Evening Star Newspaper, February 21, 1930, Page 14

§ Txm WHEAT POOL FACES MARKET PROBLEN Canadian Agency Hopes to Sell Grairl Before U. S. Crop Matures. BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. NEW YORK, February 21.—The ©anadian wheat pool is praying that the 1929 crop of the Southern Hemis- phere, already moving into the Euro- pean market, will be long exhausted before the 1929 Winter crop of the United States comes into sight. Al- though the pool has the backing of the three Canadian governments of Mani- toba, Saskatchewan and Alberta, it has & hard battle ahead. ‘The pool, which handles approxi- mately half of the Canadian wheat crop, advances farmers $1 a bushel ‘when the grain is delivered at the pool's own country elevators. The pool bor- rows the money from the Canadian banks giving grain receipts as collateral. Then in the Autumn and early Wlnt.er, as the wheat is sold abroad, the pool cuts down its bank loans. But Canadian bank credit has been limited to 85 per cent of the value of the grain. So when May wheat moved down to $1.20 a bushel at Winnipeg. or 55 cents below the wheat price last Fall, something had to be done. ‘The announced failure this week of the Electric Elevator Co. of Winnipeg was due to this company being unable to meet the demand of the Bank of Montreal for additional security on a Joan of about $1,000,000. Wheat prices today are about 60 cents below those prevailing last August, while carrying charges for interest, storage and insurance amount to about 1.75 eents a bushel a month. So the carry- ing cost up to May will be about 14 cents more. Altogether, between $200,000,000 and $300.000,000 are tied up in the financing J the ‘wheat pool and the independent And wheat prices continue to sag. Couzens’ Bill. Senator Couzens’ bill, proposing a full-time Federal Power Commission to relieve the Secretaries of War, Interior and Agriculture from serving as power commissioners, and providing for the appointment of three commissioners at salaries of $10,000 instead, is gaining mchll'ls A. Russell, the Federal Power Commission solicitor, who charged certain utilities with adding lobby fees to their investment accounts, showed anew the need for a uniform system of public utility audits. Mr. Russell told a Senate committee this week the Niagara Falls Power Co. added an item of $30,000,000 to its in- vestment account, which represented merely a Government water permit. for which the company paid nothing. How l.hmlld such an item be handled? involved as they are in tlwuundn of different types of sched- ules, have been able to work out a uni- form bookkeeping and audit system for the Interstate Commerce Commission, public utility companies should have no difficulty in doing the same. From the standpoint of the public utilities themselves, such a move would add greatly to their own prestige. Insurance Trusts. Life insurance trusts increased 71 per eent during 1929. C. A. Scully, New York banker, told the trust conference of the American Bankers’ Association meeting in Ne- York this week that life insurance pol icies deposited with trustees under trust agreements in 1929, aggregated $1,- 200,000,000. This form of trust is with amazing rapidity. The first annual survey, made by the trust company di- vision, showed that $541,000,000 in life insurance policies were deposited with trust companies and banks under trust agreements during the five-year period from 1923 to 1927, inclusive. But the big move has really taken place since 1927 The year 1928 saw $700,000,000 added. So with the great increase of last year the total amount of life insurance so tied up in these trust wfl‘%men" probably exceeds $2,500,- “The work of education and devel- opment done by the trust companies in the field of insurance trusts has ine borne !nu! " says this banker. figures look large, but they will appear very modest 10 years from now. “The trust features of the mod- ern bank will expand and develop to & point where they will be more profit- able to the banks of the future than the deposits themselves,” thinks one flnlntlll student of American banking. New Crash Absorber. Capt. Schieiff, former ace of the German air