Evening Star Newspaper, May 29, 1930, Page 15

FINANCIAIL. FINANCIAL D. C., THURSDAY, MAY 29, 1930. CHICAGO STOCK MARKET | APRIL, RAILROAD STATEMENTS: ¥ SHICAGD. May 30 s the SHOW LESS LOSS IN REVENUE SHARP DH}“NES OCHICAGO, May 29- complete official of transact! in on the Chicago Stock lxumn THE EVENING STAR, WASHINGTO! , CURB ISSUES MOVE || NEW YORK CURB MARKE A—15 Received by Private Wire Direct to The Star Ofice 3 - stocl P~ Sockane el Shvime— sookase Tow " Dividend Rate, 446 o6, Oben. Mk, Lew. Low. Dividend Rate. mn.n—um Low. closs. | 30 AbPott L& 334 Addressograph (1%4) 9% Intl Util war (new).. 0 10 'J 3 8 8 % 3% 2 1 Am Mol 3@" cm% Utilities and Oil Shares Lead in Dull and Irregular Market. BY JOHN A. CRONE. “@padial Dispatch to The Star. NEW YORK, May 29.—Standard Seciirities, such as leading utility and ©il, fasues, led today's dull and irregular turd: market. Volume of trading was %25 per cent under that of Wed- ) yeflecting the usual lack of Public interest in pre-holiday markets. American Superpower, American Gas & Electric and American Common- ‘Wealth's “A” eased after opening higher but Electric Bond & Share, United Light & Power “A” and American Light & Traction new, maintained and added %o their initial gains. Vacuum Oil led the early upswing in Standard Oils reaching 92%, & gain by idday of 2% points. Creole Petroleum, & Btandard Oil of New Jersey subsidi- ary, belatedly responded to its 1929 earning report, which showed per share profits four times greater than in 1928, United Gas preferred was the first of the natural gas shares to attain a new mflce for the year. Missouri~ Pipe Line was the first pipe line dssue to perrorm a similar feat. Investment trusts and trading cor- porations reacted to favorable develop- ments sometimes in unexpected wa: Central States zlectrlc or instant eased despite the fact that its uuum-unx value of $18.20 a share at the end of the first quarter, compared with $8.47 &t _the end of 1929. Electric shneholdin. nlned more than a point in response to its report -hovrtn: liquidating value of $27.85 a on March 31, against $18.75 at Qm end of last year. Mayflowgr Asso- ciates, up %, responded to m better- ment l.n ofl and copper shares, Metropolitan Cha! , Tose 113 points. Cuneo Press, after opening lower, rallied and reached & new high level. United States Tin Foll, recently inactive, was up 2 points. (=1 >5§>g .uflfl.fi.‘!’a—fio.--.!g EEREE 3§§g,2=-5'-.-. 99999?9!!”§ 250509 a (£ % B, 3 o L ey 4 & 3 { z :.l.é [~} s ot 888, 3 23882328228 SRR EESE PSSR 53 22222228338238282: FEEE s eneegsy! = BRgeS5e3553ngungnygessten 3271 g etetei 55 & #E 555555 = & VR 82285 3 o 8 X 2322328232328 J E as 2050 S et Tex UL ss A 31 1% & West Union Tel 55 '60 1t FOREIGN nmms " _8Asr Mtg Bk s '46... 88 Buen 6 1 Mendoma Pe 7108 § Parana Brazil Ts Pru 8s 2 Prunlln F 8 6ias 1 Rubr G Co 6135 A 53 r Hous z_flo-.n '58. 1t s-fln-u‘ lle 78 4 i 13 Sydnes n'aw ] ‘2 fn ww—With wy n—wlthout 'nnnu. A New Vi=When lssusd. 1% Aeronautio Ind war. 15% 109% 105% Alu Co of Am pf (8). 8% 4% Am British & Cont. s Am Br B 4 shars. Am Capital (B) Am Capital pf (: Am Cigar Co. C P&L(B] Am Com I(A) b10% . Am Co'with Pwr war % Am Control Ofl Fids. Am Equities. .. Am l‘or Pwrlwu).u Am Natural Gas. ... Am Buperpwr (1)... Am Superpwr pf (6). Aun Super 1st pf (6). Am U&Gen B vte 400 Am Yvette (n) 84 40% ll: 1% 114 1% % Asso Gas&Elec....: 6 ll” As80 GEE (A) 12.40. As80 GRS&E] ctfs(8) Asso Rayon. . Asso Rayon pf (8)... Asso Tel Util (b7!.