Evening Star Newspaper, June 16, 1931, Page 15

FINANCIAL., C0RB STOCKS IR 1S MARKET CLOSE Late Rally Gives List an Up- ward Trend After Ir- regular Day. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, June 16.—The curb market ended strong and active today after backing and filling for the major part cf the session. Prices were not much higher on the day at the end, but there was a good sprinkling of fractional net gains and even fair sized gains in a few issues that responded to special buying. One such issue was Vacuum Ofl, which advanced sharply in the last few minutes to above 41 for a gain of over 3 points. An official of the company de- nied reports that the terms of the pro- os:d merger with Standard Oil of New ork had been changed. The same offi- cial said that no notice of opposition to the merger had been received from the Barneson intercsts in California, as also had been reported. Other oils, such as Standard Oil of Indiana, Standard Oil of Kentucky and Cities Service were firm. Leading util- ity and industrials shares canceled ear- Mer losses. The opening was weaker and trading was small at the start. ‘While there were a few depressive items in the news, notably the omis- sion of the quarterly dividend by New- mont Mining, there was nothing of a neral nature to account for the sell- . _Those working for the advance simply withdrew bids and retired from the scene temporarily, while the bear faction put in a few tentative offerings’ to test the market. Newmont's action evidently came as a !\ll?l’l.u, for the stock closed Monday at 27% and did not sell today until the actual announcement came out that the dividend would not be paid. Then it sold off abruptly to 23% in five suc- cessive sales. Later the loss was ex- tended. However, other mine shares re- mained firm, notably Anglo-Chilean ni- trate and Hudson Bay Mining. Industrials slipped in quiet trading. Aluminum Corporation ~drop 1l points at one time. St. Paper eased and Swift & Co. was lower at 26. Dr‘invel', HIK.TB. however, had a small gain. Electric Bond & Share, which sold in fairly large blocks during the first few minutes, later settled down to a steady series of sales around 35, but met sup- rt each time it dipped below that level. There was also a show of firm- mess in utilitles, including Associated Gas & Electric A, American_ Citles Power & Light B, American & Foreign Power warrants, American Gas & Elec- tri:, American Light & Traction, Ameri- can Superpower, Brazilian Traction, Eastern States Power B, Middle West Utilities, Niagara Hudson Power, United Light & Power A and Utilitles Power & Light. HIGH YIELDS'NOTE_D IN INSURANCE STOCKS Special Dispatch to The Star. NEW YORK, June 16.—The capital stocks of 50 of the leading fire insur- ance companies are now quoted on a basis to yleld from 314 to as high as 9 per cent, according to a survey by Cannon, Stephan & Nelson. 2 long-drawn-out declines in fire Mnsurance stocks in a large measure,” says the survey, “is due to a reconcen- tration of holdings resulting from the liquidation of small, widely scattered and weakly held accounts. In the face of this decline, the underwriting experi- ence of the leading companies through- out last year and so far this year has been entirely satisfactory.” The stocks of many of the companies are now sub- stantially below their liquidating values. - . Building Permits. NEW YORK, June 16 (P).—May building permits issued in 555 cities and towns in the United States totaled $139,467,981, compared with $170,115,~ 830 in April, S. W. Straus & Co. reports. CHICAGO STOCK MARKET CHICAGO, June 16.