Evening Star Newspaper, June 19, 1930, Page 15

GURB ISSUES QUIET FOLLOWING RALLY " Market Turns Dull as Upturn « of Late Yesterday &. Continues. iffis » 7 BY JOHN A. CRONE, T Special Leased Wire to The Star. NEW YORK, June 19.—Resuming the upward trend in evidence at the close ©f Wednesday's session, curb stocks to- day opened active and higher. Trading, however, soon slackened and volume in the first two hours was only half of that of the preceding da: Flectric Bond& Share was the feature of the opening as 12,000 shares Appear- ed at 76's, up 1%. Oities Service at 26%. was fI Y, but by noon it had reached 27. American Super Power Added to its initial gain. Transamerica opened lower, then more than recove ered its early loss. Goldman Sachs at one time was up more than 1'; points. A rally in International l!cuflufll ‘was brought about by the better tone of such issues as Hydro-Electric Securi- ties and Brazilian Light & Traction in London and by firmness in stocks like Hiram Walker, Hudson Bay Mining and Noranda Mines in the Canadian markets. Motor shares were not benefited suto registration reports showing a per cent decline for the first four months of 1930. Franklin Manufac- turing preferred within & few sales dropped from 73 to 701,. Ford Motor of France rose as Ford Limited declined, the only news in either case being & reported agreement between Ford and Isotta Fraschini involving airplanes and automobiles. Among the more volatile issues Great Lakes Braflp & Dock old shares opened off 6, points at 225, Last week one sale of these shares, which are being split eight for one. wAs completed at 23175, off 581y ints. Singer Manufacturing on two sales fell 4 points, while Aluminum, Limited, at 14515, opened up 515 points. BONDS ON THE CURB 5 35, 2 ELiZ - B 108 8 i 9 i3 » 235328 S Z3278n8388S2nen SNk TER e B srzsr Z4EZZREE - B P SugEees! 323355820233 ¥ Valotne on' 15 37 alvoline 3 ivan Camp Pk 8s 68 75 45 Sweringen 8s '35 s TWabash 35 D 30 4§ Waldort-Astor 78 3 = 90 A 15 927 sis, ~FommoN BONDS. °“1'7\'}r"uu Bank 7s Bogot M Bk 11 Buenos Aires 6' SserszpEsspsesaisene fuop Mig T nr;ld :I Mm:l senkirche (.7 C Mun"l‘ 8882 55 S s 8 FE ui § Butsian @ 1 Saar Basin Con rueck s Wi aw .wlhvllt warrants, UisWhen tssued. are soid in eme hundred-share ted by the letter s (85s) in odd lots enly. Stock and Low. Dividend Rate. T4 Acetol Prod (A)..... 1% Aeronautie Ind war.. 8 Aero Supply (B) 10 Aero Underwrite 19 Agfa Ansco. .. 19% Ainsworth (32%)... 2 Air Investors (war). 34 Alr Investors v.t.c... 18 All Am Gen Corp.... 4 Allegheny Gas...... % Allison Drug St (A % Allisen Drug St (B). Aluminum Co of Am % I-. 256 10644 145'% 18% 0 108 Aluminum Co, Ltd Alumn Goods (1.20). 4 8 36% 14% 284 Am Capital (B)..... 36% Am Cit PAL(A)(a3) 12% Am C P&L(. 204 Am Colortype (2.40). 21% Am Com I'(A) b10% ., 344 Am Cwith P(B)10% % Am Co'with Pwr war % Am Control Oil Flds, 18% Am Cynam B (1.60). # Am Dept Stores. ... 112% 110% Am DT, NJ ev pf(7) - R0 20109 1010 00 50 1 1 158 50 e O e 12 108% t(war). ... Am Laund Mach(4)., 2 52% Am Lt&Trac (n).... 364 Am Machine & Fdry. 554 Am Salamandra (3).. 20% Am Superpwr (1 94% A.n Super 1st pf (6 87% Am Superpwr pf (6). 84 Am U&Gen B vic 400 . 