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Oakland Tribune from Oakland, California • Page 18

Oakland Tribunei
Oakland, California
Issue Date:
Extracted Article Text (OCR)

Exclusive rS-Assocufcd Service FINANCIAL SECTION BUSINESS NEWS aklanii Wall and its Stree Activities Umled Press CaswoiUUicJ OAKLAND, CALIFORNIA, THURSDAY, MAY 25, 1933 By Ceorge STKEET, NEW YORK, May 23 Storks have now estaMiehed their claim to recognition as bring in a bull market: The railway average have broken through the point of last September and so the action of thcinduttrials, according to the Dow theory. The technical indication are for a further advance but this doe not mean there may not be a reaction in the interim. Ordinarily such a reaction conies More Local Stocks Pushed To High Ground for Year Food Packers Respond to Inflation; Sugars and Insurance Gain Bv If. s. SCOTT after a session of rapidly advancing prices, accompanied by increased volnme.

Prices did rise Wednesday but the turnover was comparatively moderate, only 4,710,000 shares. More cant, the. market never appeared extravagant or spectacular, although there were individual gains that might have justified one or both objectives. Another reason for confidence was the character of the leadership. It was stocks representing the most important' units in their various lines which headed the upward Security trading in the west held a fairly steady pace today.

Though there was less buying energy than yesterday, prices maintained firmness and over a half dozen issues were pushed to further new highs. Food lacking shares seemed in favor as bcinj: peculiarly sensitive to inflationary influence and they featured the market. Prices were inclined to ease off sonic from their morning peak around middav. California Packing added 2 to 22 and came back to 2P for a new high. Hunt Brothers, up l2 at and Haiku Pine movement Presumably there were CHICAGO, May Summer some pool operations but they were, dullness, an annual business boo, has little statistical substance 18 Brokers' Loans Show Decrease Of 55 unons May 25'-Loans 10 brokers am dealers lipid by iSVw York Federal Kersene member banks for the week ending May 21 were announced by the Federal Reserve Hoard today as a decrease of $55,000,000 compared to the preceding week WHEAT PIES CHICAGO, May 25.

0J.R) Wheat prices broke more than 2 cents a bushel at one time on the Board of Trade today, but rallied to close fractions to about a cent lower. Lute buying was encouraged by a steadier undertone in the stock market. Before the turn, the wheat market had been pressed heavily by sales from commission houses and professionals who realized on gains made yesterday. Buying orders on a scale down came into the wheat market on the break, while further support was furnished by short covering. Corn and oats ruled lower with wheat.

Favorable weather reports from the wheat belt caused some selling. At the close wheat was to l'i cent lower, corn was off to K-ent and oats were Vs to 1 cent lower. (Furnished by Wm. Cavalier St Co.) CHICAGO. May 25.

Grain range: I Fed. Reserve Indus trial Index Shows Broad Gain April Advance Takes Figure T'p 11.6 Forward Stride Continues in May WASHINGTON, May increases in industrial activity in April and the first three weeks of May were reported today by the Federal Reserve Board. Its survey showed that some lines of business made more than seasonal gains. The board's industrial activity index increased by 11.6 per cent in April alone and showed a gain of 15.3 per cent over the low of July, 1932. The index in April stood at 67, against 60 in March.

It was (he greatest month-to-month advance since 1929. The survey noted an increase from 15 to 25 per cent in steel mill activity in April because of increased demand from automobile producers and greater than seasonal improvement in railroad traffic and department store sales. The increase in employment and payrolls was smaller than the decrease Jn the preceding month. By JOHN L. COOLEY NEW YORK.

May 25. fP) Irregularity marked the course of Curb stocks today. Volume was light. Early heaviness on the big board quickly found reflection on the Curb. Some interest developed in a number of the less active utilities, including United Gas Electric preferred, which ran up more than half a dozen points.

Aluminum of America was again firm, rising td a new high' for the year on a forenoon bulge. Utility common stocks were narrowly mixed. Little activity was noted in the oil division. Santa Fe Carload Figures Increase NEW YORK, May 25. (P) Car-loadings of the Santa Fe Railroad for the week ended May 20 totaled 21,064 cars compared with.

21,628 in the previous week and 22,3.10 in the like 1932 period. S. F. STOCK REGULAR TY 1 apple common at l'y were' other highs among the food packers. Pineapple.

Holding advanced cents to its former high at S4.90. 1 Other issues to top ground included Southern Pacific, which traveled from 2378 at the close Wednesday to 25 i and reacted to 25's. Consolidated Chemical at 20, up '2; National Auto Eibre at 2' 2. North American Investment (is at 21 and the 5'is at 20. both up 1.

