Evening Star Newspaper, June 28, 1930, Page 14

A—-14 = '"FINANCIALS LABOR CHIEF URGES TRUST LAW REPEAL Matthew Woll Contends New Era Has Dawned in American Industry. Bpecial Dispatch to The St Scrap the Sherman anti-trust laws and allow employers to exchange cost | and price data! Matthew Woll, first vice president of the American Federation of Labor, 80| advised a textile convention as the best means of estabilizing the textile industry. Mr. Woll contended that the restrictions | imposed today by law are a relic of a! business era long since gone. but that these restrictions penalize every social {erce “by the tremendous waste of un- intelligent production.” “‘America has outlived the era of com- tive philosophy,” says this labor eader. “Limited manufacture and the subsequent rivalry for business are working to the detriment of all classes. ‘The only way we can improve the situ- qtion is by allowing manufacturers, in co-operation.with their employes, to ad- Jjust their output to consumer needs.” This labor leader believes that an in- crease in consuming power would re- sult from a repeal of these laws, because employers would be able to stabilize their wage cost without the anarchistic, throat tactics used in pres- conditions. Many of labor leaders today are taking this position with regard to Sherman anti-trust legislation. Dr. George W. Taylor of the Univer- sity of Pennsylvania discussed the ques- tion from another angle in an address before the American Federation of Full Fashion Hoslery Workers. “As long as we have a 30 per cent overproduction, as we have had during the last year, we will have ruinous com- petition.” wage difficulties and trade depression,” he said. “The only road to improvement lies in the co-operation of the manufacturers with intelligent labor agencies in controlling produc- tion by scientific research. And this research cannot come about while we are hampered by the restrictions of the Sherman act.” Some years ago I was talking with Mrs. O. P. Van Sweringen, the Cleveland railroad magnate, on the future trend in business. Repeatedly during that conversation he used the term ‘“bal- anced competition.” Perhaps that is what business needs today above everything else. Uncontrolled competition may some day be outlawed as a relic of barbar- ism—just as balanced competition in many cases seems outlawed today by the ‘plronslom of the Sherman anti- aws. ‘What effect will the untimely death yesterday of L. A. Manchester, chief counsel for the Youngstown Sheet & ‘Tube Co., have on the present suit of the Youngstown minority to prevent that company from joining with the Bethlehem Steel? - The bitter fight continues. Piled high with work during the last few months with matters connected with this vitally important case, Mr. Man- chester has spent many days and nights at his office. It proved too much—the overwork and strain was too great. This Youngstown lawyer was born in Cansfield, Ohio, 47 years ago and grad- uated from the law department of the University of Michigan in 1905. At first he opposed the merger, but since a majority voted for it, he joined New- ton D. Baker, formerly Secretary of ‘War, in defending it. Raw materials and foodstuffs are the chief sufferers—not manufactured prod- ucts—in the May decline of United States imports and exports. In May last year, American manu- factured ‘goods constituted 63 per cent of exports; this year, 57 per cent. Im- ports last year in May constituted 24 Pper cent: this year but 20 per cent. United States manufactured goods sold abroad in this same month this y;ar totaled $178.000,000, materials used in manufacture, $40,000,000, as #gainst $57,000,000. Manufactured goods imported into the United States totaled $68,000,000 in May this year, as against $83,000,000 for the previous May; partly manufac tured goods, $53,000.000, as against $85,. ,000; w foods, $34,000,000, as against $46,000,000, and raw materials used in manufacture, $86,000,000, as ®gainst $141,000,000. In a word—the manufactureer did more business with Europe than the farmer. Why? The death of Representative Stephen G. Porter, at the age of 61, chairman of the Hous> of Representatives foreign affairs committee, removes from world leadership a strong champion against habit-forming drugs. Leaving business 20 years ago, he en- tered Congress, and later sat as chair- man of the American delegetion, co- operating with the League of Nations Opium Commission. Just now, when the United States is fighting strenuously for the limitation of the production of opfum throughout the world, the loss of Stephen G. Porter is a very severe one, not only for the United States, but for the organized forces against habit-forming drugs throughout the world. (Copyright, 1930. by North American News- paper Alliance.) TRADE PRACTICE RULES MAY BE POSTPONED Br the Associated Press. The standing committee of those in- dustries that have held trade practice conferences vesterday