Evening Star Newspaper, June 15, 1931, Page 14

Schacht May Be Recalled by Hindenburg to Head Reichsbank. BY JOHN F. SINCLAIR. Special Dispatch-to The Star. NI.W YORK, J\’AIID?'-I ~—The German financial crisis may: ¢ome to & head this week. Chancellor ‘Bruening has threatened to resign if & special session of the Reichstag is called. President von Hindenberg on' Saturday, backing up Dr. Bruening, forbade calling the Reichstag. The immediate difficulty is the flight of the mark from Germany. For the t two weeks of June the Reichsbank e;l:l n'lgn* $500,000,000 worth of foreign exchange., Adolph Hitler, Fascist leader, used the week.end to attack the Bruening government. Many believe he will head the next coalition government. But there are others who feel that it will not go that far; that if Dr. Bruening decides to quit President von Hinden- berg will call Dr. Hjalmar Schacht, former president of l.:: ituatios situation. In the meantime Secretary of the Treasury Mellon is on his’ way to Eu- Tope and is expected to confer this week with financial leaders in Great Britain, France and Germany with a view to seqing what can be e. Chicago Bank Merger. Philip R. Clarke of Chicago, rnslflent of thepcentr‘l ‘Trust Co. of Iilinois, is to be the president of the new $350,- 000,000 Central Republic Bank & Trust Co., which is being formed by the me: of the Central Trust, the Dawes Bank and the National Bank of the Republic. The merger will be effected within the next 30 days. When completed, it 00,000 and. deposits of 5385,000.000- 000,000 ant ,000, making it the third largest bank in Chi 0. 3 v‘:;gn Mr. Clarke was asked last week to confirm or deny rumors that stone to a 1 this was merely & step) denied it flarger merger in Chicago, most emphatically. 2 “Not a thing to that rumor,” he said. “I've heard it before. We have a few points to clear up, but we are ready now to take care of all of :;xr old 3\:; tomers plus_any new customers come Snp ‘The Chicago banking situa- tion is clearing up very rapidly.” Mr. Clarke began his business career @s an investment banker. It was only few years ago that he deserted in- vestment banking for the presidency of the Central Trust Co. Florida Inheritance Tax. Col. Peter O. Knight of Tampa, lawyer and capitalist, has lost his long fight to keep State inheritance and income ta: out of the Florida statutes. fi)fld& for the first time since its iincorporation as a State, has decided ito impose a State inheritance tax. It was necessary for Florida to amend its constitution, which forbade the taxa- tion of inheritances and incomes of its citizens. This was accomplished last November when, by & vote of the people, the constitutional provision was re- led. p’?ler{dl joins the great majority of | immediate States in imposing these new taxes. Only two States are now without State inheritance taxes—Alabama and Nevada. ‘Wage Reduction. ames Ford Bell of Minneapolis, Ml‘:'m.. president of General Mills, Inc., of which the Washburn-Crosby Co. is one unit, tells American business men to go slow on the matter of wage re- « duction. Mr. Bell does not think that ‘reducmg wages 1‘:pelln a way out of the $present depression. A uce the earning po m community, and in turn lessen the proceeds coming back to industry. We find ourselves in & vicious circle. Mr. Bell does not see any evidence to indicate that wage reductions so far have accomplished anything. Newsprint Price Cut. i Practically the whole newsprint in- dustry has now fallen into line with the program of price reductions begun by the Canadian producers. The latest is the International Paper Co. whose ar< yangement is somewhat different from the atm:g‘n "wfi;" cuts made by the Canadian companies. Thus the International has made & $5 cut per ton for a definite period, in New York, April 1 of this year to De- cember 31, 1932. Pro nate rates have been worked out for other graphical zones. It is further p. that on acceptance of a six-y