Evening Star Newspaper, April 17, 1929, Page 13

CURB SHARES GAIN . INBRISK MARKFT .Volume of Trading Still Small, : but Several Groups Show, Gains. BY HARRY II. BECKER. Epecial Dispatch to The Star. NEW YORK, April 17.—Although trading continued more or less timid, prices staged a fairly brisk advance on the Curb Exchange today. Activity failed to broaden. Striking strength was displayed by a number of high priced ndustrials, a few | of the metal issues and various utilities However, group movements were again lacking inn uniformity, while realizing at list an appearance Corporation of America of interest, climbing ts on top of its Aluminum held the conter more than a cozen poi previous rise. The movement was & reflection of the excellent earning out- Jook of the company. Last year's profits were more than twice those of the pre- ceding 12 months. Bendix Corporation moved sharply higher, following announcement that a £pecial stockholders meeting will be held May 7,to vote on exchanging the stock for that of the Bendix Aviation Cor- poration. he advaneing tendency was also quite impressive in stocks .like Libby Owens Gless, Saf-T-State, Zenith Radio and Union ‘Carbide new. Tlustrating the highly irregular char- acter of the trading, rather severe de- clines were suffered by a group of is- sues unrelated to each other in a busi- ness serds>. Newton Steel came down nts despite advices that quarter earr s will establish a new quarterly record and that application wolud, be. made to list’ the issue on the stock ex s that Standard Oil of Indiana Ter to acquig the minority stock st in the Pan- American Petroleum & Transport Co. falied to stimulate any activity in the former issue, which was selling almost on a par with the other. Indiana al- ready owns & majority of the Pan- American stock. The offer, according to the rumor, will be on a chare-for- cept for some strength of Ohio the petroleum di- viston was devoid of feature. Trading in rights to subscribe to the new offering of U. S. Steel common started at 10:30 o'clock with the price fluctuating t ecen 5% .and 513 prac- tically all @ n the specialty di- vision, Cela Arcturus Radio Tube Rainbov s, Hi e, Ameri- | can Roll Mills and U. S. Freight Not much change was were high: Ford of Canada or in the witnessed i aviation GERMAN BONDS AND STOCKS 1 NEW YORK, April 17 (Special).— Bid. Asked & &5 pre-war ne 4 : z American rth German Lioyd 473! Kruph 55, 193 Dusseldorf 4s pre-war Erankfort, a-3 45 pre-war AE G (G Ge Flet Commerz and Privat Bank. 1 G Farben ... tae Chem Mercur Bank Vién: North German Lioy Noririen ATE G (oo Eiee) Rudolph Karstadt. Washmgton Stock Exchange SALES. “A"—8$200 at 10213, “pfd—2 at 107%. Fed -Amer. Co. com.—10 at 53. Mergenthaler Linotype—10 at 1073%. Security Stge. Co—10 at 121. AFTER CALL. Pot. Elec. 65 1953—$1,000 at 107%. Wash. Gas 6s “A"—S$1,100 at 102%5. Peoples Drug Str, pfd.—5 at 117. Pot. Elec. cons. 55—$1,000 at 10115, UNLISTED DEPARTMENT. Chapin Sacks 8% pfd.—5 at 108%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telea. 4% Tél, ~ Telga, 3" Wash. Gas 6s Wi 16t Potomac Elec. 1st 58 Potomac Elec. Con: Potomac_Elec. €s 19 Wash. Alex. & Mt Parber & Ross, Inc., 6los Cham-Vanderbilt Hotel: 8 Chestnut Farms Dairy 6! Chevy Chase Club £128. D. C. Paper Mig. 68 Pot. " Joint Stock’ Ld B Wash. Mkt. Cold Storage i ‘Wash. Cons. Title Co.. 6s. STOCKS. PUBLIC UTILITY. Amer. Tel. & Capital Traction Wash. Rwy. & Eléc. pfd. NATJONAL BANK. Nnfl(m'\l Cnbilll . Columbia Gommercial " District Federal-Al Uberty . Lincoln National ' Meiropoiitan. Rigss . Second” National i TRUST COMPANIES. American Security & Trust Co.. 45 ntinental Trust erchants’ Ba ations] Sav nion Trus! 5/ 9 285 1 Elec Ahta votins A cvt pr pt 22 u Vot Ma evi Anm # 2 Baxter 9 