The Los Angeles Times from Los Angeles, California • 25

FINANCIAL SATURDAY MORNING. JUNE 15, 1940 FINANCIAL Farmers See Grain Futures THE MARCH OF FINANCE New Warning Against Trend Toward Socialization of Business Sounded in Book Calling for Educational Program Stocks Reflect Domestic Gains Ticker Falls Behind War Hopes Fade Point Higher Standard Gas Plan Revealed Integration Would Eliminate Holdings in Coast Utilities Dislocation of Trade Factor in Wheat Trend American Price Above World Level as War's Extension Cuts Off Huge Portion of Export Market BY GEORGE T. HUGHES NEW YORK, June 14. (Exclusive) Although the latest phase BY WESLEY 8.MITH Collapse of Prices Wipes Out Immediate Betterment Prospects CHICAGO, June 14. ()- Wheat, Corn Stronger as Normal Trading Conditions Return Commodity index on Pag 9.

CHICAGO, June 14. (fl) and normal trading condi as Buying in Steels Spreads Throughout List Market average en Page 9. NEW YORK', June 14. (IT) Serving the timely purpose of recalling attention to the importance of "selling" business to the people in time to save it from socialization is a condensed volume titled "Mag Collapse of the war boom in farm commodities has thrown the of the war the fluctuations in wheat have been second in interest American farmers' economic tions returned to the grain mar Stock market leaders today re bounded 1 to 5 points In the fac of the gloomiest European new status back almost to the prewar ket today in the first session nificent Delusion." Written by Fred G. Clark, who refers to himself as an average American but whom Dr.

William F. Peirce, president of Kenyon College, which the author attended, describes as an ardent seeker basis of last summer, analysis of market statistics showed only to those in stocks. The mid-May break In wheat was fully as spectacular as that in stocks and on a percentage basis it was as large. To those affected it was just as disastrous and to students of the economic repercussions of the war just as Interesting. without the minimum price lov.

since the start of the war. els which had been in effect Nation's Retail Trade Holds Gains Expanding Pay Rolls Reflected in Buying Even the hardest-boiled brok since May 20 and wheat and Prices of principal products corn values advanced as much A sizable long account had been built up in wheat earlier ers were surprised at the way speculative forces shook off de the farmer has to sell average as 2Vi and 3 cents, respectively. of practical knowledge, the book only slightly higher than they pressing bulletins having to do Strength in securities and pros did a year ago, although they are pects of additional government was published this week by Whittlesey House, McGraw-Hill Book Co. WASHINGTON, June 14. (7P)-Standard Gas Electric replying to a Securities and Exchange Commission order for geographical integration, disclosed today that it was prepared to dis-pose of Its holdings in four large Western companies.

The Standard Gas program called for disposition of securities of San Diego Consolidated Gas Electric which op-prates in California; the California Oregon Tower which operates in Northern California and Southern Oregon; Mountain States Tower which operates In Idaho, Montana, Oregon, South Dakota, Washington and Wyoming, and Southern Colorado Tower which operates In Colorado, Along with its formal reply to the commission's order under the so-called "death sentence" of the with the fall of Taris to the Nazis, the further retreat of the French government to Bordeaux somewhat higher in most cases than just prior to the start of Europe's hostilities nine and one- flour buying over the week-end accounted for much of the in the spring based on the assumption, seemingly justified by precedent, that under war conditions wheat must advance in price. That has been the rule NEW YORK, June 14. (VP) The nation's retail trade during the past week held close to the Companies Buy Own Securities Purchases Made by Many Units in May NEW YORK, June 14. Some CURRENT TRENDS and claims of numerous Allied ship sinkings by the Germans. PROSPECTS BRIGHTEN' previous weeks improved level By reference to various public in other wars, and until the Nazi despite less favorable weather conditions for the movement of legions swarmed into the Low Principal explanation given In opinion polls, Mr.

Clark shows the trend of public thinking, the threat to the Constitutional, re-1 boardrooms was that rapidly strength, although pit brokers said the market's behavior, despite serious character of news from Europe and removal of the minimums, did much to restore confidence. Buying came largely through houses with milling and eastern connections, they said. John G. McCarthy, Board of Trade president, said the action seasonable merchandise, the Dun Bradstreet weekly review reported today. brightening prospects of Industry Countries it was accepted as applicable now.

