Evening Star Newspaper, June 2, 1930, Page 14

PRICE-FIXING PLANS HAVE GONE ASTRAY Overproduction Proves Too Great a Handicap to Sta- bility of Values. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, June 2.—Overproduc- tlon!—this is the word used to tell one side of the business story today. OF should it be underconsumption—the fack of “effective dsmand for the prod- uets of the farm and factory ‘Anyhow there is a world-wide sur- plus of wheat, cotton, rubber, sugar, tin, copper, coffee, tea and petroleum. When three staple articles like sugar, coffee and copper have reached the Jowest prices in many years, and wheat is moving down into that cellar of de- spair, the cry is heard everywhere “we ought to have a law against that!” This is the substance of the charge against_the rederal Farm Board made by the United States Chamber of Com- merce. The officials of the chamber maintain that the Farm Board should ot encourage farmers in planting more cotton and wheat by holding up prices artificially. They say it only makes for more, not less, demoralization and that Brazil has learned this lesson in coffee, Cuba in sugar and the United States in copper. P lef measures have been suggested in every country where these items are major exports, but no country has ‘worked out an economically sound plan. Of course, the hand-to-mouth poli- cies, which have been in effect for many years, is the real reason why so little “distress merchandise” has been dumped on the market since November. Nevertheless, with the world organized as it is today, no country has been able to hold prices up to an artificial level and get away with it—indefinitely. Poor old man Silver! He's fought witk his competitor, Gold, for 2,000 years and he's having a hard time now to in the ring. “‘Syilvel‘ is stg the lowest point ever reached—about 37!2 cents an ounce, as against $1.25 an ounce at the close of war. "‘;’hat‘s the trouble? In a word, dis- couraged silver_mine owners find no de- mand for it. Neither from China, nor India. nor even from the United States. No silver dollars have been coined in the United States since 1928. The de- mand for the éllrii““cnr:wheel" (the sil- ver dollar) is g out. ‘Eshould Chlnl’,’ the big silver country, adopt the gold exchange standard, rec- oommended by Prof. Kemmerer, it would be the real knockout blow. Gold has had no easy time, either. In 1920 it was worth only half as much as it was 4n 1910. Now. measured in commodities, gold is worth about 50 per cent more than it was in 1920. But the case of silver is different. It's like an orphan crying in a storm. It may be fighting its last big battle, although there are still some old guard silver champions who try to believe that old man Silver will come back to his former glory. “Old age security” is what Ingalls Kimballs, director of group annuities of the Metropolitan Life Insurance Co., calls industrial insurance. “Retirement annuity” is what John G. Lonsdale of St. Louis, president of the American ‘Bankers’ Association, calls it. But “old age security” and “retire- ment annuity”-are one and the same and are without a doubt the major problem of industry in the United States. Mr. Kimballs believes that insurance companies can do nothing with regard to old age pensioning, but industrial lfeaders, through a sound method of education and co-operation with their employes, can bring about that happi- ness and ease from worry in old age. Drop the word pension from any mention of old age problems, they both urge, and a long step will have been made in the right direction. educate the employer and employe to join hands in contribtuing to the fund and before many years are past a sub- stantial capital awaits the faithful em- ploye ready to step out of active indus- try to carefree old age. The old age problem is a serious one. Many industries are today carrying on their pay rolls men who are really too old to do their work efficiently—a_dis- tinct industrial production loss. Men, like machines, get worn out and grad- ually lose their efficiency. It is then that the wise industrialist, who has long since urged careful con- sideration of the old age problem on the part of his employe, will benefit, for it will no longer be old age depend- ency, but independency. FOREIGN EXCHANGES. ; c value ‘or par). day. ZLondon, pound. tra nc e Madrid, peseta... Vienna. schilling. . Bu Dengo. . aw. zloty. Gopenhagen. crown.. Oslo, crown... g Stockholm, crow INVESTMENT TRUSTS NEW YORK, June 2 (#).