Evening Star Newspaper, June 5, 1931, Page 15

FINANCIAL. CURB SHARES GAIN FRIDAY, JUNE 5, 1931 Trade Reports ‘at' a Glance HIN ACTIVE MARKET Utilities, -Oils and Specialties Featured as Prices: Advance. BY JOHN A. CRONE. Special Dispatch to The Star. "NEW YORK, June 5—Breaking out of the mixed price trend that prevalled at the openizg ‘oday, the Curb Ex- change pushed upward'as the session wore on. Electric Bond & Share was not much changed, but retained its early’ ad- vances on increased activity. Oftles Service barely budged pricewise despite frequent sales. Goldman Sachs firmed. Stocks today, uclike in recent Bes- sions, were inclined to pay some atten- tion to corporate news. -American Gas & Electric, for instance, showed further recovery: as a result of its improved earnings. American ‘& Foreign Power Warrants were not much aided by un- favorable earning estimates or Dy: the fact that the Vera Cruz Electric t & Power contract was under discussion by officials of that city. Trving Air Chute made the best show- g of the aviation shares, as it rose nearly 2 points following reports of im- proved sales. Niles-Bement-Bond felt the f%rlce o(dhllvuw its regular quar- terly dividend. American. Cigar Co. broke about, 6 points in the first few sales today after a-3-point decline Thursday. The com- y omitted the.$1.50 quarterly pre- Perred “dividend due at this time. Commonwealth Edison, which drooped several days ago on Ohicago selling and then erashed to a new low, continued to be one of the widest movers in the public utilities, negotiating §-point swings with ease. & various electrical shares were taken in hand in the second hour. Eisler Electrical turned active. Crocker- Wheeler advanced fraltionally. Gen- eral Electric, Ltd., was in moderate de- mand at unchanged levels. The occa- sion_for this movement, which was short lived, was the publication of Mor- rison Electrical Supply Co. May sales of $188.760, against $154,716 in May, 1930. Although many of these issues are eonnected with the radio industry, tog thove failed to extend into the 68 where stocks were dull and heavy. Commonwealth Southern warrants appéared several times in large lots, but at unchanged levels. Pepperell Manu- facturing, with a decline of 2 points, and Novadel Angene, with a loss of 374, ‘weré the chief sufferers in the early irregularity that marked miscellaneous industrials. Parker Rust Proof again fluctuated widely. CHICAGO STOCK MARKET By the Associated Pres CHICAGO, June 5.—Following is the complete official list of transactions in :g:c on the Chicago Stock Exchange ay: Bajes. BTOCKS. pr Allied ‘ot Ind High. Log. Close A% 14 18 26 of T ub ' Ser bt Lt st b T Gent & o west nt & So West pf et & 8 W vl bt RV & ’%g« 4 o) Gora Clore 2 8 rp Sec % rp Sec Ctls. . aneCo . ec Houseiold . mp G_& F 1% 19 Qi el Bt 3;3 Thea Eaq vic. .. foudaille nland Ut Insull Uil . nsull_Ut pf ‘4 3 SEEERE! SLSSEE5.. 25853 cCord Rad A cWilliams Dr P 3333 e 2.8 8BTERERSEY in G v Rib Staies Pow 80 Spec A 11 2 % 35 3 3333 4% 3333 verson & It Louis Nl# anrFamo Elec ixet Co. ¥ 1 - 53223333023, BONDS. Tnsull 65 40 Chi City R et Fasull s 40 § Areive Whw Ga ay ik e W8 E Ext 4x 38 80 5 27 .l} Rorswest B %5 4 “pond sales today, $89,000. . WHEAT REPORT DENIED. PARIS, June 5 (#).—Published re- tts that France might. desert the ican wheat market and buy her.] g:ln elsewhere were dinied tcday by minister of agriculture, who said no new measures regarding wheat imports hed been taken. It is not for the government to de- ¢ide where France shall buy her wheat, he said. French importers remain ‘the sole judges of whers purel be_made ‘No new tar measurés regarding wheat imports n. Ave been takes 4 | carrots, Note—All stocks are sold in those designa ~Prev, 1931~ High. Low. 12 6% Aero Underwriters.. 