Evening Star Newspaper, May 3, 1930, Page 15

» THE EVENING SATURDAY, MAY 3, 1930. FINANCIAL. A—-15 RANS THE NEW YORK CURB MARKET | |TARIFF ON COPPER : L e | IPORTS 1S URGED Vick Financial Corp. Vogt Mfg Co (2). Walgreen Co.... Walker (H) (1)... Walker Min (73%¢) Watson (J W) Co ‘Wenden Copper-. . Westn Alr Exp(60¢). ‘Westn Auto S A (3 ‘Westn Mass Co (2) White Eagle Ofl rt: ‘Wil-Low Caf 1 FINANCIAD. CURB ISSUES DROP INFORCED SELLING Market Tumbles to New Low Level at Two-Hoqr Session. STAR, WASHINGTON, D. C, Stock and . ___ Dividend Rate. 7% Van Camp Packing. ~ Sales— o v Dividend Rate. Add 0. open. High. Low. Close. 201 United Gas Co (new) 6% United Gas (war) 94% United Gas pf (7) 27% ork Curb Market is now opera ~Prev1930.~ _ Stockand Sales— on lf;l’l:hlt— .‘.'3&."&'.'..’ e g | e, Tow. Dividend Rate: Add 0. Open. Hish. Notice—All stocks are sold in Hundred- lots| 29% 17 Ind #inctfs(b10%).. 28% ncoping o Seimnied e ey L850 08 [ 3 anceBecrian. 4 16 nsuranc .40). '253‘ b “mmn -na" h.'.'" e @ 23% 204 Intercoast Trade (1) m‘):: “Righ. 1% 25% & Protection for U. S. Industry. Asked by Armstrong in. Philadelphia Speech. m % Intercontinent Petn. b et 4.33.'.‘?&?2 oot phrks-yek o 25 Intercont Pow A (2). 83% 214 Alnsworth (32%) 24'/. uu nw. zm 4% Int Holdg&Inv 10c.. 9% 3 Alr Investors v.t 6w 6% 6% 17% Intl Petroleum (1).. % 1% Alexander Indust. 11% Intl Safety Raz B 3. 4 Allegheny Gi 8214 Intl Superpwr(tl). 21 16 AllAmGen 21 Intl Tetbook (75¢) . 16% 10 Allied Mills (60c). 844 Intl Duilitien A(3%). 109 266 - Elec Pwr (war). Finishing (12).« Foil (B) (1)....3 Gypsum (1.60). & Intl Secur. Lines pf (1).... & Overseas war.. U S Shares Fin. BY JOHN F. SINCLAIR. Cheap money has not stemmed the SEraemRome 105% Alu Co of Am pf ( Internat] Util (B)... BR SORN SNGRUNE. 276 Aluminum Co of Am 1\0. Internatl Utl (war), Interstate Equities Bpecial Dispatch to The Star. NEW YORK, Mly l—Impurment of Erousht forced. sales. in. migs blocks in ore es uge bloc! curb market tradi today.. The whole list slid into new low ground for the year, led by the fast moving public utilities. Blocks of 4,000 to 40,200 shares were thrown into the market at sacrifices which ranged from 2 to 15 points. ‘Trading set such & furious pace that the ticker was unable to keep up. Halfway through the two hours of trading the ticker was nearly an hour late. In point of volume and extent of de- cline, Electric Bond & Share was the feature in the first hour. Opening on a 16,900-share block, over 3 points off, W ran rapidly down until it was over 9 points below the previous close. Ame: can Superpower acted similarly, thougii its loss was somewhat smaller. ‘The momentum of the downturn carried the entire list of public utilities off, the most active losers being As- soclated Gas & Electric, Electric Power & Light options, American Common- wealth, American & Foregin Power ‘warrants, American Light & Traction, BI'IIHAI'I Traction, Central States Elec- e, Duke Power, Eastern States Power "l Middle West Utilities, United Light Power “A” and Utilities Power & u.m Cities Service sold on a block of 40,200 shares at the opening, off nearly a point. Later it reached new low gmmd for the movement, over 3 points the previous close. Other olls the decline, with Humble Oil off 0 points at one time. Industrials were quiet, but slumped Teadily whenever a sale was recorded. Crocker-Wheeler lost nearly 8 points. Driver Harris dropped below 90. Rossia made a new low for the year. Deere under the 150 level for ime in the current move- ment. . Aluminum Co. of America was off 9 lnYJ 2 ration stocks moved Peluctant \mt definitely lower. United Founders dropped 3 points to a new Aviation shares went down with rest and mining stocks were weak, uflafl-fly Newmont. Some of the &ny stocks held fairly well l‘llnlt It was 8 ncord Saturday in point of volume. In the second hour there was a short-lived rally which carried such stocks as Electric Bond & Share, er- {can Superpower, Cities Service and United Founders back a point or so from their lows. But this effort of the bulls was quickly smashed by renewed lclu:u and the market closed at the M 12 o'clock the curb ticker was 62 minutes behind the market. NEW YORK COTTON NEW YORK, May 3 (Special).