Evening Star Newspaper, April 27, 1929, Page 24

e FIN . BANKERS R REPORTS ON VORY Fleming Tells of Biloxi Ses- sion at Meeting of Local Financiers. BY EDWARD C. STONE. Reports galore on this year’s working of the standing committees of the Dis- trict Bankers' Association were submit- ted at the April meeting held yester- day afternoon at headquarters. President Robert V. Fleming was in the chair and also presented two of the important re- ports. * As the as- sociation’s repre- sentative on the executive council of the American Bankers' Associa- tion, he summed up the doings of the Spring meeting at Biloxi, Miss, and gave an out- line of l{he }sres;nt status of the plan 3 Y %0 establisha credit "o 0 FleminE bureau for the bepefit of the local banks. He chairman of this spe- cial commit when elected to his present office and was asked to continue | as its head. The general plan of op-| eration was outlined and the associ- ' ation will take definite action on the matter later, possibly before the an- nual convention. Reports were submitted by the chair- man of the several standing commit- tees of the assoclation. These were preliminary to the re) to be sub- mitted at the annual convention in June and were as follows: Advertising, Eliot H. Thompson; commercial trade activities, Barnum L. Colton, in the absence of Chairman P. H. Siddons; fraudulent securities, Engene H. Thompson; insurance, Charles H. Doing; law and legislation, Frances G. Addison, jr.; protective, Howard Moran; ublicity, George O. Vass; standardized g-.nklns forms, Frederick H. Cox; taxa- tion, H. H. McKee, and treasury rela- tions, Wilmer J. Waller. The auditors, fiduciary and safe de- posit sections, of which the respective chairman are J. Dann Faber, F. P. H. ANCIAL/S TAR, WASHINGTON, D. C, SATURDAY, APRIL 27, 1929, FINANC TAL.” ~NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. 80 92 Ahumada Lead.. 2% 3 2%k Alr Redetn (#8). 110% 110% 109% 109% Air Way E1(2).. 378% 87% 37% 37 Afax Rubber % TR T TH Alaska Juneau.. 6% 64 64 6% Albany Wrap Pa 20% 20% 204 20% Alleghany Corp. 34 344 33% 337 Alleghany pf 5% 101% 101% 10U% 101% Allies Chem.... 283 284 280 280 Allied Cm pf(7). 124 125 124 123 Allis-Chalm(7). 195 195 195 1985 | Amal Leather... 5% 5% 6% 5% Amerada(2)..... 33% 33. 33 33 Am Agricul Chm 16% 16% 164 16% Am AgriChpf.. 56 56 56 56 Am Bank N(13). 119% 1201 119% 120 Am Bosch...... 5% 59 57l 584 Am BrSh(h1.60). 5d4'a 54t b4l bl Am Brown Bov.. 27% 27% 27% 27% Am Brown Bopf 8813 88l 88 88 Am Can (14).... 1416 141% 140% 141% Am Can pf(7) 141t 141% 141% 141% AmCar&Fdy(6). 99% 99% 99 99 Am Chicle (2).., 54 b6ds 54 54% * | Filene's pt(834). 1 Open. High. Low. 0L 101 101 69 9 69 11% 68% 99% 65 67% % 90% 107 44% 41 12% 124 881y 88 88 TR 5214 Bl Bl 106 103 106 2% 0% T2h 117% 117% 117% 241% 239% 240 1w 1% 114 88 75 88 2% % ‘2 108 ‘108 108 127% 127% 127% 8. 97 1B 854 84% 85U 124% 1243 124% 51 61 Bl 34% Close. 101 irst NatS(1%) Florsheim pf(6) Follansbee 123 . Frank-S pf(7) Freeport T (4) Gardner Motor., Gen Am TC(34). Gen Asphalt. 3% Gen Cable. 52'y Gen Cable A(4). 103l Gen Cigars(4).. 704 GenCigars pf(7) 117% Gen Electric 16.. 239% GenElec #p(60c) 114 Gen GREIA 1%. 75 Gen Gas(rights) 1 Gen Gas pf A(7) 108 Gen G & E1 A(8) 127% Gen Mills (3)... 7% Gen Motors (3). 85 Gen Mot pf(7).. 124% GenOut A(4)... 51 Gen Out ctfs(2). 84% 12% 881y Am Encaus (2).. 40% 40% 40% 401 Am Express (6). 340 340 340 340 Am & For Pow.. 97% 103 97 103 Am&FoPopf(6). 98 98 98 Amé&For Pow 2d. 90% 91 Am Hawa SS(1). 36% 37% Am Home Pri3) 81 8l Am Internatl $2. 63% 65% Am LaFr&Foam 64 6% 6la Am LaFrancept €0h 60% 60% Am Locomot(8). 117% 117% 117 Am Metals(3).. 58% 584 58 Am NatGaspf?7 74% 74% T3% 73l AmP&L (f1).. 104% 1047 104% 104% AmPo&Lt pf(§): 1001 100's 100% 100% Am Radiator(5) 186l 186% 184% 184% 182 182 182 182 45% 46% 45% 46 180 184% 180 184% .. b4 B5% 64 54% . 117% 1184 116% 117 'Am Seating($).. 381 38% 38% 38% AmShip&Com. 4% 4% 4% 4% Am Sm&Ref(4). 10515 106 104% 105 AmS&Rpr(7). 136% 136% 136% 1364 Am St Fdys(3). 66 66% 66 66k AmStIFy pf(7) 111% 111% 111% 111% AmStores (3)... 81 81 81 81 Am Sumatrarts. % 90%, 36'y 80% 631 5% i 2 26 27 232% 230 232% 162% 162% Am Tobac B(8). 164% 165 164 1641 Am Tob pf(§)... 120 120 120 120 Am Type pf(7).. 108 108 108 AmWWE&EIl(el). 84 84 Am Woolen..... 19 19% 45 4TH 33 33% Anaconda (7)... 141% 143% 141% 142% Anaconda (new) 118% 119% 118% 118% Apaconda (rts). 