Evening Star Newspaper, March 22, 1930, Page 24

SIGNS OF RECOVERY INTRADE ARE SEEN W_eekly Reviews Find Gradual Upturn in Industrial Situation. Special Dispatch to The Star. NEW YORK, March 22.—The dis- tinction between actual betterment in business and prospects of gain remains clearly defined, at least three features of importance standing out in the ‘week’s summary of industry and trade, according to the weekly reviews of business. Perhaps the most immediately portant one is the stiffening of prices of several farm products and raw mate- rials. Another is the continued easing of quotations for money. Bndmeets review o( the state of trade sa: “A th\rd k"‘tll:e early pr!dicltl'd based partly, by the way, on the date of E;skr this year, has been the evident leisurely advance of Spring buying, which, it is riow conceded, has | run true to traditions of other similar ars. "‘ln grains, it is worth noting that the chief strength has been in those products which have not been sub- jects of public price control, notably corn and rye, whose gains have out- stripped those of wheat. Buying for storage is noted rather early in eggs, and butter also has steadled. Excep- tions to the added strength of prices have been noted in wool, and a re- echo of this is possibly to be had in reports of irregularities in goods bu: ing, with further revisions of manu- factured lines, announced this week. Steel Industry Steadier. “In the steel trade the trend of re- mfl‘ is that, following the decline in ying and in mill activity, there has come a steadying down of operations in '.b industry, as a whole, at about 75 cent of capacity, while the slight nlltlve tapering off of production in automobiles is connected with the dis- position to await developments in the season now opening. There is notice- able among steel trade authorities a feeling that, buoyed by the large orders for heavy lines, such as rails and struc- tural material late last year and early in 1930, steel production was stepped up too rapidly in January, and that a of digestion of production is now progress. The really new feature in the steel trade seems to be the notable ' mnllnn bllylnl of gas and oil pipe, ‘which important outdoor openfions in the monuu to come. Agri- cultural me‘xeu tnc:m- t:::: road actories are st g raw :glfl?l:yxmy Steel scrap is rather Dun’s weekly revew of business “A new season begins with pro: Shvery. it existine condions. point. 10 covery, conditions pof s gradual and uneven advance rather | f.h.n & npul and general upturn. More the usual dvemnu of trends is to expected during a period of eco- recuperation, the modifluunn or of restraints being essential to and this fact should be allowed the future. The pres- ent confused aspects, wth sharp con- trasts in the various branches of pro- Omn and dstribution, plainly reflect process of readjustment, but the wnnructlve elements are gaining in mumber and fofte. Gains Exceed Declines. “Instead of the e preponderance decline Mchm'd pvnp;x‘nm for months, record \W_mal in manu- ‘The results of a single week "be_conclusive, yet there have been multi) y!n, indications recently of a of the price depression, and this is obviously an important tendency. A status of even approxi- mate vrlce stability would be helpful business, for many commitments have been reduced or deferred because of the possibility of additional conces- slons by sellers, and there being no particular incentive for large scale pur- timent in mercial circles. Although vival of trade activity is not impres- ive as Spring opens, influences mak- fl.. for later expansion are becoming nore prominent.” BUSINESS RECOVERY | 1S DECLARED STEADY @pecial Dispatch to The Star. CLEVELAND, March 22.