Evening Star Newspaper, June 1, 1929, Page 21

AR e 1~ Resd g A FINANCIAL. * CURB ISSUES FIRM IN PROFIT-TAKING Market Apparently Unaffect- ed by Sharp Drop in Brokers’ Loans. THE EVENING YTAR, WASHINGTON. D. €, SATURDAY. JUNE 1. 1929. ANCIAL. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office NEW YORK, June 1.—Following is & hundreds 2 Acoustic il > 3Aero Sup Mf B 1 1 Ainsworth Mfg 1At Gt South 6 Alexander Industries 126 Allied P & L. S Allied P & L 15t 'pfd 1 Alpha Port Cem 8 Alum Co Amer list of stocks and bonds traded in on the New York Curb Market today with the volume of sales and prices up to and including the close of the market: 4 Stein Cosmetics ... 2 Sterchi Bros Store 1Sterline Sec pfd aliot 2 Sterling Sec pfd wi 4 Stinnes Hugo 38tutz Mot.. 2 Swift In 1 Taggert Corp 1Tampa_ EIl 1 Tenn Prod g Is Texas Pow & Lt pid 3 Thomps Prod A 8Trans Am Transcon Air Trsp ans Lux DL P S A i Cont Corp. i Cont_Corp pfd jnion_ Tobacco. Jni Carbon v HARBORD 10 FIGHT FOR MERGER PLAN Radio Corporation President Convinced That Wire-Air Combine Is Necessary. Washington Ticker v the Associated Press. Circumstances and conditions, in spite of efforts of both the French and American governments, are combining to force the situation as to the Prench war supplies debt to the United States, totaling $407,000.000, to the extreme of payment in full in cash on August 1. All that can intervene to avert the necessity, in the opinion of American officials, is an acceptance within the next six weeks by the French Parlia- ment of the Mellon-Beranger agree- ment, throwing the war supplies ac- count into the much greater total of the French war debt to the United | BANK IS PROPOSED FOR BRITISH HEROES | Ministry Considers Plan to Deposit Pensions When Desired by f Veterans. LONDON (#).—The ministry of pen-| ons is considering a scheme whereby | the government would “bank” war pen- sions, at a request of the pensioner, in- stead of paying them and leaving it to| the recipient to invest the money if he Business Notes By the Associated Press. | NEW YORK, June 1—Retail paint business for the first five months of the year shows a gain over that of the Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Kepresenting Mutual Benefit Lite Ins, Co. 1520 K Street Main 475 same period last year, leading manu- ' facturers report, despite the usually we Spring weather throughout the country. Discussion is being heard in anthra- cite clrcles over the advisability of | changing the Spring price reduction day from April 1 to May 1.. It is pointed out that April 1 had lost its usefulness because of the increased de- mand for coal during March and April on account of continued cool weather Loans on Autos Legal Interest Our Only Charge Quick Service—Confidential UNITED LOAN CO Rosslyn, Virginia Just_acfors Key Bridee—Oposite Bank 2 Alum Tndust during those months. 71 Chem pr pfd | Interest shown last Summer in the | _ mi Drraock | States and putting the entire sum into | has no immediate need for it. BY HARRY H. BECKER. year schedule of payments. Such Bpecial Dispateh 1o The Star. NEW YORK. June ~The sharp | drop in brokers' loans exerted only small | influence on speculative sentiment on | the Curb Exchange today. The Ilist| continued an irregular affair, with | volume somewhat reduced, and there was practically no recovery in recently | depressed issues. Short covering, how- | ever, was responsible for a degree of sterdiness, Particularly prominent again were | the utilities, which have disregarded | the general nervousness all week. Stocks | of those companies allied with the new- | Iy formed Commonwealth Southern Corporation were still in favor and ab- | sorbed profit-taking_well. | American Super Power new opened | on a 15.000-share block a fraction lower, | but_quickly recovered. Allied Power & Light had another sharp run-up to a new high, while among the other fea- tures were Mohawk Hudson Power, Central States Electric. Buffalo, Niagara & Eastern and Penn Ohio Edison, all | of which bettered their previous fops. Associated Gas & Electric and North- eastern Power also rose with consider- | able energy. Ofls and aviation stocks moved at a slower pace and were irregular to firm Gulf Oil of Pennsylvania gained several | points. but other oils developed little or ne rallying power, | Standard of Indiana held close to the | record Jow, notwithstanding reporis that it may figure in an important ; merger. In the miscellaneous division Lake Superior Corporation climbed sharply again, and American Brown Boveri Founders was in active demand, reach- ing a new high. Other strong issues included Aluminum Limited, St. Regis Paper, Arcturus Radio Tube, Swiff, Penney and Gold Seal Electric new, in which shorts covered. Durant Motors, which has been heav- ily sold recently, was steadied by pub- Jication of an unofficial statement showing net profits of $400,000 in Apri!, which more than offset the first quar- ter deficit. Automobile issues as a ruic were quiet and unchanged. | | (Reported by J. & W. Sellsman & Co) Offer. Allis-Chalmers Co. 58 1937. : Aluminum Co. of Amer. 55 1952 American Tel. & Telga. 