—Over-the- counter: Afliated Inv Ind Do new unit 267415¢ 257515¢ 26'82'3¢ Ul & Am & Ovorsezs Tov 67 pi Assoc Stand Oil Stocks ec pi S 3 Bankers Nat Invest. .. .. Bank Stocks Hold Corp. .. Bansicilla Corp . Bastc Industry Shares British Type Inwest new pital Manage Ca ge . Chain & Gen Equities 934 « Cnazséd invest com Il Chelsea Exchane 4. Colontal_invesiors 135 Ins B o4 Diversified Trustee Shares A Do B 4 * | crate, Fixed Trust Shares A Do B 2 General Eauity ‘A rade de Winmill Trad Incorp Eaquities Incorp Investors % Insurance Trust Shares Investment Co of Am com. Investment Trust Assoc Investment Trust of N ¥ Invesiors Trustee Shares Joint Investors Com.. Mass Investors Trust Mohawk Invest Com Natl Bond & Share Natl Investors Shares Corp o Am Trust Shares... | Northern Securities .. .. | 0l Colony Invest Trust Com { Old Colony Trust Assoc Sh.... Oil Shares Inc Units.. 2t Reybarn Co......... Reynolds Invei e’ com. it (Continued From Page 1. Stock and Sales— Dividend Rate. Add 00. Hig Monsanto Ch «g1%) 26 Montgom Ward (3). 1150 Moon Motors....... 11 Mother Lode (40¢).. Motor Wheel (3). Mullins Mfg. . Munsingwear (4).. Murray (bz%stk). .. Myer(FE) & Bro(2). Nash Motors (6).... Nat Acme (1%) Nati Alr Tran ~Prev. 1930.—~ High Low. 63% 48% 49% 35% 16% 3% 2 1% 34 264 20% 12 531y 46 26% 18 49 35% 58'% 384 Nati Cash Reg Natl Dairy (32) Natl Dept Stores (2) Natl Distillers (2).. Natl Pwr & Lt (1) Nat! Radiator pf. Natl Suretv (5).. Natl Tea Co (2).. Neisner Bros (1.60). Nevada Copper 13).. Newton Steel (3). N Y Central (8)..... N Y Chi & StL pfi6). NYNH& Hart (6). NYNH&HDPS (D)., Norfolk & Southern. Nbrth Am Aviation. . North Am(b10 % stk North Amer pf (3).. % North Am Ed pf (6). Northern Pacific (5). No Ger Lioyd 13.43). T4 North Pacific ct (6). Northwstn Tel (3).. 4 Ofl Well Supply.. 0il Well Sup pf (7). & Oliver Farm Kaquip. . Oliv Fr Eq pf A (6). Oliv Fr £q cv pt(3). Omnibus Corp. .. ... Omnibus pf( A) (8) Otis Elev nizi) ot Otiy Steel (234 ). Owens, 11l Glass(n4) Pacific Coast 2d pf.. Pacific Gas & 1 (2). 28 Pacific Lignting (3). 9 Pacfic Tel &Tel (7). 1008 Packard Motor (1).. 36 Pan-Am Fetrolm. Pan-Am Petm (B) Panhandle P & R. 108 Park & Tilford (33) Parmelee Trans 1% Patino Mines. .. Penick & Ford 1) Penney (J C) (3). Penua R R (4).. People’s Gas, Chi (8) Pere Marq or pf (5). Pet Milk (134)...0ee Petrol Corp (1%)... 50 Pheips Dodge (4)... 14 Phila Co 5% pf(2%). 20s Phila Read C&1.... 10 Phillips Petrm (n2). 28 Plerce Ofl.......... 18 Plerce Petroleum. 81 Pilisbury Flour (2).. g 2 308 1 Pirelll of ltaly(3.14). Pittsburgh Coal Pltts Steel pf (7 Pittston Company... Poor & Co (B) 12)... P Rican Am To (B).. Prairie Oll & G A i Prairfe Pipe L (16).. Pressed Stee] Car. ... Proc & Gamble (2) Prod & Refiner. Pub Serv,N J (8. Pub Serv N J pt (5) Pub Serv N J pt (6).. Pub Serv N J pf (8) Pullman Corp (4). .. Punta Aleg Su c.0.d. Pure Ol (1%)...... Purity Bakeries (§) Radio Corp. . Radio-Keith-Orph A. 503 1Catk C(4). €08 tos Man 2.60. 5 Reading 1st pt (2). Rea) Silk (5)..... 4 Reis (Robt) & Co... 1 Rem Rand 1.60).... 124 Rem-Rand 2d pf(8). 1208 Reo Motor Car «80c). 2 Republic Steel...... 20 tepublic Steel pt (6) Revere C&B pt (1).. Reynolds Metls 2.40. Reynolds Spring. Reynolds Tob B (3). Richfield Ol (2)..... Rio Grande V11 (2).. Ritter Dent Mfg (13) 3 Rossia Insur «2.20).. % Koyal Dutch (a3 20). Safeway te5). Safeway pf (6). 108 Safeway Strs pf (7). 30s % St L-San kran (8)... 2 St L-San Fran pf 1 1 10s 29 2 41 21 8 1 9 6 Seagrave (e1.20). Sears Roebuck(32%) 4 Second Natl Inv Seneca Copper. Servel. Ire. . Sharp & Do pf (3%).. Shattuck(FG)(11%) Shell Unton (1.40). Shubert Theatre Stmmons Co (3)... » Simms Petrm (1.60). Stnclair Con O1l (2) % Skelly Ol (2) Sloss-Sheffield Snider Packing. Southern Cal Ed Sou Dairies (B).. Southern Pacific (6). Southern Rwy (8) Southern Rwy pf (5) Spang-Chaltant. . Spang-Chal pt (6). Sparks Withngtn(1). Spear & co. ... Spencer Kelg (1.60).. - anSCanEnnorner e 6 20% THE EVENT ~Prev. 1930.