Evening Star Newspaper, April 14, 1926, Page 29

THE EVENING STAR, WASHINGTON, D. C., WEDNESDAY, APRIL 14, 1926.° » COTTON ADVANGES: EARNINGS OF UNION | C”===== 3_ PACIFIC LINES GAIN ROADS RECOGNIZE | NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office | VALUE OF BUSSES Motor Vehicle Investment L Placed Above Entire B: Railroad System. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, April 14.—Motor bus production and sales are running from 20 to 25 per cent ahead of the cor- responding period of 1925. The bus and truck output this year is counted on to exceed that for any previous rear. New routes are being estab- hed constantly. Local travel to a very large extent is leaving the railway train for the automobile, but President Ralph Budd of the Great Northern Rallway said at Kansas City that bus and truck industries were providing more traffic for the railroads of the country than they took away from them. 1t is becoming increasingly evident that far sighted railroad executives are taking over the truck and the bus, rather than trying to eliminate or fight them. Carl R. Gray, presi- dent of the Unlon Pacific Rallroad, said: “Both water transport and motor transport have their proper place, and to oppose elther, when they are clear- Jv demonstrated to have these ad- vantages, is to run counter to a natu- val law. Up to this time most of the paving has been done on highways which parallel railway mileage. The highway improvements will tend to- ward lateral rather than parallel lines and can conceivably become feeders, not competitors, of rail carriers. Exceeds Rail Investment. Mr. Budd, whose road operates two $1.000,000 motor bus systems, de- clares the investment in motor ve- hicles and improved highways now ex- ceeds the investment in the railroad svstem of the country. He places the latter at $25.000,000,000 and the for- mer, at 1000,000. “The extensive ownership of auto- mobiles,” he added. “and the large mileage of improved highways have resulted in the loss of wost of the local except in the vicin Ty jes. The removal of has left many communi yparatively little railway nger ice. The small amount of local travel may not warrant more rail service, but does warrant bus operation at frequent intervals. The station-to-stadon and even shorter- haul passengers make up a consider- able part of the bus traffic. 3 “The bus business promises to in crease if better service can be given 1nd operating costs reduced. Busses may supplement railway transporta- tion in some localities more effectively if managed by the railways than if operased independentiy. Motor trucks releive terminal congestion and the/ terminal coast raised . by ~conges tion frequently absorb all profit of rail haul on local freight. The field of the privately owned| truck is wide, much more so than the common carrier truck.” Relief for Railroad. Marcus L. Bell, vice president of the Rock Island Systen, also stresses this angle of the situation. “For shorthaul trafic and con- venient dellvery,” he said, “the motor truck can offer the road carrier some- thing that will relieve the latter of a very burdensome and expensive prob lem. I mean the terminal servic The real difference betwen rail and motor transportation, according to Vice President Lee ofy the Pennsyl- that between ‘wholesale and BY WILLIAM F. HEFFERNAN, NEW YORK, April 14—One of the main points of interest in today's pro- ceedings on the Curb Exchange was the action of baking company stocks. This was not due to any change in actlvity in this quarter. Baking shares have played a prominent part in speculative operations right along, and thelr action indicated that specu- lative excesses committed on the buy- ing side in the ill-fated campalgn for higher prices had been overdone as a result of the subsequent decline. General Baking class “A” had been | carried as high as 79% early in the year. Today it was selling above b1, where it compared with the low Tues- day of 441¢. Holders of the stock, who had become uneasy over rumors that directors wore contemplating a reduc- tion In the dividend, were encou aged by the emphatic denial of these re- the ch:ur'nm.n of the board. earnings were well in ex- cess of dividend requirements and so NEW_ YORK, April 14.—Followd is an official list of bonds Au\:; :‘V;clvl(i traded in on the New York Curb Mar- ket today: Sales in Sogic i & 2 SRE3E S :>> Zza=of seREEagE & AN Fev Ses, R o nub SESESE! SPIE R L PEEEFG SEEEE SEEIoRE2REIS2ERR35EE £5 3 = EieetSeSen SN 295000008 gen Pet Bat oodyear 1 & R rand Tru o P &, e e RS2NS88E SRR IRESREE2RRY e & b e R Seoo ESRETE ST ST T SIS S P CEERT RS I R e S R S AR b e . HE WA RN 33 Texar Ft S 4 ! Tranccont O [ ub 41 Z2EE St ntnst 5000 cuosne eononEEsBEs SEODDED! S o) Air T1ha7 10 Ul 9 o7 Antioqua, 7 Buenos = T CHRE-RR S & 2 Krupp Fried 1 Leivziz_7s . SpoposmODEoEey or n Muni Medellin a0 5ies . S o3, 22528 e DoCovOCoESossoCEET 1y £ et EEEERET I TS 43 Thvesen T &'S 78 9 Westoh U El 6336 86 as the railroads are able to make,” he id, “come prac- tically from mass transport of freight and passengers over considerable dis- tances. On the other hand, those forms of transportation in which the trucks can and do make money are almost invariably the strictly ‘retail’ forms ir: the rendering of which rail- road operation practically always in- volves losses.