Evening Star Newspaper, May 23, 1930, Page 14

-FINANCIA REPARATIONS LOAN - RATES DISCUSSED|. "Bankers Are Settling Final Terms Before Marketing $300,000,000 Issue. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, May 23.—Today at the George V Hotel in Paris the bank- ers of 10 nations are writing down the final terms of the first German repa- ration loan of $300,000,000. In this hotel, where the Young plan was conceived, three questions will come up for settlement: 1. How much of the loan will Great Britain ‘under- write? 2. Will the loan and interest coupons be payable in gold or in the local currency of the various countries subseribing? 3. What will be the sale price (a) to the syndicate and (b) to the public? ; ¥ Philip Snowden, British chancellor of the exghequer. seems determined that Great Britain shall not take any more of the loan than is coming to her money s! eave be th{ nl"ml:;lt}! g: the British banking and it] leaders. . AsPt‘Z) the second point, many bank- ers feel that if the coupons are payable in gold instead of in the money of the various countries, most of the issue will be absorbed finally by the United States, and this* will destroy its in- ternational import. So a suggestion to pay the coupdns in local money—for 10 yfl\r!—hfi ‘l’t“n put forward to eet this difficulty. mThe third question—what will the bonds be sold for?—is of paramount rest. m‘flpfln's recent issue in the United States sold on a 6.20 per cent basis to the public. Can these reparation bonds be sold at any better rate? Money. is & drug on the market today, with hundreds of millions 1 idle; & low interest rate may be expected. When the Paris conference clears up these three points the issue will be of- fered in the various nations almost im- ‘mediately. “Business is rolling in,” said T. B. Macatiley, president of the Sun Life As- surance Co., to me the other day in his office in Montreal. “Never was our business more active nor the volume so large as it has been since the beginning of this year. Other lines may be quiet and even dull, but life insurance, from our records, is not teristic and pacing loor :f his private :a!’ce. this Canadian, full of enthusiasm for modern business, beamed with pride in telling how their new head office in Montreal, now under construction, will be the largest build ing in the British Empire. Much has been written about this company’s insura: assets, especlally utg:y relate to col n stocks. A re- cent estimate has been made in com- paring the yield of Sun Life in- vested assets with the yleld on 60 dif- ferent high- e bond issues. It has been found t while the bonds return not quite 4.50 per cent the yleld on the Sun Life tuu'.l now stands at exactly 7 cent. he Sun life assets have undergone & revolutionary change ,since 1920. In that year the company had 3.3 per cent ot its. assets in common stocks and in 1929 it had 54 per cent. Ten years ago it had 23.9 per cent in government and * provincial bonds, as against 4.8 per cent last year. It had 8.3 per cent in municipal bonds in 1920 and only 2.3 per cent in 1929, Other bonds held by the Sun Life to- tal 31.4 per cent of the assets in 1920, as against 11.6 per cent in 1929, Pre- ferred stocks moved down, These-stocks figured at 11.8 per cent of its assets in 2920 and only 3.7 per cent in 1929. es, real estate and policy loans were about the same in each case. But it has been in the common stocks ‘where the big increase in the yield has taken place. “Conservative stock in well managed, high-grade, well tested American and Canadian compahies offer the finest op- portunity for the life insurance com- pany Wé have’ tested this out for the t decade and we are thorpughly sat- fied with the experiment,” said Mr. Macauley. Not since the first of the year has the stock market been so dull and listless. No leadership—no short interest to speak - of—no strength. Some observers believe that it will remain so for sev- eral mont] businéss has taken hs, until” & definite upturn. Dr. Julius Klein of the Department of Commerce, estimating the average daily expenditure of the American tour- ist at $10, suggests that Americans :gend their money in the United States is year instead of abroad, and thus help to strengthen American business. ‘The New