Evening Star Newspaper, May 22, 1931, Page 14

” OEATH OFBEDFORD DS FANLYFED Fought Many Competitive Battles With Son. BY JOHN F. SINCLAIR. NEW YORK, May 22 (N.AN.A)— ‘The passing of E. T. Bedford, 82-year- old oifl magnate, removes a strange family competition from American busi- ness. Starting as a worker on his father’'s farm and then becoming a salesman for an oil concern, he rose to a leading ition in that industry. Later he fought many competitive bat- tles with his own son after starting him in business! en his son, Frederick Thomas, became old enough to enter the busi- ness world, Mr. Bedford already had millions. He was then a member of the board of directors of the Standard ©Oil Co.,, but he felt the oil industry wes & poor place for his son, in the belief that it had reached its apex. So he started Frederick in the corn oil products business, which soon ex- panded and came into competition with his own. ‘The father was honorary director in his son's firm without a salary, while Prederick Thomas was the actual man- ager. The competition got sharp and hot, and soon, responding to his deep business instincts, the father was fight- ing his son's company tooth and nail. ‘That combat continued to the day he died. Yet every morning father and son rode to work together on the same train and played cards till they ar- rived in New York. Business was iaboo as a topic of conversation. But there was another side to Mr. Bedford. He not only loved and raised beautiful flowers, but he was a breeder of fine horses, for which he was world famous. His death, so soon after George P. Baker, whom he greatly re- sembled in appearance, re; ds us that g‘\em‘old line of grim fighters is getting In London and Geneva this week the Russians have been much in evidence. At the English capital the Soviet g;le- gates calmly sniped at former Gov. Sam McKelvie of Nebraska, chairman of the American delegation to the world wheat conference. Poland and Australia had worked up plan for an international wheat cartel, but Mr. mxe}m ';emphmud the American distaste for rog:nl in a formal statement, 'hll:g itly announced that the United States would upon every nation represented parley, except the United States, fell in behind the Soviet delegation. At Geneva, Mixim Litvinoff, Russian delegate, pointed out that the proposed land mortgage bank is not satisfactory, since it can advance no loans on grow- crops, but only on farm land, and he part of y were. in Russia, of course, own no land, and this was 2 bid to alter the nature of the 8o that the Soviets would be eligible for loans. M. Briand, friendly toward M. Litvinoff’s idea, promised consid- eration, and perhaps even co-operation. conviction,” says vigorous commissioner, “that the sound and sensible way to carry on such a business is for the Government to assume complete responsibility for it. Certainly such a plan would be perfer- able to the present system of divided responsibility and dual control.” Make motor trucks and passenger busses pay their way on the highways built and paid for by the citizens of the country, is the demand making itself heard everywhere today. The gasoline tax as it exists in the various States means little. All opera- | tors, commercial and non-commercial, pay alike, but the rcads are being in- creasingly monopolized by commercial carriers. Plans for taxing the commercial bus have not been lacking. Thus far all of | them have been rejected as impracti- cal or unfair, A sensible proposal has been made by the Portland Civic News of Louisviile, Ky, which suggests a mileage tax based on two factors: One is the seating capacity or loading ca- pacity of the carriers; second, a rate per mile is worked out from this figure. ‘The motor truck or bus would then pay a tax on the total mileage covered within each State. (Copyright, 1931, by the North American Newspaper Alilance.) THIRD-QUARTER PROFITS SHOULD SHOW GAINS Special Dispatch to The Star. NEW YORK, May 22—“Industrial earnings for the first quarter of 1931 made poor comparisons with the first | quarter of 1930," says the Brookmire | Service in its current bulletin. The | service goes on to say: “Second-quarter profits will likewise make poor com- risons with those of last year. But g:gmnmg with the third quarter we ex- | pect to see earnings begin to make more favorable comparisons with those of the previous year. This will be due both to | a declining trend’ during the period with which comparisons are being made and to improvement in business. NEW YORK, May 22 (Special).