Evening Star Newspaper, March 26, 1929, Page 13

FINANCIAL. CURB STOCKS DOWN Sales in hindreds. List Unsettied as Wave of Liquidation Continues Today. BY HARRY H. BECKER. Bpeelal Dispateh 1o The Star. NEW YORK. March 26 —Liquidation doubtless heightened forced celling ©of margined holdings, resulted on the Curb Exchange on an active scale today. The list was another exfremely un-! #ettled affair, characterized at times by | violent breaks in some highly vulnerable specialties which found no one willing 1o buy them, even at their low levels. Weakness was quite pronounced fagain in stocks with the largest specu- Jative following. Some of these had een too extravagantly exploited on | the upside and naturally were easily | susceptible to pressure. At one time Ford of Canada broke almost 30 points. Newmont Muming | and numerous others got under their lows of yesterday, as holders tried desperately to save part of the profits built up this year. Very few stocks were spared in the selling. Utilities - suffered further ' declin: which carried many of them to new lows for- the movement. Electric Bond & Share was steady at the start and managed to recover a point or so, but the ensuing liquidation broke it through its former resistance level. Electric Investors, Associated Gas & Eiectric, | American Foreign Power warrants and American Light & Traction were all| weaker, International Telephone & | ‘Telegraph new contipued to offer stub- barn resistance. Extreme unsettlement was witnessed in the miscellaneous speciaities. The weakest members were Gold Seal Elec- trie, Budd Manufacturing, United States Freight, Sparks-Withington, Nichols & ! Shepard, Checker Cab. Bohn Aluminum, | Casein Corporation, Safety Car Light | & Heat, Libby Owens and many others | of a highly speculative character, Among the lower-priced industrials, Celanese, De Forest Radio, Trans Lu: Acoustic Products, Briggs & Straton, Saf-T-Stat and Ford Co.,, Ltd, were under heavy pressure. Issues which displayed mild resistance | included Goldman-8Sachs Trading and | ‘Transamerica. Oils held up relatively | better than others, Humble at one time scoring & sharp recovery and then losing the gain. Vacuum was especially weak in this division. Cities Service issues, Gulf Oil of Pemnsylvania and Missouri-Kansas Pipe Line came down with the rest. N Baltimore Marke! " Bpecial Dispatch to The Star. BALTIMORE, Md., March 26—Po- tatoes, white, 100 pounds, 75a1.25; new potatoes, bushel, 125a2.50; sweet po- 1atoes, barrel, 2.00a3.50: bushel, 1.26a 1.65; yams, barrel, 2.00a3.50; bushel, 1.00a1.25; asparagus, dozen, 3.00a8.00; beang, bushel, 2.00a4.00; beets, crate, 2.50a2.75; cabbage, hamper, 1.00a1.50; carrots, hamper, 1.00a1.50; earrots, bushel, "1:5081.75; caulifiower, ecrate, 1.75a2.50; celery crate, 1.75a3.00; cu- mbers, bushel, 5.00a7.50; eggplant, rate, 2.50a4.50; kale, barrel, 1.00a1.50; lettuce, hamper, 75a1.75; onions, 100 pounds, 3.00a5.00; peppers, crate, 2.00a 4.25; parsnips, basket, 50a60; radishes, bushel, 1.50a2.25; squash, crate, J.50a 8.50; spinach, bushel, 75a90; tomatoes, U;pf’z. 2,2::‘5}.‘25; t;n;ai])s. basket, $5a50; apples, , 1.50a2.00; grapefruit, box, 2.00a3.25; oranges, box, 2.25a3.75; x:.flnghm 1.00a3.00; -strawberries, art;;35885. Dairy Market. Eggs—Receipts, 1,403 cases; native and nearby firsts, free cases, dozen, 27a g:.,l: ; current receipts, 24a25; duck eggs, Butter—Creamery, good to fancy, rund. 45a50; prints, 51a52; blocks, dc.,I 1; ladles, 34a38; rolls, 30a32; dairy prints, $0a32; store packed, 29a30; Pprocess hutter, 41a42, Poultry, live—Turkeys, pound, 35a48; old, 30a33; young chickens, 40848: poor and thin, 25a28; Springers, 46a43; old |- hens, 32a34; Leghorns, 30a32; capons, :3-45; )"oos)t:n, lmg: ducks, 20a32; .guines fowls, each, 50a1.00; ns, pair, 85240, ttry. s poultry—Turkeys, pound, 35a 48; old, 30a40; young chickep:s. 35a40; old and mixed, 30a35; old roosters, 20; ducks, 25a30; capons, 35a45. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.3515; March delivery, 1.25%. Corn—No. 2 export, March delivery, mo quotation; No. 2 yellow, domestie, spot,. 1.0821.00; cob corn, 5.25a5.50. Oats—No. 2 white, domestic, spot, $7a57'2; No. 3 white, domestic, spot, 56256 Rye—Nearby, 1.10a1.15. Hay—Receipts, none. While hay is arriving here in limited quantities only, 4t is more than ample for the demand, which is being supplied mostly by truck from nearby points, a few carloads be- ing received, There is not enough busi- ness passing to establish prices on the various kinds on merit at a range of )1‘6.00-10,00 per ton of timothy or clover ay. Straw—No. 1 wheat, 12.002]2.50 per ton; No. 1 oat, 12.50a13.00 per ton. RAIL BUS LINE OPERATION RULING REFUSED BY I. C. C. Commission Declines to Render De- cision Arising From Issue of Rival Oregon Systems. By the Associated Press. The Interstate Commerce Commis- sion today refused to decide whether railroads have the right to operate motor bus lines for passenger transpor- tation, | ‘The issue was placed before it by A.| Jaloff, operator of a bus line out ul{ Portland, Oreg.. who complained that the Spokane, Portland & Seattle Rail-| way had entered into competition with his enterprise by running busses be- tween Portland and Astoria, both in Oregon. ‘The commission pointed out that the } railroad had organized a subsidiary corporation to operate the busses and determined that there was no jurisdic- tion conferred upon it as a regulative | Mody to declare the practice unlawful. | The railroad company was warned to| make joint bus and rail passenger rate publication in lawful form. but the complaint of the bus owner was dis- missed without action. o . Erratic Science. From the Boston Transcript. From schoolboys’ science papers: | The earth makes a resolution every | 24 hours. The difference between air and water | js that air can be made wetter and ‘water cannot. We are now the masters of steam and eccentricity. Things that are equal to each other are equal to anything else. Gravity 1s chiefly noticeable in_ the Autumn, when the apples are falling | from the trees The axis of the earth is an imaginary | line on which the earth takes its daily | routine. : A parallel straight line is one whick if produced to meet itself does not meet. | Electricity and lightning are of the| same nature, the only difference being ihg is often several miles ‘hile electricity is only a few THE EVEN NEW YORK CURB MARKET INDUSTRIALS. High. Loy, Noo 18 Acoustic | Prod....... Tl T Beverage, City P & City P & L'B m Coloriype m Commonw 22532200 aaa 533352 55a0 > 1 Amsterdam Trad ‘.. 3 Anchor Post Fence.. 5 Atk Natl Gas 5 SATk N G cum pid A Arcturus R Tube Wi 2Asso Dve & Print .. 53 Asso Qas & EI AL 24 Ass0 G & E deb ris. 1Ass0 Rayon ... Asso Ravon pid 10 A4 Fruit & Sus 1 0 1 3 2 66 Aviation Corp W 10 Bahia Corb ... 1 Bahia Corp ptd 7 Rellanca Aire Vi 2Bliss E W... 2 Hohn Al & Br Braz Tr L & 1 Brillo Mfg A 3 Brit-Am_ Tob el 3 Briv-oelanese Lt 7 Bilvn City R P 1 o A 20 Gan Marconi W . Jarman & Co A o 23 Cent e 1Cent States F1'.00000 140 1 2 Cent Sta El conv ‘pid 126 3 Gent Sta El pfd w 8414 2 Chain Store Stock .. 33 40 Check Cab Ml 1Cit 8§ s Gity Mach & Tool . Club Alum " Utes 1 Colg Palmo P 1, Commonw § Cons Theaters 'vic .. Cont Diamo Filre wi Copel Prod A . Gurliss Arto Exp 7 Curtiss Flying 3 Dantel Reeves 1Davega Inc ._....000 3 1 Davis Drug_ Aflot cif L 1 Elec_Shev Em Pow Cor .. 2 Evans Wall Lead Gen Bronze . 60 Gen Elec Ltd v 10 Gen Laund Ma 15 Gen Pub Ser... ... Gen Resd & Uil Cor 19 Gen Rl & Ut Cor pf 921> 93l 1, Conl 12410 1241 1 5 - 10778 105% 106 7612 7512 137 13% 13 55, 1453, 1855 913 3912 3912 an* s Tia 3y 1912 2415 6 8 9 Haygart $ Haveart Corp. 2 Helens Rubenstein: & Welk a d! Gedra 58 1 Householg Pinaincs pf 2 Huyl trs of Del.. 2 tores w i.... 3412 341 Mangel Siores pfd wi 10224 1 Mapes Cons Mfg. 382 38! 