Evening Star Newspaper, June 14, 1929, Page 13

Market Forges Ahead De- spite Realizing—Utilities Feature Rise. BY HARRY H. BECKER. @pecial Dispateh to The Star. NEW YORK, June 14—With utilities again setting the pace, both in activity and price strength, and contributing largely to a volume of dealings which during the two preceding sessions matched that on the big board. opera- tions for the rise went ahead with re- newed confidence on the Curb Exchange today. At intervals realizing made its ap- pearance in the rapidly moving power shares, but it failed to bring in pres- sure and subsided quickly. There was increased interest, too, in a number of miscellaneous issues. Buying at Opening. ‘The opening was featured by a burst of buying in stocks like Commonwealth & Southern, Buffalo, Niagara & East- ern, Electric Bond & Share, United Gas Improvement new, and one or two others, Initial blocks ranging from 10,000 to 75,000 shares. Commonwealth & Southern was the most active issue following the enormous turnover Thurs- day, when it contributed one-fifth of the total volume. It displayed renewed strength and better. absorptive powers than for a week or more, but seemed to be encountering pressure around 24, where the net advance was not large. Some of the more recently prominent fasues in the group of Eastern utilities supposed to be involved in & new com- bine resumed the upward movement interrupted by realizing late Thursday. These were joined by Consolidated Gas of Baltimore, comparatively neglected during the boom. The stock showed considerable vigor and rose some 10 ints hefore midday to a new high. ter it lost all the gain. Northeastern Power, Mohawk Hudson Power, Niagara Shares, American Gas & Electric, Southeastern Power & Gas Improve- ment, old, were others to push through their former tops early in the session. Mayflower Assocl?m. Minneapolis Honeywell and Royal Typewriter made new peaks in a generally strong group of llaneous issues. Pennroad en- Jjoyed a large turnover and an appreci- able price improvement, while “other features in the low-priced division in- cluded Sentry Safety Control, Marconi International Marine, which started Wwith a 13,300-share transaction; Zenith Radio, Grand Rapids Varnish and Gold Seal Electric new. 0fl Stocks Fluctuate. Oil stocks fluctuated listlessly and e iniog o svistion Goupe. I m| or aviation groups. wlobae division, Durant de- llying rw'fl. but d Packard continued came into Gold- s vigorous man recovery. - 'The ful dividend on the stock will be determined by the closing ice today. It was quite close to the 08 level most of the session. - ! Baltimore Markets l Special Dispatch to The Star. BALTIMORE, Md., June 1 toes, white, 100 pounds, .1.00a140;. Potatoes, barrel, 2.00a4.00; sweet ml- T - e EH m m Good; er s Mg 1 Afum Indust 0 Am_ & v Jor Pox war ; reh Co g T 207 d | 92 prd xd. 97% Tts. by § nce. 3 Anglo Chil Nitra ] Angus Co Del prd A & Ari 63 Ark Atk Natl G AN G cum Apex B mf.......... 2 Arcturus Radio T .. 42 izona Po oo BR prds7d. 2 Axton Fisher A 2 Babcock_& Wilco: 1Bahia Corj Baiab 1 Bellanca Al 1 Blauners 1Bliss B W 1 Bohack H C raz Srreonon t Sta Cent Sta El 59 Check Cab 3 cfs. vic Go TrL &P w Mg 173 Gities Ser n xd Resves ayton Airp ere & Co v ixon ( hier 2. lane RC . 3) Criéivie . e C C pid 132 132 7 conv pfd 189% 12 Cent Sta E1_pi 81% 8 3 it ' TSR 23, 3 18% 41% et r L 435eIRBL2BZNEL! SR 3B & 5 & ' i T B i 1 i 2 & 22222 i 2y i 1 10 North A; 1224 North Qutboard Motors 1 1 Qutboard Motors B... 1 2 S s isrs B Sel - B0 rians Fes Porisssenasss P&L tarrett Corp.. 1 fe- St Regis Schulte Real Gen g 1 c Gen Am Inv fecteq fhaus 1 Ind T Sentry Safety Con.. Serv El vic Seton Leather. ierra Pac E g Noma 18 Nor“Amer ‘Avisiion jor. Amer i m Utility Se¢ 31 Eastern Pow. GOD Paper.. Est Inv Ine pfd_xd Lt. pfd. Stein Cosmetics. £ 228 Ok ik 2BI8I8AASRIBL T3S T St 2255885 ptd. nc sa30sns 83! SUB38857gURIERR U E 2GRS SET TSR P FELLEE FrEOX 25EEL =g s e alei2L: ¥ OREEE SRS SRR agaasyel R s Fo §.. 3ty yuEausne . FEFEN Y RS wulEouess, yugs v Fyu3 5 FE SIS gusaylucuryuesned, ¥, . e 2eIn FFEFFSES & FEFET Sgesrued, P SE i i ag SES .l 2 22283282832322123%28 o 7998 -] R S aluanaa-CanowtEsaumanunsnanasthosieSsSababunans nenie 2ZRXIRRERK! ol =0 Hyg™ 358 =3 8%8833328! FEFORNY 2 kel el o] ek & - g “99; & 900! ;) 383 i R SG R GS G E FE (5 (3 3!:‘..'