Evening Star Newspaper, May 15, 1929, Page 15

<\ ‘Weedward & Lothrop pfd. FINANCIAL, HIEH RADE BOND LT REACINARY U. S. Group Also Affected by New Boost in Money Rates. BY CHARLES F. SPEARE. | Epecial Dispatch to The Star. | NEW YORK, May 15.—A renewal | rate of 10 per cent for call money to- day had some slight effect on United States Government fssues and on high- grade corporation bnds It servid to emphasize the fact that | the credit strain is still acute and that 50 long as rates remain at their present Jevel the normal buyers of bonds will stay out of the market, while there will be a certain amount of bond | Jiquidation in the interest of making | call loans or for stock market com- mitments. i It is rather significant that all of the | Treasury certificates due this year are | quoted from a 5 to a 51y per cent basis. | an average above the Federal Reserve | Tediscount rate. & Fractional losses occurred rails and public utilities. There were several per cent industrial bonds that showed evid'nce of pressure, such as Goodyear 57 United States Rubber 5s and Americtn Ice 5s, the last being off a point an4 at a new low record. If there s an_improvement in the an- thracite coal trade, as stated by a Tepresentative of the Delaware & Hud- son. no evidence of it has as yet shown in the market price of Hudson Coal 5s. The leader of the convertible bond st was Missouri Pacific 5i:s, which Tose 2 points on heavy transactions and !then declined a point on profit taking. |The - addition of a railroad convertible 10 the list now dominated by public |utilities and industrials will give it & better balance. American Telephone & | |Telegraph and International Telephone |41, were both up about & point early | g lin’the day. The new and old 5 per cent | the Alleghany Corporation 8t approximately _vesterday's Iprices, while American I. G. Chemical | $':8 were fractionally lower. Practional declines occurred through- eut the foreign bond list. The German | Agricultural Bank 6s touched & new Jow price at 81%:, ering price of 9515, There are $110,- 1000,000 of the 6s outstanding antl $25.- 000,000 of the 7s. Italian and French descriptions were lower. The Chitago 6 per cent tax anticipa- | tion notes were offered today to yield 5.80 per cent. On April 8 similar notes with a July 15. 1930, maturity were sold on 'a 560 basis. This fllustrates the effect of the high average call and time money rates that have developed be- tween the two offerings. l PENNSYLVANIA CITED IN WABASH INQUIRY By the Associated Press. The Pennsylvania Railroad and its principal _investment subsidiary, the Pennsylvania Co, have been ordered by the Interstate Commerce Commission | 1o show cause Juhe 24 why they should not be required to divest themselves of all direct and indirect holdings in the | ‘Wabash and Lehigh Valley systems. in legal | B compared with their (, l W YORK BONDS STOCK E I Received by Private Wire Direct to The Star UNITED STATES. (Sales are in $1.000.) Sales. High. Lo 13 98 97 28 2> 9914 910 246 991+ 9913 6 9716 5 10114 10114 10114 B3 10419 10411 10€ 11 14 103 14 108 10 108 10 FOREIGN. Bales. High. Low. ArgentineSs...... 1 8% Argentine $3 Ju sy, 13 9% Argentine May '$1. 11 99% Argentt e ¢ 99% Argent! Argenti ‘ . 81024 ia Austris 7s 3 9% Bank of Cht 8xnk of Chil Belglv Belglum 6% Eelgium 75 196! Beigium 78 195 Belglum 7%, Belglum 8 Bolivia Bolivh HBordeaux 6s. . . Bragil 6148 1926, B ClI Chile 781943, ... Chinese Gov Ry b Colombla 6s Jan's1. Copenhagen ¢%s 63 Copenhagen 6 ct. Czecho 38 1951..... Danish Munic 8s A, Denmark 4 %! 