Evening Star Newspaper, June 24, 1931, Page 15

FINANCIAL, STOCK AND BOND AVERAGES By the Associated Press. WEDNESDAY, JUNE 24, ' STOCKS. WHEAT PRICE GAIN DECLARED LIKELY Grain Trade Hopes Hoover Will- Hold Farm Board Stocks Off Market. - i 3§ 358! FETSNETRR SR FARRRT Note=All are sold in one bundred-share oW ited by the 8 (80e) ( smie Bpacindie g S anal O CURB STOCKS RE . *INHEAVY TRADING s Higher Prices for, Copper and| %, 3;{;:‘%&%&‘,""’ " a Cigarettes Are ‘Factors Air Investors cv pf. in Advance. g & FEFES 333 Sgzas "n:gusa" FESSEIES = FFESSS, IR Aluminum Co of Am 6258 Aluminum Co Ltd, 3 Alum Ltd A war, Aluminum,Ltd Bw, Aluminum,Ltd Cwa: Aluminum,Ltd Dwar. Eoom i1 35 i % s Bottl! . 814 May Rad & Telev(1), 25 Mayflower Asso (2) .. 76 * Mead Johnson(t4%) % Metal & Mining, Inc % Met Chain Store: 2 Mich Gas & Oil Corp. 21 Mid Sts Pet vtc A 22¢ BY OWEN L. SCOTT. !péc&l Dispatch to The Star. (CAGO, June 24—The grain trade is pictured as poised ready for & sprint toward dollar-a-bushel wheat |the momen: definite word .is received BY JOHN A. CRONE. - Special Dispateh to The Star. NEW YORK, June 24.—Stocks soared in active trading on the Curb Exchange T 'y 528222833288228233222823888 - =5, Am Cit PAL Bb10%. Am Com P A (b10%) i eSessasies s ~Z ! 3 i3 today as many world markets gavc further response to the proposed delLt holiday. Electric Bond & Share ran up more than 2 points and Cities Service at times was up a point. International Securties set the mar- ket pace at the opening, with the ~~nufm Jater spreading to the public sulffes, - pecroieums, -metals, tobaccos, ®iscellaneous industrials and invest- ment trusts. Brazillan Traction, Fotd of" Prance, Ford Motor, Ltd.; Hiram Walker, Im- rial Oil of Canada, Imcmau‘nll troleum, Roan Anteiope. Hydro-Elec- tric Securities-and American & Foreig Power warrants held the upswing dur- ing the forenoon. These issues, it ‘was felt, would quickly berefit from any world-wide trade improvemeat. Three domestic irade deveiopments stimulated stocks. They were: Increased prices for copper, lead and zin¢, firmer wholesale cigarette quotations and prospects of further advances in crude ofl prices. Pereign copper shares were first to feel the betterment In the metal. Roan Antelope advanced because of corpo- rate ss_well as trade developments. United Verde Extension bettered and Newmont, Mining hardened. New Jer- sey Zin¢ & Aluminum Co. of America as well as Alumium, Ltd, and its war- rants, and some of the lower priced lead shares, such as Evans-Wallower, also moved ahead, Coal shares eased following news of the spread of strikes. Standard oils made the best show- ln{ in the petroleum division.. Humble Ofl at times moved up 7 points. On some bulges Standard Oil of Ohlo pushed ahead 2 points and Standard of Indiana and Standard of Kentucky rose fractionally. Theé best mover in the miscellaneous classification was Gulf Oil of Pennsylvania with a jump of 7 points. Although tobaccos in London declined, because of a threat of Soviet dumping in world markets, the same stocks here forged ahead as wholesalers increased cigardtte prices. Phillip Morris was the leader in this upsurge. BIG PIGGLY WIGGLY CONTRACT IS SIGNED Special Dispatch to The Star. NEW YORK, June 24—A thousand- store contract was entered into today by the Piggly Wiggly Cerporation of Cincinnat! and the Almar Stores Cor- poration of Philadelphia This is the largest single contract ever issued Ly the Piggly Wiggly Corporation, according to | the announcement of Albert H. Morrill, chairman of the Board of Directors of the Piggly Wiggly Corporation. Under the contract the Almar Stores Corporation was glven ~xclusive right to operate Piggly Wiggly stores in the metropolitan district of Philadzlpbia and elght surrounding counties in Pennsyl- | vania and in 11 counties in Oentral and Southern New Jersey. Th~ first stores are to be opened in Philadelphia and New Jersey in the early part of September. U. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business June 22, was $508,854,870.20. Customs raceipts for the month to date were $20,012,082.11. Total ordinary expendi- tures, $15,909,882.62. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, June 24 —Following is the complete official list of transactions in) stocks on the Chicago Stock Exchangs today: n§muea Mot Ind . Allied Prod Am Pub Ser 9 A dio 2 200 Am 100 Am Yvette 100 Art Metal . 20 Asso¢ T & 30 Assoe T & T T Assoc Tel Utll 30 Assoc Tel ULl 77 Bastian-Blessing . x Fo 215" Frotics ol 3 abd Pb Ser 53.25 board DUl - 1 Am Com Pwr 18t Am Corp (f15¢) 15 Am Laundry Mach 3.125s - Am Lt & Trac (3%). & Am Maracaibo, 35 Am Meter (3) Am Natural Am Phoenix Corp(1). 1 Am Superpow (40c). 557 Am Utll&Gen (B)vte 31 Am Yvette Co (25¢)s 8 4 Anglo Chil Nitrate., 2 8% Appalachian Ga 44 k) Appalachian 1 (3] ' Arkansas Nat Ga! 4 6% 3 Arkans NatGasA.. 34 109% ArkP&Lpfi7)....1408 26'% Armstrong Cork (1), 1 23% Asso G&EL (A) (a1), ‘68 1 Ass0c G & El war... 2 AssocG& R Adbres 2 Ass00G & Epurris, 2 Asso G & Elet (8)... 758 Asso GREIl all ct 1.60 Ass00 G & E pf16)., Assoc Tel Ut (b8%). Atl Fruit & Sugar. Atl Secur Corp. Aviation Securitl Bahia Corp. Bellanea Afre dlue Ridge Corp. Bl idge cv pf as. Bohack (HC) 18t pt 7 808 Bourjois Inc (26¢).. 2 Bras Tr & Lt (b8%). 40 Brill Gorp B. . . 1 Br Celanese rots.... 3 Buft N&EP pf (1.60) % % Bunker Hill & Sulliv.125s % Cable & Wire B rots. 1 Canada Mareon! 100 Carib Syndicate 3 Celanese Cp pf (7). 1008 Cent Hud G&E (80¢) 4 Cent Pow &Lt pf (7) 1 Cent Pub SveA b10% 43 Cent Pub Sve pf (). 2 Cent Stat El (b10%). 63 Chain Store Devel... 21 Chat Ph Aln.v. (1).. 3 % Citles Service (g30c) 478 Clities Serv pf (6)... Cit Sy P&L Pt (1), . City Mach&Tool 80c. Claude Neon Lts, Ine Clev Tractor (30c).. Colombia Syndicate, Colon Ofl. ... Col Ol1 & Gas vte. Co Picture vte (15¢). ~ Cmwith Edison (8). 1258 Cmwith & Sou war.. 23 Com Wat Ber g123%e 43 Comstock Tunn 2 Consol Copper. . 83 Consol Dairy Prod... 1 Contl G&E pr pf (7). 50s Cont Shares conv pf. 1758 Cont Shares pf (B).. 255 Cooper Bess pf A(3). 1 Cord Corp. . . 47 Corp 8ec Ch (b8%) . Cosden Ofl..... Creole Petrcleum, .. Crocker Wheele Crowley Milner (2).. Cumberland P L (2). B0 Curtiss Afrports vtc. 4 Cusl Mex Minin| Dayton Alr & Eng. Deere & Co (1.20)... De Forest Radlo. ... Deisel W Gilb (1%). Detroit Alrcraft Cp.. Dixon (J) Cruc (8).. 4 Douglas Afr (t1%).. Driver Harris new. . Dubilier Cond & Rad Duquesne Gas Corp. . Durant Motors. Fast G & F Assoc. 4 East St Pow B (1) East Utll Assoe (2). East Utll Asroc cv. » Edison Bros St (50c) Eisler Electric Corp. E£lec Bond & Sh (b6) 1360 Elec B & 8h of (8) Elec Pow Assoc (1 Elec Pow A Elec P & Lt op war.. Elec Products of Col, El 8harehold (b6%). 2 Emp G & F cu pf (8) 4508 Emp Corporation.... 1 Empire Pub Sve (A Europ Elec deb rt. Evans Wallow Lea Fairchild Aviation. Falcon Lead Federated Capital 1 Florida P&Lpf (7). 1 Ford MCan A (1.20) 12 Ford Mot Can B 1.20. 76s Ford Mot Fran37%e 1 Ford Mot Litd 36 3-6¢ %-Foremost Fabrics. .. Gen Alloys. «u Qen Aviagion. Gen Cable war. o Gen Empire Cor (1). Gen Leather Co..... Gen Pub Sve pf (6).. Gen Thea Eq cv pf 3. Glen Alden Coal (4).. Golden Center, . 4 Gold Seal Elec new. % Goldman Sach T C... Graymur Corp (1)... Groo Strs Prod vic. . Guif Oll of Pa (1%). Hamilton Gas rets. .. Hammond Clock (2) Happiness Candy . la Mining (40c & Hard (2%).. Horn & Hard pf (7).. Hou-Herevpf A2%. Hudson Bay M &S .. Humble Of1 (13%). Hydro Elec Seo 1.40.. Hygrade Food Prod. Imp Oll of Can (50e) Imp O Can reg (50¢). Indiana Pipe Line(1) Ind Ter Ilu Ol A... Ind Ter Illu O11 B, .. 1) Inv (b6%). .. 