Evening Star Newspaper, May 12, 1930, Page 14

e sk ok A—14 EROUP INSURANCE | PLAN GAINS FAVOR Survey Shows Workers Are Co-operating—Industries Benefit by Idea. Bpecial Dispatch to The Star. PHILADELPHIA, May 12.—Aided by business and industrial executives, the industrial research department of the ‘Wharton School of Finance and Com- merce, University of Pennsylvania, has completed an investigation of ‘“group incentives,” under which the bonus or premium paid to a group of workers is made contingent upon their combined output rather than upon results of in- dividual effort. As a _management tool, group incen- tives are being used more and more widely, particularly in the automobile industry, and the study made for the industrial research department by Dr. C. C. Balderston, assistant professor of | industry in the Wharton school, covers the actual experiences of scores of large business and industrial plants em- ploying this system of payment. On the basis of statistical reports and other information provided by the firms contributing to the study, Dr. Balder- ston found that “the employers who | have substituted group payment for | day work have universally experienced & reduction in direct labor cost.” “Naturally, !he percentage of saving is not uniform,” he states, “but a very general statement of the results to be expeéted where the management is of average quality is a doubling of effici- ency. This is brought about partly by the increased attention of management during the installation of the plan, and partly by the spur of the money reward. “But similar labor savings are ob- tained both by individual and by group incentives, and we may be fairly certain that, properly installed, any incentive which replaces day work will reduce direct labor costs.” Oil Stocks BY GEORGE T. HUGHES. t nd of a series (This 15 the twenty second of a series recommend the purchase or sale of any particular stock, but to give the in- vestor such information as may enable him _inteiligently to chart his own eourse.) Another company which had a satis- factory year in 1929, notwithstanding the difficulties in the industry, was Sun Oll. Both gross and net reached record levels and earnings available for the common stock were equivalent to $5.60 a share, compared with $3.33 a share in thr preceding year. Sun Oil is a producer, refiner and distributor of petroleum and its prod- uets, has a subsidiary engaged in ship bullding and has under lease a large ‘Texas acreage said to contain several million tons of mineable sulphur. Capi- talization consists of $8,665,000 of 515 per cent debenture bonds due Septem- ber 1, 1939, $10,000,000 of 6 per cent cumulative pre!emd stock and 1417, 292 shares of no par value common stock. The bonds are callable at 10112 and sell around that price. They are a sound investment, charges having been covered last year over 12 times, but bave no speculative attraction. ~The yleM at the market is around 5% per The preferred stock, which is callable at 115, sells some 10 points under that price, so that it has moderate market § 3 the gem is 5.7 per cent, which is gener- the present money market. The common, which is listed on the New York Stock Exchange, sells on a falrly high capitalization of earning power, which is a tribute to the strength of zhe company. The present dividend is $1 annum, so that the yield at the market is very low. Ofl-producing properties of the com- ?Dl are located in Oklahoma, Kansas, ‘exas, Ohio, Louisiana and Arkansas. Refineries are owned af Marcus Hook, Pa.; Toledo, Ohio, and Yale, Okla. 'I'he eomplny has its own tank ships, lines and railroad tnnlvontlon u\pmem and owns or controls some 330 filling stations. In other words it 18 & well rounded unit in the oil busi- ness. COPPER PRICES RAISED AS BUYING CONTINUES By the Associated Press. NEW YORK, May 12.