25% 264 25% 25% Siddons and Charles E. Howe made reports through Secretary E. J. Mc- Quade. An announcement was made by Lanier P. McLachlen regarding the coming Spring dinner at the Columbia Country Club, on May 8, and General Chairman C. H. Pope re| rogress on every feature of the com- rnz June convention. The association went on report as heartily supporting the candidacy of T. Hunton Leith for a place on the executive council of the American In- stitute of Banking and also expressed keen interest in the construction of an armory in the District of Columbia. The meeting was largely attended. Vasco Products’ Earnings Up. Vasco Products, Inc., & company with headquarters in Brentwood, Md., which has a large number of Washington stockholders, that sales for the first quarter ending March 31 increased more than 26 cent over the cor- time - | Atlas Pow pf(6 Anchor pf (6% ). 118% 118% 118% 118% Andes Copr (3). 52 53 524 52% Archer Danls(2) 374 37% 37 37% Arch-Dan pf(7). 114'% 114% 114's 114% Armour IIltA).. 12% 12% 12% 2% Armour IKB).. 7 7 7 7 b4 B4 b4 b4 Asso Apparel (4) 62% 2% 52 52%| AssoDryGzy). A'chison(10 200 201% 199% 201% Atchison pf(5).. 103 1031 103 1031a Atl Coast L(110) 176% 176% 176% 176% At Gulf & Wi.. 59% 59% 59% 59% Atl Gulf pf (4 68 58 B8 68 Atlan Ref(t1%) 62% 65% 62 64% AtlanticRefrts. 7% 8% 7% S 102102 102 102 15% 15% 15% 156% Austin-Nich 6 6% 6 6w Auto Sales. « 30% 30% 30% 30% Baldwin Loe (7). 242 242 242 242 Bulto & U(6).... 1214 121% 121% 121% Bang & Ar(3%). 66% 66% - 664 66% Barnet Leather. 17 - 17 17 17 Barnsdall A (3). 43% 43% 434 43% Beacon Ofl...... 23% 284 23 23 3 88Y 884 10% 111% Atlas Tack. % |Hahn D S pf 63%. 101 34 8 108% 104% 107 80% 179% 80 113% 112% 113% 38% 384 384 50 49% 49% 48% 474 d3% 65% 4% 64% 85% 83% 84 131 130 180% 104 104 104 55 53% 53% 9% 94% 94y 9l 94 35% 35% 85 85 9% 27 50% 50 508 1234 120% 123% 105 105 105 103% 103% 103'% 29% 29% 29% 38 37 3T% 116 115% 116% 165% 160% 163% 63% 63 6314 2Th 27% 27% 43 42 43 101% 101 101% 103 103 103 64% 65% 82 83 90% 90% Gien Ry Sig(h).. 104% Gen Refrac 13%. 79% Gillette SR (5). 113 G!mbel Bros.... 38% Glidden Co t1% . 497 Gobel (Adolph). 47% Gold Dust (new) Goodrich (4 Goodyear Tir Goodyr 18t pf(7) 104 Gotham H (2%). Gotham H pf(7). Gould Coupler A Graham-Paige. . Granby Min (7). Grand F&W (1). Grand Unon.... Grand Un pf(3). Grant W T (1).. 120% Grt North pf(5). 105 Gt Nor pf cfst5) 103% GrNorOrefs3y . 29% Grt WnSug 2.80. 37% Grt Wn Su pf(7) 116 Greene Cana(8). 160% Gulf Stat Stl(4). 63% Hacknsk W(13%) 27% Hahn Dept Stor. 42% HamiltonWpf(6) 103 Hayes Body.... 64% Hersney Corp. B! Hershey pf(4). Hoe & CoA..... Hollnd Fu(e2%) Household(14).. Houston Ofl. .. Howe Sound(4) Hud Man(2%).. Hudson Mot(5). Hupp Mot(£2)... 51% [liinots Cen(7).. 137% Ind O & Gas (2). 364 Indian Mot (1).. 20 indian Refining. 48% Indian Refgctfs 46% Inland Stl (3%). 92% Inspiration C(4) 48% InterboroRapTr. 31% Intl Bus Ma (5). 176% Int Cement(4).. 81 int Com Engi2). 71 Int Combus(rts) - % Int Harv (23).. 110% lut Mtch pt 3.20, 82 Int Mer Marine.. 6% Int Mer Mar pf.. 49% Int Nick,Can 800 48% Int PakPOA2.40. 29% Int Papr& PoB. 17 Int Papr& PoC. 13% Int Pa&Po pf(7) 86% Int Prig Ink 2% . 52 Int Tel & Tel(6). 258 Inter Dept S(2).. 2% island Creek(4). b5% Johns-Manve3). 1821 Jones&Lau pf 7. 121% JordanMot (rts) 98 2% 43 86% 51% 137% 137% 137% 36'% 36% 26% 20 20 20 50% 48% 49% 4T% 46% 4T 92% 92% 921 49% 48% 49 82% 31% 32 176% 176% 176% 92 a1 a1l 2% L. Y 110's 108% 108% 2% 82 2 6% 6% 50% d8% 48% 48% 48 4B% 204 29% 29% N 13% 13% 13% 87% 864 87% 52 52 258% 256% 257 2% 72 T2% 55% bB5% 564 183% 180% 182 121'% 121% 121% E 2% 11 6% 6944 Oliver conv (3) Ownibus Pac Coast 24 pf. Pacific Gas (2).. Pacific Mills 48% | pac 011 Stubs. .. 12% | Packard (13%).. Pan-Am Petroim Pan-Amer Pet B Panhandle. . Paramount-F-L Park & T1(33).. Park Utah(80c). Pathe EX... Pathe Ex(A). ... Patino M (3.89).. Penick & Ford. . Renick&F pf(7). Penn Dixie Cmt. Penn RR (4)... Phila Co pf(2%) Phila Co pf(3).. Phila& RC& .. Phil Morris(1).. Phillips-Jon(3). Phil-Jones pf(7) Phillips P (13%). Phoenix Hoslery Pierce-Arrow. .. Plerce-Ar pf (6). Pierce Oll... Pierce Ol pf. Pierce Petrolm.. Pillshury (1.60). Pirelll (A) 2.88.. Pitts Coal pf. ... Pitts & WVa(6). PortoR1coTobH. Postal T&C f 7. Postum(3)..... Prairie P L't3% Pressed Stl Car. Produ & Refinrs. Open. Righ. Low. Close. 67% 67% 68% 8 8 8% T8% 310% 43% 86 30 56 35 1% Public Serv 2.60. 