Evening Star Newspaper, June 5, 1930, Page 14

‘The I. T. « =126 amounted to $130,000, ~~ decline for May, making it the eighth ~ month, but nine other groups, including ©x clines. . Wish to bring out this fact to the pub- . sisting of a secretary and four experts ““"in a nutshell. -~ ~expanded to Central and South - = largest commercial i ON STOCK BUYING _ Eaton Attempts to Prove Schwab Bought Securities in Violation of Law. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. -~ NEW YORK, June 5.—Bradstreet’s monthly price index of June 1 shows a consecutive month to show a decrease. There was a slight advance in bread- - stuffs, live stock and fruit during last hides and leather, provisions and gro- ceries, metals, textiles, oils, naval stores, coal and coke, business materials and miscellaneous products, all showed de- Only one group remained unchanged, chemicals. The decline, for the month equaled 1.5 per cent. The price level is down 7.7 per cent since January 1 and 13.4 per cent from June 1 a year ago. Cyrus Eaton of Cleveland has begun his big fight in the courts against the Bethlehem Steel Co. to set aside the pro- posed Youngstown-Bethlehem merger. Much apparently hinges on whether Charles M. Schwab bought and paid for the Youngstown stock of Julien Ken- nedy of Pittsburgh, a half-century-old friend of Mr. Schwab, last April in order to swing the merger. If he did, Mr. Eaton and his Cleveland group ‘maintain that such an act was a defi- nite violation of the Sherman anti- trust law. The Eaton attorneys, too, make much of the choice positions in Bethlehem offered to the two big executive officers of the Youngstown Co.—James A. Campbell, chairman, and Frank Bur- nell, president—in order to bring about the merger. Both were offered vice presidencies. “How many vice presidents do you have, anyway?” asked counsel for Mr. Eaton. “As many as a bank?” “Oh, no,” said Eugene Grace, seri- ously. “Not that many.” It is Mr. Eaton’s contention that fabulous salaries, amounting to & mil- lion or more, are being paid to several Bethlehem officials. The Eaton forces 1 1 1 lic. The Bethlehem officials object. Ivs the bitterest steel fight of this generation, for each group is determined and has millions with which to fight. America’s money doctor, Prof. E. W. Kemmerer of Princeton University, just back from China, is now wanted by the Republic of Colombia to make a special _study of that country's present eco- nomic_situation. A Colombia financial mission, 1 con- on budget, taxes, customs and public credit, has been appointed by President- 1 elect Olaya at the request of the present “7 cabinet. Asked recently for a statement on b};‘:‘é‘m conditions, Prof. Kemmerer re- P The immediate problems of banking and business become, to a large extent, -one of so economizing the available sup- ply of gold that there will always be an ample margin above the needs of busi- mess and by means of central banking policies so controlling the use of this »‘nld, as a basis for note and deposit “currency, that neither inflation nor de- flation can ensue.” ‘This is the Kemmerer point of view Hernand Behn, president of the in- ternational Telephone & Telegraph Co., r»watches the ups and downs of world b\ulneu as ure{ull as any other company has its mil- ferent countries. & T.’s assets at the end of 2 months Xt later they were unmooo still 12 -months later—the end of 1928—they --had reached $389,000,000. By 1929 the total assets had expanded to $535,000,- 000. But the growth in the number of stockholders is just as impressive. In 1928 the I. T. & T. had 16,568 and at the end of last year 53,594. Both the Behn brothers—Sosthenes and Hernand—were born on the Island i e Ty g_their wor lephone ~fleld in the West Indies and Oubl they Amnncl and-of neem ynn have been concen- trating enes Behn is 48 and his brother, " Hernand, is 50. ‘The Chase National Bank’s first re- yofl. as of June 2, the date of the ormal merging of the old Chase Na- tional with the Equitable Trust Co. and the Interstate Trust Co., shows deposits ©of slightly under $2,000,000,000. The bank owes no money to the Fed- eral Reserve, has a capital of $148,000,- 000, a surplus of another $148,000.000 and undivided profits of over $60,000,- 000, Think of a bank having a capital account exceeding $356,000,000! ‘The report also shows loans