Evening Star Newspaper, May 31, 1931, Page 63

F1 SHARP AN EXOED 18T TRADESLUNP Newspaper Files Reveal Sud- den Reversal After Long Depression Period. Evidence that the sharp upturn in stock market prices which began in September, 1907, after a pericd of de- pression, was totally uncxpected and was immediately preceded by the same | sort of pessimism which prevzils in| many quarters today is contained in a| builetin to salesmen prepared by Wil- llam Scobey, manager of one of the| Eastern sales divisions of 8. W. Straus & Co. The bulletin, originally pre- pared only for distribution among sales- men, hss reccived such a wide atten- tion that it has been given general cir- culation. Frem chart of security prices on the New York Stock Exchange for the year 1907 Mr. Scobey found that, after & continuous decline in values, the stock market turned upward in Septem-l ber-October of 1907 withcut any pre-| vious warning. Files of New York newspapers from August 1 to August 15, 1907, just 60 days before the market | turned upward, reveal the presence of | pessimism and fear comparable to what is being quite widely felt at the pres- ent time. The 1907 financial headlines read almost exactly like those in to- day’s papers, 24 years later. Following are a few of the many headlines found by Mr. Scobey in the 1907 papers: “New York Central Fails to Earn Di- vidend—Deficit of $2.411502 for Six Months”; “Heavy Selling in U S. Steel —Directors Admit Falling Off of New| Business”; “Rumor Southern Pacific| ‘Will Not Pay Dividend"; General De- | cline in Prices”; “High Pay Kills EM- clency”; “Coffee 10-15 Points Lowe! “Stocks Continue Dcwnward Plung “Speculators Rush Back from Sara-| 1l Street Belleves Financial | “Stocks Tumble to New ;' “Only Shortness of Day | Prevents Panic on Exchange”; “Disaster Rockefeller ‘Warns | 1% World Fast Turning to Soclalism ‘No Faith in President.” ‘While not presuming that conditions | of 24 years ago may be taken as an| indication that we are at the end of | the present period of depression, Mr. | Scobey believes that the statements are | very interesting and valuable, since they | show that immediately after a period | of deepest gloom a period of prosperity ean et in unexpectedly and without | warning. CREDIT INSURANCE HAS AIDED EXPORT TRADE OF BRITAIN (Continued From First Page.) In the cities this is true, though even | there a surprising number of -houses are without electric lights. But in| the rural districts, 80 per cent of the| homes are unwired. The National Electric Light Assoclation says so. | Here is a great potential market for licht and power. Whereas the average | city dweller is confined to using his| electric current for light, household ap- | pliances and the radio, In the country | the farmer can use it for power to op- erate his machinery. It furnishes a semi-industrial outlet for central sta- tion power. | ‘The maip obstacle in the past has been the excessive cost of getting pow- er to the point of consumption. Usually the farmer has to pay a heavy portion of the cost of running the line to his | farm. With so many other burdens of expense. he has regarded electric serv- ice as a luxury. knew that with the service he could go far toward pulling himself out of the mire with better production methods. In Ontario Province, Canada, the government has for some time had a program of rural electrification in which part of the profits of the state- owned system is used to subsidize the extension of rural service. The United States may find it wise to consider a similar program. In Ontario it has helped to stabilize the farmer and so given a better tone to the whole eco- nomic life of the province. The sub- sidy has been paid back to the citizens many times over in the general better- ment and lower prices on more farm and dairy products. (Copyright. 