Evening Star Newspaper, May 6, 1931, Page 14

! | : €Coprright. 600D OF MEETING - HERE QUESTIONED English Delegate Doubts Ben- | efits of World Chamber of Commerce Session. BY JOHN F. SINCLAIR. Formal speeches are one thing—but | comments behind the scenes are some- thing else. Listening to speeches, one may not realize the other side of the arguments, yet there were plenty of both speeches and comments at the Inter- national Chamber of Commerce meet- ing here yesterday. Zocvetary Mellon's short statement wx=a @ select group of world leaders in which he said the troubles of the world cannot_“be cured by any quick- and-easy method, or at some one else’s expense,” was interpreted to spike offi- | cially any proposals looking for debt cancellation. No mention, however, was made directly of the world's ““war debts” by the Secretary. But every one pres- ent at the little gathering clearly under- stood its meaning. “But why attend a world convention when the principal subjects, such as war debts and tariffs, are tabooed?" asked one English delegate. ““Why call such a conference as this at all?” But war debts and tariffs are being discussed—considerably. Alberto Pirelli, Tubber king of Italy, questions America’s attitude on both war debts and high tariffs. So does Sir Allen G. Anderson, English shipping industrial- ist and a director of the Bank of Eng- land. So does Jullus Barnes, chairman of the board of the United States Cham- ber of Commerce, who, in replying—to Senator Watson of Indiana, it was un- derstood—declared that organized busi- ness “for years has urged that the tariff be treated ‘'as an economic, and not a political, issue.” “Business as represented in the Chamber of Commerce of the United States wants all tariff adjustments made with due regard for our foreign trade.” Mr. Barnes has in mind Amer- jcan living standards and wages. He also said that the machipery of the present tariff act is sufficlent to correct any abuses now existing. His reliance on the act largely centers in the flexible clauses of the tariff, which pro- vide a clearly defined channel, “for all parties in.interest” to be heard. “within five years the world will be enjoying free trade” said Sir George Paisch, British economist and one-time financial adviser to the Brit- ish treasury. “The agitation will not come from the top—it will be forced on governments and business interests from the people themselves—by popular demand. You may think this state- ment extreme. I hope to see you five years from now and then we can com- pare notes.” ‘With these words, be saved from bankruptcy and complete disaster. He has been called the prophet of disaster. He sees the world now, not on the edge of the precipice, but over the precipice, falling at an increas- ing speed, and nothing in sight to e it. th"s}l“ anything constructive come out of this conference?” I asked him. He hesitated a_moment, for he is frankly disappointed with the r Its so far. “Atmosphere,” was the answer, which may be the British way of saying hot air. g o b Bl B t~ principles in m: ?mfi"mfmm,'"’ continued this friendly ‘Britisher. “Europe, as well as America, is primarily an industrial continent. It Telies on a free play of goods from one country to another. Obwviously, no na- tion can sell goods to other nations in- definitely without buying approximately as much. one must ultimately square the other. The old economic Jaw that world trade was carried on by exchange of goods and the difference was paid for gold or credit 1s still good economics. “But what's happen! ‘Tariff bar- [ ust two nation! j)‘nnce—thgt trade is dying down. There is no means of carrying it on. Tariff walls and lack of gold to make settlements have killed the goose that Jaid the golden egg.” sald Sir George. ‘So far as world trade is concerned, it's a fantastic, impossible, intolerable situation in which we are all placed. It cannot last much longer. A free and open exchange of goods among nations and a realignment of gold reserves are the next steps that must be taken to bring the world back to sanity and later to prosperity,” he concluded. Dr. Edward Hamm, former German minister, disagreed with the current thought that overproduction is the cause of the business trouble today. It's lack of purchasing power that's largely the cause of the difficulty, he thinks. “Por the point of saturation has not been reached, ejther for goods or for le, nor is it JorNears to come,” he said. “People don't refuse to buy because they do not need the goods nor because they do not want them: but because they cannot afford to pay for them,” he concluded. “Many people cannot buy because the goods they themselves pro- duce are barred by other economic sys- tems.” S0 this German leader suggests, first, that the capital be fed into those places | where purchasing power is at the low- est, and, second. that creditors accept either goods or services in return for the capital so extended “Co-operation in these two respects is | the urgent need for mankind today,” ke | said. An excellent summary. 