Evening Star Newspaper, May 21, 1931, Page 15

Extraordinary Number of Of- ferings Sends Many Issues to Lower Ground. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, May 21.—Pivotal stocks on the Curb Exchange dropped to new Jows. for the year today as a stream of selling orders, mostly odd-lots, flowed into the market. Cities Service was one of the weakest “4ssues of the entire market and before mid-day had sold down about 3 points fll new low level for the year. Electnc nd & Share, Arkansas Natural Gas A, imperial Oii of Canada, Ford Motor of Canada A, Missouri-Kansas Pipe Line and similar widely held securities were targets of selling. ’1 Selling of Cities Service, which may ave been the result of liquidation of American Telephone over on the Stock Exchange late Wednesday—for both ot these issues are very widely distributed— began at the opening end steadily in- creased in volume after the first half our. i X Specialists in Cities Service stock sald that selling orders, most of them 100 shares or less, came from all parts of the country. The company could offer no explanation for this sudden selling Vi Directors met late Wednesday and, after reviewing earnings, declared the regular monthly dividends on the ¢ommon and preferred shares. Gross for the 12 months ended April 30, 1931, amounted to $53,715817, against $52,- 650,042 last year while net of $51,028.- 627 compared with $51,071,832 for the Piviile Gt e Citiés Service was weak, selliny increased in a number of stocks pmm! inent in Chicago, and considerable of- ferings came from that city. Such shares as Swift & Co., Swift Intern tional, Arkansas Natural Gas A and Missouri-Kansas Pipe Line were espe- ially heavy at that time. Volume of trading in the first two |, ours reached 310,000 shares, or about ‘Three times the average forenoon vol- wume thus far this month. Heaviness of Cities Service brought selling into its subsidiaries, such as Arkansas Natural Gas common and A shares and Indian Territory Illuminat- ing A and B, all of which reached new low ground. The softness of this group unsettled most of the ofl list. Standard Oil of Ohio promptly went to a new low price and Standard Oil of Indiana had no trouble duplicati its previous minimum. International Petroleum followed the example of In- «diana Standard, while Imperial Oil of Canada slid intc new low territory. Price reductions of copper brought a mmpmn of liquidation in that group, h put Newmont Mining at for the first time. Bunker Hill Sulli- wvan established its minimum quotation Nor 1931. Aluminum Co., Ltd, and alu?nmnn co&‘ol Ammfl‘ab on compara- vely small offerings, broke pre- (Copyright. 1931 " CHICAGO STOCK MARKET (CHICAGO, May 21.—Following is the complete official list of transactions mmmwdnmecmmsmzx- iy § a 5 FEin §g§£§!:‘: SEETE B 3 3 6! 85! 23! i 92 3 18 18; i W Ak i & §F ygus o 585825 L X £ B s W Bon S e SIS * 5 8IS LEEE Y. = cotnans Ered B 22 i OIS T oo 2933 ST P SRS A 25 22 e BIRE = % EhRREEEsE FRER REEEEeR s s IR S & ath pf : ibby -McNetli o Sechues - 3 {33 9 3 _4__,‘ s & S t3 S et R AT ¥ = §! KERRRERER! = o 10 2 o .30 Muncie Gear A 380 Nat Pamily Str . 100 Nat Rep Inv...... 250 Nat-Standard Stock and Dividend Rate. 1 224 127 Aluminum Coof Am 109% 106 Alu Co of Am pf (6). 2 56% Aluminum Co Lid... 28% Alum Ltd A war. 33 Aluminum,Ltd Cwar. 35 Aluminum,Ltd Dwar. 3% Am Capital B. 5 60% Am Capital pr % 33% Am Cit P&L (A) (a3) 5% Am Cit P&L B b10%. 113% Am Com P A (b10%) 4% American Corp(15c). #% Am Cyanamid B 1% Am Dept Stores. . Am Equitie : 14% Am For Pow war.... 3 Am Founders....... 