Evening Star Newspaper, April 8, 1923, Page 31

FINANCTAL. ALARM IS SEEN ‘?Aanufacturers Fear Demand #for Goods May Be Checked I? by Advances. GOLD RESERVE FACTOR Supply and Demand Held More Vital to Sugar Situation Than Tariff Inquiry. BY GEORGE T. HUGHES. NEW YORK, April 7.—In one re- apect the present financial situation is without a parallel. That respect is in the amount of gold accumulated in tha tnited States, the total of which imported from abroad since 1920 is estimated at a billion dollars® Attention was called to this situa- tion by the Federal ReServe Board this week in a statement explaining why the credit expansion necessi- tated by the business revival has made no impression on the resources of the federal reserve banks.® The board pointed out that during the past ar tbere had been a $2,000,000 expansion in member bank loans, but that this demand had been met by the member banks without recourse to th& federal reserve banks because of these unprecedented gold imports. The result is, in the language of the board, at present “the volume of re- serve bank credit is not an adequate indicator of credit trend.” How long it will be before member bankers will find it necessary to bor- row from the reserve bank the board does not attempt to predict, nor does it attempt to say when there will be @ reversal of the international gold movement. . Would Set Aside Gold. That the present eituation is ab- normal and probably undesirable every one agrees. Secretary Hoover's committee on unemployment, in its report just made public, suggests that A part of this enormous gold surplus he set aside as a special reserve Against probable future gold exports. But gold exports must await revival in Europe, hoth commercial and finan- cial. and’ while progress is being vua.d_e along both lines there is as yet no sign of any turn in the yellow tide. The gold is here and must he reckoned with. The natural effect is to waise prices, or at least maintain them at the present level. It also ob- acures the whole price situation and rénders it more difficult than ever to recognize approach of a dangerous n It is plain. then. that whether prices are too high cannot be determined by reference to the veserve ratio of the federal reserve system. It seems equally evident that except for the riomentary physiological effect the raising of the rediscount rate would not of itself check raising prices, /Best Index on Prices. 1f. then, we are forced to abandon the fluctuations in the reserve ratio as a danger signal. what shall we substitute” How can it be known when prices have gone too high? Probably the best answer is- that prices ure too high when they check | the movement of goods from pro- ducer to consumer. And on that basis as vel n that reaction inent. for despite all the recent in’ commodities there is as yet no let up in consumptive demand. Take the case of sugar. There has been an outery against the advance in sugar prices, and the government has undertaken an investigation. The President wants to find out if the tariff is responsible, and if not why prices have gone up. Undoubtedly !!’