—The domestic pflue of copper increased % of a cent a d to 123, cents today by per pmdueers and Copper Exporters, advanced the export Ffice 1 of a cent to 13.05 cents, c.1. European base Bales already have been made in the domestic market at 123, cents a pound delivered. Export sales of the metal Saturday unounud to 22,250,000 poundl masun CERTII‘ICATES. (Reported by J. & W. Seligman & Co.) te—Maturity. a8 June 16, 1330 3ips Sep! FINANCIAL. ltuk T35 Minn Mojine Fw. . 50 MStP&SSMpf.... 46% Mo Kan & Texa: 108 Mo Kan & Tex pt(i). 70 Missour! Pacific. 1256 Missour! Pac pt 21% Mohawk C Mills (3 48% Monsanto Ch (g1% ) 36% Montgom Ward (3) 3% Moon Motors.... b8% Morrell & Co (4. “) . Motor Products 3. 261 Motor Wheel (3) 57' Mullins Mfg pf (7) 18 Murray (bz%stk). 381% Nash Motors (6) 167 Nat Acme (134). 11 Natl Air Trans. 9% Natl Bella Hess. . . 71 Natl Biscult, n(z.| 53t Nati Cash Reg,A(14) 45% Natl Dairy (32)..... Natl Dept St 18t (7). tl Distiliers (2) Lead (18).. 116 Natl Lead pf(B) (6). 82 Natl Pwr & Lt (1)... 0% N Nevada Copper (3) 40 Newton Steel (3).... 167 N Y Central (8) 1121 N Y Chi & StL (6). 22 N Y Invest (1.20) 107% N ¥ N H & Hart (6). % 119 NYNH&HDL (7)., 10% N ¥ Ont & Western. . 2 N Y Rallways pf. 100 N Y Steam pf (6) 110 N Y Steam 1st pf 226 Norf & Western (10) 9% North Am Aviation, . 93% North Am(b10%stk) 51 North Am pt (6). 100% North Am Ed pf (6). No Ger Lioyd (3.43) . Northern Pacific (5). 77% North Pacific ct (5). » Norwalk Tire & Rub. 86 Oil Well Sup pf (7)..130s 18% Oliver Farm Equip.. 2 31 Ollv Fr Eq cv pt(3) 70 Oliv Fr Eqpf A (6) 2% Omnibus Corp. 43 Oppenheimer & Co pt 68 Oprheum Cir pt (8). 100l 67% Otis El 29 Otls St 7 Pacific Coast... 15 Pacific Coast 2d pf. .. 52t Pacific Gas & Kl (2). 72 Pacific Lighting (3). an 48% Param’nt Publix (4). 20% Park & Tilford (13). 124 Parmelee Trani 2% Pathe Exchange 5 Pathe Exchange (A) 18% Patino Mines. . 64 Peerless Motor Ca 26 Penick & Ford (1) 63 Penney (J C) (3). 93% Penney(JC) pf A(6). 6% Penn Dixis Cement. 72% Penna R R (4) . lZB 230 People's Gas, Chi (8) 60% 54 Peop Drug Strs(1).. 100% 94% e Marq pr pf (5) Dodge (3) . 50% Phila Co 6% pf (3).. 11% Phila ReadC &1.... 81« Philip Morris (1). 29% Phillips Petrm (n3). 108 80 Phoenix Hos pf (7). 1001 21% Plerce-Arrow (A) 691 Plerce-Arrow pf (6). 1 Plerce Ofl... . 20% Plerce Ol pf, 2% Plerce Petroleum. 17% Pittsbgh Screw 1.40. 26 Poor & Co (B) (2)... 59% P Rican Am To A( 12 P Rican Am To (B).. 97 Postal Tel & C pf(7) 45 Prairie O1l & Gas(3) 5014 Prairie Pipe L (15).. 7% Pressed Steel Car. .. 52% Proc & Gamble (2) 811 Pub Serv,N J (3. lfl). 106% Pub ServNJ pf (6). 121 . 16 70 2 100 6 31 60 314 3 58 608 5 2 44 43 21% Pure Oll (1%) 66 Purity Bakeries 34% Radio Corp. 53 RadlopfA (3%).... 19 Rldio-l(‘lth-orph A 599 3% Rels (Robt) & Co. 25% Rem Rand (1.60).... 10% Reo Motor Car (80c). 50% Republic Ste 95 Republic § 61 Revere C&B (A) (4). 28% Reynolds Metls 3.40. 49 Reynolds Tob B (3). 20% Richfleld Ol (2)..... 16% Rio Grande Oll (2).. 33 Rossia Insur (2.20).. 49% Royal Dutch (a3.20). 88 Safeway (e5). . 105% Safeway Strs pf (7). 40% St Joseph Lead (13). 107% St L-San Fran (8) St L~ | 108 103 79 Sears Roebek (12%) 9% Second Natl Inv 1% Seneca Copper. 7% Servel, Inc. 22 Sharon Steel H (2).. 36% Shattuck(FG)(113%) (Continued Prom Page 13.) Bales— vidend Rate. Add 90, mieh. Low. Close. Close. 18% 77'* % T8 58% 8 44% 441 3 115 7 99% 65% THE EVENING STAR, WASHINGTON, D. C, MONDAY, Prev. 231y 28% 24 136%2101% 101 45 36% 3014 25 36'% 52 29% 129% -66% 75 103 49 84% 40%, 3 lUl‘« 1041 104% 80 9% % ‘l!g 129% 129% 1 19% 21% Spencer 10% 4T Starrett Sterling Sterling. Sterling Tobacco Tobacco Tri-Cntl 56 61 10% 69% 27 16% T 164 20%, 8% 51% 307 314 56 56 98y 39 54 21 13% 41 309% b4 Wabs W Whaldorf 52% BZ'A 90% 108 447 44% 114% 115 99 99 90% 108 65% 264 9 954, 20% 10% 81% 168% o 11% 24% 46 Ludlum 16% 2 10% 24% 45 Stock and Dividend 8o Porto Rico Southern Cal Ed (2). Southern Pacific (6) Southern Rwy (8)... Southern Rwy pf (5) Spalding (A G) (2). Spang-Chalfant..... 4 Sparks Withngth(1). Spicer Mfg. . Splegel-May Stand Brands (1%) Stand G & 5 (3%) Stand G & E pf (4).. Stand O of Cal (23). Stand Oi1 Exp pf(5). 4 Stand Ofl of Kan (2) Stand Oil of N J(12). 