~ h. Low. 29% 21% S 117% 102% 64 100 110% 55 98 3) Prev. Close Close 56% 66l 46% 44n 1 10% 14 1% 274 28% 161 17% 481 n. Sterling 174% 4 1091 113% 122% 20% 11% 126% 5514 104% 81% 52% 9% 47% ‘Tobacco Tobacco Transue Tri-Cntl 987 ' 1451 145's 145 W 17% 17TW 1T% 60 8 319% 324% 100 100% 195 26% 3Th 78 318 100 184 25% 87% 50 24 Utd Sto cocccaacd nnnnunnn % 156% 98 111 156% 6 2 22% 3% 54% 42% %6 40 50% b2 3% 36% 101% 114 ba% 95 100 " 31% 4% 51% 22% 21% 46% 39 10% 10% 115 116% 1 98 98 112 112 156 156 4% 5 2 22% 8% 53% Waldort War 29 Whi 67% 12% 361 % Wrigley 19% 1% 1% & 120% 120% 1201 106% 10743 106 98% 984 98 341 341 4% 94% 9% 94k 2% 26% % 1% 21% 21% 5% in ‘stock. Stock and Dividend Rate. =~ Add 0. Hien. StandG&E (3%)... Stand G & E pf (4). . Stand Gas& El pf(6). Stand Gas&El pf (7). Stand O of Cal (2%). Stand O11 Exp pf(6).. Stand Oil of Kan (2) Stand Ol of N J(12). Stand Ol N Y (160), » Stand Plate Gla: Stand Plate Gla: . Starrett (LS) (12%) 4 Sterling Sec (A)..... Sterling Sec cv pf(3) Stewart-Warner (1). Stone & Webster (4, Studebaker Corp (4). Submarine Boat..... Superior Of Superior St e Sweets of Amer (1).. Symington (A) i Texas Corp (3) . Tex Gulf Sulphur(4) Texas Pac Land Tr.. Thatcher MIg (1.60). The Fair (2.40) Thermold Co (2 Third Nat Inv (2). Thompson Prod(2.4 ‘Thompson Starrett. . Thomp-Star pf (3%) U 8 & For Secur, % U S Freight (3). U S Alcohol (17).. S Leather....... Leather (A)... Realty (5) Rubber Wi ¢ West Penn Pw pf(7). 30 Woolworth (2.40)... Worth Pump. . Ay NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Prev. Low. Close. Close. 35 33% 23% 23% 121 120 119 118% 66. 66% 100 100 110% 110% T0% T0% 103% 103 41m T9% 36% 1% Sales— 11 3 8! & @ wmSmmnon @ -] &3 » 3 H See pr(1. L8N Pt EIRPe = a8 ue . ¢ Timken Det Ax(80¢). Timken Roller (3)... Product Products A. Tob Prod div ctfs A. Tob Prod div ctfs B. ‘Tob Prod div etfs C.. Transeont] Ol (30¢). & Wl).... Tri-Contl Corp. Corp pi Truax Traer 11.60).. Twin City R T pf (7) Und-EIl-| Union Carbide (2.60) Union Oll of Cal (32) Union Pacific (10)... Union Pacific pf (4).. Utd Afreraft. . Bt Utd Biscuit (1.60)... Utd Biscult pf (7)... Utd Carbon (2) Utd Cigar Stor Utd Cigar Stri Utd Corporation. United Corp pf (3 Utd Electric Coal. Utd Fruit (4).. % Utd Gas & Imp(1.20 Utd Paperboard..... Utd Stores (A) Fischer (5). 8 Df. . - wes oSl o e PPN 19 8 Util Pwr&Lt A (e2) . Vadasco Sales Corp.. Vanadium Stl (14).. Vick Chemical (2%). Va-Car Chem Vulcan Det (4). .. Vulcan Det A (4). Vulcan Det pf A (7). Wabash.......0 Wabash pf (A) (5).. Systm(13%) Walworth Co t2).... Ward Baking (B). Ward Baking pf (7). Warner Bros Ple (4). -Quinlan (1) Warren Bros (3) Warren Fdy & P Webser-Eisenlohr. . 83 01l & Snow (2). O&Snpf (4).. n £l pf (6). 60s s 4 Westinghse 4 B (2). Westinghse E&M (5) 116 ‘Westhse E&M pf (5) 10s Weston El Instr (1), Westvaco Chlor (3).. Wextark Radio Str: White Motors (2)... ck MS(143%) ewing Mach Wilcox Ol! & Gas. Wilcox Rich A (2% Wilcox & Rich B (2). Wilcox Rich,B ctfs 2 Willys-Overland. ... 2 1 1 177 b2 (Wm) ($).. Yellow Truck. Youngs Spring Zenith Radio. . RIGHTS EXPIRE Am Tel & Tel.Aug 1 112 DuPont deN..July 15 Phillips Pet..June 16 41 Sales of Stocks on New York Exchange 14% 21% 1% 1% 92 in the above table uarterly or hal shares. tPartly % in stock. a Sock "\ Pl 85" 10 stock. Baltimore Markets | Spectal Dispatch to The Star. BALTIMORE, Md,, June 2.—Potatoes, {white, 100 pounds, 2.25a2.50; new, ! bushel, 1.2522.50; sweet potatoes, barrel, | 2.50a400; yams, barrel, 3.0024.00; | asparagus, dozen, 75a3.00; beans, ham. | per, 1.00a2.25; cabbage, hamper, 1.25a 150, carrots, 100, 3.00a4.00; celery, crate, 250a3.50; Kkale, bushel, 35a50; lettuce, bushel, 50a1.00; lima beans, | hamper, 4.00a6.00; onions, 100, 1.00a 11.25; peas, hamper, 75al.25; peppers, crate, 2.00a3.50; radishes, 100, 1.00a3.00; spinach, bushel, 35a50; squash, bushel, 1.25a2.00; tomatoes, crate, 1.50a3.00 | apples, bushel, 1.25a3.50; cantaloupes, box, 1.50a4.50; grapefruit, box, 2.50a 6.00; oranges, box, 4.50a9.00; pineapples, | 