Evening Star Newspaper, July 7, 1930, Page 14

F ook FINANCIAL. LOAN LIQUDATON 5 HELD NECESSTY Kinks Still Exist in Stock Market Credit Situation, Lewis Haney Thinks. BY JOHN F. SINCLAIR. Lewis Haney, former economist of the Federal Trade Commission, thinks that further liquidation of collateral loans in the banks is necessary before all the credit kinks are froned out. The Haney line of reasoning about stock market cycles is somewhat as| follows 1. Speculators bid money rates up. 2. New funds pour in from all over the world. 3. Next, as the market gets wabbly, some foreign funds are hastily withdrawn and a market crash follows. 4. The banks in New York City then step in and take up the credit load, increasing their loans to make up for the loss of outside funds. 5. Finally, the banks get their collateral loans down as_the continued liquidation occurs. Mr. Haney believes the New York Stock Market credit situation is now between the fourth and fifth stages of THE EVENING STAR, WASHINGTON, D. C., MONDAY, JULY [N 1930. FIN NCl AL. NEW YORK STOCK EXCHANGE Recolved by Private Wire Divest S0 The Star Offiee. ~Prev.1930~ High. Low. Stock Dividend Rate. Ad 60% 45% Owens.Ill Glass(n4). 74% 62% Pacific Gas & E (2). 107% 72 Pacifie Lizhting (3. =3 21 Pacific MilL 130 Pacific Tel &’ 12% Packard Motor (1).. 329 4% Panhandle P&R.... 48% Param’nt Publix (4). B¢ 19 Park & Tilford (13). 1% Park Utah... . 9 Parmelee Trans 1%. 2% Pathe Exchange. ... 5 Pathe Exchange (A) 17 Patino Mines .o 4% Peerless Motor Car. . 26\ Penick & Ford (1)... 48 Penney (JC) (3).... 6% Penn Dixis Cement. . 30% Penn Dixie Cmt pf... 69% Penna RR (4). 17% Pet Milk (13%)... 18% Petrol Corp (1%) 504 Phila Co 6% pf (3) 11% Phila ReadC & I.. 8% Philip Morris (1) 29% Phillips Petrm (n2). 1 Plerce O11 eveee 2% Plerce Petroleum. .. 27 Pilisbury Flour (2).. 17% Pittsbgh Screw 1.40. 20' Pittston Co (37%c).. 113 P R Am To (B). 44'x Prairie Pive L (15).. 615 DPressed Steel Car. .. 50 Pressed St1 C pf (7). 52% Proc & Gamble (2).. this process. While outside funds are being withdrawn, the interior banks, too, are cutting their loans and as a Tesult, \hile b- ° 15’ loans are going down, collateral loans of the New York banks are right now $788,000.000 larger than a year ago. Says Mr. Haney: “Further liquidation is required and this means that there must be more selling of _ecurities. That probably will mean still lower prices for many stocks.” Last week saw a cut of about 10 per cent of the total brokers’ loans. So now they are, in volume, about where they were in October, 1927. As brokers' loans drop. _collateral loans of the banks rise. They stand at nearly $2,500,000,000 greater now than they were in October, 1927. Further liquidation in collateral loan accounts may be expected in the next few weeks. Raw sugar prices are lower now than they have been in a hundred years, which is as far back as re- liable records are available. Refined prices are down below the 1914 levels. Trustworthy estimates place the world’s supply of raw sugar on hand at 1,500,000 tons more than it was a year ego. Willet & Gray, world sugar experts, say the total world production of raw sugar for 1929-30 will amount to 26,- 724,000 tons, about 2 per cent under the record production of last year, ‘when 27,279,000 were indicated. But consumption is about 3 per cent under that of a year ago. Russia has contracted for 135,000 tons of Cuban sugar, and is again negotiating for an additional tonnage estimated from 125,000 to 365,000 tons. Standard Statistics, in its report of the survey at the present time, says: “No reduction in surpius stocks on hand is indicated in the near future.” A good time for the housewife to put up fruit preserves. Must a corporate trustee exercise more judgment and skill in handling a trust relationship now than was ex- pected of the old-fashioned individual executor or trustee? In 1923 a trust was turned over {o a New York company. Certain common stocks in sugar companies were among the assets turned over. In September, 1928, one sugar common stock was sell- ing at $5 a share. It dropped steadily until now the market is less than 50 cents a share. 4 811 Pub Serv.N J (3.40). 10: 91% Pub Serv N J pf (5). 121 PubServNJ pof (7). 1061 Pub Serv E&G pf(6). 62 Pullman Corp (4) 1% Punta Alegre Sug: 19% Pure Oil (1%) 1103 Pure Oil pf (8 32'% Radio Corp. . 53 RadlopfA (334). 68 Radlo Corp (B) (5). 19 * Radlo-Keith-Orph A 388 334 Rand Mines (3 04)...100= 28 Raybestos Man 2. 7 100 Reading Rwy (4) Rem Rand (1.60) 814 Reo Motor Car ( 37% Republic Steel (4) 8814 Republic Steel 23 Reynolds Metls 3.40. 3 Reynolds Spring.... 1 45% Reynolds Tob B (3). 48 14% Richfleld Ofl (2).... 