Evening Star Newspaper, June 5, 1931, Page 14

| A—14 wwx SCHIFF WAS POWER ~ IN BANKING WORLD New York Financier Also FINANCIA TADVANGE I BOND | = o BONDS o] [UNTRY VGRS PRICES CONTINUES)| . =egems ™ pecemeris ! FEAR BRANCH PLAN FIN NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. s UNITED STATES. (Sales are In $1.000.) X “Sales Hix! Low. Close. |Hungary 7%s’éé.. LAb 3%s 32-47.. 22 102 20 102 18 102 20 INBTIistpfbs A List43832-47.1 38 103 14 103 12 103 14 111 Cent 4 2. Ldth43s33-38 20 104 30 104 27 104 27 111 Cent 45 53 %8 43-47 1103 5103 5103 5 e b Bales. ~rrev. 1931+ Hum O&R 5%=°63.. 11 High. Low. b 65t 2 6 106 15 86% 1 80 682 (Continued From Page 13.) ~Prev 1531~ 105% 106 High. Low. 4% 84% 26! 80 52“ But Delegates to Convention Sales— Add 00, High., Low. Close. Close. 22 21% 21% 17% « 17% % L] Stock and Dividend Rate. Monsanto Ch W(1%) Montgomery Ward.. 327 Mother Lode. . 6 Sparks Withing (1). 10 Spencer Kellog (80¢) 8% Spicer Mfg...... Highly Regarded for Phi- lanthropic Activities. BY JOHN F. SINCLAIR, Bpecial Disparch to The Star. NEW YORK, Jun: 5—Few American bankers were so well regarded, not only in banking but in philanthgopic endea- vor, as Mortimer L. Schiff of New York, partner of Kuhn, Locb & Co. for 30 years, who died yesterday. Not only was he a lacing New York and world banker for many years, but as president of the National Council of the Boy Scout movement, he was inter- ested in its activities for more than 20 years. In 1929, he gave $50,000 to it. Born in New York City, Mr. Schiff was educated at Amherst College, grad- uating with honors. Entering business with his father, Jacob H. Schiff, he spe- cialized in banking and railroads. New United States Bond Issue. No one dreamed that the $800,000,- 000, 18-year, 33 per cent United States Government bond issue offered by Sec- retary Mellon last week would be scven times oversubscribed. But it was, The Secretary has announced that the to- tal subscriptions when the books were clos:d exceeded $6,000,000,000. This shows as nothing else can that there is plenty of money in the banks for attractive investments. In regard to the amount of credit available, the present depr:ssion cannot be compared with that of 1874-79, nor to any other, except possibly that of 1921, In those earier times, the recovery was g-nerally slow, because there was a lack of gold and credit for business expansion. This available superabundance of gold and credit is one of the most fa- vorable factors at the present time. ‘Wages and Prices. Lewls E. Pierson of New York, chair- man of the Irving Trust Co., believes that the National Foreign Trade Con- vention hit the nail on the head when it declared that the preservation of present wage standards are contingent on a stabilization of prices at a level which gives a fair margin of profit. “No fact in business is more clearly established than that rising prices tend to stimulate activity,” says this New York banker. “When prices are falling buyers of basic commodities and manufacture are inclined to delay pur- chases in hope of still lower prices. The upward turn is the signal for re- newed buying and an increase in busi- ness and manufacturing.” But both the Dun and Bradstreet agencies show that commodity prices receded still further in May. Dun's index is off 2.3 per cent, while Brad- street’s is off 3 per cent, the lowest in 7_years. 