Evening Star Newspaper, May 4, 1929, Page 26

~FINANCIAL.’ THE EVENING STAR. WASHINGTON, D. C, SATURDAY, MAY 1929. FINANCI AL.” TRADE GAIN SHOWN| [ NEW YORK_ STO IN DISTRICT AREA Retail and Wholesale Firms Make Important Reports to Reserve Board. BY EDWARD C. STONE. Retail trade in the fifth Federal Re- serve district in March, as reflected in | sales by 32 leading department stores, | exceeded the volume of trade in March, 1928, by 9.2 per cent, according to the Federal Reserve Bank of Richmond. The Easter holiday occurring in March this year, combined with favorable weather during the latter half of the month. stimulated a large volume of business, which was the 32 stores reporting on their March operations, all but 5 reported larger sales in March this yoar. Cumulative sales figures for the first three months of the | year show 1929 an average of 2.6 per cent ahead of the same period in 1928 and March sales this year averaged 18.8 per cent abave average March sales dur- ing the three years, 1923-1925, inclusive. Stocks on hand at the end of March, 1820, were 2.3 per cent lower in selling value than stocks on hand on March 31, 1928, but. were seasonally larger than stocks on hand on February 28 this | year, an average increase during March | 'of 6.2 per cent being reported. The percentage of sales in March to average stocks carried that month was 31.2 per cent, compared with 27.7 per cent in March last year, and the per- | centage of total sales during the first quarter of 1929 to average stock carried | Am Can (14) generally dis- i tributed through the entire district. Of Note—The New York Stock Exchange is now operating on Eastern daylight- saving time. Open. Hizh. Low. Close. 79 19 60 8615 86 Adv Rum . Adv Rumley pf.. Ahumada Lead.. Alr Redctn (13). Air Way El (2).. Alax Rubber.... 7% Alaska Juneau.. 7 Wrap'a 18'% Alleghany Corp. 35 Alleghany pf51% 101% 101% Aliled Ches 7 288 Allis-Chalm(7). Amal Leather... Amerada(2). Am Agricul CI Am Agri Ch pf.. Am Bank N(13). Am Beet Sug pf. Am Bosch. Am Brown Bov. . Am Brown Bo pt 124 3813 181 34% B4t 1010 101 7 8 124 481 66y 30 sty 1498 14915 AmC&Fpl(7). 1170 1171 Am Chicle (2)... 584 58% Am Encaus (2).. 40 40 Am & For Pow.. 11513 11515 Am&For Pow 2d. 93 43 Am Hawa SS(1) Am Hide & Lea. Am Hide & L pf. Amlce (13)..... Am lce pfi6). .. Am Internatl 3 Am Lakr&Foam Am LaFrance pf 65 65 Am Locomot(d). 118% 11s' Am Metalai3).. 5 Am Nat Gas pf 7 Am Fiano pt AmP&L (). AmPo&Lt pf(§) Am 1 ds 11y AmRa&San (ris) Amn Ky EX(§ Am Republi Am Roll M (c Am Seating(3). s 8T 29% £8ly 9% 147'% 149 1174 1 58 & 40 112'% 113 1097 101 100% 100 Wi 108'5 109 100% IUI".I 50 51| 10 1 104 | Drug Tned).... Dunhill Int (34). Duplan Silk (1). Dupon’ de Nt4). Du Pont deb(6). Eastman (18)... | Eitingon (23 ) tngn pf6%). aton Axle (3).. ec Autol, 1415 ec Au L pf ectric Boat. eclow&l.til), ee Stor B (5). n Brantgm(A) anp Capwell(2 End-John(h cott pf(7).. g PubSer(31). = Pu S pfi5) gPusSp uit Bldg rie R R. irie 15t pf. reka Vac (4).. Fairbanks Co pf. FairbankMpf7) Fashion I"(k212) IFed Mot T(80¢). deiity-1'hoenx “ifth Ave(6ic). : 1S(14) bher. isk Ru 56 % pd. Fleischman i34 eim (A) eim pri6 she (2 vund. ox kilm A(4) eport T (4) uller pr pf(6). Gabriel Snub A.. Gardner Gen Am T Gen Asphalt. . Gen Asph pf(5). Gen Cable. Gen Cable A CK EXCHANGE Open 116 0% 1 179 100 1100 691 17 10%x 651x 1y 245 1:'y 92 o 121 Sty 109% Mo K&Tex pf(7) Missouri Pacific Mohwk Car 2%. Mont Ward 2%4.. i Moon Motor. .. . Mother L (40¢c).. Motion Fic Corp. Motor Meter A Motor Prod(2). | Motor Whi (2).. Mullns Mfg. ... Mullins pf (7)., | Munsingwr(3). Murray Corp. ... Nash Motors(6). ) Cash Reg 14 at Dairy (33) Dairy (new). amlg (1). wa L), Nat Supply (18). pply pr7. rety (5). Nevada Cop (3). ewport A (3). Newton Steel(3) N Y AIr sr(3).. N ¥ Central(§ [N YC&SIL®). N Y & Harim(5) YNH&Hart(4) N Y Ont&Westn N Y Railways pf N Y Stm pfi6). . NY Stm Istpf 1. Norl & W pf(4). NorAm bl0%stk NorAm Ed pf7) No Ger Lld 3.41. Nortn Pac(a) Nor Pac efs(5). Norwalk Tire... Open. High. Low. Close. 1 107 831y 134% 7l 182 L 07 % a4 204 1 299 100 3l 8313 | 134% | 10615 70t Received by Private Wire Direct to The Star Office l 7 S Leather. U S Leathr A US Lea pr pf(7) U S Realty(4). U S Rubb U S Kub 1at pf U S Smelt33).. USSm pf(3%). US Steel(7).... 11 ] Steel pf(7) U S Steel new(7) Steel (ris)., Uni Pic 1st pf(8) Univ Pipe & Rad Uti] P&L Ace2). Vadasco Sales Vadasco pf : Vanadium (14).. Va-Caro Chem -CarCh 6% pf. Vulcan Detin. .. Wabash pf A(5). Waldorf(li). .. Walworth(1.20). Ward Baking (A Ward Baking B. Warner Bros Pic Warner pf(2.20) Warner-Quiz).. Warrn Bros (15) Warren F&Pi Wesson 01l (2). West P Po(6). West P Po pf(7) West Dairy B. West Maryland. West Pacific. West Pacific pf. . W U Teleg (3) Westise A B(2), Westinghse(4). . Weston Electric. White Eagle(z). White Mot(1).., White SM pf(4). Wileox Oil & G.. Wilcox (A) 234, Wilcox Rich I Willys Ov e1.20, Wilson CopfA.. 6070 28ty 181y IRREGULAR OFIT-TAKING Stocks Break Fur- her—OQils Are Features on Buying Side. BY GEORGE T. HUGHES, | special Dispateh 1o The Star. i | NEW YORK, May 4.