Evening Star Newspaper, March 28, 1931, Page 25

FINANCIAE. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The “Star Office. WLER PLANTING OF WHEAT IS SEEN hwartment of Commerce i ‘Estimates Spring Crop .. Will Be Reduced: provement. - lnlnrmlunn lvnfllble, how- -fl!rn in Spring B e e Der cetib th Washs , 30 cent in Colorado, 40 it in is, and 24 per cent in North Dakota is the big Spring wheat m. The report from that ows that the intended demne un- dar 1930 is 6 per centpu}n Dakota the decrease is 8 cent lnd in Minnesota it is 15 per cent. From the standpoint of future wheat ices, this latest farm news is most to the farm belt. Dividend Reductio Dividend cuts of substantial com- itim The latest is mm Copper Mining Co. which reduced its dividend from $2.50 to $1.50 annually. A.nut.he’r the Del- aware, Lackawana and Western Toad went rrcn RfE ] %?5?? hil ke i = LOW GRAIN PRICES B of goods smuch from foreigners. *The soluticn of the economic dlfl- P 18 in & broader exchange of products, with the whole surhce of the earth as a field of trade,” he sald. It is to be hoped that the matter of tarift towing higher all the time I‘lllll s of the world, will be given passing consideration by the Bufhlo convention. For international trade cannot con- flnu to expand and grow with tariff walls rising higher and higher. No more than water can run uphill. Copyright. 1931, th Ameri ( Nowipabt: Rlushes s Ameriesn BANK CLEARINGS. Clearings show even greater restriction ' in settiements through the banks than | in many preceding weeks, the total this week for leading cities in the United | States, as reported to Dun's Review, of $7,794,571,000 being 30.1 per cent below that of last year. At New York City, | clearings of $5544,034,000 %show a loss | of 32.1 per cent, while the aggregate at centers outside of New York of $2,250,- 537,000 is 25.2 per cent smaller. Un- s doubtedly, the reduced payments this month on the Federal income tax are further emphasized in this week's return . of Dank clearings, At New York City, | the decline of nearly one-third is much | the largest since the first week of last December, when the comparison was | with the very active week of 1929. Cities in the West and South also show heavy | losses. | Bank clearings for the week, as re- to R. G. Dun & Co.,, and average dafly bank clearings for the last four ‘months, are commrcd heremzh | Pe; Mar2 zc un cen| b L] SN SREENRNENINR L RERENEE o e Postitagnen e e o] By EREEIRRENE, R , N. C.. Masch 28 (#),—O1- e Insur- | grain market. | ported reason is the disclosure that (Continued From Page Dividen 104 Nevada Copper (1).. 19 3 1 2% 119% 8 107% 7% (1.20) 7% N ! N H & Hart (6).. 110 NYNH&Hpf (1).. 5% N Y Ont & We: 100 N Y Steam pf ¢ . 1 217 196 Norf & West "ll)..v 10% 4% North Am Aviation,. % 62 Nor Am (b10% stk). 102 North Am Ed pf (6).. 474 Northern Pacifio ¢5), 2 14 Ohlo ONl (1).. . 118 3% Omnibus Corp. e ] O Ild'l or (3%).. l‘i 14 5'!‘ Otll !tlfi prpf ( ).‘IIOI Pacific Coast 1st pf.. 208 lfl‘ PacificGas & El (). 19 50% Pacific Lighting (3). 17 !K Pack Mot Car (§0¢)., 30 lflb Paramount Pub (4).. lflE N 2% Prairie Oil & Ga: (l) 1 Prairie Pipe L (3)... 854 *Pressed St Cpf (7). 63 Proot & Gamb (2.40) 131 11% Prod & Refiners pf... 2?. 72 Reading 1st pf (2). Remington-Rand..., 7% Reo Motor Car (40¢). Republic Steel...... RevereC& B pf (7).. 108 Reynolds Metals (3). 22 Reynolds Tob A (3). 20s AW Rlyllnldl Tob B (3). 