Evening Star Newspaper, January 19, 1929, Page 20

600D GAIN NOTED INBANK CLEARINGS Week’s Figures Here Are Well Above Corresponding Period in 1928. g 7™ BY EDWARD C. STONE. Bank clearings in Washington during the week ended January 17 totaled $30,540,000, an increase of more than 10 per cent over the corresponding week in 1928. Clear- ings for the pre- vious week were slightly lower, be- ing $31353,000. Clearings for the country asa whole were larger than a year ago, but under the previous week Baltimore reported a falling off of about 000,000 over the previous week and a 5 per cent decline , over the same week a year ago. Rich- mond reported clearings of ‘541.; 10,000, agains s 248 36:000 for the week ending Janu- ary 10, but an increase of 20.3 per cent over the same week last year. Deyber Election Well Deserved. Re-election of Victor B. Deyber, pres- fdent of the Second National Bank, secretary of the Washington Clearing House Association, was a well deserved honor. Mr. Deyber has served the as- sociation for several vears in the ca- pacity to the complete satisfaction of the membership. Mr. Deyber is a for- mer president of the District Bankers Association and still maintains an ac- tive interest in the organization. Grocery Regulationts Approved. | The Federal Trade Commission has hpproved rules adopted by the grocery industry, prohibition secret rebates, gecret concessions or secret allowances of any kind, premiums involving ele- ments of loitery, misrepresentation or fraud, commercial bribery, false snd‘ misleading advertising d use of slack-filled or deceptively shaped con- tainers. The commission divides the rules adopted by the industry into two | groups, those afrmatively approved | and those accepted merely as expres- sions of the trade. One resolution affirmatively approved #s to the effect that any joint trade action purposed unjustly to exclude a manufacturer, merchant or produck from a market, or unjustly to discrim- inate against such by conspiracy, agreement or misleading propaganda for the purpose of influencing legisla- tion or other public action, is an unfair method of business. Another is the rule condemning selling below cost to injure a competitor. Eighty-five per cent of the country's jobbers, 85 per cent of the wholesale grocers and 80 per cent of the retail grocers were represented at the trade | practice conference through associations or in person. Title Companies Name Officers. At the annual meeting of the stock- holders of the District Title Insurance Co., the following were elected to serve as directors for the ensuing year, or until their successors are elected: Charles G. Allen, Arthur G. Bishop, Joshua W. Carr, Edmund D. Rheem, Alfred H. Lawson, Sidney T. Thomas, T. Stockton Matthews, William C. Miller, Eugene A. Smith, Joseph I ‘Weller, H. L. Rust, jr.; Willlam E. Fer- guson, Carl J. Bergmann, John P. Story and T. Howard Duckett. At the annual meeting of the stock- holders of the Lawyers Title Insurance Co. the following were elected to serve &s directors: _Arthur G. Bishop, Charles ‘W. Stetson, Joseph N. Saunders, Harry M. Packard, Ernest L. Schmidt, Albert F. Miles, George Kimberly, Theodore N. Gill, jr.; Eugene A. Smith, George M. Emmerich, Clarence F. Donohoe, Charles H. Bauman, Charles H. Kindle, James McD. Shea and Charles B. Gillett. At the annual meeting of the stock- holders of the Washington Title Insur- ance Co., directors for the ensuing year were elected as follows: Arthur G. Bishop, Ernest L. Smith, William M. ‘Hallam, George H. O'Connor, William T. Galliher, William Staniey, Robert G. Merrick, William S. Merrick, George F. Hane, Clarence F. Norment, H. Glenn i Phelps, B. Francis Saul, Fred McKee, 'Lee Barroll and John P. Winand. Glass Company Elects Trustees. At the annual meeting of the stock- | holders of the Home Plate Glass Insur- ance Co. of the City of Washington, held yesterday, the following trustees were chosen for the ensuing year: Victor B. Deyber. Byron S. Adams, H. H. Bergmann, |C 1Charles R. Brown, Albert J. Gore,| Charles E. Hood, John B. Larner and !'William H. Somervell. The board or- ganized with the selection of the fol- wJowing officers: John