Evening Star Newspaper, April 30, 1931, Page 14

A_14 rEx SERIOUS ATTITUDE | MARKS: MEETINGSI Fewer Delegates to U. s. Chamber of Commerce Util- iziig Time for Recreafitb BY JOHN F. SINCLAIR. ATLANTIC (?ITY April 30 (N.AN.A).—As I entered the audi- torjum just before the opening cf the first session of the United States Cham- bzr of Commerce Convention here yes- terday I overheard a Western delegate ask a New Yorker this question: “Using much red ink these days?” “Nothing else but,” was the reply. The 2,000 delegates seem more sober, quieter, more serious than they were Jast year. The committee meetings are much better attended; fewer delegates are playing golf. Each is here to learn whether the other fellow's business .is in the same shape as his own. Gener- ally speaking, it is! The address of Robert P. Lamont, Secretary of Commerce, contained noth- ing new. He told how America is suf fering from being at the bottom of & business cycle. This, he said, has oc- curred time and again in the history of the United States. Perhaps some day American -business men will learn how to meet it. “Until then,” the Secretary £aid, “all that can be done is to do the best' we can and hope for the best.” ‘There were some who called this “a @efeatist’s philosophy.” Still, the Secretary had a good word for everybody—the business man, the banker, the laboring man and the Government. As a whole, the address ‘was the typical political point of view. Everything will work out all right. People out of work are suffering less than they ever did before in a major panic. No social disturbance of con- sequence has occurred. However, there was one hint of a eonstructive suggestion given when the Secretary advised the young men of today “who may find themselves in the midst of another depression to begin, as soon as conditions warrant, to put away in some form of reserve, small fraction of what may perhaps have been overspent in mechanical and physical development,” so that they may find themselves in a better posi- tion to meet it. Al the Secretary’s address did not give much encouragement to those who were looking for a way out of the present depression. Harry A. Wheeler, Chicago banker, first president of the United States Chamber of Commerce, advised all well-to-do Americans “to loosen thflr rsestrings. “Only the consumer,” Be"Said "Fis. e’ power-to-overcome conditions and restore sound ind continuing prosperity.” Mr. Wheeler doesn’t think much of vast expenditures for public works. It is “an a1 1 stimulus,” and a ques- tionable procedure at best. The same goes for large expenditures for plants and equipments. Neither of these plans is a solution for depression. But liberal spending by those able to spend is a solution, he thinks. In 1910, the United States had $18,- 500,000,000 of bank deposits. In 1930, 000,000. In 1910, savings de- and in This' Chicago banker took these fig- ures and asked that a part of this wealth be spent to improve industrial conditions. He thinks this is the only by everybody who has means to spend takes commodities out of the market, forces the production of new commogities to take their place, creates empioyment, circulates wages , if carried out logically, gradually conditions from which 1929 it was It is not a new idea. But it is one that is receiving wide acceptance here. Rome C. Stephenson of South Bend, Ind., president of the American Bank- ers’ Association, came out against any Jowering of the American standard of living. But before he was through he qualified and limited its meaning to say that this does not mean that “any ‘worker or class of worker shall receive any guaranteed scale of wages.” It is well known that American | bankers generally believe that lower ‘wages are in the making. Labcr lead- ers have constantly charged the bank- ers, especially the Wall Street bankers, as being responsible for the drive now in process to reduce wages. Bo the Stephenson address was fol- Jowed closely by all delegates. When this banker asserted that the subject of