—Following is the complete official list cf transactions in stocks on the Chicago Stock Ex- change today: High. Low. Close. 38 363 38 2 g 23n L 100 Bucyrus-Monighan 350 Butier Bros ; 10 Canal _Construction’ .. 20 Cent Tl Pub 650 Cent Il Sec. 100 Cent 50 Cent & So W et SR eI N SESe & 5 g@re s nt & 8 W pl pf. 50 Cent West Pub Ser A 20 Cherry Burrell .... 2800 Cities Service . Bz won SR Eman 01 Inland Util Insull Ul neull U pf 2d Seri: hfi sustained strength has B SRS o5i.gaaase . g o Union Gas_..... 3080 Wesr GO& E bt 50 Stand Dredg pf. ® T P o : v 200 3nal U1als, Pisonn ™™ * rs il BALTIMORE STOCKS. @pecial Dispatch to The Star. 'BALTIMORE, June 16.— Last sales. 100 United Ry & Elec fds s NEW YORK CURB MARKE Stock Dividend Rate. % Intercontinent Fetn. 8% *Int Petroleum (1)... 81% Int Utilitles A (3%). 5% Int Utilities B. . Int Utll pt pt (7) n Superp war. . Kolster-Br (Am 8h). Lackawanna Sec (4). Lake 8 Mines (11.50) Leh Coal & Nav 1. 1 Leonard O11. Lerner Store: Note—All stocks are sold in one those designated by the those stocks were sold Stock and Sales— Dividend Rate. Add 00. Afliated Prod 1.60.. Alr Investor’s vte. Allled Mills (60¢)... 4 Aluminum Co of Am 550s 1 Alu Co of Am pf (6). Alum Ltd A war, Am Br B fd shars.. .. Am Capital pr of 6% Am Cit P&L(A) (n8). 5% Am Cit P&L B b10%. AmCom P A (b10%) i, Am Corp (f15¢3....4 Am Cyanamnid B 4 Am Dept Stores. Am Equitiea, Am For Pow war. Am Gas & Elee (31).. Am Lt & Trae (3%). % Am Maracaibo. Am Meter (3).. Am Superpow (40¢). Am Transformer.... Am Util&Gen (B)vto Am Yvette Co. (25¢). Anglo Chil Nitrate.. Appalachian Gas.... Appalachian Gas wr. Arcturus Rad Tube.. Arkansas Nat Gas... Arkans Nat Gas A... Ark N G cu pf (60c). Assoc El In Ltd 30c. Asso Gas & Electric. Ass0 Gas&El A (a2). Ass0c G & El war. ... Atlas Plywood (2)..: Atlas Utll COrp..enee Atlas Utilities wai Aviation Securit] Belanca Alrcraft Beneficial IL (1% Bickford's l;l;! (1.20 - PN T ST YNSRI o [ Sen~t-T% DTN IS - = [ N e LU T T T =T Bruce (E L) Co Buft N&EP of ( . Bulovacv pf (3%). - Celanese Cp pf (7)... Cent Pub SvcA b10% Cent Stat El (b10%). Cent St El pf xw (6). Chalin Store Devek. Chat Ph Aln.v. (1).. Cities Service (g30c) Citles Serv pf (6)... City Mach&Tool 80¢. Claude Neon Lts, Ino Colombia Syndicate. Col Oll & Gas vte. . Cmwlith & Sou wa: Com Wat Ser g12%¢ Comstock Tunn Cont Shar: Cooper Bess pf A(3). Copeland Pr Inc (n). Cord Corp... Corroon & Reynold Cor & Rey pf A (6) Creole Petroleum. Dayton Alr & Eng. De Forest Radio. ... Detroit Alrcraft Cp.. Douglas Air (t11%) Draper Corp (4). 16% Driver Harris new. .- 1% Duquesne Gas Corp.. 1%s+Durant Motors. . 8% East St Pow B (1)... East Util Assoc (2 r Electric Cor] 1% 34 Elec Pow Asso A Elec P & Lt op war Emp Corpogation Emp G & E'ku nf Empire Pwr pt(2.24) Employ Reinsu 11.80 Fajardo Sugar...... 10s Federal Baking Shop 4 Foltis Fischer Corp.. 1 Ford M Can A (1.30). 10 Ford Mot Can B 1.20. 7bs Ford Mot Ltd 36 10 Foremost Fabric: 3 Foundation For 5l Fox Theater Cl A Gen Aviation. . . Gen Elec Ltd (p70e. Gen G&E cv pf B (8) 200, Gen Petroleum. ..... Gen The Equip cv pt. Georgia Pow pf (6).. Gleaner Comb Harv.. Gold Seal Elec new Golden Center. Goldman Sach T C. Gorham Mf vte (12). Gray Tel Pay S 13%. GrtA&PTpf ()., Hamilton Gas rets. .. Happiness Candy. . Hollinger Gold(65¢) . Hou-Hercvpf A 2% Hudson Bay M&S .. Imp Ofl of Can (50¢c) Ind Ter Illu O11 A Industrial Finan Insull Inv (b6%) Ins Co ofNo Am . 1 3 2 9 . 5 308 1 » o0 Bcomny 45 hundred-share lots letter s (80s) (250s), in odd lota. Open. High. Low. Close. 