Evening Star Newspaper, May 11, 1929, Page 24

3 FINANCTAL." 24 FINANCIAL.,’ 1929, BANKS FAVORABLE THE EVENING STAR. WASHINGTON. NEW YORK STOCK EXCHANGE B SATURDAY. MAY 11, CHICAGO POULTRY PRICES. | Received by Private Wire Alive, steady; receipts, one car; prices | Direct to The Star Office unc] p | X | 0 CREDIT BUREAU Adoption of Important Step Voted at Special Meating of Local Association. BY EDWARD C. STONE. At a special mecting of the District Bankers' Assocfation, held late yester- day afternoon, it was voted to establish a credit bureau. This was one of the big lssues before the association last year and is one of the most important steps taken this year. The action has been taken as a protective measure for the banks, one aim being to pre- vent so-called double borrowing, that is, the obtain- ing of money from different banks with insufficient collateral. In oth- 3 er cities many of i these bureaus are George R. Suter. | connected with the clearing _house associations. Local bankers, however, felt that such an or- | |am saving time. Abitibt Power... Abitibi pf (6)... Ab&Straus pt 1. ms Expih) Adams (rts). Adams Millisc2) Adv Rumiev Adv Rumley pf. Ahumada Lead. Alr Redctn (+3) Air Way E1 (2). Asax ko Alaska | Albany Wrap Pa Alleghany Corp. | Alleghany pf 5% Al “hem. Al | Amerada(2). Am Agricul Chm Am Agri Ch pf.. | Am Bank N(13). | Am Beet Sugar. | Am Bosch. Am Brown Bov. Am Brown Bo pf Am Can (16)... | Am Chatn pr(7). | Am Chiele (2). Am Com Alcoh | \mn & For Pow | Am&For Pow 24. Am Hawa SS(1) 1Am Hide & L pf. Am Home P 3.60. Amlce (13).... Am Internatl 2. Fr&Foam Am LaFrance pf Open. a2 8114 109% 635 AT 34 S i 129°s 44n T 6a 187 T 100 28314 199% 311y 150 5%, 126 17 69 20% B8 1494 75 8la €07 . High. [t 81% 109% 1 635 477 'y 801 128 441 s 6 46 T fin 18% 18% A5 35 1011 100% 286 283 199% 199" 82 154 53% 1250 125 I, o 69% 67 30 29 BRM SR 1490 147 75 59 1% s 92 6 6 607 6074 ganization would function better as & i am I‘comot(8). 1,81 1181 118 part of the Bankers' Association. President Robert V. Fleming of the | Bankers' ,Association will appoint a | committeé in the near future to put the | new plan into effect. Headquarters will | be at bankers' headquarters and a bu- reau manager will be selected later. The council of administration of the | District of Columbia Bankers Associa- tion meeting yesterday, decided the eup offered by 1. A. “Pop” Fleming for the golf tourney in connection with the association ~ convention _at Montauk Point, Long Island. N. Y., June 20-23. should be competed for by active offi cers of member banks only. Young Banker Manages Branch. | One of the youngest bank officers in; Washington is manager of the branch: of the Franklin National Bank at 1111/ Connecticut_avenue northwest. He is George R. Suter. The young man was | born in the Capital, attended the public | schools including Business High School, | later taking courses in the Amcrlcln“ Institute of Banking. Suter started his banking career in 1922 in the Northwest Savings Bank, | Am Loco pf(7) Am Metals3).. Am Plano. Am Fiano pf. AMP&L (.. mP&LtA(3). AmP&LDS sta b Am RA&StdS 113 AmRa&San(rts) Am Ry kx(6) Am Roll M (c2). Am Saf Raz.ro) Am Ship & Com. AmS& R pf(7). Am Snoff pf(6). Am SuU Fdys(3), Am Stores (2) Am Sugar (5 Am Sumatra(3). Am Tel & Ca(5). Am Tel & Tel(9) AmTel&Tel(rts) Am Tobacco(¥). Am Tobac B(8) Am W W&Ei(el) Am Woolen. Am Woolen pf Am Writ Pa et then presided over by Francis M. Savage. When the savings bank was taken over by Riggs National Mr. Suter | remained there under the new manage- | ment until the middle of 1924 when he | decided to leave the banking business | and try his fortune in the insurance | field. It tock him only a few months | to find out that he much preferred | banking to his new venture and con- | sequently secured a position in the main | office of the Franklin National. Two years ago he was placed in charge of the Connecticut avenus branch and in January of this year was elected an assistant cashier. The of- fices are being completely made over and doubled in size and will be opened to the public soon. Business