Evening Star Newspaper, May 17, 1929, Page 15

FRIDAY, MAY 17, 1929. MARINE PRODUCTS THE EVENING STAR. WASHINGTON, D. €, light, market steady; Norfolk section, Virginia, hotbed stock, crates, 2.00a 2.50; North Carolina, 5-peck hampers, bunched, 1.50a1.75. Money to Loan & ] first deed of trust on r " Washington Ticker HIGH-GRADE BOND ~ [SSUES IN DECLINE ‘Market Average Approaches Low Levels of Year. Convertibles Draggy. BY CHARLES F. SPEARE. !!«»ml Dispatch to The Star. { 'NEW YORK, May 17.—With today’s | !decline in numerous high-grade bond | i issues, the average of the market was | approximately down to the low levels of late March and early April The market's action has been a dis- appointment to those who believed that | (it had completed its liquidation late in | the Winter and had the promise of a | slowly rising price level during the | Spring months, when money is normally | {easy. It was bid up rather too fast {until artificial levels were established | in_many of the “legals.” The stuation now is that dealers who ! followed the market up in April are | Jetting go of their unsold bonds in trad- ing accounts which are too expensive to | carry st ylelds mostly under 5 per cent {in a money market that ranges between 9 and 10 per cent. The various 4, 4!; and 5 per cent rails were soft today. Conspicuously | weak were Canadian Pacific debenture |45, which broke through the previous Jow of the year and were off 3 points from last month's best. New York Cen- tral 4s, Frisco 4s, St. Paul gold 5s. Southern Railway 4s, Canadian Na- tional 4'zs and other bonds of this 1ype were heavy. “The convertible issues were irregular. | American Telephone 4':s lost a point,| though International Telephone 4155 | were fractionally higher. Atchison 4!as | declined. The new Southern Pacific| 4';s which have been steadily losing| ground, although the stock has been| strong ran_up over a point. I G Chemical 5'5s and American Interna tional 5!;s were firm with the Alleghany Corporation 5s a fraction under par. Two _inactive public utilities, New York Gas & Electric 45 and American | Water Works 5s showed _decided | strength, There was_also substantial | improvement in the Lorillard 5s and 51,5 which have recently been near the bottom of their long price decline, but today were up 1 to 11 points. In the absence of any more definite news from Paris, foreign issues that would be mainly affected marked time Others were irregular with a new low . price in City of Warsaw 7s and Buda- pest 6s and Vienna 6s off about & point, New Securities By the Associated Press. i NEW YORK, May 17.—New securities effered today include: | Two million seven hundred thousand dollars Taylor Milling Corporation no- par value common. stock. One million dollars United States Bond & Mortgage Corporation 6!, per cent convertible guaranteed collateral trust boqu at par. CHICAGO DAIRY MARKET, CHICAGO, May 17 () —Butter— ‘Unchangec receipts, 12,190 tubs. Eggs—Higher; receipts, 24,021 case: extra first, 303;a311;; firsts, 30a30 ordinary firsts, 27a29; storage packed, firsts, 32; storage packed, extras, 321z Poultry, alive—Steady; receipts, 3 cars; 30a32; broilers, 36a44; roosters, 2 turkeys, 20a30; ducks, 24a28; Spring. ducks, 32; geese, 17. 2 for S Montgomery Ward Sales. NEW YORK, May 17 (#)—Mont- gomery Ward Co. estimates its 1929 sales will exceed $300,000,000, or an in. crease of 40 per cent over the 1928 sales of $214,350,000, which were the highest in the company’s history. Washington Stock Exchange SALES. ‘Washington Gas 6s “A"—$300 at 1025, Potomac Elec. 5!2% pfd.—10 at 106! 5 at 10635, Washington ‘Rwy. & Elec. pfd—10 at 96, 5 at 96. American Security & Trust Co—4 at) 460, 1 at 458. Union Trust Co—1 at 345. #Becurity Storage Co.—1 at 120, APTER CALL. “Washington Gas 6s “B"—$100 at 10314. Capital Traction 55—$1,000 at 977. District National Securities pfd—20 at w::)l{;nmn Rwy. & Elec. 45—$1,000 at Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telea. 4% Aner To & A 45 A el Telea ol U8 bs.. & P. Telephone 5s.. Gaoltal Traction B . raction R. City & Suburban 5. . g:ar'emwn 15t 5: Bid. Asked. T 9815 otomac Elec. 1st 5s. otomac Elec. cons Potomac Elec. 65 1953 Wash., Alex. & Mt Wash. Baltimore & Ann Washington Gas 5s.... . Gas 65, series A . Gas 65 MISCELLANEOUS. ather & Ross, Inc.. 6! fham -Vanblt. ‘Hotel 612 1 fnestnut Faxms Dairy 614 hevy Chase Club 5'ss... C. Paper Mfg. 6s...... " ot "Joint Stock Ld. Bir. 55 Vash. Mkt Cold Storage 63.. Cons. Title Co. 65 STOCKS. PUBLIC UTILITY. r. Tel. & Telga tal Traction Co hington Gas rfolk 8 215 9515 10912 {eamboat . 