Evening Star Newspaper, May 10, 1931, Page 63

FINANCIAL CURB IRREGULAR * N QUIET SESSION Net | ——1931.— SURSWEER ENDINGISRYS, ML, Stock and dividend. g 5 . Chge.| High. Lo Stock and_dividend. PASS U". I.er[S " Ford M Can A (1.20). 20% 2 + %l 28w « Pilot Radio Tube(A).. l sttty e e e Ford Mot, Can B (1.20).. + 2] 2% Pines Winter Front (1).. 8 s Ford M France p28c. ... Pitney B Posn(20c). ., e Aero Underwrite: ;2“ :;“ Ford Mot 1.td (36 3-5¢) . Pittsbgh & Lake E(110). :ll\flll;ed Prod (1.60). b ) Foremost DairyProd. 1 Pitts Plate Glass Rfa Ansco..... 3 Net Stock and dividend. High. - Low. Close. Chge. Starrett Corp pf (3).... 8 15% 16w — 1% Strauss (Nathan).. . 6% + 3% Stromberg-Carl(134).... H - % Strook & Co (60c). .. 6tz — 1% Stutz Motor Car n W 2 24% + W Stuiz Motor (war). A e 2 Foremost Fabrics. Plymouth Oil (1). 2 Only 180,000 Shares Change Hands—Small Early Gains Short-Lived. BY CLAUDE A. JAGGER, Associated Press Financial Editor. NEW YORK, May 9.—Small gains in the first hour, as the market maintained the Friday rally, were sufficient to at- tract profit-taking on the Curk Market today and the close was irregularly Jower. Most of the easiness was in utilities and oils. Industrials and specialties were steady. It was the quietest Saturday in a ‘month, the turn- | over being only 180,000 shares. Utilities offered fair leadership during the early upturn. but sagged quickly in the last hour. Electric Bond & Share held temporarily around vesterday's close in moderately active trading, but gave up 3; net. American Ges & Elec- tric lost 114. Losses in United Light A, American Superpower and St. Regis Paper averaged half a point. Niagara Hudson and Middle West Utilities were irm. Vacuum ©fl rose at the opening but softened gradually and closed at the lowest, off 133, although it was still a point above the mecont minimum. Standard of Indiana vielded %3 and Cities Service 14, Gulf lost a cne-point Pure Oil preferred heavy. ved strength in re- flection of westerday’s jump in Auburn Auto, but sagged before the close. Huvier of Delaware and Westcrn Air EXpress were heavy. Pan-American Airways, Aluminum of America, Dresser A, Deere, Armstrong Cork and Swift Inter- national firmed. Investment trusts were dull. Conti- nental Shares B preferred dropped 1'3. Ungerleider Financial rallied half a K;l‘ml to within a fraction of its 1331 th, BANKERS SUGGEST WAYS TO PREVENT BUSINESS SLUMP, (Continued From First Page) mercial; Joseph T. Exnicios, Depart- mental Bank; Victor B. Deybcr, Second National; Robert V. Fleming, Riggs Na- tional; E. J. McQuade, Liberty Nartional; Lanier P. McLachlen, McLachlen Bank‘ and president of the District Bankers Association. Other prominent bank officers were g!le'nt. while the Washington Stock cchange and the National Press Club were also represented. It was a glowing tribute to a brilliant financial writer. When the Chicago-bound train slowly led out of the Union Station, early K\‘nm afternoon, it meant the passing forever from the local financial district of a nality which will not soon be 1 te ‘es, what wonderful faces are to be found in the Hall of Memory} Gleaned in Finzncial District. Crane, Parris & Co. has ‘ust put out & most interesting folder on Washing- ton securities, covering thc most im- rtant local issues in great detail. Enk stocks, public utilities, insurance and miscellaneous shares are included, value, dividend rates, high and low far several years, last sale price and yields being among the facts presented. The annual stockholders’ meeting of the East Washington Saviags Bank Wil | iiian securities, as it is the wheat out- take place June 3, when trustees will be elected for the coming year. The election of officers of Washingion Chapter, American Institute of Banking, | takes piace next Thursday at M quarters, the polls being open from 4 to 8:30. The sln{e lndiummmme in- teresting contests for some offices. The