Evening Star Newspaper, March 24, 1930, Page 14

14 = A—14 ®x@ PRODUCTION OF OIL SHARPLY REDUCED : ‘llndications Are That Indus- 1 try Has Solved Problem of Output. BY JOHN F. SINCLAIR. =Bpecial Dispatch to The Sta NEW YORK, March 24.—The oil situ- ation is being gradually brought under ! «control. As an evidence of this, one of the big California fields, the Santa Fe ¢ _Springs, has decreased its output about **100,000 barrels per day during the last =80 days. 7 “I look to see Santa Xe Springs at £l 175,000 barrels per day before June 1,” {' writes a California oil operator. “‘The i only cloud on the horizon at the present . time is a small gas war, which is being raged in the Pacific Northwest. This .\ difficulty should be ironed out very shortly.” Another big Western operator ex- . presses this opinion: s “I believe that the Humble Ofl Co. will reinstate the old prices in the mid- continent field before long. The only . stumbling block at the present time is the overproduction in Southwest Texas. | This difficulty will be taken care of also.” These statements indicate sharply the changed feeling regarding the produc- tion of oil in the Far West. Strange as it may appear, the largest holder of common stocks in American corporations is a Canadian and not an American organization. This Canadian organization is the Sun Life Assurance Co. of Montreal. When T. B. Macauley, the president, was asked recently for his views regard- ing the prospects for a rise in the value of high-grade utility and industrial stocks he replied that, in his opinion, prices of those stocks will recover en- tirely before the end of 1931, with a strong posibility that at least 60 per cent of the loss made in the stock mar- ket break last Fall will be recovered before the end of 1930. Stocks selected carefully—even those that were too liberally advanced before the crash—may also be worth the peak prices-in 1931, should the policy of re- investing surplus earnings continue. Some stocks—patricularly in the amusement field, like Paramount and Warner Bros.—have recovered the en- | tire losses suffered in the break. Others are approaching full recovery. 1If dividends paid by corporations in the United States were evenly divided, every person would have received $65 in ! 1920. The per capita income in the United States tor 1929 was estimated by Dr. W. 1. King, an expert 4n this field, at about $760, dividends contributing & little less than 9 per cent of the total. Dr. David Friday estimates that the b 5600000050, compares to 0. 800,000,000 in 1928 and $6,423,000,000 in 1927, . However, figures show the per capita /! incomes and dividends received are || purely theoretical. Millions of people +“mever have received a dividend in their Jives. They never had money enough 1o invest in a hm?f'm:fid' So when one speaks a ‘man * so much, he is talking about a person that never existed and never “"But for those lucky ones who have “nvested in conservative stocks and -grade bonds the outlook is excel- ! millions have been left in undivided profits made in the recent flush years. "he Encyclopedia Americana is au- thority for the statement that the women of the United States own more than half of all the stock of the t 4nds raflroads and public util ~—in value about $60,000,000,000. If the national wealth of the United States was $360,000,000,000 in 1928, a to the national Industrial Con- rence Board, the per capita wealth is bout $3,000. Women's investment is about one-sixth. - Most of the great wealth owned and ~gontrolled by women today has not b eotates wn Torumes left huge: and fortunes s s o handled by trust com- of the basic reasons for owth in the trust field e of the most disastrous years in lture is drawing to ‘a close. The 1 29-30] flrg. mm a billion «dollars less than ‘none-t00-good year of 1928-29—will be so considered in the com! ears. > Dr‘?