Evening Star Newspaper, March 14, 1929, Page 13

e *ANANCIAw, i CURB SHARES AN * INBULLSH TREND New High Records Made in| Number of Industrial Issues. BY HARRY H. BECKER. @pecial Dispatch to The Star. NEW YORK, March 14.—Satisfied that continuance of the Boston Federal Reserve and Bank of England discount rates presaged a similar announcement by the local institution after the close of trading, speculators regained their courage sufficiently on the Curb Ex- change today to push their favorites into higher ground. Bullish demonstrations, largely against the short interest, were staged in many groups. A number of new high records were established in miscellaneous indus- trials. This seemed to give the market the stimulation it needed to embarrass Special Dispatch to The Star. on the New York Curb Market today: Sales in INDUSTRIALS. hundreds. 15 Acoustic Prod 3 w P B, Comm P opt] Wai 4 1 Amer 20 Am Thread 2 Angle Chil 4 rus Ra Tu W RS, oo Nat G_cum’ pid Wks 4 the bear element. ‘The fact that eutside participation was small gave the list a professional char- acter. Transactions, while above recent proportions, were still far below what might be called normal activity. Striking gains were scored by & long list of leading industrials, with new highs _reached by Niles-Bement-Pond and Douglas in the aviation section, Yellow Taxi, Brillo, Haygart, Trans- america, Gold Seal Electric, Grama- phone, Ground Gripper and Westvaco Chlorine. Translux was active and strong around the former record best. Ford Motor of Canada added to the big ad- yance of Wednesday, but with less vio- lence. Strong tendencies also appeared | in Cyanamid, Bohn Aluminum, Crocker- ‘Wheeler, Wright Aero and Bullard Co.!| Trading was enlivened by the appear- ance of two new issues of concerns which have already established their popularity. One, Phelps Dodge, was in- troduced at 88!y, and immediately de- veloped great activity. Kolster Brandes was also listed coin- cident with announcement that the issue had been warmly received in Lon- don. The company reported it was oversold on its products and has con- tracted to acquire additional plants. Olls extended their recovery, led by Vaccum, Ohio, Indiana and Humble. Humble crossed par for the first time this year. In the natural gas group United Gas firmed on the news that. it has acquired the properties of the Mis- sion Drilling Co., consisting of 651 acres of leases in the Refugio Field, Tex. Utilities were featured by the Ameri- can _Super Power shares, Electric Bond & Share new, and Electric investors. Some selling appeared later in_Avia- tion Corporation of America, United States Freight, Fajardo Sugar, and St. Regis Paper without affecting the up- :}}“?fls zno\'ement in the main parts of e list. Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., March 14—Pota- toes, white, 100 pounds, 75a1.15; new potatoes, bushel, 1.50a2.50; sweet pota- toes, barrel, 1.5023.50: bushel, 1.25a1.75; yams, barrel, 2.00a3.75; asparagus, doz- en, 5.00210.00; beans, bushel, 1.50a3.25; beets, crate, 2.50a2.75: cabbage, ham- per, 75a21.35; carrots, bushel, 1.50a1.75; caulifiower, crate, 2.00a2.50; crate, 150a2.25; , 3.0026.00; eggplant, crate, 2.00a4.00; kale, barrel, 1.25a1.75; lettuce, bushel, 1.00a2.25; onions, 100 pounds, 3.50a a3 1 1.00a3.00; turnips, basket, 40a55; apples, bushel, 17582.00; cranberries, half barrel, 7.00a 8.00; grapefruit, box, 2.00a3.25; oranges, box, 2.0023.25; tangerines, half strap, 1.25a3.00; strawberries, quart, 30a45. Dairy Market. ~Live, turkeys, pound, 35a43; young chickens, 38a45; old hens, 33a34; Leghorns, 30a31; capons, 35a43; roosters, 18a20; ducks, 20a32; guinea fowl, each, 50a1.00; pigeons, e ultry—Turky PO '—Turkeys, pound, 35a 45; old, 25a40; young chickens, 35a40; old and mixed, 30a35; old roosters, 20; ducks, 25230. Eggs—Receipts, 1,527 cases; and nearby firsts, free case: d 2715a27% ; current receipts, 22a26; ggs. 38a45. Butter—Creamery, pound, 47a52; prints, 52; ladles, 34254; prints, 30a32; store ess butter, 41a42. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, #pot, 1.341;; March delivery, 1.34%. Corn—No. 2 export, March, delivery, no quotations; No. 2 yellow, domestic, #pot, 1.11a1.12; cob corn. 5.25a5.50. Oats—No. 2 white, domestic, spot, B925912; No. 3 white, domestic, spot, 57a58. Rye—Nearby, 1.10a1.20. . Hay—Receipts, none. While hay is arriving here in limited quantities only, 1t is more than ample for the demand. which is being supplied mostly by truck from nearby points, 2 few carloads be- ing received. There is not enough busi- ness passing to establish prices on the various kinds on merit at a range of }115 00a16.50 per ton of timothy or clover ay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00213.00 per ton. native lozen, duck good to fancy, , 52a54; blocks, 51a rolls, 30a32; dairy packed, 29a30; proc- Public Utilities Special Dispatch to The Star. NEW YORK, March 14—The 1928 Teport of Northwestern Bell Telephone Co. shows net income of $7,462,226, after taxes and charges, equivalent to $158.82 & share ($100 par) on 47,889 shares of 61, per cent preferred stock, compared with $6.973.995, or $148.70 a share, on | 46,902 preferred shares in the year be- fore. All the common stock is owned by the American Telephone & Tele- graph Co. The New England Power Co., con- trolled by the New England Power As- soclation, has made application to the department of public utilities for au- | thority to issue 125,000 additional com- | mon shares of $25 par at $30/a share, | the proceeds to be used to pay for ad-| ditions and improvements to the plant. | Hard Coal Shipments. NEW YORK, March 14 (#)—Hard | coal shipments in February increased | 793,197 tons over February, 1928, to| 5.168,197 gross tons, the Anthracite | Bureau of Information reports. TREASURY CERTIFICATES. (Reported by J. & W. S FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (orpar). _today. pound. .. $4.8665 9485 franc sk s dON - Tondon, P | hundreds. {3 Nia xd..o Ning&EP A xd... 5 Niag&E o rreras Lid A. 1111 7 ent All Sta Ser vie eat Pip Cor... 10 ent Pub S A ent States 33; Comni 5 Cons Auto Mer vic.. 12Cons Inst Ama 38 25 Consol Film 3 Cons Ret Sto 3 Cons Theat: ol ... 3 vie 2Coon W B s Doere 5 De Fo 88 Doug) IEl B & C or R C las Aircrafti.. d & Shon Wil 2 Evans Wall Lead 321 2 Fairchild_Aviation A 23% Co...... 118 P 11077 4 Gotham Knitb Ma .’ 16% 0 Gramoph_Co Tets 89%a 6 Granite Cit; Gr A n td c & Bro ...... 3 Ground Grip Shoe .. 1Ground Grip Shoe pf 4 7 Guardian Fire ...... 9 Hall Printing 2 Hart Parr .. 4 Haygart Corp 3 Hazeltine Corp . 2 Helena Rubinstel 2 Heyden Chem ...... 2 Househd Finan ‘pid. 6 Marion St Shov n.. 37 1 Mass Gas Co ....... 150 20 Mayis Bottling ‘ris wi .15 1Mead Johnson 2 Meadows Mfg . 4 Minne Hon Reg 3Mock J V. 3 36, 3% 7 38 v 3014 453, 10 102% 101% 4 Newton - N Y Investment 5 Nichols & Shep 52 Niles Bem Pnd . 12 Nor Amer Aviation. . 2North Am Utility Sec 183y 3North Eastern Pow.. 527 a P A 156 2 Oil Stocks e (2 24 Oliver Farm Eq 'wi 45V FE A ptd 1 D Ca) Reynolds Meta! 4 n Metal pt pfd. K e an 2 Sikorsky Avistion 39 Silica Gel ctfs 2 Southe P & L vic. 1 Southe P & L war. 4 South " Coast..... 7 Bouthland Rovaity Span & Gen Tts. 1Sparks Withing. 3Stand Tnv 12 Trans Am 2 Transcon Air ‘Trsp. . 3Trans Lux DL P § A 1413, 275 4% 3. or Sec. reight of Dei. Rub Recl. heeling Stl 3Wil Lo 31 48% 8% Sales in MINING STOCKS., 74 Anaconda Coy 20 Anz Globe 4 2 1 Bunker Hill .0l 7 Chief Cons Min 8Com Tun & Drain n Mines Cornelia . mont Mining & Hond Rosar issing 57 Newn 1IN 7 Wendon Cop Sales INDEPENDENT OIL STOCKS. in hundreds. 20 Am Maracaibo vib Synd ry il Service 1Cit Serv pid ..., 20it Serv B pid . 1Cit Serv B'B pfd 6 Columbia Synd 10 Creole Pete Co i crown..." Oslo. croy 4 n’ &tockholm, crown. 15 Crown Cent Pete . 2 Darby Pete ... 8 Gulf Oil Pa 2 Intercont Pet < NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office NEW YORK, March 14.—Following is a list of stocks and bonds traded in High. Low. Noon. SV Y e | 0 2!and holdin; 1nT WVENING 2Leonard Ol ... 10 Salt Ck Cons 28alt Ck Prod o 1 Woodley Pet ... { Sales STANDARD OIL 1SSU inunits. MER SUBSIDIARIE il South Penn 0 200 Southern P L 30008 O Ind .. 2008 O Kansas 2008 O Ky 1. 1600 Vacuum OIl Sales in thousands. 3 Abitibi P&P 55 A 15Ala Pow 428 ' 5 Alum Co Amer 53 31 Alum _Ltd 55 "48 9Am G ‘& E 55 3023 v s 5128 '59 B 96'a 2Phila E P 5las '72.. 103%s 1Pitts Steel 6 48 1 a2 Pow 55 A '35 98 - 25 West Pow 5'as A '57117 1Wheel StI 4%;s B '53 88 Salesin FOREIGN BONDS. ousands. "SAGri Mor Ba 7s '47. 977 1 Buenos Aires 7ias '471023¢ 15 Danish Cons 5i4s '55 98% 6 Eur Mts & T s C |67 Free St Prus 6s '52.. 5 Free St Prus 628 '51 1Gelsen Min 65 '34.. 