Evening Star Newspaper, April 28, 1930, Page 14

FINANCIAL INDUSTRIES TURN 10 STABILIZATION Production and Employment to Be Regulated in Economy Plans. Practical measures by which Ameri- can industries are stabilizing produc- tion and employment and reducing se sonal and cyclical fluctuations are sum- marized in a report on *“Balancing Production and Employment Through Management Control,” which has just been issued by the department of man- ufacture of the Chamber of Commerce of the United States. ‘These methods, which are being fol- lowed by a number of industries, fall under three heads—management meth- ods of balancing production through planning and sales forecasting, diversi- fication, research and standardization; personnnel policies, such as centralized employment and transfer, diversified training, flexible working periods and labor turnover control, and co-operative programs, including joint community programs, reduction of seasonal opera- tion in construction industries and other collective movements. Some companies have attained vir- tual production stability by estimating demand over a long period and appor- tioning production equally by the week or month to meet this demand. Others have achieved the same result by di- versifying production, supplementing primary commodity manufacture with the manufacture of other related com- modities which can be made during off seasons. Still others attained bal- ance by storage of products during slack periods. A number of companies have by the establihment of centralized employment through personnel departments reduced fluctuations in labor requirements and use has been made of the so-called flying squadron of specially trained workers to be used on special or rush orders. Other companies have found 1t feasible by an exchange arrangement to keep employment more nearly con- stant and, by diversifying training, have given labor a mur degree of flexibility to meet lln¢ empley- ment conditions. Communities have nppronched the same problem through joint programs looking to the more effective and con- stant use of their labor supplies. The report of the study of the de- partment of manufacture is now avail- able for distribution. GRAIN MARKET CHICAGO, April 28 (Special).—The wheat market had a strong finish due to Eastern buying based on the big ex- port sales estimated at 3,000,000 bushels, including business done late Saturday. A report that the Farm Board had bought a big amount of cash wheat in Omaha also had an effect. Closing prices were 135 to 233 higher. May, 1.042 to 35; July, 1.06% to 1.07%; September, 1.103; to 14; December, 1.15 o 5. Corn closed 155 to 2 higher due to short covering during the last honr May, 81% to %; July, 83% to "/.. ":mber, 85 to 85Y; December, 785 Olu closed 1% to 1 cent higher. Mly' 41% to %; July, 423; September, 42%; December, 44 Lard closed 5 to U‘s lower. NEW SECURITIES NEW YORK, April 28 (P).—New se- curity offerings today include: Skelly Ofl Co., $12,000,000 6 per cent National City Co. Pledmont Hydro-Electric Co. (Societa Idroelettrica Pledmont), $10,000,000 first and refunding 62 per cent fund gold bonds, series “A” dated April 1, 1930, and to mature April 1, uw priced at 911, and accrued in- terest to yield about 7.20 per cent. Of- fered by the Bancamerica-Blair 5 ration, Chase Securities Corporation and others. Southern Pacific Co.. $6,000,000 412 per cent equipment trust certificates, series “M,” dated May 1, 1930, lnd ma- turing $400,000 annually from May 1, 1931, to May 1, 1945, inclusive; pflced to yield 4.25 to 4. SJH cent, according to maturity. Offered by the Chase Se- curities Corporation and Freeman & Co. Chicago & Northwestern Railway Co., $5,031,000 general mortgage 4% per cent gold bonds, due November 