Evening Star Newspaper, June 30, 1931, Page 15

FIN CURB SHARES WIN STRONG SUPPURT “Market Shows Firm Tend- ency After Early Profit Taking. (2 BY JOHN A. CRONE. Bnecial Dispatch to The St NEW YQRK, June 30.—After opcn- ing irregularly. today, the Curh Ex- change absorbed early profit taking Jairly well and firmed, without, however, bringing about an increased rate of trading. Public utflities remained uneven, the domestic issues showing strength and the foreign shares displaying weakness despite the fact that the latter, should benefit from any satisfactory solution of international debt problems. Elec- tric Bond & Share regained an early Joss by midday end Cities Seryice vir- tually accomplished th: same feat. Strength of overseas markets failed to ald some of the more popular inter- national public utilities, like Interna- tional Superpower, which opencd off 23,; Brazillan Traction, off 13: Utili- ties Power & Light B, off 1; and Italian Superpower, off 15, Other transatiantic shares, such as Woolworth Ltd., Ford Motor Ltd., end Unjted States Electric Power, also softened. Great Atlantic & Pacific Tea, with a loss of 5 points on its first few deals, and Walgreen, off about a point, were the weakest members of the chain store group, while Chain Store Stocks Inc., and a few of the other specialized in- vestment trusts hardened. Investment trust security experts gen- erally were interested observers of m ket trends. as closing prices today on many of the securities held in their portfolios mean much to semi-snnual of last December and Consolidated Gas of Baltimore is up more than a dozen points. These and many other trust holdings will help e the semi-annual security list look though many trusts indicate they h: sold on some of the recent bulges. Investment trusts were not much in the trading limelight today, though the group has enjoyed its share of the gen- eral upswing. Goldman Sachs, United Founders, Insull Utility Investments and similar stocks were fractionally Jower in forenoon transactions. Weak early in the session, the oils displayed firming tendencies in the early afternoon linder’ the leadership of the Standard Oil group. Weekly reports show decreased production, diminishing gasoline stocks and reports of further constructive efforts to stabilize output helped the oil shares. Socony-Vacuum, the stock which replaces General Pe- troleum when-issued—all which were. volded—becauge of the ma- terial changes in the Standard Oll of New York-Vacuum Oil consolidation, was the leader in the standard classifi- cation. Heaviness in Gulf Oil at the np:lnlng was erased during the third period RN CHICAGO STOCK MARKET By the Associated Press. CHICAGO, June 30.—Following is the complete official list of transactions in :;:cks on the Chicago Stock Exchange ay: 1 u,.lm Abbot Lab .... N H"h u' Clon S S8 T PR =8 SRR P 8750 Cora Eors i 1800 Corp Sefp mp G & P 67 pi... 100 FitzSimmons & Con.. 30 Foote G & Mach.... 300 Gen Candy_Corp A.. 30 Gen Thea Eq 30 Godchaux 1400 Gt Lakes Alrcraft 50 Gt Lakes Dredge. . 1150 Grigsby-Grunow 50 Peabody Coal B . 850 Process B ol 10 Standard Tel &%r: 350 Swift D3 930 Vortex Cup_ 12730 Walgreen 200 Western Cam . t P L & Tel ) :::::::,_._.:H-:sq % 100 Zenith ‘aldlo " Stock sales today: 3000 Appalac Gas 2000 O y!m- :- Do 5000 c.nnbyu'crun o J9ié g Insull Bond sales tod: BALTIMORE STOCKS. @pecial Dispatch to The Star. BALTIMORE, June 30.