Evening Star Newspaper, April 25, 1931, Page 13

FIN ONCURB EXCHANGE Steady Stream of Offerings Cause Many Popular Fa- vorites to Drop. " BY JOHN A. CRONE. Special Dispatch to The Star. NEVW YORK, April 25—A steady streak of offerings trickled into the Curb Exchange today, causing many of the pcpular favorities, through merely fractional declines, to establish new low levels for the year. of stocks on the The a price curb ifinished the week at the lowest fevel of the year and within a bare frac- tion of the minimum of last December, which was the low reccrd for ihree years. Public utilities, amusements and pe- troleums were especially weak today. Selling in these issues emanated partic- ularly from the Midwest, where the Pynchon & Co. suspension had an un- settling effect. Electric Bond & Share got within a fraction of its record low of 40 scored earlier in the vear. United Light & Power A established a new low figure. Standard Oll of Indiana duplicated its previous low near the end and Citites Service came within striking distance of its 1930 low. Prices moved down rapidly in the closing minutes. Considerable selling came from Canadian sources in the last T, Special weakness in public utilities and amusements was due to the general market situation created in a few issues in these groups by the suspension of Pynchon & Co. Associated Gas & Elec- tric Securities and the various sub- sidiaries of that system early showed signs of support, but weakened later. ‘The Associated Gas & Electric system today reported gains in its weekly elec- tric output and a decrease in gas sales. There was considerable selling in util- which was forced to a record low f the year, (Copyright, 1931.) les in ousands. 2Als Pow dlas '6T... 1 Aluminum Lid Ss ‘48 1 ss 11 Am z Cmwin Pw e <sgdss 3 8528288 22932128 283785288 HESusgr ol 3 323 5 § 23283238233388 2% GRS FEE 23888 i o ¥ OEE SR N L) IR IRNR2T2R 2NN, rer i el 33 50 SsgdsSe: FEStE B £ .‘g i;u & S1SaEsusaasnasys: e a gty 2k & £ it} 2838 S8 : [ HEL Y 2aSese o ST ! 28222852 2RRENES 8 ¥ E 2888 PR3 F & (5 & 1 & =t 23852 & j i ; ] 1 ] ] 3 3 4 i.gii ® i FE §S2 2388328 CL e = ! - % <SngaeSSarEssaneasnygEs W T e dEses: T TR ye 8282283888333 ;i"gg B d} gl " i, o) SusTausy & o L L & F AR 5 3 2% 28 =“ (S R =3 £ 8'.'.I=!!8?.3’3:532:8!“338‘&#3“83 o S S 3 3 e g £ > s T SSgsgssaanes! *& I ( &t Y g8y PEFETERESES EH g 15 RIS L] o geeseeaSelensriSeses: S Fedzsse’ " 2 a0 et w & rragansett onal 15 - % F S it : SEFSSERIEE s meontt e B ot cnbob e 1 s e b0 a s 2 B = FERCEEEE i et FaovaouealasaeunSd i3 PEREosEREE 29 oonakBulel: 0 0 000 25 b 8 Wis Pub Ser A 65 ‘52108 © POREIGN BONDS. &L B3R 23822. ST innes 75 ni Soc Tietz (L) Tias '46 xw United Ei Ber 75 '88. ww—With warrants. ithout warrants, ' |uary. Bond prices remained NCIAL sold in hundred-share 1ot - gmnm) (2808), sold in odd lota €0 221 114 Afiiated Prod 1 19% 5 Agfa Ansco. 1% % Alr Investors vte. % % 3 Allled Aviation..... 224 140% Aluminum Co of Am 475 109% 106% Alu Co of Am pf (6). 5 3% AmBrBfd shars... 5 AmCapital B. . 5% Am Cit PAL BDb10%. 11% Am ComP A (b10%) 7% Am Cyanamid B 1% Am Dept Stores. 4% Am Equiti: 144 Am For Pow war. 3% Am Found. Am Gas & Elec ($1). 4314 Am Hardware (4)... 4% Am Invest Inc (B).. Ranrnd —nme = IS 8ol mmnniivanna » & atural G 3 Am St Pu Svc(al.60) 9% Am Superpcw (40c). 82% Am Superp pt (6 $% Am Util&Gen (B)vte 1 Am Yvette Co (25¢). 7% Anglo Chil Nitra snmman~n-SS Ray pf cod(6). Assoc Tel Ut (b8%). 8% Atlas Util Corp 84 Auto Vot M cv p 17% Aviation Cp of Am 10% Aviation Securities. . 1% Bah!a Corp.. 1% Bahia Corp pt. 13915 Bell Tel of Can (8) 3% dlue Ridge Corp..... 30% Blue Ridge cv pfal.. 18 BrasTr& Lt (b8%). 1 Bridgep Mach (25¢c). 10 Brit Am Oil C (80¢). 10 Brit-Am Oil reg(80c) 1% Burma rets 127 3-6e., 1% Canada Marconi..... 223% Carnation Co (J13%).. 17% Cent Hud G&E (30¢). 14 Cent Pub SvcA b10% 18% Cent&Swn Ut (b7%) 9 Cent Stat El (b10%). 7 Chain Stores Stock. . 20% Charis Corp (13).... 