PEG LIMITS LI FT EH 30 corporations whose securities publican form of government by the "something, for -nothing" are listed on the New York Stock Exchange were heavy buyers of half months ago. MARKET VALVES RINK Calculations of some farmers based on the war-boom level of prices have been upset. Market values of principal commodities have shrunk 13 to as much as 41 per cent from the peaks established since the conflict broke out and much of this loss, particularly in grains, has occurred in the past month since the German drive on Western Europe began. Compared with prices last Aug. 31, the day before war Then in seven trading sessions schemes, and tolerance of politi "Compared with a year ago," said the survey, "retail volume was estimated 7 to 10 per cent greater.

"As a rule gains were broader July wheat in Chicago broke 33 cal corruptness and Incompeten cents a bushel, the slump coin their own shares during the month of May, the exchange revealed today in a report on reacquired shares. cy, and asserts "From all signs America Is ciding with the crash in the! stock market. The situation be-j of the market was "very satisfactory" as far as exchange officials were concerned. Wheat closed 1 to I Ti cents higher than yesterday; corn, unchanged to 2 higher; oats, At least three Pacific Coast cor- about to destroy its creator-Individual enterprise. There is nothing new about this.

It Is the history of almost every democracy due to proposed heavy rearmament spending combined with broadening of purchases from abroad, was more than enough to counteract unsettling happenings elsewhere. The ticker was behind for a brief interval in the forenoon. Thereafter dealings were quiet. Profit taking crept in now and then and closing quotations wert under the tops in most cases. The Associated Tvvss averag of CO stocks was up .9 of a point at 40.5.

Transfers amounted to 918,310 shares compared with 877,080 yesterday. STEELS LEAD It ALLY Reports of booming steel oper Holding Company Act, Standard Gas filed an application for approval of a plan to divest itself of control of San Diego Consolidated Gas Electric and the California Oregon rower. Standard Gas owns 00.88 per cent of the voting securities of the former and 50.20 per cent of the voting securities of the latter company. MAJOR MOVE TOLD to lower; soybeans, 5 to 8 and the pattern Is surprisingly started, wheat is about 15 per cent higher, corn 34 per cent up, oats 14 per cent up, rye 5 per than this in highly industrialized areas, particularly those devoted to heavy goods. For the fourth consecutive week, the Middle West showed the largest year-to-year Improvement in the country, the estimated change being between 8 and 16 per cent.

"The East followed with a gain of 7 to 13 per cent and the South with 7 to 11 per cent. New Eng cents lower, and rye, to 1i lower. Lard finished 25 to 32 cents higher. RANGE Or PRICKS CHICAGO. June 14.

Whit: cent up. butter 8 per cent up, came so critical that at theiporations were among those re-suggestion of the Secretary of porting purchases during the Agriculture, the Hoard of Trade when share prices were tumbling under the Impact of established the closing prices May 18 as limits under ichj COMPWIFS trading would not be permitted. TO. Itadu were force JS" SSWFWS today. shares, bringing its holdings to As in the stock market there 535,701 shares.

Pacific Finance was moderate recovery after purchased 1800 of its shares first panicky liquidation and and Natomas, 7100 shares, prices had been fairly steady for Sevcral companie3 indicated i May's purchases represented cattle 16 per cent higher and cotton 20 per cent higher. Only hogs and eggs are lower. These upm Hun Lw Clot Jill! This application Is a step toward putting into effect immediately a major portion of the .80 .77 .79 .7 .80 9 .01 calculations were based .79 .78 uu Dec closlntr nrlces in markl vpstor.1. porn nrocram for integration. The ,59 ISfPt.

ations in all districts served to spur stocks in thii group. Help uay. ABOVE YEAR AGO 9 .80, .57 .31 parent company said that this step was part of its plan for reduction of its funded debt. ful was a pickup In retail store OUt 'July .31 't year asro .81 JO' .81 .70 .81 Jl'a .81 Compared with a similar. Rome Is a good example.

