Evening Star Newspaper, June 26, 1930, Page 14

ek FINANCIAL, THE EVEN NEW YORK STOCK EXCHANGE Recelved by Prirate Wire Direct to The Star Office. NG STAR, WASHINGTON, D. C., THURSDAY, JUNE 26, 1930, JUNIOR RAILBOND | Con e o BONDS Received by Private Wire Direct to UNITED STATES. A—14 MEXICO PLANNING | smoax excanncs] || ARGE FIRMS VETO Prev. Sales. High Low Close *'* this year. o high-grade railroad stock like Santa Fe inance Minister Suggests Method of Liquidating Foreign Obligations. BY JOHN F. SINCLAIR. Epecial Dispatch to The Star. NEW YORK, June 26.—At the lunch- eon given by Thomas W. Lamont of the J. P. Morgan Co. to the international committee of bankers of Mexico yeste) day Luis Montes de Oca, able finance minister of Mexico, was the most youth- {ful-looking financier present. Representatives of American, British, French, German, Belgium and Swedish interests sat around the table with i The problem discussed was what should be done sbout Mexico's foreign indebtedness? 4 The Mexican government owes abroad | 189's 125 about $442,000.000 exclusive of the in- debtedness of her national railroad. One of Dwight Morrow's big jobs in Mexico was to work on this problem of Mexico's foreign obligations. He found in the scholarly De Oca an expert on| 124% 101 public finance who knew that Mexico must plan on a “pay-as-you-go” basis. While Mexico did make an - ment in 1922 and again in 1925 to pay off its foreign obligations, the economic depression has prevented the carrying out of these agreements. ‘When Finance Minister de Oca, dark, quiet, small of stature, now 39 and a bachelor, former professor of economics at the University of Mexico, took charge of Mexican finance three years ago he brought to the office one of the best financial brains in Mexico. Under President Calles he was Mexi- caa controller of the currency, after having served as consul at El Paso, ‘Tex.: Paris and Hamburg. He speaks French, German and Eng- Ysh as well as his native tongue, Spanish, and 1s an expert accountan having been president of the Associa- of Certified Accountants in addition to the business depression, the drop in the price of silver must be reckoned with in the preparation of any plan to reorganize Mexico's international obligations. Is Germany to have a dictator? Recent events following the resigna- tion of Paul Molderhauer as Germ: finance minister last week indicate that the German republic is at this time facing & financial crisis. Secretary Mellon’s main criticism of the resolution introduced in Congress, designed to prohibit Federal Reserve banks, national banks and State mem- ber banks of the Federal Reserve sys- tem from purchasing German repara- tion bonds is that to do so would put the Government dh':fily in the fleld bank management. of“’l'he\‘e is," g:ald the Secretary, “no more reason for Congress to say that a national bank should not purchase a reparation bond than to say that it should not purchase specific railroad or industrial bonds. It is unsound and eeessary.” un&hfle fl‘:}; national banking act allows national banks to buy marketable obli~ gations in the form of bonds, notes and debentures under regulations prescribed by the comptroller of the currency, the regulations themselves provide: First, that the issue (to be considered mar- ketable) be of a sufficiently large total to make marketability possible; and sec- ond, such a public distribution of the security must have been provided for or made in a manner to protect or insure the marketability of the issue. Of course, undet such provisions, Ger- man reparation bonds qualify without difficult ‘The widespread report that new issues of German :l:ynmuon bonds will be sold in the United States annually brings from Secretary Mellon this statement: “I might add for the sake of accuracy that I know of no provision providing for the annual sale of German repara- tion bonds in the United States. Donald R. Hanson, in & recent article, enough United States Steel common stock to receive a dividend return of $500 a year, in the late Summer of 1929 an investor who wanted $500 in- come per annum from United States Steel would have had to put up $17,800 in order to get it. To secure an income of $600 from a ‘would have required but $7,500 a decade ago and $16,800 at the height of last year's boom. But more impressive yet, one could have got enough stock of the Consoli- dated Gas Co. of New York for $7,500 to pay $700 in dividend income 10 