4 Afilated Prod 1.60.. 10 1 Aluminum Co of Am 1325511 AluCoof Ampf (6). 2 Am Br B 4 sha: 11 10% . Am Com P’ A (b10%) American Corp(16c) . Am Cysnamid B..... Am D T NJ ev pf (7) Am Equities... Am For Pow wi Am Founders. ... Am Gas & Elec (31).. Am Invest. In¢ (8).. . Am Laundry Mach 2.225s Am Lt & Trac (2%4). 4 23 23 3 1 Am Superpcw (40¢). 1563 m Superp -1st (6) 1 Am Utl1&Gen (B)vte Am Yvette Co (25¢). ppalachian Ga . Appalachian Gas wi 2.2 Ark N G cu pf (600). Asso Gas&El A (a2). Asso G&EI all et 1.60 % Ass0cG & Bl war... Assoc Tel Ut (b8%). Atl Coast Fish. Atlas Plywood Atlas Util Corp. Auto Vot M ov E Axton Fish To A 3.20 Beneficial I L (1%).. Bickford's Inc pf 2% Bliss Co (BW) (n1). Slue Ridge Corp. .. .. Blue Ridge cv pfas.. Botany Mills........ Bourjois Inc (25¢)... Braz 11 & Lt (08% ). Bridgep Mach (26¢). Brit-AmT(B)1.17 4-5 4 Cable & Wire A rets. Canada Marcon. ..., Caro Pw & Lt pf (6). Cent Pub SvcA b10% Cent Pub Svc pf (6). Cent&Swn Ut (b7%) Cent Stat El (b10%). Centrifug Pipe (§0¢) Chain Store Devel. .. Chat Ph Aln.v. (1).. Cittes Service (g30¢c) Citles Serv pf (6) . City Mach&Toel 80c. Clau on Lis, Inc Clev Tractor (¥0¢c) Colon U1l Col O1) & Col Pict vte (f1% Cmwlth Edison (8). 2258 Cmwlth & Sou war.. 146 Com Wat Ser g12%e 10 Comstock Tunael. .. Consol Auto Merch.. Consol Copper. Consol Dairy Prod. .. Con Gas Balto (3.80) & Cont Shares conv pt. 125 Cont Shares pf (B).. Cooper Bessemer Corg Corp. Corp Sec Ch (b6%). Corroon & Reynolds. Cor & Rey pL A (6) Cosden Oil.... Creole Petroleum. Crocker Wheeler Crowley Milner (2).. Cresson Consol t4¢). Cr Cork Int A (1).... Cuban Cane pr opt w. Curuss Wright war, Cusi Meg Mining Davenport Hos ( Dayton Air & En; Deere & Co (1.20). De Forest Rudio Detroit Atrcraft Cp.. Douglas Air (t1%). Dr SRA3%). Driver Harris new Duquesne Gas Corp.. Durant Motors. Duvyal Tex Sul wi. East G & F Assoc. ast St Pow B (1) Bast Uil Assoe (2). t Util Assoc cv. Eisler Blectric Corp. 4 Elec Bond & Sh (b6) ilec B & Sh pf (6).. Elec Pow Assoc (1). Elec Pow Asso A (1) Ktec P & Lt op war.. ] Sharehold (b6%). Ktnp Corporation. .. Empire Pub Sve (A). kinp Steel Corp ... Employ Reinsu 11.80 Lurop Elec Gev ris. . Evans Wallow Lead. Kairehild Aviation. . Fandango Corp. .. Fed Mognul. .. Federated Metal; Fiat rcts (94%¢) Ford Mot Ltd 36 3-5¢ Foremost Fabrics. .. Fox Theater Cl1 A... Franklin Mtg Co.... » N T T TOpIeL - PRSI T LT | » ® 0 e 3 » ' 08 O ROR i 1 3 e e I S 0 L e 0 e e 01 e R OB e B IS 1 08 e N e 0 I 0 e YR e S e N B R BB A G Gén Elec Ltd (pT0€). 4« Gen G&E cv pf B (6) Gen Theat Eq cv pf .. Glen Alden Coal (4). Globe Underwr(15¢ + , Gold Seal Elec new.. Golden Center. . Goldman 8aeh T C. 43 Gt At&Pac Tea nv($)1308 Groe Strs Prod vie.. 1 Gulf Oll of PA (1%). Hamilton Gas rets Happiness Candy . Heyden Chem (1)... Hires (CE) A (2)... Hoilinger Gold(65¢). Hudson Bay M &8 .. Humble O1! (t2%).. Hygrade Food Prod. {mp Oil of Can (50¢) industrial Finan ctfs Insull Inv (b6%). .. ins Co ofNo Am 2% Insurance Sec (10c) . Intercontinent Fet n int Patroleum (1):.. int Superp (+110)... Int Utihities B...... Irving Air Chute (1) Italian Suverpow A. 508 15 2 2 11 3 1 one hundred-share oW omfifl( ted by the letter s (80s) (340s), W] shows those stocks were sold in odd lota. Stock a; Sales— Dividend Rate. = Add 0. Open. Hish, Lew. Clege. 9% 6 21 6 % Italian 9 % 9 [} 1% 17% 13 9% (3 53% 6% 1% % Lon 26% Md Cas ™ Th m% % 3% 13% 3 3 2% N Oilstoe ‘Outboa: Parke: 4+ Pennro: Penn P Peop L, Pitney Produc: Pruden 3 Reiter:] Rossia Shenan Starret sunray Swift L Tampa Teck H Tonopa 'n Nat 8 us Utility Util Eq Vie Fin: wal Wi '434BI8 In cash ividend, £ Plus 5% stock. i;lux 2% in stoek. A Plus 8% in 0 3% % 3w Special Dispatch o Thé Btar. June 5.