4 Stand Ol N Y (1.60). Stand Plate Glass. .. Stand Plate Glass pf. Stewart- Stone & Webster (4).. Studebaker Corp (4). Sun O11 (11).. Sun Of1 pf (6).... Superior O Superfor Steel. Symington (A). Telaut Corp (11.30). Tenn Cop &Ch (1).. Texas Corp (3). 5 Tex Gulf Sulphur(4) % Texas P C & Ol Texas Pac Land Tr. . Thatcher Mfg (1.60). The Falr (2.40). 1 Thermoid Co 12) Third Nat Inv (2). Thomp (J R) (3.60). Thompson Prod(2.40 Thompson Starrett. . Thomp-Star pf (3%) h . ash pf (A) (5).. 1 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Bales— Prev. Add o0 Eish. Low. Close. Close. 2 2 28% 23 15 66% 65% 4 12210 1224 9 1154 115% 2 981 3 41 2 2% : . Kelg (1.60).. 2 @).. (LS) (t2%) Sec (A).... Sec pt(1.20) Sec cv pf(3) Warner (1). 2 27 53 50 1 4 103% 9 22% 18% 21 14% 5% 60% 10% 27 28% 26% 26 38% 41 34% 13 53 15 218 11 36 Tide Water As pf (6) Timken Det Ax(80c) Timken Roller (3) Products. Products A . Transcont] Ol (30c). Transue & W (1).... Corp pf (I)o Truax Traer (1.60).. Twin City Ra Tr(4). Und-Ell-Fischer (5). Union Bag & 2 Union Carbide (2.60) Union Ofl of Cal (32) Union Pacific (10)... Union Pacific pf (4). Utd Afreraft........ Utd Afreraft pf (8).. Utd Biscuit (1.60)... Utd Business Pub... 20s Utd Carbon (2) s Utd Cigar Stor Utd Cigar Strs pf.. % Utd Corporation. % United Corp pf (3) Utd Fruit (4) U S Distributing. U S & For Secur. Alcohol (17) Vick Chemical (2%). Va-Car Chem. . Va-Caro Chem 6% ot Va-Caro Chem pf(7). Vulcan Det (4).. Vulcan Det A (4) 2408 4 Svstm(134) 10 Walgreen pf (6%). 1 ‘Walworth Co (2) ¢ Ward Baking (A) Ward Baking (B).... Ward Baking pf (7). 1 Warner Bros Ple (4). 315 % Warner-Quinlan (1). Warren Bros (3). Warren Fdy & P er-Eisenlohr. 4 60s 4 9 39 Western Union (8) Westinghse A B (2). Westinghse E&M (5) 220 Westhse E&M pf (5) 10s Westvaco Chlor (2).. White Motors (2). White Sewing Mach. Whit Sw Mch pf (4 Wileox Of! & Ga. Wilcox & Rich Willys-Overland Woolworth (2.40). Worth Pump. ... Worth Pump(B) (6) Yale & Towne (15) Yellow Truck. . Youngs Spring (3) Zenith Radlo. RIGHTS EXPIRE Am Roll M..June 16 128 Am Tel & Tel.Aug 1 191 38 Stl..May 19 13 Rad-Keith-O.May 19 184 Truax Tra C..May 29 Warner-Quin.May 16 63 Zenith Rad...May 1¢ 17 17 % MAY 12, 1930. FINANCIAL. ICONVERTIBLE BOND | Cox-sew some BONDS e sscmna] ([HAIN STORE SCOPE ISSUES INADVANCE| High-Grade Rails Soft—New York Traction Group Is Active. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 12.—Some of the convertible issues that have been hold- ing back were stronger today under the influence of a better market for the stocks indentified with them. The list of issues that should be respondifig to easy money conditions was dull and heavy. Transactions tapered off and in some periods of the day were 50 per cent below those of a week ago. Whether it is the volume of new issues or the general indisposition of the public to buy bonds, the result is a situation that has seldom been apparent in other periods of extreme money ease. ‘The market has no snap. It goes uj a little one day and loses as muc! the next. Todny some of the high-grade rails were soft, Atchison 4s, for illustration, being down nearly a point from last week's level. ‘There was also a smaller demand for the second-grade issues and those of a semi-speculative character, but non- convertible. The only strong spot of the market was in the local tractions, where Interborough Rapid Transit 55 made another sharp advance. The new Japanese 52 per cent loan 'was listed early today. There was some further readjustment in prices of old issues to that of the new loan and, as always happens, holders of the former were being traded out of them into the latter. The government 6l3s were somewhat affected by this policy. ‘The strongest of the convertibles were American Telephone 4%s. whose convertible life is now short; Texas 5s, Baltimore & Ohio 4'5s, American 1. G. Chemical 5158 and Warner Bros. Pic- tures. Philadelphia & Reading 6s, Atchison and Southern Pacific were both fractionally lower. Reports from London were to the ef- (ec“tl that mmo %( the ne!lvl ‘Luuu ‘were going poorly and were selling at con- siderable lilconnt from the recent price. United States Government issues were quiet and irregular. They may be affected later in the week by the price bid for the fonhcnmin[ $100,000,- 000 issue of Treuury Washington Stock Exchange SALES. Washington Gas 55—$500 at 101, $500 at 10117, Capital Trlctwn Co.