Evening Star Newspaper, June 7, 1930, Page 11

FINANCIAL FINANCIA NE 7. 1930. " GOVERNMENT LOAN| [~ NEW YORK STOCK EXCHANGE ‘TERMS ANNOUNCED D. C. SATURDAY. JU ]DE[:LINE INSTOCK _|RETAIL SALES GAIN PRICES RESUMED| BEING MAINTAINED SPRAYING OF TOBACCO FIELDS RECOMMENDED Special Dispatch to The Sta BALTIMORE, June 7.—With a season usually favorable for the development of wildfire, Maryland tobacco growers are urged to begin spraying or dusting | plant beds as soon as the leaves reac the size of a dime. . 1930.~ Stock and Bales— “Low Dividend Rate. A Notice—All ‘stocks are 3old in ene hundred-share lots | — o 39% Eng Pub Serv (2.40). 4 421 ErieR excepting these designated by the letter s (65s) (285s) | Hith which shows these stocks to be sold in odd lots only. . ~Prev. 1930.~ Stock and virg Hish. Low Dividend Rate. 20% Real Estate Loans Sales— A R.. 8 Add 00. High. Low. Close. Close. Evans Auto Ldg 2%. 4 . “New U. S. Certificates Are Offered to Public at 2 7-8 Per Cent Interest. The Governmenw's June financing is on the market, with the announcement by Secretary of the Treasury Mellon of an offering of one year Treasury certificates of indebtedness at the low rate of 27 per cent, in the sum of about , $400,000,000. This is to take care of the quarterly obligations which, on account of matur- ing sccurities, and interest payments on the public debt, exceed the available fesources for these purposes. The new certificates will be dated and _ bearing interest from Jime 16, and will mature June 15, 1931 Marketing Plans. Applications will be received at the Federal Reserve Banks. The Treasury Will accept in payment for the new certificates, at par, Treasury certificates of indebtedness of series TJ-1930 maturing June 16, 1930. Subscriptions for which payment is to be tendered in certificates of indebtedness maturing Juns 16, 1930, will be given preferred &iotment up to $150,000,000. Bearer certificates will be issued in dénominations of §$500, $1,000, $5,000, $10,000 and $100,000. The certificates will have two interest coupons attached pavable December 15, 1930, and June 5, 1. "These new certificates will be exempt, both as to principal and interest, from all taxation except estate and inherit- ance taxes. About $550,000,000 of Treasury cer- tificates of indebtedness and about $95,000,000 in interest payments on the public debt become due and payable on & June 16, 1930. The interest rate on this new issue is the second lowest of any Government offering since the World War. In 1924 and in 1925 the Treasury sold issues at 6 and 12 month maturities at a rate of 23 per cent. The Federal Rescrve banks, as fiscal agents of the United States, are au- thorized and requested to receive sub- scriptions and to make. allotments on the basis and up to the amounts indi- cated by the.Secretary of the Treasury to the various banks. Income Taxes. The Treasury is expecting the second quarterly payment of income taxes to bring in on June 15 about $475,000,000, but this will not be sufficient to carry a .the Government over the quarterly pe- i » riod, with certificates falling due on June 15 and interest accruing on that ‘date on other issues of. the public debt, “including Liberty bonds. The end of the Government's fiscal year is approaching, June 30, and it is understood that officials are antici- _pating no deficit. There has been no ate authoritative estimate, however, on how large the surplus may be. Railroad Investing. . The mutual savings banks of the United States have an investment of ‘more than $1,600,000,000 in the obliga- tions of American railroads, accordin _to the National Association of Mutus Bavings k . Total corporate financing for May “was $1,173,500,000, a decrease of 20 per cent from the $1,474,100,000 offered in May, 1929, according to the Stand- “ard Statistics Co. of New York. Offer- ing of common stocks was only $437- 800,000, less than