Evening Star Newspaper, May 23, 1930, Page 15

. GURB PRICES FIRM | ar FINANCIAL, IN QUIET MARKET Utilities, Oils and Some In- dustrials Account for Bulk of Trading. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, May 23:—Public util- fties, especially natural gas shares; mis- | cellaneous oils and a few industrials: furnished the most interesting move- ments in today's dull but moderately firm< curb market. Centinuing the recovery of the pre- vious - session, Electric Bond & Share, American Superpower. Niagara Hudson Power. United Light & Power ‘A. Elec- tric Power Associates and Flectric Power & Light option warrants moved forward in early trading. Central Public Service of Delaware registered a wider gain than some of the power and light leaders, moving up to a new high of 40, or & rise of nearly 7 points. Western Maryland, with an advance of 6 polnts, was the swiftest mover in the rail list. Natural gas shares snapped out of recent lethargy. National Fuel Gas hit a new high. American Natural Gas, which will be linked up with Lone Star Gas, probably on the basis of two and a half or three shares of the for- mer for one of the latter, gained, as did Duquesne Gas and United Gas. Dresser Manufacturing A and B shares gained slightly, as this company and other natural gas equipment cor- porations reported further bookings. Great Lakes Dredge & Dock, which Hp!lrl on the tape rather infrequently, it & new high today on a 10-share sale at 260, or & gain of 114 points. Dredge and Dock, Ltd., made its bow on the curb at 39. Crown Cork International Corporetion, another new- comer, came out at 11 and fractionally advanced. International Salt, new, when issued stock, representing the three-for-one split of outstanding shares, opened at 50, while the rights appeared at 3la. Other new issues today included Inter- national Utllities Corporation warrants, Midland United Co. convertible pre- ferred A and warrants and Hackensack Water Rights. Hudson Bay Mining & Smelting opened a trifle lower, following the an- nouncement that shareholders on June 6 will vote on a proposal to increase ital stock from 2,500,000 to 3.000,~ shares and create an issue of $5.- 000,000 of five-year 6 per cent convert- bentures for each 50 shares held. The issue is being underwritten by J. P. BONDS ON THE C MARKE' DOMI 1 NDS. m::%li 5 103 Alllll!l: ;n'I 'y 4 308 % o i & IF E3ssss: 5 2238238! FE ...-:.....-.-.:.::4.......::; gty FES sEHEeTEISeams 228823 @& a5 b3 ggtt::fi Segsasiasy FEEE G P ) £1-L1S gseSzas £e E!_ - e ) 2 93 101% 101% 116" 116 91 a=ZSeS : o *, 91 H a4 ! 92 % 203 o 111) i1 13-4 & 4 5 ik o & 28888852383322933888328 S S i 3 T33ssgreay ) ] F o382 anssaessegers 3 - 2 i e -I§ ; = SeaseSenciiiteaneonsiSe ffgf.’ FESTIEE F : =) £t 8| ¥ FESITE FETER 5! £ 3 & FESE S 5 23828! £ __fx:rfii? o H i s 5555 535585 FEEEES 52! 1y o 33y 9 'l:fil gz‘/: 1087 10304 10315 70 0 70 18Y4 1173 118% 21; 92! 5 Sk 5Esss rangs = FEEE 222 ZEREK) m;u_ Seeey = NS eSS eeegeBste 5 PR =7 j % i } i J % ) 3 cn T 81 9 O Y 8 Al e ol wit 2 5 EF SN RS F SAF RF & EEEBAF ettt 22 T Fo255 < 2223832888238888838: 3 SEFEEE & E‘ ?.'.8 32838 finitely because of NEW YORK CURB MARKE exce Vhich o ~Prev 1930.— High. o8 314 28% 864 24 54% 335% 64 1% 1 14% 16 57 50 12% 17% 27% 20% Té% 2% ™ % AW 1% 1 A6% 26% N-ll«I.An u‘uen -.l:. -.Il :: ofiul:nrd-nn lote esigna “ the the o h’ufl in odd Saies— Ado 00 O%en Rish. 2 36% 6 ows those stocks Stoek a Low Dividend 334 Addressograph (1%) 1% Aeronautie Ind war. 13% Aero Underwriter: 81 Agfa Ansco pf.. 11% AirInv. Inc, ev pf... 126 Ala Gt Sou pf (17) 16 Al: Am Gen Corp. 4 Allegheny Gas % Allled Aviation, 94 Allied Mills (60¢). .. 275 Aluminum Co of Am 105% Alu Co of Am pf (6). 361 Am Arch Co (3)..... 7 Am Capital (B)..... 374 Am Cit P&L(A)(a3) 14 AmCP&L(B)10%) 23% Am Com IM(A) b10%. 