Evening Star Newspaper, April 19, 1929, Page 14

T80.CUTS MELON ! I STOCK RGHTS 1‘7600,000 Valuation to [ Holders Is Placed Upon New B’;,’ ‘Capitalization Plan. . ";;‘“ * ‘BY EDWARD C. STONE. " Directors of the Chesapeake & Ohlo | Railway yesterday cut a “melon” in rights worth about $7,500,000 when they ffered common reHolders of rec- ord April 30 the right to subscribe for 300,000 addi- tional common shares at $100 a share in the ratio of one new for each four shares now held. ~~ ‘This issue, which has been approved by the Interstate Commerce Com- amission for effect- 4ng what is left of the old Nickel Plate merger, will pro- vide $30,000,000 with which to pur- chase a controlling stock interest in the Pere Marquette at $133.33 a share. “ The rights to the additional stock will expire July 1. Holders of the Series A stock, in order to avail themselves of subscription rights, must convert their ;relened into common stock on or be- jore April 30 en a share for share basis. 'The original issue of this stock made in ¥922, consisted of 125,585 shares. ' Of the 1,200,000 shares of outstanding Chesapeake & Ohio common about 600,- Q00 shares are held by the Chesapeake Corporation, a holding company con- trolled by the Van Sweringens. ‘With Chesapeake & Ohio selling at #iround 226%; on the New York Stock Exchange, rights are worth $25.35. Bankers Get Certificates. : Certificates for completion of courses #nd awards for the finishing of certain $tudies were awarded at an open meet- ing of Washington Chapter, American Institute of Banking, last evening at the new McKinley High School. James A. Soper, chapter president, conducted the ceremonies, the program being a very busy one. Following the presenting of the vari- ous awards, the Security Club of the American Security & Trust Co. present- ed the play, “The Whole Town's Talk- jng,” in a manner which delighted the PBig audience. The arrangements for the entertainment were in charge of the chapter’s women's committee, of which Miss Mabel Royce is chairman, she ‘being assisted by Judith M. Fishburn, vice chairman; Hilda Shomo, Esther | Lau, Alace H. Whitten, Laila M. Sloat, Eleanor Dankmyer and Mildred Wood- ‘cock. Those participating in the play were Clara Gainor, Mary Hughes, W. A. Cady, Walter Jones, Francis Carrick, Paul Vanderbilt, Bruce Carpenter, Elsie Mt Fadden, Virginia Herron, Thomas How- | ard, Helen Souder, Roberta Offutt. Serving as ushers were Stuart S. Ogilvie, Clivie F. Wilson, Arthur C. Harmon, Robert G. Whitton, Charles W. Werden and Nelson Stokes. Brawner Made National Director. At yesterday’s meeting of the Nation- 4! Dairy Products Corporation Henry N. Brawner, jr., president of Chestnut Farms Dairy, Inc, was elected to the -board. This is a distinct honor to the Washington man, as National Dairy Products is one of the largest firms of the kind in the country. The action Was taken because of the recent affil- jation of the local dairy firm with the larger organization, Mr. Brawner still acting as president of the unit in this city. Mr. Brawner has been at the head of ! Chestnut Farms Dairy for nearly 30 years. About a year ago the firm put out an issue of $1,000,000 in preferred stock through the office of Crane, Parris & Co. This issue was recently redeemed at 110 and interest. Holders of the common stock were permitted to ex- ghange it for stock the National Dairy Products Corporation. The latter company now has sub- Ssidiary units in 1600 cities. It was ‘ stated at the meeting yesterday that business has shown substantial im- rovement so far this year, and that he 4 per cent annual stock dividend on the old will be continued on the new stock. Railway Preferred Leads Market. ‘Washington Railway & Electric pre- rred stock led trading on the Wash- ling Exchange today in a market in fwhich bonds were more active than ost of the stocks. Railway & Electric pened with a block of 40 