™ One of rail carriers most ac. tively engaged in short-haul and com- ;81 er passenger transportation is lay- bus lines, “Furnish an adequate passenger | service in connection with rail line, said Arthur P. Russel, vice president of the New York, New Illaven and Hartford road, “and give the public form of service they seem to de: and POTATO TRADING LIGHT. CHICAGO, April 14 (®).—Potatoes ~Receipts 107 cars: total United States shipments 539; 41 Canadian, Bermuda 6; on track 492; demand and trading light, market dull, slightly weaker; Wisconsin sacked round white, 4.80a4.90; few fancy, 5.05; Min- nesota sacked round whites, 4.60a 4.75; Idaho sacked russets, 4.90a5.15; Canadian sacked round whites, 4.00a 4.50; few higher; sacked russets, 4.40a 4.60; few 4.75. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. The Repreciating Dollar. Before we leave the subject there is one more point to consider about the theory that common stocks are superior to bonds as investment over a period of years. This is the claim that a diversified list of stocks pro- tects the investor from a depreciat- ing dollar. It is argued that when commodity prices rise and the purchasing power of the dollar falls in proportion the is made up to the holder of by the fact that dividends are ed, whereas the bondholder has no such compensation. His in- come is always the same. The _ coupon rate on his bond is fixed, and while his income may be the same in dollars it may be very much less in buying ability. It cannot be denied that granted the premises the con- clusion is sound. It has worked out that way more or less during the past quarter of a century, the period in which the phrase “high cost of liv- ing” was invented. The investor who bought a 4 per cent bong in 1500 has had the same income in money ever since, but the $40 annual return that he received in 1900 would not buy mearly as much food or clothing or shelter in 1920. If the price trend in commodities 18 to be upward indefinitely there s no answer to this argument in favor of common stocks. But the price trend of commodities will not always be upward. In fact there is good reason to be- lieve that we are now just entering upon a long period of declining prices. If this be the case the plea in favor of common stocks loses much of its force. Advocates of the stock theory say that in a time of falling prices while stocks have no advantage over honds, still in the long run they have advantage in that income plus capital appreciation works out about the same with one form of security as with the other. Nevertheless to admit that the commodity price movement has reversed itself takes away in large measure from the attraction that common stecks offer the investors Salesin STANDARD OIL ISSUES. o unjj 200 An A O non vte 17% 100 Atl e 1600 Cont Oil nw Washington Stock Exchange SALES. Washington Gi 6 1933 1 1030 S e §01 %% 5—$1.000 at at I Washington Rwy. & Elec. 4s—$500 at Chpital Traction Co.—10 at 1041 1085 at 1083, 10 at 1041 Washington Gas Light—30 at Washington Rwy. & Elec. pfd.—: American_ Security and Trust 90. Lanston Monotype—10 at 83 AFTER CALL. Capital Traction be—$1 Washington Gas 5 “'lahlllzlofl Rwy, & . $1.000 at 82, $5.00¢ };%&:mu Elec. Pow. ptd.- w.srlf?imu Rwy. & Elec. ptd—5 at 91, snthaler Linotype—3 at 204. i T R e Bt *3s2.000 Washington Gas 6s 1933—$500 at 104, Money—Call Joans. G and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amenican Tel. & Telga. 4s... American Tel, & Telgs. 4! 10 at 20 at s B 5 2 13 2oeSo0Scel 28385233, $ AR £ MISCELLANEOUS. D. C. Pager Co, Mtg. 6 8 Soutiern Bids. 6 5. Wash. Mikt. Cold Storage Bs.. STOCKS. PUBLIC UTILITIES. Wash. wy. Wash! lec. .com iwy. & Elec. pfd. NATIONAL BA! TRUST COMPANY. American Security & Trust. Sontimental Trust. . Merchants' Bank. National Savings Union Trus é%&ian Firoments National" Unios. TITLE-INSURANCE, ibia Title. . S5 "Estate Titi 176 Colus Real . MISCELLANEOUS, Merchan & Merchants’ Trans. & Stor. Mergenthaler Linotspe. Mergenthaler Linotype (now) National_Mort, & Invest. '‘Peonies Drug Stores ptd Lanston Monotype Security Storage w?hygnw X far this year have exceeded those in the like period last year. Continental Baking “B" went lower at the start, but subsequently rallied. Declaration of another cash