Evening Star Newspaper, March 10, 1929, Page 34

s4 ~ STICKS MEBD P DESPITEWARNINGS Speculative Fever Continues, ! Although Activity Is Curtail- i., 3 igh. 5. ed by Money Rate. BY CHARLES F. SPEARE. Special Dispatch to The Sta NEW YORK. March 9.—If the Fed- eral Reserve has made any progress this | week in its campaign to curb specula- tive excess, its has not been apparent on the surface. Activity has fallen off in the stock market, but that is about all. There has been no important liquida- tions, and no indication of any change | 1. of heart on the part of the determined band of speculators, who have held the market in their grip so long. The budget of news has been enough to shake confidence in any market less firmly intrenched than this one. To summarize, money is tighter than at any time in eight years. Twice this week call loans have been arranged on the exchange at 12 per cent. This has happened before this year, but only around the first of January, when divi- dend and interest disbursements mnor- mally make for hardening money rates. It is an extraordinary occurrence in the first week of March. Money at High Point. Time money and commercial paper are right at the highs of the year and that means the highs since deflation times. No encouragement is to be gained from study of the weekiy statement of the Federal Reserve banks. As for brokers' loans, the week's increase of around $140,000,000 was a surprise to the Street, which had been counting on a decline. Then there was the state- ment of Paul Warburg, belaboring the Federal Reserve for not raising the re- discount rate long ago. It was a virlle presentation of the case and in times past would in itself have been enough to break the market. All these items of news were avail- able for appraisal on Friday morning. The market paid no attention to them. With a gesture of defiance, Radio was bid up 35 points on top of a 37-point rise on the day before. Other industrial stocks advanced in price, completely ignoring every unfavorable considera- tion. It is true that the averages for the industrials are lower on the week, but the mounting total of brokers’ loans shows that the situation is still full of dangers. Loan Control Difficult. ‘What the next move will be is hard to say. How can the Federal Reserve con- trol the loan account? The returns for this week show that of the $140,- 000,000 increase, $27,000,000 was in loans for account of New York City banks, $14,000,000 in loans for acgount of out- of-fown banks and $99,000,000 in loans for account of “others.” Perhaps the Reserve system can discourage member banks from employing their funds in the call loan market, but the effective method of persuasion to be used on cor- porations h'ns evidently not yet been discovered. As far as the New York City banks re concemedi callnt:!rlnl lotl;l“ this week are actually lower than they the wmspgndmx week of 1928. There was some increase in the total for out- of-town banks, but the great gain has been in the “others” account. The lat- ter stands nawzl; &%802“%000,000‘ e(.:;- red with $1,215,000, a year . ga" and then some authority arises to commend those high minded corpora- tions that do not feed fuel to the specu- lative flames, but there appears to be plenty of others entirely willing to profit that way. As a matter of fact, the temptation is well nigh irresistible. If a .corpora- tion can loan money in the stock market at 8 and 9 per cent or even higher. and that entirely without risk, why should it not do so? Business is good and in most lines profits are satis- factory, but it takes good management to make money as easily and as surely in business as it can be made in. call loans. Remember, there is no record of any loss sustained in day-to-day loans on gilt-edge Stock Exchange collateral. Confidence in Prosperity. ‘What then will be the outcome? Is there no way of calming the specula- tive fever? There is one possibility ‘which has been given scant attention so far. It is improbable in the extreme that even speculators, to say mnothing of investors, are going to keep on indefinitely buying stocks yielding 3 and 4 per cent, or sometimes less, with money borrowed at 8 and 9 per cent, sometimes more. So far this