Evening Star Newspaper, June 18, 1931, Page 15

GUR ISSUES MOVE *IN NARROW RANGE Small Advances Scored in { Public Utilities—Trade : News Neutral. BY JOHN A. CRONE. @pecial Dispatch to The Star. r NEW YORK, June 18.—With trnd-5 ing stagnant, the curb exchange sessicn today was characterized by few price changes of any kind and a tendency . toward lower levels. ‘There was a considerable budget of ~earnings reports and other market news, ‘but taken as a whole it was of a neutral character, and in many cases issues af- fected by the news did not sell or, when traded, showed no change in price. The public utilities appeared on the tape oftener than other issues and in & few of them small advances were imade. Most sales of Electric Bond & Share, for instance, were at a fraction- sl advance over Wednesday's close. American Gas & Eleciric held above dts previous close for a while, then slumped. American commonwealths power B was strong, refiecting an in- crease of $1,750,493 in the company's “pet income during the year ended April 30, 1931. Cities Service started the day with a 4,800-share deal, off fractionally at 107. Later trading did not improve this price to any extent. The company reported that its stockholders had in-! creased 7,132 in number between May 15 and June 15. The company’s new bulletin also made the statement that “decreases shown in the earnings of the company are due to the complete de- moralization of the petroleum industry.” | It was noted that the public utility gas, light and power divisions of Cities Serv- ice had shown increases in earnings. Other oil issues had a steady tone, responding to rumors of further merg- ers in the oil industry. Standard Oil of ©Ohio announced a reduction of a cent a gallon in the price of gasoline. Standard Ol of Indiana had a small gain. Vacuum advanced over a point. Declaration of the regular dividend of 1/32 of a share of stock, or 75 cents in cash, on the optional 6 T cent preferred shares of Shenand Corpo- ration accorded with market expecta- tions. The shares were firm. ' Other trading corporation issues were quiet. Ford Ltd. sold a number of times 10% and 10'2. Announcement was made from Deiroit of two new models soon to be put on the market by Ford . in addition to five new passenger mod- els introduced in the past few months. Ford of France stock was unchanged. Cord shares were off a small fraction. General Theaters Equipment preferred was lower at 8': and offerings were quite heavy. It is reported that while the position of Fox Film, which Gen- eral Theaters owns, has been improved by recent contracts and the main- tenance of theater attendance, there has been a sharp decrease in the thea- ter equipment business. United Gas turned over in fair vol- ume at & small decline. American Nat- ural Gas reflected, with a firm price, l:nruspecu that the company’s reduction domestic gas rates from 57 to 50 cents per 1,000 cubic feet will result in an eventual benefit to the company. COPPER PRICE REDUCED. NEW YORK, June 18 (#).