Evening Star Newspaper, January 20, 1929, Page 35

FINANCIAL, PUBLICHESITATES | 2= ON MARKET POLICY : 100% 9i% 101% 97% 98% 96 106 101% 100 92% 114% 111 110% 167% 100% 93% 96 89 108% 104 109% 104 1024 100% 30% 24 96% 954 110 105% 105% 103% 105% 102% 105% 102% 107 99% 116% 105 103' 105 96 96 99% 92% 102 98% 94 89 108% 105% 102% 98% 97 871 91% 91% Prices Fluctuate Uncertainly During Greater Part of Week’s Trading. BY CHARLES F. SPEARE. @pecial Dispatch to The Star. NEW YORK, January 19.—The period has now been reached when influences in the business world and in the money market, operative at the end of Decem- ber and into the early days of the New Year, have lost their effects. Invento- ries have been taken, accounts balanced and a start made on another years rogram. pcg‘;rt‘nrv that had been required for the holiday trade has flowed back into the banks. Along with it has been the return of dividend and interest money not set aside for other purposes. What has to be done in the way of reinvest- ing these funds has been accomplished or indefinitely postponed. 104% 98 The secondary rise in money Tates|i0ln 93% took place while these movements were | 10815 104 under way, but with the paying off of [116 111 bank borrowings, the strain has been |126% 1064 relieved. The influence of this is seen | 106w 102 in the last few days in lower rates on| 94 8914 call. 104 Stock Movements Irregular. 9TH Markets, therefore, have now entered a period where they must respond more | 1063 1025 to the conditions growing out of 1929 | 993, 94s developments than to the carry-over to 1074 103t those that were influential at the closing [ 971, 921 of 1928. This explains some of the hesi- tancy in making both speculative and investment commitments, and reflects in irregular movements in stocks and in the difficulty in pushing the average of prices very far ahead of that which ob- tained at the beginning of the month. In fact, this average yesterday was ap=- proximately the same as on the first business day of the year. § The speculative stream, however, is forging some new channels. This is Yikely to be a characteristic of it during [ - the next two months, for unless the 137‘ g public has different material to work 102% 981 on and a new horizon from which to | 102% A% pbserve ‘the situation, it may grow list- geli 9% Jess and unresponsive to speculative | 96% 92% suggestion. = Bhe of these new channels is being lgg» ol marked out by railroad stocks. The 109% 107% members of this group that are being| g 214 most seriously considered are those with 108 1 a long record of dividend payments and | jo¢ 49y of conservative managements Which | oe. od have been given slight consideration in | 1o3™* 1oya0 Tecent years, even while the shares of | 105 1031 weaker roads have enjoyed popularity and have had in some instances nearly | jog as high a percentage of appreciation as | o, industrials and public utilities. This is a trend that is good for the market s {1975 95y & whole, as it re-establishes confidence | 109 9912 in it at a time when confidence had |103% u9u 10 fail because of the continued |106 103% exploitation of the same kinds of se- | 106% 102 curities. 109% 102% - 102 97% Some Rail Yields Drop. R0n%ii00 The comparison made last week be-!11715 114% tween the return on industrial common | 1025, 98% stocks and that on bonds, showing that | 110 107% from an investment standpoint alone|103 100 1t is more profitable to hold bonds than [ 1044 99% stocks, has a parallel in the relative in- | 106% 101% come yiclds of industrial stocks and|106% 102 reilroad stocks. It is highly probable | 98% 93 that as the year progresses the return |—— —— on these two groups of securities may|-—— —— come closer together: for as the public| 99% 96 which has studied the equities in the [102% 97% transportation field is educated as in- 101 99% tensively as it has been in industrials 104% 101% it will be willing to purchase rails at)—— —— high prices and at low vields with the same enthusiasm that it has accumu- lated industrials in the past two years. |1 Already some of the rail yields have b dropped down below the return on legal } 1 railroad bonds. 1 The public is strongly stock-minded 1 and just as strongly set against the purchase of bonds. This provides the market for stocks with a new source of | oo 93% capital supply with which to absorb the| g9 9315 steadily diminishing volume of high-|jo0m 97 grade shares. At the same time en-|jo5% 100% couragement to purchase stocks instead | 9gis 925 of bonds is given by the leading invest- | 107% 101% ment organizations of the country,|101% 85% which are emphasizing the strong fea- | 101 997 tures of various corporation stocks,| 92 83l while the formerly well cultivated bond | 96% 91k fields are growing up into weeds. 