Evening Star Newspaper, May 18, 1931, Page 14

“NECESSITY OF LOAN Advanoe - to Faltering Bank; Will Make Application to League Imperative. BY JOHN F. SINCLAIR. NEW YORK, May 18 (NANA)— On the eve of the League of Nations meeting in Geneva today, the Creditan- stalt Bank of Vienna, the largest bank in Austria, was saved on the brink of collapse by a $20,000,000 advance from the Austrian government. Austria must now apply to the League for permission to float a foreign loan, since her financial credits are built on an _international loan foundation supplied by that body. Among League ‘members, France is the only one in a position to grant such a loan, and Paris is petulant over both the Austro-Ger- man customs union and the recent tariff and credit coup of Austria, Italy and Hungary. It is juit possible that M. Briand will force Chancellor Schober of Austria to back down to some extent on both schemes before opening the way for a French rescue loan. Furthermore, France holds the deciding voting power of the International Loan Commission, with which Vienna will dicker. Meanwhile, there is wonderment as to why the Rothschilds, who are the controiling interests in the Creditan- stalt, have not moved more swiftly and decisively in_ writing off inflated hold- ings, and taking a heavy part of the 20,000,000 loan. . The foreign obligations of this bank total In excess of $100,000,000. It has bzen one of Europe's financial bulwarks. It is thought Austria may seck aid through the bank for infernational settlements or may maneuver within the League to thwart French dictation. At least one thing comes clearly in the midst of this startling confusion. ‘Whether political motives exist or not, there can no longer be any doubt that the Austro-German union was primarily forced by bitter economic necessity. J. F. Darling, a director and former president of the Midland Bank, Lon- don, looks upon international economic conferences with skepticism. More specifically, he believes nothing will re- sult from a world silver parley. “When did an international confer- ence get anywhere? We will be ruined if we await a solution of depression by such a conference,” are the words of this British financial leader, who is now visiting in Ottawa, Canada. Mr. Darling believes the silver ques- tion can be solved by Great Britain her- e omtons woila rsiore the putchas: he contends woul re the principal forced to co-operate in this move. When one considers the recent In- ternational Chamber of Commerce meet- ing in Washington it looks as though it had labored to bring forth a mouse, and a pretty small mouse, at that. Such zenenr conventions frequently seem mire in their ow? talk. Bult‘ there s:‘vl: been examples of success when a s - ' ith. Thomas L. Chad- In the midst of the hue and cry over the silver market tantrums the Na- tional Metal Exchange of New York is initiating trading in silver futures. It wlllbethnonlyoneo(lukindm m& world when it goes into operation al June 15, the first delivery in Al . gésifiii xS 1 a l-cent shift would come to 250 on a contract. 2 finding occasion for mitments,” is the reason advariced by the board for arranging this venture. Immediately after the Spanish revo- lution it was announced that President Zamora planned to examine the Inter- national Telephcne & Telegraph Co.’s phone contract with the old regime. Now, at a meeting of the Spanish officially to consider the contract and the manner in which it ‘was made, The new regime is being hounded by the people for its general inaction and it will be a pity 4f Spain’s telephone system is sacrificed on the altar of Folitics. | President Zamora and his aides as yet | failed to carry through their program | of splitting up the immense landed es- tates of the nobility among the peas- antry and decisively effecting the sepa- ration of church and state. Public resentment is smoldering and dafly grows more dangerous. If the Republican leaders now ch2nge the telephone system as a sop to the mob, it will seriowsly cripple the country’s communications. What