12 100% 14 104% 112'9 Ger Gen Elec 78 Greek 65 1968 New So Wales 58s.. Nord 6%s Poland 65 40..... Poland 7s (rets). ind 8 The commission’s complaint charges | poja that they have acquired large hold. ings of the capital stock of the two sys- tems named “without the approval and | Rhi authorization of the Interstate Com- merce Commission and in violation ot section 7 of the Clayton act.” The effect, it said, “may be to lessen com- petition between the Pennsylvania Rail- Toad and the Wabash and between the Pennsylvania and the Lehigh Valley.” ‘The complaint resembles those issued of other rallroads. the Pennsylvania Co. had purchased 312,900 shares of Wabash preferred and 362,900 shares of Wabash common stock between February 15, 1927, and June 26, 1928, and “indirectly” acquired 365,039 shares of Lehigh Valley stock between April 25, 1928, and June 26, 1928, while the Wabash Co. owned 231,329 shares of the same system's common stock. —_— ‘Washington Stock Exchange SALES. Pot. Elec. cons. 55—$4,000 at 10115, Cap. Tract. Co.—10 at 9615, 5 at 9612, 15 at 9615, 10 at 96V, 20 at 96%. Pot. Elec. 6% pfd—5 at 11315, 1 at 113, Wash. Gas Lt.—25 at 1091}, Fed.-Amer. Co. pfd.—b at 10113, § at 10112, 10 at 10115, Mergenthaler Linotype—10 at 10715, APTER CALL. | Wash. R. & E. pfd.10 at 9715, 40 at 9715, Bid and. Asked Prices. BONDS. | PUBLIC UTILITY. Amer. Tel. & Ty 4% | Amer, Tel” & Teiga: 4155 Am. Tel Tel.' ctl. tr. 5 & Pot. R. R. 5s. Bid. A a' sked. a. 3 | Potomac Elec. 65 1953.. h., Alex. & Mt. Vernon ct; Vash.. Baito. & Annap. s.. | Washinzton Gas 55 .., Wash Gas 6s. serios A . Wash. Gas 65, series B Wash. R¥y. & Elec. 4s ) MISCELLANEOUS. Barber & Ross, Inc.. 6 Cham -Vanbit. Hotel groa. Chestout Farms Dairy 6155, Chevy Chase Club $'ss. D. C. Paper Mfe. 6s Bt Joint Stock 1d Bic 5i. ! ash. A old “Stor ath. Cons. Title Co. e . . STOCKS. PUBLIC UTILITY. Amer. Tel. & Telga....... Pt Traction' Gs Wenineton C SAVINGS BANK. ank of Xethes - of Tethesda : firemen's ional Union TITLE INSURANCE. Inv."Co’ of Mat com Wash. Cons. Title ptd. ... 1 MISCELLANEOUS. arber & Ross. Inc.. com. Merch. Trans Mergenthaler Natl Mtze. & Ten] Eat. Mise Becurity Storage Ter Ret. & Whr Gorp. Sin Cons. el £ Warh Siesica Bidy cor fes b 2 & Guar. pid 0 Abram&Straus 6%e 23 Alleghany 55’49 Wi ‘46 Am Chain 6s°33... 1 Am Chem 5%3 cv" Swiss 6%s 1946 Swiss Confed s, Toki0 58....... Yokohama §: MISCELLANEOUS. 1064 101 100% 100 100% 96 Alleghany Cp 55’44 28 9119’ 102 49 31 105% TT 5% Am Tel & Tel Anaconda 1st . Armour&Co4%s39. Bethlehem Steel 65. Sklyn Edison 6s. Bush Term Bldg Certain-Td5%srets HumbleO & R 6 111inof I1linois Steel 4% indiana Steel Inland Stl 4% Bell 1st int Paper Inter Pape . Int Tel&Teleg 4%3. 5 Int Tel&Tel 4%scvi36 126% 103 104 928, 101% 9914 1034 101 118% Kan City P& L 6 KanG & E 6s 5z Loriliard (P) 78 ManatiSug st 1%, B LT 1ot T T T TSP PR No Am Ed 5%s'63. Nor Ohio Tr & L 63 Nor States Pow b Nor States Pow Pacifie Gas & El §s. PaoT&T6863,... B9 1081025 Close £9 THE EVENING souer] (|EGETABLE SUPPLY | Sales. Pan-Amer Pete6s. 5 Paramount 63 1947, 3 Pathe Exchange 7s. | Phita Co 5% 67 | Phila & Read 63 '49. | Philips Peuo 63s. Pierce-Arrow 8s.... Pierce Oil aeb 8s Por Ric Am Tob 6s. Postal Tel & C 6%s. Pressd Steel Car 63 | Public Service 4343 Rem Rnd 5%3 war. | Sinciair Ot 6s. . i Sinclair Ol 638 Sinclair Oil 7s..... Sinclair Crude 6%s. High. SugarkstOriente7s. ‘Tenn Cop 65 B '44.. * | TennksiecPow 63 47 {CCC& StL 63D Transcontl Ol 6%3 United Drug 58 63.. U S Rub 1strf 6 6 U S Rub 7%s... U S Steel s £ b Utah Pow & Lt 58, Utilities Powr 6% 8 Vertientes Sug 7s Walworth 65 45 Warner Sug 78 3 Warner Sug West Elec bs. Westn Union 5s 61. Westn Union 634s. . White Eagle O b%s Wiison & Co 18t 65. 100% Youngstn § & T 5s. 100% RAILROAD. 