Evening Star Newspaper, March 8, 1929, Page 15

FINANCIAL, _Money to_Loan Seeured by st deed of trust o: Prevaling interest lnd'c -.-lfll n. Joseph 1. Weller § Tur regular quarterly | dend of Two Dollars and Twenty-Five Cents ) per share will be , 1929, to stockholders cord at the (lose of business on i 14, 1929, H. BLAIR- SMITH, Treasurer. Real Estale Loans rcured deeds rrust property a d. by of on and courteous THO< E. JARRELL Co. Realtors 1 N.W. Main 766 10th St. In Nearby Virginia 1 Prudential 5%% Insurance Co. | Loans it | Commonwealth Investment Co. L 913 153th st AW Phone Main 2623 | s / First Mortgage\ \ Money We'll be glad to con- sider applications for money for construction refinancing. Prompt report—with money immediately available. Alwass Low Rate of Interest nd Commission DON‘T vouliketo tura. over your ideas for a folder or booklet or other piece of Direct Advertising to an or~ ganization whichgraspsthem quickly and thoroughly without a lot of explaining and directing from you? & Never Disggooin” BYRON S. ADAMS Printing * Advertising 512 ELEVENTH STREET MAIN 8203 —for the sake of your wife and children v life insurance— and put it in 1eir bene- 1l so as to e ones you il get the best d sec onr Trust Step in a Department LIBERTY NATIONAL BANK * Fifteenth and Eye Sts. Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Checques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 real estate. §BUNI] PRICES DOWN Trading Almost Standstill—Selling Move- ment Is Suspended. BY CHARLES F. SPEARE. Specin: Dispatch to The Star. NEW YORK. March 8 -The bond market relapsed into dullness today, with the reduction in volume being largely explained by the tact that there was no recurrence of yesterday's severe | liquidation. Pressure disappeared from the markef, for United States Govern-| ment loans, but there was no recovery | in prices. The same condition existed in the case of other gilt-edged and legal obligations, yields on which the last day or so have reached a basis where they can be recommended purely from the | standpoint of their cheapness. As a matter of fact, the market failed to change very much. Continued heavi- ness in a few of the rails was traceable to the absence of buying power, but even further concessions failed to in- duce demand. Rock Island 4!%s slipped almost a full point, the Fisco liens of | the ires | 1968, ame denomination met and Union Pacific ased. Atchison 4'.« were | narrow range. Northern Pacific 35, a legal rail, losc a large fraction. Convertible issues were much quieter with their movements corresponding to the nervous market for their stocks. { The Anaconda 7s appeared on the tape {less " frequently while International Telephone 4'2s and many of COrpor: tion {ssues carrying the speculative conversion feature displayed irregular- | ity. Allegheny Corporation 5s were | | mostly dealt in slightly under Thurs- | day’'s closing, but the International Match 5s came down a point on the opening sale, as did the International Cement 5s. Interboro Rapid Transit 5s, among | the local traction issues, were again | ! weak and the Third Avenue adjust- menlts encountered fresh selling. Slight- ly greater activity was witnessed in oil company issues at slightly higher levels. Numerous representative foreign | | group and municipal oblizaucms firmed tup, especially French Ts, Dlmsh municipals, Australia 4155, Rome 6ls and the Argentines. Belgium i | however, were all lower. more especially the 6s with the others showing sympa- thetic weakness, l Washmgton Stock Exchange SALES. Capital Traction §5—$1,000 at 100%, $5,000 at 100 ‘Washington Gas 6s “A”—$200 at 103, Capital Traction Co.