—10 at 75, 10 at 75, 10 at 75. Potomac Electric 5% % pfd.—: National Savings & Trust Co.- Co]umbh Sand & Gravel pf ulr;at‘a;.n Monotype—10 at 123, 3 at AFTER CALL. Washington Gas 65 “A"—$3,000 at 102}, $1,000 at 10215, $900 at 102Y. Pu'g;l;llc Electric 65 1953—8100 lt 1 Nat. Ban.k of Washington—10 at 250. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. & T Potomac Elec. cons; 8% Elec. 65 1953 & Mt. Ve STOCKS PUBLIC UTILITY. Tel. Annap. com ito: & Abmap. pia NATIONAL BANK. Federal-American * (10). Liberty (7§) Lincoln_t12) cond (9e) Washington (13). ‘TRUSBT COMPANY. Amer. Sec. & Trust Co. (18) Continent Merch Wask Zoan &' SAVINGS BANK. Bank of Bethesdn (S5) . American (12) (Sales are in $1,000.) !llu High. Low. UNITED STATES. Close 11 10010 1002 100 10 21 10120 10116 101 20 76 1024 1022 1028 51014 1014 1014 40 1016 1012 1014 US4yss2.. FOREIGN. Sales. High Argentine 6s Ju 5! 98K Argentine, May 98 Argentine 8= Oct 98% Argentine 514862, 93% Argentine 6s A.... Argentine fs B Australia 415 = 56 Australia 5= 55, Australia 53 '57. Austria 7s. Bank of Chil nu Relginm 6« Belzium 6%s. Relgium 7s°55 Relgium 7= '5¢ Relgium 7% Belgium e .. Bollvar7s ‘5% .. Rolivia Tectfs'69. Bolivia 8s. Rordeaux 6s. ... Brazil 6158 *26 Brazil f14s'27 5 n 3 fi Chile 7243 . Christiana 6s. Colombia 6s.Ta Copenhagen 4% s Copenhagen bs rets Cuba 6%s. Czecho 8= "51 Czecho 8 '52. . Danish Munic 85 B. Denmark 4%s. . . Denmark 51 '55. Denmark 6: Dutch East T 63 °62. Fiat 7s war "46 Fiat 7s ex war Finland s f 6e *45. Framerican T%s. French 7s. . French 7%, German Bank 6= German E1 P 6% German 7 Greek 65 '63. Hungary 7% Irish Free State 5s. Ttaly s Italian Pub Sve 7s. Japanese 4a. Japanese 614 Jugoslavia Ba Kreuger&Toll 58 cf Lyons 6 Milan 6% Montevideo 7 Netherlands 6s Orfent dev 51 Orient Dev 65’53 Paris-Lyo 6 Peru 6s'61. Peru 7s. Poland 6s *40 Poland 7s (rcts). ... Poland 8s Prague T%s. Queensland 6; Queenland 7s Rhine Wst EP 5!'5! Rhine Wst EP 7850 neiro 614 . Rio e Jan 8s Rio Gr du Sul (l‘ll Rome §%4s. .. 2 R'y’l Dutch flilww Sao Paulo 8s " Sao Paulo 50 311129 11129 11129 Low. Close. 98y 98% 98% 93 981 /214 90% 90 104% 97% 1024 10714 112% i 108 115 110% 8016 8% 9% 108% R0% |1 RO 100% MISCELLANEOUS. Abitibl P&P 53 *53.. Abramé&Straus 5%s Alleghany Cp bs '44 Alleghany 6s " Allis Chalm 68°37. . Am Agri Chem 1%- Am Metal 5%s'34. . Am Chain 6s " AmChem 638 ov'49 Am Int Cor 5% '49 Am Nat Gas 6148°42 Am Smit & R 1st Am Sugar Ref 12 e aomuxITanwants Armour&Co 4%.‘8’ Armour. 5%s. Atl Guif 6869, Atl Refining 6 Bell Tel, Pa. 63 (B) Bethlehm £tl pm bs Certn-Td 5%s ret; 98% 98y, 9%y 93 984 98Y V| Chilnd & Lretss.. 12 Low. Close. Pure Oll 5%s'37... 2 ]00 100 100 Rem Rand6%swar 7 98% 98 984 Richfleld Ofl 6s°44. 28 97 97% 97 Stnclair O11 6. 100% 100% 100% 102 102 102 5 103% 103% 103% 100% 100 100 97% 9T% 96l 964 1031 103% 103% 104% 104% 104% 103% 108% 1034 98 97% 9% 105% 105 105% 102 102 102 96% 96U 96 86 85% 86 100% 100% 100% 100% 100% 100% Sinclair P L Skelly Of1 63 South Bell Tel 53 Stand Ofl. NJ "4¢ Stand OfL. N Y.4%s. Tex Corp ev 5s ‘44.. 62 Transcontl Ol 6%s 23 United Drug 5s 53, 18 U S Rub 1st rf 6s. Sinclair Crudg 5%s 29 ;e 9% 91k 914 92 9215 921 108% 103% 1031 103% 1034 1034 30 30 30 100% 100% 100% Western Elec 5s. .. Westn Union 68’51, Wickw-Spen cv 7s. Willys-Ov 648 '33. Win RepeatAr 7% s 103 103 103 Youngstn S &T bs.. 38 102% 102 102% RAILROAD. A T&SF cv 45 2005. 