Evening Star Newspaper, June 8, 1930, Page 68

FINANCIAL. DECISION IN RATE CASE FAR REACHING Railroad Men Believe Verdict on Fruit Shipments Will Aifect Other Lines. BY J. C. ROYLE. Every railroad, shipper, merchant and consumer in the United States may be affected to some degree by the decision of the United States Supreme Court in the deciduous truit case. This was the opinion of many expert railroad men expressed here yesterday. Members of the Interstate Commerce Commission, a'thqugh some of them declare that it will not mear. sc drastic a change, aamit that the decision Will aiec: tne rate- making policies of the commissio. The incerstale Commerce Commission is empowered by tne interstate com- merce act to fix rail rates in the interst of the public, but it is alleged that the commission has been exercising this right in the hight ot the Hoch-Smith “farm relief” resolution. The commis- sion reduced freight rates on deciduous fruits from Calitorhia under this farm Telief plan, although it had found & short time before that the rates were “reasonable.” Special Condition Cited. ‘The commission, however, issued a subsequent ruling to the efiect that & condition existea in the Southern Cali- fornia fruit inausiry which justified a Teduction in rates. ‘Lhe court noids tnat the passage of tne Hoch-Smith resolu- tion, on which this policy was based, was_ interpreted by tne commission as a law whereas the resolution in no way | altered the Jaw dealing with rate- making. The court overruled the com- mission and directed the lower court to 86t _aside the commission's order, ‘The court hoids that the Hoch-Smith Tesolution does not give authority to do anything which the commission could not do under the interstate commerce act. The main purpose of the resolu- tion is to aid the farmer and it is in- tended that wherever it is possible to do so in & lawful manner, the commis- sion shall accord farm products lower rates; these rates are not to be made arbitrarily but under the new process governing rate-making in general. The commission is now engaged in & very extensive rate structure investiga- tion. This was instituted by direction ¢ ©of the Hoch-Smith resolution. It deals with such commodities as iron, steel, grain, petroleum, live stock, furniture, sand and gravel and non-ferrous metals. The Supreme Court’s decision will not halt the progress of these inquiries but it may change the basis on which rates on these products are established. ‘This court decision, according to rail- Toad men, means that the commission can only follow its policy of favoring industries in a depressed condition by Jowering freight rates up to a certain point. Frank McManamy, chairman of the Interstate Commerce Commission, sees nothing in the decision which might affect the rate structure investi- gation, but he admits the «ommission has not yet given its future action in the matter thorough consideration. Hoch's Opinion. Representative Hoch believes the de- cision still leaves the duty to the com- mission of revising the freight rate structure as rapidly as possible with a view to equalizing the freight burden on farm products. He adds, however, “the decision does not seem entirely clear as to the power of the commission to order in any case decreasing rates because of the depressed condition of the industry affected.” Representatives of industries other tmn farming have made vigorous pro- ts against the policy of restricting trzight readjustments to farm products. ‘Gov. George H. Dern of Utah, says the Western miner and farm owner are “in the same boat.” He says that each is receiving pre-war prices for what he gells and is paying nearly double pre- ‘war prices for what he buys. Gov. Dern ?mlest.s against any proposal to shift he burden of freight rates on agricul- tural products to products. (Copyright. 