B. Larner, presi- dent; Byron S. Adams, vice president, .end Willlam H. Somervell, secretary- ‘treasurer. ‘The financial report of the treasurer showed a gratifying increase in the i business of plate glass insurance pre- miums during the year. This company was incorporated under the laws of the | District of Columbia on the 1ith day of February, 1882. ‘Waller Predicts Growing Prosperity. | “The outlook for the future pros- ’en'y of Washington was never more lavorable,” declares President John R. ‘Waller of the International Bank, in ® letter to stockholders giving notice ‘of the annual meeting to be held February 4. The bank has just paid a dividend of $7 per share for 1928, making a total of $117 per share in dividends since 1920, in addition to & steady in- crease in surplus. Speaking of Wash- ington, President Wallef says in his Zetter: “Everything pertaining to the world’s progress in art, science and commerce has found, its highest expression at the National Capital. In addition to an increase in local building opera- tions, the Government program is ac- tively being carried out. This will en- tail total expenditures of approximately $150,000,000 for 1929.” Financial District Gleanings. The meeting of the District Bankers' IAssociation next.Wednesday evening at the Willard promises to draw a record attendance with H. Parker Willis, an mauthority on the Federal Reserve act, #s the speaker. Washington Chapter, American In- stitute of Banking, will entertain mem- bers of the Baltimore chapter at din- mer at the Maarillon tonight, preced- ing a bowling match between teams of the two chapters. Invitations have been received by a mumber of prominent members of the Jocal A. I. B. chapter to attend the annual dinner of the Roanoke chapter Saturday, January 26. W. W. Spaid of W. B Hibbs & Co. has been in New York attending a meeting of the out-of-town section of the Association of New York Stock Exchange’ Firms. Mehlman & Co., dealers in unlisted securities, have removed their offices from the International Building o the Woodward Bullding. T. J. Mehlman 13 head of the company and the firm has many offices i other citics. N. & W. Prospects Held Good. ‘The president of the Norfolk & West- ern Railway, A. C. Needles, predicts that the first quarter of 1929 will be better than the same period in 1928, He also predicts $20.87 earned on com- men in 1928 compared with per share ol 23 i 1923, 2 PAm Ma & Fy(4). : FINANCIAL. THE NEW YORK STOCK EXCHANGE Abitibl Power... 47'a 493 4 Abrahm&Straus 143'% 143% 140% 140% Adams Exp(6).. 389 389 3 Adams Millis(2) 383% 33'% Adv Rumley.... 50 50% Adv Rumley pf.. 60 60% Ahumada Lead.. 4 4 3 07 107% 106% 107% 1 10 10 50 60 607% 4 Alaska Junea. Albany Papr(2). Allied Chem. . ... Allis-Chalm(7). 185% 18 Amal Leather... 10 Amerada(2).... 37 Am Agricul Chm Am AgriCh pf.. Am Bk N pf(3).. Am Beet Sugar. . Am Bosch. Am Br Sh(J1. Am Brown Bov. . Am Brown Bo pt 22% 2% 61 19 434 4 60% 18% 46 467 Y 187 20 74 68 AmCan (14).... 114% 115% 114% 114% Am Can pf(7).., 1413 14113 141'3 141's AmCar&Fdy(6). 10013 100'; 99 994 Am Chicle (2)... 50 50's 50 50% Am Chicle(rts) . 1'3 1% 13 1% Am Chie pr pf(7) 1095 1091, 10915 109's Am Drug (60¢). 10% 10% 10% 10% Am EncauT(4). 92 92 91 91% Am & For Pow.. ] | Am&ForP pr(7). 10 Am&For P 2d 7., Am Home Pr(3). Am Ice (§215)., Am Internaticz) 150% 150% 1481 148% Am Internat(n). 5% 75 Totn Tol Am LaFr&Foam i 7] Am Locomot(8). 110 110 108 180 180 180 68 691 63 o 9 108 180 Am Metals(3).. Am Nat Gas pf 7 Am Pilano. )1y 90'5 N9 AmP&Lpfstab. Sl Sliy 807 807 AmPo&Lt pr(6)] 100% 100's 100% 10015 Am Radiator(5) 206 6 206 206 Am Ry Ex(6) 131 Am Republie 58% Am Saf Razr 72% Am Seating(3).. Am Ship & Com. Am Shipbldg(8), Am Sm&Ref(4). Am Snuff (12).. Am Stl Fdys(3). Am Sugar Am Sumatr Am Tel & Tel(y) 199% il Am Tobacco(8).. 178% 178% 1784 Am Tobac B(8).. 179% 179% 178% 178% Am TypeFo(8).. 147 147 147 147 Am T pe pf(7).. 107!z 107% 107% 10 AmWW&EI(el). T5'a 76 AmWWIst pfe6) 9913 9915 Am Woolen..... 26% Am Woolen pf.. 5578 Am WritPactfs 13 15 Am WritPa6pf 4215 42 Am Zinc a1ty 42 Am Zine pf. 105's 106 Anaconda C (6). 120 122! Anchor Cap..... b55% Andes Copr 75¢.. 50 Archer Dan (4).. 104 Armour 1ll(A).. 