Evening Star Newspaper, May 4, 1931, Page 14

MONDAY, MAY 4, 1931 LEE FINANCIAL e o BONDS moz i) |BROKERS CAUTIOLS FEF INDALY LETERS ki3 UNITED STATES. Moderate - Optimism, How- . (Bales are in 31,000.) Sales. Higl. Low. Close. Elb 3. 33-47.. 18 102 101 29 10129 ever, Is Reflected in Ad- vice to Customers. R, WASHINGTON, D. C BONDS ARE STEADY THROUGHOUT LIST Strength of Foreign Securi- ties, Particularly Italian- Group, Predominates. FINANCIAL, BAKER DEATH MAY | '+ MARK NEW EPOCH New York Banker Was Last But One of Business i S T Giants of Age. THE EVENI NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. - IntT&T4%s S8, Iat TAT cv4%s3d 4 89 IntT&TEs's5.... 6 8% Irish Free Si 0. Italy 78 '51. Italy Pub 8v Prev. ~Prev. 1931~ 7 Low. Close. Close. 13! Stock and Bates— Dividend Rate. Add 00. High. Thompson Prod 1.20, 18! Tide Water As (60¢c). Timken Roller (3)... Timken Det Ax (30¢) Tobacco Products. .. Tobacco Prod A t95c. (Continued From Page 13.) —_— ~Prev. 1931~ Stock and Sales— High. Low. Dividend Rate. Addh00. High. 25% 18 Pheips Dodge (2)... 18 56% 52% Phila Co 6% pf (3).. 7 $2-47. 8 108 10229 10229 33-38 50 104 4104 104 10-43. . 47 101 27 101 25 10125 1-4. 7 10128 101 26 101 26 8102 7102 2102 7 13 106 9106 3 106 3 « 8108 6108 6108 6 «» B1 11215 11211 11211 S48 3 Jugosl Bank 78 ‘57, E Trico Products(2} 3% 87 Tri-Cont Corp. .. Poor & Co (B). BY JOHN F. SINCLAIR. NEW YORK, May 4 (NANA)— The death of George F. Baker at 91, head of the First National Bank of New York for 5& years, will leave a big gap in American business and banking life which will take years to fill. Until Saturday night Mr. Baker was the only survivor but one (John D. Rockefeiler, sr.) of the last generation of business giants, which included J. P. Morgan the elder, Stillman, Hill, Harri- man, Stanford and Huntington. Mr. Baker never gave up business un- til his death. He attended several di- rectors’ meetings last week, one with the Mutual Life Insurance Co. and an- other on Thursday last with the Con- lidated Gas Co. w’l'hh great banker started from scratch, He put up $3,000 for stock in the First National Bank of New York when it opened in July, 1863, becoming in turn assistant teller, cashier and di- vector. When he died he was still di- rector and chairman of the board and owned 22,000 shares of stock, worth over $72,000,000. He was also the Jargest individual stockholder in United States Steel, as 1 as in the American Telephone & Telegraph Co., in both of which he was & powerful director. ‘At one time Mr. Baker was a director in 43 corporations, banks, railroads, pub- Jic utility, coal companies and other rations. And he found time to give away ‘millions, much of it anonymously. Jackson Reynolds, his associate in the First National Bank, referred to his chief as “a great banker and a great man, Like most great men, he Wwas simple and modest.” Mr. Baker spoke once in public, gave one interview, and contended that “business men of America should re- duce their talk at least two-thirds.” What effect will his passing have on American business? That's a hard question to answer categorically. For the immediate, perhaps not & great deal. But for the long-time pull, it probably spells the beginning of a new epoch, & new era. The old days and the old leaders are gone forever. How_successful will the Federal Re- gerve Bank be in its attempt to stop the inflow of foreign gold by lowering the bill fate, and so protect the level of prices in this country? The lower bill rate has favored the London market, and given an upward push to the pound sterling and also to the franc. This is an attempt to force foreign holders of gold to send the metal to other markets than that of the United States in seeking & higher profit. ; There is some doubt as to whether this will really happen. It is pointed out that the franc has siid down to the export level. Purthermore, short- time money is already so cheap in this country that cheapening it furlher may have little {hmu- ksl’n:ir'.