Evening Star Newspaper, June 18, 1931, Page 14

A-14 ®ER FIN BANKING LEADERS - DISPUTE POLIGIES ' Sprague and Sir Josiah Stamp at Odds on Busi- ness Conditions. & BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 18.—Great Brit- ain's banking leaders are in a dispute over banking and monetary policies. + One side is led by Prof. O. M. W. . Bprague, financial adviser to the Bank of England. Mr. Sprague was formerly * professor of finance at Harvard Uni- . versity. * _The other side is led by Sir Joslah < Stamp, director of the Bank of - ! land, who says that the world's mone- 7 tary policy has had a great deal to do - with the present crisis in business. Prof. Spn(uu contention is that the supply of gold has had nothing to do with the world-wide economic disaster. He declares that the real fault lies in overproduction and in the essential in- “ stability of certain industries, particu- . larly the American automobile indus- ‘The former Harvard professor scores “ the United States Federal Reserve pol- icy during 1928. He believes that it would have been possible to check the _ speculative wave on the New York 7 Stock Exchange that year, just when , it was getting under way. Prof. Sprague also bellgvu that financial mncles can do very little at this time to bring about business re- covery, and that, while such agencies |- can keep the boat from rocking and . going under, they cannot supply the oars or the motor-power to pull the boat to shore in stormy weather. Sir Josiah Stamp, on the other hand, is just as certain that the monetary policy of the central banks has more to do with maintaining the price level than has any other influence. He be- lieves that the price level must be stabilized before there can be any sub- stantial business recovery. In this stand Sir Josiah is supported by Reginald McKenna, head of the Midland Bank, Great Britain's largest banking institution; by Sir Charles Addis, another E“fll:h banker of repu- tation, and by John Maynard Keynes, ANCIAL. THE EVENING STAR, WASHINGTON, D. C, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Page 13.) ~-Prev. 1981~ — and High. Low. 104 3% Rio flrlnl. Oil. 26 15% Rossia Insur (3. 303 Roy Dtch(m1. ity am Safeway Stores (5).. Safeway Strs pf (7). 20s 14!‘ St Joseph Lead (1).. § 156% St L-San Franpf (§) 1 7 StLSouthwestern... 25 16 St L Southwest pf. 2 Savage Arms (2).... & Schulte Retall pf (3) 1008 Sears Roebuck 32%.. 54 Second Nat Inv. 2 Servel Inc... i Shattuck F G (11%). Shell Unfon Ofl.....: Shell Un Oll pf (%) Simmons Co........ 11 Sinclair Consol Oil.. 20 Sloss Sheffeld St pf. 100s South Port Rico Sug, 11 Sou P Ric Sug pf (8) 1008 South Cal Ed (2).... 15 South Pacifie (6). 15 Southern Rwy (mé). South Ry M&O et (4) Spalding (A G) (2).. Sparks Withing (1).. Spencer Kellog (30c) Splegel-May-Stern. . Stand Brands (1.20). Stand G&E (3%)... Stand G& Epf (4).. Stand Oll Cal (h3%). Stand Ol of Kansas. Stand OII N J (12). Stand Oll N ¥ (1.60). Starrett (LS) (12%) Sterling Sec A..... Sterl Sec cv pf (3). Stewart Warner. Stone & Webster (3). Studebaker (1.3 Sun Oil pf (8). Superheater (234)... Superior Ofl. .. 6 Superior Steel. 11% Sweets of Amer (1) 2 Symington A.. ‘orp (2).. G Sulphur (3). 7% Texas Pac Land Tr.. 5% Third Avenue. 65% 107 30% Timken-Detroit Axle Timken Roller (3). Transamerica (1). 43% Union Carb & C 2. 