Evening Star Newspaper, May 9, 1931, Page 14

FINANCIAL, HARRIMAN-HILL THE EVENING STAR, WASHINGTON NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Today Is 30th Anniversary of ‘Famous Panic Resulting - ¢ From “Nipper” Feud. §tand Brands pt (7). Stand G&E (3%)... Stand G & B pf (4.1 Stand Of1 Cal (h2%4). Stand OII N J (12)... Stand Oll N Y (1.60). Starrett (LS) (12%). Sterling Sec A...... Sterl Sec pf (1.20)..0 Sterl Seccvpf (3).4. Stewart Warner..... Stone & Webster (3). Studebaker (1.20). .. Sun Ol pf (). . B ssee Corp(50¢) Corp (3)....0 Tex Gulf Sulph (4).. ‘Texas Pac Land Tr.. Thatcher Mfg (1.60), 23 The Fair (2.40). 9 Thermoid Co 10 Third Avenue. . 35 Thompson (J R) (2). 18 Thompson Prod 1.20. 84 Thompson Starrett. . 9 Tide Water As (60c) 68 Tide Wat As pf (8).. 59 Timken Roller (3)... 4 Tobacco Prod A 95¢ B Transamerica (1)... 17% Transue & W (1). Tri-Cont Corp. . . Tri-Cont Corp pf (6) Trico Products(2%). By the Associated P: NEW YORK, May 9.--Veterans in ‘Wall Street recalled that today was the thirtieth anniversary of the strangest phenomena in financial annals—the Northern Pacific panic. The principals in the struggle for the control of “Nipper,” as Nosthern Pa- cific was then known, have been dead sdveral years, but one in whose ‘house the trouble attually started, although he was not & party to it, missed by only & week the thirtieth annivérsary of a financial cataclysm which he vividly Tecalled. *'It was at the home of George F. Baker, who died last §aturday, that Edward H. Harriman went to demand | Jrom James J. Hill an interest in the Chicago, Burlington & Quincy. Hill, backed by the late JJ. Pierpont Morgan. 1 had just acquirad ‘the Burlington, de- 1 priving Harriman's railroads of an out- Jet to Chicago. Hill declined to con- sider the request. Harriman has been quoted as replyjng, “Very well, it is a hosttle act, and you must take the con- sequences.” Evolved Gigantie an. * Harriman evolved what was a gigantic plan for those days. He learned that the Morgan-Hill domination of the Northern Pacific depended upon some- what less than majority control of the gtock. Backed by Kuhn, Loeb & Co. and the National City Bank he quietly began buying up Northern Pacific stock, planning to snatch control away from Hill and his bankers. Morgan was away in Europe. Hill was in the West. Northern Pacific stock mysteriously rose in the market. day after day. The Morgan firm even sold some of its stock. In Seattle, Hill became suspicious and rushed East. He went to Jacob Schiff of Kuhn, Loeb & Co. and learned that he was buying the stock for Harriman. The news was cabled to Mo , who, in & towering is firm to buy all the stoc! A terrific battle was on. Rose to $1,000 a Share. ©On May 9, 1901, there was no more stock in the open market to be had. Bears had been selling Nipper short all the way up, sensing that the quotations were rediculously high, Now there was no stock with which to cover their short commitments. They bid frenzidly. In an hour the stock surged up. from $200 to $1,000 a share. But as North- em Pacific e, the fnanclal eom. | yyepeintea prems Marke B, the market collapse. ~Prices tumbled CHICAGO, May 9.—Striking inde- from 15 to 40 per cent. United States | pendence shown at times by the corn Steel dropped from $46 to $24. Traders | market of late is attracting special were dumping their other holdings in | notice among grain traders. Sudden 1041 9y 364 56% 1% 22 nion Bag & Paper. . Un Carb & C (2.40). Un Ol of Cal (2) Unit Atreraft....... Unit Afrcraft pf (3).. Unit Cigar Store: Unit Corp (75c). Unit Corp pt (3) Unit Dyewood. . Unft G'& Im (1.20).. Unit G & Im pt (5).. TIENCab~noR e anma= BN NS ® aSa 3714 104 1 10 CRAINS GENERALLY ADVANGE IN WEEK ticularly Attracting Spe- cial Attention. BY JOHN P. BOUGHAN, 374 10} Upturn of Corn Prices Par-| Prev. 1931 Stock and h. Low. _ __ Dividend Rate. Unit Plece DW (2).. Unit Plece D pf 6% U S Hoftman. ...... U 8 Indus Alcohol(2 4 US Leathsr. U S Leath pr Bales 13) AGd 00, High. Prey. 4 26% Low. Close. Close. wn. 8 T T 20% 15% . 152% 109% 150 140 U S Steel pf (7). 9% b% Unit Stores A.. 41% 20 Univ Leaf.Tob (3). 31 19' Utll P&L A (et2.15) . 