Evening Star Newspaper, June 8, 1931, Page 14

FINANCIAL, 6 [LVE STOCK PRICES NOW AT HGH MARK iCattle Men Fear Recent Up- turn Will Cause Heavy Shipments. BY FRANK 1. WELLER, Associated Press Farm Editor, Cattlemen are facing this week proverbially “afraid to breathe" lest the country load out rather freely on the strength of a sizzling market and break or check the broadest upturn in values this year. As active as it was slow a week ago, when general price levels were the lowest in 20 vears, the market closed with a 50 to 75 cent advance on weighty bullocks, while light steers and year- lings climbed 50 cents to $1.25, mostly $1.° Light heifers and mixed yearlings led the upturn, the high timeé coming at the close. The gain on medium weight and weighty steers fell off 15 to 25 cents in the Iate sessions, but the average cost of the crop showed a total advance of 50 cents, Markes Zactors. ‘The unexpected market resulted frem the combination of smaller runs and the fact that price levels apparently were too low on last week's break. The latter factor probably had more to do with it, since the upturn came in the face of only 2,000 fewer cattle at Chi- cago and but 22,000 less at the 12 big markets. Even figuring the late downturn on heavy catile, there still is a strong un- dertone in the market and trade opinion favors the belief that a run as large 16,000 or 17.000 head at Chicago may not materially affect cur- Tent price levels. While such a run might check the advance, even on light cattle, a fairly healthy market at nearly as high prices as were being | paid “at the week end is anticipated, unless there are 20,000 or more head of cattle at Chicago on Monday. That easily could happen, since feed- ers are tired and naturally would want to take advantage of the first bright spot in the market. The way weighty steers slumped at the close of the week, simply because there were more of them around. may be suggestive of the turn values might take if supply figures are materially increased next week. The advance has been so sharp that some said the country might load out rather THE EVENING ¢ 1931 NEW YORK STOCK EXCHANGE Received by’ Private Wire Direct to The Star Office. FINANCIAL. TAR. WASHINGTON, D. €., MONDAY, -JUNE 8§, BONDS ARE HEHER | [ e BONDS 2o N LATE DEALNG UNITED STATES. Sales. High. Low. Close. (Bales 44 Rale: Low. 67% 67% 2% Market Turns Upward Last Hour as Stock List Strengthens. K § AU * BUSINESS METHODS IN COLLEGE URGED Plea for Better Preparation of Youth Voiced by Dr. Jordan. RBY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK. June 8.—In these ad- vice-giving college commencement day ung graduates about to enter the business world might well ponder the words uttered by Dr. David Starr Jordan after his election to the presi- dency of Stanford University in 1885 “The prcblem of life is not to make life_easier, but to make men stronger.” This may seem strange language to those who value a college degree only as’ it enables them to live by their wits easier than they could otherwise. Another saying of Dr. Jordan's, of fnterest to the college graduate, is this: “The whole of ycur life must be spent in your own company, and only the educated man is good company for himself,. What a college education is worth depends_entirely upon the man who has it There's no use loading a $10.000 education cn a 50-cent boy. And there's altogether too much *“Joading” in modern education. Business now is being overhauled, almost ruthlessly. Useless overheads are being climinated. Every depart- ment is being asked a reason for its xistence. X Educational institutions, upon which hundreds of millions cf dollars are spent every year, should also be put through the same process. Chequers Conference. The informal conference now in session at Chequers_betwcen Premier MacDonald _and__ Foreign — Minister Henderson of Great Britain and Chancellor Bruening _and Foreign Minister Curtius of Germany is being watched m-re carefully than any other Furopean conference in recent years. The Germans are asking for a_cut in reparations in war debts. Great Britain cannot do this alone, so many observers are asking why the conference includes only the representatives of these two countries? But there had to be a be- ginning somewhere. It is significant in that it is the first conference which German officials have been asked to at- tend in England since the war. It is known that Mr. Briand was also asked to the conference, but the pres- Sure brought to bear in France was| fuch that it was deemed wiser not to ve him attend. P rmany meeds help and needs it Int Pap 68 ‘55 Int RysC A Gs Int T & T 4% °5: 1t T&T cv 4%s ‘39 irish Free St b8 '66. Ttaly 78 °51. . Italy Cr't PU 78 °52. italy Pub Sv 78 '52. Japanese 6%3 '65. .\ Japanese 6%s ‘54. . Jugosl Bank 7s '57. Kan City Sou 53 '50 KanG & E4%%'80. Karstadt 6s8°43.... Kresge Found 6s 36 Kreug & Toll 68’59 Laclede 6%s C'53.. Laclede 5%s D '60.. Lautaro Nit 68 ‘54.. Leh Val cv 45 2003.. Loew’s 65 ex war.., Lorillard 53 '51. ... Lorillard 5%s ‘37, L&N1strf5%s Lyons 6s°34. McKes & R 5% Manh Ry 1st 43 '90 Market St 75 '40. .. Marseille 65 ‘34. Mex 43 asstd 1910. Mexico 58 A "45., Midvale Stl 68 °36.. Milan 6%362..... Mil E Ry & L 5861, M StP&SSM con s, MK&Taijbs Mo Pac gen 4i ~rrev. 1931 Btock and Sales— High. Low. Dividend Rate. Add 00. High. 6% 40 Und-Ell-Fisher (5).. 