Evening Star Newspaper, June 27, 1930, Page 14

A—14 FIN FARM BOARD URGED! T0 ACQUIRE WHEAT Western Governor Urges Purchase of 25,000,000 Bushels to Aid Market. BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. ! NEW YORK, June 27.—When Alex-| ander Legge became chairman of the Farm Board wheat was selling around $1.35 a bushel. When the special amn’ of Congress was called in April ]-'"l year, wheat had gone down to $1.10 at ‘Chicago. Today it is selling at 87 to 88 cents So Gov. Cyde Reed of Kansas wants Chairmen Legge to finance immediately the purchase of 25,000,000 bushels of new Winter wheat in order to save the market. This Western governor's de- mand is backed up by nearly all the Senators from the Winter wheat States, as well as by Southern Senators, who see danger ahead for cotton. ‘With wheat prices at the lowest point in 16 years, pressure was never stronger on the Farm Board to enter the market and pick up the surplus new wheat. = The Farm Board, with a “market” record of the last 12 months in the red, 80 far has refused to listen to the ery from the West. ‘Will or will not the Farm Board enter the active markets again and pick up the surplus wheat and cotton this year order to raise prices within the United States and give the producing farmers a chance to break even? The West and South are pressing the ques- tion in this form before the Farm Board iwaiting an answer. .ng.l:hl now'lt looks as if the board has decided not to enter the competitive markets actively for the sole purpose of bolstering artificially the price of either heat or cotton. b Am"mcln cotton farmers, who, by the way, produce about 57 per cent of the total world production, are busy study- ing figures these d:ys. trying to find out “where they are a Last year's world production of 26.- 200,000 ‘standard bales was almost the same as that of 1928. But the carry- over for 1929 was larger because the consumption during 1928 was less than the year before. The New York Cotton Exchange has been estimating the carry- over this year at 4,474,000 bales, which, with estimated American roduction, would make a total of 19,200,000 bales, as compared with 19,661,000 the year before lnd 18,836,000 bales for the five- ,year average of 1923 to 1927, inclusive. Sl Reliable experts now are estimating the world consumption for the year ending July 1, 1930, at 13,700,000 bales, as against 15,169,000 bales in 1929 and 15,500,000 in 1928. e ‘This llmly tells the cotton rice-dmp story' Present ‘:ewru lnd!ute a United States cotton crop this year of over 15, 000.000_bales—about the same as las ar. But the longer carryover results rom decreased ‘consumption. “Tie these two facts together and one must conclude,” says the Wall Street Journal, that “the cotton mar- ket will be obliged to carry a heavy load this coming season. Secretary of the Treasury Mellon has & well known reputation for surpluses, far exceeding his estimates. Soon he will close the Government books for another year (June 30) with a surplus exceeding $220,000,000—about $35,000,- 000 above last year's record—staring him in the face. The present Congress seems to have gained the impression that the Treas- ury surplus for the next fiscal year will be merely a duplication of the one this year. But not so fast— Next year's Federal taxes will reflect the business depression of 1930. If the ‘Treasury breaks even . the next fiscal year, it will be a real achievement. Many observers believe that for the first time since Secretary Mellon took charge of ‘Treasury finances in 1921 he face & deficit, not a surplus, in closing the Treasury books next year. ‘Time only can tell. ‘The lumber snnum vigorously fight- ing the steel industry for the vast build- material market afforded by de- tached residences, wants the residence builder to stop, look and listen to the merits of the “laminated lumber” floor. In this type of floor the under-fioor is built up of 2-inch planks laid on edge, instead of horizontally. With the floor from 4 inches to 6 inches thick, having high heat and sound insulating values as well as the customary superior resil- lence of wood floors and great structural strengthening as compared with the ordinary flat-laid floor, the lumber in- dustry announces that such a floor will hold fire in the basement, as long and as well as steel or concrete. ys Mr. Wilson Compton, manager of