Evening Star Newspaper, April 28, 1929, Page 33

FINANCIAL, UNDAY STAR, WASHINGTON, D. C LOANS Let us have your applications for LOANS ON REAL ESTATE te Action Treatment of 35 years HIGH MONEY FAILS T0 SHAKE MARKET Holders of Stocks Apparently Waiting for Ease in Credit Situation. 1920 Wigh. Low. L Utilitles P& L 514847, .. | 'M| 98 % | Walworth 68 '45 | Close. Char. 97.26 —.4 99.15 99.23 97.24 98.0 101.29 104.27 - 108.24 —. Hieh. . 984 99.27 9 99.30 99.19 #8.1 97.24 98.7 980 . 1024 10123 105.4 104.17 109.9 108.21 Low. L Close. 97.26 o 89 3 Va-Caro Chem pf (7) Virginia E1& P pf (T).. Va Iron Coal & Coke (pf) Vulean Detinning. Vulean Detin pf (7). Vulean Detinning (A). .. VuleanDetinning pfA(7) ‘Wabash Wabash pf A (5) .. Waldort System (1%) Walgreen pf (6%2).. Walworth Co (1.20) . Ward Baking (A)... ¢ Ward Baking B.. Ward Baking pf . Warner Bros Pictures Warner Bros pt (2.20 Warner Quinlan Warren Brothers (15 Warren Bros 1st p (3). 5% Warren Fdy & Pipe. Webster-Eisenlohr. Wesson Ofl & Snow (2). Wesson Ofl & Sn pf (4). . Wesson Oil pf (7). . West Penn Elec A (7). West Penn Elec pf (6) West Penn Elec pf ( West Penn Power pf(6). West Penn Power pf(7). Lib 31 1982-47.... Lib 18t 4148 1932-47. Lib 4th 43(s 1933-38. US3%s1940-43... U S 338194347 US3%s1946-56 U S48 1044-54 US43s1947-52 FOREIGN. 2 89 1094 109% 47 20 93 88 103% 81 Walworth 63s 111 107 Western Union Tel 614s.. 103'% 100 Wilson & Co 1st fis'41 Youngstown Steel 53 01 99% RAILROAD. Symington. Symington C Telaurograph (1) Tennessee Copper (1). 714 Texas Corp (3) Texas Guif Sulphur (4). Texas & Pacific (5)..... Tex & P C&O ( & Texas Land Trust. Thatcher Mfg Thatcher Mfg ‘The Fair (2.40) .. The Fair pf (7). Third Avenue Thompson J R (3.60) Tidewater Asso Oil. . Tidewater Asso pf (6).. Tidewater Oil (80c) Tidewater Oil pf (3) . Timken Det Axle (1.80). Timken Roller B (3).... Tobaceo Products(1.40). Tobacco Products (A) . Tobacco Prod etfs A. o ™Wod ctfs B Prod ctfs C ol 4 102 1 . 100% 100t 100% — % | Our record speaks for itself. Percy H. Russell Co. 1731 K St. N.W. 1 106.18 101.4 110 5 1 111.26 105.0 8 ——1920— High. Low. TV RAN Net Hizh. Low. Close. Chge. Atch, To & S Feadj 4’ % Ateh T & S ' gen 45 "85 ¢ Atch,To & San F 413 "48. . Atlantic C L 1st 48 52 B &O gold 4548 .. B&Oecv41,5'33. B&Oref s . B&Oref 5s D 2000. Balto & Ohio Balto & Ohio 6: B&OPItLE&W Vads. B&OS W Div5s'a0..... 'z Boston & Maine ‘67 4 Broadwy & Tth Av . Brooklyn Manhat 18t 6s A Canadian Natl 413830 Canada National 414 ' Canadian Nat] 41.8°57. Canadian Pacific deb 4s. . Central Pacific 4549, Central Pacific 5% 196 047 274 1% 106 4% Net FLN Y High. Low. Close. Chge. 1 100 9915 991 - 1001 99% 1004 - 95 102% ——1920— Aich. Low. 1003 98 Argentine 5s June '59. 101 985 Argentine 6s A '57 97 92% Australia 5s'55. 103'% 101% Austria 7s'43. 99% 95% Bank of Chile 6%s'57 100% 97 Bank of Chile 6% 5 1961 100% 98 Belgium 6s'5 11515 112 Belglum 7%s 110 108 Belgium 8s’41 91% 87 Bolivia 7s ct 6! 9814 Bordeaux 6s'34. 91!y Brazil 6158 1926-57. 105% Brazil 8s 4 101% Canada 5 9914 Canada 5% 91's Chile Republ 35 Chinese Govt F 94 Copenhagen 109 Czechoslo A+ BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, April 27.—The end of | April finds money rates high, though with funds not so scarce as they were | s month ago and the stock market| complacently watching the situation | and apparantly little disturbed b}'l credit conditions. Those who have stocks are not will- ing to sell them. In the background ' is an army of potential buyers im-| patiently awaiting the advantages of | & decline that somehow never comes. This accounts for the resistance of stocks this week to unfavorable con- ditions and to the serious financial dis- Brokerage Connection Wanted | Former Wall Street man seeks connection with local stock brokerage house with idea n T are’ experience in “Street pondent | Danking experience. - Resident thi | over thirty years. College education. 