Evening Star Newspaper, June 11, 1930, Page 13

FPINANCIAT. CURB SHARES DROP INFRESH SELLING e = e mmmnuu-un lots only. letter s (65s) (285) Stock and 2% 2% 11w 11 224 22% 4% 4% 2K 2% 20% 194 4% 14% 9% 9% 109% 109% 32 2 » 17% » eR-Nnuenumar—ae - H 136% 129% 108% 108% e LU IS - V) T T O 3 i i 1% Aeronautio Ind war. Market Slips Off After Firm PN Aaceancta G 21% Alnsworth (32%) Start—Utilities Are 3u Alr Investors v.ta., 14 Alezander Indus P 16 All Am Gen Corp. Hard Hit. 14 Alles & Fisher (2). 9 Allled Mills (60¢). .~ 275 Aluminum Co of Am BY JOHN A. CRON 106% Alu Co of Am pf (6). 2 @pecial Dispatch to The Star. '.;V. ::g:;’:flg‘l) oy NEW YORK, June 11.—In an effort 14 AmCPAL(E)(10%) % Am Colortype (2.40). %o continue the rally of mzmlzrece:u;: e A e e session, the Curb Exchange today he 300 Am Cwith P(B)10% fairly firm until noon. when a wave of 1 Am Co'wlth Pwr war selling, which first hit the utilities, % Am Control Oll Flds, spread over most of the list. Trading 21 AmCynam B (1.60). Up to that time was only one-half vol- ume of Tuesday's session. The opening, uniike that of Tuesday. yas not marked by the appearance of big blocks. While there was an_ early T belief on the foor that the rally of il A Tuesday was more than technical, the PPy slide at noon on a reduced volume of 71 Am Natural @ trading proved disconcerting. 103 Am Sm&Ref 2d pt(6) - Electric Bond & Share opened up % B8% A Eipstowri(l). only, to react nearly 3 points around 94% Aun Super 18t pf (8) midday. Goldman Sachs, opening at 10% Am U&Gen B vte 406 283, showed an initial gain of 7s, which [ 321, 17 Amrad Corporation.. was soon wiped out and replaced by 2 15% Anglo Chil Nitrat net loss from the previous close. 101 Appalachian Ga Cities Service at its initial sale of 94 Arcturus Rad Tube. 30% was ! higher, but it fell close to £, Arkansas Nat Gas, 30 near mid-day. Transamerica at 34l 8% Ark Nat Gas (A).... Showed an overnight gain of % points 7% Ark N G cu pf(60c).. which soon was replaced with a loss of 46 ArmstrongCork t2% twice that amount. 5% Auso Eleo fnd (300). Coincident with the announcement 39% Asso Gas & Elsc.. of an issue of £1,500,000 of 7 per cent S5 Asso GEE (A) 13.40. 5-year debentures in London, the ordi- 614 Asso G&E (A) dbrts nary shares of Roan Antelope scored & 11315 Asso Gas&El ctfs(8) gain of a point in this market. 2314 Asso Tel Util (b8%). Deere & Co. was hard hit while the| 26 18 Atlas Plywood (2).. mid-day selling wave meared its peak. 5% Auto Music A(11.05) Opening up 3 at 11815 Deere held 24% Aviation Corp of Am faitly steady until noon when it began 124 Aviation Credit..... & plunge that within 15 minutes car- 7% Aviation Securitie: rled it down to 1077, 2% Bahia COrp........ Standard Oil of Indiana plans a big 6% Blue Ridge Corp. ... expansion program in which pan-Amer- 33% Blue Ridge cv pt(a3) ican and other units operating in for- 36% Brazil Trac & Lt (3), eign fields will play an important part. 9 Brillo Mfg. When some of the details of this plan 267 Brit Am Tol became public, traders turfied bullish 26% Brit Am To reg t1.20 on the stock, which, however, sold off 3 Burco, Ing (war) with the rest of the market. 7% Burco, Inc. Associated Gas & Electric certificates, 40 Burco, Inc, conspicuously weak in recent sessions, 8% Butler Bml("c) et STt Raday RUIGNITE Kihe 3% Bwana M Kubwa. ... announcement that the company had 28 C e (2) o sold 13,700 automatic refrigerators with- s o ) in six weeks. This is sald to be the % Carib Syndicate.. largest number of such units ever sold 20 Celanese Corp. ... by & utility in a single campaign. 