Evening Star Newspaper, March 7, 1929, Page 14

14 ** FIN ANCIAL. THE EVEN STAR, W NGTON, D. C, THURSDAY, MARCH 7, 1929, FINANCIAL.,™ TREASURY FINANCE PLAN' ANNOUNCED Secretary Mellon Gives De- tails of Treasury Offer- ing March 15. BY EDWARD C. STONE. Secretary Mellon today announced an | offering of $475,000,000 of United States Treasury certificates of indebtedness, carrying 43, per cent interest and ma- turing December 15 next, as the Gov- ernment’s plan for Spring financing. The certificates will be dated March 15 and the amount of the offering is accepted as indi- cating that the Government ex- pects large income tax payments in the first install- ment of the 1928 taxes due on the same day. Two issues of Treasury certificates aggre- gating $559,831,000 mature on March 15. Secretary Mel- lon's announcement said that the new offering of certificates, together with tax receipts and other revenues, was expected to take care of the Treasury- cash requirements until next June. The certificates will be issued in denomina- tions of $500, $1,000, $5,000, $10,000 and $100,000. Local Broker Highly Honored. Robert C. Jones, who with A. Chester Flather and Charles Carroll Morgan has been placed in charge of the local brokerage offices of G. M. P. Murphy & | Co.. has been identified with the local financial district for many years. He was manager of the stock department of | John L. Edwards & Co. at the time of the death of Mr. Edwards. The busi- ness was taken over by the Murphy | company about three years ago and later a second office was opened on Con- necticut avenue in addition to the one on H street. Mr. Jones was born and reared in ‘Washington. During the World War he served in France as a captain and { now holds the rank of major in the Reserve Corps. He is a member of the Army and Navy Club, Army, Navy and Marine Corps Country Club, the Na- tional Press Club, Sons of the American Revolution, ~American Legion and Society of the Cincinnati. The latter patriotic organization was organized in Washington’s day and is limited in Robert C. Jones. s ctfs membership to direct descendants of | AmWritP pf(3). officers who fought in the Revolution. Mr. Jones and his associates are receiving hearty congratulations on the | Anchor Cap 2.40. promotion accorded them by the New | Anchor Cap(rts) York Stock Exchange firm since the | Anchor pf (6%). 119% 119% Abitibl Power... 45' Apitibt Po pf(6). 34y | AbranmasStravs 140 Ab&Straus pf 7. Adams kxp(6).. 518 Adams Millis(2) 30% 65% 66 3% 9% Alaska Junes... T3 Alleghany Corp. 35 Alleghany A 5% 102 Allied Chem.... 284% 178 31% Allis-Chalm(7). aa(2). Am Agricul Chm 18'¢ Am AgriChpf.. 64 Am Bank N(13). 123 Am Bk N pf(3).. 60% Am Beet Sugar. 16 55 56 Am BrSh(h1.60). Am Brown Bov, 1164 95 Am Chain pf(7). Am Chicle (2).. Am Drug (60¢). Am Encaus (2). 4 52 9% 43 Am&ForP pf(7) 108 Am Hawa SS(1). Am Home Pr(3) Am Ilce (12%).. Am Internati(2) 64 Am LaFr&Foam 17 2919 8 Am Loce pf(7).. 116 (4). 179 66 Am Metal (rts). 24 Am Metals pf(6) 120 Am P &L (11).. 105 AmP&LtA(3). 76% AmP&Lpt sta 6. AmPo&Lt pf(6)) 103 Am Radiator(s) 185 Am Rad pf(7)... 179 Am Ry Ex(6)... 151% Am Republies... 47% Am Saf Raz.10). Am Seating(3).. Am Ship & Cos Am Shipbldg(8). 88 Am Sm&Ref(4). 114% Am Snuft (12) 34 5 Am Stl Fdys(3). 1 45% Bdly 142 36 102 288 178 31% 18'9 64 124 60% 16% 57% 56 18 95 AmC&Fpf(7). 117% 117% 11 T4 52 108 30 8 ‘65% 7 116 179 2% 120 108% 77 103 185 179 186 4% 34 5 B8 116 1 Open. High. Low. 45 844 140 110'% 110% 110% 110% 540 30% 68% 69 3% 9 518 30% 65'% t6'y 3% 34 102 284 Aliled Cm pf(7). 122% 122% 122% 122% | 178 304 18'% 62 122 60% 16'9 5dk 55 20% 2% 20% 21 117% 1154 95 4 50% 9% 424 Am & For Pow.. 107% 109% 106% 109 107% Am&For Pow 2d. 100% 100% 100% 100% 40% 40% 40 631 Am Locomot(8). 106 107% 106'x 107% 116 178 2% 120 105 T6% 8l% 815 8l 81k 103 180 179 151 474 6814 69 68l 34 5 874 113% . 199% 199% 199 Am S & Rpf(7). 135% 135% 135% 135% 68% 69 67 Am StIFy pf(7). 112 112 112 Am Suzar, 8% 8l 81 Am Sugar pf(7). 