Evening Star Newspaper, June 24, 1931, Page 14

FEDERAL RESERVE GIVES CREDIT AIDS Low Interest Rates and Open Market Purchases Make Money Cheap. BY C. B. UPHAM. A new York Representative has made the serious charge against the Ameri- can banking system that it is “stifiing industry” to the extent of falling to provide credit for thousands of manu- facturers and business men throughout the country. In a letter to the gov- ernor of the Federal Reserve Board he cites the case of a “reputable” and “conservative” manufacturer who has orders on hand and is ready to employl & number of men, but who is unable to secure the necessary financing at his bank. “A more encouraging attitude on the part of the Federal Reserve System” is urged upon Gov. Eugene Meyer so that its assistance may be extended to the small manufacturers through their local banks. The case cited by the Representative is declared to be “a typi- cal situation of manufacturers having orders able to go ahead and unable to obtain proper seasonal financing.” Discount Rates Low. It is difficult to see what the Federal Reserve System could do more than it has done to encourage a resumption of active business and industry. It is pur- suing an openly announced policy di- rected to that very end. The rates for reserve bank accommodations are at un- precedentedly low levels. Cheap crecit end an abundance of it are being made available by its low rates to bank bor- rowers, and by its operations in the open market. ‘There would surely be no serious pro- posal that the Pederal Reserve Board or banks interfere in the loan policies of the member banks to specify which loans should be made and which refused. Indeed, any blanket statement to the member banks that they pursue a policy of leniency in the extension of credit in their communitics, or, as Cal- vin Coolidge put it, “show faith and courage” in business by making capital available for profitable use, would be probably both unwise and futile. It is felt by many that the reserve system should interfere with the credit policies of member banks to the extent necessary to protect Federal Reserve credit from diversion into speculative channels, but certainly it cannot be ex- pected to examine the unsuccessful loan applications of member banks and re- verse the credit decisions of their offi- cers. As a matter of fact, business con- cerns and manufacturers which are good credit risks and have maintained their credit rating with sound banking in- stitutions can get bank credit at_the pres:nt time on favorable terms. It is not sufficient, of course, for an appli- cant for bank credit to be “reputable” and “conservative.” Neither is it suffi- cient that he have orders on hand Those are elements that enter into credit decisions by lending banks, but they are not the whole story. Credit Needs. Some banks are not in position now to make substantial loans to even sound credit risks among their customers. It is perfectly true that some small man- ufacturers, perhaps by no fault of their own, have deall with local banking houses that have either failed or are in difficulties and operating on a nec- essarily excessive basis of credit cau- tion. If such business firms have not been of sufficient size to maintain out- side banking connections in larger cities, they may now find themselves in circumstances of credit need. But if they are good ciedit risks, nearby banks will be glad to receive them as cus- tomers. Bank representatives are look- ing for just such customers every day in all parts of the country. (Copyright, 1931.) Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., June 24—Pota- toes, white, 100 pounds, 1.00a1.90; new potatoes, barrel, 1.25a2.25; beans, bushel, 1.00a1.35; asparagus, per doz:n, 50a2.25; beets, per 100, 1.00a2.00; cab- bage, bushel, 7021.00; carrots, per 100, 3.0024.00; eggplants, crate, 1.50a3.00; lettuce, bushel, 25a65; lima beans, bushel, 1.50a2.50; peppers, crate, 1.50a 2.50; onions, per 100, 75a1.00; peas, per crate, 75a1.75; spinach, bushel, 30a50; rhubarb, per 100, 2.00a4.00; squash, per bushel, 80a1.00; tomatoes, crate, 70a2.00; apples, bushel, 75a2.50; per box, 2.00a 2.50; cantaloupes, per crate, 1.00a3.50; cherries, per pound, 3a10; grapefruit, box, 1.50a3.00; oranges, box, 2.50a4.75. Dairy Market. Poultry, alive—Chickens, young, lfla‘ 34; old hens, 17a21; Leghorns, 12a16; roosters, 12al4; ducks, 15a22; pigeons, pair, 20a25. Eggs—R>ceipts, 2,304 cases; current| receipts, 16 cents dozen. Butter—Good and fancy, creamery, 22a251:; ladles, 17a18; rolls, 16a17; pro- cess, 19a20; store packed, 14al5. Hay and Grain Prices ‘Wheat—No. 2 red Winter, export, no quotation; No. 2 red Winter, garlicky, spot, no_quotation; June, nominal. Corn—No. 2 domestic, yellow, 72a73; cob, old, 3.25a3.50. Oats—White, No. 2, 37; No. 3, 36. Rye—Nearby, 50a55. Hay—Receipts, 13 tons. While re- ceipts of hay are ample for all re- quirements, there is no surplus of heavy NEW YORK STOCK EXCHANGE (Continued From Page 13.) Stock and Dividend ‘Rate. Mathieson Alkali (2) May Dept Strs (2%). Melville Shoe (2) Mengel Co. -Prev. 1931. High. Low. 33 70 1 Miami Copper., . Mid Continent Petm., Midland Steel (3).... Minn Moline Pow.... Mo Kan & Texas..... Mo Kan & Tex pt (1) Missour! Pacific. ... Missour! Pac pf (5). Mohawk Carpet..... Monsanto Ch W(1%) Montgomery Ward. . Morrell (J) & Co (3) Mother Lode........ Motor Products (2).. Motor Wheel (1).... Mullins Mfg. ....... Mullins Mfg pf (7)..1 3 Munsing, Inc (2) Murray Corp........ Myver (F E) & Br (2) Nash Mot 4) Ni t L ( ) 107 26% 20% 58 % AT 19% 367 72% 31% 18% 45% 40% 20 4 Nat Pow & L Radiator Nat Ry Mex 2 Nat Sieel (2) Nat Supply (. Nat Surety (2) Nat Tea (1). Neisner Brot Nevada Copper ( Newport Co (1). Newton Steel 182% 88 94 227 12% 947 119% 11% 107% 291 8% 217 1 90% 57 60% Norfolk & Southern. Norf & West (112)... North Am Aviation,. 173 North Amerpf (3).. 1 Northern Pacifie (5) 62 Ohio Ofl..... 112 Oliver Farm Equip.. 1 Oliv Farm Eq pr pf. 1 Omnibus Corp. ....e: Otis Elevator (23%).. Otis Steel. . . Otis Steel pr pf () Owens 111 G| (2 Pacific Coa S Pacific Coast 1st pf.. 90s Pacific Gas & El «2). 18 Pacific Lighting (3). 27 Pacific Tel & Tel (7) 420s Packard Motor (40c) 182 Panhandle P& R.... Paramount-Pub 2%. Park Utah......o0. Parmelee Transport. Pathe Excharg Pathe Exchange A... Patino Mines. ... Penick & Ford (1)... Penney (J C) (2.40).. Penn Dixie Cement. 5 18 9 30s L Pere Marq pr pf (5). 1008 Fetrolm Cp of Am(1) 24 Phelps Dodge (1).... Philip Mor & Co (1). Phillips Petroleum. Pierce Oll. A Plerce Oll pf...... Plerce Petroleum. Pillsbury Flour (2).. Pitts Screw&B(70¢) . Pitts Terminal Coal.. Pitts Term C pf. Pitts & W Va (6) Poor & Co (B). 3 Porto Ric-Am To(2). 21 PR Am Tob B...... Postal Tel&Cable pf. 1 Prairie Oil & Gas 0 Prairie Plpe L (3). Pressed Steel Car.... Proct & Gamb (2.40) Prod & Refine: Pub Sv N J (3.40)... 121 PubSv N Jpt(5).... 15 Pub Sve G&E pf(5).. 2 Pullman Corp (4)... 