11 Marconi” Intl Maj 34 Marc Wire Lond 8 Marion Stm Shov .. 4 Mavis Bottling 19 Memphis_Gas. 2 Merritt Chap ‘& Nat Bancsery ... 3 Nat Dairy Prod ‘A 2 Natl Fam Strs guaSgeaefaiisnsy na Elec. 42 Nor Amer Avigiion., 72 North_Eastern 8Nor Sta P A. 3 Nova 10 Oliver Farm Edip ‘wi 9 Oliv Parm E pr pf Al 130lv F E conv part 64l 7 Param Cab 8] iPenn' G & El 4 Penn Ohio Ed. 5 Penn Oh Ed opil war 31y 4Peo Lt & Pw Corp A 50'% 12 Petral Corp 1 pd...." 31'3 30 Phelp Dodee Cor 1 'l 80'2 ta Richman Bros.. 1 Ritter Dental ¥d.. 1 Southw Duiry 14 Southw P & L bl 2 Southw Btores. . 5 Spanish & Gen reis|. 5 Sparks Withing. .. 1Stand Iny 2 8tand Mol H 1 [ 3 Fimken e 3 Toda &n S Teanacon Alr Tig, . 28 Taco 128y 3 Trans Luv DL B8 A 1813 14% 3TIpvel Al Copmmennre 04%a Bila Am. . | s | Sales ol Received by Private Wire Direct to The Star Office 8Tri Cont Corp.... 5711 Cont Corp pid i Truns Fork Store: 35 Tubl Art SB....... 3 Tung Sol Lamp.. 7 Tune sgl LA arbide’ Corp! | nion 2 Zonite . | : MINING STOC! 6 Tjon Ca IKirkl & 7 New Cornelia 20 Newmant Min 3t Noranda ... Cop 5 Gold M Warrior .. clop? ok Denn ny Gald . {1 2 Cop. . n hundreds 2Am Cop Oilfids 2 Carib Synd... Pate 1 Emp GAP s cum Bid § 18Gulf Ol Pa.........1 4 Homaokla il 3 Houston Guif 'Gas. A 2 8alt 4 Texon Oi 3Tid Os O non 2 Venesuelan Pel syl e Sales STANDARD OIL 1SS! in units. MER SUBSIDIAR: 1200 Agnlo Am Ol 150 Borne Scryin R 3900 Contl Oil . loo dial Sts” oil COD. an eS &g 08 0 Ohig ... 2300 Vacuum Ol . Sales in BONDS. thousands. 7 Abitibi P & P 5s A '53 85l 10 Ala Pow 4l.s 67, 93 Am Pow Lt_6s 17Am Roll Mill 5s 6 Am Seuling 65 '36. TAm Sol 6155 36 4 Am Sol 6'zs '36 W 16 Appal EL fuw 55 5 4 Ark P & 5s ‘5 903 B 500 99 '37. 88la 43 100 a80 '38 104 brics Fin 65 '3 A.. 98 Test Coi il 6s a P & L 58 54 atineal Fow 3s 2 Gatineau, Pow 6 1Gen 68 '37 o s B S a0 E C Pa 435 D 68 7Morris & Co 7%s Pk L oos 590 fBle n P 5lis A''57114 cl St 4125 B '53.. 87% Salesin FOREIGN BONDS. thousands. 7 Bank Prussia 63 '30 5 Bucnos Aires 718 10Cen B G 8 65 B 51 3C & Pri Bk 5'3s '37 3Cuba Co 6 A 20, 4 Danish Qons 3125 '35 81 Port 625 '52 Er Mf 6'35 '53 9 (& Erankfort, 64 "3 ree St Prus 6 Mo 5 Danzig is 43 '19 ¢ s 736 36 wa Russ G 48 Stinnes 1 22 Stinnes H Ts xd--Ex dividend '50 f5 1 wa 1 World Telephone Chain Rumored. | NEW YOQRK, March 26 () .~Wall Street hears that powerful Swedish in- | terests, headed by Ivar Kreuger, presi- | dent of Kreuger & Toll, gre planning an ' | international telephone chain paturned‘} after the International Telephone & Telegraph ‘Corporation of New York. | ‘The Swed'sh interests have had close | dealing with foreign governments through match monopolics A bill authorizing the First Univer- | salist Society of Springfield to merge ' and unite with the Third Congregas'h: tional Bociety of Springfield, has been | develop their | Street. | 4135 June INCREASING TRADE ACTIVITY IS SHOWN i,-' Federal Reserve Board Discloses Results of National Survey. By the Assoclated Press. A rapid growth in loans at Federal Reserve member banks in prineipal cit- les throughout the country between the middle of February and the middle of March was reported yesterday by the Federal Reserve Board in a summary of gm”mxb issue of the Federal Reserve ulletin. Tuvestments of reporting banks de- clined during the period, while borrow=- ings from Federal Reserve banks were nearly $80,000,000 larger March 20 than they were four weeks previously. Secur- ity_holdings showed little change. The board found that production of the country continued at a high rate with a record automobile output during February and an unusually high daily average production of copper, iron and steel. Preliminary reports for March indicated further expansion of auto- mobjle and iron and steel production. During February production of coal and crude petroleum increased, while the production of cotton and wool textiles continued