‘nzmhnd Ostrolenk, well known ‘agricultural economist, believes that the _carry-over of wheat will be 50,000,000 ‘bushels larger than the record carry- sover of last year, while the new crop ‘promises to be normal. He thinks wheat prices will be even lower than those that exist today. Unless farmers in thc cotton and “wheat regions, by some mysterious method, cut their acreage and eliminate the huge surpluses.of the past the farm situation is not going to be very much ter. “As for industry,” says this economist, “the very conditions that make for farm depression are helping in the industrial sections. Low food prices will increase the purchasing power of the urban and semi-urban sections, comprising about 85 per cent of the population, and, as in the past decade, a new industrial {:rospemy will be built on farm. dis- ress.” Trsreyeresraresave srmTeSS Many business and professional men now believe, however, that no perma- nent prosperity can come, to the Nation unless agriculture, too, is revived. (Copyright, 1930, by North American News- aper Alliance.) RICHMOND RESERVE BANK “ ADDITION IS PLANNED Bpecial Dispatch to The Star. RICHMOND, Va., March 24.—Plans for the $1,000,000 addition to the Fed- al Reserve Bank Building here will be eady to submit to the bidders in 60 days, according to Gov. George J. Seay. Architects were here last week checking ! details in connection with the drafting 1 of the plans. ! The enlargement of the bank calls for the use of a tract of land adjoining the ‘, present building on Ninth street, be- { tween Franklin and Grace streets. “When completed the building will front 150 feet on Ninth street and will extend back the same distance on lin street. Sale of the annex immediately in the rear of the Federal Reserve Bank is contemplated, but disposition of that building will not affect the plans for the addition. The amnex is a six-story *structure of stone and was built so that *four additional floors may be added. It is expected that the bank enlarge- ment will start before Summer. The * Federal Reserve Board has already ap- proved the project and the money is available for the work. + BALTIMORE COUNTY BONDS. .. BALTIMORE, March 24 (Special).— ‘Bids will be opened tomorrow for an issue of $500,000 Baltimore County road bonds bearing 4% per cent interest. ‘This is the first local issue to be mar- keted for some time and considerable competition is expected in the bidding. jOut-of-town as well as local banking muumexwmflmmnnflmlm bonds. The sale will take place at ‘owson, Local dealers say the market for mu- nicipals here has not improved to the game extent as elsewhere, despite money and other favorable factors. marked improvement, however, is ~mggally antic \ Y FINANCIAL. (Continued From Page 13.) Stock and Sales— Dividend Rate. Add 00 High. 43% 9 40% McCall Corp (3%). 92 McCrory pt (8) 61 McKeespt T P(14%). 254 McKesson & Rob (2) 14% McLellan Store: 70 Mack Trucks (6).... 37% Macy(RH) & Co(n2) 11% Madison SqG (1%). 45 Magma Copper (5).. 8 Mallinson & Co...... 25% Man Elec Supply. 30% Man Elev mod (d5).. 51 Maracaibo Ofl Exp. . 8y% Marlin-Rock (t4%)., 20% Marmon Motor ¢3).. 37) Mathieson Alkill (3). 49 May Dept Strs (n3 16% Maytag Co (12).. 264 Melville Shoe (2) 15 Mengel Company 231 Metro Gold pf (1. 164 Mexican Seaboard 26% Miami Copper (4). 53 Michigan St 23% Mid-Cont Pet (2). . % Middle States Oil ct. 37 Midland Steel (3). 90 Midland Steel pf (8). 