Evening Star Newspaper, April 9, 1929, Page 15

k! . FINANCIAL, INDUSTRIAL BOND LISTIS RREGULAR UNITED STATES, (Qaime are (n 82.000 Sales. High. Low. Libeth ¢ 231 9918 9099 999 Selling of New York Traction| §S3¥3:: GE 3»«1’; é: ji:; I:ozé: Issues Continues—t. 8. | EE30E 111 Group Weak. FOREIGN, Argentine 4 9 90 Argentine§sJu b, & % 99 BY CHARLES F. SPEARE. Argentine May 61, 15 99% 99 Bpecial Dispateh to The Star. Argentine s Oct 89 11 991 99 99 NEW YORK, April 9.—Liquidation in | Argentine 5148 '63. the local traction issues continued to- (Argentin “3"" day, with prices for a number of the A active bonds sinking to new low levels, following the adverse decision in the T-cent fare case. & Interborough Rapid Transit 5s dropped 17, 10 3 points and the 6s were down 4 points. New York Railway and % 100 9 [ BONDS Received by Private Wire Direst ¢ The Star 0 THE EVENING STAR, WASHINGTON. o ] CHANGE Bce n 994 | Stand 011 N J 68 4 9914 | Stand OIIN Y 4% SugarkistUriente?s, 96% | menn Copper 65 B'4 Tennkiecow 6s 41 102 102 96% 96 98 908 100 100% Vertien! Third Avenue incomes each lost 4 point, 104 . o7 and Manhattan Elevated 4s were frac- e B znl-‘o:“::‘:s?:‘lm ST 0 tionally lower. Brooklyn Manhattan 104% | \west Elec b 1024 102% Transit 6s stood up well against the 114% | westn Unton 6 11 108% 108 bearishness displayed on the local group. 108% | White Eagle O 6%s 102% 102% Selling was in moderate volume. 87 | willys-Ov 6% 8 33.. 4 1024 1024 The other feakure of today's market 100% | wiison & Co 18t 6i 101% 100% that attracted attention was the reac- 100 | winRepeatAr %8, 107% 107% tion in some of the United States Gov- 3% | yngstn S&T 6s wi, 93 100% 1004 ernment issues that_had & striking ad- % vance yesterday. The Treasury 4lss RAILROAD, lost nearly all of the previous day's 9% 9% rise of nearly a point. The 3%s were RtaRtity also heavy, but the 3%s, which did not s BN participate in the earlier movement, 3 ¥R ain rose 1, and United States Liberty 31s Al sold & full point above the recent low 0100 100% of the year. In general the Govern- 2 1oin 100% ment issues have recovered about half 82 108% 108'4 of the loss that occurred between Jan- 9 101% 101% uary 1 and the last week in March. 1 12 BO0W 804 There were mm:;r isogn; of -;cun;u- - 5 23 yI% 93 tion of high-grade bonds and espe- . T of short term issues. For instance, | Czecho 38 2 100 100 100 | Brawar&TihAvEe. g Pennsylvania 1s, which last week were | Czecho 8s 1952 1110 210 110 |proot ¥R o s 1 s0% 90% selling on nearly & 6'; per cent basis, Denmark 4348....0. 85 87% BT% 874 | gy vn Mann .46 95 984 have moved up & point and some of the | Denmark 6 + 21081 108% 108% | pyivn Un B 0. 2 B86% 88 Thort 4155 have improved thelr posi- |Dutch Easti€a4T.. 8 102 101% 101% | piijin Un ) bsata. 3 00 90 ot he old first mortgage 4s show | Dutch East16s62.. § 102 101% 102 | gio'} a'pict 43ms 40 914 90 a stronger demand. A weak mergb:’r lol ;m 78 war ‘48 x; 1:::» 1:2{:‘ 133,\: el today was the Buffalo, K Y Rochecter & Pittsburgh 4%s, whicn a0 e fon B e i oy dened A ras” considerable _irregularity 19 107 106% 107 [Canad Pacdeb 2 st in the industrial list. United States 16 111 110 111 |CanPacaksds.... & 8h 98 Rubber 5s were off 3;, National Dairy : lg:“ 12:% u’)g% fé‘::::: :5 g::‘/- l‘ gg:: 0K Products 5% nearly e 1 101 101% 101% | Central Pacific 4s., 17 604 90 mercial Investment Trust Bl Ne|Greek6s1968.....0 17 83K s2u 83k |CentPacistsss0.. 17 1001 1004 %‘::“dm.x.“'r:\v:"nzv‘vlm active around | Holland-Amer 68... 5 1024 102% 102% gn.“kcoow l:,wl . gg ::s, ;g“ o Irish FreeStatebs. 5 95% 95% 95% |cnen s O 4vke 03 A135 92 901 Fractional gains occurred in the ju-|ltaly 7s... 30 95% 95%m 95% | Cny BaqQgen 48 53.. 