14 UnOllof Cal (2). British economist, now in America on & lecture tour. It will be interesting to watch the results, as the trend of British banking policy over -the next -generation de- pends upon the decision made. Insurance Business Gains. Prederick H. Ecker, president of the Metropolitan Life Insurance Co., stated recently that up to the end of May the life insurance business of the Metro- politan in its various branches was 4.25 cent ahead of the corresponding ss in the year 1930. As the Metropolitan is America’s larg- est life insurance company, this speaks volumes for the aggressiveness of this institution. Deposits Gain. ‘The Northwest Bancorporation, which is interested in an important group of local banks throughout many North- western States, reports a net gain of more than $20,000,000 in deposits in the last 12 months. The total deposits of its 125 affiliated banks, as of May 31, 1931, amounted to $417,000,000, while the resources of the corporation and its 136 affiliates amounted to $496.000,000. The 15,914 stockholders of the North- ‘west Bancorporation were told that 58 cent of the total deposits of the Eflm at the close of May were in cash and due from banks, Government bonds - Andh ogher mnik]e‘ub'henucurlbm—o very legree. of liquidity. k]g'he large deposit increases during the past year by the banks of this corpora- tion were made principally in the large centers, notably Minneapolis, St. Paul, Duluth, Des Moines, Omaha, Lincoln, Spoknne and Helena. Price Readjustments. ‘W. J. Wollman, New York Stock Ex- change member, thinks that there are signs of resumption in business “in lines that have been readjusted. such as the extiles, ready-made dresses for women—prices of which are very low— clothing which has come down very materially and hosiery and shoes.” “What is holding back the other lines is that they have not reduced prices,” Mr. Wollman said. “I believe t.he re- adjustment is going on very rapidly now and if it continues to completion I would not be surprised if business in the Fall commences to crawl upwards, but it all depends upon the next two months’ readjustment.” Commenting on the fact that it is 137 Un Pacific (10).... 20 Un TankCar (1.60). 20% Unit Atreraft.. 59 46 Unit Atrcraft pf (3). 3% l ll% 18% 18% ll“ 5 26% 26 26% 3 49% 49 106 14% 3 17 16% 16 A 100% .100% _100 204 20% 204 20% 196 25% 28% 23% 264 1 83 53 lend Rate. mumm clo-a-u. % 4 49 lO!l‘ 105 I““ 14% 30% " 30%% % LY 15% 78 5% 13% 11 10:30 A.M 5% 1:30 P.M. 9% 4 % % lbm 155., 187" | tn stock. §Payable in 1Plus 8% in stock. 83 53% ypsum (1.60). . Indus Aleohol(3) 41 ther A. Leath Plpe & F ( - P &F 18t (1.20).. Rl:lty & Imp(2) Dividend rates as given in the above table are th-umnlun payments based on the latest quarterly or half-yearly declarations. *Unit of trading less than 100 shares. no regular rate. b Payable in stock. § Plus 50c in special preferred stock. k Plus 3% in stock. m Paid this year—no regular rate. nPlus 8% in stock. Prev. Stose. Close. 18 22% 49% [} 5% 28% % 1 3 by T T PSTPAS THURSDAY, LIST TURNS ACTIVE German Securities Sell Off Slightly After Recent Steady Advance. BY F. H. RICHARDSCN. Special Dispatch to The Star. NEW YORK, June 18.—~Today's bond market was a selective affair with no 88% | group, except the high grade, showing any definite trend. The dullness of all security markets was evidence of the absence from the scene of the specu- lative element, and without speculative %| interest the second and third grade Pa El pf '.ll Pn Pow of (7). 10| Dairy B.... 11 Westing El&Mfg l‘) .lfl Westing E&M pf (4). 60s Wheel & L Erie pf. White Motors (1 White Sewing Mach. Wilcox Rich A (234). Willys-Overland. ... Willys-Over of (7).. Wiison & Co of. Woolworth (2.40) Worthington Pump.. Wrigley (Wm) (4).. 6% Yellow Truck....... 20 39% Yngstwn Sh&Tu(2). 