Evening Star Newspaper, May 22, 1929, Page 13

FIN CURB 1SSUES BREAK INBEARISH ATTACK Market Displays Acute Weak- ness, Despite Numerous Sharp Rallies. BY HARRY H. BECKER. Bpecial Dispatch to The Star. NEW YORK, May 22.—Prices suffer- | ed another ugly break on the Curb Ex- change today. Acute weakness prevailed at the outset when many issues lacked support and melted rapidly. Despite intermittent rallies, at times abrupt, but never long maintained, the list on the whole presented a most un- settled appearance. Tnitial Losses. Tnitial losses of 1 to 7 points were suf- fered by active issues. with the trading | 80 bewildered that buying orders put in under the market were quickly with- drawn, anticipating further weakness. | Later covering gave the list some sem- | blance of order. but as pressure re- appeared in many speculative leaders, professionals renewed their bearish tac- tics. Utilities. most of the high priced in- dustrials and some of the recently ex- ploited specialties, were affected most by the selling. American Super Power A | was especially vulnerable, opening almost 6 points lower and breaking through the initial low later in the session. The B stock was just as weak while Elec- tric Investors, ahd American Gas & Electric also_gave ground readily. However, United Gas Improvement, | for which a special incentive existed, in | & report of an impending split-up, re- sisted the weakness best. It rose more than 8 points before reacting. | Speculative orites that have been under the influence of pool operations | were under severe pressure. In the aviation group Bendix slumped almost 3"points, but the declines were less pro nounced in the case of Fokker and some of the cheaper issues. Western Air Express, National Aviation and Irving Alr Chute came down sharply. | Good news on the oll situation in the | form of crude advances was wasted, while the effect of the general unsettle- ment spread into that division. Most of the recently prominent oils were soft, but in spite ofpthls Tllinols Pipe Line spurted aimost 20 points above the last sale price. Selling Pressure Violent. H Among the high-priced issues Alumi- | num Limited r‘ecnvemd mou; gl n:]e:'x;:y decline of 8'z points, while umi- num Corporation, Tubize, St. Regis P per and the investment trust issues, including Goldman Sachs. Trans Amer- ica and Haygart, were offered in large volume. Warner Bros. new stock, which appeared for the first time yesterda: broke badly after a higher opening. A few low-priced shares among the late newcomers went to new lows, including Cable Radio Tube and Pennroad. Favorable news affecting others had a steadying effect on. their prices. Thompeon Products reflected a Teport showing that April sales of aviation alves were practically fhree times greater than a year ago. Sentry Safety Control continded weak, however, in the face of an official statement re- garding new profitable contracts. CHICAGO LIVE STOCK MARKET CHICAGO, May 22 (® (U. S. Depart- ment of Agriculture).—Hogs—Receipts, 17,000 head, including 5,000 direct; market steady with Tuesday: top, 11.10 paid for occasional 1oad of 180-220 pound weights bulk of better grades, 160-290 pounds, 10:60411.00; butchers, medium to choice 250-300 pounds, 10.40a10.90; 200-250 polinds, 10.50a11.10: 160-200 pounds, 10,50211.10; 130-160 pounds, 9.85a11.00; packing sows, 9.40a10.00: pigs, medium to: choice, 90-130 pounds, 9.50a10.75. Cattle—Receipts, 6,500 heal; calves— Receipts, 2,000; general trade more ac- tive strong to 25 higher; mostly 15 up: wéighty steers getting better action; early top, 14.50. Slaughter classes, steers, good and choice, 1,300-1500 pounds, 13.25a14.90; 1,100-1,300 pounds, 13.40215.00; 950-1,100 pounds, 13.5( 15.00; common and medium, 850 pounds up, 10.75a13.50; fed yearlings, good and choice, 750-950 pounds, 13.40a15.00. Heifers, good and choice, 850 pounds down, 13.00a14.75; common and medi- um, 9.25a13.00; cows, good and choice, 9.75a12.00; common and medium, 8.0 10.00; low cutter and cutter, 6.50a8.00; bulls, good and choice (beef), 10.25a 11.50; cutter to medium, 8.00a10.3! vealers (milk fed), good and choice, 11.00a15.00; medium, 9.00a11;00; cull and common, ,7.00a9.00; stocker