—Potatoes, white, 100 40; new po- tatoes, barrel, 2.00a3.25; yams, bafrel, 3.5024.50; beans, bushel, 75a1.60; as- paragus, per dozen, 8082.80; beets, per 100, 4.0088.00; nbb-g:. bushel, 7521.00; hel, 25850; caulifiower, ctate, 2.28a2.50; celer§, crate, 10.00a 11.00; eggplanis, crate, 1.50a4.00; kale, bushel, 20a35; lettuce, bushel, 13230; lima beans, bush:l, 3.0Ca5.00; peppers, crate, 1.5025.00; Spring onions, per 100, 78a1.00; peas, Virginia Harly June, ham- et 1.00a1.25; spinach, bushel, 40a50; rhubarb, crate, 1.0022.25; apples, bushel, 2.50; per box, 2.00a2.50; grapefruit, box, 1.50a2.75; oranges, box, 2.5024.25; strawberries, quart, 7a16. Dairy Market. Poultry, alive—Chickens, young, 26a 36; clflenm 21a23; Leghorns, 17a18; roosters, 12a13; ducks, '15a24; guinea L , 50275; pigeons, pair, 20n25. Eggs—Receirts, 981 cases; nearby firsts, doeen, 20. Buttet—Good to fancy, creamery, nd, 2815226; ladles, 17a18; rolis, 17; process, 20a21; store packed, 14. Hay and Grain. ‘Wheat—No. 2, 1ed Winter, export, 8015; No. 2, red Winter, garlicky, pot, 80'2: May, 8013, Corn—No. 2, domestic, 70; cob, 3.5083.75. Oats—White, No. 2, 38; No. 8, 37. Rye—Nearby, 50a55. yellow, s Hay—Reéceipts, 12 tons. While re- ceipts of hiay are ample for a'l require- ments, there is no surfillu of heavy clover mixed being offered, Such v + '100, 2.0024.00; tomatoes, ; 4 75a | 4.5 Btoex . Bales— > Dividend Rate. ' Add 00. Open, Kigh. Low. 49% Lawrence P Cmt (4). 19% Leh Coal & Nav 1.30. % Leonard 14% Lone Star Gas n 003 3% Mass Uil Assos. . 1% Mavis Bottling (A). . 76 Mead Johnson(t43%) 20 Meroantile Strs (1).. % Metal & Minin, 1% Met Chain Store: 214 Mid Sts Pet vic A 22¢ 14% Mid WSt Ut (1%).. 1434 Mid West Ut (b8%). 14 MiaStProdn (2)... 82 Minne-Honey pf (8). 50: 3% Mo-Kan Pipe L (A). 100% Mohawk Hud 1st (7)160 3 Montecatini deb rts 84 Mountain Prod (1). 4% Nat Aviation. Nat C C A pf (t65¢) Nat Bl Pow A (1.30). New Brad Of! (28¢c) “New Haven Clock. .. Newmont Min (4)... -Hud Pow (40¢) Niag-Hud Pow A'w.. Niag-Hud Pow Bw.. Niag Sh Md (40¢)... Noma Elec Cp(40¢). Nordon Corp Ltd. ... Nor Am Aviat A war, Nor Am Utll Sec. ... % Nor Europ Oll Corp.. Nor Ind Pub 8 bf (6) 126 Nor & 80 Am Corp A. Northwat States Utll N W Engineer (2) Novadel Agene (4).. Ohto Coppe: Penn Mexico Fuel. .. Penn Wat & Pow (3) Pub Sve Oklapl Pub Util Hold w: Pub Ul Hold Cp tw 2 Puget 54 P&L pf (5) 908 Reliable Store. Iteybarn Co. Rike Kumbler ( Schulte Un Seeman Bros (3)... Segal L & H (a50e) 4 Selected Industries. Stand Ol of Ky 1.60. Stand P& L (B) (2). Starrett Corp pf (3). & Strauss Roth. Stutz Motor Car Swift & Co (2). Taggart Corporation echnicolor. Ife. ... Todd Shipyard (4).. ‘ont Corp war.. ‘Tubise Cantiilon (B) Un Tobacco...... Wil-low Cafe pf Ygstn R&Tu pf(5%). 108 rates 18 dolidrs *Ex divi or _stoek, = o 1w 1 44 Close. % 1% 1% 4 21 n 21 w % 1 1n 11 16 18% 16% 06 106 106 uperp war, . 4 4“ cupt B (6 1 4% MaoMarr Stores (1). ualty n (2%). . - CY PTYC-T e NH NN ONRN @ 8 —a o EJIOTSTSTNE L T TIPS - ks Ltd A (40¢) 2 rd MotA..... 1 PacG&E1stpf1. Rust Pr (3)..5008 terson Sarg (2).. 60s ad Corp (20¢) 41 2 'w & Lt pf (7). 50s 1 &PA(240). 5 Pepperell Mfg (8)... z:- . Ay Phoenix Secur Corp. Pllot Rad Tubs A... B Pn (20¢c).. Pitts Plate G1 (2) Polymet Mfg... ers Roy Corp. tial Invest Fostel 10 1 s 1 IntlCp (10c). 2 22 6 o . 13 Se-318t. 3 doah Corp. .. Shen Corp pf (a8) Silica Gelcrfs. ... Singer Mg (11234) # So Am Go:d & Plat.. SouthCEd pf B134. 