-'Ame money ls @ drug on the market. ';h“a'whale framework of international and domestic trade has become so dis- torted that payment in kind—that is, in goods—islo w and lopsided. Since the only other way of meeting obligation is with gold, this metal has usurped the natural place of . In addition it has been forced into America and France, because each of those nations 18 lucky enough to have a favorable bal- ance of trade. Under normal conditions, this unfa- yorable b‘hmmleg be l;:etr:y eq“-tm-( the exc! rough shipment of e":nmodmn. But now those goods, of which most nations have a big sur- plus, cannot_be sent because there are 1o buyers. They must, then, send more gold and, in the end, borrow abroad. Tariffs, war debts, lack of economic have raised havoc with the 27 Port R Am Tob 8 MR OB E e Pressed Steel Car.. .. Proct & Gamb (2.40) Proc & Gamb pf (5). Prod & Refiners pf. Pub Sv NJ (3.40)... Pub Sv N J pt (6).... Pullman Corp (4)... Punta Aleg Sug ctfs. Pure Ofl... . Pure Oil pf (8) . Purity Bakeries (3). R&A10 COrp. .ovuesee Radio Corp pf A(3%) Radio-Keith-Orph A. Radio Corp B (6).... Raybestos Man 2.60. Real Silk Hos(b10%) Remington-Rand.... Rem-Rand 1st pf (7) Reo Motor Car (40¢). Republic Steel...... Republic Steel pf.... Reynolds Metals (2). Reynolds Tob B (3).. Richfield Oil 0 o N Roy Dtch(m1.3404). Safeway Stores (5)., St Joseph Lead (1).. St Louis & San Fran. St L-San Fran pf ( Savage Arms (2) Schulte Retall Stri Seaboard Air Line. s o Sharp & Do pt (3%). Shattuck F G (11%). Shell Union Ofl... ...« Shell Un Oi1 pf (5%) Simmons Co. . Simms Petroleum. .. Sinclair Con Ofl (1).. Sinclair Ol pt (8)... Skelly Oil... Skelly Ofl pf (6)..... Snider Packing pf... South Port Rico S South Cal Ed () South Pacific (6).... South Ry (8) co Sparks Withing (1).. Spicer M, . Splegel-May-Stern. . Stand Brands (1.30). Stand G&E (3%4)... Stand G & E pf (4).. Stand Ofl Cal (h2%). Stand O/l N J (12)... Stand O1l N Y (1.60). Sterling Sec A. Sterl Sec pf (1.20) Sterl Sec cv pf (3) Stewart Warne! Stone & Webs Studebaker (1.20). .. Studebaker Cp pf (7) Sun Ofl (11). Superior Steel. Tennessee Corp(50c) Texas Corp (3).....: Tex Gulf Sulph (4).. Texas P C & Oll. - » Bu PRPTOINE - 1 TPTOTVPURVE I PHIVE JRTOE L - PV FETPT TR ET-PEL TIPE ISP 7S Tri-Con! Unit Dy Lea i qaaacaaca S Sty U 8 Si We White S. Youngs Dividend | cash payments tons. 5 Unit of tr 4% in stock. §Pay 10% | year—no regular rat 20 | ¢ Payable in cash o | B Plus 2% 'in s 6% | 3% in stock. m sed 5% Und-Ell-Fisher (5) Un Carbide (2.60) Un Otl of Cal (2). Un Pacific (10). Unit Afreraft. Unit Afreraft pf (3).. Unit Biscuit (2). Unit Carbon..... Unit Cigar Stor Unit Corp (75¢) Unit Corp pf (8). Unit Electric Coal. 4 Unit Fruit (4). Unit G & Im (1.20). Unit G & Im pf (). Unit Plect Unit Plece D pf 6% U S Freight. U 8 Gypsum (1.60) U S Indus Alcohol (2) S Leather........ s SPipe & F (2).... S Realty & Imp(2) S Rubbe S Rubber 1st pf. S Smeit & Ref (1). SSm& Refpf3%. Va-Car Chem 6% pf. Vulcan Det (4). 30 49 Wabash RR.. 4 Waldorf Sys (1%). Walworth Co (1) 8la ock. 3 Plus_50c id this year—no regular ra t Corp pf ¢ a7 15% 6% 21% ewood pf = & NN B RN A BN AT PR NN NARE ID N DO mn DW2).. s th pr pf (7) 12 115% 144y 7 114% 143% 7 28 22% T 40% 10% 1% 23% 10% 4 28 8Y 20% 3% 56 Western Dairy (A) 26 Western Dairy B.. West PAELA (7).... West Pa El pt (§)... 308 PaEIpt (7)... 208 West Pa Pow pf (6). 1108 Western Md... 6 Western Union (8) 2 Westing A B (2). 2 Westing EI&Mfg 4 Westing E&M pf (4). 108 % Wextark Radio Stri g S Ao Westvaco Chlor (2). 24 Wheel & L Erie pf. White Motors (1) 7 108% - 99 105 110 11% 114 265% 59% 922 328 ewing Mach. White Sew M Willys-Overland. Wilson & Co. ‘Wilson & Co pf. Woolworth (2.40). Worthington Pump. Wrigley (Wm) (4) Yale & Towne (2) Yellow Truck. Spring (3). Young Sheet&Tu (4). Sales of Stocks on New York Exchange. 