Evening Star Newspaper, June 3, 1929, Page 16

STOCK PRICE INDEX SHOWS SHARP DROP High Money and Public Cau-| tion Given as Causes for Decline. pecial Dispatch to The Star. NEW HAVEN, Conn. .June 3.—The stock market continued last week to give ground to high money and public | caution. The motors group declined 6 | per cent to the lowest point since last August, Pack- ard. Chrysler and Hudson leading the retreat Signs of resist- ance are not lack- ing to the optimi tic observer. De. spite the declines, trading was not heavy, showing that neither fright nor slender mar- gins has yet caused reckless dumping of securities. The industrials were the sufferers in last week's mar- ket. The accessory issues went to the Jowest this year, the coppers to the low- est since January 18 and the stores group to the lowest since last October. But toward the end of the week the utilities and rails showed marked strength. several new highs being made In the rail group on Friday, among them the New Haven. now securely back in the congregation of the prosperous. The stocks in the declining groups moved quite generally in unison. In the motors group every issue declined: in the accessories group every issue de- clined: among the coppers, 19 fell, one rose, one remained the same. among the stores, 15 fell and two rose out of 19 stocks: in the steels group all 11 stocks declined: among the oils, 21 stocks fell, 2 remained the same: of the foods, 14 fell and 2 rose. The compact survey of New York Stock Exchange movements of common industrial shares is given below in price indexes (1926=100). There are two in- dexes of market price movement. The first, (“Shares Outstanding”) represents all common industrial shares listed on the Exchange, the importance of each stock being considered according to the shares in existence; or outstanding. The second index (‘50 Leaders”) shows the price movement of the common indus- trial stocks most heavily dealt in during the week, this list changing weekly with the shifts in trading popularity. The “Shares Outstanding” index shows what a substantially representative $100 worth of stocks in 1926 would now amount to if held unchanged since that, year. The “50 Leaders” index shows the result of reinvesting the $100 every week in the market favorites of that week. The last column of the table gives the rate of return on the week’s 50 leaders at current prices. Shares 50 Rate out- market _of standing. leaders. return. Irving Fisher. aek_ended— Watas B 175.7 20 April a 267 March average 285 1928 average (Jan & 3 s 5 4 i & (Copyright. 1920, by Irving Pisher.) OUTLOOK FOR COPPER INDUSTRY HELD GOOD Conditions in the copper market con- tinue favorable, and the outlook for the various producing companies is ‘‘def- initely optimistic” for at least another year, Hornblower & Weeks state in con- nection with publication of a survey just completed covering conditions in the industry. The price of the red metal, it is pointed out, appears to be stabilized at the 18-cent level, upon which basis all of the companies can show substantial profits. Commenting upon the recent advance in copper metal prices to 24 cents the bankers in their review state in part as follows: “The report that the price was arti- ficially forced to 24 cents by large pro- ducers appears to us as being entirely | unreasonable and inconsistent with the desire of the industry to supply copper at a fair price and avoid the inevitable disastrous consequences of a rapidly ad- vancing price. The steady increase in production by the large companies late in 1928, culminating in capacity produc- tion early this year, is ample testimony of the producers’ desire to satisfy re- quirements. but the steadily larger de- | mand for the metal, accentuated by the usual large Spring buying. created a situation which they are not physically able to handle.” Regarding world conditions, the re- view states that “buying of the metal from abroad doubtless has been influ- enced materially by uncertainty as to the outcome of the reparations confer- ence. A satisfactory settlement of thjs problem should result in release of a large volume of buying, and may well be the turning point in the copper sit- Seiel Gnix; Reported. NEW YORK, June 3 (#).