Evening Star Newspaper, March 3, 1929, Page 24

BOTH TYPE STOCKS REACH N PEA Lanston and Mergenthaler ¢ Go Higher—Phone Net Up. Dawes Lauded: BY EDWARD C. STONE. Both type stocks scored new high marks on the Washington Stock Ex- change as the week closed. Mergan- thaler, which advanced steadily during the week, made another fractional gain and closed at 1093;. The day's turnover in the stock was 30 shares. Lanston Mono- type, which had not appeared on the board for some time, came out at a new mark of 129 for four shares and advanced to 130 on a 10-share transfer. Later in the sessin 40 more shares changed hands at the high- er_figure. ‘Washington Railway & Electric sold at 98% and 98%;. Potomac FElectric Power 5': per cent preferred was strong and active, closing at turnover of 62 shares. Pcoples Drug Stores_preferred sold ex divide 118. Terminal Refrigerating & housing Corporation was 2 moving at 55 and 547 Several bank stot n the board, although their pric nents did not follow the example set curin the week in New York. Ten shaves District National sold at 240, 8 of Fed- eral-American at 345 and 10 of Riggs National at 573. All the sales were close to recent prices. The week closed with 113 being bid and 120 asked for Washington Ga: But few price changes were noted when the unlisted securities were called off. After the trading session, the governors voted to close the exchange tomorrow. C. & P. Telephone Earnings Gain. Total net earnings of the Chesapeake & Potomac_Telephone Co. for Januar: were $145473, against $139.365 in Jan- uary, 1928, and $107,560 in the previous month of December, according to_ the report just filed with the Public Utii- ities Commission. Total operating revenues for the month were $705664. Operating ex- penses were $482,692, making net op- erating revenues for the month $2: Charles G. Dawes. Taxes assignable to operations for January were $52022. Plant and equipment added to the telephone sys tem in the District of Columbia during | 109 on a | Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md. March 2.—The egg market fluctuated the past week, breaking sharply the middle of the week | when values declined nearly 10 cents |a dozen from opening prices Monday, THE SUNDAY RECOVERY IN STOCK | but reacted the latter part of the week, ! losing today at 41 and 41! cents a ozen, a decline of 4!, to 5 cents a dozen from last week’s quotations. Sup- plies of desirable stock offered in fair volume on the exchange have met with fairly good sales and while receipts {have not been what may be termed | heavy, as is usual on a declining mar- | ket, they appear more than ample for | the demand. The market continues to be a day-to-day proposition and prompt shipments are necessary to. bring top of 41 and 411, cents a dozen in frec cases, while current receipts are bringing 35 to 40 as to size and qualify. Active season | duck eggs started this week and all esirable pearby cents a dozen. hippers are advised not to hold their stock, as held siale eggs are easily de- | tected by their dark yolks and have to be sharply di d. Prompt ship- | ments in single case lots advisable in | preferenc> to holding for larger ship- ments. Poultry Prices. The live poultry market holds steady {to firm under generally light receipts and a fair demand which is centered on |large, fat stock. Young hen turkeys. |9 pounds and over, are meeting with a | tairly good sale at 40 to 42 cents a | pound, and gobblers, 32 to 35, but old I hens as well as old toms are slow sale lat 28 to 35, while poor and crookéd breasts will not bring over 25. Young | chickens continue in light receipt and under a good den The market { holds v liy for small | broilers 11 to 5 , at to 42, while medium to 1 voung chickens seil mostly but all poor and thin stock moves slow at 20. Demand for old hens has shown ap im- | provement the latler part of the week and the market rules firmer with values a shade higher at 28 to 30 for stock | weighing 3'» pounds and over, but poor | ! light fow] will not bring over 20 and 22. | Capons continue in good demand at 40 to 42 for birds weighing 7 pounds and over and 36 to 38 for smaller, but poor | hin slips will not bring over 33 to 35. | 101d roosters in ample supply and ger |erally slow sale at 17 to 20.. Demand | continues good for fat young elucks and | | the market. under light receipts, holds |steady at 25 to 32, but stock weighing under 4 pounds generally neglected at 20. Guinea fowl and pigeons in good | request at 50 to 90 each for the former, {and 30 to 35 a pair for the latter. Demand for dressed poultry limited. |and with the exception of capons and | choice to fancy dressed young chickens, | ! which bring a premium of 2 cents a | pound, dressed poultry will not bring any more than live, and shipments of | |live instead of dressed poulty are a >cia for ! Rallies Follow Attempts of | Reserve Board to Curb i Speculation. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 2.—The Federal Reserve has been for over a year active- y employed in an effort to curb specu- lation. ‘A survey of the mavements of stock prices during that time suggests | shipments met with | strongly that it has so far failed fo | | divorce the American’ public from its passion for common stocks. Its polici have tended to destroy the bond mar- | ket, to make Government financing more and more expensive and fo raise the tax on those who must do business on borrowed capital. But, the main purpose of the Federal Reserve's campaign against Wall Street h it became | of & higher rediscount rate or through the medium of implied threats against its member banks. Since the average of industrial stocks | went to 201 at the end of January, 1928 having risen from. 90 in the middle of October, 1924—there have been 10 | separate and distinct upward trends, { each culminating at a higher level than | | the preceding one and reaching their maximum on February 5, 1929, at 322. Rally Follows Each S'ump. After-rising an average of 20 points | setween January and June last year, the | | market dropped back 19 points. By Sep- | tember it had rallied 40 points. A | month and a half later it had gone up | 15 points more and, on November 20, | 1t was 25 points above the range quoted four weeks earlier. It reached its ap- parent summit at the end of Novem- ber and then crashed down within a | fortnight as much as 28 points. It look- | ed then as though the Federal Reserve | had finally won the battle. It had not. | A 50-point average rise was the answer | to the highest rates for call and.time | money during December in eight years. Another jump of 15 points dllrlng‘ January put the industrial average at| - MARKET PERSISTS to date been thwarted each time | tive, either in the form | STAR. WASHINGTON, D. C, MARCH 3, 1920—-PART 9 !Eurupe during the Summer. The ex- | perience in connection with the recent { Rumanian loan of $101,000,000 justifies | | this belief. On one ground or another, | { either because of its vield or its political | ( | value, this loan had a surprising recep- { tion in Europe, so much so that the American houses of issue have already sold back to their foreign connections i a considerable portion of their allot- | ments. | From various angles the Rumanian loan was not particularly attractive. If | $101,000,000 of it could be sold with so | little effort there can be no question of the ability of the strongest banking interests in Europe—with France tak- |ing the largest portion—to distribute from three to five times the amount of | {a much better security whose success ! means so much to the trade of all of | the countries participating in it. Not until there is complete. chanze in the money situation and in the mar- | ket for speculative securities will it be possible to interest the American’ pub- | lic n either a_German loan or in any foreign ioan of substantial size. With this week there passes out an’| administration in Washington that will always be associated in American his- tory "~ with the tremendous material | prosperity that developed under it and in which there occurred the largest and most, persistent advance in indus- irial common stocks ever known. The | incoming administration cannot hope | to see, or desire to see, repeated the| performances that have made Wall | Street the center to which funds from | {all over the world have gravitated dur- ing the past two years. What it can | !do will be to safeguard the advances | | already made and to keep a country that is getting rather overbalanced on its material side from losing its head over too much prosperity. | | | NEW TIN RECORD. NEW YORK, March 2 (Special).— An all-time record for tin deliveries in the United States was established today when figures for February be- available, showing a total of 0 for the month. Tuesd | roads that | profits with their owners. 'RAILS SHARE IN PRICE GAINS ON NEW YORK STOCK.EXCHANGE aus sni fruck cai. tojrin Special Dispatch to The Star. NEW YORK, March 2.