2 % Vadasco Sal 763% 87% Vanadium Corp’ 108% 98% Va Elec & Pwr pf 84 22 Valron Coal & Coke. 71% 41% Vulean Det (4).... 27% 21 Waldorf Sys (1%).. 15 7% Walworth Co (1). 20% T's Warner Bros Pict 19 Warner Bros pf3 Warren Bros (3). War Bros cv pf (3 Western Dairy B. Western Md. .. Western Unlon (8) Westing A B (2). Westing EI&Mfg (4). 262 Westing E&M pf (4). 208 White Motors (1).... 2 White Sewing Mach. 1 Willys-Overland..... 9 Willys-Over pt (7) 1 Woolworth (2.40)... 434 4 Worthington Pump.. 129 Worth Pump B (6) 1 Wrigley (Wm) (4).. 20 84 Yellow Truck....... 23 29 18% YounssSpring (3). x 5% 2% Zenith Radio. e Dividend rates as give cash payments based on the latest quarterly or hal | tions. § 5UNIt of trading less than 100 shares. {Psrtly extra. §Payable in scrip. Plus 9% In stock. & Pal b Payable in_stock. d Payable when 3 1 Plus 8% in stock. & Plus 8% in stock. 2% in_stock. ) Plus 50c in special preferred stock. K Plus tock. m Paid this year—no regular rate. n Pius 8% in stock. 15% 2% 3015 WHEAT STORES DEcnsAssgSTEEi_ pi_Afi?gALE IN MILLS OF MARYLAND ~"cery aoaineT | AW Stocks of wheat in interior mills and Reprseentative Brumm Appears elevators in Maryland were estimated at 340,000 bushels on April 1 this year. Against Bethlehem's Pur- chase at Pottsville Mill. This is 15 per cent less than the | 400,000 bushels estimated on March 1. Virginia mills and elevators had about 700,000 bushels on hand April 1, compared with stocks of 750,000 bushels on March 1, and Pennsylvania stocks were about 1,150,000 bushels on April | 1, or slightly more than the 1,125,000 By the Associated Press. bushels on hand a month previous. | PHILADELPHIA, May 8—Representa- Stocks of wheat in interior mills e O e I inverior mills and | 4ive George Pranklin Brumm of Schuyl- estimated to be 71,208,000 bushels on kill County asserted in Federal Court April 1, 1931. This quantity is 11,632,- | today that the proposed acquisition by 000 bushels less than stocks held in| the same position on March 1, 1931, the Bethichem Steel Co, of the plant The reduction of stocks of wheat from |Of the defunct Eastern Steel Co. of | March 1 to July 1 amounted to about | Pottsville, would’constitute s violation 43.000,000 bushels in 1929 and about| of the Sherman anti-trust laws. | 46,000,000 bushels in 193. The esti-| Appearing on behalf of the citizens an effort to raise funds to cover their commitments in Nipper. upturns of corn prices are associated with unusual scantiness of stocks of mated reduction of 11,632,000 busheb\‘ during March this year is about equal to the average monthly reduction in of the county who want the Eastern plant kept in operation and would be The bankers backing Harriman and | corn here and with planting delays. Hill suddenly realized that in theif | Now a more far-reaching peril is gain- private scrap they had unintentionally | ing attention—lack of subsoil moisture caused the ruin of scores of bystaders. They capitulated. Stock was provided for the shorts, and the price came down. Harriman wanted to fight on, ‘but Schiff refused. Harriman was given representation on Northern Pacific's directorate and had to be content with that. UPTURN IN EARNINGS REPORTS AWAITED Auto Makers Faring Better Than Steel Firms—Food Groups Best Off. With the release of additional first quarter income statements during the g:t.week. earnings comparisons with similar period of 1930 have become increasingly unfavorable, says the Standard Statistics Co.,, in a current survey, which continues, in part: Profits of 155 representative industrial eorporations equaled $119,453,000 in .the initial three months of 1931, against $229,812,000 in the same quar- ter last year, a decline of 48 per cent. Net income reported by 16 utility com- panies gained 4 per cent. For 20 rail. road companies a deficiency of 61 per cent was revealed. While for the majority of individual industrial divisions sufficient reports are ot available to provide aceurate indica- tions of group trends, the experience of & number of the more important groups is already quite clearly indi- cated. ‘Thus, nine steel and iron com- ies revealed an almost perpendicular p of 84 per cent. Eleven automobile - manufacturers fared somewhat better, with a recession of 43 per cent, whereas 14 producers of parts and accessories reported a decline of 58 per cent. In the chemical group somewhat bet- ter than average results were in evi- dence, 30 per cent representing the re- cession for 10 companies. The great- est resistance to be shown by any major industry was recorded for 15 companies in the food products group, the decline amounting to but 5 per cent. In general, the earnings experience of various industries during the past quar- ter has not departed widely from the comparisons of 1930 results with those of the preceding year. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Sellins checka value. 3485, 390 139155c 2381%¢ 523 17-32¢ 19270 R Zurich, Athens, Madrid. franc drachma FITVR lo. crown .. ... Btockholm, crown.. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co) ate—Maturity Bia O %as June 15, 1931.. SHORT-TERM SECURITIES. (Reported by J. & W. Sellgmag & Allis-Chalmers Co_ 55 1937 ... 1ut¥s Qmerican Tel & 'Tel. 0les 1933 11018 merican Thread 5'.s 1938.... altimore & Oblo 4'%% 1953 0.) Ofter. 1014 atavian Pet. Corp. 4',8 1942, )l Tel. of Canada §s 1957 8125 1938 4155 1933 s 1973 California Pef, Corp 4izs 1038 Corp_ 8s 1937 2 Corp. 8s 1940 1940 6s 1928 i 5 ternas Match Corp. 8s 1947 ariand Oil s 1933 - ew York, Chi. & BL. L, 6 1932 hillips Petroleum Co. 5143 1939 f re D, Bigs 1831 Bhell Unton On Go. 55 1947 Biniciair Cride Oil Go. 513 19 Btandard ON N. 82383853823 Jersey’ 65 Btundard Oif N. York 4es Bl L LMB Ry R E 4% Bt L Boutnwestern Ry. 45 Union Ol Co. of Calif. b8 United Drug Co. 5% 1963 U. 8 Rabber b3 1347 Western Electrie Co. 88 'igid | 108 eeling. Sleel COIp. 5iyn 1948 Wheeling Steel Corp. 413 1953, 81 Faypt is secking ways for disposal of | Guaranty " tha Jarge mv-rnmmt‘rholdinnhn! 71“. rving ton, purchased at prices ynuch higher {in two other in much of Ilinois and Iowa, the Na- tion's two chief corn-producing States. Compared with a week ago, corn was 1 cent to 3' cents a bushel higher this morning; wheat, unchanged to 1% up; oats, 7al% advanced, and provisions, 20 to 45 cents down. 1,200,000 Bushels Moved. In the face of persistent reports of only a slow demand, 1,200,000 bushels of corn have been shipped cut of Chi- | cago in the last week to Eastern lake | ports and elevator supplies here show a hevay reduction. As an immediate result, holders of May contracts for corn are holding the market tightly most of the time, although trading rules permit car lot deliveries cn rail- road tracks this month as an emergen- cy measure. Back of this situation, and threatening to become the dom- inating market influence later in the season, unless corrected, is the need of subsoil moisture reserve over a large part of the main corn belt. In addition to Illinois and Iowa, the shortage cf reserve moisture prevails large corn-producing States, Ohio and Missouri. Official records show that all four States have received less than a normal water sup- ply in the last eight mcnths, and that in parts of this dry belt the shortage has existed for almost two years. Dur- ing the May-August period last year “ | when the corn erop was in the making, | Illinois had only 820 inches of rain against & ncrmal of 14.63 inches, and Jowa received but 10.25 inches com- pared with 17.29. Taking the full year, May, 1930, to April 30, 1931, Illinois has had 10 inches less than normal, {and Towa is short 14 inches. Ruled by Weather. ‘Wheat at present is ruled almost en- those affecting Spring wheat. Harvest- ing cf Winter wheat is expected to start in Texas before the end of the month, if eirmustances remain favora- ble. Oats are from consumers, cash premiums being {the best met with in many weeks. Provisions have been dragged down by absence of aggressive buying. BANK VCLEARINGS. Bank clearings continue much below those of last year, the total this week for leading citles in the United States, a8 reported to Dun's Review of $9,501,- 910,000, is 204 per cent under that of a year ago. At New Ycrk City clearings of $6994,911,000 disclose a decline of 20.2 per cent, while the ag- gregate at centers outside of New York of $2.646900,000 is 204 per rmaller. At practically every city re- porting. The losses are substantial They are particularly heavy at scme of the Western and Southern’centers. At some points the decline is again rather small, among them Cincinnati, Min- neapolis, Omaha, New Orleans and At- lanta. Bank clearings for the week. as re- ported to R. G. Dun & Co., and average daily bank clearings for the last four menths, are compared herewith: Cleveland Cineinnati 8L Louis ansas Cily . Minueapolis "1 Pichmond 37.125.000 $2.646.990.000 5944.211.000 Total all NEW YORK, May 9 (#).