3% Cent Atlantie States. Federal Screw, whose earnings have 30 Cent Hud G&E n(80e been effectéd because of the slackened activities of automotive manufacturers, fell 2 points to & new low price for the year. o wrnerIN o e o BONDS ON THE CURB 2% Chain Stores Dev.... 12 Chain Stores Stock.. 13% 19% Chat Ph Al n-v(50c). 208 19% Chem Nat Asson-v. 13 0 20 1915 w. Clos 106% Childs Co pt (7). ... 1208 111 2615 Cities Service(330c) 433 0% %8 Cities Srvopf (6)..a 2 913 91% 82 CitSve BB pf (6). 831 8314 57 Clev El Illum (1.60 58 57 18 Clev Tractor (1.60).. 8% 17 3% Club Alumn Utensils &6 4% Cohn & Rosen, Inc 1k 114 yndicate % W 12 1% 384 36 3 0o 24 Columbia Pic (31%). N 35% Colum Pie v.t.c. $1%. 38 354 84 84 0% 234 Com'with Edison(3) 1108 298 293 3% Com'with & Sou war. % 4% 12% Comm Wat Serv b6 % W% 14 1 Comstock Tunnel. . % % % Consol Auto Merch.. %W Cop) 5% B 4% 14% Balesin DOMESTIC BONDS. 29% o .00 e 233302 FEEE & q J3e33seneEts 3 * 5 Cor Dper. . 131 Cons Dairy Prod (z) 90% Con Gas, Balto(3. 3 Consol xnmum-m.. 10 Consol Laundries. ... £ & Consol Nevada-Utah 8 7% Con Retail Strs (1).. 28 Cooper Bessemer(2) 74 Cord Corp. 224 Corp Sec, Chi (b6% ). 12% Corroon & Reynolds. 71% Cor & Rey pf (A)(6). 45 Cosden Oil.......... 5% Creole Petroleum. . enan5EaEess: » > wnRaaBSusnirnSanlanvosnd E LTS S uv- ll :“. 38 1 Cusi Mex Mining.... 7% Darby Petrolm (1).. 3 Dayton Alr & EDg... 110% Deere & Co (11.20). 2% De Forest 10. .40 4% Derby Oll Refining.. 5 Detrott Alrcraft. ... 1% Diesel Wem Gil,n1% 10% Dixie Gas&Utilities. 15% Doehler Die Casting. 3 mgr.'?'."r‘:-‘.‘e?‘s’f B0 e 1b aBeDensies A1 (be). .o | S 31 Dresser(SR) A(3%). 13 Grand [rrunk Blar, 36 1000 100 1010 38% Dresser (8 R) B (2).. G,6s A i3 96 " 96 41 Driver Harris(new). 4. o S S 4 Dubilier Cond & Rad 145 Duke Power (35).... 15% Duquesne Gas (; 3% Durant Motors. 't L.Shf."ps‘ffu o 88" ‘88" 3" Durham Hosiery (B) It {nvel gu g! : ‘.17 ‘l =g :g 99 12 Duval Tex Sul w.i... nves Co 58 XW ‘s Y3 ixe o 254 Eastn G&F Asso. ... 26 Keivinator 85 36 Xy 18% Eastn Sta Pwr B(1). 14 Eastn Utll Assocv.. 7% Eastn Util Inv (A).. 13 Eisler Eelectric(1%) 15 Electrographie (2).. 92% El Bond&Sh pt wi(B) 803 El Bond & Sh (b§).. 103% Kl Bond & Sh pf (6). 24% Elec Pwr Asso (1).. 22% Elec Pwr Asso A (1) 28% Ele~ Pwr & L op war 2 60 99% El P&L 2d pf(A)(1). 15% Elec Shareholdg($1) 12% Empire Fire Ins. 40 Empire Power (3) % Engineers Gold...... Europ El, Ltd A (60c) » P o T E T TN - IO =T T - a & 20 Mass Gas 5%38 ‘46 98 1 Memphis N G 65 ‘43 103 m:x. 103 IMilw G & E 4'as ‘67 98! 98’2 10 Miss Riv Fl 65 '44 ww xm. m’. n:n. 1 Miss River Fuel xw fa 9502 28% 26 26 24 59% GG 22% 21 13% 9% 1 14% b% 2% by 3 55 40wl 98% 98%a ew Eng G&E 5 '47 91 91 81 15 P ln ‘)’;5 48 ww 86 85 8 5 Euro Elec deb rt: 96% 93vy 95% 2 Evans Wallow Lead e 2 Fabrics Fininshing. 1% Fagol Motor... 4 Fandango Corp..... 6 Federal Baking Shop 80 Federal Screw (3)... 19 Federat Metls(t1%) 1% Flat Stock deb rts, o 9 13% ;u:(‘ter Afrcraft : 81 5 Folt ”‘"“‘3" 5 5‘5!5. "4 mz*. 10374 10 28 Ford 4 g8%a 9 6% Ford Mot,France 28¢ T I % 'ac W O 628 12 Penn O Ed sl,s B 59 1 Q,Ed & 50 xw 10 m Suarwmnn ®moaoR B 5% :g‘,a 97 213 Fox Theater Cl (A). 5% 20 Garlock Pkg (1.30). 9b1s 95 2% General Baking. 0038 100° 33% Gen Baking pf (3)... 1 b 50 Gen Capltal Corp...s 10% Gen E. Ltd rcte(50¢) K0 Gen G&E ov pf B(6). 20 Gen W W&E(A) (3). 21 Gleaner Harv, n (2) 98 Glen Alden Coal 8 11% Globs Underwri ' Gold Col * Raralon 25% Gold. 1% 1% 378 37y 120 220 2807% 230 4% 14% 18% 13 38 38 284 27% 144 136 1% 14 % Gr A & P T n-v (5). ireat Lake D&D 11 an sunfi.en n":s 9834 anileld TagDle 5 3 981 11% Groc Stores Prod vte e D, 2 100 100”101 3815 Guard Fire Asso(2). 