60% Am Gas & Elec (1) 4% Am Invest. Inc (B).. 27 Am Laundry Mach 2 39% Am Lt & Trac (2%). % Am Maracaibo...... 2% Am Gi 9% Am Superpcw 5 Am Transformer. 20% Am Ut&Gen cu pf( 21 Am Util&Gen (B)vte 1 Am Yvette Co (25¢). 314 Anchor P F (b10%). 4 Appalachian Gas.... 4% Arcturus Rad Tub 3% Arkansas Nat Gas 4 Arkans Nat Gas A 4% Art Metal Wks (60c) 17% Asso Gas&El A (a2). % Assoc G & El war. .. Assoc G & Eall ctfs. 67% Asso G & El ct (8) Assoc el Ut (b8%). 7 Atlas Plywood (2) 3% Atlas Util Corp. 8 AutoVotMcvp % 1% Bahfa Corp..... 137 Bell Te) of Can ( 1414 Benefical TL (1%).. 24% Bigelow-Sanford. ... 1313 Bliss Co (EW) (nl). 34 olue Ridge Corp 30% Blue Ridge cv pf a3. 13% Braz Tr & Lt (b8%). 1 Bridgep Mach (25c). % Brill Corp B. . 9% Brit Am Oil C 981 Bufft N&E P 1st (5). 40 Bunk Hill & Sul (3).. 268 34% BurcolInccvpf (3).. 1 1% Canada Marconi..... 16 1% Carib Syndicat 7 681 Celanese Cp pf ( 1268 47% Celanese 1st pf (7)..2508 17% Cent Hud G&E (30c). 1 9% CentPub Sy Del..... 2 125 Cent Pub SvcA b10% 32 3% Cent Stat El (b10%). 10 7 Chain Stores Stock.. 2 13% Chat Ph Aln.y (1).. 9 85 Childs Co pf (7)..... 108 12% Citles Service (g30c) 2156 76% Citles Servpf (6)... 3 5% Cit Sv pt B (60c) 60 CitSvpf BB (6) 84% CitSYyP&L DL (7).. 'y City Mach&Tool 80c. % Clauds Neon Lits, Inc 4% Clev Tractor (80c) 114 Colon Of 274 Col Ol & 10% Col Pict vic (f1% 221 Cmwlith Edison (3). 260s 1% Cmwlth & Sou war.. 22 8 Com WatSergi2ie 9 % Comstock Tunnel.... 1 1 Consol Auto M cu pf. 2% Consol Copper...... 3% Consol Dairy Prod... 82 ConGas Balto (3.60). 109 Consol M& S112%.. 108 20% Cont Shares conv pf. 3508 21 Cont Shares pf (B).. 50s 204 Cooper Bess pfAG3). 2 7 108 2 1 4% CrCork Int A (1). 1 Dayton Alr & Eng... 22 Deere & Co (1.20). 1% De Forest Radlo. ... 1% Detroit Afrcraft Cp.. 12% Douglas Asr (11%).. 42 Dow Chemical (2)... 19 Dresser Mfg B (2).. 3 Dubilies Cond & Rad 112 Duke Pow (5)... 2% Duquesne Gas Co; 1% Durant Motors. .. 1244 East St Pow B (1) 31% East Utll Assoe (2).. 5% East Util Assoc cv 3y Efsler Electric Corp. 38% Elec Bond & Sh (b6). 12 Elec Pow Assoc (1). 12 Elec Pow Asso A (1) 18% Elec P & Lt op war.. % Emp Corporation. ... 68 EmpG&Ecupf (7). 78% Emp G & F cu pf (8). 1% Europ Elec deb rts. . '3 Evans Wallow Leas 5 Fansteel Products 6% Fedders Mfg Co A 313 Fischman & Sons. ... 18 Ford M Can A (1.20) 12% Ford Mot Ltd 36 3-50 213 Foundation For Shs. 21x Fox Theater Cl A. 4% Franklin Mfg Co. 5% Gen Aviation........ 9 Gen Elec Ltd (pT0c). 22 Gen Fireproof (2)... 504 Gen G&E cv pf B (6) 1508 5% Gen The Eqcvpf(3). 31 30% Glen Alden Coal (4 1 7 Globe Underwr(15¢ 1 74 Gold Seal Elec new.. 1 % Golden Center...... 2 bis Goldman Sach TC... 42 233 Graymur Corp (1) 1 61 Gray Tel Pay Sta 13. 50s 16715 Gt At&Pac Tea nv(8) 50x 117 GrtA&PTpt (7)., 100a 3 GrocStrsProdvie.. 1 45 GuifOilof Pa (1%). 10 4 Hamiiton Gas rets % Happiness Candy... 14% Hazeltine Corp (2)... 1% Helena Rubenstein. . 6% Hollinger Gold(65c). 2% Horn (A C) Co 4 Hudson Bay M&S .. 52% Humble O1l (12%).. 2% Hygrade Food Prod. 10% Imp Ofl of Can (50c) J1% Imp O Can reg (50c). 20 1mp Tob Gt Bri ti%¢c. 100 Ind P&l.cupf (6%). 125 Ind Ter fllu O A... 11% Ind Ter Ilu Ofl B, 29% Insuil Inv (b6%). 51% Ins CoofNo Am 12%. 64 Insurance See (70c) . % Intercontinent Fetn. 10% Int Petroleum (1)... B N LTS . 9 wRa Al AR wme N : 4l 1% 20258125% 190 119 —Prey. 191~ High. Low. 37 27y 360 25 36% 2 5 Mo-Kan Mo-Kan Mohawk N: 291 Lackawanna Sec (4). Leh Coal & Nav Lerner Stor Loue Star Gas n Long Island Lt (60c) Loufsiana Lan & Ex. MacMarr Stores (1). Margay. Mass Uil Assoc. Mavis Bottling ( Mayflower Asso (2 Mead Johnson (14). 