Evening Star Newspaper, May 17, 1929, Page 14

I FINANCIAL,, - PRICES HOLD FIRM . OND.C. XCHANGE Credit Situation Holds Trad- ing in Lacal Issues to Low Ebb—Financial Notes. BY EDWARD C. STONE. Very little interest is shown in the Jocal security market these days—the daily sessions being confined largely to making quotations, with orders of the small irvestment order actually smallinimportance and reflecting nothing so much as indifference on the part of invest- ors to increasing their holdings while there is so much talk of credit stringency and actual trouble in securing loans at rates thai offer a chance for favor- able retu'ns from investmer 1 There is no evi- dence that the in- terests claiming to own stock Wm. C. Looker. forts to accumulate stoc that the offe that big holders show no disposition to trade one way or the other, has been responsible for an advance to 109': bid shares all told The street railways were ex-dividend | A today with prices relatively unchanged. | A Potomac 5'» preferred made a new low | A; on this move, sclling to 10612, Other | A sth bank shares and miscellane- | A not worthy of special notice. | A Friends Congratulate Banker. Friends are congratulating Willlam C. Looker, manager of the Connecticut avenue branch of the District National | A Bank, on his completion of 20 years in | Am Seating(3).. 36 “‘i‘rnbanking business. Mr. Looker joined | Am Sm&Ref(4) the staff of the District National at the | A) time the bank was founded in 1909 and [ Ai has remained with President Robert N. | Al Harper and his_associates ever since. | A Starting at the bottom of the banking j A Jadder, Mr. Looker advanced steadily | A until made an assistant cashier and A Jater manager of the Connecticut ave- | A nue branch. In his present position he | A has been highly successful in develop- | Al ing business for the District National. | A Nathan B. Scott, 2d, assistant treas- A urer of the Continental Trust Co. of : Washington, has just been eclected a director of the Dollar Savings & Trust A Co. of Wheeling, W. Va. The Dollar : Savings & Trust Co. is the largest bank- it ing institution in the State of West Al Virginia, having a capital of $1,100, 000 b and surplus and profits of $2,700,000. "t Mr. Scott is a son of the late Maj. - Guy T. Scott_and a_grandson of the Jate Senator Nathan B. Scott, who was chairman of the board of the Continen- tal Trust Co. of this city his death. Mr. Scott has and an officer of the Continental for some time. A. 1. B. Education,Booming. Prank M. Totton, president of the American Institute of Banking section, recently described the raising of its edu. cational standards and its steady growth in members, students, chapters, corre- spondence courses and study groups. 7 He reported as a major event of this A last year the magnificent gift of A. P.| . Giannini. He had already given the .. American Institute of Banking an en-| dowment of $15,000, the income from |7 which has been used to furnish public |, speaking prizes. Mr. Giannini has now ¢ 5, donated an additional $35,000, making | 4, a total public speaking endowment of $50,000 to encourage public speaking among the rank and file of the insti- tute. Would Protect Board’s Feelings. Calm thinking and temperate talking bout the Federal Reserve system and its policies are absolutely imperative, be- cause the subject of credit is engaging so | much general attention C. J. Kirschner of Hazelton, Pa., president of the Penn- sylvania Bankers Association, declared in an address opening the annual con- vention. Although he did not discuss the mer- its of the Federal Reserve Board’s re- cent warnings against the dangers of un- due speculation in security loans, he said, that as bankers “we cannot ignore the fact that there has been a very great increase in the volume of credit in this country during the last year and that a very large proportion of this increase, almost all of i, has been in loans on ie bointed out that bankers gener He nted oul b ally hpafl\‘e recognized that there has been a change in the methods of financ- ing and that many large corporations have supplemented their working capital by resorting to security issues, instead of relying, as before, upon bank loans. “This has necessarily brought “bout a wider distribution of securities,” Mr. Kirschner said, “and the holders of these securities have borrowed on them from banks. This substitutes loans on securities to a very considerable extent for what had previously been ‘commer- cial loans""” Stock Offering Fully Subscribed. Tt is announced that the 500,000- ghare offering of capital stock of the ‘Ungerleider Financial Corporation, made yesterday at $50 a share, has been fully subscribed. This offering represents initial financing for the corporation, which will start business with a cash capital of $25,000,000. The company has no bonds or any other class of stock authorized or outstanding, but has an authorization to issue a total of 3.000,000 shares of stock, making pos- gible the company’s expansion to $750,000,000 or more. All costs of or- ganization, sale of securities, legal ex- penses, ete., have been assumed by Eamuel Ungerleider & Co. Crain Goes to New York. Robert Crain, jr., for four years Washington manager of the Century Trust Co. of New York, has kecome escociated with O'Brien, Potter & Stan- of the New York Stock having headquarters in He will be at the New York 63 Wall Street, which is under direction of Curtis B. Dall, resident New York partner of the firm. Heard in Financial District. John M. Riordon, executive vice presi- dent of the Bank of Commerce & Sav- ing. and Maurice Otterback, president of the Anacostia Bank, were among the first, local bankers to attend the Na- tional Safe Deposit convention which opened yesterday in Baitimore. They also took the side trip to visit the York Safe & Lock Co. at York, Pa, which proved most enjoyable. E. H. H. Simmons, New York Stock Excl the Hampshi ociation in Manchester N. H., on May 24. Sub- j2ct of his address will be “Speculation.” | In connection with the convention of « the Special Libraries Association, now in session here, it is of interest that the American Security & Trust Co. has established a centralized library, which, com: officials tay is the first of its type to be introduced locally. he National Dairy Products Corpo- ration, which recently took the Chestnut Farms Dairy Co. of this city into its chain, has just {aken over the Detroit Creamery Co., the transfer being made nge of stock. bankers are planning a week trip t5> Wachapreague, Va., with some such spelling, | D. Rosenberg, | a Owings, Albert Representative Frear, Jesse aul Lanshurgh, Harry Sherby Mipslan. been a director | A! A A A B B B B: B B B B B 8 B B B B B B B B B B B B Bi 8 c Ci C c S C C c Cl office. « « C ¢ C president of the | will address | ¢ C « ¢ reqod, . and Saul Abrahmé&Straus. Adams Millis(2) Adv Rumley. Adv Rumley pf. i Ahumada Lead Air Redctn (13). Air Way Afax Rubber..- Alaska Juneau Albany Wrap ¥ Alleghany Corp. Alleghny pf Alleg pf rets Alited Chem. Aliled Cm pf(7). Allis-Chalm(7). Amerada(2). Am Agricul Chm Am Agri Ch pf.. Am Bank N(13). Am Bosch Am BrSh(h1.60). Am Brown Bov. . Am Brown Bopf 86% Am Can (14). Am Can pf(7) AmCar&Fdy ( Am Chicle (2)..- Am Com Alcohol Am Encaus Am&ForP pt(7). 50,000 shares of Washington Gas|Am Hawa SS(1). Which obtained recognition at the | Am Hide & L pf. last annual election, have renewed ef-1Am Home P 3.60. , but the fact | Am Ice (13)..... ngs are very limited and | Am Internatl $2, Am LaFr&Foam Am Locomot(8). 