155 15% Rio Grande O1l (2).. 2 27% Rossia Insur (2.20) 49% Roy Dutch (al.3415). 75% Safeway (e 94 Safeway pf (6 4 17 45 Scott Paper ($1.40) 6 Seaboard Alr Lt 59% Sears Roebuck($2%) 7 Second Natl Inv... 58% Sec Natl Inv pf (5) 1% Seneca Copper. 614 Servel. Ine... B 16% Sharon St Hoop (1). 54 Sharp& Dopt (3%). 311 Shattuck(FG)(1134) 18 Shell Union (1.40)... 95 Shell Un Ofl pf (5%) 5% Shubert Theatres... 22% Simmons Co........ 18 Stmms Petrm (1.60). 20~ Sinclair Con Ol (2) 28% Skelly Ofl (2) 891 Skelly Oil pt( 955 Solvay Am pf(5 156% Sou Porto Sug (1.40 52% Southern Cal Ed (2). 108 Southern Pacific (6). % 89% Southern Rwy (8)... 95% Southern Rwy pf (5) 87 SouRyM&Oct (4). 2 108 Spalding 1st pf (7).. 20s 19% Spang-Chalfant..... 2 13% Sparks Withngtn(1). 22 14% Spicer Mfg......... 1 182 4 17 Stand Branas (1%). 117% Stand Brands pf (7). 3% Stand Comm Tob 84% Stand G& E (3%). Should the trustee be held respon- sible for the loss? “Yes,” said the New York court.: “The law imposes,” said the surrogate Judge, “upon trustees a duty to employ such diligence, prudence, sagacity and vigilance in the care and management of an estate as prudent men of discre- tion employ in their own like affairs. ‘This necessarily excludes all specula- tion, all investment for an uncertain and doubtful rise in the market and, of course, everything that does not take inte view the nature and object of the trust, and the consequences of a mis- take in the selection of the investment to be made.” ‘The trust company today has & much harder job than had the old individual trustee, because a trust company ad- vertises to the world that it is quali- fied to act in such matters. ‘With the complexity of modern busi- ness, it puts an added job on trust com- panies. The New York surrogate ruling on the responsibility of the modern corporate trust is a healthy omen—for those who leave their estates in trust. Recently I asked C. R. Palmer, presi- dent of Cluett-Peabody & Co., how he had moved up from the lowest position to the highest in his organization, in 80 short a time. “I know of no success rules,” he re- plied. “I am always interested in a chap who likes work for the sake of ‘working. Give me the plugger—that one who keeps on working irrespective of obstacles. That type of young fellow ‘will succeed.” Knowing that Mr. Palmer had at- tended the University of Iowa, I asked him if he thought a college education ‘was essential for business success. “Helpful, but not essential. The im- Ttant thing is to pick a Jeader in your ine, a company headed by a man of character—a square shooter. Then stick to that leader.” Mr. Falmer, the son of a Hawkeye, Towa, storekeeper, quit the unievrsity 1o help his father. He dreamed of larger thirgs. So he moved to Davenport, Jowa, and later to Chicago. There he started to work with the company, of Which he is now president, as “assistant house manager.” By 1914 he was made manager of the Kansas City territory. Eight years Jater, in 1922, he was sent to San Fran- gisco, Los Angeles, Seattle and Denver. In 1925 he returned to Chicago with more territory under his supervision than ever. Two years later he was calied to the main office at Troy. A year ago he moved into the president’s office, hung his hat on the rack and ‘was ready to work. “How’s business?” I asked him. “Our business is ahead of last year, end our inventories are in excellent shape. June has shown a slight let-up, but we haven't a kick coming,” was his quick response. (Copyright, 1930.) SILK PROFITS NARROW, | NEW YORK, July 7 (#).—While not! inconsiderable in volume, business ini silk goods is being conducted' at ex-| tremely narrow profit margins, a -sur-, vey by Standard Statistics Co. states. | Retailers and silk goods convérters tn! their turn are demanding sizable price | concessions from mills, which are suc- ceeding generally in their efforts to reduce stocks on hand. Domestic sup- plies of silk in storage have been halved | since the beginning of the year. STOCKS EX-DIVIDEND NEW YORK, July 7 (#).—Stocks ex- dividend today: Company Amer Ice Co Do. pi rirnsdall Co.p A ¢entral R'R of N'J3.0] Cora Prod Refn. . Rate. Period. Payable. i Q July 2 1 B 5 e y D> st prl L Do 2d pf . - Dom Tar & Chem Bf i mer 7% DI £OOPOPOOLODCOOROROOD ‘50 981; Stand Gas& El pf (6 55 Stand O of Cal (2%). 98 Stand Oil Exp pf(5). 58 Stand Oilof NJ(12 30 Stand Ol NY (1.60). 8 11 & 25% Studebaker Corp (4). 102'% Sun Ofl pf (6)....... 708 38 Superheater (13%) 5 Superior Ofl........ (Continued From Page 13.) —Prev.1936 ~ High. Low. 15% 81 T 2% 26% 15% 17 10% 50% 48% 8% B Divi Sweets Syming ul Tide W % Timken Tri-Cnt Trico P Und-El Utd Alr Utd Alry Utd Bis Utd Cig: United United Utd Ele 4 US Fre S Alc Lea Lea Lea! Pip Pipy Rea 20% 112% gagscacacag wphunnnnn Univ Pie Univ P} Util Pw: Va-Car Va El & VaEl & Va Iron Vulcan Warner Warner. Warren Warren Westhse Weston Wilcox Willys-! Yellow Yellow 47 Youngs 150% Am Tel Ches & 22% 21 1% 1n Intl Sal 10:30 A. 1:30 P. Dividend rates as payments based on M 3 the in stock. no regulac able in cash oF &t b Plur 2% in stock. 1 5% in stock. 103 103 40 41 5 5 Tide Wa! Union Carbide (2.60) Union Ofl of Cal (12) Union Pacific (10)... 4 Unlon Pacific pf (4). Union T’k Car (1.60) Utd Fruit (4). Utd Gas & Imp _ Utd Gas & Imp pf(5) Steel (1) U 8 Steel pf (7 U S Tobacco (4).. Univ Leaf Tob (3) Vadasco Sales Corp.. Vanadium Stl (14).. Waldort Walworth Co (2). ... Ward Baking (A)... 100¢ Webster-Eisenlohr. t Penn ElL A (7). Penn El pf (6). 10s Penn EI pf (7). 1 Penn Pw pf(6). 50s Westing! Young Sheet & T (5). RIGHTS EXPIRE DuPont de! 5 Unit of trading les: ayable in rate. b Payi tock and les— dend Rate Add 00. Hich. Low. of Amer (1). ton..... Prev. Close. Close. | 1% Telautograph(11.35) Tenn Cop & Ch (1).. ‘Texas Corp (3). 1f Sulphu sPC&oO1ll ‘exas Pac Land Thatche: J Thermold Co (2). Thomps Thompson Starrett. . r Mfg (1 on (J R) (3). ater As (60c) ter As pf (6) Det Ax(80c) 14% & Timken Roller (3).. Tobacco Tobac Prod(A) (80c) Transcontl Ol (30c) Tri-Contl Corp Products 1 Corp pf (6). Tod (2%). Truax Traer (1.60) Truscon Twin Ci Stl (£1.20). ty Rap T(§4) 1-Fiscner (5). 68 394 3 2094 Fin 29% B craft pf (3). cuit (1.60) Utd Carbon (2). ar Store Corp (50c) Corp pf (3).. ctric Coal ight (3). ohol (17). ther.. ther (A).... ther pr pf(7) e& F (2).... e & F 18t 1.20. ity (5) IS g 5 i i % 8 2 1 3 9 i 2 0 = 7 5 1 4 s c 18t pf (8).. pe & Rad. ... T&Lt A (€2). 101 16 i3 2 593 20 50s 408 51 Chem. Pwr pt (6). Pwrpf (7). Coal & Col Det (4). Systm(1%) « 380s 3 6 Bros Plo (4). 269 -Quinlan (1). 2 Bros (3). b Kdy & P ( 1 5 308 hse E&M (5) 260 o 5&M pf (5) 30s Kl Instr (1) White Motors (2) O1l & Gat Overland. Woolworth (2.40) Worth Pump Worth Pump . Worth Pump(B) (6) Truck. . Truck pf Spring (3).. : & Tel.Aug 1 185 Ohio..July 23 37 July 15 315 It.....July — 9 Sales of Stocks on New York Exchange 334,200 12:00 Noon. . 1,100,400 2:10 P.M. . 1181.900 in the above table are the annual cash uarterly or half yearly declaratio: s U shares. tPartly extra. iPlus scrip. fPlus 9% in stock. a Paid last yeas able in stock. d Payable when earned. e Pay- . fPlus 10% in stock. & Plus 6% in stzck. Plus 8% in stock. k Plus 3% in stock. n Plus 864,200 e la Baltimore Markets Special Dispatch to The Star. BALTIMORE, July 7.—Poultry, alive —Chickens, Spring, pound, 25a35: Leg- horns, 21a2 1 , 13a15; old hens, 21a24; Leghorns, 14ai8; ducks, 16 al8; gmn fowls, each, 40a75; pigeons, pair, 25, Eggs—Receipts, 1,606 cases; nearby firsts, 2213; Southern firsts, 2115. Butter—Good to fancy creamery, pound, 33a35; ladles, 24a25; rolls, 24a 25; process, 28a29; store packed, 18. Country Produce. Potatoes—White, 100 pounds, 2.00a 2.50; new, barrel, 1.75a3.25; asparagus, dozen, 75a2.50; beans, hampers, 35a75; beets, 100, 1.50a2.50; cabbage, hamper, 40a75; carrots, 100, 2.00a4.00; celery, crate, 3.00a3.50; corn, dozen, 25a30; cu- cumbers, hamper, 40a65; lima beans, bushel, 2.00a3.00; lettuce, crate, 1.00a 1.50; onions, bushel, 75al.15; green, 100, 75a1.25; peppers, cri 1.0022.00; peas, bushel, 1.75a3.00; spinach, bushel, 75a1.00; squash, hamper, 25a40; toma- toes, crate, 50a1.25; apples, bushel, 1.25 a3.00; blackberries, quart, 10a15; canta- loupes, crate, 1.50a5.50; cherries. pound, 5al5; oranges, box, 3.75a9.00; peache crate, 1.50a2.50; pineapples, crate, 3.008 4.00; watermelons, 100, 20.00a40.00. Hay and Grain, Wheat—No. 2 red Winter export, 897, ; No. 2 Winter, garlicky, spot, 87% July, 87 Corn—No. 2 domestic, yellow, new, 88a89; cob corn, 4.25a4.50. Rye—Nearby, 60a70. Oats—White, No. 2, 47a48; No. 3, 46a47. Hay—Recelpts, 45 tons. The general hay market continues quiet under light receipts, mostly by truck, but ample for the demand, which is limited. ~While not enough hay 1s 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, 700 head; light sup- | ply: market steady. Steers—Choice to prime, none; good to_choice. 