Evening Star Newspaper, May 17, 1931, Page 68

FINANCIAL. " BONDS AREFRVER " FORMODERATEDAY Some Advances Recorded in Trading. BY ALEXANDER HENDERSON, . “Associated Press Financial Writer, -:NEW YORK, May 16—Trading in' the bond market today was of the| usual moderate week end proportions, but the tone of most issues was steady and gilt edge obligations continued firm to higher. The fourth Liberty 4'is reached a| new all-time high record at 104 31-32] and United States Treasury 4s of 1944-] 54 hit a new 1931 peak at 109 4-32.; Other bonds of the Federal Govern-, ment were generally higher although the turnover in several of them was small and no sales of any kind were recorded in others. i Strength appeared also among high- | grade corporate obligations. Albany & | Susquehanna 3l5s, American Sugar Refining 6s, Consolidated Gas of New York 5l5s, New York Central 4l5s of 2013, Norfolk & Western 4s of 1044, Southwestern Bell Telephone 5s, and | Union Pacific first 4s and 4s of 1968 | ‘were representative of the high-grade | issues to close higher. Some of this| group reached new high levels for this ear. 2 Price movements throughout the list were generally narrow. Phillips Pe- troleum 51,s were an exception and Jost much of their recent advance, ! closing 414 points lower at 60. General ‘Theaters Equipment 6s and Interna- tional Match convertible 55 made some | sh gains. Lorillard debenture 5lzs zqficd their old high in steady trading. ; Fluctuations in foreign bonds were not so wide as frequently in the recent past. Net changes were divided about evenly between gains and declines. Private cables from Argentina reported conditions there as improving. | DECISION IS HELD UP ON STEAMSHIP RATE Two Lines Ask Injunction to Halt Shipping Board Action Ending “Split Deliveries.” By the Associated Press. “NEW YORK, May 16.—After hearing arguments today, a Federal statutory court reserved decision on the applica- tion of two steamship companies for an injfunction to restrain the Shipping Board from enforeing its order abolish- ing so-called split deliveries by coastal Bt lines. Under the practice, which Western cities had contended made them victims of unfair competiticn, steamship compa- nies deliversd merchandise to West Coost consignees at the same rate for | deliveries in more than one port erd charged for them as if made in a single lot. Attorneys for the Argonaut Steam- | ship Co. and the Argonaut Steamship Line, Inc, arguing for an injunction, contended that the abolition of the practice, ordered by the Shipping Boerd in January, would prevent Eastern man- ufacturers from sclling their products profitably on the West Coast in compe- tition with manufacturers in that terri- More than 200 leading Eastern manu- facturers joined as intervening peti- tioners in the injunction suit, which was heard by a court cemposed Awu N. Hand, Alfred X. Coxe and Rol P. Patterson. R i “ INVESTMENT TRUSTS Am Pounders 7% pf 3 Am Founders 1-96th ctfs » ¥ ustry Shares ype Invest Chain & Gen Eauities Chain & Gen Equit 62" Bea wEZESN weos an 2%y Div Egquit Equities_Investors Eguity 8hrs First_Amer Corp Fite-Year Tr Shrs Fized Trust Shares A Fixed Trust Shares B Fungamental Tr Shri A Fundamental Tr Shrs General Equity A...... 2 g s Investors Co=p com Corp units. . | Independenc Insurance Bi & Ge; Ol Bhares Inc units Petroleum Tred A 4 Eower & Rail Trustee Shis researeh Iov Corp it Becur Corp Gen i Int Hecur Corp of Judges | | Railroad Commission THE SUNDAY STAR, WASHINGTON | BOND SUMMARY FO ] UNITED STATES GOVERNMENT. 31— High. Low. 102 19 10020 102 8 10224 100 13 100 20 104 2 105 29 109 14 Tigh, Low. Stock and distdend. 9014 Abram & Straus 6% s'43. . Alleghuny Co cv 55 '44. Am Agri Chem 7348°41... Am Chatn 65 1933. Am [ G Chm 5%s5 1 Am Internation 6% " Am Natural G 6%3 42 Am Sm & Ref 1st 534 Am Sugar Ref 6s 37 Am Tel&Tel cv 4%s Am Tel & Tel s f bs. Argentine 6s June '69 Argentine 6s A '67 Armour & Co 45 '39. Armour of Del 5%s '43. Atch T &S Fead) 4595 Atch T &S F gen 4895 . Atch To & S Fe 44548 Atlantic C L 1st 4s " At Coast Line 4 %8 '64. Atlantic Ref deb 58'37... Austratia Austrio 18 B&O;0ld 4548 B&Ocv4%s33 Balto & Ohlo 58 '48. B &O ref §s'95. B&O refbs D 2000, Balto & Ohlo 65 '95 :B&OPLE& W Va4 B&OS W Div b8 50. Bangor & Aroos 4s 51 : Eank of Chile 63857 Eank of Chile 6% 1961 Belgium 6s ‘55 Bell Tel (Pa) ref 58 '4 Beth Steel p m 58 '36 Bolivia 7sct 69. Bordeaux 6s '34. Boston & Matne Brazil 6%8 1926-57...