Bendix Gore o 2 17 2 1 3 2 15 Vs 4 z Bliss E C $ErR & Mraiton, riggs St Btar Elec Burma_Corp n Marconi W Gont Pub 8 A Cent Sta El conv pid 132} 2 Chain Btore Stoek. Check Cab Mf Commonwlth onsol Film Consol_ Laund - plamond n Fireprig n Laund i b Ser Seal Stal B ris'w nan_Sachs n b Ma .. THE EVENING Intl Pow See T8 secmnras a3 Thterse N %0 v 10" g ntersta row S8 80 92 In Neb L&P 55 A ‘87 92% 1Kans G& A fll 41100 o & X 202 ufi% it 4, ow Cor N Y 5! ichfid Oil 8%4s '3: 00 100 roca Cent P os A ‘b3 u o San An P 8 5s B '58 08'2 93% 9%y StLGa & Coke 8547 80 88 88 Seripps E W 58 941 981 94%4 Scrvel € ‘el Bs e, 70 7 17l 1Sha W & P alys A 67 92% 923, 929, 96 . 95 +95 6 Shawsheen 75’31 52 1 Valvoline Ofl s '37.. 103% l Westv Chlor, fl'u '81. 102 1 Westn Pow 5'a: 115'% 10 Wheel Stl 4125 B '53. 86l FOREIGN BONDS. Sales in thousands. 10 Agri 1Berlin C E 6153 " 13 Buenos Aires 1Cauca, Val 75 A‘Im SHOBT TEBM SECUBITIES (Reported by J. & W. Seligman & Co.) b Allis-Chal Co- s 1037 i Ot Super, s-Chalmers Co. 65 1 I Key f\'mmz Aluminum Co. of Awer, 3 1953 1017 10154 2 4, 165 | American Tel. & Tel. Co. 45 1020 99% 995 2 Lib 1842 185 | Anacouda Copper Min. 63 1953. 1047 104% Li 21~ 21, | Baitimore & Ohio 4%as 1933... 87 §7)2 2 Lon) i 80. 501 Batavian Let, Corp. 4as 1042, 9113 [onlsiana Land ‘& Bk 9% 974 | Bell Tel. of Canaau 6s 1955... 10014 101 7 Marconi Intl Mar.... 2114 2134 | California Pet. Corp. 5'ss 1933 100%s 102%4 Marc Wire Lond B 208 agian Nat. Rwy. 415 1930, 99 ' 9912 2 Marion Steam Shov n 2734 28 | Canadian Nor. Rwy. 4fss 1935, 96 emphis Natl Ga 18% 14% | Chesa. & Ohio Ruwy. 4'as 1030 99 nmmccchnu S( ,A.g Chicago Rock slnnd 4: m 5 3;'. 2 Metro Chain St 7 2 Met 3¢ & S . 8 8 7 971> 8% i W Ed e ped 1 n Bos: 35 133 8612 9 o4 Missouri Kans Fipel 33 32 | Gen. Mot. Accep. o, S 1037 101, 102 3, Moh Hud P 2 pf 10334 1033 | General Pet. Corp. 55 1940 10018 101 6 Montecat deb rts 3i0 goy | Goodsear T. & R. 55 1057, 6334 693 | Grang Trunk of Canadn 6s ; £43s 88, | Gult oil of penn. 55_1937 2204 2204 | Humbl- Oil 51as 1032 3712 302 Internat, Match qun 85 1047 301z 39'3} Oregon short Line 1920, 0 3302 4, | Pure Oil Corp. 55 0 32 e ENeD Ohion On o s 1041 834 237¢!8inclair Crude Oil Co. 5z % 12 2 1 2 2 “hund 1 5 9 Sales in hundreds. 2 1 Rohintion Loan & Hrist: BAVINGS BANK. ! Bethesd: | Dhited Washington Mechanics' ! pmerican rco; iremen | 1 ot ! c £ rm.. yd. - iy 'i o> e 3ot B B3 e 0391 et itoca o 902990009900 25 g o @ Amer A\mnnr- 1st prd. P conv part €3°a €3% 63!z l.'mnug Motors A+ B° B iiboard Motors B0 J2a 13 13 29 29 M fw ‘ . 3 Bl & Lake Brie. IRy Rainbow _Luminous Repetti Can: Reynolds mm vt pd 0 nonmen“!' 16 2 St Regis Paj 3 Selected Ind us Inc: Select ind Inc pfd.. 8 ety Control 173: Vi Sikorsky Avia Silica_Gel ctfs d P Stein Cosmetics 17t Sterling Secur pd alt 11'4 Thermoid_ . 301 Yellow Taxi FeaRn Radio %d: MINING STOCKS. “Atizona Globe C. 5 Cons Cop Mines. Cresson Con Gold. Wendon Cop’ INDEPENDENT OIL STOCKS. Am Con Oilfids. .56, .58 Nat. Fuel New Braflf\ord o 127 R & p 5 A 150 u la Pow 4% filaed Pk 8s '3' 24 ig- % & k% 2ge i :uiz o ”_fr" i ik Jfi! ! + Soutnern Pac. K. R. Co. 43 Standard Qi N, Jersex’ o5 10 % 5s 19, Bhion &1 Co o, ERiir, 341635 United Drug Co. 55 1953. . 95%a Western Electric_Co. 55 1943.. 102 Wheeling Steel Corp. 5'as ma 9% FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selline checks value (orpar). _toda 48305 485 ’3‘ 90t London, pound Paris, 'tranc. rsaw, zloty Cupmm-cn Qslo, _cro swckhal\n. Perowi TREASURY CERTIFICATES. (Revorted vy J. & W. Bellgman & Co) | Rate—Maturity Alas Jane 18 00332 903133 Bept. 15, 9929-32 100 3-32 Sept. 13/ 0 22-32 99 24-32 4%s Dec. 15, 99 19-32 3125 Mar. 13, 32 9631-32 3tas Bept. 15, 96 29-32 3148 Dec: 150 903633 06 3033 DROP “BRITISH” SHARE PLAN. LONDON, April 17 (#).