— Crude rubber, smoked ribbed sheets, was unchanged at today’s noon quota- tions of 6% cents. This compares with 6 a month ago, and 14 a year ago STOCKS EX-DIVIDEND. NEW YORK, May 22 (&) §- 2 Pash Netirii @ aeral Co pf 5 $¥haa ¥ ippenheimer (B) & €0 bf Jgzer, (Q) & Co 1st ol iddiesex Water 'Co.. a0 2 o (A Eh FINANCIAL D. C., FRIDAY, MAY 22, 1931. FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Pacific Gas & Bl (2).. 16 PacificLighting (3). 9 16% Pacifio Mills........ 10s 124 Pacific T & T pf (6). 1708 6% Packard Motor (40c) 61 29 Pan-Am Petrol B.... 1 243 Paramount-Pub 2%.. 97 Park Utah...... 3 1% Patbe Exchar; 12 6 1 4 214 Penn Dixie Cemont.. 12 14% Penn Dixie Cmtpf... 2 44 Penn RR (4)........ 57 200% Peop GasCh (8).... 53 60 Pere Marg pr pf (5). 50s 614 Petrolm Cp of Am(1) 95% Phila Co pf new (6) 52% PhilaCo6% pf (3).., 9 Philip Mor & Co (1).. 6 Phillips Pctroleum 60 Phoenix Hos pf (7) % Pierce Oil. 8% Plerce Ol pf... 1% Pierce Petroleum 26 Pillsbury Flour (2) 10% Fitts Screw (1.40). 12 Port RAmTobA3 Pipe L (3). 3% Pressed Steel Car. 62% Proct & Gamb (2.40) 107 Proc & Gamb pf (5).. 60 Bt 128% Pub Sv NJ pf (1) 4 109% PubSvE & G pf (6). 34% Pullman Corp (4) 5% Pure O1l 27 Purity B: Kadio Corp. Radio-Kelth-Orph A. 80 RR Sec I1Cstk C (4). 20s Raybestos Man 2.60.. Real Silk Hos(b10%) Remington-Rand. ... Rem-Rand 1st pf (1) Reo Motor Car (40¢). Republic Steel Republic Steel Reynolds Spring. Reynolds Tob A (3). Reynolds Tob B (3).. Richfield O 4 Rio Grande Oil. 164 Rossia Insur (2.20) 27% Roy Dtch(m1.3404) 38% Safeway Sto 98 Safeway Strs pf 86 Safeway pf (6)... 15% St Joseph Lead (1). 15 St Louis & San Fran. 24% St L-San Franpt (6) 10% St L Southwestern. .. 12% Savage Arms (2). 50s 31 1 1 11 5) 6 (7). 20 208 o [TES TP TS c SP e » 20% Shattuck F G ( 4% Shell Union Ofl 3% SkellyOll........... § 29 Sloss Sheffield St pf. 100s 9% South Port Rico Sug. l; 25 Splcer Mfg pf (3) 5% Spiegel-May-Stern. 16% Stand Brands (1.20). 58 StandG&E (3%)... 57 StandG&EDf (4). 2 Stand Invest Corp... 33 Stand Oil Cal (h2%). 383% Stand OiI N J (12)... 17% Stand Ol N Y (1.60). ~Prev. 1931~ High. Low. Divide: Prev.| 34% 17% Starrett Low. Close. Close. 4 38 29% 45 % Snperfor Tide Wa Tide Wa 4 Tobacco Tobacco Tri-Cont Tri-Cont Truscon Twin Cit % Unit Car! 4 Unit Cor Unit Fru % US & For U S Indu: U S Pipe U us uUs us 1 19% % Vadasco 4 31 2 76% 26 15 10% 5% 3% Walwort! Ward Bal o o1 t Pa West Pa Western Western Western Western Westing Westing W Wrigley 10:30 A.M.. .. 1:30 P.M........ payments based on the in stock. Do regular rate. {Plus 8% in_stock Plus 50c in 354 34y 17% 17% Stock ana Transamerica (1) UsS Gypsum (1. & Towne (2)... 184 Youngs Spring (3).. AL B i UL AL IO 18% 11% Zonite Prod Corp (1) Sales of Stocks on New York Exchange. Dividend rates as given in the above table *Unit of trading less than 100 shares. $Payable in scrip. b Payable in_stocl jus ck. & in’ special preferred stock. his year—no regular rate. nd Rate. Aqd 00, Hish, iy e o, Close. Close, 10' Stewart Warner...., Stone & Webster (3). Studebaker (1.20) Sun Ol ptf (6)., Ot LAs pf (6).. 01l pf (5).. Timken Det Ax (308) Timken Roller (3). Products Prod A 195 & Corp Corp pf Trico Products(2 St (1.2 y RTr ( Union Carb & C Un 01l of Cal (2). Unit Aircraft pf (3).. Unit Biscuit (2) bon. . POL(3)..... 4 Unit Dyewood pt (7) Unit Electric Coal. .. it (84)..... Unit G & Im (1.20). Unit Piece D W (2 r Secur. s Alcohol (2) &F(2).... S Realty & Imp(2) Rubber. .. Rubber 1st pf... Smelt & Ref (1). USSmé&Refpf3th. U 8 Steel (7), . U S Steel pf (7). Unit Stores A. Univ Pipe & Rad Util P&L A (12.15). 2 .s 1149 Sales Corp.. 1 34% Vanadium Corp'n. 71% 41t Vulcan Det (4). Wabash RR. h Co. king B, ner Bros Pict. .. Warner Bros pf 3.85. Warren Bros (3).... Wi & snow (2) Elpt (8 El pf (1) Dairy B. Md. . Md2d pf... Union (8).. AB2) El&Mfg Rock MS t43%. Sewing Mach. Willys-Overland. ... Willys-Over pt (7).. Wilson & Co pf. Woolworth (2.40) Worthington Pump.. 72 10 2 22 t 12 (Wm) (4).. 800.000 12:00 Noon. 900,000 1.100,000 2:10 P.M. 1200.000 e annual cash latest quarterly or hali-yearly declarations. 