Evening Star Newspaper, May 16, 1930, Page 14

A—14 FINAL LINK SOUEHT] INU. 5. RAIL LINE| Van Sweringens Need West- ern Pacific System to Complete Plan. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, May 16.—The Van Bweringen prothers of Cleveland—al- ready in control of the Chesapeake & Ohio, Pere Marquette, Erie and Nickel Plate systems in the East and the Mis- sour: Pacific in the West—are seeking the control of the Western Pacific as the final link in their Atlantic to Pa cific system. This is the first serious attempt in American history to tie the oceans together into one rallroad sys- tem. L. W. Baldwin, president of the Mis- souri Pacific, whose railroad is inter- ested in securing both the Western Pa- cific and the Denver & Rio Grande ‘Western, admits frankly that the new transcontinental railroad line will head through St. Louis rather than Chicago. “We will have a line from Colorado, Utah and Neva to St. Louis and from the Atlantic Sea Coast to St. Louis,” said Mr. Baldwin. “We will serve all those States in a better way than if they were linked up with & rail- road through Chicago.” ‘The Allegheny Corporation, the Van Sweringen brothers’ holding company, be the ncy through c is m be u- cured. This holding company alread; controls over 50 per cent of the uu- souri Pacific Rallroad. Now the Mis- souri Pacific and the Western Pacific each own 50 per cent of the Denver & Rio Grande Western common k. The plan is taking shape, the form is coming into view and the two rail- road giants of Cleveland are emernnl as the most powerful railroad since the days of Jay Gould, James J Hill and E. H. Harriman. Some ing and encouraging data plied last night by Undersecre: uryo!pfln‘nem Ogden Mills in & thmuhflulm— business condi- incomes from $864 to $1, no. The national wealth, too, $186,000,000,000 in 1922 10 3320",000- and not enough effective that the wherewithal to pay {or it. "! take it that Ihmu;): mylbe pmpemu when its people, enlly speakin mlly vluy a relluvely hllh nu remuneration brings wm:xn the p\lrehlllnl nnca of the average or woman a oonnanuy in:rud.n: lln of goods and at| in ringers, old ;' Bpring _ducks, 24 ‘ulne- fowls, each, 50a75; ‘x‘:koonl pnr gox aiass, hennery Thites, A, Butter—Good to fancy creamery, pound, 35a3715; ladies, 25828; rolls, 25a28; process, 30a31; store packed, 20. Live Stock Market. Cattle—Receipts, 200 head; light sup- ply'mmrkflhmmw ¥ rs—Choice ime, none; (ood to choice, 11.00 to Df medl , 10.50 to 1100 lllr to me .76 to 10.50; plain 1o fair, l'15 M) ’55' common to plain, 7.55 to 8.75. Bulls—Choice to prime, none; good to choice, none; medium to 8. to 8.50; fair to medium, 7.75 to H plain to fair, 7.25 to 7.75; common to pll\n 6.75 to 7.25. Cows—Choice to prime, none; good to choice none; medium to good, 7.00 to 8.00; fair to medium, 6.00 to 7.00; pllln to fair, 5.00 to 6.00; common to plain, 3.75 to 5.00. Helfers—Choice to prlme, none; (md 'n choice, none; medium to 10.00; fair to medium, 8.00 to’ noo phln to fair, 7.00 to 8.00; common to Pplain, 6.00 to 7.00. nor:;om cows and springers, 50.00 to Sheep and lambs—Receipts, 200 hnd light supply; market stead eep, Zbgofn 6.00; Spring lambs, 1000 to Hogs—Receipts, 500 head; light sup- y; market lower; lights, 10.75 to 11.00; avies, 10.00 to 10.80; medium, 10.7! 5 to 11.00; roughs, 7.50 to 9.3 pigs, 10.00 to 10.50; pigs, 10.50 to 10.85. Cllve&—MelpM. 100 head; light sup- ply; market steady; calves, 6.00 to 11.00. Hay and Grain Prices. Wheat—No. 2 red Winter, export, No. 2 red Winter, ur\lcky‘ spot, May, 1.08%; No.'3, garlicky, no quotations. Corn—No. 2 domestic, yelh'. new, 94a95; cob corn, new, 4.75a4.1 Oats—No. 2 white, domutlc. spot, No. 3 white, domestic, spot, Rye——Neuby, 7580. « Hay—Receipts, none. ‘The general ‘hay market continues quiet under light receipts, mostl; % trucks, but ample for the demand, which is limited. Whlle not h hay 1s arriving on which to FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, FRIDAY, MAY 16, 1930. (o mev o BONDS o sawvar] SHIFTING OF BANK NEW YORK STOCK EXCHANGE Recelved by Priva‘e Wire Direct to The Star Office. (Continued From Page 13.) Stock snd Low. Dividend Rate 1% Mother Lode (40c). . 