4 Memph N G Co (60c) Mesta Machine (2).. Mich Gas & Oil 4 Mid St Pet vio A, Mid St Pet vtc B..... Mid West Ut (b8%). Mid W U Mid W Utcv pf xw 6. Mid WSt Ut (1%)... Mohawk Hud 15t (7) Montecatinl deb rts.. Moss Gold Mines. ... Mountain Prod (1).., t American Co. ... Nat Bd & S Corp (1)« Nat Family Stores. .. Nat Food Prod A. ... Nat Food Prod B. ... t Investors. ... t Fuel Gas (1).. Nat Leather. .. Nat Rubber Mach. Nat Service Co. . Nat ST Sec A (350c Nat Suga: Nat Unfon Radio New Brad Oil (28 4 New Eng Pow pf ( New Mex & Ar Land. Newmont Min (4)... N Y Steam n (2.60).. N Y Tel pf (6%) N Y Transit (1)..... Niag-Hud Pow (40c) Niag-Hud Pow A w.. Niag-Hud Pow Bw.. HINGTON, D. ¢, THURSDAY. MAY 1. 1931. Received by Private Wire Direct to The Star Ofice. Stock ana Bales— Dividend Rate. ~ Add 00. Open. l'tg: 2% 1.20. 20% 20 2)... i8e. (il A war. .. Pipe L (A). Pipe L (B) @ -2 Mining (1). NJ(2)... = 3 e R R T I B e 1 N T e 53130 T R R NN SN B0 O e e Niag-Hud Pow C w.. Niag Sh Md (40¢c). Nordon Corp Ltd. ... Nor Am Aviat A war. Nor Europ 0il Corp.. Nor St Pow A (8). Nor St Pow pf (6)... 1027 1074% 6 Ohilo O 20 28% 15 30% Pac Pub ncupf (6).. Ohlo Pub Sv pf A (7) Outboard Mot A..... PacG&E1stpf1%. Svc A(1.30). Pac Western O1l Pan Am Alrw Pandem 01l Penn Wat & Pow (3) Peop L& P A (2.40).. Perryman Electric Philip Morris Inc. ... Phoenix Secur Corp.. Pllot Rad Tube A. Pitney B P n (20c) Pitts Plate G1 (2). Plymouth 01l (1) Power Corp Can (2 Premier Gold (12¢c Producers Roy Corp. Prudential Invest Pub Sve Oklapl (7). % Pub Util Pub Util Pyrene Mfg (80c). .. Radio Products Reliance Reifance Reybarn Royalty Cor) St Regis S| Sherwin 4 8 W Gas Unit Car Salt Creek Pro(1.40) Saxet Co. .. ' Schulte Un 5¢-31 St.. Schulte 5c-$1 St pf Seaboard Util (50¢).. Seeman Bros (3). ..., Seg Lock & H (50¢c)., Selected Industries. Sentry Safety Cont ttuck Shenandoah Corp. Shen Corp pf (a3). Solar Refining . South Penn Ofl (1) SoCalEdpfA (1%). South CEdpf C1%.. SouthernNat Gas. Southld Royalty 60c. SW Dairy Products SW Dairy pf ww. Stand Dredging 160¢. Stand 04l of Ind (2).. Stand Ol of Ky 1.60.. Stand O1l Nebr (2) Stand O1l, Ohto (2% Starrett Corp Stutz Motor Ca Stutz Motor (war) Sunray Ofl (b5%)..« Swift & Co (2).. Swift Internat (3) Syracuse W Mach B. Technieolor, Inc. 4 Teck Hughes (6 Texon Oil&Land (1 Todd Shipyard (4) Tran Con Air Tran Trans Lus DL P 8. Tri-Cont Corp war Tubizse Cantillon (B Ungerielder Fin Cp Union Am Invest Un Tobacco. Hold war. . Hold Cp xw IntA. Int Cor B Co. Paper (1) en Min, AR 6 A £ 0 O v 0 s M Wil pf (6) oo 382 s5s 3w Utilities. ... 3 g ISR T TTT U= R Y FIOPYUING Y- 9 _JRTRE- . PRSSTOPE Fastener Unit Corp war. Unit Founder: Unit Gas Corp. 4 Unit Gas war. 2% 9 104% 3% 2 5% U 8 Elec U S Elec Unit Gas pf ( Unit Lt &Pwr A Unit Lté& Pwr pf (6 Unit Profit Sharing. Power ww. Pwr war. U S Inter Sec 15t pf.. U 8 & Overseas war. U S Play ing Card 2% Unit Stores . Unit Verde Ext (2)..l Univ Ins a%) Uil PALL(aT1.02% ). Ut P&L B(at1.02%). Vil Pwr & Ltpf (7). Util Equity pf (5% ). Util & Ind pf (1%). . Vacuum 0il (2).. Venezuela Petrolm. . Vie Finan Corp(40¢) Voght M fg Co (1). Walker (H) ( Wenden Copper. ... BONDS ON THE CURB ] i oy & BasSan Y 23, 5 222 883723383283888882; & ORNEERES > 2> 3 gsés" Hase 2 g Arge0RR.x o 38 e 323858 808! B & OB FES ¥ Ei ! fin 8 S B3 g ¥ EE FESE S iR Q0 i 8 H :» b £ 2 =0 = Sarien: n52§ 3 EEC o v55RRET 2 & weaed-SRuulnetheSnadSe 0000 i %27 g‘;s 2y g e 0 H S gesas8 o L eang iy asggszz ] 3323 o 2 “wp 5u OF! 225a 2gts 3 EERESETTR IEE # 2282222238 338332:38838! g In 55 '54 ww 38Elec P & L 55 A 2030 1Bl Paso N G gl 28 100 RBS28RSRIN: 7 Georgia Power 38 Gillette 8 Raz 58 Glidden Co 5% Grand Trupk 6 FETTETHIYY = SESSEE o Singans SO I 2 X S -2 e .