13% Chat Ph Aln.v. (1).. 15 Cities Service (g30c) 79% Citles Serv pf (6)... 9% City&Sub Hmes 60c. 10% 6% Clev Tractor (30c) 3% 1% Colon Ofl..vuvvvonns Cmwith Edison (8).. Cmwlth & Sou war Com Wat Sv (b6%).. Consol Aircraft. Consol Copper.. Consol Dairy Prod... Consol Gas Ut B vte. Consol Theaters. .... Contl G&E pr pf (7). 208 Cont Shares conv pf. 400s Cont Shares pf (B)..200s Cooper Bess pf A(3). Cord Corp..oeecasn Corp fec Ch (b6%).. Cosden Ofl.... Creole Petroleum. Crocker Wheeler Crown Cent Petrol. ., Curtiss Wright war.. 2 » U NN BN LR B NNBO AR R -e AR E AR NN BB 5D »o- - Se 03 Derby Oil Refin pf. . .100s Detroit Alrcraft Cp.. 13 Douglas Afr (t11%).. 2 Dresser Mfg B (2).. 1 Dublilier Cond & Rad, 4 Duke Pow (5)....... 50 Duquesne Gas Cp wi. Durant Motors...... Elec Bond & Sh (b§). 238 Elec B & 8h pf (¢ 89% Elec B& Shcupf§5.. Elec Pow Assoc (1 Elec Pow Asso A (1) Elec P& Lt op war.. Empire Pub 8ve (A Engineers Go! Europ Elec deb 1% Fairchild Aviation. % Fandango Corp. 10% Fiat rcts (943%e) 21% Ford M Can A (1.20) 12% Ford Mot Ltd 36 3-5¢ % Foremost Dairy Pr.. 1 Foremost Fabric 3% Fox Theater ClA. - Senmen e eONOANNA BN 20% Gen Petroleum...... 8% Gen The Eq cv pf(3). 229 7 Globe Underwr(16(). & % Golden Center...... 1 5% Goldman Sach TC... 53% Guif Ofl of Pa (1%). 5% Hamilton Gas rets. .., % Happiness Cand Heyden Chem (1 4% Hudson Bay M&S .. 24 Hygrade Food Prod 11% Imp Ofl of Can (80c) 13% Ind Ter IlluOfl A, .. 64 Insurance Sec (10¢). % Italian Superp wi % Intercontinent Petn. 11% Int Petroleum (1)... 21% Int Superp (11.10)... 5% Int Utilities B. . 2% Interstate Equities.. 26% Inter Bqu conv pf(3) 5 Interst Hose Mills. .. 25 9 1 b 1 L] 1 4 2 1 2 0 4 5 7 1 0 5 1 1 21 Leh Coal & Nav 1.30. 1 ~Prev, 1981~ Rish. Lew. 26 16 2 1 W 10 5 Minne NY Niag: Sunray nuaj a Payable in e stock. §Plus 2% in 23% Nor Am Aviat A war. Nor Europ Oil Corp.. Nor 8t Pow pf (8)... Nor St Pow A (8)... Northw Yeast Co 12) Outboard Motor B... PacG&EIstpf1%. Pandem O11 epec O1l. .. mount Cab Parker Rust Pr (3) Patterson Sarg (2). Pennroad Corp (20c n Mex Fuel (p3). L&P A (2.40) ect Circle (2) 'yman Electric. . Phila Co (195¢) Phoenix Secur .. Phoenix 8 C pf (3). Pillot Rad Tube A. Pitney B P n (30¢. Plymouth Ofl (1) Premier Gold (12¢).. Producers Roy Corp. Prudential Invest... Prudential Inv pf(6). Pub Utll Hold war. . Pub Ut!l Hold Cp xw Puget 84 PAL pf (§) Rainbow Lum Pr A, Rainbow Lum Pr B Reiter-Foster Ut P&L B(at1.03 Util Equity pf (5%). Vacuum (4) b} ash_or stock. dividend, {Plus 8% in “stock., stock. n Plus 8% in stock. Regeived by Private Wire Direct to The Star Office 3 Rate. 5% Lion Oil & Refin! Lone Star Gas n & Bz, Magdalena Synd. Marcon! Int Mar . Margay...... Mavis Bottl! Mayflower Asso (2) Mead Johnson (14 % Met & Min Ino (1.20) % Mid St Pet vte B. Mid St Prodn (2)... Mid WSt Ut (1%).0 Mid West Ut (b8%). -Honey pf (6). Mo Kan P L (b10%). Mont Lt H& T (1%) Moss Gold Mine: Mountain Prod ( Nat American Co. Nat Aviation. .. Nat Fuel Gas (1).... 'w Eng Pow (2)... Pub Sv B (12.20) T 8ec A (380c) er Bros pf (1), w Brad Oil (28¢).. New Jers Zine (13) Newmont Min (4)... NYH:lmhuu (2%). ol Hud Pow (4 Niag-Hud Pow E (A).. [ - Tunsanee ao SIS Pr (63) . ] womaad Aw., B - 8T = TP QIO TR - PO Roch Gas&E pt D Rock Lt & P (30¢) & St Anthony Geld.... St Regis Paper (1 Salt Creek Pro(1.40) Saxet Co..... . Seaboard Util (50¢).. Secu Corp Gen (40¢c). Seiberling Rubber. .. Selected Industrie S15Ind full pd (5% ). Sentry Safety Cont.. Shattuck Den Min Shen Corp pf (a3) Silica Gel etfs. Smith (A O) (2 South Penn Ol (1).. South Co: SoCalEADLA (1%). SouthernNat Gas. ... 8 W Gas Utilities. .. Stand Motors. . Stand O11 of Ind (2).. Stand Oil of Ky 1.60., Stand O11, Ohto (2%) Stand Ol Ohio (5). Strook & Co (60c) Stutz Motor (new. Sun Invest pf (3) TP cvacacns Oll (b6%). Swift &Co (3). Swift Internat (3). ‘Technicolor, Ine. ‘Teck Hughes (60¢).. Texon Ofl&Land (1). ‘Tubise Cantillon (B) Ungerieider Fin Cp.. Unit Lt &Pwr A (1). Unit Lt&Pwr(B) (1) 2%). %). West Auto 8 A Wil-Low Cafaterias. Youkon Gold. . Zonite Products (1). Dividend rates in dollars ment. *Ex dividend. 