—Sales of Neisner Bros., Inc., of Rochester. N. Y., during May amounted to 81145723, compared with $714,714 in May, 1928. SHORT-TERM SKECURITIES. (Reported by J. & W. Sellgman & Co) 2 Allis-Chalmers Co. 3¢ 193’ Aluminum Co. of Amer American Tel. & Tel. 4s Armour & Co_ Del. bizs 18430 89 3 9 Corp. 4'2s 1942.0 81 Bell Tel. of Canada 5s_ 1955 2915 Corp. $%>s 1938 98'; i T 9834 5571052 10014 020.. 98% Gulf 01l of Pa. 5s 193 Humbie Oil 535 1932 r Match Ce Shell Union 55 Sinclair Crude O1l 3128 1938 ° © ndard OIl N Jersey 55 1048 Mi. & So. Ry. 45 1920 Swift & Co._ 55 1932 Union Oil Co_of Calif 85 1935 United Drug Co. 55 1953 3 Western_ Electric Co. 55 1944 Wheeling Steel Corp. 5'as 1948 GERMAN BONDS AND STOCKS. NEW YORK, June 3 (Special) — Bid. Asked. Berlin 4s_pre-war. .. Hamburg 35, 3938 & 45 pre. Hamburg American Line North German Lioyd 4%a: Krupp 5s 1921 4 Dusseldorf 4s pre-war Frankfort a-M 4s D Munich 4s pre. A E G (Germa Commers and Privat Bank 1G Farben Disconto ' Geliseh Deutsche Bank.. ' Darmstuedter Bank. m |and South Carolina, bushel hampers, | mand _slow, RAIL STOCK DIVIDEND REPORTS ARE DENIED By the Associated Press. NEW YORK, June 3.—President W. B. Storey of the Atchison, Topeka & Santa Fe Railroad today spiked rumors that the road is planning a stock divi- dend in the near future. The stock was bid up nearly $20 a share to a new high record price at $226.75 on the New York Stock Exchange last week, largely on the basis of these rumors. The railway is in no better position to capitalize part of its corporate sur- plus than before the Supreme Court handed down its recent decision in the St. Louls & O'Fallon valuation case, Mr. Storey declared. Rather, he said, the situation is unchanged, with the com- pany unable to make any move in that direction until the Interstate Commerce Commission takes some action. TRADING IS DRAGGY ATD. . MARKET Commodities in Good Supply, but Demand Is Re- ported Quiet. Slow trading was reported this morn- ing. Monday morning business seldom is brisk, according to dealers, consumers usually making Saturday purchases in quantities sufficient to tide them over Monday. ‘There was no scarcity of commodities of any kind this morning. dealers re- ported, and prices were about the same as prices quoted Saturday. Berry Receipts Lighter. Strawberry receipts were much lighter than any day last week. the season for the popular fruit fast draw- ing to a close. Dealers had plentiful supplies of blackberries, huckleberries | and cherries, however, prices being smr':(ny cheaper than prices quoted last week. Watermelons and cantaloupes also were more plentiful. The California cantaloupes continue of splendid qual- ity. dealers stated, and an improvement in the quality of the Florida fruit also was reported. A continued firm condition of the egg market was reported. but prices continued unchanged. Meat, poultry and butter prices also were unchanged. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 44a45; tub, 43a44: store packed, 30. Eggs—Hennery, 33a34; fresh selected, 33a34: current receipts, 31. Poultry, alive—Turkeys. hens, 30a32; toms, 25a26: Spring chickens, small, 38240; large, 42a43; Leghorns.