Evening Star Newspaper, June 20, 1931, Page 15

“CURB STOCKS GAIN INACTIVE MARKET Public Utilities Take Leader- ship in Brisk Week End Advance. oty o BY JOHN A. CRONE. NEW YORK, June 20.—Responding with other securities exchanges to the enthusiastic reception of President Hoover's hint that America would ex- tend ald to Europe, the curb market today staged a robust advance. One of the impressive things -b::c the trading was the consistency of the upturn. No really spectacular advances were made, but the list made uniform progress on a volume of trading that was light at the start but increased because of the expectation b; that a Saturday session would be slow to respond to the news. But when buy- ing orders from out of town started to come in, activity picked up. The normal leaders of the list, Elec- tric Bond & Share, Citles Service and American Superpower, were most active. Electric Bond Share was up more than 3 points. Advances of 4 to 5§ points were not uncommon in the utili- ties, including Association Gas & Elec- tric, American Commonwealths Power A and B, American Gas & Electric, Eastern Power Middle Bfiut.{l‘mmu. Associated Gas and American Gas & Electric both benefitted from favorable earnings re- ris. wcm- Service was lower at the open- ing, but later improved gradually until a few large block transactions appeared tial net gain on the day. Pennsylvania, reflecting a blished _Friday, Imperial Ofl of Canada, Standard of Kentucky and Vacuum also showed strength. BONDS ON THE CURI MARKET. les 0 at a substan Gult Ol of NDS. High. Low. Close. e o8 103% 103% 68l 10 99% 99% 103% 56 44% 100% 8% ) 7% B lsch G 14588 11 Abpalac Gas 6 B '45 4% 4 § Apaiach Fow e 138100% i acs. gaisis g it 3 =5, TRTEy (L B aa rRane 2RT oy 9998 $83% R T ORE Lt Squp! 99388 ) 2882385283558 W TR < 8 2 BSS @ st 99000 Sezze SRR 99! 53] 22323382228 g BT o gur e Be8 SES I 2 z 2R3 RR2 2! 3 5i 3 1 E 4 [ 5 Q! £ : 328238 ! arg: > 48 1 Miss Pow & Lt 33 8 Nat gleclric gias 76, 88 11 NaL B8 58 78, 1 § Nat Steel Corp 5 12 New Ene GEE 35 iNew Eng G& Eng G&E & L bs '56 102 Nor Stat Pow_4'2s '61 98% Otio Edison 55 '60... 103'a ow 4%as D '86. 993 99% E1 55 '50 103% 1033, 5710144 101% 10114 1 72| sary financial assistance during the re- g FEPERN 22555 1 2% Sgi s oy > n £ > SHE P> R g Qf gz LT £Lgza) gerznacs z;g 2 Lo 208> SeasessasafsSestutasas G By P oar, 35 £ 84 1080 10208 FOREIGN BONDS. s iscon’ & 238 & 8 232833232323 SERE NEW YORK CURB MARKE Open. High. 19% 21% 20 40% Aluminum Co Ltd 75 AlumLtd cum pf (6) 18 AlumLtd A . 5% Am Cit P&L l: . 10% AmCom P A (b10%) 17 Am Com Pr B(b10%) 3% Am Corp (£15¢) - San - 28 20858 8% Am Supe:pow (40¢). 81% Am Superp 1st (6).. 1% Am Util&Gen (B)vte 1 Am Yvette Co (25c). 3 Anchor Post Fence. . 54 1, Chain Store Devel... 9% Citles Service (g30¢) 61% Citles Serv pf (6)... 314 Claude Neon Lts, Ine 190% Cmwith Edison (8).. Comstock Tunnel. .. Com Wat Ser g12}e Consol Dairy Prod. .. Cont Roll & Steell Fy “|Financial Institutions Will As- Cord Corp. aese Crown Corl ) 4 Dayton Alr & Bng.., Deere & Co (1.20).... De Forest Radio. l;:tren Afroraft T T T H Durant Motors Bast 8t Pow B (1). Bast Util Assoe (2) East Util Assoc cv Eisler Electric Corp, Blec Bond & Sh (b8). Elec Pow Assoc (1). Elec Pow Asso A (1) Elec P & Lt op war.. Emp Corporation. ... Europ Elee deb rts. . Fairchild Aviation.. Foltis Fischer Corp. Ford M Can A (1.20) Ford Mot Fran 37%e Ford Mot Litd 36 3- Fox Theater Cl A, Gen Aviation. Gen Empire Cor (1). Gen G&E cv pf B (6) Gen The Equip cv pf. Gold Seal Elec new Goldman Sach T C. .. Guif Ol of Pa (1%). Hamilton Gasrets... Hecla Mining (40c). > Bounn cunanlecon o 2 Aoam Humble Ofl (13%). . Hydro Elec Sec 1.40.. Hygrade Food Prod. Imp Ofl of Can (50¢c) Imp O Can reg (50¢). Bonnr omaran 280 Intercontinent ¥ Int Petroleum (1). Int Utilitles B.. ... Interstate Equiti Lakey Foundry . Leh Coal & Nav 1.20. Lily Tulip Cup (1%) Long Island Lt (60¢) Magdalena Synd.... Mavis Bottling (A).. 