shares sell- g at 9715, Two other sales, involving 5 .shares, were also recorded at the me figure. Potomac Electric 514 per cent pre- erred was in favor to the extent of *8 The 6 per cent pre- sold . Gas Light s sold ex dividend at 106 one small transaction in Capital jon at 983%. Sixty shares of Real Mortgage & Guaranty preferred James A. Soper. ¢ gto) 103 and 1021;. Series B Gas 6s orded a $500 transfer at 104%2. - Railway & Electric 4s were the most pular bonds today, two $500 sales nld one $3,000 sale taking place at 614 Heard in Financial District. In connection with next Wednesday’s titute forum at the Raleigh, h!fle ress by Undersecretary Mills on “Fed- al Financing.” Reservations must be before 9 o'clock Monday morning. D. W. Plerce, manager of the Wash- gton office of the Toledo Scale Co., ports that the concern has bought a ew 80-acre plant site, the investment volving an outlay of $500,000. A new tory is to be ready for use on Jan- ary 1. This: afternoon’s meeting of the jardized forms committee of the “Biinkers’ Associal Ing forms in order to have nd ready for the annual June con- ention. During the past week, a total of 37 financial inquiries have been answered the Better Business Bureau as a re- 1t of its “Before You Invest—Investi- te” program, bringing the total num- ber of inquiries answered to date to ,002. | & President Wade H. Cooper of the Continental Trust Co. and of the United tes Slvingi Bank is now serving as member of the board of directors of Nashville Conservatory of Music General level of wholesale prices owed a slight increase in March;' Bu- o tistics reports. Abitibl Power. Aoitibt P> pf(8 Abrahmé&Strau 'y pf.. Ahumada Lead.. Air Redetn (13). Alr Way El (2).. illx Rubber. ... Al Alleghany pf 5% Allled Chem. ... Allled Cm pf(7). Allis-Chalm(1). Amerada(2).... Am Agricul Chm Am Beet Sugar.. Am Bosch...... Am BrSh(h1.60). Am Brown Bov. . Am Brown Bo pt Am Can (14).... Am Can pf(7)... AmCar&Fdy(6). Am Chain pf(7). Am Chicle (2). 132 709 96! 93% 2% 106% 0% 8 & Am Hawa 8S(1). Am Hide & L pt. Am Home Pr(3). Am Internatl $2. Am LaFr&Foam Am Locomot(8). Am Ma & Fy(4). Am Metals(3). . Am Nat Gas pt 7 Am Piano pf.... AmP&L (11).. AmP&LDf sta 5. AmPo&Lt pf(6)) Am Radiator(5) Am Ra&Std San. Am Ry £x(6) Am Republie Am Saf Raz\r0). Am Seating(3).. Am Sm&Ref(4). Am Stl Fdys(3). AmWW&El(el).. AmWW1st p£(6) Am Wool . Am Woolen pf. Am Writ Pa ctfs AmWTitP p1(3). Am Zine. Anaconda (7 Anaconda (new) Anaconda (rts).. Anchor Cap 2.40. Anchor pf (6%). Andes Copr (3).. Archer Daniels., Armour Del pt 7. Armour 111(A).. Armour I1i(B).. Armour 111 p£(7) Arnoid Con & Co Art Metal (1%). AssoLryGiZi). Asso DG 1st(6). At Guit & WI.. Atlan Ref(11%) Atlantic Ref rts, AtlasPowder (4 Atlas Pow pf(6). Auto Sales. Balto & O(6) Balto & O pf(4). Bambgr pf(63%). Bang & Ar(3%). Bang & Ar pf(7) Barnsdall A (2). Bayuk 1st p£(7). Booth Fish 1st.. Borden Milk(6). Borg-Warnr (4). Briggs MIgFCo, British Empire. . Brockwy Mot(4) Bklyn-Ma )ee BklynUnGas(5). BrownShoe(2%) Brunswick B(3). Brunswick Ter.. Bucyrus(1)..... Bucyrus ev(2%) BurnsBros pf(7) Burroughs (15). Bush Ter ae(7).. Butte Cop & Zino Butte & Sup(2).. Butterick Co.... Byer &Co...... By-Prodets 12%. Calif Packg (4). Calianan Zine. .o Calu & Ariz (6). k | Cal & Hecla(4).. Can Dry (t4%). Can Pacific(10). CannonMills2.80 Car Cl&OU sta(5). anagh-Dobbs lotex Co (3). Celotex pf (7) Cent Alloyt2).. Cent Alloy pf(7) Cerro de Pas (6) Cht Yel Cab(3). Chickasha(3)... Childs(2.40).... Chile Cop (334).. Chrysler Mot(3) City Ice (3.60).. g:ly Stores new. o Colilns & Afikmn Col Fuel & Iron. Col Sou 1st(4).. Col Gas (2) Columbia Graph Col Carbon f4%. Com Credit (2).. Com Cr pfi1%). Com Cr pf B(2). Cong Cgrs (6).. Censol Cgrs (7). ConCigprpf(6%) Con Film pt(2)... 1 Atl Coast L(110) 45% 11t 40% 35% 140 117% 25% 567n 115% 121% 44 Certain-teed Pro 20% Certo Corpn(3). 