—5 at 1041, Pol c Flectric 6% pfd—3 at 1121, 20 at 113. Potomac Electric 108%, 7 at 1087%. | American Security & Trust Co.—320 | _470. 10 at 470, 10 at 470. Commercial National Co. pfd.—2 at 104, | District National Sec. pfd.—10 at 1021.. Lanston Monotype—10 at 130, 5 at 13034, 5 at 130%, 5 at 1303, 20 at 130%, 10 at 13014, 10 at 1301y, 2 at 130 Merdunt.s’ Transfer & Storage com.— |30 at 126, 20 at 126. | Mergenthaler Linotype—10 at 108%, 10 | at 108%. AFTER CALL. Washington Gas 6s “A"—$500 at 104, Capital Traction Co.—1 at 104. Pol'fiamw“ Electric % pfd—20 at Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer Tel & Tele Amer. Tel. & Telg; 512% Gas 6. series A ‘E;mv it ‘,n--nzn srdcxs e li:C UTILITY. C.,m,'l:f.: tion C | Washington Gas .. N AV MARKET Reaches | | more active, but moved in a fractional | A pfd.—70 at | THE (Saine Lib 3., 1ib1stals Lib1-2 4348 Lib 4th a3 15. LS S 45 1944, L'Sflus.':". 20 FOREIG Sales. ArgentineBs...... i Argeniine 6341 by, | Argentine May Acgentine 65 Oct | Argentine 5% '632. Argentine 6s A | Australia HeTH b.. | Australia b8 1957 Austria 7s Bank of Chile 674 | Bank of Chile 6&- | Belgium 6s. . | | By Bordeaux Brazil 6165 1926 Brazil 63431927 Brazil 7s. Brazil s.... Bremen State 7 | Canada 5316 ! Canada 65 195 Chile 6861, | Chile 7s 1943 | Colombia 6s Jan'61. Con Pow Japan 7s. . Copenhagen 4%s 53 Copenhagen bs ct Cuba b%s Danish Munic 83 A. Danish Munic 83 B. Denmark 448 Denmark és Duich Fast 1 63 47. Dutch £ast I 65 62. 3l Salvador 8s 48 | Fiat 7s war '45. . | Flat 7s x war ,46. {iniand 53 { Finland s f 63 45 | Finland 7s. . . Framerican 7% French 7s..... French 7343 Japanese 6% Lyon 6s.. 12 | Marseille 65 14 Mexico 45 04 asntd. 100 Mexlco 4310 asnt.. 45 ln:lan‘%. iz Montevideo 1 Netherlands 6s 54.. 23 18 Norway 631943 orway 6s 1944 | Norway 6%s 1952 Orient Dev 5%s | Paris-Ly-Med 6 Paris-Ly-Med { | Peru 6567 wi.. Peru 6s ctfs, Peru 7s. | Poland 6s 4 Poland 7s (rets).. Poland 8s. Queensland RhineWst EP 6s'53 | Rio de Janeiro 648 Riode Jan 83 1946. . Rio Gr Do Sul §s. | Sao Paulo 8s m: Sao Paulo 1950 Saxon (PW) 7 Séine Ts 42, Serbs Cr Siav 1-‘ Serbs Crot Sio 8: Shinyetsu 6343 52 Swissb%s Swiss Confed Toklo 6348 1961 Utd Kingm 538 37, Uruguay 8s Vienna s '52 Yokohama 68 wi... 3 | AbramasStrauss%s ! | Alleghany ev 55 w i 150 AmAgriChem 7%s. J4 AmChain 65'33... 4 \Amlnttor.‘a‘is 49 66 AnSmit&R1stbs. 14 | Am Sugar Ret 6s... |Am T & Tcltrds.. |AmT & T cl tr b | Am Water Wks 2 | Am Wrtg Pap 65'47 v | NATIONAL Nmoml | National Capital BANK. oln " National Rires Second wmomx Bank o TRUST COMPANIES, ! American S t Merchal | N-uoml B Unlon Trust BAVINGS BANK. Bank of Bethesd; Commerce & Savi | East Washington. Nlflonl) Union. . TITLE XNSVRANC! Columbla Title, e e Y cathr . comm Wash. Cons. Title ptd.. 1 MXSCELLANEOU& Barber & Ross. Inc.. com.. | Chevy Chase Dairy 'pfd.. . | Chestnut Farms Dairy com. .. Chestnut Ferms Dairy pfd Col. x:-na f Gravel 1J’ 131 234 46 Co, pid. curmes wid.. ge G o Federal-American pid - .. 105 | Lanston_Monotype ... . 130% | | Merch. Trans. & Storage. 3 | Merch. Trans. ‘& Storage | Mergenthaler Linctyp | Natl. ‘Mtge. & Inv. pfd | Beoples Drie lores i | Security, Storage. . Ref, b Cony. Hall prd. { Wash. Mech. Mtee. con Wash. Medical Bide. Corp. Woodward & Lothicp bid | *Ev divid GERMAN BONDS AND STOCKS | Spectal Dispaten to Tne star. NEW YORK, March 8.