Evening Star Newspaper, August 6, 1930, Page 15

FINA PRICES ARE MIXED. | " INCURB DEALINGS Utilities Lead in Volume of Trading—Market Is Dull. BY JOHN A. CRONE. Spacial Dispatch to The Star. NEW YORK, August 6.—Public util- fties today crowded motor shares out of the limelight they held Tuesday on the New York Curb Exchange on huge dealings in Ford Motors, Ltd. The mar- ket was dull and selective, with price trends mixed. Electric Bond & Share at midday ‘was virtually unchanged from its open- ing and Citles Service behaved in much the same manner. Pennroad Corpora- tion was a trifie lower. Blue Ridge Corporation and Shenandoah also frac- tionally eased, but National Investors improved. Ford Motors, Ltd., which on a turn- over of more than 90,000 shares Tues- day ran up 3% points and came within a point of equaling its 1928 peak, was less active and lower in forenoon deal- today. vl\e’ cables from London indicate that Ford Motors, Ltd.,, was one of the few automobile companies earning fair prefits. From Detroit came word to former market sponsors of the stock here that some sort of additional stock offering soon could be expected. Trad- ers linked the name of a prominent bull market operator with Tuesday's New Issues Numerous. One of the features of today's ses- sion was the number of new issues ad- mitted either to trading or to_ listing privileges. American Telephone & ‘Tele- graph negotiable receipts, evidencing payment of the first installment of $20 & share in accordance with the rights offering of April 16, 1930, were the most m portant. - Others included Johnson Motor Co. ts, which are being offered-to share- August. in eased tionally, re! Gatement. Both Noranda Mines and gflm Bay Mining, however, were fair- ly firm. . BONDS ON THE CURB MARKET. H- Sg8g3eaR! #i ° 33388333nzansdsnTsngisd 233233882385328 i 113 ;‘: ) Q 35 o E HH S Mgk ® ¥ 40000? gEwm 5owm 2% wor 23 ] P TEEES g > . 8 9| ¥ ¢ S p7olz “EE;N § e ¥ i 935 f;:g,g ¥9239988 et D 3 ,g »5: to u;a i =?—- o 3 N o’ e, B L =) 0! P8, 2 > 3 > 352 igg S . 41 NS %) § ; ! H " | s ) l! 2L 9me 28 i1 23 T szss::E.‘.;ssaass ] sg 332 ZZAZZR! «a s 5 31 X 1023, 1027, Y 987, 98 4 2 P22 "9 PROTPINPOTS - o 5 H HEA| ] 9731 i 96’y 511y 96 58 1 Shawsheen 75’31 13 Sheffield 8U 5',5 2, 5 3 it Sweringen 6s ‘3§ & P 55 A <ggadagy, ifi Ut 55 A Berlin Cy E 65 'St Brisbane City 6s o Buenos Aires 8'ss 61 87% Pr 7is '47100 ° 100 & 94 0% 86% sugzSgsarees=sases - ith wa! its. IaWithout warrapts. M¥hen issued. A motion - theater in Paris is 'fi“e'o' increase its capacity NCIAL. NEW YORK CURB MARKE Notice—All stocks are #0id in ome hundred-share designated letter 658 Which, shows Uhose sbcks 1o Do eeld Ln 004 ois enly. Stock and Bales— Add 00. Open. High. —Prev.1930.~ Hish. Lew. Dividend Rate. 16% AMl Prod, Ine (w.L). 19 Agfa Ansco... 81 Agfa Ansco pf. 11% Air Inv, Ine, ev pf... 1% Alexander Indust... % Allfed Aviation.,... 33 Allied Int Inv pf (3). 8% Allled Mills (60¢). .. 1% % Allinon Drug St (A). 356 210 Aluminum Co of Am 97 Alura Ltd cu pf(new) 12% Am C P&L(B)(10%) 21% Am Com I'(A) b10%. 17% Am Cynam B ( § o FAARRABN O AN 'War Am Gas & Elee (31 7% Am Invest. In (B. 1% Am Maricabo. . 74 Am Natural Gas. 107% 90 Am Pub Util 7% pf.. 268 107% 107% v3% 23 2 100% 100% 394 20% Am Superpwr «1) 101% 94% Am Sperpwr 1st (6 20 14 'Am Transfor (1.40). 26s 16% 7% Am U&Gen B vto 408 29 14% « 8% Appalachian Gas 26 1% 1 ArgoOil...... i & Ariz Globe Copper... 16% 8% Arkansas Nat Gas. 16% 84 Ark Nat Gas (A) 8% 7% Ark NG cu pf(s0e).. 46% 30% Asso GARE A (a12.40) 114 5% Asso GRE (A) db rts 60% 38% Asso Rayon pf (6). l:!t 8% Atlas Util Corp. 6% 6 164 3 AutoMu InsA(tlL 8% 3% Auto Voting Mach 7% Aviation Securiti 122 Babeox & Wil (19). T% 2% Banla Corp..:. .