Evening Star Newspaper, June 25, 1930, Page 12

FINANCIAL. CURB ISSUES FAIL TORETAIN ADVANCE Market Sells Off After Early Rally—Trading In- creases. THE W neosu Y, NEW YORK CURB MARKE Notice—All stocks are sold in ene hundred-share lots %Mmmnmmnlmi (285) ich shows those stocks to be sold in odd lots only. Bales— Add 00. Open, High. Low. Close. RO T 1 1 28% 23% 234 23y 3 16 16% 16 16% 268 102 1021 1021 10214 B 4% A% 4K 4n B9 C G = Ui 5226 236 226 235 1 99%; 9% 99% Lo oo 3 67 6% 15 21% 89 * W 17% 3% . 40 109 106 106 106% 106% 106 3! 3% 3w T 3% 53% EVENING. STAR, WASHINGTON, D. C, MANY U. . FIRMS wosem o [NGREASE CAPITAL % 4| Wall Street Not Surprised at Fifty-Million Share North American Issue. FINANNCIAL. OUTLOOK IN STEEL TRADE IS CLOUDED Seasonal Influences and Pes- simism Cited as Factors by Iron Age. o STOCK AND BOND AVERAGES By the Assoeiated Press. Prom Yesterday's §:30 Edition, Received by Private Wire Direct to The Star Office Sales— . Add 00. Open. High. Low. Close. l'l‘O_ClS i Dividend Rate. % IIntl Utilitles (war) Intl Util war (new) Interstate Equit! In Eaev pf(8). Interstat HM (1.40). Irving Air Chute (1). 4 Italian Superpwr A Jer Cen P&Lt pf (7) Johnson Motor. ... Klein(R)pt pf($120) Lakey Foundry...... Lefcourt Real(11.85) Lehigh Coal & N 1.40 ard & 38 7 13! 9 PRI 8% Allied Mills (60¢). .. 210 Aluminum Co of Am 99% 99% Aluminum Cocupfn 8% 3% Am British & Cont.. 134 7, Am Capital pf (B). 90% 68 Am Cigar Co... 2008 49 35% Am Cit P&L(A)(a3) 4 28% 12% Am CP&L(B)(10%) 23 28% 214 AmCom I'(A)b10%. 28 50% 34 Am Cwith P(B)10% 5 5% & Am Co'with Pwr war » 87 BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, June 25.—S8elling con- Sinued on the curb market today at a steady pace as volume of trading in- creased. Although virtually all sec- tions of the list declined, utilities, in- vestment trusts, trading corporations, store shares and miscellaneous indus- trials registered the widest losses. Among standard stocks Electric Bond & Share got below its previous close. ‘This was true also of United Light & BY JOHN F. SINCLAIR. Special Dispatch to The Btar. NEW YORK, June 25.—When Frank L. Dame, president of ‘the North American Co., announced a common stock increase from 10,000,000 to 50,000, 000 shares, it caused no surprise in the Street. While this 4C-year-old public utility holding company has outstanding 6,000,- 000 shares at the present time, its future expansion plans may be judged by this enormous increase in the authorized capital. No company in America yet - By the Associated Press. NEW YORK, June 25.—Seasonal in- fluences, accentuated by current pessirg- ism, obscure the outlook ir. the iron and steel trade, Iron Age will say tomorrow in its weekly review of the industry. “Summer shutdowns of two weeks or more by a number of iarge steel-con- suming plants, notably in Detroit,” the review will state, “coupled with the cus- tomary midyear suspensions for inven- tory in virtually all lines of industry years ago. Three years ago, weekly aver. High (1930 Low (1930).... n Am Control Oll Flds. 17% Am Cynam B (1.60). 6 3 - Am Dept Stores..... 76% 38% Am For Pwr(war).., 157 104 Am Gas & Elec (11), 109% 105% Am Gas&Elec pf(6). 7% 2% Am Invest (war). 161 74 Am Invest, Inc (B 75 50 Am Laund Mach#4) 894 52 Am Lt & Trac (2%) Long Isld Lt pf (7). 15 Louisiana Lan & Ex MacMarr Stores (1). Magdalena Synd. ... Marine Mid (1.20)... Mavis Bottling...... Mayflower Asso (12) Mead Johnson 13.75.. Memphis Nat Gas. .. Mesta Mach (11.80).. (Copyright. 