||< a4 very praiseworthy investi tion, but the only effective resi t on sugar prices is either an increase in_sugar production or a_drop in sugar consumption. Until one of the other of these factors begin to oper- ate it is mousense to point to rising sugar prices as evidence of a danger- ous inflation Automobile Makers Pzzied. utomobile manufacturers ree- ® just where the limit to the e of their product will be found. ts in the automobile industry, both for material and labor, are steadily ng, but the leaders hesi- tate at the logical solution if their profits are to be preserved, namely an advance in the retail price for the finished product How much the ultimate consumer will stand for is the question they would like for one to answer before they put him to the test 1t is by study of the ou just such trade problems that the most light will upon the future of commodity prices. Automobiles are a peculiarly barometer. Few people realize the leading part which the motor car in. dustry has come to play. The auto- | mobile is at once a lux and al iecessity, and the output is on a con- | stantly reasing scale. During March more than 200,000 cars and \rucks were turned out, a new record. | What beiter test could be asked than the possibility of marketing a prod- uct like this’ in increasing quantity at advancing prices? Better Securities Demand. Turning to the investment market the week has been notable for the revival of interest in high-grade se- «uritles. For a long time, under the menace of higher costs for money and = advancing commodity prices, bond quotations have been slowly de- clining. Appafently the point has now been reached where many of the infavorable factors have been dis- counted At any rate there has been a good inguiry” for sound securities both from institutions and private inves- torg. Tt muet not be forgotten that | s=avings and profits are continually accumulating and eventually look. for tnvestment. The mount of savings seeking em- ployment in this country last year is estimated at $8,000,000,000. The ques- tion for the future is what relation the volume of capital seeking invest- ment will bear to the demand. Most Popular Investments. It is true that outsidg of govern- ment obligations the fashion in in- vestments favors public utilities. It will be very interesting to see whether this favor will be extended to include the railroads which announced t other day their ambitious progra for 1923. ey In the official statement given out to the American Railway Association expenditures for equipment and fa- cilitles amounting to $1,100,000,000 are announced as in contemplation. A good deal of this sum will doubt- lessly be raised by means of equip- ment trust certificates on which the risk to the investor is at a minimum. It will be instructive to observe! the reaction of the investor, as well as the politician to the statement that the railroads propose to go ahead with their program of expansion, re- lying on the fairness of the American people to insure just treatment to funds invested in railroad enterprise, (Copyright, 1928.) . NEW BUYING POLICY. Retailers Now Placing Orders for Fall Delivery. NEW YORK. April 7.—One of the most interesting developments of the week was the report that the buyin, policy of retailers was changing an that they were placing orders for fall delivery whereas, only three or four weeks ago they were unduly conservative. Indications that there is little immediate danger of infla- tion. such as the country experienced at the close of the war, also are fur- niched by the annual statements of the large industrial companies, which s«how Inventories at the end of 1932 to-he from 33%; to 663 per cent be- low (huse at the end of 1920, = PRt 1 108% 1004 106 103% 106 57 98%% 1003, 11215 100 97 97 1024 108% 101% 93 95 101 109% 9914 138% 9% 17 93 95 1061 108% 108% 98% 103 104 103% 17 100% 102% 9913 901, 109 945 1001 1002 9414 124% 66 9% 110% 100% 106 96% 86% 103% 95 112% 101 8% 1 86% 1822 High. . 