+ Erazi] 85 '41. Broadwy & Tth AV 6343, Brooklyn & Erooklyn Union 55 '50.... Canada 53°52. .. : Canada Nationai 4% 854, Canadian Natl 4%s '57... 1 Canadian Natl 413 Can Nat July 65 '6 Canadian Natl s " Canadiar Pacific deb 4 Centra: Pacific 45 '49. Centrai Pacific 55 1960. Certain-teed 5% 1948. Chesapeake Corp 58 '47... Ches & Oh gen 4%3 92 Ches & Ohlo 4%s '93 A Ches & Ohfo 4% s B '95. ChiB&Q4%s BT Chi B & Qref 63’71, Ch & East Il gen 68 ‘51, Chi Great West 48 '69. . ChiMStP&Pb6s'T5. Chi M StF& Pad 5s. .. PREN Stock and dividend. High. Lib 3%31932-47.....102 19 Lib 1st 438 1932-47. 105 14 Lib 4th 418 1933-38. 10 ! 6 4 « 109 4 US4%s1947-52. 11316 103% 99 4T 58 4 98% 85 102% 98 T 97'y 4 104 103% 86% 9514 102 3115 95% 1030 9813 9913 100 107% 30 63 Chicazo&Nwn cv 4 Chi& N W 6%8°36 Chicago Rys bs 27 Chi R 1 & Pacref 4 Chicago Rock Isl 4%s Chicago R 14%8 A. Chi Union Station 4 4 Chi Union Station 6% Chi & West Ind con 4 Chi & West Ind 5% 85’62 Chile Republic 65 1960. Chile Copper 58 *47. . . CCC&StLrf4%sE"TT. CCC&StL6EsD. ] Cleveland Term Cleveland Terminal 533 2 Colombia 6s 1961 Jan. Colon Ol 6s'38. Colo & Sou ref 4345 'i5... Columb G & E deb bs '52.. Comm Invest 5%s 49 Con Coal (Md) 1st ref 5s. Copenhagen §s ‘52 Cuba R R 5852 Cuba North 5%s’42.. Czechoslovakia 8s ‘51 Del & Hudson 5%8°37. Denmark 6%s 1955. Denmark 65 '42. Den & Rio Grande cn 45 Den & R G West 65'55... Den & R G West 58 '78. Detroit Unfted 4%8'32. .. Dodgo 63°40. ... Duquesne 4%s 1967...... Durtch East Indies 68°47. . Dutch East Indies 65°62. . East Cuba Sug 7%s°37... 1st con 45 '96 Fiat Ts (xwa #inland is 5. . Flor East Coast 53 ‘T4.... FondaJ &G 4%8'52. French 7s '49 French T%s'41. Gelsenkirchen Min 6s'34 General Cable 5% 1947 Gen Motors 68 '37. Ger Gov 5% '65 wi German Bank 6s 1938. » German 7s '49.. Goodrich (B F) 6% a ar Rub 58 1957.... i Trunk s f deb 6s. .. Humble O & R5%s8'32. 11linois Cent ref 4s '65. « 1llinois Central 4% 8’66 (niand Steel 4%s 197 inter Rapid Tran Gs "6/ Inter Rap Tr bs sta '66. Irter Rap'd Tran 6832 Inter Raptd Tran ev 7s... Inter Cement 65 ‘48. Inter Gt Nor adj "65. Inter Match 68 47 Inter Mer Marine 63’41 inter Paper 68 A 47.... High, 712 106 107 Net Stock Low. Close. Chge. 102 710219 +15 103 4 10313 + 5 10411 10431 +18 10212 10230 +21 10224 103 6 + 16 10627 107 4 +28 10826 109 4 +16 118 2 11316 -+ 15 100% 106% 81% 102% 97 97% 6834 945 Ltaly 7s Net Kendall Low. Close. Chge. 100% 100% -+ 2% 124 4 103% 103% 101% 101% 101 1015 86 8% 20 20 102% 103 104 10415 13 4 Louis & Midvale Mo Kan Mo Kan Mo Kan Mo Paci 9 - Mo Pacl! : 100% 101%% - 2 101 101'y 561 5603 Mo Pacl Missour! 9T 981 1007 101 1074 107% 1015 10115 101 101 108% 1083 97U 9TH 1037 -+ 911y 68: 68% 6T 671s 104% 104% 1091 10915 103% 10315 17 1 105 106 100% 100% 4T 4T 62 62 Nat Rad! N Y Cen N Y Cen N Y Cen Chic: s 1 91% N Y Chi NYNH NYNH N Y Tel Norfolk North A 101% 101% 50% 914 106% 106% 102 102% 101% 1028 1 101% 102 1074, 108 1073 1084 88 891 9T 9T 2104 104% + 40 403 - 993 Norther: Norway : Pan-Am. Para-Fa Paris-Lyvons-Med 68 ' Paris Oy 103% 108% + 10915 109! Penna It Penn 4% s '63.. 102% 1077 2 108% 18 Penn 55 : 108% 109% | 62is 66 5 3 96% 9T% 98Y% 811 83% 85% 8! 103% 10: 115t 116 90% 91% » 106% 106% 65 6 891 89% 981 99 1043 104% s 107 107 110% 110% 58 Bl 48 5 101% 101% 9815 98m. 99'x 99 381 3 Peru 6s. Peru 7s. Philadel Philips Pittshg Postal T Rhineib R Itio de J. R 1 Ark Inter Ry Cent Am 6%8. Int Tel&Tel cv 4%s '39. 4 Irish Free State 5560, Japanese 6%s '54. . Kan City South 351950 Kan City South 6s '60 Kan City Ter 1st 4s'60 4 Kan Gas & Elec 4%s 80. Kreug&Toll 55 ct wi ‘59, . % Lackawanna Steel 5s '50 Laclede5%s D *60 Lehigh Val cn 4s 2003. Liggett & Mvers 58’61 wLoew’s Inc 6s ex war'4l.. Lorillard 6%s *37. . Milan 6%s '52. Mil EI R & L 1st rei MStP&SSM6%s'3! Mo Pacific 5 Montana Power 55 1943. . Nassau Elec 43 '51. Nat Dairy Prod 6% 4 Netherlands 6s 72, 4 New England Tel bs'52. . New South Wales '67 NYCh& SLref6%sA.. N Y Edison 15t 6%s'41... N YN H& Hev deb 6s N Y Wes & Bo: North Pacific 35 2047 North Pacific 4s 97 North Pacific b8 North Pacific r 2 Ore Wash 1st ref Orient Dev 5%s ‘67 4 95 LY Pacific Gas & E158°42.... 