Evening Star Newspaper, April 16, 1930, Page 14

A—l4 #xx AYRES OPTIMISTIC ON BUSINESS TREND Cleveland Economist Sees Further Improvement With Spring Season. Bpecial Dispatch to The Star. CLEVELAND, Ohio, April 16.—Con- tinued improvement in business condi- tions, combined with a decrease in un- employment, due to the activities which are opened up by Spring, are seen in the April 15 Business Bulletin of the Cleveland Trust Co., edited by Col. Leonard P. Ayres, vice president. Com- menting on the trend of stock and bond prices on the New York Stock Ex- change, the Bulletin says that there evidently has been a change in public opinion regarding the relative values of these two classes of securities. Discussing general conditions, the Bulletin says: “With the coming of Spring business sentiment is more optimistic. In part this is justified by the mere fact that Spring is here, for agricultural work is | getting under way, building operations are increasing, more people are think- ing about buying automobiles, and highway repair and construction can now go forward. There is more work to be done in the Spring than in the Win- ter, and as a result employment condi- tions are better and will improve fur- ther. In the Spring the march of business always strikes a swifter pace. Symptoms of Betterment. “During December, January, Febru- ary and March the level of general busi- ness activity, as measured by the more reliable composite indexes of industry, has remained at about 8 or 9 per cent below its theoretical normal. There is not much actual statistical evidence of improvement, but there are some symptoms_ of betterment which are hopeful. Building constructon is in- creasing: activity in the steel indus- try has stopped declining and has turned up; the declines in the whole- sale prices of commodities appear to have been checked, and the weekly fig- ures for coal output are larger. “One important element in the im- wement of business sentiment is to found in the advances on the se- curity markets. The prices of bonds moved up vigorously during the early part of March, and the advancing trend still continues. Stock prices have made important advances in re- cent weeks, so that some issues have actually exceeded their 1929 prices, and many others have regained much of what they lost last Autumn. Such an advance of stock prices as this during slow times has always in the past been followed by business improvement not juch later on. m"As a foundation for business im- provement we have an abundance of credit readily available on easy terms. This will not of itself cause business to improve, but it does facilitate the coming of better times. In the present instance it promises to be effective, for the value of mew bond issues floated during March was not only much greater in February, but actually well in_excess of ti of March of 1920. Money raised by the sale of bonds is, as a rule, promptly spent for new construction and equipment, and such expei:GNum are components of tter business.” be'l'he Bulletin reviews the relation of the trend of bond and stock prices for the past 30 years, and in this regard "‘y"Duflnl the first 28 years of the the stock line regularly rose above the bond line in times of bull markets, and fell below it in periods of bear markets. It did this so con- sistently that it was possible to con- sider the bond line as a normal level for the stocks and to compute the per- wcuiages by which stock prices rose above normal during the bull markets and fell below normal in the bear moves. “During all this long period stock prices never rose as much as 20 per cent above the normal at the peaks of bull markets. “In the great decline of last Autumn stock prices did not decline as far as the bond line, and they have now ad- vanced until they are relatively about as high as they were at the peaks of any of the old-time bull markets. Ap- parently a genuine change has taken lace in the relative valuations which au American investor places upon stock and bonds.” BALTIMORE RECORDS BUSINESS INCREASE Special Dispatch to The Star. BALTIMORE, April 16.