9.00 to 10.00; medium to good, 850 to 9.25; fair to medium, 7.50 to 8.25; plain to fair, 6.75 to 7.25; common to plain, 6.00 to 6.50. Bulls—Good to prime, none; good to choice, 6.75 to 7.00; medium to good, 6.25 to 6.75; fair to medium, 5.75 to 6.25; plain tp fair, 5.25 to 5.75; common to plain, 5.00 to'5.50. Oows—Choice to prime, none; good to choice, 6.00 to 6.50; medium to good, to 6.00; fair to medium, 4.00 to 5.00; plain to fair, 3.00 to 4.00; common to plain, 2.50 to 3.00. Heifers—Choice to prime, none; good to choice, 8.00 to 8.50; medium to good, 7.00 to 7.50; fair to medium, 6.50 to 7.00; plain to fair, 6.00 to 6.50; common to plain, 5.50 to 6.00. Fresh Cows and Springers—40 to 80. Sheep and Lambs—Receipts, 2,000 head; fair supply; market lower. Sheep, 1.00 to 3.50; lambs, 6.00 to 10.75. Hogs—Recelpts, 1,800 head; light sup- ply; market higher. Ligh 1040 to 10.65; heavies, 10.00 to 10.50; medium, 10.40 to 10.65; roughs, 7.25 to 9.25; light pigs, 9.50 to 10.25; pigs, 10.00 to 10.50. Calves—Receipts, 800 head: moderate 'su::’%ly: market steady. Calves, 5.00 to 11.00. NEW YORK, July 7 (#).—Seasoned Securities Trust Shares, a combined fixed and general investment trust, has been formed Securities, CREDIT UNIONS GROW 8ix Formed in Past Year in Bal- timore, It Is Reported. Special Dispatch to The Star. BALTIMORE, July 7.—One year after their operation became legal, through an act passed at the last ses- sion of the Maryland General Assem- bly, there are six credit unions in op- eration in Baltimore, according to George W. Page, State bank commis- sioner. A credit union is an association of employes in any form of enterprise who band together and buy shares in a credit organization of their own to make small loans available to each other. A State law making such or- gml:;slons legal became effective July 1, 1929, Under the authority of this act the bank commissioner must approve the certificates of organization and the by- s of the credit unions, and require each of them to make an annual re- port. Only four of the unions were organized before December 31, 1929, and as a result only reports of these four appear in the bank commissioner’s annual report. The largest of the four credit unions included in the bank commissioner's annual report is the Baltimore Post Office Employes' Credit Union, Inc. ALLEGANY BANKS Savings in 14 Institutions Total $17,784,608.27, Statements Show. Special Dispatch to The Sta: CUMBERLAND, Md., July 7.—The statements of the 14 banking institu- tions in Allegany County show the com- bined savings of the people on deposit to be $17,784,698.27. The checking ac- counts in these banks amount to $5,370,- 765.44. The total of time and demand money in the banks here is around $23,- 000,000 The capital stock of these banks amounts to $1,785,000, and they have a total of surplus funds of $2,000,000. In the six banks of Cumberland the savings deposits amount to over $11,- 500,000 and the checking accounts amount to more than $4,250,000. De- spite unemployment and lower volume in sales, the showings of the banks is taken to indicate a great deal of pros- perity, the result of thrift. BUYS GASOLINE PLANT. NEW YORK, July 7 (#).—Phillips Petroleum Co. announces the purchase of the complete natural gasoline plant of the Dixon-Creek Oil Co., near Hor- ger, Tex., thus adding 12,000 gallons to the Phillips production and furnishing an added outlet for residue gas tales of 8,000,000 to 10,000,000 cublc feet daily. The consideration was $325,000 and the purchase carried with it natural gas contracts covering some 2,500 acres. LO“;I-':B INCOME SEEN. NEW YORK, July 7 (#).—A current survey by Standard Statistics Co. says that “current evidence, though rather scant indicates that agricultural in- come for the present year will fail con- siderably under that of last season. The survey says that prices for farm prod- ucts May 15 last were 9 per cent under those of a year previous, and values of by Seasoned ll::i’t. depositor, which will operate the 1 leading crops subsequently have receded to new iow levels. o WAVE OF ECONOMY Less Spent Week Ending June 28, Check Figures Show. A wave of economy during the week ended June 28 as compared with the fl’evloun week is indicated by compila- fon of check payments in principal cities, made by the Department of Com- merce. In the comparisons that fol- low 1923-25 1s used as a basis period, with, the average represented as 100: Week ended June 28 1275 Previous week 134.9 Same week last year. 125.3i CHICAGO LIVE STOCK MARKET CHICAGO, July 7 (/) (United States Department of Agriculture) —Hogs— direct; unevenly, 10a25 higher on hogs under 230 pounds; heavier weights broad; top. 10.00 for around 180 pounds; light light, good and choice, 140-260 pounds, 9.60a9.85; light weight, 160-200 pounds. 