con- tract, the nrifizwolal)d bedg':nmz not to exceed a ton an not more than $59 a ton, this last figure being the new, reduced price. « Since International still has several two and three year contracts running, 1t is felt customerorganizations would be grl.d '/u} accept t{xe new six-year con- acts for present ones. It is difl?c\llt to know at this time whether these new prices have a real basis in the conditions of the industry. The form worked out by International, one of the largest paper ccmpanies in the world, seems s bit more sclentific than the others. But the newsprint in- dustry still has some hard sledding ahead of it with excessive plant, capital inflation and the very slow expans} ©of consumption. - Doubuu:. the policy of the Canadian government in forcing devel ent of power facilities” above its ne in un- " NEW YORK STOCK EXC Recelved by Private Wire Direct to The. Star Office. 9 St Louls & San Fran. !’B'fi St L-San Fran pf (§) Schulte Retail Strs Seaboard Air Line. Sears Roebuck 32% Servel sosane Shattuck ¥’ G (11%). Shell Union O4). . Shubert Theaters. Simmons Co....... Sinclair Consol Of1 Skelly Oll. .. vs0a South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed.(3) South Pacific (§) Southern Rwy (m§). Spalding (A G) (2) Spalding 1st pf (7) Sparks Withing (1).. 5% Splegel-May-Stern. Stand Brands (1.30. 554 56 StandG&Epf (4).. 31% Stand Ol Cal (h2%). 99% Stand Oil Exp pf (5). 30% Stand O N J (12). 18% Stand OIN ¥ (1. 2% Sterling Sec A. Se - IO P Y NN PR RO T T) oauuu-—g¥ - - Lk Sun Of1 (11). 30 Superheater % Superior Ofl. 2 Symington A ‘Tennessee Corp(50c) Texas Corp (2) Texas G Sulphur (3) Texas Pac Land Tr.. Third Avi Tide Waty 8 ( Tide Wat As pf (§).. 4 Timken-Detroit Axle Timken Roller (3)... Tobaoco Prod A t96¢ Transamerica (1)... Tri-Cont Corp... . Tri-Cont Corp pf (6). Trico Products(2%). 4% Truax Traer Coal Co. 17% 6% Twin City Rap Tran. 6% 40 Und-Ell-Fisher (5).. 21% 9% Ulen & Co (1.60) d ulated sections is partly respon- sible for the tight place Canadian mills are in today. Credit and Price Level. al Bank of Canada, Guction ana credit on the one hand, and the price level on the other. The accuracy Wwith which the lines showing the theoretical price level cor- respond to the actual price level is in imlfu‘ l'!mnhblle verification of the juantity theory of money.’ s 'rhenylt draws the conclusion that the responsibility of the price level for countries operating on = gold basis “lies almost altogether with the central , monetary authorities of the United | States, Great, Britain and France, which fholalbm;:'lgmumormmw 1d stocks of world.” wm inference is very clear. ‘This large bank, in its latest monthly let- ter, agrees with Carl Snyder, economist ; of the Federal Reserve Bank of New { York, that overproduction is not cause of the business ion, but rather it largely lies in the control-of ! the money and credit power. More and more economists are:study- ing the depression from this angle. 3 y the North American ‘u',fl.h;h “"m:”un-::u. oXl.ch NEW YORK BANK STOCK NEW YORK, June 15 (#).—Over-the- : counter market: 2 ‘ i Trust Companies. & $1,026,164. Empire 72 43% Union Carb & C2.60. 1 106 26% 14 UnOllof Cal (3) 7 161% [ 31 19% 30 21 8 5% 1% 11 10:30 A.M. 1:30 P.M, High. Low. in stock. 18 1Plus 8% in stock. 168 18 168 161 nit (4) Unit G & Im (1.30).. Unit G & Im pf (5). 0 U'S Distributing. US & For Secur..... U'S Indus Alcohol (2) 8 Lea P U 8 Reaity & Tmp(2) 9% Univ Pipe & Rad pf Utll P&L A (et2.15) . 76% 28% Vanadium Corp'a.... 8% 1 Va-CarChem....... Wabash RR. . ‘Wabash RR (A Waldort Sys (1 Baking A Westing E&M pf (4) West Pa El pt (6)... 208 Wextark Radio Strs. White Motors (1 Willys-Overland. Willys-Over pt (7). Dividend Rate. . 7 Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or hali-yearly declarations. *Unit of trading less ths i §Payable 1n sci no regulsr rate. b Payable in stock. Prev. Close. % 4% 22% 48% Sales— Rate. ' Add 00. High. Low. Close. 