—Without uni- | formity of movement, today's stock ' market was the confused result of! | realizing in a part of the list com-' bined with new buying elsewhere. | | 1t could not be said that there was | any direct response to the fact that | the industrial averages had set a new | | high in yesterday's dealings. Nor did | there seem to be much attention paid to | outside develobments, either industrial | or financial. For the most part it was | a typical Saturday session with evening- up dealings the rule. | Break in Rumely, Advance Rumely shares had another violent break. Following the collapse | of yesterday, the common, selling down | to 60, was off more than 22 points, and | the preferred at 78 was down more than 11 point. From these two lows there | was subsequent partial recovery, with 12 and 3 points between sales. At one | lime the trading was so wild that the common was being offered on_ the floor almost 10 points under the price it was | being printed on the tape. | Another version appeared of the pro- i poscd recapitalization plan but it is )duublful whether details of this k_ind {had anything to do with the selling. | | Rather it was the breakdown of an| i { perior quality that foreign sources were | workers comprise a modern town BY KENNETH S. VAN STRUM. | NEW YORK, May 4.—It has been said that the civilization of a country may be gauged by the amount of sul- phuric acid it uses, for most major in- dustries use sulphur or its derivatives in on> form or another, and sulphuric acld is particularly useful. Chief among the industries in which sulphur piays an important part are the petroleum, iron and steel, fertilizer. dye, explosive, glass, paper and rubber industries. Until 1907 all of the sulphur used in [ this country was imported. for, zlthough sulphur beds had been found, no means of mining it had been discovered. In 1907, however, the Union Sulphur Co. began to mine sulphur in Louisiana by the Frasch process, by which the sul- phur is melted in hot ter underground | and pumped to the surface. This method produced sulphur of such su- completely disregarded, and the Union Sulphur Co. supplied the entire needs of the country. | During the war, however, the in- creased demands for sulphur by am- | munition manufacturers practically de- | pleted the Louisiana dcposits, and the task of supplying the ever-increasing | demands for sulphur fell to two new| companies which had been_organized to mine in Edst Texas—the Texas Gull Sulphur and the Freeport Texas Com- panies. These two companies now fur- nish three-fourths of the worlds sul- phur and control the largest known de- posits of the substance. Texas Gulf Sulphur. The Texas Gulf Sulphur Co. is the largest sulphur producer in_ the world. Its buildings and the homes built for its at Gulf, on Matagorda Bay, Tex., near its | sulphur deposits. In addition to those deposits owned, 1t leases on a royalty | basis sulphur mounds belonging to Sun | | road | the Wabash 'SUPPORT OF WABASH PROPOSAL IS DENIED Special Dispatch to The Star. NEW YORK, May 4.—The first official statement that has come from the Pennsylvania Railroad management in nearly a year concerning its relation to the Eastern merger plan was made yesterday in Washington by Gen, W. W. Atterbury, president of the road. In it ‘Gen. Atterbury denied abso- Iutely the reports that have been pub- lished this week to the effect that his was supporting the cfforts of Wabash Raiiroad officials for a fifth system in the East According t> Gen. Atterbury's inter- view there have been no conversations between the Pennsylvania and Wabash officials concerning a line-up of the with the Western Maryland ke Erie and Pittsburgh ginia. This is understood to have been a project personally spon- sored by W. W. Willlams, chairman of board of directors, who some time ago withdrew from one of the Loree properties in whose manage- ment he had an active hand for many years, Gen. Atterbury also took oceasion to clear up for the first time the reports that the Interstate Commerce Com- mission has intimated that it was not in favor of the Pennsylvania Railroad or the Pennsylvania Co., which it con- trols, holding the shares of the Wabash and the Lehigh Valley purchased from L. F. Loree about a year ago. He said that the commission had never indi- cated its attitude toward this investment or the location of it. At the time it was believed that the investment was a temporary one and had been made in the general interest of the three other parties to the Fastern four-plan rail- road scheme. This conclusion turned out to be inaccurate. It is now known that the Pennsylvania made the pur- chase for the advantage that it gave in dealing with the various competitive features that are still the stumbling during each of the three elapsed months was 76.5 per cent, indicating an annual | Am Shipbldg(8). 5 a3 turnover rate of 3.04 times this year | Am Sm&Ref(4). 109% 109° in comparison with a rate of 2.92 times | Am Snuff (12).. 1991 199 in the first quarter of 1923. Am SU Fdys(3). 