Evening Star Newspaper, June 7, 1930, Page 12

D. C., SATURDAY, JUNE 7, [ooee sone BONDS o] Received by Private Wire Office Low. > ¥ THE. EVENING STAR, WASHI [ NEW YORK STOCK EXCHANGE | REPARATION BOND == =| BATILE IS SHIFTED s Lib st 4%s.. ‘lg;a 13'3‘*: Lib 4th 4%s.. FINANCIAL. HIGH-GRADE BOND- - ISSUES ARE STRONG NGTON, 1930. BROKERS SCHOOL. SYSTEM EXPANDS Direct to The Star UNITED® STATES. (Sales are in $1.000.) Sales. High. Low. Close 19 102 10126 10126 24 10215 10215 10215 5 11228 11228 11228 Close. 3% 100% 102% 103% Stock and Sales— Prev. Dividend Rate. Add 00. High. Stand O of Cal (2%). 78 68% Stand Ol Exp pf(5).. 5 1044 i Stand Ofl of Kan (2) 5 39 (Continued Prom Page 11.) ~Prev. 1930.— Stock ana Eates— Dividend Rate. Add 00 Hign. Nati Surety (5)..... 1 ¥4 —Prev 1030.~ e Low. Cinse Close B4 B4% Stock Exchanges in Several| Cities Have Started In- stitutes Recently. Br the Associated Press. NEW YORK, June 7.—The day when | technical training will be within the reach. of all embryonic brokers is en- visaged by Dr. Birl E. Shuitz, dfector | . of the Educational Institute of the New York Stock Exchange. { A start toward the achievement of that goal has been made during the| past few years with the creation of in- | stitutes by the Stock Exchanges of San Francisco, Los ‘Angeles, Seattle and Chicago patterned after the New York institute. Growing interest in the institutes has been manifested by Cleveland, Boston and other cities, Dr. Shultz said. Dr. Shultz looks forward to the day when there are institutes in ail the principal stock exchange .cities through- | out the United States, with courses| open to employes of all brokerage | houses ® Institutes in all cities except New York now operating are open to em-| ployes of both the exchange and broker- | age houses. : > College courses provide only a smat- tering of learning to equip the voung man bent on a career in the financial world. “And T am not sure that it should be otherwise,” said Dr. Shultz. “Much of what we teach here is of interest only to those who are employed in the Stock Exchange. “Certain training always will be pro- vided by specific organizations Dr. Shultz said he would like to see the stock exchange institutes exert an influence in the brokerage business comparable with the American Institute of Banking in the banking world. “Institute training may never be made a prerequisite for employment in the brokerage business, but it may come o merit such recognition as will give émployes with such training preference in promotion.” - Markets at a Glance NEW YORK, June 7 (P).— Stocks—Weak; United States Steel dropped to year's lowest. Bonds—Firm; convertibles heavy. Curb—Weak; general list sags sharply. Cotton—Lower; favoreble weather and unsettled Wall Street. Sugar—-Hollda Coffee—Holiday. Foregin exchange—lirregular; Shang- hai improved. U. S. Employes Now 587,665. Uncle Sam's army of civil workers now numbers 587,665. This is the number under civil service according to the annual report for the fiscal year of 1928-29, and represents an increase _©f 18,950 over the pre By the Associated Press. * CHICAGO, June 7.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange "today Sales i an thousands, 150 Adams Mfg. 200 Addressograph " inte: 50 All-Am Mohawk 1200 Allied Mot_Ind 50 Am Com Pow - 52, %55 * 150 Bastian-Blessing 3500 Bendix Avia 2 K 200 Club_ Aluminum 823 Commonwith Edisor 100 Constr Materials pf. m 300 Duquesne Gas. 12100 Electric Household. re Pub Serv ne % 31 Great Lakes Aircrafi 300 Greyhound Corp 12 81500 Grigsby-Grunow 100 Har¢-Carter . 200 Houdaille-Hershey Al 2100 Houdaille-Hershey B Hussman Ligoni 250 Ind Terr . ... 3250 Inland _Utilities I Util Invest.. Am 50 Ken-Rad Tu 00 Lawback Co 108 Muskegon, Motor 142 150 Nachmanf _Springfill. 16 cct Pow A.... 23 1 38 Quaker Oats 70 Quaker Oats pi 750 Railroad Shares 250 Rel Int ..... 1500 Reliance 50 Rollins Hosiery 250 Sangamo - 200 Unit Corp B T 300 United Am’ Utilities. m A .. 201 Cup A", 350 West Cont Util rest P L & Tel ;100 1300 Zenith Radio....... 'BONDS, 56000 Insull Uil 65 '40... 103% 1000 South Nat_Gas 97 6000 .det Wse G B 1034 97 43 75 13 78 0. 100%% 100%; 100 463, 46%, 467, 98" 98 98 00 _shares. 106% 98% Shell Un Ofl of (53%) _ {year and with around $550,000,000 in atl Tea Co (2).. eisner Bros (1.60) Nevada Copper (1%) Newton Steel (3). N Y Central (8). 