Evening Star Newspaper, July 2, 1930, Page 15

FINANCIAL. CURB SHARES FALL IN LATE DEALINGS |zt Dullest Session of Year Finds Stocks Unable to Hold Early Gains. BY JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, July 2.—Stocks on the Curb Exchange finished lower on the day in the dullest session thus far this year. Opening irregularly higher they turned exceedingly dull in the forenoon and tapered in the last hour. Bales in the first two hours were only 169,300 shares, the lowest volume during that period for any full-length session since such statistics were an- nounced by the Curb on January 23, last. The feature of the opening was Electric Bond & Share, with a block of 3,500 shares at 77, up 3;. Later it gOt up to 79, but even this market leader failed to pile up its usual volume of trading. Cities Service Inactive. Cities Service, normally an active issue, opened ot 26, off 3;, and then fractionally gained, but failed to de- velop activity. Niagara-Hudson Power, adversely affected Tuesday by the an- nouncement that it intended to with- draw its merger application to combine Mohawk-Hudson Power, again declined, despite the fact that the explanation of the merger application withdrawal showed there was no intention of abandoning the proposed consolidation. The inauguration of air service be- tween Buenos Aires and Mexico City was the occasion for activity and some strength in Aviation Corporation of Americas. Detroit Aircraft and Douglas ‘Alrcraft were moderately higher in early trading. Coppers were somewhat stronger. Newmont and Noranda Mines were the early leaders in the metal list. United Gas new and Lone Star Gas were fea- tures in forenoon trading in the na- tural division. Missouri-Kansas Pipe e, & natural gas transportation eompany, led pipe line issues. Associated Rayon preferred jumped more than 4 points on its first few sales. Singer Manufacturing fell 4 points on its initial sale. A further decline in Newport Co., carried it to a new low. BONDS ON THE CURB NDS, DOMESTIC BONDS. =~ nl T 10214 2 Amer 3‘ : 132" i 5 Amer & 5 8 0125 1 T4 10704 fl Ame.r Roll Mll Sl g‘i :’4 Eg l§§‘l e 1113 ,'g Bl Y2 3 4 1 3 3 £l 1 3 i 3 ! 13 i 5 L 15 i3 10 ] 1 9 1Rane Gok oA m;?; ms it s 1 Kelvinator 8t L Kopper” Ght Sin 8 Lehigh P fo 28 6 55780 wil00 ~ $9% 100 % B 3 100 mn!. 100% i 88,087 101 s A 2026. 108 xn'vh 108 L 8s B 91! 25% 95 5% 10100 101% 10174 o !! 1 lg& 2 101 lné l)oc&& 65 ‘40 96 zg 68 Sfl xw 102 l lgfi'n 1087 l%’ 10134 101% ll)\! 1024 1021 " 515 'fi' 15' Y I E ] w’ 9% o rinps Siag 43 - sek 03" haw Wap { C 102'« He th !';l ll ww Dl’ nider Pa st 3; Sin Sk 10244 10214 981, 9874 o Bes @, 22200 H nz'a GRS s o= A mnm 3 andard P & L 6 gy P e P g E k! i Ul 8y 78 4 ni Lt & Ry 818 sgxn‘, e, 5 asnsesnsens Ben < aac g2E23 5 89 W Pow B mm‘. 102% ,n,. o8 penn bs 2080 wi 5 8in Y e Ol 3ias 47 o a0k 103 POREIGR BONDS ‘46 95 :1 8. iy i 24 -3 > 8r Mtg Bank 7s Berin & AR City_6s [ 30 9612 931, 9615 86 0 PRPRGUPRUT T i WS O [P 0 R ] s :111 {3 3 P Go s nr asin Atiago Ghile 7s ‘48 ntiago_Chile 7¢ 61 Stinnes 5 83 vaney Nfiw v xw NEW YORK CURB MARKET Notice—All stocks are sold those l-dtnnei b’ lho lclur s (65s) (llll be sld tn 0dd lots only. '- those stocks to v.1980. Stock and h. Low. Dividend Rate. 16 Alnsworth (32%). 1% Alezander Indust m Gen Corp. Alleghany Corp war. 31 Am Capital pf 12% Am C P&L(B)(10 204 Am Colortype (2.40). 21% Am Com IP(A) b10% Am Control Ofl Flds, 17% Am Cynam B (1.60). 110% AmDT, ev pf(7) 1214 Am Bquitt 3%% Am For Pwr(war). 104 Am Gas & Bleo (1), 104% Am Gas&Elec pf(6). 7% Am Invest. Ino (B).. 52% Am Lt & Trac (2%). 114 Am Maricabo. 20% Am Superpwr (1) 94% A.n Super 18t pf ( 111% Am TobacB(new)w.1 7% Am U&Gen B vte 400 1% Am Yvette (n) wi.. 6 Anchor PF (b10%). 8% Appalachian G % Arkansas Nat Gas. £14 Ark Nat Gas (A). 102 Ark P &Lt pf (7). 36% Asso Gas & Elec 504 Asso G&E (A) 13.40. 