Evening Star Newspaper, May 9, 1929, Page 14

14 * FINANCIAL/ THE EVENING AS AT NEW HIGH ON PRESENT MOVE Jells Up to 108 1-4 on Local Exchange—Harrison Sees Prosperity in South. BY EDWARD C. STONE. Washington Gas Light stock sold ligher on the local Stock Exchange to- cay. The stock closed yesterday at 108 and opened today at 108'4. Later changed hands 2t 108's, where it closed affer a 49- “hare turnover. The whole mar- ket was _active. Railway & Electric eferred moved to he extent of 45 hare at §7. Capi- tal Traction sold at he same figure, 2nd Potomac Elec- .ric Powe: 515 per cont preferred moved at 107'2. Federal - American Zo. common sold at 19%, 400 shares of Real Estate Mort- zage & Guaranty i sreferred at 7', and Mergenthaler Lino- ype at 1072 Three bank stocks appeared on the | Hoard. District National changed hands at 239, Liberty National sold at 255 and Riggs National at 578. Norfolk & Fairfax Harrison. | Washington Steamboat stock sold at |, 500. Bond sales were confined to Gas issues at recent levels. Harrison Optimistic on South. Fairfax Harrison, president of the Southern Railway, returned home yes- terday aboard the Ile de France after seven weeks' trip abroad. He stated that | although he had been out of touch with business for some weeks, all indications earlier in the year pointed to a suc- cessful period ahead for Southern in- dustries. “Aside from the present labor dis- turbances,” he said, “industries in the South generally are progressing gnost favorably, and, of course, on their suc- | cess depends largely the success of | Southern Railway.” Thompson on Curtiss Board. Eugene E. Thompson, head of Crane, Parris & Co., this city, has been elected a director in the newly organized Curtiss Airports Corporation, the com- pany being organized to operate a group of airports throughout the United States. The nearest port to Washing- ton is at Baltimore. Financing totaling $31,250,000 for | the Curtiss Airports Corporation, was | announced today in the offering | of an issue of 2,500,000 shares of capital stock of no par value, at $12.50 a share. The offering group consists of Blair & Co.. Inc.; James C. Willson & Co.. Hemphill, Noyes & Co.; Hayden, Stone & Co.; Hornblower & Weeks, Spencer Trask & Co., G. M.-P. Murphy & Co., E. A. Pierce & Co. Bond. Goodwin & Tucker, Inc.; Watson, Willlams & Co.; the North American Aviation, Inc., and the National Aviation Corporation. In connection with the offering it was disclosed that the corporation plans to obtain revenue from parking spaces for automobiles, from grandstands to be erected atop the hangars and from food and soft drink concessions. The corporation will start business with 13 in 10 cities. The airports were ported this morning that all the stock offered had been subscribed. April Sales Ahead of Last Year. ‘Total sales of department stores in April were 3 per cent larger and aver- age daily sales :u:er cent larger than stores. Increase in total sales was re- ported by 228 stores and decrease by 236 stores. Increases in total sales were reported in all Pederal Reserve districts except Atlanta and San Francisco, but were largest in the New York and Chicago districts. ‘The Federal