and feéder steers, good and chpice (all weights), 12.25813.25; common and me- dium, 9.75a12.50. Sheep—Reveipts, 17,000 - head; mat ket opening steady to a ‘shade lowe! choice light shorn lambs, 13.50; bulk held around 13.00; few woolskins, 14.85; some held higher? native springers, 15.50a16.50; fat ewes steady, 7.00 down. Following quotations on shorn bas! Slaughter classes, Spring lambs, good and choice, 15.75a16.75; medium, 14.75a 15,75; cull and common, 12.50a14.75: lambs, good and cheice, 92 pounds down, 12:50a13.50; medium, 11.50a12.75; cull and common, 850a11.50; medium to choice, 92-100 pounds, 11.25a13.25; ewes, medium to choice, 150 pounds down, 5.75a7.50; cull and common, 2.5085.75. DIVIDENDS. Pay- Stock of able. record. Q 50.60° June29 June 12 S 7180 July "1 Jume 14 ® 9%% June 5 . Corporation Am Colortype Co Am Zine ‘pid Pe- riod. Rate. ANCIAL, Sales INDUSTRIALS. in hundreds 1 Acetol Prod A.. 87 Acoustic Prod. . Aero Sup Mf B 1 1Agfa_Ansco ... worth Mig [ Gt 8o vra Power pid " exander Industries lied" Pack liied $°& 500000 lied P & L pid. .. 0 lied P & 1150 pid 76 ligon Dr B .. 1 Ipha Port Cel lum Co Amer.. lum Co Amer pid . um Goods Mfa..... fum Indus lum Lid. 0000 m & For 'Po Amer Beverage .. Amer Br Bov EI F. mer Cities P&L A mer Cit P & L olortype ‘ommonw P 3 Coms P ontl wai 714 Cyanamid B n.. 4474 Cyanamid rts .. 8 mer Dept_Stores ADT NJ con pfd". Amer Gas Amer Lt & 3 Amer Nat' Gas .0l 2Amer 8ol & Chem ' $Amer 8°& Cp pld 1Am Sia ‘Pub Serv f7Amer Superp A i3 Amer Superp B 488 Amer Superd B n 313 Amer Super ptd 2 Amer Suer 1°pfd 3 Anchor_Post Fence 6 Anglo Chil Nitra 2 Apco Mossh A Arcturus Radio T rk Natl Gas A rk Nat Gas cum pis NE High. 10 (0 14 35% 47 222252 >225>> 2 2. A A Am Am 5 Am Am Am A S 25582, Asso Rayon ptd Atl Const Fisheries. Atl Frult & Sug.. 1 Atias Plywood ... 3 Atlas Port Cem.. 1 Auto Vot Mach... 4 Auto Vt Ma cvt pr pt 25 Aviation CO of Am... i 198 Avietion Corp 2 Aviation Credit . 1 Axton Fisher A 2Bahia Corp ... 1100 2 Bastian Bles<ing 6 Bellanca_Airc vic 24 Bendix Corp n 203 Bencix _Aviation 40 Beth Steel rts 1 Blauners A 1 Blaw Knox n.. 16 Bilss E W 2 Blum § 1 Bohack H € G 1Braz Tr L & P 4 Bridgp Mach 10 Briggs & Stration. .. 2 Bright Star Elec B 1 Brill Corp B......... 11 Brit-Celanese Ltd . 1Bruce Co ...... 3 Budd Mfe 7 Budd Mfg rts... 11 But Niag & Ep. 7Buf Nisg & EPA 3But N & E P pid 14 Burroughs 'Ad: 2 Bulova Waten Lol T MY 528 35 Burma_Corp . 50 Cable Radio Tube 102 Camden Fire Ini 102 Can Marconi W 3 Cap Adm A pfd 1 Carman & Go A. 8 Caterpil Tract . 3 Celan Cor_ Am_ @'l 3 Cont Atl Sia Ser Vic 1Cent Pip Cor 3 Cent Pub 8 A 4 Cent States El 3 Cent States ar 2 Cent Bta El 65 pfd 8 Cent Sta El conv ptd 1Cent Sia El pfd ww 5 Chain Store Stock. 20 Check Cab Mfg iaChilds Co ptd.. .. 1 Cleve Elec Til.. 20200l G & E tts 15 Columbia_Pictures 13 Commonwlth Ed Commonw P pfd. 36 Cons Alreraft . 52 Cons Auto Mer vic. . 2 Cons Auto Mer pfd 38 Consol Fim 1 Consol G Balt 11 Consol Ins 17 Consol _Laund . % Contl Diamond Fiber 1 Cooper Bessemer..... § Qumser, Vass pid 4 pel Prod A........ 2 Corroon & R pfd A’ 100 14 Crocker Wheeler pfd 104 1 Crowley Milner.. 4912 225 Curtiss Airport Wi vic 12% 71 Curtiss Flving Serv.. 25 3 Curtiss Reir Alr pfd.. 34 1Davesa Inc 2 2 Davenport H » 3: R trojt enler Die C C... uglas Aircraft ubilier C & R. urant Motor ast States Pov B n Bros Stores !s!zg;";;;s’w Invest Ine... %nfi\'{ll "lll'lc pid. . El P&L 2nd pfd A. Evans Wall Lead 10 Fairchild Aviatn A. 14 Fairchild Aviatn ris. 4 Fandango Corp A 3 Ped Metals ctf ... 7 Pedersl Water A 4 Fiat Btk deb rt 47 Piat Am . & 3 Pirest T 7s pfd.. .. . 1073 1?!\“ Pow & Lt %s pfd 100 60 Pokker Airp Am. ... 58 1 Ford Mot Co Can B.. 20 Ford Mot Co CanAn 30 Ford Mot Ltd. 1 y pfd Foremost 2 Foremost Pabric 9 Foundation For A 42 Fox Theaters A... 8 Preed Eisen R C..... 31 Preshman Chas Co.. 352 Freshman Ch. Co ris . 3Gen Alloys 1 iGen Am Inv Bak Bek pid Bronze Cable war Elec Ltd reg Ind Alc vic Laund Ma H G Ry oicer en Res 5Gen Rl & Ut Cor pfd 2 Gilbert (A € ...... 21 4Glen Alden Coai 5Gold Sesl Elec 57 Gold Seal Elec n 108 Goldman Sachs 13 Gorham A . 2 Gorham Mg 10 Gorham_ Mfg ris~ ... .30 8 Gramoph Co Ltd reis ‘81% 1Granite City 8l .. 