1631, by North American News- paper Alliance, Inc.) EARNINGS REPORTED. NEW YORK, May 30 (#).—Per share earnings of corporations reporting this week with comparisons with last year, included: ‘Three months March 31— 1 931. 1930. Atlantic Gulf & West Indies 8. S. Lines s $4.33 | ‘Bendix Aviation .. 0.36 | Crown Cork & Seal. 0.43 Delaware, Lackawanna & obs 124 1930. 2.50 McIntyre Porcupine Mines .. Remington Rand . Year February 28— Sheafer Pen (W. A.).. 227| 351 | First National Stores . . Year December 31— 1930. Colorado & Southern Ry. 5.75 NANCIAL, CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS BY H. N. McGILL, Editor McGill Commodity Service. AUBURNDALE, Mass, May 30.— During the past week the general index of commodity prices has continued the weakness that has been shown for some time past. The downward trend was only fractional, yet another new low point has been established. A review of price: changes in the 14 individual groups shows 8 declined, 3 remain unchanged and 3 advanced. The price upturns occurred only in the groups of paper, paints and coarse textiles. It is not surprising that com- modity prices continue to remain soft, as there has ‘been no great increase in industrial activity. It is well known that prices do not show any strength for several months after business made headway on the up side. It is interesting to note the trend line in industrial production for some years back. During the period from 1855 to 1870 this trend line showed practically no gvrations. From 1870 through 1905 there were moderate movements up and down. Since that time, and more particularly in the |last 15 years since the inauguration | of mass production with rapid turnover and small profit margins, these peaks and valleys have been particularly noticeable. We are now in one of these valleys, and consequently the time which it takes to emerge from these periods is greatly lengthened. All Commodities. Noting specific changes during the past week in the average of all com. modities, the index, while declining, was only fractionally lower. -The groups that declined were building ma- terials, hides, non-ferrous metals, fer- rous metals, textiles, fine and vege- able oils and agriculture. Industrial Prices. The downward movement which has characterized industrial prices for some time past continued. Although pro- duetion has been reduced substantially in several lines, the upturn in_busi- ness activity has not been sufficient to reduce heavy stocks that have accu- mulated in most lines. Purchasers seem to be holding strictly to the hand-to- mouth procedure of buying. Agriculture. Agricultural prices held fairly stable, wheat being the only one of the gains to show a elightly upward tendency. Corn, oats, barley, and rye showed downward trends. 'Of the other agri- cultural products, flax and butter show- ed a downward trend with eggs slight- ly higher. Hides. One of the weakest of the group was hides, due to easing in the price of cattle hides, calfskins and union sole. Non-Ferrous Metals. Still lower levels were reached for non-ferrous metals during the past week, with antimony, copper, silver. tin and zinc all showing weakness. Cop- per reached a new low during the week of 8.50 cents. Textiles. Fine textiles continued the downward trend wtih cotton, sheetings, yarns and wool declining. Cotton reached a new low for this movement, which has not been equaled since 1915, Vegetable Oils. ‘The heaviest decline of any of the groups was shown by vegetable ofls, with cocoanut, corn, cottonseed and palm ofl showing weakness. The group that remained unchanged were chemicals, livestock and [fuels. Important Price Chanj All_commodities. Agriculture ... ndustrial At the same time he | Ind: Vegetable ofl: Textiles, fine. Wall Street Briefs Brthe Associated Press. More than 38 per cent of the pre- ferred stock out of