6 7% Anchor P F (b10%). 1 15% Anglo Chil Nitrate. 105% 5% 39 Auto Musio A(11.05). 9% Auto Vot Ma ev pf pt 24% Aviation Corp of Am 12a Aviation Credit..... 74 Aviation Securities.. 36 Axton-F Tob A (3.20, BHre N e AR SR Bell Telof Can (8) 19 BlsaCo(E W) (1).. 6% Blue Ridge Corp. 33% Blue Ridge ev pf(al) 14 Borne Serymser (2). 6 Bourjois, Inc. ....... 8b% Brazil Trac & Lt (2), T% Burco, IC........e0 2% Burma Corp (131¢).s 84 Butler Bros (30¢). 3 Bwana M Kubwa. 9 5 e - % Cable&Wire (B) rets 3% Cab&Wire pf(2734e). 31 Canada Marconi. % Carib Syndicate. ..., 26% Carnation Co (31%). 3% Cent Atlantic States, 29 Cent PS(A) (aL75) 1y Cent Siates Elec 3408 90 Cent Sta El cv pt ( 4% Centrifug Pipe60¢) 214 Chain Stores Dev. ... 10 Chain Stores Stock 17% Chat Ph Al n-v(50 184 Chem Nat Asso n. 11% Chicago Corp (The).. 2434 Citles Service(330¢c). 88 Citles Srve pf (6)... 54 Clev El Iilum (1.60). Tractor (1.60). . % Colombia Syndicate.. 34 Colon Oil. . veee 10% Col Oil & Gas . 24 Columbia Pie (11%). 334 Colum Pie v.t.o. 31%. 335% 234 Com'with Edison($) 120s 3% Com'with & Sou war. 86 12% Comm Wat Serv b6 % 16 Consol Alrcraft. % Consol Auto Merch.,, o » worendRenaBunmon enan RS0 Consol Laundries. ... Con Retall Strs (1).. Contl Shares cv pf... Cooper Bess pf A (3) Copeland Prod.Inc A Cord Corp... Corp Sec, Chi (b6 % 16 Crocker Wheeler. % Crown Cent Petrol roptw * 8 (234). .. Airports vte. % Cusl Mex Mining. ... 12 Darby Pet (new) (2), 2% Dayton Air & Eng... 904 Deere & Co (11.20) 215 De Forest Radio. 17% Deisel W Gilbert 4} Derby Oil Refining 5 Detroit Alreratt. 10% Doehler Die Casting. 12 Douglas Air (75¢)... 71 Dow Chemical (2) 31 Dresger(SR) A(3%). 31% Dresser (SR) B (2).. 41 Driver Harris(new). 4 Dubilier Cond & Rad 11% Duquesne Gas (new), N . S-S anRoniar~ O RNe - 19 ohe 18% Eastn Sga Pwr B(1). 394 Eastn Ut Asso (2) 14 Eastn Util Asso cv 7% Eastn Util Inv (A). . 10% Eisler Belectrie(1%) 921 El Bond&Sh »f wi(k) 117% 72% El Bond & bé). . 109% 103% El Bond L (6)u 19 Elec Pwr Asso (1)., 16% Elec Pwr Asso A (1) 20% Elen Pwr & L op war 161 Elec Shareholdg(21) #2 El Sharehold pf (6).. 12% Empire Fire ins. ..., 864 Emp G&F cu ot (1) 40 Empire Power (2) 22% Employ Reins(1%).. 13 Furop El, Lt4 A(80c) 3% Buro Eiecdebria. ... 11% Ex-Cello Air&T(80¢) Fabrics Fininshing.. = s n» wa B . f BNt anmannenenIBal Bann 1% Flat Stock deb ris. 13% Foikker Alreraft... 5 Foltis Tischer Corp. . 28 Ford Mot, Can A t1% 36 Ford Mot.Can, B 113% 64 Ford Mot.France 28¢ 10k Ford Mor.Ltd. 31 3e, 244 Foundation For Shs. 2% Fox Theater Cl (A). 20 Garlock Pkg (1.20) 614 Gen Alioys (80¢). 2% General Baking. 30% Gen Baking pf (2). 10% Gen E, Ltd rcta(50e) 21 Gen Empire Corp.... 80 GenG&Eevof B(S), 5 Gen Laundry Mach. 31 Gen Petroleum wi... Gen W WAE(A) (3). Gleaner Harv.n (2). Glen Alden Coal 8 Glob~ Underwriter: % Gold Coin Min (new) Golden Center. .. % & Goldfield Consol . 