Evening Star Newspaper, February 6, 1929, Page 11

FIN BOND PRIGES REACT INDRAGGY MARKET Convertible Issues Sell Off in Sympathy With Stocks’ Decline. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW. YORK, February 6.—Nearly all classes of bonds today were weak. The high-grade issues touched a new low average for the year, with some indi- vidual bonds under the prices renched; last August. Even the convertibles, which had been moving up steadily for several weeks, were a disappointment to those who have been accumulating them, es- | pecially several of the newest members of this group. The market for high-grade rails was considerably depressed. Declines ranged from !4 to %. In spite of the fact that there is a large buying order for an estate in these bonds, quotations con- tinue to react day by day as small lots are offered from various sources. Con- spicuously weak today were Atchison General 4s, Pennsylvania 43s, Oanadian Pacific 4s, Rock Island 4s and 415s and | € Great Northern 7s. The public utilities of the same grade have also been acting poorly of late. The downward turn in the converti- bles was an automatic response to the weakness in stocks. International Tele. phone 41s, which touched 120 last week, were off 4l> points from their recent high. Alleghany Corporation 5s were especially weak. The largest de- cline in the new bonds was in Amer- jcan International 5'%s, which lost 212 points. Public Service of New Jersey 41,5 were quiet but 2 points lower. Some of tne strong features were | Dodge 6s, Denver & Rio Grande West- ern 5s, Utilitles Power & Light 5las and New York Railway adjustments. There was also & good demand for a number of the German public utilities, ! whose prices are being adjusted to the last issue in a corresponding group of bonds. The continued high rate for money, with renewals today at 7 per cent, and ANCIAL/S W YO! Received UNITED (Salas are Lib3%s... 341 Liblste%s 11 Lib 4th 4% s 40 1 US3%s43. S4s1944. 84%ss2. 10 L STATES. tn_$1.000.) . High. Low Close 9923 9921 9922 003 1003 1003 007 1004 1007 26 9721 9725 9727 5 1054 1054 1054 106 1106 1106 FOREIGN. Argentine 5s. . Argentine §s Ju 69, y Oct 59 Sales. High. Low. cg:ln, 2 92 9% 19 100% 100 3 100% 100% 19 100% 100 8 96'% 96% " 10 100% 100% Australia 434s 66 Australia 63 1955. . Australia 58 1957.. Austria 7s. Rank of Chile 6%s. Bank of Chil Belgium 6s. Belgium 6% 1 Brazil 6%s1927.... Brazil Is.. Bremen State Canada 5s 1931 n 531952 Canada §%s 1929 Chile 65 '60 Chinese Gov Ry bs. Colombla 6s Jan'61. Con Pow Japan 7s.. Copenhagen 4%s 53 Copenhagen 6s ct. . Cuba 5%s. Czecho 8s 1951 Danish Munic 8s B, Denmark 4% Denmark 63 DE15%s Mch53.. Dutch East 1 65 47. Dutch East I 6s 62.. El Salvador 8s°48., Fiat 7s war '46 Flat 7s x wai Finland 5% the fear of some action by the Federal Reserve that would be harmful to bond prices, increased the day’s supplies. The most notable of the new issues today, and one which to a marked de- gree emphasizes the current preference of stocks over bonds, was for the pur- Efle of financing a building operation which preferred and common stocks, instead of the customary real estate fl;s;!dmvnncebonds.anwbeem- ployed. Washington Stock Exchange SALES. Wash. Gas 55—$1,000 at 1017, $500 at 102. Pot. Elec. 5% pfd—5 at 109%, 1 Xg%. 15 at 109%, 5 at 109%, 1 109%. Wash. R. & E. pfd—10 at 99%. Amer. Sec. Tr. Co—1 at 474%, 4 at 47415, 1 at 474%. Natl. Savings & Tr. Co.—10 at 540. Union Trust Co.—10 at 351, Bank of Bethesda—10 at 76, 20 at 76, 10 at 76, 30 at 76, 20 at 7 Col. Title Ins. Co.