happens to old newspapers? Mostly, they are sent abroad and form a bulky item in our annual export fig- ures—over 171,000,000 pounds in 1930! Their export value is placed at $1,335,118" for that amount! You may wonder what h2ppens to them when they are thus shipped to foreign ports and to what ports they go. ' ‘The majority of them go to the Far East. But they are not sought in China, Dutch East Indies and British India for literary or educational pur- THE EVENING STAR, WASHINGTON, D. C. MONDAY, MAY 18, 1931 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page ~Prev 151 High. Low. 47% 30 19% 11% 3 Stock and Dividehd Rate. Motor Products (2). Motor Wheel (1). 13 Mullins Mfg. . 7 Mullins Mfg pf (7).. 20s Munsing!, Inc (2). 10 Murray Cor 8 Nash Motors (4). Nat Bella Hes: . Nat Biscuit (2.80) .. Nat Cash Register A. Nat Dairy (2.60). 3 Nat Dept Store. . % Nat Dist Prod (2)... Nat Lead pf A (7) t Pow & Lt (1) Radiator. Nat Steel (2). at Supply (4). Nat Surety (5)... Tea (1).. . Nevada Copper (1).. 4« NY Air Brake (1.60) N Y Central (6) 42 5 425 26 7% 17 NYNHE&Hpf (1) Noranda Mines. Norf & West (112).. North Am Aviation.. 30 Nor Am (b10% stk). 148 North Amer pf (3).. 2 rthern Pacific (5). 150 rwalk Tire & Rul quip Ollv Farm Eq pr pf. Omnibus Corp. .. Otis Elevator (2%) Otis Steel... .. Outlet Co pf (7) Owens 111 Glass (2). cific Gas & K1 (2) . ific Lighting (3). Pacific Tel & Tel (7) 190s Packard Motor (40c) 66 Pan-Am Petrol B. 2 % Panhandle P & R. Parmelee Transport. 3 Paramount-Pub 2% . 172 Fathe Excharge. Pathe Exchange A. Patino Mines. ..... Peerless Motor Car, Penick & Ford (1). Penney (J C) (2.40) Penn Dixie Cmt pf. Penn RR (4). Peoples D S pf Peop Gas Ch (8). Peoria & Eastern. 1 Petrolm Cp of Am(1) 37 Phelps Dodge (2) 6 Phil Read C& I.. Philip Mor & Co (1) Phillips Petroleum. Plerce Ofl.. Plerce Oil pf 4 Pierce Petroleum. .. Pillsbury Flour (2) Pittsburgh Coal pf . Pitts ¥ W & C pf (7 Fitts Screw (1.40)... Pltts Steel pf (7). Pitts United Corp Pitts Unit Cp pf (7). 150s Pitts& W Va (6).... 1 Port R Am Tob A 3% PRAmMTobB...... Postal Tel&Cable pf. Prairie Oil & Gas. ... Prairie Pipe L (3)... Pressed Steel Car. . .. Proct & Gamb (2.40) Prod & Refiners Pub Sv N J (3.40) Pub Sv N J pf (5) PubSv NJ pf (6) 4 PubSv NJpf (T) Pub Sv N J pf (8) Pullman Corp (4) PubSvE&G pf (6). 110 39% 54% 4 €9% 50% 131% 116 T T4 103 250 9% 10% 25% Hadio Corp. Radio Corp B (). . Radio-Kelith-Orph Raybestos Man 2.60 Reading Ry (4) Remington-Ran Rem-Rand 24 pf (8) Reo Motor Car (40¢). 2 Republic Steel. 5 27% Republic Steel pf. 2 Reynolds Metals (2). 2 Reynolds Spring.... 1 Reynolds Tob A (3). 100s Reynolds Tob B (3). 140 ¢ Richfleld Oil. . 5 Ry 27 46 Stores (6). 49 86 Safeway pf (6).. 15% St Joseph Lead (1) 15 St Louis & San Fran. St L-San Fran pt (6) oy - - P T ] Sharp & Do pf (3%). Shattuck F G (113%) Shell Union Of1 Shell Un Ol1 pf (5% ) Simmons Co........ Simms Petroleum. Sinclair Con Of) (1) Sinclair Ofl pf (8). Skelly Ofl........... Sloss Sheffield St pf. South Port Rico Sug. Sou P Ric Sug pt (8) South Cal Ed (2) South Pacific (6) South Ry (8)........ 35 Spalding (AG) (2).. 3 Sparks Withing (1), 2 23 508 16 208 10 120 65% 36 13% Sales— Add 00. High. 7 ~Prev, 1931~ High. Low. 2% 51 one Divide Spear & 16% 118 58 Stand B: Stand G Stand G Stand O Stand Of Stand Of Stand O Stand Of Stewart Stone & Sun Of1 Third A Thomps Thomps 4 Thomp-! Timken Timken Tri-Con! Tri-Con Twin Ci: Un Pacll Unit Dy Lea Lea U uUs us us *+US us us Us u 102 37% Va-i Va Iron Va Iron Vulean 26 94 15 - Warren Warreh Wess O Willy. | 106% | _80% 22 15% 5% 2% Zenith F 13% 12% Zonite I 10:30 A.M 1n_stock. car—no £ Eavable us 2% 7% | 3% in stock in_stock. Stock ana Studebaker (1.20) Superheater (2 Superior Ofl. . Superior Steel Symington A Tennessee Corp(50c) Texas Corp (3)....., 348 % Tex Gulf Sulph (4). Texas PC&Ofl..... Texas Pac Land Tr.. Thatcher Mfg (1.60). de Water As t60c). ide Wat As pf (6).. Un TankCar (1.60).. 4 Unit Alrcraft.... Unit Aircraftpf (3).. 