2 Ger Cons Muns 7s '47 91 867 93 89 97 85 85 Ex-dividend. FWhen' ssted. n—New. Www—With warrants. - O’FALLON DECISION VITAL TO RAILROADS Speclal Dispatch to The Star. NEW YORK, March 14—When the United States Supreme Court ad- journed on Monday to reconvene on April 8 it had still on its docket the important O'Fallon case, a decision on which the railroad world has been awalting for months with the hope that it might clear up the confused valuation situation. . The court had in the previous week rendered an opinion in the lake coal case. This, however, was not alto- gether satisfactory to the parties in interest and appeared to them to have side-stepped the issue concerning the differentials on rates on soft coal be- tween the Northern and Southern car- riers. ‘The character of the decision in this important litigation has led to the feeling that the Supreme Court may in its decision in the O'Falion case leave the vital points unde- termined and postpone for many months a clear interpretation of con- ditions that must be definitely settled before the status of railroad credit is permanently established. There is strong warrant for the opinfon that, before the Supreme Court meets again in April, the Inter- state Commerce Commission may have handed down its decision in the Northern consolidation case, which in- volves the merger of the Great North- ern and the Northern Pacific and their controlled property, the Chicago, Burlington & Quincy. There have been rumors in the last few days that such a decision would be favorable to the applicants. However, considerable doubt was expressed today as to whether the commission would be willing to permit the consolidation. In fact, reports were current that it would be denied. ‘The effect of an adverse decision | just at this time when the Eastern | trunk lines are moving rapidly in their | plan to effect a realignment and to| overcome legal obstacles might be| | sentimentally unfavorable though not | 4 | likely to check the movement for uni-| fications in this terrifory. As this| { situation now stands the Baltimore & | Ohio, Nickel Plate and the New York | Central are clearly working together, | whil® the Pennsylvania is looking on | ‘f' several trump cards | which it will play at the proper_ time. | { It is understood that both the Penn- | sylvania Railroad and the Tiplin in-! terests were taken by surprise when | the recent transfer of the Buffalo, | Rochester & Pittsburgh to the Balti-| more & Ohio and of the Wheeling & Lake Erie to the Nickel ate was an- nounced. o 1927 TOBACCO OUTPUT | NEAR $1,000,000,000 Almost $1,000,000,000 worth of cigars, | cigarettes and other tobacco products | were manufactured in the United States | in 1927, an increase of more than 10| per cent in value over 1925, the De- partment of Commerce announced to-| day in making public data collected last | ear at the biennial census of manu- acturers. Cigarette consumption far exceeded that of cigars and other tobacco, the report reveals, reaching a total value | of $552,261,070, as compared with cigar production of $335,636,159 and other | tobacco products worth $77,626,437. | ‘The values of these products in 1925 | were: Cigarettes, $469,210,316; cigars, ggfiggs,azfi, and other products, §73,- | HOUSTON, March 14.—Men high in the affairs of the petroleum industry | Lope that the meeting here of the! Petroleum Institute committee on world | production this week will be able to arrange & reduction in production in this country of :_,s’o,oov barrels a day. NTAR, WASHINGTON, B> Sl oS THURSDAY, MARCH 14, 1929. BY KENNETH S. VAN STRUM. NEW YORK, March 14—The highs reached last November have not yet been topped by the general stock mar- ket price level, althcugh four definite attempts have been made to break through. On November 23, January 4, February 5 and again on March 1 ¢he general level, as measured by the aver- age price of a group of leading stocks, rose to peaks, but the mid-November high was not passed. Any discussion of the general level of prices is apt to be misleading, however, for, entirely apart from the broad trend of the market, each individual stock has its trend, and no two stocks correspond exactly as to trends. Market Leaders. This may be demonstrated by cla fying the 50 most active stocks on the New York Exchange, those which are regarded as “market leaders,” according to their individual pcaks on the afore- mentioned dates when the general trend was highest. In this way it will be found that the following stocks r ber 2. E T, Einclair, Montgom- ery Ward, Sta Rocbuck, Trans. Oil, Mex. Seab. Oil, Texas Corp., Superior Oil, Barnsdall A, Ricifield Oil, Marland, Fleischmann, Kolster, ‘This indicates that