4 Bsr':dsueel takes its index from 106 particular articles. Of these, during the month of May, 12 advanced in price, 41 declined and 53 remained unchanged. Chequers Meeting. What will Ohancellor Breuning of Germany and his assoclate, Foreign Minister Curtius, say to Premier Mac- Donald end Foreign Secretary Hender- son when they meet tcday at Chequers. the country residence of the British prime minister? There'’s plenty for these statesmen to talk about. German bankers have been saying for months that Germany is about ready to throw her hands in the air, with regard to further pay- ments of reparations. Many conserva- tive observers believe that the Germans nnnocl continue to pay reparations much longer. shortly‘-ner the war Germany had good international credit. She could borrow money, both on long term and short term ub:llgl:.lons. And she bor- rowed a great deal. But, thfi day is over. She can bor- row no more money for the present. She must pay reparations out of the excess of her exports over her imports. In a word, if Germany sells $500,000.- | 000 in goods to foreigners and buys from foreigners $500,000,000, she can | pay no outside debts. But if she buys goods worth $300,000.000 outside and | sells $500,000,000 worth, she can my; the difference—or $200,000,000—on her debts. Only the excess of her exports | over her imports can she pay. Right| now there is no excess. ight, 1931, by North American News- (Copyriant, e ber Alliance, Inc.) e i CHICAG?&VE STOCK MARKET CHICAGO, June 5 (#).—(United Department of _Agriculture).— gnus m?fi)lx, 18,000 head, including 7,000 direct; active, 10a15 higher than Thursday's average; bulk, 140-280 pounds, 6.25a6.50; top, 6.5 6.25; packing sows, 5.0¢ light, good and choice, 14 6.15a6.40; light weight, 160-200 pounds, 6.3026.50; medium weight, 200-250 pounds, 6.2526.50; heavy weight, 250- 350 pounds, 5.9026.35; packing sows, medium and good, 275-500 pounds, 5.00 25.50; slaughter pigs, good and choice, 100-130 pounds, 5.90a6.25. Cattle—Receipts, 3,000 head; calves, 1,000; all yearlings active, fully steady; medium weight and weighty steers very dull around 25 lower; butcher stock, bulls and vealers, about steady; yearling | steers, 8.40; heifers, 8.00; practical top weighty sausage bulls, '4.00; selected vealers up to 9.50; slaughter cattle and vealers. Steers, good and choice, 600- 900 pounds, 7.25a8.75; 900-1,100 pounds, 7.25a8.50; 1,100-1,300 pounds, 7.00a8.50; 1,300-1,500 pounds, 6.50a8.00; common and medium, 600-1,300 pounds, 5.50a 7.00. Heifers, good and choice, 550-850 pounds, 7.00a8.25; common znd me-. dium, 5.00a7.00; cows, g-od and choice, | 4.75a6.00; common and medium, 4,00i 24.75; low cutter and cutier, 2.50a4.00; bulls (yearlings excluded), good and cholce (beef), 3.75a4.50; cutter to me- dium, 3.0024.10; lers (milk * fed), good and choice, 8.00a9.50; medium, 6.5028.00; cull and common, 5.00a6.50. Stocker and feeder cattle: Steers, good and choics, 500-1,050 pounds, 6.00a7.25; commcn and medium, 4.75a6.00. Sheep, 8,000 head: lambs, mostly steady: spots unevenly lower; bidding 25 lower on yearlings; desirable ewe and wether lambs, 8.5089.25; few 9.50; best yearlings held around 8.00; lami 90 pounds down, good and choice, 8.50a 10.25; medium, 7.50a8.50; all weights, ccmmon, 5.50a7.50; ewes, $0-150 pounds, medium to choice, 1.50a2 all weights, cull and common, 1.00a1.7: Will Reduce Stock. | NEW YORK, June 5 (#)—The New, York Stock Exchange has received from : Austin, Nichols & Co. notice of a pro- posed reduction in authorized preferred stock from 43,500 shares to 516 shares and common stock from 200,880 shares to 125,880 shares. — FOREIGN EXCHANGE. ished by W. B Hi ) (Quotations furn: sheden ¥ Bl b"‘b: efn () London, pound. Paris, franc Brussels, bel: i k. Madrid. Dt Vienna. scl Budapest. pengo .. s ‘openha Oslo, crown..... Stockholm, crown. ... TREASURY CERTIFICATES. . (Reported by J. & W. Selisman & Co.) Rate—Maturity. Bid. Offer. 2%s June 15, 1f 100 3ls June 15, 1 100 9-32 100 30-32 100 30-32 101 19-32 | ' > Motor Meter G & El. | 2 1 Motor Wheel (1) Mullins Mfg. Mullini Murray 20 Nash Motors (4). 