Evening Star Newspaper, March 15, 1930, Page 24

B-10 ¥ GASISSUES LEAD | IN CURB ACTIVITY Utilities Show Slight Reces- sions—Other Groups Barely Steady. BY JOHN A. CRON @pecial Dispatch to The Star. NEW YORK, March 15.—-Natural gas shares featured the upside of an active and irregular curb market today Power and light issues, like Electric| Bond & Share, American & Foreign | Power, American Superpower, and, United Light & Power showed only small changes, most of them on the downside, despite reports of mergers. Cities Service and Indian Territory Oil among the miscellaneous petroleums, and Humble and Standard Oil of In- diana in the Standard group, led in point of activity. Proximity of conclusion of the huge Southwest natural gas merger between United Gas, Louisiana Gas & Fuel and ‘Magnolia Gas & el, representing, re- spectively, the G. E. Barrett, Electric Power & Light and Standard Oil of New York interests, was mirrored on the tape today. Memphis Natural Gas and Arkansas Natural Gas advanced. New Jersey Zinc was the outstanding strong spot in the mine shares, rising to within a fraction of its peak price. Coppers continued weak as both trade and finsncial circles expressed doubt about the continuance of the 18-cent price level. Ford Motor of Prance, which paid a dividend of 10 per cent, was the fea- ture of the motor shares, which as a class were inactive and irregular. Al shares quieted down. Amusements were | reActionary. i Baltimore Markets Special Dispatch to The Btar. BALTIMORE, Md., March 15—Pota- toes, white, 100 pounds, 2.25a2.75; sweet potatoes, barrel, 2.00a3. yams, barrel, 2.00a3.00; beets, crate, 2.50a3.00; beans, hamper, 4.50a6.00; cabbage, hamper, 75a1.00; carrots, bushel, 1.10a1.15; cauli- flower, crate, 2.00a2.50; celery, crate 2.00a2.75; eggplants, crate, 2.00a450: lettuce, basket, 1.50a3.00; kale, bushel, 65a75; onions, 100 pounds, 1.50a1.75; peppers, crate, 3.00a5.50; parsnips, bas- ket. 30a40: inach, bushel, 25a35; squash, bushel, 3.00a4.50; tomatoes, crate, 2.00a5.00: turnips, hamper, 35a 50: apples. bushel, 75a3.00: grapefruit, box, 2.75a4.75; oranges, box, 3.00a5.50; strawberries, quart, 25a45. Dairy Market. Poultry, alive—Turkeys, pound, 34a 40: old Toms, 27a28; chickens, young 32a40: Leghorns, 36a38; old roosters, 17 a20: capons, 32a38; ducks, 17a30; old hens, 29a31; Leghorns, 20a28; guinea fowls, each, 40a65; pigeons, pair, 30a36. Fggs—Receipts, 2,620 cases; nearby firsts, 24; hennery white firsts, 25. Butter—Good to fancy, creamery, pound, 35239';: ladles, 31a32: store packed, 18al9; rolls, 25a28; process, 3115833, BONDS ON THE CURB MARKET. 5 Alabama Pow 4'3s 81 43 Am Cmvwith Po s '49 10 For Pow P & L 6s 2016 35 68 94580 G & E 5las ‘77 16 Asso Tel Ut 3155 '44 13 Bell T Can 5s B °57 s E ‘35108 108 1 .. 102 102%, 54, 863, 36in 0 ' 89% 104 102 ° 104 10072 1007 102 1 "33, 90 1.8 651020 370 ol Ci 11 Cit_Ser Pow 5l 52 90 MCleve El 1Il 55 B '61_. 102} 3 Consum Pow 4'.s '58 98la 70 Cont G & E 55 A jahy P 55 46. ... C Gas 55 B 6 Cud 3 Det Dix GG 16 Elec P & 1Emp O & 3 3Fed Wat 5tus "84 5 Firestone Tire 55 ‘42 I 55 54.. L 2 1 Independ Ol 10 Indnap P&L 55 Inland Uil 6s 83 Insull gl & 23 B34, 65 '39 55 A 5 NEW YORK CURB MARKET Notice—All stocks are sold in one hundred-share lots esignated by the letter s (65s) ign: which shows those stocks to be sold in odd lots enly Open High. Low 108 excepting those Sales— Add 00 & ~Prev 1930~ Stock and High Low. ' Dividend Rate. ¥ AeroSup MfgB.... 21% Ainsworth Mfg 312%. 3% Alr Investors vte... 16 All Amer Gen Corp. . 4 Allegheny Gas Corp. 6% Allen Industries, , 1815 Alited Mills (6ve). .. 14 Allfed Mot Ind(1)... % Allison Drug StA... 275 Aluminum Co of Am 7% Am Br B El 1d sbs 8 Am Capital (B). 37 AmChain (3). 231 AmCwith P A 14 AmC P&L B (b10%) 204 Am Colortype (2.40). Am Control O1l Fids. 25!y Am Cyanam B (1.60) 3 Am Dept Store: . 60': Am For Power war.. 113% Am Gas & Elec (31). 105% Am Gas&Elec pf (6) 10 Am:nvesiincB.... 225 Am Lt & Tract (10). 154 1's Am Maracaibo...... 74 Am Natural Gas 5514 Am Salamandra (3). 23% Am Superpower t1). R7% Am Superpow pf (6) 167« Ang-A n-v cod r 73c. 16 1 1 0 2 26 8% Arkansa; 5% Asso-Elec ind Lt 6y ASSOG & E A (12.4 Ass0 G&E A debrts.. 4% Asso Rayon... 39' Asso Rayon pf (6) i Atiant Fruit & Sug.. 221y Atlas Plywood (2). . 18 Atlus Stors Corp(11) 4% Auto Voting Mach. . 8% Aut V Mcvprpt(2) 7 Auto Musie (A) (1). 124 Aviation Credit. .. .. 36 Axion-F Tob A 3.20. 