Evening Star Newspaper, June 27, 1931, Page 15

F CURB ISSUES GAIN INACTIVE TRADING Market Becomes Firm After Irreguiar Opening—Util ties Featured. BY JOHN A. CRONE. Bpecia! Dispatch to The Star. NEW YORK, June 27.—The curb; exchange opened irregularly today but prices later firmed and trading in- creased steadily until the finish in one of the most active short sessions in months | Electric Bond & Share opened on & block of 4,200 shares at 443, off 7, but later crossed 4b. Cities Service hovered around its preceding close and Vacuum Oil eased slightly, as a result of the revision of the merger terms with Standard Oil of New York. The tenth anniversary of the curb exchange’s removal indoors found brokers sweltering from the heat, but without very much to do. Trading 1 years ago today totalled only 200,000 shares—a mark reached several times this month—and consisted largely of penny shares, of which only five re- main today. Seats then sold for $6,500 against $82.500 today. By the revision of the Standard Oil of New York—Vacuum merger terms the latter will get 21y shares of stock in the new company, instead of 3': shares as originally proposed. The name of the new company will be Socomy-Vacuum _Corporation. whose when-issued stock was admitted to New York produce exchange dealings today, instead of General Petroleum Corporation. Pending receipt of the change in! name of the new company, trading in | General Petroleum Corporation when- | issued stock on the Curb was unofficial- 1y suspended. ~Socony-Vacuum stock will be admitted when formalities are ccmplied with. Where merely a change in name is involved, dealings in & when-issued security, mer name, retain their status. Standard Oil of Indiana moved up fractionally immediately after tha com- pany announced & cent reduction in third-grade gasoline to meet competi- tion within its territory. Gulf Oil of Pennsylvania pointed the way upward in the miscellaneous petroleums. BONDS ON THE CURB MARKET. DOMESTIC BONDS. High. Low. Close. 98Y, 98¢ 04 Bales in ds. 2 Duguesne §Edis I Boston 55 91 103 BElec P& L b5 A 2030 88 Empire ‘O&R 5izs, 42 61 2! 4, mr5 o a sml Co{rn 85 s« 3n:. 2222222212 33 = 67 Niag Falls Pow 65 '50 iNor Ind B 855 C ‘66, 103 N P&L 81s5 12 Nor Stat Pow 5125 ‘40 1 941y | 00 5s '40 R I 2¢ ;:;:! (l;lec %I 'GHD wi lflfl s Gas Ut Y lTl' UH] fll o Kl b 637 St A DS, ll]l’u Va Pub Ser 5iis A 46 5 56 100 20 Tex 57 84% fcon’ P&L 35 E '36 10374 FOREIGN BONDS. 2 Agr Mtg Bank 7s '46 4 Agr Mtg Bank 7s 47 1Buen Air Prov 7s '52 13 Buen Air Pr T'as 47 3 Cavica Valley 75 8 1 Cent Bk Co 65 B 1 Ghile Mt m Pr under the for-| 1 INANCIAL. Note—All stocks are sold in one hundred exee ting those designated by the utm- s (lfll) (2508), shows those stocks were sol —le. T Stock ana High. Low. Dividend Rate. 5% 4% Acetol Prod A.... 2215 11% AMilated Prod 1 60.. 224 90 #5 AluCopof Am pf (6). 40% Aluminum Co Ltd. 13 Alum Ltd A war. 12 Aluminum,Ltd B 14 AluminumLtd Cwar. 14 Aluminum,Ltd Dwar. 5% Am Cit P&L B b10%. 10% Am Com P A (b10%) 2 48in Am Gas & Biee (£1) 4% Am Invest Ine (B).. 34'% Am Lt & Trac (2%). 26 AmLt&Trpf (1%). % Am Maracalbo. 1 Am Natural Ga: 3 Am St Pu Sve(al.80) 8% Am Suverpcw (40c). 1% Am Util&Gen (B)vto 3 Anchor Post Fence 5% Anglo Chil Nitrat 4 Appalachian G . % Appalachian Gas wr. 3 Arkans NatGasA... 5% Ark N G cu pf (60¢c). 4 Art Metal Wks (60c), 4% Assoe El In Ltd 30c. 15 Asso Gas & Electric. 154 Asso G&EL (A) (al), 64a Assoc G.& E pf (5).. 674 Asso G & El ct (8) 2% Atlas Util Corp. 4 AviatSecof N Eng.. 1% 12 COrp.saueeee 13% Beneficial 1L (1%4).. 2014 Bigelow-Sanford. .. 2508 80 Bigelow-Sanfpf (6). 1 3 Slue Ridge Corp. 4 12% BrazTr & Lt (b8%). % Bridgep Mach (25¢).. 26% Buff N&EP of (1.60). 18% Bulovacvpf (3%).. 84% Burco Incevpt (3 1% Burma rets 127 3-5 1% Canada Marcon! 6815 Celanese Cp pf (1) 114 Cent Pub SvcA b10% 614 Cent Stat El (b10%). 1 Chain Store Devel 101 Chesbrough Mfg t 9% Citles Service (g30c) 614 Citl 314 Clau 34 Clev Tractor (80¢c) 1% Colombia Syndicate.. % Colon Ofl....... 10 Coulm Plctures(75c) 1% Cmwlth & Sou war. . 8 Com Wat Ser g12%4¢ % Comstock Tunnel 2 Consol Copper. . 3% Consol Dairy Prod 3 Consol Retail Stores. 13 Cont Roll & Steell Fy 21 Cont Shares pf (B).. 5% Cord Corp. 14% Ccrp Sec Cl 1 Cosden Ofl. 2 Creole Petr 7% Crocker Wheeler. % Curtiss Wright wi % Cus! Mex Mining. % Dayton Alr & En, Deere & Co (1.20, 1% De Forest Radio. 