Evening Star Newspaper, July 10, 1930, Page 14

A—14 BROKERS COMPLAIN L F1 OF QUETSESSONS Heavy Overheads of Dealers Not Helped Greatly by Inactive Trading. BY JOHN F. SINCLAIR. ‘The New York Stock Exchange com- plains of quiet sessions, with many 1,- 500,000-share days recently, but its, transactions so far in 1930—a total of 501,000,000 shares—compares very fa- vorably with last year's record up to the same date, which was 564,000,000 shares. How many shares a day must be traded in for Stock Exchange members to break even? On a turnover of 100 shares or more, the brokerage charges both ways average about 40 cents a share. So on a 1,500,000-share day the total brokerage is about $600,000. Is this enough for brokers to pay ex- penses? There are at least 1,100 active New York Stock Exchange members. ©Of these, many buy and sell for their own account and pay nothing but trans- fer charges. Possibly 40 per cent of the $600,000 is never paid out. If the bal- ance, say $360,000, is divided among them, the average would be around $350 a day. Y But many of these houses have very heavy overheads, with expenses running into several thousand dollars a day. One firm, with Western connections, estimates that It must turn over 70,000 shares a day in order to break even. “I should say it requires at least & £.000,000-share day on-the Stock Ex- change for the members to break even, said one broker yesterday. That is why 'a 1,350,000-share “dl.V. such as yesterday, is considered a “lia- bility” day by the vast majority of New York Stock Exchange members. Bank stocks have -declined in price fully as much as the “blue ohip” stocks. Some more. New York bank stocks yield, on the average, about 3 per cent. annually, in contrast to 1.3 per cent average for mine -of the-leading. New. York stocks at the high peak of 1929. A bank stock carries & double Mability. It, therefore, should earn the investar more than an industrial or public utility stock, which has-no-sueh-eontingent rer sponsibility. But seldom does it. Let us take eight New York bank/( stocks, and see what a share of each is worth since the drop: 1929, July 1, 1930. irst National Bank. $8,350 Narancy Trust ... 1300 v i o P 1ER e i % Tr Go 138 Of these representative New' Yorl banks, the stock of the Bankers’ Trust and the First National, yielding 2.2 per cent each, are the highest in price, while the Manhattan Co., yielding 3.7 per cent ennually, is the cheapest in price. A casual reading of the above list will show that bank stocks have surely lost “their hysteria value.” Col. Edward A. Deeds, chairman of the United Aircraft & Transport Co., is ithe first American to install an airplane on his new million-dollar Diesel yacht. The owner plans to use the plane in ‘commuting between his yacht and the shore and for short trips from the yacht. It is a Sikorsky four-seater, with & radius of 400 miles. ‘The new Deeds yacht has many new features. An electrical cooling unit maintains any desired temperature in the cabins, Summer or Winter. A gym- nasium includes an electric horse and an electric vibrator and other appa- ratus. Hunts would be in their glory on this yacht, for a trap box, from which clay pigeons are sprung by the crew for ests interested in trap shooting, is ther feature. Col. Deeds, 56, vice president of the National City Bank, had been associated with some of the large American insti- tutions before entering the aircraft field. He was vice president of the Na- tional Cash Register Co. of Dayton, his ‘Thome town, and later with the Shredded ‘Wheat Biscuit Co., at Niagara Falls. In 1917 he went to Washington as @ member of the Aircraft Production Board, later to become chief of the aircraft production. Since then his time has largely been given over to air- craft development in its various phases. Adjoining his country home at Day- ton, Ohio, he has built one of the most modern private airplane flelds of the eountry. Sir Herbert Holt, Montreal financier and president of the Royal Bank of Canada, has been giving much of his time during the last 12 months to the reorganization of the British Empire Steel Corporation. . Although 74, Sir Herbert, reputed to be Canada’s richest man, is one of the most vigorous of her big business lead- ers. His long office hours continue. In his office in the Power Building in Montreal he dreams of new empires to conquer. The evening