Evening Star Newspaper, May 2, 1929, Page 14

e C— FINANCI AL THE EVENING STAR, WASHINGTON, D. €. THURSDAY. MAY 2. 1929. FINANCIAL, LANSTON COMPANY EARNINGS INCREASE Net for Year Approximately $800,000—Sales Volume Gains Steadily. BY EDWARD C. STONE. At the annual meeting of the direc- tors of the Lanston Monotype Co. held in Alexandria this noon, with J. Thil- man Hendrick, chairman of the board, presiding, net earn- ings for the year of practically $800,000 were re- ported, Important adjustments in re- serves Te an- nounced and the fact was stressed that sales have gained steadily every year for the past five years. President Harvey D. Best presented a most interesting annual report, first taking up the in- crsase in volume of sales. This is reflected, he said, in net earnings during the past year, after depreciation and taxes, of $796, 194.65. Reserves for depreciation of patents and plants have been adjusted to conform to depreciation allowances approved by the United States Internal Revenue Department for the years 1903 to 1928, total reserves now being $2,811,- 035.99. There is also shown, President Best added, a substantial increase in cash on hand and current assets. The com- pany has no liabilities other than thrift notes issued to employes. These bear 6 per cent interest and are paid on de- mand. The plan was originated follow- ing the closing out of employe Liberty loan accounts and is intended to encour- age savings through monthly or weekly deductions from pay. The notes now total over $85,000. Important Move During Year. President Best reviewed the purchase in February of the entire plant and stock on hand of the Thompson Type Machine Co. of Chicago, along with im- portant latent rights. The plant has been moved to Philadelphia and con- solidated with the Lanston plant, and the Thompson machines are still being manufactured. Payment of the pur- chase price of the Thompson plant was made from earnings, Mr. Best said, Business in South and Central Amer- ica is growing steadily in importance, the president continued, new models are being well received, while the co- operation and exchange of information between the English and American com- panies has continued through recent visits of officials. The balance sheet as of February 28, 1929, shows cash and call loans of $1,185,328; customers, $751,252; notes receivable from customers, $1,539,636; inventories, $1,266,759, and investments, $403.200, . making total current assets of $5,146,- | 87. ‘The company has rights, franchises, $5,221,435, less reserves for of $1,111,572. Investments in affiliated J. Thilman Hendrick. accounts receivable from | Am Zine Note—The New York Stock Exchange is now operating on Eastern daylight- saving time. ADitid] Power Abitibi pf (6). Abrahmé&Straus, 115 Ab&Straus pf 7. 110 Adams Ex pf(5). 94 Adams Millis(2) 29 29 29 29 Adv Rumley.... 95 95 90 Adv Rumley pf uw, 109% 102% 104'5 Abumada Lead R Air Redctn (13). 120 129% 119% 127% Alr Way El (2).. 39% 39% 38 38i Atax Rubber T T T TH Alaska Juneau 6l T 6 7 Albany WrapPa 20 20 20 20 Alleghany Corp. 33% 34% 33% 34k Alleghany pf 5% 1013 102 101 101% Allieo Chem.... 279 281 279 281 Allis-Chalm(7), 201 205 201 205 Amal Leather, 6 6% 614 Amerada(2). 82% 32% Am Agricul Chm 16% 16 Am Agri Ch pf. b5 55% 61% 15% 70% 837 Open. High. Low. Close. 42% 402 42 80 80 80 15 115 115 110 110 110 98 94 94 Am BrSh(h Am Brown Am Brown Bo 2 Am Can (14). Am Chicle (2).. Am Encaus (2). Am Express (6). 339 339 Am & For Pow.. 112% 113 Am&ForP pf(7) 107 108 Amé&For Pow 2d. 92 92% Am Hawa SS(1). 37% Y Am Hide & L pf. 32 Am Home P 3.60. 79% Am lce (13).. Am Internatl $2. Am LaFr&Foam 7 Am Locomot(8). 117% nn Am Ma & Fy(4). 155 157 5 Am Metalaid).. 59% 60% 59% Am NatGaspf?7 72 72 72 72 AmP&L (f1).. 108% 1087 108 108 AmP&LLA(3). 74% 744 T4% 744 AmPo&Lt pf(6)] 100 100% 100% 100% AmP&Lpfstab. 81% &1% 8l 8lh Am Radiator (6) 198 200 198 200 Am RA&StdS 1% 48% 52 . 47% 51 AmRa&San(rts) 2% 2 2% Am Ry Ex(6).., 182 1824 182 182 Am Republies. 56 5 56 56 Am Roll M (c2). 118% 119 117% 118 Am Saf Raz(t0). 66% 67 66! 