Evening Star Newspaper, December 1, 1930, Page 14

+ FINANCIAL. U.S. DOLLAR WHEAT PRICE HELD LIKELY FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. , MONDAY. IBONDS ARE STEADY INQUIET MARKET DECEMBER 1, 1930. Received by Private Wire Direct to The Star Office UNITED STATES. Sales 1.000.) Pac G & E165s°42.. A" Hieh, Low. Closs. | Pan-Am Pe A—14 wwx - CURB ON BANKING High. Low. Close. Stock and 103% 1031 108% Sales— (Continued From Page 13.) ‘Bate. Aad 00 High. Y BRKERSURGED Glass Committee May Inves-| | tigate Investments by Ex- change Members. BY JOHN F. SINCLAIR. Epecial Dispatch to The Star. | NEW YORK, December 1.—Should New York Stock Exchange members do | #n investment banking business in addi- tion to their regular brokerage busi- pess? This question is being asked more and more recently. Every one of e five New York Stock Exchange firms hat failed this year was engaged in the investment banking business as well s the stock brokerage business. | + A brokerage house should no more pe in the banking business than a banl er should be in the brokerage business,” | $aid a New York business man. “For example, those Stock Exchange houses mt got_into difficulties in the recent rket decline were houses using their surplus moneys largely to protect stocks pf companies in which they had a financial interest.” ! Why should a Stock Exchange house endanger the accounts of its legitimate | gustomers by reason of its interest in an entirely different line of business? Some may answer that there is not #nough money in the brokerage business elone, that every Stock Exchange house has to have a side line, or that the eountry has not yet enough business support the thousand active mem- rs of the exchange. All this, of course, is based upon the remise that a Stock Exchange mem- geumn is worth around $250,000. ‘When the Stock Exchange is investi- gated by the Glass Senate Committee, there are intimations that this problem +—that of operating a banking business in addition to a brokerage business— will receive considerable attention. | Wage Reductions, | William Green, president of the American Federation of Labor, calls every employer who has cut wages a “public enemy.” Speaking of certain employers in the textile, coal, boot and shoe industries who have done so, he Tine yrongs which these employers are perpetrating are against the public and serve to undermine our national economic structure at a time when the leaders and the Government and public- &pirited people are trying to maintain wage standards, so that we can facili- tate and hasten a return to normal conditions.” Cutting wages will not solye the par- ticular problem for anybody. But.get- ting together on a plan to arrest the dropping price level, however, will help fmmensely. Why? Because wages can- not _be maintained another 12 months, if the price level continues to drop in the next 12 months as it has in the last 12 months—16 per cent. Here is a sub- Ject worthy of the serious attention of Mr. Green and the American Feder- ation of Labor. Canadian Wheat Pool. The Canadian wheat pool has bor- Towed an average of 58 cents a bushel from the Canadian banks on the new ro) Wp.hue the pool itself gave the farm- ers 60 cents a bushel last Fall, it later reduced this to 55 and then to 50 cents. So the pool's payments to date commit them to about 58 cents a bushel. The Canadian government is under- stood to have assured the Canadian banks that it will protect the banks should wheat prices fall below 58 cents a bushel. So with the banks protected against loss, and John L, McFarland appointed sales dictator of the pool, conditions begin to look better in Canada. No, distress selling of Canadian wheat on the world market is expected. ‘. Premier Bennett will arrive in Canada in a few days and then the question “what next in wheat” will come to the front. Until then, with the Canadian situ- ation well in hand, the wheat market should not be adversely affected by the | Dominion. Armaments. Germany wants a detailed report on ail fand armaments immediately sub- mitted to the League of Nations, so as| to give the Disarmament Conference of the League a rational basis upon which further disarmament may proceed. - ‘According to Count von Bernstoff ofs| Germany, this approach to the problem | 1s absolutely necessary, if the world is to gt anywhere with the disarmament ess. The European condition—almost uni- versal—of increasing taxes, decreasing revenue and a constantly growing mili- tary expense, is something business Jeaders of Europe want to stop. "This latest move is distinctly one in the right direction. . Sir Josiah Stamp, British industrial- | ist and banker, has just told the busi-| ness men of Great Britain: “If we do not solve the gui]d Eprcblem, we shall | all bankrupt in Europe.” It.