Evening Star Newspaper, May 11, 1931, Page 14

FINANCIAL:. . NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. INVESTMENT TRUST RULES MORE RIGID Exchange. Acts Quickly to Reauire Stricter Requla- . tions to Protect Public. BY JORN F, SINCLAIR. NEW YORK. May 11 (N, A, N. A — he International Chamber of Com- merce closed its meeting in Washing- ton with a. formal resolution in which it declared r “the greatect barrier to*social and economic porgress,” and demanded that “armaments be reduced to the lowest possible limit. In the clause referring to war debts and -reparation: the American repre- sentatives accepted & suggestion that these. be .“ctudied in the light of changed economic conditions.” The resclution also warne terff walls which are discriminatory and. chstruet the free play of world trade. Franz von Mendelssohn of Germany. composer. | 5 time wh dinary straits.” n N epression s world-wide and The 1t will take world-wide .co-operation to [ “S0 let’s work tcgeth- he new president. The New York Stock Exchange has scted oquickly upon the suggestion of its president, Richard Whitner. in adopting stricter regulation for invest- t trusts. The public has to> long peen victimized by dishonest organiza- tions using such titl Not only have spuesters suffered, but been cast on the business of hone: managed firms. mg now on the exchange's Com- mittee on stocks wifl thoroughly scru- tinize the statements, advertising. vort- folios and terms of every investment trust seeking to list its securities i n . performing this service the ex- change has taken the first step to curh unethical practices by shady investment trusts. With reliable information avail- ahle to the public, the opportunity to study the standing of each trust before giving it custody of funds has been made poesfble. . w The Committee on Railroads pointed by the six Governors of New England States to consider the railroad situation in that section want the Fennsylvania interests in the New Haven and Boston & Maine roads eut 10 per cent and the two lines merged. e argument advanced by the com- mittee brings up the issue of outside | control of State utilities. 1In the case of th two roads the welfare of the territory served by them cannot now recejve first concideration because of the weight of the Pennsylvania Rail- roed's holdings. It has been asserted that the para- moéunt power in our governental and social life today is economic rather than political. It is small wonder, then, that a group of States like the New Fng- land group should resent the intrusion ©of ecnomic control from Pennsylvania. In this particular case it appears as| though the Pennsvivania will be requested or compelled to reduce her ‘holdings and the two lines merged. The savings resulting from this action are estimated around $3.100.000 annually. The opposition of the Pennsylvania to the merger demonstrates that the. clash of economic interest: can be as waste- ful for the blic as political battles. And, in the l2zt analysis, the consumer always pays the bills. In a speech before the American Club in Paris recently, T. A. Lebreton, Ar- gentina’s Ambassador to France, said: i i ‘It has been known for a long time ward that the price of wheat, rather than gold, establishes the relationship tween all exchange values. It follows. therefore, that if we. arrive af rea- eonable balance in the world price of wheat all other economic factors will find their normal level.” (Continued From Page —Prev. 1981 es. High Low 30% 15% 624 15% 76 29 334 144 11 4 50 40 N 634 44’ 65 1% ) 2015 10% -8 23% 1 154 12% e 173 113; By _Atock and Dividend Rate. St Joseph Lead (1).. 6 St Louis & San Fran. 7 St L-San I 10 St L South 1 Schulte Retasl Stra.. 1 Scott Pappr (11.40).. 108 Seaboard Alr Line... 7 Seara Roebuck 12%.. 63 Second Nat Inv 1 Servel Ine... 18 Shattuck F G 1 Shell Union Of1. . a“ i Shell Un Ol pf (5%) 3 11% Simmons Co. .. b2 5% Stmms Petroleum. .. 8% Stnclair Con Of1 (1).. 5 Skelly Ofl. ... 1% Snioer Packing 9% South Port Rico Sug. 96 Sou P Ric Sug pf (8) South Cal Ed (2) South Pacifie (6) South Ry (%).. ; South Ry M&O ct (4) Sparks Withing (1. * Spencer Kellog (80¢) Spiegel-May-Stern. . Stand Brands (1.20). Stand G&E (3%)... Stand G & E'pf (4) Stand G& E pf (6).. Stand 011 Cal (h2%) Stand Ol N J (12)... Stand O N ¥ (1680). Starrett (L) (t2 Sterlinz Sec A .. : Stewart Warner.. . Stone & Webster (3). Studebaker (1.20). Sun Of) (f1) ... Sun Oil pf () Superior Of) <nf Amer (1) ) o 20s © 45k T4 Texas Corp (3).. Tex-Gulf Sulph (4).. Texas P C & Ol Texas Pac Land Thermoid Co ... Tide Water As (60¢) Tide Wat As pf (8).. Timken Det Ax (80¢) Timken Roller ¢ s 47% UnionCarb& C160. 747 14 UnOilofCal(2). 12 160% Un Pacific 110). 83% Un Pacific pf (4). 30 Un TankCar (1.60) 2215 Unit Aircraft. . 