Evening Star Newspaper, May 7, 1929, Page 14

14 % JAMES N ADDRESS FIN - ON USE.OF CREDIT Reserve Board Member De- livers Intersting Talk Before Bond Club. BY EDWARD C. STONE. George R. James, member of the Fed- eral Reserve Board, addressed the Bond Club of Washington at its monthly luncheon today at the Carlton Hotel, taking as his sub- Ject “The Use and Abuse of Credit.” In his talk he quoted Eugene Meyer's definition of credit, which follows: “Credit is exact- 1y like morphine, In the hands of those who under- stand its dangers as well as its bene- fits, in en emerg- ency, it is a most helpful and useful invention. But morphine a- vital e gutter. * ‘The yspeaker put out caution signals against the overexpansion of credit and gave several examples to illustrate his Meaning. He is a native of Memphis and has known a host of cotton plant- ers in the South. He spoke of one who had a 5-000-acre plantation, reised nearly everything he needed and never borrowed any money. He was brilliant- ccessful. : ly;hue other plantation adjoined the first one so the soil was practically the same. This cotton farmer raised only cotton, bought everything else he need- ed, and borrowed money to the limit. He was always over his head in debt and got himself into such a financial tangle that it never could be straight- ened out. king of high money, Mr. James rez:‘r:g;lw ~ th:l‘e: when ilr_‘llwrut Tates re as high as per cent. i: 'e"At the’death of Louis XIV, 1715, sald Mr. James, “the public debt of France is said to have been a sum equivalent to two billions of our dol- lars; the public revenue was mort for four years, and the government is gaid to have paid as high as 400 per cent per annum for ‘money. "sumfior‘: x.sndd misery prevailed hout the kingdom. m"rgx‘“l-fne years later, 1718, one of John Law's companies assumed most of the public debt at 3 per cent per annum. The market price of the 'k rose rap- idly from $50 per share a brief era of the wildest sort of speculation. Then came the crash. In less than a year the price ngut'hewn;lgru declined from 4,000 per share N i Quutzt further from Watson's “Story of France,” the speaker mentioned a remark by Lord Melbourne: “What all the wisé men promised has not been realized, and :.l;n all ':,h: fools said ‘would haj come to pass.” Memb!m the Bond Club listened intently for some inside information re- 3. Willism ‘Roberts. ANCIAL.' Note—The New York Stock Exchange is now operating on Eastern daylight- saving time. Open. High. Low. Close. Ab&Strauspf 7. 1104 111 110% 111 Adams Exp6).. 685 665 685 685 Adams Ex (rts). 564 b6% b55% 65% Adams Millis(z) 29% 2% B29% 29% Adv Rumley. 62% 63 5813 62'% Adv Rumley T To% Tl T24% Ahumada Lead. . 2% 2% 2% Afr Redotn (13). 123 124%s 1221 122% Alr Way EI (2).. 39% 45 39 43% Ajax Rubber. Alaska Juneau.. Alleghany Corp. Alleghany pf 5% 100% 101 Allled Chem..., 287 287 Allls-Chalm(7). 206 206 Amal Leather, 6% 6% 6% 6% Amerada(2).... 33 33 321 324 Am Agricul Chm 15% 15% 15% 15% Am AgriChpf.. 53% b3% b53% b53% Am Bank N(13). 130 130 128 128 Am Bk N pf(3).. 60% 60% 60% 60% Am Beet Sugar. 19% 16 18% Am Beet Sug pf. 53% 50 53 66's 654 53l G52% 28% 2T 88 88 148% 149% 143 99 99, 99 57% Am Encaus (2).. 40 40 Am & For Pow.. 1087 113% 108'; 108% Am&ForP pf(7). 108 103% 108 108'% Am&For Pow 24, 92% 92% 92 92% Am Hawa 88(1). 40% 39% Am Hide & Lea.. 8 Am Hide & L pf. 38 Am Home P 3.60. 79 Am Ice (13) 43% Am Ice pf(6). 921y 921y Am Internatl $2. 8% 67% Am LaFr&Foam 6% 6 6% Am Locomot(8). 117 117% 116% 117 Am Metals(3 581 53 57l 5 0 ) 119% 1195 119% 11 2 = 34% 34% 34 v 100% 101 284 284 203 203 53 28 9% 44y Thy s Am Piano pf.... Am P& L (11) AmPo&Lt pf(6)] 100% 100 100% 100 AmP&Lpfstab. Bl% 8l% 8L 81 Am RA&StAS 135 *49% 49% 48l 48% AmRa&San (rts) 2 C. B6% B6% 54 Am Roll M (c2). 