Evening Star Newspaper, April 30, 1930, Page 14

4k ok STEEL PRODUCTION FIGURE IS STEADY But Price Structure Shows Further Weakness, Says Weakly Review. By the Associated Press. NEW YORK, April 30.—Price weak- ness in iron and steel has become more g‘mnounccd. Iron Age will say tomorrow its weekly review of the industry. The total steel ingot output, it adds, shows no significant change, being at 78 per cent of rated capacity, compared with 80 per cent a week ago, but buying is at extremely short range, mill sched- ules in most finished products are ir- regular and interrupted and pressure tonnage to sustain operations is in- creasing. “Price stability,” the review states, “extends to the primary materials. Scrap markets have grown still weaker, ‘with heavy melting grade down 25 cents a ton at Philadelphia and St. Louis. Chicago pig iron has receded 50 cents a ton. Alabama foundry iron, which had been expected to react to the larger melt of cast pipe ships, has been sold in certain Northern sections at & new low price of $12, Birmingham. Corporation Anrouncement. “In view of the general weakness of the market, the Steel Corporation’s an- nouncement that it looks for a contin- uance of an 80 per cent rate of steel ingot production throughout the quar- ter is encouraging. In terms of tonnage, the rate of raw steel output for all pro- ducers has been higher in the first four months than the average for any pre- vious year except 1928 and 1929. How- ever, the percentage rate has been lower, because of expansion in capacity, and business has been unevenly distributed, both geographically and in terms of products. “Rallroad demand is subsiding, while automotive requirements are creeping up and additional pipe line tonnage is being placed. Steel consumption by farm equipment manufacturers is un- diminished. Seasonal requirements for roadmaking are promising, but Spring buying of merchant wire products has been disappointing and demand for mnng sheets appears to have passed its peak. Structural steel awards, at 42,000 wm. are the largest since early in Febru: “A Centnl ‘Western gas company has placed 725 miles of 22 and 24 inch seamless pipe with the National Tube Co. for a gas line from Texas to Min- nenpoll.s and St. Paul. With lateral its to be comrncudt for }lur. it will \lll’l 200,000 tons of steel m‘“u measured by structural steel awards for the week, totaling 42.000 tons, a slight seasonal gain for building construction is becoming lpplr!nt ‘This total was the largest of this tion’s weekly compilations sinee middle of February. Composite Prices Lower. “New contracts iknclmil,e 11,500 wnx wo New York subway ’flm)twm for an insurance building m Milwaukee, 6,000 tons for an insurance building in P} Philadelphia and 3,200 tons for ou storage tanks for the Pure oil "Abol.lt 30,000 tons of work was add- ed to the pending list. Outstanding projects are 2,500 tons for elevating New York Central tracks at Syracuse, N. Y.; 2,500 tons for a mill building for the Weirton Steel Co., at Weirton, W. Va.; 5,000 tons for a high school in chicam. 1,100 tons for pier 34 at 101 Wall street, New York, and 3,000 tons for a bridge at Jacobs Creek, Pa.” Both composite prices of the Iron Age are lower. Finished st teel is 2.242 cents a.pound, IIISI'\SL 2253 cenu fot the past four weeks, & pig iro $17.67 a gross ton, -;umz $17. 75 Xor eight weeks. Baltimore Markets @pecial Dispatch to The Star. BALTIMORE, Md., April 30.