300 NATIONAL BANK. ational Capital olumbia ... ommercial istrict ... rederal-American iberty . incoln il g ational Metropolitan iges .. ST econd & ational Bai 240 of Washinigt { TRUST COMPANY, merican Security & Trust Co Continental Trust. .. erchants” Bauk ations] Savings & Trist!. . nion Trust shington Loai & SAVINGS BANK. ank of Bethesda merce & Savings ashington otomac ecurity Savings & Coml venth Street d States Savings ington Mechanics FIRE INSURANCE. B | Duten Toho El Pow 7 UNITED (Sales are Lib3% . Libistays | Lib4th4is | Us3nset. US3%s... US 451944 US4%us52. Argentine 6s Ju § Argentine May '61. Argentine 6s Uct 59 Argentine 5%s '62.. Argentin Australla 68 195 Bank of Chile 6% 8ank of Chile 63 Belgium 68 Belgium 6%s. Eelgium 7s 1955 Beigium 78 1956 Belgium 7 Belgium §s. Bolivia Ts ct '69 Bolivia 8s. .. Brazil 6148 1926 Brazil 6%s 1927 Brazil Is. Brazil § Canada 68 1962, Canada 5181929, .. Chile 65 °'60. Chile 65 °61. Chile 78 1943 Chinese Gov Ry bs. Colombia 6s Jan'61. Con Pow Japan 7s. . Copenhagen 438 53 Copenhagen 3 Cuba 5%3....000 Czecho 851951, .. Denmark 4% Denmark G1gs, Denmark 6s. ... DE15%s Mch 53 Dutch East 1 6547., stl6s Salvador 83 ‘48 Flat 7s war ‘46 Flat 7s x war 4 Finland 78. .. .ceuee Framerican 7%3. .« French 7s French 7%s. German 7s. &% German Bank 6s '38 Greek 65 19 Haiti 6s. . Holland-Amer 6s. Hungary T%s.. Italy 7s. Italian Pub S 78 Japanese 48. Japanese 614 Kreuger&Toll 6s ct Lyon 6s. Marseille 6; Milan 6s. . Netherlands 6s 72 New So Wales 57s.., New So Wales 68s.. Norway 55 1963. Norway 6%s. Norway 631943, Norway 68 1944. . Nogway 618 1952 Orfant Dev 533 Paris-Ly-AMed 68, Paris-Ly-Med 75 Peru 6s 1960.,... Poland 8s. Porto Alegre 8 Prague 73;s. Rhinew: RhineWst EP 65'63 Rbine\Vst EP 7560 Rio de Janeiro 6148 Rio de Jan 85 1946. Rio GrDo Sol 6s '48 Rio Gr Do Sul Rome 634s. . a0 Paulo 1950 Saxon (PW) Serbs Cr Slav 7s. ., Serbs Crot Sio 8s Shinyetsu 6%8 62, Soissons 6s.. Sweden 6s. Swiss Confed §s.... Tokin 6%s 1961.. . Utd Kingm 6% Alleghany Cp 58’44 Alleghany s '4 AmAgrgChen Am Chain 6s°33.... Am Int Cor 5 b8 '49 Am NatGas 6%s'42 An Smit & R 13t Am Sugar Ref és. AmT&Tcltrds.. AmT&Tcltrb AmT& T8 6 Am Tel & Tel b Am Water Wks bs. Am Wrtg Pap 65'47 Anaconda 1st 6s Anaconda cv db 7s Armour&Co4%s 39 Armour Del 6%s Atl Gulf S 58, Atlantic Refin Bell Tei Pa 63 B Bell Te) Pa 65 C. Bethlehm Stl pm b3 Beth Steel rf b Beth Steel 645 63 Bethlehem Steel 6: Sklyn Edison 6 Bush Term Bldg 6 Certain-Td5 % srcts Chile Copper bs. Colon Oil 63'38. Col Gas&E| deb bs. Com Invest 5% '49 Com Invest 63 '43. . Con Gas N Y 63%s. Consumers Pow b: Cuba Cane cv 7s.... Cuba Cane §s. Cuban Am Suz 8 DatroitEdisonss: Detroit Edison 6 Dodge 6: A Duquesne 4%s 67. East Cubn Sug 7%s Fisk Rubber 85 | Gen Asphalt 68 36 Gen Mot Ac Cor 68 | Goodrich 648 Gondyear 6a rets Hoe & Co 6%s. Humble O1l 5. iumble O & Rt 64 (1linois Bell 1st b3 1ilincis Steel 4% 5. Inland St 43s " Intl Cement 6s 48.. Intl Match 5s 47 | Int Mer Mart Inter Papn Int Tel&Teleg 4% Kan City P Kendalls .| Luclede bs. ... Loew's 63 w 0 war. Lorillard 6s. Lorillard 51 Loriliard (1) 78 1o olumbia cal Estate le & I Fash, Cons. Co. of Md. com Title pfa | MISCELLANEOUS. {Berber & Ross, Inc.. com ‘Chevy Chuse Deiry pfd Col. Eand & Gravel pid Commercial Natl. Co. ptd D. C. Paper Mf¢. pid Dist. Natl. Securities pfd Federal Storage pid : 3 Federal-American Co com’ ...l { Federal-American pfd Lanston Monotype Merch. Trans. & Siofuve Merch. Trans & Storage pld Mergenthaler Natl. Mtze. & Peoples Driig € Real Est. Mige. Security Storage Lonisy G Midvale Mont Power deh b Mor's&Co 15t ¢ Nat Dairy 5% N Y E£4ison 58 N Y Edison 6% NYGELH&P4s NYGELH&Pbs NY Tel 448 N Y Tel 6s41. No Am Ed 5% Nor Ohio Tr & L 6s. Nor States Pow bs, Nor Stutes Pow 6s. Pacific Gas & Fl bs. Pac T & T s 52 Pan-Amer lete 68 Paramount 6s 1947, Warh. Medical Bidg. Cor) Sies o Wondward & Lot sieag opdwas othrop pfd 107 Pathe Exchange 7s. Peopie s Gas b Phila Co 58 67 ,ynuuwn:um.mxgwn +AQ0% VirsiniaRy.1at.5 9 10411 Am T&T cv 43453930 STATES. in $1,000.) High. Low. 9911 9913 9716 101 10 101 10 1047 1047 10810 10810 FOREIGN. Sales. High. Low. Close. 