—50 at 14. Chevy Chase Dairy pfd.—2 at 1061%. Oo:t Sand & Gravel pfd.—10 at 96. Mergenthaler Linot; Natl. M. & Inv. pfd ab 5%. at 104. .—20 at 5%, 20 AFTER CALL. Wash. Gas 6s “B"—$500 at 106%. B R 101 af 3 10 at 1043, Cap. Tract. Co—5 at 10815. ber & Ross 6%,5—$500 at 95. UNLISTED DEPARTMENT. Departmental Bank—1 at 6. at 0 at | N Pirelll 7s°52. Poland 68 40, Poland 7s (rets). Poland 8. .. Queensland Rhinelbe Un 7. Bid and Asked Prices. BONDS. 4 o 105% 102% | Am Int Cor 5%8’49 513 tGas 648" 11 Amer. Tel. & Tels: Capital Traction Co ag i Wash. Rwy. & Elec. com Wash. Rwy. & Elec. pfd. NATIONAL BANK. National Capital. lumbia ssues £33 388 58 8888 Becond National Bank of ‘Washington TRUST COMPANIES. American Security & Trust Co. 472 Continental Trust.. 138 Union Trust . ‘Washihgton Lc: SAVINGS BANK. Bank of Bethesda Commerce & Savin East Washington. Potomac ... Sevent) United States Washington Mechanics Firemen's " National Union TITLE INSURANCE. Colymbia Title .. Real Estate Title Title & Inv. Co. of Wash. Cons. Title pf MISCELLANEOUS. Barber & Ross. Inc., com.. B . Heads Electrical Firm. NEW YORK, February 6 (#).—Stock- holders of the Splitdorf-Bethlehem Electrical Co., Newark, have ratified the election of Charles Edison, son of the i Atlantic Refin bs. Tokio 5%s 1961.... Uta Klnn'n 5%s837. .11 109 11 100% 100% 24 874w 8% 15 95% 95% 30 95% 94% 5103 102% 1 97 9Th% 6 991 994 12 100% 100% 4 106% 106% 28 109 108% 14 106% 105% 73 115% 114% 6 109% 109% 9 94 93 9 102% 1024 2 100% 100% 9 96% 98 8 964 96 6 100% 100% 108% 3 101% 101% 7 100% 100% 13 104% 104% 12 100 100 21 93% 93% 16 93 92 12 102% 102 11 4d% 44 11 85% 89 4 9% 984 1 89 89 3 96 96 12 108% 103 100% 104% « 20 109% 109% 4109 108% 16 89% B9% 26 104% 104% 2 102% 102% 2 103'5 103% 1 108'% 103% 3 110 110% . 35 169% 166 18 99y 99 10 90% 90% 10 100% 100 13 105% 105 10 108% 108% 16 113% 112% ¥ 3 95 9% 5 39 107% 107!41‘0& 2 98% 98% 98% 2102 102 102 3 99% 99 10 100% 100 43 97w 97 2 93% 93% 17 9214 92% 19 101% 101 7 100 99% 181 oy 2 20% 20% 55 90% 90 9 102% 102% 6% 27 100% 100% 7 102% 102% 7103 1024 19 88% 884 18 100% 100 27 104 103% 7 96% 96 13 102% 102% 50 145% 143% 1 82% 824% 21 88 87% 64 98% 98 9 104% 1043% L 104% 104% 12 102% 102% 6 103% 103% 4110 109% 81 88% 88% B_l[ }03% 103% MISCELLANEOUS. Abram&Straus §%s Alleghany ev Am Water Wks 5s. Am Wrtg Pap 65’47 Anaconda 18t 6s. Anaconda cv db 7s. Armour&Co434k 39 Armour Del 6% Associated Ol1 Atl Gulf 8 6s. Barnsdl 6s w o war, Bell Tel PaSsB... Bell Tel Pa Dery (DG) 75. DetroitEdisonsss0. Detroit Edison 6s. . Dodg . Duquesne 4%8 67.. East Cuba Sug T%s Iliinots Bell 1st b Inland Stl 4%s'78, Intl Cement 68 48.. Int] Mateh 6s 47. Int Mer Marine 6 Int Paper 68 47.... Inter Paper 6s..... Int Tel&Teleg 448, Louisv G & E 63 52. Mor's&Co 1st 4%s. inventor_and president of Thomas A. Edison, Inc., as the new president of the Splitdorf company. Export Copper Price Gains. NEW YORK, February 6 (#).—Ex- port copper was advanced today % of a cent a pound to 17% cents following a similar increase in domestic copper yesterday. Nat Dairy 5%s.... Nat Radiator 6%s. Nat Tub 1st 5s. . NewEnglandTel 5 N Y Edison 58 44. N Y Tel 65 41. N Y Tel 6s .. North Am Edlis s No Am Ed 5%s'63 Nor States Pow 6s.. 27 114% 113% 105% 103% 106% 105% 98 9T 108% 106 92 9% 102 101% 104 104 9% 99! 4 92% 91 103 101 99% 105% 107% 100% 102% 103% Int Tel&Tel 4% s cv114011 103 103 105% 105% 104% 104% 114% 114% 100% 100 106% 106% 110% 110 101% 101% 101% 100% 101% 100% 100% 100% . THE EVENING STAR, WASHINGTON, D. C. WEDNESDAY, FEBRUARY 6, 1929.