Evening Star Newspaper, April 26, 1930, Page 13

FINANCIAEL. THE EVENING STAR, WASHINGTON, D. C, CURB SHARES DROP | NEW YORK CURB IN HEAVY SELLING 2 Utilities Furnish Bulk of Trad- ing—Gas Company Shares Are Strong. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, April 26.—Opening ir- regularly, with the bulk of trading con- tributed by public wtilitles, the curb market moved lower today as offerings increased. American Superpower was the fea- ture of the opening as 14,000 shares came out at 384, a new peak for the year. Later the stock touched 38%, but then turned reactionary. American Gas & Electric moved into new high ground. ‘The natural gas shares generally were strong. American Natural Gas, which soon may become part of a larger con- cern, rose nearly 2 points in the first few sales. Southwest Gas Utilities crossed into new high territory. Mem- phis Natural Gas in early dealings showed more strength than it displayed in the last 10 days and United Gas mew and old shares, Appalachian Gas and Arkansas Natural Gas “A” and common shares were active. ’ Lone Star Gas, which has offered rights in the ratio’ of one for six at $22.50 a share, making rights worth about $3, was a trifle lower at the start today. Lone Star recently acquired Stamford & Western and Missouri Valley Gas and soon will announce the acquisition of a still larger company. Noma Electric, which is about to merge with Pilof Radlo & Tube, was slightly higher, but the latter was little changed. Revision of dealer discounts frlnud by Ford brought .ome softness into the various Ford issues and the Test of the motor list remai:ed heavy. Lehigh Coal & Navi eJllltm aew, which has just been plac on an annual $1.40 basis, advanced nearly a point. New Jersey Zinc was down more than 4 points. Among the high-priced issues Singer Manufacturing opened 19 points lower, detplm floor gossip about the company's coming 1929 report and e rumors about some settlement et made on its Russian properties, confiscated by the Soviet. Markets at a Glance NEW YORK, April 26 (#).—Stocks ir- regular; United Corporation at new high. Bonds firm; rails well supported. Curb irregular; American Super Power again touches new high. Poreign exchanges easy: sterling and French franc show further weakness. Cotton lower; beneficial rains Texas and Oklahoma. Sugar steady; covering. Coffee higher; trade support. BANK CLEARINGS. NEW YORK, April 26 (Special).— New York bank clearings, today, $1.- 397,000,000; a year ago, $1 318,000,000. New York bank balances, today, $164.- 000,000: & year ago. $133,000,000. New York Federal Reserve credit balances, today. $154,000,000; & year ago, $121- CHICAGO DAIRY MARKET. CHICAGO, April 26 (#).—Butter— Steady: 10,490 tubs; prices unchanged. Eggs—Easier; 37,118 cases; extra firsts, 2415225: graded firsts, 24: ordinary firsts, 2215 storage packed firsts, 26%; storage packed extras, 26%. BONDS ON THE CURB MARKET. Bales in DOMESTIC BONDS. thousands. High, Clase. 10 Alabama Pw 412e ‘01" 880 "95% $8% s g 9t % mn.\ 108% wa e >§>»»» it 4 jeL 101 1001 7 1 114 . 000! H 199000000000 92000000 LR P uuh u nsum a8 158 '8 £ 55 A - omp Zeller g8 - lahy Pkg 5js L1 e— 9929999 S i nemat= 8! " _........_::.!_..s......:......_..s 1 bR 3 R fand Ut ox 34, 131" 118 Insull vtil 65 B mna». 10812 er oon30r b e Bun sy uuu“—’ U 201t 9812 Vaivolin: e 5e g D 100% ash W & s Weaner Mol 0;' Wes Union Tel, FOI om Pr Guban mepup B2 45 o 5 Bs 53, 12 I g il 7 e Runr Hnu{n nst R yxn.