has been done in the belief that the stocks so purchased could be sold to some one else at a higher price—and so far that theory has worked out in practice. * It has worked out, however, be- cause confidence was high in_steadily increasing business prosperity. But high ‘money does not affect speculative mar- kets alone. It has a direct relation to industry itself. Once let a cloud ap- pear on the business horizon and the whole picture will be changed. This is an unpleasant alternative, but it has to be faced. The reason commonly assigned for the reluctance of the Federal Reserve to raise discount rates has been the fear that business would be injured. Mr. Warburg answered this argument in his state- ment this week when he said that “those who express the fear that in- creases in the Federal Reserve redis- count rate might hurt business, over- look the far greater hurt the country will have to suffer if their advice to permit the situation to work itself out were followed.” He adds that we have had in effect a 7 or 8 per cent bank rate for the past six months, for it is that rate which has disorganized inter- national financial relations. BOND PRICES DECLINE. NEW YORK, March 9 (4 ‘Trading in the bond market today fell into the doldrums and prices generally closed at the lowest levels of the week. The As- sociated Press combined averages again established a new mark for the past two years. Buying support is not looked for by traders until after the 15th of the month, when the Treasury financing will be out of the way and income tax demands met: until that time a scarc- | ity of investment funds is anticipated. | with time money at its peak price of | %35 per cent | The convertibles were generally low- er in sympathy with declines in stocks. | Anaconda Copper 7s closed down nearly | 5 points at 240'<. while Alleghany Co poration 55 and American Intern 1 national 5'>s sold off fractionall Atchison convertible 4'2s sagged to 1143}, their lowest price since admis- sion to trading. In the industrials Chile Copper 5s} =old at their year's Dominican Sugar were under pressure and lost a point. Pressure also was exerted against the oils. Nearly a half a cozen rails estab- lished new lows for the year. New York Central refunding 4!5s dropped a point | to a new low at Utilities were mixed. 2 All United States Government obli gations, except the Liberty 312s, sag ged to new lows for the year. 7158 NEW YORK, March 9 (#)—Expan- gion of manufacturing plant and equip- ment in keeping with current business gctivity is reflected in substantial orders for eclectrical supplies, particularly heavy apparatus, says Electrical World. This applies especially to the Eastern ajstrict, but it is true, to a large extent .'% all industrial sections of the counury. 194 3 20"z 591y 124% 1073 1417 140% Am Can pf (7). 10612 120 7% 115 18 188% 170 Am Machine 1162 112 1% 60% Am Metals (3)... 135 981, 120 12 79% 641% Am Steel Foundries (3). 113% 110'% Am Stl Foundries pf (7). 113% 111% 113 [y : m [ 32% 17 Am Tel & Cable (5 222 186% 171% Am Tobacco (8).... - 188 e en | 121% 119% Am Tobacco pf (6. 155 111% 1074 Am Typefounders pf (1) 111 4 27T% 58% 15% 46 49 108 163 623% 53 124 68% 48 49%: 40, 115 47 209% 196% Atch Top & S Fe ( “ee 103% 103 Atch Top & S Fe pf (5). 191% 169 Atlantic Coast L (10).. 1843 180 43% 55% 45% AtIGuIf & WIpf(3)... 68 117% 115 115 106'% 103 Atlas Powder pf (6 2915 22% Auto Sales 43% 36% Auto Sales pf (3 50 120 133 80% 110% 108 Bamberger pf (6%).. 72 110% 106% Bangor & Aroospf (7).. e 40 131 737 145 4414 42% 118 114 lowest price. Cuban | 121% 110 129% 106 | 509 Electrical Supplies. |12 12 FINANCIAL. THE SUNDAY STAR, WASHINGTON, D. C MARCH 10 1929—PART 1. WEEKLY SUMMARY OF THE ~—1920—~ WEEK ENDING MARCH 9, Last Week. . 21,800, 14,249, Last Week. High. Low. Averageprice of 50 stocks. 246.21 241.37 Same pericd a year ago... s 920 — Low. Stock and dividend. 40'¢ Abitibi Power. 83 Abitibi Power p 128 Abraham & § 109% Abram & St 389 Adams Express (6). 30 Adams Millis (2) 48 Advance Rumley. .. 581 Advance Rumley pf..... 12 Ahumada Lead 967 Air Reduction (13) 9 Ajax Rubbe 714 Alaska Junea 20 Albany 2815 4 101 a0 241 31 121 167 8 60 Total sales... Same period a year ago. 481 <, 185 . 