Evening Star Newspaper, June 6, 1931, Page 14

FINANCIAL. ITRADE STATISTICS SHOW RESISTANCE FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., SATURDAY. JUNE 6, 1931. NEW YORK STOCK EXCHANGE | BOND LIST HIGHER | [~ sonc BONDS oo e ON ACTIVE DEMAND A4 * NEW BANKING LAWS MAY BE ADVOCATED B Sty 2 UNITED STATES. (Bales are 1n $1.000.) les. High. Low. Close. Lib3%s32-47., 1 10; 19 102'19 102 19 Llst4%s32-47. 2 10314 10312 103 14 L4th4%s33-38 1564 104 30 104 27 104 30 Sales. High. Low. Close. 1121 1121 112% 98% 3 105 621 55% Loriliard L& N uni 3 Lyons 68 e 10 MeKes & Rl%l'l: ~Prev. 1931 Btock and Bales— High. Low. Dividend Rate. Add 00. High. 32 225 Warren Fdy & P (2). b 26% 60 6 Webster Eis pf (7)..100s 50 103 92 West Pa El pf (6). 95 (Continued From Page 13.) 1931, Low. 16% Stock ana Dividend Rat Unit Corp (75¢. ~Frev. Prev. g Low Close. Closs, 19% 19% Sal Add 00. High. . 152 Yirginia Barkers Expect Va- ¥ riety of Discussions at Convention. @ the Associated Press. OLD POINT COMFORT, Va, June $—Thorough discussion of current oblems faced now by the banks of | Yrginia will be emphasized throughout the thirty-eighth annual convention of the Virginia Bankers' Assoclation, to be held here next Thursday, Friday and Baturday, C. C. Barksdale, president, $aid today. Mr. Barksdale pointed out that while peveral out-of-the-State speakers will be present, the major portion of the convention, especially the second day, will be devoted to a series of discussions of Krob]ems as they have arisen in Vir- @inia. There is & possibility, he said, that the way may be opened to proposed Jegislation as a precaution against the recurrence of the difficulties that have been found in the path of the rural banks of the State during the past year. This, however, is a matter that must be left to the incoming Committee on Legislation, it was pointed out. A matter that was of vital interest to the association president was proposed bank research for the Virginia banking institutions. It will be discussed in an address by Thomas C. Boushall, presi- dent of the Morris Plan Bank of Vir- ginia, who originated the idea in the Btate several vears ago. It is now proposed that the Associa- tion, in conjunction with the University of Virginia, instigate the research proj- #ct, which would continue over a period of five years, but final action has not n taken on the matter. The object f the research would be to determine e source of problems which now con- ont the banking business, and to de- rmine ways and means of bettering e State’s banking service. . After the opening ceremonies, the #ppointment of Resolutions Committee, end the annual address of the presi- dent, the most of the first day of the convention will be taken up with re- rts of committees, with an address the evening. The discussions of the second day ‘will be led by O. Howard Wolfe, cash- jer of the Philadelphia National Bank, whose subject will be “Profit-producing . Policles.” The membership has been urged to participate in all discussions, Mr. Barks- dale said. He expected interesting discussions on branch banking and the subject of in- terest on deposits, especially. A complete program of entertain- ment has been planned for the con- wvention. C0-OPERATION URGED FOR TRADE REVIVAL Automobile Association Head Be- lieves Bottom of Depression Has Been Reached. By the Assoclated Press. NEW YORK. June 6—Alvan Ma- eauley, president of the National Auto- mobile Chamber of Commerce, ap- finled for continued co-operation among dustrial leaders in fighting obstacles to_trade revival. Speaking at the opening of the annual meeting of the association, Mr. Ma- cauley expressed the opinion that the bottom of the depression has been reached. He cited the increased”use of motor wehicles, the improvement in the used- car situation, the poise of the manu- facturers generally, and the greatest stability of retail motor merchandising outlets as factors which enhance the industry’s outlook. “We have gone through the Spring selling_season without an upturn of more than usual proportions,” he de- clared. “We can hope that it may bz- come evident in the Fall. Prudence suggests, however, a conservative opera- tion of our business.” “The depression is proving a danger- ous thing to our business, not only be- cause of the many hardships it imposes, but also because of wicked and de- structive trade practices which have crept in as a result of the buyers' market which exists,” he declared. Mr. Macauley said there is little need for concern over the ability of the manufacturing division of the industry to survive the depression. “Our problem is to keep our distribu- tor and dealer organizations strong enough so that they will emerge from the depression with unimpaired vitality. The unexpected protraction of this de- pression is making that object con- stantly more difficult.” Mr. Macauley added that the volume of automobile business being transacted is sufficient to support the industry’s merchandising organizations if all of the sales are made on lines of good business practice. LARGEg'i' STOCK ADVANCE SCORED BY RAIL ISSUES Special Dispatch to The Star. NEW YORK, June 6.