9 N RISHG PREE l | THE SUNDAY 'STAR, WASHINGTON, D. C, NEW YO BOND SUMMARY FOR THE WEEK. Prev. week's Low 100 Argentine 7s 1 . 93 Belgium 7%s 1945 93% Belgium 6s 1925 91 Belgium 8s 1941 69 Bordeaux 6s 1934 913 Brazil §s 1941. 99% Canada 58 1926.... 100 Canada 5%s 1929. 102 Chile 8s 1941 % 48 Chinese Govt Ry o8 195! 88% Copenhagen 5128 1944. 76 Czechoslovakia 8s 1951 107% Denmark 8s 1945. .. 96 Denmark 6s 1942, 2 92% Dutch East Indies 6s 1947 9214 Dutch East Indles 65 1963 z 8314 Framerican Ind Dev 738 1942.. 881 French Govt 8s 1945. 85 French Govt 7148 1941 87% Holland-American s £ 68 1947 928 Japanese 1st 4145 1925 92~ Japanese 2d 415 1925. 80% Japanese 4s 1931....... s 76 Jergens Utd Margarine 6s 1947 Lyons 6s 1934. Marsellles s 1 Mexico 55 1954. Mexico 4s 1954. Netherlands 6s 197 Norway 8s 1940. . e Paris-Lyons-Med 65 1958 4 Queensland 7s 1941 Queensland 6s 1947 Rio de Janeiro 8s 1946..... Sao Paulo, State of, 85 1936 Selne, Dept of, 7s. 1031 Sweden 63 1939. 11714 Swiss Confed s f-8s 1940 4 103% United Kingdom §ls 1937. INDUSTRIAL AND MISCELLANEOUS, Amer Agri Chemical T35 194 Amer Smelt & Ref 1st 58 1947.. Amer Sugar Refining 6s 193 Amer Tel & Tel cl tr o8 1946. Amer Tel & Tel cl tr 4s 1929, Armour & Co 43s 1939. ... Atlantic Refining deb 5s 1937 Bell Tel Pa 7s 1945 Bethlehem Steel p m s 1936. Bethlehem Steel s f s 1943 Brooklyn Edison 7s D 1940. 4 Central Leather 5s 1925. Cerro de Pasco 8s 1931 Chile Copper 65 1932. Chile Copper 7s 1932. Cons Coal (Md) 1st re 50. . Cuba Cane Sug cv deb 8s 1930. Detroit Edison ref 6s 1940. Du Pont de Nem 7%s 1931 Duquesne Light 735 1936 Empire Fuel & Gas 7%s 1937 General Electric deb 55 1952. Goodrich (B F) 6% 1947. Goodyear Tire 88 1931. Goodyear Tire 8 1941. Humble Oil & Ref 538 1932. Indiana Steel 6s 1952 Inter Mer Marine 6s 1941. Inter Paper 5s B 1947. 712 Kelly-Springfield 8s 1931, Lackawanna Steel 55 1950 Liggett & Myers 58 1951. .. Manati Sugal s £ 735 194 4 Midvale Steel 5s 1936 w England Tel 55 1952. New York Edison 1st 633s N Y Gas EL H & P o8 1948 New York Tel 6s 1941.. New York Tel 413s 1939 North American Edison 68 19 Northwest Bell Tel 7s 1941, Pacific Gas & Elec Js 1942, Pacific Tel & Tel bs 1952. 4 Philadelphia Co ref 6s 1944 % Public Service 5s 1959. % Sinclair Of1 7s 1937. .. % Sinclair Crude Oil 5135 19 .. 9% South Porto Rico Sugar Ts 1941. 10014 Standard Ofl of Calif 7s 1931.... 105% TUnion Bag & Paper 6s D. 964 United Drug cv 8s 1941. Rubber S Steel s f 58 1963. ah Power & Light ‘arolina Chem 73ss '37 Western Union Tel 613 1936. Wilson & Co 1st 63 1941. Wilson & Co cv 7%s 1931. RAILROAD, Atchison gen 4s 1995..... Atlantic Coast Line 1st 4s 1 Balto & Ohio pr In 3%3s 192 Balto & Ohio gold 4s 1948. Balto & Ohio 65 1929. .. Balto & Ohio cv 4%s 1933. Balto & Ohio ref 5s 1995.. B&OPitts LE & W Va 45 1941 B & O Southwn div 314s 192 Brooklyn Rap Tran 7s 1921 Brooklyn Rap Tr s 1921 ct Canadian Northern 6135 1946 4 Canadian Pacific deb 4s. Central Pacific 4s 1949 . Chesapeake & Ohio ov 5s 1946. . Chesapeake & Ohlo cv 4145 1930. Chesapeake & Ohlo gn 4138 1992 Chicago & Alton 35 1949.. icago & Alton 3148 1950. B & Quincy 1st ref 5s 1971. & Tastern I11 gen 58 1951 Great Western 4s 1959. M & St Paul ref 4338 2014. M & St Paul cv 5s 2014 M & St.Paul cv 4348 1932, M & St Paul gen 4355 1989, & Northwestern 613 1936. Chicago Railways 5s 1927 Chi R I & Pacific ref 4s 1934. “hi Union Station 415s 1964 Chi & Western Ind con 4s 1 CCC &St Lref 6s A 1929, 4 Cleveland Term 5s 1972. % Colorado & Southern 4138 1935. Cuba R R s 1952... = Delaware & Hudson 528 193 Den & Rio Grande con 4s 1936 Den & Rio Grande 1st ref 53 1935 Detroit United 43%s 1932....... Erie 1st con 4s 1896. 4 Erfe gen lien 4s 1996 Erie cv 4s A 1953 . Erie cv 4s D 1953 Grand Trunk s f deb 6s 1936. Grand Trunk 7s 1940 Great Northern gen 7s 1936 3 Great Northern gen 5128 1952 Hudson & Manhattan ref s 1957 80 Hudson & Manhattan adj 5s 195% Illinois Central 53s 1934. Inter Rapid Transit 55 19 Inter Rapid Transit cv Inter & Great Nor adj 68 1952. Kan C Ft Scott & M 4s 1936.... Kansas City Southern Kansas City Southern 5s.1950. % Lake Shore 4s 1928. Lake Shore 4s 1931. 7y Lehigh Valley 6s 1928 Loufs & Nash unified 4s 1940. Louis & Nash 15t ref 5%s 2003 Market St Ry con 5s 1924. . i Mil Elec Ry & Lt 1st ref 6s "61 4 M St P& SSM6%s 1931 Mo Kan & Tex 1st 4s 1990.... Mo Kan & Tex pr In &8s A 1962 Mo Kanp & Tex adj 6s 1967 Missourl Pacific 6s 1949 Missouri Pacific gen 4s E N O Tex & Mex inc 5s 1935 New York Central deb 6s 1935. New York Cent deb 4s 1934. 824 Northern Pacific ref imp 6s 2047 106% Northern'Pacific ref imp 5s 2047 938% Ore Short Line gtd bs 1946. . 100% Ore Short Line ref 4s 1921 90" Ore-Wash 1st ref 4s 1961 Pennsylvania gen &8 1 6348 1 Pere Marquette 1st 68 Reading gen 4s 1997 StLIM&SR &G 4s St L & San Fran pr In St L & San Fran pr In bs 1950. St L & San Fran inc 6s 1960 St L & San Fran 5% B 1942 78% St L & San Fran 6s 1956. 39% Seaboard Air Line ref 4s 195! 22% Seaboard Air Line adj bs 1949. 58% Seaboard Air Line con 6s 1945.. 92% Southern Ry 1st 6s 1994 66% Southern Ry gen 4s1956. 88% Union Pacific 1st 4s . 94% Unlon Pacific cv 4s 1927, 90% Virginian Ry 1st 5s 1962. 94% Wabash 1st §s 1939. 59% Western Maryland 4s 1963. 80 Western Pacific §s 1946. " dfiest Shore 1st 43 2361. 68 4 574 4 21 [1]5]=]s]swees o o 3 [wl lmmqmm 5 o 03 & |—lasl~xdm| | iZannwan 2 ]| B ]| —a aenpSnan P35 1ok g e U I Adams Express, Afr Reduction. Ajax Rubber. All Amer Cables Allied Chemical Allis-Chalmers Mfg. . ‘Am Agriculture Chemical. Am Agriculture Chem pf. . American Beet Sugar. .. American Bosch Magneto. Am Brake 8 & Foundry. American Can American Pt Amerlecan Car & Foundry. American Cotton Ofl....... American Cotton Ofl pf.... American Express. . 13 American Hide & Leather. Am Hide & Leather pf. 68 66 American Ice. . . 111%1107 American Ice pf - 861, 186 American International. Am La F Fire Engine. American Linseed. ... American Linseed pf American Locomotive. American Metal American Radia . American Rolling Mill American Safety Razor. Am Ship & Commerece...... American Smelting & Ref. Am Smelt & Refining pf... American Snuff. .1 Amerlcan Steel Foundry. American Sugar Refining. ‘Am Sugar Refining pf. Am Sumatra Tobacco Am Telephone & Teleg American Tobacco. . ‘Am Tobacco Class B. Am Tobacco pf (new)..... Am Water Works & Edec. . Am W