Evening Star Newspaper, May 3, 1929, Page 15

5 FIN ANCIAL ‘CONVERTIBLE BOND LIST AGAIN AGTIVE Copper and Telephone Issues in Demanc—U. S. Group Steady. BY CHARLES F. SPEARE. cial Dispatch to The Star. NEW YORK, May 3.—-Speculative ‘n- terest today shifted over from American I. G. Chemical ternational 5 .~ The former re- cted the absenc of a short interest, ) was run in yesterday, while the | latter was bid up over 2 points to the | highest price reached since the early days of its listing It was a session in which converti- bles occupied the center of the trading | stage. Substantial gains weré made 1 | both the Tennessee Copper 6 per rcent issues_and in International Telephone | 41,5, Public Service of New Jersey 4155, with smaller advances in Amerlcan | Telephone & Teiegraph 413¢ and Atchi- | son 4izs, This week's total of bond | transactions shows a high pefcentage | g, dealt in to straigat of convertibles mortgage issues. Although money held renewal rate 10 per cent carrying over | until Morday, there was a better tone to the mgh-giece bond list. Fractional ins occurred in Atchison 4s, Union c 47,5 and Baltimore & Ohio 4. Some of the railroad 413s that have been recently made legal were also strong, as well as some of the non- legal bonds mn this group. United States Government issues were steady. This week's statement of the Federal Reserve banks shows that pur- chases of Treasury notes since April 24 amounted to about $4.000,000, while sales of certificates of indebtedness were $2,000.000. The total holdings by the reserve system of United States Govern- ment securities are nearly 50 per cent Jower than a year ago. In the New York bank they are only one-third as large as in May, 1928. Seldom in the his- itory of the Federal Reserve has it re- duced its Government obligations to such a low point. The more optimistic tenor of the news from Paris today accounted for firmer prices in continental European bonds. German governments, municipals and public utilities were nearly all higher. There were small gains in the obliga- tlons of Southeastern European coun- tries, French and Belgian descriptions thave held strong throughout the crisis and continued so today. Italian con- vertibles advanced. The offering today of $10.000,000 Central of Georgia Railway refunding and General mortgage 5 per cent bonds at 98',, fs for the purpose of retiring $8.000,000 of 6 per cent notes. These were originally sold in 1919, when money was also tight and the best rail- road credits in the country were fac- firm. with the | ing conditions that later compelled |\ them to issue 6!7 and 7 per cent equip-| \ ment obligations and 7 per cent notes. ‘This subsequently sold on an 8 per cent and higher basis. NEW SECURITIES OFFERED. NEW YORK, May 3 UP).—New se- eurities offered today include: Ten mil- lion dollars Central of Georgia Rallway refunding and general mortgage 5 per cent gold bonds, due April 1, 1959, at 9815 and interest. Washington Stock Exchange SALES. Anacostia & Potomac R. R. 5s guar.— $2,000 at 95. Potomac Electric Cons. 5s—8$1,000 1001, Capital Traction 55—$1,000 at 985; Anacostia & Potomac R. R. 5s guar.— $2,000 at 95. » ‘Washington Gas 55—$500 at 997%. ‘Washington Gas 6s “B"—$1,000 10215, $10,000 at 1023 "Washington Gas 6s “B"—$300 at 104, $3.000 at 1045, MWashington Rwy. & Elec. 45—§1,000 at 8675, ‘cagpltgl Traction Co.