large, but the silk output de- clined from the high level of the pre- vious four wecks. The high rate of activity in manufac- turing was reflected in an increase in factory pay rolls and employment. Building declined during February, thé sffmmary said, and the value of con- tracts awarded was 20 per cent smaller than a year ago. The greater part of this decline was in residential building, while commercial and industrial con- tracts awarded were Jarger. The first part of March showed some increase in building, but it remained helow the level of a year ago. Sales by wholesale firms generally were smaller, the board found, than they were a year ago and the general Jevel of prices deelined slightly in Feb- ruary, totaling about the same as a year ago. COTTON PRICES FIRM IN EARLY DEALINGS Market Opens Higher, but Reacts Somewhat to Realizing Sales. By the Associated Press. NEW YORK, March 26.—Cotton opened steady today at an advance of 8 to 12 points in response to relatively firm Liverpool cables, May sold up to 20.82 and the new October centract to 20.10, or about 10 to 16 points net higher during the first few minutes on covering combined with moderate trade and commission house demand. ‘This bulge met considerable realizing. There also seemed to be some Southern selling, which eased prices slightly after the first flurry of buying had been sup- plied. The outlook for showers in the Eastern belt created some uncertainty as to weather conditions and the market held steady during the first half hour. Private cables reported covering, local and London buying in Liverpool and said there was moderate business in cotton cloths at Manchester, .- GROWTH OF UTILITY COMPANIES RAPID BY J. C. ROYLE. | Special Dispatch to The Star. NEW YORK, March 26.—They are still harnessing up, not the horses, but the horsepowers of the United States. ‘That fact is about the surest guarantee for the future activity of American in- dustry that could be given. It explains why the biggest financial minds of this Nation are a unit in declaring they never “sell America shart.” The electrical generating stations of the country now have a produetion capacity of 35,000,000 horsepower. This is equivalent to the work of 350,000.000 men, according to Matthew S, Sloan of the New York Edison Co. and it represents a gain from 3,000,000 horse- 2 | power 30 years ago. Development Needed. ‘The Public Utility companies, per- forming their proper functions, must acilities so that they shall be adequate mnot only to meet present demands of the communities receiving service of high standard ncw, hut also be able to respond immediately to the growth of such communities, however rapid their population and in- dustrial increase may be. t is be- hind the steady growth of power de- velopment and distribution now going on. The extent of that growth may well be estimated by the report of the North American Co. issued today. This ex- ample is taken because the company services communities from the Atlantic to the Pacific. Gross earnings of the company rose from $122,166,834 in 1927 to $135,661,899 in 1928, a gain of 10.96 per cent. Net income was $64,309,252 last year, a gain of 13.26 per cent due to increased efficiency. At the end of the year there was $22,582,721 available for reinvestment in the business. There were 163,700 kilowatts of elec- | trical generating capacity added, bring- nig the total to 1,818,902 kilowatts, Over 175,000 kilowatts of new generating capacity . already are being developed in 1929, The company sold 14.50 per | cent more electric current in 1928 than in 1927 and a similar increase is anticl- ated this year. 1928 total was 6,103,- 32,653 kilowatt hours. ‘With plants constantly being trans- formed for the use of electric mwer. with houses being wired for electricity, and with railroads embarking on ex- tensive campaigns for line electrifica- tion, it would seem the market for power had only been scratched. Stock Split-Up Planned. NEW YORK, March 26 (#).