-g_ £Es 6 Intersia Power 53 5 Intersta Pb 8 4}gs ¢ Inves Co s A ‘41 Go Rk ‘,, 28338 sa88: 88208358 ssa3n agenda 85588 at Electric 51zs ational Food t P &L 6s 222227 2 2380 0 1580 we STt unE Pl 2 FRaaE 28 Kol 25 e foged jeesse B f L EE T SRS B e e SRREE 8 3 Iyoes I3y EEELS BTk a5 o} P ocnt oS uee’azg Q2505 3wy %2 e gE Qe Eg @ ] et > St aamnanaBu-Siew H speEosesy 3 SgSsSpmeiicesaanszee EES > 344 Int Utilitles A (3%). 5% Int Utilitles B 2% Interstate Equ! lys tu 43 ww 5 k8 58 A 48 R West Alr Exp (60c).. Williams R C (70¢).. Dividend Jmi-an- Bss¥edad 238833 3 sull Ul 6s ‘40 . 2% 812 3000 Standard Tel Sizs ‘43 82% 2% Bond sales today. §81,000 FOREIGN EXCHANGE. ’ d by W. B. Hibbs & Co) Fauotations furnighed 7, Veia seling checks Ve dday 3486 1532 e 391%c 13915 2 ;::Ef ague. Crown (now T5aw. A% crown 2R¥S v$=,=;5:uf~ SEREpIRRTY 1o, crow £ ockholm, crown ... s While Michael Duncan, aged 65. was Teceiving radium treatment at the Royal unwittingi; D“nuu'm n’duldh % lm= n) um, value at .l.m."lbh him, and it was not Tecovered for several hours, 26% Inter Equ conv pf(3) 7 Irving Air Chute (1) 24 [tallan Superpow A.. % Kolster-Br (Am Sh). BALTIMORE GAS ISSUE IS OVERSUBSCRIBED | Special Dispatch to The Star. BALTIMORE, May 21.—Offering of | $18,000,000 Consolidated Gas, Electric Light & Power Co. of Baltimore first refunding mortgage 4s by a large bank- ing group yesterday was quickly over- subscribed and immediately thereafter sold at a premium on the open market. Local bankers sald the oversubscription was “tremendous” and that the demand fsom Baltimoreans alone was large. ‘The bonds were priced at 95': and interest to yield 4.21 per cent. Among those associated with Aldred & Co. in making the offering were Lee, Higginson & Co., Chase Securities Cor- poration, Guaranty Co. of New York, Brown Bros., Harriman & Co., the Pirst National Old Colony Corporation, Alex- ander Brown & Sons, Jackson & Curtis, Spencer Trask & Co. and Minsch, Mo- nell & Co. v Sl RUBBER MARKET. NEW YORK, May 21 Crude rubber, smoked ribbed sheets, 3% Jower at today’s noon quotation ‘Was of 6%.' This compares with 6 a month #go and 14 a year ago. (Special) — | nual payment. a Payabie in 'cash or dividend stock. tock 3 Plus 2% CHICAGO DAIRY MARKET. CHICAGO, May 21 (#).—Butter, 12- | 319 tubs; firm: creamery, extras (92 score) 22%; standards (90 score car | lots), 23; extra firsts (90-91 score), 211 a22; firsts (88-89 score), 201,a21; sec- | |onds (87-88 score), 18a19's. Eggs, 25,391 cases; firm; extra firsts, 18%: | | fresh graded firsts, 179,: current re- | | celpts, 16a17; storage packed firsyp, 19; | sgorage packed extras, 20 SEAT TO BRING $230,000. NEW YORK, May 21 (#)—Arrange- ments have been made for the sale of | |a New York Stock Exchange member- | ship at $230,000, a decrease of $5,000 from the previous sale. | | —y | COMMODITY PRICES LOWER. | Wholesale commodity prices - | [lshed & new low Pttt t change was measured by | Commerce Department — Tn the torn that follow the index of general selling rices s given for comparable periods, g.uzd on representing the 1926 average |as 100 In .aax;m',‘m. selling price (for a com) steel | given for like periods: S All | Commodities. Steel. Week ended May 16 1718 $31.37 | Previous week 12.0 31.40 | | Same week last year 887 33.84 level last week as rates in dollars based on iast quarterly or *Ex di! TPlus 4 £ Plus 8% in stock. in stock. n Plus 8% in stock. P Paid I MERGER WITH NATIONAL | corporation advisin | posit of proxies for the merger of Golden | State Co., Ltd., successor company to | the milk concern, with National Dairy 1PATy extra. 