391 81 91 27 Guenther Law (2)... g,., 8ol 8, 131% Gulf Oll of Pac13). % Happiness Candy. .« 18% Hazeltine Corp (2) 5 Helena Rubenstein 24% Hires (CE) (A)(2) 5 Hollinger Gold (60c 15 s wrameSund 5% . o 374 Hydro Eleo Seq (2).s Hygrade Food Prod. 5% Imp Chem Ind. 22w Imp Ol Can. n(§06) 36 [nd Pipe L, n (12%). 321 [nd Terr (ilu Ofl (A) 3214 [nd Terr fllu Ofl (B) 17 nd ¥in ctfs(b10%). 5415 insull Ut Inv(b6%). 9% Ins Co. No Am (13).. 17" [nsurance See(1.40). % Intercontinent Pet & 17% Intl Petroleum (l' 49 Intl Salt (new)% §24 Int) Superpwr (i) €% Ioternau Utdl ( 80 1 Hamburg er ® PSP T = DR P ) oo 238 ith nta. Without Warrants. e u—vnm: ssued. - %% = 106% 105% 106% W lots Dividend Rate. munn-.un. Low. Close. 2% 11 22% 4% 2% 19% 14% Y 282 282 282 109% 32 4% 31% 38 4% 28% 9% 6% 8% 5 13% 20% 191 110% 110t 30% 915w 831 5 14% 127% 125“ 126% % 984 904 92% 107% 107% 1074 26 24 59% 21 183% 230% 14% 13 38 27% 137T% 1% THE EVE TRANSACTIONS ON THE NEW YORK CURB MARKET ~Prev 1930.~ High. % VING STAR, WASHINGTON, Stock ana Bales— Low. Dividend Rate. Add 00. onn. lub. % IIntl Utilities (war) Interstate Equities.. Irving Afr Ch(1.60) o Italian Superpwr A.. Italian Super war... Johnson Motor.....3 Kirby Petroleum...v Klein(H)pt pt($120) Kolster-Br (Am Sh) 12 Koppers G&C pf(6). 1758 LrAfr Liquide Lackawanna S Lefcourt Real pf(3). Lehigh Coal & N 1.40 Liberty Baking. blly Tulip Cup 1%. Lone Star Gi Long Isl Light(60c). Louisiana Lan & Ex. MacMarr Stores (1). Mangel Stores. Mangel Strs pf(6%). Mapes C Mfg (1334). Marine Mid (1.20)... Mavis Bottling...... Mayflower Asso (12) ES Mid Wst Util(b8%) .. Midland Ut(b1% %). Min Corp of C (25¢).. Mo Kan P L (b10%). Miss KPL v.t.e..... Miss Riv Fuel bd rta. 3 Moh Hud P 2d pf(7). 50s Monroe Chem(1%).. Montecatini deb rts.. Moody’'s I S pt pf (3) Mount Prod(1.60). rxnl Amer Co. Natl Invest pf (513) u Natl Pub 8V A(1.60). Natl Rub Mach (2).« Natl Screen Sve(2) Nat Sh T Sec A $50c,- Natl Steel x-war(2) . Natl Sugar, NJ (2).. Natl Transit (1)...u Natl Union Radio :am Corp (1.30). Niag Hud Pwr.A war Niag Hud Pwr B war Niag Shars Md(40c), Niles-Bement-P 123 Noranda Mines (2).. North Am Cement. No Am Lt&Pr(b8% Nor Sta Pwr A(8). .. Novadel Angene (2).. Otlstocks, Litd A 3608 Ollstocks (B}J50c) . Orange Crush (1%)., Outbd Mot(A)(1.80). Overseas Secur (1).. Pac G&EIl 1st pf 1% Pac Pub Sve (1.30) Param’t Cab() Pennroad Corp. Pa Water&Pwr(3). Peoples L&P. A a2.4 Perryman Elec. Petrol Corp war. Pllot Ra T(A)(1.20). Pitney B P,n (20c).. (O U1 QTSI PSP O AP IeTe) S.2 25 3 1 2 ) - - Srelrrs raronranaaieBes - aeBmms Piltts & Lake Erie(5) !001 Plymouth Oil (2) Prince & Whit pf(3) Prudential Invest... Pub U] Hold w i Pure O11 pf (6).... Radio Products 1 Railroad Sh Cp( . Railway & Lt S(16).. Rainbow Lu Prod A., Prod Reynolds Invest. Roan Antelope Min. Rocklans Lt&P(92c) Roosevelt Field,Inc.. Rossia Intl Corp. .. Ryan Consolidated. St Anthony Gold. St Regis Paper (1 Sait Creek Prod (2).. Seaboard Util (50c) Seaman Bros (3) Sec Corp Gen new (4) Seg Lock & H (50¢c) Selected Industri Sel Ind allot cfs 5% . Sentry Safety Cont Sheaffer Pen (13)... Shenandoah Corp. . .. Shenan Corp pt (a3). Stlica Gel Ctfs. . Silver(Isaac) pf (7). B0s Singer Mg (126) i Sisto Finance Corp Smith (A 0) (2). Solar Refining. South Coa South Penn ) SoCal Edpt C (1%). Sou Natural Gas. Southland Roy (1) S W Dairy Products. 