Evening Star Newspaper, June 16, 1930, Page 15

FINANCIAL. DECLINE IN CURB PRICES RESUMED Market Works Steadily Lower After Weakness at Opening. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, June 16.—Weak at the epening, today's curb market steadily moved to lower levels, registering scores | of new minimum prices for the year | as trading volume declined. i Call money opened at 3 per cent at | the curb post and later fell to 2'; per cent, but the market paid little atten- tion to money movements. Pivotal power and ‘petroleum issues, such as Electric Bond & Share, Citles Bervice. Standard Oil of Indiana, Amer- ican Superpower, United Light & Power A and Middle West Utilities were early leaders in the decline. Selling spread to industrials, sending American Cyanamid B, Aluminum Co. W of America and many other issues to new low levels. This movement quickly spread to investment trusts, carrying Goldman Sachs, American Investors B and others to record lows. The cut in export copper prices was immediately mirrored in such issues as Bwana M’ Kubwa, Hudson Bay Mining, Noranda, Consolidated Copper and New- mont Mining. Ohio Oil, perhaps _discounting its merger plans “with Transcontinental, sold off shortly after the official an- nouncement. Ohio Oil plans to split each of its present shares two for one and give 4-7 of a new share for each| ‘Transcontinental share. Ohlo then will apply for listing on the New York Stock Exchange. Passing of the class A dividend on ¥ Pilot Radio & Tube was followed within a few minutes by a half-point advance in the stock. The 30-cent quarterly dividend due at this time, it was ex- plained, was omitted to conserve cash, Pilot is transferring its tube business to Allan Manufacturing & Electrical Cor- poration for stock which will be dis- tributed at the rate of one Allan share for each Pilot share held on July 15. Detroit Aircraft Corporation eased on publication of its six-month earning re- port, showing a net loss of $733,077. Aviation issues, taken as a group, were decidedly weak and active, compared with their dullness and relative strength for_the six previous sessions. Utilities Power & Light slipped de- spite the signing of a contract with ASouthwestern Natural Gas Corporation to supply it 40,000,000 cubic feet of gas daily. Consolidated Gas of Balti- more weakened as a result of an ~ analysis indicating that gains this year will not be as great as gross increases & year ago. BONDS ON THE C MARKET. NDS. Bales in DOMESTIC BONDS. = Gge. 991, 991, 9dl4 98" 98" 98 % 156, 1007 1007s 1007 '45. 1183 111 1143 5 100 100 87 987 987 85 85 81 81 9% 9% 8 58 1Cin St Car 5'zs A '33 8042 Cities Zeller 65 ‘40 v PKg 5138 87s 987a Packg 55 '46101%4 10114 101'¢ Pow 5'38 '59 94’4 9415 941) Salt L s 60 69 ' 69 '50.. 1013 10134 1013 96 ' 96 ' 96 xw 97t €55 4T 997y S35 '50 103 P S 65 A 2026104% 10424 104 L 5s '37.... 98's 9% 98'a ww 73 1 75 S 98 98 9 6 43 118 1143 114% Flge 44 ww il3n 11314 1131 6 Miss R el xw.. 9413 9313 231} 15 Mo Pac R R 55 '80 wi 100 0 1 Morris & Co Ttas '30 1 2 Narragansett 58Nat P & L 8 SNat P& L 6s ] 8s - PSS 18 New Enz G& 2 New Eng G& IONYP&LW 24 Niag_Shares 8! 2 101 wom o anl e 45, 98 o8 ' a3 56° 10014 10014 1004 86 ' a4 ' n 5u 45 100 9 55 A 4R 831, 9311 93 Ry 65 & 52 90% 90% n Bweringen 65 rgin Ry 4)2s B abesh 5s D 80 10005 10012 1004 WéPow 5s 60 1022, 1023; 1023, 33 97 Tl 97la Tt 970 vest News Del 6s ‘A4 867a 88%a B8ta West Tex Ut 55 A ‘75 92's 92') 921, FOREIGN BONDS. 4 Buenos Aires 6':s '61 90': 1 Buen Air Pr 7i.5 '47. 100 4 Cent Bk Co 65 B '51 & Com Pr Bk 5':s '37.. 8% 39 Cuban Repub 5s '45.. 95% 95 2 Danish Con 5'zs '55_ 1004 100%, 100 1 B 8572 1X 97'a 91% Er 3 Yo § Finld R M 41st Bo k 9 Gelsenkirchen 6s '3¢ 14 Ger Cons Mun s "47 15 Gesfural 6s '53 ww.. 1 Hanover City 75 '39. 973 102 ° 102 * 102 * 14 Unit EI Ser 7 95% 95% 95% 2 Switzerland has banned all automatic ambling devices. THE EVENING STAR, WASHINGTON, D. €, MONDAY, JU FINANCI LT TRANSACTIONS ON THE NEW YORK CURB MARKET Notice——All stocks are gold in one hi exce] those d ted which —Prev 1930.