wages is not a fetish, but a prac- tical matter of hard facts and must be met on the latter basis to be cf any service to business, he was undoubtedly i :fle‘k\n‘ the mind of the majority of e delegates. | The thoughtful address of Dr. Wesley C. Mitchell of Columbia University, an authority on business cycles, attracted much attention. Speaking on the sub- ject of stabilization in bus this well known economist showed business leaders some of the difficulties in the way of its accomplishment. He told of | the efforts being made to “iron out the business cycle,” and he showed how little had been accomplished along this line. Why? Because the factors which make up business are so involved and ~>rev. 1931~ Hun m- 4 McCall Corp (2%). .. FINANCIAL. NG _STAR, WASHINGTO NEW YORK STOCK EXCHANGE Received by Private Wirs Direct to The Star Office. (Continued From Pnn 18 Stock and Dividend Rate. Loft ine Loose-Wiles (1 Lortllard (F) Co. Lorillard (P) pf (7). LouG&EA (1%) Louis & Nash (7).... Ludlum Steel.. . McAnd & Forbes (2). 55 15 214 80y, » o St McCrory Stores A(2) Mclntyre Porc M (1) 24 McKeespt Tin P(15). 209. McKesson & Rob ‘1) 11 McKes&Rob pf(3%) 1 McLellan Stores.... 11 McLellan St pt A (6) lZl)u % Mack Trucks (3).... % Magma Copper (2) Macy (RH)&Co(m3) 3 7 16 12 Mallison & Co. . Man Elev mod g (45) Manhat Shirt ¢1) Marine Mid (1.20 Market St Ry. . Marlin-Rockwell ( Marmon Motor Car. . Ma: 1 Fleld (2%) Mathieson Alkall (2) May Dept Strs 12'/.) Mavtag Co. Mengel Co. Mexican Seaboard. Mtami Copper ., . Mid Continent Petm.. Midland Steel (3). Minn Mciine Pow. 6 Mo Kan & Texas..... 15 s Mo Kan & Tex pf (1) 3 Missouri Pacific..... 42 Missouri Pac pf (5). 21 Mohawk Carpet..... Monsanto Ch W(1%) Montgomery Ward Mother Lo Motor Meter Motor Products (2).. Motor Wheel 1%4)... Mullins Mfg. ... Mullins Mfg pf (7) 24 5 m 215 3 46 29 5 Murray Corp. % Otis Steel. . intricate that no one person or group | of persons seems to have the necessary | knowledgz cf the mechanics of the‘ thing to make it work successfully for an_indefinit> period. Perhaps that's why President Hoo- | ver's committee on rceent ecr)nnm‘cl changes suggested that crying need | in the business world is “to develop al techniqu> ol balance, based on tcientific knowledge.” Dr. Mitchell, enumerating some of the secular trends which contribute to the world’s business difficulties in vari- ous ways, mentioned 1. The decline in the racial popu- lation growth, which affects th> demand | for all sorts of consumers’ goods. 2. The fear of a future gold shortage, which tends to force down prices, 3. The substitution of tractors and automobiles for horses and mules, which | is cutting into the market for forage; crops, 4. Technical unomFxofim-nt perhaps > most important of al 'hCan:l busix s be stabilized? The world of business would like to know. The experts give various answers. Prof. Mitchell sums it up in these words: “We need to stabilizz business in the | sense of making economic pregress more regular, but to devise stabilization plans which will work as we wisk we need to know more about economic processes and their interrelations than we know now. That knowledge is our fundamen- tal need.” Again the cry for facts and more facts—not for conclusions. 31, by the North American —— “’u.,.pl, Risanee) 1% 70 0% 1% 4 26 164 28 38% 86 15% Myer (F E) & Br (2) Nash Motors (4) Nat Acme (80¢c) Nat Belia Hess Nat Bellas Hess p Nat Biscuit (2.80).. Nat Biscuit pf (7)... Nat Cash Register A. 15 3 4 Nat Dept Strs 15t(4). 108 Nat Dist Prod 12). .. Nat Enam & Stamp. . Nat Lead pf A (7). Nat Pow & Lt (1). Nat Radlator Nat Steel (2). Nat Supply (4 Nat Surety (5) Nat . Nevada Copper (1) Newport Co (1). Newport Co A (3). Newton Steel. N ¥ Central (§) N Y & Haylem (5). N Y Inveitors. NYNH&Hart (6).. NYNH&Hpt ().. 2 N Y Ont & Western.. ' 22 N Y Steam 1st pt (7) w- Noranda Mines. ..... 