142 73% au 1107 Allied Chemic: Allied Chemic Allis-Chalmes Amaleamated Leather Amal Leather pf 5 30 Amerada Corp (2 184 Am Agricultural 61% Am Agricultur Chem pf. 21 Am Bank Note (13). 60 Am Bank Note pf (3) 16 Am Beet Suxar. . 403 Am Bosch Magneto. 45 Am Brake Shoe (h1.60).. 122'¢ Am Brake Shoe pf (7). 15'« Am Brown Bov Elec. . 49% Am Brown Bov Am Can (+4) 1114 41 1 93 Am Car & Foundry (6).. 1161 Am Car & Fdry pf (7).. « Am Chain pf (7). % Am Chicle (2 330 . 118 Am & For Power pf (6).. 95 10514 Am & For Power pf (7).. 108 967 Am & Forn Power 2d pf. 101% 28 Am Hawailan SS (1) 3012 30% Am Hide & Leather pf... 75 Am Home Products (3).. 38% Am Ice (12%) 90%¢ Am Ice pf (6) 62 Am International X 614 Am La France & Foam 64 Am La Fr & Foam pf 102% Am Locomotive (8) 114 Am Locomotive pf (7 112% oos 21T 1824 pfew (7). 113 . 2% 121% Am Mch & F 117 Am Metals pf (6)..... 85 Am Natural Gas pf (7).. 8114 Am Power & Light (71). 915 Am Power & Lt pf (6). Am Pow & Lt pL A (3). AmP&Ltpf Asta (3 ‘Am Radiator (5)... () P (6). 80% K 180 188% 184 163 52% 70 35 5% 88 122 Am Safety Razor (1 32% Am Seating (3).. 3% Am Ship & Commerce 86 Am Shipbuilding (8). 931% Am Smelting & Ref (4) 135% Am Smit & Ref pf (7) 198% Am Snuff (12). 108 Am Snuff pf (6). 1% 8514 109 53% 25 . 217% . 177 . 176 120% 807 Am Sugar Refining. 106'% Am Sugar Ref pf (7). 49 Am Sumatra 3).. 193% Am Tel & Tel (9). 173 Am Tobacco B (8) 136'2 Am Typefounders (8) 934 67% Am Water Wks & E (¢c1) 10; 97 AmW W &E 1stpf (6).. 20 Am Woolen. 45% Am Woolen p 11% Am Writing Paper ctfs 41% Am Writing Papr pf(3). 3514 Am Zinc Lead & Sm..... 49 101 Am Zinc Lead & Sm pf.. 106 115% Anaconda Copper (7).... 163 Anchor Cap (240)...... 60% Anchor Cap v pf (6%).. 121 ‘Andes Copper (3).... 67% Archer Daniels Mid (2).. 49% 114 Archer Daniels pf (7)... 114 88% Armour&Co of Del pf(7) 92% 1415 Armour & Coof TIL (A).. 16 7% Armour & Coof 111 (B).. 8% 80 Armour & Coof Il pf (7) 83 29% Arnold Constable & Co.. 27 Artloom (3). 974 Artloom pf (7) 291 Ar Metal (1%) 57% Asso Dry Good: 43 Associated Ol1 (2) 12 1031 41% b4 5315 Atlantic Refining (11%). 58 Atlantic Refining pf (7). 1174 10412 10412 . 10% 7 62 24% 38 48'% 117 183 T9% 1081 72 109 30 321 Atl Gulf & West Indies 98 Atlas Powder (4).. b 43% Autostrop Razor A (3).. 115% Baldwin Loco pf (7).. 118% Baltimore & Ohio (6 78 Baltimore & Ohio pf ( 65 Bangor & Aroos (314). 2814 Barker Bros (2).. . 89% Barker Bros pf (6%). 20 Barnet Leather..... 3814 Barnsdall A (2) 38 Barnsdall B (2 113% 101% Bayuk Cigars (2). 106% 105 28% 101 14% 847 93% 106% 123 54% 11 ns 8914 1% 631 203% 1744 Borden Milk Co (6) 109% Bayuk Cigars 1st pf (7). - 20 Beacon Oil . 85% Beech-Nut Packing (3) 11% Belding-Hemingway. 81 Belg Nat Rys pf (16).. 83% Best & Co (3).... 8215 Bethlehem Steel (4) 120 Bethlehem Steel pf (7) 42% Bloomingdale Bros. . 110 Bloomingdale Brs pt (7) 110 97 Blumenthal pf (7)... 103 81'2 Bon Ami Cl; 83! i . 49 Booth Fisheries st pf. 91 Boston & Maine 12 11% Botany € Mills ¢ 47 Briggs Mfg Co 4% British ¥ 36'x Britis Bt British 5912 Brockway Motor (3 121 Brockway Motor pf (7). 72'% Bklyn Man Transit (4).. ¢ Bklyn A Brooklyn Union Gas 675 33% Brunswi 36's Bucyrus 45% Bucyrus 612 112 Bucyrus 54% Buffalo & S 5312 Buffalo & 110 Burns Bro 30% Burns Bros (B). .. 514 103% Burns Bros pf (7). 234 Burroughs Add M (75) 70': Bush Terminal (g2) 105% Bush Terminal deb ¢ Bush Term Bldg pf (7 7% Butte Copper & Zinc. . 9 Butte & Superior (2) 30% Butterick Co. 4 135% Byers (AM). Byers (A M) pf ( By-Products Coke 12 281 110 L1154 9 10t 10 74 California Packing (1). 26% ifornia Petroleum. .. 3 Callihan Zinz & 1 121% Calumet & Av Calumet & He 8134 2974 T . 2 7, won Mills ‘lin & Ohio (4) 927, © Clinch&Ohio s! 331. Cavanah Dobbs Inc 104 Cavanah Dobbs pf (6%z). 67 Celotex (3).. 89 Celotex pf (7). % 373 Cent Aguirre Asso ( 44 Central Alloy (2). 111 - Central Alloy pf (7) 325 Central RR of NJ (12 16% Century Ribhon Mills 74'% Cent Rib Mills pf (7). a3re 480 ) 201 82 1929. 760 790 Year to Date. 220,268,280 123,002,295 A ear to Date. Migh. 252.05 .. 18333 1 15 8414 139 110 4 f11, 142 110% 6612 e 104'% 0% 300 106 108Y 95 95 1074 1074 1007 101% 8 32% 40% 300 7 106% 112! 