sun often s down while he works on, absorbed in Canadian’ problem of BuBLwEL! ‘business. “Canada buys a million dollars’ worth of steel every day. Much of this busi- ness has been placed in the United |y, States. But Canada has an enormous supply of iron ore, plenty of cheap power and water transportation to make its own steel as cheap and as good #s any nation,” said Sir Herbert, in dis- cussing this matter with the writer “That’s why we are reorginizing the British Empire Steel Corporation, and why we believe that within the next few ears a great deal of the business that as been going across the line will come to Canada and be handled by our own steel industry. Reorganization, which includes con- trol of the British Empire Steel Corpo- ration, was taken over by Sir Herbert and his associates about two years ago. Before long now a new gigantic effort to wrest the steel business of Canada away from the large American com- panies may e expected. WHEAT RISES AGAIN Downward Slant at Opening Fol- lowed by Late Recovery. CHICAGO, July 10 (#).—Despite a downward slant at the start, wheat prices quickly scored a new advance today. Persistent heat and drought unfavorable for the Spring wheat crop both in the United States and Canada tended to lift the market. Opening unchanged to 3% cent lower, wheat afterward rallied all around to above yesterday’s finish. Corn, oats and pro- visions were liwewise firmer, with corn starting at '3 cent off to 3 cent up and subsequently showing general gains. INVESTMENT TRUSTS NEW YORK, July 10 (#).—Over-the- counter market: & Bid. Asked. Chain & Chain Store Invest s Do . ont i ank Shares A ‘versified Trustee Shares Do B .. Do C il Trust Shrs H Tt & Pow Shares B... NANCIAL. Stock and Divides te. 97% N Y N H & Hart (6). 116 NYNHR&HDf (1) 17% N Y Invest (1.20). 814 N Y Ont & Weste: 100 N Y Steam pf (6). 213% Norf & Western (1 83 Norfolk & Wn pf (4). 70s 7% North Am Aviation.. 24 871 North Am(b10%stk) 277 51 North Amer pf (3)... 2 100% North Am Ed pf (6). 45 No Ger Lloyd (3.43). 66% Northern Pacifie (5). €31 North Pacifie ct (6). 9% O1fl Well Supply..... 13% Oliver Farm Equip. . 27 Oliv Fr Eq ov pt(3). 2% Omnibus Corp. gn- Elev. n(2% t! 146 10 524 Pacific Gas & El (2). 72 Pacific Lizhting (3). 1164 Pacific Tel & T pf(6) 124 Packard Motor (1).. 51% Pan-Am Petrolm.... 50% Pan-Am Petm (B) 4'% Panhandle P& R.... 48% Param’'nt Publix (4). 19 Park & Tllford (13) 9 Parmelee Trans 1%. 2% Pathe Exchang: 5 Pathe Exchange 17 Patino Mines. . 26% Penick & Ford (1 48 Penney (J C) (3) 93% Penney(JC) pf A(6). 64 Penn Dixie Cement. . 69% Penna RR (4)...... 230 People’s Gas, Chi (8) 94% Pere Marq pr pf (5).. 18% Petrol Corp (1%). 29% Phelps Dodge (3). 50% Phila Co 6% pf (3).. 11% Phila ReadC&1.. 8% Philip Morris (1)... 29% Phillips Petrm (n2). Plerce Ol troleum. 111, Italy (23.14). Fittsbgh Trml Coal. . 208 Poor & Co (B) (2)... 28% Porto Ric Tob A (n). 11% P Rican Am To (B).. 36 Prairie Ofl & Gas(2) 44% Prairie Pipe L (15).. 6% Pressed Steel Car. 52% Proctor & Gamb(2.40 6% Prod & Refiners..... - 811% Pub Serv,N J (3.40). --91% Pub Serv N J pf (5). 62 Puliman Corp (4). - 19% PureOH.(1%). 110% Pure Ofl pf (8) 52 Purity Bakeries 321 Radio Corp. ... Radio pf A (3%) Radio Corp (B) (5).. Radio-Kelth-Orph A. 316 RRSecl Cl!k(':l:). 20; 8% Reo Motor Car 6 Reo Motor c 37% Republic Steel (4). . 88 Republic Steel pt (6) 59% Revere C&B (A) (4). 23 Reynolds Metls 2.40. 3 Reynolds Spring.... 45% Reynolds Tob B (3). 14% Richfleld O11 (2). 15% Rio Grande Oil (3) 27% Rossia Insur (3.20 49% Roy Dutch (a1.3415). 70% Safe [ 94 Safeway p! . B 33% St Joseph Lead (13). 85% St L-San Fran (8)... 92 St L-San Fran pf (6) 52% St L Southwestern. 85 St L Soutwn pf (5) 4% Schulte Retall Strs. . 6 Seaboard Alr L. 9 Seagrave (e1.20) 59% Sears Roebuck(3: 7 Second Natl Inv... 58% Sec Natl Inv pf (5).. 6% Servel. ING......... 54 Sharp& Dopf (3%). 16% Sharon St Hoop (1). 31% Shattuck(FG)(t1%) 18 Shell Union (1.40)... 95 Shell Un Ofl pf (5%) 8% Shubert Theatres.... 21 Simmons Co... 18 Simms Petrm (1.60) 20 Sinclair Con Ol (2).. 281% Skelly Ofl (2).. 8914 Skelly Oll pf(6). 15 Snider Packing pf. 95% Solvay Am pf(5%) 15% Sou Porto Sug (1.4 52% Southern Cal £d (3). 108 Southern Pacific (6). 89% Southern Rwy (8)... 90% Southern Rwy pf (5) 19% Spang-Chalfant..... 13% Sparks Withngtn(1). 18 Spencer Kelg (1.6 14% Spicer Mfg....... 37% Spicer Mfg pf (3). 