years ago, which, if bought at the height of the boom last year, would have cost $45,500. How about today? What is a stock really worth? Ten times fts dividends, or 15, or 202 Let's see: General Electric, sellin; around $65, would seem like a “good” buy to a tape reader, who saw it reach $95 this year. But at the present prices, based on dividends, it nets the investor but 2.50 per cent annually. Take United States Steel: Observers, who have seen it drop 40 points in the last two months, might call it an ex- cellent buy, but based on dividends it will return the investor at the present price about 4.50 per cent annually. ‘Take Consolidated Gas common, now around $100 a share for the first time It pays $4 a year and is earning about $4.75 a year. At $100 it 1s earning just 4 per cent. Take Standard Oil of New Jersey— down over 20 points from its high. At $62 it is returning the investor a shade over 2 per cent. 5 These four blue-chip stocks are typi- cal of many—not all. Special dividends, split-up and warrants help to increase the returns. But such returns are not certain. “To tape-followers, there are many 110 28% 66% 108% 98% 145% 40 63% 49% 16% 2 1% 20% 254 4 143 119 58% 1% 98% 82% 47 192% 144 110% 48 324 32 164% 101 27% 44% 55 =l 6% 325 230 (Continued From Page 13.) 98% Mo Kan & Tex pf(7). 57 Missour! Pacific. 119 Missourt Pac pf (5) 17 Mohawk Carpet. . 35 MonsantoCh (g1%). 31 Montgom Ward (3). 3% Moon Motors....... 14 Mother Lode (20c).. 3% Motor Meter G & El.. 343 Motor Products (2).. 8 Mullins Mfg. .. 12% Murray (b2 %stk) 35% Myer(FE) & Bro(2). 7% Nat Enam & Stamp Natl Lead 18). 1384 Natl Lead pf(A) (7). 116 Natl Lead pf(B) (6). 32 Natl Pwr & Lt (1) % Natl Rys Mex 2d pf.. Natl Steel x-war(2). Natl Supply (5) 69 Natl Surety (5)..... 15% Nevada Copper (13%) 38'4 N Y Alrbrake (3.60). 150% N Y Central 17 N Y lnvest (1.20) 97% N ¥ N H & Hart (6). 116 NYNH&HDf () 815 N Y Ont & Western. . 1 N Y State Rallways. 1% N Y State Rwys pf. . 110 N Y Steam 1st pf (7) Noi t & Western (10) 83 Norfolk & Wn pf (4). 74 North Am Aviation. . 91 North Am(b10%stk) 51 North Amer pf (3).., 100% North Am Ed pf (§).. 45 No Ger Lloyd (3.43). 66% Northern Pacific (5). 6313 North Pacific ct (6).+ 9% Ol Well Supply. . 13% Oliver Farm Equip.. 27 Oliv Fr Eqev pt(3). 55 OtisElev,n(3%). 256 OtisSteel (2%). 45% Owens,lll Glass(nd) 62 PacificGas& E1 (2)., 72 Pacific Lizhting (3). Pacific Tel &Tel (7).. 124 Packard Motor (1).. 501 Pan-Am Petm (B) 4% Panhandle P& R.... 47% Panhandle P& R pf. 48% Param'nt Publix (4), 19 Park & Tilford (33).. 1% Park Utah...coeieee 9 Parmelee Trans 134 . 2% Pathe Exchange.... 5 Pathe Exchange (A) 17 Patino Mines. 69% Penua R R (4).. People’s Gas, Chi (3) Pere Marquette (18). 18% Petrol Corp (1% )... 29% Phelps Dodge (3). 50% Phila Co 6% pf (3).. 11% Phiia Read C& 1 8% Philip Morris (1 2% Phillips Petrm (n2).. 10% Phoenix Hoslery 19 Plerce-Arrow (A)... 68% P1 Arrow pt (6). 1 Plerce Oil. 20% P 24 P1 27 Pillsbury Flour (2). 39% Pirelli, ltaly (a3.14). 151 Pitts £t W&C pf(7). 9314 Pitts Steel pt (7). 20% Pittston Co (37%¢) 20% Poor & Co (B) 14)..a 11% P Rican Am To (B).. 91 Postal Tel & C pt(7) 35 Prairie Oll & Gas(2). 44 Prairte Pipe L (16). 65 Pressed Steel Car, 52% Proc & Gamble (2).. 6% Prod & Refiner: . 811 Pub Serv,N J (3.40). 91% Pub Serv NJ pf (5). 106% Pub Serv N J pt (6 1074 Pub Serv E&G pt( 62 Pullman Corp (4 1% Punta Alegre Sugar.. 19% Pure Oil (1%) 110% Pure Oll pf (8). 52 Purity Bakeries (4). 32% Radio Corp... Radio-Kelth-O1 Raybes Reading Rwy 4 47% Reading 2d pf (3) 130 8% Reo Motor Car (80¢c) 374 Republic Steel (4). .. 60 Revere C&B (A) (4). 100 Revere C&B pf (1).. 3 Reynolds Spring.... 70 Reynolds Tob A (3). 45% Reynolds Tob B (3). 39 Rhine W E1 P (2 15% Richfield O1l (2) 16% Rio Grande Vil (2). 27% Rossia Insur (2.20).. 49% Roy Dutch (al.3415). 75% Sateway (e0).... 94 Safeway pf (8).... 334 St Joseph Lead (13). 87% St L-San Fran (8)... St L-San Fran pt (§) Second Naul Inv, 11 Seneca Copper. 6% Servel Inc... 311 Shattuck(FG)(11% 18 Shell Union (1.40)... 95 Shell Un O %) 8% Shubert Theatres 224 Stmmons Co (3). 61 3 116% 116% 2 184 1 35 140 508 104 158 2 2 508 108 108 18 2 108 31 127 3 3 1 2 5 13 20 4 30 5 26% 5 46 20 57 3 77 908 131 99 7 26% 46 54y 76 130 £l b5 1% 8 259 4 133 s 95% 20%, 8% 52im 159 250 130% 95% 194 20 4 329 1 12 4 41 30s 154 408 961 2 = q 5 1 10 7 25 27 708 2 Y% 34 187 974 13% 238% 18% 974 13 2214 112% 108 42 56% 8 ne, u‘lnxir SRR able ‘o cash' oF stock: b Plus'2% In sock. 4 P 8% in stock ne Sinc! 8% Sk 24% 4 95% Close. Close. 