241 Am Cwith P(B)10% W Am Control Ol Fids. 24% Am Cynam B (1.60). 3 nt Stores. uitiss 46 Pwriwar)... 118% Am Gas & Elec (21). 10 674 Am Lt&Trac (n) 53% Am Machine & F ls Am Maricabo 94% A.n Ruper 1st pf 3% Am Thread pf(25¢: 10" Am U&Gen B vte ¢ 7% Ark N G cu pf(§0c).. 41% Asso Gas & Elec. .... ¥5% Ass0 GRE (A) 12.40. €14 Asso GRE'(A) dbrts 1 Asso Laundries 29% Assn Rayon pf (6 16 At Const Fish(1.40) 4% Atlas Utilities(war). 12% Atlas Util.Corp. 6% Auto Music A(+1.05. 24% Aviation Corp of Am 28 Blckford's.Inc f 2% 6% Blue Ridge Corp. ... 23% Blue RidRe ov pf(a3) 63 Bohack (HC) 3%... 86% Braszil Trac & Lt (3). 27 Brit Am Tob B $1.20, 32% Bulova ov pf (3%) 8 Burco, Ine. 3 Cable Radlo T v.te. 2 Cable & Wire A rets.. 1% Cable&Wire (B) rcts 89 Can Dredge & Dock. . 3% Canada Marconi. 20 Celanese Corp. .. Cent Hud G&E n(80e Cent States Elec 1400 97 Cent StatesEl pf (7) 72 Cent Sta EI pf(6)xw. 4% Centrif: pe(60c). Dev... 12 Chain Stores Stock. . 19% Chat Ph Al n-v(50¢). 20 Chem Nat Asson-v.. 26% Citles Service(130c). 88 Cities Srve pf (6) 18 Clev Tractor (1.6 3% Club Alumn Utensils 19% Cockshutt Plo‘; 1%.. e (31% 42% Colum Pie v.t.c. $1 284 Com’'with Edison(8 8% Com'with & Sou war. 12% Comm Wat Serv b8 % % Consol Auté Mereh. 0) Cons G, Bal pf A(5).. 10% Con Gas UtiLB v.t.e.. 10 Consol Laundries. 7% Con Retail Strs (1).. 28 Cooper Bessemer(2). 38 - Cooper Bess pf A (3) 5 Copeland Prod.Inc A. 10 Cord Corp.....cosue 25% Corp Secur, Chicago. -12% Corroon & Reynolda. 45 Cosden Oil.. 39% Coty.So Anon 74 4-10 5% Creole Petroleum...; 3 Cresson Consol (3¢) . 18% r Wheeler.... 11 Crown Cork Intl (A). & Cuban Cane propt w 40% Cumbeland P L(t18), 25% Curtiss Aero Exp. ... 2% Curtiss Atrports vte. 1% Curtiss Wright war. 8 Dayton Alr & Eng. Co (11.20) Dels 4% Derby Oil Refining.. 5 Detroit Afreraft. 10% Dixie Gas&Utiliti 12% Do 62 Draper Corp (15).... 31 Dres(SR)MfgA3%. 38% Dresser (BR) B (2).. 41 Driver Harris(new). 6% Dubllier Cond & Rad 16% Duquesne Gas (n 4 Durant Motors. ... 18% Eastn Sta Pwr B(1). Utfl Inv (A).. lectrie(13) - R L B S R S s S, 8h (b6).. 3 28% Elen Pwr & L op war 15% Elec Shareholdg($1) 1% Fiat Stock deb rta. 18% Fokker Afreraft. 4 Foremost Dairy Pr. 9 Foremost Fab (2). 21 Fox Theater C1 (A).. 14% Franklin Mfg (3). 2% Galena Oll Corp. 20 Garlock Pkg (1.30) 6% Gen Alloys (300)..ee eral Baki: 50% Gen Capl 10% Gen E, Ltd rets(500) 6 Gen Laundry Mach. 95% Gen Mot pfnew w.i.., 20 Gen W W&E(A) (2), 98 Glen Alden Coal 8... 11% Globs Underwriters. 10 Hygrade Fe 22 Imp Oll, Can, n(50e). 87 Ind PlpeL,n (12%). 98 1Ind P&L cu pf (6%). 17 ind ¥'in otfa(b10%).. 54% Irsull Ut Inv(b6%)w 69% zas Co, No Am (13).. 17 Insurance Sec(1.40). % Intercontinent Peta. 17% Intl Petroleum (1).« 6% Internat Products... 50 IntlSalt (new)...c.a $2% Intl Superpwritl).e 6% Internat) Utll (B)... 1% Internatl Utl (war), 104 Interstate Equities.. 40% Interst Eqev pfi3).. 12 Irving Air Ch(1.80) 6 Irving Air Chute war 9% Italian Superpwr A. S o - BaSoan~xaxa’ 9 19COR 101 10t 00 D 1N A 1O NN Gr 0 4 910 =T X a1 58 30 O I e e o RER - g 1 YN UITS STy P ST RINIY oo 2. .. - [O751 - {SPHOTOINP R Yo Bornannxi ruormanmSan g SrnlhonnalranmelstsnBoeae TAR, Received by Priva Direct to The Star Office ~Prev 1980.« Wish Low. 9 «“ Sales— Add 00 Open Righ. 1 6% 6% 6 36 Stock and Dividend Rate. Ttalian Super war. .. Johnson Motor. ... Kirby Petroleum Klein (D E) Co (1) Lakey Foundry Leonard Oi1. Lily Tullp Cup 1%. Loew's. Ino (war)... Lone Star Gas, n (1). Louisiana Lan & Ex. MacMarr Stores (1) Magdalena Syn Mfg Finance v. Manning Bo B (50¢). Mages Cons (3). Marine Mid (1.20). Mass Util Asso Mavis Bottling. . Mead Johnson(t3%) Memphis Nat Gas. .. Mer & Mfg SA(1%). Mer Cha & § (1.60).. Met & Min. Inc(1.20) Mid Sts Pet v.t.c. A. MidSts Petvte R, Mid Wsn Sts Ut(1%) Mid Wst Util(b8%). Mid Wst Util