10% Spiegel-May-Stern. . 17 Stand Branas (134).. 33 Stand Comm Tob. ... )ee 981 Stand Gas& El pf( 5 Stand invest Corp. 55% Stand O of Cal (2% (Continued From Page 13.) Sales— Add 00. High. THE EVENING STAR, WASHINGTON, D. C., THURSDAY, JULY 10, 1930. NEW YORK STOCK EXCHANGE Sun Of1 Sun O11 Whit White 12% 2% 5% 16 17% payments base: in . §Payable no regular rate. b Pi in cash or st 6% 60% ' 85" h Sock. Stock and Dividend Rate. Stand O1l Exp pf(6).. Stand O1l of Kan (2) Stand Oil of N J(12). 85 Stand O1l N Y (1.60). AH SRR the abens dabe e e aoun b A in_scrip, 1Plu able i tock. 1 Pl in stock. J Plus 8% Sales— Add 00. High. 1 1014 5 324 4 T0% 8 ! Stewart-War! Stone & Webster (4). 4 Studebaker Corp (4). (I1).... of (6). . Superheater (13%).. Superior Oll..... Sweets of Amer (1).. Symington. ... ' Symington (A) Telautograph (11.35) Tenn Cop & Ch (1) Texas Corp (3)..... Tex Gulf Sulphur(4) Texas PC&Oil... Texas Pac Land Tr.. Thatcher Mfg (1.60). Thermoid Co. . . Third Nat Inv (2). Thompson Prod(2.40" Tide Water A (60c). Tide Water Oil pf(5) Timken Roller (3)... ‘Tobacco Product % Tobac Prod(A)(80c) % Tob Prod div ctfs A Tob Prod div ctfs B Tob Prod div ctfs C.. ‘Transcontl O1l (30¢c). Transue & W (1).... Tri-Contl COrp. ..... ‘Tri-Cntl Corp of (6). Trico Prod (2%).... Twin City Rap T(§4) Und-Ell-Fischer (5). Union Carbide (2.60) 115 Union Ol of Cal (32) Unilon Pacific (10). Union T’k Car (1. Utd Atreraft... b 12 Utd Cigar Store United Corp (50¢) .. United Corp pf (3).. Utd Dyewood. . Utd Electric Coal. Utd Fruit (4) . Utd Gas & Imp(1.20 . 24 ) 168 U 8 Tobacco (4) Univ Leaf Tob (3). % Univ Leaf Tob pf(8) Univ Pipe & Rad. ... Utll Pwr&Lt A (e2). Vadasco Sales Corp. 14) f o 10s 3 15 Va Elec pf new (6).. Va El & Pwr pf (7) Vulean Det (4) Wabash..... Wabash pf (A) (5) Waldorf Svstm(1%) Walworth Co (2) Penn El pf (6). Penn El pf (7).100s Penn Pw pf(6). 20s Penn Pw pf(7) 110 s 3 Rek MS(14%) White Sewing Mach. Whit Sw Mch of (4). Wilcox Ofl & Gas. ... Willys-Overland Willys-Over pf (7) Woolworth (2.40). Worth Pump. ... Wrigley (Wm) (4) Yale&Towne Mfg(4) Yellow Truck....... Youngs Spring (3) Zenith Radlo........ RIGHTS EXPIRE Am Tel & Tel.Aug 1 Ches & Oht % DuPont deN..July 15 % Intl Salt.....July — Sales of Stocks on New York Exchange uly 23 186,800 12:00 Noon 1,237,500 2:10 P.M. in th tab) 536,700 1979,900 the annual cash rtly extrs $Plus 4% 9 1n"stock. 'k Plis 3% in stock. 8 Bius Special Dispatch to The Star. BALTIMORE, July 10.—Poultry, alive —Chiekens, Spring, pound, 25a35; e horns, 18a25; ol d en: Leg| B 16a18; guinea fowl, each, 40a75; pigeons, pair, 15a25. Eggs—Receipts, 2,620 cases; nearby firsts, 2215; Southern firsts, 2115, Butter—Good to fancy creamery, pound, 33a35; ladles, 24a25; rolls, 24a 25; process, 28a29; store packed, Country Produce. Potatoes, white, 100 pounds, 2.00a2.50; aew, barrel, 1.7583.25. Asparagus, dozen, 75a3.50. Beans, hampers, 40a75. Beets, 100, 1.50a2.60. Cabbage, hamper, 75a70. Carrots, 100, 3.0024.00. Celery, crate, 3.00a3.50. Corn, dozen, 10a20. ~Cucum- bers, hampers, 40a75. Lima beans, bushel, 1.50a2.00. Lettuce, crate, 1.00a 1.50. Onions. bushel, 75al.15; green, 100, 75a1.25. Peppers, crate, 1.00a1.25. Peas, bushel, 1.75a3.00. Spinach, bushel, 1.00a1.10. ~Squash, hamper, 25a40. Tomatoes, hamper, bushel, 1.25a3.00. 10a15." Cantaloupes, Cherries, pound, 8al0. 3.7589.00. Peaches, crate, Pineapples, crate, 3.0084.00. melons, 100, 20.00a40.00. Hay and Grain, Wheat—No. 2 red Winter, export, 921,; No. 2 Winter, garlicky, spot, 88; July, 88%,: August delivery, 89. Corn—No. 2 domestic, ~ yellow, 90a91; cob corn, 4.00a4.25. Rye—Nearby, 60a70. Oats—White, No. 2, 47; No. 3, 46. Hay—Receipts, nine tons. The gen- eral hay market continues quiet under light receipts, mostly by truck, but ample for the demand, which is limited. While not enough hay is arriving on which to establish values by es 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, 200 head; light sup- ply, market dull. Steers—Choice to Jfinu 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 pl‘nln, 6.00 to 6.50. u Bulls—Good choice, 6.75 to 7.00; medium to good, 6.25 to 6.75; -fair to medium, 5.75 to 6.25; plain to fair, 5.25 to 5.75; com- mon to plain, 5.00 to 5.50. Cows—Choice to prime, none; good to choice, 6.00 to 6.50; medium to good, 5.00 to 6.00; fair to medium, 4.00 to 5.00; plain to fair, 3.00 to 4.00; common to piain, 2.50 to 3.00. Heifers—Choice to prime, none; good to choice, 8.00 to 8.50; medium to good, 5082.50. Water- new, fair to medium, 6.50 to wvnnu.nnn:;!oodw'“ light supply; market higher. Sheep, 1.00 to 3.50; lambs, 6.00 ?0 12.00. 