109 109 108% Am Sumatra(3). 53% 653% 49 Am Tel &Ca(5). 22 25 22 Am Tel & Tel(9) 213 218% 211 Am Tobacco(8).. 171% 173 171% Am Tobac B(8).. 173 173 Am Tob pf(6)... 120% 120% 1204 1 Am TypeFo(8).. 150 151 Am Type pf(7).. 110 110 AmWW&EIl(cl). 864 88 Am Woolen. 208 2014 Am Woolen p 461y 461 Am Writ 12 - 4z 43% 431 Am Zine. . 39% 41% 39 Anaconda (7)... 156 159% 154% 158 b68% 58 b5T% 574 1 119% Open. High. Low. 85 22 84 450 Bdly 142 85 22% 84 22 8414 Contl Insur (2).. Contl Mot(8v¢). Corn Prod 13%.. Coty. Inc (g2).. 540 | Cresley Rad (1). 30% | Crown Zelrbek 1 68% | Cruc:ble Stlcs). 69 | Cub: eSugar. 8% | Cuba Company. . 9% | Cuban-Am Sug. . 7% | Cuban Dom Sug. 35% | Cudahy Pkg(4). 102'2 | Curtiss Aero(1). 287 | Cuyamel Fruit.. Davison Chem. . Deere&Co pf(7). Del & Hud(9)... Del L & Wit7).. Den RG Wn pf.. Detroit Ed(8)... Devoe A (13.20). Devoe&R 1st(7) Dome Mines(1) Drug Ine4) 1 Dunhill Int ($4). Duplan Silk (1). Dupont de N(4). Du Pont debi6). Dug Lt 1st(5) Durham Hos. ... Eastman(187. Eastman pf(7).. Eaton Axle (3).. Eitngon(2%).. itingn pf(6%). Elec AutoL t4%. Electric Boat. .. ElecPow&Lt(1). Elec P&Lt vf(7) Elec Stor B (5). Em Brantgm(A) End-John(b). ... Eng PubSer(31). Eng Pub Ser rts, Eng PuSpt5%. Equit Bldg(2).. EquitableTr(12) 178 30% 183% 624 123% 60% 16% 1004 8 18214 127y 69 508 . il @ 108 28% 8 116 178 69% 2% kid 103 1814 179 156 474 694 34 5 8714 115% 199 Eureka Vac - EvansAu L $2%. Fairbanks Co pt. FairbankMpf(7) FedLt&Tra 11% . Fed Mot T(80c). Fidelity-Phoenx Filene's pf(6%). First NatSt1%). Fisk Rubber. . 69% | Fisk Rub 1st pf. 112 [ Fisk R 1st pf cv. 81 | Fleischman 131 108 | Follansbee 2% . 49 | Foundation Co. 26 | Fox Fllm A(4) 213% | Frank-S pf(7).. 173 | Freeport T (4).. Gabriel Snub A.. Gardner Motor. . Gen Am TC($4). | Gen Asphait. ... Gen Asph pf(5). Gen Cable. Gen Cable A(4).. Gen Cable pf(7). Gen Cigars(4) Gen Electrie 16.. GenElee sp(6ic Gen GEEI A 1%, Gen Gas pt A(7) Gen G & El A(%) 41 e e 1% 119% withdrawal of Oscar Coolican. Andes Copr (3).. 61% 63n 61% 62% | Gen G&E! B(12) b5 Syaskingian Mias Setis T wwer, At Do oS o6 A4 424 26| qenMillepr(8) Ik 9TH 9T f Washington_Gas Light sold on the |ArmourIIL(A).. 18% 15% 1% 15%|Gen Morumsy. 100 1oow 1o ‘Washington Stock Exchange today at|ArmourIlI(B).. 74 8 T o [ CUINDRITE). 12h, At 13 1101 for 30 shares and 110% for 10|Armour Il pf(7) 82%a 8§24 82 824 | Gen Ry S pref).. 10515 1051 109% shares. The last previous sale in thisfArnoild Con&Co 30% 30% 30 30 |Gen RetFacis).. 70% 980 70 stock was made at 117. Every sale in |Artloom pf(7).. 984 98% 984 98 |Gillecte SR (5).. 1161 110% 1155 this issue revives the discussion among | Art Metal(1%). 304 304 30% 30% | Gimbel Bros.... 40% Ao s the shareholders regarding what the | AssoDryG(23%). 64 64 61% 63| Gliaden 1R, 1% 41w €in out-of-town interests holding large | Asso Oil(2) 44 44 44 44 | Gaden pr pfer> blocks of the stock may plan or hope { A‘Chisop(10)... 200% 201 200% 201 | Gobe) (Adolph). B5% 56% 55 later to do with the company, provided | Atchison p(5).. 103% 103% 103 103 | Gold Dust (new) 69% 71e oo they eventually should gain control of [ Atl Gult & Wl; 40 40 40 40 |Goodrich(4). ; ’ the local utility affairs. At present, how- | Atlan Ref(t1%) 54% 55% 5414 55% | Goodrieh of(T) ever, only normal trading in the stock | AtlasPowder: 99 99 99 99 |Gaodyear Tir 1 is being recorded. :"lug-flchol- 6% 6% 6% 6%|Goodyear (rts).. 13% 15% 13 e 3. SumnERCY AstoBaentiy 3. 3 3 o Gootyr tatprciy 102" 102 102 selling at ), same otham 2 . 69 Y e mew all-time high. A single | AUIOBIraDA(D). 46% 47 46% 47 |Granam-Paiga . 6915 69 share of thaler Linotype changed | Bald Locopf(7). 117 117 117 117 |Granby (6)..... hands at 109%, ex-dividend. Peoples|Balto & O(6).... 130 132 129% 132 | Grand F&W (1), Drug Stores preferred reflected the h& vorable earnings report, out today, an chanj hands, ex-dividend, at 121 and ged 122 on a light tunover. Oolnmb& Sand & Gravel preferred Bang & Ar(3%). Barker Bros(2). Barker pf(63%) . Barnsdall A (2). 