—The volume of business measured by debits against individual checking accounts transacted in Baltimore last month was the largest reported for any March of the last 10 3 weordh:f to res of the clear- mul& Value of bank debits is re- rted as 14 per cent above the average, fi comparison with 8 per cent above & year ago. March value of bank debits for Maryland also showed an increase T Atpee (e average. i compartion ve ave 3 mlmmt-bovemmrcno(mt year. Baltimore Markets Mpecial Dispatch to The Star. BALTIMORE, Md., April 16.—Pota- toes, white, 100 pounds, 2.253.00; new, bushel, 1.50a2.25; sweet potatoes, bar- vel, 2.5085.00; yams, barrel, 2.75a3.50; asparagus, dozen, 1.50a5.00; beets, crate, 2.50a3.00; hmbel.na. mzoo‘:;r'}s 2.60“,2'.’:; ‘bushel], 1.25a: ‘.,:Or: caulifiower, crate, 1.5022.00; kale, bushel, 35a65; lettuce, hamper, 75a1.25; onions, 100 pounds, 2.25a3.00; pepper: crate, 2.00a5.00; parsnips, basket, 5060 hes, bas- ket, 65a1.00; spinach, bushel, 35a70; squash, , 2.00a3.00; tomatoes, crate, 1.00a3.00; turnips, hamper, 60a 75; apples, bushel, 1.00a3.50; grape- fruit, box, 3.50a6.50; oranges, box, 4.00 @8.50; strawberries, quart, 20a40. Dairy Market, Poultry, alive—Turkeys, pound, 40; old toms, 25; chickens, Springers, 32a 3 s thorns, 20a24: ducks, 17a30; guinea fowls, each, 50a75; pi ns, pair, 30a35. Receipts, 2,737 cases; nearby firsts, 26a26%%; hennery white firsts, 27a27%; duck eggs, 28230. Butter—Good to fancy creamery, d, 36a39%; ladles, 31a32; rolls, 5828; process, 3115a32. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, exports, 1.07%; No. 2 red Winter, garlicky, spot, 1.10; "April, 1.10; May, 1.11; No. 3, gar- licky, no quotations. Corn—No. 2 domestic, yellow, new, 93a94; cob corn, new, 4.85a4.90. Oat—No. 2 white, domestic, spot, 55a 66; No. 3 white, domestic, spot, 54a55. Rye—Nearby, 80a85. Hay—Receipts, 7 tons; no change in market. Some little hay is arriving, but hardly enough upon which to establish &\:uunm by grades. Better grades of othy and elover mixed are selling from 18.00 to 22.00 per ton, according to &uanmy and condition, receipts by truck supplying most requirements. Straw—Wheat, No. 1, per ton, 9.00a 10.00; oat, No. 1, per ton, 9.00a10.00. Southern Pacific Company. NEW YORK, April 16 (#)—The Southern Pacific Co. and its wholly 1383 4n 19 80% 87% 8815 169% 521 12% 50 514 40t 6818 24% 10% 0% 51% 61% 238 660 108% 98l 146% 40 61% 9% 161 2 122% 99% 57% FINANCIAL. (Continued Prom Page 13.) —_——— —— Stock and Bales— Dividend Rate. Add 00 High. 26 108% 106% 0 ) 32 Leh Vai Coal pf (3) 12 Lehigh Valley Coal.. 70% Lehigh Valley (14%) 89 Lehman Corporation 29% Lehn & Fink (3). ... 91% Liggett&Myrs B(15) 36% Lima Locomotive. 52% Liquid Carbonle 4214 Loew’s. Ino (3) 85% Loew 3% Loft I . 11% Long Bell Lumb 5014 Loose-Wiles (13.10). 164 Lortllard (P) Co..... 8 LoufstanaOfl. ... 84 Louis O1l pf (§%) 384 LOUG A EIA (1%). 128 Louis & Nash (7). 32% Ludium Steel (3). McGraw-Hill (3). 14% Meclntyre Pore M(1). 61 McKeeapt T P(143) 25% McKesson & Rob (3) 414 McKes & Rbpf(3%). 14% MeLellan Stores 70 Mack Trucks (8).... 