—Plans of the British General Electric Co. to issue 1,500,000 new “British” shares have been definitely abandoned, the Asso- ciated Press learned on the highest au- thority today. - The British Forelgn and Colonial Corporation, which originally was slated to handle the issue, said that it had no information and could not make any statement on the matter. Thomas L. Chadbourne and Herbert Bayardswope arrived in England several weeks ago to present the claims of American stockholders in the company. Pig Iron Price Raised. NEW YORK, April 17 (#).—Merchant pig iron producers in the Pittsburgh dismct and the Youngstown Sheet & Tube Co. and Bethlehem Steel have advanced the price of pig iron 50 cents s ton. The new prices are $18.50 for ic and No. 2 foundry and $19 for esemer. Baltimore Markets Special Dispatch to The Sta BALTIMORE, Md, April 17—Pota- toes, white, 100 pounds, 65a90; new potatoes, bushel, 1.25a2.00; yams, barrel, 2.00a3.25; sweet potatoes, barrel, 2.00a 3.25; asparagus, dozen, 2.5026.00; beets, crate, 2.5022.75; beans, bushel, 1258 3.00; cabbage, hamper, 50a1.25; carrots, bushel, 1.50a1.75; celery, crate, 1.25a 2.50; caulifiower, crate, 1.50a2.25; egg- plant, crate, 2.00a3.00; Kkale, bunhe!. 20a35; lettuce, hamper, 75al.75; lima beans, bushel, 3.75a6.00; onions, 100 pounds, 1.50a4.00; peas, bushel, 1.00a 1.75; peppers, crate, * 50a3,50; radishes, bushel, 1.25a1.75; squash, crate, 1.75a 3.25; spinach, bushel, 30a60; wmm.oes. crate, u;guso nppleis,zsbuahel 75a2. b?:n grapefruit, box, 2.00a3.25; oranges, box, 2|2.2504.00; strawberries, quart, 15a25. Dllry Mnket. poun e A it Ss0. blocks. Al P y H loc! Q'IMDH.1 35a3 :nwre acked, 32a ts, 33034; Poultry, b poor. 3038 old hens, 32433, thin anc a: H Pt Eggs—] mc Teceipts, iouz. Hay and Grain Prices. Wheat—No., 2 red Winter, garlicky, spot, 1.24; April delivery, 1.24. Corn—! wt, April delivery, no otations; N 2 yellow, domestic, spot, .08; ‘cob corn, 5.75 and 6.00 barrel. ‘Oats—No. 2 wnloe..dameflc eom%. No. 3 white, dames| “land the weakness in speclal groups, 5 !such as the coppers, which today were » | improvement this year? o |late industrial eénterprises and public 5 | new capital? 9913 |adjust themselves to a level nearer to STAR, LESS SPECULATION INSTOCKS 15 SEEN Gradual Readjustment of Market Expected by Wall Street Observers. Spectal Dispatch to The Star, NEW YORK, April 17.—Bankers and business men who have been closely ob- serving the trend of the stock market since the March break in prices are asking the following questions: Will the slow sagging down of stocks distinctly weak, eventually result in discouragement on the part of the pub- lic stiil holding their securities and pro- duce general liquidation? ‘What will be the effect orr industry of a sharp readjustment in stock prices? If liquidation permanently —eases money rates, will the sequel of it be a sharp recovery in bonds, which have already begun to show the first signs of If bond prices go on advancing, will it be possible to resume the fiotation of new securities held back on account of money rates and will this tend to stimu- improvements long restricted by lack of | Business and Securities. It is obvious that the business situa- tion Is closely tied in with the move- |ments of securities and that the one will be affccted by the other in the next few months. Evidences are accumulat- ing that the public has become some- what weary of the Wall Street game. | Having failed to make the profits to which it wes accustomed during 1823 and at the same time being compelled tto pay a high carrying cost, the public is gradually withdrawing from the mar- ket. On the other hand, there is no proof that it is disposed to dump out its stocks. In fact, there are many in- | stances noted by Stock Exchange