W & Elec parpf.... American Woolen. ‘Am Writing Paper pf. American Zinc Lead & American Zinc L& S pf. Anaconda Copper Ann Arbor pf. . Asso Dry Goods. Associated Of1 . . Atchison, Topeka & S Fe. . Atch, Topeka & S Fe pf. Atlantic Coast Line. Atlantic Gulf & WI.. Atlantic Refining. Austin Nichols. B Baldwin Locomotive Baltimore & Ohlo. . Baltimore & Ohio pt. Barnsdall. Class A Barnadall, Bayuk Bros. Bayuk Bros e Beechnut Packing. Bethlehem Steel. Bethlehem Steel Class Bethiehem Steel pf new. .. Bethlehem Steel 87 pf. . Brooklyn Edison Electric. Brooklyn Rapid Transit. . Bklyn Rap Tran cfs of dep Brooklyn Union Gas. ..... Rrown Shoe Burns Bros. Burns Bros Class B Butte Copper & Zinc Butte & Superior. . Butterick Compan: Caddo CentO & R. California Packing California Petroleum. California Petroleum p! Callahan Zinc & Lead. Calumet & Arizona Canadian Pacific. Case Thresh Machine pf Central Leather Co. . Central Leather Co p Central Railroad of N J. Cerro de Pasco Coppe: Chandler Motor...... Chesapeake & Ohio. Chicago & East Illinols. .. Chi & East Tllinois pf.... . Chicago & Great Western. Chicago & Gt Western pf.. Chi, Milwaukee & St Paul. Chi, Milwaukee & St P pf. . Chicago & Northwestern. . Chicago Pneumatic Tool. . Chicago, R I & Pacific ChiRT& Pacific 7% Chi R 1 & Pacific 6 Chile Copper. Chino Copper Cluett-Peabody. Coca-Cola. ... Colorado Fuel & Tron. Colorado Southern. . . 40 Columbia Gas & Electric.. 1094 Columbla Graphophone... 2% Comput Tab Record. 81% Consolidated Cigar. . Consolidated Gas new Consolidated Textile. Continental Can....... Continental Motors. E 915 Corn Products Ref . 128%1122% Cosden Company . 5614 Cosden Company pf. . 1 10614 Crucible Steel. . 4« 6% uban-American Su 3115 uba Cane Sugar. 2 16 “uba Cane Sugar 2 56% Cuban-Dominican 95 Cuba-Dom Sugar pf. a5 Davison Chemical. . 4 30% De Beers Mines 261 Delaware & Hudson - 1104 Delaware, Lacka & West. Dome Mines Du Pont de Nemours. Du Pont de Nem 6% deb. .. Eastman Kodak 116% 111 Electric Storage Battery.. 65% 63% Elk Horn Coal....... 16 15% Endicott-Johnson. s @ Tl Erie Railroad. .. Erle Railroad 1st pf Exchange Buffet Famous Players- Federal Min & Smelt pf. .. Fidel-Phoenix Fire Insur. Fifth Avenue Bus... . Fisher Body Ohlo pf Fisk Rubber Fleishmann Compan: Freeport-Texas. . - General American Tank General Am Tank pf General Asphalt. . General Asphalt pf. General Cigar-. .. General Electric General Electricspecial General"Motors General Moto: General Motors 6% deb. General Motors 7% deb. Gimbell Brothers. Gimbel Brothers pt. . Goldwyn Plctures. 5 Goodrich (B F) Company Goodrich (BF) Copf..... Granby Consolidated. Gray & Davis... Greene Cananea Copper. Guantanamo Sugar. . Gulf, Mobile & North pt Gulf States Steel Hayes Wheel Hendee Manu: Homestake Mihing Houston Ofl.... . Hudson Motér Car. Huppomoblle Motor Car. . Hydraulic Steel. 2l Illinois Central Indiahoma Refining. Inspiration Copper. Interboro Rapid Transit. Internat Agricultural Inter Agricultural pf... International Cement Internat Comb Engine. . International Har, new Inter Merchant Mrain Int Merchant Marine pf International Nickel. International Nickel p: Intefnational Paper.. Intertype Corporation. Invincible Oil. Iron Products. Jewel Tea...... Jones Bros Tea. Jones & Laugh pt. Kansas City Southern Kayser (Julius) & Co Lehigh Vall Liggett & M 200% 197 Liggett & Myers pf. . 