200.000 12:00 Noon. 900,000 2:10 P.M s given in the above tal 4 r the latest quarterly or half bt et arly T8~ extrs. tPlus a Pald last ro k. ‘apecial L03S OF PATRONS TRACTION PROBLEM Number of Street Railway be alle to drift? Perhaps t -, speakers of the International Cham of Commerce, gathering in Washing- ton this week, will furnish & solution some of the most important of these problems. Prance is spending $130,000,000 to hold her Eastern European allies, Ru- mania, Jugoslavia and Czechoslavia, outside the walls of the new Austro- German _economic union. She has already loaned ‘between $40,000,000 and $50,000,000 to Czecho- world. How much longer will conditions owed h‘:l“{ to Passengers Continue to Show Decline. Special Dispatch to The Sta: NEW YORK, May 4.—Unrelenting declines in the aggregate number of | passengers carried by the street rallways | of the United States continue, as in recent years, to be the principal problem of the traction industry, says the Grigsby-Grunow Shows Profit. NEW YORK, May 4 (®).—B. J. Grigsby, chairman and president of the | Grigsby-Grunow Co., said that although unit radio sales during the first four months this year were more than 50 per cent below the like period last®year, the company reported gmflt during both February and March. sorbed by inventory losses and non- recurring losses from receivables from | operations prior to 1931, “indicate the reduction in expenses effected under the reorganized management, which took control in January.” INVESTMENT TRUSTS NEW YORK, May 4 (#).—Over-the- counter market— A g C Tr Shrs series D. . C Tr Shrs series E Al Am Investors Shrs A Am nt Corp ... Am uj Am Bid. Asked. 5% A58 23 | % | 38| BETTER BUSINESS OUTLOOK IS SEEN Improved Conditions Abroad Expected to Be Followed by Like Trend Here. By the Associated Press. NEW YORK, May 4.—Signs of clear- ing skies abroad are noted in the monthly business review of Dr. Stephen I Miller, executive manager of the Na- tional Association of Credit Men, who expresses the hope that “they will be 9% | crossed par again in active buying and 24% | both of 16% | Prench 7s gained a small amcunt. 45 |glan % | hel, BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, May 4—Bonds were strong throughout the list today. The feature was the strength of the foreign department, notably the Italian group. The estimate that $500,000,000 in for- eign dollar bonds had been repatriated 4% | was followed by increased orders % abroad, one house today g sub- stantial blocks of Italian dollar issues being ordered from Italy. The Italy 78 there were gains of a point or more in Italian Public Utility Credit 7s, Lom- bard Electric 7s, Fiat 7s, Milan 6ls and Rome 61s. The current quota- Sales, High. Low. Close. 3 54 9%, Am Motal 5%s Am N Gi Am T&T c tr 58 '46. Am T&T 5881’60, tions of Italian exchange are favorable | Ari to the purchases of these bonds in New York for Italian account. This movement extended in smaller volume to other parts of the foreign list. There was unusually heavy buying of Great Britain 5125 and Irish 5s, which gained !rlctlm;lelly. bonds were quoted around their best prices of the year. Austrian Ts, Hungary 7'%s, German issues, Japanese 514s, Norway 5s, Saxon 7s, Tokio Elec- tric 6s all were in demand and generally higher. Even the South American group showed signs of life, with gains of a point and more in Uruguay 6s, Brazil 8s, Brazil 6'4s, Argentine 6s of May, 1961, end fractional advances in Chilean, Colombian, Bolivian and Peruvian de- scriptions. Forelgn bonds accounted for most of the trading, but what activity there was in domestic issues revealed a firm tone. The dull condition of the Stock Market naturally turned some interests toward bonds and