Evening Star Newspaper, March 12, 1929, Page 15

FINANCIAL,' 115, BOND 1S50¥S TOUCH LOW MARKS All Maturities Are Affected by Higher Rate on New Notes. BY CHARLES F. SPEARE. Epecial Dispatch to The Star. NEW YORK, March 12.--The most | rignificant incident in today’s bond ‘market was the further decline in all TUnited States Government issues. This was heaviest in the Treasury certificate which on account of their low vield | have been most affecfed by the rate of | 43, per cent on the new loan to be| dated March 15. The Treasury 3%,s of 1947 dropped | 1, point. They have lost nearly 2 points since the terms of the new loan | were announced last Thursday. ‘The | same loss occurred in the 3%s of 1942 which are also off about 2 points. New lows were made on the Treasury 4s as weil a5 on the first and fourth Liberty 44 The extent to which high money has disturbed the market for Government | issues is indicated in the loss of nearly | 6 points in the Treasury 41,45 from the | high of the year made in January, a loss of about 6 points in the Treasury | and of 3'. points in the 3% per cent certificates. ~ Going back to January, | 1928, it will be found that the Treasury 41,s and Treasury 4s are both off over 10 points, the 3%s of 1947 are down 8| points and the 1943 issue about 4. points. The first and fourth Liberty 4,s are off 5 points from the price reached two years ago this month. is a situation that means a ge in the investment ac- tutions that have carried | their Government obligations through- | out the past two years. The effort of | such institutions to vestrict further Josses has apparently occasioned a large part of the decline of the last few d: High-grade corporation bonds were also heavy, though dealers reported the volume of business was small and that regular buyers were not inclined to ac- cept offers unless they were well under the market. Baltimore & Ohio refund- ing 5s sold below par for the first time in two years. In 1928 they touched 105. This is a legal bond that yields a full 5 per cent. St. Paul gold 55 were at a new low price for the year. Active trading oc- curred in Southern Pacific debenture 415s around 95';. Atchison convertible 4155 were off a point, and most of the junior rails decliped fractionally. In the convertible group an early decline of 41, points in Anaconda Copper 7s was the feature. Foreigns were irreg- ular. - There is considerable new financing | in prospect, including the $50,000,000 Cities Service debentures and several large offerings of preferred and common stocks. COTTON IS STEADY Firm Cables and Commission House Buying Cause Upturn, BY the Associated Pre Lib3%s... Lib 1st 4% s Lib 4th 4s 328 US3%s43, 100 US3%s47. US3%s... US 481944, US4%ss2. Argentine 8s Ju 59, Argentine May '61. Argentine 6s Uct 53 Argentine 5%s '62. Argentine 6s A. Argentine 6s B. .. Australia 4%s 56. . Australia bs 1955, | Australia 581957.. Austria 7s.. ve Bank of Chile 618, Bank of Chile Belgium 6s. Belgium 6 Belgium 7s Belgium 7s 19 Belgium 714s. | Belzium 88 Bolivia 7s. Bolivia 8s. Bordeaux 6s. Brazil 6145 1926 Brazil 6155 1927 Brazil 1 Brazil ¥ Canada 51931, Canada 5s 1952, Canada 5%s 1929, . Chile 63 '60. Chile 6361, Chile 731943 Chinese Gov Ry §s. Christiania 6s.. ... Colombia 6s Jan'61. Con Pow Japan 7s.. Copenhagen 415 53 Copenhagen 5 ct.. Crecho 85 1951 Czecho 8s 195 Danish Munic 8s B. Denmark 4% Denmark 6s. D E153%s Mch 53 Dutch East 1 65 47. Dutch East I 6s 62.. 1l Salvador 85 '48. Fiat 7s war "46 Fiat 7s x war .46 Finland s £ 63 '45... Finland 7s.... Framerican 7%s French 7s. French 7 German 7s.. Greek 7s.... Haiti 6s. E Holland-Amer 6s... Itish Free State 55, 25 lialy 7s ltalian Pub § Japanese 6%s. Lyon 6s. Marseille 6 Mexico 4s 04 asntd. Milan 6%s. Montevideo 7s. Norway 6s 1944, Norway 61 195; IN OPENING SALES Orlent Dev 538" Paris Orleans 5% Peru6s67 wi, ST Queensiand 6s. NEW YORK, March 12.