1931, by the North American Newspaper Alliance.) Power Production Drops. NEW YORK., May 6 (#).—Electric power production in the week ended May 2 showed & decrease of 3 per cent from the same period in 1930. In the preceding week the decline had been 3.1 per cent, compared with a year ago. Partly because of cold and rainy weather the use of electricity on the Atlantic seaboard jumped 4.5 per cent above last year. Figures for the, Cen- fral States showed virtually no change. The Pacific Coast, where heavy de- mands for irrigation pumping have been increasing power consumption, re- turned an increase of three-tenths of 1 per cent, a much smaller gain than in recent weeks. This was attributed to rains in drought areas. BOSTON WOOL MARKET. BOSTON, May 6 (Bpecial).—Not- withstanding current dullness in the wool market, the general opinion along Summer street is that prevailing quota- tions will be maintained. Mill buyers are @isplaying keen interest in grease wools, and, while few sales have been closed, there is no general disposition to make commitments. Graded wools are moving in a small way at steady ices. Wflne territory coxbing, clean, was quoted today at about 62, Prench comb- ing. 57a60; half blood, 56a58; three- eighths blood, 50a52, and quarter blocd, 43245, Pine. Ohlp fleeces were quoted at 26427, grease basis; half blood, 25a 26; thre hths blood, 22a23, and cua . 21822 e Dl Gopariani, 1531 Iikely to be reached | VANCIAL., TAE EVENING STAR NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Stock and Dividend Rate. Philip Mor & Cocll) . ~Prev. 1991 Phillips Petroleum Pierce Oil.... Plerce Petrolm (10¢) Pitts Screw (1.40). Pitts United Corp Pitts & W Va (6) Poor & Co (B). Port R Am Tob A 3% PRAmMTobB...... 1 Tel&Cable pf. 2) %« PubSv N J pf (6) Pullman Corp (4) Punta Alegre Sugar. Pure Ol 5 Pure O11 pf (8) .. Purity Bakeries (3). Radlo Corp. .. 469 Radio-Keith: 113 Raybestos Man 2.60 Remington-Rand Rensselaer & Sar Reo Motor Car (40¢). Republic Steel. .. Reynolds Metals (2). Reynolds Tob B (3).. 4 Richfield Oil. Rio Grande Oll. Rit Dent Mfg (2%) Rossia Insur (220).. Roy Dtch(m1.3404).. Safeway Stores (5) St Joseph Lead (1) St Louis & San Fran. Fran pf (6) Retall Strs Seagrave (60c). . ears Roebuck 32% .. Seneca Copper. Servel Inc. sharp & Dohme Sharp & Do pf (3%). Shattuck F G (11%). Shell Unfon Ofl..... Shell Un O11 pf (5% ) Shubert Theate Sitmmons Co. 4 Sinclair Con Ofl (1) Sipelair O1l of (3). Sloss Sheffield St pf. %« South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed (2) Southern Dairies South Pacific (6).. South Ry (8) 5 20s 7 100s 7 Spiegel-May-Ster Stand Brands (1.2 Stand G& E (3%)... Stand G & E pf (4) Stand G & E pf (6) Stand G & E1 pf (7). Stand O1l Cal (h23). Stand OfI N J (12)... Stand Ofl N Y (1.60). Sterling Sec A. Stewart Warn Stone & Webster Studebaker (1.20). Sun 01l pt (6). E Superheater (234)... Sweets of Amer (1).. Symington A.. Telautograph (1.40). Ty sales— Add 00. m(c,m Low. 1 ~Prev. 1931 13.) High. Low. Trico P Und-El Gn Tan Unit Al Tnit Bi; Unit Ca Unit Pi Ind s s s s s s 8 s Sm S Stes U S Ste Vulean Waldor: War Br Wess O West P: ‘West P Western Dairy B. Wester: Stock and Dividend Rate. 4% Tide Water As (60c). Tide Wat As pf (6).. Timken Roller (3) 4 Transamerica (1)... 119 Tri-Cont Corp. Tri-Cont Corp pf ¢ Und Ell-Fisch pf (7) 50 Un Carbide (2.60)... 184 Unit Fruit (4)... Unit G & Im (1.20) Unit G & Im pf (6).. U S & For Secur..... U S Freight... . U S Gypsum (1.60) .. Leather A...... Leath pr pt (7).. Plpe & F' (2) P &F 1st (1.20).. Rubber..... Smelt & Ref (1). U S Tobacco (4.40).. Unit Stores pf (4)... Utl] P&L A (o12. Vadasco Sales Corp.. Vanadium Corp'n. Wabash RR. worth Co (1).... d Baking B. Ward Baking pf Warner Bros Plet. Warner Qu Warren Bros (3). Warren Fdy & P (2) Wess Ol1 & Snow (2) Western Md........ Western Pacific. . Western Pacific pf. Western Union (8).. Westing A B (2).... Westing EI&MIg (4). Westing E&M pf (4). 30 Westvaco Chlor (2) Sales— Add 00. High. 17 4% T 50% 10 9% 931 5% 5 9 6 22 35% 34w 504 48 48% B5OW 120 120 120 120% 52% 49% 51k 51 1% 1T% 1R 1% A 1713 168 171% 168% KCar (1.60)... 