half of the $898,40( 000 offered a year ago. tinued to show an increase, last month's total amounting to $634,200,000 in com- parison_with $404,700,000 in May last year. Both public offerings and stock rights declined sharply, public financing Jast _month be! $174,100,000 and rights $365,000,000, while a year ago these figures were $331,600,000 and $737,800,000. General Motors Truck reports Yellow Coach deliveries for May as the largest in the hisiory of the company, deliver- des for the month amounting to more than $3,500,000. This sum represents sale of 403 busses, mostly of the large (‘a{)lclly type. The total compares with deliveries valued at $1,535,000 for the ‘corresponding month of last year. Increased sales as reported are due to large orders recently secured from Public Service Co-ordinated Transport, the Greyhound System, Fifth Avenue «Coach and other prominent motor coach operators. Business Activity. Business activity continues at “a dis- tinctly subnormal rate,” according to Pask & Walbridge, members of the New York Stock Exchange, in & review of conditions. “We are approaching a period of seasonal Summer dullness,” it continues. “It therefore seems un- Teasonable to expect any definite or sustained upturn for the present. There 4s insufficient availahle liquid capital, in the form of savings, upon which to base .the foundation of a speculative boom, and at the same time to absorb new issues of securities which are urgently pressing, particularly for forelgn ac- ‘count.” Gross sales of the J. C. Penney Co. for the month ending May 31 were $17,169,874.96, as compared with gross sales for the corresponding month of 1929, which were $16,717,058.18. The gain over last year amounted to $452,- 816.78, or 2.71 per cent. Cumulative gross sales for the first five months of the year were $70,640,- 907.53, as compared with cumulative gross sales for the same period of 1929 of $65981,897.63, showing a gain of $4,659,009.90, or 7.06 per cent for the five-month period. Southern Grocery Stores, Inc., re- ports gross sales for the four weeks ending May 31, 1930, of $1,254,000, as compared with $1,228,000 for the cor- Tesponding period of 1929, represent- ing an increase of 2.11 per cent. For the five-month period ending May 31, 1930, sales were $7,195,215, as compared to0 $6,237679 for the corresponding period of 1929, representing an increase of 15.35 per cent. 345,000 TEXTILE WORKERS IN 1,440 SOUTHERN MILLS By the Associated Press. BIRMINGHAM, Ala., June 7.—Textile mills of seven Southern States employ approximately 345,000 persons in 1440 plants, a survey just completed by Tep- Tesentatives of the American Federation of Labor shows. The figures were obtained from States where the general organization campaign {5 now in progress. North Carolina had the greatest num- ber of mills and employes of the States vizited. Others were Alabama, Georgia, Ten- nessee, South Carolina, Virginia and West Virginia. Mills in these States have about 20.000,000 spindles, 358,000 looms, 60279 knitting machines and 6,000 braider: BUILDING CONTRACTS. By the Associated Press. Building contracts executed in the region east of the Rocky Moumtains during the week ended May 31 indi- cated an appreciable advance over the previous week. Census Bureau totals for comparable periods follow: Week ended May 31.......$17,317,000 Previous week. . $13,896,000 Same week of 1929..........$29,319,000 o | Would Pension Aged Farmers. COUSHATTA, la, June 7 (A)—A bill to pension Louisiana farmers who have reached the age of 65 and who have tilled the soil 15 consecutive years is planned for the June session of the . “State Legislature by Representative W. COH. of Red River parish, 121 57% 265% A% 114% 108'% 112 9% 647 AbItIDI P & P pf (6). 23'% Adams Exp (1.60)... 23 - Adams Millis (2) 21 1% Ajax Rubber 116 Alabama&V 64 Alaska Juneau 814 Albany Wrap Pape: 23 Allegheny Corp. .... 