116% 121% 116% 120n Am Saf Kas\re). 66'a 67 66 65 % | Cuban-Am Sug.. Open. 134 97 Cont Baking B. Cont Bak pf(8 Cont! Can 12%).. | Contl Can (rts). Contl Insur (2).. Contl Mot(80¢). Corn Prod (13).. Coty. Inc (g2) Crex Carpet.... Crossley Ra($1) Crucible $ti(» CubaCareSugar. Cuba Cane Su pt Cuba Company.. 19% 11 Cuban-A Sug pf. 64 Cudahy Pkg(4). 531 Curtiss Aerot1). 168! 1 Curtis Pub (6).. 124 1 Cushmann pf(7) 122% Cushmann pf(8) 111 Cutir-Ham(3%) 63 Cuyamel Fruit.. 77% Davison Chem.. 57% DeerexCo pf(7). 123 1 Del & Hud(¥)... 195 1 Detrott £d(8)... 2541 2| Devo&Rayn(t3). 52'% Devoe&R 1s1(7). 115 1 Diamond M (8). ome Mines Domin Stores(3) Diug incis) Dunhill Int (34). Duplan 8ilk (1).. 51% 114 69 22Y% 1 Durham Hos.... Eaton Axle (3). itungon(2i%) Elec AutoL 14 68% 31 Klectric Boat.... 15% EiecPow&Lt(1). Elee Stor B (5).. ind-Jonn(5). ... Eng PubSer(31). Equit Bdg(2).. 391 3 EquitableTr(12) 710 Erie R R, 73 Erie 1st pf... Erie2d pf... Eureka Vac (4).. EvansAu L $2% Exchange(1%).. Fairbanks Co pf. Felrbangst3). .. 83 71 25 19 Am Seating(3).. 36% 36% 35)s 354 4 4 4% 88 85 88 107% 107% 106% 106% 135 135 135 135 199% 199% 199% 199% 67 67 66% 66% 8 8% 754 T5% 83 80 106 106 45 Am Spuff (12) Am Sti Fdys(3). Am Stores (2)... Am Sughr... 80 Am Sugar pf(7). 106 Am Sumatra(3). 45 45 AmTel&Ca(b). 26% 26'% 26% 25% Am Tel & Tel(9) 226 226% 226% 225% AmTel&Tel(rts) 5 6 b% % Am Tobaccot8). 168% 170 167 170 Am Tobac B(8).. 168y 168'% 168% 16815 Am TypeFo(8).. 163' 153% 151% 1561% Am Type pf(7).. 110% 110% 109 109 AmWW&El(el). 37% 90% 874% B8yl Am Woolen. 21w 214 21 2L Am Woolen pf. 0% 50 60 50 st 35w B4 Ses| 101101 10L 101 141% 142 139% 139% 113 113 116% 116% 25% 26% 26k 26% 56 56 85 55 b4% B5% o4% 5% Archer Danls(2) 39 39 39 389 Armour Del pt 7. 87% 874 8T% 874 Armour Ill(A).. 12% lz% 124 12% Armour LlI(B).. 6 6a 6% 6% Arnold Con & Co. 24 24 24 24 Art Metal (134). 28% 8% 28% 28% AssoLryGizie). 53% b4 53l 53% As50 Oil(2)..... 45 45 45 45 Atchisop(10).. 200% 200% 198% 198% Mr. James scouted the jdea that we have entered a wholly new era. He believes the old laws siill prevail. One comments was Atchison pf(5).. 102% 102% 102% 102% AU Cosst L(110) 180 182 180 182 1 6L 62 6L 61 66 b6 69% 69% 97 97 14% 14% 82' 32 39% 39% Baldwin Loe (7). 2556 255 255 256 Bald Loco pfe7). 120 120 120 120 Buito & O(6).... 121 121% 120% 120% B & O (rights) 2! 2% 2% 2% W 107 107 107 going up. Barker pf(6%).. 92 92 92 92 President Kenneth S. Wales presided | Barnet Leather.. 15 15 15 15 at the luncheon, which was very largely | Barnsdall A (2). 44% 45% 4d% 45% attended, several prominent - bankers l;:‘y;klnu(n. 10132 1013 1014 101% 20 Ol....c. 284 23% 23 284 PR TR 8l t3 8% 83 Branch Bank Is Year Old Today. ' la Bdle first anniversary of its K street | gog; & Cou3).... 88t 8¥% 88% 887 is being celebrated today by the | gornignm Stl(4) 110% 110% 109% 109% fw'd“ faciic | Beth Steel pf(7) 118 1181 118 1184 The opportunity for banking faclll|Bioomingdale... 69 59 ties in this fast developing section BohnAl&Br t3% 132 133 street as a business and professional 10- | ;oo Figneries. 7% cation is shown by the success that the | porgen (new)... 96 96 officers and directors feel the year has| poro warnr(J4) 135% 138% been for the branch, where the deposits | yriygs MfgFCo, 44 = 44 43% have doubled in that time, British Empire.. 3% 3% 3% J. William Roberts, the branch man- | gritish Emp 2d.. 6% 6% 6% 6% ager, was receiving many congratula-| prockwy Mot(4) b50% B0% 49% 49% tions today. He is a young man who|ukiyn-Man(4).. 