Evening Star Newspaper, April 26, 1929, Page 13

| : FINANCIAL) " CURB SHARES GAIN | oon. | 6in NEW YORK CURB MARKET [ e o o e oo Received by Private Wire Direct to The Star Office 1 Sales in THE EVENING STAR. WASHINGTON. MINING STOCKS. hundred: D. C, FRIDAY, APRIL 26, 1929. COTTON PRICES FIRM | ON OPENING SALES| Market Steadies After Profit-Tak-| increasingly important factor in the company’s business. National Supply realized early in its development that its earnings would fluctuate rather widely, depending upon the discoveries of oil fields. It con- sequently strengthened = its financial position so that it could withstand any temporary lull in earnings. Today the FINANCIAL, have in the past. In 1923 they were $14.67; in 1924, $5.09; in 1926, $15.19, and so on, jumping from one extreme to the other as the driiling activity of the industry lessened or increased. Notwithstanding their wide fluctua- tions, earnings have averaged $10.16, so that the $5 dividend is safe and will probably be supplemented, as it has Seminole boom they rose to $4.97, but fell to 5 cents the next year, and in 1928 showed a deficit. Although earnings averaged $2.63 for the seven years, the directors found it advisable to pass the dividend last year to help betier the company's financial position, After the dividend was passed the stock dropped from 40 to 20. It later recovered part of 5. 60 Ariz Globe C. y 2 1Com Tun & Dra § 1 3 Cons Cop Mines. 10 Cons Nev Utah.. 2 Dolores Esper. 10 Faicon Lead Min. 4 First Natl Copp 2 Gold_Coin. .. 3 Golden 'Center M. 50 Goldfield” Cons. BY KENNETH S. VAN STRUM. NEW YORK, April 26—Overproduc- |one and 1 in |amounting to $30~a share on common tion has caused severe depression in |CINICLTE K e tangibin amsets of stil | company has a current ratio of ten to been in the past, with extras of two, | that loss, but recently has fallen back cash and securities three or more doilars as conditions | again to 23. warrant. | ,I’he;: m-g;xruwrers of oil well sup- il Well Supply. p ve done much to increase the efficiency of oil producing, and they a: The OIl Well Supply Co., Whose Orig- | contintally. Lmproving. Hacis eaolpment. inal business was established in 1862, is | At present the most noteworthy changes also a leading manufacturer of ma- | are bei - chinery and supplies for drilling and |fnc geer wenle: Thchinery for dril operating oll and gas wells. Its main | plant is at Oil City, Pa., although like | | National Supply, it has establisi or acquired manufacturing plants in vari- ous other sections of the country. It | also maintains selling branches all | the important oil-producing centers | here and abroad. A short time ago the control of Oil well “Supply passed 1o Pittsburgh in- | COMMERCTAL CREDIT REPORT. terests, who at once started a process |of renabilitation and house cleaning. | BALTIMORE, April 26 (Special) — | The new management increase the al- | The consolidated net income of the | lowances for Gepreciation, bad debts | Commercial Credit Compantes for March {and tax payments, which required a re- and for the first quarter of this year is adjustment of the company's balance | the largest for those periods in the his- | sheet. As a result the company showed | 0ry of the corporation. For March net a net'income for 1928 which was too | was at an annual rate of $3.79 a share | small to cover preferred dividends. The |On the average outstanding common | revised sheethnmrgmx to the n;nnlge- j-;_"b;:lt. q‘:a:&-rm:: r:}:; ::‘ .lnen"t in 1’n‘ztn National Supply. ’ ment, now shows the true condition of | re at s rate 1932 |pects in Liverpool and said the goods e | the company. | equivalent to $3.21 a share. as againsta a1 The National Supply Co. is the 74 | fmarket tn Manchester had been dis- | e A tactirer. of _equipment, | generdus. policy tn regard to dividends. | The new management also redesigned |t of $16 & share for the first quar- many of the company's products and |ter of 1928. N ARy R ude the 25836: 5 ' turbed