1Partly extra. iPlus 4/ TPlus 9% n Plus 6% COPPERPRIGE NOW LONEST ONREGORD Electrolytic Metal Sold To- “day for 83-4 Cents a Pound in New York. Special Dispatch to The Star. NEW YORK, May 22.—Electrolytic copper sold today for domestic delivery at 83 cents a pound, the lowest recorded price in its history and the smallest quotation for any type of ths metal since 1886 in this Country. It has been said, though never officially confirmed, that one Michigan mine broke the fa- mous French r pool back in the 80s with sales of the red metal around 6 cents a pound, but such transactions are not recorded. The present level of copper doubtless | will force middle-cost producers to shut down and even some of the low-cost | preducers will find red metal below 9| cents an unprofitable proposition. Nat- urally, this condition will revive tariff | agitation—the proponents of duty im- ports forfelung that such a tax will meen little to the American copper in- dustry generally, since the bulk of our imports are for export later. BUSINESS IN SHARP UPTURN IN APRIL| Special Dispatch to The Star, NEW YORK, May 22.—General busi- | ness activity scored a sharp upturn for | the month of April, according to the Consolidated Index of United States Business Activity, computed by Gage P. Wright, New York economist, who says that business is not sharing the gloom now so prevalent in Wall Street. Mr. Wright states: “The continued advance of business activity through April strengthens the conviction that business has definitely | hit bottom. Although current weekly | statistics indicate that seasonal influ- ences are exerting the usual negative | effects on business conditions, we an- | ticipate only a slight recession in our | index for the month of May.” | Mr. Wright warns investors against | being unduly influenced by the pessi- | mism now so rampant and points out that “the unbounded optimism of 1929 proved to be a poor guide for stock market operations, and the counsel of gloom at the present time is just as unreliable.” Washington Produce Buiter—One-pound prints, 29; tub, 28. | Eggs — Hennery, 17a18; current re- ceipts, 16a17. Poultry, alive—Turkeys, hens, 24A25; | toms, 20a22; Spring broilers, 36a38; | Leghorns, broilers, 28a33; hens, 22a23; | Leghorns, 16; roosters. 12al4; ducks.| Shortage Foreseen. Despite the low levels of copper, re-| flecting a diminished demand, the United States, assuming that copper | needs increase at anything like the rate | for the last 30 years, will face a short- age of copper within the next quarter of a century. Hence there is little nervousness among shareholders of smelting and refining companies over | the prospect of South African produc- tion, scheduled to start next Autumn. Between 1880 and 1920 the United | States showed an almest uninterrupted annual increase in copper demand. The | ratz was about 6 per cent a year. 1920 the rate of increase was about 4 per cent annually until 1929, when cop- per reached 24 cents a pound—a peace- time peak for 20 years. Losses Not Revealed. How much actual cash the copper ex- copper up to 24 cents, then dropped it to 18 cents—at which level it held from April, 1929, until April, 1930—never has been announced. The pool, however, was responsible for the stponement of millicns of dollars’ worth of construc- tion work in this country and for sharp curtallment in the use of the red metal in Europe, whose industrialists and | bankers ~ encouraged South African miners. With copper at 24 cents, some Ameri- can public utilities requiring long-dis- tanes high-tension lines sgned con- tracts for several years for aluminum— that metal heing about as good a con- ductor as copper—around 20 cents a pound. Today the officlals of these utilities groan when they draw against their aluminum contracts and look at present copper levels. (Copyright, 1931.) CHICAGO "POTATO MARKET. CHICAGO, May 22 (#).—Potatoes— Receipts, 67 cars: on track, 180; total United States shipments, 780; new stock steady, trad! just fair; Alabama, Lou- irlana ok Bliss Triumphs, 1.55a 1.85: ®xas, some heated, Corp.. .. m'fam':‘il g 3 1 o8h SR Koo' 000000000 DXO DEOOODT; 3 June 15 June 2 £ 3 mostly 1.65a1.75. Old stock: little firmer tone on Russets; trading f: w ; other stock slow and dull; sacked, per hundredweight, Wisconsin round ‘whites, l.l(hl.