Evening Star Newspaper, June 5, 1930, Page 15

’ FINANCIAL. CURB SHARES DROP " INHEAVY SELLING “"Various Groups Affected as Pressure Is Exerted on Whole List. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, June 5.—Dull trading and narrow price changes at the open- ing of the Curb Exchange today turned to active selling and lower prices as the session progressed, but bears were Dot able to get far with their tactics. Renewed weakness in investment trust nd trading corporation shares, feeble tempts to push up the natural gas shares, on which the street was unani- mously bullish in words if not on the tape, and further softness in copper securities were outstanding features of the trading. ., , Omission of the Goldman Sachs trad- ing dividend two days ago caused many rumors to circulate on the floor about other dividend omissions or reduction. { As Goldman Sachs sank to a new low {:r the year, t’l‘rmut .mn?mu. -x&nmer of e prominent tr corporations, be- ‘€ame a bear target. ‘Transamerica, it was rumored, would Teduce its quarterly dividends. Many trusts and trading corporations sold lower. United Founders was down almost & point. Shenandoah preferred ‘was 1% points lower and Blue Ridge convertible preferred fell a point. Convertible preferreds of trusts and trading corporations, taken as a group, have displayed consistent weakness. Many of these issues have greater asset value in back of them than they had when they were selling 10 points higher and most of them are covering their dividends by safe margins. ‘The reported purchase of Lone Star Gas by United Light & Power started a short-lived moyvement in both stocks. " Bringing in of new wells and termina- tion of the when-issued period bettered Duquesne Gas. United despite the completion of its merger plans, con- tinued slow. Stores and food shares showed signs of strength at intervals. Carnation Co. was up 1% and United Stores up 1% Swift International rose more than & point before meeting resistance. T Acceptance Rates Reduced. NEW YORK, Juné 5 (#).—Another fteduction was made in bankers’ accept- ance rates by leading New York deal- ers today. cut, .} of 1 per cent, affected all maturities. The new rates y-are: 30, 60 and 90 days, 2)4 and 2% per cent; 130 days, 2% and 2l4 per cent; 150 and 180 days, 2!z and 2%. 2832288 S8ngen sy W aEE o) . 5 - St P n Peras s B ol o o Brsm e, B BEunBpmasiuannaeBosint w Camp Pk 65 ‘68 5 87 Van Sweringen 65 '35 97 DOMESTIC BO! : Waidort-Astor 2 Warner “Bros iWash W & Poy 1 Webster Mil 3 west Ne 1 85 b x Ut 8 A 75 92 ac Chl 8ios '37102% FOREIGN BONDS. Hig 55 Wi 9015 41'n 821 e Alr Brov s '32 uen Alr PrTigs 471 co'oy B8} 221 S £ o] 7 2 us 6135 88 ndon 48 Chile 7s '49 i nnes s "¢ x SRS 23, 23382288322 &R 22823, 2288232032 oE 117% 109% 8% 6 39 Bl 260 97 14 4 166% 1% . Dividend Rats. Aero Underwriters, Agfa Anseopf...... Air Investors (war) Allegheny Ga: All Am Gen Corp. Allled Aviatio Alled Mills (60¢). Aluminum Co, Ltd. Am Capital pf (3). Am Colortype (2.40). Am Cit P&L(A)(a3) Am C P&L(B)( ) Am Com P(A) b10% Am Co'with Pwr war Am Cynam B ¢1.60). Am Dept Stores. Am Equities. Am For Pwr(war). Am Gas & Elee (31). Am Laund Mach(4). Am Lt&Trae (8).... Am Superpwr pf (6) A Super 1st pf (6). Am U&Gen B vte 40e Am Yvette (n) w.i.. Anglo Chil Nitratd Appalachian Gas... Arcturus Rad Tube Asso GEE (A) db Laundrie Asso Tel Util (b8%). Atlas Plywood (3). Atlas Utl] Corp. Auto Music A(11.05) Aviation Corp of Am Aviation Credit. ... Bahia Corp... BancomitCorp(1.60) . Bellanta Aireraft. .. Bigelow Sant Cp (6). Blue Ridge Corp. Blue Ridge ev pf( Bohack (HC) 2%... Brasil Trac & Lt (3) Brown F&W (A)2.40 Brown F&W.B(3.40) Buft, N&EP pf(1.60). Burco, Ine. . Burco. Ine (wi Burma Corp (t31¢) Cable Radlo T v.t.c.. (B) rets Carnation Co ($1%). Cellulold Corp. 7 Cent Atlantic Stal Cent Hud G&E n(30e Cent Pub Sve. Del... Cent P8 (A) (a1.76) Cent & 8w U(b8%).. Cent States Elec 1400 Cent Sta El pf(6)xw. Centrifug Pipet6oc) . Chain Stores Dev.... Chain Stores Stock. . t Ph Al n-v(50¢). % 1% 1 48% 40s 310 Col Oil & Gas v.te.. Colum Pig v.t.c. $1%. Com’with Edison(8) 3% Com'with & Sou war. 12% Comm Wat Serv bé% % Consol Auto Merch. . & Consol Cortez Silver. 90% Con Gas, Balto(3.60) 21% Con Gas Util A 3.20.. 3 Consol Instrument. 10 Consol Laundri 7% Con Retall Strs (1).. 88 Cooper Beas pf A (3) 28 Cooper Bessemer(3) 5 Copeland Prod.Ins A 12% Copper Range (3) 10 Cord Corp. 45 Cosden Oil. . 5% Creole Petroleum % Cresson Coni 18% Crocker Wh o 11 Crown Cork IntlA(1 & Cuban Cane pr opt w 34 Cueno Press (23)... 86 Cun Press pf (8%%) 1% Curtiss Wright war. 3 Dayton Air & Eng. Deere & Co (11.20, s % De Forest Radio. 4% Derby Oil Refining. & Detroit Alroraft. 10% Dixle Gas&Utilities. 12% Douglas Alr (75¢). 71 Dow Chemical (2)... 31 Dresser(SR) A(3%). 38% Dresser (8 R) B (2). 41 Driver Harris(new). 99 Driver Hurris pf (7). 6% Dubilier Cond & Rad 16% Duquesne Gas (new). 3'% Durant Motor: . 25% Eastn G&F Asso.... - SeammarRoale culonanESonenannmmonn S KBmROTANKIRONON SR 1% Eastn Utll Inv (A)., 134 Eisler Eelectrici1%) Bond&Sh pf wi(5) 80% El Bond & Sb (b§).. 108% KI Bond & Sh pf (6). 281 Elen Pwr & L op war 18% Elee Shareholdg(il) 82 El Sharehold pf ()., 40 Empire Power (1)... 6 Emplire Steel Corp... ‘s Kngineers Gold 5 HKuro Elec deb ri 16% Kurop El, Ltd A¢ 2% Evans Wallow Lead. 18% Ex-Cel AIr&T (1.20). % Fabrics Fininshing. 48 Fajardo Sugar...... 6 W Falcon Lead........ 19% Federat Metis(11%) 1% Flat Stock deb rts... 18% Fokker Afrcraft. ... 28 Ford Mot.Can A t1% 36 Ford Mot.Can, B t1% 6% Ford Mot,France 28¢c, 10k Ford Mor,Ltd 37 % 4 Foremost Dairy Pr. 24 Fox Theater Cl (A) 214 Galena Oil Corp..... 20 Garlock Pkg (1,20) 2% General Baking 34 Gen Baking pf (3). 10% Gen E. Ltd rcts(50¢) 21 Gen Empire #0 Gen G&I0 ev p! 14% Gillbert (AC) (1). ¥8 Glen Alden Coal 8... 11% Globy Underwrit 22044 Gr A& P T nev (8) 90 Griet & Br ptX (1) 11% Groe Stores Prod vie 364 Guard Fire Assoi2). 1314 Gulf Oll of Patl3). % Happiness Candy..., 11% Hecia Mining (1) b Helena Rubenstein 24 Hires (CE) (A)(2). 1914 Houston Oil of Texas ¥% Hudson Bay M& S 78 Humble OIl (2 37w Hydro Elec Sec (2).. 10 Hygrade Fond Prod 224 Imp Oil. Can, n(b0e). 23 Imp Oil. Can reg 50c. 35 Ind Terr 1llu Ol (A) 35 Ind Terr lllu Ol (B) 17 (nd #in etfs(b10%). 60 Indus Pincvpf (7).. 544 Insull Ut Invibe%). 69% Ins Co. No Am (13).. - ke Ll [OTRPIR T PIO) S =P8 PR = TN 1% Ilntl Utilities (wa 9 Intl Util war (new) Interstate KquiLl Lron Cap Cop irving Air Cb 1% Kirby Petroleum. ... 13% Klein(Bpt pf($}20) W Kirkland......@§. . 8% 310 o, . 15% % & 129% 2% 3% 13% 8 4 Sb% 11 12 10% 6614 % % 264 11% k) THE -share (658) only. lote (285) NG ‘STAR, WASHINGTON, D. C, THURSDAY, JUNE 5. 1930. —Prev 1930.~ Stock and Salus— High Low. Dividend Rate. Add 00. Open. Lackawanna Sec(4). 4% Lakey Foundry. Lefcourt Real(11.85) Lefcourt Real pf(3). 