9.75a10.00; medium weight, 200~ 250 pounds, 9.60a9.85; 250-350 pounds, 9.30a9.70: packing sows, medium and. good, 275-500 pounds, 7.75a8.65; slaughter pigs, good and choice, 100-130 pounds, 8.75a9.50. Cattle—Receipts, 24,000 head; calves, 2,000 head; very slow market, mostly 25-50 lower: she stock comparatively scarce; cutter cows and bulls scarce and fully steady; vealers steady. Slaughter cattle and vealers—Steers, good and choice, 600-900 pounds, 9.75a 12.00; 900-1,100 pounds, 9.75a12.00; 1,100-1,300 pounds, 10.00a12.50; 1,300~ 1,500 pounds, 10.00a12.25. Common and medium, 600-1,300 pounds, 6.25a10.25; heifers, good and choice, 550-850 pounds, 9.50a10.75; com- mon and medium, 6.00a9.75; cows, good and choice, 7.25a9.25; common and medium, 5.00a7.50; low cutter and cut- ter, 3.75a5.00; bulls (yearlings ex- cluded), good and choice (beef), 6.7: 8.50; cutter te medium, 5.50a7.0 ers (milk fed), good and choice, 10.00a 12.00; medium, 9.00r10.00; cull and common, 6.00a9.00; stocker and feeder cattle, steers, good and choice, 500- 1,050 pounds, 7.75a9.75; common and medium, 5.50a7.75. i Sheep—Receipts, 8,000 head; early sales fat lambs around steady; bulk | sorted natives, 10.75a11.00; holding best | range lambs around 11.25; sheep gen- | erally steady; lambs, 90 pounds down, good and choice, 10.25a11.25; medium, |8.75a10.25; 91-100 pounds, medium to choice, 6.00a8.75; ewes, 90-150 pounds, medium to choice, 2,00a3.50: all weights, cull and common, 1.00a2.50; h-edlng' lambs, 50-75 pounds, good and choice, | 7.25a8.00. ASSETS SMALLER. NEW YORK, July 7 (#).—Capital Ad- ministration Co., Ltd., reported net as sets as of June 30, after preferres dividends for the first half of the year, amounting to $11,307,637, a decrease of 13, per cent from net assets of $11.- 509,805 as of December 31 last. Profits for the first six months this year totaled $282,309 and income from this and ther sources was $498,968. PRICES ON PARIS BOURSE. | PARIS, July 7 (#).—Prices were firm |on the Bourse today. Three per cent rentes, 87 francs. Five per cent loan, 102 francs. Exchange on London, 123 francs 72!, centimes. The dollar was quoted at 25 francs 43 centimes. Recelpts, 38,000 head, including 12,000 | strong to 10 higher; shipping demand | b heavyweight, | 3¢ INVESTMENT LIST OF BONDS HIGHER Best Corporation [ssues Show Firm Trend—Con- vertibles Irregular. | By the Associated Press. NEW YORK, July 7—A few prime investment bonds were marked up as| the rest of the bond market idled to- day. Activity was better than during the dull session of last Thursday, which ended the week's trading, but showed no signs of briskness in the early dealings. Best grade corporation bonds showed a relatively firm trend, but many issues | dragged in dull trading. Stock privilege jssues were irregular. United States Government issues were steady. Of- ferings of legal rails were small. St. Louis, San Francisco 4!3s, Union Pacific_first 4s, Chesapeake & Ohio 4155, Big Four 4s, Chicago & North- western 6135, Western Maryland 4s appreciated. Convertible rail issues moved irregularly with small gains and losses about evenly divided. The entire foreign list showed a firm trend, with Argentine 5!3s, French National Steamship 7s, German govern- ment 5!5s, Norway Kingdom 5s and Tokio City 5!2s, Belgium 7s and Italy 7s among the most active issues which " | moved higher. New offerings today were small and confined to municipal issues. Among the large pieces of new financing ex- pected this week are new bond issues by two large utility companies. One is a $12,000,000 4'> per cent issue of Commonwealth Edison Co. < Washington stAock é;change SALES. Capital Traction 55—$1,000 at 911, Washingion Gas 65 1935 “B"—s200 at 1033;. Washington Rwy. & Elec. 45 '51—8$500 at 853, Norfolk & Washington Steamboat rts.— 2 at 16%. AFTER CALL. Capital Traction—5 at 581;. Potomac Electric Power 6% pfd.—2 at 110%. Mergenthaler Linotype—7 at 9714. Capital Traction 5s 1947—$500 at 91%. Potomac _Electric Power 5'2s pfd.—15 at 1073, Bid and Asked Prices. BONDS. PUBLIC UTILITY. City & Suburban 55 Georgetown Gas 1st 85 Potomac Elec. Cons. 57 Fatomac, Eiec, 53.. 03 Wash. Gas 8s. series B, 108! Wash. Rwy. & Elec. 4s.. a5% MISCELLANEOUS, arber & Ross. Inc., 6las... aevy Chase Ciub 5iss... C. Paper Mfg. 6s.. sh. Mkt. Cold Stor: h. Cons. Title 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (d9). .. Capital Traction Co. 5 N. & W. Steamboat (12d). N Potomac Elec. P & Annap. com. & ‘Annap. pfd NATIONAL BANK Capital (14). Columbia (12 Commercial (stamped) (10). District (8) Wash., Balt. Wash, Balt. TRUST COMPANY. Amer. Sec. & Trust Co. (15). ash. SAVINGS BANK. Bank of Bethesda (61) 1 Commerce & Si East Washin, Potomac (10 Security Sav. & Seventh Street (12). . United States (30). Wash. Mechanics' (20) . gto B n's L] National Union (18" TITLE INSURANCE. Columbia (6h). Real Estate (6h) ! Title & Inv. Co. M MISCELLANEOUS. Barber & Ross, Inc. com Mergenthaler Lin Natl. Mtge. & Inv. pfd. . Peoples Drug Stores pfd. Real Est M. & G. pfd, Security 4e).. . . Ref. (6! Storage ¢ & Wh *Ex dividend. B Books closed. n2sc extra. £30c extra. 