4% Motor Meter G & El.. 50 Motor Products (2) 18 Murray (b3%stk). 35% Myer(FE) & Bro(3 Nash Motors (6). t] Biscuit. n(2.80) . Natl Cash Reg.A(14) Natl Dairy (32).... Natl Distillers (3).. Natl Lead pf(A) (7). Nati Pwr & Lt (1) Nat! Radiator pf. Nat! Supply (5) North Am(b10 % stk) North Amer pf (3)..; North Am Ed pf (6).. Northern Pacifie (5). North Pacific ct (5).. Norwalk Tire & Rub. Oliver Farm Equip. . 120 OlivFrEqpf A (6).. Olv Fr Eq ev nl(l). Omnibus Corp. .. 2 Orpheum Cir pf (!) 1008 Otis Elev. n(23%).... 1 Owens.Ill Glass(nd) . 4 Pacific Gas & El (2). Pacific Lighting (3). Pacific Tel &Tel (7). Packard Motor (1).. Pan-Am Petrolm.... Pan-Am Petm (B) Panhandle PAR.... Param’nt Publix (4). Parmelea Trans 1%. Pathe Exchange. Pathe Exchange (A). Patino Mines.. . 2 7 2 3 21 1 l!‘i 26“ Hfl 107 63 Penney (J C) (3). Penn Dixie Cement. . PhilaCo 5% pf(2%). lol Phila Co 6% pf (3)..- Phila Read C&1.... Phillips Petrm (n3) Phoenix Hoslery. Plerce-Arrow (A) Plerce Ofl.... Plerce Ofl pf. 2% Plerce Petroleum. ... Pilisbury Flour (2).. Pirelll of Italy(3.14). Pittsburgh Coal Pittston Compan: Poor & Co (B) (2 P Rican Am To (B). Postal Tel &C DN" Prairie Pipe L (16).. Pressed Steel Car.... Proe & Gamble (2).. Pub Serv.N J ( Pub Serv N J pf (6. Pub Serv N J pf (7). Pullman Corp (4)... Punta Aleg Su c.0.d. Pure Ol (1% Pure O1l pt (¢ Purity Bakeries (¢). Radio Corp. Radio Corp lD! l T6% 123% 112% 106% 130% 121 D!fi k(3 2 21M 21% 114% 110% 88% 66 Reynolds Metls 3.40. 32 Reynolds Tob A (3). 100s Reynolds Tob B (3). 32 Richfield Ofl (2)...., 8 Rio Grande Ol (2).. Ritter Dent Mfg (13) Rossia Insur (2.30).. Royal Dutch (a3.20). e h Lead ll L-lln Fran (8) St L-San Fran pf (6) Seaboard Air Line v! Sears Roehck (32% ) Shattuck (FG) (11%) Shell Union (1.48)... Shell Un Ot pf (53%). Shubert Theatres. 35% Simmons Co (3) 22% Stmms Petrm (1 21% Sinclair Con Ofl (3 28% Skelly Ofl (2).....00 95% Solvay Am pf(534).. 22% So Porto Rico Sug (3) 56% Southern Cal Ed (2). 30% 134 Sparks Withngtn(1). 81 71 Spear& Copf (7)... 25 - 20% Spencer Kelg (1.60) 36% 21% Spicer Mfg... BARRIERS T0 GOLD FLOW OPPOSED BY KREUGER Special Dispatch to The Star. CHICAGO, May 16.—Ivar Kreuger, ident of Kreuger & Toll, the Bwed- h Match Co., eu:., and an authority on_internatios finance, in an address before the Chicago Industrial Club last night, expressed an ODtlmllfic view of world trade and his confidence in the ability of bankers to solve the exehlnlt and transfer problems, provi creditor nations do not pi wo ma y al barriers against the normal flow of gold and its use as a basis for credit. “The ice, as n followed in some countries,” he said, “is to make the note circulation and interest policy more independent of the stock of gold than before the war. This is a change of far-reaching importance. It places an immense power in the hands of central banks of the creditor countries and re- moves to a great extent one of the chief advan! always claimed for the gold standar system—that of being fool- FOREIGN EXCHANGES. (Quotations furnished by W 8 Hibbs & C0.) Nominal gold Selling checks value (or par). _ today. London, pound. 14 Fari:, liranc, Brussels, bels Berlin, mark me, Zurich, fran Athens. drac Madrid, Vienna. schil BERELNEE. 5 SHORT-TERM SECURITIES, (Reported by J. & W. Sellgman & Co.) B Beit el of g:m Beth. Steel Gallfornia pet. N Chidase hoek hl-nl a5 10s4 g:m‘;z-ckm- Co.. ‘g: establish values by- grades or carload | General lots, the better nld- of clover mixed are in f un{:‘ofzflwlsper Straw—No. 1 wheat, per m 9.00a 10.00; No. 1 oat, per ton, 9.00810.00. e V. §. TREASURY BALANCE. Uni 8 :lhneulr 1o, 3 oil co” 817 Ofl N Jersey - Yflll " I l.fl‘ '1’/‘ tardard R i 98! ‘The United States Treasury balance announced today as of close of business May 14 was $86,408,847.07. Customs re- p:rorunemonmwaum‘u. Bait "Trtal ordinary expenditures, Sales— Add 00 lilh. 35 | for the corresponding week a year ago, % | The total last week was 730, against 3 713 the preceding week and 819 for '.he 4| in clothin ~Prev. 1930.— High Low. Prev Low. Close Close. 1% 1% 1% 7 9 7 63 22 4 43 63% 22% 45% 43 % 1 26 23% 15% 164 85% 85% 55% 55% 58% 58 33% 33 41 142 4T% 49 Starrett Ste: Superior 103% 104 82% 83% 81% 814 pL 1% 334 31% 20 90% 43% 438 B%. 