—When the market opened today 12 prominent in- vestment and speculative stocks showed an average gain of 10 points from the Jow level cf last Tuesday. The greatest individual advances were in the rails. Atchison was up 16, Union Pacific 11 | and New York Central 10 points. Amer- ican Telephone and J. I. Case had each rallied 12 points end Westinghouse and Steel 9 points. Johns-Manville was up 10 points, Consolidated Gas, 8; Ameri- can Can, 7. and General Electric and General Motors up 4. The average of 25 railroad stocks showed an improve- ment of about 8'; points, while a sim ilar number of industrials and public utilities averaged 17 points above the low level of Jure 2. In view of the breadth and quickness of the recovery there was again a dis- position today to put in stop loss orders on stocks purchased earlier in the week and to hold off from following the ma: ket up until more constructive news, domestic and foreign, is available. JAPAN FEELS EFFECT OF WORLD DEPRESSION By the Associated Press. ‘The advent of the world business de- pression at a time when Japan was un- dergoing drastic economic and finan cial readjustments preparatory to and following the removal of the gold em- bargo proved a severe handicap to its 1930 foreign trade. The Commerce Department said the crumbling of commadity prices, par- ticularly those for the commodities that form the major portion of Japan's trade, was the largest single factor con- tributing to a drop of 32 per cent, as compared with the previous year, in the value of 1930 exports from Japan rroper. and a decline of 30 per cent in he value of imports, or a drop of 31 per cent in the total value of all for- eign trade. On a quantity basis, how- ever, the contraction in total trade was not more than 12 per cent. Exports for 1930 declined to a value of 1,469,852,000 ven, as compared with 2,148,619.000, yen in 1929, while imports ‘were reduced to 1,546,051,000 yen from ~A2,::‘1‘:,uo.m ven in the previous year, par value of the yen k. 49.85 44 48% Unit Corp pf (3 0).. 26 4 Unit Dyewood pf (7) 10s U S Gypsum (1.60).. 2 U S Indus Alcohol(2) 69 1 136'% U S Steel pf (7). 3% Unit Stores . 19's U1 PET, A (o42.15). % Vadasco Sales Corp.. 76% 231 Vanadium Corp'n. 21 Waldorf Sys (1%) 8 Ward Baking B. 4% Warner Bros Pic! 1% Warner Quinlan. 14's Warren Bros (3) War Bros cv pf ( 20 2 177 2 1 20% 16 Th 1 46% v 8 49% . 808 481 48% 524 267 47 12 103 A% 9 364 29% 5% 21% 15% 11% 89% 139% 44 21 w 15% 29 5% *Unit of in stock. no reguiar 1 Plus Arading less than 100 in_stock. g Plus § Plus 50c in special preferred stoe this year—no regular rate. West Pa El pf (7). Western Dairy B. Western Md. .. Western Union (8. Westing E&M pf (4).100s vaso Chlor (2). © Rock MS t4%. Willys-Overland. Woolworth (2.40). Worthington Pump.. 66% Wrizley (Wm) (4).. 6% Yellow Truck. 14% Younes Sprin; 2% Zenith Radlo. .. Dividend rates as given in the above tabl payments based on the latest quar Baiisyeatly decturations 2 4 71 7 19% 2% 18% 2% 18% 2% 18% 2% rly or half-yearly declarations. 1Partly extra. iPlus 4% in_stock. aPaid . e Payable in c v “stock. in" stock. " h Plus 3% in stock; is 3% in stock. m n Plus 5% in stock. o Pl BERRY SHIPMENTS INCREASE RAPIDLY Potatoes, Cabbage and Other Produce Appear From Northern Markets. ‘The produce market season is extend- ing northward gradually into the inter- mediate secticn, says the United States Department of Agriculture, Bureau of Agricultural Economics, Market News Service. Berry shipments are active from the latitude of Delaware, west- ward. First cars of Eastern Shore po- tatoes are expected to move from arcund Cape Charles by the end of the first week of June, but shipments from that vicinity will not become active until near the middle of the month, ac- cording to present indications. Cabbage is on sale from Virginia and Tennessee, but liberal supplies are still coming from farther scuth. Asparagus begins to fall off when the Northern crop of green peas starts moving. Shipments of greens also decrease under such compe- tition. From that season’s crops in storage, a few carloads cI Eastern apples are still shipped every day and considerable Northwest. Prices cf apples held up well to the end of the season. General price level of green produce is already low, but the usual slowly downward tend- ency is evident with the progress of the season and the increasing carlot supply. Some lines are selling at wholesale from one-half to two-thirds the prices quoted a year ago. A few lines, including strawberries, compare fairly well in price with the market level cf June, 1930. Berry Markets Irregular. Prices of strawberries are hard to compare with those of the season be. fore, because of the difference in earli- ness and the variations of markets in different_cections. _With the flush of receipts from the Eastern Shore region prices declined somewhat during the first week of June to a level below that of the season before, while Midwestern cities, although quoting lower prices, were still near the level of June, 1930. 