Evening Star Newspaper, June 21, 1931, Page 61

THE SUNDAY STAR WASHINGTON, . D. C, JUNE 21, 1931—PART SIX. % D. . BANKERS NAME NEW OFFICER LIST Convention Ends With Annual| Dinner—Speeches and Sports on Program. ___ (Continued From First Page.) the program hud been launched. Wash- ington talent was much in the limie- light. The Melody Four, J. F. M. Barie, L. Bert Nye, Roger J. Whiteford and Fred East, accompanied by George H. ‘Wilson, being heard many times during the evening. Arthur B. Plerce pre- sented an Amos 'n’ Andy sketch, Mrs. Mary Sherier Bowie, Edwin C. Steffe and members of the quartet were heard in solos, while Mr. Brahany recited a “Bit of Blarney.” Comnlunity singing also pepped up the diners, Thomas J. Brahany having written about 25 exceedingly witty verses in honor of the officers of the assocfation, committee chairmen and a few other distinguished personages present. These verses, printed on the program, caused a great deal of mirth among the delegates and guests. A sketch of the Gridiron 'Club order and a “Touch of Old Virginia” by colored talent added to the merriment. At the conclusion of the banquet program, Hilleary G. Hoskinson, chair- man of the Sports Committee, an- nounced the winners in all events and presented the various prizes and trophies. E. J. McQuade, who was installed as resident of the assoclation today, has een connected with the Liberty Bank in’ Washington ever since it was founded. He is a native of the Capital, attended the graded schools and Cen- | tral High School and. after entering the banking field, graduated from Na- tional University Law School. He is a member of the District of Columbia bar and Sigma Nu Phi Legal Frater- nity. Early in his financial career he was one of the organizers, vice president and a director in the old Citizens’ Sav- ings Bank, which was started in 1906 and consolidated with the District Na- tional Bank in 1913. He became asso- ciated with the late George O. Walson in organizing the Liberty Savings Bank, which opened for business in October, 1917, the bank being national- ized in March, 1920. Mr. McQuade was elected president of the bank on April 3 last, shortly after Mr. Walson's death. Interested in A. I. B. Mr. McQuade has been first vice president of the District Bankers’ As- sociation during the past year He was also active in arranging for the East- em States Bank Management Confer- ence, beld in Washington some months 8go. Several years ago he became deeply interested in the American In- stitute of Banking. Graduating with high honors, he became president of Washington Chapter in 1918-19 and was a member of the National Executive Council from 1919 to 1922. He was a member of the institute faculty during the year just closed, conducting the course in credits. ‘The new head of the association be- longs to the University, Racquet and ‘Washington Golf and Country Clubs, Columbia Historical Society and Wash- ington Board of Trade. For many years he has been a director in the Mergen- thaler Linotype Co., representing large Washington holdings in this stock. Mr. Pope and Mr. Vass were moved up the official ladder. Mr. Siddons, who joined the officers as the new secre- tary, is one of tbe city's younger bank- ers, a native of Washington, son of the Jate Justice Siddons, graduate of ‘Western High School and the Univer- sity of Wisconsin and of National Uni- versity Law School. After service in the World Wat he joined the staff of the American Security and Trust Co., and in 1926 was made secretary. He is a member of the faculty of Na- tional University, teaching banking. He has been very active in the a fairs of the bankers’ association, hav- ing been chairman of many standing and special committees. As the first chairman of the fiduciaries section. he did much to establish its permanency. He is a member of the Columbia His- torical Society, University and Chevy Chase Clubs and several other organi- zations. as well as being a trustee of the Better Business Bureau. Council Members Named. CURB SHARES RISE INBRISK TURNOVER Bears Driven to Cover, With Utilities Shares in Ac- tive Demand. BY JOHN L. COOLEY, Assoclated Press Financial Writer. NEW YORK, June 30.