York Journal of Commerce oy&nu this point of view and says, in substance, that the Asgistant Secretary of Commerce has got the cart before the horse—that the ability to spend is a consequence and not a cause of pro- ductive business activity. “The luxury trades and the businesses that furnish amusement and diversion can only thrive when industries that supply the basic needs are flourishing,” says the Journal. z Tourist trade abroad has been one of the saving factors in American export business expansion. It canndt be ignored. Says the Journal again: “As our tariff walls rise, and make increasingly .difficult the entrance of foreign goods from countries in our debt, dependence upon American tour- st dollars to help redress the one-sided balance of trade has constantly grown in importance.” Now if Americans in large numbers decide to spend their’ vacations in the United States and not in Europe this Summer, many European countries will find their sources of income sadly.re- duced and their ability to buy American goods “still further impaired.” The difficulty with the “spend-at- home” doctrine is that it raises new problems far more difficult to solve than the original one—the cure is worse than the disease. But the chances are that Americans able to go to Europe this Summer will 0, and leave the play of economic forces to those who wish to wrestle with it. Important American department stores are buying furs direct from the Soviet vernment. Raw furs come into the nited States free of duty—all except silver fox. “What will be the popular furs of the coming season?” 1 asked Murray M. Singer, the Bergdorf-Goodman execu- tive, who has just returned from Russia. “Broadtail and caracul, and for eve- ning wear ermine, mink and sable,” was D hat about Russian women—are they wearing much fur?” | THE EVENING STAR, WASHINGTON, D. €., FRIDAY, MAY 23, .1930. INVSTNENT BOND | (=== B! NEW YORK STOCK EXCHANGE Rerelved by Private Wire Direet fo The Star Office. e Dividend Rate. ~ Add 00. By 77% North Pacific ct (5! 5 42 Northwstn Tel (3)... 18% Oliver Farm Equi) R0% 67% Of n(i%) 126 118% Otis Elev pf (6) 74% 62% Pacific Gas & E1 (2). 107% 72 Pacific Lizhting (3). 30 21 Pacific Mills % 178 140 Pacific Tel &Tel (7) 23% 15% Packard Moter (1).. 50% Pan-Am Petm (B). 4% Panhandle P& R.... 48% Param’nt Publix (4) 2% Park Utah... 1: 3 : 5 2 29% Ph#lips Petrm (n2) Plerce Oil. . g 151 Pitts Ft W&C pf(7) 8 Plttsbgh Trmi Coal 20% Pittstan Campany 25 45 Prairie Ofl & Gas(2) 50% Prairie Pipe L (15).. 7% Pressed Steel Car. ... 52% Proc & Gamble (2).. 6% Prod & Refiner; R1% Pub Serv.N J ( ) 4 106% Pub Serv N J pf (6) 121 PubServNJ pf (7)., 76 Pullman Corp (4)... 2 Punta Aleg Su c.0.d. 21% Pure Ofl (13). . 110% Pure Ol1 pf (8). . 66 Purity Bakeries (¢) 34% Radio Corp. 53 Radiopf A (: . 68 Radio Corp (B) (5 1 19 Radio-Keith-Orph A. 426 33 Raybestos Man 110% Reading Rwy (4, 43% Real 811k (5). 25% Rem Rand ¢ 95 Rem-Rand 24 pf 1 10% Reo Motor Car (80c). 50% Republic Steel...... ' 95 Republic Steel pf (6) 22 Re Copper & Br. 61 Revere C&B (A) (4). 28% Reynolds Metls 2.40. 4 Reynolds Spring.... 71% Reynolds Tob A (3).. 49 Reynolds Tob B (3). 20% Richfield O11 (2).. 16% Rio Grande Oll (2).. 33 Rossia Insur (3.20 49% Royal Dutch (23.20! Bateway (eb). 94 Safewayof (8). . 40% St Joseph Lead (13).. 92 St L-San Fran pf (§) 58 StL Soutbwestern.., 4% Schulte Retail Strs. . 85 Schulte Retail pf(8). 8% Seaboard Alr Line... 79 Sears Roebuck(32%) 9% Second Natl Inv. 1% Sefleca Copper % Servel. Ire. . 54 Sharp&Dopf(3%). 3 36% Shattuck(FG)(t11%) 13 42% Shell Transpt(a2.41) 200s 20% Shell Union (1.40)... 29 8% Shubert Theatres. 4 35% Simmons Co (3) 22% Simms Petrm (1.60) 21% Sinclair Con Ol (2). 5 5 8 17 108 21 ] wleNd % 20% So Porto Rico Sug (2] 56% Southern Cal Ed (2). 116 Southern Pacific (6). o S peSiemBEaSnBlaSonan 25% Stewart-Warner (1). 