86 159% 1. 14% 52% 12% 364 40% 10% 55 30% 47 B8P eralrnma oo 381 23% 26% 38% 33% 4% 31% SRS » 2 & 3 56 6 1 4 118 61% 60 Mo Kan & Tex pf(1). Missouri Pacific. Missouri Pac pt (5) Mohawk C Mills (3).. 48% MonsantoCh (§1%). 4 38% Montgomry Wrd (3). 590 58% Morrell & Co (4.40) 1% Mother Lode (40c) 4% Motor Meter G & 2 1 2 35% Myer(FE)& Bro (3). 45% Nash Motors (6).... 18% Nat Acme (13).... 11 Natl Air Tran: 204 9% Natl Bellas Heas. 177 Nati Biscult (1) 71 Nat Biscuit, n (2.80). 142% Natl Biscuit pf (7)., 65% Nat Cash Reg,A(14). 454 Nat Dairy (32). 26% Nevada Copper (3). 51 Newport Co A (3) 40 Newton Steel (3)..en 44% N Y Alrbrake (3.60).. 108% NY NH & Hart (6)... 122 NYNHG&Hpt (7). 93% North Am(b10%stk) 51 North Am pf (3). 45 Nor Ger Lloya(3. % Norwalk Tire & Rb. 9% O1l Well Supply..... 13 Oliver Farm Kquip. . 314 Olivr Fr Eqev pt(3). 70 Olivr Fr Eq pt A(6) Otis Steel pr pf (' 7 Pacific Coast...... 52% Pacific Gas & K (3).. 72 Pacific Lighting (3). 1 Pacific Oil stubs. ... 15% Packard Moter (1). 50% Pan-Am Pete B. 4% Panhandle P & R. 5 48% Paramount-F-L (4). 214 25 Plrl: ‘Tilford (33). 1 10 4 136 1 5% 72% Pennaylvania RR(4). 313 230 People’s GasChi (3). 97 95 Pere Marq pf (5). 43% 8% Phelps Dodge (3 37 ¥4 24% Phillips-Jones (3). 8% Philip Morris (1) GEeuRemame - 331 Pillsbury Flour (2). 45 Pirelli of Italy(3.14). 45 Pitts Term Coal pt.. 20% Pittston Company . 27% Poor &Co (B) (2)... 59% P Rican Am To (A)7 12 P Rican Am To (B).. 85 97 Postal Tel & C pf(7). 45 Prairie Ol & Gas(3). 54% Prairie Pipe L (15) ressed Steel Car. - TN walE 70 RRSec1CstkC(4). Raybestos Man 2.60, 28% Rels (Robt) & Co pf. 26% Rem Rand (1.60) 92 Reming-Rad 1st 95 Reming-Rnd 2d (8) pring 49% Reynolds Tob B (3)., 224 Richfleld Oll (2). 16% Rio Grande Ol (3) 44% Ritter Dent Mfg (13). 37% Rossia Inc (2.20).... 49% Royal Dutch (83.20). 96% Safeway Storested 48% St. Joseph Lead (3). 107% St L-San ¥ran (8). .. 92 St L-San Fran pt(6). 69% 59% St L Southwestern. . 31% 24% Savage Arms (3).... 47 75 85 Schulte Retall pf(8) 160s 1214 9% Seaboard Air Line... 2 14% 9% Seagrave (e1.30) 85% 147% 147 e 7% 44 10 107% 106! 3 4% Bt 07% 107% 107% 108 94% 1 140% 1 2 25% 56 15 0% 20 1020 1% 22% 5% 3 309% 307 1 9 17 Y 101 13% 124 ; THE _EVENING STAR, WASHINGTON, D. C, MONDAY, MARCH 24, 1930. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ~Prev. 1830.~ High. Low. 223 9% 1 Servel Ing Sharon § Shattuck 84% Shell Un 1% Stmmons 50% 12 Skelly O1l Southern Southern Southern Southern % 4T% 44w % 107% 106% 4% 4% 4y 19% 224 19 1% 1% 1% 61% Stand Oil Stand O1l Stand Ofl Starrett ( 93% 93% 93u 40% 140% 139% 26% 256% 56 56 38% 40% 125 13% 68 68 1% 6% Thatcher Thompsn T ‘Transcon! Union O11 caaaaacac 21% 5% 10% 24 8% 483% 64 97% 10% b ¥4 307 97 43% 3% 1T 24% 12% 884 15% 25% 2 3% 6 43% 534 174 24% 123 Wabash. Webster-] Wess O11 Wess O & Sn pt (4).. Westn Dairy A (4).. Westn Dairy (B). 26 102% 102% 48% 48% 56% 55 14% 14 68% 68% 11 11% 103% 100% 111% 111% 168 153 83 Western Western Wester: Western White Ser Wrigley Yellow T 99% 101 14% 14% 8 5 T1% 8% 114% 114% 5% 5% 10:30 A.M.. Dividend rates as give payments based on the s Unit of trading less in stock. §Payabi able in cash or s toc) b Plus 2% 1n stock. § 6%%. in ' stock. n Pl stockholde: Stock ana Sales— Dividend Rate. ~Add 00 Higha Low. 100% 2% Sears Roebuck (333 81 86% Second Natl Inv Sloss Sheffleld Steel Snider Packing pf... Solvay Am In pf 6%. Spang-Chalfant. Sparks Withng:! Spencer Kelg (1.60). Spicer Mfy Splegel-Ma: Stand Brands (1%).. Stand Comm Tob. ... Stand Gas & El (3%) Stand G & E pf (4).. Stand O of Cal (2%). Sterling Sec A...... Sterling See pf(1.20) Sterling Sec av pf(3) Stew-Warner (h3%) Stone & Webster (4) Sweets of Amer Symington. . Symington (A) Telauto Cp (11.265) Tex PC&O (b10%) Texas Pac Land Tr.. Thompson J R Thompson Starrett. . Thomp-Star pf(3%) 'ide Water Asso 60¢c. Timl Det Ax(80e). Timken Roller (3, Tobaceo Products. .. Transcontinental Ofl ) 8 Ind Alcohol ("): S Leather. Vick Chemical (3 Virginia-Car Che Virginia-Car 6% pf. . Vulcan Detinning (1) 700s ‘Vulcan Detin pt (7). 