Evening Star Newspaper, April 24, 1929, Page 13

ADVANCE IN CURB | - SHARES CONTINUES 5z, =t Tighter Money Slows Up Cp- erations, However—Some Gains Are Shown. BY HARRY H. BECKER, Bpecial Dispatch to The Star. NEW YORK, April 24.—Firmer money acted as a brake on bullish enthusiasm on the Curb Exchange today and led to considerable irregularity in the price movement, although the important changes were still on the side of ad- vance. A few utilities, industrial specialties and merchandising shares stood out in bold contrast to the confused action of the general list. Most prominent on the up side were stocks like American Rolling Mills among the industrials; United Gas Im- provement among the utilities, Aviation Corporation of America and Sikorsky in the aeronautical section and J. J. Newberry among the chain store stocks. Specific developments in the news ex- plained the buying in each instance. Advances Scored. ‘There was evidence of revived inter- est in Memphis Natural Gas, based on knowledge that important plans are urder consideration. Strength of Amer- ican Rolling Mills was influenced by the expected transfer of the stock .tq the big board tomorrow. Hiram Walker also made a sharp ad- vance in response to the three-for-one split-up and offering of additional stock at §15 a share in the ratio of one for three owned. Demand for Newberry followed declaration.of a 50 per cent stock dividend and proposed sale of one share of new common at $60 a share for each 10 outstandin Another op- timistic official statement pushed Celan- ese into higher ground, with the grant- ing of patents covering the production of cellulose acetate of unusually high viscosity furnishing additional stimulus. Actlvity in the aviation group was concentrated on Sikorsky, which re- sponded vigorously to estimates that current orders were the greatest in the history of the company. Aviation Cor- poration moved up sharply and better demand was witnessed early in the day for Fokker and Consolidated Aircraft, although their advances were confined to small sized transactions. 0il Stocks Dull. Oil stocks turned dull, awaiting de- velopments at the conference of execu- tives of the American Petroleum Insti- tute. Early strength in Humble, Vacuum and Imperial of Canada was modified by profit-taking. Interest in United Gas was reawakened by the placing of a $2,750,000 contract for the construc- tion of the 110-mile 16-inch pipe line from the Refugio Gas Fields to San Antonio and Austin, Tex. The line will have a daily capacity of 60,000,000 cubic feet, most of which has already been contracted for. Cities Service stocks were inclined to sag in the face of the record-breaking earnings reported for 1928. Elsewhere in the general list Western Air Express, I Miller & Sons, Sidney Blumenthal and Sentry Safety Control made new highs on small advanc: Other active and strong specialties cluded United States Foil “B,” Grigsby Grunow and Haygart. Perryman Elec- tric Co., a new listing, sold almost 10 points above the public offering price. On the other hand, Ford stocks suffered setbacks. Washington Ticker By the Associated Press. Tarifl discussion, jn and out of Con- gress, is now throwing into strong light the fact that preparing import duty schedules designed to maintain or ad- vance the price of American-grown crops at home is no such simple task today as in 1922, when the Fordney protective bill was written, or in the even earlier days of McKinley and Dingley, Then, corn for tariff purposes was just corn, and nothing more. A straight duty of 15 cents a bushel on imports of foreign corn—which is the present law-—was deemed sufficient ex- pression of protective tariff principle in the matter. But today—and spokesmen of farm organizations are emphatic in repre- senting the -1t being pointed out to Congress that corn con- verted by one industrial process is al- cohol; by another it is starch; by a third it is oil; by a fourth it is a sugar. Effective protection of the farm price of American corn is construed to mean a careful following, through all its in- dustrial utilization. of the product, and application of