—Pota- toes, white, 100 pound.s. 2.50a3.25; new, bushel, 1.50a2.75; sweet potatoes, barrel, 2.5025.00; yams, barrel, 4.00a4.75; as- dozen, 1.50a5.00; beets, crate, .0023.50; beans, hunpers :WMD&. cabbage, hampers, carrof bushel, 1.25a1.50; clum!ower. crate, 1.5082.00; celery, crate, 2.50a3.50; kale, bushel, 20a35; lettuce, hampers, 758 1.50; iima beans, hampers, 5.50a6.00; onions, 100 pounds, 1.50a2.25; green, 100, 1.00a1.25; cnu, 1.50; peas, hamper, 1.50a2 hes, 100, 2.00a4.00; spinach, buhe] 25a60; lfillllh. bushel, 3.50a4.00; wmlme! cl‘lu, 1.50a4.50; apples, bushel, 1.25a pefruit, box, 3.25a6.25; oranges, box, 8 7.';-9 00; strawberries, quart, 12a18. Dairy Market. Poultry—Alive, chickens, Springers, ind, 30a38; Leghorns, 27a33; young, 2a35; poor and thin, 23a25; old Toosters, 15a18; old hem, 28a30; Leg- horns, 18a25; ducks, 17a26; guinea fowls, each, 50a75; pigeons, plh’ 30a35. Egn——mcelpu 1,403 cases; nearby firsts, 24a247; ; hennery white, firsts, 25a 251; duck eggs, 23a24'%. Butter—Good to !mcy creamery, und, 36a39% ; ladles, 21a32; rolls, 25a 8; process, 31a32; store packed, 19a20. Hay and Grain Prices. ‘ Wheat—No. 2 Red Winter, expon 1.05%; No. 2 Red Winter, garlicky, spot, 1.10%; April, 1.10%; Mny, 1.10%; No. 3, garlicky, no quotations. Corn—No. 2 domestic, yellow, new, 91a92; cob corn, new, 4.80a4.85. Oats—No. 2 white, domestic, spot, B4a54%; No. 3 white, domestic, spot, 63a53%. Rye—-Nenrby 80a85. Hay—Receipts, 10 tons; no change in market. Some little hay is arriving, but hardly enough upon which to establish quotations by grades. Better grades of timothy and clover mixed are selling from 18.00 to 21.00 per ton, according to quantity and condition, receipts by truck supplying most requirements. Straw—Wheat, No. 1, per ton, 9.00a 10.00; oats, No. 1, per ton, 9.00a10.00. CHICAGO DAIRY MARKET. CHICAGO, April 30 (#).—Butter, firmer; 6,275 tubs; crelmery, extras, extra _firsts, seconds, 31- exu-l flnu Eggs, 3} Y,-24; graded firsts, 22} firsts, 21; storage packed flr!'.s 25'/3 storage packed extras, 26. BANK CLEARINGS. NEW YORK, April 30 (Special).— Bank clearings, today, $1,317,000,000; a year ago, $1,838,000,000. Bank balances, ‘today, $167,000,000; a year ago, $162,- 000,000. Pederal Reserve credit balonces, $155,000,000; & year ago, Butter, one-pound prints, 41%,842%:; tub, 40728415, Eggs—H:t ennery, 27; current recelpts, 34; old hens, 28a29. ducks, 15a16; keats, WIBS ‘Turkeys, young, 37a3 old, Spring _broilers, " 46a48; Winter 8; Leghorns, ; capnns, 35a40; keats, Melu ll’elh kflkd——BeC! 20a23; veal. 22a25; lamb, 22; ro lna, 25a28. fresh hams, 24!25 resh shoulders, 22; smoked hams, smoked shoulders, il,D‘Zl. bacon, 26 lard, in packages, Tive m—cflv-. 9al1; lambs, 11812, _ SRt 4 Spring FINANCIAL. THE EVENING STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13. ~Prev. 1030.~ Stock and Sales— High. Low. 109% 98 Kraft PhChpf(6%4). 7 109% 36% 30% Kre SS)Co(1.60) 14 31% 114 110 Kresge (SS) pf (7).. 30s 111 36% 23% Kreuger&Toll (1.34) 218 33% 48% 33% Kroger Gr&Rak(nl). 240 34% 21% Lago Ol & Trans.... 97 Lambert Co (8). 6% Lee Rubber & Tire 12 Lehigh Valley Coal.. 32 Leh Val Coal of (3).. 89 Lehman Corporation 29% Lehn & Fink (3). 19% Libbey Owens (1 91% Liggett & Myers(+! f:l‘/n Ligg & Myers B(15). 5 42% Loew's, Ine (3).. 84 Loew's pfxw (6%).. 3% Loft. Ine. 2 50% Loose-Wiles ($2.70). 16% Lorillard (P) Co.... 1 92% Lorillard (P) pf (7). 384 LouG & EI(A) (1%) 8 Louisiana Ofl... 138% 128 Louls & Nash (7) 44% 32% Ludlum Steel (3) 74 63 McCrory (A) (2) 19% 14% McIntyre Pore M 86% 61 McKeespt T P(t434). 37% 25% McKesson & Rob (2). 49% 41% McKes & Ro pf(3%). 20% 1412 McLellan Store: 881 70 Mack Trucks (6 159% 132 Macy(RH) & Co(n2) 14% 11% Madison Sa G (1%). 5216 34% Magma Covper (5) 12% 8 Mallison & Co 8 4% Manati Sugar. 50 1814 Manati Sugar pf. 54% 25% Man Elec Supply. 40% 301 Man Elev mod (d5) 24% 19% Man Shirt (2)... 25% 17 Market St Ry prpf.. 830% 20% Marmon Motor (2).. 4814 4615 Marshall Field & Co. 51% 3T1c Mathieson Alkil (2 61% 49 May Dept Strs (n2) 23 16 Mavtag Co (+2) 4012 29% Mavtag Copf (3 42 26% Melville Shoe (2) 23% 15% Mengel Co (2). 176 176 Mex Petrolm (132) 37 16% Mexican Seahoard. 22 Miami Copper (4). 23Y% Mid-Cont Petm (2).. % Middle States Ofl ct.y 37 Midland Steel (3).... 