0 ofNo Am +2% Insurance Sec (10c). Intercontinent Fot n Int Cigar Mach (2%) Lat Petroleum t1).. - " - Pt o 1o S BN D CTRNO R, Interstate Equities. Irving Air Chute (1) ftalian Sunerpow A, Italian Superp war. . Klelnert(IB)Rubber. Lackawanna Ses (4) Lakey Foundry..... Lefcourt Realty 1.60 Leh Coal & Nav 1.20. | AUTOCAR HEAD LAUDS 8 1t Mach . ot hed"1oany 180,000 shares’ ‘BONDS. o100 B ot e Sa; 1 HS R S s s i s 58 ‘2 €0 %‘lfi i o B 8 R "IA. suies today—361,000. o A A oltka spruce tre¢ in Canada pro- @ted 10,000 feet of timber recently, PRESIDENT’S DEBT PLAN Special Dispateh to The Star. NEW YORK, June 24—Robert P. Page, jr., president of the Autocar Co., today expressed indorsement of the proposal of Presidént Hoover for a 12- month suspension of war debt pay- “President Hoover has administered a tonic in exactly the right spot and the stock market is already. :mnnd the renewed vitality,” Mr. said. “The President’s new pol ale ready wegun to pay pockets of American business. I thlnk that it is clearly to the interests of | (Quol every business man, regardless of his party afliation, to raké approval.” + 17% Midland Unit (b6% 87 ' Mid Unit pf A (a3) 3% ‘Mo-Kan Plpe L (A 11% Nat Transit (1), 8% Neht Corp (60c). 12% NI % Nipissing..... 4% Noma Elec Cp % Nor Am Aviat A war, 4 Reynolds Invest. % St Anthony Geld 1: S0 Am Alr Line: 12% South Penn OMl (1) 28% B0 Cal KA PLA (1%). 25% South C B4 4 Spanish & Gen s L= e e L Bk = - gar NJ (3) R T L TS~ = ud Pow A W.. 9% Niag-Hud Pow (40¢) % N H! mt-FPond 7 N W Engineer (2)... 2 116 Northw Yeast Co 12) 1208 16 ncupf(6).. 7T ohuounmxt M. 10: PaeGa&Bilstpfl Pac Pub Bve A(1.30) Pac Western Otl., Pan Am Alrways Pandem Oll. .. Paramount Cab Mf, Parke Davis (11.55). Parker Rust Pr (3)..400s Patterson Sarg (2).. 50s Pennroad Corp (30e) 67 Penn Pw& Ltpf (7). 1 Peoples Lt&Pwr (A) 3 Perryman Eleotric.. 6 Philip Morris Ine. 252 Philip MorrisA..... 1 Phoenix Seeur Corp.. 6 1. Plerce Governor..... Pllot Rad Tube A... 17 Pittsbgh&L E(110)..150s Plymouth Ofl (1).... 26 Polymet Mfg. . 1 Premier Gold (12¢)., 1 Producers Roy Corp. 3 Prudential Inves: 20 Pub Util Hold war.. 25 Pub Util Hold Cpaw 7 Pure Ol pt ()...... 608 Rwy & Lt Secur (13) 150s Relter-Foster., Reliance Int A Reliance Mana Republic Gas Corp Reybarn Co. -~ Smarn Roan Antelope Min.. Rock Lt & P (80¢). .. Rossia Intl Cp (10¢). LB anann St Regis Paper ( Salt Creek Pro(1. Beaboard Util (5 ShawiniganWaP 2% Shenandoah Corp. Siliea Gel ot Singer Mfg ( PRI | e 8o Am Gold & P! PIB1Y%. Southld Royalty 8 W Gas Utilit] 24 Stand O11, Ohio (23)400s Stand Pub Sve (A).. Starrett Corp pf (3). Strauss (Nathan). Strauss Roth ' Btromberg-Carl(1%) Stutz Motor Car. Sylvanite Gold Minee ‘Technicolor. Ine. - e Noe CRNBANO - WRDN0 S SO N0 - Tri-Utilities ‘Tublise Canti| Ungerletder Fin Cp.. Union Am Invest.... Un Nat Gas Can (1).. Union Oil Assoc (2). Unit Corp war. Unit Dry Doeks .. Unit Elec 8v (p1.41). Founders, P Overseas war. Playing Card 2% olm. . Vie Finan Corpi éve) Waitt & BondtA)(2) Walker (H) (50¢)... Walker Mining. . Watson West . - 108 West Mass Co(2%). 258 Wlworth (FW) Ltd. o ‘Woolworth Litd pf. .. Ygotn B&Tu pr(5%). 308 ] frfi"w‘.-a,-mw FOREIGN EXCHANGE. L ndon, pound. known his | L23008; e, e p—— —— ] TREABURY CERTIFICATES. %m . & W. Bel rail BRI ST et 1 = 11 1&. Dse, e i Americans 1l tside the & Co.) B g 188 34 e, crowi 100 zioty. 00 100 %nuh p{ tockholm, crown... United | Russia imported 1 automoblles o, 14 % 1 » o1 b3 10% 5 &6 m!l At SR n L5 Eg- 215 go s s s 555258 IR 208! 4 555 2228 2 L) ez Bk 528582232838 Sesssd sggsais ggss ) 22828252, 523388325252388332 3232233382 99 Rl 220 3] g!"