17 Armour I1I(B).. 8% Armour 1l pf(7) 85 Arfloid Con & Co 37 Artloom (3) AssoDryG (2% Asso 011(2) Atehison(10 Atch T AUGUIt& WI.. 40% Atlantic Ref(1). 62lx AtlasPowder(4). 110 110% 108% 108% AusCred(4.49).. 65 65 65 65 Auto Sales pf(3) 39% 39% 39 39 Balto & O(6).... 121 12174 120% 121% Balto & O pf(4). 79 9% 79 T9% Bambgr pr(63). 109% 1095 109% 109% Barker Bros(2)., 30 30% 30 301 Barker pf(6%:). 9% 89% 89. 89% Barnsdall A ( 437 43% 43% Bayuk Cgrs (2). 109 111% 109 111% Bayuk 1st p£(7). 106 106 106 108 Beacnn Oll...... 23%% 24% 23% 24% Beecn-Nut (3).. Exd 954 Bast & Co(3). Be:hlehem Steel. Bloomingdale... 43 Bimingdle pf(7) 103 Bon Ami A(4).. Booth Fisherl Booth Fish 1st., 6: Borden Milk(6). 194 Botany Mills (A} 13 Briggs MfgFCo. 56% Brockwy Mot(4) 68l Brockway pf(7). 187 Bklyn-Man(4).. 73% BKlynUnGas(5). 186 Biown Shoe pf 7. 119 Brunswick B(3) 5% Brunswick Ter Bucyrus(1).... Bucyruscv(2%) 47% Bucyrus pf(7).. 115 BUff & Susq..... 0% 5 Buff&Sus pf(4). 57 Burns BrosA(8) 1 Burns Bros(B).. 34} BurnsBros pf(7) 105 Burroughs(f4).. 2 Bush Term(g2). Bush Ter pf(7). Butte Cop & Zing Butte & Sup Butterick Co. Byer & Co Byers A M(rts). 15 sy-Products(2). 120 Calif Pack(4) llahan 7 Calu & Arl CalukHec (2%). Can Dry (14%). Can Pacific(10). 2. n Mills 2.80. Cen Aguirre(2). 31 Cent Alloy«2).. 487 49 485 Cent Alloy pf(7) 112 112 112 Century RibM.. 20 20 2 Cerro de Pas(5). 103' 103% 1 Certain-teed Pro 24'% 24% Certo (14).....0 823 83 Chandler-Clev.. 22% 227% Chandler-Clpf.. 40 40 Ches & Ohio(10) 216 217 C & O Corpn(3) W B3N Chi & Alton.. Chi & Allon pf. Chi Great West Cni Gt West pf.. Chi Mil &St P.. Chi Mil & StP pf Chi & Nwn (4).. Chi Pneu Tl Chi RI&P: Chi Yel Cab(3) Childs(2.40). Chile Copper(3). « ler(3).. « tores(rix). ‘ 58% T1a 3381y 0% 89'y b7's 90'% 991y 106 121% S 495 49% 103t 103% 17 17y 1053 i 12 50t 104 175 40% 40 63 62% 4 43 X 103% 103' 103% 85% 85's 85l 95 W 623 e 194 192 13 13 &' 61 137 74 18714 186 19 119 54 5315 al3 6849 137 T84 186k 119 53% 42ly 68Y% 105 'y 239 235% 9% 80% 79 115 116% 115 9 9 A% 10% 10% 5 19 5% 5 120% 1 3 " 123% 124% 48% 60 484 54 80 B0 794 79% 243% 241 241 4 4T4% 4Ty 38% 124'2 126 40 215% 217 82 13 56% £5 120 5ty T 1% 171 57 56% 85% Bdly 121% 120 9 TN 0 T0% 1714 171 51'a §l% 514 2% 1 % 147 144% 147 60% 60l 60% 837% 82 82l 31 130 181 66 571y 103% 104 151 150% 150% 2345 230 230 o 124% 93 30 80 Bale 121% 513 9 0% 171% Cluett-Peab(b). Coca-Cola(6).. Coliing & Alkmn. 5% Col Fuel & Iron. 72% Col Gas & EI(5). 144% Col Gas&Elnew. 60% Columbia Graph 8 Col Carbon 1434 . 12! Com Cred(1).... Com Ci1stpf 6% 10; Com Inv Tr(34). 150% Com Solvnts(8). 234% Com Power(13). 124% Conde Nast 85 Congoleum-Nair 30 Cong Cgrs (5).. 81% Conley Tinfoil.. ‘1% Consol Cgrs (7). 95 Con Kilm pt(2).. 27% Comsol Gas (3).. 10! ConsolGaspf(5). ConRRCuba pf 6 Consol Textile Container A 1.20 Container B 60c. Cont Baking A.. Cont Baking B | Cont Bak pf(8).. 21%) 10% 57 9 27 87y 44% Corn Prod pf(7). 1 5 2 76t Cot paCaneSugar. uba Cane Su pf Cuba Company.. Cuban Am S(1). Cuban Am pf(7) Cudahy Pke(d). 65 Cudahy (rt8)... 1% Curtiss Aeroc1), 159 1571 15 Cutler Hammer., T Cuyamel Fruit.. Ler Davison Chem. . 657 64ty 184 224 17 95 T 65 7l 65 DagreaCopti7)a 126 - 426 426 - 126 - Oven. High. Low. Close. Del & Hud(9)... 196 197 196 197 Del L & W(17).. 127% 127% 127% 127% Den RG Wn pf.. 58 58 Devoe A (13.20). b5% Dome Mines(1). 9% Drug Inc(4).... 121 Dunhill Int (34). 75% Dunhill (rts).... 10 DuPont (11).... 504% Dug Lt 1st(5) 99% Eastman(18)... 181% Eaton Axle (3).. 69% Iiisenlohr&Bro. Eitingon(2%).. Sitingn pf(65). 109 Elec Auto L (4). 163% slec Au L pf(7). 110 Electric Boat. .. ElecPow&Lt(1), 504% 99% 181% 1% 113 38 1114 1647 Slec Stor B (3).. Elk Horn....... Em Brantgm(A) Eng Pub S(m1), Kquit Bldz(2).. 32 SquitableTr(12) 511 Folrbanks(3)... 50% FairbankMpf(7) 110's FedLizht(h1.40) 78 Fed Mot T(80c) i Fidelity-Phoenx 10 First NatS(1%). F'isk Rubber. ... Fisk Rub 1st pf. istpfev, ischman 13% Florsheim (A).. Folansbee (2) Foundation Co. FFox Film A(4). Freeport T (4).. Gabriel Snub A . Gardner Motor.s n Am Tnk(4). Genlilee sp(6ic) Gen G&EL A(12) Gen Gel C 21 A(8) 130% Gen Mills (3)... 8Tl Gen Mills pf (6) 98 Gen Motors (5). 19815 Gen Mot (New). 