1 21 _21 _21 _21% reraft. 28% T 27% 7 28% 29 scuit (2). 3T 37 37w 374 rbon. roducts(2%). 1-Fisher (5).. 4 16% 16% 16% 6% 23 50% 5714 30% 304 104 104 103% 10315 10314 103'% 10314 8% Ru 8% 18 18% 40 40y 82 33 8% 9 84 85% 24% 25 17% 17% 4% 14% 18% 18% 447 45 110% 112% 113% 7 141 140 1413 141 70 70 70 69% 4815 48% 48% 48y 351 A% 354 35 10815 108' 10815 10814 27 2 24 28 2% 2 23% 22% 2 22% 50% 59 ece D pf 6% .. 208 13 4 10 us Alcohol (2) & Retpf3%. el (7). . 90 el pf (7). 113 2 23% 41 51% 1 42% Det (4) 51% 12 24% 8% 41 1Sys (134) .00 . 08 cv pt (3).. 40s lan 55 107 107 116' 116% 116% 116% 6 6 65 6% n% 12 12 1% 1% 11% % Th 8w 16% 16% 18 115% 115% 118 7 2T 27 614 60% 924 & Snpf (4).. 'a E1pt (1). .. a Pow pf (7). 104 n Md 2d pf... 17 . 1 Wheel & L Erle pf White Motors (1). White Rock MS 143 Wilcox Willys-Overland Wilson Woolworth (2.40)... Worthi 66% 814 18% 2% Yellow Wrigley (Wm) (4).. Youngs Spring (3). . Zenith Radlo........ 27% 5% 2814 63% 60% 70% 9% 19% 3% Rich A (23%). & Co pf. ngton Pump. s 9% 19% 3% Truck. .. 19'% 3% 19% 1 3 Sales of Stocks on New York Exchange. 10:30 AM 1:30 P.M Dividend rates as given in the above table are the annual | cash payments based tions. 5 Unit of 4% in_stock. year—no regular rate. it h or s e in_c 2. in_stock. ) Pl Pald this year—no regular rate. n e Pa: h Plu; 3% in stock. m tradin §Payabl . 300,000 .+ 1.00,000 800.000 1 100,000 12:00 Noon. - 2:10 P.M.... or fhe latest Quarterly or half yearly declara- P1u 1o ast raed K Plus us_ 50c 3 in stock. in stock. g Plus special preferred stock lus 5% CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS By the Associated Press. NEW YORK, May 6—The following is & summary of important corporation news prepared by the Standard Btatis- tics Co., Inc., New York, for the Asso- clated Press: News Trend. Steel ingot production during the past week showed an increase in cer- tain sections, particularly Buffalo, and a small decrease in Birmingham, East- ern Pennsylvania and elsewhere, cording to the Iron Age. For the coun- at 47 per cent of capacity, which com- pares with 48 per cent the week before, 49 per cent two weeks before and 51 per cent three weeks before. The fact that this week’s figure represents lower operations is offset by the evident re- sistance shown to decrease in gl:duc- tion in the last two weeks. the favorable side also must be weighe the higher pig iron output during April and growing demand reported again for pipe line and other construction. the other hand, less ecouraging factors are introduced by the loss three blast in melting scrap prices, considered sig- nificant, and lower rail production. Revenue freight car loading for the week ended April 25, reported today, showed a small decrease of 730 cars 759,272. The amount of this drop is small, but it is rendered slightly more unfavorable when it is considered vear is upward. The greatest losses fo the week appeared in freight classifica- than-carload lots, forest products grain; the greatest gains in coal ore. Retail ported in large numbers, show no definite trend. Kresge shows April sales 1.1 per cent below last year, F. & W. grand silver shows a small gain, Bickford's, Inc., a 37 per cent gain, and G. R. Kenney a 19 per cent loss. Dividend cuts or omissions again ap- pear prominently in the corporation news of the day, particularly the omis- sion of the common payment by Ohio ! 01l, and the cuts by Vacuum Oil and | Munsingwear. The Industries. Automobiles—March automobile fi- nancing of retail sales by 428 organi- | zations totaled $91.970.730 for 237,895 machines, against $66,304,773 for 173,- 563 machines in February and $123. 723,106 for 315879 machines March, 1930; March quarter retail financing, $220,152.238 for 572,575 cars, against $283,030,715 for 681707 cars. April automobile production in United States and Canada totaled 348909 cars and and 468,281 in April, 1930, according to esti- mafe by National Automobile €hamber | against 1.514,970. 800 barrels over preceding week, ing to the American Petroleum tute. Greatest gain reported from West Texas. 