Evening Star Newspaper, May 16, 1931, Page 15

> CURB TRADING DULL AND PRICES LOWER Petroleums, Public Utilities and Industrials Lead Declines for Day. BY JOHN A. CRONE. Epecial Dispatch to The Star. NEW YORK, May 16.—Trading on the Curb Exchange was exceedingly dull today and prices drifted slowly but steadily lower. Electric Bond & Share, despite its expansions in foreign fields and its fur- ther entrance into the natural gas busi- ness in this country, moved slightly lower on & much reduced volume of dealings. Cities Service also turned downward on such sales as appeared. Petroleums, public utilities and a mis- | ccllaneous group of industrials, in order named, headed the decline. Brazilian ‘Traction was one of the first utilities to | shatter its 1931 low mark, though some of the less active issues soon followed. Standard Oll shares initiated the heaviness in the petroleum group. ‘Trifling declines put Standard Oll of Kentucky and Standard of Ohio to new lows early in the session. Humble Oil opened at its previous minimum mark. Pipe line movements were somewhat more varied, Missouri-Kansas Pipe mov- ing off as Indiana Pipe Line pushed ahead. With the exception of United Gas, Lone Star Gas and Saxet Co. dealings in the natural gas group were small and prices barely budged. General Theaters Equipment prefer- Ted bettered on the annual report, which revealed that the company is bringing out ‘& projector which will handle film of any width. Bell Telephone of Cana- da opened slightly lower despite the be- lief that the company has obtained working control of the New Brunswick Pepperell Manufactur- ing sold off 1% on the news that it had reduced prices of sheets and pillow cases. (Copyrisht. 1031.) Sales in thousands. § Alabama Pw 4lis 2 Aluminum Cg 55 4 Am Cmwlh Pw DOMESTIC BONDS. High. Low. Close 167 52 1 5. 5 > 3 . 3 o e {11 Ba "n ' 5* Oy 141 w o *, e, sk § i1 33 50! ped 1 3 2 o >%* a - >, 55 3 2o0 2 i 25 E’Z’:‘-‘—-! 4 f._g: <7 S5 8gg SEng 3 o 3 G} i HH eaE o2, T, e gddsy £ 3 ; oEE, Q! H % a5 0ZZOnE a35eeeld Soae MR HotarSwaraiEme: 0988 R &> R 2. 25 3301000 10 §2009 epEss RO T35 s R ! RIIB32 < 5 3 [ 3 5 2 1 4 1 g 38 $5gscet et 720 g8 2us: u 22 55 MHSERRS AR T S5y 0y, ;Eigl 24 4 RQ0F 5, 4 oy B e ERQA0Q! §5555 RARF s__ g 5 5B eI Seon nves Co owa-Neb 5 A 4510415 $s B 471037 &C 55 ‘4710104 C 5128 '80 1034 TOTRRGUNORL IR, o 77 2R RRREREL AR SEEE i N &L Nor Ind P 8 5 Nor Ind P 8 o . orsmuan o n e tia o ros . Penn 83 3030 Tex Ut 55 A FOREIGN BONDS te BE 68 31 97 4 on b1as 58 10114 Bi 68 61 81 Wi 5 r e B e ki 5! e ..,5':'-.\‘58 Hous m'l-¢ Chile 75 uds ¥ Ltd 55 A s 36 x: A poz. 228! £ 3 ww—With warrants. Iv_Wwithout warrants. Wi—When lssued. NEW YORK CURB MARKET ote—All stocks are sold in Stock ana Sales— Dividend Ral Affliated Prod 1.60 1 Agfa Ansco pf. 50s Aluminum Co of Am. 50s Alu Co of Am pf (6). Am British & Cont. . Am Capital B. . Am Capital pr ot 5% Am Com P A (b10%) Am Cyanamid B. « Am For Pow wa Am Gas & Elec (1 ze Prod (2) racaibo. Am Meter (3). . % Am Superpcw (40¢). Am Superp pt (6)... Am Ut{1&Gen (B)vte Am Yvette Co (25¢). Appalachian Ga Arkans Nat Gas A... Armstrong Cork (1). % Assoc El In Ltd 30c., Asso Gas&El A (a2). Ass0G & Elct (8)... Atlas Uil Corp. Bahta Corp Bahia Corp ~Prev, 1931~ High. Low. 22% 114 87 67 224 135 109% 2% 6 65% 11 12% 3114 9744 30 % 51 19% a 4 Blue Ridge cv pfas3.. Braz Tr & Lt (b8%). Bridgep Mach (26c).. 4 Bulova cv pf (33%).. Bunk Hill & Sul (3).. Carib Syndicate. 4 Cent Hud G&E (80c) Cent Pub Sv Del. Cent Pub SvcA bl Cent Stat El (b10% Cent St E1 pt xw (6). Chain Stores Stock Chat Ph Al n.v. (1) Citfes Service (g30c) Citles Serv pf (6)... Clev Tractor (80c) Cohn & Rosen In Colts Pat Fire A 17 1011 & Gas vte Cmwlth & Sou war. Com Wat Ser g12%¢ Comstock Tunnel. ... Consol Auto Merch. . Consol Copper. . Consol Dairy Prod. .. Cont Shares conv pf. Cord Corp. ... Creole Petroleum. Cresson Consol (4¢).. Darby Petroleum. .., Dayton Air & Eng... Deere & Co (1.20). De Forest Radio. .... Detroit Afrcraft Cp.. Dietaphone Corp( 2 Douglas Air (11%).. Duke Pow (5). Duquesne Gas C Durant Motors st St Pow B (1) st Util Assoc ¢ ° 100 B O E e 2 0 B3 e D e RSV N B RS RS D PPRTVIOTURYRIINTY.- JUVIUIEE JORTOT N ec B & Sh pf (6)... c P & Lt op war Fl Sharehold (b6%). ipire PWr pt(2 rop Elec deb r vans Wallow Lead. intknte Co A Ford M Can A (1.20) Ford Mot Ltd 36 3-5¢ Fox Theater C1 A Gen Aviation....... 