— | Ger Govt Red Loan with draw ctis att per 55.00 Get G0Vt “Red Dok without draw ctfs per 1.000 R M 36.00 ! Quoted, tu “doliars per militon warks | Hamburg 4725 1919, 20.00 Guoted in" dollars per mmmnd onarks) Ger Gen Elec 435 pre-w 2 Ger Gen Elec 4'%s 398 Berun a5 “pre- wat Hamburg 3s. 3135 & 45 pre-war erffan Line 4% Bid. Asked. 60.00 40,00 21. | Dusseldort 43 pre-war Franctort a-M ds nu-nu Munich 4s pre-wi (Quoted h aolln s ‘per’ share.) r Ge Elec).... 00 Deutsche Bank Darmstaedter Bank Heyden Chem . . Mercur Bank V*enm . . North German Lioy Austrieun A E G thn Eiec) oL Rudolph Karstpdboersrseerrees * | Ligget&Myersssol, Hi00 | ~2555sssssases sesessazse Anaconda 1st 6s. Anaconda cvdb 7 Armour&Co4%s 39 | Armour Del 5% | Associated OI1 6: | Bell Tel Pa 68 B. | Bell Tel Pa 65 C....« | Bethlehm Stl pm b3 " | Beth Steel rf bs. ... | Bethlehem Steel 63. | Certain-Td5%srcts | Chile Copper 63 1t 36 99 m Invest 6s'48.. 3 {ConGas N ¥ 6%s. . Cuba Canecv 7s... Cuba Cane 88 Denver Gas bs. | DatroitEdisonss | Detroft Edison 6s. . .| Dodge 6s.... . | Donner Steel 7s | Duquesne 4343 67. . Fast Cuba Bug 7%s uen Asphalt 65 36.. " | Gen Cable 5348'47. Gen Mot Ae Cor 6| | Goodrich 6%s. Goodyear bs ret. Humble 0!155..... Humble O & K 5%4s. | Illinots Bell 1st 5s. | Liiinois Steel 4%5. . | Indiana Steel 6. Intl Cement 58 48 Intl Match 65 47. Int Mer Marine 6s.. 4 Int Paper b8 47 Inter Paper | Int Tel&Teleg 4%5. | Int Tel&Tel 4%s cv 1T KunCity P& L. Kan G & E 6 Kreuger&'l'oll 5s ct 164 Lacledes. . . Laclede G 6348 52.. Loew's Inc 68 2 Loew's 63 w 0 war. ManatiSug st 7% Midvale Steel 65... | Mont Pow b3 43. Mont Power deb ba. Mor's&Co 1st 4%4s. Nat Dairy 6%s.... NewEnglandTel bs N Y Edison 6%4n. .. INYGELH&Pbs | Nor States Pow 6s. Pacific Gas & El 63 Pac T & T 18t 6s. Pan-Amer Pete 6s. Paramount 68 1947. PhilaCo 6367 wi.. ¢ Phila&ReadC&1 Gs. Philips Petro 6% Pierce-Arrow 8s. .. Por Ric Am Tob 63 Postal Tel & C 5l 2. 0(} Lressd Steel Ca EVENING 5 10712 10710 N. High. Low. Close. | 1% 8744 6 103% 1084 86% 93% 114 103% 106 97 105% 100% 103% Kelly-Spring 8s. 1l 10710 9% Y| Yogstn S&T s w 1. 1031 103 103'% 10 ! MISCELLANEOUS. il 102% 105 98 104% 1003 103% 99% 103% 103% 1054 975 83% 104% 240 a1 90% 102% 104% 106 100 102% 104% | Public Service 474 | B & 0 63 2000 D. { Can Nor 434 1935.. | Cent Pac 1st 65 90.. | Clev Term 6%s. ... 9 9{ Sales. 1 Punta Alegre 7s RemingionAr Rem Rnd 6%s wa Sinclair Oil 6s Sinclair O] 63 Sinclatr O1) 7s. Sinclair Crude Sin Pipe Line South Bell Tel 5. So Por Rico Sug 7s. Southwest Bell 5s. . Stand OIl N J 5s 46. 4| 8tamd OIINY 435 ugarkisioriente7s, nn Copper 6841, ‘ennklecPow 63 47 Transcontl O] 6%8 United Drug 53 53.. U S Rub 1strf 68, U S Rub 73s. USSteelsts Utah Pow & Lt Utilities Powr 6% Vertientes Sug 7s.. Walworth 6% '35. Warner Sug 7s 3 Warner Sug Ts ¢1.. West Elec bi Westn Union 6% White Eagle O 5 %8 Willys-Ov 6338 33.. Wilson & Co 15t 6; RAILROAD. Atchison adj 4s 3 86 Atchison gen sw Atch deb 4 Atanue C 1 : Atl& Dan 2d 4s 48.. B&OGold 4. ....0 1L B&Oretbs.. B&O 1stbset. B & O rf imp 6 B&OSW5s60. B & O Toledo Boston & Maine Brdway&7th Av 6s. Brookiyn Elec 6%s Brooklyn Elev 6348 Bklyn Mannat 6s... Rfr R & Pitt aus. . Bush Term con bs.. i 5 SR FEE AN RTE RS Can Nat 4%s 67.... Canad North 6%8. . Canad North 7s Canaa Pac deb Can Pac 4%;8 46. Car Clinch & O 5s. . Gar Clinch&O 6552, Central of Ga 6s. Chesa Corp bs w i.. Ches&Ocv4%s... Ches & O gn 43¢s CB&Q4%s77B Chi&E 111 gn bs 51.. Chi Gt West 4859.., ChiM&StP41%5C89, Chi M&SIP 4% E. ChiMISP&Pac5s75. —o e - A A ) Chl& NW 6%s. . Chi & NW 7. (‘hlnl&l’uu.. Chi R1&Prfds... CRIPac4%swi.. ChSitPM&O 55 '30. Chi Union Sta 5s 44 Ch! & W Ind cn 4s. . CCC&StL deb 4%¢s. CCC&StLSsD, Cuba R R 63 1936 cf Cuba RR 7%s . Cuba Nor 5lgscts.. BN AT B~ | Del & Hud 1st rf 45 Del & Hud 75 30.... Den & Rio G cn 4s.. | DRio G West §s. .. DRG & Wst 63'78 Des M & FtD 4s cfs Det United 438 Erie 15t cons 48, Erie Gen 4s. . Eriecvt 63 67 Erie conv ext 7s. Fla East C5874. ... Ga & Ala 1st s '45. Gr Trunk stdb 63 Great North 5izs Great Norgen 7s... Hocking Val 4%s. Hud & Man aj b Hud & Man ref 6s.. 111 Cent 48 52. Int Raptd Tran bs.. 2 Int Rap Tr 68 stpd. Int Rapid Tran'ée. . Int Kap Trans 7s... Int & G Nor 1s Int&GtNor adj 65 53 IntKysCA 68 72.. Int Ry CA 6%sret. KanCity Ft S4s... Kansas City S 3s... i I.ehigh Valen 4s... TLehighVal con 428 Lehigh Val 53 2003. Long Isre4s49.... L & N 4%s 200 Louis & Nash b3%s. Man Ry 1st4s90... Market St T8 40.... Mil El Ry & L 63 61 M St P&SSM cn 45. MStP&SSM5s38gtd MK &Tprinbs Ao Mo Pacific gen 48 3 Mo Pacific 55 G N R M 4% '57 asst.. Nash Chat&StL 4s. N Y Cent4s 98..... N Y Cent deb 4s. NYCrfim4%s. .. N Y Centr £ b: N Y Cent del NYC & StL deb 4 NYChi&StL b3%sA. NYChi&StL 5%y B, NYC&StLEsA.. NY NH&H db 4857, NYNH&H%s.. NY NH&H cv db 6s Northern Pacific 48 Northern Pac bs D Northern Pac ri 6s Ore Short Lirfs 4s. Pennsyl gen 4345 . Penna RR4%3'63. Pennsyl gen b Pennsyl bs 64 Pa Ohfo & Det 443, Pere Mar 15t 45 56. Pere Marq 1st5s. .. Philippine RR 48 Port KL & P 58 42. Reading J C4861.. St L IM&S 48290 StLAM&S gn 6831, St L 1IM&S R&G 48, StL&SFpl4sA.. 10 StL&SFratsT8.136 StL&SF pr n b 1 StLS W con 43 32. |St P Un Dep bs. San A & Arp P 45 Seaboard A L 4s. Selbnarxc: AL s sta. 2 bALrefds.... 12 SeaDAL ad) 63 1949 13 Seab A Licon 8s.... 19 SBAIFIla6sssA. Sou Pac 43 29 Sou Pac clt 43 Sou £a0 4% I Sou Ry gen ¢3. Sou Ry Con bs. Sou Ry 65 56. Sou Ry 6%S. .. Third A Third Ave adj 5 Union Pac 1st 4 Unton Pacific 45 68. Union Pac 4%s 67.. Virginia Ry 1st 6s.. Wabsash 55 76 B. Wabash 5% s 75. West Maryland 4 Western Md 53%4# Western Pacific 58, 102% 105% 100% STAR, WASHINGTO. I N NEW YOR BONDS STOCK EXCHANGEI Received by Private Wire Direct to The Star Office UNITED STATES. w $3.0000 Sales. H‘v‘nn Low . Low. Close. 185'3 185 1ot 89 67 91% 970 100% 100 103% 108 100 sl : moderate, market dull . | stockholders would not be allowed to 3% | ditional shares of stock by the company. 98 98 /| quality and condition, best 30a35; " quln, pony refrigerators, various vari- MARCH 8. 1929. D. €., FRIDAY, MARINE PRODUCTS DENAND INGREASES Fish and Oysters in Good, Supply at D. C. Whole- saie Market. There was the usual increased de- mand this morning for marine products for the Friday and week-end trade. Fresh fish were scarce at Municipal Fish Market, however, due to the stormy conditions along the Atlantic Coast. Dealers had plenty fresh shad and herring from North Carolina, however, and a few rockfish, jumping mullets and small yellow perch. Frozen fish were plentiful and cheap, according to reports, and many consumers satisfied themselves with them. Oysters were fairly plentiful, dealers having supplies more than enough to meet, demands and offered them at prices that have prevailed the past month or more, $225 a gallon for standards and $2.50 for selects. Turkey Prices Higher. It is believed the rough water along