1145 111% ‘APRIL -8, "1923—PART 1. . S EEE R L {8 | {8 IR e 115 121% 42 1 111% PSR A D B e [l T T P I+4+1+++1| spfonve BN e EREFFE #E EraanFe s — 3% RK STOCK. EXCHANG WEEK ENDED APRIL 7,:1923 e —, Week ending April 7. 1923, Net. High, . High - Low, Clese. Ohge. 4% Lima Locomotive. . . 3% g Loew's, Incorporatéd. ..... ' % Loft, Incorporatey 4 Loose-Wiles Biscuit. . Louisville & Nashville. Mclntyre Porcelain M. Mack Trucks Mack Trucks 1st pf Mack Truck 2d pf. . Macy (R H) & Company Magma Copper. Mallinson & Co Manati Sugar. Manhattan Elec Suppl Manhattan Shirt. . Market Street Railway. Marlket St Rallway pr pt Market St Railway 2d pf. Market St Railway pf... Marland Oll & Refining. Martin-Parry. . Mathieson Alkall . Maxwell Motor, Class A. .. Maxwell Motor, Class B. .. May Department Stores. Mextcan Seaboard. ... Mexican Seaboard ctfs Miami Copper. . N Middle States Oil. . Midvale Steel. ... . Minneapolis & St Lin: M, St Paul & S S M. Mo, K & Tex when issued.. Mo, K & T pf when issued. Missouri Pacific. Missouri Pacific Montana Power. Montgomery Wa: Moon Motors. ... . Mother Lode Coalition Mullins Body Nash Motors. ... . ational Acme. ational Biscuit. Nat Enamel & Stampg. National Lead at Rwys of Mex 2d pf. Nevada Con Copper. .. New Orleans, Tex & Mex New York Air Brake Y _Air Brake class A. ew York Central. New York Dock New York, N H rt New York Ontario & W. Norfolk & Western. . North American (old) North American pf. North American. Northern Pacific.... Ohio Body & Blow Orpheum Circuit. Otis Steel. .. Otis Steel pf Owens Bottle. ; Pacific Gac & Electric. Pacific Ol L Packard Motor Car Packard Motor Car pf. ... Pan-American Pet Trans.. Pan-Am P Trans Class B.. Panhandle Prod & Ref Pennsylvania Railroa Penn Seaboard Steel People’s Gas, Chica Pere Marquette. . Pere Marquette prpf. Pere Marquette pf.. Philadelphia Company. Phillips-Jones. ... Philip Morris & Co Phillips Petroleum Phoenix Hosiery Pierce-Arrow. . Pierce-Arrow pf. Pierce Oil........ Pittsburgh Coal . Pittsburgh & W Virgini, Porto Rican Amer Tob Postum Cereal. Pressed Steel Car Pressed Steel Car pf Producers & Reflner: 5 Producers & Refiners p Public Service, NJ.. Public Service, N J p Pullman Co. . Punta Alegre Sugar. IRRE SR K ANE L Railway Steel Springs Ray Consolidated Copper. Reading 1st pf. Remington Typewriter. .. Replogle Steel : Republic Iron & Steel Republic Ir & Steel pf Reynolds Spring. . Reynolds Tobacco, B. Royal D.N rshs... 4 St Joseph L. St Louis-San Francisco S: Louls-San Fran pt. St Louis Southwestern. St Louis Southwestern p: Santa Cecilia Sugar. Savage Arms. .. Seaboard Air Line Seaboard Air Line pf. Sears-Roebuck Seneca Copper. Shattuck Arizona. 9213cShell Trad & Transport. Shell Union Ofl........ Simmons Co. 2 Simms Petroleum. Sinclair Con Oil. Sinclair Con Ofl pt Skelly Ol... s Sloss-Sheffield Stl & Iron. Southern Pacific. outh Porto Ric Southern Railw Southern Railway pf. Spicer Manufacturing. Standard Oil of California. Standard Ofl of N J....... Standard Oil of N J pf Steel & Tube pf e Sterling Product: Stewart Warner Spee, Stromberg Carb. . Studebaker. . Submarine Boat. Superfor Ofl......... Tennessee Cop & Chem. ... Texas Company . 2 Texas Gulf Sulphur. Texas & Pacific. . . Texas & PacificC&O.. Third Avenue........ Tide Water Oil. .. Timken Roller Bear Tobacco Products. Tobacco ProductsClass A Transcontinental Ofl. Union Bag & Paper. Union Pacifle. . Tnion Pacific pf. Tnited Alloy Steel Jnited Drug. . United Fruit. United Raillway Invest. United Rwy Invest pf. United Retail Stores. USCCIP & Foundry USCIP&Fdy pf.. £ United States Food Prod.. U S Hoffman Machine U S Industrial Alcohol . United States R & Imp. USR&Imp pf United States R: U S Rubber 1st pf. USSmelt R &M United States Steel. United States Steel p! Utah Copper. . Utah Securities. < ‘Vanadium Corporation. Van Raalte Virginia-Carolina Chem Va-Carolina Chem class B. Va-Car Chemical pf. Va Iron, Coal & Coke. -l—va"]fltl[mN IS EREY e OO % B R ‘Wells-Fargo. . ‘Western Maryland. . ‘Western Maryland 2d pf.. ‘Western Pacific. . ot ke o e T TR - [REAN Westlnghouse Air.Brake.. 118 ‘West'ghouse Elec & Mfg. . 45 Wheeling & Lake Erle. Wheeling & Lake E pf. White Eagle Ofl. ‘White Motors. ‘Wickwire Steel.... ‘Wilson & Co. Willys-Overl: Willys-Overland pf. ‘Woolworth (F W) 80% —— Worthington Pump 38 36% 70% 4 Youngstown Sheet&T. 73 70% 704 — 83 % Selling ex-dividend. Di: rates as given in the above table are the annual cash .pa: ments based on the latest rterly or half vearly declaration: Unlet otherwise noted, extra or special dividens are not (nclude?. 1 Partly extra. FINANCIAT. - 1 REAGTON CHECKED INSTOCK NARKET Week Also Sees Brisk Rally in Cotton, Easier Money and Gains in Industry. NEW TRAFFIC RECORDS i, Mellor, Soover and Reserve Board Statements Add to Economic Optimism. By the Associated Press. NEW YORK, April 7.—Sharp reac- tions in the stock and cotton markets, followed by brisk rallies, cessation of the recent reactionary trend in bond prices, easler money rates and fur ther improvement in the business and industrial situation were the princi {pal developments of this markets. The stock market, having forfeited two-thirds of its year's gains since the middle of March, started upwad again in response to the bullish statements on bu; ess and credi conditions made by Secretaries Me! lon and Moover and in the weelkly summary of the Federal Reser o Board. Professional operators spo sored.the recovery in prices, public buying being of a cautionary and relatively light character. Record breaking production of a tomobiles and pig iron and unprec: dented railroad traffic for this seaso of the year were raported during tl. week. Additional wage advar were announced in the textile indus- try, but the rising tendency of pric in the commodity markets appears t have been momentarily checked, ex cept in the case of sugar, which was marked up on the announcement tha total production from the first sis teen Cuban centrals to be closed was well under previous estimates. S ey COTTON SUPPLY LOWER. ew York Exchange Reports Cut in Visible Amount. NEW YORK. April York Cotton crease In the world's of "American cotton for 158,919 bales, against 110 last week and 44,231 bal This is the result of only bales brought into sight for the weex sgainst 92,352 bales last we i 23, bales last vear, whercas spinners takings for the w week's T.—The New The deceased world's visible supp of all kinds of cotton in all positions LIVE STOCK MARKETS. BALTIMORE, April 7 (Special) The general live cattle market rulcs steady, with trade w s plied mostly at the being little_cattle wharves. ready sale, but common to ordinary stock in ample supply and slow to find favor. Quotations today at Light street whar Cattle—Beef, first quality, lb., 8as , a4s to quality to_fancy 2a. xer k cows 50.00a75.00 0a50. Calves, veal ordina. to medium, Ib. thin, Ib., 7a8, Sheep—Choice. 