4 Gen The Eqev pf(3). Globe Underwr(15¢ /. Goldman Sach T C... Gulf Ofl of Pa (1%). Happiness Candy . Hudson Bay M&S .. 111 Pow & Lt pf (6).. Imp Tob Can (35c).. Ind Ter 11iu Oll A. Insurance Sec (710¢) . Intercontinent Pet n. Int Petroleum (1)... Interst Pow pf (7). Isotta Fraschini 1.08 Italtan Superp war.. Kolster-Br (Am 8h). Lefcourt Realty 1.60 Lefcourt Real pf (3) Lone Star Gas n 88e. Long Iscupt B (6).. © Rl e e oD Ba 19% 144 100% B 25 107 aigaased by the leter s (800 (3500, excepting those d ted e letter s (80s' 8), hich shows thase siocks Were sold in 0dd lota. 106 G ~Prev, 1931~ High. Low I % . High. Low. Close. 10% 18% 18% 69 6 135% 108 1% v 13% ™ 181 637 1351 108 1 | Mo- N stock ana Dividend Rate. Lucky Tiger.. dalena Synd.... May Rad & Telev(1). Mead Johnson (14).. Memph N G Co (60c) Mid WSt Ut (1%)..: Mid West Ut (b8%) . Mid Roy ev pf (2)... an Pipe L (A). Mo-Kan Pipe L (B) . Mohawk Hud 1st (7)1508 Montecatini deb rts., Nat American Co.... Nat Bd &S Corp (1).. Nat Family Stores. t IFood Prod B. . STAR, WASHINGTON | % 10 85% o | 16% 187 Received by Private Wire Direct to The Star Office Bates— Add 00. Open. High. Low. Close. 307s % K % % W% % 10 10 85% 85% 94y 9% 16% 164 18% 18% 12% 128 B 5ia » 10 86% 9% 16% 187 5la 10 Nat Fuel Gas (1). Nat Investors. . at PubSv A (1.60). at Pub Sv B (12.20) New Eng Pow pf (6) Niag-Hud Pow (40c) ag Sh Md (40c)... les-Bem-Pond (2).. Nor Europ 0Oil Corp. Nor St Pow A (8). Nor St Pow pf (7)... Northw Yeast Co 12) | 1083 %1 ey 0% 79 11 Pennr. 234 4 1t ‘adel Agene (4).. Pandem O11. Pantepec Ol s Parker Rust Pr (3) Corp (20¢) FPenn Wat & Pow (3) Pepperell Mfg (8) Philip Morris Inc. Phoenix Secur Corp. Pilot Kad Tube A.... Producers Roy Corp.. Pub Util Hold war... ¢ Fub Utll Hold Cp xw 4 Pub Ut Hold cu pf(3) Puget Sd P&L vf (6) Tyrene Mfg (80c). .. Tailroad Shares(40c eliance Int A eynolds Invest cosevelt Field Inc 0ot tef ov pr pf. Rossia Int Corp..... Royal Typewriter(3) alty Corp pL..... Salt Creek Pro(1.40). Saxet Ci “ee Secu Corp Gen R Sl Ind full pd (5%). 516 Ind prior (54) ... Sentry Safety Cont.. So Am Gold & Plat., South Penn O1l (1).. South Corp . SouthernNat Gai S W Gas Utllitles. .. Spleg May Stern pf.. 75 Stand Holding Corp.. Stand O1l of Ind (2).. Stand Oil of Ky 1.60.. Stand O, Ohto (2% ) 200; Stutz Motor (new). . an Inv = tin Sunray Ofl (b5%)..a Swift & Co (2).. Teck Hughes (60c).. Trans Lux DL P Tri-Cont Corp war... Tubize Cantillon (B) Ungerieider Fin Cp. . Un NatGas,Can 11.45, Union Oil Assoc (2). Unit Corp war. Unit Founders Unit Gas Corp. Unit Gas war. Unit Gas pf (7). Unit Lt &Pwr A (1) Unit Lt& Pwr pf (6). Unit Profit Sharing.. U S Dairy (A) (5) U S & Inl Seeur. U S Inter Sec 1st pf. Unit Stores. ... - Util P&Lta11.02%). Vacuum 0il (2) Vic Finan Corp(40c) Walker (H West Mass Co(2%). 4758 *Ex dl cash_or_stock. 8% in stock, in 7 1 Plus 106 16% 106 106 lus 3% in Atock. in_stoek. nPlus 8% in stock. pPald last year—no reguiar rate. ) ISP P TSI TOF YO~ U TSIopo o ey P PR T IO P 314 [ 5 56l based on last g 1Partly extra. b P 3 k P} PP PP UP (50%)... do) vidend. Plus 6% in s 10% m Pius 3% in BUSINESS FACTORS MORE FAVORABLE | Detroit Banker Sees Three Points of Strength Among Big Industries. Special Dispatch to The Ster. DETROIT, May 16.—Despite out of the depression in a manner con- vincing to even the man on the street, cnnslrgcuvre factors have now definitely begun to outweigh unfavorable influ ences, in the opinion of Thomas Nei chairman of the Equitable & Central Trust Co., Detroit. Mr. Neal looks for no spectacular upswing of business in the near future, pointing out that never, | after a depression of such magnitude as the present 1Ol'u.R has any country | emerged rapidly. ec gxxncngnngingp {4eas, readjustment of val- ues and a return to sanity, not only by business and financial leaders, but also by work not by their nature occur rapidly, he says. in three ways the great industries of the country are strong, in Mr. Neal's opinion. First, they have eliminated unnecessary overhead and as a rule are now more efficlent than at any previous time in their history. Second, produc- tion is being limited to demand and it made with decreased output and lower prices. Third, the banks