tariff schedules that will protect the domestic price of all its im- portant and very numerous derivatives. “Our brief to the House ways and means committee enumerated 500 items ! of commodities in common use derived from agricultural products upon which tariff schedules are asked,” declared Chester ‘R. Gray, Washington repre- sentative of the American Farm Bu- reau Federation. “Unless the import of these materials, all of which are pro- duced directly from agricultural prod- uce, is effectively restrained, the simple imposition of a protective duty on tl i.)rlmary article itself fails of effect. This s the first tariff bill preparation in which the interests of agriculture have been actively and completely followed through the avenues of utilization, but unless it is done the protective tariff isn't much use to the farmer. “This principle of following a prod- uct through all the fields of its utiliza- tion has been applied in former tflrifl'l measures only as to manufactured prod- ucts. This year it is going to be put 1tnm practice for the benefit of agricul- ure.” Representative Hull, Republican, Tlli- nois, of whom Mr. Gray remarked that “anything he works out on the agri- cultural tariff is apt to be sound,” pre- pared a careful representation of what the schedules aim at for the enlighten- ment of his colleagues. He calculated that a tariff on corn straight only helped a market for 82,000,000 bushels, this much of a supply being in direct competition with ~ foreign produced straight corn. But he estimated that 125,000,000 bushels of corn, or rather its equivalent, is marketed in the deriva- tive forms, and susceptible of protection by tariff schedules. ‘The Hull estimate tabulates this field for protective tariff legislation in the light of corn necessities as follows: Lacquer industrs.......... 20,000,000 bushels cohol ... {....1. 38,000,000 bushel: Taploca and’ sago starch.. bush il cake and ol meal.... 17, Sesame oil Corn susi FIRM INSTALLS FAST QUOTATION SERVICE By the Assoctated Press. NEW YORK, April 24.— The first automatic electric quotation board in America will be installed in the offices of the international brokerage firm, De Sainte-Phalle & Ca. It will be operated from .an ‘electric keyboard, and changes in the price of any security will be registered instantly. ‘The same firm will adopt several other mechanical improvements, including a system of loud speakers extending into all rooms for the pi of broadcast- ing important information: te all execu-{ tives without delay. -+ . Electric belt conveyors will carry orders, quotations and instructions from the automatic boards to the cable and ‘wire room, where operators will trans- mit them to varicus parts of the coun- try or to Eurape. - NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office o Pr A Indust ... 18% 1 AR e 28" 28 RSN R S >0 r Bri & " e Blues Pk LA 0% mer Git P & L B... 274 22232 32 El 0 2 £ 8 H 22! o Eoes 5, 2ESNEETRR: W8 FE 2528 NN T L&P. 2Briggs & Stratton.. 3 Brignt Star Elec B... ist Myers . 8 2Cap Admin allof ctf 72% 2Celan Cor Am..... d45iz iCelan O Am 1 pfd.. 113 113 Pip Cor. 9 41% Gent, ons Auto Mer pfd. 2§ Consol Film. 1Cousol G Ba %7 Cousol Instru. 9 Consol_Laund ', 1Cons Ret Strs. 20 Contl Diamond 2 Courtaulds Ltd 1Crowley Milner 1 Curtiss Aero EXp. 30 Curtiss_Flying Seiv. Allot ctfs 2 Dominipn St Ltd. 12 Douglas Atrcrafy 2 Dubilier C & R Shn Sh pid.. 4El Invest Inc...... 1El Invest Inc pid 2Em Pow Cor... §Evans Wall Lead 1Evans Wall Lead pid 1 Fabrics Fini i Fairchild_Aviatn Fajardo Sug Go ed Metals ctf Screw rederal R BaEA a8 i o | 22 35 (o a», nch Line B.. § Freshman Cnas Go. 1Gameweil Co . 3G b! 9 Gornam Mig ... 8 Gotham Knith' ‘Mach 6Gram Co Ltd rets xd 3 Granite City Steel 1 Grigsby Grunow n 1 Guardian Fire . 3 Haysare Corp - Stores of Del 1 Hygrade Food Prod.. 2 Tusur. Secur : 11Interstate Hosiery 11 Irving Air_Chute 4 Ken-Rad Tube 99 Kolster-Brandes 3Nat Food Prod B. 2 Nat Mfz & Stores. a Elec... 21 Nor Amer Aviaiion. 1North Amer Cem 43 Norih Eastern Po 1Nor Sta P A.. 1 Northwest Engrg. 10nio Brass Bowes P 2 Pitts Scr_& Bolt. 3 Proct & Gamble, 3%, 199 21" 281, v 203 e % Superheat Co ». 