1, 1987; priced 8t 103 and accrued interest to ylzld 4.60 r cent to maturity. Offered by Kuhn, & Co. and the National clty Co. City of High Point, N. C.. $1,500,000 B per cent water and sewer bonds, dated December 1, 1929, and due in varying amounts from December 1, 1932, to De- cember 1, 1069; priced to mw 4.80 per eg& Offered 'by Eldredge & Co. and others. Penn Central Light & Power Co., $1,- 000,000 first mortgage gold bonda, 4% per cent series, dated November 1, 1927, and due November 1, 1977; priced at 931% and accrued interest, to yleld about 4.85 per cent. Offered by a syndicate composed of A. C. Allyn & Co. and others. General Steel Castings Corporation, 20,000 shares $6 cumulative convertible no par preferred stock; priced at $100 a share. Offered by Drexel & Co. TR F. W. WOOLWORTH SALES. NEW YORK, April 28 (#).—Record sales were made by the F. W. Wool- worth Co. during the Easter week, amounting to $7,450,515, an increase of $176,855, or 2.43 per cent over the cor- responding period of 1929. March sales ‘were $2,042,691, 8.33 per cent less than in March, 1929, which included Easter shopping. Sales for the first quarter ‘were 1.04 per cent below the first quar- ter of 1929. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (o o i Budapest, pengo Prasue. crown (nom’j . cahagen. - cro g:oclhnlm. crown. SHORT-TERM SECURITIES. (Roported by J. & W. Seligman & Co.) Bid 101 THE EVENING STAR, WASHINGTO NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Stock and 34 Kelly-Spring Tire. .. 0% Kel 14 Spring 8% pf. 1208 23 Hayes (2).. 7% Kelvinator Corp. 8214 Kendall Co pf (6) 47% Kennecott Cop (5).. 49 Kimberly-Clark(13). 20 Kinney (GR) (1)... 1% Kolster Redio. 38% Kraft PhCh fl%). - 98 Kraft Ph Chpf(63%). 30% Kresge(SS)Co(1.60) 110 Kresge (SS) pf (7). 56% Kre SH) (1). 23% Kreuger&Toll (1. 36% Kroger Orhnlk(nl). 98 Laclede Gas pf (5).. Lambert Co (8)..... 6% Lee Rubber & Tire. . 12 Lehigh Valley Coal. . 70% Lehigh Valley(t43%) 89 Lehman Corporation 29% Lehn & Fink (3).... 91% Liggett & Myers(15) 91% Ligg & Myers B(15). 5% Lima Locomotiv 39 Link Belt (2.60) 525 Liquid Carbonie (4). 424 Loew's, Ine (3)... 8014 Loew’s. Inc Df (874). 93% 84 Loew's Dfxw (6%4).. 6% 3 Loft. Ine.. 70% 50% Loose-Wi 5 126 118% Loose-Wiles 1st (7). 28% 16% Lorillard (P) Co.... 51% 38% LouG & EI(A) (1%) 11% 8 Loulslana Ofl....... 1381 128 Louls & Nash (7)... 44% 32% Ludlum Steel (2). 99% 90 Ludlum Stlpf (6%). 100 93 MacA & Forb pf (6). 86% 61 McKeespt T P(1434). 37% 25% McKesson & Rob (2) 49% 41% McKes & Ro pf(3%). 14% McLellan Stores 70~ Mack Trucks (6) 11% Madison Sa G (1 38 Magma Copper (5) 18% Manati Sugar pt 25% Man Elec Supply 304 Man Elev mod (4l 19% Man Shirt (2)... 514 Maracaibo Ol Exp.. 20% Marmon Motor (3) 3 Martin Parry... 474 Marshall Field & Co. 373 Mathieson Alkili (2). 49 May Dept Strs (n2).. 16% Maytag Co (12)....e 26% Melville 8hoe (2)..m 15% Mengel Co (2)....cu 85 Mengel Co pt ( 164 can Seaboa 2214 Miami Copper (4) . 53 Michigan Stl (m2% 28% Mid-Cont Petm (2).. % Middle States Ofl ct. 37 Midland Steel (3).... 90 Midland Steel pf (8). 61 Minn Hon Reg(13%) 12% Mion Moline Pwr. ... 72 Minn Moline pt(6%) 1% Minn & St Loui; 46% Mo Kan & Texai Mo Kan & Tex pf(7). Missouri Pacific. ... Missouri Pac pf (! Mohawk C Mills (3 48% Monsanto Ch (g1%). 36% Montgom Ward (3).. 3% Moon Motors 58% Morrell & Co (4.40).. 1% Mother Lode (40c) 4% Motor Meter G & El.. 50 Motor Products (2).. 26 Motor Wheel (3).... 12% Mullins Mfg. ... 5715 Mullins Mfg pf (7). 18 Murray (b2%stk). .. 35% Myer(FE) & Bro(3). 45% Nash Motors (8). . 29 Natl Distillers (l) 137 Natl Lead /18).. 1381 Natl Lead pf(A) ('I). 116 Natl Lead pf(B) (6). 32 NatlPwr& Lt (1)... 1% Natl Radiator. . 4 Natl Radiator pf. 102 Natl Supply (5). 70% Natl Surety (5). 31% Natl Tea Co (3). 