institute’s Spring party at the Columbia Country Club *z5 tne largesi subscription event of the kind yet given, 375 being present, including the officers, governors, consuls and commitize chair- en. mmmmd 8. Wolfe, who has been se- cured as one of the rpeakers at the District Bankers’ Association June con- | vention, is a former prasident of Wash- ington Chapter, A. I B. i Ex) op! automotive products from the United States recorded ths highest total during March since June, 1939, the Department of Commerce reports All such products during the month ha a valuation of $19,916,929, a gain of $2,715,018 or 158 per cent, over Feb- ruary, 1931. Proration Agreement Made | by State Fails to Keen Down Weekly Output. Special Dispatch to The Star. TYLER, Tex., May 9.—Promulgation {of proration of production from wells |in the East Texas oil fields has failed thus far to restrict the output of the new oil area to the limits of 160.000 barrels daily rec-ntly fixed by the State. Not cnly the de'ay incidental to th> application_of the mechonism of such |an order, but also its apparent disre- |gard by some operators have combin | o rotard the reduction from last week h production of 350,000 barrels daily. There also appears to be some misu derstanding s to the method to be adopted at the inception of the cur- | tailment movement. By the middle of the week the daily output of the new area had been re- duced about 100,000 barrels daily. Representatives of the Railroad Com- mission said that a further curtailment. to conform with the new orders, would be gradually applied due to the control by ths commission over rail shipments. Because of the decline occurring grad- ually, the full effects of the restrictions will nct be felt for another week. How- |ever, a mat-rial reduction having oc- | rurred this w-ek it is expact~d thet the | Nation's cutput, which is being ccm- | piled today, will be greatly lowred. Wiil> the area is in its e-ry stages of development, the factor of price for the production is apnearing as a con- sideraticn. The lack of a sustained market in the field, despite ths posting by three major companies of the 67-cent price for oil of 40 degrees in gravity. is bringing grave doubts to many of the operators as to the profitab'eness from the average operation. The major companies are undertaking their drill- ing campalgn slowly and seeking some orderly manner in which to develop their irregular shaped tracts. There is an effort being made to promote the “on~ well to 10 acre plan,” although they would rather wish one well to 20 acres. On many of the properties there are two wells to flve acres. Buying for Profit BY GEORGE T. HUGHES. ‘With foreign government bonds, par- | tienlarly thes: - of South American debtors, so severely depressed in market price. the questidn constantly arises whether they have reached an attrac- tive buying level. Certainly the yield is tempting, or would oe if on> were at all sure of continuity of interest pay- ments. Of course, one cannot be sure, and that is the reason for the hixh return? It is safe to sav, however, that economic conditions are of greater importance than political changes in determining an investment program with regard to these foreign bonds. It is not a revo- lution or the threat of a revolution that need be feared so much as it is diffi- culties brought about by a continuous fall in the world price of the commodity the country in question has ‘o export. For example, the situation in Bolivia, one of the South American nations that defaulted on certain of its dollar bonds, will depsnd more on the price of tin than it will on the make-up of the particular government that may happen to be in power. Similarly, it is the cof- fee market which is the determining factor in appraising the value of Bra- look which makes for prosperity or the reverse in Argentina. Granted the good faith of all these governments, . their .willingness to pay, no administration can overcome the ef- fect on its people of a price collapse in its most important prgduct. Nor can any government permanently control prices, not even the Government of the United States, as the -record of the Farm Board demonstrates, The forces | that govern prices are too strong to be set aside by any law or any board or commissfon constituted by law. Experi- ments along this line have invariably fail ed. The conclusion then is, as far as the South American bonds go, that the risks of purchase will continte until there | are_definite signs, not simply of com- modity price stabilization, but of com- | modity price recovery. When that point |is reached the form of government or the party in power will not make much difference to the American buyer of South American bonds. ) (Copyright, 1931.) WASHINGTON STOCK EXCHANGE YEAR 1931 (Reported by W. B. Hibbs & Co., Hibbs Bullding, Washington, D. C) @ALES OCCURRING ON THE WASHINGTON STOCK EXCHANGE FOR 1831 UP TO AND | i INCLUDING FRIDAY, MAY 8. BONDS. PUBLIO UTILITIES. Anacostia & Potomac Riv. R. R. 1st Anscostia & Potomac Riv. R. R. gua C. & P. Tel of Va. 85, 1943 ..... Capital Traction 1st 5s. 1947 City & Buburban Ry. 1st 5s, 1948 Georgetown Gas Light 1st 55, 1961 Potomac Electric Power cons. 5s. 1936 ...... 103 Potomac Elect. Pow. gen. & ref. 6s, Washington Gas Light 5s, 1960 Washirston Gas Light 4'-s, 1973 Washington Gas Light series A €s. 1632 Washington Gas Light series B €s, Washington Rallway & Elect. 45, MISCELLANEOUA Columbia Country Ciub Bias, 1650 PUBLIC UTILITIES. Capital Traction N. & W. Steamboat Potomac Electric Power pfd Potomac Electric Power pid. Washington Gas . ‘Washington Railway & Elec. Washineton Raliway & Flec. NATIONAL BANKS. Commercial Fed.-Amer. Nat. Bk & Trust Liberty Metropolitan Rizes ot Washingion TRUST COMPANIES. American Sec & Trust . entat 1 Sevings & Trust d Trust Washingion Loan & Truct BAVINGS BANKS. East Washingion Security Savings & Commer Seventh Btreet Savings Bank FIRE INFURANCE. Corcoran . TITLE INSURANCE. Real Estate ... : MISCELLANEOUS. Barber & Ross, Inc . com Columbia Sand & Gravel pfd District National Security pfd Emerson Biomo-Sel. “A" FPederal-American Co. com Pederal -American Co. pfd Lanston Monotype Merchants’ Trans, & Stg. ©om Merehants' Trans. & 8tz. pfd Mergenthaler Linotvpe National Mtge. & Inv pfd Peoples Drug Stores Real Estate Mige & G I Ref. & Whg. Corp. Woodward & Lothrop pfd. TO DATE g Close. maturity. 55, 1049.. 81 1 60% r. B3, 1949 95 8.40% 3 . 103% 862 20 103 1953 1926 1951 Approx. yield 10.8% 6.3% 53% 7.00 7.00 200 120 €0 700 7.00 7.00 600 650 20 300 1.50 7.00 UNLISTED DEPARTMENT. Commereial Club 8s ... 25t Natl. Press Bidg. Ist Sls, 1950 Frankiin National Bank ... Alnsworth Mfg Corp(1). Alabama Power pf 8).. Ala Pwr cum pf (T) Allled Mills, Tnc(80e)... Allied Prod cv A 3% Aluminum Co of Am Alum Co Am pf (6). Alum G'ds M (1.20). Aluminum Co. Ltd Alum Ltd A war. Aluminum, Ltd (B) Aluminum, Ltd (1) war. Aluminum.Ltd (D) war Am Arch Co (3). Amer Austin Car Am Book (7). Am Brit & Cont. Am Capital (B) 4 Am Capital pr of (5% Am Cigar Co g Am Cit Pwr&Lt(A)( Am Cit Po&Lt B(b10%). Am Cmwith P A(b10%). Am Com Pr B (b10%)... Am Cyanamid (B).. Am Inv. Inc. war... Am LaundryMach(3). Am Lt & Trac (23)..... Am Maracaibo. Am Meter (3) Am Natural Gas..... Am Stat Pub Sve(al.60) Am Superpowr (40c). ... Am Superpwr 18t pf( Am Sunerno pf (6) Am Util&Gen (B)vte. ... Am Yvette Co (25c). Anglo-Chilean Nit...... Animal Trap Co (1). » Appalachian Ga: Arcturus Radio A. oo Arkansas Pwr&Lt pf(7) Armstrong Cork (1).... Asso Elec Ind Ltd(30c). Ass0 Gas & Electric. Asso Gas & Elec A Assoc G & El war. Asso Gas & Elec ctfs Ass0 G & Eof (5).... Asso Laundries. Asso Tel Util (13%) Atlantic Coast Fishar] Atlantic Fruit & Sug. Atlantic Sec Corp. Atlas Utilities Corp. Auto Vot Machin Auto Vot'g Ma cv pr pt.. Aviation Securities. Babcock & Wil (7) Bell Tel of Can (8). Bell T. of Pa. pf.