—A pros- | pective split-up in stock of the Na- tional Biscuit Co, is reported in Wall ‘The company is said to have about completed a program of expan. sion of {ts distribution and manufactur- ing facilities. TREASURY CERTIFICATES. (Reported by J/ & W. Selisman & Co.) Rate—Matyrity . 1920, 4% Bept, 15, 1920 4'ys Sept! ept. 15, 1632 .18, 1932 :| GERMAN BONDS AND STOCKS. NEW YORK, March 26 (Speclal).— Bld. Asked, 65.00 60,00 00 Ger Govt Red Loan with draw otfs att per 100 R M........ Ger Govi Red Loan Wwithout draw ctfs per 1,000 R M.... 360 (Quoted in doliars per million Humburg 4138 1t . 20 (Quoted in’ dol Ger Gen Elec 4% Ger Gen Elec 4128 Herlin 4s pre. ambur 35 317e & 4 Dred amburg Amerlca; North German Lioyd 4138 Krupp bs 19 Dusseldort 45 p rankfort a Munich ds pre-war A AES (S Commerg. Flec) . . er Ge Elee) pf and Privat Bank. arben Disconto _Gellscha Berliner Handels. Dresdner Ban| Deutsche Ban| armstaedier feyden Chem ercur Bank V| filed with the clerk of Massachusetts BenaBS3S! " Getman, Lioyd: Austrian A E G (Gené Rudoloh Karsadt.. 82833333333382 3132335833 BY KENNETH S. VAN STRUM. NEW YORK, March 26.—Last week' drop in crude oil production to 2,625,000 barrels daily was the first important decline the industry has witnessed in many weeks. Another drop of similar proportions to below 2,600,000 barrels will bring production where oil men say the industry can get back on its feet. If oil production dealines still turther toward 2,500,000 barrels, the industry will become correspondingly more Drosperous. It is impossible, however, to tell how fa this production curtailment will ac- tually go. It can only be sail that pro- duction should be cut and that if the present decline continues, the industry may be saved from what appeared to be a very dismal outlook for 1929. Con- tinued improvement will undoubtedly be reflected in the prices of leading ofl stocks, althaugh they will also be affect- ed to a certain extent by the swing| of the general stock market, The Texas Corporation. The Texas Corporation is the largest independent ol company, producing refining, transporting and distributing petroleum products. Together with the recently acquired California Petroleum Co., it does business in all the impor- tant foreign countries. A better known characteristic of the company, however, {has been its rapid expansion in the United States. 'oday 1t i3 the only company distributing a complete line of trademarked petroleum products in | every State. This chain distribution of its advert products is being pushed ; still further with the help of rapidly ex- panding selling agencies and a national advertising campaign. ‘The company has improved its refin- ing process so that it mow recavers a larger percentage of gasoline from its crude oil. With this advantage and by diversifying their activities so exten- sively, the company has shown remark- ably good earnings in the past two years in spite of difficult conditions within the industry. At present the financial condition of the company is unusually strong. Texas Corporation has expanded so ugidly in recent years, especially since 1927, and so many changes have been made in the number of shares outstand- ing, that it is impossible to estimate with any accuracy the future returns to the common-stock holders, who are the sole owners of the company. Last year the company earned $5.42 on its stock after averaging $4.20 for seven years. It paid 83 in dividends, making a yield of 4.5 per cent at current prices. Considering that other large oil companies, like the Standards, usually sell at lower yields and their dividends are earned by a smaller margin, the Texas stock cannot be said te sell out of line with its possibilities. Especially is this true in view of the aggressive expansion program still going forward and the