6 4d% 72 43% Unlon Carb & C 2.60.. 190 49% 26% 14 Un Oll of Cal (2) 22 19% 205% 137 Un Pacific (10 31 152 87 '88% Un Pacific pf (4 1 86% 20 Un TankCar (1.60) 120 20% Unit Alreraft 181 26% 46 Unit Aircraft pf (3).. 1 63w 31 \Unit Biscuit (2). 35 13 “Unit Carbon. 15 16% Unit Corp (75¢) ... a1 44% Unjt Corp pf (3).+ 8% 48% Unft Fruit (4).. ..o, 53 25% Unit G & Im (1.20) 28 9814 Unit G & Im pf (5).. 16 108% 31% 21 UnitPleceDW (2).. 1 244 107 102 Unit Piece D pf 63%. . 508 104 1% 1 U S Express. 1214 6 US& For Secur. 50 38 USGypsum (1.60).. 7% 25 U S Indus Alcohol(2) 105 3% U S Leathor.. 31 20 Pipe & F (2). . 36% 131 Realty & Imp(2) 20% 10% US Rubber........e 3614 17 Rubber 18t pf. .. 2 3 tee) . 2 158% ]B:l& lU Sl Steel pf (7) 17 % Unit Stores A 1 110" 102 Univ Leaf T p 108 ol %) 31 19% Utl) PAL A (et2.16). 49 Simmons Co. . 2 2 2 " Vadasco Sales Corp.. Sinclair Con O11 (1) 7 76% 234 Vanadium Corpn.... Skelly O11 3% 1 Car Chem. ... South Pori Tico Sus. 71% 38% Vulcan Det (4).. jouth Cal (3)eean - South Pacific (8). = e Stk i 1 Wars Batne s, 5 bt A Warner Bros Pict. Stand Brands (1.20) S A Hrasa®) Stand G & E (3%) AYALBIOSEY SE () Stand G & E1 pf (1), ebsis e P @) Stand Of1 Cal (h2%) ess ) & Bnipt (4) o e s West Pa EI pf (6)... 108 West Pa EI pf (7). .. 108 Stand OILN J (12)... S (1.60). West Pa Pow pf (7). 10s Starrert (LS) (123 Western Dairy B.... Starrett (LS) (12%) * Sterling Sec Akt WenternMd. . Sterl Sec pf (1.20) Lt }\“";0'::') s Ster] 8 esting 2). 5 Stowars Waraers. Weating BIGMTE (4). 320 obligations. including American Tele- Stone & Webster (3). N nnews.. 1 | Unjon, were firm. o Studebaker (120) ; 5 3 Superheater (2%) W ilLy S ONariind. .. N idd el Superior Of1. LA e nouncement that the Treasury will Sumin. e shortly snnounce plans to refund the Tefines G remaining block of 37, per cent Treas- Texas Corp (2) ury notes issued in 1927 and 1928. The Texas G Sulphur (3) notes have been called for payment next Texas Pac Lana Tr.. December 15. This brings the total Texas P C & Oll. maturities for that date to $995.168.450, Thermold Co. . the others consisting of two issues of Thatcher Mfg (1.60). 17 per cent certificates of indebtedness. Third Avenue That would indicate the probability of Third Nat Inves . a Treasury issue in December. Mean- Thompson Prod 1.20, while, however, there may be another Tide Water As (60c). in August or September, as there are Tide Wat Ofl pt (5).. maturities of about $1.077.000,000 be- Timken Det Ax (30¢) tween July 1 and September 15. (Continued From Page 13.) Bales— Prev. Add 00, High. Low. 2:00. Close. % TH T Th 6% 6% 12 1y 20 29% 13% 135 71 0 8% 48 M 1% 4% 3% 261 25% 501 48% 90 89 1% 14y 17 28 11 15 5% 40 H Lib3%s532-47., 50 10220 102 19 iz L1st4!%s32-47. 5 103 14 103 8 85 L4th4%s33.38 51 104 o |US3%s 4043, 33 102 INjussgsa- US2%s 43-47, U S 45 44-54 . UB4%s47-52., ~Prev. 1931~ High. Low. 19% 104 25% 54 228 5% 53 Stock ana Dividend Rate. Remington-Rand Keo Motor Car (40 Republic Steel Republic Stee I tuynolds Metals (2). Reynolds Tob A (3). Reynolds Tob B (3) .. Richfield O1l. . . Rlo Grande Oil. Roy Dteh(m1.3404). 38% Safeway Stores (5). Safeway pf (§). St Joseph Lead (1). . St Louis & San Fran. St L-San Fran pf (6) St L Southwestern. .. Savage Arms (2) Schulite Retail Strs. . 4 Schulte Retail pf (8) Seaboard Air Line. .. Seab Afr Line pf..... Sears Roebuck 32% .. Second Nat Inv. Seneca Copper. Servel Inc. Sharp & Dol oo Shattuck F G (11%). Shell Unfon Ofl. ... s 106% 106'% 95 1% 26% 89 2874 59 41% 284 31% 105% 108 23 1 ADitibl P & P 63°5: 5 Ab & St 515843 Adams Exp 4s " Allegheny 65 44... Allegheny 5s'49. .. Alleg Corp 55 '50 Allis-Chalm 58°37 Am Ag Ch 735841, Am F P 53 2030.... Am1GCh5%s4d, Am IntCp5%55°49. Am Metal 53534 Am N Gas 61342 Am B&R 18t 5547, Am Sug Ref 6s '3 Am T&T cv 4%s 39 Am T&T 5365, Am T&T ¢ tr 63 ‘46, Am T&T 585 £°60. . Am T&T 5%s 43 Am W Wks 6334, ., Ann Arbor 4s . Argentine 5s°45. ., Argentine May ‘61., Argentine 6s Ju ‘59, Argentine 6s Oc '59. Argentine 6s A ‘57, Arm & Co 433539, Arm Del 613843 Assoc Oi1 6535 Atchison gen [Atchiscv 434 AtCLlst4s AtC Lcol 4s'62. Australia 4345 '66., Australia 55 '55. Australia 5857 Austria 7543 Austria B&O B&kO4%s'33,.... B&Oconv4l4s 60 B&Oref 6895, ... B&OSs'%5....... B&O P&WV 45’41 B & O Sw dy 58°50. Bk of Chile 655 " Ek of Chile 6 | Belgium 63 '5. Belgium 658 '49 Belgium 756 Belgium 75 ‘6. Bell Tel Pa 5s h Berlin Cy El 68 '55. Beth Steel pm 5836 Beth St rf 5s 42, Bolivia 7s'58. .. Rolivia 7 Bolivia 85 45 Bos & Me (355 Bos & Me 5367 Brazil 6%3 26, Brazil 614527, Brazil 7s BY F. H. RICHARDSON. Special Dispatch to The &ar. NEW YORK, June 8.