3 | celient contacts and. references. 10% | _If interested kindly outline at least 2 | nature of ofter, plan un . | mostly, _future’ possibili 1'3| 28-R. Star Offiee. P+ briefly n, and, L+ tes (R The Commercial 108% 115% turbances in Europe as a result of the reparations deadlock in Paris and measures adopted by various central | banks to protect their gold and pre- | vent their nationals from exporting | capital. The average price of industrial stocks this week has risen to within 4 points of the level of March 1. from which there was a decline of 25 points end- ing on March 26. This steady up- ward movement at a time when the obvious intent of the Federal Reserve was to keep prices down by limiting accommodations to speculative ~bor- rowers, and particularly Friday's re- markable resistance to 17 per cent money, has converted many who looked for a period of sagging prices to a| belief that the decline has run fls; course and that another ‘broad. rising | market is only a little way ahead. Call Money Stays Up. Undoubtedly much of the speculative | chaff was winnowed out of the market | last month when its structure was| ; greatly strengthened by the Wlthdrawnli of element sthat were leaning on it too | heavily. It does not appear, however, | 9874 Denmark 5s 19 102 Denmark 6s 101% Dutch East Indies 6 ast Indies 65’6 50, 106% French 109% French 105% German 7 82 Greek 65 1968. 95% Irish Free State bs '60 941 Italy 7851 99% Japanese 6158 '54. 98 Kreuger&Toll 5s ¢ 17 Mexico 4s 1904-54. 87% Milan 61852, 103 Netherlands 6s°7 90'%% New South Wales '57. 98% Norway 5% . 85% Orfent Dev 5 9713 Paris-Lyon 93 Paris Orleans 5 85 Peru 63’60 100 Peru7s..... 119 95% Poland 8350 102 Queensland 6 107% Queensland 7s'41. Rhinelbe 7x. tpha Rio de Janeiro 8s'46. . Rio Grande Do Sul 65 '6: s Med 6= 2 1968 Pirelli Co of Ttaly 7s ‘52 4 Ches & Ohiocv 474 4 Chi B& Qref 6s5'71 4 107% 100" 4 Chi & Western Ind con 4s. Chesapeake Corp s Ches & Ohio gen 4165 "92. . Ches & Ohio 415843 A ChiR & Q4%s B'17 Chi & 111 gen Chi Great West 45 ChiMStP&P s Chi M St P & P adj bs Chi & N W 6168°36 Chicago Northwest Chicago Rys 5s '27. Chi R1& Pac ref 4s°'34 Chi R1& Pac 4%s w.i Chi Union Station 4%s. .. Chi Union Statfon 61zs. .. Chi & Wesern Ind 53 '62. CCC&StL5sD.. CCC&StLret6s Claveland Terml 5s B '7 Cleve Terminal 5158 Colo & Sou ref 445 '3 Cuba RR 585 Cuba North 5%s'42 Del & Hudson 5% '37. Den & Rio Grande en 4s. . Den & R G West bs Den& Rio Gr Westn 5s Detroit United 4%s'32 rico Products (2% Truax Traer Coal 1.60. 4 Truscon Steel ($1.20). .. Twin City Rapid Tr (4). Underwd-Elliott-F (4).. Underwd-EI-F pf (7)... Union Bag & Paper 4 Union Carbide (6). Union Ofl of Cal (2) Union Pacific (10) . Union Pacific pf (4). Union Tank Car (5). Utd Aircraft & Trans Utd Alrcraft & Tr pf (3) United Biscuit (1.60). .. United Cigar Stores (1). United Cig United Dy United Elec 2 United Fruit (c4). United Paperboard. ... .. U S Cast Iron Pipe (2).. U SCIrP2dpf (1.20) Dixtributing Distributing Express. ... Hoffman (4) 1Ind Alcohol (6). s s s s s W Weston Wheeling & L Erie pf. White Fagle (2) White Motors (1).. White Rock Min S (3) White Sewing Machine. White Sewing M pf (4). Wilcox Oil & Gas.... Wilcox & Rich (A) 2%. Wilcox & Rich (B) Willys-Overland (c1.20). Willys-O Wilson & . Wilson & Co (A). 9 Wilson & Co pf. . 