—Un- der the influence of the break in the stock market, cotton prices ruled lower today and ended with a loss of 15 to 20 points. * A decline in wheat added a depressing influence and sufficient liquidation oc- curred to carry .gxg within a few points of 16%, cents. ‘erences between the old and new crops, however, widened rather than narroyed and July at the close sold 165 points or more over Octo- ber, the widest spread so far. Spots were reduced 20 points to 16.40. 4 = 32282824 § = ErEssrnd SRg22825 EEESREEE RS 38BRISBNE! BREEEELS B e W 28288333 38338332383! T 33 BS0no. EERE Hygrade ¥d Independt Oil 6s Indnap F4L 55 A Iniand Util 6s 34 Insull_vtilities B nter Pw Sec 75 E ntern Sec ILEERENenvonEe Q) 1} s Co {eltinator se - Dpers G & C ig) bby Me! ne 8 S e T e, =2 F38a 22 zEzEEx N 5 02222 Pow hio Pow 4125 D '56. 0 65 43 w 258322 % £ 4 ooovn;nu:s VEL TR oaes3Eagensseeeniss £ F & 555 F5 SES & SOSF s B i o B R OO orems o 1000 S 005! s A ms Xw 108 © 10813 108 G 6s ‘44, 101 100 101 uthw G&E 5s A 87 95 95 95 othw PAL 85 A 2023 108% 1081 106t tandard Iny 85 /37. Sias J3910 9%, 93 90% 80 " 80 88z 8 1064 10012 1012 len & Co 6s 100 abash st B ” FOREIGN nomm T Mtg Banl Elen Py gt ,_éfo’, Tty Eg i Y2 108 ] ,s‘“f g 48% 8% 4 28% 28% 5% 86 AmArchCo(3)..... 4% Am British & Cont. . 374 Am Cit P&L(A)(ad) 14 AmCP&L(B)(10%) 28% Am Com I'(A) b10%. 3% Am Co'wlth Pwr war % Am Control Oll Flds. 25% Am Cynam B (1.60) 3 Am Dept Stores 15% Am Equities. 60% Am For Pwr(war). 105% Am Gas&Elec pf(6)., 113% Am Gas & Eleo (31). 10 Am Invest, Inc (B) 4% Am In: (war). 225 Am Lt&Tract (10).. 72 Am Lt&Trae (n). 1% Am Maricabo. T% Am Natural G: 5% Am Pneumatic 18 Am St Pub S A(1.60. 28% Am Superpwr (1) 94% Aun Super 1st pf (6) 1 O 4 03 T 09419 3. 9 4258 18 10 Am U&Gen B vte 400 118 814 Am Yvette (n) w.i... 17 Amrad Corporation.. 9% Anchor P F (h10%). 124 Anglo-Am vot (73c). 12 Anglo-Amn-v (73¢). 15% Anglo Chil Ni 13w Appalachian Gas. . 9% Arcturus Rad Tube. ¥% Arkansas Nat Gas. .. 8% Ark Nat Gas (A). 7% Ark N G cu pf(60c) W 102 Ark P&Ltpf (7).... 5% Asso Elec Ind (30¢). 454 Ass50 Gas & Elec (n). 861 Asso GEE (A) 12.40. 7 Asso G&E (A) dbrts 1 Asso Laund (320¢).. 39% Asso Rayon pf (6)... 20 Atl Coast Fish(1.40) % AtlanticFruit & Sug. % Atlantic Lobo 15 Atlantic Secur Co: 224 Atlas Plywood (2).u 143% Atlas Util Corp.....: 6% Auto Music (A) (1).. 24% Aviation Corp of Am 36 Axton-F Tob A (3.20, 122 Babcox & Wil (19).., 46 Bancomit new (1.60), 5% Bellanca Aircraft 314 Benson & Hedges 22w BlisaCo (E W) (1) 6% Blue Ridge Corp. 2% Brit Celanese rcts 2% Burma Corp (t31c) 4% Bwana M Kubw: 3 Cable Radlo T v.t.e 1% Cable&Wire (B) rects 224 Camden Fire Ins (1). 3 Canada Marconl.... 49% Can Pacific(new)w.i % Carib Syndicate..... 26% Carnation Co ($134). 89% Carrier Eng n-v A(l) Corp...... 1stpf(T%). 25% Cent Pub Sve. Del... 34% Cent P S (A) (alL.75) 21% Chathm Phos Al n-v. 22 Chem Nat Asson-v. 14% Chicago Corp (The).. 264 Cities Service(330c) 88 Citles Srve pf (6). ... 68 Clev El Illum (1.60). 18 Clev Tractor (1.60).. 5% Colon Oil. . 16 Colum Oil&Gas w.| L- 24 Columbia Pictur 424% Colum Pictures v.t.e. i Columbia Syndicate. 3% Com'with & Sou wi 12% Comm Wat Serv b6 % % Consol Auto Merch. . 5 Consol Copper.... 13% Cons Dairy Prod IZ) . 90% Con Gas, Balto(3.60) 21% Con Gas Util A 2.20.. 10 Con Gas Util,B v.te., 3 Consol Instrument. . 10 Consol Laundries. 101% Cont C&EIL pr pf (1) » 28 Cooper Bessemer(3). 88 Cooper Bess pf A (3) 5 Copeland Prod.Inc A. 11% Cord Corp....... 12% Corroon & myneldl. 