116 117 176% 176% 66 6714 118'% 118 90 90 105 106% 101% 102% 76% 77 811y 180 179 179 151 156 474 49 67% x67% 3419 4% 88 113 115 135'2 135% 198Y 198% 12 112 6715 - 684 80% x81 108t 108% 49 50 21 25 210% 214% 171% 173 173 173 120 x120% 150 87 9915 86 99% 102% 148% 57'% 119% 61y 40 114 88y 14% ™ 103 40 53 b4y 116 98 104 10% 108'% 6614 109 29 101% 1052 2214 85% 501 34% 3% 465 10 115% 8y 1091 115 B 914 101 460 16% i % Low. 28 38 - Net High. Low. Close. Chge. | High, 120 28% Q21 a1 105% 26 1181 100 70% % 126 94'3 28% 174 144% 187 2413 81 17 95 6% 677 1731% 124 65% 85 6914 467 128 207% 1334 TT% 252 60 647 55 Devoe & Rey A (13.20).. 115% 164 10% 126% " 92 28% 102 19814 118 115% Dupont de Nem deb (6).. 1177 100% 11% 10 128 76% 39% 112% 170 113'% 15% 65% 109% 9274 5 1107 861y 104 22% 106 13% 98 107 106% 74 Rt 120% 61 12015 10742 74 262% 11% 89 1164 135 10412 115 891y 1267 4814 90 45 10544 66 82 1 105% 115! 140 1047 811y T4 101% 95% 94 116 327% | 54n Ah Low. Stock and dividend. 10174 Cerro de Pasco (3). 2 Certo Corporation (14 36 Chandler Motor pf... 211 3 Ch Alton o I'nen Tool. .. o Pneu T pf (31 ock Tsland & P ( K I<1&Pac pf (6 o Yel Cab (3). kaxha Cot Oil (3) “hilds (2.40) velor C Iee & Fuel (3.60) & Fuel pf (61 Stores (B)..... * & St Louis pf nd & Pitts ~Peahody 4 Certain-teed Froducts. . Chesapeake & Ohio (10) . X0'% Chesa & Ohio Corp (3).. High, Low. Close. 117, 109 111% - 22 62 36 217 8414 x84% Dies 7. ).. 101% 2t 111 : 9 58 &) 1041 9 Peabody pe (7). Collins & Aikman Colorado Fuel & Iron Col Fuel & Iron pf (8) 104 Columi 6614 Columbia ¢ Columbia ¢ Commereial Credit (2 9915 Com Credit 1st pr(6 2410 Com Credit pf (1%). 26 Com Credit pf B (2). 13 Com Invest Tr 27% Com Invest Tr a4 p( 2 Conde Nast Pub Congoleum Nairn Congress € « Conley Tinfo 891 Consol Cigars (7).. 9274 Consol Cigars pr pf( Consol Cigars pf (7). 10315 Consol 98'a Consol Gas pf ) 5 Consol RR Cuba pf (6). 37 Consol Textile 18% Container Corp A (1.20), 9 Container Corp B (§0c 4715 Contl Baking A. /1 Contl Baki 881% Contl 60 Contl 124% Contl Can pf (7) 83% Contl Insurance (2) 19% Contl Motors (80¢). 83 Corn Products (13 %) 141% Corn Products pf (7) 6314 Coty Inc (g2). Crex Carpet. 90ty Crosley Radio (1) 99% Crown Wil Pap 1st (7) Crown Zellerback (1) e Steel (5).. 31 Cuba Cane Sugar. 11% Cuba ¢ 20 77 11 Cuban-Amer Sugar, 61 Cuban-Amer Sug pf 514 Cuban Dom Sugar. . 58 vy Packing (4) 141 s Aaro (1).. 120'4 Cushman’s Sons pf (7) 60 Cutler-Hammer (3%) 63 Cuyamel Fruit..... 584 Davison Chemical. . 3814 Debenhams Sec (2. 116 Deere & Co pf (7). 190 Delaware & Hud (9) 124% Del Lack & West (17) 55% Den & R G Western pf 224 Detroit Edison (8). 60 Detroit & Mackinac p! 112 152Y% Diamond Match (8). 9% Dome Mines (1). 115% Drug Inc (4).. 3% Dul So Sh & Atlantic 6412 Dunhill Internatl (14) 22% Duplan Silk (1) . 100 Duplan Silk pf ( 155% Dupont de Nemours 99 Duquesne Lt 1s 5% Durham Hosie: 36 126 61 Eaton Axle (3)... 32 Eitington Schild (21 102 Eitingtn Schild pf(6 134'% Elec Auto Lite (*41%) 109 c Auto-L pf (7) 12'% Electric Boat. 431 Llec 106's Elec Pow & Lt pt' (7). 8275 Elec Elk Horn Coal pf. 10% Emerson Brantgm A 747 Endicott-Johnson (5) hon (1415). . 106 TR 148 i v BT . 2694 3). 134% ) FhEr+E il it e 101 24% iR .. 120% . 63 83 6774 41'y 124% | oL 2 N S | FELL L+ 5914 Devoe & Rey 1st pf (7)., 115% 158 100 180% 1174 1004 a1, — 37 181% 1867 . 163 113% 14 e Power & Lt (1), 65% \dicot t-Johnson pe (7). g Public Serv (31)... g Pub Serv pf (54) 90 Eng Public Serv pf (5 31% Equitable Off Bldg (2) 493 Equitable Trust (12). 661 Erie 547y i 4413 Eureka Vacuum (4)..... 65' Evans Auto Load($2%). 14 Fairbanks Co pf.. 437 Fairbanks Morse (3 107% Fairbanks Morse pf (7). 6814 Fed Light & Trac($1%). 99% Fed Light & Trac (31, 18 9% 89 10414 Filine 10414 First 64 First Nat Stores (11%) 15% Fisk Rubber. . 60's Fisk Rubber 1st pf. Y, Fisk Rubber 1st p shmann Co heim Shoe (A) Florsheim pf (6). Follanshee Lros ( Sons pf (615) a1 101 24 1 Fuller G Motor 86 63 106 374 &1 105 63 222 11 70 108! 121 76 107 2 Gen Electric (16).. Gen Gen Gas & Elec A (1% 1 pt Mills (3 Mills pf Motors (3 Motors pf (7) Gien Outdoor Ad Gen Outdr nv t 99 74 1141 2674 Glidden Co (11% ) 1032 Glidden Co pr pf (7). obel (Adolph) . 01d Dust )l Dust pf(6) 6674 120 8Ty 113 drich (B 1 Goodyen 1 9 97 7 Gould Coupler (A). 