951 Alleg Cp w $30 w 534 94 Alleg Cpw $40 w514 255% Allfed Ch & Dye(n6) Allied Ch & D pf (7). 49% Allis-Chalmers (3).. Am Agricul Ch pf. ... Am Bank Note (13). 7 Am Beet Sugar...... 4416 Am Brake Shoe(2.40) &% Am Brown Bov Elec. 117% Am Can (4).. . Am Car & Fdy pf(1). Am Chain Co 13).. Am Chicle (12%) Am Com Alconl. Am European Secu Am & Forn Power. Am&Forn Pwr 2d pf. Am Hawallan S8 (2) Am Howe Prod(4.20) Am Ice (14)... Am Internatl (2) Am La Fr & Foumite Am Locomotive (4).. Arn Metal (3)..uians Am Nat Gas pf (7). © Am News (J14)..uee Am Piano..... Am Pwr & Lt (31).. Am Pwr & LA DI (6). Am P&LLpt A 8t(5). Am Ra&Std San 1%. Am Republics...... Am Rolling Mill(n2) Am Safely Razor(5). Am Ship & Com Am Souff (134%). Am Solv & Chem. Am Steel ¥dy (3) Am Stores (2). Am Sugar Ket (b). Am Tel & Teleg (9).. Am Tobucco (8). Am Tobaceo B (8)... Am Type Fdy f (1). Am Waier Wks (nl), Am Writ Paper etf Am Writ Pa pt (4) AmZine Ld & Sm. . Am Zine pt (6). . Auaconda Cop (7). Anchor Cap (2.40). Andes Copper (3) Armour ot Del pt Armour of 111 (A) Armour of Lil (8). Armour of 1l pf (7 Ass0 Appl ind (4). Asso Lry G (z%) Atch To & S Fe (10).. Atch To & SF pt (b). At Coast Line (110). Atl Gulf & W Ind(1). Aul Renmng (12) Atlas Stores (nl) Auburn Auto (34). ... Auto-Strop Sa1 K(3) Aviation Corp of Lel Baldwin Loco (1%).. Balto & Oh10 (1).... Bamberger Bang & Barker Bros (). Barnsdall, A (3). Beech-Nut Pkg (3) Bendix Aviation (3). Best & Co 12).. Bethlehem Steel (6).. British £m S 1st pf. . Brockway Motor Trk Brockway Mot pt(7). Bklyn-Manhat (4)... Bruns-Balk-Col Bruns Ter & Ry 8... % Bueyrus(l).., Bueyrusev pf (23%). Budd (EG) (1). Budd Wheel (1).. Bullard Co (1.60) 26% Bulova Watch (3). 99 Burns Bros (A) (8).. 17 . Burns Bros (B). Burr Add Mch (1)... 36 Bush Termnl (23%).. # Butte Cop & Z (60¢).. Butte Superior...... Butterick Co. Byers (A M). Calif Packing (4) Calumet & Ariz ( Calumet&Hec(al%). Campbell Wyant (2). Canada Dry G A (5). Canadian Pacific(10) Can Pacific(new)w.l. Cannon Mills (2.80).. Celotex (3) e Cent Aguirre As1%. Cerro de Pasco (8) 3 g:wnr&b (4.20) Chi Great Westn pf.. Chi Mil StP & Pac. . ., Chi Mil StP & Pac pf. » Chicago & N W (5) Chi Pneu Tool.....s. Chi Pneu T pf (334) - ChiR1&Pac (1)..ea Childs Co ¢2.40. Chrysler Corp (3). City lce&F (k3.60) City Ice & F pf 634) .. City Stores (50c. ... Clark Equipment (3) 133% Coca-Cola (6)...0ves 48% Coca-Cola A (3). 69 Colgate-Pal-P (2% 14% Collins & Afkman 13 Colonial Beacon. 36% Col Fuel & lron (2).. 69 Col Gas & Bl (2)..... 21% Colum Graph (a28c). 128% Columbian Carb (16) 23% Comin Credit (2).... 81% Comm Credit A (3).. 36 Comm Inv Trig1.60) 11 Comm Inv Trust war 25% Comm Solvents (31) 12% Comwlth & Sou(60e) 99 Cmwith & Sou pt (6) 44 Conde Nast Pub (2).. 36 Congrens Cigars (4). 18% Congoleum-Nairn... ggv. Consol Cigar (1) 16% Consol Film (2). 18 ~ Consol Film pf ( 96% Consol Gas N ¥ 1 Consol Textil 24% Contl Baking (A)e.- 4 Contl Baking (B). 50% Contl Can (3% 21 Contl Dia Fibr 58 Contl Insur (3.40 4% Contl Motors. .y 191 Contl Oll of Del. ,e0mm 27% Contl Shares (1) cees 87% Corn Prod (13%)..w 140 Corn Prod pf (1).eew 21 Coty. Ino (k3), 10% Crosley Radio (1)... Steel (k6).. Wright Corp Tight Corp A . 64 Cutler-Hammer(3%) 28% Davison Chemical. .. 161% Delaware & Hud (3). 121 Del Laek & Wa (17). 60 Denver & RG W of.. 195% Detroit Edison (8)... 30% Devoe&R (A) (3. - 139 Diamond Match (8).. 6% Dome Mines (1) 20 Dom Stores (31.. 176% Eastman K 24% Baton Axle 81 Elec Auto Lite ($). 49% 131 Pwr & Lt (1) 106% Bl Pwr & Lt pt (7). .. 66, Eleo Storage Byt (5), 1 36 88 1 10% 160 24% 995, 17 18% 234 1393 8 Sim 15 d0m 81 81 284 28% 29% 15 % 14274 26% 1% o 1160 6 10% 23% 22 2234 22 3 106k Z 168 2z 6om 14 4% 25 3um 13 1454 1 o4 28 o% 13 5% 16 110% 1 g Ve Consol Cgr pr pf 6% .120s 8 12 1% 15% 41 125% 108 50% 59 2344 6 204 82 87w 33 211% 8% 24 804 1% 15% 123% 501 6O 281%, 281% 27% 28 B854 854 1234 68la 50% 98% Fairbanks Morse (3) 7 Fed Lt & Trac pf (6) 20s Fed Motor Tr (80¢). 