~ High. Low. Aero Supply (B) Aero Underwriter Ainsworth (12% 4« Air Investors (war). Ala Gt Sou pf (17) All Am Gen Corp Allegheny Gas. 14 Alles & Fisher (2) 9 Allled Mills (80c). .. 4 Allison Drug 8t (B). 269'; Aluminum Co of Am 5 105'% Alu Co of Am pf (6). 108 Aluminum Co, Ltd 5 Am Bevera, 4% Am Brit 7% Am Br B fd sha 71 Am Capital (B). 374 Am Cit PAL(A)( 14 AmCP&L(B)(10%) 20% Am Colortype (2.40). 234 Am Com T(A) b10% 344 Am Cwith P(B)10% 1 Am Co'with Pwr war % Am Control Ofl Flds. 21 Am Cynam B (1.60). Am For Pwr(war). . 113% Am Gas & Eleo (21). 105% Am Gas&Elec pf(6). Am Invest (war) 14 Am Maricabo. .. 7% Am Natural G . 5% Am Pneumatic Sve 5514 Am Salamandra (3). 28% Am Superpwr (1)... 94% A.n Super 1st pf (). 10% Am U&Gen B vte 400 2 Am Yvette (n) w.i... 17 Amrad Corporation.. 9% Anchor PF (b10%). + Ariz Globe Copper. 8%, Arkansas Nat Gas. 8% Ark Nat Gas (A 7% Ark N G cu pf(60c).. 5% Asso Elec Ind (30¢). 394 Asso Gas & Elec. 35 As80 GEE (A) 12. 6% Ass0 G&E (A) dbrts 113% Asso Gas&E) ctfs(8) 3944 Asso Rayon pf (8).. 2214 Asso Tel Utll (b8% 14 At Coast Fish(1.40) % AtlanticFruit & Sug. 4% Atlas Utilities(war). 5% Auto Music A(11.05) 4 Auto Voting Mach. .\ 91 Auto Vot Ma ev pf pt 24% Aviation Corp of Am 12% Aviation Credit 2% Bahia Corp...... 147 Bell Telof Can (8).. 2008 Blisa Co (E W) (1) 7 6% Blue Ridge Corp. 22 33% Blue Ridge cv nf(a3) 15 27% Blumenthal (S) 2 1% Blyn Shoes, Inc 3 6 Bourjols, Inc........ 1 85% Brazil Trac & Lt (2) 134 21 Bridgept Mach (25e) 274 Brill Corp (B). 23 Brillo Mfg (A) (2 T Y ST E N 8% Butler Bros (30¢) 3% Bwana M Kubwa.... % Cable&Wire (B) rcts 31 Canada Marconi. ... 26% Carnation Co (31%). 197% Celanese Corp. 315 Cent Atlantic State: Y PRBRRI 1 O 25% Cent Pub Sve. Del 23% Cent P8 (A) (21.75) 4 Cen&SWUUIprinT. Cent States Elec $40c 72 Cent Sta El pf(6)xw. 4% Centrifug Pipe(60e) 8 Chain&Gen Equitles 2% Chain Stores Dev. 12 Chain Stores Stock. 22% Charis Corp (13). 19% Chat Ph Al n-v(50e). 19% Chem Nat Asso n-v. 15 Chief Consolidated. 106% Childs Co pt (7) 261 Cities Bervice($: 88 Citles 8rve pf (6) 7% Cit Sve pf B (60c). 1712 City Mach&Tool (2 45 City Sav B, Ltd(2.79) % Clark Lighter (A)... 87 Clev EIl [llum (1.60). 17 Clev Tractor (1.60) 4 Colombia Syndica 10% ColOll & Gas vte... 24 Columbia Pic ($1%). 33% Colum Pie v.t.e. $1%. 40 234 Com'with Edison(8) 310s 286 3% Com'with & Sou war 158 4% 12% Comm WatServbé% 4 134 % Comstock Tunnel. . " % Consol Auto Merch i Consol Copper. Y S8 > PR TN 3 Consol Theate . 17% Contl Chicago Corp. . 28 Cooper Bessemer(d) 5 Copeland Prod.Inc A 74 Cord Corp. . 22% Corp Sec, Chi (b6%). 11 Corroon & Reynol PYSTT T PR =PRPAE T 1% Curtiss Wright war, ' Cusi Mex Mining. . 16 Darby Petm (new 2% Dayton Air & Eng. 100% Deere & Co (11.20). 21y De Forest Radio. ... 64 DeHav.Air Jtd ret 50e 4% Derby Oil Refining. 5 Detrolt Alroraft. 10% Dixle Gas&Utiliti 14% Doehler Die Casti 12% Douglas Air (76e). .. 31 Dresser(SR) A(3%). 38% Dresser (SR) B (2), 41 Driver Harris(new). 13 99 Driver Harris pf (7). 108 100 4 Dubilier Cond & Rad L W ] 145 Duke Power (35)... 2758 174 12% Duquesne Gas (new). 13 13% 2% Durant Motors. 6 3 254 E 10 85% T PETTL LIS T e 39% Eastn Util Asso (2).. 14 Eastn Util Assocv.. 7% Bastn Uil Inv (A).. 124 Eisler Eelectric(1%) 92% El Bond&Sh pf wi(§) 80% Kl Bond & b (b6 103% El Bond & Sh pf ( 24% Elec Pwr .. 22% Elec Pwr A8so A (1) 285 Elec Pwr & L op war 15% Elec Shareholdg(31) 12% Empire Fire Ins. .., £6% Emp G&F cu of (7).. 40 Empire Power (2)... 19'% Emp Pub Sv A(1.80) 6 Empire Steel Corp. 22% Employ Reina(114) “ Engineers Gold brics Fininshing 50l Motor. “ederal Screw (3). .. 174 Fiat receipts (1.25). 1% Fiat Stock deb rts. .. % Film Inspect Mach 13% Fokier Afrcrafi. ... 28 Ford Mot.Can A 1134 26 4% 86 Ford Mot.Can, B 71*!00- 50 6% Ford Mot France 28¢c 10% 10% Ford Mor.Ltd. 37 %, 2% Foundation For Sh 2% Fox Theater Cl (A). Garlock Pkg (1.20) 2% General Baking. ., 33% Gen Baking pf (3),.. 50 Gen Capital Corp. ... 10% Gen E. Ltd rcts(50e) Gen Empire Corp. . Gen G&E cv pf B(6 5 Gen Laundry Mach. 32 Gen Petroleum w.