Evening Star Newspaper, February 3, 1930, Page 12

A—-12 STOCK PRIGEINDEX * AT HIGHER LEVEL Recovery of Last Week Re- sults in New Tops Since Break. Special Dispatch to The Sta NEW HAVEN, Conn., February 3.— The amazing recovery in U. S. Steel, as revealed in earnings for 1929 of $21.18 a common share, against $12.50 in 1928, and the rapid increase in operations of the larger mills with sharp gains in auto steels produced a genuine groundswell |p, in the stock market last week. For the first time since the panic the specula- tive and semi-speculative groups forged ahead of the first-grade stocks, which, in turn, rose more rapidly than during the preceding week. The whole market turned soundly upward toward the pri- mary peak, after the break, with added turnover of stocks and an increase in brokers' loans supported, not by cor- but by the banks. Heavy ing failed to lower the market averages, which increased in the all-in- dustrials’ group by 242 per cent. Extent of Recovery. Steels rose 3.3 points above the peak since the November break, rails, 0.1 per cent above the post-November peak, while preferred stocks held the same level at that peak. Coppers closed last week 1.3 points below November 13 low, but 6.3 points above the secondary low of January 17. The largest increase in the major groups was shown in auto &ccessories, which increased by 5 per cent over the preceding week; motors by 2 per cent, utilities by 1.9 per cent, foods by 1.7 per cent and coppers, oils, | preferred stocks by less | stores, rails and than 1 per cent. Among the minor groups remarkable increases were recorded. Electrical equipment rose last weok by 10 per cent, with Westinghous» Electric 11 points up, | and General Electric New. 4 points up. Office equipment rose by 5 per cent, with | Underwood Elliott-Fisher 9 points up. Chemicals gained 43; per cent, with Columbian Carbon making 17 points, and Allied Chemical and Dye 9 points. Agricultural equipment gained 415 per cent, with Case Thrashing Machine 25 points. Radio, theaters and tobaccos made a little more than 1 per cent, the Test of the minor groups rising less than 1 per cent. Foreign Prices Sag. Steck prices on forelgn exchanges sagged last woeek. Berlin prices fell 2 per cont. Paris and London fell less than 1 per cent. The sounder tone of the American stock market was reflected last week in the higher value of tradings for indus- trial stocks. These rose on the New York Stock Exchange by $136,700,000, as against $79,200,000 in the preceding | week, increasing by 73 per cent. value of tradings on all stocks rose 63 per cent to §177,300,000. The average tradings of industrial stocks lasf wo ‘vere the highest since the week ending December 12. Of the 20 groups, 19 rose in values traded last week. Office equipment, ag- ricultural equipment, steels, accessories, other miscellaneous, electrical, chemical and oils rose, showing an increase by | more than 100 per cent over the pre- ceding week. Motors rose by 91 per cent; machinery, 84 per cent: rails, 82 per cent; stores, 52 per cent; utili- tics, 40 per cent; household products, 36 per cent; foods, 35 per cent, and coppers, 30 per cent. The remaining groups showed slight increases, while radios, the only group to fall in trad- ings. lost 7 per cent. The compact survey of New York Stock Exchange movements of common industrial shares is given below in price | indexes (1926==100). There are two in- dexes of market price movement. The | ‘The | 2 (“shares outstanding”) represents all common industrial shares listed on the exchange, the importance of each stock being considered according to the shares in existence or outstanding. The second index (“50 leaders”) shows the price movement of the common indus- trial stocks most heavily dealt in during the week, this list changing weekly with the shifts in trading popularity. The “shares outstanding” index shows what a substantially representative $100 worth of stocks in 1926 would now amount to if it held unchanged since that year. The “50 leaders” index shows the result of reinvesting the $100 every week in the market favorites of that week. The last column of the table gives the rate of return on the week's 50 leaders at current prices. Shares outstand 145.4 50 market Rate of leaders. return. 