1930.) mine and smelter THE SUNDAY STAR, WASHINGTON, BOND SUMMARY FOR THE WEEK UNITED STATES GOVERNMENT, High. Low. igh. “Low. 100.19 98.26 Lib33%s1932-47.... 102, 100.10 Lib 1st 4% s 1932-47..102. 102,17 100.28 Lib 4th 4% s 1933-38. 102.17 99.1 US3%s1943-47 . US3%81946-56 100 95 Argentine SsJune’5y.... 99% 94% Argentine 6s A '57. 9414 K7k Australia 55’55 108 102% Austria 7s 43 99 921 Bank of Chile 634857, 100% 94 Bankof Chile 6% 5 196 103" 101 Belgium 6s '55. 1113 109% Belgium 85'41.... B4 72 Boliviaisct 6).. 104'% 102 Bordeaux 881 7215 Brazil e 102657 102 94 Brazil§s’4l.s. 106 1021 Canada 58’52, 94% 88 Chile Republic 63 1960. 30 28% Chinese Govt Ry 68 '51 3. 67t Colombia 6s 1961 Jan 99 95% Copenhagen 5s ' 111 10r% Czechoslovakia 8s El 101% 99%; Denmark 51¢s 1955 105% 103%; Denmark 6542, 10314 101% Dutch East Indi 1034 101% Dutch East Indles 6562, 107 102 Fiat7s'46 war. 101% 97% Finland7s'50..... 11874 1124 French7s'49.... 125 118 -French T%s'41. 94 8414 German Bank 651938 109% 106K German 1n+4) 8% 81 Greek 651968, 96 Irish Free State 55°60. 9414 Italy 78 '51. 1011 Japanese 6% s 92 Kreug&Toll 58 &t wi'69. . 10 Mexico 45 1904-54. ... 85 Milan 6%s ‘52 5 103 Netherlands 6 #47% New South Wales'57 1025 1001 Norway 5% 931 86% Orient Dev 5348 '57. 10415 102 Paris-Lyons-Med 65 '68 9915 Paris Orleans 5%8 1968 69 Peru 6s 60 91 Peru 93% Poland 1041 99% Queensland 6s 110 104% Queensland 7s 4 1073 99% Rhinelbe 7s. 9 86 Riiine Wi !!tphl“l G! ‘63, 106% 93% Riode Janeiro §s'46. 80% 64% Rio Grande Do Sul 63 ‘6! 94% 87 Rome6%8'52.... 1021 96 Sao Paulo State of §8°36. 108% 106% Seine Dept of % §6% 75% Serbs,Croats&sl 98 87 Serbs Croats Slov 8s762. . 105% 1025 Swiss 53546, . 100% 98% Toho Elec Pwr 78'55. 105% 101% Utd Kingdom 6 991 934 Uruguay 6s 1960... 91 821 Vienna bs 1952 ‘83% 72'a Warsaw 7s 1958. 984 95 Yokohama 68'61. MIECELLANEOUS. 108w 97 Abeam & Straus5%s's3.. 100 99 Alleghany Cocv 58’44, 1054 10214 Am Agri Chem 7%s'41 75 AmBast Surar $a45. 9a 101 105 100% 98 .. 100% Am Sm & Kef 1st bs '41 103 ~ Am Sugar Ref 6s ‘37 137% Am Tel&Tel cv 434839 1001 Am Tel& Telsf5 69 - Am Writ Pap 68 '47. 87% Armour & Co4%s'39.... 81% Armour of Del 538 '43. . . 100 Atlantic Refdeb b8'37... 102 Bell Tel (Pa) ref 5. 99% Beth Steel pm 6s'36. 441 Certain-teed 53451948, 941% Chile Copper 5s '47. 69 Colon Oil 65°38. 98% Columb G & E deb 83 Comm Invest 5%5°49.... 89% Comm Invest deb 68 '48 42 ConCoal (Md) 1stref 5s. 4 105% Detroit Edison ref 6s°40.. 9213 Dodge 6s '40. 96% Duquesne 4%s 1967 66 East Cuba Sug 7%s'37... 99 General Cable 5148 1947.. 100% Gen Motors 6s'37. ... 105 Goodrich (BF) 6%s’47 90%" Goodyear Rub 55 1957 101% Humble O & R 53s'32... 91 Inland Steel 41481978 Inter Cement 58 ‘4 Inter Match bs *47 Inter Mer Marine 63’41 Inter Paper 5s A ‘47 87 1034 108 96 102% 954, 103% 100% 101% 9215 129% 99 9915 89 106% 101 104 T8 101% 107 100 89 HiwhLow? 101% 100.9 95 86 Utilities 101.15 102.8 101.6 101.7 105.25 108.4 112.16 95 102'41 108.16 ko8 112.28 93 9614 141 95 988, 98y 88% 104% 128 90 Atlantie S FEEE 98% B&Oecv 91 FEESEF 84 96 16 981e 110 101% 106 101% 101% 102 100% 118 THLLHE 44 0ts 109% 100% 106 101% 1015 102 100% 1173 122% 89 107% 5% 9814 9814 108% 9614 10t 201 104 854 5 101 893 108% 101% 98 974i Ch 94 " 64 90% - 10754 X 87% 9814 9874 103% 96% 100 90% 105‘) Chi M St Chi M St % Den & Ri Er! % Great No Inter Ry Kan City Kan City Kan City Minn & § MStP& 104% 1013 1011 46% NY Ch & NYCh& 100% Youngstown S 87% Atch T &S Fead) 4s°95 91% Atch T&SF “Atch To & S & Ches & Ohio 434593 A 9 ChiB&Q4%sB'17. 