41 Norfolk & Southery. :x Norf & West (112) 1 North Am Aviation.. Nor Am (b10% stk 10 7 Nor Ger Lloyd m2.56 Northern Pacific (5). Norwalk Tire & Rub. ©Ohito O11 (1) Oliver Farm 20 Omnibus Corp.. Uppenheim Col Otis Elevator (2%) Otis Elgv pf 16). Otis Steel pr pf (7).. Pacific Gas & El (2). Pacific Lighting (3). Pacific Tel & Tel (7) Packard Motor (40c) Pan-Am Petroi B Panhandle P&R.... Paramount Pub (4). Park & Tilford. 108 29 16 60s 171 Pathe Exchange A. Patino Mine: Peerless Motor Car. . Penick & Ford (1)... Penney (J C) (2.40). Penney (JC) pf A (6) Penn Dixie Cement Penn RR (4). Peoples D S p! Peop Gas Ch (8). . Pere Marquette (6) Vere Marg pt (5) Pere Marq pr pf (5). Fetrolm Cp of Amt1) Phelps Dodge (2)... Vhil Read C&1l..... Philip Mor & Co (1). Phillips Petroleum Phoenix Hoslery Phoenix Hos pf (7). Pierce-Arrow A (1).. Pierce-Arrow pt (6). Plerce Ol pt. Pierce Petroim (16¢) Pillsbury Flour (2). Pirelli (A) (m3.13).. Piutsburgh Coal pf Pitts Steel pf (7) Pitts Unjted Corp. Pitts Unit Cp pf (7). 140s Pitts & W Va (6).... Port R Am Tob A 3% PR Am Tob 8. Postal Tel&Cab! Prairie Pipe L (3). I'ressed Steel Car. Pressed St C pf (7). Proct & Gamb (2.40) Pub Sv N J (3.49). Pub Sv N J pf (5). Pub Sv NJ pf (6). PubSvE &G pt (6 Pullman Corp 4). Punta Aleg Sug ctfs. Pure Of1. Pure Oil p} Durity Baxerica (4). Radio Corp. . . 787 Hadio Corp pt A(3%. 4 Radio Corp B (6).... 5 Radio-Keith-Orph A. 398 RR Sec 1 C stk C (4). 408 Raybestos Mun 260, 6 R dxn.nlprw) x d pf (2). hllk Ho-vmu%):h‘l be 3% 32 66% 82 100% 117 111% 18 344 16% item-Rand 2d pt (8) . Ikeo Motor Car (40¢c). Republie Steel . Hepublic Steel pf. ... Reynolds Metals (2) Reynolds Tob A (3). Reynolds Tob B (3). Richfieid Oil. . a Rio Grande Oil. .. Rit Dent Mfg (2% Kossia Insur (2 20). Roy Dteh(m1.3404). Safeway Stores (5). Safeway pf (6). St Joseph Lead (T). St Louis & San Fran. St L-San Frun pt (6) Savaxe Arms (2).... 108 12 5 o 6 108 4% 26% 204 30% 52% Prev. Auuno . Saw. Clbes Mogs. 5% B 5% 47 1T% 97 28% 76% 9% 18 33% 48 23% 9% 1% 304 614 61% 27% 46 52% 119% | ~Prev. 1931~ High. Low. 4 % 6% 44 3% 1 % 8% 12 21% 25% 4% Schulte Shattucl Stock and Dividend Rate. Add 00. l-lm-. Sales— Low. cm- olou Retail Stras. 'li Seaboard Air Lin Seagrave (60c). Sears Roebuck 32% Becond Nat Inv k B G (1 Shell Tr (m96 3-5¢) + sso- Shell Union O11. 181 Shell Un Oil pf Simmons Co. .. Sinclair Sinclair Con O1l (1).. Oil pf (8). Skelly Oll.... Sniaer Packing Solvay Am pf ww 5% South Port Rico Sug. South Cal Ed (2 2 South Pacific (6. South Ry (8). South Ry pf (5). Spalding (A G) (2) Sparks Withing (1) Spear & Co pt (7) A Spencer Kellog (80c) Spicer M{g. Spicer M{g p! Splegel- Stand B; Stand Bj Stand G Stand G Stand G Stand G May -Ster: rands (1.20). rands pf (7). &E(3%). &EDt(4).. & E pf (6). & ELpt (7)., Stand Invest Corp. Stand 011 Cal (h23%). Stand Of Stand O} Stand O} Stand O! il Exb pf (5). il of Kan (1) HINJ (12)... 1IN Y (1.60). 2. Starrett (LS) (12%). Sterling Sec A... Sterl Sec cv pf (3). Stewart Stone & Sun 011 Sun 011 Warner. Webster 1) pt (6 Superbeater (2%)... Superior Oil Superior Steel....... Sweets of Amer (1) Syming! Telauto; ton graph (1.40). Tennessee Corp(50c) Texas C Tex Gul! orp (3).. f Sulph ( Texas P C & Ofl 4 Thermo! 1d Co... Third Avenue Third Nat Invi Thompse Thomps on (J R) on Prod 1.20. Thompson Starrett. . Iide Water As (6uc) Tide Wat As pf (6).. Timken Tobacco Prod A t! merica (1). Tran Det Ax (80c) 5 10 a&x Transue & W (1). Y T Tri-Con Trico Products(23%). -Cont Corp. . 10 20 t Corp pf (6) Truax Traer Coal Co. 1 9 TwinCi 4 Twin Cit ty RTr (§4). 2 ty R T pf (1) 260s Ulen & Co (1.60).... Und-i1- Fisher (5) Un Facific (10). Un Paci! fic pt (4). Un TankCar (1.60). Unit Aircraft. ... Unit Atreraft pf (3). it Biscuit (2). %« Unit Carbon. Unit Cigar Story Unit Corp (75¢) Uit Corp pf (3). Unit Electric Coal. Unit Fruit (4). Unit G & Im (1.20) 8 loav‘ 103% 2% 2% 24% US Freight, . U 8 Gypsum (1.60) . 5 U 8 Indus Alcohol(2) S Lea u 7] u u u u U U S Tob: ther, Realty & Imp(2) Rubber 1st pf. 5 Sm & Retf pI x% U S Steel (7). U S Steel pf (7). S Tobacco (4.40). . 1224 16 120 146% 1475 6974 acco pf (7) Unit Stores A..... Univ Leaf Tob (3)... Univ Pipe & Kad. Utll P&L A ‘(ot2. 3 ). 