‘om this economist who estimated that the net value of Great Britain's financial wealth in 1913 was $7155 000,000. Now he estimates it' at $9: 225,000,000 ‘With one-fifth of all the gold in the world in France and two-fifths in the United States, the British and German financiers believe that the cther two- fifths is not enough to supply the world | and carry on its business. Result: A gold scarcity, causing a fall in com- modity prices, and levying its terrible | burden on those nations who owe money | and are not fortunate enough to have | much gold around. George E. Roberts, vice president of the National City Bank of New York.l on the other hand, believes that gold | will flow into every country as soon as | business confidence 15 restored. “With | a free flow of capital between nations, the gold problem will take care of it- self,” says Mr. Roberts. In the meantime, plenty of European countries are squirming over the tight situatidn and the dropping price level, | produced largely by the concentrated. undigested world gold supply. (Copyright, 1930, by North American News- paper All ) U.S. Ll;;fiBER INdUéTRY IS IN BETTER POSITION | By the Associated Press. An indication of the order that is being brought out of chaos in the lum- ber industry is indicated in reports of | 864 leading mills to the National Lum- ber Manufacturers’ Association, covering operations for the week ended Novem- T 22 Sofewood lumber orders were but 1 per cent less than production, bringing the combined ratio of new business for hardwood and softwood lumber up to 98 per cent of the cut. Combined ship- ments from these mills were 2 per cent less than production. ‘Total cut for the week was 234,830, 000 feet. A week earlier 867b linfll; re‘; orders 6 per cent below an Mnu 4 per cent less than a total 225,976,000 feet. ety A shipme! cut of HOSKINS PROMOTED. BALTIMORE, Dec:mber 1 (Special). —Promotion of F. G. Hoskins, who has ~Prev 1930~ High. Low Stock and Dividend R % N Y & Harlem (5) N ¥ Invest (120) N Y NH& Hart (6). N ¥ Railways pf. N Y Steam pf(6).... 4 Norfolk&West (12) Norf & West pf (4).. 90 4 North Am Aviation Nor Am (b10%stk).. North Am Ea pf (6). 4 No Ger Lloyd (3.43). Northern Pacific (5). Northwest Tel (3)...100s Ohto 011 Co (2 Oliver Farm Ex Oliv F Eq pf A (6) 5 Oliver Farm Eq cv pf %« Omnibus Corp. . Otis Elev n (2%). 4 Otis Steel. .. Owens 111 Glass (3).. Pacific Gas & EI (2). Pacific Lighting (3). 1658 Pacific Mills Packard Motor (60c) Param'nt Publix (4). Park Utah. . Parmelee Tr: Pathe Exchange. Patino Mines. .. Pennev (J C) (3) . Penick&Ford (11%). Peuna R R (4) Peop Drug Strs (1). People’s Gas Ch (8) Petrol Corp (1%)... Phelps Dodge (3). Phila Read C&1.... Phillips-Jones pf (7) Philiips Petrol (n2).. Plerce Ofl. .. Pierce Ofl pt . Pierce Petrolm(10c) Pitts Unit Cp pf(7). Pittsion Co (75¢). Poor & Co (B) (2)... PR Am Tob A (33%). Prairie Ol & Gas (2) Prairie Pipe L (15).. Pressed Steel Car .. Proct & Gamb (2.40). Prod & Refiners. PubSvNJ (340) .. Pub Sv.E & G pf (6).. Pullman Corp (4)... Punta Alegre S cifs. Pure Oil. . Pure Ol pf (8) Purity Bakerle: Radio Corp ... Radio pf A (3%). Radio Corp (B) (5). %4 Radio-Keith-Orph A. Raybestos Man 2.60. Real Sflk (6)........ 1 3 Reis (R) & Co 1st pf 10508 Rem Rsnd (1.60).... 8 1 Reo Motor Car (80c). Republic Steel Republic Stee! pf (6) Revere Copper & Br. Reynolds Metals ( Reynolds Spring.... Reynoids Tob B (3). Rhine W EI P (2.16). Richfield O11 Rlo Grande O! % Ritter Dent Mf ¢ Rossia Insur (2:20) Royal Dutch a3.21 4 Safeway Stores (5).. St Joseph Lead (13). St L-San Fran (8) Savage Arms (2). Seaboard Air Line Sears Roebuck $2% Second Natl Inv. Seneca Copper 4 Servel Inc. Shattuck (F¥ Shell Transp (a2.43). 1 Shell Union Ofl. Shubert Theater: Simmons Co. . Simms Petroleum. .. SinclairCon Oil (1).. Skelly O1l (2)... Skelly Oil pf (6) Snider Packing. Sou P Ric Sug (1.40) Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8). Spalding (A G) (2 Sparks Withing (1) Spear & Co pf (7)... 