40 Liberty Baking. . Lily Tulip Cup 13%.. Loew's, Ine (war)... Loew's. Inc. deb rts.. Lone Star Gas,n (1). Louisiana Lan & Ex. MacMarr Stores (1). Manning Bo B (50c). Mg Finance v.te... Mapes C Mfg (13%). Marine Mid (1.20) Marion Steam Shov Mass Util Asso. Mavis Bottling. Mayflower Asso Mead Johnson (3% ) Memphis Nat Gas... Mer Cha & S (1.60).. Mesabi Iron. v Mesta Mach (}1. Met & Min. Inc(1.20) Met Chain Stores. .. N g N 20 0! Mid W Sts Ut (1%).. Mid Wst Uti1(b8%). Mid W Ut cv pf xw 6. Mid Royity ev pf(2). Midvale Co (4). Miller & Sons (2). Min Corp of C (2b¢) Mo Kan P L (b10%). Miss KPLv.tc.... Miss Riv Fuel bd rta. Montecatini deb rts. Moody’s 1 S pt pt (3) Morison Elec(31). Mount Prod(1.60) Municipal vice. Natl Amer Co. Natl Aviation. Natl Da Pr pf A (1) Natl Fam Strs(1.60). Natl Fuel Gas (1) Natl Investors. Natl Pwr&Lt pt (6). Natl Pwr & Lt pf (1) 2508 Natl Pub §v A(1.60) Natl Rub Mach (2).. Natl Screen Svc(2)., 1 x-war(2).. atl Sugar, NJ (2).. Nelson (Herman New Brad Ol] (50c).. New Hav Clock t1%. NJZine (12%)....0 Mex & Ariz Ld.. Newmont Min (34).. Newport Co (2) ... 4 NYPwr&Ltpf (7). 8 N Y Rio&Bu Alr N Y Tel pf (63%).... Niag Hud Pwr(new). Niag Hud Pwr.A war Niag Shars Md(40¢c). Nipissing (30¢)....0 Noranda Mines (3). No Am Aviat A war. North Am Cement. . Nor Am L&P (b8%). Noth Euro Oil Corp, Nor Sta Pwr A(8) Nor Sta Pwr pf (7).. Novadel Angene (2). Ohio Coppe: Ohio O1] (4). . Qutboard Motor (B), " = - ToanrpnSaneonamm o —ondm3 g = o rupcbeRorHE~ 8o xR ele~Sa - Pennroad Corp...... Pa Water&Pwr(3),. Petrol Corp war. . Philip Morris, Ine. Philip Morris (A) Pitney B P, n (20¢).. Pitts Plate Glass(2). Plymouth Oll (3). Polymet Mfg (31) Prince & Whitely 1.. Prince & Whit pf(3) Propper McCallum. , Prudential Invest. Pub Util Hold w w. . Puget Sd P&L pf (6) 4 Pure Oil pt (§) QRS DeVry.. Rallroad S§h Cp(25c). oo Rike Kumbier(2.20), Roan Antelops Min. . Rocklans Lt&P(92¢) 4 Rossia Intl Corp. Root Refining. Select Ind pr(8%).. Sentry Safety Cont.. 4 Shattuck Den M Shenandoah Corp. . .. Shenan Corp pf (ad). - Sherwin Will (t43%). Silica Gel Cts. . Sisto Finance Corp. Smith (A O) (2).... & South Penn Oil(12%) SoCalEdpfC (1%). 5 Southern lce Ut(A). Southern I Sou Natural Gi Stand O1l; Ohio(2%). 8td Pwr & Lt pf (7). Starrett Corp. Stein Cosmetics. 'Strauss Roth. .. Stuts Motor Car. Sunray Oll (40€)...s Swift & Conew (3)., Swift laternatl(3%4) 8! 800). . enn El Po 18t pf(7) Tennessee Prod (31) Texon Oll&Land Thatcher Sec Corp. . Thermold Co pf (7)., Tobacco & All Stk Todd Shipyard (¢).. Transamer (31.60).. Trap Con Afr Tran.. Trans Lux DL PS.. Trj-Cont Corp (war) Tubsize Chatel (B Union Tobacee. Unit Car Fastn United Corp (war).. Unitt Dry Docks. ... Unit EI Sve pr war. . Utd Founders(b3.35) United Gas Co o United Gas Co (new) United Gas (war)... United Gas pf (7)... United Gas Corp ctfs Utd Lt & Pwr A(1).. Utd Lt & Pwr pf(6). U S Dairy (B) U S Lines pf (1). U S & Overseas war U S Playing Cards 16150 United Stores o Utd Verda Ext (4).. United Wall Papet Utah Apex (80e). Utility & Ind. - Utility Pwr&Lt(al). Utility Bquities..... Vacuum Ol (14%) Van Camp Packin, Venezuela Mex Oll Venezuela Petral! Vick Financial Ce Walker (H) (1) Iker Min (7%e) Co. PR P e e R L 1 Zonite Products (1). ~Prev 1830.~ High. Low. 21 Ches & Ohlo, 4 Cities Service. i Hud Bay M&S. July15 4 InsCoofNA. 3% IntSalt.... 4 Lone Star Ga 1 Mid United. . .June 24 Stock ana _ Sales— _ _ Dividend Rate.~ Add 00.Open. High. Low. Oloss. " Moy 22 22 21% 21% % % % Newport % Mo Kan Pipe. FINANCIAL, b A—15 IDECLINE IN RUBBER Sales— Add 00. Open. High. Low. Close. JUy e 37108 L June 26 39 t Co.. % % Twin StsNG.A.. Dividena rates in dollars based on last guarterly or semi- 3% 3% | annuai payment. %o “Ex-aivi dend. 7Partly extra. IPius extra In stock. s Payable % % % %'incash or stock. bPayable in stock. d Payable in preferred stock. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, June 5—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange lay: 50 Acme Steel .. 130 Adams Mfe ".. 200 Allied Motor ‘Ine 100 American Colortype . . 200 Am Power A... Assoc Tel & 530 Assoc Tel Ut 200 Atlas_Stores 500 Auburn Auto SERE et b T et St b S W g FawAsa e &, 53 W EE N, SagSy. 28..2zage 100 Empt 50 Fabr 50 Gen Wat Wks pf.... 90 550 Great Lakes Alrcrafi 35 Great Lak 24200 Grigsb; 50 Hart-Carter . 20 Hartford Time pi. aille h udon mch Glass Mi a) Hhold 600 Manhattan i 700 Midland 3600 Mid Unit 400 Mid Unit an 7900 Mo-Kans Pipe Lij 4400 Mo-Kan rts 600 Modis o] 150 Mo Lithograph 700 Nachman - SpringAll. 700 Nat Elec Pow A..... 19 Natl Pub & So Am Corp. . west % 4 | of assets while in office b0 00 Time--Btat. Controls ime-O-8Stal onti % Tweliih B¢ Shores A" 00 Twin Stal 100 United Am Gl i b IOOUnIL'AmmA., cosucd U8 Oy 5 Radio 200 Wieboldt Stores 30 willow cafe’com ! bl e (R, 2200 Zenfn® Radlar. 10 18 Stock sales today, 206,700 shares. BONDS. 73000 Insull 85 40, Bond sales today. NEW YORK COTTON NEW YORK, June 5 (Special).— After making new low records for the week during early trading, the cotton market turned abruptly and recovered $1 a bale today. ‘Though weather conditions continued favorable, the decline of about % «f a cent had created an oversold technical Ao Sumas wsns St R e e 52 106% 104% position and the combined demand from | trade and professional sources disclosed a limited supply cf contracts at the lower price levels. About the best prices of the day were made in closing deal- ings, with the list up & to 21 points. Spots were advanced 10 points to 16.00. Cotton range oid 50 October. new. 22 December, December, January January, new rch .. STOCK AND BOND From Yesterday's 5:30 Edition. STOCKS. ago. Three years ago, weekly aver..119.5 High ). 202.4 Low (1930). ago. 'l'hr:e ‘!l-l'l ago, weekl; WALL STREET IS BY CHARLES F. SPEARE. 8pacial Dispatch to The Star. NEW YORK, June 5.—8o dull are all of the markets for securities, for money and for exchange that movements, otherwise passing without notice, are to- day the subject of grave discussion as $o their significance. This applies to the current weakness in sterling. This measure of the bal- ances between London and New York, as well as those at other financial cen- ters, is fluctuating in a low price area around 4.85%. It would have to go quite & bit under this figure to start gold movements. It is so low, how- ever, that it perplexes those bankers who have made foreign exchange a life study and who can see no more reason why sterling should be acting so con- trary to its seasonal trend than the dealer in bonds can discover an ex. lanation of the deadness of his m: et, with its surroundings of cheap money. . Trade Settlements. This is the time of year when ex- change on London reflects the pur- chases contingent on settlements for the Summer tourist trade. This affects sterling and francs and. with the ex- panding numbers of Amoricans who are spending a portion of their vacations in Germany, it also reflects in German marks. The word from the steamship companies and the tourist agencies is that fewer expensive European trips are being planned this year, but more of those of moderate cost, which would take from the exchange market some of its seasonal support. Another theory is the old one of the “flight of ital” from England on the increasing income imposts and fear of capital