46 Unit 4 Unitc 72 26% 205 868 26% 387 59 T Add 00, High, Low. Cloce. Close -THE .EVEN 13) | ~rrev, 1931, - . | High. Low. Prev. | 314 (64 | B2 878, 374 50 7% 10% 37 36% 20% 36t $16% 16% | 17% | 30| 14 | 8 17% 17 v U u U o uUs USs U S Stee! u i 17nit Sto; Stoek and Dividend. Rate.. Unit Corp (75¢) Unit Corp pf (3). Unit Fruit (4). Unit G & Im (120, . S Gypsum (1.80).. S Indus Alcohol(2) S Leathsr SPipe & F (2). S Realty & Tmp Rubber. Rubber 18t pf. ING.” STAR. 'WASHINGTON, 'D. C. MONDAY, Sales— Add 00. Hign. 24 Al 58 31% 4l - 32 T% 1(7). 5 Steel pf (1)... Imit-Stores A. . res pf (&) . P P& A (af2.1R) . % \adasco 37% Vanadiu 981 Va Elec 22 41 TH% 108% 34 R Va lron Coal & Coke. Tulean Dat (4). . sales Corp. m Corp'n & Pwrpf(8). 108 40s s08 Waldort Sys (1%4) Walworth Co (1) Ward Baking A Ward Baking B... Ward Baking pf (7). Warner Bros Pict. Warner Quinlan. Warren War Bros cv pf (3) rren Far & P (2). ter Eis pf (7 "ess O1] & Snow (2) West Pa Pow pf (8). West Pa El of (§) Weet Pa Pow pf (7). festern Dawry (A).. w Bros (3). 41y 29 56 21 1104 954 1168, s Western Datry B.... Western Md 2d pf Western Union (8) w Westing Weiting Wezron Wectvaco Cnlor ing A B(2). EI&Mfz (4) 3 B&M pf (4). Elec A e Wextark Radio 5trs. Whee! & Wileox € 30 = 103 Willy, L Erte of... Nl & Gas. ... Wilcox Rich A (23) ys-Overland. Wilson & ¢ A. Woolworth (2.40). Worthington Pump. 805, RRi Wrizley 15t 86% | s Unit of trading 317 | 4% 1n stock. 4Par | ear—ne regular ra In cash or stoek &' vellow Truck 2 Sales of Stocks on New Vork Exchange. (Wm) (4). . 73% 5 % 9% 200.000 1,100 000 12:00 Noon. 10 P.M.. Tiven in the above fabl test quar . RO0.000 . 1,300 000 ne annual declars 1ese than 100 shares. Flus 9% 'n stock. a PaTd lsst n gtock A Pavable when earned in stock. cd stock k Plus Plius A% in atoek r-nn reguinr rate. W., B. & A. BONDS MAY BE GIVEN COMMITTEE Agreement - of - Depozit Provides That Protective Gronp May Han- dle Mortgage Obligations, Spectal Dispatch to The 2tar, BALTIMORE, May }1. provision of eonsidgrable importane: An additional to bonds has been made in the agreement of deposit under ‘'which the obligations may be placed with the Bondholders’ Protective Committee. This provision in the deposit agree- ment stipulates that th: poesible ex- ses to .the bondholders will Pimited to epproximately 1!, per cent, predicated on the number of bonds deposited with the Maryland Trust Co depository. The tective Committee is headed by Hi E. Boyee, president of the Ma: land Trust Co., and includes a repre- sentative of the Cleveland Trust Co.. trustee under.the mortgage. It was also announced by the com- mittee that Simon Block of Nelson, Cook & Co.. local bankers, has been added to the Protective Committee, the holders of Washington Baltimore & Annapolis ‘irst mortgage 8 per cent | SWOKING INCREASE AIDING COMPANIES | But Tabaceo Farmer Fails to | Benefit Beoause of Over- | production. 1 NEW YORK, May 11 (NANA)— Smoking 12 lead- | ing tobacco companies are doing excep- | tionally well. ut the tobacco farmer | it having a hard time Why? - The | Pederal Fa Board says this year's crop of burley tobacco will exceed con- sumption by almost 300 per cent! | Bondholders’ Pro- The average amount that ‘0es D IN | yacke on hand mok each vear iz 200,000,000 pounds. The quantity ex-| | peéted to be on hand by October 1 iz {over 860,000,000 pounds. Normally, | this surplus might be taken up by pus ing exports. During the 1926-27 zeason. | | for instance. three times the usual total was thus shipped out of the country. At present, thiz outlet ic practically | APRIL QUIET MONTH " FOR COTTON CLOTHS for Period FEqualed Yards, or 963 Per Cent of Preduetion. Shipments 217,582, Be the Associated Press. NEW VORK, May 11.—-April proved auiet month from the standpoint of v businese in standard cotton cloths, the Association of Cotton Textle Mer- chante reported today. The. develoy t was to be sxpected, the association said, sfter thres con- secutive months of large orders: hut. despite the drop in new business Jast month. total shipments and sales since the first of the year are about 9 per |cent in excess of production and un- filled orders still are larger than th April production amounted to 225 255,000 vards, a weekly rate of 56.489, 000 vards for the four weeks eovered by the report. Shipments totaled 217.- | 582.000 vards. equal to 98.3 per cent of production. and sales booked amounted to 137.749.000 yards, or 61 per cent of | production +Partly extra_tBiye | DONESTIC BONDS | HOLD STEADINESS Foreign Dollar Issues Drop! Under South American Influences. ®Y ¥, H. RICHARDSON, Zpecial Dispatch o The Star NEW < VORK, May 11 honds remained steady today face of continued weakness in stocks. | { while the ' foreign dollar list moved downward under the influence of pe- | ltieal developments in South America, a mnch larger Australian deficit than an- Hefpated and the poor showing in com- modity markets aver the week end Money rates were down tn new lows | with 90-day time loans avatlable at 1% to 1%, per cent. with call money at its lowest since 1908 and both markets 3o abundantly supplied that unofficial rates were 3, to ', per cent Jower still The feature nf the day was the $250.