forces, is in America to demonstrate a new carsh absorber for automobiles, which, he declares, will eliminate most of the accidents that occur by collision. The absorber consists of a three-inch bar of solid rubber attached to the chassis by steel claws. When meeting a flat obstruction the elastic is stretch- ed by the opening of the scissors, its lateral extension and recoil spending the impact to the right and left b!fore it reaches the chassis. The idea is a revolutionary one. The one-armed ace demonstrated this week in New York, driving an Americar- made automobile at a 30-mile-an-hour clip, head-on to another car standing across the road. It was eminently suc- cessful, nnhough the impact did throw the captain from the car. It is said that German companies al- low premium discounts from 10 to 20 per cent to motorists whose cars are equlpped with the absorbers. Capt. Schleiff was one of the ycung commanders in the German llr forces during the war, and lost his left hand when he was shot down on the Somme in March, 1918. The captain says that his absorber has been tried out more than 180 times against dead weights with the automo- bile head-on at speeds exceeding 45 miles an hour. Steel Industry. With the steel industry now produc- ing ingots at 81 per cent capacity, in comparison to about 79 to 80 per cent a wek ago and about 76%, per cent two wecks ago, business is encouraged. The United States Steel Corporation is running at about 85 to 86 per cent of its theoretical capacity in comparison to 83 per cent a week ago and 80 per cent two weeks ago—climbing up. ‘The independent steel groups, not quite so well organized, stand at about 77 per cent now, as against 76 per cent in the preceding week and 73 per cent two weeks ago.- Steel orders from the automobile companies are increasing. (Copyright, 1930 by North American News- paper Am-u BUSINESS IN FIFTH DISTRICT ONLY “FAIR” Business in the fifth Federal Reserve district is only “fair.” Gov. Seay re- ports. . This is due to conditions in Eastern North Carolina and South Carolina. The northern tier of States are more than holding their own. ‘Rallroads have good reports for Janu- ary. Norfolk & Western earnings par- ticularly show a substantial weather is stimulating con- E EVENING STAR, WASHINGTON, D. C, FRIDAY, FEBRUARY 21, BONDS IRREGULAR | Cox e vorx BONDS stoe excaavca] NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct t- (oonunuedhmhnfl-) ~Prev. 1930.~ High. Low. 16% Mexican Seal 26% MiamiCopper (4)... 53 Michigan Steel (2%). 24 Mid-Continent P (2). 1 1 Middle States Ofl et.. 5 165 Midl Stl Prd pf t14.. 1% Minn & St Louis. ... 61 Minn Hon Reg(13%) 12K Minn Moline Pwr. ll Mohawik C Mills (3).. 49 Monsanto Ch (§1%). 38% Montgomry Wrd u) 3% Moon Motors. 584 Morrell & Co (4. 40) . 1% Mother Lode (40c).. 50 Motor Products (2). 26% Motor Wheel (3) 12% Mullins Mfg. 57% Mullins Hlx ot (1). . 46 Munsingwear (14).. 18 MurrayCor(b2%stk. 35% Myer(FE)& Bro (2). 121 Nash, Chat&StL (7) National Lead (18).. atl Lead pf A (7).. Natl Lead pf B (6).. 2 Natl Pwr & Lt (l)... 43 Neisner Broth 27% Nevada Copper (3). 51 Newport Co A (3) 40 ton Steel (3) 44% N Y Alrbrake (3. 167 N Y Central (8. 130 NYChi&StL 108% NY NH & Hart 1% N Y State Rall 100 N Y Steam pf ( 16% Norfolk Sout] 226 Norfolk&Westn(10). 93% North Am(b10%stk) 62 51 North Ampf(3).... 1 85% Northern Central (4)130s 45 Nor Ger Lloyd(3.41). 84Y% Northern Pac (5). 8214 North Pacet (5) % Norwalk Tire & Rb. . 13% Oliver Farm Equip. . 70 Olivr Fr Eq pf A(6. 31% Olivr Fr lq v ptid). 52% Owens 1il Gxul(nn. 17% Pacific Coast 1st pf.. 52 Pacific Gas & E (2).. 72 Paclfic Lighting (3). 1% 1 Pacific Oil stub 116! Pacific T & T p 15% Packard Motor (1) 52 Pan-Am Petroleum 50% Pan-Am PeteB... 47% Panhandle P & R pf. 48% Paramount-F-L (4). 25 Park & Tilford (33). 2% Park Utab......,.e. 17% Parmeles Trans 13%.. 2% Pathe Exchange. 5 Pathe Exchange A 28% Patino Mines (3.39). 64 Peerless Motor Car.. 63% Penney (JC) (2%) 264 Penick & Ford (1)... 6% Penn Dixie Cement. . % 72% Penngylvania RR(4) 150 PereMarquette (18). 38% Phelps Dodge (3). 11% Phila& Read C& 1 30% Phillips Petrm (n2 1 3 ry - 68% Pittsburgh Coal..... 99 Pittsburgh Coal pf.. 100 Pitts Steel pt (7). 