14 Detroit Afreraft 34 Dow Chemical (2)... 27 DressSRA (3%) 18 Dresser Mfg B (2) 9814 Duke Pow (5)... 1% Dugquesne Gas Corp. 1% Durant Motors. . 8% East St Pow B (1) 5 East Ut Assoccv.. 2 EastUtilInvA..... 3 Eisler Electric Corp. 31% Elec Bond & Sh (b§) 101% Elec B & Sh pf (6) 11 Elec Pow Assoc (1) . 9% Elec Pow Asso A (1) 9 ElSharehold (b6%). % Emp Corp war. 1% Empire Pub 8ve (A). 1% Europ Elec deb rts. .. 1 Evans Wallow Lead. 174 Fairchild Aviation. . 1% Koltis Fischer Corp.. 141 Ford M Can A (1.20) 9% Ford Mot Ltd 36 3-60 1, Foremost Fabric! 2ix Fox Theater ClA. 13% Garlock Pkg (1.20).. 4 Gen Alioys..... 4 Gen Aviation 3% Gen Leather Co. 5% Gen Thea Eq cv pf 3. 1 Gleaner Comb Harv.. % Gold Seal Elec new.. 4% Goldman Sach TC... 1, Goth Knitback Mch.. 7% Gram Ltd c.0.d.(56¢) 19 Graymur Corp (1) 117 GrtA&PTpf (1) 38 Guif Oflof Pa (1%). 8% Hamilton Gas rets % Happiness Candy... 4 Hecla Mining (40c). 3% Hudson Bay M&S .. 15% Hydro Elec Sec 1.40. 2% Hygrade Food Prod. 9% Lmp Oil of Can (50¢c) 22 Insull Inv (b6%). 45 InsCoofNo Am t2 51 Insurance Sec (40c).. 4 Intercontinent Fetn. 35 IntCigar Mach (2%) 8% Int Petroleum (1) 72 4 M »® | SOTOPTIS | OIS PP T [T oo - > EIOTS PO =R T T e e L B TS @ SuranAnan T4 Irving Air Chute (1) 2% Italian Superpow A. Salea— Add 00. Open. High. Low. Close. iR 5 5 5 20 Aluminum Co'of Am 2768 140 THE EVENING STAR, WASHINGTON, -snare 10w Stock and Bales— Dividend Rate. Add 00. ovn. High. Low. mm 1 % Itallan Superp war.. 1 1% 90 Kolster-Br (Am 8h), 1 t-aluvumu Sec (4). efcourt Realty 1.60 1 Leonard Ofi..., Lily Tulip Cup (1%) Lone Star Gas n 83 Long Isld Lt pf (7).. MacMarr Stor it HlmDh N G Co (80c) Mid West Ut (b3%). Mid WStUt (1%)... Mo-Kan Pipe L (A). Mo-Kan Pipe L (B).. Nat American Co.... Nat Aviation. . Newmont Mining NY&Hond Ros(11%) NY Steam n (2.60).. N Y Tel pf (6%).... Niag-Hud Pow (40¢c) Niag-Hud Pow A w.. Niag Sh Md (40¢)... Niles-Bemt-Fond (1) Nipissing..... Nordon Corp Ltd, % Nor Am Aviat A NoAmL&P (bl%). 19 % Nor Europ Oil Corp.. 38 Northw Yeast Co 12) 10s Ohto Copper. Oilstocks Ltd (A Pac Tin Cop spec (2) Pan Am Alrways Pandem Otl Paramount Parker Rust Pr (3). Pennroad Corp (40¢). Peoples LI&Pwr (A) Perryman Electric. . Philip Morris Inc. ... Phoenix § C ptf (3)... Pllot Kad Tubs A. .. Pitney Bowes (b4 %) Plymouth Oil (1).. Premier Gold (12¢).. Producers Roy Corp. Prudential Invest. Pub Util Hold Cp x Pure Oil pt (6. Quincy Mining.. Reliance Int A. Reliance Manag. Republic Gas Corp Reybarn Co Reynolds In Roan Antelope Min. Rock Lt & P (90¢)... Rossia Intl Cp (10c). St Anthony Gold. ... St Regls Paper (60c) Salt Creek Pro(1.40). Seeman Bros (3) Segal L & H (a50¢).. Seiberling Rubber. Selected Industri: S1, Ind full pd (§ 3 Shattuck Den Min, Shenandoah Corp. Shen Corp pf (a3). Sherwin Wil (1434). Siliea Gel cfs S W Gas Utilits Spieg May Stern pf. 2008 Stand Motors Stand Ofl of Ind (2).. Stand Ol of Ky 1.60.. Stand O, Ohto (2%) Stand Pwr & Lt (2).. Starrett Corp pf (3). Stetson (J B) (4) 4 Stutz Motor Car. Sunray O1l (b5%). Technicolor, Ine. Teck Hughes (60c) Tobacco & All Stks Tonopah Belmont. + B 2 Tri-Utilities. ... oan Ungerietder Fin Cp. Un Tobacco. .... Unit Chem pt pf ( )u Unit Corp war. Unit Founders. Unit Gas Corp. Unit Gas war. . Unit Lt &Pwr A (1).. Unit Lt&Pwr(B) (1) U S Elec Power ww.. U S Finishing. U S Inter Sec 15t pt.. U S Lines pf.. U S & Overseas war.. 4 Unit Stores Unit Verde Util P&Lt(211.02% ) 2%) o Sl ennnnonBeilcann Mannree A naad~ » o) Ut P&L B(at. Util & Ind. Utility Equi Vacuum Oil (2). Venezuela Petrolm. . Vic Finan Corp(40c) Waltt & Bond(A)(2) Walgreen Co. . Walker (H) (50¢)... Wil-law Cafe pf (4)., West Auto S A (3).. Wlworth (FW) Ltd. 530 e based on last quasteriy or semi-an- (Partly extra. tPlus in_ stock. I stock- & Adistment tock. m Plus 3% in no regular rate. 1 3 0 2 2 1 1i% ) s i Divigend 9374 10 4% rates in doliar nt. 10 -/ al dioeE nmfu % in REDUCTIONS IN RAIL DIVIDENDS HAVE REACHED LARGE FIGURE Special Dispatch to The Star. NEW YORK, June 27.