Evening Star Newspaper, April 10, 1929, Page 13

CHANGES IN CURB PRICES ARE SMALL List Lacks Trend, but Rallies Occur—Canadian Ford Stock Puzzle. BY HARRY H. BECKER. @pecial Dispatch to The Star. NEW YORK, April 10.—The Curb Market lacked & definite trend today. Price fluctuations, with & comparativel few exceptions, were unimportant, al- though at intervals the list developed moderate rallying power. The trading element was greatly puzzled over the situation in Ford Motor of Canada new B because of the de- layed delivery ruling on transactions during the recent violent rise and fall of the issue. Opening down 10 points under 125 today, the stock suffered an- other bad break to 100, from which level a slow recovery followed. However, the action of the Curb governors on open transactions in the shares took much of the excitement from its market. Old Ford of Canada was 50 points below the previous close early in the session and regained part of the loss later. A few industrials advanced vigorously in. the forencon for specific reasons. American Rolling Mills was an out- standing performer, gaining sharply due to favorable dividend prospects and merger talk. It made a new high above $105. Brisk recoveries were staged in Grigsby Grunow, which sold almost 5 ints above the record low of the day fore, and in the financing trust issues like Goldman Sachs, Trans-America & Haygart. Other shares that did better included Alpha Portland Cement, Gold Seal Eleciric, Checker Cab, Gamewell, Zenith Radio, Saf-T-Stat, Bohn Alumi- num and the metal issues. Newmont made the best showing among the metals in sympathy with copper stocks on the big board. However, profit tak- ing substantially modified the gains. Utllities displayed a mixed tendency, with some_extraordinary buying lifting American Foreign Power warrants high- er. The stock was sentimentally influ- enced by urgent buying of the common stock on the other exchanges. Heavi- ness was again displayed by Interna- tional Telephone new, Electric Bond & Share, Northeastern Power and Ameri- can Light & Traction without much in the way of reaction. The Superpower shares and United Gas Improvement rallied moderately. Aviation shares were inactive and the olls were retarded by a report show- ing an increase in domestic production last week, despite efforts of producers toward curtailment. Net changes for the most part, however, were small. Some demand came into United Gas on an- nouncement that the Texas Legislature has granted a charter to the company for the construction of San Diego and Gulf Railroad as an outlet from the gropertles of its subsidiary, the Duval, ‘ex., Sulphur Co., in Duval County, Tex. COTTAGE CITY HOLDS RECORD REGISTRATION Eighty Residents Qualify to Vote in Coming Town Elections. Special Dispatch to The Star. COTTAGE CITY, April 10.—Another record-breaking registration was held Monday night when 80 residents quali- fied to_vote in town elections. This is the largest number of persons ever to register at one time. This registra- tion augmented by the 59 residents who registered last Monday night placed 139 new names on the registration book, whereas only 124 names were on the book from previous registrations. ‘The heavy registration is largely due to the proposed fire tax, which was ap- roved at a special election held on h 30 by a vote of 57 to 36, and which later was declared null and void because of a technicality. . The tax will be voted upon again at a special elec- tion called for April 22. = Another cause for the heavy registration is the pro- posed amendment to the town charter to be voted upon at the regular election on May 6, which will authorize the town commissioners to issue bonds to raise funds for concrete streets. Under the terms of the amendment no street could be paved until 51 per cent of the Toperty owners on a street petition to ave the work done, and the entire cost would be assessed against the property owners on such streets. For the first time since the town ‘was incorporated there will be compe- tition in at least two wards for the position of town commissioner. George Babcock of Central avenue has filed a petition to run against Comissioner W. A. Bobb in ward three, while for- mer Commissioner N. P. Rasmussen is to run against Commissioner R. D. Kincheloe in ward two. o BUYS MOUNTAIN SITE AND PLANS SANATORIUM Retired Army Officer Purchases 80 Acres of Land at High Knob. Special Dispatch to The Star: FREDERICK, Md., April 10.