Evening Star Newspaper, March 31, 1929, Page 25

.~ - THE SUNDAY STAR, WASHINGTO D. ¢, MARCH 31, 1929—PART 1. 25 IARKET WEATHER | VIOLENT CHANGE Stock Exchénge Emerges " From Near-Panic in Bull- “ . ish Demonstration. BY CHARLES F. SPEARE. Wpecial Dispatch to The Star. . NEW YORK, March 30.—The curve * \ef recent stock market prices begins to Jook like the profile of a mountain range, with its high peaks and deep ‘yalleys in between. Chart readers place much emphasis on “double tops” as an evidence of a market trend, but recent- | ly they have been confused by “triple | peaks,” suggesting a previously unknown |\ market vitality. | ‘This week there have been greater upheavals and rebounds than ever, with | the market on Tuesday on the verge of @ panic and on Wednesday and Thurs- day boisterously bullish. From an aver- age decline of 40 points in industrial shares between March 18 and March 26 there was a rallly before business closed for the three-day holidays of nearly 30 {olnt.s in this same group, while 17 of he 23 points average decline in the general list had been recovered. ‘This gives a concise and graphic pic- ture of what has been taking place in markets upon which the eyes of the banking and business world have been centered the last few days. It indicates that while the small public and the werful professional groups were near- Eoknocked out on Tuesday, they had ! sufficient stamina to come back and fight their battle over again. There may be more courage than sense in this. ‘They have had the applause and the Federal Reserve the condemnation of the loose-thinking portion of the crowd that has been looking on. Previous Panics Different. Conditions approaching panic de- veloped Tuesday afternoon. There have been other market situations of greater seriousness and with heavier declines, notably those of the Northern Pacific panic in 1903, of the money panic in 1907 and most ominous of all, on that memocrable day in late July, 1914, when stocks came pouring into ‘Wall Street from every section of this country and from Europe, compelling the Stock Exchange to close throughout the first five months of the war. ‘The difference between those occa-| sions and Tuesday's situation is in the greater participation of the public in | the present market, not only in stocks list in New York, and always salable, but in scores of outside issues tnded‘ in on numerous new exchanges through- out the country and in Canada, and locally financed. This latter aspect has been, and still is, one of hte most seri- ous of the many unfavorable develop- ments with which the Federal Reserve has had to deal in secret sessions, and over which it has not yet secured ade- quate control. The market is popularly supposed to have been rescued on Tuesday by the loaning of a considerable sum of money at 20 per cent after the supply of funds appeared to have vanished. It recov- ered mainly because of the banking support which it received at that time, and from which it was balled out by the usual group of salvagers. They ‘were assisted to some extent, though not to the degree supposed, by the invest- ment trusts which have kept themselves liquid and have been among the largest lenders on call for the past nine months. Their judgment of what stocks are worth and the prices which they feel Justified in paying for them may be indicated from the fact that even at Tuesday's lowest level a comparatively few of the buying erders which they had in ‘“under the market” were executed. Secondary Reaction Possible. ‘The market- has had a good clean- g out. Many dangerous elements in t have been eliminated. It is still one 'in which operations must be made with ghe greatest caution and where care- ful selection of securities will bring the greatest rewards. If it follows prece- dent it will go through a secondary re- | action. Some believe that the high average of prices will represent the permanent peak of the market; others that the industrial average will later in the year over-top that peak. A group of nearly 100 of the most active industrial shares ‘Tuesday showed an average decline of 26 points from the high figures made in the three months