12315 72 Ch & East Ill gen b Chi Great West 48°59. Chi& N W 6%s'36 Chicago Rys &s ‘27 Chi R I & Pacref 4s°'34. 4 ChiRI& Pac 4138 wi Chi Union Si Chi & West Ind 5358 CCC&StLbsD. Cieveland Term 58 Cleveland Terminal 514s. Colo & Sou ref 4348 '35.. Cuba R R 68 '52 4 Cuba North 512s'42... Del & Hudson 5%s 37 Havana Elec Ry 6%s..... Hudson & Man adj 6s'5' Hud & Man ref 5s ‘57 1llinols Cent ref 4s 5! Illinols Central 4% s '66. . 4 Inter Rapid Tran 5s°66... Inter Rap Tr §s sta '66 Inter Rapid Tran 6s'32. Inter Rapid Tran cv s, Int & Great Nor ad) 6: Lake Shore 4s '31. Lehigh V. Louis & Nash uni 4s"40... Market St Ry 78 A 40, ., Mil El R & L 1st re Mo Kan & Tex 1st 4s'9 Mo Kan & Tex adj 6s'¢ Mo Kan & Tex prln 6sA. 4 Mo Pacific gen Mo Pacific bs Mo Pacific 5s I %« Mo Pacific 55 G. Nassau Elec 43 N Y Centdeb 4 N . N Y Cen ref imp 68 2013 N XY Cent deb 6s '35. North Pacific r16s 204 Ore Wash 1st ref 4 97% Utah Power & Light §: P&L5%s"4T... 85% Walworth 68’4 109% 98% \Vllverlh 615835 1 -% 55'78.. b+ % RAILROAD. Yy +1 -2 - % CL 91% B & O gold 48'48 415833 101%4 B & Oref 58’95 101% B & O ref 6s D 2000 102% Balto & Ohio 5s*48 108} Balto & Ohio 6s ‘95 B&OPLE&W Va4 100% B & O S W Div 58 ‘60 Bangor & Aroos 4s '51. .. Boston & Maine 5s '67.... Broadwy & Tth Av 6s '43. 94's Brooklyn Manh 1st6s A.. 931« Canada Natlonal 4%s'54. 92% Canadian Natl 414857 83!4 Canadian Pacific deb 4 9114 Central Pacific 4s '49. 100% Centrai Pacific 55 1960 Chesapeake Corp b l'l 51 P&P5s76 P & Padj bs. o Grande en 4 Den & R G West 53 ‘55 Den & R G West bs *78 Detroit United 43 Erie 1st con 48 'Y KErie gen lien con 7s 30 Flor East Coa: Fonda J &G 4%8'52 Grand Trunk s f deb 6s. Grand Trunk 7s ‘40 Great North 43876 Great Nor gen 51§s '52 rth gen 7s '36... Cent Am 63 South 381950... South 58 '5 ‘Ter 18t 4560 al cn 45 2003, t L ref 48 ‘9. SSMEhs'S 7% 5 100% 520 9814 A+ ELreli'filA SLrefbl%sB.. P €, JENE 8 1930—PART SIX. FINANCIAL. "NEW YORK STOCK EXCHANGE (Continued From Second Page.) Stock dividend. Simms Pet (1.60). . Sinclair Con Oil (2). Sinelair Consol pt (8) Skelly Of1 (2).... Skelly Oil pf (6) Sloss-Sheffeld Stl p£(7) 5 Snider Packing Co Solvay Am invwaw(§%" 116% South Porto Sug (1.40). SoPorto Rico Sug pf(8). Southern Calif Ed (2)... Soouthrn DairiesA (1%) Southern Dairies B..... Southern Pacific (6).... Southern Raflway (8). Southern Rallway pf(5. Spang Chalfant & Co. Spang Chalfant pf (6). Sparks Withington (1) Spear & CO........ 4 Spencer Kellog (1.60) Spicer Mfg..... 4 Spicer Mfg pf (3) Soiegel-May-Stern (3) Stand Brands (1%).... % Stand Brands pf (7). Stand Comm Tobacco. Stand Gas & El (3%) Stand Gas & EI pf (4) tand Gas& Elec pf (6). tand Gas & Elec pf (7). Stand Invest Corp. 10% Stand O of Cal (2%). T1% Stand Oil Export pf (5).. 104% Stand Oil of Kansas (2). 42% $tand Oil of NJ(12)..... 80% Stané Ol N Y (1.60). 3T Stsnd Plate Gl Stand Plate Gl Stanley Co of America. Starrett (LS) (12%) 4 Sterling Sec A)... Sterling Secur pf (1 terling Sec ev nf(3) Stewart-Warner (1). " Stone & Webster (4). Studebaker Corp (4). Studebaker Co pf (7) Submarine Boat Sun Ol (11) Sun 011 pf (6) Superior Oil.. Superior Steel..covcanes Sweets Co of Am (1). Symington. Symington Class A. Telautograph (11.30). .. Tenn Copper &Ch (1)... Texas Corp (3)...... ‘Texas Gulf Sulphur (4). Texas & Pacific (5). . 1 112‘/. 