=. 4% Auto Voting Mach. .y 9% Auto Vot Ma ov pf pt 24% Aviation Corp of Am Bahia Corp..... Bellanca Afrcraft..e 3 Co (E W) (1).e Ridge Corp.... Blue Ridge cv pf(al) Bohack (HC) 2%... Brazil Trac & Lt ( % Brit Celanese rcts 0 Buft N&EP pf(1.60)« Corp (131€) v C-bunwiro (B) uu ni. Carnation Co($134). 3 Celaness Corp...... ese Corp 1(1)- Cent States Elee $40e Chain Stores Dev. Chain Stores Stock. Chat Ph Al n-v(50c). Chem Nat Asso n-v. Chicago Corp (The).. Cities Service(3300) Clev El Iilum (1.60)+ Club Alumn Utensils Columbia Pic (u%): Colum Pic v.t.e. $13%. Com'with & Sou war. 2 6% 96% 1 101% 101% 11 1% 18 3% 18% Com'with Edison(3) lBfl; ‘l& ll‘ Comm WatServbé% ¢ ll“ % Consol Auto M 5 Con Gas, Balto(3.60) Con Gas Util A 2.20.. Con Gas UtiLB v. u. Consol Laundri Con Retail Strs (1).. Consol Theaters. Continental Oil. Ot O e 1 10 T e 39% Coty Boc An(74 8% Creole Petroleum., 18% Crooker Whaeler, ... 11 Crown Cork IntlA(1) 1 80 CrownCa&8 Dl(l.") 1768 & Cuban Cane propt w 84 Cueno Press (3%)... us Curtiss Wright war. Cusi Mex Mining. ... 'l\t Darby Petrelm (1) 22% 16 Davenport Hos (3 - LI - 00 35 e 9% Distill Corp Seag(1) 10% Dixie Gas&Utilitie 4 Dolores Esperansa - = L=t PPN 6 e (] 100s 190 190 185% 28 1‘uu 16 164 7% Eastn Util Inv (A) 184 Eisler Eelectrie(134) 17% 80% El Bond & Bh (ll).. ‘.l 107\ wm lol.i El Bond & 8h pt (6).. l 108 % Elec Pwr Asso (1)... IRM Elec Pwr Asso A (1). 28% Elen Pwr & L op war, ll‘fi Elec Shareholdg(31) 13% Empire Fire Ins. Empire Steel Corp. Employ Reins(1% % Engii debrts. .. Evans Wallow Lead. Fabrics Fininshin, o S LT P T P P S T T - at Film Inspect Mach. . Fokker Afreraft.... Foote Br Gr M (1.20) Ford Mot, Can A t1% Ford Mot France,26e, Ford Mor,Ltd. 37 je. Foremost Dairy Ps Foundation For Shs, Fox Theater Cl (A Galena Ol Corp. = Baking pf (3)... Capital Corp. ... E. Lta rcta(b00) Gen Empire Corp. ... Gen G&E ev pf B(6). Gen Laundry Mach Gen Petroleum w.1. Gen W W&E(A) ( Gerrard (SA) (1%). Glen Alden Coal 3. glohs Underwriters. Gold Seal Elec new. Gorham, Inc pt (3).. Goth Knitback Mach GrA&PTo-v(5) Groc Stores Prod 29% 2T% Guenther Law (2) 166% 131% Gulf Ofl of Pa(1% Happiness Candy. ., Hartford EI Lt(3%) Helena Rubenstein. , Heyden Chem (2)... Hollinger Gold (60e) Houd-Her cvpfA21. Houston Ofl of Texn * » Hygrade Food Prod Imp Oll, Can, n( Ind Terr 11lu O1) (A) Ind ¥in ctfs(b10%). [ndus Finev pf (1), Insull Ut Inv(b6% ). Ins Co. No Am (13), Insurance Sec(1.40). Intercoast Trade (1) Intercontinent P Int Holdg&Inv lo Intl Petroleu; Intl Salt (n 1 Intl Superpwr (i l'li flt Internstl Utll (l)... m .rm - k, e IOl B TR RN IR SRR lfli 3 \i 10 129% lllu 28% 284 §-35 H % 100 Natl Da Prpf A (7). 1% IIntl Utilities (war). 10% Interstate Equities.. 40% Interst Eqov pf(3).. Irving Air Ch(1.50) Irving Air Chute war Italian Superpwr A.. Italian Super war... Kirby Petroleum. .« Kiein (DE) Co (1).« Lackawanna See Lefcourt Real(11. Letoourt Real pf. Lily Tulip Cup 1! Lion O1l Refin (3 Loew's, Ine (war). Louisiana Lan - MacMarr Stores (1). 3 Magdalena 8ynd. ... Mapes Cons Mfg t3% Mar W T br shrs 62e. Marine Mid (1.20 Marion Steam Shov.. Mass Util As: Mavis Bottling. Mayflower Asso (33), Mead Johnson(13 - ™ llxll!o Ohio Ofl. Mid Roylty ev pf(3 % Mid Sts Pet v.t.c. A, Petv.te B.. Bts Ut(1%) Util(b8%). R S AR LW S R P Moody’s I 8 pt pf (3 7% Morison Elac($1). .., % Mountain&Gulf(Se). 