Evening Star Newspaper, June 21, 1930, Page 12

FINANCIAL CHANCE OF PROFIT | IN WHEAT VANISHES Small Farmers Unable to Make Money at Prevailing Grain Values. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, June 21.—Probably the drop in September wheat yesterday, closng at 963 cents, had as much to do with the drop in stock prices as anything else. The market opened strong and closed weak. Few were courageous enough to purchase in any sizeable blocks after the price declined. The present price of September wheat does not give a farmer a chance to make any money. It practically tells the farmer that he cannot make &ny money this year. While some owners of large farm units, cultivating 10,000 acres and up, [ say they can produce wheat, year in and year out, on an average of 50 to 60 cents a bushel, hundreds of thou- sands of small farmers, cultivating from 100 to 500 acres, say that it is impossible to produce wheat under $1 a bushel. With July wheat selling at 9375 cents | and September but 3 cents more, it looks discouraging at the moment for the farmer. So the bears rallied to make it an- other field day and stocks dropped { from 1 to 20 points as a result. ; Owen D. Youngs San Francisco | &peech centered on the whole problem of the surplus, and covered “the surplus in wheat, cotton, copper, oil, automo- biles and unemployed plants and men.” What shall we do with the surplus in cotton and wheat—burn or uxportl it? ~To burn the excess wheat and | cotton while men are hungry and un- | derclothed “will start a conflagration | which we cannot stop,” said Mr. Young. | Export is the answer. Selling surplus goods is & sensitive business. It re- | quires tact, judgment and experience | and daring confidence in dealing with | potential buyers. £ “One cultivates his potential buyers. He does not rebufl them. He seeks their | friendship and their good will. If they need credit, he extends it. If they have | which he can take in exchange without curtailing the business of his, own country, he makes it a point to take them,” said Mr. Young. So 'a national policy dealing with the surplus is badly needed, according to Mr. Young. particularly a “tariff policy as distinguished from a tariff bill.” Some day the American policy—politi- «cal and business—will deal more effec- tively with this question—already a ma- gor problem. Mr. Young's remarks will bring this witally important subject more speedily into the spotlight. The resignation yesterday of Dr. Paul Moldenhauer, German minister of finance, was due to inability to secure s free hand in cutting down govern- mental expenses, which the last Gilbert report suggested as absolutely necessary for the country's stability. Germany's business conditions today are suffering as are the conditions in other nations, with the unemployment dole growing and becoming a serious factor in budget stability. A strong man is needed at this time, end reports are that Dr. Hjalmar Schacht, the former head of the Reichs- bank, considered one of the strongest figures in business and finance in the republic, may be asked by Premier fiuenmg to take over the finance port- olio. ‘When Dr. Schacht retired as presi- dent from the Reichsbank, it was re- that he was politically ambitious. . Schacht’s well known resentment the Young plan, as well as his strenuous opposition to promiscuous for- eign borrowing, has earned him the op- -position particularly of the Socialists, who have, since the war, been in favor | of more and more foreign capital to re- vive and upbuild their industries and at the same time provide more and better Jobs for labor. | Germany faces in the coming year the hardest task in budget balancing since the mark stabilization in 1924. ‘When Samuel Insull made his faux pas asking United States Ambassador Backett to omit that part of his address before the World Power Conference in Berlin which declared that the =zale price of electricity was 15 times the cost of production, he opened the flood gat es. | Nearly every succeeding speaker has | geferred to it'in some way. rge N. Tidd, president of the| American Gas & Electric Co., answered the charges by saying: “While it costs electrical companies #omething to produce current, the cost of producing water has been discovered to be nothing, yet its user pays quite & fair sum per gallon. Would you call such a condition in the supply of water | & serious scandal?” | Then Mr. Tidd continued: “The cost of production when the water is in the hills is nothing. But by the time it has | ‘been collected, purified and transmitted high expense has been invariably in- eurred. The same with foodstuffs. The cost of the banana on the tree is small, | yet by the time it has been gathered and transported the ratio far exceedsi P Ambassador Sackett’s main point, | however, was that it was up to the power executives to bring production and consumption costs closer together or be prepared to face a strong public- ownership movement. ight, 1930, by North American News- i paper Alliance.) 