the lower Potomac interrupted the work of oystermen and that the bivalves may become scarce before the first of the coming week. Such a shortage, how- ever, probably would not last more than two or three days, and dealers say they are certain they will continue to be able to_meet demands. Decreased receipts and a steady de- mand this morning resulted in increased prices for live turkeys. The increased demand for fowls also resulted in an increase both alive and dressed. i Continued plentiful supplies of fruits [and vegetables and plentifu supplies of meats and eggs were mentioned in to- day’s market reports. Buyers were out early in the morning looking for sup- plies for today’s dinner trade and week- end buyers, prices for most commodities being the same as prices quoted yes- terday. Today's Wholesale | Prices Slightly Higher. | Butter—One-pound prints. tub, 51a52; store packed, 30a35. Eggs—Hennery, 38a39; fresh selected | 37a38; current, receipts, 35a3/ Poultry, alive—Turkeys, 38a42: Win- ter chickens, 38a39; Spring chickens. fowls, 32a33:" Leghorns, 30a35 roosters, 19a20: ducks, 25; geese, 20 keats, young, 50a60; old, 30. Dressed— Turkeys, 40a45; Winter chickens, 42a 45; fowls, 34a35; Leghorns, 40; capons, lnrge. 45246, smsll 38a40; ducks, 328 eese, 25a30; keats 80a1.00. MEILS fresh killed—Beef, 20224 lamb, 29a31; veal, 20a27; pork loins, 27 fresh hams, 25a26: fresh shoulders, 18a 19; smoked hams, 26; smoked shoulders, 17; bacon, 22; lard, in bulk, 131-3; in Market—Jobbers’ 52a53: 4 | packages, 14%2; compound lard, 13!5. lambs, | Live 137,814, Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Market, stock—Calves, 15a16; Economics) says: Sales to jobbers, ex- cept where otherwise noted. Apples—Supplies moderate; demand slow, market steady; barrels, Virginia U. 8. No. 1, 2%, inches up, Winesaps, slightly scalded, 5.00a5.50, mostly 5.00; boxes, Washington, medium to large size, extra fancy Delicious, 3.50; fancy, 3.00; extra fancy Romes, 2.50; bushel baskets, Virginia and Pennsylvania, U. S. No. 1, Romes, 23 inches up, 1.75 Virginia U. S. No. 1, 2% inches up, Black Twigs, 1.35a1.65; U. 8. No. 1 Staymans, 2% inches up, 1.75a2.00; U. s No 1, Delicious, 2% inches up, 2.25a C:bblge—Suppllu moderatet demand light, market steady; new stock, Florida, 1',-bushel hampers, pointed type, 1.50a 1.60, mostly 1.50; Texas, barrel crates, | round type, 3.50. Celery—Supplies moderate; demand light, m-rke!. dull; Florida, 10-inch crates, 3-4 dozen, mostly 2.25; ordinary quality and condition, 1.25a Lettuce—Supplies moderate; demand light, market dull; California, Iceberg type, crates 4-5 dozen, 3.5023.75; Flori- da, 1'%-bushel hampers, Big Boston byne wide range quality and condition, best, 1.50a1.75; poorer, 1.00. Onionl—-suppucs moderate: demand light, market dull. Michigan and Ohio, 100-pound sacks, Yellows, U. 8. No. 1, medium to large size, 5.5085.75. Michi- gan, 50-pound sacks, Yellows, U. S. No. 1, medium to large size, slightly sprout- led, 2.50. Chile, 50-pound crates, ¥el- mand light, market steady. No. 1, Michigan, 150-pound sacks, Rus- set Rurals, 2.15. Maine, 120-pound sacks, Green Mountains, 1.76a1.90, Pennsylvania, 150-pound sacks, Round Whites, 2.00. Spinach—Supplies modera demmd light, market dull. Texas, bushel bas- | kets, Savoy type, 90a1.00. ‘Tomatoes—Supplies moderate; mand light, market weaker. de- 2.50a3.00; few, 3.50; choice count, 2.25a 2.50; ordinary quality and condition. fancy count and choice count, 