Evening Star Newspaper, April 23, 1929, Page 14

WASHINGTON, .D. €, TUESDAY, APRIL 23, 1929.° FINANCIAL." sz e | |RECOVERY N STOCK MARKET CONTINUE FINANCIAL.' THE EVENING STAR, MUSTOBUAN |[NEW YORK STOCK EXCHANG NEWU S_HN_ANGING s BB 5 Wy % L 3R o T R e 0! Abrahmé&strau Cont) Can (2%). LudlumSti(2).. 78% 78% 79% |Symington Cl A, WORLD ZINC PRODUCTION. 137, 874_tons, compared with 121,996 tons By the Associated Press. in Pebruary, says the rican Burea NEW YORE. Apri "23.—New securl- |of Metal Statisties, \ > % mmgd.ydollfr‘lmé'nmu Powe: e - s, T| _Diamonds & Light Co. first and ref ‘mort- o, Shed 1a the United 688 5 per cent goid borae aais) TIort: | States are valued at $4,000,000,000, Local Bankers Interested in Address Scheduled for Tomorrow Night. BY EDWARD C. STONE. Wide interest was manifested in the Ab&Straus Adams Millis(2) 745, Adams Exp!(6) A Ex pf( Adv Rumle! Adv Rumley Ahumada Lead. . LAir Redctn (43 Air Way Bl (2 Alax Rubber Alaska Juneau. . Albany Wgap Pa Alleghany Corp. Alleghany pf 538" 207 35% 34% 100% local financial district today in the ad- | Alited Chem. ... 284% dress by Undersecretary of the Treasury Ogden L. Mills to be given before Washing‘on Chap- ter, American In- stitute of Banking, temorrow evening at the Rauleigh Ho- tel. It was learned today that Mr. Mills will speak on the proposed new methods in Treas- ury financing which are just coming before Congress in the fere of bills intro- d 1 yesterday in th> Senate and Touse. Passage of these bills by C(;r;]gr(_‘ss 1d authorize lwhz ‘el‘rsfiury to issue short-term Treas- ury securities, to be known as bills, on a discount basis instead of with inter- est coupons. Senator Smoot introduced the bill in the Senate, and Chalrman Hawley of the ways and means commit- tee took the same action in the house. Ogden L. Mills. An effort is to be made to bring the | Al or_discussion ;u the et nt session. This makes it a subjec g?‘h\u’nse interest to all hankers.l the most timely topic in the banking world e moment. 4 a[l‘!xdersecr(‘(ar,\' Mills will go into it in detail. Through conferences with Secretary Mellon, he is in the best pos- Sible position to_picture its sweeping innovations in Government financing. The speaker will be introduced by President Robert V. Fleming of the Dis- trict Bankers' Assoclation. ~As it is the Jast institute forum of the year, a rec- ord attendance is anticipated. It is Jearned that many of the older bankers in the city wish to hear Mr. Ml]lsv, and for their convenience the reservation period has been extended until tomor- w noon. g T ecretary Mcllon has issued a long statement on the new financing pro- posal. He says it will be supplgmentary to the plan now in use and will allow the Treasury greater latitude in its financ- ing program. The present method probably will continue to be used con- siderably in the future. as the new plan would not preclude use of the present form of bonds and certificates. The new plan applies the principle of selective bidding, and would enable the Treasury to take advantage of the money market whenever it deemed it advisable. The financing plan now in use probably will be continued for longer term programs and the new plan for short-term financing. Capital Traction More Active. Capital Traction stock was more active on the Washington Stock Ex- change today and also higher in price. The stock opened and closed at 99, but sold at 99'; at one time during the session, Trading was in small lots and totaled 40 shares. 