Evening Star Newspaper, June 13, 1930, Page 15

FINANCIAL. THE EVENING STAR, WASHINGTON, T — AFTER FIRM START Higher Opening Invites Re- newal of Selling and List Sags. - BY JOHN A. CRONE. » @peclal Dispatch to The Sta NEW YORK, June 13.—After open- ing slightly higher, today's curb mar- ket invited some additional selling which virtually erased the early gains. Trading was more active than on Thursday. Utilities, like Electric Bond & Share, opened higher only to encounter offer- ings that brought them close to Thurs- day’s lows. This was true of American Superpower and Niagara Hudson Power, but United Light & Power A, Electric Shareholders and a few others main- tained their early gains. Cities Service opened at 2033, off 35, Wout it was ex dividend that amount today. A fractional decline on its ini- tial sale put Aluminum Co. of America at a record low level for the vear. Pennroad Corporation continued to be timulated by the declaration of an additional dividend of 20 cents, as addi- tional investment buying, especially of the odd-lot variety, appeared in that stock. The tape reader at the opening, with- out an ex-dividend sheet alongside of him, may have got the impression of weakness, for a record number of stocks on the curb were selling ex-dividend today. The total amounted to 142 issues, compared with the previous record of 126 on March 14 last. Of the 2,200 stocks now listed 1400 are paying dividends. Early irregularity in the coppers re- flected further price cuts of the red metal. Ofls also were somewhat un- PMttled by the weakness of gasoline in the midcontinent field. A. O. Smith staged another rally and * Missouri-Kansas Pipe Line remained fairly firm, while many of the natural gas shares were being neglected. Motors weakened. Franklin Manu- facturing preferred fell to a new low level. Cord came within a half point of its record low on the first few sales. Durant rallied somewhat but Stutz eased. Investment Utility shares came in for increased attention. New England Tele- phone jumped 63;. Electric Bond & Share preferred was up {ractionally. Electric Shareholders preferred firmed. BONDS ON THE CURB MARKET. 1021 a) s 38 Appalac cas 65 B 45, 1 i3 Arkans P&L 55 '56.... 12 Asso_Electric 4135 ‘53 ww C, 49 5 R3RL83 5 LS 2 = 2 &t ¥ 2% H 5 HORTR e Fit 881 101 1003 10 97 8 3 3 &7 94 10414 100 123 102 & Inieriia Fower 58 37 8 ] o ww 08% e 0 Inves Co 55 A '47 xw 80" § lowa-Neb La&P s 5 881 Kans GAE 68 A 9313 931 Koppers G & C 993 Laclede Gas Sts. '35 101 1 Lehieh P8 6s A 2028 1047 104% 1047 § Eibby MeN & 55 42 by 114 ong Island_ Lt 65 '45 10! 105 & 8Ia P& Lss 5T 9 28 Cord Rd 7 nitob P § 3 Wi A 81 7 55 Gas 5':s “46... 10: 02005, 258 e 25 u 50 B ot 3 B cme 2egEERRERD 2% 9 100, 26 Southern N 48, 97 6 Standard P & L 65 ‘57100 100 2 Stinnes 75 '46 xw 25 85 88wift_Co 10094 City Gos 5s 48, 82 82 82 8Texas Gas Ut 65 45 93 98 98 L 55 '56.. 100 100 100 5 861, B3la 864 43 997a 997 997 s '52 9115 90% 90% 52102 © 101% 101% 36107 107 ' 107 s 10012 100% 94l 941p 9470 947 98 983 80 80 97 97 101 101 100% 101 or 7s '54. 93 93 " 93 h W & Pow 55 '80 1027 1027 1027 ster Mills 61,5 '33 97's 97% 97%s est News Del 6s '44 87 ° 87 = 87 es Tex Ut 5s A '15. 92% 92% 02% FOREIGN BONDS. s 48 s 47 £22 90 90 90 100% 10045 100% 01 101 101 100 n 1 23 Unit E1 Ser 75 '56 xw 4 Unit Indust 65 ' ww—With wai rrants ixw-—Without warrants. New wi—-When issued. Notice—All stocks are sold in ene bundred-share lots | —Frev 1530.~ Hig! Recei: by Private Wire Direct to The Star Offies Stock and END OF COMMODITY PRICE DROP SEEN Survey Shows Whole Group of Raw Materials Has Prob- ably Reached Bottom. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, June 13.—One of the largest of America’s corporations, %| which 1s operating in the public utility field, through its analytical depart- ment has made a close study of the rived at the conclusion that the bottom has about been reached for individual commodities and for the average of the group. The study on which this decision is premised has been a long and elaborate one and is an important contribution to .the moderate list of favorable influences affecting the busi- ness world. The decline in commodities has con- tinued for many months and has been | one of the factors in the postponement of industrial recovery. The slump has been persistent and pronounced ever since the stock market panic of last Autumn. It is represented in a drop in prices since then of between 10 and 11 per cent. Declines General. The general commodity price average has been affected mainly by the re- action in agricultural products, in the metals, in rubber, silver, sugar, coffee, silk and hides. Nearly every week since November one or more leading com- modities has broken below its previous level. In the case of silver, rubber and sugar the quotations have been under those quomg for more than a generation and in some instances werc the ab- | solute prices in the history of the com- modity. It has been argued by many that it will onl, be when commodity prices ucepd.l.lg those designated by the letter s (65s) (285 h\Row. _ IBAGEE Rt which shows those stocks to be sold In odd lots on.l;. il % W Magdalena Synd.. 1 1930.