10 5 Pacific Tel & Tel 5852 7 | GENERAL METALS Penna cn 4%s Penn gen 4%s I’enn gen 5368 Penn 6% s ‘36 Phil&Read C&) 68 w1 Poland %s'50 . i Queensland 6s'47. Queensland 7s "41. Reading 4%s'97. Reming- nine W 1852 SLIM&SR&G ¢s°3: R THE WEEK || and dividend. High. Low. Close. 66 65 5 90% 89 106% 100% 105% ‘51, 518 '48 (war) Nash uni 43°40.. Manati Sug s £ 7%s '42 2% Market St Ry 75 A ‘40. Steel bs ‘36 & Tex 15t 45°90. & Tex ad) 63 "67. & Tex pr In 5sA. fic gen 4s°75. fic 5s A '65. fic 58 G- i Pacific s H '80 lator 68 1947 t deb 4534 o ref {mp 58 2013.. t deb 6s'35. . . ago & StL 4%s ‘7 & StLouis 6s '32. & Hart4%s°6 & Helt 68'40. .. 6541 & W cn 45°96. mer Ed s '57.... 2047 s 204 n States Pow bi 5%s. % erican 6s '3 2 e | m-Lasky 6s 104% 102 10674 10173 95% 1014 104 1094 3 ‘leans 5% 1968. . 0 R4lgs 1964. '80. phi Petrolm 634839, . n&W Va 435 C 60 le] & Cab 5833 Rand 6% e 7s... e aneiro 88 '46 I Rio Grande Do Sul 63 '68. Itio Grand West col 48, &L4%s'34.. +10 | 2 D, C, MAY 17 NEW YORK STOCK EXCHANGE (Continued From Second , 1931—PART _SIX. Page.) Stock and dividend. ‘Truscon Stl (g1.20). . Twin City Rap Tr (§4).. Twin City Rap Tr pf(7). Ulen & Co (1.60) Underwood-Ell-Fish (5). Tnion Carb & C (2.60) Un Oil of Cal (2). 4 United Afrcraft. . Unit Alrcraft pf (3) UnitedBiscuit (2) Unit Carbon. . United Cigar Stores i Utd Clgar Stores pf(6).. Unit Corporation (75¢). . United Corp pf (3)..... United Dyewood. . . United Dyewood pf (7). United Elec Coal. United Fruit (4) X Utd Gas & Improv (1.20 United Gas Imp pf (6).. Utd Piece Dye Wks (2) . U S Distributing. U S& For Sec..... U S & For Sec pf (6). S Freight. S Gypsum S Hoffman S Indus Alc S Leather. S. Leather, A. Leather prpf (7).. Pips & Fdy (2). Pipe&Fy 1st pf 1.20. Realty & Imp(2). Ruhber..... Rubber 1st ot Smelting & Ref (1) US Smelt & Ref pf(3%) U 8 Steel (7)....... U S Steel Corp pf (1) U S Tobacco (4.40) . United Stores A Unit Stores pf (4 u o U u u. u 2% U 4 U v u u u s s s s s s s Univ Pipe & Rad . Util Pwr&Lt A (et2.15). Vadasco Sales.... Vanadium Corp'n. Van Raalte.......... Van Raalte pf. Va-Caro Chem 6% of... Va-Caro Chem pf (7). Va Elec & Pwr pf (6 Va Iron Coal & Coke 41 Vulcan Detinning ( TREND IMPROVES | H.Steel Market Affected Favor- ably by Activity in Auto Industry. By the Assoclated Press. NEW YORK, May 16—The steel market was affected favorably during the past week by reports of continued activity of the automobile industry and the outlook for improved demand for structural steel. Larger shipments of the latter, pipe lines and bars were re- ported, but buying by rallroads and de- mand for seasonal lines was less active. The recent steadily decreasing rate of ingot production was checked to some 100% 100% 61 61 1% 41% 110 110 tL &S F prind4s A'50. StL&SF4%s'T8.... StL&SanFr5sB'60,, St Louis S W con 4, StPKCS Lined% 1057 105% 101 102 105% 106 97 9% 61% 61% 72y 72% 9 9915 8615 86v 104% 104% 101% 101% 101% 101% 520 Pau Sinclair 4 Stnclair South Pactfic 4%/ 3 Southern Pac 4% 4 Southn Pac Ore 4% Southern Ry gen Southern Ry 1st bs Seaboard A L con 6i 4 Seine Deptof . Serbs.Croats&Slavis's2. . Serbs Croats Slov 88 '62. lo State of 01l 7537, Crude Ofl 6% 3 n —1% Southern Ry gen 6s 56 South R Stand Ol N J 5s. Stand Ol N Y 4%8 51, %846, 19% 118% 1184 125% 1 89 71% 103% 104 7 6% 847 104 a6 £914 10814 215 1124 a9 110 Swiss 5 Tenn Coj Unton P Union P United I 2 Utd Kin U S Rub Ur Utan Po Utilitles P & L 6348 " Vienna fis 1952. . Va Rv & Power b . Virginia Ry 1st 68°62.... 835 3': 101 1044 63 101% 597 Wabash Wabash Walwor Warsaw West Sh West Maryland West Maryland §%s '77. Western Pacific § Western Union Tel 6% Wilson & Co 1st 68 41, Yokohama 65 ‘61. a Youngstown Steel 58778 . . 1 2031 993 Texas Pacific 4 Texas Pacific 55 C Third Ave ist ref Third Ave adj bs 4 Toho Elec Fwr 73 ' guay 63 1960. . Walworth v dev 63%s '56. % | pper 6s B "44. ., s B7 +2% +1% | 5% + W 'acific 1st 43 47 N acific 43 ‘68, . 