1929 OUTPUT LEVELS | STILL HELD FAR OFF Eron Industry Heads All Others in Present Expansion, Statis- ticians Find. Epecial Dispatch to The Star. | NEW YORK, June 21.—Data now at hand _indicate conclusively that the | 1930 Spring revival in industrial out- | puts has been less marked, both in volume and in duration, than that of early previous years, says the Standard Etatistics Co. in a current survey, which eontinues, in part “Computed on the basis of preliminary statistics, and after correction for sea- sonal variation, the Standard Statistics Co. industrial production index stands st 1111 for May. as compared with' 1150 in April, 111.8 in March and 137.3 in May, 1929. Aggregate volume of industrial production for the first five months of the year was 13.7 per cent smaller than in’the corresponding 1929 period. “Of the major components, only iron production continues to expand, as a result of the demand for pipe and oil tank materials and because of heavy construction needs in a few important Jocalities. Steel outputs failed to re- flect the actlvity in the latter field and fell off 3.2 per cent, as compared with | the preceding month. The decline in | automobile production was again re- umed, and in May was 3.5 per cent below the normal seasonal trend. Cot- | ton production is finally responding to the very serious diminution in consump- ' tion, and is now at the lowest level since August, 1925. Bituminous coal output declined 7.8 per cent from April. “It is not improbable that in certain directions the procuring and progressing of raw material may show greater activ- ity in the Fall. We do not believe, how- ever, that such expansion can be dis- tributed throughout the general run of 4ndustrial operations and continue of .our previously expressed opinion that composite production will not regain 1929 levels for the next several months at least.” HE EVENING STAR, WASHINGTO NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page ~Prev.1030—~ Stock and Sales— Dividend Rate. Michigan Stl ‘m2%) 224 Mid-Cont Petm (2).. " Middle States Ofl ct. 261 Midland Sreel (3) 124 Minn Moline Pwr. 35% Mo Kan & Tex (1) 100 Mo Kan & Tex pf( 65 Missouri Pacific. . = 120% Missouri Pac pf (5). 18 Mohawk Carpet. . 36 Monsanto Ch (g1%) 34 Montgom Ward (3). 3% Moon Motors. 52 Morrell & Co (4.40). 114 Mother Lode (20c). . 3% Motor Meter G & El. 38% Motor Products (2).. 21 Motor Wheel (3) 8 Mullins Mfg. 121 Murray (bz%stk) 30% Nash Motors (6) 124 Nat Acme (1% 10 16 1 Nati Cash Reg.A(14) Natl Datry (12) Natl Dept Stores (2) Natl Distillers (2) Natl Lead /¥8)...... 2 Natl Lead pf(A) (7). 408 Natl Lead pf(B) (6). 10s Natl Pwr & Lt (1) 92 Nat! Radiator pf % ) vs Mex 2d pf. Natl Supply (5).. Natl Surety (5). Natl TeaCo (2)..... Nevada Copper (1) Newton Steel (2).... N Y Central (8). N Y & Harlem (5) N'Y Invest (1.20), N Y NH& Hart (6). N Y Ont & Western. . N Y Steam pf (6)... North Am Aviation. North Am(b10%stk) North Amer pf (3) North Am Ed pf (6). Northern Pacifie (5). 4 North Pacific ct (5). Northwstn Tel (3) 9% O11 Well Supply..... Oliver Farm Equlp. . Oliv Fr Eq ev pt(3).. Omnibus Corp. . Oppenhm Collins (5) Otis Elev. n(2%). Otis Steel (234). Outlet Co (4).. Outlet Co pt (7). Owens,Ill Giass(n: Pacific Coast 1st pf.. 108 Paclfic Coast 2d pf.. 10s Pacific Gas & E1 (2). 42 Pacific Lighting (3). Pacific Tel &Tel (7). 230s 13 Packard Motor (1).. 146 Pan-Am Petm (B) 16 5 Panhandle P& R.... 108 36 81 3 3 1 8 14 10s 2 Param’nt Publix (4). 128 54ls Park & Tilford (13). Parmelee Trans 1 Pathe Exchang Peerless Motor Car. . 264 Penick & Ford (1)... 48 Penney (J C) (3).... 6% Penn Dixls Cement. . 70% Penna R R (4). 130 Pere Marquette (18). 94% Pere Marq vr pf (5). 17% Pet Milk (1%).. 19 Petrol Corp (1%). 291 Phelps Dodge (3). 504 Phila Co 6% pf (3) 11% Phila Read C & 1 8% Philip Morris (1). 20 Phillips-Jones Cor; 29% Phillips Petrm (n2 1 PlerceOfl... 201 Plerce Oil pf. . 214 Plerce Petroleum. .. 28 Pilisbury Flour (2).. 40 Pirelli, Italy (a3.14). 50 Pittsburgh Coal..... 17% Pittsbgh Screw 1.40. 96 Pitts Steel pf (7) 20% Pittston Co (373¢). 207 Poor & Co (B) (2)... 59% P Rican Am To A(7). 12 PRican Am To (B). 36 Prairie Oll & Gas(2) 44% Prairie Pipe L (15).. 615 Pr Steel Car... 52% Proc & Gamble (2) 614 Prod & Refine 811 Pub Serv.N J (3.40). 91% Pub Serv N J pf (5). 121 PubServNJ pf (7). 107% Pub Serv E&G pf(6) 63 Pullman Corp (4)... 114 Punta Alegre Sugar. 20 Pure Ofl (1%4).. 55% Purity Bakerles (4). 33% Radio Corp 68 Radio Corp g 19 Radio-Kelth-Orph A 28 Raybestos Man 2.60. 108 Reading Rwy (4). 34% Real Silk (5) 25 Rem Rand (1.60).... 92 Rem-Rand 1st pf(7). 814 Reo Motor Car (80c) 40 Republic Steel (4) . 90 Republic Steel pf () 60'4 Revere C&B (A) (4). 24 Reynolds Metls 2.40. 3 Reynolds Spring Reynolds Tob A 45% Reynolds Tob B (3 14% Richfield O1l (2) 16% Rio Grande Oil (2).. 39 Ritter Dent Mg (13) 27% Rossia Insur (2.20). 494 Roy Dutch (a1.3415). T5% Safeway t(ed). 33y St Joseph Lead (13). 98l St L-San Fran (8)... 92 St L-San Fran pf (6) 58 St L Southwestern.. 16 Savage Arms (2). 4% Schulte Retal] Str 35 Schulte Retail pf(8) 6 Seaboard Alr Line. .. 