83t 105% 874 82la 100'% 1002 100 96% 913 91% 1001x 98 100% 100 96 100% 93% 105 10 13 40 10 11 103'5 103% 6 98 978 3108 108 8 87 864 7T T8% 21 Am Chem 5%s cv'49154 51 1 5 104% 165 100%4 100%s 1004 10250 = e L3 e 107% 1027 981g 79 111 106 —Haa: 1001 92 Int Tel&Tel 4% ov 10§ 10 5 4 10074 1024 108" 98BSy 78 103% 103% 977 98 9% sl | Sales. Philips Petro 5% Pierce-Arrow 8s. Plerce Oil deb 8s Por Ric Am Tob 6s. Postal Tel & C b Public Service 4% Rem Rnd 6%8 war Sinclair O1l Sinclair Ol Sinclair Oil 7s.. . ! Sinclair Crude 5% Sin Pipe Line &s.. Skelly O1l 6%s South Bell Tel bs. Southwest Bell 5. Stand Ol N J 6% Stand OIIN ¥ 4 SugarkstOriente Tenn Cop 65 B'44. . Tennkiecl'ow 63 47 Transcontl Oil 6% 8 United Drug 53 5. U'S Rub 1stre 5s, US Rub T%s U S Steelst b8 Utah Pow & Lt 5s. Vertientes Sux 7s.. Walworth 63 "4 Walworth 6348 { Warner Sug 7s 41. West Elec bs. . Westn Union 5s 51 Westn Union 6%4s.. White Eagle O 538 Willys-Ov 65 33 Wiison & Co 18t Youngstn S & T 5s. At&SF cvt 4s 05, Atchison gen 48. Atch deb 4% 48 Atiantie C L 1st 4s, Atlantie C Licl 4 Atlantlc C Li4%s 64 B & Gold B&OCY 4ts... B&Orefbs... B & O 58 2000 D, B&O 1stfsct. B&Orfimp 6s {B&OPLEWY s | Boston & Malne 6. Brooklyn Elec 6%s. Brook!vn Elev 6% Bkl annat 6 Bklyn Un El 5550 Bklyn Un El 55 at Buff R & Pitt 4% Can Nat 4%s 30. Can Nat 4148 54, Can Nat 4%s 57. Canada Natl414s'68 Can Nor 4%s 1836, Canad North 7s nada South b 8 n Pac 4145 46. | Car Clinch&O 65 52 Central Pacific Cent ac 1st 63 0., Ches & O Corpn bs. 147 Cnes& Ocv 48 Ches & O £n 4%8. .. Ches& 043593 A Chi & Alt 3'%s cifs, Chi B&Q gen 4s b ChiB&Q 1strt b3 Chi&IS 111 gn 63 51 Chi Gt West 45 69, Chi Ind&L gen & CM&StPgn8 Chi M&SP 4%s ChiMiISP&Pacss CMSP&Pacadi’s03. Chi & NW gn 3%s. Chi NW 435 203 Chi& NW Chi Rys 68 ChiRl1&Prf4s... Chi RT & Pac 4%8 ChiStPM&O 65 '30.. ion Sta §s 44. C&StL deb 4%5s. . CCCa StLrfésA., Clev Term bs. Clev Term 5%s. Colo & Sou 414, Cuba R R 7% Cuba Nor 5%s et Del & Hud 1st rf 48 Del & Hud 7s 30.... Den & Rio G cn 4s.. Den&RioG 4%s 36 D Rio G West Er1e 1st cons 4s Erie conv 4s A, Erie Gen 4s.. rie cv 55 '67. Erieconv ext s Erie (Pa) cit tr 4s. Fla East C 58 74 Fonda J&G 4%’ Gr Trunk stdb 6s. Great North §s. Great Nor gen 7s. Hud & Man aj b: Hud & Man ref 5s.. I1i Cent 4%s 66 111-C- L&NO bs. Int Rapid Tran 6s.. Int Rap Tr 5s stpd Int Rapid Tran 6s., Int F:ap Trans 7s. Int & G Nor 1st 6 Int Rys C A 6572 Int Ry C Am 65 41. Int Ry CA 6%srct. Kan City Ft S 4s Kansas City 8 3s Lake Shore 45 31 Lehigh Val cn 4s. .. LehiVgen 415 2003 Louis & Nash 6%s. Louis & Nash 7s... Man Ry 1st 45 90 Market St 78 40..., M StP & SSM 6% Mo Kan&T 4%s " Mo Pacific gen 4s., . Mo kachsF177.... Mo Pacific 5a G '78. Mo Tac 514549 cvt 117 Mont Trm ref 6s 41. ash Chat&StL 4s. 10 OT&Mb%S. g Y Cen gen 3% Y Cent4s42., Y Cent 45 98.. N Y Cent deb 4s. NYCrfim4é}% N Y Centrf6s N Y Cent deb 6s. Y CentL - —r = BT Ralld Baronandern wemad 12 s maE e NY NH&H cv db N Y Ont W 1st 45, Y Rys 6865..... N Y State Ry 4% Y Sus & Wn 5537 YWa&Ba%s. ... or & S gen 55 54.. Norfolk & W cn 4s. Nor Pac 35 2047 orthern Pacific or Pac 4%s 2047. No-thern Pac r § 68. Ore Short L rfs 4s. Ore Wash 1st 4s. .. Pennsyl con 4148, Pennsyl gen 4as. . { Penna R 4% °63. { Pennsyl gen b nsyl 6s 64 Pennsyl 6%a. .. 0. snnxyl gold 7. coria & eading gen 4%s A 10 G West ¢l 4s RIATK& La%s | StL 1M&S gn 6831, St L IM&S &G 45, PIASA.. ralss SUL& S F pr in 6s. StLS W Istds.... SULS W con 4s 32, SUP & KCShL 4353, San A & Arn P 4as., Seab A L ref . 2 SeabA L ad) 63 1949 10 Seab A L con 63 IS BAlFla6s3 Pacific refds.. 6 Sou Pac 4% wi '64.215 Sou pac 41z s ret 18 Sou Ry zen 4 51 Sou By 6%s 1 10 1 blys 60, cific 18t ac 65141977 Tex & Pac 35 C*79. 30 Third AveadiSs. .. 4 Tol Tr L&P 514830 3 Union Pac 15t 4s... 16 Vnion Pacific 45 ‘68 6 Unfon Pac 415867, 1 UnionPacist ref 58, 2 o 2 High. 90 2 10615 101% 101 109 101% 1011 5 101 100% RAILROAD. 90 1082 10)7%,401% A0l Low. Close. 90 50 106% 108% 97% 86 874 97 106 101 101 1084 101 101% 10015 100% 9% 111 104% 828 97 107 9015 100% I3 96 105% 1001y 60 £6 995 90 96 1051 1014 60 86 9915 96% 9613 104% 96 RO 101% 105% 10014 120 6814 12 H21y &1 80 Yl 64 87t 9614 1% 9815 861 9% B9t aliy 93 92 a7 120t 100% 101 105! 98 974 FE 99 92 8% 6% 1088 108% [ o BONDS o] | SURPLUS INWHEAT Received by Private Wire Direct to The Star Office WORRIES FARMERS Problem of Overproduction| Is Chief Topic in Middle West. BY JOHN F. SINCLAIR. Special Dispatch to The Star. KANSAS CITY, Mo., May 17.