1 Fed Wat 8. A (€2.40) Firestone T&R p: First Nat Strs (2%). Fisk Rubber. 4 Fisk Rubber 1st bt Fisk Rub 18t pf cv. . im Shoe A (3) (3). Foster Wheeler (2).. 135 Fourth Natl Invest. Fox Film (A) (4)... Freeport Tex (15).. Gabriel Snub(A)new Gamewell Co (5). Gardner Motor., n Am Tnk Car n Am Investors. Gen Am Inv pt (6). Gen Electrio ( Gen Food Corp (3). .. Gen Gas&El A(e30). Gen G&I31 ev pf(6).. Gen Motors (13.30).. % Gen Motors pf wi (5) Gen Motors pt (1) Gent Out Adv (2 . Gen PublicSve (b6) Gen Real & Ut pf(6). Gen Refractor(14%) Gen Theat Equip vta. ¢ Gillette Saf Ras(ns) Gimbel Bros. .. 6674 Gimbel Bros pf (' 20% Glidden Co (2) Gobel (Adolf) Gold Dust (2%4) Goodrich (BF) (4). Goodyear Tire (5) Gotham pf xw (7) 4 Gould Coapler Graham-Paige. Graham-Paige rets. . Granby Copper (8).. Grand Silver S (m1). Granite City Stl (4)~ Grant (W T) (1). Grt North pf (5). Gr Nor ctfs Ore (a Grt West Sug (1.40) Guif States Steel (4) Hackensack W (1%) Hamilton W pf (6).. Hahn Dept Stores. .. Hall (W F) Pr Co(2) Har Wkr Ref (12%). Hartman (B) (1.30). Hawailan Pineap (2) Hayes Body. elme (Geo ) Hershey Ch pr pt (6. Hollander Sons. . Houdallle Her B(2) Househld Fipf 133 . Houston Oil (b10%). 17: Howe Sound (14%).. Hud&Man Ry (3.50) . Hudson Man pf (5) Hudson Motor (5). Hupp Motor Car ()~ Illinotis Central (7).. Independ Oil & G(2). Ind Motor Cycle. Indian Reflning. Indian Refining rets. Ingersoli-Rand (15). Inspiration Cop (2) .« Insurance Sh (45¢). . Interboro Rap Tran Interlake lron (1) Intl Agrieultural Intl Bus Mach (n6) Intl Carriers, Ltd %« 1ntl Combu Intl Comb Eng pf Intl Harvester (3%). Intl Hydro E1 A (e3). Intl Match pf (4) ..o Intl Mer Marine (1).. Intl Nick! of Can(1) Intl Pap & P (A)2. Intl Pap & Pwr (B) 2 Int] Pap & Pwr (C).. 4 Intl Pap&Pwrpf (7). 1 Intl Print Ink pf (6).100s Intl Salt (8)... 8 Intl Silver pf (7). Investors Equity(2). L 1d Creek Coal(4) Jewel Tea (14). Johns-Manville (3) Jordan Motor Car... Karstadt (R) (1.02).. Kayser Julius (234) .. Kelth-Albee-O pt(7). 4 Kraft Ph Cb (1% Kresge(S8)Co(1.60) Kresge (88) pf (T).. Kreuger & Toll 1.60.. Kroger Gr&Bak(nl). Libbey Owens (1). (16). Liquid Carbonie (4) ~ Loew's, Ino (3) . 1 Loew's, Ine pt (6%). Loew's pt xw (8%4) e Lott, Ine. Loose-Wiles (13.70) . Lorillard (P) Co. Louisiana Oil.. Lou G & El(A) (1%). Louts & Nash (7) Ludlum Steel (2) McKesson & Rob (2), Mack Trucks (6).... Macy(RH)&Co(nt3) Madison 8q G (1%) Magma Copper (5 Mallison & Co. . Man Elec Supply. Man Eley mod & (d5) Market St Ry pr pf.. Marlin-Rock (14%) .. Marmon Mot (h50¢) .. Marshall Field (2%) Mathieson Alkill (). May Dept Strs (n3) v Maytag Co (12).cenw Melville Shoe (2) seee Mengel Co (3). Mexican Seaboard. Miami Copper (4) Michigan Stl (m2%4). jovey emS @ . PO TR EnoaSEmmBunbaNBrnSmEnn ® @S Mo Kan & Tex (1). Missouri Paeific. ..o Missouri Pag pf (5) e Mohawk Carpet....e Monsanto Ch (g1% ). Montgom Ward (3).. Moon MOtOrs. ..eusee Mother Lode (40¢)... Motor Meter G & El.. Motor Products (2).+ Motor Whee) (3). Murray (b2%stk). .. Myer(FE) & Bro(2 Motors (6).... Nash, Chat&StL (7) = Natl Biscuit, n(3.80). Natl Casb Reg,A(14) Natl Distillers (3)... Natl Enameling (2).. 137 NatlLead (18)...... 188% Natl Lead pf(A) (7). 108 82 Natl Pwr & Lt (1)... 140 41 1% Natl Radiator. s 03 2 124% 101 Natl Supply ( . 112% e . MOODUCA 0Ty EAGR A . A 301k 2 4 146% 140 A5% L] | ket look as weak as possible. |in the vistble supply. Market Again Subjected to Short Selling at Week- End Session.- BY GEORGE T. HUGHES. Specinl Dispatch to The Star. NEW YORK, June 7.