90 Midland Steel pf (8). 61 Minn Hon Reg(13%) 12% Minn Moline Pwr...: 72 Minn Moline pf(6%) 46% Mo Kan & Texas. Mo Kan & Tex of (7 Missour! Pacifie. .. 13 11% 2 136 10 36% 10s 38 83Y% 35 31 13 43 1 5 18% 5 23% 14 46% 27 46% 8 55% 3 19 Me 35% Montzom Ward (3) 3% Moon Moters. ... 58% Morrell & Co (4.40) 1% Mother Lode (40c). 4% Motor Meter G & El 261% Motor Wheel (3). 12% Mullins Mfg. 18 Murray (b2%stk). 35% Myer(FE) & Bro(2). 43% Nash Motors (6). . 127 Nash, Chat&StL (7 18% Nat Acme (1%) Natl Alr Tran: 9% Natl Bella H 71 Natl Biscult. n(2 53% Nat) Cash Rex.A (+4) as 45% Natl Dafrv (2)..... 113 20 Natl Distillers (2). .. 138% Natl Lead pf(A) (7). 108 116 Nat] Lead pf(B) (6). 30s 32 Natl Pwr & Lt (1)... 178 70% Natl Suretv (5) iy 31% Natl Tea Co (2) 92 Nevada Copper (3) 40 Newton Steel (3) 167 N Y Central (8) 125 NYChi & StL (6). m pi 110 NY Steam 'll! Df (7). 208 226 Norf & Western (10) 3 83 Norfolk & Wn pf (4). 10s 12% North Am Aviation.. 186 93% North Amlbm%llk) 63 51 North Am pf (6). 2 100% North Am Ed pf (0).. 3 84 Northern Pacific (5). 22 82% North Pacificct (5).. 9 7% Norwalk Tire & Rub. 9% Ofl Well Supply. 13% Oliver Farm Equ! 31% Oliv Fr Eq ev pt(3) 70 OUvFrEapfA(6).. 2% Omnibus Corp. 43 Oppenheimer Col 15) 63 Oprheum Cir pf (8). 2301 70% Otis Elev. n(23%) 30% Otis Steel (2%). 15 Pacific Coast 2d pf... 52% Pacific Gasn & El (2). 72 Pacific Lighting (3). 140 Pacific Tel &Tel (7). 23% 15% Packard Motor (1) 62% 650% Pan-Am Petm (B) 11% 4% Panhandle P& R. 57% 47% Panhandle P& R pf. 77% 48% Param’nt Publix (4) 35% 25 Park & Tilford (33) 4%, 14 55% 26% Penick & Ford (1)... 80 63 Penney (JC) (3).... 12 6% Penn Dixis Cement.. 86% 72% Penna RR (4). 60% 58 Peop Drug Strs(1) 323 230 People's Gas. Chi (8) 20% 17% Pet Milk (1%4).. 44% 34% Phelps Dodge (3).... 24% 11% Phila Read C& I 226 m 15% 8% Philip Morris (1).... 5 12% 43% 29% Phillips Petrm (n2).. 880 44% 20 10% Phoenix Hosfery.... (18 20% 21% Plerce-Arrow (A Pierce Ofl 9% 1 87 4314 21% 110 22% 17% Pittsbgh Screw 1.40. 45 36 Pittbgh Term C pf. 22% 20% Pittston Company 34% 27% Poor & Co (B) (2)... 59% P Rican Am To A(7). 27% 12 P Rican Am To (B).. 103 97 Postal Tel & Cpf(7) 60 54% Prairie Pipe L (#5).. 16% 7% Pressed Steel Car. ... 761 52 Pressed St1Cof (7). 76 52% Proe & Gamble (2).. 11% 6% Prod & Refiner: . 123% 81% Pub Serv.NJ (3.40). 112% 106% Pub Serv N J pf (6 130% 121 PubServNJ pf (7 110% 107% Pub Serv E&G pf( 89% 81% Pullman Corp (4 8% 25 Punta Alegre Sug 27% 214 PureOil (1%).. 114% 112% Pure Ofl pf (8) 88% 72 Purity Bakerles (4). 69% 34% Radlio Corp. .. 2100 65% 85 68 RadioCorp (B) (5).. 4 825 50 19 Radlo-Keith-Orph A.2332 47% 58% 33 Raybestos Man 2.60. 141% 115 Reading Rwy (4) 44% Real Silk (5) 88 Real Silk Ho: 3% Rels (Robt) &Co. 26% Rem Rand (1.60). 92 Rem-Rand 1st pf( 95 Rem-Rand 2d p!ll). 10% Reo Motar Car (80c). 66 Republic Steel 95 Republic Steel pf (6) 64% Revere C&B (A) (4). 30% Reynolds Metls 2.40. 4 Reynolds Spring.... 49% Reynolds Tob B (3). 22% Richfield Ofl (3)..... 16% Rio Grande O11 (2).. 37% Rossia Insur (2.20).. 49% Royal Dutch (a3.20). 92% Safeway (e5). 94 Safeway pf (6 HARDWARE SALES DULL NEW YORK, April 20 (Special).— Unseasonable weather in some sections f the has temporarily ded bt fons b m%- 1 65 38 21% 1 101% 1 b4% 7 10% 3 64% II ’16% 361 u'm 2 110% 1 10 30- 101% 11% 64% 95 62% ) 31 111 33u 30% 24% 31% 101% ™% 12% 2 90 31 264 108% . 108% 10% 135% 185% 133 33% 33% 34% 61% 61% 61% 1 18% 18% 18% 82% 29% 42 76 137% 187% 137 11% 33% 84 4% 19% 58% 18% 23% 45% 45% 53% 18% 34 31% 1% 3714 96% 68 3614 42 70 90% 1% 5% 641y 24% 9814 47 11% 8214 31 43 15% 15% 15% T6% 1% 34 8y 4% 20 55 1 34% 34% 34w 18% 2 22% 22% 22% 21% 5415 ,h 176 341 321 1% 37% 96% 68 33% 16 69% 99% 101% 147 18% 62% 10% 60 685 28% 2%, 16% % 16 20 814 47% 1% 10 781 57 312 20% 35% 21% 124 43% 18 27% 2%, 46 Prevailing conditions are showing some improvement and prospects for the future are considered somewhat ter. Puture orders are being 147 18% 63 57 314 1% 3! 