Evening Star Newspaper, June 10, 1931, Page 15

F CURB SHARES AN INQUET MARKE Utilities Again Prove Feature of Trading as Earnings Improve. BY JOHN A. CRONE. @pecial Dispateh to The Star. NEW YORK, June 10.—After pur-| suing a hesitant trend during most of the morning, today’s Curb market worked higher around midday in quiet trading. The gains wer2 not wide: The oils, which had featured Tues- day's session, relapsed into an inactive state, and the utilities accounted for most of the trading. Electric Bond & Share, th: normal leader of the mar- ket was turned over in large quantities and was up about a point at midday. Strength in -the utilities in forenoon trading was based on the good showing of a number of earnings rcports out today. ‘American Commonwealths Pow- er Corporation - stock of both classes was lower at the start, but gukld up later. The company reported 1930 gross Tevenue at $27,997,429, against $25.593, 046 in 1929. N:t income was $13,418, 539, against $11,222.693 and assets were shown as above $200,000,000, a gain of nearly $16,000,000. Associated Telephone Utilities Co. re- ported earnings for the quarter ended March 31 as $824,687, aftcr charges and taxes, but before depreclation, compared with $823,710 in the like period of 1930. For the 12 months ended March 31 profits amounted to $3,327,431, against $2.621.345 in 1930. . Assoclated Gas & Electric A, Ameri- can Light & Traction, and Niagara Hudson Power were firm and there was active buying of Brazilian Traction, ‘which gained over a point at 157, and of American Superpower. Vacuum was again the leader of the, oil group, with a gain of more than & point in the morning. Humble Oil was off a shade under pressure by shorts. Imperial Ofl, International Petroleun Standard Oil of Indiana and Standar of Kentucky were steady. Standard of Ohlo dropped nearly two points in early trades, but later recovered partially. Cities service was off a shade and com- paratively inactive. Gulf Ofl of Penn- sylvania continued its tmprovement. In the industrial section Deere & Co., in reflection of a favorable analysis, ad- vanced lhnrly. The company is said to have maintained a strong financial ition. Aluminum Corporation was er in dull trading. BOND ISSUE AWARDED. BALTIMORE, June 10 (Special).— Harris, Forbes & Co. were ths succass- ful bidders yesterday for the $200,000 issue of Montgomery County 4': per cent court house bonds on a bid of 104.919. Other bids were Mercantile Trust and Stein Bros. & Boyce, 103.457; th> Balti- more Co.. 103.09, and the Union Trust Co., 101.08. METAL MARKET. NEW YORK, June 10 (#).—Copper quiet; electrolytic, spot and future, 8-8%,. Iron quiet; unchanged. Tin firm; spot and nearby, 23.12; future, 23.30. Lead steady; spot, New York, 3.75; East St. Louis, 3.60. Zinc steady; East St. Louls, spot and future, 3.30. Antimony, 6.20. CHICAGO STOCK MARKET By the Assoclated Press. CHICAGO, June 10.— Following is the complete official list of transactions in stocks on the Chicago Stock Ex- | change today: Bales. ve 100 Appaiach Assoc Inv 0 Assoc T & T 0 100 Assoc Tel Util. 100 Assoc Tel Ut 40 Automat b 1100 Bendix_Aviation 0 W e (B L)... 10 Bueyrus-Monighan’ 100 Burnham Trad - Burnham Trad pf Butler Bros . 00 Goldblal Gt Laki Gt Laki reyho o & e At 3 Dre nd 100 Houdaille-Her A ... 16000 Insull Ut ... . 100 Insull Util pf 300 Insull U pf 2nd ser 130 Kalamazoo Stove. w 500 Libby-McNeiil "".""" 530 Marhat Dearborn . 80 Material Serv .. . A0 Midland Nat Gas A 1600 Midland United 250 Midland Unit p* 150 Midland Unit wei [l 130 Mid Ut 302 pl... ... 50 Nachmann Spring 60 Nat Famlly Str...... 430 400 Secur : 150 Nat-Standard ... 00 860 Nor Am L & Pow . 100 Nor'west Bancorp 19 No West Ut pl 200 Peabody Coal n'p 50 Process Cor} 280 Public Sery 50 Rollins Hos ollins 90 S it eab P X 288 Beaborrd bt 1 o 3al Lok & Hi 2 Insull_Util 6s '4 B 2 Insull Util Ss 49 nd sales today. 1§34, BALTIMORE STCCKS. Special Dispatch to The Star BALTIMORE, June 10.— Last sale High. Low. Close. | .oy o oy petition. NEW YORK CURB MARKET Stock and dend Rate. Add 00, Open. A0%. 1 Dividend Rate, Aero Underwriters. . Affiliated Prod 1.69. 