Evening Star Newspaper, March 15, 1929, Page 14

L5 FINANCIAL. THE FEVENING STAR. WASHINGTON. D. €. FRIDAY. MARCH 15. 1929. CURB SSUES SHOW | INPRESSIVE GAINS Renewed Confidence of Traders Results in Heavy Buying. BY HARRY H. KER. Epecial Dispatch to The Star. NEW YORK, March 15.—Impressive strength, with trading at times proceed- ing at a furious pace, marked Curb Ex- change operations today. The advance attained its swiftest mo- mentum directly at the opening, when gains of 1 to 5.points’were marked up. Heavy profit-taking, undoubtedly in-} duced by fears that the movement had been too rapid. modified the advances later, but failed to shake the confidence of the trading fraternity. ¥ Although all stocks did not partici- pate in the buoyancy, the leaders moved up aggressively, many to new high rec- ord prices. Among the latter were Nichols & Shepard, Douglas Aircraft, Brilig, Gold Scal Electric, Newton Steel and Trans-Lux. ®#raordinary demand, Jargely for | the account of shorts, was witnessed for stocks like Anchor Post Fence. Trans- America, Goldman Sachs Trading, Fire stone Tire, the Marconi and other wire- less communication issues and many of the utilities, . American Super Power issues were lifted several points, while Electric Bond & Share also showed decided strength. United Gas Improvement, American Gas & Electric and American Foreign | Powgr also came in for a share of the attention. Kolster Radio was some- what heavy, as certain original sub- scribers took their profits, but was well supported. Phelps Dodge new showed renewed activity without much change in price. Movements against the general up- ward terdency were sharpest in a few of the high-priced industrials like Tubize Silk, Casein Co. and Ford of Canada. A reported Ford-General Motors war for European popularity was not taken seriously. Weakness was also displayed by Aviation Corporation of America, while the metal issues partieipated in the boom on a minor scale. 0ils continued to move forward under Dl Arcturus Rad Tubs rk Natl Gas, E T > s > Auto R M cvt p 3 Aviation Co of Aviation Corp Wi E W. 13 114 rpxd 247 Am.... 82'2 w3 2! 2 Can Nat R INDUSTRIALS. Hig 8 Empire O&R 5 5 Fabric Finish 6s 1 Firestone T&R Fla P&L 55 ° 3 Gatineau 8 Georgia_Pow 53 Hous Gulf G 6 11Intersta Pow 5 Cit Ser Gas P 6s 2Lt Serv Pe 5s " 54, ¢ 55 6 % 20 Ind_O1&Gas 6 139 1 5 Indiana P&L 55 A 37 871 55 47 86% 57.. 93 | « NEW YORK CURB MARKET Received by Private Wire Direct to The Star Offfce | automobile show. i when manufacturers are building up :|yet be estimated accurately. 1 Curtiss Aero Exp 9 Curt-ss Flying Ser. 2 Fairchild_Aviat %s Fajardo Sug Co . 1 Fandango Cor A 3 Fox Theaters A 2 Cons_Auto Mer pid. Instrument Co A 110 Neb L&P 55 A "57. 0 65 36 | i 1XKop G & Coke 55 '47. 0013 1Lenish Pow 65 A 2026 103% P & s Bac Wn Oil 6las "43 Phila Suburb 4lgs " Bitts Steel 65 '48..... Fotomac Ed 5s E ‘58" 97 Quns BG&E 512sA '52 102 Rem Arms 515 '30... 98 Richfid Ofl 5155 /31 3 Roch C Pow 85 A Dot a1 S s ns 0 aca s e Sloss Sheff 65 '20... 093, So'east P&L 6<A 3025 10314 uth Cal G 5s '37... 94 tand P & L 6 un_ Oil 5743 '39. Y P &L ] i ] o g wagn i et o zgcadad Western P 5125 A "5 Wheel St 4125 B 88 20 Wise Cent 55 '30.... 87 Sales FOREIGN BONDS. in thouzands. 4 7., 9814 ai%y 2 Cauca Valley 20 10 Gom & Pv Bk 5158 ‘37 864 161 8612 2 88'a BaBulumonwonwaaieZnS! BY KENNETH S. VAN STRUM. NEW YORK, March 15.