3 Potomac Electric Power 51, per cent preferred figured in several small sales. It opened at 107!, advanced to 107% and closed at 107'2. Washington Rail- way & Electric preferred figured in a single transaction at 97%. Two bank stocks appeared on the board, 20 shares of Merchants’ Bank & Trust Co. moving at 154 and two shares of National Savings & Trust selling ex- dividend, at 565. Washington Gas Light again sold ex- dividend on a small lot transfer at 106. Real Estate Mortgage-& Guaranty pre- ferred brought 7!, and Merganthaler Linotype was strong in a 30-share sale at 108. The opening bond sale was in Wash- ington Gas 6s, series A, at 10215. This was a $500 turnover and was followed by a $1.000 transfer at the same price. Gas B bonds in a $100 denomination, registered 103. Bonds closed with $3,000 ‘Washington Railway & Electric 4s changing hands at 86%. Heard in Financial District. Tocal bankers who attended the Spring meeting of the executive coun- cil of the American Bankers' Associa- tion at Biloxi, Miss, were entertained en route at the home in Chatta- noga of Thomas R. Preston, last year's president of the association. He lives on Missionary Ridge, one of the most beautiful residential locations in the South. 2 Business indicators continue to show favorable conditions, Secretary of Com- merce Robert P. Lamont said, adding that building contracts are showing a gain for the first time in current ye: ‘This gain is about 40 per cent over year ago. Loew's, Inc, has declared regular quarterly dividend of $1.62%2 on $6.50 preferred, payable May 15 to stock of record May 3. Arthur Foraker, local manager of LCastman, Dillon & Co., has returned measure up Allis-Ci Amal L Amal L Amerada(2).... Am Agricul Chm Am Agri Ch pf.. Am Bank N(13). Am Bk N pf(3) Am Boseb. .. Am BrSh(h1.60). Am Brown Bov. . Am Brown Bo pf Am Can (14) Am Can pf(7). AmCar&Fdy($). Am C&Fpf(7). Am Chain pf(7). | Am Chicle (3).., | Am Encaus (2) | Am Express (6). Am Hide & L pf. Am Home Pr(3). AmP &Lt AmP&Lp! s Am Radiator(5). Am Rad pf(7)... Am Saf Raz\10). Am Seating(3).. Am Ship & Com. Am Sm&Ref(4).. AmS & R pt(7).. Am Stl Fays(3). Am Stl Fy pf(7). Am Sugar, . Am Sugar Am Sumatra rts. Am Tel & Tel(9) Am Tobac B(8).. Am TypeFo(8).. AmWW&EI(cl). AmWW1st pf(6) Am Wor . Am Woolen pf.. Am Zinc... Am Zinc pt Anaconda (7)... Anaconda (new) Anaconda (rts).. Anchor Cap 2.40. Andes Copr (3).. Archer Danls(2) Armour Del pf 7. Armour 111(A) .. Armour I1I(B).. Armour Il pf(7) Arnoid Con & Co Art Metal (13%4). AssoDryG(2% ). Asso Apparel (4) Atlan Ref(11% Atlantic Ref rts. Atlan Ref pf(7). AtlasPowder(4) Allas Tack. Austin-Njchols. Auto Sales...... Auto Sales pf(3) Autostrap A(3). Bald Loco pf(7). Baldwin Loe (7). Bulto & O(6).... Balto & O pt(4). Bambgr pf(6%). Bang & Ar(3%). Bang & Ar pf(7) Barnsdall A (2). Bayuk 1st p£(7). Belding-Hemwy. Belg N R pf(16). Best & Co(3).... Bethlehm Stl(4) Beth Steel