1% 19% 18% 293 " 1% 24% 36% bl 5% Mo L ENING THE E =Prev. 1931 Hieh. Low. 814 May Low. Close. 19% 204 119 106 119 5 50 55 7 Millend: 1% 7 10734 100% Mohawik 5%. . 3% Moun! 5} Received by Private Wire Direct to The Star Office Stock and Dividend Rate. Rad & Telev(1). §6% Merritt Chap & Scott, 24% Mesta Machine (2).. 3 Met Chain Stores.... Sons....... Hud 1st (7) §0s tai Prod (1)..) % % Niagara 22% 124 Niles.-Bemt-Pond ( 1% % Niplssing. 2645 % NorAm A 24 ' % Nor Burop Oil Corp. 152% 114" Nor St Pew A (3), 4% Outboard Mot A. PacG& Pac Pub Bistpf1% Sve A(L. Pac Western O I BW Bell % 8 W Gas nd Ol Unit Mill ¢ U8 Elec United 8! t 20% Fricd 21% 304 or % 2% | stoek. Stand Ol of Ind (3) . Unit Ver: ra I ant * *Ex aividend. in "cash Peninsula Tel (1. Peanroad Corp (20¢) Phila Blec pf (5).. Philip Morris Ine. Pllot Rad Tube A. Plymouth Ol (1) Producers Roy Corp. Prudential Invest... Reliance IntA.. ntl Cp (10¢ St Regis Paper ( Segal'L & H (ab0: Seuth Penn ’ SouthernNat Gas. ... Tel pt (7) Uil 1 42 lof Ky1.60.. 6 tand Oll, Ohio (3%) B0s nd Pwr & Lt (2).. 2 1 rl( Sunray Oll (b6%). ‘Technicolor, Ine. Ungerieider Fin Cp.. Union Ol Assoc (2) Unit Lt &Pwr A (1 Ik Prod.. Unit Shoe Mach (2 Power ww.. 12 U S Playing Card 2% 50s oS canann~ . [BANKERS WILLING 10 AID RAILROADS 3222 sist Carriers During Poor Market Conditions. BY CHARLES F. SPEARE. Special Disoatch to The Star. NEW YORK, June 20.—During the next six months the greater part of the financing which the railroads are com- pelled to negotiate will be in the form 42 | not ~ attempt ' ipzrunthondl of bank loans rather than in that of | ad: issues of securities offered for public sale. This reflects the inability of the car- riers to dispose of additional bonds, notes or stocks at a time when their securities are so generally depreciated. On the other hand, it indicates that the bankers have complete confidence in the raiiroads, in spite of their present Jow net earning power and that they intend to give them all of the neces- mainder of 1931. Willing to Lend. ‘This is borne out by the negotiations that have just been completed in con- nection with the maturing St. Louis & San Francisco 5 per cent general mort. gage bonds of July 1. These are to be paid off out of the of shori- term notes, which the new bankin group will hold in their portfolios ane to distribute blicly. About the same situation obtains with respect to the St. Louis Southwestern next year, which, is stated, are wdfi a banking syndicate. A banker who has played a promi- inant part in all leading road securities for years said today that, while the public might be alarmed over the rallrcad situation, he and his associates, and the various banki groups with which they deal, were all willing to lend their regular railroad clients such funds as they needed dur- ing the period of closed markets for railroad securities. “We are willing to make loans on the general credit of the rallroads, believing that when their earnings have improved and the mar- ket for railroad securities has rned to something like a normal state these loans will be promptly oft h the sale of securities foly offered.” In the five months’ May 31, the total amount of new railroad secutities was $415,000,000. Most of this represented offerings in the first three months of the year, for in April the total of all railroad issues was only $6,000,000 and