—Kan- | sas City cannot get its mind off wheat. | Every. business man and banker one talks with come finally around to that subject. Many of them are old-timers {in_wheat, W. J. Bailey, governor of the Kansas City Federal Reserve Bank, has been | raising wheat in Kansas for 40 years {and he is just as interested as he was when he was farming his own fields as a young man. The wheat combine seems to be the machine that is making the life of the wheat farmer difficult. It is the old | problem of overproduction. The quality of wheat coes not enter in, nor the labor involved in raising wheat. | Labor Problem Secondary. When one 30-horsepower unit, with two one-way plows, can plow 80 acres a day, the labor problem becomes sec- ondary. In fact, there is no problem here. 'The same 30-horsepower unit, with three large drills, can seed acres a day. It can also pull a 20-foot | combine and harvest 60 to 70 acres a ay. : In man power, five to ten times more men would be required to do this work. It was figured recently that to produce in this way 150,000,000 bushels of wheat (the 1926 crop in Kansas). would nece: sitate the services of 775000 harve hands. With modern machinery onl 16,000 men were brought in from the | outside. Today a farmer and his two sons can harvest 400 acres of wheat without starting before 9 o'clock in the morning. The machine age has not_only affected the life of the city, but has very ma- terially affected the life on the farm. It enters vitally into the whole problem of wheat. J. W. McReynolds, Montezuma, Kans.. uses three combines in farming his 230 | acres of wheat. He has figured that, exclusive of rent, deprecation on his machinery, taxes and interest, 1t costs | him $7 an acre to produce wheat. In | other words, the cost would be 35 cents a bushel, providing the farmer got 20 bushels to the acre. So 75-cent wheat should pay big. even | including the items above enumerated. | At least, at that profit other industries | pay. But the catch is to get the 20 | bushels to the acre. The average is | much les: Modern Farmer’s Methods. However, the case of Albert Weaver, Bird City, Kans, shows the possibili- ties. In 1926 Mr. Weaver had two | fields which produced 35 bushels to the acre, despite the fact that from seed- ing time to harvest time, 10 months, there were only five inches of rain. Proper Summer fallow, Mr. Weaver says, is the answer. This same progressive farmer had | produced 75,000 bushels of wheat every year for the last three years in terri- tory where the rain averaged 12 inches | annually. Mr. Weaver beiieves that when farmers understand modern methods of wheat raising they will be able to compete on the world markets and make good. (Copyright, 1929. by North American News- paper Alliance.) PAY ROLL INCREASES | HELP RETAIL TRADE BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, May 17.—Pay rolls to- day are keeping up the wonderful pace of retail trade. And pay rolls are in- creasing rather than diminishing. After all, the real objective of the | commercial world is to get goods into the hands of ultimate consumers and get the money for them. That is being done to & most satisfactory extent present. In consequence, the mines, mills, factories, lumber camps and nearly all phases of raw and finished | materlal production are proceeding at ‘| a high rate. In only 8 of the 150 or more main retail distributing centers of the coun- | try is the sales prospect poor. In the majority of the other centers sales pros- pects are_better than fair. In the last month retail sales have exceeded those for the vorresponding period of 1928 by % per cent, and this improvement seems likely to be maintained throughout May and June. The best prospects are in the Middle | Atlantic and South Central States, with the prospects for wide gains smallest in New England and the Pacific States. However, the tourist influx into the lat- ter regions is bound to increase and sustain trade to a larger degree than ever before in the next three months. Prospects in the grain States are not particularly bright, and neither is the outlook for the cotton producers; but the high prices for live stock will com- pensate to a great degree in the first case, while the returns from truck farm- ing will help out in the second. Indus- trial production is not showing signs of material decrease, although such a! check is normal and expected at this time of year. W., B. & A. TO EXPEND $250,000 FOR CARS| Special Dispatch to The Star. BALTIMORE, May 17.