46% 20 Goldman Sach T ¢ L] 17 Gold Seal Eilec new 44 21h Graymur Corp. 200% GrA & P Ta- 80s 190% 3 408 225 1 1% 19 124 « 1 2 In - cERmeSalaon-ne % 2 ™ 11 28% 195 % 4 18% % is n 260 106% 149 18% 40 4% 8 36% 170 284 220 118% 108% 8% Tk 105% 5% 404 2% 7 4a% 190 281 1% 1274 oy 1% Sales— . Add 00. Open. High. Low. 6% 2 - T% 11 234 194 1% 4 18% w ) W 285 106% 1454 18% 1234 " i y Hires (CE) (A)(2) Houston Oil of Texa: Hudson Bay M& S.. Humble Ofl (2)..... Hydro Elec See (2).. Hygrade Food Prod. Imp Ofl Can. n(50e). Ind Pipe L. n (12%) .. Ind Terr {11u O11 (A) Ind Terr I1lu Of] (B) Ind ¥n etfs(b10%). Indus Fin ev f (7).. Insull Ut Invib8%). Insull Ut In 24 pf(8) Ins Co. No Am (13).. [nsurance Sec(1.40). Intercoast Trade (1) Intercontinent Pet n Intercont Pow A (2). Int Holdg&Inv 10e. . Int] Petroleum (1).. Intl Superpwr($1). Internatl Util (B). Tintl Utilities (war Intl Util war (new).. Interstate Equities.. 4 Interst Eq cv pf(3) Tron Cap Copp Irving Air Chute (1), =ving Air Chute war Itallan Superpwr A.. Italian Super war. Jonas & Naumburg. Klein(R)pt p(3120). Lackawanna See(4) . Lakey Foundry. Lake Superior Ct Lefcourt Real pf(3). Lehigh Coal & N 1.40 Leonard Oil Lerner Stor: Lily Tulip Cup 1% ... Lion Oil Refin (2)..0 Lo Lo Lone Star Gas. n (1). Long Isl Light(60¢). Long Isld Lt pf (T).. 2% Louisiana Lan & Ex. MacMarr Stores (1). Magdalena Synd.... Mapes C Mfg (3%). Mare Int M (52%¢) Marine Mid (1.20). Mer Cha & 8 (1.60) Mesta Mach (11.80) Met Chain Stores. .., Mid Sts Pet v.te. Ao Mid Sts Pet v.t.e. B Mid W Sts Ut (1%).. Mid Wat Util(b8%) o Mid Wst Uti] A war. Mid Wat Util B war. Mid Sti Prod, n (2) Midvale Co (4).. Miller & Sons (2) Min Corp of C (25 Mo Kan P L (b10% MissKPLv.te., Montecatini deb r Morison Elec($1). .., Mountain&Gulf (8e). Municipal Servic Natl Amer Co. Natl Ranksve (5).... Natl Bond &S (25¢) .« Natl M{gs & Stores Natl Pwr&Lt pf (6) 4, Natl Pub Sv A(1.60). Natl Rub Mach (2) Natl Screen Sve(2).. Nat Sh Trm SecA 160 Natl Steel x-war(2).. Nat] 8tl Corp (war)., Natl Sugar, NJ (2).. Nat] Transit (1)...n Natl Union Radio bel Oscar 1% ... 1son (Herman)(2) vada Cal Elec. . ... vada Cal El pt(7). wherry (77)(1.10), New Brad O11 (50¢).. New Eng Fuel (new) % New Eng Pwr (2) N J Zine (12%) New Mex & Ariz Newmont Min (34) Newport Co (2).. New Quincy M (10¢). N Y&Hon Ros(t1%), N Y Rio&Bu Aires. .. NY Telpf (6%). N Y Transit.n(t1.70) Niag Hud Pwr(new) . Niag Hud Pwr.A war Niag Hud Pwr B war s Md(40e), No Am Lt&Pr(b8%), Nor Cent Tex(60¢) .. Noth Euro Ofl Corp., Nor Sta Pwr A(8)..J Novad Agene pf (7)., Ohio Brass B (5).... % Ohlo Copper. . Ohlo O11 (4) Ofistocks, L.td A 1508 Oilstocks (B) (150c). Outbd Mot (A)(1.80 Overseas Secur (1).. Pac Comel Co (1.40) Pac G&EL 18t pf 13.. Pac Pub Sve (1.30).0 Pac Western Ofl. Pandem Ol Pantepec Oil. ... Param’t Cab(b3%).. % Parke Davis (1 )a Tennroad Corp (20c) Penn Mex Fuel (2).. Peoples L&P. A a2.40 Pepperell Mfx (8). Perryman Elec Petrol Corp war. Philip Morris, Ine... Philip Morris (A). .. Philippe(L) B 11.80., Pierce Gov (1%).... Pilot Ra T(A)(1.20). Pitney BP,n (20¢).. Pitts & Lake Erfe(5) 200 Plymouth Oll (2).... Polymet Mfg ($1)... Prince & Whitely 1., Prince & Whit of(3). Propper McCallum. o Prudential Inves 4 Pub Util Hold w w. Puget Sd P&T. pf (6) E T e . T T T T R T ISP rn 5 EPS-JUPPFIY o 3 = Romon 8 - - £ @ - R B 1t It T I T RURE s =g PETEES- 19 1 3 1 1 3 5 a1 Pure Oil pf (6)...... 6 flroad Sh Cp (2. Railway & Lt S(15). RY & Utll Inv (A)... Ralnbow Lu Prod A. Rainbow Lu Prod B.. Red Warrior........ Reiter-Foster(40¢).. Reliable Strs(bs%). Reliance Intl (A)... Reliance Mana 4 Repett] Candy Reynolds Invest Richmond Radiator.. Rike Kumbler(2.20). Roan Antelope Min. . Rocklans Lt&P(92e) Roosevelt Field.Ine.. Rossia Intl Corp. ... Rubberold Co (4) . Ryan Consolidated. . Safety Car H&L (8). & St Anthony Gold.... Regis Paper (1).. Regls Pap pf (7). 1t Creek Prod (2) .. 1t Creek Con(40¢) . hift (The) Co (2).. Schulte Un be-31 St.. Seaboard Util (13%) .. Sec Corp Gen new (4) Seg Lock & H (5%¢).. Selected Industries 8el Ind allot efs 63 . Sentry Safety Cont.. Shattuck Den Min Sillca Gel Ctfs Singer Mfg (11 Sing Mg Ltd. rc Smith (A O) 12) South Penn Of1(12% 8o Cal Ed pt B(1%). So Col Pwr (A) (2).. Southern Corp. .. ... Southland Roy (1).. S W Dairy Products. 8 W Gas Utilitie Spanish & Gen Ri P LT T PN PPN 1 Lunt & 9 [P PSRPY E I =t 2 24 1071 107% 100 10 Stock and ~—Prey 1930.— Low. Dividend Rate. High. 3% Standard Motors.... % 59% 4874 Stand OiL Ind (234). 114 49% FO% 301 Stand Oil, KY(11.80) 28 304 32% 4T% 4T% T T 44} Stand Oil, Neb.(13%) 77 Stand Oil. Ohlo(2%). 117 St Oil Ohlo pf (7)... 55% Stand Pwr & Lt (2).1 14 Starrett COrp....... Starrett Corp of (3). Stein Cosmetics. . Stern Bros (B) etfs.. Strauss Roth. Stutz Motor Cai Sunrav Oll (40¢) Swift & Conew (2).. Swift Internatl(274) Syrac Wash M B (1), Taggart Corp (1)... Tampa Electrie (23) ‘Technieolo 4% Teck Hugh Tenn El Po 1st pf (7 Texon Oil & Ld(25¢). Thatcher Sec Corp Thermold Co of (7). Tish Realty & Con Tobacco Pr Exports. Transamer (31.60).. Tran Con Alr Tran.. Trans Lux DL P S. ., Tri-Cont Corp (war) Triplex Safety Gla: Tri Utllities(21.20 Tubsize Chatel (B).. Tung-Sol Lamp (2)., Tung-Sol L pf (3)..0 Ulen & Co (1.80).. Ungerlelder F Corp.. Union Am [nvest. Union Tobacco. Unit Car Fastnr(80c) United Chem pf (3).. United Corp (war).. Unitt Dry Docks.... Utd Founders(b3.38) United Gas Co...... United Gas C ) United Gas (war United G: United Gas Corp e! Utd Lt & Pwr A(1).. 2 a - o N = BN DN A SRS NS PR PO B RSN AN S DR » Bl Sales— Add 00. Open. High. 9 1M 1% 115% 561 184 33 bl 2 14 1% edaacas nnmnnn a Stock and . Dividend Rate. 97% Utd Lt & Pwr pf( 22 Bales— Add 00, Open. High. Low. 10 103% 104% 102 104% 314 13% 184 184 654 7S Elec Pwr ww. Elec Pwr (war). Finishing (13). Foll (B) (1...ar & Int] Secur. Lines pf (1). & Overseas war. 7 8 Radiator (2). 5% 5% (13 U S Shares Fin...... Utd Verds Ext (4). 324 | Unity Gold. . . - 21 % annua) payment White Sew M db rts. Williams R C(1.40).. *EX- fPartly extra. n ulh‘:rfl:{‘ouc!k‘?"b P:ylh o in stock. d Payable in preferred stock. Utah Apex (50¢). Utility Pwr&Lt! Utility & Ind. Utl] & Ind pf (1% Utllity Equities. ... Vacuum Ol (t4%).. Venezuela Petrolm. . Vick Financial Corp. Waitt&Bond,B(1.20) 8% Walgreen Co. 34% Walgreen Co ( 12 Walker (H) (1).. 8% Walker Min (7%e¢) 2 Watson (J W) Co.... 2 2 w ~ “ “ 1014 101% 2 1 13% 13% 84 104 \Winter (Benj) . 34 3% Woodley Petroleum.: % 4 “Y” Ofl & G Zonite Products (1) . . 1% 1w 154 184 RIGHTS. Expire % Hud Bay M&8S: July 1§ * & & 213 InsCoof NA % Intl Nickel w. 3 B4 L) 2 2w % & Twin StsNG.A..June27 2 Divicend rates in doilars based on last quarterly er semi- $Plus extra in stock. & Payable Coal Production. NEW YORK, June 19 (#).