Evening Star Newspaper, June 30, 1931, Page 14

AUTOMOBILE TRADE| GAN 15 REPORTED Sudden Rise in Stock and | Commodity Prices Aids Motor Sales. 7/ Special Dispatch to The Star. NEW YORK, June 30.—While it is still too early to trace the real effect on business of the improved sentiment here and abroad since the announce- ment of Presiaent Hoover's war debt proposal, nevertheless it is interesting to hear from automobile manufacturers j that the sudden rise in the stock and | commodity markets has revived the de-| mand for low priced automobiles and for accessories. ‘Many people who had given up plans for Summer touring are now inquiring for new cars, according to dealers. There is also a more optimistic attitude in} the banks toward automoblle dealers, who are now able to arrarge lines of credit denied to them for some time. The result of the change may be that there will be a greater number of new models in the Fall than anticipated. Those companies which supply the au- tomobile manufacturers with materials are expecting larger orders. In the automobile world there is con- siderable interest in the race between General Motors and Ford. The new pas- senger car registration figures show that in the first four months of this year Ford registrations were 218,708, or 30 per cent of the 727492 total. General Motors registrations for the same period ‘were 295,024, or 40 per cent of the total. Other makes represented 30 per cent of the total. Reports Business Gain. In the first four months of 1930 Ford registrations were 428242, or 40 per cent of the total, which was 1.047.626. ‘General Motors registrations were 362,-* 966, or 34 per cent of the total, leaving 26 per gent to other manufacturers. ‘These figures are only for passenger ears. H. J. Klinger, vice president and general sales manager of the Chev- rolet Motor Co., declares that his com- pany is doing more business along the North Atlantic seaboard than ever be- fore. He says that area is the bright- est spot in the country right now, adding that, while it was the first to feel the effects of the stock market slump, it is the first to recover. Mr. Klinger also said that his sales figures show that the current month is ahead of June, 1930, and that he expects every remaining month this year to show a gain over the corresponding month of 1930. That American automobile manufac- turers may expect plenty of competi- tion in foreign markets from foreign cars is generally understocd. In this connection it is interesting to note that an important concentration in | the motor industry has just been put through in Czechoslovakia, where a new corporation has been organized along the lines of General Motors. Three of the leading automobile con- cerns in Czechoslovakia, the Skoda ‘Works, the Ceskomoravska-Kolben- Denek Co. and the Tatra Works, have formed a common organization for the manufacture and sales of the “Skoda,” “Praga” and “Tatra” cars. The new arrangement will result in ! a nationalization of output and a big | saving of production costs and the elimination of home competition. The new organization will take the form of = joint stock company with probably some 100 million crowns capital. Merger Reporied Near. | The merger of Sears-Roebuck & Co. and Montgomery Ward & Co., the two most important mail order houses in this country, so long discussed, is be- lieved to be nearer today than ever. It is understood that the merger has the tentative approval of the Federal Trade Commission. There are several other large mail order houses in competition with the two companies mentioned, 50 that it is believed that such a merger | could not rightfully be called a mo- | nopoly. | Bank Directors. i ‘The surprising ignorance of the ob- ligations and responsibilities of their | position shown by certain bank direc- tors in recent court trials has created an indignant demand from the public