— Banks. Bid Americs é 4 nk of U 8 units . ase Phenix Asked P 1 3 Manhat Co’ .l People's Nail .l Trust Banca Comm Ital akers County 32 35 Manntaetirers’ . | tehester Titie & Tr. io% il tirely by weather conditions, especially | in excellent demand | , | Etand ‘wmlng to purchase it for that purpose, stocks during the four months, March |the Representative protested _against to June, inclusive. There are no data | the court's allowing Alexander Luria of available for past years on the reduc- | Pottsville to buy the plant from its re- tion during each of the individual ceivers in equity. He said he made a | months, complaint recently to Attorney General it el Mitchell_in Washington and the At- |BANKERS OF BALTIMORE torney General had ordered an jmme- diate investigation of the situation. Representative Brumm _charged the of the Eastern Steel plant, which has Special Dispatch to The Star. been in the hands of receivers for five BALTIMORE, May 9.—A group of |years, is the culmination of a “con- Baltimore bankers left here last night |spiracy,” to put the plant out of com- aboard a special train out of New York mission. He added that the Chamber to attend the annual Spring meeting | of Commerce of Pottsville also was cp- of the board of governors of the In- | posed to the closing of the plant, and vestment Bankers' Association of Amer- | was endeavoring to raise funds to make ica, which is to be held at White Sul- & higher offer than that of Luria so phur Springs May 10 to 14. | that the business of the concern could Among the local group were C. Pre-|be resumed. vost Boyce of Stein Bros. & Boyce, Wil- | At a public sale about three weeks liam G. Dancy, vice president of the|ago, Luria bid $500,000 for the plant Union Trust Co.. Willilam G. Baker'and equipment, and $152,000 for ma- of Baker Watts & Co., C. T. Willlams |terials and “scrap” on the premises. of C. T. Willlams & Co. J. A. W.|The hearing before the court today Iglehart of J. A. W. Iglehart & Co.|wasson a request by the receivers of and_John P. Baer of John P. Baer|the company for confirmation of the & Co. Luria bids. i — Dickinson_ended the hearing, INVESTMENT TRUSTS Judge which lasted an hour, by saying he would not render a dec lore crfl’:‘y Yo‘i’(-, May 9 (#).—Over-the- M‘l’i’;?a.nzin'n principal request was the CUICATSTIRECSS court delay action on the confirmation cf the sale until the United States De- partment of Justice had completed its investigation. All Am_Investors Shrs ABCIr s CHICAGO STOCK MARKET CHICAGO, May 9.—Following is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales. 50'Abbot Lal 180 Adams Mfg. th’ ctfs Founders conv pi ct Founders war.... Founders 1-140th com . EE3.m0Y soc T & T A" 500 Assoc Tel Util... 50 Assoc _Tnv. o aBis. Chain & Gen Equit 6'2% Chain Btore Invest. ... Chain Store Tovert bt 10 Chicago Towel 3200 Cities Service So | Grum & Pe 225 Comwith Edis 6 | Crum & Foster Inc B Crum & Foster Inc 87 pi. | Deposited Bank Share N Y. | Deposited Bank Shrs N ¥ A. | Diversified Trustee Shrs A | Diversified Trustee Shrs B | Diversified Trustee Shrs C. | Equities Investors Corp com | Equities Investors Corp units | Eauity, Trust, Shrs. | Birs | Print Fundamental Tr Shrs B 2 General Equity A Sl Granger Trade .. .. Gude. Winmill ‘Trad Incorporated Investors v tncorporated Investors Bauii .. | Tndependence Tt Shrs : Insurance Shrs & Gen Man Op. | It Secur Corn Am A 5 |10t Becur cors’ Am' 8 | Int {1n In Investor . {Jeck & Curtis Inv Assoc | Tack & Curtis Sec Corp pf Leaders of Industry A 5 50 2 160 Nat Secur Inv.. 40 Nat Term . 