14 Allied Aviation. 4% Allied Mills (60c) Aluminum Co ot A: Alum Ltd A wi i Am Austin Car. Am Br B 1d shar: Am Cit PAL.(A)(a3) Am Cit PAL Bb10%. Am Com P A (b10%) Am Cyanamid B. American Corp(15¢). Am Equities..... Am For Pow war. % Am Founders.. Am Found 1st pf D3 Am Gas & Elec (11). Am Invest. Ine (B). Am Laundry Mach 2. 4 Am Lt & Trac (23%). Am Lt & Trpf (1%). 14 Am Maracaibo Am Natural Gs Am Superpow Am Superp 1st (6 Am Util&Gen (B)vte Am Yvette Co (25¢). Anchor P F (b10%). Anglo Chil Nitrat, Appalachian Gas. Arkansas Nat Gas. .. Arkans Nat Gas A Asso Gas&Fl A (a2). AssocG& EAdbrts Assoc G & El war..: % Atlas Util Corp. Atlas Utilities war, Auto Vot M cv pf Dt., 4 Beneficial IL (1%) 3lue Ridge Corp. Blue Ridge cv pf a3 Bourjois Inc (25¢). . Bras 11 & Lt (b8%). Bridzep Mach (25c) . Bunker Hill & Sulliv. Burma rets 127 3-Se. Canada Marcon! Cent Hud G&E (80¢). 1 Cent Pub SvcA b10% i Cent Stat El (h10%). Chain Stores Stock. . Chat Ph Al n.v. (1).. Citles Service (£20c) Cit Sv pf B (60c).... v P& Lpf (7)..100 4 Claude Neon Lts. Ine Ce Pioture vte €75¢). Cmwlth & Sou war.. Com Wat Ser g12%e¢ Consol Copper . Consol Dairy Prod... 3 Cont Roll & Steell Fy 1 Cont Shares conv pf.250s Cont Shares pf (B)..1258 & Cord Corp. . . Corroon & Reynolds. Cosden Ol ... CrCork Int A (1).... Crowley Milner (2) Cusl Mex Mining. Deere & Co (1.20) De Forest Radio. Detroit Atrcraft C Draper Corp (4). DressS R A (3%) i Driver Harrisnew.. Duke Pow (5) Duquesne Gas Corp Durant Motors., Fast St Pow B (1) Bast Utll Assoc (2) isast Util Assoc cv. . Sisler Electric Corp. 22Y% b 10 5la 3508 1 s 3 1 25 8 5 b o 2 Elec Pow Asso A (1) Elec P & Lt op war.. Fl Sharehold (b6%). £2mp Corporation. .. Empire Pub Sve (A). 4+ Emp Steel Corp. . Engineers Gold. Fageol Motor 3 Fairenild Av Fajardo Sugar. 9 Ford Mot Ltd 36 3-5c ! % Foremost,Daliry Pr.. | 6 Foremost Fabries 6l Fox Theater Cl A. | 1015 Gamewell Co nf (6). 18% Garlock Pkg (1.20).. 12 Gen Aviation....... Gen Impire Cor (1). Gen Petroleum. ... . Gen Thea Eq cv pf(3) Gerrard (SA) Co. ... Gold Seal Klec new. Goldman Sach TC.. Gorham Mf vte (12). G Strs Prod vie. . % Guardian Invest. ... Gulf Oil of Pa (1%4). Hecla Mining (40c). 4 Hudson Bav M &S .. Humble Oi' (12%).. Hydro Elec Sec 1.40. 4 Hygrade Food Prod. tmp OIl of Can (50c) Imp O Can reg (50¢). ind Ter f11u Ofl A... Industrial Finan ctfs Insull Inv (b6%).... Insull Uti] 2d pf (6). i Insurance Sec (10c).. Intercontinent Fet n. Int Cigar Mach (2%) Int Petroleum (1)... Int Superp (11.10) Int Utilities A (3%) Int Utilities B o ® 3 Y 1 2 s 9 2 1 1 1 2 5 1 1 1 2 i 2 3 1 2 2 5 1 1 3 3 1 3 . 2 9 9 6 7 3 2 2 1 LTI =1 Y NOTSTSIOL PP AP P 5 Add 00. Open, g N THE EVENI ~Prev, 1981 ‘Low. DI % Irving % Kolster-] High. Low. i) 17 -] i gdal 24 Ma Casu 2 Mich Ga: 14% Mia W S 3% Mo-Kan " 4% Nat Tile 58% Nelsner. [3 w Ha: Me: 13 % Nor Am 36 Novadel & m 81 4% Pemnroa 6 1 Peoples 27% Phila Co % Phoenix 14% Phoenix 6% Plymout! 33 % Premi 1% Produ % Pub Util 27 59%- Pure OI1 1% Rooseve! 2% Rossia I 4 % Schulte 4 SegalL 214 Selected i 36 Shawin, 343% 280 2% 26'% S CGas 3% Southld % Spanish 15% Stand Oil vi Alr 6% Lefcourt Realty 1. 14% Lone Star Gas n 4: MacMarr Bteres (1), 2% Mangel Store; .8% Memph N G Co ( 14% Mid West Ut (b8%) . 96 Mid W Utcvpfxwé, 3% Mountain Prod 26% NatBd & 8 Corp (1). 3% Nat Family Sto 3% Nat Investors. . Nat Pow & Lt pf (6). 1% Nat Servi 15% NatS T Sec A (360c) 4% Niag-Hud PowBw.. Niles-Bemt-Fond (1) % Nordon Corp Ltd 2% Paramount Cab Mfg. Parker Rust Pr (3)..200s 6% PenderDGrB.... 52'4 Penn Wat & Pow (3) Perryman Electric. . % Petrol Corp war. . 3% Pilot Kad Tube A. Pratt & Lambert ( Roy 8% Prudential Inv 3% Pub Util Hold Cp xw. Pub Ut Hold cu pf(3) % Reiter-Foster. ... 1% Reybarn Co 10% St Regis Paper (1).. Salt Creek Pro(1. —8% SaxetCo...... 2% Seaboard Util (50c). 40 Sl.Indfull pd (534). Sentry Bai 315 Shenandoah Corp. 295 Shen Corp pf (a3)... Singer Mg (1123% 1% S0 Am Afr Lines 1st. # So Am Goid & Plat. . 714 SW Dairy pf ww... 2% S W Gas Utilitles. 13 Spleg May Stern pf. 19% Stand Ofl of Ind (3).. Balea— Chute (1). Br (Am Sh). na Synd.... alty n (2 3 & Oil Corp. t Ut (1%)..0 Pipe L (A) (B ice Co. . 