44% Graham-Paige Motor 42% Graham-Paige ctfs. 85 Granby Cons Min (6) Pic1st pf(8).. nk Car (11).. ). Fed Motor Truck (80c). . Fidelity Phoenix (2).. 11% Fifth Avenue Bus (64c). Filenes (Wm) Sons Co. . 181 97 . 105% 1067 2% 184 70 963 TO% 12 60 Electric Spec (60c). 5 oodrich (BF) Co (4).. . 7% Grand (F W) Stores(1). 1147 Grand Stores pf (6%). Grand Union Grand Union pf (3) 23 ~—1920— . Low. 116'2 106° 661 19 431z 235 100 264 % 127% 1914 5619 4 106% 67 7% 102! 2 186 284 6414 110 178 141% & Inte 515 Louisville & 2 Mot Stock and dividend, GEANEWIRI (Yoo Great Northern pf (5) North pf ctfs (5 mo Sugar. mo Sugar pf Gulf States Gulf States § Hackensack Water(11). Hackensk Water pf(13,) Hackensack pf A (1%).. Hahn Dept Stores Hahn Dept Strs pf(615) . Hamilton Watch pf(6).. Hanna (M A) 1st pt(7 Harbison & Walker (2) Hartman A (2). Hartman B (1.20) Havana Elec Ry pf (6). OB (17)5..0. v Chocolate Crp Hocking Valley (10) . Hoe R & Co Cla Holland Furnace (21 Hollander A & Son..... Homestake Mining (7). Houston Oil. . Howe Sound (4) . Hudson & Manhat (214). Hudson & Manhat pf(5). Hudson Motors (5)..... Hupp Motor (f2). . Illinois Central (7)..... 1linois Cent 1sd In (4) .. Ind Oil & Gas (2)....... Indian Mot cle (1). Indian Mtr Cycle pf(7) Indian Refining. . Indian Refining ctfs Industrial Rayon. . Ingersoll Rand (16) 4 Inland Steel (3%2) Inspiration Coppe: . Interboro Rap Transit. .. Intercontinental Rubber. Inter Agri Chem Inter Agri Chem pf (7).. Inter Business Mch (5).. Inter Cement (4). : Inter Comb Eng (2) 4 Inter Comb Eng pf (7).. Inter Harvester (215) Inter Harvester pf (7). Inter Match pf (3.20) Inter Mer Marine. Inter Mer Marine p Int Nickelof Can (80c). . Inter Paper (2.40). ... Inter Paper pf s Inter Pap & Pw A (2.40) . Inter Pap & Pw R. Inter Pap & Pw C. Inter Pap & Pw pf 2 Inter Printing Ink (2% Intl Printing Ink pf(6). . & Inter Ry Intl Rw Inter Ry Cent Am pf (5). Inte: alt..... Inter Silver (18) Iver pf (7)., Inter Tel & Tel (6). Inter Dept § Intertype (f113) Towa Central. . 1sland Creek Coal (4) Jewel Tea (45).. Johns-Mans Johns-\ = Joliet & C! 4 Jones & Laughlin pf(7 Jordan Motor Kan C Pow & Lt B (6) Kansag City Southn (5). Kansas City Sou pf (4).. Kaufmann Dept St(1%). Juli 2 Ibee-Orpheum Ibee-Orp pf (7).. pringfield 6% pf. Kelly Springfield 8% pf. Kelsey-Hayes (2).. Kelsey Wheel pf (7) Kelvinator Corp. . ¢ Kendall Co pf (6) Kennecott Copper (4) Kinney G R & Co (12) Kinney G R pf (8). Kolster Radio. ... Kraft-Phoenix (1%).... Kraft Phoenix pf (61%4). Kresge Stores (1.60) Kresge S S Copf (T).... Kresge Dept Stores : Kress SH (1).... . Kreuger & Toll g Kroger Grocery (c1).... Kuppenheim B & Co (2). Laclede Gas St L (10) Laclede Gas pf (5) Lago Oil & Tra Lambert Co (8).. Lee Rubber & Tire...... Lehigh Port Cem (214).. Lehigh Port Cm pf (7). Lehigh Valley Coal Co. . Lehigh Valley (312).... Lehn & Fink (3). Liggett & Myers (15)... Liggett & Myers B (5). Liggett & Myers pf (7). Lima Locomotive.... .. Link Belt Co.... o Liquid Carbonic (t141). Loew's Inc (i3)... Loew's Inc pf (614) . Loft Incorporated. . Long-Bell Lumb Cl A. Loose-Wiles (1.60) Lorillard Co.... Lorrillard pf (7) 4 Louisiana Oil Rrefi Louisiana Oil R pf(61). lLounisGas & E1 A (1%).. Nash (7). Ludlum Steel ctfs. . Ludlum Steel pf (65) MacAndrews&F (+2.85). MeCall Corp (4). . McCrory Stores A . McCrory Storgs B (2)... McGraw Hill Pub (2), MelntyrePorcMines(1). McKeesport Tinplate(4) {esson & Rob (1.60). sn & Rpf A(3%). 10 Mack Trucks (6). . Mackay Cos pf (4) Macy Company (c2 Madison Sq Gar (1 Magma Copper (1) Mallison & Co Mallinso Manati Su Mandel Bros 3 Manbattan Elee Sup mod gtd(di). . Manhattan S| Maraeaiho Ol k Market St [ Market St 1 Marland Oil.. . . Marlin-Rockwell (+3%). Marmon Motors (6). Martin Parry Mathieson AlKilt (6) May Dept Stores (4).. ¢ Maytag Company (12) Maytag Co pf (6). Maytag Co 1st pf (8) Melville Shoe (1.10). Mengel Co Middle States Ol etfs. .. Midland Steel pf (112) Miller Rubber et Milwaukee Electric (6). 4 Minneapolis & St Loui Minn St I’ Minn St I' Motor Meter CL; Motor I'roduc Wheel (2) Mullins Mf Mullins Mfg p Munsingwe Murray Corporation. Nash Motors (6) Nashville C & St L (7) Natl Acme (1). Nat Bellas Hess ($1).... £(7) () [ 115% o Net Low. Close. Chre. 124 T 110 - 2% 108 9 1 2 - 1% % High. 126% 107 26" . 