61 Chi & Alton pf.. 18% Ches & Ohio(10) 225 86% 18% 52% tP.. 325 Chi Mil & StPpt 53% Chi&Nwn (4).. 84 Chicago Pn Tool. 31% Chi P T pf(3%). 5l CRIRI&P (7).. 124 CR1&P pt(7). 106% 67% 66% 67 78 78 18 68% 56% 568 2% 70% T0% 138% 133 136% 'NEW YORK 49% 49 " 25 25 25 26% 25% 25% 162% 162 25% ¥6 92 25 % 1% 1% 85% 92 26% 26% 26% 26% 107% 105% 106% 9% 99% 99% 89% 141% 6l% 33 106 3% | McGraw Hjll(2) 92 141% 6% 33 109% 20% THE EVENING' STAR, WASHINGTON, STOCK EXCHANGE Received by Private Wire Direct to The Star Office Open, Migh, Low. Close. TruaxTraer 1.60. 22% 22% 22% 22% TwinCity pf(7), 98 98 98 98 Undwd-El F' (4). 116% 117% 115% 116~ Union Carb($),. 221 225% 221 Sg!'i 52% 52!4 52 Union Pac(10) 2 214 Un Paeific pt(4) 82 Union Tank(5).. 135 101% ki Utd Air & Trans. Utd AIr&Tpf(3). Utd Biscuit 1, Utd Cigar 8t(1). Utd Elec Coal... Utd Dyew pf(7). Utd Paperboard. US Cast Ir P(2). US CIP 1st 1.2 US CIP 2d 1.20.., U S Distributing U S Distrib pt(7) U S Bxpress.... (18 Hoffman(4). U 8 Alcohol (8).. U S Leather..... U S Leathr A(4) 46% 20% 45% 574 21 43% 18% U S Steel(7). 118 Steel pf( U S Steel (rts).. U 8 Tob pf(7)... Uni Leaf Tob(3) Univ Pipe & Rad Utll PEL A(e2). Va-Car Ch pf(7) 89 89 89 Vulcan Detin(A) 67 67 66 66 Wabash pf A(5). 92% 924 92 92 Waldorfil¥)... 25% 264 26% 25% Walworth(1.20). 38% 40% 884 40% Ward Baking (A 48's 4814 48 43 Ward Baking B., 11's 11% 111 11% Ward Bak pf(7). 75 % K 75 Warner Bros Ple 108% 111% 108% 111 Warner pf(8.20) 49 50 49 49% Warner-Qui2).. 84% 347 34 4% Warner Qu(rts) % Warrn Bros (16) 141 147% 141 146 Webstr-Efslohr. 75% 75% 75 5% Wesson O pf (4). 63's 64 63% 64 W Penn E1 A(7). 104' 104! 103'5 103% W Penn El pf (6) 98% 99 98% 99 W Penn El pf(7) West P Po pf(7) West DairyA(4) o kagle(2) White Mot(1).., ‘White Rock (3). White Sew Mach Wilcox Oil & G.. Wilcox (A) 2%.. Wilcox Rich B.. Willys Ov c1.20. Wilson Co pf A.. Woolworth (6).. Woolworth new. Worthn Pump. . Worth Pump(B) Wright Aero(2). Wrigey ((13%). Yale&Towne(4) Yellow Truck... 47% Young Spgs {214 63 643 Youngstu Shib). 129% 129% 129% Hourly Sales on N. Y. Market. 10:30 am.. 369.900 12m... 1492000 1:30 p.m. 2,184,800 2:15 p.m 2,510,300 Dividena rates as given in the above table are the annual cash payments based on the Iatest quarterly or half-yearly deciarations. 2% 69% 1 48% 674 129% 47 * Unit ading less than 100 shares. 4 Partly extra, : Plus 4% in stock. & Plus preferred stock. § Plus 1/25 in stock. s Pald this year—no regular rate. b Pay- le in stock. ¢ hen_earned 1 Plus_10% in . _h Partly st i Plus . & Plus 1/120 shate quarterly in stock. m Pavable 1/10 share auarterly in United Cigar Stores common stock. . b Plus 1% % in stock. RAILROAD FINANCING METHODS ARE CHANGED By the Associated Press. NEW YORK, April 19.—Investors who want the possibility of more than 5 and 6 per cent for their money are forcing railroads to finance through stock and convertible bonds. All major rallway financing this year has been of this character. Invest- ment bankers say it would be to thé interest of most railroads to continu the practice throughout the remainder of 1929, Oniy a business depression with a return of stock prices to 10 and 15 times the earnings instead of the present 20, 25 and even 30 times, will bring a reversal in sentiment and a ready market for gilt-edge railroad bonds, bankers say. While railroads are not borrowing or raising as much money as they were a few years ago, they are reported to be receiving substantially all the funds they need. Whereas they once took 25 per cent of the capital funds in the market, railroads nowadays are receiv- ing only 10 per cent. This is due to their slower growth now, compared to the rapid development in the first quarter of this century. Some_houses look for redemption of United States Steel Corporation’s bonds to create a renewed demand for first- class rail securities. The bond market also is expected in some quarters to do better with the quieting down of the stock market. v High. Low. Open. Mish, Low. 45% 44 45 |Davison Chem.. “56% b57% B56% 50 80 79% 80 |DebenhnM(2.91) 38% 384 38% 45 132 182 132 |Del&Hud(9)... 