Evening Star Newspaper, February 21, 1929, Page 14

é ‘14 FINANCIAE, NORTH AMERICAN EARNINGS INCREASE lere Than Five-Miltion-Dol- lar Gain Shown Over Year 1927. BY EDWARD C. STONE. An increase of 20.53 per cent in bal- ance for common stock for 1928 over 1927 is shown in the preliminary con- solidated income statement of the North American Co. and subsidiary companies, Such earnings, after all operating ex- Ppenses, interest charges, depreciation and all other reserves and dividnds on preferred stock, were $22,582,721.32, or $5.148,095.40 greater than in 1927. These earnings are equal to $4.68 per share on the average number of shares of North American common stock out- standing during the year 1928, compared . with $4.06 per share for 1927. Gross earnings were $135,551,899.02, an increase of 10.96 per cent. Operating inciuding maintgnance, taxes reserves cxcept “depreciation, were 871,152,646.78, an increase of 8.95 ber cent. The operating ratio, or the proportion of gross earnings required for operating expenses, maintenance and taxes, decreased from 53.46 per cent in 1927 to 52.49 per cent in 1928. Net in- come from operation was $64,399.252.24, an increase of 13.26 per cent. The preliminary statement is subjectl Yo completion of verification in the course of the annual audit now in prog- ress. The annual report to stockholders, containing final financial statements and general review of 1928 operations, x-lm !]w issued during the latter part of arch, Chapin-Sacks Directors Re-elected. At a meeting of the stockholders of Chapin-Sacks Corporation held in Rich- mond February 19, 1929, all directors were re-clected, as follows: E. S. Perot, jr.; H. J. Adair, J. A, M. Adair, James Mullen and C. J. Gockeler. A statement presented at the meeting in- dicated that the company had had a satisfactory year. Bonds Listed on D. C. Exchange. ‘The Washington Railway & Electric general and refunding mortgage 6 per Open. Hish. Low. Close. , Abitibl Power... 47% 49 474 Abranmé&Straus 141 141% 140 Ab&Strauspf 7. 110 110 110 Adams ExXp(6).. 420 429 420 420% Adv Rumley.... 67 69% 66% 67 Adv Rumley pf. 66 69 66 67 Ahumada Lead.. 4% 4% 4% 4% Air Redctn (13). 105% 107% 105% 107% Ajax Rubber.... 9% 9% 9 9% Aiaska Junea... 7% T e Albany Papr(2). 22 22 22 22 Alleghany Corp. 31 31% 30% 31% Alleghany A 6% 101% 102 101% 102 Allies Chem.... 286 29215 286 292 Allis-Chalm(7). 172 172 171 171 Amal Leatherpf 63 63 63 63 Amerada(2).... 31% 31% 30% 31% Am Agricul Chm 18% 19 181 18% AmAgriChpf.. 64 65 64 65 Am Bank N(13). 126% 126% 126% 125% Am BeetSugar. 16 16% 16 16 Am Bosch 45% 457 4d% 44T Am Br Sh(J1. 54% 55% 64 bi% Am Brown Bov. 22% 22% 214 22 Am BrownBopt 75 6% 5 5 Am Can (14) 115% 117% 114% 117 Am Can pf(7)... 1414 141% 141 141% AmCar&Fdx(6). 95 97 95 96% AmC&Fpf(1). 117 117 117 17 Am Chain pf(7), 82 82 82 82 Am Chicle (2).. 534 534 52% 52l Am Chic pr pf(7: 110% 110% 110% 118% Am Drug (60c).” 9% 9% 9% 9 Am Encau T(4). 44 45% 44 45% Am Express(6). 299 2991y 209 29914 Am & For Pow.. 133% 133% 125% 125% Am&ForP pf(7) 107% 1074 107% 107% Am&For P2d 7. 100% 103 100% 103 AmHide&Lea. 84 84 84 8% Am Hide& L pf. 33% 34% 34% Am Home Pr(3) 77% 81% 80 Amlce (12%)... 40% 40% 40% Amicepf(6)... 93 93 Am Internatl(2) 66 67% Am LaFr&Foam 7% Am LaFrance pf 70 7 Am Locomot(8). 101% 110% 110% 110% Am Loco pf(7).. 115% 115's 114 114 Am Ma & Ey(4). 178 175% 173 Am Metalsi3). 59 2% 69 Am Metal (rt: 3% 24 Am Metals pf(§) us 18 18 Am Plano...... 13% 14% 13% 14% Am Piano pt 49 5315 49 5344 AmP&L (§i).. 113% 1131 109% 110% AmP&L pfA23;. 76 76 76 16 AmP&Lpfstas. ®¥3 83 83 83 AmPo&Lt pt(6); 101% 101% 101% 101% ""IfHE "EVENING STAR, WASHINGTON, D. ¢, THURSDAY, NEW YORK STOCK EXCHANGE 6815 113' 22% i Coty. Inc (g2).. 6814 Crosley Rad (1) . Crown Zelrbek 1 Cructble Sti(s). 87 CubaCaneSugar. 4% Cuba CaneSu ptf 13 Cuba Company.. 21% Cuban Am 8(1). 