17 Ann Arbor 4s. AW&SF cvt 4506 Atchison gen Atch deb 414548 AUl & Dan 1st 45 43, Atlantic C L 1st 48 B&OGold ¢ B&Ocv 4k B & Oref bs. & O 65 2000 D. 10015 10313 1088 101% 8274 Boston & Main: Brdway&7th Av Brooklyn Elec Brookivn Elev 6148 20 Bklyn Manna Bklyn Un El 5; Buff R & Pitt 4%s.. Bush Term con 63 Can Nat 434s 30 Can Nat 41385 Can Nat 4%s 67. Canada Natl4%s Can Nor 438 1435, Canad North 6%s. . Canad North 7 Canad Pac deb 4 Can Pac 4145 46. Car Clinch&O 6s 63. Central Pacific 4 Cent Fac 1st 55 90 Ches & O Corpn §s. Cnes & Ocv 4%4s Ches & O gn 4148, .. 10 Ches& O 4%s'93 A 35 t CB&Qllldivds.. Chi&E 111 gn 65 61.. Chi Gt West 48 59, CM&StPgn89 Chi M&StP 4%s E. ChiMiISP&Pac5s76 CMSP&Pacadi5s03.105 Chi& NW gen 4s... r S1 R U KT O 8 e 2 19 25 Chi R1& Pac 4%5. ChiStPM&O 65 '30.. Chi T U inc 6s 60. . Chi Union Sta 6%4s, Chi & W Ind cn 4s. CCC&StL deb 43%s. Clev Term bs. Clev Term 63s. Cuva R R bs. Cuba R R 7%s Del & Hud 1st rf 4 Del & Hud 5%5.... Erie Gen 4s Erie cv 55 '67. Erie & Jersey 65 Fla kast C 55 74 Grt Northn 4%s E., Great Nor gen 7 2 Hud & Man aj 5s. » aSar 11l Cent 45 LiiCent 4% s 111-C-C-StL& Int Rapid Tran 63 Int Rap Tr 6s stpd Int Kap Trans 7. Int&GtNor adj 6s 63 Int Rys C A 68 72... Int Ry CA 6%s ret. Kansas City 8 . e Long Island deb 5 Louis&Nash uni 4 L &N 4%s52003. .., Louls & Nash 6%, Louls & Nash 7s. . Man Ry 1st 45 90, Market St 78 40. Mil Kl Ry & L 65 61 Minn & StL ref 45 % | Mo Pac 55 A 65. 988 106% 1101 9914 101 100 998 105 100% 102% Mo Fac 6s F 77. Mo P Mo Pac 5%s'49 cvt NOT&MG6%s. 10315 102 BN 95t 105% 105 ' 105% NY NH&H db 4s 57, NYNH&H4%s NY NH&H cv db 6 NY NH&H cit 6s N Y Ont W 1st 4s, N Y Rys 65 A 65 NYStateRy 655 62. NY Sus&Wn gen 68 NYW&Bdkhs. Nor& Sgenisb Nor Pac 38 2047, Northern Pacific 4 Nortnern Pacr 1 6s. Ogden&Lake Ch ¢s. Ure Snort L ris 4s. Ore Short L cn 5s. Ore Short L 55 gtd Pennsyl gen 4% Penna R R 4% Sarnasicas Peoria & E Inc 4s. Pere Mar 1st 4s 56 Pere Marq 1st 63 Portland K1 P L 65 Port RL & P bs 42. | Port RL&P 7143 46. Read:ng gen 4%s A | Rio G West cl ¢ | | St L IM&S 48 29 R&G 4s. SFEplesA.. L&SFra%sis, s L&SF prinbs L L S W con 4s 32. StL & Sown §s'62.. Seab A L con 6s. S B Al Fla 6835 Sou ac 48 29. .. Sou Pac 4}s wi Sou t'ac 4 s ret Sou Ky zen 4 Sou Ry Con bs. Sou Ry 6%s. Term Asso S IL 4 TexArk FS 6%s 50, Tex & Pac hn B 1977 Tex & Pacbs 6" STAR. WASHINGTON, D. €, WEDNESDAY, MAY 15 1929 IS PLENTIFUL HERE Fruit Shipments Are Also Large—Scarcity of Poultry Reported. | Immense quantities of fruits and | vegetables were piled high on ail sides about wholesale houses this morning, the volume of produce moved being sug- | gestive of active trading. There was no scarcity of anything in the line of fruits | and vegetables, according to reports, and prices of most of them were what deal- ers termed reasonable to cheap. Along the country line there were quantities of Spring greens and small vegetables, homegrown stock, that found ready sale at prevailing prices. Wholesalers also had quantities of shipped-in supplies from Florida, Texas, Arizona and other States, Lima beans were not so plentiful. Potato Receipts Increase. Peaches, received from Florida ship- pers, were to be had this morning around $1.50 & crate of 6 pans. The fruit was small and not attractive, but dealers mentioned that they possessed the genuine rich flavor of that popular fruit. Dealers reported increased receipts of new potatoes and correspondingly lower prices. The Florida crop is about exhausted, dealers state, and much of the receipts coming here at this time are from South Carolina. Tt is probable that the warm weather soon will affect the egg market. Re- ceipts are not very heavy, according to th's morning’s reports, but prices were not changed. Butter prices also con- tinued unchanged. Poultry dealers reported a continued scarcity of fowls, prices being slightly higher. The scarcity, it is stated, pre- vails throughout the country. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound tub, 43a44; store packed, 30 Eggs—Hennery, 32a33; fres 31a32; current receipts, 30a31. Poultry—Alive: Turkeys, hens, 30a3: toms, 25a28; Winter chickens, 42ad! Spring chickens, small, 40a42; large, 46a48; fowls, 34a35; Leghorns, 30a32; roosters, 20; ducks, 20; keats, young, 60a65; old, 35a40. Dressed: Turkevs, 35a40° Winter chickens, 45a48; Spring chickens, 50a55; fowls, 37a38; Leghorn: 35; capons, large, 50a52; small, 45a4’ ducks, 32a33; keats, 80a1.00. Meats, fresh killed—Beef, 22a24: veal, 23a26; lamb, 30832 pork loins, 29a30; fresh hams, 26: fresh shoulders, 17a18; smoked hams, 28; smoked shoulders, 17 bacon, 23a24; lard, in bulk, 13a in packages, 14al4 e stock—Calves, 14; 44a45; Spring lambs, Fruit and Vegetable Review. The daily market report on fruits and vegetables, compiled by the Market News Service, Bureau of Agricultural Economics, says: (Sales to jobbers ex- cept where otherwise noted). Cabbage—Supplies liberal: demand moderate, market about steady; Norfolk section, Virginia, 1!3-bushel hampers, pointed type, 1.00a1 mostly around 1.15; East Shore Virginia, barrel crates, pointed type, 2.25a2.50. Celery—Supplies moderate; demand light, market slightly weaker; Florida, 10-inch crates, individually washed and precooled, 3-6-dozen, 4.00a4.25; mostly 4.00; 8-10 dozen, 3.50a3.75. Lettuce—Supplies of Western stock moderate; demand light, market about steady; California, crates, Iceberg type, 4-5 dozen, 4.00a4.50. Onions—Supplies moderate; demand light, market steady: Texas, standard crates, yellow Bermudas, mixed, No. 1 and No. 2, 1.85a1.90; few 2.00. Potatoes—Supplies of old stock mod- erate; demand moderate, market steady; Michigan, 150-pound sacks, Russet Rurals, U. S. No. 1, mostly 2.25; Idaho, 100-pound sacks, Russet Burbanks, U. S. No. 1, sales direct to retailers, 3.50; new stock, supplies moderate; de- mand moderate, market slightly weak- er; Florida, double-head barrels, Spauld- ing Rose, U. 8. No. 1, 7.25a7.75; mostly around 7.50; South. Carolina, cloth-top, stave-barrels, Cobblers, U. 8. No. 6.00a6.25. Strawberies—Supplies light; demand moderate, market slightly weaker; East Shore Maryland, 32-quart crates, vari- ous varieties, good quality and condi- tion, 5.00a5.50; few best, 6.00; few small size, 4.00a4.50. ‘Tomatoes—Supplies moderate: de- mand light, market steady; Florida, sixes, ripes and turning, wrapped fancy count, best, 5.00a5.25; fair quality and condition, 4.50: cholce count, best, 4.00 24.25; fair quality and condition, 3.50. ‘Watermelons—Supplies light; demand light, market steady; sales direct to re- tailers; @lorida, Tom Watsons, 30-32 pound average, 1.00a1.15; 28-pound average, .75 eas String Beans—sSupplies moderate; de- mand moderate, market steady; Florida, 7%-bushel hampers, green, some fair uality, 1.50a2.00; Georgia and South glml!nl. bushel hampers, Red Valen- tines and stringless, 2.25a2.50; Black ‘Valentines, some ordinary quality, 1.25a 5. Peas—Supplies modera! demand moderate, market about steady; Norfolk section, Virginia, 5-peck hampers, large- pod varieties, 3.00a3.25; North Carolina, bushel hampers, large-pod varieties, or- dinary quality and condition, 1.50a2.00. Peppers — Supplies light; demand light, market firm; Florida, pepper crates, fancy, 3.50a4.00; choice, fair quality, 2.00a2.50. Cucumbers—Supplies