!n £ 9089 >»>u08% g SEITSTERT L 8.0 3528 &L - - o 5SS FEESEE 2o 19085 rts = Dol s oS o oo B 5 &4 e 2232 ms:::sees;:szesssiz':sz 2338 SER R 5 Y o 485848 a w 55 A elvinator 65 '36 xw. n Ut id W \‘U“; e d Weat U 53 i SovoltSe, B eS B e s nmBtsm s Bes s e v ELECES 5 ooyt Bonenen § Benn WP enn Bopies & & B HEH . e PIIIITTY, Sas i s Bitwotnmntion B pegoen g2 0 L Gas & C n’Ant B hulte RE 65 '35 xw 62 Scrip, 43 87% 105 a5 e o 2! 224 3 South 480 canr 7 Southern a2 FOREIGN BONDS. 10 Aer Mtg Bank 7s 46 1 i a8 ’ Cons 3 . 5 5 & s %% i & ¥ s 'llu Rt ¥ et .. IS ORENISE SRR OB OSSN FET 2SSt PEF SRS X TS IF g .. & 4 F5 FrEE 2283 s5peas sSese s EEE: % 10574 1 1034, 1 1037 103% 57 87 10 H lfi'/: §g==.. 8 9 106% 108 104 13 8% i it 2 lfl.:'& it 28R =3 O 4 e 4 the exce| % | showed & negligible rise. v, s | turn of 55 cents a share. ST 2. 3issEEdsragy 88's 90's 61 " 3 £ 81 » 8 7 R 1033 1041a 103% it 9B 95% 8 9413 1032 1R T4'a T4% 94 i 884 8d%s 107% 1077 10042 100%s 891; B 4" price Camel oigarettes 45 cents per ) k3 ashe 8V 5 s9'a 8t 48" 50 @ 103% 103% . " 4% %% s % A @ i % 8% GLriere Hornblower & Weeks—Because we be- holders cf Kildun lieve the change of séntiment is abso- of record July 1 have hrn offered lute and genuine, we expect that any rights to subscribe to additional stock reaction will encounter substans fluswmummn further tial buying. i net o] | ADlY holds control of Warner-Quinlan " orders 40 per cent above 1930 month. Two years ago. Three years ago. High, 1931 -Low, 1 ll.. . High, Low, 1 CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, June 24.—The follow- ing 15 & summary of important corpo- | ration news prepared by the Standard Statistics Co,, Inc., New York, for the Assoclated Press. News Trend. Although not unexpected, the decline in the steel production was nevertheless disappointing. For the week ended June 22 ingot production dropped to 35 per cent of capacity, against a. fraction below 38 per cent in previous week, 39 per cent two weeks ago and 66 per cent & year ago. Pittsburgh, Cleveland, Youngstown and Chicago followed the trend downward, and only a silght up- turn was registered at Buffalo. Revenue freight car loadings for the week ended June 13 went against the customary gradual upward trend usual at this season and declined rather sl k: - 28 week, 193,61 ?n beelg't:m same week last year an reduction of 337,217 from like 1920 week. commodities declined with ption of live stock, which ‘The American Petroleum Institute puts the rise in daily average crude oil production for the week ended June 20 at 19,250 barrels, which is less unfavor- able than the earlier estimate of 32,668 barrels. Gasoline stocks declined 1.- 428,000 barrels to 41,982,000, which is tha smallest reserve since January and compared with 50,113,000 barrels & ”"l!h:.gr\eem( copper was again ad- vanced 1 cent, domestic baing quoted at B, cents a pound and export at 775 cents. 2 R. J. Reynolds Tobacco Co. and American Tobacco Co. have raised the jobber price of thelr popular brands of clgarettes 45 cents per thousand to .85, The Companies. Anaconda Copper Mining subsidiary, | pe American Brass, advances prices copper products % cent a pound and brass products 1y cent a pound. Canadian Industries Ltd. 50 cents ex- | and 62, cents quarterly common | gl:mx;a: paid 25 cents extra April 30. Caterplilar Tractor June quarter net expected to fall below first quarter re- Commonwealth & Southern Corpora- tion May gross off 9 per cent; net after taxes off 3.4 per cent; 12 months gross | off 7.4 per cent, net off 5.5 per cent. | Consolidated Gas of New York—New electric rates of subsidaries formally ordered into effect. | Elder Manufacturing common-share earnings, year ‘ended April 30, 82 cents, 8! Hall (W. F.) Printing—Receives re- newal wnhettnflr?nmal w.:: for 50 per cent of a3 3 65 per p;flt of its sales books dnd all rotary color printing; runs for 10 years and involves over $20,000,000. Hupp Motor Car June shipments about 1,400 units vs. retail deliveries of 1,700 units. 