20% Seaboard Alr Line pf 9% Seagrave (e1.20).... 68% Sears Roebuck($2%) 8 Second Natl Inv 6% Servel. Inc.. 16% Sharp & Dohm : 33 Shattuck(FG)(11%4) 18 Shell Union (1.40)... 8% Shubert Theatre: 24'» Simmons Co (3) . 18 Simms Petrm (1.60). 20% Sinclair Con Ol (2). 108 Sinclalr Ofl pf (8) 2874 Skelly Ol (2) 9015 Skelly O1l pt (6 4 Snider Packin 108 2 141 2 . 296 15 - a4 8 3 2 3 S . 10 . 108 1 Add 00. High. Low. Close. Close. 664 6 66 23% 26 367w 65 1201 3915 35 53 1 109% 67 1) —Prev.1930~ High. Low. Prev. | 118 9515 Solvay 72 1% Sout| 5k Spaldin ) 1201 18 26 34% 5% 53 1% 4 34 Splegel: 81y 61 Sta Starret Sun 011 Tide W 2 613 Utd Bise 511 | 8 | TI% | 130 US & F Lea aacaggeg nunnnnn 4 U S Tol Utll Pw Viek Ch Va-Car Vi Vulean Warner Wa w Wess o1 Weston Wileox Willys- Willys- Wilson Yellow 5% Am Tel 18% Ches & H A& Gamew 1% Hacken 5 Unit of trai in stock. fPavable | nw resuiar Tate b al h Plus 2% in stock. J in ‘stock Stock and Dividend Rate. Sou Porto Sug (1.40) Southern Cal Ed (2). Sou Dairtes (B). Southern Pacific Stand Branas (1%). Stand Brands pf (7). Stand Comm Tob. Srand G & E (3%)... Stand G & E pf (4) Stand Invest Corp. .. Stand O of Cal (234). Stand Oil Exp pf(5). Stand O1l of Kan (2) Stand Oil of N J(12). 369 Stand O1I N ¥ (1.60). Stand Plate nd Plaf r Bros P pf (2.20) Youngs Spring (3).. Young Sheet & T (5) Zenith Radio. RIGHTS EXPIRE DuPont deN..July 16 Dividend rates as given in the above table payments basel on the latest quarterly or ng less than 100 shares n Pay ble in’ cash oF stock. Pre Close. Clos: 105% 105% 19 Am pt(5%) £ (AG) (2).. Spang-Chalfant. .... Sparks Withngtn(1). Spicer Mf; - Ma: 1 . 139 :f - 59 1 3 50 2 3 103 Gl Gl 5 f 3608 t(LS) (12%) 5 Sterling Sec (A).... Sterling Sec pf(1.20) Sterling Sec ev pf(3) Stewart-Warner (1). Stone & Webster (4). Studebaker Corp (4). Submarine Boat. of (6). SuperheaterCo(Th Superior Oil Symington. Symington (A) Telaut Corp (11.30). ‘Tenn Cop & Ch (1) & Texas Corp (3).. Texas PC&Ofl. .. Texas Pac Land Tr. . Thatcher Mfg (1.60). The Fair pt (7) Thermold Co (2) Third Avenue Third Natl Inv (3) Thompson Prod(2.40° Thompson Starrett. . Tide Water As (60c). ter As pf (6) Tide Water Ofl pf(5) Timken Det Ax(80c) Timken Roller (3) Tobaceo Produet. Truscon Stl (£1.20). % Twin City RT of (1) Und-Ell-Fischer Union Bag & Paper. . Uniton Carbide (2.60) Union Oll of Cal (32) Union Pacific (10).., Union Pacifio pf (4). Union T'k Car (1.60). Utd Alrcraft. . . Utd Alrcraft pf (3).. cult (1.60). Utd Carbon (2) Utd Electric Coal Utd Fruit (4).. Utd Gas & Imp(1.20) Utd Gas & Imp pt(5) Utd Piece Dye W (2) Utd Stores (A)...... U S & For Secur. or Sec pf (6).. U S Freight (3)... S Aleohol (17).. ther (A). Pipe & F (3). Smelt Ref pf 315 U S Steel (7).. . U S Steel pf (7) co (4) Univ Leaf Tob pt(8) T&LT A (e2). Vadasco Sales Corp. v fum Stl (14). . emical (2%). Chem ~Caro Chem 6% pt Det (4).. 908 Vulcan Detin pt (7). 2008 Wabash coesses Waldorf Systm (1%) Walworth Co (2) Ward Baking (B). Ward Baking pf (7). 3 463 i Bros Ple (4). 1 & Snow (2). Elec (A) (2). Westvaco Chlor (2).. White Motors (2)... White Rek MS(14%) White Sewing Mach. Ol & Gas. Overland Over pf ( & Co pf.. Woolworth (2.40)... Worth Pump. ... Worth Pump(A) (7). Worth Pump(B) (6) Wrigley (Wm) (4).. Yale & Towne (15).. 1 Truek... . 177 2 6 3z & Tel.Aug 1 368 Ohlo..July 23 16 30 .June 23 120 July 1 708 ell. w sk 1% o the annual cash ‘early decinintions. Plus 4 o Paid nst year s 85 I otk us"8% in ‘stoc 210 stock” & Bis tPartly extra s 9% In stock. d Payable 1Plus 10% in stock Plus 8% In stock. k Plus scrip. al DROP IN BUSINESS Usual Dull Period Marked by Some Retail Sales Gains, Say Reviews. Special Dispatch to The Star. NEW YORK, June 21.—Business is now entering what is traditionally the dullest season of the year after another week of unsettiement in the commodity and stock markets, and this should be taken into consideration in studying present trends, according to the weekly trade reviews. It is stated, however, that the usual dullness of Summer should not be permitted to minimize the retarding forces represented by de- clining commodity prices which have held back buying. R. G. Dun & Co.’s review of business 5 . i part: t some period stability will emerge from the existing uncertainty, although the readjustments are far reaching and their completion can scarcely fail to continue to be a gradual process. As recognition of that probability widens, expectations of commercial revival will be based less upon hopes and more upon actualities. A decisive and general trade recovery plainly remains in abeyance, and the opening of Summer, while it may be mn“l;vllunu to certain lines, is calculated have the usual influence ot “r‘efinutnx m:: n':g\.umu activities. should properly be made in viewing cur- rent trends, yet without minimizing the importance of the special retarding forces that prevail now. Among those | restraints the persistent decline of com- modity prices, carrying some basic ma- terials to the lowest levels touched in a | number of years, is particularly