7 figured in six transactions, opening at|Bayuk Cgrs (2). 10l% 102 9415 and closing at 94%, the day’s sales | Bayuk 1st pf(7). 106 m& 80 shares. m‘\lwny & Electric BB:-MM nfl ol;l. ing-Hes preferred moved at 98%2, Federal- 22% 13% bET PI(6%). 1085 108% 108% 1084 67% 68% 67% 68% 20% 29% 29% 29% 38% 39% 384% 391 - 9N 101% 106 106 23 224 18% 13 ‘American Co. preferred at 102 and Ter- | Bele NRpf(16). 82 82\ 82 inal Refrigerating & Warehousing ?:‘orpnnunn x‘:corded a 10-share sale at 54. cent preferred sold at 108%. Bond trading was confined to a $1,000 and a small sale in Washington Gas 6s, series B, at 103%. Best & Co(3).... Bethlshm St1(4) dectric Power 51, per | Beth Steel pf(7) 120% 120% 120% 120 Potomac Electr! T | Bloomingdale. .. 48% 48k 48 484 Hahn Dept § t 1 orden 6). 183 transfer in Capital Traction 55 at 100% | OVSSS A British Emp 1s 110 183 182% 183% S e Hanna MA (7).. 86 36% 36% 36%| Hartmn B(1.20). 85 85% 843 98% 100% 98 110 Grand Unon.... Grand Un pf(3). Grant W T (1).. Grt North pf(5). Gt Nor pf efst5) 97 102 | GrNorOr ofs 106 |Grt WnSug 2.80. 224 | Grt Wn Su pf(7) 13 | Greene Cana(3). 824 | Guantanamo Su. 85 | Gulf Mo & Nor. . 1004 | Gulf Stat St1(4). Haeknsk W(1%) tor.. 110 |Hahn DS pf 6%. 48% | Hartman A(2). British Emp2d.. 8% 8% 8% 8% M by Gt | SRR 2 - % 0 S B t today's organization meeting of | pRlyn MaR().. T4 T8% 74 5% | Hershey pf(4).. the Capitol Tifle & Guarantes c‘:‘ the BRVAUROANE). 177" 277 .AT7 1177} Hershey pr p2($) directors elected John Paul Earnest, | prowmanocsia) 41 41 4l 41 lHoe& Coa president; John H. Duncan, vice presi- | pronswick B(3) 49 80 48% 50 | Hollnd Fu(ezis) dent; Samuel S, Spruce, vice president; | gratawiexTer.. 334 34 334 34 | Homestake(17). G. Baillle Springston, secretary, and | gue¥feaiil: - '8 26% 37 | HoustonOll..... Eliot, H. Thomson, treasurer. Dr. W.|punasSuspfid).. 65 65 65 = 65 |Howe Sound(4). N Ktewart of this city has been added | Surns Bros(B).. 31% 31% 1% 31%|Hud Man(2%).. B e o of divestors, making the | BUTFOUERS (18). 2724 278 2724 273 | Hudson Mot(5). 88 89 874 ffth new name now appéaring in the | Gush TerAE)” 1051 1051 100, 105y | HUPPMOLED. 0 TN M0 list. ButteCop&Zine 8% 8% 84 84 }2:‘3’;‘3“‘2;- 1 Hll“n 141% as . 3 3 30% Pesples Drag Bales Climbing. DoteraCaz). 0% 10W 104 10%|indian Mot pf() 106% 106% 106 Sales of Peoples Drug Stores, Inc., for 150 147 150 |lndian Refining. 33% 35 33% February were repom3 today as total- | Byer &Copf(7). 115 1156 115 115 |Indian Refgctfs 334 34% 327 ing $1,068002, against $780,156 W1 2 Indust Rayon 121% 121% 121% ‘February, 1928, an increase of $287,846, | calit Pack(4 6% T5% 75% 75% | Ingersoll-R(16) 128 123 128 or 36.8 per cent. Sales for the first 8% 3% 3% 3y |Inland Stl (3%). 90% 94 90% two months of the present year are 132's 135% 132% 134% | Inspiration C(4) 59 61% 591 reported as $2,180,447, compared with | Cal& Hecla(4).. 55% 56% 55 b6l | InterboroRapTr. 50 50% 49% $1,473,583 in the corresponding period Dry (t4%). 81 82% 803 82% | InterconRubber. 124 12% 12 a year ago. This is a gain of $706,864, Pacific(10). 24815 249 - 246 247y | [mternat Agri... 14% 14% 14w Or 479 per cent. Both sales totals in- | Camon Mills 2.80. 43% 43% 43 43 |IMtARChpf(7). 8 & 8 clude the business done by the stores ro Clin&O(4). 92% 92% 92% 921 [ntl Bus Ma (6). 158% 159 158% most recently opened by the company. | Case Threshg(6) 470 470 470 470 int Cement(4).. 93 94 93 Case Thr pf(7).. 125 125 125 125 |[IntCom Eng¢2). 83 86% 82 North American Co. Expanding. | Cavanah Dobbs. g 3 38 i (i«v’lf -+ 104% 107" lodse ditures totaling $23.000,000 are | Celotex Co (3).. % 67% 68% ary pt 2 m?ep::me during 1929 by the following | Celotex (rights). % % % Int Mteh pf 3.20. Cen Aguirre(2). 