1930. Atandard Statistics Co.) GAININ GASOLINE e FREIGHT LOADING. By the Associated Press. » Power A, Niagara Hudson Power, Cities Service and Standard Ofl of Indiana. ‘The widest individual break took place in Glen Alden Coal, which in the last hour was down 21% points. Increased trading, big blocks of lead- ing stocks and wide breaks in hereto- fore firm issues featured forenoon trading. Sales of 405,100 shares during this period compared with 275800 in the same period Tuesday. The large openings included 12,100 shares of Elec- tric Bond & Share at 713, off 3, and 12,000 shares of Cities Service at 26's, down 3. Glen Alden was a feature during the forenoon, as it broke 18 points to a record low for the year. This stock for the past month had remained around 96, at which level it was said to be supported by one of the large local banks. It was attacked by the bears repeatedly, but until today Glen Alden refused to decline. The 18-point drop was accomplished on six transactions. Rails make up no important part of the curb list, yet the few on this ex- change have moved down with the same speed as those on the big board. Pitts« burgh & Lake Erie, which should bene« fit from any improvement in the steel industry, hit a new low. Newmont Mining rapidly declined 3 points to a new low for the year. Hud- son Bay and Shattuck Denn equaled their previous lows, and Noranda re- mained soft. BONDS ON THE CURB MARKET. DOMESTIC BONDS, sa; High. Low. Close. 5 Alabama Pow 55 '68.°101% 101% 10134 26 Alabama Pw 4las ‘67 12 96 9612 2 S5 '52.. 1023 103% “id i 2 SLTLPERPT & 2582 2d . 99 Bost & Me 6 m '33. 102% City 6s '50 802 9012 Bufl Gen El 55 A '36. 1021 102}; 102 18 Carolina P&L S5s ’56. 1013, 101 2 Caterpil Tr 55 1% 284 4% 184% 36% 54% 335% 28 Am Ltg&Traction pf. 36% Am Machine & Fdry. 31% Am Maize Prod (2). 1% Am Maricabo... T% Am Natural Gas.... 55 Am Salamandra (3).. 18 Am St Pub S A(1.60) 20% Am Superpwr (1)... 94% Aun Super 1st pf (6). 8 Am Thread pf(25c).. 7% Am U&Gen B vte 400 6 Anchor PF (b10%). 15% Anglo Chil Nitrat $'s Appalachian Gas. 5 Arcturus Rad Tube. 8% Arkansas Nat Gas £44 Ark Nat Gas (A). % Asso Dyeing & Ptg. % 0 Elec Ind (30c). 0 Gas & Klec...... 20% AsS0 GEE (A) 12.40. 5t Asso G&E (A) dbrta 97 Asso Gas&E] ctfs(8) 19 Asso Tel Util (b8%). 134 Atl Coast Fish(1.40) 1% Atlantic Lobos Oil pt 15% Atlantic Secur Corp.. 16 Atlas Plywood (2).. 10% Atlas Util Corp....., 5 Auto Music A(11.05), 12% Aviation Credit..... 1% Bahia Corppf.....e. 45% BancomitCorp(1.60). 47 Bell Telof Can (8) Ridge Corp. . 33% Blue Ridge ev pf(a3) 13 Bower Roller Bear. . 85% Brazil Trac & Lt (2) 24 Bridgept Mach (26c) 2% Brit Cejanese rcts. .. - - o .8 BT T - PR S TRTORI .Y av 243 Buff N&EP pf(1.60). ~ 2 Burco, in (war).... 39 Burco, Ine, ov pf (3). 2% Burma Corp (131c). 84 Butler Bros (30c)... 1% Cable & Wire A rcts.. % Cabie&Wire (B) rcts 31 Canada Marconi 3, Carib Syndicats 4 28 Cent Hud G&E n(80e 25% Cent P 8 (A) (a1.76) 19 Cent States Elec 3400 4% Centrifug Pipe(60c). 21y Chain Stores Dev 224 Charis Corp (13) 17% Chat Ph Al'n-v(5 18 - Chem Nat Asso n-v. 149% Chesbrough Mfg(15) ervice(330¢c) Srve pe 6). .. El Ilum (1.60). Clev Tractor (1.60).. % Colombia Syhdicate.. 50% 17 Columbia Pic ($1%). 33% Colum Pio v.t.c. $13. 234 Com'with Edison(8). 3% Com’with & Sou war. 11% Comm Wat Serv bé% 15 Consol Alrcraft. % Consol Auto Mer 3% Consol Copper. . 13 Cons Dairy Prod (2) 90% Con Gas, Balto(3.60) 2% Consol Instrument. . 10 Consol Laundries. ... 7% Con Retall Strs (1).. 71 Contl Shares pf (6). .2 z8 Cooper Bessemer(2) 6 Cord Corp... . 19% Corp Sec, Chi (b6%). 9% Corroon & Reynolds. 83 Coaden Oil. 5% Creole Petroleum. .., % Cresson Consol (8¢) 15 Crocker Wheeler. 34 Cuneo Press (2%3)... 85 Cuneo Press pf (6%) 7 008 0 12 28w 3T 31 2% 10% 54k 7 4% 33% 3du 12 12 12 4% 38% 40% 4 4 4 2% _ 2% 264 T261 T264 2 2 2 39 2% 84 1% % 39 2% 84 1% 1404 25% 8% 52% 2% 39 2% 84 1% % ih 1% 27 29% 22 6% 4% 89, 52 Met & Min. Inc(1.20) Mid Sts Pet v.t.c. A.. Mid Sts Pet v.t.e. B.. Mid W Sts Ut (1%).. Mid Wst Util(b8%).. Mid Wi ti] A war. 2% Mid Wst Util B war. Mid Roylty ev pf(2). Mid St1 Prod, n (2).u 60 Mount St Pwr pf Natl Amer Co. Natl Aviation. Natl Banksve ( Doe () 4 Natl Bond & S (25¢ Natl Fam S pf (2 Natl Fuel Gas (1)..a t] Investors. ....e Natl Pwr&Lt pf (6) . Natl Pwr & Lt pf (1) Natl Pub v A(1.60), Natl Screen 8ve(2).. Nat Sh Trm SecA $50 N Newberry(JJ)(1.10). New Brad 011 (50¢)., New Eng Pwr (2). N J Zine (12%). New Mex & Ariz wmont Min ($4) Newport Co (2). N Y Pet Royalty. N Y Rio&Bu Alres. .. Niag Hud Pwr(new). Niag Hud Pwr.A war Niag Hud Pwr B war Niag Shars Md(40¢c), Niles-Bem-P (12%).. Noma Elec (1.60). ... Noranda Mines (2).. No Am Aviat A war.. 5% North Am Util See.. 13 14% 2T% Nor Sta Pwr A(8 Noth Euro Oil Corp,, Ohlo Br: B (5) Onhio Copper. Ohio Ofl (4). Ohio Oll pf new (6).. Outboard Motor (B). Pac Comel'Co (1.40). Pacific Finance Corp Pac G&EL 15t pf 1% Pac Pub Sve (1.30) O 2] Param’t Cab(b8%).. Penn Mex Fuel (2).. Pennroad Corp (20c) Peoples L&P, A 22.40 Pepperell Mfg (8)... Perryman Elec. .. Phillp Morris, Ine... Pitney B P,n (20c).. 