2% Woolworth ¥ W (6).... Woolworth (F W) new, Worthington Pump. . Worthington Pump (A). PEE L LT tern Dairy A (4). Western Dairy B. . Western Maryland Western Md 2d pf.. Western Pacific. Western Pacific pf B Western Union Tel (8).. Westinghouse Air B (2). Westinghouse E&M (4) . Westinghouse 1st pf(4). 1497 Weston El Instrument. . Naticnal Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and is earned to DAY of withdrawal. Come in and let us explain, Resources Over $19,000,000 14th & G Streets 61 194% 49% 15 1 a1% Elec Ins t A (2). PAYING 6 that there has yet been sufficient im- | g 3 S0 3 Rome 6%5'52.. Erle 1st con 43 '96 A provement in the credit situation or enough change in the investment value of securities to warrant the public in swallowing the bait which the profes- sional crowd has been dangling bemre{ its_eves. The average of cell money renewals this week has been 8% per cent and | for the month it will be between 8!, and 83, per cent. April is not one of the periods of heavy money demands for commercial purposes; May 1 dis- bursements compel a moderate turnover of funds compared with those of Jan- uary and July and April and October. ‘The Government is out of the market both in the form of refunding opera- tions and in tax collections. This ought, therefore, to be a time of comparatively Jow rates. But Priday's maximum quo- tations on call money was higher than that during December or in the early part_of January and nearly equaled the high rate jn March out of which ni 5 81 near panic developed. This may be aa artificial situation and represent a pro- test or reproof by the Federal Reserve to the latest increase of $67,000,000 in brokers’ loans. It is quite evident that | 2 unless the pyramiding of loans ceases the end of June will bring money rates even higher than those so far quoted or in the year 1920. Inflation Signs Ignored. ‘There is the same skepticism over for- eign money rates as those obtaining here, especially the rate of 7! per cent established on Thursday by the Bank of Germany. One hears it stated that this is all a part of great international bank- ing conspiracy and that the foreign phase of it is simply an element in the trading tactics of the Germans to ob- tain lower reparation annuities. The bilized in 1924, constitute a facts that should cause spec: pause before taking on addi- tional commitments. ‘The explanation of our market's re- fusal to become panicky on the second money scare of the year lies in the com- paratively small amount of weak specu- Iative holdings. As one broker states it: “The market has become almost an investment market, for the greater part of our customers have paid 50 r cent or more on their stocks. This & much higher equity than you will 1ind in any other form of security narh- The average man buys a house and pays 20 to 35 per cent down on the cost of it. He is considered to be an investor in real estate. But the one who has an equity of 50 per cent in stocks is char- acterized as a specuiator.” Commodity Average Declines, While the trend in prices of stock, snd more recently in those of bonds, has been upward, the average of com- modities has been declining. This week cotton has broken through 19 cents & und. All grain prices have been much lower than they were two motnhs ago. Wheat is 35 cents to 47 cents a bushel cheaper than it was last year, corn 15 to about 20 cents, oats 5 to 16 cents and rye 25 cents to 45 cents a bushel under the prices in April, 1928. Metals are off; also other prominent commodities. 104%% Sao Paulo State of 85'36. 4 102% Seine Deptof 7 77 Serbs, Croats&Slav 89 Serbs Croats Slov 8s'62 101% Sweden 6s°39. ... 