divi- dend of 25 cents a share by directors of Gillette Safety Razor, the same as in the previous quarter, in addition to the regular quarterly 75 cents, proved to have been expected and the stock changed hands at 95, where it was un- changed from yesterday. Oil shares merely drifted about without definite trend. The last week's domestic crude oil production figures showing a decline of 1,250 barrels dally were passed unnoticed, the fall- ing off being too slight to be of sig- nificance. Kay Copper, in which more than 26,000 shares were dealt in Tuesday, continued active. It had closed Tues- day at 1% and was being taken on re- ports of a favorable nature coming from the property. Engineers’ Gold was another of the metal shares that attracted attention, getting up almost 2 points at one time. 10 Cumberland P L1303 130% 130% '.!fl(illlsir "‘I)l] . “0}‘ l:g" 1- ¢ 300 Hum R 2500 Imee Op, L 2500 Inter pet 0 Pomy Mex - wual 5 30 Vachunt o "en: Sals NDEN" false INDEPENDENT O 1"Am Maracaibo C b Synd v joi s Foud TR 282 PR N 2 - o P FrEER £33 » 1L 7 (3 5T, 28 of 235 {1 P 3 B P S P25 IS e e 21933 Sis s Dasazacas 23 ! a5 S m B DS = S DB B I S DD D BB —: B ok Bt 1 Singer Mg Ltd. 1 Serv Elee Corn ‘A 18Serv Elec A cfs d 11 South P & SEEDs Wile. ils, 28 Yel 1 4 = 1at 2 MARKET 1 ACTVE Heavy U. S. Consumption Figures and Weather Send Price" Upward. By the Associated Press. NEW YORK, April .14.-—Cotton fuiures opened steady; May, 18. July, 18.34; October, 17.44; December, 17.13; January, 17.02. The market was more active and higher in today's early trading, owing to heavy do- mestic consumption figures, an un- favorable interpretation of the weekly report of the Weather Bureau and apprehensions that the better weather reported in the South today would be followed by a renewal of unsettled conditlons. Cables were lower than due, but the opening here was steady at a decline of 1 point to an advance of '3 points. Active months soon showed net gains of 9 to 12 points, May selling up to 18.99 and October to 17.57 on covering, trade and commission house buying. The report of the Census Bureau showed domestic consumption of 634,- 593 bales for March, .compared with 588,407 last year, and with the previ- ous high record of 624,264 bales re- ported in March, 1923 New Orleans Quotations. NEW ORLEANS, April 14 (®) Cotton_futures opened steady. May, 18.15; July, 1 October, 16.80; De- cember, 16.81; January (1927), 16.77 asked. The market was irregular, near months starting 1 to 3 points down, while Jater months were 2 to 3 points up. The weekly weather re- port being bullish and the March do- mestic consumption total larger than expected, 634,693 bales of lint cotton, against 583,087 last vear, prices ad- vanced after the call. New crop months showed the most strength, with May trading up to 18.26, July to 17.81 and October to 16.91, or § 1o 13 points above yesterday's close. At the end of the first half hour prices were steady and near the highs. The March domestic consumption is said to have broken all single month rec- ords. . Cotton Steady at Noon. W YORK, April 14 (). futures, 11:45 a.m. bids steas 18.96; July, 18.41; cember, 17.19; Januar: NEW ORLE ton futures, noon bids steady 18.24; July, 17.76; October, 16.85; De- cember, 16.83; January, 16.84. GLASS IS SPEAKER | AT BANKERS’ MEETING George R. James of Washington| Also on Program of Richmond District Gathering. Special Dispatch to The Star. RICHMOND, Va., April 14.-Sena- tor Carter Glass of Virginia was on the program for the first address this afternoon at the second annual con- vention of the Federal Reserve banks of the Richmond district. George R. James of Washington, D. C. and H. M. Victor of Char- lotte, N. C., chairman of the Stock- holders’ Association, also were on the speaking program. General business conditions and various banking prob- lems were to be discussed. George J. Seay presided over the meetings, which began at 10 a.m. An_elaborate luncheon was served PERPETUAL BUILDING ASSOCIATION PAYS 5% Compounded Semi-Annually Commencing January 1, 1926 Assets Over $11,000,000 Surplus, $1,000,000 Cor. 11th & E Sts. N.W. Temporary Quarters, 1004 E STREET N.W. During Bldg. Construction. JAMES BERRY, President JOSHUA W. CARR, Sec’y 182,477,855, Net Income of System Is $38,231,-| 960, the Annual Report | Shows. By the Associated Pre: { NEW YORK, April 14—Net income of the Union Pacific system in 19! from all sources amounted to $38,23 960, the annual report revealed today, exceeding the previous year's total by Surplus for the common stock of the Union Pacific Rallroad Co., after preferred dividends and sinking fund requirements, was $34.