—Bonds moved sharply higher in the last hour today, after fluctuating irregularly during most of the sersion. The reversal of an elra; decline in stocks was the chief T, In the fast hour railroad issues such as Southern Pacific 4',s, Alleg! y 5, Missouri-Pacific 5s and Erle 5s Tecover- ed small losses. The whole list was back virtually to the peak prices of last week. The early trading was marked by weakness in German bonds. Regardless of the outcome of the reparation con- versations in England, the market is Inclined to fear an election in Germany and a victory for the radical elements in the event that Chancellor Bruening cannot find an immediate solution of Germany's financial problems. This tone was modified in the afternoon by the strength of mark exchange in the | face of heavy demand at Berlin for I foreign currencies. The early weakness in railroad stocks was elected in carrier bonds in only a very small degree. As a matter of fact one of the most encouraging symptoms of the day's trading was the absence of any fresh break in junior rail issues. A few prime railroad bonds were frac- tionally higher, though the dullness of trading operated against any unanimity in this direction. Atchison general 4s were most activi High grade utility 32 6 908 14 12 asfanBavana el o s s s s s U u u u u u U > SereBB8ofancamman o0 Mo Pacref 68'31. Mo Pac5%scv 49, Mont Pow 58 43... Mont P db 5s A ‘62 Mont Tr 1st 65 "41. Montevideo s '59. . Montevideo 78 °62. . Mor & Co 1st 4%3. . Nassau Elec 45 ‘51 Nat Dairy 5% s ‘48 Netherlands 6s ‘72 N Eng T 1st 58 '5 ew S Wales 6 ew S Wales 6 OT&M5%s 54, Y Cgn3ks'sr.. Y Cenrf 43452013 Cre im 63 2013 N Y Cent db 6535 C&StL 4% YC&SLLE%sA NYC&StL6s'32. Y Ed 1st 634 NY ELH&P 43 '49. Y NH&H 3%5°56. NH&H clt 65 Y NH&H cv d NY 0&W 1st N Y Tel 4%3°39. N Y Tel 6841, N Y Tel 6549, NY W&B 4% rf South bs *41 or & Wnev No Am Co 53 °61. .. N A Ed'son 5s C ‘69 o 57 367 808 1021 187 354 16% s @ © w 1061 115% 1097 113% 6815 2810 65% 41% 69 21% % “ 18% < T E] » Wrizley (Wm) (4) 21 Yale & Towne (2). 6% Yellow Truck. 42 Yellow Truck pf. 14'4 Youngs Spring (3) 2% Zenith Radio....... 1 2% 11 Zomite Prod Corp (1) 2 118 Sales of Stocks on New York Exchange. 10:30 A.M. + 20000 12:00 Noom....... 1:30 P.M. « 1,100,000 2:10 P.M. Dividend rates as eiven in the above ta payments based on the latest quarterly or “Unit of trading less than 100 shares. 1Partly extra. IPlus 4% 30 15% 76 29 Ble 13% 1 a M a anoe Brlonvent anBetaedaneRarnfo ceanantRoaboxan s well to remember that the buy- ing side has an old program of support- ing a market which had worked en- tirely too low a week earlier, but is just as easiy scarcd off when values advance. While buyvers were attracted 700,000 - 1300,000 the annual cash early declarations. Timken Roller (3) Transamerica (1). Tri-Cont Corp. Tri-Cont Corp pf (6) @ Bklyn Elev 61 Bklyn Man 65 '68 Washington Stock Exchange » uickly. Whether a constructive sug- Festion will come out of the Chequers Conference or not, Germany must be assisted this Summer. National Economic Council. The suggestion of William G. McAdoo of Los Angeles. former Secretary of the Treasury. that a National Economic Council be established to stabilize con- ditions in business and agriculture, to prevent waste and uncmployment. is the first definite statement along these lines made by a responsible incividual since the beginning of the depression. Mr. McAdoo believes that & new formula for human affairs must be worked out or the system of capitalism will_be destroved. “Industry must devote itself pri- marily in supplying human needs, and secondly to profits.” says Mr. McAdoo. The reverse is often true today—profits first and humanity second. Doubtless, the former Secretary had 4n mind the great work which the War Industries Board did during the war He wants to parallel this with a Peace Industries Board, “Such a board.” he says, “could con- tribute to the prevention of overpro- duction by determining in advance the amount of national consumption, and suggestion plans for balancing produc- | tion and consumption.” | It's a worth while suggestion. which business leaders might study with profit. Copper Houses. Recently. an engineer expressed the | opinion that the copper interest in the United States, suffering from excessive stock, were foolish not to push the use of copper in the building industry. He suggested copper walls for office build- | ings, with the space between inner and | outer wall for insulation against heat and cold. This, he said. would also| simplify wiring ducts, plumbing lines | and ventilation pipes. The copper sections could be easily bolted on. and could go up with the steel skeleton structure, saving time, money and labor. Now the Berlin Summer building ex- hibition has a small structure using cgpper in exactly this manner. In this Pse, it 15 for a small residence. It can easily be shipped in sections by the manufacturer, at a total cost to the purchaser of from $1.800 to $2,500. If the owner gets tired of the location, or the people next door get too mosiy, he can sell the land. unbolt his house | and set up again somewhere else. | The outside wall plates are also of | copper. It is explained that the green patina which will form, from exposure to the weather, is an esthetic asset, | but can be avoided by special treatment. | The inside walls are made of rolled | steel, with a dull finish, in any color desired Private Commodity Brands. ‘} The private brands of commodities | put out by the chain stores are making | * tremendous Inroads into the sales of nationally advertised brands. A recent | survey conducted by Printers’ Ink re-| veals the extent of this development in | coffee alone. ! In 1930 the Atlantic & Pacific com- pany had 15,737 stores. In these stores it sold almost 200,000,000 pounds of its own coffee. In one of its smaller stores the manager showed that salos of 150 | pounds out of a total of 225 were its own brand. The next best seller could claim only 90 pounds, while six other leading brands accounted for the remaining 85 | pounds. Owing to economies in over- head charges, the chain stores are able to sell more cheaply. However, some of the national brand firms refuse to take a pessimistic view.; They insist that a fine brand of coffee will command sales, regardless of com- petition in price, New Ab; nian Dam. Egypt is planning to spend over £120,000,000 mn_water control. This work, which will closely follow the rec- ommendations of an international com- mission appointed to study the problem, involves reinforcing the Nile barrages, heightening the Assuan Dam, the con- struction of a new dam at Gebel-Aulia, above Khartoum, and the extension of the present irrigation system. ‘This la ter development will afford perennial water supply to more than 1,245,600 acres of highly fertile land. It is inferesting to note that the new dam being constructed in Abyssinia, which will control the flow of the White Nile, a tributary of the Nile itself, plays an important part in Egypt's ir- rigation projects. The starting of this dam was long delayed by international complications and the rival competition of various engineering firms in Europe. Finally, the White Corporation of New York City secured the contract and the work was begun shortly afterward. Radio Control Problem. Again the question rises, what can the Federal Radio Commission do with Dr. John R. Brinkley, the Kansas coun- try doctor, who by means of his own radio station almost elected —himself Governor of that State at the last elec- tion. Although his name was not printed on the ballot, 182,000 voters took the trouble to write it on their ballots. When the Federal Radio Commission refused to renew Dr. Brinkley's license to operate Station KFKB, at Milford. Kans.,, because of his persistence in broadcasting medical advice Gver the | direction on the stock market. Transue & W (1).... Trico Produgts(2%). Truscon St1%(g1.20). len & Co (1.60) JOP0E IS P J0N-JIOTOY 4. |- T OOIOY in stock. | no regular rate. fPlus 8% in stock. § Plus 50c in special preferred stock no regular rate. n Plus 5% this year §Parable In scrip. b Payable in CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, June 8.—The following | treme 1ow 1evels. The week before last | Humble Oil & Refining made cuts of | almost 50 per cent in East Texas. This week's cuts. of similar magnitude, spread through the Midcontinent area into | Wyoming and Eastern fields. California | was the only territory not affected. Copper prices fluctuated during the By the Associated Press. | | week, falling from 8! cents to a new | low of 8 cents a pound on small sales | others, reduced sharply their purchases on Wednesday, then recovering to 8', | cents on sales of larger volume Friday. Such price weakness reflects, | compared with the same month last in part, | year. is a summary of important corporation | the expectation that the copper statisti- | news prepared by the Standard Statis- | Cal report for May, to be released short- | ment's best customer, Commerce De- ties Co., Inc, New York, for the Asso- | ciated Press. ‘Weekly News Reviey. For the first time in many weeks the level of prices on the stock exchange closed last Friday higher than the Friday before, due to relatively large. gains made during Wednesday and Thursday sessions. The upward turn received much of its initial momentum from an action taken by most of the important New York banks in reduc- ing their margin requirements for regu- lar Wall Street loans to 20 per cent {from 25 per cent, apparently acting in the belief that present low stock price levels justified the lower margin. Nev- ertheless the rally was essentially of a technical nature, an entirely logical development in view of the extent of the preceding decline. No convincing evidence of general improvement in the business or industrial situation appeared during the week to furnish any better reason for such a reversal of direction in the stock market. On Friday, June 5, the standard price index for 90 stocks showed a gain of 3 points to 106.4 from 103.4 on Fri- day, May 29. two-day rally commenced, the index rose for the day 7.3 points, followed by a 3.4 point rise Thursday. and then by & loss of 1.2 points on Friday. Satur- day, after the foregoing indexes had been compiled, further losces of consid- erable size were reported. The wezk's gain was shared in by all three divisions making up this 90 stock index, gaining the most after previously hav- ing been particularly weak, 4.4 points in all to 73.9 on June 5. Utilit'es gained 3.1 points to 153.4 and industrials rose 2.8 points to 101.6. Some of the stock market improve- | ment was reflected on the bond market, but not enough to cause & net gain for the week. Higher closingg on Wedn: day, Thursday and Friday brought standard index for the close of Friday. Jjune 5. Still 0.1 point under the level of 93.6 on May 2. Another indication of the large volume of funds for investment under suitable circumstances was furnished by the oversubscription of the Treasury offer- | ing of $800.000,000 3'.s, 1946-49 at par. | On the market itself United States Government issues and high grade mu- nicipals, utilities and others maintained their strength of preceding weeks, while low grade bonds fell further. On the commodity exchanges cotton recovered from extreme low prices in the middle of the week, only to fall! back at