1 Unit Biscuit (2)..... Unit Carbon. . Unit Cigar Store: Unit Corp (75c). Unit Corp vt (3)..... Unit Frult (4)...... Unit G & Im (1.20).. 163 Unit G & Im pt (6). U S Distributing. ... Unit Electric Coal. . U S & For Secur. U S Freight. U S Gypsum % S Indus Alcohol (2) Pipe & F (2).... Realty & Imp(2) Rubber. .. . 92 Rubber 1st pf... Smelt & Ref (1), 2 SSm& Ref pf3%4. % U S Steel (7).. . 1124 USSteel pf (7)..... 6 4 US Tobacco (4.40).., 1 Unit Stores A. .. 14 Unit Storespf (4)... 7 1 Univ Leaf T pf (8).. 10s 1914 U111 P&, A cat2.15) . 17% Vadasco Sales Vanadium Corp'n. .. Va-Car Chem....... r Chem 6% pf.. 1 Va Car Chem pf (7).. 2 10% Wabash RR. Waldorf Sys (1%). Walgreen pf (6%). valworth Co. Ward Baking A. West Pa El pf (§) West Pa El pt (1) Western Dairy (A).. Western Dairy B. Western Md. . Westing AB (2).... 8 Westing EI&Mfg (4) 354 Westing E&M pf (4). 508 Wess Oil & Snow (2) 1 Wextark Radio Strs, 9 Wheel & L Erle pf... 108 White Motors (1), White Rock MS t4 Wilcox Oll & Gas, Willys-QOverland. Over pf (7). Wilson & Co. . % Wilson & Co A Wilson & Co Woolworth (2. Worthington Pump Wrizley (Wm) (4).. Yale & Towne (2)... 8% Yellow Truck. . 9 Sales of Stocks on New York Exchange. Dividend rates as given in the payments basea oo the latest quarierly or half yearly deciara- 5 Ut of trading less tha Jrazatle T i ¥ . b Pa. in cash or stock u 1 m Paid this year—no regular rate. n Pius 5% lend Rate. High. Co 3 Sales— Add 00. 30 % Spiegel-Ma; ra Stand Brands pf (7). &B((3%)... & E1pf (7). B4 Stand Invest Corp 11 Cal (h2%). ilof Kan (1) il Exp pf (5). N J (12)... 110 1N Y (1.60). 47 7% Starrett (LS) (12%). 2 Sterling Sec A.. 12 Ster] Sec cv pf (3) Warner. Webster (3). Pt (6 196 a2 65 venue. on (J R) (2 on Prod 1.20. Star pf (3%) 32 13 Det Ax (80¢c) Roller (3) Tobacco Products... 11 Tobacco Prod A t95c. 7 Transamerica (1) . 158 t COrp..vo.es t Corp pf (6) Trico Products(2%). 4 Truax Traer Coal Co. ty RTr (§4). 2 1 0 Ulen & Co (1.60)..... 3 Und-Ell-Fisher (5).. 9 Union Bag & Paper.. Union Carb & C Un Oil of Cal (2). Un Pac'fic (10). 100 fic pf (4) 3 . 302 10 ewood pf (7) 10s 1 2 4 A 3 3 1 9 ther...ooeee 1 th pr pf (7). 1 12 9 2 5 Z 1 51 D P, 1 . 101 2 9% 62 Coal & Coke. 108 32 C&Cpt(5). 3 60 Det (4). 81 527% 10 | 23 9. Bros (3).... Fdy & P (2). & Sn pf (4). Ot 22% 8% 2% 11% Radio. % 274 ’rod Corp (1) 124 2 214 20 12% 300.000 12:00 Noon. + 1.700,000 - 1,000,000 2:10 P.M.. « 1900,000 above table are the annual stock. S Plus 50¢ 10 et B o in stock. PAY UTILITIES DIVIDEND. BALTIMORE, May 18 (Special).— Directors of the Consolidated Gas, Electric Light & Power Co. of Baltimore have declared the uswal quarterly divi- dend as follows: Ninety cents per share on the no-par common shares. One dollar and twenty-five cents per share on the series A, 5 per cent, pre- ferred. One dollar and fifty cents per share on the series D, 6 per cent preferred. One dollar and thirty-seven and cne- half cents pcr share on the series E, 5% per cent preferred. | All dividends are payeble on July 1 REICHSBANK STATEMENT. BERLIN, May 18 (#).—The Reichs- next, to stockholders of record June 15. 'EXPORT COPPER PRICE CUT QUARTER OF CENT Reduction Puts Quotation on Level | With Domestic Market—De- | mand Light. | i e | By the Associated Press. NEW YORK, May 18.—For the sec- ond time within a week the price of | export copper today was reduced a |quarter of a cent a pound to 9.275 cents c. i. {. European base ports. The cut brought the export figure {to a level with 9-cent copper in the | BosTON WooL MARKET. BOSTON, May 18 (Special).—Busi- ness in tops in the wool market for the past week has been very moderate as |8 whole. Some houses report a fair quantity cf orders, while others have | received only requests for small sam- | pling lots. Prices, however, have held Potomac Electric 5!2% pfd.