22 Nevada Copper (3 40 Newton Steel (3) 167 N Y Central (8) 180 N Y Chi & StL (6)... 180 N Y & Harlem (5)... 29% N Y Invest (1.20).... 108% N YN H & Hart (6).. 119% NYNH&Hpf (7).. 1 13% N Y Ont & Western.. 1% N Y State Railway! 2 NY State Rwys pf. 100 N Y Steam pf (6). 1 106% 106% 1 (Continued From Page 13.) 13 30% 3 4% 30% 33y 24% 85 47% 6% 2 88l 2 4 100s 508 . 208 5 110 NY Steam 1st pf (7) 30s 226 Norf & Western (10) 12t North Am Aviation. . 70! 93% North Am(b10% stk) 45 No Ger Lloyd (3.43). 84 Northern Pacifie (5). 82% North Pacific et (5). 42 Northwstn Tel (3) % Norwalk Tire & Rub. 13% Oliver Farm Equip. . 43 Oppenheimer Col (5) 34% 56 9% 80%, 60% b52% Owe 19% 7 Pacific Coast.. 74% 52% Pacific Gas & El(2). 107% 72 Pacific Lighting (3). “ 1 Paclfic Ofl Stubs. 140 Pacific Tel &Te! 15% Packard Motor (1) 70% Otis Elev. n(2%). 48% Paramount Publix. . 25 Park & Tilford (33). 21 Park Utah..... 17% Parmelee Trans 1%. 2% Pathe Exchange. ... 5 Pathe Exchange (A) 23 Patino Mines (a2.92) 6% Peerless Motor Car., 26% Penick & Ford (1) ney (J C) (3).... ney (JC) pt A(8) n Dixis Cement. n Dixie Cmt pf. 16415 150 Pes 94% Pere Marq or pt (5). 34% Phelps Dodge (3)... 50% Phila Co 6% pf (3).. 11% Phila ReadC&1.... 8% Philip Morris (1). 29% Phillips Petrm (n2). 10% Phoenix Hosiery. ... 821 Phoenix Hos pf (7 6914 Plerce-Arrow pf (6). 1 PlerceOfl. .. 2014 Plerce Oil pf 2y, Plerce Petroleum. 32145 Pilisbury Flour (2).. 443 Pirelll of Italy(3.14). 5414 Pittsburgh Coal 17% Pittsbgh Screw 5 9 95 1 29 28 . 208 3 3 10 63 Oprheum Cir nf (8). 180- 2 56 33 103% 102 1 169% 159% 159% uson 99 99 36 Pittbgh Term C pL.. 1008 4 108 Pitts& W Va (6). 20% Pittston Company. 27% Poor & Co (B) (:) 12 P Rican Am To 45 PrairfeOll & Gll(i) bdw Prllrl:dl’lw L (16).. 52% Proc & Gamble (3). 6% Prod & Refiners. 128% 811 PubServ.NJ (3.40). 3 110% 107% Pub Serv E&G pf(6). 89% 81% Pullman Corp (4) 8% 27% 21% PureOil (1%). 114% 112% Pure Ol pf (8 88% 72 Purity Bakerd, 34% Radito Corp. . 68 Radio Corp (B) (5). 1 4 2 5 3 5 7 3 00 1 33 21 Punta Alegre Sugar. 2 .oeesee 2076 1 19 Radio-Keith-Orph A. 648 70 RRSec ICstkC(4). lnl % 33 Raybestos Man 2. 141% 115% Reading Rwy ). 647 2% 103% 118% 246% 56 16 68% 3 56 70 1% 148 s 184 10 50 319 Bales— Dividend Rate. Add 00. High. Low. Close. Close. 5 A% 30% 38% 24% 85 56 44% 10 2% 103% 113% 246% 16 681 102 1% 59 59% 9% 69% 29% 3 16% 29 2 100', 100\«. 100% 100% 10 50 79% 319 37 53 59 06% 106% 88 881 2 134% 134'/. 134% wm\ 24 24% 24% Prev. 2!% 16% 3% 49% 93% 9% 57% 45 118% 107% 101 92 59% 243 4% 9%, 22 "% 81% 94 2% 70 22% 36% 25% 21 105% 100 8% 9&% 43% 22% '12 21% 42 28% 5l 15% 7 17% 8% 17 13 59% 50% 6% 14% 32% 8% 2% 24% 61% Divi Richfield Ol (2).... Rio Grande O11 (2).. Rossia Insur (2.20).. Royal Dutch (23.30). Slhwl! (OI) ceeeee 3 lt Jos ph Lead (13). St L-San Fran (8)... St L-San Fran pf (6) St L South: Savage Arms (2).... Schulte Retall Strs. . Seaboard Afr Line. .. Seaboard Air Line pf Seagrave (£1.20).... Sears Roebck (32%) Second Natl Inv. T S Shattuck (FG) (1 Shell Union (1.40) Shell Un Oil pf (5 Shubert Theatr Simmons Co (3). Simms Petrm (1.60). Sinelair Con Ofl (l). . Skelly O11 (2). Snider Packing. Snider Packing pf. Solvay Am pf(5%).. So Port Ric S pt (8). Southern Cal Ed (2). 4 Sou Dairies,A (1%). Southern Pacific (6). Southern Rwy (8)... Southern Rwy pf (5) Sou Ry M&Oct (4). Spalding (A G) (2) Spalding 1st pf (7).. % S fant D pf (6). Sparks Withngtn(1). Spencer Kelg (1.60).. Stand Brands (1%) .. Stand Comm Tob. Stand G & E (3%). Stand G & E pf (4) Stand Invest Corp. .. 10. 2”\ 508 45 2 8 98 1 l 101 5 188 10 26 Stand O of Cal (2%). 175 Stand Oil Exp pf(5).. Stand Oil of Kan (2) Stand OII NJ (12). Stand O1I N Y (1.60, Starrett (LS) ('Hfi) Sterling Sec (A)..... Sterling Seo pf(1.20) Sterling Sec cv pf(3) 1 46 1864 Stewart-Warner (1). 