64% 66% 64% 643 has made steady progress in the bank- | Bklyn-Man pf(6) 84} 84} 84l 84% ing fleld. He was cashier of the Cen-|BklynUnGas(b). 184% 185 180} 180% tral Savings Bank, on Fourteenth street, | Byunswick B(3). 46% 48% 464 46% of which Francis M. Savage Brucswick Ter.. 29% 9% 29 29 ganizer and president. When this bank | Bucyrus(1)..... 88k 33% 23% 38% was taken over by the Security Savings | Bucyrusev(z}%) 42% 42% 422 42% 107 “Nobody ever gets hurt em Belg N R pf(16). 95 135 & Commercial, to be operated as a branch, Mr. Roberts was asked to re- main in charge. Railway Preferred Leads Trading. change today, 70 shares changing hands at 967%. . Capital Traction sold at 97% and Potomac Electric Power 52 per cent preferred at 107%. Mergenthaler figured in small lot sales at 1077%, Second National Bank stock came out at 245, and 100 shares of Real Estate Mortgage & Guaranty preferred registered 73%. Bond trading ‘was confined.to Washington Gas, Wash- ington Railway & Electric and D. C. Paper issues, all selling at recent levels. Fifteen shares of Merchants Bank & ‘Trust Co. stock sold at 154. Financial District Notes. Frank T. Hines, jr., son of Gen. Hines, head of the Veterans’ Bureau, has joined the staff of E. A. Pierce & Co. H‘:‘&m- poses to learn the brokerage b ess from the bottom. E. A. Plerce, head of the brokerage firm by that name, was a recent visi- tor at the Washington , calling on Manager B. A. Smythe and the other members of the office force. ‘Washington bankers will gather in large numbers tomorrow at the Colum- bia Country Club for the usual Spring get-together dinner. A golf tournament will precede the dinner and entertain- ment. Felix U. Levy of New York will a dress the Washington Underwriters As- sociation Thursday evening at Hotel Arlington, the dinner beginning at 6:30. Mr. Levy will explain “How to Increase Your Personal Production by One- ‘Third.” The association will elect sev- eral new directors. Dollars and Sense, Washington Chap- ter's official publication, appeared to- day. It is one of the best numbers of Aubrey O. Dooley is_editor following staff: John R. Keener, Hilda M. Shomo and Robert E. Lee, associate editors; Raymond D. Lewis, business manager, and O. Lehmann, circulation manager. ‘The McCrory Stores Corporation has declared regular quarterly dividends of 50 cents on common and Class B com- mon, payable June 1 to stock of record May 20. POTATO MARKET WEAKER. CHICAGO, May 7 (United States De- partment of Agriculture) —Potatoes— | Receipts, 147 cars; on track 89 new, Bucyrus pf(7).. 114’s 114 114% 114% 20% 2! 292 64% 64% 641 64l 114 114 114 108% 108 108% 7 6% 6% 7% T 1% Butterick Co. S0% 80 30% 30% Byer & Co. 158 158 136% 156% Byer & Co pf(7). 110% 110% 110% 1104 By-Prodcts 12%. 133 138 133 136% Calif Packg (4). 8% 78% T1% 7% Callaban Zinc. 2% 2 2% 2% Calumet & Ariz. 134% 134% 132' 132% Cal& Hecla(¢).. 45% 45% 45 45 Can Dry (143%). 864 ¥6% 85 &5 Can Pacific(10). 285 236% 234% 235% Can Pac(rights) 6% 6% 6la 6w CannonMills2.80 43 44 42% 42% Case Threshg(6) 415 415 415 415 Case Thr pf(7).. 125% 125% 125% 125% Cavanagh-Dobbs 29% 29% 20 29% Celotex Co (3)... 69% 69% 67% 67% Cen Aguirre(2). 37 0% 37 394 Cent Alloye2)... 48 48 46% 47 Cent Alloy pf(7) 111% 111% 111% 111% Cerrode Pas (6) 1034 103% 102% 103 Cortain-teed Pro 24% 24} 24W 24% Certain-teed pf.. 57 57 55 55 “hes & O10(10) 226% 226% 2204 226% 26 25 24% 24% 864 884 14 14 17% 1% 174 17% 50% 51% 31% 31% 61% b1% 83k B34 50 b50% 101 101 31% 31% 6567 56% Bush ‘Lerm(g2).. Bush Ter p£(7).. 114 108 Th Cal Gt West pt.. Chi Mil & St P.. Chi Mil & StP pt Chi & Nwn (4).. Chi PTpt(3%).. 51 CRI1&PpI(6). 