Evening Star Newspaper, March 13, 1929, Page 13

FTNANCIAL. CURB SPECIALTIES " ADVANGE SHARPLY Easier Credit Situation Fol- lowed by Gains—0il Issues Active. BY HARRY H. BECKER. Bpecial Dispatch to The Star. NEW YORK, March 13.—Eliminating the credit situation from their calcula- tions, for the time being at least, specu- lators proceeded 1o bid up their favor- 3tes on the Curb Exchange today. The market displaved a much better | tone than for several days: in fact. a number of specialties were advanced | rather violently, but it was in individual | cases rather than groups in which the best, results were obtained. Notwithstanding the selective char- | eater of the buying, demand was rather urgent for & while in the ofl sectlon, | nd there was more sustained improve- | ment in certain representative members of that department than in some time. The utilities participated in the ad- | vance with more vigor, and several of the aviation shares were actively ex- | ploited. Gains in the oils ranged from large fractions in the low-priced independents to almost 5 points in the case of Hum- ble, which was influenced by merger gossip. Indiana Standard joined in the demonstration. and there was much bet- ter buying of Ohio Standard, a few of the pipe-line shares, Vacuum and Gulf of Pennsylvania. Cities Service was quieter, acting after a fashion with the good news of the four-for-one split-up, & matter of public record The ou g feature in the high priced class wds a spectacular run-up of 70 points to 800 in Ford of Canada, reviving rumors of a recapitalization. Ford of England was higher in sym- pathy, but most of the other autom hile and accessory stocks Jooked on. We: Vaco Chlorine, prominent yesterday, started off scnsationally, 10 points higher, but came down as rapidly. There was a spirited rise in Trans-America in response to Teports that negotia- tions were on for sale of its holdings of Bank of America, estimated in the neighborhood of 700,000 shares, to an- other banking group. Electric Bond and Share Securities were exceptionally strong in the utility group in further response to approval of the merger with Electric Bond & Share Co. At one time the stock was up 3 points, with that of the holding concern even more. With one or two exceptions, like Niles- Bement-Pond, Fokker and Sikorsky, aviation issues held close to the recent rice level. Denial was made by the ead of the Fokker Co. that control of the property was being absorbed by the Aviation Corporation. New high prices were reached by Trans-Lux and Ground Gripper com- and preferred. Mining stocks were fess prominent, although Newmont was favorably influenced by a'Teport that it had liquidated its holdings of Ken- necott at a considerable profit. Outside of extraordinary activity in Falcon Lead, in the penny class, other metal shares did little. COTTON PRICES FIRM IN EARLY TRADING Opening Advance Brings Out Real- izing and Market Drops Slightly. the Associated Press. NEW YORK, March 13.—Cotton opened steady today at an advance of 3 to 16 points. Active months showed net advances of 9 to 17 points during the first few minutes on covering or re- buying by recent sellers, apparently promoted by an unfavorable view of the Wweather map and relatively firm Liver- pool cables. The advance to 21.27 for May and 2046 for new October contracts was checked by rather heavy realizing, however, and the market sagged off few points during the first half hour. The - weekly report of the weather bureau was considered rather more favorable than otherwise and may have increased the disposition to take profits, although it was partially if not entirely, offset by the unfavorable conditions re- ported today. Private cables reported general buy- ing and covering in Liverpool on ‘weather reports. WHEAT VALUES DROP ON INITIAL DEALS Selling Forces Recession in Prices After the Market Opens Irregularly. Br the Associated Press. CHICAGO, March 13.—Wheat prices here underwent an early setback today after an irregular start. Selling in- creased chiefly on account of the fact that the Liverpool market made vir- tually no response to vesterday’s sharp upturns in wheat pricés here. Opening at % decline to 1,c advance Chicago wheat later declined all around. Corn, oats and provisions also were easier with corn starting unchanged to 1,c off and subsequently holding near to | initial figures. 