that banks select men to direct them who know their jobs and have ability. Some critics have gone so far as to suggest that bank directors be paid sal- | aries, as they are in Germany. Here a | bank director gets a fee at each meet- ing ranging from $10 to $50. In Ger- many there are professional bank di-| rectors, who are hired and fired when they fall down on the job. The average bank director on the board of an American bank knows very little about the running of a bank. He attends the meetings and O. K.'s any- | thing suggested by the officers of the bank. He never expects to have to do | any work for the bank. American bank | directors are selected because they are reminent in some other industry or scause they are prominent socially. | ‘This subject was brought up at the convention of the New York State Bankers’ Association last week. Oil Shipments. It cannot be said that the American oil industry is at all alarmed over re- ports that Russian oil is being shipped kN ‘?etmlt to be dumped at unfavorable rices. % Important oil men yesterday refused to belleve that the reds were shipping ofl here and added that, if the stories are true, it could only pe a gesture to frighten the American people or an at- tempt to feel out the American market. The oil is supposed o be on its way here in tankers, and is expected to ai rive today or tomorrow. A careful check-up failed to disclose that there had been any charters of ofl tankers from the Black Sea to Montreal. It is not belleved that the Russians have ofl tankers of their own. There was an inquiry in shipping circles from England as to the rates from the Black Sea to Montreal, but nothing more. Detroit is the last place the Russians should attempt to land oil if they are going to figure expenses. It could be landed much more cheaply in New York or Philadelphia. An ocean-going tanker could not get through the Lachine Canal on its way to Montreal. If the ofl came to New York, it could be loaded on barges to be reshipped to Detroit, or it. could be reshipped on tank cars. This is very expensive transport. The American company supposed to be importing the Russian oil is the Sunny Service Oil Co. It is supposed to receive 150,000 barrels—7,500,000 gal- lons—of Sovit gasoline from Baku. The company is also supposed to be ne- gotiating for an additional shipment from Russia of 1,000,000 barrels, or 50,- 000,000 gallons. Now QEI.! Sunny Service Oil Co. has only one balk piant and eight service stations. In other words, it has stor- age facilities for about 50,000 gallons of line. It has no watcr or terminal acilities, but has a railroad connection with the Michigan Central. The oil is supposed to be set down in Detroit at a price somewhere between 31, ccnts to 4% cents a gallon. The tank wagon price of gasoline in De- troit is 11.8 cents. The price to the motorist is about 14.8 cents. Not count- ing the cost to the Russians of drilling the oll with expensive imported equip- ment, nor the cost o: getting the oil to the Russian seaboard, the cost of ship- pln{ it from the Black Sea to Montreal ;ml d as be approximately 2 cents. To-this to be added the highly expensive transportation to Detroit. It must be remembered that, while the Russians have given both the American and English producers com- tition in Europe, competing in the Daited States 18 another proposition. The easiest place in the world to drill ol is in East Texas. In those flelds can drill & 3,500-foot well in one NEW YORK STOCK EXCHAN Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) ~Prev. 1631~ Hish. Low, 124 5 108§ 105 1 94% 63 119% 104 13 5% E; i) 201 15% 2 217 139 Norf & West (112). 11 4% North Am Aviatiol 90% b56% Nor Am (b10% stk). 57 53 North Amer pf (3).. 106% 102 North Am Ed pf (8) 60% _30% Northern Pacifie (6) 19% 7 OhiloOll.... 5% 2 Oliver Farm Equip 6% 3% Omnibus Corp. . 