and dis- counts of $1,435,000,000, Government and other securities of $335,000,000 and due from other banks of over $592.000,000. While responsibility for handling this enormous institution rests with its board of directors of 84 well known men, the real work of the bank cen- ters in Albert H. Wiggin, John Mc- Hugh, Charles S. McCain, Robert L. Clarkson and Winthrop W. Aldrich. The Chase stands today as the bank in the world. ‘Ten million dollars a day! That's what the United States Government s costing the Eeome. For 11 months of the fiscal present year $3,577,000,000 were spent and $3,374,000,000 was raised to pay the items. ‘The Federal Government expenses are rising—this much is true. The full ordinary expenditures for 11 months reached $3,064,922,000—an in- crease of $107,000,000 over the cor- responding period of last year. The pugllc debt continues to shrink. It is down more than $10,000,000,000 since the peak of $26,596,701,000 was reached in August, 1919. At the end of May it stood at $16,399.460,000. There was a reduction of $767,664,000 during last year. Any country paying off its debt at the rate of better than $2,000,000 a day is getting along pretty well. As a matter of fact, the combined debt deductions of all other countries in the world have not equaled the amount paid off by the United States Government alone in the last 10 years. (Copyright, 1930. by North American News- oaver Allisncs.) PRICE DECLINE CONTINUES By the Associated Press. General prices declined steadily last week as their change was calculated by the Census Bureau. Figures which fol- low give the index for the week and comparable periods, based on represent- ing 1926 wholesale selling prices as 100. In addition, selling prices for a com- posite ton of steel products at like periods is given. All Commodities. Steel. Week ended May 31. 878 $33.56 Previous week. . 88.4 33.56 Same week last yea 95.6 37.10 Baltimore & Ohio. BALTIMORE, June 5 (Special) —May freight traffic on the Baltimore & Ohio 80 far reported shows continued declines under the corresponding period of last year. The two- weeks ended May 17 brought total loadings ting on th: hne! of 78,546 cars, compared with 87,269 for the 1929 fortnight. Loadings received from conncctions aggre ud 42,635, against 49,301. Combined ings from all sources amounted to 121 - 181, compared with 136,570. Reductions occurred in—all classes of traffic, al-¢ thareh the movement of il eeetmated and yelr s ~Prev. 1930.— 192% 167 144 324 112% 109 122 127 Special Dispatch to The Star. tols, white, 100 pounds, 2.25a2.75; new, barrel, rel, asparagus, dozen, 75a2.50; beans, per, crate, 2.5083.50; lettuce, hamper, lcrau 2.00a3.50; radishes, 100, 1.00a3.00; \ NANCIAL. THE EVENING STAR, NEW YORK STOCK EXCHANGE W"Mflh'fl!bfi.flbl’h\llflou (cumnued From Page 13) Stock Dividend Rate. Adflol: Bk, Lov. |Gless. Mengel Co ¢2). . 9214 88 Mengel Co pf (7). 179 176 Mex Petrolm (t32).. 108 37 16% Mexican Seaboard 102 33% 17 Miami Copper (4) 5 77 53 Michigan Stl (m2%) 1 23 281 Mid-Cont Petm (3).. 19 2% % Middle StatesOflet. 1 53 3214 Midland Steel (3).... 2 110 90 Midland Steel pf (8). 2 103 Mil El Ry & Lt pf(6). 208 28% 124 Minn Moline Pwr. . 15 92% /772 Minn Moline pf(6%) 2% 1% Minn & St Louis 66% 46% Mo Kan & Tex (1) 108% 103 Mo Kan & Tex pfi7) 145% 125 Missour Pac pf (5 49% 35% Montgom Ward (3 16% 3% Moon Motors. 72 58% Morrell & Co 1% Mot Lode (40¢) 4% Motor Meter G & EI 50 Motor Products (3). 12% Mullins Mfg. 18 Murray (b2%st 3% Myer(FE) & Broi). t( Cash Reg.A(14) 45 Nat) Dairy (1) 39% 29 | Distillers (3) 58% 32. Natl Pwr& Lt (1) 98% 70% Natl Surety (5). 41% 30 Nat TeaCo (2). 32% 17 ada Copper ( 58 40 Newton Steel (3) 47 41% N Y Alrbrake (3. N Y Central (8). 11214 N Y Chi & StL (6). 1 180 N Y& Harlém (5)... 808 28% 107% N Y NH& Hart (6). 3 2 22 N Y Invest (1.20). 1 1 NY State Rallways. 508 Norf & Western (10). 1 Norfolk & Wn pf (4). 708 9% North Am Aviation.. 32 327% 93% North Am(bl0%stk) 118 57 51 North Amerpf (3)... 3 05 100% North Am Ed pf (6). 1 97 78 Northern Pacifio (5). 4 55 45 NoGer Liovd (3.43). 9% Ofl Well Supply. 86 Oil Well Sup pf ( 34% 13% Oliver Farm Equip, 90% 70 OUvFrEQPLfA (6).. 464 31% Olv Fr Eqcv pt(3).. 8% 2% OmnibusCorp...... 1 99% 63 Orpheum Cir pf (). 1008 §0% 6714 Otls E! 2 38% 20% Otls Steel (3%). 60% 50% Owens,Ill Glass(né). 