taxation. This crops up every time sterling hits the toboggan and is PUZZLED BY WEAKNESS IN STERLING always denied both in New York and in London. It is mixed up with the tendency of English investors to come into the American_market for securities when- ever they see spects for a profitable ride in them. There is the same sort of deference to the American list of “equity” stocks today by Europeans as there was last year, but it is rather passive just as it is with the domestic public. ‘Weakness in sterling has been asso- ciated with exchange operations be- tween London and European money markets. For some weeks Paris drew gold freely from the lish capital. The amount finally reached nearly $71,- 000,000, of which about $53,000,000 was taken from the Bank of England. Had not this export reached such large pro- portions, the rediscount rate of the English Bank would probably have been reduced to 2% per cent. Sterling stif- fened when the gold outflow ceased. Now comes the in exchange here to the lowest level of the year, which seems to' remove the prospect of a change in the rate in London tomorrow. Money Plentiful. ‘The world’'s money markets are over- flowing with cheap, short-term money. Rates are the lowest since the war. In London two ang three month bill are quoted at 2’4 per cent. In Paris money has loaned this week at 1 per cent. In Berlin it is so much under the rediscount rate of the Reichbank that & second cut in the official figure is be- ing considered. ‘o some extent the backing up_ of funds into the short-term market has to do with the reparations loans, for which :lg\:ll is being reserved. The belief in banking circles in the United States and in Europe is that once this loan has been offered there will be more consideration for other forms of invest- ment. (Copyrisht. 1930.) Corporation New: NEW YORK, June 5.—The following is today's summary of important cor- poration news, prepared by Standard Statistics Co., Inc., New York, for the Associated Press. News Trend. Outstanding in the day’s corporation newnu nn' t.h‘e nilnounudmenu of pi :lcne; ments of pipe line orders aggrega $30,000,000. class of business is the bright spot in the current steel sif uation. Ship steel and reinforcing bars orders also are lnrfn. but railroad re- quirements have fallen considerably, and recenily automotive business has declined. Dividend announcements of interest are the reduction of quarterly payment by Margay Oil to 25 cents from 50 by the new Pittston Co. An_equity receiver was appointed for the Punta Alegre Sugar Co, The Companies. American Water Works & Electric April palance, after taxes, up 3.1 per cent; 12 months, 6.6 per cent above year ago. Columbia Gas & Electric negotlating with Virginia Electric & Power for in- clusion of Norfolk in natural gas plans. Cooper-Bessemer Co, gets $1,000,000 order from Missouri-Kansas Pipe Line for fifteen 1,000-horsepower compressors. Interborough Rapid Transit Commis- sion to take legal steps to force compli- ance with order that Interborough pur- ghase new cars costing about $14,000,000. . International Telephone & Telegraph has purchased a majority interest in Lorenz Telephone A. G. Lerner Stores May sales up 45.1 per cent; five months, 47.2 per cent above year ago. Loft, Inc., sues former officer for $2.