Reserve Bank at Rich- mond reported that sales in the fifth district were 2.6 higher than in the same month a year ago. Forty-two stores made reports, 20 having an !n- crease in sales and 22 a decrease. Chicago'’s gxm was 8.3 per cent and New York’s 5.3 per cent. The decline in the Atlanta trict was not serious, Bankers’ Dinner Marked Success. The annual Spring dinner of the District Bankers' Association at the Columbia Country. Club last gight was a complete success, 220 being pre<ent, a record turnout. Convention pl were reported, the entertainment was highly enjoyable and the golf tournament at- tracted a host of entries. The association’s president, Robert V. Ple; , was one of the winners, while the other golf honors were ca: ried off by J. M. Johnston and C. B. Asher, A special prize was awarded to F. G. Awalt, deputy controller (f the currency, for his prowess on ihe 'inks. Special guests at the dinner, in ad- divion to Mr. Awalt, included Merle ‘Thorpe, editor of the Nation’s Business; Attorney William H. Donovan, I. A. Fleming, veteran financial writer and editor; Herbert T. Shannon, president, and Arthur Shelton, secretary of the Cotumbia Country Club. Institute Election Today. ‘The polls will open at 4:30 this after- noon in connection with the annual elec- tion of Washington Chapter, A. I. B, at headquarters in the Becker Building. First Vice President A. E. Henze moves up automatically to the position of president, succeeding James A. Soper, and Second Vice President Frank M. Perley moves up unopposed to first vice president. A lively contest is pre- dicted, however, over the selection of the new second vice president and the chief counsel. Smooth sailing will not feature the selection of new members of the board of governors, as there are four vacancies to be filled and nine candi- dates campaigning for election. These include H. W. Kimball, William Win- stead, Laila Sloat, Robert H. Whitten, Eugene Parks, W. C, Dietes, John de Marco, Frank W. Lee and Robert A. Sisson. The candidates for second vice president are A. O. Dooley and R. H. Lacey. J. Fred English and William B, Mehler are the candidates for chief consul. Rose L. Royce is unopposed for secretary, as is Richard A. Norris for treasurer. Convention Chairmen Named. Committee chairmen for the national convention of the Association of Life Underwriters have been announced as follows: John F. Cremen, general chairman; John Dolph, finante; Paul D. Sleeper, publicity; A. L. Baldwin, reservations, hotel committee; Eugene G. Adams, entertainment; Arthur W. Defenderfer, reception; . Lawrence Choate, registration; Earl D. Krewson, banks and trusts; Frank R. Strunk, transportation; H. R. Bryarly, open ses- sion; G. Lea Stabler, golf; John L. Mc- Elfresh, nearby associations; J. A. Marr, radio; D. Fulton Harris, blind under- writers; H. O. McLean, attendance: Harold D. Krafft, secretary; Russell P. Freeman, treasurer; Edward S. Bras- hears, chairman national association convention committee. The directors of the D. Pender Gro- cery Co., which has a large number of stores in Virginia, have declared the regular quarterly dividend of 87%; cents per share on the class A stock, payable June 1 to stock of record May 20. saving time. Open Abitib! Power.. 