3 South Penn Ofl (]) Southld Royalty 8 53 11 tCOrp.s...un Ofl (b5%)... nternat (3)... Eleetrie (32). ughi h Mining. r Gas Can (1). ) B BB O N e Unit Corp war Unit Founders. Unit Lt &Pwr A (1). Unit Luk Pwr pf (8). U S Elec Power ww. U 8 Foll (B) (50¢). In ur, .- nter See 18t pt UB Linesof (1). 1.4 Bauities uity ot ¢ V Camp Milk pf ww. Vacuum Ol (2) Van Camp Pkg. Van Camp Pkg pt. an Corpi40e) green Co. 4 20 20 20 88% 88% ®EN bsed on Iast quarteriy or sémi-an- 1Partly egtta. 1Plus 4% in stock. b Pasabie in e Adjustment in stock. & Pl In stock n Plus 1% in stock. Kk Plus 10% in atock. m Plus 3% in stock. - D Paid Iash year--no reguisr rate. rh “). 20 grades will bring & premium of $1 to $3 per ton, depending 6n the amount of clovér. Fair to good timothy ranges from $24 o $26 per ton. Btraw—Wheat straw, No. 1, per ton, 12.00213.00. Live Stock Market. Cattle—Receipts, 100 head; light sup- ply; market steady. Steors oite to prime, none; good to choice, 1.50 to 8.00; medium to good, 6.50 to 1.5; falr to medium, 3.75 to . plein to fair, 5.25 to 5.75; com- mon to plain, 4.73 to 5.50. Bulls—Choice to prime, none; good to cholce, 5.00 to 5.50; medium to good, 50 to 8.00: fair to medium, 4.00 to .50; plain to fair, 3.50 to 4.00; con to plain, 3.00 to 3.50. Cows—Choice to prime, none; good to choice, 4.50 to 5.00; medium ) 4.00 to 4.50; fair to medium, 3,50 to com- 4.00; plain to fair, 2.50 to 2.75; cem- mon to plain, 2.00 to 2.50. - Y Heifers—Choice to prime, none; gaod to choice, none; medium to & 6.50; fair to medium, 5.60a8.00; plain to fair, 5.0085.50; commen to plain, 4.5025.00. & Sheep and lambs—Receipts, 250 head: light supply, market lower. Sheep; 1.00 23.00; Spring lambs, 6.00a9.75. e 1, anraet A u‘::u' i ply, marke! igher; , .4 .10; hs, ,sX:uo; 4.0004.55; light pigs, 6. gs, 27.10, Oalves--Receipts, 75 head; light sup- ply, market steady. Oulves, 4.0008.80. —_——" 3 L analysis of the American ndard Statistics states now operates 2,731 retail ich Indg“ some 20 stores ih The compsny, added 78 ‘Washin| stores last yeas, 12.00a13.00. Oat straw, No, 1, per ton, | SCALE-DOWN IN CAPITAL TOTALS HELD NEEDED Speeial Dispatch to The Star. BOSTON, June 5.—In many lines of | business, ‘states the United Business | 8ervice in its current report, ‘we are | overcapitalized and overbuilt. In some ‘lndunfln capital structures will have {to be scaléd down. This is more im- portant than the question of whether fear psychology ean drive stocks a lit- tle lower. A recovery will have to wait for the correction of many maladjuste men's, both domestic and foreign, which now exist. - Récovery, at least from the actute phise of the depres- alon, will procanly take place before NEW YORK BANK STOCKS NEW YORK, June 6 (). —Over-the- counter market: . Bankers Beay *Cont _Bk. . & Tr Corn Exchange % ) o %(New Canadian Duties: May 0% 'mier of New Zealand 3 | Figures compiled by the National' Auto- *!the last few wecks despite the under-, + on blue prints when the no Midsummer | CHICAGO. June 5 () —Aggresiive % | condition of wheat | corg— ° i Seplemoer 88%.| Do NEW YORK CURB MARKET zzerszazz] | TARKF IS PROBLEN | INAUTO INDUSTRY Prove Handicap to Ameri- can Manufacturers. BY DAVID J. WILKIE. ‘Written for the Associated Press. of its problems under control, & new one, sometimes of minor and not infrequently of major impor- tance, crops up. The latest to give pause 'to the plans of the industry’s executives is- the decision of the Canadian gov: ernment to ificrease the duty on all finmun-mm motor cars selling for jore than $1,200. Although & number of American motor car manufacturers already have plants in Canada and others undoubt- edly soon will follow, they are likely to feel the effects of the tariff increases in | . some measure