- 000,000, charging waste and dissipation e. Margay Ofl declared quarterly divi- dend of 25 cents on common stock; formerly paid 50 cents. McLellan Stores May sales up 17.7 per cent; five months, 6.7 per cent above Peuulaamlluhldhg“ ln'ja pr:; liminary contracts for construction 800-mile pipe line, costing about $15,000,000. Pittston Co. declares initial dividend of 37% cents on common stock. Punta Alegre Sugar equity receiver appointed. Standard Ol Co. of New Jersey and | Standard Ol Co. of Ohlo, have formed 000,000 crgde oil pipe line from mid- continent flelds to Illinois. NEW YORK BANK STOCKS NEW YORK, June 5 (Specia).— Active and weak at the opening on a rumor, later denied, of United States contemplated cutting | its dividend, today's bank stock and| trust share market went through a| series of alternate declines and recov- eries, but closed fairly firm. | Bank of United States, which got down to 45 in the early trading, wound up near 56, a gain of 4 rmnu. hase at 164 was off 2, National City, 186, off | 4; Corn Exchange, 217, off 2; rights, 22%, off 3%; Guaranty, 730, off 1 Bak of America, 124 off 3;' Bankers,| off 9 3 First | National, 5,850, off 26; Manhattan, 126, off 2; Manufacturers, 132, off 3. New | York Trust, off 3; Public, 123, off 1. The following were unchanged: Brooklyn Trust, 790, and Empire, 89. Part of the recent selling in Manu- | facturers Trust and some of the other | banks came {rom a former director and | his associates, who disposed of all hold- ings in which they were then interested. an & Co.1 3 10098 198 35 00 10-32 AVERAGES joint subsidiary for construction of $15.- | p, that the Bank |, GRAIN MARKET CHICAGO, June 5 (#).—Comprehen~ sive advices suggesting that European wheat yields this season will be 25 per cent less than normal lifted wheat prices today toward the last. The re- ports about probable curtailment of European wheat production were ac- companied by predictions of large de- mands upon United States, Canada and Argentine shippers to make up the defi- cit. There were also reports that the Federal Farm Board is to loan 75 to 85 er cent on the market price of the 1930 domestic crops of wheat and cotton. Wheat closed firm, 3;-1%3 cents a bushel higher than yesterday’s finish. Corn closed %-Y; cent advance, oats 1g-12 cent urn and provisions 3-35 cents gain. cents and declaration of nitial dividend | 3 3 3 FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (op Gopen Oslo. crown.. ... Stockhelm, crown' SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co, Bid offer. Isia er o, 58 1547, Cudahy Packing Co. 5%as 1937, Gen. Mot, Accep. Corp. s 1837 General PBet Corp. 5s s Genery 00 G G Gi Internat, Match C s N. Y., Chi. & St. Louis 65 1932 Eéop’Gag, Lt, &'Coke 418 193 hillips Pet. Co. 5%s 1939, Bure ‘oIl Corp, 514 1937 il C Sheclale Erude. O C fclair G Standard O N. 3. ! Southwestern Ry. 4s 1932 AT R o Callf 85 5s 1993 ‘Wheell B > }5.“ 1948, iffl eeling D. 5'28 3 Wheeling Steel Corn. 412s 1963. 0% Real Estate Loans Lowest interest and commission. Large and small loans negotiated. Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. Bonds for Investment CHASE SECURITIES CORPORATION 922 Fifteenth Street, N.W. Washington Telephone National 8166 PRICE CONTINUES Tire Makers Favored by Re- cent Drop in Value of Crude Product. BY J. C. ROYLE. Crude rubber prices are lower today than at any time since February, 122 Stocks are extremely high at London, Liverpool and New York. On its face, this ‘would seem to indicate that the raw material situation of the tire and rubber manufactuning companies. was extremely advantageous. More automobiles are now in use and wearing out tires than ever before There are around 26,000,000 cars in this count alone. These machines: will