Evening Star Newspaper, June 8, 1931, Page 15

FINANCIAL THE EVENING STAR. WASHINGTON MONDAY, J UNE 8, 1931. FINANCIAL. ¥#% A_I5 CURB ISSUES GAIN AS MARKET CLOSES Prices Improve in Late Deal- | ings, but Turnover Re- mains Small. BY JOHN A. CRONE. Boecial Dispatch to The Star. NEW YORK, June 8—The curb mar- ket closed higher today. after being weak in the morning and dull during the early afternoon. The best ad- vances occurred in the last hour, when prices rose as easily, or with as few sales, as they had declined during lhc‘ first hour. Some of the leaders, such as Electric Bond & Share, American Superpower and Insull Utilities, were higher at the end despite dips in the morning. The highlight of the session was the per- sistent firmness of the ofls. Virtually all of them ended with gains, the most active recoveries occur- ring in Standard Ol of Indiana. Vac- uum Ofl. Cities Service and Gulf Oil of Pennsylvania. R Volum~ was small, the tieker standing idle for minutes at a time, but in the general list there was a sprinkling of mew low prices, gelling in the utility group. Common- wealth Edison dropped 8 points to a new low, after a 29-point decline last week. The company pays an $3 divi- dend on the common shares and re- cent earnings reports have shown this | to_be covered. The market leader, Electric Bond & Share, was active but showed little in- clinat‘on to move either way. Ameri- can Superpower was fractionally higher in a volume of small lot transact.o But there were substantial lossos in Associated Gas & Electric A. Amer- ican Commonvwealths Power A, Brazilian Traction, Central States Electric, Mid- dle West Utilities and Northern States Power A. United Light & Power A was a shade higher In the industrial group Corroon & Reynolds preferred was off a padint to 8 new low. American Cvanimid B and Deere & Co. were fractionally lower. Aluminum Corporation was active and steady. CHICAGO LIVE STOCK MARKET CHICAGO, June 8 (#) (United States Department of Agriculture) —Hogs— 40,000, including 17,000 direct; active: 20 higher than Friday's average; bulk 180-260 pounds. 6.4036.55: top. 6.60: 270-320 pounds. 6.10a6.40; 140-170 pounds. 6.25a6.40; pigs. 6.00a6.25; pack- ing sows, 5.00a5.75; iight light, good and choice, 140-160 pounds, 6.20a6.45: light welght, 160-200 pounds. 6.40a6.60: medium weight. 200-250 pounds, 6.35a 6.60: heavyweight, 250-350 pounds, 6.0006.50; packing sows. medium and good, 275-500 pounds, 5.00a5.75; slaugh- ter pigs, god and choice, 100-130 pounds. 6.0026.35 Cattle, 12,000; calves, 2,000; all yearl- ings around 25 higher; weighty and plain steers strong: she stock scarce, around 25 higher; bulls, 10-15 higher; light vealers about steady; weighty kinds tending lower; long yeerling steers, 8.90. Slaughter cattle and veal- Steers, good and choice, 600-900 pounds, 7.5029.00: 900-1,100 pounds, 7 2 00 pounds, 7.25a8.75: 1300-1,500 pounds, 6.75a8.25: ccmmon and medium, 600-1.300 pounds. 7.25a8.50: common and medium, . good and choice, 5.00a €.25; common ard medium, 4.00a5.00; low cutter and cutter, 2.5024.00; bulls (yearlings excluded), gcod and choice (beef), 4.0024.50; cutter to medium, 3.25a4.15; vealers (milk fed), good and choice, 8.0029.50; medium, 6.50a8.00; cull and common, 5.00a6.50; stocker and feader cattle: Steers. good and chois 500-1.050 pounds, 6.00a7.50; and medium, 5.0026. Shcep. 15,000: we to 25 lower most lambs showing full decline; earl: bulk natives, 8.50a9.00; best, choice yearlings held around 8.00: soid: few ew 1.00a2.00; lambs, pounds down, good and choice, a 10.00; medium, 7.00a8.25; all weights, common, 5.25a7.00; ewes, 90-150 pounds. medium to choice, 1.50a all weights, cull and common, 1.00a1.75. pound 5.25a7 un CHICAGO STOCK MARKET B the Asscciated Press CHICAGO, June 8.—Following is th> completa official list of transactions in stocks on the Chicago Stock Exchange today: Bales STOCKS 100 Acme Steel 200 Adams. Mix 100 Allied Mot Tnd 300 Allied Prod 10 Am Pup Ser pi lose 28 1814 2600 Assor 50 Assoc Inv d 1050 Bendix Aviation . 2030 Borg-Warner 100 Bors-War of . 1500 Bruce (E L) 30 Cent 11l Puo’ Ser o 1130 Cent 11i Sec 10 Ci 800 Ci City & Con 200 Chic Investors 100 Chic Invest p! WChi N 8 & 50 Construct Mat pi 1080 Cont Chicazo . 1150 Cont Chic 200 Houdaille Uty ieis lle E: 550 Libbs-McNell] 50 Lincoln Print 50 Lion Oil Re: 150 Manhat D 10 Mapes Cons . . 100 Merch & Mirs A .. 21600 Mid West ULl 200 Mid W Ut 6’ 50 Mid W Ut “A 150 Mid W Ut “B* 1800 Midland United 560 Midland Unit v.ar born 1 200 Mo-| 200 Nat Elec 50 North Am 'Cu 200 Nor Am G & El | 300 Nor Am L & Fow 50 Penn G 50 2ines 400 Poiymet 100 Potter 450 G-R- 50 Quaker 20 Quaker Oats pf. 100 Rastheon vic. 600 Seaboard UL 2950 Segel Lock & 400 S0 Union Gas 10 Storkline Furn 1280 Swift & Co.. 360 Fhompion 13RI ompson (I R 10 Twelfth St St A 38 078 Gyprom y 00U B Badio & Tel. 450 Utah Radio ... 