Evening Star Newspaper, May 23, 1929, Page 15

IFINANCIAT HIGH-GRADE BOND PRICES IN DECLINE, Heavy Liguidation Apparent as Result of Uncertain Credit 0utlool.<. BY CHARLES F. SPEARE. Epecial Dispatch to The Star. NEW YORK, May 23.—The high- grade bond list today was decidedly weak, with many issues selling below prices established in the declines of ) March and April, and the domestic | Average at the lowest in three years. Liquidation was evident and appar- ently came {rom banks that did not like the money outlook and were selling bonds which they have been holding in | the hope of improvement in prices and ~also from Stock Exchange houses. The bid side of the market was a difficult | one to establish and many trades were | made “over the counter” at figures con- | siderably under those officially quoted on Tuesday. | B Losses of half to a point occurred in legals of which the weakest were the Baltimore & Ohio 4!5s and 5s. the lat- ter breaking below Plr; Frisco 4s, Chesapeake & Ohio 415s, Louisville & Nashville 4s. Duquesne Light 415s, which lost a full point, and Atchison 4s. ere was & rally in the St. Paul 4lze, which have been conspicuously weak, and also in Canadian Pacific der benture 4s. Frisco, New Haven and ‘Wabash 415 all lost ground, as did Chi- cago & Eastern Illinois 55, Great West- ern 4s, Denver 5s and Western Mary- land 4s. The United States Government list was again ragged. The first 4!,s were near the lowest of the year, with the fourth 448 following the first 3los into mew low ground for 1929. Com: pared with prices of a month ago. when the market rallled, Treasury certificates | are off 114 to 3'4 points. The outlook | for the June financing by the Govern- German 7s. 32 German Bank 6s8'38 6 5 ? 1 7 ment is not particularly promising. Convertible issues steadied up with|Ger Gen Eieo 7. the moderate recovery in stocks during the first half of the session, but were comparatively inactive. An exception was American Telephone 4}zs, which declined a point to a new low for the movement. The Alleghany Corporation | old s sold at a discount of 1'2 points from the offering price, compared with & premium at one time of 102 points. he foreign list was disturbed by US 481944, A Argentine 6s B A 1 Ke 6., 1955,.. Australia 68 1987.. Austria 7s. Bank of Chile Belgium 68 Belgium 6%s. Celgium 78 1966... Beigium 78 1956. .. §%. Canada bs 1921 Cunada 68 1952. ... Canada 53%s 1924 . Chile 65 '60. Chinese Gov Ry bs. Colombla 63 Jan’ Con Pow 10 2 1 4 11 12 1 4 1 14 €5 25 Denmark 53%s. 85, French 78 French 7%s. Greek 6s 1968. Haitl 63 Hungary 7% Irish Free State 3. 1 5 21 53 pa 0 Kreuger&Toll 5s et Lyon 6s. threats of a break-up of the reparations | \yq eiite conference. 'This affected ~German Mexico 4’10 asnt. . issues, which lost about all of the gain | yjan 63s. made a few days ago. Italians were also weak, as well as some South Amer- ican securities. SILVER QUOTATIONS. NTW YORK, May 23 (#). 83%. Mexican dollars, 40%. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (orpar). _today. el 94,8885 crown...... Stockholm. crown Washington Stock Exchange SALES. ‘Washington Gas 6s “B"—$100 at 103, $1,000 at 1033%;. e n Rwy. & Elec. 45—8$1,000 at Capital Tractio 951, 1 at 9555, 10 at 9514, Potomac Electric 6% pfd—2 Potomac Electric 5 % pfd. 15 at 10614, 10 at 106, 10 at 106. Columbia National Bank—5 at 402'%. Liberty National Bank—10 at 250. N&'lfi’flu ‘Title Ins. Co.—10 at 225, § at 220, Federal-American Co. com.—20 at 50, Federal-American Co. pfd.—20 at 101, 1 at 101, 2 at 100. . Mergenthaler Linotype—10 at 106%, 15 at 1063, 10 at 10655, 10 at 106%, 10 at 1063, 20 at 10614 112%, Real Est. Mortg. & Guar. pfd.—400 at 1%, W AFTER CALL. Amacostia & Potomac R. R. guar. 5s— $5,000 at 95. Mergenthaler Linotype—20 at 106%, 10 at 106%. W:;?{.nmn Gas 6s “B"—$3,000 at re:;;-’l'—mulcm National Bank—8 at Bid and Asked Prices. BONDS. PUBLIC UTILITY. Tel & Telga. 4% Amer To & e &L Bid. Asked. 