lhe National Lumber Manufacturers’ Association: ““There will be no bucklisg from heat ‘with its tendency to Wml the structure or cause it to collapse. It gives a firm foundation for the flnuhed floor of spechllv pre ared wood. In a great fire in Wi gton recently the heavy ‘wooden memheu of the interior frame remained virtually intact, after the steel members had been twisted and bent by the intense heat.” So the competition between steel and wood takes a new angle. (Copyright, 1930, by the North American owm-pu Alliance. Steel Herger» Announced. OOLUMBUS Ohio, June 27 ?rr of the Republic Iron & Steel Co. oungstown and the Berger Manu- !lcturlnl Co. of Canton into the Re- blic Steel Corporation was announced Te today with the filling of merger . papers with Secretary of State Clarence J. Brown. * The merger papers provided for a re- . vision of the CPI.DIMI stock of the com- stock was increased (#).— y. Preferred rom $25,000,000 to $50,000,000 and no par value common shares were increased from 1, 000,000 shares to 5,000,000 shares. POXEIGK EXCHAXGES (quuunem furnished by W. B. Hibbs & Co. :.omk'n’lolrlgld ’G(Xlln:d:h!ekl At London, por $4.8665 B85 Paris, e . Otlo. crown. Btockholm, crown. . SHORT-TERM SECUBITIES (Reported by J & W. Seligman dn Co. | Allis-Chalmers o 3s 1037 . American Tei & Ty American Thread s‘ s i Baliimore & 'Ohio a rD. ! nadian Nor. Rwy. icage Rock m-na 39355823528 L., Southwestern R: wifi ‘& Co. 5r 1932 unvm Ol Co. of Calil " single-famfly dwellin; —— On a recent transatlantic trip the liner Majestic ran into a school of whales. one of which narrowly being hit. THE EVENING STAR, WASHINGTON, D. C. FRIDAY, JUNE 27 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct $o The Star Offics. (Continued From Page 13.) —_— ~Pre Mich. 49% 2 Al Montgom Ward «3). Mother Lode (20c). .. Motor Meter G & Ei.. Motor Wheel (3). Mullins Mfg. . Murray (b2%stk). Myer(FE) & Bro(2). Nash Motors (§), 00, 140 1 Biscuit, n(2.80). Natl Biseuit pf (7).. Natl Cash Reg.A(14) Natl Dairy (12) Natl Lead ¢13)... Natl Lead pf(B) (6). Nat! Pwr & Lt u). Natl Steel (2). N evada Copper (1%) wport Co (A) (3). Newton Steel (2). Y Central (8) Chi & StL (6). Harlem (5) H & Hart (6). H&Hopf (1).. Ont & Western... N Y Steam 1st f (7) Norfolk & Southern. Norf & Western (10) North Am Aviation. . North Am(b10% stk North Amer pf (3). Northern Pacifie (5). North Pacifie ct (5). Norwalk Tire & Rub. Ofl Well Supply.. & N N N N N N N N 4 Omnibus pf( A) ll) Orpheum Cir pf (8). 120, ou- l:l-v ni2i). PacificGas& El (2). 29 Pacifie Lighting (3). 2 Pacifio Tel &Tel (7). 170s Packard Motor (1).. 31 Pan-Am Petm (B)... 1 Param’nt Publix (4), 103 Park & Tiiford (33).. Exchang Pathe Exchange Patino Mines. Penick & Ford Penney (J C) (3 Penn Dixis Cement. Penna R R (4) Peop Drug Stra(1). . People’s Gas, Chi (3) Pere Marg or pf (5).. Pet Milk (1%4)... % Petrol Corp (1%4)... Phelps Dodge (3) Phila Read C& 1. Philip Morris (1). Phillips-Jones Corp. Phillips Petrm (nz) Plerce-Arrow (A) Plerce-Arrow pf ( Pierce O11. o e » S aarnintunt~aSovasn~RunoaaBoan - oo~ Pittsbgh Screw 1.40. Pittston Co (37%¢).. Poor & Co (B) () P Rican Am To (B).. Prlh‘ltolllflll(l) Prairi ipe L (16).. l"r.uod IlnlClr.-_ Pressed 8t1 C pf (7). Proc & Gamble (2).. Pub Serv E&G pf(6). Purity Bakeries (). Radio Corp. . Radlo-Kelth-Orph A. Raybestos Man 3 Reo Motor Car (80c) Republic Steel (4) Republic 8 Reynolds Met] Reynolds Sprin; Reynolds Tob B (3). Richfleld Of1 (3)..... Rio Grande Oll (2). Rossia Insur (3.20) Roy Dutch (a1.3415). Sateway (eB) Saf 3 it Joseph Lead (13). St L-San Fran (3)... St L-San n pf (6) St L Southwestern. ., St L Soutwn pf (5 Schulte Retall Str Sears Roebuck(32%) Second Natl Inv. . Sec Natl Inv pf (5) Servel. Ine. ..... Sharon Steel H (2). Shattuck(FG) (11%) Shell Trad&Tr(ad7c) Shell Union (1L40)... 8| Un Oll pf (5%) Shubert Theatres. Simmons Co (3). Simms Petrm (1.60). Stnclair Con Ol (2).. Skeliy O1 (2).... S Yel ividend Skelly Oil pt (6 Solvay Am pf(5%). . Sou Porto Sug (1.40) So Port Rie § pf (8).. Southern Cal Ed (2). Sou Dairfes (B)..... Southern Pacifie (§). Southern Rwy (8) Southern Rwy pf Spang-Chalfant. Sparks Withngtn| Spear & Co pf (7). .. Spencer Kel Spicer Mfg Stand Branas (13%). 4 Stand Brands pf (7). AG&E (3%)... i Stand G & E of (4). . Stand Gas& EI pf(6). Stand Gas&El pf (7). Stand O of Cal (2%). Stand Ol Exp pt(5).. Stand Oil of N J(12). Stand O1I N Y (1.60). Sterling Sec (A).... Stewart-Warner (1). Stone & Waebster (4). Studebaker Corp (¢). Sun Ol (11). Sun Ol pt Superior Ofl. Symington (A)...... 