Evening Star Newspaper, June 14, 1930, Page 14

FINANCIAL. %HE[I] BUSINESS AID Industry Is Expected to Go Ahead With Plans for Expansion. H BY JOHN F. SINCLAIR. JBpecial Dispatch to The Star. NEW YORK, June 14.—The stock market leaders came back strong ves- terday and gave the bears a trimming. United States Steel, the leader, showed strength and encouraged the rest of tha list. The foreknowledge that the Hawley-Smoot tariff bill would pass the Senate was considered a factor in market use. That the House of Repre- sentatives will pass the act today is generally accepted. ‘Will the President sign the bill? So far there are many observers who say that he will veto it, but the ity of those “in the know will sign it as soon as it reaches his desk. ‘Whatever the President does, the tariff question, after 18 months of un- certainty, will be disposed of in the next few days. Busipess will be re- lieved to get the job out of the way, 0 as to.know just how to proceed. Nine companies in the United States have more than 100.000 stockholders each, according to the latest official yeports. The American Telephone & Telegraph Co. leads the list with 490,- 000. The Cities Service Co. follows with 359,000, General Motors is third with 218,392, the Pennsylvania Railroad | fourth with 206,470, and the Associated Gas & Electric Co. fifth with 190.139. The_other four follow in this order: The Transamerica Corporation with 175,000 the Standard Oil Co. of New Jersey with 103.677, the Public Service Corporation of New Jersey with 105,726, and the Anaconda, which moved into the 100,000 class since the stock market h. eras] It would not be surprising to have 1t recorded that at the end of 1930 the number of corporations in the 100,000 stockholder class will be doubled. “Buy stocks when they look the worst, snd sell them when they look the best,” is the advice followed by many successful brokers. ‘The market has been listless, with a tendency to soften and sag, except in a few particular stocks, during this past week. It reflects, undoubtedly, the waiting tendency evident throughout the country. . How Jong will the trade reaction last? s the uppermost question now. The Alexander Hamilton Institute, after making a study of trade cycles, found the average length of industrial re- actions during the past 40 years, was approximately 11 months. As the pres- ent drop in business started about July last year, we should now be pretty well through the worst. ‘The Brookmire Economic Service be- leves that factors are working which ‘will bring about a recovery before many more months. “Two important factors pointing to- ‘ward business recovery before the end of the year are cheap money and low ity prices,” says this service. *“Cheap money alone is not enough to cause a recovery in business, but it is & powerful aid toward recovery when conditions become favorable.” As this column has stated repeatedly, & major handicap to business recovery seems to lie in the field of foreign trade. Purchasing power throughout the world has been declining for 12 months. ‘When John D. Rockefeller, sr., estab- lished the General Education Board in 1902 for the purpose of promoting edu- cation throughout the United States, he turned over to the board assets with & ledger value of $61,189,300. Most of this amount was invested in Standard Oil stocks, carried on the books at very conservative figures. The board has spent many millions and given away other millions. Yet its last issued statement showed assets with & ledger value of $65,533,640, of which 2 per cent is in various common stocks. Now these common stocks, which are carried on the board’s books at $47,139,- 642, were worth on the market yester- day $89,083.000. Substantial stocks held include Stand- ard Ol of New Jersey, South Penn Oil &ol.. Ohio Oil Co. and Anglo-American The General Education Board is the most successful investment trust in ex- istence. Exports of United States foodstuffs | direct to the European markeis showed up well in 1929, increasing $8,000.000 in value over 1928. During last year the total of all foodstuffs shipped was $430,- 000,000 as compared with $422,000,000 in 1928. Grains and grain preparations com- 31.9 per cent of the total, while it and fruit preparations, 21.5 per THE EVENING- STAR. WASHINGTON, D O, SATURDAY, JUNE 14, 1930. FINANC IAL. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued on Page 13.) ~Prev.1930—~ High. Low. B6% 101 274 Stock and les— Add 00. B Dividend Rate. 7214 Penua R R (4). . 94% Pere Marg or pf (5) 23% Petrol Corp (1%)..., 34% Phelps Dodge (3)... 11% Phila Read C & I 8t Philip Morris (1). 29% Phillips Petrm (n2). 695 Plerce-Arrow pf (6). 1 Plerca Ol 2% Plerce Petroleum. Pilisbury Flour (2).. Poor & Co (B) (2)... 28 ( 21 il 226 1 Pipe L (16).. d Steel Car. ... 524 Proc & Gamble (2).. 6% Prod & Refiners. 811 Pub Serv.N J 121 Pub S J p 6815 Pullman Corp (4) 14 Punta Alegre Sugar. 214 PureOfl (1%). 110% Pure Ofl pf (8). 631x Purity Bakeries (4). ' Radio Corp. Radio Corp (B) # Radlo-Kelth-Urph A . 70 R R SeclCstkC4). 4« 33 Raybestos Man 2.60. 