asked the Fed- eral Trade Commission that all action with respect, to revision of the rules be postponed until the latter part of Sep- tember. Such a delay, if granted rand it has been indicated by the commission that it will be granted), will permit of de- tailed discussion of the practical ap- | plication and workings of rules that have been approved or accepted by the Federal Trade Commission. This dis- cussion is a part of the program out- lined for the annual convention of the American Trade Association Executives, scheduled for September. Every in- dustry that has held a trade practice conference will be asked to attend and air its views, and it is felt by the standing committes that not antil then can a definite foundation b laid out. .In consequence. it was suggested to the commission, that body can base \s revisions on actual practice and the application of the rules in the several industries. 1 l o ’ (Centinued From Page ik Low: 32 20 112% 108 5 Dividend Rate. Sinclair Con O1l ¢2). Sinclair O1l pf (8) 42 28% Skelly Ofl (2). 82 41% Sloss-ShefMeld p: Snider Packing...... Sou Porto Sug (1.40) Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Spang-Chalfant..... Spang-Chal pf (6)... Sparks Withngtn(1). Splegel-May-S (3).. Stand Branas (1%).. Stand Brands pf (7). SandG&E (3%)... Stand G & Epf (4). .. Stand Oof Cal (2%). Stand Oil of N J(12). Stand Ofl N ¥ (1 60). Sterling Sec cv pf(3) i Stewart-Warner (1). Stone & Wel fazn | 129% 67 847 40% 48 47 113% 4 Sun O11 (11). Sun Ofl pf (6). Superior Ofl. Tenn Cop & Ch (1) Texas Corp (3)...... ‘Tex Gulf Sulphur(4) ‘Texas Pac Land Tr.. 4 Thatcher Mfg (1.60). Thermold Co (2). 4 Third Avenue. . Third Nat Inv (2). Thompson (J R) (3). Tide Water As (§0c). ‘Timken Det Ax(80c) ‘Timken Roller (3)... ‘Tobacco Products Tobac Prod(A) (8 4 Transcontl Ol (30¢c) Tri-Contl Corp. Tri-Cntl Corp pi 3 Truax Traer (1.60) ¢ Twin City Rap T(§4) Und-Ell-Fischer (5). Und-Ell-Fshr pf (7) Union Carbide (2.60) Union Ol of Cal ($2) Union Pacific (10)... Utd Afrcraft........ Utd Biscuit (1.60). 4 Utd Carbon (2) Utd Cigar Store! Utd Corporation. United Corp pf (3). Utd Dyewood. . Utd Electric Coal Utd Fruit (4).. Utd Gas & Imp(1.20) Utd Paperboard. .... THE EVENING STAR, WASHINGTON, ‘D. C, SATURDAY. JUNE 28 1930. 1 —Prev.1936 ~ I w. Hizh. Lo Sos s s s s s s s ccaqacaaa 2% ™V Va-Car Vulcan W Ward B Warner Wess oi o We: Weston Willys- Tiw 42 5154 67 6% 41% 12% 72 321 Youngs 16 Am Tel 174 Ches & # DuPont 21% 1% 1% _®sPayab) B Th theh GF stock able in, B Plus 2% in stock. 8% 'in ‘stock le 1n b Pa. Stock a Dividend Alcohol (17). Smitg & Ref (1). S Steel (7)... U § Steel pf (7) Univ Pipe & Rad. Utfl Pwr&Lt A (e2).. Vadasco Sales Corp.. vanadium Stl (t4). rates as given in the above table are the annual s Unit of trading less than 1 3 Plus NEW YORK STOCK EXCHANGE Recelved by Prizate Wire Direct to The Star Office. ‘.:—-N):;f “Ze anal e~ Chem. Va El & Pwr p Det (4). Wabash.... Waldorf Systm(1%) aking (B) Bros Pio (4). Warner-Quinlan (1). Warren Bros (3). 1 & Snow (2 & Sn pf (4). West Penn El pf (6). West Penn El pf (7). West Penn Pw pf(6). West Penn Pw pf(7). Western Md..... n Pacific pf. Western Union (8).. Westinghse 4 B (2). 4 Westinghse E&M (5) Westhse E&M pf (5) El Instr (1). White Motors (2). .. White Sewing Mach. Whit Sw Mch pf (4). Overland. Willys-Over pf (7). Wilson & Co. . Wilson & Co (A) Wilson & Co pf. Woolworth (2.40 Worth Pump. Wrigley (Wm Yale&Towne Mfg(4) Yellow Truck. Yellow Truck pf Spring (3)... RIGHTS EXPIRE & Tel.Aug 1 Ohlo..July 23 deN..July 15 47 1% Hackensk W...July 1310s cash half vearly deciaiatio; 100 shares. tPartly exira. 3P scr:p. 1Plus 9% In Stock. n Paid last yeas ble in stock. d Pavable when earned. e Pay. lus 10% in siock. g Plus'6n in stock: % in stock. k Plus 3% in stock. n Plus CONTROL OF CATTLE SUPPLY HELD NEEDED| Large Offerings at Markets and Slump in Demand Cause Price Drops. BY FRANK 1. WELLER, Associated Press Farm Edjtor. Pulled out of a bad situation by hand- to-mouth trading, the cattle market is | )5y on nettles lest the country decide to take advantage of the slight price advance to renew heavy loading. This is especially true because next week includes the Fourth of July holi- day and is proverbially a period of more or less erratic markets and price trends. Beef is not moving freely, and another run of supplies such as drove values to new low levels for the year last Mon- day and to the lowest in more than three years, again might put all four chief classes of beef cattle k sharply under the 1927 line. Although prices have recovered 50 cents to $1 since their sensational new | dive, sellers are wary of the advance. It followed starvation runs and is un- stable to the extent that supply figures were reduced below normal. the same degree the upturn is fictitious, al- though the dressed trade has had some opportunity to work away from the con- gestion stage during the period that live cattle have been running