71% Cor & Rey pt (A)(6), 50 Cosden Oil. . 5% Creole Petrol 18% Crocker Wheeler. 1% Curtiss Wright war.. 1 CusiMex Mining. ... 7% Darby Petrolm (1).. 18% Davenport Hos (2).. 3 Dayton Air & Eng... 113 Deere & Co (11.20). 5 Detroit Alrcraft.... 24% Detroit Gasket(1.20) 10% Dixie Gas&Utilities. 1614 Doehler Die Casting. 12% Douglas Alr (75¢) 71 Dow Chemical (2) 31 Dres(SR)MIgA3 41 Driver Harris(new). 8 Dubilier Cond & Rad = - @ —eBrRennSelline nSloornsEivonneartreand e L LT OO S PR e 145 Duke Power (35)... 550. 4% Durant Motors. .. 18% Duval Tex Sul w.i 254 Eastn G&F Asso. 18% Eastn Sta Pwr B(i). 14 Eastn Util Assocv.. 7% Eastn Util Inv (A).. 14 Eisler Eelectric(13) 803 El Bond & Sh (b6). . 103% El Bond & Sh pf (6) 24% Elec Pwr Asso (1). 22% Elec Pwr Asso A (1) 2815 Elen Pwr & L op war 99% El P&L 2d pf(A) (7). 16% Elec Shareholdg(31) 82 El Sharehold pf (6).. 40 Empire Power (2). ., 19% Emp Pub Sv A(1.80). 22% Employ Reins(1%).. 43 Eureka PipeL (4)... 18% Europ EL Ltd.A 60c. 34 Evans Wallow Lead. 2 Fabrics Fininshing.. 3 Fairchild Aviation., 48 Fajardo Sugar # Falcon Lead . % Fandango Corp...... 7 Fansteel Products. ., 174 Flatrecelpts (1.25).; 10% Ford Mor,Ltd. 37 3%0. 21y Fox Theater Cl (A). 21 Galena Oil Corp w.i... 20 Gariock PKg (1.20).. 6% Gen Alioys (80¢). ... 2% General Baking..... 35% Gen Baking pf (3) 8% Gen Cable (war). 56 Gen Capltal Corp. 0% Gen E, Lid rcte(50e) Gen Empire Corp. . Gen G&E cv pt B(6). Gen Lndus Alcohol. . Gen Laundry Mach. Gen W W&E(A) (2). Gleaner Com Har(2) Glen Alden Coal 8. ... 11% Globs Underwriters 2% Gold Seal Elec new. . Goldman Sacha(bs). Graymur Corp. GrA&PTn-vib).. Groc Stores Prod vte - s - BRI 000 1 AN TN B N - 126 47 % 16% 126 4% % B% 15% 128% 1234 28% 28% 44h 4 87 884 8 8 1% b4% lZ‘K 124% 47 10% b 21% % 89% 1% Té% 454 3% 21% 13% 304 924 15% 45 15% 21% 45% 1% 21% 44u 5 31% 5 % 28% 13% 35% 21% 14% 29 38% 1% 88y 18 13% 27% 1% 12% 29\' o 8% mu 170 ¥ a8 32 21% 664 10% 3% 26 49 1 6% 36 20 12% a2 59 19% 5% 51w Bl 33 18 5% 16% Interst Eq cv nf(3) Irving Alr Chut Irving Atr Ch(1.. Iron Cap Copper. Italian Super war. . Italian Superpwr A Johnson Motor. .. Klein(H) pt pf $1.20. % Kolster-Br (Am Sh). Lackawanna Sec(4) . Lane Bryant (2).... Lefcourt Real (11.85) Lefcourt Real p(3). Lehigh Coal & N 1.40 Leonard Ofl Lerner Stores (2) Libby McNell & L.+ Lion Ofl Refin (2) Loew's. Inc (war) Lone Star Gas (1) Long Isl Light(60c) . Louisiana Lan & Ex. MacMarr Stores (1). MacMillan Pet ($2).; Mfg Finance v.t.c.... Mapes Cons (3).... ¢ Marine Mid (1.20). Mass Util Asso. Mavis Bottling. Mayflower Asso (12) Mead Johnson(t3%) Memphis Nat Gas. ... Mesta Mach (11.70).. Met & Min, Inc(1.20) Mexico Ohio Oil. ... Mid W Sta Ut 1%).. Mid Wat Util(b8%) . Mid Wat Util A war.. Mid Wst Util B war. Mid Sts Pet v.t.e. A Mid Sts Pet v.te. B " @ » = oa = Morison Elec($1) Mountain&Gulf(8e). Mount Prod(1.60)..4 Natl Amer Co. ¥ HEONNARHONNAND AN ENDR BB B ADRRBIOD - BN A B ADN TN NN O e NOK DRN DD R TN RN & -Th Natl Fam Strs(1.60) Natl Food Pr A(2%4) Natl Fuel Gas (1).. Natl Inveuor-(ncw) Natl Leather. Natl Mfgs & Slnre!. . Natl Rub Mach (2) Natl Screen Sve(2 Natl Steel x-war(2) h bel Oscar 1% I\thICorD (1.30). New Hav Clock H% . NJ Zinc (12%). Newmont Min (“). . N Y Rio&Bu Alre Newport Co (2). Niag Hud Pwr(40e). Niag Hud Pwr A war Niag Hud Pwr B war Niag Shars Md(40¢c). Niles-Bement-P 123 Nipissing (30c). Noma Elee (1.60. Noranda Mines (3) No Am Aviat A wai Nor Am L&P (b8%).. Nor Sta Pwr A(8)... Northam W ev pf(3), N W Engineer (2)... % Outbd Mot(A)(1.80). Outboard Motor (B). Pac Coast Biscuit (1) o Plrltl Davis(11,45).. Penn Mex Fuel (2).. Pennroad Corp...... Peop L&P, A (a2.40). Perfection Stove (4% Petrol Corp (1%)... Petrol Corp war. Phillp Morris, Inc. .. Pilot Ra T(A)(1.20). Pitney B P, n (20¢).. Pittbgh Forg (1.60), Pitts & Lake Erie(5) Plymouth Ol (2). Polymet Mfg (31) Prince & Whitely