780 Util & Ind. 4 180 Uil & Tnd pi . 100 Viking Pump . 50 Vortex Cup ... 9600 Walgreen Co . 50 Western Cont’ Util 130 West P L°& Tel A 100 Wexterk 'Radio 50 Wis B 50 Yates Mach . ... . Stock sales today. 120,000 BONDS. Co De Oa: Hiwe! 13% a ot 183 82 £20; 0 82 20 6204 Sa7s 8 #2000 Insull 6s 40 8030 Chi Rv etfs 3 Ja0n Givca Bul e io 0 Gnited Pub UHil 8x «flnd sales today, $77,000. substantial | ith the bulk of the| 5.50a | 7.25: heifers, good and choice, 550-850 | e, | common 9.35; | 90 sl 1 “ toms i NEW YORK CURB MARKE Note—AIl stocks are sold in one hundred-snare los exoepting those designated by the letter s (80s) (2508), which shows those stocks were sold in ~Prev. 1931~ Stcer ana Sal High. Low. Dividend Rate. 221; 111 Afliated Prod 1.60.. 1 17 10375 100 Ala Pow pf (6).. 508 102 224 Aluminum Co of Am 6608 110 109% AluCoof Ampf (6). 1 97 Am Arch Co (3)..... 22 Am Br B fd shar: q Am Cit P&L B b10%. 6 Am Com P A (b18%) 1 Am Com Pr B(b10%) 19 Am Cyanamid B 3 Am Equities. . 3 Am For Pow war. Am Invest Inc (B).. Am Lt & Trac (21%4). Am Lt & Tr pf (135). Am Maracatbo Am Paper Goods. ... Am Superpcw (40c). Am Util&Gen (B)vte Am Yvette Co (25c). Appalachian Gi Arkansas Nat Gas. Arkans Nat Gas A Assoc El In Ltd 30c. Asso Gas & Electric. 0 GRs&El A (a2). Assoc G & EAdbrts Ass0 G & Fl ct (3) Aksoc G & E pf (5). 4 Atlas Plywood (2). Auto Vot Mcv pf pt Bahla Corp Beneficial 1L (1%). Bigelow-Sanford. Bliss Co (EW) (n1). Slue Ridge Corp. . Rlue Ridge cv pf a3. Bourjois Inc (25¢). . Eraz Tt & Lt (b8%). BrA T cou BL17 4-5¢. Buckeye P’ L (4) Buft N&EP pf (1.60) Bunk Hill & Sul (3).. Burco Inc. . Bwana M Kubw anada Marcont Carnation Co (j1 Cent Pub SveA b10% Cent Stat E1 (b10% ). Centrifug Pipe (60c) Chain Store Devel Chat Ph Aln.v (1 City Mach&Tool 80 Citles Service (g30c) Cittes Serv pf (6)... Cit SYP&L DL (1).. 508 Clauda Neon Lts, Inc Clev Tractor (80c).. Colombia Syndicate. Col Oil & Gas vtc. Columbia Pic (f13%). Cmwlth Kdison (8). 408 Cmwlth & Sou war.. Com Wat Ser g1215¢ Comstock Tunnel. .. Consol Auto Merch. Conscl Copper. . 4 Consol Dairy Prod. * Con Gas Balto (3.60) Cont Shares pf (B) Coon (WB)Co(31 Cord Corp. Cor & Rev pf A Cosden Of1 Creole Petroleum Crowl Curtiss Wright Cusl Mex Mining. Dayton Alr & Eng. Deere & Co (1.20) . De Forest Radio Derby Oil Refining. . Detroit Alrcraft Cp. Douglas Afr (11%). Qiver Harrisnew. . Dubilier Cond & Rad I * P e e 3 1 20 43 4 13 142 128 167 3 95% nt Motors. st St Pow B (1) st Util Assoc (2). st Util Assoc cv. . lisler Electric Corp. ilec Bond & Sh (b6) c B & Shcupf5.. c Pow Assoc (1). c Pow Asso A (1) Slec P & Lt op war.., Sharehold (b6%) . p Corporation. imp Corp war np G & E e Steel Corp. loy Reinsu gincers Goid. rop Elec deb rts ans Wallow Lead. Farmer C (1). ote Co A. . “ord M Can A (1 ‘ord Mot Ltd 36 3-i¢ Foremost Fabrics, “ox Theater Cl A. Galena Oil Corp. Gen Aviation . n Laundry Mach n Petroleum. ... ien Theat Eaq ev pf.. ilen Alden Coal (4). lden Center...... ldman Sach T C.. Gold Seal Elec new. Gorham Inc pf (3).. Gra'phne Ltd cfs 56c LA&PT pt (7). Groc Strs Prod vie. . Guif Oll of Pa (1%4). Happiness Candy . Hou-fier cv pf A 2 Humble O3 (12%4) . 11l Pow & Lt pf (6). tmp Oil of Can (50c) imp O Can rez (50c). Ind Ter 11iu Ol A Indastrial Finan ¢ 384 Fann 1 6 1 1 1008 3 10s 1 Add 00. Open. High. ~Prev. 1931 Hish. ‘Low. 49y 22 63 45 ° B% S 35 8% 2 bl 20 % 2% % 10 odd lots. W 1% 102 114% 974 2 Int Pet % X3 W i % ftalian Mead J Mesabi Metal Mich G L Mid W 4 Midlan Mo-Ka Mo-Ka Mo Stock and Dividend Rate, Insull Inv (b6%).... Ins Co ofNo Am 12%. Insurance Sec (70c). Intercontinent Fet n Int Cigar Mach (213) Int Product: Int Utilities B. . Int Superp (+1.10) Irving Air Chute 1) Colster-Br (Am Sh). Kress SH sp pf 60c. . Leh Coal & Nav 1.20. Loulsiana Lan & Ex. MacMarr Stores (1). Mavis Bottling (A).. Gold Mountain&( Mountain Prod (1).. Nat American Co. Nat Aviation Received by Private Wire Direct to The Star Office Sales— Add 00. Open. 18 24w 49% 6 p 39 i 1% 6 201 10 % 1% High. Low. Close 22% 49% 39 9 1% 6 20% 10 3% roleum (1) Superpow A.. ohnson(t41 Iron. Metal & Mining, X ptpr(3te) as & Oil Corp. StUt(1%).. Mid West Ut (b8%). Mid Roy cv pf (2)... d Unit (b6%) n Pipe L (A). n Pipe L (B). ines. ... alf (4¢) . Nat Family Nat Fuel Gas (1). Nat Investors. . Nat PubSv A (1.60). Nat 5 T Sec A (350¢c) Nat Sugar N J (2) ptune Meter A Nevada Cal E pf, (7) New Mex & Ar Land. Newmont Min (4) ~. NY&Hond Ros(+1%) NYP&LUE(T)... Niag-Hud Pow (40c) ag-Hud Pow A w. Niles-Bemt-T'ond (1) or Am Aviat A war Nor I3urop Oil Corp.. Pow A (8)... Novadel Agene (4).. Ohte Copper........ Ohio Pub Sv pf A (T) PacG & E1stpf1%. Pac Pub Sve A(1.30). Pac Western Ofl... Pandem Oll. Parker Rust Pr (3). Pennroad Corp (20¢) TPeop b& P A (2.40).. Perryman Electric. .- Phoenix Secur Corp.. Pilot Rad Tube A. Pitney B Pn (20c).. Premier Gold (12¢) .. Producers Roy Corp. Prudential Invest... Prudentiai Inv pf(6) Pub Util Hold war. . Pub Util Hold Cp xw : Pure Oil pf (6) Reiter-Foster. Reliance A St Antrony St Reg Salt Creek Pro(1.40). saxet Co E chulte Un 1L & H ( elected Industries. . S Ind full pd (5%2). le Ind prior (513). entry Safety Cont. . attuck Den Min Shawingan W (2'3). Sheaffer Pen (13). Shenandoah Corp. Sign Hosier So Am Goid & P outh C Ednf C 1%. pieg May Stern pf. tand Motors. ...... tand Oil of Ind (2). tand Oil of Ky 1.60. tand Uil. Ohio (5).. rrett Corp....... romberg-Carll %) unray O11 (b5% ) Swift & Co (2)... mpa Electric (32). chnicolor. ine. . Teck Hugnes (60c) Tran Con Air Tran.. Trans Lux DL PS.. Tri-Cont Corp war. . Tri ) Tubize Cantillon (1) U'n Nat Cas Can (1). Union Vil Assoc (2). 3 5008 20 4 19 it Gas f (7).. Unit Lt &Pwr A ( Unit LI&Pwr(B) (1) it Ret Ch pf (3%3). Inter Sec 1st pf. S Lines of (1) S Radio & Telev it Verde Ext (2). | P&LL(a11.02%). Jtil & Ind alty pf (5%). mOil (2).. p kg pf. .. Petrolm. Walker (H) (30¢) “Y"OIl & G rates 1n doliars *Ex dividend. or stock. in stock. in stock. in stock % U 940 ] 69% 9 1% A M % Dividend nual payment. a Pavable In_ca: dividend. f Plus 5% stock. J Plus “tock. n Plus 4 47 4% quarteriy or semi-an- 1Partly exira. tPlus 4% in stock. bPayable in stock. e Adiustment € Pius 6% in stock. hPlus 1% in K Plus 10% in stock. m Plus 3% In (33 r—no regu COMMODITY PRICES . MAY SHIFT SUDDENLY Economist Notes Bottom Levels Have Often Occurred in Month of June. Special Dispatch to The Star. NEW YORX. June 8.—The trend of commodity prices in this monih and next may have an unusual significance, | according to Gage P. Wright, New York | | investment counsclor and president of | the Business Economic Digest, in rela- [tion to the probable duration of the depression from which business has suf- fered for so many months. In fact, they may prove to be an indication of the | ending of this period and the beginning of better times for industry. A study of the movement of com- modity prices over the last 30 vears | discloses that they have hit bottom more ofien in the month of June than lin any other month. A halt in the downward movement this month and a | rise in July would be in accord, there- | | fore, with the usual action of commod- |ty prices at a time of change from ion to the beginning of business | has been recorded | frequently in' July instead of June | sald Mr. wright, “although June bot- | the last 3) vears outnumber | | July lows. On three occasions, also, the | low wes mede in August. but never on: in September or Cctober. In every ir stance the upturn of commodity prices has been closely associated with the re- | | sumption of busincss activity, o that | commodity price reversal may be ac- cepted as a well tegted barometer of the movement of business. “It is the consensus of opinion among economists that commodity prices arc now at, or close to, their low point. In the period following the Civil War busi- ness staged a satisfactory recovery and commodity prices went to new high {levels after reaching the pre-war point {on the scale. This precedent gives hope for the future now and, in the opinion of the leading observers, is borne out by analyses of individual commodities. “Some items have already passed their low poinfs, and a more concerted general move has probably been halted by the effect of artificial measures to | halt the decline in certain groups. A general rise in commodity prices seems in prospect now, however. | “Tt is to bs hoped that the unturn | will come at the end of t.h’g current | point ! month. for, if | white, 100 pounds, 1.00a1.40; new po- | 10.00a11.00: | 23. a rise is not recorded in July or August, the record of the last 20 years shows that it is unlikely to 7 come until Winter, and perhaps not 490 until the Spring of '19: | mon to i to choice, 5.0¢ to 5.50; medium to good, 450 to 5.00; fair to medium, 4.00 to in to fair, 350 to 4.00; com- in, 3.00 to 3.50. Cows-—Choice to _prime, none; good to choice, 4.50 to 5.25; medium to guod, 400 to 4.50; fair to medium, 3.50 to 4.00; phin to fair, 2.50 to 2.75; com- mon to plain, 2.00 10 2.50. Heifers—Choice to prime. none; good to_chojce, none; medium t> good, 6.00a 6.50; fair to medium, 550a6.00; plain to fair, 5.00a5.50; common to plain, 4.5025.00. cows Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., June 8.—Potatoes, tatoes, barrel, 1.75a3.00; yams, barrel, 3.5024.50; bcans, bushcl, 75al asparagus, per dozen, 60a3.00; beel 100, 4.00a5.00; cabbage, bushel, carrots, bushel, 25a50; celery, » Fro per 60.00. 