457 3 High ¥ ) (Jan.'30 is Low LS S mannmonaT: average |1l ('28-'30).... s & '28-'30) 5 2539 (Peb.'28) (Feb."28) (May 79) Speculative Stocks. As indication of increasing gencral confidence, speculative stocks moved ahead last week more markedly than equities for the first time since post-panic rise. grade of industrials is within less than 5 points under its December high. While one component of the in- vestment grade of stocks, United States Steel, forged ahead and regained it bell-wether position, first-grade indus trialists as a whole showed a smaller percentage rise than did the specula- tive variety. They nevertheless had the largest percentage rise for any week since the end of November. At present | they stand only 2!; points below the | post-panic rebound which culminated in_early December. Notwithstanding the relatively large uumber of stocks making up the second group, it had a rise of 4.3 points. which represented the largest gain since the first week after the November lows. Its substantial recovery is indicated by a return to within 5 points of the De- | cember high. Below are shown index numbers of prices of common industrials on the New York Stock Exchange, arranged in classes derived from Moody's rat- 11!\“: 15t grade 3d grade 3d grade (nvest- (inter- " (specu- (1926100, mediate). lative). Week ended— Jexuary 31 January 24 | Jax 17 | | ag | December | November 1920 ave 52583322233 9 ve 1926 average . High ('28-'30). |Low ('28-'30).. (Copyright, 1930, by Irving Fisher Syndicate.) CHICAGO DAIRY MARKET. CHICAGO, February 3 (#).—Butter, steady; receipts, 7,322 tubs; creamery, extras, 35%;: standards, 35! extra firsts, 3415 to 35; firsts, 33 to 34; sec- onds, 31 to 32. Eggs—firm: receipts, 7,388 cases: extra firsts, 363 to 37; graded firsts, 36 to 3612; ordinary firsts, 32 to 34. Poultry—Alive, steady: receipts, two cars; fowls, 25; Springs, 26; broilers, | 28; roosters, 18; turkeys, 25; ducks, 18; geese, 16. POTATO MARKET. CHICAGO, February 3 (#) (United States Department of Agriculture.)— Potatoes—Receipts, 186 cars; on track, 344; total United States shipments Sat- urday, 932; Sunday, 41 cars; trading fair, market about steady. Wisconsin, sacked, round whites, 2.55 to 2.6 Minnesota, sacked, round _whites, mostly 245; Idaho, sacked, Russets, .90 to 3.1. few 3.20 to 3.25. the two groups of more conser\mi)\m the | At_present the third | THE EVENING STAR, WASHINGTON, VEGETABLE SUPPLY D. C. Market Over Week End. Lima beans, string beans, peas, cu- | cumbers, squash, several varieties of green salads. strawberries, rhubarb, alli- | gator pears, bananas, oranges, pineap- ples and numerous other varieties of fruits and vegetables were displayed in the commission house district this morning, giving the section more of a Spring than of a Winter appearance. Roadways in the vicinity of the market movements of vehicles and handling of commodities slow. In front of the Louisiana_avenue business houses this | morning, emploves of several firms spent | their leisure time chopping thick ice from the gutter. s i “It would seem that the District au- thorities would get busy and clean the muck from the roadways,” was remarked by a dealer this morning. Business Fairly Heavy. “It has been a long while since the | roadways were cleaned,” he added, “and | the thick coating this morning is more of slime than of ice.” Business in the wholesale district this morning was reported