216 Stone & Webster (4). Studebaker Co pf(7). 100! % Submarine Boat. 1 Symington (A)...c.ee Tenn Cop & Ch (1) ‘Texas Corp (3) T.x Gulf Sulphur Ttx. PC&OIll. Texas Pac Land Tr. Thatcher Mfg (1.60). The Fair (2.40) Third Nat Inv (2 Thomp (J R) (3.60). Thompson Prod(2.40} Thompson Starrett. . Tide Wa r:l (80¢) . Timken Det Ax(80¢). Timken Roller (3 % Tob Prod div ctfs c. - ‘Transcontl Oil (30e). Trico Prod (2%) Tri-Contl Corp Tri-Cntl Corp pf (). Truscon Stl (g1.20).. Twin City Ra Tr(4).. Und-Ell-Fischer (5). Union Bag & Paper. . Union Carblide (3.60) Union Oil of Cal (33) Union Pacific (10). .. % Union Pacific pf (4). 17 69% 103% 1% 149% 9 10% 50 80% 322% 36% 54 22% 12% 67% 12% 72 364 160% 108 16% 5% 2 22% 214 % 3% 1% 3 % 5% 3% Ll % 1% 1% L] %3 Am Roll M.. Am Tel & Teleg. . 134 Union T'k Car (1 Utd Afrcraft. Utd Biseuit (1. Utd Carbon (2) Utd Cigar Sto: ). Utd Cigar Stra pf.... 234! Utd Corporation. Utd Fruit (4).. Utd Gas & Imfl(l-lfi) Leather pr p! l ) Plpal!‘ 2). Rubber 1st pf. S Smelt Ref (3%). U S Smelt Ref pf 3% 1 U S Steel (7).... U S Steel pf (7) Univ Leaf Tob pf£(8) Univ Pipe & Rad.... Utll Pwr&Lt A (Ql) . Vadasco Sales Corp.. Vanadium Stl (t4).. Vick Chemical (2%). Va-Car Chem Va-Caro Chem Va El & Pwr ptf (7).. Vulean Det (4) Vulcan Det A (4).... Wabash Wabash pf (A) . ‘Wabash pt (B) (5).. Waldorf Systm (1% ) Walworth Co (2) Ward Baking (A) Ward Baking (B). Ward Baking pf (7). Warner Bros Ple (4). War Bros P pf (2.20) Warner-Quinlan (1). Warren Bros (new). Warren Fdy & P (2). Wess o1l & Snow (2). Wess O & 5n pf (4).. t Penn EL pt (6). West Penn Pw p£(7). Western Dairy (B).. White Motors (2)... White Rek MS(14%) Wilcox Oil & Gas.... Wilcox Rich 4 (2%) Wilcox & Rici B (2). Willys-Overland Willys-Over it (7). Wrigley (W Yellow Truck. Yellow Truck p! Youngs Spring (3) Young Sheet & T (5). Zenith Radio. RIGHTS EXPIRE June 16 ChiR1&P..May ¥ Int Tel&Tel. .M Ludlum Stl..May 19 Pac Ltg......May 1 Peerless Mot C May 9 Zenith Rad...May 14 60\ 26 238 20 6 4 208 2408 108 14 884 808 208 11 53 192 92 80 1 796 4 15 6 % Warner-Quin.May 15 142 9 ividend Rate. A«um u-,m Giose. 26 23 39% 54% 98% 96 46% 117% 981 25% 1 1% lflu.llmnN"!.flhchnn 10:30 A.M. 1:30 P.M. 1,892,100 3,452,000 Dividend rates as given in the above table are the annuss cash D. C, MONDAY, APRIL 28, 1930. IHIGH-GRADE BOND | [ox v won BONDS o ] Private Wire Direct to The Star Office ISSUES ARE FIRM Convertibles Lower—Sec- ond-Grade Rails Show Steady Trend Upward. BY. F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, April 28.—Confusing ‘movements occurred in bonds today as well as in stocks. High-grade domestic issues were in- clined to stiffen, in contrast to weak- ness in some of the lower type of in- dustrial mortgages. Foreign oblig: tions were again heavy. Convertibles, that had been leading in trading, were affected by the speculative situation and as a group were reactionary. First mortgage rallroad bonds ad- vanced fractionally. There has been more disposition to buy them on the part of insurance companies and sav- ings banks now that they have had a substantial decline. In line with this there was also a good tons to second- grade rails, including a number of the new 4% per cent issues, as those of the Prisco and Rock Island. Industrials of the better grade were a trifie soft and there were some declines in public utilities. American Telephone & Telegraph convertible 41s were off 3 points be- fore midday and at one time showed a decline of more than 25 points from the high price of the year. Losses also occurred in International Tele- phone, Atchison and Baltimore & Ohio 4%s. Consolidation Coal 5s duplicated last ‘week’s low record of 494, after an early recovery to nearly 51. Pathe 7s, which ran