}(ls:s aded, 85a1.00; Idaho Russets, 1.35a! qual- ity, 1.50, From | port pool of 1928-29 lost after it marked | 1.50a1.75, | 15; keats, young, 75a80; old, 40. Dressed | —Spring broilers, 42a43; hens, 25226; | Leghorns, 18 roosters, 16; keats, young, 70a80; old, 5¢. Meats—Bee!, 12a13%;: veal, 12al4; lamb, 20a22; pork loins, 19; fresh hams, | 19: fresh shoulders, 14; smoked hams, | 20; smoked shoulders, 127 strip bacon, | 23] lard, in packages, 12: in bulk, 11. | Live stock—Hogs, heavy, 6.25a7.00; | | 1ight and medium, 7.00a7.25; pigs, 7.00 a725; loughs, 3.50a5.00; calves, 5.00a | 7.50; Spring Jambs, 8.00 all. | " Fruits—Strawberries, 2.00a6.00; can- | taloupes, jumbos, 5.50; standards, 5.00; ponys, 4.50; oranges, 3.50a4.75; grape- | fruit, 2.2582.75; lemons, 4.00a5.00; limes, per 100, 3.00; grapes, Argentina, 3.25; pears, per box, 5.0085.50; cherries, per | | box, '1.85a2.50: hoheydews, 3.25; ba- | nanas, 1.75a3.25; apples, box stock, 2.50 | 22.75; rhubarb, per 100 bunches, 3.00a 5.00 Vegetables—Potatoes, new, per barrel, | 4.0024.25; old, two-bushel sacks, 2.50a |275; Idaho bakers, 100-pound 'sacks, [275] sweets, Cuban yams, 1.75a2.00; | | corn, per basket, Texas, 3.25a3.50; to- | | matoes, 6-pan crates, 3.00a6.00; cab- | bag>, 75a1.00; kale, 25a50; spinach. zsi | a50; ‘mustard ‘salad, 25a35; turnip salad, | | 25a35; rape, 25a35; celery, per dozen, | | 75a90; per crate, 3.25a3.50; peas, 2.00a | 2.25; peppers, 3.50a4.00; eggplant, 2.60a 4.00; Summer squash, 1.25a1.50; aspar- agus, per doz:n bunches, 1.50a4.00; Jet- tuce, Iceberg, 2.50a3.00; Spring onlons, | per 100 bunches, 1.50a2.00; radishes, | per 100 bunches, 1.00a2.00; string beans. 1.75a2.25, limas, 6.50; cucumbers, per | | basket, 1.50a3.00. | Vi E AR | MONEY MARKET. | NEW YORK, May 22 | money steady; 1% per cent all day. |, Time loans'steady; 60 days, 1-1%5: three-four ~months, - 1%-2; five-six months, 1%-1% per cent. | Prime commercial paper, 2-2%. Bankers’ acceptances unchanged. | METAL MARKET. | 'NEW YORK, May 22 (#).—Copper. | auiet; electrolytic, spot and future, 8% | | a9. quiet; unchanged. Tin, 1smdy; spot and nearby, 23.30; future, 23.50. (). —Call | 1\$1,281,000,000 of the total, BROKERS’ LOANS DROP $40,000,000 FOR WEEK Total for Period Ending May 20 Was Lowest Recorded Since November 5, 1924, Special Dispateh to The St; NEW YORK, May 22—The weekly | W statement of the Federal reserve on brokers’ loans showed a decrease of $40,000,000 during the week ended May 20, to a total of $1,631,000,000, a new low since November 5, 1924, when they were $1,628,643,000. These figures com- pare with $4,015,000,000 on May 21, 1930. Loans for own account were $1,270,- 000,000, compared with $1,360,000,000 & week ago; loans for out-of-town banks totaled $185,000,00, against $159,000,000, and loans for account of others amount- ed to $176,000,000, contrasted with $152,000,000. Demand loans contributed against $1,337,000,000 a week ago, and time loans were $339,000,000, against $334,- 000,000. The New York Federal reserve dis- trict rediscount rate remains unchanged at 11z per cent. g tlals MANUFACTURERS HEAR ADDRESS BY J. A. EMERY Special Dispatch to The Star. BALTIMORE, May 22.—Baltimore manufacturers met at noon today at the Emerson Hotcl to hear an address by James A. Emery of Washington, general counsel cf the National Association of Manufacturers. Mr. Emery, who has held his position more than 20 years. discussed national problems affecting industries. He has represented more than 5,000 industrialists in legislative battles at Washington and various State capitals. In the last session of Ccngress the assoclation opposed several proposed laws, including the Shipstead anti-in- Jjunction bill, the Wagner unemployment bill, the Muscle Shoals bill and the Nor- ris measure Iimiting the jurisdiction of Federal equity courts. SEARS, ROEBUCK SALES OFF ONLY 1 PER CENT By the Associated Press. CHICAGO, May 22.—Sales of Sears, Rocbuck & Co. in its fifth calendar period showed a decrease of less than 1 per cent under last year's figure, to- taling $30,408,560 as against $30, 991 ‘i the corresponding period of 1930. ' The decline for the month, April 24 to May 21, was 0:9 per cent. Total sales this year have amounted to $129,154,494 compared wits $140,- 800870 in the first five periods of 1930, a decrease of 8.3 per cen. MONEY STILL LOWER. Money touchsd new low levels last week as its changes were calculated by the Department of Commerce. In the levels t follow, the average rate for both classes of funds is given at leading citles for comparable periods: Week ended May 18. Previous week... Same week last yéa BOND OFFEBIHGS‘IRCBEABE. NEW YORK, May 22 (#).