34 Nat Bella He: 59 Nat Biscult (2.80) ... % 19% Nat Dist Prod (2)... 18 Nat Enam & Stamp.. 85 Nat Lead (5) 136 Nat Lead of Newport Co A (3)... Newton Steel. 71% N ¥ Central (6)..... 50 N ¥ Ch) & St L pf (6) 8 N Y Dock. . 1 7% N Y & Harlom (). 40g NYNHG& Hart (8 5% N Y Ont & Western. 16% Noranda Mines. ... 214 Norfolk & Southern.. 4 4% North Am Aviation .. 40 568 Nor Am (b10% wik). 215 102 North Am Ed pf (). 1 304 Northern Pacifie (8) 59 2 Oliver Farm Equip.. 1 2 3% Omnibus Corp. ... 1 5 L8 16% 6 OtisSteel. ... 1 39% 251 Owens 11l Glass (3). 3 Pacific Lighting (3). 5 116 Pacific Tel & Tel (7) 2108 b Paramount-Pub 2% . §445 vark Utah. ... Patino Mines........ i Peerless Motor Car.. Penney (J C) (2.40 Penney (JC) pf A & NXInvestor 1 NY Raflways pf. 139 Norf & West (112).. 11 53 North Amer pf (3) 7 Onowil, o 16 40 Orpheum Cir pf (8).. 204 68% 317 Otis Elevator (2%). 38 v Nc Gus & K1 ¢2). 29 Packard Motgr (40c) 22 Pathe Exchacge fck & Ford (1) Penn Dixie Cement Peop Gas Ch (8).. Pet MUK CO...vveets Fetrolm Cp of Am(1) Phelps Dodge (2). Phila Co 6% pf (3) Phil Read C& 1. Phiilips Petroleum. . Plerce-Arrow pf (6). Pierce Oil pf. . Plerce Petroleum. Pillsbury Flour (2).. 4 Fitts Screw (1.40) Pitts Terminal Coal. % Pitts Term Cpf. Pitts Unit Cp pf Poor & Co (B). Porto Ric-Am f. 1 Ol &Gas.... 11 Prairie Plpe L (3)... 4 Proct & Gamb (2.40) 55 4 Prod & Refine) Pub 8v N J (340 PubSv NJpt(b)... Pub Sv NJ pf (6). Pub Sve G&E pf(5).. Pullman Corp (4). 15 Punta Alegre Sugar. 5% Pure Ofl. 66% Pure Oil pt (8) .. 24%_Purity Bakeries ( 12 Kadio Corp..... Radio Corp B (5).... 9 4« Radio-Keith-Orph A. 337 Raybestos Man 2.60. 7 Real Silk Hos(b10%) Remington-Rand.... 24 Reo Motor Car (40¢). ]32 5 ynolds Metals 2 Reynolds Spring..... 1 Reynolds Tob A ( ;. lg: 7 12 102% 95 118% 109% 104 28 104 581 11% 101% 55% Reynolds Tob B (3 Richfield O1l. .. & Rio Grande OIl. Rit Dent Mfg (234).. 1 Rossia Insur (220).. 2 D 1.2404). 47 St Louis & San Fran. St L-San Fran pf (§) St L Southwestern Savage Arms (2) Schuite Retail St 4 Seaboard Air Line... & Sears Roebuck 32%.. 100 1 Servel Ine... Sharon Steel Hoop 4 Sharp & Dohme..... & Shattuck F G (11%) 10 Shell Tr (m96 3-5c)..170s Shell Unfon Ofl..... 16 Shell Un O1l pf (5%) 6 Shubert Thea 3 Simmons Co. 23 4 Sinclair Con Of - 90 Skelly Ofl....coc00e. 2 ¢ South Port Rico Sug. 11 South Cal Ed (2).... 105 South Pacific (6).... 60 10% 20% 47 8% 164 Starrett 29% Texas G 16 4 38 32 1% Und-Ell- UnitG & Geadacaaad s s 8 E S L 8 s El Ed S Smel Univ Ple dasco Waldort Webster Webster Wrizley 40 5% 13% 11 35 10:30 AM 1:30 P.M..... Dividend rates as g s based on the nit of tradi & Trico Products(2%). Truscon Stl (£1.20).. 9% Ulen & Co ' Union Bag & Pape: Unfon Carb & C Un Oil of Cal (3). Un Pacific (10) Un TankCar (1.60. % Unit Atrcraft....... Unit Afrcraft pf (3).. Unit Biscuit (2) Unit Carbon. . Utll P&L A (e$2.15) . rading less than 1 b Farebls 11 stoch . g Plus pecial preferred stock. Tegular rate. 5% Splegel-May«Stern. , a 18% Stand Ofl N Y (1.6 .80). 233 (LS) (124). f 2% Sterling Sec 1414 Studebaker (1.20) Sun Ofl pf 30 Superheater Sulphur (3). 7% Teaas Pac Land Tr 9% Thatcher Mfg (1.60). 33% Thatcher pf (3.60). 5% Third Avenue. Third Nat Invest. 3% Thompson Starrett. ‘Tide Water As (60c). ‘Tide Wat As pf (6. 6% Timken Det Ax (80¢) Timken Roller (3)... 87 Rao Rap Tri v) Fisher (5) Lonm wnnae Im (1.20). Unit Plece D W (2) U S Distributing.... U S & For Secur & For Sec pf (§) Gypsum (1.60).. Alcohol(2) Realty & Imp(2) Rubber. ... Rubber 1st pf. .5 t & Ref (1). 5 72 istpf (8).. 40s Sales Corp.. 64 ay - Sys (1%).. 145 2 Warren Bros (3). War Bios cv pf (3). Warren Fdy & P (2). Eisenlohr.. 2 Eis pf (7)..1108 stvaco Chlor (2). Wilson & Co pf. Woolworth (2.40). Worthington Pumj (Wm) (4 o & Towne (2) low Truck. . 