previous, with ap- proximately an 11 per cent depreciation in these prices. This hlp‘pena to be about the same degree of shrinkage that occurred in industrials in_the last big decline, namely that of February and March, 1926. However, the pres- ent average for this group is 100 per cent higher than it was three years nro. While we have never had a situation that involves s0 many industrials nor one where there were such a large num- ber of atute local financial problems, similar to those in Chicago and in Montreal, there are other conditions that are new and which help to over- balance the effect of “irozen” security loans in the interior of the country. In every other period of market up- heaval the United States has been a debtor. Now she is a creditor. The in- vestment trusts have tremendous re- sources which they can use to ease the effect of a serious decline in prices, though, as it turns out, their with- drawal of funds from the call money market in order to make purchases this week aggravated money conditions and unsettled prices. The concentration ‘of banking power as well as the centralization that has been going on in the insurance world offer further means of protecting markets in collapse. Unlike other per- iods, too, there is no commodity infla- tiori, inventories are rational and busi- |, ness in nearly all of its important lines is highly prosperous. And Europe has almost completed the last of the read- justments necessary to re-establish her in full credit with the rest of the world and expand her foreign trade. Business in Good Health. ‘The proposed limitation of oil produe- tion in the United States, Mexico and South America brings into line this week another established major in- dustry. This cuts out a diseased part of the industrial body and emphasizes the glowing health of business life. An analysis published this week of corpor- ation earnings in 1928 indicates that approximately 1,000 different industrial, puglk: utility, raflroad and finaneial corporations had profits that year, 17.19 per cent higher than in 1927. Supple- mentary reviews of the March quarter now closing suggests that corporation profits in this period may be 15 to 20 per cent over those in the same three months of 1828. This is important, though not significant, as all trade then ‘was rather flat. In the midst of so much speculative excitement this week, attention has been drawn from the February earnings of the railroads as they were published. " Théy show gains in net revenues in practically all sections except the North- west and Southwest, where weather conditions have affected them, and a sharp recovery in the profits of those roads that have for a long while been disturbed by the Florida collapse. The net Increuemn:rgtihe mont}: so far re- ported is abou per cent. The conditions in business and the of stocks are so closely inter- wover: that it is difficult to unwind them. Stocks have advanced because of the profits from industry already taken and those anticipated. Business has fattened to a considerable extent on gains from securities. There is T8 J the al tion of such a large propor tion m country’s liquid funds in the stock m% hurting 5,_al- though few port. business, admit it. The annual of the International Ha: Te| g.ummxmmm normal businiéss chanfels * M yast. sums in money and.credit s are now being absorbed by the stock andpto the money market after the April sécurity markets,” and says “the re- |disbursements have been effected, there sultant high interest rates produce an ‘h nothing on which to base an expecta- adverse effect upon agriculture, the[tion of permanent improvement in country's greatest industry, as well as|rates. The reduction in brokers' loans upon other industrial and commercial | this week was only half as large as ex- undertakings,” It is unfortunately true | pected. While it does not represent all that many banks throughout the coun- | of the liquidation that occurred Monday iry are withholding funds from the local [ and Tuesday, the offsetting factor is borrowers while lending their lus | thai since then a large portion of the in the New York call meney market. decline_has been recovered and addi- Gradually this will be so much frowned | tional borrowings have been required. on that it will be abandoned as a mat- In this respect the situation is about ter of policy. where is was a week ago. Aside from the relief that will come’ The Financial High Lights of Past Week Brought Out in Nutshell by Statistics Special Disoatch to The Star. NEW YORK, March 30, 1920, ‘This Week. Last Week. High. Low. High. 3 Stocks (average of 50 issues)............ 