Evening Star Newspaper, April 3, 1930, Page 14

A—14 kx¥ MARKET FOLLOWS FORMER COURSES Stocks Recover Faster Than Business After Crash Last November. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, April 3.—Are stocks too high? Is the market technically healthy? I put these questions to L. D. Edie of the Investment Research Cor- poration of Detroit. “November is notorious as the stock crash month,” he replied. “Look at the Novembers of 1903, 1908, 1921 and 1929. A study of the periods follow- ing these crashes show that, while busi- ness remained from 5 to 15 per cent below normal for the next 12 months following each crash, stocks recovered from 50 to 60 per cent during the same period. : “Today business conditions are 7 or 8 per cent bel normal. while the market has recovered from 40 to 45 per cent from its November lows. So be your own judge of whether the mar- ket is high or low. “One must weigh more factors now in judging values than ever before,” continued Mr. Edie. “Many seasoned market observers believe that the long- time tendency of money in the United States is_down, and not up. If true, such a factor becomes of first im- portance.” Yesterday was another 5,000,000~ share day, with stocks getting nowhere in particular. This writer has received several com= munications both for and against chain store operation. The subject is of first interest in many parts of the United tates today. 3 Herman Roe, the field director of the National Editorial Association, makes this statement “Opportunists are al- ready in the field cashing in on the anti-chain store fever. Solicitors are obtaining cash contributions from small town merchants, ostensibly for a fight- FIN ing fund, but what they want is their share of the easy money. But R. W. Lyons of the National Chain Store Association, answers thus “History has yet to offer a major ex- emple to indicate that an economic de- velopment of sound origin and beneficial results can be measurably affected by selfish agitation. The ultimate con- sumer decides every such battle.” This is a fair statement and one that both independent store owners and chain stors operators can subscribe.to. J. W. Sartori, president of the Se- curity-First National Bank of Los Angeles, thinks the present agitation against the larger and more concen- trated industrial units will fail because every economic trend is moving in that direction. “It is perfectly possible,” says this Southern California banker, “that we may be entering a general period of antagonism against modern economic developments such as the chains indi- cate, similar to that which existed the latter part of the nineteenth and the early part of this century with respect to large concentration of capital in business enterprises. If, however, the present economic trend in these par- ticulars is sound, it will, in my judg- ment, win out in the long run. ‘When asked regarding conditions in Southern California today, Mr. Sartori made this comment: “Conditions in Southern California have not experienced any very per- ceptible change within the last 30 days. Business is fairly well sustained, but at levels below those of the corresponding z:riod last year. We have ahead of us the next few weeks a water bond election for a sum of $38,800,000. A part of the money from this bond issue, if it is passed, may be used to secure additional water in the Sierras—suffi- cient to supply the needs of another million of population. And I believe it will prove a great stimulus to b activity in the Los Angeles regiol The Art Dealers’ Association says that Americans spent $250,000,000 for works of art last year. Of this amount, about one-third was spent for old masters, this business be- ing centered in New York, Boston and Chicago. One picture, Pero Della Fran- cesca’s “Crucifixion,” brought $375,000; ‘Romney's port; f “Elizabeth, Duchess of Sutherland.” brought $250,000 from L. P. Fisher of Detroit. Some big buyers of old masters are Thomas B. Clarke, Jules S. Bache, Lawrence P. Fisher, Joseph P. Widener, W. R. Hearst and Adolph Lewisohn. The other two-thirds of the total was spent for modern art. It included paint- ings, sculpture, mural decorations and aintings. Among outstanding collectors Phis feld are Mrs, Harry Payne