28's 20 Oppenheim Col ( 58ty z Elevator (2% 16% Stock and es— Dividend Rate, Add 00. N H & Hart (6)., NH&HpL(T).. Owens 111 Gl Facific Gas & K1 (3) .. Pacific Lighting (3). Paclfic Tel & Tel (7). Packard Motor (40c) 131% 116 1n% 5% 4 20 0% 2% Paramount-Pub 2% Park Utah. FPatino Mines. Peerless Motor Car, Pénick & Ford (1) Penney (J C) (2.40) Penn Dixie Cement. . Penn Ratlroad*(3)... Peop GasCh (8).... Pere Marquette Ry.. Pere Marq pr pf (5). atrolm Cp of Am(1) Phelps Dodge (1). Phil Rap Transit 'nil Read C& 1. Phillips Petrol Plerce Ol pf. .. Pierce Petroleum. ... Pillshury Flour (2) Pirelli (A) (m3.13). Pittsburgh Coal pf. . Pitts Serew&B(i0). Porto Ric-Am To(2). Postal Tel&Cable pt. Prairie Oil & Gas. Prairie Pipe L (3) Pressed Steel Car.. .. Pressed St Cpf (1).. Proct & Gamb (2.40). Pub Sy N J (3.40) 1184 109% 104% 103% 581 28 Pullman Corp (4)... 2 13 Punta Alegre Sugar. 1% 5 101% 66% 55% 2 12 31% 1adio Corp. Radio Corp B (5). Radio-Keith-Orph Raybestos Man Reading Ry (4) Real Silk Hoslery Remington-Rand. Keo Motor Car (40¢). Republic Steel. . Republic Steel pt. Reynolds Tob A (3). - 4! Reynolds Tob B (3). Kossia Insur (2.20) Roy Dteh(m1.3404) . Schulte Retail Strs. . 4 Seaboard Air Line. .. Seab Air Line pf. ... ears Roebuck (2%) Shattuck F G (11%). Shell Union OA1. ... Shell Un Oil pf (5% ) Shubert Theaters. .. Simmons Co. .. Sinclair Consol Oil. Skelly Ol1 : Snider Packing pf 4 South Port Rico Sug. South Cal Ed (2). South Pacifie (6). Southern Rwy (m Southern Rwy pf (5 Sparks Withing (1). cer Kellog (80¢) picer M{E......... Spiegel-May-Stern. . Stand Brands (1.20). StandG&E (3%)... 656% 83 13% 16% 17% 17% 20% 88% Prev. . High, Low. Close. Close. B 6% AN 6% 6% 68% 314 8 Stock ana . Low, Dividen: 6 56 Stand G & E pf (4).., © 92% Stewl G & E pf (6) 1011 Cal (h23%). 99% Stand Oil Exp pf (5). 8% Stand Ofl of Kansas. . Sales— Add 00. High. 2 60 d_Rate. % _Snperior O11. Wi ‘Tide Wi Transa: 6% 28% Trico P Ulen & Und-Ell Unit BY Unit Pi U 8 Ste 6% 1% 38's Vulean Waldor Walgres War; War War Bt est Ps Wester: ting Wileox Wilson Worthti: Wright Wrizle Yale & Y. 11 Dividend rates as “Unit | In st 104 | no ¥ 18% - pec 67% | this year—no regular Timken- Detroit Axle Timken Roller (3 Tobacco Product. Tri-Cont Corp. . Wabash RR. & preferred 5% Tennessee Corp(£0c) r As (60c. at As pf (6).. merica (40c) roducts(2%). Co (1.80)...., 1-Fisher (5).. Union Bag & Paper. . Union Carb & C 2.60.. scult pf (7).. Unit Carbon. Unit Cigar sto; Unit Cory (76c). ) Unit G & Im pf (5) ece D W (2).. U 8 Distributing. U 8 Hoffman........ U S Indust Alcohol. . 8 Realty & Im 8 Rubber. s s S Steel (7). el pf (7). 2 98% Va Elec & Pwr pf($). 50s Det (4).... 30s £8ys (1%4). 0 en pf (6%4) Walworth Co,. Ward Baking A. Ward Baking B. Ward Baking of (7) Warner Bros Pict Bros pf Quinlan Warren Bros (2) W o8 cv pf ( F ter-Eisenlhr pf 1608 Wess Oil & Snow (2) 1 Vess O & Sn pf (4 o 'a Pow pf (6). 10a n Dairy (A).. 2 g AB(2).. Westing EI&MIg (4) Westing E&M pf (4). + co Cblor (2). Wextark Radio Strs. White Sew Mach pf.. Oil & Gas.... Willys-Overland &Corpf. Woolworth (2.40) ngton Pump. Aeronaut. 10, v (Wm) (4).. Towne (2)... 144 Younes Soring (3) .. Zonite Prod Corp (1) 2 given in the above tabl 1y or pay.nents bll(ddon llhl latest quarts of trading less than 100 sl ‘¥Pa3 able 1 rate. res. TPlus 9% in stock. s 5 ayable in_stock.” e Payable in cash Plus 6% in’ stock. D PIus 3% in stock. Siock, k Plis 3% m stock. m Pald rate. nPlus 5% in at York Harbor in tank car lots at around 5'3 cents a gallon. Gasoline of the bootleg variety can be bought at lower rates. At one of the Texas Gulf ports recently gasoline for éxpecrt of a very superior grade sold at 2% f.0.b. Gulf in cargo lots, If it came to a price war between American and Russian producers the Russians would have to be prepared to sell at an enormcus loss. Such a price war is inconceivable in the minds of ' American producers. Conditions | such as England has