1 Pub 8 NJ pf(7 Pullman Co(4)., Punta Aleg Su; Pure Oil (1) Pure Oil pf Purity Bakin Radto Corpn.... RadioCo pf(3%) Radio pf (B).... Radio-Keith(A). ReadingRy(4). . Remingtn-Rand, Rem-Rd 18t(7).. Reo Mot (11). Reynlds (B)2.40. Richheld Oil (2), RioGrande O11 2., Royal Bak P(1). Royal D(a1.336) Safeway pf (7).. St Jos Leaa.13 StL & San Fr(8 1 StL&SanF pf(6) Savage Arms(3) Schu hi%).. Schulte pt(8 Seab Alr Line. ... Seab Air L pf... Sears-Roe(312%) Seneca Copper. . Shattuck FG(2). Shell Un(1.40).. Shubert The(5). Simm Cot. SimmsPet(1.60) Sinclair Oll t2%. Skelly O11(2). . Snider Packg Co SoPoRSut2%. South Cal Ed (2) Sou Cal Ed(rts). South Dairfes A, South Dairies B. 1 South Pac(6) South Ry(8) South Ry pf(5) Spalding (1.60).. Spaulding pf(7). STOCKS ARE FIRM 6% 8 AT SHORT SESSION Market Pushes Ahead De- spite High Rate for Call Money. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 27.—Encouraged by the demonstration of underlying strength displayed in the face of 16 per cent call money yesterday, today's short session of the market pushed ahead under the leadership of specialties. The trading was marked by the es- tablishment of new highs in a number of miscellaneous industrials. Toward the close profit-taking brought about a modification of the early gains, but the selling was absorbed with as much con- fidence as at anytime during the new money squeeze. Easier Money Expected. The speculative element had no money market to coniend with. Cov- ering was on an active scale in many individual stocks. were reluctant to maintain a bear posi- tion in view of the strong support which the market received in the late trading yesterday. The credit stringency was Interpreted as only temporary and likely to disappear with the completion of May 1 settlements. The advancing tendency was reas- serted in Columbia Graphophone, Corn Products, Hayes Body, Curtiss Aero, the coppers, some of the amusement stocks and several of the utilities. Oils were much better and the rails, for the most part, were higher under the influence of the good March earnings statements. :le‘w Haven went to a new high, across 04. The advance in Corn Products car- rying the price well above 100 was ac- companied by merger talk. Kennecott and Anaconda led their group, the for- mer reflecting expectation of an in- crease in the present $4 dividend at next month’s meeting. Meanwhile the principal automobile stocks were in- clined toward heaviness and very little success attended efforts to revive Beth- lehem Steel. The rights to subscribe. to the new Bethlehem offering were listed on the curb around $7 a share. Westinghouse Electric stood out in the equipment group, running up sharply on the first quarterly showing the equivalent of $2.11 a sharc on the present common capital. Sears Roebuck was a feature of the merchan- dising stocks, while United Aircraft again was bid up. Profit-Taking Absorbed. good style and continued to roll up g gains toward the close in the case of specialties with the backing of pools. The features in the last half hour were Columbia Graphophone, United Air- craft, Murray Corporation, Atlantic Re- fining, American & Foreign Power and New Haven. Plerce Arrow A developed pronounced strength, reaching the best price for the year on a report that a plan was beln} considered whereby holders may receive one share of Studebaker in ex- change for 2!, shares. All the class “B” of the corporation is owned by Studebaker. Shorts apparently | STOCK SH By the Associated Press. SALT LAKE CITY, vancing metal prices lative the year than for the 1928. Utah people see the clerks as well as the public. Utah companies, with The exchange, which own_ building, had its Utah, which have paid By the Associated Press. NEW YORK, April dullness in the dema: banks, utilities, stores. . for both hardwood and 40,000,000 feet. NEW YORK, April high. Bonds dull; Chemical 5%s in Sugar- steady; Cuban steady; trade buying. M ' Cor 1All-Amer Mohawk Mot Ind . 