Evening Star Newspaper, June 3, 1930, Page 14

FINANCIAL. REPARATIONS LOAN PROCEDURE UPHELD Lamont Declares Issue of Bonds Was Legally Ap- proved by Germans. BY JOHN F. SINCLAIR. Epecial Dispatch to The Star. NEW YORK, June 3.—Thomas W. Lamont, in introducing Sir _Josiah Stamp before the Academy of Political Science yesterday, for the first time blicly discussed the charge made by epresentative McFadden that the new Teparation bond issue was made “under duress,” and therefore illegal. Denying the charge categorically, this Morgan partner said that not only had Germany by a popular vote sus- tained the reparation issue, but that the German Reichstag, its national legisla- tive body, had approved the Young plan and the issue of bonds. In this connection, too, Mr. Lamont made a comparative statement of the indebtedness of Germany, France and England. Great Britain's total debt, as & result of the war, amounts to $3 000,000,000, that of France to $13,50! 000,000 and the debt of Germany to $11,000,000,000. There is this distinction, however. The German debt is all external. It must be paid in gold or its equivalent. It deals with her foreign exchange. It makes her more susceptible to world influence. An external debt is a much more powerful and dangerous debt than an _internal one. The debts of both Great Britain and France, on the other hand, are largely internal—that is, owed to their own people. Such debts do not raise foreign complications. They can be paid in the paper of the country and can be wiped out by inflation, as the internal debt of Germany was wiped out after the war. Mr. Lamont recognized this distinc- tion in referring to the relative import- ance and size of the various national debts. Sir Josiah Stamp, speaking at the same mecting of the Academy, prophe- sied the day would come soon when scientists and “constructive” thinkers would give as much “drive” to eco- nomics as they have to physics and chemistry. “The business leader of the future must be more than a practical man who prides himself on keeping his feet on the ground and possesses the theories of 30 years ago. He must combine, in an effective way, modern science and in- dustry. Only the wise possess ideas. Most people are possessed by them,” Sir Josiah said. Then, speaking informally, with no em- phasis, he made this dynamic statement: “England has seen a drop of 25 per cent in the price level during the last five years. Let England have a similar experience over the next five years, and neither the Young plan nor any other, conceived at this tume, could be car- ried out. Yet this subject is given only casual mention by many.” But it was the high spot in the ad- dress of this world business leader. ‘The latest report of Julius H. Barnes, chairman of the National Business Sur- THE_EVENING STAR, WASHINGTO NEW YORK STOCK EXCHANGE (Continued From Page Miami Copper (4)... Michikan Stl ‘m2% 23'3 Mid-Cont Petm (2).. 1 1 17 M StP & SSM pf. M StP & SSM Isd «4) 66% 4674 Mo Kan & Tex (1)... 108% 103 Mo Kan & Tex pf17). 40 184 Mohawk Carpet...., 3 63% 48%:Monsanio Ch (g1%), 5 49% 354 Montgom Ward (3).” 305 16%: 3% Moon Motors........ 3 2 1% Mother Lode (40¢c). .. 44 Motor Meter G & El.. 50 Motor Products (2).. 26% Motor Wheel (3). 12 Mullins Mfg. 18 Murray (b2 %stk). 35% Myer(FE) & Brot2). 38 Nash Motors «6).... 70 118 sh, Chat&StL (7). 10s tAcme (1%4) tl Alr Tra, 9% Natl Bella Hess¢. 55 Natl Beila H pf (7) “1 Natl Biscuit, n(2.80) 14215 Natl Biscult pf (7).. o3!x NatiCash Reg.A(14) 4 45% Natl Datry (32)..... 120 88 Natl Dept St 1st (7). 50s 29 Natl Distllers ¢2).. 1 138% Natl Lead pf(A) (7).110s 82 Natl Pwr & Lt (1) 53 101 Natl Supply (5) 70% Natl Surety (5) 30 Natl Tea Co (2) 17 Nevada Copper 46 Newton Steel (3 167 108 22 N Y Invest (1.20) 3 107% N Y N H & Hart (6). 12 2119 NYNH&HDI().. 2 2 N Y State Rwyspf.. 60s 100 N Y Steam pf 16).... 208 226 Norf & Western (10) 1 2 1 59t 54 208 3 81 16% N: 13,58 1 59 1 4 3 3 3 9 5 1 91 North Am Aviation.. 933 North Amiblv%stik) 51 North Amer pf (3).., 100% North Am Ed pf (6) .. 78 Northern Pacific (6). 77% North Pacifie ct ¢5).. 42 Northwstn Tel (3)., 86 Oil Well Sup pf (7) 13% Oliver Farm Kquip, 70" Oliv Fr kq pt A (6) 3134 Oliv Fr iq cv pt(3) 2% Omnibus COrp...... 2z (8). 2008 37 40s 1008 24 ® 3 63 Orpheum Cir pt 67% OUS Ilev. D(Z4). ... 20% Otis Steel (234)....0 50% Owens.lll Glass(n4). 