45 Punta Alegre Sugar. Pure Oil. Pure O1l pf (8) Purity Baki Kadio Corp. Radlo Corp pf A(3%, Radlo Corp B (5).0.. 20 Radio-Keith-Orph A, 937 Raybestos Man 2.60.. Remington-Rand Rem-Rand 1st pf Reo Motor Car 140¢). 4 Reo Motor ctfs (40¢c) Republic Ste Republic St Reynolds Metals Reynolds Tob B (3). Richfield O11. Rio Grande Ritter Dent Mfy 30 16 19 1 257 3 24% Roy Dtch(m1.3404 38% Safeway Stores (5).. 36 14% St Joseph Lead (1).. 123 9 StLouis& SanFran. 16 16% St L-San Franpf (8) 3 7 BtLSouthwestern..;, 8 St L Southwest pf... 1 Savage Arms (2).... 6 Schulte Retail Strs. . Schulte Retail pf (8) 73s Seaboard Air Lin 21 Seagrave (60c). PR Sales— Add 00, High. 3% Skelly ON. 10 Skelly Of1 20 Sloss Shi 80 Solvay Am pf ww k% South Port Rico Sug. s 53 Southern Rwy pf (5) 54 South Ry M&O ct (4) 21 | Received by Private Wire Direct to The Star Office. ‘ 18 17% 6% 9% 6% 40 8% qaaadqecaqa wuBEnnnnn 22 S Gypsum (1.60).. B g g B Indus Alcohol(2. i 11 b Pipe & F (2).... Realty & Imp(2) Rubber. . Rubber 1st pf... Smelt & Ref (1). SSm& Refpf3%. Unit Stores pf (4)... Univ Leaf Tob (3)... Univ Ple 1st pf (8).. 20s 1% Univ Pipe & Rad. 8 9% Univ Pipe & Rad pf.. 30s 19% Utl] PAL A (e12.15). 144 % Vadasco Sales Corp.. 7 23% Vanadium Corp's 59% Va Car Chem pf 1 Va Iron Coal & Coke. 10s 38% Vulean Det (4).... Wabash RR. . Wabash RR (A Waldorf Sys (13%). Walworth Co. Spalding (A G) (2).. 6 Sparks Withing ¢ 10 Spencer Krllog 8% Spicer Mfg. .. 5% Eplegel-] % | shoulders, 8% Stand Oll of Kansas. 30% Stand O N J (12) 13% Stand OI N ¥ (1 47 16% Starrett (LS) (12%) 2% Sterling Sec A. 5 Sterl Sec pf (1. 2 _Svmington A. 5% Tennessee Corp(50c) 8 Texas Corp (2)...... 178 ‘Texas G Sulphur (3) 111 TexasPC&OMl..... 7 Texas Pac Land Tr. Thatcher pf (3.60).. 1 The Fair of (7)..... 308 1 2 Timken- Detroit Axle Timken Roller (3) Tobacca Products. Tobacco Prod A #95c. Tob Prod div ctfs C.. Transamerica (40c). 321 Transue & W (1). ‘Tri-Cont Corp. . Trico Products(2%). Truax Traer Coal Co. Truscon Steel (60c) Twin City Rap T Ulen & Co (1.60) ‘Und-El-Fisher (5, Union Bag & Paper.. Union Carb & C 2.60. Un Oll of Cal (2).... Un Pacific (10)...... Un Pacific pf (4).... Un TankCar (1.60).. Unit Alreraft....... Unit Afrcraft pf (3).. Utd Am Bosch. Unit Carbon. . Unit Cigar Stores. .. Unit Cig Strs pf (6). Unit Corp (75¢).....1663 % Unit Corppf (3).... 8 Unit Dyewood pf (7) 100s Unit Electric Coal... 4 Unit Fruit (4)...... 13 UnitG & Im (1.20).. 174 UnitG&Impf (5)... 2 Unit Plece D W (2).. 2 10% o 11 % Warner Quinlan... Warren Bros (2). War Bros cv pf (3). Warren Fdy & P (2) s Westing E&M pf (4).1708 Weston El Instr (1). Wrigley (Wm) (4). & Towne (2) low Truck, . Butter—One-pound prints, 28%; tub, | 27%. Eggs—Hennery, 18a20; current res ceipts, 16%:a17. Poultry, alive—Spring broilers, 3 pounds and over, 33a34; 2 to 2% pounds, 32a33; smaller, 28a30; 15a16; Long Island ducks, 22a23. Meats—Beef, 12%a14; veal, ll‘ei'l lamb, 18a20; 'k loins, E , 23: frozen, :Ip'l(fu; fresh hams, iT%; fresh 13; smol hams, 18%; smoked shotlders, 12; strip bacon, 21; lard, in bulk, 10; in packages, 11. Live stock—Hogs, heavy, 6.50a7.25; light and medium, 7.50a7.80; pigs, 7.00a 780; .roughs, 3.50a5.25; calves, 4.00a 00; Spr lam! Frujts— g}uflu, 1.5082.25; &) e crapes. Dhompaon sesdles 2 i \pes, pineapples, 2.50; grapefruit, 2.50a3.00; pineapples, 2.50; limes, per 100, 1.75a 2,00; bananas, 1.00a3.00; peaches, 2- peck baskets, 1.50a2.00; cherries, home-~ , 3.0003.50; rhubarb, per 100 bunches, 4.00. Vegetables—Potatoes, new, per barrel, 2.25a2.50; old, 120-pound sacks, 2.50; sweets, 2.00a2.25 1.75a2.00; string beans, r 2.00a2.75; mn-m, 6Ml.umlpm,w“ rida, 6-pan _earriers, squash, .M?