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Evening star. [volume] (Washington, D.C.) 1854-1972, June 08, 1932, Image 14

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INCREASED CREDIT
USE IS ADVOCATED
Fleming and Graham Chosen
| to Represent D. C. in Na
[ tional Campaign.
BY EDWARD C. STONE.
At the suggestion of the President
of the United States, concurred in by
the Federal Reserve Board, the Fed
eral Reserve Banks have organized in
each Federal re
serve district a .,
committee com
posed of bankers
and business men
to encourage the
use for product ive
purposes of the
credit released by
the Federal Reserve
banks through
open - market op
erations.
The bankers of
Washington,
through the clear
ing house, selected
Robert V. Fleming,
president of the
Riggs National
Bank, and business
Robert V. Fleming:.
and trad' organizations and outstand
ing business leaders of Washington
selected Edwin C. Graham to represent
the District of Columbia on a commit
tee of 12, six bankers and six busi
ness men, for the fifth Federal reserve
district.
The Committee of Twelve at a meet
ing held in Richmond yesterday eltcted
Mr. Graham, president of the National
Electrical Supply_
Co., its chairman
and Charles A.
Cannon of the
Cannon mills,
Kannapolis. N. 'C.,
Its vice chairman.
As banks them
selves cannot cre
ate the credit in
which to invest
their funds the
Federal Reserve
banks are relying
largely upon the
business men of
t he country with
the advice and
help of the bank
ers to create a
volume of com
Edwin C\ Graham.
mercial credit that can be bought by
the banks and money thus released for
productive purposes in an effort to
stimulate business and employment.
Gov. Seay Presides.
Gov. George J. Seay of th" Federal
Reserve Bank of Richmond presided at
yesterday's meeting, which was held at
th“ Richmond Bank.
Eugene Meyer, governor of the Fed
eral Reserve Beard, went down from
Washington to attend the meeting.
The organization plans are similar
to those already carried out in the
New York Federal reserve district and
in the Chicago district. Other com
mittee members announced yesterday
include C. E. Michael and Robert P.
Beamon for Virginia: H. M. Victor and
Mr. Cannon, for North Carolina: A. L.
M. Wiggins and James C. Self, for
South Carolina: John M. Crawford and
H. B. Lewis, for West Virginia and A
Hamilton Post and Charles M. Cohn,
fer Maryland.
Announcement that Mr. Fleming had
been selected to represent the banks in
the Washington Clearing H use Asso
ciat.on, was made by H. II. McKee,
chairman of that organization and
president of the National Capital Bank.
Chairman MrKoc believes that fact
should bo stressed that the banks do not
create credit. Business has to create the
demand for credit and the banks then
supply that need.
The banks ail over the country have
a vast amount of m ney ready to loan
when business and industry need it. The
idea that the banks are holding up
credit is said to be unfair and untrue.
The present trouble is with the demand
for credit and not with the bases of
supply. Chairman McKee asserts.
When all the Federal Reserve districts
have completed their committees, it is
expected that the different groups will
be invited to the White House for a con
ference with President Hooter so that
the work in the 12 reserve districts mav
be properly co-ordinated. At least, that
was the idea when the plan was first
announced.
Automotive Firm Reorganized.
The board of trustees of the General
Auto Truck Co., Twenty-fust street and
Virginia avenue northwest, at a recent
special meeting for the consideration of
executive reorganization, elected the
following stockholders as officers for
the current year:
William H. Staples, president, td suc
ceed B. C. Downey, whose resignation
was accepted last'January: E. Austin
King, vice president, and Albert George
Keen, secretary-treasurer
William H. Staples and Mr. E. Austin
King are two of the original stockhold
ers. and have been actively engaged in
the conduct of the company's business
since its organization in 1919.
Albert George Keen, an accountant
by profession, has been associated as an
executive with two of Washington's
leading department stores for the past
six years.
Semi-Annual Dividend Voted.
At a meeting of the directors of the
Jacobs Transfer Co., Inc., the beard
Placed the dividend on a semi-annual
basis, the first semi-annual installment,
for 1932. amounting to $3.50 a share,
being voted. The dividend is pavable
to stockholders of record on June 3.
In a letter to stockholders. President
W. E. Humphreys adds:
"This step was taken because there
had been accumulated a considerable
amount of cash in excess of current
operating needs, and the company hav
ing no unpaid current liabilities, there
was no reason to withhold payment of
the dividend until December.
"Net profits so far this year exceed
the amount necessary for the full year's
dividend. Tonnage handled exceeds
that for the corresponding period of
1931. Gross income is slightly lower
because of lower rates necessary to
meet competition, but this has been
much more than offset by lower operat
ing costs.
"The company is operating on a
strict system of budgetary control, and
no month has shown a loss since June
of 1930."
Underwriters Hear Dr. Huebner.
Dr. S. S. Huebner. dean of the American
College of Life Underwriters, addressed
the District Underwriters’ Association
at the June meeting at the Washington
Hotel this noon. He is on the faculty
of the University of Pennsylvania and
is one of the best known authorities on
insurance matters in the country. His
address today was most inspiring and
informative.
Dr. Huebner attended a breakfast
this mrrning given in his honor by the
D‘strict of Columbia Chapter, Chartered
Life Underwriters, at tiie Faequet Club.
After the meeting this noon he met a
group of 30 life insurance men who are
interested in securing tne degree of
chartered life underwriter.
Gleaned in Financial District.
The board of directors oi the Bank
of Commerce & Savings late yesterday
declared the usual semi-annual dividend
of 5 per cent, payable July 1 to stock
holders of record on June 20.
David Bamako?.' has been elected
chairman of the New York Life Agents’
Club for the second six months of the
year. G. L. Stabler has been chairman
during the first half y ar.
Charles L. Taylor and C. Louis Eckloff
have been designated to represent the
National Metropolitan Bank at the Hot
Springs convention. At one of the re
cent conventions Mr. Taylor surprised
his friends by carrying off the top
spinning honors against a field of re
markable spinners.
A 1
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE
Daylight Saving Time Is Used in All Market Editions.
^Prev 1932— Stork and Sales— Net.
HiKh. Low. Dividend Rate. Add no. High. Low. Close. Chse.