8 Mount Prod(1.60)... 7% Natl Amer Co... 8% Natl Aviation. 42 Natl Bond & 8 (25¢! Natl Fam Stra(1.60)« !l& Natl Fuel Gas (1)..4 18% Natl Screen Bve(2).. 12 Nat Sh Trm SeA t50e l'% Natl 8tl Corp (war)., Natl Steel x-war(2) .. Natl Sugar, NJ (2). :u Natl Union Radio New Eng Pwr pf (6). 308 New Eng T& T (8)..2508 N J Zino (123%).. New Mex & Ari: Lfl.\ Newmont Min (34).. Newport Co (2)....a N Y Hamburg (2%) g N Y Rio&Bu Afres N Y Tel pf (83). N Y Transit,n(t1. Niag Hud Pwr(new). Niag Hud Pwr.A war 11% Niag Hud Pwr B war 12 Niag Shars Md(40e). 27% Niles-Bement-P 2% 1% Nipissing (30 !5% Noranda Mines (3).. No Am Aviat A war.. Nor&Sou Am Corp A. Nor Sta Pwr A(8) 4 Oh1o Of] (4)....net Outbd Mot(A)(1.80). Outboard Motor (B). Pac Coast Biscuit (1) Pac Coast Bis pt 3.50 Pac Pub Sve (1.30) & SrmaenSBnrnnaann R as duw s - = Pepperell Mfg (8 Perryman Elec Petrol Corp war. Pilot Ra T(A)(1.20). Plymouth Oll (2).. e Polymet Mfg (1 Power Securities pf.. o) & Whitely 1 Prince & Whit pf(3, Prudential Invest. Pub Util Hold w Pub Util Hold wa PugSA P& L pf (6w, m Pure Oil pf (6).. 7% Pyrene Mfg (80c) 15% Radio Products1.... 7 Railroad Sh Cp(25c), 12 RY&Utll Inv (A)... +8% Rainbow Lu Prod A, 3% Rainbow Lu Prod B.. 2% Reiter-Foster(40e) . 14 Reliance Intl (A) ‘m Reynolds Inves Root Ref cv pf(1.80). Ryan Consolidated. . StRegis Paper (1).« Salt Creek Con(40¢c). Schulte Un bc-31 St.. Seaboard Utilities. P s oo U PP 3 [TPRIOTOTS - JUPA oo porey ©Se Sisto Finance Corp. . Smith (AO) (2)...a1 191 OO ery Btand Of1, KY (1.80), Btarrett Corp of (3). Stein Cosmetics. Stinnes (Hugo).. Stutz Motor Car, Sun Invpt (3). . Sunray Ol (40¢). .. Superieater (13% )., Bwitt & Conew (2).. Swift Internatl(23%) Taylor Milling (18) w Technieolor, 1n - —aoe e P - Thermold Co pf (7)o ‘Todd Shipyard (4).. # N Tri-Cont Corp (war) Truns Pork 8 (1.60). ‘Tubsize Chatel (B).. Twin States Nat, G A Ulen & Co .o Ungerleider F Corp, % Union Tobacco... Unit Carbon pf (7). United Chem pt (3) % Unit El 8ve pr war, Utd Founders(b3.35) U S Gypsum (1.60).. United Gas Co...... United Gas Co (new) 6% United Gas (war)... Unite pI(T)... United Gas Corp ctfs Utd Lt & Pwr A(1).. Unit Lt&Pwr(B) (1) » - © B L » 8 o UBFoll (B) (1). U 8 & Int] Secur. @ s Utility Equities Vacuum Ol (14%).. Van Camp Packing. . Van Camp Pkg pf 1% Venesuela Pot (20c). Financial Corp. len‘ Pump. . Wil-Low Cafeteri: Winter (Benj). L oeHEREn el SuaSE. Sanit s iad - ’l'wl luN fi J 21 n une - BNNeASH He * 16% 16% & # 1% 1% L > 4 Ak Com 100 Community 450 Cont Chgo com éifi%: témo ot oe Shcespca: e FErER o PR, (] e A sk nne FEEE FE N nzengsieset vgy FEXEE oS! §E *3 50 Hart-Car Houdaill 7 £ 100 Ind 3750 Inland Ui 650 Insull ULIL Invest st Co of Am ity NEREEN! e 3 s co 2 FE NEE B0 wie TN i uSsgcHsEe S SS =.===l.§:.=fl: IR O 2:,'88 s orp.. Northwest S‘ln: (ng‘nxthwnlz e & FEE gt Scliue oSzt ;?;:g:, CH== FEEEEE & ':s &ul [ Jam lfi% x&u 108% Ry et i W s RK, May 20 ;:ll!t electmlyuc spot an ‘on quiet, uncha lm! near! .—Copper uture, 1! ‘Tin easy; spot , 31 lln‘fi.?e\ln ,1.50.’ ac 8 flll‘ 85. Mm’mu, NEW YORK COTTON NEW YORK, May 29 (Special).