3 90% 90% nior rails, with Seaboard Alr Line ad- | ltalian Pub S 7s, 792 9% 92 |CHaQ4%siTB.. 6 96w 96 justments and 6s prominent. Japunese 4s.... 10 921 92% 924 | Chy B & Q 18t 1t 6 1 102% 102% In the foreign list. the strength of | Japanese 6%s..... 13 101% 101 101 |Gp&QIllidivds.. S 92 92 French municipals and rails was a|Kreuger&TollSsct 98 98% 98 934 Chigmill gnbsbl.. 1 81% 8% feature. South Americans were also | Lyon 6s. we B 100 99% 100 |ChiGt West4s69.. 13 67 66% strong, as well as some of the German | Marseille ¢s. . 5 100 99'y 100 | Chi Ind&L gen bs. 96% 95% issues.’ Mexicods 04asntd. 2 18 18 18 | ChiM&SUP4 b sl 1 93w 934 The only new issue of importance 9 83 |Chi M&StP4%sE. 11 92% 921 today was $3,000.000 Pittsburgh & 2 102 | ChiMilSP&Pac5ss. 93 9l 0% West Virginia railroad first mortgage | & 2 921 | CMSP&Pacadsbs03.174 734 72% 415 offered at 94. The first series of | ¥ 1 9414 Chi & NW gen 4s... 2 B85% 85' this mortgage was sold last December | NOTWaY 8% 8., 8 994 | Cni & NW ret 5 1 at 9615, which illustrates the difference ;.g:"" "1:‘:- 2 101 in market conditions that has since de- | LOTTRY ‘:/.l_ e mv- ChiR1& e o Orlent Dev 538 '57. 87 |CRIPac4%s S S Paris-Ly-Med 6s 99 | Chi Union Sta 58 STOCK ISSUE APPROVED. - 1‘5’1.:.';6: 103% | Chi & W Ind cn ¢ rleans 944 [ CCCASIL 4 %8 PHILADELPHIA, April 9 (P).—The | peru 6s 67 w1 ol T 4 stockholders of the Pennsylvania Rail- | pery gs ctts. | e road Co. in annual meeting today rati- | pery 7s. syt P e . fied the proposal for the issuance of | pgland 65 40.. g e $100.000,000 additional stock, to Bolana T8 (rois S jssued from time to time at the discre- | pojang 8s. i Eoreg et bt tion of the board of directors. Porto Aleg: 104% 2 ———— Prague 7%s 106" | Del & Hud 1st rf 48 Plan Improvements. NEW YORK, April 9 (#)—American Steel Foundriés and the Transue & RhineWst EP 6 Rhinelbe Un 7 RbineWst EP 7850 4 102'% 100% Rio de Janeiro 6%5 91 Williams Steel Forging Corporation, in the Youngstown district, plan to spem: fi’;‘; 7;;{;:;;1 LB 12?% $1,250,000 this year for improvement Rio Gr Do Sul 88 and expansion of their steel manufac- turing facilities. Washington Siock Exchange SALES. Capital Traction 5s—$500 at 993,. Potomac Electric 6s '53—$1,000 at 107%. Washington Gas 6s B—$100 at 163%. Washington Rwy. & Elec. 4s—$1,000 at | 86, $1,000 at 86. Capital Traction Co.—10 at 9815, Potomac Electric 6% pfd.—5 at 111%. Federal-American National Bank—10 at 340, 3 at 340. Riggs National Bank—6 at 570, 5 at 570, 20 at 570, 5 at 570. National Union Fire Insurance—50 at 27%%5. Dlstr‘.lct National Securities pfd.—10 at 101. Rome 638, San Paulo Sao Paulo 85 193 Sao Paulo 1950 Saxon (PW) Serbs Crot Slo Shinyetsu 6%s 52 Utd Kingm 5%s 37, Uruguay 6s 1960, Vienna 6s'52... Yokohama 6s w i, MISCELLANEOUS. Abram&Straus 6%s 18 109 107% Ajax Rubber 8: 104 AFTER CALL. Mergenthaler Linotype—5 at 107. Barber & Ross com.—8 at 19. 100% Potomac Electric 5'2% pfd—-10 at lg:u Al 102% Bid and Asked Prices. K] BONDS. 108% 994 PUBLIC UTILITY. Amer. Tel. & Telge. 4%. c Telga. 4728 tr.'58 Offer. !‘d. Potomac Eiec. cons. 8 Elec. s 1953.. lex. & Mt. V. ctf. . Bethlehm Stl pm bs Beth Steel rf &8 1 Wasn. Gas 6 A Beth Steel 648 53.. 8 102 101% ot S A Bethiehem Steel 65, 20 1044 104 104 . Rwy. & Elec. gen. 8s. Sklyn Edison bs. 9 103% 103% 103% sty Bush Term Blag 65, 8 101 100% 100t Certaln-Td5 % srct: 69% 694 95% 105 Barber & Ross. Inc . 613 Cham-Vanderbilt _Hotel Chestnut Farms Dairy Cheyy Chase Club 5'as. . ¥ Nt 68 41" | Col Gas&Eldebbs. 11 99% 99 99% BirComt Btock 1. 2 Com Invest 63%8°49149 96 95% 954 R LR i 100 | Com Invest 65°48.. 1 94% 94% 94% £ ] Con Coal Md ist6a. 2 7L 7L 11 STOCKS. . 6 13 PUBLIY UTILITY. Amer ek yom G0 Ta sJ:v'."ml':-mrm G Detroit Edison Dodge 6! Donner St 178 Bast Cuba Sug 7%8s 2 81 80 Fisk Rubber s 2112 12 Gen Asphalt 6s36.. 1 105 105 Gen Cable 5%s°47. 22 98% 98 Gen Mot Ac Cor 6 13 101% 101% 101% Goodrieh 8%48. ..... 19 106% 1064 106% Goodyear barcta... 28 93 92% 93 Humble O1} 41 1004 100 100 &R . 