10') 90% 82 8 18 30% 122 72 27 4 110 66% 21 le ¥ 107 981, 85 111% 4 That'er Mf pf (3.60). The Fair (2.40). The Fair pf (7). 4 Thermoid Co (2). 4 Third Avenu Third Natl I 5 Thompson J R (3.60 Thompson Prod (2.40 Thompson Starrett C Thomp-Starr pf(3%) Tide Water Asso (60c Tide Water As O pf (6). Tide Water Ofl pf (5)... Timken Det Axle (80¢).. Timken Roller Bg (3)... Tobacco Products. Tobacco Products A. Tobacco Prod dv ctfs A.. Tobacco Prod dv ctfs B.. Tobacco Prod dv ctfsC.. Transcontl Oil (30c). Transue & Williams (1). Trico Products (2%) Tri-Continentl Corp. Tri-Con Corp pf (6). Truax-Tra Coal (1.60). Truscon Stl (g1.20). Twin City Rap Tr (§4) % Twin City Rap Tr pf(7). Underwood-Ell-Fish(5). nn Union Bag & Paper 5 Unlon Carb & C (2.60). 4 Union Oil of Cal (32) Union Pacific (10) . Unlon Pacific of (4). Union Tank Car (1.60). United Alrcraft United Afrcraft United Biscuit (1.60) United Biscuit pf (7) 4 Utd Business Pub. Utd Carbon (2).. Unlted Cigar Store: Utd Cigar Stores (new). United Clgar pf Infted Corp. United Corp pf (3). United Dyewood. United Dyewood pf (7) Hish Low. Close. 28 26 50% x50% — 6 9 56 wgs ++||||\|||+||g' $Fez Y PRI F At Fi i3 )3 LY [T 0 e \ SLEIS 30 18 PH++000 04 16% 22% 1% % 1% 1% Ll S SRR BN A 40% — 5 % 57 x Ex-dividend ip. 1 Plus 9% in stoc ock. % | £ Plus 10% in stock. 8% in ‘stock. k Pitis 3% in stock. n Plis 5% In s Stocks and Dividend. United Gas Imp pt (5) United Paverboard. . Unit Plece Dye W (2). 40% 101% 101% 7 7 26% 14% 43% S Freight (3)... S Hoffman Mch (2). S Indus Aleohol (17).. S Leather. . - . 8. Leather, A. S Pipe & Fdy (2) 8 Pipe&Fy 1st pf 1.3 S Pipe&Fy 2d pf 1.20.. S Realty & Imp (5). 8 Rubber. s S it] ] g £ g £ g z s R Smelt & Ref (3%). .. Smelt & Ref pf(3%) S Steel (7). cqadgaaaqaaqagaac. U S Tobacco (4)... Universal Leaf Tob ( Univ Plctures 1st pt (8 Univ Pipe & Rad. Vicks Shrevpt & Pac(5) Vicks Shrevpt&P pf(5).. Virgtnia-Caro Chem, Chem pf (7).... Va Bieo & Fower pE(6) s Virginia E1 & P pf (7)... Va Iron Coal & Coke. Vulean Detinning (4)... Vulcan Detinning A (4) . Vulean Detinning pf (7) VulcanDetinning pfA(7) Wabash. Wabash pf (&3 Waldort System (134) Walworth Co (2). Ward Baking (A). Ward Baking B.. Ward Baking pf (7). Warner Bros Pic (4). Warner Bros P pt (2.20) Warner-Quinlan (1) Warren Bros (3).. Warren Bros 1st pf (1).: IWazran WA A EIEE () Webster-Gisenlohr. West Penn Elec A (7)... Wln Penn Elec pf (6) 1 't Penn Elec pf (7) i Western Unon Tel (8).. Westinghouse Air B (2). Westingrouse B & M(5) Westinghse E&M pf (5) Weston Elec Inst (1)... West Vaco Chlorine(2). Wextark Radio Str: G Wilcox & Rich (A) 3%.. Wilcox Rich. B (2). Wilcox Rich B etfs (2).. Willys-Overland pf (7). Wilson & Co...... . Wilson & Co (A) . Wilson & Co pf. . Woolworth Co (2.40). Worthington Pump. Worthngton Pump A(7) 102 Worthngton Pump B(6) Wrigley Wm (4).ceeeen Yellow Truck & Coach Yellow Tr & Coach pf... Young Spring (3). Zenith Radio... . RIGHTS—EXPIRE. Am Roll Mill. ...June 16 American T&T. .. DuPont deN. Gamewell Co. .. Hackensack W Phillips Petm. A Paid iast year—no regular rate. able when earned. e Payabie. in cash or Plus 6% In stock. B Plus 3% in stock. mon stock; placing on 20-cent annual basis against 40 cents formerly. of $1.25 on common stock. ++000 00t EEREER A REL R 2T L, Gl L LD =B [ Dividend rates as given in the above table are the ennual cash payments based on the latest quarterly of haif yearls declartions. 1 Partly extra '3 Plus 4% in stock. '§ Payabl FTrr+r41 400 BONDS RULE FIRM INQUIET TRADING Convertibles Affected by De- cline in Stock Market. U. S. Group Dull. BY DONALD C. BOLLES, Associated Press Financial Writer. NEW YORK, June 7.