- (T excepting those 1% 145 G 10% Allied Mills (80¢) 106% Alu Co of Am of ( 36% Am Arch Co (3). 5 Am Beverage.. 14 AmCP&L(B)(10%) 23% Am Com I'(A) b10%, . 84% Am Cwith P(B)10% 3% Am Co'with Pwr war m Control Oil Fids. m Cynam B (1.60) Am Dept Stores. Am Equities. Am For Pwr(war). . Am Gas & Elee (11). Am Gas&Elec pf(6). - T T T T T T T £ 1 1 Am Hard Rubber(§) 1008 Am Invest, Ine (B).. Am Laund Mach(4).. Am LtgTrae (n).... Am Maize Prod (2) Am Maricabo. . Am Natural G AmStPubS A1 CO) Am Superpwr (1)... Am Superpwr pf 16). Ain Super 18t pf (£). Am U&Gen B vte 40 Am Yvette (n) wi... Amrad Corporation. . Anchor PF (h10%). Anglo Chil Nitrate.. Ang Co D pf A (D).. Appalachian Ga . Arcturus Rad Tube. Ark N G eu pf(60e).. Asso Gas & Flec (n). Ass0o GAE (A) $2.40. Asso G&E (A) dbrts Asso Gas & Elect cf . 1 Asso Laund (320¢) 2914 Asso Rayon pf (6). 16% Atlantic Secur Corp. 221 Atlas Plywood (2).. 6% Auto Musie (A) (1). 24% Aviation Corp of Am 7 144N 122 Babeox & Wil (19).. % & 68 33:15 284 Com’'with Edison(8) 410s 325 e 2% Bahia Corp. 46 Bancomit ner 31 Blauners (12) 234 BlisaCo (EW) (1 6% Blue Ridge Corp. ... 33% Blue Ridge cv pf(a3) 5% Brazil Trac & Lt (2) 10% Brill Corp (A) (65c). 2% Brill Corp (B)...... 57 Buckeye PL (4).... 24% Buft,N&EP pf(1.60). 3 Cable Radlo T v.te.. 314 Canada Marconi. ... 51 Can Pacific(new)w.i. % Carlb Syndicate. ... 40 Carrier Eng n-v A(1) 25% Cent Pub Sve. Del. .. 84% Cent P S (A) (a1.75) 19 Cent States Elec $40¢ 2% Chain Stores Dev... 12 Chain Stores Stock. . 22% Charis Corp (13).... 22 Chathm Phos Al n-v. 2264 Chem Nat Asson-v. 534 Ches & Ohio (new).. 16% Chicago Corp (The). 264 Citles Service($30¢) 88 Cities Srve pf (6)... Y Clark Lighter (A)... 16 Clark (DL) Co (1%) 18 Clev Tractor ( 5% Colon Oil. 16% Colum Oil&Gas w. 24 Columbia Pictur 42% Colum Pictureg v.t.e. W Columbia Syndicate. 16 1 3% Com'with & Sou war 21 12% Comm Wat Serv b6 % % Consol Auto Merch. . 5 Consol Conper 3 904 Con Gas, Balio(3. 21% Con Gas Util A 2.20.. 10% Con Gas UtiLB v.te.. 3 Consol Instrument. . 10 Consxol Laundries. ]M\l. 101% Cont C&El pr pf (7). 4T% 1 @~ 12% 16:% 6 23% 20 44 260 122 14% 1% 204, 166 56 ™ Tnit E1 Ser 75 '56 aw w. hen fssued VwWith warraits xw—Without warrants. Cooper Bamm'r( 2) 39% Coty.Bo Anon 74 4- 5% Creole Petroleum. 1% Curtiss Wright was 7% Darby Petrolm (1), 113 Deere & Co new w.i.. 214 De Forest Radio 4% Derby Oil Refini| s Detrolt Alrcraft 24% Detroit Gasket(1.20) 10' Dixie Gas&Utilities. & Dolores Esperanza. . 12m Douglas Air (75¢c).. 31 Dres(SR)MfEA3%. 41 Driver Harris(new). & Dubllier Cond & Rad 145 Duke Power (15). 4% Durant Motors..... 18% Eastn Sta Pwr B(1). Eastn Util Assoev., 1 stn Util Inv ¢A).. & ler Eelectrici1%) ¥ sow FI Bond & Sh (b6).. 24% Blec Pwr Asso ¢1).. 22% KElec Pwr Asso A (1) 99 ElP&L 2d pf(A) (7). 28% Ele: Pwr& L op war = 2 16% Elec Shareholdg(t1) .6 40 Empire Power (2)... 8 Furo Elec deb rts. 18% Europ EL Ltd.A 60c. 3% Evans Wallow Lead. 2 Fabrics Fininshi n 32 Federal Screw (3)... 21 Federat Metls(t1%) 17% Fiatreceipts (1.25). . % Film Inspect Mach.. 13% Fokker Afreraft.... 18% Foote Br Gr M (1.20) 28 Ford Motor. Can(A). 10% Ford Mor.Ltd. 37 %e. 2 Fox Theater Cl (A). 2% Gene: 26% Gen 57% Gen Capital Cor) 10' Gen E, Ltd rets(; 9% Gen G&E ev pf B(C). 8 Gen Indus Alcohol. . 20 Gen W W&E(A) u). 99 Glen Alden Coi 11% Globs Underwriters. 3 Golden Center. % Goldfield 356 Goldman S 2% Gold Seal 314 220% 115% GrA&PTn-v Gr A &P Teapt (7).. Groe Stores Prod vte Guenther Law (2) 131% Guif Ol of Pa(l3 45 Hambleton Coecfs3, 1 5 Helena Rubenstein.. 