5 Asso G&E (A) dbrts 97 Asso Gas&E) ctfs(8) 8% Asso Rayon pf (6).. 156 Atlantic Secur Corp. 10% Atlas Utl Corp. .... 4% Auto Music A(11.05) 9% Auto Vot Ma cv pf pt 24% Aviation Corp of Am 2% Bahia CQrp......... 45% BancomitCorp(1.60). 6% Blue Ridge Cp (40e). 33% Blue Ridge cv pf(a3) 11% Bower Roller Bear.. 85% Brazil Trac & Lt (2) 2% Bridgept Mach (25¢) 201 Brit Am Oil coupon. . 254 Brit Am Tob B 11.20. 57 BuckeyePL (4)...u 2% Cable Raalo T v.te.. 8% Cab&Wire pf(27%e). 3% Canada Marcon! % Carib Syndicate. 26% Carnation Co ($1%). 18% Celluloid Corp. .. 3% Cent Atlantic Stat 281 Cent P 8 (A) (a1.75) 19 Cent States Elec 3400 2% Chain Stores Dev.... 17% Chat Ph Al n-v(50c). 17% Chem Nat A880 n=v. 2414 Citles Service($30c) 8% Colon Oil...euvensss 23% Colts Pat Fire A (2). 8% Col Oil & Gas vto. 834 Colum Plo v.t.c. $1%. 3% Com'with & Sou war. 11% Comm Wat Serv b6 % 4 Consol Auto Merch.. 3% Consol Copper 21% Con Gas Util A 2 2% Consol Instrumi 10 Consol Laundrie " # Contl Ol1 of Mexico. 71 Contl Shares pt (6). 6 Cord Corp. 19% Corp Sec, Chi (6% ). 9% Corroon & Reynolds. % Crown Cent Petrol. . 9is Crown Cork IntlA (1) 30 Crown C&S p£(2.70). # Cuban Cane propt w 84 Cuneo Press (3%)... 1% Curtiss Wright war. % Cusi Mex Minin, 11 Davenport Hos (2).. 2% Dayton Alr & Eng... re & Co (11.30).. xw De Forest Radlo. ... 16 Deisel W Gilbert (1% 5 Detroit Afreraft. ... 10 Doehler Die Casting. 12% Douglas Air (75c). .. 31 Dresser(SR) A(3%). 984 Driver Harris pt (7). 4 Dubllier Cond & Rad 8% Duquesne Gas Cp w.i 2% Durant Motors. .... 2514 Eastn G&F Asso 18% Eastn Sta Pwr B(i). 88% Bastn Util Asso (2).. 12 Eastn Util Assoev.., 7% Bastn Utll Inv (A).. 9% [isler Beleotric(134) 924 El Bond&Sha cu pf(§ 70% [l Bond & Sh (b6). . 108% £l Bond & Sh pt 19 Elec Pwr Asso (1).. 100 Elec Pwr & Lt pf (6) 16% Eleo Shareholdg(1) 82 El Sharehold pf (6) 12% Empire Fire ins. .... 99 Emp G&F cum pf(8) 414 Bureka Pipe L (4).. 12% Europ El Ltd A (60c) 34 Buro Blecdebrts. .. 1% Evans Wallow Lead. 2 Fabrics Fininshing.. 2% Fairey Av Ltd (12c). 48 Fajardo Sugar...... 5% Federal Baking Shop 161 Federal Screw (3).. 17 Fiat receipts (1.26 5 Foltis Fischer Corp. . 28 Ford Mot,Can A 11% 10% Ford Mor,Ltd, 37 %0. 2% Galena Oll Corp. 2% General Baking. 27 Gen Baking pf (3). 10% Gen B, Lta rcts(508) 20 Gen W W&B(A) (2). 21 Gleaner Harv, n (2). 9% Globs Underwrite 18 Goldman Sach T C, 1% Gold Seal Ele¢ new. 29 Graymur Corp. 264 Gt Lakes DG ( 3 Guardian invest. ... 117% Gulf Ofl of Pa(1%). % Happiness Candy..., 181 Hazeitine Corp (2).. 5 Hollinger Gold (60¢) 13 Houston Ofl of Texas 7 Hudson Bay M&S.. 78 Humble Ol (2)..... 35% Hydro Eleo See (1).", 8!s Hygrade Food Prod. 18% Imp Ol Can. n(E0e). 2216 Imp Tob GB&I(134). 28% ind Terr Lllu Oll (A) 60 Indus Fincv pf (7).. 63% Insull Util Inv(t9%) 63 Ina Co, No Am (13).. 16% Insurance Sec(1.40). % Intercontinent Petn 17% intl Petroleum (1).. 31 Intl Superpwr(31).. 6% Internat) Util (B). .., 7 Intl Utll war (new). 79% Intl Utilities pf(7) 8% Interstate Kquitl 87 interst Eqov pf(3 88 Interstate Pwr pf(7 12 Irving Air Chute (1), ¥ Kers Lake Klein(H)pt pnx\zol 2% Knott Corp (240). s alaFoentns an’ o Y (8 o ramrd » R " » P L T T oL Tt Tt UL o) -~ T P - O ot e T LT T T Ier - s - = 23 SeNuxom BammmrE S o oA A= [ & 2. . PRS- | PRUPS. U O S [T I ln‘ Open. Bish. 19 THE EVENING Lane B 0% 2 M ine Memph! Mesabi Mid St Miss K Natl Foe Newber! Newmo N Y Tel Niag H Novade! People: Pitney Pitts Pl Plymou Pure Ol R Shenan Sunray Tampa Tung-S U 8 Dal Utllity Vi Viek Fu Walgres Walker Walker 5 enam{nu 227 vidend. casn or stoch polsck and Dividend Lakey Foundry. Lefcourt Real(11.85) Lior Of1 Refin (2) Loew’s. Ine (war. & Lynch Corp (12) e Int M linfia).; Mavis Bottling. Mead Johnson 13.75. Mer Cha&sS pf A 6% . Met & Min, Ino(1.! xo) Met Chain Stores. 