4 Telaut Corp (11.30) . Tenn Cop & Ch (1).. 4 Texas Corp (3)...... Tex Gulf Sulphur(4) ‘Texas Pac Land Thatcher Mg (1 0) The Fair (2.40). The Fair pf (7). Thermold Co (2). Thompson (J R) (3). Thompson Prod(2.40 Timken Roller (3) ‘Tobacco Products. .. ‘Tobacco Products A, ‘Transcontl O1l (30¢). Transue & W (1).... Tri-Contl Corp. Tri-Cntl Corp pf ( Truscon Stl (1.20) Und-Ell-Fischer (5). Union Bag & Pape: Union Carbide (2.60) Union Ol of Cal (32) Union Pacific (10).., 2 Union Pacific pf (4).. Union T'k Car (1.60)., Utd Afreraft.... Utd Alreraft pf (3 Utd Biscuit (1.60) Utd Carbon (3).. United Corp pt (3).. Utd Electric Coal. Utd Fruit (4)... Utd Gas & Imp(1.30) Utd Gas & Imp p£(5). Util PwraLt 4 (e2) e Vadasco Sales Corp.. Vanadium 8tl (14).. 1037 Va-Car Chem....... Va-Caro Chem 6% pt Va El & Pwrpf (7).. 60s Vulean Det (4)... Wabash. Wabash pf (A) (l).. Waldorf Systm(1%) Walworth Co (2).... Ward Baking (A)... Ward Baking pt (7) Warner Bros Ple (4). 546 4 3 1508 11 2 2 10 408 1 Wllllfl‘hfl E&M (5) 406 Westhse E&M pf (5) 20s White Motors (3) Whi Willys-Overland. Wilson & Co..... Woolworth (2.40)... Worth Pump. ... 1 Wrigley (Wm) (4).s Yale & Towne (15). w Truek. Youngs Spring Young Sheet & T (). Zenith Radio........ RIGHTS EXPIRE Am Tel & Tel.Aug 1 208 Ches & Ohlo..July 23 DuPont deN. Hackensk W 3 1 1 8% 8% 1% 17 18% uly 16 183 Ly <July 12608 1% 330,400 12:00 Noon. 1,541,200 2:10 P.M. 170 18% 184 % % % 1% 1% % veee 1059,600 . 1722400 usl cash eclarations. 5 4% 16 " o P Washington Ticker BY CHAS. P. SHAEFFER. Apartments are the favorite form of domicile in 257 identical American cities of more than 25,000 population, and during the last four years have completely outstripped the one-family dwelling, which formerly held the lead. Statistics gathered by the Depart- ment of Labor reveal that d!lflnl the last calendar year 48.6 per cent of the 244,197 families provided for in all classes of dwellings in these cities were housed in rtments, with 40.2 per cent in one-family dwellings The re- mainder were provided for in twn- family dwellings, which included one and two family dwellings with stores combined. In 1928 a total of 53.7 per cent of the 388,678 total families were pro- vided for in apartments, as against but 352 in one-family dwellings. The previous year the percentage was 48.3 and 38.3, respectively, and in 1926, 45.4 and 40.7, respectively. ‘The rapid strides of the apartment house is readily discernible from the department’s earliest figures, 1921, when 58.3 per cent of the total number of families were provided for in one-fam- ily dwellings. The apartment house ratio was then 24.4. Fourteen cities of the United States boasting a population of 500,000 or more contributed heavily to the favoritis) shown apartments. In these cities 64. per cent of the new family dwetling units for which permits were issued during 1929 were in rtments, and 253 in one-family dwellings. The previous year the ratio was 67.2 and 22.1 per cent, respectively. In New York City b! 320 families were provided for during the last year. Of this number 83 per cent were pro- vided for in apartment houses. Chicago ranked next to New York in the percentage of apartments with a total of 77.9 per cent. Baltimore continues to be the out- standing city in one-family dwellings In the Maryland metropolis 3,022 fam- illes and 92.7 per cent lived in one- family dwel Pittsburgh, Philadel- phia and Cleveland were the only other cities in this group in which more than half of their new family units lived in Buffalo, Detroit, Milwaukee and Bos- ton erected large numbers of two-fam- ily dwellings. Lumber retailers Lhmng mwwhmmpflmh sell completely an unassembled house. ‘The Southern Pine Association, which absorbs 16 per cent of all lumber sales and & much higher percentage of home construction lumber, has formu- lated a plan whereby an agency will be set up for the purpose of publishing at regular and frequent intervals a house plan which will be within the buying capacity of the majority of prospective owners of homes. If the plan proves workable, produc- tion sawmills will deliver all the pieces for any such house plans cut to proper length, such as studs, joists, sills, sub- flooring, sheathing, roof uhznhlnx, crip- ples, etc., with the exception that any angles other than the square cut of 90 degrees, will not be cut at the mill. ‘The retail lumberman will order a given house plan number and the manufac- turer will deliver all the pieces cut to the correct lengths, ready for actual building without further sawing. The National Lumber Manufacturers’ Assoclation is heartily in favor of the plan and sees in it many advantages. NEW YORK, June 27.