—The climax to a week of declining prices for stocks was reached in today’s short session when, with volume heavily increasing, prices were forced down from 2 to 6 points in active shares, some of them, including United States Steel, breaking through the May 5 level. The opening transactions bore the definite stamp of professional operations in the number of large units of stocks offered and the effort to make the mar- The effect of this was to produce further liquida- tion from those whose margins have been encroached on in a series of day- to-day reactions. There was also a certain amount of selling by others who have been dis- couraged not only by the action of the market but-by the slow recovery in business. The weekly trade reviews in- dicated a better sentiment, but no im- provement 1n the actual industrial turnover, with such measurements of trade as bank clearings reflecting the general dullness. Attack on Steel. The main point of attack by the bear element was on United States Steel, which had closed Friday only a little over a point above its previous low of the year, and was quickly offered down until it registered a loss of over 2% points and was 114 points below the May 5 figure. Weslinghouse, General Electric, Johns Manville, Radlo, Radlo- Keith-Orpheum, Simmons and Amer- jcan Can were other industrials to suf- fer sharp reactions. The motors stood up fairly well, with the maximum de- cline in the active stocks less than a point. Among the oils a loss.of 1% points in Standard of New Jersey was the most prominent. Utilities' were all under the influence of liquidation and short selling. De- clines ranged from 1 to 3 points and were largest in American & Foreign Power, Consolidated Gas, Public Service of New Jersey and United Corporation. Rails were firmer than either the in- dustrials or utilities, as they have been throughout the recent downward move- ment in the general list. ‘Transactions in the first half hour amounted to 710,800 shares, the largest for & Saturday since May 3, when the market was undergoing heavy liquida- tion and had about reached the bottom of the movement. Selling diminished in the second hour which permitted moderate rallies. There was not suffi- clent buying power, however, to bring about any important advances and here and there through the list were issues that remained conspicuously heavy. - Trading Slack at Close. Stocks in the last hour moved at a somewhat slower pace, but prices fafled to show any marked improvement. The average at the close was off about 5 points in the industrial list and about 1 point in the rails. Commodity Prices BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE, Mass., June 7 ().— Once more the price level of all com- modities has reached a new low. decline_last week was due to lower prices for industrial and agricultural products, non-ferrous metals, textiles, vegetable oils and building materials. Considering the status of 15 individual commodity groups, 9 declined, 2 re- main unchanged and 4 increased mod- erately. It has taken six months for producers of raw materials and manufactureys of finished goods to reorganize production schedules to conform with sharply cur- tailed demand. During the past month there have been distinct signs of de- clining inventories, which is needed more than anything else to restore con- fidence. International trade is a keen disappolatment, but statistics show that many forelgn countries are in a much worse state econemically than this country. Buflding has registered a fa- vorable gain, although the total for the first five months fell nearly 15 per cent under a year ago. All commodity prices from the first week in May to the first week in June declined nearly 3 points. It is impor- tant to note that the downward move- ment lost momentum during the past week. It is generally agreed that many important groups, such as textiles, non- ferrous metals and iron and steel, are close to the bottom of the sharp re- adjustment which has been in effect | for the past half year. Industrial Prices. Reached a new lof due to a renewed | B wave of price cutting. A year ago| mianufacturers were favorably situated | with mass production and small profit | 5 