— Showers over a portion of Oklahoma, ‘Texas and the lower Mississippi Vllley and predictions of unsettled weather over a wide area of the cotton belt caused more active covering on the Cot-~ ton Exchange today. Prices advanced about 10 points and ended with a_gain of 6 to 10 points|to on the day. Fears of a less favorable % | turn in weather conditions om tho holiday reduced sell; 3 wera":’,d\mnmd 10 m’na to 16. lfl ‘tober, new | December, old December, new'. 1 January, 'old January, ne 307 | been deteriorating ¢ | 54¢ revenue cars TB.EASUBY CERTIFICATES. f‘"“ by J. & W. Maturity 5t 1 18/ Allis-Chalmers Go S8 l”’l American Tel. American anel 5 g-mmou & Oh o Cllflornll Pet. " 's=35§§§§. q {Figures Are Favorable in Comparison With Reduced Revenues Durmg Month of March. BY CHARLES F. SPEARE. Special Dispateh to The Star. NEW YORK, May 30.—While April rafiroad earnings make & very poor comparison with those of the same month last year, the percenun of net operating income decrease 0 h a8 that shown in Mnrc e downward ucnfl in net menun N 'lth '.h‘ ber's loss to that of November. In :umlry. !he 28 decrease was per m nrylcmmnwaomum d by March to 37 per cent. A col mon of the results of sbout so n( eading carriers in April shows that l.helr decrease will run to about 35 E‘r cent, as against the situation in the same month last year. Some Rallroads Gain. In neatly all cases both gross and net operating income are not en.ly below those of similar months in 1929, but lorlnluho mnulmump f roads, that have been l:h 2 | Southwest traffic has Virginian, Norfolk & Western, CI Soust L‘lz: ‘Bangor & Amonu»:e Mgl‘flx Coast Central and Florida East Coast Line. The Erie and the Denver & Rio Grande Western nearly approximated, in the first four months of this year, their net income in the January-April | g pm"r%d:%l los. i eauntrylvl“:‘: affecting roads in each IMPROVED COTTON QUALITY IS URGED North Carolina Governor Also Advises Cut in Cost of Production. King Cotton, once the most firmly en- trenched of all American monarchs, can only regain his lost erown by a return to his former aristocratic quality and cheap production oost, according to Gov. O. Max Gardner of North Carolina. Gov. Gardner, outstanding advocate of the necessity of a complete revolution in the South's methods of cotton grow- ing and one who has in Cleveland County, N. C,, shown what such meth- ods can do, contributes an article to the current issue of Fortune, me new ess monthly, in which h that unless the South fights for m ehlzl filled orders industry it will be put completely out of the running by foreign competition. ‘There are only two remldles for the present depressed condition of the in- dustry, according to this authority. One 1is to grow more aristocratic cotton, that is, to improve its quality, which has steadily for the years. The second is to r uctlon cost by improving the m:h- nical methods of planting, cultivating and harvesting the crop. lend\w- tion he considers impossible y with foreign production increasing yearly and al almost eq L Am hil]nm,tl .Lwh LR thl?;'t'he ce stal on, he uy!, can hel farmer, but is not fundament P:gayunl out that per capita con- sumption of cotton cloth has increased nearly 20 per cent since 1900, the For- tune article denies that new fashions in dress or the competition of other materials has affected cotton. The pri- | ), mary factor is increased nting abroad (4,000,000 bales