8 W Gas Utilitl Spanish & Gen Reg % Standard Motors Stand O1l, Ind (2%). Stand Ofl, KY (11.80) Stand Oil, Oh10(2% ). Stand Pwr & Lt (2).. Starrett Corp......e Starrett Corp of (3). Superieater (133% vift & Conew (2).. Swift loternatli24) Am EI pf (6).. Syrac Wash M B (1) Taggart Corp (1)... ‘Tampa Electrio (33) Teck Hughes Texon Oll &Ld Thatcher Sec Corp ‘Thermold Co pf (7 s Transamer (31.60) ‘Tran Con Afr Tran. Trans Lux DL P 8. .. Tri-Cont Corp (war) Tri Utiiities(31.20).. Trunz Pork 8 ( Tubsize Chatel (B).. Tung-Sol Lamp (2). Twin States Nat, G A Ulen & Co (1.60). Un Nat Gas, Can 1.60 Utd Founders(b2.3 United Gas Co. United Gas Co (new) United Gas (war). United Gas pt (7). United Gas Corp ctfs Utd Lt & Pwr A(1).. Utd Lt & Pwr of (6). Unit Profit Sharing. . U S Elec Pwr (war). U S Elec Pwr (war). U S Finishing (32).. U S Foll (B) (1)...00 U 8 Gypsum (1.60).. U 8 & Intl Secur. . U S&Intl Sec 1at ). 4% 66% P 66% | traders. ;[big board have seen the stock price *| there any bottom? D. C, WEDNESDAY, —Prev 1930.~ Stock and Dividend Rats. U S Linespf (1)..... U S & Overseas war.. us lator (3) Utd Verds Ext (4) Unity Gold TUtah Metal & Tunnel Utility P'rhhl(ll). Utility & Ind.. Utl] & Ind pf (138).« Utllity Equities. Yacuum Ofl (14%) (v Vick Financial Corp. Walgreen Co. . Walker (H) (1). Walker Min (1%e).. Wayne Pump... Wayne Pump pf 3% . JUNE 11, 1930. 38% 10% ~Prev 1930.~ Stock ana High. Low. Dividend Rate 69 b ‘Welch Grape J 13% . 58 58 58 W ®INANCIAL. perr nu Open. High. Low. 112% 1124 % 9 10% 4 aan 24 2w “Y” Oll & Gas.... 1M 1% 1% Zonite Products (1). 1 RIGHTS. Expire. Cities Service. ...June uszod Hud Bay M&S Lone Star Gas..July 3 Mo Kan Pipe Newport Co. Twin Sts NG.A..June 27 16% 16% 164 16% July 15 .June 25 ...June 20 2% 2% Dividend rates n dollars based on annual payment. *Ex-dividend. 16% 4 TPartly extrs. $Plus extra in stock. in cash or stock. b Payable in stock. d Payable tn preferred stock. a Payable BANKS IN SUPPORT OF STOCK MARKET Investment Trusts Also De- clared to Have Aided Yes- terday’s Recovery. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 11.—A sharp rise in stock prices on the New York Stock Exchange in the last hour yesterday brought heart to thousands of anxious For a week watchers on the level sinking lower and lower. Was It so, when would it be reached? The early trading was very discour- aging. When the U. 8. Steel Corpora- tion reported a decline of 204,993 tons in unfilled orders for May 31, as com- pared with the April 30 figures, it did not help the situation any. Then when Radio Corporation broke below 39 to a new low it looked like another market crisis had come. But the last hour did a lot to restore confidence. Most of the blue chip stocks registered a distinct gain over Monday's close. General Electric was up 32 points, U. S. Steel 5, Radio 3, Para- mount 33, Standard Oll of New Jersey 31, and Columbia Gramophone 2. Smmg buying support from the banks and investment trusts entered the mar- ket just as everything looked worst. So far, the public, with memories of burned fingers last November, has been cautious about getting back into the market. Yesterday it was a traders’ market, and most anything can happen in such a market. J. Edward Jones, New York oil-royalty | expert, has brought out some pertinent facts about the crude oil “overproduc- tion” problem. “There is a vast difference bel,wun overproduction and oversupply,” said Mr. Jones. “The real condition of do- mestic underproduction has been gen- erally masked by four things: 1. An improper presentatio nand determina- tion of suply and demand figures; 2. In overlooking the significance