110's Reading Rwy (4) 43 Real Silk (5). 25% Rem Rand (1.60). 9 Reo Motor Car (8 50% Republic Steel (4) 9313 Republic Steel pf 27 Reynolds Metls 2. 4 Reynolds Spring. 49 Reynolds Tob B (3). 17% Richfield Ofl (2)..... 16% Rio Grande Vil (2). 43 Ritter Dent Mfg (13) 32y Rossia Insur +2.20). 494 Roy Dutch (al.3415). B6in Safeway 1ed). . 94 afeway pf (6)..... 40 St Joseph Lead (13). 104 St L-San kran (8). 58 St L Soutnwestern. 20% Savage Arms (2). 414 Schulte Retail Stri T'4 Seaboard Alr Line. 9% Seagrave (e1.20). 75% Sears Roebuck(32%4) 9% Second Natl Iny. 1% Seneca Copper. % Servel, Inc. 20% Sharon Stee! oo 19% Shell Union (1.40)... 975 Shell Un Ol pf (5%). &% Shubert Theatrel 301 Simmons Co (3) 21 Simms Petrm (1.60). 21% Sinclair Con Oil (2) 2814 Skeliy Ofl (2). 93! Skelly Oil pf(6). .. 26 Sloss Shefleld Steel. 54 Sloss-Sheflield pf (7) 100 19% Sou Porto Sug (1.40) 561 Southern Cal £d (2). 113% Southern Pacific (6). i 101%% Southern Rwy (8)... 19% Spang-Chalfant..... 13% Sparks Withngtn(1). 20% Stand Branas (1%) 4 Stand Comm Tob. 10214 Stand G & E (33%) 100 Stand Gas& EI pf(6). 55 Stand O of Cal (23%). 98 Stand Oil Exp pf(5). 34% Stand Oil of Kan (2) 58 Stand Oil of N J(12). 31% Stand Ol N Y (1.60). 1% Stand Plate Glass. .. 214 Stand Plate Glass pt 104 Sterling Sec (A).... 12 Sterling Sec p£(1.20) 36% Sterling Sec cv pf(3) 25% Stewart-Warner (1). 77 Stone & Webster (4). 30% Studebaker Corp (4). 5% Superior Oll. 16 Superior St s Symington (A). 12% Tenn Cop & Ch (1).. 50% Texas Corp (3)...... 53% Tex Gulf Sulphur(4) 13% Texas Pac Land Tr. 204 Thermoid Co «2). 7% Third Avenue. . 31 Third NatlInv (3).. 6) 19 - Catonrnre o mmoe 68 4 1 1 s 1 3208 3 1 1 7 22 14 75% 930 Low. 36'% Thomps igh. Low. Close, 74N T4% 100 i1 Thomps 14 Timken 64'% Timken 2% Tob Prof 11% Tri-Con 14 10 Union B: 41% Union O 215 56 36 4 31% Utd Gas 61's US Frel; 19 4 15 18% U S P 58% U S R 46% U 8 Rub 21% U S Smel 48 U S Sme! 160% U S Steel 141 U S Steel 312 Vadasco 49°x Vanadiu 105% Va El & 65 38 wabash 75 Wabash 24'% Waldor? 58 15 - Warner-! 971 W 105% Wi 21% Western 401; Western 166 Western 40 Westing 2 140 ting! 133 Westhse 29% 31 White M 19'% 674 Worth P 88. Worth Pi 67% Wrigley 108 Hackens! 1% Phillips payments based on the kX Dividend Rate. 23Y% Thompson Prod(2 40 40 Thomp-Star pf (33%) 10% Tide Water As (60c), 2% Tobacco Produets. .. 78 Tobacco Products A. 894 Tri-Cntl Corp of (6). 30% Trico Prod (2%) Truax Traer (1.6 93% Und-EIl- 74% Union Carbide ¢2.60) 371 Vick Chemical (234). 25% Walworth Co (2) 4} Ward Baking (B). d Baking pf (7).. 38% Warner Bros Plo (¢). 397 484 Warren Bros (3).... 50's Wess O & Sn pf (4).. t Peun El pt (8 Penn El pf (7). 20 104% West Penn Pw pf(6). 60s 1131 West Penn Pw pf(7). 10s Dividend rates as given in the above table 5 Unit of trading less than 100 shares. §Payable 1n scrip. Sales— Add 00. Hish. Low. Close. Close. 1 394 39% 349 15 26 26 10 12% 4 30 6 7 on (J R) (3). on Starrett. . Ax(80c). Roller (3) 1 3! ddivetfsA. 1 164 Transcontl Ofl (30¢) 474 27 tl Corp...... 4 1 1 69 5 Fischer (5). ag & Paper. . 11 of Cal (32) Union Pacific (10) 4314 Utd Atreraft.... Utd Aireraft pf (3). Utd Biscuit (1.60) ... 44% Utd Carbon (2) Utd Cigar Stores, 30% Ctd Corporation. , Tt Utd Electric Coal. 861 Utd Fruit (4) & Im 41 Utd Stores (A) 184 U S & For Secur. ght (3) U S Hoffman (2). U S Alcohol (17).. % US Leather...... U S Leather (A). [t &F ty (6). 21 U S Rubber. ber 1st pf. 1t Ref (334). 1t Ref pf 3% 147). 1t (7) 2% Univ Pipe & Ra 3lix Utll PWr&Lt A Sales corp. m SUl (14).. 363 2 Pwr pf (7).. 208 Vulcan Det (4). = 2 pf(A) (5).. Systm(13%4). 3 5 1 3 Quinlan (1), 2 3 1 1208 Md. Pacifie pf Unlon (8).. hse .. B (2). hse E&M (5) E&M pf (5) Weston El Instr (1), otors (2)... 364 White Rck MS(t4%4) 614 White Sewing Mach, 111s Wileox Of' & Ga Wilcox & Rich B 6% Willys-Overland. 66% Willys-Over pf (7) 31z Wilson & Co. 571 Woolworth 12.40). ump. ump( (Wm) (4) 12% Yellow Truck....... 362 Youngs Spring (3). Young Sheet & T (5). 5% Zenith Radlo........ RIGHTS EXPIRE 18% Am Tel & Tel.Aug 1 19% Ches & Ohio..July 23 1% DuPont deN .July 15 W Gamewell. June 23 15 .July 1 108 une 16 457 k W Pet. e the annual cash early declarations. 1Partly extra. tPlus 4% in stock. a Paid last year— latest quarterly or hal TPlus 9% . b Pavatle in stock d Payable when earned. e P 5% in stoc cash or tock oD Sock. J Plus 8% 1n stock. {Plus 10% in Plus 6% in eto k. Bl §% I8 Sock” APR Rail Stocks BY GEORGE T. HUGHES. (This is the third of a series of brief analyses by Mr. Hughes on railroad se- Curities. The intent is not to reco mend the purchase or sale of any ticular_stoek, but to give the investor such information as may enable him intelligently to chart his own course.) In one respect, investment in rail- way stocks is safeguarded better than in any other kind of securities. There is no class of corporations about which so much detailed statistical information is available as there is with the rall- roads. Under regulations laid down by with allowances for the seasonal trend, may be estimated the margin over fixed charges and the amount of earnings per share on both .the common and preferred stocks. These reports are printed regularly on the financial pages ot the newspapers, and the data they cent, and edible animal oils and fats amounted to 20.1 per cent. The United Kingdom took over $200,- 000,000 of the total; Germany took $71,729,954, and the Netherlands, $49,- 011,661. Other leading markets, in_the order of their importance, were: Bel- glum, Italy, Denmark, France, Sweden, Norway, Greece and Finland. Europeans are buying more American canned goods than ever be- fore, with pears and peaches leading. Exports to Europe in this field have reached a total of more than $2,000,000 & month, Chain store competition has brought about some interesting changes in de- partment store operation. The steady decline in net profits during the last five years has forced department store executives to adopt chain store methods. Several factors, such as increased taxation, advances in rents and salaries, are responsible for these changes, but the chief influence has been chain store competition. The definite eco- nomic advantages which the chain store claims over the department store are greater capacity for mass buying, abil- ity to sell standardized goods at lower prices, and economies in co-operative advertising. Meeting the chains on their own ground, many department stores have resorted to chain management. Dcpart- ment store chains grew from 189 in 1927 to more than 500 today, including almost 6,000 units. The majority of these chains were established by the consolidation of existing stores, each store preserving its identity. For the last three years the mergers of depart- ment stores have outnumbered those in any other field of retail trade. ‘These chain department stores are meeting with a fair degree of success, but the movement is still too young to furnish any conclusions as to the future Decentralization has been the chief need of the department store, and the chain organization secms to be a distinct help in the right direction. (Copyright, 1930, by North American News- paper Alliance.) HEADS COAL OPERATORS. ‘RICHMOND, Va., June 14 (Special) — R. S. Graham, vice president of the ‘Wise Coal & Coke Co., was elected president of the Virginia Coal Operators’ Association at the annual meeting. J. L. Osler, vice president and general man- ager of the Blackwood Coal & Coke Co., ‘was elected vice president, and C. B. Neel re-elected secretary and treasurer. Directors, elected by the membership at the April meeting of the association, who selected the officers at the meeting this week are Lee Long, Dante; D. D. Hull, jr., Roanoke; J. D. Rogers, Nig Stone Gap: R. S. Graham and W. R Fleming, Norton: A. W. Wagner, St Charles; George J. Walker, Drill; C. E. Ralston, Middlesboro, and J. L. Osler, Blackwood. 4 el R s contain are easiy analyzed. No in- vestor need be in the dark as to the progress or lack of it any particular carrier is making. This cannot be said of industrial cor- porations as a whole. Some of them, as, for instance, United States Steel, give out complete statements at regular intervals, but the majority of them are less frank and some keep their share- holders uninformed except for an an- nual report. The market for railroad stocks does not always immediately re- flect changes of trend in earnings, but that merely gives an investor, as dis- tinguished from the speculator, a bet- ter chance to protect himself. There are unknown factors about some rail- road stocks, but they are connected with their value to other lines for merger purposes and with the value of their fixed assets, which the balance sheets often understate. No other kind of stock is more acceptable at the banks as collateral for a loan than a railroad issue. For all the principal raflroad stocks there is an active and close mar- ket, Finally, whatever doubt there may be about the present investment rating of the stocks, there is none about the bonds. The higher grade of railroa bonds are bought in large lots by banks and by financial institutions, and are regarded as the most conservative type of investments. The higher grade of railroad preferred stocks scll on a lower yleld basis than do the corresponding industrials, §: All this is testimony from ‘the best source to the stability of the ral roads in our economic structure. LOWER RADIO SALES Sales of radios in 1930 are not apt to show any increase over those report- ed for 1920, says the Brookmire Eco- nomic Service in its latest survey of the field. “Profits for the industry will be small, owing to losses taken in liqui- dating _inventorics carried over from 1929. Business in the fourth quarter of 1930 may very easily run ahead of the same quarter of 1929, but any gain is not likely to be sufficient to offsct re- duced profits during the first three quarters.” INVESTMENT TRUSTS NEW YORK, June 14 (#).