promi- might otherwise be placed. “When a closer balance between sup- ward which end curtailment of outputs | is working, more steadiness in whote- | sale quotations may be looked for, with a consequent strengthening of confi- dence and broadening of operations. “The events of the week tended to cause somewhat more unsettlement in primary textile channels. With sharp- ly fluctuating prices for raw cottons, markets for goods not unnaturally were | affected, with lower quotations named |in various instances. On the further de- cline, lower levels than for a number of years were reached. Similarly, some other textile prices gave way still more, notably raw silk burlaps and some of | the Jower grades of rayon. “Meanwhile, the restraining effect upon consumption of a decreased pub- lic purchasing power is becoming more evident, and dealers are buying only to cover immediate or probable early needs. Efforts to bring about a better situa- tion are reflected in the steady curtail- ment of production, which has gone to unusual lengths in most lines.” Bradstrect's review says in part: “Trade hasetended to further quiet ilnd industry in several lines has taken on many of the appearances of mid-year slackness. The chief exceptions io the generally quiet trend were in light- weight Summer wearing apparel and va- cation goods, owing to sales announced by department storcs and other large retailers, who had belun“ to lighten stocks. “Accentuating the quicting trend somewhat in the cities was con- tinued liquidation in the stock market, | nent, causing deferment of orders which | | ply and demand has been reached, to- | i while rural trade was affected by the | downward trend of farm products which l generally felt the burden of large stocks or the generally favorable outlook for the growing crops. “Some exceptions to the generally qulet tone of things commercial were found in the steadiness of many grades of wool. Some of this re-echoed in a | more optimistic feeling in worsted fab-~ | ries, the activity already noted in buy- | ing of pipe for carrying gas or oil, and | flour milling, where lower wheat prices sales. In the manufacture of bathing suits several markets note activity, whereas other knitwear and hosiery has | tended to quiet. | “In the industries the former quiet in | soft coal continues, with lake shipments not large enough to offset reduced buy- ing by industrial users. Furniture man- ufacturing at leading Southern points | partakes of the quiet reported in cot- |ton manufacturing, in both of which |part time is quite general. Lumber |Teports from the Pacific Coast are of large stocks foreshadowing shut-downs of operations, while in hardwood sec- low normal. “Crop reports were more uniformly favorable than at any previous time this year Winter wheat harvesting was on in Oklahoma and was expected to be- gin in Southern Kansas next week. Cotton crop reports were generally fa- vorable and former cheerful reports | were reiterated in Spring wheat areas. The key to most of the good reports re. | garding Spring sown crops was found |generally "in the reports of ample moisture.” A contract to furnish concrete for foundations for the Pennsylvania Rail- road’s new shop buildings and round :wud t rnrg-.n;ze); street and ul:-g; le_avenue n awarded Warner Co. | mating $600,000.000. are thought to have facilitated export | tions sales and operations were well be- | D. C.. SATURDAY JUNE 2 RATE REDUCTIONS | Cox v voxc BONDS SHOULD AID BONDS Government and Municipal Issues Seen as Chief Bene- ficiaries of Easy Credit. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, June 21.—Both the stock market and the market for high grade trade corporation bonds and notes, as well as that for Government and municipal securities, should be stimu- lated by the reduction in the rediscount rate of the Federal Reserve Bank of New York to 2'; per cent, the lowest since the Federal Reserve system came into being. ‘This rate parallels that of the Bank of France, reflecting the great abund- ance of short term funds in the two markets of iargest money supply in the world. In response to the cut here ‘Thursday, the Bank of Germany di- rectors lowered their rate from 4% to 4 per cent, so that the officlal rate in Germany is now 11, per cent under that quoted in Austria, Hungary, Italy and Spain, and ' per cent below that in Norway. It is on a parity with the rate in Denmark, but ' per cent higher than in Sweden. The Bank of England rate this week remained at 3 per cent. Only a few days ago a lead- ing British economist stated that it was at the minimum required by invest- ment markets and for its effect on British trade. Other Changes. ‘The Federal Reserve banks through out the country have been slow to fol- low the lead of the New York bank since it reduced its rate from 3'; per cent to 3 per cent on May 2. The only two institutions to adjust their rates to the 3 per cent quotation here were Boston, whose rate was lowered to 315 per cent on May 8, and Cleveland with a similar cut two weeks ago. All