I. Magnin at 5's, up and Bond and Share at 4V2, up 4. 1 Caterpillar held most of the time-at 5'2 for a loss of '2, selling at times at 16. Industrials to show, gains were Magnavox at '2. Golden State Milk at 6.

Claude Neon! Lights at 00 cents, Wailu Sugar at 1 .21. up United Aircraft at National Auto Fibre at 2uj. Crown Willamette sold 2 higher, at 34 Directors of Crown Willam-, ette declared a dividend of $1 per share on the first preferred stock, payable July 1 to stockholders of record June 13. Payment of the above dividend leaves in arrear' per share on the first pre- ferred stock of the company, which is cumulative. Sugars arid Insurance iff ISSUCS (jO Higher Fractional losses were taken nv General Motors at 24 4 Paraffinc at 17 'z.

Radio at Gallant Laundry at 33 i Food Machinery at 97a, Western Pipe at Crown Zellerbach held at and Union SuKnr at Wailtia gained 11 at 21. Calamba preferred added a fruition at 16. Fireman's Fund was bark to its former hifih of 44 for a Rain of U. Fireman's Indemnity sold up 1 to 14. It was the dullest day i rans- has had in over a month.

In the first five hours of trading about 2500 shares crossed tape with price most of the time at. 5. for a loss of with occasional sales at 5Ta. Pacific Eastern gained i. a at 3.

Anulo California Bank made a new low at 11 for a loss of 1. Crocker First National sold off 5 to 195. Standard Oil at 30 'U and Union at 14' a were lower. American Telephone moved up to IIL'h. Pacific Telephone added at 82 and the preterreds were '4 higher at 193 Railway Equipment firsts added -i to 4.

Southern Pacific Golden Gate sold at 4, equal to its former high for the year. Pacific Lighting common at 33 was up The preferred 6s of its subsidiary, Los Angeles Gas, was up 1 at 90. Southern Edison common was hir'her at Pacific Service common at and the pre- ferred at 3'4 were Cities Service held at 3'j. Pacific Gas common sold as high as 2fi and back to 25U against a elose Wednesday of 25'-2. It rc-' Thfl NO.

143 Basic Chcmicars Sales Gain Materially, Indicating In- -crease in V. S. Industry By JOHN A. CRONE NEW YORK. May 25 Soaring sales of sulphur currently reflect the improvement in multitudinous lines, ranging from agriculture to varnishes, for the activity of the' yellowish substance is a weather vane of general business.

Starting in the pulp and paper trades, weeks ago. then spreading1 to the fertilizer industry, demand for this brittle crystalline solid was soon transmitted to textiles, chem- icals and numerous other lines, virtually ajl of which had let their sulpnur stocks sag to the vanishing point when business receded. Domestic consumption of sulphur -amounted to 1,581,700 tons in 192! -and 1.39G.G00 in 1930, but dropped to 968,700 tons in 1931. Statistics for last year arc not yet avail- able, but total consumption then was well below that of 1931. II.

S. BIGGEST PRODUCER The United States which produces about 85 per cent of tha world's sulphur supply and is tha largest single consumer of it. has made the greatest strides in sulphur production. Being able to produce sulphur cheaper than its foreign com pel i tors, such as Sicily, Spain and Norway, and Deing favored with a depreciated dollar in world markets, the United States is likely to obtain an increasing share of 1 world sulphur sales. Elemental sulphur is used as art active ingredient in insecticides, as agent for vulcanizing rubber, and as a constituent of black powder; and is used as compound in sul- phuric acid and with metals jfnd metallix oxides to form sulphates, which are nearly all soluble in wa-; ter and therefore capable of use in industries.

INDUSTRIAL VSES Estimated consumption of sul-phuric acid by industries follows: Fertilizers, 29.80 per cent; petroleum refining, 19.80 per cent; chemicals," 10.30; coal products, 10.30; iron and" steel, 9.75; metallurgy, 7.90; paints and pigments, 2.70; explosives, 2.43; testiles, 1.10; rayon, 1.85, and miscellaneous. 4.03. Figures on tons of sulphur by leading industries show that -heavy chemicals took 500.000 in 1929, 471.000 in 1930 and 327.000 in 1931: fertilizers and insecticides 415.000, 418 000 and 243,000: pulp- and paper 205.000,, 235.000 and explosives 67.000, 48,000 and 39.000; dyes and coal tar products 47.000. 41.000 and 39.000; rubber 000, 31.000 and 23.000: electro-chemicals 23.000, 20.000 and fine chemicals 15,000, 13,000, and 12.000; paints and varnishes 5000, 4500 and 4000; food products 4500 and 4700; and miscellaneous 130.700, 110.600 and 72.000. Prices of Apples, Potatoes Jump Prices of apples and old crop tatocs advanced today to their highest of the ssson.