74% 52% Pacific Gas & El (2). 0T% 72 Pacific Lighting (3). 50% Pan-Am Petm (B)... 414 Panhandle P& R. 48% Param’nt Publix u). lsfi 2% Park Utah. 14 124 _Parmeles Tra: 2% Pathe Exchan, 5 Pathe Exchange (A). 184 Patino Mines 26% Penick & Ford (1)... 63 Penney (JC) (3).... 7 14 2 90 5 53 Peop Drug Strs(1).. 25% Petrol Corp (13%). 34% Pheips Dodge (3) Phila R C 29% Phillips Petrm (n2) 10% Phoenix Hostery 69's Plerce-Arrow pf 1 1lisbury Flour (2).. 43% Pirelli of Italy(3.14). 175 Pittsbgh Screw 1.40. 98% Pitts Steel pt (7).... 108 20% Pittston Compan: 25 Poor & Co (B) Ricue 12 P Rican Am To (B).. 97 Postal Tel & C pf(7) 45 Prairie Oll & Gas(3). 50% Prairie Pipe L (16).. 52% Proc & Gamble (2) 6% Prod & Refine! 811 Pub Serv.NJ (3. 92% Pub Serv N J pf (5 4 3 4 2z 5 47 Punta Alegre Sugar.. 21% Pure Oll (1%). 110% Pure Oll pf (8) Purity Bakeries (4). 34% Radio Corp..... 68 Radio Corp (B) (5).. 19 Radio-Keith-Orph A. 295 33 Raybestos Man 2 110% Reading Rwy (4) 434 Real Silk (5).. 3% Rels (Robt) & 25% Rem Rand (1.60) 92 Rem-Rand 1st pf(1). 95 Rem-Rand 2d pf(8).. 10% Reo Motor Car (80¢). 504 Republic Steel (4) . 95 Republic Steel pt ¢ 61 RevereC&B (A) (4). 284 Reynolds Metls 2.40. 4 Reynolds Spring.... 49 Reynolds Tob B (3). 20% Richfield O1l (3)..... 16% Rio Grande Oil (2) 44% Ritter Dent Mfg (13) 33 Rossia Insur 2.30). 49% Roy Dutch (al.3415). 88 Safy (e8) 4 way pf (6) 110 37 . 208 7 Sa 109% 105% Safeway Strs pf (7). 574 40% St Joseph Lead (13). 118% 107% St L-San Fran (3)... 92 St L-San Fran pf (6) 58 StL Southwestern.. 2415 Savage Arms (2).... 4% Schulte Retail Strs. . 813 Seaboard Air Line. .. 79 Sears Roebuck(32%) 7% Servel. 1n: 2214 Sharon Steel H (2) 17 Sharp & Dohme. 54 p & Do pt (3 36% Shattuck(FG)(11%) 20% Shell Union (1.40)... 98% Shell Un Oll pf (6% 8% Shubert Theatres. 35% Simmons Co (3). 22% Simms Petrm (1.60). 21% Sinclair Con Ofl (2).. 193 Sinclair Ofl pf (8)... 12 28% Skelly O11 (2). 5 9915 Skelly Ofl pf(6). 60 Sloss-ShefMeld pf (1) 1008 20% Sou Porto Sug (1.40) 4 112% So Port Ric S pf (8). 80s 564 Southern Cal Ed (3). 16 315 Sou Dairfes (B)..... 1 116 Southern Pacific (6). 9 6% 42 591 82 30% 72 9 8Y 121 High. Low. 136% 1014 101 974 361 19% 301 134 10% 6 25 20% 361 214 *45% 39% 29% 21% T4 4% 129% 1025 64 10 56% Stand Oi! s Starrett ing Thomp (. Tobacco Tobacco 1 1 © 2381 238% 86% 864 10% 108 122% 124 104%™ 104% 0 Tri-Cntl Truscon utd C: Utd Cig Pipe Pipe 36by 5319 198% 165% 146 141 £l 2% 45% 3l cacacqacecas nunnwnLLRNY 7% 4 Vadasco 143% 49% 4T 8Th 84 bl 114% 105% 156 65 100 67% 891 31% 42% 54 wal Waldors Western Western Western Western sthse 67% 677% 12% 72 wrigley 361 % 19% 1% ’l. 15 1% 22% 1% [ ™~ 1 10:30 A.M 1:30 P.M Dividend payments in stock = P Tat 8% 120% Vanadium Stl (14).. Vick Chemical (23%). Va-Car Chem. ... Va El & Pwr pf (7). Vulcan Det (4)... Vuican Detin pf (7).. h.. . Wabash pf (A) (5).. stinghse » B (2). stinghse E&M (6) 110 Yellow Truck. ... Yellow Truck pf, Youngs Spring (3).. Zenith Radio. RIGHTS EXPIRE Am Tel & Tel.Aug 1 266 DuPont deN. Gamewell. Hackensk W Phillips Pet..June 16 237 Sales of Stocks on New York Exchange ing less than e ot "":b"u' s te 10! K 05" 1 stock. ‘K his $ « Spang-Chalfant..... Sparks Withngtn(1). pear & co. Spencer Kelg (1.60).. Spicer Mfg. Spiceer Mfg Bf (3)..1 Stand Branas (1%) Stand Comm Tob Stand G& B (3%). Stand G & E pf (4) Stand Invest Corp. Stand Oof Cal (2%). Stand Ol Exp pf(5).. Stand Ofl of Kan (2) lof N J(12). 60 Stand O1l N ¥ « d Plate GI (LS) « g(-rllnl Sec (A). Seqpf(1.. rt-Warner (1). W Sweets of Amer (1) Submarine Boat. Sun Ofl (11)... Symington (A) ‘Tenn Cop & Ch (1) Texas Corp (3).. Tex Gulf Sulphur Texas P C & Oil. . Texas Pac Land Tr. 4 Thatcher pf (3.60)... Thermoid Co 12) . J R) (3.60, Thompson Prod(2.40 Thompson Starrett.. Tide Water As (60c). Tide Water As pf (6) Timken Det Ax(80c). Timken Roller (3). Products. Products A. Tob Prod div ctfs B. Tob Prod div ctfs C Transcontl Oll (30¢. Transue & W (1) Tri-Contl Corp. Corp pf Truax Traer 11.60).. Stl (81.20).. Twin City Rap T(§4). Und-Ell-Fischer (5). Union Bag & Paper. Union Carbide (2.60) Union Ol of Cal ($2) Union Paéific (10). Union Pacifio pt (4. Utd Afreraft... Utd Atrcraft pf Utd Biscuit (1.60) Utd Business Pub. 10 3 81 3 on (2 r Stor Utd Cigar Strs pf, 4 Utd Corporation. .. United Corp pf (3).. Utd Dyewood . Utd Eiectric Coal. Utd Fruit (4). Utd Gas & imp(1.20) Utd Gas & imp pf(6) Utd Stores (A)...eae )Ut Utd Stores pt. U S Distributin U S & For Secur. U 8 & For Sec p! 8 Freight (3). 