20% Pittston Company 27% Poor & Co (B) (2)... 12 P Rican Am To (B).. 97 Postal Tel & C pf(7). 48 Prairie Oil & Gas(2). 58 Prairie Pipe L (15).. % Pressed Steel Car. 52% Proc & Gamble (2).. 6% Prod & Refiner: 8134 Public Serv. NJ 3.40. 107% Pub Sve E&G pf(6).. 82% Pullman Corp (4). 77 Purity Bakerles ( 34% Radio Corp. . 5 Radio pf A (3%) Radio pf B (5).. Radio-Keith-Orph A. 127 RR Sec I Cstk C(4).1508 Raybestos Man 2. CO. 1 Reading (4). . 47% Reading 24 pf (2)... 44% Real Silk (5).. 88 Real Silk Hos pf (1) 10% Reo Motor Car (.| 72% Repub Ir & Steel (4). 73% Rep Ir&Stl ctfs (4).. Ry ds Spring. Asu Reynolds Tob B (3). 41 Rhine W EL P (2.16). 22% Richfield Ofl (2).... 16% Rio Grande Ofl (2).. 447 Ritter Dent Mfg (13) 37% Rossia Ine (2.20).... 49% Royal Dutch (a3.20). 96% Safeway Stores(es). 8215 Sears Roebuck mvn 9% Second Natl Inv. 581 Sec Natl Inv pt (5).. 214 Seneca Copper. 7% Servel Inc. . 22% Sharon Steel H (2).. 36% Shattuck(FG)(t1%) 23% 21 Shell Union (1.40)... 101 Shell Un Oil pf (5%) 8% Shubert Theatres. .. bmunflluu. uln mm‘m Close. ~Prev_1930.—~ 4 Skelly Of Sloss-Sh Solvay A So Por R Sonuthern Southern Spalding Stand Co! Stand Ga Stand Oil Stand O11 Stand 011 Stewart- Sun Oil ¢ Sun 01l p Supertor Union Cat Union Pa Union Pa Utd Corp e ipe ipe 3] =X mell wu Virgini Wabash, Waldorf Ward Bal White M Y Wrigley Young S Am R Mi Balto & Col Carl 10:30 A.M. Divide | payments based on the 8 Unit ol trag 10% Snider Packing. .. Snider Packing pf. Southern Rwy (8) Spang-Chalfant Sparks Withn, Spencer Kelg (1.60). Stand Brands (1%).. Stand G & E pf (4).. Stand Invest Corp. .. Stand O of Cal (2%). Tide Water Asso 60c. “Timken Det Ax 1é0e limken Roller (3)... s, Tobaceo Products A. ‘Transcontinental Oil Transue & W (1). T'rico Prod (2% ) Twin City Rp T (4)«s Und-Ell-Fisher (5. Union Oil of Cal (32) Utd Biscuit (1.60) Utd Carbon (). Utd Cigar Stores. Utd Corporation. United Elec Coal. United Fruit (4) Utd Gas & 1mp( Erie RR.. Lig & Myers Sales of Stocks on New York Exchange. 12:00 Noon The Star Office. Stock a Dividend IIIA. Add 00. ml. Low. 54 Simmons Co (£3). Simms Pet (1.60). ... Sinclair Con Oil (2) Sinclair Ofl pf (8) 1 BekE 1(2).. effield pt (7) m In D 5% ico Sug (2).. Cal Ed (2). Pacific (6). ® (AG) (2) 2 m Tob (1).. 5 & E1 (3%) e PrmalnRanhmBenSineanhaman Exp pt (5). NJAT2) N Y Stand Plate Glas: Stand Plate Glass pf Staniey Co of Amer. Starratt (L §) Co(2) Sterling Sec A...... Sterling Sec pf(1.20) Sterling Sec ev pt(3) War (h3%). Stone & Webster (4). Studebaker Co (5) Submarine Boat. 11 1 (6). ot @ » - - S rbide (2.60) cific (10)... cific pt (4) - @ o = »t(3). RO RN reAERS kARG O RS RSN co Pt United Stores U S Distributing. offman (2) nd Alcohol (17). & Fdry (2). 1st pt (1.20) eaity (5) ubber. ubber 18t pf. t Ref (3% Univ Pict 1st pr Utll Pwr&LUA ( Vadsco Sales Corp Vanadium (14)... Vick Chemical (23%4). r Chem. . Virginia-Car 6% pf.. Vulcan Detinning yl\m (1%) Walgreen pf (63%)... Walworth Co (%). 4 Ward Baking A..... 100s 32 king B. > rd Baking pf (7)., % Warner Bros Pic (4). Warner-Quinlan (2). Warren Bros (19)... Warren Fy&Pipe(2). Weston EI Ins 1) otors (2) White Rock M S (14) White Sw Mch pf (4) Wilcox Rich (A) 2%. Wilcox Rich, B (2). Willys-Over (1.20 Wilson & Co p! Woolworth ( Worthington Pump. .40) Wm (4). Yellow Truck & C, pring (3) Young Sheet & T (5). Zenith Radio. RIGHTS EXPIRE lis. .June 15 Ohio.Mar 11 bon. . Mar 11 ‘eb 28 Mar 12 371,100 ‘en in tne above table are the annual casn or hw yearly jates guastasly or "t o 0!-‘.0'0" 66% 684 684 23 24% 234 22% 3234 | 264 | 10 50 69% | ',. 14 14% | 1,272,500 + 1,918,100 1PAruy exira, s Pius rnq last tock. to approvai Open struction, with a consequent, improve- mznt in employment in the bullding munm sales in the district are Corn—] ported above the average for u:u nme 97a98; cob corn, new, indicating tha L t farmers are ~ for an early 11500 Cattle—Receipts, 350 head; moderate | supply; market dull and lower. Steers—Choice to prime, none; good to choice, 12.00 to 12.50; medium to | good, 11.25 to 12.00; fair_to medium, | 10.25 to 11.25; plain to fair, 9.25 to 10.25; oommm:tophln 8.00 to 9.00. ‘Bulls—Choice to prime, none; mod to choice, none; medium to good, 8.50 to 9.00; fair to medium, 8.00 to 8.50; plain to fair, 7.50 to 8.00; common to plain, | 7.00 to 7.50. Cows—Choice to prime, none: good | to choice, none; medium to good, 7.50 | to 8.00; fair to medium, 6.00 to 7.50; plain to fair, 5.00 to 6. plain, 4.00 to 5.00. Heifers—Choice to prime, none; good to choice. 