and large cor- porations are in a position where their financial strength is ungaralleled. Conditions Called Better. “There is hardly a thinking man in the country today,” says Mr. Neal, “who does not believe that by and large the country is better off than it was at the ! height of the boom two years ago. There is_enough legitimate development work | which, combined with current require- ! ments’ of our population and the world, justify the expectation of satisfactory business. While the abnormal profits of the past few years will not be witnessed until we run into anoth:r period of ex- ceases, their absence wil be more than compenseted for by stability of earn- ings,” he-believes. “One of the most hopeful things to- day,” says Mr. Neal, “is the highly paid- for experience of the younger gener- ation of business men. They have learned that not forever can the ex- travagant use of credit be a sustaining force for business and that sometime | there must come a halt. The country has stopped belleving that by some magic me-ns less work can be made to mesn mc:e prosperity, and it is now setting cut along the opposite road, through more and not less work. An cxample,” he says, “I8 to be found in what [now constitutes an average day's work fo~ Ylayers in metropolitan New Yoi.. A recent study of bullding costs by the George A. Fuller Co. shows that the New York bricklayer used to lay 250 to 350 face brick or 700 common brick per day, but that now a day's work 1s approximately 400 to 500 face ! brick and 1,200 to 1400 common brick, an_increase of epproximately 80 per cent in effictency. Gains Must Be Slow. “Such evidences of returning sanity abound throughout industry, both as regards management and organized labor, and as they multiply they bring & return of prosperity just that much nearer,” says Mr. Neal. “The country has reached the stage now whepe most ple admit the impossibllity of some | miracle thi overnight. They realize that they will | have to write down their opinions of their own value and the value of other | persons and things as well. As sucnh | writing down is accomplished there will | develop & demand for goods at fair prices and we shall be earning a return of prosperity,” he believes. s e at will change conditlons | | STONE VETOS LIMIT ONWHEAT ACREAGE | house commentators today were talking | attractéd by the weakness of yesterday ! | easy Liverpool cables. D O, SATURD RALLY FORESEEN EARLY NEXT WEEK Brokers Say Firmness of Low Price Industrials Has Been Obscured. By the Associated Press. NEW YORK, May 16—Brokerage of the possibility of a technical rally early next week. Heavy selling of United States Steel and American Can, some sald, obscured the relative firmness of the low-priced industrials. The short interest is belleved to be very large. Comments include: E. F. Hutton & Co.—It again appears that the bears are pushing their advan- tage a litle too far and that regardlcss of what views one might hold as to the destination of the market, another im- portant turnabout is close by. Pask & Wa.bridge.—The stock mar- ket continues to adjust itself to de- creased earning power, both as regards individual issues and the averages as well. Just how much further the de- cline will go, no one can tell; but, the short side of the market is becoming too popular to appeal to us. On the contrary, we suggest the accumulation of selected issues for higher prices later in the year. Clark Wililams & Co—We expect that the stock market will continue to ! be dominated by professional activity | and display further irregularity. There are further signs of the best sort of accumulative buying going on in the better class stocks on reactions and we- believe that this is in an advisable pro- cedure to follow at the present time, making selections from issues of fun- damental companies which have butlt up large cash equities out of earnings during recent years of prosperity. *Edward B. Smith & Co.—We eon- tinue to believe that an exceptionally favorable opportunity for purchasing common stocks will present itself dur- ing the next three or four months, and we therefore urge preparedness. Babcock, Rushton & Co.