2.5083.00; strawberries, quart, | 11a25. Dairy Products. Poultry, alive—Chickens, pound, 350a40; Leghorns, roosters, 14a16; oid hens, 26; Leghorns, 17a22; Spring ducks, guinea | | fowls, each, 50a75; pigeons, pair, 25a30. | Eggs—Receipts, 1909 cases; nearby | firsts, 22a23; hennery, whites, firsts, 23a 23} Springers, | 24a32; old | Bulter—Good to fancy, creamery, pound, 33a35; ladies, 24a25; rolls, 24a | 25; process, 29a30; store packed, 20. Live Stock Market. Cattle—Receipts, 400 head; light sup- ply, market active and steady. Steers—Choice to prime, none; good to choice, 1100 to 11.50; medium to good, 10,50 to 11.00; fair to plain, 9.75 to 10.50; plain to fair, 8.75 to 9.75; common to plain, 7.75 to 8.75. | Bulls—Choice to prime, none; good to choice, none; medium to good, 8.00 to 8.50; fair to medium, 7.25 to 8.00: plain to fair, 6.50 to 7.25; common to plain, 6.00 to 6.50. Cows—Choice to prime, none:; good to choice, none; medium to good, 7. to 8.00; fair to medium, 6.50 to 7.00: plain to fair, 5.00 to 6.00; common to + plain, 4.00 o e, none; good 7.00 | £ plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. Fresh cows and springers, 50.00 to and lambs—Receipts, 6,500 good supply, market steady; sheep, 2.00 to 6.00; Spring lambs, 9.00 to 12.75. Hogs—Receipts, 3,000 head; moderate suppiy, market lower; lights, 10.95 to 11.25; heavies, 10.00 to 10.90; medium, 10.95 to 11.25; roughs, 7.50 to 9.50; light pigs, 10.00 to 10.75; pigs, 10.50 to 11.10. Calves—Receipts, 1,000 head; mod- entfi %lapply, market steady; calves, 6.00 to 11.50. Hay and Grain Prices. Wheat—No. 2 red Winter, export, 1.06%; No. 2 Winter, garlicky, spot, 1.07%; May, 1.07%; July, 1.07%; No. 3, garlicky, no quotation. Corn—No. 2 domestic, yellow, new, 93a94; cob corn, new, 4.75. Hay—Receipts, 32 tons; the general hay market continues quiet under light receipts, mostly by trucks, but ample for the demand, which is limited. While not enough hay is arriving on which to establish values by grades or car- load lots, the better grades of timothy and clover mixed are in fair demand at a range of 2000 to 25.00 per ton. NEW YORK BANK STOCKS NEW YORK, June 2 (#).—Sub-bid and asked prices on the stocks of-lead- ing New York national banks and trust companies follow: National Banks. Bank of America Chase National . Chatham ni National City .. Trust Companies. 162 Bankers . Central Hai Corn Exchange Chemical ... uitable .. {ters—Choice to o to. good, 9.00 to' cholce, none; medium to 10.00; fair to medium, 8.00 to 9.00; GRAIN MARKET CHICAGO, June 2 (#)—Influenced by word of heavy to light moisture re- lief in Canada and by favorable weather for harvest operations in Texas, wheat values headed generally down grade to- day. There also were advices that har- vesting would be general in Oklahoma about June 15 and that present condi- tions over wheat ripening throughout Oklahoma are ideal. Meanwhile, slack- ness of export demand today for North American wheat tended also to depress the market here, and the United States wheat visible supply decrease—1,589,000 l’auxhela—wu less than had been looked or. Wheat closed unsettled, 113 to 1% cents a bushel lower than Saturday's finish. Corn closed 33 to 7 cent advance, oats !4 to % cent up and provisions 5 to 12 cents off. Close. 1 1 1 July ... Beptember December OATS— July .. September . December RVE— Juy ptember . Decembe: MONEY MARKET. NEW YORK, June 2 (#).—Heavy Fe loan calling hardened the tone of the call money market today, although the rate held at 3 per cent. trend reflected the temporary first-of- the-month withdrawals and an easier tendency is expected later in the week when these funds return to the market. | T Rates on time money and oankors' acceptances were unchanged, with the market for the latter fairly active. Commercial paper was dull. IRON ORE SHIPMENTS. NEW YORK, June 2 (#).—Shipments of iron ore from Lake Erie docks to interior furnaces last month amounted to 3,148,694 tons, against 4,951,980 tons & year ago. The_ firmer | TONDAY IPRIMIE BONDS HOLD AT RECENT PRICES Small Changes Recorded in Values—Foreign List Is Firm. BY F. H. RICHARDSON. ¢ Special Dispatch to The Star. NEW YORK, June 2.