11% Pitts & Lake Erle(5) 11508107 4 24 Plymouth Oil (2).... Prince & Whitely 1.. Prince & Whit pf(3). Pub Util Hold war. Puget Sound prior pf Radio Products.l.... Railroad Sh Cp(25¢). Railway & Lt 8(15).. Rainbow Lu Prod A. Rainbow Lu Pred B.. Raymond Con pf (3). 43,500,000, » shares. Other large outstanging are 508,000 shares; Co., 25,595,000; ] 24,000,000 shar 271,000 shares; Pprovement, 20,5 MR AB MM AHHNE NN IR S A B Ru N NN oS S 3 -5 TR shares; Packa - ities, 13,448,000 Brands, 12,63 Railroad, Bond & Share, du Pont, 10,464, 3 unusual. 1 PO T LT Y 1 [TT0)- OV - PRUP TPV have been payi But six New cent, beginning Trust, Charles York Trust, Chemical Bank, ‘This decision banks, which in interest rates. the other. ook 2% to 2 per cel 1 7 5 % | demand within private banks, 3 ings banks, cut 20 Cheap money ready. 4 o loaded up with But Federal Reserve has 50,000,000 shares outstanding. General Motors leads the list with Commonwealth & South- ern, another public utility holding com- pany, is second with 31,546,000 shares. General Electric is third with 28,846,000 which have 20,000,000 shares or more Jersey, 24,484,000 shares; Courtaulds, Companies in the 10,000,000 to 20,- 000,000 share class are: Standard Oil Co. of New York with 17,364,000 shares; Standard Oil Co. of Indiana, 16,851,000 shares; American , 13,758,000 shares; Shell Union Ofl, 13,062,000 shares; Middle West Utl- ‘Then follow Standard Oil Co. of Cali- fornia with 12,846,000 shares; Standard ,000 shares; Pennsylvania 11,405,000 shares; Consoli- dated Gas, 11,457,000 shares; Electric New York banks have over 000,000 in time deposits. were Willlam C. Mutual savings banks have cut from posit, payable within 30 days from date of issue; on credit balances payable on Other banks, per cent on these shorter term items. Are the banks of the United States ‘This question is often heard on the street and elsewhere, financial journals have discussed it fre- quently since the November break. Dr. W. Randolph Burgess of the categorically that the banks in the New York district, at least, are not burdened American corporations : Imperial Oll with 26,- Niagara Hudson Power Standard Oil Co. of New es; Citles Service, 23,- and United Gas Im- 28,000 . shares. rd %?w;s., 15,000,000 lephone & Tele- hares; International shares. SALES 1S RECORDED Summer Time Brings In- creased Use of Fuel by U. S. Motorists. BY BENNETT WOLFE, Associated Press Staff Writer. TULSA, Okla., June 25—Arrival of the “good old Summertime” has brought the oil industry & boon it would have welcomed weeks ago. Hot weather means increased gasoline consumption as American motorists re- spond to the beckon of the open road, 10,904,000 shares;. Co- lumbia Gas & Electric, 10,587,000 shares; ,000 shares, and Ameri- can. Radiator with 10,155,000 shares. This roll call of some of America’s largest institutions shows that public utilities and ols lead the fleld. So the increase in stock of the North American Co., while exceptional, is not ‘The ing on the average of $1,000,- bani about 3 per cent for this money, or $30,000,000 a year. York bankers, members of the New York. Clearing House, met yesterday and decided to cut the rate on these time de sits from 3 to 2 per Thursday. The six men Potter of the Guaranty E. Mitchell of the Na- tional City, M. M. Bruckner of the New Percy Johnson of the , Henry C. Cochran of the Bankers’ Trust and Jackson E. Rey- nolds of the First National Bank. cuts off $10,000.000 a year from the overhead charges of these turn is