'n Shore straw- berries has been fairly hes amount- ing to nearly 100,000 crates within a week by motor truck alone. The truck movement amounted to 330 carlots, or close to 57 per cent of the total ship- ments. Apparently the height of the shipment came near the first of the month. Most of the berries have been coming from Virginia and Maryland, but Delaware is fairly active this weck, { while the Virginia districts are ap- proaching the end of their active sea- son. Maryland Eastern Shore ship- ments are likely to last to the middle of the month and those from Delaware still longer. Actual length of the se son depends upon the weather. Pres-| ent indications are that the crop in| Maryland and Delaware will not exceed | that’ of last season. Reports of prices in producing sec- | tions vary widely at a range of $1.50 to | $6.00 per 32-quart crate, depending| upon crop conditions in the particular district and the variety quoted. The bulk of sales in Eastern Shore produc- ing district might be quoted- $2.50 to[ $4 for most lots and varieties. This | range is close to that prevailing at the same time last year, but shows a sharp reduction from the prices prevailing| early in the local season. On the whole, | conditions so far in the strawberry sec- | tions of the South and intermediate | States have been rather encouraging to | Northern growers, 25 reflecting probable conditions for the rest of the season. The crop is a moderate one although Jarger than that of 1930, and demand has been good, enough to take care of shipments at reasonable price levels for good fruit. Most of the markets in early June re- 1 ported moderate carlot arrivals and fair to good demand at steady or stronger prices. Potato Market Fairly Steady. ‘The potato market has been holdirg fairly well the first part of June for both old and new stock, although there is a slightly downward tendency of prices in some markets. The new crop activity is in the second early States and | interest begins to move Northward to- ward the Eastern Shore district, the | great source of supply in the early | Summer months. Potatoes in that sec- tion have been getting about ths right mount of rain in May and early June, but some fields were reported showing light damage, while most of the affected | ficlds seemed to be recovering in early | June. Growers say that yields in such flelds will be light, but the proportion of the entire crop lost from this cause probably will be small and indications till favor a production excesding last eason’s output, which amounted to nearly 20,000 cars. Shipments from around Cap> Cha started early in June and active market movement was expected before .the middle of the month. This means some overlapping with the still heavy shipments from North Carolina. Most of the largs markets report - | supplies of new potatoes moderate and | demand slow to fairly good. | price tendencies wers downward the (first week in_ June, with daclines | amounting to 25 to 50 cents per barrel. | Some lines of Southern held | fairly steady. Nerth Carolina white | potatoes sell at $3 to $3.25 per barrel in Philadelphia and Pittsburgh. South- ern red varicties are selling low in producing sections at 90 cents to $1 per_hundred pounds. Old pctatoes sell in Northern pro- dueing sections at 75 cents per hun- dred pounds. Most of the output is from Maine and Idaho, both of these secticns having exceeded most of the early estimates. Sales of Maine stock in Eastern markets are mostly from $1.25 to $1.50 per hundred pounds for sacked stock. New York round white potatoes sold in Pittsburgh at $1.35 to 3'1‘;4% ‘Washington reported $2 on cld stock. Most Sweet Potatoes Scarce. Probably among the last sales of sweet potates for the season were ‘those reported in New York early in June at $3.50 per bushel basket. These were New Jorsey yellow potatoes out of stsrage. Another line of storage produce iwhich held prices well was the Bald- !win apple. This was quoted at Balti- more, Pittsburgh and New York at $2.00 to $2.40 per bushel the first week of June. This variety has been a good zeller through the season, on account ot its comparatively light production in boxed frult is still coming from the | Special Dispatch to The Star. BALTIMORE, Md. June 6—Pota- toes, white, 100 pounds, 1.00a1l.4( v potatoes, barrel, 1.75a3.00: rel, 3.50a4.50; beans, asparagus, per dozen, per 100, 4.00a5.00; cabbage, bushel, 1.80; carrots, bushel, 25a50; celery, crate, 10.00a11.00; eggplants, crate, 