9 9 s Un Pacific ref 4s 2008 orug b gdom ber 151 & 53, W 1% “su wer & Light | ~4 B ret 8, 34 108 7 104 141 4%8 1978, —1% | 1st68°39.,, 1 ~13 5 -3 4 —2% - L3 th 6148 78 1958. ore st 9015 7814 107 w91y 9015 " 997 1004 — % | 971y 294, 100 ‘iMPROVEMENT SEEN FOR OIL PRODUCERS Contraction of Supply of Best Crudes May Bring Stable Conditions. Dispatch to The Btar. TULSA, Okla., May 16.—A severe con- traction in the supply of the most de- sirable grades of crude oil cf the mid- g about the sought stability to the oil markets within the very near futur Pro-ration a pinching back City field have brought tk age production this week 110,000 barrels Output ofl region is now close barrels datly prescribed i the homa ver- robably > newer the 160.000 the Texas and generally | agreed on by the Operators’ Commit- tee. Two weeks ago output was 350,000 barrels. | A large portion of the reduction in the East Texas ar-a was effected last | week, but due to larger output in the Oklahoma Cits field the reaction on the national output was not reflected. As| allowable producticn in the latter area | is based upon a monthly total, last week’s output of 220,000 barrels, which exceeded the allowable by 50.000 bar- rels, has been adjusted this week to th required 170,000 barrels. | Because of the adjustment in these two dominant fac'ors, the decline in supply of fresh ofl this week may more | nearly ‘match that which occurred 18 months ago, when the largest weekly contraction, totaling 220,000 barrels daily, occurred. As a result, although | it is only evident so far as the mental | attitude of oparators, the termination to | the Spring decline oll markets socn | may be witness Prices have been ! to Lid A t Lid B iritish Int Ltd 83 pf. & Pr s 74 Whether the much-looked-for improve- declining steadily since the last week | of Pebruary, following.a 10-week inter- | pool market, but they included 10,750 | sued. The: E ruption in the major downward trend. ment will magk the permanent turn, only the daily output of the East Texas | fields will provide the definite answer during next Pall. (Copyright. 1931.) New York Cotton NEW YORK, May 16 (#).—Better weather in the South, relatively easy Liverpool cables and the unsettled rul- ing of the stock market were reflected by further declines in cotton today. | Moderate rallies on some trade buy- ing and week end covering during the middle of the morning were not main- tained and the general market closed barely steady at net declines of 9 to 13 points. The opening was steady, 2 to 9 points lower, under some overnight selling orders attracted by the developments of yesterday. These appeared to be supplemented by some local and foreign selling on the reports of geod weather | the belt and the relatively easy showing of Liverpool. The early offer- ings were quite readily by | week end covering, while there was also considerable trade buying, presum- ably to fix prices on call cotton. This stiffened the market up during the mid- dle of the morning. with active months selling back to about yesterday's closing quotations, but prices weakened again in the later trading. May sold off to 9.25 and December to 10.01, making net losses of 11 to 14 points, and the close was within a point of the lowest for the day and season. Selling was lugnpoled to be partly in anticipation of iproved crop reports as & result of the better weather, while there also appeared to be some Wall Street selling, which may have been influenced by the action of the stock market. Liverpcol cables said that continental | and Bombay liquidation in that market had been ¢bsorbed by trade calling and covering at the decline. Spot sales of points lower; May. 9.26; July, 9.44-0.45: | October, 9.80-9.81; December, 10.02- 10.03; January, 10.12: March, 10.30. Spot quiet; middling, 9.40. High f Low. Close. | 9 9. 9 3 9 10,02 | January o S CANADIANS FORM POOL | TO SUPPORT LOW STOCKS | NEW YORK, May 16.