Evening Star Newspaper, June 4, 1931, Page 14

THE EVENING STAR, WASHINGTON, D. C., THURSDAY, JUNE 4, 1931. FINANCIAL. INLGH TURNDVER NOTE—Owing to break in the New York wire service, this market is in- complete, Junior Railroad Group Is Fea- ture of Market—U. S. Issues Gain. FINANCIAL. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. TA—14 ¥ER §1,550,000,000 ROAD Pennsylvania Is First in List é,‘: of States, With $60,- | % 000,000 Budget. S. P. SCHAEFFER. A}:oycxggé‘ Press Financial Writer. nd county expenditures for cos:lm foads in 1931 will amount to $1,550,881,000, a nominal decrease from the $1,552,045,000 expended last year. Estimates filed with the American Road Builders' Association indicate State ex- penditures will increase during the year by approximat:ly $50,000,000 as com- pared with last year, but a decrease of the same amount in county exp:ndi- 5. e nsylvania .leads in estimated ex-| 3% 18% enditures this year with $60,000,000 by | 15, &5 The State and $75,000,000 by the coun- | 147, 155 ties, @ total of $135,000,000. Niw York | yo4™ jyge is second with highway expenditures of $110,000,000 about equally divided be- RRE D O {ween counties and State. Delaware R has the smallest expenditure with $3,- Nt Sumpty (3 3 " Nat Suret; . OO Touped by sections of the country, L) New England is spending $70,140,000 in LA the States and $16,500,000 in the coun- e ties, a total of $86,640,000; the Middle b i ke lem (5)... 408 1 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. Sales. High. Low. Close. 87 8714 107% 90 111 Cent 58 '55. 1] Cent 645 '3 11 CCSIL&N 63 A+ 111 Steel 435 °40. .. 17 Inland St14%s A'78 12 Inland Stl 4s% B'81 Int Rap Tr bs ‘66 (nt Rap Tr bta (nt Rap Tr 63 32. (rt Rap Tr 78 32. (nt & Gr Nor int Hydro £1 Int M Co 68 ret 41 int Ma:ich 68 47 Int MM col tr Int Pap 55 A int Pap 6s ‘55 (Continued From Page 13.) Stock and Sales— Dividend Rate. = Add 00. High. Midland Steel pf (8). 1 70 Minn Mcline Pow... 3% Mo Kan & Texas. ... 14% Mo Kan & Tex pf (7) 467% Missouri Paciflc, 1% Missouri Pac pf 58 Monsanto Ch W(1%) Montgomery Ward. Mother Lod Motor M & Motor Products (2) Motor Wheel (1). Mullins Mfg. .. Mullins Mfg of (7). Munsing, Inc (2)... Murray Corp. 4 ‘Nash Motors (4).... Nash Ch & St L (5). Nat Acme (80c) Nat Bella Hess. Nat Biscuit (2.8 Nat CasH Registel Nat Dairy (2.60). Nat Dist Prod (2) Snider Packing pf... South Port Rico Sug. South Cal Ed (2) South Pacific (6 South Ry (8. Spalding 18t vf (7)..1408 Sparks Withing (1, Spear & Co. s e s UNITED STATES. B t (Bales 1.000.) 5 NEW YORK, June 4—The following. is a summary of import2nt corporation : news prepared by the Standard Sta- tisties Co, Inc, New York, for the Associated Press. News Trend. Margin requirements on regular loans 63 | to brokers were Teduced to 20 per cent 40% , from 25 per cent yesterday by several §7% | of the important New York binks, ap- ' 447, | parently acting i nthe belief that mar- 7915 | ket values have declined now to levels where a lower percentage as security against possible future decline is jus- tified. The strong rally that took place in stocks yesterday undoubtedly had its origin in this bank action as well as in present technical position after continuous selling. Following persistent increases in daily averzge crude output, the last for the week ended May 30, made public yes- terday and the day before, leading ;| companies have made further cuts in - | prices on a Nation-wice scale. While such action is a natural development from the obvious overproduction of oil, it 1S none the less most unfortunate for this industry. Reports of retail sales for May will be' received shortly in large numbers. As is usually the case, the few early reports received thus far are too ir- regular to furnish an indication of the comparisons that large aggregate sales will make with the year before. Mont- 3% | gomery Ward shows relatively large 95% | decreases for May and the five-month 95% | period, whereas W. T. Crant and Edison Bros.' Stores show sizeable | gains. fal LAb 3%s 3247, 9 List4!s32-47. 