{. 20 Gen W W&E(A) (2). 14% Gilbert (AC) (1). ... 39 Gilbert(AC) pf (314) 10% Gloh~ Underwriter: W Gold Coin Min {new( lesign: the letter s ows these stocks to be sold in odd lots Stles— (658 only. lots (285) Stock ana Dividend Rate. Goldman Sach T C 5) Griet & Br pfX (7) Groc Stores P Guard Fire Guenther Law (2)... Gulf Ofl of Pa(13%). Hazeltine Corp (2) Hecia Mining (1) Helena Rubenstein Hires (CE) (A)(2).. Holt (H) &Co(1.80) Horn & Hard (214) Houston Of1 of Texi Hudson Bay M& 8 Humble Ofl (2 Hydro El (2).. Hygrade Food Prod. Imp Oll. Can. n(50e). Ind Terr {11u Of (A) Ind Terr Illu O1l (B) Ind ¥in etfs(b10% ), Insull Ut Inv(be%). Insull Ut In 2d pf(6) 0. No Am (13).. rance Sec(1.40). Intercontinent Pet n Intercont Pow A (2). Int Holdg&Inv 10c Int] Intl Salt (new) Intl Superpwr(3i) Int] Utilities A(3%) Internat] Util 1B). . IIntl Utilities (war) Int] Utilities p£(7). . interstate Equit) Interst Eq v pf(3).. Irving Atr Ch(1.60). Irving Alr Chute war Italian Superpwr A.. Johnson Motor...... Kirby Petroleum Kolster-Br (Am Sh). Lakey Foundry Lefcourt R o Lehigh Coal & N 1.40 Leonard OIl... Lerner Stores (2)... Libby McNell & L. Lily Tulip Cup 13%4.., Lion Of] Refin (2) Loew's. Ine (war). Lone Star Gas. n (1), Long 18l Light(60c). Long Isld Lt pt (7).. Louisiana Lan & Ex. MacMarr Stores (1) [ EY= P o) T Y ors = Brran® o NoasBRRB e Dnoeemma =5 RN A RAR PR ANNRABNDR SF B Edam T Memphis Nat Gas... Met & Min, Inc(1.30) Met Chain Stores. ... Mid Sts Pet v.t.c. A Mid Sts Pet v.t.c. B Mid W Sts Ut (1%).. Mid Wst Util(b8%). Mid Wst Util B war. Midland Utd (war).. Mid Roylty ev pfi2). Mid 8t) Prod, n (2) Midvale Co (4). Miller & Sons (2 Mo Kan P L (b10%). Miss K P L v.t. River Pwr pf. g3 Sas DAL BOR—®cE S Moody's 1 8 pt pt (3) Mountain&Gulf(8c). Mount Prod(1.60). Municipal Service Natl Amer Co Natl Aviation Prpt oo wR~3 Natl Mfgs & Stores Natl Pwr&Ltpf (6). 4 Natl Pwr & Lt pf (7) 1208 Natl Pub Sv A(1.60). 3 Natl Sereen Sve(2).., Nat Short Term Sec, Natl Steel x-war3). 1 Natl 8t Corp (war)., Natl SBugar, NJ «3).. Natl Union Radio. .. Nebel Oscar 1% Neet, Inc, cv A( Nehi Corp (1.30). Nevada Cal Elec. ... New Brad Oil (50c). New Eng T& T (3)..1508 New Eng Pwrpf (6). 2 N J Zine (12%) e 4 Newmont Min (34) 31 owWport Co (2)..... 2 New Quincy M (10c). 10 N Y Pwr & Ltpf (7). 26s . 131 Niag Hud Pwr,A war 17 N Hud PwrBwar 6 No Am Lt&Pr(b8%). Nor Cent Tex(60c) . Noth Euro Oil Corp Nor Sta Pwr A(8). 5 Nor Sta Pwrof (7)., 508 Novadel Agene 123§ . Ohio Copper. Ohlio O1l (4) Qutbad Mot(A)(1.80). Outboard Motor (B). Pao G&EI 18t pf 13%. Pag Pub Sve (1.30) Pac Western Oll. Pandem Oil. Pantepec Ol Param't Cab(b8%) Pennroad Corp (20c Penn Mex Fuel (2)., Pa Water&Pwr(3).. Peoples L&D, A a2.40 Petrol Corp wAr.... Philip Morris, In Pie Bak of Am A (2). Pllot Ra T(A)(1.20). 2 Pitney BP.n (20c). & Pitts & Lake Erfe(5) 1008 Pittbgh Forg (1.60). Plymouth Of (2)... 17 Powdrell & Alex t43% 1 Premier Gold (24¢).. 1 Prince & Whitely 1.. 40 Prince & Whit pf(3) Prudential Inve: Pub Util Hold w Pub Util Hold war.. Pure Ol pf (6. Pyrene Mfg (80c) Radio Products 1 Railroad Sh Cp(25c). RY & Util Inv (A)... Ralnbow Lu Prod A. Rainbow Lu Prod B. Reiter-Foster(40c).. Reliable Stra(bs %) . Rellance Intl (A) Reynolds Invest. Rike Kumbier (2.2 Roan Antelope Min. Rocklans Lt&P(92e) Rossia Intl Corp n Consolidated. StLaw Pap M pf(6). St Rexis Paper (1).. Salt Creek Con(40¢c). Salt Creek Prod (3).. Schulte Real Estate. Schulte Un 6c-31 St.. Schulte Gcto$l S pf eaboard Utll (50¢) man Bros (3) Corp Gen ne & Lock & H (5 Seiberling Rubb Selected Indust. Sel Ind allot cfs 6% . R o e T N e RS ndoah Corp. ... Shenan Coro pf (a3). Silica Gel Ctfs. Singer Mfg (117) Sisto Finance Corp Smith (A 0) (2). South Coast. South Penn Southern Corp. Southland Roy sw 4 S W Gas Utllities. .. #4314 0% he) 497 334 80% 62 20 Spanish & Gen Rex. . Stand Cap & Seal(n), 1 Stand Inves pf(5%). 50s Standard Motors.... 4 Stand Oil. Ind (2%). 65 Stand Oil. KY(t1.80) 20 Stand OIl. Ohto(2%) 6008 Stand Pwr& Lt (2)., 1 Starrett Corp.oseeees 2 Stock and Dividend Rate. Stein Cosm Strauss ( an) . 