79 Gen Mot pf(7).. 12 GenOutdrAd(2). Gen Ry Sig(5).. Gen Refrac(i).. Gillette S R(e5). 117 G'mbel Bros. .., 115 130% 87 98 196 8% 12! Glidden pr pf(7) 1044 Gobel (Adolph). Gold Dust (new) Goodrich(4) Goodyear Tire.. 11 Goodyr 1st pf(7) 103% Gotham H (2 104% 57t 2 Graham-Paige. . Grhm-Palge cfs. Granby (6)..... Grand F&W (1) Grand Un pf(3), Grant W T (1).. 120 Grt North pf(5). 108% Gt Nor pf cfs(5) 106 Gt NoOr cfs 2%, Grt Wn Sug 2.80. 40 Greene Cana(§) 174 Gulf, Mo & Nor.., Gu M &N Bf(6). 103 Guif Stat Sti(4). 3% Hahn Dept Stor. Hahn DS pf 614, Hanna 1st pf. Har & Walkr(2) HarbisonWpf(6) 112 Hartmn B(1.20). Hershey Corp... Hershey pf4).. Holnd Fur(21). Homestake(i7), Household (14).. Houston Oil..... Howe Sound(4). Hud Man(23%).. Hudson Mot(5). Hupp Mot(f2).. 80 Illinots Cen(7)., 141 Ind O & Gas (2). 4 Indian Mot (1). Indian Refining. Indlan Refg cifs Ingersoll-R(16) Inland S(ki6%). Iuspiration (3) InterboroRapTr. InterconRubber. Internat Agri... 17% Int Ag Ch pf(7). &4 Intl Bus Ma. (5). 150% Int Cementi4).. 914 Int Com Eng(2). Int Harv (2%).. 96 Int Harv pf(7).. 144's Int Mtch pf 3.20, 9674 Int Mer Marine. h Int Mer Mar pf.. Int Nickl of Can Int Paper(2.40). Int Pa&PoA2.40, Int Papr & Po B, Int Papr & Po C. Int Pap &Pw rs, Int Prig Ink 234, Int tys Cen Am. Intl Salt(s int Tel & Tel( Int Tel & Tel rts Interstate D S.. Island Creek(4). Jewel Tea (15).. Johns-Manv(3).. Jones & Lau(7). Jordan Motor... 108 107 0% 4 9315 Kelly-Sprinz. ... Kels Hayes(2) .. Kelvinator Corp. IKennecott (8). KKinney (G R) IKinney pf(8). Kolster Radio Kraft-Pho(1%). Kraft pe (63).. Kresge St(1.20), IKresige SS pf(8). Kreuger & Toll.. Kroger Gro(el). Lambert (17)... Lee Tire & 1tub. Lieh Por Cmt 2% high PC pt(7) hn & K'ink(3).. Life 8av(1.60).. Lig Myers(15).. Lig & Myrs B 15 Liq Carb( t4%). Loew’s Inc (13). Loew's pI(6%4).. Loft, . Loose-W(1.60) Lorillard Co. Louistana Of Louis GasA 175, Louisv G&J rts. Ludlum Sti(2).. Me Call Corp(4). McCrory A(2)... McKeespt Tin Pl McKsn pf A 3%. Mack Truck(6). ) 115% 131% 131% 2381 59%s 109% 641y 109% 654 81% 9519 94 108 Mad 8q Gar 1%5. Magma Cop (4). Mallison & Co. Mallison pf(7). Man Elec Suply. Man El m2g(d§) Man Shirt(2 Market Stree! Marlan Oil, Marlin-Roe 5 Marmon Mot(4). Marmon ris. .. Mathieson(6)... May Dept S(4).. Maytag (12). Maytag pf(3). Melville Sh 1.10. Mengel Co....e0 MetroQ pf(1.89) Mexican Seah. Alami Cop Mid-Cont P'e rts. Middle States Mid States ctfs Miller Rubber. ., Minn SIPRSSM., AL St P&SSM Dl Received by Private Wire Direct to The Star Office. Mo Kan & Tex. . Mo K&Tex pf(7) Missour! Pacific, ToPacific pf(5). Mohwk Car 2% . Montgom Ward. Moon Motor. . Mors&Esk(313). Mother L (40c) Motion Pic Corp Motor Meter A Motor Prod(2).. Mullins Mg Murray Corp. Nash Motors(6). Nash & Chat(T). Nat Acme(sta). Nat Bellas Hes Natl Biscult(17) Nat Cash Reg t4 tCash Rrts., at Dairy (33).. at Distillers. Nat Lead(5).... Nat Pow&Lt(1). Nat Radiator. Nat Ry Mex 2d.. Nat Supply (18). At Tea(4). vada Cop ¥ Air Br(3) N Y Central(8). N Y C & StL(6). Y & Harlm(5) NH&Hart(4) N Y Stm pf(6).. NY Stm1stpf 7, ort & Wn(T10) NorAm b10%stk North Am pf(3). NorAm Ed pf(1) No Germa Lloyd Nor Pac efs(b).. Norwalk Tire. e 011 Well Supply. Omnibus Orpheum Otis Elev (6). Otis Steel. . Owens Bot (c4). Pacific Coast. .. racific Gas(2).. Pac O1} Stubi Tackard Mot Pan-Am Petrolm Pan-Amer Pet B. Pan-Am Wn B.. Paramount-F-L Park & T11(13).. Park Utah(80c). Pathe Ex... Pathe Ex(A). Patino M(2.92).. Peerless Moto! Penick & Ford Penn C&Coke. ... Penn Dixie Cmt, Penn R R(3%).. Pere Mara(t8).. Pet Milk (1%).. Phila & RC& 1. Phil Morris(1).. Phillips P (1%). Phoenix Hosiery Pierce-Arrow. .. Plerce-Arrow pf Pierce Oll. .uuee. Pierce Oil pf.... Pierce Petrolm. Pilsbury (1.60). Pitts Coal Pitts Coal pf. ... Pitts Ter pt(6).. PortoRicoTobB, Postun(3) Prairie Oil Prairie Pipe L. Pressed Stl Ca Produ & Refinrs. Prophylactic t4. Pubic SerNJ(2). Pub Serv pf(6).. Pullman Co(4)., Punta Aleg Sug. Pure Ol (1) Purity Bak(3 Radlo Corp... EVENING STAR. WASHINGTO Do, SATURDAY, TANUARY 19. 192 Open. High. Low. Close. 52 blly 1033 85 104% 186' 105% 86% 19% 3 RadioCo pf(3%) Radio (new).... Radio-Keith(A). Remingtn-Rand, Rem-Rd 2a(8) Reo Mot (11)..., Rep 1 & S(4).. 