- 230,639, a gain of $2,467,863, and equi alent to 15.40 per cent on the pa value common stock, against 14.29 per cent the year before, Surplus trans. ferred to profit and loss was $12,001,- 479, compared with $9,533,625 the year sfore. Net income from transporta- ton operations increased $2,125,484. An increase of $1,772,785 in freight revenue was attributed to larger crops in States west of the Rocky Moun- taing and heavier movements of lum- ber, agriculture implements and auto- mobiles, coupled with marked improve- ment in the mining industry and & continued increase in the oil industry in Union Pacific territory. The re- port noted a substantial decrease in the movement of grains and mill products from Kansas and Nebraska. The movement of live stock also was below normal. Passenger revenue dropped $1.542.- 846, due partly to continued diversion of local short-haul business to motor vehicles. g g CAR LOADINGS DECREASE | 39,746 BELOW LAST WEEK Placing freight car loadings for the week ended April 3 at 928,092 cars, the | American Railway Assoclation last night said this was a decrease of 39,746 cars under the preceding week, but an increase of 4,693 cars over the corresponding week a vear ago. Miscellaneous freight. the Associa-) tion said, reached 350,689 cars, a de-| crease of 9,908 cars under the week | before; merchandise and less than car- load lot freight amounted to 262,706, a decrease of 4,887; grain and grain products, 37,673, a decrease of 639/ coal loading, 156,909, a decrease of 14,504; coke loading, 13,026, a decrease live stock, 21,391, a decrease of SALESMEN TO SELL ELECTRIC REFRIGERATION IN WASHINGTON APPLICATIONS will be re ceived from men furnishing credentials as to character, past success and abllity in other lines of merchandising, who can see the sales opportunities of- fered in electric refrigeration. PERMANENT and profitable connection with the Washing: ton branch of the oldest, best known and most successful manufacturer, Kelvinator Cor- poration. h THOROUGH instruction and co-operation supported by local and national advertising and sales promotion. Apply to E. 5. LAPE, D. 8. M. 741 _Eleventh St. N.W,, Washington, D. C. 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These things leave you in high spirits and with a keen appetite for the splendid table for which our ships are Travel problems are quickly solved if you bring them to us. ‘We have 226 sailings for you to choose from. Our fleet of over a million tons offers just the accommodation you require. { Services from New York, Boston and Montreal. Weeell LM.M. Co. Travelers Checks. Terms: 50c per $100. WHITE STAR LINE ‘TRansPORT LINE-RED STAR LINE ATLANTIC INTERNATIONAL MERCANTIIE MARINE COMPANY R. M. Hicks, Mgr. 1208 ¥ St. N' W W "“notan. 1).C., or any authorized steamship agent. STOP ITCHING ECZEMA Penetrating, Antiseptic Zemo Will Help You Never mind how often you hive tried and failed, you can stop burn- MINING STOCKS. S4ENE Gold MIA T 16 30 Eurelea Crogsus.. .05 1% Golden Cen Sdines 11 v 1B e Tuee 1° 1 Mason, Valley. 17 203} 5% a8 "* 07 88 DELION TIRE CO. SEEKS LISTING IN BALTIMORE Special Dispatch to The Star. BALTIMORE, April 14.—Applica- tion was made today to list 60,160 shares of the no par capital stock of the Delion Tire and Rubber Corpora- tion on the Baltimore Stock Exchange. The present corporation, which is con- trolled by Washington capital, has been in existence two years and op- erates a plant at Orangeville, Balti- more County. The financial statement filed with the listing applications shows gross earnings for the fiscal year ended Feb- ruary 28, 1926, of $1,009,661, against $656,7564 the previous year. Net revenue was $87.881 in 1925, against $60,320 the previous year. Deprecia- tion in 1925 was $35,911, against $85,007 in 1924, leaving net income of $51,969 in 1925, against $24,812 in 1924. ‘The balance sheet as of February 28-last shows current assets of $284,- 131, against current liabilities of $92,- 574, a ratio of more than 2% to 1. BUTTER IS LOWER. CHICAGO, April 14 (#).—Butter— Lower; receipts, 7,717 tubs; creamery extras, 371%a37%; standards, 38; extra firsts, 37a87%; firsts, 36a361;: seconds, 3415a35, Eggs—Lower; receipts, 22,449 cases; firsts, 27%a28; ordinary firsts, 27; storage packed, extras, 30%; storage, firsts, 30. e FaE di Plymouth 'Ld 31 U8 Cont'l Apex Db 13 E ®IBAR SR Robert Lagny,“a French swimmer, recently lost his life in an attempt to dive from a moving train into the Seine on a wager. ing, itching Eczema quickly by ap- plying Zemo. In a_short time usually every trace of Eczema, Tet- ter, Pimples, Rash, Blackheads and similar skin diseases will be removed. For clearing the skin and making it vigorously healthy, always use Zemo, the penetrating, antiseptic liquid. It is the one dependable treatment for skin troubles of all kinds. Ask your druggist for a small size 60c or large bottle, $1.00. T M. 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