1 Despite unresponsivencss which the | Liverpool market displayed regarding wheat price advances here, Chicago traders today continued nervous in view of persistent buying orders from dis- tricts in_which crop damage was re- ported. In this conneciion, official ad- vices today confirmed injury from blow- ing of top soil in the Western third of Kansas and in Southwestern Nebraska. Besides mention was made of many complaints of unfavorable alternate thawing and freezing. Friends of higher prices for wheat were emphatic today in asserting that indications pointed to widespread crop in this country and abroad. | for these assertions was the Winter conditions ex- | d States and in ¢ll. together with remarkable | f moisture in Canada and un- for wheat vields of | ia. On the other from Liverpool to- | e deliveries of wheat | General Motors Acceptance Co. W YORK, March 13 (Special).— General Motors Acceptance Cor- {s that a record volume | was done Jast vear, totaling | Gross income totaled $49.- 851.472. After all expenses and charges net profit totaled $10370,453, against $8.578475 | The net | profit was equivalent to | re on 400.000 shares, against | on 350,000 shares out- 7. 'The 1928 profit ex- in of €2112805 from reval- as-ets, The balance sheet cash amounting to $55.387794 $45 161 last year and in- vestmen's r atl $5.363.5385 com- pared with 702 at the end of | 1927. " SILVER QUOTATIONS. ~ | NEW YORK, March 13 (# —Bar ..sllver, 56%; Mexican dollars, 42%. 'THE EVENING STAR. WASHINGTON, . €. WEDNESDAY, . NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds | today: Sales in hundreds. 12 Acoustic Prod . 3 Arfa . 3 Agia Ansco pfd Allfed Pack sesne Ipha Port Cem lum Co Amer pfd m & For Pow war. mer Arch Co INDUSTRIALS, Al Al 107 Al A Co 9Am Cr. 9 anamid B.. 7 Amer 311 3 Amer N L 238 4 Amer Super prd. 11l 2 Angle Chil Nitra! . i Arclurus Rad Tu 14 Ark Naul Gas.. 1, Armstrong Cork #Asso Dse & Print 7Asso Gas & El A.... 39 Asso G&EL deb ris).] 40 28 Mach A R Ma crt propart 7 Aviation Co of Amer 90 Aviation Corp wi 1Axton PFigher A... 3 Bellanea Atre vic 2Blvn Shoes Inc. | 7 Bonn Al & Br x¢ 2Brill Corp A... .. 2 Brill Corp B.. . 2B; 28 3 b3 2 B; & Rudd Mfe 4 15 Buf Niax & E P TBuf Niag & EP A Cent Pub S A iCent States Ei St_El conv pl Co ptd 14 Childs R PA&L 6s pid.. 10 Crocker_Wheele 3 Curlis Pub n_. o E 18 Cur 1 5 17% T pfd " 104 .. 1301 487 tiss 23! 45 o ons s @rsnsns 5 oy = B o a3 -en e uz Co A vie . : 1 Bond & Sh'Se Co Bond & Shn wi 4 & 8h pld 108 u.. D ¢ " s Finish | irchild Aviat’ A ndango Cor A d Metals cif. ERE R s !E~ at £ 2% g n Real and o0 Rl & Util City S( 4 Ground Grip_Sho 2 Ground Gri Shoe C StA. Co N A 13 Insur_ Secur 11nt Perfume 3Intern Uul B 21Intl Hosiery wi 21tal Superpow A 31tul Superp deb r 3Mock J V ... 3 1Mo Kansas Pipe Line 2 Municipal Service .. m Strs ..... 3 tl Pem_Sirs ‘pid. t Pub Serv A . 1063 4038, F E pld cony aram Cab Mfe C Pen ] 2 28 ITPRIT 22 S, S, S ® helph Dadge Cor Phelb Dodye iminous. | 1 Repetti Candy . . 2Rep Mot Trk ctfs 4 Reynold Metal pt pfd 1 Rolls Rovee pfd. . T-Stat Po 1 Southern_Ice & 18outhw Bell pfd 2 Southw Dairy Pro 2 Southw Stores ... 2 Spanish & Gen rets 28 Mot i A 215 ULUB 121 .10 dll 1e% = . Mach ® Thomps Starr pfd xd 4 Timken Det Axle xd S3Trans Am ... .... 18 2 Transcon Air Tisp.. Trans Lux DL P 8 4 an nautical. 1327, Sales in MINING STOCKS, hundreds 204 Anaconda Cop rts 31 Cons Cop Mines 2 Cop Range 460 Faicon Lead Min 3 Golden Cenfer 4 \wendon Cop Sales i hundreds. 4 Carib Synd 83 Cities Serv n 4 Columbla Synd 20 Crenle Pate 1:;{':11 n;ll . omackla 14 New Mex Ariz Lai 15N Y Pete Roy.... o Ll g e 1) High, Low. 91a 3611 217 2% 2278 138910 238 0178 997s 1 © 1037 10374 1 911y 902 3910 3 : 85! 851 1111067 1067 1 . 17 104 120 a8 g 2% | traded in on the New York Curb Market | ! Noon. o 3 82 291, 104 120%0 43 0 0: 903, 391 g Western Oil 2 ndem O) 7 Eantep §8alt Ck 3 Tex OIl & Land nllll 2 Venezuelan Pet ... STANDARD OIL ISSU FORMER SUBSIDIARI oil. L. 231 2088 4% S _AND STOCKS 167 18% [ ) Sules in units, 100 Anglo Any 100 Buckeye 2600 Contl O 200 South Penn O. 20005 O Indiana.. 1008 O Kansas .. 