1 2 1 1 2 2 1 4 2 T 1 2 3 2 H 1 1 2 4 1 1 1 2 1 Bros pf (7). en Clock. .. & Ar Land. ‘1008 2 3 g-Hud Pow (40c) l!, ‘10 Aviat A war. Cor Agene (4).. & Ohlo Copper. 1048 Ohio Pow pf (6). 103% Ohlo Pub Svpf A (1) 20s Elstpf1%. 3 o . 12 1 .. 1508 d Corp (20e) 12 Lt&Pwr (A) 1 new (11.30). Secur Corp. SCpt (3) hOfl (1). ) Gold (12¢).. Hold war PL(6)...... 1t F . ntl Cp (10¢). 1 Un 5c-31 St.. & H (a50e). . Industrie: 9 s A A R N B R 0 B e a2 0 0 e e R 50 ty Cont. W (2% 30% . 108 240 8 o2 Copf (1%).. 1 Royalty 6ve. 1 . 10 x 26% an &Genrets.. 1 008 W 1of Ky 1.60.. 10 19' Stand Ofl Nebr (2) 35 32% Stand P 3 Stinnes % Sirauss 1 Stand 011, Ohio (23%) & L (B) (2) (Hugo). Roth. . Stutz Motor (wai 13 Sunray Ofl (b6%)... 241 Swift & Co (2). 29% Swift In ternat (3) 384 Tampa Electric (32). 6% Teck Hu 2% Thatche 102 Timken 6 TriUui 7% Tung Sol 1% US & In 31 U Sini 2% U S L 221 Vacuum % Venezue! nd rates ment. °E: or s dividend, stock, ] Plus 1% 33 A 6% [ stock. n Plus 8% in 1n, dollars ba: x dividend. 1Plus §% in stock. 3% Technicolor, Ine..... ghes (60c).. r Sec Corp Det A pt ( 108% Toledo Ed cu pf (7 bk Trans LuxDLPS. 2% Tri-Cont Corp war. 5% Triplex Safety Glass ties (b20%). 1 Lamp (1).. 214 Ungerielder Fin Cp.. 'n Nat Gas Can (1). 4 Un Tobacco. Unit Car Fastene; 17% Unit Lt &Pwr A (1). 8% U 8 Elec Power ww.. I Secur. .. 5 Unit Verde Ext (2).. 6% Util PALt(ar1.02%). 6 Util&ind... 14% Util & Ind bf (1%) Oil (2). Petroim. | sed on last 1Partly extra. yable in € Plus 6% 10% in_stoei » Paid last year—no atock tock. quarteriy or tPlug stock. Received by Private Wire Direct to The Star Office | RATEPLEAPENDING | RAILROAD FREIGHT s : :: Carriers Plan New Move to sem) in_stoek. 3 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, June 10.—The following is a summary of important corporation ws_prepered by the Stancard Statis- | ties Co., Inc.,, New York, for the Asso- clated Press: News Trend. According to Iron Age steel ingot pro- | Guetion for th: week declined to 40 per cent of theorctical capacity from 42 per | cent the week before and 44 per cent | two weeks before, due in large part to | declining_activity in the automotive in- dustry. Demand from other large con- ! suming fields is reported to have held 513 up to the lcvel of the preceding week, with tin plats maintaining a relatively high rate of output at 65 to 70 per cent of capacity. Heavy melting scrap prices, ‘which usually rise with rising vity at the furnaces, continue to aécline to new low levels. * Department of Agriculture estimates of a Winter wheat crop of 649,000,000 bushels, on conditions on June 1, shows a reduction from the estimate of 653,000,000 bushels based on May 1 con- ditions, nevertheless even the June esti- mate places this year's crop well above the 604,000,000 bushels harvested in 1930 or the five-year average of 547,000,000 bushels. The plan of Eastern and West- ern railroad executives to petition for a genoral increase in freight rates as a measure to bring ne:ded ‘improve- ment in railway revenues has recelved the support of traffic officers of rail- roads in the fouthorn cistrict. Sup- g:n of Southern roads, which now may exp cted, will add weight to the final In this connection it is of in- terest to- observe indications that, In order to expedite action, the petition 0 the Interstate Comm:rce Commle- | slon may request a horizontal riss in all rates rather than detailed revisions of the scparate clessification. Freight car loadings for the we'k ended May 20 declined 44,137 cars from the pucedlnf week, due largely to the observance of M:morial day. The week’s total of 710,93¢ cars was 149,130 cars oqmt C Eme lelity & Deposit Co. 2 ufactu n Co 4" Casualty Goor 27 Merchants & Miners’ ‘Trang. N Mt Ver-Woodbury Mills pfd Water & Power. ust Co.. f Railway & Eiectric 8 Fidelity & Guaranty.. BONDS. wy & Blec 1st 4s. Unlied Bey & Flec atadh: 300 United, Rws & Eioc income W B & A Railway lab St... United under the same week of 1930 and 261,- 891 below the corresponding 1920 week. a All classifications of frei, ight except ore participated in the week's drop. ‘The Companies. American Brake S8hoe & Foundry— Meeting of directors for dividend action postponed to June 18. Childs Co. May sales off 14.1 per cent, operatzd 108 stores in May, against 114 dm=May, 1930; May sales, adjustzd for difference in stores oprat-4, off @ per cent, while adjusted April sales were | off 12 per cent; months’ sales off 12.4 per cent. General Motors—Oakland and Pontiae | sales substantially above year ago; June | production schedules call for 1,600 Oak- | lands and 11,000 Pontiacs. | Glidden Co.