—It is signifi- cant of the tremendous change in the viewpoint of the public toward sscuri- ties since the debt moratorium plan was announced that the reduction in the dividend on Pennsylvania Railroad stock, more widely held than that of | any other carrier, made kss of an im- | pression on Wall Street and on prices than the declaration of the regular| dividend on the stocks of the Delaware | 4 | & Hudson, Northern Pacific and Blltl-‘flf‘lfls by the loss of traffic, and the more & Ohlo, whose shares are owned in reltively small amount compared with those of the Pennsylvania. Of equal importance is the new atti- tude toward current dividend dcclara- tions that has been taken by ths heads | of the Pennsylvania Railroad and the ‘Westinghouse Electric Co. To a con- siderable extent this reflects the opin- ion that the moratorium proposal has changed the entiré business picture and that policies may be adopted in the ll ht of this unexpected dzveltmme’nz ich would not have besn considered a week ago. This is one of the very prac- tical results of the moratorium that business men have been seeking. Income_Laoss. The reduction in the Pennsylvania Railroad dividend from an 8 per ocnt to a 6 per cent basis increases the list of American roads that have lowered or omitted their dividends, or passed the interest on th:ir bonds, to 25, Practi- cally all of the changes have occurred in the last nine months, for it was near- ly a year after the slump in business started before the railroads found it necessary to conserve their cash and to respond to the increasing monthly per- centage of net operating decrease. ‘The loss of income to- the holders of railroad securities from reductions al- ready made will be between $75,000,000 and $90,000,000. This includes the de- fault on the interest of Seaboard Air Line bonds and the passing of the in- terest on the adjustment bonds of the Chicago, Milwaukee, St. Paul & Pacific lnlnd the international Great Northern nes. Dividends reductions have affected 4 jevery importan:i railroad grou; ww. wa v Without Varrants. FiZWhen tesued. country except the “transcon )’ composed of the Atchison, Union Pa- cific, Southern Pacific and the soft coal carriers, such as Chesapeake & omo Norfolk & Western and Virginian. ‘the New England-territory, \btflvlund Markets at a Glance NEW YORK, June 27 (#)—Stocks: Strong; U. S. Steel leads upward trend. Bonds: Irregular; German issues ease. Cutb: Firm; gains narrowly extended. Foreign exchange: Irregular; Spanish peseta weak. Cotton: Easy; lower cables and week end liquidation. Sugar: Holi- day. Coffee: Holldl SHORT- TEBM SECURITIES. (Réported by J. & W. Seligman & Co.) ™ Bl onlu on Boston & Maine common stock has wbeen deferred temporarily. In the trunk |line territory are the reductions by the | Pennsylvania, New York Central, Bal- |timore & Ohio, Lehigh Valley, Dela- |ware, Lackawanna & Western; Eric, | Wabash and Pere Marquette. In the | Southern district, the Lbuisville & Nashville, Atlantic Coast Line and | Southern Rallway have been compelled to change their dividend policies, and |the Seaboard Air Line has gone into | receivership. The Illinois Central, op- crating North and South in the Mis- rp. o ik Bell T sissippi Valley, has been hit like the Camefn nlpgnnegr-wuvx:‘s'll Canadian Nor. Rw: Chi. Northwestern | Monon, owned jointly by the Southern Railway and Louisville & Nashville, has | passed its dividend. | In the Southwest, the Rock Island, | Prisco, Ksnsas City Southern, Missouri- lKnmas-Tc‘(la and St. Louis Southwest- ern have reduced or omitted p-ymnnu Gri made’ in the prosperous years before the panic. Humbi In the Northwest an early reflection of the changing conditions was given in the reduction last December in the dividend rate on Chicago & Northwest- ern common from 5 per cent to 4 per cent. Later, the interest on Chicago, Milwaukee, St. Plul & Pacific adjust- ment bonds tted. unwulqs:l.llusnyn the dividend on Orelt Northern stock was reduced. The Canadian Pacific, operating to the north and parallel with these lines, had been compelled in April by about the same general conditions in traffic to reduce its dividend for the first time in many years. May Reach $100,000, An oflclll “of one rallroad that has declared dividend this week sald wd-y that if the freight rate in- crease is granted and :eneul business shows signs of a permanent turn, his ‘would vfiohbly g0 on wnylng throughou! , Accep. Corp. Grnenl Petroleum Corp. Public Ber\gce g;,: Pnrmna Eoeneral Bicse" c fron & Steel 5s Shnlah orinde i Bl 1% n-u 10 3 100 u»:z 15, 1832 100 101 12-32 . 15, 1931-33 igt=] BALTIMORE STOCKS. Specil Dispatch to The Star. BAL'nMOM, June 27— B STOCKS. V25 Arundel "Corporation 30 Baltimore “Fhiat 60 Bl Decker €& 2 relephone B nuw 10 Gonsolidated Gas 3 Finance Co. of Ametice. 