pf(7) Bloomingdale. .. Blumnthl pf(7). BohnAl&Br 3% Bon Ami A(4)... Booth Fish 1st.. Borden Milk(6). Berg-Warnr (4). Briggs MfgFCo.. Brockwy Mot (4) Bklyn-Man(4).. BklynUnGas(5). BrownShoe(2%) Brunswick B(3). Brunswick Ter.. Bucyrus(1)..... Bucyrus ev(23%) Burns Bros(B).. BurnsBros pf(7) Bush Ter pf(7). from & business trip to New York. |BY He recently enjoyed a short vacation at_Charleston, S. C. The Security Club of the American Security & Trust Co., visited the U. 8. Naval Academy at Annapolis last Sat- urday afternoon. Admiral S. S. Robi- son assigned two special guides to the g:lfly and the 65 visitors had a delight- stay. S ‘Wholesale Prices Lower. For seven successive weeks wholesale prices of commodities have declined, the decrease being 0.2 per cent for the week ended April 20, according to the wholesale price index of the National Fertilizer ~ Association. ~ Twenty - six items showed declines and 24 advances. The chief declines occurred in textiles, foods, metals and ribber goods. Ad- vances took place in butter, oats, feeds, cattle, sheep and gasoline. The general trend of commodity prices is unmis- takably and continuously downward. Decline in Loans Noted. ‘The Federal Reserve Board’s condi- tion statement of weekly reporting mem- per banks in 101 leading cities on April 17 show declines for the week of $53,: 030,000 in Joans and investments, $10,. 000,000 in time deposits and $93,000,000 in Government deposits, and increases of $66,000,000 in net demand deposits and $23,000,000 in borrowings from Federal Reserve banks. Instaliment Buying Grows. An increase ‘.'r;‘ credit and mxullm:du} b during the past year was nof sn“ynu:-gepun made last night at a dinner held at the Hotel Commodore by the Association of Credit Apparel Stores. It was mmmu:ced thnlt retail :tn;’? sell- wearing apparel on a credit basis Lnk‘l a volume ol;p:ualnem totaling $175,~ 000,000 in the United States last year. PARIS BOURSE PRICES. PARIS, m:pm 23 m—mm were easy on urse y. ee per cent rentes, 73 francs 90 centimes; 5 per cent loan, 99 francs 85 centimes. Exchange on London, 124 francs 17 centimes. The dollar was quoted at 25 Zfrancs 58%; centimes. Par Value Reduction. NEW YORY, Aj 23 (#)—Russia stockhols ha ctioned By-Prodets 123, Calif Packg (4). Callahan Zine. .. Cal & Hecla(4).. Can Dry (t4%). Can Pacifie(10). Car C1&0 sta(5). Case Threshg(6) Cent Alloy(2)... Cerro de Pas (6) Certain-teed Pro o Corpn(3). & Ohio(10) & O Corpn(3). Chi& Alton..... Chi & Alton p! Chl & East 111 pf. Chi Great Wes! Chi Gt West pf.. ChiMil &St P.. Chi Mil & StP pf Chi & Nwn (4).. Chicago Pn Tool. ChRiRI&P (7).. Cni Yel Cab(3).. Chickasha(3)... Childs(2.40) Chile Cop (3% Chrysler Mot(3) City Ice (3.60) City Inv Co(10). City Stores new. Cluétt-Peab(5), Coca-cola (4)... Coca-Cola (A) Colline & Alkmn ol Fuel & Iron. Col Sou 1st(4) Col Gas (2)..... Co! G&E pfA(8). Columbia Graph Col.Carbon f4%. Com Credit (2).. Com Cristpf 6 Com Inv Tr(34). Com In Tr pf 6% Com Solv (h8).. Com Power (14). Congoleum-Nair Cong Cgrs (6).. Conley Tinfoll Consol Cgrs (7). Con Cgrs pfi7).. ConCigprpf(6%) Con Film pf(2). Ceonsol Gas (3).. pf. 34 1% 57 120% 62 53% 55% 29 924 140% 141 99 116 T8% 55% 55% 41 42% 344 3 845 99% 9k 33 9% 41 61y 119% 17 37 108 1004 100% T4's T 80% 80% 184% 186 183 3 3 183 394 % 1039 135% 67 111% T9% 107 5 236 167 144 86 102 142 118% 25% 6% 114 97 1 461 120 252 121% 79 109% 6614 107 44% 91 104 15% 81 86 116% 119 56 105 122% 84 193% 131% 44% 557 6674 179% 44% 4T 29% 34% 43% 30% 100 Bush Term(g2).. i 115 119% 3% 2% 127% e 87% 884 87% 24 238% 98% 99 99 426 426 426 32! 