—The Na- tional Coal Association, from incomplete car loading reports from railroads, esti- mates that soft coal production in the United States totaled 8,100,000 net tons during the week ended June 14. Produc- | tion during the corresponding week last year totaled 9,307,000 net tons, CHICAGO STOCK MARKET | By the Associated Press. CHICAGO, June 19.—Followipg is the complete official list of transactions in stocks on the Chicago Stock Ex- change today: Sales in STOCKS. O OO 58 SR8, 58280835 200 Brown 630 Butler ampbell 1380 Castle A M.°.. 430 CeCo Mty : 93 Cent T Pub Ser 200 Cent 1INl Sec... #00 Gent Pub Serv 2650 Cent & S0 West 200 Cent & So Weat 100 Chain Belt . 25 (:nerry Burrell 15800 Cities Service 1025 Com'with Edison 00 Com Wat Serv 5% a 7800 6300 Corp Sec... .. " 450 Corp ‘Sec " ctfs. » Co.. sssoe s man 100 Invest Co of Amer. 1800 Jeflerson Elec 200 Katz Drug ... 130 Kelloge Switch . dT &L : 7Uhnl B 180 Meids Vo e pr. 100 Miss Val _Util P 4850 Mo-Kan Pipe . l:% M";‘KI\.'“ s Saine < an_ Lith 50 Nat Secur Inv. . 150 Nat Secur Inv ctfi! 700 Nat-Standard 150 Nat~ Term_ ... 430 Nat Un_ Radio 50 10 No West_ Ut p 100 Perfect Circle Vinter us_C 170 Public_Serv n p erv 6s bl Music 30 Quaker Oats . 1320 Quaker Oafs 2800 U] & Ind . 1200 Util & Ind pf 30 Vortex Cup s 29 Wes i Wextark Radio 100 White Star Refining. 100 Wieboldt 8t ... 155 Wolverine Cem 125 Wondruft & Ed Rail Stocks BY GEORGE T. HUGHES. This 15 the fourth of & series of brief anal by Mr. Hughes on railroad se- curities. The intent is not to recommend the purchase or sale of any particular stock, but to give the investor such in- formation as may enable him intelligently to chart his own course.) Called the Atchison in Wall street and known as the Santa Fee in the ter- ritory it serves, the securities of no other American raflroad have a better claim to an investment rating. All its bonds sell on a low yield basis ranging from 4.25 to 4.50 per cent. “Atchison general 45 of 1995 rank among the half dozen | highest, grade of investment bonds. ‘With one exception, no Atchison bond | has_any speculative quality and the 2 | market, 33 | rates and not with earnings of the debt- price fluctuates with money or corporation. The exception is the convertible 41,5 issued late in 1928 and offered for subscription to stockholders. On and after December 1 next these bonds are convertible into common stock of the Atchison in the ratio of six shares for each $1,000 bond, and the quotation for them moves with that for the stock. Financial institutions which are prevented by law from buying stocks purchase these bonds and put them- selves in a position to benefit by any improvement in the price of the stock. Atchison preferred stock, which is of $100 par, pays 5 per cent and is non- cumulative, sells consistently above par |to vield less than 4.75 per cent: It ranks in investment quality with Union Pacific preferred and Norfolk & West- ern preferred. Atchison common, now paying $10 annually, sold above 208 in 1920 and has never been available this year so far to yield as much as 5 per cent. Like other large systems, the Atchison has suffered large losses in both gross and net during 1930 to date. In