3 Hogs—Receipts, 200 head: light sup- ly; market lower. Lights, 10. heavies, 9.70a10.20; medium, 10.25810.50; roughs, 7.00a8.90; light, pigs, 9.35210.10; pigs, 9.90a10.40 Calves—Receipts, 100 head; moderate iv;%poly; market steady. Calves, 5.00 to CAPITAL, LABOR MEET Special Dispatch to The Sta NEW YORK, July 10.—Capital and labor will get together here on August 16, when the completion of stonework on the 51-story skyscraper of the Irving Trust Co. at Broadway and Wall street will be marked by ceremonies under the auspices of the Building Congress. William Green, president of the American Federation of Labor, and Lewis E. Pierson, chairman of the board of the Irving Trust, will speak, while testimonials will be presented to each craft represented in the construction of the building for meritorious efforts. BANK STOCKS NEW YORK, July 10 (). — TRUST COMPANIES, Bankers .. Cent Ha Chelsea Bank Chemical Bank & Trust. Corn EXchange.....,.. County ..., Guaranty Irving ..., Manufacturers’ New Ulnted States: "I Westchester Title & T, : BANK STOCKS. [ Peoples National FOliEIGNAEx—(ZH—AN GES. (Quotations furnished by W B Hibbs & Co.) Nominai gold Selling checks value (or par). today London, pound. 34.8685 ' 34, Paris_franc.. Brussels, beigu s CE crown Stockhoim, TREASURY CERTIFICATES. (Reported by aturity 8ept. 15, 1930. 7.00; plain to fair, to_plain, 5.50 to 6.00. esh cow and Springers—40 to 80. Sheepgynd 12mv-" Receipts, 500 head: 6.00 to 6.50; common | 3 Dec.' 18, 1 it i ik 3'5% Dec 15, Washington Produce Butter—One-pound prints, 37%a381%; tub, 36a37. Eggs—Hennery, ceipts, 21a22. Poultry, alive—Spring broilers, large, 23a24; current re- horns, large, 23a25; small, 22a23; fowls, 22a23; Leghorn fowls, 15a17; roosters, 13a14. Dressed — Shipped in, iced, Spring broilers, large, 30a32; small, 2627; fowls, 24a25; small and medium and Leghorns, 15a16. Jobbers’ prices, home dressed—Spring brolers, large, 40a43; medium, 35a3 small, 30a32; Leghorns, large, 29a3 small, 25a27; fowls, large, 28a30; small, 25a26; Leghorn fowls, 27a28: roosters, 18a19; ducks, 23a25; turkeys, 32a33. Meats, fresh killed—Beef, 18a21; veal, 1 lamb, 25; pork loins, 25 28; fresh hams, 25; 18a20; smoked hams, 27; smoked shoui- 13; in bulk, 12. Live stock—Calves, 10; lambs, 9. Fruits—Watermelons, 35a1.00; canta- loupes, jumbos, 3.25; 'standards, 3.0 honeybails, flats, 2.00; standards, 4.00; oranges, 7.50a8.00; lemons, 4.75a5.5 peaches, Hileys, 3.00a3.50; Carmans, 3.00; apples, 1.00a2.00; plums, 1.75a2.2: blackberries, 5.00; alligator 6.0026.50. Vegetables—Potatoes, 2.75a3.00; matoes, 2-peck baskets, 2. 00; okra, 1.00a2.00; kale, 75a85; spinach, 1.00; carrots, per 100 bunches, 3.25a3.5¢ beets, per 100 bunches, 2.00a2.50; beans, 1.00n1.50; string beans, 1.50; squash, 65a75; cucumbers, 1.50; corn, 1.00a1.25. SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co -Chalmers By 1937 Tel. & Tel 81 to- 1.25a 10¢ N. Jersey 55 1048. 951 1931 1933 98 vee 100 4 Ol Standard Ol N. York 4128 1 8t. L., Ir. Mt. & So. Ry. 58 Southwestern Ry, 45 ubber s 1947, . n Electric Co. 8 ng Stee . 102Y Wheeling Steel Corp. 47as 1983, 91 35a36; small and medium, 27a30; Leg- | fresh shouiders, | ders, 20; bacon, 27; lard, in packages, | EBer IRAIL AND UTIITY | BONDS IMPROVING Values of Prime Issues on Listed Market. By the Associated Press. NEW YORK, July 10.—Good improve- ment in the price of railroad and utility issues continued to be made in bond trading on the New York Stock Ex- change today. The demand for prime issues of carriers and utilities among banks, insurance companies and other institutions has been strong this week and the firmness of the market has been held in osme circle to indicatse that a definite upward movement, an- ticipated insce the era of easy money, has at last started. Offerings of some of the legal and standard issues have not been extensive, but have been quickly taken at good levels. Secondary issues which for sometime headed down- ward have recently received attention of buyers. The trading today followed much the same pattern established yesterday with the greatest activity in railroad leins and convertibles