—May retail paint sales | up 15 per cent. { Sinclair Consolidated Oil omits com- mon dividend; paid 25 cents April 15 and January 15 and 50 cents quarterly theretofore. Southern Pacific: Co.—~Arkansas Rail- road Commission and Little Rock Cham- ber of Commerce favor acquisition of control of cotton belt by this company. Thompson (John R.) Co. 35 cents quarterly common dividend; d 50 cents quarterly April 1 and 75 cents quart:rly prior thereto. lys-Overland—Meeting of direc- tors for preferred dividend action post- poned to June 17 because of lack of Y e & Foreign merican Power subsidiary, Empress Electricas Msxicanas, gross earnings in 12 months to March 31 up g.e:“per cent; net income up 15.9 per American Safety Razor current unit sales ahead of 1930; production reported at record numb:r of greater than o gy | last year. 1930 common share earnings, $2.60, against $3.06. R _Canadian Pacific Railway to acquire direct cont:ol of Fredericton & Grand Lake Coal & Railway and New Bruns- Wwick Coal & Rall Vo mgloll; J. & P.‘; “L!d., tls”ll com= share earni cants, agai 94 cents. v e Hercules Motor first quérter earnings about 39 cents a share; June quarter results expected to be slightly higher; prices 11 per cent below year ago; plants operating around 75 per cent o1 capacity. New York, New Haven & Hartford Rallroad May gross révenues about 151 per cent below 1930. Pines Winterfront Co. common share earnings year end>d April 30, 50 cents, against $2.33. Southern Unien Gas March common shaie earnings, before Federal taxes, 35 canfs. i Standard Ofl (N. J.)—Reported Pan- \American Petroleum & Tiansport in- terest in Iraq Petroleum has been ac- uired by this Radio Corporation deficit, year ended April 30, $482,740, aguinst deficit of $258,014. Timken Detroit Axle omits commion dAlm; paid 20 -cents quarterly & Micl Associated Telephone & Telegraph | O Gdyr Té&l arter i DIVIDENDS DECLARED NEW YORK, June 10 Company. Extra. Cin Un Btock Yds.2%e .. Markel Bke & Tr e a)...50c (Hazelton, Bronx Co ER ™ anare Touts Bristol Mfg. Anglo-Ohil Con Nitr s:!‘th (WD) & S Lid A iman (K O) 1st Bf.. 8 valley Movld' & i¢ ‘5t 3178 Wright (Oscar) Co A..78¢ Regular. Aetna _Fire 1Ins....50c nc 28e Blles & Pisher T Do. cinUn S City Mach Ci Newberry (J'3) Rl €%% pf A.$1.62 Do. 6%~ DI B....3Li Northwestern Yeast.! Nor & Worc RR Bf. Novadel-Agene res of S Pe- Rate. riod. able, : 33etEn BOOLOOL00 » SOLOOOOOBOLOROOOOLOOLOLOLLOOOROOO0 et 1 : 430 ®— Pay. Hidrs. of record. June 30 June 20 June30 June 5 July 1 June 20 June 30 June 10 H 4 y une 1 May 26 June 19 June 13 June 30 June 13 Yuly 1 15 July 1 June20 urnz June '8 j:r June June June 20 + June 13 une June 20 June 30 Sul June 13 May 15 Ju une 21 Jul June ine 1 ne 18 1 1 i i 48 . . A Sy b Rnedd ordinary ia dé Salitre de Cosach for of lo-Chilean Nitrate R o ity July 15 June 30 July 1§ - June Juiy 1 I3 Tine2o ine June y { Junedt Aug, 1 July 20 Offset Decline in Oper- ating Revenues. BY JOHN SINCLAIR. Special Dispatch to The Star. NEW YORK, June 10.—The rail- roads are making another bid for higher freight rates, While opinion is divided, even among rallroad executives them- selves, as to this being a good time for such a move, it is generally held that these carriers must do some to protect their credit from the drastic reduction in net operating incomes. No definite time has been set, but a hearing before the Interstate Commerce Commission in the near future is antic- ted in railroad circles, Railroads in e West have titioned a Federal Court for injunction against the -commission, which recently granted a lower rate to shippers of grain prod: ucts in an effort to ease the agricul- tural