5 90% 90% 90% 13 s SHOWN IN SURVEY Drug Line Heads List With 15,000 Items—Many Units Sell Food. Chain drug stores carry as many as 15,000 items, chain grocers from 1,000 to 1,500 and chain tobacconists several hundred, the Federal Trade Commis- sion announced in making public an interim report on its investigation of chain stores ordered by & Senate reso- lution adopted two years ago. The inquiry was principally con- cerned, the report stated, with a study of prices of independent stores as com- pared with those of chain stores. Price studies have been made here and in Cincinnati, one is being made in Des Moines and others will be un- dertaken later this year. ‘Thousands of schedules containing questions on virtually all phases of business were sent out to dealers, in- Atchison adj 4s. 4 90% 90U YO Atchigongends... 10 94% 94% 944 Atchdeb 435 '43 133% 1331 1384 At & Bir 4533 87% 87% 8% 931 93 93% 97% 97% 9% 100 99% 100 102% 10214 102% 3 103% 103% 103% 103% 108% 1031 109% 109 103 100 5 93 B&Ocviys B&Ocv4y Boston & Maine bs. Bklyn Elev 614 Bkiyn Manhat Bklyn Un El 58 '50. Can Nat 4%s Can Nat 43 s 6| Can Nat 6s. July'69. Can Nat s, Oct '69. Can Nor 4%s '35. ., Can Northern 7 99% 87 95% 954, 102% 102% 102% 102% 1024 102% 995 991, 991 110% 110% 110% 87 864 87 99% 98% 98Y; 103% 103% 103% 108% 108% 108% 101% 101% 101% 934 93% 93% Can Pac 4% 84 Can Pacific ctfs b Car Clin & O 6s Ches&Ohio Corp Ches & O 41%45'93 Ches& O 4%sB" 77 Chi & E Ill gn 63 51. 17 Chi Gr West 45'59. 25 9% ll)!\fi lD.‘I 1034 96% 961% 961 92% 91% 92y 67% 66k 66% 101% 101% 101% 104% 104% 104% 9% T9% 79% 90% 90 90 978 9T 97y 95% 95% 951 104% 104% 104% %?:h 103% 1031 116% 115} C& W Ind con 4s. lsa n‘&: 18#\1 C& W Ind 5%s'62. 104% 104% 104% CCC&StL deb 4 . 1 100 CCC&StL 4% s (E| 97! 974 Colo & Sou 4% 99% Conn Ry&L 4% 974 Cuba Nor 5%s rets. 63% Del & Hud 18t rf 4s. 93 Del & Hud 7s°30. .. 9% Den & Rio G cn 4s.. s4l Den&RGW 58 '55... 93% 87 82% 95% 94% 94% 100‘6 100 100% B5% 55% 5bY 30 2 29 106% 105% 105%, o111 oI 98% 98% €8% 105% 105% 1055 98 98 98 110% 110% 110% 1% 111 111% 83 8215 824 99% 99% 99y 89% 891 89y 101% 101 101% m’h 109% 109%; 70 70% 70 W1y 9 60 #9Y Chi MIl&St P 4%sC 6 ChiM{IStP&P 68'75. 19 CMSP&Pac adj5s03 73 Chi & NW con 4%s. 3¢ Chi & NW 4%s " Chicago Rwys b, Chi RI&P gn 4s. ChiRI&Prf 4 ChiRI&P4% 10 Chi Un Sta lx. 95 87 823 954 Gt Nor 4%s'76(D). Gt Northern 5; Grt Nor 1st 5s... & Gt Northern 5%s. Great Nor gen 7s... 16 Hud & Man adj 5s.. 27 Hud & Man ref §s.. :9 111 Cent 4 1l Cent 4%s8°66.,.. 20 11l Cent 6345 1 Int Rapid Trans 6a. 162 Int Rap Tr 5s stpd. 108 Int Rapid Trans6s. 5 Int Rapid Trans7s. 47 Int & Gt Nor adj Int Rys C Am 5. Int RysCA 6%s Kan City Sou Kan City Sou Kan City Term Lake Shore 48 ‘31 Lehi Val con 4s. LehV gen 4348 2003 Leh Valley 6s°20.. Long Isl 68°37., L &N unt L&N4%s ManRy 1st 43 Mill El Ry&Lt O'Al MK & Tex 4s (B).. M K&T prin 5s(A) MK & Tex adj 5 Mo Pacific gen 4 Mo Pacific 5s A Mo Pac bs F "77 Mo Pac 58 G 7! Mo Pac b%s Nat Ry Mex 43 N ¥ Cen gen 3% N Y Cent 4s N Y Cen deb 4 101‘& 101\- lfll'»i 90% 90% 90% 99% 99% 99y 89 89K 89U 98% 981 981 1081 108% 108% 100 100 95 96 98% 98% 98 54% 53 5% 100 100 100 87t 87% 874 104 102% 102% 104 104 104 9% 9% 79% 101 101 Dimpmom aCRaroxenD a8 we e aoa e 108% 108% 65 80 9% N 98% 98% 98 100 100 100 107% 107% 107% 107 107 107 99% 99% 99y 96% 96% 96% » @ cluding these four large categories; chain stores, wholesale dealers, co- operative store groups and independent retailers. “Usable returns have been received from about 10 per cent of the chain stores, including most of the larger chains, and about 12 per cent of the wholesale dealers,” the report stated. “Several thousand retail schedules have been returned, but, up to now. the limited force available has made it im- practicable to determine the extent to which such schedules will prove usable for tabulation purposes. “Out of the approximately 700 eo- operative or voluntary group schedules mailed, over 25 per cent have been re- turned in substantially usable form.” ‘The magnitude of the work is fllus- trated by the estimate that there are 556.000 retail provision and food stores in the country. CHICAGO LIVE STOCK MARKET CHICAGO, )gly :ilu? (Ul;\flde!u!B Department of Agriculture). — Hogs— Recelpts, 50,000 head, including 24,000 direct; weak to 10c lower than Friday's average or steady with Saturday; top, 10.35; bulk, 150-300 pounds, 10.00a10.35; some 346 pounds, 10.00. Butchers, me- dium