Evening Star Newspaper, July 3, 1930, Page 12

FINANCIAL CURB TRADE DULL THE EVENING NEW YORK CURB MARKET TAR, WASHINGTON, D. THURSDAY, JULY IPICK-UP 15 LIKELY COTTON EASES OFF Decline Due to Easy Cables and AND BOND AVERAGES By the Associated Press. Prom Yesterday's §:30 Edition. Received by Private Wire Direct to The Star Office AND MOVES SMALL Typical Pre-Holiday Market Sees Inactive Dealings in Narrow Range. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, July 3—The Curb Ex- change today, both in point of activity end fluctuation, was a typical pre- holiday market. Trading in the first two hours, amounting to 125,800 shares. was the smallest began recording last January. Pivotal public utilities piled up the bulk of early sales. Electric Bond & Share eased after opening higher. American Superpower and American Light & Traction behaved similarly, but American & Foreign Power and Eastern States Power B improved on their early gains. periodic transactions L, Service Rises. Cities Service bettered after opening lower. ~ Pennroad Corporation also pointed higher. National Investors was off nearly a point. A. M. Lynch Cor- poration scored a new high at 21%, Hudson Bay Mining & Smelting fea- tured forenoon trading in mining shares, following a Winnipeg dispatch reporting the opening of a new zone of copper ore said to contain good gold values. This is understood to be the first high-grade ore encountered in the Flin Flon Hazeltine again led the radio list, though its advance was not as wide as the six-point gain in Wednesday's ses- sion. The company. which owns sev- eral basic radio patents, derives most of its income from royalties. Payment by American Telephone on a licensing agreement will be reflected in second- quarter earnings. Ohio Oil Co. was one of the most sctive standard issues today, following the announcement that 98 per cent of Illinois Pipe Line stock had been de- posited under the exchange offer. Humble Oil opened down 17. Detroit Aircraft Up. Public Utllity Holding Corporation turned active following German cables telling about the Westphalia United Electric Power deal, announced recently. The company Wednesday acquired a 35 per cent interest in Compagnie Grand d'Electricite du Luxembourg. It also bought into I'Union Electrique Rurale several days ago, and within a few days is expected to detail more foreign ac- quisitions. Detroit Afrcraft was fractionally higher on news that its June sales of $972,000 represented a gain of $728,000 over May. Commercial orders account- ed for $159,972 on June sales. BONDS ON THE CURB 8 Alabama Pow 55 555 1021s 102% 103% 2 Alabama Pow 23, 6 Amer Roll Mill 5s '48 973, 2 Appalach_Gus 65 '45 1083 2 Appaiac Gas 6c B 43967 550 tri 3 IASG CE s a8 ww 16 Ass0 G & E 4125 C '49 7 24 Asso Gas & los'. 1083 - 02 99 s ‘56 10132 1003 1005 wi 10134 101 A 'S 9 1 Cudahy Packg 55 '46 1003 100% 100% 19 Det C 30, 100% 134;‘. 1002 52 7 ww nsx, B 231y 812 543a 9 20 20* 30 1, 100t 100% 10114 1017 10314 19133 10104 10113 9 9 G o 29 Insull Uuilit 6s B 1 Intercon Power 6s .. 20 Intercon Power 65 ‘A 21 Inter Pw £es s E '87 3 Intern Sec Am 5s '47 10 Intersta Power 5s '57 14 Iowa-Neb G 30 10304 10813 10318 1Tlchish B 8 Sa A 2030 104% 1043 104 1 Linby MeN & L 56 '30. 