100% 95 Money Conditions Easier. AN R The money situation still gives occa-|1 sion for concern to those who view it 1:2% lgg;: primarily in its ultimate effect on busi- 04 69% ness. Temporarily, conditions are easier.| 4% o Since December 26 there has been a|~ reduction of $346,000,000, or 30 per cent, 114 in the total bills discounted by the 89 Td% Federal Reserve banks. ‘This should 96 ;‘2% remove the possibility of an early ad- 97% 95 vance in_the rediscount rate, for the| oo goy Federal Reserve has been more €on-)i,ue 1161 cerned with the size of bank borrowings | “gg\l “gail than with that of brokers’ loans, even|,oc.. joora though the latter continues to grow and | | gy, 1993, now approximates the total of six weeks | {57108 0. 4 8 Femporarily, too, the strain sbroad|'9g% 96t has been eased. ‘The reserve ratios of | ___— the Bank of England and the Bank of France have advanced, the latter still drawing on this country’s gold supply to build up its own to a satisfactory level. At a time of discussion of higher retes for money, the Bank of Germany has made answer by reducing its redis-| 99% 91% count from 7 to 6% per cent, 100% 87 Another, and apparently a contrary | 109% 106% hase of the subject, is this week's rise | 116% 114% I bankers' acceptances, mow flush with |101% 94 the Federal Reserve rediscount rate. It|114 108 45 another of the evidences that those|115% 113% who buy and sell commodities and man- | 91% ufactured products, who build, trans-| 93% port, mine coal or metals, or make their | 102% living from the products of the farms.|102% will pay a higher tax this year than last}! 97% on money borrowed because of the| 99% absorption of so large a portion of the| 98% country's credit supplies in the market| 92% for securitics. »0 . . 103 Business Situation. $9% The basis for a stock price level, | 99% whether it is high or low, is business|104 &nd the net earnings that business pro- | 103 duces. So far as it can be said that| 93 1929 has developed its own tendencies, | 109% these are satisfactory. The outstanding | 106% 101 feature in the market this week has| 83 4% been United States Steel common, |103% 97k whose performance would not have been | 99% 96 ossible with indifferent trade condi- | 111% 105% Tlons even though it might be felt that | 109 106% the accumulated profits of other years {107% 104% had not been fully represented in cur- | 107% 104' rent market values. Hla 69 The volume of iron and steel produc- | 116% 105% tion is high for this season of vear.| 0% 1l Prices are strong. This is typical of | 91% 78% other important industries that have | 99% 92% prospered during the past nine months, | 73% 65% with others that have been through se-| 98 91% rious crises, like rubber, shaking off the |111 1034 handicaps that have held them down.|116% 111 There i apparently no overproduction 100 — 98% or overbuying. The commodity price| 94% 86% average 15 the most highly stablized | 106 99% ftem in the entire range of business sta- | 114% 1067 tistics. This is at times difficult to un- | 113% 111% tions that are taking place in the grain tions that are taking place ni the grain markets and the abrupt changes from week to week in the prices of metals, rubber, hides, provisions and textiles. If the ratification of the Kellogg anti- | ——= war treaty this week is important paliti- #ally, so is it in an economic sense. If it is successful in preventing war, the effect of this should be a freer inter- change of goods and commodities be- tween countries and, so far as the United States is concerned as a creditor nation, should result in a more favor- able position for the foreign bonds now held by American investors in large yolume. 106 97T 103% 100% 106 104k 100 98% 107 106% 933 88y 96 86l 1035 100% 96% 1057 116% 5% 01% 101 98% 92% 111% 106% 103 94 90% 73% 925 Bl T3% 89% 9T 91% 86% 106's 119% 56% 947 102% 103 103% Motors Directors Re-elected. At the annual meeting of stockholders | 107% of Continental Motors Co. retiring di-| 88 _pectors were re-elected. Only routine | 101 "§usiness was transacteds 69% 105% BOND SUMMAR High. Low. 10214 100 23 10330 102 28 — 0% U. 8. BONDS. Liberty 3% s 1933-47 Liberty 1st 4% 198 Liberty 4th ¢% s 1933-38. 9920 98 US3%s1940-43. 10310 987 US33%s1943-47. 116 6 109 30 U S 4% s 1947-52. 28—y > FOREIGN. 99 Argentine, June 5s 1959.. 101% 99 Argentina 63 A-1957. 99 94% Australla 6s 1955 104% 102 Austria Is 1943 99% 95% Bank of Chlle 6%s 195’ 101% 987 Beiglum 68 1966 116 igh. Low. 1126 989 103 15 100 13 104 1009 8 Bordeaux s 1934 Brazil 6%s 1926-57. Brazil 88 19¢1..... Canada 5%s 1929... s Chinese Govt Ry 68 1951 94 Copenhagen 5s 1952. .. 