124 Cuban-A Sug pf. 7l Cuban Dom Sug. 6 | Cudahy Pkg4). 59 Curtiss Aerot1). 150% Davison Chem. . Debenhms(2.91) Del & Hud(9)... Del L & W(17).. Den RG Wn pf.. Detroit £4(8). .. Devoe A (13.20). Devoe&R 15t(7). Diamond M (8). Drug Inc4).... DulSS & Atl pf. Duluth Superior. Dunhill Int (34). Duplan Silk (2). Dupont de N(4). Du Pont deb(6) . Dug Lt 1st(5)... Eaton Axle (3).. Kitingon(2%). . Elec Auto L (4) Elec Au L pf(7) Electric Boat. ElecPow&Lt(1). Em Brantgm(A) Elec Stor B (5). Emp Capwell(2) Eng Pub S(m1). Eng Pub Ser yts. Kng Pu S pf(5). KEquit Bldg(2).. ErieRR.. Krie 1st pf. Erie 2d pf. Eureka Vac (4). 117% 100% 69% 34 160 112 13% 100% 697 3319 157% Fuirbanks(3)... FairbankMpf(7) Fed Mot T(80¢). Fidelity-Phoenx Filine's (6%). .. Filene's pf(6%). First NaiSc1%) Fisk Rubber.... Fisk Rub 1st pf. Fisk R 1st pfev. Fleischman 13% 17 108 108 19 19% 9% 98 95 96% Na% 105% Am Radiator(b) 183 190 188 189 Am Rad pf(7)... 170 170 170 170 134 143 134 140% 46 47 46 48 Am Ship & Com. 5 b4 b 5l Am Shipbldg(8)., 90% 90% 90% 90% Am Sm&Ref(4). 114% 116 113 115% AmS&Rpf(7). 136 136 136 136 cent 10-year gold bonds, which have been called for redemption on May 1, are listed on the Wi n Stock Ex- The last sale in the issue was at 102 They are to be redeemed at 102 and accrued interest, so that they are now selling very close to the re- demption price. The corporation m- nounces that these bonds may redeemed before May 1 at 102. md Am Snuff (12)... 200 202 200 202 Am Stl Fdys(3), 69% 71% 68% T0% Am Stl Fy p£(7). 112 112% 112 112% Am Sugar...... 84% 87% 84 86% Am Sugar pf(7). 110% 110% 110% 110% AmTel & Ca(b). 29% 32 20% 32 Am Tel & Tel(9) 209% 213 209 212 176% 175% 174% 174% 176 175 174 174 144 144 144 144 interest to the time of purchase if the holders prefer to run them in prior to the above date. Mergenthaler at New High Mark. An advance in Mergenthaler Linotype high followed yeszerd.lyl close at 105%. Other issues were firm. Potomac Electric Power 6 ser cent preferred moved at 111% an thz 5‘,& per cent at 108%. les Drug Stores changed hands at 116 Twenty shu'es of Riggs National sold at 576 and Park the unlisted department, sold at 81. The bond market was quite active and prices maintained recent levels. There was a sale in Washington Rail- way & Electric general refunding 6s at m"/. These are the bonds that have been called at 102 and accrued inter- est on May 1. The exchange voted to close tomor- Tow and Saturday. ‘Theater Stock Half Subscribed. Maurice Otterback, president of Anacostia Bank, announced today more than half of the stock had already been subscribed in connection with the erectionoz-momnprlctmmumm the John W. Welch & Co. erection of a ‘The com] lans the bufldlnl. 60 by 95 Xefl. m Good road between teenth streets, at a cost of shouc $30,000. Mr. Otterback, who has always been deeplv interested in the development of Anacostia, beugves that a theater of the kind proposed is much needed. He points to the recent rapid growth of Anacostia and is emhufl.ufl: over this latest enterprise. e company is char- tered under the hws of Delaware. Bankers' Magazine Out Today. Dollars and Sense, the official publi- cation of Washington Chapter, Ameri- can Institution of Banking, was dis- tributed throughout the financial dis- trict today. It is edited by Aubrey O. Dooley, assisted by John R. Keener, Hilda M. Shomo Ind Robert E. Lee. Raymond D. Lewis is business and O. Lehmann circulation manager. It is an unusually fine number. Among the distinguis] contributors are Secretary Roy O. West of the De- partment of Intericor, who writes “‘Administering indian Trust Pundfl' Undersecretary Ogden L. Mills, on “The Administration of the Federal Income ‘Tax,” and an article on “Air Transpor- tation and Banking” by Maj. Clarence M. Young, director of aeronautics, De- partment of Commerce. The work of the American Bankers' Association is discussed by Gurden Ed- wards and Joe Evans, vice president of the A. I. B, is another able contributor. ‘The usual space is given to the work of the local chapter, different features of this lively organization being covered by President James A. Soper, Frank M.