77 Stone & Webster (4). Oil Stocks BY GEORGE T. HUGHES, (This ¥ PN A g R L principal oll ‘stocks. The intent is not 0 recommend the purchase or sale of any particular stock, but to give the investor such information &s may en- able him intelligently to chart hig own A holding company, ‘Tidewater Asso- ciated Oil, controls, through ownership of over 97 per cent of the common stock, both Tidewater Oil and Asso- clated Ofl. Each of these two subsidi- aries is a complete unit in the industry, ‘Tidewater Oil operating in the mid- continent and Eastern fieids and Asso- clated Oil on the Pacific Coast, The holding company has no funded dekt of its own, but there is some $16,- 500,000 bonds. of subsidiaries outstand- ing, including $14,214,000 Associated Oil 6 per cent notes, due September 1, 1935, Interest charges on this issue are covered by a very wide margin, and the note is a high-grade investment, selling at or above the price al which it is callable. It has no speculative attrac- tion and Is interesting only to those who want a short-term security. Tidewater Oll, the common stock of which is practically all owned by Tide- water ted, a 5 per cent pre- ferred stock of $100 par outstanding to the amount of $19,944,600. This stock sells to yleld around 5.3 per cent, and the dividend thereon seems well pro- tected. Payments on this preferred, of course, come ahead of any distribution on the common stock, from which the holding company derives a large part of its income, so that Tidewater pre- ferred ranks ahead of Tidewater Asso- ciated preferred. 5 ‘The latter is a 6 per cent $100 par stock, of which there is ever $73,000,000 outstanding This stock sells in the market to yield almost 7 per cent, and, while earnings applicable to it in 1929 were over $19 a share; the stock carries business risk, as the high yleld indi- cates. The common stock is, of course, entirely speculative. Dividends are now being paid at the annual rate of 60 cents a share, and the stock fluctuates in‘market price mere or less with senti- “No—very little, Their women seem %o be more interested in their schools and their government. Material mat- ters do not concern them much at the ‘moment,” he replied. “Another thing—many short evening coats will be worn this year, and a domi- nance of natural gray broadtails Also, the general lines will be the same as last year, with coats about ,t’hz same length—about 44 to 48 inches. All fur sales are made by the Soviet government—for cash.. ., 1930, by North American News- s “nlnerymlunce.l POTATO MARKET. CHICAGO May 23 (#).— (United States Department Agriculture) —Potatoes, 63 new, 36 old: on track, 173 new, 76 old; total United States shipments, 1,131 car ; old stock, weak, slow; ‘Wisconsin round Whites, 2.65a 2.80; Idaho sacked Russets, 3. new stock, weaker, fair; ern sacked Bliss ment toward the outlook of the oil in- dustry as a whole. & For the first quarter of 1930 the hold- ing company reported earnings equiva- lent to 19 cents a share on the common. Net for this quarter was $2,165,387, against $1,613,671 in .the same quarter of 1929. The present outlook is favor- able. ———e— PARIS BOURSE PRICES. PARIS, May 23 (#)—Prices were easier on the Bourse today. Three per cent rentes 87 francs 95 centimes. Five per_cent loan, 101 francs 35 centimes. Exchange on London, 123 francs 92} centimes The dollar was quoted at 2! francs 493, centimes. High. Low. Close. % 2 6% L2il0 208 126 19 68% 8 96% . 608 + 1008 144 101 17% 44 9% (Continued From Page 13.) e e Prov, Close. 20, 824 821 % 75 76 126 125% 67% 67 Thomp 18% 201, 8 508 67 67% 100% 100% 9% 9 78% 784 | Convertible Group Strohger, |5 ‘Thermoid Lo (2) . Third Nat Inv (2)... J R) ‘Thomp-Star pf (3%) Tide Water As (60c). ‘Tide Water Oll pf(5) Timken Det Ax(80c). Timken Roller (3)... ‘Tobacco Products, Tobacco Products A. Tob Prod div ctfs B. Tob Prod div ctfs C. . Transcont| Oil (30c). Transue & Tri-Contl Corp. Tri-Cntl Corp pf (6). (1eaes Truax Traer (1.60).. Twin City Ra Tre4).. Und-Ell-Fischer (5). Union Bag & Paper. . Union Carbide (2.60) Utd Biscuit (1.60) Utd Business Pub. Utd Carbon (2). Utd Cigar Stores. ... Utd Cigar Strs pt. LUtd Corporation b United Corp pf (3).. t Utd Fr Utd G Utd Ga 112% 110% 112% 111% 130% 130% 6% 6% 2% 2% 23.. 28% |, 112% 112% 2%.. 71| 51% 48% 56 58k 81% 80k S Sme! Weiioea & Imp(1.20) & Imp pf(6). §td Paperboard, ... Utd Piece Dye W (3) Freight (3). Alcohol (17) P! 3%). 1t Ref pf 3% Va-Caro Chem 6% pf Vulcan Det (4). 140s Wabash, Waldorf Walworth Co (2). Ward Baking (B). ‘Warner Bros Plo ( Warner-Quinlan (1) Warren Warren Bros (3) Fdy & P ( Wess oil & Snow (2). ‘V“Vluohsnnf (4).. Westinghse 4 B (2).- Whstinghse E&M (5) 2! 