7 17 1 5 1 a 115 258 1% THE EVENING STAR, WASHINGTON, D. ~Prev, 103! e, Zow " 17% 17 u:’ 1 i » % Italias 5 110% 96 15 3% 11% 101 5% 25%, 51% 22% 0% 5% divig 51% i Louisiana Lan & Ex. Ludlow Mf Assoc 10. 1 Magdalena Synd, Margay. Mass Uul Assoc...... Mavis Bottling (A).. May Rad & Telev(1). Mercantile Strs (1).. Mexico Ohlo Oll..... Mid WStUt (1%).. Mid West Ut (b3%). Minne-Honey pf (6). 10s Mo-Kan Pipe L (A). Nat Container pf (2} Nat Family Stores. .. Nat Investors....... Nat Pub Sv pf (7)... Nat 8T Sec A (360¢) Parker Rust Pr (3)..150s Pennroad Corp (20¢) Penn Mexico Fuel... Penn Wat & Pow (3) Peoples Lt&Pwr (A). Perryman Electrie. .. Philip Morris A..... Phoenix Secur Corp. Phoenix 8 C pf (3) Pllot Rad Tube A. .. Prudential Inv pf(6). 50 Pub Util Hold war... Pub Uil Hold Cp xw Pub Ut Hold cu pf(3) Republic Gas Corp. . Reybarn Co. Rhode Is P S pf (2). Rock Lt & P (90¢)... St Regis Paper (60c) Schulte Un 5¢-81 St.. Beaboard Util (50¢).. Segal L & H (ab0c).. Relected Industries.. 81, 1Ind full pd (5%). Sle Ind prior (5%)... Shenandoah Corp. .. Shen Corp pf (a3)... Sherwin Wil pf (6).. 20 SoCalEdpfA (1%). SouthCEdpfC1%.. SouthernNat Gas. ... Southld Royalty 60c. SW Bell Tel pt (7). % Stand Motors..... Stand Oil of Ind (2 Stand Oil of Ky 1.60.. Strauss (Nathan)... Strauss Roth. Stutz Motor Car Swiss-Am E1 pt (6 ‘Technicolor, Ine Teck Hughes (60¢ Thatcher Sec Corp. ‘Todd Shipyard (4). ‘Tran Con Air Tran. Trans Lux DLPS.. Tri Utilities (b20%). Tung Sol Lamp (1).. L1 Plus 5% 1 iPlus 2% in s N Plus 8% In stock. p Paid last year—no regular Received by Private Wire Direct to The Star Office and Sales— Add 00. Open. High. Low. % 8% 1 k) 17 10% 2 33% 8 T +100s 92% 1 1% 16 ot 104 5 1 2 3 508 6 2 Neisner Bros pf (7).. 268 New Eng Pow pf (§) 10s NewEng T & T (8)..4608 New Jers Zinc (13).. Newmont Min (4) N Y Auction. . N Y Tel pf (6%) Niag-Hud Pow (40¢c) Niag-Hud Pow A w.. Niag Sh Md (40¢)... Nipissing. ... Nordon Corp Ltd.... Nor Am Aviat A war. Nor Europ Oil Corp. . Nor Ind Pub S pt (8) 25 Nor St Pow A (8)... Nor St Pow pt (§) Ohto Copper. PacG&Bistpf1%. 1 . 21 ME, . 1008 15 4 1 1 5 2 9 s .. (11.55). 4 N9 00 88 b e O O A 8 _ee Y U TOTES PN Y N ba 8 - L N . e Util Equity pf (5%). Vacuum Ofl (2). Dividend rates 1n dollars based on last quarteriy or semi-sh- u ment. *Ex divic 4% in stock. 38 40% nd. Partly extra. k. b Payable in tock. lfil’ml ¢ k. kPlus 10% in stock. m Pius 3% Tate. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, June 16.—The following is a summary of important corporation news_pre, d Ties o, Tnes ciated Press: News Trend. Preliminary statistics on average daily crude production in the United States for the week ended June 13 pre- sent a more favorable picture than the increases shown in the weeks. Total daily output, w) 443,603 barrels, represe; 30,170. Last week’s report Coease cf 14500 berrels, againe & gain ctease of 13, a of l'rproxlmnu}fl 25,000 a fortnight ago. ‘While it is believed that the elop- ment in East Texas has been lnr:gy responsible for the continued weakness of crude prices, noteworthy evidence of been generally lacking since the inauguration of cur- tailment programs in 1929. Consider- able apprchension is now felt thmufm- New York, for the Asso- out the industry that unrestricted ports from Venezeula, the world's sec- ond largest producer, will be resumed about July 1 unless there is an exten- sion of the agreement which has par- tially curtailed imports from that source since March 1. The need for Venezuelan imports has been substan- tially diminished by the low level of domestic prices prevailing in the last few weeks. Recently oil in the new East