Evening Star Newspaper, April 25, 1929, Page 13

FINANCIAL." ‘CURB ISSUES REACT - UNDER REALIZING I Nervousness Over Brokers’ Loans Causes Traders to Take Profits. BY HARRY H. BECKER. o Bpecial Dispatch to The Star. NEW YORK, April 25.—Apprehension over an expected increase in brokers’ loans this week intensified the disposi- tlon to take profits on the Curb Ex- change today and gave the market a re- actionary undertone. Although business was again fairly large in volume and many favorite issues in the industrial and miscellane- ous groups continued to advanhce, en- thusiasm subsided to a large extent. Utilitles were scheduled to active real- izing and lost part of the late gains. United Gas Improvement gave ground more readily than the others, with rela- tively better resistance shown by Elec- tric Bond & Share and American Su- perpower, The new United Corporation stock was listed and promptly became active on an advance. Another new utility listing, Allied Power & Light, also came in for popular attention and climbed several points above the introductory price of 447;. Transfer of several attractive indus- trials to the big board affected total volume, but their places were quickly filled by stocks like Gramophone, Union Carbide, new, and International Projec- tor, all of which made new highs for the year. A feature of the session was initial trading in stock and rights to subscribe of the new Pennroad Corporation, form- ed by the Pennsylvania Railroad as an investment organization. The shares | ‘were initially heavily dealt in around 25 and the rights above 415, Scant interest was shown in the ofl group and in the copper and automobile stocks, many of which displayed a heavy tone. Among the specialties, Repetti Candy, A low-priced issue, was influenced to some extent by rumors that the com- pany will push sales through the lead- ing chain stores. Caterpillar Tractor moved higher on a good quarterly re= port and Saf-T-Stat, which is to be merged with Moto-Meter, strengthened in the attractive terms for the exchange of shares. Other stocks to move higher included National Screen, Newberry, Goldman Sachs Trading, Bendix, Blumenthal, Arcturus Radio Tube, and Borden new. Zenith Radio rallied sharply after early weakness, but Grigshy Grunow, Deere & Co., Niles Bement Pond, Transameri- ca and numerous others were in supply. Washington Ticker By the Associated Press, Outlook for maintenance of Ameri- can_export trade at its present high levels is excellent, in th= opinion of Dr. Julius Klein, new Assistant Sec- retary of Commerce, who accepted President Hoover’s appointment to the post last week immediately upon con- clusion of a long European tour. As a bureau chief of the department he called into conference nearly all the Government's trade representatives in the European zone for discussion of the business and official situation. “Commerce and trade around the MediterrAnean and through Central Europe show very considerable advance over the situation in 1927, when I last chanced to inspect foreign trade cen- ters,” Dr. Klein said. “I look to see a reparations settlement attained, with an immediate stimulus to production and distribution in all European fields. In spite of all the difficulties, the ex- perts, gathered to discuss that problem in behalf of the allied powers and Germany, can be expected to find a solution for the winding up of the war accounts. It is too important for all concerned to be allowed to run into an impasse.” European business leaders and finan- clal people were found by Dr. Klein to be concerned with a phase of current high interest rates in the United States that has also preoccupied the Federal Reserve Board in its criticism of specu- lation to which the high rates are at- tributed. During 1928 American in- vestments abroad in publicly offered securities reached the total of $1,488,- 000,000, and in 1927 the amount was larger. Since last July the flow of American funds abroad has been shut- ting down, as money rates have risen here, and the stoppage is presenting some problems to foreigners sceking to finance purchases in this country. “Concern over