With Watsun-ville quoting $55 a ton on last of dealers were quoting them at $1.10 to $1.25 per apple box, an advance of 15 cents over night. Oregon and Washington Pippins in packed boxes advanced to $1.75 to $2.00, according to grade. Klamath potatoes sold up to $1.85 to $1 90 a sack and Idahos at from $1 60 to $1.75. MARKET DID May 25 Advances Declines Unchanged Total issues Thurs. Wed.

316 596' 368 167 851 147 150 893 Low 82.70 Last 83 73 Low 39.78 Last 40 23 Low 28.11 Last 28 52 Off Off Off 'RISE IN USE OF SULPHUR SCRUTINIZED I Pros Associafioa STOCK LISI REACTS IN FINAL TRADE Strength in 'Wet' Equities Maintains Bullish Sentiment Despite Selling NEW YORK. May 25. 'Pi The stork market after climbing to the highest levels of past year and a hay. was forced to surmount profit taking barriers and reactionary grain prices today. Strength in the so-called "wet" equities however, maintained bullish interest despite intermittent irregularities.

The close was a bit ragged. Transfers approximated 4,300,000 shares. The heaviest trading centered in the alcoholic division. National Distillers was the leader throughout the session. The rails were firm most of the time, but finally gave ground under realizing.

Union Pacific lingered in the Century Chtb for a while, but finally was forged out into more ordinary surroundings. The utilities, up most the time, pared, their gains. Various industrials turnefk somewhat heavy. 'WET SHARES GAIN In the liquid division, gains of around 1 to 7 points were registered by issues of National Distillers, U. S.

Industrial Alcohol, American mercial Alcohol, Libby-Owens ford, and Liquid Carbonic. Advances of fractions to around a point were held by American Metals, Liggett and Meyers American Tobacco Public Service of New Jersey, Mclntyre Porcupine and others. Losers of fractions to about a point included General Motors, New York Central, Case, Safeway Stores, U. S. Steel, Standard Oil of New Jersey, General Electric, Du Pont, American Can and American Telephone.

The semk-annual meeting of the American Iron and Steel Institute brought much hopeful comment from 6teel executives; in contrast to the gloomy session a year ago. ORDER ISSUED The action of the governing committee of the Slock Exchange in ordering removal from listing of Allied Chemical by August 23, if the company still refuses by that time to make available such infor-gmation to, its stockholders as the committee on the stock list deems adequate attracted wide attention No official statement was forthcoming from the company's executives. It was pointed out irv some quarters that setting the date so far ahead indicated there was still hope of an agreement. EXCHANGE Sales llliuhl l.niii 3 0 NAnilnv pf 0, 21 do 2ii 20 2100 com 2 25 Last 20 1 25 2 3 's 2 I 2IMII do li 1 pf 23', )0(ii do 5 4 1 pf 21 '2 lUlOTacLlsht cml 33 1 400'Pac Pub I 1 n0 Pa. PS 1 pfd1 3 3o PaeT cm I S2 21 1." SI 1 2 2 I S.

4 fi 2oa4 'i 1 I 3' 21 5 do pf i 1 II.I'S 200 Parafino com; 17'. loo Phillips Pet HlOjShell BV 1S00 South Pacific! 25 I HiO'SoPaeOldGtc l'; C. A.I ti 300 Standi) of Call 17:. 12'-' 6 24 r. 5n 57s; r.OOPnlon OH Call 14 -V 14 HOOiCnionSuR rml 3'j' 3 400iCnit Aircraftl 2R-, 2S I 9 EXCHANGE Pld 1 2c 4 no 2o 21'i Asked 15c 4fic 40c 3c 21 2.50 Tid Asked Rejiuh Pet Sec Nat Bk 2 I 19 21 So a I 151 pfd do I', pf do 7 pf 2il 1 20'-, 2.10 16 -I' Oas j.f ld Oil Suns McK A do 49e 27 'i 3 4 'i 2 4 7i 20 29 '4 3 6i ''i 5.00 7N Pr A 17 4.

SO 2 4 do t'niv Cons 2 :,0 Pete 45 Virden Pack 7 Const T.ife 9 0 4.50 7 Sales lllielv Lowi 2.50: 2 I 200 Oecid Tetrol. 49e 49e 1 341Pac ICastern.l 3 i 2i Last 2 I 2.50 49e 1 2 3 4. SOi 4. SO lOoOiPineap 25 Rartto rorp .1 7 6iSoClKd com. I 21 2nnt'.

