Evening Star Newspaper, June 28, 1931, Page 63

FINANCIAL. CUR SHARES FIRM b IN PROFIT TAKING Gains Are Confined Mostly to Fractions — Utilities Prove Feature. BY JOHN L. COOLEY. Associated Press Financial Writer. NEW YORK, June 27.—Trading on the curb was active today, but the Tally lost a little steam. Xp-remly a considerable volume of -taking went on during the two :mn but supporting orders were suf- | ficient to handle such selling easily and the market showed net gains that were mostly fractional in size. Utilities moved busily, without much change in price. Electric Bond & Share was unable to get more than nominally above the previous close and finished unchanged. There was, how- ever, a 2-point rise in Brazilian Trac- tion. American & Foreign Power Warrants, Middle West Utilities, United Light “A.” United Gas and American Superpower averaged less than half a point higher. Vacuum was active in the ofl group, reflecting new interest on the strength of the revised terms for the merger with Standard of New York. It closed « higher, which was also the gain in J Gulf. Cifies Service was off 'a. Realizing held the sdeialties in heck. Parker Rust. Aluminum of merica, Woolworth, Cord Corporation nd Newmont Mining finisked with ad- ances of more than half a t eere lost 1. Investment Tru-ts were ostly quiet. United Founders dragge ut erased a decline of half a point. ICAGO LIVE STOCK MARKET CHICAGO, June 27 (#.—(United tates Department of Agriculture)— Cattle, 300 head: compared w-ek ago, yearlings and light steers 2 only specialties escaping with minor declines: matured beeves. 50a1.00 lower; Plain big weights off most: few st-ers aling over 1,200 pounds less than 75 nts lower; vearling heifers, 50 and ore lower; most fat she stock, 50a1.00 low cutters and cutters, 23 wn; bulls strong: vealers broke 100& vearling sters topped at 8.75; medium most peak on yearling 0 downward: m 25: best w-ighty sau- late top vealers. 8.00: and feeder trad= practically at still, 2500 head: today's market for week 40 doubles from stations. 32.300 direct; com- ared week ago, choice lambs and vear- ings, 10a15 lower: other grades and classes steady: feeding lambs nominal closing bulk good, and choice native ewe and wether lambs, 7.75a800: f-w 8.25; week’s top, 8.50; range lambs, 7.75a8.25; native bucks, throwouts, 5.00a5.50: range throwouts 6.00a6.25: fed yearlings, 5.0026.50; fat ewes, 1.00a1. Hogs, 5,000 head, rect: steady on including 4.000 di- best light weights; others very slow: most bids and few sales 15 or more lower; bulk pounds, 725a7.50: top, 7.50; packing sows, 325 pounds up, 4.60a5.00; smooth light weights scarce: compared week 830, butchers steady to 25 lower; pack- ing sows. 35250 off shippers took 1,000 estimated hold-overs, 3.000 Light lights, &304 and choice. 140-160 pounds, 7.15a light weights, 160-200 pounds, medium ~ weights. 200-250 | 7.00a7.50: heavy weights, 3598 pounds. 7. 5-500 pounds, 4.50a grod and choice, 100-130 7.00a7.35. pline Price Reduced. June 26 (). —The Stand- t Indiana today reduced tive grade gasoline in the a 1 cent a gallon. The new cents plus tax. ruguay hu 7,127,000 cattle, accord- to the recent census. HOW IS B Fhowing Current Business Activity compared with Same Week Last Year. 75 lower: | 6.75a7.00; | 160-240 | By the Associated Press. | Automotive Accessories—May ship- | ments of automotive parts, accessories and service equipment held unchanged from April and showed an improved | comparison with 1930, when there was @ decided decline between April and May, the Motor and Equipment Asso- clation reports. index for all groups of manufacturers reporting stood at 124 per cent of th> 1925 base figure of 100, compared with a similar figure in April and 144 per cent in May [last year. Copper—Export_copper cont:nued in | good demand at the close of the wesk and_sales for the half day Saturday toteled 5,400,000 pounds. Prices held unchanged at 87, ceats a pound, do | mestic, and 9.025 cents, ¢. 