up 13'2 points last week, declined 214 points. International Paper 5s were slightly better. The local tractions lost 12 to a point. In the foreign group the Germans were the weakest of th» prominent is- sues. The government 7 per .ent loan was off nearly 2 points from its recent h. German Central Eank 6s, below 85, compared with a price of 90 a short time ago, when the market for all of these issues was bid up rapidly. Tokio Electric 6s sold lower than on the break of two weeks ago, but the Japaness Government 6l2s maintained their price, which seems to confirm reports of a new government loan. French and Australian loans were slightly lower. ©Of the new issues today the convert- ible preferred stock of the Skelly Oil Co. attracted most attention and sold at an immediate and substantial pre- mium. There is already so much un- digested material to choose trom in the bond market that unless a new offering has a highly attractive convertible fea- ture, or is priced well under the market, it is difficult to reuu Washington Stock Exchange SALES. Chesapeake & Potomac Tel. of Va. 55— $1,500 at 102. Riggs National Bank—1 at 532. Lanston Monotype—10 at 121. Mergenthaler Linotype—10 at 107%, 10 l: %3'71‘/3. 10 at 107, 10 at 1074, 10 a % | Naticnal Mtge. & Inv. pfd.—40 at 4%. ‘The Carpel Corp.—50 at 26%. AFTER CALL. Capital Traction Co.—10 at 77, 10 at 77, 10 at 77, 10 at 77, 20 at 77. W;ahinmn Rwy. & Elec. pfd.—10 at Capital Traction 55—$500 at 94%. Federal-American National Bank—10 at 280. BONDS. Bid and Asked Prices. PUBLIC UTILITY. j Amer. Tel. & Tel c-pmx Tiaction R, & Suburban s, & e Ve e Bait. & ‘Aninap s Gas 5 Wash. Gas on, Series n Wash. Rwy. & Elec. 4s. MISCELLANEOUS. Barber & Ross, Inc.. 6'4s Gham.-Ve duhmb)lo 16 STOCKS. PUBLIC UTILITY. Amer. & Tels c-mul Frattion ash. Gas Lig) S ynnan, pid. NATIONAL MNK commeu.ll' (lllmnld) [EN ash., Wash., Balt. Amer. Sec. & ) Continental Trust (6) Merchants' Bank Natl Sav. & Trust a2 Union Trust Wash Town & “Prust’ (4" SAVINGS BANE. Bank of Bethesda (86)., Commerce & Savings (10 East Washington &y American (12). Corcoran (10 Fireme; ). National Union (18). TITLE INSURANCE. Columbia (6h). Real Eatate 'rm- (L Inc., com.. Barber & Rosy Inc., cor 50 & Gravel nm e prd Federal-Amer. Co. com: ) (1.300). Federai-American’ ol ©) Merchants’ Mergenthaler Llnonf; Peo?lel ‘fl‘.‘ Stores ptd ym Security " Storage oY Ter Ret. & whe Corp The Carpel Corp. (1561 Wash. Mech. Mige. com edlnl Bldg. orp & Lotnrop pd. (.0 o [} 90 109 4% extri 5% extra. NEW YORK BANK STOCKS NEW YORK, April 28 (#).—Over the counter mark Trust Companies. Bid. Asked. Bankers .11 T Cent Hanover . 390 83 231 265 821 143 312 155 NOTE—The New York Stock Ex- change is mow operating on daylight saving time. UNITED STATES. (Bales are 1n u.m ) Sales. Eigh Low. Close. 26 1004 1001 1002 2 10115 10113 10113 139 10126 10123 101 25 70 100 12 100 10 100 12 5 10012 100 12 100 12 57 10711 1078 1078 60 11110 1119 11110 FOREIGN. LAb 4th 4% s. US3%s‘4 US 38 'l . S4s US H‘IH.. Argentine 63 B, Australia 435 '56 Australia 5s '55. Australia 58°'57... Austria 7s. . Bank of Chile 6% Bank of Chile 6% Belgium 6s. Belgium 6%, Belgium 55 Belgium 7s Belgium 7% Belgium 85 Bolivar 7s '68. Bolivia 7s ctfs "69. . Bolivia 8s. Bordeaux 6s. Brazil 6%s '26 Brazil 615 ‘27 Canada 6s°'31.... Canada 6s '62. % | Ann Arbor 4s. Copenhagen 6s rets Czecho 88 '51. Danish Munic 8s A, nish Munic 8s B. Denmark 4% Denmark 5% 55. Denmark 6 Dutch East Ind' 47. El Salvador 8s *48.. Finland 5%s Finland s £ 6; Framerican 71 French 7, German EI P 6%4s.. u German 7s %s 20 Jugoslavia Bank . 2 Karstadt 6s°43.... 4 Kreuger&Toll 5s ct 155 8634 98% 100% 103% 103 90% 98 102% “’;;“ % & 84y 94 106 100% Norway 6s '63. . Norway 5 Norway 6 Norway 6s'44 Orfent dev 5 68.. Orfent Dev 63 53. .., Paris-Lyons-M 6s.. Parfs-Ly-Med 7 Peru 6s ‘60 o e 100% Rhine West6s ‘53. 