43t 11s Gt ASP_Tea non vié 420 2 Greenf Tap & Die.. 16 1 Grief L& Bro pfd x 95 13 Grigsby Grunow n.. 148 2 Ground Grin Shoe 7 Guardian Fire 3Hall Lamp 4 Hall Printin| 2 Happin © 24 Hayeart Corp 7 Hazeltine Corp ' 5 Helena Rubenstein THE EVENING NEW YORK CURB MARKET Aviation CACw pt C ptd_wi 24 Dairy Prod pfd A 103 L Pow A... 0! Nat Trade Journal (i ¥ Auct n.. ¥ Hambirg Y Invest J Tel Co nid 5 Nisgara Shares 5 Niles Bem Pnd 18 Noma Elec 172 Nor Amer Aviaiion 10 North Am Utility Sec 32: 119 North_Eastern Pow.. 4 Norf Sta P A X 3 Northam War pid 1 Northwest _ Engre 2 Novadel 70il Stocks A..... ‘melee Trans J°C Penney & Co C Penney ‘ptd Pennev Tt fd war 44 183 A 48y 97la 5810 21 280 o 4 penn Ohio E opt i Penn Wt P C 100 Pennroad Corp’vic 1Peop Lt & Pow C 'y Pepperell Mfg 3 Perfect Circle 18 Perryman Elec 15 Petrol Corp 1 pd 5 Philip Morris ... 1PBhilippe (Louls) ‘A" 2912 3Pick Bar & Copfd. . 1514 10 Piedmont & North... 82)2 18 Pitney Bowes P.... . 23 JLBittsb & bt P 825 2 Pratt & & 1 Proct & Gamble: ' 1Prop Silk Hos Mil 2 Prudence Co pfd.... 38 Prudential Inv Inc 1Prud Inv wi . 1 Pug B P & L f TPy MIE ..c0l0 s 4 Rainbow Lun 5 13 Reliance Brass & 8ti. 1Rwy & EX Co n..... & Rerett! Candy ... 1Rep Brass war 1 Rep Mot Trk ct. 7 Revnolds Metal 1 Reynolds Mecal pt 1Richman Bros.... 17 Roch Cent Power. ... 1 Rolls Rovce pfd.. 17 Roosevelt Field... . | 1Root Rfg Cv pr pid 1 Ruberold A 3 Russek's Fifth Ave aSafe G H & L St T & Zan pfd.. 1 Schulte Real Est... 13 Selected 12 Belect Ind Inc pfd. Sentry Safety Comtrol Serv El vto 26 Southeast 45Southe P & L war.. 6 South_Asbestos : 18ou C E C ptd 10 Sou Rovalfy . 4 Southern Stores A’ 3 Southw Dairy Prod 17 Southw Deiry P otd 13 Southw P }23 ish_& Gen reis 3 Starrett Corp . 28tein & Co ... 111 10 Stein Cosmetics . 38 Sterling Sec pfd il 1s Btetson J B.... 3 Stromb Carls Tei.. 48wift Intl ........ 215 Bwift & Co 18 5 Thomps Prod A 1Thomps Btarrett pid: 14 Timken De Ax pfd 4 Tishman Realty & 32Tob & Allied 8 1Tob Prod Export 1Todd Ship 123 Trans Am .0 13 Transeon AlE’ Trij ATrns Lux DL P 1 Travel Alr_Co 227TH Cont Corp 3Tn1 Gont, Corp pid: 1Triplex 8t GI Ltd.. 3 Trunz Pork_Btores 13 Tubl ATt SB...... 13 Tun Sol Lamp 136 i HH 1t 2 Union Tobacco ... 1Uni Carbon pd. 1. ] 3 Uni Chem St e eal L aaadaddag S§55 WS == g m osrom a0awdPa, niv Pic C = an Camp Miik pf xd Pkg ... pfd . < s agdac son J W . k& arner Bros n’ wil. West Auto Sup A Western Alr Exp... Western Air Exp ris. Whitenight Tne Williams (R C) & Co Wil Low Caf...... Wi Low caf pid.... Yellow Taxi € Zenith Radio 2Zonite . " Sl Sales in MINING ' STOCKS. hundreds. 1ATiZ Globe C......... § Bunker Hil Com Tun & Drain n 41 Gons ‘Cop ‘Mines ‘ons Nev_ Utah. . 1 Cresson Con_Gold 1 Dolores Esper ... 21 Eng Gold M Ltd Tne. #6 Palcon Lead Min.... 13 2 e e e 691y 26'a STAR, WASHINGTON, D. C. Received by Private Wire Direet te Thy Star Office | 100N ¥ Transit.. | 100 Northern P 3100 Ohio Ol .. 400 South Pern’ 0. 100 Southern P L 80 8ou W Penn P'L . 130080 Tnd.. . 008 O Knnsas © Ky n 1008 O Onlo 1100 Vacuum Oil Sales BONDS. in thousands 30'Abitibi P& P 55 A ‘53 84% 30Ala Pow 4135 '67... 92% 1Allied Pi. 8539 46 1Allied Pk 85 39 COD 4613 1 Alum_Co. Amer. 55 '52 101 Seating 6s ‘36 3 Am Sol 6135 '36 ¥ 12 Appal Elec Pow 3ark P & L 8 1 Asso Dye & Pr 8s 30 Asso G 16 Asso G & 2A5 G & E 4'25 '48 ww 110 15 As Sim Hard 6'2s '33 8613 3Bates Val Bag 65 |42 104 TBell T Can_5s_4 '55100 SBell T Can 55 B %7.. 100 1Can Nat Ry 7s F '45 107 2 Capital AdminCo5s'53 98 0Cof Ga 55 C'89... 9814 2 Cent El 5548 85 90 11 Chi Pneu_Tool 8155'42 98% 5 Chi Rys cfs dep 55 ‘37 12 Cig St Rel HA 5 49A 2Cit Serv 55 68 8 21 Cit Serv Gas 5128 42, w0! 4 Cit Serv Pow 8133 '52. 9414 3 ColRivLongyv Bré,s'53 92 3 Cons Gasmal 4t "enci 100 Bs 4 4Contl GAE 5 A ‘58 13Contl Ol 5'ss '37.. 12 Cudahy 55 '48 2 Cudehy 8'-s * : RDen & 8 Lk 6x 60 et ity G g5 AT 1i States (o 7DIxX G Gas 6'53 A ‘37 JTEL P Nat Gas 85 '43 993, 3 El P Nat Gas 8'25 '38 1043 26Emp O & R 5las 42 90 5 Fabrics Fin 65 '39 A 5 Fairbks Morse 83 42 3 Firest Cot Mil 55 48 1Firestone TAR 85 '42 4 Fisk Tire 5ia8 '31.. 10FIa P & L 58 54 4 Gatineau Pow 58 '56 2 Gatineau Pow 6s "4l 37Gen Ind Ole 8'as '48 10312 Gen Lau_Ma 6135 '37 100 26 Georgia Pow 58 '67 5 Gult Oil Pen 98 % 4 Gult Ol Pen 85 4 2 Harpen @5 49 . 