"Rome built itself on free Individual enterprise and destroyed itself by suspending that privilege and whacking up between everybody the supposedly fabulous wealth that 'rightly belonged to the Naturally, the turning of active wealth into sterile handouts soon impoverished the country. The last desperate steps of government price fixing, wage setting and State control of individual work-effort staved off but could not prevent the collapse of the empire. EXCELLENT ADVISER "History, if we would allow her, would be an excellent adviser. For example, if the ma ...1 i li JV V.u'. their first move in this direc sales this week.

In addition a stimulant was found in word from London the British, in view Standard Gas said that its program contemplated retention of wu in a u-nis vi me iwu Uon. with otherg however, it 1, III l.T, mii-m jh piT cent nigner, corn) oDn-20 per cent up, oats 3 per cent 'ft1 lower, rye 12 per cent down, 73' unchanged, butter 8 per kir.l,n.. 1 nnJ 1iv.1-. AfPt. represented a practice of long land was estimated 5 to 9 per cent above last year's total.

Level of Local Store Sales Volume Lower Fluctuations In sales of department stores were not sufficiently sharp this week to establish a definite trend, but volume failed to reach anticipated lev. els, Dun Bradstreet said yesterday in their weekly review. In comparison with last year, the review continued, volume AS', .40 DEMAND DOES EXIST So much for the market back- standing. Aviation report showed that it hold 11,201 shares of its 7 nfeiici, ionic aim vuuun Mlgmiy 0c. AS .4 .81 .47 tow 2.1 8 44 8 A 87 cround.

The nnestion then arises higher and hogs 22 per cent lower. Clone Lard July 682! whv should demand for wheat i capital stock after having deliv ROVI8IOKR Open Hmh 5 25 8 4S 8 8 8 8i SM 5 67 6 07 Thus, market Sr? in this war be any less urgent Pred 2-m shares to the Barkely statisticians pointed out, farmers' prospects than in other wars? The answer for material betterment of nrice Jnir 384 6 00 SIS of the plight of the French, would immediately release large funds held for later years to buy" all sorts of war materials in th United States. Prominent stocks on the forward swing included U. S. Steel, Bethlehem, Youngstown Sheet, General Motors, Chrysler, Doug-las Aircraft, Montgomery Ward, Ananconda, Kennecott, Westing-house, General Electric, du Pont, Allied Chemical, Loft, Texas International Taper Power, Great Northern and aa a result nt u-ar hu for the week was down moder oo is that it is not less urgent, only effective.

It is less effective because the progress of the Ger- ijrow Aircrau corp. as part consideration for assets. General Motors after civing effects to the issuance of 231.108 common shares under the employees bonus plan, retains jority of people in America knew CASH GRAIN No rh hft. rated, at least for the time being, ately and carried the level of that the policies we are pursuing Corn. Un.

1 ffllow. 68 874: trade for the month to date 'although producers income may J. 6sn. man invaders has rut off. direi tlv are Identical with those that niipg irin, timpl irae, oe expected to nom un or indirectly, markets which below that of a year ago, tan ij no, wmit, no.

3t have caused the downfall of doz- No. 3 Hfllow. cn In, I 33 I shrCS. well compared with that of companies In two area, lhey would be built around three major corporations Philadelphia controlling units in the Pitts-burgh area, and Northern States rower Co. and Wisconsin rublic Service controlling units in Minnesota, Wisconsin, the upper peninsula of Michigan.

North Dakota, South Dakota, Illinois and Iowa. All of "these assets, the company said, are physically interconnected or capable of Interconnection. WEST COAST STATUS The application for Investment of control of the two West Coast companies set out that there would be a reclassification of the common stock of the companies, following which it would be offered to the holders of Standard Gas notes and debentures on an exchange basis. Details of the exchange offer will be disclosed mwnuip, 'i mi iininin a i inn, i 1 year ago. farm income, includ-w nnmm.i mpi irtde, hi, no.

asiues ail of hcandinavia, Holland Inn imi'iipnmnn "iiui. ens of large and small nations i K. we might change them-even if vcl, and we did not understand whv." as tnd upward in Stating that we have been qui- ihLmeial de have and Uelgium, the dosing of the jinfiiuiii, me uuMiig uic W1NMPFO Afl.i Porn R1 107 Mediterranean has isolated Mediterranean has isolated ii.ih i.i. Jai It'll l.t mr the first four months of this year was 12 per rent greater than in winnipeo. June I 'Pennsylvania JiLh Greece and Switzerland.

vi The The etly steering toward a the corresponding 1330 period I ceds of Italy and Greece this i tViS" Accelerated hilt tlCP thnn thr Via. US nOKlingS 10 I lishment of the old mercantile, "7 U1 is indicated a substantially larg and 17.K19 shares, respectively. 'on Bon(J Market uviu nnni. no. i nnrrnern.