00 ftep 1 & S pf(7). Reynolds Spngs. Rey Tob B 16%. ! IReynolds B new. Richtield O11(2). d ande Oil Rossia Ins 161 . Royal Bak P(1). St Jos Leaa(13). StL & SanF(18). StL&Southwest. Savage Arms(3) Schulte (§3%).. Seab Alr Lin Seab Air Lipf... Seagrave(el.20), Sears-Roe(12%) Seneca Copper. . Shattuck ¥G(2). Shell Un(1.40).. Shubert The(5). Simmons Co(3). SimmsPet(1.60) Sinclair Oil. ..o Sinclair pri8). .. Skelly Oil(2). Sloss-Shef(6)... Snider Packg Co Snlder Pkg pf... So Por Rico(2).. South Cahf Ed.. South Dairies B SoultyM&O cfs 4 Spaulding pf(7). Spiegel Co (3) Stand Com T(1). StdG&E (3%). Std G & E pf(4). Std Milig pf(6). Std O of Cal(13) StdOIINI(T1%). StdO!/INY(1.60). StdSanPro(1.68) Stewart-War(6) Stromberg (3).. Studetaker(5).. Submarine Boat. Sun Oil (g1)..00 Superior Oil.. Superior Steel. Sweet of Am(1). Symingion...ee. Telautogrph(1). Tenn Copper(1). Texas Corpn(3$). TexasGulfSul(4) Texas & Pac(5). Tex Fag C & Oll. Tex Ld Tr(new) Thatcher Mfg. Thatchr pt 3.60, The Fair(2.40).. Tidewater AsOil TidewatrO(80e) Timken R B(§). Tobac Prod (8). Transcont Oil Trico Prod(2 Truax Traer Truscon Stl 1. Twin CityRT (4) Twin City pf(7). Undwd-El F' (4). Un Bag & Paper. Union Carb(§).. Un Ol Cal(2)... Union Oil (rts). Union Pac(10).. Union Tank(5).. Utd Biscult 1.60. Utd Biscu pf(7). Utd Clgar St(1). Utd Elec Coal. .. Utd Frult(t5%) Utd Paperboard. US Cast Ird(2) .. U S Distributing 11 & Hoffman(4), 17 8 Aleohol (6). U S Leather.... U S Leathr A(4) U8 Realty(4).. 1S Rubber...., U S Rub 1st pf.. U S Smelt(3%), U S Steel(7).... U S Steel pf(7). U S Tobacco(3) . Uni Pic 15t pf(8) Univ Pipe & Rad Ut P&L A(e2). Vadsco Sales pfe 26% b4ls 53 100 99% 387 203 52 1% b2 51% 3% 103% 6% 105% 1864 2913 210 194% 12 2 131% 4015 103% IRAILROADS LEA D IN STOCK MARKET Issues Come to Front in Trading During Present Wee'. Special Dispatch to The Star. NEW YORK, Januaty 19.—An adver- tisement by the Naticnal City Co. rec- ommending the purchjse of the “com- mon stock” of the Pennsylvania Rail- road has appeared in niwspapers in this and other cities throughout the United States. ‘This is one of the most striking phases of the revolution taking place not only in the attitude of the public toward their investments but in that of the organizations engaged in the busi- ness of accumulating and_distributing these investments. For Wall Street can- not remember when one of the leading ever before publicly expressed its pref- erence for & particular stock and had openly urged on the investment world the purchase of this stock. Innovation in Method. This innovation in method gan & Co. had advertised that they had made a study of United States Steel common or General Motors com- mon and had reached the conclusion that these stocks should be brought for investment. The awakening in the railroad share market began about two months ago, when it became obvious that some of the leading industrial stocks were going “stale” and that new leaders would have to be provided if the buli campaign were to continue. In their favor were higher returns on the investment which the rails gave over industrials and a steady galn in net earnings, and there- fore in earnings per share of stock, with the promise that some dividends might be increased or new stock issues author- ized giving valuable “rights” to share- holders. All through last Summer Pennsyl- vania Railroad stock, whose par is $50 a share, moved listlessly between 63 and 65. At that level the yield was around 51; per cent, or anywhere from 1! per cent to 2', per cent greater than that available on the popular indus- trials. Today at its high price above 82 the yield had declined to about 4!y per cent. There has been considerable talk of a possible increase in the Pennsylvanin dividend rate from 7 per cent to 8 per cent. This is not supported at the present time by those who speak for the management of the company., The earnings of the Pennsylvania in 1928 were slightly over $14 a share, which permits of a continuation of the tra- ditional policy of the company of pay- ing a dollar in dividends and putting a dollar back into the improvement and development of the property. It is belleved that this conservative prin- ciple