—Business s showing steady improvement, but the pace of recovery is slower than was generally expected, says the Union Trust Co.. Cleveland, in 2 survey of the trade situation. Employment condi- tions are growing better and Spring ‘wedther should stimulate retail sales and bu truction. “Business is proceeding cautiously, ‘but with confidence, looking forward to 8 satisfactory level of operation by the end of the Summer,” says the bank, 4ts magazine Trade Winds. “It is evident that the reaction from Jast year's peaks of production and lpeculmcm 1s proving more far-reach- 4ng than was at first anticipated—and that therefore, the necessary readjust- ment is going to take somewhat longer than was expected. “The most important recent favorable @evelopment, is the continuing ease of credit rates, not only in this country, but in Europe. Further reductions have also occurred in domestic rates for bank- ers acceptances and call money. This 4s encourageing both from the stand- point of domestic financing and from the standpoint of foreign trade. “Considerable significance has also been attached to some increase in pro- duction schedules among the automo- bile factorles and the sharp upturn in steel output during February. “Contemplated construction work in the United States is said to be the larg- est in the history of the country, with Plans under way in the direction of ?m&rnmenul projects, road building, actory alteration and repair, and other dmprovement work, which with the ad- ded impetus of low money rates, should eventually prove decided stimulus to business.” Total expenditure on high- s alone in 1930 is expected to ex- eeeti $2,000,000,000. “Meanwhile, statistics from many sources show without question that the l:ntnl volume of business still remum Tuir Compoait picuire. Loading sen’ a fair com pef for the first eight weeks of 1930 totaled msbm ell'A as compared to 7,337,591 I CRUDE on. omur J hudlnn NEW YORK, March 22 (#).—The American Petroleum Institute reports mtmdnlynmuo! crude oil pro- 45916 parscis mplred ot 100,187 o .vnnury Total stocks, covering all - he Pacific guc umwty cluding lrmsh Columbia, Alaska and le';ll at the end of February amount- “l ’fl! with the revised barrels, an increase, Ior Jlmua of 3,352,220 bmfle'h 22% 87 62% 108% 103 40 25 60 49% 13 3 % 20% 644 487 (Continued From Page 7.) e 124 Minn Moline Pwr. 72 Minn Moline pr 6%.. 467 Mo Kan & Texas. . Mo Kan & Tex pf(7). Mohawk C Mills (3).. Monsanto Cb (g1%). Montgomry Wrd (3). 48% 38w 8% 1% 4% 12% Mother Lode Mullins M2g pf (1).. 2 MurrayCor (b2 %stk. Myer(FE)& Bro (2). Nash Motors (6) Nat Biscuit, n (2.80). Nat Casb Reg.A(14). Natlonal Lead (18).. Natl Lead pf A (1) Natl Pwr & Lt (1), Na Nat Tea Co (2). . isner Bros (1.60). NYChi&StL( Y NY & ¥ N Y Dock Harlem (6)... { NH & Hart (6).. NH&Hpt () Ont & West N ¥ Rallways pf.... N ¥ State Rys pf. Norfolk& Wesin(10). Norfolk&Wstn pf(4) North Am(b10%stk) North Am pf (3).... Nor Ger Lloyd(3.41). Nortnern Pac (5) Northwestn Tel (3). Norwalk Tire & Rb.. Otl Well Supply... Ou Well Sup pt (7) Vliver Farm kquip Oitvr Fr Eq pf At6).. Olivr Fr kq ov ptid). Omnibus Corp...... Otis Elevator n(2%) Qtls Stee) (2%) Owens 11l Glasstn4). Pacific Gas & E (2).. Pacific Lighung 13). Pacific Mills. Paramount-F-L t4). Park & Tilford (33). Park Utan... . Parmelee Trans 1% .. Phila& ReadC& 1 Phtlip Morris (1) Phillips Petrm llfl). 1!7 Phoenix Hoslery... 1 Phoenix Hos pf (1)++ 20. $urn~An-v' A, Pittsion Company... Poor & Co (B) (2)... P Rican Am To (A)T 2 P Rican Am To (B).. 