the interest levels struck me, in conversation with busi- ness people in the Levant, and through Central Europe,” Dr. Klein sald, “though there is a general expectation that the condition will be but temporary. Its persistence so far has, caused some peculiar trade turns. I found time sales of American automobiles being financed in Hungary by loans of French money, and it is my understanding that a good deal of the installment selling of American products is being arranged with funds provided by foreign money markets.” None of the fears as to the effect of high interest rates is as yet being brought to realization. American ex- ports for the first quarter of 1929, which total $1,416,471,000, as compared with $1,202.843,000 for the same period last year, have set a new record as to trade balance, and are officially classified as indicating the largest actual volume ot commodities going abroad ever recorded. “There will be no railroad legisia- tion at tnis session of Congress,” it was declared positively by J. D. Shatford, chairman of the Railroad Owners’ As- soclation, after a survey of the situation. “It will be November at least before there is any serious dealing in Washing- ton with the bills to facilitate railroad consolidation, or any other important question of legislative policy toward the carriers. Senators and Representatives feel that the tariff and the farm relief Dbill will engage all their attention.” By the Assoclated Press. NEW YORK, April 25.—New secu- rities offered today include: $6,375,000 Sun Investing Co., Inc., 83 convertible preferred and common stock at $75 per unit of one share pre- ferred and one share common. $2,000,000 Birmingham Water Works Co. first mortgage 5 per cent gold bonds, ser!;s k?t‘crt“: February 1, 1857, at 9715 an st $1,000,000 Reliance Bronze & Steel ration 15-year convertible sinking fund gold debentures at 991 and in- terest. $1,700,000 City of Paterson (N. J) 515 per cent gold notes, due in 1931, to yhl«?e 5 per cent. ) PARIS BOURSE PRICES. PARIS, April 25 (#)—Prices moved irregularly on the bourse today. Thres cent rentes, 74 francs 85 centimes; per cent loan, 99 francs 66 centimes. Exchange on London, 124 francs 19 cen- times. The dollar was quoted at 25| francs 581 cen Metal Business lléport. NEW YORK, April 25 (#).—En- meermg and Mining Journal reports t business in the mn-{em\xs metals THE EVENING STAR, WASHINGTON, D. C, THURSDAY, APRIL 25 1929, . NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office 1Amer Beveras 1 Amer Brit & Superp B 1Amer Super ptd 2 Anglo Chil Nitra 13 Arcturus Radio 2 Atk viation_Corp Bendix_Corp n . Blum 8 .. riges & S r st Myers ... Am Tob 'reg B, Celanese Ltd ... kivn City R R udd Mfg .. ut Niag & EP 1000 uf Niag & EL A*110 1Buf N & £ P pld 3 Pu 4 Cent States EI 1 . 3Cen Sta EI con pi 4 Check Cab Mfg, 1Cit S P&L 6 3Clark D L Co. 1% Commonweaith Ed. 7 Cons Atrcraft 22 Cons Auto Mer ‘vic. . 39 Curtiss_Fiying Serv.. 28 Davis Drug Allot ctfs 38 2'; Deere & Co. - 535 3 Federal Water 1Ferro Enamel A 12 Fiat stk deb rts 1% Firestone Tire . % Firest T 7% ptd . D Am ... 34 Ford Mot Co Can n B #Ford Mot Ltd ...... 1 Foundation For A .. 12 Fox Theaters A Gen Bub 1Gen Real 2 Gibert ( 3 Gold Seal 19 Goldman Sachs n 1 Gleaner Comb Haj ham a 33 Grameph Co Ltd rcts 847 82 3 Granite City 3 Griffith D W 1Grigsby Grunow 5Hall Printing Happin C 8t A Hart Pair ... 8 ... 4 A 1 3 2 2¥ 1 Karstadt 1K e ube KL 2 Keysione _Aircral 10 Kolster-Brandes ki Sec. 2Mid West 1 Milgrim & Bros. 1Miller (I) & Son 6 Minne Hon Reg.. 65 D O Ed optl War 2Peop Drug Store.... P Cp A; pi Scl 2 Schulte Un 5 25 Scoville Mtg 10 Sec Ge: 0 n Am 1 Seiberiing R C. Stel ‘n & Co 14 Stein Cosmetics 3 BogE 8 EEEES ] v £ 5} e rsarocarens SR Bcoatons T Hasinans qgacdagddaagaadda, 2 Van C Pke... 10 Waitt & Bond 1 Watson J W. 2 West Auto Su 2 Westvaco Chlor 13 Winter B J.. 2 Zenith Radio. o8 in “dreds. 20 Ariz Globe C .. 8 Chiet_Conx TH Rg s ORI m Knith 'Mach 13! y Cont Gor 17t 2 95 18% 18% 3 2 21z 8% 268 10912 110 100% 100t5 3912 40 7 9 3%z 9513 18% 11 20% 1 5% 7% 4% 32 s | Sales in 2 Golden Center M 10 Goland, Cons . ruanSorlunZotanBasl T FE SFR W ason Val ‘! 