Evening Star Newspaper, April 20, 1929, Page 24

. FINANCIAL.® FINANCIAL. NEW YORK STOCK EXCHANGE 24 % AVIATION INDUSTRY | ,|FIGHT OVER SUBWAY |["FiRST TRUST LoAmns t and Commi: Mortgage Money Loaned STOCKS HOLD FIR SPREADS RAPIDLY “Boom” Stage Indicated, Says Business Review. Firms More Than 700. BY EDWARD C. STONE. Every great industry progresses from the experimental stage, through the boom stage when little factories spring up all over the country, into the final era of consolidation and stable busi- ness development. In analyzing the aviation situation this week, the United Business Service says that while we are obviously still in the “boom” stage in the airplane industry, the later stage of consolida- tion and stability is coming much faster than most people realize. Today the foundations are being laid for the companies that are to become the “United States Steels,” . C. A’s” and the “General Motors” of the airplane industry. With more than 700 companies now in the field, of which more than 150 are offering their stock to the public, it seems obvious that there are going to be some bitter disappointments to the holders of many of these securities. In selecting a stock for investment in one of the older industries, the in- Vestor can study the past records of earnings and dividend payments. and | thus obtain a fairly accurate picture | of the enterprise in which he is invest- ing. But in a new industry like avia- tion, the records of past performance mean very little. It is the opinion of the United Business Service, therefore, that a satisfactory aviation stock must | possess the following features: (1) Strong banking sponsorship. (2) Management of demonstrated ability. 3 (3) A capital set-up reflecting a will- ingness on the part of the management to share both control and future possi- ble profits with the investing public. (4) Wide diversification of activity within the industry, but so well inte- ated as to insure effective and effi- cient co-operation among the various units. Banking Forms Committee Meets. The District Bankers’ Association standing committee on banking form heid its semi-final meeting before the annual convention yesterday afternoon at headquarters in the Becker Building. There was a large attendance and the finishing touches were given to several standardized banking forms which will | be printed and presented at the con- vention for the approval of the associa- tion. These forms are the very latest used in the banking world and are sure to prove helpful to all Washington bankers. As the result of previous work by this committee, local banks are already using many new and improved forms. ‘The committee has rendered unusual service to the association and this year's report is being awaited with deep in- terest. Chairman Frederick H. Cox presided at yesterday's session. Reviews Peoples Drug Stocks. Standard statistics in its April 11 is- sue reviews the securities of Peoples Drug Store preferred, calls attention to the fact that the common stock is now priced at about 16 times its earnings, notes the rapid growth of the chain, and says in part: “Sales for 1928. were $11,342,604, an ! increase of 39!, per cent over those of | 1927, and profits amounted to $744,529, a gain of more than 59 per cent. On the basis of present capitalization, 25,- 000 preferred and 122,625 common shares, the company earned $4.75 per common share. The year was ended in a sound financial position, with more than $1,100,000 in cash for future de- velopment purposes. Since the first of January operation and seven