B war. Mid Royity ev pfi2). Mo Kan P L (b10%). MissKP L v.te.... Mountain&Guif (86). Mount Prod (1. Municipal Servio Natl Amer Co. 1 Aviati b 28% 1% 13% 39 1w 17% 3% 34w 3 s (63) (285) lots enly, 18 =0 ° X R s 0 R N T T B N DR T D b 0 e 1% 1084 100% m 26% 14% 6% 86 Natl Leather. Natl Pwr&Lt pf 16). Natl Pwr & Lt pf (7) 8508 111 Nati Pub Sv A(1.60) 25 Nat Sh Trm SeA t50c 14% Natl Steel x-war(2). Natl Sugar. NJ (2) Nebel Oscar 1% . Neet, Inc, ev A(1 Nehi Corp (1.30) ., Nelson (Herman) Neptune Meter (2). Newberry(JJ)(1.10; New Brad Ol (50¢) 1% 1% 508 101% 101% 1% 25 14% 657 4% 1l N Y Transit,n(11.70). N Y Hamburg (2%). Niag Hud Pwr(new). 645 Niag Hud Pwr.A war 208 Niag Hud Pwr Bwar 6 Niag Shars Md(40c). Niles-Bement-P 123 No Am Aviat A war.. North Am Cement. Nor Sta Pwr A(8) N W Engineer (2) Novadel Angene (2). ©Ohio Copper. . Ohio Ofl (4) . Ohio Ol pt new (6).. Ollstocks, Ltd A 3500 Outboard Motor (B). Pac Coast Biscuit (1) 4% 22m 1% % [ LY T4% 66 1 1% N% ; 106% 106% 52 4 102% 103% Philippe(L) A 11.80, Philippe(L) B t1. Pilot Ra T(A)(1.20). Pitney B P.n (20¢).. Premier Gold (24¢e).. Pressed Met of Am. . Prince & Whitely 1., Prince & Whit pf(3), Pub Util Hold w w. . Pub Util Hold war. Ratiroad Shares. ... RY & Util Inv (A)... Ralnbow Lu Prod B.. Raymond Con pf (3). Reiter-Foster(400).. Reliance Intl (A)... Reynolds Invest. ... Rike Kumbler(2.20). Rocklans Lt&P(92¢) Rossia Intl Corp.... St Rexis Paper (1).. 8alt Creek Prod (2).. Schulte Real Estate.. Seaboard Utilities. .. Selected Industries., Sel Ind allot ofs 6% . Select Ind pri53%)... Sentry Safety Cont.. Shattuck Den Min... Shenandoah Corp.. . Shenan Coro pf (a3). Sherwin Will (14%4). Silica Gel Ctfs. Smith (A O) (2). South Coast... South Penn Ofl (t3% SoCalEApfC (1%). 8o Col Pwr (A) (2) & G Std Cap&S new(2.40) Standard Motors. .. Stand O11, Ind (3%) Stand Of1 Ky, (1.60), I’ Stand Oil. Ohlo(2% ) .650: - & Co new (2) 2 Swift Internatl(3%) 14 Tampa Electrie (33) Co pt. Transamer (31.60) Tran Con Alr Tra Trans Lux DL P Tri Utliities(31.20 Trunz Pork 8 (1.60 Tubsize Chatel (B) Utd Founde: United Gas United Gas United Gas (war)... United Gaspt (7)... United Gas Corp ctfs Utd Lt & Pwr A(1).. Utd Lt & Pwr pf(6). Unit Public Sve ; US Dairy +B)... U S Elec Pwr (war).. USFoll (B) (1).... U S&Intl Sec 1t (5). U8 Lines pf (1), US & Overseas U 8 Playing Card Utility Pwr&Lt(al). Utility & Ind.. - Vacuum O (t4%) an D ing. Van Camp Pkg pf. .. Venezuela Petroleum Vick Financial Corp. Walgreen Co.....u0t Walker (H) (1)....0 Watson (J W) Co.. Wayne Pump....... Westn Afr Exp(60c} West Cont UtA(1.30) Western Md pf (7). Wil-Low Cafeteria Woodley Petroleum. B ar. 16 25% 17 118 11% 13% % A% 1% 1% 164 16% 3 26% 26% 208 117 118 y14 11% 13% 2 4% 4% 1 1% 1% 2 16% 16% Expire. «Junels 146 1 1 # 1 5 20% 20% a:u !g% Hackensck Insur Co of N. Intl Salt... Lone Star Vidend. tPartly extra. iPius extra in stock. a Pavabie k. b Payable in stock. d Payable in preferred stock. NEW YORK BANK STOCKS NEW YORK, May 23 (Special).— RS Bank stocks and trust shares displayed e automobile works (a firmer tone today, but d small. Bankers' Trust at 163% "W %: | 60%, ealings were The following were unchanged: National City, 197; Bank of America, 132; Brook- Trust, 815; Central Hanover, 390; hatham-Phenix, 138}5; 515; Continental, 36%; 5850; Manhattan, 135 2908, and Public, l'.g.l R Chase, 168, up %: Corn Exchange, 223, up %; rights, 33%, up %: Equitable, 1334, off ¥,; Guaranty, 770, up 8; Bank of United States, 64, off %; Chemical, w' Y WASHINGTON, D. C., FRIDAY, MAY 23, 1930. NClI CHICAGO STOCK MARKET |LOW INTEREST RATES FAIL TO STIMULATE BOND MARKET By the Associated Press. CHICAGO, May 23 —Following is the complete official list of transactions ifi stocks on the Chicago Stock Exchange today: o QCKs. . Low. Close. NS avborL LW il 200 Acme Stee: & 5 Allied American m R 100 Baxter Laundries 1150 Bendix Aviation 13000 Bork Warner.. .. 