Texas field sold as low as 12 cents a barrel. The likelthood of a general advance | P third in sheet steel price for the &l‘):flm‘. following a report that one of I independents will increase the level by $2 and $3 a ton, is an indi- cation of & serious attempt of all steel- makers to' place sales on a more profit- able basis. This announcement made by Iniand Steel Co. was accompanied by a reduction of $3 to $5 on numerous products by Chicago steel jobbers. ‘While it is not generally believed that much ess will be done at the advanced level until August, it is ex- ther mills will mofldmto co-operate an effort to sustain the mark-up. per_cent. Columbia Gas & Electric—Supreme Court upholds commission’s valuation of properties of Logan Gas, sub- sidiary. Range Stockholders of Naumkeag Copper to act on sale of to this company. ‘Water Service reduced stated value of class “A” stock to $800,000 by retiring 32,000 shares class “A” stock. General Cigar cuts White Owl cigar price to 5 cents from 6 Finance Co. of by the Standard Statis- | p 8% cents initial dividend on 7 per cent class “A” preferred stock. 621, cents. Louisville Gas & Electric net earnings 12 months ended April 30 up 6 per cent. National Standard Co. common share fearnings eight months to May 31, $2.91, against $2.38. New York Central R. R. fined $15,000 in Federal Court for giving preferential treatment to certain trucki cconcerns. New York, New Haven & Hartford . R. considering establishment of train-plane service between Boston and N orthera sta gross L ern States Power earnings, 3!11;:?“ :o Am;;l “10, up 1.8 per 3 fore deprec n up 0.4 per cent. Oklahoma Gas & Electric e earn- ings. 12 months to April 30, off 7.4 per cent; net earnings, before depreciation, off 9.5 per cent. Pacific Gas & Electric first electric sales off 1.5 per cent, gas sales “f 18.8 per cent; electric meters, March 31, up 24 per cent, gas, up 2.2 per cent. Philadelphia Co., earnings, 12 months to April 30, osob-A per cent, net off 4.5 cent. before depreciation, Radio Corporation — Rad Commission begins hearings on question Whether broadcasting licenses of subsid- mnut .5‘{1.;::‘1;1‘ 'Z’m ‘revoked because ~ of recen com] was vio~ lating the anti-trust ll‘l":nl{l its tube contracts. Richfleld Ofl of California—Receiver for company asserts all outstanding Richfield stock was issued with proper legal authority. Shelly Oil—Directors’ meeting ad- Jjourned until June 22 ~without action 3gngulmrly cumulative preferred divi- Standard Gas & Electric gross earn- ings of all subsidiaries and affiliated utilities, 12 months to April 30, off 2.4 cent; nei before depreciation off 2.1 per cent. Standard Oil of Nebraska cuts price gmethylmwulmnnnmnh aha. Transamerica Corporation—Pool for ted, be- ing Petirned to- deposiors: reporied d no funds for pool ever were employed in purchase itions. ‘Wextark tSores—Equity receiver s Atlantic subsidiary buys 800 mo{fllmgmmt:“’.pw mm@f , East Texas, with excaption of Fulion Great Western Rallroad— Orders 500 steel box cars from man Car & .3 $1,000,000 involved. general of Ohio calls upon subsidiaries of company to make $1,125244 back- tax payment for gas and electricity |St .L. I brought into State in to 1930. years. 