- 15% 6% Blue Ridge Cp (40 44% 33% Blue Ridgecv pf(a3) £5% 36% Brazil Trac & Lit(h2) 28% 25% Br Am Tob cB 79 1-1 69 56% Buckeye PL (4).... 85 65 Bunker HII&S16% 17% 8% Butler Bros (30c) 9% 8% Canada Marcon! 23 % Carib Syndica 42% 28 Cent PS (A) (al76) 39% 19 Cent States El(k40c) 8% 4% Centrifug Pipe(§0c). 84 2% Chain Stores Dev.... 25 17% Chat Ph Al nv (50c). 26% 17% Chem Nat Asson-v. 44% 24% Cities Service(g30c). 93% 88 Citles Srvo pf (6) 60 1% 1 11 1 12 141 7 14 16 A Ro=D o 3% Com'with & Sou war. 11% Comm Wat Serv b6% AN AN RSO % Cresson Consol ?4% 15 Crocker Wheele 39% 81% Cross & Black (3%) W Crown Cent Petrol.. Crown C&S pf(2.70).125 Cuneo Press (234)... % Cusi Mex Mining. ... 162% 75 Deere & Co (m1.20),. 214 De Forest Radlo. ... 4% Derby Ol Refining.. 4 Detroit Afroraft.... 16 Dinkler Hotels (2). 162% Dixon () Crue (8). 140 Duke Power (it5) 8% Duquesne Gas Cp w.i 2% Durant Motors. 25% Fastn G&F Assqe. 1 364% 30 bl 34 2 - mEnen en 10 23 8% Eisler Eelectric(1%) 117% 70% E! Rond & Sh (b6). . 95% 921 El Bond&Sha cu pf(5 19 Blec Pwr Asso (1).. 16% Elec Pwr Asso A (1) 78% 284 Ele~ Pwr & L op war 32% 15% Flec Shareholdgit1) 82 Elec Sharehold pf (a 7% Empire Corporation. 17 EmpP Ser A (a1.80). 3% Ruro Elec deb rt. 1% Evans Wallow Lead. % Fandanga Corp. 1615 Federal Screw (3) 34% 13% Foicker Alreraft 3814 28 Ford Mot Can A +1% 12% 64 Ford Mot France 2S¢ 19% 104 Ford Mor.Lid 37 %e. 17% 2% Fox Theater Cl (A). 4% 2% General Bakin ki L L PSTY » 2% i (OPY - 5 5% 2% 3old Coin (new) % % Goldfield Consol 46%' 17 Goldman Sach T 6 1% Gold Seal Elec new., 29% 24 Guenther Law (2) 166% 117% Gulf Ofl of Pari%). 18% Hareltine Corp (2). #% Hecia Mining (1)... Houston O}l of Texa Hudson Bay M & Humble Ol 2) ... 8% Fiverade Food Prod. 18% Imp Of] Can, nibfe). 31% Indlan PLn (12%).. _26% Ind Lerr iliu ULl «A) 16% Insurance Sect] 40). », Intercontinent Pet o 17% intl Petroleum ¢1) 10 Int'l Safe Raz B(12% £0% Internatl Superd (f1) 34% Int Utilities A (3%4). &% Internat] Uthl «B) 7% Interstate Eunitiel 36 Interst Eqev pfid)., 1'% Jonas & Naumburg. . 19% Knott Corp (a2.40).. 35% Lackawanna Sect4). 13% Lefcourt Real(11.85) 1w Leonard Ofl....ovee 8% Loew's, Ine (war)... 0% D e HAN OISR SR e e D S OB R 26% 4% 20 8% 104 10% e 1258 125 17 5% 162% 162% 166% 166% 34 20% 80% 30% 304 lots ) 15 8% 1% 125 6 9% 40% 36% 26% 58 6% % ) 1% 28% 28% % 4% 19 104 8% 87 184 40 14% | cash or stock holders 1% gng | StOck stock, 34n 1 554 10% 8% 2% 24 26% 15 1 102 Pac Pub Sve (1. Received by Private Wire Direct to The Star Office Stock and Dividend Rate, 00, Open, High, Low. Close, Lone Star Gas, n 18 3 39 39 1 % % M 9% 9 Mead Johnson 13.15 Memphis Nat Gas. .. Mercantile Stors (5). Met & Min, Ine(1.20) Mid Sts Pet v.t.c. B.. Mid W Sts Ut (1%).. Mid Wst Util( Mo Kan PL (b10% MissKPLv.tc..... Moh Hud P 2d pf(7). Monoga WPP pf 1% . Mount Prod(1.60)... Natl Amer Co. )e ). 3 Natl Screen Svc(3). . Nat Sh Tm See(f§0c) Natl Transit (1) Natl Union Radio.... Nehi Corp (1.30) Nevada Cal Elec, N JZino (12%)..... NYPwr&Ltpf (7). NYTelpf (6%).... . Y. Transit (11.80) ~H. Power (40c) Novadel Agene t2% . Ohio Copper........ Ohio Oil new wi..... Orange Crush (1.50)" Outboard Motor (B). Pac G&E 1st pf (1%) 30) Pandem Ofl......... Penn Mexic Fuel (1) Pennroad Corp (20c) Peoples L&P, A 22.40 Petrol Corp war. Philip Morris. Ine. .. Philippe(L) B +1.80.. 42 Pilot Radio Tube(A) Premfer Gold (24c).. 4 Prince & White(25c) 94% 3 2% 21 % 17% 19% 101 18% 106 8y 14% 20 4 Seiberling Rubber. i Sentr: Sh ¢ Shreveport Elec (D). 