—20 at 973, 15'at 7%. Pumn‘uc Electric 6% pfd.—10 at 1121, !Potomac Elect. 512 % pfd.—10 at 107}, W:_slhing'onx Rwy. & Elec. pfd.—2 af 4. g 'Riggs Naticnal Bank—3 at 575. District National Sec. pfd.—2 at 101. at at \ 1 1 126%. AFTER CALL. Capital Traction 55—$1.000 !Capital Traction Co—33 at 973, Potomac Electric 51 % pfd.—5 at 10715, D. C. Paper Co. 65—81, at 95%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. m. Tel. & Tel. ct ‘Anacostia & Pot. Ana & Georgetown Gas 1st 55 Potomac Elec. st 5s. FPotomac Elec. cons. 5 Potomac Elec. Wi Alex. & ‘Wash. Rwy, & Elec. MISCELLANEQUS. Barber & Ross, Inc., 8la m-Vanderbilt Hotel §l4s.... estnut Farms Dairy 6%: evy Chase Ciub 5% D. C. Paper Mfz. 6s 5. Cons. Title Go, o STOCKS. PUBLIC UTILITY. Vash. & s Wash. Rwy. & Eiec. pfd.. NATIONAL BANK. 1 & Commercial District * Federal-American fberty . Fiugs ... 5 Becond s National Bank of W G TRUST COMPANY. American Security & Trust Co. 454 {Continental Trust . 138 Merchants’ 15 National Sav Union Trust 5 Wash, Loan & Trust.'. SAVINGS BANK. Bank of Bethesda Commerce & Savi East Washington.. m : Mechanics. i FIRE INSURANCE. Americen Corcoran . Firemen's cori National Union. TITLE INSURANCE. Title & Inv. Co. of Wash, Cons. Title I | MISCELLANEOUS. Barber & Ross. Inc.. com. | Cnevy Chase Dairy pfd Col. Band & Gravel pfd.’ : Co. ptd C. Paper Mfg. ptd Dist. 'Natl Securities pid’ Storage pfd...... American - Co. Mige. . pfd: Peoples Drug Stores pfd. t. Mig. & Guar. pfd to American in-| ON NEW UNITE Lib 3% Lib1st 4%s Lib 4th 4%s US3%s4l UB3HsdT. i US4%uss2. FO Argentine 8s Ju § Argentine May '$. @xnk of Chile 6% Belgium 6 Belgium 8% s, ium 78 195 Bolivia Ts ct '69. Bolivia §s Bordeaux ae Brazil 6148 1926.. il 6 227 | Canada sa 1931, Canada 5%s 1929 Chile 6360, Chile 63 °61. Chile 78 1943. .. Chinese Gov Ry b Christiania 6s. . Colombia 63 Jan'é; Denmark 5% Fiat 7s war * Finland s £ 68.°¢6. Finland 7s.. Framerican 7% French 7s. Greek 68 1968. Holland-Amer 6; Hungary 7% Japanese 6148. . Kreuger&Toll § Lyon gs... Mexico 45’10 asnt.. Norway 633 195: Orient Dev 5% Plrelll 78°52.... Poiand 78 (rcts) Rio GrDo Sol 6 Rio Gr Do Sul Home 6%s. . San Paulo City 88.. Sso Paulo 8s 1936, Saxon (PW) Seine 78 ¢2. Serbs Cr Sl Serbs Crot Slo :hmy-un 6%s 8. Utd Kingm %837, Utd SteamCopen Uruguay 6. Vienna Yokohama s 1960. . 52 MISCEL! Abramé&Straus 63 ansion Monotype—350 at 126%, 1'at!Alleghany v s w1127 1024 101% 101% | [1I-C-C-StL: mAgriCl 1% AmT&Tecltrb Armour Del 6% A Of Bethlehem Steel Certain-Td5%srcts Chile Copper bs. Colon OI1 DetroitEdison5s40 Detroit Edison 6i Dodge 6: Inland Stl 4 Intl Cement Intl Match 58 47 Int Paper Inter Paper Int Tel&Teleg 4% Int Tel&Tel ¢ %8 Kan City P& L 58, Kan G & E 6x61 Kendall 6%8'48 Lackawanna St} Lorillard () 78 Nat Dairy 6% Nat Radlator 6%s. Pan-Amer Pete Phila & Read 6s " h. Mech. Mtge. com Wash. Medica] Bids. Corp. “Woodward & Lothrop pid. ~ Philips Petro b (Bales are in £1.000.) 21 10910 109 4 Argentine 6s Uct 59 | Argentine 5% s '62. 57. 19 884 8T% ¥T% 49 656 105 Am NatGas 64842 An Smit & R 131 Am Sugar Ref AmT&Teltr AT Am T&T cv 4145'39 266 139 Loulsy G & E 6x 62, Mor's&Co 1st 4%s.. 3 Pan-Amer Pete ::. YORK D STATES. High. Low. ay 105 2 1096 11056 REIGN. Sales. High. Low. Close. . 99% 99% . 99% 100 s 99% 95 99%, 100 e 1410 . 