71; No. 2 8 uuic uvvu CM-tJiian-vi at a sharp decline in nrices of corn, no. 2 btie, hnshta anH nf No. 3, some commodities, Among others rejwrting pur-1 chases were Davega Stores NEW YORK, June 11. system which Is based on State control of enterprise, Mr.

Clark observes that If the death sentence of free enterprise is made er volume of ordnance business may be awarded here in the current armament program. land at 17,000.000 bushels. It goes without sayin MINNEAPOLIS MINNEAPOLIS. Jim 14 Whf. rlnn Jul.

IT.t. B'Pttmbrr, Drctmbtr, that; LVtrWntiui crnt.ns further indications of VtAVIUVi 4 IViliVlti. IHUH.l. EFFECT OS INCOME The effect of this decline unon i France and Britain will be hard Inf Ailing Vfnroc Hnrn TTnitnH CSCaRO from the thralldOm Of WaP final, it will be the work of a Wheat rernpu iod. SJ can, pared with 223 tut am.

farm income can be illustrated om. pressed to obtain shipping spaceiSta'cs Rubber, General' Realty, (news, the bond market today tattona for anything above theirr-ai Theater Greyhound' kontinued the week's rally at an iminlmum requirements. produc'ts, insurance Accelerated pace. i.i""ii"K nit 1'ii-nt'UL IIIHI 'i crnia lower. L-o l'lim nt ihn I Cah: No.

1 heavy dark northern. 81 minority, smart enough to make up in noise what it lacks in numbers. Far from advocating suppression of the "isms" bv restrictions DOUGLAS AERO BOOSTS PAY ROLL Mininre Buyers apparently reasoned northern. No I. No 2 EurORO is ROW Or bv Winter 'ck tive wheat harvest.

At 3. ranr nV. 1 hard niV, Shares, later. Standard Gas said that It owned 200.120 shares of $25 par value common stock of Pacific desperately ln-rhman Porn tohauV- rarnot'ithat months of wasting of prices and South IH.iW III ne Crop kota No. 3 dark hard winter.

sucn as forecast bv the latest pov-' no. i red on freedom of speech, Mr. Clark holds that there is nothing to Gas Electric a California worthl rtAxsnn the tkt it fn.ir fmm fimt- anrl nr. rlio. r.npiO IT1CIU at ,,.1 nil I ma 1' II IHH1 IHHI rw i i' i nun need of food.

Here in America Xational Department tor es'ad dicounted a great deal of bad is in embarrassing abun-ixPwnort Plymouth 'news so that even the fall of dance. The trouble Is to bring oil, Ra.vbcV.tos, Reliable Stores 'riris 10 cllrtk flying producer and consumer together. 'pnJnk shattuck. Timken De- movement which got under way 'SPECIFIC H. HARRIERS jtroit Axle, United Fruit Tuesday, i As tar as United States wheat Chemical.

I Ai" the forefront of th. I 1 71 1 1 71 to sell them in the open market jcussion, that adults should be raIt l0-s hana Monica and month ago.at above $1.10 for July -from time to time and use the.educated in subjects loosely re- 0 .2 ne wheat, the crop then in prospect prospect 71 171 18,000 mark, with the addition hi i sa proceeds to purchase outstanding iferred to as controversial. Fa- 171 J71 171 of more than 1000 skilled work-kroonnf innn i 7 1,1 i int. i v. V.