7 10313 103 12 103 L4th4%s33.38 47 104 30 104 27 104 27 US3%s40-43.. 12 10231 10231 10231 US3%s43-47., 10 103 2103 2 103" 2 US4s44-54.... 310911 109 710911 US4%s47-52, 25114 2 114 2114 2 9% 39% 14 50 18% 39 13 16 729 » AbitiHI P& P Ab&St5% Allegheny b Allegheny 5 Allez Corp 63 Allis-Chalm 658 '37. Am Chain 6s°33. ... Am F P 532030... . Am 1GCh5%s4d. Am IntCp6is 49, Am N Gas 6%s '42. Am S&R 18t b8 '47. Am Sug Ref 6s'37. Am T&T cv 434839 Am T&T 55 °65. Am T&T c tr b BY K _H. RICHARDSON. Speclal Dispatch to The Stai NEW YORK, June 4.—The bond market continued its improvement to- day in somewhat more conservative fashion than was the case Wednesday afternoon. Gains, especially in the junior railroad group, were wide, with some of them extending to 5 points, but there were no 10-point jumps. ‘The pace was slower, and some of the snap was taken out of the trading in junior bonds by the hesitation of the stock market to continue its advance, but it was apparent that a definitely better tone had been injected into the investment market. Money rates were unchanged, so far as the official quotation went, but n?sl 90-day loans were placed at the 1> per cent level, and for the first time in weeks there was a hint of a stif- fening in the money market. However, high-grade bonds took no cognizance of it, as there were small advances in all United States Government long and short term descriptions; municipals were a shade higher and prime corpo- rations issues remained close to their high prices of the year. Atchison general 4s were turned over in fairly large volume fractionally above par and higher on the day. Sim- flar firmness wag shown by American Telephone 55, Baftimore & Ohio first 4s, Brooklyn Edison 5s, Canadian National Railways issues and similar bonds. ) Stand G & El pt (7)., Stand Ofl Cal (h23%). Stand Ol Exp pf (5). Stand OlI N J (12 13% Stand Ofl N'Y (1.60). 16% Starrett (LS) (12%) 21, Sterling Sec A... 30% Sterl Sec v pf (3)... 8 Stewart Warner..... Stone & Webster (3). Studebaker (1.20)., Sun Ol pt (6). (taly Pub Sv 7s"62. 26 Japanese 5% % 26% 1414 50% 26% 9% an Jugosl Bank Kan CFtS&M 4536 Kan City Sou &5 ‘60 Kan City Ter 4s '60! KanG & E 4%s'30. Karstadt 6s°43 Kend 51548 w Kresge Found 65 36 Kreug & Toll s " Superior Oll. Superior Stee! Svmington A ‘Telautograph ¢1.40). ‘Tennessee Corp(50c) 08 Texas Corp (2)..... 16 Texas G Sulphur (3). - wulupansiivwan~ aneeEaan Argentine 65 A ‘57, Argentine 6s B '58., Arm & Co 4%s 3y, Arm Del 513 Assoc Ofl 63 Atchison gen 4s Atchiscv 4% AtCL 1st 4; AtCL4% At Gulf 55’59 At Ref deb 55 37, Australia 4}4s ‘56 Australia 55 ‘55, Austraiia 5s 67 Austria 7543 Austria 7557 13 6% 7 71% 1474 124 5% 108 105 94% 63 119% 105% 10 5% 107% 100 2915 15% 217 139 4% 90% 56% 35% 21% 607 301 19% 17 24% 1% 24 132% 227 Laclede 6%s C'63.. Laclede 5%s D '60.. Lake Shore 3%s 97 Lautaro Nit 6 64.. Leh Val cv 45 2003, LehV cv 4%s 2003.. Lig & Myers 68’51, Lig & Myers 7844, Loew’s 65 ex war... Long s rf 45'49. . Lorillard 5%8°37.. 4 Loriliard 7s 44.... L& N 4%s 200 L&N1strfb%s Lyon: ‘34, McKes & R 5%s8'50 23 Manh Ry 1st 4s 90 Market St 7s 40. Marseille 65 '34. Mex 4sasstd 1910. Midvale Stl 63 °36.. 10 Milan 6%8 '62..... 25 MilE Ry & L 6861, 12 M StP&SSM con 4s. M StP&SSM 6%s. . MK & Taijbs MEK&TprinssA. Mo Pac gen 45 ‘76.. 22 Mo Pac 53 A "6, 12 Thompson (J R) Atlantic States, $176,725,000 and $158.- & Thompson Prod 1.20. 250,000, a total of $334975,000; the Southern Stat:s, $300,195,000 and $104.- 500,000, a total of $404,695,000; the Mid- dle’ Western States, '$307,444,000 and $231,500,000, and in the Western States, $109,367,600 and_$76,260,000. The ratio of State to county expen-| ditures in the cifferent sections is: New | England, counties about one-fourth of State; Middle Atlantic, State and coun- ties about equal; Southern, countles about one-third of State; Miadle West- ern, countics about two-thirds of State; ‘Western, counties about three-fourths of State. The State Highway Departments are | expected to buy highway cquipment costing $14,685,000 in 1931 as compared with $14.714,706 in 1030. County pur- chases of highway equipment may be somewhat smaller in 1931 than last year due to the slight falling off in road building. NEW YORK BANK STOCKS NEW YORK, June 4 (#).