° Pacific Gas & El 5s.. PacT& T 68 62.... | Pan-Amer Pete 6s.. | Paramount 6s 1947. People 5 Gas bs. ... Phila Co 68 67 w 1. Philips Petro 6%s.. Postal Tel & C5%s. Pressd Steel Car 53 Public Service ¢%s. RemingtonAr 6s 32. Rem Rnd 6%s war. Sinclair Crude 5%, Southwest Bell 5s. . Stand Oil N J 5s 46. Stand OIIN Y 4%s. SugarEstOrtente7s. Tenn Copper 6s'41. TennElecPow 6s 47 ‘Transcontl 01l 6%s United Drug 58 63. . US Rub 1strf bs.. U S Rub 7%s. U S Steel s £ 6 Utah Pow & Lt 5s. . Utilities Powr 548 Vertientes Sug 7s. . Walworth 6s '45 Walworth 6%s " West Elec 5s. .. Westn Union 6%s. White Eagle O 6 %8 Willys-Ov 6%s 33 Wilson & Co 18t WinRepeatAr 7 Yngstn S&T s wi. RAIL Atchison adj 4s. Atchison gen 4 Atlantic C L 1st 4s AtlanticC Lict 4s.. Atlantic C L 43%s 64 B&OGod 4s B&Ocvilk B & O ref 5s. B & O 5s 2000 D, B&O1stbsct.. B&Orfimp 6s. B & O Toleao 4 Boston & Maine Brdway&7th Av 5 Brooklyn Elec 6%s. Brooklyn Elev 6348 Bklyn Mannat 6s. . Bklyn Un El 5: . Buff R & Pitt 4%s.. Bush Term con §s Can Nat 4%s 30 Can Nat 4%s §' Canad North 6% Canad North 7i I Central of Ga 6s Central Pacific 4s. . 4 3 7 17 18 Por Ric Am Tob 6s. 238 58 8 % 4 10 23 8 17¢ 14 1 1 3 18 6 3 27 14 19 54 © PPICTOTSPRSE TP - 4 RO, B 17 5 6 6 Cent Pac 15t 58 90.. 2 Chi&E 111 go 55 61.. 1 Chi Gt West 4s Chi M&StP 4%s E. ChiMiISP&Pacbs?5. CMSP&Pacadj5s03. Chi & NW gn 3%s.. Chi & NW ref bs. Chi & NW 6% CRIPac4%swi... ChiTH&SESbs. Chi Un Sta 4%s. Chl Union Sta 5s 44 Chi & W Ind cn 4 C&WIb%s62. CCC&StL 4%s E 77 Colo & Sou 4%s. ConnRy&L4 % Cuba RR 58.. Cuba R R 6519 uba R R 7%s. Cuba Nor §%s Del & Hud 5% Del & Hud 7s 30. Den & Rio G en 4s. D Rio G West 5s DRG & Wst 53’78 Erjecvt 5867 wi. Erie conv ext 7s. Fla East C 5s 74 Fonda J&G 438’52, Ga & Ala 18t 55 45, Green B & W d HavEIRy 5% Hocking Val 4% Int Rapid Tran 5s.. Int Rap Tr 6s stpd. Int Kap Trans 7s. Int & G Nor 18t 6s. Int&GtNor adj 6s 63 IntRysCAGs72.. Int Ry C Am 6s 41.. Int Ry CA 6%sret. Towa Cent rt 4 Towa Cent 1st 6s... Kan City F't Kansas City 8 § Kan City Term 4s. Lake Shore 4s 3 Louis&Nash uni 4s. L &N 4%82003 Louis & Nash 5348, Louis & Nash 7s. Man Ry 1st 45 90. Market St 7s 40 MIEIRy &L Minn & StL ref Minn & StLcn 5s... MStP&SSM5s3sgtd MK & T adj MK&Tprin Mob & Ohlo 4% 77. Mont Trm ref 5s 41. Nassau El 4s 51. . NatRyofMex 4s 77, NOTex&MBsB.. NY C&StL 4%sC.. NYChi&StL 63%8A . w Haven 3%s b4, Northern Pacific 4: Northern Pac r 1 6 Ore Short L rts Ore Short L cn 5: Ore Wash 1st 4s. Pennsyl gen 4% 51 189 1 - ) - EhaaRmamT~ 9 o ArrcaBlne®anRwon BRmONS®m G - S Beam o o NRNNNDNEEONRE AN BRG RN TN BT 0PN o Penna RR 4%s'63. Pennsyl gen bs. Pennsyl 5s 64. Port RLP6s47... Reading gen 4343 A 17 6 High. 101% 105 103 100% 105% AD. 85% Low. 1007+ 105 103 100 105% 102% 98% 92 1044% 9344 95 193 99% 91% 9% 1007 102% 964 94% 927% 10314 104% 102% 96% 94% 111 1064 100 95% 92 | Cormee o _BONDS o o] by Private Wire Direct 8o The Star Office Mose. 104 10 103 100% 105% BUSINESS IS QUIET ATD. C. MARKET Butter and Egg Prices Firm.