66% Am Seating(3).. 384 38% 38 88 Am Ship & Com 87 Am Shipbldg(8). 110% 111% 109% 110% 136% 136% 136% 136% .. 109 109 109 109 Am Stl Fdys(3). 66% 68% 665 68%4 Am St1 Fy pf(7). 111% 111% 111% 111% Am Stores (2) 9. 97 . 79 79 9 9 7 107% 107% 107% 107% 48% 4B 4TW 4T4 kd % e 1 26% 26% 26% 26% Am Tel & Tel(9) 228 228 224% 226% 40 339 110% 110% 107 108 9% 3 E"i 60 9 Am Sumatra(3) Am Sumatra rts, Am Tel & Ca(5). “ | Cutir-Ham(34) Open. Hizh. Low. Close. 98 98la 97 97 141% 141% 141% 6315 65 62 [Corn Prod (13).. Corn Prod pf(1). { Coty. Inc (2)... Crex Carpet. 331 351 3344 Crossley Ra(11). 109% 110 _108% Crown WP1stpf7 [ 95% 954" 95% Crown Zelrbck 1 20% 20's 20% CubaCeneSupf 9% 93 9% Cuba Company.. 19% 20's 19% Cuban-Am Sug.. 11% 11% 11% Cuban-A Sug pf. 63% 64 631y Cudany Pkg(4). 54% 54% 54 Curtine Aeroc1). 169% 169% 165% Curtis Pub (6).. 1224 122 122 CurtisPub pf(7). 115% 117 115% 61% 611 61l 9% 9 9% ‘B8% BT 67% 124 125% 124 190% 198 190 123 123y 12214 262% 254 252% 3 53 53 144 141 Cuyamel Fruit., Davison Chem. . DeerexCo pf(7). Del & Hud(9)... Del L & W(17) Detroit Ed(8)... Devo&Rayn(t3). Diamond M (8). Dome Mines(1). Domin Stores(3) Diug inc(4). ... Dul S S & Atlan., Dunhill Int (34). Duplan Silk (1) .. DuplanSilk pf 8., Dupont de N(4). 8 Du Pont deb(6). % 117"‘& 117% 179% 179% 178% 127% 1274 127% 6b% 65% 6513 3l 32 Sl lsG‘. 168 1634 lfi 15% 117% 179 127% Eaton Axle (3) 6! kitingon(23%)... Elec AutoL 4%, Klectric Boat. .., EtecPow&Lt(1) s Elee Stor B (5).. Eik Horn pf..... Em Brantgm(A) Emmerson B pf. End-John(5). ... Eng PubSer($1). Eng Pu S pf 5. tquit Bldg(2). ErieRR... Erie 15t pf. Eureka Vac (4) Exchange(1%).. Fairbanks(3)... Fashion P(k2%) FedL&Trac pf 6. 51% 51 9%6 96 40% 40% 2% T0W 60% 9% 50 50 e 445 43% 0% 0% 98 984 17 16% 981 9Ty 80 80 80 p1(63%). 10215 103 First N P 1st(8). 147 115 st NatS(1%). 69% 69% 67% 67% Fisk Rubber.... 11% 11% 11% 11% Flelschman t3%: 66% 73 66% 1% Follansbe (21%). 71 1% 70% 70% Foundation Co.. 67% 68% 67% ,67% Fox Film A(4).. 91% 91% 90% 91% Freeport T (4).. 44 d44% 444 44% Fuller pr pf(6).. 104% 105 104% 105 Gabriel Snub A.. 24 26% 24 26% Gardner Motor.. 144 14% 14% 14% Gen Am TC(34).. 91% 93% 89% 92 (Gen Asphait 78 80% 7T T9% 118 121% 118 121% 98l 17 9% 80 1021 103 114% 115 Open. High. Low. Close. 871 95 &7% 95 . 79% 84% 79 84k 3% 104 103% 104 45% 454 73l 634 6014 4 107% 168% LudlumSti(2).. Me Call Corp(4). McCrory B(2). .. MeGraw Hill(2) McKeespt Tin Pl McKesson&R (2) McKsn pf A 3% Mack Truck6).. Macy Co (¢2). Mad 8q Gar 134.. Magma Cop (5). Mailison & Co... Man Elec Suply. Man Elev gtd(7) Man Ei mzg(db) Man Shirt(2) Maracatbo Ol Marland Uil. Malr-Rock (14). Marmon Mot (4). Mathiesn Alkili. Mathieson pf(7) May Dept S(4).. Maytag (12) Maytag pf (3)... Maytag 1st pf 6. Mengel Co. .. Mengel Co pf (7 MetroG pfol.89) Mex Pete (152). Mexican Seab. ., Miami Cop (4).. Mid-Cont P(2).. Middle States. 55% 123 Bl 100 60 49% 107 B4l Milwaukee E1(6) MStP&SSM 11(4) Mo Kan & Tex.. Mo K&Tex pf(7) Missouri Pacific. MoPacific pf(5).. Mohwk Cur 2%.. Mont Ward 2%.. Moon Motor...... Mother L (40c).. Motion Pic Corp. Motor Meter A Motor Prod:2). Motor Whi (2) Muilins Mfg. Mullins pt (7)... Munsingwr (3) Murrdy Corp. Nash Motors(6). Nash & Chat(7). Nat Acme (1)... Nat Bellas H $1. Natl Biscult(17) Nat Cash Reg 14 Nat Dairy (33).. Nat Dairy (new). Nat Dept Stor Nat Distiliers. .. NatDistlrs pf(7) Nat Lead(6).... Nat Lead pfA(7) Nat Ld pf B(6)., Nat Pow&Lt(1). Nat Radiator. .. Nat Radiator pf. Nat Supply pf 7., Nat Surety (5). Nat Tea (1%)... Nevada Cop (3).. Newport A (3).. 72§ 72% AmTel&Tel(rts) 6% 6% 6l 6% Am Tobacco(8).. 163% 163% 162 163 Am Tobac B(8).. 163} 164% 162% 164% Am TypeFo(8).. 151% 152% 151% 152% ‘Am Type pf(7).. 108's 108% 1085 108l AmWW&EI(cl). 88 88 86% 87 20% 21% 20% 20% 48% 49% 48% 36% 36 35 35 98 98% 98 98% (7)... 143% 145% 1425 144% Anaeonda (new) 119% 120% 118% 120 Anaconda (rts).. 26% 26% 264 26% Anehor Cap 2.40. 56% b56% 56l b56' Andes Copr (3).. b5% 58 55w 57% Archer Danls(2) 39% 39% 384 38% Arch-Dan pf(7). 