5% 96 96 T4% T6% b2% 61% 70 70 8% 98% 98k 143 143% 1% 17% 6214 61% 65% 63 1% 11% 6814 15% 67k 15% 20% 84 507% Tri-Cntl Pipe Vadasco 117 114% 111 111 130% 130% waldort Wess ofl Western Western ‘Wrigley Phillips 0 AM. P.M Dividend payments 1n"stock. °§ Payable no Tegular rate. b Pa sble in cash or stoc 5% in YORK, May 16—Reductions :vennng from 4 1-10 to 6 per cent on tire prices have been made by Sears, Roebuck & Co., and Montgomery Ward P‘d’lt quarter nllel of the Acme Steel Co., totaled $4,500,000, compared with $6,350,000 in the like period last year and $4,500,000 in the first quarter of 1928. April sales were reported the best since last ber. The Ohio Southern Gas Co., which controls approximately 61,636 acres of gas-producing lands in West Virginia, ©Ohio and Kentucky, has begun drilling operations in new territory on the Big Sandy River near Webb, Wayne County, W. Va. The company is a subsidiary of the Appalachian Gas Corpn. While still satisfactory, retail turn- over this week is likely to dip slightly from the figures of the corresponding days last year, it was reported in New York City yesterday. It was said. how- ever, that nothing had developed to dis- turb the belief that sales for the month as a whole will run ahead of the same period last year by more than a fair margin. ‘Winfield R. Sheehan, vice president of the Fox Film Corporation and Fox ‘Theaters Corporation, has been elected a director of the Harriman Nationa) Bank & T Co. J. Fletcher Farrell president of the Sinclair Consolidated Oil Corporation, also was elected a di- rector of the bank. B. F. Fairless, first vice president of the Republic Steel Corporation, has been elected president of the Union Drawn Steel Co., Beaver Falls, Pa., a subsidiary of Republic, to succeed E. 8. Hopps, who resigned as president and general manager. ‘The number of buyers in the market during the past week showed a gain over the number listed for the preced- ing week, but fell behind the figures according to the New York Times lists. same period last year. Resident buyers report that some- what cooler weather has brought no letdown in the volume of orders for Summer merchandise. While women’s :gz-rel still is in most demand, within last few days there has been an im- provement in the call for boys' and men’s furnishings and to a lesser extent Stock Dividends Discontinued. EW YORE, May 16 U —The board Stock and Dividend Rate. Stand Branas (1%) Stand Comm Tob. Stand G& E (3%) Stand G & E pf (4 Stand Invest Corp. Stand O of Cal (2% Stand O11 Exp pf(5) .. Stand Ofl of Kan (2). Stand Oil of N J(12). 174 Truax Traer (1.60).. ‘Truscon St (g1.20). Union Bag & Paper. . Union Carbide (2.60. Union Ofl of Cal (32) Union Pacific (10)... Union Pacific pf (4). Utd Afreraft... Utd Afreraft pf (3). . Utd Carbon (2). Utd Cigar Store Utd Cigar Stra pf.... 4 Utd Corporation. ... 2196 United Corp pf (3).. Utd Electric Coal. Utd Fruit (4). Utd Gas & Imp Utd Plece D]. \d @) A). Realty (5). Univ Pipe & Rad. . Utll Pwr&Lt A (e2) Corp. Vanadiom 81 (+4y-+ Vick Chemical (2%). Va-Car Chem....... Va Iron Coal & Coke.120s Va Iron Coal & C pf. .160s Vulean Det (4). Vulcan Det A (4). Wabash. rly o) £ Unit of trading less than 100" shares, al Sales— Prev. Add 00. High. Low. Close. Close. 140 22% 224 22% 22% 5% 5 3 117% 116% 117% 661 661 1% 11% 0% 70% ¥102% 102% 3 42 . 41% 2 Stand Plate Glass pf.100s (LS) (12%) Sterling Sec (A).... t- Stone & Webster (4). Studebaker Corp (4). Submarine Boat. 4 Sun Ol pf (6) Superior Ofl Warner (1). Steel Symington (A). Texas Corp (3). ‘Tex Gulf Sulphu ‘Thatcher Mfx ( The Fair (2.40). Thermold Co (2). Thomp (J R) (3.60). Thompson Prod(2.40° Thompson Starrett. . i Tide Water As (60¢). 108 Timken Det Ax(80c). Timken Roller (3). Tobaceo Products. ‘Tobacco Products A. ‘Transcontl Ofl (30c). Tri-Contl Corp. .. 2 1 4 : 5 21 Corp pf (6). 17 31% 14% 85 1 45% 46% 226 224% 2% 70 644 6% 46% 46 168 k!‘lllllfl. © » s B PRI STRES PPN 1 -1V TN - Sa! " 832 12 2 vatm Walworth Co (2). Ward Baking (B) Ward Baking pf (7).. ‘Warner Bros Ple (4). 536 Warner-Quinlan (1). 207 Warren Bros (3).... Warren Fdy & P (2). Webster-Eisenlohr. . Webster-Eisen pf (7)150s 11 22 9 & Snow (2). 