—The Wash- ington, Baltimore & Annapolis Electric Railroad Co. vesterday announced plans involving ~ the expenditure of over $250,000 to improve its passenger serv- ice, particularly on the North and South Shore divisions. “Our company,” said Herbert A. Wagner, president of the W., B. & A.. “has contracted with the J. G. Brill Co. to build new trailers which will em- | body luxuries for the passengers, and has under way the complete renovation of 17 motor cars which will be identical with the new equipment, except for the fact that they will be motorized. “The splendid water front within such easy reach of Baltimore, Wash- ington and the capital of the State has in recent years attracted a rapidly in- creasing population. Improvement of the electric railroad service will acceler- ate_this growth.” The new trailers will be constructed of steel, with windows of plate glass encased in metal sash. The cars will be insulated with asbestos composition similar to that used on modcrn sleep- ing cars and will be electrically heated. Fifty-eight passengers will be seated in each trailer, thirty-eight in the main compartment and the remainder in the smoking compartment. PARIS BOURSE PRICES. PARIS, May 17 (#).—Price move- ments were irregular on the Bourse today. Three per cent rentes, 74 francs 45 centimes. Five per cent loan, 101 franes 35 centimes. Exchange on Lon- don, 124 francs 14 centimes. The dol- lar was quoted at 25 francs 59!, cen- times. SILVER QUOTATIONS NEW YORK, May 17 (#)—Bar sllver, 54: Mexican dollars, 40%. Sales. High. Low. Close. Whash 4%s 78 rets. 12 83 87% 87'% 2 100% 100% 100% + 3100 100 100 2 97y 87 9% TIY ELIIET Y 96y 964% P West Maryland 4s. West Md 5%s 77, e | several quarters to represent the owners in i P By the Associated Press. Railroad traffic forecasts now in- sistently point toward a larger volume of business during the next few weeks than has been enjoyed in any recent Summer. Recent appearance of one Or two business prognostications mention- ing a possible recession in the rate of production and distribution of commodi- ties has occasioned a recheck of the American Railway Association’s advance estimates of freight car loadings, but nothing_has been founa to sustain the doubtful view. “This year, railroads have had three successive million-car-loading weeks at a very early date” said H. C. Taylor, manager of the association’s traffic esti- mating _department, ““bearing out* the advance estimate made by the regional shippers’ boards, which work out traf- tic possibilities. 'Not only has the traf- fic been of record volume, but it has | been of a character to indicate that further increase of movement is certain to_be experienced.” Infusion of new blood into manage- ment of the group of railroads they have now acquired, seems to be a steady policy of the Van Sweringen brothers ‘of Cleveland. A step in the process is illustrated by a just )ssued order of the Interstate Commerce Commission, ap- proving the election of Charles L. Bradley, one of their associates, to the post of chairman of the board in the Erie system. The new officer is one of installed in railroad head- operations and finance. Deadlock remains _insistently the situation as to all important rail con- solidation proposals for the present, it appears from another late order of the commission. The Chicago, Indianapolis & Loulsville, more commonly known as the Monon, asked that body to reopen its general consolidation hearings and is now given a quick and absolute de- nial of its motion. The Monon suggestion was rather in- cidental, since the Southern, which owns it, was moved to protest aga Baltimore & Ohio demands for inclu- on of the Monon with its own systen. ‘his was a detail of a general B. & O. proposal for a huge expansion, which is still pending. but will not come to open hearings for many months. The Southern sharply complained that the Monon was a most valuable constituent of its own North-and-South trafiic service. A half dozen formal complaints against different trunk line railroads for moving toward control of neighbor- ing small systems have now emerged from the commission, and only strictly limited authorizations have been al- lowed for contemplated mergers. The the position that until Congress legis- lates further, rallroad consolidation can be held back. One important but unusual tariff de- tail has brought to Washington Henry the American Association of Ship Re- pair Yards, to see that their interests are considered in the tariff bill with which Congress is struggling. It ap pears that repairs on American vess if made abroad, by existing law are subject to a tariff of 50 per cent ad valorem when the vessel again comes to home ports, unless it can be shown that a first-class emergency made the Amer- ican owner put into the foreign work yard for assistance. This was designed to prevent the transfer of ship repair work almost completely to foreign ports, yard people say. In the new tariff bill some modifica- tions are proposed which the associa- tion fears would enable shipping oper; ators to get a lot more duty-free work done abroad. 