largely offset by a decrease of about the same amount received from these banks in loans and investments due in return from lower One hand about washes 'nt on certificates of de- 30 days. trust companies and excluding mutual sav- from 2 per cent to 112 is having its effect al- frozen security loans? Editorials in Bank of New York says presenting & picture of a nation on wheels that is especially cheering to the refining branch of the industry. ‘The effect of excessive gasoline stocks, while felt first by refineries, has ex- tended through the entire industry, and the assurance of a greater gasoline con- sumption during the latter half of the year is being pointed to as offering the industry an opportunity for planning operations so that it will not enter 1931 overstocked. Demand for gasoline dur- 15 |ing the last six months of each year Il:lyl exceeds that during the first hi ‘Warns Against Big Ouiput. Reviewing the first half of 1930 in the oll industry, E. B. Reeser, president of the American Petroleum Institute, sounded a warning note against accu- mulation of stocks. “The additions to stocks over the past three years,” he said, “have been so per- sistent that many ppoducers, I fear, have become so accustomed to it that they will take it as a matter of course and believe purchasing companies will continue to add to the accu ‘ulation.” A study of statistics covering the first half of the year should help the indus: try in deciding upon its action during the second half, the institute head as- serted. | He estimated the curtailment move- ment was responsible for saving the in- dustry $1,000,000 a day in the crude oil market. Science is blamed partly for the surplus’ gasoline stocks which have prevailed this year. Greater efficiency in the manufacture of motor fuel has increased the production of gasoline per |. 800 barrel of crude oil. Within a few years’ time the yield has been boosted from 40 per cent to nearly 47 per cent. Angther factor contributing to the same situation and likewise one in which science has had a big part is the pro- duction of more and more gasoline from other raw materials than crude oil. Cheap cracking stock and natural gaso- line are two sources which, statistics in- dicate, will account for a sufficient in® crease in gasoline production to equal the year's improvement in demand. Natural gasoline formerly was a waste luct. prodt Anti-Knock Gasoline. Loading of revenue freight recorded a continuous light decline during the week ended June 14, as compared with the preceding week. The week's figures were materially less than those for the same period of last year. lings, as reported by the Ameri- can Railway Association for the com- periods follow: Week ended June 14, 927,754 cars; previous week, 935,647 cars; same wee last year, 1,071,245 cars. CHICAGO STOCK MARKET By the Assoclated Pres: CHICAGO, June 25.— Following is the complete official list of transactions in stocks on the Chicago Stock Ex- change today: High. Low. Close. .30 30" 30 1% 1% 0 i 5. 630 Amsoc el Dl 980 : 250 Assoc Inv.. 200 Auburn 3} & ic Investors. Chic Invest T == SRR & oW Saa BEERBEN RN S0 B Ea8e5.aS! I et ESESESSE 3 s age S o it S make it clear that, temporarily at least, iron and steel demand will undergo fur- ther reduction. “On the other hand, heavy pipe line bookings and mounting requirements in structural steel remain encouraging fac- tors, and an impending general busines recovery is sensed by leaders of the steel industry who have passed through many cycles of trade expansion and contrac- tion. They believe that curtailmentvof buying has been overdone, and they see signs of a reaction in the other direc- tion in scattered evidences of more liberal purchases of various products. “Plans of the United States Steel Cor- poration to bring as much ore down the lakes as in 1929 are mter%reled as indi cating its faith in the business pros- pects for the last half of the year. The scheduled blowing in of two blast fur- naces by a large Pittsburgh independent, early next