Evening Star Newspaper, May 5, 1930, Page 14

A—14 BUSINESS REVIVAL IS STILL IN FUTURE fiov{ernment Officials Appear | Confident That Recovery : Will Set in Soon. BY DAVID LAWRENCE. Puzzled by the fluctuations in the stock market, the administration is still hoping that the words of President Hoover about the passing of the worst phases of the business situation may be ized. ‘The disposition is to rd the break in the market as due to the sudden dis- eovery of what really happened in the first quarter of the year rather than to any anticipation of what is going to happen. Evidence of how bad business fared in the first three months of 1930 is now in hand in the form of quar- terly reports from corporations. Two hundred wt&o""m“ representine a va- riety of different businesses, for ex- ample, showed net profits in the first quarter this year of $293,000,000, as nst $362,000,000 in the first quarter 1929, which means a decline of about 19 per cent. Capital Return Smaller. ‘The interesting thing is that the {dentical companies in 1928 had com- bined net profits of $280,000,000, so that 1930 actually shows a gain of approxi- mately 4 per cent over 1928. In many respects 1929 was an ab- mnormal year, and if the remainder of 1930 can keep up with or show a gain over 1928 it will be felt that the United States has come through its depression ‘with remarkable vitality. Owing to increases in outstanding capital and surplus the first quarter of 1930, however, represented a return of 2.8 per cent on net worth, as compared with 3.2 per cent for the first quarter of llgl' and compared with 3.9 per cent in ‘There is no doubt that the adminis- tration is nervous about the business situation. A continued drop in the market would, it is feared, mean a con- tinued loss of confidence. Somehow or -not.her the public has accepted the no- tion that the President can steer the country to economic rity, and the rather timistic spee which Mr. Hoover delivered last week, together with a reduction of rediscount rate, both of which were heralded as favor- able signs, have now been more or less weakened in their effects by the be- Bavior of security prices. ‘The truth, of course, is that the administration is viewing matters in a longer perspective than is the stock market. e Government is looking for better conditions in the Autumn, ‘while the security prices reflect the im- mediate past or the immediate future. Effect of Unemployment. The theory that the second quarter will be only slightly better than the first quarter, but that the Autumn of the should see an improvement on the first six months, and thlt t.he q\u.rur will see a sul vement ‘in business, is mennclm“ly ld by Government officials, not a few of whom admit, however, that the wish is father to the thought and that, un- there is a decided improvement in business the country is apt to vote in & Democratic Congress as an evidence of_discontent. ‘Widespread unemployment in a eam- '.:in year has always been associated with a mglt\ve verdict at the Dolll he party in power. Presiden Hmver hu had many troubles, but none would be as disconcerting as to have the country theoretically vote lack of confidence through election of & Democratic Congress. Not'fl-haundl.n( the perennial de- bate as to what a President has to do with the economic ups and downs of a country the administration has been compelied to accept political re- sponsibility for things as they are. This Katd“ partly to the l?uromises mzt 'the ly that Lhtp‘mldenl himself took the leadership in the business situation