Whitney. John Ringling, Mrs. John D. Rockefeller, jr.: John Spaulding of Bos- ton, George Douglas of Minneapolis and Edsel Ford of Detroit. F. Newlin Price, president of the sociation. reports that business during the months of January and February was fully up to that of last year. (Conyright, 1930. by North American News- paper Alliance.) o CHICAGO LIVE STOCK MARKET CHICAGO, April 3 (#) (United States Department of Agriculture) —Hogs— Receipts, 18,000 head, including 4,000 direct; steady on hogs scaling under 230 pounds; heavier weights, steady to 10c higher; top, 10.40, paid for 190- und _averages; choice 280 pounds, .75; 380 pounds, 9.50: butchers, me- dium to choice, 250-300 pounds, 9.50a 10:05; 200-250 pounds, 9.65210:40; 160~ 200 pounds, 9.60210.40; 130-160 pounds, 9.40a10.35: packing sows, 8.40a9.25. pigs, medium to choice, 90-130 pounds, 9.00a10.00. Cattle—Receipts, 6,000; calves, Te- 3,000; weighty steers again scarce and unevenly higher; better ades all representative weights in lemand: but lower grade light offer- ings slow; top, 15.00; slaughter classes, steers, good end choice, 1,300a1,500 ounds, 13.25a15.25; 1,100a1,300 pounds, 52.75515.25 950a1,100 pounds, 12.00a 15.00; common and medium, 850 pounds up, 9.00a13.00; fed yearlings, good and choice, 7502950 pounds, 12.00a14.75: heifers, good, and choice, 850 pounds down, 11.00a13.50; common and me- @ium, 8.00a11.00; cows, good and choice, 7.75a10.00: common and me- @ium, 6.25a7.75; low cutter and cutter, 5.00a6.50; bulls, good and choice (beef). 8.00a9.25; cutter to medium, 7.00a8.25; yealers (milk fed), good and choice, 9.00a13.00; medium, 8.0029.00; cull and eommon, 6.50a8.00; stocker and feeder Steers, good and choice, all weights, 10.00a11.50; common and medium, 8.00a10.00. Sheep—Receipts, 13,000 head; slow; few shorn lambs steady at 8.25a8.50; &hoice around 86 pounds, 9.10; best woel $kins held above 9.75; fat ewes quotable fiteady; shearing lambs, nominal; lambs, and choice, 92 pounds down, 8.75a medium, 8.25a9.0 common, medium to choice, 922100 8.0029.50; ewes, medium 1o 150 pounds down, 5.2526.65; ¢ull and common, 2.75a5.50: feeder Iambs, good and choice, 8.35a8.75. o PARIS BOURSE PRICES. : PARIS, April 3 (A).—Prices were Steady on the bourse today. * Three per cent rentes, 89 francs 10 ntimes; 5 per cent loan, 102 francs 30 $oum es. Exchal on London, 124 francs 30 nmes'.ue'rhe dollar was quoted at 25 cs 55% centimes. { CHICAGO DAIRY MARKET. % CHICAGO, April 3 (#).—Butter dy; recelpts, 3.573 tuhs:] )::Icegs_lig.; l“extr- first, 35; grads dpnm.l, 24% ts 22 3 stors ANCIAL/ NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) nd 8— Dividend Rate. ~ Add 00 34). 248 Kroger Gr&BRak(nl), Lago Of} & Trans. Lambert Co (8). . Leh Port Cem (3%). Lehigh Valley Coal.. Leh Val Coal pf (3). Lehigh Valley (1434) Lehman Corporation Lehn & Fink (3). Libbey Owens (1). Liggett&Myrs B(15) Liggett & My pt (7)., Lima Locomotive. Liquid Carbonio (4).. Loew's, Ino (3) % Loew's, Inc pf « Loew'spfx w (6%) Lofu inc Loose-W .10). Lorillard (P) Co..... Louis & Nash (T).... e [ - Branhes o Roundoaan Uflu 1 Loutsiana Oil. . LouG&EIA (1%). Ludium Steel (2). McAndrews&F 12.85, McCrory pt (6) McKeespt T Py e " CERNGEN G NEREBEs McKes & Rb pt(3%). Mack Trucks (6).... Macy(RH) & Co(n2) Madison Sq G (1%).. Magma Copper (6).. Mallinson & Co, 4 Manau Sugar. Manaul Sugar pf. Man Shirt z). Man Shirt pf (7) Maracaibo UIL Kxp. Market St Ry. .. Marlin-Rock (14%) e Maytag Co (12). Maytag Co pf (3). Melville Shoe (2).... Mengel Company (2) Metro Gold pt (1.89). Mexican Seaboard. .. Miami Copper (4)... Michigan Steel (23). Mid-Cont et (2).... Middle States Uil €t.. Midland Steel (3)... Midland Steel pt (3). Miller iubber. o = - O LT = Tt et E Mohawk C Mills (3).. Monsanto Ch (§1% ). AMontgomry Wrd (3). Moun Motors . Morrell & Co (4.40).. Motner Lode (4Uc). . Motor Meter G & k. Motor Products (2). Motor Wheel (3).... - MurrayCor( Munsingwear (14).. Myer (¥ k)& Bro (). Nash Motors (6).... Nat Acme (1%) Naul Air Trans Natl Bellas Hel . Nat Biscuit, n (2.50). Natl Biscult pf (7). Nat Cash Keg,A(14) Nat Dairy (32) Nat Disullers (2). Natl kinameling (2) National Lead (18).. Natl Lead pf A (7)., T Natl Lead pf B (6).. Nau Pwr & Lt (1)... 