—Col. Edgar Z. Steever, United States Army, retired, has purc] about 80 acres of land at High Knob, in Catoctin Mountains, about seven miles northwest of Frederick, and plans the establish- ment of a rest camp and sanatorium for treatment of heart and nervous disor- ders. The site is being cleared prepara- tory to the erection of a number of buildings, which will accommodate a colony of from 200 to 500 persons. Members of the Board of County Commissioners made an inspection of the colony site yesterday with Col. Steever, and d to improve a mile section of road leading from a county highway to within a short distance of the knob. It is expected the buildings ;fll be ready for occupancy about Sep- ml ber 1. QUEEN’S NEPHEW TURNS TO CAREER AS BANKER By the Associated Press. LONDON, April 10.—Queen Mary's nephew, the Marquis of Cambridge, has chosen banking for a business career. He has recently been aj ted a di- rector of the firm of Coutts & Co., one of the oldest of London banks, whose vaults: are said to hold the financial secrets of more aristocratic families than those of any other bank in the world. Coutts & Co. was founded in 1692. HURT BY FALLING ROCK. Boy's Skull Fractured, But He Is Expected to Recover. @pecial Dispatch to The Star. Md., April 10.—Fir- tain. ‘The rock was dislodged by some per~ son on the mountainside above Oglebay. It is thought the Tecover. & $ 550 & El deb tt 1Asso Laund Amer A. 2 Asso Rayon pfd 1Atlas Plywood. . g .. Buf Nisg & 5Buf Niag & E P A 2Buf Nisg & E P D 2 Bullard Co 4 1 Bulova Wall i 3 Cent States El 2 Ce: s id 25% { e ) aa s SEREESE Hosgenyss. 2o 5 2. 225855 EECL = 85 B S P Ty <! 3 54 St_EI conv pid 131'2 131 8% n 13 Check Cab M| . Clark DL ... e rt Corp Hazeltine Corp Helena Rubenst 6 Ital Superpow A 11tal Superp deb rts. 1K C Pub Serv vic 3 Karstadt R ... 3 Keystone Aircral 14 Kolster-Brandes S Lackawan 2 Lane Bryant 2 Lazaris .. 3 Lily_Tulio Cup.. 1 n: sl Light pfd ngel Stores wi. coni Intl Mat .. L3 SerEs 433% 5 1 Starsett Co u Stand Steel Propelier & Ex uisiana Land & Ex 0 - geitusavs & EE ey v @, SEa et 2Steln & i 1 Sterling Secur pfd al 32% 18tix Baer & Fuller. iss Am El = i i % N ety & =-=- EACEICECEECE 0309 o ears a0 3 e 0 2 S 222 gdd249< 355&3 et e as CEN w %8 25 ¥ bl - = e e E RS2 82I8A2R2NE,. 3! R ES FINANCIAL.' THE EVENING STAR. WASHINGTON, D C, WEDNESDAY, APRIL 10, 1929. 13 M—————————————__Mi NEW YORK CURB MARKET Received by Private Wire Direct to The Stir Office H ] oo : 14 Intere éflt H&l’;m‘rom 15 Cog s Rl % 2 1 Rich O Cal 10 Royal Cagy 4 8alt CK 3 2 Texas ?1 & 11 Venezuelan 2 Woodley Pet... Sales STANDARD O} inunits. MER SUBS] 300 Anglo Am Ol A A O non vic A FEe 55 o = Pt e Pt S SRR SRRRSRSE ¢ Se=s BRIBABINY &F S EF SFRERNSE Sales in usands. thociaitin pap 5 A led Pk 6s '39 S etaest -gg! B geggcosse e 5 5 Hous Gulf G 6s A 3 Indiana PAL by 7Inu Sec Amer 88 ‘47 7., 9% n 92% 2 Inter Pub 8 5s D '56 98'a 5 Invest Equity 5s A '47 108 C 8s '47100% L 3 r Elec C 88 A 2 Nath Strause In 6s '38 1204 1 INat P & L 65 A 2026 103% :78.. 80Y% 80 S Comat]) 3322323258223 FEEE R OFF & n i 30055 o 15 s ARS IS0 e WIIVIVINVOOLZZZZ A 5 ; 58 3 10 South Dairles 6s 30. 15 So\lth"c‘llz 5'A'ST. - € P&L & Co g3gsSasitanses 10 8 it Pow V,IA';” l“:/, 2 Wheel Bt1 4%s B '53. 86% Salesin POREIGN BONDS. thousands. 7 5 Agri Mor Ba 7s 3 Antwerp City S: 233333822882 2 5 S: 3 Russ 33 Russ G 28 Russ G 6lbs '19 efs 1 39 Stinn Hugo 79 '36 wa 30ni K18 7x A ww 'S8 3Uni Ind 8lox 41 ... 23 20Nt St W 6ts AT 85" —¥x-dividend, wi—When issued. n—New. Www—With warrants. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md,, April 10—Pota- toes, white, 100 pounds, 75a1.15; new potatoes, bushel, 1.2582.00; yams, bar- rel, 2.00a3.25; sweet potatoes, barrel, 2.00a3.25; asparagus, dozen, 1.50a5.50; beets, crate, 2.50a2.75; beans, bushel, 1.25a3.75; cabbage, hamper, 50a1.25; carrots, bushel, 1.50a1.75; celery, crate, 1.50a2.7 eggplant, crate, 2.0023.50; % | kale, bushel, 20a45; lettuce, basket, 75a 1.50; lima beans, bushel, 3.75a4.50; onions, 100 pounds, 1.5084.00; peas, bushel, 2.50a2.75; peppers, crate, 2.00a 3.50; radishes, bushel, 1.25a1.50; squash, Dairy Market. Butter—Good to fancy, creamery, pound, 45a473; prints, 49a50; blocks, 47a49; ladles, 35a39; store packed, 32a33; rolls, 33a35; dairy prints, 33a34; process butter, 42a43. Live Poultry—Spring chickens, pound, 5285 47a48; young chick- and poor, 25a28; old Leghorns, 31a33; ducks, each, 50a1.10; , pair, 35a40. -Receipts, 1,403 cases; native s&nd nearby, firsts, free cases, dozen, 25Y,; current receipts, 20a22. Hay and Grain