103 101's 58 124% 124% 67 691 84 105 445 2014 50% -+ 19 73 817% 105 440 157% 160 93 94 8115 85% 115% 115% 103% 108% 142 1424 88% 884 5% 6 39% 40 60 61'% 74 % 90% 93% 32's 33% 21% TN AR LA Ltd+++1 0 60 63 144 148% 4 18215 191 121% 121% 141 141 121 122 12 12% 109 109 88% 90 6T 67 30% T8% 36' 110 195% 20 4315 434 236 240 100 100's 100% 41': 42 8% T3 107 107 104 108 43% 44 22 2 3% T 56% 57! 5812 60% 105% 107 83% 83% 164% 165 22 22 T5% 28! 100% 43 1920 194 92% 93 206 231 1064 3 43% 60 48% 10514 6974 Nat Bellas Hess pf (7).. 110 Natl Biscuit (17). Nat Bllcultk M. 18315 178 1432 143 1920— Low. _ Stock and dividend. 4« 96 Natl Cash Register (14). 5y 122 Natl Dairy (13). 281 Natl Dept Stores 92% Nat Dept St 18t p! 35 Natl Distillers Produc FINANCIAL. NEW YORK STOCK EXCHANGE Low. Close. 120% 1327 126%x130% 35 361 tillers Prod pf.. Natl Lead pf B (6) 4216 Nat] Power & Light (1), 10t Natl Radiator, 36 Natl Radiator pf 4% Nat Rysof Mex 1 214 Natl Rys of Mex 2d pf 119% Nat Supply (18). 135 Natl Surety (5). 81 NatTea (1%).... 39% Nevada Copper (3) 42% N Y Airbrake (3)... 186'% N Y Central (8). 133 105% N Y Chi & St L pf (6)... N H & Hartford (4) XY N H & H pf (7). nt & Western. Lz sz N Y Stes Norfolk Norfolk Norfolk & West pf (4). 90% North Amer (b10%stk) . 51% North Amer pf (3)..... 101 North Am Edison pf (6) North Gierman Lioyd. % Northern Pacific 104 Northern Pacific efs(5). West ($10)... 21 New Or Tex & Mex (7). N Y Chi & St Louls (6).. 100 113 100% 118 47 3 194 W 838 1011x104 o % 513 xH2M% - 1014 1017 5714 1081, 106 48'4 Northwestern Tel (3)... 5 Norwalk Tire & R.. Norwalk Tire & R pf. 24% Ofl Well Supply........ 100% Ot Well Supply pf (7). 7% Omnibus Corp 82 76 Orpheum Circuit pt (8) 276 122 Otis Elevator pf (6 37% Otis Steel........ 101 Otis Steel prior pf (7) 88 Outlet Co (4).. 106 Outlet Co pt (7). 8L Owens Bottle (c4) 20 Pacific Coast. . . 36 Pacific Coast 1st pf. 53% Pac Gas & Elec (2) 70 Pacific Lighting (3). 29 Pacific Mills. 1 Pacific Ofl Stubs 159 Pacific Tel & Tel (7) 125'% Packard Motor (13%) Omnibus Corp pt A (8).. 724 Oppenheim Collins (4) .. Otis Elevator (6). . 305 ! [EIRSE IS NN NN {5 BT + + 40's Pan-American Petroleun 40': Pan-Amer Petrolm (B). 14 9 ;7 PanhandleProd&Ref f. 51 70 11% Park Utah Min (80¢)... 10% Pathe Exchange.... 23 Pathe Exchange A.. 344 Patino Mines (3.89). 17!2 Peerless Motors. . 38 Penick & Ford. 104'4 Penick & Ford pf (7). 20% Penn Dixie Cement, 861 PennDixieCement 110 27 94 8214 272 208 174% 148 97 92'1 Pere Marquette pt (5) 9 384 Pet Milk Co (1%). People’sGasChicago(8). 100 45% % Pan-Amer Western B. .. s Paramount-Fam-La (3). Park & Tilford (33)....0 IFERRRESE SRR 75% Penna Ratiroad (3%)... Pere Marquette (18).... PereMarquette pr pf(5). PhilaCo6% (3)..c0uue 50 Phila Rap Tran pf (31%4) 28% Phila & Reading C & 1 16% Philip Morris & Co (1).. 37% Phillips Petroleum (13%) 25% Phoenix Hoslery 28% Pierce-Arrow (A). 721 Pierce-Arrow pf. 2% Plerce Oil.. 30 Plerce Ofl pf,...as 4% Plerce Petroleum. 51% Pilsbury Flour (1.60). 54 Pirelli Coof Italy A Pitts € C & § 70 136 7 36 103 68% Postum (3)., 58 Prairie Ol & Gas 53% Prairie Pipe Line( 19% Pressed Steeil Car. Pitts & West Va (6).. Porto Rico Tobac A(7).. Porto Rico Tobaceo B... T4%: Pressed Steel Car pf( )~. 18'4 Producers & Refine: 381 Producers & Refiners pf. 6015 Prophylactic Br (14). v of NJ(2.60) rv NJ pf(5). Public ServiceN J pf(6) Public ServiceNJ pf(7). 106% PublicSerkI&Gas pf(6). 80% Pullman Co (4) . Pure Oil (1)... Pure Oil pt (8) . Purity Bakeries (3). Radio Corp of Ame 68 Radio Corpn (new) 55 RadloCor of Am pf(3%4). 34 Radio-Kejth Orph (A) 77% R R Sec il Cen ctfs(4. 36's Rand Mines (al.52). 105's ReadingRallway (4).... Reading 18t pf (2).v0.00 42 46'4 Reading 2d pf (2). 57 Real Silk Hoslery..... 97 Real Silk Hoslery pf(7. 11% Reis (R) & COvvrerennnn 80 % Remington-Rand....... 90"y Remington-Rand 1st (7) « Reo Motors (1). tepublic Iron&:; - « RepublicIron&Stl pf(7). Reynolds Spring. Reynolds Tob (A) 2. ynoids Tob (B) 2.40. . Ithine West E P (1.92) 4« Richfield O (2), 33% Rio Grande Oil. < 226 Rossia Insur (16%). 31!z Roy 497y Royald Dutch (a1.336) 158 Safeway Stores (3) Postal Tel&Cable pt (7). Y. 102, Reis (R) & Co 1st pf (7). {5 5 J* | 467 1045 1 74 41% 04 70 {00 03 il el 95 . 