2 Natl Radiator. . all Rys Mex 2d pf. Natl Supply (6)....0 Nau Surety (6)eeeen Nat Tea Co (2). Neisner Bros (1.60) Nevada Copper (3).. ton Steel (3) ¥ Central (8)..... N Y Chi & St L pf(6) N Y & Harlem (6)... NY NH & Hart (6) NYNH&Hpt (). N Y Ont& Wes N Y State Ratiways Norfolk&Westn(10). % North Am(bl0%stk) North Am pf (3).... North Am Ed pf (6). Nortnern Pac (6). North Pac ct (6) Northwestn Tel Norwalk Tire & Rb. . Ol Well Supply.. Oliver Farm Equip.. Ouvr Fr Eqev pt(3) Omuibus Corp.... Oppenheimer Col (. Orpheum Cir pt (8).. Otis Klevator n(2%) 4 Otis Stee] (214)....a Owens 11l Glass(n4). Pacific Coast. . Pacific Coast 2d pt.. Pacinc Gas & 15 42) .. Pacific Lighting (3). Pacific Oil stub: mount-F-L (4). Park & Tilford (33). Trans 1% .. Pathe KXChange. .... Pathe Exchange A. . Patino Mines (3.89). Peerless Motor Car.. Penick & Ford (1).. Penney (J 8) (3). Pen (J C) pt A ( n Dixie Cement. . Pennsylvania RRi4) Peopl Gas Chi (8). Pere Marq pr pf (6) Pet Milk (1%) . 10000 Phelps Dodge (3). Phila Co 6% pf (3).. Phila& ReadC& 1., Phitlip MOrris (1). ... Phillips Petrm (n2). Plerce-Arrow A..... Pierce-Arrow pf (6). Plerce Ol . Pierce Oul pt. Plerce Petrol Pilisbury Flour Pirelli of italy (3 Pittsbgh Screw 1 Pitts & W Va (6). Pittston Company... Poor & Co (B) (3)... P Rican Am To (A)7 P Rican Am To (B).. Postal Tel & C pf(7). Pratrie Ol & Gas(2). Pressed Steel Car. ... Proc & Gamble (2).. Prod & Refin o7, 5.2 & Public Serv, NJ 3.40, 11 Pub Sve NJ pf (5) Pub Sve NJ pf (6) Pub Sve E&G pft Puliman Corp 14) Punia Alegre Su Pure Oil (1 % Pure Ol pt S TR RO JOPE- 11T SR TSTOTS) e % N TSR - e Kadio Corp. . Radio pf A (3%). Radio pf B (6) R Reming-Rnd 2d (8) Reo Motor Car (.80), Repub Ir & Steel (4). Rep Ir&Sti ctes (4).. % Rep Ir & S pf etfs(7) Rever Cop & Brass. . Revere Cop&B pf(7) Reynolds Spring. ... Reynolds Tob A l‘:. Rhine W El P (2.16). Ricafield Oll (2) Rio Grande O1) ¢ MACHINERY TRADE DULL. NEW YORK, April 3 (Special).—Al- though a large flow of inquiries con- tinue to four into machinery and ma- chine-tool markets of the country, the hesitancy n placing actual lers, - which hn:ufilnnewmed the past few buyers, with a numbes of ts. High. 821 THE EVENING STAR, WASHINGTON, D. C., THURSDAY, APRIL 3, 1930. ~Prev. 1930.~ High. Low. 9% 48% b4% 122% Stock ana Bales— Dividend Rate. = Add 00 High. Ritter Dent Mfg (13) 8 69 Rossla Inc (2.20).. 2 46% Royal Dutch (a3.20). 10 Safeway Stor: Safeway pf (8) Safeway Strs pf (7). 108 St Joseph Lead (13 5 St L-San Fran (8). 8t L-San Fran pf(6, Clost 56% 452 54 9% 96 to R Schulte Retall pf Seaboard Air Lin 2 Sears Roebuck (32%) 65 ¢ Sec Natl Inv pf (5) 3 Seneca Copper. Servel Inc....a. Sharon Steel H (2) Sharp & Dohme. ... . Sharp & Do pf (3% ). % Shattuck(FG)(11%) Shell Union (1.40)... Shell Un O11 pf (6% Shubert Theatres. Stmmons Co (g3) Simms Fet (1.60)... Sinclair Con Oil (2).. Skelly Ol (2)... Sloss Sheffield Steel., Snider Packing. ...e. Snider Packing pf. Solvay Am In pf 6%, So Por Rico Sug (2).. Southern Cal Ed (2). Southern Dairies B. . Southern Pacific (6). Southern Rwy (8)... Spang-Chalfant. Spang-Chalfnt pf 4 Sparks Withngtn(1). Spencer Kelg (1.60). Splesel-May-St (3).. Stand Brands (13%4).. Std Brands pf (7). Stand Comm Tob. ... Stand Gas & £1 (3%) Stand G & E pf (4) Stand Invest Corp... Stand O ot Cal (2%). Stand Oll Exp pt (5). Stand Oil of Kan (2). Stand Ol N J (12). Stand Ol N ¥ (1.60). 23 Stand Plate Glass vt Stanley Co of Amer. . i Sterling Sec A. Sterling Sea pf(1.: Stergng Seccv pf(3) Stew-Warner (h3%) Stone & \Webster (4). Studebaker Co (6) % Submarine Boat. Sun Oil (11). Sun Oil pf (6). Superior Oll. Superior St Sweets of Amer (1).. Telautograph (11.30) Lenn Cop & Ch (1) Texas Corp (3) Tex Guit Sul (4) Texas & Pac (5). Tex P C & Oll. . ‘Lexas Pac Land Tr.. Thatcher Mfg (1.60). The Fair (2.40)c... e “Third Natl Inves (1). 