of the most active stocks the two Jeading mail order houses and many of the oils have either been in a downweard trend cc No- vember or have made no progress, The following issues were hicher on January 4 than in any of the other four Hudson, Briggs Mfg., Pack- p, Texas Guif Sulp., S. O. N. Y. land, S. O. N. J., Gold Dus Graham-Paige, National Dairy Products, Postum Cereal, Keith-Albee Orpheum. Thus many of the leading motors and oils held up fairly well until the auto- mobile shov!, but have showed a general downtrend since. On February 5 the following stocks were higher: General Motors, Stude. b: r. Consolidated Gas, General Elec- Vanadium. Most recently, at the March 1 peak these stocks among the 50 leaders were at highest prices: Radios, Tnt. Nickel, Anaconde. American Car, Int. Comb, Victor, National Cash Register, New York ' Central, National Power & Light, Kennecott, Nevada Consolidated, Greene-Cananhea, Bethlehem Steel, Pub- lic Service of New Jersey, U. S. Steel. The Broad Trend. These individual variances have led many to ignore the general trend, be- lieving that cne could forget the more basic influences affecting a large group of stocks and study specific con- ditions pertaining to the earnings and prospects of single issues, It is undoubtedly true that when conditions in the security markets are sound and there is little danger of an upset it is quite possible 'to ignore fundamental conditions. The market has been on a comparatively sound basis for the past seven or eight years. Today, however, with impending diffi- culties over the brokers’ loan situation, there is some danger that a temporary unscttlement of the general level might take place. In such & case, although many worthy issues whose trends are very definitely upward might continue to grow in value, the majority of stocks Wwould be affected by a general drop. It becomes more important than ever, therefore, that the investor make sure of the exact conditions existing in his securities, Margins. Recently much has been sald about increasing the amount of margin necessary to carry stocks. Only a few years ago many accounts were carried on such small margins that early in a market decline a great deal of dis- tress selling would take place, hasten- ine and intensifying the reaction. At the same time, small traaers were not so willing to hold stocks for the long pull. Investors have only recently be- gun to consider stocks as permanent investments. ‘Today, however, when the market goes against them, many traders sit back and say that they bought for per- manent investment anyway. Since they are forced to carry much wider markins the reactions which have recurred since November have frightened comparative- ly few into selling their securities. As a result, although the market has experienced some sharp reactions re- cently, liquidation has dried up quickly and there has been surprisingly little distress selling to date. While the wider margins have greatly strengthened the immediate technical position of the market there is always the question of what would happen if the market breaks badly enough to undermine even the wider margins now being held. Unless margains are wide enough to take care of any contingency the ultimate result might be distress selling at lower levels than ever before, and might therefore intensify the decline at a time where under the old conditions the reaction would have been over. (Copyright, 1920.) . GAINS IN ADVERTISING. NEW YORK, March 14 (Special).— Retail stores throughout the United States are more active in the opening quarter of 1929 than even during the optimistic period which ushered in 1928, according to the barometer provided by tL.: volume of advertising carried in the newspapers of 45 key citles. The figures, published by the current Sales Management Magazine, show a total advertising lineage for January of 142,506,692 lines for the 45 cities, as against 137,521,633 for January, 1928. Thirty-six cities reported gains in ad- vertising. A*High Moderate” The investor who wants to know that his principal remains safe and intact, seeks moderate income from his investments. funding Mortgage 6159, Gold Bonds pay a “high moderate” yield. And the bonds are secured by much more than their value in real estate, which yields considerably in excess of the income paid out in interest. It will pay you to learn all the details. ched their highest | {levels during the first peak on Novem- | | | provisions were also easy, with corn " X t, Westinghouse Electric, Armour A, | o_operate in the wheat market, and WHEAT PRICES FIRM | AMERICAN MOTOR COMPANIES IN EARLY TRADING Reports of Bad Weather and Dam- age in Midwest Aid Market. By the Associated Press. CHICAGO, March 14.