38tin Co Can 31 New Cornelia’ Nipis - 2 Wendon Cop . Sales _INDEPENDENT OIL STOCKS, in nundreds. 3 16 Am Maracaibo Co rgo Ol .. Creole Pete 1Crown Cent Pete 2L Gull Ol Fa ... 4 souston Gulf G 36 Intercont Pet 15 Lion Oll_ . STANDARD OIL ISSUES AN] - ER BUBSIDIAR TS YOG 104 A O o 100 Buckeye P L. 1890 Contl Oll Humble O & R mp O C: Sales in units; Ky . 100 Vacuum ‘Gil'". Sales in BONDS. thousands, 2AbIUDI P & P 35 A 53 0% Co Amer_ 55 '52 101V, 1 28 9713 2'Allied Pk 8s " 2 Alum 15 Am G & &L 5 wa 11012 3 8 i v o) Hates Valve g’; . }u:,' 1 el an 5s 'l n 100 1Bos Cons G 8s 41 . s '53.. Dix G Gas 6! A’ 1 Pazo fifr?’fiaa"us 38 mp 28 ‘42 10 Fabrics ¥in 6s 50 A;. 9413 1Firest Cot_Mil 5s '48 5 Firestone T&R 83 43 12Fla P & L 5s '54... 1Proc & Gamb 4'2s '47 98% 7 Roch Cen Pw 55 A '53 8714 Del 55 '48. MARINE PRODUCTS IN AMPLE SUPPLY Shad, Herring and Other Fish on Display at D. C. Market. Municipal Fish Market this morning attracted attention of rétailers in quest of marine products for today and to- salers were amply able to supply all demands, fishermen having recovered from the effects of last week’s storm. Shad and herring, some fresh from nets on the lower Potomac and others from more distant points, were in good supply, dealers reported, and lower prices ruled. Choice roe shad were of- fered at 30 and bucks at 20 cents a pound. Shad roe also was in demand, prices, according to size, varying from 50 to 75 cents. Herring were quoted at $1 per 100. & Rockfish and white perch, always in good demand, were received from 1| Potomac River nets, the former selling at 30 and the latter at 25 cents a pound. Dealers had some llve carp from the Potomac that found ready sale at 25 cents. Other Fish Prices. Bluefish, always a good seller, were quoted at 30 cents. Prices of other fish were quoted as follows: Trout, large, 25; small, 15; salmon, 25; haddock, 10; fillet of haddock, 25; tile, 18; croakers, 15; flounders, 12%;. Oysters continue scarce and the de- mand is light. Crabs also have con- tinued scarce since last week's storm, but dealers had plenty of crab meat this morning to offer at 75 cents. Turtles, dressed, were offered at 75 cents and $1. Frogs were 50 cents each and clams were $1.75 per 100. Shrimp continues scarce, green shrimp selling at 40 cents a pound this morn- ing. There was practically no cooked s'.rimp on the market. Increased re- cepits of marine products are expected before the close of the week’s market. Immense receipts of fruits and veg- etables this morning were far greater than the demand, according to reports, prices being about the same as those quoted yesterday. Strawberries and Spring vegetables continued to come from North Carolina, while other fruits and vegetables were received from Cali- fornia, Florida, Texas, South Carolina and other States. Small quantities of blackberries, first of the season, were received from Florida and offered at 40 cents a quart, Butter, egg, meat and poultry prices were unchanged, those of practically every commodity today being the same as quoted yesterday. Nearby growers supplied limited quantities of Spring vegetables to wholesalers, supplies being 1 |equal to the demand, at prices dealers termed reasonable to cheap. Today's Wholesale Prices—Jobbers® Prices Slightly Higher. Butter—One-pound, prints, 46%%a 4715; tub, 45'5a4613; store packed, 29a 30. Eggs—Hennery, 28a29; fresh selected, 27a28; current receipts, 26. Poultry, alive—Turkeys, 35; Winter chickens, 42a45; Spring chickens, 48a 50; fowls, 34; Leghorns, 30a32; roosters, 22; ducks, 25; keats, young, 60a75; old, 35240. Dressed—Turkeys, 35a40; Win- ter chickens, 45a48; Spring chickens, 150a55; fowls. 36a38; Leghorns, 35; ca- pons, large, 50a52; small, 45a47; ducks, 32a33; keats, 80a1.00. Meats, fresh killed—Beef, 22a24; veal, 24a26; lamb, 30a32; pork loins, 33a34; fresh hams, 26; fresh shoulders, 20: smoked hams, 28; smoked shoulders, 17; bacon, 22; lard, in bulk, 14; in packages, 1414215, Live stock—Calves, 16; lambs, 18, Fruit and Vegetable Review. The daily market report on fruits and vegetables, compiled by the Mar- ket News Service Bureau of Agricul- tural Economics, says: Sales to jobbers except where otherwise noted. Apples—Supplies light; demand light, market steady. Boxes: Washington, % {extra fancy Winesaps, small size, 2.50a 1Unt Lt '52 10015 100 10Ul P & L 55 '59,... 