4s 1929 Baltimore & Ohjo 4'25 1933.. .. Batavian Pet. Corp. 4':s 1942, Bell Tel. of Cabada 5s 1955 ... California Pet. Corp. 5':s 1938 Canadii N Rwy. 4128 1930. Nor. Rwy. 4!3s 19 Chesa. & Ohio Rwy. 4'2s 1930. Chicago Rock Island 4s 1934 Chile Copper Co._ 55 1947 . Cu y Packing Co. 8'25 1937 Delaware & Hudson Ry. 7s 193( Edison EL Il. Boston l‘,-fil 1930, Gen. Mot. Accep. Corp. fs 1937. 101 jeneral Pet. Corp. S5 1940, joodyear T. & R. 55 1957 Grand Trunk Canada 6s 1936.. Guit Oil of Pa. 5s 1937. - Humble Ofl S'3s 1932.. Oregon Bhort Line Phillips Pet. Co. 5! Pure Oil Corp. 5(’/::! Shell Union Oil Co. 5s 1 Sinclair Crude Oil 5'us 1938, :L.',.m&!og:b:en‘%r;rzx Ry. 4s 1932 United Drug Co. 5s 1953.... Western Electric Co. §5s 1944 ‘Wheeling Steel Corp. 5'as 1948 . CHICAGO STOCK MARKET. Special Dispatch to The Star. CHICAGO, June 1.—Following report of today's sales, high, low and closing quotations on the Chicago Stock Exchange: Sales in hundreds. STOCKS. 1 Abbott _Lab . Acme Steel 1l Al Amer Mohawk 18 Allied Mot Ind .. 1 Allied Mot Ind pid 32 Allied Prod A . 1Altoter Br cv 'pid.. Low. 45% 9 High. Close. 15 9 15 Backstay Welt 3 Bastian. Blews 1 Baxter Laun A . Beatrice Cr - 57 Bendix Aviation 2 Bendix Corp 1z Binks Mfg .. 33 Borg Warner 3 Borin Vivatone 2 Brach & Sons . 20 Bright Star El A . 3 Bright Star E! B 5 1 Brown Fen & W Co 1s Bruce (B L) ... % Bulova Watch 1; Bulova Watch Co pid 4 Butler Bros ... 12 Camp W & G Fn 17 Canal_Constr pfd % Gent P 8 Corp A 13 Gherry Bur .- ichiCly £ CR: 26ni Gity & 6 R bt 2 ghieazo’ Corp Chicago Corp lini 1 Chi Yellow Cab . 30 Glub_Aluminum 1 Gommonw Ed ... )0 24913 % Gostruction Ma' Cor "2 Construc Ma Cor pf. 43'a 1 Gonsumers Co ] 1Grane Co ... 46 13 Davis Indust A . 14 Elec “Household . 3Emp Ser A € Eria 1Fitz Connel ¥ 8 Poote_ Gear ... 4 Gen Spr Bump’ Go X 1Gen Spr Bump Co B 1 Gerlach-Barkl Co pfd 15 Goldblatt Bros ... Gt Lks Afreraft A’ 30 Grigsby Grunow . 13 2 Hall (WF) Printing © 10°Hart Carter pfd 1 1 Hormel G A & Go.. 1 Houd-Hershey A 11nd Pneu Tool 7 Insull Ut Tnv 3 Insull_Util Inv 31ron Fireman Mfq. 1 Jefferson Eiec 1 Kalamazoo Stove 7 Kendall Radio Tubé. 2Ky Ut ir pfd. 3 Keystone 8t | 1Lane Drug ... 2Lane Drug prd Leath & o'l Tion ON Ref Co. Lincoln Brinting Lincoln Prig pfd. . Lynch' Glass ‘Mg Co Marks Bros Thea pf.. MecQuade Norris..... Meadows Mfg Co Mid Cont Latin Inc A ller & Hart pfd... Minn-Honevy el] Minn M Pow I Minn P 1 pfd Miss Val UGl pr pid Miss Kan_Pipe Line Mo Kan P L . Monsanto Chem Mor (J) & Co Inc Morean Litho.. Muskegon Mot A’ Nat Standard Nobliit Sparks 1111l Norih Am Car | ON-O-Matic .11 3 Pac Public Serv 1. Potier Co Rub Ber o pat uaker Oats -. a'Pe vy Reliance Mfs Co Ross Gear 2 Rverson J T Sons Tne 3} Saliv Procks Tnc 3 Saunders Strs A . i S'enode 811 8 5 Sonatron Tube 2 8tand Dredging Go’ . 28tand Dreag Co ped 7 Steimite 'C Radio 1, Stidebaker ‘Mail dry 3 3 ah Radio Prod il & Indus Corp il & Indus Corp pi n Sicklen A....... king Pump king Pump bi ahl Warchel Corp 1, Wexturk Kndio 8iores 4 Winton Eoyine 2 Winton Ene pid o Yates Machine pid 11 Zenith - Radio Totol sales, 66.000 iiiares Sales i BONDS, thousands 1Chi City R 1st 85 '27, <cccaaa: 1 v t & €2, 4Am & For Pow war 1 Amer 32 Amer 11 Amer 31 Amer 3 Am O 18 Am 3 Am 33 Am 2 Am C: 3 Amer 14 Amer 2Am P 2 Anglo 4 Arctu 6 Ar 550 ss0 550 222225555 ona Natl Gas Na Pw & Lt pfd Beverage Br Bov El F Cities P & L A Cit P& LB ommonw P A Commonw P B Comm Cranamid B n P optl war yanamid B ris Deot Blores Gas & EI het:ix Sta Pub Serv A Siperp’ A Superp n Siper B Superp pid Super 1 pfd Ghil_Nitra rus Radio T Power Natl Gas' A Gas cum pid & Prini.. Ind. . & EIAL E deb ris.. von pfd Dre Elec Gas G R Atl Coast Fisheries. . 5 AU Pruit & Sug 1 Auto 1Auto 23 Aviati 1 Avinti Vot Msch Vot M cvt pr b on Corp on _Credit 2 Bastian Blessing. . 3 Bilss 4 Braz 3 Brigh 1 Brigh! 2 Brist Tr L&P. d t Star El A t Star El B Myers 1 Brit-Am Tob Cp B 3 Br 22 Buf Niag & 57 Buf Ning & Celanese_Lid . EP A 1Buf N & E P pfd 4 Burm 3 Burroughs 1 Butle a ‘Corp Add M 1 r Rros 3 Ruzza Clark §Can 1 Capit 1 Garm, Marconi W al Admin A pfd an ‘& Co A 2 Garnation Milk 3 Cont iCent 3 Cent 4 Cent 2 Cent 1 Gent 1Cent 2 Gent Al Sta_Ser vie Pip Cor ...... Pub § A States EI 1 States El war Sta FI 6% pid Sta El conv pfd Sta El pfd ww 3 Check Cab Mfg . 10 Citles 1 Gities 4 City 4 Club 3 Colg 5 Columbia G Rer-m ..i..iue Ser B [ Radio_ Stores . Alum Uten Palmol P & E s 1 Columbia_Pictures 1 Commonw 1 Cons 2 Cons 1 Cons 2 Cons P pfd Alroraft ..., Auto Mer vic Auto Mer pf . 1 Dairy P . i Fim ... G Balt i Instru . 10 Consol_Laund .. 2 Cons 2 Cons. 1 Cont 1 Goope Ret Stra 11111 Theaters . Diamond Fiber. T Bessemer 1 Cooper Besse pfd ‘A.. 2 Court: nlde Ltd 1 Crosse & Black pfd.. 6 Curliss Aero Exp.. 15 Curtiss Airpo vic . 