Evening Star Newspaper, May 20, 1931, Page 14

afternoon 'htna ‘Tomorrow's session opens at 9:30 A—14 *¥¥ WALLACE CAUTIONS MUTUAL BANKERS) President Says Field Is t)nel of Few Unhurt by Busi- - ness Conditions. ‘(Continued From Thirteenth Page.) standards of the rest of the civilized world. If by this is meant that there tnust or will be & constant tendency for the civilized world to rise to the level of a higher and finer standard of liv- ing set by another enegretic, progres- sive and resourceful people, we welcome the statement. But if that statement is to mean that there cannot be a pos- sible leadership among the nations in the raising of the standards of living for the workers of the civilized world, then the American labor movement has long ago repudiated that idea, and is not at this late dlu even remotely re- considering the ter. “Recent, monms have "fi;’m utterance to many discussions of vital neces- sity of an adequate ‘distribution’ to bal- ance our ‘production.’ We have begun to hear from one quarter and another of the necessity of securing and main- talning an ‘economic balance.’ ess compels the statement that the avxeunge :;‘orkmln. v’ho'hn had access only to the census of manu- factures, is e ning to look with puzzlement and then with suspicion at the markmanship of these hunters for the cause of industrial depression. They so consistently miss all the plain targets. Wages and Production. “It is an established belief, if not conviction, for instance, that the cot- ton textile business is in a deplorable state. One cannot resist the idea that if -the wttm'l textile workers, who re- celved an annual wage income of 8753 in 1"9 and produced a prod’l uct valued at an average of $3.512 worker had been given a little share o(h’fl;le vnluew:ldd'zd"by ‘manufacture,’ which amount - «'llw worker, there might have been a b&fl market for food products in o( the Southern cotton mill ery. It adds nothing to the wheat but some air, a trade name and a carton. ‘That product in the form of a break- fast food, is sold over the counter at a price which figures up to $33.60 per bushel for the wheat at 60 pounds to the bushel. The workers in the cereal tions industry receive and ave- T of $1,361; the produce is v:gzd at $24,719 per worker; thus the added value by manufacture amounts to' $11,374 per worker. The ‘value ldlkd hfy manufacture’ in food and groducu alone in 1929 amount- ed h 83, 40,683,268. there be no fllusion cr confu- lnm u to the serious issues before us. 'rhere is no good accomplished the gravity of the situation nn American ‘people, leav- peomu cf other nations. Hard - Fight. is probably ln fur 3 demand h‘ulde Bankers Call on President. Other speakers scheduled for the session included Henry Bruere, president o! the Bowery Savings Bank, and Rome C. pful- dent of the Amerlun Bmkzr Associ- ation. ‘The delegates called on President Hogver at the White House this noon, before opening the three-dsy session. They spent the forenoon in sigitseeing, except for a meeting of the dirictors. They hold their annual ball this cve- 'with an address by Ogden L. Mills, ‘Undersecretary of the Treasury. STOCKS EX-DIVIDEND. NEW YORK, May 20 (#).