vivi i I iiltiuuh notes and debentures of Stand- miliar to many Americans as a 188 187', 7 radio commentator on national eE th(; Past i fuuccrneci mere are iwo au- Iditional barriers between thCiTrTT AP HAlirv at the price quoted a year ago ard. DISPOSITION" TOLD problems, Mr. Clark cited the luiMut-m, m- had a market value of about willing seller and the would be If hi INN buver Our nrirr alwive tho Vl UWMI change in a public opinion pollIlu" ucu. Jraay i ilnfersfafe Aero i Standard Gas said that it con-l following a forum nroeram as' Already far surpassed last Market experts pointed out! templated possible divestment nf iindicatinir how such diseussioniiOct0')ers prediction that by mid i that farmers do not intend to do not intend MARKET SEEN summer of 1010 the company Its securities In Oklahoma Gas cIarify public lninklng sell all thei OA wheat at current arC I) gngC overnment loan LXJ 1 'UWCJ our dollars which are at a heavy premium in all other currencies. The Allies to whom we must would employ 17,000 prices, a Uirnl NEW YORK.

June II. (Ex- l3St WC(kl guarantees that co-operating pro oAOOO, an average of $110,000 wl a figure Interstate Aircraft Engin- look ir purchasers can sues. Several Treasuries pushed ahead 1 to 1H points and the av. erage improvement was mor than half a point. Dealers heard that more active buying of Fed-erals was partly based on th idea future Treasury issues might not carry the tax-exempt feature.

Bonds of speculative rating were helped by the stock market upturn and anlysts estimates of rising Industrial returns under the defense program. Foreign loans also gained widely. Transactions totaled face value against $1,957,000 cering Corp. plans construction Uo Canada where they can got! vue)Z, I nr.st tCst of the ru-Liiii: Willi II Oklahoma Arkansas.and JOB isville Gas Electric which He urges that business adopt operates in Kentucky and Indl-ja more aggressive, intelligent ana. Standard explained that it program specifically answering contemplated disposing of these the questions that are In the nub- high-grade new Issue per working day, or nearly annually.

During five sugntiy better than 20 new cadet training planes Rrain cheaper and just as con market, since the German lnvas- pines ana it aiso enawes them ihnrinninff In it an.ivenient to their hom norts. As months of 1910, pay rolls have, to United I on tne Rowland Countries wait for possible higher nounced yesterday bv Don P. a matter of fact, the securities at sucn time as migni uc minn, ana as a practical to more man nrices ne ativaniciKruu.i in oui iii.ii ivi i me jnouiiiu invoivru sug- compurcu wnn lor all 12 months of last year. Smith, president. 1 does not and has not for Following completion of the some time exported heat except first 20 planes a production line w'1" the akl of government of 100 aircraft is planned which, subsidy.

will be gradually expanded to Meanwhile the accumulated permit manufacture of fioo cadets supply is more than adequate to ana ranee negan was in prospect today as the underwriting group which will handle the marketing of the $.13,000,000 Issue of Jersey Central Power Light Co, First mortgage 25-year per cent bonds made plans for public offering of the issue such disposal would depend en- gests the support of labor be tircly upon conditions and that stimulated. The number of peo-one or both companies might be pie who receive their living from retained in the system. private industry Is about Another company which ,000 and this group, he says, can 1 a. veil i The company's backlog now exceeds $110,000,000. of which nearly $23,000,000 Is In orders for Gold Stocks Higher WASHINGTON', June It.

Treasury's gold stocks were Thursday. commercial skyliners to be used vuiuiiu iid orvj uiit'i tu wmju The figures are The Standard said it intended to re- save Americas economic 1 n1? ei if free- for peacetime flying hy airlines SSWL ii durinpr the next 12 months, ther own necrij it will! in the United States. 0,803 over June 11. 'executive stated. I lluminating.

Wheat 1 Ha anrwf i il i the end of 1M0 reserves at tain was Public Utility Engineer- dom If it wants to. But next week. London Market Sags From Lack of Support LONDON, June 14. Secur were 25i.OO0.0tH) lng A. Service which would not want to until someone com The group headed bv the First bushels compared with the five it t-iii: Of 172.000,000 rwi i Ml It.

il. vear average OIL FIELD NEWS STORE SALES ities prices declined uniformly today after publication of thn bushels, which surplus, according rlYV to Secretary Wallace, this year's has not'ficd 'T' u.urt 1 form Ait2. German war communique claim RY HOWARD KEGI.EV MM If til V'l III IHUI'Ml 1VV production should increase to serve companies in the system. a gigantic job of educa-Summarizing the program, Ition; no thinking person will de-Standard Gas said that If com-jliberately aid in the destruction pleted, it would result in these of his freedom but unless he changes: Elimination from the knows that his freedom Is in system of six public-utility com- jeopardy he will do nothing panics operating In six separate about it. He concludes: areas; reduction of the number! "Whether or not the move- a toward the socialization of 2SS.000.000 bushels.