52% PacificGas & El (2)., 10T% 7z Pacitic Lighuing (3) 178 140 Pacific Tel &Tel (7) 23% 15% Packard Motor (1) 50} Pan-Am Petm (B). 4% Panhandle P & R, 48% Param’nt Publix (4). 20k Park & Tilford (33).. 4% Z% Pathe kxchange. ... o Pathe kxchanke (A) 184 Patifo Mine: 6ix Peeriess Motor Car. 264 Penick & ¥ord U) 63 renney «J C) (3). 6% Penn Dixis Cement. T2 Penua K K (4) 53 Peop Drug Stri 4% Pere Marq pr pt (6). 250s 100 17% Pet Milk (1%) Zo% Petrol Corp (1 11% Phila Read C& 1. B4 Philip Mornis (1).... vey Conference, is, on the whole, an optimistic one. Industry is carrying out its construc- tive program announced last December, credit conditions are improving rapidly, capital issues are greater by 15, per cent, the volume of non-residential building is nearly up to last year and life insur- :u actually shows an increase of 6 r cent in the amount written this April over April of 1929. But the basis of the Barnes optimism is this: 1, large American industries continue to out the construction programs forecast last December: 2, continued large capital improvements, supported by large-scale financing, evi- dence a confidence in enlarged future earning power and preparation for it; 3, in America and in Europe there are evidences of increased reservoirs of ac- . cumulated credit, with consequent de- creases in interest rates and resulting benefits for production and distribution. Ccmparing this year with last is hardly fair, for the year 1929 was probably the most prosperous year in the entire history of the United States. Now, take as an example the produc- tion of automobiles for April. It is 467,000 units. This production exceeds all previous Aprils except 1929, yet the steck of automobiles in dealers’ hands, both new and used cars, are reported below the normal for this time of the shipments of cars in the first quarter of 1930 declined 46 per cent below the first quarter of 1929. & It is in the field of foreign trade where the real difficulties of American industry center at the moment. Except in the case of a few important industries (agricultural implements, electrical equipment, motion picture and utility issues), the common stocks of most other groups have rallied little from the panic low-levels of last No- vember, announces Standard Statistics. It says: “A study of the individual{ oups included in our composite weekly index of 404 stocks reveals that only half of the 44 classifications therein included have advanced by as much as 10 per cent over the lowest levels re- corded in 1929. Only five groups have advanced by 50 per cent or more, while 10 subdivisions, including copper, mail order, railroad equipment and sugar stocks, are currently quoted at discounts ranging from 0.06 per cent to 18.8 per ;:;xznk ‘r_mm the extreme bottom prices of The composite index of this service on May 21 stood at about 20 per cent sbove the level of November 13 of last year. If the five groups which show the largest advances (woolens, motion pictures, electrical equipment, ' agricul- ural implements and airplanes) are eliminated, the gain in the index would be cut down to 14.3 per cent, or the stock market level reached about De- cember 11, 1929. So, while much has been written about the stock market coming back, the real facts are that the market as a whole has done very little in the last &iX months. <" _(Copyright. 1930. by North American News- . paper Alliance.) FOREIGN EXCHANGES. {Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks 19.3¢:3¢ zloty. ... e Copenhasen. crown. . 2674126 Oslo. crown 26.75¢ Btockholm, crown 26.83%ac SHORT-TERM SECURITIES. (Reported by J & W. Seligman & Co.) Bid Offer Allis-Chalmers Co_Ss 1 Tel. & T 2125, process, 29a30; store packed, 20. Standard O 294 Phillips Petrm (n2)., 1 Pierce Ull. ceees 24 Pierce Pelroleum. . v 31 rillsbury Flour (2).. 45% Pirelll of ltaly (3.14). 17% Pittsbgh Screw L40. 86 Pittsburgh Coal pt... 20% Pittston Compa P k) 50 22% 110 7im D’ressed Stees Car 52% Proc & Gamble (2 iy Frod & Kenn 31 Prod & Refin bl FubServ.NJ o Pub Ser,NJ 5% pf, n. 9214 Pub Serv N J pr 1064 Pub Serv N J pf(6)a 121 PubServNJ ptil)a 107% Pub Serv £&G pf(6). 74% Pullman Corp (4) 2 Punta Aleg Su c.o.d. 21% Fure Oll (1%) 110% Pure Oll pt (8). 1 66 Purity Bakeries (4). 34% Radio Corp. 70 R R SeclCstk Ci4).110s 33 Kaybestos Man 2.60.. 41 43% Keal Silk (5) o 25% Rem Hand (1.60). 92 Rem-Hand 1st pI(7). 