—In its great upward sweep yesterday the market did not overlook the rails. Dur- | ing the last two weeks of recovery they have been neglected while speculation has concentrated on two or three groups of industrials and a limited number of public utilities., With the increpse of 42 per cent shown in the net operating | income of the lines reporting for Jan uary and an unexpected dividend pay ment on Kansas City Southern com- mon stock sufficient basis was found | for another demonstration in the| shares of the carriers. The Kansas City Southern dividend encouraged holders of .stock in other | are not yet sharing their Tt also lent | color to the reports that the first h: of 1929 will see several important s tems increase their present dividend rates. The policy of railroad managers. in loosening up with respect to dividends will_undoubtedly be affected by the tenor of the Supreme Court decision | stock | |in the O'Fallon case, which may come some time this month. As expected, active opposition has | already set in to some of the proposals | made by the Baltimore & Ohio and | the Chesapeake & Ohio groups in their | application to the. Interstate Commerce | Commission. This came today from an | important .quarter in the form of an | intervention by the Southern Railway | and the Louisville & Nashville to the Baltimore & Ohio’s request that it ac- | quire the Chicago, Indianapolis & Louis- | ville Railway, now owned jointly by | these two lines. Since 1902 they have held all but a small minority of the | common_stack. The “Monon” gives them a Northern outlet, and indirectly | an cntrance into Chicago. It is not only profitable to them in a traffic but the investment has latte been satisfactory, for dividends of 5 'pl’r cent have been paid on the com- mon for some years as well as a 1 per cent “extra.” A change in ownership of the “Monon” might casily disturb the rate structure and affect conditions in the Southeastern territory. Logically, this road belongs to some one of the trunk lines rather than to systems whose , lines lie mostly south of the Ohio River. The objection raised contains clements hat may be difficult to overcome, both | for financial and for economic reasons. | No indication has vet been given by either the New York Central or the Pennsylvania railroads as to their plan of merger or whether they will co- operate, in the one case, with the Bal Virginia Resident. By a Staff Correspondent of The Star. SOUTH WASHINGTON, Va, March| Edgar A. Shreve, 48 years old, of North Braddock, Va. suffered injuries of an undetermined nature last night ! when his automobile was in a collision hore with a truck belonging to the American Ofl Co. He was taken to timore & Ohio and the Chesapeake & ' Ohio, or, in the other, continue to make | objection to these properties invading territory now occupied. It is certain that the Pennsylvania will stubbornly resist any effort to take from it either the Wabash or th> Lehigh Valley, which were secured last year in order to strengthen its strategic position and to give it greater leverage when trading with its competitors. WHEAT MARKET FIRM. CHICAGO, March 2 (Special).—There was a fairly stubborn tone to the wheat market today in spite of the bearish | stand taken by locals. Although Liver- | pool closed 33 to 15 lower, commission houses and foreign interests were fair buyers. Offerings increased above 1.30 for May. The close was unchanged to 15 lower and for the week 234 to 3 lower. Corn closed 1 to 3 lower and for | the week 1'4 to 11 higher. Oats closed !4 to 1 lower and for the ek 175 lower to 13 hi NATIONAL == | | E [HURT IN TRAFFIC MISHAP, Emersency treated for ses The police were to tempted to pass the being towed into the but_struck it instead. collision throwing the automobile across the road and down embankment Shreve's recovery is expected. company the force of the The Soviet government has ordered a helf million dollars’ worth of textiles from a co-operative society of Scotland. 2, Bunions Go In 15 Days Clip This and Prove It NOW'! NESil ettt sty ‘action of Solvent been equatled. It s perfectly mar: velous, Stops the torturing pain of the most sensitive bunion almost instantly and reduces the enlarged, disfiguring like magic. So rapid is the reducing power of this great, scientific discovery that Jour very next pait sttt e S e can prove it by I test TRY IT AT MY RISK Just mail the Coupon so that we can arrange Tor you to try Pedodyne on your own bunia .18 auick, sure amast Kay Laboratories r----“,‘ roxmmamay Dept. B %5 180 North Wacker Drive = l Chicago, Tliinois Please arrange for me to try vour Padeds J oo ians, 4 3 e orad ease I ame . to affected Joints. 