5*4 14 Adams Eipreae. 44 2v* 14 14 — Vi
IS 10 Addreslop.raph Cl).. 61 10V4 #4 10'»
34 14 Adv Rumley. 1 1V» 14 lVi — Vi
164 4 4 Affiliated prod 1.*0.. 1 5V* 54 54 — *i
624 344 Air Reduction!t4Vi) 31 374 354 354 —2
164 84 Alaska Juneau (50c) 196 9 4 8 84 -14
34 4 Alleghany Corp. 4 4 4 4
13 54 A llrghrny Steel. 100a 6 6 6 +4
7*. •* AllegCppf 130 ww.. 1 14 14 14
874 47 Allied Chemical (t).. 174 60 48 48 -24
119 961 i Allied ('hem pf (7).. 1 1014 1014 1014 - 4
154 64 Am Rr Shoe (l.tO)..i 4 7 7 7 -4
90 42 Am Brake Sh pf(7).. 100* 46 46 46 -34
734 344 Am Can Co (t5). 283 374 35*i 36 -14
8*4 34 Am Car & Foundry.. 14 4 4
394 184 Am Car A Fdv pf (7) 100s 23*i 234 234 -4
374 18 Am Chicle (tl). 9 234 224 23 +4
15 11 Am Com Alcohol new l 12 12 12-1
94 2 Am * Forgn Pwr. ... 11 24 24 24
33 3*4 Ain*Forgn Pwdlpf. 2 64 6 64 + 4
384 5 Arr.AFnrgn Pwi 7)pf. 3 74 74 74 + *4
174 2*4 Am * For Pwr Id nf. i 34 34 34 + 4
12 44 Am Hide * I.eath pf. 1 64 64 64 —14
614 25 Am Home Prod 4.20.. 14 284 274 274 -14
214 9 Am Ice (2). 13 12 llVi 114-4
68 41 Am Ice pf (6). 1 40 40 40 -3
84 24 Am International.. .i £ 14 34 3 3 —4
94 4 Am Locomotive. 1 44 44 44 + Vi
444 304 Am Locomot pf(7).. r 2 334 334 334 — Vi
224 84 Am Mch & Fdy 1.40.. 9 9 84 84
64 14 Am Metal Co. I 14 14 14 — 4
33 16 AmNews(S). 20a 18 17 17 —1
164 3 Am Pwr* Lt (1).... 46 54 44 44- 4
49** 144 Am P* Lt pf A (5).. 1 194 194 194 -14
I 68 16 Am Pwr * Lt pf (t).. 3 234 234 234 - *4
84 34 Am Radiator. 18 4 3*t S*t
IS 3 Am Rolling Mill*.. • • 8 4*4 44 44 - li
I 294 14 Am Rafev Rat (I)... 1 15 15 15 — 4
184 54 Am Smelt* Ref. 21 64 6 6 —14
34*i 21*4 Am Snuff 4 + 384).-.-* I 24 24 24
103 90 Am Snuff pf (6). 10a 95 95 95
84 3 Am Steel Foundry... 1 34 34 34 + 4
36** 20 Am Stores ft2V4)- 2 224 22 22*, - 4
884 45 Am Sugar pf (7).... 1 53 53 53 -2
1374 824 Am Tel * Teleg 19).. 418 85 814 824 -34
86*4 404 Am Tobacco (t$).... 24 444 434 434 -14
89*4 44 Am Tobacco B (tl).. 185 48*t 464 464 —24
1104 954 Am Tobacco nf (SI.. 2 99 99 99
344 11 Am Water Wks (2).. 22 1.34 114 12 -14
304 154 Am Woolen Co pf... C 10 IS 18 18 — Vi
12*» S*h Anaconda Copper. ... 34 44 i 4 4 — 4
9 3 Anaconda Wire * C.. 3 34 3*i 34
174 54 Anchor Cap (2.40)... 3 74 7 7 —4
12 7 Archer-Danlels (1).. 2 94 9 9 — *«
44 24 Armour of Pel pf (7). 1 264 264 264 —lVi
2 4 Armour of 111 (A)... 22 4 4 4
14 4 Armour of 111 (B)... 5 4 4 4
24 1 Associated Apparel.. 2 1 4 4 — Vi
84 3 Asso Pry Good*. 1 34 34 34
94 234 Atchison (4). 133 264 244 244 -2
86 424 Atch To&S Fe nflS). 1 46 46 46 —Hi
414 9*4 Atlantic Coast I.ine.t 7 154 144 14*i — 14
104 7 Atl Oulf&West Irid.. 2 64 6 6 —1
154 74 At! Gulf* W lnd pf. . 1 7 7 7 — 4
124 84 Atlantic Refining (1) 14 10 10 10 —
254 74 Atlas Pow der (1).... 1 74 74 74
151*4 28*4 Auburn Auto < f4)... 505 374 34 364 +IV4
*4 4 Austin Nichols. 1 4 4 *4
34 14 A viatinn Cnrrt 1 pet > 2 14 14 14
8% 2 Baldwin Locomotive 2 3 2% 3 4- %
28% 8 Baldwin Loco pf..... 110* 9% 8% 8% —2%
21% 3% Baltimore A Ohio.... 35 5% 4'* 4% — %
41% 6 Balto A Ohio pf. 6 7% R'« ~ -1
5% 3% Bamsdall Coro.* 9( 4 3% 4 + %
43% lfi% Beatrice Cream(2).. 4 18% 18% 18% — %
44% 29% Beech-Nut Pkg (1).. 1 30 30 30
62% 57% Belgian Nat Rwys pf 3 58% 68% 58%
18% 4% Bendix Aviation. ... 17 5% 5% 5% — %
24% 5% Best A Co. 7 8 6% «% -It*
24% 7% Bethlehem Steel. 34 9% 8% 8% —1%
8% 3% Blaw Knox.. 1 4% 4% 4% -t- %
22% 4% Bohn Alumn & Braaa 3 6% 6 6 — %
43% 20% Borden Co <3). 45 22% 21% 21% -1%
12% 3% Borg Warner.> 5 4 4 4
11% 2% Briggs .. 3 4% 4% 4% - %
50% 15% Bklyn-Man Tran <4> 443 15% 11% 11% -2%
78% 38' . Bklvn-Mnn Tr pf <«) 122 41 31%. 32 -9%
89% 40 Bklvn I'nion (Jae<5). 2 .64 53% 53% -2%
119%. 107 Brown Shoe pf (7)... 100s 105 105 105 —2
2 % Bruns Term A Rwvs. 1 % % % -+- %
14 4% Budd (EG) Mfgpf.. 50* 5% 5 5% + %
4% % Budd Wheel. . 4 1% 1% 1% - %
2% 1% Bulova Watch. 1 3 2 3 + %
13 6% Burroughs Add(Mc) 5 7% 7% 7% —
21% 4 Bush Terminal(2 H). 2 5 4% 5 -s %
65 9% Bush Term deb (7).. 30* 11% 9% 11% + %
% *, Butte & Superior.... 3 % % %
.19*_7 1% ers 1AM) .Z 9 7% 7% 7% — %
11", 44 California Packing.. .1 5 ft ft — 4
4 l'a Calumet & Heels.... 12 2 2
134 6 Canada Drv ( 1 20)... 5 74 64 64 —14
20*, 74 Canadian Pacific 1 *4. 28 84 74 7", — H
20 104 t 'annnn Mills Co (1) - 1 114 114 114 -f- 4
434 174 Case i.T I) Co. 84 104 17', 174—14
15 44 Caterpillar Trac 50c. 2 5 5 5 — 4
124 74 Cent Aguirre (14 )•. 9 84 84 8', + 4
78 25 Cent R It of X J.. 1 28 28 28 -1
15 3', Cerro de Pasco Cop.. 7 44 34 34 — 4
314 104 Ches & Ohio (2 4 >.. •* 144 124 10*, 104 -1*.
20*, 5 Chesapeake Corp (2)x 6 64 64 6', —14
12*, 2 Chi & Northwestern. 22 3', 3 3 — 4
244 2 Chi R 1 & Pac 6% pf. 1 44 44 44 - 4
154 5 Chrysler Corp (1>... 23 64 64 64 — »,
28', 15 Citv IceAFuel (3 60) 3 154 154 154 - 4
96 90 duett Peabody pf (7' 10s 944 94** 944 - 4
12U 86 Coca Cola (f«). 94 894 874 88 - 14
f,l) 44 Coca-Cola (A) (3). .. 8 444 444 44*, - *.