85 Prairie Ol & Gas(2). Prairie Pipe L (16).. Steel Purity Bakeries (4). Radlo Corp. Radlo pf B (5). Radlo-Keith-Orph A. 158 RRSecICstkC(4). 20 Raybestos Man 2. 6 Reading (4) Real S1lk (5). Rets (R) & Co. Rels (Robt) & Rem Rand (1.60) Reming-Rnd 1st (7). Reo Motor Car (.30).. Repub Ir & Steel (4). Rep Ir&Sti ctfs (4) Rep Ir & Stl pt Reynolds Sprin 3 Reynolds Tob A (3). 100s Reynolds Tob B (3).. 76 Rhine W El P (2.16; Rutland pf... . Sateway Stores(es). Safeway Strs pf (7). 208 St Joseph Lead (13). 17 St L-San Fran (8)... St L-San Fran pf(6). Seaboard Alr Line. .. Seagrave (61.20).... Sears Roebuck (33%) 4! Second Natl Inv, Sec Natl Inv pt 5o Schulte Retail Strs. . Schulte Retall p£(8). !0- Seneca Copper. Servel Ine...... Sharon Steel H (). Shattuck(FG)(113%). gn.n Union (1.40)... 20 45% 22% Simms Pet (1.60)... 154 21% Sinclair Con Oll (3).. 136 28% Skelly O1l (3).. 30 5% Snider Packing. 96% Solvay Am In pf . 6 56% Southern Cal Ed (2). 11 CHICAGO STOCK MARKET. By the Associated Press, CHICAGO, March 22.—Following is the complete official list of transactions in stocks on the Chicago Stock Ex- ch‘nxe today: Sales. STOCKS. High. Low. Close. Steel. . 7t 2900 00 uuer Bros Ve g 10 Cent nno e’ service, o il Pub ‘Se nt Lic Bflcu“li!l o Pub Serv, Del Bugs 23, FOFF ¥ Commonwealith a & S FF F F R 83, su5agsss! & e 5 datl 3030 Tmand 'l'!m. 4600 Insull UL Invest: Y 64 107 M 24 nmdnd rates as its tg- test 62 62 1500 Kalamazoo Stove. 200 Katz Drus. 1000 Kelloge Switch, & Lam| B RenTOF o Gun D 00 Me s frs 68 Mrd-Coniinent. Jhun. 2 35700 Middle West id W ~Prev. lm.— High. Low. G STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Stock Divident 119% Southern Pacific (6). 123% Southern Rwy (8). 33 Spalding(AG) (2) 19% Spang-Chalfan: 13% Sparks Withngtn(1), 20% Spencer Kelg (1.60). 35% Splegel-May ). % 22% Stand Brands (1%). 109% Stand Gas & El (3%) 64 StandG&EDL(4).. 58 Stand OIINJ (12).. 31% Stand O1I N Y (1.60). 25 Stanley Co of Amer. 104 Sterling Sec A. . 12 Sterling Sec pf(1. 36% Sterlink Sec v pf(3) 38 Ste »\a ner (h 3%) LY Sunmnn 53 SumOll (11) 102% Sun O1l pf (6 6% Superior Ofl. 20 Superior Steel 2% Symington. $1a Symingion (A). 54% Tex Gulf Sul (4).... 8% Tex PC& O (b10%). 13% Texas Pac Land T 19 Thatcher Mfg (1.60). 26 The Fair (2.40). . 36% Thompson J R (3. lfll 33 Thompsn Prod(2.40) 11 Thompson Starrett.. 10% Tide Water Asso 60c. 78 Tide Wat Asso pf (6) 14% Timken Det Ax(80c). 7% Transcontinental 16% Transcontl O1l(30¢) ‘Transue & W (1) 974 Und-Ell-Fisher 10 Union Bag & Pape! Union Carbide 12.60) 411 Union Ol of Cal (32), 215 Union Pacific (10) 82% Union Pacifie pf (4) 43% Utd Alrcrafi& Tran: 56 Utd Atrcraft&T pt 3 36 Utd Biscuit (1. 44% Utd Carbon ¢ 4 Utd Cigar Stor 26 United Cigar Strs pt. 30% Utd Corporation..... 46% Utd Corp pt (3). 10~ United Elec Coal. #6% United Fruilt (4) 81% Utd Gas & Imp(1.20) 7% Utd Paperboard 4 United Stores A. 2% U S Expres 184 U S & Foreign Secur. 85% U S & For Sec pf(6).. 21% U 8 Rubber. 47% U 8 Rubber 1s 29 U SSmelt Ret (‘*)- 166 U S Steel (7). 141 USSteel pf (T)uoasn 60% U S Tobacco (4) 30 Univ Pict 1st pf(8. 31% Utll Pwr&Lt A (e3). 4 Vadsco Sales Corp. 49% Vanadium (14). 48% Van Raalte 1st p: 7% Vick Chemical (23§). 6% Virginia-Car Chem.. 65 Vulcan Detinning(1) 860- 68 Vulcan Detin (A) (1) 12 85 Vulcan Detin pf (1). 1008 51 . 24% Waldorf Sysim (1%) 26 Walworth Co (3).e.. 58 Ward Baking pf 88% Warner Bros Ple (4). 16% Warner-Quinian (1). Warren Bros (19)... Bros 1st (3). 22% Wess Oll & Snow (2). 97% West Penn El pf (6). 40s 105% West Penn El pf (7). 