5 Hood Rub 51.¢ ‘36 10 Houst Gu G ‘61as 4 5 Houct Gu G 65 A 43 83 §6Ind Ofl & Gas 65 30 1147 4 Indians PAL9 A 57 8113 a7 Int Nat G 6s 36 ww 102 Interst Po 3& '87 9214 Interst Po 6s '52... . 90! Inve Cor Am 58 A" ‘47 In Cor A 55 A 47 ww 1t Inv Equity 58 A 4T 101 Jed Highl Coal s '4i 108 4, 2026 103 L 6s A 2026 103% Toll Bridge 65 ‘39 9 Trade J 63 '38.. 903 G&E 55 '48 UR 90 L 4'as 67, 91 '35 100 977, rvel Co Del 55 ilica Gel 6'3s '32 nider Pack o ('FALLON VIGTORY AIDS RAIL ASSETS iBilIions Added to Value of Lines—May Escape M lions in Taxes. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, May 22.—The suspense is over. The O'Fallon decision has been given. The final word has been spoken by the United States Supreme Court, and the railroads are the victors. All along the railroads have insisted that present costs must be considered a vital factor in any valuation of a rail- road property by the Interstate Com- merce Commission. The commission ob-~ Jjected. “We will give you a value, based on what your property cast to build in the first place, plus what you have put in since, less depreciation.” it insisted. So the railroads, with their ‘‘present reproductive theory,” locked horns with the commission, with its original cost theory, in the famous O'Fallon case. This was a battle involving billions of dollars, and the railroads won. What does it mean? Several things: 1. The victory adds $10,000,000,000 to $15,000,000,000 to the value of American railroads. Justice Stone says more. In his dissenting opinion, he estimates that the railroads will be valued at 40 billions under this new decision, as compared with 19 billions in 1919. 2. The railroads may escape millions of dollars in excess profits taxes. 3. Higher passenger and freight rates may be granted to enable the railroads to make the additional earnings re- quired on this large increase in value. But the charges than can be made by rallroads for service are limited. There is a natural limit, even when large tariffs can be levied. Sometimes it pays financially to hold to lower rates. Railroad executives, naturally pleased, are studying the far-reaching decision and saying little. rates until the Interstate Commerce Commission completes the revaluation of all rallroad properties in the light of the decision, and this will take several years. But the O'Fallon ruling is the most important one affecting business which the United States Supreme Court has given in a long while. For several years now there have been announcements from various sources that the oil industry has turned the corner and started on its way to more orderly production and greater pros- perity. H. J. Struth, petroleum economist, at Houston, Tex., believes the industry ac- tually and definitely has “turned the corner—destined to emerge victorious in the battle against overproduction.” In the United States the daily aver- age production of oil is about 100,000 barrels below the high peak established in March. About 900,000,000 barrels were produced in 1928, d it looks now :.ll“thoulh 940,000,000 would be produced s ye Y Mr. Struth estimates that there will be a dally average production of 2,575, 000 barrels this year, an increase of 115,000 barrels daily over last year. But it is well to note that this figure repre- sents a decrease of nearly 100,000 bar- rels from the rate during the week end- 55 3810 96! S Trans Lus 6is 33 380 15 Tran Lux 8135, 32 ws 100 S Ui Lt & Rail 818 52 8 12 Westn Pow 5'ss A '57121 Salesin FOREIGN BONDS. thousands. TAfrl Mor Ba 7s 48 1Bank Prussia 65 ‘30 26 Berlin C E 6%p8 '59. . 7 Buenos Aires 1%ss ' 2Burm & Wain 103 Com & 3 1Cuba Co 6s A 29 2 Cuban Tel 7 2 Danish Cons '35, SE Mtg & Inv 7s C 1Fiand_Res M 61 7Free St Prus 6s ' 1Free St Prus 6% ° 3 Geisen Min 65 34 § Ger Cons Mun 7s Mun 6 T 7 9 5 1 Isarco Hyd Elec 5Ital Superpow_6: 8 Jugosl Sta M B 7s 23 Mendoza 7%s 61 32 Mor Bk Chile &s 8 Netherland 65 B 28tinnes Hu 7 8tinnes Hu 16 8wiss Gov &'as 8Uni El Ser 75 A '56 2Uni Ind 6'5x 41 LR 9Un St Wk 6'a8 A ‘47 84% 83% xd—Ex dividend. wi—When 1ssued. n—New Www—With warrants. WHEAT CLOSES HIGHER. 