1 5 Hollinger Gold (60c) 1 25% Houston Oll of Texn 49 8% Hudxon Bay M & 8., 78 Humble O1l 87w Hydro El Sec. 10 Hygrade Food Prod 224 Imp Oil. Can (60c..." ind Terr 11lu Ol (A) Ind Terr {}1u Oil (B) Ind #'in etfs(b10%) Indus Fin evpf (7). .200; Insurance Sec(1.40). Intercontinent Pet n Intercont Pow A (2). Intl Petroleum (1 Internat Products Intl Superpwr (1) Intl Utilities A (3% internatl Util «B), internatl Util « Interstate Kquitie: Interst Eq v pf(3 1ron Cap Copper. Irving Afr Chuty frving Air Ch1.50) Italiun Super war Italian Superpwr A .. Johnson Motor...... Jonas & Naumbureg. 1% 14 Klein(H) pt pf $1.20 1 Kolster-Rr ( Am S| 6% Lakey Foundry.. Faxam : » P B G 50 e e SR 3 AT 53% 12 5% T 2258 202% 6 b 4 4% 16% 15% 17% 146 114% 3 A1 6% 1103 8% 281 3 28 14 163% 55 Bl o 26% 2% 13% % % 1 23% 28% 5 12% 712% 7 4% 4R 53% 12 4 126 4% 2 9 12% 6% 14% 4 2% 13% ™ % 1 1 4 6% % 5% 39% the "tet (2800), m“i‘.hfl.‘ufl 31 28% 124 T 42% 53 2% 18% 14 i 12 5 58y 26 Ressived by Private Wive BN High. 2 o 21% Lane B 14% Lefcou - 384 Lerner Sto - 18 Libby McNell & L. 1% 3% 34% Lone Siar Gas (1). 3 Louisiana Lan & Ex. - S GO TNAN A 00 RN P! luyfiowar Asso (Xl) Memphis Nat Ga: Mer Ch: » 4 Mexico Ohio Ofl, Midland St1 P 24 Ilfl E...x-....&n- lld Wat Util(b8% ). Mid Sts Pet v.t.e. A Mid Sts Pet v.t.c. B. Min Corp of C (25¢c Mo Kan P L (b10% Morison Elec($1). - T Y A RBRERARN OO~ Niag Hud Pwr(40c). Niag Hud Pwr A war Niag Hud Pwr B war Niag Shars Md(40¢c). Niles-Bement-P 234 Noma Elec (1.60) Noranda Mines (3 No Am Aviat A wa Nor Am L&P (b8% Nor Sta Pwr A(8). Novadel Angene (2 e ©Ohio Copper. .Ohlo Otl (4). Olistocks, Ltd A 1605 Pac Coast Biscuit (1) Pac Coast Bis pt 3.50 Pac G&El 1st pf 13, Pac Western Oil..... oil.... Param’ lClblbl%L . Parke Davis(t1.45).. Penn Mex Fuel (2) Peop L&P, A (22,40 - NEONOR A wab ma 2 % Philip Morris, Ine. .. Pliot Ra T(A)(1.20). Pitney B P, n (20c).. Pittbgh Forg (1.60). Plymouth Oil (2). ... ‘Polymet Mfg (11)... Pratt&Lambert(15). Prince & Whitely 1.. Prince & Whit pf(3) Prudential Invest. . Pub Utll Hold w w. Pub Util Hold war. 7% Pyrene Mfg (30c) 8% Rallroad Share: 12 RY & Util Inv (A 8% Rainbow Lu Prod A 3% Rainbow Lu Prod B 9 Red Bank.. & Red Warrio; 214 Reiter-Fosteri0¢) 17 Reliable Stra(bs %) . 16% Retia IntlCorp A w1 16 Reliance Manag..... 5% Reynolds Bros. Inc. . 19% Rocklans Lt&P(92¢) 2 Roosevelt Field,Inc. *30% RossG & T (3). A Ross Stores, Inc. 3% Ryan Consolidat % St‘Anthony Gold. 19% St Regis Paper (1).. way S (war 2d). 27% Schift(The) Co (2).. 184 Schiet & Zan pf(33%) 2% Schulte Un be-$1 St. 7t Seaboard Utilit 261 Seaman Bros (3).... 64% Sec Corp Gen new (4) 7% Selected Industries. 4% 4% Sentry Safety Cont. : 20 8% Snenandoah Corp. .. 48% 38 Shenan Corp pf a3). 540 465 Singer Mfg (+26)... 320 6 5% Sing Mfg Ltd. rctan, 25% 16% Bisto Finance Corp.. 250 137% Smith (A 0)12).... 1% 5 Routh Coast. Am 37% South Penn Ofl (12% 4% Southern Corp. .... 9 Southland Roy (1). 7% 8 W Gas Utllities. .. 67 Spigel May S pf(6%) 70% Stand Inves pf(515). 20% Stand Holding Corp. o ' BRArBREHRS GNHENEONNRNNS NN MRS R OE R = " HANKNANAAS BN 5& A8% Ktand Ol Ky, ¢1.60) 44% Stand Oil, Neb. (131, 48% 84 Starrett Corp Stein Cosmetic 10 b3 ne% 8% 20% s 6% Sunray Ol (4 8% Super; 80% Swift & Conew 12), 31 Swift Internatli2'%) 19 Taggart Corp (1)... b4t Tampu Electrie (12) 674 ‘Technicolor, Inc. ... 4% Teck Hughes 160c). . 4% Thatcher Sec Corp. . 18 Thermoid Co 12). 41% Transamer (11.60). 