11 Bright Star El B 1B [ TRADING IN MINING OWS GAINS April 27—Ad- and the specu- lever have increascd dealings on the Salt Lake City stock and mining exchange to s daily volume 50 per cent greater for the first thrce months of | same period of big mining and smelting properties in operaticn and readily put their money in mining stocks. Buyers include oftice girls and usual investing ‘The 115 stocks listed consist almost entirely of mining issues, most of them some in Califor- nia, Arizona, Nevada and Colorado. now occupies its beginning in a small store room 26 years ago. With the exception of stocks of some of the larger companies which are lict- ed on the New York exchange, Salt Lake exchange furnishes a market for the issues of mining corporations of the dividends total- ing more than $300,000,000 a::d have a value of more than $1,500,000,000. 7l BT PUBLIC TURNS TO BONDS FOR CURRENT PURCHASES 27.—Continued nd for common and preferred stocks has apparently in- duced many investors to the bond list for their current pur- chases. Only one brokerage house in 25, how- | ever, is trying to sell bonds through its newspaper advertising. continue to push various stocks. chiefly aviation and chain turn toward The majority Lumber Demand Heavy. NEW YORK, April 27 (#).—A heavy lumber demand with increased business softwood manu- facturers is indicated in telegraphic re- ports from 795 mills for the week ended April 20 to the National Lumber Man- ufacturers’ Association. over the previous week is reported at The increase Markets at a Glance 27 (#).—SBtocks irregular; Murray & Hayes Body at new American I G. strong demand. Curb strong; associated electrical in- dustries -heavy accumulated. Foreign exchanges steady; marks rally 10 points. Cotton ~ higher; unfavorable weather. support. Coffee CHICAGO STOCK MARKET. The market absorbed profit-taking in | S e/} PisPateh to The Star. A RAILROAD REPORTS SHOW COST GAINS Rising Operating Expenses Cut Into Profits as Travel Declines. Special Dispatch to The Sta NEW YORK, April 27.—From a com- parative standpoint the railroad earn- ings now benig published for the month of March are not so satisfactory as were those for January and February. They show the effects of bad weather conditions in some sections of the coun- try and generally they have had to com- that began in the Spring of 1928 after several lean Winter months. All of them indicate the pressure upon operating officials to reduce costs in order to absorb the steadily rising level of wages as well as the effect of a constant decrease in passenger earn- ings which is difficult to offset by re- ducing passenger train schedules. The March quarter, as a whole, was most satisfactory and it undoubtedly has had an influence on the minds of direc- tors in establishing their dividend poli- cles, notably on those of the Pennsyl- vania Railroad, whose, three months’ net increase in operating income was 28 per cent. A feature of the March statements is the lack of uniformity of earnings of roads in the same general territory. For instance, the Southern Railway today reported a decrease of about $500,000 in gross for March and an even larger loss in net, although the Seaboard Alr Line had early shown a substantial gross increase and about the same net as a year ago. The Great Northern had a gross gain of 17 per cent and one of 85 per cent in its net operating income, for LOANS on pare with the improvement in traffic | | while the Northern Pacific lost 18 per cent in gross with its net down $400,000. New York Central broke about even with its net of March, 1928, in contrast to the Pennsylvania showing. Among the hard-coal roads, Lehigh | valiey and Delawdre & Hudson both exhibited higher gross and net revenues for March, as did the Reading. but the Jersey Central lost ground in both items. Pere Marquette and Wabash were able to gain moderately in operat- ing revenues and in operating income. | The transcontinental lines were favored by a volume of general traf- fic, which permitted both the Union Pacific and the Southern Pacific to show gains. Chesapeake & Ohio and | Norfolk & Western made moderate | increases over last year but were beiow | the record of March, | & Eastern Iilinois _still | effect of the unfavorable situation in | the soft coal trade in Southern nois, which is causing postponement of the Chicago & Alton reorganization. Wall Street is looking forward with anticipation to Monday's session of the United States Supreme Court and to the possibility to a_ decision then in the O'Fallon case. In some quarters, how- ever, it is felt that as the court will | recess after Monday for two weeks it may use this period to prepare its opin- jon in this important controversy over railroad valuations. INCOME TAX NO BOTHER TO FARMERS OF FRANCE By the Associated Press. PARIS, April 27.