95 Prov. Dividend Rate. ~ Add 00. High. Low. Close. Close. 109% 109% 109% 31% 101% % 13% 324 891 31 26 108 1074% 35 42 68% 878 92% a~ 62% 23% 9716 461 10% 63% 19% 82 29% 43 16 5% 1% 34% 8% 4% 20% 18 301 1% 38 97 691 ~Prev. 1030.~ High. 124 4T% 125 1 70 29%, 17 59% 67%H 14% 32% 147 18% 62% 10 57 687 29 212% 38% 99 % 52% 84 4 166 32% 105 150‘/& 108 Low. Stock and Prev. Bales— Dividend Rate. Add 00. High. ) q-48 4% Schulte Retall Strs. 91 Seco 9% Seaboard Afr Line. logss. 81% Sears Roebck (32%). nd Natl Inv. 2% Seneca Copper. 7% Servel. Ire. . 221 Sharon Steel H (2).. 17 Shar) 36% Shat 21 p & Dohme. luck(FGHfl%) Shell Union (1.40)... Shell Un Ofl pt (5%). 8% Shubert Theatre 43% Simmons Co (3).. 22% Simms Petrm (1.60). 21% Sinclair Con Ofl (2).. 109 Sincl air O1l pf (8 28% Skelly Oll (2). 35 Sloss Sheffield Steel. . 60% Sloss-Sheffield pf (7) 515 Snider Packing. 23% Snider Packing p: 95% Solvay Am pf(534). 24% So Porto Rico Sug (2} 56% Southern Cal Ed (2). 315 Sou Dairles (B)..... 119% Southern Pacific (6) 108 98 33 108 Southern Rwy (8)... Southern Rwy pf (5). Spalding (A G) (2).. Spalding 1st pf (7).. 19% Spang-Chalfan! 92 Span g-Chal pf (6) 1314 Sparks Withngtn(1). 20% Spencer Kelg (1.60) 21% Splcer Mfg. . 22% Stand Brands (1%). 5 Stand Comm Tob.... 109% Stand G & E (3%) 64 Stand G & E pf (4). o 10 - Stand Invest Corp. .. 55% Stand O of Cal (234). 98 Stand Ofl Exp pf(6) 37% Stand Oil of Kan (2) 58 Stand OII N J (t2) 31% Stand Ol N Y (160). 13, Stand Pla Glas: 6 4 Stand Plate Glass Df 8508 38 10% Sterl! 12 Sterl 36% Sterl 25% Stewart-Warner (1). Stone & Webster (4). 35% Studebaker Co (5)... 77 Starrett (LS) (12%) 10 ing Sec (A)..... 18 Ing Sec p£(1.20) ing Seccv pf(3). 3 51 3 95 116 Studebaker Co pt(7).100s 30 53 SunOfl (11). 105% 102% Sun Oil pf (6). 5% Superior O1l. 20 Superior St 8% Symli 13 Tenn 50% Texa: 54% Tex Guif sulnhur(n 8% Texas P C & Oil ngton Cop & Ch (1) s Corp (3). 146 xs 13% Texas Pac Land Tr.. 527 19 Thatcher Mfg (1.60). 26 The Fair (2.40). 36% Thomp (J R) (3. 50).- 33% Thompson Prod(2.40} 11 10% Tide 78 T 14% Timl Thompson Starrett. . Water As (60c). Water As pf (6) en Det Ax(80c) 70% Timken Roller (3) 2% Tobacco Products. 16% Transcontl Oil (30¢). 16 Transue & W (1)...s 30% Trico Prod (2%) Tri-Contl Corp. 17 894 Tri 'ntl Corp pf ) 15 Truax Traer (1.60).. 19 Twin City RaTr(4). 2 64% Twin City R T pf (7) 1008 97% Und-Ell-Fischer (5). Union Bag & Paper. . Union Carbide (2.60) 552 41% Union Ol of Cal ($2) Union Pacific (10)... 82% Union Pacifie pf (4 Union T'k Car (1.60). 10 76 215 33 9 1 iz 6 1 43% Utd Afreraft........ 56 +Utd Alrcraft pf (3).. 86 Utd Biscuit (1.60)... 44% Utd Carbon (2). 4 Utd Cigar Stores. Utd Cigar Strs pf. 86% Utd Fruit (4).... 97 31% Utd Gas & Imp(1.: 30) 2174 Utd gnhlmp pr(s). 1 18% U S & For Secur. 85% U S Freight (3). 19 U S Hoffman (2)... 87% U S Alcohol (17). 77% U S Leather pr. M(7). 18% USPipe& F (2) 15% USP!DC&F]I&)IO. 60 U S Realty (5) 21% U S Rubber. 47% U S Rubber 1st pf.. 29 U S Smelt Ref (3%).. 49% U S Smelt Ref pf3%. 141 U S Steel (7). USSteel pf (T)eeeen 60% U S Tobacco (4) 321% Univ 2% Univ Leat Tob (3) Pipe & Rad. aw. Util Pwr&Lt A ( 49',5 Vanadium Stl (14).. 37% Vick sco Sales Corp.. 412 Chemical (2%). IZR 5% Va-Car Chem........ 26l Va-Caro Chem 6% pf H 100% Va El & Pwr pf (6).. 208 105% Va El 65 51 Vulcan Det (4). Wabash. 1& Pwr pf (7)..100s . 100s 83 Wabash p! 24% 26 58 Waldor? Svatm (1% Walworth Co (2). 16 21% Ward Baking (A)... 320s 4 Ward Baking (B). Ward Baking pf (7).. 34 2 38% Warner Bros Plc (4). 517 36% War 16% Warner-Quinlan (1). Warren Bros (new).. 23% Warren Fdy & P (2). 5% Webster-Eisenlohr. . 221 Wess oll & Snow (2). 56 3 40 16 9 7 11 Bros P pf (2.20) 105% West Penn Kl pf (7). 