month may point to similar confidence, although probably more lJargely influenced by pressure for line pipe deliveries, “Steel ingot production for the coun- try at large has declined to 64 per cent from the 85 per cent rate of a week ago. Companies catering to the automobile trade are curtalling the most, while those having large capacities in pipe are holding their own or making gains. The Steel Corporation average, at 73 per cent, is three or four points higher than a fortnight ago. “Construction work continues to de- velop an increasing volume. New struc- tural steel projects, of 91,000 tons, are the largest this year with the exception of two weeks ago, when they totaled 112,000 tons. A highway project in Jer- sey City and two sections of New York Subway alone account for nearly 50,000 tons. More structural steel business is in prospect than at any time in the past year. “The country’s capacity in line ggge is fully committed for six months. The Republic Steel Corporation has booke, an additional order for 10,000 tons {ro: the Missouri-Kansas Pipe Line Co. The Sun Ol Co. is in the market for 200 miles of 20-inch gas pipe and the Ajax Fipe Line will soon buy against its ih- quiry for 300,000 tons. It is becoming difficult to find mills that can take or- ders for line pipe projects scheduled for completion this year.” The Iron Age composite prices are lower. That for finished steel fell to 2.185 cents a pound from 2.214 cents & pound, at which it held for five weeks. The pig iron composite is now $17.42, against $17.50 for the last three weeks. INDIANA LIMESTONE CO. INCREASES EARNINGS Speclal Dispatch to The Star. NEW YORK, June 25.—The Indiang Limestone Co. shows an increase in sales and earnings in a period when 2 | many lines of business are experiencing & decrease. Net income available for interest and depreciation- for the six s | months ended May 31, 1930, the first half of the present fiscal year, amounted to $1,025,925, compared with $719,758 | for the six months ended May 31, 1929. Sinking fund operations have retired $1,043,500 par value first mortgage 6 per cent gold bonds and $510,000 par value 7 per cent debentures since the original issue. NEW YORK COTTON NEW YORK, June 25 (Special).— After making new low records for m year for both the July and two Octol \ deliveries, prices on the Cotton Ex- change today rallied sharply under the lead of a recovery of nearly $2 a bale in the July ition and regained all the early decline. / ‘Trading continued to reveal the two- sided character of the market at this Reiter-Foster(40c). 1% Curtiss Wright war. bl 12 Darby Petrol (new).. 2% Dayton Alr & Kng. 854 Deere & Co (11.20).. 23 De Forest Radio. . 16 Deisel W Gilbert (1% 4% Derby O1l Refining. " with such frozen loans. Citing figures 2% | to support this contention, Dr. Burgess says that: “If we include in the tabulation these loans placed by other lenders, as well as_the loans made by banks to brokers both in New York City and outside and % | directly to customers, the total of all the available figures on October 2 last vear was $14,601,000,000. By the end of December, 1929, this total had been s s 5 588Y! Q A further complication has been in- Jjected by a steadily increasing demand for Premium, or anti-knock gasoline, produced by the cracking process. This development tends to create a problem {:ln disposal of the straight run gaso- e. The Federal Oil Conservation vBoard has pointed out that the-only market 50 Mis: for crude oil—refined products—is being{ 3530 CIR- YN LTS S SRV 08 BEe.us. By 10134 101% 101% 10135 1014 101%s % " se ssid e o Rocklans Lt&P(92¢) Rossta intl Corp. ... Ryan Consolidated. . Safety Car H&L (8). St Regls Paper (1).. a % I 49 60% 60 60 110% 3310008 160 1013 19% 0 10 Doehler Die Casting. 39 101% 101% 10! 100 9912 9 103% 103 1 Ve Ut ks ytilit 6s B'40 Pw 7 s C 528 igh P 8 65 A 2026 1 ne Star Gas 5s '42 P& L B8 ST...... tob P 5138 A’ '51 9934 83 58 98 4 102% 102% 04 0434 10412 10413 973, 97 97 961 101% 101% 881c 89 D '56 94': 943 9415 - 10213 102'2 10213 G & E 4%as E '57 96' 5Pac W O €'as 43 ww 93 1 Penn 9 96 9614 93 93%a 6 aW'E 55 1 Shawsheen 7s '3 1 Sheflield Stl 5'as "48 100 8 Snider Pack 6s '32.. 