1 n_stock. b Payable in’ stock. e Adiustment g Plus 6% in stoek. h Plus 1% in k Plus 10% in stoek. m Plus 3% in t year—no regular ra vidend. stock. DAIRY PRODUCTS FOUGHT | Special Dispateh to The Star. SAN FRANCISCO, May 21 —Twenty- three stockholders of the Golden State Milk Products Co. of California, headed by George E. Platt and F. F. Pellissier, members of the board, have issued an open letter to sl stockholders of the against the de- Products Co! n. 'The letter cites the contention that tatement of Golden State as of ;”::rfmry 28, 1930, shows book value of $33.21 a share, whereas the statement of National Dairy Products as of Decem- ber 24, 1930, shows book value of $18.44 a share. . TOY TRADE IMPROVES. YORK, May 21 (#).—Reports in lh:’ztx’y trade indicate that the recent Chicago fair has been productive of a larger volume of business than the two receding fairs this year. The bulk of ?ha arders, however, continued to be concentrated on sesaonal items for guick delivery. Orders for Christmas holiday mercahndise have bsen placed only in limited volume to date, with the indica- tions being that the bulk of these orders will be placed after July 1. 4 65 '41.. 9 2030, A 37 89% s ¥ '58103%: FOREIGN BONDS ank 78 46 55% 3 krrod E:!:g:“!dgdgfiflg FEseess r Gon Mu esfueral m Lsarco Hyd EI 50! as 75 otta Pras 7s al 8 e 38 2 . 583 A N i O RO e I DR B o xw.... W% 6 w8 5 ? Bo % S ww—With warrants. Without warrants, n—New wi—When issued. v e 2 DRY GOODS MARKET. NEW YORK, May 21 (Special) — Cotton_goods markets were quiet to- |. day. Print cloth quotations were un- changed at 5 for 64x60s and at 53 for 68x72s. Raw silks were quiet and un- changed. ‘The open-air restaurant is common in all Chinese cities. REVISIONS OF FINANCIATL, RAILROAD RATES ARE FORECAST BY EASTMAN Commissioner Declares Bus[ Lines Will Co-operate Rather Than Fight. Wage Reduction Suggested as One Means of Meeting Needs of, Carriers. BY JOHN F. SINCLAIB. NEW YORK, May 21 (NANA).— Railroad rate revisions are com cording to Joseph B. Eastman, inter P N Siay Eau (he Yaw Yoo address rday before the New Yor! Traffic’ Club. Mr. Eastman intimated also that rail and bus freight men should co- rather than fight each other at this time. ‘Wall Street is frankly disturbed over the failure of car loadings to hold up. Overhead ex| are cutting into profits, and in some cases are going right into red . What can be done? is the q lon asked on all sides. “Cut wi immediately and you will see a change for the better in business within' the next 60 days,” said one m:nnent Wall Street investment nker. But when one of the leading railroad presidents was asked if reduction in ;vuu is the solution he replied as fol- 0 ‘Hardly! If the rallroads of this country attempted a cut of 10 or 20 per cent in would be so that it would take atf t & year be- fore a decision would be handed down. Most people don’t understand that. But the rallroad executives do. And so do the rallroad brotherhoods. Improve- ment in the railroad situation for the next 12 months at least must come from other sources than through wage cutting.” One railroad labor leader puts the shoe on the other foot, and suggests that the number of executive m-nmngtthe average railroad today is :"o or three ng;u 'da: nutn";ber needed. le suggests cutting down the number. ““There are altogether too rail- rosd executives,” said