208 Maryiand On Ams| 40 hion” Truat 008 Pidelty & Gunranis. BONDS. 5000 United Ruy & Elec 1st 4e.. 1000 United Rwy & Elec 6s 1 of it from surplus. if rates are not increased and business does not show improvement, a radical departure from tl present dividend policy of not only his road, but others would have to be taken within the next six months. As a makimum, it is anticipated that the lou of olders of Americal railroad ulmdn year will be in the neighbor- tood of $100,000,000: pyright, 1931.) basediadiaced ‘Work the national h be- tween l:r‘;do. ‘l\'nx... and Mom. Mexico, is being pushed to completion.- many honors &t Brussels, Bel- 032 2% | Biherott (1) & Bons. i3 Orter. | Nat D. C., SATURDAY CALM AGTION WILL .| BRING PROSPERITY West Virginia Bankers Told; How to Play Part in Busi- ness Upturn. ; Special Dispatch to The Star. WHITE SULPHUR SPRINGS, W. Va, June 27.—Suggesting the surprise with which a’ hypcnhetltll visitor from Mars would greet the incongru- | December ous situation faced by the United o States wherein want on the part of |y the populsce is by many upon overproduction, 'John E. Rovi vice chairman of ‘the Bank of America N. A., addressing the annual conven- tion of the West Virginia Bankers As- sociation, drew vivid attention to the intricacies of our modern economic machine. The Martian would discover that the country is experiencing both want and plenty at one and the same time. Discussing the complexities of our economic scheme, Mr. Rovensky said that each factional panaceist wants somebody to push forward his particular wheeh and is quite impa- tient when told that any attempt in that direction simply puts the machine further out of adjustment. Capital Overemphasized. “The economists call our present system the capitalistic system.” sald Mr. Rovensky. “That is a misnomer and grossly overemphasizes the impor- tance of the part played by capital in our present system. I should much prefer to c-ll it the ‘individualistic’ system. ‘This would properly distin- guish it from the socialistic, commu- nistic, etc., and would also call atten- tion to the fact that many of its de- fects are the results of its blessings and that the remedy would be worse than the disease. Many ‘ists’ are like the child that wants to kill the fly that has alighted on her sleeping daddy’s head by hitting it with a hammer.” Contrasting the old manorial sys- tem, under which the average man was utterly bound, with the present- day “individualistic” system, under which any man is permitted to follow his own plans unless and until he tres- passes upon the rights of his neighbor to do likewise, Mr. Rovensky expressed the belief that the latter state was preferable even though it brought periodic waves of depression, whereas under the former system hard times were viewed as acts of God, directly traceable to Nature or war. Lauds Hoover Proposal. “You cannot readjust the delicate and complicated mechanism of the in- dividualistic system by banging away with a sledge hammer at one of its parts,” he added., “The workings of human psychology caused a curtail- ment of buying and the same work- ings inevitably will turn around again and revive it. We have been traveling for the past six months through the bottom of the valley of this depression. This bottom has had some rises and some declines, but the change in the average level has been small. It is not excessive optimism to expect that the end is in sight and that we may find ourselves on the up- grade some time this Fall. “President Hoover's proposal to post- pone European war debts for one year is excellent. It will do much to alle- viate political and social stress abroad and thus remove one of the obstacles that have stood in the way of return- ing prosperity. It has substantial merit and its psychological effect both here and abroad is immense. Let us not alléw our ho to run away with us. I do not belleve a sudden return of pronounced business activity is probable. When the upturn does come it is not likely to be abrupt or free from periodic recessions. The ailment of the past two years was too serious to be quickly overcome. It is far more likely that the recovery will be slow, halting and at times backsliding. But the expectation that a genuine, lasting improvement in general business, how- ever, slight, will come before the end of the year would seem to be jus by present indications. How Prosperity Will Come. “To help bring this about, I do not believe any of the -offered panaceas would be useful. Quite the contrary, they would be disturbing and harmful. The only plan that I urge upon you is that, having been unreasoning op- timists ' in 1929, you do not permit yourselves to become unreasoning pes- simists in 1931. Take stock of your country; look back over its wonderful record ‘and then, in a cool, calm, rational manner, proceed in an orderly manner with your business. And when Jou all do that, prosperity will be ere.” U. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business June 25 was $508,591.572.68. Customs receipts for the month to date were $23,552,871.50. Total ordinary expendi- tures $5,776,771.30. DIVIDENDS DECLARED NEW YORK, June 27 (#).— Extra. _, Company. general Siockyards.3sc Southern Weaving.15¢ Initial. Chapman V M 3 @ ‘35¢ Interalited Ty A% R4 Reduced. & C..30c Q June 30 £.....25c Q Aug. 1 Omitted. 45 Divdue at this time. Due July 1 % & Bledily 8 e July 20 it & Buedily 8 steon "(Sokn "By Due July 18 2.50 West ' Mich *'Steel Fdry 25 Q Due June 16 Regular. B8 8 July June 3 July 1 Jamison Coa) Northwest 5‘\1‘?]‘ “ nvu’: Am Cast Ir Pipe 1 Am Glanzstoff pf.. 1 $1.75 @ July 31 June 20 June July 18 . i olling & mwith Tei pf. it Sec Corp. 8 July 15 A i onf B Sars i‘lc d-w pairy Pr A June 11 iy 1 July 1 June 30 July 10 £ Invest .. Sav Bk h) uuukl?n '“c.h X of W, Nt orxy'x‘:n Co i . - uu. = = Sec. i SoThe nuf 2 e s l- Inves b o un 8 B -.::83...-...-—88:- .- ‘I-!.'u Srrates EEESE «.E o £ < Waitham Warren « &lfl) e I JUNE 27, 1931. New York Cotton Special Dispatch to The Sta; NEW YORK, June ~Trading in umvn wuy reached the largest volume Wwith nervous price changeé over & rlnn of 30 points. At one time a rush of buying lifted all months to the highest prices of the movement, 10 points over Friday night, when various brokers offered blocks of 5,000 and 10,000 bales around the ring Pinal quotations r to 7 points lower pots were advanced 5 8828387 233384 = Grain Market By the Associated Press. CHICAGO, June 27.—Wheat tended corn up in the early . Refusal of the Federal Farm Board to change its wheat sales policy acted as more than a counter- balance for bullish crop reports from Canada. Corn responded to continued hlf: temperatures and to absence of b eem.oflm’/ u.vhut “openlnla 0 D, terward started unchanged 1 ll&m!nfl! held near w the lnltlnl Commodity Price Trends of Week BY H. N. McGILL, Editor McGill Commodity Bervice, AUBURNDALE, Mass, June 27 (#). —This week's index for the first time shows a substantial gain over the pre- vious week. Not since September 5, 1930, has there been a full one-pint re- verse from the downward movement from week to week. The point previous occurred on July 20, 1929, so that t| extent of the weakness of commodity prices in general for the last two years can readily be seen. All Commodities. Of the 14 groups under the heading of all commodities, 7 recorded increases, 3 remained the same and only 4 de- clined. This is the best record made by the index for a long time. Agriculture. One of those which showed a good gain was agriculture, with oats, rve, flax, sugar, hay, butter and eggs in price, and wheat, corn and beans lower. This is the first increase in this group in several weeks. Industrial. The industrial group showed an in- crease for the first time since March 27, 1931. For some time we have brought out the fact that this country was fun- damentally ready to emerge from the depression. _ Production of raw ma- terials and finished goods has been re- duced to the rate of current consump- tion, which is very low compared with normal conditions. Also, inventories of raw materials in general have stopped advancing and stocks of finished goods are light and incomplete. Costs of manufacture have been substantially re- duced, as prices of more than 50 raw materials are at or below prewar levels, and in many cases are under the cost of production. The wages for many lines have been reduced, profit margins narrowed, and there is abundant money available for credit purposes. All that| seemed necessary to set the forces of | economic recovery to work was some fa- | vorable event to re-establish confidence. | The suggestion from Washington of a year's holiday from the anchor of war debts and reparations was that event. | Since that time the stock and commod- ity