80s 104% West Penn Pw pt#) 50s 113% West Penn Pw pf (7) 40s 24% Western Maryland. . :01 24% Western Md 2d pf. lloh Western Pacific pf. 43% W 140 Westinghse E&M (5) 221 188 guth“m Pt (5) 1008 2 ) 10 Wextark Radio Strs 31 White Motors (3).... 86% White Rek MS(H%) 14 Whi 273 White Sw Meb bf (6) 11% Wilcox 011 & Gas. ... 27 Wilcox Rich (A) ’“- 19% Wilcox Rich, B (3).. 7% Willys-Over (1.30).. 3% Wilson & Co. 60% Woolworth (2. 10) 67% Worthington Pum, 78 Worth Pump B (6).u 68 Wrigley Wm (4). 12% Yellow Truck & C.. 864 Young Spring (3) 108 Young Sheet& T (5). 5% Zenith Radlo. RIGHTS EXFIRE % Am Roll M.,.June 16 % ChiRI&P. 3 Con Fil Ind. 3% Fox Film, A. er 31 % Fox Film deb.Mar 28 1% lat Tei&Tel 3% Pac Lightg..May 1 181 19 PacT&T. 1% 4% 3% ments based on ot Tt o‘ trading Payavle i scrip m B s 2450 stock 6%% in Jtock B stockholders. 24 131% 131 96% 43% % 23% 3% the annual cash tables are Lhe lates i o b ::l ' gearly decisrutions. extra. 1 ¥l see. us 4% 75 Pump 350 West. Cont um 76 West. P L & Tel 150 Westarx Radio 1800 Winton Eneine 150 Woodruft & 150 Yates Mackine 300 Zerith " Radio. Btock sales toda: 185000 Insull 6s '40. 5000 Unit Amer Ut 'ds 15000 Chi 20000 & 1 R Bond sales ta American Tel, Batavin Batavian Pet, e RIRS Sme, 388, susee 5 F F SHARE : St StL.1 S Tnion ‘0 United D, Western Electric Co 131% 110% 110% 6 110% 1 4] *40 98 £0% 60 59 sagg SHORT-TERM SECURITIES, (Reported by J. & W. Seliemap & co, er. Allis-Chalmers Co. 5s 1937. & Tel. 528 1043 American Thread 5'3s 1938.. 4| Balumore & Ohio 4%4s 1933, r. Mt. & sonnngomm Ry & 188 D. C, SATURDAY, Market Has Irregular Tone. Foreign Group and Utili- ties Well Bought. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, March 22.—Influenced by a firming of money rates late yester- day and by a moderate amount of spec- ulative profit taking, the bond market presented an irregular appearance to- day. The most strength was in prime railroad and public utility bonds in the domestic department, while the weak- ness centered in junior railroad issues n‘nd semi-speculative industrial obliga- tions. Selected foreign descriptions were strong, while the widest movers in the recent advance had recessions under heavy selling. There was no slacking in the demand for high-grade bonds, but a great part of this was manifested by higher bids for municipals. Lacking a substantial supply of these, the market has reached a point where much money is awaiting the issue of new municipal offerings now in preparation. However, only $17,000,000 or $18,000,000 of new municipals are scheduled for next week. Atchlson general 4s, at a new high price; Baltimore & Ohio first 4s, Prisco “A" 4s, Nickel Plate 4s and Chicago, Burlington & Quincy general 4s were the features of the high-grade rail group. Dugquesne Light 4l5s, fraction- ally above par; Columbia Gas 5s, Utah Power and Light 5s and International Telephone 5s (1955) were the most popular utility issues. The convertible list was ragged, with advances in Alleghany 5s (1950), New Haven 6s, American International 5's and Philadelphia & Reading Coal & Iron 6s, and declines in American I. G. Chemical 5'5s, Chicago & Northwestern 4%s, Atchison 41:s, Southern Pacific 4l2s, American Telephone 4'2s and Texas Corporation 5s. St. Paul adjustments, which have scored a 5-point advance in the past 10 days; Frisco 41;s, another large gainer, and Boston & Maine 5s, which has moved upward about 3 points in the same period, were active in the junior rail list. All were off fractionally. Good- year 5s, United States Rubber 5s, Dodge 6s and Anglo-Chilean Nitrate 7s suffered from profit taking. There was a 2-point advance in Certainteed ?)