42 ADbitibl pt (6). Adams Ex (r Adams Millisc2) Adv Rumley. Adv Rumley pf. Ahumada Lead. Air Redetn (+3) Air Way El (2). Atax Rubher | Alaska Juneau Albany Wrap F Alleghany Corp. | Alleghany pf 5% l'Alifed Chem . Amal Leather. . Am Agricul Chm Am Agri Ch pf.. iAm Bk N pf(3).. Am Beet Sugar. Am Bosch . Am BrSh(h1.60) Am Brown Bov. Am Brown Bo pf Am Can (14). AmCar&Fay(6). Am Chicle (2). Am Encaus (2). Am Com Alcohol ) Am Hawa S§(1) Am Hide & L pf. Am Home P 3.60. Am Ice (13) 3 Am Internatl 12, Am LaFr&Foam Am LaFrance pf Am Locomot(8). Am Metais(3).. AmP&L (11).. AmPo&Lt pt(6)] AmP&Lpf sta 5. AmP&LLAG3). Am RA&StdS 1% AmRa&San(rts) Am Ry Ex(§ Am Republi Am Roll M (c2). Am Seating(3).. Am Ship & Com. Am Sm&Ref(4). Am Snuft (12) Am Stl Fdys(3). Am Stores (2) Am Sugar (5)... Am Sugar pf¢7). Am Sumatra(3). Am Tel & Tel(9) AmTel&Tel(rts) Am Tobacco(8) AmWWEEI(el) . AmWWist pf(6) Am Woolen. Am Woolen pf Am Writ Pa ctfs AmWritP pf(3). Am Zine of 1 Anaconda (7)... Amaconda (new) Anaconda (rts). Anaconda W&C. Anehor Cap 2.40. Andes Copr (3). Archer Danls(2) Armour Del pf 7 Armour TII(A).. Armour 1II(B).. . Armour Tl p£(7) Arnoid Con & Ce Asso Apparel (4) Ass0DrYG(2%). A850 O11(2)..e.e Archison(10)... 1 Atchison pf(5). . Atl Coast L(110) At Gulf & W1.. At Gulf pf (4).. Atlan Ref(11%) Atlas Tack..... Austin-Nichol Austin-Nich pf. Autostrap A(3 Auto Sales Ralto & O(6).... B &O (rights).. Balto & O pf(4). Bambgr pf(6%). Bang & Ar(3%). Barker Bros(2). Barnsda!i A (2). ) Beth Steel pf(7) Bioomingdale. . BohnAI&Br 3% Booth Fisheries. Borden (new). .. Borg-Warnr(J4) Boston & Me (6) Briggs MIgFCo. Brockwy Mot(4) Bklyn-Man(4). . Bkiyn-Man pf(6; BklynUnGas(5) . BrownShoe(2% ) Brunswick RB(3) Brunswick Ter. Bucyrus(1)..... Bucyrus ev(234) Bullard Co B BurnsBros pf(7) Burroughs (15). 2 Bush Term(g2). Bush Ter pf(7). Buff & Susq..... Butte Cop & Zine Butte & Sup(2). Butterick . Byer & Co. B By-Prodets 2% Calit Packg (4). Callaban Zine. . . umet & Ariz. Cal & Hecla(4).. Can Dry (14%). an Pacific(10). an Pac(rights) CannonMills2.80 e Thresh (6) Cavanagh-Dobbs Celotex Co (3).. Cen Aguirre(2). ‘ent Alloy 2)- Ry NJ(112). Cerro de Pas (6) Certain-teed Pro Certain-teed pf.. Ches & Ohito(10) O Corpn(3). Chi & Alton Chi Great West. Cin1 Gt West pf.. Chi Ml & St P.. Chi Mil & StP pt Chi & Nwn (4).. Chicago Pn Tool Chi PT pf(3%). CRiRI&P(7).. CR1&P pL(s, Childs(2.40). ... Christl B(1.20).. Chrysler Mot(3) City Stores new. City StoA (3% Cluett-Peab(5) . Cluett-Pea pt(7) Coca-cola (4) Coca-Cola (3 Colilas & Alkinn ol Fuel & Iron. Col Sou 2d pf(4) Col Gas (2)..... Col G&E pfA(6) Columbia Graph Col Carbon t43% . Com Credit (2).. Com Cr pt B(2). Com Inv Tr(34). Com Solv (h8).. Com Power (14) Conde Nast(2).. Congoleum-Nair Cong Cgrs (6).. ConCigprpf! ) Con Film pt(2). Censol Gas (3) ConsolGaspf (! ConRRCuba pt Consol Textlle. . Container A 1.20 Cont Baking A. Cont Baking Cont Bak pf(3). Contl Can (23%). Contl Can (rts). | Contl Insur (2). Contl Mot(80c). | Corn Prod (13).. Coty. Ine (g2).. High 128 447 61y 33% 65 65% Crossley Ra(31)« 103 104 Low. 119% 424 T 6 18 338 103 Note—The New York Stock Exchange is now operating on Eastern