so meagerly. ‘There is little to be learned from the late market action, since prices paid when cattle offerings were heavy an Monday bear little resemblance to the | way traders acted when supply abridg- ment became so pronounced that in an effort to get enough cattle to keep killing gangs going and to fill moderate Eastern orders sufficient competition was injected into the trade to start prices rolling swiftly upward. X ‘Whether they will be able to hold the pace is largely a matter of whether re- ceipts are kept down. Likely some of the advance on weighty shipper steers was due to the fact that killers antici- pated a light run early next week, and merely took time by the forelock to pro- vide themselves with stocks they be- lieved may be too scarce to go areund next Monday and Tuesday, when the demand for them will be broadest. Whereas too many cattle were re- sponsible for the depressed market in 1926, it appears that lack of consumer demand is responsible for the almost parallel situation now. OUTLOOK UNSETTLED IN OIL INDUSTRY A grave condition confronts oil re- finers, in the opinion of the Brookmire Economic Service. “High gasoline per barrel of crud says Brookmire, “coincident with a smaller increase in consumption than expected, has caused a burdensome accumulation of gasoline. Consequently, the price struc- ture has been weakened seriously. Cur- tailment of runs is difficult to achieve and would disturb the crude division, which is struggling with its own over- supply problems. With the marketing end also featured by keen competition, t};&hml industry as a whole faces a SUGAR PRICE ADVANCED. NEW YORK, June 28 (#).—Leading refiners have advanced the price of re- fined sugar 10 points to a 4.70-cent basis. The new price is effective July 1. FOREIGN EXCHANGES. (Quotetions furnistled by W. B. Hibbs & Co.) Nominal gold Selling checks value forpan. | tod Copenhagen, crow) Oslo, _cre 1. C. C. MAKES STUDY OF R., F. & P. EARNINGS A tentative report by Interstate Com- merce Commission examiner flads that Richmond. Predericksburg & Potom: Railroad had $2,192,393 in excess rai way net income in the period March 1, 1920, to December 31, 1923. Tenta- tive report found that in the 10 months from March 1, 1920, to the ehd of that year road had excess income of $160,- 000. none in 1921, $903,025 in 1922, $1.129,368 in the calendar year 1923. The R, P. & P. is a proprietary line between Richmond and Washington which is owned jointly by the Penn- sylvania, the Baitimore & Ohio, the |}, ¥ Southern, the Atlantic Coast Line and other roads. DIVIDEND DECLARED. Standard Investing Corporation has declared the regular quarterly dividend of $1.371; per share of its preferred stock, $5.50 dividend seties, payable Aurun’ 15, to stockholders of record Ji p ot s own . Stockholm, erow: SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) d. Offer Allis-Chalmers Co_Ss 1937 102 1021 American Tel. & Tel. Slos i843 10713 10730 American Thiead 5'as 1938.... 100 Ballimore & Ohio 4'as 1933 Batavian Pet. "Corp. Bell Tel. of Canada Calitornia_Pet Corp Canadisn Nor. Rwy. 1icago Chile Co) 3 Cudahy Packini Gen. Mot, Accep. Corp. 6s General Pet. Corp. 55 1940. Gen, Theaters Equip 94 Goodyear T & R, Grand_Trunk of iy u Homble OIl 8145 103 Tnternat. M 55 1947 99%a o "8 Lot 'or 143 1031 ., uf Beop Ga Lt & Coke 43cx Phillips Pet. Co. SVes 1930 Pure Oil 192° St L. Switi' & Co, Unio, United_Drug Co. LA Jielas” o | .. |in the B Washington Produce Butter—One-pound prints, 3812; tub, 36a37. Eggs—Hennery, ceipts, 21823. Poultry, alive—Spring broilers, large, 38; small, 32a33; Leghorns, 25; fowls, 20a21; Leghorn fowls, 15; roosters, 13a 15; ducks, 15. Dressed—Spring broil- ers, large, 45a47; small, 40a42; Leg- horns, 25a30; fowls, 24a25; Leghorn Iowll:&" 17a18; roosters, 15a16; ducks, Meats, fresh killed—Beef, 18a21; veal, 15a18; lamb, 25; pork loins, 25a 28; fresh hams, 25; fresh shoulders, 18a20; smoked hams, 27; smoked shoul- ders, 20; bacon, 27; lard, in packages, 13; in bulk, 12. Live stock—Calves, 9a912; lambs, 10 Fruits—Watermelons, 55a1.10; canta- loupes, 4.50a5.00; honeydews, 2.25a2.50; honeyballs, 4.50a5.00; blackberries, 4.00; strawberries, 4.00; huckleberries, 6.00; peaches, 2.50a3.50; upples, 50a2.00; ap- ples, box stock, 3.00a3.50; raspberries, black, 6.00a6.40; chexries, 6.00; . apricots, 1 .75; cherries, California, 15-pound lugs, 3.00a3.50. \?:nubmgpouum. 3.75a4.25; to- matoes, shipped in, 90; homegrown, 4.0026.00 per bushel; cucumbers, 50a 1.00; string beans, homegrown, 50a1.0C; string beans, homegrown, 50a1.00; egg plants, 2.00a2.50; squash, 1.25a1.50; pep- pers, 1.25a1.50; corn, South Carolina, 1.00a1.75; beets, per 100 bunches, 3.00a 4.00; carrots, per 100 bunches, 3.00a 4.00; asparagus, 1.25a2.00; spinach, 1.50; kale, 75. 37122 23a25; current re- i ANOTHER DATE SET AS DEPRESSION’S END Last of July to Witness Business Advance, Saye Trade Weekly. Special Dispatch to The Sta NEW YORK, June 28.