4 95 Rem-Rand zd pt(¥).. 108 10% Reo Motor Car (80¢). 50% Republic Steel (4), 95 Republic Steel pt (6) 100 Revere C&B pf (7). 8% Reynolds Meuls Z.40. 4 Reynolds Sprin, 71% Reynolds Tob A 49 Reynoids Tob B (3) 20% Richfield O (2). 16% Rio Grande Vil (2 49% Royal Dutch 1a3.20). 50% Rutland pf 85 Safeway (eb, 99% 4 109% 105% Safeway Strs pf (7). 1 57% 40% StJoseph Lead (13). 118% 107% St L-San ¥ran (3)... 92 St LeSan Fran pt (6) 241 Savage Arms (2) 4% Schulte Retail St 8% Seaboard Alr Lt Sears Roebuck( 1% 8 Copper. 7% Servel, lre. 17 Sharp & Dohme..... 54 Sharp & Do pt (3%). 36% Shattuck(FG)(11%) 20% Shell Union (1.40)... 98% Shell Un O1l pf (5%). 8% Shubert Theatres.... 35% Stmmons Co (3). 22% Simms Petrm (1.60). 21% Sinclair Con Ol (2). 508 108 13) “stockana — Sales— Dividend Rate. Add 00. High. 70 80% 13 * 7 107 3 22 564 4 27% 41 2% ~Prev. 1030.~ 116 101% 971 361" 19% 96 92 30% 13% 10% 6 25 20% 36% . 21% 52 29% 204 21% 120 117% 129% 102% 67 64 100 100 110% 110% 136% 101 Spleg 20% 10% 48 36% 47 25% 13% 77 4T% 364 1% % 70 53 106% 102% 9% 5 15% Superior The Fair ‘Tri-Catl Y 2% 45% 31w 7% 4 Vadasco 143% 49% 4T 3Th 105% 100% 4% 12 156 31% 425 Waldort 4 Wess o1l West w 67% Wrigley 12% 36% 5% 32% 47 16% 22% 1% 1% 1% Dividend rates ayments based s Unit of tr in stock. §! uo regular rate. able in cash or b Plus 3% in stoci 5% in stock. Stock and Dividend Rate. ~ Add 00. High. Skelly Ofl (2).. 9 35% Thermoid Co 2). Third Nat Inv (2) Thomp (J R) (3.4 Thompson Starrett. ‘Thomp-Star pf (3% Tide Water As (80c). i Tobacco Products. .. Tobaceco Products A.. Transcontl Ol (30¢c). ¢ Transue & W (1), Trico Prod (2%). Tri-Contl Corp. Truax Traer (1.60).. Und-Ell-Fischer (5) . Un Bagé&Paper(new) Union Carbide (2.60) Union Pacific (10)... Union Pacifio pf (4). Utd Afreraft..... Utd Aircraft pf (3). Utd Bixcuit (1.60) % Utd Carbon (2)... Utd Cigar Stores, Utd Corporation. . Unjted Corp pf (3).. Utd Electric Coal. Utd FTuit (4)eeeeoeer Utd gll & 1mp(1.20), as given in the above table on the Iatest qu ing ess than 100 shares. le in scrip. b Payable in stoci tock. . ) Plus 8% Received by Private Wire Direct to The Star Office. Sales— 20% Sou Porto Sug (1.40). 112% So Port Ric S pf (8). 56% Southern Cal Ed (2). 18% Sou Dairles,A (1%) 3% Sou Dairles (B).. Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (5) Spang-Chaitant. . Spang-Chal pf (6) . Sparks Withngtn(1). Spear & co. . Spencer Kelg (1.60) Spicer l.f‘l 405 9 Stand Branas (1%) Stand Brands pf (7) Stand Gas& El pf(6). Stand Gas&El pt (7). Stand Invest Corp. .. Stand O ¢f Cal (2%). Stand Ofl Exp pf(5).. Stand Ofl of Kan (2) Stand Ol of N J(12). Stand OIL N Y (1.60). Stand Plate Glass... Starrett (LS) (13%) Sterling Sec (A)..... Sterling Sec cv pf(3) Stewart-Warner (1). Stone & Webster (4). Studebaker Corp (4). Submarine Boat. Sun Ofl (11).. Sun Ol pt (6 Of Sweets of A: 7 Symington. Symington e: Tex Gulf Sulphur(4) xas PC&Oll..... xas Pac Land Tr.. Thateher Mfg (1.60). (2.40). M e 2 NONaAmETRe ruFen xacunBorcw Corp pf (6)o Utd Stores (A) pt. Util Pwr&Lt A (02) Sales Corp.. Vanadium Sul (14).. Vick Chemical (234). Va E1 & Pwr pt (6).. Va Lron Coal & Coke. Vulean Det (4)... Systm(1%). Walworth Co (2). Ward Baking (B) Warner Bros Plo (4). Warner-Quinlan (1). Warren Bros (3)...a Warren Fdy & P (). Webster-Eisenlohr. . & Snow (2). Wess O & Sn pf (4).. West Penn £1 pf (6). Penn El pt (7). w Weston Kl Instr (1). White Rek MS(14%). White Sewing Mach.. Wilcox & Rich B (3). Wilcox Rich,B ctfs 2. 7% Willys-Overland. Willys-Over pf (7. Woolworth (2.40) Worth Pump. (Wm Yellow Truck. . Youngs Spring (3). Zenith Radio. RIGHTS EXPIRE 19% Am Tel & Tel.Aug 1 256 1% DuPont de Hackensk W..July —150s Phillips Pe Sales of Stocks on New York Exchange JJuly 15 21 une 16 75 annual cash arly declarations. {Partly Inl‘l‘] ]{]ul 4% @ Payable when earnec. f : : lnol*u(!_g. ‘k Plus ‘fi ‘::l l‘l:c 1Pls 1 Plus Special Dispatch to The Star. BALTIMORE, Md., June 3.—Potatoes, white, 100 pounds, 2.25a2.50; Dnew, bushel, 125a2.50; sweet potatoes, bar- rel, 2.5024.00. Yams, barrel, 3.0084.00. Asparagus, dozen, 7583.50. _ Beans, hamper, 1.25a2.00. Cabbage, 1.25a1.50. Carrots, 100, 3.00a4.00. Cel- ery, crate, 2.50a3.50. Kale, bushel, 35 a50. Lettuce, bushel, 50a1.00. Lima beans, hamper, 4.00a6.00. Onions, 100, 1.00a1.25. Peas, hamper, 75a1.25. 