| Vegetable Supplies Are Plentiful. Slow trading was reported this morn- ing by wholesalers. Just why business was slack could not be explained by merchants, although, it is stated, it probably is too soon after the Christ- mas holiday season to expect brisk trading. Practically every branch of business was affected, it was reported, although poultry, fruits and vegetables were in fairly good demand. Very few changes in prices were re- ported this morning. A continued firm condition of the butter and egg mar- ket was reported. Receipts of eggs from nearby Maryland and Virginia continue in demand at prevailing prices. Fruits and vegetables from all sec- tions of the United States, Cuba and Mexico continue to reach here in fairly large quantities, the great variety of vegetables attracting attention and being in fairly good demand. Ice in the Washington channel has made it difficult for boats to bring fish here from the creeks below Alexandria, and in numerous instances, it is stated, ice was so thick in some of the creeks that fishermen were unable to haul their small seines. Inability of the boats to make their way through the ice with cargoes of fish did not hamper business at Municipal Fish Market, however, the small catches of perch, catfish and carp being brought here in trucks. Meat dealers are receiving supplies of choice stock, very little rough meat making its appearance here. Beef prices covered a wide range, fancy stock selling at 24 and 25 cents, while ordinary quality was quoted at 18 and 20 cents. Veal was quoted at 27 and 28 cents and lamb at 30 cents a pound. Dealers reported slight changes in prices of some meats, but the changes were not great enough to affect the re- tail market to any material extent. Today’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 51a52; tub, 50a51; store packed, 30a35. Eggs—Hennery, 40a42; fresh selected, 38a40; current receipts, 37a38; storage, 30a32. Poultry, alive—Turkeys, 35a36; Spring chickens, 35a36; Leghorns, 30; fowls, FLOW OF GOLD TO AMERICA INCREASED BY MONEY RATES Special Dispatch to The Star. NEW YORK, Febtuary 6.—The world competition for gold which has been going on for over a year, with the cur- rent flowing strongly eastward in 1928 and now reversing itself so that yellow metal is not only coming from the South African gold fields, but from the Bank of Englgnd to add to the t stores of it in this country, is deeply agitating international bankers. Yesterday it was announced that an additional $15,000,000 has been enj d in London for shipment to New York. Actual purchases by several banking houses were reported as ready for ship- ment on fast English and French liners. The exchange rate, now lower than it has been this year and dropping stead- ily for weeks, provides a small profit to the importer. The governor of the Bank of England has been in this country for a week trying to adjust the gold flow so that it will not disturb the English money mar- ket. So far his efforts have been un- successful. Larger engagements of gold than ever have been made since he left England to discuss the sttuation with Federal Reserve authorities. The end of the movement is not in sight. High money rates here and the premium on acceptances over the Federal Reserve rediscount rate are attracting foreign lenders and overcoming the effect of what would normally be seasonal tend- encles in sterling sufficient to protect the lish gold supply. P;ng $t n authorities are ‘The Bank of En; between two fires. They want to keep their gold, but they do not relish the idea of paying the price for it that would be involved in raising their redis- count rate to 5 per camt. BY KENNETH 8. VAN STRUM. NEW YORK, February 6.