Evening Star Newspaper, May 7, 1931, Page 15

" FIRMNESS ON CURB ERASED IN SELLING Early Strength Partially Lost ,as Pivotal Shares Show \ e Decline. BY JOHN A. CRONE. Bpecial Dispatch to The B . NEW YORK, May 7.—Early fifm- ness on the Curb Exchange Was par- tially erased arouhd middey today as selling came. into some of the pivotal shares. Electric Bond & Share on-this sell- ing move; which gave evidence of bear sttack rather than public liquida- tion, declined a point. Cities Service Jost nmearly half that amount. Stand- 4"4ard Ol of Indiana got down about a point. Missouri-Kansas Pipe Lire softened omission of the uarterly dividend due at this time on A and B shares, but: the announce- ise to the Street. ra dividend of 25 little PFrom the furniture trade came the information thal many manufacturers somewhat after the t ment came as no su Declaration of an e: cents by Welch Grape Juice had immediate market effect. are preparing for a sizable business pick-up in this Autumn, but Lud'uuxuu- points to a Ansufance c nd with points, also crashed into itory. tic & Pacific Tea, A. O. Co, t:f 5tro) lgou in the ‘higher-priced Multrfil uring fore- noon trading. The store stocks were in supply, Selfridge & Co., Stroock & Co. and similar securities sinking to new ‘man ferred broke 9% low level. Over in the Casualty, new, Great Af Smith & and Aluminum ‘America proved minimum quotations. Decline w) receded to new.low prices. Even Gas lagged and appeared heavy. (Copyright, 1931.) NEW YORK COTTON. NEW YORK, May 7 (®).— “Trading in cotton futures was quiel today, with the fluctuations comparatively narrow by the closing ected by and irregular. Some buying, attracted firmness of yesterday, was refl an opening ‘advance, which % lost under a renewal of liquids! local or Soul LONDON, May 7 (#). statement of the Bank of England other securties blic deposits decreased, 1 cent, The -proportion of mumx‘;x.',un,n 'mu. hnwut,wr Rate of discount, 3 per cent. CHICAGO STOCK MARKET CHICAGO, 7. official list of tra: the Chicago Stock i i - S5s8 S H ;§§aa==§§§3§§ ic Investors jc Yeliow Cal fes “Bervice . sSassastaed 93520999 ‘..,, 235383833 SEEEEE00 waa8 25t 5EE SEEE [ = 3 33383 uy REENT -McNelll ineain Brit ks 3 e S2885 _BSBILEN: SEEE F Ty 5 " 3853333 G 232285 LBRTELEENERRENI I At luS s e 33333 REE! and idland Un idland Unit pf Ot 8% bl id UL 7% pl . iller & Hart ot -Kans Pipe ¥ seabstass £43 {33 §oEas Z2; £0) waRS28E ~2SBRLEARSRES! -~ waBBalulie 33n wa2Bedulitua 833382833233383 VYT IVZZZRL 267 % i3 Lo 1 ling 2wy Sgdzeaes T PSP T .. 8 i<aaaaquag: 3 in Industrial consumption, causing _a decrease of 13 per cent in ary gross sales of natural gas es in this country, was not jarly well received by gas shares, also to contend with the omission of the Missouri-Kansas Pipe ine dividend. Lone Star Nlmr:-lmongl; ‘This was 1,- 31.- the bank's reserve ‘compared e L 2% 4% 140 140 3% Note—All mdlmno“udh 'mmtho-lmchmm ~Prev. 1931. Stock and Tigh, Low. Dividend Rate. 1 614 Aero Underwriter: 2214 11% Atfillated Prod 1.60. 1087 100 Ala Pow pf (6). 3% 1% Alleg Gau A3 140% Aluminum Co of Am 3768 1 .28% Am Arch Co (3).. 115 Am British & Cont. .; 5 AmCapitalB....... 5% Am Cit P&L Bb10%. 11% Am Com P A (b10%) 6% Am Cyanamid B. 1% Am Dept Stores 4 Am Equities. ERT = » 97% 60! 110% 102% Am Gas & ELpf (8).. a T 4% Am Invest, Inc (B) 1% Am Invest war...... 28% Am Laundry Ma (3) 391; Am Lt & Trac (2%) % Am Maracaibo. 3 Am St PuSve(a 9% Am Superpcw (40c). 8114 Am Superp 1st (6).. 822 Am Superp pf (6)... 215 Am Util&Gen (B)vte 1 Am Yvette Co (25¢). 314 Anchor PF (b10%). 7% Anglo Chil Nitra 414 Appalachian Ga 44 Arcturus Rad Tube 4% Arkansas Nat Gas. 4% Arkans NatGasA... 108 ArkP&Lpfe7).... 18 Armstrong Cork (1). 4% Assoc El In Ltd 30c.. 1% Asso G-I&EP A (a2 Felmomens = E 214 Auto Voting Mach. 8 Auto Vot Mcv pfDt., 1% Bahia Corp pf.. 69 Baumann (L) pf (7). 144 Beneficial IL (1%).. 30% B {L % Botany Mills. 