Evening Star Newspaper, April 5, 1930, Page 14

FINANCIAL. Good Weather and Easy Credit Aid in Upswing of Industry. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, April 5.—Good weather and easy credit conditions are respon- sible for the increased business activity which is showing itself in many paris of the United States. With the Federal Reserve Bank of New York operating on a 3!2 per cent rate, the same as the Bank of England, compared with 6 per cent in New York and 6%, per cent in London last Fall, the rates in other countries are being af- fected by easier money. The Reichs- bank's rate has moved down from 7!z L0 5 per cent, while the Central Banks of Holland and France, both money cen- ters, are even lower than those of the United States and England—a flat 2 per cent. There are some who believe that the rates quoted in the United States by the Federal Reserve are too low, and that the New York rate may move up rather vigorously in the next tew weeks. Both the English pound and the French franc have been very strong since the New York rates were droppea. French and English banks and business firms have been withdrawing large sums of money from the United States, be- cause they are not able to do any better in New York with their money than they are in Lon. 1 or Pars. On the other hau.., re has been a considerable amount of foreign money sent to New York banks in the last fortnight, some of it presumably for stock market operation. Certainly investment trusts and for- eign buying have been the two bullish factors in the market since the impus slve stock advance began two weeks ago. Five million- share days on the New York Stock Exchange continue. Yes- terday's record of 5,942,000 was the heaviest turnover for 1930. The stand- ard stocks like American Can, United States Steel common, International Telephone & Telegraph, General Elec- tric and Radio, all moved up vigorously on trading in big blocks, The public may not be buying so much, but some large investment groups —especially investment trusts, who have been waiting for months on the sidelines—evidently have decided that the time to buy has arrived. Automobile production is on the in- crease. Although the 400,000 cars manufactured in March were 36 per cent below the figures for March, 1929, they represent an increase of 18 per cent over the figures for February. The National Automobile Chamber of Commerce, whose duty ‘it is to keep a close finger on the pulse of the auto industry, favors a flexible provision in the tariff regulating importation of for- eign made cars. Through its newly elected president, Robert W. Woodruff, president of the White Motor Car Co., the chamber states: “These provisions are an essential factor in the world tariff condition con- fronting all engaged in export trade.” The chamber presents a very sensible viewpoint. How can American ex- porters hope to cope with situations arising in other countries when exces- sive tariffs irritate the manufacturers in these countries against tariff situa- tions here. The chamber wants provi- sions for changes necessarily pertinent to the welfare of auto manufacturers’ sales in other countries. In other words, the chamber wants effective tariff revisions when needed, whether Congress is in session or not. The United States exports for 1929 reached $5,241,000,000, gaining $113,- 000,000 over 1928, and establishing a new record. Imports, on the other hand, showed even a greater increase, $309,000,000 greater than the preceding year, the balance of trade being $841,000,000 in favor of the United States for 1929 as compared with $1,037,000,000 for 1928. Analyzing the figures, the real rea- son for the export expansion centered in the development of finished manu- factured products. While raw cotton still held first place in value, machinery and electrical apparatus. automotive products, and gasoline followed in the order named. The import growth came from the larger purchases of raw materials and semi-manufactured products for our factories. But there was also a large increase in the value of imports in fin- ished articles. Of course, these figures do not include interest on American debts held abroad. Nor other invisible items, such as tour- ist expenditures and money sent to for- eign countries for other purposes than the purchase of goods. Representative Francis Seiberling of ©Ohio has joined with Representative La Guardia of New York in a protest to At- torney General Mitchell against the pro- posed Bethlehem-Youngstown merger. In a letter to the Attorney General Mr. Seiberling calls upon the Depart- ment of Justice to make an investiga- tion to “protect properly the interests of our people.” Mr. La Guardia's resolution, already introduced and calling upon the Aitor- ney