4 West Penn El pf (6). 70s West Penn El pf (7).110s West Penn Pw pf(6). 508 3 Dairy (B). Pacifio pf Westinghse A B (3).- 1 Westinghse E&M (5) 48 Weston EI Instr (1) Westvaco Chlor (2) Wextark Radio Strs. White Rek MS(+4%) White Sewing Mach. Wilcox & Rich B (2). Willys-Overland. ... Woolworth (2.40) Worth Pump. .. Worth Pump(A) (7). (Wm) (4).. Yellow Truck. Yellow Truck Youngs Spring (3 Zenith Radio........ RIGHTS EXPIRE Am Roll Pet..June 16 Rad-Keith-O.May 19 438 Truax Tra C..May 29 Sales of Stocks on New York Exchange . 372,900 -1,482'300 iven in the above table based on the latest quarterl: it 5 12:00 Noon. « 1,085,800 3:10 P.M. .533.400 i vearly d } Partly extr rip. {Plus 9% in stock, tock. d P ble_in & us 10% in arned, £ Pl in b Plus 2% in stock.. Friba 8% 1n stock.” £ Pius 3% ‘o siock: & Pras TEXAS BANK PRESIDENT FACES LIQUOR CHARGE By the Associated Press. SAN ANTONIO, Tex., May 16.—More than 70 persons, mcluding a bank presi- dent and two attorneys, were indicted here yesterday for conspiracy to violate the national prohibition law. L. B. Randall, president of the Mer- chants & Mechanics’ Bank, and E. B. Chambers, former assistant district at- torney, appeared before United States Commissioner P. A. Lockhart and were released on bonds of $10,000 each. J. Franklin Spears, attorney, and R. C. Caffarelli of the Caffarelli Wholesale Grocery Co. were released on bonds of $5,000 each. BANK CLEARINGS. NEW YORK, May 16 (Special).— New York bank clearings, today, $1,284, 000,000; a year ago, $1,527,000,00( New York bank balances, today, $176, 000,000; a year ago, 3155000 . New York Federal Reserve credit balances, $176,000,000; a yeqt ago, $145,000,000. BOND OFFEEING APPROVED. NEW YORK, May 16 (#).—An of- fering to stockholders of $15, 000,000 ten- year convertible bonds has been ap- proved by directors of the Armstrong Cork Co. The proceeds will be used complenon of explmlnn BTEL HEBGER TEBHS NEW YORK, May 16 (#).—Te; the ' American’ Rolling Mlll-!r:zum:‘l’é Steel merger will be on a share-for- share basis for common stock. No plan exchange of preferred. CHICAGO DAIRY MARKET. CHICAGO, May 16 E DIS tubs; firmer; c“!:)lmesryutu:xt:':l, 315/ Sundlrd.;o 3311’/4. extra firsts, : % mie 30,918 cases; n:::;,n dl:rl?u“gm- it R — CELOTEX SUIT DROPPED. WILMINGTON, Del, May 16 (£).— ‘The application for & receiver for Celo- tex Co, filed in the Delaware Chancery Court about 10 days ago, was with< drawn today by counsel for David Alder of Ridgewood, N. J., complainant in the case. The rule to show cause why a re- ceiver should be appointed was NI of directors of eers Public Bervice Co. has voted discontinue of paying stock dividends on t by Ghancel Fis llor Wolcott with- g motion of counsel has as yet been worked out for the | Wash'nston Bavin \ann ton Base Bi RAIL BONDS GAIN IN QUIET MARKET Treasury Issue Sells on 2.54 Per Cent Discount Basis. Convertibles Ease. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 16.—Some of the high-priced railroad bonds, such as Atchison 4s, Canadian Pacific 4s, Union Pacific 4s and Pennsylvania 4!%s, sd- vanced fractionally today. There was 1o other sign in the investment market that it was paying attention to the easy money conditions which permitted the Treasury Department to sell $104, !00 000 of Treasury bills on a bank d! count basis at 2.54 per cent. ‘The demand for short paper of this kind is so great that subscriptions ag- gregating over $275,000,000 were re- 1; | ceived on the Treasury proposal to issue $100,000,000 . f bills. The basis is con- siderably lower than that on previous issues and conforms to the change that has occurred meanwhile in money con- ditions, but to which the general invest- ment market is indifferent. Secondary corporation _issues were heavy. Such bonds as St. Paul ad- justments, Erie new 5s, which were 114 points below the issue price; Missouri Pacific_5'5s, Seaboard adjustment 6s, Rock Island 4'%s and Wabash 4ls were slightly lower. The railroad con- vertibles were also easier after their run-up the last few days. American Telephone & Telegraph convertibles opened a point down and later showed a net gain which was not held. Texas Co. 55, Remington Rand 5l2s and International Telephone 4l525 were easier. Philadelphia & Reading 6s and American 1. G. Chemical 5'5s were able to resist the general trend. ‘The New Japsnese 51> gr cent bonds held at a premium of 3 Japanese issues were steady. There have been quite heavy offerings recently of Argentine government 6s on rumors of another large loan. Next week is expected to devolop some definite in- formation on the terms of the German reparations loan. Washington s'tock Exchange SALE! ‘Washington Gas 6s $100 at 101%; SHEe % 49% | Capital Traction Co.