15% Braz Tr & Lt (b8 43% Eunk Hill & Sul (3) 4 Burcolne... 1% Bwana M Kubwa. % Cable & Wire B rets, 1% Canada Marcon! 1 Carib Syndicate. 1214 Cent Pub 8vcA b10% 8% Cent Stat El (b10%). 20% Charis Corp (13)... 13% Chat Ph Al Claude Neon Lts, Inc Clev El Illum (1.60). Clev Tractor (80c).. Col Oil & Gas Vi Cmwlth Edison (8 Cmwlth & Sou war. . Com Wat Ser g1243e. Comstock Tunnel Consol Alrcraft Consol Dairy Prod. Contl G&E pr pf (7). Cont Shares conv pf. Cont Shares pf (B). Petroleum. .. 13 C n Consol (4c). Crocker Wheeler. ... CrCork Int A (1). . Cumberland P L (2). Curtiss Airports vte. Curtiss Wright war.. Cus! Mex Mining.... Dayton Alr & Eng. Decca Record. ... Deere & Co (1.20).... Dresser Mfg B (2). Driver Harris new. . Duke Pow (5). 1% Duquesne Gas Corp Durant Motors. Duval Tex Sul wi. East G & F As pf (§) i Elec Bond & Sh (b6). ElecB&Shcupfs.. Elec Pow Asso A (1) Elec P& Lt op war. . El Sharehold (b6%). Rurop Elee deb rts. « Evans Wallow Lead. Fairchild Aviation. Fiat rets (943%4¢).... Ford Mo of Fr(p28c) Ford Mot Ltd 36 3-6c Foremogs Dairy Pr. Foremofft Fabrics. Foundation For Shs. Fox Theater Cl1A.... Gen Alloys Gen Elec L . Gen G&E ev pf B (6) 10 Gen The Eqev pf(3). 40 Glen Alden Coal (4).. 2 Globe Underwr(15¢ ). 1 % Gold Seal Elec new 2 Goldman Sach T C 5 Gt At&Pac Tea nv(6) 30s GrtA&PTof (T)... 108 GuifOllof Pa (1%). &5 Hamilton Gas rets. Hand P ppf(p2ic).. Happiness Candy. .. Hazeltine Corp (2). . Hollinger Gold(65c). Horn & Hard pf (7).. Hudson Bay M&S ., Humble Of1 (12%). .. Hydro Elec Bec 1.40.. 11l Pow & Lt pf (6 1mp Ol of Can (60c) Ind Ter Il1lu Ofl A... Industrial Finan ctfs Insull Inv (b6%).... Intercontinent Pet n. 4 Intercont Power (A). Int Petroleum (1)... Int8af Raz B (12%). Int Utilities B...... inter Equ conv pf(3) Ialian Superpow A.. Kirby Petroleum. ... Kolster-Br (Am Sh). Lackawanna Sec (4). N9 » - RN M NNR N NA R HODHNN R Wgumr- in odd Sales— Add 00. Open. High, $ At 1d 464 234 \ THE EVENTNG STAR, WASHINGTON, D. C, THURSDAY, MAY -share lota 194 % Mavi Memph Mexico Alid W Miss Ri evada 281 304 % z 109% By 1515 70 26% 4 Pure Oi Richfiel Schulte Schuite Unit Lt 28% 3 % 1% 1 1 33% 33% 33% | Dividend ral | nual payment. % | a Payable in dividend. _1 Plus stock. § Plus 2 stock. cash, Tran Con Air Tran. ‘Trans Lux DL P “Pri-Cont Corp war. .. Tubize Cantillon (B) Union Am Invest. Unit Corp war. Unit Founders. Unit Gas Cor Unit Gas war. Unit Lt&Pwr(B) (1) Unit Lt& Pwr pf (8). U-S Dairy (A) (5)... 4 U8 Elec Power ww. U 8 Foll (B) (50¢) U S Linesnf (1).. Unit Verde Ext (2).. Util PALt(a11.02%). Utllity Equities..... Vacuum Oil (2). Van Camp PKg pf. .. Wagner Elec. .. Waitt & Bond(A) (2 « Watson (J W) Co. . Wayne Pump. Wenden Copp: t Alr Exp ‘West Mass Co(2%).. Willlams R C (70¢).. Zonite Products (1).. 1 dollars based on Ex dividend. or _stock. 5% in in stock. APIs 3% in stock: DPAIG 1ast year--no requinr Fais: Received by Private Wire Direct to The Star Office stock sna Bales— Dividend Rate. _ Add 00. Open, High. Leh Coal & Nav 1.20. Leonard O11. Lone Star Gai Long Isld Lt pf (7). Louislana Lan & Ex. Magdalena Synd 277 Md Casuaity n ( Mass Uil Assoc. Bottling (A). Mead Johnson (14).. N G Co (80c) Merritt.Chap & Scott. Ohlo Oll..... Mid St Pet vic A Mid St Pet vic B Mid WSt Ut (1% t Ut (b8% Midland Unit (b6%). MoKan P L (b10%). MoKan P L vtc..... ver pr pf (6). t ( Mohawk Hud Moss Gold Min o Mountain Prod (1).. 4 Nat Aviation, Nat CC A pf P! Nat Pub Sv A (1.60). ST Sec A (350c) at Unfon Radio. ... elsner Bros pf (7).. Cal Elpf (7) Newberry JJ pf (1).: New Jers Zino (13).. Newmont Min (4)... NY Telpf (6%).. NY Transit (1)..... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow B w. Niag-Hud Pow C w.. Niag Sh Md (40c). Nor Am Aviat A w Nor Burop Ol Corp. Nor St Pow pf (6) N W Engineer (2)... Ohlo Copper - Oilstocks Litd A (40¢) Okla Gas & Bl pt (7). Outboard Motor B... PacG & E 1stpf 1%. Pan Am Alrways. . Pandem OIl. Pantepec Qi1 Pennroad Corp (20e) Penn Mex Fuel (p3). Penn W Peop L& P A (2.40).. Perryman Electric. .t Philip Morris Ine. Phoenix Secur Corp.. Phoenix § C pt (3) Pilot Rad Tube A. Pines Winterfr (1).. Producers Roy Corp. Prudential Invest. Prudentiai Inv pf( at & Pow (3) Puget Sd P&L pf (6) 208 1pf(6).. . 208 Rainbow Lum PrA.. Rainbow Lum Pr B.. Relter-Foster. Reliable Stor! Reliance Int A. Reybarn Co. d 011 Rock Lt & P (30¢) St Regis Paper (1). Salt Creek Oil (28c¢).. it Creek Pro(1.40). Saxet Co. Teeal Estate. Un 5c-81 8t.. Seg Lock & H (50¢). Seiberling Rubber Selected Industrie: e Ind prior (5%) Selfridge Strs(p27 Shattuck Den Min. .. Shawingan W (2%) Sieaffer Pen (13). Shenandoah Corp. Shen Corp pf (a3). Smith (A 0) (2) SouthPenn Ol (1).. SoCalEdpf A (1%). South CEd pf B1%. SW Dairy pf ww Spanish & Gen ret Spleg May Stern pf. Stand Ofl of Ind (2).. Stand Ofl of Ky 1.60.. Stand Ol, Ohto (2%) Stand Oi1, Ohio (5)... 50s 714 Starrett Corp pf (3). Stromberg-Carl(1%) Strook & Co (60¢) ..., Stutz Motor (new).. 4 Sunray Oil (b5%). .. Taylor Milling (2%). “Pechnicolor, 1 ane RN AR = NS BN N AN B AN SRR FRE AN AN &Pwr A (1) 4 16 6 o4 12% 12% " 12 Iast quarterly or semi-an- 1Partly extra. , bPavable in’stock. o Adjustment 3 n stock. h Pius k Plus 10% 1n stock. m Plus 12 1% in 3% in ‘Butter—One-pound prints, 29; tub, 28. —Hennery, 17; curreni receipts, it Poultry, alive—Turkeys, hens, 24a2! toms, 20a22; Spring brollers, 36a3i Leghorn broilers, 30a35; Winter chick- ens, 30a32; hens, 20a22; Leghorns, 1 roosters, 12a14; ducks, 15; keats, young, 80; old, 40, Dressed—Spring broil- 5; Winter chickens, 38a40; hens, , 12%a14; veal, 12al4; lamb, 20a22; pork loins, 21; fresh hams, 19; fresh shoulders, 14; smoked h: 3 , 14; ams, 20; smoked shoulders, 12%; bacon, 23; lard, in packages, bulk, 11 s | Live stock—Hogs, vy, 6.50a7.25; # | medium and light, 7.00a7.60; pigs, 7.008 7.50; roughs, 4.00a5.50; calves, 5.00a 8.50; Sp-ing lambs, 10.00a12.00. Pruits— Strawberries, 3.00 2 6.00 2 | oranges, California, 3.5024.00; Florida, 14.0004.50; lemons, 4.50a5.50; limes, per fruit, 2.75a3.00; grapes, . 3.25; pineappies, 4.008 baskets, 2.00a2.50; rhubarb, per dozen Argentina, ; apples, bushel t 2.3582 2 35850 Vegetables—Potatoes, new, per barrel, 20-pound sacks, 2.60a kers, acks. “squash, o beans 2.50a3.00; caulifiower, 2.5023.00; cucum- bers, 4.50; beets, crates, 2.50; carrots, crates, 2.50; mushrooms, mostly 1.00 iragus, 3.50a5.00; celery, 3.00a4. lettuce, leebe;’. 4.50; South Carolina, 0; radisbes, per 100 bunches, 2/00a2.50; Sp: onions, per 1 bunches, 2.00a2.50. — American goods imported into Austra- lia last year were valued at $76,434,468. 00 | pounds, 7.7589.50; commc SEAT BRINGS $235,000. NEW YORK, May 7 (#).—The value of memberships on the New York Stock Exchange dropped $45,000 today, when | arrangements were made for the sale of | & membership at $235,000. | considerably above the low levels reached around the turn of the year. The low Jevel for the bear market was $189,000, at which price a seat w: rred early in January. sy { . 2 CHICAGO LIVE STOCK MARKET CHICAGO, May 7 (#).—Hogs, recelpts, 18,000 head, including 3,500 direct; early trading mostly to shippers; steady to 10 lower; top, 7.45; bulk, 170-220 pound weights, early, 7.20a7.40; packers bidding unevenly lower; few sales and bids on 180-240 pound averages, 7.00a 7.25; bulk packing sows. 5.6586.00; ‘Amund 10 lower. Light light, good and welght, 160-200 pounds, 7.20a7. dium weight, 200-250 muné’sf7 X heavy weight, 250-350 pounds, 6.25a 7.00; packing sows, medium and good, 275-500 pounds, 5.56a6.10; slaughter gg,fl.;sod and choice, 100-130 pounds, Cattle, receipts, 5000 head; calves, 3.000; general market mostly steady with yesterday's uneven downturn; no strictly cholce steers here; light kinds getting much better action than weighty offerings; most steers here of ; m .90a7 40 cows t!v'el at ;‘ downward. aughter