by the break in cotton. | 0 anches | Last year, for instance, while earnings 36% machinery and supplies for all branches | Last 3 8! mady mportant solling aiances with | These _figures f the oil and natural gas industry. | werc $9.59, it raised its regular rate to 'x)u 'plmu. mmulmturmg‘ many vari- | $4 and pald $3 extra. The regular| A. M. Byers & Spang. Chalfont, manu- ‘Shn;': o; additional common stock fs- eties of products from oil well tools to|dlv1dend was raised recently to $5, |facturers of tubular products used in Sued in February at $40 a share. Liverpool. | “ i ing—Declines at the oil industry several times d"’m‘imwr value. The only obligation the last seven years. Producers and | ghead of the common is an issue of refiners inevitably suffer from overpro- | preferred, which is being retired. | _Because of its financial strength, duction, but manufacturers of oil well National Bupply. is now able 10; ad 4 equipment do a land office business. 1 Alum Ltd * IN'STRONG MARKET .. International Projector at! New High—Other Stocks 3 Amer AT Bov £ B i 30 Stud Bag Am & 6m. 3 . # L R 13 Newmont Mining 7 Nipissing %1 | NEW YORK, April 26.—Cotton opened o412 | steady today at a decline of 7 to 13 T e | points under a renewal of yesterdsy's ' 'In 1922 and 1923, when the ofi fields | 21 |selling movement, which was en-|of Texas, :zkm and f.grmni e t] . | were being devel at a fas e, g [CHINERE B "";,,h e d'?:‘"" i umd and in. 1936, when the Seminole pooi | [pool, & favorable weather map and ,ocheq the helght of its development, | | favorable crop advices from the South- | :he companies supplying oil equipment west. Selling was active. The de- showed the largest profits in their his- | cline soon extended to 18.77 for July | iory. and 18.98 for December, or about 13 These two peaks were both followed | to 15 points net lower. by periods when drilling ceased because | Trade interests absorbed offerings of | of overproduction, and the business of | " May as the price approached 19.50.]oll equipment companies fell off notice- | There also was considerable covering | ably. This happened most recently ‘n or profit taking by recent sellers in'the latter part of 1927 and the early | | later deliveries and the market steadied | part of last year. Toward the end of | |up a few points from the lowest by |1829, however, oil production began to " | the end of the first half hour. mount again and the equipment com- Private cables reported heavy gen- | panies showed good earnings. ‘4 | eral liquidation on favorable crop pros- Earnings of oil equipment companies naturally reflect activity in the drilling of new wells. The recent move of the oil producers to curtail new drilling op- erations, if carried through success- fully, would affect their earnings. (Copyright, 1929.) 2 Noranda 3 Quie Cop.../ BY HARRY H. BECKER. & Shattuck CDenn. . Epecial Dispateh to The Star. ot o NEW YORK, April 26—Bullish fac- 4 tors exerted tne jarger influence on the | Limar Bioer id: 6 Wendon Cop. Curb Exchange today. 1 Anchor Post Fen % {Sales in INDEPENDENT OIL STOCKS. International Projector was an out- Arct b i 3% [ "3 A Maracatbo Co. standing performer, pushing ahead on ! reo Ofl. ... top of its spectacular gain of the previ- ous day and making a new high on a Teport of five-for-one split up and esti- mates that current earnings are twice in excess of those a year ago. A number of interesting movements characterized the action of the market. + Assoclated Electrical Industries opened o} Houston on a 12,000-share block and with United 3 Iy Power, ‘Allied' Power & Light, Electric / | 4Leonard Bond & Share and American Light & . el jon_ oI ‘Traction, gave the utility division a de- £ gree of pronounced buoyancy. The last named issue climbed 16 points before 30 Amer § Py e 1l p mer Superp 2 ; ! 7 Amer Superp ‘B 208 i alker Mines.. 1A i 1Cit Serv pfd. 2 Colon % 2 Columbia ~Synd. §Creole Pete....... Avis orp .. 