200 Noblit{-Sparks oy 52 Ess! a & Rail Trustee Shis iie Service Tr Sh Representative Trust Shis Research Inv Corp | Peserrch Inv Corp 'units | Becur Corp Gen 600 pf Eecond Int Becur Corp A | Becona Int Secur Corp B Eec Int Becur Corp 6% 1st pf Belected Am_Ehares B 00 Vortex Cup 50 Vortex Cup- A 50 Wahl Income Shrs S Managements Trustee Ehswmut_Ban 4 Epencer Trask Fund Stand Am Trust Sars Collat Trusteed Shrs Etreet Invest Corp... J f Am Tr 8hrs Al m Tr Shrs B. Tr Surs C Tr Shrs .. “Trast Shr - Trustee Stand Tuvest By €. Trustee Staud Invest Shrs D Trustee Bandard Ol Strs Al Trustee Standard Oil Shrs B . Trusteed Am Bk Sh... : W ruBBLBERE L. a B E e elBLBENE,8S Radio. .. 3 Stock sales today, 81,000 shares. BONDS. 2000 Tnsull 6s 40 2000 United Pub S Bond sales Loday. $4.000. & | Btate | Buper | Buper Super Super CHICAGO POTATO MARKET. CHICAGO, May 9 (#).—Potatoes: 1,001; old stock firm: trading fair; sacked, per hundredweight, Wisconsin round whites, 1.35a1.45; Idaho Russets No. 1, 1.60a 1.65, few 1.70; commercials, 1.45a1.50: & Britih 120 new stock weak: trading slow; Texas iec ‘Lt & Pr 8nrs sacked Bliss Triumphs, 2.50a2.85, few | BRiverian e Bl 25 bepade- bighen, 2 nk “Teo5 5 RBritish Tnt Tid A & British Int Ltd B US & British Int Ltd 3 of LEAVE FOR CONVENTION |contemplated acquisition by Bethlehem | W! D. C., SATURDAY, BONDS ARE HIGHER IN SHORT SESSION Entire List, Except Few For- | eign Dollar Securities, Gain Better Ground. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 9.—Today's bond market, with the exception of a few foreign dollar bonds, was higher all around. At the start trading was ac- tive, but after the overnight accumu- lation of buying orders was absorbed activity lessened. This coincided with a realization period in stocks and served to show that bond operators still dis- trusted the movement of securities in spite of the upswing Friday. The wide gains were all in junior bonds, notably those of the railroads. Missouri Pacific 5s, for instance, sold today at levels 7 to 8 points above their recent lows. In the case of the “I” series this represented a 7-point dis- count as compared with a 14-point dis- count a fortnight ago. Money rates were easier, with 90- day loans quoted at 1} per cent. United States Government bonds re- flected this with new gains ranging from 1-32 ‘to’ 5-32. Liberty - fourth 4%4's made another new high. They are now selling at a price to yleld 2.38 per cent to the call date, a level that has not been equaled since 1927, - Prime issues, both short and long term, sold at new highs. American Telephone 58 and 5%s moved up frac- tionally, Atchison general 4s were ac- tive around par. New York Central 4%s made another new high. They count when the syndicate was dissolved, advanced to their offering price of par n. ‘The strongest group in the raidroad list were the issues commonly known as “Van Sweringen securities.” Erie 58 ran up about 1!, points to a new high on the movement and over 8 points above recent lows. = Missouri- Pacific bonds made a similar move. Nickel Plate 4,8 were nearly 10 points above their low of a month ago. Al- leghany 5s were inactive but somewhat higher. Van Sweringen notes, traded on the Curb ' Exchange,, were also strong. It was evident that the ad- Jjustment of the collateral deficiency on the Alleghany 5s had revived confi- dence in the whole group. In the foreign list Argentine issues were still depressed by the political sit- uation in that country. Brazil bonds moved uncertainly _around _Priday's closing levels. Sao Paulo Coffee Loan 7s, however, were strong with coffee prices. Australian bonds showed some gains owing to the expectations of an early election and the return of the Conservative elements to political power. European issues were quiet and steady. (Copyrisht, 1931.) Washington Sioék E);change SALES. Capital Traction 55—$500 at 80%. District National Bank—10 at 202. Federal-American National Banx & Trust—10 at 50, 10 at 50, 10 at 50, 10 at 50, 10 at 50, 10 at 50. ashington Loan & Trust Co—10 at 420, 10 at 420, 5 at 425. Peoples Drug Stores pfd—5 at 101, 5 at 101, AFTER CALL. Washington Rwy. & Elec. pfd.