90 s & Elec. 45....... MISCELLANEOUS. Barber & Ross, Inc. € $ Cham -Vanb, 44 Che: 107% Ld: ‘Bank '8s Cold Storage 58 Tiie Co. 85 : STOCKS. PUBLIC UTILITY. NATIONAL BANA. National Capital mbia ... ank 6f Washington TRUST COMPANY. American Security & Trust Co. Continental Trust Co Merchants’ Bank ... .. National Savings & Trust. Trust 1 338 on Loan & Trust Co VINGS BANK. Second National Union Washingt FIRE INSURANCE American ... . . Coreo Fireme o National Union TITLE IN Title. SURANCE. com MISCELLANEOUS. arber & Ross. Inc Ehevy’ Ghase Da Col. 8and & Gravel pfd Commeretal Natl. Co. ofd D. C. Paper Mfg. Co Dist. Natl. Securities pid Federa) Storage pid Federal-American Co.’com. Pederal-American ofd ... Lanston, Monotspe. Merch. Trans. & Storage Merch, Trans & Storage rug Stores pfd Mtge & Guar. pid Wash. Mech. Mtge “com Wash Medical Bldg Cor) Wondward & Tothrop ofd... *Ex dividend, A Nor: .—Bar silver, Q or Paris Orleans §34a. Peru 6s 1960 . Peru 65 1961, Rhinelbe Un 7 Khine\Wst EP 68’53 RhineWst EP 63’53 RhineWst EP 78’5t Rio de Janeiro 634s. Rio de Jan 85 1948. . Rio GrDo Sol 6548 :w Gr Do Sul Sao Paulo Saxon (PW) i n Co—10 at 9514, 10 at | Sein 42 Serbs Cr 8 Serbs Crot Sio 8 at 10634, ;l;xnn u6%e ome 638, td Kingm 6348 37. Utd SteamC Abram&Siraus bl s 13 Alleghany Cp 58 ‘44 45 Alleghany 5s'49 wi 77 AmAgtiChem 1%8. 5 m Chain §8'33... & Am Chem 8145 cv'49226 Am IntCor bias 49 72 Am NatGas 6%48'¢43 13 AnSmit& R 13t 6s. 18 . 10 AmT&Ycltrds 10 Am T&T cv 4%5'39 542 14 Anaconda 1st Anaconda cv db Armour&Co4%s Armour Del 6% Associated Ol Atlantic Refin Bell Tel Pa 68 C. Bethlehm Stl pm b8 Beth Steel rt | Beth Steel 5348 & Bethlehem Stee) Certain-Tds W srcts Chile Copper ba Colon Ol 8s ‘38 Col Gas&Ei deb b Com Invest 5% Com Invest Goodrich 6%s. Gocdyear bs rets. Hoe & Co 61s. Humble Ol 5s. Humble O & R 6%s (1linois Bell 13t b Indiana Steel b8. .. Inland Stl 4% ‘78, [ntl Cement 68 48.. Intl Match b8 47. [nt Mer Marine 6s. Int Paper 68 47 Int Tel&Tel 4% Kendall5%s'48 war 10 Laclede G 6%1 63. . Ligget&Myerssabl. Loew's Ine Loew" Lorillard (P) 1 Lortllard §%s... Louisv G & L 58 b Midvale Stee! b1 Mont Pow 68 43. Mor's&Co 15t 4 5. " KEraStE~aaSona 19 P34 anend Nor States Pow Pacific Gas & El b8 T&TIstbs SEee=D People s Gas Thila Co 58 6 | ON NEW YORK Received byTrlv.lc Wire Direct to The Ster Office UNITED STATES. ,000.) ____THE EVENING BONDSmocx rxcunscr] 1 15 9816, 9812 9812 US4%sb62. 146 10630 FOREIGN. Hi 987 987a 95% 96 99% 100 981y 981 £y 103% 1034 oy 004 110 110 110 874 98% 103 1024w 102% 10474 108 111% 105 87 1024 824 100% 100 96 9% 1% 10014 98 103% 99 100 100% 105% 951 954 994 9914 104% 104% 107% 1078 105 1054 114% 114% 1085 108ty 86 6 100% 1004 951, 934 a1 10 v9% 99% 99% 991 102% 10215 9uy 99% 91 92 92 2% 36 36 84% S4% 9R 98 854 Bbla 9% 954 100 100 110 110 110 110 110 110 864 87l 08k 98% 1084 1034 1024 1024 102% 102% 104% 104% 107% 107% 1l 111% 997 96 99’y a6 95% 1044 104% 9l 9l 924 92 100 100% 9k 948 93 99m 100% 101 100% 100% 101% 1014 862 86 99% 99% 08% 8 8 101 101 130% 130% 764 6% 82a 834 934 93% 106 10 1027% 102% 110 110 101% 101% Bals 894 904 YOU 100% 101% 92 92 105 106 6% Sow 1054 105% : 88 88 104% 104% 9% 95 W03% 1044 100% 100% 103% 108% | G 87 7 87 108% 103% 97 7 974 MISCELLANEOUS. 103% 103'% 98'% 99 100 100 102% 10214 1024 1025 105 105 97 o7 1044 104% 165 165 89% 894 59 90 100 100 100% 100% 105% 105% 99 99 100 101% 102 106% 106% 10214 1024 102% 102% 9l 91 102% 103% 964 96% 100 100 0% 90% 118 119% 92 9 103 103 100% 100% 107 108 97% 98 109% 109% 86U 864 100% 100% 5% 104% 104% 1125 1124 105 105 981 9814 1045 10113 110 110 9914 9914 9% 99% 4 | Chi & Alton 3% ' Bales. . Low. Close. Phila & Read 6549 103 100 100% Philips Petro 8%s.. 10 90 90 | Por Ric Am Tob 6s. | Postal Tel & C 6148 | Pressa Steel Car 88 Rem Rnd 638 war. Sinclair O Sinclair O1l % Sinclair 011 78... Sinclair Crude §%s. Sin Pipe Line 5 Skelly O11 6 %! Southwest Be Stand Oil N J 68 Stand OIIN Y 4% SugarEstOriente?s. Tenn Cop 63 B '44. . TennkiecPow 68 47 Transcontl Oll 648 White Eagle O 5% OV 6%833.. Youngstn S & T 5. 