3 Crown Cent Pete. Aviation Credit 1 [ 13 ] o s 31 159 9 il 2 413 4 4 Houston Gulf 9 Aviation Co of Am be l & WHEAT IS HIGHER Bulova Watch pid midday an: nsiderable ac- Zey 20 | gas engines, are well spread out over |which shows a yield of 4 per cent at | the oil flelds. E — 3 o L i o erable ey | fyurms So o N | IN EARLY DEALINGS |fe country. Products ‘are aistributed | 125. At this price the stock is selling | Earnings of OIL Well Supply have SILVER QUOTATIONS. hone & Telegraph new, in sym- T el 2 | through 100 stores, owned by the com- |at 13 times last year's earnings. fuctuated very widely in recent years, | o &R o pathy with the sharp rise in the old 2 Caterpillar Tractor.. 78 el pany and located in various oil fields.| National's earnings will undoubtedly | reaching $6.90 in 1923 and dropping to | 1 —Bar stock on the big board. 1Gelan Cor Am......- 13% 8 a1y ¢ . . |Distribution abroad becoming an | continue to fluctuate widely, as they ' 36 cents jhe following year. During the | silver, In the misceliancous industrial divi-| 3 Géifiloia Co mooro: 40 30 (Market Irregular at Beginning, sion. Aluminum Corporation of Amer- T % | but Later Scores Advance. ica, Irving Air Chute and Continental Diamond Fiber reached new 1929 highs. Demonstrations against the shorts were successful in stocks like Goldman f8achs; United States Foil “B,” Thomp- son Products “A” and certain of the metal issues. Newmont made the wid- est gain. Firestone Tire led the. motor aceessory division with a 25-point spurt, roaching its old record high. Shares i automobile producing companies {eontinued to sag, but losses wwere not Tvery extensive. In the oils there was good volume at rising prices in Humble and the Cities " Service issues, While Vacuum was held | back by denial of a rumor that a merger had been consummated with Standard Ofl of New York. Scveral aeronautical .dskues acted well, especially Aviation Corporation, which scored a sharp re- covery, and better rallying power was also displayed by Douglas. Pennroad, Sales ~ STANDARD OIL ISSUES AND FOR- Wunits °'MER SUBSIDIARTES STOCKA 900 Anglo_Am Ol .. 00 A A O non e By the Associated Press. CHICAGO, April 26.—After an fir- regular start in which new low-record 0 Imp O Can.. 15 100 Imp O Can'do n'w.. 800 Inter Pet Ltd. DB 100 Penn Mex Fuel 300 South_Penn O 7008 O Ind.. 3008 O Ky n 20 8 O Ohio pfd 1100 Vacuum Ol 2 Cons Auto Mer vtc i Mer I y P | prices for the season were touched, | wheat today scored something of an ad- vance. Passage of the farm-relief bill in the House was construed as mod- erately bullish, opening at 133 off to %4 up. Wheat later rose all around to above yesterday's finish. Corn and oats developed firmness likewise, with corn starting 14 off to 33 up, and subsequent- ly showing general gains. Commission house buying gave brisk upturns to wheat values at times today, notwithstanding that at first the selling side of the market derived an advantage i from early lower quotations at Liverpool. o5 in thousands. 25 Abitibi 3 Ala P 28! the new investment sub- . 3 Further liquidating sales on the part of sidiary of the Pennsylvania Railroad, 4 1391, 139, | holders of the Chicago May delivery again enjoyed a large turnover, but the 100%, | counted also temporarily as a bearish rice change was negligible, and the | 101 {jinfluence. On the other hand, buying orders from commission houses ap- peared to result chiefly from evidence of ravid progress of farm legislation in Congress. lvania Rairoad rights to sub- scribe to the stock reacted after early steadimess. - S R e EE 35 Piat stk = = g — Fore™h g 86| “'Unexpected late advances in wheat ‘STEEL FIRM STARTS & i Frory AR I T R today at Liverpool for wheat future de- 58 19 18 “ Pres 1% T » 1 3 973, | liveries showed net s of 3 to % y § ERA OF EXPANSION Ao o8 'l 100" | pence & bushel, in the face of predic- =5 . Bak...... 8 1 25" | tions of big tenders of tine wheat s 7 1 Dixie 50 |there next week. One of the reasohs By the Associated Press. as 3 Fairl 9 given for improvement of commission NEW YORK, April 26.