1 2% Zenith Radio. Zonite Prod Corp (1) Sales of Stocks on New York Exchange. . 108 59 7 5 2% 24 1 1% 11% 1% 200.000 12: 600,000 1Partly extra. tPlus 4% 1Plus 9% In stock. aPaid last year— e Payable in cash or stock. hPlus 3% In stock. scrip. s Plus 6% in stock. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORR, June 18.—The follow- ng is & summary of important corpora- tion news prepared by the Standard Statistics Co., Inc, New York, for the Associated Press. News Trend. America's exports as reported for May by the Department of Commerce receded approximately 36 per cent from the level of a year ago to $205,000,000 representing the lowest figure recorded since October, 1914, when the volume totaled $194,700,000. Imports last month amounted to $182,000,000 against $284,- 683,000 in the corresponding period of 1930. For the five months ending May 31, 1931, purchases amounted to $1,129,- 767,000 against imports of $936,028,000. If the assumption be made that the volume of both imj and exports have shrunk in equal proportions, some contraction in the surplus of exports— now $100,000,000 below the level of 1930 or 1929—must be acounted for in the accompanying fall in prices wit- nessed during the past 12 months. Power output in the United States continues below 1930 and 1929. During the week ended June 13, there were 1,581,220,000 kilowatt hours produced or 49 per cent less than the similar week of 1930, and 5.6 per cent under 1929. Last week total output fell only 2 per cent from 1930, but was 5.5 per cent below the corresponding week two years ago. ‘The Companies. Algoma Steel president denies report rl\l mfll wfll be shut down. Co.—Fifth unit in New York meuopoutln area placed under new policy of “60 cents for all you oan eat. Consolidated Gas, Elkctric Light & necessary to have a readjustment in every line, Mr. Wollman said: “It would be unfortunate if the pres- ent psychology encourages those who have not readjusted to feel that it is not necessary for them to do so. It is a question of equalization all around, so that the return for labor will be fair and based upon the new purchasing power of the dollar.” In substance, this is a modified farm program. For under such a plan of complete readjustment, the city man and the farmer will be more nearly in balance than they have been for a decade. Facts On Depression. + Perhaps the most favorable sign in ‘business today is the candor and frank- ness with which the fact of the de- ression are being announced. It is no Yonmr considered “ill-advised” to tell what the real facts are. At the advertising convention this week in New York, while the boosters were still strong, those who believed in candidly facing the facts received a most -mmxve hearing. That is as it ought to be. ‘The problema before the United States can be solvad only when business men pcssess the courage to face the basic facts, no matter how disagreeable they appear to be. Effect of Rate Increase. Harris Upham & Co. have figured out that, based on even a five per cent in- crease in the 1931 freight revenues, the following railroads would increase their per share earnings as follows: Chicago, Rock Island & Pacific, $6.47; New York Central, $3.08; New Yurk Chicago & St. Louis, $6.34; Missouri Pacific, $6.02; St Louls & San Fran- cisco, $4.5: Tllincis Central, $4.32; Louisville & Nashville, $4: ‘Wabash, $3.92; Atchison, $3,64; Southern Rail- way, 33 53; Union Pacific, $3.41; Balti- more & Ohlo, $3.49; Norfolk & West- | ern, $3.31; Delaware & Hudson, $3.18; | Chicago & Northeastern, $3.04 $2.97; Atlantic Coast Lin°, $2.8: Kan- sas