more contracted | for, bringing the total to date to more than 100. “Peoples Drug showed a marked im- provement in_operating efficiency, re- Taining about 612 cents for stockholders | and surplus out of every dollar sales. | ‘This compares w:;h‘ ;2117 operating ratio f 53, per cent k™ e gre(erred stock is listed on the Washington Stock Exchange and sold over the counter in New York. The com- mon is on the Curb. Both are widely held in this city, the home office of the company. Women Heavy Stockholders. tockholders of the Pennsylvania Rlslh'md Co. numbered 157,211 on April 1. new high record against 156,308 on March 1, former record, increase WS.I and 143,011 on April 1, 1928, lncreuel 4,200. 3 : Geographical distribution of swck! compares with year ago as follows: Pennsylvania, 4350 per cent, decrease 4.53 per cent; New York, 24.67 per cent, | increase 2.11 per cent; New Enlllnd,i 1151 per cent, increase 0.60 per cent:’ foreign, 3.09 per cent, decrease 0.54 per cent, and scattering, 17.23 per cent, in-| crease 2.36 per cent. Number of holders compared as follows: Pennsylvania, 89,429, decrease 3,694 New York, 27.451; increase 5,744; New England, 21,465, in- crease 3,840; foreign, 2,996, increase 186, and scattering, 35,870, increase 8,124. ‘Woman stockholders numbered 79,072, increase 6,354, constituting 50.30 per cent of total; decrease 0.55 per cent. They held, 3,920,736 shares, increase 528,089, representing 34.88 per cent of outstanding stock, increase 0.90 per | cent. Their average holding was 50} shares, increase, 3 shares. Corporation holders on April 1, 1929, numbered 2,060, against 1,257 year ago; increase, 803. Gold Supply Called Ample. ‘The “allegation of a shortage of gold and hence of danger to the credit structure does not seem quite ingenu- ous,” according to an article in the cur- rent issue of Barron's Financial Week- ly. "“If the rate of growth of credit and currency released during the past year were used as a scale, our present surplus of gold would last until Gabriel sounded his horn.” s ‘Total gold reserves and the ratio to note.and deposit liability, the Barron's article points out, fell but little in the last year. Actually, this is an under- statement, ‘for the figures “‘omit some $380,000,000 of gold in circulation which could be withdrawn if needed; and they omit close to $1,000,000,000 of gold certificates which might also be with- drawn from circulation. Were all the monetary gold in the country to be 18 units have been put in|g Air Way El (2).. Afax Rubber.... Alaska Juneau. . Albany Wrap Pa Alleghany Corp. Alleghany pf 5% Alliance R(f13). Allis-Chaim(1). Amerada(2).... Am Agricul Chm Am Bank N(3). Am Bk N pf(3) Am Chain pf(7). Am Chiele (3) Am Express(| Am & For Pow., Am&ForP pf(7) the | Am&For Pow 2d. Am Hawa SS(1). Am Home Pr(3) Am Ice pt(6) Am Internat] $2. Am Locomot(8). Am Plano pf.... AmPo&kLt pf(6); AmP&LDL sta §. Am Ra&Std San. Am Ry Ex(6) Am Republies. Am Seating(3).. Am Ship & Com. Am Shipbldg(8), Am Sm&Ref(4). Am Snuff (12).. Am Sugar pft(7 Am Sumatra rts, Am Tel & Tel9) Am Tobac B($, Am TypeFo(8. Am Woolen... Am Woolen of.. Anaconda (7)... Anaconda (new) Anaconda (rts).. Anchor Cap 2.40. Andes Copr (3) Archer Daniels. Arch-Dan pf(7). Armour 1l(A).. Armour 1II(B).. Armour 111 pf(7) Art Metal (1%). AssolryGizin). Atchisop(10)... AUGuIT& WI.. Atlan Ref(t1%) Atlantic Ref ris. AtlasPowder(4). Baldwin Loe (7). Balto & V(). ... Bambgr pf(6%). Bang & Ar(3%4). Bang & Ar pf(7) Barker Bros(2). Barusdall A (3). Beacon Oil...... eca-Nut (3). ing-Hemwy. elg N R pr(16). Best & Cot3).... Bethlehm