2 International Business Machine's April and May European sales up 22 per cent; Endicott plant at full time. National Trade Journal's creditors ordsred to file claims by July 30. | New York, Ontario & Western May rating income $177,707 vs. $33, 414; five months $530,568 vs. $21,328. 1 | _Nicholson File declared dividend on capital stock; paid 50 cents April 1. Northern Pacific Railway May net operating income estignated about $40,- l)&?vt $560,180 actual year ago; five | months estimated $456,341 vs. $1,902.- 341. ’ Pittsburgh Terminal Coal Mines re- sume with- union help to work eight hours, $40,000 vs. $560,189 actual year ago; five months estimated 456,341 vs. 902.341. - {_ Pittsburgh Terminal Coal Mines re- sume with union help; to work eight hours a day; wages increased. | "Ruud Manufacturing declared two quarterly common dividends of 50 cents each; previously paid 65 cents quarterly. Staley (A. E.) Manufacturing passed semi-annual dividend of $3.50 and $3, respectively, on January 1. | ! Unlon Pacific R. R. May pet operat-| ing income off 5.5 per cent; five months| off 30 per cent. . { Citles "Bervice Co.—Reported prol | - Interborough Rapid Transit May Qef. ) leit after charges, $207,096, against def icit $144,708; 11 months’ deficit, $3,- | 099,528, against deficit $1,936,350. Mashua Mfg. shipments mnnln&lfl to 15 per cent ahead of year ago; May Naumkeag Steam Cotton—Reported gmflend needs covered in first fiscal Reynolds (R. J.) Tobacco—Advances housand to $6.85. Eostern w‘ passes preferred divi- dend; paid 87l5 cents April 1. Fox Theaters Corp. deficit year end- ed October 26, $2,484,823, against net income $2,660,261, equal to $1.58 com- ‘mon share in 1929. Iuland Steel, operating around 40 per cent of capacity, against 45 per cent in eceding week. ptwom (J) & Co, Ltd, 10d divi- dend on Am;rwln depository reéeipts « for o B Melville. Shoe—Men’s and boys’ shoe sales to June 13 by Thom McAn stores up.9 per cent; other divisions also show increase; plants working overtime. | Minnesota Northern Power 1930 net’ income before: deprechlng and. deple- tion, $1,662,’ against $1,065,747, Néw &m ew_ Haven 1& Hartford Railroad ', half net. estimeted at $2 a common share, actual ea of over $3 in 1 period: Southland ty, 5 cents dividend; 15 cents ly payment made United States Steel operaf e nt of capacity, ‘I:M'!; cel sl Biider 38 per ‘cent last. week: about 40 meenc ‘weeks ago; 7Tl per cent year and 99 per cent two years ago. Stock Rights Offered. - NEW YORK, June 24 (#).—Stock- aarieb Lkt e daiad EH R B d4 34 Wi New York Cotton Special Dispatch to The Star. NEW YORK, June 24.— Though prices on the Cotton Exchange reacted | 15 points or more during early trading | today, the heavy increase in foreign . demand for cotton lifted prices 35 points and established new high levels for the movement. October sold at 10.16 and the list closed 10 to 1% points higher than on ‘Tuesday, with all new crop months above the 10 cent level. The volume of business continued the heaviest of the | year. Spots wére advanced 10 poinf to 9.80. . Cotton range: Open. July . 4 Octobe! Decembe January March May . Grain Market By the Associated Press. CHICAGO, June 24.— Rising buoy- antly with securities, wheat scored late gains of about 2 cents a bushel today. General purchasing of wheat futures was more active than for some time, and speculators who were short made haste to switch their market position, with French modified acceptance of the Hoover war debt holiday plan a factor. Meanwhile, President Milnor of the Grain Stabilization Corporation said neither he nor Chairman Stone of the Federal Fafm Board had any new statement to make about Government- sponsored wheat holdings or planned to have any statement. Wheat closed irregular, 1 cent lower | to 11, gain: corn, Y4155 