—Business in the United States will emerge from de- dression at the end of July. It then will swing upward and, stealing a march on the slow-witted and self- centered stock market, will become normal in October, says the Business ‘Week today. The business tide reached its ebb during the past two weeks and is beginning to turn, very slowly and tentatively, in face of a strong current of peevish, superficial and premature pessimism. “There will be no noticeable change in the next few weeks,” the weekly adds. “Continued liquidation in cer- tain lines will overlap and obscure in- creasing resistance, stabilization and upturn in others. Progress will be slow, irregular, spasmodic with sporadic re- lapses, successively less frequent and sharp till the end of July. Then, in the same weeks when a year ago the down- evident to the blue-funk brigades of business who have been enjoying their May-parties and June-walks in the cemeteries. The rise of the. business curve therafter will be rapid. By October it will be back to normal.” FLOATING GRAIN ELEVATORS. BALTIMORE, June 28 (Special).— Floating grain elevators are being used in Baltimore Harbor for the first time in 25 years, since the harbor was deep- ened and it became possible to put the larger boats in berths alongstde mod- ern grain loaders. The steamer Artigas of the Consoli- harbor from a Pennsylvania Railroad Co. floating elevator and sailed for Glas- * | gow, Scotland, yesterday. "|Emil Rieve Heads Hosiery Group. PHILADELPHIA, June 28 (#).—Emil Rieve of Milwaukee was re-elected president of the American Federation of Full Fashioned Hosiery Workers for the two-year term at the annual con- vention of the organization yesterday. As vice president, the convention elected Carl Holderman of Paterson, N. J., vice president of the New Jersey State Federation of Labor and a mem- ber of the national executive board of the United Textile Workers of America. Harold E. Steele, Milwaukee, was elected to the new t of second vice presi- and Willlam Smith, Philadelphia, osen again as secretary-treasurer. NLW y the A toba TOBACCO DIVISION. ociated Press. . o division has been created au of Foreign and Domestic ecessitated by the in- ts for commercial serv- ng to foreign marketing. was formerly carried on d section of the food- pn, but demands for the services mfile available through this section havl increased so rapidly that it was forgd ‘essary @5 a matter | Commerc turn began, a decisive recovery will set | in, general and definite enough to be | | dated Navigation Co. was loaded in the | CANNING INDUSTRY HAS BRIGHT OUTLOOK / Ample Supply of Products Seems Assured in Present Season. By the Associated Press. ‘The possibility of a shortage of ma- jor canning products in 1930 is con- sidered practically nil in authorita- tive circles. While the season is yet too young to even hazard an estimate on produc- tion of this class, the Department of Agriculture says the increased acreage now under cultivation will more than offset anything but an exceptionally poor yield. The department has completed an estimate on the production of green peas, which gives a total output for 1930 of 445897,000 pounds or an in- crease of 6.67 per cent over last year. The yield of this product suffered to the extent of 61 pounds an acre as compared with 1929, but the area un- der cultivation increased to 264,210 acres, which represented a gain of 13.1 per cent over last year. ‘Tomatoes under cultivation in 1930 are distributed over 362,960 acres as against 294,970 in 1929, or an increase of 229 per cent; sweet corn acreage is 391,553 as against 350,530 in 1929, a gain of 12 per cent, and snap beans cultivation amounts to 71,142 acres as against 60,890 in 1929, a gain of 16.8 per cent. ‘The 1930 forecast of production’ of BONDS ARE STEADY INHIGHER TREND Including U. S. Groups, in Advance. BY F. H. RICHARDSON. ! Special Dispatch to The Star. | NEW YORK, June 28.—Bond prices held their levels or advanced fraction- ally today in quiet trading. Prime is- sues were strongest, along with a gen- eral upturn in United States Govern- ment obligations. However, there was general weakness in South American bonds, with heavy selling of Bolivian issues, driven down 2 to 4 points to new low levels. Chi- lean, Brazilian, Peruvian and Argen- tine bonds were affected to some de- gree. The market's view is not so much that there may be a default in Bolivian bonds, if the rebellion in that country is successful, but that the political troubles are just so much more reason for postponing Bolivia's economic re- covery. The drop in the price of tin already created a serious financial sit- uation before the rebellion started. As | a matter of fact, past experience ‘leads the market to take the view that what- ever government is in power, the bonds will be honored provided the money is there. Other foreign bonds were firm but featureless, Second grade railroad bonds were again under pressure. St. Paul ad- justments, Erie 5s, Frisco 4!