the end of the week, a move- ment closely following the changes in fell during the week to new lows, incu recovered silghtly in sympathy with the stock market. Drought reports from Canada lend this commodity rome strength, counteracted in large part by the unexpected withdrawal of the Gov- ernment from the market as a buyer of 1930-crop wheat. Steel reports during the week con- firmed preliminary estimates that the rate of ingot output for the week ended | June 1 declined 2 per cent to 42 per cent of capacity from 44 per cent the week before, continuing the gradual decline that began the middle of March. The only specific encouragement during the week for this industry came from ‘o- creasing structural steel orders for oil pipe line Freight-car loadings for the week ended May 23 increased 7,339 cars over the week before to a total of 755,071. As has been the case in recent weeks the increase, though favorable in i'self, still fell short of the normal increase for this week of the year. The total was 174,535 cars short of the same week of 1930. Another increase in daily average out- put of crude oil for the week ended May 30 amounting to 24,967 barrels, accord- ing to the Oil and Gas Journal, unfa- vorable in itself in view of heavy stocks and efforts to curtail output, was fol- lowed by sweeping price cutting to ex- radio, he crossed the Mexican border and is now building a huge 800,000-watt station. It is believed that the doctor now will attempt to carry on a political cam- })-ign in Kansas from Mexico, thus de- ying the Federal Radio Commission’s orders. Dr. Brinkley's future plans will be watched in the Western part of the United States with intense interest. (Copyright, 1931, by North American News- paper Alliance, Inc.) On Wednesday, when the | rails | 30 bonds to 935 at | Wheat | |1y, will show increased stocks on_hand. MacMarr Stores May sales off 10.4 per cent, five months off 11 per cent: | 1.367 stores |in May, against 1408 stores and 463 markeis May, 1930. National Tea May sales without con- sidering change in number of stores, ff 11.8 per cent; five months off 10.9 | per cent. | Safeway Stores May sales off 7.1 per cent; five months off 6 per cent. | “Boston & Maine considering estab- | lishment of plane service between Boston and other New England points. Detroit Gray Iron Foundry omits | quarterly common dividend; paid 25 | cents April 1. |~ Kress (8. H) & Co. May sales up 1.3 | per cent; five mcnths up 1.1 per cent Old Colony Railroad declared two | quarterly common dividends of $1.75 each. | Strandard Brands president states second quarter business shows im- provement_over first quarter results. Wright-Hargreaves Mines, Ltd. 2': cents extra and 2': common_dividends. Youngstown Sheet & Tube oper- | ations in Youngstown district averaging |33 per cent cf capacity, 3 per cent above rate of last weck. Empire Steel Corporation—Court orders. receiver to continue operation of plants; four of company's largest creditors waive priority of their claims; employes vcte wage cut of 5 per cent Winn & Lovett Grocery May sales off 4.4 per cent; five month off 10.7 per cent. Pacific Power & Light 1930 com- bined preferred share earnings $12.11 against $11.64. Penny (J. C.) Co. May sales off 9.96 per cent; five months off 1147 per cent. Crown Cork quarterly class A dividend; cents April 1. ‘ United Verde Extension Mining May | copper producticn _(pounds) off 16.1 per cent; five months off 19.9 per cent ‘DIFFICULTIES. IN VIENNA International omits Special Dispatch to The Star. NEW YORK, June 8.—The influence | on the speculative market of European news was most pronounced this year in the latter part of May when the diffi- | culties jn Vienna were acute. for thi¢ situation iast week was a con- | tributing factor in bringing about the | rally in New York and' in foreign mar- kets. | At the moment the German situation looms prominently in the discussions in | banking parlors and again exercises a certain amount of restraint in the | matter of commitments in securities. It |is recognized that much propaganda is being directed toward developing a case for the reduction of German war debts. At the same time, bankers who | have recently been in Europe and busi- | nessmen who are in touch with indus- trial conditions _there recognize ~the seriousness of the situation and its | bad effect to come in German politics |in the next few months unless there is | scme evidence of constructive policy on | debt payments. P.OTATO MARKET. Department of Agriculture).—Potatoes, receipts, 276 cars; on track, 345 cars; total United States shipments Satur- day, 1,125; Sunday, 53; new stock about steady, trading good; sacked per c.w.t, Louisiana, Alabama Bliss Triumphs, 1.45a1.55: few fancy. 1.60a1.65; mostly 1.50; ,poorly graded, 1.25 u 1.40a1.50; Louisiana Irish cobblers, 1.70 al.75; North Carolina, barrel, Irish cob- blers, best, around 3.00; ordinary, around 2.50a2.60; old stock, strong on Russets, trading fair; Idaho Russets, fine quality, 1.75; fair, 150a1.55. CHICAGO DAIRY MARKET. CHICAGO, June 8 (#)—Butter, re- ceipts, 18,174 pounds: easy; creamery extras (92 score), 22; standards (80 score carlots), 22%; extra firsts (90-91 score), 21a2ll,; firsts (88-89 score), 20a20%; seconds (86-87 score), 18al9. Eggs—Receipts, 34,797 dozen; un- settled: extra firsts, 16'%; fresh graded firsts, 16: current receipts, 15: storage p_l-lcked firsts, 17; storage packed extras, 1T Relief | CHICAGO, Jurre 8 (#) (United States | Texas, | and 544 markets operated | 00,274 in April, 1930. Exports to Rus- | | 249.928, against $10,194010. cents quarterly | paid 25 | | ing income of $2.838,879, compared with AFFECT MARKET.IN U. S.