1007 3 Nat P & Lm A znzs ms' PRt &L S 95 94 50 102% lllz or Tex Ut 78 35 ww 12 xas Gas Ut xas P&L orf s 'S4. 893, #B's W & Pow 55 "60 103 * 103 El Cp 1 Gelsenkirchen 6 3 Ger Cons Mun s Hamb 1 Humbure Elec 3 Hanover city 7s elsingfors 628 1Hun It B 7'28 AC '63 8 2 Lsazco Hyd B 78 52 Sup 63 russia 655" 13 Ruhr G Co 6'%s A ‘53 1 Ruhr Hous 6izs 'S 1 Saarbrueck s “When issued. Porto Rico's needlework industry is the demai §8aln becoming active, . since the exchange | Notice—All stocks are sold in one hundred-share excepting those designated by the letter s which shows those stocks to be sold in ~Prev. High. 331y 5 13% 283 284 87 22 6% 157 16% T 7% B9 4% 101% 3l 113% 17 20 16% 8 4615 b1 11% 60% [ 19% 1% 2 8% IGG’A w146 33515 234 100 180 19: Stock Lo Dividend Alnsworth (323). 4 Alleghany Corp war. 7 Am Capital pf (B). 12% Am C P&L(B)(10%) 213 Am Com (A) b10%. 17% Am Cynam B (1. CD). 12% Am Equities. 35% Am For Pwr('lr} 104 Am Gas & Elec (31). 7% Am Invest, Inc (B).. 2% Am Invest (war).... 50 Am Laund Mach(4).. b2% Am Lt & Trac (2%). 1%» Am Maricabo 4% Am Supwr 1st pf ( 3 Am Thread pf(5c). 11l Am Tob: new) w.i. 111%2 Am TobacB(new)w.1 17 Am Transtor (1.40). 7% Am U&Gen B vte e 8% Appalachian Gas t4 Ark Nat Gas (A) 5% Asso Eleo Ind (30¢). 20 Asso GEE (A) 12.40. 86's Asso Gas & Elec..... 5in ASSO G&E (A) db rts 38% Asso Rayon pf (6).. 9% Auto Vot Ma cv pf pt 24% Aviation Corp of Am T Aviation Securities.. 2% Bahia Corp. 45w BancomitCorp ) Bell Teloi Can (8).. 64 Blue Ridge Cp (40¢). 3u% Blue Ridge cv pt(a3) 8b% Brazil Trac & Lt (2) 215 Bridgept Mach (25¢) 25% Brit Am Tob B t1.20. 84 Butler Bros (30c).. 1% Cable & Wire A rcts. 5 Cabie& Wire (1) rcts 81s Canada Marconi.... % Carib Syndicate.... 284 Cent P S (A) (al.75) 1y Cent States Elec 1400 72 Cent Sta El pf(6)xw. 4% Centrifug Pipe(60c) 2% Chain Stores Dev. ... 9% Chain Stores Stock. Chat Ph Al n-v(50¢c). 17’4 Chem Nat Asso n-v. 10% Chicago Corp (The).. 244 Citles Service($3vc) #8 Citles Srve pf (6)... 43% City Sav B, Ltd(2.79) 50% Clev El Illum (1.60). 287 Colts Pat Fire A (2) 814 Col Ol & Gas vic... 334 Colum Pio v.te. 31%. Com'with Edison(8) 5% Com'with & Sou war 11% Comm Wat Serv b6% % Consol Auto Merch. . 1 Consol Cigar (war) 3% Consol Copper...... 21% Con Gas Util A 2.20. 2% Consol Instrument. . 10 Consol Laundries. 3% Consol Royal (60c).. 7L Contl Shares pf (6).. 5 Copeland Prod.Inc A 6 Cord Corp. 194 Corp Sec, 32 CosdenOil....... 5% Creole Petroleum. .. 16 Crocker Wheeler. 81% Cross & Black (3%4).. # Cuban Cane propt w 84 Cuneo Press (2%)... 7 Curtiss Reld Air pf. 2% Dayton Air & Eng. 83 Deere & Co (11.20).. 2% De Forest Radlo.... 16 Deisel W Gilbert (1% 4% Derby Oil Refining. 5 Detroit Afrcraft. . 10% Dixie Gas&Utllittes. 9% Doehler Die Casting 71 Dow Chemical (2) 31 Dresser(SR) A(3%). 81% Dresser (SR) B (2). 41 Driver Harris(new). 8% Duquesne Gas Cp w.i 2% Durant Motors 11 DurhDRpfpf (4).. 18% Eastn Sta Pwr B(1). 7% Eastn Util Inv (A).. 94 Eisler Eelectric(13%) 70% EI Bond & Sh (b 103% E1 Bond & Sh pf (6). 92% Kl Bond&Sha cu pf(§ 16% Elec Pwr Asso A (1) 26y Eles Pwr & L op war Elec Pwr & Lt pf (6) 12% Empire Fire ins. 17 Emp Pub Sv A(l. rics Fini: jardo Sugar. % Fancango Corp. 7 16% Federal Screw (3) 13% Fokker Alrcraft. ... 