111 104' 104'3 104% 7 107% 107' 107% 106 1054 108 V15 114% 1144 1145 « 11 108% 1083 108y KRR K& SBl§ 103 102% 102 v 4100 100 100 Lot 93 92y | 9 as - 9 8 074 97 8Th & 106 108% 108% 2 99% 89T 997 12 100 9% « 1 99 993 + 18 938 U3 <19 93y 93 1015 101 35 384 8 9% 99 8 85 &8 1 97% 974 9i% 3 101 101 101 2 109' 109% 109'% 3 110% 110% 110% 17 88!y FBu K3l 44 100 99% 99% 101t 3814 99 1. 88 9 1035 103% 103% | 102 110 1414 3110 110 + 13 144% 141 . 1 954 954 ubW 8 100% 100 100 1 10412 10415 104 . 92 108'2 107% 108 . 12 1124 1124 1124 2 93 93 934 . 72 108 105% 106 86'% 2102 202 302 2 B4 Bl K4y 5 100% 100 100 10 101 100% 101 40 97 97 97 87 97 96% 97 15 94 93% 93y T oNIN 9N 9% 25 100% 100 100 G 98w 98 98 2 100' 100 100 5 17 1% 174% 11 89 88's BBY 1 104% 104% 104% 5 9lls 9l Yih S8t 9 h9g 7 100% 100% 100% 96'% 6 101% 101 101 11 101% 101 101 1 101% 101% 101% 9 100% 100 1 101% 101% 1014 10 136 136% 136% Baly Bl Bdn 964 964 964 89 89 a9 9lly 0% 91u 9415 ik 9% 4 105% 105% 106% 1 88% 88% 8% 3 105% 105% 105% 5 90% 90 90w 978 4 105% 23 &0l 80% 80 1191 90% 904 8 8% 87N 87 13 98w 98% 9RY 45 1034 1027 102% 3103 103 103 1 109% 109% 109% 2 88 88 88 1 103% 103% 103% 1 98% 988 98y . 35 98% 9 9 86 |ChiB&Qistrebs.. THE EVENING HINGTON. D. .. PRIDAY; MAY High. Sales | 101 Por Rie Am Tob fs. 1 Postal Tel & C5%4s. 18 Pressd Steel Car 58 Public Service 4148 Punta Alegre7s. ... RemingtonAr 68 32, Sincla , Skeliy Ol 648, .... 1 Southwest Bell | S1ana 011 N J 68 4 Stand OIIN Y 4% SugarkEstOriente? | Tenn Copper fs°41. § { Tenn Copper 63 B'4 Tennlilecrow s 47 Transcontl O1 United Drug & | U8 Rub 1stet b 4 1 1 1 5 3 1 0 1 1 9 1 Utilities Powr 5%s. Vertientes Su 78, Walworth 68 45... Walworth 6%48°85. lec bs . + Westn Uniton 6s 1. Westn [Inion 64s. . White Eagle O 6% Wiison & Co 1st 6s. WinRepeatAr 7s. | Yngstn S&T s wi. 19 RAILROAD. At & Birm 4s33 1 | Atcn.son gen as.... | Atch deb 414548, .. | Atlantic C L 4%s 64 13 | B&O G as. B & O 63 2000 D. B&OTfimp 6s. B & O SW6s 60 Boston & Maine 58 Brookiyn Elec 614 Brookivn Elev 6% Rikivn Mannat 6s. Bklyn Un El 5850 Bkiyn Un El 53 sta. Buff 1t & Pitt 448« | can Natass30. Can Nat 4¥s 67, Canada Natl413s'68 Canad North 6% Canad North 7 Canad Pac deb Can Pac 4% 46. Car Clinch & O b Ches & O gn Ches & O 4% Chi & Alton 3%s. .. Chi & Alt 3%s cifs CB&Q4%sITB.. 3 CB&QIllldivés.. 5 Chi&k L1l go 68 61.. 10 ChiGt West 4869, 17 Chi Ind&L gen 5 C M & StPgn8y Chi M&SLP 4% 8 ChiMuSP&Pacisih CMSP&Pacad)ss03 Chi NW 438 2037 o ChiR1&Pgn ChiR1&Prtdas... CR1Pacayswi, N Chi Union Sta 5s. ... Chi Urnion Sta s 44. Chi& W Ind cn 4s.. CCC&SIL 4 %48 E 77 Cuba Nor 5348 cts.. Del & Hud 5%5.... D K10 G West 63... DRG & Wst 5318 conv ext 7s.. Fla East C3s74. Fonda J&G ¢%s'52. 9 Great Nor gen 78, 9 94N 9% 9% LANEOUS. 7 108% 108 108 5 104% 104 104% 5 9Th 9TH 9TH 9670 105% 104 1047 108 1074 3 18 8 78 13 101 100% 101 17.103% 103% 103% 991 994 9% 137% 138 8 103% 103 103% 65 103! 1024% 102% 88 106% 105% 105% 5 98 9T 9% 4 81 81 81 32 104% 104% 104% 2 90% 90% 90% 14 91 904 91 1102 102 102 1 105% 105% 105% 17 100 99% 100 1 100% 100% 100% 7 103% 10315 108% 35 104% 104% 104% 15 724 Ti% 724 20 95% 95% 954 5 105 104% 105 16 100 72 97 5 93 1 68 2 105 2101 1 101% 101% 101% 1106 106 106 8. 