100s Spencer Kellog(80c). Spicer Mfg..... Spicer Mg pf (3) Spiegel-May-Stern. . Stand Brands(1.20) Stand Comm Tob. Stand G & E (3%) Stand G & E pf (4).. Stand Invest Corp.. Sales— 20 1 87 117 1 1 6 57 85 50 587% 647% 37 46% 14% 9% 95% 30% 8 14% woan@ntene Bumeannommans 0s 19 1% Add 00. High. Low. 168 15 85%% 2 308 103% 207 161 14% 85 2 Stone & Te: Te: Timken Truscon Union O S Fre; s s El 8 s s s Wabash Wabash Warren W 10:30 A.M. 1 stock. 3% r Plus 14% in stock. Dividend Stand Oil,Cal Stand Oil of Kan (2) . Stand Ofl of NJ (12) Studebaker Corp (3). 4 Submarine Boat. Superior Oil. Superior Steel. Symington (A). Tennesseé Corp (1).. Corp (3)... Tex Gulf Sulph (4).. Texas PC&OIil...... Pac Third Avenu Third N Tide Water As (60c) Tide Water As pt (6) Tide Wat Ofl (pf (5). ‘obacco Products. Tobacco Prod A t95c. Transamerica (1)... Tri-Cont Corp. .. Tri-Cont Corp pf (6) Twin City R T pf (7) 110 Ulen & Co (1.60) Und-Ell-Fischer (5). Union Bag & Paper. . Union Carbide (2.60) Union Pacific €10)... _Un Tank Car (1.60).. Utd Alreraft, . . Utd Alreraft pf (3).. UnitedBiscuit (2). Utd Carbon (2) Utd Clgar Stores pf.. Utd Corp (50¢) Utd Corp pf (3). Utd Electric Coal Utd Fruit (4) Utd Stores U S & For Sec pf (6). Indus Alco (37).. Leather. .. Leather (A). Leath pr pt (1).. Plpe & F (2)...,, Realty&lmp(3). Rubber. Util Pwr&Lt A 12.15. Vanadium Corp v rn Md.... rn Md 2d pt. tern Pacific pf, Western Union (8).. Westingh'se A B (2). iting E& M (5).. est E& M pt (5).. Westvaco Chlor (2).. ‘Wh Rock M S (14%). Willys-Overland Wilson & Co pt. Woolworth 12.40). Worthington Pump., Yale & Towne (2)... Yellow Truck....... Youngs Spring (3).. Sales of Stocks on New York Exchange tock. { Plus in st ock. 3 Pllis 8% in stock. k Plus 3% H(h2). 13 Stewart-Warner (2). Webster (4). ® PISTEIVISPR -JOre - POe) D pnupsreee) atl Inv ( Roller (3) Stl (£1.20).. e e - o sone@irnrenmubonsenhoasSerne B ESana il, Calif (32), (Adeueoas pL(2%).. ght (3)... o Vulean Det (4) of (A) (5.0 Walworth Co (2) Ward Baking (A). Ward Baking (B), Warner Bros Plct. Warner Quinlan. Warren Bros (3)..., War Bros cv pf (3).. Fdy & P (2). Dairy (B).. M 2 et wlmarns Runaros @ 61% Ya 62% 80% 80% 31 1 1y 24 24 165.600 1 . :00 Noon, « 688,100 455,900 0 P.M. ; Payable en e Plus $1.00 in preferred stock. in stock. p BY GEORGE WANDERS. Special Dispatch to The Star. NEW YORK, December 1.—Foreign| financing in the American capital mar- | ket is a problem for which bankers are unable at this time to suggest any so- lution. Sugh financing has an obvious relation to’ merchandise exports, and it | is, moreover, an important factor in| world economy. Virtual cessation of foreign resort to this market is viewed, consequently, as a highly disturbing | element, but one that can only be righted with the, passage of time. Pro- nounced unsettlement in the politics and finances of potential foreign bor- rowers is at the bottom of the present situation, and only as normal conditions are restored will this market again feel the confidence necessary for the suc- cessful flotation of foreign securities. ‘The most disturbing developments have occurred precisely in quarters that are most ready to tap the immense and steadily accumulating capital resources of the American market. South Amer- ica is held to be the most natural field for our investments, since capital flows naturally from mo:e highly developed countries to those with lesser indus- trial equipment. Germany also is a po tential’ borrower here on a large scale, owing to the special position in which that country finds itself. South American Revolts. Military revolts in South America, while uniformly successful, have, nevel theless, shaken the confidence of Ametican investors to a degree, and the securities of all Latin American states are much depressed in this market. An encouraging feature is the declaration by all the new governments that the state obligations will in every case be recognized to the fullest extent. In or- Idl’r to make further financing on a large scale possible, however, a period of stability is necessary. Bonds of Latin American countries have already ad- vanced substantially from their low points of mid-October, and a further slow, but steady, gain is anticipated. Although bond quotations are not necessarily indicative of thc genuine credit rating of a foreign state, they do offer a rough approximation. Pres- ent Latin American bond price levels are low in almost all cases, which means that new flotations on this mar- ket would require & prohibitive interest rate. The yield necessary in T to make new bonds attractive to American investors would absorb all the profit t borrowers could make with the and in this situation ure comes to ‘been superintendent of the 'Baltimore division, ndum?