4 Thompson J K (3.60) » Thompsn Prod(2.40) ‘Thomyson Starrett. . Thomp-Star pt(3ia). Tide Water Asso 6uc. Tide Wat Asso pf (6) 4 Timken Det Ax(80c). Tunken Roller 43)... Tobacco Products. .. Tobacco Products A. ] contl Oil (30¢). Transue & W (1)..eu Trico Prod (2%)..ee Und-Ell-Fisher (5).. Union Bag & Paper. . Union Caroide (2.60) Union Oil of Cal (32) Union Pacific (10)... Union T'k Car (1.60). Utd Alrcrafié Trans. Utd Atrcraft&T pf 3., Utd Biscuit (1.60)... Utd Carbon (2). Utd Clgar Stor: = United Cigar Strs pt. Utd Corporation Utd Corp pf (3). United Elec Co: & United Fruit (4) Utd Gas & Imp(1.20) Urd Gas & Im pf (5). Utd Paperboard. ... Unit Piece Dye W (2) 70 10 | 86% | Bl 2% 11% 31 23% 25 119% 6 169'¢ 13y 1% b3 3% 1 United Stores A....o U S Distributing...e U S Express. . . U S & Foreign Secur. U S Freight (3).ec e U S Ind Alcohol (17). Leather. S Leather Av.oeeen Leather pr pf (7) Pipe & Fdry (2). Pipe 1st pf (1.20) Realty (6)ceuuse Rubber...ceseee Rubber 18t pf... Smelt Ref (3%).. Smelt Ref pf 3% . U S Steel (7) . U S Steel pf (7). i US Tobacco (4)..... Univ Leaf Tob pf(8) Univ Fipe & Rad.... 4 Util Pwr&Lt A (e2). 4 Vanadium (t4) Vick Chemical (2%). Virginia-Car Chem.. Virginia-Car pf (7). Va El & Pwr pf (6).. Va El & Pwrpf (7). Vul Detinning A (4). Wabash Waldor: Walworth Co (2) Ward Baking A. Ward Baking B..... Ward Baking pf (7).. Warner Bros Ple (4). War Bros P pf (2.20) arner-Quinlan (1). Warren Bros (19)... Warren Fy&Plpe(2). Webster- Eisenlohr. . Wess Oll & Snow (2) West Penn El A (7).. West Penn El of (7). West Penn Pw pf (7) Westn Dairy (B) tern Marylan Western Unlon (8) 4 Westinghse A B (2. Westinghse E&M (5 Westhse E&M pf (5) 4 Western Pacific pf... Weston El Lns (1)..0 Westvaco Chlior (2). Wextark Radio Strs. White Motors (2).... % White Rck MS(t#34) White Sewing Mach. White Sw Mch pf (4) Wilcox O1l & Gas. ... Wilcox Rich (A) 2%. Wilcox Rich, B (2).. Willys-Over (1.20) 4 Willys-Over pf (7 Wilson & Co. Wilson & Co A. Woolworth (2.40)... Worthington Pump.. Worth Pump B (6).. Wrigley Wm (4).... Yale & Towne (16)..: Yellow I'ruck & C... Yellow Truck pf Ecccaaadas vunnRREnLn 100% 105% 65 51 Zenith Radlo........ RIGHTS EXPIRE Am Roll M.. June 16 y Fox Film A...Apr 10 Fox Film deb.Apr 10 Int Tel&Tel..May 1 2% Pac Lightg..May 1 % SoCal Ed... .Apr21 4 Sales of Stocks on New York Exchange .+ 516,300 12:00 Noon. +1.878,100 .. 2.887.100 2 8.310.700 in the above tal R e t tracing less than 100 shares. ! Partly extra. § Plus ¢% 1n"stack °% Bayante in scrip. 1 Phis b in stock. o Fatd mst no Teguiar rate. b Pavable in stock, d Paval sameq. B i ek S Bius 85 15 siock. & Shis S5 1a stoek o "a‘.’&.‘:-,.: ok Bia L") MGk, "o Sublest roval of olders. Dividend rates a: oayments based oo I < Unit o Southern dis- juij et and conditions as t sales listed. trict and Detroit report very slow. —_— BERNE, £witzerland, April 3 (#)— The Berne National Bank lowered its discount rate today from 3% per cent to 3 per cent. American Machinist Very little demand exists for used tools. one bright spot in the situation, according to opinion in the trade, is the increase in production schedules which is expected to_bolster the machine-tool market. | Washington Gas 5s “. U. S. Group Also Advances, but Market Is Quiet on Small Turnover. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, April 3.—While there was a continued lackadaisical tone to bond trading today and volume was off a little from yesterday's low mark, sub- stantial advances were sprinkled throughout the list. The strength was most apparent among the seasoned legal mortgages. Some of the buying was of a pure in- vestment nature based on the argument that, considering current money pros- pects, the bond market's decline in the past few sessions had again created a number of “good buys. Money rates and supplies showed no change. It was conceded that there was no probability of a reduction in the New York Federal Reserve rediscount rate. Therefore dealers were somewhat at & loss to explain the rather heavy buying of United States obligations, ail of which improved. These, when swing- ing upward on Thursday, usually indi- cate a coming cut in the rediscount rate. However, the fact that the Jegal list was strong along with the Governments pointed rather to institutional buying. | Convertible issues were quieter and | fluctuated irregularly with an uncertain stock market. American Telephone 4!5s, up a point: Texas Corporation 5s, slight ly impoved, and Warner Brothers Pic- tures 6s, also higher, were the most ac- tive issues. New issues totaled only $17,000,000, of which $14,000,000 consisted of mu- ! nicipals. The diminishing tide of new flotations is aiding dealers to gt out | bonds already cn hand, and the decline