1 Am Metals(3) and 111 asked. on sales of less than 50 | Am Metals:pf( Am Nat Gas pt 7 Am Roll M (c2). 116' 117% 116'% Anchor pf (6%). 113% 113 Andes Copr (3).. Archer Danls(2). 37 at the time of | 47 heDan pf(1). 114% 1141 114% Armour IlI(B) Armour 111 p£(7) Art Metal (1%). AssODryG(2%). Ass0 011(2) . Atchison (10) Balto & O pf(4). Bambgr pf(6%). 106% Barnsdall A (2). Beth Steel pf(7) Bullard (1.60) By-Prodcts t2%. 132% Calumet & Ariz. Can Dry (14%). CannonMills2.80 Cavanagh-p Cen Aguirre(2). Cent Alloy(2)... Cerro de Pas (6) b Chi & Alton. Col Gt West p € Chi Mil & StP pt Chi& Nwn (4).. G Chicago Pn Tool, Chi PT pf(3%).. CRIRI&P (7)., 122% 122! 121% Chickasha(3)... 2 Childs(2.40) Chrysler Mot(3) c Co! Fuel & Iron. IS Col Gas (2). Col G&E pfA(6) Columbia Graph Com Credit (2).. Com Inv Tr(14). 148 Com Power (14) 1 Consol Cgrs (7). Cemsol Gas (3).. Container A 1.20 Cont Baking A. Cont Baking B. Cont) Can (2%). Cont Can pf(7) Contl Insur (2) . Received by Private Wire Direct to The Star Office NEW YORK STOCK EXCHANGE Open._High._Low. Open. Hign. Low. Close. e aoiaor | MeRam pr A 3%, B5i0 6% 50 6% 3w 34 B34 34 |Mack Truck(6).. 100% 101% 100 100 Supf. 8% B84 T 74| MacyCo (€2)... 169% 173% 169% 170% Cuba Company.. 19 19 18l 10 |Mad SqGar1 19 1 Cuban-Am Sug.. 11% 11% 11 11%|Magma Cop (5).. 68% 71 Cuban-A Sug pf. 62l 624 62 62 |Mallison & Co... 28% Cudahy Pkg(4). 53 53 b52's 524 |Manat! Sugar pf. 39 Curtiss Aero(1). 149% 154' 149% Mandel(24).... 29% CurtisPub pf(7). 117% 117% 1174 Man Elec Suply.. 31 Cutlr-Ham(3%) 61 Man Ei m2g(d5) Chigamel Triit Maracatbo Oll. Marland Oil Malr-Rock (14). Marmon Mot (4) . | Tidewatro(80c) Martin-Parry. .. Timken R B (3)., Mathiesn Alkili. 514 af Lab rod (1,490, May Dept S(4). Tob Prod A 1.40. Maytag (12). Transcont Of Maytag pf (3).. Trico Prod(2%). tag 15t pf 6. TruaxTraer 1.60. Melvle Shoe 1.40. Truscon § $1.20.. 48 Mengel Co — Mexican Seab Undwd-E1 F (4). Miami Cop (4). Union Carb(8) i Mid-Cont P(2). Un Carbide (n).. &1 Middle States. Union Pac(10).. 219% 21 Mid States ctfs. . Un Facific pf(4). €34 Miller Rubber. Unlon Tank(s).. 13 Minn & St Loul| Utd Afr & Trans. 144 177 | Mo Kan & Tex. Utd Air&Tpt(3). &2, | Missourt Pacific. Utd Biscuit 1.60. 46% MoPacific pf (5).. Utd ClearSt(1). 21! Mohwk Car 2%.. United Corpn... 68 Mont Ward 2%.. Utd Corpn pf(3). 45 Moon Motor. ... . Utd Dyewood. Mother L (40¢).. Utd Elec Coal... Motion Pie Corp. Utd Frut (c4) Motor Meter A.. US Cast Ir P(2). Motor Prod(2).. 1 US CIP 1st 1.20.. Motor Whi (2). US CIP 2d 1.20.+ Muihins Mfg . ] 8 Distributing Mullins pf (7). J SDistrib pf(7) Munsingwr 131 1S Hoffman(4). Murray Corp. U S Alcohol (8) U S Leather.... U S Leathr A(4) 1S Lea pr pf(7) U S Realty (5).. U 'S ruoper. Open. High. Low. Close. Superior Steel 65 65% 644 64l SymingtonClA.. 16 16w 16 16% Tenn Copper(1). Texas Corpn(3). TexasGulfSul(4) Tex&P C&O(b5). Tex Land Trust. Thatcher MfK... The Fair(2.40).. Third Avenue. .. Tidewater AsO!l TIAWASOIIDL(6) Note—The New York Stock Exchange is now operating on Eastern daylight- saving time. e Open. High. Low. Close. 39% 41 39% 40% 80 80 80 80 115 118 115 118 3314 3314 334 33 611 614 601 61% 0 TL 0% 70 2% 2% 24 131% 132% 127 1 447 451 44 18% 19 AbItibl Power. .. ?é?: Abitibi pf (6). < Davison Chem Debenhms al E Deere&Co pf(7). 122 Del L& W(17).. 121'3 Detroft Ed(8)... 261 Diamond M (8).. 144 Doma Mines(1). 9% Domin Stores(3) 4713 Drug Inci4).... 113 Dunhill Int (34). 67 Duplan Silk (1).. 21'% Dupont de N(4 Du Pont deb(6). 117 Dug Lt 1st(5)... 100's Durham Hol . 