98 5Va El & P 5s A 55 . 9834 1 West Tex ub sz A 767 83 2Wisc Cen 55 '30..... 97 97 FOREIGN BONDS. thousands. 2 Antwerp Cit: 1Baden 7s 5! riin C E 17 Buenos Aires 714s 1Cauca Valley 7s #Com & P Bk 5las 1Danzig Port 6%as '52. 5 Gelsen Min_ 6s '34. 11sotta Frasch 7s 10 Jugos St M Bk 4L as, 10 Rus Go 6755 5 Silesia 78 58 3 Stinnes Hu 7s ‘36 Wi 18tinnes Hu 7s '46 wi 2Tn St Wk 6145 A '47 xd—Ex dividend, wi—When issued. n—New. ww—With warrants, Baltimore Markets Special Dispateh to The Star. BALTIMORE, Md.,, April 25.—Pota- toes, white, 100 pounds, 80al.25; new potatoes, bushel, 1.00a1.75; yams, bar- rel, 2.00a3.25; sweet potatoes, barrel, 2.00a3.75; asparagus, dozen, 1.25a4.00; beans, bushel, 1.25a2.75; beets, crate, 2.75a3.00; cabbage, hamper, 75a1.25; carrots, crate, 2.25a3.50; celery, crate, 1.50a3.00; cucumbers, biishel, 2.00a3.75; cra .2524.00; kale, bushel, z .00a2.25; Spring onions, 100, 75a1.00; peas, bushel, 1.50a 2.50; peppers, crate, 2.50a4.50; radishes, 100, 1.5022.50; squash, crate, 1.50a3.00; spinach, bushel, 30a85; 2.0026.00; _apple: grapefruit, box, 2. 88 85la 15a2.00; : 2.2524.00; strawberries, quart, 8as0. Dairy Market. Eggs—Receipts, 1,926 cases; native and nearby, firsts, free cases, dozen, 273%; current receipts, 20a22. Butter—Good to. fancy, creamery, pound, 45a48; prints, 49a51; blocks, 48a 50; ladles, $5a39; store packed, 37a3 rolls, 33a35; dairy prints, 33a34; proc- ess butter, 42a43. Live poultry—Spring chickens, pound, usghonu, 35a45; young chick- 42a45; thin and poor, 25a28; old 34a35: Leghorns, 27a29; ducks, 20228; guinea fowl, each, 50al.l pigeons, pair, 35a40. 4 PSSR FESR SR 535384888522 5ER28. Hay and Grain Prices. Wheat—No. 2 red Winter, garlicky, spot, 1.22; April delivery, 1.22. Corn—No. 2 export, April delivery, no quotations; No. 2 yellow, domestic, spot, 1.06a1.07; cob corn, 6.00 barrel., Oats—No. 2 white, domestic, spot, 60a60%; No. 3 white, domestic, spot, 58a58%%. ) Rye—Nearby, 1.10a1.15. Hay, receipts none. While hay is ar- riving here in limited quantities only, h for the demand, ied mostly by truck a few carloads be- ’th‘:ch is being cap Wl suppl from nearb; poln&. e e ness es various kinds on merit af 12.00216.00 per ton of timothy or clover Acacia Elects Officers. At the annual mee of the board of “directors of the Mutual Life Association held yesterday, the follow- ing rs were elected: Willlam Montgomery, president; J. Harry Cun- ningham, vice president; J. P. Yort, secretary and actuary; J. Claude Keip- er, treasurer; Charles E. Baldwin, as- i sistant treasurer and secretary to the board, and John l.~l:hll°ll. medical 00a3.25; oranges, box, | 275, mostly 2.50. Bushel baskets: Vir- ginia, U. S. No. 1, 2V, inches up, Wine: saps, 2.25; U. S. No, 1, 2% inches up, 1.60a1.75; U. 8. No. 1, 23; inches up, Yellow Newtons, 2.25a2.50. Barrels, no sales reported. Asparagus — Supplies moderate; de- mand moderate, market dull; South Carolina, Hartsville section, dozen- bunch crates, green, large size, 4.00a 4.50; medium size, 3.00a3.50; Delaware and East Shore Maryland, dozen-bunch crates, green, large size, 3.50a4.00; me- dium size, mostly around 3.00. Cabbage — Supplies liberal; demand Jight, market steady; South Carolina, barrel crates, pointed type, best, 2.2 fair quality, 1.50a2.50; 112-bushel ham pers, pointed type, 1.15a1.25; poorer, 1.00. Celery—Supplies light: demand mod- erate, market steady; Florida, 10-inch crates, individually washed and pre- cooled, 4-6 dozen, 3.00a3.25; ordinary quality, showing black heart, 1.50a1.75. ettuce—Supplies moderate; demand light, market dull; Arizona, crates, Ice- berg type, 4-5 dozen, 5.00a550; fair quality, 4.50; North Carolina, 5-pecl hampers, Big Boston type, fair quality, leafy, 1.00a1.75. Onions—Supplies light: demand light, market about steady; old stock, no sales reported; new_stock, Texas, standard crates Yellow Bermudas, mixed, No. 1 and No. 2, mostly 2.00. Potatoes—Supplies