42 Yellow Truck pf.... 14% Youngs Spring (3). . Yng Sh& T etf (B1). 2% Zenith Radlo........ Zonite Prod Corp (1) 4 Sales of Stocks on New York Exchange. % 11% 300,000 12:00 Noon. iven in thé re ¢l latest qua: early declarations. Snares atra. | SPlus 4% k. in_stock; k. m Paild 6% in’ stock. n Plus 8% in stoc} CORPORATION , REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, June 5.—The following is a summary of important corporation news, prepared by the Standard Statis- tics Co., Inc., New York, for the As- soclated Press. News Trend. Reports of May activity in automo- biles and pig iron show small and not unexptecd deolines from April and much larger drops from May of last year. Automobile production in the United States and Canada totaled 338,- 307 cars and trucks, according to an estimate by the National Automobile Chdmber of Commerce, a drop 352,867 units produced in April and 444,699 units in May, 1930. The esti- mated total of 1,388,727 for the five months ended May 15 also fell from the total of 1,959,669 for the same ge- riods of last year. For June another drop has been forecast to around 289,- €00 units. Pig Iron output in May is reported to have been st the daily rate of 64.- 225 tons, 41, per cert under the daily rate ot 67,317 tons in_April and 385 per cent under the rat> of 104,233 in May, 1930. As stated yesterday, blast furnaces active on.June 1 totaled 105, or 33.4 per cent of the 314 avallable, less than the number active on After was reported on’ Wed- nesday wcog‘p:: been sold by at least one first-hand at 8 cents a pound, the low- est price of which there is any. record, en ive a regon that the price has moved back to 8% cents, at h level sales ‘were in vol- ume yesterday. From another view, however, very low prices for cop- per may be considered welcome as con- structive forces, tending to force high- cost production to stop at least until present excessive stocks are reduced. Wholesale commodity prices as indi- cated by the index prepared by R. G. Dun & Co. receded further during May. This index dropped 2.3 per cent during the month to a computed level of $145,- 885 on June 1,from $149,419 on May 1 and $176,240 June 1, 1930. The index prepared by Bradstreet’ cent for the same period. Brokers' loans for the week ended Wednesday fell $35,000,000 from the week before to a total of $1,539,000,000, continuing & downward movement that in the middle of March. In view of developments on the Stock Exchange, - from | afliate Mackay Radio & Telegraph, 1t is from one point of view somewhat |Proit to_recet: 's was off 3 per however, such & trend cannot be sur- prising. The Companies. American Agricultural Chemical— Reported will call for payment August 1 at 10213, entire issue first and re- funding mortgage series A. 7'4s of 1941. American Smelting & Refining Juhe 1 operations about 50 per cent of ca- pacity. First National Stores sales, four weeks ended May 23, off 1.8 per cent. Foundation Co. March quarter deficit $152,329, against deficit $31,046. Kaybee Stores May. sales up 8.7 per cent, 5 months up 124 per cent. Morison Electrical Supply May sales up 2.6 per cent, 5 mon off 7.6 per cent. Reeves (Daniel) May. sales off 10.9 per cent, five months off 7.6 per cent. share earnings, year ended April 30, 32 cents, against $1.05. holds direct control of Kolster Radio through control of Orange Securities, which puschuea assets of Kolster. Peopie's Light & Power passes class A dividend; pald 60 cenis April 1., Standard Oil Co. of New York reports of change in terms of merger with Vac- uum Oil declared without basis. Young (L. A.) Spring & Wire presi- dent states second quarter 75 cents divi- dend requirements earned in April and May: net working capital May 31 about $3,200,000, against $2,800,000, Bickfords, Inc., May sales up 33.8 per cent; five months, up 37.9 per cent. Dome Mines May output $300,390, against $409,518 in May, 1929, Endicott-Johnson Co., 75-cent quar- f:;ly 1common dividend; paid . $1.25 Général Printing Ink éarned $1.08 common share in first four months; (8. 