(6%) Beneficial 1L (13%) . Bigelow-Sanford Carpet. Bliss Co (EW) (n1).. %4 Blue Ridge Corp.. . Blue Ridge conv pf (ald). Borne-Scrymser Co. Bourjois Ine Botany Mills. . Brazil Trac & Lt ( BrAmTob cou B 1 Buffalo, N&EP pf(1.6( Bunker Hill&Sull(3) Burco, Ine.. Bureo. Inc, war. Bureo, Inccv pf (3). Butler Bros..... Bwana M Kubw Cep. Cable Radio Tub vte. Cable&Wire pf rcts 19¢. Can Hydro El 69, pf Carnation Co (§1%).. Central Atlantic States.. Cent Pub Sve. Del. Cent Pub Sve Cent States EI (b10%).. Centrifugal Pipe (60e). Chain Stor Development Chain Stores Stock. Charis Corp (13) Chat Ph Aln.v (1 Chi B&QR R (10). Childs Co. pf. (7). .. Cities Service(g30c) Cities Service pf Cities Ser pf B (.60). Citles S Pr& Lt pf (7). Subur Hmes(60c) . Mach & Tool (80c). ude Neon Lights.Inc. Clev Eler illum (1.60) Cleveland Tractor(80c).. Cohn&Rosenbergerl nc,. Colombia Syndica . Columbia Pict (f1%). Colum Pict vte (f1%)... . Com’with Edison (8) Comwlth & Sou (war) Com Wat Ser (g1214¢).. Comstock Tunnel. Consolidated Afrcraft Consol Auto Mer ctfs... Consol Auto Mer cum pf % Consolidated Copper. ... Consol Dairy Products. . Consol Gas Balto(3.60) .. Consol Gas Util A¢2.20). Consol Retail Stores. . .. Contl Gas & El pr pf(7) Cont Shares conv pf. . Cont 8hares pf (B) Cooper Bessemer Cooper Bess pt A(3) Copeland Prod Inc A Copper Range Cord Corp. . Corp Secur o Cosden OVl . ... . 118 Lid (13 3-5¢) e Petroleum . Cre-son Consol (4¢). Crocker Wheeler .. Crowley Milner (2). Crown Cork Irtl A «(1). ol ller pf A (3). imberiand P L (2) CurtissAirprisvte. Curtixs Wright wi Cus! Mex Mining Dayton Atrplane & Eng. Deere & Co (1.20) Decca Record. ... i)e Forest Radlo. Derby Ofl & Refin. Derby Oil & Refin p Detroit Afreraft Corp. Doehler Di« Castin: Iominion Steel & Coal B s Aircraft (1% ). S RO Mfe A (3340 Acod(313). sxer Mg (B) (2)... Driver Harris (new). as Corp. Dur: nt Motors. ... Duval Tex sul wi. A% G & Kuel Asso. 1 G & FIAS pfi6) 1 Stx Pow B (1) astern Uti] Asso (2) astern Util Inv (A). Eisler Electric Corp. ... Elec Bond & Share (b§). E) Bond & Sh of (6). Filec Bond&Sh cu pf () Elec Corp of Colo. . . Elec Pow AS80 (1).... Elec Pow Asso A (1).. VI P& Lopt war. . Fl Sharehold (b6 %) Shareh vf (a6%). . Nat Watch 175 myire Corporation. ... mpire Gas& K em pf(7) m: ire Gax& K em nf(8) mpire Pub Sve (A).... Tupire Stevl Corn mploy Relnsur (11.60). s neers Gold S iureka Pipelinecd) Euro Elre Lid deb rts.. Evans Wall Lead. Fafrchild Aviation Fansieel Proa < Fedders Mfg Co (A). Federated Capital. Federated Metals Flat rets (94 15¢) Fischman & Sons A. #lintkote Co (A)... Florida P & L p£(7). {8 151 IR O AR ] Y B = 4 Cl L+ s £8 22 T Eeses sk & e _m & F & T esFer PI4++ 10+ ++ ¥ ¥ # FFL _— o P OFEEEFFE EX PLE++ 1441 [+ = L4444 ++ ~ - £ F 5 FESELS EANAE NS FELFEFF LAl b v [+ Foundation Fer Shs Fox TheatersClassA. Galena Oi1 Cory.... Gamewell Co pf (6). Gen Alloys General Aviation. Gen Elec Ltd rets( . Gen Empire Corp (1)... Gen Fireproof (2)....... Gen Gas&El cv pf B (6). Gen Laundry Machine. . 4 Gen Petroleum. g Gen Thea Eq cv pf (3) Gen Water Wks&FElec A. Gien Alden Coal (4). . Globe Underwr (1ic) Gold Seal Elec new. Golden Cenver. Golden State Milk.. sldman Sachs T C Graymur Corp (1). Great At&Pac Tea nv(6) Gri A&P Tea pt (7)..... Great Lake D D (11%).. Great Nor Paper (3) Grelf & Brother. Groc Strs Prod Guardisn Inves Gulf Ofl of Pa (1%) Hambleton Corp pf. Hamilton Gas ret Hand P p pf (p2. Happtness Candy Hartman Tobacco. Hazeltine Corp (2) Hecla Mining (40c).. Helena Rubinstein Hollinger Gold (65¢). Horn&Hardart pf(7). Hudson Bay Min & 8 Humble Oil (t213) Huyler Stores of Del. ... Huyler St. Del cu pf (7). Hydro Elec Secur (1.40). Hygrade Food Prod..... 111 Pwr & Lt pf (6).. Imp Ofl of Can (50¢) Indiana Pipe Line (1). Ind Terr Illu Ofl (A) Ind Terr Illu Ol (B) Industrial Finance ctfs. Insurance Sec (70c) Insull Inv (b6% ) . Ins Coof No