Evening Star Newspaper, May 10, 1930, Page 14

A—14 * FIN { ANCIAL SATURDAY. MAY 10, 1930 FINANCIAL OUTLOOK IN STEEL | 1S DECLARED G0OD Heads of Large Companies See End of Depression in U. S. Industries. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, May 10—The annual | “get together” of representatives of the | iron and steel industry in New York yesterday, under the auspices of the American Iron & Steel Institute, de- veloped a number of confident expres- sions regarding the outlook for business and a stabilization of prices. James A. Farrell, president of the United States Steel Corporation, ap- parently is not so keen on consolida- tions as some of his brothers in the industry. He paraphrased Shakespeare | in his statement yesterday, “To merge | or not to merge, that is the question.” His answer was that “the best thing We can do is to emerge.” He was not ot the same mind as those who think that “unless we merge, we will be sub- metged.” p ‘The industry is at present operating at about 75 per cent of capacity. With some corporations the ratio is higher and lower with others, depending upon the character of their output. The re- adjustments that have recently taken place in prices and led last week to a sharp cut in those of wire products are believed to have cleared the air, and as with the cut in copper metal this week from 13 cents to 12> cents, to have started buying by consumers who have been holding off in anticipation of a lower price schedule. Industry Meets Test. Charles M. Schwab, a perennial op- timist on the iron and steel industry, who is president of the American Iron & Steel Institute, said that the steel industry had met the test of the busi- ness recession and that the recovery in it since the first of the year had been a surprise to many of those in the trade. He thought that the second quar- ter of the year would be better than the first and that the ease in money would put new life into business gen- erally. Eugene G. Grace, president of the Bethlehem Steel Corporation, was somewhat more conservative than Mr. Schwab. He was quite positive, how- ever, that the low point in iron and steel prices had been reached. Since the middle of 1929 the market has been tending downward gradually. This week the composite figure for finished steel indicated quotations of $3.68 a net ton lower than a year ago. The president of the New Republic Steel Corporation, Thomas L. Girdler, was of the opinion that conditions were & lot better than they have been and, specifically, that automobile demand is opening up. Mr. Girdler "stated that prices have firmed a great deal in the past few days. His views on the situa- tion were supported by President Horace S. Wilkinson of the Crucible Steel Co., which is now operating at 80 per cent of capacity. Mr. Wilkinson's feeling was that conditions would improve later on when the trade will get some good business. A great deal of consideration was iven to the statement of Mr. Farrell, goth in the trade and in Wall Street, where this week's attack on United States Steel common, which drove it down to the lowest price of the year, ‘was supposed to reflect conditions in the steel industry. Mr. Farrell said there ‘was nothing wrong with this industry. A significant remark of his was to the effect that he did not believe the finan- cial situation and call money and their ‘relations had much to do with the busi- ness of his corporation. “The steel in- dustry has a good background,” he said. “A little check here and there always is helpful.” In Mr. Farrell's opinion business today is very good. Lending Call Money. ot as much interest as his comments on conditions in the iron and steel in- dustry were Mr. Farrell's rather un- usual remarks about corporations that a year ago were lending their surplus funds in the Wall Street call money maiket. “When we were here many people were telling each other how much money they had on call. Where is it today? It's not out on call now. The Steel Corporation does not lend money on call, because it. probably fears it will not get it back. The small manufac- turer could not get funds to finance him because lenders of money were giving their attention to those who wanted hundreds of millions.” Another large corporation that did not lend on cal rican Telephone & Tele- | subway owners, S o owners and thousands of taxicab own- graph Co. s?nce the last annual meeting of the in#itute there have been a number of important consolidations in the iron and steel industry, including the pur- chases of the United States Steel Cor- ration on the Pacific Coast, the com- ination effected in the Republic Steel Corporation and the Bethlehem el Consolidation with the Youngstown group. It was the belief of those at today's conference that these mergers had considerable to do with keeping prices more stable than would have been the case had there been a greater num- ber of units in competition with each other. (Copyright, 1930.) BILL BUYING DROPS AFTER RATE RECEDES Federal Reserve Report Indicates Holdings Have Been Reduced. By the Associated Press. NEW YORK, May 10.