1.50 a5.00; kale, bushel, 10a25; lettuce, bushel, 15a30; lima beans, bushel, 2.50a 4.00; peppers, crate, 1.5025.00; onions, per 100, 7521.00; peas, 50a1.10; spinach, pushel, 15a30; rhubarb, per 100, 2.00a 4.00; tomatocs, crate, 50a2.00; apple: | bushel, 7522.50: per box, 2.00a2.5 | cantaloupes, 1.00a3.25; grapefruit, bo: | 1.50a2. oranges, box, 2.50a4.25; straw- berries, quart, 8a20. yams, bar- bushel, 75a1.25 60a3.00; beets, CHICAGO DAIRY MARKET. Poultry, alive—Chickens, young, 26a 36; old hens, 21a23; Leghorns, 17ali roosters, 12al4; ducks, 15a23; Guin fowl, each, 50a75; pigeons, pair, 20a 25, Eggs—Receipts, 3,536 cases; receipts, 17%%. Butter—Good to fancy, creamery, | pound, 23':a26; ladles, 17a18; rolls, current 15. CHICAGO LIVE STOCK MARKET | CHICAGO, June 6 (#) (United States | Department of Agriculture).—Cattle, 400 head; compared week ago, all year- lings around 1.00 higher, but medium ‘weishfs and weighty steers eased off |late to finish around 25 higher; ma- | jority she stock about 1.00 higher; low | cutters and cutter, 25a50 up: bulls | gained 25a50: desirable medium weight | and | | vealers, strcng to 50 higher, weighty offerings, 50 and more lower; replacement steers scarce, 25 or more | higher; yearling steers topped at 8.75; | several sales, 8.25a8.50, with bulk 7.00a 18.00; weighty beeves topped at 8.25, {with bulk 7.00a7.75, although several late sales down to 6.50 and below; best yearling heifers, 8.25; bulk, 7.00a7.75; | practical top weighty sausage bulls, 4.00; selected vealers, 9.00a9.50: most stocker and feeder steers 5.50a6.75. | Sheep—Receipts, 7,000 head; today's market nominal; for week 40 doubles from feeding stations, 53,000 direct; compared week ago, lambs and year- | lings, 50a75 lower; fat ewes fully 25 lower; late break entirely checked at closc; weekly total of directs largest since May, 1929; closing bulk desirable native ewe and wether lambs, 8.50a 9.25; best early in week, 10.50; throw- outs largely, 6.00a7.50 late: bucks, 7.00a .25; range lambs, 10.00a10.60 during | week; week's top dry-fed yearlings, | 8.60; most fat ewes, 1.75a2.25. Hogs, 6,000, including 5,000 direct: | quality mosily plain; market unevenly | steady to 10 lower; spots off more; | choice, 160-240 pounds, 6.30a6.40; top, 640; plain kinds, 6.00a6.15; choice, 300 | pounds, 6.00: underweights absent; pack- | ing so 5.00a5.40: compared week ago market mostly 25a50 higher; shippers | tock 500; estimated hoidovers, 2,000; | light lights, good and choice, 140-160 pounds, 6.10a6.35; light weights, 160-200 pounds, 6.25a6.40; medium weights, 200~ 250 pounds, 6.2526.40: heavy weights, 250-350 pounds, 5.85a6.35: packing sows, medium and good, 275-500 pounds, 5.00a 5.50; pigs, good and choice, 100-130 pounds, 5.90a6.25. CHICAGO STOCK MARKET By the Assoclated Pre. CHICAGO, June 6.—Following is the complete official list of transactions in | stocks on the Chicago Stock Exchange today: k! 112 862 2313 18 16% 2212 45, 800 Bendix Aviation 1150 Borg-Warne: sby-Grunow 50 Hart-Carter DI, 1100 Houdaille-Her - A 200 Inland Util 6 50Mid Ut 7 pi 50 Miss_Val Util pi 00 Nat Rep Inv. 300 Nat-Standard 3 1300 Walgreen €5, 2 50 West B L & Tl 'AlLL 211 1080 Wis Bankshrs - Sia Stock sales today, 48,000 shares. BONDS. $33.000 Insull 6s '40 81% 1,000 Ghi Ry ctfs 6212 3/000 Un Pub Util 5138 47 7913 Bond Sales today. $37,000. 1930. Prospects for the new apple continue favorable. Rather low prices were quoted for Maryland, Delaware, Pennsylvania and New York asparagus, at a range of $1.25 to $2.25 per two-dozen bunch crate in New York. Maryland and Vir- ginia stock brought $1.25 to $1.50 in Baltimore the first week of June. A few cars of lettuce shipped daily from New Jersey, but bulk of supply is still from the West. New Jersey stock of the Big Boston type- sold from 25 to 75 cents, mostly around 50 cents, per crate in New York. Prices of East- ern Shore cabbage are firm in Phila- delphia, Boston and Baltimore at $1.00 to $1.10 per half-barrel hamper. Tend- ency bf North Carolina stock was up- ward first week in June. Receipts are lmodmte in_most Southern markets, but light in Baltimore, 16al7; process, 20a21; store packed, 14a | . Low Close. 