houses where customers have either taken up | their stocks or increased their margins to a point where they cover more than half the going prices. ' Neither are there signs of general business reaction due to the recent de- | cline in stoeks. Outside of the contrac- tion in certain lines of building, the reaction from an over-cxtended posi tion in copper metal and a program for a smaller output of automobiles during the Spring and Summer months, most lines of industry exhibit a healthy tone and are apparently undisturbed by spec- ulative and credit conditions. The Situation in the bond market | represents buying by institutions that | came to the conclusion two weeks ago that prices were low and that even though money rates remained firm, it was advisable to begin accumulating bon General Conclusion. ‘The general conclusion of those who have. studied the situation from the standpoint of the above factors is that speculation in stocks from now will be on a smaller scale; that groups of stocks that have been over-inflated will re- actual values, while others will sep- arate themselves from the general list and advance; that there is no pro- nounced liquidation or any serious trade disturbance in sight, but that money rates will continue high for some time and prevent a resumption of new financ- ing on the scale of 1 27 or 1928. PARIS DEBT PARLEY WATCHED IN STREET By the Associated Press. NEW YORK, April 17.—Wall Street, coasting along _with 3,000,000-share days, is noting for the first time the Paris reparations conference and its relation to the American bond mar- ket. With General Electric’s Owen D. Young and Wall Street’s John Pier- pont Morgan sitting in at the meetings, reports of large scale foreign bond flo- tations have been current. Now some of the larger investment houses are driving home the point that the conferences were not called to sell bonds but to fix how much Germany must pay the allied countries. When this sum is determined, bonds are expected to be issued to the coun- tries involved to the amount of their approved clamis against Germany. Many of these countries may attempt in the near future to pay off their debts to the United States with the bonds, but for the time being Wall Street expects the obligations to rest in the various government strong boxes, drawing interest. Later, when the money rates get to a point to make bond buying attrac- tive some are expected to find their way into American safety deposit boxes. ! POTATO MARKET STEADY. CHICAGO, April 17 (United States Department of Agriculture) —Potatoes- Recelpts, 63 cars; on track, 30; 157 ol total United States shipments, 641 car: new stock trading fairly good; market weak on sacks, about steady on barrels; Texas, sacked Bliss Triumphs, No. 1, 4.25a4.50, mostly 4.25; Florida, barrel, Spaulding Rose, No. 1, old stoek, trad ing good on Idahos, fair on other stoc! ‘Wisconsin, sacked round whites, 60a80; fancy shade higher; poor stock, 50; Idaho, soacked Russets, 1.55a1.85, mostly 1.60al. ‘There are 'four llneum clubs ln Wellesley. OF A TRUST men who are farsighted, create trust funds. They re- alize the many doubt- ful things. that may be presented to their heirs, and the necessity for guarding against them: Business is at your service LIBERTY NATIONAL BANK BY KENNETH 8. VAN STRUM. NEW YORK, April 17—The present I'gh rate of pig iron production has bzen surpassed only once, in 1923, More steel ingots are being made than ever before in history. Aftention is focussed on earnings of the principal iron and steel companies, which will show large returns for the first and second quarters. But after the seasonal peak of activity is reached in March, April and May, earnings are more uncertain. Central Alloy Steel. The Central Alloy Steel