daylight- | crown cork & 5. Crue:ble Stito Curtias Aero1). Curtis Pub (6). . Cuyamel Fruit.. Davison Chem. . el & Hud(y). .. Del L& W(t7).. Den 1} Wn pi Detroft Ed(8) Devo&Rayn(13). Diamond M (8) Domin Stores(3) Drug Inci4) Duplan Silk (1). Dupont de N(4). Du Pont deb(6). Electriv Boat. KiecPow&Lt(1). Elec P&Lt pf(7) | Elee Stor B (5). Endicott pf(7). . Eng PubSer($1). Eng PuSpt5%. Kquit Bldg(2) ErleRR.. rie 18t pf. . Eureka Vac (4). EvansAu L $2%. Exchange(1%). Fairbanks Co pf. IolrDanks(3). .. Fashion P(k2%) KFed Min pf(7).. Fed Mot T(80e). Fidelity-Phoenx Fifth Ave(64c). Filine's (634)... Filene's pf(6%). First N P 1st(8) irst NatS(1%). Fisk Rubber.... Fletschman 133 Follansbe (214) Freeport T (4).. Fuller pr pf(6). Gabriel Snub A.. Gardner Motor. . Gen Am TC(34). Gen Asphalt. Gen Bakg pf. Gen Cabl Gen Cal Gen Cigars(4) GenCigars pf(7) GenElec sp(60c) Gen GREI A 1%. Gen Gas(rights) Gen G & El A(8) Gen Gas pf A(T) Gen Gas pf B(7) Gen Mills 3). .. Gen Mills pf (6) Gen Motors (3). Gen Mot pf(1).. Gen Out ctfs(2). Gen Ry Sig(5) en Refrac 13% . Gillette S R (5). Gimbel Bros. ... Gimbl Br pf (7). Glidden Co t1%. Gobel (Adolph). Gold Dust (new) Gold&StckTel 6, Goodrich(4). ... Goodrich pf(7).. Goodyear Tire. . Goodyr 18t pf(7) Gotham H (23). Gould Coupler A Graham-Paige. Grahm-Paig rts. Grhm-Paigecfs. Granby Min (7 Grand F&W (1) nd Unon. Grand Un pf(3). Grant W T (1).. Grt North pf(5) Gt Nor pf cfa(5) GrNorOrefs 31 Grt Wn Sug 2.80 Grt Wn Su pf(7) Greene Cana(3). Guif Stat Sti(4). Hack pf A(1%).. Hahn Dept Stor.. Hahn D Spf 6% Hanna M A (7).. artmn B(1.20) . Havana ElRy... HavEl Ry pf(6). Hawaiian P (2).. i Hershey pr pf(6) HockingVal(10) Hoe & CoA..... Hollander & Son Household(14).. Houston Oll..... Howe Sound(4).. Hud Man(234).. Hudson Mot(5 Hupp Mot(£2) Iitinols Cen(7). . ind O & Gas (2). Ind Motor Cycle. indian Refining. Indian Refg ctfs Ingersoll R 151 . 1nland Stl (3%). Inspiration C(4) InterboroRapTr. InterconRubber . Internat Agri. Intl Bus Ma (5. int Cement(4) { Int Com Engi2 Int Combus (rts) int Comb pf (7). Int Harv (2%).. int Harv pf(7).. Int Mtch pf 3 Int Nick,Can 30¢ Int Paper pf (7). Int Pa&PoA2.40. Int Papr & Po B. Int Papr & PoC. Int Pa&Po pf(7) Int Prtg Ink pf 6 Int Tel&Tel new Inter Dept S(2). Intertype(t1%). Island Creek(4). Johns-Manv(3). Johns-Man pf(7) Jones&Lau pf 7. Jordan Motor. .. K C Po& LtB(6). Kan City Sou(5) Kan C S0 pf(4).. Kayser J(5) Keith-Albe Kelly-Spring. Kels Hayes(2). . KelseyHayes(n) Kelvinator Corp Kendall pf $6% . Kennecott (4) Kimberly Clark. Kinney (G R). Kinney (G R) rts Kinney pf(8). Kolster Radio. .. Kraft-Pho(1%). Kreuger&T 1.34. Kroger Gro(cl). LagoOfl........ Lambert Co (8). Lee Tire & Rub. Leh Por Cmt 2% Lehigh PC pf(7) Lehigh Val Coal Leh ValC pt(3). Lehn & Fink(3). Lig Myers(16). . Lig & Myrs B 16 Lig & M pf(7) Liima Locomive. Liquid Car t4% . Liquid Car(rts). 3) Loft. Long-Bell(A) Loritlard pf(7) 647 | Louisiana OIl... 104 LaOlipf(6%).. Open. High. Low. Close. 50% 51 90 90 110 3% 9y 19 1% 5l 18% 11 51 169% 1174 181% 6813 1697n 17 178 6614 165% 15 1064 254 184 Gen Electric 18. . : 118% 84 113 131% 103 50 135% 384 24% 24 874 4% 20 144% 20 STAR. WASHINGTON, D€, THURSDAY, MAY 9. 