Prince & Whit pf( Prudential Invest... Pub Uil Hold w w.. Pub Util Hold war... Puget S P&LL pt (6). Radio Products 1. Ratiroad Share Rallway & Lt 8(15). Rainbow Lu Prod A., Rainbow Lu Prod B.. Relter-Foster(40¢c) .. Reliable Stra(bs%) . Relia IntiCorp A w1 Reliance Mana Repetti Candy. Reynolds Bros, Ine. . Rhode Is1 PS pf (2), Rocklans Lt&P(92¢) Roosevelt Field,Inc. Ros: St Regis Paper (1).. Sait Creek Prod (2).. Schulte Un be-$1 St. Seaboard Utllities. . Sec Corp Gen new (4) Secur Corp Gen (19), Seg Lock & H (50¢)., Selberling Rubber Selected Industrie: Sel Ind allot cfs 5% ., Sentry Safety Cont, Shattuck Den Min Sheafter Pen (13). Shenandoah Corp. an Coro pt o » PEENRE 0N ANIN ANAnBDBN oS 2 S avmmnpnmee » S Smmith (A O (1), South Co: South Pe: " Southland Roy (1).. 8 W Dairy Products, S W Gas Utilities. .., Spanish & Gen Reg. . Stand Gas&El of (7). Standard Motors. . Stand Oil, ind (23). Stand Oil Ky. (1.60). Stand Oil. Ohto(23). St 01, Ohlo pf (7)... Southern Corp. . Std Cap&S new (2.40) Stand Pwr & Lt (2).. Stand Pwr&Lt B (2). Std Pwr & Lt pt (7)., Starrett COrp......o Starrett Corp of (3). Stein Cosmetics. ... 5troock & Co (3). ey Strauss Roth. Struthers Wells T. . Stutz Motor Car. Sun Inv. Sunray Oil (40 Sunset Stors pf (3 Superieater (13%) Swift & Co new (1), Swift Internatl(2% ‘Taggart Corp (1)... Tampa Electrio (1) Technicolor, Ine. ... Teck Hughes (§0¢) . Texon Oil & Land. Thatcher Sec Corp. . Thermotd Co (2). ... o BorBrrenSromcibrnsantastonan oo -3 @ S 5 0810 4 0119 5 B3 ¢ s Gh w3 b b 0 i = uu. 109% 14 34u 19% 124 224% 13% 12 Utd Verda Ext (4).. United Wali Paper. Universal Picture: Utah Apex (50c). Utility Pwr&Lt Util P&L B ctfs Utility & Ind. Uti] & Ind pf ( Utllity Eauit} Vacuum Ofl (t4%).. TR T Lo TPy 23% o 4% 51% Clev El 18 24% 16% $0% % annusl payment. 92% ‘Woodley Petro! Zonite Prod (1.60)... RIGHTS. Lone Star Gas. . Dividend rates in dodars based on last quarterly or semi- *Ex-dividend. {Partly extra. in cash or stock. b Payable in stock. d Payable in preferred stock. m.. 17% 1T% Expire. m.. June 2 15 20% 20% 20% 20% 1 4% 4% 4% 4% $Plus extrs in stock. a Pavable stock market decline, In the total ™ sales of nearly 6,000,000 shares yester- day, the natural gas stocks suffered the most, although the whole market had a bad drop in the final hour. United States Steel moved down 2% . points to 176; General Electric down - Markets at a Glance NEW YORK, May 3 (&) —Stocks .| weak; industrials and specialties drop 3 to 17 points on record-breaking sales. Bonds steady; convertibles steady. Curb weak; leaders down 2 to 10 points from heavy selling. Foreign exchanges irreg- ular; French francs easy, German marks and Dutch gilders firm. Cotton lower; weak Wall street and favorable weather. Sugar higher; covering. Cof- {fee steady; trade support. CHICAGO STOCK MARKET By the Associated Press. CHICAGO, May 3.—Following is the complete official list of transactions in :g%gks on the Chicago Stock Exchange y: TOCKS. High. Low. Close o5 [ R 0 Borg Warner ;nouonn Vivaton ‘pt 30 00 Brown Fence & 390 Bupnpam rad.. ham Trad b 4400 C icago ' I 150 cnnnnemn Steel . 10800 Cord _ Corp. 32400 Cor, 308 Gorp Seciriti 50 Gen 750 Gleaner 33 330 ‘Grest Lakei Kireratt. 0 Great Lakes Dredge.. 185 580 Greynotind corp 46000 Grigehy. O 2 100 Hondie-sershes ", 2750 Houdaille-Hershey B. 70 Lliingis Brick . 2| have been adopted as standard 380 Muxk-ron Momr Bpec 22 Nat Elect Pow 160 Nar Fam Sioress b Ser: 100 Nat ST mvest eit 500 Nat-Standard 550 National Union Radio 0 Amer Corp.. 300 Northwest Bancorp... § 100 Northw Engineering 21 No West Uil 7% B soon S '53%8 £.9° Time-0-Btat Gontrols 2480 Tuin Sta B8y = tms R Nw.,_;..._.._.-..,.aq__.._,u..ww.w:u:: Ftock ‘sales today. 562,800 shares. Sales in thousands. 3Chi Ri SHORT-TERM s}:cu;n'ms. (Reported by J. & W. Seligman & Co.) Allig-Chalmers Co, s 1037 . & Tel. 8} ! udahy dison E1. 