28 Ford Mot, Can A 11% 6% Ford Mot,France 28c 10% Ford Mor.Ltd. 37 %a0. 2i% Fox Theater Cl (A). 2% General Baki: 27 Gen Baking pf (3) 10% Gen E. Ltd rcts(50¢) 20 Gen W W&E(A) (2). 9 Globs Underwriters. % Goldfield Consol. . 18 Goldman Sach T C. 1% Gold Seal Elec new, GrA&PTno-vb).. 26% Gt Lakes DC (mew). 3 Guardian Invest. 117% Gulf Ol of Pac1%). % Happiness Candy 18% Hazeltine Corp (2). 27 Hormel (Geo) (2) 13 Houston Ojl of Te: 7 Hudson Bay M & 78 Humble O1l (2). Chs 18% Imp O1), Can, n(50c). 19 Imp OlL Can reg 60c. 22% Imp Tob GB&I(13%). 28 Ind Terr illu O1) (A) 28% [nd Terr Illu Ol (B) 17 Ind #in ctfs(b10%). 60 Indus Fincvpf (7).. 63 Ins Co, No Am (13).. 15% Insurance Sec(1.40). % Intercont Pwr war,, % Intercontinent Petn 17% Intl Petroleum (1). 2% Internat Product 31 Intl Superpwr(1). 34% Int Utilities A (3% 6% Internat] Utll (B) 7% Interstate Equitie 4' Itallan Super war 1% Kirby Petroleum 97 Koppers G&C pf(6). 21% Lane Bryant (2).... (658) (ll&) In odd lots only. Low. Clese. o N 111 s 111 Crorfrmomenn » =S NER 82 2% 45% 4b% 4b% 258 147 147 147 1 i 9 4% 12 38% 38% 38 17 4 40 394 1 4 107 Bl 384 Ein 4 264 84 1% L3 an 1% | 3 ) 2 1 4 1 2 294 | 1 7 1 3 1 1 9 2 1 0 1 3 1 7 0 4 1 2)!5 10 1 "85 % 12!. lz'/. 12% 1 6 1 2 3 1 58 1 O o O SO0 OV RO b O » q“—‘ =N 2. 10515 m&w 93% 93w, 20 20'/- 444 a1 100% 100‘1 12% l'l‘a 17% 4% 4 48 48 * % 9 17% 188, 30% 11% 14% Bl 214 9% 12 281 9 2 IOUK 100% 12% 1% 17"1 19 30% 1% 16 8% 2% 297 124 28% 9 BN R %% 21% 21% 3 in 2‘/. 2% 2% 20s 197% 198 1971 198 2 264 27T 26% 27 1 3% 3% 3w 3y 12 1243 124% 120 120 1 30 264 16% 84 84 20 19% 23%, 2814 28 1714 64% 6574 18 2% 1 1 30 26% 16% Bla 84 20% 19% 23% 28 28 17% 25 4 a4 W 1% 1 100% 100% 1007, 100% BD' 1 24% 24% 248, annua) Dividend rates tn doll 1 1Partly extra. $Plus extra in stock. & Pavable in 24% | casn or stock. b Pavable in stock. d Payable in preferred stock. 930. Stock and ales— Low. Dividend "Rate. "Add 00. Open 474 Lefcourt Rul prd). 1 29% 1w Leonard O 5 1w 'S, Inc deb rts, 841 Lone Star Gas.n (1). 1074 Long Isld Lt pf (7) 18% Lynch Corp (12). " 29% Marine Mid (1.20). 1 Mavis Bottling.... 48 Mayflower Asso (12) 55% Mead Johnson 13.75.. 10% Memphis Nat G 8% Met & Min, Inc( 7 Met Chain Store 24 Mid W Sts Ut (1%).. 26% Mid Wst Util(b8%). 13! Midland Nat Gas (A) 15 Mo Kan P L (b10%). 1 MissKPLv.tc. 74 Nati Amer Co.. 331y Natl Bond & S (25¢). 26 Natl Fuel Gas (1) 11 Natl Investors. 100% Natl Pwr&Lt pf (6). 14% Natl Rub Mach (2).. 15 Natl Screen Sveiz). . 12 Nat Sh Trm SecA 350 15% Natl Transit (1). 66% N J Zinc (12%) 10% N Y Pet Royalty 4 Niag Hud Pwr.A war 8% Niag Hud Pwr B war 1z Niag Shars Md(4ve), 5% Niles-Bem-P (12%). 1 Nipissing (30c). . 9% Noma Elec (1.60).. Joranda Mines (2). © Am Aviat A war.. 4 Noth Kuro Oil Corp, ., 130 Nor Sta Pwr A(8)... 9514 North St Pwr pf(6). 21 N W Engineer (2)... 111 Ohlo B Tell cu pt (7) 50s ush % Ohio Copper pe 621 Ohio O1l (4). 105 Outbd Mot(A)(1.80). 1.'s Pac Western Oil.... 1y Pandem Oil. 17 Pantepec Oil........ 4 Param'tCab(b8%).. 31 Parke Davis (11.55). 104 Pennroad Corp (20c) 25% Peoples L&P, A a2.40 ¥6 Pepperell Mfg (8) % Philip Morris, Inc. 13 Pittbgh Forg (1.60). 20% Plymouth Oil (2).. 1413 Power Securit £ls Prince & Whitely Prince & Whit pf(3) 13 10 5 Pub Utl Holdww.. 965 Pure Oil pf (6). 