‘r:u&dontm F:‘Mm'ry b general suj ndent of % - e % succeed R. W, Brown, ‘who recently was general man- mdu{je’crmulnmmuo!!lg ' “‘&'n"‘v‘:fl tendent of the Int by P. K. Partee. elections a itical stability diminish the finitely mo;;t eosp m;ed one, ulnefi L:‘ [$ neral politi- L ommercial and fosncial position BANKERS DISTURBED BY LACK OF FOREIGN FINANCING IN U. §. Other Natiens Are Paying Of Outstand-| ing Loans and Obtaining Future Credits / Elsewhere at Lower Interest. |1y to find expression on any .and all | gain their former levels and perhaps go with their pronounced trend toward Fascist and Communist extremes, caused much dublety regarding Ger- | man politics and produced sharp re- cessions in the quotations of Germ: Bankers familiar with tren in Germany scoff at the idea of that country actually resorting to Com- munism or Fascism, although it is ad- mitted that vehement protests against the Versallles treaty provisions are like- occasions, The Young Plan. Linked closely with the extreme busi- ness depression in the Reich and the world-wide decline of commodity prices is the agitation regarding the Young plan. Bankers here complain of a popular misconception on this sub- ject for which the pronouncements of Chancellor Bruening, Foreign Minister Curtius, Dr. Luther and Dr. Schacht are not entirely to blame. In all of- ficial statements it has been made thn that private obligations of the eich will be homored fully. Talk of a “moratorium” is held misleading, since any plea for relief by Germany will be made only in accordance with the due provisions of the Young plan covering postponable payments. The Dawes loan and the Young loan, which are the only German government ob- ligations quoted on this market, are both payable from non-postponable an- nuities and they will in no way be affected by the action now fore- shadowed. . Although the real situation regarding German private obligations is thus clear, prices of all Reich bonds have been depressed by the developments. It will be necessary for quotations to re- even higher before long-term financing iy again possible in this market. In- volved in this question is the position taken by the Beratungsstelle in Berlin, which controls foreign borrowing by German municipalities and to & by corporations. This body is opposed to financing at a cost which it considers out of line with the genuine credit of the Reich, and at present there is a wide gap between its views and the actual market in the United States. Other countries that would normally do financing here are also affected by the general disturbances to a greater or lesser K sm is a potential bor- rower for stabilization purposes, al- though the Bank for International Set- tlements will probably undertake the ts. is k!l'l ) need of new funds, according to Cha S. Dewey, who recently completed three years as financial adviser to the War- these special lona;:erm borrowing here at present time. Ji ticular, desires a for zation , but the initiative in the matter rests with France. .w‘ll".hta that ly developed ‘:oldn'n country, but the current ot Toparations: macmng‘on ‘wide- (PIE Paw Brgen 3 navian countries are September 14, borrowers Paying Offt Loans. and - | refineries also was refunding, but in geenral these coun- tries are paying off their American loans by means of funds raised at home more cheaply. Australian financing 1s a possibility, but only as an offshoot of action that might be taken in London. Japanese utility financing is one of the most imniinent possibilities. Canada, of course, is an accepted credit here, and Canadian financing will continue here on an extensive scale. With long-term financing for foreign countries at a standstill in this market, bankers have supplied funds in many instances on short-term basis. There High-Grade Group Displays Firm Tone—Some Soft Spots Appear. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW | YORK, December 1.