of im- ported oil; 3. In misinterpreting the slgnl.flcnnce of crude ol stocks on hand; In the indiscriminate, if not insid- qul slogan ‘overproduction’.” Mr. Jones says that when the adop- tion of the conservation policy forced a decline in the production of domestic oil during the week of December 28, 1920, as compared with the previous week, the imports of oil increased cor- respondingly. “Domestic overproduction, except for short periods d locally, is a myth" said Mr. Jones, “and a general oversup- ply exists primarily because of imports. The 13 years prior to January 1, 1929, represents 11 years of domestic under- production and but two years of domes- tic overproduction.” fcguel oil enters the United States free of duty. “Before attacking the problem of overproduction in the United States, the problem of oil import is worthy of a serious study,” says this New York oil man. “It will reveal some very sur- prising facts, little understood by the people of the United States.” ‘The Chrysler Building in New York will have the distinction of being the world’s tallest structure for about one year. Next year former Gov. Al Smith's Empire State Building, now being built on the site of the old Waldorf-Astoria Hotel in New York, will top the Chrys- ler structure and, for the time being, have the world's “tall” crown. But not for long either. Fred F. French, the realty expert, is about to announce the erection of a 100-story building on the old Hippodrome plot, which he recently purchased. ‘The Merchandise Mart of Chicago, however, is far away, in area, the largest bullding in the world. It has six times the area of the Chrysler Building, five times that of the Bank of Manhattan Co., and twice that of the Empire State Building, when completed. There are many who believe that the peculiar location of Manhattan Borough, N. Y.—situated on an island of rocks— lends itself to world leadership in height and that it will remain the real home of the skyscraper. Buildings from 100 to 150 stories are possible and probable just as soon as a new and much lighter floor material, built of steel or some such substance, becomes popular. But with heavy floors, a building reaching up beyond 60 or 70 stories, be- comes & problem. In 10 years more the “New York sky- line” will be dottzd Wllh buildings 100 tories in to 150 w (Copyright, 1930, by or:lriwAmulun Net e.) BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, June 11.— ot ST Last sale. rundel 4312 8 Aopainchian Gorn. Is@sltimore Trust %o & Decker com "OCKS. Corporation. JOHN C. WALKER, Director and member of executive com- mittee of the Chevy Chase Savings Bank, who today became president of the institution. He takes the place left vacant by the late Frederic E. Farring- | ton and is a widely known Washington business man. BUSINESS IS BETTER ON BEACH RAILWAY J. M. Rector, treasurer of the Chesa- peake Beach Railway Co., is of the opinion that the vastly increased freight business of that company re- flects better business conditions in Southern Maryland. During the quar- ter just ended the tonnage handled by | the ‘company was 200 per cent greater | than in the corresponding quarter of | last year, the increase for March hav- mg been particularly large, 351 per Omchls of the company find that in- creased building activity in the terri- tory is partly responsible for the in- creased business. However, organiza- tion of shipping business in that ter- ritory, so that round-abount transit is being cut down, has also figured prom- inently. Capt. John H. Hughes, general