—Over-the- counter market. Assoc Stand Ol Shares......... Deposited Bank Sh Series N Y. Diversified Trustee Shares A Diversificd Trustee Shares B Trustee Stand Ol Shares A Trustee Stand Oil Shares B U 8 Elec Lt & Pr Shares A U 8 Elec Lt & Pr Shares B U 8 Elec Lt & Pr Shares A U 8 Elec Lt & Pr Shares B Pilms of gold and silver, beaten to lieve ‘that these metals contain valu- the bridal couple left the church under ahle modicinal analities. the Interstate Commerce Commission, | each individual road publishes monthly | |its gross and net incomes, from which. Following the wedding of Dr. W. infinitesimal thinness, are being used | Tweddell, English amateur golf cham- to decorate foods in some parts of |pion in 1927, and Miss Dorothy Hill- India, where the wealthy natijes be- man, at Birmingham, England, recently, PLATT INDORSES BRANCH BANK PLAN Vice Governor of -Reserve Board Believes It Will Reduce Failures. By the Associated Press. Edmund Platt, vice governor of the Federal Reserve Board, is the latest ad- | ministration official {5 indorse branch banking, charging that lack of it is re- sponsible for a goodly proportion of present day bank failures. Speaking before the June quarterly meeting of the New England Council | today, Mr. Platt declared the whole ex- | hibit of bank failures is a “disgrace to the country and certainly should not be permitted to continue if a remedy can be found, whether the remedy is popu- lar or unpopular in the banking fra- | ternity.” As remedial measures, Mr. Platt sug- gested that national banks be given the same privileges with _relation to branches that State banks have, and that in all States national banks be permitted to establish branches through consolidations in trade ereas with dis-| cretionary powers being vested with the | controller of the currency for extension where necessary in order to secure the diversification essential to safety. 5 “Banks have a common law right to establish branches,” the official said. “In many States this right has been lost | through restrictive _legislation,” he | added, “some of it mot originaily in- | tended to prohibit branches. The ob- | vious thing to do is to repeal some of the restrictions and allow some freedom of natural development. Branch banking is really a country bank proposition, Mr. Platt said. New | York and Chicago bankers are general- |1y opposed to it, he declared, having learned many years ago that correspond- ent banking serves them best. Ampli- | fying this statement, he voiced the opin- ion that as long as the banking units | out in the States can be kept compara- tively small the biggest and best busi- ness must come to the big citiés, and the country banks themselves, through their correspondent accounts, must fur- nish a large part of the funds with which this business is taken care of. “The present bankers exactly,” he summed up, wiy should they worry over the con- tinued failures of a lot of little banks | off somewhere in the distant prairies?” “Our present system of banking was represented as faulty in that it was not strong enough to stand up under ad- | verse conditions.” | _ Prohibitionary easures of present banking legislation has a rather serious effect on membership in the Federal Reserve system, Mr. Platt said, citing specifically the fifth or Richmond dis- trict, where many country banks, some of them large, have resigned in order to enter branch banking organizations under State laws. This situation is so acute, he said, that Gov. Seay of the Richmond member has declared mem- bers of the Federal Reserve system should be able to establish branches throughout States which permit their own State banking institutions to estab- lish branches. FOBTEIGN EXCHANGES. (Quotations furnished by W B Hibbs & Go.) Nominal gold Selling checks value (orpar) _ today | London, sl | Baris. Brussels. | Berlin, ome Zurich. Athens. 3.86c 5 5237 r 19.38¢c drachma peseta. schilling | 35a37; Washington Produce Butter—One-pound prints, 371,a381%; tub, 35a36. B S 24a25; Eggs—Hennery, ceipts, 2215a23. Poultry, alive—Spring broilers, large, 40a42; small, 32a35; Leghorns, 20a2 fowls, 23a24; Leghorn fowls, 1 g ducks, 15a18; geese, 15: capons, large, small, 30a33. Dressed—Sprin; chickens, large, 45a48; small, fowls, 27a28; capons, large, small, 30a33: ducks, 24a25. Meats, fresh killed—Beef, 20a23; veal, 20a22; lambs, 25a28; pork loins, 28a3: fresh hams, 25a27; fresh shoulders, 22; smoked hams, 27; smoked shoulders, 22 bacon, 27; lard, in packages, 13; in bulk, 12. oLive stock—Calves, 10; Spring lambs, Fruits—Apples, box stock, 3.25; oranges, California, 7.50a9.50; lemons, 7.00a7.50; watermelons, 75a125; can: taloupes, ,umbos, 3.00a3.50; standard: 3.00; ponys, 2.50; strawberries, 6.00a 9.00; blackberries, 2.00a4.00; currants, 6.00; pineapples, 3.50a4.00; raspberries, 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, , 5.50a6.00; old, 120-pound sacks, 3 sweet po. tatoes, 2.50; tomatoes, 1.10a1.2: beans, 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 1.00; corn, 2.00a2.25. current re- CREDIT ASSOCIATION FORMED IN MARYLAND Special Dispatch to The Star. BALTIMORE, June 14.