101 Chi Yel Cab(3).. Childw(2.40).... Chile Cop (3%).. 102 102 102 Christi B(1.20).. 100 100 100 Chrysler Mot(3) 91% 91% 90% 90% Citylce (3.60).. 7% b7 b7% 57% City Stores ne 21% 21% 21k 214 Cluett-Peab(6). 63% 66% 63% 65 129% 129% 1291 129% 4B 48% 48k 48K 6l% 62 60 61 66% 67 651 66 Col & Southn(3) 110 110 110 Col Sou 1st(4).. 78 8 18 66% 68% 65% 6T% ) 104% 106 103% 103% Columbia Graph 79% 79% 76 77 Col Carbon t4%. 160% 167% 160% 165% Com Credit (2).. 53% 53% b6l% 624 Com Crlstpf 6% 97 9 ComCrpf(1%). 25 Com Cr pt B(2). 26 Com Inv (war).. 44 Com Solv (h8).. 345 Com Power (14) 150 Conde Nast(2).. 67 | congoleum-Natr 24% 264 51 101 345 340 340 158% 148'% 155 67 67 67 329 old; total United States shipments, 610. New stock—Trading just fair: market_slightly weaker; Texas, sacked Bliss Triumphs, 4.25a4.50; Alabama, sacked Bliss Triumphs, 4.00a4.25. Old stock—Trading rather slow; market dull; Wisconsin, sacked round whites, 70a90, mostly around 80; Minnesota and North Dakota, sacked round whites, 65a75; -Idaho, sacked russets, 1.85a2.10. Cont Baking 21% Cong Cgra(6).. 78 78 78 | Consol Cgra (7). 86% 57 | ConCigprpt(6%) 93% 93% !con Film pf(2). 28 28 4 | Comsol Gas (3).. 113% 115% 112% 115 onsolGaspf(b). 99 99% 99 99 | Consol Textil 3% 3k 3 3% | Containg 16 16 16 16 Contain By % % 6 TTh Fashion P(k2%) FedLt&Tra $13%. FedL&Trac pf 6. Fed Mot T(80¢).. 16% Fidelity-Phoenx. 99 Filene's pf(6%). 103 Srst NatS(14). 68 11% 69 High. Low. Clos: 3% 36 6 . 1064% 106% ]gz'\'/c Del L & W(17),, 123% 123 144 144 9% Dupont de N(4). 1764 177 Du Pont deb(6). 117's 117% ll;!fi 7 kY Eastman (18)... 180% 184% 180% €8 31 . 170% 170% 169% Elec Au L pf(7). 113% ll‘zh 113% 16% 6914 69% 68 Elec P&Lt pf(7) 108% 109 83% 83 71 524 b3k 10 99 1108 108 68 1% 11 .. 12% 13 97 97 7 3% 944 63% 37 105% 90 3% % 10 11% 64 52% 168 37 19% 19 1% 11 64% 63% 53% b52% 71% 1656% 26 124 122% 122% 111 63 % 57% 123 193% 123% 641y 254% 264'% b2 b2% 52% 15 115 115 144 144 9% 9% 9 51% 60 80 16% 118% 113% 69 67 224 22 176% 11 63 T 58 24 95 63 1% 12313 T 176% 117% b, 182 68% 81 166% 1134 15% 68 1075% 837 71 51% 39% 710 69% 31 15% 107% 71 51% 597 39' 78 60 49% 49h 49% 6l% 6l 6L 25 25 424 424 424 69 86% 87% 844 99% 100 25 19 68 99% 16% 16% 984 68 7% 7% 70 50 65 Fuller pr pf(6) Gabriel Snub A Gardner Motor Gen Am TC(34. (Gen Asphalt. . 27 ) GenCigars pf(7) 118 Gen Electrie GenElec ap(60c) 11% Gen G&E1 A 1%. Gen Gas(rights) 2% Gen Gas pt A(7) 109% 109% 109% 129 10 76 Bak 84%4 834 124% 1247% 124% 50w 50 50 40% 387 111 116% 110% 8l 814 80 Gen G & El1 A(8) 129 Gen Gas pf B(7) 109 Gen Mills (3)... 75% Gen Out ctfs(2 Gen Ry Gen Ref! 13%. Gillette SR (5). Gimbel Bros.... Gimbl Br pf(7).. Glidden Co t1% . Gobel (Adolph). Gold Dust (new) Goodrich(4). Goodyear Tir Gotham H (2%). Gotham Hpf(7). Gould Coupler A Graham-Paige. . Grahm-Paig rts. Granby Min (7). Grand F&W (1, Grand Unon. Grand Un pf(: Grant W T (1) Grt North pf(5). Gt Nor pf cfs(5) GrNorOrefs3y. Grt Wn Sug 2.80. Grt Wn Su pf(7) Greene Cana($). Gulf Mo & Nor.. Hacknsk W(1%) Hahn Dept Stor.. Hahn DS pf6%. Hanna M A (7)., Har & Walkr(2) tmn B(1.30). Hayes Body (b8) Hersney Corp. Hershey pf(4).. HockingVal(10) Hollnd Fu(e2%) Houston Oll..... Howe Sound(4).. Hud Man(2%) Hudson Mot(5) upp Mot(£3)... 1llinots Cen(7) Ind O & Gas (2). Ind Motor Cycle, indidn Refining. Indian Refg ctfs Indust Rayon. .. Ingersoll R 1514, Inland Sl (3%). Inspiration C(4) interboroRapTr. internat Agri. InterconRubber. Int Ag Ch pf(7). Intl Bus Ma (5). Int Cement(4).. int Com Eng(2). Int Combus(rts) Int Harv (2%).. 