—Dow, Jones & Co. In & special dispatch from | Montreal says that a powerful financial | pool has been formed by Canadian i financial interests “to support stocks| selling currently at what they believe to be ridiculously low levels in many | cases.” Some buying already has taken place under the plan. The dispatch said that pool will sup- port stocks of Canadian companies ex- | ing markets in other countries will be | supported. G00D BUYING NOTED. NEW YORK, May 16 (Special). — Fairly steady buying of chemicals in the spot market, aided by the tendency of many consumers to take on stocks only as needed rather than to commit them- selves to long-term purchases, furnished { | developments of the past month in heavy chemical markets, Chemical and Metallurgical Engineering reports. Conversely, contract placements have failed to attain the tonnage reported in | previous years. MARKET AWAITS TURN. ‘That sustained constructive action in the stock market will be deferred until |such time as there are definite indi | tions of business betterment, is the vi expressed by Hornblower & Weeks in 16,000 bales were reported in the Iiver- bales of Russian and only 3,000 b of "American cotton. Futures closed barely steady 11 to 13 ales their May Investment Review, just is- % | steadier owing score) 1212 clusively, and that Canadian stocks hav- | ¥ Money Available for Mortgage Loans y b:lieve, however, that this | period will provide ‘an excellent oppor- | tunity for mecumulation of h-grade \zecurities at most attractive prices. . | extent by the generally steady demand. {although continued weakness of scrap 7| was an unsettling factor. The pending jaward of a contract for a 58,000-ton bridge over the Mississippi River at New Orleans is the outstanding new structural project. Recent reductions of pig iron at Buffalo attracted im- proved inquiry, but the market is gen- erally quiet. Foreign demand for copper improved following & reduction of one-fourth of & cent in the export price, but domes- | tic buying continues on a small scale. | Large producers reduced their quota- jtlon for electrolytic from 9%, to 9% | cents, delivered in the Connecticut Val- ley, but custom smelters continue to quote metal on the basis of 9 cents The April statistics revealed a sharp increase in refined stocks owing to smaller shipments, and with large sup- plies available, domestic fabricators i are not disposed to anticipate require- ments. ‘Tin has been quiet and slightly to decreased selling pressure. Buyers have limited pur- cl , however, pending outcome of the International Tin Conference now in session at The Hague, where it is said advisability of further curtail- ment of production will be considered Recent reductions in lead prices at- tracted improved demand early in the week, although buying tapered off later Sellers held steidy. however, the ear b;"me‘“ having improved their po: tion. Zinc was steadler on moderately im- proved buying following recent de- clines. Smelters are said to be less inclined to sell owing to a steadier ora market. Antimony eased slightlv on continued absence of buying interest. CHICAG;) DAUiY MAiKET. | CHICAGO. May 16 (# —Butter—Re- | ceipts, 17,124 tubs: weak; extras (92 score), 223;: score, car lots), 22 creamery, standards (90 4; extra firsts (90-91 1 228227;; firsts (88-89 score), 21a seconds (86-87 score), 19a20. Eggs—Receipts, 26.992 crate. extra firsts, 187¢; fresh graded firsts, 17%4; current receipts, 15a16; storage. packed firsts, 183,; storage-packed ex- | tras, 19%, alive—Receipts, 6 broilers weak; fowls, 157.a 20: broilers, 28a31; roosters, 12; turkeys, 20a23; old ducks, 16; heavy Spring ducks, 19; geese, 9. NEW YORK BANK STOCKS NEW YORK, May 16 (#).— BANKS, America Bank of U'8 v Cliage Natlonal ' " Chatham & Phenix mmercial -, First National... Manhattan ... Naticnal City Public . Banke: Brook| Centri Chelsea Bk & Tr Chemical Bk & Ti Continental ui Trving 3 Mapufacturers’ 41 'Y Trust.... t 140 DT OUR financing of a ington or —at MORTGAGE LoAN 1321 Connecticut Ave. LT T TR easier; | trucks: Virginia—for 3, 5 or 10 ye: TR HHil!lllm"pIlflmliiilIllllllllllflfllmllll(lllfll|l|“||"l||||m(5|fl| Wal w {8 10 6 e 0 8 We: Westin PVLE O 44+ b0 ++10 Stock and div Wabaso RIX Wabash RR (A). dorf System ( :reen nf (6%) 4 Walworth Co (1). Warner Bros Plet. Warner Bros pf (3.85) Warner Quinia: Warren Bros (3 W'ren Bros ev pf (3) Warren Fdy & Pipe (3 Webster Eisenlohr. ... Webster Wesson O1f & Snow (2).. Wesson Ofl & Sn pf (4).. West Penn Eleo A (7)... West Penn Elec pf (6)..