187 1874 187 T09% 708 708 | DelL & W(V7).. 124% 124% 124 % 98% 95 95% | Detrolt EA(8 2% 94% 92 92 | Devo&Rayn( 2% 3 2% , 2% | Diamond M (8 2% 107% 105% 105% | Dome Minea(1 a 40% 39% 40 | Drug Inc(s) Mo K&Tex pf(7) 103% 8 8 8 | Dunhill Int (: % 6l Missouri Pacific. 81 79% 80W 6% 6% 6% |DuplanSilk (1)., 28% 24% 28% 24% | Mo Pacific (rts). % % 20 19% 20 |DupontdeN(4). 179 179% 178% 179 | MoPacific pf(5). 1. 132% 183 85 34 34% | Du PontAeb(6). 1174 117% 116% 117% | Mohwk Car 3% % 1% 100% 100% 100 | Durham Hos.... 7% 8% 7% 8 |Mont Ward3y 121 276 1276 276 |Durham Hospf. 42 42. 41 4l =w£nro: s 122 1224 122% o other L ( 1500 152w 188 | Beten Xl (3).. OOk oo sooit 1Ser | Motion PioCorp. 30 40 78 40 33% 33h 33% | iecirre Boats . 15 15 15 15 |MotorMeterA.. 18% 18% 18% 18% 1Th 17% 17% | GleoPow&Lt(l), 62% 64% 62 63%)MOOPWhi(3).. 43k 3% 43 43% 167 16 16 | Gleg PALLPE( 1060 100% 100 1085 | Mulhine Mfi i 4% 53% 53%| EleoStor B ().. 821 82 82 8234 | Murray Corp... 724 W24 TIK L4 56 -65% B5%|Eik Horn....... 4% 4% 4% 4l | Nash Motors(6). 100 101% 9% 100 304 29 29 |EmpCapwell(2). 33 33 33 33 |Nash & Chat(7). 195% 195% 193% 198% 98 91 91 |knd-John(6) 72% 2% T2% 72%|NatAcme(1)... 32% 32% 324 32% 138% 136% 136% | Endicott pf( 123% 123% 123% 1234 | Nat Bellas H$1. bd% B54% 54% b5d% 141% 141% 141% | Eng PubSer(t 49% 494 49'% 49% | Natl Biscuit(17) 181 100 89 99 |EngPuSpf5l. 964 964 964 964 143 12% Z:v. 52 kquit Bldg(2).. 85% 385% 85% 354 }ggu 94k 9% 92 33% 107% 107% 107% 9 89% 89% 89 146% 42 . Smlearvankecay... % aew a8% a3% i 791 70%" 7ot | Fashion Park... 70 70 70 ok O Gt i1t FedLt&Tratii. 82 83 82 L 94% 94% 94% FedL&Tracpf6. 99 99 99 30 e 02 oon|Fed MotT(B0e). 17% 1% 17% 6's % on | Fidelity-Phoenx. 96 96 96 A10%s 1197110 | REIRGE (BIR) .. BB L 08, Be Na 166 T64 164 |EirstNP1st®) 115 115 114% 1144 | Nyt Tea (1%) 594 169 . 59 |FirstNatS(1wm). 67 8% 66% 66k | Nal o on sy, 294 2% 7% |FiskRubber.... 1% 11% 1% 1% | NO'Teran (7). 345 89 3w ‘aeu| Biek U S0 % DOVIIN (TN (A KU i g it Baid e, " 9% 96 o7i|Tlelschmanti 724 8 T 72 INYCentralh).. % 182 80% 804 80% Rabesey o8 mav SSMIN Y CSLDI(6). 107% 107% 1074 107% 100% 100% 100% S o Sou |NYDock....... 47% 48 4Th 4T% 46% 46 4ol NY NH&H pt( N 178 178 ams . | Dmpost Biekee 46% 454 45 | N'g OnugWestn. 28% 28% 28% 28% 57% 57 57%|GabrielSnubA., 23 23 22 22 |Norf& Wni110) 196% 197 196% 196% 66 66 66 |Cardner Motor.. 13% 13% 13 134 | NorAm bl0%stk 103% 104% 103% 104% 35% 35 5% |GenAm TC(34). 90 91% 90 90 |North Ampf(3). 534 534 534 63 03 102 102 76 6% 75% 75% | NorAm Ed pf(7) 101% 101% 101% 101% 69's 684 69 \ 48% 48% 48 48 |NoGerLld341. 54 54 54 54 %|Gen Cable A(4).. 99 100 98% 100 |Nortn Pac(b)... 102 102% 101% 101% GenCimarsti).l 60 €9 € 6 |NorPaccfad).. 100% 100%,100% 100% en Electric 6., 239% 242 239 240 GonElec ap(6uc) 11% 11% 114 11% Ol WellSupply. 23 23 28 28 Gen Gas(rights) R 165 165 165 |GenGas ptA(7) 2204 167 166% 166% | Gen G & El A(8) 4% 142 142 142 | Gen Mills (3 3 108 108 105 |Gen Mills pf 84 83 831 |Gen Motors (3) 8i 55% 102 102 102 geflgflvsn‘:a”z lg;:: 12;% 36% 19% 19% 191 | GenOutdrAd(2). 364 . 5% o4 4o |GenOutdrAd(4) 52 62 611 51l |PacTel & Tel(7) 12 111 12 |Gen Ry Sig(5).. 104% 104% 103% 103% | Pac Tel & Tel pf. 40% 40 40 |GenRefract3. 71% 7l 7l 714 | Packard (13%).. 364 35% 364 |Gillette SR (5). 1l1ls 111% 111% 11l | Pan-Am Petroim 140% 1377 1380 | Glidden Co t1%. 4T}2 48 47 -Amer Pet B 117% 1161 116y | Glidden Co (rts) 2w 2% 24 Pan-Am Wn B.. 251 24% 24% | Glidden pr pf(7) 1054 105% 105% 567s 56% 56% | Gobel (Adoiph). 46 46% 46 115% 115% 115% | Gold Dust (new) 65% 66% 65 53% 52 52 |Goodrich(4).... 87 8T 854 10% 10w 104 37% 37 37% | Goodrich pf(1).. 113% 113% 113% 14 10% 104 §9% 88% 8sis| Goodrich (rts).. 