31', 124 Colcate-Pal-P (2V4). So 144 14 14 - 4
10", 2*« Collins A Aikman- 4 34 3 3 - 4
80 60 Collins &- Aik pf (7).. 2 58 57 57 -3
11 9 Colonial Beacon. 3 It) 10 10 +1
164 44 Columbia Gas (bl).. 44 6', 5** 54 — 4
79 40 Col Gas&El Pf A (6). 2 48 46 46 -4
414 134 Columbian Carh (3).. 20 16 154 154-1
11 34 f'omm Credit (50c).. 14 4 4
264 13 Com! Credit A (3)... 3 13*, 13', 13', + 4
684 40 Cornel Cred lst(CVi). 40s 42 40 40', + 4
27". 104 Cornel Ir.v Trust <2). 9 134 124 124 - *4
101 94 Com Inv Trust pf (7) 50s 96 96 96
10'* 34 Comm Solv < 60c).... .32 44 44 44 — 4
44 14 Comwlth & Sou(30c> 68 24 24 24 — 4
68', 274 Comwlth&Sou pf IS) X 354 35 35 — 4
24', 5 Consol Cigar (3).... 1 6 6 6 —4
ft) 17 Consol Cgr |ir pf 6 4. 40s 19 19 19 —14
584 16 Cr.n Cgr pr pf xw6 4. 40s 17% 164 174 +14
72 50 Consol Cigars pf (7). 50s 21 19 21 —274
114 3 Consol Film pf (2).. 2 44 44 44 — 4
684 .31', Consol Gas N T 14).. 204 36', 3.34 33*, -24
95 724 Consol Gas NY pf(6) 4 80 774 78 —1
74 4 Consol Oil Corp. 59 44 4*, 44 — 4
96 79 Consol Oil Op pf 18).. 10 98 954 98 +2
24 4 Container Corp (A).. 2 1 4 1 + 4
7 2', Conti Baking (A)- 1 3 3 3 -4
474 244 Conti Baking pf (8).. 8 28 26 28 + 4
41 194 Conti Can (24 >. 18 22 204 204 -14
44 3 Cont Diamond Fibre. 7 34 34 34 — 4
254 64 Cent Insur (2.40).... 4 94 9 9 -4
1», •*, Conti Motors. 2 4 4 4
7 34 Conti Oil (Del). 20 4*, 4 4 — 4
*, 4 Conti Shares. ! 12 4 4 4
47*, 254 Corn Products (3)... 40 30 28 284 —14
129', 994 Corn Prod pf (7).... 20s 108 108 108
44 14 coty Inc. t 1*, 1*, 14-4
24 14 Crown Zellcrback.... 2 1 1 1—4
234 6 Crucible Steel. 2 64 64 64 + 4
494 154 Crucible Steel pf. ... 10s 17 17 17 + 4
354 20 Cudahy Pack (24 t.. 1 22 22 22
31 114 Curtis Publishing<2> 8 15 14 14 -1
24 4 Curtiss Wricht.. 3 4 4 4
3*. 14 Curtis Wright (A).. 5 14 14 14 - 4
54 4 Davega Stores (6l>c). 2 44 44 44 — 4
154 64 Deere &• Co (40c).... 2 7 64 64 — 4
894 37 Delaware & Hud (9). 1 40 394 40
28*t 84 Delaware Lack A W.. 2 114 11 11 —4
95 70 Devoe& R 1st pf (7). 60s 604 594 604 - 94
154 12 Diamond Match (1). 1 134 134 134 - 4
114 74 Dome Mines (tl.20).. 8 9 8 4 84 - Vi
18 114 Dominion StorestlVi 2 124 124 124 - 4
57 23 Drug Corp (4). 64 274 254 254 -14
59*> 254 Dupont <le Nem (3). ■ 80 264 254 254 -14
874 384 Eastman Kodak (»).. 40 404 384 384 -14
! 8 34 Eaton Mfg Co (50c).. 2 3** 34 34 — 4
14 4 Kitington-Schild.... 7 Vi 4 Vi — Vi
32*4 8', Elec Auto Lite 14). .. 10 9', 94 94 — 4
1004 Cl Elec Auto Lite pf(7). 10s 63 63 63 -1
24 4 Electric Boat. I 4 4 *4 — 4
4 14 Elec&Muslcal Instru 3 14 1*, 14 — 4
1 »’« 24 Elec Pwr A Lt (D... 37 44 34 34 - %
554 104 Elec Pwr A Lt pf<6). 1 18 18 18 -14
64 124 Elec Pwr A Lt pf(7), 5 23 204 204 -24
334 124 Elec Storage Bat (3) 8 1SH 18 18—4
19 13 Equit Office Bldg 1*4 1 13 13 13 —4
10 2 Erie R R. 1 34 34 34
134 24 Erie R It 1st pf. 3 4*. 4*. 44 + 4
10% 3 Fed Water Service A 8 3% 3% 3% — %
27% 6 Fid Rh Fire In(2 60). 7 9% 8% 8% - %
94 79 Filene’s Sons pf 6',4.. 10s 82% 80% 82% +4%
59% 45% Firestone T&R pf(6) 3 46% 46 46 — %
63 37 s First Natl Strs (2 74) 5 41% 40% 40% - %
% % Fisk Rubber. 10 V* % %
7% 2 Foliansbee Bros..... 1 2'* 2% 2% + 7,
12 3 Foster- Wneeler..... 4 4% 4% 4% — 7*
21% 10% Fourth Nat Inv 1 10.. 5 13 12'4 12% — %
5% 1% Fox Film (A). 5 1% 174 1% + 7*
19% 10 Freennrt-Tevas (2) • 8 11% 10% 10% — 74
1% % Gabriel Col A). 4 74 '4 %
3% % Gen Am Investors... 11 1 1
36% 10 Gen Am Tank Car(l) 2 10% 10% 10%
15% 5 Gen Asphalt (1). 8 5% 4% 4% - %
38". 20 Gen Clpar (4). 5 21 20 20 -1%
101 84% Gen Cipar pf (7). 60s 78 78 78 —7
26 74 8 7, Gen Electric (40c).. 243 10% 9% 974 — %
11% 10% Gen Elec spec (60c).. 8 107, 10% 10% - 7,
40% 19% Gen Food Corp (31... 74 21% 20% 20%-%
2% % Gen Gas & Elec (A). 9 % % % — 7*
24% 4', Gen GX-E cv pf A(p7) 1 5 5 5 — 7*
37 28 Gen Mills (3). 6 30 30 30 - 74
24% 8", Gen Mo ors (1). 182 97; 8% 8% - %
87‘i 62"* Gen Motors pf (5)... 3 63% 63% 6374 —17*
14 5 (Sen TTintinit Ink.... 20s 5 5 5
16% 5% Gen Realty & Util pf. 1 5% 5% 5%
14% 2% Gen Refractories. ... 2 3% 3% 3% + %
24% 10% GilletteStf Ras(l).. 16 137* 12% 12% - %
68% 47 Gillette Saf U pf(5). 1 49 49 49 -2
7 3% Gildden Co. 1 3% 3% 3% — 74
54 35 GRdden Co pr pf (7). 20s 40 39% 40
6% 2% Gobel (Adolf).. 3 3% 3% 3% - '4
19% 8k Gold Dust (1.60)... . w I 9% 9 9 -%
' ^Prev. 1932-> Stock and Sale!— Net.
High. Low. Dlvidtnd Rate. Add 00. High. Low. Close. Ch*e.
6% 2V4 Goodrich (B F).• 13 3 3
17 7 Goodrich (B F) pf... 1 8 8 8 - V.