—Bonds on the New York Stock Exchange were quiet today. Price movement among lien issues was hardly preceptible, while the heavy wave of selling on the big board impressed_stock privilege bonds. International Telephone 4i3s, Phila- delphia Reading Coal & Iron 6s and ‘Warner Bros. 6s lost ground in sym- pathy with the stock market, while n, | Baltimore & Ohio 4':s rooved agairst t+l++14 118 RO e FEF e oo & [ - &3 e 10 ye stock. 1Plus "fl; Audiola Radio and Pilot Radio & |dividend of $3.75 and quarterly dividend | the general trend of the FEE % | oup. Domestic bonds were dull and firm. A few prime rails and utllity issues were in demand, but the inquiry for most of the American issues was small and prices continued unchanged. Y Money to Loan rel m real estate, mmission. b. L & Trust 9th & F N.W, vt oo s it Josephl Wellel' i First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 8§08 15th 81, N.W. Phone National 2633 Mortgage Loan Correspondent for Vhe Prudential Insurance Co, Money on Hand to Loan enm First Deed of Trust 6% V\‘lnterest Reasonable Commission and Prompt_Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 64th Issue of Stock Now Open for Subscription Money loaned to members on easy monthly payments A mes F. Shea b B0 e R First Mortgage Loan Applications Invited at 55% Construction Loans Glover & Flather 1508 H St. N.W. Int Tel&Telcv 4%8'39... Kendall 534 s 48 (war) Lackawanna Steel 53 Lacledes s D 60 ESinNcnil e st . Penn gen 4 Penn 4% s Penn gen Penn 58 1964, Penn 63%s 36 Reading 434597, Rio Grand West col 4s. Daniel Reeves, Inc. May sales up[ Royal Dutch Co. to join with Stand- 5.6 per'cent; five months, 4.2 per cent ard Oil of New Jersey and 1. G. Fa above year ago. benindustrie A. G., in developing hydro- Reliance Manufacturing (Ill.) earned | generation nl!enls. 38 cents on common stock in March | Schiff Co. May sales up 22 per cent; | quarter vs. 91 cents in 1929 period. five months, 26 per cent above year Remington Rand, I INVESTMENT TRUST PROBLEM BROUGHT TO PUBLIC NOTICE G. C. Murphy Co. May sales up 18 per cent; five months 11 per cent above | year ago. National Tea May sales off 0.14 cerit; five months 2.7 per cent below year ago. North American Aviation subsidiary 92% 102% 103% 105 130 National 1753 (Continued From First Page.) stock exchange outside of New York But last week's sales of the stock did not exceed 10,000 shares. Yet the price fixed for the 3,000,000 shares by this narrow trading market is the price per share used by this large investment trust to figure the value of the total issue held—some $60,000,000, or two- thirds of the value of its portfolic shares. One student of investment trusts has Tecently made the statement that the market value of investment trust shares is bound to show a “lag” from 20 to 30 per cent below the market value of its various securities owned. He holds that this “lag” is capable of mathematical demonstration. Let us suppose that an investment trust sells its stock at $25 a share and 4n units of 40 shares each—or $1,000. For this $1000 suppose the trust buys one share of Santa Fe Railroad, one ©f Consolidated Gas and one of United States Steel at the lowest prices Te- corded in 1929. It would total $425. ‘The annual Wividends—$10. $7 and $4— would be $21, giving & return of 4.94 per cent. The remaining cash left of the $1,000—$575—let us say. is invested at 5 per cent and kept liquid. This would mean $28.75. Let us suppose that the total unit of 40 shares, costing $1.000, is earning $49.75. or $1.24 per share, or a return of 4975 per cent. Now, as the book value of the share 15 $25 here is a “lag” of 21 per ocent in ‘earnings, or 26 cents per share, granting that 6 per cent, or $1.50 a share, is a fair return. Now, take the same unit at the high- est prices for the same stocks in 1930 ‘These three stocks—one share each— would cost $576, but they would have the same annual dividends per year of $21. This would bring the annual re- turn on the stocks down to 3.65 per cent. With the remaining cash—$575— invested at per cent—s$28.75—the total of 40 shares, now worth on the books 81,151, would still be earning $49.75, or $1.24 per share, or an annual Teturn of 4.32 per cent. Question of Income. But the book value of the shares is | now $28.77 each. To bought _at | that price, they should return at 6 per | cent annually $1.72 per share. Thi at the increased book value, the “lag of 48 cents a share would be 39 per cent in earnings. So, says this investment trust critic, ith the increase in the book value, du¢ #0 the rise in the market value of the stock, the income itself in return has | decreased 13 per cent—from $4.975 to | $4.32. Hence the trust shares could | never expect to sell at their book value. The trust shares, at no stage, either at | the beginning nor as they increase, Tepresent an investment, but a specu- lation, the results of which depend entirely upon the timely sale of se- curities at higher than cost. Of course, in these estimates, noth- ing is figured in for trust expenses, taxes, etc. ‘Watson Washburn, United States Asusune Attorney General, is now asking for data dealing with invest- ment _trusts: When this material is compiled, something of a constructive suggestion might be expected from the Federal Government. Manati Sugsf 7%s'42... Midvale Steel 55 '36 . Montana Power §s 1943. . Nat Dairy Prod 5%s'48.. Nat Radiator 6%s 1947 New England Tel N Y Edison 1st 634841 4« NY Tel 43539 N Y Tel 6s'41. North Amer Ed &8 Pacific Tel & Tel 58'52... Pan-American 65 '34..... Para-Fam-Lasky 65 '47.. Philadelphia Co 6 *67 Phil&Read C&1 68 wi '4! Philips Petrolm 6% 8'39 Postal Tel & Cab bs Reming-Rand 6%s"47.... Sinclatr Oii 65 '30. Sinelair Ol 75 *37 Sinclair Crude Ofl 53 Sinclair Pipe Line 65 '42. . 103 Southwes Bell Tel 55'64. . 100% Stand OfI N J 63 95 Stand OilN Y 4% 9714 Tenn Copper 65 '44 B. 97 Transcon Oil 638 38 921 United Drug bs'53... 8215 U S Rubber 1st & ref 88, . 1004 US Rub 7%5°30......... 97 941y St Louls 106% 114% 4 120 45 26% 93% 874 88% 10214 99% 88% 101 Third Av ‘Third Ave 100% 103%, 9914 9714 104% 103 9% 100% 1% 101 Virginia VaRy & 1047% 1031, 97T 101 102 98 +1w 84% w 101 + 3| 80 West Ma 94% West Ma. 971y Western 100% RIArk &L 4%8'3 St L Iron Mt gen i SLIM&SR&G ¢5'33 StL&SFprinds A'0.. % StL&SF4%8'78... o St L & San Fr 5s B '50 c Seaboard A L ref 4 Seaboard A L ad] 5 Seaboard A L con 6; 9 6 4l South Pacific col 4 South Pacific ret South Pacific 4345 '68. : Southern Ry gen 45'56... 9 4 9 % Southern Ry 1st 55'94. .. Southern Ry gen 6s South Ry dev 6%s 5 Union Pacific 18t 4s 47, Union Paclfic 4s '68. Un Pacific ref 48 200 Wabash 418 1978. . Wabash 1st 5839, 97% Wabash 6s B 1976. 101% Wabash 5575, 86! West Shore 1st 48 2361... S W eon 4 e 1stref 4560, eadj 68°60. Ry 1st 68 °6: Power 58’3 e ryland 4s ' ryland 6%s ‘77 Pacific b8 '46. 965 95% 89 87T NEW YORK, June 7.