105 (zechoslovakia 8s 1951 106'% 103% Denmark 6s 1942 106% 103 Dutch East Indie 105's 102% Dutch East Indfe: 110 105% Fi 119% 112 9415 Irish Free State 55 '60. 100% 96 ltaly 78 1951.... 106% 100 Japanese 6%8 1964...0000 95% 89% Milan 6%81962. . 109 104's Netherlands 6s 1972. 102% 981 Norway 6% 100 96 Parts-Lyon 94 *8 Peru6s1960.... 10474 100 Peru?s......... Poland 8s 1960, » 1084 Queensiand 7s 1941... 1131; 102 Rhinelbe 78 1104 105 Rio de Janelrd 83 194 'a £9% Rome 6%s 52 % 104 Sao Paulo State of, 85 1936 106% 103% Seine Dept of. 7 101 941 Serbs, Croats. Sio 104% 101 Sweden 6s 1939 10512 1017 Swiss 5%8 1946 1007 95 Toho Elec Pwr 78 1956.... 106% 103 Utd Kingdom 5%s 1937... 100 94 Yokohama 68 61. INDUSTRIAL AN 7 120 115 Abraham & 106% 104 Awner Agrl Chemical ¢ %8 1941, 102% 99% Amer Smelt & Ref 1st 58 1947, 106 102's Amer Sugar Retining 6s 1937... 100 981, Amer Tel & Tel ¢l tr 481929 109 103% American Tel & Tel st 5s. .. 93% 85 Amer Writing Paper 6s (1947). 106'3 104 Anaconda Copper 6s 1963 199 110'% Anaconda Copper ov deb 94% 0% Armour & Co 43 1989 94 ¥T% Armour of Del 533 43. 49% Atlantic Refining deb 5. 991 Barnsdall Corporation 68 1940. 104 Bell Tel (Pa) ref 58 1948 99 Bethlehem Steel p m bs 1936 0215 Bethlehem Steel s £ 68 1948, 93 Chile Copper 5s (1947) 997 Colon Oil 65 1938... » Cons Coal (Md) 1 1054 1 9 1930, n ref 6s 1940. 109% 6% Dodge 6s 1940 s 105% 73 Kastern Cuban Sug 7%s 1937, 104'» 101% General Motors 6s 1937. 1081 106 Goodrich (B ) 6%s 1947. 103% 1005% Humble Oll & Ref 5%s 1933, 1065 102's Indiana Steel 68 1952....... 100! 96% International Match 5s 1947 10514 99is Inter Mer Marine 6s 1941, 102% 93% Inter Paper 58 A 1947.. 113 108% Int Tel & Teleg 4539 w. 148 1054 Kayser Julius 61s 1947. 110 106% Kelly-Springt 105% 99 Lackawanna St 106 10:% Laclede5%s. 105% 99% Liggett & Myers 68 1951. 109% 91 102% ©8% Midvale Steel bs 1936 111% 105'x New England Tel ba 1963 119 113% N Y Edison 1st 8% 103% 99% N Y Tel 43451939 109 106 N Y Tel 68 1941.... 104 100% Northern States Powes 104% 100% Pacific Gas & Eiec 68 1943, 103 102 Paetfic Tel & Tel 5s 1953 103 102% Pan-American 6s 34 oy 101% 97 Philadelphia Company 5s 1967. 97% 93 Postal Teleg & Cable 5s (1933). 180 116 Public Service 4%s 1948 190% 97% Sinclair Oil 6s 1930 104% 100 Sinelair OIl 7s 1937 99% Y6'% Sinclair Crude Oil 104 102 Standard Oil N J 68 107% 99% Transcontinental Oil 6%s '38. 1004 95 United Drug 5s 1953. R U S Rubber 1st & ref 30 101 99% Youngstown Steel 5s 1978.. RAILROAD 99 91% Atchison T & S Fe gen 58 96% Bronklyn Mauhat s f 68 A 196! 96% Canadian National 4%s 1957 8515 Canadian Pacific deb 4 89% Central Pacific 45 1949 93 2% B83% 66 ChiGrear Western ¢s 1959 98% 924 ChiMStP&P5s'75....... 79% 617 Chi M St P & P adj 55 2000... 114% 107% Chi & Northwestern 6%s 1936 88 784 Chicago Ratlways 58 1927.. 96% 93% Chi R I & Pacific ref ¢s 1934. . 97% 91 Chieago Rock Isiand 4%s w. 103'4 97% ChiUnion Station 4%s 1 119% 114 Chi Unton Station 6%s 1 935 84% Chi & Western Ind con 105% 100% Clev Cin Chi & St Lou: 103 _100 CCC&StLref6sal 110% 104% Cleveland Terminal §%s. 100 95'« Colorado & Southern ¢%s 1935, 100% 56'% Cuba R R6s1952..... 98% 93% Cuba Northern 5s 1942 106% 103% Delaware & Hudson 6%s 1937 94 88 Den & Rio Grande con 4s | 87 Den & RG Wi 19 95 Detroit United ¢ 83% Erle 1st con 48 19! 86% 7715 Lirle gen llen 48 997 93 Erleref $s1967... 9l 7 Kla ECbsT4. 109% 106 Grand Trunk s f deb 6s 1936 117 110 Grand Trunk 7s 1940 101% 96% Great Northern 4%s 19’ 113% 105% Great Northern gen 5%s 1962 115% 111% Great Northern gen 7s 1936.... 78% 170 Havana Electric Rallway 5% 95m 83 Hudson & Manhattanadi5s1 103% 96 Hudson & Manhattap ref os 19 102'% Illinois Central 4% s %6 74'% Inter Rapid Transit 6 103% 9% 100 79% 103 100 99% 108% 103 92% ®4% Mo Kan & Tex 1st 109% 101% Mo Kan & Tex ad) 5 105% 99 Mo Kan & Tex pr Iln £3% 76% Missouri Pacific Missour! Pacific s F'. . 99% 94% New York Cent deb ¢s 1934. 110% 104'; New York Cent ref tmp 58 2013 109% 100% New York Central deb 6s 1935, 107% 105 N Y Chi&StLref5%sA ‘T4 107% 104% N Y Chi & St Lref 5338 B'T. Inter & Great Nor ad) 68 1953. . 91 Int Rwys of Cent Am 6%4s 1947 73 Kansas City Southern 3s 1950, 91's Kansas City Southern 58 1950 9( Lake Shore ¢s 1931.. . 93% Louls & Nash unified 48 1940 995 Mil Elec Ry & Lt st ref 6s 61, 99% MStP&SSMEks 1931, 99‘4 35 D 4% 98% 897 Norfolk & Western con ¢s 19! 64 Northern Pacific 3s 2047 #9 Northern Pacifio 114% 104% Pennsylvania gen 68 196! 113% 108% ¥%e 1936 104% 98 Reading 4%s 1991 90% ¥3% Rio Grande Western clt 99% 94w RLArk & L 4%s 1934 97% 92% StLIM&SR&QG ¢ 93% ®bW St L & San Frap or | 97%_ 87%_St Louis San Fr 4% 914 StP K CS Line 438 1941.. 72% 57% Seaboard Air Line ref 1969. 