—Steadiness characterized the wheat market early today, although buying appeared less aggressive than of late. Some of the buying today was based on reports of strong winds in Kansas and Nebraska, as well as on Nebraska advices of ex- tensive flood damage. Opening at %, decline to 14 advance, wheat later held near to initial figures. Corn, oats and | starting unchanged to 13 down, and afterward sagging a little more. High winds, freezing temperatures and absence of moisture, all unfavorable for wheat growth, were reported toda: from wheat territory Southwest, and had a tendency to uphold wheat values. Besides, dispatches were received saying many thousands acres of wheat in Nebraska have been ruined by floods during the last few days. Word was also at hand that shipments of wheat from Argentina showed a decided fall- | ing off, the shipments totaling but | 604,000 bushels for the last week, | 4,226,000 bushels decrease, compared | with the weck previous. Much notice was likewise taken by | wheat speculators today of a statement by a Chi o trade leader that regard-| less of crop conditions or of heavy; supplies the open interest in wheat here has increased to the enormous total of 145,000,000 bushels, and that a large part of the holdings which go to make up this total will doubtless be kept intact until the passage of farm relief legislation, if not longer. He adds that when a farm relief bill has been enacted, a stabilization corporation will likely have in the neighborhood of one-half a billion dollars with which that the result of such operation can scarcely be other than bullish. COTTON IS STEADY IN OPENING SALES Firm Cables and Reports of Rains| in East Cause Advance. By the Associated Press. NEW YORK, March 14.—Cotton opened steady today at an advance of 10 to 19 points on renewal of the recent buying movement, which appeared to be stimulated by relatively firm cables, re- ports of rain in the Eastern belt and large domestic consumption figures. ‘The advance to 21.33 for May and 20.51 for October met a good deal of realizing, while there also was some New Orleans and Liverpool selling, causing reactions of several points right after the call. But there was continued good demand and the market was steady at the end of the first half hour. Prices were about 10 to 12 points net higher. The report of the Census Bureau showed domestic consumption of 598~ 098 bales for February, compared with 668,389 for January and 572,875 bales for February, 1928. Private cables reported general buy- ing in Liverpool influenced by rains in the South. MARYLAND ELECTRIC RATE CUT PROPOSED Special Dispatch to The Star. BALTIMORE, March 14.—A proposed slashing of electric rates by the Sub- urban Electric Power Co., which serves sections of Prnice Georges, Calvert and St. Marys Countles, is the latest develop- ment in the power war over electric dis- tribution in counties adjacent to the District of Columbia. A petition has been filed by the Sub- urban with the Public Service Commis- sion, asking permission by that com- pany to reduce its rates to a basis of those charged by the Consolidated Gas & Electric Co. of Baltimore in its sub- urban extension. ‘The proposed rates will start with a primary charge of 10 cents a kilowatt hour, with a secondary rate of 4 cents. The existing rates start at 15 cents, with a secondary of 9 cents. The Consoli~ dated charges a standard rate of pri- mary service of 10 cents, with 4 cents as a secondary rate. ‘The voluntary reduction is being forced by the Consolidated with the ef- forts of the latter company to invade territory claimed by the Suburban. The Suburban company already has made extension into Prince Georges, Charles, St. Marys and Calvert Counties, and has a petition now pending with the com- mission to continue the extensions to Chesapeake Beach and North Beach, in the northeastern section of Calvert County. Similar ?etmons have been filed by the Consolidated to extend lines in the seme territory from a hook-up with the lines of the Annapolis & Chesapeake Bay Power Co, & subsidiary of the Washington, Baltimore & Annapolls Electric Railroad, in the lower end of Anne Arundel County. SILVER