St1(4) Beth Steel pf(7) Bloomingdale. .. Blumnthl pr(7). BohnAl&Br {34 Bootis Kish Booth Fish 18 Borden Milk(6). Borg-Warnr (4). Hoston & Me (6) Briggs Mfg#Co. Brockwy Mot(4) Bkiyn-Man(4).. BklynUnGas(5). Brunswick B(3) Brunswick Ter. . Bucyrus ev(z Butte Cop & Zine Butte & Sup(3). Calif Packg (4). Callahan Zinc... Cal & Hecla(4).. Can Dry (143%). Can Pacific(10) CannonMills2.80 Caur Cl&O stats). Cav Dobs pf 6%. Celotex Co (3). rro de Pas (6) tain-teed Pro C&OCorpn(3).. Chi& Alton..... Chi & Alton pf.. Chi Great West.. Cal Gt West pf.. Chi Mil& St P.. Ch1 Mil & StP pf . Chi& Nwn (4).. Cnt Yel Cab(3). Chickasha(3) Childs(2.40).... Chrysler Mot(3) City Stores new. Cluett-Peab(5). Colilns & Atkmn. Col Fuel & Iron. Col Sou 2d pf(4) Col Gas (2)..... Columbia Graph Com Credlt (2).. Com Ci istpf 6% Com Solv (h8).. Congoleum-Nair Cong Cgrs (5).. Container A 1.20 Contatner 1 60c. Cont Baking A.. Cont Baking Cont Bak pf(3).. Contl Can (2%).. Contl Mot(¥0c). Corn Prod (13).. Coty, Inc (g2). Crex Carpet..... Cresley Rad (1). Crué:bld Sti(s). . Cuban-A Sug pf. Cudahy Pkgi4). 2% 40 8 106 40% Recelved by . Private’ Wire Direet to The Star Office, 104% 39% 34% 35% 3¢ 100% 90 182% 33'a 1% 115 61 53% 141 97% 107% 89% 41 9 41 93 628 225% 166'y 119% 4L 19% 45 139 116% 24% 6% 52 37 114's trap A(3).” 45% 2494 a4 109% 65ly 106% 29 44% 28 931 16 115% 1185 5 105% 120% T bl% 186 124 85 44 56! 175% Byer & Co......: 160% T4 2% Calu & Ariz (6). 126 46's 86% 235's 38 98 100 634 3 & Olio(10) 225 &84 51 534 83%, 33 41% 56% 21% 61% 63 6754 0 58% Col G&EE PTA(6) 1044 0% Col Carbon 143 . 137 A8% 8l 311 Com Power (14). 134 8" 7 31% 109 90% 63%- 85 Curtiss Aerot1). 149 Curtis Pub (6).. 118% CurtisPub pf(7). 117 Cuyamel Frutt.. 79 Dav! Chem. impounded'and a very considerable part of the Tnhi certificates withdrawn from circulation, the total gold reserves of the country would make a much more imposing exhibit than they do now.” Financial District Notes. Check payments for the week ended April 13 showed & decline-over the pre- vious week, but were larger than a year ago, according to the Department of Commerce. Business failures were greater in number than in the previous week, or the corresponding vweek in 1928,/ z . W. W. Spaid of W. B. Hibbs & Co. attended the sixth- annual dinner in New York last njght of the Association of Stock Excl e . The elec- tion of Herbert I. Foster of Paine, Web- ber & Co. as vice president of the asso- ciation was announced at the ner. 1In the absence of Gharles D. Draper of H. N. Whitney & Son, who is abroad and who was elected Semlenl of the association to succeed Edward A, Plerce of E. A}el:.lsrcel & Co., My. Foster wi act as president. . American _ factorles produced Ilas month 584,733 motor vehicles, of which nger cars, ‘69,559 ment of Commerce repol :rdmeufing.mypuvlou:umfi t total production mmmmmmmqumol Deere&Co pt(7). 121's Del & Hud (' 88! Detroit Ed(8)... 251% Diamond M (8). 142 Dome Minentl). 9% Drug Inci4).... 116h Duplan ik (1).. 24 Dupont de N(4). 179% Du Pont debt6), 117% Dugq Lt 1st(6)... 100 Eastman pf(7).. 127 Haten Axie (3).. 66% Kitingon(2%).. 32% Elec AutoL 14%. 146 lectric Boat... 14% ElecPow&Lt(1). 63} Blec P&Lt pf17) 107 100% 20 182% 34 17% 115 6l 53% 141% 9% 107% 89 4l kt) 1% 93 628 106's » 229% 166's 119% 141 100% 90 182% 38 104% | GenElec sp(§ic) 39% | Gen Gas pf A(7) 8 [GenG & El A(8) Gas(rights) Gen Mills (3)... 35% | Gen Motors (3). 100% | Gen Mot pf(7).. 90 | GenOutdrad(2), 182'% | Gen Ry Sig(6).. 34 |GenRefrac t3%. 174% | Gillette S R (5). 115 |Gimbel Bros.... 61 | Glidden Co t1%. 