401,000 barrels. operated at 67.2 per cent of capacity, against 68.1 per cent week before. Railroad—Freight car loading 730 cars under preceding week, ing classifications including coal, under 1930 week. ating income of all class 1 roads cline was 47 per cent; off 39.7 per cent. try, as a whole, the output is estimated | On | off 2.4 furnaces during April, further declines ), below the week before to a total of that the normal trend for this week of the | tions, including merchandise in lu.s& | sales in April, now being re- | trucks, against 289334 in March and | i Otl—Daily average crude output, week | ended May 2, was 2475,100 barrels, 502 ut | 120,000 under like 1930 week, accord- | Insti- | East| Texas; smaller gains in Oklahoma and | Gasoline stocks at week end fell to 45.613,000 barrels from 46,- | 451,000 week before, while gas and fuel | oil stocks rose to 127,637,000 from 127.-| Refineries during week | week 147,607 | quarterly prior thereto: cars under_ like 1930 week, and 292,613 cars under 1929 week. Only gains dur- week were recorded by freight ore and| $3.208. live stock, while all classifications were | Aggregate net opelr- n March, off 25.8 per cent; February de-| $12.74. three months | 774 palrs against output 23,970,956 pairs by 1,210 factories in February, an | increase of 21.6 per cent, according to the Department of Commerce; increase over March, 1930, was 1.8 per cent; three months total output was 73,014.- 599 pairs against 81,057,759 same period 1930 off 9.9 per cent. Steei—Ingot production of industry, week ended May 4, estimated by Iron Age of 47 per cent of capacity against 485 per cent preceding week, 49 per- cent two weeks ago, 51 per cent three weeks ago, 76 per cent like 1930 week, and 97 per cent 1929 week. Blast 1 totaled 113 of a total of 314 available, or 36 per cent, on April 1 there were 116 furnaces active or 36.9 per cent of the total. Utility— Electricity output week ended | May 2 totaled 1622145000 kwh, 3 | per cent below like 1930 week, according to National Electric Light Association; preceding week was 3.1 per cent below year ago. Zinc—Stocks of slab zinc at end of April totaled 143.212 short tons, against 141,403 at end of March and 144,389 in February, according to American Zinc Institute, Inc.; April production was and 29,562 in February: 27,418 tons, against 35,224 and 30,249. | The Companies. | American Department Stores April | sales, off 5.9 per cent; three months, cent. | American Snuff first quarfer sales, off about 5 per cent, earnings off slight- | 1y more. | Central Illinois Public Service first | quarter gross, off 4.8 per cent, net be- fore retirement off 13 per cent; 12 months gross up 3.2 per cent, net off 6.7 per cent. Diamond Shoe April sales, off 11.9 per cent; four months up 0.4 per cent. | Kaybee Stores April sales up 1.3 per cent; four months up 13.6 per cent. Standard Oil of N. J., cuts price of Diesel Oil 10 cents a barrel at princi- | pal Atlantic seaports. Affliated products March quarter common share earnings, $1.07 against | 42 cents. | “Amerada Corporation chairman ex- | tained; first quarter business above | year ago. | share earnings, 59 cents against 74 | cents. | Munsingwear, Inc., declared three | quarterly common dividends of 50 cents | each; formerly paid 75 cents quarterly. |~ Studebaker Corporation April sales, 7,096 units, up 19 per cent; unfilled orders on hand May 1 were largest for any month since 1929, Telephone Bond & 3hare 1930 net income, $929,732, against $597,510. Thompson (Jobn R.) Co. March quarter common share earnings, 72 cents, against $1; first quarter sales off 8 per cent. Timken Rollar Bearing March quarter common share earnings, 54 cents, against $1.29. | Bickford’s. Inc., April sales up 37.3 | per cent; four months up 37.8 per cent. F. & W. Grand-Silver Stores April sales up 0.5 per cent; four months up | 1.2 per cent. Federal Screw Works March quarter deficit, $37,622, «against net income, of Commerce; 4 months 1,046,399 units, i $192.283. equal to $1.21 common share in_1930. Interstate Department Stores April sales up 6 per cent; four months up 5.2 per cent; figures do not include re- sults of grocery on leased departments which operate at a profit; 1931 figures include results for three new units. Kinney (G. R.) Co., April sales off 19 per cent; four months off 19.9 per cent. Kresge (8. 8.) Co. April sales off 1.1 per cent; four months off 0.1 per cent. Mack Trucks March quarter deflcit, $178,737, against net income, $490,709, '| equal to 64 cents a common share. 'Ohio Ol Co. omits common dividend; paid 25 cents March 14 and 50 cents refinery sales reported exceeding year ago. Pacific Tin 1930 deficit (computed on cash basis), $6,351, against. deficit Southern Pacific Co. (including trans. portation system companies) 1930 com- mon share earnings, $8.24, against Struthers-Wellstitusville Corporation | 1930 common share earnings, $2.18, Copper—Electrolytic. copper sold at | against $4.05. 