S. Pete 50c Ar. tl TM T'i 21 50c 1 50c 21 21 VOL. CXVIII- High Liquid Position Held By Private Bank Is Also Revealed by Disclosures By HIRAM HERTELI, NEW YORK, May 25. For the first time, Wall Street has been able to study the balance sheet, of the mighty House of Morgan and the opportunity has evoked keen discussion.

Morgan, too, lost money recent years, the figures show. As spread upon the records at Washington, the consolidated statement contained disclosures of widespread interest. Rigorously maintaining a highly liquid condition during the six years covered by the statement, the firm reports consistently heavy holdings of U. S. Government securities.

State and municipal bonds dwindled almost to negligible proportions from 1927 to the end of 1932. Corporate stocks and bonds owned were relatively few, con trary to previous belief in security circles. COMMON STOCKS The statement discloses that only $13, 875,000 of common slocks were held at the end of last year as contrasted with $224,580,000 in Government bonds, $33,857,000 in cash or on deposit in other banks, and $7,325,000 in call loans. Corporate bonds stood at about but state and municipal liens amounted to only $11, 745,000, having declined from $103,340,000 held on December 31, 1927. Even in the halcyon day of 1929, when equities were as popular as beer is now, the holdings of Government securities far exceeded common stocks.

The figures stood respectively at $105,607,000 and Eagle-eyed statisticians were quick to ascertain that liquidity was more than 78 per cent as of December 31, 1932, counting only cash, call loans and Government bonds as liquid. A proportion of liquid assets to deposits of almo: I 85 per cent is indicated, however, if stale, municipal and corporate bonds are counted as liquid, which many authorities consider proper in view of the fact that such securities involve but limited amounts and are all carried at market prices. SHARP DROP A sharp drop in deposits was shown from the $562,406,000 of December 31, 1927 the peak for the six-year period to $340,047,000 as of December 31, 1932. The volume of deposits, as well as the total resources of $424,708,000 were generally smaller than the financial community expected. J.

P. Morgan Co. has no stated capital, but carries this item as "net worth." This represents money the partners have in the firm, after losses and expenses. The net worth stood at at the end of 11)29 but by December 31, 1932, it has been reduced to $53,194,000, indicating losses of more than 55 per cent. In this connection, analysis pointed out that all investments are carried at market and that provision for possible losses on outstanding loans is made by writing down the.

"net worth" as carried on the balance National Lead Co. Declares Regular NEW, YORK, May 25. (f) National Lead Company today de ClOred a regular quarterly dividend of $1.25. a share on the, common stock. FOREIGN EXCHANGE Quotations Furniihrd nail; br tha Amrrlcan Trut Company deal Britain.

1 3 02'. Kiiince. 100 francs Maty. 100 lire Hclcitim. 1011 hclsiis Holland.

100 milldrni 4B.WI Denmark. 100 kroner 17.S0 Norway. 1011 Sweden. 100 kroner 20.20 Su llerlmid. 100 (nines 22.

SO Canada. $100 87.90 (icrniany. 100 rriclunarks 27. HO Spain. 100 pesetas (iroeie, 100 drachmas 6 Japan.

100 yen 24.25 Hongkong, $100 27.37'i Shanghai, 100 local enrrenev 24. 7S India, 100 rupees 23.65 NKW exclinliKO May (IT) For-IrreKtilHr: (Irent In (toll is, others in cents: tireat liritaln demand cal.lcs 3.S-1!; Co-day Franco doiniinil cahlea 1.17; Italy demand ti.O I -U rallies In-niands: lK.IJ'i; fier-niaiiy Holland 4'.t Norway 1 'a L'o L'4 ij )en-niark 17.4!i',a: Switzerland 22. Spain J'ortnRal :i.5SN; Ureeco Poland 1,1. HON; Czechosloya la 4 7 l.aSN; Austria ll.2,riN; Kninnaiila Ai'fif nUiiit Brazil 7 Tokyo 24.H6U; ShanKhai 21. IIoiiBkotiB 27.

H7 City (silver peso) 2S.6.'i; Montreal in New York S7.3V',i; New York In Montreal 111.75. Nominal. NKW YORK, May 25. (lf Call money Mendv; i pec cent all day Time loans idv: rlavM mos. 1-1 1 4 mos.

1 -1 in cent. I'rhne commercial paper oi-t epi a incs unchanged. WASHINGTON. Mav i.T'i Trc-isnrv receipts for Mere t.U22.G07.ti'i; expenditures 10.07,'!, balance Customs duties lor 21) dns of Mav Tvere 16, 860,418. 96.