8a 1 8ante e City 75 CHICAGO, May 22 (®) —Wheat scored an advance in late trading today ) after both wheat and corn had regis- tered new low-price records for the sea- son. Rallles in the wheat market came about largely as a result of buying be- bonds offered tige. $4,500,000. WEDNESDAY, MAY 2z, 1929 ing April 20 and a decline of 125,000 barrels from the figure established in March. At the present rate of expansion the demand for crude petroleum should ex- ceed 3,500,000 barrels a day by 1935 ‘The amount of crude petroleum added to storage last year was about 13,000,000 barrels. This year, based on It es- timates, there should be a draft on oil stocks of about 20,000,000 barrels. (Copyright, 1929. by North American paper Alliance.) By the Associated Press. NEW YORK, May 22.—Iron ore stocks at Lake Erle ports on May 1 amounted to 15,920,901 tons, compared with 19,570,181 tons a year ago. ments to interior furnaces for the sea- son to May 19 were 2,968,992 tons, against 939,420 for the same period | 1ast year. ‘Wheel production of the Budd Manu- facturing Co. for the first four months totaled 887,894, against 385,695 for the same period last year. ‘The Ohio Fuel CGias Co., a subsidiary of the Columbia Gas & Electric Co., has been authorized by the Ohio Public Utilities Commission to issue $43,000,000 in stock to purchase 16 smaller gas com- lplnles in the State. Co., and Alexander New, president of Mercantile Stores, have been elected trustees of the American Surety Co. ‘Willys-Overland Co. announces in- creases ranging from $15 to $20 in its 96-A line of Whippet four cars, the model comprising more than 50 per cent of the company's production. POTATO MARKET FIRM. CHICAGO, May 22 (#) (United States Department of Agriculture) .—Potatoes— Receipts. 87 cars; on track, 87 new; 278 old; total United States shipments, 488 cars; new stock trading fair; market steady on barrels. firm on sacks: Ala- bama and Texas, sacked, Bliss Triumphs. best. 4.00a4.25; Louisiana, sacked, Bliss t barrels, 5.0085.5: No changes are expected in rlurold"""‘ TEAS KV Sl ig Y et sin, sacked. Round Whites, 70a90; Min- White, 70a80; Idaho, 1.65a2.00. SHORT-TERM SECURITIES. (Reported by J. & W. Sellgman & Co) L~ Offer. Allis-Chalmers Co. 5s 1937..... 99 99% Aluminum Co .of Amer. 85 953 1007 101 ‘American Tel. & Telga. 4s 1920 985 a9 Armour & Co. of Del. 5135 1943. Baltimore & Ohio 4% 1933, Batavian Pet Corp. 41is 1942 Bell Tel. of Cana 1955. Pel. Co: umble Oil %8 E ternat, Match Corp. regon - Short, 4 hillips Pet. Co. re Ofl Corp. § el Union Oil Co. Bs 1347. inclair Oll of N. J. 55 19 d Ofl N. Jersey 53 194 v, Mt. & So. Ry. 45 19: . Ry. Co. 4s 1932 93 58 193 993 Union Ol Co. of Calli. 85 1935 97'3 Un'ted Drug Co. 88 1953. 9 Western Electric Co. 53 Wheeling Steel Corp. 5'os 1948 1003, 981y Properties Behind Smith Offerings— No. 1, The Investment Building Consider the Properties behind SMITH Offerings . . . A choice site in Washing- ton, D. C., improved by a2 mod- ern income-producing building is the security behind this issue of real estate mortgage by The F. H. Smith Company. Valuation in 1923 —$4,500,000 The Investment Building is one of the largest and finest office buildings in Washington, and having been completed and in operation for about five years, it has a firmly established pres- It occupies an advantageous downtown corner location in the business section of the Nation's capital. January 15, 1923, we offered 2 612% First Mortgage Bond issue of $2,500,000 on the land and modern eleven-story office building to be erected thereon. The property was valued upon completion at Ship- | Andrew W. Robertson, chairman of | | Westinghouse Electric & Manufacturing | ANT1 Special Dispaich to The Star. BALTIMORE, Md.. M potatoes, 100 pounds, 1.00al.4 potatoes, 2.75a6.00; yams, bushel, 1.50a 1.75; sweet potatoes, bushel, 1.25a2.00; asparagus, dozen, 1.00a3.00; beets, 100 1.50a1.75; béans, bushel, 1.00a1.50; cab- bage, ' hamper, 50265; carrots, crate, 2.25a2.50; celery, crate, 1.50a3.50; cu- cumbers, bushel, 1.25a3.00: eggplants, crate, 2.00a3.00; kale. bushel, 30a50; lima beans, bushel, 3.50a4.00; lettuce, b.ushel, 50a85; onions, crate, 1.40a1.75 Spring onions, 100, 1.25a1.50; peas, hamper, 2.00a3.00: peppers, crate, 