114% 114'% 114% 114% Armour 111(A) 12% 13% 12% 134 Armour I11(B) 7 7 6% 6% Armourlllpf(7) 78 78 78 78 sets up to $10,272,463.69. ‘The company hu capital stock issued and outstanding totaling $5,949,900; surplus on March 1, 1929, of $4,137.. 501.89. The company paid $360,000 in dividends during the year and charge- offs of over $31,000' were made on obso- lete_machine: Ty. ‘The following directors were re- elected at the meeting: Harvey D. Best, M. C. Branch, Karl W. Corby, J. Thil- man Hendrick, Ad.fl.ln ‘T. McKenna, sher Parsons and George W. White. JnhnwDryejr 2 New York lawyer, was a the board to fill the vi The directors will meet later Yodly at the Carlton Hotel for asurer. The newly elected director, Mr. Drye, has served as an attorney for the com- pany for several years. Lanston stock is very widely held in Wuhlnmn and the fact that the company has three local directors on the board il con- sidered highly gratifying. Trading Heavy on lxdwuc. ‘Trading was heavy on the Washing- ton Stock , & broad list of stocks and bonds appearing on the board. ‘The first stock sales were in Clpltll ‘Traction, the issue o] at 97% and closing at 98, on a 69-share turnover. Potomac Electric Power«51; per cent preferred sold at 107% and Railway & Electric preferred moved at 97%%. Both type stocks were out, 160 shares of Lanston Monotype selling at 126Y, and an odd lot of Mergenthaler Lino- type bringing 107%. Columbia Sand & Gravel preferred changed hands - at 91%3, 20 shares of Commercial National Co. preferred at 104}, and Federal- American Co. common at 511 and 51. Peoples Drug Stores pre(erred sold at 1143, Merchants Transfer & Storage common at 128, and 70 shares of Real Estate Mortgage & Guaranty preferred at 7 5;. Woodward & Lothrop prefer- red came out at 108%. Bonds were equally active. Gas 6s, series A, opened the trading at 10215. ‘The Gas B bonds figured in several sales at 104),. Consolidated Tile 6s sold at par. The bond market leader was Capital Traction 5s. These bonds opened at 99!, and closed at 983, on & $6,500 turnover. After call Georgetown Gas 5s sold at par and Washington Gas 5s re- corded a $3,000 transfer at 100%. Two New Directors Elected. ‘Two new directors were elected at the annual meeting of stockholders of the ‘Washington Permanent Building Asso- ciation, formerly the Washington Six Per Cent Permanent Buflding Associa- tion, yesterday, they being Joseph N. Saunders, vice president of the District Title Co., and James R. Ellis, civil engi- neer. Officers and directors re-elected were the following: H. H. Bergmann, presi- dent; E. J. Sacks, vice president; C. J. Bergmann, treasurer; Herman H. Berg- mann, secretary; John Waldman, Chris- topher Rammling, John H. Clipper, John Henderson, C. Chester Caywood and Max Walten, direcmF SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & G Allis-Chalmers Co. 5s 1937..... 99 Aluminum Co. of Amer. 55’1952 10144 American Tel & Tel, Co, 4s 1928 Ansconda Cop] . 651953 1047 it Ohio g Chifaio Rock 151and 45 1034 Chile Copper Co. 55 1947 lm~rnal \mci\ (,n:p 38,1047 H £ 011 Corp 5'hs 1937 e Enelt Union Ol o, 85 1047 Sinelair Crude Oif ¢ i938 964 Southern Fac KR Co, 48 1953 992 1920 "99% btandard Oil N. Jen;ly 58 194 2 8 b Sothudion Ry, 4 1953 98 tion. | Bayuk Cgrs (2).. Arnold Con&Co 25% 25% 256 25 26% 27% 26% 2;'& 28% 200% 197% 200% 102% 102% 102% 60% 59% 59% 65% 65 65% 97 9%6% 97 16% 156% 15% 82% 30% 32% 40% 38 40% 119% 119% 119% 120% 120% 120% 2% 2% 0% T A4% 43% 43% 92% 99 92% 97 Bayuk 1st pf(7). 103 103 103 103 Beacon Ol. . 23% 23% 23 23 84% 84% 84% 85 15% 156% 15 15 82 82% 82 82% 904 92 90 9% HZV. 112% 111% 112 (7) 118 118 118 118 Auto Salespf(3) 38 Bald Loco pf(7). 119% azr 2 0% 43% Bang & Ar(3%). Barnsdall A (2). Borg-Warnr(J4) 137% 142% 137% 140 Briggs MIgFCo.. 48%y 48's 47% 47% British Empire.. 3% 3% 3% 54 52 524 66% 65% 64% 64% (6). 181% 185 181% 183% BrownShoe 3%) 42% 42% . 42% 42% 46% 46% 45% 45% 30% A0m 29 29 33% 334 234 38% Buft&Sus pf(4).. 55 - 655 55 55 Burns BrosA(8) 107% 107% 107% 107% Burroughs (15). 284% 284% 284% 284% Bush Term(g2). 66% 66% 66% 66% Bush Ter de(7).. 108 108 108 108 ButteCop&Zine 7% 7% 1% T% 31 31 30% 30% 162 168 161% 163 Byer & Copf(7). 