witnessed through the deluge of Russian oil could not exist in this country. For years at English gasoline sta- tions it was a common sight to sep large notices posted, “We do not buy Russian oil.” This was an attempt to appeal to the patriotism of English motorists. The Russian oll scare from Detroit could very easily be a move on the part of that group in the oil business that is advocating a tariff on the im- portation of crude and refined pet- troleum products. This tariff was beaten by only one vote in the Senate. Naturally the independent oil pro- ducers are behind the move for a tariff, but it is not believed the Stand- ard Oll interests care very much one way or the other. Would Aid Railroads. At last investors who have loaned their money to build and keep up the railroads are raising their voices in in- dignation over - the way our carriers have been “tortured” for a decade. In the last few weeks committees have been formed by the life insurance com- panles and the fire underwriters to take steps to protect the tremendous amount of capital invested in the railroads. At a meeting in the Bankers’ Club a group of trustees met to form a com- mittee to support the committees al- ready formed. Rallroad investors over the country are banding together to bring pressure on the Interstate Commerce Commission to_come to the rescue of the railroads. The railroads are still the backbone of the country and always will be, in the opinion of bankers and engineers. They cannot be treated as a decadent industry. They have cut expenses to the bone and are new cutting dividends. If increased rates are not given them immediately a wage cut will have to follow, according to opinion in railroad circles. There are, of course, two schools of thought on the matter of increased rates. The school in opposition to the rete increase believes that higher freight rates will only serve to drive more business away from the carriers into the trucks. In that quarter it is be- lieved that it will be better to pass leg- islation restricting the carrying of freight by road. Anyway the recent burst of buying in railroad shares was based on the belief that the Interstate Commerce Commis- sion would allow an increase in rates next week. The rise in railroad shares the discouraged selling railroad shares. If a really imj selling movement started in railroad shares it would be a national calamity. Latin Americain Bonds, ‘The response to the suggestion that after he has settléd the European trou- | bles President Hoover would take s | to relieve the economic situation in South American countries was immadi- ate on the New York Stock Exchange. Buying orders appeared in & 1ist de Janeiro 8 1 point, the 658 27 points, the 7s 2 points and the 6s 2}, points. Uruguay 8s advanced 2 points and other bonds of the same country advanced from 2 to 3 points. South American countries have no war debts to settle with the United States Govi ent. The American capital invesf in South America comes from private sources. It is belisved that the relief measure from President Hoover would take the form of a sug- gestion to these private int:rests that ! they advance further loans. Gold Shipments. ‘The increased confidence shown by the entire world since th2 publication of the Hoover debt postponement plan is shown in tke disposition of the na- tions to let go of gold. A gold shipment valued at 30,000,000 lire arrived in Rome yesterday, _constituting a shipment which the Bank of England returned to the Bank of Italy as a portion of Italy's $110,000,000 guarantee on its war debt owed England. On Thursday s large gsmount of gold was loaded on_the liner Bremen for shipment from Berlin to New York be- cause of the persistent run on Germany. The gold was shipped by the Reichs- bank. After Mr. Hoover's announce- ment the gld was unloaded and re- turned to Berlin. (Copyrisht, 1031 e North American nce, Inc.) METHOD OF CHECKING ON BEARS IS MODIFIED By the Assoclated Press. NEW YORK, June 30.