13 Gurtiss Flying Ser 1 Decea 15 Deere 5 DeHa: 3, Duke & Durant Record. & Co. viland Old. Pow : Mot 4ElP & L optl war Elec_Shovel C pt pid. airchild Aviatn A. andango Corp A.... ed Metals ctf.. ederal Water ‘Al Fiat stk deb rts Firest T 1% b 2 Flor Pow & L 7% 5 Fokke! 1 Foltis 4Ford ory 1 4 r_Airp Am. Fisher.... .. Mot Co Can' & Cda Tts Mot Ltd ", n oremost Dairy pfd. . 10 Fox Theaters A 4 Fresh: 1Gen 2 Gen 2 Gen 4 Gen 11 Gen 14 Gen 1Gen 3 Glen Bak Elec Pub Ser ..., Real & Util Gor man Chas Co Alloys . Bak i 1d Teg ‘Alden’ Coal . 16 Gold Seal Elec n 2 Goldman Sachs n'. 10 Gornam Mfg rts.. . 4 Gotham Knitbac M. 2 Guardian Fire ... 1 Heppi 2 Hartman Tob 3 Haygart § Hazeltine Corp D08t AL Corp 11l 11 Hiram W G&W i ‘wi 9 Hiram W G & W rts 1 Hood 2 Imper 1 Insur 1 Insur 3 Insur, Rub fal Tob e CoMA ..., Secur .0 Shares & i 5 Inil Perfume 1intl Prod . 3 Intl Project 2Intern Util B 1 Irving 2 Ital 81 2 Jonas 2 Jonas 1 Kars 1 Keysts Alr Chuie. uperp A al Superp deb ris & Naumb... .. & Naumb pfd dt ¥ .. one Aircraf) 5 Klainer Trubber . 2 Kolster-Brandes . 1 Lacka: 21 Lake wan Sec ... Super C. ... 1 Lefcou Real pit 1Len Coal & 11 Leon 3 Lerne, Libb Lily ‘ong N T Inc war... r Stores ... Owens 8h ‘Gl Tulip Cup sl Lt L L2 Louisiana-Land ‘& Ex MacMarr_Stores . Mangel Store: 3 Marc Marconi Intl Mar. Wire Lond B.. Mavis Bottling : McLell Merri Midl Minne Hon Re Minn Min Mol 2 Missouri 12 Missourl 20 Moha: 2 Moha: 1 Montecat lan Stor A Memphis Natl Gas . tt Chap & S.. St1 Prod “... Mol Pow' Tmple P 1 evt pfd Kans _Pipel K Pipel rts Wk Hud Pow.... wk Hud war deb_rts. 1 Motor Meter Gauge.. 1Murphy G 1 Nat 3¢ Nat Bak pfd.... i Nat Dairy Prod pf C.. Aviation.. b 1 Nat Containers pf w 2 Natl Fam Strs.. 1Nat Food Prod A 6 Nat Mig & Stores 2Nat Pub Ser A. 5 Nat Rub Mach.. ... 1Nat Sug R N J n. 3Nat Theater 2 Neisn 1 Neisn 2 New 1N Orl IN Y 4 Niaga 2 Noma 53 North 'a North Sup er Bros er Br pid Haven Clock . 1Gr NoR R.. TAWME . 5iics0 ra_Sheres. ... Elec. . o Amer’ Aviaiion Am Utility See & oo B AL e 1013, 3078 1 2218 2302 37 4 177% 142 194 231, 16% 24 2 North Am Uul 1 pfd 95% 163 North 2Nor Sta P A 1 North: 1 Novadel 10il 8 Eastern Pow. west Engrg Agne. tocks A 2 Qrange Crush 32 Packard Mot n wi 8 Param Cab Mfg 1 Parmelee Trans 3J°C Penney & Co 213 € Penney Tts .. 13 Penin Penn 33 Penn O 3 penn 4 penn i Penn Ohio Ed__. O Ed 65 pid Ed p pfd Ohio Ed op war Ohio Ed B war Wr P C . 22 Pennroad Corp vic 1 Peop 2 Perry 4 Petrol 3 Philippe (Louis) 3 Pick 7 Pilot 3 Pitne: 1 Pitts !4 Proc 25 Py 2 Ra 1Relia 1 Repet o 2 Revnolds Met 1 Rice 15 Roch 1 Rolls 2 Roose Drug Store man_ Elec 1"Corp 1 pd A Bar & Co pid Radio Tobe A v Bowes P Scr_& Bolt & Gamble ntial Inv bow Lum P A nce Brass & Stl ti Cendy 5 pt pid Stix Drv G Cent_Powe, Royce Ltd velt Field 25 St Regls Paper 3 Schiff Co 2 Schull 1 Schul te Real Est . te Un 5c-51 2 Sec Gen Am Inv 1 Seibe: 1 Selec 2 Selec 5 Sentr 3 Serv 2 Sikor |2 8ilve e 2 Skinu ia Smith 21 Soutr 14 Sout 2 Sout 1 Sou 3 Starr rling R C t Industries t Ind Inc_pfd v Safe Control El vie ky Aviaiion r 1 & Bros Mt ner Organ..... Co (A Ol heast P & L he P & L wai 1 Asbestos CE B pid E C ptd “Royulty srocery A Mot Pow & Li Sl Piop et Corp .. 6015 166 b Jrit 52 5 83 i frii % 83 " i 6712 19 4014 67% 19 391y 189 189 103% 100 50 ° 49 321% 32 U U B fona s s ot & mp ¢ 30N & o wi RN LB A eta PA pfd. ] 5 Ashestos 20 & Foil B 0y 35U 8§ Gypsum pfd. 7 S Lines 8 Rub Rec P& Lol B 11l P & L new Watson J W. 2 Western “Alr ‘Exp. Wil Low_Caf i winter B J 4 Zenith Radio 2017 MINING STOCKS. ] i Sales hundreds. & Cons Cop Mines 1 Cresson Con Gold 2 Falcon Lead Min.... 1 First Natl Copper 2Gold Cotn s 1 Golden Cenier M.. . s Goidfield Cons. 1Hud Bay Min & §m Min Co Can Metal _Minin Ohijo Cop. . 1%\ Premier Gold M.. Shattuck Denn ck_ Hugnes i East Min Gold. ..... Abx. .00 Wendon Cop. .. 3 Columbia Synd . +1Cons _Rovalty ... 4 Creole Pete Eo: 1 Crown Cent Pete ... 3Derby O & Ref 2Derby O & R pfd 10 Gulf ol Pa 1 Houston Gulf " Fas 14 Intercont 1 Kirby Pet .. 1 Leongrd _Ofl 1 Mngdhl Synd 1New Eng Fuel 1Pac_Western 2 Pandem _Ofl 4 Pantepec Ol 2 Plymouth Ol 1 Reiter-Foster Ofl Pet. e on 1Ryan Con_....... 18alt Ck Cons . 1Texon Ofl & Land 4 Venezyelan = Pet . TSI, B e e | STANDARD OIL 'ISSUES AND FORMER ' SUBSIDIARIES—STOCKS. | Sales in units. 2000 Contl Oi ... 100 Humble O & R 300 Imp O Can n. 100 Indiana P L ... 200 Inter Pet Ltd' n 200 Ohio Ofl . 28008 O India: O Kentucky n.. O Nebraska. .. acuum Ofl..... 1 thousands ~ BONDS. ars Abitibi PAP 55 A '53 83 Al voen 98 Al Al n 18 b 2014 2014 116% i 95 480 7038 5870 1815 Ia Pow 415 1a Pow 55 56. lum Co Amer 5 Am Aggre Cor 65 Am Commonw 6s ' Am Gas & EI 55 2028 944 Am Pow & Lt 65 2016 105% Am Seating .65 '36.... 88'4 m Sol 615 '36 ww. 91'z ppal El Pow 55 '56. 