this labor 3 “The Interstate Commerce ission . Here's a ‘where real cuts could be made without dam- rallroad efficlency or tampering th the wage scale.” So the answer is not so simple as some people believe. Are American women one of the causes of the depression in this coun- try? Absolutely, declares Dr. H. Rob- ert Weltl, Swiss lawyer and economist l’e‘ll‘lfln’ this country. Dr. Welti, as a sort of afterthought, adds other rea- sons, including high tariff, standard- ized American psychology and “medie val lawlessness.” The doctor feels that Americans have 2 “too highly developed cult of the feminine, resulting in lack of creative, constructive power,” and that American men waste their time and ene on women who are not as well mued mentally as those in : So here is another item that can be added to the museum of “depression causes,” already overstocked with ex- hibits. No doubt much of Dr. Weiti's rancor has its source in the fact that wm x:ex':hhlvu Jost some $10,- | throy e adoption of American tariff. - Andre Mauroise, versatile French writer, gets a little closer to funda- mentals in his comparison of America “before and after” crash. M. Mau- roise says that Americans let them- selves go on a joyride of optimism with no thought of accident insurance. After the wreck they have tried to carry on with tgg‘old mfln:;mll; of optimistic slo- gans, but are slow to th coming nk ‘The paramount _consideration mow, today the T e b least JOSEPH B. EASTMAN. says M. Mauroise, is the quest for se- curity. Forms of social and economic legislation that would not have been discussed three years ago are now re- celving serious attention. The architectural show in New York City was viewed by more than 10.000 people. Some startling models were displayed which gave rise to speculation regarding the use of building materials in the future. A large section of the lumber indus- try is devoted to supplying building materials and wood for furniture, but striking full-size modernistic houss erected in the exhibition hall had less wood than you'd find in your grand- mother's rocking chair! Steel, glass and aluminum are the materials used. One flat roof was so constructed as to be utilized for various purposes, thus reclaiming lfifflmnd area occupied by the house itself. Many windows and lass panels in the wall have daylight mps behind them, so that a maximum of natural daylight conditions may be enjoyed all over the house. Even the “furniture” is worthless. The dining table is made of a rubber composition and rolls back on a metal cylinder in the wall-like window-shade. Should of , the working industries are likely to suffer greatly, while the metal interests will prosper. =R ‘The effects of the cut in rediscount Tate by the .Federal Reserve are slowly seeping down through structure. Following the reduction of the inferest rate by the New York Clearin, cut in the interest on “thrift accounts” from 3 to 2 per cent. of the mancy system always affects the public. But this is the first time it has come in direct contact with the main-in-the-street. Before this the general public was affected only indirectly. The force of the reductions was mainly met by large corporations and other commercial ,'mwm Now the small saver also will eel the edge of the paring knife. The are the Chase N: banks concerned tional, Irving Trust Co. and the Chem- ical Bank Trust Co, all in New York. ‘Whe savings banks in al interest rates is Wmer- will ] tain. see t happen soon. Some bankers are getting around the problem by definitely limiting the amount of such '%fln‘m banks of Pittsburgh hi sa o ave decided to cut down interest and still hold their present depositors. while new accounts are per cent. (Copyright, 1031, by North American News- Daper Allisnce.) e New York Cotton NEW YORK, May 21 (#).