2 8 106% 106% 1067 28 94 93% 94 23 100% 1004 100% 4 101% 101% 101% 29 104 103% 104 16 103% 103% 103% $ 93 gt iy 2 107% 107 107 9 934 934 984 V262 124% 123% 123% 7 103% 108 103% 05 105% 105% 93% 93 93 100% 100% 99% 99% 1031, 103% 2 101% 101% 101% 10 110% 110% 110% 2 9%% 98% 98% 8 8w 85 85 1 107 107% 107% 4 103% 103% 10314 22 99% 99 994 3 101% 101% 1014 4100 99% 100 874 87 87% kt 3 105% 105% 105% 5 92k 924 92 2 105% 105% 105% 5 994 994 994 14 106% 106% 106% 8 1104 110% 1103 1 100% 100% 100% 34 101 100% 101 7 100% 100% 100% 4 101 100% 100% 1 104% 104% 104% 2 101 101 101 22 101% 101% 101% 13 104 103% 104 21 107 108} 1064 1 104% 104'% 1044 9 99 984 99 Hud & Man aj s 1950 00 09 6 1 10 01 €1 0010 €2 86 00 1= DO B2 10 1 i b K8 o e 12 80 0 1 89 85 16 €3 00 1 0 1 ) 11l Cent 4% s Int Rapid Tran 5: Int Rap Tr 68 stpd.. Int Rapid Tran és.. Int Kap Trans 7s Int & G Nor 1st 6 Int&GtNor adj 65 53 IntRysCA 58 72.., Int Ry CA 6%srct. Iowa Cent 1st 58 Kan City Ft S 4 o on Bttt ran Ko S m RS o LehiVgen 438 2003 Lehigh Val 68 2003. Long Island 68 37.. L &N4%s2003.., Man Ry 1st 48 90 Market St 78 40. Mill El Ry&Lt 4%s. Mil EI Ry & Li6s 61, Minn & StL ref 4s. Minn&StL £d 6s 62.. M St P&SSM cn 48 M StP&SSM cn 6s.. MStP&SSM5838gtd Mo Kan&T 4%s°78 3 Mo Pacific 55 G '78. Mob & Ohlo 4148 77, MontrealTr 65 B 55 » A SRR O AN D RN o Z e 28 B £e e 35 > - 20 @ 34 me 28 NH&H cvdb és. z LZ2Z2227 iz 13 o 8 g ° e k] 0 - 22 NY Sus&Wn gen s NYW&Bdkhs.... Nor & S gen b3 54., Norfolk & W cn 4s.. Nor Pac 38 2047...., Ore Short L rfs Ore Wash 1st Pennsyl con 4% 3. Pennsyl gen ¢ - e ERIEETE A=TR-T R E A e e DT T e Pennsyl &3 64. Pennsyl §%s. e Port RL & P bs 42. Port RLP6s47.... Reading gen 4%8 A Reading J C 48 RlIArk& L 4%s St L IM&S R&G ¢s, 6 8Ly 80w 804 7 103% 102% 102% 58 99 98% 56 100% 100 5 91% 9% 61% 5 1074 107% 107% « . 1108% 106% 106% Squ b k A58 pta baesey - asan o35~ LN o BONDS o vt | Received by Private Wire Direct to The Star Office Low. Close. 101 9414 94ia 190's 8 9814 vae 1074 1014 B2% 88iy 94 98 ¥ 9% 102 101% Sk 954 104 961y 101 941y il 193 78 9814 9314 994 1004 102% 96's 94y 103 101% 9619 92 109 10514 10 99 96 91'% e B 101% 1014 108% 1024 6% 91% 2% 95 8315 881y | thit | small size, 2.50; bushel VEGETABLE SUPPLY S PLENTIFUL HERE Nearby Farmers Say Storm Did Not Affect Their Crops Seriously. Last night's storm did not affect the |local market this morning, haulers of commodities from nearby Maryland and Virginia and truckers from rural sections of the District making no men- tion of growing crops having been af- | fected. They did s: however, that | the drop in the temp:crature would not assist growing crops. Fruit and vegetable supplies were re- {ceived in quantities more than sufficient to supply demands. Strawberries con- tinued to come by the truckload from North Carolina and were offered at a wide renge of prices, some not being in good condition. Premier berries, best received this season, came from Norfolk, Va., chiefly by boat and train, and found ready sale on arrival. Dealers quickly cleaned up on the Norfolk stock at 20 cents a quart box. Some of the North Caro- lina stock sold as low as 6 cents, the cheapest of receipts not being of very good _quality. ; Spring greens from nearby sections |and distant points continued in fairly | heavy supply and found ready sale at | prevailing prices. Kale, turnip and I mustard salad were offered at 75 cents |a crate, spinach and cabbage sprouts selling at S1. i | Dealers had heavy receipts of Spring | onions to offer as low as $1.50 per 100 bunches, radishes being simlilarly priced. Hothouse lettuce from nearby truckers were offered at $1.50 a