—Only 20 firms in Prance declare a business turnover of more than $4,000,000 annually. More than 2,000,000 persons, or one in 20 of the population, declare taxable incomes. The average is $1.150 a vear. Farmers who declare profits on $100 a year above the exempt fizure num- ber only 59,287, although half the pop- ulation of the country is rural. o The North American Co. has declar- ed the regular quarterly dividends of 21, per cent in stock on the common |and 75 cents on the preferred stock, both payable July 1, to stock of record June 5. APPLICATIONS INVITED IMPROVED PROPERTY Located in the District of Columbia and adjacent suburbs in Momgonfl 1001 15th St. N.W. S'AF'E | F I'R'S:T and Prince Georges Counties, 5Y2% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA MORTGAGES lowered 10 per cent, indicating oy sffected through increased produc- | Beth Steel pfe7) 19% L19% 118% 118% tion, improvement and new equipment. | BohnAl&Br 13% nra 132% 129% 130 i The eompmi reports that net profits | Boots Kisheries, Tw % after depreciat increased over the r Pence & W Co r Washington Ticker Ran City Sou(5) 84 !5“ z: 55“ :wn:cl;‘.mllll;ll“ n C So pf(4 64% 64 % 64% | Spng Chal p Kaer i) 89 89 88 88 | Bparks With(3). 30% 30% 304 30%|Svear & Co.. 105% 105% 105% 106% | Spen Kellog 1Th 16% 17% | Spicer Mfg. . b2% 52 52% |SpicerMfg pf(3) 16% 17% 16% 16% | Spiegel Co (3).. 1 92 92 92 92 |Stand Com T(1). 88% 90% 88% 90%|SAGEE (3%). 67 67% 67 67| Std O of Cal(13) 10 102 102 3512 By the Associated Press. Out of three foreign vernment- aided control systems established in re- cent years over important tropically roduced commodities entering heavily ito American consumption only one is now flourishing. That is the Brazillan coffee price-sustai scheme, which has the support of t nation's gov- ernment as well as the co-operation of the Braziiian administration in the Brazilian state of Sao Paulo, the great coffee center. The British colonial scheme for fixing crude rubber prices YOU CAN EASILY GROW A FORTUNE Judicious investment will make money multiply. Buy our 69, FIRST MORTGAGES —and enjoy the assured profit wagasgsaRngy ag) Corp Aluminum sufus Kinney (G R).. Kinney pf(8) Kinney (G R) rts Kolster Kadio. .. Kraft-Pho(1%). L (6%).. Wi r::h-pm- American In-| g, h (5) 2864 2800 286 290 s urroughs (16). 86l 286% 286% stitute of Banking, has nominated the|Bush Term(g2). 64% 64% 64 64% following officers in connection with the | Bush Ter de(7).. 108 108 108 108 annual election, which takes place on|Bush Ter pf(7). 114% 114% 114% 114% o SatS Std San M 1. May 9: President, A. E. Henze; vice president, Frank M. Perley; second vice president, Aubrey O. Dooley and H. Lacey; secretary, Rose L. Royce; treasurer, Richard A. Norris; as- sistant secretary, Eleanor and Esther R. Lau: chief counsel, J. Fred English and William B. Mehler; mem- gemnrl (four to ‘Marco, Wilbur Kimball, Frank W. Delegates elected for the national convention at Tulsa, Okla., in June are Bernard Boudren, H. W. Burnside, W. A. Cady, R. Jesse Chaney, John De . Dooley, J. C. Dulin, J. A. E. Henze, Geralds Keith, John Keener, Krieg, H. F. Kimball, R. H. Lacey, Esther Lau, Frank Lee, T. Hunton Leith, Raymond Lewis and E. J. Mc- William Mehler, T. Edwin Norris, A. Norris, Stuart Ogilyle, Frank 1. J. Roberts, Mabel V. Royce, L. Royce, Walker Sanderson, Al- fred Sherman, Robert A. Sisson, James A. Soper, W. W. Spaid, W. J. Waller, lois A. White, Alice Whitton, Robert Whitton, Willlam Winstead and Mildred €. Woodeock. B. & O. Reports Higher Net. ‘The Baltimore & Ohio Railroad to- day reported net rallway operating in- come for March as $4,182984, against $2,891,174 in March a year ago, an in- crease of $1,291,810. Preight revenues totaled $17,134,654, eofm'ylred with $15,857,521, a gain of $1.277,133. Passenger revenues during the month showed a loss of $19,204 over the total income a year ago. For the first three months of the present year net raflway operating in- come amounted to $9,221,571, against $6,242,366 in the first quarter last year, an increase in 1929 of $2,979,205. ‘The three months’ summary also re- vealed a gain of over $3,000,000 in freight revenues buf a loss in passenger revenues of & .utle over $260,000. Operating expeuses for the quarter were somewhat heavier this year than last. Southern’s Net Slightly Lower. Estimated net income of Southern Raiiway Co. for quarter ended March 31, 1929, was $3,238,000 after taxes and charges, equivalent, after allowing for § per cent preferred dividend require- ments, to $1.91 a share earned on 1.