8.) Co. May sales oft 5. . 8.) Co. 5.1 ‘months, off 1.2 per cent. e Lehman Corporation stockholders to vote on retirement of all treasury stock; net asset value June 3, giving effect to retirement of shares, was about $70 a e. Stores May sales off 4.9 cent; five months, up 0.9 per cent. w5 McLellan Stcres May sales off 5.4 psr cent; five months; off 0.5 per cent. Niles-Bement-Pond, 25-cent dividend; paid quarterly 50-cent dividend on March 3L Ohio-Oil cuts crude oll prices, from 15 cents to 26 cents a barrel. Pacific Telephone cent; n cul quarterly -class A dividend to 50 cents from 871; cents. " Standard Oil {ndiana). denies reports . intimating it may dispose of Al - tions in State of Kansas. s Time-O-Stat Cantrols — Holders of class A stock must convert shares into | Met Minng lis-Honeywell pref - octve dividends. - Prrierred o ze Atlas Utilities acquires lling in- terest l:n Oene'rl‘lu; mflz?mc'::'pol‘ll‘:n through exchange of assef diary power and light securities, N Colon Oil Corporation—Def months to December 31, 'm“"l!:‘lt: b Irving Alr Chute—First four manths’ net earnings, after taxes, up 20 per cent. s ©_Loew’s, Inc.—Union of Theater Em-. ployes and Picture Operators vote vol- untary wage reduction of from 5 per g.g‘ cent to 713 per cent for 10-week period. Postal Telegraph. & Cable—March quarter deficit $285,490, t net in- Granite City Steel cuts quarterly divi- dend to 50 cents from 75 -cents. Lerner Stores May sales up 10.1 per cent, five- months up 11.8 per cent, Bohack (H.' C.) sales, four weeks Upturn as Investment : Demaqd Broadens. BY F. H. RICHARDSON. Bpecial Dispatch to The Star. NEW YORK, June 5.—Spurred on by & briskly rising stock market and a growing confidence in .the investment situation, the bond market today con- its advance, Railroad bonds, while strong, were not_the individual feature they were on Wednesday and Thursday. The im- B:ovemfint spread to all parts of the t. e market was again consider- ing the possibility of a further cut in the rediscount rate of the Federal Re- serve Bank of New York. The enormous oversubscription of the ‘Treasury’s 3% per cent loan indicated that a lower rat: might be made effec- tive. This affected of United States Governments, munici- pals and seasoned corporation issues such as American Telephone 5s, Atchi- son general 4s, Chesapeake & Ohlo gen- eral 4l2s and Philadelphia Co. 5s. 8o far as second-grade bonds were concerned, the influence was entirely the stock market’s action and the firmer tone in commodity prices. Many nies whose bonds are widely de- have had thcir sinking fund irdens greatly lightcned in recent months and just now there is a con- siderable amount of buying for sink- ing funds. Bonds in which such con- ditions existed include those of Shell Union, Phillips and Skelly -Oil and industrials like Warner Bros. Pictures, McKesson & Robbins and Intern: tional Paper. ‘The amusement group generally re- flected a strong market for their com. jon stocks. Paramount-Publix 5'; ous Players 6s, Pathe 7s and Gen- eral Theaters Equipment 6s improved. Miscellaneous industrials showing gains were Chile Copper 5s, Dodge Bros. 6s, Texas Corporation 5s and United States Rubber 5s. In the carrier list Nickel Plate 4}2s ‘were depressed by some special liquid: tion, and Frisco issues were off frac- tionally, but otherwise the tone in this section was strong. Plans were an- nounced today for the refunding