} C Perley, A. E. Henze, Mable V. Royce and others. The American Telephone & Tele- graph Co. has declared the regular quarterly dividend of $2.25, payable April 15 to stock of record March 14. ‘Washington's financial district will be closed up entirely tomorrow, ,both the banks, brokerage and . all investment houses taking the holiday off. Sales of the Childs Restaurant Co. for January, as reported to the New York Stock Exchange totalled $2,184,- 427, a decline of $161,138 compared with the same month in 1927, W. W. Spaid, Francis G. Addhcn Jr.; Lanier P. McLachlen and Frank Stet- son will leave Washington late today for Virginia Beach for some holiday golf. INDUSTRY IN VIRGINIA MADE GAINS IN 1928 RICHMOND, February 21 (Special). —Although the itemized records of Vir- ginia industry for 1928 are not yet available, the Burcau of Labor and In- dustry estimates that the industrial output will show a total value in the’ vicinity of $900,000,000. Output in 1927 was $782,425,841. The reason for the increase is the many ncw plants erected in Virginia during the last two years. Even larger strides may be expected in 1929. Upon completion of the new rayon planis, Virginia will produce more than one-half of the artificial silk manufactured in the United States. Cigarette production for 1928 reached a new high record of 19,500,000,000, cqual to approximately one-fifth of ths total production of the whole country. Sales Contract Is Made. BALTIMORE, February 21 (Spe- clal) —Terms of an exclusive contract between Copeland Products, Inc., De- troit, and Commercial Credit Cos. just announced, will enable the 2,000 Copeland dealers to sell electric refrig- erators on down payments as low as 15 per cent, with 18 monthly payments for the balance. The contract between the two companies provides financing that | Bang & Ar p£(7) 110 Four- | Bethlehm St1 864 85 854 99% 99% 99% 99% 23% 23 28 234 .. b1 50% 51 Am WritPactfs 12 12 12 Am Zine... 9% 38% 39% 134% 132 |, 133% 62% 58 6lh 60 60% b58% b69% 95 95 9% 94% Armour LIl(A).. 15% 15% 156% 154 Armour II(B).. 84 84 "8 8% Armour 11l pf(7) - 82% 52% !l 52 AssoDryG(2%). 60% Asso DG 1st(6). 102'/1 lflzh 102'0 IOEV: Asso O11(2) 45 45 Atchison(10)... 201“ 202 201% 202 Atchison pf(5).. 103% 103% 103% 103% AtlCoast L(110) 183 183 183 183 AtGulf & W1.. 34% 34% 34% 84% AtIGUIf pI(3).. 4Tk 4Th 47 47 Atlan Ref(11%) 55% b65% 55 AtlasPowder(4). 100% 102 100% 102 Atlas Tack..... 10% 10% 10% 10% Austin-Nicl i 1%, .9 % Auto Sales Dfll) 37% 37% 87 37 Autostrap A(3). 45 45 45 45 Bald Locopf(7). 117 117 17 117 Balto & O(6).... 124% l!l% 128 123 Bang & Ar(3%). 66 66 IW 110 110 Barker Bros(2). 304 30% 30% 30% Barnet Leather. 22 22% 22 22% Barnsdall A {2). 39% 39% 38% 39 IMk 103‘!: 105% 105% Belding-Hem Best & Co(3). 86 9% 97% 98% 9Th Beth Steel pf(7) 1213 121% 121% 121% Bimingdle pf(7) 110 110 110 110 Blumnthl p£(7). 100 100 100 100 BonAliA(4).. 84% 84% 84 84% Borden Milk(6). 187 187 186 186 Briggs Illm m 51% 50 50% British 5% 5% Brockwy. Iol(‘) 50% 61% 60la 61% Bklyn-Man(4).. 76% 80% 76% 80 BklynUnGas(5). 182% 1829‘ 182% 182% BrownShoe(2%) 4l% 41% 41% 41% B:own Shoe pf 7. 119% 119% 119% 119 Bfunswick B(3) 48% 48% 48% 48% Brunswick Ter.. 36% 37% 36% 37% Bueyrus(1)..... 38 83% 2T% 38% Bucyrusevi2lg) 46% 46% 46 464 Buff R&P pf(6).. 100% 100% 100% 100% Buft&Sus pf(4).. 59 59 59 59 BurnsBros pf(7) 104 104 104 Bush Term(g2). 4% Tk Bush Ter pf(7).. 116 116 Butte Cop & Zine 8 Butuksugo(l). 