1.50; | Shcep and lambs—Receipts, 3.500 crate, head; fa'r supply. market steady. Sheep, ' 1.00a3.00; Spring lambs, 6.00a9.75. eggplants, crate, 1.50 A Hogs—Receipts, 2,200 head; light su kale, bushel, 10225; lettuce, bushel, 15 | ply. ‘market higher; lights, 7.00a7.25 a30; lima beans, bushei, 2.50a4.00§ pep- | rcyg! 4.0024.55; light pigs, 6.75a7.00; pers, crate, 1.50a5.00; onions, P 100. | pig 0027.25. 75a1.00; peas, 50a1.10: spinach. bushel, Ca —Receipts, 600 head; light sup- 15a20; rhubarb, per 100, 2.0024.00. to- ply, market steady. Calves, 4.00a8.50. crate, 5032,002; 5gpmes.l Ilm\!\rl_ i i 2 er box, 2.00a2.50; cantaloup 5P grapetruit, box, 15022 FOREIGN EXC oranges, box, 2.50a4.25; stra | (Quotations furnizhed | London and Springers, 30.00a HANGE. Hibbs. & Co.) 1 £old Seling cnecks today $4.86 17-32 391 %¢ 13.93¢ 2373120 crries, quart, 8a20. Dairy Market. Poultry, alive—Chickens, young. | 36: old hens, 21a23; Leghorns, 12al8: | Toosters, 12al4; ducks, 20a25: guinea | i fowls, each, 50a75; pigeons, pais, 15a Zir Ma Eggs—Recelpts, 1876 cases; current | Vi receipts, 1715. | Bu Butter—Good to_fancy. 231.a26; ladles, 17a18: process, 20a21; store pac Iay and Grain. Wheat—No. 2, red W 791,; No. 2, red Winter, gari i May, 19%5. Corn—No. 2, cb, 3.50a3. Oats—White, 7253, Rye—Ncarby, 50a55. " Hay—Receipts, 14 tons. While re- ceipts of hay are ample for all require- ments, there is no surplus of heavy clover mixed being offéred. ~ Such grades will bring a premium of $1 to $3 per ton, depending on the amount of clover. Fair to good timothy rang2s from $24 to $26 per ton. Straw—Wheat straw, No. 1, per ton, 12.00213.00. Oat straw, No. 1, per ton, 12.00a18.00. Live Stock Market. Cattle—Receipts, 200 head; light sup- ply, market steady. . Stecrs—Choice to prime, none; good to_choice, 7.2528.00; medium to good, 650 to 7.25; fair to medium, 5.75 to 6.50; plain to fair, 5.25 to 5.75; com- mon to plain, 4.75 to 5.50. « Bulls—Choice 80 prime, none; good pound L ciown. SHORT-TERM SECURITIES. (Reported by J. & W. Scligman & Co.) Bid almers Co. 5s 1011, an Tel. & Tel s 100 297 a8 domestic, yellow, No. 2, 38a39; No. 3,| Batavian Pet. Corp. 4' Bell Tel. of Canada 55 195’ California Pet. Corp. Js'2s Canadian Nor. Ry. 41,5 1935 Chi. Northwestern R. R. 5s 1933 | Chicago Rock Isiand 4s 1934. Chiie Copper Co. 5s 1047. Denv. & R. Gr. R. R. 4',s 1936. Gen, Mot. Accep. Corp. 6s 1937, General Pet. Corp. 5s 1940..... Goodvenr T £OF" 6 1531 Grand Trunk of Canada 6s Guilf Oil of Pa. 5s 1937. . Humble Oll 5'.s 1933. PPTeS Internat. Match Corp. s 1947. Marland Oil 5s 1932.. . ssha New York, Chi & St. L. 6s 1932 Phillips Petroleum Co. 5'4s 1939 Pure Oil Corp. 5'zs pass Shell Union Oil Ce 194° Sinclair Crude Ol Co. 5‘}3 1988 Standard Oil N. Jersey 5s 1946 Stand. Oil of N. York 4'.s 1951, St. L. LM.8. Ry. R. & E." 4s 1933 St. L. Southwestern Ry. 4s 1832 Union O!l Co. of Caf. 5s 1935. United Drug Co. 5s 1853, u U. S. Rubber §s 1947........ Westarn Electric Co. 5s 1044 Wheeling tee]l Corp. 5'zs 194! Wheelin® Steel Corp. i 36 1 BONDS ON THE CURB MARKET. Sales b in'thousands. 41'Alabama Pw 4%s 2 Alabame_Pow 5% 24 Aluminum Co 5% '52 10412 4 Aluminum Ltd 55 48 95% 7 Am Cmwlh Pw_6s '40 66 " 60 Amer G & E 55 2038 98' 6 Amer G & Pow 65 30 64'2 20 Amer Rad 803s 47, 102' 1Amer Roll Mifl 5s ‘46 70 2 Amer Seating 65 '36 8 Avpalach Gas 65 '45,.. 8 Appalac Gas 65 B ‘43 10 Appalach Pow 55 10 Arkans P &' L, 55 136 10012 TIC BONDS. DOMESTIC BONDR: 1 ow. Close. 167 991, 99° 909 156 10344 32 Asso Gas & 32 Asso Gas & 5 As GAE § 5 As Tel U 26 Asso T & T blag 16 Baldwin Loco 5izs 12 Bell Tel Can 55 A 10 Bell Tel Can 55 B ! 4 Birming'm El 4735 ' 35 Bos & Me 4%as ‘61 4Can Nat Ry 41ss ' 1 Carolina P & L 5 ! 2) Cent Fu Ser v'zs 5 Cent Stat Elec 98 ' 4 Ceny St £l 525 C '3 bCent St P&L o'a8 4Chi Dis EL 4'23 10 A hi Dis Elec 24s '3 hic_Ry cod 8s 2041 ig St _Keal 5'as A 40 1 Cinci hr Ry 65 A 141 Cities* Service 55 . 24 Cities beryice 55 "6l % Cit Serv 51 Cit sery ko 3 Cleve Elec 1liu s | § Comwh kd 425 U 3 Comwih &d ai: E 5Cl 60 2C n Gas Bal as on Gas Uil 65 A 43 onsum Fow 425 ‘98 oat G & E 95 A 58 Co_b ‘rycivle Sieel 2 Cutiany Fackg o Cuoany PK& 9123 > Cumb C P&L 4755 ipire O&R 8'. Wat 5138 Lt 55 C 7indnap PEL 55 A 43 Insull Utilit 6s B " 4 Inter Pw Sec 75 E '3 10 Intern Sec Am 2 Intersta Power. ¢ Island Lt 6 P&L 55 5 10 Met Ed 5 Mid Wes 3 w < Pow s 36 Gas &= on_Guif 35 & 1 ni Lt & F ui Lt & Ry 68 103 Con’ Mun 2 ES&U 50 over City ‘s al Sup Pow 6s doza_Pr 7 L.TIMORE STOCKS. ch to The Star. BALTIMORE, June 8.— Sales. STOCKS. 40'Arvndel Corperation 150 Baltimore Trust Co 0 P Telephone Ba'to pid 25 Commerciel “Credit 65 Consolidated Gas 5 Consolidated Dep L Ol bid . Last sale. 5 Power 5 Union_Trust Co 179U § Fidelity & Guaranty. | 2200 United Ry MARYLAND BOND OFFERINGS. BALTIMORE, June 8 (Special).