—In many industries the investor can usually judge the profits of a particular com- pany by the general welfare of the in- dustry. But with automobiles, unless the company is very firmly established in the industry or its interests are well diversified, public favor toward a car can change almost overnight, making one company prosperous and another hard up. The holder of motor securi- tles must watch trends carefully. Demand Individuality. A number of makes of medium-priced cars have lately undergone a change of fortune. Some are at the height of their success today; others seem have lost their grip. It does not seem to be quite so much a question of car performance as appearance. Almost any manufacturer today makes a good car mechanically. Those companies whose fortunes have varied must attribute the change to the fickle taste of a certain group of middle-priced car purchasers who demand individuality in style in- stead of the standardized models offered in_cars produced on a large scale. ‘The principal producers for this group of buyers are Auburn, Gardner, Jordan, Moon, and, more recently, Marmon. The fortunes of all these companies have changed radically during the past few years. Gardner, Moon Jordan. Several years ago Gardner and Moon were doing a record business. Gardner’s business reached a peak in 1922 and 28a20; roosters, 19a20; ducks, 25; geese, 20; keats, young, 56360; old, 30. Dressed—Turkeys, 40a45; Spring chick- ens, 38a40; Leghorns, 30a32; fowls, 30a32; capons, large, 45a46; small, 38a40; ducks, 32a33; geese, 26a30; keats, 80a1.00. Meats, fresh killed—Beef, 18a25; veal, 27a28; lamb, 28a30; pork loins, 25; fresh hams, 23a24; fresh shoulders, 16; smoked hams, 25a26; smoked shoulders, 16; bacon, 20a22; lard, in tinsy131%; in packages, 14. Live stock—Calves, 17a17'%; lambs, 14a14%. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (complied by the Market News Service Bureau of Agricultural Economics) says: Sales of jobbers ex- cept where otherwise noted. Apples—Supplies moderate; demand moderate, market steady; barrels, too few sales reported to quote; boxes, ‘Washington, medium to large sizes, extra fancy Delicious, mostly around 3.50; Staymans, 2.50a2.75; bushel baskets, Vir- U. 8. No. 1, 2Y;-inches up, Stay- 1.75a1.90; 2%-inches. up, 1.85a Cabbage—Supplies liberal; demand light, market weak; Florida, 15-bushel hampers, pointeC type, 1.25a1.35; 1lg- bushel hampers, round type, fine quality and condition, 1.40a1.50; old stock, no sales reported. Celery—Supplies moderate; demand light, market dull; Florida, 10-inch crates, 4-6 dozen, 3.00a3.25; some small size, 2.75. Lettuce—Supplies of Western stock moderate; demand light, market about steady; California, crates, iceberg type, 4-" dozen, 3.75a4.00; Arizona, crates, iceberg type, 5 dozen, 2.50a2.75. Onions—Supplies. light; demand light, market steady; Michigan and Ohio, 100~ pound sacks, yellows, U. 8. No. 1, medi- um to large size mostly 5.50, few higher. Potatoes—Supplies moderate; de- mand moderate, market steady; Penn- sylvania, 150-pound _ sacks, round whites, U. S. No. 1, 2.25; New York, 150-pound sacks, round whites, U. S. No. 1, 235; Michigan, 150-pound sacks Russet Rurals, U. S. No. 1, 2.25 a2.35; Texas, 100-pound sacks, Bliss Triumphs, 4.00. Spinach—Supplies moderate: demand light, market steady; Texas, bushel bas- kets, Savoy type, 85a1.00. ‘Tomatoe: upplies - moderate; _de- mand light, market about steady; Flor- ida, 6s ripes and turning wrapped, fancy count, 3.5024.00; few fine quality and_condition, 4.50; fair quality and condition, 3.00a3.50; choice count, 2.00 a3.00, according to condition. String beans—supplies light; demand light, market steady; Florida, 7g-bushel hampers green, 2.25a2.50; fair to or- dinary (1“!“!3! and condition. 