set-up. Now the situation is reversed, with production spotty and profit margins critically low. brought out by a review of earnings for the first quarter. The most encouraging sign is the sharply reduced rate of production which is now close to the exuunF rate of demand. Agricultural Products. Also declined during the past week. The outstanding development was noted in more resistance in wheat to a lower market. This is also true of corn. Cotton was lower but this was generally ex- pected in view of the stabllity of prices or several weeks above 16 cents. Low prices for agficultural products already discount to a marked degree the 1930 | May crops. Textile Prices. Were lower as result of a further break in silk to a new low and moderate concessions in cotton. Wool s showing more strength in the London auctions. ‘The current rate of production of fin- ished textiles is so low that inventories are rapidly being depleted. There are no burdensome supplies in wholesalers’ or retailers’ hands. & Non-Ferrous Metals. Recorded the most pronounced de- cline during the past week, largely caused by the sharp break in tin. It will take time for the co-operative measures to reduce output to show up Stocks of other non-ferrous metals are declining, but continue sharply above average, Most important price changes: This Provious Pirst o eke week. ; An . 11, commodities ) 811 1 Arieult a 7 Non-ferrous i i ‘metals 3 fine I3 : 0. -l 0ZARK CEDAR TREES CUT TO HALT SPREAD OF RUST By the Associated Press. JOPLIN, Mo, June 7.—Cedar trees which in the past have added much to the scenery of the Ozarks, are being cut down by farmers near here to halt the spread of cedar rust. The trees, enemies of apple orchards because of the fungus growth they spread, are being made into cedar poles and shipped to all parts of the Nation. Last year more than 150,000 cedar gole- were shipped from the White Aver district and now great piles of the tree trunks are being stacked alongside State highways ready for shipment. Cedars cause & $50,000 loss annually to Ferrou: Textiles, This s well | §IPGnns Reports Thus Far in June Show Total Above Fig- ures for 1929. BY J. C ROYLE. Industry eased back into its stride this week after the Decoration day holi- day with the utmost smoothness, but without the semblance of a spurt to make up the ground which had been lost. ‘There is, however, an underlying steadiness apparent in the basic indus- tries that is most gratifying to business men, financiers and economists. The most encouraging sign observable is the volume of retail trade. This is maintaining a_total well above the records established in early June, 1929. Retail trade is the final barometer of business, for it represents the passage of goods into the hands of ultimate con- sumers. This entails the buying of goods by retailers, wholesalers and man- ufacturers and the shipment of goods panies. There is no question but that inventories are being steadily depleted. This means that purchasing of replace- ments is bound to be in order within a short time. Steel Operations. Steel production is not being pushed to higher levels, but it is being extremely well sustained in most lines. In fact, so strong has been the demand that “there has been a distinct priming of price, although increases in quotations have been merely of minor character. The improvement in demand {rom the automobile industry has been a factor. So also has been the buying of pipe and tubular goods incident to gas line construction. Metal used in road con- struction also is in active demand, while the developments of power companies and utilities are b®ing maintained at a pace which assures a definite amount of business to the steel companies. On the other hand, residential build- ing is extremely low, and stecl men are watching with the utmost care the trend of public works censtruction to determine just how long its pace