32% 64 8% 37% 46% 46% 99% 99% 23% 22% 64'% % % 64% 225% 225% 291 8 % 87T 15% 16% 19 19 56% 56 lg 18% b2u 52 32% 82 54 ) 53% 844 85% 32 3; 126 125% 33 33 41% 58 95% 54% 205 21% 61 61 61 131% 131% 131% 48% 48% 48% 644 6415 62 0% 70% 69 T TTH T 60% 62 60 104% 104% 104% 1% 7% 704 138% 142 50% B1% 50% 961y 98 96 161 161 160 160 95 95 95 95 310 320% 810 317 137% 142 137% 139% 26% 25% 24% 24% 80 8 80 80 %o % % 88% 881 88% 88W 98% 984 984 98% 98% 98k 931 934 304 30% 29% 29% 110 1l 109% 111 99% 6 5% 764 2% us uy 123 1 Contl Insur (2).. Contl Mot(80c). Corn Prod (13).. Corn “rod pf(7). 1. Coty, Ine (g2)... Crex Carpet.... Cuba Company Cuban-Am Sug. i Cul -A Sug pf. Cudahy Pkg(4). Curtiss Aeroi1), Curtis Pub (6).. Cushmann pf(8) Cu mi3i) Cuyamel Fruft.. Davison Chem. .. Debenhms(2.91) Deere&Co pf(7). Del & Hud(9)... 1 Del L& W(17).. Den RG Wn pf Devo&Rayn(13) Diamond M (8). Dome Mines(1 Dunhill Int (34) Dupont de N(4 Du Pont deb(§ Duq Lt 1st(5)... Eastman (18)... Eastman pf(7).. Eaton Axle (3).. Eitingon(2%).. Eitingn pf(615). Elec AutoL 141 Blectric Boat. .. ElecPow&Lt(1). Elec P&Lt pf(7) Elec Stor B (5). Elk Horn..\.. ng PubSer($1). s Pu S pf(5) g Pu S pt 5% Eureka Vac - EvansAu L $2% Foirbanks(3)... Fashion Park. .. FedLt&Tra t1%. FedL&Trac pf 8. Fed Mot T(80¢).. Fldelity-Phoenx. Fifth Ave(64c).. Filene's pf(6%). First N P 1st(8) First NatS(1%). % Florsheim (A).. Follansbee 12 % | Founda Fox Film A(4) Freeport T (4) Fuller pr pf(6).. Gabriel Snub A.. Gardner Motor, Gen Am TC(34).. Gen Asphalt.... Gen Bakg pf(8). Gen Cable......; Gen Cable A(4 Gen Cigars(4) Gen Electric GenElec sp(60c Gen G&EI A 1%. Gen Gas(rights) Gen Gas pf A(7) Gen G & El A(8) Gen GEEIB 1%. Gen Gas pf B(7) Gen Mills (3)... Gen Motors (3).. Gen Mot pf(7).. Gen Qutdr Ad(4) Gen Ry Sig(5)., Gen Ry S pf(6).. Gen Refrac 13%., Gillette S R (5).. Gimbel Bros. Glidden Co t1% . Glidden Co (rts) Glidden pr pf(7) Gobel (Adolph). Gold Dust (new) Goodrich(4).... Goodrich (rts).. Goodyear Tire. . Goodyr 1st pf(7) Gotham H (2%). Graham-Paige. . Granby Min (7)., Grand F&W (1 Grand Unon. Gt Nor pt cfs(5) GrNorOrefs 3. Grt Wn Sug 2.80. Grt Wn Su pf(7) Greene Cana(8). Guantanamo Su. Gult Stat Sti(4). Hahn Dept Stor., HahnDSpf6i4. Hanna M A (7).. HarbisonWpf(6) Hartmn B(1.20) ., Havana EIRy... 10% HavEl Ry pf(6).” 73 Hayes Body. 55% Hershey Corp Hershey pf(4 Y Hershey pr pf(6) 105% Hollnd Fu(e2l3) 40% Household(t4).. 69% Houston O11. Howe Sound (. 1% Hudson Mot(5). 