‘ufl’ou, bushel baskets, 1.00; crates, 2.50° kale, 40; spinach, 60; squash, 60; cucumbers, 50a1.50; lettuce, Iceberg, 3.50a4.50; Pennsylvania, 1.00; peppers, 3.00a3.50; celery, 3.5024.00: cabbage, 35a50; onions, Bermudas, 50 pounds, 1.75; Spring, per 100 bunches, 2.50; radishes, per 100 bunches, 2.50; peppers, 3.00a3.50. Washington Sfock Exchange SALES. Cap. Traction 55—$500 at 83. Wlplh Gas 6s A—$300 at 101%, $200 t 101%. W:ah R.%& E. 45—$1,000 at 90%, $1,000 at 901, $5,000 at 90%,, $6,000 at 90%. Wash. R. & E. pfd—5 at 99%, 5 at 99Y,, 10 at 9912, 5 at 995, Amer. Sec. & Tr. Co.—5 at 300. Lanston Monot: 5 at 88%, 5 at 8815, 10 at 88Y,, 10 at 88, 10 at 87%. Real Est. Mtge. & Guar. pfd.—100 at 6%%, 100 at 6. AFTER CALL. Lanston Monotype—10 at 87%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. C. &. P. Tel Capital ' Traction Gty & Suburban b n MISCELLANEOUS. Dol\l!:bll Country Club 5%zs Mifg, 6s....... Rashi. 300 cold Storase 3¢ STOCKS. PUBLIC UTILITY. Amer. Tel. & Tel. (9) Capital Trae Wash. Gas ot. Elec, Power 6% pld ash. Rwy. e Wash. Rwy. & El pfd. (5). NATIONAL BANK. Capital (14). > 1 Sofumbla (133 mmercial (st istrict (8) P er, Natl. BK. & Tr. (). ). 1 Washington TRUST COMPANY. Amer. Sec. & Tr. Co. (15) Continental Trust (6).......... Natl. Sav. & Trust (121).... Prince Georges Bk & Tr. Union Trust (8s).. ...... ‘Wash. Loan & Trust (14) SAVINGS BANK. thesda (64) Bank 2 davinen 10 East Washington (12) Potomac (10}, venth Street (12) United States (30). Wash. Mechanics (30) FIRE INSURANCE. American (13). i 28 Ctlinredl’l a0 . Piremer 8 . National Union (15) TITLE INSURANCE. MISCELLANEOUS. Barber & Ross. Inc.. com Col. Medical Bids. Corp. (6 Col. Sand & Gravel pfd. (1) Dist. Naul. Sec. ptd. (7). Emer. Bromo-Selz. i Federal Storage pid dividend, qgacaagren [on v vorx BONDS srocx sxcaan Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are in $1.000.) High Low. Olose. 8 10217 10216 10217 6 103 11 103 10 103 11 106 104 27 104 26 104 26 9... 7110111101 2101 9 0-43, 217 14 1 10226 10226 61 102 26 102 20 102 26 56. 260 106 16 106 15 106 15 + 201 108 24 108 156 108 15 % 47-52. 102 11820 11314 11314 P gag ADItibI P& P 68 Ab& Bt 53843 Allegheny b Allegheny 5: Alleg Corp bs '50. 37 Am1G Ch6%sn'4), Am IntCp 63549, Am Metal 6348 ‘34 Am N Gas 6% 42, Am B&R 1at 6847, Am Sug Ref 6 Argentine 6s Ju 59, Argentine 65 Oc '69. Argentine 6s Argentine 6s LIt :n g: El 6s'55. n CYEL 6%s'51 Beth Sieel pm*i 36 Bolivia 7s Bollvia 7s Bk Ed gn A 6549, , Bkiyn Elev 6348, Bklyn Man Buenos A 65 '61 Pv. Budapest 65°62. . Buff Gen El 43581 1 100 1 30 66 42 10 29 106 C B&Q 11l dv 454! Chi & Eas 11l 68 Chi Grt West 4s ‘59 ChiM&StP4s's Chi M SW&P bs 76 155 Chi M & St P adj 58 289 Chi&Nwn 4%4s 2037 iz C&Nwn 4345 ¢ 2037, Chi & NW con 4%s. 30 Chi&NW rf 58 2037, 2 34 Chi R1cv 4%s'60. Chi RI&Pac 4%5'52 C TH&SE 1n §s '60. ., 75 CCCa&St L¢%SE.. CCC&StL5sD'63 Clev Term 43%s 77, Clev Term 53%s 72, Cologne 6%s ‘5 Colomb 6s J; 1.. 6 65% Colombia 68’61 Oct 25 €63 62 18 97% Com Inves534s'49. 7 99% CGasNY 414 s'95wil10 101% ConGNY6%s°45.. 3 106% 4 96% 884 15 981 3 1043 22 104 2 110% 5 6% 1 Sales. Inland St1 4%s A'78 11 95 Inland Stl 4s% B'S1 Int Rap Tr 58 '66. .. Int Rap Tr Int Rap T Inrt Bap Tr Int Maich 68°47... Int MM col tr 6s 41 Italy 7 '6). . Italy Cr't PU ltaly Pub Sv 78 °52. Japanese 5%s 65 Japanese 6% ‘54 Jugos] Bank 78 ‘57, RCP&L 4867, Kan City Sou 68 ‘50 Kan City Ter 45 60. 