cattle and ve: g d vealers—Steer, and me- dium, 600-1,300 pounds, 5.75a9.50; com- 1,300 5.75a8.00; heifers, good and choice, 550~ 850 pounds, 6.6088.25; common and me-w | Stock Exchange seats are still selling | choice, 140-160 pounds, 7.15a7.40; light | 4 dium, 5.25a6.75; cows, good and choice, 5.0086.00; common and medium, 4.508 5.00; low cutter cutter, 3.25a4.50; bulls (yearlings excluded), good and choice (beef), 4.00a5.25; cutter to medium, 3.25a4.50; vealers (milk fed), good and choice, 7.50a9.00; medium, 6.50a7.50; cull and common, 5.00a6.50. Stocker and- feeder cattle—Steers, good and | choice, 500-1,050 pounds, X00a8.25; | common and medium, 5.25a7.00. | _Sheep—Receipts, 13,000 head; early | market at standstill; bidding 25a50 |{lower; good and choice woolskins, bid, 9.00a9.50; asking 10.00 for best or around 25 lower; few native Springers steady at 12.00; lambs, 90 pounds down, good and choice, 9.00210.00; medium, 8.2589.0( 91-100 pounds, medium to choice, 8.0089.75; all weights, common, 17.00a8.25; ewes, 90-150 pounds, medjum to choice, 2.50a3.75; all weights, cull and common, 1.50a2.50. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Allis-Chalme: merican Tel. & American Thi Baltimore & Ohlo 428 1933 i Corp. $har 1943 Gansdian: Nor. oy Ehr Nortnwestern . R Chicage Rock Island Chile Copper Co. 5s 1 Denver & Rio Grande Gen. Mot. Accep. Genéral Betroleurn Corp. eaters % General THeNER 0 Tost, S tuny ul ol o 5 Internat, Match d’ Ol value to sell at 7.00a8.00; heavy fat |Marla gy, but clmdm- kinds fairly ac- | N 7,788 | Bine k ! o,‘”-',,‘.f, 15k & Btee! rp. o g Wiecine Steel Corp. 4'as 1953. o |APANESE BANKS IN GONSOLIDATIONS Commerce Department Study Reveals Decline in Number of Institutions. That the movement toward bank con- solidation which in recent vears has been a notable development in leading Occidental countries has extended to Japan is revealed in a study of the banking system of that country which the Commerce Department Just issued. This study, made in the finance and investment division of the depart- ment by H. M. Bratter, specialist in Far Eastern finance, shows a decrease in the number of head offices of Japanese banks from 1,629 in 1924 to 782 in 1930. In the earlier period there were oper- ating 5,324 branches, while in the latter there were 4,768 branches and 1,957 sub- branches. This movement toward bank consoli- dation in Japan, it is pointed out. began as far back as 1896, but it received its main impetus as a result of the financial panic of 1927. The trgnd is not con- fined to commercial banks alone, but is evident also in connection with savings banks and trust companies. “Special” Banks Dominant. Government banks, known as “‘special” banks, Mr. Bratter's study discloses, hold a dominant position in the Japanese banking system. These “ al” banks, which numbered 32 in 1928, include sev- eral of the I financial institutions of the countfy, among them the Bank of Japan, the Yokohama Specie Bank, the Bank of Taiwan and the Industrial Bank of Japan. The first named is the central bank of issue and follows closely the traditional pattern of a central bank. In certain respects, however, the study shows that the Bank of Japan is handi- capped in fulfilling the functions of a bankers' bank because of the peculiari- ties of the Japanese banking system. Important among these reasons is the high degree of indpendence of the large family banks, such as “The Big Five.” In the absence of a well-developed investment market in Japan, the study reveals, the 1 savings system fills & unique and important place. It gar- ners the savings of the working people in small amounts, which form an astonishingly large fund, and through a section of the ministry of finance known as the Deposits Bureau, makes them available to various special mortgage banks, which are thereby enabled to finance agriculture and industry. The latter