>s and Southern Railway 4s were the heaviest losers. Southern Railway 4s were off over & point and within Y,-point of their low_price of the year. _Other Southern Railway bonds were off frac- tionally. This reflected a heavy de- cline in the common stock. Markets at a Glance NEW YORK, June 28 (#).—S8tocks irregular; Southern Railway at new low. Bonds irregular; corporation issues steady. Curb irregular; list moves nar- rowly in dujl market. Foreign ex- changes irregular; Spanish peseta con- tinues exceptionally weak. Cotton higher; stgady cables and trade buying. Sugar, holiday. Coffee, holiday. R R T ATLANTIC COAST mNE. WILMINGTON, N. C, June 28 (#). -—Net operating income of the Atlantic Coast Line Railway for May was $421,- green peas is 9 per cent larger than the production last year. The indi- cated yield per acre is 315 per cent lower than the estimated yisld in, 1929, and is 10 per cent below the average yield during the period 1925-29. Although the present year's estimate of acreage is 26 per cent larger tlian the average for the last five years, the in- dicated production is only about 13 per cent larger than the five-year produc- tion. Although Agriculture Department of- fcials regard production of other can- ning products uncertain, rarticularly in specific sectors, they have no hesi- tancy in declaring the increased cul- tivation will produce in amply suffi- cient. quantities. . CRAB PRICES CHEAPER IN BALTIMORE MARKET Spectal Dispatch to The Star. BALTIMORE, June 28.—Soft crabs are selling retail chearer here this year before the Fourth of July than they have been for the past 10 years. The present figures are $1.25 to $2.25 a dozen for good-sized crabs. In pre- vious years the prices prior to the Fourth usually ranged from about $1.50 to $4 a dozen for the same size crabs as those offered this year. The reason for the present low figure, the dealers say, is the clear, warm weather which has prevailed recently. Hard crabs also are selling at lower figures than usual. They may be bought | for as low as 25 cents a dozen. DEPRESSION FAILS TO HURT ICE FIRMS The larger ice companies are among the few corporations whose profits have not as yet been affected by the current business depression. American Ice Co. had its biggest May, its net profits be- ing 158 per cent ahead of May last year. City Ice & Fuel showed a gain of 18 per cent over May a year ago. According to older officials of the companies, who have weathereed other depressions, the people buy as much ice in bad times as in good. QUAKES IN GUATEMALA Tremors Felt for Several Days and Flood Does Damage. GUATEMALA CITY, June 28 (#)— Frequent earthquakes of some intensity have continued for several days in the eastern part of the Department of Santa Rosa. Some of the tremors have been felt here. The focus of the seismic zone appears to be east of the volcano Te- caumburro. A huge rush of water, caused tor- rential rains, swept down Mounf Cha- mel, in the Deparment of Quezalte- nango, yesterday, washing out bridges and houses, flooding fields and ruining crops in the district of Cabrican. . BUILDING GAINS. By the Assoclated Press. Bullding in the region east of the Rocky Mountains spurted sharply dur- ing the week ended June 21, and for the first time in. months indicatei a gain over the corresponding period of last year. Figurés that follow are the report of contracts executed for com- parable periods and filed with the Census Bureau: ‘Week ended June 21, $22,666,000; previous week, $15.673,000; same week of 1929, $20,454,000. nect of adminisfetive effici to give to work @ mare m% s, ‘Talking pictures are blamed for the financial faflure of Collins' Music Hall, | a variety theater, in 590, as compared to $1,246,403 for the same month: of 1929, it was announced here. The net operating income from January 1 to May 31 of this year was $5,741,173, as compared to $9,670,374 for the same period last year. Total operating revenues for May, 1930, were announced as $5,166,831, against $8,864,168 for May, 1929, and total operating revenues for the first five months of this year were $31,- 503,774, against $37,138,503 for the same period in 1929, CHICAGO STOCK MARKET By the Associated Pret CHICAGO, June 28.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange today: ss0c Inv 50 Atlas Stores 490 Auburn Auto .’ 200 Banco Kentucky 1350 Bendix Aviation 1950 Borg-Warner hn 200 Duquesne Gas. 800 Elec Household 150 Gleaner . 50 Gt Lakes Aircraft. 1900 Grigsby-Grunow .. 100 Hall Print . 00 Hammermili 600 Houduille 100 Katz Druz. 100 Kellogg-Switch 250 Libby-McNeill 50 Lincoln _Prinf 130 Lion ot Ret 100 Lynch Glass. 9150 Majestic Hous T 100 Nat Secur Inv 100 Nat-Standard 100 Nat T 200 Noblitt-Sp k! Am G Cup 400 Vortex 250 West Cont Util. ‘BONDS. 19000 Chgo Rys ctfs 8000 Chao City Rys.. Bond sales today, BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, June 28.— s, Sales. St Last sales. 