—Bethlehem 39 2 ouse buying todsy in Chicago was that Bieel Corporation, once again prosper- L on account of drastic dec which ous, is embarking on a new era of ex- - o 108! had taken place, the changes of any 1l its plants ¢ 81% 81 817 big profit for the present from specu- Jative short selling had been greatly curtailed. CHICAGO LIVE STOCK MARKET CHICAGO, April 26 (#).—(United States Department of Agriculture). Hogs—Receipts, 14,000 head, includ- , is at the helm, with Charles ‘M. Schwab, the old steel master, at his are mounting, reaching $9,- 045, for the RADIO AR U R LR PR RN 9%% first three months of ; ing 4,000 direct, market fairly active; . year, nearly treble the net income 3 mostly 15a25 higher; top, 11.80; bulk first quarter of last year. 1 of good and choice hogs scaling over 4 melon is in the form of rights 2 160 pounds, 11.50a11.75; butchers, me- to to 1 dium to choice, 250-300 pounds, 11.35a additional es of common at $85 & s 11.75; 200-250 pounds, 11.40a11.80; 160- share, in ratio"of one new share for ”n 200 pounds, 11.25811.80; 130-160 pounds, [J ires of old 1 10.60a11.80; packing sows, 10.25810.85; "Tie_latter is selling around $113 & 4 pigs, medium 1 choloe, 90-130 pounds, a”ew i a " m is-all apen 26 " Cattle—Receipts, 1,000 head; calves, v holders’ approval on May 29 of & plan H 1,000; steers and yearlings very scarce, [ ] “g‘;o the & A com: B b $ nominally steady; she stock m«fi.w e par 3 6 strong; best fed yearlings, 14.40; light ai common from 2,700,000 to A 3 vealers. 14.50815.50; clipper kinds up to 5,000,000 shares. Stockholders will be ol Sl H 1650, " Slaughter. Classeb—steers, ‘&m ‘&“&'fi"&“m‘“‘%"“‘“m of of ot 3 $4907 "0 106-1,300 pounda, 13 80014.00; E. .90, Jo] a14.90; q ts. o H 950-1,100 pounds, 13.60a15.00; common . After issuance of the stock Bethle- P 3 and medium, 850 pounds up, 10.50a13.75: f BT B ST DS 2T BRE b Xy B g : Dér cent cumulative $100 par preferred di a 1 8nid ehoice, 85 pourds down, '13.00A14.85; ® stock and $271,600,000 in no par come LI 3 Westv_Chilor 10015 0 0a13.00; cows, o 6% 66% B'West Pow 5% A '57. 21 2 | common and medium, 9.50a13.00; cows, mon_ stock at the current -market i) ”k 1 Wheel Btl 425 B '53. 87% 87% 87% | good and choice, 9.75a12.00; common prices. ook ‘ the :ga l{lb Tos FOREIGN BONDS. mgume;u;,m', zasjhs,'ls: low cut;arht;g Asked how ¢ in the ds. cutter, 6.5028.25; bulls, and chol presens rate ot 4eiyity 1 Shehen’s PR Y P R v v (beet), 10.2541150; cuitter to medium, plants to continue, Ms. o o 8.50810.25; vealers (milk fed), good and “Just as long as orders 3 515 5 choice, 14.50a16,50; medium, 11.00a Orders are plling up_on the books §h B, 1450, cull and_common, . 8.00a11.00; with plants running at 102 per cent of 16l stocker and feeder steers, good and the rated capacity of 8,000,000 tons 9 4 choice (all weights), 12.50a13.50; com~ year. 13} % .g mon and medium, 9.75a12.50. S g Sheep—Receipts, 7,000 head; market Market it i e e o b wooleq al .00; sl P Baltimore eis 337 9% Jower. Following quotations on shorn Lambs, good and choice, 92 pounds down, 14.85a16.00; medium, 14.50a15.10; cull and common, 11.00a 14.50; medium to choice, 92-100 pounds, 14.00a15.75. Ewes, medium to choice, 150 pounds down. 8.00a10.25; cull and common, 3.00a8.25. Ohio s Peop Lt&Pow Corp A Bpecial Dispateh to The Star, BALTIMORE, Md., April-26—Pota- pounds, 80al.25; new s Graymur Corporation (A DELAWARE CORPORATION) CAPITAL STOCK , (Without Par Value) CHICAGO DAIRY MARKET. —With warrants, CHICAGO, April 26 (#)—! r— A Commod:ty Lower; mlpt‘:. Dm.m‘ tua; et‘e‘g::ry Transfer Agent Registrar extras, a44; standards, 44; 4 2 firsts, 43a43%5: firsts, 420421, uez:tdr: GuarANTY Trust CompaNy or Nezw Yorx Tue New York Trust COMPANY Lumber. 40%a41%. Eggs— Higher: ' receipts, DAIRY MARKETS. 1,403 cases: earby, firsts, free cases. dozen, 28 current rueelm.'n. 20222, tter—Good to fancy, creamery, w;lmfd. 45a48; prints. 49a51; blocks, 48a 50; ladles. 