10.00 tp 11.00; medium "’\ good, 9.00 to 10.00; fair to medium. lain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. Fresh cows and springers, 60.00 to 150.00. Sheep and lambs—Receipts, 50 head; light supply; market steady. 2.00 to 6.50; ; common to | 1;‘0“_ ply: marl 1350 huvl , 11.50 edi 2.00 to u roughs, '115 to 1025 ligllt &l'i. 10.00 to 11 to 11.00; pigs, 1 Calves—Recelpts, 50 head; light sup- ply: market ady; calves, 7.00 Hay and Grain Prices. Wheat-No. 2 ‘Winter, export. | bentures, dated March 1, 1930, and due to St. Louis, 6.10. Zinc qulfl; East St. . 5.15a5.20 : Hay—Receipts, 11 tons; general hay market is quiet; some little hay is ar- riving, but hardly enough upon which to establish quotations by grades. Bet- | ter grades of timothy and clover mixed are selling from 16.00a20.00 per ton, according to quality and condition, re ceipts by truck supplying most require- ments. Straw—Wheat, No. 1, per ton, 9.00a 10.00; oat, No. l wl‘ ton, 9.00a10.00. NEW SECURITIES. NEW YORK, February 21 (#).—New securities offered today include: Pacific Northwest Public Service Co. (Central Public Service syst m), $16,- 000,000 6 per cent convertible gold de- March 1, 1950, priced at 99> and in- terest, yielding more than 6 per cent. Offered by Harris, Forbes & Co., Halsey Stuart & Co. and others. | Houston Lighting & Power Co., $2,- ,000 5 per cent gold bonds, series “A,’ " due March 1, 1933, and priced ai i'l‘/; ylelding about 5.18 per cent. Of- fered by Hnluy. Btuln & Co. and W. C. Langley & METAL MARKET. NEW YORK, February 21 (#).—Cop- per quiet; elzcu-olyw: spot and future, 18. Iron quiet, unchanged. Tin quiet; spot and nearby, 38.75; future, 8fl00 Lead steady; spot, New York, 6:25; East Louils, spot and future, TREASURY CERTIFICATES. i ul', rlicky, IWI 415 ')‘ln N'o. 3, garlicky, no quotations. { n;ln. 2 domestic, yellow, new, , 4.6584.75. Oats—No. 2, No. 3 white, tic, spot, 53. domestic, spot, 54; | 3, (Revorted by J. & W. Sell e Maturit SHORT-TERM SECURITIES. (Reportea by J. & | Allis-chalmers Co. 5s 1 of oo w.x 1033 Bat "'? 3 atan BAtaVIA Fet *Cor FOREIGN (Quotations furnished by W. B. Hibbs & Co.) London. pound. | Earis, franc Brussels, be Public Service Corporation of New Jers . subsidiary Yellow Cab., | and vicinity. W. Seligman & Bid 5%as 1 EXCHANGE. acquires control of Inc., operating in Newark IN QUIET TRADING Market Turns Dull After Early Advance Due to Easier Credit. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, February 21.—After a strong opening, during which high-grade rafiroad issues, public utility bonds and United States Government obligations | made small advances above Thursday’s | closing levels, the bond market again| [ turned dul today and price fluctuations | were irregula.. The renewal rate for call money at 4 per cent, along with the favorable week- ly Federal reserve statement, was taken o presage a further easing in time money. This was the influence in early trading, but later there was consider- able selling in all parts of the list, partly attributable to the reverberations of yes- Lerrlly s decline in stock prices and part- 1y to the continued switching into new issues. The day’s total of new offerings only $19,200,000. Of this 316000000 consisted of an issue of Pacific North- west Public Service Co. 6 per cent con- vertibles offered at 99%. These bonds, which are convertible mm 25 shares of Central Public Service Corporation class A stock, were disposed of Thurs- day before public advertisement and four times oversubscribed. The stock into which they are convertible is cur- rently quoted around 38. The con- ;l;glslon feature expires September 1, United States Government bonds were bought today in large blocks. As @ result there were gains in Liberty first 41js, Liberty fourth 414s, Treasury 4Ys d Treasury 4s, the last being most active. Those prime bonds that held their ul‘ly gains included Southern Pacific 4l2s, St. Louis-San Francisco “A” 4s, Great Northern 7s, American Telephone 512s, Standard Oil of New York 4!s and Western Union 5s (1951). De- clines were shown by Baltimore & Ohio first 4s, Canadian National 5s, Canadian Pacific 4s, Standard Oil of New Jersey 5s, Columbia Gas and Elec- tric 55 and General Motors Accept- ance 6s. Washington Stock Exchange SALES. D. C. Paper 6s—$1,000 at 85. ‘Washington Gas 55—$1,000 at 1011, Capital Traction Co.