QUOTATIONS. NEW YORK, March 14 (#)—Bar USE THIS Colonial Bankers, Inc. Investment Building Please send your new booklet, “How to be Independent in Later Years,” without charge or obligation, together with information about your First and Refunding Mortgage 615% Gold Coupon Bonds on the ten-payment plan, Bank Individual Address. silver, 56%, Mexican dollars, 42 Our First and Re- COUPON ‘Washington, D. C. 778 ARE SEEKING G BY RICHARD WINNERS. Special Cable Dispatch to The Star. BERLIN, March 14—American com- panfes are on the verge of absorbing a large section of the German automo- | bile industry and vast changes are im- | ‘;:cndlng in the German automobile mar- et. Henry Ford has recently increased the activity of his firm in the European market and according to rumors will establish a new plant in Germany at considerable outlay. Simultaneously, the General Motors Corporation is on the eve of concluding & huge transac- tion involving the acquisition of a con- trolling interest in the largest German automobile factory—that of Adam Opel gtx' }x(uessclshclm, near Frankfort-on-the- ain, Opel Factories Large. The Opel factories have an annual production capacity of 70,000 cars. Details are not ascertainable, but it is understood that the deal, which is ex- pected to be formally concluded within few days, includes the buying of 80 per cent of the Opel shares by General Motors for a price of approximately $30,000,000. Production under the new arrange- ment, which will be continued under Opel's name, will be concentrated on thé wholesale fabrication of cheap cars for the entire European market. The deal's conclusion will mark the final FINANCIAL. ERMAN MARKET milestone of a long struggle for su- premacy in the German market. Apart, from the Opel firm, the motor | industry in Germany is extremely split up, so strong pressure, with the looming | rivairy of the American firms, is being brought to bear to effect a consolida- tion among other German firms. ‘The idea the German magnates have in mind is undoubtedly one of forming a huge auto trust for the purpose of r?untcrlng the growing foreign competi- tion, Sees Hard Struggle. Jacob Shapiro, German capitalist and leading man in his fleld, gave the writer this opinion: “The creation of a strong and durable German automobile trust must be con- sidered as frustrated for the moment. New investments of at least $25,000,000 would be needed to consolidate the many German factories and rationalize them. This sum is not available, so the pendently. They are faced with a hard struggle in battling with the unified American companies. . “American competition, T predict, will be unable to conquer the German mar- ket completely, But it is likely that for- eign capital, mostly American, will suc. ceed in buying up German factories and gaining control of the German market by power of the purse.” (Copyricht, 1929.) DANGER IN CREDIT SITUATION IS SEEN Special Dispatch to The Star. NEW YORK, March 14.~February brought a continuation of the high rate of activity in the basic industries and the volume of manufacturing and trade to date has been favorable, according to the monthly review of economic con- ditions prepared by the National City Bank of New York. With no indication of any easing off in the money rate, the review finds signs that general business as been hurt by the high rate are lacking. | Annual reports to stockholders thus far show that aggregate net profits of American corporations last year exceed- ed by 14 per cent those of the previous year, a rate of gain indicated by quar- terly and semi-annual statements made during the year. Examination of par- ticular groups of industries reveals that general prosperity of recent years has not been shared equally by all lines nor cven by all companies in the same line. “Increases, however, have offset the decreases, so that the sum total of earn- ings is higher,” the review points out. On the subject of the Bank of Eng- land rate increase, the review says: “For the Wall Street speculator the | chief interest in the higher London rate probably lies in its effect in checking, for the time being at least, the flow of gold to the United States, upon which many were counting to provide fuel for further eredit expansion. So far as the Bank of England is concerned, it would seem as though definite notice had been served that that institution does not | propose to allow its reserves to be drawn further into the speculative vortex at New York. WALL STREET AWAITING DISCOUNT RATE DECISION By the Assoclated Press. NEW YORK, March 14.