1 Address . All 222, or 126 points higher than when the first of the three rediscount ral\“ advances was heralded as the initial shot in the fight for deflation in prices | of stocks, February witnessed a 20- point_average decline between the first and the middle of the month; then one of those contradifory and seemingly il- logical recoveries that.have . been [h(’“ sequel to every attempt by Wall Street | to repress its speculative desires and | in which 18 of the 20 points have been advisable. - Vegetable Market. ] White potatoes are in more liberal | receipt from all sections, and with de. mand much slower the market rules January amounted to $196,669. Retire- | easy and values a shade lower at 90 ments during the month were $148,355, to 1.25 per 100 pounds, but reds and | making net additions $48,314. | McCormicks will not bring over 90 to At the close of business January 31 ) 1 there were 151,285 telephones connected ' supply for the demand, which is only with the central offices serving the|fair and the market rules easy and 1.10, Sweet potatoes and yams in ample | District of Columbia, an increase of | 925 telephones for the month. In| January Washington telephone users | made 18,820,000 local and 483,000 out- of-town calls. This was an increase of | 11 per cent in the local calls and 13 per cent in the out-of-town calls over the same month in 1928. Pollowing is a comparison of financial statements of January, 1929, and Janu- ary, 1928: | | i +705.664 | 482602 | January. January. 19: 195 Total operating revenues. .36 Total operating _expenses and uncollectable 448, Net operating _revenues.. $217,902 Taxes assignable to opera- Operating _income Non-operating income. . | Gross income..............$166.345 i Rents and miscellaneous deductions ‘Interest deductions Net income... $145,472 | Dawes Returning to Banking. “That Vice President Dawes, when his term of office expires on March 4. will return to banking as chairman of the board of the Central Trust Co. of | Tllinois, illustrates the high position | banking has reached as a profession,” | says the Bankers' Magazine. “As presiding officer of the United States Senate Vice President Dawes | must often Have grown weary of listen- ing to the interminable flow of debate. “Very likely he sometimes felt like telling the Senators to stop talking and get on with the job. Being a man of action, this is at least a fair assump- tion. As chairman of the board of the Central Trust Co. of Illinois, he will be in a position no doubt more consistent with his natural traits. { ‘Gen. Dawes has been controller of | tne currency, in charge of subsistence of the American Expeditionary Force in the Great War. head of the commission which adiusted the German reparations | tangle, Director of the Budget, and Vice | President of the United States. His| country has honored him. He Las| honored his country. After all these | honors he chooses to go back to his| Chicago bank. | Savings Clubs Prove Puzzling. In connection with the recent re- ports on the Christmas Savings Club campaign for the present year, the Bankers' Association bulletin announces that seven of the 30 reporting banks showed no gain over the previous year. !Bankers are rather puzzied over this announcement and it is not known whether competion. a difference or rules or what other factors may have caused the variations Total club membership for all the -banks increased by 4,523 over last year -and these members have subscribed 737462079, an increase over 1928 of $415,500. Banks Offer Expert Tax Aid. owing local banks and 4 1l have special revenue offi- §6Ts on duty to aid their depositors on making income tax return: ~ Riggs National, Farmers & *Branch of Riggs. Lincoln ,ogin_branch -office at 1 o northwest, Federal-American National Munsey Trust Co., Merchants Bank & Trust Co, Union Trust Co. C pental Trust Co., District National, Co- lumbia National, Commercial National and the Potomac Savings Bank The three department stores which officers have been assigned are Woodward & Lothrop, Lansburgh & ‘Bro. and Hecht Co, GOOD INSURANCE YEAR. ew York ested deen in- annifal report published v holders | the com- panv last year in round figures, $256.- 000,000 and the company paid policy ders and their beneficiaries $§1 000,000, leaving about $100,000.000 which was added to reserves. The reserves now total $1.340.100,132 87 The balance sheet showed extensive holdings of mortgages, bonds and pre- ferred stocks. Policy loans, cash and other assets totaled $297,394.761.12 in- stead of $297,349.76112 as stated in The Star by error. otal assets are given as $1,535,080,347 Will Att Bras CLARER Church, president of Estate Board, and Ke resident of the Alexand: rfax Real Estate Boa Richmond today to atte to be given there tonigh Harry Culver, president of th Association of Real Estate Boards. Life in th recer:tly. Pol 5 nd Honor Banquet. * of Toe 8 Guy N rginia Real Brumback left banquet to 12; | 1.10a1.1 to | in honor of Naticnal values a shade lower at 3.00 to 3.50 barrel for both sweets and yams, but | a rough, dark