will be maintained during 1929. Surplus Indicated, However, as the stockholders in April will be asked to authorize an additional issue of $100.000,000 capital, it is not improbable that during the present calendar year “rights” on Pennsylvania stock will be available, which is another way of increasing the return to the shareholders Without obli- gating the management to a higher dividend policy. It follows the method 5o successfully employed by the Ameri- can Telephone & Telegraph Co. It may be stated authoritatively that the Pennsylvania Railroad today has approximately $95,000,000 in cash and liqutd assets and that the preliminary figures for 1928 indicate a surplus over all requirements of the year of $40,- 000,000. This compares with $28,000.- 000 in 1927, If the expectations for 1929 are realized the profit and loss surplus of the company at the end of this year will be double that indicated when the company's books were closed in 1926, 8 ! NEW YORK BANK CLEARINGS. NEW YORK, January 19 (Special) — New York bank clearings, $1,600,000, 000; New York bank balances, $152, 000.000; New York Federal Rescrve credit balances, $122,000,000. T. S. TREASURY RECEIPTS. Treasury receipts for January 17 were $11,956,525.28; expenditures, $11,616,- 502.58; balanice, $149,327,081.59. NEW YORK, January 19 (#).—Al- though a further firming of bankers’ acceptance rates, a development which preceded a rise in the Federal Reserve rediscount rate last year, was noted yes- terday, bankers do not look for a jump in the rediscount rate during the next few weeks, although such action by the Reserve Bank is generally regarded as a probability before Spring. It is point- ed out that a higher rediscount rate at this time would undoubtedly bring a flow of gold from London, and cause embarrassment to the Bank d. Iron Ore Shipments. NEW YORK, January 19 (#).—Iron ore shipments from Lake Erie ports to interior furnaces the first half of Jan- uary were 190,921 tons, against 145,717 tons for the corresponding 1928 period. Vanadium (14).. 112% Vick Chem(4) 9 Victor Talkg(4). Va-Caro Chem.. Va-CarCh 6 % pf. VaEL&P pf(7). Vivaudou Co. 113% Ward CIA(8)... Ward Baking B., Ward Bak pf(7). Warner Bros Pic Warner Bros pf.. 127% 56 39% 28 Web & Hell, Wesson Ol (4).. Wes O&Sno pt7. W Penn EL pf(6). W Penn Elpf(7) West P Po pf(7) Waest DairyA(4) West Dairy B... ‘West Maryland. West Md 2d pf.. West Pacificpf. . West Union(8).. Westhse A B(2). Westinghse(4).. Westhse El rts.. Westhse 1st(4 Weston Electric. White Eagle(2). White Mot(1)... ‘White Rock (3). White Sew Mach ‘Willys Ov c1.20., Wilson & Co. Wilson Co pf A.. Wilson & Co pf. Woolworth (§).. Worthn Pump. Worth Pump(A Worth Pump(B) Wright Aero(2). Wrigey ((13%). Yellow Truck. Yel Tr & Co p! sYoung Sprinj byla 6845 Youngstn Sh(§). 115 115 114 114 Diyldend rates as gven in the above tal are the annual nts based on Intest auarterly or ! ESR SOt Srading than 1 aren 3 0, preferred stock, 1680 plle /2 n® tac: 8214 102 108 101% 1101 115% b567s 20% 42y 42'5 3978 894 87 87 | Special Dispatch to The Star. | financial institutions of the country had ; is as| startling as if, for instance, J. P. Mor- | STEEL IS LEADER INEARLY TRADING U. S. Algohol, Copper and| Other Shares Make Sub- stantial Gains. BY GEORGE T. HUGHES. NEW YORK. January 19.—Another sensational advance in United States | Steel featured today's turbulent stock market session. The stock which had displayed such remarkable strength | yesterday opened today at 182, a new all-time high. Before the first hour was over it} had sold at 184, and 20 minutes before ! the end it crossed 188. The buying | power back of this movement seemed unlimited. The stock was taken in great blocks all the way up. { United States Steel closed at 18815, up 8'; points on the day. The high price was 189. The close was teatured by a wild series of fluctuations in Calu- met & Arizona. At one time the stock was up 10 points. but half of this gain was lost almost as abruptly as it was made. Other Stocks Gain. Other stocks which for the moment were favorites moved forward also, but there was a good deal of selling in the | general list and considerable irregular- {ity. Undoubtedly