- 300,000 shares of common stock. This compares with $3561,000, or $216 & share, in first quarter of 1928. March estimated net income was $1,- 185,000 after taxes and charges, against $1,801,000 in March, 1928. Bankers (o Attend Convention. A delegation of local bankers, includ- ing at least one representative from every bank, is being assembled as the Washington delegation to the National Safe Deposit Association convention in PBaltimore May 17-18, the sescion in- cluding a tour by delegates of the York Safe & Lock Co. works at York, Pa, where they will be guests of the concern at dinner at the York Country Ciub. Charles E. Howe, treasurer of the American Security & Trust Co. and chairman of the safe deposit section of the t of Columbia Bankers' be a speaker at the of Gold" A special trip to inspect the York €afe & Lock Co.'s plant at York will be one of the side trips. Cieck transactions during the week ended April 20 showed a gain over both the previous week and the same in 1928, according to the weekly stal ment on the business situation sum- merized by the Department of Com- n. his subject being “The Age | Butte Cop & Zino Butte & Sup(2). Butterick Co % T Th % 8% 84 8% 8y 30 30% 30% 30M Byer &Co...... 161 163% 160 1631 By-Prodets t2%. 118 120% 118 119% Calif Packg (4). 76% 79 76% 78% Calumet&Ar(10) 134% 135% 134% 135% Cal & Hecla(é).. 45% 46 Can Dry (t4% 86% Can Pacific(10 Cen Aguirre(2). Cent Alloy12)... Century Rib M. . 17 16 17 Cerro de Pas (6) 100% 101% 100% 101% Cortain-teed Pro 22'% 224 224 224 CertoCorpn(3). 65 65 65 65 Ches & Ohio(10) 224% 224% 224Y% 224% C&OCorpn(3).. &8 88s, 88 Chi& Alton pf.. 18% 18% Chi & East 11l pf 64 54 Chi Great West.. 18% 18% ChiGt Westpf.. B1% b5l% bl1% b51% ChiMil&StPpt 53 b53% b62% 521 Chi&Nwn (4).. 83% 84 831% 84 Chicago Pn Tool. 31% 32% 31% 324 CRIRI&P (7).. 124% 124% 124 124 Childs(2.40).... 69% b59% 68% 58% Chrysler Mot(3) 94 95 93% 94n City Jce (3.60).. b4% 54% bé% 544 City Stores new. 22% 23 22% 23 City StoA(3%).. 49% 49% 49% 49% Cluett-Peab(6). 61 61 61 61l Colilns & Alkmn 61 61% 61 61% Col Fuel & Iron. 67% 67% 67 6T% Col Sou 1st(4).. 78 78 78 ki3 Col Gas (2)..... 61% 61% 60% 60% Col G&E pfA(6) 103 103% 103% 103% Columbis Graph 83 86 82% B4% Col Carbon t43%. 146 146% 146 1464 Com Credit (2).. b51% 624 61 ComCristof 6% 974 98 97% 98 Com Inv Tr(34). 168 156 156% 15644 Com Solv (h8).. 338 342 338 341 Com Power (14) 143% 143% 142 142 Conde Nsst(2).. 70 70 70 70 Congoleum-Nalr 21% 23% 23% 23% Con Film pf(2).. 284 28% 28% 28Y% Censol (3 108% 109% 108 108 9% 99% 99% 3% 3% 16% 16% 8l 6% 1% 95% T5% 125 125 22% 21% 22% ConsolGaspf(6). Container A 1.20 Container B 60c. Cont Baking A. Cont Haking Cont Bak pf(8). Cont) Can 12%). Cont Can pf(7).. 125 Contl Moti80e). 21% Corn Prod (13).. 100 101% 98'; 98 Coty, Inc (g2).. 64 64% 634 634 Crex Carpet.... 384 40% 384 40% Cresley Rad (1). 107% 107% 106 106% Cruetble St1(6). 9% 89% 39 8% CubsCareSugar. 3% 3% 3% 3% Cuban-Am Sug.. 11% 1% 11% 11% Curtisg Aerotl). 165 167% 166 167% Davison Chem.. ©b56% 67 66% 57 DeerexCo pf(7). 123 123 128 123 Del & Hud(¥)... 189 189 189 Den RG Wnpf., 68 68 68 Detroit Ed(8)... 262 262 252 252 Devoe&R 1st(7). 115 1156 115 115 Diamond M (8). 144'% 148 144'% 148 Home Mines 100 10% 10 10 Domin Stores(3) 52 52 62 52 inuk inci ) 116 116 116 116 Duponr de N(4). 177% 178% 177% 178% Do Pont dehi6). 117% 117% 117% 117% Dug Lt 1st¢5)... 100% 100% 100% 100% | Bastman (18). 179% 179% 179% 179% Eaton Axle (3).. 64 64 63 64% {kiungonizy).. 31 31 8L 81 | Elee AutoL 74% 148 149% 147% 149% cirle Boat 1% 16 161, 16 clow&Ltl). 68 684 67': 6Ty End-lonnif) M4 TN TIA TN | Eng PuSpf5%. 964 96% 96% 96% kquit Bldei2) 38% 88'z 384 38Y% EquitableTr(12) 730 730 730 730 Erie R R L T2% T2 TI% 1% Erie 1st'nf. 61 61 6l Eureka Vae (4). 50 60 50 EvansAu L $2% 6214 62 62 Exchange(1%). 25 204 24% (160)... Kresge Dept 8., Kress SH (1)... 49% 49% 19% 494 17 17 17 17 il s A | Kreuger & Toll.. 36% 36% 36k 36% Kroger Grotel). 92% 93 92% 93 Lambert Co (8).. 144% 144% 143% 144 Leh PorCmit23% 57 67 67 & Lehigh PCpf(7) 110 110 110 11 Lehigh Val Coal. 23% 23% 234 23% LehighVai(3%). 89 89 8 89 Lehn& Fink(3). 