3 Rainbow Lu Prod B 2'4 Relter-Foster(4Ue) 9% Reliance Ma 4 Reynolds Invest 19% Rocklans Lt&P(92¢) 2 Roosevelt Field,Inc.. 5% Rossta intl Corp. ... 3% Ryan Consolidated. . & St Anthony Gold 181y St Regis Paper (1). 106 St Regis Pap pf (7). 1008 n«m 8% Sait Creek Prod (2).. 10: 14% Saxet Co. 0% Schiff (The) Co (2).. 2% Schulte Un 6c-31 St. bl Seaboard Util (50c). 5% Selberling Rubber. . 5% Selected industries. . 31 Sentry Safety Cont.. 5 Shattuck Den Min 814 Snenandoah Corp. ... 33 Shenan Coro pf (a3). 90 Sierra El pf (6) 16% Silica Gel Ctfs 137% Smith (A 0) (2 1% South Co: 35 South Penn O11(12%4) 2:% SoCal Bd pf C (1%). 4% Southern Corp...... 9 Southland Roy (1).. 47% Stand Oil, Ind (234). 30% Stand Ol KY(11.80) 44% Stand Oil. Neb.(13%) 14 Starrett Corp. . 4% Stein Cosmetici 9% Strauss Roth 1% Stutz Motor 5 Sunrav Ofl (4 28 Swift& Conew (2).. 30 Swift Internatl(2%) 54% Tampa Electrio (12) 25 Technicolor. Inc. . 4% Teck Hughes (600) .+ 2% Thatcher Sec Corp. . @ o B AT RORAN CRARNNNS S e R % 4% Trans Lux DLPS.. 4 Tri-Cont Corp (war) 36 Tri Utilities(11.20 11% Twin States Nat G: 21% Ungerleider F Corp. 23 Unfon Am Invest. % Union Tobacco. 80 United Chem pf (3) 44 Unitt Dry Docks. . 5 Unit E1Sve pr war.. 171y Utd Founders(b2.35) 12 United G: 5 United G 91% United 974 Utd Lt & Pwr of(6). 1i% U S Elec Pwr ww. 17% U S Fot) (B) (1) 11 US Lines pf (1) 14% US & Overseas war. 9 Unit Verde Ext (2).. 2 United Zinc & Smelt. 14% Utllity Pwr&Lt(al). 12%4 Utility & Ind...... 20% Utll & Ind pf (1%).. 10% Utility Equities Tt% Vacuum O} (v4%) 2 Venezuela Petrolm. 6% Vick Financial Corp. 30 Walgreen Co. 11% Walgreen Co (war) .. 814 Walker (H) (1) % Wenden Coppe: 184 Westn Afr Expt60c) 26% Westn Auto S A (3).. 65 Wil-Low Cafeteria.. 2 Woodley Petroleum. # Yukon Gold......... 14% Zonite Products (1). RIGHTS. Expire. & Hud Bay M&S July u 143 & 2)3 InsCoof NA..,,.Oct %4 Intl Nickel w.1. & o Kan Pip Be 202 loa 12 & June 25 nt ividend 101% L% 214 1134 o W €54 Low. 15 31 141 100 21% 113% 15% 2 (] % & 219 110% 10% & & & 2% 2% 2% 2% & & Close. 174 31 244 141 100 Z1% 113% Y Gain 13 15% 2% T 4 & 215 111 104 15 24% 2% 5% 6% 10% | 127 & & & & besed on last quarterly or semi- Baltimore Markets Special Dispatch to The Star. NEW YORK, July 3.—Poultry, alive— Chickens, spring, pound, 25a35; Leg- horns, 21a24; old roosters, 13al5; old hens. 21a24; Leghorns, 14a18; ducks, 16a18; guinea fowls, each, 40a75; pigeons, pair, 25. Eggs—Receipts, 1403 cases; nearby firsts, 221;; Southern firsts, 21%. Butter—Good to fancy creamery, pound, 33a35; ladles, 24a25; rolls, 24a 25; process, 28a29; store packed, 18. Country Produce, Potatoes—White, 100 pounds, 2.00a2.50; new, barrel, 1.75a3.25; asparagus, dozen, 75a2.50, beans, hamper, 35a75; beets, 100, 1.50a2.50; cabbage, mmper. 40a 75: carrots, 100, 2.00a4.00; celery, crate, 3.00a3.50; corn, dozen, 25a30; cucum- bers, hamper, 40a65; lima beans, bushel, 2.00a3.00; lettuce, crate, 1.00a1.50; onions, bushel, 75a1.15; green, 100, 758 125, ‘peppers, crate, '1.00a2.00; peas, | bushel, 1.7523.00; spinach, bushel, 758 1.00; squash, hamper, 25240; tomatoes, crate, 50a1.25; apples, bushel, 1.25a3.00; blackberries, quart, 10a15; cantaloupes, crate, 1.5085.50; cherries, pound, Sals: oranges. box, 3.75a9.00; peaches, crate, 1.50a2.50; pineapples, crate, 3.0084.00; watermelons, 100, 20.00a40.00. Hay and Grain. Whel!