40% 40% 40% 40 | [nt Mer Marine subsidiaries of the North American Co.: Great Western Power Co.. San Joaquin Light & Power Corporation and Mid- land Countles Public Service Corpora- tion. Extension and improvement for the electrical facilities of the Central Cali- fornia territory served by the compa- nies, which includes the S8acremento and San Joaquin Valleys, the San Francisco Bay region and several coast counties, will require $13,500,000 of the proposed expenditure. Operating expenses nnd‘ 5 taxes will amount to $9,200,000. Construction of a new steam plant of the Great Western Power Co. on San Francisco Bay, started during 1928, is the main project for the coming year.: Financial District Notes. | Deposits in the Riggs National Bank passed the $50,000,000 mark yesterday for the first time in the history of the bank. deposit report on December 31, the last call date, of $46,364,127.74. Now that William D. Hoover and Frank Stetson of the National Savings & Trust Co. are both members of the “hole-in-one” golf club, it is suggested that they play off the tie and attempt | to make a hole in half a stroke. Chairmen of the recently appointed Distriet Bankers' Association convention committees are now drawing up their own special committee membership which they will soon report to C. H. Pope, general chairman. It was announced in New York today that Goldman-Sachs have taken a sub- stantial interest in and hereafter will be closely identified with the affairs of Insurance shares. Insurance shares trust certificates are quite widely held in Washington. W. B. Hibbs, head of the brokerage firm by that name, is passing the week at his estate in Leesburg, Va. He motored out t. his old home at the close of last week and a slight cold has kept him confined there since. MILL CONTRACT AWARDED. ATLANTA, Ga. March 7 (#).—The general contracting firm of Batson-Cook Co. of West Point has been awarded the contract for construction of the 80,000-spindle mill and mill city for the Goodrich Tire & Rubber Co. near Thomaston, involving an expenditure of @ rrreximately £1.500000, This total compares with the | Cent Alloyi2).. 17 8 Century RIbM. . Century R p£(7). handler-Cl pf.. 36 Ches & Ohio(10) 220 C&OCorpn(3).. 84% Chi & Alton. 16! Cinl Gt West pf.. ChiMIl &St P.. Chi Mil & StP pf Chi& Nwn (4).. Chi PTpf(3%). Cn1 Yel Cab(3) Chickasha(3). Childs(2.40). . Chile Cop (3%). Mot(3) 107 45'% bd's (3.60).. 58% b8 58l ores (B). 24 24ls 23% tLpf(5). 105 105 106 Peapf(7) 115 115 115 Coca-Cola(6)... 131% 1314 181% 131% Coca-cola (4). 49% 49% 49 Colilos & Alkmn 641» 65 6 Col Fuel & Iron, 3% 77% 13 Col Sou 18t(4).. 16 76 Col Sou2d pf(4) 75% 764 7Tb% Col Gus & Elb). 145 145% 144z 1441y Col Gas&Elnew. 59 5% 59 Col GEE pfA(6) 104 1044 104 Columbia Graph 71 74% 71 Col Carbon t43. 140 143 139 Com Credit (2).. 50% bl% 49 Com Inv Tr (4). 177 177 175 Com Inviwar).. 54 5% 54 Com Solvnts(8). 266% 26215 256' Com Power(13). 127 131 125% Conde Nast(2).. 79% 79% 79'a Congoleum-Nair 274 27% 2% Cong Cgrs (6).. 83% 83% 83 Consol Cgra (7). 90'a 90% 90% Con Cgrspii7).. 96l 9612 9613 ConCigprpf(6%) 981 93' 931 Con Film pf12). 27 27% 26% Comsol Gas (3).. 106 107% 105% ConsolGaspf(6) 99% 99% 99% ConRRCuba pf 6 66'; 667 66% Consol Textile.. 4% 4% 4 Container A1.20 19 19 19 Container B60c. 9% 9% 9% Cont Baking A.. 60% 61 60 Cont Baking B.. 10 104 10 ‘Cont Bak pf'8). 93 93, 93 0% €24 Cont) Can (2% )y €9% 3 17 78 45'% 584 b4% 574 112% 113% 1124 113% “108% 105% 108% 46% 47% 46 Cen Ry NJ(112). 325 325 325 325 17 8 Cerro de Pas(5). 110% 1124 110 Certain-teed Pro 22l 22% 224 22% 36 221% 853 36 19% 8413 16'a 224 624 20 574 36% 58 88% 6l 2 ChiRI&P (7).. 132% 1327 131'5 132% 33w 33 32% 33 45 Com Ci1stpf 6% 100% 100% 100' 100% | Lehigh PC pt(7) Int Mer Mar pf. 47% Int Nick,Can 80¢ 17 | 1nt Paper pf (7). 73 | Int Pa&PoA2.40. 112 | Int Papr& PoB. Int Papr & Po C. Int Pa&Po pf(7) Int Prig Ink 2%, Intl Silver (8). Int Tei & Tel(6). Inter Dept S(2).. Intertype(t1%). island Creek(4). Jowel Tea c15)... % | Jonns-Manv(3). 59% ! Joliet & Chl. 89% | Jordan Motor. 329 | Kautmn DS 13%. Kayser J(5).... Keith-Al pf(7).. Kelly-Spring Kels Hayes(2).. Kelvinator Corp. 36 221 45 5814 | Kendall pf (6).. 24 | Kennecott (4)... 105 |Kinney (G R)... 