— Cotton |Queensland 7s. opened stecady today at an advance of | RhineWst EP 6s'52 3 to 12 points in response to relatively | RhineWst EP 6s'53 firm cables and renewal of Wall Street | H and commission house buying. A private report, estimating consump- | ! tion of cotton in this country for Feb- | [ Tuary at 594,000 bales, against 572,875 last year, no doubt contributed to the advance, which carried May up to 21.32 and the new October contract to 20.51, or about 9 to 13 points above yester- day's closing quotations in the early trading. . . Realizing was in sufficient volume to check the advance at these figures, but | the market was steady at the end of the first half hour and within 5 or 6 points of the best. Private cables reported trade calling with London and Bombay buying in Liverpool and said that more cotton cloth sales were reported for China. STOCK SWINDLERS SOUGHT IN MARYLAND| Bpecial Dispatch to The Star. | BALTIMORE, March 12.—Stock swindlers operating in Maryland are in- creasing every day, according to Willis R. Jones, assistant attorney general, who has been conducting an investiga- tion into the alleged violations of the blue sky law. In cautioning the investing public against these stock market sharpers, Mr. Jones said: “The scheme frequently and most commonly employed by these operators is to organize a company and issue a large portion of the stock to unscrupu- Jous promoters either for no consider- ation except alleged services or for a nominal consideration. They then pro- ceed to sell the remainder of the stock to the public for cash. “This scheme is amply illustrated by a ease which was before this depart- ment during the last year, where it was shown that the promoter was permitted to purchase 3,000 shares of stock for $1 per share and then proceed to sell the remainder of the stock to the public at prices ranging from $25 to $50 per share. The public actually purchased shares in this company at these prices to the extent of about $70,000. “In addition, the promoter, who had paid but $1 per share for his stock, sold a large number of his shares at the same price, that is, from $25 to $50 per share, putting the money in his pocket.” BRITISH FIRMS SET UP LONDON HEADQUARTERS By the Associated Press TONDON, March 12.—The year: since the great war have seen remar able concentration of big business of all kinds in London. Until a few years ago the headquarters of many great British. ir financial and ship- ping cor were in provincial cities. "The transfer of the head offices of the White Star Steamship Line has drawn attention to the trend of shipping to British capital. Alrcady all the ; lines of the country are di- although until a few ago provincial cities like York, Manchester dinburgh and transport capitals. 1 institutions show a similar trend. Some provincial banks sill maintain headquarters outside | london, with only branches here, but | the drift toward the Thames is steady. GOLD SHIPMENT. NEW YORK, March 12 (4 —A ship- ment of §10900,000 in gold from Ger- many, the first of major size since May, | 1924, from that country, was reported | in Wall Street to be on its way to New York. The cable rate for the German mark has slumped to 2 . compared to 2374, which is generally considered as the point where gold can be imported profitably. The Reich : statement of March 7 shows a decrease of ap. proximately $11,000,000 gold col and bullion. n R10 de Janeiro 6% s Rio de Jan 8s 1946.. 2i0 Gr Do Sul 8s. .. tome 6%s. Sao Paulo 1 Saxon (PW) Seine 7s 42. .. Tokio 5%s Utd Kingm 5%s 29, Utd Kingm 5%s37. 63 1037 Utd SteamCopen 61 Vienna 6852 Yokohama 6s Anaconda cv db 7s. Armour&Co4%s 3! Armour Del 6% Associated Oil Atlantic Refin bs... Bell Tei Pa 5s B, . Bell Te! Pa 63 C. Bethlehm Stl pm 58 Beth Steel 5%s 53.. Bethlehem Steel 6s. Sklyn Edison 58 Bush Term Bldg bs. Certain-Td5%srets Chile Copper bs. 1 Colon Oil 6s'38. Col Gas&El deb bs. Com Invest 5158 '49 Com Invest 65 '48., Con Coal Md 1st 5s. ConGas N Y blgs.. Consumers Pow bs. Cuba Canecv s Cuban Am Sug 8 Detroft Edison 63, Dodge 6s..... Duquesne 4%s 67 East Cuba Sug 1%3 Fisk Rubber 8s. ... Gen Cable 5%s°47. Gen Mot Ac Cor 63 Goodrich 6%8 Goodyear bs ret; Humble O & R 53%s. 11linois Bell 1st 5: lilinois Steel 4%s Iniand Stl 4%s 78, Intl Cement 5» 48 Int] Match bs 47. int Mer Marine 6 int Paper 6347, Inter Paper 6s. int Tel&Telex 4% Int Tel&Tel 4745 cv Kan City P& L 6s.. Kan G & 368 52... Kreuger&Toll 55 ct Lackawanna Stl bs. aclede G 5% 52. . &Myershsil. t& Mvers 7s Loew’s Inc 6s. . Loew's 63 W 0 War.. Lorillard 58 Lorillard 5%8. 