—The New York Stock Exchange has modified its method of checking up on bearish ac- by 4 per Alll tivities for the third time since the last | 2.00 bear hunt started. On May 25 the exchange requested its members to fill out a dajly question- naire, revealing the extent and identity of the short interest. Soon the ques- tionnaire was modified so that merely the amount of short selling was shown, without showing the identity of the sell- ers. The questionnaire was again mod- Iflu:l to eliminate ?;pllculcnu. ‘The exchange now requests a weel report, instead'of ' daily report, | o> Y While there has been no official com- ment as to reasons for these modifica- tlons, brokers interpreted the last move as mdluunn that the exchange officials were sai that the short-selling privilege was not being abused, or being used artificially to depress prices. Nev- ertheless, it appeared that they still wished to keep track of the extent of bearish activity. Bear traders have been somewhat ex- ercised over the exchauge's question- 3 that bullish manipula- tion can do as much harm as bearish manipulations, and that it was unfair to discriminate against the bears. The ellmlmllol:b:( the mmu‘ of Am sell- ers from a few we ago partially nflml" bears. NEW SECURITIES NEW YORK, June 30 (#).—New se- curities offered today includ Fight counties of State of Towi $3,375,000 primary road bonds, price: to yield 3.70 per cent, by a group head- ed by Ames, Emerich & Co. Radicals in t of China Washington Produce ’7!‘!)xmer~one-wund prints, 28%; tub, 2. 18a20; Eggs—Hennery, ceipts, 16';a17. Poultry, alive—Spring broflers, 3 pounds and over, 33a34; 2 to 2'4 pounds, 32a33; smaller, 28a30; Leghorns, large, 24a25; small, 20a22; hens, large, 20a21; small, 18a2 Leghorn hens, 14; roosters, 12a13, ers, 3 pounds and over, 37a38; 2 to 215 pounds, 36a37; Leghorns, large, 28a30; small, 24a25; hens, large, 25a26; small, 25; Leghorn hens, 18a20; roosters, ; Long Island ducks. 22a23. Meats—Beef, top, 14a13; medium, 121;a13; cow, 11; veal, 1. Spring lamb, 16a17; pork loins, fresh Kkilled, 23; frozen, 17a18; fresh hams, 17%; fresh shoulders, : smoked hams, 18!;; smoked shoulders, 12; current re- ages, 11, Live stock—Hogs, heavy, 6.50a750; light and medlufl?,"’l.fi&llg pigs, 7.00a 7. lves, 5.00a 75; canta- .50; , 2.50; flats, 1.15; peaches, 200a2.50;" apples, June, bushel, 1.00; box llncpk, 2.50; aj , 2.00a plums, 1.25a1.50; grapes, Thomp- 1.75; honeyballs, jumbos, 3.50; stand- ards, 3.00; Florida, blackberries, 5.00a6.00; black raspberries, 4.50a5.00; red raspberries, 25230; cherries, 2.75a i .50; bananas, 1.00a ; limes, per 100, 1.75a2.00; grapefruit, 2.50a3.00; rhubarb, per 100 bunches, 2.50a3.00. 2.00a2.25; oldt."fll)-poundnm, 2.25a2.50; beans, 50a75: 1.50a1.7. 3.00; squash, bushe peppe! 2.50a el baskets, tuce, New TS, 2. 1.50; let- mushrooms, 50; ‘cucumbers, 1.00a1.25; kale, 50a75; spin- ach, 7581.00. RAILROAD EARNINGS. ° NEW YORK, June 30 (#)—Railroads re] come for May, with compariscn with last year, inctuded:. 1931 1930. Tlinois Central.....$853,989 $1,457,642 Chicago, po- lis & Louisville... 53,957 Nashville, Chatta- nooga & St. 1@: 39,061 Gulf, Mobile Northern. 6,079 METAL MARKET. Iron quiet, ‘unchanged. Ti spot and nearby, 25.25; future, Lead steady; t New York, 4.40; East St. Louis, 422 4Zinc firm East St. Louis spot ai re, 3.90a Dressed Spring’ broil- | W, strip bacon, 21; lard, in bulk, 10; in pack- |N. honeydews, 1.50a | Second Ame huckleberries, | Continental, Vegetables—Potatoes, new, per barrel, | ec. Sa: porting today their net operating in- | Mer. Tr. BONDS ARE LOWER IN SMALL MARKET 5 Traders Take Profits -as Paris Debt Agreement Con- tinues Uncertain. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 30.