3008 O Kentucky n 508 O Ohio.... 00 Vacuum Oil ", Sales in thousands 0 37s 5Can Nat Ry 4l ‘68 1Capital Adm 5% 53 A 7 Cent_States El 58 ‘48 1Kop G & C 3 Long_Tsl Lt 6 2Lon Po & L 55’5710 5 Manit Po 51.s A ‘510 i8S Gas 5ige 4l 03 " 1 Nat Gas 65 ‘43 1027 2026. 104 s T78.. 81! 102 i 847 N 9 Southe P 28ou Cal Ed 58 '4& Ed 55 6 Un Am 11 P 27 West 12 Wheel Sales in s 578 Vi - Pow 3'as a7 Stl 4125 B '53 88'% FOREIGN BONDS. hi 61,5 A ‘330 8 2 Silestn 7 '38 L. 3 Stinnes Hug 15 ‘36 wa 93 10 Un El Ser 18 A WW '56 90 xd- Ex-dividend. ex. - When fssued 8 3 0 ‘s wi w RESTRICTION OF BRITISH STOCK ISSUE APPROVED By the Associated Pres yLONDON. March 13.—Decision of the directors of the British General Elec- tric Co. restricting the issue of new shares to British subjects was approved by a large majority of shareholders at a general meeting today. The meeting was crowded to over- flowing when Sir Hugo Hirst, the chair- i % | man, explained the board's reasons for 1062, 1 pris 16, 5310 2713 113 11315 1131 2 10824 106° 408 1 16 361%4 361 gl 7 1 o 3 2 13974 14 157 28" 132 ¥ 2 INDEPENDENT OIL STOCKS, I 14008 1410 4 2 4 1503 2813 131 300 18 30% | 39 K im oo ngh e asking authority to increase the com- pany’s capital by the creation of 1,60/ 000 ordinary £1 shares. He sald that the General Electric Co. had always been looked on as a British concern and that it was vital that it retain its Brit- ish character in order to secure the continuity of the employment of. its 25,000 workers and their well being and happiness, For these reasons it was proj to confine the present issue to the British public. “The American public, who before long may hold practically all our ordi- nary shares issued, are barred from glving us this help by their protective fiscal legislation,” he said. The resolution authorizing the in- crease in capital was carried with only one dissension and the meeting then proceeded to discussion of the resolution confining the new shares to British holders. One shareholders, who said that he represented American holders of stock in the company, protested the adoption of resolutions that the new shares be called “British ordinary” and that they be issued only subject to the condition that they should not be registered in the name or transferable to or held by any foreigner, foreign corporation or corporation under foreign control. In the course of his talk to the shareholders Sir Hugo expressed regret that the resolution barring foreigners apparently had given umbrage in some quarters, but expressed belief that the criticism was due to a misunderstand- ing of the company's aims. Referring to the fact that half of the ordinary share capital had crossed the Atlantic already. he said: “We don't take exception to this in- terest in our shares on the part of our American friends, but when we con- sidered the situation we realized that we have been deprived of 60 per rent, if not more, of our ordinary share- holders.” PETITION ASKS EXCHANGE CLOSE ON MARCH 29-30 Special Dispatch to The Star. NEW YORK, March 13.—A petition asking governors of the Stock Exchange to suspend trading on Good Frid: March 28. and Saturday, March 30, was posted on the floor vesterday. It is ex- pected that governors will act on the petition at their regular meeting on March 27. The exchange has been closed on every Good Friday since 1900, with the exception of 1906 and 1907. More rare- ly has trading been suspended on the Saturday following, although such was the case last year, when the bull mar- 317 |ket was getting well under way and a2 | clerks were beginning to show the ef- 774 | fects of the strain they were working under. MARGIN OF $3.15 WINS $350,000 BOND ISSUE Special Dispatch to The Star, NEW YORK, March 13.—The Nation- al City Co. was awarded an issue of $350.000 Chautauqua County, N. Y., bonds yesterday, by what is believed to be a record narrow margin for recent years. The successful bidder’s tender for the entire issue was but $3.15 higher {than that of its nearest competitor, the | Bankers' Co. of New York. This means A difference in price of nine-tenths of a cent a bond. The high tender for the 5 per cent obligations, which mature in 1938 and 1939, was 103.849, while the second hest 'was 103.849. Kean, Taylor & Co. of- fered 103829 for the fssue and the Suaranty Co. of New York 103.68. There wcre eight bids in all. ] & % 3 A7 | n Soft Coal Production. NEW YORK, March 13 (#).