| lus 9% in stock. aPaid last year— e Payable in cash or stock. instock. in stock. m Paid & Plus in CANADA AND RUSSIA REDUCE PURCHASES Canada and Soviet Russia, among in the United States during April, as ‘While Canada continued this Govern- partment reports today showed she took only $44,850,629 worth of American g00ds in April, as compared with $64,- sia tctaled only $6,786,931, with $10,225,488 American imports from these two sia totaled only $6.786.831. compared Canada totaled $23,756.856, against $36,364,727. and from Russia, $926,292, against $2,376,363. British India was the only country creasing her purchases in this coun- try during April, the amount being; $4,258,959, against $3.752,460. Exports to Great Britain were $33.- 343539, compared with $46.710,789. British shipments to the United States totaled $11,560,569, against $24,514,164. Exports to Germany were $12281,- 896, against $18,863,576, and imports, $11,249.300, against $17.305,717. Exports to France were $11,329,345, instead of $16,944.783, and imports $6,- compared Exports to Japan were $14.230.435, agiinst $18,355.770, and imports, $12,- 185,044, against $24,422,521. Exports to Mexico were $5804.187, against $12.107.153 and imports, $5,685, 463, against $9,769,241. Exports by grand divisions durin April: - Europe ¥ Nor(h" America South America e Oecania Africa 1930. $142.182.134 98.388.927 30.595.933 43.453.502 9.321.452 7.820.228 131,732,178 Europe North America South America Asia 2 Oceania’ Africa Total 393.594.700 72.113.785 47,470,625 83.989.649 3.270.305 7.384.867 185,747,102 $307,823,931 EARNINGS REPORTED. NEW YORK, June 8 (#).—The Amer- ican Telephone & Telegraph Co. in its report to the Interstate Commerce Commission, showed April net operat- $2.895,348 for the corresponding month of 1930. Net operating income for the first four months this year was given as £11,929,319, compared with $12,206,414 for the like period last year. Stutz Motor Car Co. for the year ended Octcher 31 last, reported net loss of £1,161,666 after depreciation, losses for branch operations and other deduc- tions, compared with net loss of $2,- 419,657 for the year ended October 31, 1929. Colonial Beacon Oil Co. reported for the March quarter net loss of $1,005,011, compared with net loss of $856,861 in the first quarter of 1930. PESETA DECLINES FURTHER. MADRID, June 8 (#).—The peseta showed a slight slump today, going to 10.47 to the dollar in actual transac- tions. ‘Wihganwhile. new labor trouble de- veloped in Bilboa with a strike of con- struction workers of the radical syndi- cate. Strikers clashed with police, one of them being seriously wounded when shot by a police guard. The strike of coal workers continues in Asturias and some industrial centers report a shortage of coal already is be- ing feit. Minister of Labor Largo Caballero returned today from the International Labor Conference at Geneva and said he was pleased with the results of the meeting. He stopped in Paris on his way home. ot o = MONEY MARKET. NEW YORK, June 8 (#).—Call money held at 115 per cent, the renewal rate, in the official market today. Some money was available at 1 per cent in the outside market. Bankers acceptances were quiet, with demand limited and few bills being offered. Asking rates were unchanged. Commercial paper was quiet and un- changed. Time money was dull and unchanged. U. S. TREASURY BALANCE. ‘The United States Treasury balance, announced today as of close of busi- ness June 5, was $75,721,308. Customs receipts for the month to date were $5,341,242.97. Total ordinary expendi- tures, $10,186,984.26. % SALES. ‘Washington Gas 6s “A"—$400 at 1013, $600 at 101%5,. Washington Gas 65 * $200 at 105. Potomac Electric Cons. 105. Potomac Electric 5': 7 pfd.—2 at 110, 5 at 1101, Potomac Electric 6% pfd—2 at 11315, Washington Rwy. & Elec. pfd.—10 at 9815, Federal-American Co. com.—25 at 217%. Lanston Monotype—b5 at 90. AFTER CALL. Potomac Electric 6% pfd.-—5 at 112'2. ‘Washington Gas 6s “A"—3500 at 10275, Bid and Asked Prices. BONDS. PUBLIC UTILITY. $100 at 105, 55—$1,000 at Amer, & Tel. 415 ‘39 Am. Tel & Tel. ctl. tr. 5s Anacostia & Pot. R. R. 58 Anacostia & Pot. Guar. 55 C. & P. Tel. of Va. s Capital Traction R. R. 5s. City & Suburban 55 Georgetown Gas 1st 35 Potomac Elec. Cons. 5%.. Potomac Elec. 65 1953 .. Wash. Alex. & Mt Ver Washington Gas 4'.s Washington Gas _5s vash Gas 65, series A Wash. Gas 6s. series B Wash. Rwy. & Elec. 4s MISCELLANEOUS. Barber & Ross. Inc. 6'zs Chevy Chase Club 8'as Columbia Country Club 5ias D. C. Paper Mfg. 6 Wash. Mkt. Cold Storage 55 STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Traction ' Co. Washington Gas Lt. Co. N. & W. Steamboat (12) Pot. Flec. Power 67 pfd Pot. Elec. Power 5'%% pid Wash. Rwy. & EL com. (T) Wash. Rwy. & El pfd. (5) NATIONAL BANK. Tel et 18 Capital (14).......... Columbia (12} Commercial (stamped) (10} District (8).... Fed.