106% 104% 105% 120' 120 120 109 106% 106% 84% 81y 82 16% 15% 154 112% 9% 126 368 KERT 55 34 461 92 55 2614 78l 8% 36': 36's 36's 113'% 106% 107 421 42 42 46% 46% 46% 843 5% T8 100 100 1245 121 55% 38% 14% 94 337% 944y 317 92 110 9y 76 1007 114% . 10% 6 ; Stores pf (6)... \fewny Stores pf (7) StJoseph Lead 73).. St Louis & San an (8), St Louis t Louis&Southwestern. tLouisSouthwst pf(5). avare Arms (2) 2 wulte Stores (hite). 105 Schulte Retail St pt(8). 16t Seaboard Air Line. 0 Seaboard Air Line pf. « Seagrave (eL.20)....... 151% Sears, Roebk & Co(323) 512 Seneca Copper. 2 Shattck (Frank G) + Shell Union (1.40). Shubert Theater (5).. 9012 Simmons Co (3)... 18t Simms Petrolm (1.60)... 36 Sinelair Oil (1213)... SinclairConsolOil pf(8). « Skelly Oil Sloss-SheffSteel&Ir(6) Snider Packing Co...... Snider Packing pf. o Porto Rico Sug(t214) > Porto Rico Sug pf(8) ou Calif Edison (2) 5i2 Southern Dairies A.. 11% Southern Dairies B, 128 Southern Pacitlc (6). 116% Southern Railway (8). 98 Southern Railway pf(5) 113 Sou Ry Mo&Okio cfs(4). 105 Spalding (AG) 1st pf(7) “40'¢ Spang Chalfant & Co. 10'2 Spear & Co..... 76 Spear & Co nf (7) a8 T Kellog (1.60) 45 5014 © 12, andard Milling (6). Standard Milng pe(6). Standard Oil of Cal (13) Standard Oil N J(11%). Standard Oil N Y (1.60) Standard Plate Glass. .. 17 Standard Plate Glass pf. 464 Stand San Mfg (1.68)... 118! Stand San Mfg pf (7)... i 34 Stanley Co of America.. 45 1213 Stewart-Warner (6).... 687 52% Stromberg Carbu (3)... 2 (Continued on P 0 I D (6). 325 108 106 210 19% 24" 21 162 T 6% 134': 129 27': 26% T0% 65% 102' , 90 191y 18% 39 36y 4 110 109% 1093 4% 32 34 -~ 1 11815 120 + 1% 138 13% — 1% 4400 443 - 3w 120 13% 16 1 122 115% 1 % 66 149% 48% 40 38 49% + | 39% 50 185, 354 34 34 - 14 180%, 133 136% + 14| 68 60 e 35.) STOCKS N RALLY AS MARKET CLOSES | !Upward Movement Is Re- sumed After Profit- Taking Subsides. By the Associated Press. NEW YORK, March 9.—Stock prices rallied briskly at the opening of today's market, broke sharply in the last hour and then rallled again in the last few minutes when a heavy demand devel- oped for Kennecott Copper, which ad- vanced to a new high record at 99'; a share. Radio Corporation (old stock) soared 19 points to & new high record of 464, broke to 451 and rallied to 461, Despite the high money rates and re- peated warnings against securities in- flation, pools were aggressively at work in a fairly large assortment of special- ties. Radio issues were again the fea- ture, the old stock soaring 19 points to a new high record at 464, or 96 points above Wednesday's low, and the new moving_up to a new high record at 93'5. Both fell back sharply from the highs on the reiteration by President Harbord of the Radio Corporation that no merger negotiations with the West- ern Union Co. were under way or con- templated. The break in the radio issues unset- tled the general list, with selling pres- sure most effective against the copper, % |Steel and merchandising issues. Many of the early gains were wiped out in mid-session and a fairly representative 3 |list of stocks, including United States Steel common, Anaconda, American Can, International Harvester and New York Central sold 1 to 3 points below yesterday's final quotations. Establishment of a new low record for the year by the Canadian dollar revived 3 | hopes 6f further gold imports from that 4 | country, but this was offset by the pos- sibility of a further increase in the Bank of England discount rate because 14 | the recent decline In sterling threaten- ed a further drain on Great Britain's limited gold supply. Wholesale Market Yesterday's daily market report on fruits and vegetables (compiled by the Market News Service, Bureau of Agri~ cultural Economics) said: (Sales to jobbers except where other- wise noted.) Apples—Supplies moderate; demand slow, market steady; barrels, Virginia, U. 8. No. 1, 2, inches up, Winesaps slightly scalded, 5.00a5.50; mostly 5.00 boxes, Washington, medium to large size, extra fancy, Delicious, 3.50; fancy, 3.00; extra fancy Romes, 2.50; extra fancy Winesape, 2.75; bushel baskets, Virginia and Pennsylvania, U. 8. No. 1, Romes, 234 inches up, 1.75; Virginia, U, S. No. 1, 215 inches up, Black Twlgs, 1.35a1.65; U. S. No. 