—50 at 987, 20 at 98%. Capital Traction 55—81,000 at 81. Pol's:nu: Electric Cons. 55—$1,000 at Washington Gas 65 “A”--3200 at 1021 Washington Gas 6s “B"—3200 at 1047, National Metropolitan Bank—2 ‘Washington Rwy. & Elec. 45—§3, 89%, $1,000 at 89%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4148 '39 Am. Tel etl. t. R. R. City & Suburban Georsetown Gas 1st otomac Elec. cons Potomac Elec, 6 i ash.. Alex. & Mt Ver. Washinglon Gas 4'4s rber & Ross. Inc., 6! hevy Chase Club 5as Columbia Country Club . C. Paper Mfg. Cold Storage Wash. Cons. Title 6s.. Ry. & El._com Wash. Rwy. & El. pf NATIONAL BANK. Capital (1 Columbia 7 Commercial (st Ped Kmmer) Nell'BK. & ¥ .-Ame: L BK. 5 Liberty (78) @ incoln (12) etropolita TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust (6 Natl. Say. & Tr. (121)’ ank & 5 i85 Wash. Loan & Trusi (i4) SAVINGS BANK. Bank of Bethesda (64) . Commerce & Savings (il Washington (12) Security Sav. & Seventh Stre. United States (30 Washington Mechanies’ (20 FIRE INSURANCE. American (12 Corcoran (10 Firemen's (8) o National Union (15).. f TITLE INSURANCE. . (L3N MISCELLANEOUS, Barber & Ross. Col. Mealcal Bldg. Gorp. i Col. & Gravel pfd. (7)... Disi. Natl. Sec. pfd. (7). : Emer. Bromo-Selz. Columbia (8} Real Estate ST L P o Mer. Tr Merxenthialer. Natl, Mige. & Peoples Drig Sto 1 Est. B ¥ & Lothrop col Woodward & Lothrop prd. +Bx dividend 12 mxtra e ¥2'2% extra. extie i 42 cars; on track, 169; total | Chr. i e 5% extra, Unlisted Department. (These securities not listed under exchanze p rules ) BONDS. Army-Nayy Club Ss. . Cosmos Club 41as, Commercial Club Mayflower Hotel Metropolitan Club Natlousl Fress Bide Bid. Asked. W JCO O Anscosti Chapin is Ban] Sacks District Title Tusurance Franklin Nationsl Banl Munsey Trust Co. North Capitol Sevings Northeast Savings Bank. Park Savings Bink Raleigh Hotel Co Washington Savings Bank.'". Washingion Title Insurance €. Washington Base Ball Orub. Received by Private Wire Direct te The [ o BONDS o] UNITED STATES. (Sales are 1n $1.000.) Sales. Lib3%s32-47.. 2 102 List4%s32-47. 1 High Low. 4102 Close. 4102 4 103 8103 8103 8 L4th4%s33-38 25 10413 10410 10413 US3%s40-43 US3Ksdl-43. US33s43-47. us Bales. Abitibl P& P 63°53. 12 Ab & St 5%8"43 1 Am F P 532030 AmIGChb%s Am Int Cp 5%s 4! Argentine 5%s '62. Argentine May "61.. Argentine 6s Ju '59. Argentine 6s Oc *59. Argentine 6s A ‘57, Argentine 6s B ‘58, Arm & Co 4%s39.. Arm Del 5%3 43 Atchison gen 4 Atch At Ref deb Australia 4% Australia 6s ‘55 Austria 7543 Austria 7857 ¢! B&O 4548 B&O4%s'33. B&Oconv4% B & O 1t bs'48 B & Oref 53’95, B & O 5s D 2000 B & O Sw dy 58 » o8nnumrulaBunont nun ~abei » Batav Pet4%s Belgium 78°55. Belgium 75 '56. Beth Steel pm 53 Bolivia Bolivia 7s " Bolivia 8s°45. . 3 Bos & Me bs '67 Brazil 6%s » Bremen s Bklyn Elev 6 Bklyn Man Budapest 6562, Buenos A 6s 61 Pv. Buff Gen'El 4% 881 Bush Ter con 55 '55. Bush T Bldg 55 '60.. Canada 4s'60 Canada 65 ‘52 Can Nat 43%8'57... Can Nat 4%s°68... Can Nat 4%s '55 Can Nat 55 July Can Nat 55 Oct "69. Can Nat 55°70..... Can Nor 6% s db "46 Can Nor 7s deb "40.. Can Pac deb 48..... Can Pac 433 '46... Can Pac 4143 '60. .. Can Pac bs ctfs "44. Car Clin & O 55'38., Cent Pac 4849 Cent Pac 58’60 Cert-td deb 5% Ches Corp 53 "47 o walnSamanes o Chi Grt West 45 '59 Chi Ind&Lou 65 '66. ChiM & St P 4’89, AT » NunRedienineRebaeinnanaans = Chi M&SP 4338 E. Chi M StP&P 55 '75. Chi M & St P adj 5n. Chi&NW g 3%s '87. Chi&Nwn 4%8 2027 Chi & NW con 4%s. Chi&NW rf 58 2037. Chi R1& P rf 48’34 ChiRlcvé%s Chi R1&Pac 4% Chi T H Inc 65 '60.. C& W (nd cv 4852, C& W Ind 5%s'62.. Chile 6361 Chile 6363 Chile 78 "42. . . Clev Term 4%s 77, CCC&St L 4 Colombfa | Colo & Sou 4% '80 Colon Oil 63’38 Col G&E 53 M. o - Cuba R R s '52. Cuba Nor 5% '42. . Csecho 85 ‘51 Czecho 9s 52 Del & Hud rf - =TSN =PRI P TR PR - Denmark 4 % Denmark 5 Denmark 6s'42.... D& R Gr gn 45 '36. D&RG W 5s'56. .. Det EA G&R4%8'61 Det Unit 4%s '32. .. Deutsche Bk 65 '32. Dutch East I Nov.. Erie 1st con 45’9 Krie con 4s A '53 Erie conv 4s B, Erie Gen Eriecv 5867 Erie 58°75. Fiat7s war.. Flat7s ex war ‘46.. Finland 5%8'58... Finland 7s 60, French 7s'49... French Gvt 7%s "41 Gelsenk’chen 6s ‘34 T Shmrmm oS R RmNe aa o 2R Z8aa0 i Eea ERn s German Bk 5 Ger Cen Bk 6360 J Ger Cen Bk 6560 O German Bank 7s'50 German Tsrep ‘49.. Goodrich cv 6345, Good 1st 6348 '47 Goody'r Rub 58 '57. GrandTr af db 65'36 Grand Trunk 7s ‘40, Grt Nor 4%8'17 E.. Grt Nor 58’73 o Grt Nor gn b Grt Nor gen Ti Greek 63 '63. Haits 8s '52 Hoe & Co 6% Hud & M rf 5 Humble Ofl 55 °37. . Hum O&R 5348’62, MBTIstpfbs A.. 111 Cent 45’63 111 Cent ref 43 ‘55 111 Cent 4% 111 Cent 6% 111 COStL&N 4%s.. 11 CCStL&N 68 A . Inland Stl 4358 A'78 Inland Stl 453, B'$1 Int Rap Tr 5866, .. Int Rap Tr sta ‘66, . Int Rap Tr 78°32... Int Cement 53 48. . Int & Gr Nor 6552, Int & G Nad 6s'52. Int Hydro El Int M Co 58 ret Int Match 5847 Int Pap 53 A4’ o o » - - : RoZewe? ~25un viaR-nwna o - REnmaanZan It T&T cv 4%58°39 Int T & T 58 55 Towa Cen 15t 5838 Ttaly 78 '61 . italy Pub 8v 7862, Kan G & E 42380, 10 Karstadt 68°43.... 