May 25. (J1) Money per cenl. j.iiacmint ralesShort Viills 7-1GO three month hills per cent. N1CW YOI1K, May 25. (T) ver 'S lower at 1 J.ONJiON, Mav 25.

iA') Mar silver quiet; lower at 1S11-UD. BANK REPORTS Oakland dehlta 6,044. non Berkeley debim 2M.13H Los Angreles dehltw 17, BOti. 59 Francisco 12,000,000 BALANCE OF MORGAN Fill SHOWS LOSS T. Dullness of Summer Not Real, Claim Analyst Declares Business Bugaboo lias Wry Little Statistical Substance I and less than usual this year, Frank- lin Hobbs, Chicago analyst, said today.

"No fundamental reason now exists for a business decline during the summer of 1933, Hobbs asserted. "In fact it is principally a tradition of business but one of those traditions which die hard." "A review of the 10 summers from 1920 to 3929 inclusive shows that in that decade there were only three really dull summers those of 1021, when the whole year was dull, 1921 (a depression year) when It was no worse than the sprint; months; and 1920, when it. was really better than the fall, although possibly classified as dull," he added. SLOW SEASONS Records as far back as 1904 list only four genuinely slow summer seasons for American business, Hobbs said. They were in 1900, 1910 1911 and 1914.

"The recessions those years were accounted for principally by the fact that 10 to 15 per cent of the entire working population," he continued, "wns enjoying itself in vacations and not giving time to busi ness. Hobbs traced the tradition of sum mer dullness nrinclnallv to the American practice in former Vears of buying most of its automobiles during two spring months, or pro curing me next winter's coal In March and April, and of moving into new leaseholds on Mav 1. The last tended to concentrate renting activity in tne spring. PROSPECTS GOOD Favorable prospects for the com ing summer noted by Hobbs includ ed gains in packing house business last month contrary to seasonal trends, furniture Industry predic tions uie coming summer would bring more new business than anv season since 192D's decline, and the general improvement in employ ment aiong witn some wage increases. Effects of these last two factors Hobbs said, may, felt in industry just about the time the summer gets well under way.

NewChico Bank Ready to Function 't. CHICO, May 25. The new First National Bank of Chlco, a consolidation of the two banks that have 'been operating under conservators, is expected to open within 10 days It was announced here yesterday, following election of officers at an organization meeting. Aldcn Anderson of Sacramento, president the National Trust and Savings Bank of that city, was elected president of the new Chico bank. E.

R. Bevins was" chosen vice president and Ray W. Seaaer of Durham, secretary-cashier, Directors chosen were: Anderson, Bevins, J. O. Chiapella, J.

F. Morohead, Lon Bond, F. M. Moore, F. M.

Preifer, N. T. Enloe and C. C. Richardsoa Articles of were sent yesterday by 'airmail to Washing ton, D.

for approval. Action Taken on Allied Chem. Stock NEW YORK, May 25. (T The governing committee of the New York Stock Exchange voted to strike from the list, on August 23, the common and preferred shares of the Allied Chemical Dye unless, In the meantime, the company complies with a ruling ordering it to furnish stockholders and the exchange more informative financial statements. Correspondence between the ex change's committee on stock list and the company, inaugurated in March, 1932.

with the exchange's first formal request for more informative statements, was carried on until early this year. Bank of America Named Depository Appointment of Bank of America N. T. S. A.

as depository for the fi per cent and 7 per cent pre ferred stocks of Oklahoma Natural Gas Corp. is announced bv the Preferred Stockholders Protective Committee. The deposit is to be made under a reor; inizalion plan and agreement spo isored by the committee. Stoe' may be deposited with an" b.anch of the Bank of Am 1 CENTRAL ECREKA REPORT. The report of General Manager Albion S.

Howe of Central Eureka Mining Company at Sutter Creek shows that total production for the week ending May .19 was valued at $6627, of which $6027 was bullion production and the remainder concentrates. The company is operating 40 stamps and has 107 men on its payroll. F. E. MYERS CO.

ASHLAND, May 25. F. E. Myers Bros. tool and numn manufacturers, reported for the quarter ended April 30 a net profit Of $39,671, against $35,488 In the CorrespondiiK last year.

Mo. Open High Low Close May .09 .69 'i Bfl'a Inly 71'. 71J Kent 73', 71', 721. Iec 75', CORN May 42' .43 .421. Inly .45 Sept 47.

.47 Oec 49', 4B OATfi May 24 24 23' .24 Inly 25 .25 2471 Sent .241. .25 RYE May .55 54', 54' ,1 July 50 .57 .55 Sept 57 .58 .56 .58 IIARI.KY Tulv ,33 .32 33 I Sept 35 .35 .34 WINNIPEG WHEAT. May .02 .01 f2 .62 .61 SAN FRANCISCO, May 24. The following are the bid and asked prices and ales on the San Francisco Stock Exchange as reported over Wm. Cavalier fit wires for the Oakland TRIBUNE: VfE QUESTION remains how Ar the recovery has discounted business Certainly the rally from the extreme lows has gone a long way toward reflecting the better outlook.