—Automobile | production during these first few months of the year has evidently been fulfilling the brightest forecasts made during the In spite of the great activity in the industry, however, a majority of the motor stocks have declined somewhat during the past few months. The slump may have occurred because the previous advance had been overdone, or perhaps in recognition of the keen competition which is expected as the year develops, or possibly merely be- cause this is the season of the year tocks for the business which cannot Trend of Motors. While the prices of the stocks of the larger companies with well diver- sified businesses often show a similar- ily of trend, each automabile stock has a trend of its own. The trend de- pends upon such things as whether the competitive position of the company is improving or not, the past record of the company and it financial strength. This year, perhaps more than ever, it is essential to watch the development company. Motor executives s have gone on record as say- ing that while total business be large competition will probably be more intense than ever before. Since none of the leading motor stocks have made progress in the past few weeks it would appear either that the trend is changing or that they are at rest until the future becomes a lit- tle clearer, Studebaker. Only a few motors have been con- spicuous for their strength in recent months in comparison with the num- ber registering declines. Thus Stude- baker, whose earnings had been de- clining gradually from 1922 to 1927 and which had not held its competitive position in the industry, showed $7.16 a share in 1928, as compared with $6.09 in 1927. The moving of its Detroit plant to South Bend has now been com- pleted, the consolidation affecting econ- omies which should improve the show- ing this year. It is also said that Stude- baker's management of Pierce-Arrow may, prove an important source of earnings. Nash has also attracted considerable | interest in recent months, since its new models have created a demand which is | breaking all production records. The than any other single issue, typifies con- m‘t‘u:m in the automotive industry as a whole. Since motor stocks are not advancing in anticipation of the immediate future, it might seem that a degree of discrim- ination in the selection of motor stocks is necessary. It is quite possible that | the prices of any individual automobile stock could advance against the trend if its business were improving enough to warrant it. Nevertheless, the fact that most motors have advanced rapid- ly during the past year and a half, thus making sharp reactions possible, to: gether with uncertainties of the auto- mobile business for this year, suggests the use of caution in selecting motor stock to hold for the balance of the year. (Copyright, 1929.) COTTON IS STEADY IN OPENING SALES European Buying and Bullish Speculators Force Prices Upward. By the Associated Press. NEW YORK, March 15—Cotton opened steady today at an advance of 4 to 15 points in response to relatively firm Liverpool cables and reports of fur- ther rains in the South. May contracts sold up to 21.30 or within 14 points of the recent level, while the new October contract advanced to 20.63. These prices seemed to meet renewal of rather active realizing or liquidation under which prices reacted several points, but offerings were well enough taken by covering and trade buying or rebuying for speculative account to give | the market a steady undertone. Active months were holding about 9 to 10 points above yesterday's closing lqlm‘—:\tkms at the end of the first half hour. Cables reported local, London and continental buying in Liverpool on ad- verse weather news from the South and said there was a steady cloth demand from China with more inquiry from South America. I POl I PARIS BOURSE PRICES. PARIS, March 15 (#).—Prices were higher on the Bourse today. Three per cent rentes, 71 francs 95 centimes. Five per cent loan, 98 francs 60_centimes, Exchange on London, 124 francs 27 | centimes. The dollar was quoted at 25 francs 61 centimes. FARM POPULATION OF U. S. DECREASES BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, March 15.