General to stop the merger, charges “a subtle plan backed by the United States Steel Corporation to create an American steel trust.” " Mr. Seiberling’s letter says that ‘Ohioans are proud of the successful and independent industries developed among them,” and that the “merger of these industries with great Eastern cor- porations will have the effect of making their cities mere mill towns.” Charges that the merger is being forced through purchases of large blocks of stock and that “promoters of the merger are determined to consummate it at any cost, irrespective of its legality or the effect upon the people of North- ern Ohio,” are also included in Mr. Seiberling’s letter. In some quarters it is said that many ‘Youngstown stockholders are opposing the merger, fearing reprisals on the part of United States Steel Corporation. and the reduction of $4 a ton in the price of pipe by a subsidiary of that corpora- tion, the National Tube Co., is regarded by the opponents to the merger as a warning against it. When the steel industry starts fight- ing sparks fly. Next Tuesday, the battle of ballots will begin. (Copyright, 1930. by North American News- Ppaper Alliance.) ANCHOR POST FENCE. BALTIMORE, April 5 (Special).—The Anchor Post Fence Co. of Baltimore realized its most profitable year in 1929. the report of operations just issued shows. Both sales and net income set records for all time. Total sales ex- ceeded 1928 by 11.6 per cent and net income showed a comparative gain of '75.6 per cent. ‘The balance sheets show current as- sets of $947,520, against current liabili- ties of $270,342, a ratio of more than 313 to 1. Surplus at the end of the year was $679,830. INVESTMENT TRUSTS NEW YORK, April 5 (#£).—Over the {counter market: “Am & Cont Corp. Assoc Stand Oil Basic Industry Shar British Type Invest (néw) Bid Asked 30 32 Investment ‘Frist North American ©il Shares, Inc., Eecurities Corp.’ Gen. com Fsustes Standard Oil Sha: of N. Trust’ Snates.. Units.. 4 \ NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ontinued From Page 13. Stock ana Sales— UNITED STATES. © D 5 Dividend Rate. ~ Add 00. High, AT SHURI SESSIUN (Bales are in $1.000 ) - Stock and Sales— 119% Southern Pacitio (6). 3 124 Bales. High. Low. Close, ; Dividend Rate. Add 00. High. 36% 123% Southern Rwy (8)... 2 12! L . 110013 10013 10013 20l mohawi G Mil () AL MM S e e | e e IR ts 45 Dok e O Lib Ath 44+ 83 10128 10125 10126 60 48% Monsanto Ch (§1%). 3% Sparks ngta(1). 45 23% 22% 234 23% | Pni : f . 5 9% 35 Montgomry Wrd (3). 69 40 391 391 40 | 10% 6 Spear&Co. tqes G 2 2 20 |Prime Group Firm Despite|ussxs ¢i.. 310010 10010 10010 16% 3% Moon Motors 26 14% 14 14% 141%| b2 35% Splegei-May-St (3) 3 41 40 40 4l 5 " <ees 1010421 10421 10421 72 58% Morrell & Co 1 66 66 66 66 | 9% 2% SiandBrands (1)) 66 2% 2% 2% on| Stiffening of Money Rates, |U8¢% 2. 21116 1116 1116 : 1% :om-rmudoo.l a_fi, :K 2 g ;z] b. 22 % o% 6 i FOREIGN, 4% Motor Meter . 8% 2 L 119% 118% 119% 119% : 2 65 50 Motor Products (2).. 35 72)% 64 172% 64%| 1ok 2 12w 12 123 18 Convertibles Sag. T o 24 26% Motor Wheel (3).... 1 32 32 821 824| 70 bb% Stand Oof Cal (2%).1861 72 69% 72 9% [pmrisiehobo bl L 20% 12% Mullins Mfg. T 1 184 18% 18% 18 | 10z 98 Stand Ol Exp pf (6). 4 100% 100% 100% 100% sentine €10ctsd 4 994 99 3 241 18 MurrayCor(bi%astk. 18 22% 221 22% 22% | 4U% 374 Stand OllofKan (2). 41 39 8y 39% 9% BY F. H. RICHARDSON. e L g e o 4915 35% Myer(FE)& Bro(3). 4 47% 461 464 47% ;;’v: :;“ Stang uu:.;ux . 1188 79% 13% 9% T6% i i . b ; : z;,& :9% gg% 581 45% Nash Motors (6).... .18 48% 473 47% 48%| O tand Ol N ¥ (1.60). 163 8 37w 87 374l Special Dispatch to The Bt g 9% 99 132 121% Nash, Chat&StL (1), 10s 130 = 180 130 131 3" 1% SwandPlateGlass... 1 24 2% 24 24| NEW YORK, April 5.—Despite aslight | 4ustralia o ool o i 5 2 231 23y 23% 28| 20% 104 Sterling .. 48 19 18% 1s% 19%|advance in time money rates—90-day | qu "'"‘ '“" * 13 91% 9% 9% 23 28 2% 28w 26| 14% 12 Sterling Sec pf(1.20 2 14% 14w 14% 14 )bills are now quoted at 4 to 414 per cent | Australla bs . 1 1z 12° 12 11| 48 86% Sterhing Secov pr(s) 4 dbs 46t 463 4ok |against 4 per cent on Friday—the bond | Bank of Chile 6%s. 12 98% 93 11 874 874 87% 87| (6% 88 Stew-Warner(n3%) 52 47 4bw 46% 46w | market moved upward today. Bank of Chile 6%s. 6 98% 98% 983 11 66% 66 66 66 | 104% 77 Stone& Webster (4). 329 108% 105% 108% 10si| The session v.as fairly active because 1 2 Ve 102% 94 56y 4% bBd% 55% .173 40 Studebaker Co (6). 2 2 2 » | of the continued heavy trading in such Y 2 204 20% 20% 207 | 126 116 Studebaker pf (7). convertible issues as American Tele- | Belgium 78 1956... 5 1121y 112% 112} 2 204 29% 204 29| L% _ % Submarnine boat, phone 4's, International Telephone 2 108! 