Just before Wednesday's close Union Pacific old' at $100 a share. That was a gain of 6V4 points on the day. Less than two months ago, April 5 to be exact, Union Pacific sold at 6iy4, and'last July it touched 27-y8, which was the bear market low. At no time in 1932 did it sell as high as par. Admitting that there never was justification for the extreme lows', the percentage of recovery have been extremely large.

NOW. CONSIDER U. S. Steel common. That stock sold above $50 a share.

in volume Wednesday. In March, just before the banking it sold at 23, so that there has been an advance of over 100 per 'cent from the low. The bear market minimum was 21VV, in June, 1832, Steel is paying no divi-1 dend on its common stock, the full rate. is. not being.

disbursed on the and the corporation operated at a deficit in the first quarter -of this year. The steel industry has made amazing progress in the -last few weeks but so has the itoclc REGARDING the rails, a better case can be made out for further advancfc Ule grade and. speculative bonds than' fh the corresponding istotks Traders prefer the stock fcecauSe so long as the market goes their way, the profits are larger, bonds in proportion to the capitaj employed. But that, Wes change the fact that one can buy a New' Central bona tcvSy one Illustration, which will stive a straight income' rcturri of 8 per tent'' against no return at all bii Tiew Y6rk Central stock. SO fAR" BANK stocks have par ticipated in the general recovery only moderately.

That nas neen due in part to the belief that banks as It would industrial corporations, and in part to the fear that these institutions had additional large chargeoffs to make in connection with losses incurred during the de-, presslon. There is anothef 'Ode to i this story, however. Af'security prices rise those frozen loans, about which so much has been'heard, are-gradually being thawed; out is pos-aible that some of the write-offs were over instead "of jinder-con-ervatlve. In any business cannot revive the banks being called upon for credit oCcom-modation, which means larger earnings. Granting trade revival, there is no reason to doubt the future of the stocks of the large New York City banks as investments.

IN THIS connection it Is interesting that the large increase In deposits reported by, the, New York Clearing House members Since just after the banking holidays-. Taking the statement for 'the week ended March 18 andi' Comparing, it with that for the week ended May 20, demand depcUa' increased from tJv $5,870.651 ,000, a gain of over dollars. Time deposits adymeed rorn $669,710,000 to gain of more than $47,000,000. $a'; take two important banks, AhfChfise National increased demand deposits $173,114,000 in this time Qiiaranty Trust reported a am' of $157.220 000 in demand deposits The gain of the National. City bank was $90,373,000 en the same basis.

Chinese Capitalist In Bankrupt Court Chin Bock Hing, Chinese capitalist of Oakland, today filed a voluntary petition in bankruptcy in the Federal Court in San Francisco listing liabilities of $574,225.56 and assets of $156,698.74. The principal creditor named In the petition is the Central National Bank of Oakland, trustee of a $350,000 bond issue in connection with the financing of the Twentieth1 Century Market, of which Chin waa the principal backer. Chin's indebtedness to the bank is listed at $327,500. Of his total assets. Chin claims an exemption of $5,059.56, and among the remainder lists $53,000 in real estate, $61,000 in stocks and bonds and $34,000 in bills and notes.

The bankruptcy petition is one of the few on record in the courts involving Chinese. John J. Allen appears as attorney for the petitioner. Dollar Fluctuates Narrowly in London LONDON, May 25. (P) In.

a quiet market effected by the Day holiday, practically all currencies varied little today from their overnight level. The dollar ranged, between $3. 92 "4 and $3.83 to the pound, closing at 93.62, a net depreciation of of a cent ASM May 25 -Wheal. I I' I hard. 71, No.

2 hard. No. 2 mixed. 43: No. 2 vellow.

I3'i)44: No, 2 yelh.u- (old 1 No. 2 white. 4 I 'i oats. No. 2 while! 21 fZ No.