—Quiet strength in prime investment issues marked trading on the bond market today. Volume was still at its low level of last week and with a few exceptions, where some special reasons obtained, the whole list was inactive. The same applied to the foreign department, though German bonds were still bene- fited by a moderate amount of mark- ing up preparatory to the reparations loan flotation. Tentative sales of the new repara- tions bonds were being made on the Street today at 91, or a point above the indicated offering price. It is be- lieved now that the issue will be brought out at the higher figure. Money rates were unchanged and the advance of Government obligations and high-grade railroad, public utility and industrial bonds was laid to anticipa- tion of some United States Treasury financing to be shortly announced. There was a moderately heavy turn- over of Liberty fourth 4!4s and Treas- ury 3%s at_small advances. Atchison general 4s, Baltimore & Ohio first 4s, Canadian National 5s, Canadian Pacific 4s, Union Pacific first 4s, Great North- ern 7s, Standard Ofl of New York 4!3s, Philadelphia Co. 5s, Columbia Gas & Electric 5s and Utilities Power & Light 5155 were all well bought. In the convertible group prices sagged in dull trading, the amusement compa- nies showing the only strength. General Theater Equipment 6s, Loew’s 6s and ‘Warner Brothers Pictures gained. This paralleled an upturn in amusement stocks. Pathe 7s rose 41, points. This issue is now 10 points above its low point of last week. Heavy buying of Chicago and Great ‘Western 4s caused only a fractional gain in the price. ‘This bond is now yielding about 6 per cent to maturity. The company’s funded debt totals $27,- 4| 350 per mile on 14,409.34 miles of road, which is considered a low figure. St. Paul Adjustments were again actice land] a shade above Thursday’s closing evels. National Dairy Uroducts 5%s were heavily traded at a fractional decline. International Mercantile Marine 6s, Dodge 6s and Goodyear 5s were strong. Anglo-Chilean Nitrate 7s, United States Rubber 5s, American Sugar Refining 6s and all of the ofl company issues of the semi-speculative class were weak. In the foreign group there were gains in German Central Bank 6s, Berlin 614s, Batavia Petroleum 4!;s, Bavaria 6%s, Karstadt 6s, Austrian 7s, French 7Ts, Belgium 8s, Copenhagen 5s, Argentine 6s, Chile 6s, Rio de Janeiro 645, Buenos Aires 6s, Japanese 5'2s, Royal Dutch 4s and Australian 5s. New Bond issues today totalled $5,- 500,000. Washin_gt;m Stock Exchange SALES. ‘Washington: Gas 6s “A"—$600 at 1013, $300 at 101%. ‘Washington Gas 6s “B"—8$500 at 10413, $100 at 10314 Wsihstngwn Rwy. & Electric 4s—$2,000 al 8. Capital Traction Co.—10 at 6413, 10 at 64Y;, 5 at 64)s, 10 at 645, 10 at 6414, 40 at 64, 5 at 64, 3 at 64, 10 at 64, 10 at 64, 10 at 64, 10 at 64, 10 at 64. Potomac Electric 5% pfd.—40 at 107, 5 at 106873, 2 at 1067;. Potomac Electric 6% pfd.—3 at 11015, District National Securities pfd.—10 20 at 85. Mergenthaler Linotype—10 at 1013 t 101%, 10 at 1013, 10 at 1013 at 10172, 5 at 101%. The Carpel Co.—25 at 25!%. AFTER CALL. *| Capital Traction 55—$500 at 85. Potomac_Electric 6% pfd.—10 at 111. | Capital Traction Co—8 at 65. Poton':lw Electric 6% 1953—$1,000 at 10814, Capital Traction 55—$2,000 at 943, National Metropolitan Bank—5 at 360. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. & Telga. 4'is '33... C & P. T Capital Tr City & Sudurban 5s.... Georgetown Gas 1st 55 Potomac Elec. cons. 5% Potomac Elec. 65 1953. .. ! Wash., Alex. & Mt. Ver. cif. Wash.. Balto. & Annap. b Washington Gas 55. Wash. Gas 6s, Wash. Gas s, i Wash' Rwy. & Elec. 45..0000.0 MISCELLANEOUS. Barber & Ross, Inc. 6%a5...... Cham.-Vanuit. Hotel 62 - Cheyy Chase Club 3'as C. Paper Mig. 0s W. M. Cold Storage s Wash. Cons. Title 6s.. STOCKS. PUBLIC UTILITY. Amer. Tel. & T i 2 Capital Traction Co. ‘ash. Gas Lt Go. (i8 Liberty Lincoln (12) Metropolitan Riggs (15) Becond _(9e) Washington (13 TRUST COMPANY. Sy National Bav. & Trusy (123) . Prince Georges Bk. & ‘rust... 32 Unton Trust (8g). ... 