158 Rhine Wst EP 78'50 102% Rhine Wst EP 65'62 Rio de Janeiro 634 Rio de Jan EISIVPAOISIAY TP NCRPSTIINS: {9 =t PU TS Utd Kingm 634 Uruguay 6s'60. Vienna 6s ‘52 Warsaw 7s ‘62 Yokohama 6s. MISCELLANEOUS. Abitibl P&P 65 '53.. 12 §6% 864 Alleghany Cp 68 ‘¢4 23 lDl 100! Alleghany 58 ‘49 X 99 101 % 108% 166% 166% ++281 108% 108% 108% 89 104% 10415 104% 103% 104 106% 107% 101% 101% 89% 894 83 83 % " 1014 101% %8 Am T&T 68 '65. Am T&T el tr bs. Am T&T s f b8 Am T&T 5% Am Water Wks 58 Armour&Co 43 8'39 Armour, Del.5% Atl Guf 5859 Bethlehm Stl pm b8 Beth Steel rf bs Brklyn Edison § Certn-Td 5%s rcts. Chile Copper 58 Colon Oil 65 '38. Col G&EI 58,May’52 1 101% 6 1037% 3 105 18 51 106 t 68 Con Coal, Md, Consumers Pwr Cuban Am Sugar 8s Denver Gas b Det Edison 6s. Dodge 6s Dugquesne 438 '67. . East Cuba Sug 7%s Gen Cable 5%s '47 102% 108 10z 106 106% 98% 101% 102 Goodrich 6%s. Humble O & R 5%s. 1L Bell Tel § 111 Steel 43%s 40. Inland Steel 414 '78 Intl Cement bs 48. Intl Match 6547, Intl Mer Mar 6 Intl Paper 5 Intl Tel & Tel 43% Intl T&T 4%s ¢ Intl Tel&Tel 5 Kan G & E 63 52... Kendall 54 8'48 ww Lackawanna Stl 5s. Laclede G 6%s '53. Lautaro Nitrate Ligg&Myers 58 '61. Loew’s 68 w 0 war. 84 96% 12 106% 1 91% 4 1024 26 102% Lorillard (P) Lou Gas&El b8 Manat! Sugar 7% McC'rmek KR 65'34 Midvale Steel 53 Montana Pwr '43. .. Montana Pwr db 58 Nat Dairy 6%s.... b8 98% % | Chi & NW con 4% 108% | se T e, oot wzu 102% 102% 99% 99% 105« 103% 103% 96% 95 bW 105 105 106 93 3 93 94% 94U Mu 82% 80 80 9% 9T 9T 46 45% 46 100% 100% 1004 95 95 95 Pathe Exchange 7 Peoples Gas b Phila Co b8 '67 Phila & Read 6: Pilisbury F M 6843 Por Ric Am Tob 6s. Postal Tel & C5%s Pressed St Car 5s. Pure Ofl %5 '37 Rem Arms 6s'37... 2 Rem Rand 5%s war 1004 99% 99% Richfield Ofl 6s "44. 96 96 96 100% 100% 100% 102% 102% 102% 103% 103% 103% 100 991y 99% 98% 98 984 96% 96% 96% 103% 103% 103% 104% 104% 104% Stand Ofl, NJ " 102% 102% 102% Stand Oil, N Y,4%s. 97 97 97 Tenn Cop 68 B"44. . 100% 100% 100% Tenn El Pwr 6847 106% 106% 106% Tex Corp cv bs 44.. 105 104% 105 Transcontl O1l 6% s 103% 103 103 United Drug 5 96% 95% 964 U S Rub 1st rf 86% 86 865 100% 100% 100% 100% 100 100% 9% 91% 9% 91% 91 91 91% 91% 91% Sinclair Crude 5% s Stnclair P L Skelly Of1 5% South Bell Tel 5 Southwest Bel Utilities Pwr 6%s STEEL PRODUCTION HELD NEAR NORMAL Rails, Structural Work and Farm Tools Orders Offset Declines Elsewhere. Special Dispatch to The Sta: PITTSBURGH, April 28.—It has ap- peared in the last three months that steel was doing better than trade in general. Now some explanation of the apparent divergence can be given. In the first place, as statistical records have accumulated, it appears that gen- eral trade was not doing as badly as had been supposed. Because the stock market collapse seemed to call for an industrial depression, all unfavorable features . of the trade situation were paraded, while good features were viewed with reserve or perhaps ignored. In the second place, steel activity has been supported by certain special lines which had practically no change in 105% 105 105 103% 103% 103% 102% 102% 102% 1% 1% 1% 100% 100% 100% 101% 101% 101% Warner Sug 7s "41.. ‘Western Elec 58 Westn Union 68'51. White Sew Mach Willys-Ov 6%4s " Wilson & Co 1st ‘Win RepeatAr 7% 103 103 103 Youngstn S &T bs. 101%_101% 101% RAILROAD. 2 81% 81% 81% .11 93% 93 98 . 