that followed the stock market crash. Oon- fidence prevails that the country will work out of its difficulties toward the end of 1930 and during 1931, but from s political viewpoint it is quuthnnble ‘whether the upswing will come in time to help the tration in congres- sional elections. If Republicans can hold control and lose only & few seats in November they are confident that by 1932 the business conditions will have righted themselves. ‘Meanwhile the opposition is making the most of its opportunity and a drive has already begun against the new tariff bill on the ground that if Presi- dent Hw\'er signs it the measure will help to increase the cost of living. (oorrieht, 1808) 1930.) AMERICANS INVEST IN FOREIGN BONDS Recent Trading in New Securities Reveals Large Buying Demand. By the Associsted Press. ‘The analysis of new security issues gold on the American investment mar- kets fl the first quarter of the year, completed by Paul Dickens, Com- merce Department finance specialist, shows C.hn citizens of the United States are sending their capital abroad again on & steadily increasing scale. The ac- tual value of foreign securities—mostly ‘bonds—sold here during the period was $338,000,000, a figure which has not been reached in any like quarter for nearly two years. In January the foreign securities find- ing a market in the United States amounted to $74,900,000, in February they were $101,212,000 and in March $162,199,000. A marked feature of the offerings taken was that international eomnflnm engaged in the world-wide distribution of petroleum and tobacco and in public utility service abroad were the borrowers of the larger por- #lon of the sums. The total for the corporations was eonsiderably greater than that of the rernmental organizations of Canada, and Latin America, which ac- counted for the remainder. COTTON EXPORTS DROP AS HOME MILLS EXPAND By the Associsted Press. RICHMOND, Va.,, May 5—Cotton as an export product through Hampton Roads is being gradually eliminated through expansion of industries in Vir- and the Corolinas, says Clarence . Newman of the research depart- ment of the Virginia State Chamber of Comme Tee, 1928 Virginia and the Carolinas uced 1,660,000 bales of cotton, but the year in which that crop was cipally marketed, factories in these tates consumed 3,040,000 bales, New- man points out. BALTIMORE COUNTY BONDS. BALTIMORE, May 5 (Special).— Bids will be asked by Baltimore County on Wednesday on $1, 000000 bonds bear- ing 4! per cent interest. ’r’hla is the largest local issue that has made its rance in a long time. Consider- petition from m ot town as is expect~ b The City of Baltimore, it is under- stood, contemplates the elrly sale of $7.400,000 1mg:ovemem bonds. In lome quorters the belief is zxpuued thal issue will be offered soon o ceder the lo ewmm.mfi m.uhmmwufl.mm FINANCIAL. THE EVENING STAR, WASHINGTON, D. C., MONDAY, MAY 5 1930. [HIGHGRADE BOND | Cox e wome BONDS moex ecnwnes] |STOCK PRICE DROP NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. (Continued From Page 13.) Stock and Dividend Rate. Mc Crory (B) (2). MelIntyre Pore M(1). McKeespt T P(143%) McKesson & Rob (2) McKes & Ro pf(3%) ~Prev. 1030.~ Rish. Low. Sales— 61 Macy (RH) & Co(n2) Madison Sa G (1%). Magma Conwr 5) Market St Ry pr pf Marmon Motor (2)... Marshall Fleld & Co. Martin Parry. . Mathieson Alkils ¢3 May Dept Strs (n2) Maytag Co (12). Maytag Co pf (3) 4 Melville Shoe (2) Mengel Co (2). Metro G P pf ( Mexican Seaboa: Miami Copper (4)... Michigan Stl (m2%) Mid-Cont Petm (2) Middle States Ofl ¢ Midland Sreel (3).... Midland Steel pf (8), Minn Hon Reg(13%) Minn Moline Pwr. 4 . 