132 Macy(RH) & Co(n2) 45 gma Copper (5).. 8 Mallinson & Co. 184 Manati Sugar pf. 250 Man Elec Supply ... 81 30% Man Elev mod (d5). 1 51% Manhat Elev gtd (1) 508 20% Man Shirt (2)....... 1 5% Maracaibo Ofl Exp. . 20% Marmon Motor (3). . 374 Mathieson Alkill (3) 49 May Dept Strs (nl).. 16% Maytag Co (13 6 tag Co 1st pf 264 Melville Shoe (3). ... 156w Mengel Company (3) 164 Mexican Seaboard. .. 26% Miami Copper (4)... 53 Michigan Steel (234) 23% Mid-Cont Pet (2).... T Middle States Ofl ot. 37 Midland Steel (3).... 90 Midland Steel pf (8). 61 Minn Hon Reg(13%) 124 Minn Moline Pwr 72 Minn Moline pr 6 1% Minn & St Louls. ... 46% Mo Kan & Texas. 1 103 Mo Kan & Tex pf(1). 87 Missourd Pacific. .... 134 Missourt Pao pt 241 Mohawk C Mills (3) 48% Monsanto Cb (g1%). 16 36% Montgomry Wrd (3). 351 59 I . 1 15 2 15 1 11 85 1 2 4 1 208 8 47 Lnoonn LN ~HeelRae~ 21 103% 2 71 27 26% Motor Produets (2). 26% Motor Wheel (3) 12% Mullins Mfg. .. . 18 MurrayCor (b3 % stk. 35% Myer(FE)& Bro (3). 45% Nash Motors (6 121% Nash, Chat&St! {g&. Nat Aem: 55 Natl Bel Hes pf (7).. 71 Nat Biscult. n (2.80) 142% Natl Biscuit pf (7).. 604 Nat Cash Reg.A(14). 2 28 L] 23 243 . 128 20 Natl Dept Stores(2). 29 Nat Distillers (3). 116 Natl Lead pf B (§) 32 Natl Pwr& Lt (1)... 40 Newton Steel 444 N Y Airbrake (3. 180 N Y & Harlem (6). 108% NY NH & Hart (6) 122 NYNH&HDpf(1).. Sl e St 13 k{ 93% North Am(b10%stk) 1 51 North Am pf (3 100% North Am Ed pf (8). 84 Northern Pae (5).... 8214 North Pacet (5. 45 No Ger Lloyd (3.43).. % Norwalk Tire & Rb. . 9% O1l Well Supply . MO RN N 63 Orpheum Cir pf (8). 16 Otis Elevator n(3%) 30% OtisStee] (3%)...0n 52% Pacifio Gas & B (3).. 72 Pacific Lighting (3). 18 72 16 106% 4 1% 153 0 20% 56 Park & Tilford (33). 2% Park Utab......... 17% Parmelee Trans 13§ 2% Pathe Exchange.... 5 Pathc Exchangse A. 23% Patino Mines (a2.92) 6% Peerless Motor Car.. 30% Penn Dixie Cemt pf.. 72% Pennsylvania RR(4) 52%, 2 310 199 39% 20% 39% 29% Phillips Petrm (n3). 10% Phoentx Hoslery. 33 Pilisbury Plour 45 Pirelli of Italy(3.14) 60 Pittsburgh Coal..... 17% Pittsbgh Screw 1.40.. 8 Pitts Terminal Coal. 36 Pitts Term Coal pf.. 20% Pittston Company... 27% Poor & Co (B) (3)... 12 P Rican Am To (B).. 45 Prairie Oil & Gas(3). 54% Prairie Pipe L (15).. ki) Steel Car. ... 52% Proo & Gamble (3).. 6% Prod & Refiner: 81 Publie Serv, N, 81% Pullman Corp (4). ... 4% Punta Alegre Sugar.. 213 PureOll (1%)..... 744 Purity Bakeries (4). eee 347 . 8. A. 378 91 Radlo pt B (§) Radio-Keith-Orph Raybestos Man 2.60. 121 Reading (4) 44% Real Silk (5)... 12 toel 77 Rep lron & Sti(new) 72 Rep Ir&Stl otfs (4) 107 RepIr&su 30% Reynolds Me 4 Reynolds Spring. .., ; 49% Reynolds Tob B (3) . 22% Richfleld O11 (3).., . 16% Rio Grande O1] (3) 9 37% Rossia Ine (2.30).,,. 3 49% Royal Dutch (837 0). 6 9314 Sateway BLOres\/. ). 94 Safeway pf (8), 45 St Joseph Lead ‘A 79 114! 43 30 56! 4 508 96 10 49 4 344 16 110% 2 41% 8 84 4 144% 33% 5% 264 23% 42% 54% 102% iTHE EVENING STAR, WASHIM NEW YORK STOCK EXCHANGE by Private Wire Direct to The Star Office. ~Prev 1980.~ High Low 118% 107% St L-San Fran (8. 101 92 8t L-San Fran pf(6). 70 59% 31% 13% % Stock and Prev. 2:88. Close. 108% 107% 40 Low. 40 32 18% 79 4% 331 82 Schulte Retafl Strs. Schulte Retall pf(8) Scott Paper (31.40).. Seaboard Afr Line... 1 Sears Rosbuck (333) 44 Second Natl Inv..... 1 Sea Natl Inv pf Seneca Copper. Servel Ino. Sharon Stee Sharp & Dohme. ... . Shattuck(FG)(11%) Shell Union (1.40). .. Shell Un Ofl pf (6%) Shubert Theatres Simmons Co (3). Simms Pet (1.60). .. Sinclair Con Oil (2).. 1 7 Solvay Am In pf 6%. So Por Rico Sug (3). BSouthern Cal Ed (3). Southern Paeifie (6. pa Spalding 1st pf(7). Spencer Kelg (1.60). 