1% 1% 1 2% 22 22% 13% 13's 13 | Goodyear Tire.. 132 134 130 391 39 39 T T D4 |Goodyr 1stpf(7) 104 104 104 16% 164 16% 77w 774 773 |Gotham H (2%). 58 58 58 57 564 564 26 26 26 |Gothm pfexwar. 99% 100 99% 2% 19% 21% 284 28 28 |GouldCouplerA’ & 8 % h T6% 5% 6% 547 544 b4y |Graham-Paige.. 37% 37% 36 262% 260 262% 1001 100% 1001 | Grhm-Paigecfs. 36 36 35 % 9Th 9TH 9TH 46 46 46 |GranbyMin (7). 85 85 834 52a 5214 521s 190% 198 198 |Grand F&W (1), 86% 88 864 57 |PhilaRaT pf3y. 49 49% 494 49% o3 198 %8 |Grand Unon.... 27 27 / 26% 26 |Eblis&RC&L. 2l 2U's 20w 214 199% 179% 170% |Grand Unpfi3). 47% 47% 7 47 |Phil Morrisl).. 1% 15% 15% 1o% 55% 54 54 |Orant W T (1).. 116t 118% 1164 Lisw | Phillips-Jon(3).. 69% 61 594 60% 60% 59% 60%|GrtNorth pf(5). 104 1044 104 1041 | Phil-Jonespf(7) 90'a 901 90ia 90l 612 6% | GTNOrOrefs3ii. 30% 30% 30% 30% Phillips P (1%). 42% 43 424 42'% 96% 991 96w |Grt WnSug2.80. 37a 37% 37l 371 | Plerce-Arrow... 102" 102 100 | Greene Cana(8). 160% 160'a 157s 1571 | P1erce-Arrow pf 32 314 ‘317 |CuIfMo&Nor.. 47% 474 47h 474 Pierce Oil. o e |Guitstatsu), 641 65 64 65 |Plerce Ol pf. N e 123 | Hahn Dept Stor.. 43% 43k 42% 42% | Pillsbury (1.60 108% 1084 108y | Hahn D S pf 6% 10015 100% 100% 100% | piren (A) 6" 106" 106 [HannaMA (7).. 94 94 94 94 |pirsConl. 107 107 107 |HartmnB(l20). 26% 26% 26% 26% | pitts Coal pf. RN i) YIsa i Ry 1L 1L | eites Stl pf(7).. 105 105 105 | B2 3 by [pis e wvac) 3% 234 23% | ¢ - Por RicoToA (7). Bhu 93" Gy |Hershey prct). s 8y 8% 89 |portoRlcoTobB. 16% 16 16 |HollndFute2if) dl% 41% 41% 41% | postal T&C pf 7. 1025 102% 102% 102% 84 83 g4 |Hoe&CoA..... 1T 17% 17% 174 | postumid).. 69% 72 69 71 106% 119% 110y | Homestake(fT).. 3% 73% 734 73% | PrairleOll&Gas. 61W 61% 6L 61% 1105 115% 11om | Householdit4).. €9 = 69 69 69 lprairiePLt3% 67 57 b5 55 ai " Liam 148" | Houston Oil..... 101% 104% 101% 102% | Pressed StiCar. 22 224 21% 21% 108 . 1051 1091 | HOwe Sound($). 70 | 71% 70 704 |prsuCarpf(7). 80 80 30 8 100:8 108" 1ou [ Hud Man(2%).. 424 43 42 42% |produ & Refinra. 23% 23% 23 23 e 108, 'o9%|Hudson Mot(5). &8% 89% 884 88% | prophylactictd. 63 63 63 63 T Gl 7a | HUPPMot(f2)... 56} 564 554 55% | public Serv2.60. S1 82% 81 8l% 511y 487% 51| [llinoisCen(7).. 136 136 136 ‘136 | PubServ pf(6) 104% 104% 1043 186% 185 186 |IndO&Gas (2). 36% 38% 364 371 |PubS NJ pf(7) 120 120 120 1297% 120% 121% 49% 49w 464 4714 | Pub SE&G DL(6: 108 108 108 440 43% 43% 46% 463 44% d44'5 | Pullman Coc4) 83% 824% 83 4 3w 4 |Ingersoll-R(16) 137 137 137 137 |PureOil(1). 274 26% 27 57% 56l 57 |[InlandStl1(3%). 92% 92% 92% 92% | Pure Oil pt(8 114 1124 114 66% 64 65 |InspirationC(4) 49% 49% 48 49y | Purity Bakin 125% 121% 124% 176 176, 176 |interboroRapTr. 31% 33% 31% 32| RadioCorpn.... 997 104% 99% 1014 44 43l 44 |InterconRubber. 9% 9% 9% 9% | RadioCo pf(3%) 65 55 65 46% 45% 46y |lnternatAgrl... 14 14 14 14 |Radiopt (B).... 80 79% S0 29 2815 2814 | Intl Bus Ma (5). 167% 167% 165% 165% | Radio-Keith(A). 31% 281 3l 34% 324 34y | IntCement(d).. 89% 89% 89 89 | ReadingRy(4). 106 105' 105% 44 43% 441 [IntCom Enge2), 734 73% 72 73 | Real Siik Hos. 7 16 6 100% 1004 1004 [ Int Harv (2%).. 108% 1084 107% 108 | Real Silk pf(7).. 98 93 98 291 290 " 291 | Int Harv pf(7).. 141% 141% 141% 141% | Remingtn-Rand. 324 31% 31% 105% 10414 1041 | Int Mtchpf£3.20. 83's £3% 83 83 | Rem-Rd 1st(1).. 94 94 94 8 % 74 |IntMer Marine.. 6% 6% 6% 6% | Rem-Rd 2d(8). 9416 944 944 814 81y 3y |IntMerMarpf.. 48 49% 48 48 | Reo Mot (t1).... 29 28% 8% 3¢ 32 32 |IntNickCan80c 47% 484 47 47%| Republic Brass. 52% Bl 52% 169% 159 150% | Int Pa&PoA2.40. 30% 0% 30% 30% | Rey BrassA (4) 107% 105% 107% S N A O s . 99% 984 98l ni o p y 10 9% % T4 T4 T84\ Incprigink3%. 53 53 52 52 | Reynids (B)2.40. 56 BE% B5% 15 % 2% |IntPrtgInkpf€ 99 99% 99 99% | Richfield Oil (2). 4% 43% 44w 28, 128 128 |lauSait(s)..... 8% 8i% B4% 84% | RioGrande O 2. 39 38% 384 57 gg* Eg?i Int Tei & Tel(6). 2556 262 253% 258% | Rossia Ins 16%. 284 28315 284 PE5 2ot gon | LBV DREEB).. 