1927 months to March 31, $88,14! Inland Steel to mark up galvanized and black sheet prices $2 and $3 a ton, (Baltimore) Missouri Pacific Railroad—Interstate Kelly Island Lime & Transport 50| cents quarterly dividend; formerly paid o | hearings; would Federal ufi'&ywmmn in | Shile aown ToF | Sumeie Pull- | Ne Mg e Columbia Gas & Electric—Attorney | Sincla; Duguesne Gas Corporation defict, 15 Vet Commerce Commission refuses further valuation hearings in proceedings under which_company has protested tentative valuation placed on properties. Marmon Motor Car—May sales to- taled 450 cars. Ohio Oil—Investigation of Montana subsidiaries gas properties ordered by Public Service Commission. Peoples Gas Light & Coke to lower house heating gas rates upon introduc- tion of natural fuel; other rates to re- main unchanged. Phoenix Hoslery discontinues under- wear division. , Inc.—Single-section sales of subsidiary, Pullman Co., in year to April 30, the first full year reduced rates were in effect, totaled 496,546, against 76,495 in previous like period. Seiberling Rubber May net profit be- fore depreciation and taxes $89,137; April net before taxss only $60,769. Standard Oil of New Jersey cuts tank keroseen prices 1 cent a gallon except in Delaware. United States Steel—Cutting down clerical forces of subsidiaries considered over-manned. Brooklyn-Manhattan Transit rejects Untermyer unification plan on ground it is not legal on proper basis for public uss plan when ap- proved and advanced by transit com- mllalon., Chrysler Corporation—W. P. chrrler reported putting $10,000,000 into low- price car project. Howe Sound Co. declares 50 cents quarterly common dividend; paid 75 cents previously. International Railways of Central America May gross income off 27.5 per cent: five months, off 29.9 per cent. Lehigh Portland Cement omits quar- ;e(rly 1wmmm dividend; paid 25 cents ay 1. Newmont Mining omits $1 quarter] common dividend. . i SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co. Allis- Allis-Ohal i 3 Canagian. Nor w Chi. Northwi Chicago = = SEEES FFEFE 34 = e b e FOEF R 2823 N. Je Oil N. Yo 8. R: Standard Standard L. 1. y. R. E. Union Eiec Light & Pw: nion . o b <5 & PRSI S (N eeling mrgh , once in Y% 20% 20% O*I % | thousands. IMPROVEMENT IN SALES Special Dispatch to The Star. . of the purchasing power element will b greater 1930. This is also expected to contri- bute substantially to expansion in gen- % | eral business. S bl PARIS BOURSE PRICES. PARIS, June 16 m—mce changes Exchange centimes. The dollar was quoted at 2! francs 53 centimes. g Cotton Consumption. NEW YORK, June 16 (#).—Consump- tion of cotton by mills of the United minuwnuonendln’-lulyu ibly will be about 5,300, New York Cotton Exchange Servi estimates. This will be the smallest in any season since 1920-21, in which this country used only 4,893,000 bales. BONDS ON THE CURB MARKE' Sales in 'BONDS. «e1708%% 38V O 01018 10313 1083 1 o 104Y, 57 . g B 108% 3! < 2 =>l‘ Bs '52 104% 181 Toa 2028 H 2% 00! Etb, ey, -2% Tye gl S o0 SRR FEEE = > 3 B & & 9, g e, 13 133 ? Fo 85° ) 2228888! H 2 enEng L1 ) & TESTS 8>~288a BEEEE BEERZ awd t £ LN AT goetn 8.5 k3 & | ¥y 23323335 eneneaends FE 222328382233288423 SF s FEOSES S zau:e-m::s::ss: = o556 e Ssgsa8gs 3! e R, SSFITE 999999922000 2855 & W ESE P Suotscar s 0§ i :as:s:auz::zs:g:w::smu:u: Seow 25s PGS 2885 =555 R m#}’fiS 299 5522 Qs Sgds gusssd oo +f8 Sokl 3 f 2 SR 5 2883 20RB2R2S! y o Bonn! 929, 55 38 H Sgas ma3§§§é"° g=3es 3 23 uepEes: 37, uif Oif Pa S8s 47 ulf St Util 5 A '56 nna_68 ‘34, ... OO e pEERED PeR23 "2E3 T T e % 3 3 ) e Q> R0’ 3 00 52 e Eo s n RA5E 55 s o2 PR ez ois 338 e £95545558245388: & > S0t ss Pow & Lt §s '57 Nl'llglll!!'l 5s '57, Nat Electric_5'zs "78 at P & L 6s A L 5B 23 t P porey Beo-zeom Hiom 222222 FEER 8 222222 RS o Bamo! 323 B! g S S B (f H 7773 232 E%jj- 8’ Jggd: 835350 o3 585 s Sgag n-uun—w-aufié%?gg-n. = wit O 13 2 = ; el oi erdoEs ST Lk 25 s> E %9 o, 383 o= L Ot 82 FEE RS G pddd (3 55 992 = a % LR E - 2R 4 dss 222! SSgEsy 2528325 S5 ) 222282 5>0 RS 3255052 5 ¥ SREERF e b soasansaseadBELESS: P RRNNAS s H 5 5% g 25 Ho, 56 S 3 23! 