— Rate, hd. k_pi 3 ‘Amer Elec Pwr 36 pf 3150 ftias ULl Corp 33 b ¢l A..78c i Bery 1ot B Consumers Wir Co pf M McCrory Stores . mm | Texiié ‘Corp pt nl I R R pf et Corp Do. 6% pf ... : Beader, (Dayid Grac A n. Pwr Co 36 pI.. ate Wat Corp’ pf FitBiaer ‘o b Phile, Germn & No Pitts, Young & reniice Hall. Relfance Intl BT mdls DA i wreiep favesi Corp ‘Thompson . Inc pf TVIfilQn Detroit_Axle pf Timken Railer Bear " Bul oa’ U L) DI"! PY ucts cl A Bo U IIH’OI Corp 1st pf Wayed Fimp o cony’ pi Western Auto Bup I Do, el B wheles (W) 3¢ (Dell FOREIGN EXCHANGE. | @untations furnished by W. B. Hivbs & Co) . s sed Nominal gold Selfling checks y E1d u.s : DOOOODOOOOOZOOLOOOLOLEOLOOOLCBOOLOOOOERODOKZOOOKDODODDD; & FIN WASHINGTON, D. C., WEDNESDAY, MAY 20, 1931. FINANCIAL NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page Stock and Dividend Rate. Miami Copper, Mid Continent Petm. Midland Steel (3). Midland Steel pf u). Minn & St Loul. Mo Kan & Texas. Mo Kan & Tex pf (7) Missouri Pacifie. . Missouri Pac pf ( Mohawk Carpet. . Monsanto Ch W(ll( ) Montgomery Ward.. 249 Morrell & Co (4.40).. Mother Lode. . Motor Meter G & El.. Motor Products (2).. Mullins Mfg. .. Mullins Mfg pf (T).. 40x Murray Corp 13 5 2 4 49 i Nat Cash Regiater A. Nat Dairy (2.60) 10 Nat Dist ProA (2). Nat Enam & !llmp E Nat Supply (4) Nat Surety (5) Nevada Copper (1) N Y Air Brake (1.60) N Y Central (6). 1 5 Noranda Mines. ..... Norfolk & Southern. % Norf & West (112).. Norf & West pt (4) North Am Aviation.. 50 Nor Am (b10% stk). 67 North Amer pf (3).. 1 North Am Ed pf (6).. 1 60% 301 Northern Pacific (6) 29 19! 8% Ohio Oi1 g 56% Orpheum Cir pt . 408 374 Otis Elevator (z*l., 8 61 Otls Steel..... 1 354 Otis Steel pr Df ('l) 408 28% Owens Iil Glass (2 3 443 Pacific Gas& Kl (2). 19 SOK Pacific Lighting (3). 4 Pacific Tel & Tel (7) 210s Packard Motor (40c) 102 Paramount-Pub 2% . 282 6 1008 4 Parmelee Transport. Pathe Exchang: Pathe Exchange A..: Patino Mine: Peerless Motor Car.. Penick & Ford (1). Penn Dixie Cmt pf. Penn RR (4). Phillips Petroleum Plerce Ol pf. .. Pierce Petroleum. Pillsbury Flour (2).. Pirelli (A) (m3.13) Pitts ¥ W & C pf (7). 308 Pitts Steel pf (7)... 120l Pitts United Corp. Pitts Unit Cp pt (7). 150- Port RAmTobA3% 16 PR Am Tob B, . Postal Tel&Cable vl Prairie Ol & Gas Prairie Pipe L (3). Pressed Steel Car. ... Proct & Ga 2.40) Prod & Refine .. PubSv N J (3.40). Pub8vNJpt(b)... PubSvE&G pt (6). Pullman Corp (4). RRSecICstkC (4). 10' Raybestos Man 2. Reading 24 pf (2). Remington-Rand Rem-Rand'1st pf (7) Reo Motor Car (40¢). Reo Motor ctfs (40c) Reynolds Metals ll) 40% Reynolds Tob B (3).. Rit Dent Mfg (234) . Rossia Insur (2.20).. Roy Dtch(m1.3404 y Stores (5).. 15 98 Safeway Strspf (7). 10s 86 Safeway pf (8 . 508 15% St Joseph Lead (1).. 2 15 St Louis & San Fran. 2 24% St L-San Fran pt (6) 5 10% St L Southwestern... 22 18 StLSouthwestpf... 1 12% Savage Arms (2) 4 Schulte Retafl Strs.. 2 40% Schulte Retail pf (8) 20s 40 Scott Paper (31.40).. 50s % Seab Alr Linepf..... 1 447 Sears Roebuck 32% 3% Second Nat Inv, 1 Seneca Covper 4% Servel Inc. Prev. Mam Hign. Low. Close. Close. 6! 12260585% 13) ~Prev. 1681~ High. Low. 29% 20% Shattucl 10% G% 8 ]! Gh 17\6 70 Shubert South P: South R Sparks Stand G % Stand G Stand G Stand Of Stand Of Stand O! Sterl Se Stewart Stone & Studeba Sun Of} Sun 011 Telauto; % Texas Ci Thomps Timken Timken Tri-Con 29% 15 4614 120 46 6% 123 72 Union C: Utd Am 2 19% 14 37% Vanadiu 28 76% . 8% 109 98% VaElec 27% 15 ‘Walwor White 8 Willy: 22 10:30 A M 1:30 P.M.. Dividend rates cash payments based tions. 