26 5 3 Missourt Pacifie. .. .. Missourt Pac pf (5). Mohawk C Mills (3)., Montgom Ward (3). Moon Motors. Morrell & Co (4.40) Mother Lode (40c) Motor Meter G & El. Motor Wheel (3) Mullins Mfg. ... Munsingwear (4) Murray (b2%stk)... Myer(FE) & Bro(2). i Nash Motors (6 Nat Acme (1% Natl Alr Trans. Natl Bella Hess. Natl Biscult, n(2. Natl Cash Reg.A(t4) Natl Dairy (32). Natl Distillers (3 Natl Lead (18)...... 2 1. Natl Pwr & Lt (1)... 151 Natl Radiator pf.... 1 Natl Tea Co (3). 65 5 26 270 2 13 North Am Aviation.. 190 % North Am(b10%stk) 143 North Am pf (6 North Am Ed pf (6).. No Ger Lloyd (3.43). Northern Pacific (5). North Pacific et (6).. Of1 Well S8upply..... Oliver Farm Equip.. Ollv Fr Eq cv pt(3).. OlivFr Eqpf A (6).. Omnibus Corp. ...... Omnibus pf( A) (8).. . B(2%) ..., 1(2%). 10 PacificGas & El (2). 29 Pacific Lighting (3). 46 Packard Motor (1).. 38 17 15 Param'nt Publix (4). 4!9 Park & Tilford (33).. Park Utah...... Peop Drug Strs(1).. People's Gas, Chi (8) Pot MIlk (134)....00 Phel p-mn(n.... 187 Den Plerce-Arrow (A)... PnrcuArrow e (6, 220 Pub Serv N J pt (5).. Pub Serv N J pf (8 Purity Bakeries Radio Corp..... Radlopf A (3%) Radio Corp (B) (5 Radio-Keith-Orph Raybestos Man 2. Reading Rwy (4) Real Silk (5) Rels (Robt) & Rem Rand (1.60) 1 Rem-Rand 1st nf('l). Reo Motor Car (ch) . Reynolds Tob B (l). Richfleld Ol (2)..... Rio Grande Ofl (2).. Rossia Insur (2.20).. Safoway (ef)... St Joseph Lead (13 St L-San Fran (8)... St L-San Fran pf (8) St L Soutnwestern Savage Arms (2) Schulte Retail St Seaboard Afr Lin Seagrave (e1.20) Sears Roebck (3234) Second Natl Inv. Seneca Copper 4 Servel. Ine. on Steel H (2) p & Dohme. p & Do pf (3%). % Shattuck(FG)(113%4) Shell Union (1.40)... Add o Hish. Low. 2 62 ~Prev. 1930.~ Stock and 2 Dividend Rate. Shell Un Ol pf (5%) Shubert Theatres 15 Simmons Co (3). Simms Petrm (1.60). Sinclair Con Ol (2).. 117 Skelly Ofl (2). 77 Snider Packing Snider Packing pf. Solvay Am pf(53%). . So Porto Rico Sug (37 Southern Cal Ed (2). Sou Dairies,A (1% Sou Dairfes (B)..... Southern Pacific (6). Southern Rwy (8)... Sou Ry M & O ct (4). Spalding (A G) (2).. Spang-Chalfant..... Sparks Withngtn(1). Spencer Kelg (1.60)... Spicer Mfg...... Stand Brands (1%).. Stand G&E (3%). Stand G & E pf (4) Stand Invest Corp. .. 4 Stand O of Cal (234). Stand Oll Exp pf(5) . Stand Oil of Kan (2) Bales— Add 00 High. Low. 2 104% 104 25 98 67 Starrett (LS) ( Sterling Sec (A). Sterling Seo pf (1. Sterling Sec cv p£(3) Stewart-Warner (1). Stone & Webster (4). Studebaker Corp (4). Submarine Boat. Sun Ofl (11). Superior Of Superior St Sweets of Ame! % Symington. Symington Telaut Corp (11.30) ‘Tenn Cop & Ch (1) Thatcher Mfg (1.60. Thatcher pf (3.60). Third Avenue. Third Nat Inv (2). Thomp (J R) (3.60. Thompson Prod(2.40) Thompson Starrett. . Thomp-Star pf (3%) Tide Water As (60c). Tide Water As pf (6) Tide Water Ofl pt(5) Timken Det Ax(80c). & For Sec pf(8).. 8 Freight (3). Hoffman (2).. Alcohol (17) Leather... Leather pr pf Pipe & F (2)...: Pipe & F 18t 1.20. 0 Timken Roller (3)... Tobacco Product; Tobacco Products A. Transcontl Oil (30¢). Transue & W (1) Tri-Contl Corp. . ‘Tri-Cntl Corp pf (6 Truscon Stl (£1.20).. Twin City Ra Tr(4). Und-Ell-Fischer (5). Union Bag & Paper. . Union Carbide (2.60) Union Ofl of Cal (32) Union Pacific (10)... Union T’k Car (1.60). 1 Utd Afreraft........ 