4 N Y Chi & StL (6) N Y Invest (1.20)... « N Y NH& Hart (6). 10% N ¥ Ont & Western.. 2 N Y State Rwyspf.. 408 1600 N Y Steam pf (6)... 208 83 Norfolk & Wn pf (4). 108 914 North Am Aviation. 45 93% North Am(b10%stk) 73 100% North Am Ed pfA6). 1 78 Northern Pactfic (5). 1 9% Ofl Well Supply....: o‘ 13% Oliver Farm Equip.. 70 OllvErEapfA(6).. 1 81% Oliv Fr Eacv pt(3).. b5 Omnibus Corp...... 3 Orpheum Cir pf (8). 2308 Otis Elev. n(2%). 26 Otis Steel 12%)..... \ 31 Pacific Coast o A & Pacitic Gas & El (2). 39 Pacific Lizhting (3). 27 Pacific Tel &Tel (7). 2 “ Packard Motor (1) 51% Pan-Am Petrolm.... : Pan-Am Petm (B)... 1 nhandle P& R.... g 1'nt Publix (4). ‘4 Park & Tilford (13). PATK/ULAN . . iasssinss rmelee Trans 1%. % Pathe Exchange.... 4 28 1 104 70s 1 141 4 44 59 18% Patino Mines 6'x Peerless Motor 264 Penick & Ford (1) Penney (J C) (3) « Penn Dixie Cmt p! % Penta RR (4)... People's Gas. Chi (8) % Pet Milk (1%). 4 Petrol Corp (1%). « Phiia Read C & I. ®1, Philip Morris (1). ... 29% Phillips Petrm (n2).. 10% I’hoenix Ho: 1 PlerceOll..... 20'% Plerce Oil of . Y Plerce Petroleum 31 Pillsbury Flour (2).. 43% Pirelll of Italy(3.14). 173 Pittsbgh Screw 1.40. Poor & Co (B) (2)... P Rican Am To (B).. Postal Tel & C pf(7) 1 Prairie Ol & Gas(2). Pipe L (15).. 77 Pressed Steel Car. .. 52% Proé & Gamble (2)., %1% Pub Serv.N J (3.40). 97% Pub Ser, NJ pf wi(5). 921, Pub Serv N J pf (5).. 143 Pub Serv NJ pf (8).. 73 Puliman Corp (4). 116 Punta Alegre Sugar.. 271 21% Pure Oil (1%). 114'i 110% Pure Ol pf (8) s 887 66 Purity Bakeries (4). 69% 24% Radio Corp. & 68 . Radio Corp Radio-Keith-Orph “ Raybestos Man 2.6 110% Reading Rwy (4). 431 Rea Silk (5), 25% Rem Rand (1. 5 10% Reo Motor Car (80c). 50% Republic Steel (4) .. 95 Republic Steelpt (6) 4 Reynolds Spring. ... 49 Reynolds Tob B (3). 20% Richfield O11 (2). . 16t Rio Grande Oll (2).. 44%, Ritter Dent Mfg (13) 33 Rossia Insur (2.20).. 494 Roy Dutch (al.3415). 88 Safeway (e5) 123% 971 58 StL Soutnwestern 4% Schulte Retall St 8 Seaboard Alr Line. . 79 Sears Roebuck($2%) 91 Second Natl Inv..... 585 Sec Natl Inv pf (5). 1% Seneca Coppei 774 Servel. Ioc. % Shattuck(FG)(1134) 42% Shell Transpt(a2.41) 1008 20% Shell Unign (140). .. 20 61 110 3 98 15 7 25% 8% Shubert Theatres. .. 34 Simmons Co (3) Simms Petrm (1.60) Sinclalr Con O11 (2).. 287 Skelly O11 (2)..0euee 95% Skelly Ofl p£(6)..... Snider Packing. . Sou Porto'Sug (1.40) Southern Cal £4 (2). 315 Sou Dairies (B)..... 116 Southern Pacific (6). 136% 101% Southern Rwy (8)... 101 97% Southern Rwy pt (5) Spang-Chalfant..... 13% Sparks Withngtn(1). 29% Splegel-May-S (3).. 11; Stand Branas (1%).. 4% Stand Comm Tob. 35 151 10 ,Stand Invest Corp 2 30% BIN 120% 80% 16% 60 10% 304 30% 20 Sterling Sterling % Sterling 80% | 10% | o) Tobacco Tobacco Tri-Cntl Truax Traer (1.60).. Twin City Rap T(34) Fischer (6). Und-El Union Union C Union Oil of Cal (12) Union Pacific (10)... Union T'k Car (1.60). Utd Afrcraft. Utd Biscult (1.60)... % Utd Carbon (2). Utd Cigar Stos Ttd Corporation. United Corp pf (3 Utd Electric Coal ¢ Utd Fruit (4). Utd Gas & Imp(1. Utd Piece Dye W (2) Utd Stores (A). U S & For Secur. U S Frelght (3) S Hoffman (2). Alcohol (17). Leather (A). Pipe Pipe s s s s s s qaqaaadag Va-Car % Waldorf Wess oil Western Western Western Wrigley T4 119 *105% 981 3274 24% 31 221 4% 112% 6604 10% 1% 1 n stock §Payable in Lo regular rate. b P Stand Oil of N J(12). 781 Stand QiI N ¥ (160). Stand Plate Glass pf 100s Stewart-arner (1). Stone & Webster (4). Studebaker Corp (4). Submarine Boat..... Sun Oll (91) Superior Ofl Superior Stes 4 Sweets of Amer (1) Symington (A). & Texas Corp (3)...... Tex Gulf Sulphur(4) Texas & Pacific (5).. The Fair (2.40). . Thermotd Co (2). Third Natl Inv (3).. Thompson Prod(2.40) Thompson Starrett. . Tide Water As (60c). ¢ Timken Det Ax(80c) Timken Roller (3). b B S01e | 514 Transcontl Oil (30c). Transue & W (1), Trico Prod (215 Tri-Contl Cor] Realty (). Rubber. Univ Leaf Tob (3). Univ Pipe & Rad. Util Pwr&Lt A (e2).. Vadasco Sales Corp.. Vadsco Sales pf (7) Vanadium St} ¢t Vicks Shrv&Pac(3) Vicks Shrv&P pf(5). Che Va-Caro Chem pf(7). 1 Vulcan Det (4). 40 Wabash. Walworth Co (2)..« 4 Ward Baking (A) Ward Baking (B).... 10 Warner Bros Plo (4). 481 War Bros P pf (2.20) Warner-Quinlan (1). Warren Bros (3).... Warren Fdy & P (2). i Webster-Eisenlohr. . Wess O & Sn of (4).. West Penn El pf (7). 