2. KanG & E 4% '80. Karstadt 6s 43 e Found 6. Kreug & Toll b8 2003.. LehV cv 4%s 2003.. Long Isl rf Long Isl db Loriilard 6s Lorillard 53s '37 Lou G & EI 5s '62.. L&Nuni4s’40 .. L& N 4145 2003 Lyons 68 '34. Man S 1st 7% Manh Ry 1st 4 MK&Tal)6s67.. 16 MEK&TprinbsA. Mo Pac gen Mo Pac 53%s cv 49, Mont P db s A " ] L 10 Mor &Co 1st 434s.. 16 Nassau Elec McKes& R 6385 Nat Dairy 5% s “4l N Eng T 1st 68 '5: NOT&MbYs New S Walew New S Walex NYCent4%s2013. 5 NY Cen rf 4352013103 NYCreim 652013, 46 NYCLScl3%8'93. 9 NYC&StL4s'37. 8 NY C&StL 4%s N Y Ed 15t 634841, NY ELH&P 45'49.. NY NH&H 3%s 54 ¥ 67 P eaSiBanm olann N A Ed'son bs C 63 Nor Am Ed 5%s ‘63 Nor Pac 38 2047 597 Nor St Pw 58 A *41.. Nor St Pw 65 B 41. 3 5%s 58, Orient dev 65 53... PacG & K158 '42..., Pac T&T ref 65 '52. Pan-Am Pet 65 '34., Pan Am Pet Paramount 6s"47). Paris-Ly M 6s'58.. Paris-Ly M 7s°58.. Pathe Exch 75 37.. Penna ¢%s D's1 o wBerale o2 an ~ 3 Penn gen 43 Penn 414870 Penna gen 55 '68 Penn 6345 '36 Penn O&D 4%s'77. Pere Mar 4%s '50.. Pere M 1st 55 '56... Peru 63 60 ‘ Peru 5 Peru 7s'59.. . Phila Co 6867, ... Pnila & Read 6 0 Por RTam 65 "43.. Pos Tel & C 53 '53.. Prussia 6s '52. =] 1BONDS ARE HIGHER | INACTIVE MARKET 4% 61 9 85% Low. French Reply to Hoover Debt Plan Is Favorably Received. BY F. H. RICHARDSON. 87% | Special Dispatch to The Star. 0% | NEW YORX, June 24—NBonds ad- vanced in an active market touar. 91% ‘The investment market was favora- bly im) France'’s reply to 97% | President Hoover's nsion 107 |plan. While it was expected that 79% | France would seek some reservations, 105 fact that the only important res- 94 |c€rvation is that the unconditional an- 97% 971% 58% was regarded as a good sign. 102% o And, though fears were expressed e n over what the French Parlia- y. . ‘The news gave a fillip to all foreign markets, especially London and Berlin, 97% | and this was immediately reflected on 95% | the opening in New York on all se- 102% | curity markets and to some extent on 93% | commodity exchanges. 98% | Accompanying & booming stock mar- 107 | ket, not only foreign dollar bonds, but 99% | the entire domesf list cf secondary 98 |issues, was ‘pushed higher. Tuesdays 105% | declines in United States Govern- 221; | ments, municipals and low-yield cor- 601 | porate issues were continued as better 102% | yields were sought in the junior groups. 8 This evidence of switching is of more 103% | important dimensions in the current 98y, | recovery than in any other rising bond 83 | market since October, 1929. Atchison 79 |general 4s, American Telephone 5s, 95% | Duquesne Light 415s, Great Northern 62% | 7s and many similar issues that show 88 |a yield only 4 to 450 per cent moved 86y | fractionally lower. 85 ‘The funds thus obtained were turned 86y | into junior bonds such as Baltimore & 741, | Ohlo 413s, St. Paul Adjustments, St. 10215 | Paul 5s, Erle 5s, International Hydro- 6074 | Electric 6s, International Telephone 74 |4%s, Missouri-Pacific 55 and General 69% | 45, Nickel Plate 51gs, Shell Union Oil 52 5s and Vanadium 5s, all of which were T4y | B¢ thelr best prices for the current 1ot | movement. Many junior bonds have 1 % | now regained = major part of their % losses from ghe peak prices of the yesr. New York, Ontario & Western Refund- ing 4s, reflecting the road’s increased earnings in May, jumped 4 points to a o | DEV high. Buying for Profit Unearned dividends