with firm to strong tendencies being displayed. Atchison General 4s, Erie Improvement 5s and Southern Railway . General 4s were firm and moderately accumulated. A large turnover took place in St. Louis- San Francisco 4158, a legal issue, at the price established yesterday. Big Four 4,8 made a new 1930 high with a gain of more than one point. New Haven 6s gained about the same. Dealings in convertible rails were on a par with yesterday. With Chicago and Northwestern 4%s, Rock Island 4's, Baltimore & Ohio 4!2s, moving higher. American Natural Gas Convertible 6125 which sagged yesterday bounded back 8 points this morning to more than recover its previous loss. American Telephone 5s of '65, Brook- lyn Union Gas 5s, and Postal Tele- graph 5s were the utility issues which attracted attention and moved upward. United States Governments were dull and practically unchanged. Treasury issues eased slightly. Foreign bonds were quiet and firm. There was & large outpouring of new offerings today. They included $18,000,000 State of Arkansas 4% bonds; $15,000,000 Reading Co. 5158; $14,931.000 Armstrong Cork Co. bonds priced to yield 5.25 per cent, and $4,- 000,000 Wisconsin Power & Light Co. Washin;ton Stock Exchange SALES. Potomac Electric Cons. 55—$3,000 at 102. Washington Gas 55—$1.000 at 103 Capital Traction Co—2 at 58%, at 60. Washington Rwy. & Elec. pfd.—5 at 98'3, 9 at 98. Union Trust Co.—10 at 250. Lanston Monotype—10 at 115, 10 at 115, 10 at 115, 10 at 115. Merchants’ Transfer & Storage pfd.—10 at 96, 10 al 96. Mergenthaler Linotype—5 at 96'2. Peoples Drug Stores pfd.—3 at 104. AFTER CALL. Norfolk & Washington Steamboat rts. | wi—56 at 16, 1 at 16. Capital Traction Co.—10 at 60, 5 at 6014, 10 at 6014, 10 at 60%z, 1 at 60, 10 at 61. Bid and Asked Prices. BONDS. PUBLIC UTILITY. 10 Am. Tel. & Tel. cf Anacostia & Pot. R. Anacostia & Pot. guar. ec. Potomac_Elec. 6s 1953.. ¥ Wash. Alex. & Mt Vernon cif. 1"Ean o Gas 65 Rwy. & Elec. 4s i MISCELLANEOUS. Barber & Ross. Inc. 61as..... Goevy chase Club 8. PUBLIC UTILITY. & Telga. cti N. & W. Btel Potomac_ Elec. Po Pot. Elec. Power § Wash. Rwy. & Elec. com Wash. Ry. & Elec. pf Wash, Ball. & Annap. com. . & Annap. pfd . NATIONAL BANK. Capital (1), g Columbia (12 Gommercial (sidimped; (10} @) .. Z Lincoln (12) " Metropolitan {id) ” 9e). Washington " { TRUST COMPANY. Amer. Sec. & Trust Co. (15). Gontinental Trust (6). ... Merchants' Bank & Trust ( Natl. Bavings & Trust (121) Prince Georges Bank & Trust. Union Trust (8g)..... Wash. Loan & Trust (14) . SAVINGS BANK. Bank of Bethesda (6§) .. Commerce & Savings (1 East Washington (1 Potomac (10). & Becurity Sav. & Com. Bank (17). Seventh Streer (12) 31 United States (30) ‘Washington Mechi FIRE INSURANCE. American .. Gorcoran (10) Firemen's (8) | National Union' '(15; § TITLE INSURANCE. Columbia (6h) ... Real Estate (8h) . Title & Inv. Co. Md. co! MISCELLANEOUS. Barber & Ross. Inc., com Chevy Ch. 'y pfd. (7) Col. Sand & Gravel pfd. (7). D. C. Paper Mfg. r'd . Dist. Natl. Sec. pfd, ) Ei romo-Selz, al Storage pid, (8 m.Co. ‘com. (1301} i) T. & Stge. pfd. (7). Mergenthaler Linotype (6). tl. Mige. & inv. pfd. .. Stores pfd & G. ptd. (8 Security ‘Storage (de) . pears, The ! wi d Corp. | Woodward & Lothrop pid ‘(7). | SEx dividend 5% extra. WOOL MARKET DULL | RRETE Prices Hold Firm Despite Inactiv- ity of Traders. Special Dispatch to The Star. BOSTON, July 10.—The wool market continues very dull. Only an occasional sale is reported, but prices are quiet firm. Most of the current business is on 64s and finer qualities. Fine terri combing clean was quoted today at 75 to 78, French comb- | ing 70 to 72, half blood, 68 to 72; three- | eighths blood, 60 to 65, and quarter, blood, 55 to 58. Fine Ohio fleeces were | quoted at 30 to 31, grease basis; half blood, 29 to 30; three-eighths blood, 28 to 30, and quarter blood, 30 to 31. DRY GOODS QUIET. NEW YORK, July 10 (Special).— Cotton goods markets were quiet again today. Print cloth quotations were un- changed at 53 for 64x60s and at 6 Ve for 68x72s.. Raw silks were quiet llla steady. Institution Buying Advances‘U 7 101 Argentine 5%s'62. Argentine 6s Ju '59 Argentine, May '61. Argentine s Oct’59 Argentine 6s A. ... Argentine 6sB.... Australia 4%= 56, Australia 58 '55. 