4 Stromberg-Carl(1%) Stroock & Co (3) Sunrav Ofl (40c). Swift & Conew (2). Swift Internatl(274) Swiss-Am El of (6). i Syrac Wash M B (1) Taggart Corp (1)... Tampa Electric (32) Technicolor. Ine. .. Teck Hughes (§0¢) 2 Tenn EI Po 1st pf(7) b0s Tennessee Prod ($1) 1 4 Texon Oil & Land 2 ‘Thatcher Sec Corp. . 5 Thermoid Co pf (7). 2008 Tobaceo & All Stks Todd Shipyard (4). Tonopah Mining. ‘Transamer (11.60) Tran Con Alr Tran Trans Lux DLPS.. Tri-Cont Corp (war) Tri Utliities(31.20).. 4 Trunz Pork S (1.60). Tubsize Chatel (B).. Tung-Sol Lamp (2). TwinStNGA (1)ess Ulen & Co (1.60)..... Ungerletder F Corp. Unfon Am Invest.... Un Nat Gas. Can 1.60 Union Tobacco...... ~Prev 1930.—~ Low. Um CI D United Corp (war).. Unitt Dry Dock: United Eastern Unit El Sve pr Utd Found: 1 United Gas Co (new) 563 United Gas (war)... United Gas pt (7). Un! Gas Corp et Utd Lt & Pwr A(1) Utd Lt & Pwr pf(§ U 8 Dairy (B)... ~—Prev 1930.— s Lo U S Fol u u C u u U ted Utah M Utility Utility Utility Vick Fi Walgre Walker Wilson Winter “Y” on Hud_B: Maryla Dividend rates ") S Gypsum (1.60) S & Intl Secur. ... S&Intl Sec 18t (5). S Lines pf (1) S & Ove: s 1 Utd Verda Ext Universal Pictures. Utl] & Ind pf (134). Vacuum Ofl (t43%) Venezuela Petrol Walgreen Co (war) Watson (J W) Co Welch Grape J 1314 Westn Alr Exp(60c) Westn Auto S A (3). West Tab & Sta (2). Whiteglagle O db rts Wil-Low Cafeteria. . Woodley Petro! Zonite Products (1). RIGHTS. Newport Co, P stock. b Payable in atock. d Pa Stock ana w. Dividend Ra 14%_U S Elec Pwr ww U S Finishing (33). 1(B) (1). s etal & Tunnel Pwr&Lt(al). & Ind... ® Equities o nancial Corp. CH o vaee H) ). Jones (3) (Benj) & Gas. oo assnsnEannTI~asaD BraNarSannnenane B Exoire ay M&S July 15 139 InsCoof NA.. Intl Nickel w.i Int Salt... Star Mo Kan Pipe. . nd Gas. in dollars based om last quarterly or semi- extra. 1Plus stock. & Favable n le in preferred stock. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to n‘o Star Office. (Continued From Page Stock an: Dividend Rate. % Willys-Overland. Wilson & Co. . Wilson &Co (A).... Wilson & Co pf. Woolworth (2.40) Worth Pump... Worth Pump(B) (6) Wrigley (Wm) (4).. Yale & Towne (15).. Yellow Truck Yellow Truck pf. Youngs Spring (3 Zenith Radlo. ... 8| NEW YORK, June 16—The follow- 2n; ing is today's summary of important 1% | corporation news prepared by Standard 29 Btatistics Co,, Inc, New York, for the Associated Press: Weekly News Review. | Security and commodity markets de- 1134 | clined sharply during tae past week. 8% | At Saturday’s closing prices our 90- 12 105 stock composite index stood at 173.1, or .8 points below the level of the previous :llgT. Saturday. Industrials, as measured by 3 14 1L Y| our index, lost 9.0 points, utilities were 17.7 points lower and ralls declined 3.2 1021 | points. At the low levels of the week 109% [ our index of industrial shares stood 4.9 284 | points above the extreme 1930 bottom. 143 | Rails, which registered a new low for xéw ast November. 514 | pressure, xa, | vear's low. 17 3 4 | the year on Saturday, are only about 6 “| points above the resistance level of Utilities, despite recent re still 27.4 points above the Commodity prices slumped badly, with cotton, wheat, corn, oats, rye and silk at the lowest for the year and in some instances the lowest in sev- eral years. On the listed hond market prices moved lower, with activity mod- erately greater than in the preceding week, The feature of this market was 1 ready manner in which the $98,250,"00 American portion of the new German international 5!z per cent loan vas absorbed. Offered on Thursday at 90 to yield 6.20 per cent, the price quickly advanced to 914 later dropping to 90%. Some concern had been felt about this issue, and its successtul flota~ tion and enthusiastic reception is re- grded favorably. Aggregate new offer- gs for the week were the second largest of the year, amounting to $232,573,020. Brokers' loans declined by $103,- 000,000 to $3,998,000,000, virtually the same level as on April 2. This repre- sented the largest drop in