there were signs of speculative buying in some of the wide- ly depressed issues. Warner Brothers Pictures gained nearly 2 points. Postal Telegraph 5s ran up a point. General Theaters Equipment 6s had a substan- tial recovery. Goodrich 6s, Interborough Refundi 5s, Missouri-Pacific 5s, Nickel Plate 41.s, Pan-American Pe- troleum 6s of 1940, Phillips Petroleum 5Ys, Prisco 4';s, Shell Union Oil 5s, Southern Railway General 4s and many other bonds currently selling at leveis ranging from 40 to 80 cents on the dollar were in demand. ‘The prime group was quiet with a firm trend. American Telephone 5's opened down, but later advanced. There was good buying of Brocklyn-Manhat- tan Transit 6s, Chesapeake Corpora- tion 58, Atchison General 4s, Columbia Gas & Electric 55, Great Northern 7s, National Dairy Products 5lis, New York Central 4%s, Pennsylvania 4Vs, Utah Power & Light 4128 and Youngs- town Sheet & Tube 5s. ‘The buying of foreigns naturally along the issues of companies with foreign connections. Interna- tional Telephone 5s and 4%;s, Inter- national Match 5s, both the debentures and convertibles, and International Hydro Electric 6s gained. Firmness characterized International Paper 5s and 6s and International Cement 5s. Abitibi Pulp & Paper 5s rose a shade. Duke Price Power 6s were firm. Royal Dutch 4s improved. ‘The New Capital Market was still convalescing from its recent indiges- tion, and there were only & few unim- portant municipals offered today. Prices have been marked up to un- precedented levels in municipal bonds. A glance at dealers’ lists today shows that current yields are from 1.80 to 2,50 per cent on short term municipals and from 2.75 to 4 per cent on longer dated bonds. (Copyright, 1931) Washington Stock Exchange SALES. Capital Traction Co.—2 at 34%;. Potomac Electric 5% % pfd—10 at 110%. Washington Rwy. & Elec. pfd.—10 at 9874, 2 at 9814, Liberty National Bank—10 at 190, 8 at 190. Riggs National Bank—10 at 405. Federal-American Co. com.—-25 at 21. National Mtge. & Inv. pfd.—200 at 4’ 200 at 47 5 AFTER CALL. Pltomac Electric 6% pfd.—5 at 113, 5 at 113. Washington Gas 55—§500 at 106%2. AtCL 1st 4852, At Guif 5859 At Ref deb 5337 Australia ¢% | Australia 68’55 Australia 6867 Austria 7543 Austria 7557 ctfs B&O4%s"33, B &O 1st bs B & O 58 D 2000 B&O 6s'95.. B & O Sw dy 68°50. B & O Toledo 48 '50. Ban & Aroos 4s ‘51. Bk of Chile 6%s'57 Batav Pet 4145 ‘42 *55 Berlin Cy El 65 eel pm 6 Bolivia 7858 Bolivia 7s'69. ., Bolivia 8s 45 Bordeaux 65 ‘34 Bos & Me b *67 Brazil 6% Brazil 618 ‘2! Brazil 7 Brazil Bklyn Man Bklyn Un 6s Bklyn Un ist 68°50. Buenos A 61 Pv. Budapest 65’62 Buft Gen El 4% 881 Bush T Bldg 68 '60. Calif Packing 55’ 40 Canada 45’60 Can Nat 55 °70. Can Nor §%s db " Can Nor 7s deb '40. Can Pac 43860 .. Can Pac 6s ctfs '44. Can Pac 55 ‘64. Car Clin & O 68 '5: Cent Pac 55 '60. C'& O gen 4%s C&O 43 A3, Chi Ind&L gn 58'66. 9. Chi M&StP 4%s K. Chi M StP&P b8 '76. Chi M & St P adj ba. Chi&NW g 3%s 87, Chi & NW gn 45°37. Chi&Nwn 4%s 2037 Chi& NW con 4%s. Chi&NW rf 5s 2037, 2; B & O conv 4%s 60, 5 3 51% K %848 Kreug & Toll Lackaw St 53 °60... Laclede 538 D Lautaro Nit és "6 100: LehV cv 4%8 200 Lig & Myers 58'5: Lig & M ‘4 632.. MIIERy & L 6s’61. M StR&SSM con ¢s. M StP&SSM 5s gtd. 2. MK & T prin b Mo Pac gen Mo Pacba F Mobile-Ohio 58 '38. Mont Pow 3. Mont Tr 1st Montevideo Mor & Co 18t 4%4s8.. Nat Dairy 6% nt 438 2013 Cen rf 4352013 61 NYCreim 6s 2018.. N Y Centdb 6s°35.. NY CLScl3%8'93. 1 5 5 NY C&StL ¢3%s"78. 18 NYC&SLLG%sA 11 NY Rys Inc N ¥ Tel 4% Nord 6%s 50, Nor & Wnevds No Am Co 5 Nor Am Ed 53 Nor Pacr16s2047, 16 111% Nor St Pw s A "41. Oreg-Wash Orient dev & Orient Philippine RR 4s. .. Phillip Pet 6% s Pilisb F' M 6 . 10 By the Associated Press. NEW YORK, May 4.—Moderate timism is reflected in today's commis- sion house letters to customers, al- usugl‘i“ commentators counsel caution at particular point in the stock market's position. Opinions follow: Babeock, Rushton & Co.