- 35; fowls, 32a33; roosters, 20; ducks, 15a20: keats, young, 60a65; old, 35a40. Dressed —Turkeys, 35a40: Spring chickens, 48a 50: Leghorns, 40a45; fowls, 38a40; Leghorns, 34a35; ducks, 32a33; keats, 8021.00. Meats, fresh killed—Beef. 22a24; veal. 23a26: lamb, 30a32: pork loins, 31a32; fresh hams, 25a26; fresh shoul- ders, 18a19: smoked hams. 27a28; smoked shoulders, 17a18; bacon, 26; lard, in. bulk, 1215: in packages, 131 Live stock—Calves, 13a13'3; Spring lambs, 15. Frult and Vegetable Review. The daily market report on fruits| and vegetables (compiled by the Mar- ket News Service Bureau of Agricul- tural Economics), sales to jobbers ex- cept where otherwise noted, says: Cabbage—Supplies moderate; de- mand slow, market dull. East Shore, Va., and Norfolk section, V: barrel crates. pointed type, 1.00a1.50. Cantaloupes—Supplies moderate; de- mand light, market slightly weaker. California, Imperial Valley, jumbos, 45s, salmon tints, 7.00a7.50, . mostly 7.00: standards, 45s, 6.00a6.50: ponys, ¢5s and 54s, 4.50a5.00, few lower; standard flats, 125 and 158, 2.75. Lettuce—Supplies moderate; demand moderate, market about steady. Cali- fornia, crates, Iceberg type, 4-5 dozen, 4.25a4.75, some poor condition, lower. Onions—Supplies moderate; demand. light, market steady; Texas, standard crates yellow Bermudas, mixed, No. 1 and No. 2, 1.85a1.90; crystal white wax boilers, 1.25. Potatoes—Supplies moderate; demand moderate, market about steady; Norfolk section of Virginia, North and South Carolina, cloth-top stave barrels Cob- blers, U. S. No. 1, 4.00a4.50. Strawberries—Supplies lig) moderate, market stronge Maryland, °32-quart crates, varieties, 4.50a5.00. ‘Tomatoes—Supplies light: demand light, market stead: Florida, sixes, ripes and turning, wrapped, fancy count, 4.00; choice count, 3.00; Mississippi, no sales reported. ‘Watermelons—Supplies light; demand slow, market steady: Florida, Tom Wat- sons, 30-32-pound average, 1.00a1.10; 26-pound average. 85a75. String beans—Supplies liberal: de- mand moderate, market dull; North demand nearby ‘various green, 1.50a2.00; Norfolk section, Vir- ginia and North Carolina, 5-peck hampers, green, 2,00a2.50. Cucumbers—Supplies heavy: demand moderate, market weaker; South Caro- lina, bushel hampers, fancy, and square bushel crates, fancy, 2.00a2.50; culls, 1.00a1.50. Squash—Supplies moderate: demand moderate, market steady; North and South Carolina, bushel hampers, white, 1.2581.50; few low as 1.00. Carrots—Supplies moderate: demand few fancy higher; Norfolk section, Vir- ia, 12-barrel crates, 1.50a1.75. Cauliffiower—Supplies moderate; de- mand light, market steady; California pony ‘crates, 2.00a2.50. Peas—sSupplies light; demand light, market steady; nearby aryland, bushel hampers, various varieties, 1.50a 2.00. Corn—Supplies moderate: demand light, market dull; Texas, bushel ba: kets, 2.50. Asparagus—Supplies moderate; de- market dull; dozen bunch crates, 2.00a2.50, small size low as 1.50; East Shore Maryland, dozen bunch crates, green long, 2.50a 3.00, poorer low as 2.00. Oranges — Supplies light; demand light, market firm: Florida, boxes No. 1, medium size, 3.50a3.75, few higher. Grapefruit—Supplies light; demand light, market steady: Florida, boxes No. 1, medium size, 3.50a4.00, Montgomery W;rd Sales, CHICAGO, June 3 ().—Montgomery Ward & Co. today reported les for May exceeding any other May in the company's history, the total of $19,- 879,804 representing an increase of 34,008,414, or 25.26 per cent over the same month of 1928. Sales for the first five months of 1928 were $100,853,901, compared with $77,388,669 in 1928, an advance of 30.32 per cent. 2 Mortgages Investments JAMES Y. PENNEBAKER Main 5328 1520 K St. N.W. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford THE NEW SHORTHAND ERA IS FORECAST Gregg Sees Increasing Use of | Abbreviated Writing Form Throughout World. BY JOHN F. SINCLAIR. Spectal Dispatch to The Star. NEW YORK, June 3.