- 500.000 conversion issue of the Cana- dian government. There 1= no portion of this loan pavable in New York funds. but Wall Street was interested in it | because -of the large amounts of the {bonds being refunded that are held in {this country. No market was estab- | lihed for the bonds sxcept on a con- | version basis. buf. Toronto quoted 1043 | for the new honds and unofficially the | price here ‘was given as ranging from 430 to 4.40 per cent. vield basis. Both | | rates were axcellent reflections of Cana- da's credit. Outstanding Canadian bonds were active and firm Liberty fourth 43.s, Libertv first | 428, Liberty 372 and some Treasury issues climbed fo new record highs. | from 2-32 to 3-32 above their best | prices of 1927 Prime ecorporation is- | sues. such a= Atchison general 4s, made their best prices since 1912 Other actively stronger high-grade bonds were. Baltimore & Ohio first 4s American Telephone 5s. Boston & Maine 5s, Brooklyn-\* attan Transit Bs. Canadian .Pacific 4z, Big Four E 4155, Concolidated Gas 515, Inland Steel 41,3, National Dairy Products 3i;s and New York Telephone 4lo¢. | There were reports that New York | Telephone will shortly zell £75,000,000 of new hondz here. ¢ | _The strength extended to municipals | and 7ail equipmente, in which trading is_entirely over the counter. .Tunior railroad honds—the feature of Iost week’s market—did not show any tendency to yield any of their recent gains, Argentina’s trotibles were reflected with declines of 2 to 4 pomts in the | Government. bonds and by similar losses in the municipa] and railroad issues of { The offerings were ab- | sorbed readily, however, by a speculative element who recalled the sharp recovery of these bonds from the last break. Other South Amerieans were generally weaker in svmpathy. Australian issues were inclined to sag | | fractionally. The federal deficit was |, | reported ax £06.000.000 for the pazt 10 | i months. Other reports revealed a larg decreaze i Australia’a - foreign trade. Analysis of the situation point out. how- ever. that Auctralias trade in the pa has been given to vielent falls and rises, 1 (Copsright. 1931 Domestic in the ! | i Cr & Stock Exchange! | SALES, i | Washington Rwy. & Elec. 43 31,000 at |, 90, $1.000 at 90, $1.000 2¢ 30", | Potomac Fleetrie 315% pfd.-—3 at 110° { Mergenthaler Linotype—19 at 30, 10 a 20, 10 at 80, Mmm Stores pfd.—10 at 101, 3 | jWashithdn ! Peop! at It o1 P AFTER CALL. Rigge National Bank—10 at 370, § at 370. 2 at 380. | Lanston Monotvpe—10 at 100 MAY 11, TS 3%s 40-43 Abitibi P & P 58’63 30 Ab& Sthlps'd43.... Allegheny 5849 Alle: Allis-Chalm Am Az Ch7%s'41. Am Chain 6= ‘3 Am F P 58 2020 Am G Ch5%a4). Am Int Cp bla Am S&R I3t 5547, Am Suz Ref 65°37.. Am T&T cv %839 Am T&T 55 °65. Am T&T o tr 55 46, Am T&T buaf 80, Am T&T 394343 Am W Wks b3 | Argentine 5% | Argentine May . Argentine 65 Tu ‘59, 5 Argentines 83 Os Arzentine s A 57, Argentine f3 B 58, 25 {Arm & Co 4155 5 Arm Del st Assoe 041 65 | Atchison zen ¢ | Ateh IALE ATCL4%s 64 | At Refdebs Ausiralia 4% Anstralia s Anstraiia ha 87, Anstria Ta'43. Austria R&O434E.. B&O 44 B& O conv 43360 B R& O Rwdy : | BhorChilehas T 11 Fk of Chile 62,261 | Balgnim 6s | Belgium 6% Belgium 78 Belgium 75 ‘38 Beth Sieel pm 53'36 Bolitia % Bal Rolivia 85 "4a Kos & M 555 [ Braml 6% Braz 7s.. Braml 82 41, {Ba&7ih A Eklyn Man 63 ‘63 Bkivn £in 151 5350 | Budapest 6= Buanos A 6= . Buff Gen Bl 413581 Bush T Bldg 5s 60. Canada 4= ‘50 Chi M &8 1937. [ o BONDS o ] Received by Private Wire Direct to The Star Bales. Fugn. Low. Close. 69 690 T 47 9% 79 0% 90% 6l B5% 105% 105% 100% 100t 961 96 97 964 105% 105% A% 82 98 9614 95% 9b% 6% 66% 1021 102 937 9%y 10375 102% 10288 102a 86l 86l 36 36 124 123% 9Bty 9 10185 92% L) 1137 1061s 29'n 5% 105% 1019 18 2% s 9y 10214 UNITED STATES. . (Snies are In 3$1.000.) Higt . Low. 103 R 103 ¢ 1041 10411 102 17 102 15 10215 102 12 10224 10224 108 28 106 28 108 26 108 20 113 5 1182 Int Pap bs A "47. Int Pap 68 '8 Int T&T4% 13t T&T ev 4% Int T & T §8 ‘56 Irish Frae 8t Italy 75 °61. Italy Pub Sv 79% RBl Wudioail 285 4347, 13 5 % i Jugesl Bank 78 '57. 82 Kan City Sou 55 '50 Kan City Ter 43 °60. Karatadt 643 Kresge Found 6s 36 Kreug & Toll 58°59. Lacleds 5%x C'53.. Lacleda 5%s D '60. Lake Shore 348 ‘97 Leh Val cv 43 2003 AR & Myers 78 *44 Loew’s 68 ex war. Tong 1s] rf 4549 Long 18l db 58 '37.. Lorillard 52 51.... Lorillard %837, Lorillard 7s 44 Lou G & Wl 53 °53... 