1. 1. European | "base ports, for export. Imports of cop- per in unmanufactured form by the | United States declined slightly in May | /1o 16,189 metric tons, compared with 16,326 tcns in April_and 16,222 in | March, the American Bureau of Metal | Statist.cs reports. Exports of refined copper from th: United States last month were 15,709 1ons, compared with 16,919 tons in Anr Lumber—Orders for lumber again trailed producticn during ‘the week end- ed June 20, telegraphic reports from 793 leading hardwood and soltwood mills to the National Lumber Manu- facturers’ Association indicate. They | showed ord:rs 7 per cent below Ind shipments 5 per cent below a combined cut of 227,558,000 fest. A week earlier 768 mil's reported orders 9 psr cent be- low and shipments 3 per cent below a cut of 231,014,000 feet. Petre crude um—The average price of petroleum, at 10 representative ng flelds 'was higher last week | compared with | 62.6 cents in the pre‘eding wesk, ec- cording to O1, Pzint and Drug Re. porter. The average for the corre: sponding period last vear was $1.46'; a barrel. Gaso'ine at the refineries was lower last week at 3.687 cents a gallon at four principal refining centers, com- pared with 3.75 cents the preceding | week and 7.18 cents a gallon last year. Silver—Bar silver ended the week with a_ display of strength, advancing five-e'ghths of a cent in New York to 29!, cents an ounce and rising three- Plghthk of a penny in London to 1213-16 pence. Sleel‘operlllom of steel plants in the Youngstown district next week will | remain unchanged at 41 per cent of | rated eapacity, Dow, Jones & Co. re- crease of 5 per cent over the current rate, Zinc—A further advance in the price | of zinc at the close of the week brought | the price from 370 to. 3.75 cents a | pound. East St. Louis, an advance of a tenth of a cent. FRENCH AGREEMENT SEEN| 1} ON DEBT PROPOSAL| Special Dispatch to The Star. NEW YORK, June 27.—Hornblower & Weeks, commenting upon the cur- | | rent advance in the stock market, say, | in part: | “In spite of the extent and the ra- | pidity of the advance the past week, | stocks show no evidence that a ceil- | ing has been reached, and in so far s the main trend of prices is con- | cerned, the upward trend continues to | show a surprising lack of resistance, with a good demand for stocks appear- ing_wherever the market hesitates. | _“Both the strong -market on the Paris Exchange, which yesterday was | described “as the greatest boom since | 1929, and further strength in our own | market, are without question reflect- ing the strong feeling that a satistac- | tory final, agreement between France and the United States will be reached on the debt postponement proposal.” PENNSY'S EARNXNGS Report of Pennsylvania Rafiroad Co. for May and_five months, including operations of West Jersey & Seashore | Railroad Co., compares as follows: ] 1931 1830. 135,310,833 151 803,443 198.113.976 246,203,572 18.288.188 39.146.020 USINESS? ay Net: operating’ fncome. ive mouths gross | R operuting Secome.. NESS ACTIVITY for the country indicated by Bank Debi led areas show weeks of activity ab Black areas indicate declines from sam ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check/ Transactions compared with the ecks 12 months earlier. ame week a year a T Boston 18.8% LEADING BAROMETERS. Showing Trend of important factors. Business in dollars (checks cashed).. Employment (Department of Labor) Wages (Department of Labor). Cost of living (Industrial Conference Bo: ‘Wholesale prices (Fisher’s Index) Agricultural prices (Department of Agrici Movement of goods (car loadings) Retail trade (Federal Reserve Board) Building contracts (F. W. Dodge) Failures (Dun’s).. Bond prices (Annalist Stock prices (Annalist Stock market volume (sha (AIL rights rescrved. Cambridze Associates. Boston.) STOCK AND BOND AVERAGES By the Associated Press. SATURDAY, JUNE 27. STOCKS. 