20 _ 204 204 lair Ofl pf (8) ofl (2). . Sloss Sheffield Steel. Snider Packing. Solvay Am pf(6%)... Sou Porto Sug (1.40) Southern Cal Ed (2). Southern Pacific (). Southern Rwy (8) Southern Rwy pf (5) Spaiding (A G) (2).. Spang-Chalfant. ... Sparks Withngtn(1), Spear & Spencer Spleg: Copt (7). Kelg (1. May-8 (3) Spicer Mfg Stand Bran| Stand Bran. Stand Comm Tob., Stand G & E (3%) Stand G & E pt (4) Stand O of Cal (2%4). Stand O1l Exp pf(6).. 18 19% 4 88% 63% 584 100% pt (7). Stand O1l of Kan (2) Stand Oil of N J(12). Stand O1l N Y (160). Starrett (LS) (12%) Sterling Sec (A).... Sterling Sec pf(1.20) Sterling Sec cv pf(3) 4 Stewart- Warner (1). Stone & Webster (4). Studebaker Corp (4). Sun Of1 (11).... Superheater (1315 ut Corp (11.30). nn Cop & Ch (1) Texas Corp (3),... Tex Gulf Sulphur(4, Texas & Pacific ( Texas P C & Ofl. Texas Pac Land Thatcher Mfg (1.60) Thermoid Co (3) Third Avenue Third Nat Inv (2)... Thompson (J R) (3). ‘Thomp: ‘Thom Tid n Prod(2.40) 4 Timken Roller (3).., Tobacco Products A .. Transcont] Oil (30c). Transue & W (1) Tri-Contl Corp. . Tri-Cntl Corp pf (6). Trico Prod (2%).... Truscon Stl (g1.20 Twin City Rap T(§4) Und-Ell-Fischer 15). Union Bag & Paper. . Union Carbide (2.60) Union Pacific (10)... Union Pacific pf (4).. Union T'k Car (1.60). Utd Afrcraft. . Utd Biscuit (1.60. Utd Electric Coal. ... Utd Fruit (4).. U 8 Express. .. U 8 & For Secur, U S Freight (3). ! U S Tobacco pf (7).. Univ Pipe & Rad Util Pwr&Lt A (e2).. Vanadium 8t (14). Va-Car Chem. Va. va El & Pwr pt (7) Vulcan Det (4) e & -. 508 1508 Wabash. .. . Waldorf Systm(1%) Walworth Co (2). Ward Baking (A). Ward Baking pf (7. 4 Warner Bros Plo (4). 940 Quinlan (1). Bros (3).... ol & Snow (2). Wess O & Sn pf (4).. 08 t Penn £ pf (7). 60s e IS&M pt (5) 5108 n K1 lnstr (1). 5 White Motors (3)... White Rek MS(14%) White Sewing Mach.. Whit 8w Mch pt (4). Wilcox Oll & Ga Willys-Overland. Wilson & Co. Woolworth ( Worth Pump Wrigley (Wm Yale & Towne (15).. Yellow Truck. Youngs Spring (3).. “Zenith Radio 32 3 6 8% RIGHTS EXPIRE Am Tel & Tel.Aug 1 DuPont deN. Hackensk W. b Py 68 July 28 262 uly 15 638 July 1 8408 1% 324,200 12:00 Noom... 1.604,100 2:10 P.M. in the above table auarterly or hal 100 shares. 17% 18% % 1 « 1010,200 . 1789,700 Are the annual cash 1 yearly E % 1o stocl &y ISSUES SHOW LSS Carrier Group Is Adversely Affected by Poor Earn- ings Reports. BY F. H. RICHARDSON. | Special Dispaten to The star. NEW YORK, June 26.—The contin- ued stream of poor earnings reports coming from the railroads for the first five months of the year was again the outstanding market factor in bond trad- ing toda, Junior gailroad issues were sold in large blocks for what they would bring and in most cases sales were at levels Y2 to 1 point below Wednesday's already low levels. So relentless was this liquidation that the bonds of a road which made an ex- ceptionally good showing, such as the Chicago Great Western, were also at a new low mark for the year and down la point from Wednesday’s low mark. Oth- ers at or near their lowest_prices were Rock Island, 4!2s, Denver & Rio Grande Western 5s, Erle 5s, International Great Northern Adjustments, Missouri-Pacific 4s and 5';s, Frisco 4,5 and Seaboard Airline 6s. Six of the 10 most active second-grade railroad bonds were below their bottom prices of last Autumn’s Ppanic. > ‘The balance of the list was irregular. Despite an easing in the flow of new sive aggregate of undigested securities lying on the dealers' shelves, much of Wwhich has already been marked down from original offering prices. Naturally this has dulled the demand for out~ standing issues at a time when many people are cashing bonds through neces- sity or to purchase stocks. The result is an indifferent bond market which entirely disregards the fact that money {;K;‘s are at their lowest since late in Washington Stock Exchange al 5813, 10 at 582, 10 at 5815, 20 at 5815. Liberty National Bank—10 at 200. Columbia Sand & Gravel pfd.—5 at 901, Lanston Monotype—10 at 115, 10 at 115, 10 at 115, Mergenthaler Linotype—10 at 97, C. P. Tel. of Va. 55—81,000 at 102. National Mtge. & Inv. pfd.—100 at 5, 100 at 5. Peoples Drug Stores nfd.—10 at 103. Real Estate Mtge. & Guar. pfd.—40 at 635, 40 at 6, 1,500 at 6. AFTER CALL. Washington Gas 6s “A"—$500 at 102, $500 at 102. o Merg;l;\\,m\]er—zo at 97, 10 at 97, 10 at 97. i Lanston Monotype—10 at 115, 10 at 115. Washington Rwy. & Elec. 45—81,000 at 86, $4.000 at 86, $2,000 at 8614, 31,000 at 86%. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Bid Asked Amer Tel. & Telga. 435 '33... 3 Amer. Tei. & Telga. 4125 '39. Am. Tel & Tei. ctl.’ tr. Anacostia & Pot. R. Anacostia & Pot. gua C. & P. Tel of V. Capital Traction R. City & Suburban 55.. Georgetown Gas 1st 5s. Potoy Elec. h. Gas 6s, series B Rwy. & Elec. ds.. MISCELLA! Barber & Ross. Inc.. 6's: Chevy Chase Club 5ias.. D. C. Paper MIg 6s.. W, M. Cold storase 8. Wash. Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (d9). Capital Traction Co. (6) ' Wash. Gas Light Co. (18) N. & W, Steamboat (i2d).. N. & W.Steamboat rts wi Pot. Elec Power 6% pfd 4 . & Annap. com Wash., Balto. & Annap. pfd.. NATIONAL BANK. Second (9e) Washington (13) TRUST COMPANY, Amer. Sec. & Trust Co. (15) Continental Trust (8)..... Merchants’ Bank & Trust (8) . National Savings & Trust (12: Prince Georges Bank & T) Union Trust (8g)....... Wash. Loan & Trust (i4) SAVINGS BANK. Bank of Bethesda (6%) .. Commerce & Wash. Mechanics (2 FIRE INSURANCE. Amer (12) Corcoran (10 Firemen's (8)." National Union TITLE INSURANCE. Columbia_(6h) Real Estate 7 Title & Inv. Co. M Barber & Ross. Chevy Ch. Ds and & Gi . Paper Mf Dist. Natl Sec. Emer Bromo-Se} Federal Sto Fed.-Am. Co. com. Fed.-Am. Co DId. () ....... Lanston Monotype (8) Stge. com. (10 Stge. pfd. (7), Mergenthaler Linotype (inj. Natl. & Iny. ptd Bia’ 1 vel ptd. (1) ot () Fare ptd (@) Yage pra (8 C1.207 issues recently, there is still an impres- | (Saies Sales 20 20 112 Lib33, Lib 1st 43 Lib 4th 4 K. US 35847, US3Y us us It 4. 81 4%sns2.. 35 FOR! Argentine 5s. Argentine 5% Argentine, May Argentine Argentine Argentine Bank of Chile 63 Bank of Chile 6% Batavian Pet ¢148 Belgium Belgium 6%s. 55 Bolivar 7s '8, Bolivia 7s etfs Bolivia 8: 43... Con Pwr Japan 7s. Copenhagen 41 Copenhagen 68 rots Danish Munfe 8s A Danish Munic 83 B. Denmark 4%, Denmark 6%s '55. Denmark 6 Dutch East Ind 47, Dutch East 1 6s DE 15%s,Nov ‘53 Fiat 7s ex war *46 Finland 7s 35 rets German Bank 6s German EI P ¢ Y%s 20 Jugoslavia Bank 78 & Kreuger&Toll 5s ct Mex 431904 asnd. Mex 451910 asst. Milan 638 Netherlands 6s 72, New So Wales ‘57 Nord 63 Norway 6s Norway § Norway 6s 43 Norway 6s ‘44 Norway 638 ‘52 Orfent ¢ Paris-Lyons- M Paris-Ly-Med 7s. Paris Orleans § 14 Peru 63 '60. ., Peru 65 '61. ‘53 Rio 4e Jan 8; Rio Gr du Sul 6s'¢§ Sao Paulo '50. Sao Paulo 8s " Crot-Slo i Shineyetsu 6148 ‘53 Solssons Toho El Pwr 7, Utd Kingm 538 '37 Uruguay 6: MISCEL AbItibl P&P b: Alleghany Cp 6s "44 Alleghany 5849, Am1GCh by Am Int Cor 648 '¢ Am Smit & R Am Water Wks Am Wrtg Pa 63 Armour, Dy Atl Refining Bell Tel, Pa, 68 (B) hlehm Sl pm Beth Steel rf bs. Bush Term Bldg 6u Y Sales. High. & 5 .23 Rio de Janeiro 63... Ro: %s. . o R'y’l Duteh 45 sww Toho El Pwr 6333 Bell Tel Pa i (C)... are in $1.000.) High. Low. Close. 101 10031 101 1029 1025 1029 10229 10226 10229 10127 10127 10127 10530 10530 105 30 10820 108 19 108 20 11227 11226 11227 EIGN. Low. Close. 85 85 911y 91y B8 BRI 94 9% 98% 78 By 84 [ 954 94 103% 103% 109 109 13 12 108 108 4 1088 1087 T 7 87 89 104% 104% Rl 81y 81% 81 90% 90% 100% 100% 103 103 100% 100% 104% 104% 888, 89 88% 88 100 100 99% 100 92 92 9714 9T% 100% 1004 109% 1098 109% 109% 109 109 108% 108% 92 Y214 101% 101% 104% 104% 101% 101% 101% 1018 101% 101% 8944 89 100 100% 106% 106% 117% 117% 122% 122% 90 904 88 884 92% 92% 104 104 1057% 106 861 861 MY 9u 98 98 96U 26% 978 97% 90% 90% 103% 103% 82 82 Y% 95 104% 104% 104% 104% 12 128 1% 11 28 88% 105% 105% 82 82 105% 105% 983 98%, 1011 101% 103% 1033 103% 1034 101% 101% 89% 89%, 10315 103% 104% 1047 10315 10315 k4 T0% 7% 41 ] 5 91% 98w 98 500 19 317 - " @ P P Enmaan xCuansxe S NANNIRD N = I e 9% 961 7 107% 107y 834 84 93 95 89 89 104 104 4 103% 103% 107% 107% 99% 9% 9% 99 64 T6% 9k 91 104 104 4% 102 1024 103% 103% 101% 101% 9 Am Nat Gas 634943 101% 101% 102% 108 160% 160% 104% 104% 1047% 1047 10415 105 1074 107 101 101 ki 81 80 4 101% 101% 105 105% 107% 107% 101 101 103 1031 101% 1013 (94% 94y 1014 1014 60 60 94 94y 99 994y 1064 106% Paramount i Pathe Exchange s Phila Co Phila & Read 6249, 159 Phillips Pet 6%4s.. 15 Postal Tel & C6%s 11 Pressed Sti Car 5 Pub Serv G 43 Pure OIf 6% 8 ‘37 Rem Rand & Richfield Ofl &s Sinclair Of] 6148 Sinclair Of1 7 o Sinclair Crude 6% S'nelalr P L. South Bell Southwest So Por Rico Stz Stand Oil. NJ * Stand O11. N Y. Sug Es Orient 78 Tenn El Pwr Tex Corp ev 4. Transcont] O1l 63 s United