—New bond offerings during the week ended Ma: . ' Lead, steady; spot, New York, | 375; East St. Louis, 3.60. Zinc, easy St. Louls, spot and future, 3.32a 3.35, Antimony, 6.45 22, totaled $87,994,090, compared with $50,956,000 in the previous week, and $174,653,000 week last year, during the .corresponding W BOND TONE BETTER INLIMITED TRADING Best Gains Are Made by Is- sues Recently Having Widest Declines. BY F. H. RICHARDSON. Special Dispatch to The Star, NEW YORK, May 22—Bonds had a better tone today. The widest gains were in the junior group of railroad se- curities that have recently been so weak. But there was also improvement in the foreign dollar bond list and is- sues that have recently had the widest declines made the best gains. Trading was in small volume, how- ever, and most of the buying was in small lots. The reception to this was in the demand for sizeable blocks of high-grade corporation issues such as Chicago, Burlington & Quincy general 4s, Atchison general 4s, Norfolk & West- ern 4s, American Telephone 5s, New York Telephone 41:s and Utah Power & Light 55. Many sales were made for 25 to 50 bonds at unchanged or frac- tionally higher prices. ‘The market for secondary bonds was sensitive to the movements of the stock market, however, and after the first hour there was a heavy tendency in reflection of the reversal of the early upturn in cquities. Bargain hunters bought small blocks of Chicago Great Western 4s, St. Paul 3s, Rock Island refunding 4s, Chicago & Northwestern 43s, Erie general iien 4s and 5, Inland Steel 4'%s, Missouri- Pacific 5s, Nickel Plate 45s, Frisco 4155, Shell Union Oil 55 and Texas Corpora- tion 5s. All these had gains ranging from fractions to 2 points. The list maintained its early levels throughout the afternoon and in the foreign department the improvement in South Americons was extended to in- clude Brazilian government 6';s and 8s. Anaconda executives denied reports that have been making the rounds of the street for some days that the com- pany intended some new financing. This had been estimated at from $40,000,000 to $50,000,000. The denial said that no new financing, in either bonds or stock, was in negotiation or even contem- Pplated. In the last hour there was some ac- tivity in New York City Traction is- sues in blocks of 25 bonds or more. The price advanced fractionally from its recent lcw levels. Unification plans are progressing, but Interborough bonds have been weak in reflection of decreased revenues. International Hydro Electric 6s were firm. The consolideted net income of Canadian Hydro Electric Corpora- tlon, Ltd., and subsidiary companies, including the Gatineau Pcwer Co., was $144,244 in March, 1931, against $137,- 154 in March, 1930. Pennsylvania Electric Co. sold $6.- 000,000 of first mortgage bonds carry- ing a 4 per cent coupon and maturing in 1970, to a syndicate. They will re- fund a similar amount of 41:s. (Copyright. 1931) SALES. Potomac Electric 6% pfd.—10 at 113, 10 at 113, 25 at 113. Potomac Electric 5'2% pfd.—5 at 110, 10 at 110%, 10 at 1131, 5 at 110%, 20 at 110%. Capital Traction Co.—10 at 35, 100 at 26, 100 at 36, 100 at 26, 100 at 36, 100 at 36, 100 at 36, 100 at 36, 10 at 35%, Continental Trust Cg—10 at 115. AFTER CALL. Washington Gas 6s “A"—5300 at 192. Washington Gas 6s “B"-—$500 at 105 Potomac Electric 6s 1953—$500 at 109 g, Mergenthaler Linotype—100 at 78%;. ‘Washington Rwy. & Elec. 45—$1,000 at 905, Bid and Asked Prices. BONDS. UBLIC UTILITY. ! Bid. Asked. Amer. Tel. & Telga. 4%s '39... 