1 4 Batavian Pet 4%s. Belgium 6s. . Belgium 6%s Belgium 7s 6 Belgium 8s. .. Bolivar 7s '58. Bolivia 7= ctfs '69. . Brazil 6158 ' Brazfl 7s Brazil & Bremen Czecho 8s '3 . Danish Munte 8s A. Denmark 414 g Denmark 618 55 . Dutch East Ina' 47, Fiat 78 war "46 Fiat 7s ex war 4 Finland 5%s. . Finland « £ 6; G o6 7: Greek 63 '63. Italy 7s........ 134 itallan Pub Sve 7s. Japanese s .. Karstadt 43.... Kreuger&Toll bs ct | New So Wales '57. | New So Wales 58.. Nord 6% Norway bs O tdev 5y Orient Dev 6s '53. . Paris-Lyons-M Paris-Ly-Med Parls Orleans 6 60 Rome 634s. . 25 R'y’l Dutch 4% sww 149 Sao Paulo 8536 Sao Paulo 60 Sazon Se % Swiss 614846 Swiss Conted 8s. Toho El Pwr 6; Toho El Pwr 1 Tokio bs. Toklo 535 '61. | Uruguay 6s°60.... Utd Kingm 5%8°37 10 | Vienna 6s '52. 3 Warsaw 78 52 2 | Yokohama 1 100 102 102 101 101 106 108 FOREIGN. Sales. High 921y 99 4 §Os15 110 108% 1 931y 1014 101% 105% 105% 107% 99% 104% 87 75 96% Close. 100 31 1028 103 10125 10129 1068 108 24 31 8 30 25 29 ] 24 Low Close 9. 10114 101% 96 0% 10114 101% 96 0% 12314 901 96% MISCELLANEOUS. Abitibl P&P s '63. Abram&Straus 5% s Adams Exp 454 | Alleghany Cp bs 13 Am Sugar Ref 6s. . Am T&T cva 3 8'39 Am T&T 6%s. Am Water Wki Am Wrtg Pa Armour&Co Atl Gulf bs Atl Refining . Bell Tel, Pa, bs (B) Bethlenm £tl pm b8 Beth Steel rf 6s. Brklyn Edison 6s. . Bush Term Bldg bs Certn-Td § Consumers Pwr 68, ConGasN Y 6% | Cuban Am Sugar 8a Det Edison 65 '40. . %e'67. | Bast Cuba Sug T%s Gen Cable 6% ‘47 Humble O & R 6s. . Humble O & R 6%s il Bell Tel Il Steel 43 Inland Su Intl Paper 1ntl Paper Intl Tel & Tel 4348, 20 Intl T&T 4% Intl Tel&Tel Larillard 6% gt ¢ Lorillard (P) 7s... 3 Manati Sugar 1%s. 24 McC'rmek KR 683 Morris&Co 1stéi4s. Nat Dairy 6% . Nat Radiator 634s. “,’2 51 51y 4 106 8514 994y 1004 TTin 1034 943 967x 7915 1015 104 160% 105% 100% 10514 107% 100% 78 0% 81 103 3% 101% 10644 101% 104 106 102% 40 96% 102% 60 94y 99% 104 107% 93ie 103% 101% 104 1024 40 95% 102% 60 94% 99% 104 107% 3ty 103% 1067 911 1007 58 98 10214 101 934% 1067 924 102 102 105% 100 943 1003 106% 1023 1025 102% 761 121% 11 Del& Hud ref 4843 ANCIAL. Direct to The Star Office Sales. 6 High _Low. Close. 106% 106% 106% 10415 1041 10415 1141 11415 1141 107 107 107 101% 101 101 107 106% 107 1% 111 111 102% 102% 102% 103% 10:% 103 1021 1021 102% 103% 103% 107% 101% 101% 101% 1037 103ia 1037 1001 100% 1004 98l 97% 98% 94is 04 8’7 87 Nor States Pwr Pan Amer Pete Paramount 6s "47 Peoples Gas 5s.. PhilaCobs'87..... Phila & Read 6549, Phillips Pet 6% Por Rie Am Tol Postal Tel & C 5 Pub Serv G 4% Pure Oil 538 Rem Arms Rem Rand 614s Richfield Ofl 6s Sinclair O11 6% Sinelair O11 7 99% 100 997 100 9 96 96N 96% PV 101% 101% 1011 104 1034 104 | 101% 101 101% ( 15 95 95| 9 L 98 104 104 104 105% 105% 105% | 101 103% 104 | 991 98% 99 2 42 42 103% 103% 103% 109 108% 109 801 80% 80% 100% 100t 100% 89 88% 89 a4 4 85 85 85 101 100% 101 103% 103% 103% 103% 103 1034 109% 109% 109% 104 104 104 99% 99% 99% Stand OIl. N Y.4%4s Sug Es Orient 7s... Tex Corp cv 58 '4. Transcontl O1l 638 *" S Rub 1st rf 6 Utah Pwr&Lt bs. Utilities Pwr 5%s. Vertientes Sug 7s.. Walworth 6s 45 Wi Bros P Western Elec 5. Westn Union b Westn Union 6% White Eagle 53s. . Willy«-Ov 6%s ‘33, Wilson & Co 18t 68, 99% 99% 99% Youngstn S &T 6 102% 102% 10.% RAILROAD. Ann Arbor 43 Atchison adj Atchison gen 4s... 40 97 A. T&SF cv 4%5'48 149 130 125% 130 Atl Coast L 1st 4 4 95 94% 94% veees 30 95% 95% 95% 99 101% 100% 1004 . 30 103% 103% 103% 16 104 103% 104 110% 111 104 104 100% 101 96% 96% 22 103% 103 103% 2 93 93 9 T 96% 964 96% K 96% 95% 96 18 96 9% 96 4 103% 103% 103% 4 103% 108% 103% 1 99% 9u% 99% 2 117% 117% 117% 3 110% 110% 110% 1105 105 105 5 881 88l 881 2 991 991 99k 25 103% 103% 103% 4 1025 1021 102% 1100 100 100 4 104% 104% 104% 11 104% 103% 1037 13 10015 100% 100% | 5 100% 100% 100% | 98% 983 63 81% 8i% 92 92 6% 96% 28 97 Bklyn Un El 5s '60. Buft R & Pitts ¢%s. Canadian Pac db ¢s Can Pac 4%s '46 Can Pacific 5s '54.. Cent of Ga 6sC 59, . Cent of Ga § Cent Pac 1st %S, Ches & O 4148°93 A Ches & O %8s B ‘95 Chi & Alton 3%s CB& Qgen 48 '63.. CB&QI3%s.... Chi & E 111 gn 68 51 Chi Gr West 48 '59 Chi M&St P 4a'89 Ch. M&StP 4% ChiMiIStP&P 68'76 57 89 CM&StP Pacadj 55.120 5 Chl& NW gn 33s. 11 % % 104% 104% 985 9% 109 . 