Evening Star Newspaper, June 18, 1928, Page 12

BANCITALY SHARES - INBREAK ON CURB Bottom Falls Out of Market. Some Specialties Rise. ! Mine Stocks Drop. BY WILLIAM F. HEFFERNAN, &pecial Dispatch to The Star, NEW YORK, June 18.—The bottom literally fell out of the market for Banc- 1'41.\7 shares on the Curb Exchange to- It was the climax to one of the bnldmt attempts on record of specula- tive operators to interest the outside public, against repeated warnings by officials of the company, in an unwar- ranted campaign for higher prices. The | ©ack fell today to & new low for the| y®r off 271, points. At the opening specialists’ books w»rc‘ stamped with selling orders. The price | ©coened on a block of 20,000 shares at 1247,. after having closed last week at 1363,. Uncovering of stop-loss orders fccelerated the decline and the stock 1.cse-dived to 10915 before there was the fishtest semblance of support. b other words. the stock had declined | from its peak of the year of 223 over | more than the ground gained in the prolonged upward movement. There was no doubt that much of the selling was coming from Western interests, but some were inclined to at- tribute the break to a reflection of con- tinued resentment on the part of East- ern banking interests to the decision of Bancitaly Corporation to expand its sctivities in the Eastern banking field. While this debacle overshadowed NEW YORK CURB MARKET Following is a list of stocks and ‘bonds traded in on the New York Curb ’lll’l" today: Sales in hundreds. 2 Acetol .Prod A . 1Alb Pick Bar vt Alb P Bar A pfd INDUSTRIALS. igh. Low. Close. 2 Amer Br Bov EI F.. 3, Amer_ Cigar 2Am Colortype 12Am Cyanamid B 7 Amer Dept Stores .. 13 Amer Gas & El..... 187 Hawaiian'8 8. at Rayon Prod r States Sec B.. Sta Sec war.. Superp A..... Brit-Am_ Tob 're'x 3 2 Brit-Celanese DD.. 3Burns Bros rts wi 1 Butler Bros 10 Campbell Wyant * 69 Can Marconi W 1 Carnation Milk xd evervthing else that transpired in the market and held: the attention of the | entire financial community, there were | & number of other noteworthy moves. | One case in the form of a jump of al most 10 points in Palm Olive Peet | shares carrving the price to a new high | in face of the 14! points rise last week. ‘There was nothing in the situation of the company that was not already | known to account for this sharp up- turn. Evidently the market for the| stock was found to be vulnerable to| buying ‘operations, and it no doubt was | due primarily to a technical market con- | dition. Another was & sudden, sharp upward movement in Kelvinator Corporation 6 per cent bonds. On running .sales the Pnce advanced from the previous clos- of 79% to 837:. or within little more thln a point of the previous high for the year. Although there was little doing defi- | nite concerning the much talked of nexter of Puget Sound, Power & Light th other prominent power interests, Il continued to have its effect upon the market and the price rise several points %o & fresh high. Newmont and Noranda Mines were . radio issues were supplied whenever bids made their ap- pearance and there was talk of an un- satisfactory report soon to be issued on Radio which, it was estimated, of between $100.000 e period from Octo- ber, 1927, to Aoril 1’18 with a particu- larly large falling off in April results. | Washington Stock Exchangel SALES. Capital Traction Co.—8 at 1073 Potomac Electric 5% % pfd.—3 at 107 washlnmx Light—30 at 9512, 2 at | W:Lshln‘to:l Rwy. & Elec. pfd.—10 at | 9912, 10 at 995, 10 at 99'2, 10 at 9915, 2 at 991 Ames Security & Trust Co.—5 at 454, 5 at 454, 5lt45‘ 2 at 454. Monotype—5 at 1153, 5 at 115%2. ts’ Transfer & Storage pfd.