82'4 37% Seaboard Air Line adj 68 1949, 96% 73 Seaboard Air Line con 6s 19 100 98% Southern Pacific ov 4s 1939 95 87% Southers Paclfic col 45 1949, 98 91 Southern Pacifio ref ¢s 1966, 55% Chird Avead) 99 934 Union Pactfic 109% 100% Virginian Ry 1st 65 1963 106% 101/ Wabash 1st 58 1939 107% 99 Wabash 6%s 1976 oo 874 78% Western Maryland 4s 105 101% 87 Western Pacific 5s 1948 93% 84% West Shore 1st ¢s 3361, 1 96% Lnter Rapid Transitcv 7s 1933, ... ssemae 101% 102 THE SUNDAY Low. Last. Yield. Y94 994 99 29 100 1 93 30 100 1 9712 9712 27 9714 110 1108 “YOKT Hih. Low, Last. 100% 100% 100 100 100 100% 96U 96% 102% 99 o7 100 100% 100 115% 118% L14% 109+ 109% 109% 94w 9% 99 94% 95 91% 2 108 ¥ FOR THE WEEK 100 6 964 109'% 111 . 104% 1047 104% 103 103% 103% 104% 103 WASHINGTO! D. C., JANUARY 20 1920—PART 2 NEW YORK STOCK EXCHANGE Stock and dividend. Superior O1. Superior Steel.... Sweets Coof Am (1). Symington....... Symington Class A. Telautograph (1)... Tennessee Copper (1 Texas Corp (3)... ‘Texas Gulf Sulphur (4). Texas & Pacific (5)..... Texas Pacific Coal & Ofl. Texas Land Trust . Thatcher Mfg...... . Thatcher Mg pf (3.60). The Fair (2.40). Third Avenue. - Thompson (J R) (3.60). Tidewater Asso Oil. . 103 % 107" 112% « 1035 103% 103% . 106%4 107% 106% L1120 2% 112% « 106% 1074 106% 95l 96 95 97w 97% 96Tk 101% 101% 100% . 90 90% 89Y 105% 106 106% 100% 101% 100% 99l 99% Y9 83% 8.4 K9 101 102t 101% 98% 9. 98 103% 104% 103'% 31l 110 40 103% 104 103'y 106% 107 105% 9l% 91% 91 106 106% 106 106% 106% 106% Y44 95 94 102 1024 102 103% 103% 103 98's 98z 984 108 104% 1039 L6 ELITONE FEY S S 117% 1181 116 105 106 105 101 101'; 100'% . 104' 104% 104 99% 99% 994 105 105% 1045 85 85 84 4 105% 105 93 195 190 9% 124 Y14 9% 92 Yl 1020 102% 102% 136 13 135% 105% 105k 105 101% 100% 105% 104% 95 91 124 101% | 99% Bk 1022 1074 107 10T% 103 1049 102% 93 94l 9la 103% 1udle 103 1072 107% 107 10112 101% 101% 105 105 104% 98% 98% 97w 101 101% 1004 95'2 96 9Bl 109% 114 109% 133 135 131 110 110% 110 102% 1024 101% 104% 105% 104% 103 1024 102 « 100 100% 98% « 100 100 995 106's 106% 105% 115% 115 114% 100 1004 100 106% 107' 106% 101 101% 101% . 101% 1024 101% 104% 1054 104% 104% 104% 104 99 100 934 94 94% 93% 187 193 184% 99% 100 994 103 103 3 974 974 97 102% 103 102% 103 108% 1017 90 107% 108 ~ 107% 10013 100's 99% 110 110% 109% - 102 103 101 100% 101 100% 93 93 92 9% 92 9% 92w u24 92 981 98% 98% 101% 162 101% 93% 94 93% 102 103 101% 98% 98%% 9% 95% 95% ¥54 Bile 91'e 80ty 92 2% 984 102 93% 101% 97w 95% 85 bt ] 00ty 99%, 93 99% 105 Blh 68% 934 793 111 8144 944 924y 100 15 894 103% 100 108 . 99 104% 105 *2% 82% 8l4 693 695 68y 93% 93% 93 8% 9% T84 0% 111 111 &2 2% 8L 95, 46 94 93% 3% 624 100 100% 100 115 115% 1145 8% 89% BT 103% 103% 102% . 100 100% 100 1074 108 107% 97 9% 97 U5 95% 95 w192 - 9% 92 103% 105 103% 0% 94% 90% 94% 97 95 9213 105 9L 94 864 791 96 9% 10Hin 1124 105% 1 112% 113 1124 97% 964 964 109 109% 108% 111% 112% 11U 604 64 62 82% 83 82 95% 9T% 954 100 100k 99% 8% 974 LBl | 100% 101 101 100% i00% 100% 85 86% 8Bd% 103% 104 103% 100% 162 101 76 6% 16 98%: 98% 97% 96% 97 Y6% 107 107 106% . 106% 107% 106% 106% 107 105% 106 107 106% 7 T 77 1195 119% 119 21% 21 20 Bit ¥4 83% 9l 91 91 67'% 664 B8 88l 104 104 1134 113% 113 98% 99 U8% 8813 88Y% B8 999 100% 994 108 108% 107 110% 110% 110% 107% 110% 99 847 | 3.50 a barrel for yams, but rough, dark, { wharf—Beef cattle, first quality, £5% 937 044 67h 43% 6% 99k 904% 9y 874 109% 109% 1094 2 022 121% 63% 6l% 941 $4% 94 9% 104 10415 104% 104% 101 102 103% 103 108 8l Blhk 805 Blk 89% 99 98% 98% BT% 87% 864 87 44 9% 90% 109% 121% 61'e 103 TidewaterAssoOll pf(6) Tidewater Oll (80c) Tidewater Oil pf (5).... Timken Roller Bear (6). Tobacco Products (8)... Tobacco Prod'Cl A(1)... Tobacco Prod ctfs B.... Tobacco Prod div ctfs C. Transcontinental Ol ... Transue & Willlams (1). Trico Products (214). .. k. ax Traer Coal (1.60). Truscon Steel (1.20). .. Twin City Rap Tr (4)... Twin City Rap Tr pf(7). Underwd-[lott B (4). . Underwd-Ell-Fish pf(7) Union Bag & Paper. Union Carblde (6) Union Otl of Cal (2).. Union Pacifie (10).. Union Pacific pt (4) Union Tank Car (5).. United Biscuit (1.60)... United Biscult p£(7). ... United Cigar Stores (1). United Ciz Stores pf(6). United Elec. Coal (3) United Fruit (t5%) United Paperboard. U S Cast Iron Pipe (2) USCIrPlstpf ( . USCIrP2dpt (1.20).. U S Distributing. . U S Distributing pf (7). US EXpress....... U & Hoffman (4) 4 US Alcohol (6)... SindustrialAlco pf(7). S Leather. . Leather A (4). Leather pr pf (1) Realty & Imp (4) Rubber...... Rubber 1st pf.. Smelt Ref&M(3%) Smeit R&Mp(3%) U S Tobacco (3) U 8 Tobacco pf (7). Universal Leaf Tob (3). Univ Pictures 1st of (8). Universal Pipe & Rad Utah Copptr (12).. Utl Pow & Light Afe2). Vadasco Sales pf (7). Vanadium Steel (14). Van Raalte. Van Raalte Co pf. Vick Chemical (4) Vicks Shrevpt & Pac(5). Victor Talking Ma (4).. Vicsor Tik Mch pr pf(7). Virzinta Caro Chem.... Va-Caro Chem 6% pf. Va-Car Chem pf (7) Virginia B1 & P of (7).. 