1 Tageert_Corp 2 Tampa EI W OSRER FRSERS st s 2 = e S geaniusay FESNERE £8So2ITRT R o fidcncd;ga 58! EE R & & SE888! 28 Seon el B o538, i s B B3 58828 FE 55 anocaran S et o - 28333, 23833 - £523 gD jaaaad, g COTTON IS STEADY IN OPENING SALES Market - Scores Advance in Re- sponse to Higher Liverpoo,l Cables. By the Associated Press, NEW YORK; April 24—Cotton opened steady today at ‘an advance of 7 to 11 points in response to higher Liverpool 19 % | cables. Further near-month liquidation 8 Oblo Cop. 19 Premier - Gioid Roan Antelope O Shattuck Denn 1Uni Verde Ext Y Pates {‘HD'EP!:ND!:NTOIL STOCKS. v 5. 4%m Con_onfnds ... .56 3Am Maracaibo Co.. & Synd . ) 9 Creole Pete ... 2Crown Cent Pete . il Pa e 4 { Sales TANDARD OIL ISSUES AND FOR- e, 8 TOCKS. MER SUBSIDIARIES—S m ol O non_vt 300Imp O Can 400Imp O Can n’wi 100Ind P L .. 800 Inter_Pet Ltd 600 Nat T 122 1634 11614 128712702 BONDS. 200 Vecuua Salesin ousands. 15 Abitib] P & P 55 A '53 885 Ala Pow 4izs '67... 94l ‘39 td Ss m Gas & El 55 Pow & Lt 65 32 Rad 4125 '47. - Prersor Srwomadanmooms S, ~g83883 T e G&E 5123 '71 an Nat Ry 1s B Can Nat Ry 4'as 00 iy 8, 90 813 CHICAGO LIVE 97% 51, 993 1Morris & Co Tizs '30 9075 2 Narrag El Co 55 A 57 9934 G&E 55 '47 93} FOREIGN BONDS. y 5 '58 93 1Baden Ts 9 Berlin C E 6145 *5: 9 Buenos Aires 7is '47 1 2 First Boh Wks s '57 2Ger Cons Mun 7s '47 1 Hamburg E 5%s '38. . 6 Hanover Sta 6l4s 11Isot Frasch 7s '42 ww 44 Ital Superpow 65 '63 15 Manst M&S 75 41 w1 1 Montevideo 6s A 10 Mor Bk Bogota s ' g Ruhr Gas 6145 A 5! 2 Rumania Inst 75 10 Russ Gov_ 5las 21.. 11Russ G 8les ‘21 cfs 1 34 Russ G 6138 '19 cfs n 12 8ilesia 787’88 ... 1Stipnes H 7s '46 wa 27U St Wks 6%s A 47 xd—Ex dividend. Wi—When issued. n—New. Ww—With warrants. By the Associated Press. NEW YORK, April 2¢—The Ameri- can Manufacturers’ Foreign Credit Insurance Exchange has compiled a digest of opinions of Latin American importers on social and political reac- tions in their countries to the good- will tour of President Hoover. The re- port, characterized as a true cross- section of Latin American opinion, is to be forwarded to Government officials in Washington. : Directors of the Garment Retailers of America have appointed a commit- tee to report on smuggling and under~ valuation of ready-to-wear .imports. Edwin I. Dibrell, executive vice presi- dent and director of the Celanese Cor-~ 9. . R 7 8 was readily absorbed by covering of trade or speculative shorts. May sold up to 19.85 on the call, or 13 points net higher. December advancpd to 19.46 in the first few minutes, but met considerable i selling, and prices eased off several points from the best by the end of the first half hour. The weekly report of the Weather Bureau was commented upon as about i |& stand-off. While weather in the South seemed somewhat unsettled, it was gen- erally referred to as favorable. Liver-| pool cables said that scattering liqui- dation there had been absorbed by Lon- don and continental buying and report- ed a slight improvement in demand for comtton cloths from the home trade and China, GRAIN PRICES GAIN IN EARLY TRADING Reports of Large Export Busi- .ness Are Cause of Advance. § By the Assoclated Press. CHICAGO, ' April 24.—Helped by Liverpocl wheat quotatians, much high- er than due, and by talk of big export business -overnight, all grain prices here scored sharp advances today. Purchasing of wheat was of a broad, general character, with offerings light. Opening % to 21, higher, Chicago wheat later showed additional gain. Corn started % to 1% up, and subse- quently rose higher. Provisions held about, steady. In addition to sharp unlooked for up- turns in wheat values at Liverpool and assertions of continued export North American business on a large scale, friends of higher prices for wheat found buying incentive in advices of delayed seeding of the Spring wheat crop northwest. In particular, North Dakota and Montana sceding was re- ported as being: backward. Special notice also was taken of word that nmew export business in North American wheat today included consid- erable No. 2 domestic hard Winter wheat and also quantities of durum. A good deal of talk, too, was current that the future delivery wheat market here had been heavily oversold of late, and that rallies were to be expected. STOCK MARKET, CHICAGO, April 24 (/) (United!' States Department of Agriculture).