'Pep- pers, crate, 2.00a3.50. ~Radishes, 100, 1.00a3.00. ~ Spinach, _bushel, 35a50. Squash, bushel, 1.25a2.00. Tomatoes, crate, 1.25a3.50. Apples, bushel, 1258 350. Cantaloupes, box. 1.50a4.50. Grapefruit, box, 26.00. Oranges, box, 4.50a9.00. Pineapples, crate, 2.50 13.00. Strawberries, quart, 10a20. Dairy Market. Poultry, alive—Chickens, Springers, pound, 30a40: Leghorns, 24a32; old Toosters, 14a16; old hens, 26; Leghorns, 17a22; Spring _ducks, 20a32; guinea fowls, each, 5Va75; pigeons, pair, 25a30. Eggs—Receipts, 2,014 cases; nearby firsis, 22%2822% ; hennery whites, firsts, 23a23%. Butter—Good to fancy creamery, pound, 33a35; ladles, 24a25; rolls, 24a Live Stock Market. C“HTR'.EO::D;‘;}: 50 head; light sup- ly, market steady. Pl eers~Cholce 1o prime, none; good to choice, 11.00 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; comn- mon to plain, 7.75 to 8.75. Bulls—Choice to prime, none; good i 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 tc plain, 6.00 to 6.50. i Sianderd Ol N t. L., Ir Mt A L., Southwestern R: Cows—Choice to prime, none; g to choice, none; medium to good, 7.00 to 10.00; plain to' fair, 7.00 to 8.00; plain, 6.00 to 7.00. Fresh cows and springers, 50.00 to 150.00. Sheep and lambs—Receipts, 400 head; light supply, market steady; to 6.00; Spring lambs, 9.00 sheep, 2.00 to 12.75. Calves—Receipts, 150 head; light sup- ply, market steady; calves, 6.00 to 11.50. Hay and Grain. Wheat—No. 2 red Winter, .06%; No. 2 Winter, 1.07%; July, 1.07 quotation. Corn—No.” 2 domestic, yellow, new, 94a95; cob corn, new, 4.75. Oats—White, No. 2, 52'4a53; No. 3, 513,a52. Hay—Receipts, none; 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 carioad lots, the better grade of timothy and closer mixed are in fair demand at a range of 20.00 to 25.00 per ton. . BANK CLEARINGS. NEW _YORK, June 3 (Special).— New York bank clearings, today, $1,- 780,000,000; a year ago, $1,875,000,000. 600; & year ago SLI3 000000, - 000,000; a year ,000,000. New Yor{ Rd‘e‘l?u Reserve credit bal- ances, today, $207,000,000; a year ago, $146,000,000. export, garlicky, spot, No. 3, garlicky, no COAL PRODUCTION. By the Assoclated Press. Production of bituminous coal during | the week ended May 24 increased 143,- 000 tons, or 1.8 per cent over the pre- vious week. The Buerau of Mines Re- ports present production is still appre- clably lower than for the correspond! the general et DIVIDENDS DECLARED NEW YORK, June 3 () Rate.riod. Regular. (Lomn).40¢% .. .. of Pa pf.351.621; Q Bfuns Balke Col pf.31.78 @ <Cal Ore F: % ot Canada Gen' Eiec Hidrs. of Company. record. Asso News) S Il Tel Juiy 5¢ Q July 'a¢ Q July 1 June 14 June 20 sieriseEiee Select Pt Bouth Can P 6% pf 31 Stand R Kewoka ?f.. T ) Utah Pra Lt $6 Do 57 T, i Uil Hyaro & B shs.ide - July Western Royalties A.10c M June Extra. Ann Arbor R R. Gen Motors Increased. 13 @ June 16 Reduced. Tramw pf..37% Q . Accumulated. Lib MeN & L 1 pf.*21% .. July 1 El Paso El (Del) Denver June 13 1% .. July 1 % ly to 8.00; fair to medium, 6.50 to 7.00; plain to fair, 500 to 6.00; common to plain 4.00 to 5.00. Heifers—Choice to none; to choice, none; mu&tl‘: to good, period of lult ear, however. Don:pnrl- WS Week snded May 24 8,312,000 tons ,169,000 tons 000 tons WSELA Stock. kstay Welt. 3 0 Bl iona's s @ Jily 13 Jine Do sec.. 5 June Mis pf. 32 @ eS8 aiSerea, DUe Tune 2 N, D. C, TUESDAY, REGISTER DECLINE Most Activity in Market Is Confined to Foreign Group. BY F. H. RICHARDSON, Special Dispatch to The Star. NEW YORK, June 3.—Though volume picked up a little in bond trading today, the domestic section had a sagging tendency, with much of the activity confined to foreign descriptions. There was a total of $38,850,000 of new flotations, the largest in any day for nearly two weeks, and this had a de- pressing influence. New _issues_included $14.040,000 Chi- cago, Rock Island & Pacific 4': per cent equipment trust certificates, ma- turing from December, 1930, to June, 1945. Since there is a steady demand for such high-grade securities, the offer- ing yields ranged from 3.50 to 4.60 per cent. Of the remainder, $8,310,000 con- sisted of municipals put out at prices to yleld 4.09 to 4.40 per cent. There was also a $5,000,000 City of Brisbane, Australia, offering of 6 per cents, priced at 961 High-grade bonds held well. Buying of Liberties pushed the first and fourth 4Yss up 3/32 and there was ffactional improvement in Northern Pacific 