of the other Reserve banks are still quot- ing 4 per cent. With the New York rate at 2% per cent, there is some possibility that Chicago will reduce the spread of 11; per cent between the two money markets, although the banking senti- ment outside of New York is to the effect that 31; or 4 per cent redis- counts about represent the minimum rates necessary for interior citles. ‘The collateral effects of the reduc- tion here, which is & natural response to the open money market rates that had declined 3§ of 1 per cent below the official rate, include a possible reduc- tion in the rates on deposits of the New York Clearing House banks and a further shift from the present unprofit- able call money market to short and long time securities. With the re- newal rate of 2!, per cent today, the net return to the bank lending its surplus funds in the “Street” through a correspondent is less than 2 per cent. In other words, the lender in most cases is paying more to hold his de- posit than he is receiving on the funds which he re-lends at current “street” quotations. The logic of this situation in ordinary times is that he would be driven to ‘purchase securities or com- mercial paper. Stimulus to Credit. It was admitted that the Federal Reserve Board, through its policy of low_rediscount rates, and particulalrly in fixing in New York the lowest rate ever quoted in the 16 years of its opera- tions, had done all that it could do to bolster up the bond market and to transfuse easy credits into the business world. The effect of this latest adjust- ment in rediscount rates on the market for investment securities will be watched closely, as many bankers seem to feel that a stronger bond market is necessary to bring about a turn in the industrial tide. This opinion is not, however, a unanimous one, due to the fact that with all of the en- couragement provided this year in low interest rates and high income returns the volume of investment buying so far has been discouragingly small. The Federal Reserve statement this week Indicates holdings of United States Government securities approxi- ‘This compares with about $140,000.000 a year ago. At the same time, total bills rediscounted are back to nearly the previous low figure of the year with New York banks indicating only $24.000,000, or less than | one-tenth of the amount of June 19. 1929. There have been few periods in the life of the Federal Reserve banks when there was less call on them for accommodations from member institu- tions than at, present. (Copyright, 1930.) Rail Stocks BY GEORGE T. HUGHES. (This is the fifth of a series of briet Analvses by Mr Hushes on railroad curlifes. 'The intent is not to reco mend the purchase or sale of any b tieular stock, but to give the investor such information as may enble him in- telligently to chart his own course.) Operating over 5,000 miles of road in the Southeastern section of the United States, Atlantic Coast Line has long been in high favor with investors, both as to its bonds and its common stock. All of the bonds sell on a low yield basis, and all of them are railroad in- vestments of the highest grade. The only one that needs any special men- tion is the 4 per cent issue of 1952, which is secured by deposit of Louis- ville & Nashville stock. Should the parent road at some future time desire to free this stock from the lien, it would be necessary to call the bonds at the redemption price of 105, and this pos- sibility has at times given the bond & mild speculative attraction. There is a_ negligible amount of § per cent preferred stock outstanding, but the only public interest attaches to the $100 par common. On this the present dividend rate is 7 per cent annually with, in recent years, extras that brought the total amount up to 10 per cent. If it be admitted that this $10 disbursement is to be continued the stock sold first half of road stock of comparable grade. The reason for this comparatively | low price is, of course, the falling off in earnings which the Atlantic Coast Line has suffered in common with other railroads serving the Southeast. On the year's earnings to date the in- dicated net available for the stock is not much more than dividend require- ments. There may be a revision up- ward when car loadings improve as they must do if and when business in that section revives, but meanwhile there is enough doubt about the time element to make investors hesitate. Atlantic Coast Line made its record profits during the Florida boom in 1925 and 1926, and in the former year the stock sold at a record high of 268, In the great market collapse last No- vember it came down to 161. The range this year has been relatively small because the stock is closely held, the floating supply is not large, and it has never been a speculative favorite. Its market price hereafter ought to re- flect rather closely the changes in the industrial outlook. No analysis of Coast Line would be complete without reference to its own- ership of 51 per cent of the stock of Louisville & Nashville, and through the latter road its control of Nashville Chattanooga & St. Louis. Both of | these properties are very valuable and Besides the Coast Line December normally very profitable. regular dividend, Atlantic stockholders received in 1926, rights to,subscribe to new shares at d?u. which ™ rights, if sold, gave an additional income ranging from $15.50 to $18.25 a share. 