Canada has! TO Jn lrTta UP SHARPLY fu uuu uiscovcrca tne zones would nrotected from uhu nvaihihin fnr wu" MrAc.Kv-e-nve it famous Kettleman Hills oil field flying by water. export ag.tfnst 1 1.1 ooo 000 bushels "'requested them to be in New estimated torlay that department abandoned by the Kettle-, 'JJf not i until a Jhnr time' Tlic viIt etched with store sales In the week ended man North Home aCn dirt If obtain irt HUGE WOULD KHTI.Y unusual interest in Investment mm in nKr vuiuiiin Amor ran lnwinnc onA ing new successes. Holderi showed little inclination to llqui date but buying as at an almost complete stop. Declines among government bonds extended to around 4 point. Chinese loans fell back in a narrow foreign list.

A few pence were chipped off most in dust rials. Kaffirs and base metal worked downward and other i vuia iiiw June were 11 per cent higher: and the derrick has been re- plug the hole with cement and! The world supply of wheat Is nanking elides, since it Is regarded as the first real effort to feel out the temper of the market. The underwriters are tnan in tne corresponding vecK movP(, (he Kite fop ano(her'cap it. While the association sufiiclent for all requirements, last year. ii.

was in chame of the well It was 'but the dislocation of trade bv st ruction of ou.r national credit can be reversed or even retarded depends upon two factors first, how well business presents Its case, and second, how deeply the decay of defeatism has penetrated Into the character and self-reliance of the American people. 1. I. .1 IC Hill. in nit- vvriK rniii'u juiie 'known as No.

SS-2P. i the war prevents Its distribution at a. 1 Hi ti I 1 1 This well, known as ham's the price to be 1 eneven proceeding in i r.commoduuy mocks louowca ins I even were Trading in French Franc at Standstill Foreign txehange en Pag I. VAQl'EKOS Elliott No. 1, was about the 35thiLooKS F()H trt tliii rniivjnmir' eiiort.

in view or ine recent, en- kiwi a i unm. adjusted sales had lagged 9 per cent behind a year ago, in the four weeks ended June 8 sales averaged 3 per cent higher than In to' targeting to find oil produc- to pay. Our government action of United States wildcat drilled In the district find oil. It was started In March jiK-ii iii uiu vaquricis lormauon buying wheat and flour for "easury onngaiions ann top- ni I at approximately -loot) feet, the se at home and abroad Kralc corporate liens, both of i GST I nQ UOUSB KOflUS the similar part of 1n? nA Hnrlnre 1IA. which have shown strength.

One thing, however, is certain the Job must be tackled very, very soon, or we will have destroyed ourselves In pursuit of our magnificent delusion. It Is later than you think." helps some, but it still year, while crews were fishing, Unties drilling ahead at a the American farmer as i Nears Record Level NEW YORK, June 11. (P) bciow 3oo reel in its Jans No. the chief American victim of the 1 wildcat on Sec 33, 210 on fr war-g extension. for drill pipe, the well blew out and got completely out of con Rusiness In the French franc came to a standstill today as German legions, marched ncjo rancn in ventuia county.

nun trol, ReleafteiJ bv Hi. American He. Each of the 12 Federal Reserve Districts, in the week ended June 8, reported larger sales than last year, as follows: Iloston, 10. New York 12, Philadelphia in, Cleveland IS, Rich-mond 11, Atlanta Chicago' HI. St.

Louis 16, Minneapolis 15, Kansas City II, Dallas 11, and San Francisco 3 per cent. McKesson-Robbins Sales Continue. Up Itblcwwil.lforacon.idcral.leiVTho, i V01? p'p" l.erlod. but was finallv brought and ls of through Paris and disrupted; financial connections with the United States. IrSKKRSSS New York Banks These show to co hick to! are thought to be emanating NEW YORK, June u-SL lfron fractures In the formation.