— ote. | 1920, 20 Pidelity & Deposit 230 Flon Fafomat Bank 50 Manuacturers Fin 110 Maryland, Casu ity G B AL Ver-woodburs Ml 9 New, Amsterdam Cas Co. 88 U 8- Fidelity & BONDS. 000 United Rwy & Elec 1st R Eiec 8s lec mnggrmn 433 ANCIAL, NEW YORK CURB MARKE 9%k Amiiated Proa 1 61 Afr Investors cv pf. 23 Allled Int Invcv pt 2 20 25 13 1 Alu Co of Am pf (8) Alum Ltd A war, Aluminum,Ltd llih Am Laundry Mach 3, 258 s AmLt&Trae (i), 2 Am Natural Gas.... " Am Superpew (40¢) Am Util&Gen (B)vte Am Yvette Co (2be). Anchor Post Fence.. . Appaiachian Gas. ... Appalachian Gas wr. 2 122 1 Asso GEEL (A) (ll) . Assoe G & E purrts., Assoc Rayen. Atias Ut Corp. Atias Utilities war. Auyte Voting Mach. .. Aute Vot M ev pf pt., Aviat Sec of N En, Bahia Corp. s BURN&EP 1st A Bulova ev pf (3%). Buree Inc ev pf (3) Cent Pub lle II.‘ 4 Cent Stat Bl l)ll:\; Ce Consol Aute M Consnl Copper. 1 4 Cresson Consol (4e)y, Crown Cork Intl (A) Cus! Mex Mining, .,/ Dayton Alr & Eng Deisel W Gilb (1%). 4 Detroit Afrcraft Cp, . Doehler Die Casting. Dubilier Cond & Rad Duquesne Gas Cor) Durant Motors. i East St Pow B (1) Eisier Electric Corp. Elec Bond&Sh (b6 %) Elec B & Sh pf (§)., Elec P& Ltop war. ., 4 Elec Pow Asso A (1) Eleec Shareholdg (af) Emp Corperation. .. Emp G & E cu pf (T) 10:: - S NN RE® Bk~ Europ E Ltd A (60¢) Evans Wallow Lead. 5 Fairchild Aviation Fansteel Products Ferro Enamel (A) % Foremost Fabries. '» Fox Theater Cl1 Garlock Pk (1.20).. Gen Alleys. . Gen Aviation. Gen Leather Co. Gen Rayon A). . . Gen Thea Eq cv pf 3. Coal (4).. e TR TR Goth Knitback Mcl Graymur Corp (1) 4 Gt At&Pac T GrtA&PTpf (7)., GuifOtlef Pa (1%4). Happiness Candy. .. Hecla Mining (40e), Hoilinger Go Hudson Bavy M & 8 Humble O1) (t23).. Hygrade Food Prod. 1mp Oll of Can (50¢) Imp O Can rex (50¢). Ind Ter I1lu Of1 A. ... Industrial Finan ctfs Insull Inv (b6%). i Intercontinen! Fi Int Hydrogv pf 33 . 175s Int Hydro B1 A war,, 1 Int Petroleum (1)... 27 Int Superp (+1 10) 1 Int Utilities Interstate Equitie Interst Hose Mills Italian Suverpow A, Italian Superp war. . te. A«u.m llfi. Low, Close. 1% 128 Alumipum Co of Am 276s l:: ~Prev. o T 10% 37 28% 19% L 12% < Received by Private Wire Direct to The Star Office Stock and Divid "% Kolater-Be (Am 8h)s 1 10 Kress SH sp pt 60c. . 29 Lackawanna Bec (4). 24% Lake Shore Min(1 6% Lefcourt Realty % Leonard uu Lone Star Gas Lou IscuptB MacMarr 8 N Mass Uil Ann‘ R end Rate. mno‘n. lln. 2 10% 1 32 tores (1). 4% Niag-Hud Pow B w. % Nor Am Aviat A war, uu NoAmL &P 1% k] Pper. 107% 108% ghlo Pub BvpfA (1) lnl lOlK 3% payment, able i dividend. 1% +1.02 Utl] & Ind pf (13 Utllity Equities, Vacuum Oil (2).... Venezuela Petrolm. . Waitt & Bond(A)(2) Walgreen Co........ Walker (H) (50e)... West Mass Co(2%). Wil-lew Cafe pf (4). Wiworth (FW) Ltd. 143 4 “Y" Oll & Gas rates 1n dollars based -an- Shauitoiiars Dased on last quarteriy or semi-an eash or gtock. 1Plus 8% in stock. stock. §Plus 2% in stoek. kP "stock. nPlus 8% in stock. b e 13 Outboard Motor B... 1 20% ProG & K ¥ lflb Pac Pub Sve A(L.] Pac Western O1l. Pantepec Oll, Pandem Ol Parke Davis (11.55). Parker Rust Pr (3)..600s Pennroad Corp (40e), Peoples Lt&Pwr (A), 1 1 tpfi1%., 6 II'A 2 Pub Ut Held cu pf(3) 3 l-'v & Lt Secur m) n- Bhen Corp pt Signature Hesl Stetson (J B) . Strauss (Natha » Swift & Co (3). « Tampa Electriec (32). Teek Hughes (§0¢) Thateher Sec Corp. Tobacco Secur. Ltd ( hd % 2 1 ll! exire. 1Plug 4% 1N stoek. & Plus 6% 'n steck. nPlus 1% in m Plus 3% 1 ® Paid last year—no reguiar rate. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, June 30.