— Hogs—Receipts, 20,000 head, including 4,000 direct; market mostly steady to 10 cents lower; top, 11.60, largely 11.30a 11.55 market for desirable 160-300-pound 3| weights; butchers, medium to choice, 250-300 pounds, 11.10a11.50; 200-250 | pounds, 11.15a11.60; 160-200 pounds, | 11.00a11.60; . 130-160 pounds, 10.40a 11.60; packing sows, 10.15a10.75; pigs, medium to choice, 98-130 pounds, 9.50a 11.25. | Cattle—Receipts, 8,500 head; calves, re- | ceipts, 4,000 head; strictly good and choice fed steers and yearlings fully, steady, others slow: she stock, weak to 25 cents lower; top, 14.85. Slaughter classes, steer, good and cholce, 1,300- 1,500 pounds, 13.65a14.85; 1,100-1,300 pounds, 13.65a14.90; 950a1,100 pounds, 13.75215.00; common and medium, 850 pounds up, 10.50a13.75; fed yearlings, good and choice, 750-950 pounds, 13.75a *115.00. Heifers, good and choice, 850 paunds‘ down, 13.00a14.85; common and ‘me- dium, 9.50a13.00. Cows, good and choice, 9.75212.00; common and me- dium, 8.5029.75; low cutter and cutter, 6.75a8.50. Bul good and choice (beef), 10.25211.50; cutter to medium, 8.50a10.25. Vealers (milk-fed), good and choice, 13.50a17.00; medium, 11.00a 13.50; cul] and common, 8.00a11.00.| Stocker and feeder steers, good and choice (all weights), 12.50a13.50; com- mon and medium, 10.00a12.50. Sheep—Receipts, 9,000 head. Fat lambs Strong to 15 higher; best clip- pers to outsiders, 16.25; bulk of runm,! 15.50a16.15; best wool skins held at 17.50. Sheep steady. Lambs, good and choice, 92 pounds down, 15.25a16.25; medium, 14.65a15.50; cull and common, 11.25a14.65; medium to choice, 92 m‘ 100 pounds, 14.25a16.00. Ewes, medium | to choice, 150 pounds down, 8.00a10.50; cull and common, 3.00a8.25. D A Stock Split-up Planned. | NEW YORK, April 24 (®) —Stock- | holders of the Borden Co. have been called to meet May 28 to vote on in- creasing the capital stock to $200,000,- 000, or 8,000,000 shares of $25 par value. ‘The present capitalization is $100,000,- 000 in $50 par stock. BOND ISSUE PLANNED, ‘The City of Frederick, Md., will open sealed bids on May 15 on a new issue of $250,000 42 per cent water works and improvement bonds, maturing se- rially on June 1, 1931 to 1959. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., April 24.—Pota- toes, white, 100 pounds, 80a1.25; new potatoes, bushel, 1.00a1.75; yams, bar- rel, 2.00a3.25; sweet potatoes, barrel, 2.00a3.75; asparagus, dozen, 1.25a4.00; beets, crate, 2.75a3.00; cabbage, hamper, 60a1.25; carrots, crate, 2.25a3.25; celery, crate, 1.25a2.75; cucumbers, bushel, 2.0024.00; eggplant, crate, 1.75a3.25; kale, bushel, 20a40; lettuce, basket, 1.50a .50; onions, 100, 75a1.00; peas, bushel, 1.50a2.50; peppers, crate, - 2.50a5.50; radishes, bushel, 50a1.50; squash, crate, 1.50a2.50; spinach, bushel, 30a85; to- matoes, crate, 2.00a6.00; apples, bushel, 75a2.00; grapefruit, box, 2.00a3.25; oranges, box, 2.25a4.00; strawberries, quart, 8a20. Dairy Market. Eggs—Receipts, 1,141 cases; native and nearby, firsts, free cases, dozen, 271,; current receipts, 20a22. Butter—Good to fancy creamery, pound, 45a48; prints, 49a50; blocks, 48 250; ladles, 35a39; store packed, 32a33; rolls, 33a35; dairy prints, 33a34; process poration of America, has resigned from |pytter, 42a43. that company. He would make no com- ment on his future plans, hay%\:d the | 43a50; statement that they would nounced soon. an- | ens, 42a45; thin Live poultry—Spring chickens, pound, Leghorns, 35a45; young chick- and poor, 25a28; old hens, 34a35; Leghorns, 27a29; ducks, 20 228; guinea fowl, each, 50a1.10; pigeons, ¥ | The annual Spring: fur auction of . P lized $4- pair, 35240, Frederick Huth & Co. real 650, " Manufacturers of upholstery fabries have been invited to attend a trade conference in Philadelphia on May 6 under the auspices of the Federal ion, Its ygrose will be ot St T i o , fal o 3 , minimum standards of