0.0 Lorillard (1) 78. .. Loulsy G & F 58 62, ManatiSug st 1% Midvale Steel 5s. Mont Pow &8s 43 Mont Power del Mor's&Co 1st 4%s. Nat Dairy 5%s Nat Radiator 6% Nat Tub 1st 58. NewkEnglandTel 6s. N Y E1ison 58 44... N Y Edison 6%s... NYGELH&Dbs N Y Teld%s. N Y Tel 6341 N Y Tel 65 49 63. Floods have becn deing damage in iparts of Ireland, Nar Ohio Tr & L 6s. Nor States Pow &s, Nor s Pow 65, 1018 21 106 101 FOREIGN. 2 1001% 104'% 1 15 13 1 105% 19 101 20 1028 49 99% 8 103% 27 103% 26 106 58 104% 57 240 5 0% [ BONDS Received by Private Wire Direct %o The Star O UNITED STATES. 4 10516 891 9914 981 106% 1000 101 99% a3 9 108% 100% 104 100 8% 951 110% 109% 1094 1093 1091 1041 10614 1% 8% 1015 994 ! Cht B&Q gen 45 53.. THE EVENING Sales. High. Pacific Gas & Ei§s. 8 100% Pac T & T s 62. 6103 Pan-Amer Pete 6: Paramount 6s 1947, Phila Co 63 67 w Postal Tel & C 5 Pressd Steel Car bs Punta Alegre 7; Rem Rnd 5%s war.. Sinelair O11 6 . | Sinclair O11 6348, Sinclair O1 7s. Sinelair Crude 51 }Sin Pipe Line 5s... South Bell Tel 5s, Southwest Bell bs. Stand 01l N J 5= 46, 2 Stand O1IN Y 4%s SugarkstOrientel TennklecPow 63 4 Transcontl Oil 6%s United Drug 58 U8 Rub Istrfbs... Utilities Powr 5% i Vertientes Sug 7s. Walworth 6s '4 Walworth 64 s Warner Sug 7s 39.. Warner Sug 7s 41.. West Elec 5s...... Westn Union 613s. . White Eagle O 548 Willys-Ov 6%38 35 Wiison & Co 1at 6s. WinRepeatAr 73s. Yngstn S&T s wi. 17 A& Dan 2d 4s 48. B & O Gold 4s, O 1st 5s et & O rf imp 6s. B & O SW5s 50 B & O Toledo 4 Boston & Maine 5s, Brdway&7th Av 5s. Brooklyn Elec Bklyn Mannat Bush Term con 5s. Can Nat 4%s 30, Can Nat 4%s 67, Can Nor 4% s 1935, Canad North 6%s.. 15 Canad North 7s.... 14 Canad Pac deb 4s... 3 Can Pac 4%s46.... 4 Central of Ga 5%, Central of Ga 6s. Cent Fac 1st 65 90. Chesa Corp 6s w 1. Cnes & O cv4%s Ches & O gn 4148 Ches & 0 41593 967 115% 111% 3 CB&QIll3s. 1 Chi&E 111 gn bs 51.. 15 Chi Gt West4s69., 3 Chi Ind&L gen bs.. 2 C M &St Pgn 8y 2 Chi M&StP 4%s E. 10 ChiMiISP&Pac5s?s. 20 CMSP&Pacadjssv3. 93 CRIPacd4l%swi. ChSitPM&O 5s'30. ChiT H &S K 58, Cht Un Sta 4%s. Chi Union Sta 6%s. C&WIiblhs62 CCC& StLrfhsA. Conn Ry & Lt 4%gs. ConnRy&L4 s sta. 2{Cuba K R68....... MISCELLANEOUS. Abram&Straus5%s 7 114 Alleghany cv 55 w1 189 103 AmAgiiChem 7%s. Am Beet Sug 65°35. Am Chain 6s°33... Am Int Cor 5% Am NatGas 6%48'42 10 90 AnSmit& R 1.t Am Sugar Ref Am T & Tcltr 4 113% 102 105 T0% 101 4 107 103 100% 9 99 2 8% i 26 10214 9 107 20 924 15 101% 23 103% 9 4y 8 91 44 108 S £ 987 2 100 3 103 5 100% 14 120% 216t 981y 6ty 10 11 4101% 699 1 99 10 100 4 9814 15 8i% 31 944 17075 1102 11 104% 10 103 6113 2105 9914 1064 . %0 101 & 100 102 7 99% PRl 99% 99 B2% 112% 98 1015 107% 951y 101 94 9114 93 1125 102 104% 984 100 1044 103 13 105 99 105% 99, 102 99% Virginia Ry 1st bs 100% Wbash 45 78 reis. 105! Cuba IR R 65 1936 cf Cuba Nor54scts.. Del & Hud 1st rf 4s. D Rio G West 5. DRG & Wst 5378 Det United 4%s. Erfe 15t cons 48 E 1 12 Erie conv4s A..... Erfecvt 55 67 w1 Erie con Erie ( Fla East C 5s 74 Gr Trunk stdb Grand Trunk is. Gt Nor 4%5 76 D. Great Nor gen 7s. Hav ElRy 5%s51.. 10 Hocking Val 4% Hud & Man aj bs Hud & Man ref 6. Ll Cent 48 62,0000 111 Cent 45 63 11i Cent 4% s 66 [11-C-C-StL&NO Int Rapid Tran 6 Int Rap Tr bs stpd Int kap Trans 7s Int & G Nor 1st 6s Int&GiNor adj 6s 52 28 IntRysCA5s72.., 3 Kan City Ft S 4s [ n City Term 4s.. Lake Shore 4s 31 Lehigh Val cn 4s. Louis&Nash uni 4 Louis & Nash 5% Man Ry 1st 4s 90 Market St 7s 40, MilEl Ry & L 6s61 35 Minn & StL ref 4s., M St P&SSM cn 4s. M StP & SSM 64s.. MK & T prinbs A.. Mo Pac 63 A 65 Mo Pac bs I 77 Mo Pacific is G N Y Cent deb 65.... YC & StL deb 4 NY C&StL 43%s C. NYChI&StL bi%sA. 20 NYChI&StL5%s B, = NYC&StL6sA.. 55 New Haven 4s 55... 2 NY NH&H cvdb 6 NY O&W gen 4555, NY Hys6865...... N Y State Ry 4%s. NYStateRy 6%s 62. NY Sus&Wn gen bs NYW&B4%s Nor & S gen 5s 54. Norfolk & W cn 4s.. Nor Pac 35 2047,... Nortnern Pacific 4s Nortnern Pacr 1 6 Ore Short L rfs Ore Wash 1st 45 Pennsyl gen 4%s. Penna R R 4%3°'63. Pennsyl gen 5S..... Pennsyl 55 64. Pennsy) 6%s. Pennsyl gold 7 Peo & Elt4s40. Pere Marq 1st bs. PCC&SLL 58 B 75... Port RL&D 7%s 46, RIATKk & Ld%s. St L IM&S R&G 4 SIL&SFpl4sA StL&SFra%s? StL&SF prin St1S W con 4s 32.. St 1, Western 2d 4, Seab A L con 68 SBAIIFla6s36A. SB All Fla 6335 B.. Sou Pac 4829.... Sou Pacific ref 4 Sou Pac 438 rets... Sou Ry gen 4s. . Sou Ry Con Sou Ry 68 56 Sou Ry 6%s Texas & Pacific 1st. 5 Third Ave ref 4s 60, 16 Third Ave adj & Tol Tr L&P 5%s Union Pac 18t 48 Union Pac 1st rf 48, 29 Union Pacific 45 68, 10 1 28 8 6 9 103 1 .8i% Tow. o) [DCLINS N CURB Close. 