in market trading is proving another helping factor. The municipal market has eased up appreciably from the tight condition of last week, and, while there has been no marking down of prices, supplies are a little more plentiful, with about $50,000.000 of new municipal of- ferings put out this week. Today’s trading in legal rails revealed strength in Atchison general 4s, Balti- more & Ohio first 4s, Canadian Pa- cific_4s, Pennsylvania 4l>s, Southern Pacific 4!5s, Frisco A 4s and Chicago, Burlington & Quincy General 4s. Standard Oil of New Jersev 55 led the prime industrials and Duquesne Light 4)5s and Utah Power & Light 5s, both up fractionally, were representative of the public utility group. Declines were more numerous among the junior carrier nds and semi- speculative industriejs. They included Chicago & Eastern ois 5s, Erie re- funding 5s. Missouri-Pacific 4s, Sea- board All Flogida A 6s. Chile Copper 5: Armour of DMaware 555, Goodyear 5. Phillips Petroleum 5i,s and Pan-Amer- ican Petroleum 6s (¥934). Volume was quite light in this sdction. The foreign department had an un- certain trend. German reparation 7s, recently the object of much prefessional manipulation, dropped a point on mod- erate volume, apparently on profit taking. Washington Stock Exchange | SALES. Washington Gas 6s “A"—s$200 at 102, $1,000 at 103'g, $1,000 at 103. Potomac Elec. Cens. 55—$1,000 at 103, $3,000 at 103. Capital Traction—5 at 80, 8 at 80'%, 10 at 8014, 10 at 80%4. Potomac Electric 67 pfd.—6 at 1123;. Washington Gas Light—10 at 120, 5 at Washington Rwy. & Elec. pfd.—10 at | 97%}, 10 at 97V, 5 at 971, Commercial National Bank—10 at 235. Riggs National Bank—5 at 530. Columbia Title Ins, Co.—7 at 9. Mergenthaler Linotype—10 at 107%, 10 at 1073, 10 at 107%. Peoples Drug Stores pfd.—10 at 108':, | 10 at 1082, | The Carpel Corp—32 at 26':, 50 at 2613, 50 at 26%5. AFTER CALL Capital Traction—10 at 80';. Washington Cons. Title 6s—$1,000 at 88. Lanston Monotype—10 at 116, 10 at 116, | Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Ann ash. Gas s serie Wash. Gas 6s series B, Wash. Rwy. & Elec. MISCELLANEOUS. Barber & Ross. Inc.. 63s.. Cham.-Vanderbilt Hotel 6135. Cheyy Chase Club 5 D. C. Paper Mfg. 6s. Pot. Joint Stock Ld. Rk, Wash. Mkt. Cold Storage Wash. Cons. Title 6s.. STOCKS. PUBLIC UTILITY. ...0259 trict Federsl-American iberty . Lincoln National Riggs . Second .. Natlonai Bank of Washington. TRUST COMPAN' American Security & Trust Co..*427 Continental Trus! Merchants' Banl National Savings Union Trust. Washington Loan & Trust. American . Corcoran | TITLE INSURANCE. Colunibia Title e al Es Title & Inv. of Md. com. MISCELLANEOUS. Barber & Ross. Inc., com. Argentine 6% m 62.. Argentin Argentine6sB.... Australia 4%s 56, Rank of Chile 8% u, Bank of Chile 6% Relgium 6. Relefum 64s. .. Relginm 7a 195§ Relgium 7% Relgfum 8s. Rordeanx €s. Rrazil R4 1928 Rrazil A58 1927 Rrazil 7a. Rrazil 82 Rremen St Fanada fn 1931, Canada fe 1952, Chile = &0 Chile 65 61 Chile 75 1943 . Colombia s Jan 61, Conenhazen 4% B Ciba Flw Czecho fs Dantsh Munfe 8= B. Nenmark ¢ 4m Nenmark A1,e 65, . Nenmark & DT TE%a Meh 52 Dutch East 1 6= 62, Fiat Tsex war 46, . Finland 6%m . Finland & f fs 45, Framerfcan 7% Montevideo 7s. .. New So Wales 57 New So Wales 58. Norway Fls. ... Norwav 6= 1943 Norwav 614 = 1952, Orfent dev 6% F8. . Orlent Dev'mt 6s 58 Paris-Ly-Med 6 Paris-Ly-Med 7 Parls Orleans 6% Peru 63 1960. Pern s 1961. Peru Ts. Poland s 40. Poland 7s (et Poland 8. Prague 7% | Qneensiand gs. Queensland s Rhine Wst EP 62 62 Rhine West 6353. . Rio de Janeiro 618 Rfo da Jan 8= 1946 Rin Gr dn Snl & Sao Paulo 19 Selne 78 42. 2 4 2 0 1 1 6 7 Shineyetsn 61 2 Solssons 6s. . 55 Sweden 51 s. 1 Swiss 5% =19 a9 Swiss Confed 9 2 L 4 4 ] 4 5 Toho F1 Pow 63332, Utd Kingm 6%s 37. Uruguay 6s1960... Uruguay 8s..... Vienna €= 52. Warsaw 7s 62 ADbItIb! Pa&P 03’53 46 Abram&Straus 6%s Ajax-Rubber 85 1 Alleghany Cp bs ¢4 Allezhany 6= 49. Am Agri Chem T%s Am Beet Sugar 6s 3! Am Chain 6s33.... AmChem 5%scv 49 51 107 Am Int Cor 6%s 4S 65 101 AmSmit & R Am T&T cv 4748301744 IR2 Am Tel&Teleg 5365 70 10316 1031 AmT& Tel tr 6 6 Am Wrtg Pap 6s 47 2 Armour&Co 4%839 6 Armour Del 6%8. .. Atl Gulf 65 59. 