193 Vadasco Sales Corp Vanadium Corp'n Chem 6% pf. Va Car Chem pf (7). lec Vuican & Pwr pf(6) 100s et (4). Wabash RR. ... Wabash KR'(A). ... Waldorf Sys (1%). ‘Walgreen pf (6%)... Walworth Co (1) Ward Baking A. Ward Baking B. Ward B Warner Warner Warren War Broscv pt (3 Warren V\enuu & Snow (2), [ Went ba B A ) West Pa El pt (6). West Pa Kl pf (1) West Pa Pow pf (§). Western Dairy (A) Western Lairy B Western Md. .. Western Pacific pf. .. Western Union (8) Westing A B (2).... 1% 103% 19% 4% 10% 1 12 297 5 aking ot (7). Bros Pict. Quinlan Bros (2). 27 508 2 2 6 1708 10s 108 10, Fdy & P (2). & Sn pt (4) 22 16 4 15 41 Westing EI&MIg (4). 695 Westing E&M pf (4). Weston Westval Wextark Radio Str: Wheel & L Erie pf. White Motors (1).... White Rock MS 14% Wilcox Wil Willys. Wilson Wilson 4% 4% 26 H4m 574 66% 23 8% 18% 55 2% Yellow Youngs Woolworth (2.40). Worthington Pump. Wrigley (Wm) (4) Yale & Towne (2). Young Sheet&Tu (4). Zenith Radio....... 80s El mstr (1), 4 co Color (2) 4 15 208 5 5 0il & G 3 Overland. ... ver pf (7).. &CoA... & Cop Truck. . Spring 1 5 3 9 6 6 2 1 8 Sales of Stocks on New York Exchange. 400.000 1 2,200,000 1,400,000 2 500,000 Dividend rates as given in the above table are the annual cash payments based o the latest Quarterly or half yearly declara- ons. s Unit of x;u.m:’. less than 100 shares. tPaitly extra. in stock: yea stock. § Plu m Pnd thix Year—no reguiAF Tate. B FPius le in scrip. atd b Payable in ek, a Fayasie when earned: 1 Flus 8% in stock. € Plus 6% in stock: s'80c n special p erred stock, K Plui fus 3% in ‘stock. MORRIS WOULD CuT world markets, while Russia, buys $18,000,000 worth of imports from WAR DEBTS IN HALF ™" in turn, PISTON RING ORDERS SHOW SHARP GAINS 4 as high as 3.39 per cent. D. C, THURSDAY, APRIL. 30, 1931 BONDS GO UPWARD | Cox sz o BONDSsroex sxcuwvex] DECLINE REPORTED :| AS TRADING GROWS|..... lnvestments Trend Appa- rently Follows Stock Mar- ket in' Improvement. BY F. H. RICHARDSON. Special Dispateh to The Star. NEW YORK, April 30.—Taking its cue from the stock market, investment trading today brought an upward trend of bond prices. In the case of volatile speculative issues this was undoubtedly caused by short covering; but the pres- ence ‘'of a moderately heavy buying in- quiry was evidenced by the increase in volume on'the upturn. However, in the case of foreign dollar bonds, the buying was thin and it was apparent that, while gains of 2 to 4 points were not uncommon, the position of these issues was not viewed any more favorably than recently. Money rates were easier with 90-day loans, while officially quoted at 13; per cent, available as low as 1, per cent and with no activity at those levels. The market was disposed to look for a reduetion of the Federal Rescrve redis- count rate, owing to the advance today of United States Treasury issues, but its effect on the rest of the bond market was expected to be negligible. Probably the junior railroad bonds benefited ‘most - by the upturn. St. Louis-San Francisco 4l5s, for instance, were up 2 points after the first two hours and later recovered further. Mis- souri-Pacific 5s, recently at a 14-point discount, were nearly a point higher all around. St. Paul Adjustments and 5s had substantial recoveries. So did Rock Island 4'2s of 1960. Others to gain included Erie 5s, International Great Northern B 5s, Denver & Rio Grande Western 5s, Nickel Plate 415 and Southern Railway 4s. The lnt named recovered sharply after touch- ing a new low at 79 shortly after the opening, To a lesser extent the strength af- fected high-grade issues as well, par- ticularly those recently offered descr tions which had been selling at Sug stantial discounts. Southern Pacific 4125 of 1981, for example, moved up over a point from thelr low dn early trading and later extended the gamn. Pennsylvania 414s improved. Baltimore & Ohio 41;s of 1960 were nearly a point higher. Other prime 1s- sues to advance included American Telephone 5s, Great Northern 7s, Kan- sas City Southern 5s, New York Central 