‘fi!c and one of 3!; points in Colon 5. Washington Stock Exchange SALES. Mergenthaler Linotype—4 at 106%, 6 at 1063, 10 at 1063, 10 106%, 10 at 106%, 5 at 107, 5 at 107. Peoples Drug Stores pfd—5 at 105%%, 5 at 10514, 10 at 10512, 10 at 1053 Real Estate Mtge. & Guar. pfd --50 at 7. Security Storage Co.—10 at 115, ‘The Carpel Corp.—55 at 25. AFTER CALL. ‘Washington Rwy. & Electric 45—$1,000 at 87, $1,000 at 87. Polhg::(lc Electric 5% % pfd.—17 at Riggs National Bank—6 at 525. Potomac Electric 6% pfd.—2 at 1113, Notice—This exchange will convene on Monday next, March 24, at 11 o'clock instead of 11:15. On 'hle&dly March 25, it will meet in Room 632, ‘Washington Bullding, the new location. Bid and Asked Prices. BONDS. Puluc lrmm. Amer. Tel. Amer, Tel, . G: ries B Wash, 2058 Bee® arber & Ross, Inc firtal sy Chevy Chase Club. toc! Market Cold ‘Stor: Wash. Cons. Title s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga TRUST COMPANY. American Security & Trust Co.. 428 Continental Trust SAVINGS BANK. Bank of Bethesda Comm, i East thmnun Potomac Washington Meéchanic FIRE INSURANCE. American Corcoran . RNations1 Uhion’ TITLE INSURANCE. Columbia Title Real Estate Titl Title & Inv. of Md. com umcn.l.nmu . E pa- 83 eEresSss s -Am Lanston Monotype Merchan! & Siorase, an. Trans, & Btor. p Gosmos Ol Stetropoiitan b %l pe STOCKS. rewer: T".ll nsurance m"fi‘xfa National Bank. BEx582858 288322, Lanwdon Bev. Ba HHEEY BUILDING ACTIVITY. Building in the United States was mark Improved last week over the week be! cht- ‘which follow give the a value of new Wud‘n‘ contracts let United States { me w:::‘:%m Mb{auounum or com] riods, reported to the Census Ml‘l pe o Week ending Mnrch 15 ll'l 526,000, Preceding week, $12,178,000. Same week m o MARCH 22 FINANCIA [ox v o BONDS oo xcar] | F/RTHER INTEREST Received by Private Wire Direct to UNITED STATES. (Sales are in $1.000.) Sales. High. Low. Close. 216 100 13 100 10 100 10 8 10115 1014 1014 53 1027 1024 1027 110114 10114 10114 11066 1066 1066 2 10830 108 20 108 30 50 11228 11226 11226 FOREIGN. Sales. High. 88 99% Argentine 6s B. Australia 4%s 56 Australia 6s 1957 Austria 7s. Bank of Ch| Bank of Chile lk .10 Belgium 6s. 11 Belgium 6%s ¥ Belgium 7s 1965... Belgium 78 1956. .. Belgium 1%s Belgium 8s Bollvar 7s 68 Bolivia Ts ¢ Bolivia nora 106% 106% 97 9% 100% 100% 103 103 108% 108% 1124 112% 108% 108% 115% 115% 110% 1104 8514 851 854 83 83 998 99% 103% 103% 87 87 87 87K 9214 934 % 101% 101% 102 102 101 101 Bremen State 7, Canada bs 1931 Canada 6s 1952 Chile 6 |u Chil Colombla 6a Jan 61. Con Pow Japan 7 110% 110% 109% 109% 934 93% 1047% 104% 102% 102% 107% 107% 93% 93% RO, 89%, 95% 95% 99%, 99% % 108% 108% 117% 118 122% 123 92 92 9615 961 1073 107% 88%, 8% 98 8 102% 1021 100 100% E1 Salvador 85 48. . Fiat s ex war ¢8. . 3 Finland s £ Finland 7sa. German 7s.... Greek 63 1963 Haity Hungary 'l%l Italy 7s. Sales. l!mn. Low. Close. . 26 96% 95 vb 9% '7% 97\6 96% 9!‘/- fi!l‘ '“ 100 99% 100 96% 96% 063 100% 100% 100% 9T 9TH 9TH 100% 100% 1004 102y 102 102 104 108% 103% 100% 100 100 98% 98 98 104% 104% 104% 105% 105 105 103% 103% 105% 103% 103% 103% 97 96% 96% 101+ .101 101 107 106% 106% 105 104 104 101 101 101 98 98 98 8714 874 87K 100% 100% 100% Phillips Patro §%: Por Ric Am Tob & Postal Tel 8C 5% 33 Pub Serv G 4%s '67 61 Pure O11 6%#°37... 2 Remington A Rem Rnd 6% war.. Richfleld Ol 63 ¢4. . Sinclair O] Sinclair O1) 6% Sinclatr Of1 Stand Ofl N J Stand Ol N Y ¢ % Tenn Cop 6€s B 44 Tenn BlecPow! Tex Corp ev Transcontl O1 United Drug b U S Rub 1st rf bs. U S Rub 1%! . Utah Pow & Lt bs. 101 100% 101 Utilities Pow 6% 94 93 9 Walworth 6s 45 93 93 93 Walworth 6% 3! 1108 108 108 War Quinland 6: ‘39 12 8T% 8T 8TH Warner Sug 78 41.. 