120 Am. Tel. & Tel. ctl. tr. 5s.... Pot. B. R. 55 c . Tel. of Bs. Gapital’ Traction . City & Suburban 55 58 65, series A Wash. Ga: series B Wash. Rwy. & Elec. 4s.. MISCELLANEOUS, Barber & Ross. Inc. 6'as...... Chevy Chase Ciub 5iss. . B! Columbla Country Club’ 5%s D. C. Paper Mfg. 65. .......... W. M. Cold Storage 5s.. Wash. Cons. Tiile 6s.. STOCKS. PUBLIC UTILITY. Tel. (9) Washington G Amer. Tel. & azh. . & Wash. Rwy. & El. com (1) Wash. Rwy. & El. pfd. (5). NATIONAL BANK. Capital (14) Columbia (12).. & s Commercial (stamped) (10} 2). Metropolitan (i4). Riges (198) ..... Becond (9e). ' . Waghington (13) TRUST COMPANY. SAVING BANK. Bank of Bethesda (6§)...... Commerce & Savings (10).". East Washingion (12) LR e Security Bav. & Com. Bk. (i) Seventh Street (12)...... United States (30 Washington Mechanics (20) FIRE INSURANCE, American (12). & orcoran (10) Firemen's (8. " [ National Union {i8)10.110000 TITLE INSURANCE. Columbia (6n)..... : Real Estate (6h) ... MISCELLANEOUS. Barber & Ross. Inc.. com Col. Medical Bidg. Corp.~(8) ol. Sand & Grave! pfd. (1) Sec. pfd. ( Lanston Mono? 8 ansion Moniotype (8) Mer. Tr. & Mergenthaler Natl, Mtge. & Inv. pid, (8) 47, Feoples Drus Stores pid, (615i7 10012 Real Est. M. & G. pfd. (8). 6% Ter. Ref. The, W. Mech. *Ex dividend. b Books closed. $1% extra. 15% extra. Unli:ted>—Dép-rlmenl, (These securities not listed under exchange Tules ) BONDS. Army-Nayy Club 5s. Cosmos Club 43ss... Commercial_Club Mayflower Hotel 6s. Metropolitan Club 414 Natlonal Press Bidg. Bid. Asked. 90 5 a8’ 15t 5} Chapin-Sacks_ 8" Gonnecticut Pie Co, Nusey” Troet e o North Capitol Savings Bank. Northeast Savings Bank. . Park Sa s Bank. lotel Co. :ll shi) .:Qn "' ’ Co. sabington Title Tnsurance Washington n'fl.'.mnb Ve (Hud & M ad) 55 '57. , Hungary T%s'44 Received by Private Wire | ON NEW YORK BO “ _UNITED STATES. (Sales are In $1.000.) Sales. Migh Low. Close. Lib3%s32-47.. 11 10222 102 I8 102 22 List4¥s32-47. 6 10314 10311 103 14 L4th43,s33.38 95 105 104 26 104 31 US3%s40-43.. 25 103 4103 4 103 4 3%s41-43.. 35 103 7103 4103 4 3%s43-47. 210 103 14 10310 103 11 3%s46-56. 1 10710 107 10 107 10 4%s47-52., 11 114 11331 11331 Sales. Hig! 19 us us Us us Abitibl P & P 6553 Adams Exp 3 Allegheny & Allegheny 5s'49. Alleg Corp §s '50. .. Allis-Chalm 68 '37. Am Chain 6s '33 Am F P 65 2030 Am Int Cp5'%s 49.. Am N Gas 6%s 42, Am S&R 18t 5847, Am T&T cv 44839 Am T&T 65°65..... Am T&T c tr 55 '46., Am T&T 6ss£'60..]1 Am T&T 5%s 43 AmWat Wk 63 Am Wr Pap 654 Argentine 5s 45 Argentine 5% s A Atchison gen 48 ‘95 Atchiscv4%s 41, AtCL1st 4s'£2. AtCL4%s'64. At Gulf 5s'59 At Ref deb 53 ‘37 Australia 4% . Australia 68 '55. .., Austmiia 5557 Austria 3 Austria 0 Ban & Aroos 4s '5. Bk of Chile 643 '57 Bk of Chile 6% 861 Belgium 6s ‘55 Belgium 6 Belgium 7 Belglum 7. e, Bell Tel Pa bs B *48 Bell Tei I'a §s C '60. Berlin Cy El 6s Bolivia 7s 69 Bolivia 8s 4 Bordeaux 6s Bos & Me bs '55 Brazil 6 6. Brazil 6148 27, Brazil 7s, Brazil 85 41 Bremen 7s '35 Bklya Man 6s ‘68 Bklyn Un 1st 6850, Budapest 6s'62.... Buenos A 6361 Pv. 2 Buft Gen El 4% 5’81 Canada 43°60.. ‘anada 4%s 36 Can Nat 4%s ‘54... Can Nat 4348 '67... Can Nat 4%s ‘68, .. Can Nat 4%s ‘5. .. Can Nat 5s July "6y. Can Nat 5s Oct '69. Can Nat 55'70 Can Nor 4%s'35. Can Nor 6% db "46 Can Nor 7s deb 40. Can Pac deb Can Pac 4 %3 "6l Can Pac 68 ctfs "44. Can Pac 58 '54..... Car Clin & O s “ar Clin & O 6s'5. Cent Pac 4549, Cent Pac 58 '60. Jert-1d deb 645 ‘48 Ches Corp 63 47. Ogen4¥%s'92.. C&O4%sB'95. CB&Qgends | CB&Q4%s'T7 C B&Q 1st 1t bs ChiM &St P4s’89. Chi M&StP 4%s E. Ch M&SEP 4%5'89. Chi M StP&P 65 ‘75 2 Chi M & St P adj 5a. Ch1 & NW gn 45°87. n 4%s 2037 C&Nwn 4%8¢2037. 1 Chi& NW con 4%s. 63 Chi R1&Pac 4%48'52 Chi Un St 58 44 Chile 63'63........ Chile 78 *42.. . Chile Cop db 58 47. CCC & St L 53 D '63 Clev Term 4%s 17, Clev Term 58°73. .. Colomb 6s Jan 61.. Colombia 6s '61 Oct Colon O11 63 '38. Colo & Sou 4%8 Colo & Sou 4145 '80. Col G& 58 May Com Inves 5148 49. € C Md 1st rf 6550 ConG N Y %845, Con Pwr Jap 6%s.. Con Pow Japan 7s.. Copenhag 4%s '63.. Copenbag 68 52.... Cuba 5%s 45. Cuba RR rf 7%8°36 Cuba Nor b%s '42 Czecho 8s ‘51... Del & Hud rf 4543, | Del & Hud cv 5535, Del & Hud 5%s 37 Denmark 4% ‘62 Denmark 5%s 55 Denmark 6s ‘4 D& RGrgnds” D& RG W bs'55. .. Det Ed G&R4%3'61 3 Det Edison rf 5s ‘49 Det Unit 4%s'32. ., Deutsche Bk 6s Dodge Br ¢l 68 "40.. Duquesne 415 ‘67 Dutch East 1 65 "4 Dutch East 1 Nov Eagt C Sug 7%4s'37 £1 Salvador 8545, Erie 1st con 4 Erie Gen 4s. Kriecy bs Erie 58 ‘75 Erie & Jer 65" Finland 5%s ‘58 Finland 6s 45. . Finland 6%s ‘66. Finiand 75 ‘60. . Fla £ Coast 58 ‘74, Fond J&G 4153 ‘52, Fram 1 D 7%s'42 French 7s'49. French Gvt 7 Gen Baking 5155 40 Gen Motors 63 37.. 