53% | Glidden Co (rts) $5'% | Gobel (Adolph). 291 | Gold Dust (new) 93 |Goodrich(4) 136% | Goodrich (r! 141% | Goodyear Ti; 973 | Goodyr 1st pf(7) 7614 | Gothm pf exwar. 55 |Graham-Paig 340 |Grhm-Paige 91% | Granby Min (7) 107% | Grand F&W (1) 4914 | Grand Unon 41l | Grant W T (1). 79 |GrNorOrefs3y. 41% | Grt Wn Sug 2.80. 93 |Grt Wn Su pf(7) 6214 | Greene Cana(3). 119 | Guantanamo Su. 59 | Gulf Mo & Nor.. 731, | Gulf Stat St1(4). 38 | Hahn Dept Stor., 4 100% | Hahn D S pf 6% . 4174 106% 5% 225% 1664 119% 3 116% 104'5104% BT T 100 B, 3 llfi 1864 63% 107 24% By 160 % 2% 125 100 127 6% 84 145% 14% 624 63 107 -107 Elec Stor B (5).. '82% 82% 824 824 80% | Hanna M A (7)., 45 | Hartmn B(1.20) Havana El Ry 58% | Hayes Body 35% | Heraney Corp 4 | Hershey pf(4) 87 | Hollnd Fu(e23) 100% | Hollander & Son 195 | Household(t4) 106's | Houston Oil 3 | Howe Sound(4).. 229% | Hudson Mot(5). 166% | Hupp Mot(f2)... 19| 1na 0 & Gas (2). indfan Refining. Indi; 'Illfl ctfs n 1-R(16) o | mlana s ). 243 | [nspiration C(4) interboroRavTr. InterconRubber. Internat Agri... Intl Bus Ma (§). Int Com Eng(2). Int Harv (2%).. Int Harv pf(7).. Int Mteh pf 3.20, Int Mer Marine. Int Mer Mar pf.. Int Nick,Can $0e - Int Pa&PoA2.40. | Int Papr & Po C. » | 1nt Pa&Po pt(7) Int Prig Ink 23 . Ingertype(t1%). Johns-Manv(3).. Jones&Lau pf 7. Jordan Motor.. . JordanMot (rts) Kraft-Phot1%). Kraftpf (8%).. Kresge (1.60)... Kyeuger & Toll.. Kroger Groel). Lambert.Co(8).. t.ee Tire & Rub. Lehigh Val Coal. Leh Val C pf(3). Lebn & Fink(3). LIg& Myrs B 16 Lig&Mpe(7)... Lima Locomtv Link Belt (2.40). Liquid Car 14% . 814 | o 160% T4% | Long-BelltA)... Loose-Wil 2.60.. Lortilard Co Lorillard pf(7).. Louislana Oil... Louls & Nash(7) LudlumsStl(2).. Mae And(12. Me Call Corp(4). McKeespt Tin P McKesson&R(2) Mack Trucki$). Mad Sq Gar 1%. Magma Cop (5). Mailison & Co... Manati Sugar... Manati Sugar pt Man E| mZg(db) Man Shirt(2).... Market Street. .. Marland Oil...... Mair-Rock (14). Marmon Mot(4). Martin-Parry. .. Mathieson pf(7) May Dept S(4).. Maytag (12).... aytag pf (3) Mengei Co. . Mexican Seab. .. Miami Cop (4).. Mid-Cont P(2).. Middle States”.. Midland pfi112) Miiler Rubber... Minn & St Louls. Mo Kan & Tex.. Mo K&Tex pf(7) Missour Pacific. Mo Pacific (rts). MoPacific pf(5). Mohwk Car2%.. Mont Ward 2%.. Mother L (40c Motion Pie Corp Motor Meter A Motor Prod(2) Motor Whi (3. Mullins Mfg. Murray Corp Nash Motors(§). Nash & Chat(7). Nat Acme (1)... Nat Bellas H $1. Nutl Biscuit(17) Nat Bisc pf(7).. Nat Cash Reg 14 Nat Dairy (33).. Nat Dept Stores. Nat Distillers. .. Nat Lead(5J.... 118% | Nat Lead pfA(7) 117 | Nat Pow&L((1). 80 | Nat Radiator. Nat Ry Mex 1 Nat Supply (18 Nat Surety (5. Nat Tea (13%) 4 179 u% by 144 NY NH&H pt(7) 100 | NY Onta Westn. 127, | Norf &'Wn(110) 66% | NorAm b10% stk 82%.| NorAm Ed pf(7) 147% | Nortn Pac(5)... ,14% | Nor.Paccfs(b).. 011 Well Supply. Omntb Em Brantgm(A) 12% .12 12% ° 12% Ead-John(6).... * Endicott pf(7).. 1 Erie R R.. Erle 18t pt. EvansAu L 3234, Kxchange(1%). 60 6374 Fed Mot T(80s). 17 ' First N P 1st(3) 114% st NatSili%). - 67% 1% % 72 Florsheim (A).. 49 Follansbee 13%. 66 Foundation Ce.. 64% 89ty t | Fidelity-Phosnx 17 9644 1144 7% 45% 24% 2% 2% {11 | FairbankMpf(7) 108% 108% 108! 17% 964 114% 7% 1% T2 49 66 64% 89% 45 St & Tel pt Packard (13%).. Pan-Am Petrolm Pan-Amer Pet B 114% | pannandle, ... fl’,: Paramount-¥-L 72% Park & T11(13).. Utah(80¢). . Pathe Ex(A)... 855 | Patino M (3.69) Peerless Motor. 