50 Industrials, 118, Two years ago Three vears ago. 31. High, 1929, Low, 1929 Previous Week ago Month ago Year ago High, 1931. Low, 1931, High, 1930. Low, 1930. High, 1929 Low, 1929, (Copyright, 1931, Stand: % _Change from year age. | uiture). Upward Downward 20 20 Rails. Utilities. 83.5 1759 ard Statistics Co.) e THE SUNDAY STAR, WASHINGTON, D. C, JUNE. 28, 1931—PART SIX,~ FOR WEEK ENDING JUNE 27, 1931. m-n. u- Glm ©hy ow. % Stock_and dividend. Acerol Prod A. Acme Wire v.te. (2). Adams Millls 15t pf (7). Aero Supply Mfg B).... Affiiated Prod (1.60). Azfa Anse..... Afrinveonvpt ... Alabama Power pf /$).. Ala Pwr enm pf (1), All Amer Gen Corn. Allied Mille_Ineg0e)... Aluminum Co of Am Atum Co Am pf (#). | Atumtnum Co Ttd Alum Litd A war. Aluminum, Ltd (B) war. Aluminum, Ltd (/) war. Aluminum.Ltd (D) war. Alyminum Mfe, Tnc. ‘Amer. Austin Car. Am Rrit & Cont Am Rr Ro F1 Fd Sha. Am Capital (R) . Am City PALE (A) (23) Am Cit Po& Lt B(h10*) Am Comwlth P 1xt(615). Am Cmwith PAhIAR ), Am Com PrR (h1ne) . ., Am Corporation (fl5c). . Am Cyanamid (B).... Am Dent Rrares Am Dis Tel, NI cv pt(7) Am Eavitieh Am ForPwr Am Founders Am Gas & Elec (11). AmGaz& Elof 6). Am Investment Inc (B). Am Inv Inc.war .. Am Laundry Mach (2) Am Lt & Trac (2%)..... Am Lt & Tracnf (1%).. Products (2). Am Phoenix Corp(1) Am Pnenmatie Serv Am Stat Pub Sve(al.60) Am Superrowr (40c) Am Snnernwr 1st nf(§ Am Uti1&Gen (B)vte. .. Am Yvette Co (25c) Anchor Post Fence Angla-Chilean Nit Appalachian Gax Appalachian Gas wr Areturns Radia Tuh Arizona Com Mining Ark Nat Ga Ark NatGasA.,.. Atk N G cm pf (80e) Arkansas PwrALt nflv) Armstrong Cork (1) . Art Metal Works (80c) .. c InA Ltd(30¢). Asso Gas & Elec ctfs Asf0 G & F.nf (5) Asso Gas&Flall ct 180, Asso Gas&El pur rts Ass0 G & E debrts As=so Rayon. .. Asso Tel Util (hi%) ., Atlantic Fruit & Sug Atlantic Seg Corp...... Atl Secur cum pf ww(3). Atlas Plvwood (2). Atlas Utilities Corp. Atlas Utilities(war) Auto Vot Machine. . Auto Vot'z Ma ev or Aviation Securities Aviation Sec.New Eng Babeock & Wil (7 Aahia Corp ... 5 Rellanea Afreraft Beneficial TL (134). Rigelow-Sanford Cs o AN ara e (6. Blue Ridge Corp. . Blue Rid~e conv pf . Rohack (HC) 18t of (7). Borne-Scrymser Co. ... Bourjois Ine (25¢). . Bower Roll Bear (1) Brazi] Trac & Lt (b8 7% ). Bridgeport Mach (25¢).. Brill Corp A (34c). RBrill Corn B. RBrit-Am Oil rl‘l llfiry BrAmTob cou B 1.17 4- f Brit<A Toreg(1.1 ). Rrit Cel Ltd ret: Brown Co pf. . Ruffalo. N&EP pf(1.60) Rulova W evnf (23%) Bunker Hill & Sulliva Rurco. Ine. Burco Tne war. Rureo Tneev nf ¢ Burma Ltd rets 127 3-5e. Butler Bros 7S Bwana M Kubw Ceo. 1 Cabl& W Ltd B rets Campagnie(A)rets 1.4 Canadian Mareon! Carib Synd} Carnation C& (§ Caro Pwr & Lt pf (7). Celanese Corp pf (7).... Cent Hnd Gas&El (80c) . Cent 111 Pub Sve pf <6).. Cent Pwr & Lt pf (T). Cent Pub Sve A(10%) ... Cent Pub Sve pf (4). Cent Pub Sv pf (6) Cent & Sown Util (b7 r) Cent States Bl (b10%) Cent States Flec (war). Cent States El pf(6)xw Centrifugal Pipe (e} Chain Stor Development Chain Stores Stoek. ... Chat Ph Aln.v (1) > Chesbrough MTg (15). Cities Service(g30c) Cities Service of (8) .. Citfes S Pr & Lt pf (7) City Mach & Tool (80c). Claude Neon Lights Tnc. Clev Eiee Tllum pf(6). .. Cleveland Tractor 80c) . Club Alumn Utensils. ... Colombia Syndicat Colon Of1. ... Columnia Ol & Columbia Pictures(75c). Com'with Edison (8). . Comwlith & Sou (war) Com Wat Ser (g12%¢).. Comstock Tunnel. Consol Auto Mer ctf! Connolidated Copner . Consol Datry Products. . Consol Gas Balto(3.60).. Con Gas. Balto pf A (5). R AL+ HEE+ R $id & PR R + Consol Gas Utll A(2.20). 