is now carried on in adjoining temporary quarters. The officers of the bank re- port that rapid business growth in this part of the city forced them to plan the enlarged facilities. Check Payments Under 1928. ‘The volume of money turnover during | the week ended May 4, as indicated by check payments, was larger then in jhe previous week, but smaller than a year ago, according to the Department of Commerce. Steel plant aectivity ad- vanced from both prewious periods. Output of crude petroleum during the latest reported week ‘was smaller than for the previous week, but larger than during the corresponding period of last year. Output cf bituminous coal showed gains over both prior periods. Lumber output, although un- changed from the preceding week, was greater than in the corresponding weex of 1928. Primary distribution of goods, | as indicated by car loadings, was 6 per_cent greater than a year ago. General level of wholesale prices showed no change from the previous ‘week, but was lower than a year ago. Prices for ion and steel likewise showed no echange from the previous week but averaged higher than a year ago. Cotton prices also remained at last week’'s level but were lower than for the similar period of last year. Bus- iness faflures were smaller in number than in either the previous week or a year ago. Receipts of hogs at the principal pri- mary markets during the week ended April 27 were greater than a year ago. ‘Wheat receipts during the same week showed a decline from last year. Cattle receipts were smaller than a year ago, as were also receipts of cotton. Heads Building Association. ) Thomas P. Brown, director of Libety ! National Bank, was elected president of | the Mutual Serial Building Association | at a recent meeting of the board of di- rectors. The association is one of the oldest in the city, having been organized in 1892. Bank Clearings Show Gains. Bank clearings in Washington for the week ending May 9 totaled $30,952,000 | in comparison with'$29,921,000 for the previous week and an increase of 6.1 per cent over the corresponding week a year ago. Bank clearings for the country as a whole revealed a falling off from both the: previous week and the correspond- ing period last year, although the de- creases were comparatively small. Outlook for Summer Business. Business activity normally reaches its peak in late March or April, accord- ing to the United Business Service. This vear two of the most important industries, automobile and steel, have both continued to expand past their usual peak periods and are still going at top speed. It is entirely improb- able, however, that they will continue at these abnormally high levels through the Summer moni* & Building, after the constant increases for a number of years, is now subs! tially off from last year's figures. Com- modity prices, éspecially farm products, have fallen enough to curtafl seriously | farm buying power later in the year. The money and credit situation is disturbing not only here, but abroad. where central banks have advanced their rates to protect their exchanges. | That will curtail purchasing power and | hurt our export markets and pull funds | away from New York. Yet the Federal Reserve Banks pos- | #~ss an ample supply of unused eredit. | 1f a moderate depression develops dur- ing the next few months, this can be checked by substituting 'a policy of credit expansion for the tightening pol- fcy that has been followed since the first of the year. It seems, therefore, that while the normal seasonal slackening of business must be anticipated and prepared for. there is no reason to anticipate any exceptional decline of industrial activ- ity or trade. Tt will be well to remember, however, that recession is likely to appear more severe than it really is by comparison with the unusual burst of activity which has been experienced during the past Vinter and Spring. Heard in Financial District. The Federal Reserve Board reported here today that the Chicago Reserve Bank made no change in its rediscount ate of 5 per cent at yesterday's meet- in Keveral local