1930 to | give a higher return than other rail- | FINANCIAL. STOCK EXCHANGE I Office Received by Private Wire Direct to The Star UNITED STATES. (Sales are in $1.000 High. 41029 1024 138 10228 10225 2 10125 10125 2 10124 10124 5 11229 11219 FOREIGN. High. Low. Close. 1 US4yss2.. Austria 7s. . Bank of Chile 6% Bank of Chile 6% Batavian Pet 448, . Brazil 61%s 26 Brazi{l 6148 27 Brazfl 8s... Bremen State 7s. Canada 6s'31. Canada 6a '53. Copenhagen 4% s °L" Copennhagen bs rots Cuba 5%s, Czecho 8361, Denmark 4%4s. . Denmark 6% Denmark 6 DET5%s, Mch,'52. Dutch East I 65 °63. Fiat 7s ex war ‘46 Flat 7s war 46. ..., Finland s £ 6s "¢ Finland 7s... Framerican 7% French 1 French 7%, Ger 5345'30-'35 rets 209 German Bank 6s 3. German EI P 6%s German 7s Irish Free State o ma D el m e an 9SS hsnunnonne aaTaer " e Milan 63%s. .. Netherlands 6s *72 Ny Nord 6% s Norway 6563 » 44, .. orway 6%s '52. Orfent dev 514 58 Orfent Dev 6s°53. .. Parts-Lyons-M 6: Paris-Ly-Med 7 Porto Alegre 8s Queenland 7s. Rhine Wst EP 6s'5: Rhine West6s '63. . Rio de Janeiro 634, Rio de Jan 85 '46. Rio Gr du Sul 65’48 Rio Gr Du Sul Rome 6%4s. .. Serbs Cr Slov 7s. Serbs-Crot-Slo Swiss 514546 Swiss Confed §s Toklo 5s. . Tokio 5%s Uruguay 6; " - RO R NI O 1 W NS W BN AN R 8 ® . 13 Abitibt P&P 68 ‘53, Abram&Straus 5% Ajax Rubber 8 Alleghany Cp 6844 10 Alleghany 68°49... 4 Am AgriChem T%s 8 Allis Chalm 68°37.. & | Am Beet Sugar 6s. . | Am For Pwr 5 2030 Am1GChbls 49, Am Int Cor 548 49 Am Metal 538 '34.. |Am Smit & R 18 | Am Sugar Ref | Aam T&T cvaty | Am T&T 68’65 | Am T&T el tr 39 Armour, Del.b%ws. . Bell Tel, Pa. §s (B) Bethlehm £tl pm b8 Brklyn Edison 58, Chile Copper bs. ... TR ConGasN Y 6%s Dodge 65 - Duquesne 414867, | East Cuba Sug 1%s Gen Mot Ac Cor 1 | Gen Thea Eq 65 40. | Goodyer s reta. ... Humble O & R | Ili Bell Tel | intl Cement | Intl TAT 4%4mev. . Intl Tel&Tel b8 '55. Kan City P & Lt b, | Ligr&Myers 58 '51. Loew’s 63 w o war. Lorillard 68 Lariliard 6%s. .. Lorillard (P) 78 Lou Gas&El s '62. Manati Sugar 7%« | McC'rmek KR 6; Midvale Steel Montana Pwr Morris&Co 1st434 | Nat Dairy 63 8. New Eng Tel 68 | N Y Edison 58 44 i - O A AR D e SN M S e B 1flc Gas & K1 bs Paramount 6 '47. . Peoples Ga: Phila Co 65 '87.. Phila & Read 65°49. Phillips Pet 634s. . Postal Tel & C 6% Pressed Stl Car s. Pub S8vo G 4% 67. Pub Serv G 4348 ‘10 Pure Oi1 6 ; Rem Arms 6s 37 Rem Rand 5%s war Richfleld Ofl 6s "44. Sinclair O11 6%4% Sinclair Ofl 7s. ... Stinclair Crude 5% S'nelalr P L Amer 5, zell Tel by Stand O11 NJ StwndOll N'Y 4% Tenn El Pwr 6847, Tex Corp ev 68 ‘4. Transcontl Ofl 6%8 MISCELLAN 4 103 Low. Close. 102 10225 | 10125 10124 112 91 YR 9814 981y 8% 85 8514 10:% 91 98% 9914 98% 79 85 851 102% 10214 109 109 114 " R0 BOY £01y B0l 1004 100% 103% 1007 1007 104% 1047, 100 109% 109% 92y, 92% 101 101% 104% 104% 102 102 102 102 881 881 997 997 9 9w 100'% 100% 1071 1073 117% 117% 122% 12:% 90 90 88% 89% 92 92 105% 105% 98U 981y 9% 9TH 96% 96% M4 9Ty 90% 90% 1038 103% 82 B2% % 15 9% 94% 104 104 104 104 10% 108 BI% 89 ¢ 105% 105% ¥0% 947% 105 86% #2% B2% #8383 105% 106 98% 99 104 104 1031 103% 102 102 89% R9%, 96 96 103% 103% 104% 1041 (T A5 /98 FA% K% 951 954 105% 105% 90% 904 90' €0 6% 97 71 991 8oty 9 71 99 89m 89 89 9615 961 107% 1074 96% 964 3 24 104% 104% 107w 107% 6% T6% YO 90% 0474 9474 10515 10515 86% 86% EOus. 84y 9 971% 8 102 103 1007 9 BN BI% 101% 101% 66 66 Ty 9% 103% 1038, 102 1024 70 70 RBY Ry w2 102 95 95 968 963, 101% 101% 102% 102% 162 162 104% 106 105 105% 104% 1043, 1078 107% 898 84Ty §ln 81N 105% 105% 101% 10115 10412 1041 | 105 105 94 944 64 64 101% 1018 9% 9915 94 94 105% 1050 92% 9215 100% 101 | 70 70 101% 10% 94y 931 U3l 101% 101% 106 105% 100 100 100 100 86 86 109 109 96% 96T | 104% 1043 106% 1065 103% 103% 103 103 R0y 81% 104% 104% o8l 98L 89 89 93 95ty 109% 109% 103 103 57 87 101% 101% 101 101 101% 10i% B0% BOM 96 96k 106% 106% 104 104% 114% 114% B4y 94'y 100% 1007% 106% 1063, 103 103 96 9% 88 102 10314 1007 98l 6% 97% 1035 103% 98 106 102% 108 107 96 _vTx 5 102 1031 1007 98Y, 964 g 95% 1004 | Vertientes Sug 7 | Western Elec b: 5 | Westn Unfon 614 Sales. High. Low Close 100% 100% 146 46 101 1014 45% 45 10414 1043 102 Utah Pwr&Lt 6s Warn Bros P 68 *49. Warner Sug 7839, Westn Union b White Fagle 514s. . Wickw Spen 1st. .. Wickw-Spen ev 7a. Willvs-Ov 614833, Wilson & Co 1st 8s. Youngstn S&T Ss.. 9 RAILROA . 15 3 3 6 1 2 5 1 % 1 1 1 3 D. Atchison adj Atchixon gen 4n A T&SF ev 452005, A, T&SF cv 4153548, R &0 wold 4s B&Ocv4! B&O4Ys B&Oref 5 B & O fs 201 R&OSWH58'50 .., Bang&Aroos 4s°51. Boston & Matne bs. Brdwav&Tth Av Bklyn Manhat 6s. . Buff R & Pitts 4%s. Can Nat 4%s 84 Can Nat 4348 '57 Can Nat Gs. July's9 Can Nat 5. Oct * Can Northern 7s. . Canadian Pac db 4 Can Pac 414846 Can Pacific 55°64. . Cent Pac 1at 5= '90. Ches Corp 58 *47. . Ches & O gen 414n. Ches & 0 4%48 B Chi & Alt 3., CB&Q Il Alv 4s. .. h1 & E 111 gn Ba61. Chi Gr West 45 'F9 Chi M&StP 4% 5’89 15 ChiMNStP&P Fa'15. 