light; demand light, market slightly stronger; New , 150-pound sacks, round whites, U. S. No. 1, 2.25-2.35; Michigan, 150~ pound sacks, Russet Rurals, U. 8. No. 1 2.25-2.35; New stock, supplies moderate demand light, market steady: Fiorida, double-h:ag 3’:31512)5. Spaulding Rose, U. 8. No. 1, 3 Spinach—Trucked-in stock supplying the market: Strawberries—Supplies liberal; de- lina, 32-quart crates, various varieties, wide range quality and condition, best 4.00, fair quality, 3.00; poorer, 1.50-2.50. Tomatoes—Supplies light; demand light, market slightly weaker; Florida, originals, 6s, ripes and turning wrapped, mostly green, fancy count, 6.00-6.50; fair quality, 5.50; choice count, 4.50- 5.50. String beans—Supplies liberal; de- mand moderate, market steady: Florida, T-bushel hampers, green, flat type, mostly 2.75; some ordinary quality and condition, 1.50-2.50. Peas—Supplies liberal; demand slow. market dull; South Carolina, bushel fair quality and condi- tion, California, 40-pound crates, 2.75-4.00. Peppers—Suppties light; demand llgmpprenlrket steady: Florida, pepper crates, fancy, 4.00-4.50; choice, 3.00- !igpunb—hlcuullv no supplies on t. ™ Saqu iplles light; demand light, market dull; Florida, pepper crates, fancy white, wrapped, 2.50a3.00. bers—S: light; de- cumt upplies b Florida, sales, mand light, market ste square bushel crates, fancy, few “:; bone sheady; Texs, 1 3 al g 3 #zm:m, lettuce_crates, 2.75. Carrots—Supplies light; demand light, market steady; Texas, Western, lettuce c%%h moderate; demand light, market steady; Florida, boxes, No. 1, medium size, 3.7524.25; large and small size, 3.2523.50; No. 2, medium size, 3.00a3.25. Grapefruit—Supplies light; demand light, market dull; Floride, boxes, No. 1, medium size, 3.25a3.50; No. 2, medi Apfllfl’;flhm: for Fall delivery 5 ‘Woolen Co. 10 broadcloth. morrow morning’s trade, and whole- | the mand light, market weaker: North Caro-; | NEW YORK, April 25—There are few products for which the demand is more regular than for flour, for re- gardless of business conditions, the de- mand for bread continues. Notwith- aundma this fact, however, the profits of the flour milling companies fluctuate widely because wheat crops and conse- qa]em wheat prices vary so unpredict- ably. Standard Milling, ‘The Standard Milling Co. 15 one of the largest millers of flour and cereals iin the world. During the last 30 years company has been gradually ex- panding by absorbing smaller mills, most of which are located in the Minne- apolis, Superior, Buffalo and New York districts. Most recentty Standard has been concentrating its expansion in the Buffalo territory since millers are fav- oring that locality in preference to the regions further West. The company not only builds mills in the most strategic locations for its busi- ness, but supplements them with large ‘warehouses. The products are market- ed under various well known trade names and the company's business is so well rounded that its position in the industry is well assured. Standard has also been improving its financlal position. It still has to deal with a bond issue which falls due in about two years, but this is expected to present no difficulty. There is also an issue of 6 per cent non-cumulative pre- PILLSBURY} FLOUR MILLS STANDARD MILLING i et ferred about half the size of the com- mon, but this senior security has not bothered common stockholders’ profits for earnings have covered all require- ments for many years. Earnings on the common fluctuate considerably, however, and have not shown very consistent which are probably responsible for the stock selling at a low price considering both dividends and earnings compared to many industrials. For the past seven years, earnings have averaged $8.24, but last year they reached $10.48, covering the $6 dividend by a good margin. The yield at 114 is 5.3 per cent. Pilisbury Flour. Pillsbury Flour Mill, Inc, is also & leading flour milling company, being the outgrowth of a business established in 1872, Like other large milling com- panies, Pillsbury has endeavored to lo- cate its plants most effectively from the standpoint of wheat