in May it was $32,500,- 000. So far in Juhe there has been very little in the way of new railroad securities. Such as have been offered is doubtful, therefore, whether June "Tlllmr of this year" will show a tof of new rafiroad financing of Baing the seyregate ameunt for the Aret ri aggregate amount for the lul't"ot the year slightly above $450,- 000,000, with that of the public-utilities more than two and one-half times as large. Find Ready Market. . In 1920 and in 1921, when there ilroad hen | changes, . Those were the days wl yoads like the Pennsylvania, the Louis- “ville & Nashville, the New York tral, Chieago & Southern Pacific, forth- h’. issues of rail- | 8¢ were rallroad equipment certificates. “}: 1 western, Illinois Central and Union Pa- cific sold 62 per cent and 7 per cent ipment trust certificates, or collater- ally secured debentures, at par. Today the equipment trust. certifi- cates of these same roads find a ready market around 4 per oent basis for m: es and much lower yields for the earlier maturities. Some of the difference in yields is due to the fact that, -since 1920, railroad equipment certificates have been made legal for savings banks. The main change, however, results from the higher appraisal that the investing pub- lic places today on the senior securities of nearly all of the good dividend-pay- ing systems than it did 10 years ago. (Copyrisht, 1931.) By the Associated Press. CHICAGO, June 20.—Higher prices fot grains early today accompanied re- newal of severe crop damage from Can- a. \ A Chicago crop suthority at Moose- jaw, Saskatchewan, wired that between Craven and Moosejaw few patches in even the best flelds of wheat could yield 5 bushels an acre. Opening un- changed to ¥ cent higher, wheat aft- erward rose all around. Corn started % w'!fi up and then continued to mount. CHICAGO LIVE STOCK MARKET CHICAGO, June 320 (#.—(United States t of Agriculture.)— Cattle—Receipts, 500 head: compared week ago, yearlings and light steers steady; medium and heavy hts. mostly 26a50 lower; yearling rs and dry-lot butcher stu ds were discriminated low cutters and cutters, 25 15225 lower; vealers, steady to 50 down; | 2. stocker and feeder trade practically st a standstill owing to meager supply and narrow: inquiry; year! steers at 8.90; .mixed yearlings, 8.65; heifers . medium-weight beeves, 8. ago, . 3 fairly active at decline; fat y.ll‘llng and ewes 25250 lower: feeding laml nominal; week’s top, 9.00, paid early for both native and range lambs; closing bulk good and choice native ewe and wether lambs, 7.75a8.25; best, 8.5 5; native bucks, 6.75a7.2! -outs, 4.5 ; fed yearlings, tm kirids down. to 3.50 3 ce aged wethers, 3.30; fat ewes, 1.00a1.75, 8,000 head; Hogs, 3 inecludi 7,000 head direct; ality plain; market un- Friday; best, | M 7.0027.20; 260-330 6.3087. 7.00a7:15; packing sows, 5.00a B5: compared weok ago mhriet mostc ly steady to 15 higher; shippers took 500 ; estimated holdovers, q’aod and choice, 7.008" _.'2 3 6.00a .10; sows, medium and good, 275-500 pounds, 5.0085.85; and choice, 100-130 pounds, 6.85a7.25. inclusive - rallies. Foreign ex- \rreguiar; i Oote firm. mmmmm‘ ‘Butter—One-pound prints, 28%3; tub, 27%. Eggs—Hennery, ceipts, 16%3a17. Poultry, alive—Spring brojlers, pounds and over, 35a36; 2 to 3 pounds, 32a33; smaller, 28a30; Leghorns, large, 24a25; small, 20a23; hens, large, 20222 medium, 20821 : , 16817; roost- ers, 13al4. Dressed—Spring broilers, 3 pounds and over, 38a40; 2 to 3 35a36; Leghorns, large, 28a30; small, 26a27; hens, large, 24a35; medium, 24a ; Leghorns, ¥ ducks, Long Island, b, Meats—Beef, 12a14; veal, 14; lamb, Western, 18; Spring, 20; Pork loins, 19a20; / fresh hams, 17);; fresh shoulders, " 12; 18%; oked 18a20; current re- its—Wal taloupes, jumbos, 3.35a3.50; standards, 2.75a3.00; ponys, 2.50; flats, 1.50; ap- ples, box, 2.0082.25; bananas, 1.50a3.00; cherries, California, 1.5082. ‘hom grown, 2.0083.50; plums, 2. 