possibility that righis may be offered to stockholders if the expansion a‘m‘rl requires further finaneing by e sale of additional stock. Sinclair Consolidated. Sinclair Consolidated Oil Corporation is ene of the largest independent ofl companies, producing, refining, trans- rting and marketing its product in 32 tates and in many foreign countries. It owns a large amount of oil-preducin land, principally in the mid-continen fields and in Central Ameriea and Mex- ico. The company has been following a rapid expansion program during the last few years in an effort to round out its organization. Last year was really the first time that the new company has been operating under conditions which approached its ideal. During the period of expansion, when earnings were fluctuating widely, eom- mon dividends were suspended. The company had a relatively heavy capital set up for an ol company to begin with, carrying an issue of bonds and preferred ahead of the common. In spite of this, however, it has made real progress and *\ut recently impraved its financial son ion tremendously by the sale of 1,000,000 shares of common stock to Arthur W. Cutten and associates. As a result, the company has between 40 and 50 million dollars cash and is in good financial condition. Sinclair'’s earnings have fluctuated widely during the past seven Y““ and the stock has moved over a wide range. In two of the seven years the company showed a loss, but after averaging $1.67 a share for the full seven years, earn- ings reached $3 last year, The directors recently resumed regular dividends on the common stock at $2 a share, with an extra, which amounted to 35 cents, If this rate of $3 a year is maintaines it will yield over 7 per cent on the cu rent selling price of the stoek. The company will then be paying out more than earnings statements of recent years would seem to warrant. Perhaps the directors are confident that the newly expanded company can maintain earnings sufficient to warrant the div- idend, but the investor who must rely upon past record has no definite proof of this. Atlantic Refining. Atlantic Refining, one of the oldest and largest manufacturers of lubrieat- ing oils in the world, was controlled by fthe Standard Oll Co. until the dissolu- tion in 1911, It formerly obtained most of its crude oil from Pensylvania fields. The year 1928 was Atlantic’s first as a large producer, for at that time it began to pump its crude oil through its own pipe line to the Gulf, carry the oil by its own steamers to its Philadelphia re- finery and even pump some of the crude inland to one of the company's re- fineries at Franklin, Pa. The company markets its products through about 300 service stations which it owns and 17,000 dealer-owned pumps located on the East Coast from Massa- chusetts to Florida. This region con- sumes 37 per cent of all petroleum prod- ucts used in this country. In Pennsyl- vania, Atlantic Refining sells 45 out of every 100 gallons of gasoline, whereas in other States where its business is not 50 well established it selis only 3 gal- lons out of every 100. With the Penn- sylvania proportion as an incentive, the company is expanding in the Eastern field, as well as doing a large export business. 2 ‘The company's accounting methods have always been so very conservative that it is somewhat difficult to esti- mate the actual earnings. It was & distinet surprise however, when last year’s earnings touched $7.72 a share, after allowing for preferred dividends. Reported earnings for the previous 6 ears had only averaged $1.77 a share. he large increase last year was ac- counted for by a reduction in operating expenses, . better xrices for products, more efficient refining methods and larger profits from crude ofl production. The cglrt shows that the stock ad- vanced more rapidly last year than most oll_stocks, reflecting these larger earn- ings. Even at present