—The follow- ing is today'’s summary of important corporation news prepared by Standard Statistics Co. Inc., New York, for the Associated Press. News Trend. Railroad earnings statement for May comprls'ehthe lnl,'m'A'DWrt-\m'!4 of ttodly'l corporation news. Aggregate net oper- ating income of the first 40 roads from which reports have been received showed a decline of 32 per cent from a year ago. Of this total only five roads showed an increase over May, 1929. These include Missouri Pacific, Bangor & Aroostook, New Orleans, Texas & Mexico, Chicago Great West- ern and Florida East Coast. Unfavorable dividend announcements were made by United States Finishing and Anaconda Wire & Cable. Tobacco Products has resumed quarterly divi- dends on class A stock. The Companies. American Stores had 2,675 stores on May 1, an increase of 30 since begin- ning of year. Anaconda Wire & Cable reduces quarterly common dividend to 37% cents; previously paid 75 cents. Ann - Arbor Railroad ‘May surplus. $7.699, 71,725 & year ago; five months, ‘25‘5 I $227,786. Atlantic GUIl & West Igdies ship Lines earned $5.08 on common stock in four months to April 30, against $7.20 in 1929 period. BOND PRICES DRIFT T0 LOWER LEVELS U. S. Group Eases With; Remainder of List—Rail Issues Weak.. BY F. H. RICHARDSON. Special Dispatch to The Star. YORK, June 27.—Unable to shake off the lethargy that has gripped it for the past month, the bond market today continued its dull tone and list- less drift downward. With renewed weakness in stocks, the market lacked impetus from convertibles and stock warrant issues. United States Govern- ment obligations were off a shade with the rest. At the opening the light activity seemed concentrated on the second grade railroad bonds, which were again driven down to new lows for the year. With the reports of 35 major railroads for the first five months of the year at hand, a decrease of 29 per cent in net income is shown. Losses in Rails. Chicago & Eastern Illinois 5s reached a new bottom, down 2 points on the day. Smaller losses were made by St. Paul Adjustments, Denver & Rio Grande Western 5s, Missou 4s, Frisco 4'5s and Wabash 415s. cago Great Western 4s managed to nru le back frlcuomlly from mr low e year. is road is one of the fe'l to show an increue in net income. Industrials were extremely dull. Na- tional Dairy Products 5%s had an early fractional gain that, was later can- celed. Some of the oil company loans were higher, including Pan American gfimleum 6s, Sinclair 7s and Richfield 6s. Foreign dollar bonds did little. Bolivian issues again dropped to their lows of the year, with the news of small suc- cesses by the rebel forces. Brazilian 628 and Antioquia “A” 7s dropped a shade. German jssues were stronger with the improved demand for the new reparations 515s. In the new capital market, the Boston & Albany Rallroad offered $5,700,000 of 4% r_ cent improvement bonds through J. P. Morgan & Co. It is the first financing by this road since 1917. The coupon rate of 474 is unusual. The bonds were offered at 93 to yield 4.60 per cent and were quickly subscribed. The Boston & Albany is under a 99-year lease to the New York Central and the latter road has guaranteed the bonds both as to princip: d interest. The Boston & Albany. as a consequence, has no mortgage debt. New Offerings. ‘The $13,000,000 total of new offer- ings included $6,000,000 Chicago Sani- tary District 415s, due 1831 to 1949, at prices to yield 3.50 to 4.50 per cent. . Memphis Natural Gas Co. announced today that it will redeem all of its out- standing first mortgage 6 per cent bonds, amounting to $6.153,500 at 103. The company has no other bonds out- standing. The issue has been selling around the call prlce for some time. Washington Stock Exchange SALES. Capital Traction Co.—10 at 58, 10 at 58, 10 at 58. Norfolk & Washington Steamboats rts. wi—13 at 161 Potomac !lecmc 6% pfd—6 at 111. Potomac Elec. 5';% bpfd.