Drug 6 U S Rub 1st rf Utah Pwr&Lit Utilities Pwr 6348, Vertientes Sug 7 Warn Bros P 68 '49 Warner Su 41 ern Elec 6s. .. Westn Union 6s'51. Westn Unfon 6% s White Eagle 6. . White Sew Macn... Wiliys-Ov 614 ‘33, Wilson & Co 18t 6s. Win RepeatAr 1148 Youngstn S &T 6a.. 37 102% 101% 1024 105% 1054 L05% 1024 102% 2% 99% 99w 99% 101 100% 101 64 &1 61 100 1 100 9Bl 964 98 93 93 93 9% 26 98% 98% 29 100 96 961 86' 87 101% 101% 101% 108% 103% 103% 101% 100% 101% 98l 98L 981 964 6l 964 9714 9T 9T 1037 1037 103% 106 105% 106 103 102% 1038 103 102% 108 98% 9% OR™% 894 39 39 106% 106% 106% 10°% 102t 102% 107% 107% 107% 95% 9514 95% 81l 81 81 100% 100% 100% 89% 89 B9 4 W 1004 99% 997 104% 104 104 82 82 82 1044 104% 104% 103 102% 103 109 109 109 104 1034 104 0% 0% 70% 99% 99% 99% 100 99y 991 103 103 103 102% 102 RAILROAD. 17 cee 11 56 2 10 . 32 5 7 3 32 L 4 1 11 1 5 3 5 5 2 5 12 12 3 B&OSW 68 '50. B & O Toledo 4 oston & Maine bs kiyn Elev 6% s, Bklyn Manhat 6s Bklyn Un 1st 5s°50. Bush Term con bs. . Can Nat 4%s '57 Can Nat 4145 "68 Can Nat bs. July’ Can Nat 68 Oct Canadian Pac db 4s. Can Pacific 5s '54. . Can Pacific ctfs bs. Cent of Ga 5sC 69. Cent Pacfic 45 '49 Can Pac4%s'46 Cent Pac 18t b " Ches Corp 58 '47 19 Ches& O 4%48'93A 5 Ches& O 4%aB'95 29 CB&Qistrfis. 4 CB&Q I div 48 1 37 CM&StP Pac adj 5s. 78 Chi & NW gn 31 3 Chi& NW gen4s... 14 ChI NW 4382037, 17 Chl & NW ref bs... 51 Chi& NW 4% s 27 Chl & Nw 638 9 Chicago Rwys b 3 ChIRI&Prt4n ChiR1cv4%s 60 Chi T H ine 63 '60. Chi Un Station 5 Chi Un Sta s - 58 1 2 5 11 10 10 C& W Inahy 5 CCC&StL 4%s (E). ™| Clev Term 4%8°77. 10 Clev Term ba Colo & Sou 4% Conn Ry&L 4 %s Cuba RR 7%s CubaNor514s'42 Del& Hud ref 4s 43 Den & Rio G en 4s. 2 20 17 K 6 2 1 5 8 1 8 25 9 Fla East C 6374 Fonda J&G 4%s '52 Grand Trunk 7s.... Gt Nor 434 D). Grt Nor 4%s (B).. Gt Northern Gt Northern 6% Great Nor gen Green B& W deb. . Hav El Ry 5%s 51 Hud & Man adj 6. 2 5 4863, 2 111 Cent ref 4, o 11 Cent 4%8'66.... 14 Il Cent ref 55 '55.. 2 I1-C-C-StL&NO bu. 6 44 16 6 1 2 10 1 1 10 3 2 16 1 o 10 Int Ry C Am 68 41, Int Rys CA 6%4sre. Kan City F't 8 4 Lake Sho Lehigh Vi 5 1 nt & 10 L&Neys2003. 9N 94y 044 94 94 99% 99 998, 1000 100 100 103 102% 103 103% 1031 103% 104% 104% 104% 109% 109% 109% 103% 1034 1034 7% 87 RTH 100 98 88 87T% 96% 96 w4ty 974 9Ty 5% 95 95 102% 1027 102% 1027% 102% 102% 116% 116% 116% 110% 110% 110% RTlg £T RTi4 102 102 102 10214 1021 10215 100% 100% 100% 944 93% 93y 99% 994 991y 104 103% 104 100 100 100 97% 9T 9Ty 98 978 98 10715 107% 1073 95 95 9% 65 6¥y 85 49% 8% 90% 97 97T 106 106 106 99 0K 98T 109% 109% 109% 79 79 98 65 68% 86 5014 T84 0% 9614 881y 881y 88y 105% 105% 105% 102% 10 1 1024 90 ¥91, w0 104% 104% 104% 98 98 98 98% 98K, 9Ra; 105% 105% 105Y% 100 100 100 al 87 WAGE REDUCTIONS Decrease of Buying Power Held Blow at Recovery in Business. BY J. C. ROYLE. Reduction of wage scales has bo’en under consideration by some of the larger employers of iabor throughout the country and in the majority of in« stances has been unhesitatingly vetoed, One of the large investment banking houses of the country and gne of the outstanding concerns’ engaged in mass production voiced their belief today that about the worst thing that could happen to business would be liquida- tion of labor. The opponents of actual money reductions in wages assert that there can be little buying of raw and manufactured goods unless there is buying power in the working ranks. Fall in Commodities. Commodity prices have dropped. The figures of the Bureau of Agricultural Economics here show that prices for commodities have fallen over 8.5 per cent from last August to May 31. liable private figures show prices in last week fell 1.1 per cent below t) previous week, the largest drop since January 1. Eight groups declined and two advanced. The latter were fats and hardwoods. Grains, live stock, cotton goods, gasoline and metals wers among those that dropped. Real wages, of course, rose as coms modities dropped. That means that workers really could buy more for their wages than before. Organized lahoy anticipated that dollar reductions ir wages would be considered. The dee cisions not to cut wages proved somes what surprising, although not all ems ployers concur in this view by any means. The advance in real wages; is helping to compensate for lack of em- ployment, but is not counterbalancing it Labor leaders point out, in Aarguin, against dollar reductions, that wages are only higher when they af spent, not