to choice, 250-300 pounds, 9.75a 10.25; 200-250 pounds, 9.90a10.35; 160- 200 pounds, 9.90a10.35; 130-260 pounds, 9.75a10.35. Packing sows, 8.85a9.60. Pigs, medium to cholee, 90-130 pounds, 9.00a10.25. Cattle—Receipts, 20,000 head; calves, 2,000 head; very slow market; steers and yearlings predominating; bidd! 25¢ or more lower; most early sales 2! off; most early sales, 9.75a11.50; load or so up to 13.00; best weighty steers held around 14.50; slaughter classes, steers, good and choice, 1,300-1,500 pounds, 12.00214.50; 1,100-1,300 pounds, 11.75a14.25; 950-1,100 pounds, 11.25a 13.75; common and medium, 850 pounds, ug, 17.75a11.75; fed yearlings, good and oice, 750-950 pounds, 10.75a13.75. Heifers, good and choice, 850 pounds down, 9.50a12.00; common and medium, 7.25a9.50; cows, good and choice, 7.25a 9.50; common and medium, 5.75a7.25; low cutter and cutter, 4.25a5.75; bulls, good and choice (beef), 7.2529.00; cutter to medium, 6.50a7.40; vealers (milk fed), good a choice, 9.75a12.25; medium, 8.00a9.75; cull and common, .00a8.00; stocker and feeder steers, good and choice, all weights, 10.00a 11.50; common and medium, 8.00a10.00. Sheep—Receipts, 20,000 head, prac- tically nothing done; buyers talking 25 or more lower; best woolskins held above 10.25; best shorn held around 10.00; indications strongweight shorn lambs, 9.25a9.75; fat ewes slow, steady; California springers unsold; lambs, good and choice, 92 pounds down, 9.10a10.15; medium, 8.75a9.25; common, 8.00a8.75; medium to choice, 92-100 pounds, 8.25a 9.90; ewes, m.dium to choice, 150 pounds down, 4.25a6.00; cull and com- mon, 2.25a4.50. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., Mly 12.—Potatoes, white, 100 poun 25a8.00; new, bushel, 1.25a2.25; sweet Ml 2.50a5.00; yams, 3.5024.00; asparagus, dozen, 500225 f bem crate, 2.0023.00; beans, hampers, 1.2523.00; cabbage, hamper, 75a1.50; _carrots, bushel, 1.00a1.25; caulifiower, crate, 1.75 a2.25; celery, crate, 3.00a4.50; kale, bushel, 25a50; lettuce, hamper, 1.50a “’2 lima b!l: e 600:1‘%' onions, 100 poun A tnen 1.00a1.25; radishes, 100, 1.00a2.00; 1.50a2.50; apples, bushel, box, 3.25a6.25; oranges, box, ineapples, crate, 2.5083.00; gerriu. quart, 10a20. Live Stock Market. Cattle—Receipts, 20 head; light sup- ply; market dull. Steers—Choice to prime, none; to choice, 11,00a12.00; medium to sflofl. 10.75a11.30; fair to medium, I 10.75; plain to fair, 9.00a10.00; wmmm to Dllin 8.00a9.00. Bulls—Choice to prime, none; 'nm! to choice, none; medium_to 8.00a 8.50; fair to medium, 7.75a8.00; plain to mr. 17.25a7.75; common to plain, 7.65a cnwsr—cholce , none; good to | choice, none; m«flm to good, 17.00a 8.00; fair to medium, 6.00a7.00; pllfln to fair, 5.00a6.00; common to plain, 3.758 Chile Copper bs. Colon Of1 107% 107% 107% 107 107 107 101% 101% 101% 102% 102% 102% 85% 85% 85% Gorcoran (10) Nationai union’ (i85 TITLE INSURANCE. Columbia_(8h) 20% Shell Union (1.40)... 100 Shell Un O1l pf (5%) 8% Shubert Theatre: 35% Simmons Co (3) 227% Simms Petrm (1. Sales of Stocks on New York Exchange 10:30 . 485.500 1,478,800 1:30 2,225 900 2,506,900 Dividena raten as siven tn, ihe above tadle payments based 5.00. Heifers—Choice to , mone; good to choice, none; medium to good, 7.008 10.00; fair to medium, 8.60a9.00; % 22% 22% 104% 105 17 29% 28% 29 63 41 88% 394 15 30 29 29 T ;% 4 . § N Y i 4 XY NC L 2222222227 - t Com Invest 6s 'll INVESTMENT TRUSTS NEW YORK, May 12 (#).—Over-the- counter market: Amliated 1oy tnc.. Alex Hami1to Alliance Tny Am B Bid. Asked. 5 815 Corp n'fc’f hlnmun; Snirer Feish Tspe Yavest me ain & Gen Eaulties. Chain sxore Favesi e Charied Tvest com. 0. Bt " Chelien Exéhai o Tonial invesiors ont Metro Bank. Shares A Corporate Trust Shares s ster Ins pf. "0 1l mvmn ed frumes “shares ‘A ixed Trust Hnar eneral Equity ‘A ranger Trade ude Winmill Tra 21% Sinclatr Con Ofl (2) 109 Sinclair OiLpf (8) 287 Skelly O11 (2). 118 95% Solvay Am ptis%4).. LIVELY DEMAND HERE FOR JAPANESE LOAN Allotment of $50,000,000 Will Be Well Covered, Banking Houses Believe. Bpecial Dispatch to The Star. NEW YORK, May 12.