up; oats, 13-1; advahce, and provisions varying from 10 cents setback to a rise of 7 cents. High. Low Close. | b 8513 885, 59 584 i UL 4 . September . ! s | fuly = September December FOREIGN UNEMPLOYMENT CONDITIONS ARE SERIOUS By the Associated Press. The export trade of Japan has shown scme revival, although business as a whole remains dull and unem- ployment continues serious. Another indication of better conditions is the relaxation of production restricticns in & few industries. . No betterment of conditions can be observed in China. Depressions con- tinue throughout India, accentuated in the Calcutta area by unusually severe heat. A further subsidence has occurred in British Melayan business, owing to still lower values for export products. Siamese foreign trade re- covered somewhat in May, but general business has failed to increase. Trading in the Netherland East Indies was at its lowest ebb during the last month. Prices of copra, coconut oil and to- bacco are at record low level in the Philippines, preventing any improve- | ment in the business. Although busi- ness in Hawall in most lines is mark- ing time, there has been some recent Improvement in retail trade. ports from France are generally unsatisfactory, with foreign trade at the lowest total in several years and the unfavorable balance exceptionally heavy; general unemployment is de- creasing, but the textile strike at Roubaix-Tourcoing remains unsettled. Lithuanian exports in the first quar- ter for this year declined somewhat, with imports showing a similar though smaller reduction. Hungarian foreign trade during the first four months not only revealed a notable decrease, but also showed an unfavorable balance as compared with a slight export surplus in 1930. The unfavorable balance of Greek foreign trade for the first four months has been somewhat less heavy than last year, owing chiefly to de- creased imports. Bulgarian trade dur- ing the first quarter showed reductions in both gquantity and value as com- rnred with the corresponding period of last year. Egyptian foreign trade de- clined further during April. Industries have failed to improve in Canada, with slackening tn certain trades, owing to Summer dullness. R R S i G Cusick, Kent & Co—We do not feel that yesterday's corrective reaction was sufficiently thorough to justify the re- sumption of upswing. While we still feel that traders should operate ex- clusively on the long side the mar- t, we do believe that they should await definitely lower levels before re- purchasing commitments. owne concerning the Government handling its 200,000,000 bushels of ac- cumuhuud grain. persist on the Chicago Board of Trade that President Hoover's next stroke in an effort to break the eco- nomic blockade will concern wheat. The rumor is that he may declare a 's moratorium on the disposal of rm Board holdings, rival his sug- gestion that political war debts be sus- pended for a year. The prospect of fmproved world con- ditions growing from a debt moratorium caused a r‘per increaserof $300,000,000 in the value of American crops in one day's outburst of bullish enthusiasm. But the grain trade agrees that this is a moderate response compared with what would happen on news of a policy to hold Farm Board grain from the | market. Vould Ald Prices. “Traders are aching for an opportu- nity to handle this year's crop unham- pered by unnatural and unnecessary restrictions,” explained R. I. Mansfield, a leading trade authority. “Word that the Federal Government would keep its vast holdings off the market would have an electric effect. “This move would mean that our bumper crop of new wheat, now com= mencing to move in the Southwest, would go to market free of competition with ths huge 1930 surplus. It would mean the removal of the threat that