40s Western Pacific pf.,.: Wheeling & L E pf. White Motors (2) White Rck MS(t4%) White Sewing Mach.. 5 Wilcox Ofl & Gas. ... Wilcox Rich,B ctfs 2 Willys-Overland. ... Woolworth (2.40).... Worth Pump. .. Yellow Truck Zenith Radlo. RIGHTS EXPIRE Am Tel & Tel DuPont deN..July 15 166 Gamewell Hackensk W Phillips Pet..June 16 135 Dividend rates as given in t! payments based on the latest qu s Unit of trading less than 1 Tip. able in cash or st Plus 10% in stock. g Plus 6% 020 ockt Fpns 8% 10 stock. 'k Plus 3% b stock 5% in stock. 6% T6% 86 Sec (A).... See pf(1.20) Sec cv pf(3) Products Products A. 10% 20 16 15 93% 15% 16% 104% 155 | 8% | Corp pi 103 14% 80 44 &F (2). & F 15t 1.20. 1004 110% 100% 9 100% 99 6% .80 97 464 108 m ERER 2 38 7 22 ¥ 4 2 & Snow (2). 9 2 44 Dairy A (4) Dairy (B).. Md..... (Wm) (4) 25% . 18% 14 19% 1% k) % 1% %1 he above table are the snnual cash aration 20% 1% % Aug 1 293 July — 38 July 1 10s roed. € Pavs atock. B Plus i battle has McFadden’s Opposition to Is- sue Transfers Fight to U. S. Front. Special Dispateh to The Star NEW YORK, June 7.—The reparation been transferred to the American front. Representative Louls T. McFadden, chairman of the House committee on banking and currency, whose statement as to the illegality of the reparation bonds was challenged by Thomas W. Lamont, came back hard and fast in Congress by asking the Morgan partner this question: “Are the $100,000,000 German repara- tion bonds, about to be sold in the United States. an advance by the bank- ers to the German government for the development. of German railways and postal service?” If the bonds represent such an ad- vance, they are secured by the German budget. 1If they are noi an advance for either of these two purposes they are ot secured by the German budget. Of the $300.000,000 reparation bond issue to be offered, only $200.000,000 seems to be guaranteed unconditionally by the German budget. , Chairman Mc- Fadden wants to know from Mr. Lamont if each and every bond offered to the American investors is a_ part of the bonds which are absolutely guaranteed by _the German government. The Representative’s second question is directed to the American State De- nartment. Broadly speaking, he asks: “What position does the United States Department of State actually assume “in regard to the legality ands the sale of the reparation bond issue, which is to be recommended by the house of .| Morgan Both of these questions should be cleared up before the issue is offered and undoubtedly they will be answered. There should be no difficulty in getting a frank and complete answer to both of them. Business struck a trend slightly lower for the week which ended May 31 than for the previous week, says the Depart- ment of Commerce, and one definitely lower than for the same week of last year, based on the volume of checks, building contracts, wholesale prices and interest rates. Iron and steel prices were lower than 1929 by 9 per cent. Although stocks are lower than in 1929, they are higher than in the pre- vious week. Bank loans are 4 per cent greater than last year. Business fail- ures continue greater than last year, but less than for the preceding week. The anticipated business revival has not “yet materialized either here or abroad, although the downward tend- ency of prices scems to have been temporarily arrested, except in Japan, where silk Is the lowest in 15 years; in China, where its business is at a stand- still, owing to the silver price decline and the failure of large banks, and in India, which is in the throes of national riots. Thus business continues its watchful waiting policy Hats off to Los Angeles! When other large cities are showing a popu- lation increase since 1920 of from 10 to 20 per cent, Los Angeles comes through with 113.59' per cent increase, to enter by & wide margin the million class (1,233,730). This Far Western City. now vying with Detroit for fourth place, was_established under a Spanish land grant just 70 years ago. In 1880, only 11,000 people lived there. But from then on the city -grew rapidly, showing 50395 in 1890. Doubling again in the next decade, the 100,000-mark was reached in 1900. Then' 319,000 in 1910 and 576,000 in 920. At first, Los Angeles was known to & large part of the