a total issue of $18,000,000 par value, and 75 per cent of the 5 per cent debentures out of a total of $2.500,000 of Rochester Central Power Corporation have been deposited under the exchange offer of Associated Gas & Electric Co. Officials of Monsanto Chemical Works said that second quarter earnings should be at least as much as in the first quar- ter this year, when net profit was equal to 59 cents & share on the capital stock outstanding, indicating that net profit for the first six months will come close to covering the annual dividend. Summerfield, president _of 1.8 B Gotham Silk Hoslery Co., said earnings for the first four months this year were more than sufficlent to cover the $§7 preferred dividends for the full year. He added that the first quarter normaly is the poorest period of the year. Increased demand for rayon on the part of weavers and knitters has re- sulted ip a shadp curtailment of raw silk consumption, accompanied by a further decline in raw silk prices and little reduction in surplus stocks on hand, a review in Textile Organon, published by the Tubize Chatillon .| Corporation, says. The rayon market, on the other hand, continues strong and active. The old thatched cottage which served 29. | as the post office at Kinloss, Scotland, International Match ... 8.90 one| v | ave| serr| | was recently abandoned when rotting timbers caused the roof to fall in. York City. Sha previous year. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions col T Boston | —16.1% __| Atlanta —10.4% T Chicago | St Lows | Minneapolis —21.8% —18.1% | —21.0% | Kansas ity . Francisco | — ! —135% ) LEADING BAROMETERS. Showing T: Business in dollars (checks cashed).. Employment (Department of Labor).. Wages (Department of Labor). Cost of living (Industrial Confe: ‘Wholesale prices (Fisher’s Index) Agricultural prices (Department of Agriculture) Movement of goods (car loadings).. Retail trade (Federal Reserve Board) Building contracts (F. W. Dodge) . Failures (Dun’s)... Bond prices (Annalist). THE SUNDAY STAR, WASHINGTON, Stock and dividend. ¢ Aero Underwriters Afiiated Prod (1.60) Arxfa Ansco. . Agfa Ansco pf. Ainsworth Mfg Corp(1). Alr Inveonvpf .. Ala Pwr cum pf (1). Alexander indust All Amer Gen Corp Allezheny Gas Corp. Allted Mills_Inc(80c) Aluminum Co of Am Alum Co Am pf (8) Alum G'ds M'(1.20! ) 4 Aluminum Co. Ltd. Alum Ltd cum pf 6). Alum Ltd A war... Aluminum, Ltd (B) Aluminum,Ltd (D) wa Am CigarCo.... Am Cit Pwr&Lt(A) 3) 5% Am Cit Po&Lt B(b10%). Am Cmwith P A(b10%). Am Com Pr B (b10%). .. Am Comwlith P 1st(6%). Am Com Pwr 18t pf A(7) American Corp (15¢).... Am Cyanamid (B). Am Dent Stores Am Dis Tel. NJ ev pf(T) Am Equities......., Am ForPwr war. Am Fork & Hoe (1%). Am Founders. ... Am Gas & Elec (1) Am Gas & EI pf 16) Am Hardware (4) 4 Am Investment Ine (B) Am Laundry Mach (2) Am Stat Pub Sve(a1.60) Am Superpowr (40¢).... Am Superpwr 1st pf(6). Am Superno pf (8 Am Transformer. Am Uti1&Gen (B)vte Am Yvette Co (26c). ‘Amster Trading (48¢c). Anchor Post F' (b10% ) Anglo-Chilean Nit. Appalachian G Appalachian Gas wr. Arcturus Radio Tul Ark Nat G Ark Nat GasA... Ark N G em pf (80¢). Armstrong Cork (1). Asso Elec Ind Ltd(30e). Asso Gas & Electric. ... Asso Gas & Elec A (a2) Assoc G & Eall ctfs. Assoc G & El war.. Asso Gas & Elec ctfa(8). As50 G & E deb rts, Ass50 G & E pf (5) Asso Tel Utll (b8%) Atlantic Coast Fisher! Atlantic Fruit & Su, Auto Vot'g Ma ev Aviation Securities. Axton Fish Tob A(3.20). Babeock & Wil (7). Bell Tel of Can (8). Beneficial IL (1%) ianford Carpet. Bliss Co (EW) (n1) Blue Ridge Corp Blue Ridge conv British-Am 011 C (30¢ BrAmTob cou B 1.17 4-c. Buckeye Pipe Line (4).. Buffalo, NOEP pf(1.60) Buff Niag&EP 18t pf(5). Bunker Hill&Sull(3). Burco, Ine. .. . Bureo. Inc. war. Bureo, Incev pf (3).... Butler Bros . Bwana M Kubw Cep. Cable Radio Tub vts. Canadian Marconi. Carib