24150 285.03 24898 245.10 This Week. Last Week. 91.84 8 Bonds (average of 40 issues)... 8.73 Foreign bonds (average of 10 issues). . ©.104.38 104.84 This Week. Last Week. Year Ago. Federal Reserve ratio..... creereriineiieen 13 na 73.8¢ Money rates in New York: ‘This week. Last week. Call ... . 8t020 7 to 10 Time .... . . 8 to 8% 8 Monthof Monthof Month of Feb,1929. Jan,h1928. Feb. 1928, Unfilled steel orders. . 4,144 341 4,109,487 4,368,180 Pig iron production. . . 114,507 111,044 100,004 Building permits: Number of cities. . 568 576 568 Amount . $252,339,100 $230,074,441 $316,904,308 Commercial failures (R. G. Dun & Co. reports): Number ... 5 1,965 2,535 2,176 Liabilities . 834,035,772 $53,877,145 $45,070,642 Revenue car loadings: Week of March 16, 1929. Previous week. Year ago. All commodities....... . . 957460 9 45,770 942,572 Grain and grain’ produc 43,204 41,860 44,42 Coal and coke 173,452 184,371 171,450 Forest produc . 66592 64,955 67,204 Miscellaneous pi 378,979 360,682 361,842 Or 11,925 10,732 8,113 Live 22,542 23,418 20,229 WASHINGTON STOCK EXCHANGE YEAR 1929 TO DATE (Reported by W. B. Hibbs & Co.. Hibbs Building. Washington, D. C.) OCCURRING ON THE WASHINGTON STOCK EXCHANGE FOR 1920 UP TO AND INCLUDING THURSDAY, MARCH 28. BONDS. BALES the Federal Reserve and the Federal Reserve has been selling acceptances and Government securities. The average cost of Stock Exchange mo; this month was 91 per cent and for the March quarter 8)> per cent, which means that the regular borrower has had to pay his broker around 9'; per cent for the last three months and at the same time witness a net decline in & majority of the stocks carried. ‘The merket enters the Spring quar- ter with the Federal Reserve deter- inined to break up the condition of overspeculation in stocks and to thaw out “frozen” credit conditions t) exist in the interior of the country. This foreshadows interesting events the period ahead. 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 light, market dull; barrels, Virginia, U. 8. No. 1, 2% inches up, Winesaps, 5.0085.50; few 6.00; U. 8. No. 1, 2V, inches up, Winesaps, 4.50; boxes, Wash- ington, extra fancy Winesaps, medium to large size, 3.00; Romes, medium to large size, 2.50a2.75; bushel baskets, Virgirila, U. 8. No. 1, 2% inches up, Delicious, 1.7682.25; mostly 2.00a2.25; ‘Winesaps, 1.50; Romes, 1.65a1.75; 3 inches up, Romes, 1.90. Asparagus—Supplies moderate; de- man lght, market slightly weaker; South Carolina, dozen-bunch crates, green, large size, 7.00; medium size, 5.00; small size, 3.50a4.00; some late express receipts not cleaned up. Cabbage—S8upplies moderate; demand light, market steady; Florida, 1l5- bushel hampers, pointed type, 1.35a1.50; few 1.60. ida, 10-inch crates, 4-6 dozen, 2.50a 2.75; few 3.00. Lettuce—Supplies moderate; light, market firm; California, crates Iceberg type, 5-dozen, 4.50a4.75; South Carolina, l'/;-bufihel hampers, Big Bos- ton type, and North Carolina, 5-peck hampers, Big Boston type, fair quality and condition, - mostly around* 1.50. Onilons—Supplies light; demand light, market steady; old stock, Michigan, 100-pound sacks yellows, U. 8. No. 1 4.50a5.00; Ohio, 100-pound sacks yellows, U. 8. No. 1, slightly sprouted, 3.50a3.75. Potatoes—Old stock; supplies mod- erate; demand light, market steady; New York, 150-pound sacks round whites, U. 8. No. 1, 2.00a2.10; Michigan, 150-pound sacks Russet Rurals, U. 8. No. 1, 2.00a2.15; new stock, supplies l;'fht; demand moderate, market steady; lorida, double-head barrels Spaulding Rose, U. 8. No. 1, 7.25; few high as 7.50, demand Spinach—Supplies moderate; demand light, market firm: Texas, bushel bas- kets, Savoy type, 75a90. ‘Tomatoes—Supplies