5208 Warner Bros War Bros P pf (3.20) Westinghse A B (1) .. Westinghse E&M (5) Weston El Ins (1) Weston El A (2) Westvaco Chlor (3) White Motors (2). ... White Rck MS(1434) Woolworth (2.40)... Worthington Pum; Worth Pump B (6). Young Spring (3).. Young Sheet & T (5) Zenith Radlo. . RIGHTS EXPIRE Am Roll M., June 16 ChiR1&P. Con Fil Ind Fox Film, A.Mar 31 Fox Film deb.Mar 28 00 in scrip. 1 Plus no reguiar rate. b Payable in stock. d P P lus Prev. . Close. 38 884 87% U e . 307 2 6 jsaz s teel H (2).. (FG)(11%) ShellTranspt(a2.41) .400s Shell Union (1.40)... 42 Ofl pf (6%) Shubert Theatres. Co (£3).1.. Simms Pet (1.60).... Sinclatr Con Oll (3).. 143)... Cal Ed (2). Pacific (6). Rwy (8) Ry pt (5). 21% 40% 244 6% 115% 66} - NENANABONNRS » -1 64 Exp pt (5). 101% NJ(12).. N Y (1.60). LS) (12%) F =3 ae 0 3 EERRBERo AR o Ren soRceE RS e Mfg (1.60). Prod(2.40) e t] Ofl(30¢).. " National 5s, 0).w Truscon Stl (g1.20).. Una-Ell-Fisher (5).. Union Bag & Paper. . Union Carbide (2.60) 15! of Cal (32) Utd Gas & Imp(1.30), Utd Gas & Im pf (5) . - ® Sreedrelonena H N ErnuSa » wane cane %), g Pt (' 7 Ple (4). 402 2 & Snow (1), Maryland. ., Md2apf... Pacific ot Union (8). Raxvumzac o wing Mach. Wm (4) ruck & C. ” EITY - To19 - FEIWRUPPRSITS T3 o May 9 Apr 10 l-l-olluohnun!-tm 500400 12:00 Noon 2.780.600 en in the above tables are the it ghaserly o RS e 7 ex 9% in stock. a Paid last e avable when carne k Plus $% in B Sublect 'to" apbroval oy thi 1Plus 10% in lus 8% in stock. 5% in stock. Corporation NEW YORK, March 24.—The follow- ing is todsy’s summary of important corporation news prepared by Standard Statistics Co., Inc, New York, for the Assoclated Press. Weekly Review. In the largest turnover since last No- vember share prices on the stock ex- change moved forward briskly during thespast week. New high levelr for the year were registered by our composite index in every full session except Mon- daw, and, on the same days, by our in- dustrials. The com) te in- irday’s closing level of 7 points above the March 15. The industrial grouj 5.7 points above the figure of nf m‘vlnwd by 7.6 points and rails by 4.0 points. Turnover of 23,424,220 shares was the largest since the week ended November 16, 1929, In the listed bond markets sales ag- gregated $115,372,500, the largest vol- ume since the week ended June 14, “i‘li totaled ite index $125,319,230. “}fu the year. The Saturday stood at year 1928. New bond offerings for the week were the second largest this year, totaling $195,091,000, against $184,699,- 000 in the previous week and $60,365,~ 000 in the corresponding 1929 period. ‘The abrupt decg;)u in call money rates to the lowest level in over five years was the feature of the money market. On Thursday, the renewal rate on call loans dropped to 2 per cent, the lowest rate sinze January, 1929. “Outside” call rates were down to 12 per cent, the lowest since August, 1927. On Frelay money firmed up moderately, and after renew- ing at 3 per cent the rate advanced to 4 per cent and then to 4}, &r cent. Bankers’' bills were cut for ninth 1, per cent, the lowest quota- tion on such paper since November, 1924. Time money declined to 3'2 per cent, compared with 8 per cent a year Ppresent rat since July, 1923, Brokers" as