5% & 3% 13 13 12% 12% based on last quarteriy or semi-an- 1Partly extra. 1Plus 4% in stoci b Payable in~ stock. S Tivs €% in stock. k Plus 10% 1 stock. n_stock. m » Paid last year—no regular rate. BANK DEBITS GAIN OUTSIDE NEW YORK| Increase Shown for Week Ending| April 18 Over Previous Period, but-Below Last Year. ‘Weekly business indicators available to the Department of Commerce through the g:ruy of Current Business for the week cnding April 18, 1931, show that bank debits, outside New York City, increased from the preceding week but were lower than the same week in 1930 loans and discounts of Fed reserve member banks showed & fractional increase from the previous week, btu were considerably lower than the corresponding week year ago. In- terest rates on call money declined from the week previcus, and were materially under the 1930 level. Time money rates increased during the week, but were far below the rates prevalent during the corresponding week last year. Average prices for rcpresentative stocks con- tinued the decline, which started dur- ing the closing week of March, reaching the lowest point so far this year, with the exception of the first week in Jan- the same as for the week 'vious, and were fl%};‘l:ove the 1930 level. Number of failures, as rted by R. G. Dun & Co. increased slightly over the previous week, and were above the level prices, as posite index of 120 com- moditles, continued the decline which has bcen under way since the third week in March, reaching the lowest point so far recorded this year. Prices of agricultural products declined frac- Biices o hon-agricultarsl producis als> non- ur ucts al declined to abcut the same extent The increased frac- previous, while in cattle receipts, freight-car loadings, lumber luction, petroleum produc- tion, end wheat receipts, while bitumi- nous coal production, cotton receipts, hog receipts, and steel ingot production showed declines. . NEW YORK COTTON NEW YORK, April 25 (#).—Cotton opened steady today at an advance of 1 to 3 points on week end covering and some commission house buying which may have been promoted by reports of continued low temperatures in the South. May sold up to 10.18 and October to 10.82 at the start, but the advance met some further liquidation together with some local and New Orleans selling which may have been influenced by the unsettled tone of the early stock mnr- ket. May sold off to 10.13 and October to 10.75, with the market showing net losses of about 1 to 4 points at the end of the first half hour. Liverpool was a shade lower than due on the New York close of yesterday under local and foreign liquidation, which was absorbed by calling and cov- ering, according to trade advices. Egyp- tian futures in Alexandria closed 2 to 11 points higher and the Indian spot quotation in Liverpool was unchanged. The amount of cotton on shipboard awalting clearance at the end of the week ',,n' mmh:‘ua at 69,000 bales, measured by = Baltimore Changes Hours. BALTIMO] = e RE, :&“k 25 (Special) - BUSINESS CONTINUES DOWNWARD COURSE Index, at 77.7 Per Cent, Hovers Near December Low—Steel Upturn Expected in May. Special Dispatch to The Star. NEW YORK, April 25.—The slight Spring stimulus seems to have spent its force by the latter part of March and business has been backsliding since, says The Business Week in its report covering the week snding April 25. The index has steadily declined during the t five weeks till, at 77.7 per cent of mll for the week ended April 18, it is nearly back to December low. This compares with 78.1 in the ved- ing week and n:.’np:r cent in the cor- responding weel year. Security markets have closely fol- lowed suit and commodity prices con- tinue their relentiess movement toward inconceivably low levels. Seasonal build- it to be “Y‘ukm- DAY, APRIL 25 FORD BIG FACTOR IN STEEL MARKET Uncertainty of His Future Requirements Is Puzzle in Trade Outlook. Bpecial Dispatch to The , April 25.