—Bond trading was dull today, with a firm tone to prices in the high-grade section, but with a number of soft spots scats tered throughout the rest of the list. Over the week end developments were few and, apart from the announcement of expected interest and sinking fund payments on various South American issues, had no effect on the list. Money rates were unchanged and there were ample funds at the disposal of the market. ‘There was a total of over $25,000,000 of new issues. These, however, were all of a high-grade type now popular, The Canadian Pacific Railway offere® $14,250,000 of 4!, per cent equipment trust certificates, due serially 1931 to 1945. the intense demand for short- term securities being reflected in the 3 per cent yield basis for the early ma- turities, as against 4.60 per cent tor longer dated certificates. = Peoples Gas Light & Coke offered $8,000,000 of 4, and 415 per cent notes due 1935 to 1936, priced to yield 4.25 to 4.75. There were also a number of small municipals. Interest and sinking fund payments by Chile, the Argentine and Peru were reflected in firmness in the issues of these governments. German government 514 s were slightly lower at the opening, but later went to a fractional net gain and 3 points above the recent low on the reiteration of Chancellor Bruening's determination to promulgate the laws necessary for the German financial reform program. It Is pointed out that the Reichstag may only accept or reject the decree; it can- not modify it. German opinion_tends to the belief that the decree will not be defeated. owing to the danger of an- other dissolution of Parliament. Ger- man reparations 7s, German Central Bank issues, United Steel Works 6'is and various German municipals also improved. High-grade bonds had a strong ten- dency to retrace the ground lost late last week. Atchison general 4s, Balti- more & Ohio 4s, Canadian Pacific 4s, Great Northern 7s, Chesapeake Corpor- ation 5s, American Telephone 5%s, Standard Oil of New Jersey 5s, Western Union 55 and American & Foreign Power 5s all illustrated this trend. Junior obligations of the carriers, however, were heavy. This was par- ticularly true of Missouri Pacific 4s, off 12, and others. sl e o Washington Stock Exchange SALES. Washingtoni Gas 6s “B"—$100 $100 at 104. e e gi';i"-“g ‘h—uN tluon Co.—2 at 49, rict National Securities pfd.—1 68, 10 at 68. 2 Ei Merchants’ Transfer & Storage com.— 10 at 108, 10 at 108, 10 at 108, 10 af 108, 10 at 108, 10 at 108, 10 at 108, 10 at 108, 10 at 108, 10 at 108, AFTER CALL. Capital Traction 55—$1,000 at 851, $500 at 857 i w;;x;;ngmn Rwy. & Elec. pfd—10 at Potomac Electric 515% pfd.—10 at 107, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4 Amer. Tel. & Telga. 4'3s ' Am. Tel. & Tel. ctl. tr. 5s. Anscostia & Pot. R. R. 5 Ans. & Pot. guar, 5, C. & P. Tel. of Va. 5s. Capital Traction R. R. §s. City & Suburban 55. Georgetown Gas 1si Potomac Elec. cons Washington Gas 5s..... Wash. Gas €s, series A Wash. Gas 6s, series B. Wash. Rwy. & Elec. 4s...... . MISCELLANEQUS. Barber & Ross. Inc.. 6'4s. Chevy Chase Ciub 5ias. . Columbia Country Club 4135 D. C. Paper Mfg. 6s.... W. M. Cold Storage 54 Wash.' Cons. Title 6s. . STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga. (9). Capital Traction Co. (4) Wash. Gas Lisht Co. (i & W. a3 ' Powe i & El. com. (T) & EL ptd.’ (5).. NATIONAL BANK. Capital (14)... Columbia (12) Pot. EL Wash."Ry. Wash. Ry. are outstanding at present many im- portant credits of this nature, some of which may eventually bs refunded into long-term bonds, but it is already ob- vious that othe will not be renewed, in view of the general unsettlement. Noteworthy in this connection is the fact that all recent loans have been strictly for uctive purposes. The world-wide business depression is naturally a factor in the cessation of foreign financing here, but not a defi- nite one. New foreign financing pro- ceeded on an extensive scale in the earlier months of this year, when the depression was quite as pronounced as it is now. Public flotations of foreign governments’ issues in this market so far this year, excepting Canada, amount to $472,000,000, of which $412,000,000 represented new borrowing and $60,- 000,000 refunding. Foreign corporate flotations have aggregated $219,000,000, of which $210,000,000 was new money, while $9,000,000 was refunding. The aggregate of $791,000,000 is far in ex- cess of last year, but much under the record years 1928 and 