100 Brach 3200 Brown 3912 350 Cont & So_West. 2615 2 100 Cent & § West p 1" pf 10244 100 Chi Gity&Con Kys I 4% 3450 Ch. Cor i3l i 16" | in France for the forthcoming repara- & Fuel 7s pl Ser A5 7 167 46 298 33 6% 203 * 2 12% 40 240 2313 2 3 20 20 i ] 383, 3 980 Hart-Carter ' 650 Houdaille Hershey B 9 33% 03% 3 Mid Wes t 2300 Mid Nat Gas. 3 700 Midland United. 7 50 Mid Upit.... 1 Mid Unit Wi o 38 Midiana oen T 1 Ut 1% p 1. 110 1 PN o W = ] 650 Noblitt-Sparks . 200 North Am C: 100 North Am G 1000 Nor Am Light & Pow 700 Northwest, Bancorp. .. 30 ) GG 8 gy oo P 3 T g o 8388288 CEESIN e S8 o 50 Yates Machi, 1450 Zenith Radlo . Stock sales today, 306.800. Bond rales today, 52,000, ‘BONDS. 5000 Chicago Rys 58 500 Amer Equities . —_— GRAIN MARKET CHICAGO, May 23 (#).—Selling out on the part of yesterday's buyers did & | much to send the wheat market down- grade today. The forecast pointed to frost tonight in Kansas, Nebraska and | Shor the Northwest, but this circumstance was virtually ignored, and attention was focused on absence of the froste which were expected last night. Bears made much also of reports that the domestic Spring wheat crop outlook is unusually favorable and that high condition fig- ures are to looked for in June 1 es. heat closed weak, 13% to 2V cents a bushel lower than yesterday’s finish. Corn closed 1% to 17 cents off, oats to % down and provisions un- changed to a rise of 5 cents. e, . 108% Tife 1141 A 1081 1% FEEESN g2z suue 3=Ey L3S FEEE NEW YORK COTTON NEW YORK, May 23 (Special).— Fears of an additional spell of wet weather in the cotton belt induced further covering at the opening of the cotton market today, continuing the movement which developed in late trading Thursday. Opening prices were 2 to 8 points her. Overnight rains were reported in Arkansas, Oklahoma and in Texas south to Waco. Opening were: May, 16.25, u? 3; July, 16.37, up 3; October, old, 15.21 up 5; December, old, 15.34, up cember, new, 15.03, up 3; January, old, 1531, up 6; January, new, 15.02, up 2; March, 15.24, up 4. SRt MONEY MARKET. NEW YORK, May 23 (#).—The money markets were dull and unchanged to- day. Inquiry for time loans was ex- tremely slow, call money almost equally as dormant, although it was ered in large supply. Bankers’ ac- showed no variation from NEW YORK, May 23 (#).—Copper, quiet; electrolytic, spot and future, 13. Iron, quiet; . Tin, easy, spot and nearby, 31.37; future, 31.62. d, quiet; spot, New York, 5. Louis, 540. Zinc, steady; East 3 Louls, spot and futures, 4.65. Anti- mony. 7.37. —s St. St. 3., | that the Bank of England might reduce (] <|cents a quart in BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, May 23.—Predictions its rate yesterday to 2! per cent, bring- ing it in line_with the rate quoted by the Bank of France, did not material- ize. Consequently. intimations in bank- ing circles that there might be a fur- ther lowering of the Federal Reserve Bank of New York rediscount figure to 21, per cent yesterday afternoon were not_seriously considered. "The only adjustment made during the day to the easler money conditions throughout the world was the decline in the interest rale on the national de- fense bonds of the French government from 31, per cent to 3 per cent. It was! thought here that this action had been taken in order to stimulate the demand tions loan and to justify the high price which French bankers are demanding for their portion of the loan. Long-Term Market. It is recognized that any further re- duction in rediscount rates as a means of stimulating the investment market will be wasted effort, as there are now sufficient grounds on which to build up bond prices in the spread that exists between the return on