8% Hupp Mot(f2)..; b5% Illinols Cen(7)., 136% 11l Cent pf(6)... Ind O & Gas (2). Indian Mot (1).. Indian Refining. Indian Refg ctfs Indust Rayon Ingersoll-R( Inland Stl (3%). Inspiration C(4) InterboroRapTr. InterconRubbe; Internat Agri Intl Bus Ma (5). Int Cement(4).. Int Com Eng(2). Int Harv (2%).. t Mtch pt 3.20. nt Mer Marine.. Int Mer Mar pf.. Int Nick,Can 80e Int Paper pt (7). Int Pa&PoA2.40. Int Papr & Po B. Int Papr & PoC. Int Pa&Po pf(7) Int Prtg Ink 2%. intl Salt(5)..... Int Tel & Tel(6). Inter Dept §(2).. Intertype(tl3%). Island Creek(4). Jewel Tea (15).. Johns-Manv(3).. Jones&Lau pf 7. Jordan Motor. JordanMot (rts) Kan City Sou(5) Keith-Albe Kelly-Sprin| Kinney (G R) Kolster Kadlo. .. Kraft-Pho(1%). | Kresge (1.60). .. Kresge D S pf. Kreuger & Toll.. 38 Kroger Gro(cl). 95% Lago Oil... 31% Lambert Co (3)., 144% Leh Por Cmt 2% 53 Lehigh PC pf(7) 110 h Val Coal. 23% Lehigh Val v Leh Val Cpf(3). Lot tlard Co- Mac And(12.85). Me Call Corpt4). 78% McCrory At2).., MeCrory B(2)... McGraw Hill(2). Mcintyre P(1).. McKeespt Tin Pl McKesson&R(2) McKsn pf A 3 Mack Truck(§).. Macy Co (€2)... Mad 8q Gar 1%. Magma Cop (5).. Mallison & Co. Manati Sugar. Mandel(2%).... Man Elec Suply. Man Elev gtd(7) Man Ei mzg(db) Man Shirt(2).... Maracaibo Olt Marland Oil. . Mair-Rock (14). Marmon Mot (4). Mathieson(6)... May Dept S(4). Maytag (12). Maytag pt (3) Melvle Shoe 1.40 Menkel Co...... Mex Pete (152). Mexican Seah Miami Cop (4 Mid-Cont:P(2 Middle St: Mia Midland pfitl Miller Rubber.,. Mo Kan & Te Mo K&Tex pf(7) Missour) Pacific. Mo Pacific (rts). MoPacific pf(5).. Mohwk Car 2%.. Mont Ward 2%. Moon Motor-. . Mother L (40¢).. Motion Pie Corp. Motor Meter A.. Motor Prod(2).. Motor Whi (2).. Mullins Mfg.... Munsingwi (3).. Murray Corp.... Nash Motors(6) h & Chat(7) t Acme (1) Nat Bellas H $1. Natl Riscult(t7) Nat Bisc pf(7).. Nat Cash Reg 14 Nat Dairy (33 Nat Dept Stor Distiliel Nat Distillers pf Nat Enamig (1). Nat Lead(5).... Nat Ld pf B(6).. t Pow&Lt(l). Nat Radiator... Nat Radiator pf. Nat Ry Mex 2d.. t Supply (18).. Nat Tea (1%)... Nevada Cop (3). N O Tex&M (7). Newport A (3).. N Y Alr Br(d)... N ¥ Central(8).. N YC &StL(6). N Y CStL pf(6). N Y Dock..our.s NYNH&Hart(4) NY NH&H pf(7) N Y Ont&Westn. NY Railways pf N Y State Rys pt N Y Stm pf(6).. NY Stm 1st pf 1. Norfolk Sou 2%. Norf & Wn(110) Norf & W pf(4).. NorAm b10%stk North Am p£(3). NorAm Ed pf(7) No Ger Lld 3.41. Nortn Pac(6)... Nor Paccfs(5).. Norwalk Tire.. Ol Well Supply O1l Well 8 pt. Omnibus. . Oppenhm-Col (5) Orpheum pf(8). Otis Elev (6). Pac Tel & Tel pf. Packard (13%).. 131% Pan-Am Petrolm Pan-Amer Pet B. Panhandle. . Paramount-F-L. Park & Til(33).. Park Utah(80c). Pathe EX...0000 Pathe Ex(A).... Patino M (3.89)., Peerless Motor. . Penick & Ford. . Penick&F pt(7). Penn C&Cok Penn Dixie Cmt.. Penn RR(3%).. Pere M prior(5). Pet Mjlk (13%).. Phila Co pf(2%) Phila Co pf(3),. Phila&RC&I.. Phil Morris(1)., Phillips-Jon(3).. Phil-Jones pf(7) Phillips P (1%). Plerce-Arrow. .. Plerce-Arrow pf. Plerce Oil. Plerce Ol Pieree Petrolm. . Pillsbury (1.60) ' Prairie O11&Gas. Prairie PL 13%. Pressed Stl Car. Produ & Refinrs. Producers&R pf. Prophylactic t4. Public Serv 2.60. Pub S NJ pf(8).. Pullman Co(4).. Punta Aleg Bug.. Pure O11 (1).. Pure Oil pf(8) Purity Baking. . Radlo Corpn.... RadioCo pf(3%) Radio pf (B).... Radio-Keith(A).. Real Silk pf(7).. Remingtn-Rand. Remingtn2d(8). 112 Reo Mot (11). 28% Republic Brass. .. 52' Rep Brass A (4). 108 Repl&S(4).... 99% Rep I & S pf(7). 112 Reynolds Spngs. Reynlds (B)2.40 Richfield Ofl (2). RioGrande Ol 2. Rot Ins t6%. 