10 101% 101 L 1101% 101% National 2T 10r 109" 10 TRUST COMPANIE! b eV £ e Amarican Security & Trust Oo 40 | {nt] Cement 85 48 1034 1 Seerchants, Bank 3 i3 | Intl Match bs 47 s 9 ione] Savings & Trist’1l 360 800 | int Mer Marine 101 WiRineton Losn & I % 3% |IntPapers 5 Inter Paper Int Tel&Teleg 4%s 124 94 Int Tel&Tel 4148 cv 607 124 KanCity P& L 6s.. 3 1021 KanG&E€s52.... 6 104 Laclede G 5%s 62.. 11 1031 Ligget&Myerssa5l lard 6 SAVINGS BANK. Seventh United ‘Washington A ManatiSug st 7 Midvale Steel 5 Mont Pow bs 43. Columbia Title. . 1 ’;: a%s. itle. Besl B o ot ] ‘Wash. Cons. s s Ml r‘beyl ks Sohmerdaf BT D. C. Paper pf triot eral rage ofd... HH eral- Co. ne jeral-American bfd. o Nor Ohio Tr & L6s. 1 101% 101 2 100% 6 105° 100! 1073 | Nor States Pow 1257 | Nor States Pow 4 T&Tistbs... 2100 §"’ PaoT & T5863.e.s 12 102K Pan-Amer Pete 6a. 29 1054 ii Paramount 8s 1947, 7 4.0 D Rio G West bs... Eriecvt 58 67 w1 Erie couv ext 7i Fla East C 58 74. Fonda J&G 4%s'52. Ga & Ala 18t 68 '45. Gr Trunk stdb 6s, Grand Trunk is. 11 Cent 4% 66 111-C-C-8tL&NO Int Rapid Tran bs.. Int Rap Tr 5s stpd. Int Rapid Tran 6s.. Int Kap Trans 7s Int & G Nor 1st 6s.. Kan City Ft S 4s Kansas City 8 6s Kan City Term 4 Louis & Nash 5%8. Louis & Nash 7s... Man Ry 15t 4s 50 Market St 78 40.... Mill El Ry&Lt 4%s M EIRy & L 5s 51, Mil El Ry & L 55 61 Minn & StL ref 48., M St P&SSM cn 4s. MStP&SSM5s38gtd. Mob & Ohlo 4348177, 41 Nassau El 4s 61. NRM 4% '67 al NOTex&M 4% s 66. NOTex& MbsB.. NOT&Mb%8..00 N Y Cent deb 45, N Y Centr{bs, NYC & StL deb 4. NY Ca&StL 4%sC.. NYChi&StL 6%sA.. NYChI&StL 6%w B, New Haven 338 5 NYNH&H4% orthy Nofthern Pac 68 D. Northern Pacr ) Ore Short L rfs ¢s. Ore Short L §s gtd, 101% | Pennsyl con 4 %! 101% | Pennsyl gen &% 98% | Penna R R.::“ Pennsyl Philippine RR PCC&StLSS AL 9% | PCCASIL 58 B 7 121% |-Portiand BI P L. 102% | eading gen 4%8 A 16 94% | Seab A L co! 76% | S B All Fla. 101% | SB All Fla “106% | Sou Ry gen 4 Sou Ry Con Sou Ry Sou Ry 6%s.. % | Term Asso S L 4s. “1 x & Pac 68 B 1977 ’ag Union Pag istds.... . pion Fas 1at £t 4s. 13,0 - R R aNEm = D05 s —te =3 91 60 - » Poreicwm ~Re 19 - CRSwoaRRetnh aoa » rexNalaama-a w0 © e wromaneS o~ - -~ - T roaunBannion ont-on 1 b4 e B8 momm sar = 4 —EGeoan 98% L] 90 100 99% TRADNG IS QUET ATD.C. WARKET Adveni of Warm Spell Causes Drop in Activ- - ity Here. Unusually hot weather prevalent here for the past few fi‘:‘: has had_the effect of slowing on the local provision market. Buyers have adopted & hand-to-mouth licy, wholesalers say, as a result of the unseasonable heat and a corresponding slump in de- mand on the part of consumers. ‘The poultry market was stable today, following a rise in prices over the week end due to scarcity of supplie Eggs are coming in u‘;rtdly rom nearby rural districts, = the! uantities more than adequate for the demand. Prices are not expected to go lower, however, because of the .Dfil‘olch of the season when large quantities are withdrawn for storage purposes. Trade in meats and pork products was slow today, with the public apparently favoring lighter fare during the sultyy spell. Today's Wholesale Prices. Butter—One-pound gflnu, 4514046; tub, 45a45% ; store packed, 28a30. -Hennery, 20a30; fresh selected, 28a20; current receipts, 26. Poultry, alive—Turke; ickens, P! 3 : Leghorns, 32a33; roosters, 22; ducks, 25; geese, 20; keats, m‘"" 60a70; old, 35a40. Dressed: rkeys, 40a45; Winter chickens, 40a45: Spring chickens, 55a60; fowls, 35a37 uflfx‘.fl“&"t ’é o 32033 hneum' 38:3’ , 45847; ducks, 32a33; ) 5; keats, 80a1.00. Meats, fresh killed — Beef, 20a23; lamb, 30a33; veal, 22a27; pork loins, 30; fresh hams, 26; fresh shoulders, 20; smoked hams, 28; smoked shoulders, 17; 22; I L pack- , 35a38; Ting Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says: Sales to jobbers except where other- wise noted. Apples — Supplies limited; demand light, market steady. Barrels: Vir- ginia, U. S. No. 1, 2% inches up, Delicious, 7.00; U. S. No. 1, 2!3 inches up, Winesaps, 5.50a6.00; U. 8. No, 1, 2)¢ inches up, Winesaps, 4.50a5.00; unclassified Winesaps, 2! inches up, few sales, 4.00. Boxes: Washington, medium to large size ex- tra fancy Wi ps, 2.75a3.00. Bushel baskets: Virginia, U. 8. No. 1, 2% inches up, Staymans, fine quality and condi- tion, wrapped, 2.50; U. 8. No. 1, Wine- saps, 2.00a2.25. " Asparagus — Supplies moderate; de- mand moderate, market firm. South Carolina, dozen bunch crates, green long, very large size, 5.50a6.00; large size, 4.50a5.00; medium size, 3.50a4.00; small size, 2.50a3.00; partly white, very large size, 4.00a4.50; large size, 3.00a 3.50; medium size, 2.50. Cabbage—Supplies moderate; demand light, market dull. South Carolina, 1! poorer low as 1.00; barrel crates, pointed XW’IB' ordinary quality, small size, 1.50a " Celery—Supplies moderate; demand light, market steady. Florida, 10-inch preceded a business slump. The market’s barometric usefulness ! have seen fit to halt the flow of credit crates, individually washed and pre- cooled, 4-6 dozen, 2.50a2.75. Lettuce—Supplies light; demand light, market firm. Arizona, crates, Iceberg type, 5 dozen, 4.75a5.00. North Carolina, 5-peck hampers, Big Boston type, fine quality and condition, few sales, 4.00. Onions—Supplies light; demand light, market steady. Old stock: Michigan, 50-pound sacks Yellows, U. S. No. 1, 1.75. New stock: Texas, standard crates Yellow Bermudas, mixed, No. 1 and No. 2, mostly 2.75. Potatoes—Supplies of old stock, mod- erate; demand light, market steady. New York, 150-pound sacks Round Whites, U. 8. No. 1, mostly 2.00. Michi- 150-pound sacks Russet Rurals, . 8. N 2.0082.10. New stock: Sup- plies light; demand light, market stead; Florida, double-head barrels, Spaulding Rose, U. 8. No. 1, 6.50. Spinach — Supplies light; demand light, market steady. Texas, bushel baskets, Savoy type, 75a85. Strawberries—Supplies light: demand moderate, market firm. Florida, 32- quart crates, various varieties, 50c per quart; few ripe, soft, 40a45 per quart. ‘Tomatoes—Supplies light; demand light, market about steady. Florida, 6s, ripes and turning, wrapped, No. 1, fancy count, 5.00a5.50; few higher. Choice count, 4.00a5.00; No. 2, fancy count, 4.00 24.50. String beans—Supplies moderate: de- and moderate, market steady. Florida -bushel hampers, green, 2.50a3. few fancy stringless, 3.50: poor to ord! nary quality and condition, 1.00a2.00; very few sales higher. Peppers—Supplies * limited: demand mod:r?u. mn‘gzz steady. Florida pep- per crates, choice, 2.00a2.50; few fancy, 3.00. Eggplant—Supplies light: demand light, market steady; Florida, pepper crates, high bush, small size, 3.00; cholee, no sales reported. Peas—Supplies light; demand light. market steady; South Carolina, bushel hampers, Laxtons, 1.50a2.15; mostly 2.50; somte short pods, 2.00a2.25: small pod varieties mostly around 2.00; Cal- ifornia 45-pound crates, 7.00a7.25. Beets—Supplies light; demand mod- erate, market about steady: Texas, Western lettuce crates, bunched, 2.75. Caulifiower—No early sales reported. Carrots—Supplies limited; demand light, market steady; ‘Texas, bushel bas- kets, bunched, 1.75a2.00; few higher. Cucumbers—Supplies light; demand light, market slightly weaker; Florida, el hampers,* fancy, 3.00; hol fair condition, 1.50a2.50. . TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rt Maturity. .E'; Offer. 1 1 s 18, i i%é i SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) B o -Chalmers Co. 58 1937. Amer. Tel. & Telga. Co. 4s I Aehimore & Onio '5‘1. i} : Bltlflln Pet, Co 8 1 LS8R2338225888332! X3 2 L ‘D, 0. TUESDAY, BY KENNETH 8. VAN STRUM. NEW YORK, April #.