40s 113% West 178% W 43% W 140 138 37 10 Wextark Radio Strs.. 31 Whi 7% White Sewing Mach. 11% Wile 27 Penn Pw pf(7). 60s 14% 39 10% Motors (2) ox Ofl & Gas.... Wilcox Rich A (2%) 19% Wilcox & Rich B (2). 7% Willys-Overland. ... 67% Willys-Over pf (7).. 58% Woolworth (2.40)... 67% Worth Pump... 88 8 Worth Pump(A) (7). Worth Pump(B) (6). 67% Wrigley (Wm) (4).. 62 Yale & Towne (15)... 12% Yellow Truck. 72 36% Young Young Sheet & T (5). 16% 5% Zenith Radlo... RIGHTS EXPIRE % Am Roll M..June16 110 2 22% 21% Am Tel & Tel.Aug 1 484 Dividena raten as payments bi 8 UNit of tri n “stock. °§ Payab) r B R AL gn 95 5% 1 1&P..May ¥ 32 % Warner-Quin.May 15 30 % Zenl th Rad...May 1« 95 Sales of Stocks on New York Exchange chandise continues to move in healthy volume. advance requiremen ofllmd denote m- an an opunuuc I ment in most trade territories h less than i Yo sortn. . 749,400 12:00 Noon. 3228000 3:10 P.M as siven in the sbove tabi iatest qu: o eI ook :Plnbl- H o eagned: S ot? B i S ‘While prices are showing an easler tendency in scattered instances, quota~- tions generally are fairly steady and show little fluctuation. The credit situation has a-somewhat “spotty” chnuur. as_collections are satisfactory in some market sections d rather slow in others. Improve- has been reported recentlys D. C. WEDNESDAY, APRIL 30, 1930. FINANCIAL. HEHGRADE BOND | (o= e sone BONDS e ] |BANKING ANDFARN Direct to The Star Office Sales. Hikh, Low. Close. PRIGES ARE STEADY Convertibles Irregular—For- eign Group Strong at Rising Values. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, April 30.— The most significant incident in the bond market situation today was the early dissolution of the $50,000,000 Erie Railroad 5 per cent refunding syndicate and the de- cline in the issue to 94, compared with the original price of 85%. It had not been intended to close the syndicate until the end of June, but the disparity between the price of the new 5s and the old ones, and the fact that the former did not have a good primary distribution, influenced = the bankers in adopting what the Street took to be a commendable. policy. There are several other syndicates in railroad bonds that are in about the same posi- tion as that in Erie and where the mar- kets officially quoted are considerably out of line with actual prices. all comes about from forcing too many bonds out and at too high prices. It not only affects the new issues, but puts a damper on old ones. Conse- quently while the regular list is making some effort to respond to the lower rates % | for acceptances and commercial paper, it has the handicap of this other situa- tion to hold it back. Price changes today were unimportant in the high-grade domestic list, where bonds were steady, but dull. Con- vertibles were confused by the irregu- larity of stocks. American Telephone 4%;s had an early advance of 3 and then sold at that amount of net lcss. Atchison 4!s were up nearly 1% points at one time and International ‘Telephone 44s a fraction higher. Bal- timore & Ohlo 4!;s dropped close to par and then rallied. Philadelphia & Reading 6s gained a point. The temporary closing of the Tokio Exchange was calmly received here, so far as Japanese dollar bonds were con- cerned. These held steady, in contrast to the decline under similar conditions a few weeks ago. French descriptions, especially the municipal 6s, were strong, and German bonds advanced from Y, to a point. Budapest 6s were up a point. The reception of the coffee loan in_ this country was reported as quite satisfactory. It will be ln'Arean‘ to see the re- sponse to the new issue of Fox Film 6 per cent notes in view of the recent experience of holders of the much smaller loan that has just been paid off. Washington Stock Exchange SALES. Ana. & Pot. R. R. 55—$1,000 at 83, Clpltll Traction Co—10 at 76%, 10 e‘é Me n umtyPe—s t 107'/1. 