any week since that ended May 7. While this decrease 1s a constructive development, it is noteworthy that borrowings have moved downward much less rapidly than stock prices. Money rates dipped further. Call money renewal rate was lowered to 21, per cent, the lowest charges since March 20. Outside the Stock Exchange funds were freely offered at 2 per cent. Forelgn trade in May was the lowest in several years. Exports of $322,000,000 were $63.000,000 under May last year and smaller than for any month in the Inst six vears. Imports were $285,000,- 000, a decline of $116,000,000 from the isame month last year, and less th 304 | fOr any month in Iast seven years. May 2 117 20 40, | statistieal favorable balance was $37,000,000, bring- ing total 5-month export excess to $209,- 1 | 169,000, compared with $208,632,000 in the 1920 period and $220,645,000 in 928. The record copper buying of May failed to improve the unsatisfactory position of the industry. 101 | Stocks of refined copper on hand June 37141 amounted to 308,646 tons, an ine 144 | preceding month an crease of nearly Sfer cent over the 340 per cent over a year ago. Supplies of refined copper ,;“ are row higher than at any time s! ‘84 | September, 1921, ce A significant factor is the immediate supglnl uroo( output in response to sales stimulation. North 15% | and South American production in Ma a3 75 rose to 132,183 tons, an increase of 6 per cent over April and practically equalling that of January last. Orders for line pipe continue heavy with structural contract showing an upward trend. It 15 estimated recent orders for line pipe approach 1,000,000 tons. Loadings of revenue freight by rallroads in week ended May 31 were below thoss of the like period of the preceding five years. Total cars loaded | was 860,249, a decline of 7.7 per cent from the previous week and 11.6 per | cent below the 1920 week. Declines *{ were general, both on a geographic and commodity basis. Domestic crude oil production, showing the effects of the closer adherence to the new broration agreements, declined to 2,588,050 bar- rels daily, 21,400 barrels below the pre- | vious week’s aver California’s sut- | put was reduced to 599,400 barrels daily | or about 3,000 barrels in excess of cur- | tailment figure. Prices of crude in the Santa Fe Springs area were advanced 75 to 90 cents a barrel by Standard Oil 5 |of California, thereby restoring former prices. This action would indicate re- calcitrant operations nave finally re- duced their output in accordance with curtailment p] Another favorable development was the decision of the proration committee of Mid-Continent Oll & Gas Association to hold Okla- homa’s daily average output at 650,000 barrels for the quarter beginning July 1. At least partial explanation of the current weakness in cotton quotations is found in the consumption figures for may compiled by the Census Bureau. Domestic consumption of 266,121 bales for the month was the smallest since 1924. Exports of 208,796 running bales 1% | was below any month since 1923. Stocks | 50 'w|in mills and warehouses on May 31, 38% " exclusive of linters, totaled 4,868,706 79 63 20 A bales, 428,984 less than on April 30, e b;l! 1,547,809 bales above the same date of 1929, 14) = 7 5 Rate. A . Lew. Close. Glose. RIGHTS EXPIRE 22% 18% Am Tel . 21% 19% Ches & - 1% % % Gamew 1% 1 Hackensk W...July 15008 10:30 AM. . 562,100 12 « 8,767,200 72 Dividend rates as given in the 504 | paymenta based on the lnte 90 | 1:30 P.M. i 19 Rty 30 | i, I 10 11 |32V Yed o stac] :MA‘ Rally in Stocks Is BY JORN F. SINCLAIR, Special Dispateh to The Star. NEW YORK, June 16.