100% 1001 L 108 103 107% 101 1017% 101 1071 100 14 90% 99 911 93 a 103 108% 3% | common stock. ' WHEAT PRICES DROP * 110.40012.00; packing sows, 10.50a11.15: STAR, WASHINGTON, STOCKS CONTINUE Credit Situation Causes Ner- vousness Among Trad- ers—Leaders Drop. BY HARRY H. BECKER. Special Dispatch to The Star, NEW YORK, March 12.—Prices re- sumed their downward trend on the Curb Exchange today, with only short- lived half-hearted rallies. Speculative sentiment was still much confused by the situation in money. The fact that the list failed to strengthen on the ease in the call loan rate discour- aged buying operations and further in- tensified the nervousness. At the low prices, some of the old lead- ers were down 1 to 6 points on the day and much more from Monday's high levels. There were no outstanding weak In fact, the selling was general aracter, with the heaviest losses naturally in stocks which have had the largest advances this yvear. Checker Cab came down sharply, but weakness was just as pronounced in Grie: Grunow, Sparks-Withington, Safe-T- Stat, Newton Steel and many others of the same speculative character. Amer- ican Gas & Electric, National Family Stores, Rainbow Luminous, Ruberoid | and Goldman, Sachs were only a few others to lose further ground. The usual number of cxceptions which stood out during the decline in- cluded Trans-Lux, active and at a new high, Gold Seal Electric, United States Freight, Bohn Aluminum, Budd Manu- facturing, De Forest Radio and West- vaco Products. Raybestos went to a new high in response to a favorable earning report. IN EARLY TRADING Reports of Better Crop Conditions in Southwest Cause Down- turn. By the Associated Press. CHICAGO, March 12 —Owing largely to reports of better crop conditions pre- vailing Southwest, downturns in wheat values here formed the rule today dur- ing the early dealings. The forecast, however, pointed to likelihood of strong winds developing again in Kansas and Nebraska. Opening !4 to % off, wheat afterward kept near to the initial fig- ures, Corn and oats also_were easier, with corn starting at l3adg to 5% de- cline, but subsequently showing some power to rally. Provisions inclined upward. In addition to word of improved weather Southwest helping crop pros- pects wheat bears derived advantage also at times today from reports that, for the present at least, Argentina ap- pears to have control of European mal kets. In this connection Liverpool dis- patches were reccived telling of large receipts, as well as of small demand, to- gether with increased deliveries. Mean- while consumer call abroad was re- stricted by the fact that thick ice in European rivers and canals still crip- pled transportation, Rallies in wheat values today were based a good deal on the fact that not- withstanding weather reports were con- strued as more favorable for domestic crop growth, advices continued to come reciting indications of damage to Win- ter wheat Southwest. Some notice, too, was taken of assertions that the Euro- pean potato crop has suffered serious injury, and there was also a good deal of attention given to talk that the open interest in wheat here was at the high- est point of late, suggesting a persistent intention to maintain big future de- livery holdings until farm-relief legisla- tion has been enacted. New Bong Issues ) Special Dispatch to The Sta: NEW YORK, March 12.—The South- ern Pacific Co., subject to the approval of the Interstate Commerce Commis- sion, is about to issue $65,166,000 prin- cipal amount of 40-year 4! per cent gold bonds, due May 1, 1969, which has been underwritten by Kuhn, Loeb & Co. Each $1,000 bond will have at- tached a non-detachable warrant en- titling the holder to purchase at any time on or before May 1,1934, three shares of common stock at $145 per share, plus accrued dividend at the then cur- rent rate. The bonds are to be offered to shareholders to the extent of 171y per cent of their holdings, as registered on the company's books April 8, 1929, at 94 per cent (approximately 4.85 per cent basis) and accrued interest, pay- able on May 15, 1929, A financing group headed by Harris, Forbes & Co. in the East and Halsey Stuart & Co. in the West will offer goon $50,000.000 principal amount of 5 per cent gold debentures of the Cities Service Co., which will carry non-de- tachable warrants for the purchase of CHICAGO LIVE STOCK MARKET CHICAGO, March 12 (#).