3874 re 104 29% 39 % 179% 1 % 5% 44% 524 17% Int Mer Mar pf.. Int Nick,Can $0e Int Papr & Po B. Int Papr & PoC. int Ry CA pf(5). Intl Salt(5). . Int Tel & Tel(6) Int Tel&Tel new Inter Dept S(2).. Intertype(t13%) island Creek(4). Jewel Tea (15).. Johns-Manv(3). Johns-Man pf(7) Jones&Lau pf 7. Jordan Motor... K C Po&LtB(6). Kan City Sou(5) Kan C So pt(4).. Kaufmn DS 1%. Kayser J(6).... Keith-Al pf(7).. 16% 271% 2 1% 5 36% 54 145% 1 187% 1 1211 121% 1 10% 1o 1 8344 64l 27 B8Y% 107% 1 T Kelvinator Corp. Kendall pf 1635 . Kennecott (4) Kinney (G R)... Kinney(G R) rts 1% Kinney p(8)... 1 Kolster Rad) 0% Kratt-Pho(1%). 4% K 38% Kreug . Kroger'Grofel). 91% Lambert Co (8). Lee Tire & Rub. Leh Por Cmt 2% Lehigh Val Coal Leh Val C p£(3). LehighVal(3'). Lehn & Fink(3). Lig& Myrs B Lig & M pf(7) Lima Locomtv Liquid Car t4 13 Loew’s pf (6%). 58 oil... l.ouis GasA 1.75, LudlumSti(2).. MacAndrw pf(6) Me Call Corp(4). 85% 50 69% 697 68% 68% 65 96% 9% U5% 44% 4T% ddw . 106% 107% 106% 27 818, 82% 83% 130% 132% 129% 4% 50 43% 43% 43% 90% 90% 884 55% b4k 136% 136% 1364 874 89% 3T% 20% 20% 20% 49% 40% 48% 90% 95 % 15 1 814 & %5 144% 144% 142 18 18% 18 50 69% 67% 95% 45% 26 13% 89% 7! 183% 52% 105% 0% 118 251% 114 828 3% 109% 129 109% 78t 834 124% 501 9% 113% 3% 2% 129 109 5% 1 46 49% 65% 84 L% 4% 48% 20% 27w 123% 123% 123% 104 102% 102% 102% 29% 40% 33% 116% 116% 116 163% 164% 161% 45 46 103% 1024 29 40 116 161% 46 29 45 274 274 27% 39% 40 99% 99% 99% 96% 964 95 58 26% 264 25% 39% 58 69%% 43% 88% bi% 144 144 91% 90% 90m 49% 48 31% 291 291 13 134 48Y 13% 9% 9% 9 2%k 2% 2% B0 178% 920% ™% T4 s % l;% 113% 5ls 75% 81% 269% 94% 904 T4 6% 36% 64 b53% 46% 145 89 183 21 121 2% 121% 10% 10 10% 110 B4 83 64% 64% 27 ‘27 B9% 88 10 107% ™ 1Th 121% 10 110% 84 64% 27 88% 110 41k 40% 5% db 9% 49 39% 87% 9% 90% 1 65% 21% 28% 14 39% o4 107% 107% 107% 107% 85% 58% SAG&EDPI(4). 85% McGraw Hill( Mclntyre P(1) M T I3 Mack Truck(6). Macy Co (e2). Mad 8g Gar 1%. Magma Cop (5). Mallison & Co... Manati Sugar. Manati Sugar pf | Mandel(23).. Man Elec Suply. Man Elev gtd(7) Man El m2g(db) Maracaibo Ofl.... Malr-Rock (4). Marmon Mot (4). Martin-Parry. Mathiesn Alkil May Dept S(4) Maytag (12) Maytag pf ). Melvie Shoe 1.4 Menxel Co. MetroG pf(1.89) Mexican Seab. | Miami Cop (4) Mid. Mid States ctfs. . Minn & St Louts. Mo Kan & Tex. . Mo K&Tex pf(1) Missourt Pacific. % | MoPacifie pf(5). Mohwk Car 3% . Mont Ward 3%.. Moon Motor... Mother L (40¢).. Motion Pic Corp. Motor Meter A.. Motor Prod(2).. Motor Whi (2) Mullins Mfg. Munsingwr (3) Murray Corp.... Nash Motors(6). Nash & Chat(7) Nat Acme (1). Nat Bellas H 11, ancfilncu!unl Nat Radiator. ,. Nat Supply(18).. Nat Supply pf 7., Nat Surety (5). Nat Tea (1%). Nevada Cop (3 Newport A (3).. Newton Steel(3) N Y Central(8).. N YUC&StL). N Y CStL pf(6). NYNH&Hart(4) NY NH&H pt(7) N Y Ont&Westn N Y State Rys pf N Y Sum pf(6).. NY Stm 1stpf 7. Norf & Wn(110) NorAm b10% stk North Am pf(3). NorAm Ed pf(7) No Ger Lld 3.41. Nortn Pac(5). Nor Pae cfs(5) Nunnally Co. Ofl Well Spf.... Oliver Farm Eq. Oliver conv (3).. Oliver pf A (6).. Omwnibus. Oppenhm-Col (5) Otis Stl pr pf(7) Pacific Gas (2).. Pac Lightg (3).. Pac Tel & Tel(7) ac Oll Stubs. ... Park & T11(33) Park Utah(80¢c). Pathe Ex. . Penick & Ford. . Penn Dixle Cmt.. PennRR (4)... Pere Marq pf(6). Phila Co pf(3). Phil Morris(1) P Pierce Petroim Pillsbury (2) Por RicoToA (7). PortoRicoTobB. Postal T&C pf 7. Postum(3).. Public Serv 2.60. Pub Serv pf( 102 46% 1 Pub SE&G pf(6) Pullman Co4).. Punta Aleg Sug. Pure Oil (1%).. Pure Ol pr(x). Purity Baking. Radio Corpn.... RadloCo pf(3%) Radio pf (B).... Radio-Keith(A). Rand Mines 304. HeadingRy(4).. Reading 1st(2) Reading 2d(2). Richfield Oil (2). Rio Gr Oll (k2). Royal Bak P(1). Royal Bakg P pf Royal D(a1.336) Safeway pf (7).. St Jos Leaa:13). StL & San Fr(8) StL&SanF pf(6) Savage Arme(1) Schulte (h3%).. Schulte pf(8). Seab Alr Lini Seab Air L pf... Seagrave(el.20). Sears-Roe(13%) Seneca Copper. . Shattuck FG(2). Shell Un(1.40). Shubert The(5). Simmons Co(3). SimmsPet(1.60) Stnclair Ofl t2% Snider Pkg pt... So Po R Su 1234 South Cal Ed (2) Sou Cal Ed(rts). South Ry pf(6). SouRyM&O cfs ¢ Spane Chalfnt. . Spalding (1.60). Sparks With(3). Spen Kellog 1.60 Svlcer Mf, Open. High. McCrory B(2)... 