—We believe that the decline in the stock market of the last eight weeks has been caused by forced liquidation and that at pres- ent it has been, to all intents and pur- decline has undoubtedly held up busi- ness, but we would caution the observer from assuming that business was the cause of this last decline. Otis & Co—In the past three trading days the market has provided three ab- rupt and generally unexpected turns. We believe this erratic behavior may ::.ndnue in evidence over the immedi- Hornblower & Weeks—We continue to believe that technically the market is entitled to a rally that might very well last several weeks and that the Shields & Co.—The stock market is reaching the level it would have estab- lished many months ago but for the ill-advised “jiggles” that prevented its true process of discounting and reflect- ing actual business conditions. The U. S. Steel report for the first quarter was the means of emphasizing in both the business and stock market worlds just what conditions vail at present. As a result, del liqui and heavier short selling have hurried the justmen ng. Obviously, there liquidation of long stock by investors and investment trusts who are convinced that business recovery may be a long. slow procéss and that there is considerable doubt as to how long large will continue to pay dividen that are not being earned. RAY OF HOPE IS SEEN FOR COAL INDUSTRY Scientist Declares Fuel Will Be- come Most Important Ma- terial to Chemistry. Special Dispatch to The Star. NEW YORK. May 4 (N.AN.A)—Af & time 'hendfl'le coal industry is lan- and brightly. By using hot surface and cold water below, it In the Siemens laboratory is a new solar engine run by sunlight. It has driven a small horse-power motor for months. Both these instruments might Norfolk & Wash. Steamboat Co.—6 at 190%;. hmm:n Monotype—4 at 100%5. Capital Traction Co.—10 at 34Y. National Metropolitan Bank—10 at 280. shift industry from the north to “heat mines” in the tropics. Then our coal mines would suffer But if coal is to be a basic chemi there need be no fear slovakia, $30,000,000 to Rumania and now £till hopes to make the $48,000,000 loan to Jugoslavia. Since long-term credits are a crying need to all conti- nental countries outside of France and since these are of that Standard Statistics Co. of New York in | Am a recent survey, which continues, in|Am rt: | Am “Unquestionably, the chief contribut- | A7 ing cause to the recent sharp drop in Am Fou followed by fair weather here.” Among the “encouraging signs” cited by Dr. Miller are the improvement in political conditions in several disturbed Chile 7s *42. Chin Gvt Ry 5 . P'Ind G El 4%s " Porto Alegre 83 '6: transactions character, it is just possible that France may yet be able to thwart the impend- ing collapse of the little entente. Money talks loud these days! While these countries have been eye- ing the economic advantages of joining the Austro-German Zollverein, the ben- efits of long-term financial aid are | likely to prove more attractive. However, the extreme conservatism of French banking makes such negotia- | tions as painful and exasperating as a | tooth extraction. Discussions between | Paris and Belgrade have been long | drawn out. Unless Prance acts quickly, | Jugoslavia will probably go over to Ber- lin, thus breaking the strong wall of | Prench _economic_power in Eastern Eu- Tope. Montagu Norman's plan for an international mortgage bank also would imperil Prench supremacy, if it should succeed. “There has never been an industry that required the constant financing on a scale such as the electric light and wer business. To finance econom- ally the normal growth of electric light and power properties is one of the most important problems facing utility