~N0 2 red Winter export, 9215; No. 2 Winter, garlicky, spot, 90%; July 907, Corn—No. 2 domestic, 89a90; cob corn, 4.25a4.50. Rye—Nearby, 60a70, | yellow, new, | Oats—White, No. 2, 47a48; No. 3, 46247 Hay—Receipts, none. The general hay market continues quiet under light receipts, mostly by truck. but ample for which is limited. While not enough hay is arriving on which to establish values by grades on carload lots, the better grade of timothy and clover mixed are in fair demand at a range of 20.00a25.00 per ton. Live Stock Market. Cattle—Receipts, 75 head; light sup- ply: market very dull. Steers—Choice to prime, none; good to_choice, 9.50a10.00; medium to good, 8.50a9.25; fair to medium, 7.50a8.25; plain to fair, 6.75a7.25; common to plain, 6.00a6.50. Bulls—Good to prime, none; good to choice, 6.75a7.00; medium to good, 6.25 a6.75; fair to medium, 5.75a6.25; plain to fair, 5.25a5.75; common to plain, 5.00a5.25. Cows—Choice to prime, none: good to choice, 6.00a6.50; medium to good, 5.00 86.00; fair to medium, 4.00a5. 00; plain to fair 3.00a4.00; common to plain, 250a3.00. Heifers—Choice to prime, none; good to choice, 8.00a8.50; medium to good, 7.50a8.00; fair to medium, 7.00a7.50; plain to fair, 6.50a7.00; common to plain, 5.50a6.00. Fresh cows and springers, 40a80. Sheep and lambs—Receipts, 500 head; light supply; market steady. Sheep, 1.00a3 50; Spring lambs, 6.00a11.00. Hogs—Recelpts, 400 head; light su; ly; market higher, lights, 10.15a10.4 ieavies, 9.80a10.70; medium, 10.15a 10.40; roughs, 7.0089.05; light pigs, 9.35 al10.05; pigs, 9.80a10.30. Cnlvu—thclpu. 200 hea light su%%ly: market steady. Calves, 5on- 11.00. T ESTATE $7,932,049. BALTIMORE, July 3.—The personal estate of the late George Jenkins, Balti- more banker, amounts to $7,932,019.60, according to an inventory just filed in Orphans’ Court. It is one of the largest pennml estates ever filed here. Jenkins had securities worth $7,764,- 774.02, of which t! 560,265 was in bonds. NEW ELEVATOR USED Floating Grain Storehouse Loads S8hip in Baltimore Harbor. BALTIMORE, July 3.—Over 72,000 bushels of wheat were loaded from the Pennsylvania Rallroads new floating clevator into the hold of the steamer Anaconda, of the Black Diamond Lines yesterday. ; The new elevator, the first’ of its kind in Baltimore, has a capacity of 15,000 bushels an hour. It is 108 feet long, 34 feet wide and 12 feet deep. The elevator’s tower stands 85 feet above the water level. SHORT-TERM SECUiITIES (Reported by J & W. Sellgman & Co) Allis-Chalmers Co. 58 1937..... American Tel. & Tel. 5125 1943 Tel of (‘lnldl 55 1957 ('l“lnrl\il Pet. Corp. s 1931 C;X;Aldlln Nor. 1 W ! Cago caife Coppesch 7 1 Co._5s 1947 Sinclair ‘Crude O Co. 3108 Sta ulon of N. J. 55 19 Ry. S lnllll B’ulhwul!l’n 4 Swift & Co Sl 1932 U. 8. R 8t IN SALE OF BONDS {Every Indication Points to Rising Market for This Class of Securities. BY JOHN F. SINCLAIR. ‘The reduction yesterday cf the redis- | count rates of the Boston and Philadel- phia Federal Reserve Banks to 3 per cent and 3': per cent, respectively, leaves seven Federal Reserve banks still 2 '+ | on the 4 per cent basis—San Francisco, 101% 101% Kansas