may be paid out of surplus only when there is sufficient surplus in available form, that is to say in cash or in items that may be quickly turned into cash. Dividends 9% | may never be legally paid when the payment would impair capital. Corpo- rations with large liquid resources have been known to revamp their capital structure in order that they might be able to disburse a part of their cash to their stockholders. Even if there is enough cash to pay dividends, a con- servative board of directors will not allow declarations to be made if they ‘:auld impair the working capital po- sition. 2 Companies vary in their need of & large working capital. When the busl- ness allows of a lil;:fk turnover, with no large amount tled up in inventory and with a moderate amount of bills receivable, it is unnecessary to maintain so large a cash balance. A public utility companies and" railroads can operate with a moderate amount of cash, but, on the other hand, an automobile manufacturer must have large liquid resources. Sugar producers doing a seasonal business and having to advance moneys to planfers must have an abundant supply of cash. All of these factors are to be taken into account when the investor is estimating the probabilities of a corporation con- 100% | tinuing a dividend rate in times of 105 | depression. « 103 | The rule nowadays is to look with 101% | Suspicion on_an increase in the inven- 97| tory item. That is because commodity 9134 | Prices have been declining so persistent- 1045 |1y, If the company has bought in ad- 101 [ vance the materials it uses, it may find 91 |ftself with a large inventory loss to be written off. That has happened in the ofl trade many times of late. But if commodity advance, there is an advantage a large inventory, pro- vided it was accumulated before the ad- 103% | vance began. ~For example, a baking ny thal Jought its flour six months ago fines itself now with raw materials on hand at a price above the market. That situation would be re- versed if thers should be an advance in_wheat and In_ flour. ‘The managisg heads of certain corpo- rations have a reputation among the followers of commodity markets for picking the right time to buy their sup- plies, and when these buyers enter the market, it is taken as a favorable sign for that commodity. So, when analyz- 00% ing a balance sheet with a view to determining the probability of continu- ance of dividends, it is vital to gather all the available information about the relation of the cost of the items that make up the inventory to the current 1931) 108 109%, 100 88% 97 334 3% (Copyright, — 63 T4% Mrs. Christina Ferguson, aged 101, 5% *Ex 42 Yellow Truck pf. I 14% Youngs Spring (3). . Second Nat Inv pf... b% 2% Zenith Radio. 5 130c extra. Seneca Cooper % 1 13% 11 Zonite Prod C ) §1% extra. 5% Servel Inc. . % - e R R A NEW SECURITIES 10:30 A.M. ++ _500.000 /12:00 Noon. +» 4,100,000 NEW YORK, June 24 () —New se- Books closed. c50c extra. p3sc extra. clover mixed being ordered. Such grades will bring a premium of $1 to $3 a ton, depending on the amount of clover. Fair to good timothy ranges from $24 to $26 per ton. Live Stock Market. Cattle—Receipts, 100 head; light sup- ply; market steady. Steers—Choice to prime, none; good 97% | has died at Tain, Scotland, in the house # 104% 104% | in which she had lived for 60 years. 