—10 at 10915, 2 at 109%5. Linotype—10 at 102, 10 at 102, 10 at 1013, APTER CALL. Electric 512% pfd—5 at 107. ‘Washington Gas 65 A—$100 at 10313, $400 at 103, $100 at 103, $500 at 105. & Potomac Tel. 55—$1,000 at 1003, +& Potomac Tel. of Va. 55— 9 Caterpil Tract 4 Cavanagh Dobb . 6 Celan Cor Am 4 Cemlulotd “Co 1Celotex Co $237 2! ‘s 3 3 9! 2 5 4 Co 1 Capel Prod A 3 Cuneo Pres: 8 Curtiss ‘Aero Exp ,4Davesa Ine xr.. Co,.. 9 Duran| 3 Bast States S1ET Bond & 1 Foundation "For Mfg C.. 23 Fresh Chas Tis wi 8Gen Am Inv ,. ovel _ A % 1Gold Steal Eiec . % Grand 5. 1o, 25 8¢ A 117, ur. 2% Libb Owens Sh’ ul 2 Loews deb ris 1 Mare wire 3 Shov Sales in hundreds. 9 1 18 17 3 Sales in hundreds. Hecla 9Uni Verde Est 3 Unity Gold 1Utah Apex INDEPENDENT OII, STOCKS. Am’Con Oilfids. dal d T Venezaelan Pt STANDARD _OIL Recelved by Private Wire Direct to The Star Ofice MINING STOCKS, S : 10 Golden center M : 1 Hotlinger 56 Hud Bay Min & Sh'. 2 Iron Cap Copper 1 Mason Val 3 New Cornelia 85 Creole Synd.... 5 Darby_Pete. 2 4 Empire G & p 78 btd. 1 21 Gibson Oil co» 8 Gult Oilof B xd. " 1 Houston Gulf Gas. 11 Intercont'l Pet. X 45exon Ol & Lnnd . H Osage : 5 ISSUES AND_FORMER SUBSIDIARIES—STOCKS. Sales in units. 100 South Penn O ! Indiana Kan: K entucky Nebraska Sales in thousands 1 1Cl Term Bldg 6s. Command Gomme: 3 Gommon 4 Cons Gas B.Iz 3s s Gox 3 Eairbanks Morse %.. Wal ang ree ~ Invest 2008 O Ohio 1200 Vacuuum Oil ... BONDS. " | pendent for its success in merchandis- 3 Appal El Pow 5( 4ATK P & 13 Aso De & * 100 4 ASsoc s & B} 8135, 143 Assoc Gas & El 4. Hard 6as .jan outlet for the # y handled. o Ed 4%s D P A '_gzszj:s_iéssg g2 & E 8 F 2. t Serv Slus | 1'2 1 light corporations.of California. { | Pany to succeed. RETAILER-OWNER PLAN IS PRAISED Tobacco Company’s Project Opens New Field of Partic- " ipating in Profits BY J. C. ROYL Special Dispatch to The Star. NEW YORK, June 18.—A half dozen lindustries are arguing today over the question of who originated the consumer ownership idea and policy. The credit iis claimed for some of the power and At any |rate, the retail trade of the United States is watching with the keenest interest the development of the plan for | extending the policy of consumer own- ership to retail trade inaugurated by one of the great tobacco manufacturers {but a few days ago. Opponents of the plan, which pro- | poses to distribute stock in the com- pany to the jobbers and retailers, who buy the products of the company, say that it is merely a minor adaptation | of the cigar coupon plan, which has been practiced for many years. | { Unlimited Expansion. Proponents of the policy declare that whereas the cigar c>upon plan enabled the recipient of cigar coupons to ac- quire a definite object or commodity, with a fixed value, such as a vase, a razor or a camera, the present plan goes further in that it enables the re- tailer and wholesaler, by his own pur- chases, to increase the value of the premium which is given to him. In discussing the effect of this novel policy, David A. Schulte, who is one of the leaders of the retail tobacco indus- try, said: “The limits to which this | idea may be expanded are bounded only by one’s imagination. Here is a plan which makes the jobber and the retail- er closely linked up to the manufac- turer, 50 far as profits are concerned. + | It makes them part owners in the com- | pany from which they buy their goods. It makes them eager to help that com- | Participation of Jobbers. “Stock distribution so far has been developed from the standpoint of con- sumer-ownership in the case of the American Telephone & Telegraph Co.. for example. It has developed from the standpoint of employe distribution in the case of the United States Steel Cor- poration, Procter & Gamble and others. But here is a plan which rounds out the picture, in