—Not since the market decline last November has the stock market been so confused and be- wildered as now. The modes: rally of Friday last was followed by an impres- w As another week begins today Presi- dent Hoover will find on his desk the Hawley-8moot tariff bill needing only his signature for it to become a law. Bhould he sign it—and he has an- nounced that he will—a stock market rally is expected. But that business is giving more sober nrprflnl of stock market values in the light of their true worth than at any time since the de- p:e'l;lcn values of 1921 is now recog- nized. . Until commodity values become more stabilized no substantial improvement in business is expected. Four well known Americans—Col. H. L. Cooper, builder of Muscle Shoals; Thomas D. Campbell, the world’s largest individual ‘wheat farmer; Arthur B. Davis, one-time head of the United States Reclamation Service, and Ralph Budd, president of the Great Northern Railroad—are all either in Russia or on their way to assist the Soviet govern- ment in making its industrial and busi- ness organizations stronsg, In recent years Col. per has been in Russia ro?nenuy helping in the construction of the inlcper iver - draulic construction plant, which will cost $120,000,000, and will be the largest and finest of its kind in Europe. Thomas D. Campbell is nri.nmn. Russia’s farming area into new 100,000~ acre wheat units, to be cultivated by American machinery and American methods. of the American Society of Civil En- gineers, is there to supervise construc~ tion work on several power dams and to develop irrigation projects, espectally in Central Asia, where such work is most needed. And now Ralph Budd, president of the Great Northern Railroad, is on his to help reorganize Russia’s rallway system, the hardest job of all. Besides these outstanding business men, from 700 to 800 other American business experts are in Russia, being paid generously and well, to heip that country Americanize itself. Before Mr. Budd left last week he was given a dinner in New York, at- tended by some of the most powerful financial business leaders of the world. The politiclans may not be interested in Russia, but the business men are. Three business men in the last three days have told me that they expect to spend their vacations in Alaska. Not one of them has ever visited the North Sy " Jukt beginning to aska is jus ning W up. It 18 a beautiful country in the umme\?- ime. Its natural resources are almost unlimited. Its vast timber resources are hard to beat. It's estimated that 1,300,- 000 tons of newsprint can be manufac- tured annually from the territory with- out endangering the forest—enough to supply one-fourth of the newsprint needs of the United States at the present rate of consumption. Two paper plants are in process of construction now, the beginning of a new and important indust Mining in Alaska has always been a big industry. Two mining companies alone have produced $200,000,000 worth of copper during the last 18 years of operation. The gradual depletion of these mines offers encouraging pros- pects for future mineral developments. But more particularly a new active travel bureau has begun to function. With aviation becoming popular and the construction of new roads proceed- ing rapidly, Alaska is bound to become a big tourist center. Alaska, after & hundred years of neg- lect, seems to be coming into its own, Bandit ralds on American banks are on the increase. For the six months ending February 28 last the banks re- ported for investigation 311 forges cases, 107 hold-up robberies, 16 bur- glaries, 2 sneak thieves and 8 mortgage swindlers. “Unless an improvement is shown the remainder of the year the record- breaking total of nearly 400 daylight bank robberies is indicated.” says a re- port of the American Bankers' Asso- ciation. How are these daylight robberies to be controlled? Unemployment undoubt- edly has aggravated the problem, but the American Bankers' Association be- lieves thak a State police force is pref- Arthur P. Davis. one-time president | & Tel.Aug 1 353 184 17% 17% 18% Ohlo..July28 & 19% 18% 18% 191 1% DuPont deN..July 16 23 1% % 1 1% ell...June2s 1 L) “ “ % 1% 1% 1% 1% Noon....... 2330,500 2:10 P.M. 4328,100 bove table are the annual eash Q rly or half yearly declarations, (90, anpres. tPartly extra <P lus 9% In s yabls in s able when esrn iy el D "ok ST B St STABLE COMMODITY VALUES NEEDED TO BOLSTER BUSINESS Expected to Follow Signing of Tariff