937a nold Pr Wks 6s ‘41 95 50 G & EI 4755 '48 115 G & E 515 '77 57d 101 Sim Hard 6las ‘33 8612 tes Valve B 65 '42. acon Oil 6s '36 11 T Can 55 A '35 ell T Can SsB'S7. uf Gen El 85 A '56. it Serv 55 '66 ity Serv Pow 81as 57 gEEzoay 900wD! L5 : 11 Gatineau Pow 55’56 1Gen Ind Al 6'35 '44.. 2 Gen Rayon 65 48 15 Georgia Pow 55 '67 4 Grand Trunk 6% 8Gulf Ofl Pen 5s 12 Harpen 65 2 Hood Rub 5 1 Hous Gulf G 241Ind Oil & Gas 8 Indianap P&L 5sA 57 5Int Pw Sec 78 E '57 95% 4Intersta Pow 55 '57. 90 16 Kop Gas & Coke 55 '47 96% 1Lone Star Gas 35 '42 98 8 Long Isl Lt 6s '45 ... 10413 5 Memphis Nat G 65 43 97 8Met E C Pa 4'2s D '€8 9512 2 Mont LH&P 55 A '51.° 9913 1 Morris & Co_7'as 30 100 3 Munson 8 S 1, 6 21 Narrag 8s A ‘57 6N Eng G & E 5s 48 89 1Niag Falls P 65 '30105% 310hio Pow 4%s D '56 90 10hio Pow 55 '52 B.. 97'% 1Pal G & E 445 E '57 96 2Pac Wn Oil §las 43 95% 3Peop Lt & P 35 4Ppila E P 5 6 Phil Rap Tr 6s S Pitis Steel 65 28 Poor_& Co_6s 1Rel Br & St 6s 1 Richfid "Ofl 5'as 21 Roch Cen P 55 A 2 Servel Co Del 55 48 1 Shawsheen 7s 4 Snider Pack 6s 11SE P & L 65 A 2025 10: 5Sou Cal Ed 55 '51.. 1Sou Cal Ed 5s '53.. 2Sou Cal G 55 '37 18taley Mfgz 65 '42... 8Swift & Co 58 10 Thermoid 65 " s A 65 262.. 96 8% 2 3 Yalvoline Ohio 75 23 West Pow 5las A '57130 Sales in thousands. _ FOREIGN BONDS. 5 Bank Prussia 65 '30.. 954 €Berlin ¢ E 635 '59.. 911 5 Buenos Aires 7s '52 1 Cauca Valley 7s 48 10C Bk Ger St 6s B ‘51 11 Com & Pr Bk S%as '37 3 Danish Cons 55 '85. 3Finl Res Mtg 65 '6i. 12 Free St Prus 65 52, 2 Free St Prus 6'ss /3] 5 Ger Cons Mun s 16 Ger Cons Mun 65 2 Hamburg E 5izs 2 Isarco Hyd Elec 75 14 Ital Superpow 65 '63 1 Montevideo 6s A '59. . 4 Mor Bk Bogota 7s ‘47 28 Ruhr Gas 625 A '53 5 Saar Basin 75 '35, 28auda Falls 55 A 3 18ta Mara Braz 7s '58 10 Stinnes, H 7s '36 wa 10 Stinnes, H 7s '46 wa 6U El Ser Ts A ww ‘36 xd—Ex dividend. wi—When issued. n—New ww - With warrants. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks valle (or par), day. +..94.8665 London, e Paris, franc.... Brussels., beiga Berlin, mark i . drachma. Madrid, peseta Vienna, schilling pengo Warsaw. zloty. Copenhagen, crow Oslo, crown Stockholm. crown Business failures for the five business days ending last Wednesday, according to R. G. Dun & Co., totaled 374, com- pared with 410 for the preceding six business days, and 344 defaults for five | days a year ago. New York Stock and Bond Averages. SATURDAY. JUNE 1, 1929, Fifty mnet gain, Hich. 1920, 225.4 Twenty rallroads net gain, 9. High, 1929, 141.2; BONDS. al bond sales (par value), $5.- Tow, 2013, averaged . 1286, no_change. c dystrials pLomblied dverage, 91.09; net gain. averaged 98.07 erare month a0, : | INCREASE IN Special Dispateh to The Star NEW YORK. June 1.—Gen. James G. | Harbord, president of the Radio Corpo- | ration of America. is a dctermined | fighter, He left the United States Army, after rising to the top, to enter | private business, immediately following | the war, . The Radio Corporation needed a leader to fix the attention of the coun- try on a new industry. Gen. Harbord took the work, and has accomplished all he set out to do, and more. But he {is thoroughly dissatisfied with the situ- atfon as it now exists. He believes the laws prohibiting the merging of the wire and the wireless companies in the United States, if continued, constitute a serious challenge to the radio supremacy of the United States. | He goes even further, and says that the question is of greater importance to the Nation than the question of oil or merchant_marine supremacy. Great Britain, on the other hand, knowing the importance communica- tions play in the problem of national defense, has not only permitted but has_co-operated in the formation of a holding company principal communication rivals in Great Britain—the Eastern Telegraph _Co., Ltd., representing cable, and the Mar- | | BY JOHN F. SINCLAIR. | ernment, is represented on the board. Listen to Gen. Harbord on this new British tie-up “There will hardly be a port or a principal city on the planet which will too, tions. American trade in every quarter of the globe cannot but be profoundly affected. The time when Great Britain, France, Italy and Germany are uniting radio and cables seems to be the time taken by our country to keep them apart. What others unite to win leader- ship in communications, we divide.” “Then what should be done. General, to meet this world competition in com- munication?” “The first thing is to amend the | White act of 1927, which prevents the United States from joining hands. That is the all-important first step.” George F. Baker, 89-year-old dean of New York bankers, chairman of the board of the First National Bank, at- and found a surprise. The meeting was turned into a Baker celebration, with David F. Houston, who succeeded Willlam Gibbs McAdoo as Secretary of the United States Treasury, and who now is’ president of the Mutual Life Insurance Co., as master of ceremonies, Mr. Baker has been a member of