4 Strauss Roth 14% 6% 5% 8% "% B8y 2 % % 2% " - o avi eAdjustment dividend nPlus 1 mPlus 1'3% in stoc Prudential Inves Pub Utll Hold w w. . Puget Sd P&L bt (§) Pure OI1 pf (8) Rainbow Lu Prod A. Rainbow Lu Prod B. Reliance Int Corp(B) Reliance Manag. ... Rich Oi1.Cal. pf(1%) R'kland Lt & P (90c) RollsR,Ltd rets t50c. St Regis Paper (1).. Selected Industries. Sel Indust ctfs (4%4) 'y Safety Cont.. ndoah Corp Shenan Corn of (af). Smith (AO) ¢2).... SoCal Ed pf B(1%). Southern Corp...... Southland Roy (1).. S W Pwr & Lt pf (7) Spanish&Gen rcts B. Standard Motors. Stand OIl. Ind (2% Stand Oll. KY (+1.80) Stand Ofl. Neb.(13%) Starrett Corp. Stein(A)& Co (1. Starrett Corp pf (3 n3 TronSFnnarnumartoal wan~ » 3 Sunrav Ofl (40¢ Swift & Conew (2).. Swift Internatl(2%4) Syrac Wash M B (1) ‘Teck Hughes (608).. Trans Lux DL PS.., Tubsize Chatel (B)., TwinStNGApt1), Ungerleider F Corp. Un N G of Can (11.60 Union TOb8CCO. ... .\ bf (3).. United Corp (war) Unit Found (b2-35 sh United Gas Co 1new) United Gas (war). United Gas pf (7). N s RO s H BN A RO DN B RS 35 e re i IS IR e B b Finishing. Gypsum (1.60) 8 s S & Int) Secur. Utility Eaulti Utility & Ina Util & Ind of Utflity Pwr&Lteal), Vacuum Ofl (4). Van Camp Packing. . Walker (H) (1) Wenden Copper West Mas 2 Woodley (’etroleum Worth, Ine (A) “Y” Oll & Gas (IGHTS InsCoof NA.. ntl Nickel w Mo Kan Pipe. .. Segal Lock. . a e Expire. Oct 1 June 28 .Aug. 22 Diviaend rates in dollurs based on fa: annus)be *Ex ient idend, tPartly extra. bPayable in stock Plus 4% 1n stock aPayable In dSubject o approval of stock- (Plus 8% in stock ePhis 6% In JPlus 2% instock kPlus 10% In in_stoc nPlus 8% in «tock STORAGE OF TOBACCO IS URGED IN GEORGIA State Official Advises Farmers to| Wait for Better Price Level. By the Associated Press. ATLANTA, August 6—Although re- markets have shown a slight increase | in prices offered, growers were advised | 5. small, medium and Leghorns, 15a17. home-dressed: mediun; small, 28430; Leghorns, 27a2i 18220 Meats, fresh killed—Beef, 18a20; veal, 15a16; lamb, 20a23; pork lons, : fresh shoulders, 18a20; smoked shoulders, | Ame i lard, in packsges, 12; in | Bal tod-{oby Eugene Talmadge, State com- missioner of agriculture, to store their crops and truck them to the North| Carolina and South Carolina markets | un! ‘Warning growers against “givi your tobacco at present prices,” Mr.| Siiemtion. 1o Curing and grading. . | attention to cf an X 1 The ol A hem%elltvea‘ the drought would curtail the Caro-| lina erop. Meanwhile reports from the Nash- ville, Hahira, Cairo, Douglas, Thomas- ville, Statesboro and Waycross markets indicated better prices were being off- ered for the bright leaf than during the opening week, although in some quar- ters dissatisfgetion at the low rate still was apparent. Producers at Thomasville reported the market there had the best sale of the season today. More than 40,000 pounds were disposed of at Thomas- ville at an average price of between $13 and $14 per 100, Statesboro reported a 250,000 pounds on the floors of the -two warehouses there with prices ranging from 24 cents down to 5 cents per pound. The aver- age was given at around 12 cents per und. Total receipts at Statesboro B the 1,000,000 pound mark. Waycross had its heaviest tobacco sale of the season yesterday. The record offerings followed a slight advance in prices. METAL MARKET. NEW YORK, August 6 (#).—Copper ulet; electrolytic spot and future, 11.00. ron quiet, . Tin easy; spot and nearby, 30.12; future, 30.40. Lead steady; spot New York, 5.50; East St. Louis,. 5:35a5.40. Zinc easy; East St. Louis, spot and future, 4.45a4.50. Anti- | smoked han tub, 39840, Eggs—Hennery, 24a25; ceipts, quality inferior, quoted. 2; medium, 27a: 2082; , large, Dressed, shipped-in. 23a25; Leghorns, 22a24, Jobbers’ prices, broilers, large, 35a36; 26a27; Leghorn fowls, 23825] turkeys, 32a35. fresh hams, 27; 20; bacon, 2 bulk, 11. peck baskets, 1.25; 3.00; honeyballs, standards, 3.50a3.75; Persian melons, $.50a8.50; lemons, per 11, 2.50a3.00; apples, 75a200; apples, 6.50a7.00. Vegetables—Potatoes, string beans, 3. 