light; demand light, market dull; few sales; Florida, Jriginals, sixes, ripes and turhing. wrap- ped, fancy, count, No. 1, 5.50a6.00; No. 2, 4.00a4.50; some fair condition, low as 3.00; choiee, count, No. 1, 4.50a5.00; No. 2, 3.00a3.50. String beans—Supplies moderate; de- mand moderate, market slightly weakery Plorida, 7%-bushel hampers, green, best mostly 4.00; few higher; fair to or- dinary quality and condition, 2.00a3.00; Wax, ordinary quality and condition, 1.5022.00. Peppers—Supplies light: demand light, market steady; Florida, pepper crates, fancy, 3.50a4.00; mostly 3. Squash—Supplies light; demand 3 market slightly stronger; Florida, K)PD' per crates, white, wrapped, 3.50a4.00; T¢-bushel hampers, white, wrapped, 3.00. Strawberries—Supplies moderate; de- mand light, market about steady; Flor~ ida, 32-quart crates, various varieties, moktly 50; few high as 55 per quart: fair to ordinary condition, 20a40; pony Peas—Supplies light; demand light, market steady; California, -pound 40-) crates, 7.25. Beets—8upplies light; demand light, market dull; Texas, Western lettuce crates, bunched, 2.75. Carrots—Supplies light; demand light, market steady; Texas, bushel baskets, bunched, mostly 2.00; fair quality and condition 1.50a1.75. Cauliffiower—Supplies moderate; de- mand light, market steady; California, pony crates, mostly 2.50. Cucumbers—Supplies light; demand light, market dull; Florida, square bushel crates and 7%-bushel hampers, fancy, some fair quality, 4.00a5.00, Oranges—Supplies moderate; demand light, too few sales reported to quote. Grapefruit—8upplies moderate; de- mutx: light, too few sales reported to quote. | Baltimore Markets | Special Dispatch to The Star. BALTIMORE, Md.. March 30.—The market for native and nearby eggs rules easy, with values a shade lower under heavy offering on the exchange. While a fairly good demand prevails, it is centered on strictly fresh laid stock and all offerings of this sort meet with ready sale, but many of the arrivals consist of held stock, which will not grade firsts and all eggs of this sort are slow sale even at discounts. The market continues unsettled and prompt and regular shipments are advisable to realize top values of 261, a dozen for firsts in free cases, the closing price today, and 22 to 24 for current receipts. Duck eggs have been in more lberal receipt the past week and as a conse- quence the market rules easier and values show a decline of 5 cents a dozen from opening prices Monday. Prompt ship- ments even in single case lots advisable to bring top values of 35 to 40 a dozen as held eggs are not desirable and very active, especlally for Spring chick- ens and young broilers 1! to 2 pounds, for which the trade will often pay a premium, but many of the arrivals con- sist of poor, thin fowl, which have to be sharply discounted to move. Spring cirickens are bringing 46 to 48 a pound and large, smooth, fat, young chickens, 40 to 42, with young broilers selling a8 high as 45, but all poor, thin fowl moves slowly at 25 to 28. Old hens in moderate receipt and under a fair de- mand the market holds steady at 31 to 33 for fowl weighing 3', pounds and over, but on lighter fow! it is more a question of a buyer than price. Old roosters in fairly good demand at 18 to 20. There is no surplus of ducks 4 pounds and over in the daily arrivals, for which there is a good demand at 25 to 32, but smaller fowl not wanted and neglected at 20. Guinea fowl in lighter receipt and market is a shade higher ai 90 to 1.10 each for birds weighing 1% pounds and over, but smaller as well as’ old stags will not bring over 50 to 75. Pigeons are in good demand and market holds steady at 35 to 40 a pair for both young and old. The season for turkeys and capons as well as for other kinds dressed poultry is over, and shipments not advisable, as weather is entirely too warm. ‘While a fairly good demand prevails for old stock white potatoes, it is cen- tered on well graded No. 1 stock exclu- | sively, and all mixed as well as No. 2 potatoes and stock showing blight have to be sharply discounted. No. 1 round stock selling mostly 1.00a1.25 per 100 pounds, with McCormicks and reds