—Fewer peo- ple are on the farms of the United States today than at any time in 20 years, The Department of Agriculture fixes their number at 27,551,000, as lugg;nst a high point of 32,000,000 in Only a few years ago such a drop would have been regarded as spelling danger for the business and agricultural prosperity of the Nation. But today the farms, economists declare, could lose even more population to the cities and still produce ail the foodstuffs re- quired and a huge surplus beside. The change in feeling is due to the increased efficiency with which farm- ing is conducted and the wide use of principal machinery in agriculture. It is_not extraordinary, therefore, that 1,960,000 . men and women left the farms for the cities and only 1,362,000 came back to the soil. Had it not been for the high birth rate on the farms, 23 per 1,000, and the low death rate, 8 per 1,000, the loss would have been even. heavier. INDUSTRIES FORGE AHEAD. NEW YORK, March 15 (Special).— | Although credit conditions continue to| receive more attention than any other factor in the business situation, there is little evidence that the high rates are exercising a restraining influence in any | phase of national commerce and indus- try, reports Sales Management Maga- zine in its eurrent national business survey. To the contrary, the survey finds such ker industries as automobiles and steel procucing at a “notably high level” for this season,. while freight movements are greater than for the corresponding periods in any of the past three years. Commodity prices also are found to be recovering smartly from their recent sagging tendency. Will Decrease Directorate. NEW YORK, March 15 (#).—Stock- holders of the Simmons Co. have voted to decrease the directorate to nine mem- | bers from 25. Most of the directors dropped were regional representatives. 3 CHICAGO DAIRY MARKET. CHICAGO, March 15 (#).—Butter unchanged; receipts, 9,007 tul higher; receipts, 17,782 case: 1 firsts, 28a29; firsts, 27 26a27. Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 52% We Make First Mortgages on Homes, Apartments and Business Properties in the District of Columbis and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue. . Decatur 3600 JOHN JOY BD!ON;_’Pnde 7 Assets ... independence by in the Equitable. You'll find our pl of tremendous help in accumulating money. Stop in and let ws tell you about it. Mortgage Loan Correspondent, New York Life Insurance Company, e o L A Equitable Co-operative Building Ass’n WALTER S. PRATT, Jr., Secretary 49th YEAR COMPLETED veeeess.$5,513,051.63Surplus & Profits.. Subscription for the 96th Issue of Stock Being Received Organized 1 Think of the Future By Saving Now Lay the foundation now for financial ing syst cally 915 F St. NW. +.$1,601,704.98 97 s 4 losed 1928 with $7. T leadership of Humble and Vacuum. The s aen. B g 5 company clo $7.63 a share latter reported 1928 met profit of $37,- i M s . 0 90 650458 after all charges, including| 2 Gramis Gty S0 18 \C '3 80 taxes, contrasting with $25659.899 the ,G"fl;" g W A. previous year. In the miscellancous oil | 3 &round Grip Shoe bt 401 Fire division Cities Service was again active 15 Guardian and strong. \HEAT VALUES RISE IN EARLY TRADING TUpturns at Liverpool Reflected in ¥ Gains at Chicago Market. 200,000 Shares Capital Stobk’ 341 2% e 3 s Hercul Powd pfd.... 118 78 " i . 9 ' !g Hercul Powd pfd s7d 117 q 8 3 Tndum Fimance il . 0% 4 lust inance ' skl el PACKARD Phelps Dodge Corporation This stock has been bought in London from British interests and involves neit, \flacndn ipany nor purchase from any Anmdun”hol‘::n. s g o Capitalization Stockholders voted on February 1¢, 1929 to change the Capital Stock from $100 vals vi s 15, 1929 par value to $2¢ par value and to issue four shares of the new stock in exchange for each share of the old. Upon completion of this exchange, capi- talization will be as follows: Baltifnore Markets Special Dispatch to The Star. BALTIMORE, Md., March 15.—Pota- toes, white, 100 pounds, 75a1.15; new By the Associated Press. CHICAGO, March* 15.