14 RAILRO. Atchison ad) 4 o Atcnison ge Atch deb 4145 '48 AUl & Dan 15t 48 43, Atlantie C L 1st 48. Atlantic CL 43%8 64 AD. 2 86 o 5 103 1 3 14 B& O SW5s60. B & O Toleao 48 Boston & Maine Brdway&Tth AV bi Brooklyn Elec § Brookivn El 8kiyn Manna . Bkiyn Un EI §s '50. Bkiyn Un El bs sta. Buff R& Pitt 4%s.. i Canada Natl4y% | Canad North 634 Canad North 18 Car Clinch&O Central of Ga 5% Cent Fac 1st 68 Ches & O Corpn Chnes & Ocv 44 Ches & O &0 434 Ches & 0 4%8°'93 A avmanBouanl Chi K& gen 48 53.. CB&Qlll3ys. Chi& 111 gn 68 61.. e Chi M&SLE 4348 ChiM1ISP&Pa CMSP&Pac: Chi & NW Eaw e coR SN a - ERe~Enw-5 ChiTH&SES Ch! Unlon Sta Chi Union Sta 58 44, Chi Union Sta 6%s. CCCaStLri6aA.. Clev Term b Clev Term 5% Colo & Sou 41 Cuoa R R 68 Cuba Nor 6% - e - |Green B & W deb B. Hav El Ry %8 61.. Hud & Man a) 68, Hud & Man ref 63, 1li Cent 48 63. 1 | Boaanecne eluSuaSeRrbrcRuonn arnosane e 41 Int Ry CA 6%sret. Kan City Ft S 4 Kansas City 8 Kan City Term 4s 3 PR Lehigh Val en LehiVgen 4%s 2003 Lehigh Val 63 2003, Long Isrf4s49,. Long Island deb 5 » e Market St 78 Mill El Ry&Lt 4%s Mil I Ry & L 6s 61 Minn & StL ref 4s g DS MStP&SSMbigs M StP & SSM 6% MK&T1st MK&Topriné Mo Pacific gen ¢ Mo Pacbs A Mo Pac6s F 77, Mo Pacific 8 G 7! Mo Pac 5348 '49 evt 14 Mont Trm ref 58 41. Nassau Bl 43 51 C&StLESA.. w Haven 3348 64. New Haven 3348 56. NYNH&H4sb NYNH&H4%s., NY NH&H cvdb 6s. NY Sus & Wn b8 '37 NYW&B4hs Norfolk & W cn 4 Nor Pac 38 2047 or Pac 4%4s 20 orthern Pac bs D Pennsy| con 4% Pennsyl gen 4% Penna RR 4¥s Pennsy| gen b Pennsyl 5s 64. Pennsyl 6% Pennsyl gold 7s Pere Mar 1st 4 Port R L P 65 47. Read:ng gen 4%s Reading J C 4s 61 R10G W 1st 45 RIATK& L 4% StL IM&S gn 6831, StL&SFpPI4sA.. 3 90y 87 93 99% 8313 8% 68 €6 IMARINE PRODUCTS 4 | condi « | as 150 STAR, WASHINGTON. ! IN LARGE SUPPLY Cool Weather Aids Shippers in Sending Catches to D. C. Market. Wholesale dealers in marine products this morning presented an array of sup- plies calculated to satisfy all those who | were in quest of sea food, and there were numerous retailers on hand early in the day looking for supplies. Cool weather the past few days made it possible for shippers to get supplies here in the best possible conaition, enabling iocal dealers to display most attractive offerings. Only a few days remain in which dealers will be permitted to sell shad and herring. Receipts of shad have fallen off this week and slightly higher prices prevail, roes selling at 18 and 20 and bucks at 14 and 15 cents a pound. Shad roes were quoted from 50 | to 75 cents, according to size and con- dition. Other Fish Receipts. Herring, slightly more plentiful, were offered at $1.25 and $1.50 per 100. Both shad and herring have been in good demand this week, and dealers expect the demand for the former will continue good until the close of the season. Pack- ers along the lower Potomac soon will end the season's work of packing her- | | ring. Rockfish continue scarce at 20 and 25 cents a pound, netters along the lower Potomac and Chesapeake Bay reporting small catches. Most of the trout in the local market this morning came from ths vicinity of Norfolk and Wacha- preague, Va., while smaller shipments came from the lower Potomac and Chesapeake Bay points. The trout e quuhed,dls to size, at from 7 to 15 cents und. Butterfish, always in demand, receive . from Exmore, Eastern coast of Virginia, medium and large size, found ready sale at 10 and 12 cents a pound. Bos- ton mackerel, many of them from the vicinity of Wildwood, N. J., were offered at 12!, and 15 cents a pound, while sea bass, also from Wildwood, were quoted at 12 cents. Haddock, fillet of haddock and cod were the fish received from Boston ship- pers. Cod were quoted at 9, haddock at 8 and fillet at 17 cents a pound, the fillet not being so plentiful as a week ago. Crabs, both hard and soft, continue plentiful, many of them coming from Hampton, Va., and Crisfleld, Md. Hard crabs, big and fat, this morning were offered at $6 and $7 a barrel, or $1 by the single dozen. Soft crabs sold all the way from 50 cents to $1 a dozen, while crabmeat brought from 50 to 75 cents a pound. Frogs were plentiful, those from near- by selling at $2.50 and $3 a dozen, while the jumbo frogs from the vicinity of New Orleans brought $4. Snapping turtles, al were quoted at 10 and 15 _cents a pound. Immense quantities of fruits and veg- { etables were in evidence in the whole- sale district this morning, but only a light demand was reported. Reports from several sections