—The further sharp contraction in bill holdings of the Federal Reserve revealed in the weekly condition statements offers ample explanation for the reduction in the bill buying announced at the New York Bank Thursday. The bill portfolio, which ran off ‘sharply last week, was further reduced by $34,000,- 000 this week to a total of $175.203,- 008, or only about $18,000,000 larger than this time last year, when the Teserve was seeking through its var- jous activities, including the sale of bills, to tighten money rates. Evidence that foreign money is going into bills 4s provided by the moderate increase in the total of bills purchased on a con- tingent liability basis for foreign corre- spondents. Local money authorities are of the opinion that further cuts in rates on bankers’ acceptances are likely in the near future. Many leading dealers moved today to reduce rates on longer maturities by one-eighth of 1 per cent to a 2%-2% per cent basis. No im- mediate move was mmade, however, to cut rates on the shorter maturities that is up in 120 days, though the Federal Reserve buying rate on 60-day bills was cut one-quarter of 1 per cent yes- terday to a 2% per cent basis and one- eighth of 1 per cent on 90-day bills to a 2% per cent basis. This action, m-klng it possible for dealers to move their bills to the reserve at a profit, should tend to stimulate the develop- ment of such business paper and afford something of a stimulant to the re- covery. MARYLAND BONDS. BALTIMORE, May 10 (Special).— ‘The State of Maryland has called for sealed bids on $2,245,000 41, per cent TRAFFIG PROBLEM- Special Dispatch to The Star. portation in New York City is as con= gested today as it ever was. Strangers call it outrageous, but the average New Yorker regards the overcrowding as something that must be endured. unified plan, where the taxicabs, sur- 11 when rates were high |been unified, New York has several (Continued From Page *_Stock and Sales— Dividend Rate. Add 00. HI Pittsbgh Trml Coal.. 1 Pittston Compan 12 Poor & Co (B) (2)... 36 P Rican Am To (B).. Prairie Oil & Gas(2). % Prairfe Pive L (16).. Proc & Gamble (2) Pub Serv.N J (3.40). Pub Serv N J pf (6). Pub Serv N J pf (8).. Pullman Corp (4). 214 Punta Alegre Sugar. ~Prev. 1930.~ High Low. " B afidara xam Pure Ofl pf (8) Purity Bakeries Radio Corp. . Radio Corp (B) (5).. Radio-Keith-Orph A, 116 Raybestos Man 2.60. Real Silk (5). Rem Rand (1.60).... Rem-Rand 1st pf(7). Reo Motor Car (80¢). 4 Republic Steel...... Republic Steel pf (6) Reynolds Metls 2.40. Reynolds Spring. . . Reynolds Tob B (3). Richfield Ol (2), Rio Grande 01l (2 Rossla Insur (2.20).. Safeway (e5). . 4 St Joseph Lead (13). St L-San Fran (8) St L-San Fran pt St L Southwestern Seaboard Afr Line. ., Sears Roebck ($2%) % Seneca Copper. Servel. Inc. . Sharon Steel H (2) Shattuck(FG)(11%) Shell Unfon (1.40)... Shubert Theatres. Stmmons Co (3)..... Simms Petrm (1.60). Sinclair Con Ofl (2).. Skelly Ol (2),... Sloss-Sheffleld pf (7) Solvay Am pf(5%).. So Porto Rico Sug (2) 4 Southern Cal Ed (2). Southern Pacific (6).. Southern Rwy (8). Spang-Chalfant. . Sparks Withng¥u(1). Spear & Co pf (7).... 4 Spicer Mfg. Spiegel>Ma; Stand Bran Stand G& B (3%). Stand G & Epf (4).. Stand O of Cal (2%). Stand Of1 Exp pf(5).. Stand Oil of Kan (2). Stand Oil of N J (12). Stand Ol N ¥ (160). Stand Plate Glass. Stand Plate Glass pf. Starretr (LS) (12%) Sterling Sec (A).... Sterling Sec pf(1.20) Stewart-Warner ). Stone & Webster ¢4). Studebaker Corp (4. Submarine Boat. 4 Superior Ofl.... Symington (A). Telaut Corp (11.30)., Tenn Cop & Ch (1). Thatcher Mfg (1.60). Thermold Co (2). Third Nat Inv (2) Thomp (J R) (3.60).. ‘Thompson Prod(2.40) 40 Thomp-Star pf (3%) Received by gh. Low. Close 8 8 8 NEW YORK STOCK EXCHANGE Private Wire Direct to The Star ~Prey. 1930.— High Low. 1% 894 214 89% 12 24 13) st Tide Wa Tide Wa' 4 Timken Timken ‘Tobacco ‘Transcor Tri-Con: Tri-Cntl Twin Ci 22 g2 20% 29% 18% 20 4T 4Ty Utd Bus! Ttd Corp Utd Gas Utd Gas Utd Stor Jtd Stor Hoft Alcol S Pipe U S Pipe U S Real US Steel U S Steel 198%, 146 68 Vadasco vanadiu Waldorf Walgree Warner-! Welis ¥ Wess oil Western Western Western Western Westing! Westing] Westhse Westvacy White M Worth P Wrigley Ludlum 2% Rad-Ke! 14 1% . payments based on tl s Unit of trad!n able in cash or stock. b Pius 2 5% In stocl 41 33% 43 Dividend Rate. 4 Und-Ell- Unidn Bag & Paper. . Union Carbide (2.60) 102 Union Pacific (10). Utd Afreraft. Utd Aircraft p: Utd Biscuit (1.60). Utd Carbon (2).. United Corp pf (3).. Utd Electric Coal. ... Rubber . . Smelt Ref (3%). melt Ref pf 3% U S Tobacco (4) Univ Pipe & Rad. Util Pwr&Lt A (e Vick Chemical (2%). Va-Car Chem. Vulcan Det (4).. Ward Baking (B).... Ward Baking pf (7). Warner Bros Pl (4). Warren Bros (38). Wess O & Sn pf (4) West Penn Pw pf(6). West Penn Pw pf(7). White Sewing Mach., Wilcox Rich A (2%) Wilcox & Rich B (2). Willys-Overland. Willys-Over of (7). Woolworth (2.40) 4 Yellow Truck. Youngs Spring Zenlth Radlo. .. RIGHTS EXPIRE 1% Am Roll M..June 16 Am Tel & Tel.Aug 1 Warner-Quin.May 15 Zenith Rad he latest qut less than 100 share m stock_§ Payable in scrip. no regular rate. bPayable in stock. % in stock.. 