bankers are severe in their ecriticism of the way in which the cell money rate has been manipu- Am Zine. Anaconda (7) Anaconda (new) Anaconda (rts). Anaconda W&C. Anehor Cap 2.40. Andes Copr (3). Archer Danls(2) Armour Del pf 7 Armour 111(A).. Armcur I1I(B) ... Arnotd Con & Co Asso Apparel (4) At Guif & Wi.. Atl Guif pt (4).. Atl Refg (f1%). Pow pl(6). Buito & U pf(4). Barker Bros(2). Barker pf(6%). Barnet Leather. Barnsda!l A i2). Bayuk 1st pf(7 Beacon Otl... Belding-Hemwy Belg N R pf(16) Bast & Co(3)... Bethlehm Sti(4) Bioomingdale. Blumnthl pf(7) BohnAl&Br t3% Hon Ami A(4) Borden (new) Borg- Boston & Me (6) Briggs MIg¥Co. Brockwy Mot(4) Bkiyn-Man(4).. Bklyn-Man pf(6. BklynUnGas(5). BrownShoe(23%) Biunswick B(3) Brunswick Tel Bucyrus(1)..... Huevrus cv(z%) Bullard Co. Burns Bro: (7) 15) Bush Term(g2) Butte Cop & Zine Butte & Sup(2). Butterick Co. Byer & Co § Byer & Co pf(7) By-Prodets 12% Calif Packg (4). Calumet & Ariz. Cal & Hecla(4).. Can Dry (143%). Canad Sou(3)... Cun Pacific(10) Can Pac(righ ase Threshg (6) Celotex Co (3).. Celotex pf (7)... Cen Aguirre(2). Cent Alloy:2). . Cerro de Pas (6) Certajn-teed P’ro Ches & Ohio(10) Ches & Ohiorts. C &0 Corpnid). Chi Greut West. Cai Gt West pf.. Chi Mil & St P.. Chi Mil & StP pt Chi & Nwn (4).. Chicago Pn Tool Chi P T pf(3%). CRIRI&P (7).. CRI&PpI(6). CR1&P pf(l). Childs(2.40).... Chrysler Mot(3) City Stores new. Cluett-Peabis). Coca-cola (4) Coliins & Alkmn Col Fuel & iron. Col Gas (2)..... Col G& £ pfA(6) Com Credit (2).. Com Cr-pf B(2). Com Inv Tr(34). Com Solv (h8). . Com Power (14) on Film pfiz). ConsolGaspf(6). Consol Textile. . Container A 1.20 Contatner B 6uc. Cont Baking A.. Cont Baking B Cont Bak pf( Cont) Can (2% Contl Can (rts). Contl Insur (2). Contl Moti8tie). Corn Prod (13). Coty. Ine (g2).. Crossley Ra(11) Crown Cork & . Cruc:ble Stito). Cuba Company . Cuban-Am Sug. . Cuban-A Sug pf. Cudany Ikg(4) Curtins Aero(1) Curtis Pub (6). Jated in Wall Street during the past week. It is believed that supply and demand have p'a in the sudden and unexpected ra changes, t } Cuyumel Fruit.. Davison Chem. . el & Hud(9). .. PelL& WD), 1ns 5614 6 35 108% 743 80%% 46% 2% 170 119 674 4'n 136 109 6674 7 B4l 46% 267 2201 5% 173% 1765 10% 3674 3 . 136% 137% 135 115 24% 24 B3% 634 384 Tl 52 53 45 200 L 102% 1025 1023 102% Atl Coast L(110) 180% 180% 180% 180% 60 119 5614 G 3 35 112 1085 TN T4% 80ix B0 46%n 461 2% 2W 170 170 19 117% 67% 67 4 4% 119 56% 6 136 136 109 109 66% 66 8 77 &5 3% 4 27 221 5% 178% 173 176% 17 115 24% 84 53% 53% 53w 52% 388 38 37l 8Th 14% 13% y. 59 118% 28% 8 291 2914 | GrNorOr efs 3% Zeh 22 Gri wa Sue 2.80 Grt Wn Su pf(7) 117 Gréene Cana3). Gulf Mo & Nor.. Gult Stat St(4). 52 45 45 200% 199% 60 Byn 42 8015 Note—The New York Stock Exchange is now operating on Eastern daylight- 71095, 214 1011 286 1% 92 607 118 119 565 6 25 110 4% 80 46 2% 170 117% 67 4% Am Sm&Ref(4). 106% 105% 104's 104's 136 109 66 7 | B3, 46% 36's 113% 231 8¢ 53% ' 874 13% 53 199 59% b5% 55% Baa St Tlia 1% 70 102 3% 134 614 6% T 102 13% 6ia 31% 32 31 32'-K 121% 121% 119% 119% | 101% 234 14% 82 87 110 554 105 134 87 94l 88 41% 24 79 23 92 2% 79 28 92 15% 154 48% 4T 101% 101t 23y 43l 14% 14 82l 824 88' 87 110 108% Beth Steel pf(7) 119% 119% 119 551 55 105 105 134 133% 87 87 9% 94 88 88 44 48 24 | ktd 28 92 15% 4T 101% 23y 14% 8244 Bxly 109 119 55 105 133% 87 9% arnr(J4) 135'% 135% 130% 132 88 44% bi% Al Bl bl% 63 84 186 41 4514 28'% 32% 434 534 104 100 291 6% [ T 155 110% 130 1% 64% 63% 84 84 186 “186 41, 45% 284 33% 434 53% 104 53k 104 100 100 291 290 63% 63% 110% 110% 130 130 7% 17% 63% 84 186 405 Nen RG Wn pf. Duplan Silk (1 Dupon' de N(4 , | L Pont deb(s Fastman pr(7) Elk Horm pf Emmerson Endicott pf(7) E ri KedL&Trac pf Witelity-F'hoen: Fillne's (614). Filene's pf(6% First N P Ist(8 First NatSo1% Florsheim (A) Follansbe (215 abriel Snub A Gardner Motor Gen Asphalt Gen Cable. Gen Cable A(4) Gen Cable pf(7 Gen Ci Gen Electric 6. GunElec sp(koe Gen G & Ei A(8 Gen Mills (3). . Gen Milis pf (6 Gen Motors (3) Out A(4). fien 1ty Sig 3 mhel Bros. Gobel (Adoiph) Gold Dust (new. Goodrich(4) Goodyear Tire Goodyr 18t DI(T) 103% Gotham H (2%). » 1354 | Gotham H pt(7). Gould Coupler A Graham-Patze Grahm-Paig rt Granby Min (7) Grand Un.pf(3) Grant W T (1). GreNorth pf(5). 