—The stock has gnn conzide the 't upward business would im) ugfl a decline in lm"mm mml:; been consideral lessened in re- 3 use the inter- val between. a change in the trend of stocks and of business has been short- ened. Furthermore, the length of the interval can never be calculated accu- rately; sometimes it would be a few weeks, sometimes a few months. There is no mathematical relationship be- tween the two. ~The uncertainty of the intervals may be partly explained by the fact that although stocks depend on business conditions for their values, both stocks and business are affected by many factors which cannot be predetermined and never enter the situation in exact- ly the same way twice. Perhaps the most important influenge of this sort, is money rates Influence of Money Rates. Low money rates have always signi- fled that it was easy to obtain credit for either stock or business operations; high money rr:m eventually tend to discourage such expansion. One might immediately object that high money rates have not discouraged the present expansion of stock prices . It must be realized, however, that rates have been purposely raised to stop ulation, and also that although the cost of business credit is higher than it has been for several years, it is still safely below the 7, 8, and 9 per cent levels, which by disccuraging any but the most urgent borrowing, gave warning of a collapse of sec lues in 1007 and in 1920. It is quite evident that at present there is plenty of credit for business that bank had a of the American to make the institution one of the largest organisations in the world is ust another one of those breath-taking nk mergers of recent weeks. But this one is unique, for it definitely ties up one of America's three largest banks with one of the largest industrial of the ':ofldfi mh American ranches in the United States u;cli t60 bnz:l;en l::n for- ransacts business in znuwgntr{e; fi';lmih its own offices. nder the plan proposed the stock of the chuumi’:nk wflf (e creased from 610,000 to 800,000 shares. Z‘thefl :h':;l '/hwxfll be n:‘pl"l; u% on the basis e ee al e America press stockholders will s shares of Chase stock for each three busine lxpre:« Co. has eign countries. shares of e: APRIL 9, 1929. | NEW BANK MERGER ;7 ' INTERESTS STREET $283,000,000 Represented in Chase National and Express Com- pany Combine. Special Dispatch to The Star, NEW YORK, nouncement last night by Albert H. n, chairman of the Chase Nmom} s of April 9~The an. of New York, that the office to acquire 8s company's stock. combined mnpt.m!tlon. COUNTERFEIT MONEY TRAFFIC INCREASES By the Associated Press. GENEV. governor of the National Crechoslovakia, today estimated that $1,000,000 in counterfeit currency was uttered .annually, the estimate being made in the course of his opening ad- dress of the International Conference A, April on the Suppression of Counterfeiting. Mr. Pospisil was elected president of the conference, while the vice presi- dents elected were Hugh R. Wilson, American Minister at Bern, and Jo- g;lrim Schober, president of the Vienna | ytoops ce. resented at the conference were the United States, Russia, Brazil, Ecuador .nldu ’}\mfey. erring to a draft convention before the delegates for folling counterfeiters, President Pospisil said that the public’s difficulty in testing the genuineness of foreign currency tions all encou! their sphere of of purposes, but the banking authorities into the security markets notwithstand- ing. Thus with credit conditions per- haps more artificial than ever before, we have no choice but to guess at the possible outcome. It seems that the stock market is to be held in check until business ex- pansion comes to a halt. A temporary business slump will undoubtedly come sooner or later as it invariably has in the past. With a slackening of busi- ness, even if it proves to be no more than a normal seasonal decline, and with continued high money rates, it may not be so difficult to produce liquidation of brokers’ loans. Business and Stocks. ‘The chart shows the weekly trend of the stock market, together with the business trend, as indicated by pig iron production during the first half of those years in which the stock market and of lxm bushels, 5,955 barrels, barrels in February, and 5808 in March, 1928, bame. The five non-League states re| d_other considera: Baltimore Grain Exports. BALTIMORE, April ‘9 (Special).