2 Utd Afreraft pf (3) Utd Biscuit (1.60). = mnlusaBaeeiivenan ® = Utll Pwr&Lt A Vadasco Sales Cor.. Vanadium Stl (14) Vlck cn-mlul 2%). Car Che; v:-c;ro Chem 6% ot Waldorf Svstm(1%) of Walworth Co (2).... Ward Baking (B).... Ward Baking pf (1).. Warner Bros Pio (4). Warner-Quinlan (1). Warren Bros (3).... Fdy & P (2). Eisenlohr. . & Snow (2 ) . Wrigley (Wm) Yale & Towne Yellow Truck. Youngs Spring Young Sheet & T (). Zenith Radlo........ RIGHTS EXPIRE Am Roll M..June 16 20 Am Tel & Tel.Aug 1 %ChiR1&P..May 9 % Ludlum Stl..May 19 % Peerless Mot C May § 1% Rad-Keith-O.May 19 % Warner-Quin.May 15 % Zenith Rad...May 1¢ Sales of Stocks on New York Exchange 1,428,700 12:00 Noon. 170 500 2:10 PJI. payments based on s Unty For trading lecs than n § Payi Dfllr 20% B Pius 3% in stock.. Baltimore Markets Speclal Dispatch to The Star. BALTIMORE, Md., May 5.—Poultry, alive—Chickens, Springers, pound, 30a 38; Leghorns, 25a32; old roosters, 15a18; old hens, 27a28; Leghorns, 20a26; ducks, 14a21; Spring ducks, 25a26; guinea fowls, each, 50a75; pigeons, pair, 30a35. Eggs—Recelpts, 1,920 cases; nearby firsts, 24% hennery whites, firsts, 25%;. Butter—Good to fancy creamery, pound, 36a39; ladles, 31a32; rolls, 25a28; process, 31a32; store packed, 19a320. Live Stock Market. . Cattle—Receipts, 400 head; light sup- ply, market steady. Steers—Ch to prime, none; lood to choice, 11.50 to 12.25; medium to good, 1035 to 11.25; fair to medium, 9.25 to 10.25; pllll'l to fair, 5 to 9.25; common to plain, 7.25 to 8.25. Bulls—Choice to prime, none; good to choice, none; medium to good, 8.25 to 8.75; fair to medium, 8.00a 8.5; plain to fair, 7.50 to 8.00; common to plain, 7.00 to, 7.50. none; o 1.80%0 fair, 5.00 to 6.00; common to plain, 4.00 to 5.00. Helfers—Choice to prime, none; good to choice, 10.00 to 10.76; medium to good, 9.00 to 9.75; fair to medium, 8.00 to 8.75; pl.ln'n(llr,'lofl to 7.75; mon to plain, 6.00 to 7.00. nnmw cows and !prln:erl 50.00 to Sheep and lambe—Recepts, 1,600 head; moderate supply, market steady. Su}u)esp,vsz.flfl to 6.00; Spring lambs, 11.00 Hogs—Receipts, 2,500 head; moderate nupply. market steady. Lights, 10.75 to 1.00; Fea heavies, 10.25 to 11.00; medium, m1 11.00; roughs, 7.50 to 9.25; light , woo to’ m'ls‘ pigs, 10.50 to 10.80. ‘alves—Receipts, 600 head; light sup- {ly. market steady. Calves, 6.00 to Vegetable Prices. Potatoes, white, 100 pounds, 275! I 25; new, bushel, 1.25a2. sweet po- barrel, 2.505.00; yams, barrel, doun. 1.50a3.50; . hamper, 2.0004.00; cabbage, ham looll 15: carrots, bushel, 1.25a1.50; caulifiower, crate, 1.75a2.25; ulery crlos 2.5024.00; cu berl. 00: kale, be-.u. hamper, Ssoasb0; 1 mm' has 1.0083.25; 00 pounds, 5081 green, 100, | months, 2% able in scrip. IPlnn ltl 7.“ b Pa; lbl! in stock. Sah o stork. 1P us 10% 1.00a1.25; peppers, crate, 1.50a3.50; radishes, 100, 2.00a3.00; spinach, bushel, 25a50; squash, bushel, 3.50a4.00; toma- toes, crate, 1.75a5.50; 1.25a3.00; _grapefruit, oranges, box, 3.75a9.00; m’fs 3.00a3.50; strawberries, quart, Hay and Grain Prices, ‘Wheat—No. 2 red Winter, export, 1.02%; No. 2 red Winter, nrllcky npot 1.09%: May, 1.09%; No. 3, garlicky, no quotations. Corn—No. 2 domestic, yellow, new, 91a92; cob corn, new, 4.75. No. 2 white, domestic, spot, No. 3 white, domestic, spot, Rye—Nearby, 75a80. Hay—Reoeipts, none; no change in market. Some little hay is arriving, but hardly enough upon which to establish quotations by grades. —_— MONEY MARKET. NEW YORE. May § (7).—Call money Smdy. high, 31%; low, 3; ruling rate, Ya; close 3 per cent. Time loans easy; 30 days, 34; 60-90 days, 3% 46 4. Prime commercial paper, e o SepI sl % i 545 5 to @ montis, 383%. pineappies, | W ISSUES ARE HEAVY Market Affected by Decline in Stocks—Credit Not a Factor. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 5—The bond market was again more affected today. It is being more affected by the decline in stocks than by the contribution made to it by the Federal Reserve in the form of easier money. ‘This is the first time that investment securities have failed to respond at once and in a pronounced way, to a cut in the rediscount rates. Preparations made last Wednesday for moving up the market have been temporarily abandoned, in view of the confused conditions in speculative securities that have since developed. ‘The postponement of the rise in bonds may not be for any long perfod. 1t is, nevertheless, discouraging to those who had expected to witness a broaa movement in the fixed interest rate se- curities on the basis of the cheap money situation. High-grade bonds that advanced on Thursday and Friday have since re- acted considerably, and were again heavy today. In some cases the losses | Ca; were one-half to a point. The weakest features, outside of the convertibles, were among the junior rails. In this list were declines today of a point in St. Paul adjustment 8s, 1% in Rock Island 4%s, 1 in Missouri Pacific 4s, % in Western Maryland 4s and sub- stantial fractions in Erle refunding 5s. A partial recovery occurred later in a few of these issues. Missouri Pacific 5s sold at a discount, with the new 5s in about the same po- sition as were the new Erie 5s a week ago that is, handicapped by the fact that they are being held above the market for the older issue. Not much change took place in the active industrials. Sugar issues were soft, and so were the bonds of the coal companies. Pathe 7s declined 3 points, and are 11 points under the price to which they advanced on the recent rumor talk. Gotham Hose 6s rose to a new high for the year. tractions went on losing ground. The secondary decline that has oc- curred in foreign bonds has been most conspicuous in the lower credits of South and Central America and South- eastern Europe. Some of the former were again heavy today. Germans, on the other hand, have been quite lu-d: as have French, Itallan and Scandl. navian issues. Washington Stock Exchange BALES, City & Suburban 5s—$1,000 at 83, $1,000 at 83, $1,000 at 83, $1,000 at 83, $1,000 at 83. Capital “Traction—10 at 76, 10 at 76%, 10 at 764, 10 at 7615, Carpel Corp.—10 at 25. AFTER CALL. Potomac Electric 6% pfd.—2 at 11115, Washington Gas 65 A—$800 at 102, $200 at 102, $1,000 at 102%. Capital Traction 5!—32 500 at 94%. Lanston Monotype—1 a1, Second National Dlnk—lll at 201, & Electric pfd.—11 National Savings & Trust—2 at 575. Bank of Bethesda—20 at 60. Lanston Monotype—10¢ at 124. UNLISTED DEPT. Chapin-Sacks 8% pfd.—5 at 106. Bid and Asked Prices. the old and new " Bid. Asked. 100%: . c & el o cnuul Traction Gty & Buburban s, . . D Balio. & Annap. €oi Balto, & Annap. ptd. NATIONAL BANK. Second (9e Washington (13" TRUST COMPANY. Unlon Trust (8 Wash. Loan & 'frun o) Washington Mechanic: FIRE INSURANCE. American (12). Corcoran (10) remen’s ( cul\‘mbll 6h) - . 335HBEusests w o 832538235 (3 & Btor. pid Mergonth ferg hller.l.lnn":rr ¢ B S et 8543 SR =3 WESTERN MARYLAND RWY. “ BALTIMORE, May 5 (Special).— Higher lezd charges in the first quar- ter caused the Estimated earnin; e b o g8 m\m nnumm has | MOTrIakCo Tats . ’I‘helm:l-lG % | Sotssons 6s. Tel 6 l!l‘-ll'“.--- Iage s Bow epersiing. on anylighi North Am Ed change on m saving Mnc. i m Ed 8% UNITED STATES. (Sales are In $1.000.) Bales. High. Low. 2:55. 