64 Durham Hos pf. 51 (2) .0 16% 2 19% T 100% 100% 1004 100% 100% 100% 100% 100% 292 285 123 12 196 19; 20% 28 12% 12% 124 463 4T 46N 1211 121% 121% 6515 67% 6 53% B3% b3 29 30% 29 9015 86% 144% 14515 1434 141 141 141 98 © 98 98 57 58% 5Tl 454 49 45 38 38 1% 2 Eastman (18)... 177 Eaton'Axle (3)., 65% Eiungon(2%)... 30 Elec AutoL t4%. 167 Electric Boat. . SlecPow&Lt(1), * Elec P&Lt pf(7) Elee Stor B (5).. End-John(5).... Eng PubSer($1), ing Pu S pf(5)., quit Bldg(2). Erie R R. Erle 1st pf. Eureka Vac EvansAuL 32%. 177 65% 30 169% 15% 6915 107% 8313 122 3% 40% 18 9% . o). 404 181y 134 46 1 : i i t t n €6l 5814 6% 17 6l o= 175 117 57 5 F Nash Motors(6). Nat Acme (1)... Nat Bellas H $1. NatBHess pf( Nat Biscuit (6 Pashion P(k215) edL&Trac pf 6. ed Mot T (80¢). “idelity-Phoenx ilene’s pf(6%). First N P 1st(8) Rirst NatS(1%). Fisk Rubber. . Fisk Rub 1st pf.. Fisk R 1st pf ev. Fleischman 13% Follanshee $215. Foundation Ce Fox Film A(4 Freeport T (4).. e 6714 100 16% 109% 1 102 115 68% 1 5 1 o5 m Piano. m Piano pf. mP&L (.. mP&LtA(G3). mP&LD? sta b. mRA&StAS24. 4 eSan(rts) 1 . 164 £0% sh Reg 14 i iry (13). 81 45% 2 164 BO% 81 Sliy 44 1 161 50% Nat Dept Stores. Nat Distillers NatDistlrs pf Nat Enamlg (1). Nat Lead(5). ... Nat Ld pf B(6) Nat Pow&Lt(1). Nat Radlator. Nat Tea (1%) Nevada Cop (3).. N O Tex&M (7). Newport A (3).. Newton Steel (3) N Y Alr Br(3). N Y Central(8 Y C&StL(6). N Y CStL pf(6). NYNH&Hart(4) N Y Stm pf(6).. NY Stm 1stpt 7. Norf & Wn(110) Norf & W pf(4). NorAm b10%stk NorAm Ed pf(7) No Ger Lld 3.41. North Cent(4). . Norwalk Tir Nunnally Co S Steel (rts).. 1 Leaf Tob(3) iv Pipe & Rad Util P&L A(e2). 14 7 6714 36 36 101% 103% 101 136 136 64 63% m Saf Raz\r0). 67 Vadasco Sale: Vanadium (14).. Van Raalte. Vick Chem (4) Victor pr pf(7).. 114 v ro Chem 13% . 101 25% Gabriel Snub A Gardner Motor Gen Am TC(34).. Gen Asphalt..... Gen Asph pf(5).. Gen Cable. .. Gen Cable A(4) Gen Cigars(4)..y Gen Electric 16. . GenElec sp(60c) Gen GREI A 1%. Gen Gas(rights) Gen Gas pt A(T) Gen G & E1 A(8) Gen Mills (3) Gen Mills pf ( Gen Mot(13.30). Gen Mot pf(7).. Gen Out ctfs(2). Gen Ry SIR(5). . Gen Refrac 13%. Gillette S R (5) G!mbel Bros. .. Glidden Co t1% . Gtidden pr pf(7) Gobel (Adolph). Gold Dust (new) Goodrich(4). ... Goodyear Tire. . Goodyr 1st pf(7) Gotham H (2%). Gotham H pf(7). Gothm pf exwar. Gould Coupler A Graham-Paige Grahm-Paig rt Grhm-Paige cfs, Granby Min (7). Grand F&W (1). Grand Unon.... Grand Un pf(3). Grant W T (1).. Grt North pf(5). Grt NorO(a1%). 281 Grt Wn Suz 2.80. 37% Greene Cana(8). 154 Guantanamo pf. 5 Gulf Stat Stl(4). m S & R pf(7).. 136 m Stl Fdys(3). 63% m St Fy pf(7). 111 111 111 m Stores (2) 6% 6% 76 m Sugar (5)... 80% 80% 79% m Sumatra(3). 45% 47% m Tel & Ca(5). 28 28% m Tel & Tel(9) 215% 216 mTel&Tel(rts) 5 5% 4% m Tobacco(8).. 176'4 178 176 m Tob pf(6)... 119t 119t 119 m Tobac B(8).. 178!¢ 179% 177% mWW&El(eD. 90 93% 90 mWW1st pf(6) 101 101 101 m Woolen pf. 4914 49 48N m Writ Pactfs 1lls 117 1l m Zine... o B34% 35% 34% naconda (7)... 127 130w 127 naconda (new) 108 109'% 106% 21 21% 20% £0 88 80 53% 537 53 4 118% 53% 5 37 15% 8614 82% 125 50 100 70 28274 11 9% 2% 106 123 114 14% 101 25'% 47 Va Iron Coal&C., Va Ir Coal&C pf. Vule Det pf(7).. e Wabash pf A(5). Waldorfil%)... | Walworth(1.20 Ward Baking (A Warner Bros Pie Warner pf(2.20) Warner-Qu(2).. Warrn Bros (15) Webstr-Eislohr., Wesson Oil (2).. Wesson O pt (4). W Penn ELA(7). 2% 133% 1074 99 99 111% 196 834 117% 10044 25 215 10015 Sl 85 A naconda (rts).. nacond W&C nehor Cap 2.40 Ofl Well Supply. Ollver Farm Eq. Oliver conv (3) Oliver pt A (6). Omnibus....... Oppenhm-Col(5) Orpheum pf(8). Otis Elev (6). Otis Elev pf(6). Otis Steel. Owens 111 G oy West Maryland. West Pacific West Pacific pf.. W U Teleg (3) Westhse A B(2), Westinghse(4).. Westhse 1st(4).. Weston Electric. White Eagle(2) White Mot(1)... White Rock (3). White Sew Mach White SM pf(4). Wilcox Ol & G.. Wilcox (A) 23§.. Wilcox Rich B Willys Ov c1.20.. Wilson & Co. Wilson & Co pf. Woolworth (6).. Woolworth new. Worthn Pump. .. Worth Pump(B) Wright Aero. ... Wrigey ((13%). 