3.50; cucumbers, 1.50; 2,00;' peppers, 1.00. . t. 15, 1930 Bee, 15, 193 Pouliry—Spring broilers, 20a21; Leghorn fowls, 14al 22583 10.50a11.00; peaches, 2.50a3.00 x stock, 3.00; grapes, Thompson seed- blackberries, Butter—One-pound prints, current Te- prices lary small, 23a2: 224 5 du iced fowls, Live stock—Calves, 9; lambs, 9. Fruits—Watermelons, 35200; loupes, Ridgeways. 1.50a2.50; nearby, 2- honeydews. ponys, Jumbos, 3. 50; 3.00; potatoes, 7.50; tomatoes, 75a1.25; oeas, | 40-pound box, New York stock, lima beans, 2.50a3.00; carrots, per 100 bunches, beets, per 100 bunches, 6.008.00 per barrel, 3.00; turnips, TREASURY CERTIFICATES. ted by J & W Seligman YA 100 4232 —Spring ports from the various Georgia tobacco | broilers, large, 30a32; small and medium, 5.00a6.00; NEW YORK BANK STOCKS NEW YORK, August 6 (Special).— Bank siocks and trust shares moved to_lower levels in quiet trading today. National City at 128 was off !5, Corn Exchange, 15813, off 15; Guaranty, 614, off 2; Bank of America, 94, off 1; 41a42; not 30a Le States, 39, off Y; off 2; Central Hanover Trust, 338, 2; Chelsea, 23, off 1; Chemical, 6 off % : Commercial, 370, off 2; Empire, 79, off 1; Irving, 49, off 'y: tust, 819, off 7, and Public, a: Brooklyn Trust, 696, g€, g icks, 15. | were unchanges Continental, 2 F: s ; Manhattan, New York Trust, 241. heavy, Spris 33a34; fowls, ducks, SHORT-TERM SECURITIES. (Reportea by J. & W. Seligman & Co.) a28; Allis-Chalmers Co. 55 1. & Te of 957 et. Corp. 5'2s 1934 or Bell Tel. of 1 California Py 102% Canadian Nor' Rwy. 4'2s 1935 : s 94 canta- 2508 2583.50 4.00; oranges, lime: Corp. 5¢_i940. 10210 Theater Equip 65 1040... 9814 oodyenr T & R, 55 1657 9: Grand Trunk of n 64 036 1087 N Y. Philli Pure Ol Bhell Union Sinclair Crude Standard Oil of Standard Ol Bt. L., Ir. Mi i, L' 8ol Swiil & Go. ou 10 nion 0. ol Uhitra Brus-co U 8. Ri Western Electric 8s Wheeling Corp. 51us ‘Wheeling Steel Corp. 4'us A FOREIGN EXCHANGES, (Quotativns furnished Nomi: sweet | 4.00. b 2.75a squash, 00 b n 1948, 10295 103 1.60a 19530 92 ' #2% London, | Paris, franc Brussels. rlin, mark Manufac- | Corporation Expands. NEW YORK, August 6 (#).—The Crown Zellerbach Corporation has ac mony, 8.12. tributor of paper products. quired the Standard Paper Co, dis- |2 ague, ¢ Warsaw, enhagen. lo, crown . Stoctholm, crow! TESSFORVALLE OF TOEKSGNE Economist Explains Factors Which Control Prices of Equity Issues. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, August 6—John H. ‘Williams, economist of Whitehouse & Co., in a recent circular, asks the ques- tion “What makes a stock popular?” Upon investigation, he finds that by dividing certain stocks named the Dow-Jones price index into two groups, (A) the 10 most popular stocks and (B) 20 less popular stocks, it is clearly evi- dent that the stocks in the A group are selling on an average of 18.7 times their 1929 earnings, as against only 8.6 times 1929 earnings for the 20 less popular stocks in group B. In other words, each dollar of earn- ings of the 10 most popular stocks is priced at twice as much as the dollar of earnings of the 20 less popular stocks. What stocks are the most popular? Two are those of chemical companies, 1 can, 1 tobacco, 1 electrical, 1 rail- road equipment, 1 utility, 1 radio, 1 oil and 1 chain store. The 20 less popular stocks are those of 2 mining and smelting companies, 1 sugar, 2 oil, 2 steel, 4 automobile, 1 aviation, 1 food, 1 rubber, 1 agricul- tural, 1 electrical, 1 business equipment, 1 motion picture, 1 mail order and 1 sulphur company. ‘What are the important factors that give the major consideration to stock prices? A—The stabllity of the