1 [ 991y 88y 9 114% 107 100% 150% 241 T 108 (Continued from Tenth Page.) Stock Va Iron Warner Warner Warner Warren Warren Wesson West P 1014:x102 3 kel 139% 139% 16% 43% 18 19% 15'% 7% 3 46 28 x136% W 124% Wright Cudahy Dunhiil 4 Ludlum 100% 147 112% 112! ) 20% + 3% 61 + 2% 954 W 107% 107% W a Unit of trading k. §Plus 47 in_ stock. d Pavable £Plus 10% in stock. 11725 of ‘a share in st Vivaudou Co.... Vulcan Detinning Vulcan Detin pf (7). Vulcan Detinning (A) Wabash....... Wabash pf A (5) Waldorf System (1%).. Walgreen pf (612). Walworth Co (1.20). Ward Baking A (8) Ward Baking Cla Ward Baking pf (7) West Penn Power pf(7). Western Dairy A (4).... Western Dairy B.. Western Maryland Westn baryland 2d pt Western Pacific. . . Western Pacific pf. . WesternUs fonTeleg(8). WestinghouseAlrBr(2). Westinghouse &M (4). Westinghouse 1st pf(4) WestonElecinstrument. WestonElecInstClA(2) . Wheeling&LakeF White Bagle(2). . White Motors (1). White Rock M W . White Sewing Machine. White Sewinz Ma pf(4). Wileox Oil & Ga . . Willys Overland (c1.20). Willys-Overiand pf (7). Wiison & Co. .. Wilson & Co (A) Wilson & Co pf .. Woolworth F W (6). Worthington Pump. Worthington Pump (A). Worthington Pump (B). & | in_stock. 'k Plus 1'3% toc! and dividend. Net Low.. Close. Chge. Coal & Coke pf. . 47 474 ta 13 13% 50 5 93 126 56 Bros Pietur Bros Pic pf. Quinlan (2 Warren Brothers, ( Bros 1st pf (3).. Kdy&Pipe Corp. Weber & Hetlbroner(4). Oil & Sn (4) Wast Penn Elec pf(6). 2 West Penn Elec pf (7) 110 115% n Power pf(6). ie pf. Aero (2).. Wrigley W Jr (13%). Yae & Towne (4)...... Yellow Truck & Coach.. Yellow Tr & Coach pf. Young Spr&Wire(1212). Youngston Sheet & T (5) 116% RIGHTS—EXPIRE. Am Chicle, Jan 31. Atch, To& SFe, Feb7... 3 (A M). March 1. i 17 17 5ia 14 ores B, Pkg. Int, Internatl Paper, % Int Tele & Tele: Louisville G & fm 1t Steel, Jan Marmon Mota Mid-Cont Pet, Nat Cash Reg A, Union Oil of ¢ Westinghse I 15 an 1% + an | Dividend rates as given in the above table are the annual cash ~ 1% | pasments based on the latest quarterly or half arly declarations. less than 100 shares. 1Partly extra. :Plus 3 in preferred stock fPlus 3/25 in stock. b Payable in stock. ¢ Plus 5% e Payable in cash or stock. Plus 67 in stock. h Partly stock. J Plus 2% a share'n stock. n Plus e in stock.” m Plus Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January 19.—The general live poultry market continues steady to firm on most lines and values with few exceptions show little change from last week. A fair demand prevails for medium-sized young hen furkeys and gobblers, but old hens as well as heavy old toms and poor and crooked at a discount from quotations. demand noted for capons but centered on large heavy birds while large fat young chickens, espectally broilers, meet, with ready sale at full values. Receipts on these two lines generally light, but ample of poor rough young chickens and thin light old hens, for both of which it is more a question of a buyer than price. Very little demand noted for dressed poultrys outside of capons and should the warm weather prevailing today continue next week shipments are not advisable as the trade here prefers live to dressed poultry at this season o the year and with but few exceptions dressed poultry will not bring any more than live. Young hen turkeys, nine pounds and over, are bringing 38 to 40 cents a pound and young gobblers 35 and 36, but old toms and hens move slow at 30 while poor and crooked breasts are neglected at 25. Mixed colored Spring chickens are selling 33 and 34 for stock weighing 2!, pounds and over with small broilers 11 pounds bringing top values of 37 and 38, but all poor thin fowl as well as stags are neglected at 20. Demand for old hens has eased oft to some extent and values show a slight decline, fowl weighing 3> pounds and over selling 27 to 30, but Leghorns will not bring over 27 and 28, while all light poor old hens are slow sale at 20. Capons scarce and wanted at 37 and 38 for birds weighing 7 pounds and over, but smaller stock will not bring over 33 and 34, while old roosters are in ample supply at 17 and 18. Poultry Prices. The market holds steady for ducks but quiet for geese, the receipts being moderate and demand fair for choice large fat ducks, but small, poor geese are neglected. Ducks weighing 4 pounds and over are selling 23 to 30 and geese 23 to 26, but small, poor, thin stock is slow sale at 18 to 20. Market for guinea fowl and pigeons holds steady at 40 to 80 each for the former and 30 a pair for both young and old of the latter. The egg market has ruled easy all week and with the receipts running fair but