supply and retail outlets, and has mills at Minneapolis, Kansas City and Buffalo. To stpple- ment these, it has storage warehouses located throughout the country. Pillsbury has also been improving its financial position in recent years. Its first, step was to issue preferred stock in order to cut down short-term loans. {Just recently this issue has been called for payment at 110, and since it is con- vertible one share of preferred into two and a half shares of common, it should be converted into common stock, which is now selling at 51. The company will thus have succeeded in obtaining work- ing capital with no more serious results than an increase in the amount of com- mon stock outstanding. During this period, that the company has been improving its financial posi- tion it has been conservative in its com- mon dividend payments. Last year, for instance, when the company earned $5.21 a share, it paid regular dividends of $1.60 and a 50-cent extra. ‘The steady increase in earnings in re- cent years would warrant the continu- ance of this extra, or the payment of a higher regular rate, for if the present conditions within the industry eontinue still larger earnings are expected for this year. Naturally the expected in- crease in the amount of common when the preferred is converted will mean more units into which earnings will be divided. At the same time, however, stockholders will benefit by a decrease in fixed charges, such as interest rates on the preferred. At the current price of 51 Pillsbury is selling to yield 4.1 per cent on the $1.60 regular and 50-cent extra basis. But that price s only about 10 times last year’s earnings. ‘Those two leading milling stocks, sell- ing at 10 and 11 times last year's earn- ings, have attracted considerable atten- tion lately since many standard indus- trials return such low yields. Many evidently feel that their attractive yleld and earnings offset any disadvantage which might be attributed to them be- cause the milling business is not a new and rapidly growing industry. (Copyright, 1929.) Commodity Notes Oil. SAN FRANCISCO, April 25.—Gasoline is retailing here #t 17 cents a gallon as a result of renewal of the price war. This allows only a 2-cent margin over the wholesale price for most retailers. Big producers and distributors disclaim responsibility, saying it is the rtailers’ t that there is not a stabilized HARRISBURG, Pa.- red pine trees are being planted near Bittinger under direction of the State forester. The trees set out will eventual- fires some years ago. \ Fish. servation' Commission has prohibited the taking of oysters from natural reefs of this State except for seed purposes. This will not reduce packing or ship- ments much, as most oysters packed come from the artificial or ted reefs. A atl:xuu order is in effect in Mississippi waters. Rubber. A;(RON. OhloA——Akan nmhbe'z wm; les are rushing production to mee gradnm in some size tires. Mohawk Co. is unable to keep up with orders, ac- cording to S. S. Miller, president. Hides. i CHICAGO.—Packer hides are holding firm at the recent better prices, with heavy native steers bringing 15 cents, and heavy native cows 14 to 1412 cepts. Improved trading packer hides is shid to have tightened the country hides market somewhat. cate has OIL MERGER HELD LIKEL' NEW YORK, April 25 (#).—Wall street hears that the previously reported negotiations for a merger of the Stand- ard Oil Co. of New York and the Vacuum Ol Co. ha Another report is that the South Penn Oil Co. might enter the consolidation. s Y , J & t Co. is to R e ok T abes1086 for L . growth, facts | ly reforest the mountain denuded hyl | BATON ROUGE—The BState Con- TRADERS ON MARGIN COMPARATIVELY FEW Estimate Places Figure at 250,000. Speculation Has Proved | Prosperous. BY JOMN F. SINCLAIR. Special Dispatch to The Star, NEW YORK, Appil 25—Td like to know how many people really speculate on the New York Stock Exchange, and how many make any money at it,” writes a reader. B ‘The number of people who actively speculate in stocks on the New York Stock Exchange is much smaller than is popularly supposed. Two New York Stock