— Do~ miestic soft coal production last week, as estimated by the Natlonal Coal Asso- ciation, decreased 10 10,570,000 net tons from 11,160,000 tons the previous week and 11,752,000 tons in the week ended February 23. — . Dr. K. Anan wlil conduct classes in conversational Japanese during the Winter and Spring terms of the Port- l2nd extension center of the University ¢f Oregon. '+ | gard to th % "mujnr part of the i *| Vlew of the other payments assc TAXERAIL MERGER - SEENIN GAS FIGHT Al Carriers in New York May Be Placed Under State Regulation. BY J. C. ROYLE. ecial Dispatch to The Star. NEW YORK. March 13.—The strong opposition which has developed on_the part of the taxicab industry of New York to the imposition of a gasoiin: | sales tax by the State may result in | yevolutionizing the regulation of taxis in many S “This opposition seems to have crystal- ized the desire of some leaders in the 2! industty to see it under the regulation of the State public service commissions. | Many of the taxicab owners have not vet gone so far in their plans, but out 1 of the turmoil it is believed some defi- nite plan will be formulated. o Taxi Men's Position, The position of the industry with re- asoiine tax is easy to un- he taxi men say that the funds produced by The tax will go toward the building and | maintenance of country highways, on { Which not one taxi in 10 ever is called {on to venture. ‘They hold that such a | tax is an occupational tax and that, h‘; S | derstand. unjust. that in New lYurk; | City alone there are 20,000 taxicabs, o ’S’::;‘.»fi"”m,m 18,000 ave individually owned. These 18000 men, striving o | make a living, arc being assessed, they say, for the benefit of drivers who are driving for pleasure. They cite the taxes already placed against them. Which consist of a §15 State tax, a $10 city tax, a $2 drivers license and a 50 Gent hackman's license--a total of In addition each must take out worth of compulsory liability in- surance. : her they succeed in killing the bk r it is belleved prob: osed law of not., it 1 .‘\):-l(l)cp that their fight will stir up taxi- cal operators in other States, most of which already have gasoline sales taxes. “I am convinced,” said T. H. M\HN: president of the Yellow Cab Co. of New York, today, “that eventually the indu try must be taken under the regulation of the State utilities commission. Not only would such & move equalize taxa- tion and iron out rate structures, but it _would have a tendency to keep the number of cabs down to the requirc- ments of the public. This would re- lieve street congestion and tend to im- prove profits.” To a greater e cabs are be'}r;g abs Al ailroads. his of necessity orice put those cab lines in the public utility class for regulation. The elec- tric street cars still are one of the most essential forms of transportation, but they need at the moment every aid they can gather to increase earnings. Revenue passengers carried by the street cars in 1928 totaled over 16,000,~ 000,000. This was a drop of about 1 per cent as compared with 1927. The car fares over the country rose from an average of 8.08 cents to 825 cents, but this was counterbalanced by higher wages paid. Budgets Are Large. Leaders in the industry, however, are gradually working out means for better- ing the situation, which now is not sufficiently strong to attract the new capital desired for some needed develop- ments. Budgets for these improve- ments this year call for the expenditure of $229,500,000. Much of this will go for new equipment, but some, it is felt, will be utilized to take over bus and taxi companies, thus relieving conges- tion and making co-ordination instead of competition possible. against them, it s They point out xtent all the time, taxi- bsorbed by the street CANNED FRUIT OUTPUT SHOWS DROP FOR 1927 The Department of Commerce an- nounces that, according to data collect- ed at the biennial census of manufac- tures taken in 1928, the total value of canned and processed fruits and vege- tables and of pickles, jellies, preserves and sauces produced by commercial es- tablishments in the United States in 1929 amounted o $552,894.510, a decrease of 89 per cent, as compared with the corresponding value for 1925—namely, $606,939,718. The total production in 1927 was made up as follows: Canned vegetables and soups, 97,355,699 cases, valued at $234.