in the South told of growers working overtime in efforts to harvest their vegetable crops. A motor truck with 275 bushel bas- kets of string beans reached the local market from Nerth Carolina this morn- ing. the hauler finding the market al- ready overstocked and prices low, deal- ers selling them at from $1 to $1.50. Potatoes were not quite so plentiful, dealers reported, but supplies were equal to the demand, at $5.75 and $6 a barrel. Asparagus receipts are gradually gre ln-ll lighter, while caulifiower, product of California growers, was recelved in | quantities largely in excess of demands and offered at $1.50 and $1.75 a crate. Top quality strawberries are con- tinuing to come from the Eastern Shore of Maryland, while blackberries. huckle- berries and cherries are coming from the South. There were plenty water- melons ‘to be had this morning. but only a few cantaloupes were received. Prices of most commodities this morn- ing were the same as prices quoted vesterday. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 44a45; tub, 43a44; store packed, 30a31. Eggs—Hennery, 32a33; fresh selected, 31a32; current receipts, 30a31. Poultry, alive—Turkeys, hens, 30a32; toms, 25a26; Spring chickens, ~small 40a42; large, 46a48; Leghorns, 35a38; roosters, 20; ducks, 20; keats, young, 60a65; old, 35a40. Dressed—Turkeys, 35a40; Spring chickens, 50a55; Leg- horns, 40a45; fowls, 38a40; Leghorns, 35a38; capons, large, 50a52; small, 45a 47; ducks, 32a33; ts, 80a1.00. Meats, fresh killed—Beef, 22a24; veal, 23a26; lamb, 30a32: pork loins, 30a32; fresh hams, 25826; fresh shoulders, 18a | b smoked shoulders, | 17818; lard, in bulk, | 1215; in package, 1315 | | “tive stock—Caives, 14; Spring lambs, | Fruit and Vegetable Review. The daily market report on_{fruits and vzceugl-s (compiled by the Market News Service, Bureau of Agricultural ‘Economics), says: ‘Apples—Supplies light; demand light, | market steady; ls, Virginia, U. 8. No. 1, 215 inches up, Winesaps, fair | quality ‘and condition, some scalded, 15.00; Yellow Newtons, fine quality und‘ ition, 6.50a7.00; bushel baskets; no sales reported. .cubmp:Huppllel liberal; demand | moderate, market dull and slightle| weaker; Norfolk section Virginia, 1%z | bushel hampers, inted type, 75290, few 1.00; East Shore Virginia, barrel Icraws. pointed type, 1.75a2.00, few low | Lettuce—Supplies moderate: demand | light, market steady: California, crates Iceberg type, 4-5 dozen, 4.00a4.50, few best, 5.00; fair quality and condition low ‘as 3.50. Onijons—Supplies moderate; demundl | light, market steady; Texas, standard crates Yellow Bermudas, mixed No. 1| and No. 2, 1.85a1.90. ! Potatoes—Supplies moderate; old | stock, demand moderate, market | steady; Michigan, 150-pound sacks Rusett Rurals, U. S. No. 1, mostly 2.25; new stock, demand moderate, market slightly stronger; South Carolina, cloth | | top stave barrels, Cobblers, U. S. No. 1, 5.2585.50, mostly 5.50. Strawberries—Supplies moderate; de- | mand light, market steady; East Shore | Maryland, 32-quart crates, various va- | | rieties, 3.00a3.25, mostly 3.00; some | | hold-overs low as 2.50; nearby Mary- | land, 32-quart crates, various varieties, | 2.5024.00. mostly 3.00a3.50 Tomatoes — Supplies moderate: de- | mand light, market steady: Florida. 6s. | ripes and turning, wrapped, fancy 3.50a4.00; choice count, 2508 me fair condition. fancy count, | choice count, 2.00a2.50; 216s, Sales. High. Low. Close. 11 99% 99% 99% 91k | 90% 89% Sou Pac 4829...... Sou Pacific ref ds.. 13 Sou Pac 4138 '69 ww538 Sou Pac 4isrets.. 