11 Mot. A o) | Shipping BY J. C. ROYLE. Spring moving day showed far less migration to new living quarters than usual, according to reports received here today from various sections of the country. This would seem to indicate, Government specialists in housing say, that there was some uncertainty as to employment trends and that workers were following the safe plan of sticking to what they had, rather than venturing into pastures new. Employers are sticking to old em- Fluyes just as old employes are stick- ng to old quarters. Some workers have been laid off, it is true, but the general tendency today is to put trained men on part time, rather than let them go and eventually replace them, when the slump is over, with untrained personnel. Savings Deposits. A comforting feature of the situa- tion is that the deposits of the savings institutions in the industrial States are rising steadily. Retail trade has not improved as fast as was anticipated by some, but this represents caution rather than the pinch of necessity as a ruling factor in the attitude of purchasers, Earnings of steel companies are still well below the level of a year ago, but at that time they were ab- normally large, and present stability is a healthy sign, despite reports that prices may suffer a slight cut in the near future. The well placed auto- mobile companies are making money and improving their positions daily, but the concerns which have not been wisely managed, or are hanging on to the right side of the ledger by the , are finding it neces- sary to curtail in more ways than one. PUBLIC WORK PROGRAM TAKES SPURT WITH SPRING WEATHER Wholesale and Retail Trade Continue Slow—Workers Stick to Old Quarters on Annual Moving Day. Public works and commercial con- struction are just getting into full swing. So is road building, and as a result thousands of workers are being employed. The trend in con- struct nmlluwlthoucu’cudbet terment, but census figures, when they become fully available, are likely to speed this type of work in certain localities. They will, however, restrict it in others. ‘The general price trend of the neces- sities of life has been downward for the last week, but the change was slight. Demand for smoked meats is satisfactory, but call for dressed meats is limited. Farm products in general were stronger, although this did not show in all quotations. Production ~ of lntmnnhlk tires is nearly 25 per cent higher than it was in the llte Winter, but still is behind the volume of 1929. This was to be expected, since motor-car out-turn is decidedly lower this year. tex- tiles mlnuncmrem are selling and shiflfing more than they are and thl.l cannot help having a heneflclal effect on the industry in the long run, although demand is about 10 per cent under that at this time last year. Non-Ferrous Metals. The non-ferrous metals are in an unpleasant situation, since consumers are firm in the belief that they will be able to buy cheap md u-e there- fore delaying p If they are right, the producers | be hurt. If they are wmng, they will have to pay for the error in judgment. Ol pro- duction is up, but so is demnd and gasoline prices are strong. current consumption is companies between 8 and 10 per cent as compared with April, 1929, (Copyright. 