—John R. Gregg predicts that the day will come when | shorthand will be used as longhand is used today. ““Within 10 years the art of shorthand will be stndied and practiced by at least | 10 times the number of people studying it today,” he said. “‘Why. you ask? time-saving age,” explained Mr. Gregg. | He is-the creator of a shorthand system taught in 97 per cent of the sehools in the ‘United States where-such courses are given, and he now lives in Now | York. It was in 1888 that young Gregg, at 21, borrowed $50 from an elder brother and set out to canvert the world to a new and simpler kind of shorthand. So he opened his first school in a small room in Liverpool, England. But he soon discovered that the mechanics of business were crystallized in England t;lxd that changes were hard to effect ere. Five vears later he left England and landed in the United States at the height of a financial panic. He opened his first American school in Chicago. | It was slow at first. His system was | new, untried and questioned. But he | kept at it and won. Today his name is | well known throughout the English- | speaking world and his shorthand sys- tem has been adapted to seven foreign languages. | With success assured in the United | States, Mr. Gregg returned to Eng- land and purchased the largest and most powerful chain of business colleges in Great Britain, sent the teachers from these different colleges to London, taught them his own system, and re- | turned them as Gregg teachers. | Now Mr. Gregg, rich in pocket and anecdotes, with his business cares be- hind, likes ndthing better than to talk | about the future of shorthand. | “It is absurd in these days of effi- ciency and time-saving still to teach the | same old system of writing in schools that was uugm&, to our forefathers,” he | said. “Longhand writing is cumber- | some. slow, laborious. The present age | has passed it by a hundred years. Still it hobbles along, trying to keep up. Why | the educational system teaches lons hand is a source of wonderment to me. “How much time do you think the people of the United States would save | if they all wrote shorthand?” I asked. | “If “shorthand were generally used where longhand is used today. and for | only such writing as could be done as well in shorthand as in longhand, the people of the United States would be | saved a billion hours a yea ‘ Mr. Gregg may be a little enthusi-| astic, but there is no denying that| there is truth in his statements. When Charles G. Dawes accepted last, Hello, Folbks— Plan. Buy your “Jes' Depends on the 51.95 33.00 1 Palm Beaches and Linens Mohairs Tropical Worsteds (2-piece) Tropical Worsteds (With Vest) Representing Mutual Benefit Life Ins. Co. Hevden Che Mercur_Bank Vienna' North German Lioyd . ALhG S o (Genea) B, A ! P ) 8353333333333 1520 K Street Main 475 EVENING . STAR, WASHINGTON, week the of the finance committee of the centennial celebration he made this statement: “I now undertake to assure to this enter- Midwestern metropolis for London June 7 to begin duties as American Am- bassador to Great Britain. but he ex- pects between now and then to com- plete the fair financing plan as chair- man of the finance committee. Among the Chicago men joining him to make the Chicago World's Fair in 1933 a success are James Simpson, Silas Strawn, Julius Rosenwald, R. R. McCormack, Walter A. Strong, Charles F. Glore, Roy D. Keehn, J. C. Schaffer, S. E. Thomason, Herman Black, Melvin A. Traylor, Glenn Griswold and John W. O'Leary. Under such leadership Chicago should make the fair a huge success. It is in- teresting to see that the leaders of the Chicago press receive a prominent place in the movement. (Copyright, by the North American per Alliance.) MARYLAND TOBACCO SALES. BALTIMORE, June 3 (Special). — Market for Maryland leaf tobacco con- tinued active ain last week, with sales of 545 hogsheads and receipts of 442 hogsheads reported, leaving a stock in State tobacco warehouses of 3,165 hogsheads. Very little old stock now on hand and prices mostly nominal, values now being based on the 1928 crop. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior, 6.00a7.00; frosted, 3.00a4.00: sound, common and greenish, 8.00a15.00; good, common, 16.00a25.00; medium, 26.00a 40.00; good to fine, red, 41.00a46.50; fancy, 50.00a51.00: seconds, common to good common, 5.00a12.00. ‘medium, 13.00a22.00; seconds, good to fine, 23.00 237.00; upper country, Burley, nominal; ground leaves, nominal. PARIS BOURSE PRICES. PARIS, June 3 (#).— Trading was quiet and prices were firm on ti Bourse today. Three per cent rertes, 74 francs 40 centimes. Five per cent loan, 100 francs 75 centimes. Exchange on London, 124 francs 71, centiras The dollar was quoted at 25 francs 58% centimes. 1926, News| SILVER QUOTATIONS. NEW YORK, June 3 (#).—Bar silver, 5235. Mexican dollars, 393, TREASURY CERTIFICATES. (Reported by J. & W. Seligma Rate—Maturity. Bid 4128 June 18, i Sept, 15, 1938 Sept Dec. 4%is Dec 3128 Mar 3128 Sept 3128 Dec FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks or London, pound Paris. franc Br Berlin, ‘mar! Rome. lira Zurich, fran Athers. drachma Madrid, peseta Vienna. Budapest. pe Brague. crow Warsaw. zlot: Copenhagen, Oslo. crown’ . Stockholm. crown _—_— e —— “TUNE IN” ON THE BUDGET BOYS AND "ME” WMAL WEDNESDAY, 7:30 PM, Hear me? I want you MEN and YOUNG “FELLERS” to be well dressed. Any honest man can be we" Jressei on our Kaufmfln Budget Summer Clothes now! Buy 'em all at one time. Pay Y4 cash, balance i ments or 5 semi-monthly payments. n 10 weekly pay- Way You Get Paid” TV 4 STRAW HATS of Snap and Style $3.50 $5.00 Head Comfort Styles Including Mallorys Panamas & Leghorns, $5.65 & $8.00 ALL $35 SPRING SUITS : 523.75 Bxtra Pants, 35 Tropical Clothes Are Ready $15%0 up $25.00 to 535.00 336.75 Q 541.75 MONDAY, JUNE 3, 1929. WASHINGTON’'S POPULAR SHOPPING CENTE. GOLDENEERGS “At Seventh and K” The Dependable Store D. C, Charge Accounts Invited A Sensational Sale—10,000 Yards of 39c¢ and 45c New Summer Wash Fabrics 500 Full Pieces—All Fresh and New! Choice 40-In. Printed Voiles, of fine sheer quality in a de- c Yd. esatnan lightful assortment of patterns and colorings—on light and dark grounds. 40-In. Printed Batistes, crisp and sheer and cool— fl ready to be fashioned into adorable frocks for kiddies or women! 36-In. Printed Dimities, of fine combed yarn:quality —another charming sheer Summer favorite—in a won- derful selection. . 36-In. Printed Sport Piques, of fine pin welt quality —in guaranteed fast colored pattern for smart frocks and ensembl 25c Plain Chiffon Voiles S9¢ Swiss Organdies No cotton fabric ‘is An exquisite quality of Goldenberg's—Main lovelier than sheer voile this crisp, youthful fab- 490921 1] P P sasesnaz CTIRRTINRTRIN IR NI SR SNSRI AEATBAITHIRRARATANRE S $1.00 Kem Ray Crepes These high-grade ray- 59 on crepes may be had in A Sale You Will smart new paterns—of Long Remember— guaranteed fast coloring. $1.00 to $1.39 Silks 78% in. Printed Twill Foulards . Washable Lingerie Satin 36-in. Printed Tub Radiums 32in. Plain Baby Broadcloth 32.in. Striped Tub Silks . Washable Silk Prints 36-in. Silk-and-Rayon Slip Satin Silks for many smart purposes here—and all at very important savings! A tempting array — offered just at the beginning of Summer—to provide for Summer wardrobes. P T80 2799840/ 307 —like this—for dresses, ric—in white and glorious Summer negligees, drap- flower-like shades. 