1927. pres ot R EPER MARYLAND TOBACCO PRICES. BALTIMORE, December 1 (Special). —Both receipts and sales of Maryland leaf tobacco showed increases last week, the former totaling 1,628 hogsheads reported, leaving a stock in State tobacco warehouses of 10,125 hogsheads and 232 hogsheads of ground leaves. tions per 100 pounds: Inferior, 6.00a10.00; sound common, 10.00a22 good common, 22.50a32.00; medium, 32.50a40.00; snod to fine red, 40.50253.00; fancy, 53.50a54.00. Sec- onds—Common to good common, 10.00a 25.00; medium, 25.50a35.00; good to fine, 35.50a45.00; ground leaves, noi H upper county burley, 7.00a40.00. Stock Transactions Decline. NEW YORK, December 1 (A— Transactions on the New York Stock Exchange in November totaled 51,963,- 900 shares, a daily average of 2,259,300 compared with a total of 72,454,- 600 and a dally aves of 4,262,035 shares in the like month last year. FERSE PARIS BOURSE PRICES. 5814 centimes. The dollar was quoted at 25 francs 45% centime: Commerclal stamped) (10) e Second (9e)." Washington (i3} TRUST COMPANY. Amer. Security & Trust Co. (13) Continental Trust (). Merchants’ Bank & Trust (6) National Savings & Trust (121). Prince Georges Bank & Trust Union Trust_(8f) ; Washington Loan & Trust (14) SAVINGS BANK. Bank of Bethesda (63).... Commerce & Savings (i0) East Washington (12). Potomac _(10)... Security Sav. & Seventh_Street (12). United States (30). Washington Mechanics (20). FIRE INSURANCE. American (12). Firemen's National FIRE INSURANCE. Columbia (6h)..... Real Estate (6h) Title & Inv. Cq MISCELLANEOUS. Barber & Ross, Inc., com. Chevy Chase Dairy pfd. (7). Col. Medical Bldg, Cotp... while sales of 1,581 hogsheads were |E: Under a strong demand the market | Mer. Tr. & Stge continues steady at the following quota- | N er 5 . The Carpel Corp Mech Mtge. Wash Med. Bldg. Woodward & Loth: SEx dividend. Corp rop pid. (1) §1% extr e1%4% extr SILVER QUOTATIONS. NEW YORK, December 1 (#).—Bar silver, 347%. 5% extra. NEW YORK BANK STOCKS NEW YORK, December 1.—Over-the- Lib 3% 20 102 Lib Ist 4148, 101 28 10128 39 102381 10229 10229 Lib 4th ¢%s, 212 10325 10822 10322 US3%s*43.. 3510210 1021 US3%s'4T. S3%s Sds'4s. S4%s'52.. 101 1137 FOREIGN. u u v Argentine 58 *45. .. 10 Argentine May '61. 2 Argentine 63 Ju 59 12 s A'ST. 1 Bk of Chile 6%8 5T Bk of Chile 635 °61 Belgium 68 °5 Belgium 6%8'49. Belgium 78 '55. Belgium 7 Belgium 85 *41. | Bolivar 7s ‘58 Bolivia 7s ctfi Brazil 7s Brazil Canada 6s'31 Canada 5s '52. Chile 6s f;. Chile 78 *42. . Chin Gvt Ry 58 °51, Christiana 6s'54... Colombla 6s Jan '6" Copenhag 55 '52.... Cuba 6%s ‘45 Czecho 836 Dan Mun 8s B "46 Denmark 43862, . Denmark 5% '55 Deamark 2 El Salvador 8 Flat 7s ex war "46.., Finland 6%s Finland 6s '45 kinlane 78 '50 Fram I D 7%s"42 Krench 7s°'49. French Gvt T%s Gelsenkirchen 6s'34 German 6%s "65. German Bank Hungary 7%s *44. Italy 7851, - ftaly Pub Sv 78 ‘53 Japanese 5%s 65 364 €., 8 sstd 1910, 29 Milan 6%8°63..... 46 Montevideo 7s '62 1 New SoWales6s'58 14 Nord 6%s ‘60 9 Norway bs Norway 6 Norway Norway 5 Orfent dev 6s '53. .. Paris-Ly M %852 Queenland 6s ‘47 Rhinelbe 78 46 ww Rhine West 6 Rhine West Rhine West 7s '50 Rio de Jan 6%s ' Rio de Jan 8: Roy D 4s'45 w! Sao Paulo 8s '36 Sao Paulo 8s 50 Saxon 7s 45 Seine 78°42......, 1 Serbs-Cr S1 78 '62.. Serbs-Cr-S] Shinyetsu 638 ‘52, Toklo 5%s 61 Utd King 6% g Utd SS Copen 6s '37 Uruguay 6s°60.... Uruguay 8s *46. Vienna 6s ‘52. Warsaw 7s'58.. .. Yokohama 6s§1.. MISCELLANEOUS. ABIUDI P& P 5863 6 73 Allegheny 5s'44... 29 80 Alleghany 63 *49 Am Ag Ch 7% Am Cot O db 56 105% 3 counter market: Bid. Asked. America 65 68 | Bank of Chase Chat Phenix hange on London, 123 france City Fifth Ave. | First Natl Harriman Crude Petroleum Prices. vennyopflu xmm- 0! profl‘ ucing fields was- unchanged last week from the preceding week at $1.245 Drug to 3 at the Gaspline & here. Norway e Th in 1 B m the Ofl, Paint 5o v mlmuwuk at 5.57 cents a gallon at .. principal refining centers. Am Sug Ref 63°37. Am T&T cv 4%5'39 Am T&T 6ssf'60. Am T&T 6%s°43.. Am W Wks 58°3¢. . AmWat Wks 6s°75. AmWrit Pap 6 Asso Of] 6s°35 At Gulf 598 '5. At Ref deb 5s Bell Tel Pa 68 B 48 Bell Tel Pa 55 C '60 Bush T Bldg b Cert-td deb 5%s *48 Chile Cop db bs "47. Col G&E 6s May '52 Com Invest 5%s 49 Com Invest 65 48 CC Md 1st rf 68 '50 ConGN Y 5%s"45, De Edison 6: Det Ed rf 6s B "40. Dodge Br col * Duquesne 4%s "67. East C Sug 7%s '37 Fisk Rub 8s'41.... Gen Cable 6% 347, 7 6 321 8 106% 2 104% 0 Geodrich cv 6s 45 Goodrich 6%s. ... Goody'r Rub bs '57. Hum O&R 6% '62 MBTIstpfbsA. 