100% Swiss 5168 '46. . 96 Toho Elec Pwr 103 Utd Kingdom 5% 97 Uruguay 6s 1960 80 Warsaw 7s 1958 91% Yokohama 6s'61 . MISCELLANEOUS. 107% Abram & Straus 5% 98 Alleghany Cocv 58 44. 104 Am AgriChem 7 95% Am Chain 651933 101 Am International 5% 75% Am Natural Gas 6%s 100 Am Sm & Ref 1st 55'47... 100 A Sugar Ref 6537 1 99 Am Tel & Telcl tr4s'29.. 101% Am Tel & Tel s f 5s. Am Writ Pap 6s'4 103% Anaconda Cop 6s '53 187 Anaconda cv deb 7s'38. 90 Armour & Co 4%s'39.. 90% Armour of Del 5%s 100 Atlantic Ref deb 5537 103 Bell Tel (Pa) ref 6s'4 991 Beth Steel pm 58 '36. 1021 Beth Steel s f 65 '48 68 Certain-teed 5% 1948, 93% Chile Copper fis'47. 104 Colon Oil 6s°38. 95 Comm Invest 5%s'49. 92% Comm Investdeb 65’48 65% Con Coal (Md) 1st ref 5s. 60 Cuba Cane Sug cvdeb 8s. 105% Detroit Edison ref 6s'40. . 98 Dodge 6s'40. Duquesne 4 %8 98 General Cable 5 100 Gen Motors 65 106% Goodrich (B F) 6%3 91 Goodyear Rubber b8 100% Humble Oi1 & R 5% 101% Indtana Steel 58 '52 . 90% Inland Steel 438 1978. ¢ 102 Inter Cement 55 '48. 94 Inter Match 68’47 99% Inter Mer Marine 921 Inter Paper 53 A *47 109% Inter Tel&T cv4%s 92 XKendall 5% "48 (war) 110 Kelly-Springfield 8531 . 99 Lackawanna Steel 53 '50. 4 101% Laclede Gas 5%s. 99 Liggett & Myers bs'51... 110% Loew’s Inc 6841 war. ... 97 Loew's Inc 68 ex war 1941 85 Lorillard §%s’37 93% Manati Sugarsf 97 Midvale Steel 93% Nat Dairy Prod 6% 71 104 112% N Y Edison 1 New England Tel s t 648 41 39,400 b 98 Northern States Power 53 99 Pacific Gas & Elec §8°42.. 101% Pacific Tel & Tel 58 '52 102% Pan-American 65’34, 9%% Paramt-Fam-Lasky 63 96% Philadelphia Co 55°67. 100 Phila&Read C&I 65 wi'49. £9% Philips Petrolm 53839 #8Y, Postai Tel & Cable 55’33 172 Public Service 4%5°48. .. 93% Remington-Rand 5% 9815 Sinclair Oil 68 ‘30 101% Sinclair O1l 7837 947 Sinclair Crude Oil 5% 93 Sinclair Pipe Line 58 1942 101% Southwesn Bell Tel 5854 100% Stand O N J 6s... 95% Stand OIlN Y 4%8'61. ... 90 Sugar Est Oriente 68 1942 100% Tenn Copper 6s'44 B... 96 Transcon Oll 6%8'38. 94% United Drug 58 ‘53 88 U S Rubber 18t & rel 100% U S Rubber 7%8 '30. 107 U SSteelsf 58’63, . 43.. 109% 108% LriEl+ + N ow [EE N W) ¥ % Erle gen liei 4 Southern Ry gen 4s " n 4s '96. Erle ref 567 Srie con 7530 Florida East Coa Fonda J & G 438 '52 Grand Trunk s f deb 6s Grand Trunk 7540, ..... Great North 4%8°76. . . Great North gen 5% Great North gen 78 '36. Havana Elec Ry 518 Hudson & Man adj 55’57 Hud & Man ref 65 '57. . 1ilinois Central ref 4s Illinois Central 4% s '66 Inter Rapid Tran 5566, . Inter Rap Tr 5s sta 66 Inter Rapid Tran cv 7s Inter & Great Nor adj 6s. Inter Ry Cent Am 6% Kan City South 28 195 Kan City South 5850 Kan City Ter 18t 48 °60 Lake Shore 48 '31........ Lehigh Valley cn 48 2003, T.ouis & Nash uni 4s'40. . Louis& Nash 7s, 1930.... Mil El Ry & Lt 1st re Minn & St Lref 43°49.... M3tP&SSMBY%s'3l... 2! 4 Mo Kan & Tex 1s% 45°90. . Mo Kan & Tex adj 6867, . Mo Kan & Tex pr In 68 A. Mo Pacific gen 48'75. .. .. Missour! Pacific s A '65 Mo Pacific 68 F Missouri Pacific 55 G Mobile & Ohlo 4148’77 N H & Hart 4 %8s, '67. NH& Hcvdeb 6s Ry 65°65. . N Y State Ry 4%8°62.... { Y West & Bos 4%s 46 Nortolk & Wen 4596, North Pacific 35 2047 North Pacific 97 North Pacific 58 D North Paeific r 1 65 2047, Ore Short L ref 45’29, Ore Wash 1st ref 451961 A Penn gen 55 '68 Pennsylvania 58 1964. Penn 6%8 36 Pennsylvania Reading 4%s RIArké& L 4%8'34 St Louis, I M & S 45 '29. StL Iron Mt gen 55 1931, . StLIM&SR&G4'33. StL&SF prin4s A’50 A SIL&ESF4%'78....... StL & San Fran 55 B '50 St Louis S W con 45 '32. StPKCSLine4%s’41 Seaboard A L ref 4s'59. Seaboard A Lad) 65'49.. Beahoard A L con 65’45 South Pacific cv 4529 South Pacific col 48’49 South Pactfic ref 48 *65 Southern Pacific 4% . 