110% 110% 110% 110% By-Prodcts 12%. 123 123 120% 121 Callf Packg (4).. ;7 7.9 Callahan Zine. Can Pacific(10). 234% 238 2344 236% Can Pac(rights). 6 6% 6% 6 CannonMills2.80 43 43% 42% 424 Case Threshg(6) 425 432 425 432 Case Thr pf(7).. 125 125 125 125 Cavanagh-Dobbs 30% 30% 30% 30% Celotex Co (3)... 73% T4% Tik Tl% Cent Alloy(2)... 45% 48 5% 47 Cerrode Pas (6) 104 104 103% 104 Certain-teed Pro 23% 26% 23% 25 CertoCorpn(3). 66 66 66 66 Ches & Ohio(10) 223 223 2238 223 C&OCorpn(3).. 87 87 87 87 Chi Great West.. 47 5 .37 Chl Gt West pf.. 48% Chi MIl & St P.. 31 Chi Mi) & StP pt 5214 Chl& Nwn (4).. 83 Chicago Pn Tool. 32 Chi P T pf(3%).. 52 51% CMRI&P (7).. 1254 123 123% 123% CRI&PDf(6). 101 101 101 101 Childs(2.40).... G55% G66% 56% 56% ChileCop (3%).. 104 104 104 104 Chrysler Mot(3) 93% 94% 93 93% City Storesnew. 22 22 City StoA(3%).. 56 55 Cluett-Peab(b). 61 61 Coca-Cola (A).. 48 48 Coca-cola (4)... 130 130 Colilas & Alkmn 637 637 Col & Ak pf(7).. 97 97 Col Suel & Iron. 68 68 Col Sou 1st(4).. 79 79 Col Gas (2)..... €6% 68 664 664 Col GXE pfA(6) 104 104% 1043 104% Celumbia Graph 80% 80% 177 784 Col Carbon t43. 155 157 153 154} Com Credit (2).. 51% 51% Bl 5% Com Cristpf 6% 97% 974 974 974 Com Cr pf B(2).. 25% 256% 25% 25% ComCrpfi1%). 24% 24% 24% 24% Com Inv Tr(34). 158 169% 158 159% | Com Solv (h8).. 355 357 850 357 Com Power (t4) 142% 147 142% 143% Conde Nest(2).. 63 68 68 68 Congoleum-Nair 254 264 25 254 8% 8% 8% Cong Cers ¢6).. 78% Consol Cgrs (7). Eb% *5% 85% ®5% ConCigprpf(615) 93 93 93 Con Film pfe2). 29 28% 28% Cemsol Gas (3) 111% 109% 110% ConsolGuspf(5) 99U 99 99 ConRItCuba pf 6 63% Consol Textil 3l Contalner B 6c. 8 Cont Baking A.. 78 13% 55 .55 60% 604 48 48 129% 130 29 110 63% 1% | Jordan Motor.... 21% 21% | K . 243 257 GenElec sp(6ve) 11% 11% 11% Gen GREI A 135. 834 83k 83 Gen Gas(rights) 3 3% 2% 2% Gen Gas pf A(7) 109% 109% 109% 1094 GenG&EIA(8) 128 128 128 128 Gen Mills (3)... 177 TT% T6% T6% Gen Motors (3).. 84% 84% 83% 8ik Gen Mot pf(7) 124% 124% 124% 124% GenOutA(4).... 50% 50% 50% 60% GenOutctfs(2). 35 36% 35 364 Gen Ry S1g(5).. 108 109% 107% 108% Gen'Refrac t13%. 81% 83% ,81% 82% Glllette S R (6).. .lld% HB .uaw 116 Gimbel Bros. ... 39% 39% Glidden Co t1%. dB"A 49 48% 48% Glidden pr pf(7) 105% 105% 105% 105% Gobel (Adolph). B50% b50% 49% 50% Gold Dust (new) 65% 66% 64%4 65% Goodrich(4).... 824 83% B8I1% &2, Goodrich pf(7).. 113% 1184 113% 113% Goodyear Tire... 129 129% 128 128 Goodyr 1st pf(7) 1034 103% 103% 103% Gotham H (2%). 51% b51% b51% 51 Gould Coupler A. 12% 13% 12% 12% Graham-Paige.. 343 37% 34 364 Grahm-Paigrts. 1% 2 1% l‘i Granby Min (7). 84% B4% 84% Grand pf(6%) 110% lthlllO% HlW- 29% 29% 2y 51% bl% < 49% JD* 124 1241 122% 122% Grt North pf(5). 103 103 = 102% 102% Gt Nor pfefsts) 1024 1021 .102 - 102 GrNorOrefs3i4. 30% 380% 30 30% Grt WnSug 2.80. 374 87% 874 3% Grt WnSu pf(7) 115 115 115 115 Greene Cana(8). 162 166 162 Guanfanamo Si 3% 3% Gulf Stat Sti(4), 66 66 65 Hacknsk W(134) 26% 26% 26% 26% Hack Wpf(1%). 28 28 28 28 Hahn Dept Stor., 41% 41% 40 40 Hahn DSpf6i. 101 101 100% 100% HamiltonWpf(6) 103 103 102 102 MA(7).. 95% 95% 95% Hartmn B(1.20), 25 26m 25 Havana EIRy... 10 10 10 Hawaiian P (2).. 62% 62% 62% Hayes Body(b8). 63% 63% 60% Hersney Corp... 86% BG’A 8.) Hershey pf(4) 92% Hershey pr pf(6) 104 lfl"/a 101 Hollnd Fu(e2%) 43 48 43 Household(t4)., 73 73 Houston 011, . Howe Sound(4) .. Hud Man(2%).. Hudson Mot(5). Hupp Mot(£2)..; Illinots Cen(7) Ind O & Gas (2 95 104% 43 3 95% 95% 94% 9% 2% T84 2% 2% 42% 43% 42% 43 2% 87 8T 86% 87k 55% 55% 64% 55 137 137 137 137 8T% 37% 36% 36% Indian Refinin 48l 484 47% 48 Indian Refg cti 45% 45% 44% 45% Indust Rayon... 112 112 112 112 Ingersoll R15% . 146 146 146 146 Inland St1(3%). 91% 91% 91% 91% Inspiration C(4) 50 0% 49% 50% InterconRubber. 9% 10 95 10 Internat Agri... 13% 13% 13% 13% Intl Bus Ma (5). 181% 181% 180% 150% IntCement(4).. 89% 90 88% 90 IntCom Eng(2). 764 75% 173% 74% Int Combus(rts) % 3 £ Int Combpf(7).. 111 111 111 111 Int Harv (2%).. lll 118% 111% 116% Int Mteh pf 3.20. 