~ Stockand Bales— 156% 12 Mangel Stores...... 1 High. Low. Dividend Rate. Add 00. Open. High. Low. Close. | 12 8 Manning Bo B (50c). 1 23% 10 Aero Underwriters. B iy 12 ae 49'5 37 MapesC Mfg (13%). 4 84 Alr Investors v. 1 4% 4% 41 4w| 4T 82% Marine Mid (1.20)... 15 16 n Cory 2 20% 20% 19% 19%| 3% 1 MavisBottling...... 17 9 Allled Mills(600)... 11 9% 9% 9% 9% | 9% 48 Mayflower Asso(32) 2 15 Allison Drug St (B). 1 14 15 14 14| 224 10% Memphis NatGas... 4 856 270's Aluminum Co of Am 4 2691 270 26914 270 16% 8% Met & Min, Ine(1.20) 20 109% 105% Alu Co of Am pf (6). 106% 1065 | 24% 16 Mid Roylty evpf(2). 1 €% = 4% Am British & Cont. o g%| 11% 6% MidStsPetvtec A.. & i3 7w Am Capital (B) 85, 8| 6 3% MidStaPetvic.B.. .3 49 374 AmCit P&L(A)(a3) 38% 88| 29% 25 Mid WSts Ut (1% 2 2% 14 AmC P&L(B)(10%) 1o 17u| ¥8 25% Mid Wst Util(b8%). 17 281, 23% Am Com I'(A) b10% 24% 05w | 22 18 MidStiPred.n (2).. 2 50% 3414 Am Cwith P(B)10% i aaw| 3% 1% MinCorpofC (3ke).. 19 5% 1 AmCo'with Pwr war 1% 364 18 Mo Kan P L (b10%). 89 % % Am Control O] Fids. ¢ MissKPL v.te.,. 21 37 21 AmCynam B (1.60). 41 Monxos Chain (1% 1 6 3 Am Dept St 5 3% Montecatini deb rts.. 2 22 14 Am Equities 117 Mountain&Gulf(8¢). 3 767 46 Am For Pwr(war)... 12 52 Municipal Servic 1 157 113% Am Gas & Elee (31). 36 1274 Natl Amer Co. 3 16% 9% Am Invest. Ine (B).. . 2 10% Natl Aviation, < 75 624 Am Laund Mach(4). 1 59% Natl Baking Co. 5 €0% Am Lt&Trac (n). 7 65% Natl Baking pf (7).. 258 46 Am Machine & Fd 4 4% NatlBond &S (25¢), 1 114 Am Maricabo. 1B 2% U DaPrpfA(D.. 1 7% Am Natural Ga; 3 124 Fam Strs(1.60). 9 23% Am Superpwr (1)... 150 2815 28% 27w 28%| 26 20 Natl FamSpf (2). 1 94% A.nSuper1stpf (6). 2 99% 99% 99% 9gn | 20 10 NatlFood Prod (A 9 10% Am U&Gen Bvtc40e & 10% 10% 1015 2 tl Fuel Gas (1). 3 2% Am Yvette (n) wi.. 4 2% 2% 2y Investors. oD 15% Anglo Chil Nitrat 6 344 35% 34 Natl Pwr&Lt pf (6). 50s 14% 10% Appalachian Gai 12 11 11% 11% 2 23% 9 Arcturus Rad Tube. 1 84 84 8u 1 15% 15% 15% 16% % & ArizGlobe Copper... 17 & 2 N L9 3% 3i% 314 3% 16% 8% Arkansas Nat Gas. 7 10% 10% 10% 10% 14% 12 Natl Sh T Sec A fi0c. 6 14 14% 4% 14% 16% 8% Ark NatGas(A).... 42 104 10% 10 10% | 76% 60 NstlSteelx-war(2). 11 62% 62% 62 62 &4 7% ArkNGeupf(60c). 1 8 8 8 g | 35 29 NatlSugar,NJ (2).. 3 i3W 33w 33k B3 109 102 Ark P&Ltpf (7)....150s 108% 108% 108% 1084 | 22% 18 1 Transit (1) 4 18 18 18 18 8% 14 AssoDyeing&Ptg.. 8 1 1 1 1 | 14% 8 bel Oscar 1% ..... 1 9% 9% 94 9% 8 b% AssoElecInd (30e). 1 6% b4 5% be | 126% 1124 Neisner Bros pf (7). 10s 115 115 115 115 51% 394 AssoGas&Elec..... 1 40% 40% 404 40y | 149's 60 Nevada Cal Elec.... 120s 4614 ©514 AssoG&E (A)12.40. 34 35% 385 85% 85y | 95 8BI4 New Eng Pwrpf (6) 3108 114 64 AssoG&E(A)dbrts 3 7 T 7 Tiy| 160% 144 New Eng T & T (8)..3008 i v 2 1 AssoLaundries 1 1% 1w 1% 14| 91% 664 NJZinc (12%)... 2 73% 78K T8 8 281% 234 AssoTel Util (b8%). 3 23 23 2214 2215| 7% 8% NewMex&ArizLd.. 2 4 4 4% 4 % AtlanticFruit&Sug. 2 & & W "% 105) NewmontMin (34).. 1 110% 110% 110% 110% 26 15% Atlantic Secur Corp. 1 19 19 Newport Co (2)..... 1 304 30% 80 0% 14% 124 AtlasUtilCorpi.... 8 124 124 New Quincy M (10¢). 1 % Y Y " 151 5's Auto MusicA(t1.05) 2 6 64 NyPetRoyalty.... 4 14 15 14 55 24% AviationCorpof Am 8 42 424 N ¥ Rio&Bu Aires 6 184 13% 13% 17 124 Aviation Credit..... 1 14 Niag Hud Pwrcnew). 80 18 1pn 184 15% 6% Blue RidgeCorp.... 24 9 9 NiEgHOTEpc AN L s 44% 83% Blue Ridgecvpf(a3) 23 38y 2 Niag Hud PwrB war 4 1214 12§ 12 55' 3b% Brazil Trac& Lt (2) 42 44% 45 ag AbeshMalda). 818 18 28K 28% 26 Brit Am Tob Niles-Bernent-P 12% 1 30% i0% 30w o 21 B11.20. 20 26% 26% 0% 7% Bureo, Irc..... 9 T T Nipiabing (880) . ... b~ A%, A 4 41 40 Burco,Tnc,cvpf (3). 2 40 40 Si6 NorauUSRBSEILE) - 21 23 1228 B A maCHsiin. 1. 2K W% wN gx] 5, ] [POBATES . 2 B I D e S e 5% 8 NorthAmCement... 1 5 65 & - 4 4 | 1% 6% NorCentTex(60c).. 6 84 84 B84 20, %, Wy %| 4w 2% Noth EuroOilCorp,. 10 2% 3w 2% 1 23% 234 23% 234 | 183 155 NorSta PwrA(8)... 9 160 160 159 159% ‘f fl»: ?:: -’;: ‘T‘I 34% 22% Novadel Agene t2%.. 3 31% 31% 81% 31w s % 1315 Cellulold Corp....os 1 14% 14% 147 I8 ionloCounses i LA i Bttt ey Misavh e e 66161OMAONIE). .o 476 T4 3% 3% 42% 3% ContPS(A) (a176) 9§ 35 35 a4ry 35| 103 103 OhioOllpfnew (6).. 1 104% 104% 104% 104% 30% 19 CentStatesElec340o 62 27 27% 241y 7 | 18% 10% Outbd Mot(A)(1L80). 2 14 1% 1dw 144 $it % ContIFIEEINRE0). 5 6k 6% O 6| ik 10t DubeargMotedm). 