1170 170 170 169% | (65% 63 SunOM (il) 4158, General Theater Equipment 6s 92 BA% b53% b64% bdy | 1US% 102% Sun Ol pL6) and Warner Bros. Pictures 6s. These 21 1243 121 122% 120% | 3% 0% Superior OlL % | were inclined to sag in sympathy with 2 91% 91 91 91 2v% 20 Superior Ste the trend in their common stocks. 1 34% 34% 34% 34% [ 2% Symington. The strength of the market apart 1 48 48 48 45| 16% ¥k Symington from the convertible group was chiefly 34 29% 29 290 20| 26 15% Telautograph (11.30) 61 26 24% 26 2% |manifested by unchanged prices and| Brazil 63 ae "9 b53% 53% b3% b4 | 16w 18 TennCopaCh td).. 5 6 6 | the resistance thus shown to selling. In | Brazil 6% s 1927, 2 456 45 45 45 59w bUN Texas Corp (é). the fmme section Pennsylvania Gener- . 28 186% 186 186 189% x Gult Sul (4). al 4155, Inland Steel 4!2s and General Chi & St L pf (6. 3111 110 111 110 132 117 Texas& Fac (b).ee.. 32 Motors acceptance 6s scored small gains. Harlem (6)...7408 257 236 254 2568 | 14 % Tex PC&Oll... 2% 18 In the industrials Chile Copper 55, Na- 2127 126 126 1264 | Sz% 18 Lexas Puc LandTr.. 62 21w 21 % 6% | tional Dairy Products 5Y4s and Good- 9120 127 127 129%| Sos 1y Thatcher Mig (1.60). ©3 35w o4 « 34% y3bl |year 58 were actively higher features. 1 16 16 16 16%| 4ow 43 Third Natilnves(l) 2z 44 48% 43 43 Dullness characterized trading in jun- 2 38 3 3 3 oo $3% Thompsn Prod(Z.4v) 1o odW %l 7% a8k |lor railroad descriptions. Florida East|Golombia 68 Jan 00s 2 1% 2 2 i3 11 Thomyson Starr 1ot 16n low 174 |Coast 4l5s were 3)2 points higher-on|Copenhagen 4% 63. State Ryspf....2008 3% 2% 3% 24| lo% 10% Tide Waler AssobUe. 70 16% 16 16% 16% | the first sale of the week in this issue. | cypa . Steam pf (6).... 90s 103% 103 103 1034 | svs 78 Tide Wat Asso bt (6) 6 6 5 At 90 the bond was at its 1930 toD.|Ggech, 116t 110 N ¥ Steam 1stpf (1) 40s 114 113 114 113%| o 6% ‘Cide Water Ol prs) Rock Island 4!5s made a small gain. | cyeeho y > 1 1 ¥ 3 104% 100% North Am £4 pt () 2 bacco Froducts., ° 97 #4 Northern Pac (6).... & 'obacco Products A, 1 96% 821 North Pacet (6).... 1 “Cranscontl Ol (30¢). 11y 4 Norwalk Tire & Rb.. 2 Cranous & W (1) 1 15% 9% Ofl Well Supply...ee 1 11ico Frod (24). 2 297 187 Oliver Farm Kquip.. 22 E ‘Lwin City Rp 4 (4) L 44% 31 Oltvr Fr Eqcv ptid). 5 2 2 2 2 Una-gil-pisner (8) .. 6 12 59 70 OlvrFrEqpfA(6). 1 56 56 &6 56 | 106% 76 Union Carbide (2.60) 95 8% 2% OmnibusCOrp...... 46 W 7% Th x| 47% 4l UnlonOllofCargz) 17 s9 63 Orpheum Cir pt (8). 1008 2 . 24 Otis Elevator n(3%) 56 P 1 387 (2%)eeree 3 7. 2 607 524 Owens i1l Glass(né), 1 4 344 Uld Alrcrafis Irans. 424 17 7 Pacific Coast 1 19% 19% 19% 16w| 76 . 86 UtdAtrcratiaTptd. 1 ific Coast 2d pf..- 20s 16 16 %g 16 52 36 Utd Biscuit (1.60)eee ¥ Paciiio Gas & K (3 34 0% 69% 70% 0%| 74% d44% Uid Carbon (2) 18 14 103' 103 103 104 v 4 UtdCigarStoses - Pacific O1) stubi 6 5 Packard Motor (1), 189 1 Panbandle P&R.... 5 6 Paramount-F-L (4)+ 259 United bruit (4)..... 44 Park & Tilford (33). 127 & 1mp(1.20) 354 Park Utah. s it < % Utd Gas & im pf (6).. 2 Parmeles Trans 1% . 18 228 224 22w 22| 14 z 3 B | 2% 8 10| 12 8 w1 | sen 1 gx | B 2w USKxpress. 6 661y | 92 13% US& Foreign Secur. 11 guse | 101 253 US&For Secpfi6).. 4 Jo'| 01% Eo% USErelsht (3).eeee T4 2 ) s | 189 98 U S Ind Aiconol (17). 11 Sin Phelps Ddge (3)..., 3 2 54 50% PhilaCo6% pfid).. 1 2 19% 11t Phila& Read C&l.. 98 20 13} &4 Philip Morris (1). 4 2 g el 39t 9% Phillips Petrin (n3), 132 40% & 3 ] 82 Plerce-Arrow pt (6). & 82 sz #2 sz | 88 ¥ ReE . Y 214 1 Plerce Oil, 1B 2 1% 2z oz WTw1es 1), 5z1 41% 20 Pierce O1l pt. . 8 38 88 38 38 | M8 ‘:3. 3:%‘:..‘.‘ o ‘|""- : 6 2W Plerce Petroleum.... 8 & 4 “ B eees o 2 oo oW % BN| 115 103% Univ Leat Tob pf(s). 108 1 " 3 2% Ly Fipe & Rad. . 18 A 434 Bl UUl Pwr&LtA e2). 550 Pitts Terminal Coal. 2 1% T 4 Vadsco Sal PRicanAm 1o (A)T 2 70 70 70 71 | 124% 49% Vanadium P Rican Am To (B).. 23 25 24% 24% 24%| 46 o7 Vick Chemical Prairle Ol & Gas(3). 12 52 b2 52 b2 »% bty Virginia-Car Chem.. Prairie Pipe L (16).s 6 56 55% 56 56| 103 100% V v Pressed Steel Car..e. 19 14% 14% 1415 14%| 106 60 Vulc Detinning (4)..170s Pressed SICPL (T)e. 5 T2 2% 723 72 | 149% 63 VulDetnning A (4). 20s Proc & Gamble (3).. 11 67w 66's 66l 67 Prod & Refiners..... 1 1l% 11% 11% 11 Prod & Refinerspf.. 408 35 35 8 35 4 Poor &Co (B) 42)... 2 30% 30% 30% 31% Public Serv, NJ 3.40. 267 111 109% 111% 1103 uken ‘imken Det Ax(¥0e). ~Quinian (1). 6 Holler (3)... 6 Punta Alegre Sugar. 5 5w 3 Brosi(t18).. - 1 % Pure Oll (1%) 251 26% 25% | ugry 23 % Pure Ol vf (8) s 110 113 e ‘e e 4 Purity Bakerles (4). 8 75% 75 15 75%| 2a% 2213 WessOll & Snow (3). Radlo Corp. .. L1271 61% 59% 604 614 | 100% 97% West Penn Kl pf (6). Radlopf A (3%) 6 5 | 117% 113%a West Penn Pw pf (7) 10s 115% 115% 115% 117% Radto pf B (5) 24 1312 Westn Dairy (B).... o Radio-Kelth-O 3 3 36 24w Western Maryland RRSec1CstkC(4). 