2T% 26 26 8 7 29% 6 Sw Sormalaabumarme 101 29 ” A auad =S mmanET ). 896 « 308 47 . 3 Woolworth (2. Worthington Pum Wrigley (Wm) (4).. Yale & Towne (2) 15% 6% Yellow Truck....... 39 Yngstwn Sh&Tu(2). 2% Zenith Radlo. Zonite Prod C N Add 00. High. Low. 11:45. Close. 100 shares. tPartly 1Plus 4% 1Plus 9% in stock. . aPaid last year— © Payable in cash or stock. €Plus 6% in stock. hPlus 3% in stock. 1 Plus 50c in special preferre: this year—no regular raf CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, June 15 (#).—Following is a summary of important corporation news prepared by the Standard Sta- tistics Co., Inc., New York, for the As- Sociated. Press: Weekly News Review. ‘The stock market advance continued at a slower but more assured pace throughout the week. _Although the causes are difficult to deter- mine, the absence of definitely en- gouraging industrial developments and the general expectation of many un- favorable second quarter earnings re- ports and additional dividend cuts or omissions would lead to the conclusion that the nt movement is based on technical conditions within the market after the prol selling. Contributing causes undoubtedly lie, however, in the realization that economies effected by many important companies in the past half year will allow sharp improvement 1n earni when the business upturn once sets in, in the bellef held by many that deflation probably has run its ‘course in important fields and in the g:nfill feeling that pessimism may ve been carried too far. Some indication of the forces behind the week’s market may also be found in the drop of $49,000,000 in brokers’ loans, which, in view of the rising market, may indicate that some of the strength came from short covering. Purther informa- tion lies in the drop in loans of mem- ber banks of the New York Federal Re- serve outst inst security col- lateral, evidence of liquidation of stocks held in banks. Outstanding strength in railroad shares, the most notable feature of the ‘week's recovery, came in part also from the announcements of a plan to petition the I. C, C. for a blanket 15 per cent increase in freight rates, unanimously approved by Eastern, Western and Southern executives and ready for pre- sentation to the commission early this week. Further strength may also have been derived from reports of in the formulation of the plan for con- solidation of all Eastern roads under four trunk lines. As measured by the stapdard price index for 90 selecied stocks, the market d th;rrll! ‘week rose 5.5 close on Friday, June 12, at 102.2. All three component divisions participated in the gain, the utilities rising 8.6 points to 158.4, the greatest absolute gain, the ralls rising 6.6 points to 77.7, the est gain, when measured in percent- ages, and the points to 1035. ' On the bond market United Sta that weeks. - ‘Lower grads and also foreign bonds, except German rogress | o, its to CLOSE BOND BETWEEN WORKER AND EMPLOYER URGED BY SWOPE President of General Electric Co. Suggests “Joint Undertakings™ to Prevent Neces- sity of Unemployment Insurance. Forestalling the necessity of ing unemployment insurance by effecting a close co-operation between an indus- try and its employes was urged by Gerare wope, president of General Electric Co., before the National Elec- tric Light Association Convention at Atlantic City. He suggested that “joint undertakings” between the company and the employes in the interests of regularized employment as the most logical way to solve this problem. Mr. Swope sald: “As a result of experience, it seems to me the best basis for a study of these broad ques- tions is, first, a joint consideration by employes and the company; second, joint contributions, and, third, joint m:flncllplmn in the administration of an.” ® ‘The greatest questions raised by the depression are stabilization of industry and stabilization of employment, he said. These must be answered, and, it may be, that due to the character of the industry, take