bringing 75a90. This is the between season for native and nearby garden truck, and with early Southern vegetables steadily in- | creasing only first quality stoek attracts attention. Prices are generally in buy- ers’ favor at the following quotations: Cabbage, 50a1.35 hamper; kale, 90a1.00 bushel; onions, 1.50a4.50 per 100 pounds; parsnips, 25a35 basket; rhubarb, 14.00a 17.00 100; spinach, 40a60 bushel, and erally dull the early part of the week the demand showed an improvement yesterday and today and closed firmer under generally light receipts of first stock, both on the wharves and at the stock yards. Spring lambs, 40a45 pound, in light receipts, and meet with ready sale, but shipment of stock under 40 pounds not advisable. Quotations today at Light street wharf: Beef cattle, first quality, pound, 11%;a12; common to medium, 8a9; buils, as to quality, 7a 9. Cows, choice (o fancy, 7a9; common to fair, 4a6; oxen, as tc quaity, 6a8; calves, veal, choice, 16a16;; large, fat, 1415a15; large, rough, 10a12; thin, 8a10; rough and common, 7a8; sheep, choice, 6a7; old bucks, 4a5; lambs, choice, 15a 16; fair to good, 12a14: common, thin, 8al10; Spring lambs, 40 to 45 pounds, 18a20; hogs, straight, 1013a11'; sows, 8a9; live pigs, 10al4; shoats, 10a12. Closing Grain Quotations. Wheat—No. 2 red Winter, garlicky, spot, 1.2715; April delivery, 1.271,. | Corn—No. 2, export, April delivery. no quotations; No. 2, yellow domestic, spot, 1.08a1.09. Cobeorn, 5.00a5.25 per bar- rel. Oats—No. 2, white domestic, spot. 57a58; No. 3, white domestic, ab6'2. Rye—Near! 5. NEW FINANCING DECLINES. NEW YORK, March 30 (#).—New financing through stock and bond issues this week totaled only $70.725,000, the smallest since the week ended January 19, and comparing with $141,094,000 last week and $138,028,000 in the cor- responding 1928 week. Stock issues to- taled $29,400,000 against $80,329,000 last week. Bond issues for the week amount- ed to $40,725,000. Total bond issues since January 1 have passed stock is- sues, totaling $1,019,706,000 against $993.822,000 for stocks. The sharp de- crease in financing this week was at- tributed to credit abnormalities. Hankow, China, shipped more than Celery—Supplies moderate: demand moderate, market slightly weaker; Flor- vefrigerators, various varieties, fair con- have to be sharply discounted. dition, 40; poorer low as 20 per quart. The live poultry market continues Would you like to see this suite in your home? It has a refinement, comfort and class with rich colorings. Just think what a little extra forethought in design and the applica- tion of beautiful colors with proper upholstery can do to fiber furniture. No longer is it necessary to shun this type of furniture. Lloyd finish- ing experts and designers have made woven furniture so beautiful and strong that today it is accepted for all classes of homes. You will find pleasure in looking at this and other suites on our floor. Come in while our new stock is complete. Come in and see our complete floor display. Suites priced as low as; 25 Sales. PUBLIC UTILITIES. Oven. High. Low. Close. matiiits. $4.000 Anacostia & Potomac River R. R. 1st 55, 1040 96 96 86 96 4% €5.500 Capltal Traction lst 5s, 1947 108 9% 99% B 15.000 100 993, 993, 5.25% 1,000 C. & P. Telephone of Virgini 103% 100 100 8% 6.000 City & Suburban Ry. 1st 58, 19 9 03% 93% 5.30% 18,100 Georgetown Gas Light 1st 8s, 106! 10202 101 101 492% 4,000 Potomac Electric Power 1st Ss, 192 100 9% 993 5.50% 37.000 Potomac Electric Power cons. 58 102% 101 101% 4.80% 20,000 Potomac Electric Power ge: 100 107': 108's 5.35% ! 48.000 Washington Gas Light gen. 102% 1003 101 4957 46200 Washington Gas Light series A 6s, 105%2 1098, 103 S0 24,500 Washington Gas Light series B 6s. 107 80.500" Washington Railway & Electric cons. 4s. o1 . 16,500 Washinston Railway & Electric gen. 6s, 193.. 102% 102%; MISCELLANEOUS. 17.000 Barber & Ross, Ine.. 1997 . 94 95 B4 95 s 5500 Chestnut Farms Dairy, 815 107 107 108t 108'a 5.70% 5.000 Chevy Chase Club 1st 3'zs. 1976 . 