—The price of export copper was reduced a quar- ter of a cent a pound today to 8275 cents a pound, c. i. 1., European base orts, on a parity with 8-cent copper | the domestic market. The reduction stimulated foreign sales of the metal, which amounted to 2,750,000 pounds in the férenoon today, Previously buying in both the export and domestic markets had been at a standstill. MONEY MARKET. NEW YORK, June 18 () —Call money was steady at 1!2 per cent, the renewal rate today. No funds were available in the outside market below that figure. Bankers' acceptances were quiet, with both demand and supply r, and ask- ing rates were unchanged. Commercial Ppaper was somewhat more active, with Tates unchanged. Time money was dull and unchanged. METAL MARKET. NEW YORK, June 18 (#).—Copper quiet; electrolytic, spot and future, 8. Iron quiet, unchanged. Tin steady; spot and nearby, 22.75; future, 22.90. Lead steady; spot, New York, 3.75; East St. Louis, 3.60. Zinc easy; East spot and future, 3.30a3.35. 6.05. Quicksilver, 99.00. CHICAGO STOCK MARKET CHICAGO, June 18.—Following is the complete official list of transactions in stocks on the Chicago Stock Ex- change today: Bales. STOCKS. 10'Am Pub Ser pt 330 Assoc Tel Util 50 Assoc Tel UMl 1% 8t. Louls, Antimony, e T B g Hen e EGSS o FRRFAISE eoneit b i 3 & iller & Hart fo-Kans Pipe b 232! 23 Nobube-Sparks . - §80 North " Am' Car NEW YORK CURB MARKE . 1931, Stock and Eu'.i!' ow Dividend Rate. 12 10 Acme Wire v.t.c. (2). 12 6% Aero Underwrl 22% Affiliated Pro 3% 224 Am Cit PRL(A)(n3). Am Cit PEL B b10%. Am Com P A (b10%) Am Com Pr B(b10%) Am Cyanamid B. Am For Pow war.... Am Gas & Elec ($1).. Am Gas & El pf (6).. Am Hardware (4) ... Am Invest. Inc (B).. Am Laundry Mach 2. Am Maracaibo, ..... Am Superpow (40c). 1% Am Util&Gen (B)vte 1 Am Yvette Co (25c). 5% Anglo Chil Nitrate 4 Appalachian G . 14 Appalachian Gas wr. 4% Arcturus Rad Tubs 3% Arkansas Nat Ga: Arkans Nat Ga: by Asso G&Elallct1.60 11 Asso G & Elct (8)...275¢ Auto Voting Mach Auto Vot M ev pf pt.. Bahia Corp........e Bell Tel Pa pf (6%). 50 Beneficial IL (1%).. 1 Bigelow-Sanford... 25s Birminghm El pf(7) .1008 3lue Ridge Corp. . 3 Blue Ridge cv pfal. 3 Bow Biltmore 1st pf. 108 Braz Tr & Lt (b8%). 2 Brill Corp B. Butler Bro Cable Radio T vte. .. Canada Marconl.. Carib Syndicate..... Cent Pub SvcA b10% Cent Stat El (b10%). Cent St El pf xw (6). Cent&Swn Ut (b7%) Chain Store Devel... Chat Ph Alnv (1)., City Mach&Tool 80c. Cities Service (g30c) 15 Citles Serv pf (6)... Claude Neon Lts, I Colon Of Col O1l & Cmwlith Edison ( Cmwlth & Sou war. Com Wat Ser g12 Consol Alrcraf Consol Cop Con Gas Balt: P &' Consol M& S t1235.. 108 Cont Roll & Steell Fy 3 Cont Shares conv pf.300s Cord Corp. 41 Crocker W Darby Petroleum Dayton Atr & Eng... Deere & Co (1.20). De Forest Radio Derby Oil Refining. Detroit Atrcraft Cp.. Douglas Alr (+1%).. 4 Dresser Mfg B (2).. % Driver Harris new. . Duquesne Gas Corp. . Durant Motors. ..... East St Pow B (1)... East Util Assoc (2).. Eisler Electric Cor 4+ Elec Bond & Sh ib§). Elec B& Shcupf5.. 4 Elec B& Sh pf (6)... 9 ElSharehold (b6%). Emp Corporation. .. E: Pub Sve (A). Evans Wallow Lead. Falcon Lead........ Federal Baking Shop Federated Capital. .. Flintkote CoA...... Ford Mot Fran 37%e Ford Mot Ltd 36 3-6¢ Foremost Fabric: Fox Theater Cl A.... Gen Eleo Ltd (p70¢). Gen Empire Cor (1) Gen G&E cv pf B ( Gen Petroleum. Gen Rayon A). Gen The Equip Golden Cente Gold Seal El Goldman Sach T i Goth Knitback Mch.. Gra’'phne Ltd cfs 56¢ Gr'd Rapids Var 50c. Gt At&Pac Tea nv(6) 20s 1 1 2 2 1 . - - = A AR ORI BN RN e RO P 8 S - BT Ao Gulf Oll of Pa (1%). Hamllton Gas rets. ., Happiness Candy Hires (CE) A (2). Hou-Her cv pt A 2%. Hudson Bay M&S .. Humble O} (t3%4).. Hygrade Food Prod. TP L 6% cm pf(6). tmp Ofl of Can (50e) Imp O Can reg (50c). & | September Indiana Pipe Line(1) Insull Inv (b6%).... Ins CoofNo Am 12% Int Cigar Mach (2%) Int Hydrocvpf3%. Grain Market “ | By the Assoctated Press. CHICAGO, June 18.— Wheat today outdid the lowest prices which July and contracts had heretofore reached this season. Beneficial rains in Canada, coming at a time when most needed, were largely responsible. Some Canadian points said the down- pours were the best in years. Wheat closed unsettled, 3-1% lower; corn, unchanged to 1% down; oats, 23-% off, and provisions, unchanged to 10 cents advance. WHEAT— June July September December Clol‘e. o .56 BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, June 18.— 50. & P. Telephone 55 Consolidated Gas _com, & cunr Co of Ami BONDS. 5000 United Ry. & Elec. income 4s... # FOREIGN EXCHANGE. (Quotations furnighed by W. 8. Hibbs value London, pound Paris, franc. Brus today. 16 3 Mll(n 5 1 o otk o 114867 n, ¢ ¥ Mesabi I Metal & % Mid St P Mo-Kan Pac Pub Pandem Philadel Philip M Phoenix Plymoutl Pub Ut Pub Ul Reiter-F Reybarn Roan Ani Rock Lt St Regis Selected SW Dair: Teck Hu, Tri Utill U 8 Elec U S Elec U 8 Foll Vacuum e Fina: 29% Walgre 8% 4 M % % 4 Dividend nual payment. & Payable in rates 1n cash_or ltalian Superpow A.. Kolster-3r (Am Sh). Lakey Foundry MacMarr Stores (1), Mavis Bottling (A).. May Rad & Telev(1). Mead Johnson(t4%) Mid W 8t Ut (1 Aid West Ut (b8%). Mid Unit pf A (a3). .- Minne-Honey pf (8). % Moss Gold Mines. ... Mount StT & T (8).. Nat Bd & 8 Corp (1). Nat Family Stores. Nat Fuel Gas (1) Nat S T Sec A (350¢) Nat Sugar NJ (2)... Nelsner Bros pf (7). 1501 Philip Morris A. . Pilot Rad Tube A, Pitney B P n (20¢).., Producers Roy Corp.. Prudential Invest. .. Nainbow Lum PrA.. Republic Gas Rike Kumbl Roch Gas&E Ryan Consolidated. Salt Creek Pro(1.40). Seaboard Util (50¢).. Segal L & H (a50¢).. S1.Ind full pd (5%). Sentry Safety Cont.. Shenandoah Corp. ... Silica Gel otfs. .. Smith (A O) (2).... # So Am Gold & Plat.. SoCal Ed pf A (1% South CEd pf B1%. Gt Southld Royalty 60c. Spanish & Gen rets. Spieg May Stern pf. Stand P & L pf (7 Stutz Motor Car. Sunray Oll (b5% Swift & Co (2). Swift Internat (3). 4 Tampa Electric (32). Technicol . Tob Prod Exp (10c) Tran Con Alr Tra: Trans Lux DL P Tri-Cont Corp war. Ungerielder Fin Cp.. Un Nat Gas Can (1) Unit Corp war. Unit Gas pf (7) Unit Lt &Pwr A (1) Unit Lt& Pwr pf (6. U S Dairy (A) (5). U S Finishing....... U S & Overseas war.. Unit Verde Exten (1) Utll &Ind....... Util & Ind pf (13).. Util PALt(at1.02%). Utllity Equittes, Camp Pkg. *Ex dividend. Received by Private Wire Direct to The Star Office Int Superp (11.10). Int Utilities B... TON. . vauens Mining, Inc. ot vu!.) - DTN 0 T A Be 8 o S PRHOANN SO Pipe L (A). e Niag-Hud Pow (40c) Niag-Hud Pow A w. No Am L & P pf (6) Nor Pipe Line (t4) Nor St Pow A (8)... Ohio Brass (B) (2).. 