—One of the chief supports of the steel market thus far in 1931—moderate demand from the automotive industry—has been somewhat undermined this week by a decline in the Ford Motor Co.’s require- ments, says Steel. This seems to lend substance to the report that the com- pany will shut down at Detroit for two months this Summer while its assembly plants work off a large surplus of parts. Offsetting this to some extent is a slight improvement in demand for steel pipe, the Jones & Laughlin Steel Corpo- ration having booked 22,000 tons for a ‘Texas pipe line project, and three other projects, each requiring 10,000 to 18,000 tons approaching maturity. B Change in Past Week. Up to the present, demand for struc- tural steel has been good, that for the sutomotive industry has been fair, while mpe line and rallroad requirements ve been negligible. In the past week this situation has changed slightly, with & slackening in small bullding awards and inquiries, and in automotive needs. ‘This moderation has not been wholly compensated for by the slight improve- ment in demand for pipe. As a reflec- tion of further mild shrinkage in steel requirements steelmaking operations this week are barely at 50 per cent, a reduction of about two points from last week, and a total decline of seven points from the high .mark reached late in March. Despite the fact this is the fifth con- secutive weekly decline in operations, and the apparent further constriction in demand from a majority of the con- suming classifications, sentiment ap- pears to be a little more buoyant. There is disclosed this week a more wide- spread conviction that the slide in pro- duction will not carry the industry to { Com as relatively low a point as might be expected in the usual Summer decline, and the belief also prevalls there is latent force in demand that will bring an early Fall recovery of encouraging ns. Prices Near Bottem. In the absence of any pronounced influence, prices appear to be g?.,‘or along, the bottom. In February price composi| at $31.65, after declining 21 consecu- tive months. The composite average for March advanced to $31.66, but April will show a slight decline. The figure this week is $31.51, 8 cents lower than a week ago. As an effort toward stabilization of sheet prices, a Middletown, Ohlo, pro- ducer has taken the initiative in estab- lishing new and broader classification on sheets, regardless of whether they are rolled on continuous or old type mills. Prices are to be announced shortly, effective May 1, and It is be- lleve; the plan will be followed gen- Markets at a Glance NEW YORK, April 25 (#).—Stocks weak; General lowest since 1929. easy. weak. lower; easy cables. Sugar steady; trade buying. Coffee firm; rumored Brazilian export duty. CHICAGO STOCK MARKET By the Associated Press, CHICAGO, April 25.—Following is the complete offical list of transactions in stocks on the Chicago gsdEss . 1 1 T >E E858 8 nwaSa B8 FFETEV o 99 T3 i3 299 SEEFEN oS gusEE NSy, g .24§;=s.§§: 3 o 220l 22 te, et 250 Gen Thea Eq vic 1600 Gt Lakes Aircraft 150 Gt Lakes Dred o Zabulons! SERERE.! 5! FETRUC PR ERPEE w8, ompson acker Drive 50 Un Am Gul A as. sssbasest sxdedezize ton | and 43 per cent below the five. 193 INANCIAL DECLINE IN COMMODITY PRICES AFFECTED AMERICAN EXPORTS Dollar Decrease of 27 Per Cent Resulted From Drop of 19 Per Cent in Quantity. ‘The general decline in commodity prices was a noticeable factor in the reduced value of American e: in 1930, as shown in an analysis of this country's export trade for hn.goc;lr made public today by the Foreign - merce Department of the Chamber of Commerce of the United States. The Chamber's report, “Our World Trade,” shows the prices of many prin- cipal American exports dropped shl?:y in 1930. For example, it points out that the avi