2 Cons M&S (11234). Consol Retail Stores Consol Royal (20c). Consol Trac of NJ ( Cont Roll & SteellL Fy. % Contl Chicaze Corp. Cont] Gas & El or DH") . Cont Shares conv pf..... Cont Shares pt (B). Cooper Bessemer. . Cooner Bess nf A(3).... Copeland PrIne (n).... 4 (‘ord Corp “orp Secur'of Chi (b§%) Corroon & Revnolds. ... Crn & Rnl4s pfA (6) Cosden O ' . ... Crecle Patroleum, Crocker Wheeler Crowley Milner (2). Crown Cent Petm (new Crown Cork Intl (A).... CurtissAirpri Curtiss Wright war.. Gusi Mex Mining Darby Petrolenm. Dayton Atrnlans & L'eere & Co (1.20) t1e Forest Radio. Delsel W Gilbert :l%).. Derbv 011 & Refin Dixon (J) Crucible (3).. % Doehler Die Casting.... Dow Chemical (2) Draper Corp (4) Dres (3 R) Mfg.A -fli) Dresser Mfg (B) (2). Driver Harris (new). Dubliter C & Ra Duke Pow (5) Dugquesne Durant Motors Duval Tex Sul wi. East G & Fuel Ans East G & FIAs pfi6). East Sts Pow B (1) Eastern Util Asso (2) Eastern Utll Asso ev. Zastern Ut lav (A Edison Bros 1 mm 101«- . lnd b luu u) Bond&Sh eu pt I e s [ S I o I S S I P ¥ % 2 282 sEpEy Firsf prisr 5% ¥ Fe¥rprsfer s sFis ¥ a9 % res5s? FE F OFEFF 1981, — lm:" ta- 21 P& Lopt war... Electrie Products of Col. EXSharehold (b6%). ... El Shareh pf (a6%). Empire Corporatinn. Empire Corp (war). Empire Gas&F em pf(7) Empire Gan&F em nf(8) Empire Pub Sve (A). Fngineers Gold Eureka Pipeline Euro Elec Ltd Fvans Wall | Ex-éello Alr & Tool..... 4 Fairchild Aviation. .... Fajardo Sugar. Falcon Lesd. Federa] Baking Shop Federated Canital. Fiat rets (94 %e) . Film Inspect Mach intkote Co (A), . Florida P& L pf(7). Foltis-Fischer Corn. Ford M Can A (1.20). . Ford Mot, Ford Mot Franc Ford Mot Ltd (36 % 6415 Fox.Theaters('lassA Franklin Mfg Co. Garlock Packing (1. 20) . Gen Alloys General Aviation Genera! Cable war. Gen Elec Ltd rts(p Gen Empire Corp (1) Gen Gas&El evpf B (8). Gen Leather Co . Gen Petroleum. . Gen Pub Sve pf (6) Gen Pub Util pf ( Gen Rayon A). Gen Thea Eq ev p' vzv Gen Water Wks&Elec A. Gilhert tAC) (1) Gleaner Comb Harv, Glen Alden Coal (4) Glabe Underwr (15 Godchaux Sugar A. Gold Seal Elec new Golden Cen“er Golden State Co I, Gorham. Ine pf (3) Gorham Mfg v.t.c. (f2) Gotham KnitbacMeh . Gr'phone Ltd c.0.d.(56¢) Gram'phone Ltd cfs 56c. Gray Tel Pay Sta (13%) Graymur Cotp (1) Great At&Pac Tea nv(6) Grt A&P Tea ot (7) Groc Strs Prod v.t.e. Gulf Ol of Pa (1% Gulf States U $6 pf (6 Gulf States U5 pf. Hall Lamp (40ey. Hamilton Gas rets Hammond Clock (2). Happiness Candy. .. Hartford Elee Ltd(2%). Hazeltine Corp (2) Hecla Mining (40c). Helena Rubinstein Heyden Chemical (50c). Hires (CE) Co A(2). Hollinger Gold (65c Horu&Hardart(2%). Horn&Hardart pf(7) Houd-Her cv pfA2% Hudson Bay Min & Humble Ofl (+234). Hydro Elec Secur (1.40). Hygrade Food Prod. ... 11l Pwr & Lt pf (6 TP L 6% cm pr(6). Imp Ofl of Can (50¢) . Imp Of1 of Can rex (50 Imp Tob Can (35¢). . Indiana Pipe Line (1). Ind Terr I1lu Ofl (A) Ind Terr Iliu Ofl (B). Industrial Finance ctfs Insull Inv (b6%) Insull Util 2d pf(6) Ins Coof No Am (1234). Insurance Secur (40c). . Intercont Pete new. .. Int Cigar Mach (214) Intl Hydro cv pf (313) Int} Petroleum (1). Int] Products. . Int-Superp (1110). Int Utilities A (3%4). Internatl Utilities (B) . Internatl Utilities(war) Int Util pt pf (7 4 InterstateFquitie: 198 119% 119% 5 4 61% Jonas & N cum pf King's Co. Lt. pf B(7). Kirby Petroleum. Kleinert (I B) Rubber. Kobacker Stores. .. Kolster-BriAm shs) Kress (SH) s pf (80, Lackawanna wec Lakey Fdry & Ma Lefcourt Realty 1.60 Lehigh Coal&Nav Leonard O11 Lerner