erisis. These roads claim they will lose over $20,000,000 annually in & year of depressed revenue through the competition from motor trucking of these products. At a time when the controversy over the motor truck-railroad issue is grow- ing more intense, it may seem strange to hear that the railroads plan reduced rates for the shipment of autos by rail. Closer examination reveals that {t is the same old sorap from a different angle. The drive-away policy, whereby autos are trucked and trailed direct from the factory to the market, is just another dent in railroad freightage. So the railroads plan to win back the busi- ness of transporting these future pas- senger competitors by reduction of rates. “Store-Door” Delivery. ‘The rallroads have stuck to their guns in their battle with motor-truck com. petition. Lately they have had some success in the way of rate schedules, but a different sort of victory has been | won in their new agreement with ship- pers for “store-door” delivery of freight. ‘The arrangement has been accepted and approved by the Interstate Cam- merce Commission after rejection of an earlier plan, Lack of flexibility and mobility as compared with auto trucks has been one of the chief handicaps of the rafl- roads in handling freight. Thus, motor truck might pick up a load at the door of a manufacturer, carry it to another city, and discharged it at the door of the consignee. In sending the same freight by railroad, the best the shipper could get was transportation between the two raliroad terminals. This 1s the situation the new agree- ment is planned to meet. Under it, the railroads contract with the express agency and trucking companies to guarantee delivery to the door from the pler or terminal. The regular freight tariff to the pler will be charged and 10 per cent extra for door delivery. Although this agreement affects only raflroads terminating in port of New York, it is expected that the roads having terminals in other large cities will embark on similar plans. Wool Futures Exchange. New York has e futures market with the opening of the wool futures exchange, which follows closely on the heels of the recently opened silver futures exchange. Philip B. Weld, president of the Wool As- sociates, was principal speaker at’the op2ning ceremonies. ‘The exchang:” Mr. Weld said, “is economically sound and its organiza- tion is complete, and it should and doubtless will be used by the trade ultimately on a very laige scale.’ Trading in the new exchange is based on delivery of 5000 pounds of wool tops, a semi-finished product. wool was rejected as a basis because it given & new necessary in futures dealing. Delivery must be to warehouses in Boston, and differentials in freight are provided for deliveries to other points. ‘While this makes an addition of two new exchanges to New York's list in one—since the Jute Exchange was re- cently dissolved by mutual consent, due to lack of trading. United Stales Interests in Berlin. American interests have added Berlin, third largest city in the world, to its growing empire of electrical utility in- vestments. An international syndicate was organized recently to take over the electric light and power system of that city. Harris, Forbes & Co. and the J. Henry Schroeder Corporation are among iis financial sponsors. Berlin, on the edge of a bad financial situation for zome time, resolved to sell the municipally-owned and operat Berlin City Electric Co. The price pa' by the syndicate inc'uded $50.000,000 in cash, and a $6,000,000 concession tax, besides obligating itself for the system's $76.000,000 indebtedness. In addition, the city acquired $7.000,4 000 of the new preferred stock of the corporation and 50 per cent of the ex- cess profits, when they materialize. Despite the international character of the new organization, control of this utility s not_being wholly lost to Ger- many. The Pruss'an Electric Co., own- ed by the State of Prussia, Elektrowerke, owned by the national government and German national and state banks are! heavy participator: Nevertheless, this deal s looked upot as one of the best large-scale