4% 1in stock. Jear—no resular rat a: Pm % 15 Sock. % in stock. m Paid thia year—no regulnar Stock and Dividend Rate. 4% Shell Unfon Ofl.....: "‘K Shell Un Ol pf (%) Spicer Mfg pf (3)... 4 Splegel-. Und Ell- 13% 11% Zonite Prod Corp (1) of Stocks on New York Exchange. s Unit of trading less than 1 §Fayable B sertp: PPite stock. f Plus Bales— Add 00. High. kKFG(t1%). 14 24 5 Theaters, 1 £. South Cal Ed (2).... 'acific (6). South Ry (8). v pt (5) Spalding (A G) (2) 1 Spalding 1st uf (7).. 308 Withing (1).. 10 May-Stern. &E(3%). & Elpf (1) & Epf (4). Stand Invest Corp. 11 Cal (h2% Stand Oil of Kansas. LN J (12). .. 1IN Y (1.60). Sterling Sec A. . c pf (1.20)., Sterl Sec cv pf (3). Warner..... Webster (3). ker (1.20) 1) pf (6) Superheater (2%). Superjor O11 6'4 Superior Ste Symington A graph (1.40). orp (2).. The Fair (2.40). Third Avenue. on Prod 1.20. Tide Water As (60c) . Det Ax (30¢) Roller (3). Tobaceo Products. .. Tobacco Prod A 195¢ Transamerica (1)... Transuq& W (1).... Tri-Cont Corp....... t Corp pf (6) Trico Products(2%). Fisch pt (7 arb & C 2.60. Un Oll of Cal (2)... Un Pacific (10). Un Pacific pt (4). Un TankCar (1.60).. Unit Alrcraft. . . 36 Unit Afrcraft pf (3). Bosch. . Unit Carbon. . Unit G & Im pf (5).. Unit Plece D W (2) Indus Alcohol (2) Plpe & F (2).... Realty & Imp(2) U S Steel (7). U S Steel pf (7 U S Tobacco (4.4 Unit Stores A. . Unit Stores pf (4) Univ Leat Tob (3). Uniy Pipe & Rad. Utl] PEL A (e$2.15). Vadasco Sales Cp pf. m Corp’ 1% Va-Car Chem. & Pwr p! 71% 41% Vulcan Det (4) Waldorf Sys \l%).. th Co. Ward Baking B. . West Pa Pow pf (4). 208 Western Dairy (A) Western Md.... Western Pacific. . Western Union (3). Westing A B (2). 11 Westing EI&Mfg (4). 768 Waesting E&M pf (4). 108 Wextark Radio Strs. White Rock MS t4%4 . ing Mach. eriand. Wilson & Co pf.... Woolworth (2.40) Worthington Pump Wrigley (Wm) (4). Yale & Towne (2) 8% Yellow Truck. . 2% Zenith Radio. .. % "% 2% 4 3 11% 114 shares. 1Pa 3%, ok, 7 Basal e bPayable tn siock, "¢ Fayabl % in & k. F'us 50c in apecial b CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS By the Associated Press. NEW YORK, May 20.—The following is a summary of important corporation news prepared by the Standard Statis- tics Co., Inc., New York, for Associated Press. News Trend. Rallway freight car loadings for the week ended May 9 decreased 27,842 cars 10 a total of 747,449. This drop, of con- #iderable size in itself, becomes more unfavorable in view of the fact that the normal trend for this week of the year is upward. All freight classifications, both those including finished goods and those comprising raw materials only, participated in the week's decline.. Iron Age reports a-2 per cent decrease in steel operations and points out that tin plate output, also farm implement operations, are declining. Although sev- | eral new building projects are pending, | the contracts actually placed during the week made the very low total of 16,000 tons. Automobile o?ennom are being maintained at & relatively high le May total rate, indicating of 370,000 cars. Dividend omissions and cuts again are important among the items of cor- poration news, particularly the reduc- tion of the quarterly dividend of Texas Corporation o 50 cents from 75 cents, reported yesterday, and today’s omission by Pet Milk, The Companies. American Brown Boveri Elec., sub- sidiary, low bidder for