of the St. Louis-San Francisco general 5s and 6s, due July 1. Permission of the In- terstate Commerce Commission has been sought to convert about $18,000,000 of unissued 4!'; per cent bonds into 6s. Sufficlent 6s would bz issued, to mature in five years, to retire the $9,342,000 of 5s and 6s soon due. The bonds, it is understood, will not be offered publicly but absorbed by bankers and insurance companies. Washington Sto(;l:E‘);change SALES. Washington Gas 55—$500 at 106'5. Washington Gas 6s “A"—$100 at 10134, $100 at 101%. Capital Traction Co—5 ot 353. l‘en:h;nn' ‘Transfer & Storage pfd.—5 at 92. Mergenthaler Linotype—10 at 77%;. National Mtge. & Inv. pfd.—100 at 47%. AFTER CALL. Capital Traction 5s—$1,000 at 83, $1,000 at 83, $500 at 82%5. Potomac Electric 512% pfd.—5 at 1107 10 at 1101 Commercial National Bank—S at 215. L Lanston Mcnotype—10 at 90. Riges National Bank—-10 at 370%s. Washington Gas 65 “A"—$200 at 101%. Wuhlnmn n Rwy. & Electric pfd.—5 at 9875. Washington Gas 6s “B"—$1,000 at 106, $2,000 at 106, $500 at 1061, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer, Tel, & Tel. 4%as '3 Am. & Tel. ctl. tr. 5 s Anacostia & Poi. R. R.'Ss Anacostia & Pot. Guar. 55 C. & P. Tel. of Va. Potomac Potomac Wash., Al he an mual cash | W W s B VI da ash. Rvy. & El_com. (7). Wesh. Rwy & & Bl pfd. (3). NATIONAL BANK. ital (14) oPinaia ' agu. %’:l:&:mn an TRUST COMPANY. Amer. Sec. & Tr. Co. (1 Continental Trust Natl. Sav. & Trust (121) Brtaes Tau (b o Trust (8. e Th SAVINGS BANK. Banerce"d Havin Srce Eait w.‘.?‘l;.‘mn i :C, !:‘; & Com. Bk. (17) Venth, Bireet (12). Inif States (30) Mechanics ( ; FIRE INSURANCE. American (12 come $143,383, equal to 47 cents a pre- | Fi Willlams (R. C) & Co. common |ferred share in 1930. = iy A, ended May 30, up 10.3 per cent, 17| 5ol % ‘weeks up 13.7 per cent. Kinney (G. R.) May sales off 13.4| B per_cent, five months off 18.2 per cent. | Fed Ni Hudson Power authorized to{peq - Am: acquire all or at least 2,470 shares of Fulton Fuel & Light Co. stock. Baltimore & Ohio Railroad petitions for six months’ additional time for dis- posal of majority stzck control of West- ern Maryland under 1. C. C. orders. American Ship' & - Commerce 1930 deficit, $53,375 against net - income, 1'"3?269' equal to 15 cents commion share in 3 SHORT-TERM SECURITIES " (Reported by J. & W. Seligman. & Co.) Allis-Chalmers 8s 1937... A Tel. & Tel.' ec Wheeling Steel Cor Wheeling. Steel Mer. Tr. . Mer. Ti T, & Stge. pfd. Mergenthaler Linotype (6). Natl, Mtge. | 1% S Unlisted Départment. (These securities not. listed under Exchange BONDS, Army-Navy Clht Bs. M!.l'flll.‘ 8. 1568 Hahmeniian Cub 1 Bid. Asked. the im- portation. of bleached.flour.. . ; . 44-54 US434s47-52., 78 114 ADbitibI P& P 6553, 8i 43 the high-grade group | A 4% 5 Australia 65 ‘66, Austraifa bs & Belgium 63543, Belgium 7s ‘5! Bell Tel Pa b8 B 48 B Ind Loan Co 68’46 Berlin Cy El 6 Berlin CyEl 6% Beth Steel pm Beth St rf bs ‘4 Bolivia 7s '58. Bolivia 7569, Bordeaux 63 3 Bos & Me 68 55, Bos & Me 6567, Brazil 6% ‘26 Brazil 634827 Brazil 7s Bkiyn Un 1st 6850, Buenos A 6s 61 Pv. Budapest 6562, Buff Gen El 4 BR& Pitt 438 '57. Bush T Bldg bx '60. Calif Packing 5s' 40 60. Can Nor 6%s db 4§ Can Nor 7s deb ‘40 Car Clin & O 65 *f Cent Pac 4849, Cent Pac 586 Cen Ry NJ g5 14 10911 109 9109 9 114 Close | Inland St1 4 114 Saies. High. Low. T 46% 46 % 101% 101% 103% 103% 98% 98% 1 102% 101% 104 103% 132 131 108% 108% 107 106% 108% 108% 110% 110% 102% 102% 100% 100% 113% 112% 97 96% 86% 864 54 54 481 48% 56 54 56% Bd% 1073 107% 86l Eb% 100% 100% 108 luiy 98% 9wy 103% 10214 844 84% 6015 53% 6l 61 UK 94 104 103 109% 109% 116% 115% 109% 109% 106% 106% 0% T0% 101% 1014 106% 106% 9% Y4k 9315 96% 103 102% 107 106% 101% 101 101% 101 1034 103% 1061 1061 107 106 107% 106% 120 120 2% 112% 100% 100% 114 114 37% 374 95% 94 25 105% 105 % Chi M & St P adj ba 13y Chi&NW g 3%s '37. Chi& NW con ¢% Chi RI&P gn s "8 ChiRI&PrL4n’3¢ T4 CRiRlcv4ln" Chi RI&Pac 44’52 19 Chi T H Inc 63 6 Chi Un Sta ¢%s Chi Un St 58 "4 » db CCC&St L4%s E. CCC&StLLG6sD'63 Clev Term 4%s 77. Cologne 6%s ‘50 Colomb 6: K Colombia 68 '61 Oct 45 Colon O1168°33..... 