5 Mid Sts Pet v.te. A.. Mid Sts Pet v.te. Midland Nat Gas (A) Midland Unit (b6%). Midvale Co (4)... Mo Kan P L (b10%). Moh HP 1st pf (7).. Mount Prod(1.60)... Natl Amer Co. . Natl Aviation. Natl Bond & S (25¢) Natl Da Pr pf A (7).. Natl Fuel Gas (1). Natl Invest Natl Pwr&Lt . Natl Screen Sve(2). . Nat Sh Trm SecA $50 Natl Transit (1).... Nat! Union Radio. .. Nauheim Phar. New Eng Pwr pt (6). NJ Zine (12%)...... Newport Co (2). 1% Ohio Copper. Ohlo O1l (4). Outboard Motor (B). Overseas Secur (1).. Pae Pub Svo (1.30) Pandem O1l Pantepec Oil. Param’t Cab( Parke Davis (11.55) .. Pennroad Corp (20¢), Pa Water&Pwr(3). . Philip Morris, Inc. .. Philippe(L) B 11.80.. Pilot Radio Tube(A) Premier Gold (24c).. Prince & Whitely 1.. Prince & Whit pf(3) Prudential Inves Pub Util Hold w w. bow Lu Prod B.. Relter-Foster (40c) ... Rike Kumbler(3.20). Rossia Lntl Corp. St Regls Paper (1).. Salt Creek Prod (2).. s Schiff(The) Co (2) Schulte Un bc-$1 § Seaboard Util (50c. Selected Industri Shattuck Den Min... Sheaffer Pen (13). Snenandoah COrp. ... Sllica Gel Ctfs. . Singer Mfg (117). So Cal £4 pt Bu%). 80 Col Pwr (A) (2).. Southern COrPa..ees Soutnland Roy (1) 4 S W Dairy Products. Standard Motors. ... Stand 011, Ind (2%). Stand Oil, KY (11.30) Stand Oi1, Neb.(13% Stand Oll, Oh10(2%) . Starrett Corp. 4 8tein Cosmetic: Strauss Roth Swift & Conew (2).. Swift Internati(2%4) Technicolor, Ine. Teck Hughes ¢ Texon Oil & Ld(“c) Thatcher Sec Corp. Transamer (31.60) Tran Con Alr Tran. Trans Lux DLPS.. Tri-Cont Corp (war) Tri Utiiitl ‘Tubsize Chatel (B)., Twin States Nat Gas Ungerleider F Corp.. Union Am Luvest. Utd Lt & Pwr A(l).. Utd Lt & Pwr pf(6)., U S Klec Pwr ww. U 8 Finishing. U S Lines pf (1). US&Ove U 8 Shares Fin Unit Verde Ext (2).. Utah Apex (50¢). . Utility & Ind uum Ol (1434 ).. Venezuela Petroim. . Watson (J W) Co.... tn Alr Exp(60e) STAR. WASHINGTON. Received by Private Wire Direct to The Star Office Eales— Rate. Add 00. Open. High. 4w 4k ryant (2) 24% M1d (1.20) is Nat Gas. iron....... Prod, n (2).. PLv.te. » 4 e a2 PO @ RO AR BB Db D8 050 1 I b 53 15 02 80 59 910309 39 13 D 82 i oy 1480 13 b 0 B¢ 104% 9 31% 13 101% 31 0d Prod (A). Ty (JJ)(1.10) . o 2 nt Min (34).. PL(6).. Pwrn (40c). Niag Hud Pwr.A war Nipissing (30¢c)... Noranda Mines (2) 1 Agene 12 @ - < LIt =T ST PP VPPN P BY= Y - TRy SeY L&P, A a2.40 B P, n (30c).. ate Glass(2). th Oil (2) - - 3 1pL (6)eunenn Corp pf (a3). s * o 3 RN R N O RN e R E R OREFAN SO ER PRI AN e SRS E R E NN AR ORI =S &= & 011 (40e) Electrio (33) o 31.20).. ol Lamp (2). Sa - ry (A) (6). Pwralt(al). PT oo nancial Corn. en Co. . (H) (1). Min (7%} . Expire. & Hud Bay M&S July1§ int Nickel w. 1 2% ‘IsCoof NA # Mo Kan Pipe in dollars based on last @ or semi- 4Partly extra. $Plus extra in stock. a Payable in BPayable in stock. d Pavable in preferred stock. ettt %m- o L oni i- 36 2w 3 Onit Tndue: @5 a1 ith warran! itaout warrants, SiTWhen tssued. NEW YORK, July 2—The following is a summary of important corporation news prepared by Standard Statistics| Co., Inc,, New York for the Associated Press: News Trend. Steel ingot production was reduced | about 2 per cent In past week to 64 per cent of theoretical capacity for | industry as a whole. This rate com- pares with 93% per cent a year ago and 72 per cent in the 1928 period. | Outlook is for a further curtailment in current week because of the holiday shutdown. Railroad car loadings for the third week of June continued at | the 1924 level. Aggregate with 920,859 cars, a decrease of 5,243 cars from pre- vious week. of 1929, decline amounted to 149,015 cars, while against 1928 period drop was 66,501, The official estimate of crude oil out- put for the week of June 28 indicates production was increased about 12,100 barrels, considerably less than expected. Increase was due almost entirely to larger output in Texas fields. An- nouncement has been made of further reductions in retail gasoline prices on the Pacific Coast. New price in San Compared with like week | poration and extra dividends by Mar- coni’s