—Strenuous covering sent curb prices on a brisk ad- vance today and the. market closed strong, with net gains of 1 to 4 points in active stocks. The slow decline of the current week had apparently built up a fairly !lr¥ short interest which re- treated quickly on the strength of the news from guhlngmn. Electric Bond & Share turned over actively and closed just 4 points higher. There was a sivmilar gain in American Gas & Electric, while United Light “A,” American & Foreign Power warrants, American _Superpower and Niagara Hudson rallied 1 to 2. Specialties were featured by a spec- tacular recovery in Aluminum of Amer- ica, which closed ‘more than 20 points higher. General Theaters Equipment preferred, Ford Limited, Newmont, Ford of Canada “A" and Woolworth Limited firmed. Olls also enjoyed a broad upturn, al- though the gains generally were not as extensive as in some other classifica- . However, Cities Service rose a full point and Vacuum was up 2. Gulf soared above 52 for a large rise. Stand- ard of Indiana and Humble showed fractional improvement. GRAIN VALUES JUMP ON QUICK PURCHASES Sudden Rise’ in Market Accom- panies Improvement in Stocks. Close Buoyant. BY JOHN P. BOUGHAN, Associated Press Market Editor. CHICAGO, June 20.—Buoyancy -de- veloped in the grain markets today simultaneously with a steep advance of securities, Wheat purchasing appeared to come from more substantial sources than”for some time, and belief spread that an organized movement was afoot to enhance commodities and stocks. ! Prospective improvement of Germany's financial position received much notice, and there was talk that Canadian crop damage now amounted to almost calam- ity proportions. Wheat clos>d strong at about the day's top level, 322V, cents higher, corn 1'%.83% up, oats 12a%; advanced, and provisions unchanged to a rise of 15 cents. Active general buying commenced in wheat shortly aftr trade opened and grew steadily broader with but few transient lulls. Renewal of severe crop damage reports from Canada attracted most attention, but soon th> soaring of securities, especially United States Steel, eclipsed at times the Canadian advices. Meanwhile, messages received from Chi- cago crop experts included one filed at Moosejaw, Saskatchewan, saying that between Craven and Moosejaw few patches in even the best fields of wheat could yield five bushe!s an acre. Dis- Tratches by another American observer at Indian Head, Saskatchgwan, reported wheat that two woeks ago showed life was dead now, and that the crop left was so poor and thin it could no longer be much benefitted by rain. There was apparently much less fear than of late regarding bearish effects of the domestic Winter wheat harvest movement. Many traders tock the stand that with Canadian drought news so radical, the influence of huge Wintor wheat receipts would be lares and in particular as a conside of the United States Spring w t crop was also in bad shape. A late report from one of the foremost unofficial American crop authorities now in Cana- da_estimated the 1931 Saskatchewan yield of wheat at 120,000,000 bushels, compared with 196,000,000 in 1930. He added that th> Saskatchewan ecrop wou'd deteriorate still worse if the weather turned hot before it rained. Beptember’ December Four members of the council of ad-|pg, ministration were elected today— OAT! Claude H. Woodward, president Mount |July Vernon Savings Bank; * as M. Groom, vice president-cashier Bank of Commerce & Savings; Edward L. Hill- yer. vice president Union Trust Co., and C. F. Jacobsen, cashier National Metropolitan Bank. At the annual meeting of the mem- bers of the American Bankers' Associa- tion, L P. McLachlen was