industry and the position of a company in the in- dustry. [ B—Capital structure and working capital position, including early matur- ity of bonds (if any) and the prospect of the company for retiring or refund- ing them. It is a notable fact that no- where dg we find a company weak in these respects regarded as of first grade. C—Prospeets for constantly increas- ing earnings over a long period of time. Wimt are the prospects? “While we believe the stocks in the class of the 10 most popular stocks will continue their leadership of the market, we are inclined to believe that the greatest opportunity for profit during the next few years lies in the stocks now in a second position,” says Mr. ‘Williams. When Gandhi, the jailed Nationalist leader of India, started his non-resist- ant, non-co-operative campaign, few English business men gave il much con- sideration. Just another crank trying to start up trouble in India, they thought. But when the demand for British manufactured goods in ndia began to die down that was something else. All over India the boycott of British goods was felt. It is this factor that is causing so much anxiety in the British Isles today. But the success of the movement in India has stirred up the same reac- tions in Egypt. The Wafd party, anti- British, has started a boycott against British goods and in addition refuse to pay taxes to King Fuad, who has Brit- ish backing. Arthur Henderson, British foreign secretary, hardly gets out of one trouble until he 'is in another. And yet he is primarily a man of peace. = He at- tempted, about two months ago, to work out peace negotiations with Nahas Pasha in Egypt, but the negotiations broke down, and nothing came of them. No ‘wonder the British foreign minis- ter has left London for an indefinite rest. Prof. Michael Pupin of Columbia University, in his recent book, “Ro- mance of the Machine,” challenges those crities who believe that man has not- gone salready a long way in sub- duing the machine. ‘What is more complex and marvelous than the human body? Not surely any invention that man has ever made. But does the machine feed only the materfalistic urge? Prof. Pupin denies the charge. “When the World War broke out Europe had hundreds of airplanes fully equipped to serve as engines of 'war, The United States, the native land of the airplane, had none. When we en- tered we <till had none suita- ble for"service as engines of war, and we practically had none on the West- ern front when the armistice ended the | war. Our American machine civiliza- tion had to learn from Europe, the proud home of modern culture, how to transfol the American machine, a machiné of peace, into an European engine of war. Do our European critics condemn our machine civilization be- cause, they say, it neglects the spiritual side of human life.” The machine is causing plenty of anxious moments. It means constant | reorganization and redefinition. But it is being controlled, not fér maferial - things only, but for the benefit of the spiritual values of life, says this Co- lumbia profescor. Work on Boul | Canyon of the started. It will .be the greatest engineering project underteken by the United States | Government_since the Panama Canal was taken over from the French. Dam, in the Black Colorado River, has |~ The highest dam in the world will | | be constructed at the piace where the | walls of the river rise more than 2,000 ! feet in height. into the project (Copyright, 1930, by North American News- | | | paper Alliance.) | CHICAGO I:IVE STOCK MARKET | CHICAGO, August 6 (#) (U. 8. De- | partment of Agriculture).