light; demand light, market steady; Florida, 7;-bushel hampers, fancy, 2.50a2.75; few higher; choice, 2.00a2.25: few higher; Ohio, hothouse ‘stock, fancy, 2-dozen baskets, 2.00. Squash—sSupplies light: demand mod- erate, market steady; Florida, pepper crates, yellow, large size, 3.00; South Carolina, bushel hampers, white, 1.75a 2.00. Carrots—Supplies moderate; demand light, market steady; California, West- ern lettuce crates, bunched, 3.0 Beets—Supplies light; demand light, market slightly weaker; Norfolk section, Virginia. hotbed stock, crates 2.00a2.50. Caulifiower—Supplies light; demand light, market steady; California, pony crates, 2.00a2.25. Asparagus—Supplies light; demand light, market dull; Delaware, dozen- bunch crates, partly white, large size, 3.00a3.50; small size, 1.50a2.00; South Carolina, dozen-bunch crates, green, 1.50a2.50, according to size; few best, 3.00. Peaches—Supplies very light; demand light, market dull; Florida, sixes, white clings, very large size, soft ripe, very few sales, 2.00. Oranges—Supplies moderate; moderate, market steady: Flori No. 1. medium size, 4.00a4.25; I 3.50a3.75: No.2, medium size, 3.00a3.2! Grapefruit—Supplies moderate; mand light, market about steady 4.00; No. 2, medium size, 2.75a3.00. Corn—Supplies moderate; demand llxhl,uml.rk:!t ‘Texas, bushel [ ‘Third Averef 4s60. 10 dj 68. . . i Union Pacific 45 '68 Union Pac 1st rf ds. Whbash 4%s 78 rets. Wabash 18t bs..... Wabhash 5576 R. . . Wabash 51875, .. West Maryland 4 Western Pacific | short. perfod its trade marked articles rida, boxes, No. 1, medium_ size, 3.75a | BY KENNETH S. VAN STRUM. NEW YORK, May 15—The Gold Dust Corporation and the Postum Co. have been busily absorbing other com- panies manufactruing trade marked food products during the past gew years. Their earnings have mounted steadily as economies nave been made possible by centralizing production, sales and advertising. Gold Dust. The Gold Dust Corporation has had a rapid rise since 1923 when it was formed to take over the soap and washing powder business of N. . Fairbanks. Shortly afterward, it pur- chased the leading manufacturer of shoe polish and within & relatively such as Gold Dust, Fairy Soap, Shinola_and Two-in-One, had made it one of the country's leading manufac- turers of soaps and shoe polish. Originally the company was pri- marily interested in the non-edible products of vegetable and cotton ofls. Lately, however, it has been expanding rapidly into the food product end of that industry. Last year it acquired American Linseed, makers of Nucoa butter, Best Foods Mayonaise and other similar products. Still more recently it has taken steps to acquire Standard Milling, one of the largest flour manufacturers in the country. Other trade marked food products are being considered as possible acquisi- tions. As Gold Dust carries forward its ex- pansion program, economies in dis- tribution and manufacturing will re- sult, and since the trend of sales is upward, earnings should continue to expand. The possibilities of Gold Dust earn- ings are difficult to estimate because of rapid changes in capital set up and because of the difficulty of estimating earnings of each new acquisition. DUST 5mumfl' ] POSTUM 1780 ||'"l|'ll 1 1928 Since its present aggressive policy was adopted, however, earnings have shown decided upward trend. On the basis of present stock which was split two for one last year 1926 earn- ings were $1.50 a share, and in 1927 they were $3.10. Last year the stock earned 4.48 a share. At 65, the stock yields 3 per cent on the $2.50 dividend and sells at 14 times last year's earnings. A good share of earnings is being used