banks also raise money by the public sale of debentures, and at times provide a very useful financial assistance to the Treasury, Regarded Valuable Study. ‘The present study, Commerce Depart- ment officials declared, is believed to be one of the most comprehensive analyses of Japanese banking in Eng- lish available in a single volume. To- rebher with the subjects outlined above, it discusses savings banks, trust com- panies, investment banking, clearing houses, stock exchanges and foreign banks. The report has been issued as Trade Promotion Series No. 116. Copies may be obtained for 50 cents from branch offices of the Bureau of Foreign and Domestic Commerce, which are located in the impertant trade centers of the country. Baltimore Markets Special Dispatch to The Star. BALTIMORE. Md., May 7.—Potatoes, white, 100 pounds, 1.50al new po- tatoes, barrel, 3.00a4.75; sweet potatoes, barrel, 2.00a4.00; yams, barrel, 3.25a4.00; asparagus, dozen, 1.25a3.50; beans, bush- el, 1.50a2.75; beets, crate, 2.25a2.50; cab- bage, bushel, 1.00a1.15; carrots, bushel, 60a75; caulifiower, crate, 2.25a2.50; celery, crate, 1.5083.50; lants, crate, 2.00a5.00; kale, bushel, 25a50; lettuCe, hamper, 5021.50; lima beans, 5.00a6.00; crate, 1.25a3.50; spinach, tomatoes, crate, 1.25a 5.50; apples, bushel, 65a2.50; per box, 1.75a2.50; grapefruit, box, 1.50a3.00; oranges, box, 2.50a4.2: strawberries, quart, 1212820, Dairy Market. Poultry, alive—Chickens, young, 33a 40; old hens, 21a23; Leghorns, 13a20; roosters, 14al7; ducks, 18226: guinea fowls. each, 50a75; pigeons, pair, 30a35. Eggs—Receipts, 3,905 cases: nearby firsts, dozen, 17; current receipts, 1615. Butter—Good to fancy creamery, pound, 24a26; ladles, 20a21; rolls, 16a 18; process, 22a23; store packed, 14a15, Hay and Grain. Wheat—No. 2 _red Winter, export, 82'%; No. 2 red Winter, garlicky, spot, 82%; May, 82'z. Corn—No. 2 domestic, yellow, 72a73; cob, 3.75a4.00. Oats—White, No. 2, 38; No. -3, 37. Rye—Nearby, 55860. Hay—Receipts, 58 tons. While re- ceipts of hay are ample for all require- ments there is no surplus of heavy clover mixed being offered. Such grades will bring a premium of $1 to $3 per ton, depending on the amount of clover. Fair to good timothy ranges from $24 to $26 per ton. Straw—Wheat straw, No. 1, per ton, 12.00a13.00. Oat straw, No. 1, per ton, 12.00a13.00. Live Stock Market. Cattle—Recelpts. 75 head; lght sup- ply; market steady. Steers—Choice to primé. none; good to choice, 8.00a8.50; medium to good, 7.00a7 fair to medium, 6.25a7.00; plain to fair, 5.5086.00; common to plain, 5.0085.50. Bulls—Choice to prime, none; good to choice, none; medium to good, 5.00a 5.50; fair to medium, 4.50a5.00; plain to fair, 4.00a4.50; 3.5024.00. Cows—Choice to prime, none; good to_choice, none; medium to good, 4.50a 5.00; fair to medium, 4.00a4.50; plain to fair, 3.00a4.00; common to plain, 2.0083.00. Heifers—Choice to prime, none; good to_choice, none; medium to good, 6.75a 7.25; fair to medium, 6.0086.75; plain to 5.26a6.00; common to plain, 4.5025.25. Presh cows and springers, 30.00a70.00. Sheep and lambs—Receipts, 100 head: lght supply: market steady. Sheep, 1.50a4.00; lambs, 9.00a12.50. ‘Hogs—Receipts, 600 head; light sup- ly;- market spotty. Lights, 7.90a8.15; eavies, 7.008?.:0: medium, 7.90a8.15: roughs, 5.00a6.40; light pigs, 7.75a8.00; pigs, 7.90a8.15. ply; market steady. Calves, 4.00a9. BOURSE PRICES FIRMER. PARIS, May 7 (#).—Prices were firm- er on the Bourse today. Three per cent rentes 89 francs 70 centimes. Five per cent loan 103 francs 55 _centimes. E Exchange on London, 124 francs, 47'2 centimes. The dollar was quoted at 25 francs 58z centimes. —_————— COPPER DROPS AGAIN. NEW YORK,.May 7 (#).—A reduc- tion in ocean freight rates has resulted in & decline in the price of export cop- per amounting to approximately 50 cents & ton. { The rate cut has made the export price of the metal 9.775 cents a pound, c.1.f, European base ports, compared with the previous price of 9.80 cents. SR TREASURY STATEMENT. By the Associated Press. Treasury réceipts for May 5 were $4,536,821.17; expenditures, ~ $40,341,- 424.70; balance, $246,432,770.77. Cus- Teceipts for the month to the close of business May 5 were $5,- 426,037.85. Calves—Receipts. 50 head; light sup- pe 1931. FINANCIAL. SOLUTION OF WHEAT PROBLEM ~ SEEN IN DECREASED ACREAGE BY LOUIS E. VAN NORMAN, ‘The only answer to the wheat prob- lem is smaller acreage planted. ‘That i1s the practically unanimous opinion of the delegates to the World Wheat Con- ference, which will meet in London on May 19, and which is a topic of lively discussion this week among the dele- gates attending the International Chamber of Commerce sessions here. Although it will have a representa- tive at this conference, the Federal Farm Board insists that, no matter what the conclusions may be, the board stands by its recommendation to wheat growers of the United States to reduce market basis. American wheat producers are to be officially represented at_the World Wheat Conference. The United States : Government, has formally agreed to ac- ticipation. The American delegates will be Samuel R. McKelvie, the grain mem- ber of the Farm Board and former Governor of Nebraska; Nils A. Olsen, chief of the Bureau of Agricultural Economics of the Department of Agri- culture, and Dr. Alonzo E. Taylor, di- rector of the Food Research Institute at Leland Stanford University, who will be the technical delegate. ‘Will Recommend “Pools”, Meanwhile all the pl‘lncirll ‘wheat owing countries in the world, includ- ntina, Australia, Canada, Hun- gary, Poland and Soviet Russia, are preparing to submit their plans to the conference. The Western provinces of Canada will recommend “pools,” in | spite of the troubles these selling agree- ments have already had in Saskatche- wan. A few days ago. Sir Josiah Stamp, British economist, having wound up the work of the royal grain conference for ago. recommended in its report that trading in wheat futures be continued. The wheat, situation in France and Germany continues to interest the production gradually to a domestic|P° cept Canada’s invitation for official par- | which he came to Canada some weeks | Delegates to World Conference. Here for Chamber Session, Agree on In- S e dustry.s Greatest Need. world. During the last few days the French government, for the third time in a month, has increased the maximum proportion of imported wheat permit- ted to be used in the milling of flour in France—the increases having been from 5 to 10 to 15 to 20 per cent. Germany has made a reduction of almost 50 cents & bushel on imported wheat. Stocks of domestic wheat and have now reached a low level, so the Berlin gov- ernment believes the country can absorb about 20,000,000 bushels of cheap for- eign wheat without endangering the na- tion’s agricultural class. Hamburg and Bremen are designated as the recelving rts. Encouraged by the reported success of the sugar agreement in which the sugar producing countries of the world are just now participating, Premier Laval of France in a political speech ex- pressed the hope that the London wheat conference would be able to agree upon a wheat dictator. Expect Heipful Results. Whatever tangible results may be achieved at London, it is believed in grain circles in the United States that such a meeting will develop facts rela- tive to the world situation and the problems confronting the different ex- porting countries that will lead to a bet- t'fr understanding of common difficul- es. ‘The representative of the Federal Farm Board will have no definite pro- posals to present to his world gather- ing mor is he authorized to enter into any binding agreement as to handling the 1931 surplus. According to estimates t> the Depart- ment of Agriculture on April 1, in in- terior mills and elevators throughout the country there wers some 71.000,000 bushels of wheat, a reduction of perhaps 12,000,000, as compared with stocks of March 1. The Grain Stabilization Cor- | poration reported deliveries of 36,000~ | 000 bushels on May 1 cn its May futures | contract. (Copyright, 1981.) CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, May 7.