10 :(‘:01% 10 at 10713, 10 107%2. Natl. M. & Inv. pfd.—115 at 43%. Real Est. Mtge. & Inv. pfd.—40 at 7. AFTER CALL. Wash. R. & E. pfd.—7 at 98%. Lanston Monotype—10 at 125, 50 at 125. ‘Wash. Gas 6s A—$3,000 at 102%. Pot. Elec. 5% % pfd.—5 at 108%,. Pot. Elec. 6% pfd—& at 112‘/4 Capital Traction Co.—10 at 7 Continental Tr.—10 at 127, 10 lt 125, Capital Traction 55—$1,000 at 94%5. RM‘B Natl. Bk.—4 at 530. Sec. Savgs. & Comml. Bk.—4 at 476. Bid and Asked Prices. BONDS. 4% :m"_r;lgll‘l Te .L‘ Anuuul l Powm-c l R. 28388 W OF Y of Capital ‘l'nc\lon E. R. City & Georgetown Gas 1st 85 Eotomac Elec. cons, 8%. ec, alt. Washingron Wash. Gas 6s, serle Wash. Gas 6s. seri Wash. Rwy. & El mscm:«mvu & Ross, S dm:m Siotel s 535,855 <t J SR raper i, Wash. Mke. Cold m:m . Wash. Cons. Title Amer. Tel. & Telga. ( A Fraction Co. Wash, Gas Ligh ) t Co. NEw ) Balt, & Anni NATIONAL BANK. $oEES8 TRUST COMPANY. Amer. Sec. & Tr. Co. (18) 4 b rast (143 SAVINGS BANK. Bethe (6%) .. Bomiafor & 's':?m{-‘ (f0) v. Seventh_Streef e g fates (30): Washington Mechanics FIRE XN!UMNCI An‘.enun (m‘ 42 = @ National Union’ (i) TITLE INSURANCE. golumbla (6h) Real Estate Title um Title & Inv. Co. Md 2 nlwlnumus. . §ERESabusesEs i Lanston, Monol Merch. Tr r. 130c extra. 12 extra. el%% extia, EARNINGS REPORTED NEW YORK, April 30 (#).—The Auto Strop Safey Razor Co. reports net income of $312,365 for the first quarter, dividends on mx:k to $1.11 a share on the class B. ‘This compares with $200,026 for the first quarter of 1929, which wll to 00 cents a flurc on the class B. The Maytag Co. nporh net pmfle of $391,776 lar the quarter ended 31, equal to 3 cents a share m nn compares with net in- the class A |K NOTE—The New change is mow operating saving time. UNITED STATES. (Sales are fn $1,000.) Sales. High. Low. Oloss. Lib3%s...... 51001 100 1001 Lib uuu 15 10116 10110 10112 128 10124 10122 101 24 1 100 14 100 14 100 14 1 100 14 100 14 100 14 1 10710 10710 107 10 12 1119 1119 1119 FOREIGN. York Stock Ex daylight US4yssa.. Argentine, May 61, 14 Argentin Oct'S9 11 Argentine 545632 Argentine 6s A Argentine6sB. .. Alll!rl“l 4% 85l Bank of Chile 6 Bank of Chile 6% s Belgium 8s. . Belgium 6 Belgium 78°55 Brazil 6%s '27 Brazil 7s Canada 5s'31. Canada 5s'53. Chile 65 '60 Copenhagen 4% s Copenhagen s reti Denmark 41s.. ... Denmark 5%s ‘55. . Denmark 6 Dutch East Ind' 47. Dutch East I 6s'62. Fiat7s ex war 4 Finland § Finland 7: Frameric French 7, French 7% German Bank German EI P 6% German 7 Greek 65°63. 6% Jugoslavia Bank 78 Karstadt 63’43, Kreuger&Toll y 4 Norway 6%s ‘52 Orfent dev 51 58. .. Orient Dev 6s°53... Paris-Lyons-M 1s-Ly-Med 7 Rhine Wst EP 7s'50 Rio de Janeiro 6% Rio de Jan Rio Gr du Sul Rlo Gr Du Sul R'y’l Dutch 4% sww Sao Paulo 8s°36 o P TPOT TS » L ees T T T TR - Yokohama 6: MISCELLANEOUS. Abitibl P&P 55°63.. 17 864 86% Abramé&Stra: 102% Ajax Rubber 61% A:leghlny Cp, 5%s Am Nat Gas 6% s'4 Am Smit & R 1st 53 l! Am Sugar Ref 6; 6 1 Am T&T evl% 'I’ 771 Am Wrtg Pa 65'47. Armour&Co 4% w39 = I FROAGN e AR NEN - [P » SoSa ~OrarnHaRGER Det Edison 5s Det Edison 6s. Duquesne 4% s ‘67 East Cuba Sug T%s Fisk Rubber Gen Cable 5348 47 Gen Mot Ac Cor 6 Gen St Cast 54 o’ Goodrich 6%s. No Am Ed5%s 62, Nor Ohio Tr&L Nor States Pwi Pacific Gas & El s, PacT& T 1st b PacT&T 5s'52. Pan Amer Pete Paramount F-m- Exch: Py Pillsbury F M Por Ric Am Tob Postal Tel &C 5 Pressed Stl Car Pub Sve G 4%s Pub Sve Gt l Pure Oil l%-'" Rem Rand 6%s wa Richfield Oil 6s 44 Sinclair O11 6 Sinclair O11 6 Sinclair Ofl 7s Stinclair Crude 6% Stnclair P L 5 Skelly Ol 6% South Bell Tel Stand Ofl. NJ 46 Stand Oil, N Y.4% Sug Es Orient 7 ‘enn Cop 68 B " enn El Pwr 6847, Tex Corp cv 58 ‘44. . Transcontl Ofl 638 United Drug 6s '63. Utah Pwr&Lt bs. .. Utilities Pwr 5%s. . Vertientes Sug 7 Walworth 633 '35. ‘War Quin 6s 3! ‘Warner Sug 7s ‘Western Elec 5s. Westn Unfon 6s'51. Westn Union 6%s. . ‘Willys-Ov 