5 Hoffman (2 Alcohol (17). Leath Leather (A) 135 2 &F (2).... & F 181 1.20. Realty (6). Rubber. Rubber 1at pt Smelt Ref (3%). Smelt Ret pf 3% U S Steel (7)... U 8 Steel pf (7). Univ Pipe & Rad. Utll Pwr&Lt A (o3).. Sales Corp.. 166 9 1 . 1208 108 7 3 Sysun(li). 28 Iworth Co (2).... rd Baking (A) rd Baking (B) Ward Baking pf (7). Warner Bros Ple (¢).1039 War Bros P pt (2.20) Warner-Quinlan (1). Warren Bros (3).. errln Fdy & P (3). 2 29 O & Sn pf (4) Penn El pf ( Penn Pw pf(6). Md 24 pf. Pacifie. ... Pacific pf. Union (8).. l: E&M pf (5) 10s White Motors (2) White Rck MS(14%) White Sewing M: ch. Wilcox Ofl & Ga: Wilcox Rich A (2%) Wilcox & Rieh B (2). Wilcox Rich,B etfs 2 Willys-Overland. Wilson & Co Wilson & Co pf. Woolworth (2.40) Worth Pump. Worth Pump(A) (1). (Wm) (4).. 77 22 July 15 180 uly — 25 uly 1100s 1% 213,100 12:00 Noon.. . 1.067,800 584800 3:10 P.M . . 1,896.300 the above table are the annuai casn TReest uarterly or hail vearly declarauio a Plus 6% in stock. © Plus Baltimore Markets ’ BALTIMORE, Md., June 5—FPota- 2.7525.50; sweet potatoes, bar- 3.00a4.00; ham- | cabbage, hamper, 75a 100, 5.0026.00; celery, kale, bushel, 30a50; bushel, 25a75; ltma beans, 4.0026.00; onfons, 100, 1.00a per, 1.00a3.00; peppers. | 2.50a4.50; yams, barrel, 1.25a2.00; 1.00; carrots, 1.25; peas, ha spmnch bushel, 35a50; lu\msh hushel} 1.2522 00; tomatoes, crate, 1.25a3.00; apples, bushel, 1.25a3.50; cantaloupes box, 1.25a3.75; grapefruit, box, 2.50a 6.50; oranges, box, 3.50a9.50; pine- apples, crate, 3.50a4.00; strawberries, quart, 8 to 20. Dairy Market. Poultry, alive—Chickens, Sp pound, 30a40; Leghorns, 20a30; old roosters, 14a16; old hens, 24a26; Leg- horns, 17a22; Spring _ducks, 20a22; Guinea fowls, each, 50a75; pireons, pair, 25 Eggs—Receipts, 2,737 cases; nearby firsts, 22%%a23; hennery, whites, firts, 24 Butter—Good to fancy creamery. pound, 33a35:; ladles, 24a25; rolls, 24a 25; process, 29a30; store packed, 19. Hay and Grain. | establishvalues by grades or 1.07; July, 1.07; No. 3, garlicky, no quotation. Corn—No. 2 domestic, 94a95; cob corn, new, 4.75 Oats—White, No. 2, 52'¢a53; No. 3, 5212253, Rye—Nearby, 75a80. Hay—Receipts, none; the general hay | market cnmlmuhcs lquk]:flugd:rl:xllgp};: ;;;i ceipts, mostly by trucks, bu !hmunlndy“hlch is limited. While | not enough hay is arriving on which to carload iots, the better grade of timothy ll’\dl clover mixed are in fair demand at a | range of 20.00 to 25.00 per ton. Live Stock Market. Cattle—Recsipts, 100 head; light sup- ply, market steady. Steers—Choice to prime, none; good to choice, 11.00 to 11.50; medium to| good, 10.! 50 to 11.00; fair to plain, D'IS to 10.50; plaln 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, 7.00 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 air to medium, 8.00 to 9.00: , 7.00 to 8.00; common to plain, 6.00 to 17.00, Presh cows and Springers, 50.00 to 150.00. yellow, new, export, 4 Wh!*No 2 "d wmm pork v Sheep and lambs—Raeeipts, 500 head; to 6.00; Spring lambs, 9.00 to 12.75. Calves—Receipts, 75 head; light sup- ply, market steady; calves, 6.00 to 11.50. NEW SECURITIES NEW YORK, June 5 (#).—New se- curities offered today include: Portsmouth, Ohio, School District, $750,000 4% per cent school bonds, priced to yield from 4 to 4.35 per cent, according to maturity, by Stranahan, Harris & Oatis, Inc,, and syndicate. Village of Mamaroneck, N. Y., $519,- 000 4'; per cent ponds, priced to yield from 4 to 4.15 per cent, according to maturity, by Estabrook & Ocean County, N, J., $331,000 415 per cent bonds, priced to_yield from 410 to 1430 per cent, by H. B. Boland & Co. Foundation Trustecd Shares, series | A, common stock, at a price approxi- | mately $10 a share, by G. U. Pope & Co, Inc. VIRGINIA I"BUIT CBOPS The apple crop of Albermarle and Nelson Counties estimated at 40 to 60 per cent of normal this year. Crop in the immediate section o( Crozet is about 50 per cent. ‘The peach crop is reported about 10 to 15 per cent of normal, The strawberry and cherry crops were almost a complete failure in the Crozet section this year, due to the Iate frosts at the time plants were in full bloom. Il is estimated that the entire crop to ba shipped this year wfif“be about 50 cars, while there are from 300 to 400 cars shipped when the croy light mrmly. market steady: sheep, 2.00 is normal. WASHINGTON, D. C., THURSDAY, JUNE 1930. FINANC 1AL. 0. . BOND ISSUES @BONDSE FORD SEES GAINS eceived by Private Wire Direct to The Star Office Sales. High. Low. Close. FEATURE MARKET| Remainder of List Is Irreg- ular, With Trading in Small Volume. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 5.—While Wall Street did not expect a further reduc- tion in the Federal Reserve rediscount rate today, even though kers' ac- ceptances and bill rates have been re- duced an eighth, there was heavy buy- ing of Liberty and Treasury long term issues. These advanced from 2-32 to »3: the widest gain being in Treas-| ury 4ys. The rest of the Bond Market flltly contradicted prospects of a Tt unt rate reduction by maintaining an ir- regular appearance in comparatively dull dealing. The sharp demand for United States Government obligations was presum- ably a prelude to the announcement of new Treasury financing for the June 15 quarter. Time money stood at 3 per cent for 90-day loans. Convertible bonds, after remaining stationary in the dull trading of the first two hours, dropped as stocks dipped on increased activity. An ex- ception, however, was the amusement group. Warner Bros. Pictures was the most active, gaining nearly a point. General Treater Equipment 6s and Loew’s 6s both were higher. Elsewhere Allegheny 5s, Baltimore & Ohio 4138, New Haven 6s, American International 515s. Chicago & Northwestern 4%s Southern Pacific 4155 and Texas Cor- poration 5s all had small loses. High grade mortgages were quiet, with slight advances in Atchison gen- eral 4s, Pennsylvania 4!2s, Union P: cific 4s, Philadelphia Co. 5s and Co- lumbia Gas_5s, and similarly limited declines in Baltimore & Ohio first 4s, Canadian National 5s, Canadian Pa- cific 4s, Great Northern 7s, Chicago, Burlington & Quincy 4s, American ‘Telephone 5'3s and Stlndlrd oil of New York 415s. ‘The only activity in the junior rails was in Chicago & Great Western 4s, unchanged; St. Paul slightly lower, and Western Maryland 4s, fractionally improved. National Dairy Products 5%s continued to fea~ ture the industrials, easing a shade. Foreign dollar loans were dull, the only spots of strength being in Ar- gentine, Chilian and Japanese and Ital- ian issues. Italy 7s were heavily dealt in at a slight advance. The issue is callable at par, but only as a whole. There is a possibility, however, that the Italian government may take advantage of prevailing low money rates to refund the loan at a lower coupon rate, With regard to the reparations loan the street seemed to be entirely out of information today. For the moment German bonds have rellrud into a state of coma, the only revealing small declines in Berlin 68 and United Steel Works 615s. Washington Stbck Exchange SALES. Capital Traction 5s—$1,000 at 93%, $5,000 at 9315, Washington Gas 55—$1,000 at 103. Capital Traction Co—10 at 66Y, 10 at 67. Potomac Electric 6% pfd.—10 at 111. Potomac Electric 5':% pfd.—10 a§ 107'%, 2 at 10775, i Washington Gas Light—5 at 125, Washington Rwy. & Electric pfd.—20 at 9814, 10 at 98, 30 at 98, 7 at 98. Dmrm anlon-l urities pm—lo at 80, 10 at 8 Federal- Amerlcan Co. pfd.—10 at100. Mergenthaler Linotype—5 at 10015 Nn:n‘ml Mige. & Investment pfd.—80 at 415 Real Estate Mtge. & Guar. pfd.—68 at 7,20 at 7, 12 at 7. The Carpel Corp.—50 at 25%, 50 at 25%, 50 at 25. AFTER CALL. Pom!'nlc Electric 5%% pfd.—30 at 107%. Washington Gas 55—$1,000 at 103. Capital Traction 5s—$1,000 at 93'3, $500 at 935 Capital Tracticn Co.—20 at 67, 10 at 67, 10 at 6 10 67, 10 at 67, 10 at 671, 10 at 6714, 10 at 67%. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. Amer, Tel &7 Tel & Tel Anlculun & Pot. R. & Pot, suar S5 Tei. of Vi Georuetown Gus 1 Potomac Elec. cons, S Barber & Ross, . 6 B danie ol 8 Ehevy Chase Club 84 aper s3a8s2 2ESEs.3 Balto. & Annap. com » Balto. & Annap. pfd NATIONAL BANK. Capital (1 Columbia, Commerc District (8) Federal- An\enrln Liberty (7§) Lincoln (12). Metropolitan Riggs (15) Becond (9e) Washington {i3) TRUST comrmv Amer Scc & Tr. Co (B)...... 