—Unexpected upturns in quotations at Liverpool help- ed give an early lift today to wheat potatoes, bushel, 1.50a2.50. Sweet pota- values here, Adverse crop reports from 5 toes, barrel, 1.5023.50; bushel, 1.25a1.75. the Southwest continued, and Kansas J s y s ! dispatches made further mention of 1| § Memems_ O ; Yams, barrel, 2.003.75. Asparagus, effects of strong winds. Opening 12 to dozen, 5.00a10.00. Beans, bushel, 1.50a 17! T hismer. Ohicao Whest aftermasd| 8 Mid. West Ol gl 325. Beets, crate, 2.50a2.75. Cabbage, kept firm. Corn and oats showed an up- 32 Mis lon 2%, 69 ,u‘ hamper, 75a1.35. Carrots, ‘bushel, 1.508 e }:‘_‘;2‘;’-“‘"-“1"‘““‘ ey Easiay 175. Cauliflower, crate, 2.0082.50. Cel- i b F Ja to 34 ain. e - 3 | ery, crate, 1.50a2.25. Gucumbers, bushel, Phelps Dodge Corporation was incorporated in 1885 under New York laws as the Copper Queen Consolidated néar to i ““g,\ T len i | 2360550, Bugplnt cfl‘a 2'°3u“}?‘=' Mining Company, the present name being adopted in 1917 when the Copper Queen Consolidated Mining Com, Among_the crop reports today from El A 33 ' 33 !Kale, barrel, 1.25a1.50. uce, bushel, was merged with the parent holding company, Phelps Dodge & Company. This latter company and its predmwy had been engaged in the metal business for over three generations or over 100 years. Today, Phelps Dodge 2 tion is one of the largest producers of copper in the United States. The Company’s properties are briefly as followss domestic Winter wheat territory South- 1.00a2.25. -Onions, 100 pounds, 3.50a5.50. Copper Queen property at Bisbee, Arizona—Includes « deep mine carrying direct smelting high grade ore and a porphyry open 7 Capital Stock ($25 par). .. iToimmme igees vate0442,000,000 Shares The Company has no bonds or preferred stock History and Business ‘hich received partic- Peppers, crate, 1.50a3.50. Parsnips, Pit property on Sacramento Hill, together with 2 4,000 ton per day concentrator. west were some Wi ular notice as being the first to arrive basket, 50a60. Radishes, bushel, 1.75a Morenci, Arizana Group—Includes vein, and porphyry mines, mainly the Iatter, together with & modera o centrator and s large, modern and highly eficient smelter st Clifion, ks A por oy Sul 43 47 ¥ from leading Chicago crop experts trav- g TR 2{2.00.. Squash, crate, 1.5092.00. Savoy Burro Mountain Group at Tyrone, New Mexico—A large partially developed porphyry property held for futare reserve. cling in that region this season. One ; HEY cabbage, bushel, 175a1.00. Spinach, Chicago authority wired that from Kan- bushel, 75a90. Tomatoes, crate, 1.00a Moctezuma Copper Company Group—Comprising some 3,500 acres in Sonors, Mexico, i ton per day concentrator. T s s . operated as shaft mine with & 3,000 sas City to Herrington, Kans., all wheat 3.00. Turnips, basket, 40a55. Apples, e i bushel, 75a2.00. Cranberries, half bar- 09 |rel, 7.00a8.00. Grapefruit, box, 2.00a i 2 21 413.35. Oranges. box, 2.00a3.25. Tanger- jor Amer A 513 15% | ines, half strap, 1.25a3.00. Strawber- 821, 33, | ries, quart, 25a40. 153 was late, and that in the heavy acreage west of Herrington the stand averaged light, with the plant small and stooled very little. In many fields, he said, part of the grain that germinated has not come through the caked soil on top. From another Chicago expert dis- patches were received today saying that from Kansas City to Emporia most wheat showed poorly, and some fields were dead as a result of prolonged floods ‘and ice covering. Between Em- Peo Lt & P Corp A. poria and Newton, entering a larger 22 Petrol Corp 1 pfd... 33 32% Aercage section, the plants have small| s Bnel jodse Cor 2d. 3400 38 top and root growth, but should go o i along in fair shape from now on. 2Z2ZZ: B 222 222 v rm jver P E A pfd.. 100 iver ¥ E conv prd. 67 ram, Cob Mf 324 roc A. Cpenney & Co..1 312 nn Ohio E optl war a'l'.l ; Dairy Market. Poultry—Live, turkeys, pound, 35a43; young chickens, 38a45; old Leghorns, 30a31; capons, B amsa Saawiswns 0059 2 3o The Company also operates at Douglas, Arizona, large modern copper and le: ined wi the Clifton smelter, provide an annual o\gxtput capacity o?betmn 250,000,000 