fabric construction and arbitration. ‘The Talaut Corporaf applied for on to list additional no-par common shares on | Whic! the New York Stock Exchange, Pure Oil Co. has sold its producing | ness passing to establish leases in the Hendrick Pool, Winkler % Qil Refining 120081000 per ton of timothy oF County, Tex., to the Lion Co. The price was not divulged. Trade | 39 to | 1-07a1.08; Hay and Grain Prices. Wheat—No. 2 red Winter, garlicky, | spot, 1.23; April delivery, 1.23, Oo;n—N.o.Nzo e;tpert. April delivery, no BY KENNETH'S. VAN STRUM. NEW YORK, April 24—The leading shoe manufacturing stocks have under- gone sudden changes of fortune within the last two years. In 1927 the price of leather rose, increasing the com-, panies’ profits. In 1928, however, de- clining leather prices eaused a drop in earnings and stack prices fell, aithough the general trend of the market was upward, International Shoe. ‘The International Shoe Co. in late years has carried forward an extensive program of lateral expansion into all phases of the industry, which has made it the largest shoe manufacturer in the world. It operates about 51 shoe fac- tories and also tanneries and supply de- partments in Missouri, Iilinois and New Hampshire. 1In controlling all phases of shoe manufactdring. International has obtained uniform quality and economy, two accomplishments the industry has long been striving for. In spite of owning tanneries and otherwise spreading out within the in- dustry, the company has not been-en- tirely able to offset the effect 6f fluc- tuating leather prices on profits. In- ternational’s unit volume of sales has grown steadily, but the fluctuating price of leather has made profits uncertain. During the past two years leather prices have fluctuated more than usual. In 1922 International’s earnings on the present stock were $2.40 a share. With minor varietions they rcse to & peak of $4.55 in 1927, only to fall back to $4.03 last year because of the un- satisfactory inventory condition. How- ever, current reports that sales and profits are running anead of last year indicate that conditions are improving. Although last year's earning of $4.03 308 W ENDICOTT JOHNSON was considered low, it covered the $2.50 common dividend by a good margin. ‘The stock at 65 is selling at 16 times 1928 earnings and yields 3.8 per cent. The company has dften raised the divi- dend as earnings seemed to justify. Endicott Johnson. Endicott Johnson's sales are about two-thirds of those of International. The company has been noted for its model factories and tanneries, most of which are located in New York State, and for its employes’ profit-sharing plan. According to this plan, after the | preferred stock has been taken care of and 5 per cent has been paid on the common the remaining profits are shared equally between common stock- holders and employes. | Although Endicott Johnson’s profits have not increased in the past seven | years, earnings have been fairly well| stabilized at & high enough level. aver- | aging $8.32, so that the $5 dividend | is easily covered. | Like other shoe manufacturing com- | panies, earnings are affected by leather prices and when leather. prices fell in 1927 earnings dropped from $8.78 to $6.46 last year. At 72, the present yleld is 6.9 per cent. The stock does not fluc- tuate so widely as most shoe manufac- turing stocks, largely because the earn- ings are somewhat limited by the profit- sharing plan. Brown Shoe. A third large shoe manufacturer is the Brown Shoe Co., whose activities are confined to the Middle West, prin- cipally Missouri and Illinois. The pres- ent company is an outgrowth of & business established 50 years ago, and, although somewhat smaller than In- ternational and Endicott Johnson, it| has followed the trend of the industry in its steady expansion into all phases of shoe manufacturing. The company’s earnirigs have shown a gradual upward movement during the past six years, although they have | fluctuated considerably. The dividend | on the preferred has been earned by a wide margin and the common dividend | has also been amply earned. Earnings have averaged $4.67 on the common, | which pays $250. Last year, when earnings of all shoe companies de- clined somewhat from the previous | year’s levels, Brown's earnings dropped | from $6.24 to $4.60. At 44, the $2.50 | dividend is showing a yield of 5.7 per i cent. (Copyright, 1829.) EARNINGS REPORTED. NEW YORK, April 24 (P).