ample for the demand, which is easy satisfied. Values show no change from last week. Sales on the exchange have been light but a fairly good de- mand is noted on the Street for the best grades of new laid stock. Quality being everything with the trade at this season of the year, prompt ship- ments and careful grading are advis- able as, in many instances, the trade prefers Western refrigerator eggs to many offering of native and nearby so- called fresh. The market closed today at 36 cents a dozen for firsts in free cases and 30 to 35 for current receipts. Receipts of white potatoes from all sections have been more liberal the past week and with the demand easily satisfled the market rules easy and values a shade lower. For well graded round stock there is a fairly good de- mand, however, but most of the arrivals from nearby sections are ungraded stock and all such offerings have to be sold at inside prices. No. 1 graded po- tatoes are bringing 1.25 to 1.35, while No. 2 stock and culls are’ not wanted at any price. Sweet potatoes and yams in moderate receipt and with a fairly good demand prevailing for clean, bright stock the market holds steady at 2.35-75 to 3.25 a barrel for sweets, and 3.00 to over-large stock will not bring over 1.50 to 2.25 a barrel. Garden Truck. Demand for native and nearby gar- den truck continues fair, but centered on first quality stock, and prices are :xlglmmng steady at the following quota- Beets gpd carrots, 4.00a6.00 100; b a2.25 hamper; kale, 1.40a1.65 ; onions, 1.50a4.50 per 100 pounds; oysterplants, 6.00a10.00; parsnips, 60a 170 basket; savoy cabbage, 1.00a1.35 bushel; spinach, 1.50a2.00 barrel and 60a1.00 bushel; turnips, 40a50 basket. ‘The live cattle market rules general- ly steady with little activity on the wharves, receipts being light and most- ly of common to ordinary stock which is slow sale at le ?fl.fiel Demand 1airly good for first quality beef cattle, ¢ | than $52,000,000. Since January 1 an- UNON RSURANE TOTAL SHONSCAN Company President Reports Amount of Policies Dou- bled During 1928. President James P. Noonan reported | at the annual meeting of the trustees of the Union Co-operative Insurance Association, held in headquarters*in this city, that the company”during 1928 doubled the amount of insurance in force, bringing the total up to more other $1,000,000 has been added, he stated. The company, which deals largely with union labor, started in business in 1924 with a capital and surplus of $200,276. It closed 1928 with a capital and surplus of $274,889. The total as- sets at the clese of the year amounted to $430,963.75. A dividend of 4 per cent was de- clared to stockholders of record January 15, 1929. This is the second year that the company has paid a dividend to stockholders. The dividends to policy- holders having participating policies have been paid since 1927, the first date when such dividends were permitted, according to the terms of the policies. President Noonan made annc mce= ment at the stockholders’ meeting, that the company will move before February 1 to new and more commodious quar- ters in the new building of the Electric- al Workers’ Benefit Association, 1200 Fifteenth street northwest. The beneficiaries, who have received the payments, have been located in 18 States of the United States, the District of Columbia, England, Germany, Nor- way and the Canadian provinces. The policies now in force protect in- dividuals in 40 States, the District of Columbia, Alaska, Canal Zone and the Canadian provinces. With regard to the group insurance President Noonan states: “Much of the success of our group department is due to the superior coverage offered by our group policies, which are recognized as the best and most liberal policies now being issued to labor organizations, there being no restriction as to termination Wholesale Market Yesterday’s daily market report on fruits and vegetables, compiled by the Market News Service Bureau of Agricul- tural Economics, said: Apples—Supplics moderate; demand light, market dull; too few sales reported to quote. Cabbage—Supplies moderate; demand moderate, market about steady; South Carolina, 1':-bushel hampers, pointed type, 2.25a2:40; Florida, 1%-bushel hampers, pointed type, mostly 2.50. Celery—Supplies moderate: light, market dull; California, crates, best, mostly 6.00; some fair quality, |short, slightly frozen, 4.50a5.50; New York, 2-3 crates, 3.00. Lettuce — Western stock: Supplies moderate; demand light, market steady; Arizona, crates, Iceberg type, 4-5 dozen, fair quality and condition, 2.75a3.25, poorer low as 2.00; California, Imperial Valley, crates, Iceberg type, 4-5 dozen, 4.50a4.75. Southern stock: light; demand light, market stead: Florida, 1 ton type, 1.25a1.50; few, best, high as 2.00; bushel baskets, Big Boston type, fair quality and condition, 1.00a1.25. Onions—Supplies light; demand light, market firm; Holland, 112-pound sacks, yellows, No. 1, 5.25a5.50, mostly 5.50. Potatoes — Supplies light; demand light, market steady; Pennsylvania, 150~ pound sacks, round whites, U. S. No. 1, mostly 225: New York, 150-pound sacks, round whites, U. S. No. 1. 