102 I NEW YORK STOCK EXCHANGE Low. Clcse. 99% 2 Received by Private Wire Direct to The Star Office . High. Low. Close. Std O of Cal(13) 9% 79% StdOIINJI (11%). StdO{INY(1.60) Std Plate Glass, Std P Glass pf.. Staniev Co..... StwartWar(3%) Stromberg (3).. Studebaker(35). Sun o1l (g1). Supertor O1l. Superior Steel. ., Superior Stl rts. Sweet of Am(1). Symington. . Symington CI A Telautogrph(1). Tenn Copper(1). Texas Corpn(3). TexasGulfSul(4) Tex&P C&O(L5) Tex Ld Tr(new) Thatcher Mfg... Thatehr pf 3.60 The Fair(2.40). Third Avenue. .. Thomp J R(3.60) Tidewater AsOfl T!IdIWASOIIDL (8} TidewatrO(80c) Tide W Ofl pf(5) Tim Det Ax t.80. Timken R B (3) 1ub Prod (1 4 Tob Prod A 1.40. Transcont Oll... Transue & W(1) Trico Prod (2% Truscon S $1.20, Undwa-E1 F (4) Un Bag & Paper. Union Carb(6).. 2 Un O11 Cali2)... Union Pac(10).. Utd Alr & Trans Utd AIr&Tpf(3). Utd Biscuit 1.60. Uta Cigar 8r(1). Utd Dyewood Utd Elec Coal. Utd Fruit (c4). US Cast Ir P(2). U S Distributing U S Distrib pf(7) Lea pr pf(7) Realty(4).. (7)., ,. teel pe(7).. U'S Steel new (7) U S Steel (rts).. Uni Leaf Tob(3) Uni Plc 1st pf(8) Univ Pipe & Rad Utl] PEL Ace2), Vadasco Sal Vadasco pf. Vanadium (r4) Van Raalte pf. Vick Chem(4). Victor pr pf(7) va Va-CarCh 6%pf. Wabash........ Waldorf(1%). ., Walgreen pf 6% Walworthe1.20). Ward Baking ( Ward Baking B Warner Bros Plo Warner pf(2.20) Warner-Qu(2).. Warrn Bros (15) Warren F&Pipe. Webstr-Elslobr.. W Penn E pf (8) W Penn Ei pf(7) West P Po(6).. West Dairy B... White Eagle(2). White Mot(1), .. White Rock (3). White Sew Mach White SM pf(4). Wilcox O11 & G.. Wilcox (A) 2% Wilcox Rich B.., Willys Ov e1.20. Willys-Ovd pf 7. Wilson & Co pt. Wilson Co pf A. Woolworth (6) Woolworth new. Worthn Pump. . Worth Pump(B) Wright Aero.... Wrigey ((13%). Yellow Truck... Young Spgs t23% 65 Youngswn Sh(by. 130% 132% Hourly Sales on N. ¥. Market. 10:30a.m.. 388300 1zm... 1 1:30 p.m. 2,229,700 2:15 p.; Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half- * Unit of trading le 20 ok e toa Bl it Jer 1% % In stock. & st Wall Street Briefs By the Associated Press. A radiogram from Marconi's Wire- less Telegraph Co., Ltd., received by the Radio Corporation of America said the shareholders of the Marconi Co., of record May 14 will receive a dividend of 20 per cent, actual, less tax, on the ordinary shares and an additional divi- dend of 10 per cent, actual, less tax, on the preference shares for the year 1928. The stockholders will meet in London. May 29. The Hayes Body Corporation reports sales for the first four months of 1929 of $9,6000,000, compared with $4,800.- 000 in the same period of 1928, an in- creass of 100 per cent. April sales were in excess of $4,000,000 and estab- lished a new high record for the com- pany. The plant of the company is reported: to be operating at peak capacity. The Phillips Petroleum Co. has added approximately 32,000 acres of potential t!)(fl M:'se:ervea to its holdings in Western s: MONEY MARKET. NEW YORK, May 7 (4).