—Today’s bond market moved & little lower on the nver;fi with trading in asmall volume. hesitancy of Monday was followed by an inclination to take prof- its on speculative commitments, in 11 view of the continued postponement of definite conclusions at the Paris debt conference. This tendency was also in evidence of the continental markets today, with v | ® decided slump at Berlin, an irregular tone in London and dullness in Paris. In addition the foreign currency drain on the Reichsbank’s reserves continued in volume heavy enough to cause a strain on mark exchange and further sizeable drawing by the bank against the international credit recently granted. ‘The Young plan loan on the conti- nental bourses was quoted below 70 for the first time since President Hoover's debt plan was proposed and the price here dropped over 2 points. Techni- cally there is no arbitrage in this secu- rity but the price movements here and abroad always approximate each other. Reparations 7's, German municipals, industrials and public utilities had narrower declines. South American {issues generally eased under profit taking, but Chilean bonds had a firm tone in reflection of reports that an announcement is im- minent that New York bankers will provide Chile with the necessary dollar exchange to meet its August obliga July 1 payments, it is authori- tatively stated here, have been ar- ranged. Chilean exchange is so di pressed it would be prohibitively ex- pensive for the government.to purchase dollars in the market. Domestic issues were quiet. There was to & small degree a reversal of the recent trend from high-grade to sec- ondary bonds. Atchison General 4s, American Telephone 5s and similarly classed corporation issues, as well as United States Governments and mu- nicipals, were firm to fractionally higher. This was due in part to the return of funds from the speculative market, where thére was a tendency to take profits, and in part to the heavy oversubscription _of $100,000,000 of Treasury bills. Of this amount, $50,- 000.000 of 91-day bills was allotted on a bank discount basis of 5 of 1 per cent annually. The other $50,000,000 was allotted at a bank discount basis ap- proximately the same. The former is- sue was four times oversubscribed and the latter three times. At the same time the firmness of municipals was evidenced by the sale of $3.375.000 Iowa road bonds on a 3.70 per cent yield basis. Junior rallroad bonds where changed were slightly lower. Buffalo, Rochester & Pittsburgh 4'2s, a comparatively in- active issue, were marked up to cor- respond to the market's recent im- provement. There was also a shading of prices in industrials like Goodyear 5s, International Telephone 5s, Penn Dixie Cement 6s and Standard Oil of New Jersey 5s. SRR Washinl:ton Stock Exchange SALES. Potomac Electric 6% pfd.—3 at 1131}, P(J‘lflr:lc Electric 5'3 % pfd.—10 at! . Washington Rwy. & Eleciric pfd.—10 at 9975, 5 at 997, Lanston Monotype—10 at 89, 10 at 88% ., 10 at 883, 10 at 88%, 10 at 88'z, 1 at 88!5. Mergenthaler Linotype—2 at 78. Re:‘l Estate Mtge. & Guar. ptd.—30 at 2. AFTER CALL. Washington Rwy. & Electric pfd.—50 at 997, 30 at 997;. Washington Gas 85 “B"—$400 at 104%, $200 at 1043 Washington Gas 6s “A”—8$200 at 1013, | $100 at 101%. Mergenthaler Linotype—$ at 7734, § at 3. Bid and Asked Prices. BONDS. PUBLIC UTILITY, Bid. Asked. Amer. Tel. & Tel. 4'as '39..... 132 ' . Am. Tel. & . tr. ar C. & P. Tei. of Va. Capital Traction R. City & Sub Potomac Elec. cons. Potomac Elec. 6s 1953 Was. Alex. & Mt. Ve Washington Gas 4!2s. Washington Gas 5s Wash. Ga per Mfg. 6s. M. Cold Storage 55 & EL com. & EI ptd! NATIONAL BANK. nd (Se). Washington (i3} TRUST COMPANY. r. Sec. & Tr. Co. (15). BAVINGS BANK. Bank of Bethesda (8%) . & Savings (10) gton (12 X i Bi Tnited states ?;lm ‘ Wash. Mechanics (30| i FIRE INSURANCE. American (12) Corcoran (10 Fireme: National Uni TITLE INSURANCE. extra, §1% extra. GENERAL FOODS DIVIDEND. Washington Rwy. & Electric 45—$1,000 > at 91. oA | Finland 7s ‘60 &rgedn:;‘lretuhr rter] a e qua m:mmmmm uy [ o BONDS o ] ¥ " Received by Private Wire Direct $o The Star Ofics UNITED STATES. (Bales are in $1.000.) Sales. Higl. Low. Close. LAb 3% s 32-47., 66 10219 10215102 19 32-47. 