1 Gen P Sv 5% 125% 9614 1034 German 5%s 65, German Bk 6538 . Ger Cen Bk 6360 J Ger Cen Bk 65’60 O German Bank 7s 50 German 7s rep *49.. Ger Gen El 7545 Goodrich ev Good 18t 6% Goody'r Rub GrandTr sf d Grt Nor 4 5! 4 6 49 35 2 2 38 3 10 4 101 ILBTIstpeosA., T 106% 1065 106 NDS STOCK Excmncsl Direct to The Star Office Sales. High. Low. Close. 5 8 86 86 80 80 100 100 100 107% 107% 107% 93 89 93 103% 105 954 94% 111 Cent ref 4s 11 Cent 4% s 111 Cent 5s '55. NI CCStL&N6s A. . 111 Steel 43 Inland Stl 4%s Inland Stl 4s% B'81 Int Rap Tr 58 Int Rap Tr sta Int Rap Tr 32... 1 .1 Int M Co 65 ret '41.. Int Match 68 47 Int MM col tr 6s°41 Int Pap 58 A *47.... Int Pap 6s '55. . Int RysC A 5s°*a., Int T & T 4%s 57, . 13t T&T cv 438 It T&T 585 Irish Free St s Italy 78 ‘51, Italy Cr't PU 78°52, Ltaly Pub Sv 78 '52. “| Japanese 543 ’65. .. Japanese 63%s ‘54 Jugosl Bank 7s 57, Kan CFtS&M 43 '3 Kan City Ter 4s '60. Kan City Sou 5s ‘50 KanG & E 4530, Karstadt 6s°43. Kend5%s 43 ww. . Kresge Found 65 36 Kreug & Toll 58 '59 Lackaw St 5: Lac G St L & Laclede 5%s D '60.. Lake Shore 3348 ‘97 Lautaro Nit 6s '54. . Leh Val cv 482003, LehV cv 4% 2003.. Lig & Myers 78 44.. Loew’s 65 ex wa Long Il rf 4549 Long Isldb 53 '31 Lorillard s ‘51 " DartZea® 48 6% 99% ' 126 954 95 4 100'y 94 984 113% 9 St Milan 6%s ‘52 Mil E Ry & L b8 M StP&SSM con 4s. M StP&SSM 6s gt MSP&SSM 6%s 73, MEK&T4%s7 Mo Pac gen 4s 76 Mo Pac 55 A '65.. .. Mo Pac bs F 77 Mo Pac ref 6s 8. Mo Pac5¥%scv - e e o BN IR B NN SRR A HaINSR A S NA AR e aanam Mor & Co 1st 4%s. ., Nassau Elec 48 '51., Nat Dairy 6% Nat Rad 6%s '47... Netherlands 6s ‘72., *Bi 2 praRasao 4., N Y Cent 4%s 2013, 22 | NY Cen rf 43452013 190 NYCreim 68 2013.. 59 N Y Cent db 6s'35.. NY CLS cl 3%s93. NYC& St L 4s'37.. NY C&StL 4%s "8, NYC&StL6s'32. N Y Edison 5s B 44 N Y Ed 1st 6348 41 NY ELH&P 4 NY ELH&P » 8 NY NH&H clt 6s. .. NY NH&H cv db 6s. NY O&W 1st 4592, Nord 6%s '60. . Nor & Wnev 4s'96. 10 No Am Co 6s°61.... 58 Nor Am Ed 6857 102% 96% 94% 99% 105% 5 . Orient dev 6s ‘53... Pac G & K1 58°42. Pac T&T ref 6s '52.. Pan-Am Pet 6s '3 Paramount 6s "47 Penna 4%s D Penn gen 4%s Penn 434870, Penn 4%5'63. ... Penna gen 5s '68 Penn 6%s '36. Penn O&D 4% 77, Pero Mar 415 '30.., Peru 7s'59. Phila Co & Phila & Read Phillip Pet § Pillsh F M 63 '43. Pirelll 7s. . . P CC&StL 414877 Poland 65 '40. Poland 7s *47. Poland 8s ‘50 5 Port Gen E1 4%5'60 48 Porto Alegre 8561, 2 Por RTam6s'42.. 2 Pos Tel & C 53°63.. 13 Pressed St C5s'33. 9 Prussia 63 '52. . Public Serv 4s 71 Pure O11 5%s°37. Queenland 6s ‘47, Read gn 4% 8 A 1024 Readi 103 6. R Gr De Sul8s "46 Rio Gr W 1st 48°39, Rome 6348 °62 24 Roy D 4345 ww. StL IM R&G 4s°33. StL&SFin4sA StL&SF 4%s'78. St L&SF prin bs B, StLS W st 48’89 StLSWe Sao PauTs Sao Paulo Sao Paulo Saxon 7s'45. Seab A L rf 48’49 Seab A L 4s st ‘b S| Shell Un O11 Shiny 9115 91 "2 102% 102% 102! 100% 100% 100% 106% 106 105 107 107 107 BUTTER AND EGGS ARE MAKING GAIS Industries Increasing Effie ciency to Overcome Huge Losses of Last Year. BY ALVIN RESCH, Associated Press Staff Writer, CHICAGO, May 22—Two mainstays of the Nation's farm trade—the butter and egg Industries—are working out their own salvation from a mire of low prices and shattered markets. A bull movement in the butter and egg markets on the Chicago Mercantile Exchange—markets which never have experienced any artificial price stimu- lus—has given producers their latest hit of encouragement. Within the last two weeks butter fu- egg futures have followed closely with a rise of $420. Apparently undisturbed by dismal news from the securities mar- | kets, trading in these basic commodi- | ties 'is more active than at this tim last year. - Increased Efficiency. jed The industries themselves, in the face of record low prices and 1930 losses variously estimated from $100,000,000 o $300,00,000, have adopted ciples of increased efficiency to battle their way out of depression. Costs of production have been duced largely by culling herds and flocks. In many cases one cow capable of producing 400 pounds of butter fat 1 has replaced two cows producing 200 pounds apiece. Fewer chickens are be- ing hatched, and chicks booked for { April delivery this year totaled 40 pér cent less than in 1930. % By reducing cverhead et many dairy costs, maintaining production, farmers have bcen able to make a profit on their products—a scant profit, in