when they are saved. There have been rumors in soms quarters that organized workers werq glving secret concessions to employers This idea is scouted by labor leadersy and employers alike. Both say thal they do not do business that way and that any chance they might take ir relying on such an arrangement would be greater than the jobs were worth. Public Utilities, The public utility concerns are em.. ploying additional men, and not only are turning them into employes, bui Into investors. The investment facton is becoming a large one in labor ln: wage scales. Employers take the now that not only should workers enough to spend, but that they should have something to invest. The utilities have projects in view and under way which will require many millions ir new capital. Their present policy is te g0 to the general public for it, rathey than to the bankers. They are turne ing to their own employes, who ary thoroughly familiar with the business For this reason many corporations ar¢ issuing stocks in smaller units of d lar value so as to overlock no incomy as an jnvestment spring, no matte how smill that income may be. It way for this reason that the Baltimore & Ohio Railroad asked permission to re. duce the par value of its shares to $25 The effect of investment habits Ay | strikingly shown by returns from 4§ questionnaire sent out by the American Federation of Labor. The answery showed that organized labor was bite terly opposed to the proposal made Congress-for an investigation of Wal Street. The comments may be sum- marized, according to labor leaders, i the question: “What do they want ta do on itol Hill? Make chaos morey chaotic (Copyright, 1930.) Baltimore Markets | Special Dispatch to The Btar. | BALTIMORE, Md., June 26.—Pota- toes, white, 100 pounds, 2.00a2.50; new, | barrel, 1.75a4.00; sweet potatoes, bairel, ; yams, barrel, 4.00a6.00; as dozen, 50a2.50; beans, bushel parag 4| 75a1.00; cabbage, hamper, 40a75; car. 15 | Tots, 100, 2.00a4.00; celery, crate, 6.08a 9 90% 9 1 1 100% 100% 100% 50 50 E0 2% 27w 27% 1104 110% 110 97 971y il 915 9997 105%.105% 105% 1% 111 111 110% 110% 110% 204 24% 24% 52 52 % 7% 99 99 8ON 89w 93 934 100% 1004 100% 1061 1061 10615 106% 105% 1053 61 61 61 6% 61 61y 47 5 4 85 85 85 101% 101% 101% T4 T3 T4y 94 94 94 9 90 90 96U 96U 96% 100 100 100 914 91% 81 100 100 100 981 981 10815 10315 1081 1005 1004 100% 9T 96y 964 99% 99 99 | 6.50; corn, crate, 1.25a1.75; cucumbers hamper, 25a1.25; eggplants, crate, 1.258 2.25; lima beans, bushel, 1.50a3.00; lets tuce, hamper, £0a1.00; onions, bushel 75a1.25; green, 100, 75a1.25; peppers crate, 1.00a2.00; bushel, 1.5026.2! peas, ¢! spinach, bushel, 75a1.00; squash, ham. /per, 25a40; tomatoes, crate, 50a1.40; | apples, bushel, 1.00a3.00; blackberries iquart, 10al15; cantaloupes, crate, 1.00a 6.50; cherries, pound, 5a15; grapefrul box, 2.50a6.00; oranges, box, 6.50a9.00 peachs bushel, 2.25a3.00; pineapples crate, 00a4.00; watermelons, 100, 65.00875.00. Dairy Market. Poultry, alive—Chickens, Springers pound, 25a36; Leghorns, 18a28; alq roosters, 13a15; old hens, 22a24; Lege horns, 14a18; ducks, 16al18; guinet fowls, each, 50a75; pigeons, pair, 25. Eggs—Receipts, 2,614 cases; nearby firsts, 2215; Southern firsts, 21'5. Butter—Good to fancy creamery, pound, 33a35; ladles, 24a25; rolls, 24s 25; process, 28a29; store-packed, 18, Live Stock. Cattle—Receipts, 200 head; light sup. ply; market dull. Steers—Choice to prime, none; good to choice, 10.00 to 10.50; medium t¢ good, 9.00 to 9.75: fair to medium, 8.0¢ to 8.75; plain to fair, 7.00 to 7.75; com- mon to plain, 6.50 to 7.00. Bulls—Choice to prime, none; good to_choice, 7.00 to 7.50; medium to 6.50 to 7.00; fair to medium, 6.00 t4 Maryland was served by 212,778 tele- phones, which was an increase of 4,780 since January 1. During the month telephone users made 29,177,000 calls, an increase of 6 per cent over the num- b::r made during the same month last year. 6.50; plain fo fair, 5.50 to 6.00; com- mon to plain, 5.00 to 5.50. Cows—Choice to prime, none; good to choice, 6.50 to 7.00; medium to 6.00 to 6.50; fair to medium, 5.00 6.00; plain fo fair, 4.00 to 5.00; com. mon' to plain, 3.00 %o 4.00. Helfers—Choice to prime, none; to cholce, 850 to 9.00; medium te good, 8.00'to 8.50; fair to medium, 7.5 to 8.00; plain to fair, 7.00 to 7.50; gom- m plain, 6.00 to 6.50, 5 Cuban Am Sugas ManRy 1t Denver Gas bs. Det Edison b8 ‘40 . Det Edison 6 Duquesne 4343 ‘67 East Cuba Sug 7348 Fisk Rubber § Gen Cable 5347, Gen Mot Ac Cor Gen Thea Eq 65 Goodrich 6348 TELEPHONE CO. NET SHOWS SMALL LOSS Baltimore Firm Reports Decrease of $568 in Returns for Month of May. 3 Btis stres atd @i . stocks that look cheap. But until the R . ‘blue-chip’ stocks, with seasof®d earn- ings, are sold on a basis to net the in- vestor from 515 to 6 per cent, I'm going to keep my money in the bank,” said an investor, whose bankroll at the present time is counted in seven, perhaps eight, figures. (Copyright, COPPER DIVIDENDS CUT. NEW YORK, June 26 (#).