56. Southern Ry 18t 58 '94 Southn Rw: gen 68 19 Southern Ry dev 6% s 99 96% 9% 101 109 The wholesale price of farm products is | 1015 per cent below that of & year ago, | 97% Utah Power & Light & 99% 66 64% 954 89% 104% 100t 9074 103% 1004 104% 82 997 100 Wabash 4 Wabash Wabash Wabash 95% 91% 100% 108% 984 951, Third Ave 1st ref 45'60. Third Ave adj 5s '60 Union Pacific 15t 4547, Union Pacific 48°68 . Virginia Ry 1st bs ‘3 Va Ry & Power bi '3 41581978 18t 6839 53 B 197 5%8 75 Western Maryland 4s Westn Maryland 5%s'7 Western Pacific 58°46. ... 9%% 98' + and for all commodities 313 per cent less. % Leather A (4). Leather pr pt (7). Realty & Imp (4). Rubber Rubber 1st pf. melt Ref&M(3%). . S Smelt R&MpL(3%). J S Steel (7) U 8 Steel pt (7 U S Steel new (7). U S Tobacco (3) . U S Tobacco pf (7) Univ Leaf Tob pf (8). Univ Pictyres 1st pf (8). Univ Pipe & Rad. . . Utah Copper (16). Util Pow & it A (e2). Vadasco Sales. ... 2 Vadasco Sales pf (7).... Vanadium Steel (14).... Van Raalte. . Van Raalte pf. B Vick Chemical (4).. Victor Tik Mch pr pf( 4 Virginia-Caro Chem Va-Caro Chem 6% pf. 38 78 18 3 1 t 1 I 1 1 1 i 1 L 1 1 1 s | Kinney Sou Cal ¥ US Dividend rates s payments based on th *Unit of trading | 4% in stock. Pl n_stock. ayable £ Plus 10% in stock. in stock. k Pl 1/25 of » sha: Wright Aero (2)...... Wrigley W Jr (13%).... 4 Yale & Towne (4) 2 Yellow Truck & Coach. . Yellow Tr & Coach pf. .. Young Spr&Wire(t2%). Youngston Sheet & T (5) 128% RIGHTS—EXPIRE. Am Sumatra, May 6. A Anaconda, June 18. Atlantic Refing, Apr 29. Gen Gas & Elec, May 10. Jordan Motor, May 4. . Missouri Pacific, May 1. Superior Steel, May 9 Steel, June 21 us 3 a Paid last year—no r R NN 1 +++ (G R), May 22. Edison, May 21. given in the latest quarterly or less than 100 shares 3 in preferred stock. e. b Payable Partly extra. TPlus 3/25 10 stock. Applications Invited at 5%% Glover & F]athel_' 1508 H St. NW. =~ en e us 6% in stock. share in stock. n Plus "v,falu earned. STOCKS G0 HIGHER INLIVELY MARKET I ed as Many Issues Score Gains. By the Associated Press. NEW YORK, April 27.—Disregarding the recent stiffening in call money rates, which are believed to be only temporary, the stock market resumed its upward movement today under the leadership of a varied assortment of specialties, at least a score of which pushed into new high ground for the year. Heaviness cropped out in some of the standard industrials, but final quotations were generally higher with a long list of net gains ranging from 1 to 10 points. Except for the favorable character of the week end trade reviews and the | publication of a number of favorable earnings statements, there was litttle in the day’s news to influence the price movement.. Wall Street did not ap- pear to be disturbed by the decline bank clearings, which was generally at- tributed to the falling off in securities speculation. One of the most interesting earn- ings statements of the day was that of the Westinghouse Electric & Manufac- turing Co., which showed $2.11 a share on the combined preferred and common stocks in the first quarter, as against $1.67 in the same period last year. The :':!ck closed nearly 6 points higher at United Aircraft common, which sold as low as 783 when it was admitted to trading a few weeks ago, soared nearly 9 points to a new high record at 129%. The preferred jumped 8 points to 90. General Gas & Electric, responding to the announcement of a peaceful settle- | ment of a suit involving Associated G & Electric, soared 12 points. Murray Corporation extended its gain to 6% points by touching a new high at 89%a, Vulcan Detinning issues, which ordi- | narily change hands in 10-share lots, | also moved into new high ground. | Fractional recessions took place in | Stiff Money Rate Disregard- |’ Telephone sold at least 3 points below yesterday's final quotations. A brisk rally of 10 points in German marks, wiping out most of the loss sus- | tained in the middle of the week, was the gn:y feature in the foreign exchange market. 