Prices. Wheat—No. 2 red Winter, garlicky, spot, 1.27; April delivery, 1.27. Corn—No. 2 export, April delivery, no quotations; No. 2 yellow, domestic, spot, 1.08; cob_corn, 5.50. Oats—No. 2 white, domestic, spot, 60; No. 3 white, domestic, spot, the | of Arthur W. Cutten as the Chicago —No. 1 wheat, 12.00a12.50 per ; No. 1 oat, 12.50a13.00 per ton. SIMMONS DRAFTED AS EXCHANGE CHIEF. Head of Security Market Is busin Known as Foe of Stock Frauds. By the Associated Press. | g | NEW YORK, April 10—E. H. H. 8im- mons, fraud-fighting president of the lNew York Stock Exchange, sought by every means to avoid the greatest honor ever paid by the exchan, presidents—nomination !n‘r a sixth suc- cessive term. He was forced to accept, because the demand for his service as chief of the exchange is one of the few unanimous opinions in Wall Street. The presidency of the exchange usually is a thank-you task, and often thankless. Mr. Simmons has been forced is in the position of a m: ‘who is doing & job so well that he can- not get away from it. He has been a member of the ex- change since 1900, and served as vice E. H. H. SIMMONS. president from May, 1921, to May, 1924, when he was elected for his first term as president. His sixth consecutive term will begin with his election May 13. A vice president, treasurer and 12 of the 40 governors have been nominated and will be voted on at the same time. Silent and retiring to an unusual de- gree, Mr. Simmons will go down in the 4 | written and unwritten records of the | exchange as the most aggressive and unbending enemy of fraudulent stock schemes ever to hold an executive po- sition in that institution. He studied medicine for two years at the College of Physicians and Surgeons in New York, but_ developed an interest in banking which finally, in 1897, drew him into Wall street. Within two weeks after his inaugu- ration as president of the exchange he called on Mr. Coolidge in Washing- ton and laid before him a plan where- by the entire Nation-wide resources of the excmngz would be used to fight the plans of dishonest stock promoters. His program later crystallized into the organization of a securities fraud bureau within the exchange. He ob- tained the active co-operation of all members, branch office managers and correspondents_in running down suspi- 2 | clous cases. He then set about to ; | amalgamate all frauds-fighting organi- zations in the country. Mr. Simmons is slender, quick to smile and a lover of sports, He has distinguished himself as a hunter of big game and as & player of tennis and golf. s GAIN IN TELEPHONE - BY J. C. ROYLE. Speoial Dispatch to The Star. NEW YORK, April 10.—There are expected to be approximately 32,000,- 000,000 telephone calls in the United States during 1929. That indicates with remarkable accuracy the activity now prevalent in business and industry in_this country. Moreover, the volume of telephone sommunication with Europe and Central and South America and the island pos- sessions 15 increasing steadily. Com- munication, and speedy communication, is the very heart of trade and this sit- uation in the communications fleld is regarded as most favorable for the fu- ture of commerce. ‘There are between 19,000,000 and 20,000,000 telephones in the United States. In 1928 the ave: daily calls over these lines amounted to 75,000,000 So far this year the number of USAGE IS NOTED 1 \‘) BY KENNETH S. VAN STRUM. NEW YORK, April 10.—The manu- facturers. of machines lorh mmlx‘u efficiency can &nfly y considerable rllg.“ of the credit for the present period of pros- gmy. They have already done much raise the effiiciency of industry and still greater achievements are expected of them in the future. National Cash Register. ‘The _chief Cash Register, as originally designed, was to protect the owners of retail stores. As it has been developed by the Pattersons of Dayton, Ohio, its chief purpose now is to give information to the owner. The development of the cash r has accompanied the rapid deyelopment in account methods used in American bumm% the Na- | T tional Cash Register Co. has expanded with every new improvement in ac- counting methods. ‘There are incalculable numbers of small businesses throughout the world which used cash registers to advantage, but the indusf received its ‘greatest impetus with devolpment of the chain store. The: operator of many re- tail stores needs protection and uniform information from each of his branches, which the private owners can obtain more easily. Today 832 chain store