invey- | ment opportunities for American cep¥al ! in light and rower utilities abro:d, | A campaign has bern launched by the Lezgue of New York Theatess to restore national tours of stage pwduc- tions which sre said to have falen off | about 90 per cent since 1920, during which time the higher railrodd rates went into effect. Altruistic motives, carefully avcided by Arthyr famous stage: producer and head of the league, in his plta before 20 represent- atives of various raileoads. Mr. Hop- kins declared that not only smail towns, but even larga citiey2re suffering from a dearth of stage siOWs. The railroad greup is considering the petition and :r(z"vmblbly make & de- howeder, cisicn b:fore end of June. / American News- (Copyright, p‘::& ot g —H Marke¢ Resists Bad News. NEW_ AORK, June 10 (Special).— The agon of the stock market in the face an extremely. critical banking ! situsffion in Chicago at the end of Jast/Week and on Monday demonstrates its/ present resisting ability to um- It will now have a and steel trade reports the unfilled tonnage figures to- morrow, the record of car loadings at (the same time, the New York Oen- | tral dividend meeting and the un- leasant daily reminders of acute po- ittoal and economic conditions If it meets the mid- is liikely that prices will advance fur- ther, with predictions that the high average of last Friday may be “‘topped” before the week-end. vorble news. Sinclair Dividend Omitted. NEW YORK, June 10 (Special).—= Omission: of the dividend on Sinalair oil com] shares that hsm ll': ve ber 4 i ulvaleot to the a:b- r gbout equiv mplmmt have adjusted dividends to lower éarnings. Th2 action of Sinclair directors is regarded as Executive stock | nently sound, as in conditions such as | tional chamber, are Willis those prevailing it is not P 8 on the bopded debt of the where it reduces the margin fl:_.? preferred stock dividends to um. ‘The raw | is difficult to grade it to a fineness, the past month, the gain is really only | d | rup steers; yearlings d| v\;k were | lambs, 90 ‘Hopkins, | choice, 8.00a9. NG STAR, WASHINGTON, D. C., WEDNESDAY, JUNE 10, 1931.’ . STOCK (Copyright, 1931, 8 DECLINE IN WHEAT | PRODUCTION SEEN Agriculture Department Fore- casts Winter Crop of 649,- 000,000 Bushels. By the Associated Press. A Winter wheat crop of 649,000,000 bushels, reduced about 3,000,000 bush- <ls from the May 1 estimate by advers: growing conditions, was forecast yester- day by the Agriculture Department. ‘The indicated 1931 production, how- ever, is still about 45,000,000 bushels more than last year and 102,000,000 more than the five-ysar average. On May 1 a production of 652,000,000 bush- els was forecast. Spring wheat prospects, seriously af- fected by the lack of rain, were reported considerably poorer. Th: condition of Spring wheat on June 1 was 67.9 per cent of normal, the lowest ever reported on that date. On June 1, 1930, the con- dition was 85.7 per cent. “Crop prospects for the country as a | whole,” the department said, “were be- | low average on June 1. The month of | May was not particularly favorable for plant growth especially for corn and garden crops. Rainfall is still deficient in most of th: Central and Western States. The month was marked by ex- tremes of temperatures in many areas with considerable damage from the late frosts through the North C:ntral States extending as far south as Kansas. Cut worms have becn unusually destructive and much corn has had to be replanted on_account of the cold weather The condition of Winter wheat on June 1 was 84.3 per cent, as compared with 90.3 on May 1. The department | sald some declines in the great plains | and far Northwestern Stat's have been | largelv offset by better prospects in the | soft Winter wheat States from Illinois| East. Continued dryness, (freeziog | | be- weath-r, and high winds were respon- sible for the decline. Rye prospects were' said to pave| dropped markedly during May. The | condition of barley g0 June 1 wps the | lowest on record, while that of oais was | somewhat above average. Prospec:s were | well above average for both apples and praches, while pear prosperls were slightly below. i Hilis Z {CHICAGO LIVE STOCK MARKET | Department of Agricuture).