—Wall Street again awaited the weekly meeting of the directors of the Federal Reserve Bank of New York this afternoon with uneasiness, and the hope that they would raise the rediscount rate and end the tension which has become a regular Thursday fixture was expressed in sev- eral quarters. The opinion prevailed, however, that an increased rate would be unlikely this week, with several foreign exchange rates near the incoming gold points. From Europe came news that the Bank of England made no change in its rate, but that the Bank of Italy stepped up its rate from 6 to 7 per cent. ST. PAUL.—Stocks of grain on Min- AL e German firms are each fighting inde- | ADVANCE IN COTTON PRICES IS PRED'CTED BY J. C. ROYLE. Spectal Dispatch to The Star. NEW YORK, March 14.—Stocks of cotton goods are beginning to pile up, according to reports from mill centers. This is taking place despite the high demand. In other lines of industry this trend might well be considered to forecast danger. But in cotton goods manu- facture this year it may mean larger profits. Many of these goods are be- ing made from cotton purchased at prices well below the present level, and it is notable that the only years in which cotton mills have made any real satisfactory profits since 1920 were in 1923 and 1927, when profits resulted from inventory appreciation. Inventory appreciation this year is by no means certain, but obviousiy there is a chance that cotton will sell at higher figures than at present. The carryover from the 1928-29 crop year will probably be very small. The 1928 crop was not of large proportions and stocks left over were meager. Profits to growers last year were un- satisfactory, and to this dissatisfaction was added the urging of bankers and merchants that acreage this year be estricted. The weather conditions have been | unfavorable for early work. All these factors point to higher prices for cot- ton, and some excellent judges confi- dently expect to see the staple at or above 22 cents a pound in the not dis- tant future. COPPER SALES. NEW YORK, March 14 (#).—Sales of copper in the domestic market in the past week were slightly less than aver- age, but with the statistical position ex- ceedingly strong, buying was sufficlent to bring an advance of 1 a cent a pound says Engineering and Mining Journal. Export business continues excellent. Ex~ port sales in the first half of March ap- proximated 2,000 long tons. CHICAGO DAIRY MARKET. CHICAGO, March 14 (#).—Butter— | Lower; receipts, 7,202 tubs; creamery, | extras. 48; standards. 47%: extra firsts, | 1e47 firsts, 46a4613; seconds, 45a Eggs—Lower; recelpts, 16,464 cases: extra firsts, 28a281,; firsts 27; ordi- nary firsts, 25a26. nesota farms are set at 42,789,000 bush- els larger than a year ago. Regarding the outlook for money, the review says: | “The outstanding fact of the money situation is that the seasonal low point | of liquidation is now past and we are | facing the Spring, with its enlarged ‘de- mands for manufacturing and trade, on a level of rates already the highest in cight years. Right now should be the ' casy period of the year, and if we have not got easy money now, there is little | chance of our getting it unless through ~ collapse of security prices or a decline of business.” New Bond Issues Special Dispatch to The Star. NEW YORK, March 14—A new issue of $2,400,000 Textile Building (New York City) 7 per cent genera! mortgage sinking gold bonds, closed mortgage, with common stock purchasz warrants maturing November 1, 1948, is being marketed today at 100 by P. W. Chapman & Co., Inc, and Peabody, Smith & Co., Inc. White, Weld & Co.. Old Colony Corporation, Stone & Webster & Blod- get, Inc., First National Co. of Detroit, Inc, and Marx & Co., offer $2,370,000 City of Birmingham, Ala., gold 4% per cent and 5 per cent bonds. The bonds | are priced yield from 4.60 to 5.50 per cent according to maturity. Movietone Agreement Reported. BERLIN, March 14 (#).