4125, Northern Pacific 6s, Pennsylvania general 4!5s, Standard Oil of New Jer- % |sey 5s, Union Pacific refunding 4s, Utah | Power & Light 5s and Western Union 5s. ‘ The improvement extended to junior industrial and public utility descriptions |such as General Theaters Equipment 65, Goodyzar 5s, Goodrich 6s and 6'%s, Interborough 7s, International Match 55, International Telephone 41;s, 55 and convertible 41:s. Warner Bros. Pictures 6s and Ainerican International 533s. In foreign dollar bonds the gains were widest where there most obviously has been a short interest operating. Brazil 6l2s and 8s recovered over 5 points. Brazil Central Rallway 7s, after recovering 6 points yesterday, added more than 3 points. = The entire Sao Paulo group improved, notably the 6lis of 1957, on which May 15 service was received in New York Wednesday. Uruguay 6s and 8s went along also under active buying. The gains were narrowest in the Argentine group, where declines had becn comparatively small. German government 5',s were back around 80. German General Eiectric issues were firm. So were Prench, Bel- glan, Italian and Austrian bonds. ' Jap- anese issues were inclined to softness. There was a little more than £1000,- 000 in new municipal bonds off=red to- day in a ‘market that was still being marked up owing to the scarcity of good municipal bonds. New York State bonds were quoted today on a yield basis This is only a ishade away from the price of Treas- ury 4%s (Copyright, 1931.) Washington Stock E,.change SALES. Capital Traction 55—$1, 000 at 80, Washington Gas 6s —-81,f 000 at | 1027, $3,000 at 102';, $200 at 102 Potomac. Electric 5': % pfd.--1 at 110. ‘Washington - Rwy. Elec. pfd.—10 at 987, 10 at 9815, Pederal- Amerlcan National Trust—10 at 50, 10 at 50. Lanston Monnt:rpe—-.'y at 100, 6 at 100. Mergenthaler Linotype—110 at &0, 40 at 80, 10 at 80. AFTER CALL. Potomac Electric 5'. % pfd.—1 at 110, Mergenthaler Linotype—2 at 80. Capital Traction Co.—4 at 33%;, 10 at (337%, 10 at 337%, 10 at 34. Bid and Asked Prices. BONDS. PUBLIC UTILITY. & Tel. 415 9 Bank & | Bid. Asked. Amer, Tel 1273 el Capital Traction R. City & Suburban 3 Georgetown Gas 1st 55 Potomac Elec. cons. 5'c. Potomiac Elec 6s 1953; . Alex. & Mt Ver. ctfs.. Barber & Ross. Inc. Chevy Chase Club 5% Columlx:;ll Country Club Title 6s... . STOCKS. “PUBLIC UTILITY. Amer. Tel, & Tel. (9) Capital Traction Co. Wash. Gas Light Co. (18, N.& W. Steamboat (12 Pot™ Blec: power 67+ pd Pot. Elec. Power diurc pid: & El. com. (7). Wash. Rwy. & EL pid. (5) NATIONAL BANK. Waslt: &one. Capi CoRirabia. rm stam Bk & Tr. (2). Mo opoiitan s Riggs (158) ond (9e) . Washington ~ (13).00.." TRUST COMPANY. Sec. & Trust Co. (15) Sontinental Frust (s} < 1 Sav. & asiz Unlon Trust (8s) Wash. Loan & Trust (14).. SAVINGS BANK. Bank of Bethesda (65) Commerce & Savings East Washington (12) i Potomac (10). ... urity Sav.' & Coi venth Street (12)......... United States (30) Washington Mechanics (20) FIRE INSURANCE. American (12) orcoran (10) Firemen's Rt vition (1) TITLE INSURANCE. Columbia (6h) Real Estate (6h). 40 25 10 £ | Received by Private Wire UNIT.B STATES. are in $1,000.) High. Low. Close. -47.. 81 101 80 10130 101 30 47. 13 10230 102 28 10228 91 10129 101 28 10128 29 10130 10129 10130 2102 7102 4102 8 2 10610 106 7 106 10 2 108 9108 8108 9 15 11214 11211 11213 . High. Low. Close. ADItibl P & P 6: 7 454 47 Allegheny 5544 Al Am Metal 5%s 'll.. Am N Gas 6%s'42 Am S&R 1at 5847, Am Sug Ref 6s'37.. Am T&T cv 4%8°39 Am T&T c tr 6 “. AmWat Wk 65 '75. Am Wr Pap 68 *47 Argentine 5s 45 Aunrh 78°67 et B&O43'48....... B&O4%s'33. Oconvusvao Bk of Chile 6% Bk of Chile 6% Batav Pet 41842, Belgium Belgium Belgium Belgium 7s ‘6! Bell Tel Pa 6s B ‘48 Berlin Cy El 65 '55. Berlin CyEl 638’51 Beth Stcel pm 58'36 Beth Strf5s'42... Bolivia 7s '58. Bolivia 7569, Bolivia 88 45 Brazil 8s 4 Bremen 7s'35. Bklyn Man 6s Bklyn Un 6845, Bkiyn Un st 58'50. Budapest 6562 . 