-Am. Nati. Bk & Tr. 2/ { Liberty (78)... Lincoln «12)" Metropolitan Riggs (185) Second (9e) ;i Washington (13)....". TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust (6).... Natl. Sav. & Tr. (121000 Prince Georges Bk. & Tr Union Trust (8s) Wash. Loan & Trust (14} SAVING BANK. Bank of Bethesda (6§ Com. & Savings (10) East_ Washington (12). Potomac (10)......... 0 [l Sec. 8av. & Com. Bi. (i7) ! Seventh Street (12)........ United States (30) fig Wash, Mechanics (20)..00.00000 FIRE INSURANCE. American (12). o Corcoran (10) Firemen's (8. 0. National Union (15} TITLE INSURANCE. Columbia (8h).. . Real Estate (6h) 5 MISCELLANEOUS. Barber & Ross. Inc.. com. Col. Medical Bldg. Corp. (6} Col. Sand & Gravel pfd. (7) Dist. Natl. Sec. pfd. (1), ..... Emer. Bromo-Selz, “A" (2} Federal Storage pfd. (8) Fed.-Am. Co. com. (1.20: Fed-Am. Co. pfd. (6} Lanston Morotype (8. Mer. Tr. & Stge. com. '(10). Mer. Tr. & Stge. ptd. (1) Mergenthaler Linotype (8):. Natl. Mtge. & Inv. pfd. (8] Peoples Drug Stores pfd. (613} Beal Est. M. & G. prd. ). urity 'Storage (de) Ter. Ref. & Wh. Corp: (3} The Carpel Corp. (1.50c).. W. Mech. Mige. ‘com. (6 Wash. Med. Bldg. Gorp. (75} Woodward & Lothrop com.. ! Woodward & Lothrop pfd. 7} *Ex dividend. bBooks closed. €50c extra. nasc extra. 130c extra 817 extra. NEW YORK B;NK STOCKS NEW YORK, June 8 (#).—Over-the- counter market: . 3212% extr B extr 4% extr 157 extr Bid. Asked. America o 4 Chase ...... Chatham 'Phenix " Commercial Natio First National N Manhattan Co National City Public Bankers .. Brooklyn i Chemical Bank & Trus! Cont Bank & Ti Corn Exchange New York TREASURY CERTJFICATES. (Reported by J. & W. Seligman & Co.) Rate—Maturity. . Bid. Offer. 2%s June 15, 1931 100 345 June 15, 1930. mE R B 100 18-32 100 2 101 19-32 Stalin, dictator of Russia lives with his family in two rqoms, the oldest son sleeping on a cot in the dining room. Bklyn Un 1st Budapest 6s'62. ... Buenos A 65’61 Pv. Bush T Bldg &3 '60. Calif Packing 5s' 40 Canada 4s'60. .. Canada 4133 '36. Can Nat 54 July ’ Can Nat 55 Oct 69 Can Nor 63%s db *46 Can Nor 75 deb '40 Can Pac deb 4 Can Pac 4135 '46... an Pac 413560, .. Can Pac 58 '54..... Car Clin & O 55 Cent Pac 4549 Cent Pac bs ‘60 Cen Ry NJ g Cert-td deb 6% Ches Corp 63 "47... CB&Qgen 4s58. . *1Chi Grt West 43 '59 Chi M&StP 4%sE. Chi M StP&P 5575 21 Chi M & St P ad) bs Chi & NW gn 4s 87, | Chi & NW con 4% n. Chi&NW rf 55 2037. Chi Rwys 6527 Chi R1& Prf 4n'34 ChiR Icv 4% '60. Chi RI&Pac 433852 Chi Un Sta 4%5'63. Chi Un St 58°44. Chi UnStasB" C& W Ind cv 45752, Christiana 6s CCC&St L 4%s Clev Term 43%s ‘77. Clev Term 58°73 Colomb 6s Jan '61.. Colombia 6361 Oct | Colon 011 6s°38.. . | Colo & Sou 415535, 1 Col G&X bs May '62 Com Inves 534843, CC Md 1st rf bs | C Gas NY 418" ConG N Y blas 45, Con Pwr Jap 635s.. | Con Pow Japan 7s. | Copenbag 5s '62. |Cuba 5%s 45 Cuba R R 5852 . Cuba RR 6s ctf '36. Cuba Nor 635 "42.. Czecho 985 | Del & Hua re Denmark 4% " D& R Gr gn 43 '36. D&RG W 68’55 Det Ed G&R4 1% 561 Det Edison rf 55 Deutsche Bk 6s Dodge Br el 65 '40.. Donner St 7s'42. .. Duquesne 4% '67. Dutch East 165 '62 El Salvador §s 43 Erie ~on 48 A 53 Erie Gen 4s Erle cv 58 '67 Erie 55°'76. Fiat7s war. Finland 6% 5! Fla E Coast 55 Fram 1D 7%s" French 7849, ..... French Gvt T%s '41 Gelsenk'chen 6s ‘34 Gen Baking 5%s Gen Cable 5%s '47. Gen Motors 63 '37.. Gen P Sv 514530, Gen Th Eq 63 '40 German 5%3 6. German Bk 65 '38. . Ger Cen Bk 65 '60 J Ger Cen Bk 65’60 O Ge man Bank 7s ‘50 German 7s rep '49. . Ger Gen El 75 '45 Goodrich cv 63 '45. Good 15t 6% s 47 Goody'r Rub 58 '5 GrandTr sf db 65’36 Grand Trunk 7s '40 Grt Nor 414376 D. Grt Nor 4%s *77 E. Grt Nor 53'73..... Grt Nor gn 5%s ‘52 Grt Nor gen 75 ‘36 Greek 6363 Halt] 65 '52. . Hud & M adj Hud & M rf : Humble Ol 58 '37. . Hungary T%s "44.. MBTIstptssA.. 11 Cent 4% 8°66. ... Il CCStL&N 6s A. . 1)1 Steel 4345 *40. Inland Stl 4 Int Rap Tr Int Rap Tr sta "66. Int Rap Tr 65 Irt Rap Tr 7s°32.. Int Cement bs Int & Gr Nor 6s '52. Int & G N ad 6s°52. int Hydro El S Int M Co 5sret'41. Int Maich 58 Int MM col tr Hum O&R 53458 62.. s 2mSuaneltala axani ) e DS canBmmale it 21 40 10 SWil82 14 10 Ftat 7s ex war '46.. 9 991y 101% 1024 100% 106 5% 87 1043 928, 1% 71 61 S1% 83 81 or Am Ed 5%s '63 orO T & L 6347 or Pac 38 2047, or Pac 48'97. or Pac 435 2047 Nor Pacri 652047, or St Pw b3 A "41. orway 55 '63. Norway 5%s orway 6s'43. Norway 65 4. Norway 6: Orez-Wash 4s°61.. Orient dev 6%s '58. Orient dev 68" PacG & E Pan-Am Pet 6834 Paramount 68 '47. . Paris-Ly M 6s 6 Paris-Ly M 7s'58.. Penn 4s ‘48 Sta Penn cv 4345 ‘60, Penn 414870 Penna 4%s D" Penn 4% s 63 Penn 5564 | Penna gen Penn 6345 ‘26 | Peoples’ Gas 53 Pere Mar 413s Pere M 1st 55 '56. Peru 65 '60. Peru 6s'61. £nila Co 63 Pnila & Read 63 '49 Phillip Pe: 5% 839 Dilisb F M 65 °43 P CC&StL 434587 P& W V434sC'60. Poland 7s Poland 8s '50 5 Port Gen El 413560 Porto Alegre § Prague 714 Prussia 6s " Publ Pub SvG 414 . Pure Ol 5338 °37.... Queenland 6s 47 Queenland 7s ‘41 | Read gn 4% s A "97. Rem Arms 6s A "37. Rem R5%s A "47.. Rhinelb 46 Rhine West 65 Rhine West 63 Rhine West 6s * Rhine West 78 '50 Rich Oll cal 6344 Rio de Jan 6% s '62 2o de Jan 83 46 R Gr De Sul 6s '6! R Gr De Sul$s "46. . R1Ar& L ¢%s'34. Rome 6 Roy D 4 StL IM R&G 4533, StL&SFin StL&SF 4%s St L&SF pr In StL&SK gen 58 SUL'S W ist4s'89. San A& A Pds’43.. Sao Pau 7s "40 rcts. Sao Paulo 8s'36... Sao Paulo 85 '69. Saxon 7846 Seab A L ¢ Sea All Fla 65 A '35 Sea All Fla 6s B '35 Sein ‘4z Serbs-Cr-Si 7s"62. Serbs-Cr-S1 8362 Sheli Un O1l 68 Shell Un Of) 5849, Shinyetsu 6%s '52.. Sinclair Of] 6%#'38 Sinc O Tscv A'3T.. Sine Cr O 5% Soissons 65 '36. . Sou Pac col 4 Sou Pac 43 So Pacific 4%s 81, Sou P&OT 438 71 Sou Ry gen 43 '68.. Sou Ry b8 '94 Sou Ry 65 ‘66 Sou Ry 6348 ‘66. St 01l N J bs "4 StOIIN Y 4%8 51 Sweden 548 '54. Swiss 515 '46. Tenn E1 P 63 A "47. Tex & Ark 5% ‘50, Tex Corp cv b Tex & Pac 58 B '77. Texas Pac bs D '80. Chird Av adj 5= '60. | Toho EI Pow 78 65. Tokio 5%48°61.. ... Tokio I31 Lt € 53.. Un Pac st 4sef. .. Un Pac rf 48 2003.. Un Pac 43 ‘68 . Un Pac 438 '67.... | Unit Drug cv 53 '53 | Uta King 53 37.. 