6%s '33. Wilson & Co 1st 6s. Youngstn S &T 102% 101% 105% 101% 8 108% 103% 108% 100% 102% 1 40 4 1 7 15 RAILROAD. Atchdeb 4%s At & Bir 48°33 s Can Pacific ctfs 58, Car Clinch & O 5s. . Car Clin & O 65 '52., Cent of Ga 5sC 59. Cent of Ga 5% tral Pacific Cent Pac 1st 58 *l"l"B st rf 5s. .. % | Chi Gr West 48 '69. Chi MII&StP 4%s B ChiMIIStP&P 68765, CMSP&Pac adjbs03 ChiNW 4%s 208’ C’hliNWeon‘“ Chi & NW ref bs. CMAN'I%I“ .. Chicago Rwys 5 ChiRI&P gn 4 ChiRI&Prf ¢s. C& W Ind 5% CS. L, Cuba Nor 5% s rets. Del & Hud 1st rf 4s. 0 Del & Hud 78'30... " Den & Rio G en 4. Den&RGW 58 56, DR G&Wst 5s'78 DesM & Ft D 4; E Tenn Va&Ga 5s. .« Erle conv 45 (A) Erle & Jersey 6s. Fla East C58'74... Fonda J&G 4%s 52, Gr Trunk st deb Grand Trunk 7 Green B& W deb... Hocking Val 4% Hud & Man adj 5 Hud & Man ref 5 111 Cent ref 4 111 Cent 4s °5: Int Rapid Trans bs. Int Rap Tr 53 stpd, Int & Gt Nor 5s '56.. Int & G Nor 1st 6s. Int & Gt Nor adj 6: Towa Central ref 4s Kan City Ft S 4s. Kan City Term 4 Lake Shore 3%s. Lake Shore 45 ‘31, Leht Val con 2 29 23 106% 102% 102% 101% 101% 105% 105% 101% 101% 102 102% 104% 104% 103% 104 101 101% 72 12 102% 102% 99% 99% 103% 104% 95% 5% 105% 105% 93 93 5% 82 98 98 46 46 100 100 994 99% 95% 95% 100% 100% 1024 102% 103% 104 99% 100 98% 984 96% 97 103 103 102% 102% 97 97% 36 36 100% 100% 106% 106% 104% 104% 102 102% 96% 96% 108% 108% 102% 103% 108% 108% 100% 100% 101% 101% 101% 102% 20 93% 131 920 93% 131% 89 92% 89% 9% 93% 99% 00% 101% 102% 103 108 103% 108% 109 93% 93% 102'/. 102% 884 95% 99% 2% YT% 88 88% 93% 9 95 95 102 102 101% 101% 102% 108% 100% RELIEF DISCUSSED Chamber of Commerce Dele- gates Vitally Interested in Two Subjects. Tm—liensasy BY JOHN F. SINCLAIR. ‘The 3,000 delegates to the National Chamber of Commerce gathering here this week seem to be centralizing their interest on two subjects—banking and farm relief. Of course, there are many other sub- Jects on the program, carrying the gen- eral title of “What's Ahead for Busi- ness,” but the vast majority of dele- gates, no matter what subject is being discussed, revert to one of these two topics—or both of them. ‘T>.2 trend in hrankmg has a personal appeal. Every delegate seems to have definite ideas about it. This is in con- trast to the rather vague and indefinite opinmm glven out informally at last year’s meetinj “In the flnal analysis a bank is a place where surplus funds are kept safe and ready for immediate withdrawal,” said C. T. Jaffray, president of the Soo Railroad and of the First Bank Stock Corporation of Minneapolis. “Branch banking is coming, but until it is al- lowed by law group banking in the Northwest will grow and develop. “I was inclined to believe that grou banking was a mistake when it was be- gun in our country 18 months ago, but I have changed my mind. The North- west suffered 1,550 bank failures, with loss of $350,000,000 in deposits in the 10-year period from 1920 to 1930, and 80 per cent of these deposits belonged to the hard-pressed farmers. Confi- dence in the country bank was shaken. Farm loans and exchange were taken away from these banks. Balances were kept large and country accommodations dried up. What could happen? Just one thing. The country bank could make nto mol:“yi - “That's why two large organizations in the Northwest entered the group banking field—to protect the integrity of the economic life of the country,” continued Mr. Jaffray. “It has proven its worth. Confidence is increasing and so are deposits. More local loans are being made because the danger of runs is eliminated when the larger groups have taken control. I am sure we have done what had to be done to meet the situation.” “America has tried four kinds of banking—unit, chain, gflup and branch. I b:]uve that branch banking is the best of them all,” said P. H. Fries, presi- dent Wachovia Bank & Trust Co. of ‘Winston-Salem, N. C. “I am to chain bankin; added Mr. , “because the weakest link can destroy the whole chain. In group we see a step forward be- cause more than 51 per cent of the stock of each bank is held by the hold- ing company. If the holding company is good and powerful and well managed. group b-nung will work out. Not other- wise. At best, it is merely a step above unit b-nkm‘ but one below branch “Our bnnk began as a unit bank, but today we have branches throughout N Carolina. We believe thoroughly in branch banking. It will come, but consideration mlm ‘always be given dur- | ing the changing process to the strong 97 100% 106% 106% | & 108% 108% 8% 8% 89 89 97 7% 94% 9% 116% 116% 104% 104% 98% 98 30 30 105% 105% will remain as long as it J. W. Pole, controller of the currency, ys that “banking cannot exist inde- pendent of business, because it is a servant of business.” ‘With the new trends toward larger and larger units of business, the small unit bank finds itself in many cases un« ble to cope with the expanding busi- ness of its customers. BoM.r Pole suggests a thorough study y Congress with the idea of develop= m‘ a mm ry system of branch banking within certain well defined eco- nomic unlta "The question which Congress is ellled to consider is whether these la; ities y have an adequate banking system,” says Mr. Pole. ‘These short statements from well known banking leaders d(;lve a ngod ple- of what is in the min business leaders throughout the coun- try. The change hzre suggested is a ; basic one and reaches down mto the whole credit and business structure 1 | Of the Nation. 114% 114% 58 58 29 29 105% 105% % 110% 110% 43 70 14 0% 96% 96% 110 110 110% 110% 28Y% 28% 96% 97% 80% 81% 97% YN 92% 91% 99% 9T 9T 105% 105% 69% 70 69% 70% | 581 581 88% 884 9% 91% 102% 102% 5% 13 Mil El Ry&Lt 5s'51. Mill E1 Ry&L 6861, Minn & StL cn 6s... M StP&SSM bs gtd Mo Pacific 65 A "65. % | Mo Pac 58 F' 77, ol 102% 104 126 97 94 108% lfl 4 124 97 94 108% Mob & O 43577 Nassau El 4s ‘51 4 87 2 101% 2 106% 0 79 9 100% 99% 4 % thdulc.m? 964 t L 63%8A. 41 107% !L 5%sB 1023 102% | NS common. come of $1,320,968, or 58 cents a share | Manat! for_the first quarter of 1929. Childs Co. umeammzotN ‘The $377,232 in the first quarter, equivalent to 80 cents a common share, against ueoou or 20 cents a share, in the same period last year. e Frank G. Shattuck Co. earned 58 cents on common stock in March quar- ter against 62 cents in like 1929 " 5 & 8 107% 1 101% 9 102% B84% 84% 8% B4 96% 96% 90% 90% 80 80 99% 100 88% 8%, 981 985 101% 101% (Copyright, 1930, by North American News- paper Alliance CRUDE OIL OUTPUT. TULSA, Okla.,, April 30 (#).—Total daily average production of crude oil in the United States in the week ending April 26 was estimated today by the Oil and Gas Journal at 2,579,720 barrels, an increase of 13,442 barrels over the pre- vious week. Kansas production showed an in- crease of 8,370 barrels, the largest gain. California light crude gained about 4,000 barrels. et Sl s BALTIMORE STOCKS. BALTIMORE, Md., April 30.— 35 Appalachian Cor) Americ e Wosdburs Mill 23 Mt Vernon- -Woodbury 1' S m - United Rwy & Elec ist 4 1000 1000 United Rwy & Elec income 45 Penna 6’64, ™ b Jor 100% 100% | P 38 38 98 98 89% 893 99% 99% 101 101 86% 87 101% 101% | 105% 105% 9 19 % | SIL&SF 4%s78. 107% 107% 101% 1013% 102% 102% 8% 8% 92% 93 90 13 '4\6 4y ” Port RL 6s'47..... Port RL&P 7%s'46. Readinggen 4% A.. 4 Rio G West col 4s., 12 RIArk&L4%s... 8 StLIM&Sgnsssi. 3 StL IM&S R&G 45. 10 StL&SFpl4sA... 49 J456 StL & SanFrinfs.. 1 S&L&SF gen 55 31. 18 StLS Wcon4s'32 15 StP Un Dep 6 Seaboard A L 4s sta Seaboard AL ref 4s. 3eaboard AL cn 6s.. SBAIlFlaés'35 A, Sou Pacref4s.... Sou Pac 43s rets Tex & Pac 58 C Third Ave ref 4s'60. ‘Third Ave adj & Third Ave 1st 5s. Union Pac 1st 4 Union Pac 43 6! Un Pac 1st ref 45 Union Pac 4%s. ‘West Shore 4