68 68 Collections last month were slightly | Am St Fy pf7) 112 112 better than in March last vear, the |Am Stores (2). T ¥ percentage of collections during the | Am Suzar...... 79 &l month to total receivables outstanding | Am Sumatra(3). 47 474 March 1 being 28.8 per cent, compared | Am Sumatrarts, i ! with 28.0 per cent of outstanding re- | Am Tel & Ca(5). 26 ceivables collected in March, 1928. The | Am Tel & Tel($) 2:8 percentage this vear improved in Balti- | AmTel&Tel(rts) 6% more, Richmond and Washington, but | Am Tobacco(¥). 168's declined in the other cities' stores, | Am Tobac B(8). which are more largely affected by con- | Am Tob pf(6) ditions in rural sections than the larger [ AmW W&El(cl). city stores. g Am Woolen..... Wholesale Trade Tmproves. A Dueeor.. | Am Zine. . Seventy-seven wholesale firms. Tep- | Anaconda (7) resenting six leading lines of trade, sent | Anaconda (new) 119 reports to the Federal Reserve Bank of | Anaconda (rts).. Richmond_on wholesale trade during | Anehor Cap 2.40. March. Sales of furniture firms ex-|{Andes Copr (3). ceeded sales in March, 1928, but sales | Archer Danls(2) in the other five lines declined last | Armour Del pf 7. month. March sales in all six lines in- | Armour 1Il(A).. creased seasonally over February, 1929, | Armeur I1(B). . sales, both because of increased demand | Arnoid Con & as a result of Spring requirements and | Artioom pf(7).. 100 on account of splendid weather which | Asso Apparel(4) 537 stimulated retail trade and created | AssoLryG(2%). 55% many refill orders. In total sales during | Asso Oi1(2)..... 45 the first quarter of ‘this year, sales of | Atchison(10).,.. 1997 200% drugs exceeded sales by the same firms ! Atl Guif & W1 604 60% during the first quarter of 1928, but this | Atl Gulf pt (4).. 56 56 year's sales in groceries, dry goods,|Atlan Ref(t1%) 67% 69% shoes, hardware and furniture were|AtlasPowder(4). 99 9915 lower than sales in the same lines dur- | Atlas Pow pf(6). 101% 102 ing the first three months of last year.| atlas Tack - 4% 18 Stocks on hand in the reporting firms | Auto Sal Sme g at the end of March, 1020, were larger | Autostrap A 3). 43t 45t in hardware than on March 31, . 0 but were less in groceries, dry goods and | B%to & O06).... 12054 1211 shoes. Stocks in all lines declined dur- | B & O (rights) .. s ey ing March from those on hand at the | J2WbEF BOC %). A 109% end of February this year, a seasonal PArRSARllA (2). 4d%a 45 development afier the bulk of Spring|peheonOli--coo. 23 3% and early Summer shipments had been Bl MR, £ Coliections in groceries during March | Best & Co(3).... 923 9 totaled 62.4 per cent of outstanding re- | Bethlehm StI(4) 111 111% ceivables as of March 1. Drugs averaged | Bloomingdale, .. o4 bd%y 57.2 per cent of outstanding receivables | Blumnthl pf(1). 104 104 collected during the month, while hard- | BohnAl&Br 1315 1361 136% ware averaged 35.3 per cent, dry goods | Bon AmiA(4).. 87i K74 34.0 per cent, and shoes 23.4 per cent, | Borden Milk(6). 189% 192's The dry goods, hardware and drug per- | Borden (new)... 95% 964 centages for March, 1929, were higher | Borg-Warnr(14) 139 than those for March last year, but last | Brixgs MfgFCo. month's perr-1tages in groceries and | British Empire. . snoes were lower. ~All of the changes in | felao percentage were slight, the Reserve BKiynMancd).. 65 e i Brunswick R(3) 48 Sales in Other Localities. Brunswick T 30 Total sales of department stores in | Bucyrus(1). 33y March were 6 per cent larger and|Bucyrusev( 42% 428 average daily sales 11 per cent larger)Bueyrus pf(7).. 115 115 than in the corresponding month a year | Buff & Susqg..... 621 621 ago, according to reports made to the | Burns BrosA(8) 107 107 Federal Reserve System by 523 stores. | BurnsBrospf(7) 100 103 The increase of 11 per cent in average [ Bush Term(g2).. 65 65 dally sales reflected in part the fact|BushTerde(7)..107% 1075 that the Easter selling season this year | Bush Ter pf(7 113% 113 was eight days earlier than last year; | Butte Cop & Zine ™7 after allowance is made for this fact|Butte&Sup(2).. 8 8 the increase shown was about 8 per | Butterick Co. 3014 304 cent. Bver & Co....... 162 162 Inventorles of the reporting depart- | By-Prodets 1215, 12414 126 ment stores at the end of March were | Calit Packg (4). 3 per cent below the level of a year ago.