1 Pl tock. { Office. Prev. Low. Close. Close, 14% ock and Bales— Add 00. High. 25 15% 861 ter As (60c) ter As pf (6) Det Ax(80c). Roller (3). Products A. ntl Ofl (30c) . tl Corp. Corp n ty Ra Tr(4). Fischer (5). 6 16 6 iness Pub. poration. ... 1357 & Imp(1.20) & Imp pf(5) es (A). es pf. ‘man (2). hol (17). &F (D). & F st ty (6). 1(7). 19 (7)., 1451 63 6 401 A% 103% 44n 7 6 Sales Corp m Stl (14).. 934 2814 Svstm(1%) n pt (6%)... Quinlan (1). & Snow (2). 3 60s 508 Dairy (B) 2 Md.. Pacifie 2 Union (8) 11 hse 4 B (2). 4 hse E&M (5) 143 E&M pf (5) 1008 o Chlor (2).. otors (2) ump. . (Wm) (4). Stl..May 1% th-O. May 19 .May 1¢ n Iy deciartions. | xtra. 1 Pus 4% n Pald st year-- d Payable when earned. e Pay~ T Plus 10% in stock. Plus v% in stock us 8% in «tock. k Plus 3% stock. B ®lus rtly i Plus stock. BAFFLES OFFICIALS New York Tries to Solve Question of Increasing Con- gestion Down Town. BY JOHN F. SINCLAIR. NEW YORK, May 10.—Local trans- Unlike Philadelphia, under the Mitten face, elevated and subway lines all have several surface car ers. ‘That is what makes the problem so extremely difficult. Should a taxicab, the real source of New York's congestion trouble, be made a common carrier and placed under public regulation? Any individual today who has the price to buy a taxi can secure a license and traverse the streets of the city seeking fares. Thousands are doing it. The average taxi driver makes from $3 to $6 a day, and the problem has be- come more acute in recent months, when unemployment, has increased. Many inexperienced drivers have taken to it o make a living. Officials of the city, however, recog- nize the increasing seriousness of the problem, and severgl committees are now at work hoping to arrive at a so- lution. But so far it has baffled them all. “Toward Civilization!” This is the name of the latest work of Charles A. Beard, one-time professor of politics at Columbia and co-author with his wife of that epoch-making work “The Rise of American Civilization.” Associated with him are a group of brilliant American writers, who tell rather intimately of the machine and modern business. ¥ “Every modern machine has a soul; is part of the soul of its inventor and of the men who developed it,” writes Prof. Michael Pupin of Columbia Uni- versity. “I do not regret that 54 years ago 1 deserted my beldved Siberian oxen and ran away to the land of ma- chines.” The white-haired, mellow, tolerant and keen Dr. Beard says: “These writers * * * are fully aware of the criticisms brought against machine civi- lization in the name of humanism, re ligion and ehthetics. * * * But one note runs through all the cmxflers *% ¢ the revolution wrought by science and ma- chinery is not completed, it has just started and its immense pessibilities are only beginning to be appreciated.” Among_the other writers are Rob- ert A. Milliken, Lee de Forest, E. A, Sperry and Thomas G. Campbell. But read the book for yourself. The agitation against the chain store apparently has had no adverse effect on_the sales volume. ‘The sales of the 20 leading systems for April totaled $109,299,000, an in- crease of $13,513,000 over April of last year, according to figures compiled by George H. Burr & Co. For the first four months of this year the record of these systems is 4.3 per cent over the corresponding period of a year ago. Merrill Lynch & Co., chain store bankers, compiled the totals of 29 chain store ‘companies showing sales for April of $247,329,000, as compared with $224,- 940,000 for April of last year, an in- crease of 9.95 per cent April over last. ‘When the first months of 1930 are included, the of these same companies aggregate $911,000,000, as against $872,000,000 for the same period four tot bonds to be opened on June 3. The bonds will consist of $750,000 bridge, a like amount of road and $750,000 of 1 road construction. The last financing by the State was on February 13, 1930, when an issue of $787.000 4,8 was awarded at 103.44, equivalent to a 4.06 per cent basis. a year ago. ‘The figures of the leading chain stores are included in these totals. Expansion programs continue with the chain stores. John A. Hartford, president of the A. & P. Tea Co., has ber in Northern California to be added will be very large, too. Henry L. Dohert has been awar the Walton Clark medal for 1930 “in consideration of his outstanding and valuable work in the development of the manufactured gas industry.” Few business men have exerted such profound influence in such a wide field of business as this public utility leader, who at 23, turned his great genius to improvements in the manufacture and development of natural gas. ‘Thirty-seven years have passed since that time. Patients—150 of them-— have been granted to him dealing with various improvements in both the gas and electrical field. Only in the last six months has Mr. Dohert returned to work, after an ill- ness lasting more than three years. Most of his time now is given over to the de- velopment of the “Dohert unit” plan, which provides for the restricted drilling of oil and gas wells under Government supervision. “A crazy idea,” said one of America’s well known oil men to this writer when the