1, & N unf 4x 40 La & Ark 5889 Sales. High. Low. Close 50% A0 50 101 101 T 74 TAN 748y 101 101 1038 10315 1011 10119 4 84 1015 101% A0ty 89 103% 103% 10415 1321, 109 107 108% i L 102 921 102% 102% 864 Corp s 30 3 '49.. ) 51 9 Market St 7 Mex 45 asstd 1310, . Mexico 58 A "45 Mich Cen 4 Midvale St} b Milan 6%3 3. M1l E Ry &L b8 ‘81, M StP&SSM con 4s. M BtP&SSM 8348 4 3 <15 vV 4% 41 nv 2d 4s 4 & Tadjsn’sT. K & T prinbs A, Mo Pac gen 48 ‘76.. Mo Pac 53 A "85 Mo Pac 38 F 11 Mo Pac 5s H 80 Mo Pacref 68 '8 Mo Par 5%acv 49 Mobile-Ohio &5 '33 Mont Pow 5 '43. Mont P db 55 A Mont Tr 1st b8 ‘41.. Mont Tram a& " Montevideo 2 22 0B aBmaSnariluoman voZanal 3 & O 15t 548, 10 24 ancai Klec 4561 at Dairy h%n'4 NOTE&MGBys"H. Naw S Wales 88’57 New 2 Wales NTCgnipa'sn N 7 Cen 4x98. N Y Centdb 48’84, N Y Cent 43,8 2018. NY Cenrf 44520138 NYC roim 58 201 N ¥ Centdh 883 NY C&StL4%8 18, NYC&StLA%sA N T Edison a8 B 44 N Y Bd 1t 641, NY ELH&P 35 '48.. NY NHEH 355854, NY &H 48 '35 NY NH&H 4= 56... NY NH&EH 434867, NY NH&H ev db 68 NY O&W 1at 48’92, NY S&W 1st 1 N Y Tel 4% N Y Tl 6841 N Y Tel 6549 NY W&R 4% a4l Nia Sh Md 5>'%s Novd 8% %50, Norf South bs 41 Nor & Wn ev 42’98 Nor Am Bd bs 57.. No Am Co 5 61... N A Ed'on 55 C'89 Nor Pae 38 2041 Nor Pae 41482047 Nor.Par r16s 2047, Nor 8t Pw 5s A 41, Norway 583 Norway5%s ‘85 Norwav 6s 43, Norway §s 44, Norway 68°52. ... Ore Short L 55 xtd. Orez-Wasn ¢s '61.. Orient dev hipe 58, Orient dev 8s 53... PanG & B b4l .. Pan-Am Pet 6334, Paris-Ly M 68 58.. 0= & Ma 5s 87, . 52 AL P anada hs ‘52 an Nat 4% A7, PE 435 5. 5aduly ‘89 55 Ot 83, 5570 105 1068 1108 b 46 n Pacdeb 4s. ... an Pac4las 80, .. n Pac 5z ntfs 44, ar Chn & 0 5s ‘68 ent Pac 4549, ent Pac ri-td ez Corp &0 4tz A2 hi & Alrds.. B & n 4s 58 A7 968 off S RG-S 10515 106t 1027y 108% Tt 9% 100% 1005, 10515 105% 101% 101% 1048, 1043, 1027 102 hi Grt West 45 59 % P4s'z hi M&SLP 453 B hi M StP&P 5= 75 hi M & 51 P adj in h1ENW g 5 %3 87 hi & NW 2n 4 691a e 204 1055 1008 961 8% 105% 96t 95% 877 * | quiet and HHM[ 995 | 101% | .FINANCTAL, CALL MONEY RATE - NOW AT 1 PER CENT | Price Returns to Low Levsl ‘for First Time Sines | . September 9, 1908. By the Associated Press NEW YORK, May 11.--For the fivst aince September 9. 1908, eall money renewed at. | per cent todar at the New York Stock Exchange loaning desk. The renewal rate, which i the mter- est charged on previously contracted brokers’ borrowings, reflects conditions .. in the zhort-term money markst. and today's extremelv low figure was an aftermath of the recent cut in the New York Pederal Reserve Rank's rediscount rate to 1% per cent. With a few in-. terruptions caused by temporarv and, minor st cy due to seasonal in- fluences, the Stock Exchange renewal ?u has been 1!, -per cent for some me. The h st oall monev rate since the establishment of the Federal re- serve system was inaugurated was 30 B 8 1 ot ettt record Is the 125 per cent that a B in October, 1907, during the “money panic.” when bankers organized an emergency monev pool. TUnusually high rates of interest on speculative borrowings appeared in the Spring of 1929, when the bull market was ing toward its peak. On_ March 26 of that year call money soared to 20 per cent and on the fol- lowing day it renewed at 135 per cent. Back In the 80 the rate got as low a8 one-half of 1 per cent. CHICAGO POTATO MARKET. CHICAGO. May 11 (). —Fotwcoes, 177; on track. 786: total United States shipments. Saturday, 1.096; Sundav, 92; old stock steadv: trading fair: sacked per cwt., Wisconsin round whites, 1.352 145; Tdaho Russets No. 1, 1602185 few ‘fancy higher. New stock weak, trading fair. sacked per cwt, Texa Bliss Triumphs, 2.35a2.50. few fancy, ~ 2.85a2.75; small around 2.25. Alabama, - Louisiana, 2.1022.50; mostly 2.252.35. - : Maryland Tobaceo Quiet. . BALTIMORE. Mav 11 (Special).— Market, for Marvland leaf tobaceo st continues at a standstill. no sales hav- ing been reported the past week. while Toral"of '1';;1";:@ in - of 3.423 heads 1t mgn (rarehouses. gt e notations today for tobaceo per 100 pounds: lnlefl;r‘.ds.‘;oln' 10.00: sound. common. 10.00222.00; g00d - common, 22.50232.00; medium, , 32.50240.00: to fine red 40.50a 53.00; fancy. 53.50234.00. Seconds. com- mon to good common. 10.00225.00; medium. 35.00835.00; £00d to fine, 35 508 5.00: ground leaves. - ne ; upper - . country” Buriey. 700ai0 g0 ¥ BAR SILVER QUOTATIONS. NEW YORK, May 11 (). —Bar silver - % lower at 28, INVESTMENT TRUSTS NEW YORK, May 11 (#)—Over.! rounter market: I Bid Asked. n 5 Seeur 33 of & Cont &= Compostte Tr Shrs Founders 8% pf Founders 7% pi Founders 1-70th etfs Founders conv of eMz Founders war Pounders 1.140th com - ln{" Stocks. . . . 350€ and Ofl Shares TAtl See pf...... . At]l Sec. war. i Chi&ENW rf 55 21 Paris-Or 53463, Atl & Pac Tni anits e nits Atl & conv e - Y| Stocks on hand at the end of April | 3 4 Senor Lehreton advanced this movel | which. in addtion to Mr. Bovce and the closed, so far as surpluses are con Bid and" Aiked Prices: c L theory of exchange prices in connection with ‘a plea for a real solution at the | coming World Wheat Conference in London next week, in ‘which ‘the United States will perticipate. Many will not care to go the whole way with the Ambassador in his line of | reasoning, but any attempt on the part | of those who are able to gain a respect- ful hearing to remind the public that the besis of world trade is goods rather than gold alone merits praice. There is a