elected vice president for the District of Columbia, succeeding W. J. Waller, who was made & member of the Nominating Commit- e, with C. H. Pope as alternate.. John B. Cochran, president Franklin National Bank, was elected vice presi- dent of the national bank division for the District; John D. Howard, presi- dent Seventh Street Savings Bank, vice president of the savings bank division; W. W. Spaid of W. B. Hibbs & Co., vice president of the State bank divi- sion, and C. D. Ratcliffe, vice president Mursey Trust Cor, vice president trust company division. In his report as chairman of the Resolutions Committee Robert V. Flem- ing urged a spirit of caution among ‘Washington banks, but at the same time urged encouragement in the. de- velopment of legitimate constructive iness enterprises at this time in HOW IS B July September December order to contribute their full share to| the general recovery in business. At another point the resolutions said: “While the District of Columbia has been affected to some extent by condi- tions which are general throughout the country. nevertheless the large dis- bursements by the Federal Government in this territory and the preserice here of a number of business enterprises that are being administered conserva- tively and constructively, have resulted in more favorable business and bank- ing conditions here than elsewhere. ‘The banking situation in the District of Columbia is strong. Bank deposits are higher than they have been at any previous time and collectively the banks have the largest primary and secondary reserves in their hi for the pay- ment of their debts, which is a guar- antee of their solvency and their ability | to carry on without curtailment the legitimate banking service required by the community.” USINESS? Showing Current Business Activity compared with Same Week Last Year. [ {wur [auvslserr] ocr [ov] oec [ o] rn] wns] wom [rnr]anc) GENERAL BUSINESS ACTIVITY for {he country indicated by Bank Debit: York City. Shaded areas show we of activity above the corresponding weeks previous yesr. Black areas indicate declines from same weeks 12 zonths earlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check Transactions compared with the same week a year “Boston | = | New York | Philagelphia | Cleveland | Richmond | —30.1% —114% ’ ~26.6% |_—132% | Atlanta 1 —12.8% ! 8t. Louls | Minn :‘l—sl;‘lc;;n i —204% | —l:‘;i *polls | Kangas ity | s 1Y S ] |5 Francisco| LEADING BAROMETERS. - SBhewing Trend of impertant factors. Present trend. \ trom Sear hge. 1% 116% 112:1 1 9! 3% hed 5% T 31% b4 97% % 1% 4% 95 17 1% 3% 11 2% 48% 110% 102% 62 35 14% 8% 2% 85 16 16% 10% ,Aviation Securities. 2% 4% % % % 114% 114% 114% 10% 10% Im % Am City P&Lt (A) (a3). Am Cit Po&Lt B(b10%). Am Cmwith P A(b10%). Am Com Pr B (b10%). Am Corporation (f15¢) Am Cyanamid (B) Am Dept Store: Am Equit Am ForPwr Am Founders. Am Gas & Elec (#1) Am Gas & El pf (6) Am Hardware (4). . Am Investment Inc (B). 4 15% 2% 62 56% 61% 108% 108% 108% 36% 36% Am Maracaibo, Am Meter (3) % Am Superpowr Am Superpwr 18t pf( Am Superpo pf (6) Am Thread pf ( Am Transformer Am Util&Gen (B) Am Yvette Co (26c; Anchor Post Fence 4 Anglo-Chilean 4 Asso G & Epf (5).. 4 Asso Laundries vte 1% 2% 8 1% 2% 201y 115 % 2 256% 190%; 2% 1 4 Bigelow-Sanford Carpet. ¢ Blauners (82).,....... Appalachian Ga Appalachian Ga: 08 Art MetayWorks (60¢) .. Asso Elec Ind Ltd (30c) . Asso Gas & Electric. ... Asso Gas & El (A) (al) Assoc G & El war. . AssoGas & Eleoctfs(d). 5% Asso Gas&Elall ct 1.60.. Asso Rayen..... Asso Tel Uti] (b8%), Atlas Utilities(war). Auto Vot Machine. Auto Vot'g Ma ev pr pt. 12% 128 12% 1% 1% 1% 2% 2% 2% 1% 117% 117% 13% 13% 13% 15% 15% 16% 31% -31% 31% 21% 21% 21% Birmingham Elec pf (7). 109 109 109 20% 20% 20% 3h 8% 3% 31% 30% 31% 5% bW b% 4% 4% A% 4% 16% 4% 4% 3ahia Corp.... Bellanca Aircraft . Bell T. of Pa. pf.