—7 at 86. Potomac Electric 5' % pfe 1at 10734, Emerson Bromo Seltu‘r “A"—10 at 33 Federal-American Co. com.—10 at 311, 10 at 3115, Mergenthaler Linotype—5 at 1087}, Second National Bank—10 at 210. AFTER CALL. Peoples Drug Stores pfd.—10 at 10314, Washington Gas Light—3 at 110, Washington Gas 6s B—$300 at 1041} Potom: Electric Cons. 5s—$1,000 at 102, Notice—This exchange will close to- morrow, Washington's Birthday. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel "Bid. Asked 1004 Wash.. Alex ash’ Balto. & Annap. v%umn ton Gas S5s... Chevy Chase Club 'v‘;s D. C. Paper Mfgz_6s Pot. Joint Stock W. M. Cold Stors PUBLIC UTILITY. Amer. Tel. & Telga Capital Traction Co Washington Gas Light. . N & W. Steamboat . Wash., Balto. & Annap pfd NATIONAL BANK. TRUST COMPANY. American Security & Trust Co. 4 Tu: Washington: Loan & ‘Frust SAVINGS BANK. Bank of Bethesda States Washinston Mechanics FIRE INSURANCE. American remen's National Union. TITLE INSURANCE. Columbia Title | Real Estate Title, Title & Inv. Co. of Md. com. MISCELLANEOUS. & Btorage Trans. & Sior id: pentialer Linotyp & Iny. »335338882333 e The Carpel Corp. Wash. Mech. Wash. Medteal Bid “Cor Woodward & l.om' i *Ex"dividend Unlisted Department. BONDS. Army-Nayy Club 5 Cosmos Ciub_ 4! Commercial Club 1 Metropolitan Club 4%4s. Chapin-Sacks Chapin-Sacks 7% bfd. Chapin-Sacks 87, pfd ington ington $'§§|"'mn Base n-u' ot ‘Woodridge-] igdon S ‘Bank. 7“ GENERAL CIGAR NET. NEW YORK, February 21.—The an- nual statement of the General Cigar Co. shows net profits of $4,295960 for 1929. This is equal, after preferred dividends, to $8.06 per share on the 489,084 common shares, as compared with $6.84 a share on 407,570 common shares in 192 Readers of the busi- ness barometer find reason for opti- mism in an actual increase of $1,155,- 501 in net income, or 36 per cent. SILVER QUOTATIONS. NEW YORK February 21 (#).—Bar silver, 43' Mexlc;ln dollars, 32. | P 1930. FINANCIACL. UNITED STATES. (Sales are in $1.000.) Sales. High. Lib 3%, . 1 9914 Lib 18t 4% Libeth 4%.. US4s1944.. US 4% 62... 75 101 69 10110 1016 30 107 126 111 job FOREIGN. Saes. Hieh Argentine 5s. .. Argentine May 61. Argentine 6sJu 69. | Argentine 6s Oct (9 Argentine 538 63.. Argentine 6s A Argentine 6s B Australia 4%s Australia 5s 19! Australia Austria s Bank of Chile c'& Belgium 7%s. Belgium 8: Bordeaux Brazil 6%s 19 Brazil 618 1927, Brazil 7 Brazil 8 Bremen State T Canada 5s 1931 Canada 55 1952 63 60. Chile 6s61.... Chile 73 1943. Chinese Gov Ry §s. Colombla 6s Jan 61. Con Pow Japan Ts. . Copenhagen 4% 63. Cuba 5%s. Czecho 88 1951..... Czecho 88 1952..... Danish Munic 8s B. Denmark 4%s. 110% 109% 91% 100% 105% 100% 106% 114% 120% 89 91 107 861 98% 82 9634 98% 9% 96% 103 8 4% 95% 103 103 12% 20 90% % 105% 85 French 1% German Bank 6s'3. German EI P 6%s . German 7; 22 9 2 Holland-Amer 63 Irish Free State 6s. S e % Jugoslavia Bank 78 Karstadt 651943, .. Kreuger&To'l 53 ct. Lyons 6s. Marsellle 6s....... Mexico 4s 10 asnt. . Mexico bs asnt Milan 6%s...... therlands 6s 72 So Wales 58 Nord 6%4s... e am B eReonelucm e ~Slaomen Suow o em Sae SRo Norway 6%4s 1952, Ortent dev 5% 58. .. Orient Dev'mt 6s 63 Paris-Ly-Med Paris-Ly-Med 78 Paris Orleans 6348.. Peru 6s 1960. Peru 6s 1961, ~ Prague 7% Queensland 7 Rhine Wst EP Rhine W » Rio de Jan 85 1946, R1o Gr Do Sul Rome 6%s. . Sao Paulo 1950 Saxon (PW) 1s. Sein Serbs Cr Slov 1 Serbs Crot Slo 8s Solssons 6s Sweden 5%s. Swiss 6%s 1946. Swiss Confed 8 Toho El Pow 65 32, Toho El Pow 7 Toklo 5s. . . Tokio 6%s 1961. Utd Kingm 5%s 37 Uruguay 6s 19 Uruguay $s... Vienna 63 52 #5% Warsaw 7s 62. 3 | MISCELLANEOUS. Abitibl Pa&P 58'53. 32 83 83 Abram&Straus 834e 1 98% 98% Alleghany Cp b8 44 101% 101% | Alleghany bs 49. 