1929, FINANCIAL, Open. Louls GasA 1.7 39% Louts & Nash(7) 1397 LudlumStl(2).. 95% Mac And(12.86). 37% Me Call Corpt4) McGraw HIll(2) VicKeespt Tin P) McKesson&R (2) McKsn pf A 3% Mack Truck(§) Macy Co (¢€2)... Mad BqGar 1% Magma Cop (5). Mallison & Co .. Mallison pf(7) Mandel(2%) Man Elec Sup 1034 164% 19 0% 30% Martin-Parry . Mathiesn Alkili. May Dept S(4). Maytag (12) Maytag pf (3). Maytag Ist pf 6. Menxel Co... .. Mengel Co pf (7). MetroG pf(1.89) Mexican Seab. . Miami Cop (4) Mich Steel(234). Mid-Cont P(2).. Middle State: M1d States ctfs. . Missouri Pacific 83% MoPacific pf(5). 134% Mohwk Cur 23 . Mont Ward 2% . Moon Motor. ... . Mother L (40c). Motion Pic Corp. Motor Meter A.. Motor Prod(2).. 1 Motor Whi (2) Mullins Mfg. Munsingwi (3) Murray Corp tBHess pf(7). U Biseuit(17) 181 Nat Bise pf(7).. Nat Cash Reg 14 Nat Dairy (33). Nat Dairy (new). Nut Dept Siore: Nat Distiliers NatDistirs pf(7) L 10% Supply(18). 128% t Tea (1%)... B1% N Newport A (3).. Newton Steel(3) N Y Alr Br(d).. 454 N ¥ Central(8).. 1811y N Y CStLpf(6). 108 104 {N Y & Harim(5) 293 NYNH&Hart(4) 97% N Y Ont&Westn 26% N Y Railwayspt 4 N Y Sumpfif).. 99% NY Stm 1stpf 1. 113 Nort & Wn(110) 196% NorAm b10%stk 1077 No Ger LId3.41. 5% Nortn Pac(6)... 100% Nor Pacefs(6).. 99 O11 Well Supply. 24 O1l Well Spf.... 99% Olivet Farm Eq. 56% Oliver conv (3). 667 Oliver pf A (6).. 987 Vmnnibus. Otis Ste . Owens Bot (ed). Pacific Gas (2).. 643 Pan-Amer Pet B .. 13% Panhandl Paramount. 66 Park & T11(33).. 64 Park Utah(80¢). 9% Pathe Ex. . 11% Pathe Ex(A) 23 Patino M (3.89).. 41% Peerless Motor. . Penick & Ford. . Penn Dixie Cmt. Penn RR (4). People's Gas(3 Pere Marq (18). Phelps-Dodge. ... 262 168% 79% Pillsbury (2). Pirelll (A) 2.88.. Pitts Coal. .. Pitts 8tl pf(7) Pitts Term Coal. Pitts Ter pf(6). PortoR1coTobB. Pure Oil (1%) Pure Oll pf(¥ Purlty Bakin o 79! Radio-Keith(A). 34 Real Sk p(7).. Reis(R)& Co. . Remingtn-Rand. Reo Mot (11) Kep1&S(4). Rep 1 & S p£(7). Reynolds Spng: Reynlds (B)2.40. Richfield 1l (2). Rio Gr Oil (k2). Rossia Ins (n). Ro; 57 46% 36% Safeway pf (6).. Safeway pf(7).. 104% StJos Leaa:13). 6% StL & San Fr(8) 110% StL&SanF pf(6) 94 SiL&Southwest. 96% Savage Arms(3) 44 Schuite (h3%).. 23% Schulte pf(8) Seab Alr L pf. Seagrave(el.20). 17l Sears-Roe(32%) 163% Seneca Copper. . 6 Shattuck FG(2). 1481 Shell Un(1.40). 29% Shubert The(5). Simmons Co(3). SimmsPet(1.60) Sinclair O1l t2% Skelly Oll(2). . Sioss-Shef(8). Snider Packg Co Snider Pkg pt... So Po R Su 123 South Cal Ed (2) Sou Cal Ed(rts). South Dairies A. South Dairies B. 1 5 ot 94 Sparks With(3). 215 Svear & Co » Spen Kellog Spicer Mfg Spiegel Co (3). Stand Com T(. SKAG&E (3%). Std G & E pt Std Milig pt 8td O of Cal(¥ StdOIINI(11% ). StdO{INY(1.60). Std Plate Glass., Std P Glass pt. 1% 43% 6 22 | NEW YORK STOCK EXCHANGE High. 39% 140% 961 371 841s . Close. AR Direct to The St: 39 | Std San M(1. 1407% | Staniev Co. 94 | StwartWar 371, | Strombe 84 | Studebaker(25). Studebak pf(7). Submarine Boat. % | Sun Ol (g1). Supertor O1l Superior Steel Svmington. .