beca: parts, some of which must be imported even the Canadian producers. . Local motor car makers generally have withheld comment as to the effect of increases. % | the newest Canadian A few weeks ago when Premier Bennett announced that the reduction allowed from' the list prices of cars entered for duty would be discontinued, there was some talk of prohibitive tarift walls and the like. *Soon, however, several of the companies without production facilities | within the Dominion announced plans for opening Canadian factories, with the result that relatively few American rmducers now are operating on a pure- ly export basis with Canada. Watch Trade Relations. In some quarters there was & dis- ition' to interpret -the 'latest tariff t a8 a move by the Canadian gov- ernment to force the remaining Amer- manufacturers to arrange for plants in Canada. The companies re- maining outside are known to be watch- ing Canada’s trade relations with other units of the British Empire with even keener interest than the manufacturers who have Canadian plants. Not a small part of the attraction Canadian production held for American automobile builders was the prefer- ential tariff agreement with ~other ccuntries under the British flag. Just before Premier Bennett last Monday announced the new tarift schedule his government was notified by the pre- that the Iatter country had cut Canads off the st of countries to which it extended & preferential tariff. 2 ‘The action was in retaliation for the cancelling by Canada of & treaty under which New Zealand butter entered the Dominion with a duty of but 1 cent a pound ‘The importance of the foreign mar- ket to the American automobile manu- factyrers is being coristantly emphasized by' leading authorities of the industry. mobile Chamber of Commerce show that 83 per cent of Jast year's total out- put was disposed of in the replacement market. Many of these authorities be- lieve that with the steady increase of total registration in the United States, the industry uitimately will have to look to the intensive development of sales abroad for expansion, In this connaction has been pointed out_that of a totel world registration of 35,603,000 motor vehicles, 26,523,779 are owned -in the United States. Manufacturing activity continues on the conservative basis suggested by the urcertainty of the immediate future| months. While favorable output figures for May have been announced by sev- eral companies, schedules for June are expacted to show a falling off in keeping with the usual seasonal decline. In the merchandising division .of the industry distributor of some types re- port indications of a continued steady demand. Others, however, are anticis pating a tapering off, and are placing their factory orders accordingly. New Models. Another manufacturer i8 understood | to be planning to bring out a new model within the next 10 days or two weeks. 11t probably will supplement his present { make the point. !line’ rather than replace a current ! model. In explanation of the appear- Iance of not a few new models during | i taking to hold back all new types until November and Dacember it has been inted ‘out that mbst of the new cars rought out this Spring already were | models policy was announeed. In any event the bulk of the new model introductions will be made in the final- weeks of the year, with a few holding back possibly until the show season In January. Grain Market buying lifted wheat late today to the highest prices in a for;night. The buy- | ing was based chiefly on a report from the Canadian growers' pool that the in the prairie provinces Averaged only 75 per eont normal, compared - with 90 