101% 101% Allis Chalmrs 58°37 2 100% 100 - - weonAE-N B 2 T wmn @ §9T4 10414 96% 1065 105% 85% 7 Am AgriChem 73%s | Am Beet Sugar 6s 3! | Am Chain 6s33.... | AmChem 6%s cv 49 | Am Cotton O11 & 8 1 4 1 7 15 5 100% 100% 103% 1034 154% 151% 101% 101% 1037% 108% 101% 1013 105% 105% 1081 100% 7 79 891 88K 843 84 7% % 100% 100% 104 104 101% 101 102 102 104% 104% 55% 95 811 99% 85 61% 105% 105 102% 102% 41 41 101% 101% 106% 106% 9% M 82 81 m'x - 102% 1% 974 mfi 5 10616 92 92 99% 99y 101% 401% 1011’ 103% Am Tel&Teleg AmT& Teltr b AmT&Ts16 Am Tel & Tel5%.., Am Water Wks bs. . Am Wrtg Pap 41 Armour&Co 4348 39 Armour Del 6348 Atl Guit 5s59..., Atlantic Refin Bell Tel Pa 5s C, Bethlehm Stl pm 68 | Beth Steel rf 5 Bklyn Edison §s. Certn-Td 6%s rets. Chtle Cop Colon Of1 ConGasN Y 6% Consumers Pow §s. Cuba Canecv 7s.... Det Edison 53 40. . L Gen Mot Ac Cor 6s. Gen Pub Serv 5%s. Goodrich 6% Goodyear s Humble O & R 5. Humble O & R 5% 111 Bell Tel 6s. 111 Steel 4% s 40. ... Tnland Stl4%s 78, Intl Cement bs Int] Match 6s 47 Int Mer Mar Int T61&Tel 4145 ntl Tel&Tal 55 '55. KanG & E6s52.... Laclede G 5% 52, , Lautare Nitrat. Ligget&Myers 6s 61 Loew's. Inc 6 121% 1201 96% 961 105 105 102% 102% 813 81 101% 101% 109% 109% 9% 944 90% 904 85 84 101 100% 100% 100% 9916 99% 81 81 98% 98 29% 29% 934 93 102% 1 112% 112% 2 99% 99% 8 107 % Nat Radfator 6% NYG&EHPUs.. Low. Close. 14 9914 10031 100 31 101 6 106 27 106 29 11 103% 9414 a5 1021 1% 1% 100% 110% 10914 91% 100% 105% 100% 106% 114% 120% 89% 91% 107% 86% 98% 82 9614 98% 95% 9614 103 78 4% 95% 103 1004 101 102 1041 554 101% 106% 1068 107 2 110% 110% 110% 2 101% 101% 1013 19 100% 100% 100% 3 1014 101% 101% 3 1024 102% 102% 3 10815 103% 1031 1101 101 lO.l. Wire Direct to The Star Office High. Low. Close. 9% 99% 99% 46 46 46 102 102 102 98% 984 9Bl 95% 95l 95l 91 91 sl 9K 94 M 96% 96 961 100 100 100 96% 96 96 97 961 96 1003 100% 100% 100% 1004 100 101% 101% 101% | 98% 98 98| 95 95 9 9= 01 lig1 1024 1024 1024 104% 104% 104% 1021 102 102% 95% 95% 5% 41 41 410 106% 106% 1061 101% 100% 100% 991 99% 99% 94 93% 93% BT X6 8T 100% 100% 100% 98 9Tk 9T 90 89 89 8% 8 8 48 48 48 105 105 105 101% 101% 101% 101 100% 101 109 109 109 108 102% 102% 36 36 36 36 100 100 Sales. Paramount 6s 1947, 7 Pathe Exchan, Read 63 49. Phillips Patro 61s. Postal Tel & C 6%8 Pub Serv G 4%s '67 Pure O11 5%48'37... Remington Ar 68 33 Rem Rna 6% Stand OII N J 48 Stand Ol N Y 4% Sug Es Orlent 7s. .. Tenn ElecPow8s 47 Tex Corp cv 55 1944 Transcontl O1l 6%s United Drug 68 53.. US Rub istrf 6 US RubT4s... Utah Pow & Lt 6 Walworth 65 4 War Quinland Warner Sug 7s 39. . Warner Sug 7s 41 Western Elec 63 Westn Union bs 51. Westn Union 6%s.. White Eagle O 6%. Wickw Spen 18t Wick-Spen cv 78 Wilson & Co 1st Win Repeat Ar 7% 100 100 Youngstn S & T b8 101% 101 RAII.ROAD At & Bir 4533 Atchison gen Atch deb 4% Atlantic C L Atlantic C L 1st Balto&Ohio gold 4s. B&Oev 4% B&Ortbs B & O 582000 D 881y 9114 92 99% 99% 5102 102 102 8102 101% 102 16 1035 108% 108% 5 109% 109'% 109% 102 102 91 92 Bang & Aroos Boston & Mains sta.. Buff R & Pitts 448, Can Nat 415 ‘54 Can Nat 4%4s " 934 4 101 1(»1\. 9 99% 991 99% 6 110% 110% 110% 27 84% 83% 84w 6 98 98 98 3 101% 101% 101% 9 99 994 994 Ches & O Corpn §s. 25 100' 100% 100% Ches& O 4%4893 A. 8 9415 941 94% Ch&O4%sB1995.104 941 94 941 2 102% 102% 102% 3 104% 104% 104% 93% 93% 93% 6% 6% 65 65 1% 92} 2% 73 Can Pacific ctfs Cent of Ga 58 C 9. CMSP&Pac adj5s03 39 ChiN W 4%s2037. 5 954 95% Chi&NW conv 4%s. 19 100 991 100 10 100 100% 100% 84 96% 96% 96% | 17 04 93% 93y 104 104 4 1141 114% 864 87 931 9314 3 102% 102 102 4103 103 103 14 107% 107 107 3 99 99% 99 922 92 CCC&StL 4%s E. CCC&StL5sD. Clev Term 6s. Cuba R R 631936 of Del & Hud1st rf 4 92 92 Del & Hud 5%s.... 103% 103% 103% Den & Rio G cn 4s. 93% 931 93% Den&RG W 414836 2 96% 96% 96% DRG& Wst5s56.. 1 96 96'% 96% Erfe Gen 4 1 81 80 81 Erie cv 53 67. 1 95% 9054 95% Erfe conv Ex 11011 101% 1011 Erle Genessee Rs6s 1 109 109 109 Fla Fast C5s 7 581 581L Fonda J&G 4% 30% 30% Gr Trunk st db « 16 1047 10416 104% Gt Nor6s....... 4 104% 104% 104% Gt Nor gen 7s 15 110% 1104 110% Hud & Man « 9 TM% T% Hud & Manref§s.. 26 95 95 95 M1 Cent 4% s 18 98% 98% 98% 111 Cent Chi 9 96 96 102% 102% 65% 66 65 66 54% 54% 891, 89! 