18% 5% Goodyear Tlre*Rub. 5 7% 7 7 — %
14% 7% Gotham Silk Hosiery 1 12% 12% 12%
4% 1 Graham-Palge. 64 1% 1 1 — %
7% 2% Granby Consol Cop.. 13 3 3
9% 3% Grand Union. 4 4% 4 4 — %
35% 22 Grand Union pf (3).. 1 23% 23% 23% + %
2S 5% Great Northern pf(J) 22 8% 7% 7% — %
11% 5% Great North Ore(I). 1 6% 6% 6% — %
6% 3% Great Western Sug.. 6 3% 3% 3% — %
80 48 Great Wn Sug pf<7). 100s 60 50 60
8 3 Gulf States Steel.... 2 2% 2% 2% - %
70 33 llanna pf t7). 100s 35 35 35
1% % Hayes Body Corp.... 3 % % %
8% 4% Hercules Motor. .... 2 4% 4% 4% — %
83 4« Hershey Choc (6).... 4 53% 52% 62% —2%
131% 110 Homestake Min <9).. 4 126% 124 124 -3
4 1 Houdaille Hershey.. 1 1% 1% 1%
24% 8% Houston Oil. •> 9% 9% 9% — 7»
5% 1% Houston Oil (new).. 2 1*4 1% 1% — %
16', 5 Howe Sound (1)-1 - 5% 5% 5'« _ %
30% 8 Hudson & Man (3%). 3 12 11% 11%-%
11*4 2% Hudson Motor Car... 2 3% 3% 3%
5% 1% Hupp Motors. 2 1% 1% 1*4 — %
18% 4*4 Illinois Central. SI 7 6% 6% - %
1% 4. Indian Motor Cycle.. 1 % % *» + '-*
38% 10% Industrial Rayon (2) 3 12 12 12
39% 14% Ingersoll Rand i*).. 5 17% 16% 16%-%
4% % Inspiration Copper.. 1 1% 1% 1%
3% 1 Ins’shares Md(a7c).. 3 2 2 2 + %
14% 2% Interboro Rap Trana 61 3% 2% 2% — %
117 65 Int Bus Machlnetn*) 8 68 66V* 66% -1%
5% 1% Int Carters I.td(40c) 3 1% 1% •%
18% 3% Int Cement. 1 4% 4% 4%
29% 14 Int Harvester (l.**>. 29 14% 13% 13% -1%
108 71% Int Harvester pf (7). 1 70 70 70 -2%
11% 3% Int Hydro El A <a2).. 11 5% 4% 4% - %
9% 3% Irt Nickel of Can- 88 4% 3% 3% - %
86 65 Int Nick Can pf (7).. 1 54 64 64 -1
2% % Int Paper* Pwr (A) 1 % % % — %
11 2 Int Paper & Pwr pr.. 2 3% 3% 3%
44% 34% Int Shoe (3). 39 34% 34% 34% - %
24% 8 Int Silver. 2 9 9 9 -2
12% 2% Int Tele * Teleg. .. 63 3% 3% 3% - %
11 1% Interstate Dept St. ■ ■ 1 2 2 2% + %
25% 10 Johns-Manv.'lla. 12 1"'« M'i 10% “1%
99% 52 Johns-Manv pf (7). . 60s 61 61 61
84 36 Jones * Ranch pf < 41 30s 40 40 40 -l'i
9S CMi Kayser (J) & Co. 2 5S 5(4 5S
27* Keily-Sprlng Tire... 11 1 1 + l»
10*j 2*4 Kelrlnator Corp. 4 3'i 3'4 3'i — "4
13 5 Kennecott Copper... 86 5*4 5 5 — S
19 8>4 Kresge (SS) Co (1).. 6 9 H7» 9
1874 10 Kroger Grocery (1).. I 13 1114 10*, 10*i —1
§6*4 25 Lambert Co <t.5).... 7 32', 30'4 30'i -2S
*S 1 Lehigh Valley Coal.. Hill
9 3 Lehigh Val Coal pf.. 2 2*t 2*4 2*4 - V,
18 5H Lehigh Valley R R. 4 5s 5 5 -1
46s* SO1, Lehman Corp (2.401. 5 311 a 31S SIS —1*4
24S 6 Lelin A Fink Prod(2) 4 9*4 9 9 -1
X 3*4 Llbbey Owens Glass. 2 4 4 4 — S
61*4 34s Llgg A Myers B (t§) 31 39', 38 38', — ',
16*4 8S Lima Locomotive... 2 P"« 10'« 10'« + S
22 9 Liquid Carbonic (2). 2 11*» IP, IP, —IS
84 13*4 Loew's Inc (t4). 20 16S 14*, ll', —IS
72 45 I.oew's Inc pf (6 S).. 2 49S 48 48 —2
4*4 IS Loft Inc. 1 2 2 2 — S
36*, 16S Loose-Wiles (tS).... 11 20', 20 20 -S
16s 9 Lorlllard <P) (1.20). 32 PH, 10S 10'4 -
2J*. 8S Lou GasAEl A (1*4). 3 12S 12S 12',-’,
32*4 7S Louisville A Nash ■ 6 10S 10 10 — *4
15S 9S McAnd A For (1.40). 1 10 10 10
62', 57S McAn&Forbes pf (6 >. 10s 60 60 60
62 20 McCrory Strs pf (6). P's 2".S 23'. 23'. —IS
16', 13 McIntyre I’orc M (1) 5 14 13S 13s —1
62S 28 McKeesport T P (4). 18 31S 20S 30s — IS
5S 1'4 McKesson A Robbins 3 IS 1*, IS
18S 10 Mack Trucks (1)_ '2 11 10', PI', -IS
60', 19*4 Macy (R II) (nj).... 114 21S 17*, 1SS - 3S
8*4 4', Magma Copper(50c). 2 5 4S 4S — S
20*, 4S Manhat Elev mod gtd 24 4 , 4 4S — *,
1 S Maracaibo Oil Exp.. 5 S S
12S 6', Marine Mldld(80c).. 12 7', 7S 7*» - *.
20 , 9 Mathieson Aik (1>4) 2 11S 11 11 — *.
20 pl'4 May Dept Stores 110 10 11 10*, 11 —1
8S 3 Maytag pf ww. 1 2 2 2 -IS
4S IS Miami Copper. 12 2 2
6S S*, Mid Continent Petm. 21 4S 4 4S — S
10 2S Midland Steel Prod.. 2 2S 2S 2S
2S *, Minn Moline Pow... 3 *, *. — S
7S IS Mo Kan A Texas. 12 2 2
11 IS Missouri Pacific. 7 2 2 2 — S
26 2S Missouri Pacific pf.. 5 3S 3*. 3*. —
lO*, 5S Mohawk Carpet. 1 5‘, 5*, .r>*, — '.
30*4 13*4 Monsanto Client 1 ’4.. 4 19 17 17 — ,
11S 3S Montgomery Ward.. 99 5 4 , 4S — S
*4 s Mother Lode. 1 S S S S
26S 11 Motor Products (2).. 3 US US US — S
13S 2 Mullins Mfg. 1 4 4 4 + S
9S 2S Murray Corp. 2 3S 3 3
19S 8 Nash Motors (2).... 20 9*» 9 9 - *.
46S 267i Nat Biscuit (2.80)... 61 29S 27*. 28 -1*.
14*4 6*4 Nat Cash Reg (A)... 6 8 7', 7S — S
31*4 15 Nat Dairy (2 60).... 158 16', 15', 15*» - *.
24S 13 Nat Diet Prod (2)... 20 17s 15*, 16 -IS
125 98*4 Nat Lead pf A (7)... 100» 100 100 100 - S
16S 6S Nat Pwr A I.t (1).... 45 9 7S 77, —
25S 14S Natl Steel (1). 4 15 15 15 -*,
10 3s Natl Tea (60c). 1 5 5 5 — S
6*4 2S Nevada Con Copper.. 32 2*4 2S 2', — S
4 . 2 Newton Steel. 2 2 2 2
36s, 8*4 N Y Central. 87 US 9S 974 -IS
9S I', N Y Chicago A St L.. 4 3 2S 3 + S
15*4 2 N Y Chi A St L pf- 7 2S 2S 2S - S
125 8214 N Y & Harlem (5)... 40s 92 90S 92 - 1*.