Doherty plan was first suggested. But it is no longer considered crazy. ‘The Dohert idéa of restricting produ tion is now a major policy in ofl con- servation, But the industry is still a long way from incorporating the “Doherty plan” as an every-day workable plan in the oil fields. ed How much does It cost the average family to raise & child to 18 years of age? The Metropolitan Life Insurance Co., one of the worlds largest corporations made a study of the question and re- ported that where the average family income was $2,500 a year it cost the parents $7,238 o rear a child from birth to_the age of 18. It found further that of this amount spent $534 went for health. Think of $6,000,000,000 a year being saved if Americans would apply the knowledge about preventive medicine for public health now available! A statement recently given in child health and protection! course, earnings drop when one's health is impaired. When accidents or disease come, and the head of the household is unable to work, it really means “that a certain amount of the capital assets of the community, for the time being, has become a liability. The importance of a public health program in every community cannot be minimized. (Copyright, 1930, by North American News- paper Alliance.) BALTIMORE & OHIO FREIGHT TRAFFIC DROPS Spectal Dispatch to The Star. BALTIMORE, May 10.—After one or two weeks of mild improvement, freight traffic on the Baltimore & Ohio relapsed into a decline. The week ended April 19 brought loadings originating on the lines of 38796, compared with 40,870 for the similar period of 1929. Loadings Treceived from connections amounted to 21,003, against 24,886. The total of the two classes was $59,799 loads, compared with 65,766, a decrease of 5,967. The reductions applied to all items except grain and grain products, but miscel- laneous loadings reflected the approach of Easter by running close to last year, totaling 18,419, against 18,810. A decrease in April gross earnings probably was indicated by loadings for the three weeks ended April 19 of 180,,~ 174, compared with 193,027 for the cor- responding 1929 period. BUILDING OPERATIONS. By the Associated Press. Building has assumed a sharp upturn in the immediate past, reports filed with the Census Bureau indicate. The daily averages of new contracts for construc- tion let in territory east of the Rocky }wnunwlm for comparable periods fol- low: Week ended May 3, $21,041,000. Preceding week, $19,540.000. Same week last year, §19,730,000. RADIO INDUSTRY. NEW YORK, May 10 (Special).—The radio industry is one of those that has the supplies of its products, which Tep- resented an excess of nearly $150,000,000 at the end of last year. This has per- mitted some of the manufacturers to advance their prices. The industry is in a stronger condition than for several been stabilized through assimilation of | ha: Butter—One-pound prints, tub, 39'2a40%;. ceipts, 23a24. Poultry, alive—Turkeys, hens, 25; toms, 22a23; Spring broilers, 38a40; | Winter chickens, 32a35; Leghorns, 33a 34; old hens, 25a26; capons, 32a35; ducks, 15a16; keats, 60a65. Dressed— Turkeys, young, 37a38; old, 30a32; Spring broilers, 46a48; Winter chickens, 27a38; Leghorns, -36a37; fowls, 30; capons, 35a40; ducks, 25a26; keats, 80a90. Meats, fresh killed—Beef, 20a23; veal, 20a22; lamb, 22; k loins, 25a28; fresh hams, 24a25; fresh shoulders, 22; smoked hams, 26; smoked shoulders, 20a22; bacon, 26; lard, in packages, 13; in bulk, 12. Live stock—Calves, 8a9'%; lambs, 11a12. GAIN IN ELECTRICITY OUTPUT REPORTED Spring Year and 14 Per Cent Above 1928. An analysis of the figures for the pro- duction of electricity issued by the United States Geological Survey, and grouped according to the various eco- nomic and_electrically interconnected regions, indicates that the changes in demand during the first three months of this year reflect very irregular con- ditions in industry and trade, according to a statement by the Statistical Re- search Department of the National Electric Light Association. These figures for 1930 show a total increase in output during the first quar- ter, by all agencies which contribute to the public supply (plus imports from Canada), of 3 per cent over the same period of 1929, and an increase of 14 per cent over 1928. While the rate of growth over 1929 is lower than might have been expected from the normal growth of the industry, it also reflects the present contrast with the greatly stimulated business activity of last year. CITIZENS IN COMPLAINT AGAINST TELEPHONE CO. Special Dispatch to The Star. BALTIMORE, May 10.—Declaring that the Chesapeake & Potomac Tele- phone Co., had taken over part of equip- ment, that belonged to the patrons and was now collecting revenue from it, a number of residents of Cedar Grove, Montgomery County, have appealed to the public service commission. The complaint, which was signed by H. H. Nicoll, as’ chairman, follows, in part; “We, the citizens of Cedar Grove, Montgomery County, respectivefully re- quest an audience with your commis- sion, that we may lay before you, the bad conditions of our telephone ‘service and the very unbusiness-like methods of the Chesapeake & Potomac Telephone Co. “The Chesapeake & Potomac Tele- phone Co. has taken over and appro- priated for their own use a part of our equipment_ without any right given to them by the owners of said equipment and are now collecting revenue on the same, yet refuse to give subscribers on | the balance of the line, any service whatever. “They have, through their extension department, made repeated promises, only to break and ignore them later. GENERAL MOTORS STATEMENT NEW YORK, May 10 (Special).