the board of the Mutual Life more than 50 years, 21 years longer than any | other_trustees.” A life-size portrait of Mr. Baker by Frank O. Salisbury, the English painter, was unveiled and will hang in the room used by the finance committee, of which Mr. Baker has been an important member so many years. Probably no man in modern times has been closer to the big movements of business and industry than this elderly but vigorous New York finan- cler. He went on the board of the Mutual a short time after the Civil ‘War, just about the period when “the Nation had struck its stride.” From that time on his history has been well known. Still in splendid health, Mr. Baker attends numerous meetings of numerous boards every week in New York and finds time also for a little golf. Edward A. Filene, public-spirited Bos- ton merchant, keen international stu- dent, successful business man, has vol- unteered to obtain the funds necessary to defray the cost of an investigation by the League of Nations to get data on the subject of “real” wages in Eu- Tope, A few days ago Mr. Ford announced that he was anxious to pay “real” wages in all his factories in Europe, and he t Geneva to get him data by which “real wages” could be determined. But the League has no funds to carry on special work. It will need about $25,- 000 for this.” Mr. Filene guaranteed the unds. If Ford can help to bring about the same change in Europe that he did in the United States it will mean higher wages, lower prices, greater total profits and higher standards of living in Eu- rope, and as a result, greater world prosperity and an enormous impetus to world peace,” said Mr. Filene. Before Parker Gilbert sailed from the United States I discussed this matter with him, of how European purchasing power could be widely expanded. An interesting and basic subject. If it can be accomplished by giving “real wages,” such as Mr. Ford suggests, the problem of European debts will become less rela- tive with the years. If wealth can be increased in Europe at & much faster rate relatively than the charges on pub- lic debt, then the problem of debts be- comes of minor importance, HOG PRICES REPORTED BY INSTITUTE Farmers received 10 per cent more for their hogs at the leading markets during the month closing today than they received in May of last year, ac- cording to a statement describing the live stock and meat situation in the United States, issued today by the In- stitute of American Meat Packers. The statement continued: “The export trade in meat products was_comparatively quiet. “There was a fair demand for fresh pork during the month, but wholesale prices were relatively 'unsatisfactory. The demand for fresh shoulders was gomewhat better than the demand for oins. Prices of all fresh products are relatively low, compared with the prices at. which hogs are selling. “The smoked meat business was quite slow in the first half of the month, but improved during the latter part. Prices were about steady. The bacon trade has improved substantially during re- good a basis as the ham business. comparatively slow, owing in part to the unseasonably cool weather during the month. There was practically no change in prite. The trade in satisage and ready-to-serve meats was just fair, “The dressed beef trade improved slightly toward the end of the month. “There was some improvement in the dressed lamb market at the end of the month. “The wool market has been active, but prices were somewhat lower than during April.” ELECTRICAL EQUIPMENT. NEW YORK, June 1 (A).—Power companies and railroads were steady buyers in the electrical equipment in- dustry during the past week, according to the Electrical World, one feature be- ing the beginning of the extensive elec- trification program of the Philadelphia & Reading Rallway. Capital Increase Approved. NEW YORK, June 1 (#).—Stock- holders of the Hanover Fire Insurance Co. have approved an increase in ecapi- Llalization from $3,000,000 to $4,000,00¢, nd the offering of rights from one shure of Stock at $60 a shaie for every 16 shares held June 15, which takes in_the | coni’ Co., representing radio. The gov- | not be reached by British communica- | wire and the wireless companies of the | tended the meeting of the board of the | Mutual Life Insurance Co. this week | asked the International Labor Bureau | | cent months and is now on about as | “The demand for boiled hams was | a 60-; |an aceeptance the Parliament has re- | fused to vote during more than two vears while the agrecment has been | pending. but there is now a chance that {the French cabinet will test the senti- |ment of the deputies and bring the | measure up for a ratification vote. Notwithstanding, it is an open secret in Washington that French banking agents have been holding for weeks sufficient international gold exchange to meet the $407,000,000 payment that falls due within 60 days. Further, though