City, St. Louis, Atlanta, Min- neapolis, Richmond and Dallas—and three on & 31% per cent basis—Chicago, Cleveland and Philadelphia; one on a 3 per cent basis, Boston, and one, New York, on a 2'; per cent basis. Cheap money is percolating back through the channels of industry. It must ultimately have its effect on busi- ness—a salutary one at that. Every indication points to a rising bond market in the near future. “If some one came in here and asked you how to invest $10,000,000 within a week, what would you recommend?” I asked an important official of the United States Treasury Department. “Bonds—some United States Govern- ment bonds, some State bonds and some public ulmly and railroad bonds,” was the reply. Idle money—huge gobs of it lying around right now waiting, for an oppor- tunity—is going to be fswced into the purchase of bonds in the next few months, until the good cheap ones now available are absorbed. Six months should pretty well clean the decks of the bond dealers. France's threat of retaliation against the new American tariff has been “laid on the table” for the present. And why? Last year France bought about $25! 000,000 of American goods, of which more than a third was cotton—$97,- 000,000 worth. If France decides to embark on a policy of reprisal, where will she get raw cotton? It's a question hard to answer, for the whole world at the pres- ent time is getting its cheap cotton from the United States. Oil is the next most important French import from the United States—about 22 per cent of France's total purchases. France must buy her gasoline from out- side sources. Nearly all Europe im- ports oil. While Roumania and Rus- sia produce oil now—and Germany may do so in the future, perhaps— that is not enough, and France needs American oil and gasoline. Copper is third on the list of French imports from the United States, with machinery fourth and American auto- mobiles fifth. France can and already has cut down American movie films, for which she paid about $700,000 in the last year. But this is a small item, relatively. Besides American films are popular in France, and it would work a hardship on the country to eliminate American films entirely. American tourists in France are still “movie” fans, and | American films continue to lead the world, certainly in form, if not always in _substance. So if France does abclish the most favored national treatment to the United States, she will be taking vengeance on herself by discriminating against the three big American prod- ucts that she needs at the present time—cotton, oil and copper. On second thought, it looks as though France will not do anything radical. Louis Guenther, New York financial editor, after a visit to the Orient, thinks the return of Japan to a gold basis was accomplished in too short a time. An economic depression of major im- portance resulted. The business struc- ture could not stand the strain, It's one thing to take the gold basis on an inflationary joy-ride, which every war- ing nation in the world did during the war, but it's quite another thing to re- store that same gold standard after the debauch. Nations, like England, have been at it for 10 years now and still are wres- tling withthe task, with depression, un- | employment