11 2 i 2 8 8% 21 Chaip StoresDev.... & b bk bn on| 19% 14 OverseasSecur(l).. 1 12 12 12 12 25 19% ChatPh Aln-v(50c). 6 204 PacG&Ellstpfii. 1 28 28 28 28 26% 19% Chem Nat Asso n-v. 5 19% Pac Pub Sve (1.30).. 4 uB%W 29 28% 29 44 26» Cities Service(330c) 282 29% ERfMAmONGessosess B L. o1, Jd 51 937 88 Cities Srvopf (6)... 4 0% Pantepec Oil. . Vo2 2% 2% 2% 24 9 7% Cit Sve pf B (60¢) 184 Pender (D) Gro (B). 60s 1z 12 1z 12 8% 4% Colon Ofl 5 an Pennroad Corp (20c) 107 1i% 13% 12% 13 21 10% ColOil & Gasv.te.. 2 11% perryman Elec. . 3. 16 e e 56% 24 Columbia Pic ($13%). 6 354 4 Petrol Corp war. TR R e 54% 33% Colum Picv.t.c.31%. 19 83k Philip Morria, In 2. % M %W 64 83 Com'with & Sou war 30 44 Pllot Ra T(A)(1.20). 1 6% 6% 6% 6% 19% 12% Comm Wat Servb6% 2 131 Pitney BP,n(20c).. % 13 13 13 13 14 % Consol Auto Merch.. 4 15 Pitts Plate Glass(2). 1 49 49 49 49 8% b5 Consol Copper...... 4 b Plymouth Ol (2).... 2 24% 24% 24% 24% 19 133 Cons Dairy Prod (2) 1 14% & Whitely1.. 49 114 11% 11 114 186% 90% Con Gas, Balto(3.60) & 121% 1z 38% 3¥% 38u 384 80% 21% ConGasUHIA 2.37.. 1 264 6 15% 16% 16W 16% e Consol Instrument.. 1 i Pub Ut Hold w w.. 21 1Y% 20% 194 20% 16 nsol Laundries ... 10 12 ining. . 13 7% ConRetanlStrs (1. 1 'on fiu:;cy:: = i e i 46 46 ContiCp, Chicagopf. 8 46 syt b R R e T 2 Railroad ShCp(26c). 2 6% 6% 6% 6% 57 28 Cooper B « i pan Besmmantt) =1 50% Railway & Lt 8(16). 265 81 81 27% 22% Corp Sec, Chi (b6%). 1 23 Pl i Gy Be et B A Rainbow Lu Prod B.. 1 a % Reiter-Foster(40c).. 1 "% 5% Creols Fatroion i Blymalasn, z SN 8% Coobr Whaets 4 Rich Oil.Cal, p£(1%) 1 o rior SEINHeAIAE ox - 8- R0M: Roan Antelope Min. 1 35% 30 Crown C&S pf(2.70).100s 321 Rocklans L&P(826) bl 34 Cueno Press (2%)... 43% Eeetia A.:u:: (92¢) ; % 1% Curtiss Wright war. & 1% 2 1% 2 - Epes 2 1 CusiMex Mining.... 106 1 1 % % % _ & StAnthony Gold FLINE T * S 8% by Botus Gmwtts . 138 18 38" 46 i;l' 10 StResiaFaper ()., B2 2B 264 204 26 22% 16 DavenportHos(2).. 6 16 16 15% 15%| 14n ¢ s, | 1e% | Estat, 1 1629 1003 Dearod Co VL300~ 17 109 119w 100 13| 1o Uagesima 1 .. .. Il s S 5 s o 8% 2is De Forest Radlo.... 8 44 “f'* mfi'\: b i i P Y e 22% 1v% Diesel WemGilni% 2 18 18 18 18 | 1w A 1; :xs gerby OR Rcfl:lnp T v 1 % etroit Alrcraft 15 7% 7 4| om o s0%. 31 o (55 A Loy ‘6: ‘z:: | 2% % :alfrldxt :’rovcs 27c. 1 108% 41 Driver Harris(mew). 4 78% 78 754 77 29° ort Sesnoniesn Cate: ¥ % 20 &'x Shenandoah Corp. ... Sls 8 DuthamHoslery(B) 2 8 . 6% 6 5 | 48 33" ShenanCornnt(as) 4 18% Dogussnn 3 14% 14% 14 14 | 34% 18 Silica Gel Ctf; : LG i e 16 3% 3w 2% 3 | 250" 137% Smith (A O) (8)...r 20 42 25% Eastn G&F Asso. 3 35% 854 36l 35%| 46% 874 South Penn ON(12%) 44 18% Eastn StaPwrB(1). 16 32 34% 381% 31%| 26% 23 8o Col Pwr (A) (2).. 17% 14 Eastn UtlAssocv.. 4 16 164 16 16%| &% 4% SouthernCorp...... 18% 7% Eastn UtllInv(A).. & 9% 915 9% 95| 21 19% Sou Natural Gas.. 23 12% Eisler Eelectric(1%) 20 121, 18 1213 18 | 17 ¥ Southland Roy (1) 81 921 ElBond&Shpfwi(F) 7 9di 931 93w 93%| 8% % Standard Motors 117% £0% ElBond&Sh (b6).. 784 91% 94 90% 93% | 9% 49% Stand Oil Ind ( 109% 103% Bl Bond & Shof (83. 6 1074 107% 107 107 | 40% 334 Stand Oil KY(11.80) W 83% 34% 391 24% ElecPwrAsso (1).. 2 24% 24% 24% 24%| 485% 444 Stand Ol Neb.(13%] 6 484 48% 48w 48% 8% 28% ElesPwr&Lopwar 1 60 60 €0 60 | 108 804 Btand Oil Ohlo(2%).150s 81 81 81 81 82% 15% Elec Shareholdg(3l) 9 Stand Pwr & Lt (2). 1 63% 634 63% 63% 108 82 EI Sharehold pf (6). 2 Stand Pwr&Lt B (2). 1 63k 68% 63% 63% 15% 12 Empire FireIns..... 2 Std Pwr & Lt pf (7). 2008 105% 106 105% 106 98 86% EmpG&Fcupf (.. 4 Starrett Corp....... 4 224 22% 21 21% 60 40 Empire Power (2)... 1 Stein Cosmetica. 118 17% 19% 16% 19% 25 19% Emp PubSvA(180) 9 Strauss (Nathan)... & 10 10 10 2% % EngineersGold..... 1 Strauss Roth 2 13% 14 1y 23 14 EuropEL Ltd A(60c) 15 Stutz Motor Car. 5. & % % 9 5 EuroElecdebrts... 2 Sunray Ofl (40c).... 3 6% 6% 6% 6 2 Evans Wallow Lead. 3 Superieater (13%4).. 2 43 43 43 22 13% Ex-Cello AIr&T(80c) 4 Swift & Conew (2).. 8 30 80 11 3 Fairchild Aviation.. 1 Swift Internatl(2%) 4 34 34% % Falcon Lead 20 Tampa Electrio (32) 10 76 76 13 7 Fansteel Product; 1 Technicolor, Inc.... 32 48% bl 24% 19 Federat Metls(t1%) 4 Teck Hughes (60¢).. 1 64 60 2213 174 Filatreceipts (1.25). 1 Thermold Co pf (7). 1268 77 T7% 34% 13% Fokker Alrcraft.... 9 Todd Shipyard (4).. 1 i 53 38% 28 Ford Mot,Can A t13% 116 Tonopah Mining.... 1 K 12% 6% Ford Mot,France 28c 1 Transamer (31.60).. 33 5 19 10% Ford Mor.Ltd. 3T%e. 9 Tran Con Afr Tran.. 1 » 10 4 Foremost Dairy Pr.. 2 Tri Utllities(31.20).. 1 46 46 17% 2% Fox Theater Cl (A). 17 Trunz Pork 8 (1.60). 2 24 24 80 75 Franklin Mfg pf (7). Tubsize Chatel (B).. 1 9% 9 14 6 Gen Alloys (80c) Tung-Sol Lamp (2)., 1 19% 19% 18 4% 2% General Baking Union Am Invest.... 