April net for the month was the lowest in eight years. Gross made a better show- !ing, but that was because of the inclu- sion this year of earnings of the Kansas City, Mexico & Orient. It will take time even for the Atchison management to build up the earning power of this subsidiary acquired a year ago. A fac- tor of importance in analyzing current income statements is the fact that the Atchison has made no effort to curtail mlmumncflel to conform with the heavy drop in traffic. l;! while, there is not the slightest doubt about the safety of the $10 divi- dend. Even with the lower figures now being reported it is estimated that the road will earn $17 or $18 for the com- mon stock this year. The fact that pur- chasers are wiiling to pay so high a | price for the stock in the face of declin- ing car loadings is testimony to their | faith in the future of the property. CHEMICAL MARKET PRICE TONE EASY While fluctuations in heavy chemi- cal prices were not important during the past month, the undertone was easy and where price revisions were made they were generally in favor of | buyers, Chemical and Metallurgical En- gineering reports. Values appeared to be influenced mainly by the volume of | 1 buying, and this has not been heavy enough to maintain equilibrium be- tween supply and demand. NEW YORK COTTON NEW YORK, June 19 (Special).— | Under a continuation of active trading, cotton prices recovered sharply today and, influenced by an improved stock market, the whole list rose $2 a bale and ended 20 to 30 points higher than Wednesday's closing. ‘The drastic liquidation amd decline i|of the past two weeks improved the position of the market and both trade and professional interests futnished more buying power, Closing prices were not far from the top. | were advanced 25 points to 13.95. Cotton range: Open. High. L1335 1390 37 1344 320 380 332 81 8 365 Sasagasuat 235854 OISO | ey 223385782 13 13 13 13 13 13 ; 0il Production. NEW YORK, June 19 (#).—Okla- homa ofl operators have decided that production in the Oklahoma City fleld or the next three months should re- main at 1623 per cent of capacity. Soviet Russia recently began to sell kerosene in Poland at lower prices than Polish companies charged. | quiet; spot’ New York, Spots | | spot and future, 4.37a4.40, MACHINERY MARKETS STILL IN DOLDRUMS Special Dispatch to The St NEW YORK, June .—Despite a lingering note of optimism in machinery and machine-tool market centers of the country, demand is stagnant and no marked change is looked for in the in- dustry before Fall, American Machinist reports. Reports from most districts indicate no change from week to week, with bookings_tending principally to single items. Inquiries are also showing a Summer lag. New York dealers report another quiet week, with sales of a few items. With several firms reporting better | business, Chicago conditions appear a little more encouraging. The market in_Detroit is still lifeless. Buffalo inquiries, although plentiful, give little hope of orders in the im- mediate future, except rumors of pur- chases by Pierce-Arrow. Cleveland slowness is attributed in part to the failure of automobile manufacturers to step production. New