both taxable and nron-taxable issues and the current quo- tations for every form of money ac- commodation. Some encouragement for the long- term bond market has been given in the last few days in the demand for two, three and four year maturities of corporations and municipalities in con- sequence of the clearing up of the mar- ket for the better grades of six-month to one-year offerings. Eventually, it is belleved that the present buyers of the short-term bonds or notes will go into the market for long-dated issues as the only medium through which they can eArn a respectable rate of return on their surplus funds. The urgent demand for short issues has advanced prices and lowered ylelds to such an extent that today municipal bonds that are not recognized in the New York market as being the top-rated issues were being held on a 4 per cent basis. All of the one and two year ma- turities of the serial issues of corpora- .| World-Wide Easing of Credit Has Made Prime Issues More Attractive As Investments. tion and municipal offerings this week were spoken for before public offerings were announced, and the various syndi- cates reported a better inquiry for the middle and longer dated bonds than heretofore. The banking institution with surplus funds today is one that requires careful ad- ministration, if earnings on funds in- vested are to show up satisfactorily at the end of the year. The renewal rate for call money has been 3 per cent for some time. However, with the present service charge of the banks that lend for customers, the net return, which is taxable. is considerably less than 3 per cent. On current deposits New York banks are allowing 2 per cent interest and 3 per cent for time deposits. THhe e;li"ll.ngs on these deposits are also tax- Rates on Loans. ‘This explains why the Government was able to sell its récent issue of the $104,600,000 bills on an_interest basis of 2.54 per cent, with the purchasers of a block of $60,000,000 of these bills subsequently distributing them among corporations and banks at a materially lower yield to the ultimate consumer. It the holder of surplus funds nego- tiates a 60 to 90 day loan, the best rate that it can obtain is from 3 to 34 per cent, while loans extending into the Autumn or to the end of November will produce only 3! per cent. Relatively low rates are quoted on commercial paper, which is held to a considerable extent in normal times in the portfolios of the banks. Prime bankers' accept- ances have been steadily reduced until they are on about a 2! per cent basis. All of these rates give practically no net return to the bank that is paying from 2 to 3 per cent on its short-term deposits, and, as is the case today, allows 4 per cent on time deposits, which represent in interior banks a high proportion of their total de] ts. The case for improving bond prices, therefore, seems to be a strong one. The only question is as to the time when bond buyers will come to & de- cision to replace call loans with securi- tles giving them a net return from 2 to 3 per cent greater than they are now obtaining on their funds. (Copyright, 1930.) POTATO CROP AIDED BY RECENT RAINS Reports From Eastern Shore of Virginia and Maryland Show Gains. The potato crop on the Eastern Shore of Virginia and Maryland was reported looking good after the rains the middle of May, says the United States Department of Agriculture, Bu- reau of Agricultural Economics, Mar- ket News Service. Alt] h dry weather was responsible for the light set of the early crop in that section, the potatoes Butter—One-pound prints, 39a40; tub, 3714a38%2. Eggs—Hennery, ceipts, 21. Poultry, alive—Turkeys, hens, 22; toms, 20a22; Spring broilers, large, 38a40; - small, 32a33; Leghorns, 28a32; fowls, 23a24; Leghorn fowls, 22; ducks, 15a18; geese, 15; capons, large, 35a37; small, 30a33; keats, young, 60a65; small, 35; roosters, 14a15. Dressed—Turkeys, hens, 22; toms, 20a22; Spring chickens, large, 35a38; medium, 35a36; fowls, 27; small, 25; capons, large, 40a42; small, 30a33; keats, 70a75. leats, fresh killed—Beef, 20a23; veal, 20a22; lamb, 22; pork loins, 26a28; fresh ham, 24a25; fresh shoulders, 22; smoked hams, 26; smoked shoulders, 22; bacon, 26; lard, in , 13; in bulk, 12. Live stock—Calves, 8al0; Spring lamb, 11a12. 