1238 6% 125 6% % 23 27% 28 rmour INI(A).. ~12% 6% 9% 75 g Sy 27% 27% 28 28 51% 62 5l% . 45 45 45 . 197% 198% 1977 tchison pE(5).. 100% 1003 100% tl Coast L(110) 178% 178% 178% QGuif& WI.. 61t 62% 6l t1Refg (11%). 687 69% 6815 UasPowder(4). 95 95 95 tlas Pow pf(6). 1024 1024 102% uburn Auto J4. 250 251 244 ustin-Nichol 6% 6% 6% utoSales...... 31 8lis 31 uto Sales pf(3) 38% 384 8T% L iy ald Loco pf(7). 120% 121 nito & O(6).... 117% 118 &O (rights) rnold Con & Co redoom (2).. Pacific Gas (2).. Pac Lightg (3).. Pac Oli Stubs. Packard (13%).. 150% Pan-Am Petrolm 59 Pan-Amer Pet B. Pan-Am Wn B.. Paramount-F- Park & T11(33).. Park Utah(80c). Pathe Ex... Pathe Ex(A). Patino M (3.89) Peerless Motor.. Penick & Ford. .. Penn Dixie Cm PennRR (4)... Penna RR (rts). Pere Marg pf(5). Pere M prior(5). Pet Milk (1%).. Phelps-Dodze Phila Co pf(3).. PhilaRaT pf 3%. Phila& RC&1.. Phil Morris(1).. Phillips-Jon(3).. Phil-Jones pf(7) Phillips P (1%). Pierce-Arrow. .. PlerceOil. Pierce Oll pf. Plerce Petroim. Pillshury (2). Pirelll (A) 2.88 Pius Coal. ... Por RicoToA(7). PortoRIcoTobB... Postal T&C pf 7. Postum(3). Prairie O11&G: Prairie P L(t4). Pressed Stl Car. Pr Stl Car pf(7). Producers&R pf. Public Serv 2.60. Pub SE&G pf(6) 109 Pullman Coi4).. &1 Pure Oil (1%).. 287 Pure Oll pf(¥).. 114 Purity Baking.. 121% 120% 10215 154 120% 117m 2 8% 06'% 27 45'% 2313 80 14% % 86 108 105 119% 119% 132 1294 B7% 86% 8l 8l 9312 93 138% 135 2% JT8% 2% 8% 106% 1 27 Hahn Dept Stor Hahn DS pf 6%. HamiltonWpf () Hanna M A (7).. Hartmn B(1.20) . Hayes Body (b8) Hersney Corp. Hershey pf(4 Hershey pr pf(6) Hollnd Fu(e21%) Homestake(17).. Household (t4) Houston Ol. . Howe Sound (4) Hud Man(23%). Hudson Mot (5) . 877 Hupp Mot(£2).. 524 ATl 137 137 813 254 Yale&Towne(4). Yellow Truck... 46 ~ 47 Young Spgs 12% 65% 6514 651 YounkstnSh(5). 129 1291 120 1294 Hourly Sales on N. Y. Market. 10:30 am.. 510.000 12m... 1,460,400 0 p.m. 2,097,600 2:15 p.m 2,624,100 Dividena rates as given in the above arc tne annual cash payments based on the latest quarterly or hali-yearly declarations. * Unit of tradipg less than 160 shares. 3'Plus 4% in stock. § Plus tock. 9 Plus 1/25 In stock. & Paid (his year—no regular rate. b Pay- able in stock. ¢ Plus 5% in stock. d Pay- able when earned, e Payable in cash or stock. f Plus_10% in stock, & Plus 60 in stock. h Partiy stock. | Plus 20. in stock. & Plus 1/120 share quarterly in stock. m Payable 1/10 share quarterly in United Cigar Stores common stock. b Plus Ula% in stock. 102 96% 27 67 95 97 106 102 96% 27 68% 95 9T% 106 40% 0% 6974 LTI 664 414 arker Bros(z).. 27 ethlehm Stl(4) ohnAl&Br 13% org-Warnr(J4) riggs MIgFCo. rockwy Mot(4) kiyn-Man(4).. klynUnGas(5). ucyrus(1). ucyrus cv(2%) uff & Susq. Ilinots Cen(7) Ind O & Gas (2). Ind Motor Cyel Indian Refining Indian Refg ctfs Indust Rayon. Ingersoll R t5%. Inland Stl (3%). Inspiration C(4) InterboroRapTr. InterconRubber. Internat Agri Int Ag Ch pf(7). Intl Bus Ma (6). Int Cement(4).. Int Com Engi2). Int Combus (rts) Int Comb pf(7). Int Harv (2%) int Harv pf(7) | int Mtch pr 3 Int Mer Marine, Int Mer Mar pf Int Nick,Can 80¢ Int Papr & Po B. Int Papr & Po C. Int Pa&Po pf(7) Int Prig Ink 2%. Int Prtg Ink pf 6 int Tei & Tel(6) Int Tel&Tel new IntTel&Tel(rts), Inter Dept S(2). Intertype(fillg) | LsiCreekC pf(6). urns Bros(B).. urnsBros pf(7) urroughs (15). ush Term(g2).. sh Ter de(7).. ush Ter pf(7).. utte Cop & Zine utte & Sup(2). utterick Co yer & Co. e 264 1035 103% 319 301% 3 62% 