1.00. tring beans—Supplies liberal; de- mand slow, market dull. Florida, 7 78~ | bushel hampers, Green, best, mostly 2.00; few sales, 2.50; ordinary quahty and condition, 1.00. lant—Supplies light: demand | slow, market dull. Florida, pepper crates, fancy high bush, 4.00a4.50; fair Czllg:llly and condition, 3.00a3.50; choice, Peppers—Supplies light: light, market dull. Florida, 51-5“:5. fancy, 2.50a3.00; Squash—Supplies light; demand light, market steady. Florida, pepper crates, fancy white, wrapped, 3.00. Scuwberncn—-suppues light; demand good, market steady; Florida, 32-quart crates, various varleties wide range or- 20 per demand pepper, choice, 2.00a dinary quality and condition, eties wide range quality and condition, best 30a35; ordinary quality and con- dition, 20025 per quart, Peas—Supplies very light; demand moderate, market stronger; Mexico, 45- pound crates, 7.00a7.50. HceH—Supplles light; demand moder- ate, market slightly stronger; Texas, Western lettuce crates, 3.00; Texas, bushel baskets bunched, 2.00. Carrots—Supplies nght demand moderate, market steady; -Texas, West- ern lettuce crates, mostly 3.00, Caulifiower—Supplies light; demand light, market steady; California pony crates, 2.25a2.50. Cucumbers—Supplies light; too few sales to establish market. Oranges—Supplies moderate: demand Florida boxes medium to large size No. 1, 3.25a3.50; No. 2, 2.75a3.00. Grapefruit—Supplies modera! de- mand moderate, market dull: Florida wide range quality and condit n, boxes medium size No. 1, 2.75a3.00; fw higher, ordinary quality and condition, 1.00a 2.00; No. 2, too few sales reported to quote. Sweet potatoes—Supplies light; de- mand light, market steady; East Shore Maryland, bushel hampers yellows No. 1, 1.75; Xew 2.00. Stockholceu Plan Prof,est NEW YORK, March 8 (#)—Ameri- can stockholders in the General Elec- tric Co., Ltd., a British company, have decided to form a protective committee following cable advices that foreign participate in an issue of 1,600,000 ad- Investors fear this may set a precedént News Service Bureau of Agricultural| rI NANCIAL,® WARBURG SAYS SPECULATORS NOW CONTROL By the Assoclated Press. 1 NEW "YORK, March 8-—Paul M. ‘Warburg, chairman of the International Acceptance, Bank, Inc., and one of the | original members of the Federal Re- serve Board, today charged that specu- Jators had taken control of the money market away from the Federal Reserve | System. Comparing banking to aeronautics, Mr. Warburg said it was as necessary to know when to and how to contract credits as to expand them in the same way it was of equal or greater impore tance to know how to land an airship jas_to make it rise. | His criticlsm was set forth in his an~ nuIAX T#Dnn to stockholders of the Inter- MONEY -MARKET" national Acceptance Bank. He said the .| Federal Reserve system as now tonsti- tuted had “machinery governing its steering apparatus too complicated to be_either safe or efficient.” He said that after rising to a position of world leadership by a well concelved and far sighted policy the Reserve sys. tem had '50!2 that leadership owing to its failure promptly and effectively to reverse the engines at the critical mo- ment.” “The rudder then passed into the hands of Stock Exchange operators who have now for many months governed the flow of money not only in the United States but in the principal marts of the world,” he said. BY KENNETH S. VAN STRUM. NEW YORK, March 8.