280% Royal Bak P(1). 36% RoyalD(a1.336) 524 Safeway (3).... 167% Safeway pf (6).. 96 St Jos Leaa.13). 68 StL & San Fr(3) 113% StL&SanF pf(6) l: ol Seagrave(el.20). 17% Sears-Roe(33%) 159% Seneca Copper.. 6% Shattuck FG(2). 140% Shell Un(1.40) 30% Shubert The(5). 62 StdOtINY (1.60). Std Plate Glass.. Std San M(1. Stantey Co, 384 ‘twutwnr('l %) 1% 38 38 38 1Simmons Co(3). 0% SimmsPet(1.60) Sinclair O11 12%. Skelly O1i(2) S Snider Pkg pf... So Po R Su t2%. South Cal Ed (2) Sou Cal Ed(rts). SouRyM&O cfs 4 Spang Chalfnt.. Spng Chal pt i\ Sparks With(3), Spear&Co pt(7). Spen Kellog 1.60 Spicer Mfg..... SplcerMfg pf(3) Spiegel Co (3).., Stand Com T(1). SdG&E (3%). Std G & E pf(4), 8td Milling (8).. Std O of Cal(13) StdOIINJ(11%). Telautogrph(1). Tenn Copper(1). T&P C&O(b2%). Tex Ld Trinew) Thatcher Mfg. Tidewater AsOil TidewatrO(80¢) Tide W Ol pf(5) % | Timken R B (3).. 1ub Prod (1 40y, Tbacco Prod(4). Transcont Oll... Trico Prod(2%) ‘TruaxTraer 1.60, Truscon S $1.20.. Undwa-EI F (4) Union Carb(§ “| Un O1l Cal2) Union Pac(10 Union Tank(§) Utd Alr & Trans. Utd Air&Tpf(3). Utd Blscuit 1,60 Utd Cigar 8t( Utd Dyewood Utd Elec Coa Utd Fruit (c4 Utd Paperboard. US Cast Ir P(3). US CIP 18t 1.20.. US CIP 2d 1.20.. U 8 Distributing Realty(4). Rubber. (1 S Steel(7). 1 U S Steel (wi).., 18214 U 8 Steel pf(7).. 143% U S Steel (rts).. Un Leaf T pf(8). Univ Pipe & Rad Utll P&L A(e2). Van Raalte pf. Vick Chem(4). Va-Caro Chem. . Va-CarCh 6% pt. Vulecan Detin. .. Vulcan Detin(A) Wabash. Waldorf( o Walworth(1.20 Ward Baking (A} Ward Baking B.. Warner Bros Pl Warner p£(2.20) Warner-Qu(2).. Warrn Bros (15) Warren 1st pf(3) Warren F&Pive.. Webstr-Eislohr., Wesson O pf (4), Wesson O1l (2).. W Penn ELA(7). W Penn El pf (6) W Penn EI pf(7) West P Po pf(7) Dairy B.. Westn ElecA(2). White Eagle(2). White Mot(1)... White Rock (3). White Sew Mach Wileox 011 & G.. Wilcox (A) 23.. Wilcox Rich B. . Worthn Pump. Wright Aero(3). Wrigey ((13%). Yale&Towne(4). Yellow Truck. .. Young Spgs t2% Youngstu $h(6). 127% Hourly Sales on N. Y. Market. 10:30 am.. 774500 12m... 1,887,300 1:30 p.m. 2,990,300 2:15 p.m 3,231,500 Dividena rates as gives are the annust cash pevanen Plus 1/120° S arterly” i giock: m Payavle 1710 thare ‘anarierly in United Cigar ' common stock. B Commodity Notes Dairy Products. HELENA, Mont., April 23.—The State Department of Agriculture today pre- dicted an increase of 20 per cent in,the output of dairy products in this State |3 this year. well. The dairy herds Wintered Fruit. NEW ORLEANS.—Cuban pineapples have commenced to move through this port, which is the main distributing point of this fruit. which operates between New Orleans and Havana has contracted to bring 50 cars of pineapples a week for the mn“m&. > Packing House Products. CHICAGO.—AIll classes of dressed meats are reported to be showing more activity than for several weeks past. Prices are firm, with beef 50 cents to $1 a hundred higher. The pork loin market is from $1 to $2 a hundred higher than a week ago. Wool. FORT WORTH.—First sales of mo- hair, reported from the Kerrville dis- | Bel trict, were made at prices considerably lower t season. As a conse- quence of the reduced figures the 1929 clip is being stored. One firm at Kerrville has 700,000 pounds on hand, awaiting an improved market. Steel. ‘YOUNGSTOWN, Ohio.