Prices were easy on the Bourse today. Three per cent rentes, 87 francs; 5 per cent loan, 101 francs 75 centimes. Exchange on London, 123 francs 87 centimes. The dollar was quoted at 2! franucs 49 centyues, Corporation News NEW YORK, May 9.—The following is today's summary of important corpor- ation news prepared by Standard Sta- tisties Co., Inc., New York, for the As- sociated Press: News Trend. Financial and trade news of the day is mixed. Brokers' loans, as announced by the Federal Reserve Board, declined $200,000,000 in the week of May 7. This 18 the largest decline shown in any week since last November. It represents 21.1 per cent of the advance of $946,000,000 from the low point of December 24, 1929, when loans stood at $3,328,000,000. Total now stands at $4,074,000,000. Wheat futures on Thursday declined fsx; El"BeW low levels. May wheat sold at = Corn, oats and rye also were The annalist wholesale commodity price index dropped to a new low post- war point in the past week. All eight groups of commodities, comprising the index, with the exception of chemicals, registered declines. Sharpest decreases were shown by the metal and textile groups, the former falling 11.8 per cent and the latter 1.5 per cent. The Companies. American Car & Foundry received order for 50 passenger buses from De- troit Street Railway. American Telephone & Telegraph March operating income off 8.4 per cent; three months' income off 12.8 per cent from year ago. Buckeye Pipe Line April and four :n!%nths' deliveries 5 per cent above year Carman & Co. earned $3.37 on class B stock in 1929, against $3.09 in 1928, Celotex—New York Deputy State At- torney General orders an investigation into market situation of stock. Central Public Service had 42,000 stockholders on March 31, against 36, AMERICAN STOCKS Heavy Purchases of Bonds Also Made Recently in New York Market. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, May 9.—International bankers believe that the recent tendency downward in European exchanges is due to the continued heavy purchase of American securities and the shift- ing of funds here, principally by Lon- don, to take advantage of the higher money rates prevailing in New York than in the open English market. The statements yesterday of both the Bank of France and the Bank of England did not reveal the effect of the transfer of gold from London to Paris that followed the reduction in the rediscount rates of both institutions last Thursday. The Bank of England had a slight increase in its bullion holdings, which resulted from the re- ceipt of gold from Australia. in larger amount than that shipped to Pars. In spite of the supposed gain in gold by the French institution the gold item in its latest statement is exactly the same as that of a week ago. Dollar Bond Purchases. Not only has Europe been buying American stocks, but there has been & considerabe repurchase of foreign dol- lar bonds in countries of their origin. This has been made profitable, owing to the declining interest rates abroad and the lower return on the better class of home securities in contrast with yields ranging from 5 per cent to above 7 per cent on the loans listed in New York. Until foreign financing took a new spurt this Spring the ab- sorption by Europe of doilar loans and the retirement of some of the old issues, notably those of Scandinavian countries, more than offset the total of new loans. The steady whittling away at rates of interest in the New York money market and the reduction in the redis- count rates, with other Federal reserve districts likely to follow the cut of the ton bank late Wednesday to 3lg per cent, are again stimulating the de- mand for high-grade bonds and pre- ferred stocks. A new factor in !h& 1s the inquiry developing among local and out-of-town institutions, which are buying bonds and notes on a larger scale than at any time since the early part of 1928. They are, to some ex- tent, compelled to do this, as with call rates at 3 