105% 105% 105% Westn Union 6s 51, 104% 103% 104% Westn Union 8% 109% 109% 109% Wickw Spen 1st. 40 40 40 Wilson & Co 1st 6 100% 100% 100% Youngstn 8 & T b 102% 102% 102% RAILROAD. As&SF cvt 4 .« 2 % 94 94 Atchisongends.... 6 954 954 954 Atchdebd3%s'43... 36 140 139% 139% At & Bir4s33... 2 88y 884 88W Atl & Dan 24 4s 4 5 58 58 58 AtlantcCL 1stés. 5 94% 94% 94% Balto&Ohlo gold 48. 1 94% 94% 94% B&Ocv4yhe 10 100% 100 100 B&O 4%scv'6l 206 103% 103% 103% 2 105% 105% 105% 1110 110 110 CUTS HELD LIKELY Money Has Become Cheap in All Banking Centers of World. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, March 22.—Few peo- reduce its discount rate from 4 to 3! per cent on Thursday. But it did, and thereby met the Federal Reserve Bank of New York’s rate for the second time in two weeks. Money is cheap all over the world. The principal central bank rates now stand as follows: England, Switzerland, Holland, Bel- gium and the Federal Reserve Bank of New York, 32 per cent; France, 8 per cent, the cheapest rate. Nearly all the other reserve and central banks of foreign naiions vary from 4 to 4!z per cent. More Cuts Likely. Will New York again lower its rate from 32 to 3 per cent? Will this be followed by England and other na- tions? It looks that way now. Some even believe that several central bank nu's will get down as low as 2 per cent. Naturally, the average reader says: am paying 6 per cent for my money—who is borrowing this money at 3 and 4 per cent?” ‘The answer is that this interest is what banks pay for their rediscounts— that is, for the money which they borrow at wholesale from the central banks of issue. Many of them borrow 1 95 95 95 46 101% 100% 101% 9 Bklyn Elev. 63 Bkiyn Manhat 68 Bush Term'eon 68, 4 9% 97 52 97 96% 97 40 97 98 96% 103 103 10 1004 99% 100% 2 1115 111% 111% 6 874 87 87 CB9. 21 100% 100% 100% Cent Pac¢ 15t 68 90.. 19 1031 103 103% Ches & O Corpn §s. 30 100% 100% 100% Chy 98l 98k 1905 34 98w 9% 98%|in 4 100 Italian Pub S 78. Japan Japanese 63 Karstadt 63 1943... Kreuger&To'l bs ct. 2 Lyons Marsellle 9% 9TH 9616 964 104 104% 82% 82% 9% 99% 103% 103% 103% 103% 12% 12% 101% 101% 103% 103% 103% 1034 1% 92 102% 102% 105 105 Orient dev 6% Parls-Ly-Med ¢ Paris-Ly-Med 1 Paris Orleans §%s. 86% R6Y 97% 98 101 101 & 107% 107% 101% 102 921% 92% 92% 92% 83% 834 9% 80 102 102 94 94 100 100 99 100 108% 108% 85 86 96% 98 92% 92% 103% 103% 1044 104% 103% 103% 108 108 99% / 99% 99% 99% 80 80% 928, 93 104% 104 1041 981 984 90% 83 98% Rhine Wst EP Rhine West 6: Rio de Janeiro & Rio Gr do Sul 6s ¢! Rio Gr Do Sul 8s. Rome 63 Q.e Paulo 85 19 9 103% 1 104% 5 103% Swiss Confed 8s... 10 108 Toho El Pow ‘Toho E1 Pow Utd Kingm 638 37. 51 Uruguay 6s 1960 5 MISCELLANEOUS. ADbItIDI Pa&POs'53. 1 87 87 87 Ajax-Rubber8s.... 8 74 74 T4 Alleghany Cp 63 ¢4. 8 103% 103% 103% Alleghany 65 49..., 5 104 104 104 Am Chain 6833.... 4 101% 101 101 AmChem 53%scv 48 84 1076 1064 106% 1 100% 100% BT% 90 68 41 101% 101 1014 12 104 103% 103% 523 168% 1656 166% 6 74 104% 104 104% 32 104% 104% 104% 8 1043y 104% 104% 1 107% 107% 107% Am T&T cv ¢%e Am Tel&Teleg 6 AmT&T el tr Am Wrtg Pap 6s Armour&Co 4%s39 8 91 Armour Del §%s... 20 864 86 Associated Ol1 o 1102% 102% 102% At] Gulf 55 69 1 78% 78% 8% Atlantic Refin 6s... 10 101% 101% 101% . B 105 105 105 pmbs 6 101% 101% 101% 1 101% 101% 101% 49 60% 58 60% . 8 97% 9TW 9T% Col G&E] 6s May 52 8 101% 1015 101% Colon Ofl 6s 38 110 86% 84% 86% . 54 97% 97 9% 4 59 K9 B9 10 106% 106% 106 4 103% 103% 103% 1103 108 103 1 98Y% 984 98Y 7 100% 100% 100% 3 86 86 86 1103 103 103 2 101% 101% 101% 25 105% 105% 105% 11 107% 10T% 107% 24 96 954 95% 1101 101 101 6 1024 102% 1024 1 104% 104% 104% Det Edison 58 40. .. ge 6s. .. Duquesne 4% East Cuba Sug 1%e Gen Mot Ac Cor ¢s. Gen Pub Serv 5%s. Gen Stl Cast 6% 8 4t Goodrich 8%s..... Goodyear 6s rets. Humble O & R b HumbleO& R 6 111 Bell Te! 111 Steel 4 %8s ll. . Intl Match 6s 47. 