5 Atlantic Refin 5s. .. Bell Tel Pa 68 B. Bell Tel Pa 65 C. Bethlehm Stl pm b3 Beth Steel rf 68.... Certn-Td 6% rets.. Chile Copper Colon O1l 63 8 Col G&FE] s M: Com Invest 5% Com 1 Con Gas N Y 6% Consumers Pow Cuban Am Sugar 8s Den Gi Det Edison Det Edison Dodge 6s .. Donner Steel Duquesne ¢ s ¢’ 2 99% 99% East Cuba Sug 1%s Gen Mot Ac Cor €s. Gen Pub Serv E3%s. Gen St Cast 5% ¢¢ Goodrich 6 Goodvear 6s rets. Humble O & R6%s 111 Bell Telbs..... 111 Steel ¢ % s Int Mer Ma inter Paper X Int Tel & Tel 4% Int Tel&Tel 4%4s 0t 87 122% 121% "ntl Tel&Tal bs 'l Kan G & E6s 62 0il Wells Increase. NEW YORK, April m’on wells completed east Mountains dlll’% March totaled 1,766, an increase of over February. —_— = Reports in the Furniture Trade say the average order placed by buyers this week {5 slightly larger 1ast week's. ‘The number of buyerss New York is increasing. Laclede G 6% Lou Gas & E1 65 52. UNITED STATES. (Bales are in $1.000.) Sales. 2:58. 10014 101 16 101 28 100 8 100 14 104 25 10718 11120 High. Low. 10019 100 14 10116 10115 50 10131 10128 11 100 15 1008 26 100 26 100 11 64 104 31 104 20 50 107 20 107 69 11123 11118 FOREIGN. Sales. High. 89 991 1b 3%, Low. 8 9 98Y% 98% 95% 95y 9% 99 oRY, 98Y R3% RIL a0% 914 9% 9Nk 4 106% 106% R o8 QR 9RL 10214 10214 108% 108% 11216 112% 108% 108% 115% 115% L zfum Tm 1956 82 2PAvannadn3oRan nu =% 10215 o4 o1 97U 10814 118 123% German Rank #; German FI P 6%s German 7s. . Greek 63 196 FHalt! 6s. ... Hungarv T4 Irish Free State 5s. Ttalv 7a. .. a Ttallan PubS 7s Tapanese Japanese 6%x. .. Jugoslavia Bank 78 2 Rarstadt f= 19 Kranger&To'l b ct 216 Lyons 6s. Margelille 63 ang 101 RT% RT% 104% 9% 102% 1045 101% FO% 102% 105% 101% R0Y Rl 1 1 MISCELLANEOUS. K674 K 1101 63 20 103% 1021 . 33 103% 1021 1 107% 103% 187" 1 101% 101% 1061 100 101 1 10214 10214 103% |7 101% Br 13 101% 10414 103% 3% 1063 80y K04 0% 0% 14 R4 83 98 98 1 102% 102% 2 104% 104% 1 106% 106% 20 101% 101 10 104 103% 5414 541 9 a7 84 9815 106 9 1034 1034 4100 100 4 101% 10114 1 103% 103% 3 107 106% 7 97 96Y% 1 102% 102% 103% 100 101% 108% 106% a7 102% 99% 814 103 100% 106 107% 95% 101% 104% 4 8 8% 12 103 102 31 100% 100 26 106% 106 21 107% 107% .14 954 95 15 101% 1013 6 104% 1041 10 99% 99% 22 2272222222 51-‘ < Z 2 100% 100% 92 92 .10 91% 91% 107 97% 96% 5105 105 6 1034 103 844 119% 1 89 89 9 102 101% 6 3% 1% 1 101% 101% Mor's&Colsté%s 1 84 Nat Dairy 5% Nat Radiator 6% New England T 37 100% 100 - 10 28 27 5 105% 105% 5 1044 104% '2, 102% 102% 2 111% 111% 111% . n 9. Nor Ohfo Tr&L8s.. 17 102% 101% 1013% 8oy )n:luuno Pows.. 1101 101 101 SouRy Nor States Pow Phillips Petro Postal Tel & C 6% Pub Serv G 4 %8 Pub Serv G Pure Oll 6%8 37 osy 993 | Remington Ar 6833 1 Rem Rnd 6% wi Sinclair O11 6 S South Bell Tel Southwest Bell Stand O1l N Y é}4s.. Sug Es Orlent 7s... Tenn Cop6s B 44... ‘Tenn ElecPo Tex Corp ev Transcontl Ofl ¢ United Drug U S Rub 18 U S Rub 1%s. Utah Pow & Lt Ui Pow § Chi Un Sta r Mo Pac 6%s Nash Chat& StL ¢s. 61. Vertientes Sug 7s. Walworth Walworth War Quinland Warner Sug i Western Elec Westn Unton Wilson & Co 1st Win Repeat Ar 7348 YoungstnS& Tbs. 3 RAILROAD. Atchison adj 4 E Atenison gen 4 Atch deb 414843, At & Bir 4s 3. Atl & Dan 1sf AtlantieCL 4% Balto&Ohilo gold 4s. R B&Ocv4iks. B&O4Yscv'60.. 327 Boston & Maine b Brdway & 7th Av 58 Bklyn Elev. 6% Bklvn Manhat 6; Bklyn Un El 68 50.. Bush Term con 5s.. Y atl 6s Oct '69 Can Nor 7 . Can Pac deb 4s. Can Pacific ctfs b Car Clinch & O 58 Cent of Ga 68 C 59. :| Central of Ga 6% Ches& O 4%893 A. Ch&O4%s B 1995, Chi B&Q gen 4s 63.. ChiM&StP41%sC89. Chi 31ISP&Pa CMSP&Pac adi5s03 Chi N W 43452037, Chi& N W con 4%s Chi & N W 7s. ChIRI&Pr 4 ChiR1&PaYys. Chi St P&O 6s 30. Chi T H. 6 Cht T H tne CCC&StL6sC... | Clev Term 415877 Conn Ry&L 4%s sts Cuba RR6S....... Cuba R R s 1936 et Cuba RR 7% Cuba Nor 5%sets. . Del & Hud 1st r Den & R1o G en DRG & Wst bs b DRG & Wst b8 7 Duluth S S & At bs. Erie 1st cons 43 Erie Gen 4s. Friecv bs Erie Geness: Fla East C 687 Gr Trunk st db Grand Trunk 7s.... Great Northn 1st 58 Gt Nor 6%s. ' | Gt Nor gen 78 " | Hua & Man ay 5 Hud & Man ref 5 T Cent 4% Rs 6s M St P&SSM 6% M St P& SSM 6%, MK&TorinbsA. MK & T ad) b kil o Readine gen 448 A RIArk& L4 1 St L IM&S #n 6s'31 R&G 4s. FINANCIAL. Sales, High. Low. 2:15. . 