American people as just another Winter resort. Other cities, buillt on business and_ not on “sunshine,” refused to take Los An- geles seriously. Its industrial and business growth really began after 1900. Today its tourist trade, impor- tant as it is, is subordinate to its fast- expanding business activities. During the last decade its harbor development has been rapjd, and now it has such substantial business cities, to reach its present eminence, as Pittsburgh, Balti- more, Boston, St. Louls and Cleveland. It looks, too, as though California’s population’ increase since 1920 will he among the most impressive, if not the most impressive, of all the States. The latest formed nation in Europe has decided to put up & tariff wall for its own protection. When Italy last year granted to the in Financing by Co BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, June 7.—As the figures of May bond offerings, now available, are analyzed with respect to the totals | of other years, it is evident that one of the conditions from which the invest- ment market is suffering is that of an oversupply of new issues. i Last month the output of new cor- poration bonds anc notes was approxi- | mately $570,000,000.. While this was not quite up to the,figure in April or in March, it compared with slightly more than $300,000,000 in May last the same month of 1928. It brought the offerings for the first five months of 1930 close to $2,700,000,- 000, which is $1,138,000,000, or 80 per| cent, more than in the same period of | 1929. It was within 7 per cent of the huge total of the Winter and Spring| months of 1928, when money was cheap | and American corporations, as well as| foreign borrowers, were taking advan- tage of this situation to issue a large number of low coupon bonds, either to provide new capital or to refund their obligations, carried ‘at a considerably higher rate of interest. Refunding Small. In this year's financing there has been comparatively little refunding. In the first four mpnths of 1930 the retire- ment of old issues for new ones repre- financing accomplished. In the same period of 1929 refundings ‘ere 12 per cent of all new issues, and in 1928 more than 30 per cent. The ratio of new bonds and stocks. both for domestic and foreign borrowers, employed for refund- ing purposes has been the lowest this year since 1925. Just how much of this huge total of | new bond offerings in the five months is still in the hands of the syndicate and leaders it is difficult to determine. Estimates run from 15 to 20 per cent. It is understood, for instance, that of the $600,000,000 of municipal and Canadian loans that have been offered since the first of the year about $100,- 000,000 are still unsold. Railroad loans have amounted to about $475,000,000. | While the original price on them has not been held in all cases—in fact, it has dropped off sharply with the closing of syndicates—most of these issues have been of an institutional character, and have been well placed, so that at pres- ent there is not any considerable tamount of them overhanging the LARGE SUPPLY OF NEW BONDS UNFAVORABLE MARKET FACTOR {Investment Issues Affecteclb—y $570,000,000 “the Month of May. sented only 6 per cent of the total| e o | be reduced to a minimum for another rporations During offered by the public utilities and indus- trials and by foreign borrowers. Of the sum of $775,000,000 bf public utility is- sues to June 1, there are.a considerable number representing smail independent power and light companies, mostly of the holding concern. type. These have not been well distributed. It is under- stood that as much s 50 per cent of some of these issues are still in original hands. The same is true of a number of the industrial loans. Of one promi- nent industrial note fssue amounting to $55,000,000 the latest report from the underwriters indicated that they still held over $20,000,000. . Foreign Issues, ‘Then there are half a dozen sizable South American and. other foreign is- sues, in which there will have to be sec- ondary selling campaigns in order to place them 'permanently with ultimate consumers. None of these issues has Theld its original market. Nearly all can be purchased today at concessions from list prices. From the standpoint of working up interest in the loan, the delay in bring- ing out the reparations bonds is un- fortunate. It serves, however, to with- hold from the market another large vol- ume of domestic and foreign issues which have been postponed in order that the new foreign bonds may have th?dflghl of way Jn the investment eld. 1t is felt that if new financing could six weeks, a_good sized portion of the present visible supply of loans brought out since January 1 could be absorbed and the improved technical situation would make for a more normal re- sponse to easy money conditions than has so far been exhibited. (Copyright. 