3 2% 143% 144% 142% 142% 10% 10% 10% 10% % 1% 1T 1 3% 3% 8% 3% 129% 129% 126'% 129 56l% b56% 556% 56 T9% 84% 78% 824 248% 251% 247% 250% 45 4% 43% 454 34 34 34 3¢ % 2% 71 43% 44 43 44 46% 48% 46% J4TH 330 17% 108 Cen Aguirre(2). Cent Alloy:2). .. Ry NJ(112). 828 330 328 1% 17T% 1% 106 Certain-teed Pro 21% 21% 21 Certain-td pf(7). 60 60 60 60 Ches & Ohlo(10) 216% 217% ZIGK 217% C & O Corpn(3).. 83% 834 Chi & Alton. . 16 16% Chi & Alton pf.. 20 Chi & East 111 pf Chi Great West. Chi Gt West pf.. ChiMil &St P.. Chi Mi) & StP pt Chi & Nwn (4).. Chicago Pn Tool. 32 Chi PTpf(3%). 52% 524 b62h Chi,RI&Pac(8).. 130 1314 130 CRI1&PpL(6). 100% 100% 100% 100% CRI&P pf(7). 106% 106% 106'% 106% Childs(2.40).... b56% 58 Chile Cop (3%). 96 Chrysler Mot(3) 103% 106 City Ice (3.60).. 59% b59% 59 59 City Storesnew. 24% 24% 23% 23% City Stores(rts). . 3% Cluett-Peab(5) . Cluett-Pea pf(7) 115 182 16’/- 20 61 19% 59% 36% 57% 88% 32% 30% 82 19% 60% 365, 5T 88% 89% 56% 58% bB5% b7% Col Fuel & Iron. 68% 70% 68 704 Colo Fuel pf(8). 133% 133% 133% 133% Col & Southn(3) 113 113 113 113 Col Gas & EI(5). 145% 145% 145% 145% Col Gas&Elnew. 59 59% 58% 59% Columbia Graph 69% 71% 68% 70 Col Carbon t4%. 146% 146% 146% 146% Com Cred(1) 50 50% 49% 504 Com Ci1stpf 6% 101% 101% 100% 100% Com Inv Tr (4). 182% 182% 177% 181 Com Inv (war) 534 53% b63% 634 Com Solvnts(8). 239% 2447 287 -244 Com Power(13). 119% 119% 1171 117% Congoleum-Nair 29 20% 28% 294 Cong Cgrs(5).. 88 89% 87 874 Consol Cgrs (7). 92 92 91% 91% Con Fllm pfi2). 274 2Th 2Th 2Th Comsol Gas (3).. 108 108&. 106% 108 ConsolGaspf(5). 9% ConRRCuba pf 6 66 Consol Textile. . 4% Container A 1.20 20% Container B 60c. 10% 4% 20% 10% 59% Cont Baking B Cont Bak pf¢ Cont) Can (2% 23% plans for all branches of the Copeland gales, domestic, retail, wholesale, @part- ments and commereiel, 1% 857 Corn Prod 13%.. Lt 1806 141% SCorn-Frod.pt(7). 14 5% | Hershey pf(4).. 1 | Jordan Motor... Follansbee 121 . Foundation Co Fox Film A(4).. Freeport T (4).. Fuller pr pf(6). Gabriel Snub A.. Gardner Motor. . Gen Am TC(34). Gen Asphalt Gen Cabl Gen Cabl A(ll- Gen Clgars(4). . Gen Electric t§. . GenElec sp(80c) Gen G&El A(12) Gen Gas pf A(T) Gen G & E1 A(8) Gen Gas pf B(7) Gen Mills (3). Gen Motors (3 Gen Mot pf(8) Gen Mot nr(n. . Gen Outdr Ad(4) GenOutdrAd(2). Gen Ry Sig(5).. Gen Refrac(3).. Gillette S R(e5). Gimbel Bros.... Gimbl Br pf(7).. Glidden (11%).. Glidden pr pf(7) Gobel (Adolph). Gold Dust (new) Goodrich(4).... Goodrich pf(7).. Goodyear Tire. . Goodyr 1st pf(7) Goodyear (rts).. Gotham H (2%). Gothm nv(2%).. Gould Coupler A Graham-Paige. Granby (6). Grand F&W (1). Grand Unon. . Grand Un pf(3). Grant W T (1).. Grt North pf(5). Gt Nor pf cfs(5) Gt NoOr cfs 2% . Grt Wn Sug. . 36% 38 174% 176% % 44 524 52% Guif Stat 8tl(4). 72 T4% Hahn Dept Stor. 46% 48% Hahn DS pf 6%. 106% 107% HamiltonWpf(6) 100% 100% Hanna M A (7).. 94 94 Hartmn B(1.20). 31% 31% HAvEl Ry pfi6). 59 89 Helme Geo(17). 110 112 Helme G W pf(7T. 124% 124% Hershey Corp... 67 68% 81 824 HockingVal(10) 412 415 Holnd Fur(23). 454k 45% Hollander & Son 18% 184 Homestake(17). Household(14) Howe Sound (4 Hud Man(24% Hudson Mot (5. Hupp Mot (£2 8% T4% Illinois Cen(7).. 142 142 Ind O & Gas (2). 30% Indian Mot (1).. 28% Indian Reflning. 347 Indian Refgcifs 33% Indust Rayon... 127 Inland Stl (33%). 89 Inspiration (3).. 5i% InterboroRapTr. 52% InterconRubber. 11%- Intl Bus Ma (5). 169 Int Cement(4).. Int Com Eng(2). 120 105% 106 29% 29% 1% 17% 9y 9% 69% 70 b4k 55 109% 109% 2% 73 233% 240 109 110% 85% 86% 80% 8l% 109% 109% 125 125 6l Int Mer Mar pf.. 46% Int Nickl of Can 62% Int Nickel pf(7). 122 Int PakPoA2.40. 31% Int Papr & Po B. 20% IntPapr& PoC. 14 Int Pa&Po pf(7) 91 Int Prig Ink 2%. Int Ry CA pt(6). Intl Salt(5). Int Stlver. Int Tel & Tel(6). 211% 2 Interstate DS... 90% Intertype(t1%). 844 Island Creek(4). 059% Jewel Tea (15).. 148 Johns-Manv(s).. 205% Jomes & Lau(7). 121 12% K C Po&LtE(6). 106% Kan City South. 89% Kan CSopf(4).. 66% Kuufmn DS 1%. 