a year ago and 96 in 1920. Drought areas of the prairie provinces embrace 18,000,000 acres, 80 per cent of the total, Wheat closed nervous at 3, to 1% in, corn % off to 'v up, oats ! July | September ‘o December 633! Jul; ST 83ve kY 27% E Dez:moer OATE— Sepiimoer ccembar CRUDE DRUG IMPORTS INCREASE DURING YEAR By the Associated Press. - Crude drugs in Tecent years have at- tained an increasing prominence in the import trade of the. United States co- incident with, the rapid- growth of the erican pharmaceutical, proprietary | medicine, - insecticide and other con- suming industries. The increasing requirements are re- |flected in the gradually expanding vol- {ume as reported by the Commerce De- partment, which shows an increase in imports of from 68215000 pounds in 1921 to 165,176,000 pounds in 1030, a | Bain of 140 ‘per cent. While the output’ of many’ of the roducts entering- into this “trade is widely diffused throughout the world, Moy ls dependent prncIpaly possess dustry lependent pr! iy s well defined areas of culjivation, the department said. PARIS BOURSE-PRICES: * PARIS, June 5 (#)—Trading. was quiet and prices were -firm on the Bourse today. 9 francs 35 centimes. Five .per ‘cent loan, 103 -francs 20 centim 68, - . | Exchange on London,.134 francs 31 | below $85 a share. 4 0 D 4 advance and provisions showing 17 J ward trend. centimes.. The dollar was: quotéd at 25 francs 55 centimes. CXIOA?}O DAIRY MARKET. CHICAGO, June & (fl.—!uufl'—!{e- ceipts, 20,887 tubs; unsettled; creame“ extras (89 score), 21: standards_ ( score), car lots, 22%a23; extra firsts 90. 2115a22; firsts (88-89 ; seconds (86-87 score), 19a1845. Recelipts, 24,913 cases; steady; prices unchanged. O ularity of miniature'gol! in South AR s naing, .+ By the Associated Press. NEW YORK, June l.—'nbhfil‘ review of business condftions in the wholesale, and jobbing trade, the retajl trade and manufacturing and industry; as well as the state of collections, week from the following centers: i i GHE Pittsburgh—Steel production lower; coal strike strengthens prices. Louisville—Retail trade spotty; men’ manufacturing slowing down. Detroit—May auto g lated by warm weather. Milwaukee—Cheaper ' autos have 3 mand; retail trade responds to -Winter capacity redu i to Bradstreet’s this Collec~ lons, gt automobile requirements restricted; s clothing quiet; women’s clothing wod#on estimated at 345,000; retail trade stimu- sales; women's straw hats in de- ::’m harvest begins in m'n:m-e; steel buying light; 8t. Paul—Groceries, confectionery and bullding materials in fair demand; Tains improve crops. Duluth—Industry generally in small volume; rains benefit. crops. Omaha—Road-butlding material shows gain; rains and warm weather help pastures and Des Moines—Trade sentiment better; Tecent rains help corn. Kansas City—Trade lagging; crops good; grain prices poor; flour produc- tion below normal. Baltimore—Weather helps retail trade and crops; bullding encoursging. DRASTIC PRICE READJUSTMENT FOLLOWS INFLATION IN STOCKS Sharp Declines in Representative Issues Reveal Extent of Deflation Brought About by Bear Market. Special Dispatch to The Star. NEW YORK, June 5—In the midst of the gloom engendered by.the long stock market decline, it is interesiing to note the length of the road already traversed. It may not throw any light on the immediate future, but it is in- | teresting to look back and take stock | of the readjustment so far brought: lmk & r this purpose let us take three stocks, Atchison, Topeka & Sante Fe. United States Steel and Standard Ofl | of New Jersey, and compare the present market valuation of the common shares | in the case of the two first named and | of the capital stock in the case of the | last named with the valuation on No- vember 13, 1929, the day of the greatest g;mc in the history of Wall Street. e comparison would, of course, be all the more striking if the high prices of the inflation of that year were taken and set over against the quotations ob- taining now, but that is unnecessary to Admitting the "ex- travagance of the late lamented bull market, we do not need to take the enormous deflation that has taken place. Comparison of Figures. ‘The low price for the common stock | of the Atchison Railroad of November | 13, 1929, was $200 a share. There are | 2,416,293 shares outstanding, so that at the extreme low of that panic At- chison common was vailued at $483.- 258,600 in the open market. Atchison sold under 135 this week, but taking that price as a round number the mar- ket value of the equity in that great railroad is $326,199,555, or a differ- ence of $157,059.045. In other words| almost $150,000,000 has been deducted | from the valuation in the past 18| ‘months. Now look at United States Steel, The low for steel on that historic day was £150 a ehare and the recent price was At $150, the mar- Fet value of steel common was $1,304,- 860,950 for the 8,699,073 shares out-| stznding. Steel stock was then in the | | figure them out for themselves. billion-dollar class ma: of over $300, . Today at 85, the market value ‘of the junior shares is $739.421,205, or a marking down of $565,439,745. In this instance over a half million dollars in market ustion has been cut off since the panie. Then consider Standard Oil of New Jersey, which is particularly interesting because of the fact that the panic was checked at half past 2 in the afternoon of November 13, 1929, by the announce- ment that a bid for a million shares of “Jersey” was in the market at $50 a share. stood that this bid came from the Rockefeller interests. At any rate, if the stock had been bought at that firlu it would have involved the neat ttle sum of $50,000,000 in cash. Now Standard of New Jersey has 25,564,306 shares outstanding and the stack sells today around $31 & share. The market valustion of this equity on November 13, 1929, at 50, was $1.278,215.300. At 31 today, the market values the same the comfortable 001 peak prices of that time to show the | Shares at 3792493486, or a reduction of $485,721,814, almost a half a billion. Excess Atoned For. Tllustrations could be multiplied and readers mathematically lncllnedzmly very one now believes that at the height of the insanity of the bull movement stocks were overvalued. but the stock market of today believes on this statis- tical showing that stocks were grossly overvalued on the day of the panic. Even if that be trué, something of the excess has been atoned for at the piice Jevel in June of 1931, It will be said that industrial condi- tions are different now from what they were two years ago, and that then no one could have n the breadth or the depth of the present depression, which. is perfectly irue. ‘The market picture has changed also. The ques- tion is now whether values hav:> bee: written down far.enough to mcasure the change in ‘the business outlook. . (Copyright. 1931.) New York Cotton 8pecial Dispateh to The Star. NEW YORK, June 5—Cotton fluctua- | tions were again dominated Dby the course of the stock market today and after & sharp early advance to best| prices of the week a reaction of 30 rpoints followed an easier stotk market. | With the best weather so far throug- With the best weather so far through- | covered in the past two days brought the mariet under pressure and the list closed at the bottom, 18 to 22 points lower than on Thursday. . Spots | were reduced 20 points to 8.60. | Cotton range: | Low. Close. | ’ 84 855 .g 8.90 , ’t 9.13 8| I Markets at a Glance NEW YORK, June § (#).