—Natlonal: Biscuit Co.’s first-quarter earnings equaled $1.78 a share, against $1.64 in the 1928 period. Lambert Co. earned $3.20 on the com- mon in the first quarter, compared with $2.44 on the same share basis in the corresponding quarter of last year. Net profit of Motor Wheel Corpora- tion and subsidiaries for the opening quarter of 1929 was equal to $1.60 a share on the common, against $1.02 on a smaller number of shares in the same 1928 period. Net income totaled $1,101,- 803, against $561,644. Plerce Petroleum had first-quarter net profit of $31,122, contrasted with net loss of $34,265 in the same quarter last year. Superior Steel Co.s first quarter yielded net profit of $108,352, or $1.08 a-share, against net loss of $63,117 in the 1928 period. Cerro de Pasco Copper Corporation ended 1928 with net income of $5,756,- 328, compared with $3,664,279 for 1927 and equal to $5.12 a share, against $3.26 for 1927. New York Dock Co. ended the quar- ter with net income of $133271, or 12 cents a share, compared with $162,059, or 5;& cents a share, in the first 1928 guar! Risk or Safety in the tires you buy. Avoid the danger of tire failures. Equip your car with Hood Tires. tal yellow, domestic, spot, i N;:ob,(xsr%i &Dfldbmcl. ts—No, 2 ' white, domestic, 60a60%; No. 3 white, , Yo~ Nearby, 1108115 Hay receipts none. While' e hay is ar- tion Tiving here ‘in limited quanti . o oes |1t m:fi'mn mocie. 190 i Heta 1s being from nearby point ing received. The mostly by truck few carloads be- not enough busi- ces on the various kinds on merit ai Y spot, ! spot of | er U. S. BANKERS IGNORE ISSUE WITH BRITAIN By the Associated Press. NEW YORK, April 24 (#).—One of the best known-banking authorities in ‘| New York sald’ that American indus-| trial and financial interests foresaw no important change in Anglo-American economic co-operation arising from the British General Electric's attempt to bar “will be to make American investors doubly cautious about putting money into a British industrial enterprise. Among my own acquaintances I know that this feeling has come to exist toward British securities. It may pass away in n:e if ‘there are no further power, “Regardless of what may happen In the future, however, it can be said that American bankers regard the incident as a phase and one that holds PARIS BOURSE PRICES. PARIS, April 24 (#)—Price were irregular on the Borse today. ' ‘Three per cent rentes, 74 francs 20 centimes. Five per cent loan, 89 frangs 95 centimes. 1 Exchange on London, 124 francs g centimes. The dollar was quoted at 58% centimes. [ES—— SILVER QUOTATIONS. Americans from a new stock issue. “The only important result,” he said, NEW YORK, April 24 (#).—Bar sil- ver, 55%; Mexican dollars, 417%. WORLD'S LARGEST MANUFACTURERS — “ONWARD MARCH OF PROGRESS” — TO KIMBALL NALL LY 6 DAYS no special significanceé for America in the Jong run.” A . —AT— YOUR PRICE D ON— YOUR TERMS (Week, BUT YOU MUST ACT QUICKLY! Never Again Will Fine Pianos Be Sold at Such Low Prices Manufacturer’s Discounts Revolutionary —BONA FIDE REMOVAL SALE— Make Your Selection From This Celebrated Makers Stock Now in Process of Final Disposal 808-810 Eleventh St. N. W. ANNAPOLIS HOTEL BUILDING OPEN EVERY EVENING UNTIL 10 P. M. ) i | /i CLOSING! Ihe new issue of the telephone directory is shortly going to press. Now is the time to get your name in it or change your present listing. If you are moving If you wish a new telephone If your listings need changing If you want to advertise in the new directory If you are a seller of Trade-Marked articles If you are planning any business or residence change that affects your telephone listings Get in touch with the nearest Business Office. You will find it listed in the front of your telephone directory. THE CHESAPEAKE AND POTOMAC 'l'EI.IiDHQNE COMPANY