—The following is & summary of important corporation news prepared by the Standard Statis- ! ties Co,, Inc., New York, for the Asso- clated Press. News Trend, Although May net operating income for the first 66 railroads reporting was | above that of April, this enceuraging news is somewhat tempered by the fact the decline from the previous year 32.6 per cent and 55.4 per cent be- low two vears ago. This decrease was lalso smaller than that reported by the | same roeds for April, when a decline of | 1337 per cent from April, 1930, was registered. | Automcbile. production again drifted lower, according to Cram’s automotive reports. Output for the week ended June 27 was 3.2 per cent under the-pre- | ,cedlng week and 275 per cent below year. Pullminm statistics on the dally average. crude oil production for the week ended June 27 totaled 2.445, (11 barrels, a decrease of 30.800, which is 3 favorable, not only because of the down- 3;, | ward trend. but also because it is the smallest total for three weeks. The Companies. Community Water Service 1930 nct income $1,078,364, against net income before amcrtization, etc., 41,191,962 in Pacific Telephone & Telegraph May gross up 0.1 per cent, net income off 2.3 per cent; five months gron up 2.2 per- urt. nlt. u) 2.9 per cent. rvice Electric & Gas net in- eom ynr snded rehrunu 28, 831,21 170, against $20,631,38 ~ Adams-Millis current. output aversg- ing about 17,000 dozen pairs a day: year's output expected to exceed 1930 price increased !5 cent a pound and wuthervrool wiu 1- cent. wnxcde;ofl:mm off 3.6 per eent; May gas output up 21.1 per cent, five months up 15.6 per cent, Hall (W, F.) Printing 1931 business holding at levels of & year ago. Havana Electric Railway total re- ceipts January 1 to June 21, eff 22.2 per eent. Illincis Central Rallroad wins Illinois tax case resulting in a reduction in ‘compsnya State taxes by $376,000 | annually. International Shoe current output above year ago, larger output expected ! in s:cond half. i Klym llullul) & Co.—Fiscal ye sales expect lpproxlmlu 520000 = | 000, Anlmt $26,000,000 in preceding year; unit volume off about 10 per cent; operations estimated arcund 80 per cent | of normal capacity. Kroger Grocery & Baking—Sales, 4 | Weeks to June 20, off 4.9 per cent; 24 | weeks off ‘3.4 per cent; number stores | June 20, 4,965, | _ Lehigh Coal | Pinchet signs bill permitti | take over un of Delaware Divisien Canal frem eom! d !.dncoln Printi Puwn“)ur'- :M- end needs cavere ) " sty inpame, ot ouat: Vive e up (TR e esf ilway— Conneli.:"vwk extension lo!lul!y'cgm- pleted; interest ch creased uM. about $700,000 & yur. or u 3l a tal share. epublic Steel opmcm' at 45 per unl. lnum cent last week and lr. t in 1 periad, ted States Steel hlldhry m.- u':sooo rail order nvmm e onieon, Topeks & Ganta o Rai- Pecied to bave ,.'.'}:::‘ Vet 'y'k-f”}"-;o"' m running ; ot Sapenes o s st uu avhm Central llclhul May net opontln: income off 41.5 per cent; 5 montns off lTJ per cent. Jewel Ton sales, four weeks to June 13, off 9.1 per cent; 24 weeks off 11.7 per cent: average number of sales routes for 24-week 'period cent. New York Central Rallroad rfil!lng Ineonu $2 mon! I“l m .ln,m. W. )} n-l-nulll five | by formerly paid $1.50. —Small first - half Pprofit forecast; shipments for period to exceed 40,000 units, against 58,000 in 1930 period; introducing new low- P Ahaconda Copper Minl acon T M subsid| American Brass, p:nunue:" brass M ucts price !5 cent and copper nroducu Ya_cent. Canadian Pacific Railway May net earnings up 19.9 per cent; five months off 12.1 pe t. Citles Btrvlee subsidiary, Citles Serv- ice Refining, cuts bulk gasoline price Ya_cent s ;: on, Illinois wer & Light gross, 12 months to May 31, off 3.9 per cent; net income off 7.6 per cent. American-Hawailan Steamship re- ceives tax refund of $569,652 and inter- est of $35,600 for overassessment dur- ing years 1920 and 1921. Chicago, Indisnapolis & Loulsville Railway May net operating income off 5!