— Approximately $1,800,000 in Maryland 853 | State and county bcnd offerings are scheduled for bids this week. Today Montgomery County will sell three issues, aggregating $448,000, and on the same day an cffering of Calvert Coun- ty amounting to $345,000 will be awarded. Tomorrow bids will be open- ed cn a $1,000000 issue of State of Maryland 41; per cent bridge bonds. . < The world's largest arch bridge, in the harbor of Sydney, Australia, has & span of 1,650 feet. 'BANKERS APPROVE PUBLICATION! OF INVESTMENT TRUST DATA| Complete Re—orts of Operations. Together IN BUNI] INIERESI With Listings of Securities Held, Favored by U. Special Dispatch to The Ster. CHICAGO, June 8.—A very de@nite stand on management practices of in- vestment trusts, especially in relation to full information for and safeguard- ing of investors, is taken by the Invest- ment Bankers' Association of America in its Investment Companies Commit- tee report, which will be made public tomorrow in the June number of the association's official publication, In- vestment Banking. The report, which was adopted at the recent annual May meeting of the association’s board of governors at White Sulphur Spring: has been the subject of much conjec- ture in financial circles and is zwaited with much interest by investment bank- ing institutions. The report refers to the position on investment trusts re- cently taken by the New York Stoci Exchange as “an effort to establish the highest standards of practice,” and it recommends that “these complete and | carefully thought-out regulations should S. Association. even in the past have proved of advan- tage to an investment trust. the prac- tice is fraught with danger and the pos- sibility of misconstruction, and such | transactions. if they occur at all, should always be entered in‘o with the great- est reserve on the part both of the sponsoring house and the investment | trust itself. This phase of the manage- ment of an fnvestment trust portfolio is fundamental.” Purchase of Securities, ‘The report makes extended recom- mendations as to a trust reacquiring its | own securities and as to its dividend policies, and adds that these recom- mendations are based on two funda- mental principles, namely: “1. That the managers of an invest- ment trust are trusiees in the highest | sense, and that in investing funds de- rived from sal> of stock to the public their policies should be able to with- | stand the test applicabie to trusteeships. * | trust. | be studicd” and “that they be followed | 2. That the management of an invest- by all members of this association, | ment trust must be willing to take the whether ‘or not_they are members of | public into its confidence through the | the New York Stock Exchange.” | publication of complete information, in- The report focuses its recommenda- | cluding the polieies and practices of tions, in turn, on the management type | the management.” of investment trusts and then on fized | Referring to fixed trus's, the report trusts. For the management type it makes pointed comment on descriptive specifies, among other things, that the | circulars and advertisements of fixed reports of management investment | trusts. as follows: trusts should give complete informesion | “A large part of the criticism dircct- as to the financial position of the trusts | ed at certain fixed trusts has been due | | tions. | trust, shares. The inherent structure of the fixed trust is so complicated that the average investor is unable to deter- mine the amount of the loading charges. and the circulars have frequently failed to make this information ciear. plete information should be given re. garding the responsibility of the trus. te2 as to underlying shares and in the issue of the fixed trust shares them- selves. Where the trustee has a limited | List of Investments. “In articular.” the committee a serts, he annua! report ould {tain a complete statement of the in- vestments held in the portfolio of the Stockholders and prospect stockholders have a right to kng in exactly what securities the management ’flf the investment trust has invested their funds. In order that this may be | r as well as a clear statement of opera- | to the descriptive circulars offering fixed | p: accomplished the list of securities should give the names and amounts of each security “Securities should be carried on the balance sheet at cost, and it is recom- mended that costs be computed on an average basis. 