22a23; current re- are expected to be of good quality now. Very little strength was Ahownt,ln the potato markets near the end of the | month, any firmness displayed at all Was in some Southern shipping sections. Prices in most producing regions drop- ped back again after the spurt the mid- dle of the month. Very little trading 'was reported in the Rochester district of New York, with dealers unwilling to pay over $1.25 a bushel to growers. ’Hu situation was dull in Northern Maine, 40 12| With only moderate trading even at the lower price level. Very few sales were reported above $2 per 100 pounds in Aroostock County, but most trading was below that figure. Potato Prices. ‘There was only a limited consumptive demand for old potatoes, and inquiry for new stock continued moderate. Green Mountains from Main brought $250 to $2.95 in Eastern consuming centers, a range lower than that for North Central potatoes in carlots in Chi- cago. Alabama Bliss Triumphs ranged $3.50 to $4 per 100 pounds in Northern cities, and South Carolina cobblers were plentiful at $6.50 to $7 a barrel. The midmonth rains, while ly too late to greatly improve the situation at the southern end of the Eastern Shore Peninsula, were .. timely aid to the crop north of Onley, Va. are that there was about one-half a normal crop on the Virginia Eastern e region, but that 65 to 75 per cent of a normal crop will be realized in the section around Marion, Md. Peak move- ment from Maryland's Eastern Shore districts was looked for around the last to growers in the peni g $3 to $6 a crate around the 20th of May, according to variety and quality of the berries. Virginia and Maryland strawberries ‘were selling at 10 to 23 cents a quart in Eastern city markets, or at $2.50 to $3.50 per crate of 32 quarts. Missouri berries were affording some small com- tition with Eastern stock, Arom: m that State g_from 25 to 30 e East. Car lot shipments of this fruit hovered around 150 cars a day f« the close of May. Growers on the Eastern Shore of ia estimated that about 75 per cent of their crop was moving out by truck. The late crop of cucumbers, largely grown in New York, may be increased one-fourth, according to ' inten- tions around the middle of May. The total commercial acreage for the United States this year is estimated 23 per cent larger in 1929 and about 33 per cent larger than the five-year aver- age. Plans for the watermelon acreage in New Jersey, Delaware, Maryland and Virginia include only a slight increase over last year, as reported around the middle of the month. For the whole group of States shipping the late melon the increase over last year may T eports ot PlAnvings. and. intentions o an to plant indicate that the total acreage of market tomatoes grown in the United this may be 10 per cent 1920 and 22 per .cent States rnner than in fivesyear average. larger than the AND BOND By the Assoch From Yesterda: Three mn‘l‘:o'. ‘weekly aver. High (1930). . Low (1930) the Eastern States, New Jersey has in- creased 600 acres, making & total of year. Area for Pennsylvania is shown as 500 acres, for Delaware 210, for Maryland 5,500 and for Virginia 1,580. Lettuce Crop. Growers of lettuce in New York State were planning to reduce the acreage of that crop this season, with planting in- tentions_indicating an area of 5,510 acres. Pennsylvania