systems use National machines. ‘The company is constantly bringing out new devices and special machines to fit the accounting needs of individual businesses. Among the most recent are machines for gasoline stations, tele- graph offices and post offices. It has also expanded into foreign fields and now has branches in many countries. Its foreign business is capable of tre- mendous expansion. In addition to the cash register busi- ness, National has recently purchased the Ellis Adding Typewriter business and will soon move it to Dayton. The Ellis machine, designed for more com- plicated accounting work than the Na- tional machines, will complete the com- pany’s line. Shares Sold to Public. ‘When National Cash Register was formed in 1926 to take over the old company the public was permitted to participate in ownership for the first time. Today there are 1,190,000 shares of National A stock. It is entitled to preferred dividends at the rate of $3. After these dividends are paid there are 400,000 shares of B stock, held only by the Patterson family and the company's employes, who are entitled to $3 dividends. When both stocks have received $3 they share alike in additional dividends. The management of the company is still in the hands of the original own- ers, whose efficient methods, particu- larly regarding their sales force and NAT L CASH REGISTER [ 1507 1 other employes, are well known. The company's product has been going ahead rapidly. Earnings for the past seven years have naturally fluctuated with general business conditions, since its sales are dependent upon all kinds of business, bhut they have averaged $4.76 a share on the class A. Last year earnings mounted to $5.21 a share and current earnings are above this level. One must realize, however, that gen- eral business is at present very good and that a less prosperous general con- dition has always affected this com- pany's earnings. While officials of the company are now forecasting a 100 million-dollar volume of business year- ly by 1934, that period is five years off. If this prediction materializes the s could earn more than $10 a hare. At present, however, it is earn- g at the rate of about $6 and is pay- ing $4. At 130 the yield is 3.1 Rfl' cent. is always the possibility, however, that the company will offer rights to stockholders to subscribe to new stock, as it did last December. | fed) National Cash Register stock has been affected . by the trend of the general market and general business conditions has exceeded those for the correspond- | in the past. ing period of 1928 by at least 15 per cent. About one in each 25 messages is a toll message. In the last year telephone gross revenues have increased nearly 9 E“ cent, but what is more astonishing that net income has grown by nearly 11 per cent. Net income this year shows even gnwr gains, since the number of calls is in g far more rapidly than the operating costs. It is_expected that within a short time, the new deep sea transatlantic telephone cables for transmitting tele- phone conversations without the use of repeaters or loading coils will be laid. Until that is accomplished telephone conversations with Europe will be de- findent on the use of radio for rela e sound waves across the sea, which on being picked up are reconverted to the telephone wires. The expansion the f telephone field by American companies has been umuhln(:‘ rapid and this naturally has roused the for- el{n companies to steps of active oppo- sition. AMERICAN CARS LIKED BY AUSTRALIAN USERS By the Associated Press. Australians ‘Keu’r American _auto: mobiles. The United States supplied 73 per cent of the total number of as- sembled chassis imported by Australla in _January. North America as a whole, including | uni Canada, shipped to Australia in Jan- uary, 79 cent of her imports of un- mmbuflmh, 87 per cent of the automobile bodies and 80 per cent of the motor car parts. See Rail Ownership Change. NEW YORK, April 10 (#).