6 Tran Con Alr Tran.. 44 Trlux DLPS(A). 4 Tri-Cont Corp (war) 6% Triplex Satety Glass 40 Tri Utiintles(1.20). 264 Tingerleider F Cor 27% Union Am Invest . % Union Tobaceo. 1 Utd Car Fastnr: 14% United Cotp twar 16% United Eelec Servici % Unit Kl Sve pr wa 85% Utd Founders(b2. 19% United GasCo. ... 224 United Gas Co (new) 40 United Coc.od.. 6% United Gas (war)... 94% United Gaspf (7)... 274 Utd Lt & Pwr A(l). ., #7i Utd Lt & Pwr pf(6). 52 U8 Dairy (A) (5)... 17 U S Elec Pwr (war). 17% U S Foll (B) (1).... 60% U S&Intl Sec 18t (5). 0% US&Int1S3dpd3%. 14 US Linespf (1).... 19% U S & Overseas war. 42% U S Radiator (2) 7 U8 Shares Fin & 11° Utd Verdu Ext (4). 9 Universal Pictur: 14% Utllity Pwr&Lt(al). 17% Utility & Ind. . 24% Util & Ind pf Ilu).. 10% Utllity Equities..... 884 Vaccum O (14%).. 7% Van Camp Packing. . Venezuela 16 Vogt Mfg Co (2). 474 Walgreen Co..., % Walker (H) (1) 6% Wil-Low Cafeterin. . 2~ Woodley Petroleum. 2 Worth. Ine (A) % “¥" Oll & Gas. RIGHTS. K 1% 1% Rockl'd L& P.. Dividend rates in dciars based on Ia annusl payment. *Ex-dividend. or stock. +Partly extra, Low. 5% 356% 21% 4T% 4 52% 19% 24% 16% 53% 3% 21% 36% 14% Close. 35% 21% 4% 4% 85 19% 24% 16% 53% 3% 22 STANDARD ENTER CHEMICAL FIEL Company May Become One|fe of du Pont Interests’ Chief Competitors. By the Associated Press. NEW YORK, April 26.—The New ‘York World says rumors in Wall Street are to the effect that the Standard Ofl Co. of New Jersey is preparing to take an important place in & new field, the “ | industrial chemical industry. 86% 16% 115% 116% 1% % T4% 10% 46% 26% 14% - 58% 14% 42% 19% 27 £ 481 31% 1 T4% 10% 46% zbu 14% 56% 14% 42% 20 27% 118% 118% 250 a1% 19% 1% 3 T% 280 417% 20M 1% quarterly or semi~ IPlus extra in stock. a Pavable b Payable in stock. d Payable in prefer: In doing so it may become one of the chief competitors of the du Pont in- terests of Delaware and of vast German chemical industries. i ‘The report confirmed Edllr)(‘chrk d&%rolflueo - y in ch: of chemical luction, vho said that the company |pendln $300,000 or more in erecting a labor: tory to augment its already large chem- tcll Inclmlu at Bayway, N. J. Sclentists emplnryad by the company are reported working on many new chemical products which the mrepmy hopes have a great futul dustrial fleld. CHICAGO STOCK MARKET. By the Assoclated Press. CHICAGO, April 26.—Following is the complete official list of transactions in stocks on the Chicago Stock Ex- SATURDAY, APRIL 26, 1930. FINANCIAL. SHAKESPEARE AND OLD CLOCKS ARE MOVIE MOGUL$ HOBBIES By the Associated OBIOAOO April “.—)rhh, lky- lndnmebehlnmplnolmhek- ml,:cxntnnhyclnh new head of Nwhchfilwhollyammh the business.” Among _other picture prof and zqmpmt. and his company still supplies a large part of such material used in the United States. re was Clarke’s most. neem claim to fame until he Joined Fox l-lo ‘made !hlke- m & whole 'lnter season A& 2 Chicago Civic Theater a few months ago. Inhlllehofll‘l!lcllrhwlllchl- cago me iper reporter. He went to Illchlnn Unlvenlty, where he says he “lfifld‘.' a little and played foot ball a lot." mn he sold gas engines, t of & power compan: um rl,‘hf. mw h‘.hkld of the 'orld‘ WM Ghlmro history, ‘Was | e butlt 20,000,000, swung by Clarke, mfl out of it a llylerlper. has two movie magnate hobbm, one of which is buying ancient | bri clocks all over the world and making them run. The other, he says, is to HARLEY L. CLARKE. better education to poor and iso- lated communities by means of the movies. LIVE STOCK AGENCY STUDIES PURCHASES Direct Method of Buying Is Topic of Dispute Among Two Faotions. BY FRANK I. WELLER. Associated Press Farm Editor. Lack of unity among producers as to the part the Natlonal Order-buying Co. . | Will play in the National Live Stock As- nmx Avhuon o " Glvatone risht Star Elec wire A :342 e ca e (et nstru Materials pf 100 Consumer: D Sec 300 Corp Securl 35 Grane "co . 