the administration has sug- gested to Congress that a postponement {of the payment be allowed, and resolu- | tions_are pending in both the House and Senate on the point, the text of them makes no real change in the situation. “Under the resolution which we have put in, France will not have to pay the war debts claim if the French Parlia- {ment ratifies the whole debt agreement.” explained Chairman Hawley of the House ways and means committee, who introduced the measure. “By its terms France will either have to ratify or pay, without other alternative. We propose to pass the resolution before the House recesses for Summer, while the Senate works on the tariff bill. I do not look for any opposition to it, since it merely constitutes full demon- stration that the United States is stand- ing by the Mellon-Beranger agreement, ! and is willing to facilitate the execution of that contract. “TIt is my understanding that the suc- cessful termination of the reparations discussion, now looked for, will make it | more probable that French opinion will favor the full settlement. In any event, by “adopting { will “have "authorized administrative dealing with the subject during its re- cess, provided always that the French ratify the main proposal.” The war supplies account, though its contemplated payment on August 1 would be one of the greatest interna- tional financial transactions on record. covers merely the debt set up when | France purchased all the munitions left |in that country by the American Army after it returned home in 1919. In- terest has been paid on it regularly since. It has been evident that acceptance |of the lump sum at this time would be regarded as slightly embarrassing by the 7Treasury Department, in that it might | incite attempts to increase appropria- tions. However, unless Congress took advantage of the windfall to legislate | some_disposition of the cash, it would be applied directly to the reduction of the national debt ‘There is a fairly direct relation be- tween the construction of new houses and the sale of rugs and carpets, though it is sogewhat hard to work it out cx- actly, Tnquiry into the degree of par- allel is now one of the research lines being taken up by the American Ins tute of Carpet Manufacturers. “It is inferred rather than demon- strated that about half the annual sale of new rugs and carpets in the United States is connected with new building,” said Irving S, Paull. president of the institute, “but the subject is one about 1 which we do not know as much as we | should. Our market studies will have to be pushed a good deal further in the future to determine the point.” |AIR LINE HE AD SEES LITTLE COMPETITION By the Associated Press. NEW YORK, June 1~—Frederick B. Rentscheler, president of the United Ajreraft and Air Transportation Cor- poration, says large air lines need have little fear of severe competition. | “The fact that a large part of the |earnings of air transport companies arises at present from air mail con- tracts” he said, “precludes much competition from smaller carriers, The Post Office Department awards these contracts on the basis of the com- pany's ability to carry mail satisfac- torily, and once a contract is placed no | similar award will be made to & com- | peting company.” | He said that the passenger outlook | was “extremely bright” because of the | successful * performance of air mail | services. “Air transport companies may become serious competitors of railroads in pas- senger service,” declared Mr. Rent- scheler, “owing to the growing interest in_aviation, the construction of new airports and landing fields and the continual betterment of equipment.” —_— BRADSTREET'S REVIEW. NEW YORK, June 1 (#)—Brad- street's says: There is rather more ir- regularity in trade and, to perhaps a lesser extent, in industry. The advent of real Summer weather after a cool and wet Spring has given a much- needed stimulus to retail trade in wear- ing apparel of all kinds, with vacation supplies coming in for mention, be- cause of the weather and the holiday this week. On the other hand, whole- sale and jobbing trade seem to reflect an increase in conservatism as regards future buying, moving elements in this direction being the effect of high money on certain lines of trade and the recent decline in farm product prices, which latter tends to create uncertainty as to the buying ability of parts of the rural community. In industry also there are more signs of irregularity, in that, while the metal-producing and consuming trades, led by iron and steel, continue, as a rule, at a high rate of speed. The building ‘and allied trades show more effects of the high rates for loans, and leading textiles and some few other lines note quieting down of various de- grees. Taken as a whole, future trade is about on a par with a year ago, retail distribution is still better than last year, and industry, factory lines particularly, though quieter than of Iate, are still in the lead in the matter of gain over the like period a year ago, BUI Cfii{IPMEN TS. | NEW YORK, June 1 (#).