large element of truth in Benor Lebreton’s statement. Failure of the conference will have disastrous re- sults, not on]y for wheat producers, but on the producers and consumers of all other commodities, But to “peg” the price of some products and not others seems bad strategzy. Thomas L. Chad- bourne may be successful in sugar ra- tionalization, but wheat pegging so far | has proved disastrous to every person. corporation or nation which has tried it. Investment trust leaders have had their hands full in the past 18 months. since the stock market crash. Before that there were scores of them that looked like the coming mnational lead- ers. Now the number that have come out with enhanced reputations are com- paratively few One of the lucky ones in thi= regerd i+ Earl Bailie, president of ‘the Tri- Continental Investment Trust. which was formed by J. & W. Seligman & Co. well known New York investment bankers. It was in 1919 that Ear! Bailie was induced to retire from the sctive prac- tice of law to join this banking firm the boom Aays arrived. Tri-Con- tir supervision, backed up by one of th= most, alert research staffs of anv trust Investment tructs have been reluctant to give out a list of their assets since the erach. The lnsses have hsen stu- pendous. But Tri-Continental, under the Bailie direction, announced in bhig head linez last March that its assets, at ‘market, value, stood at £77.000,000. az against 333.000.000 a vear ago. That statement, woul fore the hoom declined, but it looks well today. It's not how much profit one ean make in thes> times, but how well one can conserve his asets that eounts. Perhaps that's why tne Selected In- dustries, another investment trust formed about _the same time, with the backing of R. J. Revnolds, -inbacen magnate, decified recently to turn iz management entirely over to the Bailie organization. This company. in its latest statement given lest Japuary, had an asset value of $40.000.000, a: against an original cost of $66.000,000. Earl Bailie i 2 graduate of the Uni- versity of Minnesota and the Harvard Law Eehool. aAd is now in his early 402 eright. 1981 br the North American (Coprnight. AN eboe ‘Muance.! S SURPLUS FREIGHT CARS SHOW DECREASE OF 8,050 Class 1 railroads on April 73 had 614,228 surplus freight cars in good re- pair and immediately available for service. the car service division of the Americzan Railway . Association An- nounced today, This waz a decrease of 3.050 cars compared with April 15. at which time there were 623,278 surplus .freight cars. tus coal ears on April 23 totaled 259,505, an increase of 2,033 cars within 2 week, while surplus box cars totaled 285945, a decrease of 9,520 ears for the me period. Reports also shoved 29,220 surplus stock cers. a decrease of 1194 below the number reported on April 15, while surplus refrigerator cars totaled 18094, an increase of 987 for the same period. BUBDEF: MARKET. NEW YORK, May 11 (Special Crude rubber, smcked ribbed asheets, was s higher at today's moon guote- fon of 6%. This compares Wity 6% ntal was formed nunder Mr. Bailic's | Jd have Inoked bad he- | Cleveland Trust Co. representative. in- cludes James G. Fenhagen of Robert Garrett & Sons. John C. Legg. jr. of Mackubin, Goodrich & Co.. and Jullen Stein of Stein Brothers & Rovee. Buying for Profit RY GEORGE T. HUGHES, Among the practices misleading ney, president of the New York Stock Exchange, in a recent addtess was: “The danget of confusing extraordinary and non-recurring items with current income." Just what Mr. Whitney meant ean be illustrated by an annual report in | which there was no such danger of miz- leading the stockholder. namely. that of Standard Oil of New York. The 1230 atatement of this corporation showed a profit after taxes interest, deprecia- tion and depletion of $16,496.727. There are 17.849.402 shares of Standard Ofl | Co. outstanding so that this profit was rquivalent to 92 cents a share. How- ever. Standard of New York sold in | March of 1930 to United Gas Corpora- | tion its Magnolia Gas properties. On this sale there was realized a profit to the seller of $23.749,471, which is sep- arately stated in the income account | Added to the profit already given from current nperations. there ¢ a total of | $40.246.198. which 1s equivalent to $2.25 a share on the stock. . . Tt ie at once evident that were- these two items lumped in the report with- out any cxplanation, shareholders would have received- an unduly faverable im- | pression, The statement given out by Standard of New York w. ry stm- ple and easv to understand. but many | financial commentators gave the larger amount per snare as the earnings. { Tnclusion in an earnings account nf any special reeeipts such as a fax re- fund might also he misinterpreted if a1l the facts were not given. Most cofpora- tions and all of the leading ones pursue | & correct course in this particular, but onee in a while something is concealed 2nd it is this which the exchange pro- peses to ‘fight against. Tt should alsn he remembered in | studying a balance shest that special ! income “often swells the cash item on the asset side without permanently im- i.proving the ‘corporation’s position. An { instanca is the floating of a hond issue just before the ftatement is given out 30 that the proceeds appear as eash for the time being. A stronz current asset showing is desirable and reassuring. but it iz also sary that the way in { which this position was reached be clearly aet forth. * (Coperight, 19311 RANK STOCKS IMPROVE. NEW YORK, May 11 (Special).