require' replacements within the next year, in all probabliity. The number of iires to be replaced is problematical, but certainly 50,000,000 casings should be a conservative estimate for this de- mand. Auto Production. The automobile industry now is gain- ing steadily in production, and while it is not likely that total production will reach the point touched in 1929 some 15,000,000 to 20,000,000 tires probably will be required for original equipment. The sales opportunities are there for the tire manufacturers. Cotton textiles used in tires are not high. Rubber is low, and yet few manufacturers would be willing to forecast the volume of profits, These depend in no smal] part on judging accurately what the price of rubber will do. In the Straits Settlements, the main source of supply, a tapping holiday, was declared in May. No trees were sup- posed to be tapped in that month so demand could make progress in catch- ing up with supply. Some experts de- clare the experiment was a fallure. Officials of the Department of Com: merce here say it is too soon to de- termine its success or failure., The amount of rubber which will come on the market in the next month or so will indicate whether the tapping holl- day was observed or not. It is known that most of the large companies observed the restrictions, but about half the world’s rubber is pro- duced by the independent small planter, with holdings of about 10 acres each. These are usually Malays, Chinese or other Eastern peoples and they seem indifferent to price, so far as production is concerned. It is explained that they have to sell no matter what the price. Tapping restrictions can hardly be said to apply generally to them. In.fact, when the price is low, the small planter simply collects and sells more rubber, Stocks Piling Up. Rubber stocks now are higher than ever and are still piling up. The low price means that a smaller amount of reclaimed rubber will be used and this will aid in consumptive demand. The exports from Malaya for the last week, which were the first that might be ex- d to show any as a result ‘l’e’ t?e holiday, were about on the usual vel. : ‘These factors appear to indicate continuation of low prices, but rubber manufacturers have counted on similar situations before and suddenly found that they could not-fill at a low price, whereas the; their tires in competition with other concerns who had made tires fron: low- rubber. Average stocks of tires are lower than for this date last year. This is specially noticeable in the stocks of the smaller dealers who carry fewer than 100 tires at a time. The same is true of water- proof rubber footwear, of which "there are about 5,750,000 pairs in ers’ hands, as compared with 6,015,171 & year ago, or 253 pairs per dealer. Rubber has had perhaps as wide s range of price as any commodity. As recently as 1909, rubber sold for'$3 s pound. That was when the main’ sup-. ly was wild rubber. Current qliota- ions for smoked ribbed sheets are be- low- 14 eenu’ s b4 t. 1930 Money to Loan Seeured by Brst desd of runt on real ditate, terest an Joseph 1. Weller 430755 | First Mortgage Loan Applications Invited at 55% - Construction Loans Glover & Flather 1508 H 'St. N.W. National 1753 Rock Creek Estates By Ouwner Beautiful Home 7 Bed Rooms, 4 Baths, 2-Car Garage, Large Lot Reduced $12,000 Inspection by Appointment ADDRESS, BOX 3498-V, STAR OFFICE. First Mortgage Money ! for I 6% BUILDING LOANS or IMPROVED PROPERTY Reasonable Rates Prompt Acti B. F. SAUL CO. 925 15th St. Nat'l 2100