50% M 34 68 20% 834 28% 48% 57% 204 83y 41% 19% 3214 27w 0% Bl 2 2 41% 41n 42y 100% 1033 104% 70% 71 71 26 264 264 Stand Brands (1%4). Stand Comm Teb.... 2 Stand Gas & El (3%) 154 Stand G& Ept (4).. 1 Stand Invest Corp. 2 Stand O of Cal (3%). 28 Stand Oll of Kan (2). 118 Stand Ol NJ (13).. 295 Stand OtI N ¥ (1. 14 Stand Plate Glass. 1 Stanley Co of Amer. 30s Starrett (LS) (12%) 26 Sterling Seo A. “ Sterling Seo ev 1 Stew-Warner (h3%) 24 & W ). 704 31% Symington (A).. Telautograph (11.30) Tenn Cop & Ch (X' ‘Tex Gulf Sul (; Texas & Pac (5). 38 247 607% 45% 11% 137% 1 24% 59% 43% 11% 67% 1% ‘The Fair (2.40) Third Avenue. Third Natl Inv (2). ‘Thompsn Prod(2.40) Thompson Starrett. . ‘Tide Water Asso §0c. Tide Water Oll pf(5) Timken Det Ax(80e). / Timken Roller ( Transue & W (1) Trico Prod (3%)., ., Tri-Continental Q or. Tri-Cont Corp ff 6). Truax Traer (1.4 0). .. Twin City Ro T/ (4).. Una-Ell-Fisner (8).. Union Bag & P ipe: Union Carbide (2. Union Ofl of € al Union Pacifiy ; pf (4).. Union T'k G ur (1.60). Utd Atrcraf (& Trans Utd Biscudf (1. United J fruit (4), Utd Utd Gf s & Im pf (5). Unit 1 & For Sec pf(6). Freight (3)..... i Ind Alcohol (17). Lea qoacaa ooy S Leather pr pf (7, Pipe & Fdry (2). Pipe 1st pf (1.20) g g g 3 § 2. qaaaaqac., 1% 108% 1% 147% 0% 72 108% 104 T e Vanadium (14). 6% Virginia-Car Chem. . Vick Chemical (3%). Virginia-Car 6% of.. Va El & Pwr ot (6).. Vule Detinning (4).. Vul Detinning A (4). Wabasn. Wabash pf, B (5). Waldort Sysum (1%) Walworth Co (3). Ward Baking A. Ward Baking B..... Ward Baking pf (7). Warner Bros Plo (4). Warner-Quinlan (1). Warren Bros (19)... Warren Bros (new).. Warren Fy&Pipe(3). Wess Ofl & Snow (3) Wess O & 8n pf (4).. 8% B1% 82 N % 307% 308% 30 & 00 99 9 39% 19% 39% 184 281 W Weston Bl A (2). White Motors (3). ... White Rck MS(1434) 111% 164 2% < 25% 8% 58% ) Worthington Pump.. Worth Pump A (7)., Worth Pump B (8).. Wrigley Wm (6)..00 Yale & Towne (16) sy 2% Yellow Truck &C.... Young Sheet & T (5). Zenith Radlo. Int Tel&Tel..May 1 Pac Lightg..May 1 Rossia Ins....Apr 28 3% SoCalEd... .Apr3l 77 % 1144 1 38% 6% b4y 26 23% 42 b4k 99% 95% 4T 9 144 13 630,100 2.826.600 iven in the above % AM.. Dividend rates as e PPy of tadine et than toc) I Veriiar rate. b Payable in stock. able in cash Or stock. b Plua 2% in stock.. 5% in stock. 100 shares. Pa; % % RAIL FREIGHT TTLAFFIC. By the Associated Press. | A marked upturn of r ailroad freight traffic is reported by the American Railway Association for the week ended April those year. 5, though the figv. res do not equal of the correspe nding week it The total of Ir eight cars loaded on class 1 railroads °for the week amd comparable periods -was as follows: ‘Week ending April §, 907,928 cars; pre- ceding week, 885,17 last year, 958,225 ¢ ars. controlled affiliated companies todsy rted 1929 net income of $48,360,- fig‘.’ . share. This com- share in 1028. Aircraft_fmpor’ year cars; same week P U— into Turkey t nearly s l 4800,000, was valued CHICAGO DAIRY MARKET. CHICAGO, April 16 (#).