2! Bahta Corp.. 1% Bahia Corp pf. 315% Blaw-Knox Co (1%) 234 Bliss Co (E W) (1).. 6% Blue Ridge Corp. . 33% Blue Ridge cv pt (a3 11 Brillo Mfg 24% Buft, N&EP pf(1.60 64 Buckeye P L (4) 4 Burco. Ine (war).... 2% Burma Corp (t3le).. 4'x Bwana M Kubwa, 315 Can Marconi. . 51 Can Pacific(new)w. % Carib Syndicat . 26! Carnation Co (31%). s Celanese Corp. 4 Cent Public Ser: 4% Cent PSv A (alL76). 19 Cen States El (240c] ) 38 Citles Serv pf (6). 1 Clark Lighter A. Clev El 1llum (1.60). Clev Tractor (1.60).. Columblia Pictures. % Columbia Syndicate. 10 234 Com'with Edison (8) 1008 3% Comwlith & Sou wa. 27 12% Com Wat Ser (b6 15 Consolidated Afrcraf 1% CA M Cocum pf.... o Consolidated Copper + Consol Cortez Silver. 13% Con Dairy Prod (32). 90'% Con Gas, Balto(3 60) 21% Con Gas Ut A(2.20).. 3 Cons Instrument. Cons Laundries..... Cont G&EI pr of (7). Continenta) O1l Cooper Bess pf A (3) Cord Corp. e Coty Soc Anon rets. . Creole Petroleum. Cresson Cons (8¢)... Crocker Wheeler. ... Curtiss Reid Air pf.. 4 Cusi Mex Mining Dayton Air & Eng.. . Deere & Co new w.i... De Forest Radlo. . Detroit Alrcraft Cor. Dix Gas & Utilities. . Douglas Air (76¢). .. Dres(SR)MIg A 3%. Draper £orp (15)... 101 Dubilier Cond&Rad. Duran: Motor. £ast Gas & ¥ Asso. Kast Sts Pow B (1).. Eisler Elec (1.50) ¢ El Bond & Sh (b6)... £l Bond & Sh pf (6). Elec Pow Asso (1).. Elec Pw Asso A (1).. E1 P& Lopt war.. Elec Sharehldg (31) Emplre Pwr Corp(2) Emp Pub Sv A(1.80) Employ Reinsur 134. Engineers Gold. Kuropan Eiec (T Fandango Corp. Federal Screw (3)... Ferro Enam A(t4%) “okker Alrcraft.. .. Foltis Fischer Corp. Ford Motor Can A... Ford Motor Can B Ford Mot of Franc Ford Mot, L1d 37 Fourtn Nat Inv Fox Theat Cl A Garlock Pkg (1.20).. General Baking..... 63 15 24 10 ! 1014 38 11% » PISTHTPE T rre e s g & THE EVENING ~Prey 1930.—~ High. Low. 14% 3% 20% (285s), Leonard Libby M wh% 25 Lion O11 Magdale: Met 5e-5 Midland 5 Mid Wst Miller & Nat Pub Nat Rub Neet Inc Nes New Jer New Qui N ¥ Aue Niagara Ohio Ofl Pag Pub Peop L& Perryman Elec Co. Pick(A) Pierce Gi Pliot Rad T A (1.20). Pitney B P’ n (20c). Plymouth O1l (2) Polymet Pond Creek Poc Premier Propper R Rei Reliable Rich Ol Rock Ros St Reg! Selected Sheaffer Shenand Sonora P So Penn Spanish Stand Of] Stand Of Starrett Strau s Stutz Switt In Stock and Dividend Rate. Letcourt Real v1.85.. Newmont Min (34) Newport Co (2) N ¥ Invest (1.20) N Y Rio&Bu Aires Nlles-Bement-P 123§ Noranda Mines (3),. North Am Aviation. No Am Aviat A war. Ohto Copper. Ollstocks,Ltd Outbeard Motor (B). 4 Overseas Sec (1).. Pac Coast Bis pf 3.50, @ Pac Western Oll. Pandem Oil.... Pantepec Oil. ... Param C Mfg ( Pennroad Corp. Prince & Whitely. Prince& Whitely pf3. Salt Creek Con (40¢) Salt Creek Prod (2).. Savoy Ofl.... Schulte Real Est Seg Lock & H (50¢).. Seiberling Rubber. Shattuck Den Min. .. Stand Pow & Lt. Stand Pwr & Lt. B. St Pow & Lt pf (7) Motor C: Sunray 011 (40¢) Superheater (13%).. Swift & Co Tampa Electric (32). Technicolor, Inc. STAR, Direct te The Star Office Sales— Add 00 Close. 2 p 30 Open. High. Low. 2% 21% 2% 21% oi... cNell & L... 4 Lily T Cup (150) Refin (2 Loews Inc deb Lone Star Gas (1). Louisiana Lan & Ex. na Syndicat. Marine M1d Cp (1.20) Marion Steam Shov. Marshall Field & Co. Mavis Bottling. ... Mayflower Asso (32) Memph Nat Gas Co. Met & Min Inc (1.20) Met 5c to 50c S (B) 0Oc Strs pt... Met Chain Stor StIP2 Uil (b8%). o Mid West Ut B war. Sons (2). .. Mo Kan P L (b10%). Moh HP 1stpf (1).. Moh Hud P 2d pt (1) 508 Montecatini deb rts. Mount Prod (1.60).. 4 Nat Amer Co Natl Fam S Nat Fuel Gas (1) Nat Investors (n SVA( Mach (2 Nat Screen Serv 1 Nat Sukar NJ (2). Nat Upion Kadl cvAl Nehi Corpn (1.30). Nevada Cal Elec. New Brad Ol (60c).. New Eng Pow pf (6) New Eng PS pr.l.(7) 768 2 9ty 100 6% W% 125% 1254 32 32 % Bl 26% 13 30s Zine (14). 3 % Rl 25% 13% 14% Hlg 38% $9% Y 24 % ncy M tion (1%) . Hud P(40c) @ & e (12). Serv (1.30). P A(a2.40) Roxleua®mmn P B&Coc overnt (1% ) » axnoamels Mfg (31 Gold (24e).., McCallm(2) Prudential Inv. . Pub Util Hold war. Radlo Prod (60)..... RainbowLumProd B vmond Con pf (3). -Foster (40c).. Strs (b5%). 4 Rel'nce Managemnt.. Republic Steel n wi. % Rep Steel cum pf wi. teynolds Bros Inc. . Reynolds Met n 2.40. Cal pf (1.76) Roan Antelope Min. . Rochester Cent Pow. Ji&P(92¢) tores, Ine. . St Anthony Gola Faper (1).. industri, T Pen (i3) 59 oah Corp. 3 Produet Ofl (1234) So N. Engl'd Tel (8). Southland Roy (1).. S WGasUtll....... & Gen Reg.. Stand OlL Ind (2%). 