- Symington Cl A. Telautogrph(1). enn Copper(1). Texas Corpne3). Texas & Pac(5). TexasGulfSul(4) Tex&P C&O(b5) Tex Land Trust. Chatcher Mfg. .. Thatehr pf 3.60. he Fair(2.40 Tidewater AsOl} TidewatrO(80c) Tide W OIl pf(5) Tim Det Ax 1.80. Timken R B (3). b bron (140 Tob Prod A 1.40. Transcont Oll. .. Transue & W(1) Trico Prod(2% ) TruaxTraer 1.60 { Truscon S $1.20. Twin City pf(7). Undwd-El F (4) Un Bag & Paper. "nton Carb(6) . . Un Carbide (n) Un 01l Cali2) Union Pac(10). Un Facific pf4) Union Tank(5).. Utd Alr & Trans Utd AIr&Tpf(3). Utd Biscult 1.6 Utd Cigar St(1). Utd Cer St pf(6) United Corpn. .. UtdCorp pref(3) Utd Dyewood. .. Utd Dyew pf(7). Utd Elec Coal. .. Utd Frult (c4). Utd Paperboard. US Cast Ir P(3). U S Distributing U S Distrib pf(7) US Express.... 1S Hoftman (4). S Alcohol (8). Leath, Lea pr pf(7) Realty(4).. Rubber... Hub 1st pf.. Smelt(34).. Sm pf(3%). U 8 Steel(7).... 11 8 Steel pf(7) U S Steel new (7) U S Steel (rts).. Unt Leaf Tob(3) | Unt Pic 18t pt(8) Univ Pipe & Rad Util PAL A(e2). u u u u 1] u u u mnnunnne D Vick Chem(4). Victor pr pf(7) Va-Caro Chem. Vulcan Detin. .. Wabash pt A(5). Waldorfild)... worth(1.20) . Ward Baking (A Ward Baking B. Ward Bak pf(7). Warner Bros Ple Warner pf(2.20) Warner-Qu(z).. Warrn Bros (15) Warren F&Pive. Wesson Ol (2).. Wesson O pf (4) W Penn EI A(7). W Penn £l pf(7) W Penn El pf (8) West P Po pf(7) Westvaco Chlor. w:ll DairyA(4) Weston Electrio. White Eagle(2). | White Mot(1)... White Rock (3). White Sew Mach Willys Ov ¢1.20. Willys-Ovd pf 7. Wilson Co pf A.. Wilson & Co pt. Woolworth (8 Woolworth new. Worthn Pump. . Worth Pump(B) Wright Aero.... Wrigey ((13%). Yale&Towne(4). Yellow ‘Lruck. Yel Tr & Co pf.. Young Spgs t2% 644 | Youngsu sh(s). 130% Hourly Sales on N. 10:30 am.. 445100 12 1:30 p.m. 2,396,000 3:1 Dividena rates as are the annu eyt * Unit of tradii t Partly extra. 1 | 33 in preferred stoc! & Pald this y e in_stocl Plus 5% able when earned. e Pa stock. f Plus_10% in s h Part C stoek. Plus 1/130 Payable 1/10 tocl Pe. Corporation. riod. Rate. An Roling s % B Q 3050 Am sig Rig'Co Q 3135 5 Q 178 Q 925 cery Co Cl A. Q Petrolt Edizonco @ Eastman Kodak o em ptd -.Init Q$1.62% Munsingwear inc @ .78 Do . . Ext 80 tl N onooil....... Patino Mines ‘& Enterprises e SouthwesiernPow & Lt Co pfd. st Louls - San Francisco RY. Timken Roller Bearing Co. .. UnitedAircratid Transport Cor Q s$1.00 2§ ull prd.. — 1% stock. distribution, value (or London, pound E Paris; fran n Eopennann. agen, cre 83 fo, crown’, . Stockholm, crown . 79 ‘ 61 42% ! Oil of New Jersey, to be 131 bove al cash payments based o ost quarterly or half-yearly declarations. Received by Private Wire ar Office . High. Low. Close. 53 63 53 14% 4z i 0% 46% 96 130 ¥. Market. m... 1,600,100 § p.m 2,782,700 n the n the than s 4% ' Rtock Sl ke 1 Jus 1/35 in stock b Pai '—no regular rate. in stock. able in e atock. ¢ P i Pl qua; e aquarterly in | stock. m United Cigar Stores common stock. B Plus 1%% In’ stock. DIVIDENDS. P able. July 15 July July May 15 June 1 July 15 June 29 June 29 June 29 June 1 July 1 June 1 June 1 May 20 June 10 3 July 1 June 20 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks ). toda ‘The annual report of the Standard issued shortly, 74 is expected to show 1928 earnings of 25% around $100,000,000. STOGKS RECULAR N SELLING HOVE Partial Recovery Follows Heavy Liquidation as Money Remains High. BY GEORGE T. HUGHE! Special Dispatch to The Star. NEW YORK, May 9.