—Over-the- counter market: o % Timken Det Ax (30¢c) Timken Roller (3)... % Tobacco Products. Tobacco Prod A t95¢ Transamerica (1)... Transue & W (1).... Tri-Cont Corp. . Tri-Cont Corp pf (6) Trico Products(2%). 9% Uten & Co (1.60). 40 Und-Ell-Fisher (5).. Union Bag & Paper. . Unlon Carb & C 2.60. N Y Steam of (6). Noranda Mines. Norf & West (112).. North Am Aviation. . Nor Am (b10%, stk) Nor Ger Lloyd m2.56 Northern Pactfie (8) ORIOON. - . oain oy 5% 2 Oliver Farm Equip 26 10 Oliv Farm Eq pr pf 4 3% Omnibus Corp. 58% 317 Otis Elevator 16% 6l Otis Steel. 39% 251 Owens 111 547 38 Pacinc Gas & 91 (3). 69% 48% Pacific Lighting (3). 131% 116 Pacific Tel & Tel (7). 5% Packard Motor (40c) 1'; Panhandle P& R.... 19% Paramount-Pub 2%. 1 Park Utah.. . 2 Parmelee Transport. 1 d’athe Excharge. 3 Pathe Exchange A. 6 Patino Mines. . . 2% Peerless Motor Car 2815 Penick & Ford (1)... Penney (J C) 12.40). Penn Dixie Cement. . Penn Dixie Cmt pf.. Penn RR (4). Peoples D S pf Peop G: Tet Miik Co oria & Kastern. Fetrolm Cp of A1) Phelps Dodge (2)... Phila Co 6% pf (3). Phil Rap Transit pf. rnil Read C& L....e - Phtllips Petroleum. . i Pierce-Arrow pf (§) o LAt i Pierce Oll.. . o | AL 28 _inivEieRtRioh (x).. 5 Pierce Ol pf. .. " \adasco Sales Corp. Pierce Petroleum 23% Vani Pillsbury Flour (). 1 * 2 7 e 3% 1 Pitts Term C pf... 715 Va-Car Chem 6% pf. Pitts Unit Cp pf (7). 984 Va Elec & Pwr pf(6) 110s 105% Pittston Co (1%).... 38 Vulcan Det (4)..... 2608 443 Pour & Co (B). 90 Vulcan Det pf (7). 95 Por(RAl:n Tob Wabash KR, ER S Wabash RR (A). Postal Tel&Cable pf. WRIAOE s (a6 Prairie Oil & Gas. . Wl s ) Ward Baking B. Pressed Steel Car. . .. g B Warner Bros Pict. N Warner Broy pf 3.85. Pub Sv N J pt 6) Warren Bros (3) Eub Byc SERDILO). . Bios cv pf (3).. 5 Pu"";.:ln Corp (4). P Fay AP (1) Pure Oll. . W, i 663 Pure Ol pf (8) West ba Bl pE (83 Purity Bakeries (3 West Pa Ei pf (7 Tadio Corp. West Pa Pow pf (6). Radio Corp West Pa Pow bf (7). P Radio-Kelth-Orpl Western Dairy (A).. pansicilla Corp e :m Sec 1 C stk C n.l Western Duiry B 9 6 CB&Q U 4 . - | 9% 17% Raybestos Man 2.6. Western Md. Bistrict (&) idv4s 49, 9 Jorway b s S Reading 2d pf (2). .. Mo SO b | Pe Niul, 8K & T D) 3 [Cmiabanilsal, o & Norvay b 63, Real Stlk Hos(b10%) Western Pacific pf.. 2 ; ; i B ahas Chi Grt West 43 ‘5 Norway 65 Itemington-Rand. .. . Western Union (8).. 52 107 Metropolitan’ (14).. - b L Norway 68 Kem-Rand 1st pf (7) Westing A B (2). 6 23 | Riggs_(158) . Chi M SUW&P os 67 B . a' 1% i # iteo Motor Car (40¢). Westing EI&)ifg (4) 599 Weshinton (18)111111100 Chi M & St P ad) 58 125 Oreg-Wash 4s'61.. Republic Steel. .. Westing E&M pf (4).130s CRLE NW gnda87." 7 OEISEIaR A = Westvaco Chlor (2). 3 Wextark Radio Strs. White Motors (1). ... White Rock MS t4i4 Wilcox Oil & G . Willys-Overland . Willys-Over pf (7). Wilson & Co. Wilson & Co e Woolworth (2.40). .. 232508687 Vvorthington Pump.. 196 48% Wrizley (Wm) (4).. 12 72 5% Yellow Truck. < 99 B 50 Yellow Truck pf. 10s 42 14% Youngs Spring (3) 13 20 89% Yngstwn Sh&Tu(2). 2 35 35 YngSh&Tectf (Bl). 18n 1l ZomteProd Corp (1) 3 12% 11% Sales of Stocks on New York Exchange. cha 10:30 A.M. +e 500,000 1 1:30 P.M. - 2,100,000 Dividend rates as given in the above table payments based on the latest quarterly or *Unit of trading less than 100 chares. | in stock. 94 112% 98 4 10; 105 The Companies. American Cigar omits quarterly pre- ferred dividend: paid $1.50 April 1. Canida Power & Paper—Recrganiza- ticn plan promulgated by Securities Protective Committee; new company would be formed. Chicago & Eastern Illinois Railway— 85% | T. C. Powell replaced as chairman by 103% | K. D. Stecre: Directors Potter, Swan 81 |and Heed replaced by M. J. O'Brien, H. 90% | E. Otte and Hyatt. change believed 72 | made to give Chicago greater repre- 891 | sentation. 