City Southern, $2.12; Reading, $2.69; Bangor & Aroocstock, $2.63; Southern Pacific, $2.60; Missouri, Kan- 8as & Texas, $2.28; Ohio Great West- ern, $2.11; Lehigh Valley, $2.08; Chi: cago Great Western preferred, $2.03; New Haven,, $2; Great Power of Baltimore first five months gross and net above year ago chiefly be- cause of increase in domestic gas and electric sales. Exchange Buffet first five months sales off 16 per cent. Fuller Bfluh—l’rnflf.! reported above year ago, despite 9); per cent decrease in sales for first five months. Granby Consolidated Mining, Smelt- ing & Power 25 cents dividend; paid 50 cents May 1. Hudson & Manhattan Railroad May surplus after charges off 18.7 per cent; five months off 17.4 per cent. Inland Utilities—Reorganization plan declared operative; over 85 per cent of bonds deposited with Protective Com- mittee. Kansas City Southern Railway 50 :F&nul common dividend; paid $1.25 ay 1. Mack Trucks, Inc, organizes Cana- dian subsidi National Tea larger earnings exmted in le;Vlme quarter, despite decrease Oklahoma Natural Gas—Oklahoma Governor drops action against company under State anti-trust law on com- pany’s agreeing to cut domestic gas rates from 57 cents to 50 cents per 1,000 cubic feet. Perfect Circle had record May sales 31 per cent above April and 26 per cent :h;-d year ago. ld 25 cents in pre- vious qulmr dlrechu voted to make stock no West vlmm- Pulp & Paper 40 cénts common dividend; paid 50 cents April1. American Brown Boveri Electric stockholders approve sale of electric assets to Allis-Chalmers Manufacturing for $600,000 cash, and 62,000 shares of stock of latter company, change of name to New York Shipbuilding Cor- poratios nd reduction of outstanding founders’ stock by 87,170 shares. American Smelting & Refining—Mur- ray and East Helena Lead Smelters to be closed for Summer months. Anchor Post Fence, omits quarterly stock dividend on common shares; paid 21, per cent April 1. Bethlehem Steel increases sheet prices from $1 to $5 & ton, through | X revmnn in system of making extras, Northern, $172; Westersi Maryland, $1.37; Penn- laware, ucnwlnm Nocthern Pacinc, of ¢ based on the assumption that higher Irellht rates will not be followed by a decrease in mfllc Such an usumpflm does (Copyright, 1931, by North American News- paper 1Inc.) ance, KANSAS CITY SOUTHERN. NEW YDRK June 18 (#)—Dh rectors of the Kansas Southern Railway today declared a dividend of 50 cents gln the commtm stock. mm!t 81 mvlmu bfl:mfi.’ VT ook Dellwlre. Lackawanna & Western Railroad, New Jersey Utility Commis- ion opposes commutation fare increases of 25 per cent on electric lines, and 15 per cent on steam lines. General Cable cuu mpsr ‘wire pflm ¥, cent & pound to its. Hibbard, Spencer, B-rtlett Co., de- clared three mont.hly dividends of 20 cents each; !omurli paid 25 eenu. International Ut reported suf- ficlent, shares deposited to assure com- p‘leum of proposed reorganization plan. Kresge Department Stores sales since June 1 show good gal National Bond & value May 31, 1931, $41.85 share, against $47.17 February 28, 1931. New York, New Jiaven & Hartford Railroad—New fast freight service de- | truck service success. | Submarine Boat—Receivers allowed to remain in control of property until June “éw June 1 in. Share liquidating common favor of merger with Standard Ofl of New York on present terms; thinks basis of one Vacuum for three Standard un- fair to latter company. ‘Woolworth (F. W.)