Syndicate. Curman & Co A Carnation Co (31%4). Caro Pw & Lt pf (6). Carrier Corporation Celanese Corp pf (7). Celanese 18t pf (7). Celluloid Corp. Cantral Atlant! Cent Hud Gas&El Cent Pwr & Lt pf (7) Cent Pub Sve. Del Cent Pub Sve A (1 5 Cent & Swn Utll (b7%) Cent States El (b10% ) tes EI pfi6)xw.. 0e) . Chain Stor Development Chain Stores Stock. Chat Ph Aln.v (1 Chesbrough Mfg (15) Childs Co. pf. (7). ) Cities Ser pf B (.60). Citfes § Pr & Lt pf (7). City Mach & Tool (80¢). Claude Neon Ligh Clev Elee Illum ( Cleveland Tractor (80c) Club Alumn Utensi! Colombia Syndicate. Colon Of1. . o Colts Pat Firearms 1% Columbla Oll & Gas vte. Colum Pict vte (f1%). Com'with Edison (8) Comwith & Sou war).. Com Wat Ser (g12%¢). Comstock Tunnel. . Cooper Bessemer. . .. Copeland Pr Inc (n). Copper Range. .. Cord Corp. . Creole Petroleum Cresson Cansol (4¢). Crocker Wheeler....... Crown Cent Petm (new) . Crown Cork Intl A ((1). Cuban Cane pr opt wa: Cumberland P L (2). Cuneo Press (2%). Cus! Mex Minini Dayton Afrplane & En| Deere & Co (1.20) iJe Forest Radio. Derbv O1l & Refin Detroit Aireraft Corp Noehler Dfe Casting . “Douglas Afreraft (11%) Dow Chemical 2)..... SR) MIR.A (3%). n Utll Asso (2).. Eastern Util Asso ev. astern Util Inv ¢ Educational Pletul Esler Electric Corp. Elec Bond & Share (b8) . F1 Bond & Sh of «6)... Flec Rond&Sh cu pf (5) Electrographic Corp. ... Elec Pow Asso (1 9 67 8 T 2 1% 111% 110% 1. 3% 3% 18% 12% 19 19 3 2% 1% bl 108% 108% 1 3% 35 BY% 11 10% 9815 86 13% 35% 3% 92 1% o' 09 3 . 131 131 131 14% 13% 20% 20% 1 4% 134 1% % 1%, 1% 44 4 26% 26% 103 1101% 1 30 30 5 B W L) 38 38 4% 4w LY ~ 1% 1% 2% 2% % 13% 13% 19% 18% 102% 102% 1 14% 14 13% 165 PEE3-F e A T =8 ¥ 5 17% 30% 30% 19% 18 28 34% 105% 104! 2% 92% % 1% 11% 3% 12% 19 3 B1% 08% 35 5% B = 1% 1% 3 14 20% 13% 1% 17% “an 208 03 30 5 U 38 % ~ 1% 2% 1 13% 23 0214 4% 1% pLY A% 19 10% 31W % 2 25% 314, 34% Y 104% 92% M 18 1% 1% 12 2% 1 8% 0w & tyhpvny * FEEEE F§ - Sa IRERE SN LELY L ++ S . @ FEFEFFES E2 ¥ | s2esrsssf For ¢ sress PUAH+1T 004000 P 5 ghird R 2s"2F | 273" 2 = i+ L ++ [ T BRI I T e [ "2 e PEETy 5 &S i i o B B b SEFSEF £ F FEF ¥ ok » ikt [N} - £ FE ERETV® ¥ 4 - 2 £F 1+ [N RO A A - 1L ++1 FE FaFRe@ eslrn s % - 1% - 2% 6 3% 29 26% Stock and Empire Pub 8ve (A).... Empire Steel Corp...... Employ Reinsur (11.60). Engineers Goid. .... Europe Elec, Ltd A(60¢) Euro Elec, Litd deb rts. . Evans Wall Lead..... Ex-cello Alr & Tool. Fajardo Sugar... Fanny Farm Can dad. Fiat rets (94%¢). ®intkote Co (A, Ford Mot, Can B (1.20) Ford Mot Ltd (36 3-5¢) Foremost DairyProd. Foremost Dairy pr pf. Foremost Fabrics. .. Foundation For Shs. Fox TheatersClassA. Franklin Mfg Co. Galena O1l Corp........ Garlock Packing (1.20) Gen Elec Ltd rets(p70c). Gen Empire Corp (1)... Gen Fireproof (2).. Gen Gas&El cvpf B (8). Gen Petroleum . Gen Pub Util pf (7) Gen Pub Sve pf () : Gen Thea Eq cv pf (3). Glen Alden Coal (4). . Globe Underwr (15¢). Gold Seal Elec new. Golden Cenver. . Gramaphone refs (pi). . Graymur Coip (1)...... Great At&Pac Tea nv(8) Grt A&F Tea pf (1) Groc Strs Prod v.t.e. Guenther Law (1) Gulf Ofl of Pa (1%)... Hamilton Gas rcts Hand P p pf(p25c)... Happiness Candy. . Hazeltine Corp (2). Hecla Mining (40c) Hollinger Gold (65¢c;. Holt (H) & Co (1.80)... Horn&Hardart pf(7 Hudson Bay Min & Humble Ofl (123%). Huyler St. Del cu pf (7). Hydro Elec Secur (1.40). Hygrade Food Prod.... 111 Pwr & Lt pf (6). Imp Chem Ind(p40c). Imp Ofl of Can (50c). Imp Ofl of Can reg (50¢) Imp Tob Can (35¢c)... Indiana Pipe Line (1) Insull Inv (b6%). Insull Util 2d p£(6)..... Ins Co of No Am (12%). Insurance Sec (70¢) Intercont Pete new. Int Cigar Mach (2%). Intl Hydro cv pf (3%).. Intl Petroleum (1)...... Intl Products. ... . Int Safety Raz B (124). Int Superp (11.10). . Int Utilities A (3%).... Internatl Utilfts Int Util ptpf (7)..... InterstateEquities Interstdte Equ cv pf ( Irving Air Chute (1). Irving Air Cl Italian Supe: Ital Superpower war. Jer Cen P&Lt pr (1) Jonas & Naumburg. . Kirby Petroleum....... Kleinert (1 BJ Rubber Kolster-Br( A KoppersG & C Lackawanna Sec (4). Lake § Mines)(11.50). &L Lily Tulip Cup 1% Lion Ofl & Refining.. Lone Star Gas n (88¢ Long Island Lt (60¢). Long Isl Lt pt (1) Long Isl cu pf B (6 LaP&Lpt(6).. Louisiana Lan & MacMarr Stores (1) MagdalenaSyndicate. . . Marconi Int Mar (.367). Mass Utfl Asso. . Mass Util Assocv pf2% Mavis Bottling (A)..... May Radio & Telev (1). Mead Johnson (14). Memph N G Co (60¢). Mesabi Iron. . Mesta Machine (2). Met Chain Stores. Met Edison pf (6) Mid Sts Pet v.t.e. A. Mid Sts Pet v.t.c. B. Mid West Sts Uil (1 Midland Nat Gas A. Midland St Prod, n Midv: Miller & Sons. Minne-Honey p Mo-Kan Pipe Line (A).. Mo-Kan & Pipe Line (B: Miss River Fuel bd rts Moh Hud P 18t pf(7)... Mont Lt H& T (1%). Moore Copf B.....a. Moore Drop Forge A(6) . Moss Gold Mines. ¢ Mountain&Gulf (4¢).... Mountain Products (1). Mount St Pow pf(7) Municipal Serviicy Nat Amer Co. National Aviation Nat Bd & 8 Corp (1) Nat C C A pf (165¢) Nat Container pf (2). at Elec Pwr pf (7) Nat Pub Serv (A) «1. Rubber Mach = Screen Service (2).. Nat Secur Iny Co. Nat Service Co. .. Nat 8 T Sec A (350¢). Natl Steel (war). New Mex & Ariz Land. . Newmont Min (4).. . N 'Y & Hond Ros (t1%). N ¥ Steam new (2.60) N Y Tel ot (6%)..... N Y Hamburg ¢2%) N Y Transit (170¢). Niag.-H. Power (40¢c) . Niag.-H. Pwr A war. . Niag Hud Pwr (B) war, Niag Shares. Md (40e) .. Niles-Bement-Pond (2). Nipissing. Nor Central Texas. .. North & Sou AmCor p Nor European Oi] Corp. Nor Pipe Line (+4) North Stat Pwr At Nor Sta Northwest Eng (2). Novadel Agene (4). Ohio Brass (B) (5). Onio Copper Ohio Power pf.(6) Ohio Pub Serv pf A (7). Ollstocks, Ltd(A) (40¢). Oilstocks Ltd B(40c) Outboard Mot (A) Outboard Mot B PacG&E1stpf (1%).. LAEREE - e - EREFEF EF REFPL FE ¥ (BRI PL+l4+40 - 2 Fresssds R UNEERE RS SR R AN +00L00n ++ 1+ FFEES Eurle tUiind s Feer Fxx""2" T+l i+ + Fsefsss w AR TR L L I e 1 r5 225 wvesssses ¥ D. C, MAY 31, 1931—PART SIX. 3 Stock lividend. Pac Westorn o1+ Paramount Cab Mfg. Parke Davis (11.45) Parker Rust Pr (3). Patterson Sargent (2).. Pennroad Corp (20c) . Penna Gas & Elec A Penn Mexico Fuel. . Penri Pwr & Lt pf(6) Penna Pwr & Lt pf(1).. Penna Water & Pwr (3) Philip Morris Ine. Phoenix Secur Corp Phoenix § C pf (3). Pilot Radio Tube(A). Pitney B Pos n(20c).... Pittsbgh & Lake E(110). Plymouth Ofl (1). Polymet Mfg. .. Pond Creek Pocahonts Poterero Sugar.. . Powdrell & Alex (3%).. Power Corp of Can (2)., Pratt & Lambert (4). Premler Gold (12c). Producers Roy Corp, Prosperity Co B Pruden: Prudential Inv pf(6) . Public Sve G & E pf (5). Public Util Hold war. ... Pub Util Hold Corp xw.. Pub Ut Hold cu pf(3).... Puget S P& Lt of (5).. Puget Snd P & Lt pt (6). Pure Ofl pf ( . Pyrene Mfg (80c).. QR S-De Vry. d Shares(40c)... Railway & Lt Secur (13). Rainbow Lum ProdA... Rainbow Lum Prod B Reiter-Fonter. Reliable Stores. . . Reliance Intl (A).... Rellance Int Corp(B) Reliance Management. . Reybarn Co. . Reynolds Invest Richfleld Oil of Cal pf. Rike Kumler (2.20). Roch Gas&EI pf D () R'kland Lt & P (90¢). Roosevelt Field. Ina Root Refining cv pr pt Rossia Intl Corp. Ruberold Co (4) Ryan Consolidated. Ryerson (J) «2) & St Antony Gold. St Regis Paper (1). Salt Creek Prod (1.4 SRXOECO L 00004 Schiff (The) Co (2 Schulte Un be to$1 8 Schul c to §1 Strs of.. Séaboard Utilities (50¢) Secur Corp Gen(40c). ... Sle Ind prior (53%).. Sentry Saftey Control Shattuck Den Min...... Shawingan W & P (2%). Sheaffer Pen (13). Shenandoah Corp. Shen Corp pf (a3). Sherwin Willms (14%). Sherwin Williams pf(6). Shreveport El D. . Signature Hoslery Co. .. Signature Hoslery Co pf. Silica Gel et. . 240 Singer Mfg (112%). 1114 Smith (A O) (2) 1% So Am Air Lines t # South Am Gold&Plat. 12% South Penn Oil (1) 29% SoCal Ed pf A (1%).. 