7 Tac adj 53.100 &NW4%s 38 Chicago Rwys b ChiRI1&P gn 4 ChiRT&Prf A ChiRIcv4ls 60 9 Chicago THb6s.... 1 Clev Term 4%s*17. 20 16 1 Cuba RR 7%s. Del& Hud ref 4 Del & Hud 6% Den & Rio G cn 43 Den&RGW En '55. . . Det United 4148 1 Duluth S S & Atl 5s Frie conv 4s (A). Erfe Fs. 1967 Erle Ea. 1975. Fla East C6s'74... 15 Gr Trunk st deb 6s. Grand Trunk 7s.... Gt Nor 4% '76(D). Gt Northern 5. Great Nor gen 7 Hud & Man ad1 fs. Hud & Man ref 53 TIl Cent ref 4= 111 Cent 4% 66 Tnt Rapid Trans b Int Rap Tr 5= stpd. Int Rapid Trans és. Ran City Ft 8 4 Kan City Sou 3s. Kan Citv Sou s .. Kan City Term 4s. Lake Shore 31 Teht Val con 4 Lehigh Val eon L& N 41482003 ManRy 18t 4890 . Market St 7240, . Mil El Rv&T.t 58'51 Mill El Rv&L 52'61 MK & Tex 1st 4 Mo Pacific gen 4s.. 0 Pac fs F*77. . Mo Pac 5%n 49 cv. N Y Cen ren 3% N ¥ Cent 4s'98. N ¥ Cen deb 48 N Y Cenrfim N ¥ Cen ref 5a N Y Cen deb fis NYChI&SIT 414<'78 1 5 5 4 16 9 21 1 D15 14 110 78% 99 9314 110 7814 9% 937 991 a3, S~ asaan - P Bo 99% 101y £8 19 Ca xR amnaS=8 & reBovmennamnlanan—rn aRE200aan 67, NY State Ry 448 NYW&B4Y . Yorf & Wn eon 48 Nor Paeifie 3% 2027 Nor Pacific 4 Nor Pac 41482027, . Nor Pacifio ref 6s. . Ore Wash 1st Penna con 41 Penna gen 4% Penna 4% = '63, Penna 5 ‘64 Penna 6%s. ] 28 981 104, 2 100 1004 » | Pere Mara 1st & | Phillppine RR 4 Port RL & P 55 °30. Reading zen 4% A. Tio Gr Wat 18t RIATk & L 4%s. .. StLIM&S56s... StL IM&S R&G 48 StL& SFpl4n A, SIL&SF4%=Ts.. SIL&SanF 55 B S&L&SK gen bn 31, St LS W con 4= ‘32 Seaboard AL ref 48 Feaboard AL cn 8s. SBAI Fla 6335 A Sou Pac ref 4s Sou Pac 4% rct, Sou Pae 415869 Sou Rwy con 6 Son Rwy 6148 Sou Rwy Mo Tex Ark F'S 514’50 Tex & Pac ba B17 Tol Tr L.&P 5% #'30 Unfon Pae 1st 48 Union Pac 4= 68 Un Pae 1st ret & Unfon Pac 4% Va Ry & Pwr b Wabash 4% s'78 Wabash 1at Wabash 6% s Western Md 4s. .. West MA 64817, . West Shore 4s 61. . 100% agn, 8974 928 1025 a e 0 =28 o Znan me= asonnReamraa3ala R 109% 1241 95 108 102 100 Ty 401y 91 994 101% 2% 102% 105 100 9174 9% 1018 224 102% - 99 30 904 90 THIS YEAR IN RUSSIA By the Associated Press. MOSCOW, June 21.—The commis- sariat_of agriculture announced today that Soviet Russia this year would have sufficient grain not only to meet the needs of the population, but to estab- lish grain reserves and possibly leave some for_exporting. Up to June 15, said the commissariat, about 304,450,000 acres were sown, the government’s total yearly plan and aboul 5,550,000 acres more than last year's sown area, Forty per cent of the total area sown this year, asserted today’s Pravda, of- ficial newspaper, was planted by the collective farms, which comprise one- fourth of Russia’s peasant households. It urges the provinces to fulfll 100 per cent the government's sowing plan by June 25, when the Communist con- gress will open here. FOREIGN i'ZXCKANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (of par). "t 34.8665 3913, Wlllllm‘l}. Burrows of Orange, N. J., vice :resi ent of the General Electric Co., has been named chairman of the manufacturing commli.mu of the com- peny, effective T8Y 161921549214 September, 991 | 100 { 3 00a4.00; 10415 o 109 9814 a s | fow i! Erxz 102y ' 9714 901 10312 which is approximately 90 per cent of | HIGH-GRADE BOND PRICES ARE STEADY Convertibles Sell Off in Sym- pathy With Decline in Stock Market. BY F. H. RICHARDSON, Special Dispateh to The Btar, NEW YORK, June 21.—Once more affected by heavy selling of stocks, bond prices today canceled nearly all of the gains made on Friday. Volume was not heavy and most of the losses were in the convertibles and other bonds di- reétly influenced by the course of stocks, In the rest of the list forced selling was not quite offset by investment buying. In the prime section Atchison gen- eral 4s advanced to a new high for the current movement and only !j under, its peak of the year, and there were also gains in American Telephone 5%s and Standard Oil of New York 41¢s, Declines were recorded in Canadian Pacific 4s, New York Central 4s, Penn~+ sylvania 4'.s. Southern Pacific 4148, Great Northern 7s, Duquesne Light 4155, Columbia Gas 5s and New York Tele~ phone 4';s, In the convertibles Warner Bros. Pic- tures 6s and International Telephone 4':s were under the heaviest pressure, Both dropped over a point. There were 4 declines in Baltimore & Ohio convertible 4.5, American 1. G. Chemical 5ls, Commercial Investment Trust 514s, Philadelphia & Reading Coal & Iron 6s. Chicago & Northwestern 43;s, Texas Corporation 5s, General Theaters Equip- ment 6s and International Cement 5s. Dollar loans of Germany ylelded quickly to the selling. While the new 5158 stood fast at 90, German Central Bank 6s, Cologne 6iis, United Steel Works 6'5s, Bavaria 6',s and ' Karstadt 65 sold off. In the South Anerican group Brazil 61.s and 8s, Sao Paulo 7s and Colombia 6s all had wide drops. Bolivian descriptions, however, advanced. Japanese bonds were strong. Second-grade domestic railroad bong turned irregular. St. Paul adjustments, Rock Island 415s and Frisco 4135 wers fractionally higher. Chicago & Great Western 4s, Erle 5s, Misscuri-Pacific 4s, Western Maryland 4s and Boston & Maine 5s showed heaviness. Industrials did no better. National Dairy Producrs 5'4s were off 1, a point. OIls and trac- tons were dull and weak. i g, o GRAIN MARKET ) CHICAGO, June 21 (Special).