581 Cream of Wheat Corporation—25 £3 | cents extra and 50 cents quarterly com- 81% | mon dividends. 811y General Theaters Equipment—No ac- 1% | tion reported as yet on preferred divi- 63 | dend currently expected. £ 105% ! Montgomery Ward & C>. May sales 60% | off 25.9 per* cent, 5 monias off 16.6 per 65% | cent. %53 | Pacific Coast Cc—First mortgage bondholders form protective ccmmittee. Richfield Oil of Cailfornia—Inde- pendent interests reported considering | ca’e of more common stzcx or additional debentures to acquire necessary working capital for proposed reorganizatiomi plan would previde for offer of pre- ferred 2nd common stock to bondhold- | ers; unsecured creditors would receive second preferred stock: present perfer- red and comm:n stockholders would be offered rights; receiver McDuffi> states no plan has been submitted to him. Bide Water Ol 15 cents quarterly dividend: formerly paid 20 cents. . 8. Steel—Compiste integrated pélnt reported contemplated for Can- aca. ‘Wheeling Steel declares regular quar- terly dividends $2 on preferred A znd $2.50 on preferred B stocks. Wile-x Rich Corporation March quar- ter net income after class A dividends, $139,644 against $271,637. Ahumada Lead Co.—Finances re- ported exhaustsd: operations to be sus- pended -and property to be closed June 30. American Car & Foundry gets order for 500 underframes from Northern Pacific Railway. Edison Bros.’ Stores May sales up 52.2 per cent; four months, up 426 per _cent. Electric Auto-Lite Co. president ex- pects earnings to cover dividend needs of $3 for first two quarters. General Mctors May Oakland out- put 14,829 cars, against 14,188 in April; May best month since August, 1929. Harpen Mining 1930 deficit, $156,160, against net income, $1,313,110, in 1929. Humble Ofl & Refining withdraws posted price schedules for crude oil in East Texas; cuts prices in other sec- tions of State to 25 cents a barrel on crude below 35-degree gravity, with 2 cents differential for each degree of gravity t> 40 and above. International Utilities stockholders to vote on increasing authorized preferred | stock redesignated prior preferred to 600,000 shares and class B stock to 2,500,000 shares; present preferred to be exchanged for new preferred on share-for-share basis. National Transit cuts Pennsylvania grade crude oil price 25 cents a barrel to $1.50. Northern Pacific Railway president states no betterment in earnings is yet in evidence. Phelps Dodge Corporation 25 cents ! quarterly common dividend; formerly paid 50 cents. Purity Bakeries reports upward trend | since April maintenance of $3 dividend | expected; cash May 21 totaled $3,003.- 171, against $1,898,776, December 2 930. Safety Car Heating & Lighting $1 dividend; previously paid $2 quarterly. Washington St.ock thange SALES. Washington Rwy. & Elec. 45—$1,000 at 90%, $1,000 at 90%. 5 Potomac Electric 5'% % pfd.—5at 11013, Washington Gas Light Co.—10 at 115. Washington Rwy. & Elec. pfd.—10 at 9814, 5 at 98V}, 5 at 93V, 10 at 98%, 20 ‘at 983, 10 at 983, 20 at 98%. American Security & Trust Co.—10 29815, 10 at 298'%, 10 at 298Y 29815, 5 at 2081':. Columbia Medical Bldg. Corp.—2 at 91. AFTER CALL. Co.—10 at 35%, 5 at VE c"fs‘;fl 51:::3":‘@: 50 at 35%, 10 at 359, | Bollvia 7s'58 20 ‘at 35%, 5 at 353 Bolivia 7s°6y. Washington Rwy. & ivia 8s ¢ i at 98':. Potomac Electric 5! pfd—3 at 110, 1 at 110%. and Asked Prices. BONDS. PUBLIC UTILITY. o nt me 41, B & O Sw dy 58 50, Ban & Aroos 4s ‘51, Bk of Chile 6 %3 '57 Ek of Chile 6%, °61 Batav Pet 4% Belgium 63 Belgium 7 Belgium 7 Bell Tel Pa ts B 39 13 208 90 1 156 1 Un TankCar (1.60) % Unit Alrcraft. . Unit Alrcraft pf (3).. Unit Biscuit (2). Unit Carbon. .. Unit Cigar Stores. ... Unit Cig Strs pf (§). Unit Coryp (76¢). Cnit Corp bt (3). Mo Pac 5%scv 49, Mont Pow 58 ‘43 Montevideo 7s . Mor & Co 1st 4% NCh &St L 4578 Unit Fruit 4). Unit G & Im (1. 