45 | penick & Ford.. 179% 121% 9% 93% 1385 554 toath 127% 129% 62% 644 13 6674 65l 10% 10% 13 13 13 _PennDizie Cmt. 20% Phil Morris(1).. Phillips-Jon(3)., Phillips P (1%). Plerce-Arrow. Pierce Oll... Pillsbury (1.60), Pivelll (A) 2.88., Pitts St pf(7).. Pitts & WVa(6). Por RicoToA (7). PortoRIeoTobB: Postum(3),. Prairie O11&G Prairie PL 3% Pressed Stl Car. Produ & Refinrs. Public Serv 2.60, Pub Serv pf(6) Pub S NJ pt(7) Pullman Co(4) Pure Ol (1), Pure Ol pf(8). Purity Baking. . Radio Corpn, Radio pf (B).. Rad| Remingtn-Rand. Reo Mot (11).... Republic Brass. Rep Brass A (4) Kep 1 & S(4).... Rep 1 & 8 pf(7). Reynolds Spngs. Reynlds (B)2.40. Richfield O11 (2). RioGrande O1l 2, Royal Bak P(1). Royal D(a1.336) 8 y (8)...0 St Jos Leaai13). StL & San Fr(8) StL&SanF pf(§) StL&Southwest. Savage Arme(3) Schul hi%).. Schulte pf(8). Seab Air L pf. Seagrave(el.20). Sears-Roe(32%) Seneca Copper. . Shattuck FG(2). Shell Un(1.40).. Shubert The(5). Stmmons Co(3). SimmsPet(1.60) Sinclair Oll 123 Sinciair pf(8). Skelly O11(2). . SoPo R Su 12%. South Cal Ed (2) Sou Cal Ed(rts). South Ry(3) South Ry pf(5). SouRYM&O cfs 4 Spalding (1.60)., Soang Chalfnt.. Sparks With(3). Spicer Mfg. . Spiegel Co (3 Stand Com T(1 SWHGEE (3% Std O of Cal(13) StdOIINI(11%). 60) Studebaker(35). Submarine Boat. Sun Oll (g1). Sun Ofl pr(6). Supertor Oil. Superior Steel Superior Stl ru Tenn Copper(1). Texas Corpn(3). TexasGulfSul(4) T&P C&O(b3%). Tex Ld Tr(new Thatchr pf 3.60. ' Tide W Oll pf(6) Timken RB (3).. b 110d (1 49). Tbaceo Prod(A). Transcont Oll... Trico Prod(2%) TruaxTraer 1.60. Undwd-El F (4), Union Carb(§, Un Ofl Cal 3) nion Pac(10 Utd Alr & Tran: Utd Fruit (cd).. 152} 21 Utd Paperboard. US CastIr P(3). U S Distributing U S Distrib pf(7) U S Express.... S Hoffman(4). U S Alcobol (8).. 157% . 264 U S Steel (rts) U S Tob pf(7)... 140 Unitv Pipe & Rad Utll P&L Ate2). Vanadium (74).. Van Raalte Vick Chem(4). Victor pr pf(7) Va-Caro Chem. 36% | Wabash pf A(5). 4% | Waldorf(1%)... 258 | Walworth(1.20). 23% | Ward Baking B.. 243 | Ward Bak pf(7). 46% | Warner Bros Pie 103% } Warner pf(2.30) 81 | Warner-Qut2).. % | Warner Qu(rts) 1327 | Warrn Bros (15) 7015 | Webstr-Kislohr.. 124% | Wesson Ol (2).. 4 | Wesson O pf (4) 39 | W Penn El pf (6) 19% | W Penn E1 pf(7) 128 | West P Po(6)... 44% | West P Po pf(7) 61% | West Dairy B... 71% | West Maryland W U Teleg (3. W Willys Ov ¢1.20.. Willys-Ovd ptf 7. 15% 126 131% T9% 48% 46 46 182 9% B5% 1% 127% 129 62% 64% 13 67 10% 22 38% 16% 56% 20% Wiison & Co. Woolworth (6) Woolworth new. Worthn Pump. . Worth Pump(A) Worth Pump(B) Wright Aero(2). Yale&Towne(4). Yeliow Truek. Young Spgs t2 65 Youngstu Sh(6). 1287 1287% 128% Dividena rates as given in the above table are tie annusl cash payments on the ‘or half-yearly declarations. 100 shares. tock. ay- Pay- or AT% 6! A TR, * PARIS BOURSE PRICES. PARIS, April 20 (#).—Prices improved on the Bourse today. Three per cent rentes, 73 francs 85 centimes; 5 per cent loan, 99 francs 75 centimes. on London, 124 francs 2415 centimes. The dollar was quoted at 25 francs 601; centimes. . Plans Bus Line. BALTIMORE, April 20 (Special) — The Pennsylvania Genergl Transit Co., which is operated by tne Pennsylvania Railroad, 'y applied to the Pub- lic Service Commission for authority to operate a bus line between Baltimore and Gettysburg, Pa, i AT SHORT SESSION Market Apparently Undis- turbed by Credit Outlook or Reparations. « BY GEORGE T. HUGHES. Special Dispatch to The Sta NEW YORK, April 20.