29% Weston El Instr (1). ‘White Motors (2).... White Rek MS(1434). ‘Wilcox Rich,B ctts 3. Worth Pump(A) (T) Pump(B) (6). © Wor Wrigley (Wm) (4).. Yale & Towne (15) Yellow Truck. .. Youngs Spring (3) Zenith Radlo. .. RIGHTS EXPIRE Am Roll M,.June18 41 Am Tel & Tel.Aug 1 993 DuPont Phillips Pet. deN..July 15 423 une 16 129 & Truax TraC..May 29 30 Sales of Stocks on New York Exchange v payments ba: s Unit of ¢ in stock. §Pi 5% 1 CHANGE IN FREIGHT RATE AFFECTS STEEL Further Softening of Values Ac- companies Revision of Charges. To unsteady demand ‘and declining prices in finished steel has been added the further complication of ~probably the most drastic freight-rate revision in the history of the industry, affecting practically every haul east of the Mis- sissippl and north of the Ohio and Po- tomac Rivers, says Iron Trade Review, Cleveland. Based on mileage scales prescribed by the Interstate Commerce ission, the new rates were effective Tuesday. In general, long-haul rates have been reduced and short-haul rates increased, lowering the freight bills of a majority of consumers. While it is too early fully to appraise the extent of the dislocation, many struc- tural steel fabricators may be seriously handicapped in their accus- tomed markets. For a portion of the automotive trade the Cleveland base on_bars may be more’ widely applied, fhe Tefationships of important. produc- e relations| o ani luc- ing districts. - Sharing widespread interest in a study of the new rate situation is a further softening of prices. .Semi-finished steel is off $1 to $2 per ton in the Middle ‘West. Steel bars, plates and shapes at Chicago have been reduced to the nor- mal l:preud of $2 per ton over Pitts- burgh. Autobody sheets are quoted $2 per ton lower, with further weakness in black sheets at Detroit and blue an- nealed at Chicago. Cold-rolled strip is quoted $2 down at Cleveland. Cast-iron pipe has been lowered $2 at Chicago. Quotations on fabricated structural steel mirror the intense competition for busi- ness. As some of the larger producers, espe- clally of heavy finished steel, evidence an intention of meeting the low prices of their competitors, a feeling that the market may be stabilized at &bout cur- rent levels is apparent. Steel Corporation _subsidiaries this week have fallen slightly below 80 per cent, after holding that rate for several weeks. Pittsburgh is off & few ints, to below 75 per cent. Chicago olds at 90 per cent, Cleveland at "76, Bi Y wn s W) Buffalo is up 3 to 73 per cent. Automotive irements for finished steel are more vi tions, as manufacturers specify material for new models, but the rise in Ford and Chevrolet operations appears to have run its course, and there is jon that automotive produc- TREASURY CERTIFICATES. a0 & Co) meuogam. its first half-year peak. uml-nn{a!led steel 28 cents this week to $33.56. tive weeks fl:‘l‘ln inde:‘ lm’lnxvfll clined. At stood at $33.96, it Gide levs than 1 B rable in serip. TPlus b Payable in st 5 Tepular raie: b Plus 2% in stock. 3 Plus 8% in stoc in stock. ven in the above table rterly or half es. {Part] in stock. ock. d Payable {Plus 10% in stock. en earned. Plus 6% in k Plus v- % in stock: & Bius Business Notes By the Associated Press. NEW YORK, May 23.—Demand for hardware remained at its high level during the past week, Hardware Age reported today in a summary of market copditions. It was attributed to fevor- oy ISSUES IN DEMAND in Sympathy With Stock’s Advance. BY. F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, May 23.—There were a number of strohg spots in the domes- tic and foreign bond lst today, re- flecting the moderate upward surge in stocks and a better disposition toward strictly investment issues. - The day’s total was influenced by the trading in the convertibles, of which the Ameri- can Telephone 4!4s represented a large portion. As this was the final day for con- version of the bonds into stock entitled to “rights,” many of the transactions were on & cash basis and at higher prices. About 10 per cent of the orig- inal issue of approximately $219,000,~ 000 had been converted up to the close of business Thursday. From indica- tions today it appeared that about $10,- 000,000, or less than 5 per cent of the initial offering, would be held out through