—5 at 109} ;su:dy despite pressure for lower levels. The general opinion along Summer street is that this week will see a better demand for raw wools, due to the ac- tivity in the goods market. Fine territory combing clean was || quoted today at 62-63, French combing 58-60, half blood 55-58, three-eighths blood 47-50 and quarter blood 42-45. Fine | Ohio keeces were quoted at 25-26 grease | basis, hall blood 24-25, three-eighths blood 22-23 and quarter blood 21. ~ FINANCI WEAKNESS MARKS | Cox xev voux BONDS sroex sxcamncs Received by Private Wire Direct te The Star Offios UNITED STATES. TRADING IN BONDS Market Is Not Particularly Active in Any Part of List. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 18.—Bonds were weak today, reflecting the continued slide of stocks into new low ground and the lack of any bullish factors in the way of encouraging earnings reports or commodity price increases. Trading was not particularly active in any part of the list, even the de- mand for high-grade investments being somewhat tempered by a small amount of forced liquidation coming from im- paired margin accounts. The foreign list had an irregular tone. Money rates were unchanged, with 90-day loans quoted at 115 per cent. United States Government long-term securities sold at new highs and a brisk counter trade was reported in them, though sales on the bond market were restricted. Municipals were in demand at their highest prices in years, the failure of any sizable blocks of new municipal bonds to be offered today ac- centuating the inquiry for outstanding issues. Owing to the necessitous selling emanating from the stock market, prime corporation bonds such as Ameri- can Telephone 5!s, Allis Chalmers 5s, American Water Works 5s, Atchison general 4s, Baltimore & Ohio first 4s, Boston & Maine 5s, Brooklyn-Manhat- ton Transit 6s, Great Northern 7s, New York Central 415s, Pennsylvania 4%s, Southern Pacific 41,s, Standard Oil of New Jersey 55, Wheeling Steel 4155 and Youngstown Sheet & Tube 5s, were un- changed or fractionally lower. Never- theless, these offerings—some of them in sizable blocks—were quickly absorbed, revealing firm bids under the market. Convertible bonds and junior issues sensitive to the movements of their companion stocks were weak. Atchison convertible 4 for instance, dropped 11; points and Baltimore & Ohio con- vertible 41.s lost a point. Chicago Great Western 4s were off half a point, which is a considerable loss for a bond that moves so conservatively. If there was any encouraging feature to the market it was the small volume of the liquidation. Many secondary! bonds that have been depressed weil| below their intrinsic values have b‘.‘"n\ bought by insurance companies and other investing institutions that are ilkely to hold them for very much higher prices. Foreign dollar bonds were dull. Brazillans were off 1: to 1 point. Buenos- Aires Province issues dropped a point, though other Argentine b:nds were firm in quiet trading. German government and municipal obligations were weak, with Young plan 5l4s off a point and at a new low for the current movement. Uruguay 6s and 8s! improved on reports that the govern- ment had made arrangements to carry n debt service for the remainder of | the year. Australian credits moved upward slightly. (Copy Washington Stock E:\_'change SALES. Washington Gas 55—$500 at 106, Washington Gas 65 “B"”—£500 at 1061/. Washington Gas Light Co.—5 at 115. Riggs Naticnal Bank—10 at 375, 5 at|( 375, 10 at 375, Lanston Monotype—10 at 95. Mergenthaler Linotype—5 at 79%. The Carpel Corp—28 at 24. AFTER CALL. American Security & Trust Co.—10 at 325, 5 at 325, 5 at 325. Peoples Drug Stores nfd.—10 at 101, Capital Traction 55—S1,000 at 821, $2,000 at 822, $1,500 at 82'z, $2,000 at 8215, Washington Gas 6 “A"—$1000 at 1027, Lanston Monotype—10 at 941, 10 at 94 10 at 9312 10 at 93, 10 at 92!;, 10 at 9213, 10 at 92%, 20 at 92%, 2 at 921;, 1 at 92 Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel. 4235 '3 & Tel. cti._tr, 53 & Pot R. 58 Bid. Asked. Amer. Tel. 130 Amer. Tel. Anacostia Ava. & Potomac Elec cons. 5 - Potomac Elec. 65 1053....... . 1 Wash, Alex. & Mt. Vernon cif. Washington 4ras 1 Washington Wash. Gas Wash. Gas 6s, series B Wash, Rwy. & Elec. 45.. : MISCELLANEOUS, Barber & Ross. g Chevy Chase Club 8ias.... .. Columbia_Country Club 57:s. D. C. Paper Mig. 6s.. : Yash. Mkt. Cold Storage 5. Wash, Cons. Title bs.... STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. 