1. Kan (2)... L Ky (1.60). Corp Stern Bros A w (2).. tern’l(2%).. WASHINGTON. D. C, Ressived by Private Wiee l % | them. . | Ing 77 per cent. il SATURDAY, QUETER MARYET FOR STEEL BASTS Industry Has Slowed Down Production Somewhat Since Buying Orders Declined. Special Dispatch to The Star. CLEVELAND, Ohio, March 15— | Difficuities of maintaining steelmaking | operations at 75 to 80 per cent contrast | sharply with the upturn characteristic of this season and usually culminating in the year's high in March or April, says Iron Trade Review. But consider- { ing that the railroads and the automo- tive industry, representing almost 40 per cent of the country's buying power for steel, are most conservative in their commitments, the situation is not dis- couraging. Railroad purchasing of equipment and track material has run its course | by this time, as expected, with indica- tions that some equipment additions scheduled for Spring will be scaled down, if not postponed, because of the decline in freight traffic. Automubile | production this month may do well to | equal the February daily rate, and specifications based on expectations for | tractive pipe-line projects still fail of { flnlnflnlp %lckmg. Structural steel | awards, on the other hand, while some- what behind 1929, display unlooked-for virility. The general manufacturing trade in | the aggregate is lending no little sup- port, largely making possible the show- ing of an increase of 11,038 tons in the unfilled tonnage of the United States Steel Corporation as of February 28, where a decrease would have occasioned no surprise. At 4,479,748 tons, the corporation's backlog is the largest since February, 1926. For steel ingot production in Febru- ary to attain a daily 'l,l"xen of 1890.32: ross tons, a 21 per cent increase ?hmnry. and, rxcegting the 180,250 tons of last February, the best February rate in history, in the face of moderately declining operations late in the month, is heartening. e imers’ requirements do mot supply much incentive to cover for the second quarter, yet the price situation is clarifying. Heavy finished steel producers are open to second-quarter b at $1.85, Pittsburgh, with Chicago mill prices settling to $1.90. | *| Makers of nails claim to have with- drawn quotations under $2.30, Pitts-] burgh, and to be standing on $2.40 for | wire. Wire rods are more deflmtel_‘!i $38, Pittsburgh. Some advances hlvr‘ been announced in flat-rolled steel, but without sufficient bookings to establish Pig iron for second-quarter delivery | is being priced at current levels, repre- senting in some districts 50 cents to $1 declines from first-quarter contracts. Iron and steel scrap tends weaker, with short interests more active. The Steel Corporation has been a heavy buyer of heavy melting steel, estimated at 70,000 | tons, at $16.75 to $17, Pittsburgh. Largely reflecting adjustments in semi- finished material, now openly recog- nized, the Iron Trade Review composite declined 18 cents this week to $34.94, a loss of about 3 per cent since Janu- ary 1 and the lowest point touched since August, 1928. Steel Corporation subsidiaries this week continue at about 85 per cent, with independent mills about 70 per cent. and the entire industry averag- |CAPITAL TRACTION DIVIDEND IS VOTED President John A. Hanna of the Cap- ital Traction Co. notified the Wash-. | ington Stock Exchange officials today | ( that the directors had declared a quar- terly dividend of $1.50 per share on| the company’s stock at a meeting held late yesterday. This is at the rate of $6 per year, the same as was voted in the first quarter. At that time, however, the directors reduced the dividend rate from 7 to 6 per cent, the former rate hav- ing been paid for many years. The dividend just declared is pay- able on April 1. The stock was quoted ex-dividend on the local exchange to- day. It opened at 83 and closed at 82'; on a total turnover of 75 shares. NEW YORK COTTON. NEW YORK, March 15 (Special) — | A further sharp recovery occurred in! cotton prices today, with the May de- livery above 15 cents and a full cent a pound from the low levels of the week made on Monday. | While the market met more cotton | on this advance, a large volume of busi- u i MARCH 15, {HAND-TO-MOUTH BUYING HELD 1930. FACTOR IN RE Business Men and Anxious to Obtain ties "at the Low.” : BY