1.50a | 3.00; radishes, 100, 1.5023.00; spinach, bushel, 30a85: tomatoes, crate, 1.00a4.50; apples, bushel, 1.25a2.75; grapefruit, box, 2.25a3.75; oranges, box, 2.0084.00; straw- :3:1;1;&, quart, 10a20; watermelons, Hay and Grain Prices. | ‘Wheat—No. 2 red. Winter, garlicky, spot, 1.08'4; May delivery, 1.08%. Corn—No. 2 export, May dellvery, no quotations; No. 2 yellow, domestic, spot. | 1.01a1.02; cob corn, 5.25a5.50. Oats—No. 2 white, domestic, spot, 57a58, nominal; No. 3 white, domestic, spot, 55856, nominal. Rye—Nearby, 1.00a1.10. Hay—Receipts, 12 tons. While hay is | arriving 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 be-| ing received. There is not enough busi- ness passing to establish prices on the | various kinds on merit at a range of ;‘4.00!10.50 per ton for timothy or clover ay. Straw—No. 1 wheat. 12.00a12.50 per ton; No. 1 oat, 12.50a13.00. Dairy Market. Live poultry—Spring chickens, pound, 35a47; Leghorns, 302a40; thin and poor, 25a28; old hens, 35; Leghorns, 30a32; old roosters, 18a20; ducks, 20a25; guinea fowl, each, 50a1.10; pigeons, pair, 35a40. Eggs—Receipts, 724 cases; native and nearby firsts, free cases, dozen, 29'5a50 current receipts, 20. Butter—Good to pound, 42a43%2: prints, rolls, 33a35; | store packed, 30; dairy prints, 33a34; | process butter, 38a39. I GERMAN BONDS AND STOCKS. NEW YORK, May 22 (Special)— Bid. Asked Ger Govt Red Loan with draw- | ing ctfs attached per 100 R M 55.00 60.00 Ger Govt Red Loan without | drawing cifs per 1,000 R M.. 28.00 3000 (Quoted in dollars per million_marks.) Hamburg 4zs 1919............. 25.00 35.00 (Quoted_in" dol! r thousand marks.) | German Gen Elect 4'as pre-war. 23.00 25. QGerman Gen Elect 428 19! Berlin 45 pre-war... ........ Hambure 3s. 3'25 & 48 pr Hamburg American Line North German Lioyd 4 Krupp 53 i Dusseldorf 4s Prankfort a-M 4s pre-wa: Munich 4s pre-war.. < (Quoted in_dollars per shar A E G (German Gen Elec). 43.00 A E G (Germi Gen Elec) pfd B 900 Commerz and Privat Bank 43.00 1G Farben.... .. Disconto Gellschaft Berliner Handles Dresdner Bank Deutsche Bank. Darmstaedter Heyden Chem_ Mereur Bank for Ger Lioyd.......... .5 ustrian A E G (General Eiec = PR 1 STEEL OUTPUT IS HIGH. NEW YORK, May 22 (®).—Iron Age says that the steel output is undimin- ished and that the falling off in speci- fications from the automobile industry is offset, in part, by fresh demands from other sources, particularly orders for ships, railroad equipment, fabricated steel and line pipe. In the smaller steel-consuming groups, the radio in-' | dustry is an important factor with its growing seasonal needs in sheets, fancy _creamery, 3 881888 aw $3338 3333338838 uspoe guie, Mug | 6.70. AL MONEY MARKET. NEW YORK, May 22 (#).—Call money easier; high, 7; low, 6; ruling rate, closing bid, 6; time loans firm; mixed collateral, 60-90 days, 9; 4-6 months, 8% prime mercantile paper, 6. METAL MARKET. NEW YORK, May 22 (#).—Copper quiet; electrolytic, spot and future, 18. Iron steady; unchanged. Tin steady: spot, 43.87; future, 44.00 Lead steady spot, New York. 7.00; East St. Louis, Zinc steady: East St. Louis, spot ;r‘n’% future, 6.57a6.65. Antimony, 8.87a Metal Prices 7l;elnn‘ed. NEW YORK, May 22 (#).—Iron Age composite figures are unchanged, pig iron at $18.71 a ton and finished steel at 2.412 cents & pound. SILVER QUOTATIONS. NEW YORK, May 22 (#).—Bar silver, 5373 ; Mexican dollars, 40%. A new issue of 120,000 shares of class A no par common voting stock of the Match Corporation of America has been listed on the securities divi- sion of the New York Produce Ex- change. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling cheeks London. pound. . Paris, franc Brussels. Zurich, franc Athens, drachi Madrid, peseta. Vienna. schilling Budapest. pengo. o Pri crown (nom.) Oslo. crown’ Stockholm, crown. ability (Trade- in Value) is equally import- ant whether you are buying se- curities — or TIRES. THE INVESTMENT BUILDING Northwest corner 15th and K Streets N. W. Washington, D. C. On 4 quoted below: “At your request we vestigation_of the office building known Building, Washington, D. The letter of appraisal of Harry Wardman and James D. Hobbs, Prominent Realtors of Washington, D. C. dated Dec. 8, 1928, is have made a very thoreugh in- s Investment t_the northwest cormer of Fifteenth and K Streets, N. W., the land containing 32,491 square feet. “This_property, which is completed and having been cause of reports of hot winds and ex- cessively dry weather in sections of the Canadian prairie province: A feature also of today's grain trade was a good deal of so-called spread dealing, in which wheat was bought against simultaneous equal sales of corn. Wheat closed firm, s to net high- er; corn, !y off to 'y up; oats, un- changed to !4 down, and provisions varying from 2 decline to 5 advance, 2 First Natl Copper.. . 11 Gold Coln ........ 41 Golden Cenier M 4 Goldfield Cons 10 Heela Min ... 1 Hollinger Gold 5 81 Hud Bay Min & Sm. 5 Iron Cap Copper 2 Insur Co f e 26 Insur Secur 7l i L 8¢ Ins Bnarcs A 5 ¥ 31 Mason Valley 2 Int] Perfume 2Intl Prod .01l 11Intl Prod pfd.. 8 Int] Project n . 41Intl Saf Raz B 3 Intl Shoe .. . 1Intern Uil A ... 9 Intern Util B 1 Intern Uil war.... 4 Tnvestors Equity 35 Irving Air Chute. 3 Isottn Prasch . 11Itzl Superpow A. fotor . 104 June 29 lesstax | 3, Hercul Powd pfd.. . 30.43% June 15 June 1| 14H Walker n wi . 17 June15 Jume 1| 18H Walker G & W rts 1 Household Fin pfd... 4 Huylers Strs of Del.. 1 Hygrede Food Prod.. 1 Imperial Tob ....... 14 Indust Finance pid in operation for several years, is located in the - town business section of Washington on one of the finest corners in this city. It is directly opposite the mew office building being erected by the Southern Rallroad to be used as their general offices. Acress the street to the east is the Rust Building, and in the general vicinity are other buildin; ch as the Department of Justice Building, the Denrike Building. Phillips Building, Ed- monds \ding, Insurance Building, University Club, Carlton Hotel, Security Savings & Ce reial Bank, War Risk ding_(a Governi Building) end the Lee House Hotel. K Street is one of the great arteries from the east to the west of the This property s ideally located for ofice building. our judgment the cost of repreduction and mechanical equl 32491 square feet, is + Q Q Cin. New Orieans Texas. Pac Valuation in 1928 By Harry Wardman and James D. Hobbs . $6,024,200 Ford, Bacon & Davis,Inc. . . . . . . $5,766,000 400 .35 June 24 July 1 128 July 1 150 July 1 Junels 1370 July 1 June 15 187, 1928 June 15 June 7 June 15 June 15 . ot DoserE5%:% pt Dutch Enka 8%, 135 July 1 June 8 ot 125 July 1 June 8| silk | 62'3 July. 1 June13 | 125 “June 15 June 4| 250 June1s June 1| 250 Junels June 1 50 June29 June 14 125 Jume29 June 5| 5 June29 June 5§ 50 July 1 June20 500 June 6 June 1 2.00 June29 162% July 1 July 1 o July 1 June 15 2July 1 75 July 1 6215 July 1 100 June 15 1.00 178 Do Gotham Hos Co....... Gamewell o, Laelede GasLt G Do pid.... Loew's Inc Merg'thaler Lino Do 2 Motor Prod Corp Do, it New England Te| & Tel Co North Cent'l Tex il Co pfd.... Nor'h'n Ohio Pow & Lt Co 6% pt Do 7 nid Penn Dixie Cem Corp pfd Phillips Petr'l Co Phelps-Dodge Corp_new _stk &tard Ol of Ohio Stand Gas & Elec 34 pfd : Tucketts Tobacco Ltd hio Ccp Premier Gold M 5 Roan Antslope Cop 34 Shattuck Denn 1080 Am Gold & P 6 Teck Hughes 12 Tonopah Min 10 Uni East Min 21 Unt Verde Ext 6 Unity Gold 1Utah Metals.. ... it} 16 Wendon Cop.... [\ 18 113 1%/ 40 | sales INDEPENDENT OIL STCCKS. 5% | in hundreds. 37| 18Am Con Onfids ..... 6 Am Maracaibo Co .. Atgo O - Garib Synd Gities 81 n [ G't Serv pfd & G Markets arkets at a Glance In December, 1928, Messrs. Harry Wardman and James D. Hobbs, prominent Realtors of Washington, D. C., appraised the Investment Building (land and building) at $6,024,200. Ford, Bacon & Davis, Inc., nationally known Engineers and Appraisers, appraised the property at $5,766,000. This shows'a substantial in- crease in the value of this property. Messrs. Wardman and Hobbs of Ford, Bm:ln & Davis, Inc., nationally known appraised the land alone at $2,599,200, giving the land itself, with- m'.‘::':,:‘ ,..,p,l:::::'__‘ - out the building, 2 valuation of more than the amount of the first o uad K Bireots, Washington: D C. mortgage on the property. . NEW YORK, May 22 (#).