1930). H. L. DOHERTY AWARDED WALTON CLARK MEDAL | Recipient’s Long Service in Gas Industry Brings Special Recognition. Henry L. Doherty, who is now in ‘Washington, has just been awarded the Walton Clark Medal by the Franklin Institute “in consideration of his out- standing and valuable work in the de- ;elopment of the manufactured gas in- ustry. The Franklin Institute, established in 1824, is the oldest institution ‘in the United States devoted to the study of applied sclence and mechanic arts.” Its medals and certificates of award, given for the purpose of advancing physical sclence, are prizes of world-wide recog- nition. It is planned to present the medal to Mr. Doherty at exercises to be held on May 21 in the hall of the Franklin Institute at Philadelphia. In a friendly talk that sccompmled the unanimous decision to award the Clark Medal to Mr. Doherty, mention was made of the reciplent’s long years of service to the gas industry and his many inventions which have radically affected the development of both the electric and gas industries. When only 23 years of age, 37 years ago, Mr. Doherty began to propose im- proved methods for the manufactured and natural gas industries and since then many of the practices he suggmeld Al- together, he has more than 150 patents to his credit. His experience in the electrical fleld has been almost as note- worthy. GRAIN MARKET CHICAGO, May 3 (Special).—The virtual panic in the stock market de- pressed wheat trade today at a time when_professionals were beginning to feel a bit more friendly toward the market. The close was 1 to 215 lower. May sold at & new low point on the crop, May closed 1.00% to 1.00%, July, 1.02% 0 102Y;; September, 1.05 to 1.05% December, 1.10 to 1.10%. Prices wers | 2% to 37% cents lower. Corn closed 3 to 3, lower and for the week Vs to 135 lower. May, 8% to T8%: July. 80l to 80%: September, 817 to 83; December, 6% to 7614, sales were only 58,000 bushels. _Shipments out of Chicago were heavy at 390,000 bushels. Oats closed unchanged to !, higher, and for the week 13 to 1% lower. May, 407 to 41; July, 403 to 40%; Sep- tember, 40%; December, 43%. Provisions sold lower under scattered lquidation. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominai gold Sells o value (or par). London, pound. 4. Paris, franc Deseta Vienna, schilling . Budapest, Copenhagen, crown Oslo. crown Stockholm, crown. From Yesterda: Today . Previous day.. Week ago.. Year ago. Two years ago... Three years ago, weekly aver High (1930) Washington Produce Butter—One-pound prints, 41a42; tub, 40a41. Eggs—Hennery, 27; current receipts, 24a25. Poultry, alive—Turkeys, hens, 28; toms, 22a23; Spring broilers, 38a40; Winter chickens, 32a35; Leghorns, 33a 34; old hens, 28a29; capons, 32a35; ducks, 15a16; keats, 60a65. Dressed— Turkeys, young, 37a38; old, 32a33; Bm'i.ng bmilers, 46a48; Winter chick- ens, 37a38; Leghorns, 36a37; fowls, 30a32; capons, 35a40; ducks, 25a26; keats, 80a90. Meats, fresh killed—Beef, 20a23; veal, 22a25; lamb, 322; pork loins, 25a28; fresh hams, 24a25; fresh shoulders, 22; 26; smoked shoulders, 26; lard, In packages, stock—Calves, 9all; lambs, 11a12. R T CHICAGO LIVE STOCK MARKET CHICAGO, May 3 (#) (United States Department of Agriculture) —Cattle, 300; compared one week ago fed steers and yearlings closed 50 cents lower, after having sold off 50a1.00 on near record run Monday; closing undertone firm, but comparatively little offered late; stockers and feeders, weak to 25 cents lower; supply larger and demand broader: cows, about steady, but cutters and common cows 25a50 lower; bulls showing comparable down turns; vealers closed about 25 cents off; heavy steers down most; Monday’s run largest in April for four years; largest for any since October last year; extreme top weighty steers, 14.65; medium weights, 14.10; light vearlings, 13.85; heifer yearlings. 12.55; bulk 12.50; stockers and feeders, 9.5010.50. Sheep—Receipts, 7,000 head; nominal, 7,500 direct; late Friday 9l‘lcflcll top wooled lambs, 11.00; top shorn, 9.90 paid for 97 pounds; for week, 152 dou- bles from feeding stations, 38,200 direct; compared one week ago fat lambs fully 1.00 higher; fat ewes, strong to 25 up; late bulk wooled lambs, 10.50a10.85; practical top, 11.00; lhum lambs, 9.2! 