per cent and rates on time deposits around the same figure the only profitable outlet for their sur- m:xs funds is in American corporation ues or those of foreign governments 865 at close of 1929. Colonial Air Transport carried 1460 passengers on New York-Boston service in April, against 1,218 in March. Consolidated Retail Stores April sales up 30.6 per cent; four months' sales 16.6 per cent above year ago. Copeland Products April shipments 42 per cent above year ago; March quarter shipments up 40 per cent. Darby Petroleum earned $1.13 on &laglnramon stock in 1929, against $1.99 in Darby Petroleum to reduce author- ized capital stock to 750,000 no-par shares from 1,250,000 and issue one new share for each two outstanding. Equitable Office Building earned $2.70 on common stock in fiscal year to a!'\ep\'fl 30, against $2.25 in previous fiscal ar. Exchange Buffet April sales up 0.3 per cent; 12 months’ sales 10.1 per cent above year ago. Adolf Gobel, Inc., earned 23 cents on mmnn stock in 16 weeks to April 19, . » Grigsby-Grunow announce prices of Majestic radio sets will be slightly in- creased after June 1. Indiana Pipe Line April deliveries 2,780,586 barrels, against 2,317,284 year ago; four months 11,535,643, against 9,112,174, Nash Motor has increased dealer or- ganizations by 109 since March 1. National Biscuit reported to be of- fering 140,000 shares for outstanding stack of Pacific Coast Biscuit on basis of 7-12 share National Biscuit for each share of Pacific common and 11-16 shares for each preferred share. National Grocer April sales (includ- ing new stores) up 63.8 per cent over year ago. . Daniel Reeves, Inc., sales in five weeks to May 3 up 5.8 per cent; four months’ sales 4 per cent above year ago. Rio Grande Oil earned 95 cents on common stock in March quarter, against $1.02 in 1929 period. Scotten Dillon Co. earned $2.01 on tlxv)r’l;mon stock in 1929, against $2.59 in Southern Railway board has made ap- propriation for the full dividends sched- ‘1’;‘3?7 to be declared throughout the year Nathan Strauss, Inc., earned $1.76 on common stock in 1929, against $1.21 in six months to December 31, 1928. Texas Gulf Sulphur: Sulphur prod- uction in Texas in first quarter totaled 386,254 tons, against 397,527 in previous quarter. Thompson Products Cleveland plant operating at 80 per cent of capacity and Detroft plant at capacity. United-Carr Fastener declares quar- terly dividend of 15 cents on common stock, placing issue- on 60-cent annual basis, against $1.20 heretofore. United States Steel acquires Morris & Baley property of Oliver Iron & Steel. Vadsco Sales earned 58 cents on com- mon stock in 1929, Walgreen Co. to add four stores to chain, bringing total units to 420. CHICAGO LIVE STOCK MARKET CHICAGO, May 9 (#) (United States Department of Agriculture) —Hogs, 14,000 head, including 4.000 head direct; strong to 10 higher: top, 10.45; bulk, 160-300 pounds, 10.10a10.40; 120-150 pounds, 9.75a10.35. Butchers, medium to choice, 250-300 pounds, 9.75a10.30: 200-250 pounds, 9.90a10.45: 160-200 and foreign corporations, April Bond Tssues, Pigures just compiled of the April bond issues indicate that last month the aggregate was about $684,000,000, an increase of $43,000,000 over March and more than double the amount in April, 1920. Gain was in tax-exempt foreign and industrial issues, with heavy decreases in public utility and rallroad financing. As an indication of the effect of cheap money on promoting new underwritings, there appeared to- day a larger number of issues than at any time since the end of April. Some repression of new loans is evi- dent. due to the desire of the banking syndicate which will bring out the American portion of the $300,000,000 reparations loan within the next month. Tt is desirable that the mar- ket at the time this loan is offered be not only strong, but cleared up of over- hanging issues. No attempt has yet been made to create a definite inter- est in the loan through the usual method of marking up other loans to a basis comparable with that at which this loan is to be sold. As a matter of fact representatives of the different governments that will participate in the loan have not yet agreed as to the coupon rate and price. It is expected, however, that with the return to this country shortly of Thomas W. Lamont of J. P. Morgan & Co. there will be & meeting of the principal members of the American syndicate and a fairly definite idea will be arrived at in Wall Street as to the final terms. (Copyright, 1930.) GRAIN MARKET CHICAGO, May 9 (#).