operators.” Using this statement for its main po- sition, the John Nicherson Co. of New York works around to an argument against the campaign for public owner- ship of utilities. It is asserted that carrying that issue into the political arena impairs public confidence in_thbe utilities. This will make very difficult the great volume of financing necessary in the twenty-year program of development seen ahead. Since the country’s economic life is s0 closely linked with the light and power framework, great damage would result 1o the Nation at large, according to this company. Already $11,000,000,000 of capital are invested in the industry. Nevertheless, a clean record and a clear conscience are the best defense. By maintaining high standards of serv- ice and passing on to the public real benefits in the way of cheaper rates, whenever possible, the utilities need not worry about a hostile public (Copyright, 1931, by North American News- paper Alliance.) CHICAGO POTATO MARKET. CHICAGO, May 4 (#)—Potatoes, 176; on track, 203; total United States ship- ments Saturday, 829; Sunday, 40: about steady; trading only fair; sacked, per hundredwelght, Wisconsin round’ whites, 1.20a1.35; Minnesota, 1.10a125; Idaho russets, No. 1, 145a1.55; occasional fancy car higher; No. 2, 1.25a1.30; com- ployment now prev: which has | eliminated the regular daily transporta- tion of thousands of office and factory workers, “The present low ebb of traction business arises, however, from difficulties | of a more fundamental nature. These are, in brief: (1) Steadily increasing use of the private passenger automobile; (2) congestion of thoroughfares which has slowed down the movement of all | traffic, including street cars; (3) onerous, cumbersome and often inflexible regula- tory measures; (4) increasing difficulties of various descriptions which have made exceedingly difficult the speedy adjust- ment of the fares to the actual cost of operation; (5) burdensome taxes, and | (6) exhaustion of surpluses and a con- dition of financial stalemate which have made even small improvements difficult and have rendered large scale under- takings well nigh impossible. “Relief from these adverse conditions will probably be obtained only as a result of a slow evolution, extending over a period of years. Steady gains year after year in the number of pas- sengers carried by rapid transit facllities | now operated in New York, Chicago, Philadelphia and Boston afford con- crete demonstration of the type of | patronage. or State Bullt in all cases with cify | ald, the manner method of solving the enormous finan- cial problem involved in any subway construction. “It is our strong conviction that the traction problems in other cities will be solved only through ultimate recogni- tion by municipal governments that | portation service is quite indispensable, and through substantial aid from this source, providing the necessary facilities. companies now ekeing out a existence therein.” BOSTON WOOL MARKET. BOSTON, May 4 (Special).—Season- ally quiet conditions in the goods mar- ket and the tendency to await the open- ing prices at London auction sales were factors making for dullness in the Bos- ton wool market today. Slightly easier prices for tops have resulted in some- what larger sales on all grades. Lower prices are due to easing in wool and partly to the fact that unfilled orders for tops have recently been substantially reduced. mercials, 1.35a1.40; new stock about steady: trading fair, Texas sacked Bliss Triumphs mostly 3.50a3.75; fancy higher: small, 3.00a3.25; Florida, barrel, Spaulding Rose, 5.75. Montgomery Ward Sales Drop. CHICAGO, Ill"yd CC;H’IC‘TA“X)!'I"IIX;I:;';)I Montgomery Wai 3 - 558,449, against $23,776.430 in April, 1930, a decrease of 13.53 per cent. For the first four months of the year the sales were $70,024,785, compared with $81,145,4901 n the same period of last year, p decline of 13.70 per cent, Fine 'territory combing clean was quoted today at 62a84; French combing, 57a60; half blood, 5 Fine Ohlo fleeces were quoted at 26a27, grease basis; half blood, 25a26; three- e,tl‘hz'.zhl blood, 22a23, and quarter blood, a22. DRY GOODS MARKET. NEW YORK, May 4 (Special).