—All | grains sank to new low levels for the | season again today, with wheat down) |to a 15-year low, under renewed pres- sure. %! Most acute weakness was evident in | wheat. The break in stocks, weakness in Winnipeg, the increasing movement of the new crop to market and further July liquidation accounted for the sell- ing. Short covering for profit was ex- tensive on the break, but rallies failed | to hold. | “Closing prices were 1%a17 and for the week 63;a7 lower, “ lower July, | , 95140955 De- | cember, 1.00a997;. | Liverpool closed 141 lower, recavers “|ing from an early break as a result of 4| profit-taking by shorts. Buenos Aires closed unchanged. New York mes | sage reported considerable export busis 4 ness done in flour. Milling demand was quiet. ; Corn _closed *{al'4 lower and for the week 13ga3? lower. July, 75; Septem= ber, 73%a7314; December, 68'5a60%. Oats followed other grains dawn to new scason's lows. Closing prices were dsat lower and for the week 7gall; lower. July, 35',a35%: September 3625a36'2: December, 391,a39%. Provisions sold lower with grain, Baltimore Markets Special Dispatch to The Star BALTIMORE, Md., June 21—Po- tatoes, white, 100 pounds, new, barrel, 2.00a4.00; sweet potatoes, | barrel, 250a4.50; yvams, barrel, 3.00a 4.00; asparagus, dozen, 25a2.50; beans, bushel, * 75a1.75; cabbage, hamper, 30a65; carrots, 100, 2.00a4.00; celery, crate, 3.00a3.50; corn, 1.25 21.75; cu- cumbers, hamper, 25al1.25; eggplants, crate, 125a2.25; Lima beans, bushel, lettuce, hamper, 25a75: on- bushel, 75a1.25; green, 100, 75a crate, 1.00a2.00; peas, ; radishes, 100, 1.00a bushel, 75a1:00; squash, tomatoes, crate, 50a1.75; apples, bushel, 1.00a3.00; blackberries, | quart,” 8al4; cantaloupes, crate, 1.008 | 3.50; ‘cherries, pound, 5al5: grapefruit, 4 box, 2.5026.00; oranges, box, 3.50a9.00; peaches, crate, 150a5.00; pineappled crate, 3.00a4.00: strawberries, quart 12a20; watermelons, 100, 50.00a65.00. Dairy Market. Poultry, alive—Chickens, Springers pound 25a38; Leghorns, 18a26; old roosters, 13a15; old hens, 22a24; Leg- horns, 14al ducks, 18a20; Guinea each, 50a75; pigeons, pair, 25. —Receipts, 602 cases; nearby r's 21a22; Southern firsts, 20a21. Butter—Good to fancy creamery, pound, 33a35; ladles, 24a25; rolls, | 24a25; process, 28a29; store packed, 18a19. CHICAGO LIVE STOCK MARKE® CHICAGO, June 21 (&) (United Sta‘es Department of Agriculture).— Catrle—Receipts, 500 head; compared & week ago, fed steers and yearlings in excessive supply: mostly 50a75 lower; around 1.25a2.25 under three weeks ago; lowest levels in over three years; light yearlings and she stock showed decline; bulls, 50a1.00 lower; vealers steady: re- placement cattle more numerous; lower | in sympathy with break on killing | kinds; couniry demand very narrow | and supply light grass cattle expand, best heavy steers, 12.75; practical top | long yearlings, 12.00; numerous loads of | well “finished heavies, 11.25 down to 10.00; best heifer yeariings, 11.00; mostly, 9.25210.00; average cost steers ! and yearlings for the week, 10.30; fat cow and butcher heifer market a semi- demoralized affair all week; most fat cows turning at 5.50a7.00; grain-fed, 7.50 upward; cutters, 3.50a4.50. Sheep, 4,000, nominal; 3.800 direct; by the week, 41 doubles from feeding stations, 30,500 direct; compared one week ago all classes about steady; late bulk-sorted native lambs, 12.00a12.25; early top, 12.75; common throwouts, 7.50a8.50; early sales Idaho lambs around 80 pounds, 1250a12.85; three loads Tuesday, 13.00; yearlings, mostly plain or heavy, around 8.00; good to choice kinds, 9.50a10.00; fat ewes, 150 pounds down, 3.00a3.50; top, 3.75 Hogs, 8,000, including 6,500 direct; mostly 10a15 lower in slow and uneven trade; top, 9.60 paid for 160-200 pound: the week bett>r grade hogs mostly 67a75 lower: packing sows. 1.00 lower; shippers, 1,000; estimated hold- overs, 2,000: ~butchers, medium to choice, 250-300 pounds, 9.00a9.60: 200~ | 250 pounds, 9.25a9.60; 160-200 pounds, 9.2509.60; 130-160 pounds, 9.00a9.50; packing ‘sows, 8.00a8.60; pigs, medium to choice, 90-130 pounds, 8.00a9.25. ions, ELECTRICAL INDUSTRY. NEW YORK, June 21 (#).—The Elec- trical World reports that the depression which has characterized electrical equipment markets for the country in# | recent weeks continued during the past | week, forcing sales levels to low points for the current year. From present in | dications the industry faces the pros- | pect of a dull Summer, but looks for improvement in the Pail Telephone communication bet: g T a = Tecen Parls operators on