1930.) ik Capital Without Railroad. TEGUCIGALPA, Honduras, June 7 (#).—This Central American capital is one of the few seats of national gov- ernment in the world without railroad facilities. Residents are of pure Spanish type and retain many of the customs of their ancestors. Gold was dug fron® a mine near here to supply Montezuma. Foreign Vegetable Trade Up. Showing & steady increase the last few years, the volume of foreign trade of the United States in vegetables last year registered more than $40,000,000. FURST IS SLATED AS BANK CHAIRMAN Baltimore Capitalist Expected to Head New Maryland Trust Company. Special Dispatzh to The Star. BALTIMORE, June 7.—Frank Furst will be chairman of the $46,000,000 banking institution to be known as the Maryland Trust Co., it is reported. The new company, in process of formation, will be made up of the Maryland Trust Co., the Drovers’ & Mechanics’ National Bemk and the Continental Trust Co. Heyward E. Boyce, now president of the Drovers & Mechanics’ Bank, .is slated to be president of the new Mary- land Trust Co., it is said. W. T. Casey, president of the Conti- nental Trust Co., and Louis 8. Zimmer- man, now president of the Maryland Trust Co,, are expected to become senior vice presidents. ‘The new $46,000,000 trust company will constitute the fourth large unit formed by recent combinations. These four are said to control something like three-fifths of the resources of those doing a general banking or trust com- pany business in the city, that is, the banks other than savings banks. These four are: The Baltimore Trust Co., an_institution of appoximately $101,900,000; the First National, ap- proximately $87,200,000; the Union Trust Co., after its Natlonal Bank of Baltimore merger, approximately $66, 000,000; the new Maryland Trust Co., approximately $46,000,000. The four represent about $30#000,000, and the total for all banks doing that kind of business is said to be about $514,800,000. Ttaly Plants 3,000,000 Trees. ROME, June 7 (#).—Three million new poplars have been planted in Italy during the past two years, the ministry ‘of agriculture and forests estimates, with a view to increasing the country’s ‘wood pulp resources.’ From Lombardy, whose poplars have always been famous, the vogue for the stately trees has spread into Southern Italy, Siclly and Sardinia. Copra Standard Upheld. PAPEETE, Tahiti, June 7 (#).—Con- certed action by copra buyers in Tahiti has been taken to maintain the stand- ard of the South Sea product. On several islands growers have used unripe cocoanuts in making copra, resulting in an inferior product. Mexico Produces More Lead. MEXICO CITY, June 7 (#)—Setting a new record, Mexico produced 248,401 tons of lead during 1929, figures com- piled by the government reveal. The output put Mexico in second place in market. ‘The largest total of bonds still on 000,000, the shelves of the dealers are those 000,000 in exporis. Imports had a value of nearly $29,~ 0,000, as compared with about $12,- v 4 world production, United States taking the lead. Vatican City its political independence, it was not expected that a tariff would be raised against articles coming into Italy. Matches, tobacco and playing cards are monopolies of the government of Italy today, and cannot enter Italy except in that form. But this week the new Vatican City of the Pope decreed its own customs duties, effective this week, and at one stroke increased the price of tobacco 75 per cent. Whether such commodities consigned to the Vatican City may now cross Italian territory under seal and enter the new papal dominion on the pay- ment of the papal tariff is one of the questions that will be decided this Sum- mer. Henry Ford's statement that if the world buying power was equal to that of the