construction of submarine; $3,150,000 involved. Newton Steel—Conversion of Newton b1 e mr-gs;fm;;s' nmvn CEBTIIICATES. Tigman L ine 18, 1ot e, 100 18-32 100 o-s; 100 17-32 100 23-33 1101 1332 ++. |cents common flvmnd similar pay- Palls sheet unit into tin plate mill post- poned, m:nmn. improved industrial Bohn Aluminum & Brass Co., 37% ment made April 1 Brook] April fi cent, net off 0.1 per cent; 10 mnnt t:oll off 3.1 per cent, r cen! enM!lbnnryn uu 1 had 1038 on pension list: pension | trust had assets of $16,505,000 end of 1930. Oppenheim, Collins & Co. sales, three months to April 30, off 15.1 per cent; | sales of leased departments included. Pittsburgh, Cincinnati, Chicago & St. Louis Rallroad 1930 net income, | based on lease rental income, $4,242,433, | against $4,249,287. ‘Texas Corporation cuts quarterly divi- dend to 50 cents from 75 cents. Vesta Battery stockholders vote .on proposed merger with Consolidated Bat- tery. Atchison, Topeka & Santa Fe Rail- way president says future dividends will | depend on. earnings. Interborough Rapid Transit deficit, after charges, including Man- hattan Rallway dividends, $189,135, against deficit $161,202; 10 months’ deficit $2,892432, against $1791,551. Midland Steel Products first-quarter shipments of four-wheel automobile brakes up 25 per cent. Missouri-Kansas-Texas Raflroad pres- ident estimates deficit for April of $260,000 after charges. Prairie Oll & Gas—Chairman of com- pany falls to confirm reports that between compsny, Sinclair Consolidated | Oil and others. Pet Milk omits common dividend; | pald 37!, cents April 1. National Dairy Products—Proposed share exchange with Golden State Milk Products opposed by stockholders’ group of latter. Foster & Kleiser net income, before Federal taxes, year ended March 31, [$215,602, against $784,738. Boston & Maine Railroad. President of New York, New Haven & Hartford | | favors early consideration of merger with his company. Chesapeake & Ohio Railway April 4 months off 27 per cent. dividend; paid 90 cents May 15. Electric Boat submits bid of $3,297,- 000 to Navy Department for construc- tion of new submarines, Pisk Rubber receivers state Chicopee plant operating five days weekly; opera- dm for first 4 months conducted with- it loss. h-ter & Kleiser Co., common share earnings, year ended March 31, 15 cents against 98 cents. Morrell (John) & Co., cuts quarterly m:ol dividend to 75 cents from North American Co., 27.8 per cent of voting stock controlled by Harrison Williams; rest of voting stock widely April | merger negotiations have been reopened | surplus after charges off 25 per cent: | Dominion Bridge 75 cents common | quarter common share earnings, 4 mills, against 12 cents. Pan-American Petroleum & Trans- port, 1930, common share earnings, $4.02, against $2.92. Pere Marquette Railway April deficit after charges, $18,501, against surplus $105,786; four months deficit, $489,498, against surplus $692,081. Prairia Oll & Gas states merger with Sinclair Consolidated Oil not discussed as yet. Public Service of New Jersey surplus after charges, 12 months ended April 30, up 1.5 per cent. Standard Oil Indiana cuts price of third grade gasoline Y cent a gallon to 8 cents, Union Pacific Railroad April net operating income off 485 per cent; four months off 35.4 per cent. Vadsco Sales stockholders approve re- duction in stated value of