3 Int Mer Mar 6: 1 100% 100% 100% 92 92 92 4 924 92 9 92% 92 92 83 1167 116% 116% 67 984 98K 984 Ran City P& Lt & 1 104% 104% 1044 Kendall6%s48 war 7 92% 91% 924 1 1018 101% 101% 9 1031 108% 108% 12 B4% Bdu 84Y 1 103% 1034 108% 17 120% 120% 120% 8 101 1004 101 7 8% 89 !!b . 19 95 9% 9 1 101% 101% 101% 21 101% 101% 101% 5 102% 102% 102% (‘ 100!( 100 100 1 105«. ww. lou". 4 104% 104% 104% 1114 114 114 4 100 100 100 20 107% 107 107% 2 103 102% 103 1104 104 104 4 101% 101% 101% 2 1024 1024 1024 1 105% 105% 105% 8 104% 104 104 2 104% 104% 104% Paramount 6 7. 5 102% 102% 102% Pathe Exchan 6 621 61 61 Peoples Ga: 1 102% 1025 102% Phila Co 58 6Tuneee 17 100% 100% 100% Lorillard 6%s. . McC'rmick l:n 6834 Midvale 8 Montana PO' Nat Dairy 6% Nat Radlator 6%s New England Tel 60 N Y Bdison Pacific Gas & EI PacT & T 6s 63, Pan Amer P Pan-Amer Pete 7s. 1 lflGK 106% 106% 26 0% 7 961 964 95 178 95% CMSP&Pacadibs03 46 77% 1764 77% a1 a1 lo 981: 98l 1& N W con d*l R'I 102% 102 h1& N W 78, « 12 100% 100% 100% 9 9 k] 984 978 984 96% 96% 96% 99% 991 99% 93% 984 93% 99% 99% 99% 2 91 91 10 100 100 100 5 81 81 81 2 66% 64 64 1104 104 104 3 96 95% 96 98%, 98% 98% 94 9% 94 84 83% 84 96% 96% 961 5 101% 101% 101% 65% 656 34 3 81% 81% 96% 95% ChiT H inc 6s Chi Un Sta 4%s. C& W Icon ds. Colo & Sou 4%s. CubaRR 6 Cuba Nor 5% ots. Eriecvbs 87, Erfeconv Ex 7s.... FlaEastC6s74... 21 66 Fonda J&G ¢%s63. 2 34 Ga & Ala 1st 5: Gr Trunk st db 28 113 112% 112% « 14 83% 83 83y 9115 92 100 974% 9% T4 4 3% 3% 66% €64 | e 93% 94% 96 96 804 B0 9% 98Y% Int Rapld Trans Int & G Nor 6 Int RysCABs..... In-Rys CA 6% sre. 26 28 97 965 96% 1 101% 101% 101% 13 92 91% 92 uhlvnnl%l 3. 1 99% 99% Lehigh Valley 6820 10 109% 109W 109% 11 96% 96 « 10 99% 99% 99% 94 95 100 100 MIEIRy&LSs6l 17 101 100% 100% M St P&SSM 6% 6 88% 89 MSCPABSHIMI. 10 101% 100% 1001 | MK & T adj b 4 108 108 108 46 81% Ry 81 | 16 101% 100% 100% 1100 101 101 . 64 113 112% 112% + 1 98 98 98 « 10 % % lobhOl\il!‘l. Nat Ry Mex 4%s.. NOTex& Mbs A, z Pl 3 Sae 13 - £ H . )4 106% 106% 106% 81 81 81 2 99% 99% 99% 2 98 98 98 B 3 107% 107% 107% '$1. 32 101% 101% 101% ‘33, 12 102% 102% 102% 1 854 85% 85% 11 95% 5% 95% 41 18‘ 134 5 62 1% 2% 21 !‘ 6915 3 118% 118\6 HS‘/, TN TON 1 104'5 104% 104% 1 100% 100% 100% 3 100% 100% 100% 13 109 109 109 34 104% 104 pepd E?E:ig 2%2227%222%% 2% rd g g g ZZa0006Q04a Fl k4 i83zzae “>ufl=§r ravolmonfion ERErE 22 < StateR: Nor & S gen s 64 Norfolk & W en 4s.. % Penna Gold 7s Pera(‘l\zl%,:.l 0 wi 2;7 l:g“ l::“ 981 s Y 101 Phila & Read 65 49. 11 IW“ 99% : g& 100 Port RLP6s47... 1100 100 Reading gen 4%8 A. 6 100% 100% 100% StLIM&SR&G4s. 1 98 98 98 8- 925, 9214 92y 83 94% 944 94y 16 108% 108% 103% 11 89% 89 s9u 99y 93% 70 8% 0 69 8! 815 28 101 100% 10t 12 92 - 2 92 13119 119 19 291 91 9 6 53% 53 53% 22 34% 34% 34% ‘Third Ave ref 4s 60 Third Ave ad) bs. Union Pacl Virginia Ry 1st6s.. 3 106% 106% 106% Whash 4%sT8rets 6 941 94 9414 West Maryland ds. 13 84 83% 84 West Pacific 20 98% 98% 985 West Sho: 1 90% 90% 904 WheeleLETf 4%8.. 