7 5 Int Rap Tr bs Int Rapld Tra Int Rapid Tran Int & G Nor 1st Int & G Nor adj 6s. Int RysCA 6%sret 12 96 96 Kan City Ft S 4 6 951 95% 4 Kansas City S 5 2 100t 100% 100 Kan City Term 4s.. 10 88!, 884 884 Lake Shore 4s°31 991, 99% ¢ 8 544 3 89 Leht Valen LehiVgen 4 Louis & Nash unt 47 8 945 L &N 41%82003.... 20 954, Louis & Nash 6s B. 2 104% 10414 104% Louls & Nash 7 6 1001 100% 100% Market St 7s40.... 7 91% 91% 91 M!1 El Ry&Lt 4%s 5 99 991 MIIEl Ry & L 6s 51 11 997 Ml El Ry & L 6s 61 63 98% M St P&SSM ends. 15 89 MStP&SSM6%s. 8 100% MK&T4sB 4 86'y 86 86 MK & T adj b 2105 105 105 MEK&ToprinbsA. 1 101% 101% 1014 Mo Pacific gen 4s.. 12 T4% . 10 1004 . 5 99% 99 1R 99y 99 Mo Pac 5%s 49 evt. 21 110% 1091 Mob & O 4%s877... 7 94% 941 NOTex& M5sA.. 99% 1001 99% 99y, 29 22222222772 Creim4%s. . a 4 wsn 105% 105% 2 107 106% 107 &StLdeb4s 2 99% 99% 99% StL4%sC 11 95 941 95 s t L 6s'32. 33 1021 102% 102% &H4sb5.. 3 83w 83K 83y kflun. 4 7% T T &H 4%867. 88 91% 91% 91% ! 1 128% 128% o ] 24 ar o £ - ZZ2Z200000 E F 66 66 112% 1124 | 9% 9% | 104 104 | 89 88% B88% 5 101% 101 101% | Bl 984 98 98y 4 106 106% 1061 9 103 102% 102t 36 108% 1081 108% 22 100% 100% 100% 9 96 95% 96 5 104% 103% 1044 .. 26 99 98% 98% 4 98% 9RK 98K 6 91L 91u 91y 5 9T 9TN 97N 4 100% 100% 100% 13 96% 9615 96'% 14 89% 89 89% 60 904 89% 90 10 101 mu, 1013 984 98U 95 6744 60%, 4% 69% 941 98y 8914 11075 1075 1075 1 116% 116% 119% 1123 123 123 10 93 93 93 Nor Pac 3s 2027 Nor Pac rf 6 Ogden & Lake Ch s 1 7% Ore Short L 5s gtd. O 4104 6 Penna con 4% Penna 4% = 63 Penna gen 5s. Penn 5s'64. Pa Ohio & Det 4% Pere Mara 1st 6 Port EI P L 6s Reading gen 4%s A RIOG W ist4s.... RIArk &L 4%s StL IM&S gn 6531. StL IM&S R&G s 95% Enb AL rlf Seab AL TdY% TAM SUSTAINED MARKET FOR STEEL IS SEEN Railroad and Building Indus- try Expected to Keep Mills Busy. Whether railroad and building re« quirements can sustain the market un. til other major consumers, especially the automotive industry, comeback is the key to the iron and steel situation, says Iron Trade Review, Cleveland. On the whole, producers believe they will. They appraise the present halt- ing condition of the market as the usual vagary of February in demand and production. They look for the month to be a corridor between a fair January and the Spring upturn normal- ly starting in March. Nevertheless producers are not un- mindful of the fact that the support of the railroads is now at its maximum. ons for track material and car and locomotive steel will be high, but there will be practical 1y no replacement of this tonnage. Like- wise much of the structural material for fl)rln(l building projects already has en the genenl manufacturing trade proceeding cautiously, it is increasingly apparent that whatever added vigor ac- crues to the market in the next 60 days must come from the automotive industry in the first instance and the oil, water and gas industry, as reflected in demand for pipe in the second. ‘There is no diminution of the general 4 | expectation that 1930 will be the reverse of 1929 and built up to a market cli- max rather than achieve it in the early months, but some who were l)gtlml!flc when January opened so briskly now expect the process to be slower. Con- sidered in relation to postwar cond: tions, 1930 may be nearer a “normal year than 1929. Indeed despite the poor showing as contrasted with a year ago, current pig iron production meas- ures up to the average of the last 10 Februaries, while the steel ingot rate is 15 per cent ahead. Determination to advance prices for the second quarter is manifest, especial- ly among the flat-rolled steel interes as failure to regain shortly the’groun lost last month means postponement of the effort until Fall. Concessions are less frequent in sheets and strip, excem to the automotive trade. More larities have appeared in plates lnd shapes in some districts, increasing the lpfitty effect of the heavy finished steel market, but to the general trade bars, plates and shapes are on the basis of 1.85¢ Pittsburgh. Structural steel awards this week at 28,000 tons show a reduction from the 60,662 tons of last week, but exceed the 21,500 tons of a year ago. Bridge