1t is desirable that the total market value of securities be given in the report, in order that stockholders may be able to determine the actual ‘,lmutdflung value of their shares, }preh‘rably‘ this liquidating value should be stated in the report and its method of computation clearly shown in a table supplementing the income statement { The amount of the unrealized losses or | depreciation, if any, of the portfolio | should be clearly stated. If reserves arc set up agamnst unrealized losses or for | other reasons. the mature and purpose jof these reserves should be indicated {with a statement as to whether they | were createa out of income or out of | surplus, either earned or paid in. uing its purpese, to bring about “a clearer understanding of this sub- {ject by the investing public,” the re- port makes specific recommendations on the reporting of profits, as follows “In the income account it is recom- mended that profits realized on the sale of securities be shown separately from i other ordinary income items. In the event, howevcr, that the manegement of an investment trust includes realized profits and losses in the tncome account, it is recommended that if either of these included, both should be in- cluded “These recommendations in conncc- tion with the method of reporting real- ized profits are made so that the in- come account will not ke misinterpreted by investors who are unfamiliar with accounting practice. If abnormal profits are included in the income ac- |count. it is likely that some of the stockholders or prospective stockholders will be led to believe that such gains are to be expected in the normal course of business. After discussing characteristics of management, the report refers to in- vestment banking institutions selling rities to the (rusts they sponsor. 1 investment trusts.” says the “have been criticized for pur- g securities with which the spon- ing_house had been directly or in- ctly identified. There may be not ng unsound in a specific purchase an investment trust of securiiies with which sponsoring houses have been identified. but such dealings are pecu liarly liable to abuse and to criticism on the part of the investing public. Al- tics from a tmant house is>d, and may ce of purchase of secu: nsoring or affiliated inv BY GEORGE T. HUGHE In his search for a ‘safe medium and a reasonable return on his mon:y the small investor mizht profitably t leaf out of the book of the largs capital- {ist. The small investor cannot buy, or at least he probably will not want to buy, United States Government bonds on & 3 pr cent yield basis and | may not be wiliing to purchase mur | pal- obligations returning only a 1 | more. Large 1 | that, but they have the income tax to | take into consiceration, and that is not this year. Th-se same large investors, however, are also intrusting a good part of their funds to the savings banks. The move- ment has gone so lar that some of these banks have limit>d the amounts they are willing to take from any on depositor in addition to th> limits pre- seribed by law or in their charter. Cor- porations have turned to the savings banks for the same reason, namely, be- caus> they can obtain a lerger rate of interest with greater safety here than anywhere else. Now savings banks are mot intend- ed to care for funds of this type. They w:re founded and are conducted pr | marily for the small salaricd man and for the wage earner. As far as he or she is able. then, advantage ought to Dbe taken of the facilitics these banks offcr. Interest rates vary in dierent localities, and with different institutions. Four per cent is pald by many and 4!z per cent by some. The probabilities are that if present tinue the savings banks will be force to reduce the rate they pay on de- posits, but up to now rates have been maintained because of the lirge sur- plus thes: instituticns as a ss_have accumulatec. Investments legal for savings banks are steadily appreciating in market price_and purchases made by the banks at this time bring a small- er return than in years past, so that a rcduction in the rate they pay to de- positors would be logical. As long as it is kept up, however, there is no more attractive investment, everything con- sidered. (Copyright. 1931.) CHECK TOTAL GAINS. By the Associated Press. Business, as measured by checks cashed on individual bank accounts, picked up appreciably during the week ended June 3. The Federal Reserve Board, reporting on 266 principal cities, indicated total debits of $11,469,999,000 for the week, which included but five business days, or a gain of 15 per cent over the previous period. The tctal was swelled by monthly bill payments. ‘Total debits, for comparable periofls, as reported by the board, follow: Week ended June 3. .