—Indications of iarge export business in North American wheat brought about an up- ward trend of wheat prices today to- ward the last, despite preceding set- backs. Accompanying the late rise 1 were estimates that Italy's wheat pro- duction this season would be 37,000,000 bushels less than harvested last year. There were also advices that dry weather is much needed in France. Wheat closed unsettled 14a7 cent higher than yesterday’s finish. ~Corn closed 13a'i cent down, oats, lsas cent off, and provisions unchanged to 10 cents decline. December OATS— May Jul Beptember December RYE. May . July Beprember 1] December . NEW YORK COTTON NEW YORK, May 9 (Special).— Partial rellef in drought sections east of the river with heavy rains in Missis- sippi caused an easier cotton market today. As there was no change in the old crop position selling pressure was not heavy enough to cause much de- cline and a late recovery left final prices only a few points lower on the ay. pounds, 10.00a10.45; 180-160 pounds, 9.75a10.45: packing sows, 8.85a9.60: pigs, medium to choice, 90-130 pounds, 9.00a10.25. Cattle, 1,000; calves, 1,000; very slow on most killing classes; local buyers not much interested and shipping demand narrow; lower grades predominating; best mixed yearlings, 13.50; most steers and yearlings, 10.50 down to 9.25. Slaughter classes, steers good and choice, 1,300-1,500 pounds, 12.25a14.75: 1,100-1,300 pounds, 14.50; 950-1,100 pounds, 11.50a14.00; common and medium, 850 pounds up, 8.00a12.00: fed yearlings, good and choice, 750-950 pounds, 11.00a14.00; heifers, good and choice, 850 pounds down, 9.75a12.2 common and medium, 7.50a8.75; cows, good and choice, 7.25a9.75; common and medium, a7.50; low cutter and cutter, 4.25a5.75; bulls, good and choice (beef), 7.35a9.0 cutter to medium, 6.50n7.35; vealers (milk-fed), good and choice, 9.50a12.00: medium, 8.00a9.50; zull and common, 5.00a8.00; stocker and feeder steers good and choice, all welghts, 10.00a11.50; common and medium, 8.00210.00. Sheep—Receipts, 15,000 head; very slow: Indications steady to weak; talk- ing, 9.75a10.10 on shorn lambs, 10.50a 11.00 on strong-weight woolskins; fat shorn ewes mostly 5.75 down: medium to good California Springers, 11.50 down; natives, 12.00 down. Lambs, and choice, 9 ds down, 9.35210.35; medium, 9.00a9.50; common, 8.00a9.00; medium to choice, 92-100 pounds, 8.50a 10.15. Ewes, medium to cholce, 150 pounds down. 4.25a6.00; cull and com- mon, 2.25a4.50. SILVER QUOTATIONS, N_K.IW YORK, May 9 (#).—Bar silver, o Spots were reduced 5 points to 16.55. Cotton range: High 55 Eolm oot B3R5I May uly Qctcber, Octover, December, December, Janvary, ‘old January, March Washington Produce Butter—One-pound prints, 41a42; tub, 3913a40'2. 26a27; current re- 2 Eggs—Hennery, ceipts, 23a24. ultry, alive—Turkeys, hens, 25: toms, 22a23; Spring _brotlers, 38a40: Winter chickens, 32a35; Leghorns, 33a 34; old hens, 25a26; capons, 32a35 ducks, 15816 keats, 60a65. Dressed— Turkeys, young, 37a38; old, 30a32; Spring broilers, 46a48: Winter chickens, 27a38; Leghorns, 36a37; fowls, 30; capons, ducks, 25a26; keats, 8090. Meats, fresh killed—Beef, 20a23; veal, 20a22; lamb, 22 rk loins, 25a28; fresh hams, 24a25; fresh shoulders, 22; smoked 5 smoked shoulders, 20a22; bacon, 26; lard, in packages, 13; in bulk, 12. 8a9%;; Spring 35a40; Live stock—Calves, lambs, 11212 TREASURY CERTIFICATES. 3. & W. Seltgmap & Co) 100733 Vs 00 4-3; 6