'LOW PRICE OF CORN AIDS FOOD CONCERNS Special Dispatch to The Star. NEW YORK, May 17.—The present low corn prices and the relative stabil- ity of the prices of corn products are benefiting those manufacturers engaged in making food products from corn. Both Corn Products Refining Co. and Penick & Ford Co., the leaders in this field, showed first-quarter earnings to have been far ahead of those of a year ago. The Corn Products Refining Co. was formed in 1906, consolidating five com- panies engaged in the manufacture of starch, glucose, corn oil and sirup. Originally all the products were sold in bulk, and even today most of the prod- ucts are used by other industries as raw material, For example, the company produces 70 per cent of the countr glucose, and 30 per cent of its supply is sold to candy manufacturgrs. Not long after the company was were adopted, Argo, Karo, Mazola and Linit, for example, having become very well known through aggressive advertis- ing. Since the company uses more than 40,000,000 bushels of corn a year, the price of that commodity has an impor- tant bearing on profits. Even though in- ventories are closely controlled, earn- ings increase when corn prices are low and fall when they are high. The re- cent drop in corn prices has produced earnings of $1.18 a sharc for the first quarter, compared with the 90 cents of last year, when corn prices wcre rising. Despite the fact that the uncertainty of corn prices has not allowed Corn Products earnings to show consistent growth, the company has managed to improve steadily. Last year earnings were $4.52 a share, the highest on record. For the past seven years earnings have averaged $3.90 & share, and the lowest earnings were $2.30, in 192 when prices were upusually high. The regular dividend is only but since 1926, when a cent e was paid, the companv has been increasingly generous with extra dividends. CHICAGO LIVE STOCK MARKET CHICAGO, May 17 (#) (United States Department of ~_Agriculture) —Hogs— | Receipts, 13,000 head; including 2,500 | head direct; mostly steady on \\c‘_;:ht] averages under 220 pounds: heifers strong to 10 higher; top, 11.00; bulk of better grades, 160 to 280 pounds weights, | 10.60a11.00; butchers, medium to choice. | 250-300 pounds, 10.25a10.80: 200-250 pounds, 10.40a11.80; 160-200 pounds, | 10.10a11.00; 130-160 pounds. 9.75a11.00: packing sows, 9.35a9.5¢ medium to choice, 90-130 pound: Cattle-Receipts, 2.000 head. ; generally steady, best yearlings, s, 13.00a good and 25014 90; aughter classes, steers, 1,300a1,500 poun 1,100-1,300 pounds, 13.25215.00; 950- 1 1100 pounds, 13.35a15.15: common and medium, 850 pounds up, 10.75a13.35; fed yearlings, good and cholce, 750-950 13.50a15.25. Heifers, good and | pounds down. 13.00a14.75: common and | medium, 9.25a13.00; cows, good and choice, 9.75112.25; common and medi- | um, 9.75a12.25; low cutter and cutter, 6.0006.75; bulls, good and choice (beef). 10.00a11.50; cutter to medium, K‘)l’\a’ 1025; vealers, (milk fed), good and choice, 10.00a14.50; medium, 9.00210.00; cull and common, 7.00a9.00: stocker and feeder steers. good and choice, 12.25a13.50; (all weights), common and medium, 9.75a12.50. Sheep—Receipts 14,000 head; market slow, around 25 cents lower; shorn lambs, 1325, few 13.50; woolskins scarce, California springers unsold; few natives, 15.00a16.00; _sheep, stead weighty ewes, 6.50. Following quot: tions on shorn basis: Slaughter classes, Spring lambs, good and choice, 15.75a 16.75; medium, 14.75a15.75; cull and common, 12.50a14.75; lambs, good and choice, 92 pounds down, 12.50a17.60; medium, 11.50a12.75; cull and common. 