—(United | States Department of Agriculiure).— Hogs—Recelpts, 15,000 head; market ! closed 25a35 higher; top, 12.00 paid for a number of loads of 170-230 pounds; largely an 11.75a12.00 market for de- sirable 160-300 pounds. Butchers, me- dium to choice, 250-300 pounds, 11.40a 11.90; 200-250 pounds, 11.60a12.00; 160~ 200 pounds, 11.35a12.00; 130-160 pounds, pigs, medium to choice, 90-130 pounds, 9.00a11.15. Cattie—Receipts, 8,000 head. Calves —Recelpts, 2,500; yearlings and light steers, active; firm; spots higher; all grades in demand; stocker and feeder dealers in the market buying, firm to higher prices, weighty steers, but slow. Slaughter classes, steers, good and choice, 1,300-1,500 pounds, 12.75a14.50; 1,100-1,300 pounds, 13.00a14.50; 950~ 1,100 pounds, 13.00a14.75; common and medium, 850 pounds up, 9.00a13.25; fed yearlings, good and choice, 750-950 pounds, 13.25a15.00. Heifers, good and choice, 850 pounds down, 12.00a13.75; common apd me- dium, 8.75a12.00; cows, good and choice, 9.00a11.00; common and medium, 7.00a 9.00; I cutter and cutter, 5.75a7.00; bulls; good and choice (beef), 9.40a 10.50; cutter to medium, 8.00a9.40; vealers (milk fed), good and choice, 16.00a18.50; medium, 14.00a16.00; cull and common, 10.00a14.00; stocker and feeder steers, good and choice (all weights), 11.50a12.50; common and medium, 8.75a11.25. Sheep—Receipts, 15,000 head: market steady to 25 higher; bulk, fat lambs, 17.25a17.50; top, 17.80; sheep scarce; steady; feeding lambs steady. Lambs, good and choice, 92 pounds down, 16.35a17.80; medium, 15.00a16.50; cull and common, 11.25a15.00: ewes, medium to choice, 150 pounds down, 8.25210.25; cull and common, 4.00a8.50; feeder lambs, good and choice, 14.75a 16.25. e — Sales. High. Low. Close. 3 994 99y 991 61 02 102 ‘Wabash 2d § Wabash 5338 75. D. C, TUESDAY, « NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office today: ales INDUSTRIA hundreds. 19 Acoustic Prod.. Gi 4 Amer Roll Mill 2 Amer Sol & Chem .. 7 Amer Stores. .. 16 At Fruit & Sug 5 Aviation Co of, Am. Aviation Corp®wi.. Borden Co n Budd_Mfg. . 3Bul Niag & Ep Buf Niag & E P 7 Burma _ Corp Can Marconi W A Consol Laund. 2 Crowley Milner, 2 Guba Tob Co vic 3 Curtiss Flving Serv 2 Davega Inc H 5Gen Brona §Gen Cable war 14 Goldman_Si 5 Hart Parr. 14 Hart Parr pfd A 11 Haygart Corp 20 Petrol Corp i: Phelo Dodre 131 Pheip Dodge 21 Radio Corp n C C 20 Select T S nd Inc pfd. El vte.. Trans Am .. Trans Lux D'L'P 8'A o <P S Freight niversal Aviation van g ¢ 32 Westvaco Chior 5 Wire Wheel Corp | Sales in hundreds. 5Uni Verde Ext. 10 Walker Mines . Sales in INDEPENDENT hundreds. 132 Cities Serv n 2Cit Sery 1Cit Ser B 33 Creole Pete 7 Derb: 3 rod. .. . 2 South Land Roy G 3 Texon Oil & Land 2 Venezuelan * Pet 4 Woodley Pet... . n units, nd;... y 0 200 Vacuum Oil Sales in thousands. 2 Abiudi P & P 5 12 Ala Pow 4las * Con Ale 65 Gas & El bs A '53 4 Cap Adm 5 of '53. 5527 3 Firest Cot, Mil 58 46 1 Firestone T&R Bs Tire 5las 31 3Fa P & T 5% 3Gen A Tv 8s A w 16 80% 80 ROL Western Ma6%s... 3 95 974 971 Vestern Pacific bs. 23 97 964 96 Wiks-B&Ellstes & 72% 72 72 West Maryland 4s. 11 Con Instrument Co A 3 Following is a list of stocks and bonds traded in on the New York Curb Market Hien i Low 12:00. 87 913 20 3 AutoReg Mch evt pf pi 10 Brit-Am Tob Cp B... Cor.. . 34l or Tew i 7 MINING STOCKS. OIL STOCKS. 1201 120% 7l 31% & 26 2" 0% . 8l Sales in STANCARD OIL ISSUES AN - MER SUBSIDIARIES. STOCRS. 843, 9t 1 15 Bell T Can 5s '57 new 100 o3 '49A 8 )03 103 »h B MARCH 12, 1929. 5South Cal G 5s '37.. 92 28thw PAL 65 A 3083 103 iStaley Mfx 65 '42.... 98 d_P&L 65 '57... 977 un Ofl 8125 '39. 10034 ft & Co 5 9 West Pow 5ias A '87. 11 6 Wheel Stl 4’25 B '53.. 88% FOREIGN BONDS, 58, Tlas 47 Sales in thousands. 1 Hamburg E 7 9 Hanover Sta 1Swiss Govt, 5'2s '29. Ber s A ww's6 BUni Stl Wks 6'25A'47 xd—Ex _dividend. wi—When issued. n—New. Ww—With warrants, SIDDONS ADDRESSES CREDIT CONFERENCE Special Dispatch to The Star. LYNCHBURG, Va., March 12.