—The steel in- dustry in the Mahoning Valley con- tinued this week to maintain its even schedule of high operations. 7There I ot oy ’g“'two new ones and Oklahoma b e i 6414 s 2 5 3% United States Catholic Colleges and I | common stockholders the right to buy ‘Plus | shares now held. There are 66,265 com- The train ferry | Rome, Increased Activity Is Noted as Many Issues Ad- vance Rapidly. i BY GEORGE T. HUGHES, Bpecial Dispatch) to The Star. NEW YORK, April 23—With in- creased volume and evidences of a greater public participation, today's stock market again registered an irreg- ular advance. It was only temporarily affelted by higher money, and it paid no attention whatever to the failure of the international conference at Paris. Pools were active and in most cases suc- cessful in their efforts, but stocks which did not have special sponsorship either stood still or reacted. The lomestic news included highly favorable reports from the steel industry and some good railway earnings, but the market was more interested in the story told by the tape than in anything that happened In the trade world. Up to late in the day the,motors were dull and firregular, but in the last hour General Motors was bid up in huge blocks for a substantial gain. Money renewed at 7', per cent, but went to 8 per cent in the early afternoon and was in scant supply at the advance. The opening was higher all around. It was featured by one of the largest blocks of stocks that ever changed hands on an initial sale, when 100,000 shares of Simms Petroleum sold at 30, up over a point and at a new 1929 high. That this was evidently a pool operation did not detract from its spec- tacular quality. All through the first two hours the turnover was so large that the ticker fell behind at one time almost 30 min- utes. In the first half hour sales were 774,500 shares, compared with 517,900 shares at the same time yesterday. High-price specialties were promi- nent, among them the express company stocks. Adams Express made a new high, just under 750, up over 19 points. American Express made a smaller gain, while American Railway Express, ap- proaching its old high, was up almost 8 points. The only news was the an- nouncements of rights to holders of | Adams Express common to purchase a unit of additional preferred and com- mon at a price well under the market, e WORLD OIL COMBINE | PLEASES GERMANS | Epecial Cable Dispatch to The Star. BERLIN, April 23.—The New York | announcement of the agreement between the Standard Oil Co. of New Jersey and | the I. G. Farben industry for complete | world co-operation in the developing of cracking and distilling from coal proc- esses in petroleum production has elicited a joyous two-column article in | today’'s Bergwerks Zeitung, chief organ of the German industry. | For in this agreement between the two gigantic companies is seen a great step in that close co-operation between German and American industry which since stabilization has been the chief German desire. The immediate purpose of the agreement will be the develop- ment of a cracking process