—22at 10715, ‘Washington Rwy. M Elec. pfd.—3 at 9! 10 at 98, 10 at 98. Lanston Mono(ype—-lo at 115, 2 at 115. Merchants’ Transfer & Storage pfd.—10 at 977, 10 at 971, Mergenthaler—10 lt 97, 10 at 97, AFTER CALL. Washington Rwy. & Elec. pfd.—10 at 98, 10 at 98, 9 at 98, 4 at 98. Mercl;:nu' Transfer & Storage pfd.—2 at Mergenthaler—20 at 97, 9 at 97, Capital Traction Co.—10 at 58'3. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. Telga. 4155 '33 Amer, Tel & T 418 130, Am. Tel. & Tel. An a ‘& Pot. Anscostia s & Fot Saplial Traction A A, City & Suburban 55 Georgetown Gas 1st 3% Potomac Elec. cons 5% .. Potomac Elec. 6s 1953 Wash., Alex. & Vernon' et Wash: Balto & Afnap. 3. inglon 58 Bid. Asked 101 HISGILLAHIOUB. Barber & Ross. M. Cold Storag Wash: Sons. H0 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel_ (d9) Capital Traction Co. (4} Wash, Gas Lt Co. & W Steam e ot Blec Power 8% pid. | Bot. Elec. Power 8%ax pid. . wy. & El com. (1) th 2y & BecoPialsi Balto. & Annap. com Balto, & Annap. pfd.. NATIONAL BANK. Capital (14)..0 olumbia Cnmmermx (stamied) REUN Bangor & Aroostook Railroad May | peg, surplus $218,887, against 875,331 year ago; five months, $1,306,931, mlnat $858,905. Central Rallroad of New Jersey May net operating income off 3.5 per cent; five months, 19 per cent below year ago. Chicago, Milwaukee, St. Paul & Pacific Railroad May net operating in- come off 59.5 per cent; five months, 48.9 per cent below year ago. Chicago, St. Paul, Minneapolis & Omaha Railroad May net operating in- come off 73 per cent; five months, 2.5 per cent below year ago. Collins & Alkman Co. reported sales of automotive fabrics in first five months_were 14 per cent above year ago. Demand for other products is such as to require night shifts at mills. Delaware & Hudson Railroad May net operating income off 29 per cent; five months, 27 per cent below year ago. Farr Alpaca earned $5.71 on ‘common stock in year ended May 31, against $4.71 in previous year. Florida East Coast Railroad May net operating income up 6.6 per cent: five months, 23 per cent below year ago. e Werhihgton (i) TRUST COMPANY. Amer. Sec. & Trust Co. (15) Continental Trus Merchants Bank & Prust 1 Notiomal Bavines & Trist (1211 Erince Georges Bank & Trust Union Trust (8g Wash. Loan & Trust {i4): BAVINGS BANK Bank of Bethesda (6%) Commerce & Savings (0] East Washingion (12 Potomac (10) Washe Mechanics (36 FIRE INSURANC] American (12). Coreoran (10 n's Retlona unton (18 TITLE INSURANCE. Columbia (6h). Real Estate (6h) . Title & Inv. Co. M MISCELLANEOUS. General Electric had 88,383 stock- | parpe holders on June 20, an increase of 60 per cent in year. Grigsby-Grunow Co. files $30,000,000 damage suit ation, General Electric and Westinghouse Electric & Manufacturing | P charging violation Sherman anti-trust law through creation patents pool, which compels payment of royalties of $6,000,000 from company. George P, Ide & Co. earned 66 cents on preferred stock in 1929 vs. deficit $312,506 in 1928. Mi ri-Kansas-Texas Raflroad May surplus $80,207 vs. $259,814 year ago; five months $698,886 vs. $2,145,118. New York Central Railroad May net operating income off 41.6 per cent: five months 37.6 per cent below year ago. NEW SECURITIES NEW YORK, June 27 (#)—New se- curities offered today include: Chicago Sanitary District, $6,000,000 4% per cent bonds, to yleld from 3.50 to 4.50 per cent, by Foreman-State tion and syndicate. Boston & Albany Railroad, $5,700,000 u per cent bonds, priced at 93, by J. P. Morgan & Co., p]gn National Bank and National City B e T per cent 4.20 per cent, by Lel fla‘ action against Radio | E D. C. Paper Ml Dist. Natl. Sec. mer. Bromo. !e Federal Stor Fed.-Am. C FedAm. Co: pia. ( Lansion Moriotype ‘(8 Stae. com. {10)" er Tr L () lnuemhller 2 Hndivpe () Nat & Inv. i ec! Med Bldr Cnr Woodward & Loth. pfa. *Ex dividend. Books el gh STVhen lssuea. steel Plate Orders Drop. NEW YORK, June 27 (#).—Fabri- 19%0. [ovoes om BONDS o et Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.0000 Bales. High. Low. Close. 121011 10030 101 1 1024 1023 1023 102 28 102 26 102 28 101 25 10123 10123 10129 10129 10123 10529 105258 105 28 10850 108 1R 108 18 11225 11222 11222 FOREIGN. Sates. 1 . Low. Close. 9% 91 ] 981 e 98y 5415 84 93 98 94 94 1024 103 108% 108% "z 108% Argentine 5%s°62. 