|(*allahan Zamc. .. Reporting chain stores and mail order | Calu & Ariz(10). houses made substantially larger sales|Cal& Hecla(4).. than in March of last year, which re-|Can Dry (t4%). flects in part the establishment during|Can Pacific(10). the year of additional stores. Can Pac(rights) Chain grocery store sales were up| CannonMills2.80 8.4 per cent: 5 and 10 cent stores, 17.6; | C: apparel and drygoods, 20.1 per cent: drugs, 20.1 per cent; cigar stores, 0.9 per cent; shoe, 35 per cent; candy, 27.9 per cent, and mail order houses, 24 per cent. Tgiehart Flected to Board. J. A. W. Iglehart has been elected a member of the board of directors of the National Food Products Corporation. Among the other directors are Louis H. Windholz, president David Pender Grocery Co.; H. C. Bohack, president H. C. Bohack Co., Inc.: J. A. MacDer- mott, president United States Dairy Products Corporation: L. Benedict, president Worcester Sal{ Co., and H. C. Phelan, president National Food Products Corporation. A syndicate headed by J. A. W. Igle- hart & Co. of Baltimore and Washing- ton and Arthur Perry & Co. of Boston recently underwrote and distributed $2.500.000 National Food Products Cor- poration collateral trust 6 per cent con- vertible bonds. Four New Partners Admitted. Stein Bros. & Boyce, members of the New York, Baltimore and Washington Stock Exchanges and associate mem- bers of the New York Curb Market, announce the admission to general part- mership of Milton S. Trost, C. Newton Kidd, W. Keyser Manly, Loring A. Cover, ir. and Fitzhugh J. Dodson. J. Edward Johnston has retired from the firm as general partner and has become & limited partner. Check Payments Fal] Off. The volume of money tlfmover dur- ing the week ended April 27, as indi- cated by check payments, was smaller than in the previous week, but larger than in the corresponding week a year ago. according to the Department of Commerce. Primary distribution of goods. 8s in- dicated by car loadings covering the latest available week, was 6 per cent greater than a year ago. A General level of wholesale prices showed no change from the previous week, but, was lower than a year ago. Cotton prices averaged lower than in either the previous week or the corre- ponding period of last year. RUMELY STOCKS BREAK. NEW YORK, May 4 (®).—A wide open break in the common and pre- ferred stocks of the Advance Rumely Co., manufacturers of farm implements, took place on the New York Stock Ex- change today under the hammering of @ small group of “bear” traders, who have been resisting the bidding-up op- erations of speculative pools in those is- sues. Advance Rumely common, which sold as high as $104871. on Wednes- day, broke $2250 & share to $60. and the preferred, which touched $119 on Wednesday, slumped $9.50 to $80 a share. Both rebcunded sharply from their -low -levels. Wlison & Co pf. block in the Eastern unification scheme. Woolworth (6).. Woolworth new. Worth Pump(B) Wright Aero.... Wrizey ((13%). Yale&Towne(4). Yellow Truck Young Spgs Youngsui Shib). 1 Dividend rates as given in the above table are tne annual cash payments based on the latest quarterly or hall-yeariy declarations. +.Unit of trading less than 160 shares. 1 Parlly extra. : Plus 4% in stock. § Plus $3 in preferr 9 Plus 1/25 in stock. a Paid (his year—no regular rate. b Pay- able in stock. ¢ Plus 5% in stock. d Pay- able ‘when earned, e Pavable in cash or stock. f Plus_10% in slock, & Plus 60, in sfock. _h Partiy stock. 1 Plus 20 10 stock, k Plus 1/120 snate quarterly in stock, m Payable 1/10 share quarierly iu United Cigar Stores common stock. B Plus Tia% in siock. and Gulf Oil Companies. It is esti- mated that at the present rate of pro- duction the company's reserves will Jast 40 years. : During the last seven years earnings on the present 2500000 shares out; g Standing have risen steadily from $1.52 e ols iwere Mim Mo euone; f0'$5.72 in 1028, Although not showing feawre was Atlantic Refining, which | % i, rate of increase, each vear's d 63 to a new 1929 high. The | qrnings have been consistently higher | previous prale price had been made | SN Ha prior to the offer of rights subser] The com| = t 1 - > . pany has spent a large pro. z {orthe new StockisOTENEY HONAVIS S | oriton ot itstenmriingshin. tistaevelog=] - . SIS ECHIS PR e e Yance sas themore wignifcant ot mimt or finropertiess Thoee develop= OIS UF L SN capacler outp Tarze blocks at misher Jevels and there | ments are carried on the books at|™gnii“ICalclions in tire prices wil arge iblocis atihighet evels' and thieve | yo;y conservative figtrest Triewcon- (o STTIE ISAOCOONE 10 Ee SEI TWIT was speculation’ In Pan-Amerifan;Pe-| ,any. is in s strong financiall position | APPSEF 1 the ' “flver’ cnialopies of Realizing 1s Heavy. 1t is expected that the earnings of |41 Summer months. says a report The utilities were irregular. Com-| 1°XaS Gulf will not climb so rabidly | eaching Wall street. If the cut is made i utilides were Irregular. Oom- | e futire-hecause it willl have to [ {5 0,08 W FERe e o monwealth Power made a new top right | giyide part of its income, after allow- | £l not mafi\l‘[’ac(uronc ‘:z:: of !de at thP{S[n‘rl and so qid Nu(lh American, ling for cost of development, with the | A\']agflnn Pttt “.l:‘nd,pr:‘;nsda “; but Consolidated Gas, which was 0| Sifn ‘and Gulf Oil Cos, The company | AYiation Corporation s understood to e o ey holds the atrongest position in the in- substantial Exwrut in W\%l’l‘l accessory It was Well absorbed, but did check the | Goutey however. Af the current price |S.bstantial intevest in several accossory upward movement, temporarily at least. | of 83, the vield on the regular $4 divi- ‘dustry The 'dei gl"llio’:‘l ah:esdv Ao Other stocks which were in supply in- | dend 'is 4.8 per cent, and the stock is |Gt Tl e | cluded General Electric, Air Reduction, | selling at 14 times last year's earnings, |3 1aT€¢ common stock interest in Roose- | Bethlehem Steel and some of the motors. | Hudson was an_exception, rising over velt Field, Inc., which controls Roose- Freeport Texas. velt and Surtish Fiying Flelds on Long 2 points on favorable earnings reports, | Freeport Texas Co. is somewhat| The board of managers of the New and Marmon was Well suppotted. smallet tnan Texas Gulf, with which R In the railroad section Chesapeake & [ it shares the control of the country’s | SUMIOTIZEd & survey of nearby Atlantic Ohio was prominent. The opening sale | sulphur supply. 