43 133% 130% 130% 1 88% 88% 88% 1 89% 89% 89% 11 98 92% 93 22 100 100 100 217 101% 101% 101% 1 102% 102% 102% 4 102% 102% 102% 10 104% 104% 104% 2 108% 108% 108% 8 92% 92% 924 5 102% 102 102% 85% 98% 33 92% 97% 88 98 98 4% 94% 20 102 101% 102 14 102 101% 102 2 116% 115 116% 8 111 110% 111 9 86% B86W 854 10 99% 98% 99% 3 102% 102% 102% 10 102% 101% 101% 1 107% 107% 107% 8 100% 100% 100% 1105 105 105 7 934 934 934 18 lflfl% 100% 100% 95% 98% 96% 96% 96% 96% 92 92 87 87 78 8% 69% 69% 95% 95U 92% 92% 68 68 920 20 1 96% 96% - 96 51 100% 100% 100% 16 97 96% 96% 26 94% 94% 94% 5 98% 98y 98y 1 90 90 90 2103 103 103 2 116% 115% 115% 38 88% 884 88% 5 108% 103% 103% 36 9% 9% 9T 2 105 105 105 13 108% 108% 108% 2100 100 100 85 85 85% 85% 93 93 95 95 95% 96 Atchison gen 4s. Atch deb 438 4 At & Bir 48’33 Atl Coast Line 4 B&Ogoldds.... 33 92% Bklyn Manhat 9% Bklyn Un EI 6 8 Buft R & Pitts 4%s. Can Nat 4%s ‘68 Can Nat 58, July’ Can Nat 58, Oct Can Nor Can Northern Can Pac del Can Pac 4%8 46 Can Pacific ctfs Car Clinch & O § Car Clin & O 65 '52. Cent of Ga 5sC 59 Cent of Ga 5%8 Central Pacific 4s. Ches&Ohio Corp 5s. Ches & O gen 4%s. . Ches & O 4%s5'93 Ches & O 4345 B'95 CB& Q gen 45’53 CB&QI3Ys Chi & E Il gn Chi Gr West 45 '59. Chi Mil&StP 4%4s E ChiMiIStP&P 65'75. CMSP&Pac adj5s03 Chi & NW gen 4s. .. Chi NW 4382037 94% Chi T H inc 6s'60. . Chi Un Sta 58 44... Chi Un Sta 6%35 C & W Ind con 4 CCC&StLés 6 Cuba R R 7%s, Del & Hud 1st rf 4s. Den & Rio G cn 4s. Den&RGW 658 '55... 1 Det United 4%s. ... 981 98% Duluth S S & Atl 58 15 81 82 E Tenn Va&Ga 5s. l 1om 104% 104% Erle conv 4s (A). 84u Erie conv 4s (B). 95% 58 % 84% 8 111% 111 5 9T 9T% 97w « 12 110% 110% 110% 57 80% 97 9% 99 Fla East C5s'74. Ga & Ala 1st 55'45. Grand Trunk 7s Grt Nor 4%s (E). Great Nor gen 7 Hav El Ry §%s 51 Hud & Man'ad] §s. Hud & Man ref 5s.. 111 Cent ref ¢s. 111 Cent ¢ %866 Int & Gt Nor 5s Int & Gt Nor adj 6s. 13 Int Rys C Am §s. KanCity Ft 8 4 Kan City Sou Lake Shore 3%s. ... Lake Shore 48 ‘31, LehV gen 415 2003 L&Nunids.. L& N 43482003 Louis&Nash 5s(B). ManRy 1st 45°90. Market St 78 "40 Mill El Ry&Lt %8 1 101'/' 104% 104% 2 b2% 1 92 1 100 92 100 92 100 Mill El Ry&L 6s'61. 19 100% 100% 100% & M StP&SSM bs gtd. M StP&SSM 6%s. . MK & Tex 1st4s... 1 M K&T prin5s(A). MK & Tex adj 5s.. Mo Pacific gen 4s. . Mo Pac 5s F '77. Mo Pac 5% '49 12 110% 110% 110% NYT&M6b%s.... 13 102% 102% 102% N YCengen3}s.. 80% 80% NYCendebds..... 2 98 98 98 NYCenrfimd4¥%s. 14 99 98% 98% 2 106% 106% 106% « 2 106% 106'5 106% 4 96% 964 9614 1 99% 99% 99% %sC. 47 9b'4 96% 95% tLiu-A 17 107% 1074 107% . 5 101% 101% 101% 1 102% 102% 102% .. 5 79% 79% T9% NY NH&H l%l’l'l 76 925 92 924 NY NH&Hevdbés 71256 125 125 N YNH&Hclt6s.. 4 105% 105% 105% 4 9Th 9T 9T 864 86% 86U 2 101% 101% 10i% 1 106% 106% 106% 4 7 8% 8% 44 100 77 22272227 % 71% 71 | QU Nor Pacific 48 Nor Pacific re! Penna 438 1970 Penna con 4148, Penna gen 4% Penna 4%s '63 41 90% 90 90% 5 118% 112 112 38 94% 941 94 2 101% 101% 101% 2 29 99 1 1075 1075 1073 | §43 15 104 103% 108% 11 108% 108% 108% 1 96% 96% 96% 1 103% 108% 103% 7 108 108 108 99% 993 99y 8 106% 106% 105% 5 99% 99 99y 3 95 25 95 11 98% 98% 98% StL IM&S R&G 4s. 3 97% 978% 97% StL&SFpl4sA... 13 91 90% 91 SIL&SF4%878..148 92% 92 924, StL & SanFrinbs.. 4 101% 101% 101% S&L&SF gen 5s31. 2 100% 100% 100% StL&SF' gen6s'31. 1102 102 102 St LS W con 4s 32 StP & KC ShL 4%s. 97 San An&ArnPds.. 6 921 92 Seaboard AL ref 4s. 58 PCC&S!LBI(A). Port R L 6s'47.. Port RL&P 713846, Re: ling gen 4% A. Rio Gr Wat 1st 4s.. RIArk&L 4%s 2% 2% | Eh 11 101% 1013 101% | & C their requirements from a year previous. Four Lines Cited. Four lines may be cited in this con- nection—rails, agricultural implements, fabricated structural work and freight cars. Production of rails against an- nual orders, for replacement work, has been at least as heavy as last year, g:obably heavier, and the same may sald of agricultural implements. In the case of fabricated structural steel the monthly reports of the Department of Commerce show an increase, only 1 to 2 per cent. but nevertheless an increase, in shipments of the structural