8.7511.50; medium’ to choice, 92-100 pounds, 11.25a13.75; ewes, medium to choice, 150 pounds down, 5.75a7.25; cull and common, 2.5025.75. choice, 850 Borg Warner stock may be split up on A2fo8 L basly e - commission appears to be holding to | C. Hunter and other representatives of | formed, however, several trade names INLIVELY DEMAND Many Varieties of Fish on Display—Crab Supply Is Large. Marine products were in demand this morning for the regular Friday and week end trade, and retailers were much in evidence at Municipal Fish Market early in the day. Some were there in time for supplies for the breakfast trade, others appearing later on to get what supplies they wanted for the din- ner trade. Wholesalers had plentiful supplies of most varieties of fish to claim attention of retailers. Herring was about the only fish not plentiful, all other varieties being both. plentiful and cheap, several species selling as low as 5 cents a pound. Crab Supplies Large, There was some_sturgeon to be had this morning. Receipts were not especially heavy, however, but prices | were Jow enough to enable retailers to offer the fish at 50 cents a pound, the lowest price~in recent years. There were plentiful supplies of both hard and soft crabs, the former selling around $4 and $5 a barrel and the lat- ter $1 a dozen. Dealers also had plenti- ful supplies of crabmeat to offer, the | | meat being No, 1 stock. Clams were scarce at $2 per 100. | . Dealers in practically all commod- ities reported business fairly brisk this morning. ‘There was a steady demand ! for poultry for the week end trade at prices that have prevailed the past) few da; A continued firm demand of the but- ter and egg market was reported, meat dealers report increased demands of their products, and fruit end vegetable dealers had attractive offerings of all | varieties of products. Prices this morn- ing were substantially the same as prices quoted yesterday. Today's _ Wholesale ~ Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound print, tub, 43a44: store packed, 30a31. Eggs—Hennery, 32a33; fresh_select- ed, 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—Turkeys, | 35a40; Winter chickens, 45a48: Spring chickens, 50a55; fowls, 37a38; Leghorns, 35 large, 50a52; small, 45a47; 80a1.00. s < Beef, 22a24; veal, 23a26: lamb, 30a32; pork loins, 29a30: | fresh hams, 26; fresh shoulders, 17a smoked hams,” 28: smoked shoulder: 17a18; bacon, 23a24; lard, in bulk, 13a 1315; in package, 14al4l,. Live _stock—Calves, 14; lambs, 15. Fruit and Vegetable Review. The daily market report on fruits and vegetables (compiled by the Mar- ket News Service, Bureau of Agricul- ural economics), says: Sales to jobbers except where other- wise noted. Avples—Supplies light; demand light, market dull; barrels and boxes, no sales reported; bushel baskets, Virginia, U. S. No. 1, 2z inches up, Winesaps, 2.50a2.75; some slack pack, 225a2.50. Cabbage — Supplies liberal; demand moderate, market dull; Norfolk section Virginia, 1'.-bushel hampers, pointed type, 1.00a1.15; few low as 90. - Celery—Supplies moderate; demand light, market slightly weaker; Florida, 10-inch crates, individually washed and grf‘coc]cd, 4-6 dozen, 3.50a3.75; few .00. Lettuce—Supplies of Western stock moderate; demand moderate, market California, crates Iceberg dozen, fair quality and con- dition, 4.50a5.00, Onions—Supplies moderate; light, market steady; Texas, standard crates, yellow Bermudas, mixed, No. 1 and No. 2, 1.85a1.90; few 2.00. Potatoes—Oil Stock. Supplies mod- erate; demand moderate, market steady; Michigan, 150-pound sacks, Russet Rurals, U. S. No. 1, mostly 2.25. New stock. Supplies moderate; demand mod- erate, market slightly weaker: South Carolina, cloth-top stave barrels, Cob- Dblers, U. S. No. 1, 5.75a6.00; mostly 5.75; few medium size, 5.50. Strawberries—Supplies light; hold- overs cleaning up; demand moderate, market firm for good stock; East Shore, Md., 32-quart crates, various varieties, 4.00a4.50; some holdovers, fair to ordi- nary condition, 2.00a3.00. | Tomatoes—Supplies moderate; de- mand moderate, market steady; Florida, sixes, ripes and turning, wrapped, fancy count, 4.50a5.00; choice count, 3.50a 4.00; sixes, green and turning, wrapped, mostly green, fancy count, 4.00a4. choice count, 3.00a3.25; some ordinary condition, wormy, fancy count, 3.00a 3.50; choice count, 2.00a2.50. Watermelons—Supplies moderate; de- mand moderate, market steady: sales direct to retailers; Florida, Tom Wat- sons, 30-32-pound average, 1.00al.15; 26-28-pound average, 50a75 each. String beans—Supplies liberal; de- mand moderate, market about steady: Florida, 75-bushel hampers, green, 1.25 | al.75; South Carolina, bushel hampers, | red Valentines and stringless, 1.50a 2.00; black Valentines not wanted, no sales reported; North Carolina, 5-peck hampers, green, 2.25a2.50. | Cucunibers—Supplies_light; demand light, market about steady: Plorida, 7g-bushel hampers, fancy, 2.25a2.50. Squash—Supplies moderate; demand light, market