crate, No. 2 stock sclling at $1. Bunched mint sold at 50 cents a dozen, not being much in demand, while parsiey, in greater demand, was quoted at 75 cents. Meat, poultry, butter and egg prices were unchanged this morning. Eggs were not so plentiful, making the mar- ket very firm, butter prices being about the same as prices quoted early in the week. Marine products were in demand this morning at Municipal Fish Market, and dealers had plentiful supplies of all varieties to offer retailers at prices they termed reasonable to cheap. Crabs and crabmeat also were plenti- ful and dealers had supplies of snap- ping turtles, lobsters, frogs and shrimp to offer retailers. Shrimp was scarce much cheaper and high. Sturgeon, | than usual, claimed the attention of buyers and was in fairly good demand. Prices of practically every commodity morning were the same as yester- day's prices. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. ‘Butter—One-pound prints, 46a47; tub, 4515046; store packed. 30a31. Eggs—Hennery, 32a33; fresh selected, 31a32; current receipts, 20. Poultry, alive—Turkeys, toms, 28; hens, 35: Winter chickens, 42a45; Spring chickens, 40a45; fowls, 32a34; Leghorns, 30a32; roosters, 20; ducks, 20; keats, young, 60a75; old, 35a40. Dressed—Turkeys, 35a40; Winter chick- ens. 45a48: Spring chickens, 50855; 36a38; Leghorns, 35: capons, rge, 50252; small, 45a47; ducks, 32a 33: keats, 80a1.00. Meats, fresh killed—Beef, 22a24; veal, 23a26; lamb, 30a32: pork loins, 33a34; fresh hams, 26; fresh shoulders, 20; | smoked hams, 28; smoked shoulders, l;l; bacon, 22; lard, in bulk, 13a13! packages, 14al Live stock—Calves, 15; Spring lambs, 18. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says: Sales to jobbers ex- cept where otherwise noted. ‘Apples—Supplies light; demand light, market dull; barrels, no sales reported; boxes, Washington, medium to large size, extra fancy Winesaps, 3.00a3.25; ets, Virginia, U. 8. No. 1, 213 to 2% inches, Yellow Newtowns, mostly 2.25; ‘Winesaps, 2.15; Yorks, 1.75. Asparagus—Supplies limited: demand | moderate, market firm; Delaware and East Shore Maryland, dozen bunch crates, green, large size, 2.75a3.50. Cabl upplies moderate; demand light, market slightly stronger; South Carolina and Norfolk section, Virginia, 11, bushel hampers, pointed type, most- ly around 1.50; few higher. Celery—Supplies light; demand light, market firm; Florida, 10-inch crates, in- dividually washed and precooled, 4-§ dogzen, 4.25a4.50; 8-10 dozen, 3.75a4.00. Lettuce—Supplies of Western stock moderate; demand light, market steady; Arizona, crates, Iceberg type, 4-5 dozen, 4.50a4.75; mostly $4.50; North Carolina, 5-peck hampers, Big Boston type, 1.00a 2.00, according to quality and condition. Onions—Supplies moderate;” demand light, market firm; Texas, standard crates, Yellow Bermudas, mixed, No. 1 and No. 2, mostly around 2.00. Potatoes—Supplies of old stock mod- erate; demand light, market steady; Michigan, 150 - pound sacks Russct Rurals, U. 5. No. 1, 2.35a2.50; Pennsyl- | vania, 120-pound sacks Round Whites, U. 8. No. 1, mostly 2.00. New stock: Supplies moderate :demand moderate, market slightly stronger; Florida, dou- ble-head barrels Spaulding Rose, U. 8. No. 1, 8.00a8.25. Spinach—Trucked-in stock supplying market. Strawberries—Supplies moderate: de- mand moderate, market firm; North Carolina, 32-quart crates