markets have been active, causing an upward movement in general com- modity index. Improved sentiment seems to be giving the great purchasing power in this country momentum. We have felt for some time that buying opportunities presented in 1931 for profitable commodity purchasing will not be repeated again for many years. Of course, not all commodities should be purchased immediately, and discrim- ination and analysis should be used. Non-Ferrous Metals. Non-ferrous metals group was the leader in the upturn, recording a sub- stantial incresse due to strength in copper, lead, tin, zinc, silver and anti- mony. Quicksilver was the only item | in this group showing & price decline. Fine Textiles. Fine textiles also moved substantially upward with cotton, silk and print goods leading the way. Cotton drills and yarns declined. Live Stock. I ‘The gain of last week was continued | by live stock, with cattle and hogs in- creasing, offsetting the decline in sheep {and lambs. Vegetable Oils. Vegetable oils advanced 1 point due to cottonseed oil, linseed ol and China wood oil. Palm oll was the only one of the group declining. Paint materials increased fractionally due to rosin and linseed oil, with turpentine recording & decline. Hides and Leather. The only group recording more than | a fractional decline consisted of hides and leather. This was due to price| declines in cattle hides and union leather. ‘The remainder of the rmnpu. includ- | ing bullding materials, ferrous metals, textiles, recorded only fractional losses from the previous week. Important Price Changes. Previous Year w50, June 19, June 37, 1931, 1930. 1931 8,503,166 he | Which she hates—" 1 ' sald quietly. {been sent back to an Eastern school, lnfls all over the country who were May Nev. anr- ing " income 5 m Toss . 52.638.265 et ‘operating income. 7,256,331 42994, 3,310,476 STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, JUNE 27. STOCKS. % answered defensively. Outwardly nu—ythm was just as usual, but fous of chmmflnm Or perhaps they were noj changes, perhaps it was only that she had come to see existing facts clearly, facts that had been concealed from her for & long time. Gall had been asked by Van to din- ner up at the Chipps’ the night before, id had declined. pros-: t Dick Stebbins’ iwrence house had made everything the Murchisons did or did not do unimportant. Van, laugh- , inconsequent had then asked Ariel. \ltAflellnlmcfl voice had amazed her family by declining, too. Van, undaunted, had then suggested that Ariel come with him and try the Cafe de Paris, which was rather gay on a Scturdly night and where they could dance. In the end it had been arranged that Ariel and Van should go, to be back by At five minutes lflzr 10 Van had returned her duly. e lnd wanted to “stir up something, dreamy and ecstatic after a commonplace dinner hour, at wuc§ Dick had been a guest, had refused co- operation, and even Ariel had seemed strangely indifferent and weary. In the end Van had departed, unsatisfled, about half-past 10, and the girls had gone to bed. ‘Todsy, Sunday, Ariel had seemed id and depressed, and Edith and Gail had been gradually infected by her mood. Gall, in & cautious under- tone as they washed the breakfast dishes, had reported to Edith that Ariel had called vnn Murchison on. 's quicl ive nee Gail's face. s “Gail, would you care?” “My dear, I'd be perfectly delighted! | It would ‘!therl'lyhvmlh place, Edith had protested ! Gall hld said with an “I think from what she sald at the telephone—she talked ve: low,” she had resumed, “I think that he wanted her to go off somewhere to lunch with him.” “Gal, if I really thought you didn't care, I'd pray about it!” Edith had said passionately. “I got a little fun out of it” Gail had then analyzed the situation mus- ingly. “I mean, I loved the excitement and knowing persons like the Chipps. But I never got—anything, really, out of Van.” “Abigail Lawrence, he adored you!" “No, no—he liked me. I emused him. ‘We were like two boys. Really we were,” Gail had persisted as Edith began a significant smile. Now, upfl-lirl in Ariel's room, they reverted to the subject. “T like Vi Gail said, “but he's ter- ribly giddy. ‘What would you want him to be, Ariel dnmdefl unsympa- a priest?” Ariel presently | thetically. “I want to go away,” They looked at her sorrowfully. ShE} had sald this many times before; she | had been saying it, indeed, since her[ fourteenth Summer. But this was serious. Ariel had re- fused to return to school after the ac- cident. Phil, conceding her a week of holiday, had talked to Mrs. Tripp, the principal. Mrs. Tripp, who had daugh- ters of her own, had put the case plainly to Phil. Ariel Lawrence had been going too fast and too far for some time. A good boarding school, at her age— This had frightened Gail and Phil. They had no money for boarding school. In other ways the accident had borne fruit that might be salutary. Buddy Raisch and the Barchi b_?