Wireless Telegraph and 8. H. Kress. The Companies, Allcgheny Corporation holdings de- to $9 common share, Allison Drug Stores had deficit, $388,- 533 in 1929 Barnsdall Corporation acquired 14,000 acres for development under lease from Washington Borth Counties Petroleum Corporation, Cables & Wireless, Ltd, fafled to | declare dividends on class A and B shares to December 31, 1929. Central Aguirre Associates sugar pro- vs. 122,082 year ago. Consolidated Gas Electric Light & | Power of Baltimore surplus 12 months to May 31, up 10 per cent. Cuneo Press, Inc., volume of business | to date better' than year ago. Detroit-Michigan Stove semi-annual dividend, 10 cents common share; paid 30_cents previously. Federal Light & Traction surplus 12 months to May 31, up 3.3 per cent. Firestone Tite & ubber producing 40,000 tires dally at Akron sga! | capacity of 60,000 a day. Plants are | operating four days a week. | Globe-Wernicke Co. orders on hand | sufficient to insure operations at high | rate through Summer months and well into Fall season, Francisco area is 14 and 15 cents & gallon against 17 cents formerly. The day’s dividend annguneements included reduction of semi annual dis- bursement, by Dfl"rnl'-Mk‘hYIln Stove, an initial payment by the United Cor- Graham Paige Motors June output, 13,190 units vs, 5989 in 1929; aix months, 26,247 vs. 74498 year ago. Hupp Mot 900 Ve 3010 resr gbed 2406 cats | 8. H. Kress & Co, declared 50 cents cline about $37,500,000 in June, equal | | duction from current crop, 124,510 tons | extra payable in speclal preferred. Similar payment November 1, 1829, Long Isiand Rallroad May net | operating income off 18.1 per cent; five months, 18.5 per cent below year ago. Marconi's Wireless Telegraph Co., | Ltd., declared 5 per cent extra dividend on 7 per cent participating preferred for 1929 vs. 10 per cent in 1928. National Bellas Hess June sales off 23.9 per cent; six months, 27.9 per cent below year ago. National Biscuit Affiliate acquires Mutual Biscuit Co. of San Francisco. Ohlo Oil over 98 per cent of Tilinois Pipe Line shares exchanged under offer, | made early this year, of three shares Ohio 6 per cent preferred for one share Illinois Pipe. Seaboard Air Line Rallway May net operating income off 62 per cent; five months, 36 per cent below year ago. South Coast, C. E. Dahlberg and W. K. Depass appointed receivers for company. Transcontinental Oil stockholders to vote on sale of assets to Ohio Oil in exchange for common stock. ~All liabil- itles to be assumed by Ohio Oil. If {approved will vote on dissolution of company. United Corporation declared initial annual dividend of 50 cents on common. United States Steel had 129,626 com- mon stockholders May 29 vs. 124,069 in March. Niagara Hudson Power withdraws application before Public Service Com- ml&slo? for approval to hold noel;1 ?; several opemm compagies now hel by Mohawk, Hu&m ‘r new appli- cation to be filed later. % | get. D. €., WEDNESDAY, HYSTERIA BLAMED FOR MARKET ILLS Apprehension Exceeds Any Panic State of Other Years, Veteran Says. BY JOHN F. SINCLAIR. Walter W. Price, wise and experienced, senior_partner of Livingston & Co. of New York, has never seen a state of mind as “hysterical and apprehensive as that which exists at the present time. Reminiscing the other day. this Wall Street leader said he had gone through the dull periods of 1893 to 1898, and the panics of 1901, 1907, 1909, 1914, 1920 and the crash of 1929. “I saw Union Pacific in 1897 worth nothing, and assessed for $15 a share,” said Mr. Price. “I saw Atchison Rail- road sold under foreclosure in 1895. I witnessed the supply of gold in the United States Treasury sink below $50,000,000, and through the direction of Grover Cleveland with the aid of J. P. Morgan, replenished by the pur- chase of gold in Eunwe to the extent of $100,000,000, paid for in 4 per cent United States bonds at par