71 | Gt Nor pf cfstB) 1025 Hahn Dept Stor Hawalian P (2) Haves Body (b3 Hersney Cor| Houston Oil. Howe Sound (4) Hudson Mot(5) flupp Mot (f2). indian Refining Indust Rayoa. Inspiration C(4. int Ag Ch pf(1) (nt Cement(4). tnt Comb pr(7) int Mer (14 Int Nick,Can 80 Int Pa&Po pf(? int Te. & Tel($ Johns-Manv(3) s | Jones&Lau pt 7 110% 130 7% 133% 133% 133% 133% 445 86 57 425 685 BY% 39% 47 101 24% 228 2 124% 100 107 5o 89 21% 6312 130% 601y 66% 69% 105 Columbia Graph 78% 74% Col Carbon t4% . 160 162% 159'% 162 517 | 3 52 26% 155 366 166 24% 76m » £50y 98 28% Cemsol Gas (3).. 117% 119 99 3 16% HAlh 164% 31 1214 45% £6 444 85% 425 68% 68% 89% 89% 395 39% 4T 6% 101 1000 24% 24 98% 15 3 52% ¥3ly 39% 52 124 124 100 100 107% 1074 57 Bb% B9% B3k 2. 2% 63% 634 130% 130% 602 60 66% 65% Tk 694 105 105 2% 52% 5l% 25% 65 1540 156 24% 17% 76l 12% 964 74 1% 83 21% ETEN 664 10 57 194 121 441s 68% | 893 39% 465 100% 247 124% 100 107% 130% | 60 66 105 1 78 26% 155 365 154 117% 57 194 121 Juiaan Motor .. | Kan City Sou'5 haufmn DS 1% Knyser J15) Ke.ly-Spring. heis Hi 2). Kennecott ¢4). Kresge SS pf(8 Kresge D S pf . LagoOll...... Lambert Co (8) Lee Tire & lub Lehlgh Val Coa LehighVaKil Lig & Myrs B t Liquid Car 4% Liquid Car(rts Loew’ Lot . Me Cail Corptd Macy Co (e2). Man Shirt(2). | Maracaibo O Market St prior. Marland Oil. .. Malr-Rock (14 Marmon Mot (4 Muruin-Parry. Mathiesn Alkil May Levt S14) Maytag (12). Mengel Co. Mexicun Seat Miami Cop (4) Mich Steel(21 Mid-Cont P(3) Mo K MStP&SSM 11( MoPacific pf(6 Mother L (40¢ Motion Pic Cor| Motor Prod(2) Motor Whi (3. Mulins Mfx. Mullins pf (7 AMupgingwrsh) Devo& Rayn(t3). | Dlamond M (8). *| Domin Stores(3) | tnue inecer.... 116 | Dunhill Int ($4). Eaton Axle (3).. 215 | Elec AvtoL 143 128% | Kiectric Hoat. .. 45 | Kieclow&Lit]). Elbe PRLY pf(T) EIPo&Lt f pd(7) 13d% Elee Stor B (§). Eng PubSer(31). Kng Pu S pf(5). ng PuSprily. it Bldg(2).. R Fureka Vac (4). EvansAu L $2%. Fashion P(k2%) FedLi1&Tra 11 Fixk Rubber. .. Fleischman t3% Foundation Co. . Fox Film A(4).. Freeport T (4).. Gen Am TC($4). Gen Gas(rights) Gen Out etfs(2). A, Gen Refrac 13% Gillette S R (5). Glidden Co t1% . Glidden pr pf(7) Grand F&W 1) Hahn D S pf 634. 100% Hanna M A (7). Hartmn BeL20) Hershey pf(4).. Hollander & Son Household(14).. Ind Motor Cycle. Indian Refg ctfs Ingersoll R 5% . 142 Inland Stl (3% ). iaterboroRapTr Intl Bus Ma (§) int Com Engi(2) Int Combus(rts) Int Harv (2%).. 116% Int Mich pt 3.20. Int Pa&PoA2 40. Int Papr & Po B. int Papr & Po C. Int Tel&Tel new 0% isiand Creeks). e vinator Corp. Kimberly-C 234 Kolster Hadio. .. Kratt-Pho(1%). Kresge (1.60). . Kreuger&T 1.34. Kroger Groiel). Leh Por Cmt 2% Lehn & Fink(3). Lima Locomtve. asA 1175, Ludlum8tl(2). | Mac And(12.85 Melntsre Pal). . McKeespt Tin Pl McKesson&R(2) McKsn pf A 3% 70% | ) Mad 8q Gar 1. Iy, Man El m2gidb) Maytag 1st pf 6. Melvie Shoe 1.40 Mex Pete (52). & 3 Mo K&Tex pf(7) Missouri Pacific Monwk Car 23 Mont Ward 2% Open. High. Law. Close. ! 68 68 8 b4t 54% 144 47 Murray Corp.... ash Motors($). & Chat(7). Acmex1)... Nat Bellas H 11, Nat Bi 6% y.. 128 ). 177% ). UTYH oo B 7018 1708 15% 69 1067% Nat Cash Reg 14 Distiliers atDistirs pf(7) 15% | Nat Lead pfA(T) 68% | Nat Pow&Ltcl). 1067 | Nat Radiator. .. 4 13413 | Nat Ry Mex 2d.. 827 825 | Nat Supply(18). 9 9 | NatSurety (5). O Tex&M (7). ewport A (3).. Newton Steel(3) ntral($). &HAart(4) N ¥ Ont&Westn Norfolk Sou 2% . 1& Wnitiv) A B10 G mik No Ger L1d 3.41. 49% 607 65% R0 101% 101% 784 103 803 3 101% x - ) ) Oliver Farm Oliver conv (2). Oliver pf A (6).. Omwinibus. ... Oppenhm-Col(5) Otis Elev (6). Otis Nt Otis Stl pr pf(7) Owens Bot (c4). Pacific Gas (2).. Pac Lighig (3). Pac Tei & Tel(7) ). Pan-Amer Pet B Paramount-F-L k & THI(33).. Utah(80¢). Pathe Ex.... Pathe Ex(A) Patino M (3.39). Penn Dixie Cmt. Penn RR (4). Penna RR (rts). 39 |Vere M priori6). 114% | Phelps-Dodge. .. 280 | PhIls & RC& 1. 1125 | PRIl Morrisc1) ., ). 