25% So Cal Edis pf (B) (1% 24% Sou Calif Ed pf(C) (1%) 19 So Colorado PwA (2) 108% So Col Power pf (7) 2% Southern Corp. 6 © SouthernNat Gi 165 Southn New En 10 Sou Pipe Line (2). 3% Southland Royalty 1% Southw Dairy Prod..... 714 Sbu West Dairy prd pf. . 106% 111 57% 4 20% 44% 33% 104% 8, 4% 29% 854 29 LT+ +10+1+0+001+01 P ® . SREEEREL IR N #8 L ++ a8 = an seetrefess Tampa oledo i+l LB+ DTN ® aFE = 5 Un Nat o titie [ EX ¥ ¥XEER ¥ 2 ¥ o LI+ T4+ FEFEFE FEFFEF W FEFEEFRT a0 = o F& Uttty Utility (RN 8 Waitt& o ayne i+ Wilson % Winter TR+ x| Wy wTon 155 —15 1% — 2% 3% — 2 annuel payment. | dend. stock. stock. £Plus 5% in 3 Plus in n Plus 9% + 2% Sunray Ol (b5§%). Sunstrand Mach Tool. .. Swift & Co new (2). Swift Internat (3) 8wiss Amer El pf(6). Taggart Corporation Universal Ins (1%). Utah Apex. ... Utah Pwr&Lt pf (7) Util Pwr&Lt (at1.023%). Ut PRL B(at1.023).... Ctility Pow & Lt pf (7). Utility Equity pf (6%).. Vacuum Oil (2) Van Camp Pack. Venezuela Petrol Vie Finan Corp(40c).... Walgreen Co. . ... Walker (H) (50¢). elch Grape Julce (12). enden Copper. . Va Coal & Coke. est Auto Sup A(3) il-Low Cafeteria: Dividend rates in doliars based on last quarter “Ex-dividend. Tl 0% o a Payable in cash or stock. b Payable in stock. Stock and dividend. Btand Cap&Seal (2) Stand Oil of Ind (2) Stand Oil of Ky (1.6 Stand Ofl Nebr (2). Stand Ofl Ohlo(2#4). . Stand Oil of Ohio(5). StandPwr & Lt (2). Stand Pwr & Lt (B) (2). Stan Pow & Lt pf(7). Stand Screw (6).. Starrett Corp. Starrett Corp pf (3) Stein(A)&Co cu pf(6%), Stein Cosmeties Ine [(REE NN 1+ Electric (32) Technicolor Inc Texon Oil & Land (1)... ‘Thatcher Sec Corp. . Timken Det Axle pf (7). Todd Shipyard (4) g Eidisn pf(7) rans Air Trans.... Trans Lus DL P 8. Triplex Safety Glass. Tri-contin’l Corp war. Tri Utilities (31.20). Tubize Cantillon (B). ‘Tung Sol Lamp (1). Ungerleider Fin Corp. Union Am Invest. .. Union El Lt&Pwr pt (7). Gas of Can (1) Union Oil Assoc (2). UnionTobaceo. . Utd Carr Fastener Unit Chem pt pt (3). Unit Corp war. Unit Founders. Utd Gas Corpn. ... United Gas war. United Gas pf (7 Utd Light & Pwr A Utd L & Pwr (B) (1) Utd Light & Pwr pf Unit Milk Prod. . Utd Ret Chem pf 3% Unit Shoe Mach (234). U S Dairy. A (6).... U S Dairy B... U S Elec Power ww. S Elec Pwr (war). S Finishing. .. S Foil Co B (50¢). S & Internt] Sec.... . S Inter Sec 1st pf. S Line: gRy “FestwrFsT ¥ . % .+ 107 {1 L VR S T, P FEE REF & Ina Eaquitie » - L Bond B(80¢)..... Pump. . #Es sx wex Jones (13%) i (Ben) c & G e R mt- 3Plus 4% in stock. e Adjustment divi- in stock. hPlus 1% in in stock. mPlus 3% 1Partly extra. stock. g Plus 6% stock. k Plus 10% © in stock. pPaid last year—no regular rate. BOND AVERAGES AT NEW LOW POINT IN CURRENT DECLINE Special Dispatch to The Star. NEW YORK, May 30.—In the past week bonds dropped down to new low levels for the year in every depart- ment except the small group of high- grade issues. Standard Statics' index of 30 bonds dropped well below the previous year's low of 93.9. This was one of the most active weeks of the year in point of volume. The heaviness of the trading, how- ever, was not caused by any unusuaily large blocks or heavy trading in any one issue, but by the marking down of many inactive issues to the levels to which the list had drifted in the past month. It was a cause of wide comment in the Street that price de- clines were so wide compared with the volume of offerings. Foreign List. In the foreign department such bonds as Argentine 6s and Chile 6s slid as much as 10 points on sales of $15,000 or $20,000. German Govern- ment 5l;5—the Young loan so widely heralded when it was offered here at 90 just & year ago—declined more than 4 points on the sale of comparatively few bonds. The domestic list was filled with similar soft spots, where bids were far below offering prices