64 50 2% Richfield Of1 10 5% Rio Grande ofl. 164 Rossia Insur (2, 87% Roy Dtch(ml. uoc).. 38% Safeway Stores (5).. 23 StJoseph Ld (2).... 57% St L-San Fran pf (6) 35 . 8t Louls & San Fran. 23 - St L Southwestern. . 4 Schulte Retail Str % Seaboard Alr Li 1 Beab AlrLine pf..... 44% Sears Roebuck 32%.. 40 Second Nat Inv pf. 1% Seneca Copper.... 4% Servel Ine. . 12 Sharp & Dohme. 58% Sharp & Do f (3%). 221 Shattuck ' G (11%). 7% Shell Unioh Ofl.....0 - 4% Shubert Theaters. 4% Simi 89 SolvAmprwwbh.. 17% 9% South Port Rico Sug, 10 8% 68 EtandG&E (3%) i 101% Stand G & EI pf (T. 48% Stand Ofl Cal (h2% 1m lund au nf Kan (1) Sales— a ‘Rate. udou.!!n. Low. 18 20% 5 109% 186 5 Th 8T ll'l’i ) 1% 11% 17% 20% 109 187 % 85% nunRanna Va-Car White ik Tate: B Sweets of Amer (1) -. 1 ' Symington. Symington A, ..eeee. Telautograph (1.40). Tennessee Corp(50c) Texas Corp (3),....1 Tex Gulf Sulph (4). Thompson (J R) (2). Thompson Prod 1.20. Thomp-sur pr(33) T Brock and Sales— Rate, . Add 00, High. 8‘"5 lm. b Webster (l) . 01 Studebaker (1.30) Sun Ofl (11)... Superheater (334 v o...-a--..-.-nus!-n..un Ot Transamerica (1) Transue & W (1) Tri-Cont Corp. Tri-Cont Corp Trico Prod (3%), Twin City R Tr (§ Ulen & Co (1.60)...%; Und-Ell-Fisher (5. Union Bag & Pape: Un Carbide (2.60)... 20% Un Oll of Cal (2). Un Pacific (10) Unit Alreraft. ... Unit Afreraft Unit Corp (76¢) Unit Corp pt (3) Leather A. . Leath pr pt (7).. Pipe & F (2)....1028 Realty &Im (3). 4 Rubber......... Rubber 1st pf. .. Bmelt & Ref (1). 4 Bteel (7)...0000, 875 U 8 Steel pf (1) 2 U 8 Tobaceo (4. 40)..x 1 Unit Stores A.... 3 Unit Stores pf (4).. Univ Leat Tob (3)... Univ Plo 1st pf (8).. 20s Univ Pipe & Rad..... Utll P&L A (e12.15) .. Vanadium Corp (3).. 625 1 45 10 1 217 Chem......0 tern Union (8).. Westing A B (2).... wnun.lunu (4). ”7 Weston El Instr ‘Westvaco Chlor (2).. Wextark Radio Strs.. 1 ‘White Motors (1)..., 1 Rook MS 4%, ‘White Sewing Mach. Wileox Ofl & Gas. ey noe? Va Car Chem pt (7)., Vulcan Det ($)eeiens War Bros cv pt (l). . 608 Warren Fdy & P (2). 2 Wess Ol1 & Snow (2) West Pa E1 pt (7)... 10s West Pa Pow pf (§). 10s ‘West Pa Pow pf (7). 20. wuwrn Dairy B. 1 ll nstr (1)e. 8 ‘Woolworth (2.40) Worthington Pump.. Wright Aeronaut..,. 40s Wrigley (Wm) (4).. Yale & Towne (2)... Yellow Truck. . . Youngs Spring (3).. 6 Young Sheet&Tu (5). 3 5% 2% Zenith Radio...eevs. 6 RIGHTS—EXPIRE. 2% 2% Bou Cal Ea. 21 S flfiww 26 1 26 .ADr20 27 2% 2% in noex 4 earned. in seoc r—no r 8% in stock. 8 Plos yea HELD AID TO TRADE British Traders Believe New | » Users of Wheat Will Bene- fit Market. By the Associated Press. LIVERPOOL, England, March 28.— Visualizing the present prices of Wheat as a stimulus to its uses in fields where it has hitherto been barred, leaders of the Liverpool Grain Exchange have painted for the Associated Press a silver lining to the cloud of the low Declining to permit the use of their names, three traders, among them a past president of the organization, dis- cussed the situation at length, all agreeing that Chinese consumers and American growers are the ones to lead the world out of the morass of drop- ping prices. Suggests Remedy. “Get the Chinese to eating bread | and American farmers to cutting their acreage and the pmhlemwmbewlved," one sald. The group then mlulned the situa~ tion created by the United States’ Farm Board's action in declining |lJ D'l the prices of the new crop of gri At present ‘British ‘millers wha for years bought American wheat on American certification