the leadership. ““Workers are chiefly concerned,” Mr. Swope said, “with three things, insur- ance uncertainty of life, pro- vision for old age and the assurance of steady employment or amelioration of the tragic circumstances of unem- ployment.” Utlities in Lead. The electrical industry in the past, he sald, in many respects has been in ad- vance of other industry in the United States and in the world. It now is a question of not only giving thoughtful consideration to what has been done in other countries and in this country by enlis thought in the mdunry"o;tomeenhz re- 5%s, reversed their previous downward | o\ ' and_ showed improvement d ing the week just t. This market as & whole, the standard in- dex for 30 bonds, closed Friday 1.3 ts above the preceding Friday at Weakness in refined copper price, ‘which fell to 8 cents a pound on Priday | jn from the 8% cents, preceded the pub- Hontion o ‘0sy | Sabatics (Rervioe. Sa has proposed a license tax for chain store units, the most drastic as yet suggestéd. This bill imposes & levy of $1,000 or each unit otnchnnofour:‘hr:e,m & The cotton report for May presen a favorable picture in that stocks on May 31 fell to 6,752,247 running bales from 7,404,339 the month before de- spite a small normal decline in cconsumption. ‘Wheat was favorably affected on ‘Wednesday by the estimate of the Win- a drop to 649,000,000 ter crop, on conditions as of June 1, showing bushels from the estimate based on May 1, which had ‘placed the crop at 853,- 000, bushel Forelgn trade in_April, accordi merce, wed of ines in_both and im) March, Ap:wm o from $214,887,717, were still well in excess imports, which totaled $187,747,102. stock .in dividend. Curtiss-' Corporation subsidi- Wright E: it Aeronautical, obtains 1y ,‘,:’nmm,, 156 engines mAfl:z Steel—F. A. Scott elected of Bondholders’ Committee utilities will be able to | o it its is business waiting in the heavy duty household ‘5‘: nmr":e are Justi- the matter of expense in its benefits.”” He concluded by saying that it is not real- ized that the domestic business is ca- pable of ‘being developed to the point where it will possess the best load factor of any class. Public relations and the importance of customer contacts is another direc- tion in which steps might well be taken, according to Horace P. Livers! , vice president of the Philadelphia Electric 3 tha in earnest sign the mental attitude of the public and its opinion of the utility must be a most important consideration in the future program of increased sales. Factors Retarding Prosperity. Government interference with Amer- ican industry and its rnal GERMAN BOND LIST SHOWS SHARP GAIN Increase in Reichshank Rate 28% ‘:‘s:u' Proves -Helpful—Domestic. | Group Strong. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, June 15—German bonds, with a strong upward sweep, held the center of interest in bond trading today. The improvement nat- urally followed on the increase of the Reichsbank rate from 5 to 7 per cent. There was also a feeling of en- % couragement over the situation owing to intimations of other nations that an- other collapse of the German currency such as occurred just after the war would not be allowed to develop. ‘The increase in the Reichsbank rate made the Berlin market more [ o BONDS Received by Private Wire Direct: to’ UNITED STATES. (Bales are in $1,000. Lib 3348 32-47.. 77 102 21 10220 10221 ) MBT1stprs A, 111 Cent 4% List4is32-47. 