that it gives stock par- ticipation to the men—retailers and job- bers —upon whom a company is de- ing its product. “‘Undoubtedly it will be most impor- tant in bringing the products of the concern in question to the fore. And undoubtedly it will receive the serious attention and consideration of other fields in industry and commerce. “The interest in this policy has been augmented by the difficulties which have attended the operations of whole- |sale and jobbing. houses in the last three years. These houses have been forced to face an entirely new set of | conditions owing to the development of {the great chain store systems, which bought direct from manufacturers in- stead of through the wholesale and jobbing trades. Some of the jobbers entered the retail fleld in part to give that th Still others adapted their programs to a cash and carry basis. Others in turn developed themselves into chllns covering wide sections of territory Unpnmablc Territories. eAd ‘gencnl nur\'?y "g: the a';lyes and credit prospect of country as a ‘whole gld.lc‘hs beyond question that the unfavorable territories have in- creased decidedly in the last month. These centers which seem unlikely to be especially profitable fields for the reufler are located mainly in the South and throughout the wdweaum section. This is decidedly an agricultural dis- trict, and, of course, it largely dependent on weather conditions. Improvements have been shown throughout New Eng- land and the Middle Atlantic States, Commodity News . CHICAGO, June 18 (Special).—It is estimated that the leather industry will consume hides of 25,000,000 cattle, 17~ 000,000 calves, 50,000,000 goats and 32, |- 000,000 sheep. Not all of these, of course, are produced in this country, and imports will be heavy. HELENA.—Flax acreage has been curtalled in this State by dry weather. In some counties flax i§ up. ATLANTA—ShIpmenH of the two carlier varieties of Georgia peaches | have about ended, and the third va-| riety, known as Hiley Belle, will be in good movement by June 25. NEWTON FALLS, Ohio.—The new | Ellnt of the General Pressed Steel Co. ere is expected to be in shape to bfigm‘ deliveries this Fall. ASHTABULA, Ohio.—The Aetna Rubber Co, is moving its main plant here from Cleveland, owing to the fact that sites are more reasonable. The company is beginning the manufacture of rubber carpets and rugs. The rubber glove department here this year is ex- pected to do over twice the business of 1927, GETS TRUCK ORDER NEW YORK, June 18 (#).—Pierce- Arrow Motor Car Co. has orders lor‘ 60 Tlb-ton trucks, valued at $500,000, | from Empire Cinders Delivery Corpora- | tion and Lanigan Bros., Inc, of va York City Each bought 30 units. STEEL OUTPUT GOOD NEW YORK, June 18 (4).—Steel pro- | duction in the Youngstown area is hold- ing up well for this season of the year Of 53 independent open hearth fur- naces, 34 are melting, while 95 of 127 sheet mills are active and 13 of 20 pipe mills are rolling. Large independents maintain schedules of 70 to 75 per cent of capacity. A. M. Byers is at 85 per cent. N this campaign Better Delivery, the Public’s viewpoint. | along the Riviera. | painted to resemble the hood of a CABLES AND WEATHER LIFT COTTON PRICES Relatively Steady Values at Liver- | pool and Flood News in Mis- sissippi Valley Factors. By the Associated Press. NEW YORK, June 18.