—Election & director of & Great Western Railroad in Wall St ch | listing, bookkeeping, lating machines. It - | to stockhol International Business Machine. ‘The International Business Machine Corporation also manufactures ma- chines designed to make many kinds of businesses more efficient. This com- pany holds stock in various com- les which are engaged in making a wide variety of machines, including “Dayton Scales,” meat and coffee grind- ers, slicing machines, time recorders, time stamps, elapsed time machines and the complicated Hollereth tabu- lating machine. Some of these proa- ucts have a wide market, while the market for others is quite limited. In fact, the high cost of some of the ma- chines makes it advisable for the com: pany to rent rather than sell them. International’s business has been in | Stabilized to a remarkable degree. Earn- ings have climbed steadily from & low of $1.53 a share in 1921 to $9.27 last year, a $5.26 for the eight years. From the time it was first organized the company has been consistently strength ening its financial position and is now so established that it expects earnings to continue to expand in the future. Although the current dividend of $5 yields only 3.1 per cent at present prices, a 5 per cent stock dividend, paid last December, furnished additional income him'lli This company r;l‘n elfl-n& its divident a large margin, an {?‘hu been om‘gmy announced that further made. stock dividends will be per. in 1927 and 1928. Altho 1| deng ably appeals to the 1t | vestors. has oves 160 service stations in this country and many for- | Special Dispatch to The Star. of the National NEW BANKING MERGERS BECOME NUMEROUS -1 will consider National Institutions Reach- ing Out Into Investment Trust Field. YORK, April 10.—The moves in the New York banking field are coming so rapidly that it is difficult to keep up with them and to run down the rumors that are current from day to day of new consolidations ‘The significant tendency that has developed recently is not so much the er of banks with each other, which common in the banking world for years, but the recahing out by na- tional banks into the field of trust business and in that covered by the distribution of securities, as well as fltm; an entrance into the foreign ng field. Ameriean Express Purchase. 'I;he latest step in this direction that taken by the Chase National Bank, announcing its purchase of the Ameri- can !:xrru.s Co., which does the largest domestic and foreign business in travel- ers’ credits of any organization in the country. It is estimated that its for- eign checks alone amount to $200,- 000,000 annually, or about twice as much d; lh:’ “it':l hmfl%‘or:nd“k bll‘l.i‘; ness_done compe , and al nearly double the checks issued by its nearest competitor. ‘The foreign exchange itions of the American Express Co. have always been a big factor in the market for sterling and for francs. One great value to the Chase Bank of its acquisi- tion is in obtaining representation in every important center throughout the world. ‘The balancing of strictly banking business with that of administering es- tates and other trusts is reported in the recent union of the National City Bank and the Farmers’ Loan & Trust Co. The merger of the Bank of America with Blair & Co. brought together an in- stitution with large deposits and a private banking house with both a na- tional and international reputation for the successful distribution of securities. ‘The centralization policy, however, is not stopping with the larger bank- ing corporations. Two significant de- velopments appeared in yesterday's news. One was the consolidation of the old investment house of E. H. Rol- lins & Sons with Howe, Snow & Co., a younger firm occupying an active place in the same field. About a year ago Wall Street was surprised to hear of the coming together of the two prom- inent bond houses of R. L. Day & Co. | and Remick, Hodges & Co., which had | been conspicuous for the distribution of | high-grade bonds in the New York and Boston territories. It is expected other houses themselves against the in security distribution and that addi- tional mergers will develop before the end of the year. Investment Trust Program. Still another phase of the same sit- uvation and one that reveals the scoj of the investment trust program. is report that control of Case, Pomeroy & Co., a firm that has made a reputa- tion in the past 10 years for its shrewd- ness in discovering hidden raiiroad equities, and which has shared with J. P. Morgan & Co. management of the Southern Rallway, has passed to inter- ests who dominate the $90,000,000. Se- lected Industries Co. This is the first situation that has so developed in which an entire business has been taken over by an investment trust whose usual practice is to purchase only a small | amount of the securities of a great many diversified industries. s ik i CHICAGO LIVE STOCK MARKET CHICAGO, April 10 (#) (United States Department of Agriculture) — Hogs—Receipts, 16,000 head. including 3,000 direct; market mostly strong