are now insist- ing on sales by samples. The pur- some American wheat reaching British mills has been treated chemically to prevent the inroads of insects. Liverpool trading in wheat with six or seven nations permits British millers now to select certain wheats for blend- ing in flour, getting the advantage over American millers, ‘who generally are restricted to North American wheats. One euthority cited the present price as enabling millers to make & it on, wheat residue before sen: the mllllnl pm'tlcnl to the millers. tly sold wheat at $20 a ton, I’hfle lhe hul and other refuse brought $30 a ton,” said one expert. s we: '1; Liverpool - would ' be In a supersede Chicago as ”premier grain market of the world in view of recent upheavals in price, traders said: “We think not, but we neen of the Home Security Co. yesterday announced uw pur- ehlu ul the Capital Life Insurance Co. as well as in Winnipeg.” Asked a mnédy for low prices, one # ywmthe\ U, e Special Dispatch to The Star. AUSTIN, Tex, March 28.—An in-| crease of approximately 11,000 barrels dafly in the State-wide allowable d.l road Commission the Central Pro- ration Committe h R. R. Penn, chairman, ‘The allowable output for East Texas area, including Rusk, Gregg, Upshur and Smith collntkl with 50,000 % 1 and increasing at 0 barrels each mccnth 1 thereaft:r until a mxlmum of 70,000 barrels daily is reached. East Central Texas district, I.nclualnl the Van field, is aiso subjected to 5,000-barrel increase on May 1 lnd June 1, with 52,000 barrels daily fixed as its allowabls output Annl 1, Other allowable production fiy proposed are as ollqm handle, :B.DM bar- rels daily; North Texas, 50,630; West (Texas, 2. 2 931; SBouthwest Texas, 63,000, and Gulf CO!I! 149,000, Allowable pn)dul:unn for the State under the previous proration schedule was 644,253 barrels daily average, Plan Curtailment. ‘The statement issued by former Gov. Dan Moody that proration in East Texas would b: accepted in that area if imports of crude. oil and gasoline were made to conform to the require- followed Wednesday, at the proration hearing before the Tekas Railroad Com- mission, by telegrams from three major im) companies dealing with the subject. ‘The Shell Petroleum Corporation stated it had cut its imports of gasoline z? per cent and was importing no crude ‘The Standard Oil Co. of New Jersey and the Gulf Ofl Cprporation notified lheucommlllwn of ‘reductions of im- | i W. C. Teagle, president of the Stand- lrd ‘il Co. of New eruy‘ wired the mmission as folloy "Durlnx 1929 we lm rud an average of 67,000 barrels daily. In 1930 our ris wm " 60,000 barrels hetever Seing. imporied. during.enner wj er 5 . We hlvfe now reduced, effective April 1, imports 'A) an average of 45.000 barrels dafly for a period of 90 days. After that lhey will be findltlonll on &m n u tnrqmdty of de B. G o( lbellm;lre- of uu Shell Unlm m mehmn. Pacific g past im) ‘60 | Shipping es. 18 piaced on 4| cxpor AST TEXAS OIL PRORATION URGED BY TRADE COMMITTEE |3 ynln[ company,” his staf tcnunl said, ‘and was ru:ed to take care of I-he lur? juction of Bhell Oil Co. Cal fg\umd!hnllmlmmonm Gulf it. As a matter of wnnnhnu and in order to simplify the necessa: was made which Shell mhm draws large part A pome P S -nd the e in turn takes an valen tity of from "She?lq“mclmw::d Shcuy fl.lol.lnl "'n.u arrangement is based on, and is being carired cut on the basis of, an exchange of naphtha, barrel for barrel, and in