175 Curtis Lighting De Mets of ... Z882azasy olic. 225205 Theater Eq nuenu-l Water Wks A 50 Gen Water Wka pf 500 (mucn Barklow 100 Ger Barkiow pil - RRa 2 N5S8ET52, 2108 Tinno 23 Ind “Pneu ool ' Ter Ihiand giitics d Wes A 138 Midiand um s A p( !M‘m 103 135 Midland Ut 6s p | . 90 Midland UL 78 p | . Kensas Pipe Line ' 30% B. 50 Muskegon Motor Spec 23 National Batter SEepe et WRRESSE O 2 2 : S SERSEERARSN.LRNS: EEaRNe s oo SaRENSS 5 a0 K 53 N R SR, 5SS REEERRE.! B mamuu wwu IS S5 ST 3258255 ¥ * FOREIGN EXCHANGES. (Quotativns mrnun-d by W. B. Hibbs & Co.) inal gold Belling checks uo ‘or par). _ today. London, pound. 7loty nhagen, crown lo. crown’ & PARIS BOURSE PRICES. PARIS, April 26 (#)—Prices im- proved on the Bourse today. Three per cent rentes, 88 francs 10 centimes: 5 per cent loan, 103 francs 20 centim Exchange on London, 123 francs centimes. The dollar was quoted at fnncu 494 centimes. , | $ays the natlonal sociation’s program is in the foreground of continued failure to set up a central marketing agency for that commodity. 1t is the order-buying company which would negotiate direct from the producer to the packer sales. Its operations would divert business from the co-operative sales agencies now mnetlonln[ in terminal markets. ‘The point in question is whether the company shall be a member of the national association, on an equal foot- ing with the member co-operatives, or a part of the headquarters organization. ‘The proposed set-up would make it a member agency. The two elements to be reconciled are represented by the National Live Stock Producers’ Association and the “Parmers’ Union crowd.” The former, once headed by C. B. Denman, farm board member represent- ing live stock, has co-operative market- ing agencies on 12 terminal markets. The latter is composed of the Farm- ers’ Union, the Farmers’ Union Equity and a number of other co-operative live i stock marketing organizations. At present all compete with each other. The central agency proposed un- der the farm board would unite the competing units. Member co-operatives of the National Live Stock Producers’ Association have agreed to the terms of the farm board set-up. The others still are a little un- willing to go along on certain points. Chairman Legge of the farm board organization gives each of the co-operatives equal oppor- tunity. EASTER SALES BELIEVED HIT BY COLD WEATHER NEW YORK, April 26 (#).—Evidently unseasonably cols been prevalent throughout the greater part of the country for the last fort- night tended to retard Easter trade In many directions. At least that was the inference drawn from the poor showing of Sears, Roebuck sales figures for the | four weeks ended April 23 last. This re- po covered the Easter season, but sales reported totaled $30,495,295, which was a decrease of 4.5 per cent compared with the same period last year. For the year to date sales have run about $1,300,000 under a year ago, a de- crease of 1.2 per cent. It is possible. however, to ascribe this poor showing in a measure to the shortened buying power of the farmer resulting from the low markets in wheat and cotton. weather which has in the FEDERAL FINANCING AGAIN IN PROSPECT New Short-Term Offers Are Ex- pected in View of Threatened Deficit. BY J. C. ROYLE. 