1 S Rub 18t 584 Un StIW6%4s A UdStI W 634sA 51 Utd St W 6155 C ‘51 Uruguay 68 °60.... Uruguay 6s'64.... Utah P& L 68°44.. Ut1] Pow 58’59 ww. Utll Pow 5%3 47 Vienna 6s'52...... Va Ry & Pow 63 '34 Va Ry 1st 68 '62. Wabash 1st 6s 39, Wabash 53 B'76... Warn Br Pic 6s 39, Warn Quin 6s 39, Warsaw 78’68 Wt Sh 1st 4 s West El delybs 44 West Pac b '46.... ' » - © ERADN DN BN EAADSUN A S ANTR A A S R 1S by the extremely low prices and the fact that dressed steer meat advanced 50 cents to $1 wholesale at Chicago, the trade still is erratic and coolers are still groaning with beef. All interests might not compets o freely if some of the price-making surplus, absent this { week, comes back into the market. In-Between Season. This is the in-between season on cat- tle, a time when fed stock slackens in supply, and the run-of-grass cattle, ex- cept for some Texas steers, is a few ‘weeks away. Prices are still lower than the high time of the season, previous declines having taken off more than this week’s upturn brought back. One of the factors the country is studying is the fact that about 150.000 | fewer replacement cattie have gone out | since the first of the year than for the same period in 1930. and that mean- hile a glut of fat steers and yearlings has been crowded onto a progressively lower market. The assumption is that these big runs of fat cattle necessarily will begin to play out before long and that, using this week's activity as a criterion, killers soon may be looking for some of the same kind of cattle th-y have been ignoring. Material Teduction in supplies is the main buoyant element in the hog mar- ket, although there has been consider- able improvement in the pork division and lard trade to further enhance val- ues. Price spreads are the narrowest since December. due to fewer heavy hogs, a better lard trade and a ship- ping demand too narrow to absorb the lighter weights. Range of Upturn. The week's uptu=n ranged from 15 to 35 cents, with the greatest gain going to heavies. The top on hogs advanced 30 cents. Normally it does about this time, although best advances come along toward September after the May and June shipments of Fall pigs ease off. The seasonal downturn seems to have caught lambs, practically all grades losing 50 cents in the week's orderly but well defined decline. It is a time of heavier receipts, with the range movement under way. Part of the break may be attributed to the unwieldy shipment of directs. 41,000 head going to Chicago packers on direct consignment against 15.000 to the open market. The percentage of nearly 3 to 1 gave packers a chance to | withdraw from active competition. Brokers’ Comment NEW YORK. June 8—Brokers' opinion on he stock market was varied today. Some letters said there should be tradMg opportunities, and the con- sensus was that the market would prob ably be irregular. Smith, Graham & Rockwell—With no change in the business outlook and most of the urgent covering probably completed in the recent rally, the buv- ing power will probably prove insuffi- cient to hold the market up. Redmond & Co.—The market is so extremely sensitive to current develop- ments that it is difficult to form an opinien as to its probable trend dur- ing the next few weeks. Barring scme unusual and entirely unexpected de- velopments., we would anticipate that prices would be stabilized somewhere above their recent lows and move with- in a trading area for a few weeks. We still adhere to the belief. however. that there is a strong probability that the market will either break to a new low or establish a cdouble bottom sometime in July or August. R. V. Hiscoe & Co.—It is our opinicn that we now have in prospect an ex- cellent trading market from which sub- stantial profits should accrue to those wiling to sell on bulges and rebuy on ps. e , METAL MARKET. NEW YORK. June 8 (). —Copper . quiet; electrolytic, spot and future, 814 Iron quiet; No. 2, f.o0.b., Eastern Penn- sylvania, 16.0Qa17.00; Buffalo, 1500a 16.00; Alabama, 11.00a13.00. Tin easy: spot and nearby, 22.30: future, 2250. Lead steady; spot, New York, 3.75; East St. Louls, 3.60. Zinc, steady; East St. Louis, spot and future, ' 3.25a3.30 Antimony, 6.25. Quicksilver, 100.00. RAILROAD EARNINGS. NEW YORK, June 8 (#).—The Penn- sylvania Railroad today reported for the first quarter net loss, including the West Jersey & Seashore, of $1,205.241. ccmpared with net income, excluding the West Jersey & Seashore. of $11.- 449,666 in the like period of, 1930. . 2 The Croydon airdrome near London occuples 400 acres. " Bales. High Low. Close. West Un Tel 5s°51. 10 100% 100% 100% West Union 6s West Un T 6% Wis Cen gn 4s 3 Yokohama Yicstn Sp&! Yng StI&T 58 B '70. 33 981 9 2 98% 9% 981 8%