1 106% 106% 106% |, 102% 102 102 104% 104% 104% 102% 102% 102% 101% 101% 101% 6 59 62 99% 98% 98% 96% 961 96% 100 99% 99% 100% 100% 100% 1024 102 102% 103% 103% 105% 99% 99% 99% 99 98 98 103% 103% 108% 104% 104% 104% 103% 103 103 97% 97 974 39 39 39 101Y% 101% 101% 106% 106% 106'4 104% 103% 104% 2102 101% 102 97% 97 9715 87% 87% BT 100% 100% 100% 100% 100% 100% 92% 92 92 56% 56% 56% 1% 91% 91% 109 108 109 8R14 88l 88K 6 105% 105% 105% 104 104 104 103% 103 103 109% 109% 1 35 35 6 100% 100% 100° 103 103 102 102 102 102 41 944 %e 9115 91% 9415 94! 139 139% 8RY BRY 64, 64 98 98% 98% 9415 94 94% 100% 100 100% 103% 10314 1031% 12 103% 102% 102% 103% 103% 105% 105% 109 109% 103% 104 9114 9 139 anl 64 20 5% 109% " I =it IS T =P TP ) 871y 98 9674 9614 E 958 103 102% 103 111% 111% 111% 861 86 R6I 103% 103% 103% 10174 1017 1017% 100% 100% 1003, 104% 104 1043 9415 941 941, 10314 103% 103 100% 100% 100% 98 97 98 9% 9TY% 928 928, 106% 106% 1064 A2 BRI Ry 71 9 g 2N 98, 1027 10215 102 100% 1001, 1001, o -3 @ & e Sala 35~ 947 Y™ 99'¢ 91 9RY, 981 105 10 1167% 1167 1167% 9 90 90 991 a1 9912 a1 98 o R T B R A 2% aDas = mEwe AR 93y 75 8614 82 957 95% 111% 111% 1 58 58 8 1061 1061 106% 111% 111% 111% 96 95% 96 111% 111% 111% 111% 111% 111% 81% 814 97 861§ 82 Int Rapid Trans 7s Int & G Nor & Int & G Nor 1st Int RysC A 6= 41 Int RysCA 6%sre. Kan City S 3s Kansas City 8 Kan City Term 4 Lake Shore 4531 Leht Valen Lehigh Valley Long Isrf 4s 49, Long Is 68 37. L &N 41482003 Market St 78 40.... M!1l E1 Ry&Lt 4%s MIl El Ry & L 6s 61 Minn & StL ref 956 i 4 1018 101% 101% 90% 90 90% 99% 997¢ 997 K91, RYIL RIK 5 1081 10812 10814 91 908 91 100% 100% 100% 98% 98% 98l 6K 95 100% 100 100% 100 13% 13 1001 100% 100% | 871 | 106% | INORTGAGE BONDS | Con e vone BONDS o scmuve] MODERATE REVIVAL IN AGTIVE DEMAND| ININDUSTRY SEEN Second Quarter Likely to Fal} Short of 1929 Levels, Survey Indicates, The closing days of March and of the first quarter found the key industries facing the prospect of a moderate rise to a Spring peak in business late in April or early in May, reports The Business Week in making public the resuits of a survey just completed. At best, the survey report shows, it is une likely that the general level of by activity will return to normal u;:"f’l:‘:: late Fall, or toward the end of the third quarter. The prospective moderate Spring revival will follow a secondary recession which, resulting from a tene dency to overestimate current cone sumer demand early in the year, made itself felt around the Lo middle of Feb~ ; Spring Demand Picks Up. “In the past two weeks,” say: Business Week, “there has dea‘.m improvement in consumer demand in most lines with the opening of the Spring season. This influence is be= ginning to spread back to the primary industries, and at the end of the first quarter of this year general business activity on the whole is probably back again to the levels reached in the Jan- uary rise—or will be early in April. March as a whole vill probably show very little improvement over February. On the whole the second quarter now Esgm‘?]gmg should make a fair compari- s 2 e correspondiny i 1928, though far beiow 19200+ P08 ©f ustry by industry, the surve - x_'ealed the following énndltlnr;ls :g' fir}:e Arst quarter reached its end: Construction Improves, Construction—At the end of the fir quarter construction activity is -gmf: 1929 levels. The pressure for speeding up public and utility construction is, at last, being felt. Heavy construction, 38 per cent below last year in January and 47 per cent below in February, re- gained the 1929 level for March. Under seasonal stimulus building will prob- ably run considerably above last years levels during the next quarter, It may hog hmher_nn‘hmuph the year. wer.—The first two weeks in Mare! showed very little change. Sinen| thes there has been a definite upturn. Slackness in demand has been and stili is marked in industrial areas serving the automobile industry, in fron and steel in Western Pennsylvania and Eastern Ohio, in bituminous coal min- ing and copper regions. For the country as a whole electric output is above the corresponding period of last year, but less than the normal growth. "All ‘indi- cations are that power demand has passed its low point and is showing g:g:};eaixenns‘gf recovery. Except, for 'as the outlool AT e k for the second Coal Output Declines. Coal.