—Stocks weak; General Motors dropped to year's lowest. Bonds weak: uncertainty over credit situation causes traders to sell. | Curb week:; United Gas Improvement shows independent strength. | Foreign exchange easy: sterling cables | drop below incoming gold point. | Cotton lower; favorable weather and weak stock market. Sugar easy; Cuban selling. Coffee higher; trade buying. CHICAGO, May 22 _(#).—Wheat | raise this building as a completed project at St 00. “Very truly yours, (Signed) 1 Johnson s Karstadt R ......... R Eaystons Alrera‘t 1Klein (D Emil) Co 1 Klein Heniy pt pid 18 Kleinart Rubber wi_. 12 Kolster-Brandes 2 Lackawanna Sec.. 2 Lake Super C 4 Xakey Found & M. 2 Land Co Florida. 3Lane Bryant “HARRY WARDMAN. June 10 “JAMES D. HOBBS.” June 10 June1s | June 15 May 31 June 14 Certificate of valuation, dated Dee. 17, 1928, olon_ OIl olumbia Syiy Creole Pet . June & June 1 May 31 June 20 June 20 Lerner Stores ay Fred T amination of the architectural plans and specifications July 15 and wsing labor current in Wash- 3 ingten, D. above date, eur estimates of the Juy 13 ibby McN & L n .. Do pfd.. . U 8 Leather Co prior_pfd lon Carbide & 175 July 1 June 10 L > Libb Owens 8h' Gi % L ily Tulip Cup it Bros i i 2 Loews deb Fis 1l 7 Homaokla_ Oil 2 Houston Gulf Gias 74 Int ercont Petl 7 veonard Oil higher; sympathy with Winnipeg. Corn firm; small country offerings. Cattle strong to higher, Hogs steady. Cost of Production New Less Depreciation of the Cost of Reproduction New iding_and building ing, vemtilat- What better security for an investment can be found than real estate—land chosen with a view to future as well as present values . . . buildings that are erected in response to a known rental demand? '3 Long 15l Lt ptd 11 Louisiana Land & Ex 6 MacMarr_ Stores 17 Mengel Stores 2 Mengel Strs prd . i Mapes Cons Mfx Intl Mar Marc Wire Lond B B MY ower ‘Asen Tnc.. 1*| By the Assocated Press —e - 1 McCord R B etfs ‘ : | _NEW YORK, May 22.—New sec FEDERAL LAND BANK BONDS| % 3MAtiohts €% {offered today include: s 3 Mestin Tron .o Twenty-five million dollars Richfield 1 Metro Chain Strs ... 3 [Ofl Co. of California 6 per cent con- s | vertible first mortgage and collateral trust gold bonds, series A. Priced at 99. NEW YORK, May 22 (Special).— § Metro Chal o Two hundred a Sales STANDARD OIL 188U nd fifty thousand 65 July 1 May 31 Asof 13 Lone Star G Del . December 5, 1928 Wt AT s magdal Bynd Lid Do’ pid T Pinal for 1028, to,1s 84 1 Interim 8 162 June 15 June 15 May 31 Q Q May 31 “Cost of Reproduction New. “Coat of Reproduction New i “The value of land included in the above amoants is based on appraisal by competent local real estate experts. ““The abeve estimates include allowances for cost of financing and for general overhead costs such as organi- 2ation and legal expenses, engincering and architectural interest, taxes and in ce during the construction. iation represents the loss due to accrued physical deterioration as ebserved by engineer, Supersession, due 1o obsolesconce. inade- her cause hss not been eonsidered in New Securities less tax. and equivalent 2 Ck 3 Texon Oil & Land 1 8 Transc Ol ptd B 5 Venezuelan Pet Woodley Pet Land Bank 4s May 1958-38. THE F. H. SMITH Co. Investment Secui ‘t:cs—Founded 1873 Blg. Asked. 13 Mid W U6s pt non-p Sales 8 e SU&IDL shar- Tth & §outh American Cor- 91ty “Amiller () & Sons . n4 Bank 4s Nov. 1957-37 o 2 Minn: Hon Re 100 Anzlo Am OIL. o 0 c A par common stock. 1004 A O non vic R R, 1 . Land Bank 412 Nov. 19 22 Minne Mo P 1 Wi, 3 k 4Yes Jan. 1957 1 Min Mo P I conv_pfd Lang BATK §12s May 198737 e P e Plpel 3 100 AU Loboo 3 4 s , orne Be ; cer Sol 0 Borne Scrmy i1l T. er Service Extended. KN YORK. Mev 22 (). —The New ork Curb Fxchange ticker service was Badk o5, 90 Kens Fiuel its y 2 KMok J V 0 Cont'l Oil 3000 Humbie O & R.... extended today to Richmond, V: The -vstem now reaches approximately 60 1) i foh 1y Moy Hut'P 65011l P L 3 1400 Imp O Can . “itles throughout the country, o ing. od in the sbove amounts equipment, for any ges due (o lecation, any other elements of intangible FORD, BACON & DAVIS, INC.” WASHINGTON, D. C. —Main 6460) SMITH BUILDING (815 15th Street N. W, Gaire 8 i Munieipal e or Murphe 6, s i 100Ind P L ... won e L3 1800 Tnter_Pet’ Tid 200 Nat Tranalé . -