1It, too, has built a|POTS With Rt e i 500 shares at 229, up 7 points, | town, at Freeport on the Gulf of Mexi- | SMaT futures contract so that 1t wil In- from Which figure the stock advanced | co, east of Texas Gulf's properties. The |(lude deliveries at ports other than New to 230, the highest price at which it | Freeport Texas Co. itself is & holding | FOUF. A cofttnittee was apbofnfed las i has ever sold. Other rafls were mod- | company, controlling companies own- 14 e i iy it erately higher, notably Great Northern | ing sulphur and oil deposits, transpor- preferred and Reading. Gen Cigars(4 Gen Electric 16. . 5 “niilec sp(6ie) l:’E‘A & en GRELA 175, 6T 63 1 Gas(rizhts) b : A3 1% |G 5105 107 h At 114 11 SSE B el Orphenmn pf(8). IR Gen s pr B(T) Otis Elev (§).. 9 en Mills (3)... Ous Steel en Motors (3). . Gen Mot pf(7) Fac Coast 2d pf. Gen Out ctfs(2), en (5) Gen Refrac t3% Gillette S R (5) . G mbel Bros. . Glidden Co t1%. Gobel (Adolph). Gold Dust (new) Goodrich(4). Goodrich pf(7).. Goodyear Tire. . Goodyr 1st pf(7) Gotham H (2%). ould Coupler A b 601y 230% 941y 707y 138 0% exir: peculation for the rise. The interesting point, however, was that | the incident had so little effect on the | {market as a whole. There was a time {when a happening of this kind would { have unsettled the entire list. ‘The 011 Well Supply. 108 109 il Well S pf. NEW YORK, May 4.—April sales of the Otis Steel Co. made & new high record. increasing 7 per cent over March |and 30 per cent over April, 1928, says 25% Pac Tel & Tel(7) Packard (13%). . Pan-Am Petroim Pan-Amer et B | Panhandle, Panhandle p Paramount-F-L Park Utah(50¢). Pathe Ex. Pathe EX(A).... Patino M (3.89) Peerless Motor. . Penick & Ford. . Penick& I pf(7). Penn Dixte Cmt. Penn RR (4)... Pere Marq (18) t’ere M prior(5). Pet Milk (1%).. PhilaRaT pf 3%. Phila& RC&L.. Phil Morris(1).. Phillips-Jon(3).. Phillips P (1%). Phoenix Hosiery Plerce-Arrow. .. Pierce-Ar pf (6). Prerce Uil.... Pierce Petrolm. Pillsbury (1.60). Pirelli (A) 2.88.. Pitts Coal. Pitts St pe(7).. PortoRicoTobB Postum(3). Prairie O11&G: Prairie P L 13%. Pressed St Car. Produ & Refinrs. Producers&R pf. Public Serv 2.60. Pub S NJ pt(8).. 50% Washington Ticker By the Assoctated Press. New types of Government securities— the Treasury bills prescribed by legisla- tion pending before the special Congress session—will now be placed on security markets within a matter of a few weeks. Ogden Mills, Undersecretary of the Treasury, announced, after discussing the proposals with House and Senate members, that there was 1o sign of op- position or delay to the measurcs au- thorizing the issues, and that adminis- trative steps for their sale could be in- stantly taken. “Since the scheme has only one ob- ject, that of saving the Government in- terest money, there is no hostility to it,” he said. “We shall try the experiment of issuing them the instant the bills pass, and some of them will be out by Summer. The sale will be made through the Federal Reserve Banks, just as are the sales of the present forms of short securitie Buyers will set the interest rates on the new Government obligations. The ‘Treasury will give public notice of in- tent to market bills, with amounts and {length of maturity, and these will be allotted to the bidder willing to accept | the lowest interest rate. The Govern- { ment short-term debt, now in the form of certificates, maturing every quarter, amounts to $1.815.000,000, while there are mnotes, running for one, two and three vears. to the further total of $2,941.000,000. Tt st likely that the bills will su- persede the older forms entirely,” Mr. Mills added. “Both classes of issue will be out until the experiment with the | new form proves or disapproves their advantage on the American markets.” Gasoline continues to push other forms of energy-producing agents hard in all fields. The latest monthly list of exports from the United States shows but 13 steam locomotives shipped abroad, against 36 gasoline and 14 elec- tric. Mozambique, Persia and Peru each got one American locomotive during the mouth. i Charles F. Kettering, head of Gen- | eral Motors research and & Washing- ton visitor_just now, has litte patience with the fears that advance in auto- matic machine use will bring unem- ployment by displacing workers. He