—The reception of the General Motors quar- Street looks to the balance sheet of the corporation quite as much as to current earnings to determine the probable divi- dend policy. The regular quarterly rate s just been declared. The extra is payable in July and January. If the corporation could earn a balance over its regular dividend in the March quar- ter it certainly can do so in the three months to June 30. And with about $10,000,000 earned over the common in years as a result of a cleaning out of muns for adding more than 100 stores *in Southern California, while the num- cutting the firét quarter it only requires an ad- its to cover the 30 cents many weak elemen(s during the price- ditional $3,000,000 from second quarter ployed in the 49,000 factories in A: cre, extra, tina, | Special Dispatch to The Star. NEW YORK, May 10.—An adjust-| Auscralia 66 Australia 53°57. | points. | 5%5s edvanced fractionally. ¢ | support. [ 41242; | I Eggs—Hennery, 26a27; current re- Demand Slightly Ahead of Last|i] terly statement indicated that Wall|Sales FOREIGN BOND LT | [~ =% vox BONDS o] REGISTERS GAINS Convertibles Improve Sympathy With Upward Trend in Stocks. in BY F. H. RICHARDSON, ment in the price of a number of the outstanding Japanese issues to the new government 51; per cent loan was the feature in today’s small bond market. The Japanese government 615s, which have been standing firmly around 104 for several weeks, broke about 115 Some investors prefer a dis- count_bond to a premium bond, even though the latter gives a higher vield. City of Tokio 5%2s dropped to a parity with a new government 5is. Tok Electric 6s were off fractionally, in- fluenced by the report from Tokio that the company is expected to re- duce the dividend on its stock. The government_4s, which are to be re- tired out of proceeds of the new Other features in the foreign group were a rise of a point in Brazilian 8s and _some heaviness in Bolivian is-{ sues. German and French descriptions held steady. ‘The domestic list improved slightly where there was a_direct relation be- tween them and the present low in- terest rates. This included the legal rails, governments and municipals. Secondary issues showed little move- ment from Friday's closing level. The _convertibles acted better in sympathy with a stronger stock mar- ket. Features in this list were Phila- delphia & Reading 6s, American Tele- phone & Telegraph 4!2s and Baltimore & Ohio 4! Markets at a Glance NEW YORK, May 10 (/).—Stocks strong; prominent industrials rise 3 to 7. Bonds firms; convertibles rally with stocks. Curb strong; Electric Bond & Share gains 4 points. Foreign exchanges easy; Spanish peseta rallies. Cot- ton steady; unfavorable weather fore- cast. Sugar steady; commission house Coffee steady; trade buying. Washington Stock Exchange SALES. Anacostia & Potomac R. R. 55—$1,000 at 83. Capital Traction 55—$500 at 9315. Capital Traction Co.—10 at 75, 10 at 75. Norfolk & Wash. Steamboat, rts. w.i— 175 av 17, 100 at 17, 25 at 17, 200 at 17, 100 at 17, 10 at 17, 130 at 17, Potomac Electric 6% pfd.—3 at 11215, Columbia Sand & Gravel pfd—10 at 95, 10 at 95, 10 at 95, 5 at 95. Lanston Monotype—11 at 124, AFTER CALL. Capital Traction Co.—5 at 75, 5 at 5. Federal-American Co. pfd.—4 at 100. Lanston Monotype—1 at 124. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. & Telga. 41:s 65 1! . Alex & Mt. . Balto, & Annap. Washington Gas 5s.. Wash. Gas 6, 53 Ver.' cti. 5s. ) lec. 45 MISCELLANEOUS, Barber & Ross, T Cham.-Vanbit. ‘Hotel 6'2 Chevy Chase Club 5%:s. C. Paper Mfz. 6s. . Cold age STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9). Capital Traction Co. Wash. Gas Lt. Co. (18). N. & W, Steamboat (12) N, & W. Steamboat Tis 'w Pot. Elec. Power 6 pfd.. Fot. Elec. Power 5!2% pi Rwy. & Elec. com (7} . Ryy, & Elec. pfd. (5. & Annap. com. alto. & Annap. pfd... NATIONAL BANK. Capital (14). Columbia (12 o Commercial (stamped) (10} District AT Federal-American (10} €5) E ¢ d (9¢) Washington (13" TRUST COMPANY. ec, & Trust Co. (19).. (8§ Loan & Trust (14). SAVINGS BANK. Bank of Bethesda (65).. Commerce & Savings (10) East Washington (12) Potomac _(10) i Security Seventh 2) United States (30)." Washington Mechani FIRE INSURANCE. Wash. American Corcoran (10} Firemen's (8).. National Union’ (i8). TITLE INSURANCE. Columbia_ (6h) ... Real Estate (6h).."" Title & Inv. Co. Md. com MISCELLANEOUS. Barber & Ross, Inc, Chevy Ch. Dairy ptd Col. Sand’ & Grav. D. C Paper Mfg_pfd Dist. Natl. Sec. pf Emer. i, SAYIG Federal Storage pfd (8) Fed.-Amer. Co. com. «1.30f Fed.