1 Unit Piece D W (2).. U S Distributing. U S Gypsum (1.60) U S Hoffman. . .- S Indus Alcohol (2) Leather A... Pipe & F (2) Realty & Imp(2) Rubber. .. Rubber 1st pf. Smelt & Ref (1). U S Steel (7).. U S Steel pf (7). Chase Chat_Pheni: s Commercial Nati First Natl N Y. Manhat Co ... ®Electric ptd.—10 11 A 42'% 964 183% Netherlands N Eng T 1st N&T&MG6SB b4, NOT&Mb% New S Wales New § Wales 6 NYCgnit N Y Cent db 4s N Y Cen4s'98..... NY Cen rf 41452013116 NYCreim6s2013. 5 Y CentdL 63'35. 6 Y CLS ci 3138 3. NY C&SLL 43818, N YC&sStLés32. Y Edison 58 B 44 Y ELH&P 58°48.. NY NH&H 45 56 NY NH&H 4348 NY NH&H cv db 6 NY O&W 1st 4892, NY Tel 4148 N Y Tel 63 41. N Y Tel 6s 4 NY W&B ¢%8°46.. 2 Nia Sh Md 5%s Nord 6448 B0, Nor & Wnev No Am Co 3s 61... A Ed'son 55 C'62 or 0T & L 68°47. or Pac 3s 2047 Brazil 8s 41 Bk Ed gn A i 62% | | Blyn Un 15t Pty | Budapest 65 " Buenos A 65 '61 Ey. Buff Gen El 413581 SEP el T { Bush T Bldg 6% 60. SRl e R Calif Packing 5s' 40 Georacrown. Ghg ist 35 Al , U u u u J u U S 8 F] s S 8 Tel, & Tel. 4'2s & rei. ctl. tr. Aadcosua & Pot. Anacostia_ & Pot. Guar. 55 Tel. of Va. 101% 9% 97 108% 105 ng Manufacture Few York INVESTMENT TRUSTS NEW YORK, June 4 (#).—Over-the- counter market: is 0" 4 st D188 188 Wash., Alex. & Washington Gas 4 Washington Gas 5s.... wash. Gas 65 series A Wash. Gas 6s. series B Wash, Rwy. & Elec. s MISCELLANEOUS. Barber & Ross. Inc. 6'ss Chevy Chase Club 5ias.” | Columbia Country Club 5%z { D C. Paper Mfe. 65.... { Wash. Mkt Cold Storage 55 Wash. Cons. Title 6s. STOCKS. PUBLIC UTILITY. Tel & Tel. (9)... Aoitol Traction Co.. WP Gas Light Co wash, Sieamboat, 5sJduly Can Nat 55 Oct "6y Can Nat 55 70, Can Nor 6%s db Can Nor 7s deb 40. Can Pac deb 4s. Can Pac 44560 Can Pac §s ctfs '¢ Can Pac 58 54..... Car Clin & O 5s Car Clin & O 6s "% Cer.. Pac 454 Cent Pac 55 '60. Cen Ry NJ g 558 Cert-td dev o s 48 Ches Corp &5 '47. C&O4lsA3, C&O4%s B Over. Bid. Bid. Asked A B C Trust Shrs D Loaws A B C lrust Sors b Am Am Am Am ‘Am. Am Am Am Am Am Am & Gen sexur A & Gen secur & Gen Secur §§ Di. . Brit. & Cont. 6% bf. Composite It SIS, Founders 6c DI.. Founders ‘e Bi.. ... Fourders 1-70th com. Founders conv pf ctfs. Founaers vai. . ‘Am Founders 1-40in’coi Am Ins Stocks .. . ‘Assoc Stand Oil.. war Ad & Pac Int units Atl & Pac com ww... Pac pf war t Inv. Nor Pac 53 D 2 ~ o Nor Pac r 1 63 2047 P L Nor St Pw 53 A 41 Capital (14) o R Nor St Pw 63 B 41, Columbia (12) Commercial ( 3 209 > amped) (10} Coain & Gi Chain Store Invesi Chain Store invest pi... Chain_Store Shr Owners Chartered Invest .. TRUST COMPANY. Amer. Sec. & Tr. Co. (15 Continental Trust 3 Prince _?flsrttes! Bank & Trust SAVINGS BANK. Bank of Bethesda (6%) Commerce & Savings (10 i Washington (12). T Eotomes (X com B (it Seventh Street (12). United States (30) Wash. Mechanics (30).......- FIRE INSURANCE. American (12)..... 3 Gorcoran (10). Temen's (8) 1 Natlonal Uniefi (1)1 : TITLE INSURANCE. lymbia (61 o Real Estate’ (oh ¢ MISCELLANEOUS, Ross. Inc.. com. ... TP iedicas Bidx. Corp. (8) Col. Sand & Gravel pfd. (7 Dist. Natl. Sec. ptd. (1) Emer. AR Orient dev 6s 53 Pac G & K1 6842, Pac T&T 1st 58 37, Pan-Am Pet 63 '34. Pan Am Pet 65 1940 Paramount 68 '47.. Paris-Ly M 7s '68. Pathe Exch T Penn 4s '48 Sta Penna 4%s D31, Chi&Nwn 41352027 4 C&Nwn 4135 ¢ 2037. 30 Chi & NW con 4 Chi RI&P gn 45 ‘88, Chi RI1& Prf4n'ss 1 ChiRIcv 4%s Chi RI&Pac 4% Chi Un Sta s B '63. C& W Ind cv 4852, & W Ind 5%s'62. 4 Republic Steel bf.... Reynolds Metals (2) Reynolds Tob B (3). Richfield Oil. ... Rfo Grande OIl. Kossia Insur (2 20). Roy Dtch(m1.2404). 