is | sure that increased output from such applications, will create more jobs in the end than it destroys. “There has always been that fear since the days, which I can remem- | ber, when farm hands burned up the . first harvesting machines in the rural countryside where I was born,” he de- clared, “yet we know that properly utilized methods can find a practically unlimited demand for any industrial product. That has been the develop- ment in America. Why, we in Ameri- can industry are getting from 5 to 14 times as many units of production per man hour as are being obtained in Eu- rope from the same labor effort. That is the source of our prosperity.” He was asked if there was any bar to establishment in Europe of American production standards in the next few years. © “None at all, except in mental out- look,” he exclaimed. “It is all a ques- tion of headwork.” Grand Unon. Grand Un pf(3). Grant W T (1) Grt North pf(5). Gt Nor pf efsi5) { GrNorOr cfs 314 Grt Wn Sug 2.80. | Greene Cana(3). Gulf Mo & Nor.. Gu M & N pf(6). Gulf Stat Sti(4). Hahn Dept Stor.. Hahn D S pf 6% . HamiltonWpf(6) Har & Walkr(2) Hartmn B(1,20), Hawatian P (2). Hayes Body (b8) Hersney Corp. Hershey pt(4).. Hershey pr pf(6) HockingVal(10) Hoe & Co A...... Hollnd Fu(e214) Hollander & Son Homestake(17).. Household (14) Houston Oil..... Howe Sound (4).. Hudson Mot (5) . Hupp Mot(£2)... i1linots Cen(7)., Ind O & Gas (2). | Ind Motor Cycl Indian Refining. indian Refg ctfs Ingersoll 121514 . Inland Stl (3% ). Inspiration C(4) InterboroRapTr. InterconRubber. Internat Agri Intl Bus Ma (5). Int Cement(4). int Com Eng(2). Int Combus(rts) Int Harv (2%) Int Harv pf(7) It Mtch pf 3.2 Int Mer IMarine.. Int Mer Mar pf.. Int Nick n §0e Int Pa&l’0AZ. 40, Int Papr & o B. lat Papr & Po C. Int Pa&Po pt(7) Int Prig Ink 2 int Ry CA pf(5). Intl Silver (8)... 142 Int Tel & Tel(6) Int Tel&Tel new Inter Dept S(2).., Intertype(tlih). lowa Ceutral.... Island Crebk(4). Jewel Tea (15).. Johns-Manv(3).. Jones&Lau pf 7. Jordan Motor... Kan City Sou(5) Kaufmn DS 1% South Ry pr(5 K er J(5).. % Y SouRyM&O cfs ¢ Ceith-Al pf(7).. 11 2 2 | Spalding (1.60).. Kelly-Spring.... Spang Chalfnt. . KKels Hayes(2) Sparks With(3). IKelvinator Corp. Spear&Co pr(7). KKennecott (4)... Spicer MIg. ..o Kinney (G R)... SplcerMfg pf(3) Kinney (G R) rts Spiegel Co (3).. iney p(8).... Stand Com T(1). Kolster Radlo. .. SdG& K (3%). Kraft-Pho(13%4). Std G & E pfid). Kresge (1.60).... | Std Milling (6).. Kreuger&T 1. Std O of Cal(13) Kroger Gro(el). StdOIINJ(11%). StdO:INY( it S1a Plate Gl Std P Glass pf. Std San M(1.68). Staniey Co . StwartWar(3%) Stromberg (3) .. Studebaker (35). Submarine Boat. Sun Ofl (E1).... Sun Ol P(6).. Supertor Oil.. Superior Steel Superior Stl 1 Sweet of Am(1). Symington. .. Symington Cl A.. Tenn Copper(1). Texas Corpn(3). TexasGulfSul(4) Texas & Pac(5). Tex&P C&O (b5). Tex Ld Trinew). Thatcher Mg Thatebr pf 3 Third Avenue. . Tidewater AsOfl TIdWASOIIDL(6) dewatrO(80c) m Det Ax 1.80. Timken R B (3).. Lo Prod (1.49). "Tob ’rod A 1.40. Transcont 011 Trico Prod(2% TruaxTraer 1.60. Truscon S $1.20 Undwa-EI F (4). Un Bag & Paper. Union Carb(§).. Un O11 Cal(3)... Union Pac(10).. Un Pacific pf(4) Utd Alr & Trans. 99 991 1 100% 102 argement of the contract, and at that time the opinion was expressed that de- liveries of sugar at other ports would facilitate storing at periods when there were unusually heavy accumulations. Autosales Corporation, which makes vending machines, established a new production récord in April, Iron ore shipments to interior furnaces from Lake Erie ports totaled 1,703,327 tons in April aganst 449,700 tons a year ago. Construction and replacement pro- grams of the power companies are re- sponsible for a steady flow of business in the electrical industry, says Electrical World. Industrial equipment is also in ! 200d demand. Wall Street Briefs By the Associated Press. The United Corporation, by obtain- | ing virtually the entire block of 500,- 000 shares of United Gas Improvement Co. stock for which it made an offer several weeks ago, has become the | largest single holder of U. G. I. shares, | although it does not own control of the | Philadelphia Utility. United gave 1!z preferred and 2'¢ common- shares for each United Gas Improvement share. A $52,000,000 issue of New York City Corporate stock, to be awarded on Tuesday, swells the total of municipal financing scheduled for next week to over $103,000,000. This compares with approximately $17,000,000 this week and a weekly averuge for the year to | date of about $25,750,000. Substantial sales increases over the | corresponding period of last year are shown by reports of three chain store companies for the first four months of 1929. S. S. Kresge Co. had total sales of $42,727.950, a gain of 7.9 per cent; McCrory Stores Corporation, $12,424,- 6. a gain of 8.2 per cent, and Lerner Stores Corporation, $4,672,520, & 59 per cent increase. Owen D. Young, board of the General Gerard Swope, president, officers were re-elected at the board's meeting in New York yesterday. Island. 