—Previously we had felt that the rally in the stock market would be a slow one when it came. Now we are inclined to the be- lief that when it does come, it will be very rapid, at least in the first phases. Technical considerations of the market are sometimes misleading, bul‘ we do not believe that the market has as yet definitely broken its low levels of April 29. Shields & Co.—The market itself is the main influence to most of the re- port heard in the whispering explana- tions of selling. With no aggressive banking support in evidence, those who tried to force short covering early in the week by renewing jiggling opera- tions have not sufficlent courage to fight pressure on steel and the other leaders and seem to have lost any chance that might have existed of at- :;’tctlnl & buying following at this me. New York Cotton NEW YORK, May 16 (#) —Cotton | opened steady today 2 to 9 points | lower under overnight selling orders | and further selling on the favorable | weather in the South and relatively | July sold off to 9.48 and December | to 1008 under the 1initial pressure, making new low records for the season, but these prices seemed to attract con- siderable trade buying and week end | covering. Business was active at the start, but the voiume of offerings tapered off somewhat toward the end | of the first half hour and the market | became a e steadier with prices | showing rallies of 2 or 3 points from | the lowest. Early reports were in line | with yesterday's predictions of gen- ! erally fair and warmer weather in the ! cotton belt and conditions were referred | to as nearly perfect for the develop- ment of the crop. Liverpool cables reported continental MAY 16, 1931 INANCI HEAVY STEER PRICES DECLINE TO LOWEST LEVEL IN 20 YEARS Warm Weather and Usual Seasonal DI‘OP Combine With Empty Purses to Send Values Down. BY FRANK 1. WELLER, Associated Press Parm Editor. ‘Warm weather and slender pocket- books, plus the scasonal trend, hade sent heavy steer prices to the lowest May level in 20 years. Feeders who had held back in the| eternal hope that prices might mend | apparently have decided to let go, take | their loss and get on with other crops, ‘The bulk of receipts this week carried a thick layer of corn-made fat and prices for that bracket lost 25 to 50 cents. Cattle which evidently have been held to nurse a weak market ap- parently are too fat to hold any longer and finishers are under the necessity of unloading almost regardless of price. The average price of all the fat steers and yearlings during the first | three deys was approximately $7.40, | compared with about $11.25 for the corresponding period a year ago. ‘This is the time of year when heavy cattle prices normally decline, but not, however, to such a low mark. Even little, light yearling heifers are sell- ing relatively higher than long-fed heavy steers, a condition which mir: rors the beef trade where heavy cuts and chucks have been almost at a standstill. Stockers Discouraged. It is axiomatic that feeding losses | become sharper as live prices work to a new low and the sight of unfinished stock carrying a relatively higher value than steers that have been fed to glossy coats has discouraged stockers and feeders. » It is the flimsy and comparatively | narrow outlet for beef, along with con- tinued liquidation of cattle, which has pushed live values down where they are | now and which promises to keep them relatively low until receipts become small enough to leave the supply of beef more in keevln&l with consumptive demand. Warm weather and the limited purchasing power of the consumer have added their weight. The close of the week, however, brought a little better action in the fat steer market, and resulted in an upturn of 10 to 15 cents from the low time. Some of the cattle which sold from $6.50 to $7.35, depending on weight. had been on feed for almost one year. Light cattle are bringing & premium of about 50 cents per 100 pounds over heavies in | & creeping advance which may be none | too stable. | Shippers and small killers continue | to be the life of the hog market, with big killers bearish throughout. Receipts showed & slight increase compared with a week ago, but both periods were |sharply under those of a year ago. Shipping orders were about 1,000 head heavier, while receipts on direct billing were about 11,000 lighter than last week. Big interests point to the generous