2.35a | 2.40; Michigan, 150-pound sacks, Russet Rurals, U. S. No. 1, 2.35a2.40. Spinach—Supplies liberal; demand light, market slightly weaker; Texas, bushel baskets, Savoy type, 85al.10, mostly 1.00a1.10; ordinary quality and condition low as 50: Virginia, Norfolk section, bushel baskets, Savoy type, 70a85. ‘Tomatoes—Supplies light; demand light, market steady; repacked, threes, ripes, wrapped, fair quality, fancy count, 2.00a2.25; choice count, 1.50a1.75; sixes, ripes, wrapped, fancy count, 4.50a5.00; originals, Florida, sixes, ripes and turn ing, wrapped, fancy count, 3.00a3.5 fine quality and condition, 4.00a4.50: choice count, fine quality and condition, 3.00a3.25. String beans—Supplies moderate; de- mand light, market dull; Florida, 7g=bushel hampers, green, fair quality and condition, 5.00a6.00; wax, 3.00a4.00; some slack pack, good quality, 3.00. ‘Peppers—Supplies light; demand light, market steady; Florida, pepper crates, fancy, 6.00a7.00; choice count, 4.00a4.50. Eggplant and squash—Practically no supplies on market. _of coverage other than loss of good standing.” | COTTON MARKET QUIET. NEW YORK, January 19 (#).—The i cotton market here was very quict to- day, and prices fluctuated within a range of 6 or 7 points. Trading was, attributed largely to week end evening- up. March contracts, after selling up to 20.26, reacted to 20.20 and closed at I20.22, with the general market closing steady, net 3 points lower to 2 points | nigher. H A2 Mexican 0il Proéuction. NEW YORK, January 19 (#).—Mex~ ican crude oil production averaged 101,428 barrels daily in the week ended ,Janulry 12, against 104,143 barrels in the preceding week. Light oil output averaged 45,000 barrels a day, against 47,143 the previous week, and heavy oil 36,428 barrels daily, against 57,000. —————————— brandy weight veal calves, and choice | 1ambs, but other lines are ‘slow sale. Quotations today at light street = pound, 12a12}>; common to medium, 8all; bulls as to quality, 7a10; cows, choice !to fancy, 8al0; common to fair, 5a7; 1 oxen, as to quality, 6a9; calves, veal, | choice, 16a17; large, fat, 15a16; large, rough, 13al4; thin, 10al2; rough and common, 10a12; sheep, choice, 6a7; old bucks, 4a5; lambs, choice, 15a16; fair to good, al4; common, thin, 8al0; hogs, straight, 81:a9; sows, 7a8; live .Pll!. 10a11; shoats, 8a9. Closing Grain Quotations. Wheat—No. 2, red Winter, garlicky, spot, 1.33; January delivery, 1.33. l Corn—No. 2, export, January delivery, 11.073;; No. 2, yellow, domestic, spot, i 1.10; cob corn, 5.00a5.25 per barrel. Oats—No. 2, white, domestic, spot, 61a61'z; No. 3, white, domestic, spot, 59860, Rye—Nearby, 1.10a1.20, Cucumbers—No supplies on market. Strawberries—Supplies light; demand light, market steady: Florida, pony re- frigerator, Missionarys, 60a70 per guart; 35 per pint. Caulilower—Supplies liberal; demand light, market about steady: California, pony crates, 1.75a2.00; poorer, low as Carrots—Supplies light: demand light, market firm; Texas, Western lettuce, crates, bunched, 3.50a3.65. a':%ts—Suppnes light; no sales re- Oranges—Supplies moderate: demand light, market steady: Florida boxes, No. 1, medium to large size, 3.75a4.25; small size, 3.00a3.25; very small size, 225a 2.75; California, boxes, Navels, medium size, 7.00a8.00; small size, 4.00a5.0 small size, 3.25a3.50. Grapefruit—Supplies moderate; de- mand light, market steady; Florida, boxes, medium size, No. 1, 3.50a4.00. Pays 700 Per Cent in Stock. NORFOLK, Va., January 19 (Special). —Merchants’ & Mechanics’ glvlngs Bank has paid a stock dividend of 700 per cent. Under an amended charter granted by the State Corporation Com- mission it will increase its capital stock from the present $25,000 to a maximum of $500,000 and a minimum of $150,000. 1& Tani’ent ynrsl tdhlel:nnk has regularly pal per cent dividend on ff of $25,000. o WE WILL BUY G. L. MILLER COMPANY STOCKS & CERTIFICATES MEHLMAN & COMPANY 505 Woodward Bldg. Jain 8547 demand | Supplies | ushel hampers, Big Bos- | STOCK PRIGES GAIN AT SHORT SESSION U. S. Steel, U. S. Industrial Alcohol and Other Issues in Advance. By the Associated Press. NEW YORK. January 19.