5 Colo & Soti 4%8'35. 17 Col G&XE 5s May 63 37 Com Inves 5%8°'49. 17 CCMdistrfbs’60 7 C Gas NY 4% 8'95wi180 ConG N Y 63846 20 Con Pwr Jap 6348, Con Pow Japan 7s, Copenhag 4%s ‘63 Copenhag §s ‘62 Cuba 5% '45. Det Edison rf bs ‘4! Det Unit 4145 '32. Deutsche Bk 6s'32. Dodge Brcl 63 '40.. 4’ Donner St 7s'43 Dutch East 1 El Salvador Kriecon 4s A '53. B, st Fond J&G 4% Fram 1D 1%s French 7849, > French'Gvt 7%s 41 21 Gelsenk'chen 6534 104% 1017 ) 1035 10315 91tn 02 61 3 1043% 10415 105% 105% 91 9 104% 1041 60% 58% 60% 58% 60% 59 84 83y 9T 964 104 104 104% 1041 78 .93 101% 101% 106% 106% 2% 12% 38 37l 109% 109% 109% 109% 98% 97N 98 9% 101% 101% 106% 105 105% 106% 107% 107% 95 105% 105% 101% 101% 101% 101% 100% 100% 70% 704 69% . 69% 105 119 125% 126% 87% 87% R 98 103% 1024 3¢ 32 68% 81 T1% 12 80% 98% 57% 93% 85 6 85% 108% 108, 112% 112% 9% 97 9% 97 101% 99% 108% 107% 110% 109% 4 83 .82% Hud & ' | Norway 6s *43. b Orient dev 534558, 2% | Queentand 6 % a 1 111 Cent 6% 11l CCStL&N § 111 Steel 4348 Inland St ¢s In Int Match 68 - IntPapbs A Int Pap 68 °65. Int RysC A bs. IntT&T4%8"53. 1at T&T cv 4%8°39 21 Int T&T68"6.... 40 Italy 78 51 .0123 ltaly Pub Sv 7852, 17 Karstadt 6s°43 Kresge Found Kreug & Toll b8 LacG St L 5s 34, Laclede 6%s C 63, Laclede 5%s D "60.. Lake Shore 3%s 97 Lautaro Nit 63 ‘54.. Leh Val cv 4s 2003 Loriliard 68 ‘61 Lorfllard 5%, Lou G & El b3 53 L &N 4%82003, Lyons 6s'34. McKes & R 6% Market St 78 40.... Midvale Stl 63 °36.. Milan 6%s '52. MIIERy & L 686! MSP&SSM 6%s 7! Mont Pow bs . Mont Pdb 63 A '62. Montevideo 63 '59.. Mor & Co 1st 4% Y Centdb 4s°34.. 1 1 NY Cenrf 43482013114 YCreim 6s 2018.. 3 NY NH&H 4s NY NH&H cvdb s NY O&W 1st ¢392, * NY Tel 4%48°39.... 7 Nor Pac bs D 2047 Nor Pac r16s 2047, Nor St Pw bs A "¢1. Norway bs Norway 5%s Norway 68 44. Norway 6s°52. Orfent dev 68 53... [ R U TS TP PP Paramount 6 Paris-Ly M 6s ‘6! Paris-Ly M 7s'58.. e Penna gen 55 '68 36 Phila Co 58°67.. Pnila & Read 6549 Phillip Pet 6% P& W V4%sC60. Poland 6s *4 Poland 7s *47. Por R Tam 6s Pos Tel & C 53 '53. Pressed St C bs '33. i Public Serv 4s '71 PubSv G 4%s°67. Pub SV G 4%8°'70. Pure Oll 5%s"37 4T Queenlan Read gn 4%3 A 97, 9 44 114, 26 5 San A& AP4s'43.. 6 Sao Pau 7s ‘40 r‘eu. l? 10 4 Seab A L cv 68 3 Sea All l"llllA'Zl 19 88% 96% 66 57% T4 84y 9% 69% 4214 36 25 10% 7% eenes 21 107% Shinyetsu 634s '52.. 30 Sinclair.Ofl ;15_:"! 2 Sou P4%s 93% kil So Pacific 4%58'81.. 86 0% 7 Z 100% M'rt T/ 24 99 98% 98% HpmbleOll 8'37,e 10,101 101" 201 a4y 9% Are Not Opposed to Group Idea. Special Dispatch to Tha Stur. ' ST. PAUL, Minn., Jul':: 85.—The branch banking in the Unmplum gave voice to its beliefs 'M{ i Ind it founded just one year ng, annual meeting, with 250 to 300 dele- Rt a5 he development of group as the development of banking has been most intensive in around the Twin Citles, so opposi= tion to it has likewise been most in. evidence in this section. ® Two Large Grou . ‘There are two large group bank or- poration is even more widely extended: in its activities, with banks as far West. as Spokane, Many of the country bankers at the convention said they did not fear group banking as at present operated, declar-- ing they can compete successfully with group units. It is branch banking,- which they believe will grow out of the present set-up, that is feared. Most of the independent bankers make use of group banks in