28E P&L A 2025 xw 105 2 South Calif Ed 55 511023 102% 1023, 30 South Calif Ed 5s '52 10312 103%, 1031. '37 °93% 93% 93% Southern N G 65 44 913 91 = 913y 2 Southw G&E 55 A '57 94s 941 94la 78o’thw P&L 6s A 2022 1053, 10534 1053, g8iandard Iny, Bs 037, 8412 mels 841l 1as " 44000 o1 91w 91 '$2 10134 10134 101% 31....100 " 100 * 100 9 i 5 1 97" 993 14 Wes Tex Ut 55 A '75 92 POREIGN BONDS. 9 Buenos Aires 6'2s ’6! - J0geReBE Coles B 1 913 i ' e 87 B8%, 881y 9 e SFEiEs 28822238288328833! S 109 391 37 T8% 82 16% 60 25 9 6 22 9% L] 6% 6 44, 260 31 20 12% Douglas Air (76¢)... 31 Dresser(SR) A(3%). 31% Dr 41 ow). 4 Dubtlier Cond & Rad b2y A% Duké Power (35)... 8508 1431 10% Duquesne Gas (new). 2% Durant Motors. > 6 Duval Tex Sul wi.., 25% Eastn G&F Asso. 7% Eastn Utll Inv (A).. 9% Eisler Eelectric(1%) 92% El Bond&Sh ptf wi(s) 70% El Bond & Sh (b 103% El Bond & Sh pt (6) . 19 Elec Pwr Ass0 (1).. 16% Eléc Pwr Asso A (1) 281y Elen Pwr & L op war 16% Elec Shareholdg(31) 12% Empire Fire Ins. .... 39 Emp Pow prt (14.04) 17% Emp Pub Sv A(1.80) 3% Euro Elec deb rts. .. 2 Evans Wallow Lead. 11 Ex-Cello Air&T (80c) 2 Fabrics Fininshin 48 Fajardo Sugar, % Fandango Corp. 21 Federal Screw (3) 50 Ferro Enam A(14%). 1% Filat Stock deb rts. 13% Fokker Aircraft, 5 Foltis Fischer Corp. 98 Ford Mot,Can A 11% L% Ford Mot,France 28¢c 10% Ford Mor.Ltd. 27 %e. 214 Foundation For Shs, 214 Fox Theater Cl (A). 10% Gen E, Ltd rcta(500) 20 Gen Empire Corp. .., 29% Gen Fi'proof (12%). 30 Gen Petroleum w.i... 20 Gen W W&E(A) (2). 21 Gleaner Harv,n (2).. Glen Alden Coal 8. 18 Goldman Sach T 17 Gold Seal Elec ne: 80% Graymur Cor] 184% GrA& P Tn. 26% Gt Lakes D C (new) 12 Greenfield Tap&Dle. 14% 10% Groe Stores Prod vte 166% 117% Gulf Oll of Patl¥). 50% 19% 18% Hazeltine Corp (2). 9 Hecla Mining (1) Hollinger Gold ( Holt (H) & Co(1. Hormel (Geo) (2) Horn & Hard (2% Houston O11 of Te: Hudson Bay M & Humble O1l (2)..... 36% Hydro Elec Sec (2).., 8% Hygrade Food Prod. 18% Imp Ol Can. n(50e). 28% Ind Terr 11lu Oll (A) 17 Ind #in ctfs(b10%). 60 Indus Finev pf (7). 563% ITusull Ut Inv(19%) 65 1nsCo. No Am (13), 16% Insurance Sect1.40). 13% Intercoast Trade (1) % Intercontinent Pet n 2114 Intercont Pow A (2) 4% Int Holdg&Inv 10c. 17% Intl Petroleum (1). 2% Internat Products. 3214 Intl Superpwr(31).., 344 Int Utilities A (3%). 6% Internatl Util (B).,,. 10 10% 1 f 6 10 1 B e 23T anBraan~ 9 10s 1. 2 175, 27 30 801 27 K 9% 9% 5% T0% 5% 1054 106% 105% 21 19% 21 20 48% 33 34% 15 560 460 25% 16 250 137 18 2! 45% 35 2T% 24 25% 22! 26% 23 L 20% 13 17 9 13 8 20% 7 22% 16 82 70! 8% b9% 4T 8% % % % T %l % % Y% Y % O % St Regls 34 " Salt Creek Prod (2. Saxet Co. ... Schulte Real - Schulte Un 6¢-31 St.. Seaboard Util (50c). Sec Corp Gen new (4) Seg Lock & H (50¢) .. Selected Industries. Sel Ind allot cfs 6%. Sentry Safety Con Shattuck Den Min Snenandoan Corp. Shenan Coro pf a3). Silica Gel Ctts. ..... Singer Mfg (117).... Sisto Finance Corp. . Smith (A 0) (2) South Coast. South Penn O ) So Cal £4 pf Bul%). SoCal Ed pLC (1%). 80 Col PWr (A) (2).. Southern Corp.....« So Pipe Line (12). Southland Roy (1).. S W Dalry Products. S W Gas Utilities. .., Stand Holding Corp.. Stand Inves pf(5%). Standard Motors. ... Stand O1l, ind (2%4) . 4 Stand Ofl, KY (11.80) Stand Oll, Ohlo(2% ).2008 Stand Pwr & Lt (2) Stand Pwr&Lt B ¢ Std Pwr & Lt pf (7) Starrett Corp. Sullivan Mach (4) Sunray Oil (40¢). . Swift & Conew (2).. Swift L atl(2%4) Syrac Wash M B (1), ‘Tampa Electrio (32) ‘Technicolor, ine. Teck Hugl (L] Texon Oil & Ld (25¢) Thatcher Sec Corp ‘Tobacco Pr Expor! Todd Shipyard (4).. Transamer (31.60).. ‘Tran Con Alr Tran.. Trans Lux DL P S.. Tri-Cont Corp (war) Trl Utllities(31.20).. Tubsize Chatel (B).. Tung-Sol Lamp (2). Ungerlelder F Corp.. Union Tobacco Unit Carbon pf United Corp (war).. Unitt Dry Docks. United Eelec Service Utd Founders(b2.35) United Gas Co (new) United Gas (waT)... United Gas pf (7)... United Gas Corp ctfn Utd Lt & Pwr A(1).. Unit Ret Chem (A).. Unit Shoe Mach(13% U S Elec Pwr ww.... U S Elec Pwr (war). U S Foll (B) (1) U S&Int] Sec 18t (5). U S Lines pf (1) Utah Ape: Utility Pwr&Lt(al). Util P&L B ctfs (a1) Utility & Ind......,. Ut &Ind of (1%) .. Utility Equities. Vacuum Ofl (1434). 