—Butter ady; 7,051 tubs; creamery extras, tandards, 37%; extra firsts, 34%s firsts, 3612a37; seconds, 31a33. raded reis, s ordim 25%a2 ; Ol Ty firsts, 23a23',; storage packed firsts, 26%: extra, 27%. Sales— Dividend Rate. Auu: ll::a. Low. 5 s & Imp(1.30) 253 2 102 2 8 I B 7% 7 139% 13 Sales of Stocks on New York 132:00 Noon. 210 P.M. the latest quarterly of 1Flus 9% in TPlus 10% in stock. & Plus Felus 8% in vtock "k Pius 3% in 117% 98%4 654 28% 11 4% 55% 11% 94 28% 22% AT% 23% 104's 221 AT 33 30 39% 114% 26 69% 122% 114 9918 30% 281 110 24% 261 Al 26% 5% 125% 1250 » 127% 65% 12 0% 4“ 4% 445 44 43 20 110% 10§ A% 4 2% 138% 124 281 31% 19% 116% 15 103 46% 101% 8t 101 89 70 27 141 1 1% 2% 5% ¥ table sre § i ‘Trust. Stand. Oil Shares U. 8. & Overs Sec Cor —_— Bearing the label: “I am traveling alone, so please be good to me,” 3-year- old Jean Baxter, whose mother died re- cently, went nearly 4,500 miles from Liverpool, England, to hef father at Baskatoon, Canada. - A Cleal 18 28% 22m 48% 23% 106 23% AT% 334 30 39% 64 115% 26 69% 124 114% 29% 31 28% 110 24% 29% 4ty 26% 5%, 65 w g 0% 1% 140 12% 28% 3% 29% 17 15 103 6% 101% 8% 311 4% 28% 6% 954 89 65 136 101 89 70 1 73% 78% 73% Td% 27% 141 18 12% 1% 124 Exchange, stock. INVESTMENT TRUSTS NEW YORK, April 16 (). — Over- the-counter market: Demand for Auto Steel. NEW YORK, April 16 (#).—E. T. Mc~ , president of the recently formed Repubiic Steel Corp., deman —= | O HEAVIER SALES ON, D. &, BONZy LIST LOSES | 118 98% 66% f:u.IPrduticaIIy All Groups Are! #u| Fractionally Lower—U. S. Loans Heavy. 89% / 19% I 80 2% 11% 294 BY F. H. RICHARDSON. 2314 | 8y bcial Dispatch to The Star. 48 NEW YORK, April 16—The mo-| 23% | 0 jentum of the decline in bonds, plus | 104% | s pme unsettlement in the market for | 244 |/ ftocks, carried the list off fractionally /:again today. There were moderate declines in ‘mearly all of the main groups of securi- ties. United States Government loans were heavy and slight losses occurred in the high-grade corporation issues, with pronounced weakness in some of the second and third grade rails and in- dustrials. Convertibles moved up at first and then reacted with the stock list. Since the high average for bonds was reached on March 20 there has been a deeline of 12 points, including that made today. This erases about half of the advance that occurred during the first quarter of the year. The change in the direction of prices can be ex- plained both by the advance in money rates from the 2 per cent level that held for a short time last month and 30 41% 26 6 sulting from a too rapid injection of new issues in the hands of dealers. ‘The situation today is that many of the later offerings are still available to those who wish to purchase them at some discount from the original prices, in particular instances i to 34 off from the list. Institutional buy- ing is in smaller proport .ns but there is some evidence now !that with the decline of from 113 to 2'; points in good rails and public utilities these buyers are becoming interested. The private individual, however, is still con- cerning himself mainly with stocks. Among the active issues today were the two telephone company convertible 4%s, which opened 3 to % higher and then reacted; Atchison 412s, which lost over a point; Kreuger & Toll 5s, which were in good demand around pair; St. Paul adjustments and gold 5s, both of which reacted, and Missouri Pacific 4s, Erie 5s, Seaboard Air Line 6s and the local traction bonds, all at lower prices, ‘The high price paid yesterday for the New York State 4s was interpreted as reflecting a special situation and not significant from the standpoint of gen- eral municipal bond quotations. B S T R Washington Stock Exchange SALES. Capital Traction Co.—$500 at 95%, $1,000 at 953, $500 at 9535 Wash. Gas 6s A—$1,000 at 102, $100 at 102 Wash. Gas 6s B—$100 at 1043, Capital Traction Co.—10 at 7713, 10 at 76 District Natl. Sec. pfd.—2 at 88. Natl. Mtge. & Inv. pfd.—54 at 4%. AFTER CALL. Pot. Elec. cons. 55—$1,000 at 102. Pot. Elec. 6% pfd.—10 at 1135, 4 at }}3‘;. 10 at 113'%, 6 at 1133, 2 at . Peoples Drug Str. pfd—5 at 108Y, 5 at 108%,. Barber & Ross 6125—$2,000 at 90'5. UNLISTED DEPARTMENT. Chapin Sacks 8% pfd.