308 75% 75% 75% 7dw| 53% 40} Western Pacitic pt Raybestos Man 2.60. 14 48 4Ti¢ 47% 49 & Real Stlk (5) ... 33 62 60% 62 60% Real Silk Hospf (7). 10s 98 95 93 98 Rem Rand (1.60).... 42 43 42% 424 42% Reo Motor Car (.80). 13 13% 134 13% 13% RepubIr&Steel (4). 1 79 79 79 80 | 43 31 White Motors (2).... Rep Ir&Stictfs (4).. 16 79 77% 78 77 | 54% 36 White Rek MS(14%) 4 RepIr&Spfotfs(7) 2 1141 114l 114% 114% | 13 74 White Sewing Mach. 4 ReynoldsSpring.... 17 5% bl b5l 5% | 18 11' WilcoxUll&Gas.... Reynolds Tob B (3)., 41 b54% b4l 54% b4k | 34 27 Wilcox Rich (A) 2%, Richfleld O1l (2)..... 21 27 26% 27 24%| 27% 19% Wilcox Rich, B (3).. : RioGrande Ol (3).. 42 25% 25% 26% 25W| 10% Tha Willys-Over (1.20).. : Ritter Dent Mfg ( 2 Woolworth (2.40)... 48% 37t Rossia Inc (3.20) Worthington Pum| 54% 49% Royal Dutch (a3. Worth Pump B (6).. 99% 94 Safeway pf (6). Wrigley Wm (4).... 574 48% StJoseph Lead (13). Yellow Truck & C. 101 92 St L-San Franpf(6). Yellow Truck p: 13% 4% Schulte Retall Strs.. Young Spring (3). 75 35 Schulte Retall pf(8). Young Sheet & T (6). 100% 1% g-n:l;-laul-x (32%) Zeniih Radlo. . 23 9% Second Natl In o 3% 2l Seneca Copper. 3 4 . RIGHTS EXPIRE ) 12% 7% Servel Ine.... 35 11% 11% 11% 11% % AmRoll M., .Junelé 9 - 1% 3% 14 1% 32% 22t Sharon Steel H 3 301 30 30 30| 2% »ChiRI&P..May® 15 2 2 24 2u 273, 17 Sharp & Dohm o 2 24% 24% 20% 28%| % % ConFillnd...Apri0 41 % % o x % 50% 36% Shattuck(FG)(til). 18 49% 48% 494 4y | 7% 3% FoxFilmA..Apri0 40 7h 6% 7% 7% 24% 21 Shell Unfon (140)... 60 25 24% 25 24% % FoxFilmdeb.Aprid &3 & K W % 105% 100 Shell UnOflpf (6%) 2 106 104 104 108%| 2% 1% IntTeldTel..May 1108 2% 2% 24 24 18% %% Shubert Theatres. 2 16% 16% 16% 16 5% 3% Pac Lightg..May ’x 270 bW b 5% 5w 37 22% Simms Pet (1.60)..en v 33% 34% 384 viden 5 give able are the annual cai 31% 21% Stoclair Con Oll (3)., 301 31% 30% 31% 0% | PSR PRCE S (LIS IRy 00 Shares, ' Fartly viire & s 4% 40% 28% Skelly O1l (2). 137 40% 39% 40% 40 |in stock. § Payable in scrip. f Plus 9% in stock. a Paid last year— 8 IDAdsE R InE, 2 8% 6K 6% 6K Do IRl e e I Piue ok, i Stotk ¥ Blus 0% ih stock. 14 95% Solvay Am In pf 10 114% 118% 114% 113% = . {Plus 10% i stock. gPlus 6% In stock. lsm o sbuml.m s (3). 5 66% 664 66is 66% B Plus 2% in stock.. 1Plus 8% in stock k Plus 3% in stock. n Plus Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., April 5—Poultry, alive—Turkeys, pound, 35a40; old toms, 25a30; chickens, young, 33a42; Leg- horns, 23a 38: old roosters, 17a20; capons, 35a40; ducks, 17a30; old hens, 30a31; Leghorns, 20a28; guinea fowls, each, 50a75; pigeons, pair, 30a35. Eggs—Receipts, 1,733 cases; nearby firsts, 25%; hennery white firsts, 26)2; duck eggs, 38240. Butter—Good to fancy c;nmery. pound, 36a39}2; ladles, 31a32; store packed, 18a19; rolls, 25a28; process, 3175a32. Potatoes, white, 100 pounds, 2.25a2.90; new, bushel, 1.50a2.75; sweet potatoes, barrel, 2.00a4.00; ms, barrel, 2.25a 3.50; beets, crate, 2.75a3.00; asparagus, dozen, 1.50a6.00; beans, hamper, 3.00a 5.50; cabbage, hamper, 3.00a3.50; car- rots, bushel, 1.40a1.50; caulifiower, crate, 1.75a2.25; celery, crate, 2.50a 3.75; eggplants, crate, 2.00a5. lettuce, basket, 1.00a2.00; kale, bushel, 5(.75; onions, 100 pounds, 3.00a3.50; peppers, crate, 2.00a5.00; parsnips, basket, 50d 65; spinach, bushel, 35a75; radishes, hamper, 1.50a1.75; squash, bushel, 2.00a 3.50; tomatoes, crate, 1.00a2.75; turnips, hamper, 60a75; apples, bushel, 1.00a 3.50; grapefruit, box, 3.00a5.50; oranges, 35‘ 3.50a8.00; strawberries, quart, 22 < NEW YORK BANK STOCKS NEW YORK, April § (#).—Over the counter market: BANKS. CIRE . Asked. America 139 .40 Broadway 5 128 Chase_ Natio 167 169 Chat Phenix Nationa) 139 142 City Bank. 24315 245 Fifth Aven 3850 First Nationa 8500 Manhattan Co. 154 TRUST COMPANIES. Bankers’ .. . 176% 1T1% Cent Hanover. 398 © 402 Chemical Bank & Trust. 867, h 238 318 133% 264 1 SEASONAL UPTURN IN TRADE FOLLOWS EASY MONEY RATES Banks Lending More Needs—Building Freely for Industrial Activities Show Gain—Collections Better. BY J. C. ROYLE. Bankers of the country apparently have blinked themselves out of the nightmares which have been troubling them for the last five months. At least, “easy money” now is more of a reality. Banks are loaning more freely for in- dustrial purposes. This is reflected in better sentiment throughout the eco- nomic structure. Steel has resumed its advance, due to the seasonal demand. The passing of the 26,000,000 mark for automobile registration is encouraging the motor producers, especially as the number of new cars registered in the last month shown a strong increase as com- pared with February. Construction Gains. Construction® is picking up. Public works and industrial construction are doing better and are, in fact, almost at