—The New Yora City bank stock marke, dur- |ing the past week registered the first recovery in 10 weeks, as indicated by jMorris A. Schapiro, statistician with 'HML Rose & Troster. Rased upon Ma 9 prices 18 Jeading banks, And trus company shares were quoted at 17.5 times known earings, against 16.7 times at the elose of the previous week, Th vield now stands 4.402 per cent. against |4.571 per cent a week ago. The cur- jrent yleld compariez with a yield of 5.563 ‘per cent on December 17, 1930, {and with 2.326 per cent on April 21 last {year. On May 8, 1930, the vield war 242 per cent and the market times earnings were 27.9. DRY GOODS MARKETS. NEW YORK, May 11 (Special) Cotton goods markets were fairly active today. Print cloth quotations were un- changed at 5 for 64x60s and 5%, for 68x72s. Raw silks were quiet and un- changed. 2 cerned. No doubt the first zeems remote from the fall in silver, which at problem. | totaled 282.154.000 yards. representing | an increaze of 3 per cent during the | month. Unfilled orders as of Apri! 30! were 204.118,000 yards, a decrease of | & & c BONDS. PUBLIC IPTILITY. ni Rwys b= 27 hi RI1& P cf 4 hiR | evdtas 80, hi RIEPac 415832 to! investors snumerated by Richard Whit- | the doller index figures compiled by | has something to do with this export ctagnation. The United States. along with England and other countries, found a tremendous market for ciga- | rettes in China, where the habit spread | lfke wildfire, With the value of Chinese ver money ahot to pieces, the public | buring power was badlv hit and thes | average Chinese. who has little enough |to spend- at best, haz cut down on ‘smokes, Aside from that. the raisers of to- beceo have been guilty of overproduc- tion in the same way as many other tom: 20a22; agriculturists. Such moves a5 the re- |, cent, one for an embargo on Sumatran “ Puirley tobacen will avafl lttle unless ens, 30a32: hens, 20a22: Leghorns. 1 these peopls try a few home remedics | roosters, 12a14: ducks, 15; keats, young, as well—cutting down on acreag®. f0T 75,20, n14 40, Dressed—Spring broil- s kg ors. 43a43. Winter chickens. 38a i hens, Leghorns, 22a23: roosters, 16; keats, yoing. 70280; old. 30. 121,a14; veal. 12814: | 1amb, 20a22; pork loins. 21; fresh hams. {19 fresh shoulders, 14; smoked hams, 20: smoked shoulders, 1212 strip bacon, ; lard, in packages, 12: in bulk, 11 Pruits—Cantaloupes. California. jum- bos, $9.00; faney, 8.50: standards. 7.50: tain National Tube Co. orders for §trawherries. 2.5025.00: apples, bushel ) e o Rotors Tating from 1 to 400 | baskets, 150a2.75: box stock, 2.50a2.75: horsepower pears, 5.00; grapes, Argentina, 3.25a 2 g_s;.’- pineapples 3.500400: oranges. Magma Copper Co. plans ‘alifornia, 3.5084.00; Florida, 4.00a4. e Toe 1 for"a dx-week | lemons, 5.0085.50; limes, per 100 3.00: Summer vacation pericd. compared ' nonevdews, 3/00a3.50: grapefruit, 2.75a with 2 four-week suspension last vear 3.00: charries, 2.2523.00, United Verde Copper Co. plans fo dis- continue the producton of copper at Jerome and Clarkdale, Ariz. for an indefinite pericd Stockholders of Advance Rumley Co of record M: 18 will vote May 29 on the ,propoced sale, exchange and dic- position of rertain assets > the Allis- Chalmers Manufacturing Co. Standard Ol Co. nf New Jlersey haz contracted for all future gas produc- tion in the Tioga County. Pa.. field. 21.3 per cent. Butter—One-pound printe. 20: tub, 28, Pggr— v, 17, current receipt: 18 Poultry. alive- 1031, by the North American Mewipaper Aftiance.) Be the Associated Press NEW YORK. May 11.—W, Electric A& Manufarturing Co. haz oh- to cease 026.00: old, 120-pound sacks, 275: Tdaho bakers, 100-pound sacks. 260 sweets, 1.7582.00: cabbage. 138 1125, tomatoes, repacks, 3-pan contai: ers, 3.3024.00; Mexico,’ lugs, 5.00a6.0 eas, 1.50a2.00; string beans, 1.50a2.00; ettuce, Iceberg. 3.75: North Carolina 7521.50; Summer squash, 2.50a3.00: | peppers, 2.5024.00; beets, per crate, 300: carrots, per crate. 3.00; 23.00; mushrooms, mostly 1.00: ' rad ishes. per 100 bunches, 2.00a2.5 Colby M. Chester, president of Gen- Spring onfons. per 100 bunches. 2.00a aral Foods Corporation, said sales and | 2.30; ssparagus, 1.50a4.00: cucumbers, earnings in April showed an improve- | 4.00a4.50. ment over April of last year. IR NEW YORK BANK STOCKS # special meeting of stockholders of NEW YORK. May 11 (B).