storage holdings and argue that with consumptive demand at present levels, the supply of live hogs must show an appreciable decrease or prices must be whittled down to where these stored products can be sold on a basis com- parable to live costs. Consistent Pork Demand. Small killers and shippers, however, ccntinue to supply & rather consistent consumptive demand for certain weights of fresh pork products which would in- dicate their intention to go along with the on a price basis not far either way from that now in effect increase, A heavy direct movement of South- | western lambs unheld their traditional habit of price-breaking at Chicago. The smallest run of the season from other sections proved of little avail in reversing the trend and except for a momentary period of convalescence, prices worked consistently lower to | finish mostly 50 to 75 cents under a week ago. Current values bear little resemblance to the recent high point. Shippers re- cently have carried limited orders and with large packers drawing freely upon other markets, the trade at Chicago was lifeless. interests there alread: Meanwhile, are lool 1 crop of Idahos, which will mean just that many more lambs to cope with in the general situation. Apru’enfiy all sections are eager to obtain the high dollar for Springers and are govern- ing shipments accordingly. Native Springers, rather numerous lately, | have taken a price cut along with old | erop lambs. HUGE WHEAT CROP ALNOST CERTAN Tendency Now Is to Raise Rather Than Lower Esti- mates of Yield. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, May 16.—Almost com- plete certainty of an immense crop of Winter wheat in the United States is now facing the grain trade. The pre- valling tendegcy is to raise rather than lower estimates of yield, especially in Kansas, the Natlon's largest wheat-pro- ducing State. Latest unofficial forecasts point to likelthood that Kansas this season will harvest 200,000,000 bushels, a new high record. Compared with a week ago, wheat tiis morning ranged from Iz cent & bushel lower to !4 advance, with corn 1';a1% down, oats l3a%; off and pro- visions showing 10 to 22 cents decline. New Wheat in June. It is expected that with normal weather conditions Texas will start to ship new 1931 wheat freely by the mid- dle of June, and some traders are look- ing for this wheat to come into compe- HUGE SUMS PLACED = o ard Chairman Says Plan Would Benefit Those and Bombay liquidation abeorbed by ! titlon with holdover wheat from the trade calling and covering and said | 1930 crop. However, there has been a that were included in today's total spot|mit domestic flour stocks to run down sales of 16,000 in that market. The |to & minimum. As s result milling de- amount of cotton on shipboard await.!mand on a large scale is generally be- 10,750 bales of Russian cotton | pronouncéd bent for some time to per- | PO overy is a matter | ingmen, and such changes can- | is being discovered that money can be | - INELECTRIC LINES Stay—14,000 Busses Added to Service. The magnitude of electric rallway service in the United States and Can- ada was stressed by Louls Harding, an insurance expert, in an address at ‘Toronto, Can. “The trolley car, the most compact and efficlent vehicle, is here to stay, he said “There are today 640 operating com- | panies in the electric traction industry, | 60 in Canada and 580 i States. Total invested capital is about £5,542,450,000; of which $222,450,000 is | With a three-year membershy in’ Canada. about $1,118,000,000, Canada's being about $60,000,000. According to the 1930 census, nearly half the inhabit- ants of the United States live in 189 cities of more than 60,000 population and in their immediate suburbs. In all but one of these the electric railway is the backbone of the local transporta- tion system. “Also there are 789 cities in the Annual gross revenue is the Trolley Car Declared Here to .. + | seeming inability of business to snap |®. Outside Pact. By the Associated Press. A suggestion that the wheat surplus controlled by a plan involving a ! Nation-wide acreage reduction agree- | ment was vetoed yesterday by Chairman Stone of the Federal Farm Board. | Stone. in a letter to State Senator J. Wilmer of Rosalia, Wash., said | | the problem'’s solution and higher