export price of unmanu- factured cotton declined 26 per cent below the 1929 average price; the price of refined petroleum declined 8 per cent; wheat, 20 per cent, wheat flour, 10 per cent; b?u:lln( house products, 7 per cent; bituminous coal, 0.9 per cent, and cotton cloth, 14 per cent. American export trade in 1930, amounting in value to $3,843,000,000, Chamber says, represented a dollar decline of 27 per cent below the 1920 total and 23 moe;lt below I"lhe I;I:’rg e of -year period— g’l’l . The official index shows that the quantity decline was 19 per cent below 1929 and 12 per cent below the 5-year average, the Chamber reports. “This falling-off in our export busi- ness,” the continues, “attests the low level which purchasing power in many foreign markets reached last year, due to business sluggishness fol- lowing the downward course of com- modity prices and following overtrad- ing and overproduction during recent years. 38 Increased Export Values. “Although the values of only 6 out of our 100 chief exports increased in 1930 when compared with the values of the banner year, 1929, comparison made with the average values of the last five years showed 38 increased ex- port values, this in a year when the average export price declined 10 cent below 1929 and 13 per cent bel B S better pleture 18 ted 1 “A st pi presen! for both in a quantity comparison. paring 1929, we find that 32 out of 210 leading export increased, while, in the comparison with the 5- erage, 70 out of 206 items show in volume exported. “In this period of price declines a number of exports which increased in value stand out prominently in our for- elgn trade picture. Itemssincreasing in value over 19290 were power-driven metal-working machinery, radio I:c - el value over the five-year average in- cluded the following commodities: G oline, agricultural machinery and plements, power-driven metal-work machinery, crude petroleum, graphic and projection goods, a) construction and conveying maci books and printed matter, radio appa. ratus, oil-well machinery, structural iron and steel, coal-tar products, mining and Quarry! machinery, prunes, cop- r rods, um compounds, musical truments, flumps. rice, batteries, per- fumes and toilet preparations, cash reg- isters, electric motors, petroleum phalt, aircraft, canned meats, pears. electric transformers, iron and steel scrap and freight cars. “During 1930 we exported 3.492,000,- 000 pounds of unmanufactured cotton, our leading ‘export, valued at $497, 000,000, the smallest quantity exported 1924 and the lowest value since | gaje. since 1915. With & in the average ex- of :"Znu per the value declined 36 per cent below 1929 -year average. Prance, Norway, China and India purchased more cotton in 1930 than in 1929, while the quantity shipped to Germany in 1930 was only slightly less than the year before. Lowest Since 1924. “The foreign trade of the automotive industry was badly hit in 1930, exports of automobiles in 1930 being only about h‘sl!vhnfih-yweminln me of aul tomobiles, parts and accessories, | 1t - | amounting to $277,000,000, were the ing 1930 we exported 1,766,000,000 ?o.rd lee‘z &( b«:.;:;. O%I.rnwk; and scant- , valued a ,000,000, a8 against 2‘.‘:‘1%,000‘000 board feet, valued at $92,- 000,000 in 1929, representing a decline in quantity of 26 per cent and in value 29 per cent. The tity of exports ha‘;:nmdmonlm the 1925-29 in 1950 29 and 13 per cent ) Coal-tar products were only 1 per cent T er cent higher than the averege; per _cen! er Our exports of fertilizers in 1930 were 1 per cent larger in quantity than in 1519. but 25 ‘r cent - volume was 24 per cent larger a: value 17 per cent less than the average exports. The value of the palnis ts, per cent lower than 1929 and 5 per cent below the average. “The average export price of wheat for the year 1930 was $1 per bushel as against “$1.25 in 1929, Exports wheat declined 3 per cent in quantity and 21 per cent in value