—President states company’s business is showing general betterment; expects first half receipts to equal those of 1930 period; sales to May 30 were $2,250,000 behind year ago. Great Northern Railway puts Brehr- red stock on $4 annual basis; $1.50 divi- dend decllred paid $2.50 Ollller in 1931. Bliss E. WA&CobHMNDIEQ lowest for Navy contract for 69 air- plane engines. Cities Service May gross off 37.7 per cent, net before depreciation off 54.2 per cent, 21 months gross off 5.1 per cent, net off 18.5 per cent. Franklin process Co. cents quarterly common dmflend. fimnerly paid 50 cents. Gardner Motor stockholders disap- prove payment of 25 cents cash divi- dend and distribution of Detroit Air- craft stock. General Motors-Chevrolet tions in Detroit during first 10 da; June exceeded entire month of June, 1930, and were 128 per cent in excess of similar 10 days ot last year. Puget Sound Power & Light opera- tions not affected by drought in North- west. Republic Stamping & Enameling common share earnings, year ended May 31, $1.48, against $2.18. Southern Pacific Co. makes share exchange offer for Cotton Belt stock: three Southern Pacific common shares for five Cotton Belt preferred and Southern Pacific common for three Cotton Belt common; offer contingent upon acceptance by September 1, 1031 by holders of sufficlent stock to give Southern Pacific Co. 85 per cent of | total outstanding amount. STEEL PRICES INCREASED. NEW YORK, June 18 (#).—Price in- creases on cteel sheets, ranging from $1 to 85 a ton, are being quoted by | makers in the Mahoning Valley for the third quarter. Sentiment against price shading in that area was reported mnntly stronger than at any time following a long period in which con: stantly decling prices have falled to bring out new business of any conse- quence. District interests e: expect an in- crease in sheet mill activity, which is now below 40 7 40 per o oem of capacity. CHICAGO LIVE STOCK MARKET CHICAGO, June 18 (P (United States Department of Agriculture).— Hogs, 10,000 head, including 5,000 di- | rect; quality plain; active 25-35 higher; 0-250 poundl 7.4027.50; few ht, good lCD 160 pounds, 7.25a7.60; light wel ht, 160-200 pounds, 7.35a7.60; um weight, 200-250 pounds, 7.35a7.60; heavy weight, 250-350 pounds, 6.40a 17.55; sows, medium and good. 215-,60:@0“!11!, 6.1586.25; slaughter m'rso and choice, 100-130 pounds, Cattle, 7,500 head; calves, 2,500 head; all_ yearlings fairly active and firm: about steady; fed ings 8.80; slaughter cattle lnd veammn. gocd and choice, 600-900 pounds, 7.75 Wl!ms 1,300- pount 7.25a8.75; common and dium, 5.25a7.25; cows, good and 4.5026.25; common and medium. 3.50 .50; low cutter and cutter, 2.25a3.75; dium, 3.25a4.25; vealers good and choice, 8.00a9.25; medium, 6.50a8.00; cull and common, 5.00a6.50. Stocker and feeder cattle—Steers, good and choice, 500-1,050 pounds, 6.00a7.50; em;\mon and medium, 5.0026.00. cull and common, .50a1.25. NEW YORK BANK STOCKS nw YORK. Jlmc 18 () —Over-the- END TO I.IQUIDATION IN STOCKS IS SEEN Special Dispatch to The Star. NEW YORK, June 18.—] tion has proceeded sufficiently far in several ‘mportant industries to permit a turn shortly, '.he Brookmire Economic reports in its current { the same time setting the early hll as the time when increased physical volume of business will have & noticeable effect on the operating profits of most concerns. The authority’s business index shows May at 74.6 per cent of normal, as compared with the April figure of 77.7 per cent, reflecting a relapse “due largely to substantial deellnel in retail trade and in railway specific industries closely,” the buuetln states, “but several of those which usually lead the way have al- ready given some