—Dele- gates from Virginia, North Carolina, Maryland and the District of Columbia gathered here today in large numbers to attend the fifth district conference of the National Association of Credit Men. One of the largest delegations was from Washington. One of the chief addresses was made by F. P. H. Siddon: a Washington banker, who discusse “The Moral Risk in Business.” He said, in part: “All of us realize that in our business development of today we must have a sound credit policy. At its best it must include character, for if the seller is tempted because of the desire for in- creased business to treat character care- lessly sooner or later his business fails. “This sound credit policy which in- cludes character leaves open the ques- tion, from what sources can be obtained information on this subject? We must first put before us the following ques- tions: Is the credit applicant honest? Has he good habits? Is he diligent in business, frugal and punctual? “In order to discover whether he is honest do not rely merely on whether he discounts or is J’TDIHDL Personally, 1 would prefer to deal with the know: dishonest person than the shrewd, sharp individual who borders on that dishon- est wall but never steps completely on its side. “In attending credit luncheons or in asking business houses for credit infor- mation I have often been impressed with the fact that rarely has the word ‘character’ entered into a conversation. It has seemed to me that it has been more the point as to whether the risk is prompt, slow or bad, leaving you to de- cide if he is bad his character is poor, it he is slow his character is fair and if prompt his character good. “It is not so difficult to discover ‘whether habits are good. Ask the seek- er of credit for personal refe~ences and check them carefully. “Business can render a good public service which would likewise be a char- acter bullder if it adopted more strin- gent rules in check cashing than it has observed in the past, and the public realizing that in order to have this serv- ice rendered it must be honest and character and credit will improve.” Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., March 12.—Po- tatoes, white, 100 pounds, 75al.25. New potatoes, bushel, 1.50a2.50. Sweet potatoes, barrel, 1.50a3.50; bushel, 1.25a 1.75. Yams, barrel, 2.00a3.50. Aspara- gus, dozen, 6.00a12.50. Beans, bushel, 1.50a2.75. Beets, crate, 2.50a2.75. Cab- bage, transfer, 75a1.50. Carrots, bushel, 1.25a1.50. Caulifiower, crate, 2.00a2.25. Celery, crate, 1.50a2.25. ~Cucumbers, bushel, 3.00a5.00. lant, crate, 2.00a 4.00. Kale, barrel, 75a1.25. Lettuce, bushel, 1.25a2.25. Onions, 100 pounds, 3.5085.50. Peppers, crate, 1.50a3.50. Parsnips, basket, 25. Squash, crate, 1.5023.00. Savoy cabbage, bushel, 1.00. Spinach, bushel, 75a90. Tomatoes, crate, 1.00a3.00. Turnips, basket, 50a60. Ap- ples, bushel, 75a2.00. Cranberries, half barrel, 7.00a8.00. Grapefruit, box, 2.00a 3.25. Oranges, box, 2.00a3.25. Tan- gerines, half strap, 1.25a3.00. Straw- berries, quart, 25a40. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.323;; March delivery, 1.32%. Corn—No. 2 export, March delivery, no quotations; No. 2 yellow, domestic, spot, 1.10a1.11; cob corn, 5.25a5.50. Oats—No. 2 white, domestic, spot. 59; No. 3 white, domestic, spot 57a57%2. Rye—Nearby, 1.10a1.20. Hay—Receipts, none. While hay Is arriving here in limited quantities only, it 1s more than ample for the demand, which is being supplied mostly by truck from nearby points, a few carloads be- ing received. There is not enough busi- ness passing to establish prices on tre various kinds on merit at a range of 15.00a16.50 per ton of timothy or clover hay. gl.rn'——No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. Dairy Market. Poultry—Live, turkeys, pound. 35a43: chickens, 38a45; old a43; roosters, ; guinea fowl, each, 50a1.00; pigeons, pair, 35a40. | Dressed poultry—Turkeys, pound, 35 a45; old, 25a40; young chickens, 35a 40; old and mixed, 30a35; old roosters, 20; ducks, 25a30. Eggs—Receipts, 1,403 cases; native and nearby firsts, free cases, dozen, 301%a31; current receipts, 26a30; duck “ | eggs, dozen, 38a45. Butter—Good to fancy pound, 47a52; grlnu. 52a54; a53; rolls, 30a32; dairy prints, ladles, 34a38; store packed, process butter, 41a42. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) oOfter. Allis-Chalmers Co. 5s 1937.... 