9)......... Capital Tiaction Co Wash. Gas Light Co. (18) N. & W. Steamboat (12). Pot. Eléc. Power 6% Pol. Elec' Power 5137 Wash. Rwy. & El com. Wash. Rwy. & EL pfd. (5) NATIONAL BANK. ped) {10} S PG Fed.-Amer, Nail. Bi Liverty (78) 3 Lincoln 9e) Washington (i3)..0] TRUST COMPANY. Amer. Sec. & Tr. Co. (15)...... Continentad Trust (6)........ atl. Sav. & Tr. (121) Prince Georges Bk. & T Union Trust (8s) Wash. Loan & Tr. (14} BAVINGS BANK. Bunk of Bethesda (65)........ Commerce & Savings (107110 ] East Washington (12).... Potomac (10) (Sales are in $1.000.) Sal les. Higl. Low. Close. Lib 334532-47.. 53 10219 10217 10217 5 103 14 103 13 10313 List4i,s32-47. L4th43s 33-35 272 104 31 104 < 36 103 7103 .+ 54 103 6103 %8 46-56. 75 10710 107 K8 47-52., Sales. High. ADbitibl P& P §3°63. 20 50 Ab&St5%8°43.... 5 Allegheny 53 °44. Alleg Corp 58 '50. ., Allis-Chalm 58 '37., Am Ag Ch 7%s 41, Am F P 55 2030. ... AmIGCh5%s 49, Am IntCp5l%s ‘4 Am Metal 5%s "34., Am S&R 1st 5847, Am Sug Ref 6s '37. 32 Am T&T c tr 68 46, AmWat Wk 63 '75 Argentine 5%s ‘62, Argentine May "61. Argentine 6s Ju '59, Argentine 6s Oc '59 Argentine 6s A ‘57, Argentine 6s B ‘58, Arm & Co 4%539. . Arm Del 5%s43..., 2 Assoc Oil 63 '35 Atch Ariz 4%s At& Danv 4s 48 At& Dapv 2d 4s AtCL Ist4s52.., AtCL 4%s'64. At Gulf 55’59 At Ref deb 53 '3 Australia 4%s ‘56 Australia 63 '65 Australia §s ‘57 Austria . Austria 7857 ctfs. B&O 4s'48 B&O4%s'33 B&Oconv 4%s'60 ) P&WYV 4541, O Sw dy 68 '50.. B & O Toledo 4s '50 Ban & Aroos 4s 51, Bk of Chile 6% Bolivia 85 4 Bos & Me s Bos & Me b Brazil §%s 26 5 3 Bd & 7th Av 58'43., Bkiyn Elev 6 Bkiyn Un st Budapest 65 '62. ... Buenos A 6561 Pv. Buff Gen E1 415881 3 Bush T Bldg bs '60. Calif Packing 5s' 40 Canada 45 '6 da 4 Canada b ‘an Nor 7s deb 40.. Can Pac deb 4 Can Pac 4% Can Pac 4148 '60 Can Pac Chi & Alt 3s. . Chi & Eas 111 58 ‘51, Chi Grt West 45 '59 Chi Ind&L gn 55'66. Chi M & St I 4889, Chi M&SLP 4335 E. Chi M StI'&P 63 *75 29 Chi M & St P ad}j 58 139 Chi&NW g 335 '87. Chi & NW gn 4s'87. C&Nwn 4135 ¢ 2037, Chi & NW con 4%s. *hi Rwys 68°27. ... 1 R1& Prfasas ChiR1cv é%s'60. Chi R1&Pac 423853 Chi Un Sta 4% '63. Chi Un St 58 "44 v C& W Ind 5%s Chile 6s ‘60, Chile 65 '61. Chile 65'63. ile 78 °4Z. . . ile Cop db 53 '47. 2 in Gyt Ry 58 '51. C&StL4%sE. . jccc & st L 6s D63 Colomb 6s Jan €1.. Colombla 63’61 Oct “ol G& bs May ‘52 Com Inves 51849, 24 C C Md 1st rf 6s 50 ConG N Y 6%3"45. “on Pwr Jap 6%s.. Con Pow Japan 7s. ., Copenhag 4%s '63.. penhag 5s '52.... Cuba 5%s 45. uba R R 58°52.... “uba RR1f 714836 Cuba Nor 5%s'42.. Czecho 8s ‘61, Czecho 98 Del & Hud rf 4543, Denmark 4%s 62, , Denmark 53 ‘65 Denmark 65 '42. .., D& R Grgn 4s 36, D&RG W 5s'55..., Det 30 G&R4%5'61 24 5 109 7109 7109 7 911321 11316 11321 Low. 49% 100% Sales. High. Low. Hungary THs'44.. 1 101% 101% f A.. 25 106% 106% . 8 111 Steel 43 s "4 Inland St14%s A'78 135 Int Rap Tr s ‘32 int Rap Tr 7832, .. Int&G N ad 6: Int Cement bs ‘43 Int Hydro EI 4. Int M Co 5s ret "41. Int Maich Int Pap 58 Italy 7s ‘51, italv Pub Sv Italy Cr't PU Japanese 6%s ‘65 Japanese 6 Jugosl Kan CFtS&M 45 ‘36 Kan City Sou bs ‘50 Kan City Ter 4560, KanG & E 4%5'30. Karstadt 68°43.... 1 Kend 538 48 w Kresge Found 6s 36 Kreug & Toll 58 '69 LacG St L s Laclede 633 Lautaro Nit 6; Leh Val cv 45 2003, LehV cv 4345 2003, Leh Val 55 2000.... Loew's 63 ex war Lig & Mye: Loriilard Loriilard 5% Lorillard 7s Lou G & EI 53 L &N uny La & Ark 58 McKes & R 6%s '50 Manh Ry 1st Market St Marsefll Mexico 55 A '45 Mich Cen 4% s * Midvale Stl 6836 Milan 6%s 52 3 MIl E Ry & L 68 61, M StP&SSM con 43, : StP&SSM 6%s. MK&Tal)bs'67.. Montevideo 78 °52. . Nassau Elec 45°61.. 2 50% Nat Dairy 6348°48.. 58 1024 57 11 45% 8. 11 45 22 95% 34.. 6 101% NY Cenrf4%82013 74 95 NYCre im 682013.. 8 106 NYC&StL4s'37.. 7 100% NY C&StL 4%8'78. 44 80 NYC&SILE%sA 28 94% NYC&StL6s'32. 17 100% N Y Edist6%s'41. 6 117 NY ELH&P 48°49.. 3 100% NY NH&H 3% '54. 