as weil as overlarge stock will not bring over 150 to 2.50, while bushel hampers sell mostly 75 to 1.65, as to size and quality. native and nearby garden truck easing ,off as receipts of early vegetables from e South increase, and, while the market holds fairly steady, prices are mostly in buyers' favor at the follow- ing quotations: Cabbage, 1.00 to 1.50 hamper; kale, 2.00 to 2.25 barrel; onions, 350 to 550 per 100 pounds: ovster plants, 8.00 to 10.00 100; parsnips, 60 I to 75 baskets; savoy cabbage, 75 to 1.00 | this week stated that “it could cqunt bushel, and turnips, 50 to 60 basket. The live cattle market rules generally £163.627 50 | steady on most lines and under a fairly | 2718 | good demand prices are well’maintained and show little change from last week Demand, however, is centered on first quality stock and all undergrades as | well as common to ordinary cattle are slow sale at inside prices. Receipts on wharves light, but fair at the stock yard. Quotations today at Light Street whar! Beef cattle, first quality, pound, 1112 common to medium, 8 to 10 bulls, & to quality, 7 to 9; cows. choice to fancy 6; off, as to quality, 6 to 8; calves, veal, choice, 157, to '16; large, fat, 14 to 15; large. rough, 10 to 12; thin, 8 to 10; rough and common, 7 to 8 sheep, choice, 6 to 7: old bucks, 4 to 5: ambs, choice, 16 to 17; fair to good, 12 to 14; common, thin, 8 to 10; hogs, straight, 91> to 11; sows, ‘7 to 8; live pigs, 10 to 12; shoats, 8 to 10. Closing Grain Quotations. ‘Wheat, No. 2 red Winter, garlicky, spot, 1.341;; March delivery. 1.347%g; rn, No. 2 export, March delivery, no quotations: No. 2 yellow, domestic, spot, cob corn, 5.2525.50 per bar- rel. Oats, No. 2 white, domestic, 60a61; No. 3 white, domestic, 58':a5! rye, nearby, 1.15a1.20. P IR VON BODE, ART EXPERT, PASSES AWAY IN BERLIN Former Director of Kaiser Fried- rich Museum Dies at Age of 84, | By the Associated Press. | | BERLIN, March 2.—Prof. Wilhelm | von Bode, former director of the Kaiser | | Friedrich' Museum and widely known as an art expert, died yesterday, at the age of 84. Prof. von Bode was particularly known | as an authority on the work of Rem- | | brandt, and frequently was consulted regarding the authenticity of paimmgs‘ | believed to be old masters. At times | | he became the center of controversy over the authenticity of various art works. one of the first being in 1909, | when he declared that a wax bust pur- chased by the then Emperor William was the work of Leonardo da Vinci. He was raised to the hereditary nobility on the occasion of the Kaiser's ' birthday in 1914 On January 29 last he was decorated with the order of Bour la_Merite, the famous order founded by Frederick the Great. NEW YORK. March 2 (Special).— ugh cotton prices today held within arrow limits, fluctuations being Jess than 10 points on most months, a de- cidedly firm undertone characterized nd final quotations were a few points better on the day. overing operations steadied the list ast half hour and after working | 2005 for July, that month nd ended with a gain of 5| s on tie day. Spots were advanced 10 points to 20.30 ] BANKERS IN LIVELY RACE. | The race is on among Washington | banks for priority in membership stand- | ing in the Washington Chapter, Ameri- | can Institute of Banking, according to | | Frank M. Perley of the American Se- | curity & Trust Co., chairman of the membership committee of the chapter, | who last night announced that the | Washington Mechanics' Savings Bank | ken the lead over the Security ings & Commercial Perley reported that William B. Meh- ler, Jr. a member of the board of con- suls, had signed up every eligible mem- | ber of the staff of Washington Me- | Arlington- | chanics, bringing to 100 per cent the| able to a commitment of even moderate for | ratio of members to total number of | $ize. employes. This is the first time this record has been achieved in the his- tory of the Washington Chapter, Per- ley made known, Demand for | 7 to 9; common to fair, 4 to | | ities, as tney were in 1920, the present- regained. . The Federal Reserve will win in the’ end, although its progress is as slow and | its power to force the issue apparently | as insufficient as was that of the allies up to the Spring of 1918. When the turn came then things happened rapidly. So they will, once the -sec- ondary lines of defense of the Stock Market are broken through. 