-Amer. Co. pfd.” (6). Lanston_Monotype (8). ... Merch. Trans. & Stge. com. . Tr. & Stor. pfd. wenthaler Linotype (7n) Natl. Mtge. & Inv. pfd.. Peoples Drug Stores pfd Real Est’ M. & G. pfd. ( Security’ Storag Ter. (i0) (7). (847 L 8. rage ol < Wh. Corp. ‘(3. The_Catpel Corp (1 50) W. Mech, Mige. com. (8 Wash. Med. Blds. Corp Wdwd. ‘& Lothrop pid" i *Ex dividend. B Books closéd. 125 extra T30 extra £ & el % extia. Unlisted >Department. BONDS. Army-Navy Club Cosmos Club_ 44 Commercial Club 1 o Crub i8S Metropo 3 4% Anacostia Bank.. Chapin - Backs., n Chr. Heurich Br'y.. District Title Insurar Franklin_Natfonal Ba Munsey Tiust Co. Washington Washington Base Bail Woodricge-Langdon Sav. BALTIMORE STOCK MA_RKET. BALTIMORE, May 10.— & Decker com ral Pire Insurance Gy & P Telephone, Balto, pid. 75 Consolidated Gas com. .. 20 Emerson Bromo Seltzer A 10 Fidelity & Guar Fire Co 55 Maryland Casualty Co Amsterdam Gas Co Fidelity & Guaranty ', 1000 United Ry & Elec Income 4 More than 400,000 persons are em- 'l rgen- V. Lib 1st 4%s. . US4%s52.. Argentine 5%s62. Argentine 6s Ju '59. Argentine 6s B. Argentine, Ma: Argentine 6s O¢ Argentine 6s A | Australia 432 Bank of Chile 6% Belgtum 6s. ... Belgium 6%s. Belgium 7s Belgium 8s Bolivar 7s '58. Bolivia 7= ctfs ‘69 Chile 7s*43... Colombia 65.7an 61 Con Pwr Japan 7s. . Cuba 5%s Czecho 8s Denmark 41 2 Denmark 5%s *55. . Denmark 6s. Dutch Filat 7s ex war *46. . Finland 6%s. ..., Finland s f 63 *45. Finland 7s. French s Jugoslavia Bank 78 11 Karstadt 63 '43. ... Kreuger&Toll bs ct. 17 Marseflle 6. Milan 6%s. New So Wales 57.. New So Wales 58... Norway 5s°63. Norway 514s Norway 6s '44. Orient dev 51 58. . Orlent Dev 6s'53 Paris Orleans 6%s Paris-Ly-Med 7s Prague 71 Queensland 6 Queenland 7s Rhine Wst EP 6s'52 Rhine West6s '63. . Rhine Wst EP 75’50 Rio de Janeiro 63%.. Rio Gr Du Sul 8s... Rome 63s... R'y’l Dutch 4% sww Sao Paulo 8s°36. Sao Paulo '50 Swiss 514846, Swiss Confed Toho El Pwr 7s... Toho El Pwr 6332, 2 Tokio 5345 '61 Utd Kingm 5% 1 Utd SS Copen 6s'37, Uruguay 6: Warsaw 7s Yokohama 6s. Abitibl P&P 6s'53.. Alleghany Cp 63 '44 13 Alleghany 58 °49... Allis Chalm 683 ! Am Int Cor 5% Am Nat Gas 6% w4z 12 Am Smit& R 1stbs 15 Am Sugar Ref 6s. .. AmT&T cv414s'39 232 Armour&Co 4% Armour, Del,5%s. Bell Tel, Pa, bs (B) Bell Tel Pa 58 (C).. Brklyn Edison s Certn-Td 5%s rets. Chile Copper bs. Col G&EL bs,May'62 Com Invest 535 49 Con Coal. Md, b ConGasN Y 5%4s. . Consumers Pwr 5s. Cuban Am Sugar 8s Det Edison 6s. Dodge 63 Duquesn Gen Cable b Gen Mot Ac Cor 6 Gen Pub Sve 6% Gen St Cast 634 5'49 Goodrich 6%, Goodyer 5s rets, Hoe & Co 618 Humble O & R Humble O & R 6%s. Inland Steel 4% 78, Intl Cement Intl Match 5847, Intl Tel & Tel 4343, Intl T&T 4%ScV. .. Intl Tel&Tel 68 '65. Lackawanna Stl 5s. Laclede 5%s°53. ... Laclede 5125 D'60. . Lautaro Nitrate 6s, Ligi Loew’ Loew Larillard 6%s Lou Gas&EI 58'52.. Manatl Sugar 7%s. McC'rmek KR 65'34 Montana Pwr ‘43. .. Nat Datry 6% N'Y Edison 63%s. North Am Ed No Am Ed 5%s Nor States Pwr Nor States Pwr 6 Pacific Gas & K1 5s. PacT & T 1st 63... Pac T & T 55 '52 Paramount 68 '47 Pathe IZxchange 73, Phila Co 58'67....0 Phila & Read 6s'49. 2 Phillips Pet 6% 7 Postal Tel & C5%s Pressed Stl Car bs. Pub Sve Gas 4% Pub Svo G 4%5 '67.. Punta Alegre 78 Richfield Oil 63 "44. Southwest Bell 55.. Stand O11, NJ *46. .. Stand Oil, N Y.4%s. ‘Tenn Cop 6s B Received by Privat UNITED STATES. (Bales are In $1.000.) Sales. High. Low. Close. 4 10116 10116 101 16 20 1022 1022 1022 1013 1013 1013 11011 1011 1011 12 112 11128 111 2 FOREIGN. Sales. High. 2 92% 3 98y 1 98 . 2 98 ct'59 13 98% 1 98% 9 82 17 91 10 90% 3 95w 2 954 1 102% 41074 15 1125 3 1084 8 115 2 110% 7 8% 10 78 6 9714 Low. Close. 92 92% '56. . Bank of Chile 6155, 95% 102% 102% 107% 107% 112% 112% 108% 1084 115 115 110% 110% 80 ROW 7% T 97 7 Belgium 7s Belzium 71s. BoMvia 8s. Bordeaux 6s. . Brazil 61,526, , Brazil 6148 '27 Bra»il 7s.. Brazil ks.+ Bremen State Ts Canada fis Canada 5s ‘52 31. 100% 100% 104% 104% a1 91y al 91 101 101% 77 7 998, 99% 4 100 100% 5 110% 110% 921 921 100% 100 105 105% 101% 101% 93% 98 90% 97 97 100% 100% 117T% 117% 122% 122% French 7%s. German Ban 3. German EI P 6%4s. . German 7s., Greek 6563, Irish Free State 5a. Italy 7s..... itallan Pub Sve 7s, Japanese 4s 9TH% 9T% 102 102% 8314 83w T8N T9% 98% 98% 103% 103% 9%, 923 100% 100% 87% 8Tle 87% 871 104% 104% 981 99 100% 100% 103 103 103% 103% 89k 89) 9Tl 974 103% 10314 104% 1043 Japanese 6% 6 Montevideo 7 Nord 63%s 108% 106% 101 106 92 BB I 91 91 101% 101% 78 78 95 2% 95 93 891 101 97 89 101 e e 103% 103% 1045 "104% 1075 10 100t 100% 994 995 90 80 104% 1040 100% 100% s 98% e 1% TT% 95% 95w 95% MISCELLANEOUS. 10 6% 86% 86% 1014 101 101% 100% 100% 1007 101% 101% 101% 99% 99% 9974 9l 91 91k 101% 101% 1011 108% 103 1031 16%6 16436 16614 104% 104 104% 3104% 104% 104% 104%, 104% 107t 107% 1014 101% 89 89% B3% B 104% 104% 1074 1074 1031w 1034 105 105 50 50 95% 96 101% 101% 9315 N oA 7 5 Y0y 105 100! 984 52. 10 x 1 49 7 eth Steel rf 5s - P T T » oo 7 103% 103% 993 99%, 1067% 106% 95% 954 99% 995 101 101 103 108 995 9u% 104 104 105% 105% 94 94 Vi 101% 101% 102 102 94% 948 105% 105% 101% 101% 100% 1004, 100 100% 92 15847 1. Bell Tel 6. 43 ntl Mer Mar 6s. Kan City I & Lt bs. Kan G & B 63 b2. 