0. 4ab; common, Ib. Lambs, fa choice, 1b., 14a fair to good, 12a13; common, thin, 1b., 9a10; spri 35_to 40 1bs.. 1b.. 9. Hogs—Stralght. 1b to qualit S 1b., . _Live pigs, as to size and quality, 15a18. Shoats, as to size and quality, 1b., 10al 7.—Cattle—R lceipts, 47 no trading. Calves | Recelpts, 480 head, lower: good Ohio veals, 12.00 per 100 pounds. Sheep and lambs —Receipt 3,120 irregular. Sheep, 5.50a8. 3.0025.00; unshorn lambs, 12 15.50; clipped lambs, 10.00a12.50 9.00a10 Hogs—Receipts, 3,260 head: steady s, 9.25a9.50; pigs_ard roughs, 7.2.: BALTIMORE PRODUCE. Special tch to The Sta: BALTIMORE, Md. April 7 receipts “have continued light this week with a copresponding light mand. The market closed stead. tone at 24 cents a dozen for strictl fresh native and nearby stock sharp discounts on all held It looks like the packers wi up the bulk of receipts now. moderate suppli®s noted mo shipments are advisable. poultry market rules steady under light receipts on all 1 son practically “over for turke few late arrivals continue ready sale with values purely nom n Spring and _winter chickens o tinue in very light receipt and under a good and constant demand all : rivals clean up readily at 55 to & pound for the former and 40 to for the latter. Large fat young chickens also in good demand at with rough, thin stags and legho bringing_ 25 to 30. Old hens : firmer, due to more active demand from the Jews for holidays. Receints much iighter and selling nd 5. with small and leghorns bringing o Market for ducks rules steady and few arrivals showing quality mee with a good demand at 30 to o with small and poor stock selling 25, Pigeons and guinea fowl both active at 35 to 40 & pair for the for mer and 60 each for voung and 4" for old of the latter. With the exception voung chickens and Which are in light supply and &« demand, the season for dressed po try is over, and the few stray sh ments still ‘noted are slow to attr: attention. The white potato mar rules easy and shows little chanse. the receipts and supplies beihg amplc. with demand fairly good, and the gen eral movement centered on No. 1 well graded stock at 1.40 to 1.65 per 100 pounds and 50 to 75 for No. 2s. Mary land and Virginia McCormicks ars bringing 1.00 to 1.25. Sweets and yams are running ample, but under a fair demand for good quality stoc the market rules steady at 1.25 to 2. a barrel for the former and 1.50 tu 2.00 for the latter. Bushel stock of both_selling 50 to 75. Native and nearby garden truck in light supply, but ample for trade wants, which are mostly centered on early southern vegetables just at this between-season Unhen in good condition nearbly produce will bring the following quo- tations: Carrots, 50 to 60 per 4-8 b 3.00 to 3.59 bushel spinach, 50 to 60 bushel, and turnips, 50 to G0 per. 4-8 basket. Onlons are in more liberal receipt and market rules easy and lower at 3.00 to 3.75 per 100 pounds and 1.50 to 2.00 for No. 2x. The apple market is steady under a fairly good movement for No. I packed stock of standard varieties at 4.00 to 6.00 a barrel and 3.00 to 3.50 for No. 2s. Bushel stock selling most- 1y 1.00 to 1.75, as to quality and con- dition. Other Financial News on Page 32