the neglect of -bondholders to exercise their ivileges. The stock rights expire on- August I. Other strong stock warrent bonds were International Telephone 41s, Philadelphia & Reading’ 6s, Baltimore & Ohlo 4%4s, Alleghany Corporation 5s, Texas Co. 55 and General Theaters 6s. Except for St. Paul adjustments, which touched a new low ‘level, junior railroad bonds were strong. Features in this group were Denver & Rio Grande 58 of 1955, Missouri Pacific 4135, Erie 55 and Chicago Great Western 4s. The first mortgage rails and public utilities were steady. The counter market for these issues was restricted by the exodus of bond dealers today for their annual outing. 2 In- the foreign mu)? the higher premium on Japanese 5l2s gave a 2- point profit to the institutional buyer, at the subscription price. There was some evidence of accumulation of Ger- man issues in anticipation of the new Greek loan, a sharp rise in Bolivian 7s and weakness in the Peru 6s. It is now definitely decided that the American portion of the German loan will be.$82,500,000, but the price is yet to ed. It is expected that this will quite definitely known to mem- bers of the American syndicate early next week, and possibly tomorrow. Washington sfock Exchange SALES. * Washington Gas 55—$4,000 at 10314, Capital Traction—10 at 70%, 30 at 70, 10 at 70, 10 at 70, 50 170}, Norfolk & Washington Steamboat Co.— 10 st 262,710 at 264, 10 at 265, 10 al 3 National Bank of Washington—10 at 255. Carpel Corp.—50 at 26%;. AFTER CALL. Norfolk & Washington Steamboat Co.— 50 at 266. e Potomac Electric 6s 1953—$1,000 at 108%%. Capital Traction 55—$4,000 at 951,. Norfolk & Washington Steamboat Co.— 10 at 265. UNLISTED DEPT. Chapin-Sacks 8% pfd.—11 at 105%5. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. & Telga. 43 '3, ok & Telew 42 8 . C. & P. Tei. of Va. Capital Traction R Gity & Suburban ase C. Paper Mfg. 6s. " i 'Sirase Wash.' Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & mboa Power 6% ptd r 8%2% pid Pot. Elec Po om. (7} i) Gapital lumbla, e (13] m | able weather conditions existing in most | Becand (b sections of the country. Prices are gen- | erally steady, Hardware Age reported. Metro-Goldwyn-Mayer will release 50 talking productions during the year be- ginning August 1, nounced. The National Supply Co. has received two contracts for pipe line and supplies valued at more than $25,000,000 the Missouri-Kansas Pipe Line Co. and the Albuquerque Natural Gas Co. Sin- clair Pipe Line Co. has ordered 4,000 tons of‘pipe for a NR: line from the Youngstown Sheet & Tube Co. - ‘The General Cable Corporation an- nounced it has received an order from the Anglo-Chilean Consolidated Nitrate Corporation for 350,000 feet of bare copper wire, 250,000 feet of standard hard-drawn copper cable, 3,000 feet of No. 3 conductor wire and 150 miles of bare No. 10 average hard-drawn copper The Otis Steel Co., it is announced, has resumed production in its No. 2 blast furnace after making a record in relining and enlarging it. Its ca- tons. The work was done in 46 days. Sugar consumption in the United States this year is icl 1929, Finlay & Co. reports view of the raw sugar market. in a re- Princi- cent decrease, the company said. Ore consumption of furnaces in April totaled 4,574,525 tons, compared with 5,417,891 tons in April, 1929, the Lake Superior Iron Ore Association reports. - INVESTMENT TRUSTS NEW YORK, May 23 (#).—Over-the- counter market: Basic Industry Shares Charted Invest Com Crum & Foster Ins Crum & Foster Pixed Trust Shares Granger Trade rous in some direc-T<Quotations furnished by W. B Hiobs & Co.) ‘Nominai goia Seiig checks ari. tor Wades " si'seve 1930, it was an-|Fr pacity was increased from 550 to 650 P unchanged from.| Nat pal countries of Europe show a 2.4 per | Le: TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust Merch: Bank Tru Trust (86).... ... hington Loan & Trust (i4) SAVINGS BANK. Seve United Btates (30). Washington Mechanic: FIRE INSURANCE. Ameriean (12) Corcoran (10). Firemen's (8. """ National Union’ #fs) TITLE INSURANCE. Columbia _(6h). Real Estate (6h) Title & Inv. Co. Md. E " MISCELLANEOUS. arber & Ross, Inc. 2 Chevy Ch. Datry bfd. (1) gol. Band & Gravel ptd. . P Bl.C Faper e pid, sEusessy R = Merch. Trans. Mergenthaler :3..53:. "(‘%’fl il tge. & _Inv ' pfd Pw?lel Drug 8. ptd. (8i4). B e M e il ] Ter. Ref. V‘l‘l‘ kS & @y 50 som . i wan eitra y2%% extr 3% extra. e Ca Wash. Mech. A Wash. Med. B Wdwd. & Lothro x dividend. T .. extra. *1%2% extra. wiWhen issued. Unlisted Department. BONDS. Army-Navy Club 5s. Gosmos Glub. 4 Anacostia Bank. Chapin Sacks.. Chapin FERS SR Washington Base ‘Woodri n-l..