Bill By the President. erable in this crisis to the individual city force. “‘Measured the oomplu' tive num- departments like De- Some police ve decline on Saturday, with many | troit, 8t. Paul and Cleveland are oper- stocks, such as International Telephone | ating their own radio broadcasti: & Telegraph, touching new lows for the | tions and using a low-wave I which receiving sets are insta that the average time which elapsed be- tween the receipt of the radio calls by these cars and the 1,325 arrests which followed was 1 minute and 42 seconds. With modern up-to-the-minute radio co-operation, the number of robbsries should decrease. Many other cities have given orders for the new radio police installation. Considerable attention is given these days by the English-born Canadian minister of finance, Dunning, to the big Bominion of Canada war loans ma- turing in 1933 and 1934. The total— $982,000,000—looks hr{e for a country of only ten millions of people. This year's loan of $45,000,000 4 per cent Treasury notes probably will be g-ld out of current revenues. But the ig loans of the next two years are being checked up caretully now with a view to finding out what's the best thing to do. With money cheap, much chea than when these loans were issued, Mr, Dunning believes a great saving will result. “Refund the issues during the times when money is cheap” is the Dunning philosophy. It 18 a piece of Dunning luck, too, that the date of these large ‘war loans should mature about this time. Gustave Lindenthal, 80, whose repu- tation as a bridge builder is world- wide, finds too little time every day to do his work. As president of the North River Bridge Co. of Jersey City he has acted As consulting engineer for the New York tunnels of the Pennsylvania Raliroad under the Hudson and East Rivers. He was the consulting engineer and | architect for the Hell Gate Bridge over | the East River and before that he con- structed several railway bridges, both in Austria and Switzerland. In fact, he | was the engineer for the Centennial Ex- position in Philadelphla in 1874 and commissioner of bridges for the City of New York 30 years ago. His thoughts these days are given over to ambitious plans for the proposed : bridge across the Hudson River at Fifty-seventh street, recognized as one of the most difficult places in the world to_put a bridge. But such a task does not feaze this 80-year-old, healthy, bridge bullder. (Copyright, 1930 North A A pyris) 0oy North American News- GRAIN MARKET CHICAGO, June 16 (#)—Lowest prices that have been reached for years on grain resulted today from a notable increase of selling pressure and from a relative scarcity of buyers. Pronounced weakness of the New York Stock Mar- ket was a leading cause assigned and | comment was aroused by the fact that | the day's bottom level of grain values | was simultaneous with news that the | tarift bill had just gone to the White House to receive President Hoover's | signature. A decrease of 2.148,000 bushels in the United States' visible sup- | ply total was about as expected, and | failed to raily the market to any im- portant extent. After & maximum drop of 4 cents a bushel, compared to Saturday's finish, wheat closed nervous at 2%a3!; cents net loss. Corn closed 17:a2l5 cents down, oats 33 cent off and provisions unchanged to a setback of 37 cents. WHEAT— CORN— iy ... i e July Lo Beptember TREASURY CERTIFICATES. {heported by J & Rate —Maturity. 