2 Further short term Federal financing is in prospect. Normally such financ- ing would not come before May 15, but the statement of President Hoover, warning Congress that a deficit is faced for the next fiscal year, has emphasized the reluctance of the Treasury to show | same & deficit at any time. If this new financing mlurhllm, it probably will take the form of issue of discount bills, which mn proved so popular in the last two issues | m: ;:r d:hon term placing of investment nds. Deflicits in private business, however, are gradually lessening and private financing is for the purpose of exr-n sion, rather than to meet back obl Jfil tions. The railroads and public u soncerns are leading in this field. Secre- tary of Commerce Lamont is confident that at least $7,000,000,000 will be ex- pended for construction purposes be- fore the year is over. Home construc- tion is falling far behind public works building, but the total volume of opera- tions is showing an improvement, al- though it is not comparable with that of a year ago. ‘The steel industry is comfortable, which means its trends and fluctuations are normal, and leaders in the trade expect it to remain so. Extremely high production points have not been reached, but neither have low levels been touched or approached. Automobile output is declared by Government officials to compare favorably with that of the last five years, although one of the leaders of the industry reports net for the first three months of 1930 over 20 per cent less than for the corresponding period of 1929. Sales, however, are showing a decided betterment as compared with|® February and March. ‘The nonferrous metals are selling in better volume, but this increased demand has not as yet in any startling advance in prices. ©Oil output still is so high that prices of petroleum products held down, but there is evi- dent a marked increase in co-operation among producers to improve conditions flush flelds. The position of the other fuels has Ragiral gas for Indus tral purposes f natural gas for indus purpones n various sections. One feature im ing the statistical ponluon of blmmlnmu coal, however, is the fact that produc-(p,. tion' now is about 10 per cent lower than a year ago. __ (Copyrisht, 1930 U. 8. TB.EASUR! BALANCE. The United States Treasury balance announced today as of close of busi- ness April 24 was $194,842,777.30. Cus- toms receipts for the month to date were $33,188,248.39. Total ordinary ex- penditures, $23,343,187.45. MAIL ORDER SECURITIES LAG BEHIND GENERAL PRICE LIST Lama_i 1o Actlnn of the mail order stocke dur- ln( the past 18 months has doubtless been a source of keen disappointment to the many investors interested in these issues. The Standard Statistics Co. in- dex of this group, which attained its record peak in November, 1928, has, since that time, declined by more than 50 per cent. Several rallles have oc- curred during this period, but only one has been of more than a few weeks' duration, as may be noted on the ap- pended chart. Moreover, while the last major down- swing in the malil order group was both longer and more severe than in the gen- eral industrial list, recovery has, thus far, been of much smaller proportions. The index of industrials has already re- gained more than 47 per cent of the ground lost between