definite signs of fundamental recovery. This is true of the automobile industry and others closely allied with it, of cotton textiles and of the boot and shoe industry. “The present low level of steel mill operations cannot be expected to con- tinue longer than through August at the worst. Furthermore, the sharp curtail- ment in orders for electrical equlpment and supplies appears to have proceeded far enough to it some improve- ment later in the year. We also feel that railway traffic is at about a bonds cannot be expected to do much of anything. lnfihefmfl‘nmmrmtlllm in the n‘::mm:emnk 'S luh- the drop below the legal minimum of 40 per cent. South American bonds were inactive, but did not show any tendency toward weakness, in spite of the lack of in- terest. Sellers, as well as buyers, were absent from ihe market. rest of the foreign list was stagnant. The most active of the domestic de- scriptions were the junior rails. Definite announcement that the St. Louis-San Prancisco had arranged for the re- financing of the general mortgage and 6s, due July 1, did not result ln any further advance of the outstanding prior lien A 4s or 4%s, but the B 5%s gained 3 points, and other issues were firm. The election of representatives of the Chase National Bank and Dillon, Read & Co. to the board revealed the 2% | make-up of the road’s new banking con- nection. 8t. Louls Southwestern bonds rose ‘The Consclidated Mortgage 4s, which mature in 1932, jumped over 12 points on the sale of iess than 30 bonds. The first 4s gained a point and the first term 5s about 6 points. The whole position of the road’s mortgages has been changed by reports that its consolidation prospects, which have al- ways been good, are to be realized. The 1931, Bub under” proposed. pisns ‘e 5 under p: plans traffic supfficlent to insure the covering of charges in future years will be diverted to its lines. Bank loans mmmm. for immediate needs are reported arranged High-grade ralls, including Atchison General 4s, Canadian Pacific Perpetudl 4s, Canadian National guaranteed 5s and Great Northern 7s, were fractionally better and at their best prices of the . Seasoned utility issues, such as American Telephone 5s and New York ‘Tel e 41258 and industrials lke Standard Oil of New Jersey 58 and General Motors acceptance 6s, were in brisk demand. Wishington Stock Exchange SALES. tal Traction 5s—$500 at 83. Electric Cons. £5—$1,000 at Ya. a ptd.—10 at 110%, 5 at 110} ern' % National Bank & ‘Trust Co.—10 at 50. Mergenthaler Linotype—1 at 76%. AFTER CALL. ‘Washington Rwy. & Electric pfd.—10 at 98%, 10 at 98%. Pommu Electric Cons. 5s—8$1,000 at Y. Bid and Asked Prices. BONDS. % minimum; that residential building may - show improvement in the near future, and that deflation in some other im- | Gamta i‘v" porunt industries, such as chemicals, ’llrly well complmfl" In regard to the railroads, whose freight traffic has been under normal now for more than 17 months, nothing | w; short of a fundamental turn in busi- ness is seen adequat power to a favorable basis. “The length of time in which general business has been substantially lower than normal can only mean that shortages of — are being created, When the turn comes | 3 the necessity of rcpl-clu depleted suj plies should furnish !p fi;l a substantial mcmu volume of :inld] ll'm oo 'fm:“m h‘:u very ly, since opera ve been greatly rndmae:‘,e Even under exist- eondlummo{thm' are earning common | po\ situated roads dividends by a fair m: argin. Wash. R “Competition of the truck and bus is not expected to make much further inroads in taking traffic away from the raliroads have finally recognised the |y 58 | geriousness of the competition offered | Rises (18s) by the highway carriers and are now making an to utilizse them to uulrmmvlnhu TWO LEAD SMELTERS ARE ORDERED TO CLOSE By the Associated Press. NEW YOR-K June 18.