—Shipments jof the Buick Motor Co. during May | amounted to about 12,000 Buick and Marquette cars, against 11,119 in_ April. The tentative June schedule calls for | 20,400 units | GERMAN BONDS AND STOCKS. ‘ NEW YORK, June 1 (Special) — Bid. Asked. Ger Govt Red Loan with drawing | _cifs attached per 100 R M.... 55.00 €0.00 Ger Govt Red Loan without drawing ctfs per 1,000 R M 28.00_ 30.00 (Quoted in dollars per million marks.) Hamburg 4!zs 1919 ... ... 25.00 35.00 (Quoted_in dollars per t! ind marks.) | German Gen Elect 4'3s pre-war. 23.00 25.00 German Gen Elect 4)3s 1019... Berlin 4s pre-war Hamburg 3s, 3'.s & 4s pre-war. | Hambure American Line 4725 .. 3 | North German Lloyd 4'us. | Krupp 58 1621, ... Dusseldor! 4s pre-wi Lo Frankfort a-M 43 re-wai Munich 4s Dre-war (Quoted 1n doll AEGQ ( G (German Ge Elec) pfd B. imerz aud Privat Bank. .. 225 300 500 6.00 10 30 33700 33.00 00 30 30 | Dresdner ~Bank | Deutsche | Darmstaedt iesden the resolution, Congress | | In explaining the plan in the House | f Commons, Maj. G. C. Tryon, minis- | ter of pensions, said the great majority of pensioners are working at full wages. | | “They can,” he said, “and in many | cazes do, save the pension, but ordinary methods of saving do not always meet their needs. |11 adoptel, the “pension bank™ will allow money to pile up in the hands {of the government, drawing compound | | interest. until such time as the pension- | er needs it for the purchase of a home, education of his children, or to add to | his monthly income in later years. {COMMERCIAL CREDIT CO. | HAS RECORD INCOME! Special Dispatch to The Star. | BALTIMORE, Md. June 1—The { board of directors of the Commercial | | Credit Co., at its regular meeting in the afternoon of May 29, 1929, declared the { | usual quarterly dividends of 43%c per | share on the 7% first preferred; $1.62': per share on the 614% first preferred: 50c per share on Class B 8% preferred and 50c per share on the common stock outstanding. These dividends are all pavable on June 29, 1929, to holders of | such respective issues of stock of record {at 3 pm. on June 8, 1929. | The chairman of the board reported ithat the consolidated volume and net | income for April was the largest of any month in the history of the company, although April is not nsually one of the |Jarger months as to net income. Net | income for April applicable to outstand- {ing common stock was at the annual | rate of $5.20 per share, and for the 12 months ended April 30, 1929, was at the | annual rate of $4.42 peg share on the | | average outstanding common stock. | |"The chairman also stated ~that finance company rates were based upon 6% money cost, and_ while earntngs would of course have been larger had money rates been lower, the difference is more than offset by & substantial in- crease in volume and by improved ef- | ficiency in operation: COTTON PRICES DROP. NEW YORK, June 1 (Special).— With the best weather map of the| week, the cotton market came under further selling pressure today, which | established new low levels for the sea- son in all months. Rallles were feeble and lowest prices of the day were made at the close, when | July sold within 6 points of 18 and | October broke below 181,. Spots were | reduced 10 points to 18.40. Cotton range: 5 ) . se. July Octob Octaber, December January March May REVOLT THOUGHT ENDED. TRIPOLI, June 1 (#).—Italian au- thorities believed they have crushed the rebellion of tribesmen under Mohammed Bey Hag Hassen by a major engage- | ment, in which 454 were killed on both | sides. ‘The battle was fought in the Tripolitan_desert on May 26 and was described in a bulletin issued last night. | Several thousand men engaged in the | combat, which came as the climax of a | number of minor engagements between the Italian troops and the rebel tribes- men, The communique said that 430 rebels were killed, scveral hundred wounded 2nd many taken prisoners. The Italian casualties of 24 dead and 77 wounded included several officers. STEEL MILLS ACTIVE. NEW YORK, June 1 (P)—Reports from the Youngstown district says that the steel industry there is operating at from 85 to 88 per cent of capacity, with manufacturers of sheets and strivs booked from six to eight weeks ahead, oo, | LPRERR, c 1 18: bt 1 1 1 1 2325883 i Wall Street Briefs By the Associated Press. The average call loan renewal rate during May was approximately 8.7 per cent, compared with 8.78 per cent in April and 5.68 per cent in May, 1928. Crucible Steel Co. of America has been awarded a contract to furnish the Navy Department with about 57,000 5- inch shells. The shells will be manu- factured at the company’s ordnance plant at Harrison, N. J., which has been idle for