is shown at the same 80 acres of the last four years. In New York City some New Jersey lettuce, wide in range of quality and condition, sold at $1.25 to $1.50 for crates of two dozen heads. Cabbage markets were weaker after the higher prices of the middle of the month. Barrel crates of stock from the Norfolk section of Virginia sold at $2.50 in Philadelphia. Cabbage from the Eastern Shore region brought $3.50 in Boston. CHICAGO LIVE STOCK MARKET CHICAGO, May 23 () (United States Departme:t of Agriculture) —Hogs— Receipts, 20,000 head, including 10,000 direct; mostly 15a25 higher; active to shippers and small packers; packing sows strong to 10 higher; top, 10.40, paid for 170-210 pounds; butchers, me- dium to choice, 250-300 pounds, 9.85a 10.25; 200-250 pounds, 10.00210.40; 160~ 200 pounds, 10.00a10.40; 130-160 pounds, 9.75a10.35; packing sows, 9.00a9.75; 28 | fed steers, pigs, medium to choice, 90-130 pounds, 9.00a10.15. Cattle—Receipts, 2,000 head; calves, 700; strong trade on fed steers and yearlings; fflc!l 25a50 or more higher than late last week, with common and medium grades showing most upturn: all other classes substantially her for week; mostly steady today; most good and choice, 1,300-1,500 pounds, 12.50a14.50; 1,100-1,300 pounds, 12.00a14.25; 950-1,100 pounds, 11.75a common and medium, 850 pounds , 8.00812.50; fed yearlings, good and oice, 750-950 pounds, 11.50a13.50. Heifers—Good and choice, 850 pounds down, 10.00a12.00; common and medium, 7.00810.00; cows, good and choice, 8. 10.00; common and medium, 6.50a8. (mi] and choice, 10.30a13.00; medium, 8.50a10.50; cull and common, 6.00a8.50; stocker and feeder steers, good and choice, all weights, 9.75a10.75; eipts, 13, ead; sf 3 bulk orn lambs, 9.65a10.00; top {D outsiders, 10.25; native springers, strong | to 25 higher, 11.75 down; fat ewes, X lambs, good ds down, 9.25a10.25; medium, 8.25a9.36; common, 7.50a8.25: medium to choice, 9.23; 100 pounds, 8.00 210.00; ewes, medium to choice, 150 pounds down, 4.00a5.75; cull and com- In mon, 2.00a4.25. D AVERAGES ' :30 Edition, (Copyright. 1930, Mtandard. Statistics Co.) Position of the corporation or | ‘A—15 2x AL. STIDY OF NATINAL INGONE 1S RCED | Bankers’ Commission Also Urges Frequent Analyses of Money Market. Studies of the New York money market and the condition of the na- tional income available for absorbing new securities, by a qualified commis- sion representing all interested elements, are possible on the basis of available data along lines that should go far toward averting market disasters, it is declared in a report of the Commerce and Marine Commission of the Amer- ican Bankers' Association made public by the chairman, Fred 1. Kent. American business has been seriopsly affected by three principal causes, ‘the report says, naming overproduction, uncertainty caused by prolonged delay in tariff legislation and overissuance of securities beyond the power of the public to absorb, accompanied by ex- traordinary developments in the stock exchanges. Brokers’ Loans, “Brokers’ loans increased half a billion dollars in a few weeks during last September and October because of the issuance of securities which could not be absorbed by the public and had to be carried,” the report de- I clares. “There is no question but that the brakes had been put on the + issuance of new securities in time much harm could have been prevented. In order to put on such brakes it would only have been necessary to place the facts before the investment banrers, for it s not conceivable that they would have deliberately arranged the issuaace of new securities if they could have seen that the national income avatlable for their purchase had been more than taken up and that attempted distribu- tion was certain to be attended by oy ou “The Commerce and Marine > mission in April, 1929, and the San Francisco convention of the American Bankers' Association in October, 1929, in its resolutions recommended that & study be made of the money market by the Federal Reserve System, ngxent- ing the g:bllc: the New York kers, representing the leaders, and the Stock Exchange, represen the borrowers ;n( the huge sums covered in brokers’ “No one apparently has attempted to measure the ability of the United States to absorb new issues, as its potential wealth was s0 great there seemed to be no limit to the ability of people to take up securities. The combined net in- come of the people plus their ability to W must measure their ability to absorb new securities. National income provided, on the average for the five years closing January 1, 1929, about $600,000,000 & month for utilization for investment in new securities or deposits in savings banks. New Securities. “During the first three months of 1929 securities issued amounted to about two billion eight hundred million dollars. The rights that had to be taken up came to another billion and a balf, making a total of over four billion dol- lars in securities that had to be taken up in three months. National income available for the purchase of securities was about a billion eight hundred mil- lion for the three months. New securities ‘were being issued at a much ter rate than we could absorb, and it was time to call a halt. “In September and October, 1920, se- curities were issued to a total of a bil- lion six hundred twelve million dollars. The liquidation in the stock market was such that brokers' loans would have fallen cn a normal basis five hundred million dollars, but instead they went up five hundred eighty-four million, showing that of the billion six hundred twelve million in securities issued in those two months fully a hillion dollars went into brokers’ loans because they couid nct be distributed. “Following the stock market break in November, 1920, issuance of new se- curities was practically stopped, with the exception of thos: which could not be postponed. The drcp was from an average per mouth for 1929 of $915,- 913,600 to $126,768,000. It came down under the national income available for such purposes. The mpt eesing in money and the ability of financial America to protect itself without finan- clal fallures was due in important meas- ure to this stoppage of the issuance ot new securities, “If a commission such as we have recommended, made up of representa- tives of the Federal e Bank of New York, the New York clearing house and the New York Stock Exchange, should make a study of this situatior there would seem no question but that they could develop a series of going to give information to investment - ers that would enable them to mculda thelr securit; 4 tifically, 'y operations more scien. “There would bly be occasions when mrlnylnx :ofid”b: of hew Securities Could- be scenitnnie coul studied by investment b-nl:crl."!lmlun’ CEmeam RAILROAD EARNINGS NEW YORK, May 23 (#).—April net operating incom Teport railroads today :Sam:“' i St. Louis-San Francisco, 296,976; 1929, $1,453,732. Vi .l]eey' l”ge. tfi;"’.?’o: $1,150,004, ntral, ) H "l"fi“. 30, $419,383; 1929, ———y DIVIDENDS DECLARED NEW YORK, May 23 (A).— Regular Company. Allied Pr X Aien T > g D e Ly G S e ot | SITORIVGPONOS, . ISR, * s Cgll Leh 1 Coal Eneh ol it De. T3 SEEEdEs SEEE. Leaa. Do ‘pt B' . . Prentice Hall' inc. Reading Co 2d pf.. Royalties Mana, ehue ! gt Z5RE s e Sasass Sron o S ls Extra, Mesta Machine.....10c .. July 1 Initial. Austin N & Po Pr A..75¢ Aus. Reduced. Inspira Cons Cop..50c Q July Stoek. % M July TR .. Aug. 18 1 L Citles Bervice, Somm, Inyes n Pub Berv £¥hen ‘Glass b ble ih toek. FATARle IR G o stoest To_stop e crashing at foot ball Enu;n:.::"w-em:' ts near London.