J. C. ROYLE. Desire on the part of business men and investors to “buy at the low” is having a greater influence than nearly any other factor in keeping the pace of business at a moderately low rate. There is a general feeling among busi- ness men that they can buy pretty much when they please. They do not have to hurry in filling their future requirements, they believe, and are proceeding on a hand-to-mouth basis in anticipation of the possibility that commodity prices will go still lowsr They are not alarmed about businsss in the slightest, nor do they,seem to anticipate any marked cut in prices. They simply feel that there may be a | possibility to buy somewhat lower 2nd | that they ean - fford to wait. This situation cannot continue since | stocks are low and buying power is still maintained at a high level. When the flood of orders does come, it is likely to be a heavy one. Agricultural Situation. Another fact which has been of in- an increase have been suspended. At- ) fluence on conditions is the agricultural | amusement industries promise to do ex- situation. The Farm Board has given evidence of its ability to check falls in i wheat prices, but it has announced that it will not buy more wheat unless it is necessary. On the other hand, the | board has been voted an additional ap- | propriation of $100,000,000 to aid the farmer. Chairman Legge of the Farm Board declares that there is no hope of reliev- ing the congestion of wheat for at least 60 days. This is balanced by the fact that stocks of wheat on the farms are lower than they have been at this time of year for many seasons. ‘The board is still worried over the co-operation of farmers in reducing FINANCTAL. | | | Investors Declared| GOOdS and Securi- TARDING TRADE acreage, but this, too, has another side The weather has not been favorable for | heavy production of crops. Despite these | facts, the business of the farm imple- ment manufacturers has been excellent. | Steel continues to maintain its steady | lead of production, with an adequate | number of orders and prospects for bet- | | terments in profits in the not distant | future owing to mergers. Some States | | report sales of automobiles far below ! | those of March for the last two vears, | | but, on the other hand, in the producing | centers optimism prevails. The non-ferrous metals are steady and the radio industry is getting ltself | on a normal and healthy basis. Use of elettric power is still high. and for | | apparel is beginning to improve. Latest reports from the oil industry indicate slight decerases in production, with ! | some advances in crude prices. The | | sustaining of the California gas wastage law has helped conditions also. Income Tax Payments. | _The sugar producers are feeling more | | cheerful as a result of the Senate action i on the sugar tariff schedule. Demand | for office equipment is fair and the | cellently this Spring and Summer. | Railroad car loadings are of good pro- | portions and the volume of air traffic is | showing a steady and healthy improve- ment. The volume of income tax payments, | which will be announced after Monday, | is expected to give concrete evidence of | the excellent state of the Nation's busi- | ness despite the disruption to business and indutsry which took place in the last two months of the year. Reduction of the rediscount rate by the New York Federal Reserve Bank to! 31, per cent is regarded as a helpful | factor in reviving business. | (Copyright. 1930.) { | CHEMICAL ISSUES HAVE RISEN STEADILY IN RECENT YEARS Over a period of years common stocks of leading chemical corporations have shown relatively steady and rapid appreciation. In each of the three major bull markets of the past decade this classification has registered a per- centage gain considerably greater than that recorded by the general run of in- dustrial stocks, according to the Stande ard Statistics Co. of New York. Losses sustained during bear markets have, on the average, been only slightly more severe than those recorded by the ii.dustrial group as a whole, and recov- ery in general has been more rapid, as may be seen on the appended chart. In point of time, major movements to the chemical stocks have coincided closely with similar swings in the gen- eral industrial list. Since 1919/ bull markets in the chemical group have | extended over an average period of 28 months. Average duration of corre- ponding moves in the industrial group as a whole has been 30 months. While major bear markets in the chemical stocks have run, on the aver- age, over a period of 10 months, simi- lar reactions in the industrials have been completed in an average period of 7.5 months. At no time during the past decade has the major trend of the cremical group been at variance with that of the general industrial list. 