—25 at 106. NOTICE. ‘This Exchange will be closed on Apdrll 18 and 19, Good Friday and Sat- urday. Bid and Asked Prices. BONDS. PUBLIC UTILITY. 2418 14 15 22 16% 5% 627 138 12% 2% 4% 1% 209 284 39% 19% 9y 18 20 116 46% 100% Asked. Amer. Tel. & Telga. 4las aase Amer. Tel. & Telga. 4':, Am. Tel & Tel. ctl tr. Pot Elec. cons. 5 otomac o35 ser! Wash. G series B Wash. Rwy. & Elec. 4s : MISCELLANEOU! Barber & Ross, Inc Cham.-Vanderbilt Wash. Cons. Title 6s. STOCKS. Amer. Tel. & Tel Capital Traction Co. Washington Gas folk & Wash, _.. 38353 Wash. Rwy. & Elec. com. (T) Wash. Rwy. & Elec. p{d. (5). Wash., Balto. & Annap. com Wash., Balto. & Annap. pfd.. NATIONAL BANKS. Capital (14). 12) Commercial (1 District (8).... Pederal-American (1) Liberty (1) Lincoin (12) National Metr Riges (1) Natl. Bank of Washington (13). TRUST COMPANY. & Trust Co. (12). Trust (8] 2 e Nation; Columbia R o Amer. Se Bank (6) Trust ( 7 e e Loan & Trust (id): SAVINGS BANK. Natl. Sav. & Union Trust Washington Sav. th _Street (12) United States (30). Washington Mech 394 FIRE INSURANCE. American (12). 3 Corcoran (10). Firemen's (8). National Union (15) TITLE INSURANCE. 'h.t‘k & Inv. of Md. com. (T MISCELLANEOUS. B SRl S Col. Band & Gravel ptd. (1) . C. Paper_Mfg. i 66% 187% 101 90 69% - Co. Bt AR o am | et O Merchants' Tr. & Stg. pf Mergenthaler Linoty] B Est Mt 27% 142 12 1% 2% 5% W DULL BUSINESS LIKELY TO HELP BOND MARKET Hornblower & Weeks state in their April investment review that in their opinion dull business conditions are help- ing the bond market, because with de- mand for accommodations from busi- ness continuing dull, commercial banks bond market for em- ployment of funds. 1ds afford a margin of profit over time rates, thus 'gvlnz those who chase bonds with borrowed money a profit. Such a condition in itself usually means improved bond prices. A period of hesitation or mild reac- tion in the stock market might be in order until such time as business has improved sufficiently to warrant con- tinuation of the upward move. While we continue optimistic as to the long- term market outlook, we incline to the belief that advance has gone enough v 20% 16 WEDNESDAY, APRIL 16, 1930. FINANC 1AL. [ vev sone BONDS oo scawvcs] |G GOPPER FIRMS Received by Private Wire Direct to The Star Office UNITED STATES. (Sales are tn $1.000.) Low. Sales. . High. 27 10114 1 10116 10113 1008 1001 100 8 1045 107 2 11030 110 16 110 16 Argentine Argentine Australia 43%4s Bank of Chile § 14 Bank of Chile 6% Belgium §; Belgium 6% 2 Belglum 7s 1955. .. Belgium 78 1956, Brazil 7s... Brazil 8s. Bremen State Ts. by the congestion in the market re-|C¥ 61 Chile 78 1943 Colombia 68 Jan 61. Con Pow Japan 7s. . Copenhagen 43 53. Copenhagen 68 ct. Cuba 638, Csecho 85 1951 .. .. Danish Munte 83 A. Denmark 4%s. German Bank 63°3. German 7s. Jugoslavia Bank 7s Rarstadt 651943, .. tes. 99% 11 - s AShknoann wBaRRasDANRR NG e e aaBBanS=EE maann s 3 Kreuger&To'] bs et 393 Norway 63 1944. ... Ortent dev 53 b Orfent.Dev'mt 8s §3 Paris-Ly-Mead 6 Paris-Ly-Med 1 Pai land . Poland 7s (rets). .. Sao Paulo 1950. . Saxon (PW) 7s.. Seine 78 ¢. Serbs Cr 8i Swiss Confed 8i Toho El Pow s Toklo 6% s 1981 R RIARG NN RN RO NOBR R MR AR TA NS R AR B A 01 100 104 106 24 N High. 9914 99te 94% 99% 291, 83 90% 90% 106% 8% 100% 10315 103% 2:88. 101 8 10113 100 1 1008 1045 101 8 8 5 Low. 2:85. 