United States production would run 10 times behind demand is not a wild guess. It's easy to prove—much easier than to figure out a workable plan to bring it about. Bolled down to every-day life, it would mean that China would become a market for 100,000,000 cars, ‘The big job of the future is to figure out how to expand buying power and wealth throughout the world. If China could buy 10 per cent of the number of cars suf ted, it would re- lieve the American market tremendous- ly, even if that buying power took 10 years to bring about. More and more American business in- terests must realize that expansion of capital into foreign lands cannot be accompanied indefinitely by higher and higher tariff walls. ‘The two just don't go together—un- less American investors consider their exported capital in the nature of a good-will gift—with no thought of it ever being paid back. S (Copyright, 1930, 'by North American News- paper Alliance.) Italy Curbs Map Sales. ROME, June 7 (#).—Exclusive control of map-making and map-printing in Italy is centered in the military geographic institute. No plans of na- tional territory may be sold without approval of the institute. U. S. TREASURY EANCE. The United States Treasury balance announced today as of close of business June 5 was $82,413,490.17. Customs receipts for the month to date were $7,434,218.11. Total ordinary expendi- tures, $8,852,480.95. o LR Sour Sap Infects Orchards. SAN FRANCISCO, June 7 (#)—Thou- sands of acres of orchards, planted 20 years ago or more, are infected by sour sap. This disease, caused by cold weather during a warm spell, causes slow death of the affected trees. N E A Farm 0il Co-operative Grows. SPRINGFIELD, 1l June 7 (#).—Five new stations are expected to be added this Summer to the 60 bulk storage stations dealing in petroleum products and operated in affiliation with the Tllinois Farm Supply Co. US4yss2... FOREIGN. Argentine 6s Ju Argentine, May "61. Argentine 5143°62. s A Belgium 7s '55. Belgium 7s '56. Belgium 8 Bolivar 7s 58 Bolivia 7« etf: Bolivia 8s Bordeaux 6. Braghl 614 "2 Brafh 614527, Brazil 7s. Brazil & Chile 7a*42 Con Pwr Japan 7s. . Copenhagen §s rets Cuba 53s. . DE15%s,N Fiat 7s ex war " Finland 5%s. Framerican W%s. Erench 7s. French 7348 German Bank 6 German 7s. Ger Gen Rlag Greek 6563, Haltl 6s. . Hungary 74 Italy 7s. italian Japanese 43 . Japanese 516 65, . Japanese 6%s. ..., Jugoslavia Bank 7s Karstadt 6s *43 Mex 45 1904 asnd Milan 63%s. Montevideo 7 New So Wales *! Norway bs '63. Norway 6%, . Norway 6s 43, Norway 6%s '52. Paris-Lyons-M 6. Paris-Ly-Med 7s Peru 65 '60. Rhine West6s '63. . Rhine Wst EP 78’50 Rio Gr du Sul 65'43 Rio Gr Du Sul 3. Rome 6%s........ R'y’l Dutch 4% sww Saxon (PW) 7a. w0 MR e 0 ST e SN e - AR SR aN HTe Swiss 6% '46. Swiss Confed § Utd Kingm 5% '3 Utd SS Copen 6337, Uruguay 6s°60 Uruguay 8s. Warsaw 7s'52. Yokohama 89% 0% 10114 100 gy 100 9214 101% 105 102% 9% 881 107% 117% 122% 901% 107% ¢ 103% 87% 93 101% 9874 9638 974 190% 1023 84 78% 96% 103% MISCELLANEOUS. Apram&Straus 6% 10 Afleghany Cp 6844 12 Alleghany 65°49... 11 Allls Chaim 65°37.. 1 Am Agri Chem 7%s 1 Am For Pwr 58 2030 65 Am1GCh5%s'49. 17 Am Int Cor 6% Am Metal §3% Am Nat G " Am Smit & R 18t b3 Am T&T evi %" 101 Armour. Del.5%s. .. Atl Guif 65'69..... Bell Tel, Pa. 63 (B) Bethlehm Stl pm 63 Brklyn Edison Ceftn-Td 6% srcts. Chile Copper §s. ... . arrlin wema—a 2 [SPPTeres- o) Consumers Pwr 53.. Cuban Am Sugar $s Denver Gas 5; Det Edison Duqu Gen Cable 53%s Gen Mot Ac Cor 6; Gen St Cast 5145°49 Gen Thea Eq Goodrich 6%s. Intl Mer Mar Intl Paper 5347 Intl Paper 6: Intl TAT 4 Int] Tel&Tel 68 55, Laclede §%s D Lautaro Nitrat, Ligg&Myers 6s '51. Loew’s 63 w 0 war. Lorillard (P) 7 Lou Gas&El 58 Nor Ohlo Tr&L Pacific Gas & Kl 63, Pac T & T 1st b: Pathe Exchange 7s. Phila Co5s'67..... Phila & Read 65°49. Pillsbury F M 65’43 Por Rie Am Tob 6s.. Postal Tel & C5%s Pub Sve G 4143 °67.. Pub Serv G 4%s'70 Punta Alegre 7s.... Richfield Oi1 Sinelair Of1 63, Sinelair O11 7 e Sinclair Crude 5348 Stnclajr PL5s...,. South Bell Tel 6s. . Southwest Bell 58.. Stand OfL. NJ *46.. Stand OIL N Y.4% Tex Corp ev & 13 Transcontl O1l 6%s 1 United Drug 68 '§3. 