'S0 Appalachian Corp... R iy 1 20 m_Ci 95U 8 Fidelity & 'BONDS. 1000 Maryland Electric Rwy 1st 5 2500 Maryland Eleetric Rwy 615s. 15000 United Ry & Ele: income England’s birth rate, which has drop- ped in 50 years from 355 to 16.3, has shown a decided gaig this year over the corresponding YEar, Market Quiet, Prime Issues, | (Sai Lib 1st 4%s. . US4uss2.. Argentine 513 °62. Argentine 63 Ju ‘59 Argentine, May "61. Argentine 6s Oct'59 Argentine 6s A. Argentine 6s B Australia 4%s Australia 68 55 Austria 7s. eens Bank of Chile 6% Bank of Chile 6% Belgium 6s. | Belzium 614 | Belgium 7s " Relgtum 8s Bollvar 7s I Bolivia 7s ctfs '69. Bolivia 8s Bordeaux Colombla 6s.Jan *61 Con Pwr Japan 7Ts. , Copenhagen 4% s 'L’ Cuba 5%s. Czecho 8s°51. Danish Munié 8s A Denmark 4 1. Denmark 5% Danmark 6s. . Dutch East Ind 47, Dutch East I 65 °62. German EI P 6%s. German 7s... Ger Gen Klec 7s.... Hungary 7%s Italy 7s. Japanese 4 Japanese 51865,y Japanese 63%s. ... Jugoslavia Bapk 7s Karstadt 63 *43 Kreuger&Toll s ct. Lyons 6s. . Milan 6%s Montevide Netherlands 6s *7 New So Wales '57 New So Wales 58. ., Norway 53 °63....., Norway 5 Norway 63 '43 Norway 65 *44 Norway 6%s '52 Paris-Lyons-M 6s 1s-Ly-Med 7a Paris Orleans 5% Peru 65 '60 P Poland 65 '40. Poland 7s (rcts) Polandss. .. Porto Alegre 8s Queenland 7s...... Rhine Wst EP 6s'53 Rhine West6s '53. . Rio de Janeiro 6% Rio Gr du Sul 6 Rio Gr Du Sul 8 Rome 6%s. .. R'y'l Dutch 4% sww Serbs Cr Slov 7s Serbs-Crot-Slo 8 Swiss 5%s '46 Swiss Confed 83 Toho Fl Pwr 6832, “C'oho El Pwr 7s. " [ Utd Kingm 6%s'37 Uruguay 6s'60. Uruguay $: ) Vienna 65 '52. MISCELLANEOUS. Ajax Rubber 8s. Alleghany Cp Alleghany 6s 49 Allls Chalm 5s 3 Am Chain 63°33. .. Am For Pwr 5s 2030 Am 1GCh5%s'49. Am Nat Gas 61 5'42 Am Smlt & R 1st 58 Am Sugar Ref 6s. . Am T&T cy4 1’39 Atl Gulf bs Bell Tel, Pa, 63 (B) Bethlehm £t pm bs Chile Copper b: Col G&E! 55, May’ Com Invest 533 "49 Com Invest 6s ‘48 Con GasN Y 6%s Cuban Am Sugar Det Edison 58 *40... Duquesne 43%45°67. . Gen Cable 5%s 47 Gen Mot Ac Cor 6: Gen St Cast 51%5'49 Gen Thea Eq 6s *40. Goodrich 6%s Gaodyer bs ret Humble O & R 5%s Inland Steel 43 78, ntl Cement s 48 Intl Tel & Tel 43 Intl T&T 4% cv. Intl Tel&Tel b 'S KanG & E 63 '62. Lautaro Nitrate 6s. Liggett & Myers 78 Manat! Sugar 73 Midvale Steel 65 Montana Pwr "43, Nat Datry 6% Y Edison 635 w Eng Tel bs YG&EHPis. Nor States Pwr 6s. Paciflc Gas & E1 5 PacT & T 1st bs Pan Amer Pete 6s Paramount 68 *47. Pathe Exchange 7 Teoples Gas 5 Phila Co 6s 67 Phila & Read 61 Phillips Pet 6%s. . Postal Tel & C6%8 Pressed Stl Car 63. 570 Pure Ol 538 '37... Rem Rand 6%s war Stnelair Of1 63 Solvay Amer s *42. Stand Of1. NJ *48... Stand OIL N Y.4% ‘Tenn Cop 6s B '44. . Tenn El Pwr 68 47, Tex Corp cv b8 '44.. Transcontl Ofl 6% s United Drug 6: U S Rub 1st rf Utilities Pwr 6%, Warn Bros P 68 '¢9. Western Elec 58.ce 10 11222 FOREIGN. Sazes. 1 2 5 11 n ARRNRRART AR A SeaND - OBNKA XN ARAN DN RADD * P - L T T e 2 1002 08 30 D 00 58 4 DN 5 e e et et 80 o = R rtume ® OIS IR RS, O] e e o [ e BONDS Received by Private Wire Direct to UNITED STATES. 102 24 10226 5 10125 10125 10129 10129 High. 91% IRy 981y 981 95% 98% 9% 98 9814 98% 69% 1017% 92 100 9 10819 10819 11222 11222 Low. Close. 1001 110 109 9214 101% 101% 108 100 122% 58 105 101% 101% 108 100 122% 20 89 94 106 103 101% 98 97K 0% 104 82% 3% 94% i 104% 4 101% 2 105% 4 101% 94% 101% 944 995 106% 95 § 101% 99 ¢ 101% ¢ 10216 10314 1017 1024 10214 10219 100% 63% 10239 10014 968 FINANC TA L, ~— es. High. Low. Close. 5105 10:% 103 32 109% 109% 109% 3 99% 99N 99% 1 99% 99% 99% ' Sal Westn Union s'51. Westn Union 6%s. Willys-Ov 6 Wilson & Co 1st 88 Win RepeatAr 1%s 2 103 103 103 Youngstn S&T ba.. 7 102% 101% 102% RAILROAD. Atchison gen4s.... 1 95% A, T&SFev4%s'48, 5 123 B & O gold 4s 95 9% 100% 103% 95% 123 94%, 991 100% 103% 104% 95% 123 Bklyn Mannat Bklyn Un 1st 53 °60. Can Nat 4%s'57.... Can Nat 414368 Can Nat bs, July’ Can Nor 4% s Can No Can Pacific ctfs b8 Can Pacific 55 '54. . Car Clin & O 65 '52. Cent of G £ Cent Pac 1st 68 '90. Ches Corp 58 '47 Ches & O 4%s B 95 CB&Qistrfbs... Chi & & 111 gn ChiGr West 4 Ch. M&StP 4% s '89 ChiMIIStP&P 68'75. CM&StP Pac ad) 5s. Chi& NW 4%s Chi & Nw 6les Chicago Rwys & ChiR1&Prr ChiRlcv4ls C & W Ind con 4s. . CCC&StL 4358 (E). Clev Term 43377, Clev Term & Cuba R R 7%s..... Del& Hud ref 43 *43 Den & Rio G cn 4s., Den&RG W 68 '/ DR G&Wst s, 1967... Erie bs, 1976. Erie conv Ex 7s. Fla East C b8 '74 Gr Trunk st deb Gt Nor 4%8'76(D). Gt Northern 5% Great Nor gen 7 Gulf Mo 58 (B). Hud & Man ad) 5i Hud & Man ref b: 11 Cent 4%s 111-C-C-StL&N Int Rapid Trans 6 Int Rap Tr b Kan City Ft 8 Kan City Sou b8 Kan City Term 4, Lake Shore 48 Leh1 Val con 4 Long Isl 6337 Market St 7s 100% 103% 100 97% exdonmatrcwtnane 91 91 100% 100% 50 50 105 105 9T 9TH% 1% 111% 110% 1101 991e 99 74 99% 100% 6115 62 6% 100 92 100% Mo Pac 5%s 49 cv. Nash Chat&StL 4s. N Y C&StL6slA). NY NH&H cv db és NY Sta Ry 614s'62. NY Sus&Wn gen bs Nor