106 265% 114 1 ) 128% ) e 11t 39 “ 102% 49 64% 834 % e ) Pierce Petroim. . Pillsbury (2). | Pirelll (A) 2.88.. Pitts Coal. Pitts Coal pf. Pitts Ter pf(6). PortoRicoTobB. Pustum3)..... Prairie Oll&Gas. Prairie P L t3% Pressed Stl Car. Prodn & Refinrs. Public Serv 2.60. Pub SE&G pf ¢ Puibmun Coid) Pure Oil (1%) Pure VIl plis) Radfo Corpn Radlo pf (B).... Radlo-Keith(A). 43 [RSCefsd).. 100% | ReadingRy (4).. Reading 1st(2 Keat Silk Hos. Real Silk pf(7 13; 4814 .o 94k 12% 350 1% 82 89 . 4N . 119% 1057 2914 38% 156'% 45l 64 43% 95% 26's 635, 63k 92 ) Republic Brass. Kep 1 & S(4).... rolds Spnge. eynlds (B)2 40 Richheld Oll (2) o Gr Ol (k2). Itossia Ins (n). . Royal Bak Pi1) Royal Bakg P pf Royal D(a1.336) y (3) St Jos Leans SLL & San Fr! StL&SanF pf($) StL&Southwest. Savaze Arma(3) Schulte (h3%).. Seab Alr Lin Seab Alr L pf... Seagrave(el.20). Sears-Roe(33% ) Seneca Copper.. . Shatiuck FG(2). Shell Un(1.40). Shubert The(5). Simnions Co(3). | StmmaPet(1.60) Sinclair Ol 2% Sinclair pf(8)... Skelly 011(2) Snider Packg Co Snider PKg pt... So Po R Su t2%. South Cal Ed (2) Sou Cal Ed(rts). South Dairfes A. South Dairies B. South Pact6). South Ry8).... uRyM&O cfs ¢ 5% 167 T0% 96 68 i 55 . 108% 894 48% 29% 70 ) PENY ) ) “278% 2 b4 183 121% 10 B4 2é% BB ) Sp! Sp Stand Com T(1). SIAGEE (3%). Std’0 of Cal(13) StdOINI(11%). SLA0INT (1.600, 314 Plate Glass. Staniev Co StwartWar(3% Stromberg (3).. Studebaker(35). Submarine Boat. sperior O Superior Steel. Symington Cl A. Telautogrph(l). renn Copper(i). Texas Corpni3). FexnsGnifSnti4) | Tex&P C&O(b5) Tex Land Trust. he Fairt2.40). . Thomp J R(3.60) | Tidewater AsON | THAWASONDI(S® 1915 | TidewatrO(80 3a | Tim Det AX | Timken R B (3). o 14 Tob Prod A 1.40. Tob I’rod efs(A) Tob Prod ctfs B. r'ranseopt OM1: . . Transue & W(1) Trico Prod (2% ) Undwd-EI F o) mion Carbe U'n Carbide (n UnONCald). nion Pact10) Utd Alr & Trans Utd Alr&Tpf(3). g 14 W% 88% 9% 30 143% 18% 1 3 ). 3! 941y 37 ). ) « U'td Corpn pf(3) U1 Dyewood. .. Utd Dyew pf(7). Utd Eiec Coal.. Utd Frult (c4).. Utd Paperboard. US Cast Ir P(3). US CIP 18t 1.30. U S Distributing U S Aleohol (8). US Leather.... U S Leathr A14) or pf(7) Realty (5). . s ) 100 : 111, i 528 ) ol U S Steel (rts). . Uni Leaf Tob(3) Univ Pipe & Kad Utll P&L A(e2). Vadasco Sa Vanadium (14). » 4l 42 | van Rasite pf ot 3 131 | Vick Chem(4) 4615 ! Vietor pr pf(7 67 | va-Carn Chem. . 95 95 Vg-CarCh 8%pf. b8 b8 - VAaE&PpIS), 4) ) ) 5o 9k L v B8 BB Open. Hish 96U 9TR 975 201 35 57 143% 126% % 1667~ [ 148% 297 65% 391 108% pt 51% 524 124% . Low. Close. 95% 96 Open. High. Low. Clese. 85 B4 .85 31 30% 391s 44% 11% 26% 55 Vulcan Detin... Waldorfi1%) Walworthel.: . Ward Baking (A Ward Baking B. Warner Bros Pie 126% 2).. Warrn Bros (15 Warren F&Pin Webstr-Eisloh: Wesson O pf (4) W Fenn Ei pfi1) West P Po(6)... West P Po pf(7) West Vaco (2).. West Vaco(rts). West DairyA(4) :’Cll Dairy B... Wilcox 011 & G.. Wilcox (A) 234, W:lcox Rich B. . Willys Ov c1.20. Wilson & Co. Wilson Co pf A Wilson & Co pf. Woolworth (8).. Woolworth new. Worth Pump(A) Wright Aero Wrigey ((13 vellow Truck. . Young Spgs t2% Youngstn shiby Dividena rates are tne annuai 61% 282 2 941 82 . 141 an 47y 6ily 130 130 ed_stock. Paid this year—no- regular rate. b Pay. n stock. us 5% in stock _d Pay when_earned, e Payable in cas) k. f Plus_10% in stock. tock. a1 3 0 share quarterly in stock. m Payable 1/10 share quarterly in United Cigar Stores common stock. n Plus %% 1n stock. ‘Wall Street Briefs By the Associated Press. NEW YORK, May 11 (#).—Aircraft Corporation reports its operations at capacity, with efforts being directed toward increasing the motor produc- tion. Last month the company ship- ped more than 75 motors, a new rec- ord. May shipments are expected to }be even greater. American sheet and Tin Plate Co. will erect a new and modern mill at Sharon, Pa. for the production of ex- tremely wide and full finished sheets. i New mechanical gas producers will be installed to replace the present hand fire producers. ‘Total sugar melt of 14 United States refiners from January 1 to May 4 was 1,700,000 long tons, compared with 1,500,000 long tons