60 10017 1006 1005 11 10120 10116 10116 Lib 4th 434s. 200 10213 102 1022 US4s'd4, 1 10726 107 26 107 26 US3%s..... 10 106 105 105 US4ksb2.. 10 11114 11114 11114 FOREIGN. Sales. High. u- 2:88. 12 9% 88 26 98% fisu 98% 98 98% 931 99% 99 Lib3%s..... Lib1st 4% Pnnnp- Pet 5% 6s Ju 59, y "61. t'59 Argentin bury F M 65’43 Argentin Poatal Te & C £%8 Pressed Stl Car bs. Pure Ol15% 90 |Rem Ranas S0v | Richfleld O11 & 104% 105 ir O11 ir Of1 r Crude Hor 107 | Stnclatr P L i 1915 193 | Selly O11 & 108™ 108y | So Por Rico Su South Bell Tel 6 115 115% | Southwest Bell 110% 110% | Stand Ofl. NJ "4 = Stand OfL, N Y 4% Tenn 51 Pwr 684 ‘enn El Pwr 68 4 103% 103% | Tex Corp ev 58 ‘44 81% g;* Transcontl O1l 6% 82 8 86 | United Drug s 6 324 tog| U S Ruvver Tiss 102% 1024 ubber Utah Pwr&Lt 100% 100% | Utilities Pwr 6%s. 104% 104% | Walworth 6s '45 82 90 90% 105 P Aultri ... Bank of Chile 6%s. Bank of Chile 6%, Belgium 6 u 98% 102% Bolivar 7s'58. Bolivia s ctfs Bolivia 8; Bordeaux Brazil 7s. Brazil §s. Con Pwr Japan 7s. Copenhagen 414 Copenhagen bs rets Cuba 5%s Danish Mun! 100 | Wickw-Spen cv 7s. 913 91% | Willys-Ov 634833 97 97% | Wilson & Co 1st 6: % 100% | Win RepeatAr 7% 109 | Youngstn S &T ba. Danish Munic 8s B. Denmark 4 %s. Denmark 5%s Dutch East Ind 47. Dutch East I 6s'62. B&Ocv4%s’e0. 107% 107% | B & O ref 58 NABAN HNABARUNRNENOIRT R RO AARA S —AEBRBANN, —o a8 German EI P 6%s German 7s. Greek 65’63 103% 103% | Buff R & Pitts 4% 83 83% | Bush Term con 5s. 6% 1% 96% 96w | Can Nat e 108% 1033 | Can Nat Gan Nat 4148 8 108% 108% | Can Nat s, Jul. #1% 91% | Can Nat 5s. Oct 100% 100% | Can Nor 41 '35 lg_‘lh 104% | Can Nor 614 e 2 S Nehao AR ARASHOANGN WENNNNRNO RN A S REA D AN 101% 101% | Ches & O gen 4% 98 98 [Ches&O 4348 B'95 103% 103% | Chl & Alt 3348 et 104% 104% |CB&Q4%s 77 B. 101% 101% [CB & QI 3348, Paris Orleans 53 Peru 6. Peru 6 Peru 7 Pirelli 7s ‘52 Poland 65 40. Poland 7s (rets) Poland 8s, 79 7914 | Chi Gr West 48 '69. % 94% 78 78 | ChiMilStP&P 6 83% 83y | CMSP&Pac ld)ilol 94% 95 Chi & NW con 4%s. Chi & NW 7. Rhine Wst EP § Rhine Westés *5; - Rio Gr Du 81 Rome 6%s. ) R'y’l Dutch 44 sww116 Sao Paulo 8s ‘36 Sao Paulo 50, Chi Un Sta bs mm lfllu Ck W Ind 5% 7 g":"’;“ %, 103% 108% | Cuba R R wiss 514846 Swiss Confed R Del & Hud 6% 99% 99 | Den & Rio G ci 100% 100% | Den&RGW 91 91 104% 104% 98 981 | Erle 1at con 4 106% 1063 | Erie conv 4s (B). 86% 7 Er en 4 8% 95% MIlOEI.I.ANEOUl- Abitib P&P Erie (Pa) clt tr és 8% 836% | Fa East CBa ‘4. 63 4 101% 100% 1004 | Gr Trunk st 4 6 100% 99% Hud & Man adj bs. Hud & Man ref 6s. 4 101 100% 100% | Ill Cent 4s°52 . 20 103% 103 103% | Il Cent 4s '53 91404 161% 156 161 | Il Cent 4% 65 103% 103% 103% | Int Rapid Trani 7 105% 104% 104% | Int Rap T 16 1044 104 104 9 107% 107 3 81% 80% 80w |Int RysCA 6%4sre. uru 11 89% 88w 88w 20 83% 8214 w2y | Can City Sou 19 76% 76% 76%|Leh Valley 55 °20 5 102 101% 101% | Long Isl deb 5 Int Rapid Tra Armour&Co Armour, Del. ATTGUTE Sabo Atl Refining 6 Bell Tel, Pa. 53 (B) Bethlehm Stl pm b3 Beth Steel rf 5s. Brklyn Edison bs. . Bush Term Bldg bs. Certn-Td 6%s rcts. Com Invest 6s "4 7 96% 96% 9 ConGasN Y6%s.. 6 105% 105% 1oge | Mo Pacifle 7 Consumers Pwr 63, 2 103% 108% 1085 | Mo Pacific oA S5 Cuban Am Sugar 8s 11 99% 99% 99% | Mo PacEs F 177 $102 108 fo3 | MoPackisivav. 107 107 4 o s oo | NOTLT M sl !OI 2 80 Gen Cable 5%s Gen Mot Ac Col Gen Pub Sve § Gen St Cast 6% 8" N 8 106% 106% 106% 8 94% 9% 944 10 102 101k 102 1 101% 101% 101% 1105 105 105 27 99 99k 90 NYCASL % 94 944 NY NH&H 334854, 9 99K 98 99% | N Y NHAH 4o br L 12100 99% 99% | NY NH&H 4%s"61. NY NH 5 8Bu 88K 88% Nynnfi?xf"f 65 91% 9l 91% NY State Ry 4%s. . Intl T&T 4%scv. . 