—2 at 743, Potomac Electric 6% ptd. Potomac_Electric 515 3-at 11015 9812, 10 at 983, 10 at 98: 982, 10 at 98!5, 10 at 98! fll‘x, 10 at 98%, 10 at 98!z, 10 Mememhaler Linotype—10 at 1061, 10 106%, 90 at 106%, 60 at 108}, 10 | . 10 at 106%. tge. —200 at 4%, Peoples Drug Stores pla. ot 108, BONDS. Bid and Asked Prices. PUBLIC UTILITY. Amer. Tel. & Telsa. 4128 Amer, Tel, & Teiga. 4125 Tel. cf ARucostia & Bot. K Ana & Pot guar. C. & P. Tel. of V. urban Georgetown Gas 1st Eotomac Elec. cons 65, eeries A Wash. Gas. 6s, series B & Elec. 4s. Bot. slec Power 8a% ash. Rwy. & EL com. 5) Wash: Baite: & Abnap. pia- NATIONAL BANK. Lineoln (1) Wasnington (18) TRUST COMPANY. & Trust Co. (18 Sontinental Frust @ erchants’ Bank ' (6) Natl. Sav. Tr. (131) Unicn Trust (bg). . . rust Gy SAVINGS BANK. Bank of Bethesdn (61), Com & Bavings ( East Wi lmnnnn a2 Washington Mecha: FIRE INSURANCE. American (1) 5 Rational union’ (i8). TITLE INSURANCE. Columbla (8. Estate (6] e Ty, & an Barber & Ross, Barb Inc, ce Emer. Bromo > Eederal Slatase pid A -Amer. cor (1. SEx divie B Books ‘é';fea 5¢ ext: WwiWhen issued. Unl isted Department BONDS. Cluh 5s. o i NetropoiitanC Ghin "y Army-Nav, Gosmos Club for payment of bank loans and tor‘An-eosm Sacl st Park Savings B-nk Raleigh_Hotel i Washington Title In‘sx tfi idge-Langoon Sav. Ban i PARIS BOURSE PRICES PARIS, May 16 (®). —Trading was dull and prices were weak on the Bourse today. Three per cent rentes, 88 francs 25 centimes. Five per cent loan, 101 francs 30 centimes. Exchange on Lon- and other | G: UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Close. 1009 1009 1009 26 10115 10115 10115 125 1024 1022 1023 FOREIGN. Sates. High. Argentine 6s Ju'59 21 98% May '61. 6 9 Nor States Pwr Pacific Gas & PacT&T 1st PacT & T 58’62 Lib 1st 4¥s. . Lib 4th 4¥4s. . Postal Tel & C5%s Rem Arms 6s°37... Rem Rand 6%s war Richfield Ofl 6s "44. Stnelair Of1 Sinclair Ol 6%4s. .. Sinelair O11 78 Sinclair Crude 6%s Stnclair P L 6: - Skelly Ol 6%s..... So Por Rico Sug 7 South Bell Tll 3 Southwest Bell Stand Ofl. NJ *4f Stand OILN Y4 Aultn"n! 'IB Austria7s. ... Bank of Chile 6%s. 90 90 104% 104% 94U 94w T% 9RY% 93 93 102% 102% 107% 108 112% 112% 1084 108% 115 115 1104 110% 8! Batavian Pet 414 s Relgium 6s. Belgium 6 glum 7s Bolivar 7s 81 Bolivia Ts ctfs '69. Bolivia 8s. Brazil 6% Brazil 614s 27 95 R4y 84 897 100% 1004 102% 102% 100% 100% 104 104 a1 914 91 91% 101% 101% 6% 764 9T 9T 100% 1004 110% 110% 110 110 | 109 109 921 924 100% 1004 105% 105% 101% 101% 884 884 100% 1004 117% 117% 1224 1224 91 91 o4 94 108% 108% 8614 864 93% 93% 102 102 98 98 98% 98% 97 97 o Transcont] Ol 6 %- United Drug 5s '63. U S Rub 1st rf 6 Bremen State 7s. Canada 6s'31. 5 o Vertientes Sug 7s. . Walworth 6s°45. Copenhagen bs rets Walworth §3s 28, Cuba 5% Czecho 85 ‘51 Danish Munie Danish Munic 8s B. Denmark 4% War Quin wnner Sug 78 LA At aRS cannaRoNS NSl Roos 105% 101% 8R%% 100% 117% 122% Willy: Wilson & Co 1st Win RepeatAr %8 Youngstn S &T 6 Dutch Ea; Finland 6348 Finland 7. French T French 7%s. . German Bank 6s '3, German EI P 6% German 7s e (34 Atchison adj 4s Atchison gen 4 Atch deb 4%s '43 At & Bir 4s"33. Atl Coast L 1st B &O gold ¢n =3 ek 63 Hait! 6; Hungary 7% Irish Free State 532000 (D). % 9T% I 108% 103% 83 83% 8% 8% 984 98% 108% 103% 103% 1034 1% 114 9% 91% 105% 105% %, Jugoslavia Bank 'll Karstadt 6: Kreuger&Toll 63 ct. Lyonsés..... Marsellle 6=. Mex 451910 asst Milan 6%s Netherlands 6s '72. Nord 6%s. Norway 5s Norway 51 Norway 6s'43. . Norway 6= Norway 6%s 52 Orfentdev 5% 58, Orient Dev 6s°53... Paris-Lyons-M 6s, Paris-Ly-Med 7s. aris Orleans 534s. Peru 65 60, Peru 65 ‘61 Bang&Aroos Boston & M: 102% 102% 103% 108% 101% 102 89% 89% 6% 964 102% 103% 4 104% 104% |0l!