38% Safeway Stores (5). Safeway pf (6)..... St Joseph Lead (1).. St Louis & San Fran. St L-San Fran pf (8) St L Southwestern Savage Arms (2) Schuite Retail Strs Seaboard Alr Lin Sears Roebuck 3123 . Second Nat Inv pf. Servel Inc. 208" Cumulative Tr Sh Corporate _Trust Crum & Foster 87 Crum & Foster . Crum & Foster Ins e pt Crum & Foster Ins.. ... Deposited Bank Shrs N ¥ Deposited Bank sShis N ¥ A Diversified Trustee Shis A Diver ed Trustee Shrs B. Diversified Trustee Shrs C Equities Investors Corp com.... Equities_Corp pf Equity Trusc Shr: First Amer Corp Five-Year Fixed Tr. Fixed Trust Shares A. Fixea Trust Shares B.. Fundamentel Tr Shrs A Fundamental Tr Shrs B General Equity A. . Granger Trage Gude Wiamill Tra Incorp Investors Incorp Investors Equit . Independence Tr TS, . losurance Shrs & Gen Mancge 400 ot 28 200 17 - 108 Pying B 37 664 Penn 5s ‘64 Penna gen Penn 645 ‘36 Penn O&D 4 . Pere Mar 41%s ‘80.. Pere M 1st 55 ‘56 Peru 6s ‘60 Peru 65 ‘61 Phila Lo 63 61 Pnila & Read 63’49 Phillip Pe: 53839, Pilisb F M 63 43... P CC&StL 4%s 7. 1004 Clev Term 535 ‘72, 85 “olomp 6s Jan ‘61 Colombla 65 '61 Oct Colon 01l 65 Colo & Sou 41ps 5o. Col G&1 b3 May ‘b2 m Inves 5les ‘4 Gas NY 4%65'95wi ConG N ¥ o4z 4o, 12% 115 1.200,000 2 200,000 Te the annual cash -searly declarations, 1Partly extra. :Plus 47 Shattuck F G .- Shell Tr (m96 3-5¢). Shell Unton O1l. . 5 5 5 Shell Un Ol pf (5%) 29 | Baj Leaders of Industry Low-Priced Sh Major Corp Sh Mass _Investors Mohawk _Invest Mutual Invest Tru: Mutusl Manage Naton-Wide Se Stan, Stsnd Collat_Truste State Street Invest Trustee Stand Invest D . Trustee Standard Oil A Trustee Standard Oil r N ¥ C Bank steed Am Bk Sh B entleth Century_Fixed Ti .. Skt (Bh..... . i | Universal Tr Sh FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) ‘Nominal §0ld elling checks av. $4.86 21232 | 3913c TREASURY CERTIFICATES. (R d by J. & W. Seligman & Co.) R Eaturits, "Bie. & “Ofter. 100 10-32) . 100 10-32 100 1532 100°17-32 1100 732 100 . 100 18-32 100 20-32 100 27-32 100 29-32 101 18-32 100 19-32 Shubert Theaters Simmons Co. .. Sinclair Con Ofl (1). Skelly Ofl | TPlus 8% in stock. 67 | j Plus 50c In special preferred stock. 3 | this year—no resular rate. §Pasable in scrip. b Payable in_ stock. #Paid last year— or stock. in_stoc in stock. m Patd & Plus 6% in stock. k Plus nPlus 5% in stock. Buying for Profit BY GEORGE T. HUGHES. It i3 never safe to buy securities | simply because they offer a high yield. 9% | This s true of both bonds and of stocks. The rule is the larger the re- turn the greater the risk. The market sometimes_cverestimates the risk, and again it underestimates it, but it is, in he case of securities with an active | trading interest, as good a measure of this risk as we have. Especially in times of business de- pression and falling prices for securi- ties is it dangerous to put too much cmphasis cn the yield. As this is written a compilation of leading stocks listed on the New York Stock Ex- change shows that the oils give the largest return and the public utilities the smallest. Next to the oils come the copper stocks and then the motor shares and then the sie2i issues. At the other end of the yardstick the store stocks rank next to the public utilities In giving the buyer at pre- vailing prices the lowest yield. All this meces is that in the judg- ment of the mass of buycrs and sellers there i§ the greatest doubt ebout the ofl stocks maintaining their dividends and the least doubt about the public utilitiés keeping up their rates. The market opinion as expressed in quota- tions is not a static affair. Prices fluctuate from day to day as conditions in the trade concerned or in ihe out- look for a particular company seem to indicate. Therein lies the possi- bilities of profit and loss in speculation. Bonds move over a much smallery rangs, but it is even morz significant ‘when a bond sells to give a suspicicusly high yleld than when a stock dces. Th paid at maturity and meanwhile interest must bz met on the coupon date, otherwise bank. ruptcy is confessed. A dividend on a stock may be cmitted and the corpora- tion be perfectly solvent, but there is no option about the payments to the bo! lders. Weakness in a bond, therefore, is mcre occasion for concern than it would bes in the case of a stock. In any event, yield on either no fe indication of stock or bond is ! the desirability of the investment. (Copyright. 