27 (#) —Daniel C. of Utah.and Nevada r Cos., said. before was no overproduction 3 The increasing demand for copper products, he said, gave assurance that the industry would maintain itself “in a highly prosperous condition.” He believed the price would hold at around 18 cents a pound for some time. uipment orders currently reported include a contract for 100 steel under- frames to be built for Baltimore & Ohio by American Car & Foundry. In Nearby Virginia 5% s, Commonwealth Investment Co. 917-15¢h Bt N.W. Phone Main 2623 We have on hand a limited amount of 1st mortgage notes in small denomi- nations bearing 6% interest. CHAS. D. SAGER Realtor, Ow: d Builder e ner an det M 4 14th St. N.W. FIRST TRUST LOANS Low I est and Commi Prompt Service THOS. E. JARRELL CO. Realtors 721 10th St. N.W. Main 766 ENTERPRISE SERIAL BUILDING ASSOCIATION - 7th St. & La. Ave. N.W. 62nd Tssue of Stock Now Open for Subscription Money Loaned to Members on Easy Monthly Payments James E. Connelly James F. Shes President Secretary FIRST DEED OF TRUST LOANS On Completed Properti for Constraction U. Reasonable Interest and Cemmission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. and CLARK,CHILDS WASHINGTON Secured by first Jguph Money to Loan deoed of trust on real estate. Prevailing interest Over Third of a Century's Problems That Perplex hou will be solved. The difference ' between profit and loss is often a matter management. ence has taught us every ph it—and how t put the result on the right side of the ledger. Consult us about this service. B. F. SAUEL.CO. Main 2100—925 15th St. N.W. & COMPANY 120 Broadway New York, N. Y. OFFICE 1608 H STREET NORTHWEST NEW YORK STOCK EXCHANGE NEW YORE COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORE CURB MARKET SEW YORE PRODUCE EXCHANGE ,BOSTON STOCK EXCHANGE CHICAGO BOARD OF TRADE CHICAGO STOCK EXCHANGE CHICAGO LIVE STOCK MARKET such recent fevorites as American JAMES SLOAN, Jr, Manager i 5020 Telephone Metropolitan gooq ‘There has been a persistent decline in the commodity index since the early part of February, At the same time there has been a slight elevation in the average of wages with quite full employment for this season throughout the country, in contrast with the un- employment crisis a year ago. This is one of the sustaining factors in the general situation, although there are many serious local disturbances growing out o fdeflating commodities. Business Prosperity Shown. ‘There have been a number of strik- | ing indications of business this week such as the reports of the oil companies for 1928 and for the March quarter of this year, the quarteriy statement of Bethlehem Steel Corporation, the in- crease in the Pennsylvania Railroad di- vident to $4 a share and the larger gross and net eamings reported by steam transportatiom lines in nearly every section of the country. Careful estimates of probable earnings by cor- porations in the June quarter indicate that while these may not be quite so high as for the three months ended March 31, they will be greater than in any similar period since 1926. The fate of business in the second half of 1929 