— STOCKS. Reynoldz Spring Co. hax been called for May 29 to vote on retirement of all outstanding preferred stocks, consisting of 5000 shares of class A preferred and 3.600 shares of class B preferred, pur- Amescs rhased and now held by the company. | fiiac.” will act on a proposal Chai P to eliminate authorized preferred Ct and_to reduce the authorized common stock o 200,000 shares from 1,000,000 % | Manhattan ‘Co. shares, National Consolidated Dairy Products Co. has. prapins notified stockholders it has received an Pubiie offer from National Dairy Corporation | TRUST COMPANTRS to purchase the assets of the eOMDANY gayca Comm Ttal at 'a value equivalent to 39.93 a share. | Bankers This offer will be considered at a Bank WY 4 Tr B Trust | meeting which was called for May 13| genr” saracer to consider an offer from Reatrice Chelsea Bk & Truisi’ Creamery Co. equivalent to $8.45 a | Chem Bank & Trust share Corn "Exchanie. Charles Farl. president of Lode Coalition Mines, eaid at the an- nual meeting that no new ore has been diseovered, but the company has de- | Napufarius veloped a supply of ore which Drob- |united State: ably will keep fhe compeny operating | Wesichester Titls & Tr approximately three veers. The com- | .- FOREIGN EXCHANGE. pany has curtailed pr-duction of €op- | per because of the low price of the | | metal, he said, and the cost of produc- | (@uotations furnished by W. 8. Hibbs & Co. | tion {s still below the present selling old Belline che price for copper. | Bertin, “mark BOURSE PRICES IRREGULAR. | Bome: o PARIS, May 11 (P\.—Price changes athens drachma’ { were frregular on the Bourse tfoda: drid, vyt Three per cent rentes, 89 francs 60 cen- | times. Pive per cent Joan, 103 franes. Exchange on London, 124 france 34 centimes The doliar was quoted at 25 francs 36% centimes, . R i 1 1% £ Asked $7i 3 Bary A6 28 285 2350 3623 600 42 275 2150 3425 100 Gommercial Pifth “Avenue First Netiona! N 'Y Harriman ational K gamers cther | Empire State Mother Guaranty Hihernia. Tiving Manufacturers 228 a0as 100 119 | London, pouna | Barts, frane | Brussels, beiga Far Zope. Osio. erown Stockholm, crown.... : | Columbia Couniry Cluh 5'as . Vegetables-—Potatoes. new. per barrel. | 2.60a | Kale, | 40a50; spinach, 40a50; caulifiower, 2.50 | | today was the re CGapital Traction | Citv ‘& Suburban | Georgetown Ga: 1 | Batomae Ele | Potomac_ Elec, Wwash. Alex MISCELLANEOUS, & Ross. Inc. Alas Chase Club 3izs | B. ¢ Paper &t WM. Cold Storage 5 Wash, Cens. Title s { STOCKS. PUBLIC 1TILITY. Amer Tel & Tel (0 Capital Traction Co | Wazh_Gss Lisht N. & W Stsamboa ) Pot. Elec. Power | Pot. ®lsc. Power 53i: | Wash & B _com, Wash. Rwy. & BI ofd NATTONAL Capital (14) Golumma 1121 Gommereial (stamped) (101 Distrier (8) Fed -Amer. Natl Bk & Tr (2 i Liberty (74) i Lincoln (12) 00 440 Metropolitan 14} 90 0 Waskington (1) . & | TRURT FOMPANY Amcr Security & Trust €n (15, 32 i Continental T I | Nail. 3av, a0 | Prince Geos Unian Trus Wash. Loan & Tru SAVINGS BANK Bank of Bethesda (6i) Commaorce & Savings (101 East Washington (12 Potomae (10" Security Sav. & Com R Seventh Strent (12 | United States (30 Washington Mechanies FIRE TNSURANCE American (12} | Gorcoran (101 1 | Firemen's /8 | | National Union (13) TITIE INRURANCE, Colymbia 6h: Real Priate (fh) MISCELLANEOUS, Barber & Ross. Tnc. com Col. Meaical ‘Bldg. Corp Col. Sand & Gravel pfd Dist. Natl. 3ec. ofd | Bmer " Aromo-Sel | Pederal Stor Ped.-Am. Co. [ed Am. Co. nfd. = ansion Monotspe (&1 Mer. Tr & Stge. com. /10 Mer. Tr. & Stge. pfd. (7' ergenthaler Linotype (8 | atl. Mtge. & Tnv. ofd. (8 Probles Drug Stores ofd. /6'~) Real Est. M. & G. ofd. (%) Securite Sto1aze he' “Ter. Rel. & Wh. Corp (3} The rpel Corp. (1.50c) W, Mech. Mige. com. (8) | Wash. Med. Bidg. Corp. 7s Woodwara & Lothran tom e 4 & Lothrop pfd. ‘T) % o “Bx Aividand 1127 exire. b Books clprea. 52% extra €30c extra. ¥2)5% extra. n28e extra. (37 extra. 0 extra % SN % S N RN BOSTON WOOL : MARKET. ROSTON, May 11 (Special). ancouraging” feature of the wool market | ed interest of manu- facturers in raw wool While few buy- ers have been willing to make commit- ments, the change in attitude toward offerings has tended to thwart bearish sentiment. developed in the last few weeks. Original bag ~fine wools of French combing, average grade, and atrictly combing art quoted at 58 to 60, with the bulk of French combing fine wools at 55 to 57. Pine territory combing clean was quoted today-at 82; half blood, 56a58: BANK 23 an 01 i i 10255 | 7 13 i | “h1 T H Ine 6. . C& W ind cv 42 C& W Ind 5%5 '8 Chile 68 ‘80 Chils 6s '81, | Ehite sa | Snire 7a i ile Cop Ab a8 47, Christiana 6s ‘6 -' 913 r B omRaRnnSR cnancBum B nd s | Colombia £3 61 Oct Colo & Sou 4% 80, Colon N1l 65 °38.. "0l GRE b8 May om Inveshlys CCMdistr Con Pwr Jap Conenhaz 4 f | " Cuba R R ba'b2. ba Nor 5%s 42 | Cascho 85 °51. “zecho 98 53, | Del & Hud rf 4043, | Denmark 4 %5 ‘62 | Panmark s %= ‘o6 | Denmark 6542, . | P& R Gr an 4536, et B4 G&R44%:361 Det Unit 4% R Dentsche B . Donner St 7s'42. .. Duguesns 4145 67. Puteh Ea I Nov Puten Kast 6847, Duteh East | 65 6 Bast CSug 1%« "37 fria Gen 45 ¢ 6. Eirie 08 '76. FiatTs war.... Biat7s ex war 46 Finland fs ‘45, . Finland h%s 86 intand 75 o French Gyt 1 Selsenk’chen fis ‘34 n Th Eaq 6 | German 3% rman Bh 65 ‘38, v Cen Rk 65 'R0 Ger (Cen Bk his 'R0 man Bank 7=’ Goody'r Rub b GrandTr sf db 6 Grand Trunk 7= Grt Nor 4748 Grt Nor 41,37 Grt Nor b8 '7 Grt Nor gn bhas 52, Grt Nor gen 7336, Greek 68 '63. Hom & Co 6% Hud & M ads b Hud & M rf o8 Humble O1l 58 37 Hum O&R b %s 3. Hunzary 14%s ‘44, .