17 Sou Ry gen Sou Ry Con b Sou Ry 6s 56. Sou Ry %8 Sou Ry Mo & Term Asso S L 4s.. Tex & Pac §8 B 1977 Tex & Pac 5s C*79. Thira Ave ref 45 60. Third Aveadj bs. .. Tol St L& W 4s 50. Tol Tr L&P 6148 30. Union Pac 1st 4s virginia Ry 1st 5s. Whash 4348 78 rcts Wabash 1st § Wabash 5%8'75 w 9lls 9014 West Shore 48 '61. . Wilks-B & El 1st b8 | few higher; 26-82-pound average, 50’ { demand _moderate, | that date, so that the commission might !is just under $26,000,000,000. | centatives of 40,000 western provinces D. C, THURSDAY, mand light, market dull: nm‘ ‘Tom Watsons, 32-pound average, 1'1‘7’;3, each. String beans — Supplies liberal; de-| mand light, market steady: North Car- olina, bushel hampers, green, Dest.! mostly 2.25; few high as_2.50; fair| quality and condition, 1.7522.00; South Carolina, bushel hampers, green, 1.25a 1.50. Cucumbers—Supplies _light; demand! light, market steady: South Carolina, bushel hampers, 2.25a2.50. Squash—Supplies light; demand light. market steady; South Carolina, bushel hampers, white, mostly 1.00; North Carolina, bushel hampers, white, mostiy 1.2! .25, Peppers—Supplies light; demand slow, market dull; Florida, pepper crates, fancy, mostly 2.50; choice, no sales re- | rted. DOE plant—Supplies very light: de- mand light, market dull: Florid .pq:{m- crates, fancy, 2255;12050, falr quality and condition, 1.75a2.00. Carrots—Suppiles light: demand | light, market steady; California, West- | ern lettu:: gnua, 2.75a3.00; few fancy slightly higher. FeacSupplies liberal including boaf market _slightly weaker: prices declining; Norfolk sec- tion, Virginia, 5-peck hampers. 2.75a 3.25, mostly around 3,00; few early sales higher; North Carolina. bushel ham- pers. falr quality and condition, 2.00 a2.50. Corn—Supplies moderate: light, market about steady: bushel baskets, 2.50. Beets—Supplies moderate; demand moderate, market firm; Norfolk sec- tion, Virginia, 60-bunch crates, fine quality and condition, 4.00. Oranges—Supplies moderate: demand light, market steady: Florida, boxes, No. 1, medium_size. 4.00a4.25; large size, 3.50a3.75; No. 2, medium size, 3.00a 3.50. demand Texas, Grapefruit—Supplies light: demand light, market steady. Florida, boxes, No. 2, medium size, 3.25a3.50. By the Associated Press. Existing levels of railroad freight rates in the United States will never be varied as much as 5 per cent by any final determination of the long contro- versy between the carriers and the Interstate Commerce Commission over railroad valuation. When the Supreme Court this week awarded one round in the contest to the rail lines by upsetting the commission’s valuations in the O'Fallon case, a number of nntablegeo. ple, including President Hoover, Gen. Atterbury of the Pennsylvania and Daniel Willard of the Baltimore & Ohio, were quick to say that the findings had little or nothing to do with rates, and today Dr. Julius H. Parmalee, chief of the Bureau of Railway Economics, ex- plained statistically some of the reason- ing which led to the announcements. “In the first place, actual operating expenses and taxes took up 80.7 cents out of every dollar of revenues which class 1 rallroads earned in 1928, Dr. Farmalee sald. “It is obvious that money to meet actual expenditure in rendering service must be provided by the rates, whatever valuation totals are assigned to railroad property. or the service will not be intained. This proportion berne by raflroad expenses and taxes to the total receipts from ren- dering railroad service has been steadily cut down in recent years by the effort of managements, but cannot be expected to go much lower. “After payment of cxpenses and taxes there remained in 1928 about 19.3 cents out of each dollar of rail- road receipts, classed as railway op- erating income, which is available to meet the capital charges, interest on borrowed money and return on invest- ment. This is the only portion of the receipts from railroad rates which can be varied by final findings as to the value of railroad property. Now, the Commerce Commission figures as to rail valuation are understood to be, on the O'Fallon basis, about 25 per cent below the total of the corporation book value of railroad investment. “Thus, if the courts, the commission and the Government should finally agree to give the carriers the g vestment value, and if rates should be increased to make the higher values effective in operating income, this figure would be raised to equal about 24 cents out of each dollar of 1928 receipts. As- suminz expenses and taxes to remain the same, general railroad rates would only have to be increased to a total figure of 104 per cent of existing levels to provide a reasonable return on the highest valuation figures that have been discussed.” Dr. Parmalee is careful to