3las Sept. 931 3145 Dec. | 2735 June 3158 M 3i2s Dec. FLORIDA BANKING SITUATION CLEARS No Further Failures Are Ex- pected by Officials of Treasury Department. By the Associated Press. Quiet has been restored on Florida's banking front and no further failures are anticipated by responsible ofcials of the Treasury Department, Mob hysteria rather than any serious economic upheaval has been, these offi- cials say, responsible for the latest flurry of failures. A small group o depositors in a State bank section vhere conditions were not of the strongest grew alarmed and withdrew thelr funds. Others followed suit in a manner that soon grew to the propor- tions of an avalanche, and the closing i)gwtlac institution’s c'cors irevitably fol- ed. One national institution suffered in latest series of difficulties, the First National Bank of 8t, Petersburg, whose directors have turned the .nstitution over to the Controller of the Currency for reorganization. This institution boasted deposits of approximately $6,- 000,000, of which approximately two- thirds was withdrgwn during the recent difficulties. ' Treasury officials are un- able to state at this time how the in- % stitution will fare in the final analysis as official accounting reports have not been returned to date. e Conditions peculiar to Florida terri- tory have becn, in large measure, re- sponsible for the abnormal number of failures there in recent years. The real estate boom of several years aAgn dealt a blow from which the section has never fully recovered, This was followed by a series of tornadoes which Wwrought further havoc and lately the fruit fiy has, in many cases, wiped out entire crops, some already harvested, on which heavy loans had been placed, Butter—One-pound pri; 12 1 tub, 35838, pound prints, 3715a381; 24a25; Eggs—Hennery, ceipts, 2215a23. oultry, alive—Spring broflers, large, 82a35; Leghorns, 20a26: Leghorn fowls, 16a17: 15; capons, large, Dressed—Spring 45a48; isl’hlll, 40a42; arge, 40a42; Y ducks, 24a25, 3 Meats, fresh killed—Beef, 20a23; veal, 20a22; lambs, 25a28; pork lions, 28a32; fresh hams, 25a27: fresh shoulders, 22; ;g'lokb:dc hl;n 1274; lnmok!d shoulders, : bacon, 27; lard, a 18y oy packages, 13; in wuive stock—Calves, 915; Spring lambs, Fruits—Apples, box stock, 3.25; oranges, Callfornia. 9509 50 lemons, 7.00a7.50; watermelons, 75a1.25; can- gn(l]gupe;é Jumbzo;.o 3,00-3.5& standards, .00; ney, 2.50; strawberries, 8.00s 10.00; blackberries, 3.00a4.50; cuirrants, 6.00; pineapples, 3.50a4.00; raspberries, T quart, 40a50; berries, 4:00; neydews, standards, 3.50a4.00 flats, 7583, I&)m. 3.5024.00; huckle« Vegsiables-—Fotatoes, egetables—] new, 5.20a5.50; old, 120-pound sacks, 3.50; sweet o - tatoes, 2.50; tomatoes, 1.10a1.25: str: ng 1.2581.50; cucumbers, '1.00a1.50; eggplant, 3. squash, 1.00a1.50; beets, T 100 bunches, 4.00: carrots, per 100 nches, 6.00: spinach, 1.25; kale, 75a :.gg: corn, 2.00a2.25; lima beans, 3.50a current re- NEW YORK COTTON NEW YORK, June 18 (Special).— Along with other mnketa?e cotton broke ‘sharply 40 to 60 points today under general liquidation and an absence of buying power that closed ;he list at the bottom prices of the ear. Oclober soid at 123;, with July 131, and the market was under heavy pressure throughout the session. Spots were reduced 50 points to 13.45. Cotton range: Tulges,. October "(oid) Qctober (new). December (old) December (new). March .. "% May plamas .. BANK CHECKS REPORT. By the Associated Press. ank checks presented for paymen| in 12ading cities of the Federal Reserve System gained sharply during the week ended June 11. The present level, how- ever, is materially under that for las| year. Payments for comparable period: follow: Week ended June 11. $13.701.404, REAL ESTATE LOANS | Made at Low Interest Rates | TYLER & RUTHERFORD | piehectase | ly_on n i r 10 ye 1520 K St. N.W. wilif GRETeSE SECOuPry : .fiNN UITIES I—Joint—Deferred Send for Intormation LEROY GOFF INSURANCE—ALL BRANCHES 1036 Woodwa, Nat. 0340 Specializing in Established ' Business Investments JAMES Y, PENNEBAKER | Nat.5291 1520 K St. N.W. TRUSTEED SHARES the IDEAL [INVESTMENT for in- vestors who _ demand — SAFETY YIELD and GROWTH of princip Specially suited to long-term vestments ~ for individuals, tru funds and funds of organizations Standard Collateral hares Corporation Woodwa Bullding. 31 First Mortgage Loans Lowest Rates of Interest and Commissiol Thomas J. Fisher & Company. iIn¢ . ENTERPRISE SERIAL BUILDING ASSOCIATION Tth St. & La. Ave. N.W. 64th Issue of Stock Now Open tor Subscription Money loaned to members on easy monthly payments James E. Connelly James F. Shea President Secretory