17 extr elia% extra. ¥212% extra. 37 extra. 4% ext dEx rights, 52% extra. wi--When issued. Pibisamate FORM>S SECURITIES FIRMS. NEW YORK July 7 (#).—The War- ren Bros. Co. has formed the Warren Bros. Financial Corp. and Warren Municipal Securities, Inc. The finan- cial corporation will deal in securities acquired “mainly in connection with the Warren Bros. Co.'s foreign and domes. tic contracting business, while the mu- nicipal securities corporation, a wholiy owned subsidiary, will deal exclusively in domestic tax-exempt securities. PLAN STOCK CUT. NEW YORK, July 7 (#).—A special meeting of stockholders of Philip Mor- ris Consolidated, Inc., has been called for July 15 to vote on a proposal to re- duce the authorized class A stock from 218,000 shares of $25 par value cach to 146,500 shares of $25 par by retiring 71,500 shares of class A purchased by the company for the purpose. The meeting will follow the annual meeting, at which seven directors will be elected. OIL OUTPUT RISES. NEW YORK, July 7 (#).—California crude oil production for the week ended July 5 averaged 603,100 barrels daily, an increase of 2,200 barrels over the out- put during the final week of June, Well completions at Long Beach and | Plays Del Rey and maintenance of the previous week's average of 115,000 bar- rels dally at Santa Fe Springs were given as contributing factors to the upturn. . SILVER QUOTATIONS. NEW_ YORK. July 7 (#).—Bar silver, 34. RUBBER MARKED DOWN, [ovoes v BONDS o tcrwer Received by Private Wire Direct to The Star Offize 1 UNITED STATES. (Sales are in $1.000. Sales High Low. . 118 10030 10¢ 72 1 Lib 4th 4 18, US 3584l % 12 1 Argentine 6= Oc Argentine 6% Argentine 63 A. Argentine 6s B. Australia 4% = '56 Australia 6 ‘55 Australia 6s 57 Austria 7s........ Bank of Chile 8158, Bank of Chile 6% Batavian Pet 4%s Belgium & Belgium 6%s. Bolivia 8s. Bordeaux 6s Brazil 6148 '26. Brazil 6158 ‘27 Brazil 7s Brazi] §s Canada 5s Chinese Gov Ry £s. Colombla 6s.Jan ‘61 Danish Munie 8s B. Denmark 4%s. Denmark 61 s ‘55. . t Dutch East 1 Bl Salvador Fiat s war "48. French 7%s. Ger 5% 5'30. State 58 itallan Pub Sve 7s. 026 075 5 PR PP PP 3= Bana— mw 108 3 8%s. .. 2 Jugoslavia Bank 7s Karstadt 63 '43 Mtlan 6%s Montevideo 7 Norway 63 Orfent dev 534 68 Orient Dev 65 ‘53 Paris Orleans 6%s. Peru 65 '60. Peru 6 Plrelli 7s ‘52, Poland 6s40. ", Poland 7s (reta). .. Poland 8s Porto Alegre 8s Queenland 78 Rhine Wat EP 652 Rhine West6s ‘63. . Rhine Wat EP 7850 Rio de Janeiro 61 . Rio de Jan 8s '46. Rio Gr du Sul 6 Rio Gr Du Sul 8 Rome 6%s. .. R'y’l Duteh ¢ Sao Paulo 8536 Sao Paulo 50, Serbs-Crot-Slo Sotssons 6s. Swiss 5148 Swiss Conted Toho El Pwr 63 '33. Toho El Pwr 78 Tokio 5348 '§1 Utd Kingm 6% ‘37 Utd SS Copen 68'37. 6560, Uruguay 8s. . 9 9 102 106 981y 9RT 106 9015 89 4 104% Close. 10129 3 1023 55 10280 10227 10230 12 10230 10130 10230 5 10 1 1 98K 98% 9RN 98N 9w, 98T 103% 10314 1084, 109 1105 11 % 108t High 02 97 % ales Montana Pwrdbbs 3 1 Nat Dairy 6% s Nat Radiator 6%s. New Eng Tel 55 105 NY No Am Ed 6%s Nor Ohlo Tr&L 6s. Nor States Pwr s. Nor States Pwr 6s. Pacific Gas & £ bs T&T st bs PacT & T 5s'62 Paramount 6 Pathe Exchange 7s Peoples Gas 58 Phila Co bs 67 \ Phila & Read 6s'49 Phillips Pet 514s. Postal Tel & C5%n Pub Serv G 4%s'10 Pure Ol 5%8°37. .. Rem Rand 5% s war Richfleld Oil 6 Simms Petm s '29 1004 1045 104% 79 19 ™. 8 ROy BUTY 100% 101 1007 f 1061 10514 89 8 891 924, 1014 105 1015 101% 102 1081 88 91 85% 997, 107 117% 123 88% 88% 105% 103%, #5% 9614 93 101% 105% 101 101% 102 108% R 100% 9RY, 9814 9614 971 Q015 104 /3% 7 95% 1048 10214 89% 9Ty 9 1034 104\, 105': 106 1074 99y 100 90% 10414 1004 96% 107% 75% 9674 100% 963 106 T5% 961y MISCELLANEOUS. ADbitibl P&P 6 Abramé&Stravs 65 s Ajax Rubber 8 Am Agri Chem 7148 Am Beet Sugar fs. . Am For Pwr 65 2030 Am1GCh5is'e9. Am Int Cor 5%s ‘49 Am Metal 63 s '34 Am Nat Gas 63 s'43 Am Smit & R 18 Am Sugar Ref 6 am T&T eva g Am T&T b Am Water Wks Armour&Co 4% '3y Armour. Del.6 148, Atl Gulf 68 59 Bell Tel, Pa, b3 (B) Bethlehm €11 pm 6s Certn-Td 63 rets. Chile Copp. Col G&EI 63,M ConGasN ¥ 6} Cuban Am Sugar Det Edison bs '40. Kan City P & Lt t B 53 Lorillard ba. NEW YORK, July 7 (Special).— Crude rubber, smoked ribbed sheets, was marked down !} at today’s noon quotation of 12. compares with 123 a month ago, and 21% a year ago. Larillard 6%s. Lorillard (P) 7s, McC'rmek R Midvale Steel Montana Pwr 1 3 40 25 35 . 