- 259.659; canned fruits, 27,564,341 cases, $101,730,609; dried fruits, 1,012,795.660 pounds, $64,167,036; dried and dehy- drated vegetables, 200,180 pounds, $80.- 584; pickles, sauces, etc., $114 29; preserves, jellies and jams, $37,682,393. Of the’ value of the total production for 1927, as given above, $539,418,694 was contributed by establishments in the “canning and preserving” industry. as_classified for census purposes, and $13,475,816 by establishments in other industries, which produced these com- | modities as secondary products. —The i establishments in the canning and pre- serving industry are engaged primarily in canning and preserving fruits and vegetables and in manufacturing pickles, jellies, preserves and sauces. |7 Of ‘the 2436 establishments in the industry reporting for 1927, 311 were lo- cated in California, 288 in Maryland, 229 fn New York, 155 in Wisconsin, 137 in Indiana, 103 in Illinois, 98 in Ohio, 83 in Pennsylvania, 79 in Missouri, 78 in Maine, 66 in Michigan, 61 in Washing- | ton, 59 in Delaware, 58 in New Jersey, 155 in Oregon, 54 in Towa, 35 in Minne- sota, 32 in Massachusetts, 30 in Utah and 28 in Kentucky, and the remaining 397 were distributed throughout 26 other States. In 1925 the industry was | represented by 2,403 establishments, the increase of 2,436 being the net result of | gains and losses. Of the establishments | gained, part had been engaged in manu- facturing activities other than canning and preserving in 1925 and the re- mainder reported for the first time at the present census. Of the establish- ments lost, some were idle throughout the year, some went out of business prior to 1927 and others were engaged in ac- tivities other than canning and pre- serving in 1927 and were therefore transferred to the appropriate indus- tries. Auto Merger Causes Stir. BERLIN, March 13 (#).—Seldom has | a fusion of a leading German indus- | trial concern with foreign interests | called forth more extended comment in | the German press than the recently re- | ported Opel-General Motors combine. Official denials of the final signing of | the contract thus far have not seemed to militate agairst the gencral impres- sion that the fusion is an accomplished fact. American commereial circles in Ger- many see in the impending combina- tion a transfer of the fight between General Motors and Ford to the Eu- {ropean field. 1t is believed that the in- tention of General Motors is to Jaunch from the Opel works a four-eylinder car in Europe of lower horsepower as a countermove to Ford's recent plan to throw shares upon the German market. RETURNS. E H. I EXCHANGE HEAD NEW YORK, March 13 (#) Simmons, president of the New York Stock Exchange, Teturned on the Olympic today fiom & four-week Eu- ropean trip. He visited the stock ex- changes in Paris, Berlin and Amsterdam and <tudied their operations. Although he would not discuss his visit to the exchanges, it has been understood that his researches were intended to be of service in the expansion of membership and the enlargement of quarters of the Slew Yerk Emcflpxthanie. would at | BY KENNETH S. VAN STRUM. NEW YORK, March 13.—The North- west has shown steady improvement Guring the past two years of favorable crop conditions. It is believed that |mm-h grain is still due to come forth from the Northwest during the first halt of the year, and that if this region is favored with the third successive year of good crops in 1929 the readjustment period needed to put it in a prosperous condition will have been completed. The steady advance in the prices of the securities of three of the leading railroads in this section reflects the {improved business conditions. While it | is gencral <pected that the freight | traffic will continue at a high level uring the first half of this year, the esults for the second half will depend |to a great extent upon the new crop, whieh cannot yet be estimated. Great Northern. Few railroads of the country have had more dramatic carcers than those {of the