only fairly heavy. It was not as heavy as dealers had an- ticipated, being so soon after pay day »1 the departments. “As a rule,” commented a merchant, “business largely increases after the first |and fifteenth of each month. Probably | the bad weather had something to do i\\'lth it this time.” _Lima beans, product of Florida, con- | tinued in only moderate supply, al- | though they were more plentiful than | last week. “String beans and peas were { plentiful enough to meet demands at prevailing prices. Spinach_continued in light receipts, dealers offering the vegetable around $1.75 and $2 a bushel basket; kale sell- ing at $2 a barrel. Many of the string beans received from Florida were spotted, dealers stated, and sold at prices considerably lower than that de- manded for choice stock. Strawberries continued in moderate supply and were offered at 65 and 70 cents a quart. Pineapples, product of Cuban growers, 14 and 16 to the crate, were offered at $5. Honeydews, im- ported from Valparaiso, Chile, were re- ceived direct by retallers, it was stated, and sold around $1.25 each. Not much change in the condition of the poultry and egg market was re- ported. Turkeys continue plentiful, selling at prices dealers consider cheap, and supplies of chickens, ducks and geese continue heavy enough to meet demands. Receipts of eggs this morning were not heavy, dealers seldom expecting heavy receipts Monday mornings. Dealers quoted current receipts around 35 and 36 cents and_hennery stock at 37 and 38 cents. Increased receipts and a lower market are anticipated tomorrow and Wednesday. Prices of most commodities this morning were substantially the same as prices quoted at the close of last week’s market. Today's Wholesale Prices—Jobbers® Prices Slightly Higher. Butter—One-pound prints, 42a43; tub, 41a42; store packed, 25a30, Eggs—Hennery, 37a38; fresh selected, 37a38; current receipts, 35a36. Poultry, alive—Turkeys, young, 32a33; old, 27a28: Spring chickens, large, 28a 30; medium, 28a30; broilers, 32a33; Leghorns, fowls, 28a3f roosters, 20; ducks, 15a18. Dressed—Turkeys, young, 36a38; old, 32a33; Spring chick- ens, 35a37; broilers, 38a40; Leghorns, 3 fowls, 30a32; roosters, 22a23 ... in the foyer it’s FASHIO > - IS PLENTIFUL HERE {Large Shipments Received at | were in miserable condition, making | he capons, 35a40; ducks, 28a30; keats, 0a60. Meats, fresh killed—Beef, 23a25; veal, 28; pork loins, 28; fresh hams, 25; fresh shoulders, 20: smoked hams, 25a27; smoked shoulders, bacon, 25a26; lard, in bulk, 123%: in' packages, 13%%. | Live stock—Calves, 17; lambs, 13. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says: Sales to jobbers ex- | cept where_otherwise noted. Apples—Supplies moderate; demand light, market Steady; barrels, no sales | reported; _boxes, Washington, extra fancy, medium to large sizes, Staymans, 3.00a3.25; bushel baskets, Virginia, un- classified, 24 inches up, Staymans, 1.40a1.50; Pennsylvania, U. 8. No. 1, 21, inches up, Yorks, 140; U. 8. No. 1, 23, inches up, Yerks, 1.65. Cabbage—Supplies = light; demand moderate, market steady; Florida, 115~ bushel hampers, pointed and round type, mostly 2.25; few higher; old stock, de- mand lighta market slightly stronger; New York, 100-pound sacks, Danish type, 2.75a3.00, Celery—Supplies moderate;: demand light, market steady; Florida, 10-inch crates, 3-4 doz., 2.75a3.00: mostly 3.00; 6 dozen, 2.50a3.00; 8 dozen, 2.00a2.50: 10 dozen, 1.7582.25; poor quality and condition, 10 dozen, 1.25a1.50 Lettuce—Supplies’ moderate; demand mogerate, market slightly weaker; Cali- fornia, Imperial Valley, " crates, Iceerg type, 4-5 dozen, 4.75a5.00; mostly 5.00: zona, crates, Iceberg type, 6 dozen, to ordinary quality and condition, Onions—Supplies moderate: demand light, market firm; New York and Michigan, 100-pound sacks, yellows, U. S. No. 1, medium to large size, 2.25a 2.50; Ohio, 100-pound sacks, yellows, | U._S. No. 1, medium size, mostly 2.25. Potatoes—Supplies moderate; demand { light, market steady: Maine, 120-pound Green Mountains, U. S. No. 1, 80; few 4.00; 150-pound sacks, n Mountains, U. §. No. 1, 4.75a4.90; , 5.00; Idaho, 100-pound sacks, Rus- set Burbanks, U. 8. No. 1, 3.75; Florida, bushel crates, Bliss Triumphs, U. S.