ln:;;:::,:oo':;cx':d.mo{hnd 'l;: 35a43; roosters, 18a20; ducks, 20a32; April 1928, Phelps Dodge Corporation, with others, acquired an interest in Nichols Copper Company underezmw. guinea fow, each, 50a1.00; pigeons, pair, ment providing that the latter should build at El Paso, Texas, a copper refinery to meet their requirements. On asgroe.m b Ptk il 2% October 1, 1928 the Phelps Dodge Sales Company, Inc. was formed to act as a copper selling agency for Phelps Dodge 45; old; 25a40; young chickens, 35a40; Corpyr,txon and others, including Calumet & Arizona Mining Company, New Cornelia per Company, Old Dominion Company and United Verde Extensiort. In the past few years Phelps Dodge Corporation has m':deyl;e-vy gld k‘xnfl ;n;xed, 30a35; old roosters, 20; ucks, 25a30. : s E 3 EHC E expenditures, increasing the efficiency of their mines, concentrators and smelters with a resulti 9 operating costs. ting marked reduction of 3 73 . § Eggs—Receipts, 902 cases: native and COST OF RUBBER TIRES neatby firsts, iree case, dozen, 28828% | net profits, in JPite of the heavy ex- AY SOON BE INCREASED s e, good 4o _fancy,| IS0 Quarirs It s expetied that the - pm.;:d. :-:-a;?l;r;':frfis‘, 52a54; blockx"“scxyn' company will earn $8.50 this year, 3 Echulte P Epecial Dispatch to The Star. ; pound, 47a52; prints, S2a54, blocks, ay | which would seem to Justify the $6 div NEW YORK, March 15—Increases| 35t Gen 4m In B e | rints, 30032 siore packed, 20a30; | dend Which was declared in January. of about 10 per cent in the prices of process butter, 41a42. With over $40,000,000 in cash and Earnings Production and net earnings after depreciation and Federal Income Taxes, before depletion, have been as follows: Producti ¢ af per N et ton nd Difldgnee Lbs. Copper rubber tires are expected by Wall Street to be inaugurated by the leading manu- facturers at an early date. Such increases, it is understood, will be a reflection of the firming in crude rubber prices and the approaching sea- son, when there will be a heavier de- mand by motorists for tires. The de- cline in tire prices brought about last year was caused by the abolition of the English restriction act on the produc- tion of crude rubber in the Far East. $18,000,000 MORE GOLD ON WAY FROM GERMANY Bpecial Dispatch to The Star. NEW YORK. March 15.—In addition to the German gold which the Ham- burg-American liner Duetschland is understood to be bringing next Monday, =R Tubl Art 8 B. Uni Aircraft & Ch o ddddfifls L i: Hay and Grain Prices. Wheat—No. 2 red Winter, garlicky, spot, 1.34%; March delivery, 1.34%. Corn—No. 2 export, March, delivery, no quotations; No. 2 yellow, domestic, spot, 1.11a1.12; cob corn, 5.25a5.50. Oats—No. 2 white, domestic, spot, 2'1; No. 3 white, domestic, spot, 57a Rye—Nearby, 1.10a1.20, Hay—Receipts, none, While hay is arriving here in limited quantities only, it is more than ample for the demand, %7, | which is being supplied mostly by truck from nearby points, a few carloads be- o d'o': | ing received. There is not enough busi- ness passing to establish prices on the various kinds on merit at a range of éseoam.so per ton of timothy or clover ay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. securities, Nash is in a splendid position to meet competition in the industry. Willys-Overland. . Willys-Overland advanced steadily during the last half of 1928 as the Whippet, whose price had been cut, brought a sharp increase in the volume of business. More recently there seems to be considerable evidence of Ford and Chevrolet competition in this field, for Willys-Overland has marked time since January, in spite of the fact that Jan: uary sales were double those of Ja uary, 1928. The outcome of the com- petition in the lower priced field, as yet uncertain, will be of great concemn to ‘Willys-Overland. Packard has recently announced an- other price cut along with its policy of letting the customer share benefits of savings made possible by use of