'BUSINESS VOLUME GAINS DURING WEEK General Level of Wholesale Prices Lower—Federal Loans Are Larger. The dollar volume of business during the week ended March 8 showed a de- cided improvement over recent weeks, but was lower than for the same week of 1929, according to the weekly state- ment of the Department of Commerce. Reports from the steel industry, cover- ing the latest reported week, indicate lowered activity, as compared both with the previous week and the same week | of last year. Bituminous coal produc- tion and crude petroleum output were also smaller than for either prior period. The general level of wholesale prices was lower during the week than for |STOCKS CLASSIFIED IN PRESENT OUTLOOK Statistics Company Lists Group: According to Rating After Inquiry. With the prospect that general levels of productions and profits during the | current half year, at least, will be sub- | stantially below the peak totals of the ! | first half of 1929, it becomes increas- | |ingly important to determine correctly | those lines of activity which, during the | coming months, will show the greatest resistance to the depressing influences | now dominant. Analyzing various | groups, from a profits standpoint, the | Standard Statistics Co. of New York be- | lleves the best possibilities of increasing returns during the current period, as compared with the like half of 1929, to lie in the following classifications: o MONEY IS CHEAPER INWORLD CENTERS Decline in Commodity Prices and Business Recession Have Eased Credit. BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK, March 15.—Reduction of the New York Federal Reserve Bank rate from 4 per cent to 3'; per cent was a rather belated recognition of the fact that the bank rate and the open market money rates had been out of line and that a readjustment was necessary. ‘The reduction had been a foregone conclusion ever since the Bank of Eng- Jand made its cut last week, and could | easily have been made a week ago, as fundamentally conditions are just what they were then. Money is easy all the world over. The reduction follows a long series of revisions downward in open market dis- count rates which have been the real indices of the situation in the money market. Three successive reductions were made in the bankers' acceptance market in as many days last week and another was made Thursday, with the result that the open market rate for shorter maturities got down to 3!; per cent, as compared with a 4 per cent bank rate. __ Reserve Bank Operations, ‘That decline in the open market rate had been the result partly of operations of th'e Federal Reserve Bank itself. The bank's whole policy this year has been the exact opposite of what it was a year ago. At that time it exerted all of its power in the money market to tighten up bank credit in order to keep it out of the stoek market. This year it has worked to make credit easy with a view to encouraging the much desired busi- st remvlery.t - 'or at_least ree weeks the Federal Reserve Bank has been buying bankers’ bills despite a seasonal slackening in the available volume, with the result that it actually competed with commer- clal banks and dealers for those invest- ments. Obviously the aim was to make credit easy, and that policy was ef- {eeciu;':';n‘;or%lng dowrtl the open mar- advanc reserve bank rate. S e The new bank rate is the lowest at nted since August, 1927 It is not & mere coincidence, guz a nat- ural corollary that open market moncv 1;-91;75 also are at the lowest level since In addition to Federal Reserve . feveral fundamental causes of o eas oney market are operative. One is the fact that business hlg slowed down. While there has been some im- provement in industrial activity within the last month or more, thers s no ques- tion but that the volume of business is less than it was a year ago, and mate- rially less, with the result that less money is required to finance trade. The liquidation in the stock market, of course, has been a factor all along, but .