35a39; store packed, 32a33; Tolls, 33235; d: l;ry prints, 33a34; proc- tter, 42a43. ".l.,l‘:‘el poultry—Spring chickens, pound, 43a50: Leghorns, 35a45; young chickens, 42245 thin and poor, 25a28; old hens, | 34235 Leghorns, 27229: ducks, 20a28: gninea fow], each 50a1.10; pigeons, pair, 35240. Hay and Grain Prices. | Wheat—No. 2 red Winter, garlicky, apot, 1.22: April delivery, 1.32. Corn—No. 2 export, April delivery. no quotations: No. 2 yeilow, domestic, spot, 1.07a1.08: cob corn, 6.00 barrel. domestic, Onts=—No. 2 white, spot, gongo’s; No. 3 white, domestic, spot, | }8yra W Mec : SAN FPRANCISCO—California vese- - ment contract on file for the inspection of stockholders at its principal office in Wilmington, Delaware. original L :':N"mv_ faais § Thomps Erod A" tables are showing 1il effects from - board of directors is to be composed of the general and special partners of G. M.-P. Murphy & Co., who, with those Hay—Receipts. none. While hay is seasonable Spring weather which did ISK or closely associated with them, will have a substantial investment in the stock of the Corporation. arriving here in linited quantities only, it is mn than enough for the demand, which is being supplied mostly by truck | from nearby points, a few carloads be- ing received. There is not enough busi- ness passing to establish prices on the varfous kinds on merit at a range of 12.00a16.00 per ton of timothy or clover hay. Straw—No. 1 wheat, 12.00a12.50 per ton; No. 1 oat, 12.50a13.00. WESTERN MARYLAND GAINS. BALTIMORE, April 26 (Special) — Net income of the Western Maryland Rallway for the first gquarter of this year showed a slight gain, compared to ‘corresponding period in 1928, despite & decline in gross earnings. This was accomplished partly by 8 reduction in operating expenses. Oper- ating revenues for the first quarter this year totaled $4,494,850, a decline of $256,974 in the corresponding period in 1928, while net income was $599,979, a gain’ of $23,050. All of North and South America were | once peopled with Mongoloid inhabi- tants who probably migrated from Cen- tral Asia centuries before history began' to record events. 1 i Un ptd. .. Gen Am Inv.. . 38ec Gen Am Inv pfd 1 1 ros eman B Seeal Lock & HAw t Inc Control 1 & 13 Selected_Indus 2 Sheaffer Pen.... 18haron Stl Hoop n.. 3 2 Sierra P ok smetics 20 2 Sterling Sec pf allot wift Intl ... . S28HRRLIT sos SRS SR8 L =53 0 Foil B & Por Sec gaueng 2t iy Pie ©.10 21 til P&L cit B an C Pkg..... an C Pke pid Vost .. 4 BEaNINas NEW ORLEANS, April 26—Mills of the Southern Pine Association show an increase of new business of 14.54 per cent in the last week to a total of 51,- 099,000 feet. Production rose slightiy 1o 44,177,000 feet and shipments dropped 135 per cent to 49.143,000. Unfilled orders stand at 185,353,764 feet. Paint. CLEVELAND.—The Sherwin-Williams Co. business is running ahead of the most optimistic expectations, The Glid- den Co., makers of paints, varnishes and enamels is enjoying a Ni business in its basis lines and is making good profits from its recently exploited food product production. Refractories. DENVER.—Activity in the smelting of copper, lead and zinc ores in the intermountain region is adding mate- rially to the demand for refractory products such as fire clay, retorts and | crucibles. Vegetables. ,ren damage to budding decidious ruits Spring peas were hit by frest in Selinas and Hayward district furth-r north, Replanting of tomato plani: on an extensive scale has been neces sary in some districts, Steel. ! YOUNGSTOWN.—The Republic Tron | & Steel Co. will spend $10,000,000 on additions and improvements in the | Youngstown district, according fo Presi- | dent E. T. McCleary. Included in the expenditure is a new pipe. mill which will employ several hundred men. The first unit of the plant will be ready in about 60 days. POTATO MARKET STRONGER. CHICAGO, April 26 () (United | States Department of Agriculture) — Potatoes—Receipts, 131 cars; on track, 30 new, 195 old; total United States shipments, 952 cars; new stock market ‘weaker; Texas, sacked, Bliss Triumphs, 5.0005.25; few early sales shade higher; old stock fair trading; market slightly tronger; Wisconsin, sacked, round whites, 90a1.10; Minnesota and North Dakota, sacked, round whites, 85295 sacked, Red River Ohios, 00 Idaho, sacked, russets, 2.4082.60, . 