3 94% 94% 94% TREASURY rmcu’u e b7 3. & W. Seligm RateDRASY u-n 100 r—n i B 961 | o at 4 per cent and loan at 7 per cent. But this spread is narrowing now. Many banks which were receiving 7 and 8 per cent from their customers six months 20 sre recelving 5 to 515 per_cent Call money nfu have been around 2 per cent this week, whereas a year ago they were 10 per cent. Commercial paper rates are now 4 to 4% per cent, whereas they were from 51 to 6 per cent last year. Rates on 60 to 90 day acceptances are now from 2% to 2}, per cent, com- pared with 514 per cent last year. P R Y y one thing stands ouf the picture: Bonds—the seasoned h- e bonds—are ‘oinc ln luve an active nuppon during the months. It -Xmmt invariably roumu that bond prices rise as interest rates decline. Money is nuum. ‘The Federal Reserve member banks have more money idle nnvl than they have had tor man are ex- pected to cq:u ment bonds durlnl the 'next year. will the Federal Reserve Bank itself huy heavily for its investments account, as its rediscounts are lllhter now than they have been in yea In the last -uumem. ‘which the Fed- eral Reserve Bank made this week bills discounted for member banks have fallen to the lowest level in 13 years— since 1917. Last week the total amount redis- counted in the 12 Federal Reserve Banks ::?o%“n'fln dl;)fl '!'h: mweek it is $205,- enoug| pay expenses. 'rhe ‘week of July 10, 1929, was the the Federal Reserve for redhco\mu in recent years. 'nnen this »Targe.itemy viewing i from. todeys a 'm, om y's fl(ure but in the year 1920, the year ol last big lnflm-bn reuhcd the total nboutuumuum nmm deposits combined have reached 825 fi’;km" against 80.8 per cent last The Federal Reserve never was in a :ot‘r;:l;‘er technical position than it is McGarrah Statement. The recent statement of G. :v Mc- the re- discount rate from 5 to 6 per cent xor a8 number of weeks, from Feb to by i e e the Federal Reserve Board, which te! fused to sanction the increase, rve policy. If the New York Federal Reserve Bank, in the center of stock market ac- tivities, voted to increase the rediscount | rate in order to hold down speculation | in stocks, why did the Federal Reserve Board nuvent such action? | (Copyright. 1930. by North American News- __PAver Allian BUSINESS OUTLOUK HELD! FAVORABLE IN SOUTHEAST ‘The business outlook for the next three months is viewed as satisfactory by all industries in the Southeast, ac- cording to Southeast ’ Advisory Board. A slight increase total ship- ments over the same period of 1929 is P The brick, clay &nd products indus- try reported conditions generally in line with those of last year. The iron and ::;eelnsnodutry looks for a slight increase A general lm&rnvement in_demand for textile goods is likely, and the move+ ment of cotton from warehouses to mills should be about 30 per cent heavier than last Information received from the ma- chinery industry indicates very little difference in t.he mlxket this year as compared with last ‘The coal and ooke industry looks for a 10 per cent decrease, due to the ad- vent of natural in Mississippl, Ala- a and a portion of Georgia. sy, Transamerica Corporation. NEW YORK, March 22 (#).—The Transamerica Corporation, holding company for the Gllnlnnl enterprises, has purchased the Occidental Corpora= tlm Occidental Life Insurance Co. and the ‘Occidental Investment Co. Assets of the three companies approximate $25,000,000. e ks Construction Awards. NEW YORK, March 22 (#).—Heavy construction and engineering contracts let in the United States last week aggre- gated $181,886,000, the largest weekly total since the beginning of the year, Engineering News-Record reports. This previous week, lnd with 835 923,000 in° the corresponding week last year. 9 PRCRS 3 11, Gas Sales Increase. NEW YORK, March 22 (P).—Sales of manufactured gas/in January in awmlmflufl“ ap- cerased soclation repnm' FOREIGN mfill. (Quotations furnighed nu &co) London, pound. Warsay. s ple expected the Bank of England to * 981 | figure compares with $77,883,000 in the :a 4