— s of grain through the port of last month totaled :.lfl.’l“i ,216,007 | bushels in March a year ago, and with 3,328,121 bushels in thnry Grain exports for the first three months ¥ this year have reached ,755,341 bushels, against 6,820,474 bushels for 1928. compared with rresponding period of inated last month, witl d. Exports of flour were 6,240 compared with Co. in a plan be in- receive five if the whflam haee ondlhy 16, will have surplus an 323,500,600, S Vilem Pospisil, Bank of mmmnhlbls to ex'a:d acl y crea orgenizations in a number of cuunmea‘. ‘The only way to meet this inter- national combination of criminal forces is for all countries to use the same weapons by increasing the possibilities administering punishment through .clnu international co-operation,” gl!‘ aid. The underlying idea of the draft con- vention is that co-operation should take the form of a unification of municipal law, 50 as to insure that eriminals shall | nowhere escape punishment; that re- | pressive measures should everywhere be severe and that an effective "‘rv?n;‘nmon Sh.l}l I?ee to ‘:h that detec- leasures shall be both swift | well co-ordinated. e lice | 1929. FINANCIAL,” PITTSBURGH EMPLOYES INSURE FOR HUGE SUM By the Associnted Press. PITTSBURGH, Pa., April 9. —West- inghouse Electric & Manufacturing Co. reports that $33,250,000 in insurance ! ‘was being carried for 35,500 employes at the end of 1928 under the free group insurance plan. Under this plan each employe re- ceives, without p! 1 examination, a | $500 policy after six months' service. | By agreegin to deposit 2 per cent of his - | wages in & savings fund he receives an additional licy for $500 and . this amount is increased annually by $100 until a total of $2,000 has been reached. In addition to the free group ince the company provides “contributory in- surance” in which employes foot most of the bill. Twelve thousand, three {n}:nlnd'rr;fl and flu”l’h employes share in s insurance to, the aggregate amount of $27,500,000. Mortgage Money Loaned At Low Interest' Rates Tyler & Rutherford Representing Mutual Benefit Lite Ins. 1520 K Street Main 475 GUARANTEED 6% FIRST TRUST NOTES Bec on new Brick Homes in North: wu“"&-mlmton—oeeumed .BY- ners. CAFRITZ 1016 14th st Main 9080 HAW : NASH | “Conveniently Located on l4th Street” 5 1520 14th St. NW. Dec. 3320 “BEARS” SCATTERED IN “BULL” CAMPAIGN| Short Selling Has Not Proved/ Profitable in Last Five | Year Consult Us First If you need money for ‘. {our Real Estate financing °| et us have your application today. : By the Associated Press. NEW YORK, April 9.—Short sell- ing has proved extremely unprofitable in the stock market during the last five years, and the professional “bears” | have been without a leader since the| Prompt Service No Appraisal Fee 1l The Commercial National practical retirement from the market of ||| E?.':”l:;:l; Jesse Livermore. | Livermore _wrecked many _“bull” i - s campaigns years ago by his uncanny | ability in ferreting out stocks of in- flated market value or weak market sponsorship. ‘There has been only one major re- action in the current “bull” market— the disastrous collapse of prices in March, 1926. This was due to an ac- cumulation of adverse developments in- volving the raising of the Federal Re- serve unt rates and the Inter- state Commerce Commission’s rejection of merger plans which upset specula- tion in the so-called “raliroad merger Commerelal 14 ComrLete Financing Ist & 2d TRUST MONEY On homes, apartment