the high levels of August, 1929, InflT;.'h'e low of the follow- ing November. has retraced about 5 per cent of the distance covered between the No- vember, 1928, high and the January, 1930, low. mail order group | the Standard Statisties Co. Current public apathy toward the mail order shares is undoubt~-ly due to failure of results attained by the lead- ing concerns in this industry during the past two years to measure up to expec- tations. Aggregate expansion in the retail store field has resulted in a sub- stantial increase in sales volumes, but has not been accompanied by a corre- sponding increase in profits. Inventory and management problems have proven burdensome, while store locations, in certain instances, have not been wisely selected. The advance of 2328 per cent registered by the mail order stock index between October, 1927, and No- vember, 1928, clearly represented dis- counting of an expected earning power whlch thus far, has failed to mate- n is interesting to note, however, that, despite the severe de fation of past two years, idex stands currently at a point 604 per cent -bon the 1921 low level ‘The general indus- trial index appreciated by on!y 287 per cent m the 1921 low. STOCK AND BOND 'AVERAGES By the Associated Press. (Copyright. 1930. Standard Statiatics Co.) A—13 RAILROAD QUTLOOK DECLARED BETTER Present Reports Believed to, Reflect Low Point in Year’s Operations. » BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, April 26.—Railroad stocks went up in the face of the poor showing of gross earnings and net oper- ating income in January and in Febru~ ary, but they have declined an average of about 7 points in discounting the ex- g:md poor returns for March, now bll.shed. u has been, on a many Ms both east and west of the Mis- sissippl River, an improvement in car since the first of April, the be- lief is that for the country as a whole the March quarter will prove to be the poorest of the year and that, from now on, a more favorable comparison will be made by the carriers with conditions as they obtained in the trafic world in ;«l;;. June and September quarters of Outlook is Good. cember quarter of the make a good relative showing wif s;,l!?’ as the eflmecu :: the tl.:dullfll ression had then a) po-lfl'ely in traffic re l‘lfl 7 other batch of nnma earnings wu published today for mreh, and with them the resu!u for the three months eflded flx‘n& They all re situation that had earlier been made clear in the weekly figures of car loadings. With few ex- ceptions earnings are below those of 1929, but in some cases better than in March, 1928, and in the same month in 1927. 'The net results in a group of about 15 important carriers in March is & loss of over 30 per cent as against the same last M period year, and for the same three months eovmln' term in which unemployment, the decline in commodity prices he: of business Greater degree of sta 'l'ha & decre: unt h'om the 192’ earnings and in of 34 per cent. For the un-cn qmr'cl: :’e’:t and in net ope'ntlnl in Sl come 30 per cent. This reflects the m&%‘i w:{,‘m::wmfln, mflnm’dmmli merchandise. g S Another h system which covers the Bouthwut and the Pacific Coast— namely, the Southern Pacific—had in Iuch-mhuolnmeentmd ;" dec‘l‘l'm of M:, operating income of-. T per cent. Compared vnh the March_quarter of last year, e moflllperunzlndwmmn- per cent. Here the affecting earnings were the smaller movements of citrus fruits, producu of mines, lumber and general