2 THREAT OF CHAIN STORES DWINDLES Analysis Shows Large Re- tailers Are Not Stifling Competition. BY CHAS. P. SHAEFFER, Assoctated Press Financial Writer. Chain stores no longer constitute ! their early threat of stifiing competi- tion and rendering obscure the inde- pendent merchant. A close analysis of the situation reveals that the unfavorable compari- sons of independents with chain organizations is usually the result of less efficient operation rather than the result of mere mem! ip in some | powerful association. The census of distribution corrob- orates the above statement, which, based on reports from 485 cities, shows | the large sectional and national chains did but 169 per cent of the retail volume in 1929, latest reporting year, while single store independents ‘con- ducted 62.5 per cent of the total. Local multi-units, which include small chains and branches, did 19.4 per cent of the total. The bureau reports that large chains are strongest in large cities, with local stores strongest in smaller cities. Further substantiation is found in a study just concluded by the Progressive Grocer. A study of 25 modern inde- pendent grocery stores conducted by ’lhlt organ shows up very favorable | with available figures for 10 chains, covering operations last year. These 25 independents averaged $76,700 in sales, compared with an average of $64,000 for the organization of leading national chains. Net per store for the independ- ents was $3,071, after deducting sal- arjes for the proprietors, while the net for the chains was $1,872. Operating expenses was 13.8 per cent of sales for the independents, compared with an average of 17.8 per cent for the chain group which had the statistics avail- able. Attention of the Commerce Depart- ment is drawn frequently by the philo- sophical changes taking place in pro- gressiye independent circles. In these, competition by national organizations is relished, as the advent of large stores has a natural drawing power from which local merchants who have es- | tablished prestige and good will through | long service to the community naturally benefit. Markets at a Glance NEW YORK. June 6 (#).—Stocks weak; leaders sag under week end realiz- ing. Bonds irregular; industrials gain. Curb weak: oils react 1 to 3 points. Foreign exchanges irregular; French franc improves. Cotton lower; favor- able weather and liquidation. Sugar, holiday. Coffee, holiday. Na;ed on Ship Board. BALTIMORE, June 6 Donald Symington, chairman of the governing board of the Baltimore Trust Co. and president of the Baltimore Mal Steamship Co., has been elected to the | board of directors of the International | Mercantile Marifle Co., to succeed | Prederick W. Scott of Richmond, resigned. 11, and the Roosevelt Steamship Co. were | merged last year. e DIVIDENDS DECLARED NEW YORK, June 6 (#).— Pe- Pay- Company. Rate. riod. able. | Extra. | Loose-Wiles Biscu Metropolitan Ice. Hldrs. of record. July 17 June 15 Initial. Fourth Nat Invest..85c .. | West N Y Sec Corp.10¢ .. Accumulated. | second N Inv ptf..51.25 .. | Reduced. Felten & Guilleaume A G of Koin...8'2% .. 12727 Q .50c .. June 16 July 1 June1s Morristown Sec June i3 United Sec Ltd.. Stock. Southern Un Gas..2% Q Omitted. June 20 June 20 Deferred. Air Liguide. . Am Fork & Hi Do, pf. Am Hosiery Am P & Lt 85 Do_ 36 o .. Am Wringe:. Appal EF P §7 36 pf g o3 4508 B AL.S1 1§50 L3tz P1.51.75 5150 pf... " Denver Tramw pf 3" Erie Nat Bk (Phi f Pa . 1! Do. 1st pf Do 1st pf D! South Pitts Wa 2% Bf.. Do. 6% Do. 57 pf 2! South Un Gas pf ‘A.80c 7eepf. ... A3 Strawbridge & Cidthier 7% pf. 5175 Super Por Supertest . ord June 18 The International Mercantile Marine | Am South American Dollar Issues Prove Feature of Week End Trading. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 6.—Bond trading 1, |today was marked by wide gains fn some of the South American dollar bonds, especially those of Buenos Aires Province and City. The general list was stronger, too, but owing to a lower trend in stocks the volume of trading was #mall and price improvements un- important in most cases. One factor that weighed heavily on the market was the probable outcome of the conversations going on in Eng- land between Chancellor Bruening of ! » 3% 4043, %5414 %5 43-47.. % 46-56. 8 8 £l 8 B 4s 44-54. 3 3 3 4 ¢ AbItIDI P& P 6 Ab & St 5%s "4 49, Am Metal 5%s 34, Am B&R 18t 68 47, Am Sug Ref 6s '3 1 Am T&T cv 4%8°'39 Am T&T b5 65 Am T&T c tr 6346, Am T&T 688260, Am T&T 6%3 43, Germany and the heads of the British | Am W Wks 6 government. ‘The request from Berlin | Ann Arbor 4s’'52 for a reduction of reparations payments | Argentine 5s 45 was in accord with expectations; but | Argenti the market is inclined to fear some |Argenti further proposal in connection with the already commercialized dollar loans, such as the Young Plan 5)s and the Dawes Plan 7s. . German bonds were steady, with the 5128 quiet and about unchanged and the reparation 7s dropping a shade. United Steel Works 6';s and Rhine- land Westphalia Electric issues were unchanged under a fairly heavy turn- over. German municipals were inclined to drop fractionally. The main factor in the strength of the South American list was the in- crease in confidence in the new Argen- tine government. The recent troubles had centered in Buenos Aires Province and its bonds had been widely de- pressed. Today the 6!2s gained nearly 4 points to a level about 14 points above the recent lows. Buenos Aires City 6123 Tose over 2 points. Argentine 6s were also stronger and are now 14 to 16 points above their lows. There were wide gains in the Brazilian section, notably the Sao Paulo issues. Improve- ment in coffee prices, in Brazilian ex change and the maintenance of rev- enues ‘under the 1940 coffee loan tax were helpful factors. LIFE OF DRUG STORE FOUND TO BE LONGEST Proof that the drug store survives longest in present day retail competi- tion is provided in a report compiled by the Illinois Chamber of Commerce. Out of 5592 retail outlets which were in business in Illinois in 1925, 39.1 per cent expired within the next four years, according to the report. Of the total number, drug stores showed the lowest mortali The tab- ulation showing th» centage of “deaths” in Illinois follows: Percentage dropped by 1929. 