\ West Penn Eleo pf (7)., West Penn Power pf(§ West Penn Power pf(7). Western Dalry (A) Western Md 24 pf. Western Pacifie. rn Pacifie pf ern Union Tel (8) tinghouse Alr B (2) Westing BI&M NANCIAL., Net . Chge. =y -1 T 3 3 Jisenlohr pf(7) 41 * FEEITIESL SETES ST tg (4).. M pf(4) Weston Elec Inst (1). Weston Elec Ins t A (2). 4 West Vaco Chlorine(2). Wextark Radio Strs. Wheelinz & L Erle pf. White Motors (1). White Rock M S (14% Wilcox O1) & Ga: Wileox & Rich Willys-Overland 4 Willys-Overland pi 2 Wilson & Co... AR FRE LR E AN E as gl d on ' the “Unit of trading less than 100 shares. £Payaible In serip. n stock. % | year no regular rate © Payable 14 | stock. h Plus 413% in stock. a4 2 4% Wilson & Co pt. Woolworth Co (3.40) Worthington Pump. Wright Aeronautical Wrigley Wm (4) Yale & Towne (2)... Yellow Truck & Coach Yellow Tr & Coach pf. Young Spring (3). Zenith Radlo. . Zonite Prod Corp (1).... in ‘cash or stock 5% in st | L+ e I 354 n In the above table are the annual latest quarterly or haii-vearly decia- tPartly extra. $Plus “Plus 9% in stocfl. & Pald last ‘avable 1n stock. d Payable when earned I Plus 8% in stock. g Plus 6% in Lplis 31 in preferred stock. k Plus ock. b Py stoefl | | Baltimore Markets | Bpecial Dispatch to The Star. | BALTIMORE, M May 16.—Under more liberal sales cn the exchange, coupled with moderate receipts. the egg market has shown a better tone the past week and is holding steady at 17 cents a dozen for nearby firsts, an ad- vance of one-quarter of a cent a dozen over the ing price Monday. Only open! | fresh laid, well graded stock will bring | | top_prices, as considerable of the re- Street tive purposes are un- important at the moment, the demand | | being limited despite the lower values | prevailing. Shippers are advised not to hold their eggs, shipping in single | case lots being preferred to larger ship- ments where stock has all eggs nct grading firsts under the candle are not wanted and have to be | s0ld at discounts. | The general live poultry market con- | tinues easy on all lines with the ex- ception of Springers, two pounds and over, which move out readily, but all thin, undersized stock has to be sacri- ficed at uncertain values. Bareback Springers are hard to mcve on this market and will not bring top prices. Mixed colored Springers, two pounds and over, are bringing 36 to 38 cents a pound and smaller 30 to 35, but Lej | horns are not so desirable and not bring over 28 to 30, with stcck | under two pounds selling mostly, 25 to 27. The market for old hens holds provement in prices under fairly lib- | eral receipts and only a fair demand prevailing for medium-sized stock. Old hens, 312 pcunds and over, sell mostl: | 21.to 2 { over 17 and 18, while all poor, thin | fowl is neglected at 12 to 14. | Old roosters continued in liberal re- | ceipt and under only limited demand, at 12 to 15. |on choice fat young stock with com- mon old thin ducks hard to place and s the afl bringing 23 to 25. but old ducks are generally neglected at 15 to 20. Guinea | fowl and pigeons in generally light | recelpts and the market holds steady at 50 to'75 for the former and 30 to 35 a pair for the latter. The market for old potatoes co tinues very quiet despite lighter re- ceipts and moderate demand and values show no change from last week at 160 to 1.65 per 100 pounds, but un- | Seew graded, mixed potatoes will not bring over 1.25 to 1.65. Sweet potatoes and yams show no | change from last week, receipts being | ample for the demand at 3.50 to 4.00 a barrel, but mixed stock will not bring over 2.00 to 2.50. | Native and nearby garden truck in- P ool ot AUTOMOBILE, LIFE, LIABILITY, FIRE, BURGLARY AND TORNADO INSURANCE Thos. E. J::rell Co. Reall 721 10th St. N.W. National 0765 NOTICE to holders of First Mortgage Coupon_bonds. of total ‘issue of Nos. 1 to 3568, inclusive, sec trust dated July 6, 192 