-nmnn'i«v.mlun U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business May 21 was $116,910,783.71. = Customs the month to date UNITED STATES. , (Sales are in $1.000.) 81 Sales. Higl 10 100 h. Low. Close. ' 12 10012 10012 24 10119 10118 10119 US4K862... FOREIGN. Argentine & Argentine §s Ju Argentine, Ma Argentine 6% Batavian Pet 4% Belgium 6: e Y DEI5%s, % Dutch East Ind" ¢7. El Salvador 85 °¢8.. Fiat 75 ex war 46 Finland 6% Finland s £ 65 *46. .. Finland 7s. .. Framerican 73 French 7s. French 7%s. German Bank 6 German7s... S ol oo B8ewr2e L BRanh wil s tan seBRaakoan i 3.... & Kreuger&Toll 5 ct 116 e e fenaSenn Grraneano meilal aaneeRaoan o = Porto Alegre Queensland 6 Queenland 7s. 1073 b 8% Riode Jan 8s 9944 Rome 6348, R'y’l Dutch 4 Utd Kingm 5%s Uruguay 6s 60, Uruguay 8s. . 771029 1027 11 105 24 1051810524 1 107 30 107 30 107 30 13 1123 1122 1128 115 101 1029 Low. Close. 874 8% 8% 98% 98% 98% 112% 112% 10R% 108% 101% 101% 6% T6% 99% 99% 97k 9T 100% 100% 110 110 924 92% 101 105% 105% 102% 102y 101% 102 107% 107% 9" % 874 8% 96% 964 100% 100% 108 108 117% 117% 1224 122% 90% 90% 108% 108% 104% 104% 87 87 98% 98y 98% 99 96% 96 9T 9w 103% 103% 83K 83y T1% 1% 9% 98% 103% 103% 103% 103% 1% 9N% 1021 102% 90 904k S6% U6% 108% 103% % 101 101 106 106 107% 107% 50 90 Téh 9 1041 104% 107% 108 9% 99% 100 100 80 &0 04 90% 104% 104% 98 984 104% 105 MU 9% MISCELLANEOUS. AbItibl P&P 63 °53.. 25 Abrama&Straus 5%d 1 Alleghany Cp ¥6% 101% o | Alleghany & Am Agri Chem T%s Am Chain 6s ‘33 AmIGChb6i%s'49.. 1 Am IntCor 5343 26 Am Metal 5% '34., 10 Am NatGas 6443 1 AmSmit & R 10 1 Bell Tel, Pa, 6 (B) Bell Tel Pa §8 (C). . Bethlehm £tl pm b8 Beth Steel rf 58 Brklyn Edison 5 Colon O11 Col G&EI 53, Ma Com Invest 533 Com Invest ConGasN ¥ 6%s., Consumers Pwr 5; Cuban Am Sugar Det Edison Dodge East Cuba Sug T%s Gen Mot Ac Cor 6s. Gen St Cast 5% 349 Gen Thea Eq Gen Thea Eq Int] Tel&Tel & KanG & E 6s 62 8 ww Laclede 5% s D" Lautare Nit Liggett & My Loew’s, 1nc, 6s. Morris&Co 18t4%! Nat Datry 6% 4! £ 53%3°82. Nor Ohlo Tr&L 6s. Pacific Gas & K15 PacT & T 58'52 i'an Amer Pete 63, Paramount 68 "47. Phila Co s Phila .'RP-“'f 26 Phillips Pet 5%8. . G v 1 S%s 29 Pillsbury F M Posta) Tel 8C s Pub Svo G 4% C, Pub Serv G 43%8 70, 11 5% 8614 101% 101% 101% 101% 100% 101% 103% 108% 101% 101% 106% 106% 993 994 Y9l 99 90 90 101 101 103% 104 169 168% 104% 104% 104% 104% 104% 104% 1073 1075 100% 100% 9 9% B4% 84U 6% 764 101% 101% 105 105 106% 107 101% 101% 103 103 104% 104% 45% 46 MU W% 9% VTN 49 490 106 106 103% 103% 9 99 108 108% 4% wo% 7 70 103% 103% 104% 1041 9 9y 133% 134 105% 106% 3% 4% 101% 101% 104% 105 B8l 88% 100% 101 1035 103% 102% 102% 83 83 120% 1204 127 1271 8% 99 87% 874 108 108 101% 101% 101 101% FINANCIAL. NDS o ] Direct to The Star Office Sales. High. Low. Close. PureOl16%s'87... 6 100% 100% 100% Rem RandS%aswar 5 98% 98 984 Richfield Ofl 63 *44. 96 95% 96 Sinclair Ofl 6% 102 101% 102 104% 104% 104% 104 104 104 7% 9% 9% 1064 105 105% 1021 102 102% 96% 964 964 86 85% 100% 100% 100% 100% 100% 100% 91w 9% 9w 91k 91k 91k 104% 104% 104% 107 106% 107 2 105% 105% 105% 103 103 103 Youngstn 8 &T Ss.. 102% 102 102% RAILROAD. A T&SF cv 452006. 10 91% 91% 91% Atchison gen 94% 94% 94 Atchdeb 4%s 134% 134% 134% 94 94 94 Atl C 1st Atl Coast U Pwr&Lt Utllities Pwr Walworth W L Line 93% 93% 93% 100% 100% 100% 103% 103 108 104% 104% 104% 103% 103% 108% 109% 109% 109% 104 104 104 ¥87% 88l BB 99% 100% 921 92% 98% 99 83% E3% 93% 93% 95% ] Buff R & Pitts 443, Can Nat 4%s B4..,. Can Nat 4 %8s 67 Can Nat 43%s Can b8, 1 8, Jul Can Nat §s. Oct °6: 95% 954 96% 102% 102% 102% 102% 102% 102% 110% 110% 110% 103% 103% 103% 6% E6% £6% 99% 99% 9% 102% 102% 102% 101% 101% 101% 103% 103% 103% 100% 100% 100% 99% 9% 99% 978 94 8 1% 86 9% 63% e » - BronnSexirbate avzmn tral Pacific 4s. . Cent Pac 1st §5'90. Chu IQO‘ 3lo Corp bs. Boran 39 ChiM}!StP&P 65'75, CMSP&Pac adi5s03 Chi & NW gen ¢s... Chi& NW con 4% . Chi& NW #3887, © 15 90% 90% 90% 101% 101% 101% 108% 103% 103% 109 100 100 100 9% 9% 9% 95 YT% 9TH 1 99% 116% 116% 1154 12 %0 9 90 104% 104% 104% 00 1 00 7% 97% 9T 9E% 9815 18% 100 RR . 