—Call money strong; all loans, 14; closing bid, 14; time loans firm; mixed collateral, 60-90 days, 813; 4-6 months, 8'; prime mer- cantile paper, 5%a6. Bankers' acceptances: 30, 60 and 90 days, 5%a5%:; 4 months, 5%a5'z; 5-6 months, 57.a5%. METAL MARKET. ged: spot and future, 44.00a44.12; lead, steady, spot, New York, 7.00, East St. Louls, 6.75a6.85; zinc, quiet; East St. Louls, spot and future, 6.55a6.60; anti- mony, 8.87a9.00. . FOREIGN EXCHANGE. (Quotations turhished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or pan).” today. 865 w. zloty . Copenhagen, crown...”". Oslo, crown. ... Stockholm, crown. 1 STOCKS ARE LOWER INMONEY SCARCITY Trading Falls Off Consider-| ably Under 14 Per Cent Rate. BY GEORGE T. HUGHES. Special Dispatch o The Star. NEW YORK, May 7.—With money holding at 14 per cent all the session and trading in much reduced volume, today's stock market drifted irregularly lower. During the forenoon the selling pre- dominated, but losses were never large; there was no important weakness, and after midday the list rallied. ~The pressure was again in evidence in the last half hour, when the low prices of the day were reached. The utilities and oils made the best showing, although they, too, sold off just before the end. Recently popular industrials which gave way more or less included Radio, American Can, Kennecott and Montgomery Ward. Buying in Sugar Stocks. On the other side were ranged Inter- national Telephone, By-Products Coke and General Railway Signal. A feature of the afternoon was the flurry of buy- ing which came into the stocks of the domestic sugar producers and of the cement manufacturers on publication ?t the terms of the proposed new tariff aw. The outstanding feature on the side of advance was International Telephone & Telegraph. Even when the rest of the market was heavy, demand for International Telephone, new and old, was insistent. The old stock, above 280, was at a new high for all time and the new stock above 94 at a new high since listing. The advance on the day on the ‘old stock was more than 10 points and on the new about 4 points. The chief pressure in the early deal- ing was exerted against Radio. First quarter earnings amounting to 34 cents a share on the present no par common were evidently a disappointment to the Street, which had expelted something better., The stock was heavily sold and had a 4-point setback before support appeared. At one time it was off more than 10 points from its recent high. Minor declines were recorded in many other industrials. American Can, Gen- eral Electric, Sears,” Roebuck; West- inghouse Electric and some of the uils sold off on 14 per cent money. It was still true, however, that activity on the decline always decreased. Bearishly in- clined professionals operated with ex- treme caution. They realized that any easing of the money situation would in- volve danger to a short position. Among the stocks which made good resistance were Atlantic Refining in the ofls and Consolidated Gas in the utility group. Each of these issues tad gained a following which was not to be dislodged easily. Columbia Gas was another strong electric light and power stock and so was Public Service of New Jersey. Commonwealth Power made u new high at 155, up over 6 points. Sparks Withington sold higher than at any time since listing. The airplane stocks were firm and most of them higher. During the forenoon the Advance Rumley issues broke sharply again, but without effect on the rest of the list. See “Artificial” Stringency. e Mack Trucks responded to the quarter income report, showing $1.89 on the stock compared with $1.01 in the same period of 1928, with a moder- ate advance. Chrysler was heavy, but Packard was higher and General Motors steady. Thz call loan renewal rate was 14 per cent, the highest since April 30. The Street persists in I’e‘fld"fin‘ the money situation as “artificial” which may explain the market’s comparative indifference to the high charge. Exchange of Stock Voted. NEW YORK, May 7 (#).