rests with the money market. One of the most significant develop- ments this week was the formation by Pensylvania Railroad interests of an $85,000,000 investment trust. This is not alone significant from the stand- point of the amount of new capital to be raised, but in the purpose to which this capital is to be applied; namely, to invest in securities of any corporation, including those engaged in transporta- tion of any description, “on land, water or in the air,” but without power to operate railroads. This is an acknowledgment by one of the most conservative business groups in the United States that they must fall into step with the times and accommo- dete their future polici~s to th~ chanzes ranidly teking ansportation and methods on and that they must also employ the mo-t madern vehile in the the investment trust— c A to raise the required capital. Keeping step with Wall Street is not so easy. After the Pennsylvania people had de- cided upon $15 a share as & fair price ! Jor their new stock, the market began its ballyhoo and started it off at $25. | CURB ISSUES FIRM. | Buying Movement Resumed After Market Shows Steady Tone. NEW YORK, April 27 () —Bullish operations were resumed with vigor on the Curb Market today, after the ex- | traordinary resistance, which the mar- | I ket displayed in the face of 16 per cent | call money yesterday. ‘Week end profit-taking was moderate | and for the most part easily absorbed. | Aluminum Co. jumped nearly 10 points, | but lost its gain toward the close. Na- tional Alrcraft and Continental Dia- mond were strong spots, closing 4 points | and more higher. Aviation stocks generally were well bought. Wright (new), advanced more than 2 points, and Alexander Industries | and Dougias Alrcraft were firm. Some | profit-taking cropped out in the utill- BOND TRADING QUIET. Chemical Shares and Other Con-| vertibles in Demand. NEW YORK, April 27 (#)—The bulk of today's trading in the bond market was confined to the new Amer- jcan 1. G. Chemical convertible 5Ys and a few other issues with stock privilege features. The general in- vestment list, in face of the month end credit tightness, was quiet. Demand for the chemical convert- ibles, which caused them to advauce quickly above thelr offering price of 95 yesterday, carried the price beyond 97, & point rise above yesterday's close, on a turnover of more than $600,000 principal amount. International = Telephone 45s also were heavily turned, but they sagged after early strength. Speculative de- mand for the convertibles moved Anaconda Cogfl?r 7s up more than 3 points and Pirelll Company of Italy 7s up 2 points. Long Island refunding 4s had a rise of nearly 2 points in the rail group. Some of the gilt-edged indus- | trials and utilities also displaved a | ties, United Corporation closing about a point lower. Allled Power & Light, Superpower issues, Electric Bond & Share and Associated Gas, however, closed steady. Associated Electrical Industries was taken in blocks of 5,000 to 15,000 shares, mounting more than 2 points to 14%, but closing at 13%. Union Carbide (new), Hiram Walker, Trans-America and Goldman Sachs, climbed a point or two. Ford of Cenada B, rallied about 3 points. 'Olls were irregular, Humble climb- ing more than a point, while Continent- al sagged. strong for a t'me point under :ccterd final dealing~ wes corvied a . Japarese have acquired thousanls of acres of land in Brazil. {928, In fhe mines, Newmont was | tes 78 clese I (he little strength, but demand was too narrow to cause any pronounced price movements. United States Government issues, which felt the pressure of high money rates in the last few days, remained dull and frregular. ROAD'S EARNINGS UP. NEW YORK, April 27 (#).