1% Cuba Nor 6% s rets. €4 €4 64 Del & Hud 1st rf 48, 93 93 93K 106 105 105 9% 95 5% 95% 6% D R G&Wst b 2 o2 Duluth S S & Atl b8 Erle conv 43 (A) E: 0! B, 4% 94% 94% 101 101 101 65 65 55 105% 105% 105% 110% 110% 110% 7% 9% Y% 9% 9T% 9T% 96% 96% 96% Fla East C 587 Gr Trunk st deb §; Grand Truhk 7s.... Gt Nor 4348°76(D). Grt Nor 4348 (E)... Grt Nor 1st §s. 110% 110% 110% 111% 111% 111% 20 9 29 100 100 100 554 b65% B5% 82% 8z 82 99% 99% 99U 3% 93 98 105% 105% 105% 68% 68% 68% 68% 681 931 93% 931 €34 83% 83y 6% T6% T6% 101% 101% 101% 91 91 o1 99% 99% 99% ¥9% B9 89 98% 98% 98% 89% 89% 89% 98% 98% 9815 106 106 106 £2% 52% F215 92y 924 921 1) Hav El Ry §%s'51 Hud & Man adj Hud & Man ref Il Cent ref 4s. . T11-C-C-StL&NO bs. @ PRARAINADRN NARNRRA D MN—RRD AR~ o Int & Gt Nor adj Kan City Sou 3s Kan City Sou & Kan City Term 4s Lake Shore 48 ‘31 Lehi Val con LehV gen 4% Long Isl rf 4849 L&N 4%82003 L&NG6%s. ManRy 1st Market St 7 o M StP&SSM con 4 M StP&SSM 6%4s. .. M K&T prin Ss(A). MK & Tex adj 5». Mo Pacifie gen 4 Mo Pacific 53 A 101% 101% 101% 102% 102% 102% 106 106 106 78% 781 8% 100% 100% 100% 100% 100% 100% 100% 100 100 109% 109 109% 98% 98 98% 52% B2% b52u 96% 96% 96% 101% 101% 101% 9% 9% T9% 924 921 924 107% 107% 107% 106% 106% 106% 97 97 97 674 96% 965 107% 107% 107% 107% 107% 107% 101% 101% 101% ‘79 8% 79 o e Mo Pac 534n 49 cv. Mont Trm ref 5a'¢1. Nassau EI 4; - - L1211 TP OO 98% 125% 125% 125% 90 894 89% 66% 66% 66% 1% MU 91Y 114 113% 118% 95% 955 95% 101% 100% 101% 100% 99% 99% 100% 100% 100% 108% 1083 108% 104 103% 108% 1095 109% 109% 97% 9T% TN 104% 104% 104% 100% 100% 100% 9% 99% 99% 99 98% 99 100% 100 100% 92% 925 92 98% 98% 98% 100% 100% 100% ¥8 YR 91 Nor Pacific Nor Pacific ref Penna 4% #1970, Penna con 4 % Penna gen ¢%3. PortEIPL Port RL&P5s'3 Port RL6s'47.... Reading gen 4% A. Rio Gr Wt 1st 4a.. R1Ark& L 4% StLIM&SS5s. StL IM&S R&G StL&SFpldsA,.. 23 90% SIL&SFeysts.. 1 101% 101% 82 571 | gou pan 98% 99 118% 113% 106% 106% 100 ¢ 103% 103% 102% 103 1024 102 104% 104% 105 t | Third Aveads &% | unton Pac st 8 58, Sou Rwy 6%s. Term Asso StL. Tex Ark FS b145'50 Tex & Pacbs BT, Tex & Pac 58 C*19. Third Ave ref Third Ave . 25 124% 124% 124% 1104 104 104 3 105% 106% 105% 5 102% 102% 1024 2 103% 102% 103% 12 96 827 20 3T 2 91 91 9 2 954 94% 954 « 20 90% 90 90 Tol StL & W 45°50. . 10 98% 1064 105% 10:% | du !;, ; apples, bushel, % . 7 0N% MK NK w, NREASEINAUTD PURGHASE NOTED 1% | Present Rate of Output Ex- pected to Continue Through June, - BY DAVID J. WILKIE, Associated Press Staft Writer. DETROIT, May 322.—Manufacturing activity in the automobile industry prob- ably has reached its peak for 1930, and the present output of slightly more than 100,000 units a week may be expected to continue at least through June, in the belief of most of the industry's ex= ecutives. May sales, cording to Ale fred Reeves, general manager of the Na« tional Automobile Chamber of Com- merce,are promising, even though the improvement is somewhat “spotty.” ‘While the lowest price fields continue to supply the bulk of the current busie - % | ness, manufacturers in the medium and her price lines report encouraging activity, Recent Figures.’ “Just because you hear so much about the lowest rnee fleld getting 60 or 70 per cent of the total business in the ‘| automobile industry,” said a represent~ ative of one of the manufacturers of higher priced models, “you must not conclude that medium and higher priced cars are not being sold. We're selling oars in volume comparable to 1928." Figures announced by General Motors on actual deliveries by dealers to con- sumers in April showed.a slight increase over the previous month with 142,004 units, compared with 123,781 in March, ‘While a large part of these deliveries were in the lowest price line, they cov- ered also the medium and higher priced models. It is particularly interesting in this connection that production of the Cadillac 16-cylinder model has increased each month since the multi-pistoned car was first shown at this year's auto« ‘mobile shows. * ‘The automobile industry generally