—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. Financial and trade news of the day is largely of an unfavorable character. The week’s bank clearings in 23 lead- ing cities were 13.2 per cent less than a year ago. At New York City ex- changes declined 15.2 per cent, while aggregate for centers outside New York was 8.2 per cent lower. Several cities showed increases, among them Phila- delphia, Cleveland, Minneapolis, Balti- more and Richmond. The mercantile reviews report a slight pick-up in retail trade and more cheer- ful sentiment in wholesale and jobbing lines. Commodity price weakness con- tinues. to be an unsettling influence. ‘The Industries. under May, 1929. Five months’ output placed at 1,970,849 cars, decline of 31 per_cent from 1929 period. Electrical Equipment.—Consolidated net income of eight electrical equip- ment companies for the first quarter of the current year shows decline of 12.1 per cent from like period year ago. Although this re is to some extent Tepresentative of the industry as a whole, results have been affected con- siderably by decline in earnings of ‘Westinghouse, a decrease due in part to runsler of radio manufacturing op- erations. Results for the second quar- ter may equal those of a year ago, operations in the industry now being on a higher scale than at this time last year, Considerable increase in Investment trusts are here. ‘They have large accumulations of capital at their command—that is, billions of dol- lars. Some are good, and some—not 80 good. t, 1030, by North American News- Copyrish A ¥ electrical manufacturing activity is likely to be witnessed in the second half of the year, moreover, and full- year results should not fall materially | ity against 70.8 per cent in_ April Automobile—May production esti- | mated at 433,328 units, decrease of 7| per cent from April and 32 per cent | leading chain store cystems for May increased 3.3 per cent over year ago; for five-month period same units showed increase of 2.6 per cent. Steel—May ingot production aver- aged 149,066 tons daily, against 159,764 tons in April and 195,790 tons in May year ago. Total output in May was 4,924,778 tons, against 4,153,860 in April and 5286339 in May, 1929. Opera- tlons averaged 74.5 per cent of capac. per cent year lgo For five months mgot production aggregated 20,352,960 tons, against 24, 133 ’l(l ln 1929 period. The Companies, Allis-Chalmers unfilled orders May | 31 totaled $17,342,000, against $14,- 954,000 year ago. Bookings first five| months were $24,871,000, against $48,- 493,000 entire year 1929. American Commercial Alcohol omits 40 cents cash and 2 per cent stock divi- | dend due at this time. Baldwin Locomotive Works May ship- ments aggregated $3,600,000, against $1,860,000. year ago; five months to- taled $14,160,000, against $6,840,000 in 1929 period. Bank of International Settlements— State Department informed banking syndicaté that it would interpose no | objection to flotation in this country of | $100,000,000 par value international settlement bonds. Brooklyn & Queens Transit to seek | permission to replace trolley cars in| Queens with busses. Lane Bryant, Inc.,, May sales (includ- ing Coward shoe), 33.1 per cent; five months, 6.3 per cent above year ago. Bunker Hill & Sullivan Mining & Concentrating April profits, before de- preciation and depletion, $244,182; four months, $916,969. Crosley Radio omits dividend for cur- rent qulrkr.gflld 25 cents April 1. Eaton Axle & Spring extends time for depositing Wilcox Rich B stock to June | | 18. About 90 per cent surrendered. F. & W. Grand-Silver Stores May sales up 13.3 per cent; five months, 132 per cent above year ago. B. F. Goodrich Co. teducfl prices on ‘below those of 1929. Retail -Aggregate - sales 30 ‘ several lmu of tires. Grand Union- May -sales wp 134 per cent over year ago. Same number stores in both periods. Great Atlantic & Pacific Tea—Des Moines city council refused cigarette permits to 17 A. & P. grocery stores. Gulf, Texas & Western Rallway to be assigned to system 19, Rock Island- Frisco, instead of system 17, Atchison, ‘Topeka & Santa Fe, under 1. C. C. con- solidation plan. International Nickel of Canada, Ltd., expects Frood mine will be producing 100.000 tons of ore monthly by July 1.