4 0. [§+)) | ubv s W s 8110} 7 Bree Geornes Be. & Trug nion Trust ( Wasington Loah & Trist (19). BAVINGS BANK. Bank of Bethesda (6§) Commerce ings (10} East Washington (12)...." | Patomac (10) Security Sav. Seventn Street (12) s United States (30 Bes Washinston Mechanics’ " (30} FIRE XNBURANCI S Rattona ‘Owion 1183 TITLE maummct Columbia (6h Soal Batateloh) Title & Inv. Co. of Md. mscnunlouu Barber & Ross. Inc. com Ehevy” o, "Batey ba. 0 Gol §.nn & Gravel btd. Mig. pfd Bist Eec. pf Emer. Bromo-Selz. Federal Storage pid. Fed.-Am. « Lansion Monuuue (8. Meren: e 3 Mergenthaier. mene Cin)’ Ba & 378 gy Eeopies Drus 8. pra (6700 Securlty” su%- m» Ter. Ret The Carpel Corp. o) ! Fie, com. (... Nieg. or) Woodward Auxmh ha. i o ¥212% extr Ex dividend. 724% exts tidl vl 2. 3355e8 adjustments, Gers Sales. High %s..... 92 10016 Lib 1st 438 Lib 4th 4 s, U!l!fil'll u 1828 FOREIGN. UNITED STATES. (Sales are in $1.000.) Low. Close. 10011 100 16 101 22 10123 10212 102 14 1016 1019 10113 10113 106 25 105 25 1089 10810 11228 11228 Sales. High. Argentine 6s Ju ‘59 98% Argentine, 1. Argentine 3 8 Bank of Chile 63, Bank of Chile #%s. 1 Batavian Pet 414 Belgium #s. 8 Bollvia 7= ctfs '69. . Bolivia 8s. Bordeaux 68 Brazil 6% s "2 Brazil 614327, .. Conenhacen bs rets Cuha 5% Czecho 8x 51, Danish Munfe §s B. Denmark 4% Denmark f % Denmark §s DET5%s. Mch.’52. DET54sNov 53. Dutch East Ina Dutch East 1 63 Finland 6% Finland 7s Framerican 7% French 7s. French 7% German Bank & rman Fi P 6% . Germ Ger Gon & Greek fs '63 Hait! 8 i Holland-Am Ttaly 7s.... itallan Pub Sve 7 Japanese 4x. Japanese 514« ‘65 Japanese &% .. .. Jugoslavia Bank 7s Karstadt fs *43. Kreuger&Toll §s et Lyvons s. ... Marseflle 82 Mex 4 1904 Mtlan 61n Montevideo Netherlands 6 72, Nord 614s Norway 5s ‘63 Norway § Norway s '43 Norway €s°44. . Norway 638”52, .. Orfent dev 53 68 Parfs-Lyons-M Paris-Ly-Med 7 20 25 10 Porto Alegre Queensland Rhine Wst EP 6x'52 Rio de Janeiro 4. Rio 4e Jan 3 * Rio Gr du Sul Rio Gr Du Sul Serbs-Cret-Sio 8s. Shinevetsu 614s ‘53 Sweeden 63 Swiss Confed ts. ... Toho El Pwr 6s 32, Toho El Pwr 1, Tokio 618 ‘61 Utd Kingm 6% 37 Uruguay s Uruguay $: Vienna 6s'52. Warsaw 7s°52... Yokohama 6 29 98% 98Y 98% 98% 98% 981 98% 934 934 MU 99 98% 98% 81% 81% #8 88 88% 88% 105% 105% 964 8% 94 103% Nor States Pwr Pacific Gas & B1 PacT&T b Paramount 6s '4’ Pathe Exchange 7, Peoples Gas bs. ... Phila Co 53 ‘67 Phila & Read 6849 Phillips Pet 6%s. . Pilisbury F' M 68°43 Por Ric Am Tob és. Postal Tel & C5%8 Pub Sve G 4148 '67. Pub Serv G 4%s ‘70 Punta Alegre 7s. .. Pure Ol §%s Rem Rand 6% Richfield Oil 6s Sinclair O11 6 Sinclair Oi1 6 Sinelair Of1 7 Solvay Amer 68 42, South Bell Tel bs. . Southwest Bell 58. Stand Ofl. NJ "46 4| Stund OIL N Y.4%s 9B 108% 103% 8% 04y 84 9 96% ATY 190% 103% A3 ki 268 108% 103% 11 90% 20% 101% 101% 104% 104% 104% 104% 08% 98% 101 101% 103% 103t 103% 103 1024% 102% 89% 89% 84 28y 96% 8714 190% 1081 8314 8% 96Y% 108% 103% 1 Ml‘cELLAN!OUI- AbItibi P&P §x ‘63 Alleghany Cp §a Am Chain Am For Pwr 34.. 47 Am NatGas 84843 2 Am Smit & R 1at S8 Am Sugar Ref Am T&T evd %239 Am T&T 6n"65. . Am T&T el tr §s. Am T&T » f bu Am T&T 5% Am Water Wk Am Wrtg Pa 6 Armour&Co w.ru Armour. Del Atl Guif 5s ! Tel Pa §a (C) hiehm Sti bm 6 Reth Steel rf s Brkiyn Edison & Chile Copper fx Colon O1} Col GRE! ha.May's2 Con Coal Md. a. .. Con Gas N Y F3, Cuban Am Sugar East Cuba Sug T%s Fisk Rubber 85, Gen Cable 5145 ‘47, Gen Mot Ae Cor Gen Pub Sve 5%s. . Gen St Cast 6% 249 Gen Thea g & Gen Thea Eq 6 Goodrich 6% Goodyer bs re Hoe & Co 6% b Humble O & R 3a 111 Steel 4840, Intl Cement 65 4 Intl Match 68 47 Int] Tel&Tel bs City P & Lt bs. G&E 3 The Todd Shipyards Corporation is understood to have cl important contracts with several British concerns for the xtensions of the Todd ‘business. . pulverized coal 3 Morris&Co 1sté Yu Nat Dairy $%s. New Eng Tel bs. A8 109 109 101% 101% 101 101% ‘Tenn Cop 6s B "44. . Tenn El Pwr 6/ Tex Corp ev Transcontl O11 .