since 1922), which is the result of high prices dur- ing the war, short to the bou ‘weevil, and the poorer qual- ity of American cotton, plus the desire of other countries to break the American monopoly. “Cotton is the one luction great American crop with demand cen- | gime, terin, g primarily in foreign markets,” he writes fn Fortune. “Twenty years ago the world mills outside the United States consumed approximately 11,000, 000 bales of cotton and 70 per cem of it came from this country. ing recent years rom{n mills have been consuming approximately 18,750,000 bales and they hnva averaged getting only 47 per cent of it from this country. ‘We have not enly failed to share in the production for this increased foreign consumption, but we have actually lost & part of our om market. World students or the cu;- ton situation are of the opinion the trend of increased production thmd is likely to continue unless it can be thwarted by an improved %-my which must be neol;rnzd y & lowered cost of uprodu on in this country. “Whi thc cotton farmer of this country does ly need the sup- ?ort. of some nmnl prlca stabilization force to prevent the devastating effect of such ruinous times as 1926, when cotton dropped below 10 cents a pound, only to snap back 20 cents the follow- ing year, he needs even more insistently, and n«dn all the time, stronger State and National uonrnmmt support in developing such technical methods ol production as will result in a product raised at a profit and ltl?l -t L) price which will discourage the grow- ing foreign competition. In view of the present world mu.ltlon. it should be easily apparent that if we dally with the problem by mmly planning to pro- duce what the world will take from us at & fair profit we are likely to find this amount decreasing decade by dec- ade, with an overproduction problem rouovln, us all the way down the line !onnly Car Report. NEW YORK, May 29 (#).—The Penn- sylvania lylum nfim handling 149,- the week ended 'y 24, against 148,180 a week ago and 174 519'in the corresponding week last year. —_— Directorate Increased. NEW YORK, May 20 ().—C. Flintermann, president, and Culwn ll bee, rman, of the Wilcox Rich tion, have been added to the di- one of the main territorial classifica- tions. m violence has been relatively in the districts where traffic represents ture as in those sec- tions where it suffered from the de- cline in the lron and steel, automobile, eou n.nd copper mining and iron ore in- imlnl situation is reflected in f.hnwee to-week car loadings, in which the reduction for the period mdld May 17 of 116,690 cars from the same period of 1929 was caused by a r-n.uu oft of 7,225 cars in miscellaneous freight, about 36,500 cars of coal and ore and nnrly 17,000 cars of forest pmdum The decrease in d prod- ucts was nominal. effect of the 'fih.hold g of grain from the market wul be less on nuro‘d revenues from now on than in the last five or six months. Extreme Cases. The most extreme effects of the de- pression are those indicated in northwestern group u( carriers, whme operating income the “first four months of the year hu been the small- est for a like period in a long time. Earnings of Southern roads have also made a bad eomptnuvc exhibit. In the d up much bet- ter than in the Nofl.hwut. on the trans- continental lines or in the South. Although the net ‘&entln income flzurn for the last months have n the poorest tnr & similar period in mnny years, there has not n the slightest suggestion that any dmmdl on railroad stocks now being be reduced. The only umml Ion unl earnings may influence : in dis- bursements is that given in the sharp lecline n the Chicago, Milwaukee, St. !;:ul & Pacific 5 per cent adjustment (Copyright, 1990.) Corporation News NEW YORK, May 20.