$11,469,299,000 Previous week 9,994,214,000 Same week last, year.... 12,736,222,000 he ; ¢k tors are doing just, going to worry most of the rest of us| conditions in the money market Lon-l‘ ponsibiiity specific statements to that effect, should be made in order that the investor may realize exactly to what ex- u}*]nl he can depend upon this trustee- ship. “The committee does not approve of certain advertising practices now in vogue. In a few instances advertising material has indicated the profits that| would have accrued to a holder of the | fixed trust shares had they been pur- | chased at a time prior to the organiza- | tion of the trust. In some cases it is| difficult to believe that the sponsors | who have s ed the underlying m’flp—[ erty of the fixcd trust would have hadl sufficient foresight to select these vestments at the time of the h; it cal formation of the trust. In ce cases the trust indenture contains re- quirements for the elimination of the underlying securities w i made it necessary for th dispose of some cf the shares that are assumed to have been held in the trust during the entire period covered by | the advertisement. This being the case, it a clear deception to assume that the underly property would have re- mained in the portfolin of the fixed trust during the whole period covered in the analysis.” Reports to Stockholders. The report points out that where | fixed trusts make ributions 2s a esult of sto dividends and split-ups. should be advised that e receiving a return of capital her than current income. The re- | port also sees danger in legislation of | any sort at this time beeause. the re- | Port says. it would be based on insuffi- | cient experience and because laws aimed at undesirable features would probably be certain to preclude incorporation of good features in future tru ideal.” “the report adds. “which the investment banker should establish for himself is the exercise of such care in the creation of these trusts and in the | es that the public ! marketing of the 3 scted without the sity of any controlling legislation.” The Investment Companies’ Commit- tee. which made the repo: is composed of Robert O. Lord, Guardian Detroit Co.. Inc., Detroit. chairman: Robert E. Christie. jr., Dillon, Read & Co.. Ne York: Paul’ W. Cleveland. John Burn- Inc., Chicago: Charles D. key. Brown Bros. Harriman & . Philadelphia; Arthur H. Gilbert, | Spencer Trask & Co., New York: Colis | Mitchum, Mitchum, Tully & Co. San Francisco; Harry F. Stix, Stix & Co., St Louis: Joseph T. Walker, ir.. Shawmut | Corporation of Boston. Boston® Don C. | Wheaton, Harris, Forbes & Co., New | Business Notes By the Associated Press. | NEW YORK, June 8 —Warm weather | during the week was responsible for a | cistinct improvement in s reorders from retailers to re furnished a large volume of by the New York wholesale merc markets. In women’s apparel lines the | lowcr-priced ranges in scasonal mer- idize were stressed and sports wear and beach weay were actively sought. | Prinfed ard plain chiffon dresses con- tinge in excellent demand, with navy georgette also prominent. iness in Jobbers and packers’ agents again re- vorted an encouraging improvement in dried fruits last week. While no heavy orders weve booked. the volume of smail lot business done showed a considerable | gain over that of previous weeks. Spot | stos running to very light amounts | at the prgsent time and many items are off ‘l"AE market, orders being booked against replenishments from .the coast ‘There were few features to the can- ed foods market last week. Prices were easier in spots, where canners ar | making an attempt to hold _outlets | against the encroachmenis of fresh vegetables. California fruits apparently have beon driven to the lowest point likely for the present recession. and it is hard to find sellers below $1.25, coast, for standard clings and $1.35 for cheice. Tiny Set Bothers Rome. That a little broadcasting transmitter | hidden away in the mountainous folds of Norway has been disturbing listen- ers to the powerful station in Rome Las just been Teported. Radio fans 30 miles from Rome were bothered by a whistling noise. It was arranged that each station cn a wave length near to that at Rome should cease to transmit af a given time. The offender was| found 1200 miles away. It was using |less energy than is nceded by the aver- age incandescent lamp. More School Room benianded. When the Free State ministry of ed- ucation’s circular regarding a better curriculum in public schools was read by the Clogher School Committee, the members_decided that there were too many pupils in Clogher schools. “Ten- nyson's poems are being taught to pu- pils who do not know the difference between a turnip and a_mangel,” said one speaker. The committce replied to the circular with a demand for a new school building, promised by the Free State months «go. | broile “The | | ab HUGE SUMS PAID - Half-Year Total Amounts to $3,574,391,493—Many Bonds Recently Called. Special Dispatch to The Star. NEW YORK, June 8—Holders of domestic corporate bonds, United States Governments and foreign dollar bonds in the six months ended June 30, 1931, will have received a total of $3,574.