‘ 101% 1% 76 921 kil Ra% 941 95% 101 105% 106% 106% 106% 90 91 91 1% 100% 100% T8Y% 99% Centof Ga 5% Central Pacific Pac 1st 58 '9 NN BEERANAIN AN B RRAOANEAD IO R IRAN BN B Ches & O 4%s C B& Q gen 4 Chi& E 11l gn Chi Gr West 48 'n CM&StP rct 4%3 89 Chi MII&StP 4 %8 £ ChiMiIStP&P 68'75. CMSP&Pac adibs03 Chi NW 4%3 2037 Chi & NW con Chicago Rwys 15 924 ki Poland 78 4reu) Poland 8s. 84% 941 95% 101 Queensland Queenland ' 52 Rhine West6s '53. . 6. R'odollnl 46 Rilo Gr du Sul Rio Gr Du Su! Rome 6%s. . R'y*l Duteh ‘\ilvw Sao Paulo 8536 Chi T H inc 6s '60 73% 73% | Chl Un Sta 448 98% 98y | Chi Un Sta 5s 44 C& W Ind 5%s '62. 92 92 89% 89% 100 100 o 51| Colo & Sou 4% 107% 107% 83u 84 sw. Saxon (PW) Clev Term 4%s ‘77, 24 Cuba Nor 5% Serbs Cr Slov 7s. Del & Hud Serbs-Crot-Slo 8 95" 95 |Del& fi.','a ;::." 103% 103% | Den & Rio G en 4 104 104% | Den&RGW 53 ‘55 104% 104% 107% 107% DR G&Wst 5578, 99 99 1004 100% 80 80 20 0% 104% 104% 100% 100% 98 98 87y% 80 26% Erie bs. 1975 Erle conv Ex 78, Fla East C 68’74 Ga & Ala 1st 5845, Gr Trunk st deb 6s. Grand Trunk 7 Grt Nor 4%s (E) Gt Northern §s. 874 9% Yokohama 2614 MISCELLANEOUS. Abitibl PAP 68 ‘53 Adams Exp 4s'48 Alleghany Cp 5s ‘44 Alleghany s Allls Chalm Am Agri Chem 1%- AmIG Ch515s'49. Great Nor gen 78, Hocking Val 4% Hud & Man adj Hud & Man ref bs, . 11 Cent 111 Cent 11l Cent 41 B6% 864 86% 6 864 86 86 4 101% 101% 101% 5 100% 100% 100% 2 101% 101% 101% 1 103% 103% 103% 34 1074 107 107% Am IntCor5%s'49 5 100 100 100 Am Metal 53%5°'34.. 40 99% 99 991 Am Nat Gas 6158’42 12 90% 90 AmSmit& R 1st6s 8 101% 101% 101% Am Sugar Ref 6s.. 7 103% 103% 103% Am T&T cv4 48’39 210 166% 164% 1654 Am T&T 68’65 . 111 Cent 6% 111 Cent Chi 111-C-C-StL&N 39% | Int Rapid Tra <« 108 104% 104% 104% 25 1054 104% 104% 27 104% 104% 104% 33 107% 107% 107% 1 100% 100% 100% 7 89% 89 89% Kan City Term Lake Shore 3 La] Leh Valley Long Isl deb Atl Refining 5: Bell Tel, Pa. Bell Tel Pa 58 (C).. Bethlehm St pm s Brklyn Edison b Certn-Td 6%s rets 8102 102 3 105% 105% 105% 5 106% 106% 106% 3 102% 1024 102% 2 104% 104% 104% R O49% 49% 49y 15 9% 98w 95 78 1T% TT% 1% 109 101% 101% 3 95 95 95 3.. 25 98 % 48 2 49 49 " 44 108 1064 106% 1 103% 108% 103% 3 994 99 99w 5 103% 103% 108% 1 103% 103% 103% 4107 ManRy 1s Mill El Ry&L 5a'61 . Minn & StL ref M StP&SSM bs gd. M StP&SSM 6%s MK & Tex 1st 4s. . M K&T prin 58(A) MK & Tex adj 68 Mo Pacifié gen 4s Mo Pacific 68 A *6! ConGasN Y 6% Consumers Pwr 53 Cuban Am Sugar 8 Denver Gas 6s. .. Det Edison b8 *40.. Det Edl!on os. Mo Pac 5% Mob & O 4%s'77... 1061 107 195 95 95 1108 103 108 19 99% 99% 99% 8 76 76 36 101% 101 101 17 103% 103 108 10 100% 100% 100% 21 105 104% 104% 95 09% 99% 99 2 140% 140% 140% 6 106 105% 106 39 944 93% 94 8 101% 101% 101% 11i Bell Tel b 1 106% 105% 105% TN Steel 4%s°40... 1 99% 99% 99y Inland Steel 4% ‘78 11 94k 93% 943 Intl Cement 63 48.. 28 100% 100% 100% Intl Match 63*47... 73 1004 100 1004 Int] Mer Mar 6 1 100% 100% 100% Intl Paper 3 91 91 91 Int] Paper 63 1 88% 88% 884 Intl Tel& Tel 4%s. & 924 91% 91y Intl T&T 4% 34 1221 1224 1224 Int] Tel&Tel L 40 9T 9T 97 ty P& Lt6s. 11 105 104% 105 | P on Sa ke b2 8 105% 105% 105% ese mciuge s 58 2 103% 108% 103% | Reading gen 43 A. 1 Duguesne East Cuba Sug T%s Gen Cable 3%s *47. 7% NY NH&H ¢%8 67, NY NH&H ov db N Y NH&H elt NYOnt&w N Y Railway Gen Pub Sve 63 St Cast 5% s'49 en Thea Eq 6s’40. Gen Thea Eq 6s'44. Goodrich 6%s Goodyer 5s re! Humble O & R6%s PR £l Nor Pacifie 85 2037, Nor Pacific Nor Pac 4% 30: Nor Pacific ref 6 4 102% 102% 102% .20 82% 82% 82y 3 127% 127% 127% B 98 974 98 RIATk& L 4% StL IM&S R&G 4s. «don, 123 francs 85 centimes. The dollar was quoud at 25 francs 4814 centimes HEAVY CONSTRUCTION, NEW YORK, May 16 (#).—Heavy construction and engineering projects fl,. roposed throughout the country dur- the week totaled 84, 179,000, com- pared with $42,283,000 in ‘the preceding ‘week -m{ tlu zwm 1l:h|‘;he co:rrupnna. ng week last year, nstrug Py T ction l‘rllllrd 6%s. 2 93% 93% 93% Manat! Sugar 1%s. 10 621 6215 6214 Midvale Steel 6s... 77 101 100% 100% Montana Pwr ‘4. 