the twin cities, as their correspondents and meny of them praise the management policies of the group as necessarily conservatives« under present conditions. They dislike to see, however, the local independence, which they regard as characteristic of American life, broken in upon and they say that their fight is mainly one of principle. Senator Peter Norbeck of South Da- kota, chairman of the Senate Banking jor pa: lation with the problems of branch, chain and group banking, was the chief speaker at the convention here. He praised the _ independent unit bank as an American institution which must be preserved. ‘The bank failures of recent months, he told the delegates, have not resulted from the form of bank organization. Delegates interpreted his address as an indication that he would use his influ-, ence to help defeat branch bank pro- posals in Congress. o Chain Bankers. - Beveral members of the Independent., Bankers’ Association are Wh:n are known locally as chain bankers; that. is, they control as individuals a num- ber of country banks. These chains or are not regarded as com- parable to the groups, either in size or degree of concentration of control. In- deed, some of the unit bankers freely" admit that- they are investors in the stock of the groups, which would seem to give them a divided interest, with some stake in group success. One complaint of a political naturzs was heard to the effect that party regu- lars in the Northwest were disturbed by the proposal of the controller of the currency, and so0 regarded as an admin- istration policy, favoring branch banks. It is said that the “regulars” through- out the Middle West and Northwest bit- terly oppose that type of banking. (Copyright, 1931.) EAST TEXAS FIELD OIL OUTPUT WATCHED Imports From Foreign Sources Will Depend on Production of Domestic Wells. By the Associated Press. NEW YORK, June 5.—It wac re-' ported in the oil industry today that Whether the curtailed flow of foreign B lepends u W] ns in the East Texas feid. e The three months’' agreement to re- strict imports, made by four large oil companies in response to s request from the Hoover administration, ex-, pires June 30. were Standard Oil Co. of Indiana, through its subsid- lary, Pan-American Petroleum: Stand- ard Oil Co. of New Jersey, Gulf Oil of Pennsylvania and Shell Petroleum. ‘With production continuing virtually unchecked in the East Texas field, oils men expressed the opinion that the importing companies might decline to extend the voluntary curb after June 30. They said the imported ofl would be the only supply availabie to compete with the low-priced, high-quality crude from the East Texas field in Atlantic Coast markets. The situation in East Texas, which is ‘without a posted price schedule, is said by ofl men to be without prece- dent. The withdrawal of prices from the new flush area by major com- panies was variously interpreted. Some thought it indicated inability to con-"" trol East Texas’ mounting output. Others regarded it as a step to vent independent producers from sell] un- der the market. Much uncertainty exists in the in- dustry over the outcome of the East Texas situation. R. R. Penn, vice resident of the American Petroleum ¥n&tltu0e, has suggested that a cor- poration be fcrmed for the unit de- velopment and operation of the field Vienna 2 ™% VaRy4%s8'62..... 90, YogBt&TisB as meens of bringing production under control. Sales. High. Low. Close. 1 91 a1 9 91 91 B1% 34 9974 29% 100% Tex & Pac 55 B 17 Tex & Pac 55 C"79.. Texas Pac 53D '80.. Third Avref 48°60, Third Avadj 5360, Third Av 1st 53°37.. ‘Toho EI Pow 32, 3 Un StI W 6%8 A 47 UASt1 W 6348A '51 s C'51 2 raBamnRaneS~ - Va Ry 18t 53°62. o v meRelea B - © Wis Cen gn 48’3 Yastn SH&T s *78. o e N