-—The five largest railroad systems operating -in the Southeastern section of the United States are at present showing earnings well ahead of those of a year ago. It begins to look as though they had at| last recovered from the effécts of hur- ricanes, floods and the collapse of the Florida real estate boom, and can con- tinue to develop with the rapidly grow- ing districts in which they operate. In the territory between the South- ern Atlantic seaboard and the Missis- sippi Valley there are five large rail- way systems. Running north and south along the seacoast are Seaboard Air Line and Atlantic Coast Line, two competing roads. Extending further in- land are the Louisville & Nashville, and the Southern Railway, and on \ many Southern roads. In 1925 earnings | touched $16.60, and last year were $12.24, but have recently been expand- ing again. Although paying $7. the vield at current prices is only 4.6 per. | cent, largely because of its good div dend record and the possibility that it may do some stock financing by issuing’ ;nghu to stockholders. Illinois Central. !pal trynk lines of the Nation, running | from Chicago .to New Orleans with | branches to Omaha, dianaoolis, Louisvile and Birmingham. character of the com a jing record has been particularly good. | A continuous dividend has been paid on the common stock sin. 1860. The earnings record has also been good, and in the feur vears ending 1926 average earnings were $13 a share. At that point the Mississippi flood caused 1927 earnings to drop: to $8.13, but in 1928 they rose to $8.96, and have con- tinued to climb since. (Copyright, 1929.) the extreme west, also running north and south, is the Tllinois Central. After 1926, with the collapse of the | Florida real estate boom and the hur- ricane, the Seaboard Air Line and At- lantic Coast Line suffered severe shrink- ages in earning power. Whereas a few { months previous to the bursting of the ‘real estate bubble their stocks had be- | gun to take on some of the speculative glamour brought to all roads years ago by the railroad-building era, there was uddenly a sharp decline in traffic and shortly afterward further heavy losses ‘weu inflicted by the hurricane. Seaboard Air Line. ‘The most severe biow was dealt to Seaboard Air Line, which had just be- and, since her financial ition was none too strong, could ill afford the catastrophe. From Virginia south to Florida the Seaboard was building against the future in a rapidly develop- ing territory. She had ‘been quick to improve Florida facilities, but the com- bination of events, coupled with a heavy funded debt in relation to stock, too much. Earnings, which had climbed ! common in 1926, fell to earnings of only ila cents a share on the preferred the following year and in 1928 earnings of only 4.72 per cent on the adjustment bonds. | " sSeaboard’s management, however, has | been successful in effecting operating | economies, so that in spite of the fact that weather conditions and heavy bus |and automobile competition have re- cently caused revenues to remain at a low level, the net income has risen gradually. The management expects that the company’s showing will im- prove. Seaboard has suffered because At- lantic Coast Line, her chief competitor, was well intrenched in the field when she began her policy of expansion. She has made much progress in recent years, but, as the earnings and price fluctu- ations of the stock prove, it is‘'a nther highly speculative issue. L Atlantic Coast Line. than