56 56 56 56 87% 87% 87% 87% 87% 8T% 874 8Th 53 53 53 58 87 87% 87 87 60% 61% 60% 61% 984 984 97 984 9% 9% . 9% 9% 284 2844 284 284 18 118 118 118 21% 22 2% 22 14 14 1% 13% 39% 39% 39% 394 42 142 141 141 0% 80% 79% 80% 37% 374 87% 3% 100 100 100 100 McCrory pf(6 12 112 112 112 McGraw HIl(2). 43% 43% 43% 43% McKeespt Tin Pl 70 2 70 172 McKesson&R(2) 62 52 52 52 Mack Truck(6).. 103% 104% 103% 103% Macy Co (€2)... 1568 158 1567% 167% Mad 8q Gar 1%.. 18% 18% 18% Magma Cop (5).. 69 2 69 % Man Ei mzg(db) 35% 35% 35% 35% Man Shirt(2).... 29% 29% 29% 20% Maraeaibo Ol1. 17 17 17 17 Marland Ofl..... 40 40% 39% 40% Mair-Rock (t4). 73% 78w 73% 734% Marmon Mot(4). 89% %94 89% 894 Mathieson(6)... 52% 52% 51k bl May Dept 8(4).. 83 83 83 83 Maytagpf (3).. 4l% 414 414 41% Maytag 1stpf 6. 81% 8l% B81% Bl Melvie Shoe 1.40 65 65 65 Mengel Co. 24% 25% 24% 23% % % & Myrs B Link Belt (2.40). Liquid Car 4% LudlumSti(2).. Mac And(12.85). McCrory B(2. Mexican Se: 58 684 57 Miami Cop (4) 44% 45% 4% Mid-Cont P(2) B4% 85% 34w Middle States. ;‘/4 24 23% x Mo K&Tex pf¢ Missouri Pacific Mo Pacific (rts 1% 1 MoPacific pf(5). 134 135 Mohwk Cur 2% . 70 70% 170 Mont Ward 2%.. 126% 126% 125% 126% Moon Motor.... 5% 6% b% Mors&Esk(3%). 83 83 Mother L (40¢). Motion Pic Corp. 39 Motor Meter A.. 19% Motor Prod(2).. 127 .. B0V Bl% 7) 106% 107 83% 84 19% 133 19 127 46% 45% 62% 61 89% 8% 99% 98 4% 32% Murray Cotp Nash Motors: Nat Acme (1). Nat Bellas H 1. 57w 57% B7% Natl Riscult(17) 182 183% 182 183% NatBisc pf(7).. 142% 142% 14274 1427 NatCash Reg 14 125 126% 124 124% Nat Dalry (33). 131 1324 131 131% Nut Dept Stores. 33 83 33 a3 Nat Distillern. 48% 49% 48% 494 NatDistirs pf(7) B4 84% 3% 84 Nat Leadib)... 145 145 145 1¥5 Nat Lead pfA(7) 140 140 140 140 NatLApfB(6). 118 118 118 118 Nat Pow&Lti1). 53w 63'% 52% 63% NatSupply(18). 126 126 126 Nevada Cop (3). 47 8% 46% N O Tex&M (7). 18274 1327 132% 13274 Newton Steel(3) 106 106 105 106 NYArsrid).. 46 45 45 45 N Y Central(8). 184% 185 1844 184% NYNH&Hart(4) 102% 104% 102% 103% NY NH&H pf(7) 118 119% 118 119% N Y Ont&Westn 28% 287 28% 28% N Y State Rys pf 23% 23% 234 284 NY Stm 1stpf 7. 118% 1134 113% 1134 Norf & W pf(4). Bils 8il4 81k Bil NorAm bl0%stk 105% 106% 1054 106% NorAm Ed pf(7) 101 1013 101% 10115 NoGerLid3.41. 50% B50% 50% BO'% Nortn Pae(6)... 103k 1034 103k 108% 9% I 57% Fairbanks Co. . . 1% merce and made public yesterday. The general level of wholesale prices 2gain recaded from the previous week, being . lower also than a year ago. ‘ 12 12 45% 16% L) Fidelity -Phoenz 9% 9% Nor Paccfs(8).. 100% 1004 1004 100% On Well Supplv. 25 25 25 25 Oliver Farm Eq. 61 617% 604 61 OjiverpfA(6)ss 99 99 983 99 Staniey Co..... StwartWar(3%) Stromberg (3).. Studebaker(35). Supertor O1l. Superior Steel. .. Superior Stl rt; Sweet of Am(1). Tenn Copper(1). Tezas Corpn(3). TexasGulfSul(4) T&P C&O(b2%). Tex L4 Trinew) ;h-whev MIg... Third Ave Thomp J Tidewa Timken R B L ub Prod () 490, Thbacco Prod(A). Tob Prod cfs(A) Transcont Oll. Trico Prod(2% Truscon S $1.20. TwinCityRT (4. Undwd-El F (4) Union Carb($) Un O11 Cal(2)... Union Pac(10).. Un Pacific pf(4) Utd Alr & Trans Utd AIr&Tpf(3) . Utd Biscuit 1.60. Utd Cigar 8t(1). Utd Cgr St pf(6) Utd Dyewood. Utd Elec Coal Utd Fruit (c4) Utd Paperboard. US CastIr P(2). US CIP 18t 1.20. U 8 Distributing U S Express. . U 8 Alcohol (6). Smelt (3% 1) Univ Pipe & Rad Util P&L Ace2). Vadasco Sales Vanadium (14).. Vick Chem(4)... Vietor pr pt(7).. Va-Caro Chem. . Va El & P pf(7). Vulcan Detin... Vule Det pf(7).. Vuican Detin(A) Vulean pf A (7). Warner Bros Ple Wa pr(2.20) warren F&PIr r-Eisloh: West P Po p! West Maryland Mote1)... Rock (8). White Sew Mach Wileox ON & G.. Wileox (A) 2%. W:icox Rich B.. Willys Ov 61.20.. 153% 145 u5ly went down a year ago and the last ves- tiges of Cuban official restriction on sugar production were withdrawn Janu- ary 1, the action being followed in both cases by demoralization of market prices 3, | 107 the commodities directly involved. 