Holders Approve Toll Bridge Sale VALLEJO. June It. M1) Stockholders of the American Ham J. Wardall, trustee of Mc the hole and do Kr.lMIKS Mil II 31 KMT D-U- Local foreign money dealers quoted a price of 2.18 United States cents for the franc, a nominal figure unchanged from the Kesson Robblns, today released preliminary sales figures IDLE MANY YEARS PlTTSnUnnif. June 11.

(VP) June payments to Westinghoust Electric Manufacturing Co. employees will be Increased 15 per cent, to within 1 per cent of the highest bonus ever paid, lit the summer of 1037, It was an nounced today. The May bonul was II per cent, The adjust' tnents follow a plan which con siders compensation Is relation to avorago earnings. In May the company earned in April $2,514,128 and in March $1,800,450. Allied Petroleum's No.

31 well, VU I IlllClCil IXUlCi In the period after It was.nn kimviI inn io Aulo Output Olf for Mav Khnwltlte an Inprrnsn of 1 i a i i I i NEW nrougiu unoer control in temnorarilv shut umiv, june i iien.n.i per cent In sales of the reduction since 1035 In the tiniM and sundries rionarimont rc lo.u the drugs and sundries department firs previous day. Toll Rridge Co. voted today to Rankers explained It was use- sell the Carquinez and Ant Inch less to fteccpt business since. toll bridges to the State for to the time it actually stopped' rcpairs are made to the prouueing gas and on in Juiypcpor vhlrh Is said to rc i raic v'im cw of the company over May, 1030. $0,480,000.

hiate savings hanks came this Ka ra In thi HKinHmnm wrr oni: exploded a few days ago This barrels of petroleum, projPrt drilled to approximately but along with It came 50 to .0 10(i00 fpct y.cWnR per cent water. about 120 barrels of nil ner J.iv Slightly in Week DETROIT, June 11, (A) Ward's automotive reports today estimated the current week's output of passenger automobiles and trucks at 03,035 units, "This." said the survey, "Is only slightly lower than the The well Mood. Idle for many with a 20 per cent cut of fluid morning when the East River Savings Rank and the Emigrant Industrial Savings Rank here announced they had each declared a dividend at, the rate of Hi per rent per annum for the quarter ended June 30. In June 1035 the New York $8,812,201, compared to In the corresponding period of 1030. Total sales for the month were $11,007,104, actainst $12,001,143 In May, 1030, the latter period Including nonrecurring liquor sale.

This was a decrease of Delisting Sought years, owing to failure of the United States Rurcau of Mines and the Oil and Gas Division of President Will F. Moorish said the nearly 200 stockholders present voted by more than the necessary two-thirds majority to accept the ofTer of the State Department of Public Works tmd the California Toll Ilrldge Authority. The purchase price is $0,8,10,000, less. $350,000 in cash the State asked be turned over with the properties. The bridge CHICAGO, June 14.

United. even the location of the big French banks was" unknown. Future trade, It was said, depends on clarification, of the present disturbance. The pound sterling, meanwhile, fluctuated uncertainly at slightly lower levels most of the day and ended 2 cents down at $170 In relation to the dollar. The Swiss franc added .01 of a cent at 22.12'i cents.

The Canadian dollar moved up cent to, 81 United States cents. Stockyards Corp. convertible prt ferred stockholders at a meeting today voted to ask Securities Exchange Commission approval State Ranking Roard adopted a i.2t per rent. Sales for the five JERGINS HWAIM The Jerglns wildcat, Cheney No, 1, in Fresno County, continues to swah In the cretaceous formation, bringing up oil mud and water, with practically no oil and gas, according to field reports. resolution limiting interest months ended Mav 31 were $01, previous week's total of 03,5001 the State Mining Hureau to reach vehicles, and continues to make an agreement with the Kettle-a bright showing in contrast to man North Dome Association as last year's figure, which for the to how the hole could be fiban-corresponding week came, to doned and at the same time leave 305 Jobs." It In such shape that the oil which might lie paid on savings 22 1.010.

compared to $50,700,080 of withdrawal of the stock from ll'tlng on the New York Stocls accounts in this stata to a maxi will probably be turned over to In the 1030 period, or an increase the Slate July 1. mum of 2 per cent. of 2.53 rer cent. Exchange..