—Banking houses identified with the Japanese gov- ernment 5% per. cent loan reported today that advance subscriptions had exceeded their expectations. They ex- pect when the issue is publicly offered today that the $50,000,000 American al- lotment will be well covered. The fact that the purpose of the loan is to retire the 4 per cent Sterling bonds, due next January, balances some of the effect on the investment market that might have been shown had the whol amount of the new loan representes fresh capital. A portion of the holders of the 4 per cents will probably turn them in in exchange for the 5las, ex- cept where the former have been car- 58 27 1 110% 110 110'; 110 2 35% 35% 35% 5 115 ried primarily for their short-term character. There was considerable comment in Wall Street over the fact that one of the leading New York institutions that has formerly appeared in all Japanese government financing is not mentioned in the circular describing the bonds. JIDIH has been a large borrower in E;:Ja. Invest new com. Inc_ Eauities . irities. Corp wen bi Savings deposits in Hungary are rap- 1dly increasing. the New York market in recent years. Her government loans and those of cities, industrial corporations and pub- lic .utilities, including the $50,000,000 now being negotiated, approximate be- tween $375,000,000 and $400,000,000. Soime of the heaviest pre-war foreign borrowl ere :ll for Japanese gov- ernment Inasmuch as the 4 per cent bonds do 27% 278, | S0t of trady 27% 27 36 ash o1 116 Plus 2% 0 stock.. ! 115 32 e 115 not mature in nearly eight months, it is apparent that advantage is being taken of the current low interest rates and the conditions of the investment markets in New York and London to put through this refunding operation. — WASHINGTON GAS CO. OFFERS SCHOLARSHIP Corporation Gives Local Boys a Chance to Become Experts in Gas Engineering. The Washington Gas Light Co. an- nounces that it will offer another scholarship in the gas engineering coursa at Johns Hopkins University, beginning Sep'.cmber 30. 'his will be the sixth scholarship offered to Washington boys by that company. The first scholarship was awarded in 1925 to Brainerd D. Wil- son, the second in 1926 to Joseph G. Smith, jr.. the third in 1927 to Ed- ward V. Fineran, the fourth in 1928 to Marlow Perry and the fifth in 1929 to Donald S. Bittinger. Mr. Wilson, Mr. Smith and Mr. Bittinger are graduates of McKinley High School and Mr. Fineran and Mr. Perry are graduates of Central High School. Johns Hopkins University is the first American University to establish a gas engineering department. Instruction was begun in October of 1924 with only three students, the work lng initiated with the appointment of rofessor. Today there is a staff eomu ing of a professor, an associate professor, in- structor, & research associate, a re- search assistant, and two helpen in research. The student body consists of on the 'atest g ess thi in able_in .t Ply Plus AD lw lhl!ll 'P.l’fl 4% sorip 1 Plun'9% 'in stock.” » Paid st Tear G SR s in “tock." ¥ Pius 4% in Sock: 8 Sias total of 12 graduates have received their engineering degrees since the course was establishd. The rapid expansion of the gas indus- try into new fields of service has cruud an obvious need for men techni trained in mechanical engineering md chemistry. ‘The scholnr.shln offered at this time open to residents of Washington or vi- cinity supplied with gas by the company or its subsidiaries, such residents, of course, to be able to meet the univer- sity requirements for entrance. The scholarship is worth $450 per year for four years, which covers the "cost of tuition, laboratory fees and other inci- dental expenses. The appointment to the scholarship will be for one year, the holder being eligible for reappointment from year to year, however, if he con- forms in character, industry and ability with the standards and requirements of the university. Application for the scholarship should be made at the office of the Secreury of the Washington Gas Light Co. BANK CLEARINGS. NEW YORK, May 12 (Special).