4s, Great Northern 7s, Chesapeake & Ohio general 41¢s, Standard Oil of New York 41.s, Standard Oil of New Jersey 5s and Uteh Power & Light 5s. Philadelphia & Reading Cohl & Iron 6s featured the stock privilege section, dropping slightly in heavy turnover. Most convertibles were off in sympathy with the dull tone in stocks. National Dairy Products 5%s con- tinued to lead the industrials. The heavy trading in this bond follows re- cent strength in the stock. Both move- ments are traceable to the $1,000,000 improvement in first-quarter earnings and the acquisition of Kraphene Cor- poration, formerly Kraft-Phenix Cheese Corporation. The 5 are a direct ob- ligation of the company, and an addi- tional $33,264,500 was issued to effect the purchase of the cheese company. The issue is not secured by mortgage Other industrials were irregular. Ajax Rubber 8s gained 2 points. Pathe 7s dropped nearly a point. Colon Oil 6s were off 2 points. Phillips’ Petroleum 5%s and Skelly Oil 5%s were strong. What was regarded as the first step in the making of a public appeal for support of the new German loan was the address Monday by Thomas W Lamont of J. P. Morgan & Co., and from now on a considerable amount of detailed information on the loan is to be expected. Practically every issuing house in the street is taking tentative subscriptions to the loan around the price of 91. No one in “authority” has yet intimated what the offering figure will be. German bonds were firm again today. French credits, however, proved heavy. South Americans followed g’ollll'}!:llun‘gonda 1;1?4: I%Zer ground on the lon of cal tr that e pol oubles in Washington Stock Exchange SALES. Georgetown Gas 55—$2,000 w‘l.m at 1021, 'as] n _Gas 55—$1,000 at 103, :{,O?gz;t 1&3(‘,)%,0 ‘liofllfiozlb 103, $1,000 Y, K al %, $1,000 w:zz;g, t’o‘sooc." 10214, i .t ton Gas 6 “A”—$100 at 101%;. Potomac Electric 6% pfd—19 at 1107, [‘10 tll 110%. nston Monotype—36 at 125, nlzl}:,'g, [20 ;‘tr lm/q_. E g ants” ansfer & Storag com.— Ml llullg?‘fin o ergen! ler Linot; 5 at 100, 100, 5 ab 1005, T ighet AFTER CALL. Pe;;;fl-merlcln National Bank—3 at Bt 102%, Capital Traction 5s—$500 at 9415, 3{%&2,!& 9412, $1,000 at 941;, $1,000 al 72 Washington Gas 6s—$500 at 1013, $1,000 at 102, BONDS. Bid and Asked Prices. PUBLIC UTILITY, Amer. Tel. & 4 Todis Aket Amer. Tel. & Telga. 4125 174 m. Tel & Tel. ctl. ir. 5 Anacostia' & Pot. R. R. Ana & Pot. guar, 5; P. Tei. of Va Capital’ Traction R City & Buburban_5; Potomac Elec. Potomac Elec, Wash., Al B R8s cons. 57, s 1953. . series B. & Elec. 4 MISCELLANEOUS, Barber & Ross, Inc.. 6Yas. Cham.-Vanbit, Hotel 628 . P Mfg. 65 W. M. Cold Storage 5t Wash.' Cons. Title 6s. STOCKS. PUBLIC UTILITY. N & W. Steamboat rts wi. Pot Elec. Power 6" Pot. Elec: Commercial District (8) TRUST COMPANY. Sec. & Tr. Co. (15).. Trust (6). ... Merchants’ Bank & Trusi (6) National Sav. & Trust (13).. Prince Georges Bk. & T Union Trust (8g)........ Washington Loan & Trust SAVINGS BANK. Bank of Bethesda (6§) Commerce & Savings (il East Washingion (12) Secanity sav. & Go y Sav. . Bk Seventn Street (139, 25 United States (30). . [ " Washington Mechanics’ " {20, FIRE INSURANCE. 6 i 30! ) B National Union {(i§ TITLE INSURANCE. Colurhbia (6h) Real Estate (8 Title & Inv. Cq MISCELLANEOUS. Barber & Ross, Inc. com.. . Dairy pfd. (1) d & Gravel pd. ed.-Am. Co. pid. (6) Lanston” Monotype (801" Mereh"rrans & Brge: coni (109 108 Meren, Trans. & sl pid ). rgenthater Linotype (1n).... * Natl: Mtge. & Inv. pid T, Wh. Corp. (3) The Carpel Corp (150).. Wash Mech. Mtge. com. (8} Wash, Med, Bldg.' Corp. Woodward & Loth. pf *Ex dividend. B Books closed. L ued. dEx rights.* TREASURY CERTIFICATES. 3las El;t. 1 00 8-32 1 i 100 13-33 JUNE 3. 