Corporation, the largest maker -of high-grade alloy steels in the country, was formed in 1926 to merge the United Alloy Steel Corporation and the Central Steel Co. In the three years the company has been operating it has consolidated its prop- erties and increased their efficiency un- til today Central Alloy operates as a unit from the manufacture of 'Fig iron to the sale of steel products. Through its subsidiary, the Berger Manufactur- ing Co., it also manufactures fabricated steel products, such as metal furniture and office equipment. Central Alloy's steel mills are in Ohio but it has ware- houses and branches in strategic dis- tributing points throughout the country. ‘While Central Alloy has been im- proving its original products, it has also proceeded into new fields with gooe success. Only a few months ago the company . began the manufacture of chrome nickel into semi-finished shapes. Other new.products are “Toncan cop- per,” a rust-resisting metal; “Enduro” stainless steel and many other steel al- loys which are rapidly gaining popu- larity in the hardware, automobile, ofl, raflway equipment, building and avia- tion industries as new uses are found. ‘The company’s most recent move of interest is its entry into the Krupp Nirosta patent pool, which was organized for the purpose of interchanging alloy B9 patents between certain American com- | panies and the Krupp works in Ger- many. 401"t CENTRAL ALLOY [ CRUCIBLE 80 |ln||l'||m.-.I jithae 90 1928 Although spending more than $13,- 000,000 in properties and developmehts these last three years, Central Alloy has kept in strong financial condition. Compared to a balance sheet total- ing $75,000,000, bonded indebtedness amounts ta only $4,000,000. Aside from this there are 10,000,000 shares of 7, per cent cumulative preferred ahead of 1,296,371 shares of common. During its first two years, the com- pany earnings were $1.98 and $1.57 a share, 1In 1928, howcwr they- rose to $324 a share it .. official- ly stated that for the nm quarter of 1929 earnings will reach a record high. Earnings for the balance of the year | naturally will depend upon the ac- tivity of business in general, and while earnings may decline somewhat the growing market for the company’s new pmducu should help to offset such an even Almough the $2 dividend paid on the common was not earning during the WASHINGTON, D. ¢, WEDNESDAY, APRIL 17, 1929, Ey the Associated Press. NEW YORK, April 17—New security offerings today included: $17,500,000 Southern Citles Public Zervice Co. 6 per cent convertible gold debentures, dated May 1, 1929, due 1949. Offered at 99 and interest. $3,000,000 Royalty Corporation of America 12 per cent participating pre. ferred stock, $10 par value, Offered at 815 a share. 100,000 shares Corron & olds Corporation, $6 cumulative convertible perferred stock, series A, no par value. Offered at $100 a share and dividend. $642,000 Wake County, N. C, § cent gold bonds to yield from 5 to per cent, according to maturities rang- ing from 1931 to 1959. $640,( 000 City of Toledo, Ohio., 4? and 4% g per cent bonds, priced to ylea 4% to 5 per cent. SILVER QUOTATIOH S. NEW YORK, April 17 ().—Bar sil- ver, 5573. Mexican dollars, 4214 first two years, last year's earnings covered the dividend by a comfortabic margin. At 48 the stock yields 42% and. sells 14.8 times last year's earn- | ings. | Inland Steel Company. ‘The Inland Steel Co. has been opera- ting for 35 years in the territory around Chicago, and is now the second Jargest producer in- that district. Its| activities cover many branches of the | steel business from mining its own ore and coal, carrying them in its own steamships to ‘its own blast furnaces, and so on ‘to the actual production of | many steel products. Being a low