Northwest. They were pioneers |in the true sense of the word. After James J. Hill and interests bought con- trol of Great Northern after the panic of 1873 an era of judicious expansion for the road began which has few coun- terparts in railroad history. “Unlike the organizers of many rail- roads, Hill avoided overcapitalization and today the Great Northern extends | southwestward from Chicago to Denver, {Omaha and Kansas City and even down {to the Gulf of Mexico over lines of the | Chicago, Burlington & Quincy Railroad, {which is jointly owned with Northern {Pacific. It extends northwestward through Wisconsin and Minnesota and I'then_follows the Canadian border into | the Pacific Northwest. It was always Hill's tend south to San Francisco, and today it looks as though his m might be fulfilled, under direction of Arthur Cur- | tiss James, largest individual stock- | holder in the Hill roads. He has recently | bought control of Western Pacific. which |reaches San Francisco through the | States of the lower Mississippi Valley, fand the two roads are petitioning the | Interstate Commerce Commission for permission to build connecting lines be- tween Great Northern at Klamath Falls nd Western Pacific at Keddie, Calif. If approved, it will give Southern Pacific competition between San Francisco and Portland. There has not been much change in i{the character of the traffic of Great | Northern in recent years, its traffic be- dream to ex- CHI MIL ST PAUL & PAC NORTH‘i | lm' Fomnat I PACIFIC l||| 110 |I'l|ul'I [N GREAT NORTHERN PFD !ing divided between agricultural prod- |ucts and those of mines, forests and factories, with especial emphasis on products of iron ore mines. For a long period of years Great Northern paid a dividend of $7, which was reduced to $5 because of the agri- cultural upset following tha war. After a few years of meager earnings, the averaging $7.31 for 'the past six years | reached $9.95 in 1928. With 318 million bonds and 248 million one class stock, the company is in sound financial con- dition. At current prices it ylelds about 4.50 per cent. Northern Pacific. Northern Pacific has had a stormier career than its closely allied road, Great Northern. In 1873 the failure of North- ern Pacific under the management of Jay Cooke precipitated the panic of that year. The reorganization undergone at that time didn't “take” and it went through another one in 1890 and be- came the present company of 1896. Finally, in the famous Northern Pa- cific corner of 1901 it came under con- trol of the Hill interests, and there has been a strong community of interests between the two roads ever since. Northern Pacific extends in much the same general direction east and west { as Great Northern, only somewhat more to the south. It is dependent upon much the same business influences, al- though it carries more lumber, while Great Northern carries more ore. Northern Pacific had a long dividend record at $7 until, like all carriers in this section, its business slackened for about a decade. During the past few years steady progress has been made, however, earnings averaging $6.82, and in 1928 reaching $8.52. Paying $5. the vield at current prices is about 4.50 per cent. Great Northern Pacific. The increased earnings of both Great Northern and Northern Pacific_might seem to justify a resumption of the for- mer rate of $7. but Great Northern and Northern Pacific have applied to the In- terstate Commerce Commission for the right to consolidate into the Great Northern Pacific Co. on a basis of one share of Great Northern or one of Northern Pacific for a share in the new | company. Since an increase in dividend rate by either company might upset those plans, it is not considered prob- able that the rate will be increased until the Interstate Commerce Commission renders its decision. It is stated that a merger of the two companies would effect economies which would result in savings of $10,000,000 a year in expenses. Thus earnings on the stock of both companies, aver- aging $8.35 in 1927, might approach $10 if the consolidation is allowed. In 1928 join' earnings were $9.23, and it is said that because of savings effected they \\'n;:ld be about $11 if operated as one unit. ‘There is a bit df irony in the