50 Ohto Copper. ... s X Svec A(1.30 oll. . Pantepec Oil. Parker Rust Pr (3) Patterson Sarg (2).. Pennroad Corp (20¢) Penn Wat & Pow (3) Peoples Lt&Pwr (A) phia Elec pf. orris Inc SCpf(3). hOfl (1).... Hold war.. Hold Cp zw ‘oster. . Co. telope pf D(6 & P (90c) Paper (60c) Industries. . S 197 000 i 00 1 1 28 O D RO 1O OB T PO 19 80 M D 89 18 = R D 100 0000 101 ke 1t 1 5950 1 39 00 R0 ket e DD 4 SN0 s DO GO y pt ww. » ties (b20%). - Power ww. Pwr war. (B) (50¢)..4 o1l (2) n Corp dollars based on last quarterly or semi-an- 1Partly extra. 1Plus é% in stock. tock. b Payable in stock. e Adjustment dividend. fPlus 5% in stock. gPlus 6% in stock. hPlus 1% in stock. JPlus 3% in stock. kPlus 10% in stoek. m Plus 3% in stock. nPlus 8% in stock. pPaid last year—no regular rate. Baltimore Markets Speclal Dispatch to The Star. BALTIMORE, Md., June 18.—Pota- toes, white, 100 pounds, 1.00a1.75; new potatoes, barrel, 1.25a2.50; beans, bushel, 1.25a1.50; asparagus, per dozen, 1.50a 2.25; beets, per 100, 1.50a2.00; cabbage, bushel, 1.00a1.50; carrots, per 100, 3.00a 4.00; egzphnu. crate, 1.5024.00; kale, bushel, 25a30; lettuce, bushel, 20a50; lima beans, bushel, 2.50a3.00; ?cwen crate, 1.50a4.50; onions, per 100, 75a1.00; spinach, bushel, 25a30; rhubarb, per 100, 2.00a4.00; tomatoes, crate, 75a2.00; geu, per crate, 75a1.25; 5a2.50; per box, 2.00a2.50; cantaloupes, | per_crate, 90a3.25; grapefruit, box, 1.50 a2.50; oranges, box, 2.50a4.75;. straw- berries, quart, 7al5. Dairy Market. Poultry, allve—Chickens, young, 20a 35; old hens, 18a22; Leghorns, 12al7; roosters, 12al4; ducks, 15a22; pigeons, pair. 20a25. Eggs—Receipts, 2,260 cases; current | receipts, 16_cases. Butter—Good and fancy, creamery, 12282414 ; ladles, 17a18; rolls, 16a17; pro- | cess, 20a21; store packed, 14al15. Hay and Grain, ‘Wheat—No. 2 red Winter, export, no quotation; No. 2 red Winter, garlicky, spot, nominal. Corn—No. 2 domestic, yellow, 70,71; cob, old, 3.25a3.50. Oats—White, No. 2, 36a37; No. 3, Rye—Nearby, 5085, ply, Co) o s | B o ‘Receipts, none. While receipts of hay are ample for all requirement thmhul?lriplulaihu dnu' mixed being offered. Such a8 ] ranges per ton. Live Stock Market. Ca 150 ; light - to e 1 e’ e teers—Choice to prime, none; good to_choice, 7.2528.00; medium to good, 6.50a7.25; fair to medium, 5.7526.50 plain to fair, 5.25a5.75; common to! plain, 4.50a5.25. | Bulls—Choic: to prime, none; good to choice, 5.00a5.50; medium to good, 45025.00; fair to medium, 4.00a4.50° plain to falr, 3.50a4.00;- common to p‘?:‘:"-:'—cn&t':ibmm good none; to_cholce, .25; -medium ‘to_good, New York Cotton Special Dispatch to The Star. _ * NEW YORK, June 18.—The combi- nation of an easler stock market, new low records for 36 years in-wheat and favorable growing conditions in the South increased the weight of .con- tracts on the cotton market today and prices lost a quarter of a cent, ending at_the bottom. . the last hour. Spots were reduced 30 points to 8.60. Cotton range: NEW YORK, June 18 (#)—Stocks heavy: speculative favorites sag 1 to § exchanges frregular; French franc and German mark sag. Cotton lower; easy cables, favorable weather. Sugar high- er; better t demand. easier B markets. CHICAGO, June 18 (#).