31 13 59 X 31 .9 13 84r, 100 65 99 98 1014 100 8414 99, 65 98 974 101% 100% 8415 100 65 99 974 1011% 10012 100% 9015 81l Tal 105% 101% 40 954 4 102% 945, 1024 v 1068 9ty 10214 101 60 60 951y 101% 101%, 931y 106% 924y 102 105 100% 94%, 10014 993, 1001 854 90 1005 854 904 108% 96 105 108% 96% 1047 1064 106% T8y 784 10215 1021 102 1025 76 7% 104% 105 121% 121% 12 114% 08 98N RT% 89% 921 9214 109% 1097 101% 101% 101 101% 102% 102% Sinclair Ol 6148 Sinclair Ofl 7a ... Stnelair Crude 51gs S'neclalr P L 68 Skelly Ofl 518 Solvay Amer 68 '42. South Rell Tel 58 Southwest Bell 5s. Stand Ofl NJ * Stana Ol N ¥ Sug Es Orient 7s ‘Tenn Cop 6s B Tenn El Pwr 6847, Tex Corp ev bs *44 Transcont] Of1 6%, United Drug 5 S Rub 1st rf U S Rubber 7% Utah Pwr&Lt b8 Utilities Pwr 5%4s. Vertientes Sug 7a. Warn Bros P 65 "49. Western Elec bs. . Westn Unfon bs'51. Westn Unfon 6%s White Sew Mach Willys-Ov 6148 ‘33, Wilson & Co 1st 6s. Win RepeatAr 1%s Youngstn S &T b, 101% 101 0 987, . B34 0122 83 13 1 100% EEN 43 1014 1041 103 109% a9 103 4 1021 RAILROAD. 28I 1 918 . 12 96 A. T&SFcv4%s'48 23 1255 Atl Coast L 1st 48 19 1004 5 105 7 103% 11035 27 110% 11 yo 8 1007 1st bsrets. ., 0 655 2000 (D) B & O ref 6595, Bang&Aroos 45 '51. Bklyn Un 1st 55 Bklyn Un EI 58 '5 Buff R & Pitts 43 Bush Term con 5s. . Can Nat 4%s 54. Can Nat 414857, .. Can Nat 6s. Oct Can Pacific 68 'b4. . Canadian Pacdb s 38 881 CarClin & 063’62, 1 1081 Cent of Ga 6sC 69.. 19 100% Cent Pacific 45'49.. 3 94% 1 103% . 24 1004 15 100% 3 9t 2 98ls 6 1043, 5 94 2 874 & O gen4ls. &0 4%8°93 A Ches& O 4%s B 96 Ches & Ohlo con bs. C B&Q Il div 4s. .. CB&QIl3Ys..., C B& Q gen 48 53 Y 95 CB&Q4%sTTB. & 100 Chi& E LIgnbssl 20 700 ChiGr West 48°69. 56 701, Chiind & Lref6s.. 4 103 CM&SLP Pac ad) 5. 43 53 ChiMUSLP&P 576, Chi&NW 4 4 Chicago Rwys & ChiR1&Prt 4 ChiR lcv434s 60 1 Chi Un Sta 444, 89% 11 98 156 100% 5 100 2 961 6 57% 22 86 3 98% 1044 CCC&SLL 4%s (E). CCC&SLL deb 4%, Colo & Sou 4%, Conn Ry&L 4 CubaNors 158'42 Cuba RR 7% Deld& Hud ref 43 '43 Del & Hud 5% Den & Rio G o Den&Rio G 4338 Den&RG W 58 ‘55 D R G&Wst b8 7 Det United 433, Duluth $ 8 & Atl 58 Erie gen 4s. Erle b3, 1967, Erie 68, 1975. Erie conv Ex 7 Gr Trunk st deb Grand Trunk 7 Gt Northern § Great Nor gen 7 Hud & Man adj 5 Hud & Man ref 6. 111 Cent 4552, Int Rapid Trans 6; Kan City Ft S Kan City Sou b Kan City Term | Lake Shore 3%s. Leh1 Val con 4s. Lehigh Val con 4%s L& Nunt4s.. L &N ¢1%4852003... L&NGY%S ....... Louis&Nash 5s(B). ManRy 1st 48°90. . Market St 7a°40. .. Mill EI Ry&L 6361 M StP&SSM con 4s. M StP&SSM bs gtd. M K & Tex 1st 4s. . MK & Tex 45 (B). . M K&T prin 6s(A) MEK&T4%s73... Mo Pacific 58 A Mo Pac b8 F"17. Mo Pac 68 G Mo Pac 618 ‘49 ev. Mob & O 414877 Nor OreT&M 5% N Y Cendebds ... N Y Cenrfim4l4s. 2 106% 1 105% 12 9 95 15 101K 14 Ro% 4 98 1 ssi 1 871 1 1041 45 951 6 101 . 24 1000 11 100 1107 1 954 .10 102 3 99y 1 101 41071 14 1074 1 100 4 9Ty 6 971 5 101% 1 102% 1 804 1 93% 1121 16 45k 1 4y 1 61 4 66 4 92 N Y NH&H NY NH&H 4348 67, NY NH&H ev db 63 NYOnt& W istds N Y Rallway 65 ... N YRy6s(A) 65, Nor Pacific 3s 2027, Nor Pacific Nor Pacific Ore Wash 1st ¢ Pe Port RL & P 68’42, Reading gen 4% A. RIATK& L 4%s. .. Rio G West eol 16 100% 10 100 156 99% 2 864 StLIM&S 14 101% StL IM&S d4s Low. Close. 102 102 961 96% 224% 224 106% 106% 1054 1051 1144 1141 1 10 % 10: 102% 10: 1011 L i are all purely speculativ Rail Stocks (This is the twelfth of a series of brief analyses by Mr. Hughes on ratiroad se- curities. The inient is not to recommend the puichase or sale of any particular stock. but to give the investor such in- formation as may enable him intelligently to chart his own course.) Chicago, Milwaukee, St. Paul & Pacific. Under present conditions the greatest interest in the securities of the St. Paul attaches to the adjustment bonds. The fixed charge obligations are all reason= ably good investments and the bonds, which were undisturbed in the reorgan= ization, including the general mortgage issues, are high grade. The stock on which no dividends have yet been paid, As such they have attraction in times of improving earnings for the road, a condition which | does not obtain now. 1001 1004 1018 1018 10315 1033 | 100% 1008 981y 9R%, a5y 96 T 97Y 103% 106 1054 103% 103% 1034 99 99 42 42 100% 100% v 106 1061 103 103 108 108% 968, 97 RO RO 100% 1001 1004 1001 BRN RBU 42 42 1005 100% 104% 104 103 103 10976 1097 68 68 29y 99y 9% 991 103 103 102 102% RI% RIN 1% 91 9%t 96 125 125% M 94 95 95 991 9914 1005 100% 105% 105% 103% 103% 103% 103% 110 1104 88 90 100% 100% 897 90 102% 10 93 9 971 7 2% 3 971 2 103% 1 997 11 102% 102% 102% 1028 88 884 1081 1081y 100 100% 94% 943, 1087 103% 100 1004 100% 1008 98k 98% 98y 9814 104% 104% 941y 941y 87y 87l: 944 95 109% 16 82 97 90 90 100 100 10u% 1004 208 BY% 98 98 100% 100% 100 100 9615 961 57 574 26l Boly 