most cases, yet enough for a living. Lower prices have stimulated consump- tion of butter, but more butter is being produced. - ‘The egg industry, whose loss last yea exceeded $60,000,000, has retaliated not only by culling flocks and producing better eggs, but by widening its market through widespread educational cam- paigns designed to encourage the use of eggs. Spending $100,000. As a result, increased sales of eggs have been reported by retallers. Ope society alpne is spending $100,000 this year in advertising the food value of eggs. The industry also has carried a gospel of increased efficiency directly to poul- try farmers, with a view.to enabling them to derive a profit, however slight, despite decreased revenue. Numerous indications of increased consumption, as well as favorable stor- age reports, have combined to start the current bull movement in the butter and egg markets. Many members of the trade have expressed confidence in long pull back to higher prices and lno‘: for a definite upward turn late in the Summer or early Winter. CHICAGO LIVE STOCK MARKET CHICAGO, May 22 (#).—Hogs, 18, 000, including 7.000 direct; unevents, 10a20 lower than yesterday's average; early top, 6.80; bulk good and choice, 150-220 pounds, 6.5526.75; most 230- 300 pounds, 6.00a6.50; packing sows 25 lower; better kinds, 5.10a5.40; strong weight pigs, 6.50a6.75; light light, good and choice, 140-160 pounds, %MIG.SD: light weight, 160-200 .60a6.80; medium weight, 200-250 pounds, 6.30a6.75; heavy weight, 250~ meditm and 000, 310500 ounds, an , 275-500 pount 5.00a5.50; slaughter pigs, good choice, 100-130 pounds, 6.25a6.75. Cattle, 2,000; calves, 1,000; fed steer and yearling trade fully steady; in-bstween-grade kinds predcm! q no strictly choice offerings here; sales 6.5027.25; few loads lig] ’ most nt - and medium weight steers, 7.25a7.50; other killing classes steady to weak; gemeral undertone a caution for supply abridgement next week. Slaughter cattle and vealers—Steers, good and choice, 600-900 pounds, 7.25a8.50; 900 -1,100 pounds, 7. 8.50; 1,100-1,300 ‘pounds, 7.00a8. 1,300-1,500 Cs, 6.75a8.50; com- mon and mediui, 600-1,300 pounds, 5.25a7.25. 4 Helfers, good and choice, 550-850 pounds, 6.50a7.75; common and medium, 5.25a6.50; cows, good and choice, 4.75a 5.75; common and medium, 4.00a4.75; low cutter and cutter, 2.75a4.00; (yearlings excluded), good and choice (beef), 4.00a5.00; cutter to medium, 3.25a4.25; vealers (milk fed), good and choice, 7.25a0.00; medium, ' 6.50a7.25; cull and common, 5.00a6.50. Stocker and feeder cattle—Steers, good and 500-1,050 pounds, 6.75a7.50; comm¢ and medium, 5.00a6.75. i Sheep—Receipts, 7,000 head; largely nominal; part load stale clipped lambs, 8.00; choice native Springers, 10.00a 10.25; five loads plain Californias un- sold. Slaughter sheep and lambs: Spring lambs, good and choice, 9.50a 11.00; medium, 8.0029.50; common, 6.50a 8.00; lambs, 90 podnds down, good and choice, 7.75a8.65, medium, 6.50a7.75; 91-100 pounds, medium to choice, 6.25a 8.50; all weights, common, 5.00a6.50; ewes, 90-150 pounds, medium to choice, 1.75a3.00; all weights, cull and common, 1.00a2.00. Sales. High. Low. Close. SouP4%s'6d ww.. 71 94 93% So Pacific 4%s'81..119 98 Sou Ry gen 48'66.. 49 79 78 Sou Ry 33 106% 106% Sou Ry 104% 104% 1043% Sou Ry %8 6 109 108% 109 Sou Ry M&O 4 9 95 95 St Oil N J 684 103% 103% 108% StOIINY 4%s'51. 99 981y Swiss 548’46, 105% 105 ‘Tenn Cop 6s"41.... 90 89% Tenn EI P 6s A47.. 16 107 106% Ter AsStL4s’53.. 10 95 95 Tex Corp cv 58 *44. Tex & P 1st 58 2000. Tex & Pac 58 C"79.. Third Av ref 4s ¢t Third Av 1st 5837, Third Av adj bs '60. Toho El Pow 61 '32. Toho El Pow 78 '§6. Tokio 5s '52. 2 Q1% 1093, 911a 511% 98l 34 100% 100% Unit Brug cv 6 Utd Ring 6% U S Rub 1st bs VA St W 6345A ‘51 Utd St W 6%s C Utah P & L 58 *44. Utll Pow 68 '59 ww. Utll Pow 5343 "47. .. Vert Sug 1st 742, Vienna 6s ‘52 Va Ry 4%s’62..... Va.Ry & Pow 6834 Va Ry 1st 58 °6: 1045 106% Warn Br Pic Warner Sug Warsaw 7s ‘68 Wst Sh 1st 4s 2361, West Un Tel 65 '51. Union 65 '60.. West Un T 6%8°36. Wh& L Ecvpf 49, WEOG%s'37 ww. Wick Sp cv et 7835 Wil-Ov 15t 6%s ‘33 Wil & Co 15t 68 41 Wis Cen gn 4s 36.. Xokohama 6s'81... Yxstn Sn&T bs '78. Ing SUET 58 B 70, 43 107% 107% 91 91 102% 102% 7 7 ... oo, B pommnmmERenboR SRt - tures have gone up by $450 a car, while 4