Pacific 4 Nor Pacific ref 6 Penna con 4%s Penna gen 4% Penna 4% s Penna gen Penna 6%s. Peoria E 1si M 4%s 19! Pere Marq 1st §s. PCC&StL6s (A). by Reading gen 4% A, RIArk & L 4%s StLIM&SS StL 1M&S R&G 48, SIL&SFpldsA... StL&SanF 5s B - 1001 1091 1091 87% 98 104% 109% 100% 99% 100% 081, g L O N N T e A T T ) Seaboard AL ref 4 Seaboard AL en SBAIIFlaés'35 A. Sou Pac 43%s rets. . Sou Pac 4% 569 ww Sou Rwy gen 4s.. Sou Rwy con 6 Sou Rwy 6%s..... ERaa855 Tex & Pac s BT Tex & Pac 65 C'79. Third Ave ref 4s'60 Third Ave ad) 5s Un Pac 1st ref du. . Unfon Pac 1st 48 Union Pac %8s Virginia Ry 1st Va Ry & Pwr bi Wabash 6’76 B Wabash 6%8 75... West MA 5%8°77. ., Rail Stocks BY GEORGE T. HUGHES. (This is the minth of a series of brief by M oad 9114 9615 9% 10415 102 9915 n ormation as may enable him intelligent- y to chart his own course.) Under the Van Sweringen manage- ment Chesapeake & Ohio has made im- portant advances in operating efficiency and its securities have been corre- spondingly raised in investment rating. There is no need here to consider the bonds, which are all high grade, or the 615 per cent preferred stock, which is outstanding in negligible amount. Nor is it necessary to dwell on the merger rospects of the road, which, under the atest Interstate Commerce Commis- sion plan, is made the head of the sys- tem that includes the Pere Marquette and the Erie. It is enough to say that Chesapeake & Ohio common on fits own merits commands investment re- spect. ‘The present dividend rate is $10 a share and has been since 1928. Last year this dividend was covered more than twice over. Now it is planned to offer to the present shareholders, or rather those which were of record on June 11 of this year, new stock in the ratio of one new share for each four held, at a price for the new of par.! The rights which acerue fo the stock- holders are quoted in the market and if sold add substantially to the income on the shares. If exercised they increase holdings in an investment which has proved itself profitable. ‘Whether they should be sold or exer- cised is, of course, in the first place a matter for determination by the indi- vidual shareholder in accordance with his financial resources. It may be said, however, that during the traffic slump of the first half of 1930 the Chesapeake & Ohio made a much more favorable showing than other roads of its size. At the end of the first four months of 1930 gross revenues were down only 4.5 per cent from the same period in 1929 and net operating income was off only 5.4 per cent. The comparison may not be so good for the full half year, but granted industrial recovery the Chesapeake & Ohio is in a position to take full advantage thereof. Of course the additional stock dilutes the equity of the present shares, but is is reason- able to expect that the new capital will produce adequate additional income. TREASURY CERTIFICATES. ralReporied by 3. & W. ::olln‘nl;‘n & o) turity. s ser: 15, Ta30 10091°%; 3745 Dec 15 1930 1 i 31as Mar. 3138 Sept. 3%as Dec. HITS MONEY CROPS Farmer Feels Effect of Drop in Commodities of Past Week. BY J. c. ro¥ee. The commodity markets and the stock markets suffered a double knocke down this week. They struggled up bed fore the count of 10 and were on their feet, although somewhat groggy, as the week ended. There is a wide difference of opinfon among business men and economists as to how the blow was struck. Some say that the stock market followed commodity prices downward and was Justified in so doing. Others declare that commodity prices reflected the weakness and uncertainty in stocks and bonds. The three great money crops of the American farmer suffered a marked depression of prices. Farmers declare that at present figures these commod ities are below the cost of production® Some industrialists say this is equally true of certain manufactured products. Believe Situation Temporary. » ‘There is a decided feeling, however, among well informed bankers and fina: clers of the country that all this dis- ruption of prices is merely temporary, ‘This view is upheld by the preliminary reports of earnings of various corpora- tions for the,fiscal year now near fts close. Most of these corporations have a good idea of just what the forthe coming fiscal year reports will show. and they insist that the situation is far from being as black as it is painted. ‘The American Car & Foundry Co, which has just issued a report for the period ended April 3, showed large un- filled orders on hand. The samg is true ,0f the leaders in the -4z, industry. There has been ne tnange in the policy of the United States Steel Corporatiom to bring as much iron ore down the lakes in 1930 as in 1920, There is no question that demand for pipe and tubular goods will keep the mills well occupled for some months to come. The automboile industry is not in the midst of a boom, but it 'is progressiny on a far more stable, conservative nn! healthy basis than was the