lmcu. however, the stock is only selling a little over eight times last year's earnings. NG STAR, WASHINGTON, D. C, TUESDAY, MARCH 26, 1929. e o ———————— ] CHICAGO LIVE STOCK MARKET CHICAGO, March 26 (® (United States Department of = Agriculture) — Hogs—Raceipts, 24,000 head, including 3,000 direct; market opened, 5a10 lower; later trade steady; top, 11.60; mostly, 11.35a11.55 market for desirable hogs scaling 160 to 300 pounds. Butchers, medium to choice, 250-300 pounds, 11.00a11.50; 200-250 pounds, 11.15a11.60; 160-200 pounds, 11.00a 11.60; 130-160 pounds, 10.00a21.50. Packing sows, 10.20a10.65. Pigs, me- di\mnx to choice, 80-130 pounds, 9.25a 11.00. Cattle—Receipts, 8,000 head; calves, receipts, 3.000 head; general steer trade steady to 25 lower; better grades hold- ing up; edge off the light yearling trade; bidding sharply lower on better grade fat cow best weighty steers, 13.80; mediumweights, 13.75. Slaughter classes, steers, good and choice, 1,300-1,500 pounds, 13.50a14.25; 1,100-1,300 pounds, 12.75a14.50; 950- 1,100 pounds, 13.00a14,75; common and medium, 850 pounds up, 9.75a13.25: fed yearlings, good and choice, 750-950 pounds, 13.25a15.00. Heifers, good and choice, 850 pounds down, 12.50a14.25; common and medi- um, 9.00a12.60; cows, good and choice, ; common and medium, 7.50 i low cutter and cutter, 6.00a7.50; good and choice (beef), 9.60a | 10.75; cutter to medium, 8.00a9.65; veal- ers (milk fed), good and choice, 11.50a | 16.00; medium, 11.00a11.50; cull and common, 8.50a11.00; stocker and feeder | steers, good and choice (all weights), ! 12.00a13.00; common and medium, 9.75 a12.00. Sheep—Receipts, 10,000 head; market opening weak to a shade lower; mostly to outsiders; early bulk fat lambs, 17.00 al7.50; top, 17.60; a few 40-pound lambs, 20.00; fat ewes, steady, 10.00a 11.0( feeding and shearing lambs steady. Lambs—Good and choice, 92 pounds down, 16.40a17.65; medium, 15.50a16.50; cull and common, 11.50a15.50; medium to choice, 92-100 pounds, 15.25a17.50; ewes, medium to choice, 150 pounds down, 8.50a11.00; cull' and eommon, 4.00a8.75; feeder lambs, good and cholee, 15.00a16.75, Tel-Aviv, Palestine, is the world's | only_ all-Jewish city. Founded in 1909 on land that cost $10,000 it is now worth $20,000,000 and has 40,000 in- FINANCIAL. WHEAT IN UPTURN ON OPENING SALES Good Export Business in Canadian Stocks Induces Higher Prices, By the Associated Press. CHICAGO, March 26-—Liverpool ex- port business in Canadlan wheat, to- gether with higher Liverpool quotations than looked for, led to an early upturn today in wheat prices here. Labor troubles at Argentine ports and ab. sence of molsture in Kansas tended also to lift wheat values, Opening at l3 to 74 advance, Chicago wheat later showed firmness. Corn, oats and provisions were likewise firmer, with corn start- ing unchanged to 33 higher, and subse- quently holding near initial figures. Word that 1,000,000 bushels of Cana- dian wheat had been taken for ship- ment to Europe did a good deal today to encourage buying of wheat future 13 | deliverics in Chicago. Especially as there were indications that Argentine exports might be interfered with by strikes on the part of stevedores. There were also advices that Europe was ex- pected to continue to buy actively and Oriental trade to be well maintained. Crop reports today regarding do- mestic wheat in the Southwest, where growth was most advanced, were on a continued mixed character, some flelds very promising, others thin and late. The situation was summed up, however, as favorable in the main, although some loss from blowing has taken place. According to current trade dispatches, lack of rain was largely offset by the fact that as a rule the subsoil ap- peared to be soaked to within an inch of the surface. e Firms in Call Market. NEW YORK, March 26 (#).