various vari- eties, wide range prices, mostly 3.00a 3.50, few best 4.00; fair to ordinary quality and condition, 1.50a2.50; Nor- folk section, Virginia, 32 and 60 quart crates various varieties, 10a20, mostly 1275a14 per quart. ‘Tomatoes—Supplies moderate; de- mand light, market steady; Florida, sixes, green, ripes and turning, wrapped, fancy count, 4.50a5.00; choice count, 3.50a4.00. String beans—Supplies moderate; de- mand moderate, market steady; Flor- ida, 7g-bushel hampers green, fair qual- ity and condition, 2.2522.50, few best 2.75; South Carolina, bushel hampers green, mostly around 3.00. Peas — Supplies moderate; demand moderate, market about steady: North Carolina, bushel hampers, $2.50a2.75; po’grer low as lfl.flo. eppers—Supplies moderate; de: moderate, market about sflldyd: ';l'l.;‘r? ida, pepper crates fancy, 4.00a4.50; choice, 2.50a3.00. Eggplant—Supplies light; demand light, market steady; Florida, pepper crates, fancy, 3.00a3.50; few high bush high &s 4.00. Cucumbers—Supplies liberal; demand moderate, market about steady; Florida, 7e-bushel hampers, fancy, 3.00a3.50; mostly 3.00; choice, no sales reported. S?‘u:ahgs‘;mm;els lllght: demand light, market steady; Florida, T crates, fancy white, 3.00a3.50. e —_— Sales. High. Low. Close. Sou Pacifiorefds.. 1 91% 9] Sou Pac 435 wi'64. 16 Sou Ry 6%s. Texas & Pacific 1st. a3 & Tol Tr L&P 6%3 30. Ulster & Del ds°52. Union Fac 18t & Union Pac 1st rf 9 rn Pacifie bs. 23 2 SPRING TRADE GOGD IN FIFTH DISTRICT Richmond Reserve Bank Re- ports Big Increase in Retail Field. Spring trade opened well in the fifth reserve district in March, and on the whole the volume of business was larger than in March of last vear, says the monthly review given out today by the Federal Bank of Richmond. Construc-! tion work provided for last month in permits issued 'in leading cities was somewhat less than the volume of work provided for in March, 1928, permit but nevertheless the month's totals rep- resented an extensive building program. Labor i§ much beiter employed now than it was a year ago. Retail trade in March, considerably larger volume than a year ago, chiefly due to good weather pre- ceding the Easter holiday, and sales of department stores in the first quarter of 1920 exceeded sales in the first three months of 1928. Debits to individual accounts figures, representing the volume of checks passing through the banks of the district, were considerably higher in amount during the four weeks ended April 10, 1929, than in the pre- ceding four weeks this year or the cor- responding four weeks in 8. Business failures in Mar the fifth district and the Nation were less numerous and liabilities were lower than in March a year ago. Textile mills are operating at a higher rate than at this time last year. The weather this season has been excellent for agri- cultural activities, on the whole, and crops are getting a much earller start then in 1928, Other Vital Factors. On the other hand, there are some unfavorable factors to be scen. Last VeRr's crops were less profitable than in most years, and a large number of | farmers were unable to liquidate their 1928 obligations, Whichq handicaps them in their operations this vear. One result of this weakened financial posi- tion of the farmer is a decreased use of fertilizer under the 1929 crops. In textile mills at scattered points