9 cents a pound, low price of 914 cents; volume small. Shoe—March boot and shoe out) 3, -cent _below recent | it & by 1,185 1u§torles amounted to 20,154, ‘Thompson-Starrett Co. to erect a new | 35-story building for Continental Bank rMunuces active in the United States on | 20,137 tons, sgainst 32,328 in March | shipments, | pects current dividend to be main- | Lessings Inc., March quarter common | ‘Trust. Yukon Gold Ce. 1930 d‘clt $220,374, | against net income $440,667, equal to | 12 cents common share in 1929. | vacuum Oil cuts quarterly dividend to 50 cents from $1. i Allis-Chalmers Manufacturing un- filled orders on May 1 totaled $10.927,- 000, against $11,517,000 on April 1 and $13,002,000 at beginning of year. Chicago, Burlington & Quincy April | gross estimated off 19 per cent. Walgreen Co. April sales up 9.8 per cent: four months, up 3.6 per cent. | American Rolling Mill March quarter deficit $663,049, against net $730,405, equal to | share in 1930. ts Pure Drug Co. Ltd., net in- come, year ended March 31, $722,264, against $724,868 in 1930. | Bunker Hill & Sullivan Mining & Concentrating March profit, before de- preciation, off 50.7 per cent; 3 months, | off 39.4 per cent. Foremost Dairy Products deficit, be- fore depreciation, 9 months to December 31, 1930, $119.730: net income, year | ended March 31, 1930, before deprecia- | tion, $200,674. Murphy (G. C.) April sales up 23 per cent; 4 months, up 21.3 per cent. National Electric Power 3 months gross up 4.1 per cent; net before depre- ciation up 13.1 per cent; 12 mon §TOSS up 2.5 per cent; net up 8 per cent. Standard Oil of California March quarter common share earnings, 33 cents, against 73 cents. Standard Oil of New Jersey reduces tank wagon and service station price | of gasoline !, cent a gallon. 1930. | earnings, 12 months to March 31, basea on average number of class A and B shares outstanding, $1.78, against $2.36. 'BOND ISSUES MAKE 4-MONTH RECORD New State and Municipal Offerings So Far in 1931 Total $556,272,810. | Special Dispatch to The Star. | NEW YORK, May 6.—The volume | of Btate and municipal borrowing on | - bonds during the first four months of this year established a new high record | with' the flotation of new issues aggre- gating $556,272,810. Flotations in the | corresponding four-month period never | before reached the half a billion dollar mark, although in 1928 the total ex-|Ri ceeded $498,000,000. The large total this year is accounted for by the issuance of $100,000,000 | New York City bonds and a $35,000,000 | New York State loan. | " The following table, prepared by the Daily Bond Buyer of New York, com- pares municipal bond sale totals in | April for the past 10 years: 1 0 9 | 193¢ | 1923, 1922. FOREIGN EXCHANGE. | (Quotations furnished by W. B. Hihbs & Co.) Nom { London. pound.. Parls, franc..... Brussals, belga Berlin, mark.... | Rome." 1i | Zurich, il Athens, drachma...’’ Madrid, peseta (Reported by J. & W. Seligman & Co.) Rate -Maturity. Bid. Offer 2as June 15, 100733 1345 June 15, P : 1 2%s Bept. | 1128 Sept. 17as Dec. Mar s Dec. | 15, ! 15. 3 15, income | 51 cents common | Associated Rayon Corporation 1930 | met income $795,530, against $1,611,378. | Superior Steel March quarter deficit, | $144,428, against net income $73,380 in An H inal gold Seiling checks - WASHINGTON, 16 6 | Irregular trend today. After a few days | 5. ths | Fed.-Amer. Tr. Bk. 4';5—5 at 50. | United Light & Power common share | C. & | have recently been selling around their Amer. Sec. & Tr. Co. | Continental, Trust 18) D _C, WEDNESDAY, MAY 6;. 1931 FINANCIAL BONDS IRREGULAR: " VOLUME 1S SMALL Demand for High - Grade Issues Good, but Others Are Ignored. BY F. H. RICHARDSON. Special Dispatch to The Btar. NEW YORK, May 6—Bonds had an of rising prices, during which oversold conditions were corrected in some junior bonds, the investment market has again reverted to its familiar rut of the past few months—a steady and insistent de- mand for high-grade issues and an ut- ter neglect of anything else. At the same time the market's tech- nical position is better because of the long period during which a mere dribble of new bond offerings were put out. Dealers have, to some extent, worked off the surplus securities they had on thelr shelves and today a total of over $33,000,000 in bonds wes announced. Volume was small. Money rates were at their bottom, 90-day time loans being readily secured as low as 133 per cent, though the official rate remained at 13 per_cent. The feature