3 31 81 3 64 33% Gen Baking pt ( e S R e “‘a 14 10% Gen E, Ltd rcta(50c; United Corp (war).. 12 224 22w 20 214 29% 21 Gen Empire Corp... Utd Founders(b2.35) 93 25% 26 25% 26 10% 5 Gen Laundry Mach. United Gas Co. . 8 8 324 82 3% 103 98% Ga Power pf (6).... United Gas Co (new) 224 18% 184 171 184 301 20 Gen W W&E(A) (2). United Gas (war)... 14 8 8 % 8 238% 17% Gerrard (SA) (1%). United Gas pt (7). 17 96% 96% 964 96% 121 98 Glen Alden Coal 8 United Gas Corpctfs 1 80% 30% 30% 30% 16% 10% Globs Underwrite: Utd Lt & Pwr A(1).. 100 434 444 42 43% % 4 Gold Coin Min (new( Utd Lt & Pwr pf(6). 2 111% 111% 111% 111% 1. hismnidenicenel U S Dairy (B).. 3 20 20% 20 20 46% 25% Goldman Sach T 4 USElec Pwr ww.... 27 16% 16% 15% 6 2% Gold Seal Elec new U S Finishing (32).. 1 17 17 17 39% 30 Gorham, Inopt (3).. USFoll (B) (1)..00r 4 21 21 21 3% _ 1% Goth Rultback Mach US&Intl Secur..... 2 8% 3% 3% 260 208 GrA&PTo-v(l).. U S&IntiSec 1st (). 8 66% 65% 65 122 116% Gr A &P Tea pt (7). USLinespf (1)..... 3 14% 14% 14% 14% 11% Groc Stores Prod vte US&Overseas war., 6 18 185 18 166% 181% Gulf Oil of Pa(1%). % US Radiator (2).... 1 48 48 48 1% % Happiness Candy Utd Verda Ext (4) 4 10% 10% 10% 10% 7% 4% Helena Rubenstein Oeahikpexithbe).... 1 2 2 2. 2 27% 19% Houston Ofl of Texas Utah Metal & Tunnel 3 L] k] L “ 14w &% Hudson Bay M & 8. Ullity Pwr&Ltal). 13 193 19% 19% 19% 119 78 Humble Ol (2).. 2,380 6. 38 18 $5 3T Hydro Elec Sec (2).. b 234 234% 234 234 30 22% ImpoOll, Can. n(50s), Utility Equities 9 1% 14 14w 14m 29% 17 Ind #in etfs(b10%). Vacuum O1 (14%).. 80 87% 88 8 874 23 17 Insurance Sec(1.40). Venezuela Petrolm.. 2 2% ‘2% 2% 2% 24 17% Intl Petroleum (1). Vick Financial Corp. 7 T 8 % 8 7% 5 Internat Product waftt&Bond, B(1.20). 1 9% 9% 9% 9y 51 49 Intl Salt (new), Walgreen Co (war)., 1 16 15 16 15 46% 2% Intl Superpwr(31 Walker (H) (1)..... 8 10 10 10 10 50% 34% Intl Utilities A(33% Wendan Conps 4 % R 19% 6% Internat] Utll (B) Westn Alr Exp (6l 8 36 36 36 36 % % lintl Utilities (w: White Eagle Odbrts 1 3% 3% 38W 34 14% 9% Interstate Equities.. Williams RC(1.40).. 1 14 14 14 14 46 40% Interst Eacv pf(3).. w0y Wilson Jones (3) . 1 4% 44% 4d% 44w 10% T Interstat HM (1.40). 1 7 7 7 7 €% 3w Winter (Benj) .1 3% 3% 8% 8% 27 12 Irving AIrCh(1.60). 5 1R% 18K 184 18%| 5 2 Woodley Petroleum.. 3 4% 45 44 dh 9% 6 irving AirChutewar b 6% 6h 64 6% .. ™1 18 9% itallan Superpwr A.. 4 104 10% 10m 10w| 2% % “X"Oll&Ga «, 808 G O W 9% 6 I[talianSuperwar.., 2 b4 54 bi B%| 21% 14% ZoniteProducts (1). 1 164 16w 16% 16% 2 % Kolster-Br (AmSh) 2 % W T n RIGHTS. Expire 1024 97 Koppers GCpf(6). 1268 1024 102% 102 1023 % & Hud Bay M&s July 18 A 12 3% Lakey Foundry Bl A% v o] G BAFECOIGEN A, ;. O it 50% 86% Lehigh Conl & 1 sbx % 85 3pw| B b IntNlckelwi...... = 4T B W MM 4% 1w Leonard Oil - 2 2 2% 2 2%, % l’ Lone Star Gas..July 3 ik % 27 14% Libby McNe o 3 14w 14w 14% 14| 3 '4 Mo Kan Pipe....June2s 3 a2 a0 29 18% Lion Ofl Refin (2). 1 26 20 24 26 K, HiNewportiQo..\.Junefs . § % “ ED:A .:!t 3"”; Ing (war). 1 10 11 9% 11 m“?l;'&l;gn Fotes fa dollars based on last quarterly or semi- 5% 84 LoneStarGasn (1), b 44% 44% 4% 44% " Paya 5 2% Lout LanaEs. 12 2% 3 2% 8 |incammiiividend, sParty extrs T i iyanie 1 breferred Sioc Assessment on Stock Upheld. | decision favorable to the State Tax PARIS BOURSE PRICES. Commission by the Circult Court of BALTIMORE. June 13 (Special). The assessment of $6,000,000 on the capital stock of the Susquehanna Power Co., which is linked in the power pro- ducing enterprise at Conowingo, yester- day was upheld by the Court of Appeals. In a decision handed dowp by Judge 'T. Scott Offutt, in which all udges eoncurred, the appellate coukt upheld a Harford County. “It is undisputed that the fixed in- | vestment of the company in Maryland is $45,677,316.90," the decision stated. “The aggregate assessment made by the commission Was $28,726,132, and from | that amount of the assessment of the veal estate $22726,132 was deducted, ]mvmf & balanice of $6,000,000 which | was allocated @ the stock.” PARIS, June 13 (#).—Price changes were irregular on the Bourse today. Three per cent rentes, 88 francs. ¥ive per cent loan, 101 francs 45 centimes, Exchange on London, 123 franes 82 centimes. francs 48 centimes, are stabilized that permanent recovery in business can be expected. Therefore, the prediction that the bottom has been reached seems to bear out the con- clusions of various statistical organi- zations and surveys made by banking institutions that definite signs of in- dustrial improvement will be apparent late in the Summer or in the early Autumn. By that time it is expected that inventories will have been reduced to a normal basis and, instead of there being a buyer’s market as has been the case for the last nine months, the ad- vantage will