England expects business purse strings to loosen with the passage of the tariff. Philadelphia conditions are quiet and inquiries slow. Cincinnati dealers and manufacturers report busi- ness in that territory is dull and fea- tureless, After several weeks of inac- tivity, Milwaukee reports a slightly im- proved demand from miscellaneous sources. RESERVE BOARD HEAD ISSUES BANK WARNING The intelligent and courageous serv- ice rendered by the banks in the stock market collapse last Fall has been a frequent subject for praise, but seldom for warning. Gov. Roy A. Young of he Federal Reserve Board in his article ‘Safer Brakes for America’s Credit Machinery.” appearing in the current issue of the American Bankers' Asso~ clation Journal, states that the banks were able to check the incipient panic without crumbling under the strain be- cause the banking structure was sound He warns, however, against the as- sumption that the banks would be just as successful the next time. . GRAIN MARKET CHICAGO, July 10 (#).—Steadier poise showed itself in the wheat ma ket today despite late reports of show- ers where needed in Canada and of favorable harvest progress ir. the South- west. Traders friendly to upturns in wheat values took particular notice of assurances from airman Alexander Legge that Federal Farm Board allies would not compete as sellers of wheat %0 long #s the market remained at its present low level. Besides, talk was cur- rent in other quarters that despite world-wide fall of commodity prices, wheat shows a decline of only about 6 cents a bushel compared with quota- M!;l,;th{eel mnm.;s af eat closed firm at the same as yesterday's finish to 3 higher. Corn Vanee. sna provisone sarving fionsss S rovisions varyin decline to lll!i&e of 10. et WHEAT— September’ December July - September ', December . OATS- July September | December YR July : September | December METAL MARKET. NEW YORK, June 19 (#).—Copper steadier; electrolytic spot and future, 12. Iron quiet, unchany ‘Tin, firm; spof and nearby, 30.87; future, 31.12. Lead, 5.40; East St. Zinc, easy; East St. Louls, Antimony, Louts, 5.30. 7.10. MONEY MARKET. NEW YORK, June 19 money steady, 2'z per cent all d. Time loans easy: 30 days, 213a23;: 6 90 days, 23,, 4 months, 3; 5-6 months, 314235, Prime Commercial Paper, 315, Bankers' acceptances unchanged. April Railroad Income. NEW YORK, June 18 (#).—April net operating income of 173 class 1 rail- roads totaled $62,271,581, compared with $94,168,377 in the like month last year. Net operating income for the same roads for the first four months this year totaled $238,507,531, compared with $353,439,684 in the like period of 1929. STOCK AND BOND AVERAGES By the Associated Press. WEDNESDAY, JUNE 18. .. . 54.8 ‘Three years ago, weekly aver..120.0 High (1930) Low (1830) . * New 1930 lows. ‘Today. .. Previous day.. Week ago. Year ago Two years ago Three years ago, weekly aver High (1930) Low (1930) . (Copyright, 19 1045 Mandard Statistics Co.) (A).—Call | Ll L IDIVIDEND RETURNS ON LARGER SCALE Depression in Market Results in Higher Interest on Stocks. Special Dispateh to The Star. NEW YORK, June 19.