104% 1045 105% 105% 1011 Lige&Myers b8 '51. ett & Myers 7s Inc, 68..... Lor{llard (P) . 109% 109% 102% 103 60 60 102 102 105% 103% 99% 9915 261 274 113% 114 04% 94 4 100 100% 106% 106% 1104 1104 10254 1023 103% 103 1013 1014 106" 106 at Radiator 6 100% 100% Wire Direct to The Star Office Sales. High. USRubistrfbs.., 3 8b% U S Rubber 7%s. 100% Utah Pwr&Lt 5 ‘Walworth 6845 Walworth 635 Westn Union 68’51 Westn Union 6%s. . Wickw Spen 1st.... ‘Wilson & Co 1st 6. Win RepeatAr 73%s 3 Youngstn S &T 5s.. 26 RAILROAD. Atchison adj 4s 2 Atchison gen 4s. Atchdeb 416543 .. Atl & Dan 1st 45743, Atl Coast L 1st B & O gold 4s. Low. Close. 854 854 100% 100% 100% 100% 91 o1 * 103 103 103% 103% 109% 109 34 - 34 101 101 103 103 102% 102% 9% 9414 33 91% 94% 104 104% 109 93% Brdway&7th Av 6s. Ekiyn Elev 63s. .. Eklyn Manhat 6s. .. Buft R & Pitts 4%s. Bush Term con 5s. . Can Nat 4% '57. Can Nat4%s ‘68... Can Nat 6s, July’69. Can Nat 5s. Oct 69, Can Pac deb 4s. Can Nor 4%s '35, Can Not 6353, Can Pacific ctfs Car Clin & O 6s'52. Cent of Ga 5%s. ... Central Pacific 4s. . Ches&Ohio Corp bs. Ches& O 4%5'93 A Ches & O 4148 B'95. Cent Pac 1st 55 '90. e —UBOHOANBNDRD Koh S Chi & E 111 gn 63 51, Chi Gr West 48 °'69. 28 ChiMiIStP&P 68'75. 16 CMSP&Pac adj5s03 14 Chi NW 4382037, . Chi & NW con 4%s. Chi & Nw 63s. ChiR1&PIf 4s. ChiRI&P 43%s 9 1 2 1 5 Cuba Nor 5%s reta. Del & Hud 1st rf 4s. 12 Den& RioGends.. 4 Erie bs, 1975, Fla East C6s'74... Fonda J&G 48 '52 Gr Trunk st deb 6s. Grt Nor 4148 (E)... Gt Northern 5%s. . Great Nor gen 7 Hud & Man adj 5s.. Hud & Man ref 5s.. 1 11 Cent ref 4s IiCent4%s 11! Cent ref 55 5 Iut Rapid Trans 5s. 14 Int Rapid Trans 6s. 4 Int Rapid Trans 7s. Int & Gt Nor ad] 6s. Int Rys CA 6%sre.. Kan City Ft S 4 Kan City Sou 5s. Kan City Term 4s Lake Shore 4s°31. . LehV gen 4%s 2003 Long 1sl deb 5s. . L & N uni 4s, ManRy 1st 4590 Market St 7s *40 Minn & StLref 4s.. & M StP&SSM con 4s. 10 s .10 1 7 MK & Texadi5s. . M K&T prin 55(A) Mo Pacific gen 4s. . Mo Pacific 55 A '65. Mo Pacbs F 11, Mo Pac 53 G '78. Mo Pac 51849 cv.. Nat Ry Mex 4% N Y NH&H 48'57. NY NH&H 4% NY NH&H cv db 6 N Y NH&H clt 6s. . N Y Railway 6s. . N Y Ry 65 (A) 65 NYW&B4Ys. T Pacific 3s 2027. Nor Paoific ret 6s. . Penna 4148 1970.... 48 Penna con 4 3s. 3 Penna gen 433 Penna 4% s '63 Penna gen bs Penna 55 '64.. Penna 6%s. ...... Penna O&Det 4148, Peoria E 1st 4s. Pere M 4151980, .. Pere Marg 1st 53 Port E1 P L 6s. Port RL & P 5530, Port RL & P 5542 RIArk& L 4%s, StL IM&S R&G 48 StL & SF pl4s A. SIL&SF 4%s 8. S&LE&SF gen 5331 St LS Wcon 4s'32 StL S W 6s"62.. StP & KC ShL 4%s. Seaboard AL cn 6s.. SBAIlFla 6335 A. Sou Pac 4145'69 ww Scu Rwy gen 4 Sou Rwy 63 '56. Sou Rwy 6% Tex & Pac 65 C'79. Third Ave adj 5s Tol Tr L&P 5%’ Unlon Pac 1st 45 Un Pac 1st ret Union Pac 4%s. Va Ry & Pwr bs. Wabash 4% s'78 rct. Wabash 1st b Wabash 58 *76 \Western Md 4: West Md 6148 ‘77 West Pacific 5s 10415 10014 49t 100% 98% 9T 124% 9915 9814 983 UNFILLED STEEL ORDERS. NEW YORK, May 10 (#)— tonnage orders of the United States 98 Steel Corporation on April 31 showed ! Det e 1 a decrease of 216,433 tons from the total of March 31. 5 MTm“ REPORTED. Railroad Sharés Corporation reports net gain from July 3, 1929, to May 3, | 1930, of $356,541 after Federal taxes | and expenses. For the three-month period from February 8 to May 3, 1930, after deducting the March 15 dividend and taxes net gain was $120,097. DIVIDENDS DECLARED NEW YORK, May 10 (P).— Regular. Pe- Pav- Hldrs. of Company. Rate. riod. able. Atiantic Bec. OF. ~ 78¢ Q June Best & Co. ... o Commu W 8 1'pt $1.75 Goodrich, BF. Co. ¢ Ranruel Birm B A Oshkosh Ovr. pf. 50c SuTk s S0c 102% 1025 | & 103% 103% 100 100% 98 98 964 96% 103% 103% 4 104% 104% 108% 103% 9% 9% Tenn El Pwr 65°47. Tex Corpev 5s°44. . United Drug 58 '53. 10 105 96%. 6% . 96% | ®nox nats 24% ’ 25e 5 pf.$1.62'3 'hoen. Ho: pf. $L76 Pratt & Lamber. $1.00 Motor Wheel . The Met. Tex. par. pf. 81¥%¢ Reduced. 19 1 Q Omitted. Pat. M. & E. con 4 sh. Due at this time. Dofer.ad, ° N. X Pot. Rovalties, 25 Q. due. Apeibd DOOOPp: LPOOOO! o e May 20 | June 15 May 13 June 13 Ma May 15 Unfilled | 51k A |5 U. 5. CORPORATIONS ARE ON FIRM BASIS Reports Show Many Have Large Cash Resources for Investment. BY J. C. ROYLE. Corporations of America again have spare cash for investment. This has been shown in the current week during the slump in stock market prices. Federal Reserve Board members have noted this trend, which is a direct re- versal of the move when the stock market drop first developed last October, Then brokers' loans were shoved over on the Reserve Banks. That is, the brok- ers, instead of paying what they owed the banks and taking the securities, turned over the securities to the banks ard let the latter carry them. Now the brokers, instead of relinquishing the securities, are financing their loans from non-banking lenders Fear Speculative Flare-Up, The only thing the Government fin- anciers are worried about is that the volume of money available for call loans will rise to a point where another period of speculative frenzy will ensue. They feel now, however, that industry is pretty well stabilized, with brighter prospects