111 Steel 4% *40 10 102% 2 106% Int T&T cv 4%s IntT & T bs'55. Kan C P&L 68 A 52 Kan Gas&B 4%s "8( Lackaw St 6850 Lac G St L b8 '34. Laclede 6%s C '53. Laclede 533 D '§0. Lig & Myers 68 °51. s war "41. Nor Am Ed54%s Nor St Pow 58 A * Nor St Pow 63 B 108Y% 100% 105 120 125% 125% | Bklyn Un 1st 685 7 79% T9% 1033 100% 81 0 10210 23 10228 10225 10228 800 106 28 10627 106 27 160 108 28 10827 10828 5 1134 1134 Sales. High. Low. Cl 82% 82% 104% 1077% 111% 108 108y 664 67 82 101% 664 108% 108% 94% 101 105 100 £1% % TT% 86 94 98 8114 94 103 120% 89% 74% 84y 9; % 93 ' 103% 64 85% 85% 69% 891 85% 48y 80 8! s T9% 1074 0 104% 105% 104% 105% 89% 105% 101% 101% 801 100 84y 3 56% 56% 4 95% 95% 104% 105% 105% 0 801 100 85 561 95% 2% T2% 97% 90% 93 43 101% 103% 138 105% 105% 105% 1081% 80% 4 102% 67 101% % 106% 100% 95% 105% 87 94% V2 68% 101% 88% K 101 102% 105% 101 100% 103% 57% 105 9% oL Paramount 6: 104% 104% 104% 0 100% 100 100 89% 89! Rich'd O cal 6344 Shell Un O11 65°47.; 9% 99 4 101 100% 1u.%% 101% 101% 10i% 100 100 100 80 80 80 106 105% 106 104% 103% 103% StOIINY 4% 99% 99% 99% Sug Es Or 7s 42 26 26 26 4 105% 105% 105% 100 99% 99% 110% 110% 110% 961 95% 963 2% T2 124 0 69% 70 78 78 18 67 67 67 104% 104% 104% 101% 101% 101% lg'.:% 1024 102% Utd Drug cv 6s 9 U S Rublst 6s '47.. 11 Utll Pwr 58°59 ww. 11 Wh Sew Mch 6s 40 Wic Spen S ct 7s'35. WIl-Ov 18t 633 '33 1 101% 100% 101 RAILROAD. Atchison gen 48'96 22 9614 96% 96% Atch'oncv 4%s’41 33 117 114 116% At & Danv 4s 48 2 B0% 504 50% AtCL1s 2 95% 9% 954 23 95% 954 96% 7 100% 100% 100% .94 924 9% 92 2 104% 104% 104% 23 101% 100% 100% 1 100% 100% 100% B&O68'95.. ... 18 108% 108% 108} B&OP&WV 4s 41 2 9415 94 B&O Swn dy 53°50 12 1024 102 B&OToledo4s's0 5 82 82 Bos & Me 68 '67. oklyn Elec 6; Bkiyn Elev 634s. Biklyn Ma; Brooklyn Un 5 Bklyn Un E 68 '50. B&O 1st 5848, B & O ref 68°95. B & O 65s D 2000. A% T4N Ta% 42 98% 97% 98% 2 107% 107 107 52 103 102% 103 3 88% 8B Sy 12 99% 994 99% 29 99% 99% 99% 10'101% 101 101% 1 104% 104% 104% 5 104% 104% 104% 2 118% 118 118% 2112 112 112 34 89% 89% 89K 2 101 101 101 29 98 97% 97 11024 1024 1024 18 103% 103% 108% 1 108% 108% 108% 199 99 99 9 944 93% 93% 14 102% 102% 102% 35 99 98 99 3 101% 101% 101% 20 98 98% 98% 5 98% 98 98Y T9% Can Nat 4%s 57 Can Ni Can Nat 68 July Can Nat Can Nor 7s deb '40.. Can Pactfic db 4 "an Pac 58 cf Can Pacific 58 ‘54, Car Clin & O 65°52. Centof Ga 6%s Cent Pacitic h & O gn 4%8'92,, Ch& O 4% A '93, Ch&O 4348 B 95, Ch & Alt 335 '50 Government Aided by Tariff in Effort to Support Market. BY FRANK I. WELLER, Associated Press Farm Editor. If the United States is on the to “dollar wheat,” as suggested by a fe who still are too timorous about it talk out loud, the fight to preserve Ameri- can markets for American products may have just begun. 5 Several of the great storehouses of the world are about ready to turn loose another deluge of wheat, a circumstance calculated further to depress a world price which already 1s several cents under the domestic. Piled high on the Northern border is a huge Canadian surplus, eager and straining for sale whenever and wherever there is an ad- vantage. Ruled entirely by world fluc- tuation, Canadian wheat only recently recovered from depression that carried it almcst to 50 cents a bushel. Caught again in a market hammered by world supplies, Can: might find it conven- fent to pay the 42-cent tariff and use her neighbor’s doorway as an outlet for her yellow flood. Tariff Is Factor. The question is simply whether the United States can put wheat up to $1 a bushel and if so, whether world prices drop sufficiently low to pull wheat down where it can pay the tarift and make a profit in American markets. ‘The Grain Stabilization tion is said to control about 110,000,000 bush~ els of the 198,000,000 bushels in the vis- ible supply. If that taken out of the mar- ket is not enough to boost prices, the Farmers’ National Grain tion is said to hold about 10,000,000 bushels. In addition, Chairman Legge of the Farm Board says farmers probably wilt feed 200,000,000 bushels of wheat to live :ltloekbee use of the drought short- age in coarse grains. Since the new stabilization operation domestic wheat prices—now cent conference between members of Congress and farm leaders, both in and out of Government service, the tion was made that the present tariff of 42 cents be increased cents by executive order, so that if domestic price were pushed $ cheaper foreign wheat could not enter this country. Canadian Wheat is Best. It is remembered with certain ness that Canadian wheat is the finest 3 100% 100% 1001 | product. 