be with the sellers of raw materials and manufactured goods. Similar conclusions as to the termina- tion of the commodity price dec® reached by the corporation whose s § has just been completed have also n D. O, FRIDAY, JUNE -13, AUTOMOBILE INDUSTRY MOVES IN SECOND SPEED DURING MAY commodity price situation and has ar- | indicated by Government Agenc.es. They proved to be a little ahead of the times. The June circular of the Na- tional City Bank said of the commodity price situation “the feeling is growing that, considering the drastic character of the declines in some articles, the final resistance level cannot be far off.” Buying on Large Scale. Opportunity has been provided through the F"" decline for the accumulation of large amounts of com- modities entering into the manufacture of goods. This has been taken advan- tage of on a large scale by corporations that have had substantial cash re- sources and have been buying com- modities for future deliveries. The effect of this will be shown in more favorable operating profits later in the year and during 1931. ‘There are also indications that some of the dividend reductions announced recently and supplemented by state- ments that this policy was adopted “in order to conserve cash resources" were influenced more by the desire to buy cheap commedities than by poor earn= ings. Last year, when securities were weak, a number of corporations used their cash to buy their own stocks at what they considered greatly depre- ciated prices. The trend now is rather toward taking advantage of low com- modity prices in anticipation of a broad demand _for manufactured products when the present buyers strike culminates. (Copyright, 1930.) COPPER PRICE REDUCED AS PURCHASING LAGS By the Assoclated Press. NEW YORK, June 13.—Custom Smelters today reduced the price of domestic copper one-fourth of a cent a pound, bringing the level to 12% cents & pound, delivered. Today's reductions followed two cuts of a fourth of a cent each yesterday, which resulted in Copper Exporters, Inc., reducing the export price today to 13 cents a pound from 13.30 cents, ci.f. European base ports. Export sales this morning were reported around 1,000,000 pounds at the new 13-cent price. Large producers were still holding at either 1235 or 13 cents, delivered, today. The demand was reportcd small, owing to the large buying in M; NEW YORK COTTON NEW YORK. June 13 After holding steady for several hours today, cotton prices broke sharply a quarter of a cent. As a result all new crop months sold below the l4-cent Special) .~ level. In addition to the depressing influ- ence of new low records in wheat, unfavorable week end figures inspired selling and the list closed around the bottom, $1 a bale or more lower than Thursday. Final prices were the lowest since the Spring of 1927. Spots were reduced 30 points to 14.50, making a decline of $3 a bale in two days. Cotton range: GRAIN MARKET CHICAGO, June 13 (#).—Wheat closed nervous, 17.a2'; a bushel lower than yesterday’s finish. Corn closed %al down, oats 33al off and provisions unchanged to 7 decline. WHEAT— July 3 Loty September 106% 1.03% December il 108! CORN-— July . 200 September 807y December 5 OATS: July ... 38% September 383 December A1 RYE— July 3 57 September " 61% December 6711 BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, June 13.— Sales. STOCKS. Last sale. 10'Arundel Corporation e Baltimore Tube pfd. . 55 145 Baltimore Trust Co. 3% 10 Berliner-Joyce Aire Ce 7 25 Black & Decker com 38 18 Consolidated Gas co; 121% & Deposit Co. 173 rst National Bank. 4915 aryland Casualty G 7% & Title Corp. 15 & Miners' Trans. . London has a campaign against “en- core hogs,” who insist on hearing songs in operas many times, leaders of the | movement saying that the offenders should attend performances a number The dollar was quoted at 25 of times rather than bother those who are content with one rendition., 1930. BY DAVID J. WILKIE. Associated Press Staff Writer. DETROIT, June 13.—Although there have been some indications that retail distribution of motor cars has been stimulated by recent price reductions and the introduction of new models in the medium price class, the automobile industry seemingly still is moving in second speed. May production, geared to demand, totaled 433,328 units, 7 per cent less than the total output for April, but still maintaining the 100,000- week production regarded as the prob. able peak for the current year. If the industry could maintain dur- ing the remainder of the year the rate of production shown in the first | five months the total for the 12 months would be slightly in excess of 4,000,000 | units, which would be considered a very good showing in the face of a general business depresion. Automotive