(6%).. Beneficial IL (1%).. Bickford's, Inc (1.20) Bickford In~ pf (234)... Blue Ridze Corp. . Blue Ridze conv pf (a3). Bourjois Inc (25c) . Bowman-Bilt Hotels. Brazil Trac & Lt (b8%). Brill Corp A (34¢)... Brill Corp B. ... Brit Cel Ltd rets. Bruce (E L) Co Buckeve Pipe Line (4). Ruffalo. N&EP pf(1.60) Rulova W ev nf (24)... Bunker Hill & Sullivan. . Burma Ltd rcts +27 3-5e. Butler Bros. . % 1% 26 45 26% 20 24% % Bwana M Kubw Cep. 4 Cable Radio Tub vt 4 Celanese Corp pf (7). 4 Cent & Swn Ul (b7%). 4 Colombia Syndicate. * 8 b 2% ") 2 3% 105% 105% R 4 144 21% 54% 51 36% 13 15 614 51% 3% 1% 14% 8% % % 1% 215 6 108% 101% 97 89% 22% . Com Wat Ser (g12%¢) Cabl & W Ltd. B rets. Canadian Marconi. Carib Syndicate. Curman & Co A (2 Cent Pub Sve A(10%)... Cent States El (b10%) ... Cent States Elec war). Cent States El pf(6)xw. Chain Stor Development Cities Serv P & Lt pf(6) City Mach & Tool (80c). Claude Neon Lights.Inc. Clev Elee Tllum (1 60).. Colon Ofl. .,... Columhia O1) & e. 3% 2% com'wnn:zglm: 5. wz_6 19'11% Comwlth & Sou (war).. & 9% 10% % S 3% 3% & & sr = T ™™ % 85% 84% 84U 105% 105% 105% 6% 5% 64 88 18% Comstock Tunnel. . Consolidated Afrcraf Consol Auto Mer ctfs. ConsoliAated Copper. Congol Dairy Products. Consol Gas Balto(3.60).. Con Gas, Balto pf A (5). Consol Gas Uti1 B v.te. Cons M &S (+12%). ... Cont Roll & Steell Fy Cont Shares conv pf. Cont Shares pf (B) Cooper Bess nf A(3). Copeland Pr Inc (n). Cord Coro ..... Corroon & Revnol Crn & Rnlds nfA(6). Creole Petrolenm. . Cresson Consol (4¢). Crocker Wheeler. . Crown Cork Intl (A).... 4 Cnhan Cane pr opt war.. 1% 8% 29% 5 2 18% 3 3114 11 9% 14 9 20 K Curtiss Wrizht war. Cus! Mex Mininz Darby Petroleum Davenport Hos (2)..... Davton Afrnlane & Eng. Deere & Co (1.20) De Forest Radin. Derbv Ofl & Refin Detroit Afrcraft Corp Dinkler Hotels (2)..... Douglas Afreraft (t1%). Dow Chemical (2). Draper Corp (4)... Dres (8 R) Mfe.A (33%). Dresser Mfe (B) (2) Driver Harris (new). Dubflfer C & Radio. Duke Pow (5)... Duquesne Gas Corp. Durant Motors. ... East Sts Pow B (1) Eastern Utf] Asso (. Rastern Utl) Inv (A) Educational Pictures pf Eisler Electrio Corp. Flec/Bond & Share (b8). 1 Bon & Sh of (6). ... Elec Bond&Sh cu of (5) Blec Pow Asso (1), lec Pow Anso A (1 @ P& L ont wa El Sharehold (b§% Emerson B S Tnc(B) (3. Empire Corporation, Ve % 384 104% 104% 104% 9% 91% 9% 13 13 12% % Empire Corp (war) 50% 66% 22 24 1% % % 1% Empire Gas&F cm Empire Gas&F em nf(8) ‘Empire Power pt (224) Empire Pub Sve (A).... ‘Employ Reinsur (11.80). Engineers Gold . . . Eureka PipeLine(4).... Euro Elec Ltd deb rt: Evans Wall Lead. Fageol Motor. Florida P & L pf(T). ... Foltis-Fischer Corp. Ford M Can A (1.20) Ford Mot, Can B (1,20) Ford Mot France 31 3%¢. . Ford Mot Ltd (36 3-5¢) .. Foremost DairyProd Foundation For Shs. LH1+ +++ 1 4+4++4+4+4+ + 141 1% + P+ l+ i+ ++ - I++1010010 44 & 114444+ +V 14+ 22 2 werssr 22 wees —1981.— High, Low. . Stock and dividend. High. 18% Gen Elec Ger rts (1.49).. 18% 8% Gen Elec Ltd rcts(p70e). Glltn Alden Coal (4). Globe Underwr (16c) Gold Seal Golden Center. . Goldman Sachs T C. Gorham, Inc pf (3). Gorham Mfg v.t.c. (£2).. Gotham KnitbacMeh . ... Gram'phone Ltd ofs 56c. Gray Tel Pay Sta (1312). Great At&Pac Tea nv(6) Grt AEP Tea of (7)..... Great Lake DD (11%).. Groc Strs Prod v.te..... Gulf Ofl of Pa (1%). Hamllton Gas rcts Happiness Candy. .. Hecla Mining (40c). Hires (CE) Co A(2) Hollinger Gold (85c) P41 ++ #4044 ++ 4+ Humble Oil (123%) Hydro Elec Secur g Hygrade Food Prod. ... 11l Pwr & Lt pf (6) T PL 6% cm pf(6) Imp Oil of Can (50c). ... Imp Ofl of Can reg (50c) Indiana Pipe Ifne (1)..1 Ind Terr Illu A1 (A).... Ind Terr Illu Ol (B) Industrial Finance ctf: Insull Inv (b6%). .. Ins Co of No Am (12%). Insurance Sec (70c) Intercont Pete n, Int Cigar Mach (2%).... Intl Hydro cv pf (3%).. fntl Petroleum (1)...... Int Safety Raz B (1214). Int Superp (11.10).. Int Utilities A (3% ) Internatl Utilities (B) . Int Util pt pf (7) ++ o+ L © 128 #BF #F Peers¥e rp Fooes”"" B x ¥4 L1444+ +41 ~ £ ELT+% 1 Italian Superpowr A. Ital Superpower war,... Kolster-Br(Am shs) .s.. Lackawanna Sec (4) Lake S Mines (11.50). Lakey Fdry & Macny . Lefcourt Realty 1.60 LefcourtRIty of Lehigh Coal&! 