6 Kend5%s'48 ww.. 3 Kreug & Toll 6859, &1 1 i High. Lot 5114 50% 1 100% 851/ 8% 84 ' 854 864 8519 Blae 85% 85% 85% 82 82 0% 0% 100 99% 1165 116 01 109% 98 105% 9% 101% 109% 9774 106% .22 10210 102 8 10210 . 1102 9102 9102 9 1 10222 102 22 10222 %% 47-52. 163 113 1 11228 113 1M . Close 20 57% 991y 100% 102% 106+, Sales. Lackaw St 53'50... 4 1 Laclede 5%8 C*53.. 91 1024 102% Laclede 5%s D’60.. 5 101% 101% Lake Shore 3145°97 3 86 86 Lautaro Nit 6 igh. Low. Close. 03 102 108 L&N1stres% La & Ark 55 '69 MeCormack 6s "34. . McKes & R5%8’'50 Manh Ry 1st 45°90 Market St 7s '40. .. 36 Mo Pac bs F"17 Mo Pac5sG'78.... Mo Pac 53 H'30.... Mo Pac ref 53'81.. 1 Mo Pac 53§s cv 4! Montevideo 78 '52.. Nat Datry 6% 3 N Y Cent db 48 '34., N Y Cent 4358 2013. 11 NY Cen rf 43482013 149 NYCreim 6s2013.. 3 N Y Cent db §: 5. NY C&StL4s'37. NY C&Stly 4% 818, NY Ed 1st 633 41, 18 NY ELH&P 4 NY NH&H 435 NYNH&H db NY NH&H 4 %167, NY NH&H clt 6 Nord 6%s ‘50 Nor Am Ed 58 ‘57 NA Ed'sonésC'$9 NorOT & L 6s'47. Nor Pac 38 2047 Nor Pac Nor Pac T Nor St Pw bi Norway bs* Norway 6s o) Binamenm mmam mEMBRR Norway 6852, "Ogden&L Ch 4348 Ore Short L 5s gtd. Orient dq Orient dev 68 Pac G & El Penn 4%3°70 Penn 4% s 63 Penn 55 "64.... Phila Co 58°¢' Pnila & Read Phillip Pet 63839, Pilisb F' M 68 °43... Plerce Oil deb 8s. .. P CC&StL 4%s "7, Poland 6540 et ui RliEna wiwinh B 7 Pure Ofl 5%s'37. Queenland 78 *¢1 Read.gn 4%s A Reading 4%s B Rem R 5%s A "47 Rhine West 65'52.. Rhine West 6 Rich Ofl eal 6 Rio de Jan 6% ¥ Rio Rio Gr. W elt 48 Rio Gr W 1st Rome 638'52. ... Roy Dds'4é ww... 32 StL IM R&G 4s°33. 23 StL&SFindsA.. 6 StL&SF 4%s"8. 80 St L&SF prin bs 1 3 a 5 St P Un Dep 58 7 San A& AP4s’4 Sao Pau 78 ‘40 rets. '62 Shell Un Ofl 55 °47. Shell Un Ol 5845, Sinclair Ofl 6%8'38 Sinc O Tsev A ‘3T Sinc Cr O 5%1'38 Solvay Am bs '42 Sou Bel T&T bs Sou Pac col 484 Sou Pac 4%s Tex & P 18t 58 2000. Tex & PacsC‘19.. Tl Texas Pac 53 D'80. 31 12 Tokio El Lt 68’ 53.. 12 2 Un Pac rf 45 2003.. 53 Un Pac ¢%3°67.... 12 Unit Drug e Uruguay 6s’64. . Utah P & L 58744 Utll Pow bs Utll Pow 5%s ert Sug 1st Ta*42. v 6s'62.... 8 Wil & Co 1st 654 Wilks B & K 18t Yokohama §: Yxstn Sn&T & Yng StI&T CHICAGO DAIRY MARKET. CHICAGO, May 9 (#).—Butter: Re- ceipts, 15,205 tubs; easier; creamery ex- (ras (92 score), 21';: standards (90 score), car lots, 2174 ; extra firsts (90-91 soore, 209%,a21; firste (88-89 score), 20a 201, ; seconds (86-87 score), 18a19. . Receipts, 28,998 cases; firm ex- tra firsts, 17%; thhlm;llflrm. 16%; o, 18 storage packed extras Receipts. alive, 9 trucks; fowls. 17a18: broilers. 33a37: , 1340 turkevs, 2023 duth,.lfi. {eavy Spring duc COMMODITY TREND CONTINUES LOWER Eleven Classes Declined, Two Stood Still and One Advanced Last Week. BY H. N. MeGILL. Editor McGill Commodity Service. AUBURNDALE, Mass., May 9 (#).— The average of all commodity prices during the week just cl recorded another decline establishing & new low, for a period of weeks a downward trend of commodity prices has proven quite pronounced. ~ A check-up on the price changes in 14 individual groups shows that 11 declined, two remain un- changed and only one advanced. It is not to be expected that com- modity prices will show any independ- ent price strength as long as industrial activity remains near low ebb. Unem- ployment holds close to 6.000,000. pur- chasing power is impaired. and inven- torfes of both raw materials and fin- ished goods, while not large in terms of past peaks, are heavy when compared with the conservative rate of consump- tion. There is another point which must be borne in mind, namely, that it is the usual procedure in commodity markets to lag behind the movement recorded in general