has found considerable satisfaction in that there is a definite field for what might be termed a new type of luxury model automobile. Al« ready reports are current that another 16-cylinder automobile will be brought out within the next three months. By the way of contrast comes the an« nouncement that the American Austin, a bantam car in the lowest-price field, will make its appearance within the next few weeks. Although the majority of the motor car makers have been expected to with- hold presentation of new models until January 1, one maker who produces in several price classes soon will bring out a new model of one of his established six-cylinder types. The car already is in production and formal announces ment of its various new features is exs pected within a few days. Price Cuk ‘The Chrysler Corpgf.ima, in ane nouncing a ice cut on a certain model, recently frankly explained the reduction was designed to clean up curs duction of a new one in Midsummer, Rumor has it that several companies plan to reduce the number of models handled, discontinuing certain lower priced lines that supplement their me« dium and higher priced cars. Two eight-cylinder models to rerhce present sixes and possibly a 12-cylinder car in the higher-price class also are looked for in the readjustment. Special Dispateh to The Star. BALTIMORE, Md., May 23.—Poultry, alive—Chickens, springers, pound, 32a 40; Leghorns, 26a33; old rooster: 17; old hens, 26a27; Leghorns, 17a2: , 24a25; guinea fowls, each, 50& 5; eons, pair, 30a35. 4 Eggs—Receipts, 1,907 cases; nearby firsts, 21; hennery white firsts, 22. Butter—Good to fancy creamery, pound, 34a36; Iadles, 25a28; rolls, 25 28; process, 30a31; store packed, 20. Vegetable Prices. Potatoes, white, 100 pounds, 2.258 3.00; new, bushel, 1.25a2.50; sweet po= tatoes, barrel, 2.50a3.50; yams, barrel, 3.00a4.00; asparagus, dozen, 60a2.50; beans, hamper, 1.00a2.25; cabbage, hamper, 1.25a1.50; carrots, crate, 3.008 4.50; caulifiower, crate, 2.50a2.75; cel= ery, crate, 2.50a3.50; kale, bushel, 408 175; lettuce, bushel, 50a1.00; lima beans, hamper, 5.50a6.00; onions, 100, 1.25a L50; peas, hamper, 75a1.25; peppers, o7ate, 2.50a4.00; radishes, 100, 1.008 ; spinach, bushel, 35a60; squash, hel, 1.2522.00; tomatoes, crate, 2.50& g 1.25a3.50; can~ ' Aloupes, box, 5.00a8.50; grapefruit, box, 2.5006.00; oranges, box. 4.50a9.00; pine« apples, crate, 2.50a3.00; strawberries, quart, 8al12%5. e Hay and Grain Prices. ‘Wheat—No. 2 red Winter, export 1.05%; No. 2 Winter, garlicky, spof 1.07%: May, 1.07%; No. 3, garlicky, no_quotations. Corn—No, 2 domestic, yellow, new, 94a95; cob corn, new, 4.75a4.80. Oats—No. 2 white, domestic, spot, 54a5412; No. 3 white, domestic, spot, 5212853 Rye—Nearby, 75a80. Hay—Receipts, none. The general hay market continues quiet under light receipts, mostly by trucks, but ample for the demand, which is Iimited, While not enough hay is arriving on which to establish values by grades oy carload lots, the better grades of time othy and clover mixed are in fair des l;;\nd at a range of 20.00 to 25.00 pet Straw—No. 1 wheat, per ton, 9.00a 10.00; No. 1 oat, per ton, 9.00a10.00. Live Stock Market. Cattle—Receipts, 100 head; light sup~ ply, market lower. Steers—Choice to prime, none; good to choice, 11.00 to 11.50; medium ta , 10.50 to 11.00; fair to medium, 9.75 to 10.00; plain to fair, 8.75 to 9.75; common to plain, 7.75 to 8.75. Bulls—Chocle to prime, none; good to choice, none; medium to good, 8.t 8.50; fair to medium, 7.25 to 8.00; plain to fair, 6.50 to 7.25; common to o S w! 0 e, none; to choice, none; medium to good, 7.00 to 8.00; fair to medium, 6.50 to 7.00; plain to fair, 5.00 to 6.00; common to plain, 4.00 to 5.00. Heifers—Choice to prime, none; good to choice, none; medium to good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. to $110. so;a:-d: eep, to 12.50. Fresh cows and Springers, $50 Sheep and bs—Receipts, 1. light supply, market higher. 2.00 to 6.00; Spring lambs, 9.00 Hogs—Receipts, 400 head; ply, market higher. 11 vies, 10.00 to 1 To! to 11.00. Calves—Receipts, 25 head: light sup- market higher. Calves, 6.00 to SILVER QUOTATIONS. ‘ofllw ‘YORK, May 23 (#).—Bar silver, Sales. High. Low, Close. 12 101% 101 101 1 93% 10 102 93% 93! 101% 101% 100% 100% 28% 835 9% 984