reported by the Fed- in this compares with a high of for the year 1929 and 102.3 for the about $500,000,000, or 14 per cent over the December low level, statement of Reserve Bank March lecres for the week of $60.100,000 t eorgecs of discounted Consolidated condition of the Federal $60,700,000 in holding bills and $71,500,000 G were $88,200,000 eposits an st an bilities was 82.2 against 79.6 per cent in the previous week and 81.9 per cent a year ago. The week's trade and industrial sta- eral Reserve Board, showed a_further | 880 the week ended March 19. The | 9% The average dally wage of laborers in ungary has been increased to 73 cents. 34 | D. C. Paper Mfs. s Pot. Joint Stock Ld. BOND PRICES EASE. | Lo o BONDS ot s | I DRAGGY MARKET Activity Falls Off on Decline in Values—U. S. Group Is Soft. BY F. H. RICHARDSON. Spectal. Dispatch to The Star. NEW YORK, March 24.—Bonds failed to hold strength manifested at the opening today and activity fell off with prices as the session progressed. The recession was not wide and a few issues made headway against the market. Volume dropped to around $14,000,000 for the day, compared with the $20,- 000,000 and over in last week’s boiling amarket. ‘While the supply of money was not so_plentiful, there was no change in time money rates to affect the market. However, there was a budget of $35,000,- 000 new issues that caused a certain ount of switching from outstanding ues. The stock market attracted some money with its strong rally. And finally the Street has accepted the probability that the New York Federal Reserve rediscount rate will not be re- duced this week. The trend was illustrated by the movement in United States Government % | obligations, Liberty 3%5s, Liberty fourth 4Ys, Treasury 4s and Treasury 3%s were off 1-32 to 8-32, and were from 5-32 to 14-32 below their high prices of 1930, reached last week. This recession was expected, as the combination of profit taking by speculators in high- yield bonds and the quick replenishing of the street’s supply of issues by new flotations was bound to dissipate the condition of near scarcity experienced in the middle of last week. The municipal market, affected by a somewhat different set of conditions, is still strong, with offerings scant. Here it is that institutions confined to in- vestment in legal securities must find a large portion of their portfolics. The Street finds it difficult to explain why more munici) ies did not take ad- vantage of the high price of these is- sues to hrls& out new loans. One or two large offerin known to be in preparation are being held back—Ifor % still higher prices, it is believed. Price movements in the high-grade domestic group were negligible. There were fractional declines in Canadian Southern Pacific 413s, Frisco “A” 4s, Chesapeake & Ohio 41s, Standard Oil of New Jersey 5s, Amer- ican Telephone 5s, International Tele- phone 5s and Western Union 5s. Wholesale Market Butter — One-pound prints, 41a42; tub, 40%:a4l. Eggs—Hennery, 26; cur- rent receipts, 2413a25. Poultry, alive—Turkeys, young, 32a33; old, 28a30; Spring broilers, 40a42; Win- ter chickens, 32a35; Leghorns, 30; fowls, 26; capons, 32a35; ducks, 15a16; keats, 60a65. Dressed—Turkeys, young, 35a38; old, 32a35; Spring brollers, 45a46; Win- ter chickens, 37a38; Leghorns, 32; fowls, ag.g‘l. ; capons, 35a40; ducks, 30; keats, 290, Meats, fresh killed—Beef, 20a23; veal, 28a30; iamb, 22; pork loins, 28a! fresh hams, 26; fresh shoulders, 22: smoked hams, , 28; smoked shoulders, 20 a22; bacon, 28; in_bulk, 13. lard, in packages, 13%; , 13, Live stock—Calves, 8a13; lambs, 10a 13; Spring lambs, 20. POTATO MARKET. CHICAGO, March 24 (#). — (United States Department of Agriculture). — Potatoes—Receipts, 203 cars; on track, 340 cars; total United States shipments Saturday, 1,129; Sunday, 52 cars; trad- ing fair; market steady; Wisconsin, sacked, round whites, 2.40a2.55; few fancy, 2.60; ne sacked, round whites, 2.35a2.40; Idaho, sacked, Rus- sets, 3.15a3.25. . PRSI, 2 Washington Stock Exchange SALES. ‘Washington Gas 6s “B"—$500 at 105, ‘gon at 105. Potomac Electric 6% pfd—4 at 112, Potomac Electric 5% % pfd.