1.50a2.00; poorer, low as 1.00. Peppers—Supplies light; demand light, market steady; Florida, pepper crates, fancy, 3.50a3.75; choice, 2.50. lant—Supplies very light; too few sales reported to quote. Squash—Supplies light, light, market about steady; Florida, pepper crates, fancy white, wrapped, 4.5085.50. Cucumbers—No supg;es on market. Strawberries—Suppli Ve light; demand light, market firm; Filorida, pony refrigérators, various varieties, 40a 45 per quart. Cauliflower—Supplies moderate; de- mand light, market steady; California, pony crates, 1.75a2.00. Carrots—Supplies moderate; demand light, market slightly weaker; Texas, Western lettuce crates, 3.00a3.25, few ginia, mans, 2.00. Moon ‘in 1925. In the next three years JORDAN Lo ,|||I." | MOON iy |l|' 1 | 4 III}SO 1 °4||| 35 FRANKLIN : 15[. " MARMONI'I I 40'| 130 ,|"| AUBURNIIII 30 gl K130 L their business declined. Around 1922 Jordan was also producing a car that ha da wide appeal. But during 1926, up until very recently, these companies did not fare so well, and the earnings and the grloe of stock declined sharply. All these companiés have now brought out new models ‘and are hoping for brighter things in the future. But the erratic price fluctuations of their stocks, emphas| by Gardner’s sharp rise last week on rumors of the ty of the company going into aviation, make them highly ulative, unless one knows the inside affairs of the com- pany. Auburn and Marmon haye gained a stronger foothold in the medium- priced business. Both have had changes of management during the past few years and are now following aggressive expansion policies. Auburn has branched out considerably in buying two motor companies, Lyconning sutomobile companies, Duesenbe: Lexington, and the Limousine Earnings for the past three years aver- aged $11.18 a share, and for 1928 esti~ and fancy higher. Beets—Supplies moderate; demand light, market slightly weaker; Texas, Western lettuce crates, bunched, 3.008 3. .25. Peas—Supplies light; demand light, market about steady: Mexico, 40-pound | & crates, 5.50a6.00; Florida, 7g-bushel hampers, Sales. StLIM&S 4s29... 2 StL IM&S gn 68381, 10 St L IM&S R&G 4s. 8 StL&SFpl4sA.. 26 StL &S Fr4%s78. 59 StL&SFprinbs. 11 St LS Wcon 4s32. 10 StL & Sown 658 '62.. 23 Seaboard AL 4s sta. Seab A Lref 4s.... SeabAL ad)j 58 1949. Seab A L con 6s.... SBAIIFla6s35A. Sou Pac 4s 29, Sou Pac clt 4s. Sou Pacific ref 4s.. mates run from $15 to $25 a share. Marmon recently turned its large pro- duction facilities to include a medium- arlcod car. Last year's sales were greater those of any two previous years. Exact are lacking, but in some uarters earnings of $8 or §9 are fore- cast for last year. Detailed information regarding the operations of these companies is not so readily available as with the larger corporations and their fortunes are dif- ficult to foresee, but their success de- pends upon their ability to gain a place for themselves in the -medium-priced field. Many rumors of mergers centered around these companies, which, if ac- complished, may stabilize their Investors must keep in mind stocks'of these companies have always been erratic, usual for a stock to double within a year, only to fall back close to the old iow and repeat the process again the next year. On the basis of their rec- ords lative. - Franklin, Reo. Sou Pac 4%srets.. Sou Ry 6%s. Term Asso S L 48 Tex & Pac 6B 19 Third Ave ref 4s 60. Union Pacific 4 Unlon Pac 4% Virginia Ry 1 Whash 418 78 rets. 108% 87% 101% 97% 9814 w 98% WisCengn4s49,.c 4 8% There are two old-line companies which seem to have carved a definite niche for themselves in the motor trade, Franklin and Both companies date back to the very of the industry. Franklin has gradually bullt up & clientele of those enthusiastic -cooled motors. For close company’s affairs are in a !)ollflon to guess whether the rise is justified, for little publicity .is given to the inner workings of the con Reo has been manufactus fi'&‘&‘:’.