cost producer and a2 pioneer in the fleld, it has ncquircd‘ such a firm foothold on the Chicago business that most of its products are sold within a short distance of its mills. Furthermore the company has diversi- |fied its products so well that its earn- ings, compared to those of most steel companies, have been fairly consistent. | The company has steadily improved | its financia! condition and early in| 11928 when bond conditions were favor- | able ‘it retired its 7% cumulative pre- | ferred steck by an fssue of 41:% bonds | maturing in 50 years. This is the only obligation ahead of the common stock. Since 1922 earnings have risen from ! /8113 a share to $7.63 last year and' | have averaged $4.42. The dividend of | 1$3.50 is thus well covered. It showed a | vield of 3.8 per cent at 92 and is selling | | at 12 times last year's earnings. | + Crucible Steel Co. “The Crucible Steel Co. of America was formed in 1900 to take over many | smailer steel companies located in the | | Pittsburgh district, New Jersey and New | York. The combined companies manu- 4 facture a large part of the crucible steel | | produced in this country, as well as| electric and open-hearth steel and iron. Its principal interests are, therefore, closely allied with the consumers of | high speed, stainless tool and other spe- | clalty steels. |~ While Crucible has always managed |to show good profits when business in general was favorable, its earnings have fluctuated rather widely. For instance, in the last seven years earnings ranged fl;o;% $2.70 to $8.72 a share, averaging If the company had paid out a smaller proportion of earnings in divi- dends, the stock might have been steadier in price. As it is, during those | vears the company first paid no divi- | dend, then the company paid $4, raised it first to $5 and then to $8, only to reduce it last year to $5 again. Although dividends have been earned | regularly, the element of uncertainty |about the dividend rate caused the stock to fluctuate widely. This uncertainty is probably the explanation of why the stock sells on a lower yield basis than most steels. At present it yields 5.6 per r offerings were absorbed by covering, FINANCIAL. COTTON PRICES SAG . ON INITIAL SALES! Favorable View of Weather News and Easy Cables Cause Setback. By the Assoclated Press. NEW YORK, April 17.—Cotton opened steady today at a decline of 6 to 7 points under rather general selling, which was evidently influenced by a | favorable view of the weather news and relatively easy Liverpool cables. Early with both trade and speculative sherts reported buyers of near months. But there was considerable cotton for sale and bulges of 2 or 3 points were not fully maintained. ‘The market was barely steady at the end of the first half hour. ‘The outlook for clear weather over the belt was accompanied by prospects for rather low temperatures in the Eastern belt. This was not considered of much importance so early in the season and the weekly report of the Weather Bu- reau seemed to be more favorable than | GOOD BUSINESS YEAR SEEN BY STEEL OFFICIAL By the Associated Press. CITY, N. Horace 8. W) chairman_of buanl of the Crucible Steel Co. of Amer- ita, told stockholders at their annual meeting lnduy that there is every in- tion that business L, t et 'lll wnnnun to a sl ron' bal- holdert‘ b ywfllo u’h‘} ll - 1 ”eto may reasonably look forward additional dividends. % “Earnings for the first quarter,” he said, "exceeded any quarter since the depression in the industry in lflll, lnd | are double the same quarter of It is graumnu to report that the out- look for materially increased business in the more recently umm lpedllty steels is excellent. The steels which clude those of the eorrulu-rulmne‘ :.Aype have almost unlimited possibili- es. Owing to reduced earnings in the first half of 1928 the annual dividend rate on the common stock was from $6 to $5 in the third last year, but Mr. Wilkinson ine that conditions had compietely changed since that action was taken.” A few weeks ago, in commenting upon the fact that the company held 18 per cent of its total common stock in its treasury, he said action upon a stock dividend | successtul flight against some recent buyers had nn!lcipll!d‘ should be forthcoming soon. Coal Output Estimate. NEW YORK, April 17 (#).