4 Leonard O11. Lily Tulip Cup 1% Lone Star Gas n (8 Long Island Lt (60c) Long Isl Lt pf (7). Long Isl cu pf B (6 Louisiana Lan & Ex Ludlow Mfg Asso (10) MacMarr Stores (1) ::INOHISYBGIM(O - EREEPFIS RIS =5 McCord Radiator B. Mead Johnson (143 ). Memph N G Co (60c). Mercantlle Stores(1). Merritt Chap & Scott. Mesabi Iron . . Mesta Machine (2) . Metal & Minin, Met Chain Store: Met 6c to 50c S (B). Mexico-Ohio Ofl Mich Gas & Of1 Corp Middle Sts Pet vic A Mid Sts Pet v.tc.B.... Mid West Sts Uull (1%). L Utll (b8% ). 73 Mining Corp s Minne-Honey pf (6) Rewsr gess Moss Gold Mines. Motor Fin Corp (1). Mountain&Gulf (4c) Mountain Products (1). Mountain St Tel&Tel(8) = (NE 3 BEFS Nat Bancservice. . Nat Bd & S Corp (1) 5 Nat Container pf (2). Nat Family Stores. » Nat Fuel Gas (1). Nat Investors Nat Leather Natl Pwr & Lt pt Nat Pub Serv (A) ¢+ Nat Pub 8ve pf (7). Nat Screen Service (2). Nat Service Co | "~ RESs F5 I+ i FR Nelson(Herman) (1).... New Bradford Oil (28c). New Eng Pow pf (6). New Eng P 8 prIn(6 New England T& T « New Jersey Zinc(13). New Mex & Ariz Land Newmont Mining. N ¥ Auction N ¥ Tel pf 16%) N Y Transit (170¢). Niag.-H. Power (40c) PUE v +4+41 Niles-Bement- Nipissing..... Nordon Corp Ltd. Nor Am Aviation A w: Nor AmL & P pf (6).... North & Sou AmCor p A. %.Nor European Oil Corp. Nor Ind Pub Svc pf(6).. Nor Pipe Line (14) . North Stat Pwr A« Nor States Pwr pf (6) Northw Yeast Co 12). Novadel Agene (4). Ohio Brass (B) (2). Ohio Copper.... . Ohio Ofl n (cu)pf (6).. Ohio Pub Serv pf A (7) Outboard Mot (A). . PacG & E 1st pf (1%4) Pac Pub Sve A(1.30) Pac Western Oil.. Pan Am Airways. Pandem Ofl. Pantepec Oil Paramount Cab Parke Davis (1.55) Parker Rust Pr (3). Patterson Sargent (2) Peninsular Tel(1.40). Pennroad Corp (20c) . Penn Mexico Fuel...... Penna Water & Pwr ¢3). Peoples Lt & Pwr (A)... Perryman Electric. . Phila Elec pf (5) Philip Morris Inc. Phillp Morris (A).. 1 L L FEREEL L Lt 2hE 21 5CE LR U Prex 2@ Fx #x V2" - 2 srese Plymouth Ofl (1). Polymet Mfg.... Powdrell & Alex (313) Producers Roy Corp. P4+d+t 0+ 4 2 27 Pub Ut Hold cu pf(3)... 59% Pure Oll pf (6). 115% Quaker Oats pf 6. 1 Radio Products. 1 Rainl Republic Gas Corp. 1% Reybarn Co, 26 Rhode Isl Roch Gas&ELpf D (6)... 14 R'klandLt& P (900) vt 8% 16% 188 119% 19 4 43% 30 109% 105 % e 102% 7 F 5% 1063, % 12% % 3% 144 188 ° 119% 19 4 52% an 109% 105, kel 102% 7 i £ 54 106 A 3 144 2% VELLEL A+ #4004+ + HrFlE AELI+] 382 S LS EET (B LS 5 o= & +10+1 AN e INE: 4 Lt 4 LE+HI+I+1+ +. © Be = FESE X FFS EF ¥ General Petroleum, %13 cents a .| Louisville & Nashville ©Ohio 131, 1932, Al 1| Jersey .properties with ing EFEFEEER | 4 | according to the American Gas Asso- . d Rogers M Corp A (1.20). Rossia Int Corp (10¢) Ryan Consolidated . St Regis Paper (60c) Selby Shoe (1. Selected Industrie; Sle Ind full pd (5% ) Sle Ind prior (5%). Selfridge P Strs(pzic).. Sentry Saftey Control. .. Shatfuck Den Min...... Sheaffer Pen (W A) (3) 4 Shenandoah Corp. Shen Corp pf (a3) Sherwin Williams pf (6 Slerra Pac Elee (2)..... Signature Hosiery Co. . Silica Gelet.....v.uu0s Singer Mfg (15) Sisto Fin Corp. Smith (A O) (2 South Penn Oil (1). So Cal Ed pf A (1 ) Sou Calif Ed pf(C) (1 Southern Corp. .. SouthernNat Gas. . Southland Royalty (60c) Sou West Dalry prd pf... So West Gas Util. Springfield Gas L Co. Stand Motors. ..... Stand Oil of Ind (2) Stand Oil of Ky (1.6 Stand Oil Ohlo(2%). StandPwr & Lt (2). Stan Pow & Lt pf(7 Starrett Corp pf (3) Stein Cosmebics Inc Strauss (Nathan) Strauss Roth. .. Stromberg-Carl(1%) Stutz Motor Car. . Sunray Oil (b5%) Swift & Co new (2 % Swift Internat (3) Swiss Amer El pf(6). Syracuse Wash Mch(B). Taggart Corporation 4 Tampa Electric (32). Technicolor Inc. . Tech Hughes (60c). Texon Oll & Land (1 Thatcher Sec Corp. Tobaceo Prod Exp ( 28 %) 264 . 