—A further advance at the opening in cotton here today was promoted by unfavorable fea. tures in the weather news and relatively firm Liverpool cables, but met consid- erable liquidation or reselling. Offerings became heavier as the stock market eased off and after the early demand had been supplied, Elrlcu worked lower. July contracts sold off from 9.37 to 9.20, or 10 its below yesterday's closing q tion, but steadied up a few points during the early afternoon on renewed novefln{ July was selling around 9.22 at 2 o'clock, with the market showing net losses of 4 to 8 points. Jul Futures closed steady. lJpolnh higher to 2 lower; May, 9.1%; October, 9. January. 9.9 ly, 9.28-2f Buying Cheaper Coats. NEW YORK, May 21 (#).—With price readjustments a major feature of Fall preparations in the coat trade, a good deal of interest centers on the probable volume of orders on high-priced mer- chandise, which ordinarily is bought first. More than a few retailers have dropped their higher-price lines and added others at the medium and low end, and the extent to which this will affect the coat market will be reflected in Fall operations to a greater point "fl:n since the beginning of the depres- sion. GRAHAM JOINS TAPLIN. NEW_ YORK, May 21 (Special) — James W. Graham, one of the oldest | Van Sweringen Raflway executives in| point of service, will join the Taplin| management, long one of the Van Sweringen’s most aggressive rivals, on June 1 Chicago Grain CHICAGO, May 21 (#).—Com today tumbled to new bottom prices for the | season, with September futures falling to below 48 cents a bushel for the first time. Dearth of shipping demand here, with Missouri River terminals offering corn to come to Chicago at the May delivery price, support_from under “the market. Stop-loss selling Corn closed nervous, % to 13 cents down, wheat unchanged to 1 % oats at ¥ to % decline to a e ad- vance, provisions unchanged to 10 cents higher, WHEAT— May, oid May, ne = | - : SR BANK OF ENGLAND. . LONDON, May 21 (#)—The weekly statement of the Bank of England shows the following changes in Total reserve increased 2.788, eir culation decreased 1,586,000; bullion in- public deposits in- other deposits de- & A notes reserve in- creased 2,783,000: government securi- | tles qpereased 3,785,000, T1# “proportion of the bank’s re- | serve to lability is 56.48 per cent, com- pared with 53.40 last week. Rate of discount, 2% per cent. A soft egg weighing 5! ounces and having a normal egg inside was laid re- cently by a duck owned by J. Tunnah of Auchencrow, Scotland. STOCK AND BOND AVERAGES By the Assoclated Press. THURSDAY, MAY 21, STO! 50 Industrials. -105.8 Week ago. . Month ago. Year ago. yon High, 1931 Low, 1931. High, 1930 Low, 1930. High, 192! Low, 192 (Copyright, 1931, Sta CKS. Rails. i;—io-'..&g 23zary - ndard Statistics BEARISH TENDENCY CITED BY BROKERS Constructive Development Felt Need, However, to Affect Rally. By the Associated Press. NEW YORK, May 21.—Brokerage house market comment today empha- sized the general bearishness, but held that a constructive development mighs be mneeded for a technical rally. The market at present is deluged with gloomy rumors. Opinions follow: Babcock, Rushton & Co.