19.9 Number in 1925, Drug stores. 41 Hardware OLD VALUATION BASIS HELD NOT YET REACHED Special Dispatch to The Sta NEW YORK, June 6. ‘'We believe that the valuation bases for common stocks are in the course of a drastic revision downward to the standards of the early years of the past decade,” Ed- ward B. Smith & Co. say in the cur- rent issue of their Outlook for Equities. “Price declines to date seem to have discounted to a large extent the lower level of corporate earnings, but the dif- ference between the 1928-1929 standard of 15-20-25 times earnings and the old standard of 8-10 times earnings does not yet appear to have been fully dis. counted in the prices of many stocks.’ neaduibeds INVESTMENT TRUSTS NEW YORK, June 6 (#).—Investment trust securities (over-the-counter mar- o Bid._ Asked. 437 e (Special).— | AL J70th " com’ Founders conv pf ctfs Founders war...... Founders 1/40th "com 1ns Stocks Bankers Nat Inv. icilla Corp 5 h Gen Equiti Chain & Chain & Gen Equit Chain Store Invest. . Chain Store Invest bf. Chain Store Shr Owner: Chartered Invest ... Chartered Invest 'pf Chels hanze A June 16 | &7, 3 Trustee 8Shrs Biversified Tristee shrs © June 23 | B Independence Tr Insur Shar & Gen Mai Int Secur Corp Am Int Secur Corp Am Int Secur Corp Am Int Secur Corp Am Tr Associates Invest Tr of N Y C Investors Trustee Shares. & Curtis Inv A s vest, Mutual Invest Trusi A. Mutual Manage . Nation Wide See cur. onal Indust Shri June 15 June 15 June 13 June 15 June 15 Aug. 1 3 EaRE 5 m DORER ' DOLORD POROD DOOO DOOWOLD: DOOLOOOOD: » shore Railroad..£1.50 July Will & Baum Cand.i0c Q Aug. 15 *Payable on each $1,000 certificate. e BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, Md., June 6.— Sales. STOCKS. Last sale. 10 Baltimore Trust Co. 10 Black & Decker com. 5 Black & Decker pfd 'gggnwlmnled Gas com o 30 Emerson Bromo-! 13 Pidelity & Deposit Co. 65 Maryland _Casualty 15 New Amsterdam Cas 50U. 5. Fidelity & Gt | 2000 vottes mws & June 15 | Selected s come Shri ge Trusiee. @ - 9 ¢ - ZuvSanasiiBtasntalfs aves’ wiBavssaSluanld! e SIS 2 momen o Trust Shrs of Amer | Trustee Stand Invest Trustee Stand Invest Trustee Standard Oil A Trustee Standare S eSaaanssun FPa ST e ! AMmBTIstpr Atchison gen 5 Atchiscv %5 '41.. AtCL ist4s'62... At Gulf 5859, At Ref deb 53 37 Australia 48 56. Australia bs ' Austraiia 5s Austria Austria B&O4s B&O4%s B & O conv B&Oref bs B&O B & O Toledo 4350, Bk of Chile 6% 8’61 Belgium 63 "55. Belgium 6% s Belgium 78 ‘65. Belgium 7s | Bell Tei P'a bs B Ind Loan Co 65’46 Berlin Cy El 68 '55. Berlin CyEl 6%s'51 Beth Strfb5s 42, Brazil 6% s Brazil 6%s 27, Brazil 7 Brazil 8s 41. BKiyn Elev 615 Bkiyn Man 6s ‘68 Buenos A 63’61 Pv BR&Pitt 418757, Bush Ter con Canada 4s'60... Canada 448 '36. Canada 58 62...,. Can Nat 4348 ‘57, Can Nat b4 July ‘63 Can Nat 55 Oct '69. Can Nor 7s deb Car Clin & O & Cent Pac 434y Cent Pac 53 "6 Cen Ry NJ & Cert-td deb Ches Corp 65 4 Chi & Eas 111 65 '51. CB&WQgen 4s'58., Chi Grt West 48 ‘59 Chi M & St P 48 '89. Chi M&SLP 4335 C.. Chi M StP&P b3 '75. Chi M & St P ad) 6. C&Nwn 4%sc 2037, Chi & NW con 4%s. Chi R1& Pre4n 3¢ Chi R lcv 4% 60 Chi-Un St 55 44 Chile 65 °60. . Chile 63 61 Chile 6363 s Colomb 6s Jan '61.. Colombia 63’61 Oct Colon 01l Con Pow Japan 7s.. Copenhag 445 '53.. Copenhag 58 52.... Cuba 65 45 Cuba R R 58 " RR f 7% Nor 5%s '42.. Del & Hud 5%s'37. Denmark 4 18 62 Denmark 5%s ‘65 Denmark 63 42.. D& R Gr gn 4 '3 Det Ed G&R4 %5'61 Det Edison rf 5s '49 Deutsche B 6s ‘32, Dodge Br ¢l 6. Duquesne 4 35 '67. Dutch East 1 62. Erfecv 58 Erie 5. Ktat 73 ex war '46.. Finland 6 Gelsenk'chen 65 ‘24 Gen Baking 5%48 Gen Motors 6s 37.. Gen Th Eq 63 '40 German 5% 6! German Bk 65 '38. . Ger Cen Bk 6560 J Ger'Cen Bk 6s'60 O Ge man Bank 75 ‘50 German 7s rep '49.. Goodrich cv 65 "45. Goody'r Rub 68 °57. GrandTr sf db 65'36 Grand Trunk 75 '40 Grt Nor 418 '76 D. Grt Nor 44877 5. Grt Norgn sl Grt Nor gen 78 '36. 374 | Greek 6363 . Haiti 6s ‘52 aeee HavERL&Pbs.. Hud & M ad) 7. Hud & M rf Al 111 Cent ref 4s '55.. 11 Cent 4% 8 66. .. 