merchan- dise, Union Pacific ln the lurch quar- ter lost 15 per cent cent net. pel gross and 44 per Northwest Conditions. Conditions in the Northwest are re- flected in Northern Pacific’s net operate ing income last month of l'lfil 185, against $1,858,341 a year . _This is a decrease f this lwm ot nsrly 10“ . q‘:.."irn cen ifs territol e loadings of grain, lllmbel"!lnd n;! enl mercmndlu have fallen off sharp- K;‘mflw“mhmulmunl westem and” Ghicage, Sfvaskos B Paul & Pacifc. e ew England territory '.h has not been Imc as great a slump in railroad earn: as _elsewhere, though the t.rend in March was more definitely downward, with the New York, New Haven & Hnmord slwwtn Wit Bne of sbout 1 per one of al 7 per q\urur. !;fl:h: l:l;“?h eenz xor the a well maintain ln eontnn with the territories nflefl:fl hiefly by industrial conditions. Frisco’s um.-n gross decreased about 7 per cent and for the three months to March 31 was off less than 6 per cent. fereq hom the comparecies aipeaties ive s in this industry, as well as l’ro‘:: tl‘: Euu movement of general merchan« It is indicative of the strong finan- cial position of the railroads t'hnt, ale though their lmel in the last five" months have been heavy, and in per- centage {l:lttr than lhose in any mujo(' e group, no serious dis. cussion of davidend reductions nt a time when scores of industrial oorpun- h’:v;.: hoe!e greater "or lesser impo 'n_compelled by the exigenc: he business situation to rem g r-n mgenu previously made to their (Copyright. 1930.) RUBBER TAPPING HOLIDAY PLANNED TO AID MARKET By the Anoemed Press. * NEW YORK, April 26.—A unique ef~ fort to anhmu the crude rubbeg mar- ket will be witnessed in May when a ?inl holiday is dcchl:‘red by British Erowers n! the thld outpu sy Amerlcln opini u viewed by G. Perry, vice preudent of the New York %5?“;;1 'nbelg v.hnlt the measure luce, at best, only a tempora: su-f lying of the market. i L Perry ~estimated that cessation of tapping by the Dutch and British grow- ers would result in a decrease of 30,000 tons, about 4 per cent of the estimated world production of 850,000 tons for 1930. There m& pect, he said, that the Dutch and the British may initiate an- other month-long holiday later in the year if the May cessation is not suc cesstul in raising prices. The situation is complicated by the fact that approximately 50 per cent of the rubber grown in the Far East is raised by indlvldull natives who are not participating. ‘The United States, largest buyer and consumer of rubber in the world, will watch the effort to curtail production from the sidelines. American rubber interests controlling only 3 per cent of the world production refused to take part. —— HUNGARY MAY COMPETE WITH U. S. PORK TRADE By the Associated Press. A corn-growing country, Hungary, is uar;mducer of pork nnd porl t'md that may compete wi nited States in the markets ot Souv.h tral rvpe uyl Louis G. Michael, e Department of Agrie Hungarian wheat and flour, he says, already is competing with the Ameri- in Austria and Czecho- akia. Michael foresees no increase in the Hungarian demand for American to- BUILDING CONSTRUCTION. By the Assoclated Press. Building construction in the United States for last week and comparable periods, as represented by the daily averages of new eonmeu let in terri- tory east of the Rocky Mountains and reported through the Census Bureau, 1s as follows: ‘Week ending April 19, $16,661,000; rncedln' week, $18,961,000; same week o last year, $19,626,000.