1931 Brighton, Hove and Worthing, Eng- ;hl;a. will establish & community air- pol CUT IN COLOMBIAN OIL PRODUCTION IS PLANNED By the Associated Press. BOGOTA, Colombia, June 4—Reduc- tion of approximately 25 per cent in the rate of production of Colombian oil is seen in the statistics released by the | Trepical Cil Co. on its April activities. During that month, the Tropical, only active exploiter in Colombia, produced 1,467,429 barrels of crude oil from its wells. This, compared with the monthly average of 1,666,000 barreis, which was maintained thrcugh the first quarter of 1931, shows a reduction of 12 per cent for the month's production. But the order to reduce production was not given until the middle of April, thereby indicating that the mcnthly curtaiiment will be about doub hi the April figures show. It is un that the curtailment order followed an agreement reached by the parent Stand- ard Oil of New Jersey with other com- panies in the United States. Of the April production, 1,408,155 bar- rels cf crude oil were delivered to the ‘Andian National Corporation for de- livery to the Mamonai Terminal on Cartegena Bay, whence Colombian oil is exported. The company plant at Barran Caber- meja refined 118,343 barreis cf the oil for domestic consumption. METAL MARKET. NEW YORK, June 4 (#).—Copper, quiet; electrolytiz spot and future, 8a 8Y%;. Iron, quiet, unchanged. Tin steady, spot and nearby, 22a35;. future, 2255. Lead, steady; .spot New York, 3.75; East St. Lou's, 3.60. Zinc, easy; East St. Louis spot and future, 3.20a 3.25. Antimony, 6.30. . Foreign Language Paper Sold. PITTSBURGH, Pa., June 4 (#).—The Volksblatt and Freidheitsfreund, one of the three oldest foreign language news- papers in the United States, has been purchased by a Cleveland company, which also publishes the Warchter and Anzeiger and the Szabadsag, both in Cleveland. 4 The Girl Scouts of America num- bered a quarter of a million members on their recent alneteenth Markets at a Glance —— NEW YORK, June 4 (#).—Stocks; strong; investment rail lead broad ad- vance. Bonds: Strong; rail issues ad- vance. Curb: Firm; leaders rise about a point. Foreign exchanges: Irregular; French franc sags. Cotton: Higher; firm stock matket and improved trade demand. _Sugar: Easy; lower spot mar- ket. Coffee: Easy; unsettl ooy . ttled Brazilian CHICAGO, June 4 (#)— H Firm; dry weather and bebbe‘raexp:,rk;e::; mand. Corn: ; bullish Oklahoma and Tows State reports. Cattle regular. Hogs: Steady to higher, = Business Notes By the Associated Press. NEW YORK, June 4.—Registration of buyers in the New York wholeszale merchandise market during the week ended yesterday showed a decrease, as compared with the preceding, week, but was above the total for the like week last year, according to lists published in the New York Times. r the past week 563 buyers were lfsted, against 653 in the Prevloul week and 520 in the corresponding week of 1930. ' Buyers arriving yesterday numbered 277, com- mr:kd Wwith 259 reported Tuesday of last ek. Retail preparations for late June and July promotional sales of men’s wear are stimulating activity in the New York markets, resident buyers report, and orders are showing substantial gains over thouse of the previous week. ings Giviions 1 Particularly.sought by gs ns pal it retail buyers. 2 = Shoe buyers are being offered close- out lots of men's sport shoes at reduced prices by a few manufacturers, who apparently have become uneasy at the fallure of . these styles to move as quickly or in as large a volume as was expected, reports in the market indi- ly odd failed cate. The goods offered are main), lots of some numbers which hate m‘flndhl n;gg' m:;ket "i: ;z.n ;zhlch prices have 'n reduced cent, 1t is sald. i ‘Bromo-8-iz e e Lans Mer. Tr. & S W Meel Mige Vet ata s Wooaward & Lothrop pfd. *Ex dividend. bBooks closed. ex extra. 