% had acted like the cads they were. ey had dis- claimed all responsibility; Ariel would never see either again. Buddy had; | Larry had gone to San Francisco to stay with an aunt and take special g. Dorothy Camp and her| mother had disappeared; they were not | involved. But if all this was to sober and de- |velop Arlel, she gave no sign of it. The events of the past week had seemed to embitter her, to accentuate her familiar impatience with Clippers- | ville and life in it. On Saturday after- | noon Gail had found her toiling over n t, written letter, supposedly to some picture concern. She had seen Arlel enclosing snapshots, presumably of herself. Poor liitle butterfly, caught in the trap of poverty, pettiness, lhlbbm-l‘ and general small-town ugliness. Ariel | was only one of a thousand, a million | dreaming of Hollywood, contracts, ad- miration, excitement. “She’d not mind m: g like Van,” Gail thought. “She'd know how to manage him. She wouldn't ‘want more than he could give! “We seem to be up_pretty fast all of a sudden.” she ught. She, Gail, had grown up anyway. She was a woman now, because she loved a man. It made her feel solemn, consecrated. It was quite unlike any feeling she had ever known before. There was no confusing this grave | sense of destiny, this conviction of pos- sessing and being possessed with all the trivial love affairs of earlier years. do with “cases” and eter- nally, she was Dick's; for sorrow or Jjoy “their two lives were indissolubly united. They were still gossiping and idling | comfortably in Ariel's room, and the | old clock in the hall had struck three in Sunday stillness, when a door slam- med downstairs and Gail, flushed and tumbled, descended to find Dick him- self in the kitchen. Going downstairs her heart rose on ' wings and she felt suffocated, but when | she saw him her mood experienced a sudden chill. Dick had on the old tweeds he had bought at a sale at Bern Brothers' two years ago; his pockets ‘were full of packages. Suddenly, seeing him so, oommnnrlwe and unexciting, Gall found him entirely TY | felt stiff and awkward now. E he dreams, indeed! their filmy fabric even to think of him in_such a connection. emdltherflflzlmflh as she came in. He was unloading va- rious cans and packages from his pocl Gall felt as remote from him as if ahe hud sever seen him in ber fe before. He was nothing, nobody; she disliked him because she had made her+’ lell-!wlmnhlntnh-rmm 4 Oh.mwe ?"” she asked ATOn't we?" he demanded, short. "Well ‘we can,” Gail wh-u the big idea?” Dick asked with an astonished look. Her blood rose at once. Of eourse, they would picnic! She began to put peeled tomatoes, lettuce, fish, into & deep glass Dick Stebbins! Why, he was the same country boy he had always been. Nice enough. The salt of the earth—— “What in heaven's name was that!” she exclaimed, taken unaware. A microscopic Airedale puppy, looking lorn as only a little ingly on the sink board, and had emit- " Dick 1 ht you might like him!” A As the sound of his voice, just his amused, kindly, quiet voice, the magic. began again, unwelcome and confusing. “He looks abouf half starved,” Dicl sald. Galil trembled; she could not raise her eygs or find her voice as she put a saucer full of milk before the new- comer. The faltering little furry legs staggerec toward it, the baby smelled | 1t teebly, turned away. “Here, old pal—try it,” Dick said, pressing the little soft head down. “Ah, he's darling!” Gail said, com- pletely shaken. The world was swim- ming in strange prismatic lights. Bhe loved—loved—Iloved this big, clumsy man in the tweeds! Something hap- pened to her heart when Dick’s m; hand gently guided the stupid little eager puppy nose toward the saucer. “Do you really want him?” “Why, of course, I want him!” Bhe ‘Tl fix him a box!" ‘To her tremendous