9.75; shorn ewes, 5.75 do ive springers, 12.00a13.25; plain 87-pound shearing lambs, late, 9.25. Hogs—Recelpts, 7,000 head, including 5,000 direct; only a few loads offered: practically no choice 170-220 pounds on sale; best price, 10.15; choice loads salable higher; comm.red with one week ago, mostly higher; shippers, 5,000; emmlted h ldovers, 1,000; all Spring prices today nominal; butchers, medium to choice, 250-300 pmmda 9.63210.15; 200-250 pounds, 9.85a 0; 160-200 pflgl;gl 9.85210.30; 13 -160 pound.l 9.60 8.8520.50; irbeod‘;um to chofcz. 90-130 pounds, avlgs- [T — nux CLEARINGS. NEW YORK, May 3 (Speclal).— New York bank exunnp today, $1,393 - 000,000; $1,458,000,000. anc 3, 000,000; a year ago, ew York Federal Reserve credit balances today, $173,000,000; a year ago, $151,~ STOCK AND BOND AVERAGES By the Assoclated Press. 's 8:30 Edition. STOCKS. 58 | cast, iron pij 4%, points to 80%: Eastman Kodak - 121% points to 230%. Radio Corporation went off 67 points, clos ing at 5515 Standard® Ol of New Jersey was hit hard and dropped 4% ints to 76: w’x‘he utility stocks were also hard Natlozal s hit. American Power & Light 9% points, closing at 100%5. Power & Light dropper 9% pomt.s to 43Y,, while United Carbon dropped 10% points to 63—in the most pre- cipitous decline this year. Money was plentiful and chen the market did not respond to ‘Why is copper the ‘the only metal of any importance that the United States Go ernment does not protect by an im- port duty? ‘This question was asked and answered- - by Frank C. Armstrong, New York cop- r man, in an address last night in gehflndelphll before the American Academy of Political and Social Science. t is only recently that copper de- its have been found elsewhere than the United States—in such plscu as Canada, South America and Af: And this does change radically Lhe traditional American point of v!ew‘ Laid down in New York in 1928, Chile’s production cost was 5.084 cents r pound; Nevada's production cost or 2 e same year was 9.197 cents. copper produced by the Nevada consol! ted Copper Co., was 80 per cent higher thln thut produced by the - Chile Copper Co. of Chile. Question: Should the United States allow foreign copper, owned largely by American interests and produced under.. “slave labor conditions” United States markets duty free to com- pete with copper produced in American mines at & much higher cost for free labor? Mr. Armstrong says that it should not be allowed. He asked in his address. for a duty of not less than 6 per cent a pound to protect American copper mines and American labor in the same way that the Gavernment protects every other metal but copper. “The copper situation,” said Mr. Arm- strong, “presents what is the first out- standing illustration of the results of . the exportation of capital from the United States for the particular purpose . of building up in foregin countries a . basic industry whose low cost product is. shipped back to the United States, there to compete with and ultimately destroy.. me of its own most important indus- les.” The Armstrong statement is a streng indictment against the present copper policy of the United States. The bankers’ committee meeting in Brussels, under the leadership of Leon Fraser, Boston lawyer, is believed to . have fixed up a 5! per cent rate on the new $300,000,000 German repard- tion bond issue, as contrasted wit 7 per cent rate talked about last Fall. France, with the lowest discount rate - now in the world, is expected to take " one-third of the issue, '.he United States possibly another third, and the rest of the world the balance. One private firm, Kreuger & Tall of Sweden, has nlrndy agreed to under- write $25,000,000 of the new issue. Leon Fraser, 41, the American banker, after gndultlna from Columbia Univer- sity, became first a newspaper reporter,’ then a lawyer. During the war he was a major in the judge advocate’s office, and was * honored by the governments of Belgium, Prance and Italy. Since that time, he has practiced in- - ternational law