13 103 14 103 12 103 12 L4th43s33.38176.106 1 104 29 104 30 US3Ks‘4y Ugl!fiuo- UB3%s41-43 US3%s43-47. UB3%s46-56. UB4s44-64, .. UB 4% 47-52.. ADItIDI P & Ex) | money attractive o foreign short-term money | Ay nd there was a check in the steady withdrawal of these funds, which are at present 80 necessary to the German government owing to its inability to borrow in the world’s -term mar- kets. At the same time export of private capital from Germany was checked by the rate increase. Young 5%s, reparations 7s, Ger- man Central Bank 6s and 7s, Berlin 6s, Cologne 6'2s, Prankfort 6,s, Prussian 6s and 6)2s, Saxon Public Works 7s emergency best and that eventual solution of the G;:mnn problem must be found else- where. Other forelgn dollar bonds had & tendency to improve. In the doméstic department the recovery was continued in all groups save junior railroad bonds. These issues were affected by the vagaries of market conjecture over the carriers’ freight rate increase applica- tion. Missouri-Pacific 55 and general 4s were off 1 to 2 points. Erie issues dropped a similar amount. Losses were shown by Prisco issues, Southern Rail- way 5s, Southern Pacific 415s, St. Paul International Hydroelectric 6s were a point higher. These bonds have been firm recently on reports of increased electrical consumption in their district. New York City tractions moved higher again. Amusement issues were firm, al- though enthusiasm for them was checked by the default of interest on the Shubert Theater 6 per cent bonds due 1942, ‘The new capital market was com- paratively active, with a total of over $17,000,000 in new bonds. Washington Stock Excirange SALES. Washington Gas 6s “A"—$200 at 101%, $400 at 101%. Potomac Electric 6% pfd.—S5 at 113%. Washington Rwy. & Electric pfd.—1 at 98%, 10 at 985, 10 at 98%, 10 at 98%. Mergenthaler Linotype—8 at 76%.10 at 76%, 10 at 7635, 10 at 764, National Mtge. & Inv. pfd.—80 at 4%. Peoples Drug Stores pfd.—10 at 100%. AFTER CALL. Potomac Electric 5% % pfd.—5 at 110%, 2 at 110%. ‘Washington Rwy. & Eleciric 45—$1,000 at 90%. Peoples' Drug Stores ptd.—10 at 100%, “’":: #:Cufl’l Co.—10 at 35. Capi .—10 2t 35. Metgenthaler Linotype—10 at 76%. Lanston Monotype—10 at 91. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4%s '39. Am. Tel & Tel. cil, i, 55 ‘ “taxation for | . & . Tel lism” were set forth by C. E.|Ci pate Groesbeck, president of the Electric Bond & Share Co., as being two impor- | poi% tant factors retarding the return of | W ty. “One of the most serious breaks upon returning prosperity.” he said, “one of the many causes of our | W present situation and one of the factors which must be considered in any gen- eral movement toward better things is the fear of further infiltration of gov- ernmental dictation into the life and labors of the American people. Such fear is conducive to delay, timidity, loss and unemployment. Increased govern- mental activity in the business world necessitates increased expenditure, and er. the levying of taxes for such expendi- ".... tures is tyranny,” Mr. Groesbeck said. Merle Thorpe, editor of Nation's Bus- same poin moves of the real par- Anti-Utility Cartoons. Holdnu that cartoons depicting the public utility industry as “a menace to the American pmg:‘ must be actively combatted, Harry f the Electric Light Associa ¥ Efl-.m in public | Wash. mind re- “whether or painted ‘human sponds to pictures,” he said, are drawn with lines with words. Today faced with deliberate efforts to distrust and suspcion. But that as long as we tell the public about our business in a which it un- derstands, these efforts are. bound to | tai” tion for quarter ended April 30, ‘was 20,661 tons, against 22,652 preced- ing quarter and 31,268 tons year Penn-Mex “Puel 76 cents dividend; paid $1 December 15, 1930. & ‘Youngstown ‘Sheet & Tube—Hearing of suits to fix stock value in proposed with Bethlehem Steel B. Grace of the Edison Elec- luminating- Co. of Boston, chair- man of the Adveriising and Publicity Jose| '| Committee, made. the statement that best - be Shubert Theater Corporal est due June 15 on debenture 6s 3 paid. tion—Inter- of 1942 "' CHECK TOTAL DROPS. - Checks cashed on individus] bank ac- counts in 266 leading cities. of the Fed- eral Reserve Board decreased 12 per cent | dent during the week ‘ended June 10. to the general con- | S we are constantly | Boto breed | Sec. Sev. I “believe %‘fl" & %‘l’:&o“l}"fll‘)d Wash, Rwy. & Ei. pfd. () NATIONAL BANK. P i +HE = £ Eaie SMali BAVINGS BANK. s ¢ £888ay ymen's_ (! Rutiona "onjon (i85 TITLE INSURANCE. (6n) . (et Columbls Real 3. |BuR Gen El 4% Austria 7857 ctf; B&O 4548 S Ban & Aroos 4s ‘51. Bk of Chile 638 57 Batav Pet 4% Bunvrmwoan B Ind Loan Co 68'46 Berlin Cy Kl 6s°'56. Berlin CyEl 6%5'51 Beth Stesl pm 68'36 2 RBesaanabia N oo USRS 4 oo 31 Bush T Bidg 65 '60. Calif Packing 58’ 40 anvmetlosnnnaniaannnion meSBan ot Car Clin & O 5s 3! Cert-td deb 63 Ches Corp b8 '47. C&O4%sB'Y CB&Qgends 3 Chile Cop db 58 4’ CCCAStL4%sE.. CCC & St L 58 D "6 Clev Term,:% 12, (S OPR-1 £ 091 FE 3 - PO P 34 Cuba RR 6s ctf"36. Del & Hud rf ¢s"43. 