82% Ufl th Int Mer Marine.. Int Mer Mar pf.. 43% Il!t 47% Int Nick,Can 80e 53% bl b52% lat Paper(2.40). 68% 68% 68% Int Pa&PoA2.40.. 304 30 30 Int Papr & Po B. 1% Int Papr & PoC. 13% Int Pa&Po pf(7) 87 Int Prig Ink 2%. 567 Int Prtg Ink pf 6 98 80 Int] Salt(5)..... K Intl Silver (8) 3 142% 138 1424 Int Tei & Tel(6). 258% 261% 258% 260% Inter Dept 8§(2).. 74 4 T4 4 34% 35 B4k 35 Intertype(tlig). lowa Central.... 3% 3% 3% 8% Island Creek(4). 55 55 65 Jewel Tea (16).. 153% 153% 152% 152% Johns-Manvi3).. 183 194% 182 190 Jones&Laupf 7. 122 122 122 122 10% 10% 10% 10% 85 85 85 85 27% 27% 27 27 87% 89% B86% 864% 37% 35 115 110 1% 16% 5% 57% b4l 16% 17 16% 92 9 02 93% 95% 92% 65% 66 63% Kan City Sou(5) faufmn DS 1%. Kayser J(5).... Keith-Albee. 36 Keith-Al p£(7).. 110, 17% Kels Hayes(2).. Kelvinator Corp. { Kendall pf t61%. Kennecott (4)... Kinney (G R)... Kinney (G R) rts Kinney pr(8)... Kolster Radio Kraft-Pho(1%). Kresge (1.60) Kress S H (1) Kreuger&T 1.34. 36% Kroger Gro(el). 93% 9% 94 Laclede Gas(10) 23( 234 2“ 23‘ lll% l‘Mfi “l% lil% LeeTire& Rub., 17% 184 17% 18 Leh PorCmt 2% 57% 57% b57% b7% Lehigh PC pf(7) 110 110 110 110 Lehigh Val Coal. 25% 26 25% 25% Leh ValC pf(3). 37% 38% lehighVal(3%). 88% 89 lehn & Fink(3). 55 55% Lig Myers(15).. 88 88 Lig & Myrs BY5 88 88 1..ma Locomive. 50% 5L Liquid Car t4%. 86% Loew's (13). . 60% Loew's pf (6%). 98% Loft..... . 104 l.ong- Bell A) 28% Loose-Wil 2.60.. 66% 2 2 2 108% 10 1015 105% 43 4% 42 42 49% 7 41 h 49% 97 4l 491 97 ¥ 36% 36% Cont Baking B.. £6% St L. Ir. Mt. & So. Swift' & Co. 5s 1935 9915 Union OII Co ot r.w 55 1935 w Uniged Dy 953 081 ke by o “hee Ls 1948 109 ling Sta:d Car € 4, 96 10237 10815 Cont Bak pf#), Conit! Can 12%). 5% Rebe | B2y B4 / Contl Insur, (2).., &3 Coutl Mot(80c).. 283 283 22% uv. = Lorniarda Co. .., 20% Loriilard pf(7). " Louisiyna,01) Louls GasA 1. Newton Steel(3) N Y CStL pf(6). N Y & Harim(5) NYNH&Hart(4) N Y Ont&Westn. N Y State Rys pf N Y Stm pf(6). NY Stm 1st pf 7., Norfolk Sou 2. Norf & Wn(t1v) NorAm bl %stk North Am pf(3). NorAm Ed pf(7) No Ger L1d 3.41. Nortn Pac(6)... Nor Pac cfs(8). Norwalk Tire... Ofl Well Supply. Ofl Well Spf.... Oliver Farm Eq. Oliver conv (3).. Oliver pf A (6) Pacific Coast. Pac Coast 1st. ... Pac Coast 2d pt. Pacific Gas (2).. Pac Lightg (3). Pacific Mills.... Pac Ofl Stubs. ... Pac Tel & Tel(7) Packard (13%).. Pan-Amer Pet B, Panhandl . Paramount-F-L. Park & Til(33).. Park Utah(80c). Pathe EX......e Pathe Ex(A).... Patino M (3.89)., Peerless Motor. , Penick & Ford. ., Penn Dixle Cat.. 22% PennRR (4)... 81% 81% 80% People's Gas(8). 265% 269'% 265% Pere Marq (18).. IBA 157% 156 Pere M prior(5). Pet Milk (1%).. 36% Phila& RC&L.. 20% Phil Morris(1).. 15 Phillips-Jon(3).. Phillips P (1%). Plerce-Arrow. .. Plerce-Ar pt (6). Plerce O1l. . Plerce Ol p! Plerce Petrolm Pillsbury (1.60) Pirelll (A) 2.88. Pitts Coal.. Pitts St pf(7) Por RicoToA(7) Punta Aleg Sug.. Pure Ofl (1%).. Pure Ol pf(8).. Purity Baking.. Radio Corpn.... RadioCo pf(3%) Radio pf (B).... Radio-Keith(A). RSCefa(4)...0 ReadingRy(4).. Reading 1st(2).. Real Silk Hos. .. Real Silk pt(7).. Remingtn-Rand. Rem-Rd 18t(7).. Reo Mot (1) Republic Bra: Rep Brass A «) Rep1&8(4).... Reynolds Spn, Reynlds (B)2. RhineWE(1.92) Richfield Ol (2). Rio Gr Ol (k2) Royal Bak P(1).. Royal D(a1.336) Safeway (3).... Safeway pf (6) 5 Safeway pt (7).. 105% St Jos Leaa 13). 72 StL & San Fr(3) 112% StL&SanF pf(6) 95% StL&Southwest.. 99% 99% 99 Savage Arms(3) _4T%_48% _47 _ 47 chulte 21%" ll!‘ Il% 21% Schulte nfll)... 100 100 Seagrave(el.20), 18° suu-loolzl'j) 160 Send per... 6% shllluel P‘G(!)- 141 Shell Un(1.40).. 29% Shubert The(5). - 66 Simmons Co(3).. 86 SimmsPet(1.60) 30 38% 44 126% 112% 55 125% 107% 364 62 167% 95 ‘821 52 166% 95% 95 105% 105% 4 % 112% 112% ll2'm 95% 95 Sinclair Ol $2%. Skelly O11(2). Sloss-Shef (6) Snider Packg Co Snider Pkg pt... So Po RSu t2%. South Cal Ed (2) Sou Cal Ed(rts). South Dairies A, South Dal: South Pac South Ry(8). 142% 142 South Ry pf(5). 96% 96% 96% SouRyM&O cfs 4 12% 129% 127% 126% : Bporks With(3)s- 1035 193y 292%- DP& NEW YORK STOCK EXCHANGE % | petroleum s Received by Private Wire Direct to The Star Office Open. High. Low. Close. 