| would not account for the increasing ease In the money market, since Stock Exchange loans again are on the rise. Commodity Price Drop. The fact that commodity prices have been in a prolonged decline tends to make money easy, because it is possible to buy a given quantity of almost any commodity that one can name at a cheaper price and, therefore, with less money than was the case a year ago. The accumulations of new capital represented by interest and dividend payments are a factor. Those disburse- ments in December, over the year end and during January, February rch this year were the largest ever le for a corresponding period. The fact that busines. requirements for funds are less than formerly causes these new accumulations of capital to back up, as it were. Since it is difficult for them to find employment, rates of interest necessarily go down. The only bad feature of the credit situation at present is the unliquid eon- dition of member bank securities loans. Loans by banks on securities are almost as large as they have been at any time. Their volume was not reduced in the slightest degree by the stock market break last Fall. It still is near the peak. (Copyright, 1930.) PARIS BOURSE PRICES. PARIS, March 15 (#).—Trading was quiet and prices were steady on the Bourse today. ‘Three per cent rentes, 87 francs 80 centimes. Five per cent loan, 102 francs 40 centimes. Exchange on London, 124 francs 26! . centimes. The dollar was quoted at 25 francs 562 centimes. Best Furniture Months. NEW YORK, March 15 (#).—Th> best months for furniture dealers arc not May and June, but December and 781 | ness was transacted and the list closed s s¢d | either the previous week or for the same with a gain of 10 points or more on | period of '1929. Cotton and iron and the day. Spots were advanced 15 gteel prices also declined from both | | points to 14.85. prior periods. Wheat and copper prices | Chain stores, electrical equipment, motion pictures, shipbuilding; tobacco, cigarettes: utilities, electric power and light and telephone and telegraph. Groups which, while possibly not General Bak pf (6).. Gen E Ltd rets (60¢) GenGas & El (A). 4 Gen Rity & Utilitles. Glen Alden Coal Thermold Co (2) Transamer (11.60 Tr-Lux DL P8 (A Tri-Continental Co November, a survey reveals. BUILDING CONTRACTS. Cotton range: 5 E 4128 E 57 953, 18Pac W O 6'3s 43 ww 93 37 Penn O Ed '59 100% 25 4 8is B 2Penn O Ed 65 '50_xw 10234 y 6 S Rub 6'3s 31.. & L 3n 159 W B Wk P55 1 Webster Mill 6155 15 Wester Pw 5155 A * 104 Wes Unton Tel 55 FOREIGN BONDS. 2 Awr Mtg Bank 7s 46 2 Buen Air Prov 7s '52. Goldberg Store: Goldman Sachs Gold Seal El n Gorham Inc GrAa&PT 4 Groe Stors Prod vte. Ground Gripper (1). Gulf Otl of Pa (1%). Happiness Candy . Helena Rubenstein. . Hollinger Gold (6Ve) Homaokla Ofl....... Hudson Bay M & S. Humpble OIl (2)... Hydro Elec Serv ( p Oll. Can (50c). . diana P L, n(123%4) indian Terr Hlum. .. Ind Fin ctfs (b10%). insull Ut Inv(b6% ). Insull Ut In 24 pf6.. Ins Coof N Am 113). Insurance Sec (1.40) Intercoutinent Pet n Internl Petrol n (1). Inter Prod pf (6). ... Intl Superpow (31). Iternatl Ut A (3%). tuternatl Ut B Internatl Uth ¢ nterstate Equitie: Interest £qcv of (3) ftallan Superpow A. Kirby Petroleum. ... Klein (H)pt pf 11.20. Kletnert Co (23)... Knott Corp (2.40)... Kolster-Br (Am Sh) Land Co of Florida. . M o et Al St RanE - 2 Ry I“)‘. Tri UL US Elec U S Lines US&Int Venezue! Walitt & Walgree w. Warren Wenden New En annua) oayvment *Ex-dividend cash or stock. n Py Tri-Cont Corp pf(6). Trunz Pork S (1.60). Ulen &Co. ......... Ungerleider F Corp. Un Nat G, Can 11.60. 4 Unlon Tobacco. United C United Dry Docks. Unit K1 Ser pur wa Utd Founders(b2.35) United Gas Co. Utd Lt & Pwr A U S Dairy B... Unit Verde Ext (4) Unity Gold. .. Utility Pw & Lt(al). Utility & Ind. . Utfl & Ind pf (1%) Utility Bquittes. van Camp Packing er (H) (1) Watson (JW) Co. West Alr Exp (60c). 4 Zonite Prod (1.60)... Newport » tes (31.20). orp war. 1 1 Pwr ww EpENt. . ... d pd 3% . Ia Ptm(20c) Bond A (2). n Co. . Bros. e b P o L LTSt i=t- ASEOIISURY TR PRV - e Copper 14 Expire. Co.. & T T Dividena rates 1n dollar Lra In stock s Payabie in Payable In oreferred stock. March January, January Kolster Stock Deposited. NEW YORK, March 15 (#)—The stockholders’ protective committee of the Kolster Radio Corporation, of which A. Harry Moore, former Governor of New Jersey, is chairman, announced that 15,000 shares of commor stock have been deposited with the commit- | ! tee since its formation during the past week. new. ‘Wisconsin Replants Trees. | MAPDISON, Wis., March 15 (#).