by which high-grade ofl may be produced from lower grades and the marketing of this product. When market conditions war- rant it, the company will undertake the perfecting of the Bergius process of distilling gasoline from coal. ‘The activity of these two companies. the article states, will cover nothing less than the “world.” The German advantage is derived from the fact that the “German I. G. Farben industry has found a partner that recognizes the German company’s importance.” Advantages that will come with the co-operation, it is pointed out, include: America will be able to preserve a greater share of her oil rezerves for the future. Thanks to the American back- ing, the I. G. will be able to exploit its Internal markets unhindered and be in shape to utilize the new processes com- mercially on a large scale. ‘The article also calls attention to the tion precesses and the new processes for the production of artificial rubber and the possibilities for the soap industry, thus creating a threat to English pre- dominance in this branch. Also the I G. may be able to secure financial backing from the Standard interests. 1t is noted that the I. G. already has close contacts with American dyestuff manufactur and has an agreement with Americhns concerning the produc- tion of nitrogen from air. Before the war, the article says, Germany pro- duced 95 per cent of the world's needs in dyes. Thanks to the war, this sank to 50 per cent, but the I. G. has made such_tremendous strides that the pre- war level is again reached. (Copyright, 1929.) o New Stock Issue. NEW YORK, April 23 (#).—To pro- vide funds for payment on shares of American Raflway Express Co. stock purchased from the American Express Co. thfie Adams Express Co. is offering a unit of two preferred and one com- mon shares for $600 for each four mon shares of Adams Express outstand- . The rights are worth about $63 each. . TREASURY CERTIFICATES. (Reported Ly J. & W. Bel an & Co.) Rate—Maturity A offer. s June 18, 1929 9829-32 903133 4345 Bept. 9 29- 3132 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) London, pound. Paris, franc. Brussels, beil pengo. . Prague, crown (nom.).. Yarsaw. sloty . agen, cro Sifone o] Stockholm, crown. SHORT-TERM SKECURITIES. PReported by J. & W. Seligman, & Allis-Chaimers Co. 5s 1937 Aluminum Co. of Amer. 5s American Tel. & Anaconda Copper Mi: Baltimore & io 4 Batavian Pet. Corp. 1l _Tel. of Canada 5 California Pet. Corp. 5%as Canadian Nat. Rq inadian No Chile er close relation between the coal distilla- | 1, 1926; maturing April 1, 1956, at 99 . 5% LOANS 5% and interest. One millior. seven hundred and fifty On High Class Residential Property Write for Booklet thousand dollars Consolidated Service Co. cumulative convertible $2.50 pref- Jos. W. Brooks & Co. General Insurance erence stock, no par, and common stock, Transportation Bldg. Frank. 2913 STUDEBAKER| R. McREYNOLDS & SON 1423-25-27 L St. N.W. Decatur 686 NEW CARS USED CARS R T S, NEW YORK, April 23 () —Stutz Motor Car stockholders have been of- the right to subscribe to addi- tional stock at $20 a share on the basis of one new share for each 10 now held. 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