executives, however, are not deluding themselves with false hopes, and a 4,000,000-unit production for 1930 is regarded as a mirage that only an entirely unexpected reversal of condi- tions could convert into substantial reality. Having adusted output to a carefully appraised prospective demand the auto- mobile industry may truthfully be said to have adopted a policy of keeping on the alert but determined to be sure that a definite upturn in business has set in before throwing its pro- duction machine into third speed. Some indication that a tapering off in demand is expected is seen in plans under consideration by several plants for inventory shutdowns within the next month or six weeks. Normally these shutdowns do: not come until ————— FINANCI around the Christmas holidays. In | some plants, it is understood, plans | have been made to close for two weeks during July for the double purpose of | concentrating vacations and inventory taking in that fortnight period. | Even the Ford Motor Co., which has had nearly two-thirds of the total busi- ness done by the automobile industry so far this year, is understood to be plan- ning a vacation period for certain de- partments during the latter part of July. AL? w8 A_IS SHIP FIRMS SEEK FREIGHT SERVICES Rival Bids Submitted for Two Lines Still Under U. S. Control. Regardless of what reason may be as- signed for the suspensions, plans being | made for them may be taken as an indication that industry does not look for an immediate sharp increase in consumer demand. BY J. C. ROYLE. The United States Shipping Board is navigating in hot water again. The Early in the year when the automobile | controversy is in connection with the industry was burdened with a large carry-over of last year's over-production, it was generally believed few new | models would be brought out before the national automobile shows of next Jan=- |uary. Plans were changed, however, | and the last few weeks have seen se eral new models or announcement of | prospective alterations shortly, Others | are known to be in contemplation. At least five of the leading producers will have new cars out this Summer. These | will inciude several new eight cylinder | types and one of the oldest manufac- | turers that for many years confined production to the higher price class is| understood to be working on a new front-drive model. While there may have been a marked falling off in retail distribution during the first quarter of 1930 as compared with last year, there has been no de- cline in the use of the motor car, if gasoline consumption may be taken as an accurate gauge. Washington Produce Butter—One-pouna prints, 38'2a39'2; tub, 36a37. FEggs--Hennery, ceipfs, 2215223, Poultry, alive—Spring broilers, large, 38a40; small, 32a35; Leghorns, 25a28; fowls, 23a24; Leghorn fowls, 17al8; ducks, 15a18; geese, 15; capons, large, 35a37; small, 30a33. Dressed—Spring chickens, large, 45a48; small, 40a42; fowls, 27a28; capons, large, 40a42; small, 30a33; ducks, 24a25. Meats, fresh killed—Beef, 20a23; veal, 20a22; lambs, 25228; pork loins, 28a32; fresh hams, 25a27; fresh shoulders, 22; smoked hams, 27; smoked shoulders, 22; bacon, 27; lard, in packages, 13; in 24a25; current re- bulk, 12. Live stock—Calves, 8al0lz; Spring lambs, 8a10’;. Fruits — Apples! box stock, 3.25; oranges, California, 7.50a9.50; lemons, 7.00a7.50; watermelons, 1.00a1.25; can- taloupes, jumbos, 3.00a3.50; standards, 3.00; ponys, 2.50; strawberries, 6.50a 750: blackberries, 2.00a4.00; currants, 6.00° pineapples, 3.50a4.00; Taspberries, per quart, 40; gooseberries, 4.00; honey- dews, standards, 3.50a4.00; flats, 2.75a 3.00; pineapples, 3.50a4.00; huckleber- ries, 10.00. Vegetables—Potatoes, new, 5.50a6.00; old, 120-pound sacks, 3.50; sweet po- tatoes, 2.50; tomatoes, 1.10a1.25; string ans, 1.25a1.50; cucumbers, 1.00a1.50; eggplant, 3.00; squash, 1.00a1.50; beets, per 100 bunches, 4.00; carrots, per 100 bunches, 6.00; spinach, 1.25; kale, 75a 0. DEPOSITIONS‘IN STEEL MERGER FIGHT DEFERRED By the Associated Press. YOUNGSTOWN, Ohio, June 13— Further depositions in New York in the fight over the Bethlehem Steel Corpo- ration-Youngstown Sheet & Tube Co. merger have been postponed until next week, it was announced by counsel for the forces opposing the merger. Officials of Bethlehem Steel Corpo- ration were to have been questioned to- day in New York concerning Bethle- hem’s purchase of Sheet & Tube Co., but this hearing has been called off. Depositions which were to have been taken this week in Ashland, Ohio, and Cleveland also have been postponed. CHICAGO STOCK MARKET By the Associated Press. Sales STOCKS. in_ hundreds. High. Low. Close. 200 Abbo Sapa a0 gk 6513 64 85 1307 121 129 B o8B s sa 9is en 9 4dla 423, 843 38 4 29% 300 Commonwith Edison. 