—Today's stock market consisted of two distinct pe- riods. In the first half of the session there was heavy selling, sharp declines and fairly large volume. The obvious cause was the continuance of 14 per cent money, which was the renewal rate. The second phase was one of recov- ery, a recovery which did not entirely wipe out all the early losses, but which did put up some stocks to show uet gains on the session and did alter the appearance of the entire list. The rally followed the drop in money from the 14 per cent renewal rate, first to 12 per cent and then to 10 per cent. On the afternoon upturn the cils | were prominent, particularly the Stand- ard Oil issues. Consolidated Gas was another feature on the side of advarce. General Motors was steady all day, only fractionally under Wednesday's close. Unéled States Steel was heavy up to the end. This was the fourth successive day on which call loans had been made at 14 per cent. That was the rate at the close on Monday—it was the rate all of Tuesday and yesterday and it was the renewal rate this morning. The time appeared propitious for profes- sional operations for the decline and they were initiated on a large scale. Stop loss orders were uncovered and weak holders sold out. ‘The losses were fairly uniform, al- though the ofls resisted better than any other part of the list. United States Steel dipped below 180 for the first time in a month. General Electric which had such a spectacular rise ye: terday, was off over 7 points in mi morning. General Motors was down only fractionally, but high-priced spe- cialties like Union Carbide, off over 12 points, were easily depressed. An interesting feature was the weak- ness in rails. The car loading state- ment for the week ended April 27, pub- lished today, showed a total passing the 1,000,000 car mark for the second time in a year and an increase in every class carried but one over the same week a year ago. The figures had no effect on the market, and New York Central, Union Pacific and Baltimore & Ohio | were down 2 points and more. 'STOCKS BEING HELD DESPITE HIGH MONEY Public Shows Determination to Retain Securities and Pay Charges. S Spectal Dispatch to The Star. NEW YORK, May 9.—The persist- ence with which the public holds its nine years is one of the remarkable nspecfie of the present speculative sit- uation and one on which brokers were commenting today when the renewal rate was again posted up at 14 per cent. k' rage rate was 11 per cent, or next to the highest since Jan- uary 1. Brokers usually charge their customers from !¢ per cent to 1 per cent above the cost to borrowed money. A great many people have been tak- ing money out of the savings banks or from their cheeking accounts and buy- ing stocks on margin. Interest on their savings deposits ranges from 315 to 412 per cent in different parts of the coun- try. On checking accounts in the New York territory the interest rate runs from 2 per cent to 3 per cent. It is gen- erally stated that margins at present average around 40 per cent. Some are as high as 50 per cent. The difference is carried on borrowed money. The return to the holder of many