prices | n the United Sign-up of at least 76 per cent of the share | 8ttitude in these words: United States of from 10,000 to 50,000 | population, and 531 of these have elec- tric railway service. In the period be- tween 1920 and 1930 bout 14,000 mo- tor busses were added to supplement trolley service. In about a dozen cities in the United States electric railway companies operate taxicabs in addition to cars and busses, more than 2.300 taxicabs being so used, while 15.440,- 000,000 passengers were carried by electric railways in Canade and the United States during 1930. “It is pertinent to state that trac- tion companies give constant attention to the elimination of accidents and pronounced success has been achieved in this effort, of fatalities was reduced 44 per cent al- though during this same period the number of registered automobiles in- | creased from half a million to 26,000, 000. Records of the American Electric | Railway Association indicate only one ihu.my‘_ln each 192,000,000 passengers ‘ carried. Officially, Harding is secretary of the | Central Traction & Lighting Bureau, ‘ New York. He also is chairman of the National Fire Protectfon Association g%mmltm on Electric Cars and Car uses. “Pilot's Wrinkles” Latest. | Does pliloting an airplane cause | wrinkles? That is the question being | zealously studied by feminin> long-dis- tance fiyers since the report made by | C. W. A. Scott, who recently flew from England to Australia. “I am sure I've aged considerably in the last fortnight,” | he said on hie arrival at Sydney. “There |is a certain unnerving element attached | to such a fiight. At times one becomes | definitely fed up.” As no one has dared tell a fair fiyer that she has the trace of & wrinkle at any time, the theory is i scorned by neurly every aviatrix. “Between 1911 and 1939 the number | soid lay in individual effort toward smaller | crops. He held as impractical control | measures which are contingent upon ( participation under contract of 75 per | cent of the growers. Wilmer, an official of the North Pa- cific Grain Growers' Co-operative Asso- fon, had advanced a proposal entailing financial aid and moral sup- rt of the board, It encompassed a ation-wide campaign to obtain control of the next three crop surpluses and to limit acreage in 1932 and 1933 by a farmers in & surplus control association contract. board’s “We belleve it would be impossible, even with intensive efforts, to get enough farmers to co-operate under the proposed contracts to give the plan a fair chance of success. A uniform Nation-wide contract for surplus con- trol or acreage reduction would not be appropriate under widely diverse con- ditions lan might The chairman outlined “Whatever benefits the yleld would go most heavily to those farmers who did not share in its obli- gations. There is no assurance that it would actually yleld the majority of signers better returns for their wheat than they will otherwise get. The plan would put large additional burdens on the agency charged with disposing of the surplus and commit us to a con- tinuous policy of export dumping that we believe would prove injurious to our wheat growers in the long run.” ‘Wilmer's allfl would bind a signer to hold on his farm or deliver to the surplus association without advance peyment an amount set by directors based on a percentage of the entire p. The delivered grain would be sold through the Farmers' National Grain Corporation in a manner not to affect domestic markets and the sur- plus, after handling and transportation charges, returned to the wers. The contract also would limit 1932 and 1933 acreages to a percentage determined by the association’s directors. Stone said the present situation would lead farmers to wheat on their farms, feed it liberally and cut acreage, thus reducing the heavy sup- plies. He said the board counted uj Federal, State and farmers’ org: tions to emp these facts, and “we are confident that in such ways as these the difficulties of the situ- atlon will be met and surmounted.” “The history of even regional sign- up campaigns among {armers,” he said, “is extremely discouraging and so is the evidence of results to farmers from such campaigns.” Because of varying conditions and the reluctance of growers to ‘“sign con- tracts affecting their future actions, particularly where actions two years or more in advance are involved * * *.” “it is mot practical or economically desirable to secure herence to a uniform splan of acreage reduction. ing clearance was estimated at 78,000 against 75,000 last year | Futures closed barely steady, 11 to 13 points lower; ) 26; 9.45: October, 10.02-10.03; January, 10.30. Spot quiet; middling. High May B July 935 Qctober December Junuary . March . CHICAGO STOCK MARKET By the Associated Press. CHICAGO, May 16.