will be maintained. The recent ocean mail contracts, which have been signed, have brought a demand for a large amount of steel for ship construction in the form of plates and shapes. Automobile activities are speeding up, and in an entirely healthy manner. Foreign trade is not at a satisfactory level, and probably will not be until the tariff bill is definitely out of the way. Building material prices are showing no remarkable changes, either up or down, although construction in general is not up to the level of this time last year. This is shown by the fact that a fairly large percentage of the 850,000 building trades workers are out of em- ployment. While oil production is show- ing little difference one way or the other, the dally averages are running about the same from week to week, ad- vancing one week and receding the next. In spite of this fact, a number of oil companies are making very sat- isfactory profits at present prices. Coal Industry. The coal industry is still in an unsat- isfactory position, although the possi- bility of any acute labor disturbance in the anthracite field seems to be grow- ing dimmer as the time for new con- tracts in August approaches. The tex- tile trades are doing fairly well; better, in fact, than @ number of other lines which ‘are popularly supposed to more prosperous. Raw material prices are favorable, and the slow process of getting rid of obsolete plants and excess production is at last showing results. There is a general dullness in evi- dence in the non-ferrous metal market. Silver has_descended to another new Theq Jow, and there seems to be little hope for marked recovery until conditions change in the Far East. Demand for lead and zinc has fallen off, and busi- ness in copper has been merely fair, (Copyright, 1930.) WEEKLY CLEARINGS. Bank clearings continue materially reduced from those at this time in both preceding years, although the decline is again somewhat smaller than in several recent weeks. The total at leading cities in the United States, as reported to Dun’s Review, is $11,43,947,000, show- ing a decrease of 13.2 per cent from the amount a year ago. At New York City, clearings of $7,880,000,000 are 15.2 per cent lower, while the aggregate for the prineipal centers outside of New Yori of $3,403,947,000 is 8.2 per cent below last year's. The week this year covers the six business days ending on Thurs- day, so that_the comparison with both last year and the week in 1928 is on an even' basls. At several cities outside of New York, bank clearings exceed those of last year. Among the latter are Phil- adelphia, Cleveland, Minneapolis, Balti- more, Richmond and Louisville, while at a number of other cities the reduction | this year is only for a small amount. Clearings for this week, as reported to R. G. Dun & Co. and average daily bank clearings for the year to date, are compared herewith: i 0 141:500.000 122.236,000 43,061,000 09.782,000 45,080,000 41.469.000 0 197,200,000 175,785,000 Portland 37, Seattle . Total $3.403,947,000 New York 7, 1,760.938,000 1.890,821,000 ¥ . 1,824,630,000 irst quarter *Estimated. Mill Lifts Water 720 Feet. ALPINE, Tex., June 7 (#)—A wind- mill on a ranch near here lifts water 720 feet. The well is 320 feet deep and water is forced to a tank 400 feet above the ground. Butter—One-pound 3912: tub, 36a37. Eggs—Hennery, celpts, 32a23. Poultry, alive—Spring brollers, large, 38a40; small, 32a33; Leghorns, 28a3 fowls, 23a24; Leghorn fowls, 1 3 ducks, 15a18; geese, 15; capons, large, 35a37; small, 30a33. Dressed—Spring chickens, large, 45a48; small, 40a42; capons, large, 40a4: prints, 23a24; 38%a current re- M 20a22; po 3 fresh hams, 25a27; fresh shoulders, 2 smoked hams, 27; smoked shoulders, 22; bacon, 27; lard, in packages, 13; in buik, 12. Live stock—Calves, 8a10%; Spring stock, 3.25; lamb, 10a1l. Fruits—A) ‘})Iu. box oranges, California, 8.50; peaches, 3.50a 4.00; watermelons, 60a1.00; cantaloupes, Jjumbos, 4.00a4.25; standards, 3.75a4.00; ponys, 3.00; lemons, 8.00; strawberries, 5.50a8.00; extra fancy stock, 10.00; huckleberries, 7.50; blackberries, 4.50; pineapples, 3.50. Vegetables—Potatoes, new, 5.00a5.50; old, 150-pound sacks, 4.25a4.50; tom: toes, 1.50a3.00; cucumbers, 1.50a2.2! string beans, 1.25a1.50; pens, 2.75; car- rots, crates, 3.50a4,00. beets, buncl to the profit of the transportation com- | “Tobacco growers will make a serious mistake if they wait for the disease to | appear in their beds,” says Dr. R. A.