214 12:% 118% 122% | NY Sus&Wn gon 68 Intl Tel&Tel 5'55. 37 97% 97 9T%4|NYWaB4ys... . Kan City P& Lt 6s. 1 104% 104% 104% | Norf&Sou gn 68’54 . 52 ‘ IOE 105% 106 | Norf & Wn con 4 92 92" ! Nor Pacifie ' 101!:. 101% 101% | Nor Pacific 11 108 102% 108 T HumbleO& R Es. . HumbleO&R 6%s. I1i Bell Tel bs. Intl Paper 6s . Intl Tel & Tel 4%s. 246 954 i1 1001 100 }W“ Tol T LA $%et0 5 82% 82w 824 PCC&S!L‘IVA “ 99% ’9* 99% " CCaStL5a B '15 Port EIP L o - RL&P = 18 100 xm 1084 Forg 9 1304 110% 1104 Reading e 636 As Nll Dlllr! bYs - eRurhuarobuben onSunaneR R masRROwRO e 1 90 90 « 14 94% 94% 94%|the week, but the worst should . 16 100 90% 90% | Ches & 0 434893 A 785 781 | Chi & E Il gn 68 51. Chi Ind & L ref 5s. . 106% 105“ Chi MII&StP 4% s E Chi & NW gn 3%s.. Chi NW 4348 2037.. 8 104% 104% | Cuba Nor 6348 rots. 107% 107% | Del & Hud 13t rt ¢s. . 41 96% 9B% FINANCIAL. DECLARED HEALTHY Bankers Not Concerned Over Sharp Recessions of Last Week’s Market. lflZh mzv- 1om 103% 103% 103% 102% 102% 102% 1011 101w 101% 105% 1054 105% 102% 102% 102% 100% 100% 66% 66% 664 102% 102% mzn 00 100 BY JOHN B. SINCLAIR. Special Dispatch to The Star. NEW YORK, May 5—Saturday's spectacular and violent decline in the greatest trading of any Saturday session in the history of the New York Stock Exchange brought distressed selling, 3% 2ow 58”lwith thousands of marginal traders 100% 100% 100% | again wiped out. 102% 1024 1024 | Forced liquidation was heaviest at the ,'33" ‘83’.,: :gz beginning and at the close, supported 98% 98 98y | by the largest professional bear raid of 96% 964 96 | the vear. % 105 104% 105 The Sail drovped 5.63 polnts— 103% 103 108y | the in’ the “averages” 104% 104% 1043 | Since December 20 of last year, which 103 102% 102% | declined 5.72. = 97% 97% 97| The bankers apparently are not 100% 100 100 |alarmed. Many of them, away on week 106% 106% 106% | end trips, could not be reached, but one 104% 104% 104% | Of them expressed the opinion to this 101% 10134 1013 | Writer: That the stock market drop as “healthy” and that there was no 97 96w 96% | ccaston to Te-estaplish the “bankers’ 86W 86 86% ” 100% 100% 100% consortium” of last Fal 9 46% 5% 4bu 100 100 100 P o 23 9 oS expected. 91% | counted conditions. It is lgg“ e e conecunnbemch s is n“lflhn was to ex] " sal 108% 103% 103% gmker in commenting on the situation. 1oy 1084 108% = e “What will happen on the mar- 30 30 ket this week?” I asked one of the most 100% 100 100 | experienced traders, who is reported to 100% 100% 100% have come out of last Fall's crash with 103 103 03 nt. 1023 102% 102 | * PR0TVioay's Some will guess. one way and others will guess -no'gm was his reply. "Pmonally. l look !or the market to decline the firs :fl 98 130% 129 129 ldle of this week.” 30 ‘om ‘o8 98 (PO’ Can creck this guess of an 9 91% 90% 90% | experienced stock trader against their 9 92% 92% 92 |OWn and see how good & ‘guesser” he 99% 914 | Teally is. Some attribute the drop in stocks to e MR e L the frst quarterly statements that are i St f“ March since 1924, and the net rail- Toad income, which was down 22.40 per I 0920 00 Nt 00 1 1 RO G 20 4 lnsw 102% |na 4 85 99% mo 92% 97% 881 General Motors. o | B S 95% | International Si 5% 95% Ill‘ml Cogrfl' 102% 102% 1023 | National B0 1ozt logw. 1028 E'.e'x"fl?:"h bz % 10034 | Stewars 115% 115% 1153 ] Westinshouse These are but fourteen of the earn- 85% 85% 85% | ings statements—a good sample. A few 100 100 100 |are showing up better than last year, 102% 102% 1024 | such as Bethlehem Steel, -c-urpfllu 10815 108% 1083 | Tractor, Kelvinator and Unif 103 103 103 | cuit—but the vast majority wnw t.he 100% 100% 100% | reverse. 