| No. 1, few sales, 4.00. String beans—Supplies moderate; de- | mand light, market steady; Florida, bushel hampers, green, fiat type, 3.00a 3.50; Refugees, 2.75a3.00; few higher: round type stringless, 3.25a3.50; few higher: bushel hampers, wax, 2.75a3.00. Eggplant—Supplies light; demand light, market steady orida, pepper | crates, fancy, 3.50a4.00; choice, 3.00a .50. Cucumbers—Supplies light; demand slow, market dull; Indiana and Illinois, 2-dozen cartons hot house, extra fancy, 4.50a5.00; fancy, 4.00a4.50; slightly | frozen, 50a1.00 lower. Squash—Supplies light; demand light. market fir Florida, bushel-hampers, white, slightly large size, 3.75; few 4.00. | ‘Tomatoes—Supplies_ light; demand light, market steady; Florida, lug boxes, ripes and turning, wrapped, 4x5 to 6x6, best, 5.00a5.50; some decayed lower, Spinach—Supplies light; demand light, market steady: Texas, bushel baskets, Savoy type, 1.75a2.00. Cauliflower—Supplies moderate; de: mand light, market dull; California pony crates, 2.00a2.25. | Peppers—Supplies increasing; demand slow, market slightly weaker; Florida, pepper crates, fancy, 5.00: choice, 4.80. Peas—Supplies light; demand mod- erate, market steady; Mexico, 45-pound crates, 4.50a4.75. Carrots—Supplies moderate; demand light, market slightly weaker; Cali- fornia, Western lettuce crates, bunched, 3.75a4.00; Texas, Western lettuce crates, bunched, 3.5023.75. Beets—Supplies light; demand light, market steady: Texas, Western lettuce crates, bunched, 3.50a3.75; bushel bas- kets, bunched, 2.25a2.50. Strawberries—Supplies light; demand light, market steady; Florida, pony re- frigerators, Missionarys, 65a70 per quart. Oranges—Supplies moderate: demand moderate, market steady; Florida, boxes, No. 1, medium size, 4.50a4.75; few fine quality high as 5.50; No, 2, medium size, 4.00a4.50; large size discounted 50a1.00 per box. Grapefruit—Supplies moderate; de- mand light, market steady; Florida, boxes, No. 2, medium size, 3.75a4.00. ster SUCH PORULARITY MUST BE DESERVED DO NCOME TAX/ By joint resolution, adopted upon rec- ommyei'ldltion of the President and Sec- retary of the Treasury, Congress has reduced by 1 per cent the normal tax on individual incomes for the calendar year 1929. The reduced rates are one- half of 1 per cent on the first $4,000 of net income above the personal ex- emption and other credits, 2 per cent on the next $4,000 and 4 ?er cent on the remainder, instead of l/’}‘ per cent, 3 per cent and 5 per cent. The surtax Tates on income in excess of $10,000 are unchanged. The tax rate on the income of corporations and life in- surance companies is reduced from 12 per cent to 11 per cent. No change is made in the provision relating to the filing of returns. Re- turns are required of every single per- son whose net income for the taxable year was $1,500 or more, every married person living with husband or wife whose net income was $3,500 or more, and every person, single or married, Whose gross income was $5,000 or more, regardless of net income. Husband and wife living together may each make a separate return, of the income of each, or their income may be included in a single joint return, in which case the tax is computed on the aggregate net_income. Under the heading of single indi- viduals are included divorcees and per- sons separated by mutual consent. A single person who is the head of a family and whose net income for 1929 was $1,500 or more must file a return, even though, by reason of the