«’“m.‘""‘h”“.'. e elling port e a5 & Sl Growth has r-m{e-'um and re- cently have n accelerated by la; greater emphasis on the style factor, ing the past six years earns and Austed; two| & that :Eé] that it has not been un- |p, hey must be regarded as specu- |} NORMALCY IN FARM RELIEF IS SOUGHT Settlement of Agricultural Prob- lem Affects All Classes of Citizens. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, February 6.—‘“Normal- FINANCIAL.’ AIRSHIP FIRM REPORTED BUYING BALTIMORE SITES Special Dispatch to The Star. ‘ year-Zeppelin Corporation of Akron, | Ohio, upmporhd to be tracts of | land near the Baltimore Municipal Air-; | port site. Some of the deals, it was said, have | been closed, and others are about ready for settlement. ‘The move did not come as a complete sug;g:e. ne Goodyard-. {mmmwr- ests have been al e pos- sibility of nmn%m the city of Baltimore at the airport. Nothing the city had available seemed large eno:,h, it was said, and the negotiations with the city were dropped. n Dr. Hugo Eckener was on his recent trip to the United States in the Graf zvm:lln he passed over the area now figuring in the Goodyear deal, and upon reuhinf New York said if a regular Zeppelin service was to be in- augurated between America and Europe, a base near Baltimore or Wash | would be needed. The Goodyear-Zeppelin Corporation, which has large contracts for airships | and has been seeking a suitable factory site near the coast, is believed to have been influenced by Eckener’s report. Its business already is maintained on a large scale at Akron, but it has been indicated further expansion would be at a new location, espectally chosen for airship manufacture, with ample space for hangars and gas-filling equipment. The industrial bureau of the Associa- tion of Commerce has been presenting to the company, factors likely to in- | fluence it in coming here in preference | to other Atlantic seaboard locations considered. NEW YORK BANX CLEARINGS. cy!” was on every tongue eight years ago. It was a war cry of the Harding ad- ministration then coming in, and it may be revived this Spring. For one of the most important questions of the days is, What constitutes normal condi- tions in agriculture? Practically every business and industry in the United States will be affected by the definition. In general it might be defined as the % | close adjustment of supply to demand, ni The general population of the U States is increasing. The population of the farms has been decreasing, but the United States still produces far more agricultural products than the country can consume. Since the war, the country has lost millions of people from the farms, ac- cording to Dr. George S. Wehrwein of the University of Wisconsin. The area planted to crops decreased; yet the crop surplus has not been reduced to a point where the farmer’s condition is satisfactory. Population” has risen 25 per cent, the Wisconsin professor declares, and this also has failed to reduce surplus. The answer Is farm efficiency. Science has so revolutionized