—Stockhold- ers of Stromberg Carburetor Co. of America, Inc., have approved plans to exchange thelr stock for shares in Ben- dix Aviation Corporation. They are to receive 1 1-5 shares of Bendix for each of Stromberg. o GERMAN BONDS AND STOCKS. NEW YORK, May 7 (Special) — il . Asked. Ger Govt Red Loan with drawing ‘ctfs attached per 100 R M.... 55.00 60.00 Ger Govt Loan - without, drawing ctfs per 1,000 R M. 28.00 30.00 (Quoted in dollars per million marks) Hamburg 412s B .. 25.00 35.00 (Quoted in dollars ‘per’ thousand marks.) German Gen Elec 4%3s pre-war.. 23.00 25.00 German Gen Elec 4%as 1919 Berlin 4s pre-war..... Hamburg 3s. 3125 & 4s pre-war. Hamburg American Line 413s. North German Lioyd ¢} 1 4s Frankfort a-M 4s pre-war. 3 Munich 4s pre-war. g (Quoted in dollars per share. A E G (German lec) . .. A E G (German Ge Elec) pfd Commerz and Privat Bank I G Farben. . Disconto _Geilschaft. Berliner Handels Dresdner Deutsche B: Darmstaedter Bank hem oe3888858e8 3333333333388 S North Vien German_ Lioyd Austrian G (Gen The Commercial Naticnal Bank Pays interest on DAILY BAL- ANCES on Savings Accounts. Interest starts from DAY of deposit and is €arned to DAY of withdrawal. Come in and let us explain. Resources Over $19,000,000 14th & G Streets R. GOLDEN DONALDSON, President “Conveniently Located on 1ith Street” N, 3320 1529 14th S ec. Westheimer & FINANCIAL. LOAN SHOWS CREDIT STRAIN IN GERMANY Future of Money Market Depends on Settlement of Repara- tions Question. Special Dispatch to The Star. NEW YORK, May 7.—Cables from Europe have emphasized the stringency that exists in Berlin, where the Reichs- bank was refusing to rediscount bills for longer maturities than 30 days. Strenuous efforts are being made there to. keep the rediscount rate from going above 72 per cent. The immediate 1uf of the German money market is ‘tied up closely with the negotiations in Paris, which entered the last and most active phase today. The extent of the German financial crisis is indicated in the announcement of an internal loan of $120,000,000, with a7 f‘" cent coupon. Not only is the rate high, comparing with the last large German domestic loan at 5 per cent. but, in order to make it attractive and to “go over,” the government has per- mitted it to be tax exempt. This is a most unusual concession to the German vestor. One of the demands sdid to have been made by the German tes on Owen D. Young, chairman the be reparations debt fiberated tee 1 rated as a guaran or repara- tions payments. When the suo.oml German 7 per cent external was floated in this country in 1924—the amount of it has since been reduced to about $92,000,000 by operation of the sinking fund—it was stated that this was a direct and unconditional obliga- tion of the German government and a specific first ch: on all of the pay- Eem‘s provided for under the Dawes an. It also was a first charge on what sre known as the “control revenues” of the German government, consisting of customs and taxes on tobacco, beer, sugar and the net revenue to the gov- ernment from the spirits monopoly. The German government, under the indenture, cannot create any further charge upon the controlled revenues that would rank prior to, or equal with, the charge created in favor of this 7 per cent external loan. —_— Natives of South Africa are taking to the idea of wearing shoes to such an extent that local factorles cannot keep up with their orders. 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