99 % 9% 99% 99 99% 94N 94% 99% 99% 99 A2 904 0% 105% 0% 99 102% 108% 112% 108 115% MISCELLANEOUS. ADbItibl Pa&P os '53 Al AmChem 638 ov 49 Am Int Cor 6%s 45 Am Nat Gas 634s 43 AmSmit &R 1st Atlantio Refin Associated Of1 Com Invest 6% ¢9. Com Invest 65 Con Coal Md 6s. Con Gas N Y 6%s. Cuban Am Sugar Den Gas ge Donner Steel Duquesne 4 3 A Bast Cuba Sug 1%s Fisk Rul Humble O & R 6%s 1 Bell Tel The review points out that bond|, . 0, Bid. Asked. | Jiel Nor States Pow far Pacific Gas & B 5 PaoT&Tistés. 6 14 34 - BrtnmneBeoane [ JOFO 87 1024 102% 10415 1084 1 102% 86% 1024 102% 104 108y 99% 88 100% 1031 178 103 104% 103% 107 100% 83 887% 83% ki 102 102% 104% 106% 106 11 1 102% 102% 10215 102% 1004 100% 101 101 101% 101% 102% 102% | Erte conv 4s B. High. Low. 2:88. 103% 103% 1035 101 101 101 6ol 654 654 100 99% 100 101% 101% 1014 95% 95 +6% 106 104% 104% 94% 93 93 941 944 w 97% 97% 9% 9% 96 96% 4 44 4 991 99% 99% 96 96 96 100% 100 100 6% 96% 961 100% 100% 100% 102% 102 102 104 103% 103% 99% 99% 99% 98l 98is 98l 94 94% 94 103% 103% 103% 104% 104% 104% 10314 103% 103% 9T 96% 9T n N 9 101% 101% 101% 106% 106% 106% 106% 104% 106% 102% 102 102 96% 96% 964 87 87 87 100% 100% 100% 92 92 92 54 54 b4 92% 92 92 106 106 106 91% 91 91 103% 1031 108% 108% 108% 108% 100% 100% 100% 102% 101% 102% Sales. Pan Amer Pete 6s.. 10 Paramount 6s 1947. 7 Pathe Exchange 1s. 4 Phila Co 68 67. . 11 Phila & Read 68 *49 102 Phillips Petro 6 4s. 18 Pillsbury F M 6’43 Por Ric Am Tob Postal Tel & C 6. Pub Serv,G ¢ %8s Pub Serv Gas N Remington Ar Rem Rnd 6% Richfield O11 Sinelair Ol $s r o1l § Stinclair Of 7 Tenn Cop 65 B 44. . Tenn ElecPowés 41 Tex Corp ov 68 1944 12! Transcontl O1l 6% United Drug 58 63. U'S Rub 18t rf b U S Rub 7% Utllities Pow 6%s. Vertientes Sug 18 Walwortn Warner 8u, War Quinland Western Eleo Westn Unfon Willys-Ov 6% Wilson & Co 18t Win Repeat Ar 7%» 2 103 103 103 Youngstn S& TSs. 12 102 102 102 RAILROAD. Ann Arbor 4s. 2 83% Atchison gen 6 931 Atch debrd s 75 138 1364 187 At & Bir 48 33 7 88% 884 884 Atlantie C L 18t 4 3 92% 9% 92% AtlantieCL 4 %s 1 97% 9% 9TH B&Ocvaks ... 17 100 99% 99% B&O4%sov 60.. 287 103 102% 102% rt bn 8 1023 102% 102% . 10 102% 102% 102'% 105 106 108% 108% 103 103 86 98% 83% 83% 93 93% Buff R & Pitts Bush Term con Can Nat 43 Can Nat 4% Can Nat 4 %, 95% 1 1015% 101% 101% 24 101% 101% 101% 1 99% 99% 99% 8111 111 111 6 8 86 86 6 99 99 99 1 100% 100% 100% 5 102% 102 102 8 100% 1004 100% 3 991 991 99% 96y 96 96 96% 95% 921 92 9T% 9% Cent of Ga 68 C Cent Pac 1st 68 90. . Ches& O 43893 A. Ch&O4%s B 199§, Ch! B&Q gen 4s 53.. 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NEW YORK, April 16.—Copper prices | toppled yesterday from 18 to 14 cents | a pound, just as the news came out that |the Phelps-Dodge Corporation, the Calumet & Arizona Mining Co. and the Nickles Copper Co. had merged into a $350,000,000 organization, the third largest copper producer in the world. Copper leaders have tried to maintain prices, but with more than a billion pounds of copper on hand—about a half-year's supply—the thing couldn't be done. So the drop has come. Digging into the figures furnished by the United States Bureau of Mines and the Department of Commerce, we find that the United States production for 1929 is estimated at 1,015,000 tons; while the United tSates consumption was approximately 1,078,500 tons, almost an_ideal balance. But the United States imported 487,- 156 tons, mostly from the copper mines in Chile, owned by the Anaconda and | Kennecott Cos. The United States consumes just about half of the copper produced in the world. Of the total production for 1929—2,136,021 tons—the United States consumed about half of it, leaving a little over a million tons for the rest of the world. & This price cut will probably be fol- lowed