Stores (2). Libby McNelll & L. Lily Tulio Cup 1% Lion Oll & Refining Lone Star Gas n (8 Long Island Lt (60c) Long Is! Lt pf (7). Louisiana Lan & Ex. i MacMarr Stores (1). MaedalenaSvndieate Marconi Int Mar (.367).. Margay. Marion Stm Shovel Mass Pow & Lt. . Mass Pow & Lt pf. Mass Util Asso Mass Ut] Asso ev p! Massey-Harris. Mavis Bottling (A). Mayflower Asso (2). May Radio & Telev (1).. MeGraw Elee Co (1) Mead Johnson(1414) Melville Shoe pf w Memph N G Co (60c) Merritt Chap & Scott Mesta Machine (2) Metal & Mining, Inc.. 11 1094 N 104 Rig Sts Ul (1%). t Uil (b8% ). Midland Stl Prod. n (2). Midiand United (b6%).. Mid United pf A (a3). Midland Util prlien (6 Mining Corp of Can. Minne-Honey pf (6). 4 Mo-Kan Pipe Line (A).. 5% Mo-Kan & Pipe Line (B) LS & Moh Hud P 2d pt1) 107 106% Mohawk Mining (1). 17% 15% Mon WP PSpf(1%) 244 244 Mont Lt H&T (1%) Moss Gold Mines Mountain Products (1). Nat Amer Co. . National Aviation. “% Nat Leather. Natl Pwr & L Nat Pub Sery (A) +1 600 Nat Rubber Mach Nat Screen Service (2).. Nat Service Co. Nat Sugar NJ (2). Natl Transit (1).... Nauheim Pharm pf..... Nehi Corp (80c). ... Nelson (Herman) (§0¢). Newberry(JJ) (1.10). New Bradford Oil. . New Eng Pow pf 16) s New Eng P 8 pf(6) New Eng P S prIn ( New England T& T New Haven Clock(1). New Jersey Zine(t3). New Mex & Arlz Land Newmont Mining. N Y Avetion... N Y & Hond Ros (+134). N Y Merchandise (1). T N Y Transit {V'IO() 9% Niag-H. Power (40c) 1% Niag.-H. Pwr A war. 4% Niag Bud Pwr (B) war.. 12% ll!( mmm + oA " I++++ ++14 + bbbt AR A+ FlA b e+ F H I+ 4 ock and dividend. Hud Pwr C war. . Ma (40e). . iles-Bement- . Pond (l) Righ. Yoma Elec Corp (40¢) . ordon Corp Ltd. % Nor Am Aviation A war. Nor Am Lt& Pwr(b8%). Northam W ev pf (3). .. No Roston Light ctfs. .. Nor Central Texa. orth & Sou AmCor p A % Ner European Oil Corp Nor Pipe Line (t4)...... North Stat Pwr A8)_ .. Nor States Pwr pf (6).. Northw Yeast Co 12) Novadel Agene (4). 4 Ohio Brass (B) (2) Ohi Brass pf (6). Ohto Copper. Ohio Ofi n (eu)pf (8) Oflstocks Ltd (A) Outboard Mot (A) Outboard Mot B Overseas S . PacG & E 18t pf (1%4). Pac Pub Sve A(1.30) . Pac Tin Corp spec (2). Pac Western Oil. Pan Am Airway; Pandem Ofl. Pantepec O11 Paramount Cab Mfg. Parke Davis (1.5, Parker Rust Pr (3). Patterson Sargent (2) .. (D) Gr A, (3%). Pennroad Corp (40¢). ... Penna Pwr & Lt of (7 Penna Water & Pwr ¢3) Peoples Lt & Pwr (A" . Perryman Electrie. ... Petrol Corp war . Phila Co (new) (1.49). 4 Philip Morris Inc ...... Philip Morris (A) < Phoenix Secur Corp Phoenix § € pf (3).. Pisrce Governor Pilot Radio Tuh Yitney Bowes P (b47).. Pittsbgh & Lake E(110). Pitts Plate Glass (2). Plymouth Ofl (1). Polymet Mfg. ... ond Creek Pocahontas. Poterero Sugar. Pratt & Lambert (4). Premier Gold (12¢). Producers Roy Corp. Propper McCallum. Prudential Inv. Prudential Inv pf(§) . Public Util Hold war Pub Util Hold Corp xw. Pub Ut Hold cu pf(3) Puget Snd P & Lt pf ( Pure Ol of (6) Pyrene Mfg (80c Quiney Mining. Radio Producs. . Railroad Shares(40c). .. Railway & Lt Secyr (+3) Raintcw Lum Prod B.. Red Bank..... Relter-Foster. Reliance Intl ( Reliance Int Corp nce Manacement. R public Gas Corp. Reybarn Co. Reynolds Invest Richfield Oil of Cal pf. floan Antelope Mines. .. Roch Gas&El pf D (6). i'kland Lt & P (90¢). Root Refining ev pr f.. Rossfa Int Corp (10c)... Russek's Fifth Ave. .. Ryan Consolidated. & St Antony Gold. ... St Regis Paper (60c) Salt Creek Oil. .. .. . Sait Creek Prod (1.40).. Schiff (The) Co (2). Schulte Un Se tos1 8. ... Seaboard Utilities (50¢ Secur Corp Gen(40c) Seeman Brothers (3) Segal L & H (a30c) Seiberling Rubber. Selected Industries Sle Ind full pd (515). Sle Ind prior (5%). Sentry Saftey Control. Shattuck Den Min Shawingan W (214). . Sheaffer (WA) Pen (13). Shenandoah Corp. Shen Corp pf (a3). . Sherwin Willms (14%4). Sherwin Williams pf(§) 4 Signature Hoslery Co... Sillca Gel et. . Silver (1) Bros pt(1) Singer Mfg (115) Sisto Fin Corp. Solar Refining. So Am Air Lines 1st nr # South Am Golc&Plat. 24 Net. . Chge. 2% 2 i ™ + R +4 44 FA4 R4 A ¥ 2FPsfeex 4 ~11 + 6% - | 1 - Exs 33 W 1 “ ~ | FINANCIAY —1931 . High 23% { South Penn Oil (1). Stoce ind dividend. High. i SoCal Edpf A (1%) 291 8o Cal Edis pf (B) um 28 Southern Corp 2% SouthernNat Gas. Southland Royalty (20c). So West Gas Uth). ‘ Spanish & Gen rets. Spanish & Gen (B). Spieg May Stern pf Stahl-Myer (1.20) Stend Motors. . Stand Oil of Tna Stand Oll of Ky (1 80 Stand Ofl Nebr (2). Stand O1l Ohio(2%). ... Standoil of ommn. i P 4 44% 102 4% - 35 Stan Pow & Lt of (7). 99 Stand Public Srv A. Starrert Corp pf (3) Stein(A) & Co (1.60). Stetson (J B) (4). Strauss Roth .. « Stromberg-Carl(1%)... Stutz Motor Car. Stutz Motor (war) Sun 'nvesting. Sunray Ol (b§ s & Ce Amer EI n'tl\A Sylvanite Gold M Ltd. Taggart Corporation. Technicolor Inc. . Tech Hughes (§0¢) . Tenn El Pw 18t pf (7). Texas-La Power pf Texon O} & Land (1)... Thermeid Cocum pf.... Tobaceo&Allled Stk Tobacco Prod Exp (10¢). Trans Atr Trans ... Trans Lus DL P § Triplex Safety Gla Tri-eontin’] Corp wai Tri-Utilities Tubize CantiHon (B). Tung Sol Lamp (1) ... Tung-Sol Lamp pf (3).. {ingerleider Fin Corp... Union Am Invest. & U'n Nat Gas of Can Union Oil Assoc (2) UnionTobacco Unit Carr Fast (10¢c). Unit Chem pt pf (3). Unit Corp wa Unit Dry Dock Unit Elec Sv (pl1.41) Unit Founders. Utd Gas Corpn United Gas war United Ga e Utd Light & Pwr A(1).. Utd L & Pwr (B) (1).... Utd Light & Pwr pf (8). Unit Milk Prod. Utd Molasses, Ltd U S Dairv B Elec Pov U S Foil Co B (50¢). J S & Internt] See. . 7 S Inter See 1st pf. Lines pf. & Overseas war. . Playing Card ‘zl,) Radiator. : ited Sta Stores. Unit Stores.. .. Tnit Verde Exten (1). Unit Zinc Smelting. Utah Apex Utah Met & Tunne Utica G&Elec pf Util Pwr&Lt (at1.02 Ut P&L B(a11.023%) Utility & ind..... 20 414 Util & ind pf (1%). Ttiifty Fquities . : Utility Equity pt (5%). Vacuum Oil (2). Van Camp Pack. Venezuela Petroleum. Vie Finan Corp(40c). Waltt& B.A (2).... Waitt&Bond B(80c) Walgreen Co. .. Walker (H) (50c) . Walker Mining. Watson (JW) Co. Wenden Copper . West Alr £xp (60¢).... West Auto Sup A(3).... Western Md pf. West Mass Co Wil-Low Cafeteriaz Wil-low Cafe pf (4) Winter (Ben).. . Woolworth (FW) Ltd... Woolworth (FW)Ltd pf. “Y" Ol & Gi E % S Ygstwn Sh. 5 86 5t Dividend rates in doliars based on last quarterly annual payment 4 Pasable in cash or stock bhumflm stoc dend. stock, stock. Plus 2% n o Plus 8% in stock D Paid last year—no regular rate. *Ex-divid 1Partly extra. 3Plus 4% 5% 1n stoc 3 in stock K Plus stock. E TR IR T T O A o I A A 2 S O O O o o R FLA U4+ + AR R s T I I R R S A A T+t bt ran 4 LB R I IR | ~ - [trade teenis ]| [NEW YORK CURB MARKET TRANSACTIONS FOR THE WEEK AND YEAR J P L PR PITS AP PresrBRe p P yRFreils EUCERY ag e oR 27 m n'fx‘- 3B WHITNEY LAYS STOCK DECLINES OF YEAR TO TRADE DEPRESSIO Exchange Reviews Activities of Trading Center—Dis- cusses Fall in Commoclity prices. Richard Whitney, president of the New York Stock Exchange, in his first | annual report to the Governing Com- mittee on the year May 1, 1930, to an\ 1, 1931, gave a stastical history of the | events of the past vear and discussed various phases of the exchange's activ- | ities. Mr. Whitney reviewed changes in | administration, the work of the ex- Chlnlt the installation of new tickers, theories regarding the rehtlomhlp of the break in stocks to the business depression. | Mr. Whitney reiterated his stand that | | the action of the stock market is an effect of business conditions, rather than a cause, and