5. DRG&Wstbs'1s DQ!MG&RI*I’:I e omommaNeme Ba e 3 S Duquesne 4% '67.. Dutch East 1 Mar. . Erie 1st con 45°96. . Erie conv 48 B Gen - o= connacnen BEale mrmme French Gvt 7%s ‘61 11 Gelsenk'chen s34 23 40 2 erman Bk . 24 Ger Cen Bk 68'60J 41 '~ | Ger Cen Bk 6s ‘60 O 166 Brormoe 288 ] HEH re Sotae eBa Texa, 82% 102% 102% Third Av . 56 101 14 101 12 101 12 1103 2108 2103.2 5103 2103 2103 2 50 103 8 103 8 103 8 30 107 14 107 19 107 14 101 109 15 109 15 109 16 25114 2114 2104 2 Jugosl Bank 78 '57. Kan CFtS&M 4336 50 3 Mich Cen 474879, Midvale St) 5 Milan 6%s ‘62, Mil ERy & L 68’61 M StP&SSM 6%s. MK&T 1st 48°90. . MK&T4sB'62... MK&Tal)6s'67. Mo Pac gen 48°'75.. Mont Pdb bs A Mont Pow 68 "43. Mont Tr 1st 58 °41.. Montevideo 6s°59. . Montevideo 78°52.. Mor & Co 1st 4%s. . Nat Dairy 5%s "8 Netherland: b q ®w i 8 ZZZZ2ZZ22 Norf South No Am Co 6s . N A Ed'son §s C'69 Nor 8t Pw 5s A "41. NorStPwés B Norway 63°63..... Norway 5%s'65... Norway 6s °43. Norway 6s°53. Penncv 4%8°60... Penn gen 4%s ‘65. Penn 4%8°'70. Penn 4% s '63. 64 Phila Co 68°67 Phila & Read 6: Phillip Pet 538 °39. Philippine RR . Pos Tel & C 63 '63.. Prague 7%s '52.... Prussia 6s '52. Public Serv 4s "71. PubSv G 4%4s’'67.. Pure Ol1 6%s 37 Queenland 7s *41 Read gn 4%s A 97, Sao Paulo 8336 Sao Paulo 8s 5t "| Sea A1l Fia 65 4 *38 Sea All Fla 6s B '35 % 1! 101% STOCK EXCHAN l Star Office. GE Low. Closs. ANCIAL 3 3% 60 92% 84% 5% 68Y 45 1% 83% 84% 99% 98 % 9T 9T 107% 107% 79% 80 89% 9216 88 98% 98% 49% 49% 514 5l 89% 89% 103% 104 85% 85% 39% 41 2% 89 - 47 47 107% 107% 98% 984k 105% 105% 71 8% 4% 106 106 5 5 % 1% 101% 102% 102% 102% 84% 85 103% 103% 95 95 87% 8% 81% 814 %% 54k - SonaSonaSo au~anonSatn: ® FUTURE OF STEEL PRIGES DOUBTFL |Rate of Decrease in Opera- tions of Industry May Be Checked. Special Dispatcn to The Star. PITTSBURGHE, June 15.—1It is hardly paradoxi. al to say that steel prices are of interest, because they are far from oceuj the center of the stage. have week changes in “quotable levels, relative strength from time Both sellers and buyers may be be somewhat apathetic as to prices. Sellers are very much less keen they were months ago to seek because the ambition to improve opera tions, and thereby reduce average un{ cost, has had to be given up, it bein' impossible to get much extra busines that way. Buyers are, as a rule, not ex erting any pressure on the market, on reason being that they buy in suc aml]tl lots and for such prompt ship ment. In several finished steel lines ther has been talk of “higher prices for thir quarter.” Such talk need not be take: very seriously, for, practically speaking there is not going to be any third quar ter, as such. Probabilities are the prompt buying will simply run righ , paying no heed to the passage oi July 1, or any other date. Of course contracts may be signed, but the sign- ers do not need to specify, and will not if the current market is lower. Just now swings in the rate of steel production are of interest chiefly ac suggesting how high average unit costs may mount, & large running expensc having to be borne by whatever num- ber of tons are produced, and as fore- shadowing what the low point may be from which the usual and expected Au- tumn rise should occur. Plainly there is a tendency for the rate of decrease bR% 58% 85% 85% 84% 84% 844 Bek 83% 83% T0% 70% 102% 102% 105% 105% 100% 100% 61% 61% 70% 70% 6T% 67T% 