« IR st pf 3s A 111 Cent 45752, . 111 Cent ref 43 11 Cent 435 °66 ) Cent 55 '35, . 111 Cent fl5s 11 CCStL&N 4128 11 CCSLL&N b3 A Inland Stl 4158 A'78 Inland St] 4545 B'81 int Rap Tr bs '66. Int Rap Tr ata ‘66 int Rap Tt 6 Tot Rap Tr 78 Int & Gr Nor & Int & Gr Nor & 577 7914 993, 101 10214 100% o s candZ R ounane three-eighths blood, 43250, and quarter blood. 43245. Fine Ohio fleeces were | rod. 228 ree - it] e and quarter blood, al1.' int &G Nad 6852, 2% int ro Bl f='44. 13 Int M Co s ret ‘41.. B3 Int Maich o8 " 215 100 106% 89 87 B3t 192 107% R5% 95 95 941 691, 6914 59 sy 9% £ 121, 1085, 931 2% 1007, 0% 82 s 110 109% 28 2674 1018 106% 2% 1043 M. 100 98 10475 1023 10ty 1011, Patha Exch 78 ‘37. { Panna 4% s D21, Pann ev 435 60 .. Penn zen 438 '§5.. Penn 4 %510 Pann 4%, s 83 Panna zen 55 Pann as ‘R4, Penn 6% '36 Penn O&D ¢ Pere Mar 435 '30.. Peru Pery A ‘81, Peru 7859, Phila Lo an 8T, Pniia & Read fs'49 Phillip Pet 5% 8 '39. Pilish 7 M 6= 43 .. P CCESIL 413877, Poiand 8 '40. Poland 7s "47. Poland 8= '50 . P'Ind G, Bl 412« 80 Pos Tal'& € 5% '63.. B aSE = NG Ram D@ =B D Public Sarv 48 ‘71, PubSv G4%,s R7.. Pure 0Ol il4s '37 Quaeniand &s 47 Qneenland 7841 Rend xn %8 A 97, Read Jer Cen 4s 51 Rem R 5%5 A ‘47 Rhinslbe i5°46 Rhine West 6s " Rhins West 68 '35. Rhina Wast 7850, . Rich Ol cal 68°44.. 2 RindaJjan 648’63, Rio dajan 884 R Gr De Sul 6868 Rio Gr W elt 4543, Rio Gr W 1at 4839, Rome 614 StL IM R&G 4» StLASFin St San Pau 7’40 rets. San Paulo 8536 Saxon Pu W 6%3'51 Saxon Ts'4b. . . Seab A Lirf 48’49, Seab A Li4nat’ Seab A I ne Ta 4 e ba-Cr-S) 78 '62.. 2 Fnm—aluancRowoal Shell Tn 011 5849, Sine O T cv A'37.. Sine Cr O 5%s°38., Stne P L5842, Skelly Ol 53839, Solvay Am bs 42... Sou Bel T&T 53 '41. SW Bell T 55 A 54 { Sou Pac ref 48"56.. Sou Pac 4% | Sou P 4% 8’80 ww.. | S0 Pacific 41y Son P&OF ¢ N wBnem TonanurEReRunnEReS R Soun Ry 68’94 Sou Ry 68 ‘56 Sou Ry 6%# StOI'NJ b8 StONN Y %851, nn Cop 68 °41.... nn Bl P 65 A 47, Tex Corp ev b Tax & Ark 5% 850, Third Av ret 4s'80 ¢ Third Av 15t 55°37. & Third Av adJ 5m ‘60112 Tokio 5 %861 Tokio Kl Lt 68’ Un Pac-1at4s °¢ 1 Un Pac ¢l s Unit Drug ev U S Rub 1at b8 "47. . Un SILW 6355 A%47 6 U4 St W 81334 51 9 Urd St W 81,9 C 51 12 7y 1061 1024 a7 1018, 1091, 1043 1104 100% 94y ar 106% 1026, | 715 | 102 10915 1041, ! 110% ‘ 1008 | Chartered nvest 941, | Ghelsea Exchange 1 2 0 102! 728 58 106 101% 69 105 88 Bany 72 1028 9 7915 873 861y 82 29 378, 39% 59tn 36 Rdly 96 R9% ROty 29 86 ARLy 83 9178 1108, 76 46 20 891y 11 128 1074 %3 | 1it1l Pow in ~8T4 a1, 2" | Gum At] & Pac pf war Bankers Nat Inv Bansieills Corp Basie Tnduatry Britith Type invest Ohain & Gen_Equities Chain & Gen Eaquit 8,7 of Chain Store Invest Chartered _Invest Zrgonann s DR e ¥ o s i i hange A lses Exchans B ulative. Tr Sh - Corporate Trust Shares rum & Foster Ins B jCrum & PFoster Ins pf jCrum & Poster Inc | Grum & Poster Inc A% of Depocited Bank Share N ¥ Deposited Bank Shrs N v A Diversified Trustee Shre A Diversified Trustee Shrs B Diversified Trustee Shrs € Equities Investors Gorn | Equities Investors Gorp uity Trust Shrs Amer_ Corp Pive-Year Pixed Tr Shrs Pixed Trust Shares A Pized Trust Shares B Pundamenta] Tr Shrs_ A Tr ‘!hri B -0 Fi s Sl o8 i 23288, o35 -3 43 L nits i‘."a‘i'f; mon 2 o & g iR Fundamental General Egu: Granger Tri Gude Winmill Trad Incorporated Investors Incorporated Investors Eam Independence Tr Shre | Insur Shre & Gen Manaze Op Int Secur Corp Am A Int Secur Corp Am B + Tnt Secur Corp Am &% pf Int Secur Corp Am A1.% pf . Investment Trust Associates Inves Tr of N ¥ Collat - i Lnvestors Trustee Sh aos & Chirtis see Gorn of Industry A of Industry B of Industry € Low Priced Shrs Major Corp Shrs Mase investors rist Vioha o Thvent Mhitiat vest Trust A Mutvel Manage . 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United Ins Shre United Bank Tr US & British Ini Lid A U8 & Britieh Int fud 8.0 o weOa J0ms 08 & Brittsh Tnt Ltd U8 klec & Pr Shrs A US Elee 11 & Pr Shrs R | Oniversal Tr S Sales. 3 15 ? Utah P & L bn*44. . ww Util Pow blas ‘47.. 107 66% 1083 <425 Bl% 88 | 804 - % 100% 1005 - 107 . 4% . 57500 504 0% 1905 99s, y: 14 1004 1003, m': 49 100%. 995 1093 Wabash 4% 3 18 Wabash 1st o8 39. Warn Br Pie Warn Quin West Pae b West M4 4852 West Md 5% West [in Tel bs West Union 58 West Un'T 6 Wil & Co 1t Wis Cen an da 3 Tokohamsa & Testn SR&T ap 7E Tng SU&T 58 B 70, 100% 27 100% 100 107% L