61% 106% 106 113% 113% 6 5% i SO 2as Wall Street Briefs 106 113% 6 i ] 32 146% By the Associated Press. Copper_buying is quiet, but, as the result of curtailment of production, ent in the industry is better both and abroad and dealers believe | that the price will be stabilized between | 18 and 19 tents a pound, delivered. | General Motors dealers delivered to | | consumers 223,303 cars last month, Al- | fred P. Sloan, jr., dent of General | ™ | Motors, reports. is an increase of | 13,936 over the same month last year. Sales by General Motors' manufactur- | {ing divisions last month amounted to | 227,718 cars, an increase of 30,121 over | { April, 1928, | Certificates of deposit for class A | | stock of no par value of the Motometer | Inc., have been listed on the New | Stock Exchange. a2z 146% 132% 821 147% 183 3; 148 133 e allf Packg (4). 76 76% T5% 129% 130% 128 4lly 43 41 8oy £61i &l 230 250% 230 5% 6 5% 40 40 40 obbs 2815 285 28 69% 69% 68 39% 49% 39% 46 46% 5% ent Alloy pf(7). 110 110 110 99 99 291 114 6 foa 130 Radlo Corpn. RadioCo pf(3%) Radio pf (B).... Radio-Keith(A). ReadingRy(4).. Reading 1st(2). Real Siik Hos. .. Remingtn-Rand. Rem-Rd 2d(8). Reo Mot (11). Republic Brass. 5 1 Kep | & S(4). | Reynolds Spngs. Reynlds (B)2.40. Richfield Oil (2). Rio Gr Oil (k2). Rossia Ins (n). . Rossia Ins (rts). Royal Bak P(1). Royal D(a1.336) 9615 5ty 80 'l & Hecla(4).. n Pacifie(10 1067 ‘an Pac (right! ‘elotex Co (3). .. riain-teed Pro hes & Ohio Tts. & O Corpn(d). R Stockholders of General Spring & | Bumper Corporation have voted to in- | crease the authorized capital stock to | 393,479 shares of no par value to be | | divided into 90,000 shares of class A and 283479 shares of class B_stock. | Dircctors _declared a stogk dividend | equal to 50 per cent of the outstanding | {elass A and class B stock to be dis- | { tributed June 3 to stock of record | | May 21, | i hi Great Wes 49 31% b0k 82 49 31% 50t 82 134 36 hi Mil & St P.. Safeway (3) Safeway pf ( Safeway pf (7). 1 St Jos Leaai13). StL & San Fr(8) SUL&Sank pf(6) 31 | Savare Arms(3) Schulte St schulte pfi8) Seab Alr Lin Seab Air L vl Seagrave(el.20). Sears-Roe(12%4) Seneca Copper. . Shattuek FG(2). Shell Un(1.40). Shubert The(6). Simmons Co(3). SimmsPet(1.60) Sinclair Oll 12%. Skelly O11(2). Snider Pkg pf... So Po R Su 12. South Por pf(8). South Cal Ed (2) Sou Cal Ed(rts). 4| South Dairies A. South Dairies B. South Pact6). (South Ry(8).... SouRVM&O efs ¢ Spalding (1.60).. Spang Chalfor. . Sparks With(3). pen Kellog 1.60 picer MTE..... SplcerMfg pf(3) Spregel Co (3).. Stand Com T(1). SIdG&E(3%). Std O of Cal(13) StdOIINJ(11%). StdO:INY(1.60). 5td Plate Glass. Staniev Co..... StwartWar(314) 991 | Stromberg (3).. 44 | Studebaker(35). 734 | Sun O1l (g1). 64, Superior OU.. hi&Nwn pf(7). Kan City Sou(5) Kaufmn DS 1%. Kayser J(5). Keily: 63 4 ' 66 42 5474 B4, 42! 547y S ity Ice (3.60).. 2 56% City Iee p(6%). 104 103t 103! ity S n 2; wett- 61 1 lilns 58 61 A 72 Hayes(n) Kelsey Hay rts. Kelvinator Corp. KKendall pf (161 Kennecott (4)... Kimberly-C 215 <inney (G R)... Kinney(G R) rts Kinney pf(8) | Kolster Radio. .. Kraft-Pho(1%). Kresge (160). Kreuger& T 1.34. 37 Kroger Gro(cl). 89% 89l —_—— Lago O1. .. 29% 2 Lambert Co (8).. 139% 145 Lee Tire & Rub. 18% 187 Leh Por Cmt 2% 56 56 Lehigh Val Coal 24 Lenn & Fink(3). Lig Myers(16) Lig& MyrsB 1.:ma Locom! L1quid Car t4% . | Liquid Car(rts). Loew's (13). Loft . Long-Bell(A). Loose-Wil 2.60. . Lortilard Co. Lorltlard pf(7). Loulsiana Ol La Ol pf(6%) Louis GasA 1.76. Louts & Nash(7) 142 LudlumStl(2).. Stockholders of the Chase National Bank have approved recommendations of the directors to increase the capitali- zation from $61,800,000 to $80,000,000 | and to reduce the par value of the stock | from $100 a share to $20 a share. The | proposal to take over the American Ex- | press Co. also was approved. 