109 £ 14% 6 reduced to “The most T cent.” Dr. Burgess concludes, “The liquida- tion of security and_thorough.” is statement, coming from an of- ficlal of the largest Federal Reserve Bank, is very si ‘The Government survey Ahowm{ 1929 international balance sheet o United States the gross United States tourist expen- ditures for that year were estimated at $878,400,000. Forelgn United States—a nomi; subtracted from this sum to get the net. As a matter of fact, tRestourist figu for last year is larger than America’ favorable balance of trade. So Europe. it other factor: have paid America's export bill by this process. What of 19302 Probably the total gross expenditures of the United States 26 will not quite situation. t ade balance, last year. So the balance sheet may be as “healthy” in The world economic stability fostered by tourist travel abroad is not often thought of as American & major prosperity since o Eesrancfonrrulornens Pacific Coast tr sociation. It is with loadings i 177,381 cars for But the ‘big’ country for the (Copyright, 1930, ok EaR uE NEW YORK, - 5 Louis, 5.15. $10,737,000,000, or by $4,000,000,000, or 27 per cent. June 11—are $10,674,000,000, or about the same as at the end of December. In this period stock prices declined 28 per ‘tourist expenditures in_the tained last year, due to the business But rosperity. But it has become actor in American business ‘The first bright spot in the cloudy business sky—freight car loadings in the area—showed an increase for May over corresponding month of last year, according to the American Railway As- any district for any month this year, of 9700 cars over May of last year. The increase comes largely from grain and grain products, gravel, rock and sand and perishables. last year's record in one section of the paper Alllance.) METAL MARKET. quiet; electrolytic, spot and future, 12. Iron quiet, unchanged. Tin steady; spot and nearby, 31.10; future, 31.35. Lead quiet; spot, New York, 5.25; East St. Zinc easy; 51902 and future, 4.25a4.30. 10. ecent figures—those for credit has been vigorous gnificant. the the revealed the fact that | sum—must be s did not enter, could reach the figure at- America’s _favorable too, may be less than 1930 as In 1929. an essential element in the war. and the Southwestern the first gain shown in in this Western area of the month—an increase item is the breaking of first time this year. by North American N . , June 25 (#).—Copper diminished by encroachments of crack- ing stock and natural gasoline. In the same connection are mentioned the re- markable strides made by natural gas in_competition with fuel oil. Figures of the United States Bureau of Mines show the demand for gasoline in the first four months of the year totaled 139,904,000 barrels, an increase of 15,688,000 barrels over the corre- sponding period of 1929. A gain of 10.8 per cent in domestic demand and 233 rer cent in exports accounted for the increase. The gain exceeded general expectations and recent estimates in- dicate the rate of increase has not been maintained since May 1. ‘The supply for the same four months totaled 151,207,000 barrels, of which 77,686,000 barrels was in straight run gasoline refined from crude oil, 51,894, 000 barrels in cracked gasoline refined from fuel oil and gas oil and the re- mainder in natural gasolire, a small quantity of benzol and 4,720,000 bar- rels of imports. NEW YORK BANK STOCKS NEW YORK, June 25 (Special).