point out that his calculations relate only to valuation theory, and to add that even the 4 per cent rate increase mentioned might never be sought. “This summary is merely designed to | show why better informed ple dis- count the influence of valuation in prac- tical rate making,” he sald. “In that field the question of competition, of *hat the traffic will bear, and like fac- tors come into play. There is much misapprehension as to this, because it is rather easy to fall into the error of thinking that if valuations are raised 25 per cent, rates would have to be raised 25 per cent also.” In 1920 class 1 railroads were tenta- | tively estimated by the Commerce Com- mission at $18,900,000,000 for rate-mak- ing purposes. Dr. Parmalee estimated that about $3,000,000,000 of new invest- ment had been made by carriers since be found ultimately contending for fix- ing a total valuation 6f class 1 rail prop- erty at $22,000,000,000. Railroad book investment total for the same property Poultry. OTTAWA, Ontario, May 23.—Repre- and Ontario poultry men are asking the Dominion tariff advisory board for a 200 per cent increase in the duty on imported eggs. The increase, if grant- ed, will boost the tariff from 3 cents to 9 cents a dozen. Rubber. EAST PALESTINE, Ohio.—The Na-| tional Tire & Rubber Co. plant here | has been sold to Michael Teaber & Co. | of Chicago. according to recent an- | nouncement. | Flax. BROOKINGS, 8. D.—Nearly 40 per cent of the flax eage of South Dakota | was seeded by May 15, with a consider- able increase over a year ago. Corn planting is about 20 per cent completed. Small grains are almost all in. Rice. SAN FRANCISCO.—The _domestic | rice market is quiet just now, but fairly | large sales have been made to Hawaii and Porto Rico. Japan sales have been small and disappointing, but the South American business has been good. The acreage in 1929 has been reduced to 115,000. Steel. YOUNGSTOWN, Ohio.—The unusual activity in the low priced automobile manufacturing fleld is responsible for a great deal of the demand for finished steel products in the Youngstown dis- trict. Ford, Chevrolet and Willys- Overland are unusually heavy takers of strips, sheets, light plates, tubing, steel bars and other products. Fish. LAMBERTVILLE, N. J—River con- ditions have resulted in the rejuvena- tion of the shad catching industry. The Delaware River shad have always had a reputation, and this year the largest hauls since 1913 have been made. MAY 23, 1929 SEES NO MENACE IN BROKERS' LOANS 1 serious strain on the financial Bank President Points to In- creased Prosperity and Wealth of U. S. BY JOHN F. SINCLAIR. Special Dispatch to The Star. CHICAGO. May 23.--Eugene M. Stev- ens, president of the Continental Na- tional Bank & Trust Co. of Chicago, the only billlon-dollar bank in the United States outside of New York City, does not see cause for alarm in the total amount of brokers' loans now on the New York Stock Exchange. “It is difficult for any person or group of persons, without more knowl- edge than we now possess, to say whether the five and one-half billions of dollars at present invested in brokers’ lonas are too much or not,” Mr. Stevens said. “Perhaps, based on the wealth of the country, the present total does not represent as much credit as two and one-half billions did five years ago. “Business conditions are basically sound in the Middle West—in fact, they are better than we dared hope for six months ago. It is surprising how busi- ness keeps up in spite of the high cost of credit.” “‘Are the banks in the Chicago terri- tory lending much money in the New York market on call?” I asked. “No. Hardly any. We have a legiti- mate commercial demand in Chicago. A customer who has done business with us for years came in this morning and asked for $500,000 for business expan- sion. He was entitled to it and we gave it to him at 6 per cent, although we could have put that money out on call in New York on the Yinest security on carth and we could have netted around | 12 per cent. Asked why deposits in the large cen- tral banks are down below what they w?; a year ago, the Chicago banker said: “The_deposits are