the same level as at this time in 1928 and 1929, The amount of residential bui , however, is dlllpgoinflni‘ a demand coming up, however, from indusf centers where new in- larger plants are springing up. This is mechlg true of locn.gns hiood. Collections in both the wholesale and retail fields are l.mprmlnfi coincidentally with the growth of enm‘uyment. This cities of the Midwest. ‘unemp! nt has not had a marked effect on vol- deposits. umfllnvmnunk po‘:{l its annual Spring betterment and this is vin, a favorable influence on textile manufacture, wool and cotton and silk lund affiliated lines. The demand, de- a; full force. Utilitics Doing Well. ‘The utility companies, except ibly the street railways, are doing well, with gas and electric transmission lines growing rapidly. The power consump- tion curve again is on the gwing up- ward. More gas is being indus- trially and domestically than ever be- fore. The electric equipment manufa turers are having a Spring fully equal to 1929, when new high records for profits were established. Strong pressure has been brought to bear on farmers to reduce wheat and cotton acreage, but indications do not lead to the belief that this re has been successfully n}zpll . The live stock growers and feeders are in a strong position, however. The petroleum industry is proceeding cautiously, waiting for the consumption always expected to rise with warm weather. Production of crude in the Oklahoma fields has again been dras- tically curtailed. The coal industry still | 2 is depressed, but anthracite producers are in better position. (Copyright, 1930.) T. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business April 3 was $359,175,046.23. Customs receipts for the month to date were $4,- 462,201.30. Total ordinary expenditures, $9,796,677.92. Missouri-Pacific 4s and Atlantic Gulf & West Indies s dropped slightly. Announcement by Mayor Walker that New York City would operate its own subway system in competition with the Brooklyn-Manhattan Transit and the Interborough Rapid Transit Cos. caused & general decline in traction issues. In- terborough refunding 5s were off 13 point in heavy volume. Hudson-Man- hattan refunding 5s and income 5s were also lower. Hudson-Manhattan is a railroad, strictly = speaking, since it comes under the supervision of the In- terstate Commerce Commission, but its bonds, usually move with the tractions owing to the local nature of its traffic. GRAIN MARKET CHICAGO, April 5 (Special).—The wheat market showed considerable strength today under general buying led by Eastern houses. The forecast for generally fair weather in the South- west over the week end was the bullish factor and discounted the effect of the weak Liverpool market. May opened 1.14% to 1.1515, July, 1.15}2 to 1.15%; Scptember, 1.17% to 1.173;. After first half hour May, 1.153g; July, Yai September, 1.18%. Corn was firm with wheat. May opened 8653 to 86%; July, 8872 to 8834 September, 893,. After the first half ;Ag:lr May, 87'%; July, 89's; September, 8 Oats were irregular with some liquida- tion 1n evidence. May opened 447; to 443,; July, 45; September, 4375 to 43%. July, 45'4; September, 44%3. Provisions were unchanged. iyl i { Washington Stock Exchange SALES. Potomac Electric 514 % pfd.—1at 10874, Mergenthaler Linotype—10 at 1075, National Mtge. & Inv. pfd.—100 at 4%, 100 at 434, AFTER CALL Washington Rwy. & Elec. 45—$1,000 at 8874, $1,000 at 88',. ‘Washington Gas 6s B—$100 at 104': $100 at 104’5, Potomac Electric 5'> 7 pfd.—5 at 1081,. Merchants' 125%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid. Asked 10013 . Amer. Tel. & Telg Amer. Tel. & a. 4155 '33 4125739 1. Wi e Washington Wash. Gas 65 serie: 65 serles B. & Elec. 45 E MISCELLANEOUS. Barber & Ross. Inc., 6! Cham.-Vanderbilt Hotel Cheyy Chase Club 5'as. D. C. Paper Mis. Pot. Joint Stock Ld. B Wash. Mkt. Cold Stora Wash. Cons. Title 6s STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga.... Capital Traction Washington Gas Light Norfolk & Wash. Steamboat. Potomac Elec 6, pfd. Potomac Elec. 514" Wash. Ele Wash. Gi Wash. Rwy. 5. a5 2001530 2823838 Iyt pid Wash,, Balo. & Annal Wash,, Balt. Annap. pi 5 éom.. NATIONAL BANK. National Capits 250 300 Columbia av- .. Commercial 236 2dh District . 215 250 Federal-American’ . 202 298 Liberty ... 208 218 Lincoln 400 440 National 375 385 Rigss . 528 540 Second .. 200 214 Nationai Bank of Washington.. 260 TRUST COMPANY. American Security & Trust Co..*425 435 Continental Trust. 27 140 Merchants' Bank. 12513 130 Natiorial Savings 565 580 Union ‘Trust... 265 300 Washington Loan & Trust. 500 SAVINGS BANKS, Bank of Bethesd: L4 Commerce & Savings. e East Washingi 35 otomac _. 75 Security Savi nth_Street. ... vl United States. . Washington Mechanics 1750 FIRE INSURANCE. 