—Hogs— Recelpts, 18,000 head, including 4,000 | direct; opened slaw, weak: la i y steacw; bulk, pounds, 6.40a6.50; top, 6. pounds, 5.85a6.40; 140-170 pounds, 6.15a 6.40; pigs, 6.00a85; packing sows, 5.00a | 5.35; smooth scfts to 5.60; light' light, good and chofee, 140-160 .pcunds, 6.15a 6.45; light weght, 160-200 pounds, 6.35a | 6.3526.60; heavy weight, 250-350 pounds 5.90a6.56; packing sows, medium and g00d, 275:500 pounds, 4.9085.60; slaugh- | ter pigs good and choice, 100-130 | pcunds, 6.00a6.35. | Catte—Receipts, 11,000 head: calve 3,000 hexd; few sales, becter grade light weight vearling steers and heifers | 1 arcund steady; bidding freeiy on general | nd fat she stock | to 25 lower; best yearlings, bid 875; 'bulls steady: vealers opening | steady. later bids 25 lower. Slaughter cattle end vealers—Steers, good and | choice, 600-900 pounds, 7.5029.00; 800- 1,100 ~pounds, "7.40a8.90; 1,100-1,200 | pounds. 7.10a8.90; 1,300-1,500 p-unds, 6.5028.50; common and medium, 600- 1,390 pounds, 5.50a7.25. Heifers, good and cholce 550-850 common and me- : cows, good and choice, common ‘and medium. 3.75a cutter and_cutter, 2.50a3.75; s (yearlings excluded), good and choice (beef), 4.00a4.50; cutter to me- dium, 3.50a4.40; vealers (milk-fed), good and choice, 8.0029.50; medium. 6.5028.00; cull and commcn, 5.00a6.50; stocker and feeder cettle (steers), good and choice, 500-1,050 pounds, 6.00a | 7.50: common and medium, 5.00a6.00. Sheep—Receipts, 12,000 head: mar- ket fully steady: spots stronger than yesterday's low time; good and choice lambs, 8.0029.00; cne deck around 76 pound Idahos, 9.10; native bucks, 7.00a 8.00; choice yearlings held around 7.00; pounds down, good and .35; tmedium, 6.7528.00; all weights, common, 5.0086.75; ewes, 90-150 pounds, medium to choice, 1.25 ;::l u.n weights, cull and Common, .25, low {SILVER CONFERENCE MAY BE CALLED SOON By the Associated Press. The Executive Committee of the In- ternational Chamber of Commerce is expected to call a silver confersnce at its annual meeting to be held in Paris the first week of July. Such a conference would be restricted to experts, with the various national committees of the countries interested sending one or more delegates. It was explained here today that such & parley would be entirely without the realm of diplomacy—in fact, such a mee as was suggested by President Hoover last week as -holding promise for the good of silver, It was at first ed that the various gov- ernments ver partake in such a conference; but this was abandoned when it was learned England, controlling the vast silver lug- ply of India, would not officially take dition of the world, and lution considering as able the convoca! during. the current year of a conference at Which all in- terested parties may be for the e ey Americans, CHICAGO, June 10 (#) (United States bt 6.55; mediun weight, 200-250 pounds, |z the world interested in sil- | P! AND BOND . AVERAGES y the Assoslated Press. - e WEDNESDAY, JUNE 10, STOCKS. tandard Statistics Co.) Re-elected SAVINGS BANK TRUSTEES RETAIN PRESENT OFFICERS. JOHN C. YOST, One of Washigton's. veteran financiers, has again n fplaced at the helm of the East aghington Savings Bank. He is starting/his twenty-seventh year in this ice today, being. the only president the institution ever had. Other officers just elected include 8. H. Walker, frst vice president; Lewis Flemer, second vice president; 8. Wil- rpshaw, secretary-treasurer, and W. H/ Marlow, jr., attorney. By the Associated Press. CHICAGO, June 10.—Late reports of showers in Saskatchewan Province, Canada, where drought had been most evere, ififluenced s:tbacks which Jargely anceled earlier price advances y. Sensationally adverse crop reports had accompanied the advances, . American nd Canadian reports showed the poor- est ecndition of Spring wheat ever known an June 1. S ik Wheat closed irregular, 33 cent off to 2% up. Corn unchanged to % lower. Oats, 's-1; down. and provisions un- changed to 2 cents advance. Hich. Low. Close. 