—Directors of the Anaconda Copper Co. today de- [ Th clared a quarterly dividend of 87% cents, placing the stock on a $3.50 an- nual basis, against $7 paid previously. Two Anaconda subsidiaries also cut their dividend rates. Directors of Greene Cananea declared a quarterly dividend of 75 cents, placing the stock on a $3 annual basis, against $8 paid previously. Andes Copper directors de- clared a quarterly dividend of 37, cents, placing that stock on a $1.50 annual basis, against $3 previously. SILVER QUOTATIONS. NEW YORK, June 26 (#).—Bar sil- ver, 33%. 46 46 45 45 arket St 7 '4 92 92 Mil El Ry&Lt . 1102 102 Mill Bl Ry&L 68'61. 38 101% 1008 M StP&SSM con ¢s. M StP&SSM S4s. . MK & Tex 18t 4n. . M K & Tex 4s (B), MK&T4%s873... M K&T prin 6s(A) Mo Pacific gen 4 Mo Pacific 6s A '65. Mo Pacbs F *77. Mo Pac 63 G * Mo Pac 6% 96% 6% 99 9 W 101% 101% 107% 1074 100% 100% 70 70 64k €4 99% 9914 101% 101% 102 100% 5 90k 90w 90% 1 100% 100% 1003 18781 = 1 8% 874 87Ty 1 95% 954 95% 6 1031 1081 1031 <20 MM N M 1101 100% 101 < 10 98% 98% 9w, 2 y9u 99 99y 49ev. 10 107% 107% 1074 Mob & O 4%s 77 1 96% 96% 96% | Nassav El4s51... | 51 51 51 NOTex&MGEs(A) (5 99% 99% 99y 5 Corp. . prd.” (7) 1930. by the North American Newspaper Alliance.) By the Associated Press. NEW YORK, June 26—William J. Wollman of Wollman & Co., New York, and Macmillan C. King of Greenville, 8. C., have been elected to membership i in the New York Cotton Exchange, SHORT-TERM SECURITIES, (Reported by J. & W. Sellgman & Co) Offer Allis-Chalmers Co 5s 1937 102 American Tel. & Tel 108 0 Thread 100t | 3 100%s | dEX righ el1a% extra. wiWhen issued. 2% extra. STANDARD CURRENCY FOR CHINA IS PLANNED By the Associated Press. Formation of an international ex- change bank and the unification of currency in China is being attempted to alleviate the economic and industrial strife prevalent there. Tow Closs. 109's 109y 100 100 105 105 924 92y 99 99 1008 98% B914 O&R6s.. - Humble O & R 6% 1L Bell Tel 6 v Il Steel 433 40 Inland Steel 434 intl Cement 6s ¢8.. Intl Match 6 101% 101% 101% 101% 104% 104% 100 100 % 94y 99% 998 991 994 100% 100t 8614 (BbY Special Dispatch to The Star. BALTIMORE, June 26.—Telephone operating revenues of the Chesapeake & Potomac Telephone Co. of Baltimore for May amounted to $1,218,915, according 1o the report of operations. Expenses were $944,266, making net telephore revenues $274,650. a decrease of $568 101% 105 160 Port RL&P 1% 8'46. Reading J C4sb1.. RIArk& L 4% StLIM&SS; NOTex&Mb6sB.. 2 95 95 9 8 101% 101% 1011 11 98% 9% 98y D. C. Heacock, vice president of the Caterpillar Tractor Co., has been elect- ed president to succeed R. C. Force, who was made chairman. from the previous month. Registration of buyers in the New York market during the past week shced a total of 618, compared with 634 for the preceding week and 995 in the corresponding week last year, the New York Times reports. facture of flat non-corrosive metal. Harley L. Clarke, Utilities Power & has been elected a director of tral Trust Co. of Illinois. Nine additional Cen- wells are being tion in Western Pennsylvania. They nounced on two locations near Fayette, ve been completed; drilling near Westmoreland and near Armstrong, Pa., has $13,926,643, and Taxes assignable to operations in May resident of the | were $121,358, which was an increase o ht Corporation | $4,776 over M: first five months of the year amounted to $594,265, which was an increase of months of last year. Taxes for the 12 months end- opened by the Duquense Gas Corpora- | ing May 31 amounted to $1,327,714. Capital expenditures for plant and will bring the company's total to 162! aquipment in Maryland for the first five wells, Walter C Krog, the president an- | months of this $12,61 $2,77 period were % m‘t’ ditions al.a"l‘ 82. R 1 - vell ander way, and a contract plant and equipment for the 12 months R - Ml?al amounted to $3,244,607. | 9 endi) ot May' 31, Operating