28 36 8 - T | mayurSek Pil). 36% 354 364 3% 2344 205 | interype(t1%). 32% 334 32 33| Royal D(a1336) 52% 5218 52% Johns-Manv(3). 179 181% 179 181 . O 167% 163% oot U 33| JonestLaupt 1. 121% 121 121% 121% | sateway of (1) a7y | Jordan Motor... 10% 104 9% 9% 3¢ Jon Leaaitd). JordanMot (rts) % % & StL & San Fr(8) KanCSopf(4).. 664 664 66% StL&SanF pf(6) Kaufmn DS 1%. 28 28 26% StL Swn pf(5).. 99% 984 98%4 89% 87% 24 20% 23% 31 29% 631 61 634 3 99% 184 18% 18% Seagrave(el.20). 226% 225 225% Sears-Roe(32%) 89 86 Seneca Copper. . 19% 184 Shattuck FG(3). 524 bt Kennecott (4) Shell Un(1.40). : 33 32u Kinney (G R Shubert The(5). A% 54% 53w/ Kolster Radi Simmons Co(3). 8% 834 “B4% 84 83% Kraft-Pho(1%). 34% 34% 33% StmmsPet(1.60) 25% 24l 24% 31% 31% Ki 3 49% 52% - 49% Sinclair Ofl 12%. 404 39% 39 524 51 KressSH (1)... 98 100 98 Skt 102) 5% luh 124 124 124 | Kreuger & Toll.. 37% 38% 37% G e 106% 106% 106% | Kroger Gro(cl). 91% 94% 90% Ui bt 2‘2’ fi‘: fi.‘ LagoOfl..ussees 38% 38% 57% 561 561 Lambert Co (3). ‘South Cal Ed (2) 101% 101% 101% | Fom Err e Ry Sou Cal Ed(rts) ooy 101% 101% | Lehigh PC pt(T) South Dairies A 2% 92 93%| Lenigh vai Coal South Dairles B. Leh ValC pf(3). South Pac($) 2% 20% 21 | ehighval(3i F P S T et Lk South Ry(8)... o 150 151 | Lenn & Fink(d). South RY Pr(6). 62 57% - 62 Lig Myers(15) SouRyM&O efs ¢ Lig & Myrs B Spalding (1.60). Lima Locomtv Spng Chalpt o ' Link Belt (2.40). Liquid Car t4 e L Loew’ Siear & Co..... | Spear&Co pf(7). Spen Kellog 1.60 % | Spicer Mfg..... Spiegel Co (3).. Stand Com T(1). SKHG&EB(3%). Std G & B pfid). Std Milling (6). Std O of Cal(13) StdOIINJ(T13%). La Oil pf(6%). Louts GasA Louis & Na: HEAVY CONSTRUCTION WORK SHOWS INCREASE By the Associated Press. NEW YORK, April 19.—The Mc- Graw-Hill Construction Daily reports that projected work in the field of heavy construction increased sharply in the past week, due chiefly to marked activity in large apartment house and hotel operations. The value of new buildings announced was $167,900,000, compared with $72,900,000 in the same week last year. Proposed construction for the week throughout the country was divided as follows: Apartment houses and. hotels, $80,500,000; commercial buildings, $28,- 700,000; public works, including roads, $20,000,000; theaters, $8,800,000; educa- tional buildin 0,000,000 industrial projects, $3,500,! ments, ,400, railrond provements, $3,000,000; $14,000,000. im- , Okla. The Cleveland Union Terminal Co. is having sketches made for & $4,000,000 bank and office building. Rockefeller Institute for Medical Re. search in New York is to erect a $1,000,: « LudlumStl(2) Mac And(12.85). MacAndrw pf( Mo Call Corpt4) McCrory A(2. McCrory B(2 StdOlINY(1.60). Std P Glass pf. . Std San M(1.68), Staniey Co. StwartWar(3%) Stromberg. l::;. tude (35). s 102 100 104 4 82% 1% 41% McKeespt Tin P1 66% 67 McKesson&R(2) 63 63 654 McKsn pf A 3% 51% 571 |Super! Mack Trucki6). 1 102% 102% . ‘Macy Co (e2)... 65 162 164 | Superior Stlrts. 2% Mad 8q Gar 1%. 19% 19% | Sweet of Am(1). 19% Magma'Cop (5).. 0 7 18% Mailison & Co. .. 20% 32W Manat! Sugar pf Mandel(2%) Man Elev gtd(7) ‘Man El m2g(db) Man Shirt(2). Maracaibo Oll... Marland Oil. Mair-Rock (14). Marmon Mot(4). 20% 17% 22 000 medical research laboratory here. A 2%-mile subway in Market street, incisco, to cost more than $20, ey R on improvements in linois. = BOND ISSUE PLANNED. ‘The Virginia-Central Railway has ap- Comme plied to the Interstate rce Com- mission for authdrity to issue and sell 2,350 Sharés of 4100 par common ook to_the same firm. = | the better of it. + | satisfactory improvement airport develop- | ZiFich dr unclassified, | flex Fox Theaters, Inc, of New York, is W planning a $6,000,000 theater building 59| for Tulsa, STOCKS AGAIN RISE INFAGE OF SELLING Market Absorbs Liquidation and Moves Forward Steadily. BY GEORGE T. HUGHES. Special Dispatch to The Sta NEW YORK, April 19.