and, with the incipient cautiousness affecting the market, were withdrawn on the slight- est pretext. St. Louis-San Francisco 4ys, for instance, dropped a total of 8 points on the sale of less than 100 bonds. St. Paul 5s, Erie 5s and Nickel Plate 4',s had similar wide down- turns on small sales. Industrials and ublic utility issues of less than the ghest grade had narrower but sub- stantial losses under the same cir- cumstances. Except in the case of the foreign dollar bonds, it was hard to find a definite reason for such panicky sell- ing. The stock market, it was true, dropped into new low ground each day. Earnings reports disproved the theory held earlier that April would show a check in the decline of business. But these same factors were present before, and there were a few bad breaks in the bond list by issues which are not in lgly gouht as L'!n interest and sink- L ¢ iyments. n"rhere p;u no doubt that the individual investor was in a frightened state. And uncoubtedly there was some forced liquidation by investing corpo- rations, such as banks, companies need- ing to cash part of their reserves and insurance sompanies endeavoring to safeguard their portfolios. Break in Argentine Bonds. In the foreign department, the fea- ture was the wide break in Argentine issues, which sagged to levels showing a 30 per cent depreciation in the whole group since the revolution. Since there are about $423,000,000 of Argentine dollar bonds ouistanding, this means a loss of $127,000,000 to American holders. Everything in the Argentine situation that might cause such a wide break in ntine go show a big deficit at the end of the fiscal year and that some drastic meas- ure must be undertaken to meet both it and the $50,000,000 of 5 per cent notes maturing October 1 in New York. But the Argentine government is mak- ing every effort to overcome the diffi- culties and has issued lfln official state- fon has taken place, the opin- fon of Prof. E, H. Kemmerer, who re- tudies of merer says nothing of Brazil, and it is & generally accepted fact that further defaults sre expected there, but the price of Brazil's bonds has discounted the worst. The sclling of German bonds was generated by agitated reports from Ber- Iin that a reparations revision would be | asked for at the June 10 meeting of the Bank for International Settlements. | cne of the large Berlin banks thet no | proposed rep:rations revision would have any effect on the outstanding dol- lar bonds. New Offerings Scanty. Australia showed evidence of trying to reconstruct her economic setup in, the action taken by the premiers' confer- ence. However, London took a disap- pointed view of this, pointing out that the imposition of a 25 per cent surtax on bonds not converted into the sug- gested 4 per cent 40-year issue would mean a forced conversion operation cal- culated to cause a further export of capital from Australia. ‘The whole picture of the investment market except for United States Gov- ernments, high-grade municipals and gilt-edged corperation bonds, was a gloomy cne. New capital offerings were scnx;‘ce. “;;‘M 'lellwthey might b2, with such conditions re] anything but high-grade emissions. RES The future depends entirely on the course of corporate earnings, the ability of foreign governments to turn political and economic turmoil into order, and & return of public confiaence. Without at least some indication of a betterment in the first two, little evidence of the latter can be expected. (Copyright, 1931.) By the Associated Prezs, NEW YORK, May 30.