—Following is the complete official list of transactions in | stocks on the Chicago Stock Exchange STOCKS. Allied "Prod . High. Low. Clos 21 305 31 50 Art _Metal 60 90 Cent 1 550 Cent 11 Sac 10 Gent Ind Power 50 Cent Pub Serv 130 Crane Co 180 Elec House hold Eq vt 50 Houdaille Hershey A 50 Houdaille Hershey B. 1050 Insull Ut ......... 150 Insull U pf 3nd ‘Ser 150 Kalamazoo Stove ... 22 Keliogs Switch Ut Jr_cum pf.. 1000 Tosull 65 40 13000 United A 1 Ry 1000 ing counted upon to come into play right from the season's beginning. A factor as yet unrevealed is what the policy of Government-sponsored agencies will be toward the new grain which moves prior to June 30, when | price stabilization operations of Farm Board allies are expected to end. Some new wheat in Texas has been reported as already contracted for on a basis of 40 cents per bushel to the farmer. Re- | ferring to these reports, Chicago trade authorities | that the basis which is indicated ranges express wonder, and sey to a material extent below production cost. Weather Favors Corn. Improved weather conditions over the corn belt have largely removed anxiety as to planting progress and about the germination of corn already in the ground. Oats prices reflect favor- able crop reports, as well as the cir- cumstance that oats acreage is some- what larger than last year. Provisions show the market effect of }enlnrled stocks on hand. RAILROAD SHARES CORP. LIFTS NET PROFITS Special Dispatch to The Star. BOSTON, May 16.— Directors of Railroad Shares Corporation have de- clared a dividend of 10 cents per share, payable on June 15 to stock of record as at the close of business May 25. The net gain for the period, July 3, 1929, to Avril 21, 1931, after Federal taxes and expenses, was $685,757. Total surplus and reserves on April 21, 1931, were $144,788 after payment of dividend March 16, 1931, amounting to $104,601. BIG FIRMS STRONG IN CASH HOLDINS Many Corporations Have Even Increased Funds i During Depression. | ‘The ability of most large industrial corporations to maintain and even in- crease their cash positions during a business depression as serious as tho present one is & unique experience in the annals of American industry, says the Standard Statistics Co. of New Yoric | in a current survey. The survey follows in part: | “This situation is, of course, a carry- over from the unusually favorabls con- ditions of the past few years, as a re- sult of which sagacious management | capitalized the opportunity in many | cases to pay off senior obligations and bank loans and to increase their funds through operations in the call-loan market. “Total cash, and equivalent of 310 in- dustrial corporations for which com- parable records are available for the | past four years, amounted, at the close of 1930, to $1,789,000,000, an increase of 3 per cent over tho aggregate bal- |and 145 per cent over the condition in 1927, “While this stro concrete evidence relative financial stability, its character is static, since it bears little relation to current earning wer. “Obviously, it would redound much more to the advantage of the companies concerned if the cash item were con- siderably smaller, assuming that its re- duction could be offset by a higher rate of current return on the capital invested in. enterprise. In other words, cash is to a large extent unemployed, and prospects for its profitable use which govern the volume of demand for merchandise. Under existing conditions, however, these ample cash reserves form a very necessary backlog for taking ad- business during the current year.” DIVIDENDS DECLARED. NEW YORK, May '}G | e | Company. Rate. riod. | Omitted. Selfridge Pr 8t Interim div | | | Hidrs. of record. | Am Thread pt. | Boston Whart | Carter (« | Gin Tobao Dinkler Hotel cl Elec Stor Bat o Fletch Am Bk (Ind).