—A mutual credit association of Maryland County retail merchants has been incorporated as the County Credit Men's Association of Maryland. s The charter granted the corporation empowers it to conduct a general mer- cantile agency, to gather credit informa- tion and provide for the general col- lection of accounts. The incorporators of the new asso- clation are J. Charles Eckel, B. Townshend, H. R. Liffpy, P. R. Gar- rett, E. P. Cullison, C. J. Benson and G._B. Caltrider. Mr. Eckel has been elected president of the organization, Mr. Townshend vice president, and Kenneth N. Tracy, sec- retary. Mr. Tracy will be in charge of the association's central office at Hamp- stead, Baltimore County. The new County Credit Association will co-operate with other similar asso- ciations of the country and membership will be open to county merchants throughout the State. CHEAP CREDIT EXPECTED TO STIMULATE TRADE A further attempt to stimulate busi- ness by an additional injection of cheap credit into the market is considered a possibility by the Brcokmire service. “The Federal Reserve rediscount rate now stands at as low a figure as has ever existed, but a further cut would not be entirely unexpected. We have re- peatedly stated that cheap money alone is not sufficient to cause a business re- vival. It is, however, an aid toward that end and serves as a cushion to any further decline which may develop.” BUILDING CONTRACTS. By the Associated Press. Building contracts executed in the region east of the Rocky Mountains rose sharply during the weck ended June 7. Reports filed with the Bureau of the Census indicate the present level is now considerably in excess of the correspond- ing period of last year. Figures for comparable periods follow: Week ended June 7, $21.586,000. . “2l0 Copenhagen, an archway of golf clubs. .o crown. | Oslo, crown. . Stockholm, ere Previous week, $17,317,000. Same week last year, $18,849,000 | an irregular appearance. IHIGH GRADE BOND ISSUES ARE FIRM Prime Group Works Upward at Short Session—Trad- ing Is Quiet. BY F. H. RICHARDSON. Special Dispatch to The Star NEW YORK, June 14—High-grade bonds worked quietly higher today, though the rest of the list presented There was no outstanding activity anywhere except | in the _case of the new German Govern- ment International 5';s. which went to & new low, off fractionally from Friday's close. Encouraging the market was the sug- gestion that the Bank of England rate will likely be reduced again next week, thus pointing to still lower money rates in_this market. 5 However, the new capital market con- tinues overloaded with new issues that | are moving too slow to suit the dealers. This condition has resulted in a_much higher cost for long-term capital than is warranted by existing money rates. Moody's. Service fixes -the -average cost of long-term capital in April and May at 549 per cent, against 554 in the first quarter and 5.64 in the second quarter of 1929. Against this money rates stand at about 3.3 per cent. How- ever, it is pointed out that the capital market usually lags considerably behind the money market and that a declining cost of long-term new capital is to be expected for some time to come. While prospective municipal issues for the coming week total about $23,000,000 compared with $57.000,000 this week and a weekly average for the year of $32,500,000, a number of large industrials are in sight. One of these, to be offered Monday, consists of $60,- 000,000 Union Gulf Pipe Line 20-year 5 per cents. These will be offered at about 9. 'Large municipals expected to be’ brought out in the next two or three weeks include $18,970,000 Chicago Im- provement bonds, $18,000.000 Arkansas State bonds, and $5.000,000 Essex County, N. Y., bonds. The New Jersey Power & Light Co. has secured ap- proval of an issue of $7.000,000 first mortgage 41: per cent bonds. The minimum price is set at 88. United States Government bonds con- tinued strong today. Prime railroad mortgages such as Chesapeake & Ohio 25, Union Pacific first 4s, Frisco “A” 4s and Pennsylvania 4'.s were fraction- ally higher and at their best prices of the current movement. So were In- land Steel 41.s. Standard Oil of New York 4'.s. Columbia Gas_ 5s. Utah Power & Light 5s and New York Tele- phone 4'2s. Convertibles were weak and dull. CHICAGO STOCK MARKET By the Associaled Press. CHICAGO, June 14.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange today: STOCKS. in thousands. High. Low. Close. 50 Allied Mot 121 12 12 900 Bendix 850 Borg-W. 34 200 Brown Fence & W A 300 Butler Bros 9 43 12 94 27 rv D o3en West 2415 50 Chi Cit & Con Rys pi 12% rD. 13 4034 3T 96 27 T 75 Gomonwith Edison.. 300 Duguesne Gas 11l 2100 Electric Household 100 Electric_Research Lab 30(%) Foote Gear & Mach. . 250 General Theater Ea.. 230 General Theater Ea.. nel & Co. Houdaille-Hershey 130 Tllinois Brick 250 Tnsull Uil Tnvest . 150 Tnsull, Ut In pf 2d sef 20 Co of Am....... trs A le ‘West Util hew 3 s t 7P A1 1 3130 Mo-Kansas Pipe Line 364 1900 Mo Kan rts s Mot ‘Com TR tional 300 National Union Radio 50 North Am Car...... 4 50 North Am Gas & Elec 1150 Nor Amer Lt & Pow 100 N g n it Am A 400 T 250 Un! 2000 S io Stock sales today, 23 BONDS. 28000 Insull 65 '40 Bond sales today,’ §33.000 NEW YORK, June 14 (Special).