—Esti- 'DOWNTURN IN WHEAT | VALUES CONTINUES | 5 SR for thveek encea ‘apri | 13 was 8,200,000 net tons, according to ‘Xm clampnnt:’on é\f the Nl‘luth:‘l Coal o i ssociation, based on preliminary car Fresh Setbacks Ocour at Opening. | {i25008t0% Pesed, 08 Droduction rate | was approximately the same as during Market Later Becomes | the preceding week. Steadier. CHICAGO DAIRY MARKET. CHICAGO, April 17 (#).—Butter— | Higher; receipts, 5231 tubs; creamery 44; standards, 44; extra firsts, seconds, 41a recelpts 20,792 firsts, 26a By the Associated Press. CHICAGO, April 17—Fresh dow: turns in wheat values took place ear today owing to continued selling out of holdings purchased on prospects of ad- vances because of farm legislation. Re " Eggs—Higher; extra firste, 272272 ative steadiness of the Liverpool ma: ordinary firsts, 241582515, storege ket, however, helpad to check declines | PACKed frste, 2 storege packed 1 h Y here. Opening % to 134 off Chicago e weak oot A case: Toosters, 21%; wheat afterward rallied somewhat. Corn | developed_strength starting at 7 de- cline to 3 advance, and subsequent Oats Y. Peultry, 3 rising all around were e Provisions t: |0IL CDNPANIES SOLVE : WATER WASTE PROBLEM | By the Associated Press. LOS ANGELES, April 17.—An \.n-‘ 1 common en- emy in the oil fields, the dis | waste water, has brought togef | operators of Southern California’s oil | projects in the formation of two co-op- erative, non-profit companies to elimi- nate the evil. | The systenis, similar to sewerage dis- | | posal plants, have been installed, onc | each in four fields, at a combined cost | of more than $600,000. Nearly $100.- | 000 was spent by the operators in hook- ine up their lines and they will pro- rate the cost of upkeep, amounting to ! more than $50,000 annually —_— | INVESTMENT COMPANIES ! BECOME INTERNATKONAL}’ By the Assoclated Press. | Big European investment trusts are| experimenting with a new type of in- ternational orgenization designed to en- | able trusts in various countries to co- operate with each other. | The Department of Commerce un-| derstands that one group has alrea been formed which includes Swiss, Be gian, French and English concern: Each agrees to share its investmen with the rest. The purpose is to give each com- BAFETY FEW diversify in investments —but not in TIRES.” cent at 89 and is selling at 13 times last year's earnings. (Copyright, 1929.) CAI-L write or drop into our mearest business office today and t8ll us to putinan extension for your wife. She’ll appre- clate it.{" pany the benefit of close, constant con- tact with the securities markets of | other countries. —i-HERE’S no running back and forth from desk to desk and room to room just because yon haven’t tele- phones enough to go around. Not in your office. ‘Well, how in reason then, can itbe right for you to overlook the one simple act that alone can give your wife the tele- phone convenience you now enjoy at the office. But, need we preach a sermon —you know how it is at the office, how extensions bring the call to you, withouta moment’s delay or an un- necessary step.. Well, that goes at home, too! THE TELEPHONE WAY 15 THE WAY OF TODAY, \ THE CHESAPEAKE AND POTOMAC TELEPHONE COMPANY 5