-832385_338!3! ... R 555 S EEEREL R E LI T FIEEE B aian:i 23388332882 :::-;:_x ) S ST gee32Re: e g Ll e =53 8RR RS R8IR2382322223033882283323338338%! = 2 & 28geais o Q. o =, 9 ¥ & 5 P S, 3. fSSSES!:S!‘iS‘E!’!BSRSSS! 55 B [ i (4 T S8 EERCEED z -l 2 ol #E ST RPN FCTT TR B R 0 A o 2. }:3""’\?3221221 $s erid oSt mS>Eas 28t R S eeeeaessessa3igeny F SIS g3 3 3, & Fa 2ga0yy WCEEES i3 =g2s: go8 < » . B s oo cuasuitalinualiion i e sk wean i SEgEd ;;;:z :EfsEs:: ifi% 28383838383 ERCEC LS G 13 Ot 5 West: - nos Aires 1 Buenos Aires 7 2 & Pr B 1 Danzig Port 6! 5 Blec Pow Ger. E segsazstes £ ¥ F 53:!88! 3 & ¥ 1 = 25982 3 23223 5 LT e & I T, 2] € ¢ Q. 2 'a 32058283882283828! 33552285338 SFES Bt 333 SO F FRRRRE S8 TN 5 109 & X —PX_dividend When issued. COTTON PRICES LOWER. NEW YORK, June 14 (Special) — Though the boll weevil report showed heavy emergence of fnsects in both the Carolinas and in Mississippi and Texas, | the market had evidently discounted to- FIGHT 70 CONFROL UTILITIES STARTED Banking Groups in Battle for Supremacy in Eastern Field. Special Dispatch to The Star. NEW YORK, June 14—One phase of the publie utility mergers now tak- ing form in this State and to be under | the same control as those already con- summated in New Jergey and in Penn- sylvania is the competition between two powerful operating and financial groups for control of the public utility industry in the eastern territory. It was learned that the group repre- sented in the United Corporation, which some months o‘{‘“ suddenly turned up as the owner of & majority interest in the United Gas & Improvement Co. of Philadelphia and as the largest single stockholder in the Public Service Cor- poration of New Jersey, had not plan- ned to go further for the time being in s its consolidation program. It has ap- parently been hurried into & broader plan for making alliances in New York State by the recent purchase for the the Associated of tric Co. of the public utilities repre- sented by the Rochester Gas & Electric Corporation and overtures that were being made by the concern for other s In the c'e‘ntrl.l and western ‘The United Corporation is now nego- tiating for control of several public utility groups in the region around Buffalo, in Northern New York, and in the Hudson and Mohawk Valleys. With these it would control practically the entire public utility industry between New York City and Buffalo, with the ext of that in the Bochester ter- ritory. It is believed that terms of exchange of securities have already been between the United Cor- poration_snd the Buffalo, Niagara & |* Power Corporat Eastern ition, the North- eastern Power Corporation, the Mo- s | hawk-Hudson Power Corporation, the Hudson Central & Gas Electric Corpo- ration, the Eastern States Power Cor- ggnflmco-nd the Rockland Light & ywer er these six 'gzz have assets ting nearly ,600,000. Con- trol them, in addition to the proper- ties already owned in New Jersey and Pennsylvania by the United Corporation, would lift the latter into the ranks of the five or six largest companies in gant of capital and assets in the United tes. it arrangement il be mads be- worl en le_be- tween the United interests and those the Consol! ork of Y and the Brooklyn Edison, the latter with ‘com) that control the power and situation on Long Island. Morgan Takes Lead. American exports for the sam been e ir | cused Commerce Department mu.. . P. Morgan and by Drexel & Co. of Philadelphia, This firm of bankers has assu; the same position within recent months in the gblu utility fleld that it obtained in indust: world 30 years when it organized and finan¢ the United States Steel Cor- poration and later became the banker for the General Motors tion. T the intermediate period it has held%the same relative rank in the financial fairs of American rai'roads. The interesting point of this today if | th enormous resources aré | that althe being brought together by the consolix dation of national and State banks and jes, the private banking able to hold its own in the ition financing and to dictate m?. ms on vhsel;onu largest consolidations past are now being arranged. S trust house 1 st fleld of Commeodity Notes n | figure, compared to preceding months, | Very. serious trend toward banking which is now sweepi New York to the smal sound. “Bank consolidation is considered to conform with the whole trend in mod- ern industry toward larger units, which give the maximum scope for man- agement and combination of capital” the controller said. ‘“We are called upon !to do a good deal of work in connec- tion with the mergers, but no solvent institutions whose managements project consolidation have been refused permis- sion to proceed.” Particular reasons impel banks to seek larger size by merger, the con- troller added in sketching, by request, some of the factors that lead to com- binations. 