work continues an important factor, with an 11,000-ton office building and a 4,500-ton subway section let in New York. Slightly more inquiry is pending. February purchases of freight cars passed 16,400, the largest since October, when the Louisville & Nashville placed 1,800. Canadian Pacific has ordered 1500, including passenger. For the fourth consecutive week the Iron Trade Review composite of 14 leading iron and steel products stands at $35.24, indicating the downward price movement is at or near bottom. This compares with an average of $35.56 for January. Wholesale Market Butter — One-pound prints, 39a tub, 37a38. ; Eggs—Hennery, 33; cufrent receipts, 32. Poultry, alive—Turkeys, young, 33a 35; old, 30; Spring chickens, 28a30; broilers, 32a33; Leghorns, 28; capons, 32a35; ducks, 15a18; keats, 60a65. Dressed—Turkeys, young, 35a38: old, 32a35; hroilers, 38a40; Spring chickens, | 35a36; Leghorns, 35; capons, 35a40; ducks, 28a30; keats, 80a90. Meats, fresh killed—Beef, 20a23: veal, 28a30; lamb, 23; pork loins, fresh hams, 26; fresh shoulders, 20a23; smoked Wams, 28; smoked shoulders, 22; bacon, 28; lard, in bulk, 12; in | packages, 131. Fruit and Vegetable Review. The daily market report on fruits and vegetables compiled by the M ket News Service, Bureau of Agricul- tural Economics (sales to jobbers ex- cept where otherwise noted) says: Apples—Supplies moderate; demand llght. market steady. Barrels: Virginia, No. 1, 2% inches up, Yorks, 5.00a 525 U. S. No. 1, 2% inches up, Stay- mans, 6.50a7.00; showing scald, 4.50 Boxes: Washington, extra fancy me. dium to large size Delicious, 4.00a4.2 Winesaps, mostly 3.00. Bushel bas- kets: Virginia U. S. No. 1, 2% inches up, Yorks, mostly 1.50; U. 8. No. 1, 2% inches up, Staymans, mostly 1.75; un- classified, 23; inches up, Yorks, 1.25a 1.50; Pennsylvania, U. 8. No. 1, 2% !inches up, Yorks, 1.40; Northwestern Greenings and Baldwins, 1.50. Cabbage—Supplies light. New stock: ‘Demaml light, market firm; Florida, 1'5-bushel hamperg, pointed type, 3.258 350 Old stock: Supplies light, de- | mand slow, market steady; Ne' York, | 100-1b. sacks, Danish type, 4. Celery—Supplies mq u ‘demand iight, mnrket utendy Florida, 10-inch crates, 3-4 dozen, 2.50a3.00; mostly around 2.75. Lettuce—Supplies liberal; demand light, market about steady; California, crates, Iceberg type, 5 dozen, mostly 3.75; 4 dozen, 3.50. Onlons—Supplies light; demand light. market steady: Indiana and Ohio, 100~ 1b. sacks, Yellows, U. S. No 1, medium to large size, 2.15a2.3! ly 2.25. Potatoes—Old stock: Buwpuu mod. erate; demand moderate, market ; Maine, 150-lb. sacks, Green U. 8. No. 1, 4.6024.65; few ks, Green Mountains U. 8. No. 1, 3.65a3.75; New York, 150- Ib. sacks, Round Whl?‘l U. 8. No. 1 4.4024.50; few low as 60¢. New stock: ‘Too few sales reported to quote. ‘Tomatoes—Supplies modenu de- mand light, market steady; Original Florida, 1ug boxes, ripes and turning, wrapped 6x6 and larger, 5.00; 6x7, 4.00; sixes, green and turning, wrapped, rnncy count, 6.00. RESERVE DEPOSITS UP ON LAST BANK CALL ‘Total loans and investments of all member banks of the Federal Reserve system stood at $35,933,950,000 on De- cember 31, 1920, the date of the last bank call, an increase of only $30,000,- 000 since October 4, the ciate of the prevlous call, and of $250,000,000 dur- ing the year, the Federal Reserve Board , announced in its quarterly statement, During the year loans increased $095,000,000 and investments declined $745,000,000, but between October 4 and December 31 loans declined $15,000,000 and lnv:!'.mdenot.tlhln Unlted" States Gov- ernment an er securities increased $35,000,000. TREASURY BALANCE. The United 8t e s Treasury balance February 19 was l“"flfll“ Cus- toms receipts for the month to date were $Eam 0Tz ot ° tures, § R Vy Ry & P 5 4 100% 100% 100% \Wbash l%l 1l rets 3 91% 914 91 Wabas| 6 101% 1013 1013 30 100% 100% 1007% .10 304 304 804 Tol Tr L&P 5* 0 5 100% 100% 100% Ulstr&Del 5s 28 sta 9 85% 851 85% Union Pao istd4s,.. 2 9315 031 931 Unlou Pac4s68.... 60 88% 88% 884 bllll 6: 'll B 52 99% 991 991, Whash l“l‘ll... . 2 104 1044 10415 West Illrvl-nd l 8015 801y West Ma lul 7 95% 96% WI I. Pll 98 98y ore Wll Cll( & ll\fi