—>5 at 108%,. Real Estate Mtge. & Guar. pfd.—100 at 7, 100 at 7. Capital Traction 55—$4,000 at 95%, $4,000 at 95%. AFTER CALL. Emerson Bromo Seltzer “A”—25 at 32%. Notice—This exchange will move to- day to Room 632, Washington Building, new location. Bid and Asked Prices. BONDS. PUBLIC UTILITY. | Amer. Tel. & Telsa. Amer. Tel. & Tel C & Capital City & - c Potomac Elec. 6s 1953 Wash, Alex. & Mt Veragn cit: . Bi Wash. Market Cold Storas Wash. Cons. Title 6s. & Trust Co. 428 American Security 3 Continental Trus Union Tri Washington Commerce | East Washin Po Becority Savings & it s Washiston American g, Rutional Union TITLE INSURANCE. Columbla Title, itie al Estate Titlé l’:‘:fll & Inv. J . MISCELLANEQUS. Barber & Row, In hase iry g Ty Sa 3 LAt Frane. & Storase Merchinte Tians. & Bior bi crpenthater Linsiype Pec ug lwi-".“n'l mgm it. Mtge. & On e ooy, Mg, co Woodward & Lot d. *Ba"dividana " > 2.8.838538: S UNITED STATES. $1.000.) Sales. High. Low. 3:58. . 610014 1008 10014 2 10120 10118 10120 38 1027 1024 1026 26 10119 1017 10119 30 10110 1019 10110 25 105 31 10531 10531 69 10824 108 20 108 21 150 11226 11220 11222 Belgium 7%s. Belgium 8s. .. Bolivar 7s 58 Canada 6s 1931 Canada 6s 1952 Chil Chile 7s 1943 Christiania Colombia Con Pow Japan 7; Copenhagen 43 Covenhagen s ct. . Cuba 6%, Danish Munie 8s A. Denmark 43 Denmark 63 Denmark 6s. German Bank 6s°8. 18 GermanE1P6%s. 9 German Ts. 32 Hungary 73 Irish Free State §s. /2 Ttaly 7s. « 168 Ttallan Pub 8 7s.... 18 Japanese 4s. % Jugosjavia Bank 78 23 Rarstadt 631943, . Kreuger&To'l 1944. Norway 6%s 1952 Ortent dev 63 Orfent Dev'mt o Srmultom analolRammn aBen o Rhinelbe Un 7s.... Rhine Wst EP 65 §3 Rhine West 68 63. . Rhine Wst EP 7s 0 Rio de Janeiro 148 Rio de Jan 88 1946 BB mromn " > ‘Toho El Pow 6s 33, Toho El Pow 7 3. Warsaw 7s 53. . Low. 2:88. 991 99% 110% 110% 931, 101% 105% 101%, 102% 102% 93% 20 99% 99% 991 99% 9 95 9% 99% 99% 100% 85% 85% 9% 91y 91y 92 106 106 96% 9T% 99 99 3 1034 108% 108% 1124 112% 108Y 108% 115% 115% 110% 110% 854 85% /2% 824 99% 100 103% 103% % RT 87 92% 93y 101% 101% 101% 102% 100% 100% 103% 103% 93 93% 102 102% 100% 100% 81% 82 101 101 92% 92% 97% 98 100% 100% 110% 110% 110% 110% 9 93y 101 101% 104% 1054 101% 101% 102% 102% 102% 102% 931 93% 89% 89y 96 96 99% 100% 10R% 108% 117% 117% 122% 123 92 921 96% 9T 107% 1084 103% 103Y% 96Tk 96% 100% 100% 9% 9T 9615 961 103% 104% 84% 85 82 82 98% 98y 103% 104% 103% 103% 12% 12% M 94y 101% 101% 89 89 88Y% 881 103% 103% 98% 98% 1015 101% 103% 103% 103% 104 102% 102% 9% 92 99% 99% 102% 102% 105 105 101 101% 83 83 3% 97% 9% 86 97% 100 100% 99% 99% 100 100% 108% 108% 86 86% 96 97 92 924 103% 103% 104% 104% 107% 107% MISCELLANEOUS. AbItibl Pa&P 0s '63. 15 Ajax-Rubber 8; Alleghany Cp 68 ¢4 29 Alleghany 6s 4! Am Agri Chem 73 Am Beet Sugar 6s 3t Am Chain 65 33. AmChem 63s cv K 5 Am Int Cor 6%m 4 62 G 3 Am Tel & Tel 6% ., Am Water Wks §s. . 