—In looking about for some development, other than a technical market condition, that would bring about a rally in stocks, Wall Street found some basis for it in the relatively high income return on standard shares that has been produced during the readjustment of market val- ues to a change in business prospects. ‘This necessitates careful selection of stocks whose dividends are not likely to be affected by current conditions, er else those whose dividends will prob- ably be reduced, but in which pur~ chases are being recommended on the basis of what the new rate will return :::her than the yleld at the present te. The heavy buying in stocks last year by investors all over the country, and also from different parts of the world, came when prices of stocks and yields on stocks had touched the level where there appeared to be possibilities of ap- reciation and, at the same time, & gher earning power than could be o tained in other directions. The testi- mony of odd-lot houses that have since made a survey of their operations at that time was that between the end of October and the end of March they bought on balance between 8,000,000 and 10,000,000 shares of stocks for the public, representing a value of between $350,000,000 and $450,000,000. In the last few days, and particularly today, they were beginning to see some of the same type of buying as came into Wail Street last Fall, though the proportions are still moderate compared with those during the panic and in the months immediately thereafter. ‘Taking the high point at which stocks sold this year and the low prices now current, it is found that the changs in the yield basis of the assured divie dend paying thares has been suficient to bring investors back into the market on a considerable scale, H BANK CLEARINGS. . NEW YORK, June 19 (Special).— oday. A vear ago, New York bank Fo ~. $1.464,000,000 $1,438,000,000 an cees 226,000,000 154,000,000 . Federai Reserve credit balance. 214,000,000 141,000,000 Money to Loan ured by deed of trust on real estat Frevailing interest and. commismton o Joseph I. Weller 50,755 % & ¥%! REAL ESTATE LOANS Made at Low Int Rat TYLER & IRl"J'EHERFO o y_on well Tocated bus for 3.5 or 10 years, if 1520 K St. N.W. Real Estate Loans Lowest interest and commission. Large and small loans negotiated. Also money for sound 2nd Trusts Moore & Hill, Inc. (Since 1900) 730 17th Street N.W. | First Mortgage Money \ for | 6% BUILDING LOANS or IMPROVED PROPERTY Reasonable Rates Prompt Action B. F. SAUL CO. 928 15th St. Nat'l 2100 The Guaranteeing Trade Mark Satisfaction 44 Years of Constant Progress STOCKETTALK NO. 16 This is our Story and we're going to Stick to it! ‘This store could be truthfully called the “Department Store for the Office” In the interest of Better Serv- ice to our Customers we ‘“de- rtmentize” our more important ines and activities. The following departments are now in active operation—each under a trained supervisor—a student of his particular branch of our business—whose knowl- edge and advice is at your call. Visible Record Equipment Steel Filing Dev Loose Leaf Outfits Fountain Pdns and Desk Sets Filing Sup Stet aphic Supplies Engravin; Printing ODUCING STATIONERS 19 E ST- -~ - W WASHINGTON'DC ‘We Want Your Business!