| Jehle, plant pathologist for the Uni-| Versity of Maryland,extension service. | “The wildfire disease, formerly found in but a_few of the tobacco-growing coun- | ties, has now spread to all sections of the State where tobacco is {:own. and no grower can be sure that his beds will escape the disease. “Best results with either dusts or sprays will be secured if the applications are made’ before, rather than after, | rains. The disease spreads rapidly dur- ing rainy weather and plant beds should be sprayed or dusted more frequently during the wet weather.” DRILLING ERRORS CAUSE TROUBLE IN OIL FIELDS By the Associated Press. LOS ANGELES, June 7.—Crooked oil well holes are causing trouble ifi the petroleum industry as drilling goes deeper. An error in drilling a well 5000 to 9,000 feet deep may cause complications that did not exist at 1,000 feet. If the bit strikes oil under somebody else’s property legal difficulties arise, Worse still, the drill may miss the oil First Mortgage Loans In Arlington County and Alexandria, V! Commonwealth Investment Co., Inc. 808 15th St. N.W. Phene Natiomal 2423 Mortgage Loan Correspondent for Vhe Prudential Insurance Ceo. of America Lowest interest and commission. Large and small loans negotiated. Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Real Estate Loans 5% & 6 Applications invited for .Loans on District of Columbia and Maryland Properties. SHANNON. & LUCHS 1435 K St. N.W., National 2345 First Mortgage Loans On improyed Real Estate in the District of Columbia and nearby Maryland and Virginia for 3, 5 or 10 year terms on your 5%% Apply RANDALL H. HIAGNER & COMPANY Home Apartment MORTGAGE LOAN NEW YORK LIFE INSURANCE COMPANY 1321 Connecticut Ave. FE1RST 6% Over a Third of a Century Without & Loss National 2100 THERE R FOR $250 OR MORE you can enjoy the safe invest- rthent in our Interest begins at once and continues unchangingly through maturity, when the principal is returned intact. May be purchased in amounts from $250 up. B. F. SAUL. CO. IS NO SUBSTITUTE FOR SAFETY Office Building Business Property CORRESPONDENT MORTGAGES FIRST MORTGAGES 925 15th St. N.W. Throwing Your Money To the Winds NO one but a simpleton would do that. in Australia used Yet that was what miners to do—throw their “pay dirt” in the air, then catch the heavier particles of gold while the wind whisked away the earth. [t was a process born of necessity. Water was so scarce,.that the “dry- blowing” scheme was originated . . . But promptly abandoned when ar- tesian wells gave water out” the gold. for “panning We wish we could say the same of investors—but there are still thou- sands every year who simply toss their pay envelopes into the air, trusting to the winds of chance to re- turn them gold. Almost invariably these thousands are disappointed— and puzzled, too, when they hear of wise, their have safe. investigated, cautious investors who place funds in a security which they and know to be Such investments are the 6 per cent First Mortgage Notes offered through Swartzell, Rheem & Hensey Company. They are the “gold” of your pay dirt —they will bring you a constant, un- failing return. Let us tell you more about tixem and how they will suit your investment need. SWARTZELL, RHEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET N.W. | “WASHINGTON. D:Ca.. et W,