realizing was going on under cover of the rise in steel. The turnover was a little less than that of yesterday, and yet the ticker was unable to keep up with business on the floor. Next to steel the copper stocks at- tracted the most attention. Anaconda had closed yesterday with a loss of more than 2 points and looked very heavy at the end. Today it was in active de- mand under what seemed to be group buying, although it may have had some- thing to do with the meeting of the directors next week, at which it is ex- pected an offer will be made for the minority interest in Chile Copper. Kennecott went along with Anaconda today. Calumet & Hecla was taken in large blocks at a new high for the month. The new International Nickel stock made another new high and Calumet & Arizona and Chile were up moderately. Industrial specialties which pushed ahead included United States Industrial Alcohol, up some 3 points at 137, an Loew's Inc. Loew's opened on a block of 10,000 shares at 75, up almos§ 2 points, and at the best of the move- ment. There was active buying of both the Virginia-Carolina Chemical stocks, the 6 per cent preferred and the com- mon. Estimates of earnings in the coming year were highly optimistic. Railroad List. ‘There was nothing spectacular in the raflroad part of the list, but a good deal of quiet accumulation. Baltimore & Ohio was well supported, Chesapeake & Ohlo fent higher and Rock Island ran up over 2 points under a fairly large turnover. Pennsylvania did little more than hold its position. The first of the December railway earnings statements came to hand to- day. It was that of Kansas City South- ern and showed increases in both gross and net compared with December, 1927. December, 1928, gross was $1,806,902, against $1,702,393, and balance, after taxes, was $533,568, against $420,494. It was taken as a forecast of what other roads would show for the same month. General Motors improved in the early dealings, but most of the automobile stocks were heavy. Stocks which had been strong in the first half of the ses- sion sold off in the second hour. Wall Street Briefs ‘The American Service Co., ice manu- facturer for Southern and South-Cen- tral States, has acquired the Shreveport, La., Ice & Brewing Co., said to be the oldest ice manufacturing company in the United States. It was established in 1846. Organization of New York's second cotton market was completed today at the first annual meeting of the National Cotton Exchange. Albert H. Vandam was elected president. The board of governors proposed to limit memberships to 500 and fix $1,000 as the price for seats. 'Trading is scheduled to begin on February 15 in the present tempo- rary headquarters at 154 Nassau street. The first membership of the New York Coffee & Sugar Exchange to be sold in 1929 has changed hands for $2,000. Gross oil production of Darby Pe- troleum Corporation, Tulsa, Okla., last year was 2,062,745 barrels. On Decem- ber 21 it had 115 producing oil wells and 11 gas wells in Kansas, Oklahoma and Texas. ELECTRIC POWER CLASH IS SEEN IN MARYLAND Special Dispatch to The Star. BALTIMORE, January 19.—A clash between interests of the Consolidated Gas, Electric Light & Power Co. and those of the Suburban Electric Power Co. is foreseen over applications to ex- tend lines in Anne Arundel and Calvert Counties, which would include furnish- ing current for Chesapeake Beach. Applications have been filed with the Public Service Commission by the Suburban company and the Annapolis & Chesapeake Bay Power Co. a con- solidated subsidiary, to extend lines over parallel territory in the two counties. mission next week. The Suburban company, which sup- plies a number of Southern Maryiand ferred stock, par value $100 a share: 2,000 shares of cls for LOANS on 1001 15th St. N.W. A hearing will be held before the com- | counties, also filed an application for | permission to sell 2,000 shares of pre-| and 6,225 shares of class B common stock. The class A stock will be s'd at $8 and the class B at §1. Money to Loan Secured by first deed of trust on real eatate. Prevailing inter: Joseph L. Weller 50558 s 4 rspt In Nearby Virginia Prud 1 51/2% lnll::l:::ICo. Loans Commonwealth