75 To% T5% TH% | 59% 59 50ta 50% 111% s 110 29 28% 89 884 3 64% 110 6% 574 42% 514 Spear&Co pt(7). Spicer Mfg..... SpicerMfg pf(3) Spregel Co (3).. Stand Com T(1). SIdG&E (3%). Std G & E pf(4). Std Millg pf (6). Std O of Cal(13) swouNJunn. Std San M(1.68). Staniey Co..... StwartWar(3%4) Stromberg (3).. Studebaker (35). Studebak pf(7).. Submarine Boal Sun O11 (g1) Sun Oil pf(6). Supertor O1l. Superior Steel. Superior Stlrts. Symington...... Symington CI A.. Telautogrph(1). Tenn Copper(1). Texas Corpn(3). TexasGulfSul(4) Texas & Pac(5). Tex&P C&O0(b5) Tex Ld Trinew) 1814 19% 16% Tidewater 1 TidewatrO(8Qc) Tide W O1l pf(5) Tim Det Ax 1.80, Timken RB (3 b Frod (1.49 Tob Prod A 1.40. Transcont Oil. .. Trico Prod(2%) TruaxTraer 1.60. Truscon S $1.20., Undwd-El F (4). Un Bag & Pape; Union Carbi(6) Un Ol Cali2). Union Pac(10).. 21 Un Pacific pf(4). Union Tank(6).. 1 Utd Afr & Tran Utd Afr&Tpf(3). Utd Biscuit 1.6 Utd Cigar St(1). Utd Cer St pf(6) Utd Dyew pt(7) S Leather... Leathr A(4) Realty(4)... U S Steel new(7) U S Steel (rts). . Uni Leaf Tob(3) Uni Pie 1st pf(8) Univ Pipe & Rad UtahCopper(16). Utll P&L Ace2). Vadasco Sale: 100% 109% 93% Va El & P p£(7). Wabash pf A(5). Waldorf(13%)... Walworth(1.20). Ward Baking (A Ward Baking B.. Ward Bak pf(7). Warner Bros Plo Warner pf(2.20) Warner-Qu(2)... Warrn Bros (15) Warren 1st pf(3) Warren F&Pipe. ‘Wesson Oil (2) Wesson O pf (4 W Penn El A(7). W Penn El pf (§) W Penn ki pf(7) Wu!hll 1st(4).. Weston Electric. White Mot(1)... Wh ew White SM pf(4). Wileox Ofl & G.. Wilcox (A) 2%.. Wilson Co pf A.. Woolworth (6).. Woolworth new. Worthn Pump. . Worth Pump(B) Wright Aero.... Wrigey ((13%). Yale&Towne(4) 1% 67 6 66% Youngstu 8h(6). 125 129% !.25 129% Hourly Sales on N. Y. Market. 10:30am.. 515400 12m... 1,887,000 1:30 p.m. 2,862,400 2:15 p.m Dividend rates as given in the above table are the annual cash payments based on the latest Guarterly OF halt:yeaty deciarations. SOniE of trading less than 100 shares. n 4% in stock. stock. 1 Plus 1/25 in stock. a,Paid this year—no regular rate. b Pav: able in stock, lus 5% in stock. d Pay- hen. eartied, e Fayable in" cash oF in_stoc Plus, 6% s tly in 120" Share ' quasterly i le 1710 sbare quarterly in Stores common stock. n Plus 1% % in stock. —_— OUTPUT OF PETROLEUM REACHES HIGH RECORD Petroleum production in the United States for March amounted to- 82,515, 000 barrels. The Commerce .Department, in an- nouncing the figure, said this was the largest amount produced in’ any one month ever recorded, but that the in- creasing consumption ‘of petroleum prod- ucts, notably gasoline, resulted in slowing down the rate of increase in stocks on hand. Gasoline consumption was estimated to have reached a daily average of 919,000 barrels during | March, or a ngure 17 -per cent above'| the March consumption rate last year. The grand total of stocks of petro- leum on hand was at 642, 530 000 barre]s at the end of March, against 634,063,000 barrels on hand the pre- ceding month, and 612,928,000 on hand at the end of March, 1928. Gasoline stocks March 31 amounted to 47,205,000 barrels, against 46,000,000 on hand at the end of February, and 41,150,000 on hand March 31 last year. At the same time the Commerce De- panment'x statement said that the sup- ply of gasoline in storage represented but a 44-day supply, in view of the in- creased consumption, while the amount on hand at the end of February consti- tuted a 48-day supply for consumption at_the rate then indicated. Texas was the only State to record 8 daily average production increase dur- ing March l.monl States important in ‘The output in Cali- fornia’ and homa_declined during March as compared with February. POTATO MARKET STEADY. CHICAGO, May 2 (United States Department of Agriculture) —Potatoes —Receipts, 135 cars; on track, 87 new, 304 old; total U. 8. shipments, 973 cars. New stock, "'dm&a"“ market steady; Texas sacked BI lumphs, No. 1, 4.7524.90. Old stock, trading fair; market steady; Wisconsin sacked round whites, 65a90; fancy shade higher; Minnesota and_North Dakota. uckedl round whites, 65a85; nmd Red River hios, 80a85; I T 8l 5 | higher; STOCKS IN RALLY List Subjected to Heavy Profit-Taking, but Shows Strength. e BY GEORGE T. HUGHES. Special Dispatch to ‘The Star, NEW YORK, May 2.