115 |Kinney pt( IKolster Radio. .. | Kratt-Pho(1%). Kresge (1.60). .. Kresge SS pf(8) Kresge Dept 8. Kreuger & Tol Kroger Gro(el). 49 5% 59% | Laclede Gas(10) 104% | LagoUMl......00 29 29 29 73% | Lambert Co (8). 141% 143 Lee Tire & Rub. 51% | Leh Por Cmit 2% 175 54 i Lehigh Val Coal | Lehizhvai(3g). 262'%; Lehn & Fink(3). 131 | Lig& Myrs B 16 9% 1 1.ima Locomtve. 27% | Link Belt Co. ... 83% & Liquid Car t4%. 90y | Loew’s (13)..... Loew's pf (6%). 96Y% 9314 | Lot 1 | Lo 10713 | Loriliard Co. 993, | Louistana OIl. 67 | 1-0n1s GasA 1.75. Ludiufn $t1 etfs. 19 |Ludlum S pf63k%. 1004 9% Mac And(12.85). 1% 42 4% 61 MeCall Corp(4) 74 74 T4 10 McCrory B(2).. 104% 104% 104 93 McGraw Hill(2) 44 44 43% 70% McKeegpt Tin®l T3% 74 J3 Close. t Ban 224 847 6d% 106! McKes&Ro 1.60. McKsn pf A 33 | Mack Truck(6). Macy Co (c2). Mad SqGar 1%. Magma Cop (4). Mallison & Co. .. Manat! Sugar pt Mandel(214).... Man £l m2g(d5) Man Shirtez), 58'% | Marland Oil..... 1541y | Marlin-Roe 13% 80 | Marmon Mot (4). 624 I‘Marthl‘nrry. 123 ¢ | Mathieson( Jog |May DeptS(4).. 1293, | Maytag (12).... 71 | Mayagpfd... 240 | Maytag 1st pt(s 5814 | Menel Co . 1154 | Mexican Seab. " 374 | Miami Cop (2).. 1173 | Mid-Cont P(2).. 81 | Middle States. .. 2274 Mid States ctrs. 181 " | Midiand pretiz) 1143 | Miller Rubber. .. 10015 | Milwaukee E1(6) Minn & St Louts Mo Kan & Tex. . Mo K&Tex pft7) Missourt Pacific. MoPacific pf(5). Mohwk Car 234 . Mont Ward 2%.. Moon Motor... Mother L (40c). Motor Frod(2) Motor Whi (2).. Mullins pf (7).. Munsingwi (3).. Murray Cotp.... Nash Motors(8). Nash & Chat(7). Nat Acme (1)... Nat Bellas Hess. Natl Riscuit(t7) Nat Bise pf(7).. at Dairy (33). Nat Pow&Lt(1). Nat Ry Mex 2d.. i Nat Supply(18). Nat Tea (1%)... Nevada Cop (3). N O Tex&M (7). N Y Alr 8r(3). N ¥ Central(8).,. N Y C&StL(6). N Y Dock pf(5). N Y & Lack(7).. N Y & Harlm(56) NYNH&Hart(4) NY NH&H pf(7) N Y Ont&Westn, N Y Stm pf(6).. NY Stm st pf 7. Norf & Wn(7110) NorAm bl0%stk NorAm Ed pf(7) No Germn Lloyd North Pac(b)... r Pacefs(5).. rthwn Tel(3). Norwalk Tire. Norwalk Tire pt 974 | 011 Well Supply. 804 | Ol Well S pt 125% | Omnibus. . 104% | Omnibus pf(8) 10244 | OppenhmCol (4) . 80 |Orpheum pf(8).. 116 +|Otis Elev (6).... 40% | Ous Steel. . . 41% | Owens Bot (c4).. Pacific Gas(2 Pacific Pac Ol Stubs. .. Packard (13%).. Pan-Amer Pet B Pan-Am Petroim 15% | pan-Am Wn B. 102 | panhandle. 69% | punhandle pt Paramount-F-L Park & Til(33). . Park Utah(80c). Patino M (3.8 Peerless Motor Penick & Ford. . | Penn Dixte Cmt. Penn R R(3%) Pere Marq (18) Pere Marq pf(5) Pere M prior(5). Phila Co pf(3). Phila& RC& 1 Phil Morris(1).. Phillips P (13%). Plerce-Arrow. .. Plerce-Arrow pf Plerce Oil... M., Pierce Petrolm Pilsbury (1.60).. Pirelll, Italy (A). Pitts Coal Pitts SG pf (7). Pitts Ter pf(6).. Pitts& WVa(6).. Por RicoToA(7). PortoRicoTobB. Postal T&C pf 7. Postum(3).. 887% | Prairie O11&Ga: T1% | Prairie P L t33% 1411 | EFessed Su Car. % | Produ & Refin 31 | Producers&R pf. 196% | Public Serv 2.60. -z;y- Pyb Serv NJ rts. ma Pub Serv pt(6) 138" | Pullman Coct).. 92% Punta Aleg Sug. o Pure vl (1), Shu) bure Ol pt(8). $9s | Purity Bak(3). . 14% | Radio Corp. 83 | Radio (new). 159 | RadioCo pf(3%) 94 | Radio-Keith(A). 85% |RSCefs(4).... 107 | ReadingRy(4). 142 | Reading 2d(2). 90% | Reading 1st( Remingtn-Rand. Rem-Rd 18t(7) 90 |Rep 1&Spf(7). 57 | Reyrolds Spngs. 146% | Reynolds Tob A. 210 | Reynolds Tob B. 82 | Richtleld O11(2 336 | Rio Grande O1l 63 | Rossia Ins 16%. 149 Royal Bak P(1). 1883, | [Royal Bakg P pt | Royal D(a1.336) Safeway (3). Safeway pf (6) Safeway pf (7).. St Jos Leaa(13). StL & San Fr(8) StL&SanF pf(6) ) Schulte (h3%).. Seagrave(el.20). Sears-Roe(32%) | Seneca Copper. . Shattuck FG(2). Shell Un(1.40). Shubert The(b). Simmons Co(3). SimmsPet(1.60) 4, Sinclair (12%) | Sinclair pfis). Skelly 011(2) So Po R Su 2. South Cal Ed (2) South Pac South Ry(8 South Ry pf(5). SouRyM&O cfs 4 Spaulding pf(7). Spang Chalfnt. . Spen Kellog 1.60 Svicer Mfg. SpicerM(fg p! Spiegel Co (3).. Stand Com T(1). SUG&EE (3%). Std G & B pf(4). Std Milling (6) . Std O of Cal(13) StdOIINJ(113%). StdO:INY(1.60). Std Plate Glass. Std P Glass pf. . 