45 eries, etc. 40 inches inches wide. Permanent wide. finish. Unheard-of prices will be in effect tomor- row as we make a sweeping clearance of . . . ODD LOTS From the Foster Stock Sale! . We bought the stock of Foster's, Inc. (F Street Spe.’ cialty Shop) from the assignees...and after a great sale Saturday . . . we clear up these odd lots! All Sales Final $12.50 Silk Dresses Brand-new styles of the season's finest materials. In broken sizes; but those who can get fitted will certainly get their money’s worth! (4) $13.45 Evening Dresses R e byl must go at this absurd price! Just four: (42) $15 Navy Twill & Tweed Suits $9.85 It's a shame that we can't ofter such values as this every day—but this is an ex- ceptional offer. Only 42! Goldenbers's—Second Floor. Women'’s Chiffon Silk Hose all the new shades for Summer, including sun tan, also sun bronze, sun blush and many other popular shades. Perfect quality Hose, at a price that affords you the opportunity to buy several pairs. Children’s Silk and Rayon Hose 1, length Hose, in novelty and plain col- ors, with straight cuffs. Spe- cial at three pairs for $1. (15) $10 Three- Piece Tweed Suits i Th i Indecd e For 15 that we have so few. lucky women® (15) $17.50 Rayon Coats Clear, even weave sheer silk hose, full- fashioned and silk from top to toe. Goldenberg's— Main Floor. LIl Hot Weather Wear for Boys! Bos.'s’ $1 to $1.50 “Bell” Shirts and Blouses 79c¢ Perfect and Irresulars A special purchase of these nationally famous shirts and blouses for boys is the whole story of these remarkable savings! Made of excellent quality broadcloth in plain and fancy patterns . . . long or short sleeves. Shirts in sizes 12 to 1434 neck: blouses in sizes 4 to 16 years. 59¢ Sport Blouses $1.39 to $1.50 White and fancy 39C Knickers colors with short Khaki, co- $1.19 ;{!‘egas;ar:\u sives from'8) L o Vioen Mt and fancy plaid boys’ Wash 95¢ to $1.29 Wash | Khickers. Sizes 8 to 16 years. Suits 59¢ Gray Knickers 79c White and fancy 5 colored Summer Boys' fine qual- 39C Wash Suits. For the boy | ity washable Sum- who dresses well. 8 to 16 | mer knickers. For dress or years. lay. Sizes S.to 16 years. Boys’ $2.45 and $2.95 Knickers Palm Beach and Linen Knickers of the best quality materials. Smart- $1 095 looking pants for well dressed chil- 8 to 18 years > Men’s *1 to ‘1 “Luxedo” Athletic Union Suits SETEISTSIAULEE Stock up with these i famous “Luxedo” Union ' Suits, for it is the cool and sensible underwear for f Summer. Sold exclusively oM@ at Goldenberg'’s! You may choose from these fine materials: English broadcloth, striped madras, plaid madras, colored rayon, crepe madras and checked nainsook. | Also many styles, including “V” neck, closed crotch, bar tacked, taped armholes, extra long trunk, extra full cut chest and wide elastic webbing. Goldenbers's—Main Floor. AITATANEA TR 05 93N AR TS E A TR T CCLETEL LTI T P T TP PP A L PO PP R TP e ""KEEP COOL—with a WESTINGHOUSE ELECTRIC FAN It costs so little for this added comfort! Westinghouse Whirlwind Fan 8-inch size blades with Westinghouse $6 50 motor; for AC or DC current. Just the proper size for the home. Other Style and 2%:“12;::33:‘3!:"-!.;;:":‘:( $11.00 to $17.50! Window Awnings Good Quality Tan Woven Stripes, 6 oz.. $1'38 Heavy Grade Tan Woven Stripes, 8 oz.. $2'25 Painted Stripes on Khaki, 8 oz. ...... $2'98 Mounted on metal frames. Neces- sary rope and hardware. 30, 36, 42 and 48 inches wide. Exceptional Savings on Summer Home Needs il Genuine Warren Porch Shades In green or brown. Made with new patented fasteners, so a child can put them up or take th down. . . $14i081 | them down. *16 Awnings 7 ft. 6 in. wide 9 ft. 6 in. wide 310 10 ft. 6 in. wide. .. .$13.49 12 feet wide .. 13 ft. 6 in. wide 14 ft. 6 in. wide 15 ft. wide 15 ft. 6 in. wide Painted stripes on khaki. Pipe frame, rope and hardware. wide, Wide, wide, wide, wide, 10 ft. wide, All Have 7-ft. Pretty Bar Harbor Sets ed, includes seat 31‘30 cushion and back. Cretonne cover- Fourth Fioor.