3 102% 102 102% Montana Pwrdb s 1 1014 101% 101% 42 99% 994 99y L] S&L&BF gen 58 31. St LS Weon 4s 33 San An&Arn P 1041 104% | Seaboard A L 4 7 118% 113% 113% . Seaboard AL ref 48 10 1004 1004 100% | Seaboard AL en 4 106% 106% 106% | S B All Fla 6 1 110% 110% 110% " Sou Pac ref 102% 102% Sou Pas ‘Warn Bros P 65 °49.183 RAILROAD. " 34 9am 94 [ L&N¢%s2003.... ev. 253 108% 1074 107% FINANCIAL. High Low. Close. 102 102 102 106 106 106 102% 102% 102% 102% 102 102 104% 104% 104% g 106 1054 106 101% 101% mm. 74 T4 l02% 102% 102 100% 99% 993 101 losu 107 965 £644 90% Wh 20% 95% 95% 3% 96% 96 96 98K 98 98y 96 954 96 | 100% 100% 100% 102% 1024 102% 103% 103% 1034 100 99% 99% 97 97 7 96 95% 96 104% 104 104 103% 103% 103% 104% 104% 104% 103% 103 103% 7% 9T% 9TH 106% 108% 106% 105 104% 104% 102% 102% 1024 96% 96 96 85% 85 85% DEPOSITS IS NOTED Mutual Savings Institution Balances Reflect Movements in Stock Markets. BY CHARLES F. SPEARE. ‘Special Dispatch to The Star. NEW YORK, May 16.—This week's meeting at Atlantic City of the National Association of Mutual Savings Banks has brought up anew some of the prob- lems that are facing these institutions in_an era: of strong competition, not only for long-term bank deposits but in shifting the trend of savings from the banks into various forms of secu- rity investments and trust funds. The mutual savings banks had to bear their share of the withdrawals that occurred last year when the public was speculating heavily in the stock market and needed to take money from the banks to protect margins, and later when further large withdrawals were made when securities had reached a 100% 100% 100% | bargain basis. Again, two weeks ago, 100% 100% 100% | they experienced quite heavy with- 921 924 924 |drawals in the New York area when B4 54% b4 |Stocks had a secondary reaction. The gures of losses then were relatively 91% 91% 1% |gmall compared to those between the 103 103 103 Jend of August and the end of Novem- 107 106% 107 |per, 1929. In fact, in the first four 92 92 92 |months of this calendar year savings oat 104, 1943 | bank deposits in New York State are re- % 101 ported to have increased $79,000,000. 1084 103% 103% Interest Payments. 109 108% 109 100100 100 | practically all of the savings banks in 101 101 101 | the metropolitan area and some of those 103 103 103 |in New Jersey and up-State New York 102 101% 101% | are-paying interest of 4! per cent on daily balances. There are a large num- ber of savings banks in addition that by reason of special situations are al 94% | t5 do even better for their depositors. 1135% 1854 135% | One institution in New York City re- 3 87% 87% 87%|cently raised its rate to 43 per :enz. 5 93% 93% 93%|gome outside of New York are e peying § 93% 93% | per cent, though not on daily balances. 14 100% 100 1004 | The general trend toward the 4% 22 2 10 19 11 11 10 5 90% 90% 90% +157 102% 102% 102% | per cent savings bank rate devel 10 104 103% 103% | during the period when the return on 12 104 103% 104 |all forms of investments was high. It 10 104% 10415 1041 | was helped considerably by the unusual 109 | call money rates that were quoted in 93% | 1928 and 1929. Savings banks are 87 | known to have been among 88 | put out a portion of their s 99% | into the call money market 93 f h 98Y 93% | savings bank rate was established has 96% | money been so low as it is at present. 95% | To some extent this is of advantage to 95 6 g:eku}r;nn bm:u ;hk:l;“';;‘erxnltt by eir a1, per cent rate, & er return 5 1oz 1021 102 ] on funds deposited with them than is 3 116 116% 116% | available in any of the ordinary uses of 1 110% 110% 110% | banking funds except securities. Even 14 87 #61, 86 | here the better grades of cerporation 5 104% 104% 1047% | bonds and notes that are taxable 5 94 94 94 |return about the equivalent of the sav- 10 108% 103% 1031 | ings bank rate. That this is being ap- 25 100% 100% 100% | preciated is evidenced by the increase 6 991 99% 99% |in savings bank deposits in a period 20 98 $7% 97% | when there isa rren deal of unemploy- SE 100 1500 | Sary 16 arry individusis and Eher gam: 3 108 sary to carry uals ane - l-1 " 106% lo“ illes through weeks and months of 66 39,4 reduced income, 1 5 oo Realty Mortgages. 