294 50 Community Telephone 24 150 Construct Materials, 161 150 Constr _ Materials pf 800 Cont Chgo C 1 50 Continental Ste 1% 2600 Cord Corp. 8 3200 Gorp Sec Co ¢ 550 Corp - Sec 68 70 Crane Co 43 4900 Electric House 51% 00 Electric_Research 1t 2400 Foote Gepr & Mach.. 18% 550 Gardner-Denver ... 38 450 General Theater Eq.. 35% 350 Gleaner ............. 30 100 Great L Aircraft 53 45 Great Lakes Dredge.. 234 16000 Grigsby-Grunow 22% 100 Harnischieger ... 1 250 Hibbard Spenc 'Bar{ 100 Houdaille-Hershey A. 2: 150 Houdaille-Hershey B, 600 Iron Fireman 261 i s o' fid L N i 3" 1600 Morch & Mirs A 30% 300 Middlle Western Tei: 28 18300 Mid- West Util new.. 31 100 Mid West Ut A"wai: 2% 100 Mid West Ut 6% bf A 10013 1430 Mid Nat G 18 3% i adn 35, ; RN ) 20 Niidiand Ut 20 P 1! 10 1000 Mo Kansas Pipe Liné 2300 Mo Kans rts..... 00 Modin p 130N & 8 Amer Corp... 18' 600 Northwest Bancorp .. 40 100 Pines Winterfront 2815 10 Public Serv 77 pf... 130 350 Q R 8 Music Co 16 90 Quaker Oats a7 250 Railroad Shares 150 Rel Int 200 Reliance 900 Saxet Co L 18% 800 Scaboard Utilities .1l 87a 100 So Colo Pow A 2314 d Dredging .. Dredging bt 110 Stan: Pub Serv .. 950 Steinite Radio ....... V& 100 Stand 5 o 150 Swift Intl ... 100 Thompson (J R) 50 Timé-Q-Stat C 450 Twin States 950 Transformer 000 Twin State: 100 200U S 100 Utah Radio. 00 lea Uil pow & 200 Util Pow & Lt n-vol nd. BONDS. 33000 Insull B8 *40... 2900 Uin age Aosax s 0" 0 Bond saleBioday, 335,000, 1027 ” .| establish a central BULL MARKET SEEN IN WRIGHT SURVEY | New York Economist Declares Pres- ent Is Period of Ac- cumulation. A bull market is in the making and the present is a period of accumulation, according to Gage P. Wright, New York economist and president of the Busi- ness Economic Digest. “After a period of relative inactivity and declining tendencies in stock prices, such as we have witnessed during the last several weeks” Mr. Wright says, “investors always are most anxious re- garding the ultimate course of the stock market. If one searches long enough, some opinion can be found that a great bear market is in the mak- ing. More opinions are available to the effect that, although the future course of prices may be upward, there is a readjustment period still ahead which calls for extreme caution and the withholding of funds, in a large part, for anticipated lower levels “The preponderance of opinion, how- ever, as well as a careful weighing of the various opinions, according to past records for accuracy as measured by our Weighted Average, holds that a bull market is in the making and that the present is a gfl‘lcd of accumulation—a time which impatient investors. Nevertheless, one does not appear justified in expecting a broad upward movement in the im- mediate future. “Any _strengthening in commodhi,t’y Mr. prices should signal an important provement in business,” states Wright, who goes on to say that, “after it is apparent that the bottom in com- modity prices has been reached, they will start an upward climb, bringing a feeling of hopefulness and activity, market except for immediate demands, but they will purchase liberally on a strong or rising market because of the speculative chance of making more than a normal margin of profit.” CORN PRODUCTS PLANT IS PLANNED IN VIRGINIA Special Dispatch to The Star. RICHMOND, Va., June 13.—Report- lishment of a $3,000,000 corn products plant in Virginia and that he is pre: pared to finance the enterprise, St phen J. Adams of Washington, D. C., pres‘dent and managing director of the Agricultural Associations’ Travel Club, Inc., in co-operation with the Holland- American Line, has obtained data from the Virginia State department of agri- culture on centers of corn production in Virginia, it has been learned here. Mr. Adams, who said he is an indus- trial engineer and a native of Hungary, said that he desires to install a plant, or a group of plants, with a new process for utilizing corn for feed, sugar, sirup and paper products. He first went to Gov. John Garland Pollard and after a conference with the State’s chief executive went to see {George W. Koiner, commissioner of agriculture. Mr. Koiner gave him sta- tistics of corn production and offered him all the information facilities of the department. | “The plan is, as T understand it, to tory, with a | radiating group of smaller units. The | plant would use the entire crop, grain, | stalk and all,” Mr. Koiner said. 0. .. 1159 Three years ago, weekly aver..120.2 High (1930). 2024 Low (1930). .166.5 . Today . Previous di Week ago. Year Two years ago..... g Three years ago, weekly aver. . digh (1930). X (1930) . Low Equitable Co-ope Organized 1879 JOHN JOY EDSON, President cessesaes +e00 85,723,083 Syste Small, will bring ¥ Reg larger sums v- | for private operation. always very trying for | Buyers will not buy on a declining | ing that he is considering the estab- | BONDS. 