3 white. live. 1, 60; No. 2, 56: harlev Still 7: I i mot li weed. 2.Vo per lo er seed.

fi 10 25 per ew I. Cuts Discount Rate WASHINGTON, May 25. (Pi The Federal Reserve Board announced today that the Federal Reserve Bank of New York had lowered its rediscount rate from 3 to 2'2 per cent effective tomorrow. Bid Asked Bid Asked Bid Asked Alaska 15 Haiku pf 'i I t'ae Si SI Alaska Pack 5(1 100 do com 1 'j, 1 do pf 'J lor, Ann Nat Ilk 1 I i 1 I 'H Hale lln.s I'arafflnp 17'a IS Assoc Ins IV Haw A- Wlilstl Atlas Diesel 4 Vj 5 Home 2" 22 1st pt 4 4 Hank Calif l.lo Mr, "'I do ser 1 2 5 Honw Share 5 llmio Plant tl do ser 2 '2'i Hvron 2'' 2 llllnl "''os .2 i Hninier Hi 14 Calamlia Kni? 14'-, 15 Hutch li In Hichl'irld pf 1 do pf Invesl Assoc 5 7 (l" 'om Calaveras Co 1 4 li Knit 2 Urns Pt 45 Co do pf 70 La Ha A ftl "Ml 4'i Ohl Copper i -1 'a Pf 1 ChI Cotton 2 4 Leslie Salt 'V CiUiik- IS l-V iK I'f 'lea nger Call) 7 pf 7i: 7X1J Lyon Mag A 5 10 '1 2 i 'a I Pack 2li 22'-! 1 Shell I nlon fa I Wat Ser f.5 Manila vol i Cal Life Hi'i, 21 Mnsnin 5-J bU do 21 do pf 61 71) sierra pf Caterpillar 1(1 Marchant I l'i Seamy Vac Ti Clorox A Jillv pf 15 SI' tit! Per A fi Coast 11 1 Natomas 27 27 '4 do 4 5 Con Ch A 21 Am Jnv 2H 3 South Par 24 -j Cr Zel A pf IS', lK do pf 20 2 1 Spring Valley 'do pf IRS do Mi pf I7i Li Sl Oil Cal 3114 22 do com 2a Am Oil t. 4 5 Thomas Al A 2 3 F.l Dorado i l.i 15 occlil Ins ti Tide Assoc 6 Lmp Capwcll 4 7 li Oliver Kll A I'.

7 do pf 37 Fire Fd I ml 1.1 14 do 2 2 I'ra nsa merica 5 Fire Fd Ins 45 (1 2'. 2(i I' ion Oil 1 4 1 4 First 1 1 a do 5'u pf 21 22', Union Suit pt 12 Food Mach lt 1 0 do li pf 21 do coin 2 l'i rosier Kl I I I'ac Lluhl 3.1", I'nn Air 2S-, 29 r.ailand Lnd 32'- 31 do fi pf 7S 7: Wills Karen 1SI Hen Paint A .1 I'- Par Sv pf Am Fin pf liolil SI Milk do com IV Pipe A- St 1 SALES A.M. to 1:30 P. M. covered to zn-s niounu ii.

iuunj. fi per cents at 23' and the 5'aS atjecfera KeSerVe MARKETS AT A GLANCE NEW YORK. May 25. Stocks irregular: alcohol shares buoyant. Bonds firm; secondary rails lead rise.

Curb irregular, leaders erratic. Foreign exchanges irrregular, sterling easy. Cotton barely steady; local and southern selling. Sugar steady; trade buying. Coffee quiet; commission house buying.

CHICAGO: Wheat lower; inflation stimulus wrakened. Corn heavy; planting being rushed. Cattle generally steady. Hogs strong to 10 higher. SAN FRANCISCO: Firm and fairly active.

Sales 111 iKhl ivv Last I I I Is I 4'i I i I 2 I AiikCiI Lank 100 llondSh I. Id 1 i i copper. 2 75 t'alamltn Sim' I 1 lion 'k ir Pack fioii't 'a i crpiiia I- i'nn I'll I ml A 15 Cl'nck Isl.M loo few Zf II 'ic Fir Foil lnd. I l-'i i in I' dl us innn.FonH.Mni O.I 2nn'( l.dy.l linloCol Pl'l 1 loo'Ha ik 20ll.unlHrPp A rr pfl 17011 i lOfl'Mapninl conil lOlMilRnin pf. l'5NoAmlnvst 11 I 4 'a I 1 fi 211 It 5 2 1 1 5 20 195 2 7 II 2il ll95 14 I 4 I 10.1.1 1 1 1-2 I Slil 70 3 I I 14 4 4 .1 9'i 4 I 33 I 1 no I 9 fi' 1 fi "i 70 3 70 3 S.

F. CURB WHAT THE May 25 Shares Total sales 4018,660 Previous day 4,720,300 Week ago 4.127,910 Year ago 2,089,718 STOCK AND BOND AVERAGES 21' 2 both gained Kiounci. Richfield May Pass To Joint Control The offer of Standard Oil Company of California for the assets of Bichfield, which was conditionally to expire on 30. has been extended to July ir. It is reported that conversations are uenu; between representatives of Standar I and Cities Service over respective interests of the two in Richfield and a working out of an amicable ar- rangement for the sale of the latter Ru-hfield stork is controlled by I Cities Service and a considerable block of the bonds is understood be held also.