—Wheat easy; favorable crop reports and increased mdlp;‘dw-conr;o:: 44 Hogs higher. i = i F 4 RERERES = . i e s . gt SRk ZEager o 28 ) 8 o ;,95 »; B - i L 28 228 w8 zuly e ss2 £ ;:EZr g?&‘flfii?? 88 I L PR, ol IS SR 4 = 0 £ A [orOoTot=] g ..._—-auu-.u-Ei;E- 5 EEEE) 5% Ho! 3K 23T » e s 0000 3288 n Vending n W) Buss 1.n~= R 2. jol ..=§§§E-. o Ia] ] 2 it 292> e S s aBen T 55 = a2 [ £ Q=S ~aQ™ = E’-‘!E‘é‘ 5% vl £ a e ’EEnEE! FEEaTERER 2°38 2 S o I *STOCK AND BOND AVERAGES By the Associated Press. THURSDAY, JUNE 18. OUTLOOK FOROIL =™ INDUSTRY BRIGHTER Proration Program Is Yield« Ing Results—East Texas ° Output Under Control. i gages! i i i 5 ; WS RN s;fi:m 38 =&, BY BENNETT WOLFE, Assoclated Press Staft Writer. TULSA, Okla., June 18—The ofl in- dustry, in the views of its leaders, grad- ually is getting its house in order and . S 833832332888, 3 - & 2853 2 Eoa 53 i i Ei,z . i £ 1 i 23328338288 WEER FESSE S N R 323382228 38 R RS v 0 g 8 0 §aazEs CITIES SERVICE REPORTS DROP IN NET INCOME By the Associated Press. NEW YORK, June 18.—Net earnings available for common dividends and reserves of the Cities Service Co. for ux amounted to $11,504,275, compared with $3,993,900 for May 1930. The net to common stock and reserves on aver- age number of shares of common stock outstanding is 96 cents in compari- son to $1.40 last year. Gross earn- ings for May totaled $3,320,366, com- pared with $5,328,703 in 1930. Net earnings available for common stock and reserves for the 12 months ended with May totaled $29,943490, against $38,738,982 for the correspond- ing period a year ago. Gross earnings for the former lod lunxnted $51,- 707,481, $54,4 & year Common stockholders of the company numbered 475,081 on June 15, an in- crease of 7,132 since May 15. ‘The decrease in the company's earn- ings are attributed to the ‘“complete demoralization of the petroleum indus- try.” Increases are shown in the gas, light and power divisions of the com- ny. OIll operations are be- g restricted as far as possible. i e e 1 % zz ‘fik 94 103 “% movement for proration of prod r:t‘lf:le of production ° in the oll-surfeited East Texas areas has made headway. Proration in East- ern Texas, he , will be a “construc- tive step toward the stabilization of the industry” and the means of bringing about immediate improvement. that present conditions are “the darkest hour” that comes just before ' the dawn, the National Pe- traleum News sets out the following facts for the encouragement of the in- dustry: 1. Inventory values have been slashed since the first of the year. All upward turns in market price wil® mean an appreciation of values of the stocks of crude and refined oils now in hand. 2. Distributors’ stocks of gasoline Seem to be at & very low point. 3. Organizations have been culled and expenses pared, with a resultant saving of millions of dollars. 4. Development of new production and exploration work have been cur- tailed for the sake of both conservation 75, Seeh wi 5. Much wildeat has been re- llioeh Y s b e much other acreage. 