10 Wilson & Co 1st Win RepeatAr T4%s RAILROAD. Ann Arbor 4s Atchison ad) Atchison gen Atch deb Atl Coast L 1st 4 Atl Coait Line ¢s.. 11° 91% Sy b 5 100% 1103 97% 98% 95 1021% 103% 100% 984 103% 104% 103% 9% 106% 104% 102% 97% Boston & Maine Bklyn Manhat 6 Bklyn Un EI 5 Sammmam Can Pac deb Canada Sou bs. Cent of Ga 6sC 59 Ches&Ohio Corp bs. Ches & O gen 4%, . Chl & Alt 31,8 ctfs. Chi & E 111 gn 6 Chi Gr West 4n ChiM/IStP&P §8'76. €MSP&Pac adj6s03 Ch1 & NW con 4%s. Chi & Nw 6% g Chicago Rwys ; ChiR1&P ChiRTcvit Chi Un Sta 6% C& W Ind con 4s. CCC&S1IL 53 (D). .. Clev Term 414877, Clev Term bs. Colo & Sou 4%, Cuba R It 63 % Cuba Nor 6%s rets. Den & Rio G cn 43 Del & Hud § o - - 22xfnSammname~ » s Fwaadaal T “ 104% 9614 93 AT B3uaw manih —a Erfe 53, 1 Erie 68, 1976..... Gr Trunk st deb 6s. Grand Trunk 7s.... Gt Nor 4148 '76(D) Great Nor ren 7s. Green B & W del Hud & Man adi § Hud & Man ref 5s.. 111 Cent 4%s . Int Rapld Trans bs. Int Rap Tr bs st Int & Gt Nor adj Int Rys C Am 5 Kan City Sou 3 Kan City Sou Kan City Teym 4 Lake Shore 3% Lehi Val con 4a. L &N unf 4s. L&N 4%32003. ManRy 1st 43°90... Mill El Ry&L 65°61. M StP&SSM con ¢s. M StP&SSM 6: M StP&SSM Mo Pacific gen . Mo Pacific 53 A *65. Mo Pacbs F77.... Mo Pac5sG'78.... Mo Pac 5%s 49 cv., N Y Cendehds.... N Y Cenrf im 1%4s. N Y Cen ref 5 LSel C & StL deb 45, C&StL6%sA C&StL6s'32.. NH&H 3% 54, N H &H 4356.. NH&H 4851 NY NH&H 4343°67. NYOnt& w1 NY State Ry 4 Norf&Sou gn Nor Pacific 3 Nor Pacific Nor 41532027, Nor Pacifio 58 Nor Pacific rei Ore Wash 1st ¢ Penna 4%8 197 Penna gen 4%, Pennp 4% 863, 64 Bn annme 3 M - o aoaelon maana N RE SR8 3 zz TR Mg’ e z 027, Port RL& P6s'42. Port R L 6347 Reading gen 4% A. StL TM&S R&G & StL & SF pl4s A SIL&SF4 StL & SanFr in San An&Arn P 4 Seabd AL adj 65 3eaboard AL cn Sou Pac 4%s rets, Sou Pac 4%8'69 ww Sou Rwy gen 4s.. Sou Rwy con 6s.... Sou Rwy 6% Tex & Pac 58 B 17T, Tol Tr L&P 6% 8'30 Union Pac 1st 4 Union Pac 43 °63. Un Pac 1st ref 4 Unlon Pac 4%, Va Ry & Pwr §i Wabash 43 #'78 ret. . Western Md 4s. ... Business Notes By the Assoclated Preve. NEW YORK, June 7.—Engineering News-Record reports May awards in the: fleld of heavy construction en- gineering throughout the United States in May were 11 per cent under the same period of 1929. The publication says engineering construction activity showed a strong increase since the mid- dle of March and that the total for the first five months is 81 per cent of the volume during the same period of last year. ‘The cotton piece goods market con- tinues to drift under the influence of slack buying, Textile World reports. Some sellers feel the curtailed produc- tion will bring improvement in June, while other millmen believe the upturn will not come until next year. Print cloth prices have turned somewhat easier but have not stimulated buying. ‘The Goodyear Cotton Co., subsidiary of the Goodyear Tire and Rubber Co. of Canada, has ned a new plant at St. Hyacinthe, Quebec, for the manu- facture of tire fabric formerly imported from the United States. - ‘The National Electrie Light Associa- tion estimates that the number of ;llr;m ll‘hte:idhy deln't;;clty lm:mlhed .6 per cent during .hrlnn%te total receiving utility service to 560,426, or 8.8 per cent of the 6,371,640 #Mrms in the Nation. SHORT-TERM SECURITIES, Allis-Chalmers Co. 5s 193 Amer "Tel, & Tel 8l 1 American Thread Sias 19: o Ohio 4% an or. Rwy. Chicago Rock Islai Chile Cooper Co. S5 19t Cudahy Packing Co. 5 Gen. Mot. Accep. Corp. Genéral Pet, Coip, 83 1940 eneral Theaters Eq. 6s 19 Goodyear T. & R. 957. Grand Trunk of Canada Gulf Ol of P 937, Humble Ol 1932, Match Corp. 5 & 8t Lotts 6571 5 Cail 58 1953, ul 1947 tern_ Electric Co. Wheeling Steel Corl Wheeling Steel Co: Sails to wnch_Cnp Matches. BOSTON, June 7 (#).—At the age of 83 George Wright, a swmfl in pro- fessional base ball and in golf and tennis, agd father of iwo tennis stars, is off to ce alone to see the Davi .?un matches, Prime Group Helped by Good Price Obtained in U. S. Financing. BY ¥. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 7.