—The Ameri- can Smelting & Co. has an- nounced smelters at Murray, Helenl,b:lronh, during July, August nnd mber. ‘The -low price of lead has greatly | ¥ cnrunafl mine ptofllu:uon a mumenlg therefore, has decided to close down durlnl the Summer months of July, Au- gust and September its lead smelters at Murray, Utah and East Helena, Mont. It will carry on the business of pur- and recelving such ore as mines p during the shutdown. may ul . “This shutdown will enable i"dhhof mmmmfm gll.o'::m e bflndhl-'l! m y’s ref rator lhe 3 e-nnui l- frller lal'_.l_ » ate to restore earning | Wash. that it will close its lead ¥ and “he [ty Wa lb‘“‘Ak &"It v:rnon ell Washington Gas 434 Washington Gas ll 3 W Wash. Rwy. msc!u.ncluvs Inc, 6 Barber & Ross, Inc, 6 :s§§s zss§§..§ 3 ;;,_.. P $2 H 255585 ey ..33.. o ] §§§§ssss taau B85S it g sE8tanlis s EBatE zeuSianes 3 * 2552, 3 SILVER QUOTATIONS. june 18 y | Arm Del 6% JUNE 18, 1931." UNITED STATES. (Sales are in $1,000.) High Low. Close. #32-47,. 21 10220 10219 102 19 82 103 15 103 13 108 14 146 105 104 104 102 10117 101 15 101 16 46 108 2108 103 2 Lib 3 4103 50 107 12 107 12 107 12 45 10913 10912 10913 2114 1114 114 1 Bales. Abitibi P& P 58’53, 22 Adams Exp 48°48 Allegheny 58 °44... Allegheny 53 *49. 15 Alifs-Chalm 68 '37.. %! Am Chain 6s'33.... Am F P b5 2081 2 Argentine 63 A '57, Argentine 6s B '58,, Arm & Co 4%s '39 ‘43, Assoc Oll 68 '35, Atchison adj 48 Atchison gen 43°95 At Guif bs At Ref deb 53 ‘37, Australia 4 %8 ‘56 Belgium 6% Belgium 7s 65 Belgium 7, B Ind Loan Co 6846 Bell Tel Bell Tei I'a 65 C '60. Berlin Cy El 6855 Berlin CyEl 635’51 Beth Steel pm Beth St rf bs Bolivia 78 ' Holivia 85 45. Bos & Me 63 '5! weo enosE€mrSnnan Bklyn Un ist 58°50. Budapest 65 Buenos A 6 ‘61 F BR& Pitt 4 %4857 Bush Ter con 53 '5. o N e o ExSorinE-ne 52.. Cent Pac 4s°4y. .. 49 CB&Q 111 dv 4849, Chi Grt West 45 Chi M StP&P 83 *7 ChIRIcv ek’ Chi Un Sta 4%s '63. C& W Ind cv 4852, C& W Ind 5% Chile 6s°60. Chile 63 %s Det £d umnrn Det Unit ¢%s ‘32. . Deutsche Bk Dodge Br el El Salvador Erle 18t con Erle conv Erie Gen 4 Erfecv bs Erie 58’76 Flll 18 ex war '46 5% 58, 99% 101% 101% 102% 102% 9% 9% l“% 1065 M Inland Stl 43%8 A’78 llh.l St1 ““ B'81 % | ttaly Pub Sv7s n. FINANCIAL., JUNIOR RAIL BOND | o sonc BONDS o ] Private Wire Direct to The Ster Office les. ¢ 86% 85% 48 Japaness 6. Japanese 6%s 'u.. % | McKes & Rlul'i. Manh Ry 1st 1 Mo Pac 5%8 ev 4 Mont Tram 5= '55 Montevideo Mor & Co 18t 4%s. . Nat Dairy IKI'“ Gl - » FNUmNONNOL ARNS RO RN N Nor Pac 5s D 20‘1‘ . Nor Pac r 1 65 204' Nor 8t Pw Nor St P - Oreg-Wash ¢ Orlent dev l%l Orient dev Pac G & K1 & e N PO e~ Pathe Exch 7s ‘3 Penna ¢%s D'S1 Penn cv 433 ‘60 '50. Port Gen El ¢ Porto Alegr StLSWev dl"l-. StLS Ws's2 5 SanA& APds'4l.. Sao Pau 78 "40 rets, Seine 7842 Serbs-Cr-81 78 "62.. Serbs-Cr-S1 8s°62.. Shell Un Ofl 68 47, Shell Un O11 68 Shinyetsu 6% s '52. Sinclair Ol §%s'38 SincOTscv A'ST.. Sinc Cr O 5%s ‘3 Sinc P L s "43. . X Skelly Ofl 6%8'39. Solvay Am 68 '42... 1 Sou Bel T&T s '¢1. SW Bell T b8 A;I‘Q. Sou Pac 4%s So Pacific 4%s ::l.. Swe 4! Swiss 5% 46, Tenn EI P 6s A ¢ Ter As St L 43 '8! 