—The following is a summary of important corporation news prepared by the Standard Statis- ties Co., Inc,, New York for the Asso- clated Press. News Trend. Bteel statistics for April show ingot output totaled 2,722,479 tons, 271,111 tons less than March and 1,387,013 tons under April, 1930. Operations in April were at the average rate of 49.29 per cent of capacity, against 54.20 per cent average in March and 78.95 per cent average last April. These evidences of slackening activity are partially com- pensated for by pig iron figures, which show an increase for April of 2% per cent over March, the fourth consecutive month in which a gain is recorded. Nevertheless the production for this April remains the lowest for any April sinee 1921. dian Pacific Raflway is conspicuous in the corporation news of the day, an action believed to have been unexpeeted in financial circles.” Philadelphia and Reading Coal and Iron and Amerada Corp., reported improved March quar- ter results, The Companies. Dominion Stores Ltd. sales, four weeks to April 25, off 1.5 per cent; mu: months to same date, up 1.9 per cent. General _Motors—Oldsmobile April shipments, 7,574 cars vs. 9,432 and 7,024 in March. National Tea April sales off 10.5 per cent; 4 months off 10.9 per cent. Penney (J. C.) Co. April sales off ll.!c per cent; 4 months Qff 11.9 per cent. American Water Works & Electric common share earnings, 12 months to { March 31, $2.84 common share vs. $3.92. Atlas Stores 25 cents cash dividend; omitted 1%, per cent quarterly stock dividend. Canadian Pacific Railway declares 317 -cent common dividend; paid 6272 cents April 1. North American Car March quarter :nlarg;non share earnings, 51 cents vs. Plerce Petroleum directors decide against further common dividend pay- ment at this time; paid 10 cents Feb- Tuary 16, 1931. Reynolds (R. J.) 'Tobacco—S. C. Williams succeeds Gray ss dent. latter chairman; W. N. Reynolds heads Executive Committee. Holly Sugar _deficit, ended year come, $186,505, equal to $5.86 a $7 pre- ferred share in xgan. e Tllinois Central R. R.— Interstate Commerce Commission rejects petition for pick-up and delivery service through mfifls ):u‘{l‘:ged on hceom day’s notice. | May estal serv] through tariffs allowing 30 days’ notice. 7 | reduces gasoline price 2; cent a gallon in New Jersey and ! cent a gallon in Chicago. 35,000-ton pipe line order from Electric ne Share. common to plain, | Bond & Stutz Motor Car—Bankers buy over $1,000,000 of company’s wmmonynmck; factory profit assured in first fiscal half, retired $193,000 bonds in past year. Texas itlon reduces price of tank wagon and service station gaso- line ! cent a gallon. 2 Amerada Corporation March quarter net income $58,225 equal to 7 cents ’;g;r:‘mofl share vs. deficlt $76,585 in Fairbanks Co. March quarter deficit | $65.209 v, net income $40,400, equal to Three years ago. High, 1931. . A dividend_reduction by the Cana- | March 31, $1,345,558, against net in- | ?!.01 a $8 second preferred share in 930. Columbian Carbon March quarter common share earnings $1.04 vs. $1.62. Motor Bankers’ Corporation w‘ id :m?dpua 32 lenunryw e n pal 3 A 2 Colorado & Southern Rallway 1930 common share earnings $1.68 vs. $0.24. Philadelphia & Reading Coal & Iron March quarter common share earnings 47 cents vs. 45 cents. Advarfee Rumely directors aj tentative contract with Allis-Chalmers roviding for limited acquisition by Al- is-Chalmers of this company’s assets in return for not over 114,009 shares; to be voted on at May 29 meeting. Duluth, South Shore & Atlan | March quarter deficit $203,387 agains deficit $177,754. Penn Trafic Co.