fabricating shops from the first quarter of last year to the first quarter of this. As to freight cars, there chanced to be light production in the first quar- ter of last year, reposts of class I railroads showing only 9,159 cars in- stalled during the first three months of 1929, while since then installations have been fairly uniform at approxi- mately as many each month. Too much attention, perhaps, has been paid to dullness in the automo- bile trade. Last year the proportion of 9te steel going to the automobile industry ranged from nearly 25 per cent in April and May down to almost nothing in the last two months of the year, while for the year as a whole the proportion has been reported at about 18 per cent. Automobile production in the first four months of this year is 31 to 32 per cent lighter, in point of number, than in the same period of last year, while, on ac- count of production running still more to light cars this year, the decrease in steel consumption is estimated at some- what less than 35 per cent. This is not an entirely new trend, alnce for 1928 and 1929 the proportion of automobile steel was ascertained to be the same, about 18 per cent; yet there was a much larger increase in- the number of cars and trucks produced than there was in the total tonnage of steel made. Ingot Production. Steel ingot production in the first three months of this year was off 12 per cent from a year previous, while for four months, through April, the de- crease is 13 to 14 per cent. With the lines just mentioned consuming as much much steel as a year previous, there was room for the automobile industry to de- crease more than 35 per cent and still leave steel with only the mild decrease shown. NEW YORK COTTON NEW YORK, April 28 (Special).— Though scarcity of July contracts uuud an improvement of about $1 a bale at one time today in both old crop months, the best general rains in several months in the Southwest brought new crop deliveries under pres- sure and cotton prices ended with a slight gain on the old, compared with a loss on the new. This widened the sprem between July and October to 115 points. Many stations in Texas and Okhhomu reported an inch or more precipitation over Sunday. Spots were unchanged at 16.20. COTTON January (new). | March INVESTMENT TRUSTS NEW YORK, April 28 (#).—Over-the- counter market: Affiliated Inv. Afex "Hamilton w units 25 55228.,858 ! W F 99% 998 | CIu NatiBoner & onal. Investor No Am Trust S| Northern Securities | 5 B s S S e Sl SO 85y Elec U 8 B Bt & BT Shaves A Sales. High. Low. Close. « 6 114% 114% 114% 3121 121 121 12 104 108% 103% 81 101% 101% 101% 28 102 101% 102 19 50% 49% 49% I 94y 90% 10 ll% Tex Ark F'S 5345’50 Tex & Pac b B'IT. Third Ave ref 48'60 Union Pac Ist 4s... Un Pac 1st ref Union Pac 4 Union Pac 4 Virginia Ry 1st 5; 1 Va Ry & Pwr bs. 80 lfll“ Wlbllh 1 %l"ll ret 4 90% 904 90 llh ll 3 924 91% 1% | Wabash 5%s ‘li rets.. 2 96% 96 96% | Western Md 4 SouPac 4%4s'69 ww 46 99% 98% 99% | West M 5%s'77 Sou Rwy gen {s 16 91 = 904 90% West Pacific Sou Rwy oon §s. 1 108% 108% 108% West Shore 102% 1024 10 92% 100 101 101 101 105 105 101% 101% 108 103 101 101 payments based on the latest quarterly or half yearly declartions. | 5 Uit of trading less than 100 shares. tPartly extra. tPius 4% | On n stock. § Payable in scrip. 1 Plus 9% In stock. a Paid iast year- 00 regular rate. b Payable in stock. d Payable when earned. ¢ Pay- able in or stork. fPlus 10% in stock. g Plus o% in stock. 5% | h Plus stock.. I Plus 8% in stock. k 52%8% in stock. Seaboard AL en 6 SBAllFlaés'3 Sou Pac elt 72 Rep Iron & Stl(new) 95 Rep Ir&Stl pf(n) (6) 238 Revere Copp: 80\6 R"“::' :l'tll 3 nited Drus " w:::.‘i--“im %:ig_t“ munmamflmmdmm - et wear uniforms. Pacific Gas & B! Pan Amer Pete 6 Paramount =