—Irregularity followed by a resumption of the ad- vance in favored specialties character- ized trading on the Stock Exchange in today’s short session. ‘The market again displayed complete indifference to international ‘' develop- ments. It was undisturbed by the credit outlook and paid no attention to anything but its own technical posi- tion, which was plainly one of unim- paired strength. ‘The oils took a more prominent part in the proceedings. Sentiment toward these stocks was improved by estimates that Pure Oil would show earnings for 1928 of something like 03 a share when the annual report is published next month. If this is correct, it will be a remarkable improvement upon the pre- ceding 12 months, when only 96 cents a share was earned. Oll Stocks Active, Pure Oil was moderately higher, but the real leader of this part of the list ‘was Texas Corporation, which was taken in large blocks for a gain of over 2 points, Other oil stocks in demand included Phillips Petroleum, up nearly 2 points; Atlantic Refining, Shell Union and Pan-American Petroleum. ‘Telephone stocks vgre again strong. International Telephune & Telegraph, at one time, was up over 6 points on top of the same amount of gain Friday. American Telephone & Telegraph sold around its recently established high. Mail order stocks were feaiured by buying of Montgomery Ward, in which a special group seemed to be working. ‘There was a little more activity in the rails. Pennsylvania was well sup- ported in anticipation of the dividend | ed that the present $3.50 disbursement | will be increased to $4 a share. event an additional stock offering is expected sooner or later, involving, of course, valuable rights. Kansas City Southern moved ahcad on a small turn- over. Earnings of both Marmon and Hud- son came out during the day, but the motor stocks were relatively inactive. ‘The Marmon report showed net for the to $6.01 a share. $2.88 a share for the first quarter. far the doubts of the Street as to motor prosperity have found no con- firmation in the statistics. Market Holds Steady. The market held its strength well through the last half hour when the | leadership was assumed by the Bethle- hem Steel and by American Telephone & Telegraph, both of which went to new highs. Bethlehem Steel approach- ing 117, to the best since the war years, and American Telephone & Tele- graph to the highest for all time. powerful pool is supposed to be worl ing in Bethlehem Steel, while invest- ment trust demand is said to be back of the strength in telephone. A sharp break in Hupp Motors fea- tured the closing dealings. The stock sold off almost 4 points and to & new 1929 low before support was encoun- tered. No explanation was offered for the weakness. Marmon was lower sympathetically, but the market as a whole was unaffected and left off not far from the best. Wall Street Briefs By the Associated Press. Edward_J. White, a_member of the Chicago Stock Exchange, has acquired Further selling on weakness of for- eign markets sent crude rubber figures | down about one-half & cent a pound today. July touched 20 cents for the first time since the January bull market. to 19%:. Commercial failures for the week as reported to R. G. Dun & Co. totaled 488, an increase of 13 over the preced- ing week and a rise of 22 over the number a fortnight ago. In the same week of 1928 defaults numbered 474. The current increase is attributed to the larger number of insolvencies this week in the South and West, which more than offset small decreases in the East and on the Pacific Coast. Spencer, Kellogg & Sons, Inc., makers and distributors of vegetable oils, has bought the edible cocoanut business of Colgate, Palmolive Peet Co. initial cash order for 1,000 taxis with Checker Cab Manufacturing Corpora- tion. ‘The silver output in the United States in March was 4,820,000 fine ounces, compared with 4,776,000 ounces in Feb- ruary, says the American Bureau of 000 in February, and Peruvian was 1,736,000, compared with 1,639,000 ounces in February. FIRM COPPER PRICES By the Associated Press. NEW -YORK, April 20.