Seaboard, it has been able to earn its $10° dividend rate by a narrow mar- gin. Probably the speculative possibil- ities of the stock when it earned $26.93 a share in 1925 will not soon return. | However, with the present yield at 5.5| per cent, the stock has settled back to the . investment standing which it has long enjoyed as one of the few rails which have never been through the | | | SOUTHER| ' i ||1150 vy | " oI ! ILL CENT |||||I | " |||| ||I -+170 ATL_ANT)C. f 25 e AR I»r 20 |||| iSEABOARD ? |13 { 1927 | 1928 hands of a receiver. Atlantic Coast Line's parent road, the | Richmond & Petersburg, was given a very liberal charter by the State of Vir- | ginia in 1836. To the South, the many small roads which were built were gradualiy absorbed. Atlantic Coast Line had a particularly trying time during the Civil War and the panic of 1873, but | it has weathered all storms. Except at infrequent intervals, the present divi- dend has been earned by a comfortable margin, and today, because of its stra- tegic position as owner of 51 per cent of the stock of Louisville & Nashville, it is in a particularly strong position in the event of the consolidation of rail- roads throughout the country into strong competing systems. The purchase of control of Louisville & Nashville by Atlantic Coast Line has proved an un- usually profitable investment for At- lantic Coast Line. Louisville & Nashville. ‘The Louisville & Nashville, in the Southern Middle West, was built some- what after the roads farther East, and not being greatly affected by the Civil War, it has made steady progress and has had few reverses. It has never been through a reorganization or a receiyer- ship, and its dividend record runs back to 1864. For half a centary it has fo'- lowed a policy of steady expansion, lnd’ its sound financial position permitted . to buy many smaller roads at favorable Y prices as competition drove them into larger systems. Extending from Great Lakes al Chi- cago, south to the Gulf of Pensacola and New Orleans, it is in itself a fair counterpart of the Illinois Central. Tak- ing the two “Walters” roads, Louisville & Nashville and Atlantic Coast Line, to- gether, they differ little, regarding ter- placing American investors at a disad- vantage with British subjects. Bernard | M. Baruch, John J. Raskob and Harry | Croft of Pittsburgh, are said to be among Americans with holdings in the British company, ritories covered, from the Southern Railway. Not being greatly affected by the Flor- ida disaster, but being more responsive .0 the industrial activity of the South, its earnings have been steadler than gun a strenuous program of expansion | proved | |! to a sharp peak of $5.99 a share on the | While Atlantic Coast Line has also | suffered heavily i the’ past two years, | being in a stronger financial posmon; Tllinois Central is one of the princi- ONLY 7 More Days to Prepare Your INCOME TAX REPORT Phone Now for Appointment and Avoid Tiresome Waiting AMERICAN TAX SERVICE 643 Munsey Bidg. Phone Main 1192 Over Third of a Contury's Ezxperience Is Your Property a Problem? Consult with us—and let us explain the advantages resulting from placing it under our management— juet what it will mean to you—in relief from worry; and increased profits. B. F. SAUL €O. Main 2100 925 15th St. First Deed of Trllflt Loam We place first mortgage loans on District of Co- 1bia, Maryland and Virginia real estate. 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