981k agn 98y el 8 804 Australia 58 '55 Australia 53 ‘57 Bank of Chile 615 Batavian Pet 4148, Belgium 6s. Bremen State Ta. Canada 53’31 Canada 5s 5. 109% 108% . 108% 92% 101% 104% 101% 89% 854 1178% 122% 90 88 92% Danish Munfe 8s A. Danish Munie 8s B. Denmark 4 %s..... Denmark 6%s 5§ Denmark 6s. Dutch East Ind’ 47. Fiat 7s ex war "46.. Finland 5%s. French 7s.... French T34s. Ger 518'30-"35 rets 9 German Bank 6s°3. German EI P 6%4x German 7s. Greek 63 Haitl 6s. Irish Free State 5 Italy 7s. italian Pu wemRen arnwaS A R nrx a3 RaaRStun examRoN ol i 2o aaSan5 wome as 33 24 5 . 18 7 14 % Jugoslavia Bank 7a Karstadt 6s '43. Mex 431904 asnd Mex 451910 ass Milan 633, Montevideo 7 Norway 6348 '52. ... Ortent dev 61 58 Orient Dev 6s ‘53 10315 103% 104 104 71 10.% 103% % 5% F4% Poland 65 '40. Poland 7s (rets). £4 Poland 8s g 92 g2 95% 951 104% 104% So% 898 Rhine West6s ‘53 o Rio de Janeiro u/. Rio de Jan 8s "4 R'y’l Dutch 4 Sno Paulo '50. Swiss 58 46 S 103% Swiss Confed 8s. 107% 99% Utd Kingm 6%s ‘37 Utd SS Copen Uruguay 6s°60. . 4 9% MISCELLANEOUS. Abitibl P&P 5, M Alllghlny Cp bs ‘44 Am AgriChem T%s Am Chain 6333 Am For Pwr 65 2030 Am1GChb%s'49. Am IntCor 5% 849 Am Metal 6% "34., Am Nat Gas 614 %'42 Am T&T cvé '3 Am T&T 6 " Armour&Co 4% Armour. Del.5%s. Asso Ofl Atl Gulf 5 100% 108 101% 104% Bell Tel Pa 53 (C).. Bethlehm St pm 63 Beth Steel rt b, Certn-Td 53s ret. Chile Copper 6s. . Con Gas N Y 63%4s. Cuban Am Sugar 88 107% 9114 1018 East Cuba Sug 7%! Fisk Rubber 8 Gen Mot Ae Cor Gen Pub Sve 6% Gen St Cast 614 Gen Thea £ Goodrich 648 Goodyer bs rcts Humble O & R 5: Humble O & R 6%# 1li Bell Tel 101% 105 100 95 998, 991y Bl 904 108 965 104% 10615 104% 100 Inland Steel (ntl Cement Intl T&T 4 %smev. . Intl Tel&Tel 63 '66. 2! Kan City P & Lt bs. Kan G A l: u 63. 964y 1043 1064 102 % 102% 1061 102 1025 Liggett & Myers 18 w's, Inc, 6s. .. Lou Gas&E!l 6 '63. Manat! Sugar 1%s. McCrmck KR 6: Midvale Steel b Morris&Co 1st4% Nat Dairy 6% s. 101% 101 801 9514 9474 100% 100, 1064 1061 111% 111% 111% 102 102 102 s cated steel pllu orders in May totaled 28,678 tons, compared with 37,709 tons in April and 47,715 ton: in May last year. Orders for the five months ended May 31 amounted to 182,846 tons, com- pared with 238835 tons in the corre- sponding perlod last year. Coal was 'orknd in !eozhnd as early s the twelfth century. 1023 102 102% 104 103% 104 101% 101% 101% FINANC Sales. Hish. Low. Cloes. 4 107 107 92 92 864 REW 98% 98 327 Phillips Pet 5%, . Plerce Oil deb Postal Tel & C 6% Pressed St! Car ba. Pub BervG 434870 \ 33 % 96 26 87 87 100% 1004 1004 101% 101% 1014 10815 103% 10315 101 100% 100% 9815 984 9RW Richfleld Of) 63 "44 Sinelatr O11 6 Stnclair Ofl 634, Sinclair Ofl 7s..... Sinclair Crude 53 S'ncialr P L. Skelly O11 6% Solvay Amer 5, So Por Rico Sug South Bell Tel & Southwest Bell Stand OfL NJ " Stand Ol N Y.4% Sug Es Orfent s Tenn El Pwr NLY Tex Corp cv s ‘44. 128 Transcont] O1l 6% 55 United Drug 5 U S Rub 18t rf U S Rubber 7% 106 105% 105% 103% 102% 108% 98 9TH 9RY 29 39 a9 10615 106 106% 102% 10215 1021 107% 107% 107% 9% 951 95l 81 81 81 100% 100% 100% 100% 100% 100% Utilities Pwr 5% 89 89 89 War Quin 6s 39 82 82 82 Warn Bros P 6 100 9915 99% Western Elec 6 2 1044 10:% 103% Westn Union 6 109 108% 108% White Eagle 5 104 103% 104 Willys-Ov 63 99% 9% 99% Wilson & Co 100 100 100 Youngstn 8 &T 102% 102 102% RAILROAD. Ann Arbor 4s. 9 B3 Atchison adj 4 9 91% 90% 91% Atchison gen 4 64 96 954 96 A.T&SFcv4ls'4s, R 1224 121% 121% Atl & Dan 1st 45°43. 641y 644 6dly 83 83 TA RAILROAD EARNING: SHOW SLIGHT GAI improvement Over Fird Quarter Reports Still Leaves Total Below 1929. Special Dispatch to The Star. NEW YORK, June 27.—The first railroads of the country to report th May earnings indicate a somewhat bet' ter result relative to a year ago thar in the period between the end of Jan uary and April 30. Thejr net operati income is off from 30 to 31 per cen on the basis of the preliminary esth mates, which compare with a 33 pe cent reduction in April, of 37 per cen in March and 33 per cent in February. ‘This group of roads includes the i systems in every part of the countr and the average decrease in net op erating income takes into account | number of much higher than averag losses on ten or a dozen importan roads. Eastern Systems. ‘These decreases have been heaviest o1 , the Eastern trunk line systems, on thi roads in the Northwest and on th: transcontinental lines. On the Atchi , son, May net operating income