between January 1 and May 5, 1928. Deliveries to May 4, 1929, were 1485000 long tons, as against 1,425,000 to May 5, 1928. Robert M. O'Hara, manager of the bill department of the Federal Reserve Bank-of New York, has been appointed managing director of the Buffalo, N, Y., branch to succeed Walter W. Schneck- enburger, who resigned to become vice pnr:nslkdent of the Seaboard National The 100 per cent extra dividend. amounting to $18,603,800, declared by the Michigan Central Railroad. ma- terially increased the first quarter net earnings of the New York Central, which owns nearly all of the stock of the Michigan Central. Earnings for the quarter amount to $6.35 a share on the 4635586 shares outstanding. Excluding the Michigan Central's extra dividend, the earnings amount to $2.34 &’ share, compared with $2.17 a share | on 4,212,854 shares in the first quarter | of 1928. Business Notes By the Associated Press. NEW YORK, May 11.—The Building ‘Trades Employers’ Association of New York threatens to order a lockout of 75,000 men next Wednesday if mechan- ics now on a sympathetic strike with the electrical workers do not return to their jobs. The American Sheet & Tinplate Co.| is to build a new mill at its Mercer | works, Farrell, Pa. The plant will pro- duce extra wide full-finished sheets. Western Electric Co. has requested a permit in Baltimore to erect 14 build- an estimated cost of $30,000,000. n’s Review finds that, although the high level of commercial activity seems | in general to be sustained, there also are indications of increasing irregularities. W. W. Hoagland, president of Hayes Body Corporation, announces that his company has closed a year's $20,000,000 contract with Marmon Motors. The city of Albany, N. Y., has award- led a $1,457,312 cast-iron pipe contract to the United States Cast-iron Pipe Co. Robert A. Gardner of Chicago and Charles G. Munn of Jackson, Mich., have been elected directors of the De Forest Radio Co. and of the Jenkins Television Corporation. Stockholders of Hiram Walker, Good- erham & Worts Co. have approved a 3 for 1 common stock split-up. The steel industry in the Youngstown district shows no decline in production. Départments making steel sheets, strip I:'zel, tinplate and semi-finished forms are operating at close to 100 per cent of rated capacity, while the output of steel bars, plates and shapes is between 80 and 85 per cent of capacity. PLANS STOCK DIVIDEND. NEW YORK, May 11 (®).—The Chesapeake Corporation notified the New York Stock Exchange today that | a stock dividend of 335 per cent would be declared, payable July 1, subject to approval of stockholders of record June 3. The dividend would be paid to stock of record June 27. Americans Better Paid. The Bureau of Labor statistics has made a comparison of wage scales in the United States and Great Britain, showing that British wages are consid- erably lower than those in the United States. The cost of lving. index is almost the same in both countries. " DIVIDENDS. et Go'pi pf Q1337 New Eng bu'8 Co @ i8¢ o e vl @ 1178 E Co pf Q June 15 June f June 20 June 20 June 20 Peabndy Coal Co B ; May 23 o — 32.00 o Corp of Am class A pf (350 Sou Cit U $6 pr Sau Ice U 37 pt bl Chem 53 S ] Westh Hatd” '!';u%”’,"' sth Auto Ga class A..... @ Tbe Do. class A" June 1 May LoaDsferred ‘dividénds (o cover period 27-28, 1On the $5:50 priority stock covered by t:tanding certificates, payable v iolimeny certideates of sgsord-Mar db vy A ST cum D Ut Equities Cor Va El & P 17 June 1 May igWeek End Realizing Cuts Into “a | ed United Corporation, which seems to| 4135, $hotn gy 6.0087.00 IN'PROFIT-TAKING Gains—Utility Issues Are Active. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, May 11.