2% 5% 4% Sou West Bell Tel pf(7). 122% £z Stock iz and dividend. Todd Shipyard (4) FEIEFEF ¥F ¥ Tung-Si Un Nat > UnionT Unit Ch cEag Utd Ret Unit Ve T+ ++ #1441+ #1010 Ut P&L Trans Alr Trans. Tri-contin’l Corp Tri Utilities (b20% ‘Tung Sol Lamp (1). Ungerleider Fin Corp. Union Am Invest. .... Utd Carr Fas Utd Light & Pwr pt (6 Unit Milk Prod. . United Profit Sharin; Unit Shoe Mach (2% United Sta Stores 4 Unit Stores. . Utah Apex. Util Pwr&Lf 4 Utllity Pow & Lt pf ( Utility & Ind Util & Ind pf Otility Equit Utility Equity p Vacuum Ol (2). Van Camp Pack. Venezuela Petroleum. ol Lamp pf (3) FOF SRR Gas of Can (1) Union Oil Assoc (2) 'obace em pt pf (3 “2¥ests & Chem pf 3% 144+ #iess waf +ilL1+ » +11 rde E: B(at1.02%). Fuse® g ws5s L1+ +101+1 Vie Finan Corp(40c) Voght Mfg Co (1) Walgreen Co.. 1green Co war, Walker valker West Mass Co (2% Winter Woolworth (FW) Ltd. . Woolwo “Y" oll 5 8% in 2% in stock. k. in stock. D Paid last year—no regular rate. tock. n Plus 8% i (H) (50¢). Mining Lil+i+ ] (Ben).. 5 .10 rth (FW)Ltd pf. 5% & Gas. b stock. in stock. m Plus 3% CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, June 20.—The following is today’s summary of important cor- poration news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. e Reports to the mercantile agencies from the leading centers of the country | indicate that seasonal slackness has de- | veloped in trade after a temporary halt | in downward trend. Demand for sea- sonal goods continues active, but in| rany cases is below expected levels. Sentiment in wholesale lines has be- come brighter because of moderate com- mittments by retailers who are replen- ishing low stocks. The week's record of commercial fallures showed improve- ment, total being 467, against 474, in previous, and 487 in same 1930 week. The Bureau of Labor index of whole- sale cormodity prices registered a de- crease of 23; per cent last month. Farm products Tecorded a loss of 414 per cent last month, and items in the food group 3': per cent. Retail prices for May also continued their down- trend, decreasing about 2!, per cent, according to the bureau. Compared with a year ago, retail prices have fallen 19!, per cent, and wholesale prices exactly 20 per cent. | The Illinois Senate has killed the chain store tax bill by postponement to the next session. Measurz proposed a | license tax of $25 a year for the first| three units of a chain system and $1,000 | annually for each additional store. The Industries. Building—Bureau of Labor statistics reported the May estimated cost of | buildings declined 19.5 per cent below April, residential being off 18 per cent and non-residential Bff 20.9 per cent. Utilities—Manufactured and natural gas companies April revenues were 3| per cent below the same 1930 month, ciation, manufactured gas revenues de- clining 2 per cent and natural gas 4.4 per cent. The Companies. Alpha Portland Cement, 25 cents common dividend; similar payment made April 25. Mexican Light & Power 1930 net income, $1,165,612, against $1,177,859 in 1920. Shubert Theater Corporation deficit, 11 months to May 31, $1,665.110. Abitibi Power & - Paper—Reported Provincial Paper, subsidiary, covering operating costs with margin. Canada cement sales, fiscal year ended June 12, reported below Jike period ycar ago; operations reported about 65 per cent of capacity, but all outnut not sold. Kansas City Southern Railway (in- cluding Texarkana & Fort Smith Rail- way) May net operating revenue off 3.’4.3t per cent; five months off 18.5 per cent. Middle West Utilities common stock offered in exchange for first and second oreferred shares of Suburban Light & Power, Pittsburgh Terminal Coal—Union rejects wage offer of about $4.20 a day for steadv work: to resume operations on oven shoo basis. Public Utility Holding Corporation of America proposed reducing stated value of class A and corimon stock to $5 a share transferrine difference to