3104 101 99% 5 109 Chicago Rwys ChiR1&Pgn ChiR1&Prf4n ChiR Lcv 4%s 60, Chi Rk Isl 433 A. 10 100%s 100% 100% 11056 106 105 2 104% 104% 104% (E).115 99 93 984 77.164 100% 99% 100%'| 1110 110 110 12 100% 100 1004 1 5T% 5TH 5Th 2 5% 5% 5% 5 94 9 94 1 104% 104% 1043 2 043 94% 94% 9 98l 984 9sly b1 924 92 2 26 924 924 94 1106 106 106 8% 93% 93% 92% 93% 1101 101 101 6 40% 404, 40% 54 105 105 105 4 98 96 9TH 5 98 98 ¥ 13 105% 105% 105% 11 110% 1108 110% 13 110% 110% 110% b 99 99% 99% 5 99 99 99 11 794 7815 79y 5 100% 160 100% 10 9 96 96 C& W Ind5%s'62. CCC&StL 4% Clev Term 4 Clev Term 5% Colo & Sou 4% CubaNor3 148’42, Cuba RR6s....... Del & Hud 6% Den & Rio G en Den&Rio G 438 '3 Den&RGW 68 '65. . D R G&Wst b8 '18 E Tenn Va&Ga 6 Erie 15t con Erie (Pa) cit tr ¢s, Fla East C 6814 Gr Trunk st deb Grt Nor 4%s (E).. Gt Nor 4%3 '76(D). Gt Northern 6s.... Great Nor gen 7s Gt Northern 5%s. . Gulf Mo §s (B).... Hocking Val 414 Hud & Man ad) b Hud & Man ref bs. . Iliinols Cent 4s '51. 111 Cent 45 62, 5 92 vi. 92 111 Cent 45 ‘53 b 90 90 90 11l Cent ret 1 93% 93% 93% 5 99 49 49 5 100% 100% 100% 6 102 102 27 624 H . 7 86 44 1 Int Rap Tr 6s stpd. Int Rapid Trans 7s. Int & Gt Nor adj 68 Towa Cent 1st bs... Kan City Ft 8 & Kan City Sou 3 Kan City Term 4 Lake Shore 3% Lake Shore 4s 31.. Lehi Val con ds.... 5 3 18 2 19 81% 7 100% 100% 100% 4 9% 894 90 Lehigh Val con 9 1004 991 100% Long 1sl 37 + 1 100% 100% 100% L&N4%S2003.... 1 99% 99% 994 5 106% 106% 106% 1 46 46 48 3 931 93 98y 2101 100 101 1 881 Bsip 88y 8 1008 mg!, 1004 881y ManRy 18t ¢5°90 Market St 78 °40. . Mill EI Ry&L 58'61. M StP&SSM con 8 1 101% 101% 1014 20 108% 10314 103% 20 784 78 784 2 1011 101% 1013 14 1004 100 100% Mo Pac . 22101 100% 101 Mo Pae 5% 29 10< 107 Mont Trm ref b 5 Y8x uNla Nassau El4s 61... 6 495 49% 49% N O Tex & M bs 2 94% 93% 93y Nor OreT&M 5 6 10i% 10115 1011, > 22 82 B2 82y 1L 92 9i% 92 8 100t 1001 1001 1 107% 1073 1071, 2 1074 10714 10715 4 98y M K&T pr In 6s( Mo Pacific gen 4 Mo Paoific 68 A '65. Mo Pac " 107 4 10714 1073 107 6 101% 10115 10135 7 86 %54 86 5 %6 86 xg 3 80% 80% 80% 52 93% 93 9% 35 1221 121 122 8 100% 10515 105% Z 4% 49% 49k | z2 4% 4y 4 N y NH&H 48 67.. NH&H 4%8'67. NH&H ev db 63 NH&H elt Ont& W istds 222222222227 2222 e L] 8713 oo 95 .19 67 66% 67 25 924 921 L 2> 9y 98y 14 1134 113% 113% 3 92 9w 92 48 97 9% 97 9.4 99 Nor Pacific re! Ore Wash 1st ¢ 3 103% 103% 103% 2 109% 109% 1091 30 99 98w 99 Pere Marg 1st §s 10 1047 104% 104% Reading gen 4% A. 4 100 995 99% 3 86U 86l 86l 6 9915 994 99 100% 101 Ll‘rl « 17 10 StL IM&S R&G 4s. 7 984 98% 9bk [ox v vorx BONDSroce sxcaunce] (JROP IS EXPEGTED . Received by Private Wire UNITED STATES. (Sales are tn $1,000. High. Low INMOTOR EXPORT Best Minds of Automotive Industry See Increasing Competition Abroad. By the Associated Press Consumption of American automobiles at points outside of the United Statey is expected to show a decline in volume of approximately 25 per cent in 1930 as comparéd with last year. This opinion was expressed here today by some of the best minds in the industry, confer- ring with Government officials in con- Junction with the National Automobile Chamber of Commerce. The industry was represented as not viewing with alarm recent changes in automobile tariff rates in certain for- eign countries. “These changes cannoy be construed as retaliatory in any sense of the word,” said a spokesman for the party, “as foreign markets have been, for_some time, striving to become self- sufficient, and recent changes in rates are regarded by the industry as simply an,acceleration of this policy.” () The expected decline in the present year's export trade is due, generally, it Wwas said, to the universally depressed conditions which have curtailed auto- motive buying to almost the minimum. The future is viewed with optimism, with a definite pick-up expected in the Autumn. The delegation declined to discuss the 10 per cent reduction of the salaried pay roll of an important manu- facturer, which was announced recently, and admitted no knowledge of further curtailments in the industry. The delegation consisted of Robert C. Graham, chairman of the export tra committee of the National Automobile Chamber of Commerce; H. H. Rice, chairman of the legislative committee; George Bauer, secretary of the ex‘p‘lon committee, and Pyke Johnson, secretary of the chamber. Its sole mission, it was said, was to introduce the new per- sonnel brought about by the appoint- ment of John N. Willys, former chair- man of the export committee, as Am- bassador to Poland. Exports of bituminous coal from the United States during the first five months of 1930 registered