1 Buenos A 6561 Pv. Buff Gen El 4581 Bush T Bldg 58 '60. “anada 4: anada 5: 5 Can Nat 4%5°54... Can Nat 4%s 5 Can Nat 4%s'68 Can Nat 5s July ‘69 Can Nat 6= Oct '69. Can Nat 55 '70 Can Nor 4%s '35 Can Nor 7s deb 40. Can Pac deb 4s. Can Pac 4%s 46 Can Pac 4%s 60 Can Pac 58 '54.... Car Clin & O 63 °'52. iCent Pac 53 '60. Cert-1d deb 5 .. CB & Qgen 4558 C B&Q 1st rf 5s *71. CB&Q 11 dv 3%s 49 3 Chi Grt West 43'59 36 Chi Ind&L gn 55'66. 1 Chi M&StP 4%sC. 3 Chi M StP&P bs *75 244 ChiM & St Padi 68 73 Chi&NW g 3%s 87, C&Nwn 4%s ¢ 203 Chi & NW con 4% Chi & NW 6% 36 Chi Rwys bs 27. Chi R1& P rf 48'34 ChiR lev 4%s°60. Chi R1&Pac 4% 552 C TH&SE n §s '60. | Chi T H Inc 63 'eo o Chi Un Sta s C&W Ind 5'/."62. Chile 6s "60. Chin Gvt Ry 55 °51 CCC & St L 58 D63 Clev Term 58'73. .. Clev Term 5%s 72, Colomb 6s Jan ‘61.. Colombla 6561 Oct Colon O1l 65'38. ..., Colo & Sou 4% ‘35 Col G&X b8 Ma: Com Inves 5% € C Md 18t rf b5 '60 ConG N ¥ 6%s 45, Con Pwr Jap 6%s. Cuba RR rf 7% 36 Cuba Nor 5%s"42.. Czecho 8s ‘i1 . Czecho 9s "52 Del & Hus rf 4s"43. Del & Hud 5%s '37. Denmark 4 %3 ‘62 Denmark 5% 5! Denmark 6s "42 18 16 6 49 3 Det 54 G&R4%3'61 Deutsche Bk 6 Dutch East I 6. Dutch East 1 6s *62. Erfe 1st con 4s "9 French 7s 49 French Gvt 7 Gelsenk'chen 6s ‘34 Gen Baking 5%s 40 12 Gen Motors 68 37.. 3 Gen P SvE%s°39.. 2 Gen Th Eq 65 °40...108 German 5%s°65... 92 German Bk 6s'38.. 71 Ger Cen Bk 6560 J 31 Ger Cen Bk 00 61 German Bank 7s'50 8 German 7s re Ger Gen El 7s'45 Goodrich Good 1st 634 Goody’r Rub 58 GrandTr sf db Grand Trunk 7 | | il FINANCTAT. Direct te The Star . Low. Close. nt Rap Tr sta 69 int Rap Tr 6s 3. Irt Rap Tr Int Cement 14 9315 93 93% 95% 95% 105 83% 7% 95% 954 Italy Pub Sv 78 '52. 5% Japanese 6% ‘54.. Jugosl Bank 7s'57. Kan CFtS&M 4s°36 18 Kan City Sou 5850 13 Kan City Ter 43’60, 7 95% K.nabl:tl/. 80. 9 Mv. gsv: 17 Kresgo Found 2 102’5. l(""-. 102% Kreug & Toll 5s ‘59 62 93% 93% 98% Lac G StL5s'34... 17 103% 103% 103% Lacledo 6% C*53.. 2 101% 101% 1013 Laclede 5%s D '60.. 12 10215 102 102 Lautaro Nit 6s’64.. 12 53 50 53 Leh Valcv 452003, 12 841% 84 84% 6 9T4% 9T 9TU 10 104% 103% 108% 1 106% 106% 106% 8 95 94 95 91 91 .22 954 25 105% 105 83 831 97% 97 945 12 987% 987 6 96% 96% 96% 1 104% 104% 104% 4 10315 103% 103% 5 54% 54% 54% 7% 17 1% 24 24 54% 54% 94% 94 2 106% 105% 106% ™% 5% % 7 9% T 102% 102% 57 88 86% 88 Mil E Ry & L 68’61, 10 101% 102'/: loslc M&SListrf4s'39 2 M StP&SSM 5s gtd. 5 N‘1 MSP&SSM 6%878. 1 96 MK &T 18t 45°90.. : 87% L &N uni 4340 L&N41%s2003, L & N 58 B 200; L&Nistrf5%s... La & Ark 58'69.... McKes & R5%s’50 14 Man S 1st 7%s’42.. 1 Manh Ry 1st 48 ‘90 l Mex 45 asstd 1904. Mex 4s asstd 1910 Mexico 58 A *45 e Sti 58 '3 5 Mont Pow 68 ‘43 8 105 Mont Tr 1st 68 *41 Mor & Co 1st 4%s. . Nassau Elec 45 '51. t Dairy 6% s 48, Nat Ry M 4%s'57 Netherlands 6s 104% 105 1100 100 100 59 @ 11 50% 50% 50% 28 101% 101% lUl% 1 3 3 1 103% 103% mzw I8 18 deie dni dsy ... 3 Ro% 85U 86U 1 101% 1014 101% 5 93 93 93 34.. 13 101 101 101 Y Cent 4%482013. 5 97% 97% 97% Y Cenrf 4%52013 62 95 97% 97% YCre im 582013, 15 105% 105%4 105% .11 106% 106% 106% N ¥ Cent db N Y £d 1st 6%s '41. NY NH&H 2 116% 115% 115% 1 B4% Ba% B4% NY NH&H 4%8°67. 16 91% 9% 91% NY NH&H cvdb 6s 73 113 1123 113 2. 16 4d% 43% 4d% NYS&Wgn5s'43. 6 55 55 b5 NY Tel 65 41..... 21 107 106% 106% NY Tel6s 49..... 6 111% 111% 111% NY W&B 4%s°46.. 10 79 71T% T4 Nia Sh Md 5%s’50 11 97T% 974 97% Nor & Wnev4s°96. 3 991 98% 99% No Am Co 5 . 21 98% 9814 98% N A Ed'son5sC 69 11 101% 101% 101% Nor Am Ed 5%5 63 20 104% 03% 104 Nor Pac3s2047.... 7 €6 65% 65% Nor Pac 48°97. . 6 £31% 9% 925 Nor Pac 4%52047.. 13 95 95 95 Nor Pac 55.D 2047.. 1 100% 100% 100% Nor Pact16s2047. 35 1113 111% 111% Nor St Pw 68 A *41. 17 104% 103% 104% Nor St Pw 6s B'41. 1 106% 106% 106% Norway s 43 12 101% 100% 100% 10 102% 102% 102% 3 105% 105% 105% . 6 102% 102% 102% OreShort L5sgtd. 3 108% 108% 108% Orient dev 5%5°58. 10 4% 44l 94% Orient dev 6s 53 2100 100 100 PacG & K1 63°42... 12 104% 104% 104% Pac T&T ref 6 107% 107% 107% Pan-Am Pet 5 102 101% 102 Paramount 6: €5 90% 86% 90 aris<Ly M 6s ‘5. 2 104% 104% 102% Paris-Ly M 7y 5! 1 106% 106% 106% Pathe Exch 7s°'37., 8 80 79% 80 Penna 43s D'81... 