3: American ..... veeer 335 330 27 TITLE INSURANCE. Columbia Title 12 Real Estate.. 50 . Title & Inv. of Md. com. 2 a0 MISCELLANEOUS. Barber & Ross, Inc.. com. 13 Chev: by cold weather, is being felt in | Emers Natl. 4 Peoples Drug Stores pi al Est. Mige. & Guar. pfd. 7 Security Storage. 18 ‘er. Ref. & Whr. 53 The Carpel 29 Wash. Mech. Mtge. coi 11 Wash Medical Bldg. Corp. 100 Woodward & Lothrop pfd pit] *Ex dividend. Unlisted fipurlment. BONDS. Club 5 lub_4%%s. 1 Club 1 n Club Army-Nay; 08 MOs. Commerc; Metropoli Anacostia_Bank. in’ Sa 00 T 40 Fiipeln Sulonsl Beox.. Northeast Savings B {7 e Park Savi nk. Hotel Co. 50 s ington Savings Bank. 12 Woodridge-Langdon Sav. Bank. 20 The finest steel made today, it is claimed, cannot match the steel of the sword blades made by the Saracens a thousand years ago. After the first half hour May, 45ls; | Bank & Trust Co.—10 at| | | Milan 6%s. . i “ | Atlantie Refin 6 Danish Munie Denmark 4 % a Denmark 548 65. Denmark 6; Dutch East 1 6s 62, El Salvador 8548.. Finland 6%s. Finland 7s. Framerican THs. French 7s. French 7% German Bank 6s German 7s. Ger Gen El Greek 651963, Hait 6s. Hungary 1% Irish Free State b Italy 78....... Italian Pub 8 7 Japanese Netherlands 6s 72. New So Wales 68. Norway 68 1963.... Norway 6%8...... Norway 6s1943.... orway 68 1944. Orfent dev 53 68 Orlent Dev'int 6s 63 Paris-Ly-Med 68 Paris-Ly-Med 7s. Paris Orleans 6%s. Porto Alegre Queensland 6s. Queensiand 7s. Rhinelbe Un 7 . Rnine Wst EP 6s 63 Rhine West 63 63.. Rio de Janelro 6%s Rio de Jan S8 1946 Rio Gr do Sul 6s ¢8. Rome 8%s. . Solssons 6s. Sweden 6%s Toho El Pow 6s 32. Tokio 5s. . Toho El Pow 7 Toklo 618 196 Utd Kingm %8 Uruguay 6= 1960. Vienna 6s 52 Warsaw 7s Yokohama 6 Alleghany 6s 49, Allls Chalmrs 68 °37 Am Beet Suzar 6s 31 AmChem 63 s cv 49 Am Nat Gas 6% s 42 Am Smit & R 1st br Am Sugar Ref 6s. . % | Am Water Wks bs. Armour&Co 43%s 39 Armour Del 6 Associated Ol 6s. Atl Gulf 58 69. . Bell Tel Pa 63 B Bell Tel Pa 5s C. Bethlehm Stl pm: b8 Beth Steel rf 6s. . Chile Copper 6: Col G&EI 63 May 53 Com Invest 6148 ¢9. Con Coal M4 b ConGasN Y6 Cuban Am Sugar Den Gas bs. Duquesne ¢%s 67 Gen Mot Ac Cor Gen Pub Serv 6% Goodrich 6%s. Goodyear 6s rct HumbleO & R 6%s 111 Steel 4148 40 Inlard Stl 4 Intl Cement Int] Mateh 6 Int Mer Mas Inter Paper "ntl Tel&Ta1 6 Ran City P & Lt Kan G & Efn 62, Kendall 51s 48 war Lautare Nitr: Loew’s 6s w o war. Lorillard bs. Lorillard 6%s. Midvale Steel 6. Montana Pow 43. Montana Pw deb 6s. Nat Da‘rv 6%s Phila & Read 4 Phillips Petro 6% Por Ric Am Tob 6; Postal Tel &C 6 Pub Serv G 4%s Pub ServGas 4% Remington Ar 6s 32 Rem Rnd 6% war. Richfield Of] 68 ¢4, Sinclatr O1 . Sinclair Ol 6%s... Sinclair O1l 7s. Sinclair Crude 6%s Sin Pipe Line Skelly O1] 5348. South Bell Tel b Stand Ol N J ¢8. Stand Oll N ¥ 4% Sug Es Orlent 7s, Tenn Cop 68 B 4 1024 104% 1018, 107% £6 974 103% 104% 107% 9915 £1 2 100% 9; 5 MISCELLANEOUS. Alleghany Cp 6s 44 49 103% 1021 3103 102% 6 101% 101% 1 87 8 2 88 1 101% 101% 3 103% 103% 19015 185 1031 10314 1041 103% 107 101 101 90 90 847 83 1023 1023 T8 TN 102 105 107 101% 101% 1041 104 9TU 96 102 101 9% 9 57 A6 106 105% 100 100 101%% 101% 107 1064 97 9615 100 99% 103% 103 101% 101% 107 107 %K 95 101% 101% 59 99w o4y 9414 100% 100% 991, 98% 1004 100% 292 91 92 91y 1238 122% 9T 97 104% 104% 105% 105% 921 9214 8Tl 84w 2 1031 103% 1204 1204 12015 119% 3 981 981 89N 8% 93% 93% 101% 101% 102 1024 101 101 100% 99% 25% 2! 107% 107% 106% 106% 102% 102% 101% 101% 101% 101% 106% 106% 102 102 1024 102% 103 103 100% 100 101% 101% 95% 95 95 95 9T 9% 97 97 100% 100% 97" 96% 100% 100% 102% 102% 104 103% 100 99% 98% 984 95% 95% 103% 103% 103% 103% 9 101% 101% 107, 6 a1, 103% 1038 10417101 107% 995, /1 1001 102% 102 101% 101% 1041 97Y% 102 96 57 105% 100 101% 103 1014 107 95% 101% 991 94 100% 99% 100% 1011 102% 101 101% 106% 102 102% 103 100 101% 5% M 98 97% 97 100% 97 100% 102% 104 101% Can Nat 4%8 57, C: 414868, Can Natl 63 July Cent Pac 1st 68 90.% Conn Ry & Lt 4% FINANCIAL. BOND PRCES GAN | (o BONDS o) (ONDTINSSPOTY h. Low. Close 106% 106% 104% 104% 102 102 2 96% 96% 0 87} 8% 2 100% 100% 7 99% 1004 Utllities Pow 6%s.. 1 924 924 924 Walworth 6s46.... 1 91% 91% 91% War Quinland 6s'39 2 88 87% 87% w 5 103% Westn Union 103 Westn Unfon 6%s.. 7 109% 109 109 Willys-Ov 6%s33.. 1 101 101 101 Wilson & Co 18t §; 101% 101% 101% Win Repeat Ar 7%8 1 103% 103% 103% RAILROAD. 88% 88% 88% 9414 94 94% Atch deb 4% 43 139% 138% 139% Atlantic C L 1st 4 92% 92% 92% Balto&0hlo gold 4s. 9 93% B&Ocv4%s. . 27 100% 104% IN CHICAGO AREA Federal Reserve Bank Sums Up Situation Prevailing in Seventh District. Special Dispatch to The Star, CHICAGO, April 5.