2! Washington Loan & Tri BAVINGS BANK. Bank of Bethesdu (65) Commeice & Savings (10) East Washington (12).. Ay United States (30) Washingtou Mechanic: FIRE INSURANCE. American (12 3 Corcoran Firemen (8). National Union’ (15) - TITLE INSURANCE. Columbia (6h).... Real Estate (6h) ® | Tide & luv. Co. of Md.' com MISCELLANEOUS. Barker & Ross, Inc. com Chevy Ch. Daity pfd. (7) Col._Band & Gravel ptd. (1) Emer. - Federal Storage Am_ Co. co Iz, “A” {3 Dfd. (8). m. (12005 td. (6) Merch. Trans. | Mergenthaler Natl. Mtge. Wash, Med. Bldg. Ct Woodward & Loth *Ex dividend. B Books closed. 1% extri elia% extra. 82% extra. ———t In a recent month the Philippines sent 12,220,000 cigarg to this country. wiWnen issues dEx rights. JUNE _2, 1930. [ v BOND Received by Private Wire UNITED STATES. (Sales are in $1.000.) Sales High. Low. Close. 23 100 12 10123 9 10211 10110 U S 4%s 62 11216 11216 FOREIGN. Sates. High. Low. Close. 5 9x% 98 98% Argentine €s Ji 98% 29 Argentine, May "61. Argentine 6s Oct'59 Argentine Argentine Argentine 6s B.... Australia 4% '56. . Australia 5s '55. Australia 5s *57. Austria 7s. Rank of Chile 6158, Rank of Chile 6% Batavian Pet 4% Relgium fe. . Belzium 6% Belgium 7855, Relgium 7s 56. Belgium 8s._ . Bolivar 7s '58. Rolivia 7« ctfs Bolivia 8s. Bordeaux 6s. Brazil 61%s '26. Brazi] 61,8 27, Braril 7s. Brazil fs. Bremen Sta Canada 61’31, Canada Chile 6s 60 Chile 6s *61 Chile78*43. .. Chinese Gov Ry 6s Con Pwr Japan 7 Copenhagen 4% s Conenhagzen bs rots Cuba flis Czecho 8= 51 Czecho 8s '52 Danfsh Munie Danish Mun Denmark 4 1%, . Denmark 6%s "5. . Denmark Dutch East Ind’ 47, Dutch East I 6563, Fl Salvador 8s*48. . Fiat 7s war *46 Finland 63 Finland s f Finland 7s. Framerican 7%s. French 7s. French 7% German Bank 6s '3 German FI P 6% German 7 Ger Gen Wlee Greek 65°63... . Hungary 7448, 1% s %s..... 6 Jugoslavia Bank 7a 41 Karstadt 6x°43. 28 Kreuger&Toll .18 Lyons 6s. Marseflle 6 Milan 638 Montevideo 7s. Netherlands 6s '72.. New So Wi 7 103% 108% 91 102% Norway 51, Norway s '43. Norway 6s*44. Norway 6%s ‘52 Orfent dev 614 5: Orient Dev 6s'53 . Paris-Lyons-M Paris-Ly-Med 7s Paris Orleans 6348 Peru 65 '60. . 5 Peru 6s'61...... . Peru 7s. Poland 6s*40. ... Poland 7s (rets) Poland §s. Prague 7% Queensland Queenland Rhinelbe Un 7 Rhine Wst EP 6s'52 Rhine Wst EP 78’50 Rio de Janefro 614 Rio de Jan 8s *48 Rio Gr Du Sul Rome 6148 R'y'l Dutch ¢ Sao Paulo 8s 36 Sao Paulo '50 Serbs-Crot-Slo 8 Shineyetsu 6%s ‘53 Solssons 6s. Swiss 638’46 Swiss Confed 8 Toho El Pwr 6s°33. Toho El Pwr 7s.... Tokio 5s. Tokio 538 ‘61, Utd Kingm 5% '37 Utd SS Coren 6s'37. Uruguay 6='60. Uruguay 8s. Vienna 6s ‘52 Warsaw 78 '52 Yokohama 6: MISCELLANEOUS. Abitibl P&P 6a | Adams Exp 454 Ajax Rubber 8s. 10 Alleghany Cp6s ‘44 & Alleghany 5s°'49. .. Allis Chalm 583 Am Agri Chem 7% Am Chain 6s'33, .. Am For Pwr 5s 2030 99 Am1GChb53%s'49, Am Int Cor 514 Am Metal 635 '34. . Am Nat Gas 64842 AmSmit& R 1 Am Sugar Ref 1 4 3 1 Am T&T » 1 51 Am T&T 5%, Am Water Wks bs. Am Wrtg Pa 6847, Armour&Co 4%8'39 5% Atl Gulf 58 Atl Refining Bell Tel. Pa Brklyn Edison bs. . Bush Term Bldg bi Chile Copper 5 Colon Ofl fs 38 Blampmn ConGasN Y ., Consumers Pwr bs. Cuban Am Sugar 8s Det Edison Dodke 6s . Donner Steel 7 Duguesne ¢%s Gen Cable 6%s 47 Gen Mot Ac Cor Gen St Cast 6%8°49 Gen Thea Eq 6844, Gen Thea Eq 65 °40. Goodrich 6% Goodyer bs ret Humble O & R Humble O & R 6%s. 11i Bell Tel & Tl Steel 4% Inland St [ntl Cement s 4! Intl Match bs 47 Intl Mer Mar Intl Paper 584’ Intl Paper Int] Tel & Tel 4%s 3a%00s anna wwnnes Intl T&T 4% Int] Tel&Tel 65 '55 Kan City P & Lt KanG & £ 6s 62... Lackawanna St] §s. 3 5 1024 Lautaro Nitrate 6s.. 5 834 FINANCIAL., to The Star e Sales. High. Ligg&Myers 68 '51. 2 103% Liggett & Myers7s 1 120% .. 35128 1 102% Manat! Sugar 7% 1 64% McC'rmek ER 65’ Midvale Steel Montana Pwr "43. Morris&Co 18t4 %! Nat Dairy 6% No Am Ed 5%s 62, Nor States Pwr Pacific Gas & B s. PacT&T 1 Paramount 6 102% 19 100% 65 1084 67 96% 2 904 13 954w 5 98% 3 34w € 100% 1 96 10 98% 2 95% 5 100% 2 102 1 103% Pure Ol1 5%s37.., Rem Arms 6s°37... Rem Rand 638 Richfleld Ofl 68 "44.. Stnclatr O11 6s. . Sinclair Ofl 6%, Sinclair Of1 7. - Sinclair Crude 5% s Sinclals P L b Skelly Of 6% So Por Rico Sug South Bell Tel s, Southwest Bell Stand O11 NJ '46 Stand OIl. N V.43 Sug Es Orient 7s. .. Tenn Cop 6s Transcontl Oll § United Drug 4. %s Walworth 6s°4 Walworth 63%s '35, Warn Bros P 6s49. Warner Sug 7s '39. Warner Sug 7s *¢1. Western Eleo § Win RepeatAr Youngstn 8 &T 6. Atchison adj Atchison gen Atch deb 4% Atl Coast L 1at 4 Bklyn Manhat Bklyn Un EI s 50 Buff R & Pitts 4% Bush Term con 5 Low. Close. 