31S 6 N Y N H A Hartford. 20 7S 6*. 6S -IS
8*4 4S N Y Ont A Western.. 2 5S 5', SS - S
6'* l7, N Y Shipbuilding- 2 2 2 2 -e ',
109S 90 N Y Steam 1st pf (T). 10* 92 92 92 -2
17S lO*, Noranila Min (a.5(»c). 1 12 12 12 + S
135 61S Norf & Westn <tl2). 2 65 65 65 -5
4S IS North Am Aviation.. H 1*, 1*, I*. -
40 PI*, Nor Ameribl0stk) 148 17', 16S 16S —IS
2JS 5S Northern Pacific.... 18 7S 67i 6'. — *4
8', 5 Ohio Oil (a2Uc). 8 7 6V 6V -
4** IV Omnibus Corp. 4 2', 2V 2V
22V 9 Otis Elevator (2. 4 10 9*t 9*4 + i,
105 90 Otis Kiev pf (6). 30s 90 90 90
4*« 114 OtlsSteel. 3 1', IV IV
14 3V Otis Steel pr pf. 70* 3V 3V 31* - V'
27 12 Owens 111 Glass (2) ■ 2 17V 17 17 — V
37 16V Pacific Gas & El (2). 30 20't IX7, IS7, -IV
41V 20*4 Pacific Righting (3). 8 26 25 25 - V
104*4 58 Pacific TelATeleg(7) 400* 65 61 64V -5V
5V 1*4 Packard Motor Car.. 8 2 IV 2
11V IV Paramount Publlx... 49 2 IV IV — V
1 V Pathe Exchange. ... 2 V V V — V
4*4 1 Teerless Motor Car. . 1 *4 V V — V
32*4 16V Penick & Ford (1)... 22 17V 16 16 -2V
34V 13 Penney (J C) (2,40).. 50 16’, 15V 15V -IV
23V 6V I’enna Railroad. 43 9 7V 7V — V
121 45V Peoples Gas. Chi (I). 42 55 48V 48’, -5
19 3V Pere Marquette pr pf 10* 6*4 6*4 6V + V
4V 3 Petrol Corp of Am. .. 34 3V 3V 3V
8V .TV Phelps Dodge Co..... 4 5 4V 47* -
41 18 Phila Co 6% pf (3 >.. 1 20V 20V 20V -2V
5V 2V Phila A Read C A I.. 3 2V 2V 2V - V
10 7V Philip MorrisACo(l). 1 7V 7V 7V
6V 2 Phillips Petroleum.. 5 3 V 3V 3V — V
7V 3V Pierce Oil [if. 2 4 3V 3V + ’■
9 3V Postal Tel&Cable pf. 2 3 2V 2V - V
11 3V Tressed Steel Car pf. 13 3 3
42V 25V Proct A Gamb <2 40) 56 27V 25V 25V -2V
103 89’, Troc A Gamb pf (5). 30* 92V 91 91 +1
IV V Producers & Refln... 3 '4 % V V
60 29*4 Public SvcNJ (3.40) 75 34 31V 31V -IV
87 631, Public Svc N.I pf (S). 1 65 65 65 -4
100V 71V Public SvcNJ pf (6) 1 78 78 78 +3V
25 10V Pullman Corp (3)... 5 13V 13 13 -1
5V 2V Pure Oil. 1 3V 3V 3V + V
1»V 4*» Purity Bakeries (1). 29 6V 5V 5:'» — V
10V 2V Radio Corp. 43 3V 3V SV — V
18V 3V Radio Corp pfB. 2 6 5V 5V — V
7 l7, Radlo-Kelth-Orph... 1 2 2 2 — V
30 15 Reading Ry 2d pf(2) 1 15 15 15
3*4 1 Remington-Rand.... 2 IV IV I V — V
3V IV Reo Motor Car. 7 IV IV IV
6V IV Republic Steel. 4 2V 2V 2V - V
10 6 Reynolds Met (IV). 5 7 6'* 7
40V 26*« Reynolds Tob B (3) .1 57 28V 27V 27V -IV
2V 1*4 Rio Grande Oil. 12 2 2
6V IV Rossia Ins of Amer.. 5 2'* 2 2 — V
23_12V Royal Ptch (aSlc).. 5 14V 14V 14V — V
59'* 36', Safeway Stores (5).. 30 39'j 35', 35'. — 4',
84 60 Safeway Strs pf (6).. 20s 63'. 63'. 63', +1'.
94 t 69 Safeway Strs pf (7). 40s 77', 77'-, 77>, + *»
10', 5', St Joseph Lead.. 2 5*4 5*4 5*4 — V4
65, *. St L-San Francisco.. 5 1 1 1
9*4 1 St L-San Fran pf_ 2 l'i 1', 1'4 + 14
4 *. Schulte Retail Store* 2 1 1 1
■4 '4 Seaboard Air Line... .3 *i *i 'i
9:i 6*» Seaboard Oil Del 40c. 21 7'. 6*4 6*4 — *4
37S 12', Sears Roebuck 1214). 75 14*4 13*. 13*4 - *4
5*» 1*4 Servel Inc. 8 2 2 2
12*4 5 Shattuck (FG) (1).. 4 5*4 5*4 5*4 - *4
414 2)4 Shell Union Oil.. 2 2*4 2*4 2*4 - *>.
31 18 Shell Union Oil pf... 1 20 20 20 - *,
10'4 2*4 Simmons Co. 1 3*4 3*4 3*4 — )4
' 19 12 Skelly Oil pf ww_ 8 18 17*t 17*4 - V4
10*4 5'/4 Socony-Vacuum 80c- 57 6*4 6', 6'4 — V4
8*s 41-, South Port Rico Su&. 2 5*4 5'* 5)4 — )i
32*4 15*, SouthnCal Ed (2)... 7 18*. I8I4 1814 - V
37*4 6)4 Southern Pacific..... 48 8)4 7V4 ( 7'4 —1*4
13 2V4 Southern Railway... 4 4*. 4*4 • 4>4 — V4
2014 4*4 Southern Railway pf 1 5*4 5V. 5*4 — Vi
25 5 SoRy M&Octfs (4) 2 4*, 4 4 -1
3)4 1 Sparks-Wlthington.. 1 1)4 1*4 1*4
14 8*4 Stand Brands (1.20). 41 10 9*4 9*4 - *4
34V. 7*. Stand Gas&El (3>4). 26 9)4 8*. 8*. -1)4
41 Vi 9Vi Stand Gas&El pf (4). 1 14 14 14
61'. 24*. Stand Gas&El pf (8). 1 26>i 26'4 26*4-1*4
75 28 Stand Gas&El pf (7). 3 29 28 28 -2
27)i 15H Stand Oil Calif 12).. 25 17'i 16*4 16*t - Vi
91)4 81', Stand Oil Exp pf (5). 1 84 84 84
31', 19*. Stand Oil N J (t2)... 157 23*. 23Vi 23*4 - *4
23', 13*4 Sterling: Secur cv pf. 1 14', 14*4 14', — *4
6*. 1*4 Stewart Warner.... 5 2)4 2*4 2',
15's 5'* Stone&Webster!50c) 8 6'4 6 6 — *4
13'i 2'a Studebaker Corp.... 6 .3*4 3)4 3)4 — )4
104*4 32 Studebaker pf (7)... 20s 38 38 38
32 24*4 Sun Oil <1). 1 27 27 27 +1 |
13*4 6)4 Telautograph (1.40). 1 7V4 7)4 7'4 - )4
2*> 1 Tennessee Corp..... 2 m 1)4 1W
13*. 9H Texas Co (1). 24 10 9*4 9** - Vi
,-Prev. 1933—. Stock and Sales— Net.
High. Low. Dividend Rate. Add 00. High. Low. Close. Chge.
26*4 12% Tex Gul Sulphur (J). 11 14% 13% 13% -1%
6% 2% Tex Pacific Land Tr.. 6 3 2% 2% - %
14 3% Third Avenue. 9 4% 4 4 — *4
10 2*4 Thompson Products.. 1 2% 2% 2% — %
3% 2 Tide Water Asso Oil. 9 2% 2% 2%
41 30 Tide Wat Oil pf (5).. 1 31 31 31 -2
23 10% Timken Roll B 1 %.. 9 10% 10% 10%-%
6 2% Transamerica Corp.. 29 2*i 2% 2*4
6 2*4 Transue & Williams. 1 2*4 2*4 2*4 — *»
4% 1% Tit-Conti Corp. 3 1% 1% 1% — %
66*4 42 Tri-Conti Corp pf<6). 4 50% 49% 49% -1%
31% 19% Trlco Products! 2 V, ) • 1 21% 21V, 21% -1
10% 5% Union Bas & Paper.. 16 6 6
36*. 15% 1’n Carbide & C 1.20.. 127 17% 16% 16%-%
13% 8% Un Oil of Calif! 1.40) 2 9 8% 8% — %
94% 32% Un Pacific <6). 75 36% 33% 34 -2'*
68 40 Union Pacific pf (4). 2 41 43 44 -1
1«% 6% Unit Aircraft. 42 8% 7% 7%
46 30% Unit Aircraft pf (J). 4 40 39 40 -1
28% 11% Unit Biscuit (2). 2 15% 15% 15% - %
103 88% Unit Biscuit pf (7).. 200s 90 90 90 +1%
10% 3% UnitCorp (40c)..... 55 4% 4% 4% - %!