§: Hecla Mining.......10¢ Inter Carries Ltd. fl; 5. Do. 5% pt. Miller (D T Morisén i Nat Fam Stores Nat In Shares A. Neht Corp ... Parker_Trading A.. Do W5 300 Perfection ' Btove..18%c Quaker Oats.... .. 31 Singer Mts Ltd A De € 6%. | spertan Mills. . | Title Insug of Stl. | Under & Bartic A | United “siastic. . | U S Stores 15t ot Wagner Elec Cor. 37'sc “36c pt..30¢ ‘35 1sc & DZOOD: DOO DODOD: : DOO>DPR i 25¢ T8¢ 4 LLELR May 20 May 15 STOCK AND BOND AVERAGES By the A inted Pre SATURDAY, MAY 16. STOCKS. Today..... Previous day Previous Week ago Month ag Year ago. Two years ago 50 Industrials. 109.3 20 Utilities. 164.1 164.9 169.7 unless fresh supplies show too much | D A cash position is | At this | Ch under present conditions are limited | &2 by substantially the same conditions | Gru a0 s A-IS DUTCH WELCOME OIL COST PROBE West Indies Looking For- ward to Inquiry by U. S. Tariff Commission. By the Associated Press. | CURACAO, Dutch West Indies, May | 16.—The Netherlands West Indies are looking forward with interest to the forthcoming investigation of the United States Tariff Commission in regard to the production cost of imports of for- n olls into the United States. matter is of vital importance to these islands of Curacao and Aruba, where oil exports are steadily declining. Oil companies have been introducing drastic economies in operations and numbers of employes have been dic- missed. H Has Decreased Steadily. Some hope is held that conditions may jmprove after the investigation of the Tariff Commission. Interest in the hearings is due to the fact that the prosperity of the Dutch West Indies as well as of Maracaibo, Venezuela, is closely linked with the production and export of petroleum. After the ofl business had increased in 1930, it began to slow down last Fall. uring the first months of 1931 it has decreased steadily. ‘The total value of the petroleum ex- ports from the Netherlands West Indies (Curacao and Aruba) in 1930 amounted to $170,000,000, compared with approxi- | mately '$135,000,000 in 1929. The quantity of crude oil exported to the United States from these island:; ‘was approximately 8,000,000 barrels last year, an increase of 5,500,000 barrels over the previous year. This increase was principally due to a technicality in the local customs law, through which all exports from Aruba in the year 19290 were consid- ered as in transit from Venezuela. This system was changed in 1930 and all oil leaving the territory was considered as exports. ‘The exports of ofl products to the United States in 1930 amounted to 42,- 000,000 barrels and in 1929 to 30,000.- 000 barrels. Of a total production in Venezuela in 1929 of 137,470,000 bar- rels, approximately 93,000,000 barrels were exported to the Netherlands West Indles and from there re-exported as crude ofl or as refined ofl products to all parts of the world. Of this a total of about 32,500,000 barrels went to the United States. Chicago Grain E CHICAGO, May 16 (Special).—The wheat market was firm y on scat- tered buying because of the lack of precipitation over the Canadian West and the bullish Winnipeg TFree Press report which estimated a reduction of 12 per cent in the Canadian acreage. May, old, opened at 82%, new 843, July 62 to 62'3. September 62 an: cember 655, weather. ' May. oid, opensdat 31 July 5 , old, at 57, Jul 58Y4 to 5815, September 573 and DO! May: old, v Stie: Ju g:;’"fi‘i‘:pt-m ber 5714 and December 501. Oats were casier with corn. Ma: old, opened at 27% and July 28 After the first half hour May, old, was 12733 and July 28%. Provisions were easier. (Copyright. 1¥31.) " INVESTMENT TRUSTS NEW YORK, May 16 (#).—Over-the- ccunter market. | ance sheet item of December 31, 1929, — L a 22%00 ted Bank vantage of any possible recovery in |Diversified Trust Shares T Shrs i | Tr, Shrs B ui 3 ranger Trade ide” Winmill, T Incorporated Inv icornorated Investors Equit: Independence rs ur Corp Am 'i‘ e SuatBSnantlaas - & aad r Shrs_& Gen it Secur Col ik 92 28-o or ru Northern Secur ... Old Colony Invest Trust Qld Colony Trust Assoc. Qil Snares Inc units Shawmut_Bark Spencer Trask Pund Stand Am Trust Shrs. Y un?venll Tr Sh BALTIMORE STOCKS. JALTIMORE, May 16.— Special Dispatch to The Star. =t susuSuste rd 200 I 'y stern Marylane