880 mnala 19 G&E] s May 63 Com Invest 6% s ¢9. Ba824 = AERBL- o Eéu53.... Kendall §%s ¢3 war Laclede G 6%s 53. . i Lautaro Nitrat Midvale Steel - Mor's & Co 1st 4348, 87% 87% 87T 65 100% 100% 89 90 101% 101% 103% 104 165 1671 108% 104% 1043 104% 1044 1044 107% 107% 102 102% 105% 105% 107% 107% 101% 101% 101% 102 104% 104% 5915 59% 94 9Ty 86% 90 1015 101% 9614 96% 97 59 59 106 106 100% 100% 101% 101% 107 107 981 98% 103% 103% 99% 99% 102% 102% 104% 105 100% 100% % 180% 100% 9% 9984 1003 100% 92 922 1% 921 92 92 116% 116% 8 98K 104% 104w 105 105 9% 9% 103% 104 2% 2% 101% 101% 101 101 83 FINANC Sales. High. Low. 2.58. Phila & Read Philiips Patro b34s. Por Ric Am Tob 6s. Postal Tel &C 5%8 Pressed Stl Car Pub Serv Gas 4% Pure Of1 5%s'37. Remington Ar 68 32 Rem Rnd 6% war.. Richfield O11 63 ¢4. . Stnelair Of1 Sinclajr O11 Sinclair Of1 Sinclair Cru Sin Pipe Line Skelly O11 6% . So Por Rico Sug 7s. 1 Tel 6 Southwest Be! Stand Ofl N J Stand Ol N Y ¢ 4. Sug Es Orfent 7s.., Tenn Cop 6s B 4. Transcontl O1l 838 United Drug 68 U S Rub 1st 1 6 US Rub T34, Utah Pow & Lt Ttilfts Vertie Walworth 6s45. .., Walworth 6%s 35. . War Quinland 6s ‘39 Western Elec b Westn Union White Eagle O 614 White Sew Mach Willys-Ov 6%s 3! Wilson & Co 1s! Youngstn S & T 5s. 52 100% 100 100% 106 . 106 106 96 96 96 107% 107% 101% 100% 100% 100% 10714 106% 106% 2 103% 103 103 7103 102 102 101% 101% 101% 107 107 107 102% 102% 102% 103 103 103 104 104 104 1021 102% 102% 60% 60 60 100% 100% 100% 99 99 96 97 6% 92% 98%, 9% 96% 100% 100% 100% 97 97 97 100% 100% 100% 102% 102% 1024 103% 103% 103% 100% 99% 99% 98 97% 98 96 94% 95% 104% 104'% 104% 103% 103% 105% 105 105 105 103% 102% 103% 97% 96% 9TH 40 40 40 101 101 101 107 106% 106% 104% 104 104% 102 101" 102 98% 98 98% 88 8T% 8% 100% 100% 100% 101 101 101 9315 931% 93% 60 59 59 93% 934 934 108 108 8714 103% 103% 103 104% 103% 104% 110 109% 109% 104 103% 104 80 80 40 40 37% 39% 101 101 100% 100% 100% 102% 102% 102% 12 16 49 2 8 13 99 12 59 13 26 RAILROAD. Ann Arbor . As&SF cvt 48 Atchison adj 4s. Atl & Dan 1st 45 43. At] & Dan 2d 43 ¢8. Atlantic C L 4s. Balto&Ohlo gold 4s. B&Ocvils. . B&O 4%scv'60 60.... Boston & Matne s, Bkiyn Elev. §%s. Bkiyn Manhat Can Natl 58 July '69 Can Natl 6s Oct *69 CB&Q4%s77B.. Chi&E {1l gn Cni Gt West 48 59., CM&StPGenss.. ChiM&StP4%8C89. Chi MilSP&Pacss78 CMSP&Pac adj5803 Chi&N W con d¥s 6% Cuba Nor 53%4scts. . Del & Hud 1st rf ¢» D & Hud cv 55 36 Del & Hud 6%s. FlaEastC6s 74... Fonda J&G 43%s 52. Ga& Ala 15t 68 45. . Gr Trunk st db Hocking Val 4%4s.. Hud & Man a) b Hud & Man ret 111 Cent 111 Cent 4% 111 Cent Chi 4%s. ... 111-C-C-StL&NO bs. Int Rapid Trans 6s. Int Rap Tr 6s stpd.. Int Rapid Trans 6s. Int Rapld Trans 7s. Int.& G Nor bs 1956 Int & G Nor adj IntRysCA Long Isrf 4s 49 Louls&Nash nu! Louls & N: Louts & Nash 7 Market St 78 40. . M1l E] Ry&Lt 4%s Mil El Ry & L 6s 51 Mil El Ry & L 6s 61 St P&SSM 6%s. Mo Pa . Mo Paoc 6%s 49 evt. 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BY J. C. ROYLE. Machinery of new and varied design is g methods of distribution day by day. This is made evident by activity at the Patent Office and re- ports to the Departmerit of Commerce. ‘The move is especially evident in the refinement and invention of automatic vending machines. The distribution of food is the line affected most so far. As yet the new machinery is only par- tially in operation, but merchants in food lines see the handwriting on the ‘wall and are exuberant or alarmed, ac- c;r‘dln. to their own methods and poli- cles. Apartment House Trade. Vending machine manufacturers and distributors who use such equipment are paying especial attention to the apart- ment house as a unit of trade. The growth of the size and number of apartment houses and the increase in their inhabitants have made them available centers for food distribution, especially for purchases which have come to be listed under the head of “emergency