6. Expenditures in the refining di- vision of the industry have gone for improvements that will result in bet- ter products at lower costs. 7. Thoughtless expansion of market- ing facilities has been stopped. East Texas Situation. The present crisis in the industry has been attributed generally to the new flush flelds in Eastern Texas, which have been virtually unchecked, so far, by probation measures. Almost over- night they sprang up to loose a new flood of leum upon an already petrol oversupplied market. . lea of the suddenness with which figures showing 94! daily May 15 to 1,554,325 barrels daily June 1, an in- crease of 613,148 barrels daily within two weeks, New wells have been added at the rate of approximately 100 a week. The area’s actual production has been between 325,000 and 360,000 bar- rels daily for the last several weeks. On January 1 its output was only 300 barrels daily. 8823983183288 & Ao igte ; I 2 IO § fi Se §-r 222832828! E! &, ol 29 ot anuaSShestaSulonm 2 -H' >g0By ;'~ 2 38 34 wezd ‘Ifl s 30 L tta= e 5 ifich oF5 8 5 S 258! HERIE R e L ) ! L R5E555 Ogfll 8! 2 822202252 e...-............... 312822888353 o 28382252 3 2ea & 11144 i 25000 RLL G A s EEL R TR FEEPTLTS E I SV 2225333828 33 ST 2! ! o 3t 295, 38523883 fE g 22555 5 c-83q88 QW= g ] SEEEE s Bommnwma <adacadag S9ggS: g=3seE anaalis o3 RIS L, TR 23 L ggtie,: New Securities g, no:‘ o 0! ®3505555 et a BR% 05, 83! & 8 228! FEE 2% 2as: 282 NEW YORK, June 18 (#).—New Se- curities offered today include: Safe Harbor Water Power Corporation, $21,- ©00,000 first mortgage sinking fund 4}z per cent bonds, due 1979, priced at 9615 to yield 4.68 munt. by a syndicate headed by Al & Co. City of Montreal, $11,000,000 417 per cent bonds, due 1932 to 1971, priced to yield from 2.50 to 4.40 per cent, by 'nm-ymnmuu headed by Chase Securi- Monmouth County, N. J., $3,000,000 temporary State highway 3.40 per cent bonds, maturing January 15, 1935 and 1936, priced to yield 3.15 to 3.5 per cent, by a syndicate headed by Harris, Forbes & Co. Cuyahoga County, Ohio, :$3.000,000 412 per cent bridge bonds, maturing June 1, 1932 to 1956, inclusive, priced to yield from 2.50 to 3.80 per cent, by | & saflmh headed by Stranhan, Harris o L) s 82 9239333828880 e Al & £ 358 239 T b Egaseseass 3 33 SENGF RAIL DIRECTORS NAMED, NEW YORK, June 18 () —James Bruce, president of the Baltimore Trust Co.; Frank , chairman of the In- ternational Shoe Co.; E. V. R. Thayer and Ernest B. Tracy have been elected directors of the St. Fran Railway Co. 222338258822322 EEEE EER R 8 g 5.2g52uzeeindzaae g 3328 Nearly 37,000 boys under 16 are now working in English coal mines. | aa-no! 2 GRS AN ANNOUNCEMENT by the Cadillac Motor Car Company ., 4 Late in 1930, the Cadillac Motor Car Company, Division of General Motors Corporation, announced the greatest manufacturing program in its history—calling for the production of four complete lines of motor cars; the ‘La Salle; the Cadillac V-8, the Cadillac V-12 and the Cadillac V-16. Each of these cars has bocn’w well received, and has met the preference of so -many people, that all fom; lines will remain as members of the Cadillac family. A gl CADILLAC MOTOR CAR.CO.