buildings and bu Since that time there have been a | few sharp set-backs of short duration, one in June, 1928, another in October and a third in the early part of March, 1929. These have been followed in Y each instance. however, by rallies e L which sent the general average of Prompt service. prices to new high levels. There are several contributory causes to the failure of “bear” campaigns, probably the chief of which has been the long period of business prosperity, bringing increasing sales and earnings to the leading corporations of the coun- try. This enabled them to retire bank loans, reduce funded debt and make generous distributions to shareholders. SILVER QUOTATIONS. NEW YORK, April 9 (#.—Bar sil vt 56. Mexican dolla: 421, Real Estate Mortgage| & Guaranty Corp. 24 Jackson Place Main 1403 RSN S A SS S VALUABLE INDUSTRIAL GROUND We have been appointed exclu agents by one of the largest corpo: s in the South for the sale two pareels of second com ground, well located in the Nos section. Three street frontag ground is on NN ms\\m\xswu\mmi 5% LOANS 5% On High Class Residential Property Write for Booklet Jos. W. Brooks & Co. alle: mediately . available “for bu 2. General Tnsurance Suitable | for" warchouse o Transportation Bldg. Frank. 2913 TH000 'sa. Tex and (e other 13 This e diate tion. having mo fmme- f the ground. is very THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares ATRUSTERR O adine American Corporations. It will to your interest to investigate. Standard Collateral Shares Corp. WARDMAN 1437 K Street NW. Main 3830 Atk for Mr. Langlais h business reached peaks. Below each year's chart is given the average cost of business credit, as shown by com- mercial paper rates, during those months. Several things stand out. In the first place, there is no definite inter- PR fioney to Loan jeed of Continental Trust 14th and H Streets Franklin 3783. Wood: Blds. Capital, $1,000,000.00 val between a stock decline and the AEOD T 3 ?mm‘mg': l‘lse:.lln;"e 'aomwn m{;lllo;‘ed; In peport, baul from senter of city. - Wil o e e e ] oo c.ncuAr'.'Fai'i'if.:r . - T You Know the Sun Checking Accounts Another point is that stocks some i ise i . times Degtis (o rise BERIn ey aneetly | | 1 1ok e Main 0080 Will Rise in Savings Accounts after business had turned downward, e = i ':hlle at v&?f't&m“ the recovery was . “seoibm the East Tomorrow Acceptance Credits slower. e there are obviously many 3 i factors affecting the speed of the mar- Prudential Bank et r;n:: Time Deposits et's recovery, especil teresting | Of Washi n, t 3 : guaran- 3 to note th:ylt e i Dhtoreat cure | S thetlows BF Shaime Pt ot ORI i s My gl e Foreign Exchanges on business loans is high, the reaction SOURCH ’ o is somewhat more severe and the re-| 1. Loans and Giscoonts . s101, 14842 e Commercial Credits covery slower than when rates are low. | 4 Qrerdraits | 33207 | B For back of each 6% First Teavelive In fact in 1925 and 1927, when interest | ** ©citities owned . 136,088.25 Trust Note sold by this ravelers’ Credits rates were very low, the slump in| 6. house, ' '§58.151.60; company stands the sound T, dovs’ business had almost no effect upon furoliure | w ! collateral of a m ravelers’ Checques stock prices. i P 3 J2300.72 | B owner-occupied Maryland - 2 9. Cash and due 51,178.48 Col Feparviioin 10, Guteide, checks and other home. llections k) o catobins s . skt 7 w8 fi And back of al stands wats Real Estate Loans interest to all. Many conservative ob- 46,0675 fSiaal quarantoe. gervers expect slower business ufter the guarantee. Collateral Loans pring seasonal peak reached. 5. ,480. Call, phone or write Py 5 Harvard Economic Soclety, for insiance, | 16 BN y T L Investment Securities in & recent ullebtin: 3 be MAILED to said likely that a period of (m:nienu)—prorb‘%l ;'.'&"»32:'.