of the day was weakness of German dollar bonds. Young Plan 5135 dropped below 76'> to a new low on the current movement. German Central Bank 6s were off over a point. German Reparations 7s were off frac- tionally. Municipals such as Berlin 6s, Cologne 6,5 and Saxon 62s lost about a point. Industrials and public_utility issues like Rhine-Westphalia Electric 6s, United Steel Works 6'2s and Wuer- temberg Electric 7s were also weak. The liquidation was attributed to houses houses with German connections. Other foreign bonds were weak as well, notably Colombian, Peruvian and Bolivian issues. These reflected present or expected defaults and extensions, first quarter reports from South Ame: ica revealing no sign of a trade recov- ery. Brazillan issues, however, were generally higher. Sao Paulo Coffee Loan 7s galned a point, paralleling a rise in coffee prices. Australian bonds were off again, though Queensland 7s jumped to 69, up 6 points. Queens- land's bonds are considered sound, though they have been depressed by the general political and economic in- stability. In the domestic fleld there was a par- ticularly good demand for high-grade railroad issues. Advances included At- lantic Coast Line first 4s, Baltimore & Ohio 4155, Boston & Maine 5s, Canad- ian Pacific 4s, Central Pacific first 4s. Great Northern 7s, New York Central 4128, Northern Pacific 4s, Pennsylvania 448, Southern Pacific 4135, Union Pa- cific first 4s, refunding 4s and 4s of 1968, and Canadian National Railway bonds. Secondary railroad obligations were lower in dull trading. Erie 5s, however, moved substantially higher. Junior industrial and public utility is- sues were down with the railroad group. The sale today of $20,000,000 Illinois Central thYee-year 41, per cent notes at the reported price of 9953 was a sig- nificant development. The price is on a vield basis of 4.60 per cent and it was commented that this was a high price to pay for short-term accommodation in this market. Illinois Central bonds low prices of the year, following the cut in the common stock dividend. (Copyright, 1931.) — - CHICAGO POTATO MARKET. CHICAGO, May 6 (#).—Potatoes, 79; on track, 234; total United States ship- | ments, 686 old stock firm on Russets, | duil on other stock, trading fair; sacked per hundredweight, Wisconsin' Round | Whites, 1.15a1.25, occasional higher; Idaho Russets, No. 1, mostly 1.55a1.60, new stock dull, trading light: Texas ss Triumphs, very few sales, 3.25a3.50 for No. 1. i g Washington Stock Exchange SALES. Pot. Elec. 6% pfd.—5 at 113%. Pot. Elec. 512% ptd—5 at 11014, 10 at . Col. Sand & Gravel pfd.—10 at 93, 10 at 92, 80 at 91. Lanston Monotype—10 at 100. The Carpel Corp.—6 at 23%. AFTER CALL. Wash. R. & E. ptd—5 at 98%, 10 at 9815, Caap‘lsnl Traction Co.—10 at 34!5, 10 at Wash. Gas Lt.—10 at 116'5. Wash. Gas 6s “B"—8$200 at 104%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 428 '3 Am. & Sare R RS Potomac Eiec 6s 1983.... .. Wash.. Alex. & Mt. Ver. ctfs. Washington Gas 4725, Washington Gas Wash. Gas 65, series A Wash' Gas 6s. series B.. ... Wash. Rwy. & Elec. ds. ... . MISCELLANEOUS. Barber & Ross. Inc.. Chase CI e 53 Wash. Cons. Title 6s STOCKS. PUBLIC UTILITY. N. e Pot. Elec. Power 6% pfi S Power 5155 oA & Ei_com. (1) Rwy. & Elec. pfd (5). NATIONAL BANK. GaEitI AN Columbia (12).." L8 Commercial (stamped) (10)." DASEEIEE (8) o ioeonn s : Fed-Amer, Nil. 'BK. & Tr. (3). 80 L 1 TRUST COMPANY. as.... Natl. Ssv. & Tr. (1211701 42 Prince Georges Bank & Trist. | Tnfon Trust (88 ... Wash. Loan & Trust (14)..10 SAVINGS BANK. Bank of Bethesda (63) .. Commerce & Savines (16, Fast Washington (12) Seventh United States (30) Washington Mechanics (20 FIRE INSURANCI American ( ). Corcoran (10) Firemen's (8) Netional Unlon (15)." TITLE INSURANCE. Columbia (Ah). . . Real Estate (6h) = MISCELLANEOUS. Barber & Ross. Inc.. 2oi Medical Bide. Corp. Ja) Grav. pf o | Del & Hud rf 4543, | [oxmv vo BONDS Received by Private Wire UNITED STATES, (Sales are !1; $1,000.) es. Hish. - Low. Olose. Lib33%832-47.. 96 10131 10129 101 31 List4ls32-47. 61 103 10229 10229 L4th43,s33-38 69 104 3104 1104 3 38 10126 10125 10126 15 10125 10125 10125 30 102 1102 1102 1 3 106 4106 4106 4 1108 2108 2108 2 111210 11210 11210 Sales, High. Low. Close. AbitiI P&PEs’63. 