61% 58 65% 78 4% 105% 106 105% T2 T6% T2 Col Carbon t4%. 160 161's 156 1% bl'a 97 26 Alkmn. 58 4 ol Sou 1st(4).. 177 3814 It 1% Public Uiilities “om Cilstpf 6% | “om Cr pf B(2). Special Dispatch to The Star. ‘ NEW YORK, May 17.—The report | of New York Power & Light Corpora- | tion for April sho 8] of $1,767,520, compared with $1,613,219 in April, 1 A and net after taxes, depreciation and | charges was $4 11, contrasted with 3 s for the 12 months end- mounted to $20.944, 202. | | against $19,374,620 in the preceding yea “om Solv (h8).. 359% 9 61 | f | i | | | | | | | | i ‘onde Nast(2).. “ongolenm-Nalr “onCieuruf (6% ) “ons Film pf(2) 106% 1170 11 Yute 991y 59 59 msolGaspf (6) *unRRCuba pf 6 “onsol Textl) N 60 40 241 601 401, 59 3tk | —_— | | s | April gross of Consumers Power Co., a subsidiary of Commonwealth Power | Corporation, was $2.843,009, against | $2,508,714 in April, 1928, and net after| | taxes $1,443,508, compared with $1,- 285,523 last year. | - | N ‘The earnings statement of the Ten- | 601, | nessee Electric Power Co. and subsid- 41% | lary companies, a Commonwealth Power | 64 | Corporation _subsidiary, shows April | 43'. | gross of $1,189,563, against $1,103,1 74% in_April, 1928, and net after taxes of 107 §504, compared with $53 £1% Gross for the 12 months ended Aprlll 63 30 amounted to $13,712,553, contrasted 8% with §$12,783,286 ip the year hefore, | ‘ 19 104 “ontainer B 6uc. 49 103 Contl Can (rts). . 124% 124% 124% B9 BT K74 20% 21% 201 - 21% 924 94 924 9 14105 141% 11 €63 401y i 41 4 104 K% & 4 Contl Moti8oc). Mae And(1285). Me Call Corpi4) McCrory Ai2). .. 934 | McGraw Hill(2) 171 | McKeespt Tin P1 20 , MckeasongRW) 43y T4t 104 BL% 63 8. Ay rpet. ... Crossley Rta(11). 99' Crown Cork & S. 4813 Crown Zelrbek 3 _20 39ty 98 4815 474 .80 .. 20 0 XV STOCKS GO HIGHER INBROAD ADVANCE Market Responds to Favor-j able Turn in Credit Situation. BY STANLEY W. PRENOSIL, Associated Press Pinancial Editor. NEW YORK, May 17.—Favorable de- velcpments in the credit situation pro- vided the background for a general advance in prices in today's stock mar- ket. Buying orders were distributed over a fairly broad list, a sprinkling of high-priced specialties soaring 6 to nearly 15 points, while a long line of industrials and public utilities moved up 1 to 5 points. A score or more is- sues moved into new high ground for | the year. Trading was only moderately heavy in_volume, tending to confirm reports that Arthur W. Cutten and other large operators temporarily had withdrawn from active participation in the mar- ket. High carrying charges on mar- ginal accounts have had a restraining effect on speculative operations. Stock prices pointed upward at the opening, with the standard industrials and rails again in the forefront of the advance. Union Pacific showed an in- itial gain of 3! points and American Water Works and General Electric 2 each. General Motors, selling ex-divi- den $1.05, opened at 82!;, as contrasted with yesterday's close of 81. Initial gains of a point or more were recorded by Packard Metors, Columbia Grapho- phone, Chrysler and Packard. Westing- house ‘Electric opened a point lower. Bullish Factors. Retention of the 5 per cent redis- { count rate by the New York Federal Reserve Bank and the relatively small increase in brokers’ loans contributed to a more cheerful speculative sentiment. Wall Street also found bullish encour- agement in the announcement that General Motors had entered the avia- tion industry through the purchase .of a substantial interest in Fokker Air- craft and in the excellent 1928 report of the Standard Oil Co. of