farming, along with improved machinery. which has elim- inated much manpower, that the equiv- alent of a million acres has been added to farm lands. “Until 1922,” saild Dr. Wehrwein, “there was a danger that food supply would not keep up with increase In population. That year marked the turning point. Formerly it required 21, acres of land for the lupg:rv. of one individual. This will not true in the future. We are raising more food per acre than ever before, and the tractor, truck and automobile have dis- placed so many horses and mules that acres formerly devoted to forage crops now are planted to foodstuffs for hu- man consumption. We no longer have a pressure of population on food sup- ply, but a pressure of food supply on population.” This view is substantiated by the re- duction in consumption of flour, meats and other staples and a change in diet of the American people. The Corn Belt Farm Dailles, a recog- nized agricultural authority, takes a far brighter view of this situation. This organization holds that, while it is almost impossible to say whether nor- malcy has returned, population is in- creasing at the rate of a million and a half consumers a year, and the art! ficial stimulation of war-time produc- tion has largely been overcome. ROAD EARNS $3.79 A SHARE. The D! Norfolk Southern ended December 31, 1928, come of $606027 after taxes and charges, equivalent to $3.79 a share earned on 160,000 shares of stock. This 5, or $4.63 a share, in_1927. Preliminary income account for year 1928 compares as follows with 1927: Wi ik nagiE 31,790, 1,049, $740,385 Gross .. Expenses, Operating incom Equivalent rates, Net operating income $1,545. Other incom 92, Total income. Interest, ratet Net income Soft Coal Production. NEW YORK, February 6 (#).—Do- mestic soft coal production last week is estimated by the National Coal Asso- ciation at 11,820,000 net tons, against 11,686,000 tons the week ended January 19, and 11,768,000 for the week ended January 26.1928. . ODD-LOT SALES GAIN. NEW YORK, Fel Brokerage houses hand] business report these orders steadily growing the last two months, indicating the entry of many new small buyers into the stock market. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) . Qffer. Allis-Chalmers Co. 85 1997, ... "88%s 100 Aluminum Co._ Amer. xig. 101 4 Amer Tel. & Tel. Co. ds 9944 Anaconda Cop. Mining bt Balto, & Ohlo -4'as 1933 s, 2 Bell Tel. of Canada 88 alifornia D, 8 gl 6 (P).— odd-lot ve been 8 Shtode Rock" e L ison El Il ral P CESEEE F, Bheli Union ginclair Crud uthern Pac. = s3sze g 3T 8Ys d Drug CO. % Western Electric Co. .l: {0’ Bors. 048] 100% Sl Wheeling Steel FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) == S Fagegasey 3 TREASURY CERTIFICATES. (Copyright, 1920.) Money to Loan Secured by first deed of trust on real estate. Prevailing interest and eo; ion. Joseph 1. Weller {3 73} Mortgages Investments JAMES Y. PENNEBAKER Main 5328 1520 K St. N.W. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. Street Main 475 6% NOTES Secured by First Mortgages Safe—Conservative Make your savini and surplus funds work for you at the highest inter- in financing est rate consistent homes and in the with absolute sale of these se- satety. curities. W. H. Saunders Co., Inc. REALTORS Main 1016 em——— LOANS On Improved Property in Maryland and District of Columbie 6% Interest 41 Years’ Experience 1433 K No Commission Charges WEAVER BRO REALTORS 809 15th Street NW. 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