—The following is & summary of important corporation news, prepared by Standard Statistics| was Co., Inc, New York, for the Associated Press: News Trend. ture price Inm: o?‘fi‘mmn&.mWM eoumoarll ties indis ¢ _prices on May 18 were at the lowest level for thesmonth since 19: :x. Potatoes, apples and cottone were the only commodities to show in unit value over Apfll 18 M- lolnl from P! mvnx‘.lwnbh railroad earnings #fi ents for April are again promin the day’s corporation news. The O-pnl-‘ IN FRUIT PRICES Vegetables Also Much Cheap- er in Past Week—Peach Season Under Way. Cold weather during early May causec considerable dam: to fruits in West- ern Colorado and the Pacific Northwest Apples and pears, says the Department of ture, suffered greatest injury on ‘western slope of Colorado Pnch- ‘were not hurt so much. The apple crop was seriously affected in parts of Washington, and greater dam- age was donu 0 tyncoh jerries, peary and ‘The damage was quity spotted, loma of the leuamg fruit dis. tricts of Washinj _g'on having escaped almost_entirely. total peach crop in 10 Southern sum Wwill be about ay light as last year. First shipments of peaches have just been reported. Recent timely tains have greatly im, mufl the condition of potatoes and ck erops in a number of importani areas, especially in the East. weather still prevails in some sectiont and has seriol reduced crop pros pects. However, June supply of mm from Al v. second-early States xpected to be 30 per cent heavier um of 1929, wm: tn exceptionally lar, crop this season in Eastern Texas. Many Price Declines. Prices of nearly all the importan fruits and vegetables declined very maj terially last week. Onions were highe in Bouthern Texas, as the season thel approached an end. A good crop g strawberries is cted in the la group of States, Total United Statd groducum of strawberries this se: estimated at 280,000, ooo quarts, 17 per cent less than last movement of the pruen: season ha probably been completed. Toma cabbage and potatoes were all sel lower than the week before. wx:r;u bom Nnr:.‘h lnd‘ soluth Carol now shipping toes in large quan ties, that nct&n will hold interest uu trade for a few weeks. Muvemta of new potatoes is now twice that old stock. Cantaloupe prices droppe olurply as Imperial Valley shipmen increased to nearly 400 cars daily. tuce movement from Central Califor was only half as heavy as the week fore, s at shipping pnln strengthoned” alignily. "o} mu"“ig for eehry“il lout-hem Cl fornia was nearly emlod. 'rlu m-inch mtu locally Louisiana celery sold ly_grown $3.50 in New Orleans. cbl'fl‘ ltuon oml. buz Olmarnh lnpplled l?o or t week. As my enenmberl mm lined at shippf \l h 8 nnt lll to $1.35. also furni cars of cucumbers and ‘Texas :nr uu season ed ln th iy open Bml Ca American Brown Bover! Electric un-| cars; the New ‘Iflrk nhl buil eur- rently about $60,000,000. e Americal tores by July Fe Rail- way April net omfin income off 74.2 f" cent; four mm.' 63 per cent be- Mfin‘{le Refin! advances gasoline 1 cent P‘ gallon in mm”ey'ln- nia and Dohwsrei ne}:hllh taxes ofl 47 by t; T 3 cent; ,om- .'