shopping.” -Tom machines located in apartment houses bread, milk, ice cream, meat, fish, candy, canned goods and other package merchandise can be distrib- uted. The fleld also extends to simple drugs, toilet preparations, razor blades, bottled beverages and even ice cream sodas. The handling of perishables has been made possible through new meth- ods of refrigeration and the quick-freez- ing process, which has given a new stimulus to the sale of package foods. It is claimed by many merchants that this will have a decidedly disastrous ef- fect on the neighborhood grocer and drug store proprietor and on the deli- catessen store. On the other hand, many such independents are ly stressing the ‘“personal equ-uon" as a method of holding trade. They feel that personal contact is the one thing that machines cannot sell and that the user of vending machines cannot make a complaint and get an adjustment, as is possible at a retail store. m;:‘:am seems lé:ufi doubt that the cu: are centrally located in :apart- ment houses. These dwellings }mum from 50 to as many persons as are in- cluded in a moderately sized village. The makers of vending machines in most cases plan to sell or rent the ma- chines to operating companes, but many are p to manufacture them- :elva theMprod;In:“ to fill their own ma- . Manufacturers are also much attention to the develvpmm coin - operated, electrically - controlled phonographs and radio sets, the latter on insertion of a coin giving a selection of stations for a given period. Some progress also is reported toward adopt- ing domestic electrical equipment, such as washing machines, to coin operation. Difficulties in Vending. The two things which are hnlcm’ back the development of this kind o dictribution is the difficulty of keeping slugs out nt‘l:the slots and e vending goods with variable prices. Ad- Justable coin chutes are now in course of development. * A slug detector has been perfected, but its use, it is said at Government departments, has beem re- *ierehants w1 sed possittn oo see establishment of g d office (Copyright, 1930.) Markets at a Glance NEW YORK, March 24 (#)- strong; U. S. Steel at years high. Bonds steady; trading returns to nor- mal on firmness of money. Curb firm g&s in demand. 'm; Sugar steady; Coffee higher; trade CHICAGO, March 24 (#).— Wheat steady; decreased visible supply and Vorstis weater Gata teads to high- le weather. - er. Hogs lower. . v NEW YORK BANK STOCKS. NEW YORK, M: market: arch 24 (F)—Counter Banker: New York ... nited States. . America . Bk of U 8 it roadway Natl. . Chase Natl..... Chat Pheni; City Natl.. Fifth Aven First Natl N_¥. Harriman_Natl. Manhat Co. .§000 6075 L1428 1525 « 151% 153 % Sales. M Ogden & Lake Chas 14 80 7o% 1o Ore Short L bsgtd. 5 104% 104% 104% Ore Wash 1st e 1 91% 1% 91% Penna 4s 1948 stpd. 1 96 96 96 Penna con 41 101% 101% 101% 100% 100% 1001 100% 100% 100% 109 33 9% 993 105% 105% 105% 100% .100% 100% 865% 865 865 29 100% 100% 1001 98% 98%, . 98%, 2% 9% 91% 95 94% 94% 1084 108 '103% 9N 97U 9T Readine gen 43 Rio G West el 45, RIArk& L 4%s. St LIM&Sgn6s'31 4 St L IM&S R&G 4s. 3 StL&SFpldsA.. 21 SIL&SF 4348 78.. 14 St L & San Frin 2 StP & KCShL 4%s. 1 St L&SW con 48 33. St LS W bs 63 San A & Arn P 3 0 SB All Fla Sou Pac clt LT T -t oo 5 110% 110% 2 119% 119 2106 105% 1 3 100 108" 108 8 53 . b Tex Ark FS 5%s 6 PacbsC 9. Union Pactfic 1st ¢8 Union Pac ¢s Unton Pac 4% Virginia Ry 1st 6s. Whash 4348 78 rots Wabash 1st6s..... Whash 6276 B.... West Maryland 4s. 12 West Md 6%877... 14 10 100% 100%4 West Pacifie ik 9Bl 9RY West Shore 48 61.., 16 0., % 8106 106 5 4% 4% 9an, 2 102% 1025 102% 1014 1014 101% R 8AYG 8B