110% 111'% 5% Bdia 104 104 134% 134% 873 18914 95% 139 45 Pure Oil (1%3).. Purity Baking. . Radio Corpn Radio pt (B). Radio-Keith(A). Reading Ry (4).. Real Stik Hos. .. Remingtn-Rand. Reo Mot (11).... Lepublic Brass. Kep L &S(4).... | Reynolds Spn, Reynlds (B)2.40. RhineWE(1.92). Richheld Oil (2), Rio Gr Oil (k2). Royal Bak P(1).. Royal D(a1.336) | Safeway pf (7). St Jos Leaai13). StL&SanF pf(§) SiL&Southwest.. Savage Arms(3) Schulte (h3%).. Seab Air Line. .. Sears-Koe(32%4) Seneca Copper. . Shatwick FG(2). Snell Un(1.40).. Shubert The(5). Simmons Co(3).. SimmsPet(1.60). Sinclair O1l 12%. Skelly O11(2). .o Snider Packg Co. Snider Pkg pt... So Po R Sut2%. South Cal Ed (2) Sou Cal Ed(rts). South Dairies A, South Dairies B.. South Pac(6)... South Ry(8). 96 140% 45 tation facilities, & town site, light and water supplies, and several other com- panies which combined made a com- plete unit for the manufacture and handling of sulphur. The company also leases from the Texas Corporation the Hoskins Mound, which is reputed to be the largest deposit of free sul- phur in the world. 3 Freeport Texas has shown erratic sales and earning power, with the re- | 297.000 metric tons. sult that its divided payments have = = — fluctuated accordingly. From 1919 to| - Money to Loan 1927, dividends were suspended. In | 1927 §426 and in 1925, » total o Secured be first deed of trust on rest $6.50 was paid. [Earnings last year | p Were $449, ot covering tne dividend, |Joseph I. Weller As a result, although the company paid $1 regular and 75 cents extra the first three quarters, the extra was reduced to 25 cents and in the ““‘ufl“"‘f' of . | this year was done away with entirely. E"fii.'.i“ ofi?&}n The company’s earnings for the past | two years would indicate (hat the pres- ent 34 dividend could be maintained but the erratic fuctuations of earnings and dividends have depressed the price of the stock to about 45, where it vields 8 per cent and sells about 10 times last year's earnings. This high yield indi- cates the uncertainty regarding the | future, for in view of the stock's past | performance it is regarded as specula- tive. Exceed Steel Quota. ‘The group of German, French and Belgian steel makers who form the con- | tinental “steel entente” produced 1,- 000,000 metric tons more in 1928 ;than the quota they had agreed upon. The Department of Commerce has reports showing that the total for the year, in- 3 cluding mills in Luxemburg, was 30,- 425 ] 1141 114 107 103 65 10715 10715 113's 11315 % % 100 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 62nd Issue of Stock Now Open for Subscription chairman of the FRENCH TASTE GROWING FOR U. S. CIGARETTES By the Assoclated Press. NEW YORK, May 4.—The American ‘Tobacco Co. reports that the total ship- ments of American cigarets to France last year increased 56 per cent over the previous year. This puts France far in the lead among European purchasers of American cigarets. The French tobacco monopoly oper- ated by the government, received in revenue last year $160,000,000. Bt 237\ 239 L 6N 41% 4l vanagh-Dobbs 30 30 Celotex Co (3)... 70% 71 Cen Aguirre(2). 36% 36% Cent Alloy(2) 48% 49% Century RibM.. 16 Cerro de Pas (6) 104 Certain-teed Pro 2574 Ches & Ohio(10) 229 Ches & Ohiorts. 24% C&OCorpn(3).. 87% Chi & Alton..... 14 143 144 Chl & East 111 pt 53% 53% 53% Chi Great West 2 18 Cnl Gt West pf. 487 51 Chi Mil &St P.. 3lew Chi Mil & StP pt 62 Chi & Nwn (4).. Bidg Chicago Pn Tool, 31l 31'e ChiPTpf(3%). 50% 50% CRIRI&P (7).. 123 3% 12308 123 CRI&P pf(7). 107 107 1074 107 Childs(2.40).... 57% 57% bb6la 56 Chrysler Mot(3) 93% 9314 9l 9215 City Ice (3.60).. 58 58 58 58 City Storesnew. 22 22 2113 21% Cluett-Peab(5). 62 6314 62 Coea-cola (4).... 130 130'% 130 Coliins & Alkmn. 61% 62 ol% 62 Col Gas (2).. 65k 67 6Bl 665 Col G&E pfA(6). 101% 104% 104's 1044 Columbia Graph 784 78's 774 7% Col Carbon t435. 158 159% 168 1593 Com Credit (2).. 54 54% b63% 537 Com Inv Tr($4). 159% 1593 158t 158'3 Com Inv (war).. 44 44 Com Solv (h8).. 357% 356 Com Power (t4). 154 154 Conde Nast(2).. 68 68 Congoleum-Nair 25% 25% Censol Cgrs (7). 88% Con Cgrs pe(7).. 98 ConCigprpf (6%) Con Fiim pt(2).. Censol Gas (3) ConsolGaspf (5) . ConRRCuba pf 6 Consol Textile. . Container A 1.20 Container B 60c. Cont Baking A. Cont Baking B. Cont Bak pf(8) Cont) Can (2%). Contl Can (rts). Contl Insur (2).. Contl Mot(80¢c) Corn Prod (13).. Coty. Inc (£2)... Cre: arpet. Crossley Ra($ CrownWP1stp(? Cructble Sti(6).. CubaCaneSugar. Cuba Cane Su pt Cuba Company.. Cuban-Am Sug. . Cuban-A Sug pf. Cuban Dom Sug. b Cudahy Pkg(4). 3% Curtias Aero(1). 165 Cuyamel Fruft.. 79 Davison Chem... b&% Deere&Co pf(7). 124 Debenhims a1 60, 38% Del & Hud(9) .., 197 Del L & W(17).. Devo&Rayn(+3). 54 54 51 Diamond M (8).. 144% 145 144 145 Mo Kan & Tex, ras Gy oess .o . Money Loaned to Members on Easy Monthly Payments James E. Connelly James F. Shea President Seeretary 237'; 239 6l 6% 413 411 295 2 700 36% 48l 48% 16 16 10314 103 25 2 228 2414 BTy 8%, T01% 86% (Coprright. 