Exchange firms, doing more than 10 per cent of the total business, have fewer than 12,000 active margin ac- counts, including branch office clients. The New York Journal of Commerce makes a statement that “there are probably not more than 250,000 active margin traders in the United States.” At best, even under the most active conditions, it remains an exclusive business. Lewis Cory, in a recent magazine article, sald that 24 per cent of the gainfully employed people of the country—; with incomes below $3,000—do not speculate, and are usual- ly taken for a ride when they do. So the statement that everybody in the United States is in the stock market is an exaggeration. ~Probably several hun- dred thousand people are so engaged at_the most. Regarding the second question, specu- lation has proved exceedingly prosper- tous. It flourishes even when other | “major industries” lag. The specula- tive profits reported by income tax returns in 1925-1927 increased 250 per cent over 1918-1920; corporate dividends at tthe same time increased only 85 per cent, The “big boys” do make money in stock market operations. Since 1923 they have received an average of 75 per cent of all speculative profits re- vealed in the income tax returns. Last year, 1928, the cash speculative profits were somewhere between three and four billion dollars. But the stock broker is the man who plays the safe, sweet game. He charges a commission for every sale on the market and the rise or fall of stocks do not affect his profits. The earnings of brokers on the New York {Stock Exchange in 1928 are reported to have reached more than $400,000,~ 000. This is an average of $367,000 for each of the 1,100 members of the ex- $129 Jacquard velour 3-piece Overstuffed Live $75,00 ing Room Suite, Suites $229 4-piecce Walnut- Veneer Bed- 5139.75 room Suite... Walnut- 189 3-piece Veneer Suite, Bed, Dresser :ntl Vanity... 3119'50 4-piecce Walnut- i Veneer Bed- 5 ro;::cSuiteA.. 5156'75 ! $349 4-piece Walnut- $198.00 Veneer Bed- Walnut- room Suite ... | $450 6-piece Veneer Bedroom Suite, in- cluding Chair 5298.00 and Bench... Bedroom Pieces $3650 Walnut-Ve- SR $9.90 ] | $1975 Walnut-Ve- neer Bow-end Bed..... $49.50 Walnut-Ve- neer Dresser, duced to $29.75 Walnut-Ve- neer Bow-end Bed... $4450 Walnut-Ve- neer Bow-end Bed... $34.50 Walnut-Ve- neer Bow-end Bed... $36.50 Walnut-Ve- neer Bow-end Bed... -$14.95 $21.75 $15.50 $16.75 FINANCIAL,™ change. And m:: does %t;:. 1‘1)1( ‘course. touch any speculative proi at man! f the members make 4 during the year. bull market indicate prosperity and general business prosperity? Neither, necessarily. Co: ite net income in the United States declined from $9,583,000,000 in 1925 to $8,068,000,000 in 1927. ‘Commercial failures also increased about 25 per cent in 1928 over 1927. (Copyright, 1920, by the North American Newspaper Alliance.) WHEAT 1S LOWER ON INITIAL SALES Reports of Beneficial Weather in Domestic Tereritory Cause Drop. By the Associuted Press. CHICAGO, April 25.—Widespread beneficial moisture over domestic wheat territory, together with Liverpool quo- tations lower than due, had an early bearish effect today on wheat values here. Sharp falling off in wheat ship- ments from Argentina failed to act as a counterbalance. Opening % to 1 lower, Chicago wheat afterward held near to the initial range. Corn, oats and provisions were also easler, with corn starting unchanged to 3 off, and subsequently showing a sag all around. Active general selling of wheat future deliveries developed at times today s a result of rains and snow both in do- nmestic Winter and Spring crop sections. Word was also at hand that Montana this season would show quite a large increase of Spring® wheat acreage. Meanwhile, the Liverpool wheat market | today closed at 34 to 1 penny decline, whereas something of an advance had been looked for. Announcement today that wheat shipments from Argentina amounted to but 3,969,000 bushels in the last week, compared with 5,124,000 bushels the week previous and 5,579,000 bushels a year ago, was virtually ignored. On the other hand, bears in wheat gave stress today to assertions that