99 Aluminum Co. of Amer. 5s 953 10115 n Tel. & Tel. ds 1929 991, creamery, blocks, 51 30a32; 29a30; Bid. 98 101 9910 t Pet. Corp. Bell Tel. of Canada 54 Chica¥o Roc! Chile Copper Co. 53 Columbls Gas & Elec, 58 Cudahy Packing Co. 1 Ed‘son Fl. 1l. Boston 4',s 1930 Gen. Mot. Accep. Corp. 6s 1937. General Pet. Corp. 5s 1340.... 10 Good: & nion Ofl Co. s 1947 Crude Ol Co, 1t uthern Pac. R. R. 48 19 andard Oil N. Jersey Sy . L., Ir. Mt. & So. Ry. 43 1929 t. L Souwestern Ry, 4s 1932. Swili'& Co. 5% 1932 Union OIl Co. of Cal United Drug Co. 5s 1953, Western Electric Co. 5s 19dd. . 1021, Wheeling Steel Corp. 5'us 19d8 101 D!l' i B'nai B'rith supports the Anti-Defa- mation League, an organziation that fights unjust attacks upon Jews as a people, _ % | It also attempts to improve competi % | brighter future than the producers. The BY KENNETH S. VAN STRUM. NEW YORK, March 12.—One after- noon last week leading sugar refiners reduced the price of refined sugar to 4.75 cents a pound. Except for a brief period in 1914 and in late 1921 this is the lowest price on record. ‘The reduction proved temporary, how- ever, for it brought forth such a heavy demand thet the price went back to 4.90 cents the following day. Since this period of the year often represents the seasonal low for sugar prices, some be- lieve that last week saw the years| low for granulated sugar. Conditions in the sugar industry to- | dav are in sharp contrast with thoss | existing in more prosperous_industries. as, for instance, copper. While copper | prices have been reaching new peak new lows. The sugar industry, following the lead of other industries which have successfully come through difficult peri- ods of post-war readjusiment, has form- ed a trade organization whose purpose | it is to improve conditions in the ir dustry. The Sugar Institute, by adve: tising the food value and uscs of suge is trying to increase demand for conditions in the industry. Today the sugar refiners face a producers are beset with tariff problems, which will probably not. be setiled until Fall, and with an overproduction which threatens to continue indefinitely. Their future is, therefore, rather uncertain. who have a large enough volume of business so that they can keep their profit margins in proper relationship, are expected to show good returns for the last half of 1928 and the first half of 1929. Business prosperity, both here and in Europe, has helped to increass the demand for granulated sugar, while the price of raw sugar has remained at a very low level. American Sugar Refining. American Sugar Refining is largest and one of the oldest sugar refiners in the country. It does a very large part of the cane sugar reaning business in this country, handles a the good share of the bect sugar refining and operates sugar plantations and fac- tories in Cuba. quarter of all sugar consumed in the United States, Because of unsatisfactory conditions in the industry in 1927 the dividend on the common was omitted. Whiie accurate information regarding the companv's current business is not T T NAT SUGAR CO GREA;I"V\; 'l ESTERN BARNN available, it is believed that earnings have improved rapidly since that time. In some quarters the optimistic esti- mate of $10 a share earnings for 1925 is_being forecast. The company has recently improved the position of the common stock by refunding some of its bonds with pro- ceeds from the sale of its Wall street building. The company is In a position to resume dividends on_ the common, which were formerly $5, as soon as earnings warrant. While average earn- ings over the past six years have av- eraged more than $10 a share on com- mon, they were partly due to profits on outside investments. ‘While American Sugar common may again sell upon the investment basis it enjoyed years ago, it should be ob- served that its price has fluctuatez or below. Great Western Sugar. Great Western Sugar, one of the largest beet sugar companies in_ the world, produces about one-eighth of the sugar consumed in this country. Most of its plants are located in Colorado, Nebraska, Montana and Wyoming, the great beet sugar section. The stock has fluctuated over a rather wide range in recent years and each year it has sold down in the lower 30s or slightly