27 96% 96% 96% Penn gen 4%s°65.. 6 1014 100% 100% 33 95% 94% 954 1 100% 100% 100% 8 102% 102% 102% 4 .110% 110 110 5 99 99 99 9 108% 108 108% 9 92% 93 19% 6 22% 22 16 41% 40 Phila Co 17 102% 102 Phila & Read 6s 71 69% Phillip Pet 534839, 15 68% 68 Pilisb F M 63°43... 24 105 105 PCC&SIL 43%s°77. 10 100% 100% 100% PCC&StL5sA.., 1 108% 108% 108% P& WV 4%sC'60. 93 93 93 Poland-6s "40 Poland 7s *47 Poland 8= ‘50 P'lnd G El 4 Por RT am 6s'42.. Pos Tel & C 5253, 11 Pressed St C 68 '33. 10 Prussia 6s'52. .. Public Serv 4s *71.. 12’1 4% PubSv G 43%s3'67.. 4 108% 1034w 103% Pub8v G 4%s°70.. 1 108% 103% 103% Pure Ofl 534837 0 82 79 79 Queenland 6s 47 17 54% 50% 54% Read gn4%s A‘97. 21 101 100% 100% Reading 4%4sB.... 101 101 Rem Arms 6s A ‘37. 9214 Rem R5%s A 47.. 79 Rhinelbe 78 '46. ... Rhine West 6a ‘52 Rhine West 65 55 Rhine West 78 '50. Rich Oll cal €n 44 Riode Rig a6 Jan 84 R Gr De Sul 63 '6 Rio Gr W 1st 4s°3 Rio Gr W clt 48 '4! RIAr&L4%s 34, 52. Roy D4s'45 ww... 26 89 SIL IM R&G 48°33, 14 98% 60 7415 59 63 4 88 % 2 100% 100% 100% 3 82 80% 804 2 94% 94% 9% T 2 llfl"h 110% HM 2 94 13 'lah 2 St L&SF prIn 63 B. St L & SF gn 6s 31 89. StLS Wev4s'ss.. StL'S W 5s'52 St P Un Dep 58'72. San A& A P4s'43.. Sao Pau 7s " Sao Paulo 8 Sao Paulods’60... 1 Saxon Pu W 6148’51 1: SeabA Lrf4s'49.. 1 11% 6.. 3 11% 11% 11% IN BANK CLEARINGS Figures, However, Indicate Better Business Tone Than Year Ago. Bank clearings April totaleu $113; $118,036,652.98 in April, $129,300,050.37 in April, 1929. This is a slump of $4,653.847.10 in the comparison between April of this year and a year ago, or much lower than the drop between April, 1930, and April, 1929, Thus, the figures on canceled checks passing through the local banks in the month just closing indicate a better business trend than was notable a year ago. To those who consider bank cleat- ings an important barometer of general business conditions, today's figures are encouraging. Total clearings for January, Pebru- March and April of this year were $432,332,755.06, against $446,01 825.40 in the first four months of 1930, according to Manager Charles E. Bright of tne Washington Clearing House As~ soclation. Figures made public this noon show the following comparisons so far this year with the corresponding months last year: January February March . April Total 1930. $118.219.264 96,545,212 14,113,606 118,036,652 $446,914,825 Washington Produce Butter — One - pound prints, tub, 28. Eggs—Hennery, ipts, 16. alive—Turkeys. Spring broilers, 38a40; Leghorn_broilers, 35: Winter chick- ens, 30a32; hens, 23a24; Leghorns, 20; roosters, 12al4; ducks, 15: keats, young, 75a80; old, 40. Dressed—Turkeys, hens, 35; toms, 32a33; Spring broilers, 45; ‘Winter chickens, 38240; hens, 25a26; Leghorns, 22a23; roosters, 16; keats, young, 70a80; old, 50. Meats—Beef, 12':al4; veal, 12al4; lamb, 22a24; pork loins, 21; fresh hams, 19; fresh shoulders, 14; smcked hams, 20; smoked shoulders, 1215 strip bacon, 23; lard, in packages, 12; in k, 11. Live stcck—Hogs, heavy, 7.00a7.25; light and medium, 7.25a7.50. pigs, 7.00a 7.50; loughs, 4.00a5.00; calves, 4.00a 8.50; Spring lambs, 10al2. Fruits—Strawberries, North Carolina, 5.00a6.50; Florida, 7.0028.00; pineapples, J'I.‘)llfl cherries, California, 3.00a oranges, California, 3.25a3.75; 8100 ‘lGl 614 96,742,175 112,443,159 113,382,805 ..$432,332,755 29a30; 17a18; current re- hens, 30: lred 3.50; rhubarl 22 105% 105% 105% | Ame: Hondn, 3.5024.50; grapefruit, 2.50a3.50; lemons, 4.50a5.00; limes, per 100, 3.00a 325; grapes, Argentina, white, 3.25; per daun bunches, 50; bananas, per 00. . 1.50a2.00; celery, 3. ach, 50a75; kale, 50a75; S Dér 100 bincher. 3008350, cabbage. per ches, 1.25; eggplant, 5.00a5.50. STOCKS Ex_“_flm NEW YORK, April 30 (#).