more efficient manufacturing machinery. In the past six years $41,000,000 has been spent for new machinery. While 1928* 208,000,000* $10,077,451* 1927 184,848,377 3,623,582 1926 197,849,933 4,869,666 1925 207,175,518 §,058,006 1924 175,211,078 2,091,276 * Officially estimated, and subject to final audie. In 1928, the Company received an average of 14.70c per Ib. for its co Based on last year" ; ction, :\cre:(s; ofl IC.:. Ib. in copper should increase earnings lp/:proahmnel y ’z,ooo?g: or $1 a share on th‘: :etr:;imiz'lfi ccordingly, if copper averages over 19c for 1929, earnings of $18,000,000, or share afts iati i Income Taxes, but before depletion reserves, are indicated. : e Phelps Dodge Corporation and its predecessor, the Copper Queen Consolidated Mining C i eine 0 T, p ining Company, have an un., l;:“eax; n,:eliefr;d;:;):o:‘.n“ 1888. The quarterly dividend, payable April st to stock of record March 15th, was at the v - Balance Sheet ' i ;:n:'C:nmlidned Balance Sheet of Phelpp Dodge Corporation, subject to final audit, as of December 31, 1928 13,500,000 3,000,000 2,750,000 2,000,000 4,000,000 another shipment of the metal is on its Wi way here from Germany, it was learned | 18 Wright Aronautical.. 1407 139 yesterday. The total for the two ship- | 8¥ellow Taxi N ¥.... 327 ments is believed to be in the neighbor- | Sales in MINING STOCKS. hood of §18,000.000. " Both shipments are believed t3 be | consigned to the Federal Reserve Bank here, but whether they both represent ; ore’er g0ld transferred by the Relchsbank for | 18 Hecla Min L0 vy | Batavian Bet; Corn. 4104 1941 the purpose of creatis Tel. of Canada 5 55 Tere 15 ot yet cotablisped, . D one | 195 B Min 2 Elllrortin ol T Nu1000e, Hupp has Tately been busily expand. l e - 7N Cornelin - Canadian Nat. Rw :'.x 1930. 9 ing facilities at its recently acquired e prexs movement of $AI4 st the |~ nemmons Minius Ganadinn Ner. Ryy. 4128 1035, 96 20 | Chandler-Cleveland plant, Wwhere the Federal Reserve Bank, was the smallest | 1 e e e oy ed g s 4 1 Packard’s present price is hardly justi- Tied on the basis of its automobile busi- Assets ness alone, since earnings in 1928 were Fixed Assets: Mm::,mmmgcl:ims,buildingu,plmt $8.54 a share, it is well known that its opportunities in the aviation motor . 5 s and equipment, investments in sun- dry companies. ces field, because of long experience, are Current Assets: good. Packard has, therefore, followed Cash, copper, supplies and materials. SHORT-TERM SECURITIES. Liabilites (Reported by J. & W. Seligman & Co.) Current Liabilities. Raeave........ Capital Stock..... Surplus....uveae < ¥ 5579.464.30 « 113,415,298.31 e 68, l&!‘ 41 the trend of prices of the aviation $199,843,765.52 stocks rather closely. . 37,379,839.50 $237,214,605.02 "‘37-“4"95-“ o fii?;;',sm,sr;;;:uu of $37,370,000, about $17,000,000 is cither in cash or call loans, compared with current Ohio Cop ' ... 0 Premier Gold ‘M 6 Roan Antelope Cop.. 47 % 11 Shattuck Denn ..... 25% 24%a 13Uni Verde BExt.. 19" 18% { Sales in INDEPENDENT OIL STOCKS. hundreds. - = 5Argo Ol ....... 105 Citles Serv' xd 3 - s s 3002 30 o Legation Announces Fair. 9" g |iDueson, Short Linedn The Swiss legation announces ' that . the Thirteenth Annual Swiss Industries Fair in Basle. #ill be held from April 13 to 23. Again the exhibitors will num- @ Hupp in the $1,000 class will be in weeks. Imports were $83,000, chiefly prod £ from Lafin America. and exports were | ReGGjioed. Snouc ne WUIR R Gon: Mot Accep. & schedule is running somewhat behind 55,000 to Germany. No change was i | General’Be ‘Carp. 8s"ia0. .- 10012 101 | last year's record, when common stock Goodyear T. & R. 53 198 sarning $8.12, it is expected that its business will improve when the present expansions are completed. 2 mHud}:nn cn;‘-n‘t]imji:s smsewhat of ntmyf- Bl 3 % ry, for while it made comparatively Southern Tac. R R, &5 1020, . 