—Stocks | irregular; rails maintain vigorous up- | Bonds strong: rails and foreigns advance briskly. Curb heavy; realizing checks advance. Foreign ex- | changes. eaty; Spanish peseta makes | further gai and favorable weather. r hi firmet spot market. Coffee s 3 silian support. CHICAGO, Juneé By () —Wheat firm: bullish- Canadian adVices. Corn barely steady; predictions beneficial _rains. Cattle steady to lower. Hogs higher. P co Cotton easy: lower cables | ¢Th roadeast rectiving sets, with offices SIGNS OF BUSINESS UPTURN ARE GROWING Special Dispatch to The Star. NEW YORK, June 5.—The fluctua- tions, of security quotations cn the New York Stock Exchange no longer forecast the trend of business. The recent drastic decline in security prices and the weakness at the moment sre no Indication that business this Fall is to be slack or unsatisfactorn the contrary, indications that upturn in busines may be anticipated are multiplying daily. These are the contenijons of Gage P. Wright, presi- dent of the Busines Econ-mic Digest, who believes that the stock market. porarily st least. has lost the major t of its forecast value because of ditions within the market itself. He points to the records of the last few months to support his contention that security prices now tend to move with the course of business, if not, indeed, to lag behind it. e MACKAY C0. EXPANDS. NEW YORK, June 5 (#).—Clarence H. Mackay, president of the Mackay Radio Telegraph Co., announced yester- day that the Mackay Co. holds a con- trolling interest in Orange Securities Corporation, including the control of Federal T:legraph Co. of California. A new company has been .formed under the name of Kolster Radio, In- ated, to carry on the exploitation and factory in Newark, N. J.. and an office. at the International Telephone and Telegraph Building, New York. Pranklin Hutchinson has beén elected president of Kolster Radio, Incorpo- rated, with Frank Holmstrom and St. George Lafitte, vice presidents. STOCK AND BOND AVERAGES By the Associated Press. FRIDAY, JUNE 5. STOCKS. 50 Industrials. JA0L6 Low, 1980, 1929, High, Low, 1929. 20 20 Rail: Utilities. 3. 1534 £ B HEE H ood b iah *, Ll i o Elr § (X EEF’!-S-S..E‘S_ ‘gggiz <) Q! » —..EE‘.:: =28 1 L3 2 § B i o Foid, " L i 2xdaiEassises ¥z e !h ", 3 s g ol 2929989 23889egegY BosuBavineil Bilnucusnanmsu g—- R T 9900 bet 22238228 ¥ Feas3aEaanasannntes 299 388 Gas UUI 65 A ns Pub 6345 ngum Pow. 4135 G & {elelel 99 Sza 98 tsorSBannSmsan! Bt Oll 8ves ucible Steel 29 ire O&R 4 Pairbanks M 21 Pederal Wat 5's 8 Pirestone C M 5 11 Georg 10 Gillette 3 Grand v s A 41 x 22 Iowa-Nb L&P 55 B € lowa Pub Serv 5s '57 91 1Jers C P&L §'5s A ' 14 Jer Cen PAL 35 B recge 55 45 .., AEIER ¥ 6% a0 2 Lexington Uil 55 33La P &L 55 '57... Oswego R Pow 65 11Pac G & E4's F 1 Pacific Py & 1, 85 36 Pa Cen PAL 4'zs 1Penn El 4s 7 Penn O '55 9913 T 91N s h Calif Ed 5s h 1if Ed Ss '51 106 h f Bd 5s Calif Edis bs it G 41ss uth Cal Gas Bs 137 1 uthern N G, 6s hw Dat Pr 6'zs 58 A '3 6s Tenn Elce 4 Tenn _Pun Serv 5s 1Tex City Gas 58 30 Texas Elec 55 ‘60 4Texas Gas UL 61 14y i Util 53 [ 21 Union_Gulf 55 ' tP&LSLs S_Rubber 6s '3 Swearin es - 1 WA Wews D21 Oy a8 3 Wes Tex Ut 55 A 57 87 FOREIGN BONDS. rni DT (D 7l ww S Warrants: xw—Without warrants. FiWhen. tssued, b € = BALTIMORE STOCKS. Speeial Di-patch to The Ster. » BALTIMORE, ‘June 5.— 1 STOCKS. Cogperation 2] cum ptd A 108 er A com.. 28% Cuaraats BONDS. 1000 Ynited Rwy & ¥ Paris’ h;n hes just been offi- cially sstimated at 4000000, = .. °