fact that when the two roads tried to unite |1n 1902 by forming the Northern Securi- ties Co. it was disallowed by the courts and they were forced to retain their separate identities, There is some doubt as (o whether the Interstate Commerce Commission will permit the present merger to go through. Chicago, Milwaukee, St. Paul & Pacific. ‘While difficult conditions were ex- perienced by all Northwestern roads during the past decade because of & | combination of poor agricultural condi- | tions, low freight rates, the aftermath of .war, Panama Canal competition on through freight and loss of passenger | business, these difficulties were brought out most strikingly in the failure of the Chicago, Milwaukee & St. Paul. While it is said that the extension of its line to the coast was the immediate cause of its failure, it might have averted disaster had the general condi- tions along its lines been better. While the reorganization still left a heavy total of bonded indebtedness, the new form of securities issued relieved the company of some of the fixed| charges. Since the company was only turned over to its owners in January. 1928, and thus has only a year's results to show, it is difficult to estimate its possibilities. Balance sheet figures dur- g and immediately following the re- organization do not give a true pleture of the situation, (Copyright, 1920.) PARIS BOURSE PRICES. PARIS, March 13 (#).—Prices im- proved on the Bourse today. Three per cent rentes, 71 francs 35 centimes. | trend again started upward, and after MARCH 13. 1929. FINANCIAL. CONVERTIBLE BOND IS PROVING POPULAR AMONG INVESTORS MERGER IS RUMORED Special Dispatch to The Star. NEW YORK, March 13.—The growing insistence on the part of the investor that he be given a share in the profits | of the corporation to which he advances his funds is strikingly illustrated in the announcement of a $65,000,00 issue of 417 r cent bonds by the Southern Pacific Co. with stock warrants attached. This means that the purchaser of the bonds may eventually have the privilege of buying the shares of the road at 145 and so participate in any improvement in their price that may come through an increase in the dividend rate. Bankers find increasing resistance to offerings of bonds that have nothing to 1ecommend them except their security. ‘The present-day buyer is more con- cerned with appreciation in his capital than in immediate return on it. This is one of the curious phases of the speculation in stocks on which the in- come ranges from 2 to 3 per cent while, in many instances, there is no yield at all. Consequently, it has been found necessary by those financing industrial and public utility companies to “sweet- en” their issues with stock conversion privileges. Most of those that have had the stock warrant feature have gone well, while straight mortgage bonds have been difficult to distribute. ‘The railroads have been slow to take advantage of this condition, although they were pioneers in the flotation of convertible bonds. more ago the Atchison, Union Pacific, Southern Pacific, Norfolk & Western, Baltimore & Ohio, and later the New Twenty years or| ‘The expectation is that other railroads will adopt the same methods when out- standing bonds mature or when they need to provide for capital charges. One of the unexplainable features of this situation is the unwillingness of most of the railroads to sell stock, in spite of the fact that the market price of thir shares has been at a higher average in recent months than in many years. The Atchison brought out con- vertible bonds when its common stock was selling around $200 a share. The American Telephone & Tele graph Co. has an issue of $76.000,000 of collateral trust 4 per cent bonds coming due on July 1. It could not refund its 4s in the present bond market at the original rate of 30 years ago. The prob- abilities are that it will resort to an issue with a convertible feature. CHICAGO DAIRY MARKET. CHICAGO. March 13 (@) Lower; receipts, 6.250 tubs: creamery extras, 4914 standards. 477,248 extra firsts, 461,a47'a; sec- extra firsts, 27a28; firsts firsts, 24a2! Potiltry—Alive, firm; receipts, 2 cars fowls, 20a30; Spring. 34; broilers, 46a 48; roosters, 23: turkeys, 30; ducks, 24a30; geese, 21. EXPORT COPPER HIGHER. NEW YORK, March 13 (.