—Hogs—15,000 head, including 4,500 direct; market Bankers, 137%, off 1; Bank of United | steady to 10 higher; top, 9.95; bulk of | 5a9.90; 220-300, Sows, a8.40; | the 170-210 pounds, 9.0029.75; - packing | lighter weights, 8.2 good and choice, 79.85; light welght, 9.6529.95; medium weight, 200 pounds, 9.35a9.85: heavy-weight, 350 pounds, 8.6089.50; packing s | medium and good, 275-500 pounds, 7. a8.25; slaughter pis. good and choice, 1 30 pounds, 8.25a9.40. Cattle—11,000 head;® calves, 2,000 earlings active and steady, several 9.85a10.25; pri weighty bul- locks, 10.50; .all grades heavy to 25 lower; she stock steady to lower, others unchanged. . Slaughter cattle and vealers—Steers, good and cholce, 600-900 pounds, 9.25a 11.00; 900-1,100 pounds, 9.00a11.00; 1,100<1,300 pounds, 8.50a10.75; 1,300a 1,500 pounds, 8.50a10.50; common and medium, 600-1,300° pounds, 5.75a9.00; heifers, good and choice, 550-850 pounds, ' 8.75a10.50; common and me- dium. 5.00a9.50; cows, good and choice, 5.50a7.75; common and medium, 3.758 5.50; low cutter and cutter, 2.75a3.75; bulls (yearlings exgluded), good and choice (beef), 6.25a0W5; cutter to me- dium, 5.00a6.75; vealers (milk fed), good and choice, 10.00a12.00; medium. g_gnalo.tm; cull and common, 6.50a 0. 160-200 pounds, “Stocker and feeder _cattle—Steers. good and choice, 500-1,050 pounds, 6.50 47.25; common and medium, 4.75a6.50. PLAN TOBACCO GRADING Danville Market Will Be Provided With Federal-State Service. DANVILLE, Va., August 6 (Special). —The Danville tobacco market will be provided with Federal-State tobacco grading service the coming season, ac- cording to an_announcement by J. H. M-eks of the Stat: division of markets. Mr. Meeks recently met with county agents of surrounding tobacco-produc- procedure which has for its objective the explanation of what the service is and how it can be made to serve the tobacco grower most. |, A total of £165.000,000 will be poured | 7:75a8.50; | light light, | 140-160 pounds, 9.25 | ing counties and outlined a plan of | S¥amFy iz STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday Two years ago Three years ago, weekly High (1930) . Low (1930). High (1929) ... Low (1929) . *New 1930 high. aver. | 8:30 Edition, (Copyright, 1930, Mtandard Statisttcs Co.) PLAN FOR EMBARGO ON SOVIET GOODS FAILS BY J. C. ROYLE. The hands of.the officials of the United States Treasury Department practically are tied so far as the placing of embargoes on shipments of com- modities from Soviet Russia are con- cerned. - Interpretations of the tariff act, un- der which the cargoes of pulp wood were excluded from this country fcr & time, make it plain that commodities are net excluded which are merely transported by the aid of convict labor. The pulp wood was released when the evidence even of transportation was not regarded as entirely conclusive. Investigation Hampered. ~ Treasury Department officials have little hope of being able to secure con- crete evidence that the various Russian commodities are being produced by con- vict labor. This means that the Amtorg company, the sales agent in America of the Russian Government, may coritinué to import commodities into the United States and sell them in competition with American products. It also means, however, that the heavy and steadily increasing trade with Russia for Ameri- can manufactured articles will continue on its course. The Treasury Department has evi- dently been desirous of continuing its investigation of Russian goods, but it has been hampered by the fact that no diplomatic _relations are maintained with the Soviet Government. Conse- quently no official representative of either the Treasury or the State De- partment could visit Russia. Unofficial representatives probabiy would find ave- nues of information clcsed to them, and CHICAGO STOCK MARKET By the Associated Press. Sales. STOCK! Tose. 50 Acme Steel. . w. C! 587, 97 97 10734 107 m Radlo............ 