—The cotton market opened steady today at an ad- | vance of 8 to 14 points in resonse to | relatively steady Liverpool cables and | the reports of overflows in the| Mississippi Valley. Trading was com- paratively quiet at the start, but the | market soon became more active on | covering or rebuying by recent selle and some buying supposed to be for | foreign trade account. October sold up to 20.74 by the r‘nd\ |of the first hour, the market showing | net advances of 16 to 23 points. Liverpool cables reported a small | market there with prices steady on | Continental and Bombay buying, also a | well sustained demand for cotton cloths with more looms restarting. The forecast for showers or thunder- showers over the great part of the South stimulated buying in the fore-| noon. October sold up to 20.80, with active months generally showing net | advances of about 24 to 29 points. At | these figures there was a little realizing, while the buying subsided somewhat | and prices ea: off 4 or 5 points around midda; | . Tots' Racers Make Speed. Racing roadster cars for children are making speed for the youthful peddlers Instead of the usual type of body, the new machines have a flat board installed edgewise and rac- ing automobile. Light-weight chassis and slender wheels help to equip the car for fast travel Fgyptians ate more American apples las year than in any previous 12 months for we want So we offer 20 cash prizes, total- ing $5,000—for letters telling about the delivery equip- ment and service of stores or other firms in your city. TRANSFER BOOKS CLOSED. Trade in Shares of First National | Bank, Baltimore, to Begin Soon. | &pecial Dispateh to The Star. | BALTIMORE, June 18.—Stock trans- | fer books of the Merchants' National | Bank and the Citizens' National Bank were closed Saturday and will not be reopened. Accordingly the stocks of the Merchants National Bank have been taken from the list on the Baltimore Stock Exchange. Trading in the shares of the Pirst National Bank, the name under which | the Merchanis’ National Bank and the | Citizens' National Bank will be merged, | | begin as soon as possible after | Stockhowders. ratily the ‘consolidation. They meet for that purpose Wednesday, The merger will become effective as of | July 1 and the new bank will be the first $100,000,000 fifancial institution in | Baltimore. Albert D. Graham, now president of the Citizens' National Bank, will be| chairman of the board, and Morton M, Prentis, now president of the Merchants' | National Bank, will be president of the new institutios. STOCK AT NEW HIGH. | Special Dispateh to The Star FREDERICK, Md. June 18.—Mid-| dletown Savings Bank stock reached | a rew high mark when Roy T. Guyton purchased the one $100 par share of the | estate of the late William B. Guyton at | public sale for $530. PRICES ON PARIS BOURSE. | PARIS, June 18 (#).—Prices moved: irregularly on the Bourse today. Three | per cent rentes, 75 francs 5 centimes; 5 per cent loan, 96 francs; exchange on London, 124 franes 19 centimes; the |y dollar was quoted at 25 francs 4434 centimes RUBBER STEADY. | NEW YORK. June 18 (Special).— |} Crude rubber. smoked ribbed sheets, re- mained unchanged at today’s noon quo- | tation of 19',. This compares with | a month ago and 35!> a year ago. 31, 1928. WHEAT GOES LOWER IN TODAY’S DEALINGS Lower Liverpool Prices and Favor. able Weather in the North- west Are Factors. By the Associated Press. CHICAGO, June 18.—Owing largely to Liverpool quotations lower than looked for, and to favorable weather in the Northwest, wheat prices here ave aged lower today in the early dealings. Heavy rains over ' domestic Winter wheat sections in the Southwest, how= ever, led to rallies. Opening % to 1 down, Chicago wheat continued mo of the time to fluctuate below Satu day’s finish. Corn and oats were also easy, with corn % to 1'; off and subse- quently holding near to the initial range. Provisions tended up grade | GERMAN BONDS AND STOCKS. | B Special Leased Wire to The Star NEW YORK, June 18— s Lm G drawing ctfs per (Quoted in doll Hamburz 4125 1919, \Quoted_in_dollars per thousand marks, Ger Gen Elect 41,5 pre-war... 32.00 Ger Gen Elect 4'as 1919 e RIS Thin 4s pre-war.. 4.00 Hamburg 3s. 315s & 45 pre. | Hamburg American Line 4’31 | North, German Lioyd 4%:s. Krupp 5s 1921 Dusseldor? 