19% | 33% 26 82% 19 Some trade observers think that there are ominous signs that the same sort of strain which broke the attempted rubber and sugar control systems is now coming on the Brazilian coffee organi- zation, but the market prices show few s of it. Figures are still in excess of 20 cents a d for the her grades of Brazilian mild coffee, both spot and for future delivery. While stocks of coffee on hand are slowly rising in Brazil, people in the United States are slowly increasing consump- tion of the product at present prices. The Commerce Department calculates that in 1928 American coffee consump- tion was 1,441,499,000 pounds, while ti 15 11 47 48 114% 242% 51 218% 83 129% | 90 50 18% 98 7% 44% 130% 18% figure for 1927 was 1,420,095,000 pounds. It also sald that the stock on hand in- creases in Brazil during the last few months are reasonable to expect, since this is harvest season south of the equator. Possibly the most ificant as to the immediate ou'.lgg{l in coflneegllnd the terms used in it have a familiar ring to American ears now attuned to 16 per cent call money rates—is the following review just forwarded from Rio de Janeiro by a government com- mercial agent: “The credit situation continues to be serious with no_immediate prospect of improvement. The credit curtailment and restriction of Brazilian banks 1s precipitating a difficult commercial sit- uation from which there has been much protest. The state of Minas Geraes has enacted legislation for the establishment 6% | of coffee defense.” Under the Brazilian-fixed coffee price level production of the crop has been stimulated sharply during recent years in several other Latin American states, notably in Venezuela and territory bor- dering the Caribbean. Producers there get whatever enhanced price may result from Brazilian control endeavors, with- out having to share the burden. Never- theless, Brazil is still supplying close to 70 per cent of the American demand. Hides and leather, now items on the free list of the customs service, are com- modities to which business gossip now has it duties will be found attached when the House ways and means com- mittee puts out its proposed new tariff bill. While schedules are not uet public, hearing records disclose the split in view of industrial and agricultural repre- sentatives heard on the schedule.. “I presume that we have had every sort of a demand for the removal of articles from the free list,” said Repre- sentative Aldrich, Republican, Rhode Island, who was assigned by the com- mittee to free-list matters. “But the hearings are the best evidence of that. It is certainly only a matter of days until these questions will be settled by the appearance of the bil Willys-Ovd pf 7. Wilson & Co pf. Woolworth (6).. Woolworth new. Worthn Pump. . Wright Aero(2). Wrigey ((13%). Yale&Towne(4). Yellow Truck. .. Young Spgs t2% 67% 69% 674 671 idend rates as given in ¢ sunual cash payments rly or half-yearly dec trading less. than {Partly extra, & Plus 4% i 13 in preferred stock. s 1 his 98 93 93 98 61 61 61 61 225% 226 225 226 924 924 Y1 9I% A% 4T 478 4TH 255 255 254 264 8 16 16 16 0% 704 70% 170% 4T 48% 46% 46% 14 gerlach 1% Gleaner Com Harv. . % Godehaux ... 9 Gt Lks Atrcra 22 Grigsby Grunow, 1Hormel G A & 2 Houd-Hershey A. ‘/;] oud-Hershey B ick . Insull Uil 31ron Pu arkl Co bl Stand Dredeing Co. Standard Dreds C Sterling Motor 3 Steinite C_Rad! Swift & Co.. " [Boye no & 2 Wrnlllgl ?ron LY terdam 15 Standard Gas Equi) United Porto Fican Fidelit: 232! A A d 26' ~ 100%, 26 LSS RBARBUY! o 9 eurtiepss SIS ;g.ts;a...-s 25223898 AVANT A2528388888 EPTIT NI LE L I E b 3 pi Truck 3 io. gREanEunaERNR S - k3 y Gas. i which Over a Third / risk of of a Century Without a Loss You Main 2100 earnings. The principal is fully protected; and that check for interest will be in your hands the exact day it is due. $250 up. B. F. SAUL CO. .0 B Lhate i s sl THERE IS NO SUBSTITUTE FOR SAFETY will follow. There is no loss; no uncertainty as to can invest as little as 925 15th St. N.W. Hydrostatic Ruins Colossal ruins stretch across the valleys of Italy from mountain streams to the ci ty of Rome; trave elers marvel at the genius of the ancients. Yet the remains of these huge aqueducts stand as a monu- ment to a blunder, will seek its own level, too. A fair 727 15 STREET N.W. WA SHINGI1ON D.C. The Romans didn’t know that a sin- gle pipe-line would have served them just as well—they had never heard of the principle that water level. Capital may be said to seek its own return with abso- lute safety to the principal is the golden mean desired by all investors. The 6% First Mortgage Notes sold through Swartzell, Rheem & Hen- sey Company give this assurance: a steady. safe income, backed by the policy which has made our record: SIXTY YEARS WITHOUT LOSS TO AN INVESTOR. SWARTZEILL, RHFFEM & HENSEY Co MOL I GAGE BANKERS £