off for several rea- sons. Probably the outstanding one is the number of people who have sent their money to New York to get the high call rate. Of course, it is higher now than it has been in years. Nat- urally, with high money, short-time commercial paper rates are high, and so are bonds. “I happen to be on the board of trustees of a Chicago hospital, which has more than half a million dollars in the banks. One of the trustees called up this morning and said we could buy high-grade Government securities to net nearly 6 per cent. Instead of leav- ing the money in the bank, he felt it should be invested until it was needed. Large profits would result. I had to a gree. “Naturally, people will not leave their money in the banks in large amounts at 3 per cent when they can get high- rade securities very much above that | | | | re. “These two factors are largely re- spo:n':lble for the slight drop in bank de- How many of the people of China are starving No one knows authoritatively. It 18 known that at least 4,000,000 Chinese men, women and n are suffering from lack of food; some reports crease this number to 37,000,000. The chances are thac the correct fig- ure is somewhere in between. Ernest W. Picknell, one of the chief fleld directors of the American Red Cross and formerly superintendent of the Associated Charities in Chicago, an un- usually capable, thorough and serious- minded investigator, has been delegated by the Red Cross to make an interisive study of famine conditions and report at the earliest moment possible with full information. He expects to sail soon for China with three other Red Cross men. This work will have the unequalified support of the Chinese national gov- ernment at Nanking and of the United States Government. It has been suggested seriously in recent weeks that the surplus wheat in the United States be purchased by the United States Government and given to China. This surplus on July 1 will be very considerable, 70,000,000 bushels in excess of the carry-over of last year, probably. At the same time, harvesting has al- | ready started in Texas on the new crop of Winter wheat, now estimated at more than 625,000,000 bushels. May 1 there were more than 42.- 467,000 acres in Winter wheat in the United States, as against 36,179,000 acres harvested in 1928. This is an in- crease of 12 per cent in the United State alone. Increase in both Winter and Spring wheat acreage is shown constantly in Canada and the Argen- tine. So the carry-over this year in wheat is the largest in years. To return to the faminine in China. When the facts are definitely ascertain- ed by the United States it is felt that there will be no difficulty raising funds to meet the situation. | Ray M. Hudson, United States| Bureau of Standards, told the National | Retail Dry Goods Association that the key to prosperity in these days of keen competition and shrinking profits could | be given in threg words, “simplify and standardize.” “Standard sizes, standard colors, | standard supplies and standard com- modities, these are the demands of | business today.” he said. | Dry goods merchants are learning | rapidly that the expense of assorted lots of goods, which mean big in- ventories, heavy maintenance costs, ob- | solete stocks and idle investments, is the hole into which profits are poured. The three words used by Mr. Hudson are really the basis upon which the most successful distribution in modern industry rests. R. H. Aisiton, president of the Amer- jcan Railway Association, balieves that no other nation in the world could continue as careless as the United States and survive. Only the almost lmitless resources and wealth of the United States prevent a catastrophe, he s But the condition constitutes 18400,000,000, yet the railroads are spend- | FINANC sources of the Nation's industries. Mr. | Aishton estimates that preventable | waste in industry approximates $10,- | 000,000,000 & year. | “The railroads are doing more to | | checkmate carelessness than any other | jgroup in industry,” says this railroad | eader. | “Through constant effort the rail-| | roads have reduced from $119.000,000 in 11920 to $37,000,000 in 1923, or 69 per | cent, the amount of freight claims paid | by them, and growing out of loss and | damage to freight shipments, although the total of freight handled by the rail- roads is 7 per cent greater than nine years ago.” | Consider eoal. “The railroads consume 28 per cent of the total annual production,” Mr. Aishton said. “It costs them about | ing '$100,000,000 less for coal than in | 1920. though the traffic is larger.” | War against sloppy, careless work | pays. (Copyright, 19: North American News- . by per Alliance pape Heads National Biscuit Co. NEW YORK, May 23 (#).