by » reduction of dividends by the larger copper companies. “The copper mines of Chile and South Africa can produce and lay down copper in New York harbor at about 8 cents & pound. No American copper mine can begin to do that. With no tariff on cop- per today, these foreign mines could flood the American market, and cause every copper mine in the United States to close down and thousands of Ameri~ can workmen to be thrown out of work. Here's one place where a ‘would help—mightily. Then, why not and so rotect American labor and American usiness?” asks Frank Armstrong, New York copper leader. ‘The subject deserves more attention than it has received by Congress. Sugar supplies continue to pile up. The Bureau of Economics of the United States Department of Agriculture re- Yorts that the “world’s visible supply of sugar is greater than any previous yeal Sugar supply has been increasing steadily since 1922, excepting only a drop of about one million tons in the 1926 crop. + The 1929-30 combined cane and beet sugar crop is a record, excepting only [last year’s. Stock carryover was very heavy from 1929, and world consump- tion will not consume all of this year's | product. So sugar stocks in the United States. Cuba, Prance and Netherlands are particularly heavy. Says m States Government: “Visible stocks at the beginning of the present sugar season at all United States ports, Canada, Cuba, the Philip- pine Islands, Java and nine imj it sugar-producing countries of were more than 700,000 tons ning of the excess of stocks at the bey 1928-29 sugar clmr-irn." World consumption has not kept up with world production; hence the lower prices. In New York, the average whole- the year 1929, as com) cents for 1928, the lowest year in sugar history, excepting only 1913, when it dropped to 3.5 cents a pound. On April 10 the price was 3.61 cents a pound. Yesterday refineries offered a new low of 3.39 cents a pound, but no sales were reported. “When sugar refineries learn to work together—and not bootleg to destroy prices—we'll all do better. Otherwise nothing but chaos is in store for us,” said Rudolph Spreckles, president of the Spreckles Sugar Refining Co., to me yesterday. In spite of two unfavorable factors— higher British income tax demands and a sharp reduction in per prices—the stock market come k. strong yesterday and gave a better account of itself at the end of the session than it did at the inning. bear leaders were encou! copper price drop, which was an- nounced urlf. angsaresave. Buving began again in an essive g many of the leaders, like Westinghouse, United States Steel. American Can and General Electric. Even copper stocks showed up well— Anaconda, holding its own, showed no change for the day and closed at 7115 on a turnover of 156,000 shares: Ken- necott, nearly as well, closed only % of a point off from the day before on a turnover of 80,000 shares. Nevada Consolidated closed at 261, off less than a point on a 25,000-share turn- over. ‘The activity in the market, in view of conditions, is surprising. March showed total sales of 96,826,120 shares, only slightly under the record of last | year. April is keeping up almost to fast ‘years record. i But the surprise of yesterday's mar- ket was the rally of the coppers in view of the 4-cent drop in the price. 1930. by the North American Newspaper Alliance.) —_— NEW YORK BANK STOCKS NEW YORK, April 16 (#)—Over- the-counter market: (Copyright. America k of U Bankers Cent Han mi Corn _ Exch. i unty . Equitable Guaranty rving ... Manufacturers a8 _.._._.. 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