— Under the heaviest selling movement of the week, cotton prices broke badly today, July contracts selling off a half a cent and new crop months off 14 cent to new low records of the year. July broke below 14 cents and new October below 131, cents, the heaviest loss being recorded in the last half hour of trading, when the decline in wheat below the $1 mark and a weak stock market precipitated general liquidation. Spots were off 55 points to 13.95. Cotton ranze: Ci e October, ‘old . October. new " December, old December. new January, old . Jenuary, new March X 1y ... 1029 102% Low. Close 85 13.8: The Furness Shakespearean Library Lib 4th 4s. US3%s"43 Argentine 6s Ju 59 Argentine 6= Oct'59 Argentine 518 °62. Argentine s A.... Argentine Cs B Australia 68 ‘55 Australia 43 Austria 7s Bank of Chile 8% Bank of Chile 6%s. Belgium 8s. . Relzium 6%s Belgium 7s”! Belgium 7s '56. Belgium 8s. . Bolivar 7s ‘58 Bolivia 7= ctfs '69. Bolivia 8s . Bordeaux 6s. Brazil 61s '26. Brazil 6148 '27. Brazil 7s. Bremen State Canada 5s'31 Colomba 6s.Jan '61 Copenhagen 43%s '5" Con Pwr Japan 7s.. Cuba 5%s, Czecho 8s ‘51, Danish Munic 8s A. Dermark 415 { Denmark 5%s ‘55 [ Denmark 6s Dutch Fast Ind 47. Dutch East | 65 '62. El Salvador Ger § German EI P 6% Greek 6s'63..... Irish Free State 5s. Italy 7, . italian Pub Sve 7; Japanese 4s e Japanese 5145 "65.. Japanese 6%s. ... Karstadt 63°43. ... Kreuger&Toll 55 ct Lyons 6s. Marseflle 6s. Milan 6%s.... New So Wales 58 Norway 6%s '52. Orfent dev 514 58 Orlent Dev 6s 53 Paris-Lyons- M 6 Paris-Ly-Med 7s. .. Paris Orleans 6%s. Peru 6s '60. e Poland 7s (rets). ... Queensland 6. .... Rhinelbe Un 7n. ... Rhine Wst EP 6553 Rhine West6s 53 Rhine Wst EP 7850 Rio de Janefro 63 . Rome 6% R'y’l Duteh 4%, Saxon (PW) 7s. Seine 7s *4. | Serba Cr Siov 7a. rbs-Crot-Slo Solssons 6s. .. Swiss 5145 '46 | Swiss Confed Tohn F1 Pwr 6532 Tokio 515 '61 Utd Kingm 55 '37 Urugnay 6=°60. Uruguay 8s. Yokohama 6s. Abram&Straus 5l s Alleghany Cp 6 ‘44 Alleghany 5= '49. .. Am AgriChem 7148 Am Beet Sugar 6s.. Am Chain 6s '33 Am For Pwr 55 2030 AmIGChb%s'4 Am Int Cor 5158 " Am Nat Gas 6155'42 Am T&T ev4 148'39 Am T&T 5%, : Am Water Wks bs. Armour&Co 45’39 Armour Del5%s. Asso Ofl 6s. Atl Refining Bethlehm St1 om s Reth Steel rf s Bush Term Bldg Chitle Copper 6= Colon Of1 fs '38 Com Invest 6s *48 Con Coal MaA. b Con GasN Y Flgn. . Consumers Pwr §s. Det Edison 58 *40 Det Edis=on s Gen Mot Ac Cor Gen Pub Sve 5%s. Gen St Cast 5165°49 Gen Thea Eq €3 40 Goodrich 6%s. . Goodyer 63 rets Hoe & Co 6158 Humble O & R Humble O & R §%s Ili Bell Tel §s... .. Inland Steel 43 "78 Intl Cement 53 48 Intl Mateh 5 f ntl Mer Mar Intl Paper 6s. ... Intl Tel & Tel 43 Intl T&T 4% = cv. Kan City P & Lt 5s. Kan G & E 6s 52. Kendall 5%5s'48 ww Lackawanna Stl 5s. Laclede Gas b; Lautaro Nitrate fs. Loew’s s w o war. Lorillard bs..... Lariliard 6%s Lortllard (P) s Lou Gas&El 5s '52. Midvale Steel b8 Morris&Co 1st4%4s. Nat Dairy b3 N Y Edison 6% N Y Tel 4l N Y Tel 6349 North Am Ed No Am EA 5% Nor Ohlo Tr&L Nor States Pwr 5 Nor States Pwr 6; Pacific Gas & Kl 68. PacT& T 1st Paramount 6s '47. .. Pathe Exchange 7s. Phila Co 53 °617. ... Phila & Read 65°49. ‘62 Rem Rand §%s war Sinclair O11 614 Sinclair 01 7s Stnclair Crude 5% s S'ncialr P L §s. South Bell Tel 5 Southwest Bell Stand Of1. NJ "4 SundOIL N'Y 4%s Sug Es Orient Ts... and_collection, recently bequeathed to | the University of Pennsylvania, is with- out equal in the United States. Even the British Muse: cannot boast an equally comprehe: collection of books by and about the bard. Tenn Cop 6s B "44 Tenn El Pwr 634’ Tex Corp ev Transcontl Of United Drug 1 Int] Tel&Tel b '55. 2 10 4 12 5 10 2 15 5 5 1 34 1 5148 rets 275 German Bank 6s°3. 20 4 15 1R 1 101 30 Low Close 6 100 28 100 28 2 . 193 102 ¥1 10222 10220 2 10113 10113 2 10120 10120 FOREIGN. Sales. High. . 104% 100% | & 95 96% 1031 109 11 1091% 109 103% B3l B3l 91% 101% 103 105% X944 110 i 109% 1020 108% 117% 122% 20 9014 9614 1074 103% 87 98% 9874 968 971 91 103% R 96 105% 104 90% 414 105 98% 101% 103 102 89% 97 10414 105% 10215 764 868 984 105 £Om 104 9615 108% 97 MISCELLANEOUS. 5 101% Am Smit & R 1st 63 = Gen Thea Fq 6s'44. 1 e PuaRLER cOSnEBnR 9 10 3 100% 10014 o2l 1010 105 101% 1028 10814 1175% 12:% USRub istrf U S Rubber 7%s. Utah Pwr&Lt s, Walworth s Walworth 6 Westn Union 6s’'51. Westn Unfon 6%s. White Eagle 51 Willys-Ov 6%s '3 Wilson & Co Youngstn S &T 5s. RAILROAD. Ann Arbor 4s. #3145 Atchison gen 4s Atchison ad) 4 Atl & Dan 1st 4 Atl Coast L 1st Atl Coast Line Rang&Aroos 4s '51. Boston & Maine bs Brdwav&7th Av b Bklyn Manhat 6x . Bklyn Un El 58 '50. Bush Term con 58, Can Nat 413 B4 4%s 68 Can Pac deb ¢s.... Can Pacific ctfs 5s. Can Pacific 58 '54. . Cent of Ga 5sC 69. Cent Pac 1st b8 ‘90 g:n&omo Corp b Ches & O 4% R 95 CR&Q4%8"17B. CR&QIstrfbs. .. h & E (11 en b 51 Chi Gr West 4x '50 Chi M&St P 4589 ChiMiIStP&P 58'75. CMSP&Pac adi5x03 Chi NW 43%# 2037 Chi& NW 4% 587 Chi& NW con 4% Chi'& Nw 6%s (CPIRI&Prt4n... 1023% 6% 8615 10414 106% 8215 4 103% 101% 834 1027% 101% 82 974% 118% 100% 110% S 1034 100% 98% 1037 105 91N 4 101 106% 103% 103 96% 1034 1031 10214 105% 108% 10% 9% 103 103% 100% w5 103% 105 103 9% 41 101 106% 1033 104% % ChiRIcv4ks Chi Un Sta 41 Chi Un Station 5s. CCC&StL deb 4%s CCC&StL 4% (E). Clev Term 418 °7’ Colo & Sou 4% Cuba Nor 5% ref Cuba RR bs. Del & Hud 1st rf 48 Del & Hud 6 Den&RGW 4 Den&RGW Ks '55. DR G&Wst fn'78 Det United 4%s. E Tenn Va&Ga § e 15t con 43 Erie gen 4n Erfe bs. 1967 Erie bs. 1975 Fla East CFs'14. .. Gt Nor 41%8'76(D) . Gt Nor 444=E w Great Nor gen 7s. . Hud & Man ref 5 111 Cent 4 '52. 