—A continuance of trends operative in the first month of the year was manifest through Feb- ruary in business and financial condi- tions in the seventh district. Reserve bank credit in use declined further, principally in the item of re- discounts for member banks. Both se- curity and commercial loans of member banks gained, but totaled less than last year at the same time. February vol- ume of check payment was smaller than in January or a year ago. Com- mercial paper sales and transactions in bankers' acceptances have been un- Bklyn Un El bs 6 Buff R & Pitts 43, Bush Term con b Can Natl Ches & O Corpn 6s. 26 Ch&O4%s B 1996 CB&Q4%s771B.. ChI&E 111 gn 68 61. CMSP&Pac adj| ChiN W4%s2031. 1 99 99 Chi & N W con 4%s 39 1023 102% 100% 100% T84 Chi Union Sta 65 44 Chi Unfon Sta 6%s. " Clev Term 4%s*77 Clev Term 6%s. Colo & Sou 4 %8s Cuba RR b8 Cuba Nor 6% Del & Hud 1st rf s Den & R10 G cn 4 Den&R G W 43%8 36 DRG& Wst 63 66. Erfeconv ds A. ie conv 48 B. Erie Gen Eriecv 6s 67. Erle conv £x 7 Fonda J&G 4%s 52. Gr Trunk st b Gt Nor 8. Gt Nor GreenB& W Hud & Man aJ 6 Hud & Man ref 111 Cent ref 4 111 Cent 48 63 111 Cent rf bs 6! 111 Cent Chi 4%s... int Rapid Trans 6s. Int Rap Tr 6s stpd. int Rapid Trans 6s. tnt Rapid Trans 7s , Int & G Nor 63 1956 Int & G Nor s 11 8. NBNBARDo~ BN DANN K RRHRD BNCm CH-REDDONN 95% 101% 33% 106% Int RysCA 6s41... 2 Int RysCA 6%sre. 2 KansasCity § 17102 101% 102 KanCity Term4s. 2 90% 90 90 Lake Shore 4s'31.., 2 994 99% 997 1 89 B9 89 2 95% 95% 95Y% 5 106% 1061 1061 Louls & Nash 7s. 1 100 100% 100% Market St 7s 40. 1 95% 5% 95K MIIEI Ry &L 68 61 22 101 100% 100" Minn & StL ref 4s. 13 13 13 M St P&SSM en 4s 90% 90 90 MStP&SSM 53 gtd. 98 98 98 101% 101 101 10 RO 79 80 101 101 101 41 100% 100 100 23 100% 997k 1001y 113% 113 1134 Mob & O 4% Mont T'rm ref 68 41 NOTex& MEsA Bl auRorraEn OnaBERS BN~ INYT&Mb%S.... N Y Cent 4s 98..... NY NY NY 1 NY 1 NY NY 101% 101% 101% NY 9% NY 2: NY 1. NY 60 €0 60 NY 8 18% 184K 184 NYW&Be% 2 90 89% 90 Nor & S gen 5s 64. 2 % 75 75 Norfolk & Wends.. 4 94w 94 94% Nor Pac 33 2027 3 6% 671% 6T% Nor Pac rf 2113 113 13 8 100'3 100% 100% 9100 99% 100 3108 108 108 5104 104 104 1 109% 109% 109% 2 98 974 98 Pere M 4%31980 wi 31 97% 97% 97% Pere Margq 1st 68 104% 104'% 104% Port RL P 6s47 99% 99% 99% Readin= gen 4%8 A. 991% 99% 99% Rio G Westel 87% 85% 8T% St L IM&S R&G 4 S&L&SFK gen 68 31.. St L&SW non 4833, StP & KCShL 438, Seab A L ¢ssta. Seab AL adj 6s 49, Seab Al con 6 S B All Fla 6 Third Ave ref 4s 60 Third Ave ad) 6s Unlon Pac muo Sa Brmw Suun HROABORRNRK a0 Ha Union Pacific 1st 95% 95% 95% Un Pac 1st rf ¢, 1% 90% 91% Union Pac 4% 32 99% 99) 99% Virginia Rv 1st 105% 105 105 Vy Ry & PSs. 20 101% 100% “101% Wbhash 4%s 78 rots 931% 93% 98% Wbash s 76 B, 101 100% 101 101% 101% 101% 10 82% 82% 82% 5 991 98% 98% 6 81% 81% B81% NEW YORK COTTON. NEW YORK, Ap:il 5 (Special).— Though cotton pric~s broke sharply $2 a bale late Friday, there was no change in the general situation and tightness in old crop months proved the feature of trading on the Cotton Exchange to- day, May widened its premium over old ‘crops to the’ heaviest figures of the season and sold within two or three points of July. Steady covering of hedges in May and July caused a 10-point advance in those months compared with a loss of 5 to 10 points in the next crop. Near months closed at the top and distant positions at the bottom of the session. Spots were advanced 10 points to 16.70. Cotton range: jiay Betobe; ctobel usually heavy. Money rates in Chicago the middle of March were lower than & month previous. Steel Industry Active. In manufacturing lines, the steel in- dustry maintained a high level of operations during February, the rate of output exceeding that for the United States as a whole; steel foundry oper: however, have been declining. Automobile production and distribution again showed improvement, though re- maining considerably below the level of & year ago. Building activity continued exceptionally low in February, and the furniture industry manifested no bet- terment aside from a seasonal expan- sion in shipments. Industrial employ- ment increased, but was still under last year. Distribution of commodities was smaller in general this year than in February, 1929, the volume of trade at department stores and in most whole- sale lines showing declines in the com- parison, although chain store sales con- tinued heavier in the aggregate and retail shoe and hardware trade were larger. As compared with January, trends were mixed in wholesale trade, and department store sales declined. Grain Receipts Are Light. In agriculture and its products ma; be noted the continued small mnvemen{ of grain, although wheat receipts at markets ‘gained slightly over January. Production and sales of packing-house products and those of butter were un- der a year ago and less than in the preceding month. Despite further re- duction in butter inventories during February, stocks remained exceptionally heavy. A survey of business failures in the district reveals notable increases in number and liabilities during the past four months over corresponding months of 1929 and n comparison with October of that year, in which month occurred the break in the securities markets. The demand for commercial loans in Chicago has increased somewhat during the past four weeks, although it is still less than last year. Security loans on March 12 reached their highest level this year, gn upward trend having been operative since the low point on Feb- ruary 11. The present level, however, lasgonow slightly under that of a year Corporation News NEW YORK, April 5.