below 1929, and 24 per cent in quantity and 46 per cent in value below the average of re- cent years. Wheat flour exports were 4 per cent smaller in volume and 14 cent lower in value below 1929, an per cent in quantity and 15 per cent in value below the average shipments. Exports of pears made the striki gain of 73 per cent in qui and 28 per cent in value over tl figures. “Exports of apples were smaller than in 1929 by 6 per cent in quantity and 14 per cent in value, but larger than the 5-year average exports by 10 per 1 per cent in ts in 1930 were r | PeL, $66,000,000, & quantity and 18 1929, The quantity a'%gg“ ine than ever.” I Baltimore Markets I Special Dispatch to The Star. BALTIMORE, Md., April 25—Pota- toes, white, 100 pounds, 1.25a2.00; new potatoes, barrel, 5.25a8.50; sweet pota: toes, barrel, 2.00a4.00; yams, barrel, 3.25a4.00; beans, bushel, 2.00a4.50; beets, crate, 1.75a2.75; cabbage, bushel, 50a1.25; carrots, bushel, 60a75; cauli- flower, crate, 2.0082.35; celery, crate, 1.75a3.00; its, . crate, 2.00a5.00; .00a5.00 m: tomatoes, gllpefrull. ‘box, 5 L, 2.7584.25; strawberries, 20a30. &, Dairy Market. , alive—Chickens, lowest since 1924, the value being 49 per | pound, cent smaller thah in 1929 and 33 per cent lower than the 1925-1929 average shipments abroad. - “Exports of automobile tires held up better than other automobile exports. With an average price decline of only 88 cents per casing, we shi] abroad 2,504,000 tires valued at $28,000,000, & decline of 11 per cent in quantity and 18 per cent in value. Compared with the 1925-1920 average, however, the quantity increased 10 per cent, although the value declined 9 per cent. “Of the petroleum products, gasoline, naphtha, etc., made the best record in 1930. We sold abroad in 1930 63,000,000 barrels, valued at $251,000,000, an in- crease of 5 per cent in quantity and a decline of 6 per cent in value. When compared with the 5-year average the quantity shows the striking gain of 39 per cent in quantity and a 7 per cent gain in value, “Exports of lubricating ofl in 1930 declined 9 per cent in volume and 14 per cent in value from 1929, but were only 2 per cent in quantity and 3 per cent in value below 1925-1929 aver- age exports. Iluminating oil exports for 1930 were off 16 per cent in quantity and 25 per cent in value from 1929 and 20 per cent in volume and 28 per cent in value from the 1925-1920 average. Our 1930 exports of gas and fuel oil stood up fairly well. Exports of crude petroleum in 1930 declined 10 per cent in volume and 15 per cent in value below 1920. However, the volume was 32 per cent above and the value 12 per cent above the average ents abroad during the 1925-1929 . Tobacco Quantity Gained. “Leaf tobacco, our fourth chief ex- ipts, head; week, 17 from feeding stations, 39,500 direct; compared week ago, fat lambs closing 25a50 cents lower; most- ly 40a50 lower; sheep scarce, around 25 lower; late top fat lambs, 9.75; closing bulk, good and choice, wooled lambs, 92 pounds down, 9.25a9.50; heavier kinds, mostly around 9.00, with 104 to 110 pound weights, 8.40: wooled throwouts, mostly 8.00a8.25; few loads to shearers, 8.25a8.50; best clippers, 8.85; bulk, 8.25a8.50; very few Spring- ers offered; bulk desirable wooled ewes, 3.50 down; clippers, 3.00 and below. Hogs, 8,000, inclu 6,000 direct; fairly steady with Friday’s best prices on limited offerings; 7. , ?mma, 7.1087.35; light hts few 2 .85, 170-230 absent; 160-380 ds, 6. port in value, was one of the items the | 50, quantity of which increased in 1930, Exports amounted to ‘561,000,000 pounds, valued at $145,000,000 repre- senting a 1 per cent gain in quantity | pounds, over 1929, although the value was off less than 1 per cent. The quantity wes 9 per cent larger than the 5-year average, while the value declined about ! Pt of machii which h: 5 of machinery, ave been increasing clined 15 per cent in value from the 1929 total. Exports of agricultural ma- chinery and implements decreased 18 = cent in value below 1929, although the 1920 value was 13 per cent above |3 the 5-year average exports. pur- chases of agricultural . machinery by & Russia were noteworthy. “Exports of industrial machinery in 1930 were 15 per cent below the 1929 teadily since 1921, de- |. sows, medium and good, 275-500 .00 26.00; pigs, good and ch 100-130 pounds, 6.50a7.15. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Oo. Allis-Chalmers Co s 1o37.... 1015 American Tel. & T American Threac Baltimore & value, but were slightly above the 1925- | 0% 1929 shipments abroad. “The value of electrical machinery and apparatus rts for 1930 was 9 expo per cent below 1929, but 13 per cent |G In above the average for the 1925-20 period. Radio apparatus exports i creased 3 per cent above 1929 and 89 per cent over the 5-year average value. i of coal and coke in 1930 declined 12 per cent in quantity and 15 per cent in value below the 1929 figure. Compared with the 1925-29 average | St - LMS shipments, the decline in quantity was 23 per cent and in value 28 per cent. fined bars, ingots, etc., fell in our ex- line 000 pounds, valued at pared with 822,000,000 at $148,000,000 in 1929. Lumber and Steel Down. “In value, exports of iron and mill products in 1930 declined 31 cent from the 1929 figure and 9 ,000,000, com- pounds, valued per per cent below the average of the years | %\ 1925-29. “Lumber for 1930 were con- figures _for i 1208 1w e peien, PR steel | RO !hm Unlonr& 58 194 Sinclair_Crude Oil 5'a8 L X % Stand. e of N. Jersey 1946 lg i Stand. Ofl of N. {?l’ i‘b’.l& ;2 ‘L M.8. Ry. ‘«‘lm.l,i, ""fin ) . TR FOREIGN EXCHANGE. (auraions st . i .98 val lay. i in value. The | tr pigments and' varnishes in 1930 was 26 | D ROBERTS FAVORS CUTS IN WAGES Economist Sees Readjust- ments Necessary to Return of Real Prospertiy. Special Dispateh to The Star. CHICAGO, April 25.—That wages must be readjusted downward to bring about an um in industry before there can be any return to real pros- 5 | perity is the opinion of George E. erts, vice president of National City Bank of New York, in an address be- fore the Dlinols Manufacturers’ Cost Association here. He said reduction in wages has so far not kept pace with the decline in commodity prices. There has been a reluctance to reduce wages in the manufacturing and allied indus- “The war caused an enormous de- mand for man-power, foodstuffs and many raw materials,” he sald, “result- in & general Tise of wages and ‘es. In the great fall of prices which occurred since the and ticularly in the last year, pi wages have not all come down together. of | The prices of farm products and crude materials generally, which are pro- duced largely by small letors and mainly by their own have come in a great slump to approximately the pre-war level. ‘Where Adjustment Is Slow. “On the other hand, in the manu- facturing industries. the building indus- g transportation and distributive services generally, governmental serv- services, Wages or perso principal factors and these do not move ol es to say the ‘reduction of wi . e F loyment emp! normal rela bet industres muss be resiored, and when 1 hIll. . or all.” CHICAGO GRAIN MARKET el i el : 5 During per cent, while for from July to ha fallen cent under those of corres] period of the season. ‘The decline has been less sharp in the Southeastern States than in the Gulf and Mississippi Valley States, it was stated. TREASURY STATEMENT. Treasury receipts for April 23 were $5,483,924.43, expenditures $24,998,~ 1752.10, balance $414,715,470.97. Customs receipts for the month the MT‘.:I’ business April 23 were Washington Produce w:u?‘fl—one-mnd prints, 29a30; lcul—“ulg,nnery, 17a18; current re- "‘m’xm. alive—Turkeys, hens, 26a27; toms, 25 broilers, 38a40; 1. ; tomatoes, Mexico, lugs, 4.00a6.00; kale, 50a75; spinach, 75; 4.5025.00; beets, crates, 2.50a2.75; carrots, 2.50a32.75; Summer squash, .25; cucumbers, hot house,