and burdensome taxation as part of the annual cost. Asked about the practice of Japanese employers in giving bonuses in lieu of higher wages, Mr. Guenther said: “The practice resorted to by Japanese industries of paying out bonuses to their labor in lieu of higher wages was successful so long as it was possible to pay these bonuses. But when the bonuses ceased naturally trouble began, and today Japan has a real problem in this respect. Labor has become accus- tomed to the bonus plan and it came to consider the bonus as part of its regular wages.” Ed Howe, the octogenarian Kansas philosopher, takes issue with those who think hard times are due to the lack of employment, low wages to those em- ployed, depressed foreign trade, avarice of the rich, lack of navigation on navi- gable rivers, high railroad rates, low prices on farm products, etc. He passes up all these with a wave of the hand and jumps into the discussion. “I'll make a guess, too. The trouble is the same old extravagance, idleness and shiftlessness, all three greatly in- creased over 10 or 20 years ago,” says this Kansan. “The country is as good as it ever was, but the people are not behaving as well. The only hope for betterment is for us to deserve more.” Too many people are trying to get by without work and living on their wits. When hard times do arrive, they “ra- tionalize” their unfortunate position, and thus add fuel to the fire, This Kansas writer thinks many of the remedies suggested are as impossible as the one Baron Munchausen, “the greatest liar of history,” tells about. It seems the baron was crossing a swollen stream on horseback. The horse was sinking and the baron lifted the animal to safety with his own legs and saved himself by pulling upward the hair on top of his own head. “It's been found that the actual dif- ference in hard times and good is not more than 10 per cent,” says Mr. Howe. “Let’s exercise 10 per cent more economy and work 10 per cent more and times will soon be good again.” Time has a way of adjusting such matters. Without any blare of trumpets or beating of drums young James C. Brady, the only son of the late James Cox Brady, is taking up the reins left by his father and his family in the “big business” world. Elected recently a director of the New York Edison Co. to represent the large interests of his family in that institution, this 23-year-old youth sits at the table with such well known American business leaders as George B Cortelyou, Secretary of the Treasury under Theodore Rooscvelt; George F, Baker of the First National Bank, Floyd Carlisle of the Niagara-Hudson Power | Corporation and Matthew Sloan. But he takes to it and seems to like it. So the Street believes it is only a matter of time until he becomes in fact as well as in name one of the leading business men of the Nation. (Copyright, 1930.) EXPECTS LIGHT MOVEMENT. NEW YORK, July 3 (#)—F. E. Wil- | liamson, president of the Chicago, Bur- lington & Quincy Railroad, said yes- terday that his road did not look for much movement of new wheat for 10 days. He said the railroad’s latest re- ports show the crop in its territory will be 89 per cent of mermal, compared with 87 per cent last year, and that there should be an average yield of 19 bushels to the acre. Although in some districts corn is backward, due to too much rain, he added, “generally speak- ing this cereal at this time is in fair condition.” ‘Three years uo weekly aver. High (1930) . 