for at least the time being farm relief had grown stale as a market factor. It also was con- tended that with more than 50,000,000 | bushels of May wheat contracts here remaining to be settled, further liquidat- ing sales were inevitable, cromEmmTs Maine Central Rallroad ended the first quarter with net income of $168,749, equal to $1.09 on the common. Earnings for last year’s first quarter were $305,658, or $2.23 & share. COTTON PRICES FIRM IN EARLY TRADING Steady Liverpool Cables Promote Buying—Crop Estimates Are Bearish. By the Associated Press. NEW YORK, April 25—Cotton opened steady today at an advance of 12 points to & decline of 1 point. Buying appeared on the relatively steady Liverpool cables, reports of rains or showers in the Central and Eastern belts and expectations that the May notices issued here would be promptly stopped. May sold up to 20.11 and December to 19.72, but this bulge met considerable realizing or liquidation and fluctuations were ir- regular during the early trading. At the end of the first half hour prices lwel'e about net unchanged to 5 points lower., Early estimates placed the May notices at about 50,000 bales. Their crculation seemed to cause some liquidation in that position, which was absorbed by covering and trade buying. Private cables reported liquidation In near months in Liverpool, but said there had been continental buying, trade calling and covering. FREIGHT CAR REPORT. Freight cars on order on April 1, 1929, by the railroads of this country totaled 42,561, compared with 25248 on the same date last year, according to re- ports received today from the carriers by the American Railway Association. {On March 1 this year. 37,820 freight | cars were on order. Of the freight cars on order on April {1. reports showed 18,108 were boxcars, jan increase of 9,569 cumpared with | the same date last year. Coal cars for | which orders have been placed number 18,987, an increase of 9,912, compared | with (he number of such cars on order fon April 1 last year. Reductions, for | the most part small, were reported in | the number of refrigerator, stock and | flat cars on order this year compared | ith one year ago. Locomotives on order on April 1 this vear numbered 372, compared with 137 on the same day in 1928. Daniel Willard, president of the Balti- more & Ohio, said in an address here | that the delay of the Interstate Com- merce Commission in devising and mak- | ing public a plan for consolidating the | railroads had had “most unfortunate consequences.” Friday—Another Red-Letter Day in the Big Clean-Up Sale 18 Months To Pay Opena Charge Account Living Room Suites $249 Mohair 3-piece Live $195 Jacquard velour 3-piece Frame Living 397.50 Room Suite.... $169 Jacquard Velour Pull- man Bed-Dav- $l 09.00 enport Suite. . Cedar Chests $17.50 Natural R"_‘ $8.65 Cedar Chest ....... $24.50 Walnut Chest, 312 50 . $39.50 Natural Red Cedar Che::m.a' e. 521 75 cedar lined ........ $46.50 $69.50 Walnut Chest, cedar lined ... Occasional Chairs $3450 Jacquard $18.50 Velour Overstuffed Club Chair .......... $5975 Jacquard Velour Overstuffed 328'75 $34.50 $17.75 $19.65 Club Chair . $62.50 Mohair Wing Chair. Reduced to $39.75 Mohair Club Chair. Reduced to.. $39.75 Button-back Mohair Chair. Now, $17.50 Cretome @6 8{) Boudoir Chair... $750 Priscilla Sewing Boudoir Chairs Boudoir Chair... $19.50 Cretonne sg 95 8 $1695 Cret Wing Chlir: f"‘“e- 57'95 Cabinets, i i- ing Room $ Suite $219 Frieze 3-piece Living s Room Suite. . Dining Room Suites $195 10-piece Walnut- Vetiee: itk o suite, 3108.50 10-piece Walnut- Room 3123.75 $219 10-piecce Walnut- Veneer Dining 8150.00 Room Suite.. Walnut- Room $198 Veneer Dining $398 10-piece Veneer Dining 5188 00 o! Breakfast Suites $27.50 S-piece Green Decorated 814 75 3 $39.75 S-piece Gray Decorated Breakfast S\:its,SZI'so $109.00 6-piece Green Decorated Dinette Suite 364’75 $149 French Oak Dinette Suite, Buffet, Table, China $195 G6-picce Green D d Di p Gas Ranges $4950 4-Hole Ga 825 75 i $109 Alcazar’ White Enameled Cabinet Gas Range Room Suite.. Breakfast Suite Dinette Suites Closet PR S i TN Cooker ... $52.20 KAUFMANNS 1415 H Street N.