1929.) % 230 25 8914 Tin Can Fortunes Butte, Montana, was a roal:ing 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. ! GERMAN BONDS AND STOCKS. NEW YORK, May 4 (Special). — { Bid. Asked. Ger Govt Red Loan with drawing ctfs attached per 100 R M..... 55.00 60.00 Ger Govt Red Loan without drawing ctfs per 1.000 R M_.. 28.00 30.00 (Quoted in dollars per million marks.) Hamburg 4135 1919, .. 25.00 3 521 | 835 Berlin 4s pre-war Hamburg 3s. 3! Hamburg Avierican Line 41 North German Lloyd 4'as.. Krupp 5s 1921. Dusseldorf 4s p: Frankfort a-M 4s pr Munich 4s pre-war 2 (Quoted in_doliars Per share. (German Ge Elec) ... (German Ge Elec) pfd B. erz and Privat Bank. T G Farben...... Disconto Géllschatt Herliner Handels. i Current annual production of chem- | icals and allied products in the United | States is estimated by A. H. Swift ul‘ the Commerce Department at a total value of $2,278,000,000, while foreign trade in such commodities, export and import, amounts to $4000,000,000 an- nually. Though the figures have i creased 500 per cent in the last 25 years, the study which produced the calculation advanced the _conclusion that the industry would reach into bigger figures in the next few years, because of the trend toward utilization of highly processed chemicals, in pig- ments, textiles, medicinal and toilet preparations, i 133853 4 13015 e Tire & Rub. h Por Cmt 2% Lehigh Val Coal Leh ValC pf(3). LehizhVal(3%). Lig Myers(15).. Lig & Myrs B 15 He threw old rails, tin cans, scrap jron of every sort 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. 2414 3815 883 90 ! 90 15613 1513 68 68 25 25% 881 Dai Heyden Chem. Rercir Bank Vie North German Lioyd. 1i Austrian A E G (Genera’ iEiee) Rudolph Karstadt, 20.00 DIVIDENDS. Pe- Payv- Corporation. _ Rate riod. able. Am Gas & Elec Co....25c Q July davie st 1-50th SA July do pid 51 Rrill Bro Caseln Co of Al doiis e es ool Celiuloid’ Cp Tst pid part .. do 37 pid city Tce & Fi do pfd.". Debenhain Securities, Ltd (Am Shares).. Huckensack Wat Co.. do pid.. ey Hathaway Buiel Te AL do conv pid; ntl Avric Chemn Cp Link Belt (2.40), Liquid Car t4% . Loew's (13). Loft Loose-Wil Lortilard Co. Louistana Oil. Louts GasA 1.75. Louis & Nash(7) | Ludlumsti2 Mac And(12.85). Me Call Corp(4). McGraw HIl(2). Melntyre P(1) McKeespt Tin Pl MeKesson&R(2) | Mcksn pr A 33 Mack Truck (6). Macy Co (e2). Mad 8q Gar 1%4.. Magma Cop (5). Mallison & Co... Man Elec Suply. Man El m2g(db) Marland Oil | Mair-Rock (4). 74% Marmon Mot(4). 101% Mathiesn Alkili. 53% Mathieson pf(7) 1ay Dept S(4).. Maytag (12).... Mayvtag pf (3).. | Melvie Shoe 1.40 Mengel Co. Mexican Seah. .. Miami Cop (4).. Mich Steel(2'). 1 Mid-Cont P(2).. Mines Bureau figures just released show that electrolytic smeiting now ac- | | counts for twice as much production | of zinc as it did four years ago. Elec- trolytic zinc turned out in 1925 from | American ores amounted to 79,004 tons. while in 1928 the electrolytic outpu was 160,100 tons. The older fire processes of zinc reduction, however, in { 1928 stlll accounted for 442,000 tons of the 1928 output of the metal in the United, States. E Running & coal mine has come down now almost to & continuous business of maintaining freight rate contes in the opinion of Co. W. M. Wiley who heads the Boone County Coal Co. one of the larger West Virginia pr ducers, in addition to operating as director of the United States Chamber of Commerce. “We have two or three rate fights on all the time” he said, “and the | rates are getting to be the chief trouble we have, now that labor questions arén’t so much to the front.” March exports of industrial ma- Utd Air&Tpt(3). chinery from the United States, placed Utd Biseult 1.60. at $25050.762, were declared today by Uita Clgar 8t(1) ‘ 9: L. J. Cochran 'of the Commerce Depart- cu Utd Cer St pf (6 94 ment industrial machinery division to | White J°G Utd Elec Coal. e be the largest for any ‘month since | (P05 Biiiic Sery Utd Fruft (c4). 1818 129 1920 The world demand was particu- Co. 7% ... SL 3 8| US CastIr P(3). 42 41N larly notable for internal combustion [ do 8's B 244 23 US Distributing 18 17% 17 engines, oil industry facilities and metlal NY. 7 do 6~ pla % 49l U 8 Alcohol (6) 26644604 168% - WOrKIDE, MACALOEINs | mmssimra erims Yel Taxi Cp of ki *Exiza seiisi ot 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 Company, and their investment, backed by our record of SIXTY YEARS 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.W./ WASHINGTON D.C. 19% 66'% 8lla 175 20% 16% 27 44 17% 20 88 5% 291 Biey 15'% May May May May 15 May May May May June June May May May 6115 105 16815 197 Q June 15 Q June 15 ). 109 97 901 3y 9 21 1% 64 % May Dept Sts.... Metro-Gol Pic G p: Northam Warren Cor} cony prd......... Pro-phylac Br'C pf.$1 Pitfsbureh St & Pndry, Cp pfd... Simms Pefrs Smith A O Cp £ A R Southn Colo’ Pow Co, % bids 2 tacs Y 1201 3014 258 51% 222% B2% 149 24 115 61 5 A3% 167 79 58% 1114 61 44 531y 164% 16615 79 22 4l June 15 June 15 June 1 June 15 June 1 June 20 28 56 440 104 859 4 pr pf, i Rys CO i 4 & o Tnc 1 40 104 8514 4 i vs O s it