1 99% 99% 99% | Apparently the stock market, even 97% 97% | with plenty of cheap money around, is _9’;% 97% mpo':dlnl to the lower quarterly - 98 98 86% 86% prices in the 78 i States have hol responded to cheap 681 g‘ bond prices have. Earlier in fin xoau xoau mav. Jear itie bond market took a spurt after 96 United 96% 96 67 924 91y . ollowed, and fof the past 30 days the lowed, ane for e 1 t has S 77% 77% 77% | marke been rather inactive. 97% 97% 101 100 115 . 99% 99% 99% m)y happy over the strange 8% | events. Had they not been waiting their % | active Summer for the bond 107% 107% 107% | As the volume of “undi " bonds lgo 100 100 |in dealers’ hands today is very large, the 9% 99% 99k | ynexpected turn'of evenu hu given the zsfi‘fi 8% 8% lnveltmenc banker a new lease on life. SENTO2% | 76 b working to clean his bond shelves? 98 93 o3 |Illsay hels wm 104 104 B. M. Baruch's suggestion before the g:* g:" Boston Chamber of Commerce for the 921 92y | Creation a( s u-lbml"‘":'v“ ent” u can practice group self-governme 98% 98% | one of undoubted merit. 86% 838, 81% 94% 94y 100% 100'/- 100% 10 business. 101 101 101 “What business needs,” said this New s5% 55 55 | Yoik banker, “is a common forum where problems requiring co-opera 105% 105% 105% | considered and acted uj 2111 111 111 |constructive nm-pou 111 110% 111 | Government.” 111 110% 111 Mr. Baruch does not believe that such 2 2 2 smn.huummvewwuwat-?mlw 8% 81 g1y | coeree. Iml:t ntm il 7 and suggest an ction common SE R sense “co-operation among industrial 91 units as will prevent our economic 88% 1;8'6 88% | blessings from becoming unbearable 100 urdens.” ‘The suggestion is not ne'. but it has never been tried. It might work. But 5‘m any :tm-npu to correct 658 mdi- tions laws ‘“reveal 84% 84% uv. amazing xpecmuol complete eemm: 96% 96% (36 Startifcation.” 100 100 100 Plenty gl':huu'm l;m-e for the busi- ler 2108 108 108 |7 e 10 100% 100% 100% | General Motors is nklu ulnn 3 95% 95 95 |of the present quiet time to 38 534 524 b52% nnl:;chl structure. 1 93% 931 93% 10 100~ 100 15 1004 100 12 12 90 90 1 H 88% 88% 4 101 10 102 2 105 @ RT3 PR EREI-FN -~ 100 ‘To simplify the capital structure, the directors, at gu May 26 mu:':“:; 18 79 784 78y |meeting, are to propose a new issue 1100 100" 1057 |6,000,000 shares of 5 per cent preferred- 10 100 100 100 | Stock. 18 99% 99% 991 | While no financing is eonumpl-m 66 10715 106% 106 | At the present time, n" stock 1 54 63 68 be used to refund all senor 1 o omy g8y Gl e il L Sales. 0.2|l’l. Low. 3:88. 7 98% 98 98Y% St L IM&Sgn 6831, 1 100% 100% 100% StL IM&S R&G 4s o 98 97% 9T# StL&SFpl4s A 90 89% 90 SIL&SF 4%878.. 21 93% 93 93% KtL & SanFr in 6 1 102% 102% 102% StLS W 1at 4 1 !7% l'Ih S'IW StLS W wn 4y I Reading J C 48 51.. 8y | RIATK & L 433 7 106% 106% 106% 10 107% 1074% 107% 7100 99% 99% 96% 8 106% 106% 106% 3 107% 107% 107% 10 101% 99% 99 10 102 102% 102% 2 80 80 80 2 81 81 81 31 94% 98% 94 14 124 128% 124 18 105% 105% 105% 2 16% 16% 16% 5 3% 8% T8 Seaboard A Ldssta l Seaboard All‘. ref 4s. ll Sou Pac 4348 rets. . 97 Sou Pac ¢%#'69 ww 17 QN 9 ° um( 1”\( 10"( 1117 117 17 4 123% 1238% 128% ! IMK 1043 1044 ' xon ts?’;‘t lmm 26% 26 26% ’ 100 100 100 4 Mu %% 9% 1 90% 90% 904 1 106% 106% 105% 11014 101% 101% . l: 1..00\6” 100% 100 9834 3 0% 30% ;: }:: :om Union Pac 1st 4 108% ~ 8: 97% "W. 97% | Union Pa 29 29 |y 2 108% lolK 108% vn’f’(‘;‘: :l' § 1oy 108 108% Wabash 2458 1 104% mm lm o g e 8 00u 90 90 - Mnmdianamied