agent of the company, has been in that post only about a year, but he has been in close contact with shippers, for the purfou of reducing transportation rates increasing speed of shipments through new routing of commodities. Owings, Md., is designed to become the principal dmrlbuung point along the line, and the Southern Maryland To- bacco Growers’ Association has estab- lished a distributing warehouse there. Evidence of the prosperity of the sec- tion appears in the numerous shipments of automobiles. GRAIN MARKET CHICAGO, June 11 (#).—Late reports of rainfalls in Canada gave a decided advantage to the selling side of the wheat market today, and prices under- Weat » matacial sstuack. Virtually no attention was paid to the official ecrop report from Washington, although the condition of Spring wheat was given as 85.7, the lowest, with only six excep- tions, since 1867. With no export demand of consequence, about the sole source of buying was that from previous sellers who were in a position to collect profits. Wheat closed heavy, at almost the day's bottom level, 133a2 a bushel lower than yesterday’s finish. Corn closed %a 11; down; oats, 4als off, and provi- slons varying from 12 decline to a rise 10810 1.07% 112% December RYE— July Beptember December POWER FIRM EXPANDS NEW YORK, June 11_(#).—The Ca- nadian Power & Paper Corporation has acquired the Anglo-Canadian Pulp & Paper Co., on the basis of an_exchange of 21 shares of Canadian Power for | one”share of Anglo-Canadian. INVESTMENT TRUSTS NEW YORK, June 11 (#).—Over-the- counter market: m & Cont Corp Am Ins Stocks Bansicilla " Corp. Basic Industry Shares e Invest en_Equities | Charters or) nvwnmd Trustee Sha: Diversified Trustee Sha Diversified Tr 555 Incorporated Investors ' Investment Trust of N ¥ & Curtis Tnv Assoc wpREsERREEs Corp B ! | Soeraeas Bec ‘Electric U8 Fidelity & Guaranty BO] 7000 United Rwy & Elec 1st 4s 57 6000 United Rwy & Elec income 4s... 42 Siper Gorp of Am Tr BhF ¢ of Am Tr shu g Trustee Stand United Ins T YR R L e Bhes STOCK AND BOND AVERAGES By the Associated Press. From Yestcrday' s 5:30 Edition. STOCKS. Today Year ago. . Two years ago. ...1533 Three years ago, weekly aver. .120.2 High (1930).... 202.4 Low (1930) 166.5 CHICAGO STOCK MARKET By the Ascociated Press. CHICAGO, June 11.—Following is the complete list of transactions in stocks on the Chicago Stock Exchange: Bal l(n 1 " Rovote, zav........ B BT G 150 Adams WAddreVlull'lfih lnur 100 Allled Mot 95 10 Aseo Tel & Tel 78 pX 9, 850'Asso Tel Ut 16 Cent TNl Pub Sérv bt 350 Gent Til Securities 1 Rs Series 3 0 Chicess Teliow Gab. 18750 Cities Service 56200 i 200 Amer Sorp See com_ mcr"' "c:':oc B 50 Bogiemer L iiu reat Lakes®Alrcraft 25 Great La 4180 Grfeshy Brinow oo 43 30 Hart-Carier & co flOfl Hfl“dll“!-“fir h 30 Hlinofs Brick .. . = M‘m lnhnd mnme 100 Ut 6% D! 00 Mid W e West Ut A 20 Monroe Ghe: 100 Murcie Gear: X’ Pow.. No's85 Amer Gorp.. 300 Northweet Bancarp. . 100 Ontario Mfe 130 Parker Pen 450 Pines Wintertro 100 Polymet Mfg 700 Pracess Corp. 11 Pub_ Ser 100 Richards E| 300 Ryerson & Son 100 Sally Frocks 2100 Saxet Co 1400 Seaboard m So West 169000 Tnsull 65 *40.. 1023 102 1000 Chi Rys A Bs 377" 503, 593 Bond sales lndly‘ $169,000. FOREIGN EXCHANGESA (Quotations turnighed by W. B fibn ) minal old Selling checks Vl lue (DY ar) London, pound B4 aris: irane id. : il Budapest. pengo. crown (riom:) zloty el huen 26.7813¢ Osld: cro Stocknotm. " crown’ 26.76c 26.84c SHORT-TERM SECURITIES. (Reported by J. & W. Belumnn & Cu\ A“Il Chllm(‘rll Co. Sl gll" I(l crown. . . 