111 Cent ret 4 1 Cent 4% s 111 Cent Chi 4 Int Rap Tr 5= stpd. Int Rapid Trans 6 Int Rapid Trans 7 Int & Gt Nor 5= '56. Int & Gt Nor adj 6s. Kan Citv Sou s .. Kan City Term 4s.. f.ake Share 4a °3) Lehizh Val con 4%s L&Nuntes ... L&N43452003. .. ManRy 1at 45°90.,. Market St 7s . Mill BI Rv&L 6261 M StP&SSM con 4s. M StP&SSM 5s gtd. MK & Tex ist 4a.. M K&T prin 6s(A) Mo Pacifle gen 4, Mo Pacific 5 A '65. Nio Pac 5x F 17, Mo Pachin G 78| Mob & O 41877, Mos * Trm ref 5841, Nassav El 48 '51 oni= o Ban® D6 menonSeia— ERadafianSem i % &St LE%SA &SIL 6332 . Norf&Sou en £8'64. Nor Pacific 2% 2027, or Pacific 48 Nor Pacifi ref Penna gen 4 Penna 4% = "63 Penna xen §s. Penna 5= "64. . Peanns 6%, Pere M 438 Port EI P L & Port RL & P 58’42, Reading gen 4% A. Reading J C 4s 51 Rio Gr Wat 1st 4 Rlo G West col 4. StLIM&S s StL & SF pl ¢ StL & SanFr in 108% 1037 109% 9814 100 4 100% 99% SEEa arna anBieesasnd sacnomaseSananoan o2 e r o] Sou Pac 6% 2'69 ww Sou Rwy gen ds. s 109% 118 5 124% 105% 1028 497 96 Tex Ark F'S 5148’50 Tex & Pac6s B"77. Third Ave ref 48°60 ‘Third Ave 1st 5. .. Third Ave ad) 6s.. Unlon Pac 1st 4, Un Pac 1st ref 4z, . Union Pac 4%s.... Wal 4% 878 ret Watbash 5%8 76 Western Md 4 West Pacific bn Wheel&LE rf 4%s GRAIN MARKET CHICAGO, June 14 (Special).—All deliveries of all grains sold at new low levels for the year today under general liquidation. Wheat led the markets down with July selling below $1.- Liquidation in that month and an absence of buy- ing power other than profit-taking by shorts accounted for the weakness. A contributing factor was the break in Winnipeg and the good rains over the Canadian west. Early in the day ex- tensive covering of a short line of July wheat had induced a fairly steady tone. Closing prices were 15 to 2V lower and for the week 6% to T'5 Jower. July, 99% to 9912; September, 10134 to 1017s; December, 106% to 106%. Corn was down sharply with wheat, selling at new lows for the season. Closing prices were 2'; to 23, lower and for the week 4% to 43, lower. July, 76% to 76%; September, 7612 to 76%; December, 711, to T1%. Oats closed 12 to 1% lower and for the week 23 to 37 lower. July, 36% to 3613: September, 37 cember, 403 to 401, Provisions sold low: 25 w3 annae eS8 alvu 1 2% Plans for a merger of the Pacific | Trust Co., into the Manufacturers’ ‘Trust Co. ve been approved by di- rectors. merger will be effected without capital increase by Manufac- turers’ and will be on a cash basis. MARKET IS NOTED Scarcity of Shipments Re- sults in Price Advance. Demand Active. An upturn in potato prices toc place just before the middle of thg month ~ owing_to probably tempora causes, says the United States Depart ment of Agriculture, Bureau of Agri- cultural Economics, Market News Serv- fce. Wet soil interfered with digging and shipments in Southern producing sections and daily carlot output for a while was scarcely more than 500 cars, compared with nearly 1,000 daily the previous week. Carolina potatoes ad- vanced nearly $1 a barrel in some markets and there were gains of 10 to 15 cents per 100 pounds on old potatoes in Northern Maine, also higher quota- tions on Maine potatoes in New York, but most consuming markets remained about steady. Demand for potatoes has been active this season and the underlying positiony seems to be fairly good. According to trade reports the output for June will hardly be greater than last year a%d probably much less than in June Of 1926 or June, 1927. Acreage has in- creased somewhat but dry weather cut down (he yield in some districts. Pro- duction in 19 early States, according to the June crop report, is only about one- and-one-quarter million bushels greater than the light output of last season. Early diggings from Northern produc- ing sections seem likely to find markets only moderately supplied. Prospect in Virginia. Virginia, which regularly ships one- third to one-half of the carlots of early potatoes, seems likely to have about the same output as last season unless recent rains have increased the yield considerably. Virginia will be a heavy shipping section in July, also Kaw Val- ley, Kans., and liberal supplies frork New Jersey may be expected in Augus!. New Jersey lettuce has been meeting with active competition from California and Washington and much of the New Jersey stock has been of ordinary qual- ity. Sales at 25 to 50 cents per two- dozen crate were reported in New York, the second week of June. Receipts were moderate to liberal in Eastern markets. Another year of moderate produc- tion of apples is in prospect, according to the June report, although the output may be a little