in Paris, was general counsel of the Dawes plan, and Parls " representative of the reparations com- mission from 1924 to 1937. s ‘Within two weeks, it is expected that an announcement will be made of the details of this first issue of $300,000,000 out of a total of $4,000,000,000 repars- llon:dlwnds, which ultimately can be issued. Is a r between Canada and the Unlted Shtes probable? The bud- get introduced this week into the Can- ldll!l Parliament by Finance Minister A. Dunning appears to point that _ Althou[h the Liberal party has al- ways been favorable to American busi- ness development, the Dunning budget is the most comprehensive measure on tariff revision introduced in the Canadian Parliament since William" Fielding introduced his famous “Brit- ish preference” principle in 1897. Out of a total of 1,188 schedules- mentioned, 500 of them are drawn di- rectly to encourage a diversion of trade away from the United States, and to Canadian and British interests. The business implications of this new budget are far-reaching and serious.- The budget includes a system of countervailing tariff schedules which will make the Canadian duty on com- modities in respective trade between Canada and the United States equal to the United States tariff. Wheat, flour, rye, oats, livestock, eggs, butter, meats, potatoes, soups, cut flowers and are products included. “Those who raise prohibitive barriers against our products entering their markets must expect that we will ex- tend favor to our own good customers rather than to them,” sald the finance minister. _“I would rather extend lower tariff favors to those who ex- tend them to us than to adopt prohibi- tive tariffs in return for like treat- ment.” A British economic union, combinin the British Isles with all of the Britis] dominions, may yet work out to.be more than an idle dream, But Ameri- can business men had better watch their steps—for Canada is America’s best customer. (Copyright, 1930, by North American News- paper Alliance.) Business Notes NEW YORK, May 3.—] Erie coal dumpl.nn !er Lhe season April 21 418,465 tons, compared Wlth 2441472 n 1929 and 814,392 in Lautaro Nitrate Co., controlled by Anglo-Chilean Consolidal Nitrate Corporation, has awarded to Allls Chalmers Manufacturing Co. a con=-- tract for the construction of two 60- inch gyratory crushers. William H. Barthold has been elected pruldene o! the Ohio Edison Co., a ibsidiary the Commmweum & svuthern corpora Production of 650,178 tons, exclusive by the Elk Horn Corporation mines in but . to enter the - Guilf Ofl of Pa(1%).. Harbishaw (1).... e Hazeltine Corp (1).. Hires (CE) (A)(2) Holt (H) & Co(1.80 Homaokla OM1.... Horn & Hard (2%). Houston Ofl of Texn Hudson Bay M&S.. Humble O11 (2), Hydro EI, Sec.(2) 2 46% Hygrade Food Prod. 12% Imp Ofl. Can (§0c.... 4 260 45% Ind Terr fllu Qi (A) .. 45% Ind Terr Illu CHl (B) % - %-a- 24 Tobacco & All Stkas., 41% Transamer (31.60). . 6 Tran Con Alr Tran., , 4 Tri-Cont Corp (war) 4% Tr-Lux DL P S(A) 40 Trl Utilities(11.20) 24 Trunz Pork S (1.60) 18 Tubsize Chatillon. ., 26% Ungerleider F Corp. % Union Tobaceo. .. 11 Utd Car Fastnr(1.20) 14% United Corp (war).., % Unit El Sve pr war. 88 Utd Founders(b ll) 19% United Gas Co, Low (1930)... nw Elk Horn region of Eastern Ken- tucky. This compared with 475975 tons for the same period last year. The Textile World reports that the sn per cent curtailment, indicated by rts from a high percentage of the t cloth and sheetin : producen. gray_goods 3 Danvis Pnrt‘ 53 8¢a Bi'e 6 Europ EI Cp 1 Pinl 8 Flaskeort £t 2 Hamburg 25" 108 2 Hunover City 178 % 14 Helsingfors Isarco I 16% 34 28% 1 525552555 seee55500035m 25838222222388282322883 PSR R Today . .. Previous da; . P Week ago. Year ago.. Two years ago. Three years ago, weekly aver. 4 4 12% e E8 e dard 0! gt:fla:m il N. 8t. L., Wi nts. n—wlmum Varrants. - When sssued.