1930. UNITED STATES. . (Sales are in $1.000.) Sales. High. Low. ¥ 100 12 1009 14 101 22 101 88 10211 102 11086 108 111216 112 FOREIGN. Argentine, May *61. Argentine 8s Oct’ Argentine 5348 ‘62 Bank of Chile 6158, Rank of Chile 6%s. Batavian Pet 418, Belgium f. . Belgium 6%s. Belgium 7s ‘55, Belgium 78 6 Belgium 8= Bollvar 7s ‘58 Bolivia 7= ctf: Bolivia 8s. Bordeaux Brazil 634 Brazil 614827, Brazil 7 Brazil & Bremen Sta Canada 5s'31 Canada 6s ‘53 Chtle 6s *60 Chile 6s *61 Ch —a NH— O SRNNBRAN A0 RIS B Copenhagen bs ref Cuba 5%s. Czecho 8s Danish Munie Denmark 41 % Denmark 6% '55. . - PR B Fiat 7s war 46...., Finland s £ 6s 45, Finland 7s. Greek 63 °63. Halti 6s. Hungary 7% Irish Free State &s. TORIETN. s o ossaso italian Pub Sve 7s. Japanese 4s. Japanese 515 '65. Japanese 6% Jugoslavia Bank 7: Karstadt 6s°43..., Kreuger&Toll 5s ct. Milan 6%s. Montevideo 7 Marseille 34 11 Sror + 138 23 3.. New So Wales '57.. Nord 6%s. Norway 6s‘63. . Orfent dev 53 58 Orilent De: Paris-Lyons-M 6; Pari; 0 Poland 7s (rets) Porto Alegre Queensland 6; Queenland 7s Rhine Wat EP Rhine West6s '6 Rio de Janetro 63%.. Rio de Jan 85 '46 Rio Gr_du Sul 654§ Rome 6%s.. R'y’l Dutch 4% Sao Paulo 8s'38..., Sao Paulo '50. Saxon (PW) Ts. Seine 78°42...., Sweeden 5%s Swiss Confed 8. Utd Kingm 6%8°37 17 Uruguay fs'60 106% 874 8% 96% Vienna 6s '52 Warsaw 78’53 Yokohama 6s Abitibl PAP6a"53. 5 854 Abram&Straus f4s 1 101% Adams Exp 4s'48.. 5 864 Ajax Rubber8s.... 11 65 Alleghany Cp 5s ‘44 16 102 Alleghany 6 *48... 1 101 Allis Chalm 58°37.. 27 102 Am Agri Chem 734w 2 108% Am For Pwr 55 2030101 88% AmIGCh5%s*45. 1 106 Am Int Cor F4m'49 28 99% Am Metal 518°84.. 20 97% Am Nat Gan 6% w'43 6 881 Am Smit & R 1st 68 15 101% Am Sugar Ref .. 5§ 104 Am T&T eva Am Wrtg Pa fs Armonr&Co 4% " Armour. Del.54s. At] Gulf s '5 Atl Refining 5s. . Rell Tel. Pa. 63 (B) Bell Tel Pa 58 (C).. Rethlehm €11 nm s Bush Term Bldg s Certn-Td 6% s rets. Chile Copper bs. Colon Of1 fs *28 Col G&TI Com Tnvest Fhn '49 Con Coal Md. 6 Con Gas N Y Fi4s.. Fast Cuba Sug 7% Fisk Rubber 88 Gen Thea Eq 6340, Goodrich 6148 Goodyer Es rets. Humble O & R s Humble O & R 6%s 11i Bell Tel bs. Inland Steel ¢ ntl Cement B 48 Intl Match s *47 Intl Mer Mar Intl Tel & Tel Kan City P & Lt bs. KanG&E6s'53... Kendall 6% 8°48 ww Lou Gas&El bs '52, Manati Sugar 7%s. McC'rmek KR 6534 Midvale Steel bi Montana Pwr ‘43 Montana Pwr db 44,0 8 104% ' N Y Edison 6%8rgn 2 114 Close. 10012 15 101 22 s 1028 6 1086 16 11216 1 S8R 88 105% 105% 95% 95% 98% 98% 9% 94U 1034 103% 1084 110 112% 118% 108% 108% 110 110% 80% 80% 784 78% 93% 93% 10%% 103% f4% 85 f4% BN o5 . 9 101 101 102% 102% 100% 100% 104% 104% 89% 89% 90% 91 101% 102 110 110 109% 109% 108% 108% 92% 92% 100% 101% 105% 1054 102% 102% 102% 102% 101% 101% 102% 103% 107% 107% 102 102 9% 974 100 100% 108 108 1174 117% 122% 122% 90 90 108% 108% 86% 86% 93 4% 101% 101% 8% 98% 9281 98% 96 96 9T 9T% 190% 190% 103% 103% 83% 83% 7 = 97 97 904 $0% 102 103 103% 103% 104 104 85% 864 104% 104% 99 99 1014 101% | Cen 103% 103% 1024 102% 89% 89% 97 103% 103% 104% 104% 6% % 100% 100% 106 106% 89 893 90% 8% 9% 2% 90% 89% 100% 100% 98 98% 98% 99% 107% 10734 1054 105% 107% 107% 99% 100 1001 1004 M 0% 90% 104% 104% 9% 96 106 106 87U 871 8% 8% 26% 96% MISCELLANEOUS. B54 R54 01% 101% 86 86% 63 65 101% 101% 101 101 101% 102 103% 103% 88y 8RY 106 106 9915 99% 97w 97w 8% RR 101% 101% 104 104 175 175 104% 104% 1 101% 102 104% 104% 1067 106% 101% 101% 100% 100% 46% 46% 4% 4% 105% 105% 994 99% 1031 1034 4% 95 70 10 W% 100% 100% 102% 108 101% 101% 1044 104% 98K 98% 107 107% U4 9k 101% 1014 102 102 104% 104% UK 94% 100 100 99% 99% 101 101% 904 9014 120% 120% 97 9Th 104% 104% 1064 106% 86% 86% 101% 101% 102% 108 828, 834 108% 103% 120% 120% 120% 125% 102% 1024 6444 6% 101% 101% 100% 100% 97% | Ch FINANCI IDOMESTIC BONDS | [ox e sone BONDS o scavc] to The Star Office Sales. High. Low. Close. 1 100% 100% 100% 2 106 1064 106% .8 110% 110% 110% 20 103% 108% 103% 23 103% 103% 103% 2 102% 1024 102% 2 101% 101% 1011 4106 106 106 15 102% 102 102 2 ligwi 104% 104% 41 104% 104% 9 1uik 101K 101% 4 654 654 6B% 4 103 1028 103 | Nor States Pwr bs.. Nor States Pwr Pacific Gas & EI 5 PacT&T 52 Pan Amer Pete Paramount Pathe Exeh: Phila Co 68 6’ Phila & Read 6: Phillips Pet 5% Pilisbury F M Postal Tel & C Pub Sve G 4% * 100% 100 100 6 108% 107% 107% ba 96% 94 94 1044 104% 104% 2 95K 954 B! 98% 98y 99% 96 99 95% 100% 100% 100% 102% 102 102% 103% 103% 1033 100% 100% 100% 984l 97w 9T% 96% 96 96 103% 103'% 103% 103% 103% 103% 98 97% 98 100% 100% 100% 107 108 106 105% 105 105 2 101w 101% 101% 13 97% 96 96% 9 85% 85 8 1 100% 100% 100% 6101 101 101 & 92% 92 924 2 105 105 00 106% 105% 105% 11 104% 104 1 102% 102% 102% 5 109 108% 109 wi 4 100% 100% 100% Win RepeatAr 7%s 10 103 103 103 Youngstn 8 &T 6s.. 12 102% 102 102% RAILROAD. . 