42 | Std San M( ik 71 Staniey Co. . 104 'Stewart-War(6) 43% Stromberg (3).. 74 Studebaker($). Nat Cash Reg 14 | Open. High. Low. Close. ! 57% 591y 105% 106% 196 35% 6% 191 137 86% 108% 301 44% 137 42 NEW YORK STOCK EXCHANGE i | Open. High. Low. Close. 7% b6% 67 |SubmarineBoat. 84 3w 3 3 59 59' 59% | Sun Ol (g1) 574 68t 105% 106% | Sun Oil pf(6). 103% 103% 161% 165 | Sapertor Oil. T T 22 22 |Sweetof Am(1). 16 16 74 75 iSyminglonClA. 15 A8 8% %[ Telmutogrph(1). 19% 19% 4 4 Tenn Copper(1). 18t 18% 34 6% Texas Corpni3). 584 59 51% 51! mex Cor 50% pd. 56% 56% 3l 81| pexastinltSulie) 720 T4 37 38 | TgP C&O(b2%) 19% 20% 22 12 | Tex Ld Trinew) 17% 18 74 5 | The Fair(2.40) a2 42% 3 % | Third Avenu 3 35 Thomp J R(3.60) 49% 49% Tidewater AsOll 18% 184 Tide W Ol pfi5) 91t 0 80 80 80 305 301 305 45 43% 46 91 90 1 Blla 8l Sl 16 16 16 28% 23% 23% 114% 114'5 114% 123% 121% 123% 407 375 407 8% 75 B1% 55 55 55 35% 34 35 2t 19 20% 166% 153% 155% 7 6% 7 131 129% 131 60% 5By 60w 130% 1304 148% 148% 98% 984 98w 7% 117 117 115 115 115 46 45 46 39 38% 38u 62 €0% 61% 6215 Slly 51% *| Special Dispatch to The Star. Timken R B (3). Tobac Prod (8).. Tob Prod (new). ‘Tobac Prod A(7) Transcont Oil. Transue & W(1) Trico Prod(2% ) TruaxTraer C... Truscon S $1.20. Undwd-El1 F (4) Union Carb(6) Union Pac(10) Cn ¥ Utd Dyew pf(7). Utd Elec Coal. .. Utd Fruit (c4) Utd Paperboard. US Cast Ir P(2). US CIP 18t 1.20. U S Distributing U S Distrib pf(7) U S Alcohol (6). US Leather.... U S Leathr At4) u 14 Lea pr pf(7) Realty(4).. u REBLRRL LD Kub 18t pf. U S Smelt(3%).. U 8 Steel (7). U S Steel pf(7).. U S Tobacco(3). Uni Leaf Tob(3) Unt Pic 1t pf(8) Univ Pipe & Rad Util P&L Ace2), Vadasco Sale: Vadasco pf . Vanadium (14).. Van Raalte. . Van Raaite pf.., Vick Chem(4). .. Veksbg&SpL(5) . Victor Talkg(4), Victor prpf(7).. Vict Talk M cf: ] U U U Warner Bros Pio Warn Bros P rts Warner pf(2.20) Waurner-Quiz).. Warren 1st pf(3) Warren F&Pipe. Weber & H (j4). Web&Heil pf(7) Webstr-Eislohr. Webster-Eis rts. Wesson O&S (2) W Penn EIA(7). W Penn Ei pf(7) West P Po(6). .. West P Po pf(7) West DairyA(4) 5 34 " 24 T4% 101 9414 17 hse(4) Westhse 1st(4) Weston Electric. White Eagle(2). White Mot(1)... White Sew Mach Wilcox 011 & G Wilcox (A) 234 W:lcox Rich B Willys Ov ¢1.20, Wilson & Co.... Wilson & Co pf. Woolworth (6) Worthn Pump. . Wright Aero(2)., Wrigey ((13%). Yale&Towne(4). Yeliow Truck 39% 40%m 39 40u Young Spring.. 57% 57% 57% 574 Youngstn Sh(5). 109% 110% 109% ll(l) Hourly Sales on N. ¥. Market. 10:30 &m.. 469.900 12m... 1 1:30 p.m. 2,293,700 2:15 p.m Divid pPEatam e n v X latest quarterly or half-; Unit of tradi ! 33 s i oot o Plus bove tadle nts based on the —————— GERMAN BONDS AND STOCKS. NEW YORK, March 7. | Ger Govt Red Loan with draw g Mg s att per e GerGovt "Red Toan witnut °>00 6000 000 R M. 36.00 | Berlin 4s pre-wi i Hamburg 3s. 3';5 & Hamburg American Line 4 North GC!";;II Lioyd 4'as. h 45 pre-war.. ... (Quoted in_doliars per’ sh AE G (Ger Ge Elec)....... A E G (Ger Ge Elec) pfd B! Commerz and Privat Bank I G Farben.... . Disconto Gelischatt. . Handels. Bank 4 3 he Bank. tacdter Br den Chem . jank. S ERsATEas o PubeS35558 88833383383333:! o Austrian a Rudolph Karstadt. FEDERAL LAND BANK BONDS Special Dispatch to The Star. NEW YORK, March 7.— Bid, ~ Asked. Land Bank 4s May 1988-38... 931, 94 Land Bank 4s Nov. 195737 98 Bank 4'4s Nov. 1958 9T Jan. 1957 971 s May Bank 4%s Ju ¢ Bank 5¢ Nov. Bank 55 May 19410p31 Al e k STRINGENCY IN MONEY LAID TO RESERVE PLANS By the Associated Press. NEW YORK, March 7.—The present stringency in money rates, which sent call loans to 12 per cent yesterday, Is regarded in Wall Street as evidence that the Federal Reserve authorities are get- ting results in their efforts to stem the absorption of credit in speculative trad- ing. Withdrawal of funds from the stock market by out-of-town banks as a result of pressure by the Federal Reserve is believed to have been the chief cause for the tightness of money the last two o 19410p31 | cays. WHEAT CLOSES HIGHER. CHICAGO, March 7 (Special).