to 10 | higher; top, 11.60 paid for a load of 237-pound averages; bulk of good and choice 160-350-pound weights, 11.25a 11.50. Butchers, medium to choice 250-300 pounds, 11.00a11.45; 200-250 pounds, 11.00a11.60; 160-200 pounds, 10.75a11.50; 130-160 pounds, 9.75a11.50; packing sows, 1).00a10.60; pigs, medium to choice 90-130 pounds, 8.50a10.50. Cattle—Receipts, 7,000 head. Calves— Receipts, 2,000 head; steady to strong trade on fed steers and yearlings; she stock mostly steady; top, 14.80; slaugh- ter classes, steers, and choice 1,300-1,500 pounds, 13.25a14.85; 1,100~ 1,300 pounds, 13.25a14.85; 950-1,100 pounds, 13.25a15.00; common and medium 850 pounds up, 9.75a13.25; fed yearlings, good and choice, 950 pounds, 13.50a15.00. Helfers, and choice, 850 pounds down, 12.50a14.40; common and medium, 9.00a12.50. Cows, good and choice, 9. #11.00; common and medium, 7.50 ; low cutter and cutter, 6.25a7.50. Bulls, good and choice (beef), 9.50a10.50; cut- ter to medium, 7.75a9.50. Vealers (milk- . and ice, 12.00216.00; medium, 10.50a12.00; cull and common, 8.00a10.50. Stocker and feeder steers, good and choice (all weights), 11.75a 13.00; common and medium, 9.75811.75. Sheep—Receipts, 16,000 head; market opening slow; early indications weak to 25 lower, with bulk fat lamps around 17.00a17.25; best held around 17.50; fat . | of prod indicated loss of $42,786,727 in 1927. ewes steady, top 11.50; clipped lambs, t'filns 5",Iz-pmuni shearing lambs steady Al .50. Lambs, and choice, 92 pounds down, 16.50a17.65; medium, 15.75a16.60; cull and common, 12.00a15.75; medium to choice, .92-100 pounds, 15.50a17.40. Ewes, medium to choice, 150 pounds down, 9.00a11.50; cull and common, 4.2509.25. Feeder lambs, good and choice, 15.00a16.75. FORD CO. STATEMENT SHOWS LOSS IN REVENUE By the Associated Press. BOSTON, April 10.—The 1928 finan- cial statement of the Ford Motor Co., filed with the Massachusetts commis- sioner of Co tions, shows a profit and loss surplus of $582,629,563, as of December 31 last, as compared with $654,851,061 for the year 1927. ‘The indicated loss of $72,221,498 did not take into account any dividends withdrawn during 1928 by Henry Ford, his wife, and Edsel Ford, the three owners of the company. It is belleved unlikely, however, that i .00; FINANCIAL. WOOLWORTH STOCK SPLIT VOTED BY DIRECTORS By the Associated Press. NEW_YORK, April 10.—Directors of the F. W. Woolworth Co. today recom- mended a 23%-for-1 common stock split-up and reduction of the par value from $25 to $10 a share. Stockholders the recommendation at a meeting May 15. Of authorized capital stock of $100,- 000,000 par value, there is at nt outstanding $97,500,000. Stocl lers are asked to approve an increase in the authorized stock to $200,000,000, which ‘Wall Street, however, that the company may distribute its British interests in the form of a stock dividend. ‘The present stock closed on the New York Stock Exchange yesterday at $214.67% a share, a gain for the day of nearly $6, and rose about $3 in in- itial transactions today. The stock was placed on a $6 annual dividend rate with ‘the first quarterly payment this year. Directors today declared the second regular quarterly dividend of $1.50, pay- able June 1 to stock of record April 25. R i o> COTTON PRICES FIRM IN INITIAL SALES| | Cloth Statistics Cause Bullish Tone, | but Easy Cables Are Dis- | appointing. By the Associated Press. NEW YORK, April 10.—Cotton opened steady today at a decline of 6 points to an advance of 1 point. There e WHEAT IS LOWER IN EARLY TRADING in Liverpool Quotations Proves Bearish Effect on Market. Drop BY the Associated Press. CHICAGO, April 10.—Influenced by bearish aspects of the United States Government crop report, wheat prices here underwent a decided setback early today. The fact that Liverpool wheat quotations were much lower than ex- pected did much to emphasize the bear- ish effect of the official crop figur easier, with corn starting %5 to 1% off, but afterward partly recovering. Although the Government crop re- port was but slightly different from- recent forecasts from leading private authorities, commission house selling here on account of the report was stimulated by dispatches at hand saying that sharp downturns in prices at Liverpool were due to the report being construed there as bearish. Good sup- port of the market in Chicago devel- oped, however, at around $1.20 for May | and brought about rallfes. Rains in Kansas and Nebraska tended also to give an advantage at times to- :Il.yrkuz the