—Wis- | consin_distributed’ 2,400,000 trees {rom |its - State nursery last year, sending them to every county in the ‘State for replanting INVESTMENT TRUSTS. | NEW YORK, March 15 (#).—Over the counter market: | Am. & Cont. Corp... | | Am. Ins. Stocks : 1 | Chemical ‘Nat. Assoc | Combined Trust S | Eawitable Invest Eauity _Investors, Granger Trade. . Guaraian Invest rdian Invest. pfd o Guardian Inv. Trust pfd. Wwar. nvestment. Tiut A s units. com. | com.. for the latest reported week showed no change from the previous week, but were lower than a year ago. Loans and discounts of Federal Re- | serve member banks at the end of the | | week were larger than at the end of | cquipment and railro | either the preceding week or of the cor- | responding week of last year. Prices for stocks also advanced from the previous week, but were lower than a year ago. - Interest rates declined from both prior periods. Bond prices were fractionally higher than in the previous. week, but lower than a year ago. Business fail- ures were slightly more numerous than ‘during either the previous week or the corresponding week of last year. NEW RATE CUTS LIKELY. Other Federal Reserve Banks Ex-‘ pected to Follow Gotham Example. NEW YORK, March 15 () —It is ex- pected that other regional banks in the Federal Reserve System will shortly ad- Just their rediscount rates to conform With the lower charge now in effect in this district. Though no announce- ment relative to the Chicago rate was made following the meeting of directors of the reserve institution there yesterday. it is believed that a 3, per cent rate Will go into effect there and at other banks which followed the last cut at New York without much celay. Chi- cago, Boston and Kansas City are now on a 4 per cent basis, while in the other clght Federal Reserve districts a 4'2 Per cent rate is in force. | quite_equaling the aggregates of a year ago, should show a minimum of decline | during the current six months include: Chemicals, machinery and machine . equipment. Industries which are likely to experi- ence the most marked declines in in- | come during the initial six months of 1930, as compared with 1929, include: Automobiles and trucks, automobile parts, automobile tires, copper, depart- ment stores, lead. oil producing, oil re- fining, radio, silk, steel and iron and zinc. ‘ — y— |ELECTRIC APPLIANCES HEADED BY FLATIRONS The humble electric flatiron still leads the procession of electrical ap- pliances in use in American homes. According to a report just issued by the National Electric Light Association, there are 18,800,000 of these devices in the approximately twenty million wired homes in this country. Electric cleaners come second with a grand total of 8720000. There are 7,420,000 electric toasters, 7,100,000 elec- tric radio sets, and 6,680,000 electric washers in use.* Other figures follow: Electric fans, 5800,000; percolators, 5,500,000; space heaters, 3,220,000; sew- ing machines, 3.000.000; refrigerators, 1,880,000; ranges, 880.000; ironers, 580,- 000: oil burners, 500,000; dishwashers, 75.000. These 1930. figures are as of January 1, | By the Associated Press. Building contracts let in that portion of the United States east of the Rocky Mountains fell off last week below the |values of those placed the preceding | week. Figures which follow, as reported | through the Census Bureau, give the | average daily total of contracts let for the week and comparable periods: ‘Week ending March 8. +.$12,178,000 Preceding week. .. 22,390,000 Same week last year 14,962,000 Crude 0il I:rice Advanced. NEW YORK, March 15 (#).—The As- | sociated Oil Co. has advanced its prices ot crude oil in line with those recently | put into effect by the Standard Oil Co. of California. DIVIDENDS DECLARED. NEW YORK, March 15 (#).— Regular. - Pay- Rate. riod. able. $150 Q Apr. Hdrs. ot Company. record. Al'Am Ind pr pf Mar. 14 Alum_ Gds Mg Am Gas&Elec pf Am Fruit Gw pf Am TiU & Guar Am Fur M B p Anglo N Hidg Ltd Arkansas Nat G pf..15c Bank of U S...... 50 Bonwit Teller pf. 81isc Cal Art Title A...43%c Do B St Com Sta Corp A1 o 1 De Hayilaid A of Can pf.. Farr_Alpaca Fin Co of Am A Do B 0c ¢ | 0 ¥ | ] | 1 L5.30c 43¢ 4 Do 7% 'bf Fin Co of Penn Franklin | AND BOND AVERAGES o By the Associated Press. From Yesterday's 5:30 Edition. STOCK Gllbert A Sec & ‘Sha 0 Bl Goulds Pumps No. Am. Trust Sha Shares in the South, Inc Stand. Invest. 