67T 9% Stnclalr O11 Sinclair Ofl Sinclair Of1 Sinclair Crud Sinclalr P L b: Skelly O11 6% South Rell Te Stand Of} NJ "46... Stand O11. N Y.4%s Tenn Cop 6s B ‘44 Tenn El Pwr Tex Corp cv Transcontl Oil United Drug U S Rub 1st rf 8. U S Rubber 7%s. .. Utah Pwr&Lt 5 Utilities Pwr 5% Walworth 615 '35., 9 17 10 56 4% 94% 133% 133% 62 62 53 53 1 94% 94% 94K 1 98% 98% 98% 32 94% 93% 94U 13 100% 100% 100% 45 103 102% 103 5104 104 104 1 103% 103% 103% 5 105 104% 104% 17 109% 109% 109% 93% 93% 93% 5 103% 103% 103% 1 8% B87% 8T% 9% AL. SLUGEISH MARKET CONTINUES IN RUT Efforts to Revive Stock Trad: ing Have Been Costly to Operators. . By the Associated Press. YORK, June 3.-—These ar parlous times in Wall street for juniof customers’ men, margin clerks, mes: % | senger and board boys and brokeragt house supernumeraries generally. Commission houses, particularly th maintaining extensive wire systems, admittedly losing money with the daily turnover of the Stock Exchange runni close to 2,000,000 shares. Last ye: facilities were built up to handle 4,000, 000 to 5,000,000 shares daily. Tradinf fell below that early this year, but w: back at those levels during April an the latter part of March. Hopetul Prophecy. Unless something wholly unexpected develops to shake the market out of i rut, brokers generally see little hope improvement during the next sever: weeks. There is considerable hopef: prophecy of an active market develop: ing between Midsummer and early Aut tumn, but unofficial reports from Washi ington indicate that any huge gain i brokers’ loans would be frowned upon and that the Federal Reserve is pre pared to adopt more drastic measurej than the campaign of persuasion uné successfully applied a year ago. Nevertheless, Wall street is hopefl that a restrained bull market may des velop which will not absorb any undud volume of credit. At the moment money continues to be a drug on thi market, both at this center and abroat Paris cables reported that carry ov loans today were as low as three-quat ters of 1 per cent, the lowest on recol Bankers feel that there is a prospect of another glutting of thi money market during the shifting balances incident to the Treasury re financing and income tax collections thi, middle of the month, as there was du ing the third week of March, when loans were offered in the outside ma ket as low as 11, per cent. Banks a in a stronger position now than thej were then. But if money does approximate low levels of mid-March there is nl general expectation in Wall street th: it will stir up a new bull market, af! the sorry ending to that which wi 92% 99 83% 2% 951 96 20 96 9 96 12 10:% 102% 102% 2z 99% 99% 99 1 116% 1156% 11, 2 110% 110% 110} 67 87% bTH 8T% 4 102% 102% 102% 2 102% 102% 102% 3 102% 102% 1024 105 105 94%, 943 103% 104 31 100% 100% 100% 28 99% 99% 99% 63 97% 9% 9T% 2 104 103% 103% 3 67% 6T% 6TW 6 94U 94% 94% 1 107% 107% 107% 1 87% 87% 87% 1 93% 93k 93% 3 76k 76% T6% 75 2% 2% T2% 18 103 6 8ol 85% 0 93% 93 934 € 99 99 Bklyn Un El 6s 50 Buff R & Pitts 4 %48, Can Nor 4%8"35.... Can Nor ¢ Can Nort| Can Paclfic ef Can Pacific 58 ‘54 Car Clinch & O 5 Chi Gr West 48 '59. Chi Ind & L ret b Chi M&St P 4 1 MIl&St P4%sC 1 he M&StP 4% 8’89 5 ChiMIIStP&P 6875. 34 §9% 89 89y CMSP&Pacadjss03 100 60% 59% €0 Chi & NW con 4% 8. 28 101% 101% 101% born in March, only to have fts lif| snuffed out early in May. Any unex pectedly news indust added to cheap money, would undoub! edly start a bufl rampage, but Ju is normally a month of slackening acl, tivity in business. Commission houses here and the are paring down their office forces; primarily there is a tendency to w early vacations in the hope that ful forces will be needed by late Summel or early Fall. There is no tendency the part of brokerage houses to pa with their experienced help, least of al with employes who disti ished the: selves during the ordeal of last Autum: but the hangers on are, with re nervous. Efforts to Revive Market. Professional operators have made res ted, but, on the whole, costly ef. orts, since the crash of early May, revive the market. One trader, wh recently caused a momentary flurry brokerage circles by purchasing a huj block of a popular trading stock, i reported finally to have disposed of i at a loss of a point or two. Anothe! trader, noted for his large-scale transe actions, has decided to take a vacatiod in Europe this month. \ The confidence with which a revival of stock speculation is ‘expected in som quarters. however, is seen in that actiol of a well known bond house, which j Chi & Nw 6% 5 109% 109 109% Chicago Rwysbs... 