- 391,493 in bond interest and in pay- ment for cells, maturities and redemp- tions, according to the Standard Statistics Co. The interest amounts to $1,314,603,698 and the calls. maturities and redemptions to $2.250.787,795 for the period. For June interest’ will e $263,588,197 and redemptions $134,671.- 253, Detalled figures for the various major classifications for the half year follow: e ~——First half Intetest. Advertising. pri ing and pub- lishing Autos and par Auto_tires Building, 740.000 $3.508.500 225000 12,496.000 26.270.538 2.405.800 4601500 4.500.000 230.500 2.560.300 Teal equip- tment trusts. ding and cos.. Machinery Miscellaneous ape equ trade Texti Theaters 273.538.859 10.326.154 3¢, 263, 1.109 33.292.500 2331406.543 231.670.305 . $1.314.603.608 $2.250 Washington Produce Butter—One-pound prints, 29; tub, 23. Eggs—Hennery, 19a21; current ceipts, 17a18, Poultry, alive—Turkeys . colored, 35a3 ers, 25a28; hens, colored, 23a24; Leg- horns, 17; roosters, 12al4; ducks, 15 keats, young. 70a80; old. 40. Dressed— Spring broilers, colored, 38a42; Leg- horn 7; hens, 24a26; Leghorns roosters, 16: keats, young, 70a80; old, 40. Meats—Beef, 12a13!; veal, 12al4: lamb, Western, 17; Spring, 20; pork loins, 18; fresh hams, 17'2: fresh shoul- 12; smoked hams, 18':; smoked , 12; strip bacon, 21; lard, in Ik, 10; packages, 11 Fruits—Apples, box, 2.50a2.75; peaches, {1.00a2.00; pears. box. 5.00; cantaloupes | jumbos, 3.25a359: stamdards, 3.0023.25: { ponys, 2.50; 1.50: oranges, 4.00a 4.50; lemons, 5.006.00: limes, per 100 3.00; pineapples. 250a2.75; strawb ries. 3.00a6.00; blackberries. 4.50a7.00 huckleberries, 5.00a6.00; plums. 2.00; apricots, 2.00: bananas, 1.50a3.00; a3.50: Thubarb, per 100 ; cherries, 32-quart crates, 20; Spring Leghorn broil- | i 500. Vegetables—Potatoes, new. per bar- rel. 2.5023.00: old, 100-pound sacks, 2.00: corn, 2.00a2.50; string beans, 75a 1100; lmac, 4.50; cabbage, 50a75: kale, 30240; spinach, 30.40; beets, per 100 4.00a5.00: carrcts, per 100 6.00a7.00; squash, 1.25a1.50; per dozen bunches, 3-pan crates, 1.00al 250: cucumbe 3 . 2.5023.00 : lettuce, 40a50: Spring o 100 bunches. 2.00; Bermudas, sacks. 1 5: peas, . 1.00. star. o 8.—After making he year when Oc- s of 8. cent Tecovered 2l T isk upturn of $1 a bale and ended vith a gain of 10 points on the day. A sharp improvement in the stock and reports that the Oklahoma s acreage might be reduced 20 per cent stimulated active covering in the last hour. Spots were advanced 10 points to 845, Cotton range: new low prices for toher sold within 3 po ope 8.20 75 870 890 309 028 Market By the Associated Press CHICAGO. June 8—An increase of the United States wheat visible supply and scattered Canadian downpours, ording some relief from drought, did much today to pull wheat prices down. The increase of domestic wheat stoc! . contrasted with 2,363, decrease a year ago. A further weight on the market was | slackness of export demand for wheat from North America Wheat closed unsettled, 5zall; cents corn unchanged to 7. off: oats, 1ga’, down, and provisions unchanged to a setback of 7 cents. Low. Clnse 6614 Septeniber December CORN-— Tty 2 September 1 December . OATS— uly September December RYE— uly 5ot September December reet Briefs By the Associated Press. NEW YORK, June 8.—Cash dividend payments by domestic corporations in May totaled $229,608,425. Standard Statistics Co. reports. Among the major divisions of industry, electric light and gas utilities led with $55,840,~ 206 and railroads were second with $48,525,566. April shipments of tires totaled 4,931, 936, an increase of 19.7 per cent over March, but a decrease of 3 per cent from April last year, the Rubber Manu- facturers Association reports. Produc- tion last month totaled 4,944,363, an increase of 3 per cent over March, but 12.4 per cent under April last year. May sales of J. C. Penny Co. totaled $15,450.124, a decrease of 9.96 per cent from $17,159,885 for the corresponding In order to meet the competition of motor busses the strezt railways of | Dresden, Ge have built a num- ., ber of cars stream-line bodies to give higher speed. The cars are seven feet wide and under 50 feet long. month last year. Sales for the five months this year were $62.527,068, a decreese of 11.47 per cent from $70,- 630917 for the like period of 1930. . . = Robert L. Stevenson wrote or coms posed while swinging in a hammock,