—The following is today's summary of important cor- gfi‘;::ll[on xbews,l prepared by Standard istics Co., Inc, New York, Associated Pre: R News Trend. Mercantile reviews of the week point out that some phases of the comme‘fi:inl +|situation have taken on a more def- initely encouraging aspect. Indications of betterment are both more numerous and distinct. Expectations, however, are tempered by existing restraints, and only a gradual revival is looked for. Wholesale and jobbing lines continue to show moderate improvement, while the retail trade has been affected by the irregular weather and the later Easter season. Bank clearings in 23 leading cities of the country for the six days ended April 3 totaled $12,799,799,000, or 3.1 per cent below the corresponding week a year ago, which included a holiday. At New York City clearings were $9,295,000,000, or only .02 per cent under the total for the 5 days a year ago. For the princi- pal centers outside of New York the total is $3,504,799,000, a reduction of 9.9 per cent. The sharp contrast in the declines shown by New York clearings and thcse outside of New York can be traced to the increased stock market activity of the past week. Compared with 1929, transactions were about 25 per cent larger. Prominent in the corporation news of the day were the announcements of merger negotiations by Melville Shoe, ‘Warner Bros.' Picture, Libbey-Owens Glass and United Fruit. The Companies. Altofer Bros. declares extra dividend of 65 cents on common stock in addi- tion to regular quarterly dividend of 35 cents. Aluminum Co. of America—Federal Trade Commission dismissed its com- plaint against Aluminum Co. of Amer- ica, charged with violation of Clayton act. Botany Consolidated Mills had deficit of $2,764.983 in 1929, against deficit of $1,459,928 in 1928. Columbia Gas & Electric to separate oil and gasoline properties constituting industrial operation of subsidiaries by creation of new company, to which Co- lumbia Gas & Electric would transfer pall stock and indebtedness held by it in each of these subsidiaries. Common stock of new corporation would be placed in 10-year voting trust certifi- cates which would be distributed to present common stockholders of Co- lumbia Gas & Electric in ratio of one voting trust certificate for each five common shares held. New company to issue to Columbia Gas & Electric, in addition to common _stock, 337,500 shares of $6 first preferred and 337,500 shares of $6 second preferred, both issues cumulative. Dominion_ Stores sales four weeks ended March 22 up 3.2 per cent from ycn{ ago; 12 weeks' sales up 3.8 per cent. Ford Motor exported 5660 tractors from Fordson plant in Cork, Ireland, in first two months of 1930; 3,876 were shipped to New York. - Ford Motor of Barcelona, controlled by Ford Motor, Ltd., declared dividend of 10 per cent ‘on capital stock. Profit for 1929 totaled 4,859,179 pesetas. General Motors Chevrolet to intro- duce special sedan priced at $725. Gibson Art earned $4.42 on common stock in fiscal year to February 28, 1930, against $3.94 in like previous fiscal year. Grand Union sales 13 weeks ended March 29 up 17.6 per cent., F. & M. Grand March sales off 6.4 per cent from year ago; three months' sales up 6 per cent. F. & W. Grand-Silver March sales off 3.5 per cent from year ago; 3 months sales up 8.4 per cent. Isaac Silver & Bros. March sales up 4.5 per cent from year ago; 3 months sales up 14.9 per cent. Island Creek Coal March output ap- proximately 365,000 tons, compared with 414,352 tons in February and with 462,740 tons in March, 1929. Libbey-Owens Giass reported planning merger with Thatcher Manufacturing. Melville shoe negotiating for acqui- :man of Travelers Shoe Stores Corpora- ion. Nevada Consolidated Corner earned $3.60 on common stock In 1929, against $3.13 in 1928, David Pender Grocery March sales up 1.2 per cent from a year ago; 3 months sales up 5.3 per cent. Pierce Arrow Motor Car sales to dis- tributors in first quarter of this year to~ taled 2,244 passenger cars, an increase g{ g per cent over sales In same period