& per cent; five months, off 67 per Colonao & Southern Railway (in- cluding Fort Wmh & Wichita V-.th' Rallway) May ni arn $12.234, against uon 19; five mmtm. $446,393, against $1,033,82¢. Electric & Musical Ind Yy lumbia Graphophone & Gramophone elo A::eclllm gflnl‘xmzz ’dzlmll ol erican re exten luly 13, 2" M Ih!ul my uu e $6,079, against. $76, 1!7 nn mon 3, against “m. tl!l. $33,280, u“& St. IMlll nl w eent; nn“fi‘:m, off 40.5 pu- FOREIGN EXCHANGE. (Quotattons lu'l‘y"lhl,, -2 Hfl.fimn 8665 4. up 52 per ‘A.nnu. NEW YORK, June 30 (#).—Stooks heavy; United States Steel breaks par. Bonds—Easy; 1 heavy. Curb—Heavy; losses in dull Pou’ir. Exchanges—Irregular; Span- pese 3 3 Cotton—Lower; cal easy bles, poor mqg’ n% Corn—Steady; bullish weather, Cattle—TIrregular, P Hogs—Lower. N $Eas: SO FEE aeetl] & AR SRS nmstgs:szss:::sgt's’i%sgzsm BaSR8SalaR! eSS naeaensssas! s 223282332228883 29X & FEESOETIEE S5 o ¢ Ber Gas § Cit Ser Pow Gleve Bl Ty S35 Fisatztessas =3 Hezzsseesiaisfarsizarsanisy EEG e Csgds: ¢ =25eeeeriiEsecy 32 Gatineau Fow 55 1 Gatineau Pw 63 10 Gen Mot Acc 3 20 oun S'uth 85 A Rubber 5'as '38 59 xl-luod Rubber 7s '36.. 68 1} Hous Guif G és A, - 0 Hygrade fl'{n- i h 11l pow & It 1 ot 4%, dnab P 18 Insull ULIE 6 B 1 [ntercon Pw cv 8 2Int Pw Bec 3¢ D um- 1 Inter Py See 1s 9 m s3egsore $E555, ::5“ nterst P8 4! 2 Inver o s A L% 2 Inves Go 35 A 41 Xw 7 Jow: 57 g :288’38::228:!:‘:85:2”!3:}: 8222522888 222 1is Pow- 4 Lt ontr L & P AAZZZZAZZEZ 35 u Calit Gas uthern hw HH 1 m f u!s it exi ‘Texas THCult Ulen & Co 6s nion, k'll ‘ll 88 10800 ron.llull BONDS, FAsr Atz Bank 75 48 4 Asr Mig Bank a % i B gtrs . lfi'fl fo1sd 1016 ES €% e X [} SIS IS v EF 22 Ly 3sasFad. zzussiy FEETER s Saal = 38 o 222338 _gus e = L PP EAADASIEA NI 3 3 ] 33 ¥ i BILLION WILL BE DISBURSED IN DIVIDENDS AND INTEREST BY CHARLES F. SPEARE. Special Dispatch to The Star, NEW YORK, June 30.—According to the various estimates made today the amount of dividend and interest money rae olders ing to be disbursed to American h M.m securities on Wednesday will be in the IMN'W of $1,000,000,000. 40 per cent in , roughly, and u per cent ln interest. sum is nn-.ller than a year ago. It shows m effect of the inishing number of eorporations still paying divi- dends at the 1030 um ’flu Jnly divi- dend ts ¥ mately $75,000,000 hu M tuu 12 months ago, represent at ;: n,:i" cent. 3 y- ments of interest will fm h Ju than Iast ynr [ lnvln. in such umnu ever nno 10329, w. the enormous increase Innunumh' ne'!ufluundinm total corporation debt capital, lfi for the account of the whlle uf lty o-nnl-. greatly expanded the )’aw Interest Defaults. ‘There have been comparatively few defaults in interest by corpora llf;. in the past year and a hll! during which time hundreds of eompanies have found it necessary to either reduce or pass their dividends. ‘The months of January and .vuly and those of April and the great dividend and interest disbursing periods of the year. Many of the divi- dends that are paid