larger than thal of 1929. Condition in Virginia is rather low at 34 per cent, compared with 57 last year, and in Maryland also the percentage of 50 is lower than that of June, 1929. The North Atlantic States | may produce a few more apples than last season but decreased productiornw seems likely in the West. A good crop of early apples is expected in producing sections of Delaware, but crop prospects are reported only fair in New Jersey end Pennsylvania and a light crop oA Baldiwns, the leading varicty, is pre- dicted, in Western New York. Apples of the 1929 crop are n=ariy out of market, but scattering sales are reported in Eastern markets at $1.50 to $2.50 per bushel basket. Early apples are begin- ning to appear in Southern markets. Holdings of apples in cold storage on June 1 were 94000 barrels, com- pared with 108,000 barrels June 1 lat yea 309,000 bushel baskets against 220,000. and 780,000 boxes compared with 631.000. Holdings in the Middle and South Atlantic States were 65,000 barrels, 176,000 baskets and 127,000 | boxes. In storage in New England 8,000 | boxes and 12,000 baskets were reporteda | Peach Crop. Conditions of the peach crop as re- ported in June was lowest since 1921 and total production on basis of condi- tion wculd be a little less than last year or the five-year average. Eastern markets are being supplied mainly from Georgia and North Carolina. They are mostly small and scll at $2 to $3.30 per six-basket carrier in Northern markets, but large sizes sell higher, up % to $5 in New York the second week of June. Outlook for the pear crop is slightly better than for apples, owing chiefly to large production expected in the Pacific Coast_ region and_favorable conditions in Western New York, but a light set is indicated, according to the June report, States, Combined production may be ag little larger than last season and the five-year average, but the prospect is for light yield in Maryland, Virginia and West Virginia. ) I Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., June 14-—Po- tatoes, white, 100 pounds, 2.25a2.75; new, barrel, 2.74a5.50; sweet potatoes, barrel, 2.50a4.50; yams, barrel, 3.00a 4.00; asparagus, dozen, 75a2.75; beans, hamper, 50a1.25; beets, 100, 2.00a3.00; cabbage, hamper, 50a1.00; carrots, 100, 2.00a4.00; celery, crate, 2.50a4.00; corn, bushel, 2.25a2.75; cucumbers, hamper, 25a1.25; kale, bushel, 40a65; lima beans, ¢ bushel.'3.00a4.00; lettuce, hamper, 15a 5; bushel, 1.00a1.25; green, 10 peppers, crate, 1.25a2.50; peas, bus ; radishes, 100" 1.00a3.00: spinach, bushel, 75a1.25; squash, bushel, 50a1.00; tomatoes, crate 1.00a2.50: apples, bushel, 1.25a3.00 blackberries, quart, 8a15; cantaloupes, crate, 1.15a3.25: oranges, box, 3.759 00 pineapples, crate, 3.50a4.00: strawber— ries, quart, 12a20; watermelons, 100, 35.00290.00. Dairy Market. Poultry, alive—Chickens, _springers, pound, 25a40; Leghorns, 20a30; old roosters, 13a15; old hens, 21a23; Leg- horns, 14a18; ducks, 18a20; . guinea fowls, each, 50a75: pigeons, pair, 25. Eggs—Receipts, 2,026 cases; .nearby firsts, 2215: hennery white firsts; 231,. Butter—Good to fancy creamery, » pound, 33a35; ladles, 24a25;. roll 4 25; process, 29a30; store packed, st hs 1 CHICAGO LIVE STOCK MARKET" CHICAGO, June 14 (®). {Umited States Department of Agriewitré) Cattle—Receipts, 500 head; compared a week ago with fed steers and year- ings, 50275 lower; largely 7Th&1.25 un- der two weeks ago’ practically ali-grades except light yearlings being at mew low for season; cows and butcher heifers, 50a75 down; largely 1.00a1.50 lower for the last two weeks on paper, but cattle getting grassier every week; bulls, 25250 lower; vealers, 1.00a1.50 off; réplace- ment cattle, 25a50 lower; largely steer and_yearling runs; best heavy steers, 13.75; practical top, 13.25; best year- lings, 12.85; best heifer yearlings, 11.50; most fed steers, 10.00a11.75; grassiest, » 7.5089.50; excessive receipts gnd bear- ish dressed beef trade weakening factor. Sheep, 4,000 head; nomifial; 2.900 direct; by the week 41 doubles from " feeding stations, 17,800 direct: com- pared one week ago native lambs and yearlings, 25a50 lower; under. grades mostly 1.00 lower; range lambs, 50a75 off; fat ewes mostly 1.00 lower; bulk sorted native lambs strong: to 12.25; few early, 12.50; top, 1273; common throwouts, 7.00a7.50; Idaho . lambs, 12.25a12.50; early top, 12.60; yeailings, 9.00a10.00; early top, 10.50%%early top fat ewes, 4.50; late top, 3.50; bulk, 3.00 5; 62-pound California, feeders, 9.00. Hogs—-6,000 head, including 4.000 head direct; limited trade, mostly top, 1030, pald for 170-220 : compared with a week ago, to- day's quotations mostly steady: ship- * pers, 200 head: estimated holdovers, 1,500 head: butchers, medium to choice.) 250-300 pounds, 9. pounds, 9.90-10.30; 9.90a10.30; 130-160 pounds, 9.60a10.30; packing sows, 8.90a9.60: pigs. medium to choice, 90-130 pounds, 9.00a10.00. SILVER QUOTATIONS. NEW YORK, June 14 (#).—Bar sil- ver, 34, | o BONDSmoesaam] |JPTURN IN POTATO " Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) High < in the Central and Southern ,