4s_pre-war 3= Frankfort a-M 49 pre-war.... Munich, 4 pre.war te AE a' AE Comm Farben Distonte " Gellschatt | Berliner Handel r 42.00 R M 00 per miilion marks 0. 40.00 F wu 83312333 0. 0. 1 1 1 1 ollars ‘per shar 3 erz and at Ban‘ 4 5. 5. 0 3 128, 13 5 12! e Ban Darmstaedter Bank Heyden Chem Mercur_Bank V North German LI Austrian A E G (General Elec) ;;ségsgassssz Scotland will have a modern di | dictionary. Letters must be mailed before that hour. Contest is open to everyone everywhere except employes of The General Motors Truck Company, Judges, or its dealers. to be announced later, willbe three men prom- inent in the automotive in- The 1st prize will be $2,000; 2nd, $1,000: 3rd, $500; 4th and 5th, $250 each; then 5 prizes of $100 each; then 10 more of $50 each. Just select any store or firm with which you do business. Write about its delivery equipment, its delivery em- ployes, its method and serv- ice of making deliveries to you. Tell facts. The more specific your letter, the bet- ne -y & Pirest ot il 55 4 Marmon® Mor. 9Fla P & L Ss... 13 Mavis_ Bottiing. Drug Str. $1,000 at 103. Mergenthaler Linotype—10 at 101%. 10 S T012%, 10 at 10155, i ) at 115%%. I Potomac Electric 6% pld_—2 at’innyg. | Riggs National Bank—4 at 535. ST ao ., American Secur. & Trust—10 at 433%. m ¢ Ross s',s—umo at 95. ational Bank—4 at 244 llonzy-—cnll loans, 5 and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTIUITY the North Central States and the Southwest. The general sales quota throughout the country, with the éxception of the South Atlantic States and the western States mentioned, may be safe- ly predicted at 5 to 10 per cent, higher }l,l;;l for the corresponding period of INVESTMENT TRUSTS NEW YORK, June 18.—Following are today’s bid and asked quotations on se- curities of investment trusts, holding and finance companies and insurance companies: Am & Brit Con com Am & Brit Con 50' Am & Brit Con 6% Bankers' Finan cml o Bankers' Inv of A: Bankers' 1nv of Am deb’ Bankstocks Corp Md A Bankstocks Corp Md B, Bankstocks Corp M Binkatocks Borp Md units Ganadian-Bankstks, Inc... Colonial Invest Shares Continental Securities Diversified Trustee Shares Shares B dustry. Their decisions will be final. In case of ties, full amounts of prize tied for will be awarded each tying con- testant. ter your chances to win. Praise or criticize, as the case may merit in your opinion. Prizes will go to those who observe most closely, and comment most logically. PR ATEE 2 2 s2 There are no other rules or conditions. Never mind fancy writing, or grammar. We want facts. Mail replies to THE GENERAL MOTORS TRUCK COMPANY, 000 South Blvd., Pontiac, Mich. Keep your letter within 200 words; no more. Write on one side of sheet only. Con- test closes midnight, July American Tel. & Telse, 4 Bid. Asked 3 34 3. orior bl un 73 931 fl P 55 ma " Elec L orth Ami. Utilii t 1st pid ow . 4 2111 gories B 1,000 b, gapacity, chassis: 385 2,000 1b., chassis: $745 F. 0. B., Pontiac, Mich. X 103 Gas 65 1084 Bwy. & i Ry, & e ot 6 10 Fixed Greenway Corp Greenway Corp pid Greenway Corp swic vid Tnsur Shares A 1 B be oy Am 81 n Sec Corp Am 6° In Sec Gorp Am A T 1 Palmolive P 5 7 d 1 Parke Austin pfd pfd & Bl A 1Penn Obio Sec Penn Salt 2 Beop Drue Siore Ehelp Dodge ™ Cor 43 Pied Hy Wks i Pierce Governor 3 Piggly Wigsly .. 