personal exemption and credit for dependents, his income is not taxable. More than 4,000,000 individual in- come tax returns were filed last year. Many contained errors which knowl- edge of the fundamental provisions of the revenue act would have avolded. As an aid in’the preparation of correct returns for the year 1929, the Bureau of Internal Revenue has prepared a serfes of mnewspaper statements, of which this is the first. Tlxsmyen also are advised to read carefully the in- structions on the forms, copies of which have been sent to persons who filed returns for 1928. TREASURY BALANCE. The United States Treasury balance announced today as of close of busi- ness January 31 was $98,928,297.39. Customs receipts for the month to date were $41,277,637.03. Total or- dinary expenditures $5,876,061.91. STORE SALES GAIN. NEW YORK, February 3 (#).—Sales of Neisner Brothers Stores during Janu- ary totaled $821,481, compared with $586,595 in January, 1929, an increase of 40.04 per cent. Parker Pens Pencils and Desk Sets Columbia Photo" Supply Co. 1424 New York Ave. NW. Nat’l 0619 MONDAY, FEBRUARY 3, 1930. LARGE LEAD-ZINC AREA LOSES ITS LAST BANK | By the Associated Press. "PICHER, OKia., February 3.—The largest lead and zinc mining camp in the United States is without banking facilities. “Picher had five banks not long ago. New streamline shaped Duofold Pencils to match Pens $3.251085 PEN GUARANTEED FOR LIFE <710 Three closed on request .of Oklahoma bank authorities, and the two survivors liquidated voluntarily. The last to close had more than $400,000 in deposits. Mining camps near Picher have a weekly pay roll averaging $250,000. The district produced $35,000,000 worth of lead and zinc last year, but an ever- changing population is given as one In the Library Bureau’s pen poll of 100,000 telephone sub- scribers, prorated by states, Parker was voted the prefer- ence by 25% above the second pen, and 48% above the third. In the census of 13 leading technical schools, Parker was used by students, 2 to 1. In the census of 55 leading colleges, Parker led by 46 %. Now 2 Pens in One Guaranteed for Life No other pen or pencil sets so low in the pocket as Parker Duofold, because the clip starts at the top, not halfway down the cap. . Stop at the nearest pen coun- ter and see how attaching or removing a tapered end con- Duofold Convertible . . Pocket..for Desk. reason for lack of financial in- of stable uwmhymos;-uvmmm ‘The rayon BT € R Switser- Said'one passenger to another: “This ad states that every count of pens proves Parker leads. Let’s have the trai= secretaries take a census.” So They Polled the BROADWAY LIMITED and 75.6% were Parker It happened on the Pennsylvania’s crack extra-fare train on an everyday run, and the train secretaries certified the count verts the Parker in 10 seconds from a Pocket Duofold Pen to a Desk Set Duofold, or vice versa. No other thus saves you the price of a second pen. So whether you want a Desk Set now or later, if you once havea Parker Duofold, all you'll need is abase—pen taper in- cluded free with that. Go and feel the poise of the new streamline barrels in Jewel-like, Non-breakabl Permanite. And look for the imprint, “Geo. S. Parker— DUOFOLD.” That’s the only guarantee we ever ask for if called on to make good. THE PARKER PEN COMPANY, Janesville, Wisconsin. Sales ervice Station: Singer Bullding, New York City. ... in a cigarette it TASTE/ FASHIONS in dress may change in a day, but Chesterfield “‘comes into fashion,” and stays there, for its un- failing good taste. Mild. . . not strong or harsh...and yet they ““satisfy.”’ A cigarette with char- acter . . . not insipid or tasteless, but rich, spicy, fragrant. It is no fad, this swing to Chesterficld, but a sound and growing appreciation of .good tobaccos, good blending short, good taste— " TASTE above everything™ lield