112 19 Pub Util par ‘pi. 103 Service.. 9 400 Bruce (E. L), 100 Burnham ' Trad " 100 Burnham Trad pf 0871 700 Chic 300 Chic ict Mat pf 50 Consumers 450 Cont Chicago 400 Cont Chic pf 1050 Cord Cor, Crane Co 25 Curtis Light 500 Elec Househoid. 250 Gleaner ... 0 Gt Lakes Aircraft. 50 Gt Lakes Dredge 38900 Grigaby-Grunow 50 Hall Print._ 50 Hormel & Co 150 Houdaille-Her B 550 Inland U1 | 8500 Insull’ Uil D dnd'ser’; 93 50 Insull U | e e ano: LI BT I L | 180 Na: Seeur 50 Nat Secur 400 Na(-Stand: | .50 Nat Un Radio " | 350 North Am_ Car | 350 Nor Am G & Ei | 150 Nor Am L & Pow.. .. S0° Am. 250 No | 100 Pines Winter | s R S Music ST ¥5938.28 i 50 Ryerson & Son 150 Saxet Co ... 2200 Seaboard Uil "1 1 SU war Signode s Union G Sonthern & as Southern 000 Stone (H E 100 Switt & Co L.l 50 Swift It 1l Union _C Co. 130 Time-O-8tat 650 Transformer | 250 Twin st. Nat Gas 250 West 1850 Wextark Radio 300 Wis Bank Shrs . s today-—306.300 BONDS. 1l 6 0. 1000 8°W utlr 18 6 i DIVIDENDS DECLARED NEW YORK, August 6 (@) | Company. | epula Alnsworth Mg . .62%sc Brach (E J) & Sons.50c Deere o I (320, par) > Employers’ Gi Federal Chemieal Fed Terra Cotta. Hobar! Mfg POTS-— OI8O al Tenn. Tex ou E D O ODODOOCK: DOOLODOD DOO OO OR3P T 1 1/ New York bank clearings, today, 182,000, TO MATERIALIZE their testimony mi into question by tI m ht always be called s e Russian Govern- Great Britain finds herself in an anomalous situation with regard to Rus- sian products. Most of the coal, lum- carried in English vessels, but Russia is sending coal to Canada in competi- tion with Canadian wheat. These facts are being given due consideration by British and Canadian officials. Labor Costs. In the meantime pleas for embargoes on Russian goods and protests against such embargoes are Douring in to Gov- ernment officials here. The question of labor costs is growing more acute daily. In several States protests are being made against the employment on pub- lic works of other than American work- men. Additional protests are being filed against any tendency toward cutting down the wages of men engaged on State, municipal or Federal construc- tion. “The same argument is being passed on to producers. The producers in turn are registering vigorous pro- tests against the receipt in American m-‘rkau of goods made under low labor costs. Shoe and leather manufacturers, tex- tile manufacturers and others are deeply concerned over competition from Czechoslovakia and Poland. They de- clare that manufacturers in those coun- tries buy American machinery and op- erate it with low-paid labor, turning out products which can compete with American goods at far less cost. (Copyright. 1930.) INTRUST HOLDINGS ' Recommendation of New York' State Official Expected to Meet Favor. BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK, August 6.—The public, which has more than $5,000,000,000 in- vested in investment trust shares, will no doubt register hearty approval of the recommendation made by Assistant Attorney General Washbwrn of New York State in his report, just issued, that trusts operating in this State be required to give full publicity to their investment lists. ‘There is perhaps no detail of thek! busines which trusts have been more reluctant to reveal than their security holdings. And per contra there is hardly anything that the public more ugenfly desires than just that dis- closure. It is true that in the last few months investment trusts have been yielding to popular demands for information re- garding their investments, but even now 40 per cent of all the ccmpanies doing business in New York State refuse to show what they have invested the pub- lic's money in. Mr. Washburn intimates