45, B! 3822ZTARS2IITIS! S B SouBBual. E2zzesasaaggaSEtul FEE F FESEE FERR FEEE S = a2 d 2l £ 8 iy 223SINIAZAI8BI2883 oS g 3 ] L e tE S imenns RO SI3SLIBLEISB38B CE L FE s §EiE FEEE Gl L C, TUESDAY, JUNE - A.T. & T. CHART REVEALS YADVANCE IN GERMAN BANK RATE s | the percentage 16, ~1931. -+ AID TO EXCHANGE MARKET ,‘American and European Banking Circles Favorably Impressed by Raising of Discount Charge in Berlin. Special Dispatch to The Star. NEW ‘YORK, June 16.—The advance over the week end in the rate of dis- count of the Bank of Germany from 5 per cent to 7 per cent had a senti- nffect in European and myn ‘ho::kmc circles yesterday, in contrast, 11y other Feds 3% per cent in the remainder of Federal Reserve areas. The only Euro- pean rates that until yesterday were comparable to that now by Ger- munyA'mumuo(lmmlmapom Bond Prices Stronger. Cables from Vienna yesterday after- noon stated that the Aumn‘lwem- ment bank had raised its rate of redis- count to 7% per cent. The Bank of Bunm raised its rate from 5% per cent. German bonds in London and in New York were somewhat better on the be- lief that in the advance in the redis- count rate of the Reichsbank the credit situation could be trolled and drawals by for lenders modified. Up to the end of week the Reichs- bank lost nearly $225,000,000 in gold and foreign ex , reducing its re- serve ratio substantially the as drawing credits from Berl Many of these credits represent renewals of con- tracts that have carried over many months. In the political panic of last September Prance was the worst of- fender in withdrawing capital from Germany. 'This she did from a political motive. The American withdrawals are based entirely on the fear of American lenders that a crisis in German politi- cal affairs is threatened. Fore com- ment on this attitude, as well as on the recently demoralized condition of the market for dollar bonds, is that the Grain Market By the Associated Press. CHICAGO, June 16.—Official state- ments which were generally interpreted as meaning that Government-sponsored agencies would contiue to compete with private interests in the grain trade had a bearish effect on wheat prices today. Increased movement of newly harvest- ed domestic Winter wheat was also a weight on values. New-crop deliveries of wheat sold within a fraction of the season’s lowest figures. ‘Wheat closed nervous, unchanged to 1 cent lower; corn, %-% advanced; oats, %-Y, off, and provisions varying from 5 cents decline to a rise of 10 ] b REPARATIONS REDUCTION IS URGED BY BANKER Special Dispatch to The Star. NEW YORK, June 16.—While Wall Street yesterday was turning anxious eyes toward Germany, where matters have been somewhat improved by the increase of the Reichsbank rate and the resultant improvement in German bonds, Leopold Zimmerman, 78-year-old 4 | New York banker, issued a call for con- certed action by the United States and her former allies to remit or at least re- 9814 | duce substantially Germany's repara- tions payments. Mr. Zimmerman is head of Zimmer- man & Forshay. His faith in Germany eight years ago caused his firm to fail because of the collapse of German ex- change at that time. Entirely owing to | Mr. Zimmerman's efforts the firm was re-established. “I am not swayed by mere sympathy for the German people,” he said today, “but I am convinced that if her former foes remain relentless consequences for them will be far more disadvantage- ous than if Teparations payments were Temitted, or at least substantially the clvilized world afford to drive a highly cultured nation of 14 | 60,000,000 people to desperation?” S HOME LOANS SMALLER. 