was 7| per cent under that of a year ago. ol five months to May 31, the Atchisol shows about one-third as much operat, ing income as in the first five month of 1929, although its gross earnings de creased only 10 per cent. ‘This reflects a policy that has beer Atl Coast L 1st 4 94y 04% 94y Atl Coast L 92 92 92 AtICL4%s 9 99 99 B&O gold 4s. 95 94% 95 99% 994 9914 12 100% 100 100% 10 103 103 103 2 103% 103% 103% 4 104% 104% 104% 2 109% 109% 1091 11 8% 8T 874 B 99 998 99% 96% 96 96% 931, 92% 924 9T 9T 9T 95% 951 95 95% 95% 95M 9% 9L 95Y 1 102% 10274 102% 5 102% 102% 1025 2 99% 9% 99% su1 11 11 3 99 99 99u 7 102% 102% 1028 30 102 101% 101% 4 10815 1081 108% 1.100% 100% 100% 1. 94 94 94 1 103% 103% 103% 1100 100 100 1 100% 100%% 1004 98 98% 98 94% 67% 9874 ] 1075 107 107 6214 59 59 Bang&Aroos 4 Boston & Main Bkiyn Manhat Can P\l! 4“. ‘68 Can Nat bs, July’ Can Nat bs. Oct *69. Can Nor 4% s '35. Can Northern 7s Can Pacific ctfs 6s. Can Pacific 55 '54. Car Clin & O 68 '5: Cent of Ga 5sC 59 Cent Pacific 45’49 Cent Pac 1st i Ches Corp 55 '47 Ch Chi & E 111 gn 5. Chi Gr West 48 ChiMJIStP&P b CM&StP Pac adj ElA 7 Chi & NW gen 4s. .. Chi NW 43652037, Chi & NW 4% s C& W Ind con 4; C& W Ind 53%8'62. Chi & Nw 6%s. ChiR1&P gn4s ChiRI&Prf ds. 68% 654 864 85% 51 50 1% 68% 85% 50% 1 104% 104% 104% 1 109% 109% 109% 8 105'% 105': 105% 1115 115 115 10 98 98 98 15 99 98 98% . 16 100% 99% 100% 10 60 5% 674w 035, 13 104% 104% 947 CubaNor5l;s'42 Del& Hud ref 45 Del & Hud 5% Den & Rio G en Den&Rio G 4135 '36. Den&RGW 5a '55. 86 037 1 104% 9 954 Det United 4% Erie conv. Erie conv 4s (B). Erle gen 4; Erle b3, 19 Erle bs, 1975, Fla East C5n'74... Gr Trunk st deb 6 Grand Trunk 7s.... 12 110% 110% 110% Gt Northern b 33 111% 111% 111% Great Nor gen 7s... 7 110% 110% 110% HavEl Ry 5%s'51. 2 50% b50% 50% Hud & Manadibs.. 6 78 7714 78 Hud & Manref6s.. 34 98% 984 U8% 111 Cent ref 4 <1 93% 93y 93y Il Cent 4% s 12 100% 100 1004 Il Cent Chid¥%s... 10 97% 97% 97% Int Rapid Trans bs. Int Rap Tr s stpd. Int Rapid Trans Int & G Nor 1st Int & Gt Nor ad) 6s. Int Rys C Am 6i Int Ry C Am 6; Towa Central KanCity Ft 8 Kan City Term 4s. . ¢ 21 105'% 105 105y lfi l(llh 101 73% 73% 73 73 4% 94 ™ TH 11 96% 96% 96% 3 9% 9% 91% Lake Shore 4s°31.. 26 100% 100% 100% 1 961 9615 9614 L&N¢%82003.... 25 99% 9914 991 ManRy 1st4s'00... 15 45% 45 45 Man Ry 24 452013.. 5 45 45 45 MarketSt7s'40.... 3 921, 92 92 2100 100 1008 1 .100% 100% IOOK 1 .90 90 90 4 mo'a mnl. lon\ 4 2 4 1 42 mzv. 101 lo:h 37 7T 6% T6% 11 100% 1005 100% 16 99 98% 98w 3 9 98% ORIy 88 107% 107 107 3 9% 91% 91y 4 6% 6 6 5 964 961 961 4 9% 99% 99y 9 107% 107% 107% 3 967 96% 9674 96% 968 107% 107% 1074 107% 4 101% 1014 10134 5 851 854 85y 1 R4S MW Rem 2 80W ROM RO 7 93 924 93 40 121% 121 121 Mo Pacific gen . Mo Pacific 65 A "65. Mo Pac l%. 49 ev Nash Chat&StL Nat Ry Mex 4% Z 7 asu.w. & StL 5% & StL !'(Ai z2Z000 ZpT #Tm Tex aTa ':, "u H zZZ = 13 T - 3 - H&H ov db ll H&H clt 6. nt & W 1st 48 z g 4 g g e =o PR EZRRL L2 2 2L R Nor Pacific 4 Nor Paclfic r 1 112% 112% 112% L R 41024 102 1024 17 100% 100% 100% 10 100% 100% 100% 11 104'% 104 104% 3 109% 109% 1094 5 99 981 981 2 98 98 98 4 104'% 10415 104 14 109% 109% 109% 1 109% 109% 1091 2 99% 99% 994 21 100% 100% 100% Y%s Penna O&Det 4%, Fere M 4%s 1980, , Pere Marq 1st 5s. . PCC&StLbEs (A). P C C&StL 6sB'76. Port EIPL 6s. Port RL & P 58 30. Reading gen 4% A. 13 100 99% 100 Rio G West col 4 3 854 8hu 8HL RIArk & L ¢ 34w, 1.9 99 99 StLIM&S 3 100% 100% 1007% StL IM&S R&G 10 98% YB% Y8, 22 89% 89% R ve 36 9113 9O 911y ?1 ml-. 101% 101% 99U 09 691 1 1001 100% 100 21 9T% 9T 9Tm 1106 106 106 93% 93% 93% 40 40 £0% 51 9 40% 404 404 105 105 105 102% 102 102% 101 100% 101 61 61 61 10285 102% 1025 100% 100% 100% 9 " 9 £ B OERANN AR~ T amwe Pathe Exchan, Peopl Phila & Read 65°49,. 