New Jersey. Auburn Auto, which sold as low as 221 yesterday, ran up 14 points to a new top at 250. New peak prices for the year also were established by General Electric, North American Co., General Asphalt, common and preferred; Hayes Body, Lorillard and Detroit Edison. Warner Bros. Pictures resumed fits lnd\'flnc? in the face of the announce- ment that the proposed merger with United Artists was definitely off. The stock opened with a block of 8,000 shares at 132 and then crosed 133 to within a fraction of the year's high. { Pathe, Loews and Fox advanced in sympathy. ‘The invasion of the aviation fleld by General Motors probably inspired the resumption of buying operations in Gardner Motors, which also has an aviation program, the stock quickly ris- ing 4 points. Allied Chemical moved up 5 points, and early gains of 2 points or more were recorded by Borg Warner, Simmons, Youngstown Sheet & Tube, Hershey Chocolate, International Com- bustion and United Aircraft. Many Issues Bid Up. Goodyear fell back a point, presum- ably on selling inspired by the turning back of the Graf Zeppelin, as the stock always has been quick to respond to important developments with lighter- than-air craft, which the company manufactures. Foreign exchanges opened steady, with sterling cables unchanged at $4.851-16. r! Bear traders found little comfort in the market action this morning, when a number of prominent issues were bid up as call money renewed at 8 per cent. General Electric, as a lead- er, advanced 7!, points to 288'%. Amer- ican Waterworks & Electric was up nearly as much, reaching 933, 14 of a point below this year’s high. Lorillard advanced 52 points to_a new high at 97'2. R. H. Macy, Safeway Stores, Motor Products, Anaconda Copper and Columbia Gas & Electric all advanced from 3 to 4 points. SHORT-TERM SKECURITIES. (Reported by J. & W. Seligman & Co) Bid, Allis-Chalmers Co. 5s 1937.....° 99V4 Aluminum Co. of Amer. 55 1933 101 American Tel. & Telga, 4s Balto. & Ohio 4'as 1 Batavian Pet. Corp. 4 Bel Tel. of Canda 5s 1955, ... California Fet. Corp. 5'zs 1938. Canadian Nat. Rwy. 1980 Canadian Nor Rwy. 1935 iiesa. & Ohlo Rwy. 4133 193 Chicago Rock Isiand 4s 1934 Chile ‘Copper Co. 55 1047 Cudahy Packing Co. 5t,s 1931 Edisor. Bk 11, Boston 4153 1930 Gen. Mot, Accep. Corp. 63 19: General Pet. Corp. 55 1040 Goodvear T. & R. 88 1 Grand Trunk Canada 6s 1036 Gulf Oil of Pa 55 1037 . Humble Oil 51as 1932... Internat, Match Corp. 55 194 Qregon Short Line 4s 1929 Pure Oil Corp. S'ss 1937 ° Shell Union’ Oil Co. 55 194 9612 Sinclair Crude Oil Co. 5'as 938 94 | Standard Ol N. Jersey 55 1946. 10114 L.'Ir. Mt. & So. R: L', Southwestern R ift" & Co. 53 1932 Union ‘Oil Ge. af Calif United Drug Co. 85 195 T o8l Western Electric Co. 5t 19447 10113 Wheeling Steel Corp. 515 1943 98 2905 Negotiations are pending for cither a merger or some close working agresment between the American Tobacco and the Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 b Safeguard Those You Love Your efforts through the vears to accumulate for wife and the children will go for naught if what vou leave is entrusted to inexperienced hands to invest. Have the Liberty National Bank act Jal—m=]al; in the capacity of Trustee The same intelligent care we exercise in the investment of our own funds would apply to the investment of your funds. LIBERTY NATIONAL BANK Fifteenth and Eyc Sts. Jol———|a|c—— lole=S o —sle———lt| ) Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 9% ‘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 N\ ortsase Loan Correspondent, New York Life Insurance Company NN N Ao Equitable Co-operative Building Ass’nj JOHN JOY EDSON, President ‘WALTER S. 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