11 CCSIL&N 6S A. . Inland Stl 4%s A'i8 Inland Stl 4s% B'S1 Int Rap Tr bs int Rap Tr Int Rap T int Bap Tr Int Cement Int & Gr Nor int Hydro K1 Int M Co 5s ret Int Maich b8 47. Japa 6 3% Jugosl Bank 73 Kan CFtS&M 4s ‘36 kan City Sou 3s 50 City Sou 58 '50 - " “Sa rRONG R Ran Raamwan W o 5 102 30 102 30 102 30 12 10230 102 27 102 30 5 103 1103 1103 1 25 107 11 107 11 107 11 160 10912 10911 199 11 . 61314 ¢ 11331 11331 93 105 102% 85% 103% 90% 92% 93 T24% 81y 81 81% 68 MK&Taijbs'e7.. Mo Pac bs F *17 Mo Pac bs H Mo Pac ref bs o Pac 6%s cv Mor & Co 1st 4%s.., [ » a0l mul @ Sa L %52013 2013., 32, N Y Edison 58 B ‘44 N Y Ed 15t 6%8°41, NY ELH&P 45 "49.. NY NH&H 45 ‘56 NY NH&H cv db 9 Nia Sh Md 5%8°50 Nord 643 '50. A Nor & Wn cv R BUN aRnantNeamHe® M NS e DD ane wSuhan aNmems 6% Orient dev 65 63... PacG & Kl 5s'41... Pac T&T ref 68 '52.. Paris-Ly M 65 58 Paris-Ly M 7u°58 Penn gen 4% 865 Penn 4%48°70.... Penna 445 D81 Penn 4%3 '6; Penn 536 Penna gen - Phila Co 68°6 . Phillip Pet 5%8'39. Poland 78 41.. Poland 35 ‘60 Port Gen El 4% 560 Pos Tel & C ba '63. . Pressed St C 6a '33. Prussia 6s '52. . Public Sery 45 '71.. Pub Sv G 4%8'70., Queenland 78 *41... Read gn 4% A '97. Reading 4%sB. ... Rem Arms 6s A ‘37 Rem R 5%8 A "47 8 B55n0am o » Sl naelasaran Roy D4s'¢5 ww... StL&SFIn StL&SF 4% St L&SF pr In b8 St L & SF gn e PRSI ey Seine 78 '42. Serbs-Cr-S1 78 '62.. Serbs-Cr-S 62 Sheli Un O1l 58 '47. Shell Un O11 58 '49. Sinclair O1l 6%8'38 Smc O Tscv A3l Sine Cr O %3 ‘38 Skelly O11 6343 '3: Sou Bel T&T bs Sou Pac coi 48 Sou P 4%s 'Sy ww, So Pacific 4%3'81, Sou P&OUTr 434811, Sou Ry gen 56 Sou Ry b Sou Ry 68’6 Sou Ry 6% Tenn E1 P 63 A "47. Tex & Ark 5% Tex Corp cv b8 *4 —r RT3 PRSI IR jepyen Freyeps = Unit Drug cv Utd King 6%s 31 U S Rub 47.. Un St1 W 6% A 47 Ud'StI W 6%5A '51 Uruguay 6: Uruguay 6s Uruguay 88 o Utll Pow 63 ‘69 ww. Vert Sug 1st 75 '42 v 2 Wabash 1sios 39.. Warn Br Pic 65 '39. Warner Sug 7s°41.. West E1deb b8 66 Win R A T%s 41, Yokohama ... Txsin Sn&T b8 7 Yng StI&T 68 B '70. 85 9% BRADSTREET’S FINDS SEASONAL DECLINES 9% L] Improvement in Business Confi-| dence Noted, However—Dun's Sees Fewer Recessions. By the Associated Press. NEW YORK, June 6.—Bradstreets sa; etail trade is apparently traveling downward into a seasonal sag. to Bradstreet’s show this is more par- ticularly true in the South and far West. Favorable weather and a demand for seasonal merchandise, mainly cotton g00ds, have helped to hoid up the level, espectally in slackening. The wholesale and jobbing lines remain far below retail activity. worse than last week or week before, these lines remain at a low point, but an improvement in sentiment and con- ndle,x‘xlt:e‘!uem to be felt. says: “Surface indications of trade progrbss are largely of an indecisive character. The reports at the end of May show that the major advances have been impelled by those forces that ultimately must produce a revival, rather than in any sales of noteworthy signifi- cance. instances of expansion during the first five months of the cur- tent year have not been frequent, there have been fewer evidences of further recession than was the case a year ago.” ‘Weekly bank clearings, $8.819,668,000, 18 decrease of 6.4 per cent from a year +ago. Outside of New York there was a decrease of 13.6 per cent. SILVER QUOTATIONS. Although no | Féports t {Banks Loaning More Freely on Security Collateral, Weekly Review Says. 1o The Star. | NEW YORK, June 6.—Swings of |stock market sentiment are capricious, {but they have become crucially impor- |tant for business recovery, because they Inow control the congealed currents of credit. The beginning of a major bull movement would be’ the rarest thing in June during a depression year, unless the business improvement since Decem- ber has been mysteriously underesti- mated. The current trade statistics are of no special significance, save as showing sustained resistance to further radical recession and an early onset of the usual Summer slackness, says the Business Week in its report coverings the week ending June 6. ‘The Business Index has shaded off slightly during May and is back to the level of the beginning of the year. For the week ended May 30 it settled at 77.9 per cent, against 77.7 in the pre- ceding week and 93.0 per cent in the corresponding week last year. Commodity price declines continue, and wheat has settled sharply to ex- pected open market levels as Farm Board support is withdrawn snd the new cror starts to move. But neither commcdity nor security quotations now | reflect economic actuaiities, and rational Tevaluation is inevitable. Those who recognize this early will nct regret it ‘The acute contraction of credit pure chasing power znd the acc-mpanying | erimp in confidence are now the con- | trolling factors. and the pressure of the unprecedented plethora of gold supplies increased by continued imports must soon correct this condition. The disposition of banks to loan & little more on security collateral and of Government to lay off a leading oil merger and let business build bulwzrks against price demoralization are the | first pale pink bull-point in a color- blind bear market. |INDUSTRIES FOUND IN BETTER POSITION +| Moody's Names Six Which Are Declared to Have Improved Their Prospects. Special Dispetch to The Star. NEW YORK, June 6.