outstanding common, 1,021,573 shares, to $1,021,573 (rfilin $7,974,533 and write-down of good- will. Valvoline Oll to construct bulk stor- age facilities at principal coast points. National Electrical Power subsidiary, Seaboard Public Service, acquires gas properties of Carolina Gas & Electric; 1930 gross revenues of acquired prop- ertles totaled $280.000. | St. Louls-San Francisco Railway— | reported Dillon, Read & Co. may act as | bankers for company In eonnection | with expected refinancing. Hudson & Manhattan Railroad—April surplus, after charges, off 15 per cent; 4 months, off 17 per cent. The Industries. ‘Bullding—Cement prices in Lehigh i lng.fluld!on River districts cut 15 cents a barrel | 128,677 tons from 136,458, in March, | and 150,505 in April, 1930, according to American Bureau of Metal Statistics. Oll—Daily average crude output as | estimated by American Petroleum In- preceding week and 181,100 barrels be- h" like 1930 week; greatest declines in Oklal , East and West Texas dis- \flmnt mueue in ks at week barrels week before: refineries o) during week at 68.2 per cent of cn.y.k against 65.1 per cent pl‘ee!d?l’.ll week. Railroad—I. C. C. assistant trafic commodity rates mr traffic moving to lnd from lhe lo\l -8 eul tric—$903.905 paid 1287 in 1930; on January d'stributed Forth Central Texas O March mflw‘“mhlmflw“\&d it subsidiary, National Sugar Re: , and others. Copper—World output in April fell to | Kt stitute for week ended May 16 was|on 2426800 barrels, 41900 barrels under | Col. F363.000Trom 46:810.000 ok MANY GAINS MADE | (o ~on BONDS ocs cace] by Private Wire Direct to The Star Office ON BOND MARKET Junior Issues Lead Way for Improvement—Foreign Credits Weak. =1 BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 20.—Owing to an oversold condition following the panicky withdrawal of bids on Tuesday, today's bond market showed many substantial galns in junior issues. - Prime bonds continued to advance. Foreign dollar credits, excepting those of the highest | A rating, were weak. Trading dropped to meager propor- tions on the rally. It was evident that the recovery in stocks had served to check the decline of bonds, but over- night earnings reports of a bearish character gave fresh pause to the spec- ulative element—Wall Street's sole hope S0 far as y rally of junior bonds is concerned at present. United States Government issues con- tinued to advance actively, with new highs recorded in Liberty 3'5s, Liberty first 4%s, Treasury 4%s, Treasury 4s and Treasury 3%s. Liberty fourth 4%s equaled their previous top and showed every indication of advancing to a price where the yleld would be less than 2 per cent per annum. A development interpreted as signifi- cant of the present bond market was the offering of nearly $50,000,000 in new bonds. This is nearly as much as the total offered all of last week, and more than was put out in any of the preceding three weeks. Naturally all were of a prime type and as such sold at prices close to the market for similar outstanding bonds. The market was receptive to the new issues because of the scarcity premiums existing on all bonds of the best in- vestment grade. Consolidated Gas of Baltimore offered $18,000,000 of 4 pe: cent first mortgage bonds, due in lflll The price was 9515, or a 4.31 per cent yleld basis. The price for $16,000,000 Puget Sound Power & Light