101% 101% 104% 106 50 50% 50% 50% 111% RaBloawon porere SRS amramaanss 94 94 3 101% 101% 984 98% 97% 97T 104% 104% 98% 89 96 80% 86% % 105% 105% 52% 534 3 3% 104% 104% 106% 106 110% 110% 106 106 19% 19% 99% 100 101 101 103% 103% 107 107 68% 683 9% 95 95 95 109% 109% 104 104 106 106 101% 101% 103% 103% 106% 106% 102% 102% BuvonBua N e PRNUBANAAN N B~ Sona~R O~ oA » 96% 95 dews, 2 104% 104% 106% 106% 107% 107% 101% 102 31% 31% 90 91 106% 107 81 81 100% 100% 96% 96% 105% 105% 102 102 9% 95 101 101 104% 104% 109% 109% 1095 109% 99% 100 83% 83y 88 88 18% 19% 18 18 32 32 102% 102% 63 631 60 60 4 24 % | ordinary times to decrease. The official reports made monthly show less decrease now. Pro- duction in the week now ending ha: been nearly if not quite 40 per cent of capacity, against about the same the preceding week, while previously there had been distinct weekly drops. The Chicago district lost a point or two this week, but the Pittsburgh district held its own and the Youngstown district has had a slight increase., There is a distinct possibility that the official report for next month will show an ingot. production of 36 per cent or more of capacity. If so, the month will escape breaking through the low of last December, whereas July has in been distinctly below December. &DB’Y‘IhL 1981.) Butter—One-pound prints, 29; tub, 28. Eggs—Hennery, 19a20; current re- ceipts, 17a13. Poultry, alive—Spring broilers, 3 pounds and over, 35a36; 2.to 3 pounds, 32a33; smaller, 28a30; Leghorns, large, 24a25; small, 20a23; hens, large, 22a23; medium, 20a21; Leghorns, 16a17; roost- ers, 13a14. Dressed—Spring broilers, 3 pounds and over, 38a40; 2 to 3 pounds, 35a36; Leghorns, large, 28a30; small, 26a27; hens, large, 25a26; medium, 24a 25; Leghorns, 18a20; roosters, 17al8; ducks, Long Island, 23a24. Meats—Beef, 14; veal, 14; lamb, Western, 18; Spring, 20; pork loins, 16%al7; frash hams, 17%2; fresh shoulders, 12; smoked hams, 18%5; smoked shoulders, 12; strip bacon, 21; lard, in bulk, 10; packages, 11. Fruits—Watermelons, 60al.15; canta- loupes, jumbos. 3.00a3.25; standards, 2.75; ponys, 2.25; flats, 1.25; honey=- 00a2.75; honeyballs, 4.0024.50; oranges, 5.00a6.00; lemons, 6.00a8.00: limes, per 100, 3. strawberries, 2.508 4.00; blackberris 023.00; plums, 1 apricots, 1.25a! bananas, 75a1.50; es, per crate, 3.50; pineapples, 3.00a4.00; rhubarb, per 100 bunches, 3.0024.00; cherries, per crate, 3.50. ‘Vegetables—Potatoes, new, per barrel, 2.75a3.00; old, 100-pound sacks, 1.75a 2.00; sweets, per bushel, 2.00: tomatoes, 6-pan crates, 1.50a3.00: onions, Texas, 50-pound sacks, 1.50; Spring, per 100 bunches, 2.00; radishes, per 100 bunches, 1.50; string beans, 75a1.15; limas, 3.00a3.25; peas, 1.25a1.50: cucum= bers. 1.25a1.50; peppers, 4.00a4.50; cauli- flower, homegrown, 1.25a1.50; spinach, 30a35; kale, 30a35; turnips, per 100 bunches, 4.00; beets, per 100 bunches, 3.00; carrots, crates, 3.00; eggplant, 2.5023.00. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.} Nominal gold Selling checks London, pound Paris, franc 24 101% 101% | o, 72 3 9 105% 106% 8 8% 2% 2% 101% 101% 1024 102% 73% 73% % 73 68 67% 20 32% 56% 30 65% 9NY% 85% 89 96% 66 53% 76 76 100% 100% 68% 71% 50% 50% 71 1% 55 55 49 4 68 68 2% 72% 12 12 518 107 9 89 0% 70% T0m 70% 85% 92 102 99% 43 106 106% 106% 9% 9% 92 92K 9% 91% 100% 100% 79 80 107% 107% 108% 104% 106% % W% 9% 93! oy be’ds. 10 93k 92% Stfis 3000 11 108% 1084 108% 30, 26 “94% o wn. Stockholm, crown DIVIDEND CHANGES. NEW YORK, June 15 (#).—Directors of Penn-Mex Fuel Co. have declared a dividend of 75 cents, payable June 24 to stockholders of record June 17. Six months ago a dividend of $1 was paid. Consolidated Mine & Smelting Co. of Canada directors have omitted the usual $5 semi-annual cash extra divi- dend. * regular semi-annual. divi- dend of $1.25°and a stock dividend of 5 per cent were declared, payable July 15 to stockholders of record June 23. 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