— Selling of bank stocks and trust shares continued today, but at a slower pace than in recent sessions. Chase at 117 was off 1, National City at 123 off 5, Corn Exchange, 160, off 2, and rights, 13%, up Y4, Guaranty, 563, off 2; Bank of America, 91, off 3; Bank of United States, 385, off Brooklyn Trust, 650, off 10; Central 314, up 4; Chemical, 591}, up 1 mercial, 399, off 5; Continental, 25, off 15, and Pirst National, ex-dividend to- day, 4,400, off 100; Irving, 44%, off %; Manhattan, 98'5, up 11%: Manufactur- ers’, 8715, off 12, and Public, 98, up 1. The following Were unchanged: Bank- ers’, 114; Chatham henix, 59%; Chelsea, 34; Empire, 68; New York Trust, 213. NEW SECURITIES- NEW YORK, June 25 ().—New se- curities offered today include Cities Service Co., unsold balance of $118,115,600 5 per cent debentures, priced at 100 and interest, by syndicate headed by Harris, Forbes & Co. and Halsey, Stuart & Co. Philadelphia Co., 100,000 shares $6 cumulative no-par preferred stock, priced at $99.50, by W. C. Langley & Co. and syndicate. ‘Town of Maplewood, N. J. $312,000 4%, per cent bonds, to yleld from 3.75 to_4.20 per cent, by J. S. Rippel & Co. ‘Town of Southampton, N. Y., $250,000 4.30 and 5 per cent school bonds, to yield from 4.40 to 4.30 per cent, by St. Louls, East St. 3 Antimony. George B. Gibbons & Co. Village of Scarsdale, N. Y., $181,000 4%, per cent bonds, to yield from 3.50 to 4.15 per cent, by Lehman Bros. - ST Secur Iny 200 Nat Standard 100 Nat Term .. 20 S0 W 300 Stand Dredging. 250 Stand Dredg pf. 26 328 0% 10 T S 50,600 shares. 'BONDS. 12000 Chicago Rys B 2% Rys A y level and prices ended with a gain of 2 to 20 points on the day. Nearly 100 stations in the cotton beit reported temperatures of 100 to 108, with 106 in Georgia, which is very high for this season of the year. Spots were advanced 20 points.to 13.45. Cotton range: Open. S gaongaest .05 9 6 0 7 o 7 0 1 new. SenenEcLs =282 13. 12 12 13 12 13 13 13 13 January, March - & GRAIN MARKET CHICAGO, June25 (#).—It was nip and tuck today between tgaditions that urged speculative buying of wheat and corn at this time, whereas current economic developments tended toward an opposite procedure. Taken as & whole, tradition won for at least the time being as to wheat, but not so as to corn. Throughout the day wheat 3 4 | prices averaged higher, notwithstanding much apprehension expressed regarding grain storage facilities Southwest becom- ing overcrcwded owing to harvest prog- ress and relative lack of export demand. Wheat closed nervous, Ysa% a bushel higher than yesterday's finish. Corn closed, g off; oats, lsads up, an provisions varying from 10 decline 10-3 rise of 17, July September December . MONEY MARKET. NEW YORK, June 25 (#).—Call money steady; 2 per cent all day. Time loans steady: 30-60 days, 215-2% 5 98 uw Nat 8s '45 97 Bond sales today—$121,000. FOREIGN EXCHANGES. (Quotatidns furnished by W. 8. Hibbs & Co.) Nominal gold Selling checks ar). today. London. pound s Paris, franc. Brussels Berlin, e Zurich, Madrid, ns, Vienna, sc! Budapest, pengo. Prague, crown (nom.) . | CIOW! m.. Stockholm. crow! —Prev 1930.~ High. Low. 4% 2% [UPYOIN P JOTN PP Wal wa Wi - Wa! Wa [ororey =13 e We: w We: 2B~ Stock ana Dividend Rate. Venezuela Petrolm itt&Bond.B(1.20, Iker (H) (1) igreen Co. Walker Min (7%e) tson (J W) Co. yne Pump. . Wenden Copper, tn Afr Exp(60¢). ern M pf...... t Tab & Sta (2) Williams R C(1.40) Wil-Low Cafeteria.. » 930, Low. 2 RIGHTS. Expire. & Hud Bay M&S July 18 % Intl Niel 1% Lone Star Gas. & Mo Kan Pipe....June 26 Dividend rates in dollars based om Ex-dividend, YPaTtly extra. AtPius axtrs 8% [ m eash or stock. .r-muun‘ annusl payment. Stock ano Dividend Rate. Woodley Petroleum. % “Y* Ol & Gas. 14% Zonlte Products (1). 1% 1% % 14% % 4% 4 el wohiiu.as S July 83 8 24 50 tast quarter! » Payable 4 Parsble in preferred stock, 03 B e Ly 90 days, 213-2%: 4 months, 2%-3; 5-6 months, 3. Prime commercial paper, 3%,-3';: bankers' acceptances un- changed. . SHORT-TERM SECURITIES. Mht:fgz\;tnd by J. & W. 7"“'”‘701%.0" Ss5888EREsES 003 582’ §3333s SR Ssae $23 i Pure shell Union il Co. Sincluir Crude Ofl Co. 5135 1938 100° Stand. Oil of N. L3 | Rl Oil of N ¥. 435 195i; " & 8o. SE R of u 3 U. 8 Rubber 85 104 Western Electric Co. Vneeling Bieel Gord: § 94 i