“l United Drug & USRublstrf Utilities Pwr 5%s. Vertientes Sug 7 Walworth 6 °45... (alworth 6435, rn Bros P 6s '¢9.267 Warner Sug 7s *41. Western Elec 53 Westn Unfon ha'51. Westn Vnfon 6%, White Sew Mach Wickw-Spen ev Willys-Ov 6% Wilson & Co 1st Youngstn 8 &T bs. . Atchison adj 45. Atchison gen 48 At Coast L 1at 4. Atl & Dan 1st ¢s'43. &0 s 2000 (D) B&OTfimn fs. R&OPLEWY 4 B & O Toledo 4i Bang&Aroos 4= '51. Boston & Maine s RKIvn Manhat 6= Bklyn Un EI 55 '50. Can Nat 4% s 87 Can Nat 4% ‘68 Can Nat ba. Tnlv'69. Can Nat fn Oct Can Nor 6%s. .. Can Northern 7s. Canada Sou bs. Can Pac deb 4n Can Nor 4% u 25 Pacific 5’5 'an Pacific ~tfe Cent-of Ga b=C Central Pacific 4 Cent Pac 1st 58 Ches&Ohin Corn b8 “hes & O gen 43 C B& Q gen 45 ‘53, CB&Q4%s"17B. CR&Qistrfbs... hi & E 111 £n b= 51 Chi Gr West 4n 59, ChiTnd & L ref Fx. . Chi M&St P 4’89 Chi MII&St P 4348 C Chi M&SP 4% = 'R9 ChiM{IStP&P fn'T5. CMSP&Pac adi5303 Chi & NW zn 3%s. Chi & NW zen 4 Chi NW 4148 2037 Chi & NW con 4%s. Clev Term 4%s Colo & Sou 434 x. Cuba RR 65 '36 ct Cuba Nor 533 ret; Del & Hud 18t rf 48 Del & Hud 6%s. Den & Rio G cn Den&RGW 68 56. DR G&Wnt 5u"78. Det United 43%s. ... Dulith S 8 & Atl 58 E Tenn Va&Ga .. Erle 1st con 48 Erie.conv 48 (A) Erle gen ¢s Erie bs. 1967 Erie 5a. 1975 Fla Bast C 68 T4 Gr Trunk st deb Grand Trunk Gt Nor 4%s" Grt Nor 4%s (E).. Gt Northern 5; Grt Nor 18t 5 Gt Northern § Great Nor gen Ts. Hud. & Man ad § Hud & Man ref Illinois Cen 111 Cent ref Tl Cent 4% s "66. T1-C-C-StL&NO 6s. Int Rapid Trans s, 51, Int & Gt Nor ad] 6. Int Rys C Am 6 Int Rys CA 6% Kan City F't 8 ¢ Kan City Sou b Kan City Term 4 Long Isi rf 4549 MK & Tex 45 (B).. Mo Pacific gen 4; Mo Pac bs F 17 Mo Pae 66 G 18, Mo Pac 5lgn 49 e, Mont Trm ref 58'41. Nassau El 45 °51. .. NO M5 12 ZZZ7ZZZLZZZZ el < NH&H 3%s ‘56 %s Norf&Sou gn 58'64. Norf & Wn con Nor Pacific 83 2037 Nor Paeific 48 Nor Pacific 58 (D). Nor Pacific ref 6s. . Ore Short L con b Ore Wash ist 10245 1024 8 83 97 9% 106 106 Penna 4148 1970 % IAILIOAB. . 144 103 130 81% 81 35 425 978 964 24 954 20 921 91% 91y 30 107w 107% 107% " 26 o7 10 107% 107T% 107% * 13 1081 102% 102 28 124 10 91K 91K 91k 1 113% 2T 964 95% 45 100 1 104% 104% 104% 1141 1134 1134 1004 100 100 106% 1064 106% 11 1 11 103% 103% 103% 106 106 106 102% 102% 102% 102% 1024 102% 104% 104% 104% 101 101 101 67 67 67 108 103 103 100% 100% 100% 108 106% 106 96 96 6 104% 104% 104% 90w 90 100 95 100% 100% 100% 102% 102% 102% 103% 103% 103% 97% 9w 9% 108% 103% 103% 104% 104% 104% 103% 103% 103% 98 97w 9w 100% 100% 100% 106% 106% 106% 105 104% 104% 102 101% 102 97 97 85% 86 100% 100% 100% 101 100% 100% 91% 90% 90% B4 54 B4 92 9% 9% 105 105 105 106% 105% 105% 104% 104% 104% 104% 1027% 1044 103% 103% 103% 109%.109 109 73% T34 8% 25 25 25 99% 99% 99% 100% 100% 100% 7 102% 102 102% 4 7 13 0% 4% 941 [0 9414 4% 62 0% 94% 941, 1 62 62 80 93% 93% 93% 10 100% 100 100% 102% 102% 4% 1031 1028 103% 4 105 1041 104% 2 lfl"‘& 109% 1091 4 94 REW RTis 9% HR 11 868 K7t 99% 17% 92% 9RY 85 5% 958, 058, 1 102% 102% 102% 16 102% 1021 102% 4 115% 115% 115% 10 110% 110% 1108 INAUTO INDUSTRY Manufacturer Does Not: Be- lieve “Saturation Point” Has Been Reached. BY DAVID J. WILKIE, Associated Press Staff Writer. DETROIT, June 5.—There never wil be a “saturation point” in the ‘autom: bile industry, because the industry al. ways will be able to make befter cars Henry Ford told the Associated Prem today. “And,” he added, “the auto- mobile industry is just beginning te make ‘real’ automobiles.” Mr. Ford amplified the' thought by adding that not only the automotive industry, but all industry, is safe fror the bugaboo of “saturation” . for the same reasons—that quality always car be improved, and that not even & smal fraction of possible users has thus fa been supplied. ; New Designs. Asked how the automobil: of the fu ture would differ materially from Y.‘ present day car, Mr, Ford replied, design and quality:” ‘ou mean the industry is going t« give everybody a 16-cylinder car?” o, not. that, but the automobile it being steadily Improved upon and thers still is a long way to , 1 won't say that—I'll say the ‘saturation . point never will come in any ct ty, least of all in motors, because it will be prssible to further improve the automobtte. “It is the constant demand for bette: things that makes it possible for all in- dustry to carry on. The automobile in. dustry initiated mass production. The demand for quality in quantity is the answer to the question of what genera condition is going to brig about a re- turn to healthy industrial and busines conditions. The reason I preach quan: tity everywhere—in farming and industry —is that quantity compels lity, ane quality means value, whlc creates #table economic To the suggestion that t.he Teglstra: tion of motor cars seemingly is con: stantly increasing and that last year) world total was 34,876,837, Mr. H'm directed attention to the salvagl old automobiles