102'; 102 1011 101z 8.40% 81000 Dist. of Col. Paper Mfg. s, 1 9 96 98 96 855% 500 Washington Cons. Tiile 6s. 195 00 100 100 100 6% 81,000 Washington Market Cold Storag e 98 S6% 98 96 8.35% STOCKS. PUBLIC UTILITIES. Venie, 1ate. 2466 Capital Traction $100 $7.00 2 N. & W. Steamboa 100 12.00 310 Potomac Electric Po 100 6.00 1414 Potomac Electric Power pfd. 100 5.50 1,784 Washington Gas . 20 2.60 39 Washington Rallw 100 700 1,319 Washinston Raflway & El 100 8.00 NATIONAL BANKS. 12 Capital ........ 217 Federal-American 783 Riges 30 Second 61 Washin TRUST COMPANIES. 203 American Security & Trust. 100 15.00 334 43 Merchants' Bank & Trust 100 600 3.9% 126 National Savings & Trust 100 12.00 21% 129 Union Trust e 100 9.50 2.6% 56 Washington Loan & Trust ....... 100 14.00 833 545 522 45 38% SAVINGS BANKS, < 330 Bank of Bethesda B 15 6 85 0% 18% 5 East Washington . 0 120 33 3 3 38 FIRE INSURANCE. 19 American . 100 1200 305 3% 205 30 368 12 Corcoran . 50 500 163 170 163 170 29% 172 Piremen's 0 160 40 404 40 404 4% 193 National Union S 5 28 M 36 6% 3.7% TITLE INSURANCE. 100 Columbis . 5 3 M M 1% 1% 3% 45 Real Estate . 100 600 230 235 230 295 26% 40 Title & Inv. Co.'of Md. com 50 400 45 45 40% 40% 9% 10 Washington Cons. Title Ins. pfd. 50 350 50 50 0 1% MISCELLANEOUS. 98 Barber & Ross, Inc.. com . None ... 130 Chestnut Farms Dairy eom. None 4.0 418 Chestnut Farms Dairy pfd. . 100 7.00 67 Chevy Chase Dairy pfd. .. 100 7.00 689 Columbia Sand & Gravel pfd...... 100 7.00 44 Commercial National pfd. 7.00 59 D. C. Paper Mfs. Co. pfd. i 37 District National Securities 100 7.0 527 Federal-American com. 1.20 195 Federal-American pfd. 600 20 Federal Storsge Co. pfd. 8.00 547 Lanston Monotype .............. 100 6.00 359 Merchants’ Transfer & Stor. com. 100 1000 138 132 124 119 7.6% 276 Merchants' Transfer & Stg. pfd.. 100 7.00 107 2,033 Mergenthaler .... 5.00 104 6371 National Mts. & Inv. Co. pfd. T . 241 Peoples Drug Stores pid. 00 €80 127 134 16 1281 81% 211 Becurity Storage 2500 128 125 120% 131 41% 48 Terminal Ref. Whe. Corp. 80 3600 51 85 st 8L 8% 50 Washington Mech. Mtg o s 100 TR RS Low. Close. Yl $100 0 80 65% 1,500 Cosmos Club 4%as (retired annuslly) . . %0 % [ [ " 500 Commercial Club 1st 8s . 8 I3 28 a8 .i8 3,000 Metropolitan Club 4'a4, 1936 2 L] 0% 0% 6.15% STOCKS. 95 Chapin-Sacks prd. ... L 100 8800 107 108% 07 1085 1.3% 2 Deparimentsl Bank . T ¢ ¢ wa 122 Park Savings Bank . 0 100 B M B £ 13% 100 Washington Savings Bank 10 60 15% 15% 15% 16% 3.7% gl hi % \J GENERAL BUSINESS ACTIVI1Y for the éountry indicated by bank debits éutside New York City. Shaded areas sHow weeks of dctivity abéve the correspending weéks of the oreviods yesr. Black atess indicate declines from sbme weeks 12 momihs eatlier. ACTIVITY BY FEDERAL RESERVE DISTRICTS. Check iransactions compared with sadie week s year age. e £ e V% e £ Soones I Ml LEADING BAROMETERS. Showing trend of lmpertans facters. f (1 L+ b+ L2 S, sanesos e Baby Carriages— Comfort at lowest prices See our assortment. Refrigerators When it is a question of Refrigerators, we cannot believe you will purchase be- fore examining our exclusive line of the genuine Ashwood Lloyd Strollers See the new season’s styles and colors. As- sortment prices s Nachman Furniture Co. 8th and E Streets N.W. We Have No Other Store in Washington Make No Mistake! The Southeast Store is Closed Up! G —— 5|0 0| ]| m%m—‘_—.—*’ = turnips, 25a40 basket. $70,000 worth of human hair to the ‘While the live cattle market was gen- United States last year. Buy now, have the first choice. All new, up-to-date merchandise. Values ron- comparable. Credit accom- modation. Two years to pay and no added cost to you. elty combination dinette breakfast setc—extension table and four CHEIB: .« b lineslidon e e s i it B Y The four pieces, constituting a new idea in bedroom styles, will certainly please people of refined taste. Our guarantee is absolute as to construction. Be- s 00 cause the price is low, don't 135'= misjudge the quality. . So much has been advertised about living room suites we are not going to describe this one in the ad. Use your own s 00 judgment. See others first. 125:____ Call and compare. The price is 4 handsome pieces. Beautiful figured wal- nut, genuine veneering, five-ply. s 1 7 5 ;-22 A very high-grade suite at a most reasonable price........ | | )