| International Telephone & Tele- | graph—Rumanian cabinet accepts offer of this company and J. P. Morgan & | Co. for $20,000.000 loan in return for 20-year monopoly of Rumanian ule- phones. Jewel Tea sales four weeks to May 17 off 4.4 per cent; 28 weeks, down 2.5 per | cent from year ago. | S. 8. Kresge Co. May sales up 3.5 per | cent; five months, 1.7 per cent above | year ago. Melville Shoe May sales up 25.5 per cent; five months, 11.4 per cent above, year ago. Includes Traveler Chain sales in May figures and in five months , figures April and May only. Montgomery Ward Co. to erect store ' building in Chester, Pa. | Mother Lode Coalition Mines declared semi-annual dividend 10 cents on com- Real Estate Loans Lowest interest and commission. Large and small loans negotiated. Also mou.y for sound 2nd Trusts Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. carried 58,590 pounds mail in May; increase 2,722 pounds over Aprll and 50,000 pounds over May, 1928. David Pender Grocery May sales up 8.3 per cent; five months 53 per cent above year ago. Peoples Drug Stores May sales up 14.1 per cent; five months 20.4 per cent above year ago. | Pierce Arrow Motor introduces new model C straight efght. Porto Rican American Tobacco sales and profits in first five months 40 per cent ahead of like 1929 period. MEMBERS OF Fidelity Building & Loan Association Are 7 On Racairiog 0 Sivings and fully participate in surplus earnings Masl coupon for information Fidelity Bld¢. & Loan Assn. 200 Natl. Press Bldg. Washington, D. C. We Recommend for Immediate Purchase Peoples Drug Store Common At the Market Listed New York Stock Exchange CAPITAL CITY CO. Washington Bldg., Washington, D. C. Please send me analysis and full par- ticulars Peoples Drug Store Common. BRITISH TYPE INVESTORS, Inc. CLASS A STOCK Total resources jumped 9Q00% during year ended February 28, 1930. Net earnings were at the igh rate of 1824 % on the average funds employed. Equal to 97 cents a share. Now selling around 15. We recommend immediate purchase. Metro. 27212 Circular on Request STAE B ver a Third of a Century Without a Loss FALRES Y MORTGAGES HIGHEST SECURITY All of our 69, FIRST MORTGAGES are secured by local real estate which we have conservatively appraised —and you can see there is nothing more funda- mentally sound than Washing- ton real estate. At the same time the interest is liberal and unfailing. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 THERE 925 15th St. N'W. IS NO SUBSTITUTE FOR SAFETY INCOME INVESTMENTS INVESTMENT DEPT. BRODIE & COLBERT Ine. 1707 Eye St. NW. National 8875 Fst : Mortgage Money for 6% BUILDING LOANS or IMPROVED PROPERTY Reasonable Rates Prompt Action B. F. SAUL CO. 925 15th St. Nat'l 2100 The Commerecial National Bank Savings Deposits Bear Interest on Daily Balances from Day of Deposit to Day of Withdrawal. Com- pare this method with usual method of computa- tion. Call and let us ex- plain. Other Departments are equipped to serve you in all hnfing and fiducia )’ matters. The P 14th & G Sts. NW. Resources Over $20,000,000 WADE B, OOOPER. President