indus- trial disputes have led to stoppages of at least local importance. Cotton prices declined last month, coal production dropped below the 1838 level, and wholesale trade in March was fa $maller volume than in March, 1928. Member banks in the district have lower deposits than in carly April, 1928, and are, therefore, borrowing more extensively from the reserve bank than they were a year ago. Reserve Bank Operations. ‘The changes in the principal items of condition in the statement of the Fed- eral Reserve Bank of Richmond be- tween March 15 and April 15, both this year, were of seasonal nature, and of about the usual volume, Rediscounts for member banks héld by the Rich- mond bank rose during the month from $40,706,000 to $53,252,000, reflect- ing the demand for credit for early agricultural operations, including fer- tilizer purchases. ‘Total earning assets of the reserve bank rose from $56,047,- 000 on March 15 to $64,379,000 on April 15, the rise being less than the increase in rediscounts, because the Richmond bank's holdings of bankers' acceptances were reduced approximate- ly $4,000,060 during the month. Member banks reduced their reserve deposits between March 15 and April 15 from $66,911,000 to $66,034,000, merely a dally fluctuation. The season- al reduction in Federal Reserve notes in actual circulation continued last month, decreasing from $73,761,000 at the middle of March to $70,518,000 at the middle of April. The several changes enumerated, with others of less note, reduced the cash reserves of the Federal Reserve Bank of Richmond from $93,970,000 on March 15 to $86,- 214000 on April 15, and lowered the ratio of cash reserves 16" note and de- posit liabllities combined from 66.41 per cent to 60.73 per cent between the same dates. In comparison with the figures re- ported on April 15, 1928, those reported on April 15, 1929, show increases in all items except member bank reserve de- orltl lnbde rfiseb.nk!: ratio. Rediscounts member banks & year ago totaled $35,601,000, in comparison vfim $53,- 252,000 on' April 15 this year. Gain in Earning Assets. ‘Total earning assets rose during the year from $57,380,000 to $64,379.000, the increase in rediscounts during the year being partly offset by reduced holdings of bankers' acceptances purchased in the open market. Member bank reserve deposits, which totaled $70,940,000 on April 15, 1928, declined to $66,034,000 on April 15, 1929, partly due to lower re- serve requirements on reduced com- mercial deposits this year. The circulation of Federal Reserve notes, while showing the usual seasonal reduction, on April 15 this year, totaled $70,518,000 in comparison with $59,948,- 000 in circulation on April 15, 1928. The cash reserves of the Federal Reserve Bank of Richmond rose from $84,426,000 at the middle of April last year to $86,214,000 on the corresponding date this year, but the ratio of cash reserves to note and deposite liabilities combined declined from 63.63 per cent on April };’ 1928, to 60.73 per cent on April 15, Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President C,pilul, $1,000,000.00 1929, was in in both | Washington Ticker | By the Associated Press. ! Grain market effects of the volun- | tary emergency export grain rate cut announced by Eastern railroads will be followed most closely by administration | agents and advisers who have helped | to bring the action about. It is the| outspoken hope of all concerned thzl| grain prices can be helped a matter of some cents per bushel. “In my opinion, it will operate di-, recty to aid the farm price of grnlnl throughout the West,” said Julius | Barnes, President Hoover’s leading aide in wartime grain price control. “That is an important objective, in view of the | unduly depressed condition of the wheat market in recent weeks.” i Speedy movement by the roads. with | the sanction of the Interstate Commerce | Commission, is promised to cut the! rates from Buffalo to Atlantic ports by | 2 cents per bushel, from Chicago to New York and other ports by 5': cents per 100 pounds and from St. Louis to the seaboard by 6'; cents. The reduc- | | tion :‘Jll be limited to expire Septem- ber 30. Facts and figures upon which the Eastern lines depend in making thei: declaration that “an emergency of na- tional proportions exists” show that the United States has exported 36 per cent less wheat from the 1928 crop than wes exported in 1027. Further, on April 6, it was calculated that farmers held 1 149,000,000 bushels of the crop, against | 131,000,000 bushels at the same time last year, while the visible supply in all positions’ was reported to be about 26 per cent greater: “Except for this claimed surplus of | rain, however, business conditions | through the West traversed by our lines | are of the best,” said F. W. Sargent, | president of the Chicago & Northwest- etn, one of the men concerned in the general wheat discussion. “We look for a traffic volume equal to our best years, especially if the grain situation can be met i W. Atterbury, president of the ! Peiinsylvania; P. E. Cromley president of the New York Central, and Daniel | Willard, president of the Baltimore & Ohio, all participated in the brief ses- sion at which the rate reduction was agreed upon. Advance discussion en- abled the executives to reach an im- mediate decision and leave the city in the same day. Several mingled problems of industry and transportation have been raised by what the rail executives described as “the great accumulation of grain in the West.” Lumber demand is said to b« increasing as effort is made to build temporary storage facilities for the new crop. Extra calls are being made on Eastern railroads by Western carriers for empty cars in advance. ““Use of combined harvester ma- chinery, now general in the Southwest, makes it probable that the wheat cro) will come out of the fields with a rush this year,” explained L. N. Betts, who represents the American Railway Asso- | ciation in organizing the co-operation. “The car demand may be correspond- ingly great.' 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PRATT, Jr., Secretary Organized 1879 49th YEAR COMPLETED Assets ...............$5513,051.63 Surplus & Profits $1,601,704.98 Subscription for the 97th Issue of Stock Being Received Save as You Earn ~——While you have a steady income is the time to prepare for the future. —Join the Equitable and Save Systematically. 915 F St. NW. 1929 Analysis Safeway Stores, Incorporated We have prepared a special analysis of this Company. Copies may be had by investors upon request for * Analysis W.S.-300 Merrill, Lynch & Co. 120 Broadway New York Chicage Detrait Denver Lo Angeles Members of the New Yorh, Chicago, Detroit end Cicveland Stock Eschenges