1Pines Wint P C A 2 Pittsh_& Lake Erie TR P Gneg e Proct k 0 ble 32Puc 8 P Yobue 87 & Lvia 3 Rainbow Luminous. . Powered by the New Series PONTIAC x Cylinder Engine Barber Chestou! & Ross. Inc, 6% Farms Dairy 6728 ase 95 108n Anton P 8°3s B " & Coke 61 STOCKS. PUBLIC UTILITY Joint Tnvest ine uniis Mass Investors a Investing Pacific Investing pf Becond Int Sec Becond Int Sec 6 Shawmut Bank Inv | Standard Tny Corp U8 & Bt clts 8 Shawin W AP 4158 A 3 Shtder Back 65 8ol New power and flexibility — four wheel brakes for sure control—factory-built bodies —~handsome appearance—value that is apparent; tested and proved forlong and economicalservice in light duty delivery or pick-up work. »t Lowest-priced six cylinder trucks in the world —price- leaders of the three famous series of General Motors Trucks. my Povomas ik 87" ol Wash. Rwy. & Elec. com Wash. Rwy. & Eiec. pfd NATIONAL BANK. s G 3 ai 5 8 Cunum-n Bic HOLDING AND FINANLXN(. C‘N“Nfl#‘ Amer’ Founders T Amer Founders Tr 8¢ Amcr Poundors Trust T bl Contin Pin Corp units Credit_Alliance A Fin & Indus Secur Fin & Indus Secur pf Fin & Indus Secur warrants INSURANCE COMPAN! Aetnn Fire 3 Aetup Lifs Am Ins Newark Am Alllance Am Refnsur Automobile Baltimore-Am Camden Fire Carolina City of N ¥ Colonial 8t Cemmercial © Gontinental gls Paper Y, Banitary Grocery 2 Bchulte Real Est o 3 Beeman Bros 5 12 Beiberling 8 9 Bery El i 109 O. S. Call—Franklin 505 . . TRANSPORTATION TRUST COMPANY ENGINEERS 1 Webster Mills 8V:s 27 Western Pow 5145 A 3 Wisc Cent Bales FOREIGN BONDS thousands L 2 Agri Mor Ba s *46 36 Akershus 5s 18 Antioqu L Bk Prasiie 10 Berlin 65 4 Buenos Alres s 1 Buenos Aires 7s 16 Burmets & Wain 65 0 Fidelity & Casualty 1 Cent Bk Ger Bia 65 B delity & Deposit lh;umnl iagen 44 [t i & BAVINGS BANK lean 3 Bouthern BStores A 50 Bpanish & Gen reg 8 Bparks Withing | Svtesst Ms_Stern M glern pid 2 Btang ‘Mot &L 1 Btand Pow 1 Btantey” Co Carls “Tel Mot i Benk of Be Commerce & Ba East Washinglon Potomac Becurity B Beventn 8t United Btates Mech uirs 1 Btromb FIRE INSU Btz it LEASES CONTROLLED BY YELLOW TRUCK 'AND COACH MFG. CQ.,,A SUBSIDIARY OF GENERAL MOTORS 30-38 M St. N.E. MAINTENANCE 1 153 Demmark 41 3 Elec Fow Ger 61 Estonia 15 26 Eur Mg & Tny 75 C % First Hohem' Wks 15 51 Free B0 Pruy 6y 1 Free St Prus 61,5 8 Gelsen Min 65 2 Hunover Bate 63 astaliy M Bk Finl'd (" | Nt Wire New Amsterdain New Yok Casualty New York Fire Ninkara North American Northvastern Public Fir Rellance Gas New Joraey Hprineteld MISCELLANEOUS. Barver & Wou. Chevy Chase Dairy pto Chestnut Farms Dairy cg stnut Farms Dairy pfa cia) Bailoua o' Puper iy sitict Hations! Becsrities ot Band & Gravel ola Federsl Sorsge ofd Federal-American Co Yederal-American 4 Isotta Fraschini 7s 2 Jugosl Bta Mor Bk T 2 Lombard K175 A ww ‘I‘Mnnnlnld Mus s 41 M X Richmond Branch 107 West Canal St. Miller Hoover Motor Co. Wright Motor Co Broadway, Ve Covington, Va. ervice Co. Danville, Va. H. S. Thomas Charlottesville, Ve Norfolk Branch 1611:13 Granby St. W, oucester, Va, Eugene M. Garrett, Ine Winchester, Va. Sheffield Motor Truck ‘Co. Newport News, Va, Martin Bros. Roanoke, Va. Gl ] 163 Turner GMC Sales & Service Fredericksburg, Va. Duval Motor Co. Lynchburg, Ve Hudson: Motor Ca. Hopewell, Va. e Ix Mor Bk Venetlan Ts A } Mund Megellin 7 12 Newfoundland < ‘!“ W i1b 128 com & Blorage Buwrsie via [inot, Lacy Edgerton, Ine. Roanoke, Va. 5 Ca Simpson Motor Co. Suffolk, Va, 8§ Uifaier r]u WM Peoples Drug au.m via Becurity Blorass Eenirary Ter Wash Gory Wash Mech’ Mtge com ' Wakh Mrdi-al Ridy Corp Woodwsrd & Lothiop pid L dividena %R’ '.”‘ n Specializing in Commercial Transportation |r Pe Olly . Liny n . rhs I'UIh H 75 38 wa Uinnes, H 78 ‘46 wa. son ’ yne Farms wi erson O & B VI i Avlo wup wr 3 B 1; Wik Sin peel” Gorn it 2 Fellethach Cor uuu Co ' ptd 4 Whrs, Corp.. Hall pfd .?2 %::r}.h;l.uil Bl 6 A nlh h!fi i&'- w e ihaue | l >ALWAYS INVESTIGATE WHAT GENERAL MOTORS HAS BEFORE YOU BUY 1 - New W SWith warrante.