—Stabilization of copper prices around 21 or 22 cents a pound is understood in Wall Street to be the aim of leading producers. A shortage of the red metal recently, sent the price to 24 cents a pound, but relatively little metal is reported to have been sold at that figure. Thf so-called customs smelters were permitted to sell nearby copper abroad at 2214 cents by the Copper Export As- sociation in order to liquidate their positions and permit them to do busi- ness safely on a cash basis. More recently they have been selling at 18 cents a pound. Practically all of the large producers have contracted for the sale of their entire output up to July 1. Few orders have been taken for delivery beyond that date because of the possibility of labor troubles or some other unforeseen emergency which might. interfere with production. Current deliveries are being made at rices agreed upon several weeks ago fore the sharp run-up of the price of the metal. Rumors that the high prices for cop- per had led to an extensive use of cop- per substitutes ar? not taken seriously in the industry. ‘The electrical industry, which con- sumes between 60 and 65 per cent of the annual output of copper, still is the industry’s best customer. Demands from electrical concerns continue large, and show signs of increasing rather than decreasing because of new electri- fication projects, rapid expansion of ex- isting facilities and the' steady growth in the number of new electrical devices, particularly for househald use. Most of the large companies succeeded in making profits with copper selling at 14 cents & pound, and & price 50 per cent above that level nets them & hand- some return, which they do not want Jeopardized by wild speculation in the commodity. Investigation of the dog's mental mmmmufiutdopdomt‘m world in colors, - . \ In any | a seat on the New York Stock Ex- | | change through the purchase of rights. | May sold down more than half a cent | ARE EXPECTED SOON| “ | meeting on April 24, when it is expect- | hist year ended February 28 last equivalent | ernment is entitled to recapture half Hudson reported | the excess earnings eny carrier may 80| attain in excess of 6 per cent on a fair { A carriers, and though the figures have Metal Statistics. Canadian production | & was 1,569,000 fine ounces, against 1,124,- | Del CONTROL EXPECTED By the Assoclated Press. NEW YORK, April 20.—The fre- quency of exciting proxy battles in re- cent months has recalled to old timers in Wall Street the Gould-Harriman fight for control of the Northern Pacific Railroad in 1907, when even prize fight- ers were allowed to use their bare fists. o hilds Lowest Rates of Interest and Commission Standard Ofl of Indiana, Cl restaurants and & big eastern candy | Thomas J. Fisher & Company, Inc. chain store have been wrested in turn from those in control by waging ol fashioned melmenl campaigns among the stockholders. Now the report is current that the Interborough Rapid Transit Co. of New | York will be fought over by & group | which already controls 67,000 of the 350,000 outstanding shares of stock. Immediately after the United States Supreme Court denied the Inter- borough’s petition for a seven-cent fare the financial district heard reports that | a committee was being formed for the purpose