78 « 25 93% 93% 93y 1 96% 96% 9615 4 97N 9TN 97N - 36 89% R0, 894 Sou Rwy eon - 13 109% 109% 1093 Sou Rwy 88 ‘58 5 116% 116% 116% 8ou Rwy G 8..cem 17 128% 1233 128% quite_general among the carriers sing the first of the year in going ahea( with maintenance work and other im provements as they have done whe business was normal. Some of then changed their methods in May any have thereby improved the relation be tween their gross and net revenues Others did not start their program curtailment until June, so that whe the figures for this month are publishey they are expected to make an even bet,* ter relative exhibit with last year thay have those for May. Among the largest May net decrease so far indicated are those of the South ern Pacific, Great Northern, St. Paul Union Pacific. Northern Pacific, Ney York Central, Pennsylvania, Eri Southern Railway and Wabash., Thes run from about 35 per cent to 70 pa cent. They include systems that depeny for earnings to cover devidends on th movements of traffic in the second hal of the year, or after the crop seaso) opens and the maximum loadings o coal and iron ore are under way. Second Half Year. In the second half of this year com parison will be made with reduce earnings for part of the period in 192 and with higher general maintenana' costs during the Summer and months of that year than will be re quired from now on, owing to the pro ' gram of making such expenditures 4 the Spring instead of concentratin them into the late Summer and ear} Autumn months. For this reason it | expected that the second half of th year will present quite a different pla ture of railroad net results than is ba ing given in the first half, and tha while margins for dividends in numer ous cases will not be satisfactory, the will be sufficient to cover rates noy being paid. ‘Taking this situation into accoun| and with it the fact that the averag k| of railroad stocks this week droppe to the lowest in over three years, then has been considerable investment buy ing of the better grade of rails, on whic] the average return has been in exces' of 6 per cent, and in individual issue from 7 per cent to nearly 8 per cenl These yields apply to stocks that am gromted against dividend reduction y conservative financial policies in th last five years, during which it has fre quently the case that surplu earnings have been from 50 to 100 pe cent higher than the amount require for dividends, (Copyright, 1930.) GAS LIGHT INCOME FALLS OFF IN MAY Capital Traction Also Report ' Lower Earnings tp Public Utilities Commission. The Washington Gas Light Co.| statement of operations revealed net in come of $83322.07 for May, as com pared with $122,397.02 in the mont] & year ago and th for the fiv months was $464,435. as againg $514,820.66 for the comparative perio last year. The Georgetown Gas Light Oy showed gains for both periods. Fa Iast month, its net corporate incom was $20,664.49, an increase from $18, 632.72 in May, 1929. That for the firs five months this year was $105.195.94 while that for the first five a year ag was $78,378.06 . Net income of the Capital Tractio Co. for the month was $53.985.32, decrease of $10,828.97 from the mon! last year. Net income for the first fin months of this year total $288.208.9¢ which was a decline of $52,993.62 the corresponding period in 1929. CHICAGO LIVE STOCK MARKE! CHICAGO, June 27 (/) (Unite States Department of Agriculture).— Hogs—22,000 head including 9.000 heat direct, mostly 10a20 higher; fairly ac tive at the advance; top, 9.25 paid fo an occasional load 200-250 pounds shipping demand improved. Butchers, medium to choice, 250-30 « pounds, 8.65-9.25; 200-250 pounds, 8.85 9.25; 160-200 pounds, 8.85a9.25: 130-161 pounds, 8.6029.20. Packing sows, 7.65 8.50. Pigs, medium to choice, 90-13 " pounds, 8.0029.00. Cattle, 2,000 head: calves, 1,000 head generally steady with week's advance fairly active, but hardly such a scrambl on for cattle as on Thursday; bes weizhty steers, 11.75, Slaughter classes, steers, good choice, 1,300-1,500 pounds, 10. 75!13 75 1,100-1,300 pounds, 10.25a12.75; 950 1,100 pounds, 10.00a12.25; common an medium, 850 pounds up, 6.50a10.75; feq vearlings, good and choice, 750-95 pounds, 9.75a11.75: heifers, good an choice, 850 pounds down, 9.50a11.00 common and medium, 6.25a9.50. Cows, good and choice, 7.25a9.25 common and medium, 5.74a7.25; loy cutter and cutter, 3.50a4.75. Bulls, goo and choice (beef), 6.40a8.25; cutter t, medium, 4.75a6.40. Vealers (milk fed good and choice, 9.50a11.00; mediuny d common, 6.00a8 50 choice (all weights), mon and medium, 6.00a8.75. Sheep, 5000 head:; fat lambs stead to 25 lower: bulk sorted natives, 11.50¢ 11.75; throwouts, mostly 6.25 down ward; numerous lots at 5.00; sheey steady. Lambs, good and choice, 92 poun down, 11.00a12. medium, 9.00a11. Ewes, medium t choice, 150 mndl dflwn. 2.00a3.75; cul and common, 1.00a2.7 Third Ave ad) b Unfon Pae Union Pac Wa Wabash 2d bs . Waestern Md 4 7 West Pacific 68.00s 9 m