6 Banks Showing Concer; If the public is not yet scared by the | high prices and the -extreme rates- for | money the banks throughout the ‘toun- try show signs of deep anxiety. There is abundant evidence coming into ‘the banking district of New York today that those who have had free access to banking capital for their speculative adventures will find it steadily more | difficult to borrow, and eventually this will be almost prohibitive. That is why the Federal Reserve Board in its reply |to the Heflin resolution in Conj I |upon the co-operation not only of the Federal Reserve banks buf of lead! member banks everywhere in the c try in making successful an ! bring about an orderly readjustme the credit situation, and the hoat been confirmed in this belief by | has taken place since.”.. This.e: \sion of confidence is made. in. |the fact that more than two-u,fl? of | the average decline that devels out | |of the Federal Reserve's wai “ldst | month has already been ‘recovi {trading on the Stock Exchange. has recently expanded 50 per cemt.” '’ The greatest handicap that the Fed- eral Reserve has to face in its test | with Well Street is the strength the business situation and the increasing emphasis from every quarter, specula- | tive as well as fiduciary, that common | stocks are the backbone of Ameican | ! investments today and will go on in-| | creasing in favor and in value with | the years. J No edict of any regulatory or admoni- tory body can stop a public possessed | of an enormous amount of money from | buying copper stocks, for instance, when the price of copper metal keeps going ! up day by day and almost hour by hour | and the dividends on copper shares are | | being rapidly increased. Nor can it | persuade this same public from ventur- {ing into public utility issues that seem ! | to ‘increase their vitality with every 20- i point advance. And what does the | average man care about the Federal | Reserve in comparison with his respect | , for a corporation like U. S. Steel, whose | | officers seem to be giving encourage- | ment through this week’s announce- { ment of bond redemptions to just the! kind of a commitment in stocks thll‘[ the banking authorities are attempting to discourage and on whose common | stock numerous fortunes have been | founded in the last quarter century? Commodity Situation Healthy. | Fhe Federal Reserve policies are also minimized by the fact that there is ap- | parently no serious situation in_either | the banking world or in the field of industry. There is no commodity com- plex today. While the average of com- modity prices has risen a point in the past two months, it is still more than a point under the high of 1928. It would 'seem as though speculation in securities might have corrupted the | market for commodities. It has not to any extent. Some commodities like rubber, copper, lead, cotton and a num- ber classified among “farm products” | have been rising. In contrast to their | trend is the fall in hides and the de- pressed markets for sugar and oil. The 1928 reports of corporations indi- | cate small inventories of merchandise | and Jarge items of cash, call loans and securities. There is some fear that in- ad of being overbought in commod- day concern may have too “long” a position in sccurities, for it has been | the practice of many of them not only | to fet out their funds to Wall Street | borrowers but to take a stand in the | stock market, similar to that of the in- vestment (rusts and trading corpora- tions. So, while they have a more liquid status than they did in commod- ities, they could not avoid serious re- verses in the event of a sudden and sustained fail in the prices of stocks. Reparations Loan in Prospect. Encouraging reports come from the Reparations Conference in Paris. The minds of the various delegates are grad- | ually nearing a focus, with France and | Germany not so far apart but that| moderate concessions on either side could produce a definite plan. This week there has been a serious study of the bond aspect of the setilement, with some sounding of the European markets as fo their wilingness and capacity to take a portion of the proposed com- al loan. It is recognized that what be done in the sale of bonds at the start must be confined chicfly to the continent of Europe, for neither the American nor the Brilish market is in a_position or in a state of mind favor- There is, however, basis for the belief that from $300,000,000 to $500.000,000 of a loan properly set up and with strong government backing could be sold in Store Will Be Closed Day ay is M and Special Easy Terms —and we have assembled a great many Attractive Items at Special Prices eek Store Will | Open 8 AN Tuesday Morning his ing} Kitchen Cabinet 18 $1.00 Down Circulating Heater 20 $1.00 Down o LESS TUBES With new-type Electro-Dynami: Speaker 8 Tubes, Including Rectifier, All-Electric...No Aei Needed. .. 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