064 37 67% 843 0% 2% 33% 90 8% 984 20% 88 2 108% 106% 1 1381 @7 .9 2 1 67% Bdv 90% 72 324 90 8% 987 90% 8714 82 85 981 98K 101% 101% 101 101, 3 101% 101% 10134 6 62w 6% 61% 15 40 40 40 4% % g %05% 105% 105% 02% 102% 101 D& RGrgn4s'36.. 7 97% 97 o 72 3 % 8315 3 21 T0% 23 80% 25 T9% T84 Fla E Coast 63°74.. 48 30% 29% 29% GrTrsfdb 1 106% 106% 106% K 1 112% 112% 112% 6 96% 96% 96% 1 108% 103% 103% 2. 2 108% 108% 108% '36.. 10 111% 111 51. 6 34% R S 98 5% 994 8674 88% 95 100 6744 6T 58% 53 ELe) T9% 974 i 29, Ch M&STP 434sC., CCC&SL L 4348 (E) C U Ter 4%s 2020, Clev Ternr 43 Colo & Sou 4348 '35 Cuba R R 58 '52. ... 2 % 8% Gr Nor 6573 Gr Norgn 53 Gr Ner gen 7 Hav El Ry 6% Hock val 438 Hud & M ad) 68 '67 Hud & M rt 5857, 111 Cent 45 '53. 111 Cent ret 4s L1l Cent 4%8 °66. .. 111 CCStL&N 55 A. Int Rap Tr b Int Rap Tr sta ‘6 Int Rap Tr6s'32.. 4 &G Nad6s'52. 3 Kan CFtS&M 45'36 20 Kan City Sou 88’60 4 Kau City Soub5'60 6 Lake Shore 3%5°97 5 L & N unit 4 0 13 L& N 4%s 200 L&N1stresks.. Manh Ry 1st 4s ‘90, Market St 78'20... 1 MER&L4%s’31, Ml E Ry & L bs 61 M StP&SSM con 4 M StP&SSM bs gtd MStP&SSM 51 5'78 . 4 13 2 1 1 5 1 0 00 . 68 15 97 9914 % 2 105% 105% 105% 1 b54% b54% 54% 2 93% 93 93 1 100% 100% 100% 3 1013 101% 101% 2 85% 85% 8o% 920 924 98 98% 7 101% 101% 1013 15 881 881 884 4 88 88 g8 102 102 70 0 97 9614 97 96 96 5 89y 99% 8414 97 . % 94% 94% 34, 26 100% 100% 100% 2013 16 101 o 1 108 Mo Pac gen 48'75.. 49 71% Mo Pacific6s A65. 1 97 Mo Pacitic 71, 48 97 Mo Pacific 6sG'78. 5 97 Mo Pacific 5s H 80 14 96% Mo Pac6%scv'49. 18 96% 5 5% 1 89y 8 100% NYCgn3ys'al.. N Y Cent 45 "42 N ¥ Cen 459 N ¥ Cent db 4 99 78. 32 87% 864 8% NYC&StL6%sA 6 102% 102% 102 NY NH&H 4% 5 91 91 9 NY NH&H cvdb6s 10 115% 115% 115% NY O&W 1st 48’92 28 40% 40 40 NY Rys inc 6 4% 4% 8 8 823 82% Nor & Wn ev 961 97 Nor Pacific . 1 92k 92u 924 Nor Pacr1 47. 21 111% 111% 111% OreShort Lssgtd. 1 105 105 106 Oreg-Wasn 48'61.. 1 91% 91% 91% Penna 4s '48 8 3 984 98 98 Penn gen 4% Penn ¢%s ‘70, Penna 68 ‘64 23 95% 9674 41 103 102% 103% 97% [ and 111% | had bee the yellow cereal is broadening, while a great deal of the speculative interest is being diverted from wheat to corn. Sentiment is becoming increasingly friendly to the constructive side of coarse grains. Oats have been selling 18 cents under a year ago and many believe neither oats nor corn uire any eloquence to establish s rad to higher prices—merely relief from contagious weakness in wheat. 01d Castles Refurnished. France has adopted a new policy of displaying, where possible, national his- torical treasures in appropriate sure roundings of castles rather than in mu- seums, and already priceless furniture and tapestries of the fifteenth and six- teenth centuries are finding new homes. The government now is restoring the chateau of Azay-le-Rideau and wagon loads of furnishings are being trans- ferred from museums to the place. In connection with this work the fortress castle at Loches is being repaired. While workmen were burrowing under the foundations they discovered a secret mze which extends under the entire Shoes to Match Jewels. Paris and Vienna have a new femi- nine craze. It is to wear shoes to match one's jewels, with either black ubies are declared “nude” silk stockings are tive, or amethysts, a whlm and amethyst satin shoes. Prince Michael a Motorist. 7 lgg% 100% 100% | smallest. 2 106% 106% 106% | t' 5 109% 109% 109% 5 99 99 99 5 98% 98% 98% 3 104% 1043% 104% 1 22% 22% 225 1 106% 1064 106% 4 9% 9% 943 2 105% 105% 105% 1108 108 108 . 20 99% 99 99% 2 94 94 RIAr&L4%s’34 PaOh & D 4%s "7, Pere Mar 415 '80., 94 1 100% 100% 100% StLIrM'ntSs31.. 2 100% 100% 1003 StL IM R&G 8°38 5 99% 99% 99% StL&SFiIndsA. 12 83% 82% 834 StL&SF4%8"78. 32 9% 78% 79 8 Sou Rwy 6448 113% 113% 113% Sou Ry M&O 45 '3 7T 95 94% 95 90% 90% 90% 108% 103% 103% 107 106 106 991 99% 99% 47 :;* 47 92 92 92, 9% 9TH 9TH 100 100 100 2 105% 105% 105% 102% 102% 102% 101\‘9: 101% 101% 9% 91k 1% 9% 9T 9T 81% 91 f 48 2 A 1 65°60 20 TolStL&W4s'50 1 Un Pacist4s’47... 6 Union Pac 48 '68... 10 Un Pac é%s Va Ry 1st 95 91 91