1 80% NY NH&H 333866, 6 8% Nor Am Ed 5%s°'63 21 104% Nor Pac 3» 2047 3 6% Nor Pac 48°97... 10 9 Nor Pac r16s 2047, 86 1121 Nor St Pw 6s A *41. 19 105 10 102% 1 98 5 93% 9 100% . 34 106% 1 107% 9 101% 11 104% 102% 98 ©314 100 104 Pathe Exch 7s'37.. 11 83 Penna 4%s D 99% Penn 4%5 70, Penn 4% s 63. Penn 55 '64. | Penna gen 5 Pere M 1st Pere Mar 4% Peru 75 ‘69 Phila Co bl Pnila & Read Phillip Pe pirelli 7s. P CC&SIL 4% PCC&StLEsA.. PCC&SILIsB Poland 7s *47... Poland 8s '50.. Porto Alegro 85 '61. Pos Tel & 3 Prussia 68 ‘52 Public Serv 48 Pub Sv G 4%8 ‘70 Pure Ol 5%s ‘37, Queeniand 6s°47... 2 62 Queenland 75 41 3 4 Read gn 4%SA'97. 6 102 Rem Arms 6s A ‘37. 8 88% 43 8¢ Close. 101% 106% 824 B34 82 100% 107 91% 103% Y% 94t 6815 i~ MISHAPS HARASS INSURANCE FIRMS Increased Number of Aito Accidents Problem to Casualty Companies. BY ROLLIN M. CLARK. The increasing number of deaths and injuries from automobile accidents con- tinues to be one of the most bother- some problems confronting casualty in- surance companies. Statisties just complled by the Travelers Insurance Co., a leader in ths automobile insur~ ance field, show that more than 180,000 persons have been injured and killed in 162,000 motor vehicle accidents during the first quarter of this year. Deaths alone totaled 6.600, an increase of more than 9 per cent over the record-break- ing year of 1930. While insurance men believe the highway accident problem is one of | public concern, they realize that they have a direct responsibility in sesking and effecting a solution. Check Whole Family. In the opinion of one prominent dn- surance executive, the casualty col e nies must be more ce:tain that m- cants for liability and property damage Ppolicies are acceptable risks. Not only should the person in whose name the policy is written _have a good driving record, but an investigation should be made to determine whether the other members of his family who use his car | would be accepted if they filed appiica- tions. This precaution is necessary, ac- cording to this company official, because the policy covers the operation of a par by all members of the insured person’s family. Merit rating of automobile risks, system whereby drivers wh)y avoid cidents are given preferential rates, been used generally by the casualty companies in the last two years ay & means of promoting accident prm— tion. In Connecticut & plan of des 2 rating, whereby motorists responsfble for accidents pay penalty rates;s is incorporated in that State's fiffan- cial responsibility law. posal has 7 | reported “{ummy to the Massachu- 1, | setts Legislature to amend the compul- " |terest of the insured driver sory automobile insurance law. Ccu with the demerit rating provision 1§ a requirement that the insured himself bear the first $100 of damages. If the deductible loss feature is en- acted, Massachusetts once more will be ploneering in automobile insurance.leg- islation just as it did with compulsory motor vehicle insurance. Members of lature who favor -the contend that it would reduce rates, be- cause of the elimination of a large num- ber of small and vexatious claims “:n“:t ::;unnce cugp-nles that tl; would tend to promote highway safe because motorists are penalized directly for any damage they cause, and that it would help prevent easy settlement of insurance claims because of the .in- in _the matter. - - - Ignores Pedestrian. It is considered unlikely in insurance circles, however, that this proposal will be retained in any amendment that may be made this year t> the compulsory in- surance law. While motorists ofthe Bay State have complamed at the in- creases made in their autemobile insur- ance rates since the compulsory law became effective, they are not likely to favor a plan which insures their risks d the first $100 of damage. While such a system would undoubt- edly have some mitigating influence upon the accident situation, it ignores camplleuly one important factor—the It is safe to predict that tnsurance b | nies in the future will lay even ;Cofifl'llhh 1931.) " MOTORISTS ARE CAUTIONED. 