'MINNEAPOLIS, June 16 (Special) — Average size of loans on city residential property funded by Investors S; ite during May showed a decrease of over o X Crabb, vice t of the . y Total fln-zthe gained over the April the showed. 7 TREASURY CERTIFICATES. ed by J. & W. Seligman & Co) 1 }g 165 10 r!: }g 1933 b Rigcx nited States to assume T e S al meet 19 nature with grew® calmness. - Bank Rumor Denied. ‘The president of the Reichsbank has denied the report that private German banks were involved in the troubles of the Credit Anstaldt of Vienna. This has been one of the rumors on which fright been the status of not to| Vice Presiden it mostly concerns American at the present time. (Copyright, 1931.) New York Cotton Special Dispatch to The Star, NEW YORK, June 16.—After holding " witkin a narrow range for several hours | today, an active covering movement de- | pest | veloped on the cotton exchange and | prices rcse sharply a quarter of a cent | in the last hour, ending with a gain of about a quarter of a cent on the day. | The increased spot demand in evi- | dence the past 10 days created a scar- { city of contracts and prices moved up- ward repidly under more general buy- Lt:"n"asm were advanced 30 points NEW YORK, June 16 (#).—Stocks steady; rails overcome early heaviness. Bonds {irregular; rallroad issues sag. Curb irregular; rally follows slow de- cline. Poreign exchanges firm: Ger- man mark strong. Cotton higher; trade buying and local covering. r steady; better spot demand. ee lower; easier Brazilian markets. CHICAGO, June () —Wheat barely steady; imj reports. ° Southwest. steady. By the Assoclated Press. received by resident buyers in New York continued exceedingly heavy yesterday, as stores continued thelr preparations for promotional events. Low-priced mer- chandise, particularly in the ready-to- wear field, was in principal demand. Popular-priced dresses in sheer cottons | and silks, some sportswear numbers and beachwear were outstanding items. ‘The longer lengths and fitted lines of the new fur coat models, substantially different from last year's styles, are ex- pected to create new business for the trade this year, as 1930 fashions will be outmoded. The lower prices are also }n‘mkzd 1?1 as ; mmul-'::. Vol.“ume b:{; on furs is expected to un way within the next two cr three weeks. Uncertainty over Fall lines is delay- ing manufacturers of sterling pewter ware in work on merchan- ucers are 1d up because lanning to e:{m::.ufle low-end hol on - lowware, but have been unable to' get satisfactory style guidance from Brisk buying marked the opening da; of the Fall furniture trade in New Yor! Monday. Producers. were encouraged by orders, point out that in other yesrs buyers spent first few days in in- specting merchandise and did not_place orders until late in the week. Southern furniture manufacturers specializing in low-end and medium price case’ goods attracted most of yesterday's business. STOCK AND BOND AVERAGES By the Associated Pross. TUESDAY, JUNE 16. — STOCKS. FEDH § 35 i-=~ 88388 -ling that learned B SALES GAIN " CREDIED 10 ABS Values Aid Stores in Starting Buying During Concen- trated Business Drive. ‘That business can be revived speeds fly if values are given prospective pur- charers and that newspaper agvertising ident and general merchandise manager of The Hecht Co. of Washington. In a statement just issued, he declared: - “Newspaper