34,142 cases; extra firsts, 271,a28: firsts, 26%827; :;dlallr& nzr;u, 24%5826; stor- age packi rsts, HE 7 ket extras, 20%. iy Poultry—Alive, ‘firm; recelpts, two cars; fowls, 31; brollers, 41a47; roosters, fg‘/,, turkeys, 30; ducks, 24a30; geese, PARIS BOURSE PRICES. PARIS, April 26 (#).—A heavy tone prevailed on the Bourse today. per cent rentes, 73 francs 90 centimes. Five per cent loan, 99 francs 80_centimes, Exchange on London, 124 francs 16 centimes. e dollar was quoted at 25 francs 584 centime: SAFETY 18 WORTH A FEW MORE PENNIES Safety is in tires as well as se- curities. Tire failures are far more dangerous than stock fail- ures. BUSINESS: Graymur Corporation has been organized, with broad powers, to acquire, hold, sell and generally to deal in, stocks and other securities and to participate in syndicates, underwritings and other financial operations. CAPITALIZATION: The Corporation has an authorized capitalization of 375,000 shares, without par value, all of the same class. The Corporation is to enter into a contract with G. M.-P. Murphy & Co., as bankers, the bankers are to be entitled to acquire from, or sell for, the Corporation up to 300,000 shares of the before June 30, 1929, at a price to the Corporation of not less than $50 per share. The Corporation will commence busic ness with at least 100,000 shares outstanding, to yield to the Corporation not less than $5,000,000 net. The bankers are to pay all expenses incidental to the organization of the Corporation. The Corporation is to grant to the bankers options, Lnkm or their assigns to purchase one share for each four shares acquired or sold otected against dilutian, entitling the y the bankers pursuant to their contract, at $55 per share to and including May 1, 1932 and at $60 per share thereafter and to and including May 1, 1935. MANAGEMENT: The funds and investments of the Corporation are to be managed by G. M.-P. Murphy & Co., under a management contract which is to be subject to termination by the managers in case at any time persons designated by the managers are not elected as directors, or by the Corporation at the option of the holders of a majority of the stock of the Corporation. G. M.-P. Murphy & Co. will make no charges for their services as managers under the management contract. The Corporation will not acquire from the managers any securities now owned by the managers. The managers may deal with the Corporation as principals, agents and brokers, but will accept responsibility for the fair- ness of any transaction between them and the Corporation. The: Corporation is to agree to keep a copy of the manage- STOCKHOLDERS' PREEMPTIVE RIGHTS: The Certificate of Incorporation of the Corporation is to provide that the stockholders shall have preemptive rights to subscribe for any additional authorized shares of this stock, but shall not have any preemptive rights as to any preferred stocks or securities convertible into stock. These provisions of the Cer- . tificate of Incorporation may be amended upon vote of the holders of a majority of the stock of the Corporation. Tue CORPORATION IS TO AGREE TO MAKE APPLICATION TO LIST THIS STOCK ON THE New York Curs Marxer We are offering up to 300,000 shares for sale, when, as and if issued and accepted by us and subject to the approval of legal pro- ceedings by counsel, Messrs, Cotton & Franklin. It is expected that delivery will be made in the form of temporary Stock Certificates on or about May 3, 1929, ‘WASHINGTON Connecticut st K Strest 1508 H Sereet, N. W. 52 BROADWAY, NEW YORK CITY 247 Park Avenue, New York City PRICE $53 PER SHARE G. M.-P. MURPHY & CO. Members New York Stoch Exchange ursuant to which rporation, on or