of corralling stockholders’ prox- ies in sufficlent number to overthrow the present executive voting trust, com- gosl;d of Frank Hedley and Frank L. olk. 1In some quarters the idea of a “stock- holders’ revolt” in the Interborough is considered impossible because of an ar- rangement whereby the Hedley-Polk group is believed to hold a mandate {gl:; 2voun; nine-tenths of the stock until Modern proxy fights are courteous, kid glove affairs compared with those of the Gould-Harriman days. Wall Street does hot look for another spec- tacular open market struggle in this era of financial enlightenment. Washington Ticker By the Associated Press. Decision day, Monday, in the Supreme Court will be followed with anxious care by raflroad observers, anticipating some finding in the O'Fallon case. If that tribunal allows the Government to col- lect $240,000 from the tiny St. Louis & O'Fallon line, some of the country’s major prosperous systems expect to find themselves resisting claims on similar grounds aggregating between $400,000,- 000 and $500,000,000. In fact, attorneys rank the proceedings as perhaps the grea,len Jawsuit in American judicial Ty. “What we do with this small rail- " the Interstate Commerce Com- mission sald in assessing the claim against the O'Fallon, “we must in sub. stance do with the great railroad trans. portation establishment of the Nation. ‘That sentence established the repre- sentative status of the O’'Fallon’s litiga: tion, and threw into the controvers; practically the entire railroad world. By the transportation act of 1920 the Gov- value of its property. Few subjects have ever been so disputed as this one of “falr value” of railroads, and car- riers and commissions have been far apart in their notions, railroad figures being uniformly far above any com- mission findings. In the O'Fallon matter the commis- sion set up its theory of fair valuation, and worked out the recapture assess- ment. Immediately thereafter it set an accounting staff to working out the re- | sult on the same principles for major not been made public, it is known that they range around the half-billion- dollar mark. Almost none of the railroads most concerned have paid on the account, preferring o await the outcome of the litigation, which may run for years. Officials of greater lines most affected, like the Atchison, Chesapeake & Ohio and New York Central, haye been in- formed as to the degree the claims run | against their properties, and, at best, | it will be months before the figures ever get to formulation. The United States Steel Corporation, which is considerable of a carrier in railroad operation inci- dent to its steel fabrication, has elected | to follow a different policy from the | trunk lines, and its payments account largely for the $20,000.000 total that the Government has actually collected dur- ing the years from excess earnings. Rail lawvers always have seen a pos- sibility that the Supreme Court will re- fuse to settle the valuation differences | on the record touching the small O'Fal- lon line. If that view prevails, the whole set of issues may have to go back to be threshed over, with some one of the great trunk lines as a subject. SEES RECORD YEAR. NEW YORK, April 20 (#).—Alfred ! P. Sloan, jr., president of General Motors, foresees another record year for the company. Returning from Europe, where he negotiated the trans- fer of the German Opel Co. to his| corporation’s interests, Mr. Slan 8s-; serted that car production was running behind retail sales. 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