ahead. They also feel that if the speculators would just let the pub- lic have a chance to pay for the stocks it has bought, the whole situation might be ironed out quickly. At the moment, the additional calls for margins have disrupted that program. The basic industries, gaining_a more stable footing each week. Steel is not at its high point. Neither is it at the low, and fluctua- | tions such as usually come during the Summer are expected to be smaller than usual. Prices have receded for some products, but this has stimulated the placing of orders. The automobile industry is holding production well within “the limits of demand and has gotten rid of many of its minor afl- ments. The fact must not be overlooked, however, that motor car output is about 6624 per cent of what it was a year ago and that markets for raw materials used by auto manufacturers have narrowed correspondingly. Building construction is picking up, but it is not as yet producing the vol- ume of employment hoped for. Master craftsmen in many of the building trades are willing to work as helpers, rdtl helpers’ wages, rather than stand e, The move to the harvest fields is on, ‘The sheep shearers are working gradu. | ally northward and farm employment is growing steadily. Prices are not high for many farm products, but the care- ful farmer finds compensation in the fact that the articles he is forced ‘to buy also are selling at lower prices than a year ago. Retail Trade Normal. Retail trade is mormal and whole- sale movements are up to expectations. The garment industry has reflected the demand for Summer clothing and for sport clothing, and textile mills and shoe factories have shown an improved condition in consequence, although their position still leaves much to be desired. Oil production has risen again and gasoline prices are reflecting the severe competition that exists in retail mar- kets. The long range view of the pe- troleum industry, however, is very bright. Action of Congress on the sugar tariff schedules has brought little comfort to that harassed industry, in which domestic and foreign pro- ducers and refiners are staging a battle royal. however, are (Copyright, 1930.) Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, May 10.—Pota- toes, white, 100 pounds, 2.2583.00; new, bushel, 1.25a2.25; sweet potatoes, ba rel, 2.50a5.00; yams, barrel, 3.50a4.00; asparagus, dozen, 50a55; beets, craf 2.003.00; beans, hampers, 1.2523.0 cabbage, hamper, 75a1.50; _carrots, bushel, 1.00a1.25; caulifiower, crate, 2.00 2250; celery, crate, 3.00a4.50; kale, bushel, 25a50; lettuce, hamper, 1.50a 250; lima beans, bushel, 7.00a8.00; onions, 100 pounds, 50a1.00: green, 100, 1.00a1.25; radishes, 100, 1.00a2.00; spin- ach, bushel, 25a50; squash, bushel, 1.50 a2.50; tomatoes, crate, 1.5025.50; apples, bushel, 1.25a3,50; grapefruit, box, 3.258 6.25; oranges, box, 3.7589.50; pineapples, crate, 250a3.00; strawberries, quart, 10 a25. Dairy Market. Poultry, alive—Chickens, Springers, pound, 30a40; Leghorns, 25a32; old old hens, 23a24; Leg- ducks, 24a25; guinea , 50a75; pigeons, pair, 3035, ggs—Receipts, 3,121 cases; nearby firsts, 2215; hennery, white, firsts, 23'%; Southern firsts, 22. Butter—Good to fancy creamery, pound, 35a38: ladles, 30a31; rolls, 258 28; process, 30a31; store-packed, 20. BANK CLEARINGS. Heavy scttlements through the banks at New York City have raised bank clearings this week to a larger amount than for the first week of May in either of the two preceding years and there is an increase for the first time since late in November. The total this week at leading cities in the United States, as reported to Dun's Review, of $12,254, 323,000 is 5.3 per cent larger than last year. At New York City, clearings of $8,708,000,000 show a gain this week of 8.6 per cent, with the aggregate for the principal centers outside of New York {of $3,546,323,000 is only 2.0 per cent below that of a year ago. The spurt of activity in the New York Stock Market during the current week is reflected to some extent in the larger volume of bank settlements. At a number of citles outside of New York there was also a gain, among them Boston, Pittsburgh, Chicago, Minneapolis, Richmond, New Orleans and San PFraneisco. Clearings for the week, as reported to R. G. Dun & Co. 'and average daily bank clearings for the year to date, are compared herewith. Week May 8. 1930, $522,000.000 000 784,000 61 3.658.000 3,662 SRRt Dallas . San Franc Los Aneele Portland Seattle Total isc s eonenB 190 i 5 0 S Sashsen N Total all BANK STOCK POPULAR PARIS, May 10 (#).—Stock in the newly created Bank for International Settlements is so popular here that the French allotmient of 16,000 shares was unofficially stated to have been over- subscribed 30 times before the subscrip- tions opened. These shares, of $100 par, must be one-fourth paid in, but the Bank of France required that all sub- scriptions must be accompanied by t! 7 | full amount of cash DIVIDENDS DECLARED. Directors of National Family Stores, Inc., . declared the regular quarterly dividend of 50 cents on the preferred stock and 40 cents on the common, both payable June 1. to stock holders of