—Stocks ex-dividend today: o Allelhuu "Steel. o i 3 i Fir Canadiam _Converters Canadian Hydro-El T8 pi §150 ent & bouth West Oih ¥ I3 $1.78 Dlversls.d iy Tr mxmm.:né Dow Ghemical Co... oreign Pwr 1 Ltd Foundation Co of Canada T wr & 36 i Hammermiil ‘Paper. Tluminating & Pwi Do B 3178 Indus Eréd Gorp of Amer. 335 ys ‘of Central Am bf $135 fert P Lase < B e BEE SRR, e n LY Norf & wmem Ry ad North Amer Eorn . sd O ‘Rovalty Invest 3120 f. 100 Ontario Steel Prod. 20c % e LA M wdrell lex Public mumes Corp s oyal _ Bank anada. Co B 3 Seaboard Surety smnnn -willlams a1 G Gorp '$6.50 B1..51.62% Souhers Colo Bwr A So Pac Golden Gate A. ' onnm:noEmmooo:zfionooooolnoononmoboopnogpponnnflbbnooof 000 ODODOROOOOOOOEE T Ao 7 May i c.mfp e @ Sates. High. sow. Close. Ter AsStL4s’53.. 2 92% 92% 92% Tex & Ark 5%s°50. 1 101% 101% 101% Tex Corp cv bs "44. 3% 91 Tex & Pac b8 C "7 Texas Pac 55 D Third Av r;f 4 Tokio 58 '62 Tokio 5%s " On Pac 18t Un Pac 4 ‘68 Un Pae rf 45 2003, Un Pac 445 '67 Unit Drug cv 58 63 Utd King 5%s'37.. U S Rub 15t 68°47. . Un St1 W 6%s A *47 Ud St W 61554 '51 Utd St W 6155 C 51 Uruguay 65 1% 1% g . 18 107% 107% 107%,| 814 20 66% 65% 66% 49 66% 66% 66% 1 85% 86% 854 1Un Ofl 5849, 26 941 92% 941 38 102 101% 101% 3 1004 100% 100% 4,65 66 65 6'106% 106% 106% 2 105% 105% 105% 2 107 100 100% 3 96 96 5030 9w o3 9 69 ww.. 29 94 934 94 1..178 92% 91% 92% West Un Tel 68 ‘51, West Unton 5s '60. West Un T 6%s'36. 1 109% 1 WEOG%s'37 ww. 11 102 Wick Spcvet 1885 2 6% Wil&Colst6s'el. 6 993 Wilks B & E 1st 5 2 45% §5“ Win R A 7%s'41 3 s ¢'m 47% 47% (9 101 100% 1004 .-38 100% mxm MISCELLANEOUS. Barber & Ross. Inc., com. ol. uomc-l ide. Corp. (6 Bkt N e pi ln&!r. Bromo- Grt Nor 41876 D.. Grt Nor 4% Epectal Dispatch to The Star. g Grt Nor 6s'73. ST. LOUIS, April 30.—Production and sales of McQuay-Norrls piston rings have increased 160 per cent since Januzry 1 and up to April 15. This is a 27 per cent increase in total sales and production for the period as com- pared with the same period in 1930. The number of employes on the pay roll of the company in its plant in St. Louis has increased 54 per cent since January, and the company is now em- ploying more men and en; production than at any time years’ hmgry. MONEY MARKET. ! NEW YORK, April 30 (#).—Call| | morey held unchanged today =t 1% per cent, the renewal rate. There was pean war debt to this country and | immediate conversion of the remaining | no offering of funds below that figure | |in_the outside market. haif into international trade contracts | " goriers® acceptances were quict. De- between this country and debtor nations mand was light and bills were coming was advocated today before the in-|out in fair supply. Asking rates were but an occasional le of new half- | dustrial bankers' division of the North | unchanged. Time mcney was dull and blood has been made at 57 and 59, a |Carolina Bankers’ Association by Arthur | unchanged and commercial paper wag real choice lot commanding the latter | J. Morris, founder of the Morris Plan | unchanged. com| lean .mml.:l‘n:‘t::lm{h Russi 9 g Cl ‘Was e lan menace of m-’: 62064, b;nuncn combing, | mass production and subsequent “dump- | March sales of Studebaker Corpora- e Sk, wuum"mlwmmh lities of g:;'unhr 1920, and_ k;’,‘fi'.'".‘}fi‘f’;:’."éfi T"Mr. Morris cited the | better, A. R. :imn;, pl'zl:ldent of m‘fi trade treaty signed !IAI nndmmn company, said yesterday. He added 'Lah bylu R!udn to -eu the ml;ld quarter outlook indicated “a ensltnlhunm substantial gain in our business.” BOSTON WOOL MABKET, ‘BOSTON, April 30 (Special).—Scat- tered sales in the wool market have involved a fair volume of new Arizona clip. Choice nrlcfly combing fine wools are bri 60, while French combing staple has been somewhat,less active at 58 to 60 cents. Finer mdu have comprised the bulk of the transactlons, 3 Spectal Dispatch to The Star | PINEHURST, N. C., April 30.—Out- | right cancellation of half of the Euro- 2883 Skelly Of1 i%l Soissons 6s ‘36 Warner Sug Warsaw 7s ‘58 Wst Sh 1st 4s 231 B2388:3 Hum O&R 6%s 2. lll BT 1st pf6s A 53 - 2alraslue vcnns iter Flis 22 3 1 WEV: 10§'s 105% o 1 9 91 P IA‘CI- 3 107!6 10 0735 Inland Stl 4%s Inland Stl 4 1nt Rap Tr SR g M el Women's boat races are popular In Engiand this season. -blood, 25a ?2‘-‘“ and qu mrblood uon::z A 1% W% extra.