that had outlived t! eh usefulness. In the Ford plant at Rivel Rouge more than 300 old cars daily ar being dismantled, and the material tha went into their construction is beinf salvaged. As in production, the salvag: ing is done on a quantity basis. M chines that formerly were used in t making of the old model T car now an used to dismantle it. The old cars ride along the conveyo l line while glass and rubber are remove( and the varlous metals seperated. A the end of the line a huge weight ¥ dropped onto the skeleton of what wal once on automobile and it is flattened te a pancake at one stroke, Thence it goe to the open hearth furnace, where i gigantic ram pushes it into the smelter ‘The metal goes back into the productioy of new cars. £ 104% 104% 104% 8 ST ST STY 2100 100 100 11 102% 102% 102% 11 103 103 108 5 101% 1014 101% 1 93% 93% 93y 1104 104 104 22 100 100% 100% 10 99% 99% 99y 86 98K A7Y 98k 2.103% 107% 102% 2 68% 68% 68% 4 94U 94 9y 11 99% 99K A9y 11 1074 1074 1074 76% 6% 76U Fn 78 2% 2% 1103 103 108 5 8By 85N 85N 93 93% 9% 99% R9L. RN, 59% 59% 79 934 898 #9% 59% 9 MK N 968, 96% 62 101% 101 2 18 (! 73 a 95% 95% 9% . 1 115% 116% 115% 12 105% 105 105 B 97T 97U 9TK 5 105% 105% 1054 13 98% 98w 98y 2 1004 100% 100% B 80% 80k 80w 1 64% 64% 64% 30 93 93 23 1 104% 104% 104% % 95% 95% 97 97 91y 92 98% 9R% 23 83y 81y 83% 6 105 105 105 4 BT% 8T BT R 84U BAU R4 4 R1% RIN 81N 52 95% 94% 94% 98 95% 94% 94% 10 58% 53% 53% 9 105% 105% 105% 9 110% 110% 110% Price Reduction. | The reclamation of old cars at presen is confined to the Detroit area, but Mr Ford said it was expected that as soot as the technique is perfected the rang will be extended. Announcement by the Ford Moto » last Monday of another reductior in the price cf nger cars an( trucks came without warning. What th reaction of the industry will be is no yet clarly defined. It always h“,fl" Henry Ford's policy in times of stress 4 raise w-{:; and lower prices in an effor te buying power. A wage in crease and a price reduction were an tire] for at this time. n was _doubl ing to the industry in view of that the Ford Co. at present is sellinf approximately 60 per cent of all the au tomobiles sold. Several other Eict cuts recently hav been announced in other price fields, bu in each case it was specifically an¢ frankly stated the reduction was mad to clear stocks for the introduction o new models. It may be said on goo( authority that no immediate change i1 models is contemplated by the Ford Oo Washington Produce Butter—One-pound prifts, 391%; tub, 36a37. Eggs—Hennery, ceipts, 22a23. Poultry, alive—Sprin, 38a40; small, 32a33; fowls, 23a24; 38141 23a24; current re broilers, horns, 2!‘::'; Leghorn fowls, ducks, 15a18; geese, 15; capons, large 35a37; small, 30a33, Dressed—Sprinj ;:hlcl:emn-l;:u 45a48; fow] capons, 3 small, 30a33. Lok Meats, fresh killed—Beef, 20a23: vea) 20a22; lambs, 25a28; pork loins, 28a33 fresh ders, 22 smoked shouldera 40242 10 97% 9T 9Tis 27 9Tu 97 974 R 106% 105% 105% 30 9Tn 96% 96% 5 110% 110% 110% 12 111% 111 111% 81 19 99 99 1 95 95 10 93 93 1 100% 100 100% 2 105% 105% 105% 60 69% 68% 68% 6814 9615 961 2 101% 101% 101% 11 91% 1% 91% 10 90% 901 90% 2 95% 95% 9bly 98% 98% 98K 2 Bl bl% 51n T % 94 94% 7 100% 100% 100% 32 90 90 90 1 101% 101% 101% 5 8 89 89 1L 881 88 88y 21 9% 19 79 47 100% 100% 100% 7 100% 100% 100% 27; 22; bacon, 27; lll'd in kages, 13; 1 bulk, 12. by Live lmk—Cllvu, 0all. 8all; Spri lamb, . bo‘x stock, 3.25 or pine peaches, 3.003.80; .ri’&'?‘m BA](K CLEAB.IHG’!. NEW YORK, June 5 rsmm) r- Toda; 05.080.000 4, 211,000,000 Penna 63, Penna O&Det 4% Reading gen ¢% A Rio Gr Wt 1st 4s. RIArk &L 4% StLIM&S S5 SIL&SF 4% T8, 3110 109% 1094 1 9% 98% 98% 1 58 53 53 6 984 994 98U 964 5 101% 101 10114 10 80% 80k 80% 954 95 8 9% 9% 79% 96% 97 5 101% 101'% 101% 6 T84 T84 784 2 ¥5% 6% N5% St L8 Weon SB All Fl Sou Pac el Sou Pac ref o hid Sou Rwy Mo & O & Term Asso 8L 4 8 98% 93k 93% |, 128% 1283% 1 105% 106% 105% 3 56 56 06 [0 PP o 498 . 14! 58 5 881 88% 88y 167 67 67 2 9315 931 931 6 65l 654 65 5 105% 105% 105% (12% - 13% 2 104% 1041 104% 1 0% 907 907 164 0915 998, 5 100% 100% 1004 1 108% 108% 108% Union Pac ¢s 68 Union Pae 4% Virginia Ry 1st Wabash 4348°78 ret Wabash Istbs..... 1 Wabash 68 ‘76 B Wabash b%8 76 Western Md West Ma $3%5 17, West Pacific West Shore 48 61. . Wheel & L Een WilksB & E 18t