—Bituminous coal prod | demand and prices in March wors joom: than in January, lower than last year and than the average during preceding years. The decline in production has been practically continuous since the last weck of January. This decline is & reflection chiefly of industrial recession and recovery depends upon the trend of business conditions e in’ the next half | _ Chemicals.—The first two wi March “barely held their own, ;:‘:;S"?: last half of the month saw substantial revival, which will probably bring the average 1 per cent or 2 per cent above Pu‘:’:“:::{:‘yd::;] first dquar!er as a whole s cons un | stantially above 1928, 102 Put sub- Baltimore Markets | Special Dispatch to The Star. LTIMORE, Md.. April 3—Pota- toes, white, 100 pounds, 2.25a2.75; sweet potatoes. barrel, 2.00a3.0f barrel, 2.00a3.00; asparagus, = d {2.00a7.50; beets, crate, 2.75a3.00: 3 hamper. 3.2526.00; cabbage, hamper, 2.25a3. carrots, bushel, ' 1.40a1.50° caulifiower, ~crate, ' 1.75a250; celery, | Srate, 2.50a3.75: eggplants. crate, 1.50a 450 lettuce, basket, 1.00a2.00: Kale, bushel, 60a80; orions. 100 pounds, 2.00 a250; peppers, crate, 1.50a4.50; par- snips. basket, 60a75; radishes, basket, 2.2582.50; spinach, bushel, '50a1.00; squash, bushel, 2.50a4.00: tomatoes, crate, 1.50a3.50; turnips, hamper, 50a75; apples, bushel, 75a3.00; grapefruit, box, 2.7584.75; oranges. box, 3.25a5.50; strawberries, quart, 25a50. Dairy Market. Poultry, alive—Turkeys, pound, 35a 40; old toms, 25a30; chickens, young, 33a43; leghorns, 23a38; old roosters, 17a20; capons, 35a40; ducks, 17a30; old hens, 29a30: Leghorns, 20a27: guinea fowl, each. 50a75; pigeons, pair, 30a35. Eggs—Receipts, 1403 cases; nearby firsi 25a2512; hennery white firsts, duck eggs, 38a40. Butter—good fancy pound, 36a39'%; ladles, packed, 18a19; rolls, 3112a32. creamery, 31a32; store 25a28; process, Live Stock Market. Cattle—Receipts, 50 head; light sup- ply, market steady. Steers—Choice to prime. none; good to choice, 12.00a12.50; medium to good, 11.00a1150; fair to medium, 10.00a 10.75; plain to fair, 9.00a9.75; common to plain, 8.00a8.75. Bulls—Choice to prime, none: good to_choice, none; medium to good, 8.50a 89 89 101'% 101% 1011% 102% 102% 102% 107% 107% 107% R0 80 R0% 101 101 101 100% 99% 100 112% 112% 112% 911 91 1Y% 54Y 54Y% 4% 98% 9% 98 102 101% 102 80% R0Y% RO ORY, 08%; 98 91k 91 Ea 107% 107 107% 107% 1074 107% 107% 107 107% 107% 107% 107Y% 101t 101% 101% 1021 102% 102% 8% T8% T8% 94% 931, 94 132% 131% 131% 59 581 581 89% 89Y% 89 93% 93% 93U 67% 91 67 6714 13% 13 90 90% 13 20% 90% 90% 95 ¢ NOBNANEIND BT n S evt. = —a o D AVNENNREA A-EBNRNAND 95 o5 100t 100% 100% | 5¢ 1004 99% 991 104% 1031 104% 109% 109% 109% 98 98 98 35 85 35 9% 9TH 9TH 100 99% 100 100 99% 99% 98% 98% 98% 100%% 100% 100% . 9% 9% 9% a1y 91 9% 934 92v 93y 103% 103% 103% 98U 98% 98% 99% 99K 99U 76 5% T5% 6% 6% 67% 92% 92% 92% 10 98 98 98 9 100% 100 100% 4 91% 91 9x 3 109% 109% 109% B 117% 117% 117% 5124 124 124 . 9.00; fair to medium, 8.00a8.50; plain to 17!\51;. 7.50a8.06; common to plain, 7.00a Cows—Choice to prime, none: good to choice, none; medium to good, 7.00a 8.00; fair to medium, 6.00a7.00; plain to fair, 5.0026.00; common to plain, 3.50a4.50. Heifers—Choice to prime, none; good to choice, 10.00a11.00; medium to , 9.00a10.00; fair to medium, 8.00a900; plain to fair, 7.00a8.00; common to plain, 6.00a7.00; fresh cows and springers, 60.00a150.00. Sheep and lambs—Receipts, 25 head: light supply, market steady: sheep, 2.00 26.00; lambs, 6.50a11.50. Hogs—Receipts, 1,000 hea light supply, market higher: lights, 10.90a 1L15; heavies, 10.00a10.60; medium, 10.90a11.15; roughs, 7.50a9.25; light pigs, 10.00a10.40; pigs, 10.90a11.00. Calves—Receipts, 25 head: light sup- ply, market steady; calves, 7.00a14.00. Hay and Grain Prices. Wheat—No. 2 red Winter, export, 1.10% o No. 2 red Winter, garlicky, spot, April, 1.12'4: May 1.14%;; No. 3, garlicky, no quotations. Corn—No. 2 domestic, vellow, new, 95a96; cob corn, new, 4.65a4.75. Oats—No. 2 white, domestic, spot, 55a 50;/ No. 3 white, domestic, spot, 53128 l{};e—Nnrby' 80a85. Tex Ark FS 6% Sales. High. 1 104% 109% Third Ave ad) Tol L& W Tol Tr L&P & Union Pac 4% Virginia Ry 1st W West Pacific 5 Wilks B&E 18t 5i Wis Cent go 8 49,