Corporation, Truet Co. Tru o District of Columb y therein descri the Southern Maryland Liber “5908. certain proj sometimes known HOTEL HAMILTON, 14t and K Strests NW., Ameransten, 5" ¢ 5 The American Security & ; ing "been ‘substituted a3 mu:{.’e': g‘i" decree e by the Supre & s Columbia on July 7, 11?5‘ ¥ iy 6 d coupons to the u dersigned substituted trustee, at its i office, 15th street and Pennsylvani: ! Washington. D. C.. by the lawf holders thereof, dccompanted” by’ cwnershin ¢ income tax law and resulations, with inte est on said coupons at 895% rom July 6 1930, to June 17, 1931, alter which Iatter date the accrual of interest cn ssid coupons will cease. AMERICAN SECURITY & TRUST CO.. Substituted_Trustee, . By CORCORAN THOM. Its President. 15th 8¢, la_ave. n.W.p C. and Pennaylvani Washington. D. FIRST TRUST for that property—apartment house, residence, office building or business—can be advantageously handled through the facilities of this office. application will be promptly acted upon. interested in making loans in Wash- nearby Maryland The We are wfl5%% RANDALL H. HAGNER & COMPANY CORRESPONDEYT N Zork. f& SInsurance gollyiaa/ Decatur 360 SIS S HITHHTTTT e been held and | steady, but is slow to show any im-| Y | ea , but Leghorns will not bring the market is easy and in buyers favor ‘33 "% Demand for ducks has | oGerg°8, 10 | eased off the past week and is centered | McCall C | New York Ce | 3 Erie the receipts being mostly of this sort | termath of the laying season. | A Young ducks, 4 pounds and over, are | Penn-Mex . Puel cates. a5 feauired by the United States | \ creasing in receipts and values on | most lines show a decline with prices in buyers favor at the following quota- tions: Medium to large green aspara- |gus, 150 to 3.00 a dozen, but small |as well as partly white grass will not bring over 50 to 1.00; blue kale, 10 to 30 bushel: lettuce, Spring onions, 50 to 1.00 per hundred: radishes, 50 to 2.00 per hundred; rhu- barb, 2.00 to 4.00 per hundred, and spinach, 1273 to 30 bushel. ‘The general live stock market con- tinues dull, handy weight veal ‘calves and desirable size Spring lambs being the“ only two lines showing any ac- tivity. 7 Receipts on the wharves are mostly of common, undergrades which move slow at inside prices. Quotations to- 50 to 75 bushel; | TRADING ONMARGIN SCORED BY EDITOR 1 Stock Fluctuations Said to Hurt Bonds and Prevent Much New Financing. Special Dispatch to The Star, NEW YORK, May 16.--Employmen: for tens of thousands of men now idle and relief from the present business depression would already have been pro- vided by the railroads and public utility systems of this country, according to Gage P. Wright, president of the Busi- ness Economic Digest, were it not for the practice of security trading on mar- gin permitted upon the New York Stock Exchange. Expenditures for replace- ments, extensions and betterments involving literally billions of dollars have been deferred because of thé con- dition of the market for second grade bonds, says Mr. Wright, and this con- dition 1s directly attributable to the practice' of marginal trading. “I do not know whether Melvin A. Traylor, president of the First National Bank of Chicago, had this in mind | when he told the American Bankers' | Association the other day that marginal trading should not be ttted in | transactions involving less than $10,000 | each, but I am entirely in accord with this idea. Were all trades up to $10,000 made for cash, much financing which has been held off the second grade bond market would have been effected ere this” said Mr. Wright, Just how 'marginal trading mav fairly be. held responsible for thesc conditions is apparent it we follow th- influence of this form - of transaction | through its course. Marginal trading | held on margi day at Light street wharf: Beef cattle, first quality, pound 7 to 8. Common to medium, 5 to 6. Bulls, | as to quality, 3 to 5. Cows, choice to | fancy, 4 to 5. Common to fair, 2 to 3. Oxen, as to quality, 3 to 5. Calves, | veal, choice, 815; large, fat, 72 to 8. Barge rough, 6 %o 7. thin 4 to 5. Rough | and common, 4 to 5. is one of the chief contributors to spec tacular fluctuations in the list of stoc quotations. This is true because sto respond more readilv to & bear drive and, as mi Ins are wiped out, what might other have bcen no more than a steady decline, had stocks been owned outright, be- comes a rout. The effect of such sharp declines upon the second grade bond market is strong. “For example, there have been nu- merous occasions in the last 12 months when the second grade bond market strengthened and became more activ: only to be pulled back by a sudden coi- lapse in stock prices.