without commission. “And yet through all these times, I never witnessed a state of mind as ab- surdly exaggerated as that which exists at_the present moment.” It was Anatole France, penetrating French writer, who wrote: “It has always been man's destiny to fall into contrary excesses, and the recovery from those excesses is always labored and prostrating.” Labored and prostrating! has a way of repeating itself. History F. J. Lisman, the New York banker, doesn’t think much of the term “easy money.” It's a wrong use of wor cause “easy money” is the hardest to 1t should be called “low interest money.” Two years ago, any one desirous of erecting a new building in the business section of any large community, as for example, the Grand Central zone of New York, could have obtained a loan of 70 Yer cent of the cost of the prop- erty, plus the expected cost of the build- ing, with practically no further explan- ation or security beyond the surety bond, guaranteeing completion. But today let the same borrower try to secure a similar loan! He may se- cure one, if he can show a contract from big, responsible tenant for a large amount of the space, or if as- sured that the owners are prepared to pay taxes, interest and other charges during the early period, without rely- ing on the building’s income. Says Mr, Lisman: “Outstanding loans or bonds, generally looked upon until lately as quite safe, are now treated with more or less exaggerated skep- ticism. It's the old story of the dough- nut—lost year the lender saw only the dough; now he sees only the hole.” In a word, there's plenty of money available at record low rates for a quick turn, amply secured, like brokers’ loans, at rates from 12 to 2 per cent. But there 15 mot yet available any great amount of money for capital invest- ment, like building construction, etc., at reasonable rates. It's coming, for money cannot lie idle in the banks in- definitely, But that time has not yet arrived. Speaking of mortgage money, the Na- tional Association of Real Estate Boards, in a survey based on reports from 428 local real estate boards, represent- ing the principal cities of the United States and Canada, re;mm an improve- ment in the supply of capital available for real estate loans. Thirty per cent of the cities repre- sent a “norm” between supply and demand of credit. 1In real estate mortgage loans and capital, 48 per cent report that desirable loans are seeking capital and 22 per cent report that mortgage money is seeking loans. Six months ago, real estate loans were seeking capital in 53 per cent of the cities; 19 per cent reported a sur- | plus of capital seeking investment and | 28 per cent reported a norm betweer supply and demand. | “It'1s mortgage money, quickly avall- able and in abundance, that is of tb greatest help to the building industry,” one construction bullder said to me. “This problem is fast clearing up and ;:Jll_r‘wk to see a good business in the While Americans and Canadians have gone wild over radio and have wullt up an industry, which has sold radio merchandise exceeding $3,000,- 000,000 to the American people in the last 10 years, Europeans are largely in the “phonograph stage.” One of Germany's growing exports today is the sale of phonographs. It accounted for 14 per cent of her musical instrument export in 1929, or 13 per cent greater than in the year preceding. While the United States was the largest and most important market for German musical instruments, taking 31 per cent of the total, the export of German phonographs and records to the United States was small. To Great Britaln, Germany sent pianos, guitars, Harps, mandolins and accordians in a decreasing_amount, but her export of phonographs to the British Isles showed & big increase, But the Par East—China, India and Japan—are big buyers of British, Prench and German phonographs and phono- graph records these