relief, Edith came downstairs at this moment and Phil came in. The conversation became general and the puppy had a warm wel- come. They went up to the old dam in the sweetness of the Autumn afternoon and bullt their picnic supper fire on the sunshiny shingle, where Cabin River widened to stream in and join the broad expanse of tranquil water above the old wooden bulkhead. Gnats spun deliriously in’ thick shafts of light, trout plopped in the deep water of the dam; Phil sat silent, utterly con- tent, watching a fishline; Ariel and Van Murchison were on the shingle. Ariel was half sitting against a great log that | was rooted deep in fine sand. Van was iying )on his side, looking up at her as Sam not being at home when the pic- nic expedition had started. a note had been left for him, pinned to the kitchen: door. Van, arriving before Sam, had calmly read the note and had sat do'n on the Lawrences' kitchen doorstep to await Sam’'s return. After which they had followed the others in Van's car, a circymstance that added the last touch of felicity to the occasion for Gail. She remembered her old efforts to attract Van a few months ago, the sallies of m the constant attempt to amuse Ariel made no such efforts, not she! She simply was, and Van trailed her helplessly, irresistibly. ‘This was the night that Phil actually’ got a trout, quite a big one, and the night they saw a rattler, and the night they picked the blackberries. “Oh, we do have fun!” Edith com- mented luxuriously, lying on the flat hot stones as the meal was finished. “When I am an old, old man,” Dick commented lighting his old pipe, “I shall remember the broiled fish.” “Gee; here’s a pip!” Sam said 'l'.h- out preamble. He took a book of poems from his pocket. “'Member Lindsay. that Ede's so crazy about?” he asked them. “’Member the one about Gen. Booth she read us? Say, this is another of his, about Legree.” He read it. Phil took the book to turn the pages further and find the Kongo. “That's my idea of poetry,” Dick said. “Still read Shakespeare every night, Dick?” This was Gail, very casually. It seemed odd to her that for years she had known Dick intimately, to get her first real sense of talking to him, of ap- | preciating him only now. “Oh. a good deal. I want words, you know, the use of words,” he answered. As they walked singing down the | steep rutty half mile to the cars the moon rose and spotted the trail with sil- ver and black. Gail needed a now: the hand that gripped her own was Dick’s. She marveled that he eollld not feel the electric current that ran through the tips of her fingers. Afterward she always remembered the night they went up to the dam and saw the rattlesnake and caught the fish. A hot night of moonshine and laughter and talk on the shingle above the dam. For the next day the weather changed and Autumn came in, with October, in earnest. (To Be Comlnued) BRITISH SUGAR TRADE IS CONSIDERING MERGER By the Associated Press. ‘Trade advices to the Commerce De- partment report plans are now under way for the amalgamation of the sugar beet and canning industries of the United Kingdom so that fuller and more efficient use may be made of the power units of the best factories. For nine months of the year the power units of the beet factories are ‘wasted when beets are not being treated. the canning industry, whose busy sea- son falls at a different time, now must construct new sources of power at con- siderable expense. Prolonged investiga- tions have been made on the continent, and it is contended that all will bene- fit by building new canneries beside the beet factories, both sharing a common power source. A further saving would result trom the fact thut the sugar sirup used in fruit canning would be manufactured beside the cannery. Merger Announcement Rumored. NEW _YORK, June 27 (#).—The Herald Tribune says it has learned the final basis for the merger of the Stand- ard Oil Co. of New York and the Vacuum Ofl Co. will be a proposal to stockholders for the exchange of 2%; shares of Standard common for one share of Vacuum. Renewed negotiations for the merger, made possible by the recent withdrawal of the Government's objections, the newspaper says, have reached an ad- vanced stage, where an announcement may be expected. The original proposal was for a 3-for-1 exchange of Standard common for Vacuum. FOREIGN EXCHANGE. (@uotations mm}'n.-mc":v,u R e, 8,000 ¥