—Resisting all adverse influences, today’s stock market gave an impressive demonstration of underlying strength. Practically all the important changes were on the side of advance. As a rule, gains were not large and volume was well under that of the preceding session, and yet four- fifths of the time the buyers had all Features included an all-time high for American Telephone & Telegraph, a price for Bethlehem Steel higher than at any time since 1917, short covering m some of the gotors and pronounced strength in one or two of the oils, not- ably Pan-American Petroleum. Money held at 7!, per cent all day. Traders had a batch of discouraging news to assimilate. First there was the breakdown of the reparations confer- ence at Paris, a serious matter of far- reaching importance. Second, there was the analysis of the credit situation by Chairman Mitchell of the National City Bank, with a suggestion of a remedy— repeal of -the stock tax—that there seemed little chance of applying.for a long time to come. Then there was talk of downward readjustment in commodity prices and overproduction in various lines. Pessi- mistic talk about motor car distribution was heard in many quarters. ‘The market met this test of unfavor- able developments in the outside world remarkably well, There was some sell- ing in the first hour, but it was ab- sorbed without serious impression on prices, and before noon trading fa- vorites were being bid up again. It had significance. too, that the volume in the first half hour, representing overnight orders and covering during the time when the market was under the most pressure, was much under that of Thursday. Wall Street Briefs By the Associated Press. Thomas H. McInnerney, president of | National Dairy Products Co., informs the stockholders that the stock dividend of 4 per cent will be continued on the new shares and that a cash dividend, at a rate not yet determined, will also be paid. The first quarter showed a over last year's. Railroad equipment orders include 16 locomotives for Southern Pacific, to be built by Baldwin, and 10 lounge and 3 observation cars, to be buil® by Pullman for the same road. Experts in copper are inclined to be- lieve that the bottom of the recent price decline has been reached. Buying of | domestic is moderate at 18 cents a pound delivered. Francis E. Powell, chairman of the Anglo-Petroleum Oil Co., said before re- turning to England that the recent con- servation agreement reached by pro- ducers here was a big step toward con- servation and the proper regulation of oil by the leading petroleum companies of the world. Mr. Powell, who came to New York for the producers’ confer- ence, helieves the step taken “will ulti- mately prove of untold benefit to the petroleum industry” and_that it “cer- tainly will have a vast effect upon sta- bilization of crude pétroleum and will considerably aid the industry in re- establishing iiself on a sound and prof- itable basis.” ‘The Cherry Valley blast furnace plant of the Hanna Furnace Co., Lee- tonia, Ohio, and the Claire furnace of Alliance Coke & Iron Co., at Sharps- ville, Pa., have been leased by Davison Coke & Iron Co., which will operate them in conjunction with its Neville Island plant. The leases place- the | Davison Co. in control of the merchant En‘gi{an situation in the Pittsburgh dis- rict. In a recent month 33,000 dog lurs} were shipped from Shanghai, China, to this country. e $54,287,000 IN GOLD RELEASED FROM EARMARK | By the Associated Press. NEW YORK, April 19.—A total of $54,287,000 in earmarked gold held at | the Federal Reserve Bank of New York for foreign account has been released in the last three weeks. The latest transactions to be announced involve $13,461,000 and Wall Street believes | they represent further deals by which | Germany sends gold to Paris, while the | Bank of France turns over to German ;ccount part of its earmarked gold | ere, The transactions, equivalent to ship- ping gold from Germany to New York, result from the depression in the mark and its relation to the dollar. ——— e METAL MARKET. NEW YORK, April 19 (#).