—Common _share earnings, year ended January 31, 19 cents against 24 cents. Shell Union -March quarter deficit, $9.903,472 against deficit $3,155.- 088 in 1930; 1930 deficit $5,095,574 against met income $17,573,249, equal to $1.26 common share in 1929. Kress (S. H) Co—April seles up 2.4 per cent; four months up 1.1 cent. Missouri-Kansas Pipe omits stock dividends on class A common and class B stoeks, currently expected; pre- | viously paid 2'2 per cent quarterly on ! class A common and paid 1-800 of class | A common share on class B previous | quarter. Kelvinator Corporation April ship- ments 23,087 units; new high; 42 per cent over April, 1930. . R. Squibb & Sons share ea $2.70, af Standard lic ice 1930 $7 pre- ferred share $4.82. ‘Woolworth (F. W.) Co. has 35 new stores under contract in United States; English subsidiary has about 53 units to be opened this year; German te has 7 with expectation of adding to this number. Chesapeake & Ohio Railway-Van Swerlngens favor allocation of & Maine Rallroad to Ohesapeake & Ohlo-Nickle Plate System. Automobile tires—Pneumatic casing shipments in March totaled 4,121,531 units, highest month since September, according to Rubber Manufacturers’ Association, 21.2 per cent over Febru- ary; seasonal March increase normally 23.6 per cent; March production 4,662, 576 casings, 17 per cent over February, but 4.1 per cent below March, 1930; mlnfl on hand March 31 fotaled 10,014,490 units, 20 per cent’ below year ago. . 1930 common st $2.45. CHICAGO GRAIN MARKET. CHICAGO, May 7 (#).—Spread trad- ing in which wheat was sold and corn bought led late today to downturns in wheat prices and to relative strength uly .. September . December CORN— Sinclair Consolidated Oil subsidiary | Sept Smith (A. O Corporation receives | Ju1% ment of the Bank of France shows following changes in francs: Gold in- creased 2,000,000; sight balances abroad decreased 60,000,000; bills discounted at home . decreased 1,463,000,000: bills bought abroad increased 12.000,000; ad- vances increased 106,000,000; circulation decreased 1.738,000,000; current accounts lecreased 17! d 8,000,000. | Rate of discount 2 per cent. STOCK AND BOND AVERAGES. By the Associal THURSDAY, May 7. STOCKS. PARIS, May 7 (#).—The weekly lh:;-e y-f P L ) 1) ‘e 22’ et e s TE A BRC 5 03 2, H artg? iod L S ierae iagszes FCa P55 NETEET 2222322:13333352233333232 FE g Z>0B830! I & ) 3338023388800 % 55 ,.. g55g8 5 CH $¢> 255885285 23253222222213:123252822838222; _g- $ 3 325, 14 o 888225 eug 33:353255anagane s P T T '3 382233323338 tL i BB memsa i a ] 5 st g p3ad ETTTS 5228252233 FEET GVaw 2908 15558883'—‘::.'5‘28.5 ol . L 38223222223 S anBE 0 meEE o ulBus ul Lot & 23 L sull _Utilit _.. Sl EEH a3 3 33 » ? 2 £l 35 3 E.ufi..shu; ""gEE::::sm 5 v aF Toan 9000 EE EELTEETT O ERLEEe (I3 Y §Ei - SERE| L Bei> s B2 24 *ig 5 nsnl e il o 1ok e en 3 5 ol (X2 AR AL BN AZ] CEEERCEEFEEFELEEEEE "0 Jons i EERELEPLE R EEE PR FEE PR FF B R 232833 W S i o e g!zg:gm >3 g Q! L] ool HafaunReaBenBunZteet e Eise8:s Ea‘?? o 2y 84 i £ 33fi§§83 238 4338548358 & 773 o, ML RS2 2eaiEEsess i =38! FEE e EEEEE S 29i Ry i58e & SISR823%: ok LS B2 : ggdggesd 3 i R oeife S0 pr>ady - Fonni i8S ;38 £3 3222228233 H %5000 30 D e ISESSG 22288852 R # Heo TS FELRTTH 555 wa%, 32 3828: = ¥ L on o-bleBens! 9055048000 05 e 5 s e POREIGN BO! Mtg Bank 71 46 1Buen Alr Cauca Valley 7s '48.. r 88 A 52 o 31, 810 6135 '37. 853, BALTIMORE STOCKS. Special Dispatch o The Star. BALTIMORE, May 7.— Sales. STOCKS. e comsr o 25 Baltimore Tr\ll'l C: s Pin ryland Casually New_ Amate: Rwy & Elec st Ry & incoms . * Gas Executions Approved. SACRAMENTO, Calif, May 7 (#). T i nate as ns of executing w’.m murderers in California. The Assembly has yet to act on the meesure. . In the last 10 years England's na- tional income assessable for income tax has increased $658,000,000 a year.