Am (12%). Intercont Pete new..... Intl Hydro cv pf (3%).. Intercont Power (A).... Int] Petroleum (1) Intl Products. ..... . Int Safety Raz B (1214). Int Superp (11.10) . Int Utilities A (3%).... Internatl Utllities (B) . InterstateEquities. ... .. Interstate Equ cv pf (3). Interstate Power pf (7). Irving Air Chute (1).... Irving Air Chute (wa Italian Superpowr A. Jonas & N cum pf... Kings Co Lt cum pfD(5) Kirby Petroleum. Kirsch Co pf (1.80). Klein (D E) Co (1). Klein (H) pt pf. Kolster-Br(Am shs) Lackawanna Sec (4) Lakey Fdry & Mach.... Lawrence Port Cmt(4).. LefcourtRity of(3)..... Lehigh Coal&Nav(1.20) Leonard Ofl. . Ley (Fred) Co (113) Libby McNefll & L. . Liberty Dairy Products. Lily Tulip Cup 1%.. Lone Star Gas n (88¢) Long Island Lt (60c) . Long Isl Lt pf (7). Long Isl cu pf B (6 . Los Ang Gas & El pf(6). MacMarr Stores (1) MagdalenaSyndicate Mangel Stores pf. . Mapes Consol (13%) Mavis Bottling (A)..... May Radlo & Telev (1).. Mead Johngon (14)...... Memph N G Co (60c) . Merritt Chap & Scott. Mesta Machine (2). Met & Min Inc(1.20) Metal Tex pt pf(3%). Met Edison pf (6). Met 5c 10 50c § (B).... Mexico-Obio Ofl. ... Mich Gas & Oil Corp.... Mid Royalty ev pf (2).. Mid Sts Pet v.t.c. A. Mid S Mid West Util (b8%)... MidWest Ut ev pf(6). Midland Nat GasA.... Midland Stl Prod. n (2). Midiand United (b6% ). Mining Corp of Can.... Minne-Honey pf (6).... Mo-Kan Pipe Line (A).. Mo-Kan & Pipe Line (B) Miss River Pr pf (6) Moh Hud P 1st pf(7). Moss Gold Mines....... Mountain Products (1). Mount St Pow pf(7) Nat Amer Co.... ational Aviaifon. t Bd & S Corp (1) at C C A pf (t65¢). Nat Family Store: Natl Food Products ( Nat Food Prod (B). at Fuel Gas (1) at Investors. ... % 2 . Natl Pwr & Lt pf (6). ‘at Pub Serv (A) (1.60) at Pub Sve pf (7). Nat Rubber Mach. Nat Service Co..... Nat 8 T Sec A (350e). Nat Sugar NJ (2). Natl Transit (1). Nat Union Radio. Nebel (Oscar). ... Neisner Bros of (7 ewberry (JJ) pt (1) New Bradford Oil (28¢). ew Eng Pow pf (6). ew Jersey Zinc(13). N Y & Hond Ros (11%). N Y Tel pf (6%). N Y Transit (1)...... Niag.-H. Power (40¢) Niag.-H. Pwr A war, Niag Hud Pwr (B) wa: Niag.-Hud PwrC w Niag Shares, Md (40e).. Niles-Bement-Pond (2). Nipissing (30e). Nordon Corp Ltd. : Nor Am Aviation A war. Northam W ev pf (3)... 714 North & Sou AmCor p A. Nor European Oil Corp. Nor Ind Pub Sve pf(6).. 4 North Stat Pwr A( Nor States Pwr pf (6).. North S Pow pf (7)..... Northwest Eng (2). orthw Yeast (0 12). Novadel Agene (4) Ohfo Copper. . . Ohio Power pf.(8 . Oflstocks, Ltd(A) (40c). Okla Gas & El pf Outboard Mot (A) Outboard Mot B. Overseas Sec. ... Ovington Bros pt pf PacG&E1stpf (1%).. Pac G & E pf 1.37% Pac Pub Sve A(1.30) Pac Western Oil.. an Am Airways 'andem Ol . Paramount Cab Mfg Parker Rust Pr (3)..... Patterson Sargent (2).. Pennroad Corp (20¢) . Penna Gas & Elec A. Penn Mex Kuel (p3). ... Penna Pwr & Lt pf(7).. Penn Penna Warer & Pwr (3). Peop L & P A (2.40) . . Perfection Stove (2%).. Perryman Electric. .. Petrol Corp war. . Philip Morris Ine. Philip Morris (A). Phoenix Secur Corp Phoenix S C pt (3) +i4) +1 V+) F TEFEE FE FER FE FET FEP 3 1+ +1++1 00 +1 L4441 {2 B = s LI+ 1+ ++1 |+ 4+ [ +0+ % " % W Y kel Y % W 4% 1 2% % 1% W Fes"s £ Eses £5¥ @ £ Efe SR nik BEF Ee SEe FEFFES " % Polymet Mfg......... Premier Gold (12¢).. 4 Producers Roy Corp. Prudential Inv Prudential Inv pf(6). Public Util Hold war. Pub Util Hold Corp xw Puget Sd P & Lt pf (5). Puget Snd P & Lt pf (6). Pure Oll pf (6).. Pyrene Mfg (80c) Radio Produc’ Railroad Sh (30c) . . Rallway & Lt Secur (13). Rainbow Lum ProdA... Raintow L.um Prod B Rayethon Mfg........ Reiter-iFoste: Rellable Stores. ... Reliance Intl (A). . Reliance Int Corp(B) Reliance Management. . Reybarn Co. Reynolds Invest. .. Richfield Oil of Cal pf, Richmond Rad cum pf. Roan Antelope Mines R'kland Lt & P (90c) . Rossta Intl Corp Ryerson (J) (2) St Antony Gold. St Regis Paper ( Salt Creek Oil (28¢). .. Salt Creek Prod (1.40).. Schulte Real Estate Schulte Un 5¢ 1031 § Seaboard Utilities ( Secur Corp Gen(40c) . Seeman Brothers (3).. Segal 1. & Hwdetbuc) Seiberling Rubber. ., Selby Shoe (1.40). . Selected Industrie Sie Ind full pd (515) Sle Ind prior (515) Sentry Saftey Control. Seton Leather (1). Shattuck Den Min...... Shawingan W & P (2%) Sheaffer Pen (13)....... 4 Shenandoah Corp. Shen Corp pf (a3). Silica Gel et. .. Singer Mfg (+12%). Sing Manuf Ltd((p23c) . Sisto Fin Corp. Smith (A 0) (2) So Am Air Lines 1st pf.. South Am Gold&Plat. .. SoCalEdpf A (1%).... 8o Cal Edis pf (B) (1%) Sou Calif Ed pf(C)(1%) So Colorado PwA (2)... Southern Corp. .. . SouthernNat Gas....... South Penn Oil (1).... Southland Royalty(60c Sou West Bell Tel pf(7). 121% Sou West Dairy prd pf.. Spanish & Gen rcts. Spieg May Stern pf..... Standard Holding Corp. Stand Motors. ... Stand Oil of Ind (2) Stand Oil of Ky (1.60 Stand Oil Nebr (2). Stand O1l Ohto(2). Stand Oil of Ohio(5). 4 StandPwr & Lt (2). Stan Pow & Lt pf(17)... Stand Public Srv A.. Stard Screw (6). .. Starrett Corp. .. United & ~ TEEEet [ I T S O T | oo - 0 SEFEFE F O£ F OISV ! > 1Plus 5% in stock. JPlus 2% in US&Overseas war..... U S Playing Card (2%).. Unit Stores......... Unit Verde Ext (2).. Util Pwr&Lt (at1.02%). Ut P&L B(at1.02%).. 5 Venezuela Petroleum Vie Finan Corp(40¢) ‘Wagner Elec (1%) Waltt & 8. A (2). Walgreen Co. er (H) (1) son (JW) Co. Wayne Pump. Wenden Copper. W Va Coal & Coke. Western Power pf (7). Western Tablet&Sta (2) 24% 24% Williams R C (70¢) % 9% Wil-Low Cafeteria; 4% 4w Wilson Jones (134)..... i 16 16 Zonite Products (1).... 18 12 12% Dividend rates in dollars bpsed on last quarterly or nual payment. *Ex-dividend. {Partly extra. 3Plus 4% in ble in cash or stock. b Payable in stock. e Adjustment divi- Sun Investing. . Sunray Ofl (b5%) Super Maid Corp. Swan Finch Oil. Swift & Co new (2) Swift Internat (3). Swiss Amer El pf(6)... Syracuse Wash Mch(B). Taggart Corporation Taylor Milling (213 Technicolor Ine. .. Tech Hughes (60c) Tenn Products (1) . Texon Oil & Land (1) Thatcher Sec Corp. 4 Tobacco&Allied Stks. .. Tobacco Prod Exp (10c). Trans Air Trans. Trans Lux D L. P Tri-contin’l Corp war Tri Utilities (21 20) Tublze Cantlilon (B) Ungerleider Fin Corp. Union Am Invest. . UnNat Gas of Can 1.45. Union Oil Assoc (2)..... UnfonTobacco. .. Unit Chem pt pf (3)... Unit Corp war..... Unit Dry Dock. Unit EI Ser pur war. Unit Founders Utd Gas Ce United Gas wa United Gas pf (7) Utd Light & Pwr A(1) Utd L & Pwr (B) (1) Utd Light & Pwr pf (6 I++1 [REE AN + ++ I+ 44 Profit Sharing U S Dairy, A t5). U S Dairy B.... U 8 Elec Power ww U S Finishing pf. U S Foil Co B (50¢) U S & Internt] Sec. U S Inter Sec 1st pf. f (1) cons I++1+1 L4441 10 I + 1 2R 17 .. BR4 55 85 . 108% 103% 103% T++1 0111+ + stock. gPlus 6% in stock. hPlus 1% in stock. k Plus 10% in stock. m Plus 3% in % | stock. n Plus in stock. D Paid last year—no regular rate. COTTON PRIGES UP AOPOINTS N VEEK Unfavorable Crop News and‘im Al Better Inquiry for Spots Aid Since May 1. BY FRANK I. WELLER, Associated Press Farm Editor. INVESTMENT TRUSTS NEW YORK, May 9 (#).—Over-the- counter market: Bid. Asked. All Am Investors Shrs “A" 3 ABCTrS, e & pr W Bankers Nat Inv Bansicilla Corp Cotton prices are about 40 pomts‘gn higher than the closing quotations on | May 1, due in part to a little better The general market trend has been ! downward since the middle of March, | but some professionals now are going long on cotton, claiming the trade is| facing a period when growth conditions | are likely to change the market quickly. | Weather Draws Attention. Cool, wet weather and the late start| in many sections is attracting more at- | tention, and _should rains continue | through the first half of this month some look for a weevil scare and an in- | crease in the speculative buying power Jorit Cha Cumulative, & Corporate_Trust SI Crum & Foster Ins B um & Foster Ins pf um & Foster Inc B... Crum & Foster Inc 8'c i Deposited Bank Share N Deposited Bank Shrs N Y A Diversified Trustee Shrs A. Diversified ‘frustee Shrs B’ Diversified Trustee Shrs C Equities investors Corp com. ... Equities_Investors Corp units.. EQuity Trust_Shrs...... 3 ¥irst_Ame:_Corp Five-Year Fixed it Fixed Trust Shares A.... Fixed Trust Shares B.. Fundamental Tr Shrs in oil. i Germination of seed is said to be slow in North and East Texas, and | large areas likely will have to be re- planted as soon as soils dry sufficiently. All of Oklahoma is reported as too cold | and most sections as too wet. Cold rains | have been rather heavy in the Caro- | lnas, and showers in the Montgomery | and New Orleans districts have not been encouraging. Estimates of acreage reduction and abandonment range from 9.4 to 15 per cent. Chairman Stone of the Farm Board said the most important feature in the cotton situation was the esti- o) incovporated Investors Equit... Independence Tr Shrs. = insuz Sors & Gen Manage Corp Int Secur Corp Am A 5 kson & Curtls_Invest Assoc Jackson & Curtis Sec Corp pf.. Leaders of Industry A 4 Leaders of Industry B 5 Leaders of Industry C. g Low-Priced Shrs mated reduction of 1,000,000 tons in the | y25¢ use of fertilizer this year. This figures about 30 per cent less for all of the cotton country. Reduction in fertilizer usually has a ma‘erial effect on the yield per acre in the Carolinas, Geor- gla and Alabama. Open to Argument. Whether the poor crop start may prove to be a stimulating factor in the face of business conditions and the large carry-over, however, is open to argument.” A return of warm weather, now long overdue, and a cessation of | rains undoubtedly will contribute to market pressure. Even if the Summer's production is not large, it is argued,| consumers realize that no shortage is probable and hardly would be alarmed about future supplies. Some see the improved position of textile manufacturers, the lightness of stocks in their hands and the small- ness of those in distributive channels :s constructive factors of first impor- ance. Wall Street Briefs By the Assoctated Pre: NEW YORK, May 9.—Freeport Texas Co. has assumed control of the man- agement of Cuban-American Manga- nese Corporation through election of nine Freeport Texas directors to the Cuban - American Manganese _ board. The Cuban company now has 15 direc- tors. The action followed recent ac- quisition by Freeport Texas of a large interest in the Cuban company, which controls 10,000 acres of manganese properties in Cuba. April net operating income of the Chicago, Burlington & Quincy Railroad is estimated at $1,332,000, compared with actual net operating income of | $2,047.495 in March and $2,312,717 in April last year. In the face of declining general busi- ness during 1930, capit2l invested in the public utility companies of the United States, exclusive of steam railroads, in- creased by $1,275,000,000 to nearly 528.- 000,000,000, the annual public utility survey by Bonbright & Co. estimates. The largest investment in any one branch of the public utility industry is in the electric light and power field, where total invested capital amounts to approximately $11,800,000,000, an in- g:uo of §700,000,000. over the preced- vear. ohawk Invest..... Mutual Invest Trust A. Mutual Manage. ... ation-Wide Secur National Indust Shrs National ar onis .. Petroleum Trad A.. . .. 11ll0 Power & Rail Trustee Shrs Public Service Tr Sn.. ... Representative Trust Shrs Research Inv Corp. | Researcn Inc_Corp ‘umits. Sceur Corp Gen 36 pf.... .00 Second Int Secur Corp A..... Second Int Secur Corp B.. ... st pi. Selected Income Selected Managements Shawmut_Bank....... Spencer Trask Pund. Stand Am Trust Shrs . ’ Stand Collat Trusteed Shis State Street Invest Corp.... Super Corp of Am Tr Shrs A Super Corp of Am Tr. Shrs B Super Corp of Am Tr Snrs C Super Corp of Am Tr Shrs D. Lrusi Shrs of Amer... ......... Trustee Stand Invest Shrs C. Trustee Stand Invest Shrs D... ‘rustee Stanaaid Oil Shrs A. Trustee Standard Oil Shrs Trusteed Am Bk Sh.. Trustoe ventieih Century Fixed Tr Sh United Fixed SR/S............ United Founders 1-70th " com. .. TS, CORPORATION EARNINGS. NEW YORK, May 9 (#).—Per share earnings of corporations reporting this week, with comparisons with last year, included: Three months. ¥ Affiliated Psreuiu':“""' - Chicago, Burlington ; Colorad> & Southern R. R. Columbia_Carbor 2 own Cork Interna‘ional A Central American Tank Car ... Crand Union . A lin-Rockwell 'Corp.” . onal Candy Nerth American Car Feoples Drug Stores . inia’ sininin o isia o 2203853228823 2553 BumeranE 832385338 Chicago Grain CHICAGO, May 9 (#)—Wheat and corn both made decided advances to- day, wheat affected bullishly by re- ports of severe delays to seeding in Russia. Only a third as many acres of Spring wheat, it was estimated, had been seeded hyAlzuuh this season a year ago. ctive speculative buy- ing lifted the corn market. Wheat closed firm, unchanged to 1Y, cents ;p.aior:“;.-z lddv:nced. oats a shade 3 er an 2 to 5 cents m':m"@ mm 2 S oa -F Biish Bhibh bubey ababk : R New York Cotton NEW YORK, May 9 (#).—A further advance in cotton at the opening today was followed by reactions owing to somewhat more favorable weather pros- pects and the later weakness of the stock market. July contracts sold off from 10.19 to 10.07 or 3 points net lower but stiffened up scveral points in the late trading on renewed covering and closed at 10.12. The general market clo;‘ed steady at net advances of 1 to 2 points. ‘The opening was steady 6 to 10 points higher on overnight buying orders at- tracted by the strength of yesterday, and in response to relatively steady Liverpool cables. May sold up to 9.98 and December to 10.79 on the initial demand but the buyimg, which was mostly in small lots, was supplied by realizing at these figures. There was also some Southern and New Orleans selling and after the opening demand subsided, prices worked lower with offerings increasing as the stock market turned easier. May declined to 9.85 and | December to 10.65, making net losses of 2 to 5 points on the active months, but there was a final spurt of covering and closing quotations were 3 to 5 points up from the lowest on the more active positions. A rather more favorable view was expressed with reference to the weather news. There were further showers, and temperatures remained rather cool but some traders thought that conditions were improving and the outlook was said to be for more seasonable tem- peratures next week. This may have increased a disposition to take profits on long cotton or to seil for a react.on following yesterday’s sharp advance. Liverpool cables said there had been continental and Bombay buying also covering and trade caliing that market. Salss of 10,000 bales of cotton of all growths was reported in the Liverpool spot market today which were said to include 7,000 bales of Russian cotton. Egyptien cotton futures in Alexandria were 23 to 25 points higher and th Indian spot quotation in Livarpool showed an advance of 10 points. The amount of cotton on shipboard at United States ports awaiting clearance at the end of the week was estimated at 50,556 bales, against 67,746 last year. Futures closed steady, 1 to 2 points higher; May, 9.91; July, 10.12-13; Oc- tober, 10.47-48; December, 10.70-72; January, 10.82-84; olglrch, 11.01. Spot 10.79 10.90 e |ROYAL DUTCH SHELL TO KEEP U. S. BUSINESS | By the Assoctated Prees. LONDON, May 9.—Sir Henri Deter- “ing. chairman of the Royal Dutch Shell Oil’ Co., today denied knowledg> of reports from the United States that his group had azreed with the Stand- ard Oil Co. to withdraw from the Amer- ican field. “That's news to me,” he said, addiag that the report from America was the first intimation he had had concerning any such agreements