addition Shell Union sells con. siderable quantities of gasoline for ex- port, 5o t '.ht net result of these transactions that on balance the Shell Union exporu more gasoline than it _imports. “In view of the request of groducen for a reddction of hell Union has perfected shi; rangements by by per cent in 1931 compared 'flh 1no This will, however, fllull Shell Eastern direct and the Gulf with an incraued of domestic gasoline, llnrn:- relere export will be reduced by these amounts. Venezuelan Crude. “Shell Unjon imports no Venezuelan ments set forth in the Capper bill was | crude into the United States, and its | only imports of crude are approximately 2,000 barrels daily of Panuco (Mexican) crude, which is im) the manu- facture of certain specidl grades of as- phaplt which it is impossible to manu- ture any domestic crude avail- able to Shell Union. ‘'While Shell Union itself is mnot directly concerned in any operation out- side the United States, either in Vme- zuela or elsewhere, I am authorized, to state that in February, 1930, the Roy-l Dutch-Shell offered to reduce its pro- duction in Venezuela pro rata to any general reduction of crude production ln the United States for 1930 as eom- pared with 1929, provided that other companies operating in Venezuel would agree to a similar fetion. time but has been repeated I understand Royal ready to restrict 1931 production on some similar basis. voted to testimony of wonucn umplru and producers of different flelds in gard to the effectiveness of allowabl enforcements and their results in pre- venting waste through water lncu | and in other ways. were Panhandle, uexu. Pml! Darst Creek and Salt Flat, — Smith, Graham & pearances indicate that a under way. “| curities Are Freely Of- and ! the available surplus of Shell Union for All the session on Wednesday was de- | . HIGH GRADE ISSUES TURN WEAK Both Rail and Industrial Se- g fered. BY ¥, H. RICHARDSON, Special Dispateh to The Star. NEW YORK, March 28.—The most 35 | significant feature of today's bond market was the weakness in high-grade rallroad and industrial issues, This FINANCIAL, BflNfl E:BONDSE Roeceived by Private Wire Direct to The Star Ofice UNITED STATES. are in reflected the heavy liquidation in the |, stock market, but more directly the poor earnings currently published, which myuunmehmnhflum» inu g“ today to new lnw levnh. ific 4s, which recently par, were quoted under he industrial list wwz ‘changes occurred in the oil and amusement issues. Warner Bros. pictures and Pathe issues slumped. Texas Co. 58 continued a decline which began & short time ago around pll' with the issue todey under 96. Union issues vm h o Phflldelphll & Reading 6s 2 points while Omlolidhwm Coal 58 in the 5%s Some of the city and pro- vincial loans were a t higher. Of- ficial confirmation it the Peruvian national 6 per unt loan would be in default on April 1 caused some selling ‘prices | Bos of it and u.lvnlely affected the of other South American issues. The mmnmmfluud\mml. tohl of March financing wm bp- ite $760,000,000, or the largest amount since last July. Washington Stock Exchange g Capital Traction $1,000 at 80%. Gas 55—$500 at w.’ Wastington Rwy, & Electrie 000 al Capital Traction Co—320 st 35, 10 at 5, 20 at 35. National Capital Bank—10 at 224, 10 Omm-du National Bank—4 at 218. Fedetal-American Co. eom.—325 at 23%. AFTER CALL. Rwy. & W ptd.