—On reduced volume but with all the activity center- ing on stocks that were advancing, to- day's market again gave a good ac- count of itself. The best prices were reached in the last hour when there was a spirited demonstration in Gen- eral Electric, up at one time more than 12_points. United States Steel and General Mo- tors, together with many other stand- ard stocks, dragged, but specialties made large gains. Among the features at the close were Kennecott Copper, United States Realty, Associated Dry Goods and the Continental Baking is- sues, all of them substantially higher. Money held at 10 per cent all day. The early heaviness was partly due to expectation of an increase in brokers’ loans, to be announced after the c!ose Another money pinch was admitted ‘o be possible, and that was a restraining influence. Nevertheless, it was signifi- cant that sales in the first half hour, when the market showed its most doubtful tone, were only 515,400 shares, against 726,900 at the same time yes- terday. Weakness in Columbia Graphophone, which had been bid up rapidly earlier in the week, and heavy selling of the Advance Rumley stocks disturbed senti- ment. American Telephone & Telegraph at 225 was down approximately 10 points from the price when the terms of the new bond offering were an- nounced. It was also pointed out that U. S. Steel had failed to respond to quarter figures. ‘When confidence was restored, how- ever, it was under new leadership. In- ternational Harvester was bid up over 5 points before noon. ‘Radio, changing hands in large blocks, ran up to 112, where it was at a new high for the present shares. Air Reduction and U. S. Industrial Alcohol, particularly the former, were very strong. Air Reduc- tion at 128 was up almost 9 points and at the highest the present stock ever sold. Markets at a Glance NEW YORK, May 2 (#)—Stocks irregular; Radio up 5 to new high. Bonds steady; American I. G. Chemical 51zs cross 110, then reacts. Curb ir- regular; Monsanto Chemical soars near- ly 30 points. Foreign exchanges irreg- ular; francs and marks ease. Cotton forecast frost in Western and Central belts. Sugar higher; firm spot situation. Coffee steady; covering. CHICAGO, May 2 (A .—Wheat steady; forecast frost Kansas. Corn easy; large contract deliveries, Cattle steady to weak. Hogs higher. Washington Ticker * | By the Associated Press. ‘Three sharply contrasting points of view on Federal Reserve Board credit restriction over the security markets are now set forth by leading spokes- men who have sought to form views of the National Chamber of Commerce meeting in Washington. All of them, however, imply the notion that congres- sional legislation or investigation is hardly likely to help anywhere. The first view, most completely dealt with by O. M. W. Sprague of Harvard Uni- versity, is that the board hasn't borne hard enough on stock speculation and attendant increasing credits; the sec- ond, stressed by bankers like Fred Kent of the New York Bankers’ Trust Co. and W. F. Gephart of the St. Louis Finst National, is that the board should be let substantially alone; while the third, perhaps representative of Wall Street, as emphatically stated by Wad- dill Catchings, economist for one of the great investment trust groups, is that the board has gone much too far. “Imposition of credit pressure by slight raises of rediscount rates and sales of bills to the open market was ineffective, because too slow and peo- ple get used to it,” said Mr. Sprague. “Direct action to reduce bank borrow- ings at the central reserve was resorted to, but this again was too slow. Both measures went to establish the opinion that a speculative movement of major proportion is beyond Reserve Board con- trol until terminated by business de- pression. “A different line of sharp -dvmce