10 lndllltflsll.l. last two freight services across the Atlantic with which the Government is | connected, the American-France Line |and the American Diamond Line. It | has been proposed to sell these lines There have been rival bids for these services, and the controversy started a year ago when these bids were submitted. | The United States Lines, Inc., which took over from the Shipping Board its most important fleet two years ago, is very anxious to acquire these freight | services to round out its services. It is felt this would complete its North | Atlantic service and aid it to meet the | terrific competition of foreign _vessel | owners. The two fleets comprise 18 ves- | sels. The United States Lines has of- fered $25 a ton for these ships. This \was the highest of the four bids re- | ceived by the Shipping Board. Two Other Claims. ‘Two other shipping companies, how- ever, have interjected their claims. | The Black Diamond Steamship Cor- poration and the Cosmopolitan Shipping | Co. now operate these two freight lines |under a contractural agreement with the Merchant Fleet Corporation. the | ship-operating agency of the Shipping | Board. They want the lines they now operate for their own and have ciaimed \]pwtucnvm rights under the shipping aws. Under the original bidding the Black Diamond and Cosmopolitan Companies offered about $14 a ton for the vessels. | Later the Black Diamond raised its bid | a trifle higher than that of the United | States Lines, but the Cosmopolitan Co. stood pat on the original bid, claiming it was entitled to the award of the France Line under the preferential pro- visions of the merchant marine act of 1920. The Black Diamond Co. charges | that the United States Lines is attempt- ing to get a monopoly of American shipping. It is stated on reliable authority that the Shipping Board stands 5 to 2 in favor of accepting the United States Lines and that only Chairman T. V. O'Connor and Vice Chairman E. C. Plummer favor awarding the vessels to the managing operators. The contro- versy has led, incidentally, to two resolutions in Congress seeking investi- gations into transactions of the board. | The President's interdepartmental committee, which comprises Postmaster | General Brown, Secretary of the Navy Adams, Mr. O'Connor and Secretary of Commerce Lamont, has its finger in the pie, since it passes on ocean mail contract provisions. It also has been unable to come to a definite conclusion. Committee to Be Named. | President Hoover now has stepped in himself and announced that he will | appoint a committee of outstanding business men to go over the ground the Shipping Board has covered. He se- lected H. G. Dalton of Cleveland as chairman of this committee. This move "hsa unquestionably aroused resentment {on the part of some members of the | board and of the shipping world. It is felt by these individuals that the com- mittee will usurp the power of the | board as given it by Congress. In the meantime considerable delay in the solution of awards of the two freight lines is in prospect. (Copsright, 1930.) KANN ESTATE TOTALS MORE THAN $2,000,000 Special Dispatch to The Star. | BALTIMORE, June 13.—An {inven- | tory of the personal estate of the late Sigmund Kann, president of S. Kann & | Co., ‘Washington, filed in Orphans Court yesterday, shows total holdings ASZ.?{I.OSg,QQ. mong the larger stock properties | were 150 shares of American Tobacco, $38,400; 150 shares of Atlantic Coast | Line, $25,200; 113 shares of Louisville- | Nashville Railroad, $15,029; 150 shares |of Southern Pacific Railroad, $18,950; 150 shares of United States Steel, $27,- 348; 225 shares of Eutaw Copper, $31,- 1950: 832 shares of Arundal Corpora- ‘Nan. $35,776; 56 shares of National | Bank “of Washington, $14,000; 841 | shares of Houston Oil, $56,349. Cash |in bank at the time of Kann's death amounted to $127,365. TIRE PRODUCTION. NEW YORK, June 13 (#).—Produc- tion of pneumatic casings during April | this year amounted 6,024,045, compart.i ‘Wlth 5,187,970 in March and 7,883,805 |in April last year, the Rubber Manu- facturers’ Association reports. Ship- | ments in April this year totaled 5.429.- | 096, against 5,031,820 in March and 7, 1294372 in April. 1929. The inventory | at the end of April was 13,948,277, com- | pared with 13,468,970 in March, and 16,929,077 in April last year. |of STOCK AND BOND AVERAGES (Copyright. 1930. Mandard Statistics Co.) rative Bldg. Ass'n 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits $1,755,911.57 Subscription for the 99th Issue of Stock Being Received matic Investing! ular, Constant investing ou nearer your goal than haphazardly saved. 915 F St. N.W.