5.8 Brwles Third Av 1st G837, Third Avad) bs '60. El Pow 78 65, - e A ARAAN ~ DS 48 T6% 3 M 9 11 8%% 89 7% 9Th " 42 107% 107 8 92 53 102'/' 102% uzu lDl lol 2% T1% 60 58% 4% 94% 106% 105% 103 102% 95% 88% 82 77 94% 59% 85% 84 84 5 95 106% 106% 107% 107% 7% 2% 92 91 100% 100% 97% 107% % 9K 1 lbl 102% 69 95% 95% 100% 105 {Ingot Production DECLINE IN STEEL & ACTIVITY PERSISTS I8 Now Down to 38 Per Cent, Says Weekly Review. By the Associated Press. NEW YO! June m‘Del:llnu in au cations continue to have m strongest. e ot n o cipected o tota ouf about 270,000 cars, and July production will be considerably lawer. wm: the ex- tent of - curtailment depending on whether contemplated -h\mlom of m'.lhn mowrl Aenr builders occur in that or in mmm sul of iron and steel demand is still noticeable in other lines. Rail output at Chicago has.de- clined to 30 per cent of capacity, but has picked up s slightly at mu\mr.h fol- lowm; the release of some of the 152- pound sections recently ordered lsy the Pennsylvania. Tin plate output has uled off slightly to a 65 per cent rate. mill operations now range 2 to 35 per cent. Production of line pipe, struc tural steel and reinforcing bars is hfln fairly well maintained at recent lev:ls. Among individual consuming outlets, the radio “industry & c\mspll:uogl for fi- creasing its spec! utwm a few manu- facturers of receiving sets having n- e production. “The coal strike has thus far failed to g prices coke are stronger at old levels, but mo advances are reported. “Scrap markets still show weakness, with heavy melting steel off 50 cents a ton at Cleveland and 25 cents at Detroit. However, prices of the leading grade are unchanged at Pittsburgh, Chicago and St. Louis. “Interest in steel prices centers in the efforts of sheet mills to establish the new classification base prices for third-quarter business. In the case of black sheets the new base involves an advance of $5 a ton and the orn galvanized is $3. The third-qt quotation on automobile body sheets Is 3.10 cents a pound, or a ton over recent levels. Price Structure Firm. “While resistance to these changes may be encountered, the attitude of producers is being strengthened by the realization that price concessions are 101% | unlikely to bring in any additional tcn- 901 |nage in the next two months. Ex- 104% : cept for sheets and hot-rolled strip 1069 | steel, which has been advanced $1 a 85 |ton for third quarter, no pnee changes 96% | 0f finished steel appear to 1% . ¥ng SUI&T 58 B '70. I in pros- hhflnfied structural steel awards, at 4,000 tons, compare with uooo tons a week ago. New inquiry is 35,000 ':zne‘k' compared with 11,000 tons a 'nzz-fi,'o composite unchanged, with finished steel at cents a pound, pig iron at 316 gross ton and steel scrap gross ton. Washington Produce Butter—One-pound prints, 29; tub, 28. Eggs—Hennery, 18a20; current re- ceipts, 1612817, Poultry, alive—Spring broilers, 3 2 n:& mduo'flin!-so :!:(:lnmx‘ 1 = ; smaller, , la: 24a25; small, 20a23; hens, large, 20-?2' medium, 20a21; Leghorns, 16a17; roost- ers, 13al4. ring broilers, 3 ggundx and over, 38a40; 2 to 3 pounds, large, 28a30: lml“ hens, large, 24a25; medium, 24a 25; Leghorns, 18a20: roosters, 17a18; Istand 2a2e , 12al14 lamb, smoked shoulders, 12; strip bacon, 3! lard, in bulk, 10; packages, 11. Live stock—Hogs, heavy, 6.00a8. light and medium, 7.00a7.40; pigs, .5085.( cal 5.507.00; limes, pe: berries, 4.00; xhublrh per 100 bun:h-. 3.00a4.00. ‘Vegetables—Potatoes, new, &er 2.50; old, 100-pound sacks, 2.00; sweets, bushel, 2. ‘Mississippi, 4. carrots, crates, 3.00; cauliflower, homegrown, 1.25a1.50. £ 101 101 ‘301 32 4 West ld IK- 19,5 West Pac 5s "46. l'l Wfl—nv ll‘ 64833 Wil & Co 13t 68 " Wis Cen gn 3 Ynkohamna €3 ‘61 L usin SPRT £u 5% 1% u'b:u l:lz Y 98 97