of the popular industrial stocks, on the basis of their present prices and divi- dends, plus “rights,” is frequently as little as 2’2 and“3 per cent. In some 100 there is no income, as idends have not yet been inaugurated. Unless, therefore, these stocks have a steady advance from month to month, the holder who does not own them outright finds himself “in the ments on the first of each month. High money rates are traditionally ets. They are apt, however, to prevail at the end of a long advance rather than while this advance is developing. Stringent money rates have now con- tinued for over 10 months, with rates since the first of this year at a higher average than any known to the present generation of Wall Street operators. ‘The customer of a Stock Exchange house who went over his books today would find that it had been costing him better than 10 per cent to carry his securities since he entered the market after the break last November, and even more if he made his first commitments in the period of record markets last February and March. CHICAGO DAIRY HTB.KET. CHICAGO, May 9 (#).—Butter, lower; receipts, 7,363 tubs: creamery extras, 41;; standards, 41l%; extra firsts, 40%5a41; firsts, 391,a40; seconds, 38)2a39. Eggs, higher; receipts, 28,038 cases; extra firsts, 30; firsts, 207,4a29'5; ordinary firsts, 28a20; storage packed, ;l]mu, 29%,a2915; storage packed, extras, Poultry, alive, steady; receipts, 1 car; fowls, 20a33; brollers, 32ad4; roosters, 20'2; turkeys, 20a30; ducks, 24a30; geese, 17, Usual Dividend Voted. PHILADELPHIA, May 9 (Special).— The regular quarterly dividend of 50 cents per share has been declared on the class A common stock of the Charles E. Hires Co., payable June 1 to stock- holders of record at the close of busi- ness May 15. OIL OUTPUT AGREEMENT. NEW YORK, May 9 (#).—It is re- i ported in Wall Street that leading oil producers in Venezuela have reached a “gentlemen’s agreement” to curtail pro- duction to that of the 1928 level. The oil trade would greet such a develop- ment highly important, for Vene- zuela has become the second largest oil-producing country in the world, ex- ceeded only by the United States. Leading producers in Venezuela are. the Royal Duteh, Gulf Oil and Standards of Indiana and New Jersey, largely oper- ating through subsidiaries. Oil officials declined to make any official comment on the report. LA e LA Drug Company Expands. NEW YORK, May 9 ()—Drug, Inc., has acquired the Wolff Wilson Co., which operates eight retail drug stores in St. Louls, in exchange for 13,500 shares of the corporation’s stock. Steel Ingot Production. NEW YORK, May 9 (4).—Production of steel ingots in April declined 120,233 tons from the March output, says the mne'an Iron nnd‘ Ds;:‘e’l” num;r:, tonnage was 4,938,025, ainst 15,058,258 for the previous monu:" SIA'E'E! - E 3 Over a Third of a Century Without a Loss B. Main 2100 THERE F. SAUL 1575 NGO RS T - MORTGAGES THERE’S NO SHRINKAGE —in the value of our 6% FIRST MORTGAGES The loans they represent have a wide margin of security— based on conservative appraise- ment. No better investment for a term of years, at a fixed return. 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