—Opera- tions for the advance were again car- ried on in vigorous fashion on the | stock market today, under the leader- | ship of U. S. Steel, which was once | | more boosted to a new high place for all time. Considerable week-end profit- taking cropped up. however, and im- | parted some irregularity. The bulls seized upon the drop in call money to 6 per cent. which rate carried over the week end, in the face | of the large increase in brokers' loans, | as an excuse for a demonstration, but uneasiness over the credit situation still | persisted, with time money again some- | what_firmer, and the public was in- clined to stay on the side lines. Trad- ing was only moderately active, al- though a number of transactions of | 5,000 to 10,000 shares were. recorded. | The day's business news was rather | colorless. An advance of 25 cents a ton | in steel scrap at Chicago gave further | evidence of the strong position of the steel industry. Kansas City Southern. | one of the first railroads to report total income for 1928, showed net operating {income of $7,334.875 for the year, an increase of $50,760 from 1927. Another small shipment of gold from Canada. | amounting to $1.000,000, was announced. U. S. Steel was the outstanding fea- | ture of the day, shooting up to the un- | precedented price of 189, an overnight | gain of nearly 9 points, and a gain | for the week of more than 22 points. | The issue was heavily bought, many | blocks of 5,000 shares changing hands. Rumors of unexpectedly good earnings for 1928 and an increased or extra divi- | dend have been current for some time, | and the sharp gains of the past two days have brought talk of a stock divi- dend. Coppers, utilities, amusements and | steel shares were strong, while oils and motors lagged. Roseia Insurance and | Otis Elevator made gains of 6 and 5 points, while Woolworth, Real Silk Hos- lery and Johns-Manville mounted about 4 points. St. Joseph Lead was again | |a strong feature, climbing 4 points to 91. a new record price. U. S. Industrial Alcohol, North Amer- ican, F. G. Shattuck, Kennecott, Allied Chemical, Bayuk Cigar and National Cash Register moved up 3 points and | more, while Pere Marquette, Rock Is- | land, American International, Anaconda, Loews, Fox Film, Vanadium, Interna- | tional Nickel and Eaton Axle gained 2 points and more. Greene Cananea, | Electric Auto Lite and Crucible Steei | lost 2 to 3 points in profit-taking, while | A. M. Byers, Radio, Columbia Gas, | Matheison Alkali and Purity Bakeries also sagged 2 points and more. [ There are playgrounds on the roofs | of several public schools in Phila-| delphia. | In Nearby Virginia Prudential 51/2% lmunncch.Co. Loans Commonwealth Investment Co. 217 Il St. N.W. Phone Maln 2623 & 3 replies x4 ice. Prevailing interest rates. THOS. E. JARRELL CO. WE WILL BUY F. H. SMITH COMPANY STOCKS & BONDS MEHLMAN & COMPANY 901 Main 8847 tos Woodward Bldg. Jain 8847 Let us have your applications for ‘LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. WILL SELL $25,000 Southern Consolidated Granite 64% Bonds 1938 193 THOMAS L. HUME 1412 G St. M. 4733 CLARK,CHILDS Money Available for FIRST DEED OF - - TRUST LOANS On Completed Properties and for Constriction Use ~ Reasonable Interest and Commission Rate: Invest Surplus Funds REAL ESTATE NOTES Secured by first déed of trust om~ District of Columbia residential a income-produging properties. . This Will Méan SAFETY, g MAXIMUM YIELD and MARKETABLE SECURITIES Consult Mr. Dean Hayim] EEVERsGOSC . vice 1415 K St. Tel. Nat. 4750 The present ofl situation, covered in our latest speci these stocks, whether 1o Buy, Hold, Sell, or Exchange— 1 Ind.? Pure O Gibson Oi” Middle St Send for sample copy free. Write name and address on margin and send to— AMERICAN SECURITIES SERVICE 266 Norton-Lily Bide.. New York N ALLTREADS: LEHMAN'S TIRE SHOP 12th & K N.W. Salaried Peaple “Character Plus Earning Ability Our. Basis of Credit” REASONA! RATES EASY PAYMENTS WASHINGTON WIMSETT COMPANY 903 N. Y. Ave., 20d Floor. First Mor_tgag and Construction Loan Applications Invited a 5%% Glover & Flafllér 1508 H St. N.W. Main 17_53_ Just bring us your - :t)p_\lcnfion or & ton- ruction loan; or fer refinancing a maturing trust. -We will go into . the details promptly— and report without de- lay. Money—inany amount — immediately available upon approv- ed applications. Always Low Rate of Interest n isston - B.F. SAUL CO. . Main 2100—925 15th St. Over a Third of a Century'’s Ezxperience Vacancies Are Costly ~—but under our manage- ment your apartment will probably have few vac: acter of our service. Watchful care keeps in- come at its highest point. B. F: SAUL CO.* Main 2100 . 925 15th St. 5 COMPANY: 120 Broadway New York, N. Y. WASHINGTON OFFICE 1508 H. STREET NORTHWEST MEMBERS NEW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGE BOSTON STOCK EXCHANGE CHICAGO BOARD OP TRADE. * CHICAGO STOCK EXCHANGE Telephone Metropolitan 322“’ JAMES SLOAN, Jr, Manager