first mort. gage 4!5>s was on a 4.95 per cent basis, and $10,187,000 City of Newark 4 per cent serial bonds were priced on & 1.90 to 3.65 per cent basis. Corporation issues of the seasoned type, such as American Telephone 5s and 5135, Chesapeake Corporation 5s, Canadian National 5s, National Dairy Products 5%s and Western Union 5s, were firm to slightly higher. Junior rails had recoveries of 1 to 2 points, the best gains being shown by CI " by ‘Great Western 4s, Erle 5s, Nickel Plate 4158 and Prisco A 4s and 415s. Alleghany 58 of 1950 were off 2 poln'.s and other issues of the corporation were weak. The aggregate market value of Alleghany Corporation’s hold- ings was placed today at around $124,- 000,000, or more than $20,000,000 less than the funded debt and outstanding preferred stock. Warner Bros. Pictures 85, a speculative issue that on Tuesday opened at 32, dipped to 25 and recov- ered to 29%, today was over 3 paints higher at one time, later fluctuating fl‘l’!fullrly The company, as unoffi- clally reported, shows a cash position of $4,000,000, while bank loans total $2.- 000 000, Current assets are as twice current liabilities. In the foreign list the weakest issues ‘were the Germans. ‘When stocks turned weak in the aft- ernoon, bonds were sold again and most of the morning gains were can- celled. This was especially true of the railroad list, with such issues as St. Paul 5s, Missouri-Pacific 5s, Prisco A 4s and 4!28 and International Great Northern adjustments, providing most of the activity. At the same time, ces were held above their previous low levels and a few, such as Erie 5s and Nickel Plate 4 resisted the downturn very well. 8t. Louis Southwestern Consolidated 4s were outstdndingly weak, dropping off over 7 points to an all-time low. Railroad statistics point.to a deficit for this road in 1931 /conyrl(hl Washmgton Stock Exchange SALES. Capital Traction 55—$500 at 8215 1931 % | Wash. R. & E. lHlMltlfl%.llm at 89%. Lapston Monotype—10 at 90, 10 at 90, 30 at 90, 50 at AF lEl CALL. Capital Traction 5s—$500 at 823, $1,000 at 83. Pot. Elec. 515% pfd.—5 at 1093,. Wash. R. & E pld.—6 at 98. W:-B;l Gas 65 A—$300 at 10274, $200 at Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel, & Telga. 4138 39 Am. Tel. & Tel. ctl 58, ARscostin % "Bot. Anscostis & Por. i Tel. of Va Eapital Traction . RS City & Suburban 5i Georgetown Gas MISCELLANEOUS, Barber & Ross. Inc. 6%s...... Chevy Chase Ciub 5i4s Golumbla Country Club' §%4s Paper Mf¢ 1d Btorase b Wash: Sons. “Bile" e STOCKS. PUBLIC UTILITY. & Tel. (9).. Pot. Elec. Power 6% pfd Pot. Eiec. Power 513% pid Wash. Rwy. & El. com (1)..00] Wash, Rwy. & El pfd. (5)..00 NATIONAL BANK. Capital (14). nd (9e) i Washington '(13) s TRUST COMPANY. Prince Geotkes Bk. & Ti Cnlon Trust (8s) 2 n & Tr. (i4).0 SAVINGS BANK. Bank of Bethesda (6%) Commerce & Savings (i6} East Washington (12) Eotomac 110).. . Secu & Gom. Bk, (17! BEventh Sthed a United States Washington Mechs FIRE INSURANCE. American (12) 280 gorcoran (19) Kations "unton (is) TITLE INSURANCE. Columbia (6h) Real Estate (6h uxscmANzous 65 41 rber & Ro: £ :ass:;ss:;s; 25 S.ssSrEvinag & e B35 13 25 BE2a8, director favors permanent class and |Wash UNITED .‘TATI& ”M 1,000.) Low. Close. Lty I*Ili-fl 206 102 23 102 19 102 21 L 2-47. 