below. Average earnings for the past sixe years have been $3.81 a share on the present stock, which is now paying dividends of $2.80, showing a yield of 7.5 per cent at present prices. Although 1927 earnings were only $1.38 a share, it is estimated that the company will earn $3.30 in 1928. Re- cently the financial position of the com- pany was strengthened by a reduction of bank loans. Great Western is one of the sugar companies which would ben- | efit if the sugar tariff were raised. National Sugar Refining of N. J. Natlonal Sugar Refining is a consoli- cation of a number of refineries operat- ing in the vicinity of New York, with easy access by water to Cuba and Porto Rican producers. American Sugar owns a querter interest in the company. ! Detailed operations of the comvany | are lacking, as with many many other| companies listed on the curb. 1t is} known, however, that 1927 profits were 49 cents a share, $5.94 in 1926 and $§3.51 in 1925. While official earning esti-| mates are lacking, some quarters say that earnings for 1928 will exceed any previous year. The stock has just been placed on a $2 dividend basis, which | might lend some confirmation to the earnings forecasts, but the lack of ln.- formation makes the company's stock rather speculative. While conditions in the sugar re- fining business seem to be improving, boom conditions are not expected. be= cause of the unsatisfactory condition of | the producers. (Copyright, 1 BIG AVIATION COMPANY MERGER IS RUMORED By the Associated Press. NEW YORK, March 12.—Aviation Corporation, recently organized with in- itial capital of $35,000,000 as a devel- opment and holding concern, was un- derstood in Wall Street todav to have| arranged to acquire control of four large | aviation companies in carrying out its | program mtm‘fl all phases of aviation development. Thop('nmpames reported to be in the new group were Fokker Alrcraft Cor poration of the Americas and Fairchild Aviation Corporation, prominent in the manufacturing field: the Aviation Cor- poration of America and Universal Aviation Corporation in the transporta- tion line. Aviation Corporation also was re- ported to have made offers for interests in the Consolidated Aircraft Corpora- tion, Buffalo, N. Y.; Stearman Aircraft Co., Wichita. Kans. and other com- panies, although it was not believed anything definite had come out of these negotiations. o confirmation of these reports could be obtained from financial interests backing the corporation. ) CHICAGO, March 12 () —Butter— Lower; receipts, 10,767 tubs; extras, 49';; standards, 48%; firsts, 48a48';: firsts, 47a47!5; seconds, 45a46',. Eggs, lower: receipts, 17,671 cases; extra firsts, 28a29; firsts, 27 ordinary firsts, 25026, It produces about one- | widely in recent years. During each of | the last eight it has dropped to $65 lom i ) | LOANS | prices, sugar prices have been touching | || 5% LOANS 5% . On High Class Residential Property Write for Booklet Jos. W. Brooks & Co. Insurance—Frank. 2913 212213 Transportation Bldg. On Improved Property in Maryland and District of Columbie 6% Interest No Commission Charges ¥ REALTORS 809 15th Street N.W. Poultry—Alive, firm; 1eceipts, 2 cars; fowls, 29a33; Springs, 34; broilers, 46a 48; turkeys, 30; ducks, 24a30; geese, 1. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Comgany AS The refiners, however, at least those | Loans for construction— and refinancing of a maturing trust— made promptly on approval. Low Rates of Interest and Commission, B. F. Saul Co. 92515th St. N.W. M. 2100 Unconditionall CUARANTEEDY )\ Safety First In selecting an invest. ment for vour surplus funds, safety should re- ceive first considera- tion. When you invest in our First Trust Notes yon have a happy combination of safety with the generous yield of 6%. Principal and interest are uncon tionally GUARA TEED by this strong company. The notes are secured by fine, modern owner-occupied homes in nearby Mary- land. A booklet will Over Third of a Century’s Ezxperience Contented Tenants ——mean maximum profits to apartment house owners. Our systematic management keeps service up to the mark all the time—and that's what keeps our buildings rented all the time. B. F. 'SAUL. CO. Main 2100 925 15th St. 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