2638 26.8¢ e Calitornia’ P corp. Canadian_ Nor. H Chfx"" Rock l-lnnd & | Wheeling Steel Corp. (Copyright. 1930, Btandard Statistics Co.) B4 3 Toaa 10310 1031 Wheeling Steel Gorp: 4126 19s3. 51+ ‘311 In the ll!t five years th of bread Paris has 5,000,000 luvu a year, consumption lecreased by Business Notes By the Associated Press. NEW YORK, June 11.—Resident buy= ing offices here reported that reorderg for seasonable merchandise were again quite heavy at the start of the week. Most of the business was received through the mails. Telegraphic orders were of about the same proportions as a week ago. . An index prepared by the Bureau of Business Research of New York Uni= versity for the National Wholesale Grocers' Association shows that, wholey sale grocery prices in May reached t lowest point since January, 1922. Th& index number, based on daily quota« tions of 24 representative grocery itemsy was 957 for May, a decline of ,) per cent from April and 12.7 per ce from the index for the corresponding® month last year. The only item that showed a slight increase last month was rice, Those showing lower averages were raisins, lima beans, flour, oats, corn meal, prunes, sugar, coffee, tea, tomatoes, corn and lard. Policies amounting to $33,108,000 were taken out by 13,277 employes of the Sinclair Consolidated Oil Corpora- tion and subsidiary companies in the first year of the group life insurance plan of the corporation, just cumpleled The _eligibility ‘requirement is months’ service. American machinery for the manu- facture of tools and similar products is in heavy demand among foreign manu- facturers, who plan to compete with American manufactured products, ex- port circles here have pointed out. Orders from France, Beligum, Ger- many, Swiden, Russia and a number of other countries are reaching machine tool builders in this country in & volume equal to the high totals at- tained during the first six months of last year. DENIES BEAR RAIDS WERE PANIC FACTOR Stock Exchange Head Says Large Short Position Might Have Helped Market. By the Associated Press, BOSTON, June 11.—The 1929 stock market panic taught several lessons, but no practical measures have been sug- gested which could either have prevent- ed it or minimized its force, Richard Whitney, president of the New York Stock Exchange, said in an address last night. The newly elected president of the Stock Exchange, who, as acting presi- dent, steered the tradimg mart through its greatest crisis, gave his views on the panic in an address before the Boston Association of Stock Exchange Firms. It was his first important address since succeeding E. H. H. Simmons as presi- dent, and was made in the city where he began his career. Mr. Whitney disclosed the result of an investigation by the business conduct committee of rumors of bear raids dur- ing the height of the Autumn liquida- tion. Questionnaires to Stock Exchange houses on their condition at the close of business on November 12, which marked virtually the lowest point of the drop in prices, discredited rumors of a large short position. “It was found,” Mr. Whitney sald, ‘that the aggregate amount of bor- rowed stock was so small as to be almost inconsequential, being in fact only about one-eighth of one per cent of all stocks listed on the exchange. ® * * It seems worth while to point out that in "en eral, the extraordinary absence of bids « | for the purchase of stock throughout the panic would indicate an absence of & sufficient short interest to give the market its ordinary ltalflllty 1f early in the