202, Low (1930) High (1929) Low (1929) Three years ago, weekly aver High (1930)..... Low (1930) High (1929) Low (1929) CHICAGO STOCK MARKET CHICAGO, July 3.—Following is the complete official iist of transactions in stocks on the Chicago Stock Exchange today: Sales, High. Low , Close 100'Acme _ Steel 5812 o"8h & Mili b 300 Chicago Rys ser 2., 1950 Cities ' Service 25 chi Rap Trans pf’ ‘A l?:,comwl n Ediso A pl. 2500 Mo-Kan Plpe 3050 Mo-Kan rts . in and 557 c. 1 f. domestic, 62 c. §. f. New York. Pirmer; Middle West, 9.90210.00. Other | Sopenhagen, crowii. articles unchanged. 53 120.3 1198 1154 148. 1209 1153 141.6 1154 167.8 117 e 10 Utilities 106.6 9 196, (Copyright. 1930, Mandard Statistics Co.) POULTRY IS FIRM. CHICAGO, July 3 PRODUCE PRICES. NEW YORK, July 3 (#).—Rye—Firm; No. 2 Western, 57% . 0. b. New York | ¥ienn: export. Barley—Firm; (A).—Poultry, alive—Receipts, 1 car, 15 trucks; market | firm; prices unchanged. Lard— | Warsaw. Good Weather Outlook. NEW YORK, July 3 (#).—The cotton market opened steady today at a de- | cline of 3 to 10 points in response to easy Liverpool cables and a favorable view of the weather map. | _ Offerings were not heavy. but demand was limited and active months sold about 8 to 12 points net lower during the first few minutes, with July easing off to 13.40 and the new October con= tract to 13.02. The market was fairly steaay. but within & point or two of these figures during the first hour. A private report was published placing | the decrease in acreage of 2.7 per cent, making 45.775,000 - acres under cultivation. Liverpool cables | reported a small market there with prices lower under iiquidation at- tributed partly to Bombay. They reported the cloth market featureless and a restricted business in yarns. | General business in the market here was slowed down by the proximity of the three-day adjournment over the Fourth and week end. Early estimates place the July notices issued here this morning at 3,000 bales FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & 0o) Nominal gold Selling check: value (or par). sondon. pound. . $4.86 Paris, franc Brussels, belga’’ Iin, x t, per Prague. crown (nom zloty Stockholm, crown’ 3250 Wis ‘Bank Sharei 500 Zenith Radio 10000 Insull Util 65 '40.... 12000 Sou Nat Gas B 6s ‘41 97 2000 Chi City & Con 50 No & So Am. 200-Super Maid 500 Saxet Co 1014 97 L] 1312 180 14% WHEAT HAS SETBACKS CHICAGO, July 3 (#).—Rains in Can- ada, together with falure of Liverpool | quotations to respond well to yester- | day’s price upturns on this side of the Atlantic, led to early setbacks today of | wheat values here. Notice was also taken of assertions that France has a carryover of 40,000,000 bushels of old | wheat and that North Russia is again offering supplies. Opening at % to 1% setback, Chicago wheat afterward htld near to the initial range. Corn and ?auw",re llflm fer, wlth corn starting & 2 off al juentl; g more. Provisions heldeg o Tow. Close September f I December COR! 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