advertising has agaffi proved that it is the most powerful and effective advertising medium. The re- sults are direct and instantaneous. In a newspaper advertising campaign, started Monday, June 8, this was shown in an unmistakable, tangible fashiof. “For the past week thousands of, throughout Amenu‘nm:e con- cent. “We decided, however, that we, too, in|in Washington, would join_ this great movement to help bring back the pros- perity this country has known. Realiz- the American people have to live as no nation on earth, enjoying luxuries, comforts and benefits such as we’ did during our prosperous times, even though the depression might cause some temporary recession in their’ of living, they were not. as a whole, going backward, »we felt if ‘4t were made clear to them that it was necessary for them to spend their money in order to continue living on this high plane, prosperity would be just around corner. “So we went into this intensive cam- Raw materials and finished trated drive to tell people about it, and place in their hands the things the; needed at lower prices than they ha been able to buy them in a decade, would start the wheels of industry in motion. Frozen and paralyzed doilars, lying in banks earning little interest, were not doing any one much good, but these same dollars rolling into stores, and then factories and mills, would create employment, bring pros- perity. to railroads and give work to thousands, nay, millions, of people en- titled to that great privilege. “We have sold more goods every single day this past week than in our t pre 8, , since ldst Monday we have increased our business 30 per cent in dollars and cents; we have sold 44 per cent more items in this | week than in the corresponding week, 930. We have given employment to per cent more people. We showed a tenfold increase in our long-distance wires and buyers’ trips to New York. ‘We placed more orders; shipments ar- i at the store were | i it the increased 20 per_cent. “We have done our mite to start this | country back to prosperity as thousands throu; of other stores are doing just at tl it the country moment, and at this time. “The success of the first wedk’s drive has proved that American gpen and women realize the prices quoted war- rant free buying of merchandise every type. The purchases have nct been confined to staples and every-day necessities, or inexpensive goods, but the public has been eager_ to purchase, at the lowered prices, luxuries which undoubtedly they have been desiring for some - time, but delayed getting until these unusual o] hands of the people. Let them enjoy it. This must have its effect in the raw and manufacturing centers. If the ‘movement is ke up it will be a power- ful agitator and we will accomplish the job we set out to do—put America to work and start the circulation of mer- chandise and dollars where they can do NEW YORK, June 16.—Mail orders | the most Heads Bankers' Trust. NEW YORK, June 16 (#).—S. Sloan Colt was elected president of the Bank- ers' Trust Co., m‘gm,m.m institu~ nent in the high circles of is a grandson of the late one-time president of the Lackawanna Railroad. FICES IN g"‘lelli Yours Too! SSURE college advan- tagesfor YOUR child .} —easily—without doubt or speculation. Provide $1,000 each year for the four college yearn— §: by starting NOW to set. aside as little os $13.00 o month, under the Investors Syndicate Plen. Send today for the informetive - brochure, “Advanteges For Yowr '} . Child.” INVESTORS Send " Advaniages For You Chlld™ to = Neme .. INVESTORS SYNDICATE FOUNDED-1894 / eevesessesanresessed