dull; South Carolina, bushel hampers, 1.75 crates, fine quality, 2. Carrots—Supplies moderate; demand light, market steady; California, West- ern lettuce crates, bunched, 3.00. Beets—Supplies”_moderate; _demand 44a45; Spring Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets demand | Cauliflower—Supplies light; demand light; no early sales reported. Asparagus—Supplies moderate; de- mand light, market slightly stronger; | Delaware dozen-bunch crates, partly | white, large size, 2.50a2.75; few best, | 3.00; East Shore Maryland, dozen-bunch | crates, green, long, large size, 3.25a3.50; | few best, 4.00. Peas—Supplies moderate; demand | moderate, market steady; Norfolk sec- tion, Virginia, 5-peck hampers, large pod 1 varieties, 2.50a3.00; North Carolina, | bushel hampers, large pod varieties, best, | 1.75a2.00; ordinary quality and condi- | tion, 1.251.50. i Peppers—Supplies light; demund‘ light, market slightly weaker; Florida, pepper crates, fancy, 3.00a3.50; few higher; bushel tubs, choice, good quality, | 2.00; pepper crates, choice, fair quality, | some mixed with red, 1.50a2.00; few re- | fused. Eggplant—Supplies light; demand light, market slightly weaker; Florida, | epDeE crates, fancy, high bush, 3.50a | Corn—Supplies moderate; demand light, market dull; Texas, bushel bas- kets, mostly 2.50. ‘Oranges—Supplies moderate: demand moderate, market steady; Florida, boxes, | No. 1, medium size, 3.75a4.25; few 4.50; | large size, 3.50a3.75; No. 2, medium size, | 3.25a3.50; large size, 2.25a2.75; mostly 2.50a2.75. Grapefruit—Supplies light: demand light, market steady; Florida, boxes, No.'| 1, medium size, 3.50a4.00; No. 2, medium size, 2.75a3.25. BOND ISSUE AWARDED. BALTIMORE, May 17 (Special).—At their bid_of 101.06, a $250,000 issue of | City of Frederick (Md.) water works and public_improvement 4! per cent bonds has been awarded to J. P. Baer & Co.; Colston, Heald & Trail; J. S. Wilson, jr., & Co.. and the Equitable Trust Co. of Baltimore. The bonds, which mature serlally from January 1, 1931, to 1959, are to be offered on a 4.30 per cent basis. STOCK iOW ON EXC};ANGE. Shares of the Great Atlantic & Pacific Tea Co., one of the oldest and best known chain store enterprises in the country have made their market debut on the New York Curb Market. The shares have previously been traded over the counter. Their listing marks a further departure of the Curb authori- ties from the precedent of not listing non-voting stocks. / TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) - Rate Maturity, Bid Ofter. 96 26-32 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par). _touay. $ 54847 London, pound. : 103904 Paris, franc....... Brussels, beiga. Berlin, mark.... Rome.” lira . peseta... Vienna. schillirg. Budapest, penzo. Prague, crown (nom.) Warsaw, zloty Copenhagen Oslo. crow i Stockholm, crown MONEY TO LOAN On District of Columbia, Real Estate CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. 733 12th St. N.W. Main 352-353 FIRST TRUST LOANS Low Interest and Commission Rates. Prompt Service THOS. E. JARRELL CO. Realtors 721 10th St. N.W. Main 766 intere: fals We Recommend— .. Spencer Tra Fund, Inc. at the market Circular on Request Irving & Johnston Woodward Bldg. Main 8973 Correspondents of Spencer Trask & Co. Members Wash. Stock Exchange 6% NOTES Secured by First Mortgages Safe—Conservative 42 Years® Experience in f1 neing homes and in the sale of these se- curities. 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New York Coffee & Sugar Chicaso Board of Trade Liverpool Cotton Exchange, Ltd. are mow being t Philadelphia WADE H. COOPER, President Capital, $1,000,000.00 * Copper and Tin Future Contracts Frivate Wires to All Important Points ASSURED SAFETY WITH LIBERAL RETURN Guaranty First Mortgage Notes and Bonds combine the maximum of safety with liberal return. These sound investments are se- cured on income producing properties in Washington and nearby suburbs. They pay vou 6. with prompt payment of principal and interest. Convenient Monthly Payments If you desire, you can purchace Guaranty first mortzage notes and bonds on monthly payments. DENOMINATIONS FROM for Booklet. THE CCESS PLAN! REALESTATE MORTGAGE & GUARANTY CoRPORATIOR Capital Resources § 3,400,000 24 JACKSON PLACE Send. SU F. B. KEECH & COMPANY Members of New York Stock Exchanee Exchange, Inc. Winnipes Grain Exchanse Associate Members of Bremen Cotton Exch: raded 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 Brooklyn