‘ sea- | 2. Demand depou sonal amount— post- | 55 i poned.” But, although the cost of | 37 isr hesniier s, rod! credit is somewhat higher than in re- cent, glellr:‘,nlt 1?’ rlu;t excessive, as it Total . was and 20. Furthermore, triet N {aken together with other business fac- | "1 EDWARD A ohier o solemnly swear tha tors, the business situation is unques- tionably sound and any decline should be temporary. According to the experience of recent years, a decline in business, with the above-named bani the aboy nd belief. EBWARD A. BAKER, Cashier. Subscribed and sworn to before me this 6th_day of April, 1929. (Seal.) cost of money at present levels, would CHARLES 8. e mean a temporary decline in 8t0CK | coect attest: Notary Publie. prices. The peak in stock prices has| jonn R. Hawkin: Louis A, Schenck, usually come a few weeks before busi- Fflgfli % LT ‘\. ‘1'4 '(‘mrv.u' fl ness activity reached s peak, so that| joseeh ff. CIERER. Sa s AN onds the investor watching for a stock de- cline mush first guess when business is likely to slump, and then place the date of the probable market decline some weeks earlier, The conservative investor, although he should have unbounded faith in the future of leading securities, is getting himself in & position which cannot be affected by any decline, and is probably in a liquid enough ition to profit by prices when and if they come. * He is also well aware of the fact that as a rule high-grade bonds suffer ieast in any temporary unsettle- ment in the security markets and are the first to recover. (Copyright, 1920.) NEW BUILDING CONTRACTS. | NEW YORK, April 9 (P).—New build- ing contracts in the 37 States east of the Rockies totaled $145,786,800 in the week ending Aoril 5, the P. W. Dodge Corporation reports. This was a de- cline of about $5,000,000 from the pre- ceding week’s figure, but a slight in- crease over the total for the corre- sponding period a year ago. The daily average for the year to date is $17.- 799,500, as compared with $21,273,100 in the corresponding 1928 period. - Passenger Revenues Drop. - NEW YORK, April 9 (#).—Compe- tition from motor vehicles is held re- ible by J. M. Davis, president of Directors. MANUFACTURERS and JOBBERS The advantages of s costs are reasonable. The total cost of this service is but 1/30th of 1% per day, or 1% per month, (including commission, interest, exchange, postage, etc.) upon the net face value of each account, plus $5.00 per $1,000.00 on the first $100,000.00 only within a year. The aforementioned tomers. If your terms of sale are 2% for 10 days, net 30, you are offering 2% to your customers for only 20 days' time (from the 10 days’ discount date to the 30 days’ due date). you would pay us and the discount you would offer your customers for the same length of time: .An_mul Volume of $100,000 250,000 1,000,000 di b ve statement is true to the best of my knowledge a Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 elling us your Accounts Receivable are numerous and the charges are less than the usual discount offered to your cus- The following shows the exact difference between what 2% for Our Charge 20 days for 20 days $2,000 $1,166.67 . 5,000 2,166.67 20,000 7,166.67 'antern A WikeB4E datth. 238888838888 FEE FSARE les. High. Low Close Union Pacifie 4 8 86% 86 86% Union Pac4%867.. 6 95u 964 964 UnionPaclst ref 5s. Virginia Ry 18t 58.. 10 102% 102% 102% 8 98% 9kY% 98% 8 97 91 97 5 100% 100% 100% 4 78 8% 8% 4 9w 93 93 Wabash 5148 75.... West Maryland 4 West Md 5%s17T... W Pacifio 2 108% 108'% 1084 | mon e Delaware, wanna & Western, O csoengers cartiad by the oad in ber of S cal Y 1 1928. Passenger revenues fell off $1, 003,000, from $13,006,000 in 19827 to $12,003,000. Net income was $13,129, 542, equal to $7.97 a share on the com. e ot k. com] 107,772, or $9.30 a share, in The Finance Company of America Write or wire for our Refresentative AT BALTIMORE COMMERCIAL BANKERS