—The wheat market closed near the day's top with pit shorts covering. Last prices were 7; to 1% cents higher. March, 1.22'4; May, 1.27a1.27%%; July, 1.29%a 1.29 September, 1.31%;. Corn closed % to 1'% cents higher. March, 957%; May, 99%;a99%; July, 1.02% ; September, 1.03%. \Oats closed 33 to % cent higher. March, 46; May. < 49a49'5; July, 40a 49'%; September, 46a47. STOCKS IRREGULAR N CREDT SQUEEE Money Renews at 10 Per, Ceht—Traders Fear Higher Rate Will Come. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, March 7.—Nervously awaiting developments in the credit sit~ uation this morning's Stock Market fluctuated irregularly, now rallying and then reacting. Money was the controlling factor in the day's operations. The renewal rate was 10 per cent, and it was a striking commentary on the present-day specu- lative mood that this figure was hatled with relief, simply because it was 2 per cent under the high for new loans at the close yesterday, entirely overlookin, the fact that money has not renewe at 10 per cent befare today since Jan- uary 3. Rally Follows Renewal Rate. ‘The posting of the renewal rate was followed by a brisk rally in the general | list. Funds were said to be in good sup- ply at 10 per cent, with the qualifica- tion that any large calling of loans would force the price higher. The prob- | lem that the Street was unable to solve to its satisfaction was to what degree the member banks were going to heed the admonitions of the Federal Reserve to cut down on their security loans, re- gardless of the interest rate or of their own position. It is revealing no secret to say that the trading community was more respectful today of Federal Re- serve power. In the first-hour rally there was un- doubtedly a good deal of buying for account of a newly created short inter- | est. Bearishly inclined operators have been burned so often that they dread the fire and the first sign of a rally drives a good many of them to cover. U. S. Steel was an early leader on the side of advance, up from 2 to 3 points. Anaconda, first dipping to a new low on the movement, afterward recovered more than the initial loss. Some stocks fluctuated wildly, among them Johns-Manville and Radio. The | more than 10 points under the pre- ceding close before support appeared and upward action ensued. Something may have been due to the news of the sudden death of the president of the corporation, but in a normal market the swing would not have been nearly as wide. Radio, which was down 18 points at the close yesterday, selling at 390, at noontime was up 20 points net. Rails Well Supported. As a rule the rails were well suported. This was practically true of Baltimor & Ohlo, which, at 132, was only a point under its record high. New York Cen- tral rallied moderately, and there was active dealing in Alleghany Corporation at higher levels. Erie was one of the better acting stocks on the tape. Besides the immediate money situa- || tion, the market had to take into ac- count the fact that the weekly state- ment on brokers’ loans would be made public after the close and that this was the day for the meeting of the directors of the New York Federal Reserve Bank. The Bank of England made no change in its rate and that news was at hand | before trading began on this side, but | what the New York bank would do was uncertain, although the balance of infon inclined to the bellef that no ange would be made. Wall Street Briefs ‘The Ward Baking Corporation has announced the election, on March 4, of Ralph 8. Kent as president of that cor- poration and the Ward Baking Co. to succeed the late Willlam B. Ward. Charles A. Ward remains as chairman of the board of the corporation. ‘Wall Street expects the monthly re- port of the United States Steel Corpo- ration, to be published Saturday for February, to show