—Heavy realiz- |ing consequent upon yesterday's ad- | vance gave today's stock market an ir- | regular appearance, notwithstanding | proncunced strength in certain issues, | chiefly utilities. The selling, however, was well ab-| sorbed, and the irregularity nothing | more_than might have been .expected in a Saturday session. Utitities in Demand. Speculative enthusiasm for utility swc‘l):s was unabated. The recently list- | have made a special appeal to the trad- i ing imagination, forged ateadil. lheld‘ tn new highs. It sold today points higher than when it was first brought aver from the Curb Fxchange. Inci- dentally curb utility stocks were uni- formly strong today. The names of various operating and holding companies were mentioned as | objects of buying attention on behalf of United Corporation, but there was nothing official to be had. Consolidated Gas, touching 119, on huge blocks of stock, made a year's high, which was also the best since the {wo-for-one split up. Columbia Gas was actively bought and, above 71, likewise went to a new high. North American Co. and Public Service of New Jersey were in urgent demand. Rubbers were strong, principally Goodyear and Goodrich. The oil stocks made a good showing, ignoring the de- cision against renewing the curtailment agreement now in effect in the Seminole district. Standard Ol of New, Jersey bettered by a fraction its previous best price for 1929. The rails did better in the first hour. New York Central was up over a point. | New Haven touched par again and | | Great Northern preferred was bid up. | | The feature, however, was Chesapeake | | Corporation at a new high on an-, | nouncemen dividend payable July 1. Profit Taking Heavy. Radio was up at the start, but had difficulty in holding the gain. Famous | Players exhibited pronounced strength. The report was that it had made an | important acquisition in the motion pic- | ture field, and the stock advanced 3 points. i ‘The market did not do as well toward | the close, when the profit taking began | to have more effect. General Electric and United States Steel sold off. Cop- per stocks were heavy and some of the | issues which had been strong earlier in the ression yielded. $100,000,000 BUILDING PROGRAM IS ANNOUNCED | By the Associated Press. BALTIMORE, May 11.—The Western Electric Co. yesterday asked the Balti- t of a 331, per cent stock | Long-delayed St. Louis & O'Fallon decision_may ext Mond: i Prevai Joseph -1 At Low Interest Rates Tyler & Rutherford Representing Mutual Beneft Life Ins. Co. 1520 K Street Main 475 On District of Columbia Real Estate CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. 733 12th St. NN\W. Main 352-353 In Nearby Virginia Prud, 1 51/2 % lml:-ll::e'“Co. Loans Commonwealth Investment Co. 917 15th St. N.W. MONEY TO LOAN NO COMMISSIONS OR RENEWALS APPLY COLUMBIA PERMANENT UILDING ASSOCIATION 733 12th Street N.W. Main 352-353 First Mortgage Loans Lowest Rates of Interest and Commission Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No_ Appraisal Fee The Commercial National Company Fatd up Cash Caniial Commercial pital, $900,000 \ | ! | i \ | | | | Thomas J. Fisher & Company, Inc. ||| THOS. E. JARRELL CO. - Realtors 721 10th St. N.W. .Main 766 CompLETE FINANCIN Ist & 2d TRUST MONEY buildings and business properties. No appraisal fee. Prompt service. Real Estate Mortgage, & Guaranty Corp. 24 Jackson Place Maln 1403 ‘ Earnings of the Holland Tunnel, connecting New Yo New Jersey, have surpassed all expec- tations. Its revenues accrue to the respective States. An opportunity is now of- fered to the public to par- ticipate in the earnings of the Detroit and Canada Tunnel providing rapid communi- cation between Detroit and Windsor, Ontario, ex- | pected to be placed in op- cration early in 1930. Earn- ings are conservatively es- timated to be in excess of $1 per share. A limited amount of com- mon stock is available at 7% or $1.12); per share. Write for Circular KERR & CO. Investment Securities 1341 Connecticut Avenue ‘Washington, D. C. Telephone North 2010 S'A P E. F'R ST more Bureau of Bulldings for a permit to erect 14 buildings on its factory !“le! of 160 acred here, the construction to | cost $100,000,000. The architects re-| fused to make any statement on the ! figure set in the application, and re- | ferred queries of city officials to the New York office of the Western Electric | Oo. The electriz company, when it purs chased the site for its plant here some | time ago, issued a statement which !lid‘ that the construction would probably | cost $30,000,000. The Western Electric | Co. manufactures equipment for the | American Telephone & Telegraph Co. > TRADERS FEAR RETURN " OF HIGH MONEY RATES By the Associated Pre NEW YORK, May 11.