— Cotton goods markets were dull today. Print cloth quotations were un service necessary to recover a departing | fndependence in which | Int Becur ‘Corp'Am A facilities of this sort have been or are | Int Aecir Gorp Am to be provided illustrates one logical | Int Secur Corp A modern, efficient and speedy local trans- | u Little hope is otherwise entertained for | Nations the industry as a whole or the many | N bare | Nor 8; three-eighths | To blood, 50852, and quarter blood, 43a45. | T passenger traffic ix ‘e extensive unem- | Am m Am Inj tl & P & At Bankers Na Eansicilla Corp Basic Industry Shi Britiah T n Chelsea Exchange A Chelsea Exchange B a w2558uSanaBHaR uities Inves Corp _com uities_Investors Gorps uniti Eat 5 uity Trust Shrs Equity Trust 8 s Fixed t 8hi Pindamental Tr & ndamentel Tr Fundamental F 80 Gen Equity A Granger Trade ude Winmill Trad . ncorporated Investors d 1Investors Equi Fe B Insur Shrs & Gen Manag Corp Int Secur Corp Am A & SasrtlSuaastasadl f: 3 '-1 m 615 nvestment Trust Associates . Investment Tr of N Y Collat A Investors Trustee Shares 3 Jackson & Curtls Invest Assoc Sec Corp pf 805! SRS EEF I ur 4 Colony Invest Trusi . Petroleum Trad A . Power Rail Trustee Shrs ... ;:h"c ll’V‘ilta TI 8h i Dresentative Trust Shrs Research Inv Corp ...... esearch Iny Gorp, iifis BeN Borp e B bt t Scr 823 B % 1ai bt LoaliSeac: FESSIRN aonl ssa TSSO S s 1] at 5 for 64x60s and at 53, for 68x72s. Raw silks wgre quiet and unchanged. ol Kentucky, Tennessee, areas. He adds that “not even the up- heaval in Spain seems likely to produce serious disturbance.” “Several of the leading foreign ex- changes show a firmer tone and many foreign securities have shown a sharp rise in price levels,” he said. “Fofeign factors had had much to do with our recent economic troubles. It is to be h(?ed then that clearing skies abroad will be followed by fair weather here.” A survey of trade and credit condi- tions in the southeastern section of the United States—Virginia, West Virginia, the Carolinas, Georgia and Florida—Dr. Miller re- ported, indicates improvement in sales and collections in April over the pre- vicus month. Correspondents in Ken- tucky, North Carolina and Georgia were the most “optimistic,” Dr. Miller said. All of the States reported a general im- petus to buying from the loans extended by the Government to veterans. JAPANESE GO.VERNMENT ADOPTS ECONOMY PLAN NEW YORK, May 4 (N.AN.A).—The Japanese government has decided to meet its financial problems by strong economies in administration and thus reduce the budget outlay. Like other highly industrialized na- tions, Japan has felt the full effects of the world depression. To add to her troubles are the turmoil in the country’s greatest export customer, China, and her large shipping interests. So heavy has been the loss in shipping that un- employed seamen are being trained in vocational schools for other occupa- tions. Japan's economic position, in other words, closely parallels that of Britain, with the exception that she has no mines problem. Most of her coal is im- ported either from abroad or comes! from her controlled mines in Man- churia. With reduced incomes all over the world, such a so-called luxury fab- ric as silk is purchased in reduced quantities. It has been said that if the American woman stopped wearing silk stockings Japan would immediately go bankrupt. ‘This may be an extreme view, but there 15 no question about the hardship brought about in Japan by low silk exports. (Copyright, 1031, by North American News-~ paper Alliance.) TOBAOCOI MARKET QUIET. BALTIMORE, May 4 (Special).