12 103 15 103 13 10313 40 10816 103 15 103 16 « 14 10315 103 12 108 12 - 10 107 22 107 22 107 22 10 109 22 109 22 109°22 65114 4 114 114 2 Sales. High. Low. Close 514 50 60 6 100% 100% 100% 66 64 64 63 63 IJIOKI ‘1-" ADbItIbI P & P 6853, St 5% AmIGCh6¥%s’40., Am IntCp 5%s 49, Am Metal 5%5°34. Am Nomneaies.. Argentine 6s B '58,, Arm & Co 4%5 39, Arm Del 5% s 43, .. Assoc Oil 6s '35 Atchis 48 1905-55 Atchison adj 4s ‘9| Atchison gen 45’95 Atchiscv 44841, . At& Danv 2d 4s 48, AtCL 1st4s 52, AtCL4%s'64.. At Gulf 5359 At Ref deb & Australia 4%s ‘5 106% 93 9% Bk of Chile 6% Batav Pet 4145 '42.. Belgium 68 '65..... Belgium 6%8 49, .. w0 Bell Tel Pa bs B Bell Tel Fa Berlin Cy EI 65 '55. Berlin CyEl 65’51 Beth Sieel pm 68'3! Beth St rf 5s ‘42, 58 CennnearaSox Sz - E-R222, Buff Gen El 4% Bush T Bldg bs '60. Calif Packing bs’ 40 4% C‘n Nll 4%3 66 baJuly Na 0 Can Nor 4%s '3 Can Nor 638 db " Can Nor 7s deb ‘40.. Can Pac deb 4 Can Pac 438 ‘46, Can Pac 4% Can Pac bs ct: Can Pac 5: Car Clin & O Cent Pac o8 40 14 22 10 117, Chi & Kas 111 58 51, Chi Grt West 48 '59 Chi M&StP ihl‘.. C&Nwn 4343 ¢ 2037, Chi& NW con 4%s. Chi Rwys 68 °27 ChiR1&Prt ChiR Lcv 4% Chi Un Sta 4345 '63. Chi Un St s °44.... C& W ind cv 4862, Colomblia 68 '61 Oct. Colon O1l 68 '38 Colo & Sou 4348 36. Col G&E 65 May '52 Com Inves & %s ‘4y. ConG N ¥ 6%8"45. Con Pwr Jap 6% Con Pow Japan 7 Copenhag 4% '5! Clecho 98752 Del & Hud §%s'37. Denmark 4% Dutch East 1 6862, East C Sug 7%s'37 kirie Gen Erie ¢ Erie 68'75. Finland 6%s 6 Finland 63 FIADCOI t6a .. Fram 1D 7%8"42.. French Gvt T%s i1 Gelsenk’chen 6s ‘34 Gen Baking 5%s ‘40 Gen Motors CI 37.. Grt Nor 5873 Grt Nor gn 5% 5I< Grt Nor gen s '36. Greek 68 °'63. Sales. High. Low. Close. Hungary T%s 2100 100 100 MBTistpths A Ill Cent 48 ‘53 Ul Cent ref 111 Cent §s Int Hydro El 6s '6!. Int M Co bsret "41.. Int Match 68°47... Int MM col tr 6s "41 Int Pap 53 A ‘47 Int Pap 68 °65. Int Ry CA 634847, Int T&T 4%5'63 Iat T&T ev 4%3 '3 Int T & T 685 irish Free St &s Italy 7. Italy Cr't PU Italy Pub Sv 78 st Japanese 534365 Jugosl Bank 7s KCP&L4Y% Kan CFtS&M Kan City Sou 3s'60 Kan City Ter 43 '60. KanG&E 4%8'80. Karstadt 6s°43. . Kresge Found 6s 36 Kreug & Toll 68 69 LacGStL6s34... Laclede 5345 C '53. Lake Shore 3 1 Lautaro Nit e Leh Val cv 4s 2003., LehV cv 438 2003, Leh Val 63 2000. ... Lig & Myers 1s Loew’s 63 ex war. Long Islrf4s'49... Lorillard 6s '51. Lorillard 6%s 37 Lou G & El 6853, L& Nunids’40 ... L &N 5s B 2003 L&N1strf6% Lyons 34 La & Ark 55 °69. McCormack 6s °34. . McKes & R 6%8 '50 42, MIERy &L M StP&SSM Mo Pac5%s Mont Pow Montevideo 7s Mor & Co 1st 4% NCh&StLss.. Nat Dairy 6% . Bl %82013. 4 NY Cen rt 4%52013178 NYCre im 68 2013. NY C&StL %8 "7 NYC&StLE%sA. 1 NYC&StL6s'32. 11 N’!N NY O&W 1st 4 NY O&W gn 4 NY Rys Inc N ¥ Tel 4 NY W&B I%- 8 Nia Sh Md 5%s'50 Nord 6%s '50. Nor & Wn ev No Am Co bs NA u‘mnc'u Pac 4 Nor Pac 435 2047.. Nor Pacr16s2047.. Nor St Pwbs A u.._,.u...»a...m- s 2 Nor St Pw 68 B *41. 63 BaraSun Oreg-Wash 4s'61.. Orient dev 5% s '68. Orient dev 65 '63... PacG & El6s’42... Pac T&T 1st 6s’37. Pac T&T ref bs '52.. Pai oo ang Paramount Paris-Ly M @ Penna 4%s D Penn gen 4 %3 e wmaeSRuan Rl e nsnnne Penna gen 55 '68. Penn 6%s '3 Penn O&D 4%8°'77.. Peoples’ Gas b Peor & E 1st 4 Pere M 1st 45 '56. Pere M 1st §s .o PCC&StLESA... P&W V4%sB'59. P& W V4%sC60. Poland 6s"40. Public Serv Pure Ol 5% 11. Queenland 6s'47. Queenland 784 Read gn 4%s A '97.. Rhine West 6s 'ss. Rich Oll cal 68 44 Riode Jan 6%s ‘53, 6! Rio Gr W 1st 45'39. RIAr&L4%s'3 Rome 6%5°52 Roy D StL IM R&G 4 StLESF 4% St L&SF prin s B. 18 StL&SK gen 6s'31.. 