381% Kayser J (5) 0% Keith-Albee. .... Keith-Al p£(7).. luv. Kelly-Spring.... 19 Kelly Tire 8%pt 82% Kels Hayes(2).. 57% Kels Wh pf(7).. 110 Kelvinator Corp. Kennecott (8)... 155! Kinney (G R) Kinney pf(8 Kolster Radlo. .. Kraft-Pho(1%) Kresge (1.60). Kresge Dept S Kroger Grotel). 106% LagoOfl.... . 214 Lambert (17)... 139% Lee Tire & Rub. 20% Lehigh Val Coal. 21% LehighValCpf 6 39 I4e 1gh PC pf(7) 109% & Fink(3). 61'% quuld Car t4% . Lig Myers(16).. Lig & Myrs B 16 Liima Locomtve. Link Belt Co 1 LaOll pf(6%) Lonts GasA 1.7 Ludium Stlctfs. 71 Ludlim 8.pf 636 . 100 -100 Coen. High. Low. 66% i 4 125 21 11% 68% 6 58% o 150% FEBRUARY 21, FINANCIAL, Close. 68 llGVg lllh 115% 22 12% Mac And(12.85). Me Call Cofp(4) MecCrory A(2)... McCrory B(2).. McCrory pf(6).. McGraw Hill(2) McKeespt Tin Pl McKes&Ro 1.60. McKsn pf A 3% Mack Truck(6). Mad Sq Gar 1% Magma Cop (4). Mallison & Co... Mallison pf(7).. Mandel(2%). ... Man Elec Suply. Man Elev gtd(7) Man El mzg(db) Man Shirt(2)... Maracaibo Oi1. Market St prior. Marlan Oil... Marmon Mot(4). Martin-Parry Mathieson(6) Maytag pf(3) Maytag 18t pfi Melville Sh 1.10 Mengel Co. MetroG pf(1. Mexican Seab o 4% 4% 107% 106% 117% Miami Cop (2., {40 Mid-Cont P(2). Middle States Mid States ctfs.. Midland pf(t12) Miller Rubber... Minn & St Louis. Minn StP&SSM. Mo Kan & Tex. . Mo K&Tex pf(7) Missourt Pacific. MoPacific pf(5). Mohwk Car 214, Mont Ward 2%.. Moon Motor-. ... Mother L (40¢c).. Motion Pic Corp. Motor Meter A.. Motor Prod(2).. Motor Whi (2).. Mullins Mfg.... Mullins pf (7).. Munsingwr (3) . Murray Corp.... Nash Motors(6). at Acme (1)... Nat Bellas Hess. Natl Biscult(17) Nat Bisc pf(7).. Nat Cash Reg t4 Nat Dairy (33).. Nat Dept Stores. Nat Distlllers. Nat Distillers pf Nat Lead pfA(7) Nat Ld pf B(6).. Nat Pow&Lt(1). Nat Radiator. .. Nat Radiator pf. Nat Ry Mex 2d. Nat Supply (18) Supply pf 7 Nat Surety (5) N Y C & StL(6). N Y Dock.ueusnn N Y & Harlm(5) NYNH&Hart(4) NY NH&H pf(7) N Y Ont&W . N Y Rallways pf Norf & Wn(t10) NorAm bl0%stk North Am pf(3). NorAm Ed pf(7) No Germn Lloyd North Pac(5)... 1 Omnibus pf( Orpheum pf’ Owens Bot (c4). Pacific Coast. Pac Coast 1st. Pac Coast 2d pf. racific Gas(2).. Pacific Mills. ... Pac O1l Stubs... Pac Tel & Tel(7) Packard (13%).. Pan-Am Petroim Pan-Amer Pet B Paramount-F-L’ Park & Ti1(33). . Park Utah(80c). Pathe Ex. . Pathe Ex(A). Patino M(a3.89). Peerless Motor. . Penick & Ford. . Penn Dixie Cmt. Penn RR(3%).. People’s Gas(8). Pere Marq (18).. Pet Milk (134).. Phila Co pt(3).. Phila&RC&1.. Bhil Morris(1).. Phillips P (1%). Plerce-Arrow.. . Plerce-Arrow pt Plerce 0!: etrolm . 2% | Pllsbury (1.60) Pirelli of Italy. Pitts Coal...... Pitts Ter pf(6).. PortoRIcoTobB. Postal T&C pf 7. Postum(3). Prairie Ofl& Prairie Pipe (3). Pressed Stl Car. Pr Stl Car pt(7). Produ & Refinra. Public Serv 2.60. Pub Serv NJ rts. Pub S NJ pf(7).. Pub Serv pf(6).. Pub SE&G pf(6) Pullman Co(4).. Punta Aleg Sug. Pure Ol (1).... Pure Ol pf(8).. Purity Bak(3).. Radio Corp..... Radio (new).... Radlo-Keith(A). Radio-Keith rts. RS8Cefs(4).... ReadingRy(4).. Real Silk Hos. .. Reis(R)& Co. Rels 1st pf(7) Remingtn-Rand. Rem-Rd 24(8). Reynolds Spngs. Reynolds B new. Richtield O11(2).. Rio Grande O1l.. Rossia Ins t6% . Royal Bak P(1)., Ioyal D(a3.222). Safeway (3).... St Jos Leaa:13). StL & San Fr(8) StL&SanF pf(8) StL&Southwest. Savage Arms(3) Schulte (§3%).. Seab Alr Line... Seab Air L pf... Seagrave(el.20). Sears-Roe(32%) Seneca Copper. . Shattuck FG(2). Shell T&Ta2.425. Shell Un(1.40). Shubert The(5). Simmons Co(3). SimmsPet (1.60) Sinclair O1l (2).. Skelly Ol1(2)... Sioss-Shef(6)... Sloss-Sht pf(7). Snider Packg Co Snider Pkg pf... So Por Rieo(2).. Souti Por pf(8). South Calif Ed. . South Dairies B South Pac(6 South Ry (8) South Ry pf(5). SouRyM&O cfs 4 Spen Kellog 1.60 Sjucer Mrg. 47% 22 7% 2568 152 53% 1% 19% 121 108% 82% 16% 23% 113% 129% 350 484 104% 109% Y pen. High. Low. Close. 