of Reserve rediscount rates to 6 pes cent, with the spread of the Intlmnuon that they might go higher, could have been followed. There is need to set a precedent here, that any prolonged, ab- normal demand for unusual amount of :‘mm will encounter effective opposi- jon. “People are imputing to the Reserve Board powers that it does not have and should not have,” Mr. Gephart assert- ed. “It has no business to try and determine prices. I don't think we know how much credit is proper or whether prices are too high or too low. You will find informed men who say rediscount rates are too high and men who say they are too low in present circumstances.” Mr. Kent, too, pleading that “credit problems should be left in the hands o{ those who are dealing with them,” had kind words for the stock situation in pointing out that listed values of New York Exchange securities were $114,000,000,000 on January 1, while loans were but $6,000,000,000 lzlln.st that total “There is much that is sound in the value the public has accorded good stocks,” he declared. “It is the proper banking purpose to see that prices meet the strain of high money as they pass ov‘; the peaks to which they have arisen.” “In the last year the Reserve Board has based its policy upon opinion, in- stead of upon fact, in regulntlng credit volume,” saild Mr. Catchings in opening fire. “It has sought to establish the idea that rediscounting is a privilege which might be withdrawn from banks at its will. It has changed its open market policy and cut down its hold- ings of Government securities and com- mercial bills from $500,000,000 to $141,- 000,000, thus reducing the supply of commercial credit by $7,500,000,000. That is a little hard to follow, but in banking theory it is well established that the withdrawal of reserve funds contracts credit at the rate of 15 to 1. “All these measures were taken not upon the presence of |nnmon. but upon the opinion that stock prices were too high. They have contravened the American tradition that the individual should be allowed to estimate his situ- ation in banking or anything else, and act with boldness md Judgment in fa- vor of bringing about compliance with centralized notions. I don’t like specu- lation, but do you know that a Cana- dian life insurance company is now the greatest stockholder listed by the big- gest American industrial corporations? That is the fact. The board should act on the basis of conditions, not on opinion of anybody.” TREASURY CERTIFICATES. eported by J. & W. Seligman & Co.) pao Mty Bar & Sier WA Tune 15, 19 AS MARKET CLOSES the striking earning exhibit in the first | . 15, 1929 ::/: '"5:. 15 10200 :f:.a'-:;’ bixl/ Loan Correspondent for'The Prudential” &) Refinancing at Low Cost To those who are confronted for the first time with home financing problems we offer the competent counsel of forty years experi- ence in this service . . . sound judgment directs many who refinance to avail them- selves of our low interest rate. : : FIRST MORTGAGE FUNDS (Three years or longer) ESTABLISHED 1£89. 1001-15% STREET NW Tin Can Fortunes Butte, Montana, was a roaring min- ing camp in the early 80’s when a policeman named Ledford noticed that tin cans thrown into water pumped out of copper mines gradu- ally disappeared. Underneath was a brown sludge. Ledford had it analyzed; then he quickly got “water rights” on all the streams. He threw old rails, tin cans, scrap iron of every sori into the water; and he made a fortune out of his simple discovery that water will “trade” the valuable copper it holds in solution for the iron in old tin cans. The discovery that the best place for savings is in a safe investment has made fortunes for many inves- tors in Washington—they have bought the 6% First Mortgage Notes offered through Swartzell, Rheem & Hensey Compapy, and their investment, backed by our record of SIXTY YEABS WITH- OUT LOSS TO AN INVESTOR, has given them assured income through good times and bad. SWARTZELL, RHEEM & HENSEY CO MORTGAGE BANKERS 727 15 STREET N. 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