to stregthen the financial position of the company and eventually stockholders should receive larger dividends. Postum’s Rapid Expansion. Until the latter part of 1925 the Postum Co. had concentrated on the development of Postum coffee and ce- real products. As the original com- pany expanded into new flelds, how- ever, it began to appreciate the sales and 'advertising economies which would result is & number trade marked food products were brought together under centralized control. Postum’s first step was to acquire the Jell-O Co. Thus started, it rapidly ab- sorbed other companies by exchanging its own stock for that of the acquired company. Swansdown Flour, Minute ‘Tapioca, Log Cabin Sirup, Walter Baker Chocolate, Richard Hellman Mayon- nalse, Pranklin Baker Coconut products, Maxwell House Coffee, La France, Cal- umet Baking Powder, Certo and Peck- tin were some of the well known prod- ucts acquired. In the process Postum's capital stock increased from 2,000,000 shares to 4,- 690,000 shares, but throughout its ex- pansion the finances of the company have been steadily improving. K Today the company values its tremendously valuable trade marks on its balance sheet for only $1. It has over $11,000,000 in cash, call loans and marketable se-'| curities. There is no preferred and no bonds ahead of the common. Because of its rapid expansion earn- ings possibilities are difficult to estimate closely. It can only be said that so far earnings after each new acquisition have justified each subsequent bit of expansion. On the basis of the present stock, which was split two for one last year, earnings were slightly above $3, the dividend rate for each of the past four years. But because a period of assimi- lation is needed for each new company to develop earning power, howeyer, re- ported earnings do not give arn accurate plcture of what the real earning power is. At present prices, around 75, the stock ylelds 4 per cent, which is not considered disproportionate, considering present. investment conditions, for stock ofleax;.g Postum’s possibilities for future growth, (Copyright, 1929.) FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par)) _todw London, pound 548065 $4.8: Paris, franc 193 REDUCTION IN GOST OF POWER SOUGHT ‘Economic Balance’ Depends Upon Increase in U. S. Mechanical Efficiency. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, May 15.—Publi¢ inter- est was directed today to the report of the committee on recent economic changes in the United States, headed by President Hoover, stressing the ne- cessity of maintaining an “economic balance” to preserve the high standard of American life. Commenting on tecit- nical aspects of the report, leading en- gineers here declare that the only sure protection against the competition of European pauper labor is American me- chanical efficiency. American engineers in closest touch with foreign trade assert that so lnng‘ns we _can furnish each American with 3 to 31, horsepower of mechanical equip- ment the manufacturers and producers of this country are safe from foreign competition no matter how far the wage scale is reduced in foreign coun- tries. Aid to Man Power. Furnishing this power behind the army of American workmen and strengthening their efficiency by me- chanical means, therefore is the main problem which now presents itself to the Industrialists of this country. The engineers emphasize the need of effi- energy. Man power is not enough to meet foreign competition, but backed by the energy developed by mechanical means from the natural resources of this country it seems likely to be pre- dominant for years. Better supplies of