2 100 StL&SFgn 6s'3l. 10 StLlWlflil.' 9. l: Serbs-Cr-S1 STEEL PRODUCTION REDUCED BY 2 PeT. Current Developments Throw Little Light on Course of Market. By the Associated Press. NEW YORK, May 20.—The iron and steel market is drifting and current de- velopments throw lttle light on its course, Iron Age will say tomorrow in l'l weekly review of the industry. “Steel ingot production is unchsnurd Ll;.mut centers,” the review says. “but closely to the general trend, are esti~ mated at a point or two above the rate for the entire country. ‘Steel shipments are only fractionally lower than in April, ’;mt new business expansion. The week's swnra of line pipe total 32,000 tons, bul r:{ ing the week total 52,500 tons; yet con- tracts actually placed, at 16,000 wxx:':! l;nle T showing flfln a ago, when they - 500 tons. Prices Are Still Weak. “The tone of prices 1s still weak, al- though the diminishing size of orders is tending to relieve the pressure for con- cessions. Scrap prices are soft and here and there have given further ground, but show signs of approac] bottom. melting scrap is unchanged at ton, following five weeks of umnwr- rupted decline. Billets, slabs and sheet hmmofl:x-wnw‘n Plttsburgh or Younf'own and wire nails have re< ton to 2.75 cents a pound, Pittsburgh, and reinforcing ba: nwgn increasingly le: the Hmburgh medmz is at a fair n!t:. with im) mhkh N Irges Wi figures lmwmm call ror 15,000 tons of plates, the railroad pment industry from the Northem Pacific for superstructures :::el}”x cars, nqutfin[ 6,000 tons of Auto Production Holding. “Road building is ld.muhm ship- ments of reinforcing bars, wire mesh and culverts. On the other hand, farm lmplemem. makers continue to scale down their operations and tin plate out- upefl.n.w now averaging 70 production is being maintained at a rate that make May of 370,000 cars ‘: releases and uncertainty regarding phm of a leading motor car mmlh": turer make the outlook for next mon dubious. Nevertheless it is still helkved unc June output may reach 325,000 m Iron wuna ishing steel, §15. lm-“ iron and m for huv;‘mmnc .” E; New York Cotton NEW YORK, May 20 ing advance on 1'!zl’tt.lval[§5 ngth in thAhnM at :xu cenu . ton July contracts, after selling up to 9.29 on the initial demand f¢ above the low le'vel.nof AR acted to 9.14. Te- The mid-afterncon BOURSE PRICES FIRM, PARIS, May 20 (#).—Prices were firm on the Bourse A per_cent , 89 francs 50 centimes. Pive cent Joan, 102 francs 60 centimes. Exchange on London, 124 francs u centimes. The dollar was quoted at 35 francs 563 centimes. Shell Un O11 5 Shell Un Ol §5°49.. Sinclafr Ofl 6%8'38. SincO7scv A 'I: 06% | Sinc Cr O 5%s Shinyetsu 6%s"62.. !k.lly Ofl 6%s'39 sons §s '36. lnl“! Am 58 Sou Bel T&T 5s SW Bell T Balumomon 1Y ..Zium.a_fi"‘ = ..-s%!-‘-:_.m.. Texas Pac 68 D '80.. Third Av ref 460, Third Av adj §s Third Av 1st 68 '37., Tokio bs ‘62, 1o 828 200 Unit Drug cv 6s ‘63 Utd King 6%s U S Rub 1st 68 °47. Un StI W 6%8 A 4T Ud StI W 6348A '51 Unit S8 Cop 6s ‘37 Uruguay 6s'60. Uruguay s 64 D(lh P& L b8 =-nu8n-=.!=— Ulll Po' “l "I.u Vert Sug 1st 78 °¢2. Vienna 6s'63. Va Ry & Pow 8s 3. Va Ry 1st 58 °62. Wabash 1st s '3 Sewnw Wh Sew Mch 65°40. Wick Spen cv 78’35 Wil & Co 15t 6841, w‘nRA'Hi Y itn ShET Yng StI&T 5s l '10.