devoted considerable time to a discussion of the cause of the | business depression. Concernlnl this, Mr. Whitney says: ‘The year 1930 will long be remem- bered as Emvld\n( only too complete, nn example of the recessional phase of | the business cycle. If genuine and per- | manent improvements in the organiza- tion and conduct of business are to be made, it is needful that the record of important developments dusing this major international business depression should be preserved and studied. Means of Checking Recession. “Whatever one may believe to be the basic causes of the depression, there is no doubt that they arose long before 1930. Through 1930, therefore, the vi- tal question was really whether the re- cession in business already under way could and would be arrested. During the early months of the year business conditions were not without consider- able reassurance in this regard. Disil- lusionment was not, however, long de- layed. By June the favorable appear- ance of current statistics had faded and again recession held sway. The ex- pectation of improved conditions in the Autumn proved another bitter disap- pointment. A final shock was the fur ther downward plunge in December, after the faint and again deceptive signs of lub\ll.nmmn cmt proauclc’xon -ndwmo; modity ng earlier mon the Autumn. During 1930 pessimism and discouragement thus increased as the year progressed, and nulned v.helr maximum intensity in Decem! “After the depression of 191'—22 much statistical and economic research and very widespread public attention was devoted to the whole question of recurrent cycles in business conditions. Unfortunately, the long period of great prosperity from 1925 to lm persuaded many people in this country that the business cycle had been definitely abol- mgu;na’mc it had bsei)flle pmfl?:; increase prosper indefinitely, without lho danger of seri- ous depressions. Recurrence of Cycles. who hln all alang continued “Those 10 bgjieve in the alternating cycles of - | middle of 1927 business conditions between prnspern:y and depression have been only too completely justified by the events of the past two years. Yet there still is little agreement as to the basic causes | of depression and no generally certain convicticn whether they are actually | preventable, aithough there has besn | 2 great diversity of suggested remedies. | “In all probability no single economic | formula will be found for maintaining stable prosperity. To select any single |element in the business cycle, magnify it into a dominant casual principle, and attempt by its manipulation auto- matically to prevent depressions is a tendency as fallacious as it is human. “After the 1919-1922 post-war busi- ness depression commodity prices re- mained remarkably stable at approxi- | mately 145 per cent of pre-war levels. Undoubtedly this unusual stability of commodity prices provided a substan- tial basis for the current period of pros- perity in this country. Commeodity Prices. “Late in 1929 commodity prices slid off to the lowest levels scen since the By March-April, 1930, temporary stability of commodities as & whole occurred at a level about the same as the bottom of these prices in 1922. But from May to July the de- cline continued very sharply, and after | another deceptive and more prolonged period of seeming stabilization in July- September, prices continued to fall swiftly until, at the end of the year, the index stood at only about 12 per cent above the 1913 pre-war level. “Whatever its causes, the effects of the long and drastic decline in com- modity prices on the equilibrium of business everywhere have been speedy and obvious. The foreign trade and sometimes the governmental revenues of certain debtor countries