—Frederick Beers, formerly vice president, has been | elected National Biscuit Co., succeeding Roy E., Tomlinson, who becomes chairman of | the board of directors. GERMAN BONDS AND STOCKS. NEW YORK. May 23 (Special).— } Ger Govt Red Loan with drlvinlsm Aaxed | ctfs attached per 100 R M 55.00 60.00 Ger Govt R 3 t . 28.00 30.00 1llion, marks.) 25.00 i! l:lfl dollars per m! D P (Quoted in" dollars per thousand mar German Gen Elect 4138 pre-war. 23.00 rman Gen Elect 41z 191 25 -war Ge Berlin s prewar. . e urg 3. 31:8 & 4s pre-war. Hamburg American Line 415, North Ge; d 4ias war (Quoted in_dol| A E G (German Ge E g A EG (German Ge Elec) ptd B! Commerz and Privat Bank.. resident and a director of the— IAL Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Ceo. 1520 K Street Main 475 4 by first deed of e revalling w.’n-f Dt eller miss.. Joseph 1. 9th & F N.W. | | Complete { Investment Service GrLer & CO. BANKERS INVESTMENT BUILDING WASHINGTON, D.C. Telephone, Main 3460 | MERGENTHALER LINOTYPE, €O, BroakITR N May a1, Ji. DIVIDEND NG i34 A guasterly dividend of 3135 and ap ex- ra dividend of 50 on e 236,000 shares f 1o par Company will be Pai | the smc\‘ho reco: e Traneisr %’oa?:n;‘ffll 27 b ‘Closed . GEO. L. SCHAR] 'NBERGER, Trea: I G Farl Disconto Gelischaft. Beriiner Handels. .. Dresdner Bank 3 Deutsche Bank . . .. Darmstaedier Bank.. Hevden Chem Mercur_Bank Vie North Ger) STUDEBAKER R. McREYNOLDS & SON 1423-25-27 L St. N.W. Decatur 686 NEW CARS USED CARS 1523 L St. N.W Ideal Location— Excellent Service. Near the heart of the financial district—conven- ient to all points—with unlimited parking space nearby. Courteous and efficient service. Lowest Rentals In Vicinity. New Management— LOUIS P. ALLEN Lenox Building Decatur 3141 CompLeTE FINANCING TRUST MONEY On homes, spertment buildings and business properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 The Commercial Natienal Bank Pays interest on DAILY BAL. ANCES on Savings Accounts. Interest starts from DAY of deposit and is earned to DAY of withdrawal. Come in and let us explain. Resources Over $19,000,000 14th & G Streets ' R. GOLDEN DONALDSON, Presidens MONEY TO LOAN On District of Columbia Real Estate CURRENT RATES OF INTEREST FLOYD E. DAVIS CO. 733 12th St. N.W. Main 352-358 Ample funds Lower interest Lower charges Prompt approvals Prepayment privileges No bothersome details. > Cirtopiat orres Tor “The 1001-15*St NW. Main 8100, A SAFE YIELD OF 6% with Firsi Morigage Security ihat 1s Surety Guaranteed IRST National Bonds, now'offered to yield 6%, are secured, dollar for dollar, by real estate first mortgages that have a Surety Company Guarantee ot principal and interest. They have behind them, also, the full responsibility of The First National Company, of Baltimore, Md.. with resources of more than $9,000,000. For further facts, ask for Circular “O". INTERNATIONAL BANK Securities Department 16 Jackson Place THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares A _TRUSTEED OWNER- SHIP in 100 leading American Corporations. A" et interest to Investig Standard Collateral Sh Franklin 3783, ‘Wood Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service * No Appraisal Fee The Commercial National Company ncorporated I Pald up Cash Capital. §900,000 Indlan Refining reports 10c for firste quarter share earnings (earned 53c in entire 1928). “'Conteniently Located 1529 14th St. N Main 864 WOULD YOU LIKE TO FORGET YOUR CAR HAS TIRES? A King Could Buy No Better GOOD YEAR DOUBLE EAGLE: Tires and Tubes BEN HUNDLEY GOODYEAR TIRES 3436 14th St. N.W. (At Newton)