days. ‘The Weather Bureau is to give out more frequent and regular reports over the entire 13,000 miles of airways used daily in the United States. Teletype lines will provide 24-hour communication, with exchange of re- ports once each hour for 8,000 miles of the total. The remaining 5,000 miles will be served by reports transmitted by telephone or telegraph and at such in- tervals as will best meet current needs. Scattered throughout the United States are 110 reporting stations, which transmit the weather findings to the major centers and from there broad- cast to the aircraft in flight through a rapidly expanding network of radio sta- tions maintained by the Department of Commerce. This year the total Weather Bureau's appropriation for all phases of its air- ways forecast and study amounts to $1,400,000. While many people vet hesitate to fly the Government and business are striv- 1nn in every way to make flying safer “every day in every way.” (Copyright, 1930.) QUALITY WOOLS SOUGHT Western-Grown Product Accounts for Bulk of Buying. Special Dispatch to The Star. BOSTON, July 2.—Current moderate demand for wool is centered largely on 64s and finer qualities. The bulk of the buying is for Western-grown wools, al- though some interest is being shown in fine fleeces. Prices are steady, as com- pared with last week. Fine territory combing clean was quoted today at 75 to 78; French comb- ing, 72 to 75; half blood, 70 to 73: three-eighths blood, 60 to 63, and gull‘ter blood, 58 to 60. Fine Ohio leeces were quoud at 30 to 31, ase basis; half blood, 29 to 30; three-eighths blood, 30, and quarter blood, 30 to 31. o EARNINGS ARE LARGER. CHICAGO, July 2 (#).—Net earnings of the Central Public Service Corpora- tion for the year which ended May 31 increased 9.13 per cent over the preced- JULY ‘ee years fli(h (1930) . Low (1930) High (1929) Low (1929) Previous day Week ago. . Three years n:n ‘weekl y avel High (1930) . Low (1930). High (1929), Low (1929). CHICAGO STOCK MARKET. By the Associated Press. CHICAGO, July 2—Following is the | complete official list of transactions in| stocks on the Chicago Stock Exchange | | today: High. Low. Close. 40 39 40 884 19 10 FINANCIAL. |STOCK MARKET PROBE | DELAYED UNTIL FALL| | Senator Glass, Head of Committee, Announces Study of Bank- ing System. By the Associated Press. ‘The Senate leaders said today investi- gation of the stock market and national | 1, | banking system would not be started 8wl bt lm' 350 cnmy Bugrell - 300 Chi City & z:socm (“A:w & c R ot w LI noo Foote G & Macii 100 Gen Thea 100 Gen Wt Wi A 700 Gt Lakes Aircrafi 20 Gt Lakes Dred 4200 Grigsby-Grunow 200 Hall Print 600 Houdaille Hershey 100 Ind Ter Tiium Oil nd Util 3asszansioy 200 Perfect 50 Potter s, e "."Kig‘.".‘\':g i 600 Zenith Radio 20000 Insull 65 7000 Chi Rys A 11000 Chi Rys ctfs 85 2000 Chicago, Ry% 35 2000 Nnmmm ElS | houxr- in discontinuin s 2000 Swift & 102% 121 “ mz- 3000 S5u"ved Gan'B o 4a 101 POULTRY IS STEADY. CHICAGO, July 2 (#).—Poultry, alive, 1 car, 27 trucks: steady; fowls, 19: Springs, 26; broilers, 19a21; roosters, | 14; young turkeys, 18; old, 18; Spring | ducks, 13a16; Eprlnx geese, 16. BANK STOCKB. NEW YORK, July 2 (P.—Bid and | asked prices on the stocks of leading | New York national banks and trust companies follow: National Ba Bank of America Chase National .. .. Ghatham & Phenix!] First Nation Mannattan Go Natfonal City . Trust Compan Bankers Corn Exchi Chemical Guaranty Trving Manuiacturers New York DIVIDENDS DECLARED NEW YORK, July 2 (A.— Resular. Pe- Pave Hidrs. of Rate. viod. able 10c Q Company. record. Am Elec Ree Brown Shoe bt Mid-Contingnt Nat 8h T feo 30 17440 Pub Berv’ of Noith 11 $100 ‘par 12 Do Do no nar 8% ol Do 7% nf Schnebbe Fi P B Do. A Do. ‘ot fm Eiec Sec pf. Kress (8] rd 7o % un' Nt Gk of Oin. 6 Initial Phil & Cam Perry n. ¢ Q Reduced. Marcon! W T Ltd.18% Omitied. Cables & Wire Ltd A iFE) o o QA Mo n"k Rub ' pf 317 Due at this time. Due at this time. Due July 10 Due July 1 Glimore ing 12 months. Net for the period amounted to $16.459.462, as compared with $15,082,160 for the previous year. Subsidiaries of the corporation operate in 24 States and 2 Canadian Provinces. 