4 4 41 T4% 107% 107 Received by Privaté Wire Direct to The Star Office Close. 105% 34% 90% Open. High. 103 105% 34 34 Low. Splegel Co (3). . 03 Stand Com T(1). SLG&E (3%). 1St G&EDt4). Std Milling (6). Std Millg pf(8). Std O of Cal(13) StdOIINJ (11%). StdOiINY(1.60). Std P Glass pf.. Std San M(1.68). Staniey Co Stewart-War(6) Stromberg (3).. Studebaker (15). Subniarine Boat. Sun Oil pf(6) Supertor O1l. Sweet of Am(1). Symington Cl A. Tenn Copper(1). Tenn Cop (rts).. Texas Corpn(3) . Tex Corp full pd rexasGulfSul(4) T&P C&O(b2% ) Tex Ld Trinew) Thatcher MfE. .. Thatchr pf 3.60 The Fair(2.40).. The Fair pf(7).. Third Avenue. .. Thomp J R(3.60) Thompson(rts) . Tidewater AsOil TidewatrO(80c) *| Timken Roll B.. Tobac Prod ( Transcont Oll. .. Trico Prod(2%) 5" | TruaxTraer C... 85 286% 40% 59% 30 1% 174% 138% 40% 40% 15% % 63% 1% 12 13 26 39% 20% 3% 34 33% 5 56% 61 70 39% lfN 69h 5% 21% 18% 85 1 121 107 108% 824 1 24% 114 130% 360 3 354 L3 80U, T4% 13% 89y 3314 99% EG’A 10% 56% 40% Truscon Stl 1.20, Twin City RapT Twin City pf(7). Undwd-El F (4) Un Bag & Pa Union Carb(6 Un 011 Cal(2). Unlon Pac(10).. Un Pacific pt (4) Union Tank(5).. Utd Biscuit 1.60. Utd Cigar St(1). Utd Elec Coal... Fruit(t5%). Utd Paperboard. US Cast Ir P(2). US CIP 2d 1.20.. U S Distributing U S Distrib pf(7) US Express.... U S Alcohol (6).. US Leather.... U S Leathr A(4) U8 Lea pr pf(7) U S Realty(4). U S Smelt(3%).. USSmpf(3%). U S Steel(7).... U S Steel pf(7). Univ Pipe & Rad Utll PEL Ate2). Vadasco Sales Vanadium (14). Vick Chem(4)... Victor Talkg(4). Va-Caro Chem. . Va-CarCh 6%pf. VaEl& P pf(7). Vulcan Detin. .. Vuican Detin(A) Wabash........ Waldorf(1%). Walworth(1.20). Ward ClA(S)... Ward Baking B. Warner Eros Pic | with U. jand Canada Dry Ginger Ale among % | Johns-Manville more than 3 and Mont- 9% | strong features. STOCK PRICES GAIN IN BROAD ADVANGE U. S. Steel Becomes Market| Leader After Period of Early Uncertainty. BY GEORGE T. HUGHES. Speclal Dispatch to The Star. NEW YORK, February 21.—Urgent | demand for U. S. Steel featured today's | stock market. The opening was mod- erately strong, followed by periods of ir- regularity during the morning. Then in the early afternoon came the demon- stration in steel, which turned the mar- ket about emphatically. Steel had been in demand throughout the early hours, crossing 177 to a new high on the recovery. It was in the third hour, however, that the huge buy- ing orders were thrown upon the market, finding it with only scant offerings at prevailing prices. Market Works Upward. The stock was taken in 5,000-share blocks, rushed through 180 and then sold above 182, where it was only a little more than 10 points under the extreme high for all time. The ad- vance was accompanied by reports of a special distribution of some kind, presumably in the early Spring, and of highly favorable earnings. Bethlehem Steel was carried alol S. Steel to the highest poin since 1919. The show of strength in the steel stocks brought hurried cov- cring into other parts of the list. American Steel Foundries, Columbia Graphophone, National Cash Register others responded with quick advances Another feature of the day was the upward movement in the local trac- tions. Interborough Rapid Transit was the leader, with Manhattan Modi- fied, Brooklyn, Manhattan and Third Avenue following along. Monday is decision_day in the United States Su- preme Court, and the market was ap- parently confident of a favorable out- come in the case of the Interborough's application for a 7-cent fare. ‘The midmorning irregularity followed a strong opening. For a time evening- up operations characterized the pro- ceedings. For the most part, however, they consisted of short covering prior to the three-day holiday. Advance Is General The market broadened out in the late afternoon with