38% 20 Unit Corp pf (3). 12 24% 22% 22% -2%
30% 10% Unit Fruit (2). 14 13*. 13 13 -1%
21*4 9% Unit Gas&lm! 1.20).. 126 12% 12 12 — %
3% 1% U S & Forn Secur.... 1 1% 1% 1% + %
25% 10% US Gypsum (1.(0).. 5 12% 12% 12% -2
31% 13% U S Indus Alcohol... 24 14% 13% 13% -1%
15% 7% U S Pipe & Fdry (2). 14 8% 7% 7% — %
8% 2 U S Realty & Imp..2% 2% 2%
5% 1% U S Rubber. 2 2 2 2
19% 10 USSmtjr & Ref (1).. 7 11% 11% 11% - %
52% 25% U S Steel. 460 27% 25% 25% -1*4
113 65% U S Steel pf (7). 45 69 67 67 -2*4
3 *4 United Stores (A)... 2 % % % — %
Unlv Pipe & Rad pf.. 10s 9 9 9 -11
10H 1% Util Par* Lt (Al... 11 3 2*i 2*4 — % !
^-Prev. 1932—. Stock and Sales— Net.
High. Low. Dividend Rat*. Add 00. High. Low Close. Chgw
18% 5% Vanadium Corp. 9 6% 6 fi - %
1 % Va-Car Chemical.... 1 % % % + %
29% 8 Vulcan Detlnning,.. 40s 11% 9% 9% - %
4 % Wauash it it. 1 l l l
6 1 Wauash pf (A). 23 1% 1 1 — %
19 7% Waldorf Sys (1 %).., 2 9 8% 8% + %
2H % Ward Baking (B)... 2 % % % u %
4% % Warn Bros Pictures. 9 % *4 % — %
7 1% Warren Bros. :t 2 2 2 — %
17% 2 Warren Bros cv pf... 10g 4% 4% ’4% -r %
76 22 West Pa El pf (7)... 40g 37 35% 35% +1%
4% 1 Western Dairy (B).. 2 1% 1% 1%
7% lVi Western .Maryland.. 2 2% 2 2 + V,
60 16 Western Union (4).. 31 17% 15% 15% -2%
17% 9% Westlng'se Air Btl). 1 <f% 9% 9% - %
35% 18% Westingnouse (1)... 74 21 19% 19% -1%
12% 3 Westvaco Chlor U).. 2 4% 4% 4% + %
4% 1% Wilson * Co (A).... 4 2 1% 1% — %
31 11 Wilson* Co pf. 2 13 13 13 — %
45% 22 Wool worth (2.40)... 295 25% 23% 23% -1%
23% 5 Worthington Pump.. 9 7% 7', 7%
67 25% Wngley (Wm) (4).. 1 28% 28% 28% -1%
5 1% Yellow Truck. 2 1% 1% 1% — %
9% 4 Young SprlngAWd ) 14 4 4
17% 4 Youngstown Sh&Tu. 5 5% 5% 5% - %
9% 4% Eonite lToducts(6oc) 5 5% 5 5% - %
Sales of Stocks on New York Exchange.
10:30 A.14. 100.000 12:00 Noon. 400 000
1:30 P.M. 600.000 2:10 P.M.. 70oit)00
Dividend rates, as given in the above table are the annual casn
payments based on the latest quarterly or half-yearly declaration!.
♦ Partly extra. JPlus 4% in stock, a Paid this year—no regular
rate, b Payable In stock, e Payable In cash or stock 1 Plus 1%
in stock h Plus 2% In stock, i Plus SI in special preferred
stock, k Plus 3% in stock m Paid lan year—no regular rat*,
n Plus 5% In stock, p Plus 2Vb% In stock
Seasonal Influences and Tax
Bill Struggle Influence
Market.
By the Associated Press.
NEW YORK, June 8.—A falling off
in the volume of steel bookings recently,
which may be attributed in part to s?a
j sonable influences but also to the un
certainty caused by the long-drawn-out
struggle in Congress over the tax bill,
has resulted In a reduction in ingot out
put this week to about 20 per cent of
tne country's capacity from 23 per cent
last week. Iron Age reports.
There have been declines at Pittsburgh,
which is now down to 15 per cent. ..nd
also at Cleveland. Youngstown, Buffalo
and Birmingham, but a gain to 40 per
cent in the Wheeling district, which is
making the best showing except for
Detroit, where 81 per cent of the
capacity, including that of the Ford
Motor, is still eng ged
j "May production of pig iron and steel
[ ingots." continues the review, "estab
lished new low records for many years.
In pig iron the daily average of 25.276
gross tons is the lowest for any month
since August, 1897, while the daily steel
ir.got output of 42 593 gross tons is the
poorest mol'd since July, 1921. when
36.713 tons a day was made, and except
tor that the lowest figure since July.
1908. which had a daily average ot
40.342 tons.
"Pig iron output on the daily basis
declined 11 p r cent from that of
April and the drop in steel ingot out
put was 10.7 p r rent. The tonnage of
steel ingots made in five months ol this
year is barely, more than half of that
made in the corresponding period of
last year and about a third of the 1929
total in the same period. There was a
net la's of 7 active blast furnaces dur
ing May, leaving only 53 in service on
June 1
"Only in structural steel is there any
decided improvement, lettings for build
ing construction having totaled 43.200
tons the largest for any week since last
October.
"Steel requirements of automobile
manufacturers excepting the Ford Co.
are definitely smaller, although motor
car output this month will be fully 210.
000 units, of which Ford will make
about 110.000.
"There is some improvement in the
tin plate rollings which new average 50
per cent of capacity. The largest pipe
line pro’ect before the trade in some
time is 10.000 tons for the Standard Oil
Co. of Kansas. Railroads are more ac
tive as prospective buyers of fabri
cated structural steel for bridges and
viaducts, but equipment purchasing of
imprrtance probably must await a sub
stantial gain m t-affie.
"Prices cf raw material especially on
scrap, are weaker. The Pittsburgh quo
tation on heavy melting steel has de
clined to an average of $9 the lowest on
record.
MONEY MARKET.
NEW YORK. June 8 (.Pi.—Dullness
dominated the money markets tcdav.
The supply of bankers- acceptances
diminished, but demand was quiet and
it was said the Federal Reserve Bank
was not a buyer.
Call funds were easy as ever, but
the Stock Exchange made no change
in its 2'_» per cent renewal rate. Time
money and commercial paper were
sluggish.
-•
General Motors Sales.
NEW YORK, June 8 (.Pi.—Total sales
of General Motors Corporation to deal
ers last month were 66.739 cars and
trucks, compared with 78.359 in April
and 153.730 in May, 1931.
May sales to American consumers
totaled 63.500 units, against 81.573 in
the previous month and 122.717 a year
ago. while sales to American dealers'ag
gregated 60.270 units, compared with
69.029 in April and 136,778 in May of
last year.
DIVIDENDS DECLARED
NEW YORK, June 8 VP).—
Stock.
Pe- Pay- Hldrs of
Company. Rate, riod able. record
Auburn Automobile 2‘ ■ Q July 1 June 21
Accumulated.