1, Staymans, 2% inches up, 1.75a2.00; U. S. No. 1 Deli- clous, 23 inches up, 2.25a2.50. Cabbage—Supplies moderate; demand light, market steady; New stock, Flor- ida, 115-bushel hampers, pointed type, 1.50a1.60; mostly 1.50; Texas, barrel crates, 3-4 dozen, mostly 2.25; ordinary 2.75a3.00. Celery—Supplies moderate; demand light, market dull; Florida, 10-inch crates, 3-dozen, mostly 2.25; ordinary quality and condition, 1.25a1.50. Lettuce—Supplies _liberal demand light, market dull; California, Iceberg type, crates 4-5 dozen, 3.50a3.75; Florida, 115-bushel hampers, Big Boston type, wide range, quality and conditions, best, 1.50a1.75; poorer, 1.00. Onions—Supplies moderate; demand light, market dull and slightly weaker: Michigan _and Ohio, 100-pound sacks yellows, U. S. No. 1, medium to large size, mostly 5.50; Michigan, 50-pound sacks yellows, U. S. No. 1, medium to large size, slightly sprouted. 2.25a2.50. Potatoes—Supplies liberal; demand light, market slightly weaker. All U. S. No. 1: Maine, 120-pound sacks Green Mountains, 1.75; Pennsylvania, 150« pound sacks round whites, 1.85a2.00; New York, 150-pound sacks round whites, 2.00a2.15. Spinach—Supplies moderate; demand light. market dull: Texas, bushel bas- kets Savoy type. 90a1.00. Tomatoes—Supplies moderate; de« mand light, market about steady. Orig= inals: Florida, sixes, ripes and turning, wrapped, fancy count, fair quality and condition, 2.50a3.00, few 3.50: choice count. 2.25a2.50; ordinary quality and condition, fancy and choice counts, 1.00. String beans—Supplies liberal; de< mand slow, market about steady: Flor= ida, 75-bushel hampers green, 2.00a2.25; best. mostly 2.00: ordinary quality and condition, 1.00a1.50. Eggplant—Supplies very light: dee mand very slow, market dull; Florida, pepper crates, fancy high bush, 4.0 some small size, 2.50a3.00. Peppers — Supplies light: demand light, market steady: Florida, pepper crates, fancy, 2.50a3.00; choice, 2.00a 2.50. | Squash—Supplies very light; demand light, market steady: Florida, pepper crates, fancy white, wrapped, 3.00. Strawberries—Supplies very light: de- mand moderate, market slightly stronger; Florida, pony refrigerator, various varieties, 40a45 per quart. Peas—Supplies very light; no early sales reported. Beets—Supplies light: demand mod- erate, market steady: Texas, Western lettuce crates, bunched, 2.75a3.00; bushel baskets, bunched, trading slow, 2.00. Carrots—Supplies light: demand light, market dull: Texas, Western Ilettuce crates, bunched, 2.75a3.00; bushel baskets, 2.15a2.25. Caulifiower—Supplies light: demand light, market steady; California pony crates, 2.25a2.50. Cucumbers—Supplies very light; too few sales reported to quote. Oranges—Supplies moderate: demand | moderate, market dull; Florida. boxes + medium to large size, No. 1, 3.25a3.50; No. 2, 2.75a3.00. Grapefruit—Supplies moderate: de- Florida, wide range quality and condition, boxes medium size. No. 1, 2.75a3.00; few higher, ordinary quality and condition, 1.00a2.00. . CURB CLOSES STEADY. NEW YORK, March 9 (#).—The curb market today steadied after an firregu- lar opening, and before the close most of the active, stocks chalked up gains. Best gains were in the aviation group, with Fokker opening at a new high price at 427;, an overnight advance of more than ints. National Dairy Products new common was admitted to unlisted trading privi- leges on a when, as and if basis and was started off at 67. Silica certifi- cates were actively bought about a point above yesterday's closing. An advance of nearly 2 points was made by Safety~ Stat. Utllities were lightly traded in at around yesterday's closing levels. Gaing and losses were small. Unfilled Steel Tonnage. NEW YORK, March 9 (#).—Unfilled tonnage of the United States Steel Corporation increased 34,854 tons in February, to 4,144,341 tons, the monthly report disclosed today. The total at the end of February compares with 4,109,487 tons on Janu~ ary 31 and 4.398.189 in February, 1928 Shipments during the month were une usually heavy and kept down the une filled tonnage, Unfilled orders on December 31 toe taled 3976712 tons and 3,673,000 on November 30. At Columbia, Mo., taxi rate of two 67 + 8 _companies is 10 cents anywhere in the ieity.