104% 105 9% = A% Sates. High. Low. Close 81 103% 103% 103% 100% 9% 9% o 1.8 9 e 105% 105% Sears Roebuck (2%) 258 1 Second Nat Inv..... Public Serv 4s '71.. Pub SvG 4%s'67 Pub Sv G 4%s'70.. Pure Oll 5%8°37... Queenland 47,0 Queenland 7s "¢1 Read gr4%8 A 97 Reading 4%sB.... Rem Arms 29 Del & Hud rf 48’43 s Del & Hud 6%s Shattuck F G (11%) Shell Union OAl..... Shell Un Oil pf (5%) 1:30 P.M. -+ 8700000 210 P.M... Dividend rates as given in the sbove table are the annual cash 7] to choice, 7.25 to 8.00; medium to good, 650 to 7.25; fair to medium, 5.75 to 6.50; plain to fair, 5.25 to 5.75; common to plain, 4.50 to 5.25. Bulls—Choice to prime, none; good to choice, none; medium to good, 450 to 5.00; fair to medium, 4.00 to 4.50;" plain to fair, 3.50 to 4.00; common to plain, 3.00 to 3.50. Cows—Choice to prime, none; good to choice, 4.50 to 5.00; medium to good, 400 to 4.50; fair to medium, 3.50 to 4.00; plain to fair, 2.50 to 3.50; common to_plain, 2.00 to 2.50. Heifers—Choic to prime, none; good to choice, none; medium to good, 6.00 to 6,50; fair to medium, 550 to 6.00; plain to fair, 5.00 to 5.50; common to plain, 450 to 5.00. Fresh cows and Springers, $30 to $60. Sheep and lambs—Recelpts, 500 head; light supply; market steady; she=p, 1.00 to 2.50; Spring lambs, 5.00 to 8.00. Hogs—Receipts, 300 head; light sup- ply; market steady; lights, 8.00 to 8.30; heavies, .00 to 8.00; medium, 8.00 to| 8.30; roughs, 5.00 to 6.25; light pigs, 7.75 to 8.15; pigs, 8.00 to 8.30. Calves—Receipts, 75 he light sup- ply; market lower; calves, 4.00 to 8.50. Silk Industry. NEW YORK, June 24 (#).—Employ- ment in the silk industry for the first five months of 1931 was 12 per cent under the correspondihg riod of 1930, the Silk Association of America reports. May employment declined 57 per cent, as compared with April, and 11.1 per cent, as compared with May, 1930. Steel Scrap Prices Decline. NEW YORK, June 24 (#)—The Iron Age composite price for heavy steel scrap has declined from $9.50 to $9.08 a ton, which is only 8 cents a higher than the 30-year low reached on November 18, 1914. The composite prices for pig iron and finished steel are unchanged at $15.63 a ton . and 8.102 cents & paund, Tespectively Iy U 174 Shubert Theaters. Simmons Co. . 5 Simms Petroleum... 6% Sinclair Consol Oil.. 400 WHOLESALE PRICES OFF SLIGHTLY DURING WEEK During the week ended June 20 wholesale prices as measured by the in- dex of the National Fertilizer Associa- | B8 tion, based on 476 quotations, declined three fractional points. This slight de- | C: cline follows an advance of two frac- tional points during the preceding week. Three weeks ago the index de- clined nine fractional points. The in- dex today stands at 68.5. A month ago the index number was 70.7 and a year 8go it stood at 87.8. Among the individual commodities, 15 advanced and 40 declined during he latest week. Some of the com- modities that advanced were wool, eggs, raw and nnfim-u:m-w.du:mfwu;;; corn, silver, and rubber. s f ities that showed lard, cot eal, ?E fartilizer, woolen yarns, cotton,’ cotton- seed oll, apples, feedstuffs and window glass. ‘WESTINGHQUSE DIVIDEND. NEW YORK, June 24 (#).—Dircctors of Westinghouse Electric & Manufac- turing Co. today declared the regular quarterly dividend of $1 a share on tbe common and the ipa ferred stocks. Shields & Co—A further consolida- tan | tion of recent gains appears probable, with hour-to-hour fluctuation m‘w- erned by news developments g to light during the day. l:xfect stocks to-meet good support on a further set- nit of % | 1n stock: CSPAYabIS in SHORT-TERM SECURITIES.. (Reported by J. & W. Seligman & Co Allis-Chalmers Co. bs 193" % 01 American Metal 5% FEPECTER G Chi. Northwestern R. R. 58 Chicago Rock Island 4s 1934 Chile Copper Co. 58 1947.. Denver & Rio Grande 4%:s Gen. Mot, . Corp. 6s 1937 103% General Petroleum Corp. 55 1940 10214 Gen, Public Service 5%s 1939.. 