that it may be necessary to enact man- datory legislation to force publicity upon those companies which refuse to give it voluntar: He indicates very definitely that State® will insist upon revelation of investment lists. In recommending publication of in- vestment trusts’ lists the State attor- 's office is reversing itself. rs ago Attorney General Ot- tinger, after an exhaustive investiga- tion into investment trusts operatin in New York. decided that publicity o! portfolios was unnecessary. He un- doubtedly was influenced in coming to thar. decision by executives of important trusts, who offered all sorts of technical objections to publicity. Mr. Washburn overrules all those objections and comes to the conclusion that publicity is the most necessary rteform investment trust practice that his survey has dis- closed. Of course, circumstances have changed materially in the last few years. The urgency for publication of portfolios is vastly greater now than it was then. The number of trusts has increased many fold. Moreover, the amaunt of the public’s money now invested in trusts bas more than quadrupled. It aggregates fully $5,000,000,000 today, according to re- liable estimates. Mr. Washburn's report discloses that trusts _operating in New York State ;(l,%n:ogmve resources in excess of$4,000- (Copyright, 1930.) CHICAGO, August 6 (4#).—Skyrocket- ing prices for corn today carried the wheat market whizzing upward past $1 a bushel as a result of sensational drought news and immense buying. The- corn market scored a maximum gain of more than 7 cents a bushel compared with yesterday's finish and equaled about the prices prevalling a year ago. Wheat and all other grain outdid the high price record of the present season, following the leader- ship of corn. Corn closed strong, 67sc to 77%c up, at the day's top level. Wheat closed nervous,~5l4caBlsc advanced; oats at 3ca3¥c rise, and provisions showing 10ca37c gein. The table: WHEAT— Scptember . Dece ] 25 Close. 96 o 8882 538 ber, pulp wood, manganese and wheat |} shipped fo other'nations by Russia is | NEW YORK, August 6 (Special). 119,000,000; a year ago, $1,4 X New York bank balances, , $151,- 000,000; a year ago, $182,000,000. New York Federal Reserve credit balances, $140,000,000; & year ago, $168,000,000. STEPS TAKEN TO CHECK DROP IN MEAT PRICES By the Associated Press. DENVER, August 6.—The executive cemmittee of the American Live Stock Association has taken steps to bring wholesale mesat prices, riow at the low- est level since 1922, back to normal. Increased consumption, the commit- tee sald, was necessary for any upward trend, but rhembers said it would be n , first of all, that national re- tail meat prices be brought into line with wholesale prices. The committee passed a resolution indorsing the recent recommendation of the Live Stock Advisory Committee of the Federal Farm Board that urged cattlemen to hold back their usually heavy Fall shipments of cattle and to feed them into the markets later in the Fall and Winter. Cattle prices have dropped steadily in the last few months. NEW YORK COTTON NEW YORK, August 6 (Special).— ‘Though the first showers in Texas in several weeks, with 16 stations report- ing a quarter of an inch or more of rain, caused an erratic cotton market today, prices were steadied by the violent advance in wheat and corn and the fact that the general drought situ- ation in other stations was still un- relieved. Prices recovered about $1 a bale and ended 10 to 15 points higher than on Tuesday. Business was still restricted by the approaching Government report on Friday. Spots were advanced 10 points to $12.95. Cotton range: October, old oc 35 shgianag! 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