Fall a large short interest had ac- cumulated presumably stock prices would never have reached the great heights they did before the panic and also added buying gg:er during the panic would hl\'e n afforded by short covering.” Discussing _the lessons the crash taught, Mr. Whitney said “it is my feel- ing that in the panic, the stock ex- change demonstrated the necessity of holding its markets open as far as 18 humanly possible, even in the face of great liquidation. When prices decline * | drastically amid heavy mdmg and pub- lic excitement, there always has been, and always will be, those who imagine that closing the Stock Exchange would provide a helpful remedy. To this view, their fear of financial losses and even of business insolvencies very humanly urge them. But such an attitude loses sight of fundamental economic prin- ciples.” NEW YORK, June 11 (Special) — The cotton market developed consid- erable frregularity today and, after an active covering movement, advanced 10 to 15 points. A weak Stock market caused re-selling on a scale that estab- lished new low records for the year in the last hour. Commission house interests released contracts purchased recently and pro- fessional operators sold toward the close, leaving the list at the bottom with & loss of about 10 points on the day and the lowest closing thus far this season. Spots were reduced 15 points to 15.10. Cotton range: 2 ] '3 SRERSUILRT lose. 15.0 140, 137 141 138 141 139 141 142 o+ SR3BI83353 CHICAGO LIVE STOCK MARKET CHICAGO, June 11 (®).—United States Department of Agriculture— Hogs—Recelpts, 19,000 head, including 5,000 direct; slow, mostly steady with yesterday’s average; weighty butchers strong; packing sows opened strong to higher: later trade weak; top, 10.15 aid for few loads of 180-210 pounds; utchers, medium to choice, 250-300 pounds, 9.65210.10; 200-250 pounds, 9.75 210.15; 160-200 pounds, 9.75a10.15; 130- 160 pounds, 9.50a10.15; packing sows, 8.65a9.50; pigs, medium to choice, 90~ 130 pounds, 9.00a9.85. Cattle—Receipts, 10,000 head: calves, 3,000; very little done; undertone 25 or more lower on most killing classes; largely steer run; best weighty steers around 13.00: slaughter classes, steers, good and choice, 1300-1,500 pounds. 11.25a13.50; 1,100-1,300 pounds, 10.75a 13.00: 950-1,100 pounds, 10.50a13.00; common and medium. 850 pounds up. 7.75a11.50: fed yearlings, good and choice, 750-950 pounds, 10.75a12.75. Heifers, good and choice, 850 pounds down, 9.50a11.50; common and medium, 7.00a10.00; cows, good and choice, 700 29.25; common and medium, 5.25a7. low cutter and cutter, 3.75a5.50; good and choice (beef), X ter to medium, 5.75a7.50; vealers (milk fed), good and choice, 10.25a12.50; medium, 9.00a10.25; cull and common, 7.0029.00; stocker and feeder steers, good and choice, all weights, 10.00a 10.75; common and medium, 7.50a9.75. Sheep, 10,000 head; early sales of native lambs steady; later bids 25 or more lower; fat native lambs, early, 1200 50; Tdahos, unsold. Good year- , .58a10.00; all throwouts uneven- ly lower: fat ewes, mostly 3.50 down; good and choice, 92 pounds down, 11. 50a12.50; medium, 025-11.60 common, 7.50a9.25; ewes, medium choice, 150 pounds down, 2.5084.00; cull and commaon, 1.0023.00. COTTON CLOTH SALES. YORK, June 11 (#).—The As- locll!lon of Cotton Textile Merchants reports that sales of standard cotton cloth for May n(ggunwd to 66.9 per cent of production. ipments were 97.9 per cent of production. Stocks increased 1.3 per cent during the month, while un- filled orders decreased 23.9 per cent.