Uprdssit Meal pi . >2 July 1 June IT
Reduced
Abbott Lab . 30c Q July 1 June 18
i C» lane t Corp of Am
7'. cum pr pf 87bc July 1 June 18
DufT-Norton Mfg . ,10c © June 15 June €
First Nat Bk A: Tr
«Ramsey N J* <2.50 S July 1 Ju».e lb
Harriman Inv. Fund
•invest shrs. ...75c © June l May 31
'Oahu Sugar Ltd.. .5c M July 15 .
Omitted.
Company. Rate. Period Due.
United Lt & Pow 56 pf $1.50 Q July i
Regular.
Pe- Pay- Hldrs of
Company. Rate. riod. able record
Am Cast Ir P 6r© pi $3 S July 1 June 20
Apponaug Co . 50c © June 30 June 15
Do 6*2'; Pf .$1.62*2 © July 1 June 15
Auburn Automobile. $1 © July 1 June 21
Hankers Trust 75c Q July 1 June 13
Boston Per Prop Tr.25c © June 30 June 15
Canadian Celane*e
Ltd 7'r cum pf lb' © June 30 June 15
Cine A Sub B Tel <1 12 O July 1 June 17
Clear Id Tr Co 'Pa* 53 Q Julv l June 20
Colts Pat F A Mfg 25c Q June 30 June 11
Colum BAT 'Oai *1.5« Q July 1 June .30
Courier Post Co .5150 © July 1 June 15
Do 7' pf. . . . 51 75 Q July 1 June 15
Cuban Tel pi ....$175 © June 30 June 16
El in A Wins
Pt RR pf $161 S July 1 June 20
Emerson s Br Sel A 50c Q July l June 15
Do B 50c © July 1 June 15
Do 8 pf 50c Q July 1 June J5
First Nat Bk A Tr
• Gr°r;.field. Mass* <5 S July 1 June 20
Inti N;ck<»l of Canada
•*5 prxr> 7' pf 8^«c Q Aug. 1 July 2
Loose Wiles B;> 1st
pf 51 75 Q July 1 June 17
Ct wa Lt H A Pr <1 50 O June 30 June 1 >
Do pf . 5162*2 Q July 1 June 15
P< nn G A El 7
pf $1 75 © Julv l June 20
P: oenix F.r»- Ins 50c © Julv 1 Junel'.
i hiia £ Da: by Ry. -rl S Julv 1 Junefd
Premier Gold 'flu 3c © July 2 June 10
i'oss Gear A* T 30c © Julv l June 20
S. L B-icige in pf <3 S Julv 1 July 1
Do 2d pf . 51 50 S July 1 July 1
Spirald GAE Df A $175 © July 1 June 15
Suoertert Pet. 25c Q July 2 June 17
Do pf A .$1 75 Q Julv 2 June 17
Do pf B 37’ c Q July 2 June 17
T. p Top Tailors pf <175 Q July 1 June 15
1 n-f'ont G. pf <150 Q July 1 June 17
U» L’ A R's Co 'Del*
p pf 38 ■ c M July 1 June 15
Do C 36' pr pf . 53c M Julv l June 15
D • f, pr pf 50c M July l June 15
V. oicest^r Sub Ei 51 .. Mar 31 Mar. 17
V me < i a > Spg
A W 25c July 1 Jure 20

SHORT-TERM SECURITIES.
<Reported by Chas. D. Barney A Co )
B d Ofl*r.
A! us-Ch a Inters Co 5s 1937 67% 69
American Chain Co 6s 1933 44 53
American Tel. A Tel 5%s 1943 102% 102%
A.ner Wat Wks A El 3.s 1934 75 78
Baltimore A- Ohio 4%s 1933 44% 45
Beidir.K Hemingway Co. 6s 1936 80
Bethlehem Steel Corp 5s 1936 83% 65%
Canadian Nor Rvy. 4%s 1935 90% 91
Chi Northwestern R. R 5s 1933 . 63
Chicago Roc< I land 4s 1934 23% 33%
Cl' vc Lor A* Wheeling 5s 1933 98
Colorado A So Rvy 4%s 1935 72
Commercial Credit Co. 5%s 1935 87 96
Delaware A Hudson Co 5s 1935 ... 93
Denver A R.o Grande 4%s 1936 40 45
Gen Mot Arcep Corp 6s 1937 101 101%
General Petrnieum Corp. 5s 1940 99% 99%
General Public'Service 5%s 1939 73% 76
G-and Trunk of Canada 6s 1936 94 94%
Houston E A- W Texas 5s 1933 . 90
Kevstone Telephone Co. 5s 1935 65% 66 4
Laclede G?u Light Co. 5s 1934 78% 86%
Louisville A* Nashville 5s 1937. 94
Nev. Yo-k Cent. A H 4s 1934 72% 75
New York. Chi A* St L 6s 1932 32% 35
Norjhwt tern Telep 4%s 1934. 82 91
Penna R R Co 6%s 1936 87% 88%
Portland General Elec. 5s 1935 83% 90
Republic Iren A Steel 5s 1940. 40 46
Sinclair Crude Oil Co 5%s 1933 100% 101
Southern Pacific 5s 1934.. 65
St L IMS Ry R A G 4s 1923 50 54
Union Elec Lt A ?ov. 5s 1933 101 % 101*,
Union Oil Co. of Calif 5s 1935 P0% 91%
Virginia Rvy. A: Power 5< 1934 98 98%
Wabash Rvy. Co. 5s 1939. 59% 63
FOREIGN EXCHANGE.
(Quotations furnished by W. B Hibbs & Co.'
Nominal gold Selling checks
value. today.
London, pound. $4 8665 $3 67S
Paris, franc . 3.9134C 3 94 .c
Brussels, belga. 13 91c 13 96c
Berlin, mark.. . 23 82c 23 70c
Rome lira . .. 5.26c 5 14c
Zurich, franc.19 3c 19 57c
Athens, drachma. 13c .
Madrid, peseta. 19 3c .
Vienna, schilling .. 14 07c . ..
Budapest, pen go 17 49c .
Prague, crown (nom ) 2 964c 2.96I2C
Warsaw zloty 1122c .
Copenhagen, crown . 26 8c 20 05c
Oslo crown . . 26 8c 18 35c
Stockholm, crown 26.8c 18 85c
Canada. 14'r discount.
0. S. TREASURY CERTIFICATES
‘Reported bv Chas. D. Barney & Co »
Rate —Maturity Bid. Offer
234 5 June 15 1932 ... 100 .
3'rs Aug. 1. 1932 . IDO 11-32 100 14-32
1>8S Srpt 15. 1932 . 100 5-32 100 7-32
3s Srpt. 15. 1932. 100 21-32 100 24-32
3'rS Oct. 15. 1932. 100 29-32 101
3»4S Dec 15, 1932. 101 12-32 101 14-32
33 .s Peb 1 1933. 101 26-3? 101 30-32
334S Mar 15. 1933. 101 30-32 102 2-32
2s Mar 15. 1933. 100 12-32 .
2s May 2. 1933 . 100 15-32 100 18-32
3s May 2 1934. ... 101 12-32 101 14-32
-•
Nearly 175 bank ers and their guests
leave Washington ‘hi'- evening for the
Hot Springs Convention. They will
reach home Monday morning.
S A F E FIRST M O R T G AGES
NO INVESTMENT CAN BE
MORE SATISFACTORY
than that .represented by our
6V2% FIRST MORTGAGES
Over a Third
of a
Century
Without a
Loss
because you can be absolutely sure
of the return, and the type of secur
ity represented by conservatively
appraised improved Washington real
estate is very dependable.
May be purchased in amounts
from $250 up.
B. F: SAUL CO.
National 2100 925 15th St. N.W.
THERE IS NO SUBSTITUTE FOR SAFETY
SIGNS OF BUSINESS
REVIVAL ARE SEEN
Baltimore Credit Men's Chief
Points to Evidences of Re
turning Prosperity.
Special Dispatch to The Star.