many popular in- dustrials being actively bought. Gen- eral Motors shook off its lethargy, work- ing higher with the other motor stocks, Hupp and Chrysler in particular. Gen- eral Electric gained more than 5 points, gomery-Ward almost 6. American Can and Westinghouse Electric were other Copper stocks did better in the later trading, although they still left the leadership to the steels. U. S. Rubber was in demand at the best of the move- ment, responding to reports of a large rubber and tire combination. Cana- d:?lx‘\ Pacific was the strongest of the . rails. Warner pf(2.20) Warner-Qu(z). . Warrn Bros (15) Webstr-Elslobr. Wesson Ol (4) .. W Penn El pf(8) W Penn El pf(7) West Maryland. West Pacific. West Pacifo White Mot(1). White Rock (3). White Sew Mach Wilcox Ol & G.. Wilcox (A) 23.. Wilcox Rich B. . Willys Ov c1.20. Willys-Ovd pf 7. Wilson & Co.... Wilson Copt A Wilson & Co pf. Woolworth (§).. Worthn Pump, Wright Aero(2). Wrigey ((13%). Yale&Towne(4). Yellow Truci Young Spring.. b57% 58% 58 Youngstn Sh(5). 108% 108% msy. 108% ly Sales on N. ¥. Market. 10:30 a.m.. 899,000 12m... 1,243,500 1:30 p.m. 1,070,000 2:15 p.m 2,495,900 Dividend rates as nnn in the above tadie are the ai on the latest uunmu O yea Jesrly doelsuuom g T mu 3 Pl\ll 5 lbll when earned. e 8 1 Plus_ 10 in stock. stock. k Plus 1/ al stock. m Payable 1/10 arter] United Cigar Stores common stock. 1% % in stock. Al Organizes Sales Firm., NEW YORK, February 21 (#).—By organizing the $10,000,000 Shell Chemi- cal Co. to commercialize and manufac- ture chemical products developed by the Shell Development Co., the Shell Union and Royal Dutch Petroleum combine has taken a new step in the oil in- dustry. Products will be distributed through the Shell and Royal Dutch re- tail organizations. The Shell company recently entered mum retail territory. Mud Bnmed for Power. Burning mud to produce electric power is being tried in Germany with remarkable success. Mud at the bot- tom of a small tributary of the Rhine was found to be permeated with com~ bustible matter. Up to that time it was considered worthless and a serious obstacle to navigation in the Rhine into which it was carried. The wet soil is being fried out and used as fuel in an elecmc generating plant. ““Odontographist” Dies. Joseph P, Dixon, who styled himself an “odontographist” because he did all h!.s writing by means of a pen or pencu held in his mouth, died recently at Aberdeen Scotland. Deprived of the use of his arms from birth, he Ienrned. Pure after much perseverance, to write with his mouth. Dixon traveled as & tea Sout merchant in all parts of Scotland, and N. used his handicap in advertising his| §t- L ir. Mt business by offering a specimen of the orthodontography to any purchasers. He retired, 10 years ago, at the age of 66. | GERMAN BONDS AND STOCKS. 614 | SPecial Dispatch to The Star. NEW YORK, February 21— d. Ger Govt Red Loan with araw ™" ctes att per 100 5 & 45 pre-war Hlmburl Amerf’jn Lin North Germ: 4 loyd Krupp 55 193 Dusseidort Frankfort Munieh, AEG { o" Ge, l ?o(l;mien Disonto. Gellschal Berliner Handels. 55.00 60.00 ! 3 | RESERVE BANKS SHOW | HUGE GAIN IN LOANS By the Associated Press. A Federal Reserve Board statement today showed loans and investments of member banks on December 31 totaled $35,684,000,000, or $755,000,000 more than on October 3. The total is $1,437,- 000,000 greater than at the end of 192° During the three months from Octo- ber 3 to December 31 loans at member banks in New York City increased $764,- | | 000,000; in Chicago $14,000,000; in other reserve cities $21,000,000 and at $: ,000. Net demand deposits of all the Fed- »rnl Reserve banks at the end of 1928 ggregated $19,946,000,000, which .was 394! 