46 103 13 103 10 103 10 30 10228 102 28 10228 12 10228 102 28 102 28 91 103 10226 102 1 10810 108 10 108 10 - Low. Cluse. b 5 44-64.... Allis-Chalm 6837 Am Ag Ch T%s’41. 11 Am Chain $.0ee 2 1 Am F P 58 203 1 Am 1GCh5%s’4d. :: '3 Am N Gas 6348’42 Am B&R 1at 5847 37 Argentine bs Argentine 5 Atchis 43 1905-55. Atchison ad) 4 Austria 1543, Austria 7557 &O4s'48.... Batav Pet 4148 '42 5 Berlin Cy El 6 Berlin CyEl 6% Beth Steel pm 6836 Beth St rf 63 42 Bollvia 7s *58. Bolivia 75 '69. Bolivia 85 45... Bordeaux 6s ‘34 Bos & Me b3 6 Brazil 6% ‘26 6% 103% 108% 104 104 24 26 % 35 1057% 36 106% 984 54 b4% 55 Bklyn Elev 6 Bklyn Man BR& Pitt 414857, Bush T Bldg 58 '60. Can Nat 58 °70. . an Nor 4 %8 '35 Can Nor 6%s db *4¢ Can Nor 7s deb 40 Cent Pac 58 '60. Cert-td deb 6% s Ches Corp &3 *47 C&Ogen¥ CB&Q4%S"IT... C B&Q 1st1f 5871, CB&Q 11 dv 3349 CB&Q 111 dv 4849, Chi Grt West 48 ‘59 Chi M&SLP 4% Chi M StP&P b Chi&NW g 3% Chi & NW gn Chi&Nwn 4% C&Nwn 4348 ¢ 203 Chi & NW con 4% Chi & NW 638 " Chit1&Prf Chi R Icv 4% Chi RI&Pac 4% 8’62 C& W (nd cv 45’62, Colomb 6s Jan "61 Colombia 68’61 Oct Colo & Sou 41835, Colo & Sou 4% '80. Col G&X bs May '52 49 10013 874 5 ConG N Y 634845, Con Pwr Jap 6% Con Pow Ji Copenhag Cuba 5%s°4 Cuba RR 585 Cuba Nor 5%s '42 Del & Hud rf 43°42. Del & Hud cv 58 '35. Denmark 4 % | Dot Edison rf 55 ‘4 9 Deutsche Bk 68’32, 1 6 5 Erie 5875 Finland 6% Finland 6 2 £ 7 2 4 ch Gve Ti4s "1 17 nk'chen 6334 7 o 3 Ger Cen Bk Ger Cen Bk German 7s rep 49 Ger Gen El78°45. .. Goodrich cv 68 "45. Good 18t 6%8°47... Goody'r Rub 68 '67. 27 GrandTr sf db Cl'fin 5 Hud & M rf 58 87.. Humble O}l 68 ‘37 Hum O&R 53%3 '62. 111 Steel 4%8°40 Inland Stl1 438 A’ Inland Stl 4s% B'81 Int Rap Tr 53°66... Int Rap Tr sta ‘66.. int Rap Tr 6s 32... Int Cement 63 ‘48 or 68 '52. " RIAr&L4%a'3d. Int MM col tr 6541 } Japanese 5345 °65. Japanese 6%s ‘54. Kan CFtS&M 4s°3¢ 48 ww. Kresge Found ¢s 3¢ Kre & Toll is’69. Lig & Myers 78 °44 Loew’'s Sarfucrnanll Ruanalila 38 455805 BT Milan 6%s ‘52, MilE Ry & L 6 M StP&SSM con M StP&SSM bs g MK&Taljbs'e7,. MEK&TprinbsA.. lnrunnAd 7. Mo Pac 65 G Mo Pac b3 H '8/ Mo Pac ref : Mo Pacb¥%scy 4. Mont Pow 58°43... Mont Tr 1st bs "4 Montevideo 6s 5 Montevideo 7 oA & New 8 Wales 6557 New 8 Walex 68’68 » anBoe~lu vrunaSiteloanvanne B NY NH&H 43867, NY NH&H cv db s NY O&W 1st Nia Sh Md § Nor & Wn ev Ne Am Co s 61 Nor Am Ed 58’ N A Ed'son b5 C'69 Nor Am Ed 6% '63 Nor Pae 3» 2047, Nor Pac ¢s°9' Nor Paer{ Nor St Pw Nor St Pw Norway bs Nor 5 Norway Norway L PR Ore Short L 58 gtd.. Oreg-Wash .o Orient dev 6% ‘58. Orient dev 53 G & K16 Pac T&T 1st b3 '37. Pac T&T ref 6 '52. Pan-Am Pet 6834 Pan Am Pet 6s 1940 Paramount 68 '47.. Paris-Ly M 6s '58. Paris-Ly M 7s 5! Paris-Or 5% Pathe Exch 7 - 8 - ARG e SN anuBonannag 9208 Bannaranans e Penn 6%s ‘36 Penn O&D 4 5 Penn P&T.t 4158’81 Penples’ Gas 5. Pere Mar €43 60 = Phila Co 58°61 Phila & Read 65 '4 Phillip Pet 53 s ‘3! Pillsb F M 6543 Pirelif7s. . P CC&SIL 4%8°17. PCC&StL6sB.. P& W V4%sC60. Poland 6s 40 Poland 7s "47. Poland 8s ‘50 Port Gen El 4% Por RT am 6 Pos Tul&(‘.:z ‘53, Pure Ol1 54837 Queenland T8 "41... Read gn 4% s A 97, Reading 4%sB.... Rem R5%8 A ‘47, > P T T I e oy o0 B3NS NeRE SR nnnan Seine 7843, Serbs-Cr-S1 T8 Shell Un O1t Shell Un O11 Shinyetsu § Sinclair Ofl 638’38 Sine O Tscv A '3, Sine Cr O 6%8'38.. Sine P L 6a’43 - - Rea a-tnaas S888ue Sou Sou P 4348 '69 ww. So Pacific 4%s'31..13 &OT 4 %8 *TT Alennman Brren Talwan EP 5%s°71 l:‘l 50 Tenn 1 P 6s A "47. R Tex Corp & P1st582000. 2 B17,. 