- A good second | grade bond market can exist coincident with a weak and declining stock list but it is too much to expect that it should gather and maintain strength while the stock list indulges in such nose dives as it has been treating us to in this period. And a weak market for sesond. grade bonds means an expensive market for the kind of finaneing which th’:d“"mm and public utilities desire o do.” Chicago Grain CHICAGO, May 16 (/).—Wheat drop- ped today to the lowest prices since April 30 and corn to a new low record for the sedson. Liquidating sales on the part of holders found buyers scarce. July wheat, representing the new 1931 crop, sold down more than 4 cents a bushel under Wednesday's figures. Late | indications of rain in Canada, with Sheep, 4 to 5. Old bucks, 2 to 3. glowing reports about the domestic Spring Lambs, choice, 11 to 1115, 1o good. 8 to 10; small, thin, 6 Fall lambs, 6 to 9. Hogs, straight, 7 to 8. Sows, 6 to 7. . Live pigs, 15 to 18. to 12. Closing grain quotations: Wheat, N Fair | Winter wheat prospects, to 7. m%ible. were largely 2 red Winter, spot, domestic, 85 bid; | No. 2 rbd Winter, garlicky, spot. domes- tic, 85 bid: May delivery, 85 bid: corn, No. 2 yellow, spot, domestic, 73a74; cob | corn, 3.7524.00; oats, No. 2 white, spot, | domestic, 39; No. 3 white, spot, d - | tic, 38; rye, nearby, 50855. | CORPORATION EARNINGS. Sep Decem! on May, Ma: aber . ber old new. NEW YORK, May 16 (#).—Per share | December rnings of corporations reporting this week, h comparisons with last yea: include Three months. March 31, Barnsdall Corporation. . , Briggs * Manufacturing. . Susquehanna R R. International 3 R R R, Rigter Dental Manufacturing 5335838 S spoBBosononosSE r 31 merican Potash & Chemical rill Corporation A. Relfance Manuf Rio Tinto Ltd. y Ofl . S Standard Oil of New Jersey. Year March 31 Columbla Gas & Elect: Hammond Cl No. Americs hi& Power Peoples Light & Power A.... Pure_Oil : Money to Loan red by first deed of ti on real estate Frevalling interest and commvst Joseph I. Weller &2 wasn: L. 2R8B! ctotEon BEER MONEY “TO"LOAN at 515% and 6% interest Before Placing or Remewing Your Ist and 2d Trusts Consult WELCH Realtor Loan Specialist 15 N. ve. N. (National Savings & Trust Co. Bldg.) Natlonal 484¢ FREE ON IIEQUEST Toacquaint you with the great valne of The Fimancial World (Founded 1002) to inves: fors e oflers copy of oup next. iawu and i ftract; L4 locks * frec. Retnrn This “6d" and your address. CIAL WORLD 6'2% Gold $1350.000. | gmerica's Investment and Business Weekly secured f Park 3 (Fom The Rochester | 53—FM_Park Place New York |. oney 2 es Ral C. Houghton & H_St. N.W. Your Avplication Co., District _7336-3537 ' Available Within 30 Days || Full Annual Dividend Leading International Industry, net, profits for 1930 more than $21,000.000. Dividend rate um- changed fourth successive year. At present market quotation this listed security pays 612% within 30 days; 13% In ap- proximately 12 months. To participate in this dividend | Immediate Action Necessary I riededok ik Lane, Rowell & Co. Yorelgn & Domestic Investment Securities Washington Office 719 Tower Building PP RST YOUR MONEY CAN BE SAFE—AND EARN LIBERALLY, TOO Safe — because there is no element of speculation connected with our 6%, FIRST MORTGAGES Owcr a Third of a Century, And 6% is a very liberal return, when the security is so sure, and the payment of this specified in- terest so continuous, May be purchased in amounts from $250 up. B, F. SAUL. G National 29 | e, e = N 925 15th St. N.W. i ! THERE 1S NQg SUBSTITUTE FOR SAFETY o= = =