business and the stock market. Only recently the stock market reached a new low point and the rate of industrial activity has flue- tuated within a narrow range. For- tunately, sharply reduced producing schedules are preventing stocks on . hand from increasing rapidly. Com- modity markets are bound to flounder around until there is definite improve- ment in world economic affairs. All Commodities. Noting specific changes during the past week, the average of all commod- ities broke through the low of the previous week, caused by general weak- ness in industrial products, livestock, fuels, hides and leather, non. metals, ferrous metals, paint materials, paper and dpulp, textiles—both fine and coarse—and vegetable ofls. Industrial Prices. Principally due to the critical weak- ness in metals, cularly the non- ferrous group, justrial prices declined during the past two weeks more than 10 basic industrial products have broken through the lows established during the closing months of 1930. Agricultural Prices. Agricultural prices represented the only group which advanced. The re- covery was only of a slight nature, but it clearly indicates that farm products showing considerable resistance against a downward trend. Over-pro- duction will not be easily corrected. Recent reports show that Russia is now the largest wheat producer in the world and the five-year plan calls for an in- crease in acreage this year of 19,000,000. Textiles. ‘Textiles were lower, caused principally by the erratic trend in cotton and price weakness in silk. The price ot_s:t cotton recently broke through the De- cember low, reaching 9.40c on May 3. Non-férrous Metals. More price weakness was shown by non-ferrous metals than most groups, due to the break in to lead 4c, zinc 3.60c and tin 22.87%e. ‘The only two groups which stable during the past week were bufld- ing materials and chemicals. Most important price changes: 3 Previous Year BUSINESS UPSWING IN fAI.I. FORECAST Better Conditions Now Being Pre- dicted in Third Quarter by Boston Economists. Special Dispatch to The Star. succes- sion. Business this week is 23.4 per cent below normal, the same as two ‘weeks ago, and only fractionally differ- ent from last week’s figure—23.6 per cent. ‘The continuation of automobile pro- duction at the April level of activity, the slightly improved employment. eon- ditions, and the favorable upward trend of electric power output are con- sidered by the United Business Service as current encouraging factors in busi- ness. The further decline in wholesale prices is discovraging, and the drop in the demand fur commercial loans is confirmation of the belief that no abrupt expansion in business is likely. Pronounced change in general busi- ness is not expected during the bal- ance of this quarter, but upward movement is forecast for the third quarter. Markets at a Glance NEW YORK, May § (P)—Stocks weak; J. I Case lowest since 1926. Bonds strong; Tails advance. ¥ irregular; utilitles sag. Foreign _ex- changes steady; French franc firm. Cotton steady; weakened covering. Sugar higher; trade buying. Coffee higher; firm Brazilian markets. AMERICAN SHIPS HANDLE BULK OF MARINE TRADE Eighty-nine c&" ln‘:::d dmthfi, fish and marine produ e United States are handled by American vessels owned by citizens of this w\mhx!.nl‘:- cording to a report made to the ite yesterday by the Tariff Commission. ‘The report, Tequested by a Senate resolution, was filed after the first com- plete survey of the kind ever made of United Stales commercial fisheries. Americau vessels owned by alien resi- deuts account for 9 per cent of the total marine products landed, and foreign vessels about 2 per cent. “Most of the aliens,” the said, “are Japanese, Italian, jan and Finnish Portuguese, and are en- gaged principally in the Hawall, California, Georgia, Oregon and Connecticut.” E F LR TREASURY STATEMENT. ‘The United & May 7 was $249,649,498. for the month to $7,394,971.86. ‘Total tures, $13,263,410.22. -~ BALTIMORE Special Dispatch Lo The Btar. BALTIMORE, May .. . BONDS. 1000 United Rwy & Elec Ist 48 % PSSRt Six hundred salmon were caught in one day recently in the River Dee near Aberdeen, Scotland. making & record fatch for the vicllly,