Cities Service has not yet made any formal offer to purchase Richfield, while Standard has an open bid standing for several weeks. The latest street rumors ar2 that an arrangement between ths two mav be reached for a sort of joint control. Standard is basically interested in the production and distribution properties of Richfield while Cities Service, through a sub sidiary, has the contract for sup plying Kieniieict uii cmnpaiij ui New York with its gasoline and other by products. Members of the reorganization committee of Richfield have been ready for several weeks to present to creditors and bondholders a definite recommendation for acceptance of the Standard offer in the absence of any other as Consolidated Oil's bid of some weeks ago is understood to have lapsed. It is probable that definite action for reorganization and changes of control of Richfield will be reported within a few days.

Foster Klciser Report $752,409 Loss The. report of Foster and Kleiser Company for the year ended March 31 last shows a net loss of $752,409 after all charges compared with a loss of $230,760 in the previous year. Gross business for the year was $3,575,715 against a gross of for the year before. Total current assets as of March 31 last are reported at $928,510 and current liabilities at $226,284, a ratio of 4.1 to 1. This compares with a ratio of 3.5 to 1 in the year before.

The company had $701,826 working capital at the end of March compared with $824,489 the year before. DOW AVERAGES. MAY 2S 30 Industrials High 85.48 20 Railroads High. 41.42 20 Utilities High 29.43 4U Bonds 82.82, up .4.1. Call money 1 all day.

STANDARD STATISTICS CO. AVERAGES Stocks Bonds 50 lnd 20 Rr 20 Ut 90 TtL MAY 25 20 Tnri 50 Br 90 fin Tti SAN FRANCISCO. May 24. The following are the bid and asked prices and sales on the San Franciso Curb Exchange as reported over Cavalier wires for the Oakland TRIBUNE: ll Today 70.4 72.1 81.5 74.6 "2 6 70.1 71.5 81.2 74.2 706 Week ago 69 2 70.3 80 2 73.2 613 ago 62.1 61.0 75.1 66.0 40 0 Year ago 55.5 50.7 73.7 59 9 ....2 years ago 84 4 99.4 100.2 94.7 75.2 76.0 73.4 65 1 39.7 40.1 40.1 38.7 30.9 14.6 885 88.4 879 736 63.2 187.6 131.9 263.7 117.8 116.9 112.1 i ....3 years ago 11s -3 .5 vears Bid Asked Alaska Trd .50 175 Am 110'i 11 l'i Am Toll Hr 210 23o Vnplo Natl 4 8 A Via of Ocl IIS K.w pf 54-1; Cal Trail IJOe, Ser- 3 '4 i I Neo NY 8c 65c Neon Pel s'1! 9i 'oen A 2 00 2.25 Will pf 33 '4 36 do 2 pf 6 DomiTiffiiez 15 "ielt Motors 24 'i 24 i Idaho Mary 2 50 2.H0 Italo Pets do p( Kloiber Mot MJ MM Oil Mont Ward N'at Aut FA Oahti ")ccid Tete Onomea Pac Jvsst Pac A Fish Pac Fiuanc Pac Mutual Pan oil Pin Mp Hid Radio Corp 93.9 106.6 99.4 100.0 1933 70.4 72.1 85.2 1933 58.3 57.0 74 1 1932 71.3 78.0 86.2 53.2 47.4 70.9 74.6 63.6 78.1 57.5 1931..... 90.4 1931 62 3 105.7 101.5 98.7 62.3 80.2 68.5 76.0 42.3 72.3 35.1 40.1 23.5 95.3 61.5 726 High, 9 Low, 73 9 High, 33-0 Low, 39.8 111.0 13.2 51.8 140.2 1 06.2 203.9 m-t High, 61.3 Low.

60.0 30.8 92.8 New 1933 high. SALES 8:00 A.M. to 1:30 P.M. (C'oDyrijht, 19.13 Stindard Statistics Co.) COMMODITY PRICE LEVELS NEW YORK. May 25.

Index of 15 staple commodity prices-(December 31, 1931, equals 100): Today 115.4, previous dav H5 7- week ago 116.0, month ago 102.2; 1933 high 116.4, 1933 low 73 7- 1932 high 103.9, 1932. low 79.3. 1 (Capyrltht, IMS by Moody's.) Sales IHiRhl l.owl Last 421Anier T11IV1H HIS jntuAtaskaTread 1 I li ROOlt'it 700'Olaude Neon JOfllroen Inn 70'tTrownWil pf. 3 1, 60c 32ti 3S 60c 2 S4 23 60c 2 3 4 24 23 i a.64)t fcoj 1.

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