—Among big corporations which have been lend- | ing money on call in the stock market is the Gulf Ofl Corporation of Pennsyl- vania, controlled by the Mellon family of Pittsburgh. Gulf Oil's annual report shows $24,563,000 in ‘“cash and call | loans.” Copper companies also are sald | to have been heavy lenders on call. MORE LIFE INSURANCE FOR LESS MONEY There, in Six Words, Is the Story of Our NEW SCIENTIFIC SELECTION PLAN under which we are now selling our n: ferred Wh date of birth for There an eppertunity Department for an wnusual man or woman H. R. BRYARLY & BRO., Mgrs. Home Life Insurance Co., of New York 1001 15th St., N.W., Washington, D. C. Phone Main 5391 habitants. THE major investm country. Safety Luch nece Capltal stock ..... Capital stock, paid up, Stocks and bonds (market value) Interest due and acerued ..... TOTAL ASSETS ......... Net unpaid claims ... Reinsuranee premiums . Commissions, brokerage, ete. Capltal stock .... TOTAL LIABILITIES .... Losses sustained during the year 1 Money received during the year I Expended during the year 1928 .. (Seal.) Cash capltal . OFFICERS GEORGE W. WHITE, President ALEX. K. PHILLIPS, See. J. W. LAWLER, Asst. THOS. C. MOORE EDMUND WM. Asst. See. although the yleld is only 1.5 per cent on the conservative $1 dividend. S——— T Y ?._‘-I ~ T Even thougl ry insuranc Bills receivable—Farm premium notes, Premiums uneollected and in hands ef agents All other assets—Reinsurance recoverable on pal Special deposit, Phila. Board of Fire Underwriters........ ALEX, K, PHILLIPS, Secretary. Subseribed and sworn to before Vice Pres. and Mgr. . RHEEM, Second Vice Pres. MEN AT THE ent holding. patible with safety—6%, > These notes are never for more than 60% of a fair, unbiased appraisal of the securing property—thus at least a 407, margin of safety is always maintained. Shannen & , Inc,, see that the property is fully covered by the and that it is maintained at all times in first-class condition—elements of precaution which absolutely insure againat loss of principal or failure of in- terest payments. { First Mortgage Investments f and August 18, 1911, e oV es and expenses LIABILITIES laries, rents, expenses, taxes, ete. . me this 18th day of February, 1929. GEO! TOP and the investment of capital in 6% First Mortgage Securities EN who have achieved financial success and have reached the top rung in business atainment recognize the many reasons which make Shannon & Luchs, Inc., First Mortgage Notes a particularly safe and desirable This preferred Investment is secured by First Mort- gages on improved business and residential property in Washington, the one eity in the United States where the absence of strikes, lock-outs, and other industrial disturbe ances causes real estate values to be the soundest in the h profit is sometimes derived from stock market venture, it is the judgment of cautious investors to place the major part of their capital in non-speculative First Mortgage Securities. Shannon & Luchs' First Mor«gasu Notes have the two qualities so necessary to safe an paying investment: of Principal—and the Highest Interest Rate com- hone Main 2345 1435°K Street Northwest ANNUAL STATEMENT OF THE " POTOMAC INSURANCE COMPANY THE DISTRICT OF COLUMBIA CHARTERED BY ACT OF CONGRESS, MARCH, 1831 On the 31st day of December, 1928, as required under the District of Columbia Code, amended June 30, 1902, $6,020.70 246,014.67 75 serrressnencnaseess . §5,541,576,27 Character of business transacted during the year 1928—Fire, Tornado, Earthquake, Automobile an Amount of risk assumed during the year 1928, $289, W. WHITE, President. JOHN H. HOLMEAD, Notary Public. Surplus to policy holders . Assets $500, . 1,609,5' . 3,541,576 DIRECTORS MAURICE_BESNARD CHAS. E. HOOD C. F. R. OG! ALEX. K. PHILLIPS mnnlc_x RICHARDSON JUDGE A, A. HOEHLING CHAS. E. HOWE F. NORIE-MILLER RICHARD E. PAIRO . EDMUND D. RHEEM GEORGE W, WHITE All Forms of Fire, Windstorm, Hail and Automobile Policies. ABSOLUTE PROTECTION FOR 98 YEARS.