have been seriously diminished. iroduction of raw materials and manufactured goods has been checked. Inventories have im- posed losses on producers, manufac- turers and merchants, increasing as tney mounted. Earnings have fellen and in sympathy the prices of shares in all the security markets of the world. “Ever since the depression of 1919- 1922 the danger which over-large cow- mercial inventories hold to the stabi- ity of commodity prices and the whole equilibrium of business has been very generally realized. In fact, the almost universal confidence in the stability of hullne- prosperity during 1925-1929 was largely based on the very comfort- ing bellnl that mercantile inventories were remarkably light. Movement of Inventories. “The United States Department of Commerce fitu.r:d‘ on h:lvenwflud“o{ manufactured show a 2] tuations, 1930 re- not exces- sive amounts. On the other hand, th line representing inventories of raw ma. terials shows great seasonal changes each year. The years 1926-28 wit- nessed about the same low points and about the same peaks in respect to raw | material inventories which, outside of their regularly extensive seasonal movements, thus showed marked stabil- ity through these years. But in the | Summer of 1929 these inventories were | not. reduced nearly as far as usual, and at the end of that year rose to a mu higher point than during any of tl previous years. During 1930 raw ma. terial inventories, as shown in this in- dex, fell seasonably in the early months, | but reached their low point in June at & level slightly higher than the low ‘pmm, for 1929. Thereafter they rose | even higher at the year end than dur- ing _the previous year. “It seems plain that one resson for the continued decline of commodity rices during 1930 arose from just this ventory situation. Through 1930 in- ventories of raw materials in this coun- try were too great to be absorbed ex- |cept at lower price levels. The gen- {erally normal inventories of manufar- tured goods apparently blinded ob- servers to the quite different situation with raw materials. Building and Construetion. “Some students of the business cycle have long contended that its violent fluctuations might be considerably mitigated by deferring construction during booms and stimulating it dur- ing depressions. In 1939 both govern- mental authorities and business leaders made a valiant effort to stimulate con- struction. “But it seems apparent from our ex- perience thus far that building is not | always a sufficiently flexible industry to make it as quick and effective & counter-balance in stabilizing the busi- ness cycle as could be des(r.d > WESTERN MARYLAND REPORTS EARNINGS ‘Western Maryland Railway Co. re- ports for five months ended May 31, 1931, net income of $426,601 after taxes and charges, equivalent to $2.40 a share on 177,420 shares of 7 per cent first preferred stock on which no dividends have been paid. This compares with net.income in first five months of 1930 of $876,389, equal to $4.94 a share on 177,420 shares of 7 per cent first pre ferred stock, and after allowing fcf only regular dividend requirements op the first preferred and 4 67,460 shares of second pre! ance was equal to 47 cents a share om 526,820 common shares. May net income was $9,128 after taxes and charges against pet income of $158,698 in May, last yewr. CREDIT DIRECTOR. BALTIMORE. June 27 (Special).— Announcement is made of the election T. Stockton Matthews, member of the firm of Robert Garrett & Sons, Baltimore, as a director and member of the Executive Committee of Com- mercial Credit Co. James C. Fen- hagen, who retires from Robert Gar- rett & Sons on July 1, will remain as director of the Commercial Credit Co. hmm-clu;- m b;n( !oflxd