little change in un- filled orders, unless month-end adjust- ments were made. Production during nr.; month about kept pace with new orders. Foreign buying of copper, held chiefly res] ible for a rise in price of 113 cents a pound last week, was reported today to have fallen off, with the result that no immediate change was expected in the present level of 19!, cents, do- mestic. However, the trade sees no prospect of a decline in price until July, since producers are sold up to June. In addition to $2,000,000 announced recently, another like amount of gold has been taken in Argentina for ship- ment to New York. Present exchange conditions are such that it is cheaper to ship gold to New York than to buy dol- lars in Buenos Aires at a premium. The Western Union Telegraph Co. ex- pects to start in about a month in- stalling new high-speed stock quotation | tickers on all New York Stock Exchange | ticker circuits. BUSINESS T LEADER DIES. | F. Merseles, Johns Manville President, Passes in West. DEL MONTE, Calif, March 7 i#)— | ‘Theodore Frelinghuysen Merseles, 65, | Bronxville, N. Y., widely known busi- ness man and bank director, died of heart disease here last night. His wife and a son, Herbert E. Mer- seles, were at the bedside. Another son, T. 1. Merseles of Bronxville, also sur- vives, Mr. Merseles was elected president of Montgomery Ward & Co. in 1921, and recently was chosen president of Johns Manville, Inc. He was a director of the Northern Pacific Rallway Co.. the Con- tinental & Commercial Bank in Chicago | and the Seaboard National Bank of New | York. DIVIDENDS. Pe- Pay- Hidrs. of Company. riod Rate. able, record Am Cyanamid A. Q 30.30 Apr 18 . 10 A 115 | e %o% 2 DO0ODOOOOOOOLOD e s G 8 e et s G B e b e BT 15 8 g 15 Q X 14 Q .3 115 Q S 130 Q 3 . 15 Lambert o', *'& R} Wi ert’ o i 3 Lenigh Val H 18 | Leh "Val "Coal Do. pt. %inft DOOOOD Basrar G 8 2 S5, former was pressed for sale, dropping | 5% LOANS 5% On High Class Residential Property Write for Booklet Jos. W. Brooks & Co. Insurance—Frank. 2913 212-213 ‘Transportation Bldg. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutoal Benefit Life Ins. Co. 1520 K Street Main 475 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 "Fortniohtly Review” on Reauest 1508 H Street Connecticut at K Main 9600. Private Wire and Telephone to New York THE FIRST SE-TIRE! GOODYEAR DOUBLE EAGLE on display at BEN HUNDLEY GOODYEAR TIRES 3436 14th St. N.W. (At Newton) o 5 e B 0 5 5 R B R 2 T e B BB FIIL.RS'T MO RITGAGE'S WE KNOW THE VALUE | OF THE PROPERTIES —that stand back of our 6% FIRST MORTGAGES No loan is granted until after ap- praisement has been made. So a careful, conservative Over a Third of a Century you invest with every assurance Without a of security and definite return Loss —always on the due date. In amounts from $250 up. B. F. SAUL CO. Main 2100 25 15th St. N.W. THERE IS NO ' SUBSTITUTE FOR FROM ’6 g T0 '29 : One month after Ulysses S. Grant I|_ad been inaugurated in 1869, our firm started business in a modest way in the city of Washingtgn. In this era of reconstruction, expansion and industrial growth, the policy of our founders brought immediate suc- cess. It has continued unbroken through every successive period— through wars and peace, panic and nrosperity. SAFETY With the inauguration of Herbert Hoover, an era of commercial co- operation and unified prosperity looms on the horizon—and we look forward to even greater success in our own special field, the marketing of First Mortgage Notes on approved income-producing property in the na- tion’s capital. From 1869 to 1929 many changes have come in Washington, as in the Nation—but -the policy established by our founders has enabled us to make a continuous record—nearly sixty vears of unfailing interest re- turned on the 67 First Mortgage Notes we sell, without a single loss to any investor. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W./ WASHINGTON D.C. 2JEAEISRIE AR AR SRS IR R BRI RS RIS RIS RIS R IR IR IR TR ’,