5 1st Df.31.75 @ Due June 30 Defe 7 Th. 30 e . ppt 1 Std Var W Loew's Long Due July 15 Do. pf Die July 18 Due July 18 | until Fall, Senator Glass, Democrat, Virginia, heads the committee which was ordered | several weeks ago to study the banking situation. He said he would proceed on | the original program to begin the hear- ings next Fall. There was agitation recently among administration House leaders for inquiry into the cause of the recent decline of prices on the Stock Exchange after the signing of the tariff bill by President Hoover. However, nothing came of 'it. ENTERS MEDICAL FIELD. NEW_YORK, July 2 (#).--Westing- house Electric & Manufacturing Co. has organized a $2,000,000 corporation for the development and application of X-ray and electro-medical apparatus. Wappler Electric. Co. of Long Island City, N. Y., and American X-ray Cor- poration of Chicago will.become identi- fled with the new concern, to be known as Westinghouse X-Ray Co,, Inc. WON'T BAN MARGIN TRADE. NEW YORK, July 2 (#).—Inquiries among brokerage Houses foday indi- cated that very few, if any, would fol- low the example of Harvey Fisk & Sons, one of the older :)l;jt lesr:'y!““v? e ca; o inal accounts. This action llnmre- gnr led as merely a switching from bmkernxe to- investment business. It is pointed out that approximately 80 per cent of the business done on. the Stock Exchange is done on margin. CHICAGO LIVE STOCK MARKET. CHICAGO, July 2 (#) (United States Department of Agriculture).— Hogs — Receipts, 19,000 head, including 4,000 direct; fully steady on better mdu Packing sows, 10-15 lower; fairly active to all interests; top, 9.40, for 180-270 pounds, paid freely; light light, good and choice, 140-160 pounds, 9.00a9.30; light weight, 160-200 pounds, 9.15a9.40; medium weight, 200-250 pounds, 9.20a 9.40; heavyweight, 250-350 pounds, 8.90 a9.40; packing sows, medium and good, 275-500 pounds, 7.65a8.50; slaughter | pigs, good and choice, 100-130 pounds, | 8.25a9.00. Cattle—Receipts, 6,500 head; calves, 2.500; most killing classes strong to 25 higher; dressed trade conditions better and live market carried happier under- tone; early , 12.50, on heavy steer: some confidently held higher. Slaughter cattle and vealers, steers, sood and | choice, 600-900 pounds. 9. 1,100 poun pounds, 10.25a12. 3 1:300:1,500 pound, A—18 FEDERAL SECURITY LAW 1S SUGGESTED Nugent Dodds Favors Meas- ure to Combat Stock and Bond Swindles. | By the Associated Press. Enactment of Federal legisiation that wul unish as a felony purveying of ities through the mail without nm complying with stipulated require- ments was suggested here today, un- officially, by Nugent Dodds, special as- sistant to the Attorney General, as a greatly desired step in stamping out fraudulent security dealings. ‘The Justice officlal said all sellers should be required to have their securi- ties inspected and approved by the States’ Securities Commissions prior to solicitation through the mails. “The baleful effect,” said Mr. Doods, “of the sale of fraudulent securities— bonds of dubious value and worthless stocks—is not limited to the direct financial damage to the unfortunate persons who invest. While hundreds of millions of dollars are thus lost annu=- ally, probably the gravest injury that occurs is the incidental loss of faith on the part of thousands of victims in the soundness of worthy financial Institu- tions, and in the ability and integrity of the officers and agents of our State and Pederal governments.” Declaring it to be obviously imprac- ticable for the casual investor to ate tempt a careful examination of the