now hangs over the head of any specu- lator who buys, uncertain when he may be wij out by selling of Government- wheat.” Mr. Mansfield pointed out that the | Canadian crop is in a bad way owing to drought; the crop in our own North- west appears none too good; Argentine acreage is being sharply curtailed, cording to private reports, and tralia has cut her planting. “Take a chance under these condi- tions, with the Government surplus out of the way?” he asked. “Traders vould revel in it. But they cannot be ex- pected to become enthusiastic with from 200,000,000 to 225,000,000 bushels of Government held wheat hanging over their heads.” For some time financial interests in the Middle West have been advocating that the Federal Government either agree to hcld its huge grain accumu- lation from the market, or agree to turn it over to private interests for normal disposal. It would ecost ap- proximgtely $36,000,000 to keep this grain in storage for a year. Free Market. “A free market permits a full and free expression of public opihion as to value,” explained Jemes C. Murray, president of the Board of Trade. “And the American public as a rule is op- timistic. “Great value is attached to public investment support and speculative support for jour commodity markets,” he said. “Such support, largely with- drawn in the last vear, would be ex- pected to return to commodities with the judicious handling of the Govern- ment stocks of wheat and cotton.” The trade points out that, while this huge surplus still would exist if held from the market, it probably would permit values to work into a more normal positicn, where later it would be much ezsier to work off the additional holdings. (Copyright, 1091.) —_— NEW YORK BANK STOCKS NEW YORK, June 24 () —Over the counter market: B merica ... hase .. Chat_ Phéhix ommercial N;l rst Natl N atl i ublie . Trust Comvanies. gy hem 8k ‘& Tt nt Bk & T Manufacturers New York. By the Associated Press. NEW YORK, June 24.—Registration of buyers in the New York wholesale merchandise markets during the past week showed a decrease from the pre- vicus week, but was larger than in the corresponding week last r, according to lists published in the New York Times. For the week 688 buyers were reported, compared with 718 the - vious week and 618 in the like week of 1930. Registrations yesterday numbered 317, against 210 the preceding Tuesday. Albert H. Morrill, president of the Kroger Grocery & Baking Co., has been te-elected president of the National Chain Store Association. The entire present slate of officers also has been renamed. A general revival in orders for furni- ture was reported at the New York furniture opening yesterday. With buyers registrations running ahead of the corresponding day last year, manu- facturers said orders were more general than on any day since the market opened last week. Upholstered furni- ture, which had been neglected through the eatly days of the showing, was pur- chased In considerable quantity. Re-orders for promotional items in men’s wear and regular merchandise in Summer clothing were received in large volume by residing buyers in New York for the first two days of this week, al- though the total was somewhat below the corresponding period of last week. Linen suits and flannel trousers con- unue: a feature of the commitments Eq JOHN JOY EDSON, President LOANS s SR Real Estate To Take Up First Mortgages o share, - - ldg. Ass'n 51st YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Subscription for the 101st Issue of Stock Being Received Get in touch with us if you desire to borrow money to purchase a home, refinance pres- ent indebtedness . or improve property. Ap- plications will receive prompt and courteous attention. Loans Repayable Monthly No Brokerage . . . No Commissions 915 F ST. N.W.