Investment Co. 917 15th St. N.W. Phone Main 2623 First Mortgage Loans Lowest Rates of Interest and Commission | Thomas J. Fisher & Company, Inc. APPLICATIONS INVITED IMPROVED PROPERTY Located in the District of Columbia and adjacent suburbs in Montgomery and Prince Georges Counties, Md. 512% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA Main 8100 SAFE KRS T 6% A Third. of a Century sents Without a Loss B. Main 2100 THERE IS NO NEVER A MOMENT’S —cither for principal or interest —when you buy our The loans are made only on approved real estate that repre- loaned—and the interest comes to you directly from this office. Avajlable in amounts from $230 up. F. SAUL CO. SUBSTITUTE MORTGAGES UNEASINESS FIRST MORTGAGES about twice the amount 925 15th St. N.W. FOR SAFETY ‘The American Exchange Irving Trust Co. of New York has received a ship- ment of $1,000,000 gold from Canada. . CHICAGO LIVE STOCK MARKET CHICAGO, January 19 (#) (United States Department of Ariculture).— Hogs—Receipts, 21,000 head; mostly 10 cents lower; top, 9.25, paid for around 200-pound averages; largely a 9.10a9.20 market on desirable 170 to 290 pounds; shippers took 3,000 head; estimated holdover, 1,000: butchers, medium to choice, 250 to 300 pounds, 8.90a9.20; 200 to 250 pounds, 8.95a9.2! 60 to 200 pounds, 8.95a9.25; 130 to 160 pounds, 8.3520.15, nominal; packing sows, 8.15a 8.75; pigs, medium to choice, 90 to 130 pounds, 7.0028.25, nominal. Cattle—Receipts 500 head; compared to week ago: Fed steers and yearlings, 25cal.25 lower; mostly 50c to 1.00 down; in between grade yearlings and light steers off most; most heavies, 1.00a1.50 under two weeks ago; better grade fat cows and butcher helfers and light helfer and mixed yearlings, 25a50c off respectively: .cutter and common cows, strong to 25¢ higher: bulls about steady and vealers, 50cal00 higher; extreme top weights fed steers, 15.90; yearlings in load lots, 15.75; little above, 15.00; bulk fat steers selling at 11.75a13.50. Sheep—Receipts, 2,000 head; 13 doubles from fed lots; 14,000 head di- rect; desired lamb trade slow; week's total receipts normal, but market ruled active and worked upward under pres- sure of demand, compared with close last week; fat lambs, 65 to 85 higher: fat_ewes 25240 up; feeding lambs, 50a60 higher; top price for week: Fat lambs, 17.35; yearlings, 14.50; feeding lambs, 15.75. Bulk prices for ‘week: Fat i yearlings, 13.75a 9.00a10.50; feeding 1ambs, 14.25a15.25. SILVER QUOTATIONS. NEW YORK, January 19 (#).—Bar silver, 56%: Mexican dollars, 43! DIVIDENDS. N Y 2 Do. pf Boldwin B&M Bk £ € 2o mus” e EEREE 0 b s (334 Foll'sbée Bros' Co. Do. & Do. b t, Sipwr ‘ville P&l 368 pi Do. $7 pf Mercantjle FE3EEee at Pr & Lt Co N Process Co pi.. Ont Stl"Prod C 2R B EREnEe L2 8.5 BB L S b CEEE 8 1 seons e sl BURRE SECTTELE, 3 ‘0 65 pi 5% pt init, bSO § e Pr & : Wemk 7 & P 'Go, 00000OLLOLLOOLT 0L SR - NN - fun F;fi: oo The Pearl a pearl can be the result of a THAT such a magnificent thing as disease of an oyster, is one of the paradoxes of mankind. And yet these silent mussels of the sea have produced some of the most precious gems known to history. Pearls were known fo the Greeks and Romans, but they came into more popular use during recent years. They are grown in warm waters, the finest S RS coming from the fisheries of Ceylon and the Persian Gulf, although fine specimens have been taken in Aus- Southern Pacific. \":VAV VAVSVAY, perfectly round, V. VAV VAV VAV and productiveness our booklet. They are discovered shapes but the more valuable are and well-matched strings of these gems have sold for fabulous prices. A notable example, is the recent exhibition of a perfectly matched string by a New York jeweler valued at $675,000. The accumulation of such wealth in a string of pearls is noteworthy but unproductive. That is why prudent investors put their money in the First Mortgage notes issued by Swartzell, Rheem & Hensey Co., because these “gems” are safe and at the same time pay the owner 6%. share in, the benefits of their security SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.w./ WASHINGTON R.Co tralia and around the islands in the in various You, too, may by writing us for