3 lending capacity to a single borrower in ratio to its capital and surplus,” he explained. “There are still some very large borrowers among industrial enter- prises. Industrial organization in a city may have put together three or four sizeable business units, and the new central management, will seek to con- solidate its loans into a single line of credit. Local banks may find them- selves unable to meet the need, and see the largest accounts transferred out of their city, unless they parallel business consolidation with banking consolidation mAn‘nl heeqful;:!nil}t scale.” ot development which interests Control?e‘r Pole 12":11; growth of what is termed “group” banking, in which a central holding company ac- quires control of a number of local banks, frequently both State and na- tional institutions. The vast growth of | this form of semi-branch banking, he ‘,‘,f,"""' has hardly been generally “In view of the growth of u) banking, the curtailment of bfic)‘: banking by Federal statutes and the’ increasing number of bank mergers under trust company ‘charters,” he said ‘1:1‘ r{g:n: mh to a bankers’ gather- 3 ATs opport: - zlxx:m!.x‘:e the bul'g::truc oot do e nking syst and to formulate & new banking resent dl{neflgglcflflf':.“pouc’ to meet pi 1t~ order discharge his s responsibility to recommend ':r:nue':;! ments to the Federal banking laws for the purpose of strengthening the national system, it is Mr. Pole's pur- m to invite a group of American ing leaders to act in an advisory capacity in assisting formulation of his rmmmutwn:‘ to Congress this 3 cFadden of House banking committee and a rm't-:E ber of members of both House and Senate have manifested the situation. One point that will undoubtedly be considered in framing the recommendations will be the ad- visability of letting national banks g0 htforwardly into establish- ment of direct branches on a wider scale than is at present permitted. A reversal of trade tren by which erican imports :or Mldy' were found to exceed substantial ticians _considerable calculation week. It is almost the universal l:.:‘l': of American international trade, even on a monthly basis, to show a favor- ;balre“ hl:xnu to m‘fm courau'y, with ex- standing, the May fgures placed. cx- Pl ports low figures placed at $387,000,000, a rather a comparatively high figure. It finally appeated that conditions a5 to just two out_of the many thou- —— First Mortgage Loans ! Fair Rates of Interest J. LEO KOLB Dis. 5027 ANOTHER ACRD USED CAR AUCTION FINANCIAL. ,’ Am ‘domestic valuation”; all gettin; changeably used, though in quarters where they had their genesis sharp distinction is made between them. While the terms all relate to the general proposal to make tariff Delce of Smporica goods In_ the Onited ce of i States, rather than on their declared cost abroad, they are intended to de- note somewhat different methods of determining the inland price. Mortgages Investments JAMES Y, PENNEBAKER Main 5328 1520K St. N.W. FLOYD t. 6% NOTES First Mortgages E. DAVIS CO. NW. Ml 3-353 Safe—Conservative Make your savines and surpius funds work for you st the highest-inter- est rate consistent with olute sale of these se- safety, curitiea. Wm. . Saunders Co., Inc. Main 1016 1433 K Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS 5Y2% ‘We Make First Homes, Apartments and Business Properti t Mortgages on ies in the District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent, New York Life Insurance Company Equitable Co-Operative Bldg. Ass’n ‘ JOHN J‘C))r' nso?i’grddmt Assets weeees.$5,513,051.63 ‘WALTER S. PRATT, Jr., Secretary 49th YEAR COMPLETED Surplus & Profits...