surplus. St. Louis-San Francisco Railway May Wl‘“ after charges estimated at $10,- Sears, Roebuck & Co. sales, four weeks to June 18, off 5.3 per cent; 24 ‘weeks off 7.7 per cent. Scuthern Railway shopmen accept five-day working week. Standard Oil of New York subsidiary, raises gasoline prices to dealers on, Pacific Coast to gallon. United States Steel subsidiary, Ameri- can Bridge, to build 670-foot bridge for Railroad over River. Southern Natural Gas $1.75 quarter- ly dividend on preferred stock, payable in dividend certificates maturing May bitibi - Power & Paper currently operating two of eight mills. Northwest States Utilities 1930 net income before depreciation, $299,812. vania Railroad—New Jersey Utllity Commission invites officials to discuss consolidation of Southern New those of Read- Co. Chesapeske & Ohio Railway May surplus after charges off 21.8 per cent; five months off 25. SILVER STABILIZATION PLANS ARE URGED IN MANY QUARTERS Business and Political Leaders Join in Movement to Arrest Decline in White Metal—Confer BY ALEXANDER R. GEORGE. (Copsright. 1931, the Associated Press.) Not since the lat> Willlam Jennings | Bryan made his famous “cross of gold” | speech and campaigned for the presi-| dency on the ®16-to-1” issue has the | silver question been so much in the limelight. In Bryan's heyday it was largely a domestic question. Today it is an inter- national problem tied closely to world business depression. Leaders of the movement in this country for a conference of govern- ments, sceking stabilization of the value | of silver, inciude Senators Pittman of Nevada and King of Utah. Deeply interested also in finding & way to increase the price of the white metal are other political leaders and business men of the silver-producing States and of the Pacific Coast, where trade with the silver-minded Orient has been hard hit. Conference Urged. Senator Smoot of Utah advocates a conference of delegates of the Inter- national Chamber of Commerce, or of other experts, instead of official dele- gates from the interested nations. Ad-| vices here are that the Executive Com- | mittez of the International Chamber ! may call a conference #t its meeting | in Paris early in July. For centuries silver and gold co-| functioned as monetary standards. They circulated in the ratio of their production, approximately 14 ounces of silver being equivalent to 1 ounce of gold. Debasement of the white metal | may be said to have begun in 1816 when Great Britain adopted the m‘d! standard. The United States and Germany went to the gold standard in 1873, other countries following suit. Most countries continued to use silver coinage, but in the last 10 years various governments reduced the silver content of their coin- age or replaced it entirely with other metals. Silver from this source greatly enlarged the world supply and was a ence Suggested. reserve. Disposal of this huge store of | silver surplus is held partly responsible for “wrecking” the world market. Contending it was a calamity to de- monetize silver, bimetallists now advo- cate a return to the co-partnership of silver and gold at a given ratio. The dumping,of an oversupply on the mar- ket with the resultant fall in price as a commodity -has paralized. they say, the buying power of China, where American investments probably total more than $200,000.000. This, they claim, has had a disastrous effec t on Occidental trade with the Orient. Gold standard proponents and cur- rency experts of Wall Street say the decliniing price of silver is more an ac- companiment of world depression than a cause and that the best chance of stabilizing silver lies in a revival of world trade and purchasing power. Political disturbance in China and India is rated by them as a greater deterrent of trade than the deprecia- tion of silver. John Hays Hammond, widely known mining engineer, has suggested that the re-establishment of silver as a sec- ondary monetary metal