000,000 higher than on October 3, but $139,000,000 less !hln at the end of 1927. Member banks in Chicago re- ported a decline for the year of $49,- 000,000 and member banks in reserve cities a decline of $147,000,000, while members in New York City reported an increase of $38,000,000 and country banks an increase of $18,000,000. Capital and surplus of all member banks increased $79,000,000 since Octo- ber 3 and $453, 000 000 since December 381, 1927. Of the increases for the year, $284,000,000 was at banks ln New York City, $9,000,000 at banks in hlfllo. $105,000,000 at reserve city banks and $55,000,000 at country banks. In making its reports the holrd arated the items of the two cem.ru banks at Chicago and New York, while the remainder of the system was listed under the titlc of reserve city banks and country banks. Bills payable and rediscounts, the board said, changed but little during the qulmr though they increased $500,000,000 for the year to a total of $1,162, .oooA During the year borrow- ings of banks in New York Cny ln- creased $144,000,000; of barks in ug: $50,000,000; of reserve city bmh 000,000, and of country banks, $140,000, 000 ST AR POTATO MARKET. CHICAGO, February 21 (U. S. De- | partment of Agriculture).—Potatoes— Receipts, 90 cars; on track, 215 cars; total U. S. shipments, 686 cars; Wiscon- sin sacked round whites, 70a85; Minne- sota and North Dakota, sacked, round hites, 75a80; sacked Red River Ohios. W 90a1.10; Idaho sacked russets, sound stock, 1.50a1.75. SHORT-TERM SECURITIES. (Reported by J. & W. Selisman & Co) Alls-Chalmers Go. Ss 1 2 Ol Corp. Blas Shell Union o1l Go. . Sinciair Crude Ofl sl,; 1065 TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) M $i48 . 3135 Sept 312s Dec. 96 20- 30-32 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par) oda i .34.8605 54 Brussels, Berlin, mark Rome, Zurich, " (rane Athens, drach Madrid, pege Vienna, schilliny 2pest, pengo sue. crown (o w. zloty . Copennagen, erows. Silo, erown.. Joseph 1. Weller Money to Loan Secured by first deed of trust on real estate. Prevailing interest and commission. ot T R KA 5% LOANS 5% On High Class Residential Property ‘" Write for Booklet Jos. W. Brooks & Co. Insurance—Frank. 2913 212-213 Transportation Bldg. Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. G. M.-P. MURPHY & CO. New York WASHINGTON Richmond * MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Market Copy of our "Fortnightly Review” on Request % 1508 H Street Connecticut at K * Main 9600. Private Wire and Telep! See the New G O QDY EAR DOUBLE EAGLE TIRES At Our Store BEN HUNDLEY GOODYEAR TIRES 3436 14th St. N.W. SAFE BER:S'T Over a Third of & Century Without a Loss pal, Main 2100 THERE (At Newton) MORTGAGES THE DIFFERENCE BETWEEN INVESTMENT AND SPECULATION —is clearly illustrated by our 6% FIRST MORTGAGES 7 i Speculation is based on ex- pectancy — while in our 6% First Mortgages you have ab-+ solute security for your princi- with definitely fixed income. Available in amounts from $250 up. B. F. SAUL CO. 925 15th St. N.\W. Green lights—-and red The Light turns green. Off you go. Down the boulevard to your desti- nation. A red light flashes and you come to a stop. Power and sure brakes—your car has them both. Capital is a motor car which will carry you smoothly along Life Ave- nue. The same traffic rules apply: Green light of opportunity—Go; Red light of danger—Stop. Your savings provide power when opportunity sig- nals—and give you safety when dan- ger flashes. Confidence in your financial stand- ing, as in a motor car, is only ob- tained when your money is placed in the best possible investment—such an investment is the 6% First Mort- gage Notes sold by Swartzell, Rheem & Hensey Company. Our record of nearly sixty years without loss to an investor is the guarantee that your Capital Six will be out in front when the signal says: Green Light—Go ahead. SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS 727 15 STREET N.W. / WAOHING‘ION D.Co