515’. pfd. W' U. 8. El. Lt & Pr. shares 3 Buen Alr Pr 15 14 2 Cauca Valley 75 '48 10 Gent BK Co 6s B S Chile Mt % Com Br ;'cnnm'ucnon on the central transcon- | tinental route from Kansas City to San | Prancisco and Los Angeles, via Denver | A. T.&T. WILL EXPEND INEW EXECUTIVE NAMED B t Bf i 8D 8178 A 753 0 BV A € Rumania Tnst 7 /59 . 85 2 Russ 8las ctf N C ') e 5. Ber 1n, 50 X W WIth warrants. " XW_ Without wATrants New. ‘The Great Atlantic & Pacific Tea Co. has signed 25 long-term leases for estab- nt of branch stores in Southern ifornia, Involving in excess of $1,000,~ $106,000,000 ON LINES A total of $106,000,000 will be spen by the long lines department of the American Telephone & Telegraph Co. | in its 1930 construction activities. The program provides for the installation of about 3.000 miles of cable, more than 1.000,000 loading cotls, d nearly 28.000 telephone ‘“repeaters” in connection with new and existing cables. Nearly 760 miles of toll cable will be | installed by the assoclated companies. Other major projects include the stringing of approximately 110,000 miles | of aerial wire, including relief cables | between New York and Chicago, Pitts- | burgh and Terre Haute, New York via | Washington to Petersburg, Va., and for about 80 per cent of the distance from Boston to New York. ‘Work will be started on & new route | between New York and Syracuse. New | underground conduits are being bullt | from New ¥ to Philadelphia and | New York to Reading, Pa. Pl for new aerial’ wire include extensive | and Salt Lake City. A new open-wire | line will be built between Bangor, Me., and the proposed terminal of the trans- al submarine cable on Cape Breton Island, Nova Scotia, together | with the construction of buildings and | installation of part of the equipment | required for the land line and the cabic. | MERGER COMPLETED. NEW YORK, March 15 (#).—Com- pletion of the merger of the Tubize Artificial Silk Co. of America and the | American Chatillon Corporation into the | Tubize-Chatillon Corporation was an- nounced yesterday. The board of direc- tors of the merged corporation elected Roland L. Taylor chairman. He was formerly chairman of the board of Tubize. Rufus W. Scott, who was chair- man of Chatillon, was made chairman of the executive committee of the new concern. The new :resldem is Benja- | min G. Slaughter, who was president of | Tubize, ¢ | | FOR COAL ASSOCIATION Harry L. Grandy, for seven years ex- ecutive officer of the National Coal As- soclation, with headquarters here, has resigned his position, to become vice president of Pattison & Brown, a whole- | sale coal organization in New York, | on April 1. He will b2 succeeded by C. B. Hunt- ress, who has been assistant secretary of the organization, according to an- nouncement by President C. Bockus. | { Both Mr..Grandy and Mr. Huntress are | well known in coal trade circles all over the country. TREASURY BALANCE. The United States Treasury balance announced today as of close of business March 13 was $9,204,538.52. Customs receipts for the month to date were $1.7,433,757. ‘Total ordinary expendi- tures, §7, 89.99. U 8 Shares C-3.... NEW YORK BANK STOCKS. NEW YORK, March 15 (#).—Over- the-counter market: Trust Companies. | Banke sy Cent Hanover .. Chemi Bk & Tr Corn Exch...... | New York. United States Amer.ca BK of Broad: S units Natl . Chase Natl. Chat Phenix C'ty Natl Fifth Avenu, First Natl N ¥ Harriman Natl Leoanon Manhat €o STOCKS. 50 TRy .o vios Previous day. Week ago Year ago. Two years Three years ago, weekly High (193 Low (1930) Industrials. Today .... 93.5 Previous day. Week ago. . Year ago.. Two years ago. 3 Three years ago, weekly aver.. High (1930) AL Low (1930)....... o (Copyright. 1930. & :andard Statistics Industrials. .182.6 & * Franklin Grd Inv $7 pi Do $6 st pf.. Do $3 2nd pf... Hanover Fire Tns Hazel Atlas Glass Inter Eauities A Irving Alr Chute. McQ Norris Mg N Shaw Bk (Bos Supertest Pet Do (ord) . Do pt B! U S Fnishing Vineck Tool ... Do pt i Zoller 'Wm' o b 2D00D2LOOOLOOOLCLOOOOLO0LOCCD LOOO £O: DOOOLOET Finance Co of Pe Pranklin Process. Hazel Atlas Glass 0138 25c . Aet PFire Ins. new 1:5+100 % Hartl R Ta Los Al 20c @ Interbanc Inv Inc..i0c Bankers Corp ......5 Pire U 8 Finishin