—Two leading European movietone concerns, Klang- film Co. of the Siemens group of the German General Electric Co., and the Tobis Syndicate, which includes the American, French and Dutch groups, concluded a working agreement. The agreement embraces interchange of patents and inveniions. ‘The technical apparatus will be con- structed by the German General Elec- trie. The Tobis Syndicate Tuesday pro- its Common largest for any year in the same period were Southern Building Washington, D. C. Please send me, without obligation, full tnformation Common seack. Poultry—Alive, firm; receipts, 1 car; prices unchanged. Dividends paid on Cities Service Common stock pass $100,000,000 mark On February 1, more than 100,000 investors located in every state of the union and in foreign countriesreceived checks representing the 196th dividend paid by Cities Service Company on Total dividends paid in cash and securities on Cities Service Common stock have now passed the $100,000,000 mark. This unusual record is made possible by the steadily increasing earnings of Cities Service Company. In the twelve months ended Decem- ber 31, 1928, net eamings were $33,584,000, the the history of the com- pany. Net to Common stock and Reserves for equal to 23.98% on the outstanding. average amount of Common stock By investing now in this 18-year-old, sea- soned security, you can still get a net yield on your money of over 7%. duced the first movietone publicly in Germany. New Issue Transfer Agents NEW YORK.. Guaranty Trust Company BOSTON.... .The First National B Class B Common Stock ( ION STOCK—No par val "-mnmmm plus 85% ol u rent, plus 8 cular, copies of which will be sent on ry existence. num on the market value of the pany. The employment of the enormou: sound basis for the application of all additional dividens n Class A Common Btock receives $30 per. of all additional assets. the remainin The ' foregoing is subject to a more complete such institutions afford wide diversification. All legal matters in connection with these issues have been approved by Mess: TMENT COMPANY 2k S Boston PN CAPITALIZ. ATIOAu!th Jank of Class A Common Stock (no par value).. 5,000,000 Shares 500,000 Shares -cumulative dividend ing_applicable to Class B are plus unpaid non-cumulative dividends for the year then cur- being pavable to holders of Class B Common Stock of the respective classes of stock set no par value).. lue: is entitled to receive non. ds, 15% bel % 1 (Slatement of the rights eques| securities held in the portiolio. s sums received dai f the investment trust principle. Application will be made for listing the Class A Common. Stock on the Boston Stock Exchange and on the New York Curd Market wi 7 these shares when, as and if {ssued and received by us, subiect to the approval of counsel. de aad ol (e orm oy Temporary ‘Certincatess exehanseasic 10f Fermanent Enoraved Certiicates when ready for: deiivery. Price $217; Per Share 's. Putney, Twombly & Putney, counsel for the Bankers. Colston, Heald & Trail 912 Woodward Bldg., Washington The information herein, while not guaranteed, has been derived from sources which we believe to be reliable. 750,000 Shares Class A Common Stock INSURANSHARES CORPORATION OF DELAWARE AN INV Registrars NEW YORK..The Parmers’ Loan and Trust Cc any 1 Bank of Boston Presently to be outstanding 750,000 Shares 500,000 Shares at the annual rate of 60 cents Common Stock as a class. Merchants' Nali tock as & class. forth in a eire Insuranshares Corporation of Delaware has been organized to invest in insurance and bank stocks, both domestic and foreign, but with provisions in its Articles of Incorporation whereby investment of the corporate assets in other securities is authorized in the discretion of the Directors. The management of the securities portfolio will be under the supervision of Insuranshares Manage- ment Company, an organization which has at its disposal a highly trained staff of experts in insurance and bank stocks and what is believed to be the most complete statistical data on insurance stocks in The Management Company has been notably successful in affiliated activities of a sim nature. It is expected that operating expenses, exclusive of taxes, will not exceed !; of 1% per an- The Goldman Sachs Trading Corporation has agreed to purchase for its own account one-third of the Class A Common_Stock ‘initially issued, and accordingly 250,000 shares of such stock are reserved out of this offering. It will be represented on the Boards of the Corporation and the Management Com- Banking and insurance in one or more forms are necgssary to practically all business undertakings. by insurance companies and large metropolitan banks has produced investment knowledge and skill of the highest type and the security holdings of Selected insurance and bank stocks provide an unusually Delivery will