20 81 50% 81 ChiRI&Pgnés... 1 90% 901 90% ChIRI&Prfd4s... 35 97% 9T% 974 ChiR1&P4%s.... 1 95% 5% 95% Chi Un Sta 43 1 99% 99% 99% Chi Un Sta 5s ‘44 1 108% 1033 103% C& Windcondse.. 1 89% 89% 89% C& W Ind5%s’63. CCC&StL bs (D)... Clev Term 4%s 17 Clev Term Clev Term 3 105 104'% 105 5 103% 103% 103% 14 98% 98 98% 9 105 104% 104% 2109 109 109 Cuba RR 6 9 178 L B | Cuba Nor5%svrots. 21 63 62% 62% Del & Hud 1strfds. 1 93% 98% 984 Del & Hud 6%, 4 104% 104% 104% T 9% 95% €54 98 9% 9% 843 81% 94% 1% 4% 6 100% 100% 100% 2101 101 101 6 54% 538 53 3 84 84 84 3 105% 106% 106% 19097 9 12 97 97 97 1 105% 105% 105% 1 96% 96% 96% 4 110% 110% 110% 19 1% 111 111 1 100% 100% 100% 81% 81 81 9% 98% 994 U 9N 9% 3 99% 99% 99% 28 98 97% 98 3 106% 105% 105% 44 68% 68 68 9 681 684 68k 1 89% 5915 89% 1 102% 102% 102% 2 82 82 82 194 94 94 5 76 761 6% 3.101% 101% 101% 12 91 91k 91k 43 100 8 89% .6 95y « 10 98% Fla East C Ga & Ala 1st 5545 Gr Trunk st deb Gt Nor 4348 " Grt Nor 4% Gt Northern Grt Nor 1st Gulf Mo §s (B) Hud & Man ad} Hud & Man ref Tllinois Cen Il Cent 4% 8 "66. 111 Cent Chi 434s. .+ 11-C-C-StL&NO §s. Int Rapid Trans bs. Int Rap Tr 5s stpd.. Int Rapld Trans 7s. Int & G Nor 1st 6s.. Int & Gt Nor adj ¢s. Int Ry, C.Am 68 '41. Kan City Sou 3 Kan City Sou §: Kan City Term 4 Lake Shore 4s ‘31 9 42 98 ManRy 1st 4s'90.., 26 51% B50% 51% 4 94U 94U 944 1101 101 101 7 100% 100% 100% 1. Mill El Ry&L 5361, il 15 105% 105% 1057% |~ announced the opening a stock. trading department and custome: room. The current stagnation of the markel is having more far-reaching effec than reducing brokerage commissio: Important financing plans by some ol the country’s foremost enterprises ll" understood to be held up pending more satisfactory stock market. CHICAGO LIVE STOCK MARKE] CHICAGO, June 3 (#) (United Statel Department of Agriculture).—Hogs, 25,1 000 head, including 7,000 direct; mostlj steady to 10 higher; fairly active; top 10.55; new high since April; buik 160¢ 300 pounds, 10.10a10.50; packing so 9.15a9.65; butchers, medium to_choi 250-300 pounds, 9.85a10.40; 200-2! pounds, 10.00a10.55; 160-200 poundy 10.00a10.55; 130-160 pounds, 9.90a10.50} packing sows, 9.0029.75; pigs, mediu to choice 90-130 pounds, 9.25a10.35. Cattle, 8,000 head; calves, 3,000 heas mostly steady market, with weight; steers fairly active and firm; she stocl very slow, but scarce: slaughter classt steers, good and choice 1.300-15 unds, 12.50a14.25; 1,100-1.300 poun 2.00a14.00; 950-1,100 pounds, 11.75 14.00; common and medjum, 85 pounds up, 8.00a12.50; fed yearling good and choice 750-950 pounds, 11. a13.50; heifers, good and choice, 85 pounds down, 10.25a12.00; common an medium, 7.00a10.25; cows, good and choice, 8.00210.00; common and me: dium, 6.7528.00; low cutter and cutteq 4.75a6.75; bulls, good and choice (beef), 17.65a9.00; cutter to medium, 6.50a7.65] vealers (milk fed), good and choic 11.00a12.75; medium, 9.00a11.00; cul and common, 7.00a9.00; stocker an feeder steers, and choice, weights, 9.75a10.75; common and me! dium, 7.50a9.75. Sheep, 11,000 head: slow; lamb{ around 25 lower; yearlings steady; na. 00a13.25: v, 13.3{ bs, good and choice, down, 12.50a13.50; medium, 11.00a12.00; common, 9.75a11.00; ewes, medium cholce, 150 pounds down, 4.00a5.75; * cull and common, 1.75a4.25. 104 m.’(" 1004 M StP&SSM con 4s. M StP&SSM s gtd. M StP&SSM 4 89% 89 89n 2 98% 98% 98 3 5 1 MK & Tex ad] b 1 106 M K&T prin bs(A) 4 102% 102% Mo Pacific gen 4s..104 79 Mo Pac bs F *71 11 100% 100% Mo Pac 5%8# 49 35 110 Mont Trmref 58’41, 2 98 Nash Chat&StL NOTex & MbsB NYT&M 6% Y Cen gen 3%, Cent 45 "42. Cen deb 4i Cen rf im 43 9 101% 101% 180 8 2 95% 95% 1 98% 9% 1 9% 99% 6 1074 107% 1107 107 2 79 kil 2 96% 96% 5 99% 99% T 96% 964 8 107% 107% 1 107% 107% 1 101% 101% € 102% 102% 1 85% 8BN 9 85% 85 4 79% 9% 16 93 92m 5124 124 1 106% 106% 6 13 13 2 88% 88N 1 3% 3% 2 654 65% 2 91 0% 4 1053 1051 227 ZZZZZZZZZZZLZZ Nor Pacifie Nor Pacifie 102% 102% 101% 101% 98 98 248 25% 108 106 1043 104% 118% 114 Nor Pacific ref Ore Wash 1at ¢s. 17 91 0% Penna ¢%481970.., 131 954 95% Penna eon 4% 1 100% 100% Penna 3% 9% 3114 113% Pere Marg 1st 6s. .. 3 PCC&StLbs (A). 11 EIPL 11 RIATk&L 4% StLIM&SS; Sou Pac 414569 ww Sou Rwy gen 4s Sou Rwy eon t Third Ave adj Ulatr&Del 55°28 sta Union Pac 1st 4s Union Pac 48 ‘68 Union Pac 4% Un Pac 1st ref 5s.. Virginia Ry 1st bs. Va Ry & Pwrés... Va Southwn con 5s.