16 911 | There is no evidence that the change 132 65' | In general money rates, or the decline in yleld on such corporation s:curities as are legal for savings banks, will dis- turb the existing savings bank deposit rate. In fact, the chief executive of Y74 7% | one of the largest mutual savings banks 95 95%|in New York City said the other day 97 97 |that his institution could, if necessary, 0% 90% pey more than it is now p-ylnl and e W add liberally to its surpius. The Pl mhen proportion of a savings bank's £ lsgfi_ 115 115 | earnings comes from its investments in el real estate morigages. In the present Lo real estate situation it has'been possibie " 99% 9o% oov| to obtain new mortgages wmfi ‘l:li:h‘enr 10: 6o~ ea | SIerEthan kv hyen'- SN 8 93% 93% 93 Copyrisnt. 5105 105 24" | MORGAN PUBLIC UTILITY it HOLDINGS ARE EXTENDED 831 821 | By the Associated Press. = 94w | NEW YORK, May 16.—Acquisition by 41 944 94w | the United Corporation of 25 per cent 2 100% 100 100% | of the stock of the Columbia Gas & 4 561w B6 tey Electric Co. was seen today in financial circles as the most important expansion 5 8 8 84 |thus far this year of the influence of 2 104% 104% 1043 | the house of Morgan in the public 6 111 110% 11| utility feld. 49 97 91 The Columbia oo valued at $24 3 106% 106% 1w/. 015,250, operates in Pennsylvania, New 1 109% 109% 109% | York, Indiana, Ohio, Kentucky, West & 111 111 111 | Virginia and Virginia. It is one of the 99 98y 98y | largest natural gas units in the United 82% 811 82 |States, and the exchange of stock by 99% 99 99% | which the Morgan-Bonbright interests 9% 9% have taken over a quarter interest in- 887 88w | Creases the holdings of the United Cor- Y2 9o% uow | Poration to $796,619,785. s i e The Columbia Co. has 27,500 miles of 10 "o 'omid o7y | natural ‘gas pipe e ) " lana ewar] . 4 105% 1064 100% | lines are belng laid_to Washington, g:‘)tlmme'hflewmond Nor‘:::k d?n(l m.\xer les on tern seal ¢ 1 s2% 824 824| e ynited Corporation has im- 1 96% 96% 96%|portant holdings in the United Ges 1 101 1014 101% | Improvement Co. of Philadelphia, the 1 91 90% 90%|Public Service Corporation of New 5 81% B1% 81% | Jersey, the Consolidated Gas Corpora- 16 100 100 100 |tion of New York and the Niagara- 4 89% 89 89% | Hudson Power Corporation, % sc 10!'/- 101\«. 101% 4 79 105 1930). 8 17 13 1 !ield 5100 100 100 |ary, 1929, Mot 23 3 RAINS ARE BENEFICIAL 32 102% 1024 102% 85 100 99% 997 | ers yesterday morning, following those ks, observers 19 92% 91% 91%| Increased humidity turwthn:dmn two 21 2 101% 101% 101% ,.,,. all crops, with the 22 126% 125% 126% | Reports from Easton nnd Peas 16 | need of i o Reported by J. & W. 86 c ca) 16, . 13 108% 10814 108% The eorpornuon 'P“ formed m Janue J. rgan 5 98% 98% 98% ) Drexel & Co. and Bonbright & Co. with 1 B3% 63w 53y | Securities valued at $130,000,000 and r wg,fi 100% 100% $20,000,000 in cash. cash. 1 A o8% 981 3 101% 101 101% % 1024 10| 10 CROPS IN MARYLAND 2104 104 104 |mpectal Dispatch to The Star. 13 1om 18 I | BALTIMORE, May 16—Light show- 7100 100 100 |of Wednesday night, were beneficial to in Maryland that have been 7 96% 96% 96y | e CTOPe 10 101% 101% 101% mflefln. from the drought of the past 3 98% 981 98%|days also has shown some effect on in N 106% i follage which suffered from the 5" 3 o e " Bureau’s crop synopsis for the week indicated a need ol rain 1 102 102% 102% low and growth of plm'u hing 11 80 80 80 ehnvlutlulntmlm 14 941 93 931 | drouth has been to th e 2 1063 ws 106 | the Eastern Shore, indicate the 6% 561 56 | will be cut about 50 per unz. s 6 |and newly set tomato plants also rain. 7 - 66 TREASURY CERTIFICATES. “12 aie 118 119 4 " 14 | 478 Jun 1 15805 Tgps oy a@ "S 83 53 95 3 < o ne) {0 ia Seles. High. Low. Close. 109% 109% 109% 8 97% 974 97% | Sou Rwy con bs. 3 99% 99% 99% | Bou Rwy 2 991 uo% 99y | 50U Rwy 63, 8 92% 921 9214 | Tex & Pac: B'l 10 98% 98% Dux. Tex & Pac 7 98 3 101% 101% 101% 25 100 100 100 1 108% 108% 103% 8 108% 108% 108% nu7r a1 123% 123% 1021 102% 102% 102% 96 96 Sewra xwed Tol Tr LLP I"fl. bt Union Pac 1st 4 95% 95% 'llfi ’l'« 3 .l‘fi ’8' 104% 105 101 101 98% [ 5 864 86% 86% | Union Pas 43 2100 99% 100 | virginta Ry 10t o oane w.u-fimru ret 10 93% 93k 1084 103% 84 84 9% 99% 98 98 88% 88%