—While the spurt in the general demand for men's shoes during the last month has brought the unit volume since the beginning of the year very close to that of the cor- responding period of 1930, orders from independent dealers are ' lagging be- hind, reports from New York trade circles indicate. The smaller stores are reordering very cautiously to cover only their immediate needs and are not making any purchases in advance. Attempts to check the downward trend in silk prices by artificial means or to capitalize on the price fall by adopting a trndln‘ down policy were both condemned by a commiitee of merchandise managers of the National Retail Dry Goods Association and mem- bers of the Silk Association of Amer- jca. It was agreed that interests of both parties could best be served by allowing the price situation to take its own course. A volume demand from independent retailers in many sections of the coun- try for men's to retail at two for $1 has a) d during the week and is pro the main feature in the market, resident offices in New York report. Calls from Illinols, Mis- souri, Maine and as far West as Mon- tana have been received from inde- to offer in compstition with chains. LAND VALUES BETTER. Farm land values have probably reached an investment level in many the opinion of Dr. L. C. Gray, areas, in land ‘economist of the Department of This was countered by an opinion from | ndents, w] pe; ho are anxious for an ltem: sales for the last 10 days will ‘“fl;" y HUGE COPPER SALES MADE AT LOW PRICE | Record Cost of 8 1-2 Cents a Pound Reported on New York Market. By the Associated Press. NEW ORK, May 30.—A canvass of th> copper market by the publication ‘Metal and Minersl Markets has dis- closed that a large part of the 44,000,000 pounds of copper sold in the domestic market during the past week changed hands at 8!5 cents a pound, the lowest price on record. e figure is a quarter of a cent un- der the market quotation of 83 cents, delivered, in effect in the domestic market for ceveral days. por of copper in manufacture form by the United States Iast smonin showed a slight increase to 16,326 met- Tic tons, compared with 16,223 tons in Maren, Imports in February amounted X . the Americ Metal Staistics reports. R Xports of refined copper from United States also showed & declia amounting to 16919 tons in April com- 3 3 X tons i 2868 tons in February, e and ‘orld production of co T year Is estimated at 1.606,045 shocy toer compared with 2,104,110 short tons in 1929. The bulk of the reduction re- !s:izegmz%ms (Surtallment at mines in 28 and Ame; |~ mines in hgx:kAmerlcl'? o oy ever, stocks of T 8 - fineries in North and South Amrics April 30 are estimated by the American Bureau of Metal Statistics at 367.921 tons compared with 301,338 tons as of April 30, 1930, and 57,494 tons as of Apru 30, 1929. 'ihe mcreased stocks, in spite' of the curtallment of production, reflected clearly the restrice tion of consumption incident to the de- pression dnd do a good desl to explain the persistent decline in copper prices This decline occurred notwithstand. Ing that world production during the first four months of 1931 is estimated a5 §28.210 short tons compared with 605,- lons for y o i3 the corresponding e slaciening demand, of the deprecsion, caused an bromahs stocks and the consequent price declire in gite of the curtailment program This view seemingly is a fair conciusion from a consideration of the statistics, —_ [RETAIL SALES PICK-uP MAY IMPROVE MARKET Special Dispatch to The St; NEW YORK, May 30.—Hornbl Weeks in their weekly mflelmma say: “Because offered so inaugurate an upturn. The ‘tecl position of the market justifies l::fi | development, and we feel an under- standing in Wall Street of the improve- ment w has taken place in retail the economic basis. While the romparisons may not run ahead of May, 1930, due to the five Sundays this :.n‘o;l:;\é&h!perdlyuluw]flbelh market volume (shares traded) . . Upward 1% — 94| 26k (2B% PaeGAEDILIITY oo (ALl rights reserved, Cambridge Associates, Boston.) o 3% - Wl 4% Pas Tin Corp spec (3) e (Annalist) . s cbr ol ! 71 Empti ot 31% Empire Power pt (2.24), g \