qlllmrly fall due in these months. Much of the interest tmt is credited uml--nmuuy is dated January and July, For many Iun the markets for investment secur could expect an inflow of dividend and in- terest money at these, periods, as it was customary for investors to em lay a part of their income in the purc of additional bonds and stocks. Not for several years, however, has the investment market been favored with any considerable portion of the dividend or interest disbursements. In the period just prior to 1929 bonds were not popular. Blnce 1920 those who have been fortunate in recelving dividend or interest money have been using it ‘The | and dividend distribution days the cor- tions d t funds in their meet CRUDE OIL OUTPUT DECREASES IN WEEK Oklahoma' and Eastern Texas Lead in Curtailment of Production. By the Associated Press. TULSA, Okla., June 30.—Daily aver- age crude ofl production in the United States decreased 30,800 barrels last insti. iders | Ye¢k: totaling 2,445,471 barrels, the Ol canceled. In & period of minimum rates, such as is now ced, the influ- ence of even a $1,000,000,000 dubune ment is slight, just as was that of the recent transfer of Government s for an even sum. Reeent Appreclation. Many investors whose dividends )ll‘ll been r:duced or omitted and who, in uence have felt extremely poor, m y in & much more cheerful mood see the -appreciation that has uten place in the value ol their securi- tles. 'Not infrequently stocks whose dividends have been reduced in recent weeks are now, sel many points higher than they were before cuts were made. In other words the amount of the loss in direct income from a divi- dend change has been in a sense com- msated for by a rise of as much as ?r‘om 5 to 10 times the amount of divi- dend cut. Up to June 2 the investor was not only experiencing a reduction in his income, but he was seriously con- cerned with the day-to-day deprecia- tion in market value of his stocks, to zay nothing of the shrinkag: taking g | place in his bonds whose interest pay- | ments were not at all questioned. Capi- | tal apiffeciation which had taken place | to & sensational degree up to today greatly improves sentiment. Obviously it cannot compensate those depending on income, for the cuts in dividends which they will realize more forcibly when they will receive their July checks. (Copyright. 1931.) Grain Market CHICAGO, June 30 (#).—Month-end | settlements ran the price of June ‘wheat up 8 cents & bushel in the final dealings | today. New deliveries—July, Sep- tember and umber-:nup-e ized, rallying from earlier setbael ullish crop estimates from Canada were re-| celved, suggesting a total yleld 140, 000,000 bushels less than in 1930. Desplte the sharp late advance of | June quotations, teday's June wheat | dealings were not of great magnitude, last-day settlements amounting to only 805,000 bushels. Wheat closed irregu- llr at 1; eent decline to 8 cents ad- ce, corn unchanged to %3 off, oats| nnch-ngen to 35 up and provisions to |3 27 cents decline. |3 WHEAT— High. Low. Close. | 77 a3 71 54 | 30 | Ll July | September December Heads National Biscuit Co. NEW YORK, June 30 () —Frank C. Lo president of the sugsr firm of | mwv;,y & Co and president of the Warner Suga car&nnuon. nas bern‘ elected pnlldem cf National Biscuit Co. l to succeed Frederick Beers, who be- comes chairman of the Manufacturing | Committee. U. 8. TREASURY BAI.ANCE The United States Treasury balance announced today as of clcse of busi- | ness June 27 was $501,366,365.77. Cus- toms receipts for the month to date . Total ordinary ex-l penditures, $2,999,540.90. STOCK AND BOND AVERAGES, By the Associated Press. TUESDAY, STOCKS, 50 Industrials. Month age. Year zgo. | per hundredweight—Bliss | Parious Southern States, metly nrmmdlb“’"" | 1.00: | (88-89 scere), New York Cotton Special Dispateh to The Star. NEW YORK, June 30.