—The relative ranking of six among 40 leading In- dustries has been changed since & {month ago, according to the June analysis of the industrial situation issued by Moody's Investors Service to- day. Only one of these alterations is toward a higher position, with leather and shoes having been shifted from the lowest to the intermediate classification. Improvement in this instance is ascribed to a continued satisfactory trend of shoe production, coupled with steady leather prices and some recent recovery in hide quotations. Immediate prespects for six industries are now rated as fair-to-good by Moody's, with 10 industries occupying the “fair” grouping and 24 in the lowest or poor-to-fair, ranking. This repre sents some decline from th= May surve; but still makes a better showing than that of early January. ‘The highest class now includes can manufacturing, electric power and light, food products, gas, telephones and to- bacco. Among the industries now considered as having fair results are apparel, auto- mobiles, chemicals, electrical equipment, leather and shoes, motion pictures, pub- lishing and printing, rayon, retail trade and tires and rubber. The lowest grouping comprises agri- culture, agricultural implements, ation, building. cement, coal cotton and cotton mills, fertils chinery and machine tools, meat pack- ing, miscellaneous metals, office equi equipment, railroads, shipbuilding and shipping, silk and 5.1k mills, steel, sugar, tractions and wool ond woolen mills. Moody's adds that these arbitrary classifications are made “solely on the basis of immediate earnings in the various industries and do not in all cases indicate their relative prospects over a longer period. “When a definite recovery in business materializes, the following industries will be likely to show a relatively early improvement: _Electricity and gas, tele- phones, apparel and textiles, leather and shoes, automobiles, tires, chemicals, residential building, railroads. steel, elecirical manufactures and retail trade. Others, such as machinery, farm equip- ment, metals, non-residential building. building materials, paper, etc., would follew several months later, while troleum will largely depend on the solu- tion of its internal problems. Industries which are relatively well situated now, such as food, drugs and tobacco, will probably show a correspondingly less pronounced improvement from their present rate of activity. “The more-than-seasonal recession in | business experienced in May was not of sufficient proportions to offset the gains of the few preceding months. This recession will probably continue into Midsummer. It is doubtful, how- ever, whether it will bring business down to the level of last December. A more sustained improvement is antici- pated for late Summer or early Fall. It may well be signalled by an upturn in prices of crude commodities some time this Summer.” SAVINGS REVEAL RAPID GAINS IN ELEVEN YEARS The report of the executive secre- tary, John W. Sandstedt. made at the recent convention here, cites the “phe- | nonenal” growth in deposits,” numbers of depositors in the 11 years of the existence of the National Association of Mutual Savings Banks. And despite the depression in 1930 “deposits in the mu- tual savings banks of the country in- creased from $8,872,125,052 on January 1, 1930, to $9,464,732.492, or $592,607. 440, an increase of almost 6.7 per cent. Likewise the number of depositors showed a remarkable increase from 12,- 226,345 to 12,775,492, or 549,147, an in- crease of almost 4'; per cent.” The year 1931 shows further unprecedented growth in these figures, Secretary Sand- stedt says. His report commends the diligence of association committees and interest in convention doings among members. “At the present time there are 591 mutual savings banks in the country,” secretary. “A wvery interest- ing development in the State of Oregon has come to the attention of our office. A number of citizens have applied for a charter for a savings bank in Port- ind, to be known as the Oregon Mutual Savings Bank. This is the first at- tempt at the establishment of-a mutual savings bank in this State, although there has been a savings bank law on the statute books for several years. ‘Since the last convention seven sav- ings banks have gone out of existence; three have merged with other savings banks, two have consolidated with com- mercial institutions, and two are in the process of liquidation. However, two new savings banks have been organized, one in New York and the other in quh!nmn Douglas Walters of Chriswick, h:s show o, London, the first. country rec ment, paper, petroleum, radio. railroad *