merits of each investment offered, Mr, | Dodds said the investor was faced witn | the alternative of depending, at least in some degree, upon the State and Federal Governments to prevent the consummation of dishonest schemes and | to avenge when fraud was accomplished. “State Securities Commissions have done much,” he said, “but they are con- tinually thwarted by inability to en- force their salutary regulations as |against unscrupulous corporations and | persons .who use the malils to effect their fraudulent designs. “A Federal law that will ldegltely prevent this evil is greatly to sired. It may be possible to procure legislation that will punish as a felony the solicitation by mail of the citizens of any State without prior compliance with the laws of that State wi Te- spect to the inspection and approval by its State commission of securities so offered for sale,” he concluded. COTTON TRADE QUIET | Fluctuations Narrow and Irregu- lar—Closing Steady. NEW YORK, July 2 (#).—Trading in cotton was generally quiet today with fluczumm comwrauvzly narrow and Early declines in response m relatively easy cables and a more favorable view of the weather were to 5 higher; July, ISBOIIS 113.39; December, 13.54; J New _contracts, (3cmber‘ quiet; middling, 13.60. WHEAT SNAPS BACK Rallies Sharply in Late Trading on Bullish News. CHICAGO, July 2 (#).—Reports that the 1930 Frerich wheat crop will be short 64,000,000 bushels compared with last year brought about late rallies here in wheat prices today. The rallies more than overcame early setbacks, and went hand in hand with active buying. Con- siderable notice was also taken of the fact that primary receipts of United States wheat today totaled but 1,049,000 bushels, against- 1,6 bushels & year go, and that farmers in various sec- ons"wcre showing unusual reluctance High. Eemier 10.50a12.75; common and medium, 600- | yufy 1,300 pounds, 6.00a10.25. Helfers, good and choice, 550-850 pounds, 9.50a10.75; common and me- dium, 6.00a9.50; cows, good and choice, 7.25a9.25: low cutter and cutter, 3.75a 4.75; bulls (yearlings excluded), y .. September December good | Juls and choice (beef), 6.50a8.25; cutter to |Septem! medium, 5.2586.75; vealers (milk fed), od and choice, 9.50a11.50; medium, .5029.50; cull and common, 6.00a8.50; stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 7.75a9.75; :ommon and medium, 5.50a7.75. -Réceipts, 10,000 head; fat llmbl weak to 25 lower; bulk sorted natives, 10.50a10.75; range lambs un- sold; sheep steady to 25 lower; lambs, 90 ‘pounds down, good and choice 10.25a11.25; - medium, 8.75a10.25; all weights, common, 6.00a8.75; ewes, 90- 150 pounds, medium to choice, 2.00a 3.50; all weights, cull and common, 1.00a2.50. December REALTY EXCHANGE. Special Dispatch to The Star. NEW YORK, July 2.—Real Estate Exchange lcr:urmn-lnd.lng was dull on the Real Estate secu%l Exchange Twenty-ninth Street 6s at 83 were un- changed and Harriman Building 6s at 99%, were off 14 City & Suburban up Y4 and Homes stock at 87; was Unm-d Realty ‘Alliance at 117 was up Y. Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President $5,723,083.61 50th YEAR COMPLETED WALTER 8. PRATT, Jr., Secretary Surplus & Profits. ....$1,755,911.57 Subscription for the 99th Issue of Stock Being Received Methodical Savings! Regular methodical savings will result in a substantial accumulation in a sur- prisingly short Come in time! and let us explain! 915 F St. N.W. Transportation Engineers Just “Selling trucks” doesn’t make any money for any one any more—salesman or branch. f you have ability and experience to really “sell profitable transportation” come look over the 1930 com- plete line of MODERN GENERAL MOTORS TRUCKS then if you wish to file an application we will arrange an interview. (unm}“ E UCK I.EA.E‘ .ALE‘ G FpuicE TRUCK MAINTENANCE Controlled by General Motors Truck Company 3038 M ST. ME. MET. 0505