—Responding to the influence of the excellent price ob- tained by the United States Govern- ment in its June financing—2% per cent, or the lowest since 1925—prime bonds today were strong. Other issues with more speculative provisions were 0 affected by the decline in stocks that the general appearance of the invest- ment market was somewhat ragged. All of the active Government bonds sold within a shade of their best prices of 1930, and such high-grade securities as Baltimore & Ohio first 4s, Canadian Pacific 4s, Pennsylvania_ general 4! Frisco “A” 4s, Northern Pacific 4s an Philadelphia_Co. 5s went higher also. But even in this group there were frac- tional losses in Atchison general 4s, Great Northern 7s, Inland Steel 4l;s, Standard Ol of New York 4!;s and Utilities Power & Light 513s. Bonds with stock privileges all had small declines. Chicago & Northwestern i|4%s and warner Bros. Pictures 65 were heavily sold. Junior rail bonds were frregular, Chicago & Eastern Tilinois 5, Prisco 4148, Seaboard Airline 65 and Boston & Maine 55 dropping into new low ground for the current move- ment, while Chicago & Great Western 4s, Missouri-Pacific 4s, Southern Rail- way 4s and Wabash 4155 gained slightly, Industrials remained dull. Forelgn dollar credits gave a some- what better account of themselves, although German obligations sagged. Italian, Japanese and French descrip- tions remained firm. NEWPLANTOTAX REALTY PROPOSED Production Is Value Used as Basis Instead of Sale Figure. BY FRANK 1. WELLER, Associated Press Farm Editor. Supported by farm leaders for the ! last decade, & plan to tax real estate on its production value rather than its sale value is to be presented to the governors of 48 States, meeting in Chicago June 25. i1 . The conference was called by the na- tional taxation committee of the Amer- ican Farm Bureau Federation. Pederal officials and tax specialists have been invited. The plan to be considered would upset a large part of the American sys- tem of taxation. Whereas taxes here- tofore have been assessed on the capi- tal value of property, it proposes to make the assessment against the aver- age net production value. Law Changes Proposed. Under the present system property that is held at a loss pays proj - lunm with that which returns a profit. Efforts to obtain legislation permit- ting the creation of a taxation system based on “ability to pay” are under way in Mfchigan, Missouri, Illinois, Iowa, Colorado and a few other States. In most cases amendment of the constitution is required, which is a cumbersome and tedious task requiring the support of public sentiment. The conference is expected to launch a movement to obtain from the Fed- eral Government a rule permitting the deduction of State income levies from Federal income taxes, as is done in the case of the inheritance taxes. ‘The proposal is simply that, whereas an individual now is paying both & State and Federal income tax, the amount of the State tax would be de- ducted from the amount of the Fed- eral tax. The result would be a con- tinuation of State revenue from income taxes, but a decided reduction in Fed- eral revenue. Inheritance Tax. Behind the plan is the thought that it eventually would make it possible to shift from the general property tax to the income tax as the chief means of support for State and local governe ments. If the inheritance tax provision is made to apply to income taxes, it is be- lieved that State governments will adopt the income tax more generally, because they will then have no fear that industries will move into adjoin- ing States where no income tax is levied. It is provided that where no income tax paid to the State its equivalent shall be paid into the Fed- eral Treasury. A NEW SECURITIES: NEW .YORK, June 7 (#).—New se- curities offered today include Kingdom of Norway Municipalities Bank, $5,360,- 000 guaranteed 5 per cent sinking fund bonds, priced at 97, by International Manhattan Co., Inc., and syndicate. ‘BANK CLEARINGS. NEW YORK, June 7 (Special).— New York bank clearings, today, $1,305,000,000; & year ago, $1,310,000,~ 000. New York bank balances, today, $184,000,000; a vear ago, $136,000,000. New York Federal Reserve credit bal- woc%ouu.ooo,ooo; a year ago, $135,- PE T DIVIDENDS DECLARED Compapy. Am N Gis 2d pf. Audian Nat Corp B E 7% p! s LEEEEE ge" $La% i Lone Star G (Del) Ludium Steel. Do pf. Mackay Do b Manhatt; Manhat_ Shirt Mer & Mfg Sec Do pr pf.. Minn P & L Do 6% pl ont Silknit Lt Puc Tel & T ¢ Quebec Pow. Shet Wil'ms Lid Do pt. Union Metal 8000 B oy A Wirren Brdy 0V Bleachers' Assn Si s Excello Alrcraft & Juiy . * Omitted. Crosiey Radio. ¢ @ July 1 .. May 31 June 18 [} Ji dupedo The Chinese and Egyptians practiced artificial incubatiori over 2000 years They used large egg cvens of