heat and power are hence the major problem of Amer- ican industry today. Heat supplies have always been recognized as a pub- lic necessity for comfortable living in our climate. But the use of heat for domestic purposes has shown little in- crease in proportion to population as compared with power. There has been a large increase in the use of heat for industrial purposes independent of such fuel as is required for power generation. There. has, however, been a very considerable rise in the cost of heat without a’ corresponding rise in thes cost of power. Engineering Achievement. Power supplies have been made available at but little rise in cost in proportion to the cost of fuel. This is undoubtedly a result of outstanding engineering. But there is real neces- sity, according to Dr. Charles E. Lucke, head of the mechahical engi neering department of Colunibia Uni versity, for discovering ways for re- ducing the cost of power at the point of use as a means of increasing use and reduction in the cost of heat. Cheaper heat and cheaper powex, according to Dr. Lucke, today are na- tional problems: but ti solution of the difficulties is an engineering pro- blem. now are engaged in the solution of one point or another of this problem. BANK 60 YEARS OLD. SHEPHERDSTOWN, W. Va., May 15 (Special).—Jefferson Security Bank here will celebrate its sixtieth birthday May 24 with a reception. A souvenir booklet, sketching the history of the in- stitution, will be given friends. The di- Tectors are George M. Beltzh Licklider, C. J. Miller, M. L. Quigley Reinhart, H. L. Yyne, J. H Hill, H. P. Schley, G. W. D. Folk Money to Loan Secured by first deed of trust vailing interest and e On District of Columbia - Real Estate CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. 733 12th St. NN\W. Main 352-353 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 478 Complete Investment Service GreLeT & CoO. BANKERS INVESTMENT BUILDING fra) drachma. ll] Madrid, peseta Vienna, schilling Budapest, pengo . ! Prague, crown (nom. War: zloty. ... Copenhagen, crown Oslo. crown' . Stockholm, cr C. E. Phelps, general passenger agent, | announces the removal of the Canadian Pacific Railway & Steamship office to the corner of Fourteenth street and New | York avenue. The former offices were at 905 Pifteenth street. ‘WASHINGTON, D.C. + Telephone, Main 2460 BAFETY 18 FEW MORE tive offering is seldom spectac- ularly advertis- ed—consider HOOD TIRES EEEEEEEEEE PROTECT YOUR ESTATE FOR YOUR FAMILY Every day we read of widows and orphans be- coming destitute through the mismanagement of estates left by husbands and fathers. You'll pro- tect the interest of your family by naming our trust department to look aiter your affairs when you are gone. Liberty NATIONAL BANK Fifteenth and Eye Sts. Jol—=11] o] FIN'ANCTAL; Special Dispatch to The Btar. BALTIMORE, MD., May 15.—Potatoes, white, 100 pounds, 50; new po- toes, barrel, 3.00a6. sweet potatoes, "st?"" dozen, 1.35a3.50; beets, 3 .60;beans, bushel, 1.2582.50; cabbage, hamper, 75a1.00; carrots, crate, 2.50a3.25; celery, crate. 2.50a3.75; cauli- flower, crate, 1.75a2.00; corn, bushel, 00m2.50; cucumbers, bushel, 1.25a3.00; egg g‘l:nu. crate, 2.50a4.00; kale, bush- el, 60; lettuce, bushel, 125a1.75; lfma beans, bushel, 3.50a4.00; onions, crate, 1.50a1.75; Spring_anions, 100, 1.2681.50; hamper, 2.00a3.50; peppers, crate, 1.50a3.5 radishes, 100, 1.50a 3.00; squash, crate, 1.25a2.00; spinach, bushel, .20a75; tomatoes, crate, 1.25a 5.00; apples, bushel, 1.25a%75: grape fruit, box, 2.2583.75; oranges, box, 2.00a | 4.00; strawberries, quart, 8al15; water- | melons, 50875. | Dairy Market. Poultry, allve —Spring _ chickens, pound, 35a45; Leghorns, 30a40, and thin, 25a28; old hens, 35a36; Leghorns, 30a32; old roosters, 18a20; ‘ducks, 20a 25; guinea fowk each, 50a1.10; pigeons, \pair, 35a40. Eggs—Receips, and nearby firs reeeipts, dozen, 20a22. Butter—Good, to fancy creamery, pound, 42a45; ‘prints, 46a47; blocks, | 45a46; ladles, 35138: store packed, 31: rolls, 33a35; dairy prints, 33a34; process butter, 38a39. Hay andsGrain Prices, ‘Wheat—No. 2 red Winter, garlicky, spot, 1.00%.; May delivery, 1.10%4. Corn—No. 2 expart, May delivery, no quotations; No. 2 yellaw, domestic, spot, 1.02a1.03; cob corn, 550a5.75. Oats—No. 2 white, domestic, spot, 58a 59: No. 3 white, domestic, spot, 56a57. 1,141 cases; native dozen, 30; current clency in distributing and transforming Many thousands of engineers | Rye—Nearby, 1.00al.1 Hay—Receipts, nome ‘While hay is arrtving here in limited quantities only, it is more than enough for the demand, which is being supplied mostly by truck from nearby points a few carloads being received. There is not enough business passing to establish prices on the various kinds ory merit at a range of 1400a16.50 per ton for timothy or clover hay. Straw—No. 1 wheat, 12.00a12.50 per ton; No. 1 oat, 12.50a13.00. TREASURY CERTIFICATES. First Mortgages Safe—Conservatiive 42 Yiears’ Expeirience in finmneing homes d in the sale of these so- curttiea, Make your savings and surplus funds work for you at with absolute safety. Wan. B Sammders,Co. fnc: REALTORS Main 1016 i 433K || GUARANTEED 6% First Trust Notes Secured on Improved District of Columbia Real Estate National Mortgage & Inv. Corp. l Investigate Our First Morigage Service 1004 Vermont Ave. Main 5833 Liverpool Cotton Exchange. Ltd. Chieage Phlladelvbis 30 & [} = o 7] MONEY TO LOAN ON_IM N IMPROVED PISTRICT OF COLUMBIA L ESTAT! ~No cm&‘xs—n}lenu COLUMBIA PERMANENT BUILDING ASSOCIATION 733 12th Street N.W. Main 852-353 I WILL SELL $1.000 Law & Finance 6'5%, Ist. & Ref. @ 93. . 814%, Ist. & Rel., @ &31g 550 Washingion Auditorium 6% 1941, @ 145. 4,000 Corcoran Courts. 3% 100 Mort. & I Mort. & Inv. state Mort. @ Miller Intern Washil Great . Pl @ 6. & Giy. Units ndall Prd. _Bid. mi 5% mith 1% Pfd. Vasco Products Prd. @ North @ 110. THOMAS L. HUME 1412 G Street Main 1346 Main 4733 P Never Hisggocint” «KNOW <9 When in doubt about the 1 layout and composition of any kind of printed matter you may feel free to call on Txe Service Swoe. g We shall endeavor to prove "l Never Disappoint” to your individual satisfac. tion and benefit, BYRON - S ADAMS Fhe Jervice Shop Mai~ 8203 512 ELEVENTH ~ N \ N N N N N N N N N N N N N N N N N N N \ N N \ N N N N N N N N N S 7zs772777: ne. xchange, Ine. Winnipes Grain Ex THIS PAY DAY ' Start buying Guaranty first mortgage notes and bonds payments. vou place in them earns you 6%. Secured on income 400,000 rescurces. guaranteed bonds _offer on PZZZ and interest. SEND FOR BOOKLET ““The Success Plan” REALESTATE | MORTGAGE & GUARANTY CORPDRATION Capital Resources $3,400,000 24 JACKSON PLACE Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 5%2% ks We Make First Mortgages on Homes, Apartments and Business Properties in the Distriet of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue. Decatur 3600, F. B. KEECH & COMPANY Members of New York Stock Exch New York Cui nge o Stock Exchange New Cotton Exchange New Orleans Cotton Exchange hange Associate Members of Bremen Ootton Exchange Copper and Tin Future Contracts are mow being traded in on the National Metal Exchange, Inc. New York, N. Y. We Maintain Current Quotations and Solicit your Orders H Cor. 17th St., N.W., Washington New York Providence Brooklya