3 K 70 3 December OATS— Juiv - September December RYE— July 2 September December . New York Cotton Special Dispatch to The Star. NEW YORK, June 10.—Prices on the Cotton Exchange changed frequently today ®ver a range of $1 a bale, and under a liberal volume of business ended 15 to 18 points higher than on Tuesday. The market met more support follow- ing Tuesday's quick setback and a sharp recovery of 20 points occurred at one time. Price movements followed changes in the stock market and the close was slightly above the best figures of the day. Spots were advanced 20 poin 0 8.45. e Cotton range: January Mareh AFFECTED BY TARIFF By the Associated Press. The American coal industry is threat- ened further under the new Canadian tariff acts on impérts, which exact a duty of from 40 cents a ton on an- thracite and lignite to 75 cents a ton | |on bituminous and $1 a ton on coke. These rates apply to all countries save Great Britain, which enjoys a prefer- ential rate. Statistics of the National Coal As- sociation show that for the five years preceding 1925, even including the year 1922, when exports were greatly cur- tailed on account of the bituminous strike, the United States furnished 50.2 per cent of the total coal consumed in Canada, where Canadian mines fur- nished 48.2 per cent. In the five years from 1926 to 1930, inclusive, the per- centage coming from American mines declined to 46.8 per cent and that fur- nished by Canadian mines has risen to 52.8 per cent. 3 The experience of past tariff changes on coal lead the association to believe the new rates will further reduce American coal exports to Canada. ‘The association said the Canadian government had tried in other ways to romote the use of Canadian coal, “With its industrial development largely centered -in’ Quebec and On- tario, and its coal deposits at long dis- tances from those provinces, Canadian coal producers have been under the hangicap .of a heavy transportation charge,” it said. “Commiencing in 1928, the government has been aiding Ca- nadian ucers by assuming respon- sibility for a part of the transporta- tion charge. This subsidy has been l'rlll:l‘t:d‘both to Bastern and to Western FREIGHT LOADINGS. ‘Almllled Press. dings of revenue freight during the week énded May 30 were sharply curtailed, due in pari to the observance [ of Memorial day. The totals, for com-. rable periods, as calculated by the erican Raflway Association. follow: Week ended May 30, 710934 cars;, mvloua ‘week, 755,071 ears; sa; week year, 064 cars. 5 = i § 5 ST LT LT FE . o562 ] B8 2 it e ;g'..-fii‘#ff FSE S0 Q| ¥ 2 ; P 143 ENESEF # onS 258 % EEUEaE RERE §===& £kt 85 > 2205 2 S RO It et (., £ o bt v 2 <2 D Adm rolina 0 o 99908! A 388588588 FEE TS 328528Sges! FESTESEES FX § 3 5 o L e o 282223328233 2838! RS Fa ! 2 1535 A 43 64 4125 '58 1047 1 55 A 'S8 81% 3las '37 834 o 5 192% 11 Cont G & E 2 Continen Oil 4 Crane Co 55 Cudan: S © 104, 55 54 ww Boston 55 '33 103 lec P & L 55 A 2030 81'3 Paso N 8 98 as0 NG 6las pire O&R 5135 irbanks ndnap P&L 58 nsull _Utilit 2 Inter Pw Sec 82 Intern Sec Am 5s EXBmass sSanad Bums 22 22] ] 10 Nel Ne 5 Polomac o Tl 4tos P SREL A PEL L 58 HR 1 Shawsheen 7s P&l Y Bowen cant B i South Cal 23 S:uth Calif E _a 282 2 e ] o huflz o H 5 A 5 2% e, 108 10 Super of Tlli 10 Swift Co 5s 24 Texas Elec ¥ 1Texas Gas Ut 68 gSe 5 Unit P 3 United 2omt Lt 128, 9% '35 ww 59'2 4. B v 6% 146 92 50 88 <gqaaacd m Public Ser: b Serv 55 B, o ,._‘»;.._._,... 13 Wes Tex Ut 55 2 Wiscon P&L 5s F FOREIGN BONDS. Con Mn 7s ‘51 9 MOBE T8 41w s Baden Borot n - 431 3 1 Finid_Ind s 44 18 Ger Cons Mun 68 '47 12 Gen Con Mun 78 '47 5 Gesfueral € "33 w v 1 Guestueral 6e "33 xw 1 Sup 6 A '63 2 Maranhao Bres 7s 58 2 Melbourne 7ign 48 1Mendoza_Pr i'as '51 50 2Nippon Ei P 641 '83 3 Prussia Elec 65 ‘54 13 Rio_de 8lis . ) PN T FEL T U P T 5 le s ‘61 e A '55 105t X¥... %2 232 233 n—New. wi~When issued. MONEY MARKET. 10 (). — Cal cent today at 1 per cent. . L Bankers’ acceptances continued quiet, with supply limited and demand only for short maturities, which are scarce. Asking rates were unchanged. Com- mercial paper was quiet and unchanged and time money was dull and un-