?,nthl. down Bl ofi’n‘: from yur Chicago, B lington & Quincy road April nu mome ofl 7. r cent; four nonth:, .7 per cent be- W year ago, cl{y Stores earned 14 cents on com- mnnlwckln.guwtom 30, against 29 cents in 1 Copehnd ucts orders received | fin! rst three weeks of May 135 per cent r‘“ than thale teceived full Month g book- American crops, due | jj, Os) Set Screw passes q terly vm&d of 80 cents due at (.hll Great Western Sugar declared IM- dend of 35 cents on common stock; las p-ymane 70 cents, made April 2. by-urunov orders for over 1,- 000 tor units freported re- eelvea by Ml tic Household Utilities Lehigh likes-Barrie Coal. Court reduces unued valuation of land hold- ings in Wilkes-Barre to $132,002,534, uluut lll 585,600 formerly. ‘Mapes nsolidated declared cxt.rl dividend of 2! conh uarterly payment of 756 cents to erch 31, against $1.04 in prnvloul uetmponun Edison declares initial dividend of $1 on new common shares. Packard Motor has provided reserves to take care of price reduction of $400 on eight line. Factory and dealer stocks currently total 8,000, same as last year; flekd stocks slightly below 1929 figure. Pacific Commercial earned $2.35 on con;mnn stock in 1929, against $3.91 in 1928. Paragon Refining assets, exce] and accounts recelvable, lnd oldtna Valvoline common_stock purc Union Trust of Pittsburgh for 01 4 %00, Pennt sales first 20 days rs of my equal {arm period year ago. nited Cigar Store sales four mon up 15 per cent over year ago. Company protected against loss in Autostrop Safety Razor sult against Gillette. United Railways & Electric of Balti- more April balance, after income bond interest, up 58 per cent; four months, 97 per cent above year Western Sugar Refining arranges for refining of lg‘ hilippine raw sugar in Eastern refineries on toll basis to supply sales in Middle West. ‘Worthington Pump & Machinery de- clares back dlvldends of $1.75 on A and $1.50 on B preferreds, in addition to r!?lllr payments. oungstown Sheet & Tube Depart- ment of Justice investigation of merger fails to disclose violation of Clayton Budapest Rate Reduced. BUDAPEST, Hungary, May 20 ().~ rectorate of the Eaton Axle & Spring cm A merger of the two concerns is g consummated. The national bank today reduced its rediscount rate from 6 to 51 per cent. STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday' 8:30 Edition. STOCKS. NCopyright, 1930, Standard Statistios 0o.) , compared wif is"W5d vegetables Tacren les increas only slightly to 18,470 cars, GRAIN MARKET ri ICAGO, May 20 w'n: lower today in the de lnlill'!llllltmoumt th sient nm:- tnurn m":nu':'?.' actor deliveries q settle omeuo contract| deliveries today prior to the clog wtlled 1,627,000 hmluhc Extensiv operations that appeared to b \mau wu between C and Live Ppool tended also to unsettle the mark ‘Wheat cl %e net lowd eoh/fle for 6% BUILDING LOANS or’ IMPROVED PROPERTY Reasonavte Rates Prompt Action B. F. SAUL CO. 925 15th St. Nat'l 2100 ALEX. BROWN. - «* SONS = Underwriters » Distributors INVESTMENT .SECURITIES Wasminoron Orrica 737 15th Street N. W, Telephome, National 1053 Mamn Orrics - Batrinens