—The ex- ~—Butter— | 13 {BILLON-DOLLAR OIIL Special Dispatch to The Star. | NEW YORK, March 13.—The Stand- tard Oil Co. of New York and the Vacuum Oil Co., an old-line Standard | Oil unit, are nearing the point where they will be merged in a combination with assets close to $1.000.000,000, it is expected in Wall Street, where it was | definitely cstablished yesterday that dis- | cussions had taken place between prin= cipal interests in the two companies. As yet no tangible plan has been formed for this gigantic consolidation, | the first to be hinted since the disso- lution into many companies of the old Standard Oil Co. by Supreme Court, de- cree in 1911. It is understood. however, that three shares of Standard of New | York will be exchanged for each share | of Vacuum stock. | Various methods of obtaining Gov- ernment sanction for the deal, it is un- | derstcod, have been discussed. Federal sanction is necessary because the dis- | solution_decree forbids specifically the regrouping of any of the companies | formed as a result of the decree, INDUSTRIAL GAIN SHOWN. NEW YORK. March 13 (P.- Meas ured by consumption of electrical ene | gy for power purposes and by manu- | facturing plants, industrial operations of the country set a n high record in February with an advance of 3-10 per cent over the p ous high record last September, 6 per cent above Jan- and 10 per cent higher | vary operatior York Central, found that the convert-|port price of refined copper was ad-|than in February, 1928, says Electrical ible bond was the best vehicle with |vanced one-half a cent to 2014 cents| World. which to raise new capital. In subse-|a pound today to correspond with a | quent years all of these debentures were exchanged into stock. Recently the Atchison brought out a new issue of 413 per cent convertibles, to be followed by the Southern Pacific loan just arranged. rise in domestic copper to 20 cents yes- terday. More than 2,000,000 pounds of the metal were reported to have been sold at the new price. Foreign buying of copper has been heavy this year. Your Own Home in 120 Months Jor 33c a day The new high rates of productive ac- | tivity were made in rolling mills and | steel plants, metal-working plants, rub- | ber products, automobile manufacturing, | including parts and accessories, and chemicals and allied product A down payment of $1,500 will give you title to a home of your own! Here, surely, is a worthwhile incentive for every ambitious family man. Investors Syndicate will help you to thus provide permanent shelter for yourself and loved ones. 33 cents a day—or $9.45 monthly—will give you the amount you need in 120 months. Larger amounts can be accumulated during the same period by making proportionately larger payments. Send coupon for illustrated booklet describing this GUARANTEED plan of investing, also our financial statement showing resources of over $25,000,000. Clip this Coupon INVESTORS SYNDICATE Established 1894 Barr Building, Washington Telephone: Franklin 1879 Offices in 51 principal cities TG o sanvsrvpoasnssanscassssusossnsisses NUAPESS .. oo vivadssisasnanientuanasvasinbass Are Earnings Increasing or Are They Falling Off? IONSTANTLY changing conditions make it vitally important for every investor to follow closely the earnings of companies in which he has investments. BALTIMORE, MD. | Five per cent loan, 97 francs 60 cen- 1imes. Exchange on London, 124 franes 31 centimes. The dollar was quoted at 25 francs 60 centimes, You may obtain this vals without seribing it in detsil will be sent on request. cost or obligation. A folder GreLeT & Co. BANKERS INVESTMENT BUILDING WASHINGTON, D. C. Telephowe Main 2460 Closely watched and correctly interpreted by com- petent analysts, earnings statements constitute sound information on which to base your investment moves. One of the most important services rendered by our Statistical Department is to provide investors with earnings statements as often as obtainable from the companies, thereby frequently placing this information in their hands many months before it appears in the investment manuals. ble Statistical Service de- Call or Write for Circular WS-34 EASTON, MD, LETE INVESTMENT SERVICE Snte——— K