—In where the money situation is. followed with more than usual closs scrutiny there is little disposition to accept the abrupt relaxation in demand rates from the 14 per cent high of Thursday to. yesterday's 6 per cent charge as marking definite passing of the string- ncy. On the contrary, conditions operative in the market are believed to foreshadow comparatively high rates for some time to come. Relaxation on | Thursday was due to the influx of out- of-town funds, attracted here by high rates prevailing. The further abrup® drop yesterday, on the other hand, was the result of the appearance of several | of the larger local banks as lenders. ‘The action of the latter, it is contended, is intended to discourage the flow here of interior funds, a maneuver which if correctly interpreted, means only one thing, that local banks are co-operat- ing with the Federal Reserve. in the fullest degree. POTATO MARKET DULL. CHICAGO, May 11 (#).— United States Department - of Agriculture — Potatoes—Receipts, 110 carloads: on track, 72 new, 263 old; total United States shipments, 603 carloads; new stock trading rather = slow, market | steady. Alabama, sacked, liss Tris umphs, 4.0024.1 Louisiana, sacked, Bliss Triumphs, 3.75a4.00; old stock trading slow, market dull; Wisconsin, sacked, round whites, 70a80: Minnesota and North Dakota, sacked, round whites, 70a80; sacked, Red River Ohios, | 1. Idaho, sacked, russets, 2.00a2.2 , .shade higher. CHICAGO LIVE STOCK MARKET CHICAGO, 'May 11 () (United States Department of Agriculture).— Hogs—Receipts, 5,000, including 4.500 direct; market slow, mostly steady, with Friday's average top, 11.30, paid for around 215-pound weight; choice, around 340-pound averages, at 10.6! shippers, 500 estimated holdover, 2,000: butche: medium to choice, 250-300 pounds, 10.40a11.00; 200-250 | pounds, 10.50a11.30: 160-200 pounds, 10.15a11.25;" 130-160 pounds, 10.75a 11.25 nominal; packing sows, 9.50a10.25 nominal; pigs, medium to choice, 90- 130 ‘pounds, 9.00a10.50 nominal. Cattle—Receipts, 200; compared with a week -ago, fed steers and. yearlings steady to 25 higher; better grades, light and medium weights, fed steers show- ing most advance; midweek slump re- gained at close with'demand active at finish; stockers and feeders slow, but mostly steady; all butcher heifers ac- tive and firmer; beef cows 25 or more higher, but cutters and bulls mostly 50 lower; vealers, 2.00a2.50 lower; a top of 15.00 paid for fed steers scaling 1,111 pounds to 1,457 pounds; mixed year- lings, 14.90. Heifers, yearlings, 14.75; most fed steers and yearlings, 13.00a14.25; sprin- kling of fresh and low quality offerings, 12.25a12.75: bulk.highly finished grain fed brought 14.50 upward; run mostly fat steers of strong and big weights: numerous loads, 1500 to 1,700 pounds, hard to sell at 13.25a14.35. Sheep—Receipts, 10,000 head; -7,500 direct, practically nothing on sale for the week: 55,500 direct and 77 doubles from feeding stations. Reduced market- ing late proved a bracing factor despite slow dressed trade. Direct shipments liberal, running h;"l{u: to cnu{amh springers; compared wi a week ago' fat Jambs, 15a25¢ higher; springers, ul‘l? changed; aged heep, around 1.00 lower; | top prices for the week's clipped lambs, 14.90; woolskins, 16.00; springers, 17.50; fat shorn ewes, 7.25. Bulk prices for the week clipped lambs, 14.00a14.75; wonlskins, 15.50a15.85: soringers, 16.50; uarters OQuwer a Third of a Century s Without a Loss B. Main 2100 THERE . IS"" NO SUBSTITUTE FOR MORTGAGES ASSURED INCOME Money invested in our 6% FIRST MORTGAGES - —is earning liberal interest. These mortgages are backed by a wide margin of value in con- seryatively appraised real estate. local May be bought in any amount from $250 up. F. SAUL CO. 925 15th St. . N.W. 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