might do much to revive trade. “Suppose the naticns by agreement should set a price of 60 cents an ounce on silver,” he said. “Instead of the old 16-to-1 ratio, this would be about 34 to 1. Silver would flow into the treasuries of the naticns. “They would issue paper money for purchase just a: g{acy accumulate gold at no cost at all. Average Price. “Putting a price of 60 cents an ounce on silver would not unduly increase its output. The average price of silver | through the ages has been more than 60 cents and did not call forth large production. “The metal which accumulated in the nations’ vaults would have an in- trinsic world value and would there- fore lend stability to the currency factor in making the metal a “drug on | guara the market.” In 1926 the Indian government, com- mitted to the gold standard, launched a 10-year program of reducing its silver ntees of nations. The hoards of | the East would come into the market | place with old-time strength and a miming industry in the West would be | rejuvenated.” bOWON PRICES GAIN ON ACTIVE BUYING October Reaches 9.34—Urgent De- mand Comes From Shorts as Offerings Decline. By the Associated Press. NEW YORK, June 20.—Cotton was active today, with prices making new high ground for the mévement on trade buying end covering. October. advanced to 9.34, or 23 points net higher and 81 points above the low record established earlier in the month, with the general market closing steady at net gains of 18 to 22 ints. r’O'I’l"le opening was steady., 6 to 10 points higher. Traders paid very little attention to rather lower Liverpool cables than due on the New York close of yesterday, seeming to be more im- pressed by the reports from Washington steadily higher, with the advance be- coming more rapid in the late trading. The failure of the market to meet in- creased offerings as prices sold above the previous best levels of the week, seemed to impart additional urgency to the demand from shorts, while the trade buying continued, with the selling relatively light. July sold up to 8.93 and December to 9.58 in the late trad- 1 cables said that tai and Bombay buying in mrm pplied by local [LUMBER PRODUCTION | EXCEEDING ORDERS Spread of Seven Per Cent Between Output and Purchases Reported by Association. Lumber orders received at the mills during the week ended June 13 were approximately 7 per cent under produc- tion, it is indicated in telegraphic re- ports from 756 leading hardwood and softwood mills to the Natipnal Lumber Manufacturers Association. Shipments from these mills were given as 3 per cent under the cut, which amounted to 227,727,000 feet. A week earlier 777 mills reported orders 6 per cent below and shipments 10 per cent above a total production of 237,028.000 feet. Com- parison by identical mill figures for the latest week with the equivalent period a year ago shows—for softwoods, 449 miils, production 28 per cent less, ship- ments 26 per cent less and orders 23 per cent less than for the week in 1930: for hardwoods, 206 mills, production 38 per cent less, shipments 20 per cent less and orders 16 per cent below the volume for the week a year ago. Lumber orders reported for the week encded June 13, 1931, by 560 softwood mills totaled 194,034,000 feet, or 7 per cent below the production of the same mills. Shipments as reported for the same week were 201,089,000 fcet, or 4 per cent below production. Production ‘was 208,974,000 feet. Reports from 214 hardwood mills give new business as 16,887,000 feet, or 10 per cent below production. Shipmen as reported for the sm=m= wzek wers 18,871,000 feet, or 1 per cent above pro- guc'llml. Production was 18,753,000 eet. Reports from 470 softwood mills give unfilled orders of 649,960,000 feet, June 14, 1930, of A 3,679, equivalent of 17 days' production. cunnu:’-t the end of the week was inst 70,276 had been su and that business in was_restricted. Col at United States ™ cloths and Bectmber