87 53 52 524 841 844 Argentine 5s '45 Argentine 535 '62. . Argentine May '61.. Argentine 6s Oc 59 Argentine 63 A 57, Argentine 6s B '58 Arm & Co 4%s '39 Arm Del 514843 Assoc Oil 65 '3, Atchiscv 414841, . At & Danv 2d 4548 AtCL 1st At C Lol AtCL 4% At Gulf 58°59 At Ref deb 5s ‘37, Australia 53 '56. Australia 58 '57.. Austria 7s'43.. Austria 7s 57 ctfs. B&O 4s"48. B & O Sw dy 58 ' B & O Toledo 45 '50. Batav Pet 4%s '42.. Bk of Chile 645 57 Bk of Chile 6% 861 Belgium 6s ‘65 Belgium 61849, .. Belgium 75 '55 Belgium 75 '56 Bell Tel Pa 58 B ‘48 Bell Tel I'a 55 C '60. Berlin CyEl 64851 Beth Steel pm 5536 Beth St rf 55°42..., Bolivia 7558 Bolivia 7s Bolivia 85 45. Bordeaux 65 ‘34 Bos & Me b5 '55. Bos & Me 55 '67. Brazil 6% ‘26 27 Brazil 88 41 Bremen 7s '35 Bk Ed gn A 58°49.. Bklyn Elev 6%s. Bklyn Man 65 '68. Bklyn Un 6845 Bkiyn Un 1st 58°50. Budapest 65’62 Buenos A 6’61 B R& Pitt 4%8'57. Buff Gen El 4% 881 Bush T Bldg 55 '60. Calif Packing 58 40 anada 45 '60. .2 Canada 6s '53. 20 94% 105% 100 10014 Cert-td deb 5%5 ‘48 Ches Corp 68 ‘47 C&Ogen4%s'92.. CB&Qgen4s’58.. CB&Q4%s8'77.... 3 C B&Q 1strf 68°71. CB&Q Il dv 3%5°49 Chi & Eas 111 6851, 9 Chi M&StP 4%s E. Chi M StP&P 65 ‘75 Chi M & St P adj bs. Chi & NW gn Chi&Nwn 4% Chi & NW con 4% Chi RI&P gn 4s ‘8| ChiR1& P rf4n’3¢ ChiRIcv4%s’60. Chi R1&Pac 4%8'52 Chi Un Sta 4%s '63. ChiUnSta 6%s’63. C& W (nd cv 48’52, C& W Ind 6%5'62.. Chile 63°60. Chile 63 °61. . | Chile 6563 Chile 78 "42. Chile 47, Cinn GREI 45 A '68. CCC&StL4%sS E. Clev Term 4%s8 77, Clev Term 5%s ‘72. Colomb 6s Jan ‘61..115 Colombia 68’61 Oct 42 Colon O11 65°38.... Colo & Sou 4%8°35. Col G&E 5s May '52 Com Inves 5%s‘49. C C Md 1st rf 55 '50 ConG N Y 5%8°45. Con Pwr Jap 6% Con Pow Japan Copenhag 4%8 '63 Copenhag bs ‘52 Cuba 6%5°45 5 4 6 4 2 Czecho 98'52. 109% 9% 105% 96% 101% Del & Hud 5%s'37. Denmark 4 %8 ‘62 Denmark 5% ‘55 i penmark 6s ‘42 ques! % Dutch East 16s°47. East C Sug 7%s 1st con 43°96.. Erie 58°76 Fiat 7s war. Finland 6%s ‘58 Finland 6s '45 Finland 6% Fla £ Coast 55 '74.., Fond J&G 4%s '52.. Fram 1D 7%s 42 Gelsenk'chen 6s 34 Gen Baking 5%s ‘40 Gen Motors 6s Gen P Sv 5%s'39 Gen Th Eq 6s'40. German 5%s ‘65 German Bk 6s 38. . Ger Cen Bk 65’60 J 32 Ger Cen Bk 65°60 O 29 Direct to The . High. Low. Hum O&R § Hungary 7% 111 Cent 4s '52. 111 Cent 4s '63. 111 Cent ref s '55. Int Match Int Pap 63 A 47, Int Pap 6s ‘65. Int Rys C A b8 Int T&T4%s 1 Int T&T cv 4%8'39 20 Italy 7851, 0000200 104 Italy Pub Sv 7852, Japan; Jugosl Bank 78°57. 16 85 RCP&L4Y%S'ST.. 25 Kan CFtS&M 4s'36 13 Kan City Sou 68’50 1 Kresge Found 6536 3 10: Kreug & Toll 55 '69 270 Laclede 5%sC'53.. 3 Lautaro Nit 68 '64.. 1 Lake Shore 3%s ‘97 Leh Valcv 4s 2003 LehV cv 435 2003 Lig & Myers 6351, Loew’s 65 ex war. Long Isi rf 4849, .. Loriliard 58 ‘51, Lorfllard 5%8 Lorillard 78 ‘44 Lou G & El 63 L & N uni 4s°40 L &N 4352003 L& N 58 B 2003 L&N1stres Lyons 68’34 MeCormack 6334 McKes & R 6%8 ‘50 Man S 1st 7%s *42 Market St 78 40 M o BN . POSTAITIG JUPIH- TP U PN JONS- PN 19 Milan 6%s ‘52. Mil E Ry & L 58°6: M StP&SSM con 4 MSP&SSM 5%s 78, M StP&SSM 64s. . MK&T4sB'62... MK&Tai)5s'67 MEK&TprinbsA. Mo Pac gen 45 *75. Mo Pac bs F 17, Mo Pac 65 G '78. Mo Pac 55 H '8! Mo Pac ref b Mo Pac 538 cv " Mont Pow 5843 Mont P db Mont Tram 58 '55. Montevideo 68 '59 Mor & Co 18t 4%, Nassau Elec 4 b ) N ¥ Cent 4%52013. 3 NY Cen rf 41452013167 NYCreim6s2013.. 5 NYCLScl3%s" 7 NY C& St L4 T | Y C&StL ¢%8'78. 26 YC&StL6%SA 21 YC&StL6s'32. 9 N Y Edison 58 B 44 10 NYEdIst6%s'41, 1 NY ELH&P 48°49.. 21 NY NH&H 4 NY NH&H clt NY NH&H cv d NY O&W 1st 4 NY O&W g&n NY S&W gn 65°43.. N ¥ Tel 68°41.. N Y Tel 68°49..... NY W&B ¢%3°¢6 Nord 6%s ‘50 Nor & Wnev No Am Co 58 N A Ed'sonssC Nor Am Ed 6 NorOT&L Nor Pac Nor St Pw Norway 6s 63 Norway 5%s "65. 3 German Bank 78 '50 German 7s rep " ‘4 59 Grt Nor gn § Grt Nor T Greek 6563 86 *Ex dividend. b Books closed, c30¢ extra n2sc extra. 1i0e ext Hock Val 414899 . Hnd & M ad) 68 °57. MHud & M rf 5% 7., a9i, 991, 991, Humble 011 100% 100% 104% Ore Short L 5s gtd... Orient dev 5%s '68. Orient dev Pac G & K1 6 Pac T&T 1st Pan-Am Pe Paramount 65 *47. Pathe Exch 75 '37.. 58737 6: Peru 78’59 Phila Co 5! Pnila & Read 6: Thillip Pet 5% 839, Pillsb F' M 65 '43 Pirelli 7s. . P CC&StL PCC&S Poland 7s *47 Poland 8s '50 P'Ind G El 4%5'60. Porto Alegre 8s'61. Por R Tam 6s’42.. 11 Pos Tel & C 53 "53.. Prague 7%8°52. ... Prussia 6 '52. Public Serv 4s '71. Pub SvG 4%s'67. Pure O11 5%8°37 Queenland 7s ‘41 Read gn 4% 8 A 97 Rem Arm Rem R 6% 5 A ‘47 Rhinelbe 78 °46... t StL IM R&G StL&SFin StL&SF 4% StL&SK gen 6s°31.. Sao Paulo 8s'36. Sao Paulo 83'60.... 1 Saxon Pu W 6348’51 18 SeabA Lev6s'4s,. 8 Seine 78 '42. Serbs-Cr-81 7s ‘62 Serbs-Cr-§1 8362 Shell Un O1l 58°49.. 59 6 97h 108% | Shinyetsu 6% *62.. 110% : Sinclair Of X SincOTscv A Sine Cr 0 6% Skelly O11 5 Solssons 65 °36..... Solvay Am s 42.. 