—Copper quiet; electrolytic, spot and future, 18. Iron steady; unchanged. Tin easy; spot and future, 44.50. Lead steady; spot, New York, 7.00; East St. Louis, 6.85. Zinc dull; East St. Louis, spot and fu- ture, 6.5026.75. -Antimony, 9.3729.50. TREASURY CERTIFICATES. Co) T (Reported by J. & W. Seligman & RateMaturity b Bid, 4%s Bept. 15. 4%4s Sept. 15, 4Yas Dec.” 15, 3i2s Mar. 15, 3i2s Sept. 15, 3125 Dec.’ 15, 1t FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or pai). z $4.8665 London, Paris, 'franc. Brussels, belg Berlin, mark. Rome. 1i loty nhagen, | Oslo, crown.. ... Stockholm, crown SHORT-TERM SECURITIES. (Reported by J. & W. Be“'mllif‘u & Co) Allis-Chalmers Co. 55 103 99% Alumi h A 2 1011, Ametieunrer: & el G, 46 1030 959 o 435 1933, Batavi: . 9 Batavian Fet, Corp.“4ss Va8 19! 44 232322238882833! 75 T SEEFSSINGT §§§=§§;z===== PRRCERFSERT RS 833388 S S#Ss..)» 533882833338 2383 s 1083 oors. 8 t0id 0% MITCHELL FOR REPEAL OF CAPIM GAINS TAX By the Associated difficulties, he avers, in of the United for the ity Bank and York Federal Reses s sured himself a free, ringside mz evoln Street, an congressional action come tax on capital gains from the sale of securities. This tax law constitutes one Commonwealth Investment Co. 917 15th St. N.W. FINANCI rve Bank, as- seat for ssional investigation of credit ewh for immediate “of the the present m;mey lears States. e causes of In Nearby Virginia Loans Phone Main 2623 | Equitable Assets ............$5513,051.63 Complete Invgstm_ent; Service ‘GreLer & CoO. INVESTMENT BUILDING BANKERS 'WASHINGTON, D.C. Telephone, Main 3460 t $ave Now and $pend Later HERE are lots of ways to T spend money, but only one way to SAVE it—and that's the —— SYSTEMATIC WAY! Don't just live for today...start in now to build for the FUTURE. Our systematic saving plan will help you to use only a small amount of your weekly or monthly salary, in BUILDING up a reserve for your LATER days. Come in today and let us explain. 915 F St. N.W. Co-operative Building Ass'n Presiden WALTER S. PRATT, Jr., Secretary 49th YEAR COMPLETED Surplus & Profits..... $1,601,70¢ Subscription for the 96th Issue of Stock Being Received $2.50 Per Share FIXING RESPONSIBILITY and the investment of your funds IXING responsibility on a single Investment House is always more satisfactory and profitable than At least, that is the opinion of clients who transact investment business exclusively with Shannon & Luchs, Inc. Nearly a Quarter Century has passed since we sold the first Mortgage Note to the first customer. Through two financial panics and a world war, Shannon & Luchs dividing it among many. First Mortgage Notes have always qualified 100% in Value and 100% in Safety, and during this period no investor in this preferred medium has ever lost a penny in either principal or interest. Be governed by the profitablé experience of other successful investors. Now is the time to determine where you are going to tnvest your Funds. denominations of $100 up. CALL MAIN 2345 HANNON - & LU 1435 K Street N.W. Several mew issues of Shamnon & Luchs First Mortgage Notes are available today—in For Fifteen Years Consult 809—15th St. N.W. Settle Your Real Estate Loan Problem At Low Interest Rates With No Commission Or Renewal Charges WEALEBLRO REALTORS 5 Mortgage Loan Correspondent Metropolitan Life Insurance Company Main 9486 S AEE; F-ER'ST Over a Third of a Century Without a Loss ? MORTGAGE'S OUR CONSERVATIVE APPRAISEMENT —gives assurance of utmost security to investment in our 6% FIRST MORTGAGES —so that you need have no worry for the principal. And there is no question about the interest—that, too, is definitely fixed. In amounts from $250 up. SAUL CO. 925 15th St. N.W.