—It might be considered an indication of the oversold condition of the market that yesterday the rails, as a group, acted very much better than they have at any time in tne 1) This seems m';mh:::' when s Teak: ized that the carloadings showed & drop of over 27,000 cars for the week en May 9. ‘Winthrop, Mitchell & Co.—The mar- ket is no longer atten! to values or urnl}::a i o Shields & Co. universal bear- ishness is encou: belief that a fairly good techn! ly could be ex- perienced. However, important profes- sionals are in strong position and have had ample time to cover. Most short- selling recently has been of the quick- trading variety. so that there is no rea- son to change belief that any technical flurry experienced in the near future will be of short duration. Emanuel & co—Dum‘:f part of February and all of March stocks were distributed by important interests. At present, we believe major accumulation is in progress. Hornblower & Weeks.—The market seems definitely to be waiting on some constructive development to stimulate a rally, since, in spite of the technical situation favoring an wupturn that should have been bullt up in the de- clines that have been registered over the latter The actual turning point in m large | market may not come until August, but buying will important scale investment be seen before the turn is apparent. UTILITY’S EARNINGS AHEAD OF LAST YEAR Seaboard Public Service Co. Has 4.5 Per Cent Gain in 12 Months. Special Dispatch to The Star, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., May 321.—Pota~ toes, white, 100 pounds, 1.25a1.85; new 26.00 o wl:l 1.50a5. Spring .00; peppers, crate, i onions, per 100, 50a1.00; spinach, bushel, 20230; rhubarb, per 100, 2.00a 4.00; tomatoes, crate, 50a3.00; a bushel, 75a2.50; per box, 1.75a2.50; grapefruit, box, 1.50a3.00; oranges, box, 2.50a4.50; strawberries, quart, 8al5. Dairy Market. Poultry, alive—Chickens, 38; old hens, 22a2 roosters, 14a15; ducki fowls, each, 50a75; pigeons, pair, . Eggs—Receipts, 1567 cases; nearby firsts, dozen, 16% ; current receipts, 16%. Butter—Good to fancy . creamery, pound, 22'4a25; ladles, 19a20; rolls, 168 17; process, 21a22; store packed, 14. Hay and Grain. ‘Wheat—No. 2 red Winter. export, 82%; No. 2 red Winter, garlicky, spot, 823 May, 82%. Corn—No. 2 domestic, yellow, 72a73; cob, 3.7524.00. ts—White, No. 2, 38; No. 3, 37. ye—Nearby, 50a55. Hay—Receipts, 22 tons. While re- ceipts of hay are ample for all require- ments, there is no surplus of heavy clover mixed being offered. Such grades will bring a premium of $1 to $3 per ton, depending the amount of clover. Fair to good timothy ranges from $24 to $26 per ton. Straw—Wheat ‘straw, No. 1, per ton, 12.00213.00. Oat straw, No. 1, per ten, 12.00a13.00. Live Stock Market. Cattle—Receipts, 75 head; light sup- ply; market dull. Steers—Choice to prime, none; good to choice, 8.00a8.50; medium to N 7.00a7.50; fair to medium, 6.25a7.00; plain to fair, 5.5026.00; common to plain, 5.0035.50. 2 Bulls—Good to prime, none; good te choice, none; medium to good, 5.00a 5.50; fair to medium, 4.50a6.00; plain s& fair, 4.00a4.50; common to plain, Cows—Choice to prime. none; good to_choice, 5.00a5.50; medium to good, 4.5085.00; fair to medium, 3.50a4.50: plain to fair, 3.00a3.50; common to plain, 2.0023.00. Heifers—Choice to prime, none; to_choice, none; medium to 7.25; fair to medium, 6.00a plain to fair, 5258650, commeon to plain, 4.5085.25. mmelh cows and Springers, 30.00& Sheep and lambs—Receipts, 600 head: light supply: market «lower: 1.50a3.50; Spring lambs, 8.00a11.55. Hot-—)uel:lpu. 500 head ;mé.zh;fli‘m.ifl..luhl pigs, By, Taatket sty caiven A SRR TREASURY CERTIFIGATES, « rted by J. & W, T