23 New York Commission Urges Careful Inspectio of Automobiles. ALBANY, N. Y., May 18 (Special) — The growing automobile death toll caused Charles A. Hartnett, State com- 5 missioner of motor vehicles, to issue a statement today cautioning motorists to make a careful inspection of their cars and to co-aper'.lsu in reducing the num- f accidents. : h‘é:nlessmss or violation of the traffic laws accounts for more than 90 per cent 4% | of auto accidents, Commissioner Hart- nett said. He pointed out that'the number of accidents in the State in- creased 12 per cent in 1930 to a total of 2800, causing 177 deaths. Glaring headlights were blamed for 1,273 aeei- % | dents, defective brakes for 1,176 ‘and poor steering mechanism for 364.° —_———— METAL MARKET. NEY YORK, May 18 (#).—Oopper unsettled; electrolytic, s‘pat. and future, 9. Iron quiet; No. 2, ©. b. Eastern Pennsylvania, 16.00a17.00; Buffalo, 15.00216.00; Alabama, 11.00a13.00. “Tin firmer; spot and nearby, 24.20; future, 2435. Lead cteady; spot, New York, 3.75; East St. Louis, 3.60. . Zinc quiet; Fast St. Louis, spot and futures, 3.35a 3.40. Antimony, 6.50. Quicksilver, 102.00. Low. Close. 105 105 109 109 4 100 100% 1034% 103% 9813 ° 981 105% 105% 105% 105% gy Sales. High. Sou Ry 6s'56. 05 Sou Ry 6%8 56 Sou P&OT 43377 StOIINJ b8 SIOIINY 4 Sweden 5%s8 Swiss 514846 Sug EsOr 7s Tenn Cop 65 *41. Tenn EI P63 A 47, TerAs St L 5s 44.. Tex Corp cv 68 ‘44. Tex & Pac 53 C 19 oo Zas 90 - 90 10 101% 105% 105% 903, 90% 934 93% 91% “91% o poses. Their fate is much less giorious thzn that! They are used for wrap- | ping all sorts of merchandise. In tre | north of China they enjoy the doubtful | | domestic market, a figure at which | | custom smelters have been offering the | metal for some time. Buying, however, | bas been light, except, for a short-lived | honor of being used for wall paper. 1000; bills of exchange and checks de- | SPurt in the foreign market following |, ,.40n pound American (12) A common inquiry of people VISIting | creased 200017000~ silver and. other =l i T i 175 Corcoran (1) hewspaper Blants 1s whether old papers | coins increased 11,072,000: niotes oni{‘TofAgent {0 |Brusses ; National Union’ (i5) i are treated by some special process and | other banks increased’ 4.791,000; ad- |, General Cable f e e . g employed for newsprint again. They are | vances increased 34,287,000, invest- v gt il 1 i e Y DERURANGE not. The natural pulp fiber would be | ments increased 12,000; other assets Carload lois a qua » Real Estate (on) destroyed by any such process and the | increased 29,388,000; notes in circula- | POUD - . bank statement as of May 15 shows the following changes in reichsmarks: Gold and bullion increased 421,000; reserve in foreign currencies increased 1,522,- Det Edison rf 55 '49 Rem R 5%s 1 7 Deutsche Bk 65 32, s Dutch East I 63'47, Dutch East 1 6s°62. El Salvador | EErfe 15t con 43 " & Com. Bk, (1)) venth Strest (12).., 2 United States (30). ... Washington Mechanics (20 FIRE INSURANCE. 2 e s Pac bs D '80. FOREIGN EXCHANGE. iae0 (Quotations furnished by W. B. Hihbs & Co.) ' Belling check 501 50% 5% 35% 4 100 100 Thi Third Av Toho EI Pow 633 Toho El Pow 78 6 Tokio 5% s welsoafare nanal 53 3 81 Rhine West 6s '55. 15 78% Rhine West 78°50.. 1 99y Rich Oll cal 68 "44.. 45 35% Rlo de Ja :%-;53. 22 35 3 Rio de Jan 8s '46. ces R Gr De Sul 6 '68.. Un Pac rf 43 2003. % 100% 100% 944 95 , 97 98 102102 ° Iirie Gen 4s. Erie ev 55°67. . Erie 53'76.. Un Pac 4%5°67.... paper would lose in tensix strength. 1f it is procesced here instead of being exported, it is converted into other forms, such es cardboard, blotting paper, wrappers, etc. Strange are the uses of industrics’ by-products! (Copyright, 1931, by North American News. paper Alliance.) Batrochac RUBBER MARKET. NEW YORK, May 18 (Special).— Crude rubber, smcked ribbed sheets, was unchanged at today’s roon cuota- tion of 63c. This compares with 6!z a month ago and 14 a year a STOCKS EX-DIVIDEND. NEW YORK, May 18 (#).