7 ¢ Sou Bel T&T 58 41. 4 105% ) 103% . Close 102% 102% 100% 1004 89 89 824 B6% 83 100% | s |IREND OF MARKE FORECAST LOWER Brokers Look for Dull Trad- ing and Irregular Prices on Exchange. By the Associated Press. NEW YORK, May 6.—A dull, irregu- Iar market is in prospect for the imme= diate future, according to the opinions of numerous brokerage house commen- tators. Most of these observers look for a lower trend at present. Com- ments follow: , Wamthrop, Mitchell & Co.—The stock ‘“w.ket held satisfactorily yesterday with trading volume at low ebb. Prin- cipal constructive feature was the con- tinued firmness of the oils and rails, which are now showing much better resistance to selling. A number of au- thorities appear to feel that we are in the final stages of a bear market, but no great activity is anticipated for an- other two months or so. In the méan- time we believe that stocks may work | a little lower. Secretary Mellon's state- ment was not so encouraging as had been expected and prompted some selling. Hornblower & Weeks—Although we are disappointed that yesterday's mar- ket did not continue the gradual up- trend, we feel that trading has lapsed into the same dullness that character- ized the month of January. At that time the trading was irregular, but the trend was moderately upward and was laying the foundation for a speculative early Spring advance. We would not be surprised if the May market followed this pattern. Babcock, Rushton & Co.—The dull- ness prevailing in the market in the last two or three days is, in our opin- jon, the best thing that could happen, and we expect it to continue at least for two or three days more. Smith, Graham & Rockwell.—Under- lying conditions show no improvement and the early outlook is unfavorable. The down trend has been interrupted for a few days, but should be renewed before long. Shields & Co.—The sole conclusion to be drawn from yesterday's market is that neither faction has sufficient cour- :f‘ at the moment to back up its con- ictions with large scale orders. Jacksop Bros., Boesel & Co.—Some of the largest professional bear operators, we understand, have withdrawn entirely from the stock market. This is reflected in the dwindling volume of transacticns. Scattered liquidation of investment holders is still appearing and is just about offset by scale order investment buying. No bull leadership has de- veloped and none is likely to develop until a clear-cut statement from high banking authorities puts an end to the disturbing inference that unfavorable news is hanging over the market. Redmod & Co—It is becoming in- creasingly apparent that the market is still passing through a period of read- justment which may continue for two or three months, possibly longer. In the interval, we expect many stocks, par- ticularly those referred to as “the blue chips” in the last bull market, to sl lower, although we do not anticipate any wide open break in prices. Any sharp rallies during the next few weeks should be utilized to dispose of holdings of doubtful value and prospects as the possibility of a general and sustained advance in which all groups of stocks would share is still rather remcte. BOURSE PRICES FIRM. PARIS, May 6 (&) —Prices were firm on_the Bourse today. Three per cent rentes, 89 francs 30 centimes. Five per cent loan, 103 francs 10 centimes. Exchange on London, 124 francs 4215 % | centimes. The dollar was quoted at 25 francs 58%; centimes. SHORT-TERM SECURITIES. (Reported by J. & W. Sellgman & Co, Allis-Chalmers fo;ru i fornia Pet. Corp. Canadian Nor. Rwy. & Rt . Northwestern R. R. 5s 1933 land 4< 1934 i Internat. Match Marland Oil 5s o ooy Lt FEELE I R b T 3 R re Of D Shell Union Ol Co. 5 Sinclair Crude Oil tandard Oil Standard Ol N. 8t. L. LM.8. Ry. L. Southwes! of BISSSHS!EESSBISBSSSSSSBS SEE S 4 rn Ry. 48 1932 f_Ct 5s 1935 * 3 . Rubber 53 Western Electric Co. 5% Wheeling Steel Corp. 515 1 Wheeling Steel Corp. 4'2s 1 b Minimum wages for males under agricultural wages act in England and Wales now average $7.91 k. Sou P 4%s'69 . 3 So Pacific 41581 109‘ 13 y 6% . StOIlLNJ 68’46 StOIIN Y 4% Sweden 5%8 '54.... ‘Tenn E1 P 68 A "47 Tex Corp cv 68 °44.. 54 21 Toho El Pow Toho El Pow 78 ‘55 Toklo 5%s°61. 24 Ud StI W 6148A'51 Utd 8t W 6%s C'51 60 ww. Ut Pow 5%8 4T e Vert Suguwe v 42, 2 “6i » P =t=r4 A~ I DT - Va Ry 1st 58 Wabash 4%s Wabash 1st 68 Wabash 24 5 Walworth 63%s ‘35, Warn Br Pie Warn Quin 6s°39... Warner Sug 7s "41.. Warsaw 78 ‘58 . h 1st 48 2361. e . @ a Wil & Co 1st Yokohama Yostn § Yng SU& 99% 1001 9h 9% 6 T