0% 8014 | Jittle progress during the past year and St. L., Ir. Mt. & So. 451920 991, 993 | a half, it now has a complete line of ber well over 1,000, making the fai ; " A L e e new cars which brought January pro- °) v v B ., air » Swift & Co. § 3 one of Europe's’great modern exhibi- i aul e 26| Bhies ‘oo catt duction to a new high record. Hudson tions offering to forcign buyers the best | saiet ' STANDARD Ol ISSUES AND' FOR" | Wesfcin Eieetric Co. by i ;::I;:g:t:dnr;);;ldy::ifig.lrnse)'\llr:'f‘%l' 0] tunity y [ER SUBSIDIARIES V) . 'S .43, pportunity not only to get acquainted o 1717, 13, | Wheeling Bteel Corp. & Heavy equipment. expenditures have in- creased efficiency at its plant, which, “""t,‘ the sources of production of high- oil R grade Swiss goods, but also to cover | 3 ¢ e their requirements without waste of | 1500 Humble 0'& %' TREASURY CERTIFICATES. |together with strong cash_position, 5071 P L ... (Reported by J. & W. Sellgman & Coy | Should put Hudson in a favorable com- | Rate Maturity o % W SCUEHAD & Qg | petitive position. 0 920, 99 30-32 time. - | 1000 imp @ Gan Statistics show that the number of | 2000Inter Pet Ltd L% Tune b, Chrysler has had a more seyere re- 43,5 Sent. action than any leading motor, largely ‘Yflrmzn visitors to the fair i5 steadiiy | 8J0Nat Transit, ncreasing and that buyers from all over | 700 Ohin O'1 & 99 22-32 i stered ey 929 5-32 due, perhaps, to the fact that it had the world are registered every year. b g”gj‘hm"!;"" e 3178 Mar. 932 advanced faster in relation to earnings 315 Do than the others. At one point it was i ¢ selling at over 21 times earnings, while the average for all leading motors was 300 & O Kansas ... 400 € O Kentucky n FOREIGN EXCHANGE. about 15 times, and General Motors was less than 14 times. - In the past few g o Kresge Growth Analyzed. 50§ O Ohio xd . Merrill, Lynch & Co. are distributing | s ine ™ O 5 the 1929 edition of their annual analysis | thousands. (Quotations furnished by W. B. Hibbs & Co.) By i st NominaL e Sellne ehecks | J3r" g been Tinked with. the. atiempt 34,866 b to put Chrysler stock higher, but so far 0. Slas’ EL TI. Boston 4135 1930 reported in the amount of gold ea marked for foreign account, Management The management of the Company and its predecessors has been in the hantls of th i ! e Co y s e same interests for generations. The stock, which is now offered, represents the first public offering of any sizeable amount ol:::kl":;; consists of shares purchased in London from British interests in no way connected with the management. Delivery will be made about March 19, 102 in interim receipis of The Farmers' Loan & Trunt C Aengealis par thares when asailable. This stck carries divsdonds paid afer cprod 11 1939 ; b sglon O pretates Price on Application HORNBLOWER & WEEKS REDMOND & CO. DOMINICK & DOMINICK J« K. RICE, Jr. & CO. PAINE, WEBBER & CO. E. A. PIERCE & CO. of the §. S. Kresge Co. An investor | 9 Abitibi P&P 5s A '53. 8514 Who purchased 100 shares of S. B.| 1§ Alsor Sy Adver b 84 101 ; Kresge common stock at $45 per share | 5 Am Asre Cor 6s '43. 1101 London, poun at the first offering in 1912, and who | ' ,3Am Con Alc €8 4 3. 137 137 137, | Paris, exercised subsequent subscription privi o Am Sow & Lt 8 2016 10815 lege, has seen his investment increas: i s"":l 5 48.. 94 CASSATT & CO. W. E. HUTTON & CO. the attempt has met with only moderate success. General Motors. 10 9.240 shares of the present stock. with a market value in excess of $500,000. Aside from this such original investor has received cash dividends for the period aggregating $45.384, an annual average of $2836, or 43 per cent yearly on the lotal original investmegl. ‘While the business of several divisions of General Motors, notably Chevrolet, Oakland and Pontiac, Oldsmobile, La Salle and Cadillac is going ahead at a record rate, the stock has made little rogress since ita mos&re 2nt split-up. o esa o - ks . R The foregoing statements are obtained from official sources and are believed to be correct.