—10 at , 40 at 98%, 50 at 98%, 10 at Po?:-l;:c Electric Cons. 5s—$1,000 at National Capital Bank—5 at 224, L Cincoln (12)" umopolmn Beetna ey Amer. lonu]l’ll*rl Trugt Co. ““mmm, reor: iremen’s National vnmn TITLE INSURANCE. bis (6h). Estate (85 Oeln Sl = S ECERN LR ,fl:unt’ Stoxs -ynel cm- Wi a- m ward od. Unlisted fip-rhnmt. (These securities, mot listed under exchange | b rules.) Bid, Asked. 90 96 This offer was not acceped at that 1 Dutch-Shell b lllll Park Whodridee-Langaon BUSINESS FAILURES. By the Associated Press. ik Atchisev 4% ‘41, AtCLeol 45°62. At & Danv ¢s 4 Australia l*l Australia Austria 7 %s’61 Batav Pet 4148 *432.. Belgium 1 . Beth Steel pm 58’36 Beth St rf 55 '42. R RREE] oy o o - -oa - 5-9.—-..!._!-.-»‘-...-...-..--n..—-—o neanvalindianruanantnneulannun Hibfl‘g QPeRr00 FFER] - = % Chi R1&Pac 4%s'52 C TH&SE in 68 "6 Sobua wman Clev Torm A%8 7. Colo & 8ou 43 HOAm HEE L AANG HMHBR— AR INNAS Dutch East 1 El Salvador 8 Erie Gen ¢s. Erfecv b8 87 Erie 58°75... Finland 6 forey 258wn Sornown Hagsary 18 440 m cent 4252 111 Cent 111 Cent nf 111 Steel 4 %540, Inland Stl 4s% B'S1 Int Rap Tr bs e @ Aol entRlanannn owa Int &G Nad 6s°53. Int Hydro El Int M Co 6 w ovoroy nS53aune Mich Cen lil"l 24 l 101 14 101 14 101 14 l. l.l 'II l.l 13 101% 105 . 87% | St L&SF prin 5s . W §3°52 14 N 1067 | N Cent 43452013 "9 10034 NY Cen et 4}4n2013 69 100 5. Nor & Wn cv 4596 Nor Am Ed 5 106% Nor Am Ed 5%s r] e 1091 | Norway 65’43, 96% | Norway 6 "4 8414 | Norway 6552, Pac Tl'l' 1st HW Pan-Am Pet 1 51 (3 1 llgg% Pnila & Read 35 108 Phillip Pet 5%s'39. 1 100% | Pillsb FM 8 1 700% | P CCEStL 4%s 77, 103 PCC&StL5sA P& W V 4%sC60. uny, Port Elec 6847, 102 | Poland 6s 40 881 | Poland 7s 47 . 1008 | Por R T am 6s *42.. 1043 | Pos Te) & C 6883, . 10814 | Pure O11 5% s ‘37 '0‘/- Queenland 6s 47 8% 7% 05 g2 = aierey stLhBPflh"l g 105 IStLS :aan;gxggE ; 106y | Sinclatr o1l L Binc O Tscv A"37.. 85 Tex & Pac b C 7! 3% | Texas 2ac 5 wl oannalinl 9 ,m Uruguay 9814 | Uh P& L 9735 | Uil Pow 111 | vienna o 3 Resomluad West i deb 68 4.+ Wat Sh 1st 48 2 West Md ¢s 85% | Weat Ma 5348 "1y o1 West Pac ia 48 iR I WEOb%s ww. Wick 8pen cv 7835 4 Wilks B & I 1st 9974 | Wil-Ov 1st 6348 °33. 60 | Wil&Co 1st 6341, 26 91% | Yokoham o ’ID% 82 943 89% 3 15 INVESTMENT TRUSTS NEW ¥ % 'Inbh proportions on its books, 13 1004 '100% 1004 lT\fi Ygstn Sh&T bs 8. 12 101% lfll% 101% SMALL DEPOSITORS iU. S. Court Gives Al Cus« tomers Equal Rights When Bank Fails. BY C. B. UPHAM. are pledged for the security of individ- ual or corporate deposits. ‘ History of Case. ‘The Baltimore & Ohio Railroad Co. maintained a deposit account with the Citizens’ National Bank of Connellsville, Pa. In order to keep the account of the bank entered into an the railroad unmmummm and securities belon; bank in trust for the purpose teeing Nplymenc of the company’s deposit. The Connellsville hnktluedon.mlyll 1930, and its re- celver, by the recovers the mmrnummatm nnrudmpmyz. , a8 con the agreemen It is frequently said that ome of the ul.elo(hnknfl'um hflmth atnuuofflm&oi national busine :; that conmmth hu been’ un-«l Inmcenunil of mm kinds rather than the hlviheenhlld it to the e out large con- mum banks. One eann:wh several million dollars on deposit large number of banks % Southern States felt 2edi AS;FJ DIVIDENDS DECLARED NEW YORK, Mt 3040 % Ford Mo of lnm,xu Redu, Mutuel Inv Tr A.7Tic § B B 8 EERBSEREE § R B & 0000 O DHEPOOTD WIPEPOEOE® p ppp’ BRE>> 3 % & EERREE F pRaEEn: B8 GO = BB . gl BEEE BB H B £ B oo nm.bee B8R GRS = -, B e FREREE B TR EIRURE 2 i