sl!llllmg A‘ld‘efi ofu the wheat et, especially as indications pointed to likelihood that rainfalis would‘fprena to most of the Middle West. In this connection field advices were in general auspicious and particular notice was taken of a m: e from a prominent expert saying that between North Platte and Grand Island, Nebr., wheat condi- tion was splendid, that the crop was a little late, but that the stand and color was bullish comment on Standard Cloth statistics, which showed sales 20.2 per cent over production with | an increase of 6.9 per cent in unfilled | orders for March. These figures ap-| part n:l& had either been discounted or | were offset by the relatively easy cables and rable features in the weekly report of the Weather Bureau. After some irregularity, prices eased off to 19.95 for July and 19.96 for Oc- tober. Active months showed net de- clines of about 10 to 14 points by the elzd of uL:e I‘n‘nclh‘t‘x’) haulr Selling was attribuf rgely to realizing or liqui- | dation through commissi house * *Private cables reported Jocal and for- | ivate cables re local and for- ign reall Liverpool on better | weather-reports from the South. ———e HARDWARE TRADE GOOD. NEW YORK, April 10 (Special) Market reports are practically unani- mous this week in conceding highly | satisfactory business conditions in the | hardware industry, Hardware Age will | say tomorrow in its weekly market | summary. Retailers in general have, been placing more liberal orders, an shelf hardware is forming a larg portion of them, while Spring merchan- | dise s, of course, in top demand. Sport- ing goods are noted among the very active lines. Obviously the more settled tempera- tures are responsible for the satisfac- | tory condition at this time. Building is not, however, as active as it was| hoped for, but optimism is felt for this branch of the business. | ‘The steel business and other major | industrial factors are operating at a high level, and this with the excellent | crop outlook is expected to keep busi- ness in its present satisfactory condi- | tion or bettsr. | Prices are firm and jobbers are con- tinuing to receive advances on products mu'; ‘which copper and brass materials enter. provement. | St Stock Change Made. NEW YORK, April 10 (#).—American Snuff Co. has notified the New York Stock Exchange that it is changing iL” common mxék from $100 par to four | S shares of i .1 | B3t Dlitiees: Soms to sulk Call Mr. Burns. CAFRITZ 1016 14th St. will Short build & your needs. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Mortgages Investments JAMES Y, PENNEBAKER Main 5328 1520K St. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 62nd Issue of Stock Now Open for Subscription Money Loaned to Members on Easy Monthly Payments James E. Connelly James F. Shea President Secretary Secured by First Mortgages Safe—Conservative 42 Years’ Experience m f1 eing homes and in the Make your savings and surplus funds work for you at curities. Wm. H. Saunders Co, Inc. t and to repeat the cent and 25 per cent which it paid h stock divi- ds actually add nothi to either the earning or asset value of s stock, the prospect of a stock split-up invari- imagination of in- Main 1016 1433 K ational Mortgage and Investment Corporation Capital $3,000,000 This Corporation Offers For Sale Notes Secured by First Deed of Trust On District of Columbia Real Estate ‘These notes are absolutely !fly guaranteed lLy this corporation. Denominations as low as $250 | Collections are showing a slight im- were above ave! 1 s rage for this time of the — GUARANTEED 6% FIRST TRUST NOTES Secured on new Brick Homes in North- west Washington—Occupied by OWhers CAFRITZ 1016 1ith St. Main 9080 = ———————— Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Construction U, Reasonable Interest and Commission les JAMES F. SHEA 643 Louisiana Ave. N.W. | Guaranteed 6% | First Morigage l Notes Secured on Income- Producing Properties in the District of Columbia and Nearby Maryland i District National Securities Corp. Suite 303-307 Telephore Main 2994 District National Bank Building Mortgage Money Always ready to give prompt con- sideration to any application for loans for construc- tion or refinanc- ing. Low rate of interest and commission B. F. Saul Co. M. 2160 925 15th St. BAFETY IS WORTH A FEW MORE PENNIES Tires! They pay dividends in mileage and Safety.” safe investments and are 6% Interest A Special Service Is Offered to Investors ‘National Mortgage and Investment Corporation ; 1004 Vermont Ave. N.W. Main e 5833 - e