an increase over the same period of last year. The tetal, as given by the coal section, Com- merce Department, for the current period was 4,890,320 long tons as com- pared with 4,848,835 long tons in 1920, One railroad has reduced its rate coal for export through certair Guif ports, but this action 1s believed to have no bearing on the general export coal trade, inasmuch as only a very small tonnage moves through the ports af fected. Data of value in the design of air- lane propellers intended to operate at Kuh tip-speeds have been obtained through recent experiments at the Bu- reau of Standards. The acrodynamic characteristics of model airfolls were measured in a high speed air jet 2 inches in diameter at velocities from one-half to 1.08 times the speed.of sound. The results indicate the section of the blades of propellers for use at tip= speeds should be of a quick ecircular- arc_form for the outer part of the blades, changing gradually to sections of conventional form as the hub is ap- proached. & Heat and sound proofing of bulldlnxg of all types is being given increasing at- tention in Canada where formerly only certain kinds of bulldings and ware- houses considered insulation in con- struction. Because of the cold climate, insulation is a very important item in Canadjan construction, the Commerce Depart- ment says. The major producets and importers of this product have been active in bringing the benefits before the rubllc through advertising with the result that Canadian consumption of heat proofing materials, especially rigid wall boards, has practically tripled dur- ing the last four vears. Domestic production has more than kept pace with demand, and a slightly higher ratio of increase is noted for that period. In addition to insulatiog. for retaining heat in larger bulldin, and for excluding warm air from col storage warehouses, many homes are adopting insulation, not only in the case of new construction, but also for houses already built. In the Far North insula tion is widely used in mining camps and other isolated outposts for protec- tion against cold. Although most of the rigid wall boards in Canada are made in that country, other types, such as semi-rigid, blankets, etc., are imported largely from the United States. Planes operating on commercial air- lines in Prance covered a total distance of 5,661,000 miles in 1929 and carried 25,256 passengers for 7,477,000 passen- ger miles, 3,531,700 pounds of express for 533,000 ton miles and 328675 pounds of mail for 188,000 ton miles. The country exported 214,433,000 francs’ worth of aeronautical products during the year, principally to Jugo- slavia, Belgium, Turkey, Soviet Russia and Brazil. For the first time, customs statistics showed airplane imports amounting to approximately $140,000, representing aeronautical equipment of all sorts ‘The ministry of air, created in Sep- tember, 1928, has encouraged the vari- ous airplane and engine manufacturers and airlines to follow a policy of con- centration through mergers or other forms of corporation association, and to this end three important groups have been constituted, embracing most of the more important firms. Private flying has not been greatly developed in France, but more atten- tion has been directed recently to this phase of flying. Flying clubs, commer- cial firms and private individuals are becoming interested in the purchase of more equipment, ‘Training city boys for farm work is the method now being tried out by the German government to compensate for the large number of farm hands thap have been attracted to the cities. In a report to the Commerce Depart- ment a school consisting of a 300-acre farm has been established. The pupils separated into groups, with an in- structor, and are obliged to take part in all work necessary on a farm, being assigned to particular duties every few days. In addition to the regular in- struction in farming and the care of live stock, special courses are given in the operation and upkeep of farm m: chinery Hign. Low. Close. I; 908 91 ’ Seaboard AL ref 48 3eaboard AL cn 63, SBAIlFlats '35 A Sou Pacelt 4s. .. Sou Rwy 6%s Tex Ark F'S 63850 Tex & Pac b8 C 19 Third Ave 1st 58 Third Avead) bi Union Pac 1st 4 Un Pas T Union Pac 48 '68. Virginia Ry ist 6s Va Rv & Pwrbs... Ny 1064 101% 92% 103% 100% 104 0% 8414 T 9T% 5 99% Western Md West Pacifie b Weat MA % '1T..