108 103 120% 120% 127 127 981 98% BT% 8T% 93% 93% 110 110 102% 102% 644 641 101% 101% 101 101% 102 102 824 824 104% 104% 113% 114 106% 106% 100 100% 106% 106% 103% 1034 101% 101% 102 102 102% 102% 101% 1014 67 67 102% 102% 100 100% 107%: 107% 964 06U 90% 90 .96 bk 81 984 4l 3% 100 100 96 96 98% 98% 95% 95% 100% 100% 102 102 103% 103% 100% 100% 9T 9T% 96 96 103% 103% 103% 103% 105 105 103 103% 9T 8T a4 101 101 106% 106% 105 105% 101 101% 96% 96% 841 8B4% 100% 100% 100% 100% 91 922 92 92 105 105 106% 106% 4T% 474 104 104 103% 103% 108% 1034 109 109 99% 100 100% 100% 103 103 102% 102% 90% 90% 9! ' 94% 133% 134 94 94 1% 9y 93% 93% 100% 100% 102% 103 102% 104% 103% 103% 104% 104% 109% 109% % 93% 86% 991y 18 92% 98% #24% 9215 97 951 95% 95% 5% " 102% 102% Can Pacific ctfe 5s. Can Pacific 55 '54.. Car Clin & O 65 ‘52 Cent of Ga 53C 69 t of Ga 5%, Cent Pac 1st A Ches&Ohlo Corp 8. 1. Ches&O ¢ B'9s CB&Qgen 45 '53.. CB&QIlldlv 4s... CB&Qistrfbs... Chi& E Ill gn 68 61 Chi Gr West 4859, 10 13 . 6 151 Chi M&SIP 43,589 1 ChiIMJISLP&P 68’76, 10 CMSP&Pac adj5s03 92 ) Clev Term 43817, Clev Term 6s. 102% 102% 115% 115% 110% 110% 87 3% 99% 99% 102% 102% 102 102% 108% 108% 101% 101% 105 105 103% 103% 100% 100% 107% 107% 76 76 2% 72% 102% 1034 99 99 884 887 59% 60 90% 90% 97 YT 101 101% MU 994 115% 116% 89% 89% 974 97y 105 105 98% 181 104% 104% 108% 102% W 98% Grand Trunk Gt N Grt Great Nor gen 7a... Green B & W deb. Gulf Mo 53 (B) Hav El Ry 638 '51. Hocking Val4 Hud & Man adj Hud & Man ref 111 Cent 4s 53 Rao 4 - SOealn alam me Int Rys CA 6%sre.. Kan City F't 8 4s. Kan City Term Lehi Val con 4. Long Isl 6337, § M K&T prin 5s(A) Mo Pacific gen 4s Montreal Tr 6; Nash Chat&StL 4 Nassau Ei ¢s 51, . o - Sem oB85Rcobnneran aNNRA LG Suman ° ] I * e ] s StL434sC. St L 6%aA StL6%s B 222772222227 g 0 0 O L PERREE] 3 7 %4 % 111 98% 8% 86% 62% 93% 5 9ily 7% 9l 8714 834 94% 3% 9% 54% B4 110% 110% 97 o7 97 97 105% 105% 110% 110% 1 281 284 100% 100% b4 b4 984 801 99 5, | Eenna con 4 % 1011 101% 100% 100% 898 89 98% 98N 4 101% 101% 875 884 105% 105% - 102% 102% 8 Tk 100 100% 1094 109% 9315 931 90% 90% 62% bB2% 995 98% 96% 97 4 101% 101% %o 8 80% 92 107 106% 9% 9615 96l 107% 107% 10734 107% 102% 1023 93 93 124 124 105% 105% 2% 94 Simecrscuwer] |NEW BOND ISSUES AFFECTING PRICE Public Declared Apathetic tc Debentures and Awaiting Better Stock Market. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, June 2.—It is necessary to go back somc years in financial his- tory to find a parallel for the condi- tions obtaining the past month in the market for long-term bonds. Those who have long been identified with the investment business have seldom wit- nessed so complete a stalemate between buyers and sellers of high-grade securi- tles or so little response to such a strong set of money influences as has been present since Federal Reserve banks re- duced their rediscounts in April and in the early part of May. Comparing average prices of domes- tic bonds now it will be found that they re approximately at the same level as month ago. reign dollar issues afe & trifle higher than at the end of April This means that, in spite of a lowering in practically every form in whigh money is loaned, fixed interest securities have been unresponsive to those changes that normally would have carried up the market fo: them an average of several points. ‘The bond market has been a mystery to those who have studied its symptoms and trends for years and extremely dis. couraging to banking houses and inst! tutions through which the major part of the new capital issues is distributed, Causes of Situation. An effort to find the causes of this unusual situation develops the following that may be accepted as partial expla- nation: First, that the individual investor hay abandoned bonds and is waiting for another opportunity