1.50; honeydews, 2.50; hone; 4.50; n;n:o.berrh. .5023.00; oranges, 3.00a4.50; Filorida, 3.5085.00; 2-peck baskets,.1.50; lemons, limes, per peffithes, 5.5087.00; ‘$% | Uncertainties have heen elimina : | ond will rates Mavement: to -In- orease: Consumption. - AR S HE 5| ; Stress. That would mean an increase in demand of upward of a billion pounds a year. I Brokers’ Corament I NEW YORK, June 20.—Looking into next week, house commenta- tors ”‘n; out that the prominent corporations. Some think July bad news is being discounted by ‘t:leh'cumm slow decline, Opinions Jackson Bros., & Co.—The coming week will be important from dpoint of possible further un- favorable dividend declarations and the uncertain outlook has naturslly new in the stock market at low ebb. ith ‘the period a) poor second quarter earn statements - will begin to make appearance it is reasonable to that the market will register portant advance until after L b i i the industrial picture. We view, however, that the reveal current price levels been attractive from the viewpoinf the investor who is not concerned with day to day fluctuations. Pask & Walbridge—While slightly toward lower levels, =§E ] o82E drifting the de- creasing volume of the stock market! suggests ‘ a drying up process during which extreme dullness may prevail for some time, but which will afford astute investors a favorable oppor- tunity to accumulate stocks for & mod- erate pull. 3| ne out undue excitement. Redmond & Co.—The market may be in a broad accumula contend, but we neve H‘\.vmbl:wer & Weel sentiment next week can be expected 1o be influenced by the many important dividend meetings which are sched- uled to fake place. In addition, the period 1s drawing near when the sec- srter and semi-annual reports to make their appearance. The above two factors, together with the approach of the season when busi- ness is normally at a low ebb, will un- doubtedly afford a good test of the un- |the derlying market, or weakness of the e attention fo- with » | cused on the June low-resistance levels. Co.—We believe | tries, the; ade s secu are at verv at- ve levels at tb:emn‘ it :nd ol .00 ubarb, T ‘bunches, 3.0084.00. L3 i Vegetables—Potatoes, new. 2.50; old, 100~ NEW YORK, June 20.—~Ootton ad- vanced to new high levels for the month today on bullish in- terpretation of the President's state- ment on the German situation. The close was steady at 18 to 22 points net l'lo’l;lfil; Spots were advanced 20 points BALTIMORE STOCKS Special Dispatch to The Star. $TOCK AND BOND AVERAGES By the Associated Press. HIGH TARIFF WALL IS BLAMED . |TARIFF BODY DEBATES FOR DEPRESSION IN BUSINESS| DISCUSSION ON SUGAR . i i%i ! i 3 Bl i ! | it 2 £ H ¥ i H i g it i g8 il gfz Ee i ! i ¥ H ] i & 65X ;fi? T 7 i 1 i : 5 Efi B g i i ; H i 5 fié 53 L3R if i ek b ; § H i ga‘ 8y B & i | i ! 28 LR ] e 4 i i i i f B | i i ¢ :E} [ » § J 5 i : i i i Ee i L gRagE) i i !%g I i I i | i : i 8 ] i ] ¥ H g€ f ;! % L a];%%' *sa= g i i | E g & % z i : i i i £ i i £ ] E? ot | [ 3 % i H E g 3 s i 3 i g ! 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How she demand him i { £ L7 i H g? g and ond 55, 5 ; . | j i | i 335 i 4 < g 5 ] 5 i sk i, ib g £35E itext] i i ¢ il - 4 i g i i B 1 Eg. by i 8358 E I 5 § i f B by | ; E5 ;E & i ” 1 Ee g i : 2 i : : TFT %%gé‘s i il fak ¥ £ i : 5 § : g ¥ !’5 SATURDAY, JUNE 20. i i TEd §§§: 155 gsis 3] i i : il Fidst g