revenues for months ending May 31 amounted (o $5,852,380, making net revenues $1,255,484. Telephone operating revenues for the 12_months ending May 31, 1930, were expenses ' $10.960,953, making net revenues $2,965,690. This i equivalent to 6.69 per cent on the aver- ficony 80 value of the compny's property as The Newton Steel Co. of Youngstown, | fixed by the Pul has taken out a fabricator license un- | s of December 31, 1:;&,13;%: ;d&u:::- der Krupp Nirosta patents for manu- }'hll _,vz-lue on May 31, Z X and expenses $4. Servis , 1929. Taxes over the first five 3,466, S $1,099,684, making he rlase of husinees the five ice Commission year amounted Retirements during Humble Ol Ipternat, Match 5 i . Peop”' Gi Phillips 596,896, as, Petroie | Standard Oil N Standard Oil N 8t. L., Ir. Mt. & So. 8t. L, Sout! 3 nited _Dr U. 8 Ri = Wheeling B!M} 4 for the London, pound . .. Paris, ‘franc. © this net ad- Net additions to | Bresue: a 5105 1932 TOBACCO PRODUCTS. 32, atch Corp. bs 94 Louis 6s Lt & Coke 4}as um. Co. 5Vas Pure Ofl Corp. 5lzs 1927 | Shei, Union Ol Co. 55 1947 | Sinclair Crude Ol Co. 51 Ry. hwestern Ry. 45 193: Swifi'& Co. ¢ 1932. " Union "Oil Go. of Calif. 'S U 58 1953. 047, 4 Corp. 5% Corp. 4133 1053, FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal value (ol . 84 e 93 1930 s 1951 s 1931 2 ) g0ld Selling checks T par) di NEW YORK, June 26 (#).— Stock- hloders of Tobacco Products Corpora- tion have approved a change in class A and common stocks to no par from $20 and a change in the amount at which the shares are carried on the books of the company to $5 a share. This ac- tion followed a change in United Cigar Stores Co. of America common to no : par. Tobacco Products owns 75 per 'y, |cent of the common stock of United Cigar Stores. - POTATO MARKET. CHICAGO, June 26 () (United States' Department of Agriculture).— Potatoes, 95 carlonds; on track, 305 carloads: total United States shipments, 1,062 carloads; weak on sacks; about steady on barrels; trading rather slow; Soutnern sacked Irish Cobblers 175a 2.25; mostly around 2.10; sacked Bliss Triumphs, best, mostly amound 2.25; fancy, 2.50: ordinary to poor, 1.75a2.00; North Carolina, barrel, Irish Cobblers, 3.7584.15; Vi ia, barrel, Irish Col blers, mostly 5"3 These factors form an important part of three major reforms contemplated, Trade wdvices to the Department of Commerce say the ministry of finance and the ministry of industry, commerce and labor will be instructed to prepare for the opening of the bank and for a unified currency system, as well as the expansion of shipping and promotion of manufactures and consumption of na- tive goods. ‘The above-mentioned bodles will be instructed jointly also to designate se- curity for issuance of a $200,000,000 public loan for the promotion of vari- ous industrial enterprises and to pre- pare for the development of the coun- try’s major industries. ‘The ministry of finance is to be in- structed to formulate definite measures for the creation of a government mo- nopoly on tobacco, wine and matches, TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate —Maturily. d. Sept. 15, 1930 Dec. ' 1 Intl T&T 43 A Intl Tel&Tel 6n '65. KanG & E6s 62... Kendall 534548 ww Laclede 6% D '60. Lautaro Nitrate 6, Ligg&Myers Manati Sugar 74s. Midvale Steel b3, Nat Dairy 6% McC'rmek KR N Y Edison 6 N Y Tel 4148 89% 895 106 108 6% V6% 106% 1064 | 82 82 102% 102% L sl 104 104 121% 121% 13 13 9T% 984 921y 924 108 103 40% 42 100% 100% 1024 102% 101% 1014 80% 80% 9% 954 101% 101% 106% 106% 1043 104% 114% 114% 100% 100% 106% 107 110% 110% 101% 10i% 1021 102% 103% 104 # 101% 102% 106 106 9 b 2 9% 91y 91% ¥ Cenrf im 4 3. 25 1008 1004 1001 5 7 N Y C&StL6s(A). 5. NY Sus&Wngenbs 5 NYWa&By <1 Norf&Sou gn 68’84, 2 1 3 (D). Nor Pacific ref 6s. . Ogden&Lake Ch 4s. Penna con 4%s 5 . 17 1071 107 2 122 14 106% 1 2 42 . 5102 .. 20 100% 10 0 100 2 100% 100 1 109 4 104 104 Y Cen ref 6s. 107 Y Cen LS ol 3%, 9% 9674 9% T9% 96% 96% YC&StLBY%sA 22 107% 1074 107% 2 121% 121% 05% 105% 2 42 TI% 1% T1% 88 88 88 61 61 4 M4 9 6515 651 651 92 92 92 34 1 105% 105% 105% 2 113% 113% 113y Ti%h T TTH 101% 102 100% 109 1041 109 8 109% 109% 109% 981 99 % West S&L&SF gen St L8 W con 4s StP & KCShL 4%s. StP Un Dep 6. San An&Arn P ¢s 3eaboard AL on 6s. i SBAIl Fla6s 36 A Sou Pacclt 48 Sou Pac ref 4s, Sou Pac 448 rcts Sou Pac 4% 569 ww Sou Rwy gen 4s.. Un Pac 1st ref § Virginia Ry 1st Wabash %4875, Went MA 5348 17, Pactfio West Shore ¢s §1.