1 Sales, High. 5% T 0% 57 101% 103% 106'% 102% 1094 Y 06% 95 108 2% % stronger than any normal LIVING COST DROPS 1187 BELOW 1923 Conference Board Finds & ": Sharp Decline Between Dec., 1930, and Apr., 1931, Special Dispateh to The Star. since the beginning of the present pe- riod of depression is not 5o great s many persons probably have been in- clined to believe, because of the drastic per eent for the with the turn of beginning | events in 1920. A partial explanation of this difference is to be found in the fact that 1920 prices were greatly inflated, :; t;%m with the more stable prices The largest price declines in 1930, as compared with 1929 and 1928, were noted in clothing and food prices. Food prices averaged 6.2 per cent lower in 1930 than in 1929, and 4.7 per cent Jower than in 1928; but, contrary to the general trend of living costs, food prices were slightly higher in 1930 than in 1923. Except in two months, food prices declined steadily each month between October, 1929, and December, 1930, the drop in the entire period amounting to 14.6 per cent. With the exception of the two months mentioned, the down- ward trend from month to month was seasonal movements. Clothing has been more seriously af- fected by the current economic depres- sion than any other of the major items entering into the cost of living. In 1930, as a whole, clothing prices were 6.8 per cent lower than the 1929 level and 9.1 per cent lower than in 1928. The declines throughout the year 1930 were almost continuous and fairly marked from month to month. The change between 1929, and December, 1930, amounted to 12.8 per E;:t. he"l;'ut In'zh:f d&:nnrd trend since in| present depression has been not at all in the same pro- portion as that which followed the be- ginning of the 1921 depression. At that time, one year after tne price recession began, clothing prices had fallen 41.3 per cent. Other items making up .the cost of living are housing, fuel and light snd sundries. In the matter of rents, the Conference Board finds that in the United States as & whole they were 2.7 per cent lower in 1930 than in and 4.5 per cent lower than in The cost of fuel and light as a ‘whole showed less change in 1930 than any other major item. The decline between 1929 and 1930 averaged only 0.5 per cent, and that between 1928 and 1930, 1.0 per cent. Compared with 1923, however, the cost of fuel and light in 1930 was 7.1 per cent lower. The fuel and light index is based on changes in the cost of coal, gas and electricity. ‘The cost ‘:l’ sundries did not change prised in the list of sundries are physicians’ fees, drugs, to- ,_candy, newspapers and maga- zines, household furnishings, car fares, amusements and organization dues. ‘The largest decline was found in to- bacco prices. Declines were also noted in the prices of candy, ne ipers and magazines and household furnishings. Drug prices, on the other hand, were 5.5 per cent higher in 1930 than in 1929 and 13.5 per cent higher than in 1923. Car fares, also, have been on the upward trend in recent years. ‘The purchasing value of the dollar at the end cf 1930. based on the Conference Board cost of living fig- ures, was 108 cents, as compared wit] 100 cents in 1923. MONEY MARKET. NEW YORK, June 30~ (#).—Call money held at 112 per cent, the renewal rate, in the official market, but the out- side market was easier, with funds available at 1 per cent, compared with 114 per cent previously. The average call money rate in June was 1': per cent, compared with 146 per cent in May and 2.6 per cent in June last year. Bankers' acceptances were quiet. with demand light and activity limited by the month end. g Tates were un- changed. . The money and commercial paper were quiet and unchanged. S — SHORT-TERM SECURITIES. (Reported by J. & W. Seligman ‘&fl'.c(b‘”" Allis-Chalmers (¢ 1 1017 9 h. Low. Clase. 1081 108% 681 68 Un StI W 8% A7 17 67 675 W SREA'S 105% 105% 64 65 102% 102% 70 70 101% J0i% 101% 101% 1 00 50 <300 0900 O b 54% B85 100%. 100% N 98N | T 8% LN