case a vear ago, when some units in the industry “‘were riding for a fall.” The non-ferrous metals have fm. proved their position only to a slight extent. It is true that copper was well taken at prices wel! below 12 cents & pound, but the demand is not insisten{ by any means. Lead has dropped, with demand more active at the lower prices. Zinc showed little indication of recovery from its downward trend. Re. striction of the tin output. of the Straity Settlements in July and August is ex. pected to improve the technical postp tion of that metal. As is natural during the Summe; months, demand for meat has fallen off and supplies promise to be more than ample. Wholesale prices of beef ar¢ now 4 cents a pound lower than a year ago. New Building Cantracts. Contracts for new buildings are run. ning about 5 per cent under those of last year. The public utilities are doing more than any other branch of in¢ dustry in the construction line, last two weeks have seen the ironing out of a good many difficulties in thy utility field, and men in close touch with the situation believe that an era of lower gas and electric rates is ap., proaching. ‘The lumber {indiustry is depressed owing to the decline in residential cons struction, but retail stocks are low nn, when demand develops, as it is expecte to do, increased wholesale buying mus| result. Foreign lumber business hai dropped off approximately one-third On the other hand, the cement indus. try, while etill overmilled, js in active production and cement is moving inta consumption at an excellent rate. Crude oil production showed a sligh! increase for the week, but there really is. slight change, since the weekly aver. ages are rising and falling at about the same rate as the Summer progresses. The seasonal influence incident % the progress of crops in Canada haj exercised a favorable influence on busi: ness in general in the Dominion. Thery is no specific stimulating force in ef. fect, but the general situation of thi United States’ best customer is satis factory. It would be more satisfactor) had not a somewbat strong oppositior to American customs duties developed in certain sections of the Dominion Canada has done exceedingly well in the exporting of wheat, and condition are favorable for 1930 crops. (Copsright, 1930.) Commodity Prices BY H. N. McGILL, Editor of McGill Commodity Service. AUBURNDALE, Mass., June 28 (#).— Another week of rapidly lowering price levels for basic commodities has takes place. Specific groups have been har hit, particularly live stock, non-ferrous metals, iron and steel and textiles Reviewing the number of changes in 15 individual groups, 9 declined dllrina the past week, 4 remain unchange and 2 advanced moderately. The principal price advance way noted in the hide and leather group, largely attributable to the psycho- logical influence of the higher tariff, ‘The new tariff rates are not extensive enough to have any material weight in readjusting the general commodity price level upward. There is still evi- dence of excessive supplies of raw ma« terials and finished goods. between commodity prices and wi rates has increased sharply in the six months. Already wage reduct; ona have been put into effect, and this movement is bound to gain momentum during the Summer period. Earnings statements for April and May show a continuation of the downward trend sow outstanding in the first quarter. Inter- national trade shows a drop in exports for the first five months, compared with a year ago. of 20 per cent, and a de- cline in imports of 23 per cent. Pur~ chasing power has been sharply Te- duced in all quarters of the world. All Commodity Prices. A new low was reached last week in all commodity prices, representing a decline of 15 per cent since the high of 1929. During the same period prices in England have dropped 11 per cent, France, 16 per cent; Italy, 14 pet cent; India, 14 per 'cent; Japan, 1 per cent. Industrial prices ain reached a new low, largely due to the further slump in non-ferrous metals and iron and steel. Keen com- petition is still encouraging the policy M of price concessions, hese have held steady following the recent radical decline.” The Federal Farm Board promises not to liquidats wheat during the early stages of the new crop season. Agricultural produc- tion is expanding’ rapidly in foreign countries. Non-Ferrous Metals. Non-ferrous metals declined sharply, reflecting new low points in silver, tin, lead and zinc. Tin producers are con- templating a rigid shut-down in new production, beginning Ji 1. Hides and Leather. Prices of hides and leather represent the only group which registered ahy upturn of importance. This is largely due to the 10 per cent increase in the# ' duty on hides, compared with the free list of the tariff rate of 1922, Leather averages 15 cents higher on the duty compared with the free list previously, na ‘ween Sydney and Mel- bourne, Australia, Al ] DECLNEINPRICES J «