— New York bank clearings, today, $576,- 000,000; a year ago, $591,000,000. New York bank balances, $134,000,000; a year ago, $124,000,000. New York Fed- eral Reserve credit balances, $127,000,- 000; a year ago, $121,000,000. GASDLINE PRICE ADVANCED. NEW YORK, May 12 (#).—Standard Oil Co. of New Jersey has advanced the tank car price of gasoline % cent a gallon to 9 cents. Cuba Likes U. 8. Medicines. Cuba, with an estimated population of 3,250,000, is Uncle Sam's second best customer for medicinals. The United three graduate students, 30 under- graduate and 19 extension students, A Kingdom alone outranks Cuba in this feld. by the Washington Gas Light Co. is| Ter. Real Estate (6h Title & Inv. Co. Md. com 3 we. & Stor. pfd. (7) 7, Linotype (7n).. Inv. TR The Cl;,nel Corp. u E,,, Mt Waoh ied B ort d. & Lothrop pfd. *Ex dividend. 23 e B, SHORT-TE:BII SECURITIES. (Reported by J. & W. Seligman & Co.) alme rl‘On Ss IIST elia% extra. n Tel. & Tel. 5} oston en” Mot. Accep. Gorp. 08 x;n jeneral Pet. 0. ad: . n Oil Co. 55 1947, mmr cruue ou Co, tan 4,: 1 N. undlrd Ofl ot N Y Cy: eeling Corp. Wheeling Steel Corp. 4 The new international telephone di- recer being published in Denmark has ity index of telephone * | Gooayer 5s rets. Con Coal. M4, 6 Consumers Pwr § Cuban Am Sugar 8s Denver Gas 5s. Det Edison 58 *40. R 1= T L TP T T P Ty ol [UPRP AU uba Sug 1348 Fisk Rubber 8s. Gen Cable 538 "47. Gen Mot Ac Cor Gen St Cast 5% Goodrich 6%s. Humble O & R I1i Bell Tel 6s. 4 Bl @ ARSI AN AR N~ B RO LR e - Larillard 53%s. Lorillard (P) Lou Gas&El Manat! Su, Midvale Steel Montana Pwr '43. Morris&Co 1st4 % Nat Dairy 6%s. N Y Edison 5s N Y Tel 6s 9. North Am Ed No Am Ed 6% Nor Ohfo Tr&L Nor States P Pacific Gas & E1 - Peoples Gas bs. Phila Co 6867 Phila & Read 6s'49. 20 Phillips Pet 6%s. . 127 Pillsbury F' M 6543 2 Postal Tel & C 5%8 : 104% ..ml 105 40% 804 80K 80 Do ol NYOnt& Wistds NY State Ry 4%s. NY Sus&Wn 58 37. » e 92% Nor Pacific 35 2027, Nor Pacific 4s. Nor Pacifio ref 6 Ogden&Lake Ch Ore Wash 1st ¢s, Penna 4%8 1970 % e 9115 90% 91 113% 118% 113% 814 B1% 814 9% 91 £240 95% 951 95% 100% 100% 100% 101 100% 100% 108 108 108 104 1037% 104 109% 108% 108% 98 973 98 98% 984 9B 104% 104% 104% 100 100 100 100 997 100 92U 924 924 98% 981 98% 9% 9TH 9TH 90% 90% 90% 94 98% 93% @ 2eraBonmfonSe 0 eSaante Pere M 4145 1980.. Pere Marq 1st 58 Reading J C 4s 51. RIATK& L 4%s... StL IM&S R&G 4s. StL&SFpl4sA.. StL&SFt%I"l . StL & SanFrin Rew cmamm F 3 % 1% Tin 10 9215 92y 92y 10 974 97Tk 9T 45 99 98y 99 2 92 91u 92 4 109% 109% 109 11 117% 117% 117% 11 124% 124% 1241 1 90% 90% 90% 5 109% 109% 109% 103 108 49 49 4 9% 96 40 28% 28 28 .2 9% 964 954 20 90% 90% y0u 3 98% 98M 98% X 1054 105% 105% 1 101% 101% 101% 5 93% 93% 93% 5 100% 100% 100% 4 104% 104 104% u 9% ” 1 97% 97% !'Ili 10 80%. 80% Sou Pac 4%s'69 ww Sou Rwy gen ds.... Sou Rwy con Virginia Ry 1st 8s. Wabash 6s°76 B. .. Wabash 5%s 7. w ‘Wis Cen gn “',l fair, 7.0028.00; common to plain, 6.00 a7.00. "mh cows and Springers, 50.00a Sheep and lambs—Receipts, 3,800 head; moderate supply, market lower; ;Is‘leaesp, 2.00a6.00; Spring lambs, 11.00a Receipts, 3,300 head 00 hea ply, market steady; calves, soo-n M‘D Hay and Grain Prices. Wheat—No. 2 red Winter, export, 1.045%; No. 2 red Winter, garlicky, spot, 1.08%; May, 1.08%; No. 3, garlicky, no quotations. Corn—No. 2 domestic, yellow, new 92a93; cob corn, new, 4.75. Oats—No. 2 white, domestic, spot. g;l&;g{: No. 3 white, domestic, spot, range. METAL MARKET. NEW YORK. May 12 (#).—Copper firmer: eleetrolyuc spot and future, 12%a13. Iron easy; No. 2 f.0b. East- ern Pennsylvania, xa 19.00; Buffalo, 16.00a16.50; Alabama, 12.00a14. Tin steady; spot and nearby, 32.35; future, 32.55. Lead steady; spot, New York, 5.50; East St. Louls, 540. Zinc quiet; East St. Louis, lpot. und future, 4.62a .85. ver, 117.00. MONEY MARKET. NEW YORK, May 12 (#).~The money markets were dull and un- hanged 1 there day’s quotations on time funds or Mnk ers’ acceptances. American made. % about 27 per cent.