— The Maryland leaf tobacco market was at a standstill last week; only one hogs- head being sold. Receipts for the week totaled 103 hogsheads, but these have not been inspected and were placed in warehouses, making the total stock in State tobacco warehouses - 3,653 hogs- Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Tel. 4%s '39. Am. Tel. & Tel. cil. tr. 55 Anacostia & Pot. R. R. 5 Ana. & Pot. gu A Bld. Asked. 128 C. & P. Capital Traction R. City & Suburban &s. reetown Gas 1st 53 Wash.. Alex. & Mt. Ve Washington Gas 4’2 Washington Gas 5¢ Wi Barber & Ross. Inc. Chevy Chase Club bia Couniry Club Pot. Elec. Power Pot. Elec. Power 5! Wash. Ry. & El_com. Wash. Rwy. & EL pfd. NATIONAL BANK. 9e). Fashinston (13) ‘TRUST COMPANY. Amer. Bec. & Tr. Co. (18). Continental Trust (8) Natl. Sav. & Tr. (121} Prince_Georges Bank Union Trust (8s) 5 Srach. Toan & st (id). BAVINGS BANK. Bank of Bethesda (8§) Commerce & Bavini East Washington (12) Potomac (10)... Security Sav. & Cor Seventh Street (12) nited States (30) Cuba RRrf7%s'36 Czecho 85 °51. Czecho 95 Del & Hud rf Del & Hud 5% Denmark 53%s D& R Gr gn 4 D&RG W 585l Det Edison rf 55’4 Deutsche Bk 6s'32. Dodge Br ¢l 68 *40.. Duquesne 4%s '67.. EastCSug 7 Erie 1st con Erie Gen 4 Finland 5% ‘58 d Fram 1D 7%8'42.. French 7849, ..... French Gvi 7%s '41 Gen Baking 5%s 40 37 German Bk Ger Cen Bk Ger Cen Bk 6s ‘60 rman Bank 7 German 7s rep '49 Ger Gen E1 78°45. .. Goodrich cv 68’4 Good 18t 6348 '47... Goody'r Rub bs ‘57, Grand Trunk 7s '40. Grt Nor 434876 D.. 0) . ashington Mechanics (20) FIRE INSURANCE. American (12) Corcoran (10) Firemen's (8). National Union (18) TITLE INSURANCE. lumbia (6h) al Estate (6h). MISCELLANEOUS. Ba & Ross. Inc,, 5 t. Natl. Sec. el S - 32888158288 gl!{e;‘l‘!& urlu‘ Storay heads. Quotations today for Maryland | Ter. Re! leaf tobocco, per 100 pounds: Inferior, 6.00a10.00; sound, common, 10.00a22.00; good common, 22.50a32.00: medium, 32.50240.00; good to fine red, 40.50a 53.00; fancy, common, 10.00a25.00; me- dium, 25.00a35.00; good to fine, 35.50a 45.00; ground leaves, nominal; country burley, 7. % o Grt Nor 5873 Grt Nor gn 6% Grt Nor gen 7i Halt1 68 '52. . « 1 Hud & M adj 68 °57.. 1 Hud & M rf 58 Humble O1l 55 '37 Hum O&R 533 '62. Hungary T%8 "44. msTi 111 Cent 4s Ill Cent bs 111 Cent 6%s Inland Stl 4%8 A'T8 int Pap 53 Int Pap 6s°86.. Cuba Nor 5%s '42.. 1 Pure Ol 5%s8°37... Queenland 6s '47... Read gn 4%s A '97. 1 Rem Arms 6s A *37. 1 t Rich Ofl cal Roy D 4545 ww. StL IM R&G 4533, StLS Wecvis's: Sao Pau 78’40 re Saxon 78"46.....00 Seab A L cv 6345 Seine 78 42. Serbs-Cr-81 Serbs-Cr-Sl Sinc O 7scv A'¥ Sine Cr O 6%s 8 Tenn E1 P 63 A *47. Tex Corp cv 58 °44. Tex & Pac 6s B'77 Un Pac 4% Un P 1st rf 55 2008, Unit Drug ev b Utd King 5% °37. Rub 1st 58 ¢’ y . 921, Utah P& L & 12 83 Uts) Pow 58 59 ww. Utll Pow 5%8 '¢7.. BReE~n o woe RamGonwana 8= North American (Copyright, 1031, by Nows liance.) by spaper CHICAGO LIVE STOCK MARKET CHICAGO, May 4 (#).—H 44,000 head, including ’u,ooo dl.ra:t.'m 10a25 iower than Pri 7.35; 230-300 Pounm:l, 75a7.25; p-cll.né‘.lows. 5.50a6.00; 756u150: Tght weight, 160-200 bounds .1587.30; we - 1 7.20a7.35; medlllé‘l 200-250 value to sell at 8.00 downward, it undertone fairly healthy on these killing classes. heifers, m:' _I;na cholce, . .75, common d e dium, 5.25a6.75; cows, good .nch:lle 5.0086.00; common and 4 top, 9.60; ; to OM.rJ to"wk lew__clippers, wooled ewes, s.oo-s.fi? ice, 2.50m ;s'fii all ights Il'o d common, .75; wel cull an 1.50a2.50. X Sal Vert Sug 1st 7s°42. Vienna 6s ‘52. . 103% 103% 103 102% 102% 102 67 67 4“4 63 62 105% 105% % 1% 9% 91k 102% 102% 101 100% 109% 109% . 27 96 9% 078 102% 102% . T 9 Wis Cen gn 45 '36.. 24 484 48 Yokohama 6s'61... "1 Vistn Sna X 99 59 100% 100% Tng StI&T 55 B '70.132 100% 100