— Pe- Pa; Company. Rate. riod, Adminis & Research Cl A....10¢ Ex June S0l s dent Corp ¢i A il 3 bf o] & RRSR . TEONOS! sres B A ot 33 i s 33 tion decreased 166,827,000, other ma- .uring obligations decreased 53,322,000; other liabilities increased 11,625,000. ‘Total gold holdings, 2,370,289,000. Note coverage, 65 per cent. Rate of discount, 5 per cent. NEW YORK BANK STOCKS NEW YORK, May 18 (#).— Bank Stocks, Bid, Asked America ) 4, A58, Bk of U 8 Units Cnase Chat Phenix e - i Ve First Natl N Y... an : Mannat Co.- National City . Eeopies Nad . = BUbhie . Teust Companies. Y & Tr Kiy ~Trust Cent Manover re Guaranty aguacturers | BANK DEBITS DECREASE. Checks cashed on individual bank ac- counts in 265 leading money centers de- | clined 20 per cent during the week | ended May 13, as compared with the previcus pericd. The lcss is attributable in part to payment of monthly bills in the earlier period. Total debits to in- follcw, a5 calculated by the Federal Re- serve Beard: Week ended May 13, $10,196,715,000; previcus week, $12,756,865.000; seme | week last year, $14,538,204,000. DRY GOODS MARKETS. | NEW YORK, May 18 (Special).— | Cotton goods markets w:re quiet today. Print cloth quotations were unchanged {at 5 for 64x60s and at 5% for 68%72s. {Raw silks were moderately active and | 5¢ higher. Dried Fruit Trade Good. NEW YORK, May lo'd‘m“:' m Jjobbers "EN a e in fruits duri the week. The de- mand showed a little e steadiness and was well rounded ~*= SRS IR RS Switzerland's long gasoling price wa* is still om, | dividual accounts for comparable weeks | . pengo s e, crown (nom.) | Warsaw, zloty..... . Copenhagen, ~crown. . Oslo. crown 2 | Stocinolm, 26.78¢ 2878750 crown. | 26.:81¢] SHORT-TERM SECURITIES. | (Reported by 3. & W. Beligman & Co. | Allis-Chaimers Co, 5s 1 | American Tel. & Tel. & | American Thread 5i3s Baltimore Batavian Bell Tel. of California Pet. Corp. 5as 193 Ganagian Nor Rwy 4is 193 Cnl. Northwestern B. R. 55 1933 Chicago Rock Island 4s 1934.... Chile Copper Co. 88 1947... Denver & Rio G Y Gen. M General Gener: i 5 MISCELLANEQOUS. Berber & Ross. Inc. com Col. Medical Bidg. Corp. (6 Band & Gravel ptd. (7). t. Bec. pfd. (1)...... . Tr. & Stge. pfd. (7) Mergenthaler Linotype (6) ... Mige. @il v (i iR ash. Med. Eldg. Corp (7t} Woodward & Lothrop com. Woodward & Lot “Ex dividend. b Books closed. c50c extra. nise extra. 130c extra. 1% extra. NEW YORK, May 18 (#)—The elec- tion of three new vice presidents of General Foods Sale Co. has been an- nounced by C. Francis, president. Ar- thur C. Unger of Chlem. vision sales manager; ) more of San Francisce, division manager, and John K. Evans, New York, Eastern division manager, have been advanced to these positions. Fiat s wai » Ktat 7s ex war ‘46. . Finland 5%s " Finland 6%s Finiand 7s ‘50 Fisk Rub 8s'41 | Fla E Coast 6 Fram 1D 7%s"42.. French 7s "¢ . French Gvi 714 Gelsenk'chen 65 ‘34 Gen Baking 5%s '40 Gen Motors 6s 47, Gen P Sv 5%s 39 Gen Th Ea 63'40.. German 5% 5765 German Bk 65 ‘38 Ger Cen BK 65 '60 J Ger Cen Bk 65’60 O German Bank'7s '50 German 7s rep * Goodrich cv 6 Good 1st 6% 3 47 Goody'r Rub 58 °6 Grand'Tr sf db 6536 Grand Trunk 7s '40 Grt Nor 4%8°76 D, Grt Nor 4%s'77 E. Grt Nor gn 5%s '62. Grt Nor gen 7g '3, Greek 63°63. .. Hoe & Co6%s'34.. Hud & M adj They will retain their division sales titles and - duties. o Rio Gr W clt 4849, R1Ar&L 4%s'3: %! StL IM R&G 4833, 26 98 StL&SFindsA.. 1 F prln 68 B. 21 83% St L&SF pi 9. 6 82 1 0 StP Un Dep b8 72.. 107 SanA&AP4s'43., b 95 Sao PauTls Shell Un O1l 5549 Shinyetsu 6348 '52. Sinclair O1l 648°38 Sinc O 7sev A'37 Sine Cr O 6%s Sinc P L £8 4 101% 101% 107%. 1074 66 * 66 5 4% o 64 9% 75 . 75 5 1081 108% 17t1] Pow 53 ‘69 ww. 65 . 65 Util Pow 5%3"47. 4% TI% 32 Vert Sug 1st 78 "42. Unit Drug cv 58 ‘53 Utd King 633 '37.. U S Rub 1st 58 "47.. Un Sti W 6%s A 4T U StI W 6355451 Uruguay 65 '60 Ry 18t bs Wabash 4%s "78. . Wabash 1st 68 °39.. 105% 106% 6314° 634 102% 102% 82 . 32 Wat Sh 1st 48 2361, West El deb 55 “44. West Md coew West Md 5%s 77.. West Pac b 101% 10134 108% 108% 9 96 o 10t 635 38, Wil &Co Ist 6341, 15 Yokohama 63 7 1 Yxutn SP&T 68 '78. 11 1 mlm 68 B '70. 43