—Pitts- burgh & West Virginia Railway had net income of $605010, equal to $2 a share on the common, against $410,- or £135 a & of 192 for th~ p-r £467 66) a year 21,201,631 compared with $1 CHICAGO, April 27 (#).—United Smelting, General Motors and American Can. Alilfed Chemical and International ASH “Conveniently Located op 14th Street” i grade fed steers weak to 25 { proximately 13.65; most stockers and iambs, Mexicans are develop.ng a liking for pickles from this eountry, States Department of Agriculture— Hogs—Receipts, 5,000 head, including 4,000 direct; mostly steady, only a few loads on sale; top 11.75 paid for a load of outstanding around 200-pound weights; shippers, 500; estimated hold- over, 2,000. | Butchers, medium to choice, 250 to 300 pounds, 11.35a11.70; 200 to 250 | 160 to 200 pounds, | 1170, nominal; packing sows, 10.25 10.85, nominal; pigs, medium to choice, 90 to 130 pounds, 9.76a11.40, nominal Cattle—Receipts, 100 head; - pared with a week ago, strictly good and choice fed steers and yearlings | strong, steady, instances higher on| longer fed weighty offerings; in-between ¢ off; me- dium light yearlings, 25 to 50 lower, stockers and feeders about steady; she | stock very uneven, mostly 25a50 lower, | with heavy kosher cows and heavy heifers off more; bulls steady and light vealers 1.00 higher; abridged shipper demand due largely to Jewish holiday, which depressed heavy cows and heifers; extreme top fed steers, 14.95; yearlings, 14, with light heifer yearlings at that price. Most fed steers and yearlings, 14.00a14.50, average price slaughter steers and yearlings locally being ap- A The nced $4.000 C 5,000 Jefte leeden,o 12.00a13.25; meaty feeders up 3.70. Sheep—Receipts, 6,000 head: today’s receipts direct; for the week, 60 doubles from feeding stations, 40,000 direct including a liberal percentage from California, consistently lower market after a slight upturn on opening day. Fat lambs closing mostly 1.00 under last week’s high time; sheep around 50 lower; top prices for the week, clipped 16.35; wool skins, 17.25; fat clipped ewes, 10.25; wool skins ewes, 11.73, obulk prices for the week, fat 15.00015.75; weel skins, 16.25a fat clipped eves. 8.00a10.00; K few decks of shearing lambs, 16.15216.60; odd lcls of Spring lambs, 1 PIIO.M. ot by March 26th on the sharp break 85 National Mort. & Inv. Cor 1412 G St. Are Stocks Still Purchase? tocks recommended us have strongly. What next? Buy, Hold, Sell or Exchange— | Anaconda ? U.S. Rubber? AMERICAN SECURITIES SERVICE 206 Norton-Lilly Blds..New York I WILL SELL an Courts 7%, 1985, Avt. 1st 4%, 1935 Bld . Ne 1 Mort. & Inv. com. Mort, & Inv. pf al Estate Moriga; @ 8 ties pfd. Bi ties com. B Development @ "x ‘Mortgage & Dis- Main 1346 1529 14th St. NW. Dec. 3320 7 Loans to Salaried People “Character Plus Earning Ability Our Basis of Credit” JIONABLE = RATE! Y PAYMENT E, WASHINGTON WIMSETT COMPANY 903 N. Y. Ave., 2nd Floor. WE WILL SELL Subject to Prior Sale 96. 1 ¥ 53338 amil, R Sl ares F. ‘ashington Al WE WILL BUY pe as Canl Capital City Co. 509 Washington Bldg. 1853 SteN Bros. & Boyce We take pleasure in announcing the opening of our ‘Board Room. This addition to our facilities enables us to offer a com- plete investment service. New York Stock Exchange orders executed for cash or accounts carried on conservative margine STEIN BROS. & BOYCE Established 1853 Woodward Building Telephone: Main 3473 WASHINGTON, D. C. Main Office: Baltimore, Md. 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