—Cotton prices worked off about $1 a bale today in ad- | dition to the loss of Monday and un- | der quiet trading the list closed with a lass of 12 to 18 points on the day. As October spproached the 10-cent |level the market met more support as molsture is needed over a large part of the belt. The temperature at 123 sta- tions ranged from 100 to 108 degrees the past 24 hours. Spots were reduced 10 points to 9.95. Bevo m 33 1A March | May POTA’I‘O IA!IET CHICAGO, Jyne 30 (# | States Department of Agricultu!)' | Potatoes—Receipts. 340 cars; on U 509; total United States shhmuu 675; weak; trading on syckea stiff / eryvc weak and unlefl-led with bui of ar- rivals in ordinary to poor barrels slow and dull. sound stock, 1.10a1.0; decayed, | 0 up; Norfolk, Va.. and Motnt Olive, | N. C., barreled chbler; 2.J0a2.60. CHICAGO DAIB! NARKET. CHICAGO, June ¥ <""-—‘3““"— R'Ctlpu 19,2 : extras (97 score), 24; extra (90-91 scor). 221:323; )222”":3“'!5 (86~ score), 19a30; stadards (90 score, cen- tralized car lots Eggs—Receipts, | 14,044 cases; stedy: unchanged. Exura 7: Treshérsded firsts, 1614 eur- | e :ecel;rafi 141;; storage packed | firsts, 1713; “worsge pmnd extras, 18. | JUNE 2. 20 l‘fll.ll ln (Copyright, 1931, Standard Statistics Co.) and Gas Journal reported. Oklahems and Eastern Texas led the downward ‘movement. Oklahoma's wmt estimated at 543.- 13,395 barrels under The entire mid-continent which ares, included om and Eastern 23,604 barrels, 'l!h 2 had a drop of !hldmol Xm,zib.’hfldl_o o an crease of barrels m boost that 101,840 barrels. R mtern roduction remained llll‘ 110,500 barrels, nm o 300 barrels, ‘Thie Rocky Mels tain area ref d s decline of * barrels, with an output of 97,257/8T~ rels. California’s production felt*500 barrels to $10250 barrels. STOCK PRICES SOAR $1,849,232,004 IPWEEK Bpecisl Dispateh o The Star. NEW YORK, June §—The mar- ket value of 50 Te ve stocks lon the New York Sf {1931, was $17,920,60: ximately 11.51 ;:,";:.’,’3,%3:"'“‘{.?. of 36071 371,549 at the elaseof 'M week, aecerding w‘ tion by Paul H. Davis & & of the "'M“g,m’w"‘;fizn ssmpon, the value of thehares ¢lose the correspondip Week i 1930, pods darfmiing INVESMENT TRUSTS NEW YOI, June 30 UP)—Over-the- counter >>> L] Q P22 REED D] 3338333883 35 ot &"Pac Int i “h Pac com ww 15 % . Bs e 288 e 25gE a1 o nation: | Cmm & Car los, acked, | GHUR & ‘T4unphs in | D-punu t firsts | 6 ng nvestors Equit corp Investo: uf ndependence Tr Bhrs i Mutusl Inve: Mutual Monage o Nation Wide Secu: National Indust 8k A Gorn o Am Trusi Shares Secur eprezentative ur Corp Gen 36 v .\w Int Secu: rg Qd, Int Beeur O + Becur Corp 6% WEEKLY DIGEST Members NEW YORK AND BALTIMORE STOCK EXCHANGES Associate Member NEW YORK CURB EXCHANGE 1508 H STREET WASHINGTON, . €. for regular dis- WE have available i : tribution a “Weekly Financial Digest” which we believe will be of ‘value to those interested in the Stock and Bond market. Copies may be had at our office or will be mailed on request. Telephone: Metropolitan 5020 Mackubm Goodrich & Co. ESTABLISHED 1809 BANKERS REDWOOD & SOUTH $TS. BALTIMORE, MD.