some time. J. Fletcher Farrell, vice president and treasurer of the Sinclair Consolidated | Oll Corporation has been elected a di- rector of the Real Silk Hosiery Mills, Inc., of Indianapolis. Victor Talking Machine Co. has called for redemption on August 1 all out- standing 7 per cent cumulative prior preference stock, 195000 shares, re- deemable at $115, plus accrued divi- dends. On the same date, the company will redeem all of the outstanding $6 cumulative preferred stock at $110 and | accrued dividends. | Two additional plots of land in Holly- | wood and a plot in Boston will be ac- | quired by Technicolor, Inc., to enlarge | its present capacity more than six times. The additions are necessary, it is an- nounced, to handle the business now being contracted for. | Figures from the 48 States show that | for the quarter ending March 31 there | | were 830,095 new passenger automobiles | registered, against 555822 cars in the 1928 period. TREASURY CEBTIF;EATES. (Reported by J. & W. Seligman & Co) ate Maturity Bid. ofter. | D ane 15, “lozs. 903032 10000 | 4355 Bept, 13, 19200 9 s 19270 1929, 1929 1020 15, Prudential nsurance Co. | 5%% e | Commonwealth Investment Co. 917 15th St. N.W. Phone Main 2623 Money to Loan Secured by first deed of trust on Prevailing interest and commission. Joseph I. Weller i esh b ¢ N First Mortgage Loans Lowest Rates of Interest and Commission | Thomas J. Fisher & Company, Inc. MONEY TO LOAN and 6% Interest Before & or Kenewing Your 1st and 20d Trusts Consult WELCH Realtors Yoan Specialists National Savings and Trust Blde. 15h & N. Y. Ave. NW. Main 4346 outboard motor type of watercraft is| expected this year to result in a heavy increase in sales of outboard motors and_canocs. Nation-wide distribution_of its new one and one-half ton Whippet six trucks has been started by the Willys- Overland Co. Orders, it was announeed, are far in advance of the 50-unit-a-day production schedule originally planned. | Directors of Noblitt Sparks Industrie Inc., have offered stockholders right: to subscribe for additional capital stock in the ratio of one share for each four now held at $40 a share. Rights expire une 15, Francis W. Kemble of Philadelphia has been admitted to partnership in Goodbody & Co.. members of the New York and Philadelphia Stock Exchanges He will be resident member and_man- ager of the firm's Philadelphia office. B. & 0. ORDERS CARS. NEW YORK. June 1 ().—The Balti- more & Ohio Railroad has ordered 1.000 box cars from the Standard Steel Car Corporation. Other railroad equipment orders include one from the Rutland for three locomotives from the Amercan Locomotive Co. The New York Central is reported inquiring for 25 locomotives of the 4-6-4 type'and 25 of the 4-8-2 type. MONEY TO LOAN ON IMPROVED DISTRICT OF_COLUMBIA REAL ESTATE NO COMMISSIONS OR RENEWALS APPLY COLUMBIA PERMANENT BUILDING ASSOCIATI( 733 12th Street N.W. Main 852-353 LOANS - Let us have your applications or LOANS ON REAL \ ESTATE \__Immediate Action ourteous Treatment _ Our record of 35 years speaks for itself. Percy H. Russell Co. 1731 K St. N.W. Consult Us If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Company Pald up Cash Capital, $900,000 National Bank Bids. th and G Commereial ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 62nd Issue of Stock Now Open for Subscription Money Loaned to Members on Easy Monthly Payments James E. Connelly James F. Shes President Secretary Ist & 2d TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 F RS Over a Third ; c af & anmp. Century " ment. Can ithout a Loss Main 2100~ THERE IS NO FINANCING JUDGMENT NEEDED i You don’t have to consider market conditions in connection E with our 6% FIRST MORTGAGES Value is definite, security is sure—making an ideal invest- from $250° up—upon our con- venient Partial Payment Plan if desired. B. F. SAUL CO. MIORI GAGES THERE’S and interest fixed and. be bought in amounts 925 15th St. NNW. and lost money. off the peaches go Prognosticating Peaches The old-fashioned farmer used to de- termine whether his peaches were ripe enough to ship, by examining the color and squeezing each peach with his thumb. He was often wrong Today, the modern farmer, walking through his orchard, samples his peaches with a small plunger and pressure gauge. If the plunger reg- isters three and a half to five pounds, to market; under three pounds, they're too ripe. Scientific management has brought profits to farmers just as scien c management of investments brings profit to those who put their money into them. Such investments are the First Mortgage Notes issued by Swartzell, Rheem & Hensey Company which have been scientifically investigated and tested and whose interest at 6% will pay the investor a regular and steady return. The benefits of this science are awaiting your service. SWARTZELL, R FEM & HENSEY CO MOPTGAGE BANKERS 727 5 STREET N. W, WASHINGTON D.C.