92 r T. & R. 65 1957 3882s EFE 25FSe8esEas FESES ' LEAD PRICE ADVANCED. NEW YORK, June 24 ().—The price of lead was advanced a tenth of a cent erican Smelting & SILVER QUOTATIONS. NEW YORK, June 25 (#).—Bar silver- and % highen at 28%. g v payments based on the Ia - nents b the latest quarteriy or hailyea no regular rate. --b Pal b i L o Iiia"Sear—no Feuias Tote: 4*5. |tst year, larations. shares. 1P 4 oiEus 85" in stock. ’-;r'u'h-in""' tid e e D lus §% in T POTATO MARKET. CHICAGO, June 24 (#).—(United States Department of Agriculture).—Po- tatoes, receipts, 77 cars; on track, 237 cars; total United States shipments, 987 cars; trading fair; sacked per hundred- weight, Bliss Triumphs, Louisiana, Mis- sissippi, Oklahoma, Arkarsas and Texas, 1.5021.60; few fine quality Louisiana higher; poor, 1.25 up; Alabama, 1.45a 1.55; poor, 1.25 up. CHICAGO DAIRY MARKET. CHICAGO, Ji 4 .—] - , 381 m;;m;en’m‘;m pendig ] 23; ‘extra firs [ firsts, 90-9: cent. cial paper, 2a2%; unchanged. RAILROAD EARNINGS. NEW YORK, June 24 (#)—Railroads reporting today their net operating in- come for . with comparisons with 1931, 1930. $544,106 $992,198 Norfem Fapige oo 404 de: Jersey Central Power & Light Co. $32,000,000 first mortgage 30-year per cent bonds, series C, priced at 101 and accrued interest to yield about 4.45 aer cent, by a syndicate headed by E. . Rollins & Sons. State of Minnesota, $8,600,000 3% per cent highway bonds, maturing July 15, 1941 to 1947, priced to yield 3.60 per cent, by a syndicate headed by the First National Bank, New York. Sun Oil Co., $4,000,000 5 per cent three-year notes priced at 99% and interest _to yield over 5 per cent, by Brown Brothers, Harriman & Co. and Edward B. Smith & Co. Los Angeles City School and man!: cel PARIS BOURSE PRICES. PARIS, June 24 (#)—Despite more conservative attitude q{h:he New York and London markets,’ Bourse strength than yesterday. ‘Three per cent rentes, 88 centimes. Five per cent loan, 103 Exchange on Tondon, 124 francs 29 on 3 centimé. The dollar was quoted at 4% | Erle Gen Finland 5%s "58. Finland 7s °60. Fla E Coast 55 ‘%4.., Fond J&G 4%s '52. 42 14 103% 46 41 the tGreek 68 '63. Flock Val's % . Hud & M ad) 68°67. 19 T78% Hud&Mrfbs'57.. 6 99 Hurble Ofl 58 °37. . 1 Hum O&R 638 '62. 10 102% Hungary 7%s'44. 1 9% .13 8T% 87 87 20 108% 108 _ 108 Rem R 6% StL IM R&G 4833, StL&SFindsA.. StL&SF ¢%s'78. St L&SF prin 68 B, StLS Wev4s'3z, St LS W 6s'52 StP&KCSL St P Un Dep 68°72.. Sao Pau 78 *40 rcts.. Sao Paulo 8s°36... Sao Paulo 8s 5t Saxon Pu W 6%s'61 Saxon 78’45, . Seab A Lrf 4s’49.. - Sinclair Ofl 6%#°38 Sinc O 7Tscv A’37. Sou P 4%s 69 ww.. 8o Pacific 4%s'81.. Sou P&Or ¢%8'77.. Sou Ry gen 43 '56.. Sou Ry 55’94 Sou - BOURY.638 56 105% 106 106 106% 95 Third Av ref 2 Third Avadj §5°60.114 Toho El Pow 68 '32. g %! Tokio EI' Lt 6s° 53 87% | gn Pac 1st 4847, 90% | Un Pac 43 ‘68, Unit Drug cv 68 '63 Utd King 6%s°'37.. 80% | U S Rub 1st 58747 Un St1 W 6%s A 47 UdStI W 6%4sA '51 W C 53 | Urugu: 15% | Utah P& L 7914 | Util Pow 68 15 | Util Pow b%s = Vanadium St 5s '41 215% | vienna 6s ‘63. 1 104 103% 63% 62 101% 1014 99% 99% Ber = Fm SRS naneCRuanani West Union 65 "60 West Un T 6%s WEOG6%8'3l ww. 4 100 8% B5% 100 8%