to buy stocks when the business situation becomes normal Second, that institutions, other titan insurance companies and savings banks are still reluctant to increase theil portfolio of long-term securities aftei the last year's experience with depreci- ating bonds and have been more in. clined to earn less on their free funds through Street loans and short-term paper, than to tie up these funds in long-term commitments. Third, that the market has had tq absorb an amount of new bonds greatel by 40 per cent than in the corresponds ing period of 1929, resulting in consider. able congestion and switching from old issues into new issues where an increasq in yield could be obtained in the proc. ess of exchange, and Fourth, that prices of corporatidn bonds of the better quality have been fairly high, especially in contrast with tax-exempt issues and also with som grades of stocks that have been marks down and have reached a good yield basis and are immune from dividend reductions. Buying Power, Normally the buying power in the bond market came mainly from the in- stitutions and from the private investor, The latter today shows great indiffer- ence to bonds, and while he may make a subscription to some high-ylelding new issue, the average bond salesman finds him cold to a majority of his of« ferings. He is still definitely deter~ mined that common stocks at some level, which pcssibly may not yet ha been reached. will give him from year to year the highest return on his in- vested capital. Ordinarily his buyi would take up the slack between the floating supply and the amount al sorbed by the institutions. With hi out of the market, the supply is large enough to have an effect on prices all along the line, and if this is a perma- nent situation it will have to be reck~ oned with most seriously by those whosq business it is to furnish new capital.for corporations and foreign governments. It is not unlikely that a rationing of new capital issues will be put into ef+ fect eventually in order to prevent one of the greatest handicaps to bond mar« ket movements—namely, that of a con« stant oversupply of new issues, which not only affect these issues, but all others with which they come into com= petition. The weekly bank statements indical that there has been some expansion in the purchases of securities by members of the Federal Reserve system, and pres sumably by non-merhber banks, but thi® total has not been large, in comparison * with other years. It has been primarily in short-term issues, ranging from threq to six months notes up to one and twe years, with the result that all such ise Sues are now at a premium and do no{ provide enough margin of earnings ovey interest paid to depositors to warran{ further purchases. Consequently, instis tutions may be compelled out of selfs interest to go into the long-term bond market, even though they may feel thai prices there are high and that there are the usual risks of depreciation upbn the return of money rates to a firmer basiy as soon as commercial demands for funds increase. Call Money. It is quite certain that with cafl money in the open market in abundant supply at 21> per cent, time money ranging between 3 and 312 per cenf and bankers’ acceptances around 2!3 per cent, no further official rate re- ductions would help to lift the invest. ment market from !ts present apathetie state. Its technical weakness and ita competition with speculative issues temporarily, at least, overbalance the influence of a superabundance of in- vestment funds. Nearly $10,000,000 worth of silk stock- ings were exported from this country last year. . High, 65% 914 Sal Nor Pacific 8s 2027. Nor Pacifio ref 6s. . Ore Wash 1st 4s. Penna 4%s 1970 ~ Pere Marq 5 Philippine RR 4i PCC&StL5sB PortEIPL Port RL & P 58’ Reading gen 4% A.. Rio Gr Wst 1st és. RIATk & L 4% StLIM&SS: StL IM&S R&G. StL & SF pl @ StP & KC ShL 4%s. SLP Un Dep bs..... Seaboard AL ref ¢s 3eaboara AL en SBAIlFla6s 35 A Sou Pacecltds.... e @ Term Asso SL ds. . Tex Ark FS b%s'50 Texas & Pac 1st. .. B T P o T P I A P T Tex & Pac bs B 7. Third Ave ad) 58, Union Pac 1st Union Pac 4% Va Ry & Pwr bs... Wabash 4 %78 ret RESS - 2 5