5% extra. NEW COAL USES NEEDED. By the Associated Press. Increased markets for coal are de- pendent upon its greater utilization, in the opinion of F. W. Wadleigh, con- culting mining engineer and formerly Federal fuel distributor during coal strikes following the war. Discussing the subject in the current Mining Congress Journal, Mr. Wadleigh says: “Increased markets are dependent upon increased utilization, and the lat- ter upon more efficient use, the finding of new uses, improved equipment and methods, together with properly pre- pared coal that is suitable to the use for which it is intended and sold.” MINE OUTPUT. By the Associated Press. The Federal Reserve Board reports that the output of mines, which ordi- narily, decreases at this season, re- mainetl _unchanged from March to April. Steel mill activity declined by considerably more than the.usual sea- sonal amount. There were large in- creases in the output of anthracite and petroleum, while the production of bi- tuminous declined by the usual seasonal amount. 3 During April and the first half of May there were large declines in the wholesale prices of non-ferrous metals and petroleum products. / SILVER QUOTATIONS. NEW YORK, June 4 (#)—Bar silver steady and unchanged at 26%. TSR D AR il April sales of Fidelity Investment As- sociation annuities amcunted to $6,708,~ 000, making the month the largest in the company’s history of 20 years. This compgres with $3,984,000 in April, 1 nd exceeds the sales of Septem- ber, 1930, which was the previous high record. The Guaranty Trust Co. has declared regulsr quarteriy dividend cf $5, pay- able June 30 to stock of record June §1% 5, Al Cent 4% Con Pwr Jap 6%s.. 3 Con Pow Japan 7s. Copenhag 4 %s ‘53.. govenh-g bs 52 Del & Hud rf 4s°43. Del & Hud 635 '37. Denmark 4% 62, . 1} Denmark 5%s'65 5 D& RGrgn 4s D&RG W 68 '55. .. 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Rio de Jan 8s " R Gr De Sul 68 '68 RIAr& L 4%s 34 Rome 6343 '52. Roy D 4845 ww... StL IM R&G 4833, StL&SFin it StL&SF434a'8. 0 Seab A Lirf 4s’49.. Seab A L 43 st ‘b Seab A L cv 684 Seime 7 *42 Serbs-Cr-Sl s Serbs-Cr-S 8; Sheli Un O11 » Skelly Ol 5%s '39 Soissons 6s ‘36, - o See muorarBrSanN e NN RBaSaae Cemm s 2 antne Sou Ry b3 '94 Sou Ry 6% StOil N J 68 "4 Tenn E1 P 63 A "47. Ter AsSt L s Tex Corpcv bs'e4. Tex & Pac 63 C 19, Third Av ref 4s 60 Third Av Ist 58°37.. s 983 % 104% 106 106% 94% 90 89% 52 9% | tinuance ¢ | Third Av adi 68 '60. Sears, Roebuck considering discon- of tage prepayment on | ordeys under $2. ‘Warren Bros.' 1931 earnings expected to cover $3 common dividend; current business about 90 per cent domestic and 10 per cent foreign, against equal ratio in 1930; cash June 1 reported about $1,~ 100.000. ‘Allis-Chalmers Manufacturing May 31 unfilled orders totaled $9,813,000, against $10,972,000 at end of April and $13.002,000 at beginning of current year. Eastman Kodak Co. chairman states domestic business approximating 1928 levels; export sales ahead year ago. Grant (W. T.) Co. May sales up 7.3 per cent, five months up 9.1 per_cent. Standard Oil (Indiana)—Chain store tax to have litfle effect on earnings: total tax at $25 a station would be $31 804 a year. tandard Oil New Jersey cuts bunker oil price 10 cents a barrel at Atlantic Coast and gulf points. Sales. High Low. Close. 12 34% 34% 34% 100 100% 4+ 100% 100% 9415 9413 85 85% 101 9414 98 101% Toho EI Pow Toho EI Pow Tokio 5% s ‘Tokio El Lt 65’ Un Pac 1st 48 Un Pac 43 Un Pac rf 48 2003 Un Pac 433 '67 Unit Drug cv 58 '53 Utd King 5148 3 U'S Ruh 1st 5847 Un St1 W 6% A 47 Ud StI W 634sA °51 Utd St W 6148 C'51 60 T afimanuiantieSSs Seome Ut Pow 58 ‘69 ww. Vert Sug 1st 78 "42. Vienna 6s°52 ..... Va Ry & Pow 6834 Walworth 6s-A 45, Va Ry 1st bs Warn Br Pic Warn Quin 3 Warsaw 78 '58. West El deb 58 Wst Sh 1st 4s 2. W, - 0o afenrwlilnaannsuiine Gaa Tt West Un T 6%s '36. WEO5%s8'31 ww. 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