BALTIMORE. June 8.—Signs indicat
ing the return of prosperity are pointed
out in a bulletin just issued by P. E
Pelt, president of the Baltimore Associa
tion of Credit Men, to members of his
organization.
Mr. Pelt referred to an item bv Henry
H. Heiman. executive secretary of the
National Association of Credit Men, a
part of which reads as follows:
"Inventories in the wholesale field are
estimated to be as much as 20 per cent
under a year ago and retail inventories
no less than 15 per cent lower than a
year ago. The supplies of furnished
goods are the lowest since 1926.
It should be obvious to every student
of economic history that these factors
are building for an eventual return of a
healthy prosperity and while our pa
tience is sorely tried during these critical
times, it should be well rewarded once
courage and a more normal attitude re
asserts themselves."
SECURITY LOANS SHRINK
S8.235.000.000 SINCE 1929
By the Associated Press
NEW YORK, June 8.—The shrink
age of security loans since borrowings
reached their peak in September. 1929
has been nearly six times as large in
dollars, as was the decline during the
1921 depression.
Dow, Jones & Co. today pointed out
that these loans had fallen $8 235 -
000.000 between September 30. 1929.
and May 31 of this year, or from
$13,205.000 000 to $4 970,000.000, the
recent total being 37 6 per cent of the 1
high. A decade ago loans at their
lowest ebb totaled $4.196 000.000 or!
74 6 per cent of the $5,621,000,000 top
attained during the preceding boom
The decline in borrowings, however, j
has been less severe than“ the depre
ciation in stocks. Shares listed on the
New York Stock Exchange were valued
at 18 per cent of their bull market i
highs on May 31 — $16,141.000 000
against $89,668 000.000 at the end of1
August three years ago. The current 1
aggregate of security loans is the small
est since September. 1922, when it was
$4,812,000,000.
Market Follows Precedent.
NEW YORK. June 8 i Special >.—
The stock market has followed prece
dent in losing half of the gain that
took place from a new low level. The
only difference in the present instance
is that the rally was a very modest
one. for in three sessions it amounted
to a trifle over 5 points, compared
with 10 points or more in the first
two days of earlier recoveries.
Brokers’ letters this morning empha
sized the fact that if a further decline
were to occur today it would mean
that liquidation had been resumed. In
that event they recommended that
their clients take the profits remaining
on last week's purchases. On the
other hand, they argued that if prices
steadied it would be an evidence that
the market was temporarily turning un
and was being relieved of -a. additional
emergency sales.
It is of significance that the trading
volume has shrunk to about the pro
portions of that prevailing for nearly
two weeks prior to the liquidation
culminating June 2 and is 1.000.000
shares less per day than a week ago.
.-•
TJ. S. TREASURY BALANCE.
By the Associated Press.
Treasury receipts for June 6 were
$6,183,041.17: expenditures. $40,241,-;
672.74. Balance, $288 096.305.05. Cus
toms receipts for the six days were $3.
297.680.41.
-•
The McCrory Stores Corporation re
ports a decline of 7.5 per cent in May
sales, but for th? five months of the
present year sales are only 1.6 per cent
under last year's record.
The American Ice Co. officials see a
gain in earnings through the, greater
use of ice this Summer for air cooling
railroad cars.
We Recommend
—the Real Estate Loan Plan of the
Metropolitan Life Insurance Com
pany as the ideal method of financing
your home.
Loans for Fifteen \ ears.
Low Interest Rates.
No Life Insurance Required.
\1/EAVER_BR0C
TV REALTORS O
Washington Building
District 94S6
Mortgage Loan Correspondent
Metropolitan Life Insurance Company
Loans made in the District of Columbia and nearby
Maryland and Virginia
Utilities Again Lose Ground
Under Selling Pressure.
Other Groups Off.
BY GEORGE T. Hl'GHES.
Special Dispatch to The Star.
NEW YORK, June 8.—Stocks reacted
today. Concern was again expressed
about congressional action on the bonus
and on economy measures. The busi
ness news was uninspiring Dividend
uncertainti: s multiplied and confidence
and courage were at low ebb.
Features were a new low in American
Telephone & Telegraph and the rr
ncwed break in Brooklyn-Manhattan
i Transit Issues. The Brooklyn-Manhat
tan common, which has been doing
down steadily for over a week dropped
4 points to a new low, and the preferred
in midaftcrnocn was off some 9 points.
The senior issue rallied before the elcse
The volume of trading was never
I very large Some of the dividend doubts
I were not justified and the probabilities
are that there was a considerable
amount of short selling
The market may have been affected
by the passage in the house of the Gar
ner relief bill or it may have been dis
turber by the continued activity of the
veterans in behalf of a bonus, but both
th se situations ought to have betn dis
count'd befoie. There was nothing
especially adverse in the industrial
news, except perhaps the cut in steel
operation-, which the Iron Age new
puts at 20 per cent of capacity. There
was concern over various dividends, but
such concern as was taken by directors
today was in the main favorable.
Further selling came into Brooklyn
Manhattan Transit issues early in the
day. carrying the common down into
new low ground and the preferred under
$40 a sharp. This unsettlement mav be
expected to continue until some ’ ar
rangement is announced for meeting
the August note maturitv. Another
point of weakness today was Woolworth.
selling in which may have been acceler
ated by the announcement of the resig
nation of fhe president, although that
was officially stated to be due to his
having reached the age limit.
American Telephone & Telegraph,
United States Steel common and pre
ferred and R. H. Macy were other de
pressed stocks. The current dividend
on telephone at the regular $9 rate
has already been declared and is pay
able July 15. The next board meeting
for dividend action will come in August,
by which time a different industrial
picture may be presented, so that it is
a little early to worry about what will
happen. Telephone, n’vertheless, has
been one of the consistently weak
stocks. It is interesting to note that at
84 the yield is 10.7 per cent at the pres
ent rate: if cut to $7 the return would
still be 8 3 per cent, and at a $6 rate
it would be 7.1 per cent. No one has
suggested any such drastic i eduction as
$3 a share.
WHITNEY DECLARES
POOLS NOT ILLEGAL
Exchange Head Says Judgment of
Market Is Determining Fac
tor in Success.
By the Associa'^d Pr^*ss
Richard Whitnev. pre-idem of the
New York Stock Exchange, think- the
common belief that ‘ pools” either force
prices up or down is erioneous.
On this subject he told the Associated
Press that “the persons who go into a
pool do so became they believe that
their judgment as to whether the stock
is too low or too high mav be justified “
"If their judgment is bad they lose;
if their judgment is go^d they are suc
cessful." he said. "Contrary to usual
opinion, there have been unsuccessful
as well as successful pools."
A "pool." he explained, is only an
agreement between a number of people
to act together, and as such was “cer
tainly not iilngal."
SILVER QUOTATIONS.
NEW YORK. June 8 Noon
Silver futures dull, sales 50.000 ounces.
July. 28 10 bid: September. 28 35 bid:
October. 28 50 bid: December 28 85 bid:
January. 29 00 bid.
NEW YORK BANK STOCKS
NEW YORK. June 8 (flV—Over-the
counter market:
BANKS
B:d Asked.
Chase W 23% 25%
Commercial «8' 95 103
F:r*r National *100- 940 1040
Manhattan *2' 16% 18%
National City -3 25% 27%
Public <2* 18% 20 j
TRUST COMPANIES
Bankers* '3'. 41% 43%
Brooklyn Trust <16* 140 155
Central Hanover »"7> . 87 91
Chemical '1 80- 28% 30 ,
Continental '120- . 11% 13%
Con; Exchanee '4' . . 42 45
Empar <2' 14 16
Guaranty '20' 191 196
Irvins -160* 14 15
Manufactuiers* <2* . 18’ * 20%
New York Trust (5> 59 62
Title Guaranty & Trust >4 80' 32 35
* I • c Indes r \ t: a
First Mortgage Loans
Lowest Rates of Interest and Commission
Thomas J. Fisher & Company, ln&

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