93% 93% 04k 104k 9% 82 9714 98 105% 105% 110% 1104 105% 105% 110% 1107% 11013 1104 m T 99 99 100% 10045 Y8 98 100% 105% 100 964 9614 100% 100% 9ty 9Ly 801 R0 89 R9 100 100 4 105% 1051 45Y% 94 1001 10015 BAbe 891, 978 98 88 KKl 87 874 1041 10415 951 951y 101 101 100 100% 100% 100% 107 107 954 95k 10115 101% 99 99 101 101 1071 1071 1074 107y 100 100 978, 97y 9T 9Ty 1015 101% 102% 102% R0% ROY 931 93y 121 121 4% gy 4y 41 61 61 66 66 91y 92 13 118 92 92 96'% 9615 100% 1008 101 101 2 104% 1044 109 109% 91 9 98 98 100% 100% 100 100 991, 994 Bl 864 100% 101% 98l 98l 20 20 92 92% The adjustment bonds, however, oc- | cupy a middle position between the | stocks and the senior obligations. In- terest on the adjustments became cum= ulative at the rate of 5 per cent annually on January 1, 1930, but the full rate has been paid every year since the present company began operations in January of 1928. In the 12 months ending May 31 interest requirements on the adjust- | ments were covered with something to | spare for the preferred stock, but the | directors have full discretion as to what | payment if any they make on October | next, the semi-annual interest date. | Their decision will of course depend on | the traffic outlook at that time. ! Like the other roads serving the | Northwest, St. Paul has experienced & drop in car loadings this year in com. parison with the same period in 1929. When the turn will come it is impossible | to predict, but of eventual recovery there can be no real doubt. | _ Meanwhile the market price of the adjustment bonds as well as of the | stocks fluctuates through a wide range, | The road was put in excellent physical | condition during the receivership and !Is In a position to take advantage of | trade revival, | Of the two 1ssues of stock the 5 per cent preferred is of $100 par and the common is of no par. The preferred is non-cumulative, but shares with the common on all dividends in excess of $5 on the junior issue. This is a provision of no immediate importance, but it may become valuable at some future time. In the latest Interstate Commerce Com- mission plan the St. Paul is placed at the head of a system of its own. | | | Investment Trusts NEW YORK, July 7 (#).—Over-the- counter market: *° | 4 OVer-the Affiliated Inv Inc. Do’ New Unifa. - 25 BLATEE3852. ew Units... | Alex Hamilton Inv A’’’ Alllance Iny Corp Com Am Brit & Cont 6% pf. Am & Cont Corp. Am Founders . 0 6% pf. o Do 7% pt Do 1:70% Do Laoie e conv pt ctfs’ . oL Do 1-40 com Am Ins Stocks. Am Util & Gen A'! Util & Gen Ailot ctf Am ssoc Stand Oil Shi U i e Bansicilla Corp. .’ Basic Industry Shares British ‘Type Invest Capital Chain & o e, Chain_Sto: Chartlred artered T Do Cont Metro ' Bankshars Corporate Trust Shares Crum & Foster Ins B Uit Birst, Amer. Gorp.. Fixea Tt SGia Granger Guardian Inv. Tr.... ; pld. ww. Gude Winmill Trad. Incorp. Equities.. Incorp. Investors. Insurance Trust Shai Investment Co. of Am o. ey . pid.... Int. Securities Do. B..... [ stment Trust Assoc Investment Trust of N. Investment Trust Asso: Investors & Traders In Jackson & Curtis Inv. A. Joint Investors... ... Leaders of Indusir: Mass. Invesiors Tri wk _TInve M age. 'Corp. ... fonal Investors Shares. Nationwide Securities. North Am. Trust Shar Nor. & South. Nor. & Ot S ittt O | Revnolds Second Inc. ar Stand Collat Trustee Shari Stand. Am. Tr. Shares. Stand Ol Trust Shares Spencer Trask Pund Irc 8. W. Straus Invest. Units Super Corp. of 3 Trustee Stand. Oil Shares 'A. Union Financial A United Cap, Unit Do. B Un United 1. 8, United N. ll!cl i Trust Shrs. P 18 ¥ Bk & Tr._Shrs € 1874 8. Lt. & Pow. Bhares A 3531 United Oil Trust Shrs. 0% U'S Elec. Lt. & Pow Shares B 9% | UpS: & British ™nt. Co. Ltd. A 31 Do. 33 pf ... United Pounders. POTATO MARKET WEAK. CHICAGO, July 7 () (United States Department of Agriculture).—Potatoes, ; | 224 cars; on track, 448 cars; total United States shipments Saturday, 1,168; Sun- day, 28 rather weak, trading fair; Kansas and Missouri sacked Irish Cob- blers, best, mostly 1.50; few fancy, shade higher; ordinary, 1.25 up; East Shore Virginia, barrel, Irish Cobblers, 3.60a 3.75; Norfolk section mostly 3.50. PRODUCE QUOTATIONS. NEW YORK, July 7 (#).—Flour barely steady: Spring patents, 5.20a 5.55; soft Winter straights, 4.4 hard Winter straights, 4.65a5. weak; No. 2 Western, 57, f.ob. York and 55'4 ec.if. export. York and 55'; . export, steady; mess, 31.50; family, 33.50. Lard easy; Middle West, 9.85a9.9 ial, loose, 4% High Low Cl 18 1025 1014 7 99 981 ose 1021 10615 14 94 Seaboard AL cn 6s. 2! Seaboard AL ref 4s SBAIIFla 6335 A 4815 418 401 931 Tol Tr L&P 5% Union Pac 1 Union Pae 48 Unton Pac 4% Virginia Ry 1st bs.