$1,601,704.98 Subscription for the 97th Issue of Stock Being Received Save Systematically in the Equitable E Equitable’s plan of s tematic savings. encourages thrift in a manner that if con- sistently followed will eventually lead to financial independence. Start now while you have a steady earning power, Come in and let us explain about our systematic plan. 915 F St. N.W Savin Its Re g Has: ward— ast ate e c. day’s news through the recent recovery 2 of nearly $2 & bale, and cotton prices broke over % cent today, ending with a loss of about 15 points. Monday Evening, 8 P.M. SEENNE THOSE who are able to look backward over the years with satisfaction are those who looked for- ward when young. The savings account has been a lifeboat that h; ved many a life from a rough ges, box, 2.00a3.50; s quart, 6al3; watermelons, 25a60. Dairy Market 1 Yellow &axi.. § Zenith Zonite :23:::.'Sn38§=§‘.“—'m2=8 BEBASI82 225 RRENRRES SEFENEIE .02 per cent to shipments fell 13.26 54,448, and production 1.68 to 57,361,000. Unfilled S e B s Baos o o s $ new business 48,027,000 feet, cent & SRS Butter—Good to fancy creamery, pound, 42a45';; prints, 46a47; blocks, 45a46; ladles, 35; store packed, 30; rolls, 33a35; dairy prints, 33a34; pro-; ceas butter, 38a39. guinea fowls, each, 50a 35a40. cases: native , -31a32; cur- small under- Hay and Grain Markets. ‘Wheat—No. 2 red Winter, garlicky, #pot, 1.1115; June delivery, 1.1 Corm--No. 2 export, June delivery, no ?uohflom: No. 2 yellow, domestic, spot, .1081.11; cob corn, 5.25a5.50. Oate—No. 2 white, domestic, spot, 55 56; No. 3 white, domestic, spot, 53a54. Rye—Nearby, 95a1.00. Hay—Receipts, none. While hay is arriving here in limited quantities only, it 1s more than enough for the demand, which is being supplied mostly by trucks from nearby points, a few ear- loads being received. There is not enough business passing to establish prices on the varipus kinds on merit at s range of 13.00a16.00 per ton for timothy or clover hay. Straw—No. -1 wheat, 12/00a12.50 per fon; No. 1 oat, 12.50a13.00. Live Stock Market. Cattle—Receipts, 150 head; fair sup- mmlrket dull and lower on cows and . Steers, choice, 13.50a14.00; good, 13.00213.50; medium, 12.00a12.75; com- mon, 10.00a11.50. Heifers, choice, 11.50 812.50; good, 10.25a11.00; medium, 9.00 a10.00; eommon, 7.75a8.75. Bulls, good to choice, stable, 10.00a10.25; fair to good, 9.00a10.00; common to medium, 8.00a9.00. Cows, good to choice, 9.25a 10.00; fair tq good, 8.00a9.25; common to _medium, 5.00a7.55. Sheep and lambs—Receipts, 300 head fair supply. market steady. Sheep, 2.00 #7.00; Spring lambs, 12.00a16.25. Hogs—Receipts, 250 head: light sup- Kly market steady. Lights, 12.15; eavies. 11.75a12.00; roughs, 7.50a10.40; light pigs, 10.75; pigs, 12.00. Trucked hogs, 15 to 30 lower than quotations. Calves—Receipts, 50 head; fair sup- ply, market steady. Calves, 5.00a15.00; extras, 15.50. T SHORT-TERM SECURITIES. (Reported by J. & W. Beligman & Co.) Bid. Ofter. Allis-Chalmers Co. 5s 1037. ... 98% ‘Aluminum Co. of Amer. s id52 101 ' 101% American Tel & Tel. 43 1920 . 99% ... Al 3 v Armour & Co_of Del. 5las 1943 RatoTion ol Bors “Das toia. 3134 te " Gorp. "4 L ol ade s 1088 100 * & Ohlo 41as 1983, Bell Tel. of Culifornia Pet. Corp. Sies 191 Canadian Nat Rwy. 4155 1930, ian Nor. Rw: 31 & FRFFESF o SeleSSgSesese: seezsgSeies *NEIST tindara Off N. t. L. It, 1 \ 1 EA 4 For. 33 Fora 1 Porem 4 Porna BENASEBIRINN 14 Garlock Pk Gen Am Inv Exs 24% & sapbuuesSaeistuwe susgiiseesasitucezieeiZiune ..,z 5O & F S Sisunss S 23,888 EERE2 +123% 123 1Insur Shares 5 7 d.. 11Intl Prod 26 Int] Project 11Intl Shoe 11Intern Util 5 Intern Uil Investors Ter! Gt ZEEKECT! .. EEZERERZE 3 = g o8 oo s weboreto B e Borar- Seaters . 3 xEn Bq 7 Res...... %0 ns Pipel, 31 SSgua 858245 P 238Y1S! ¥ Sales in hundreds. 326 Ariz Globs C 2 Chief _Cox endon Col ‘ukon s INDEPENDENT OIL STOCKS. Sales in dreds. D Gold. hu '5: Am’Con Ollfids Sales STANDARD OIL MER SUBSIDL 200 Anglo_Am Ol . 00 A A SwSSuabuedoare. 0 e 88 sREEsaEE O'vie cod T o S amses R L S SSaauauls Ja. oe SSoacRed: B SRNERSS W T G o 188 ARTES. SRR SN BI2882288:! SESEES 85332 S F ok S IF ¥ eassSeSasstasesSoessSannsd . |18, & OFSEE M FISESESY w; May WHEAT CLOSES HIGHER. CHICAGO, June 14 (#).—With hopes entertained that the farm relief bill ‘would "be lll‘:adpflby Pmlde:t Hoov:; tonight, ~gra ices moved upwa: most of the time today. Indications that rain will be needed badly over a wide area in Canada was also a factor counting in favor of higher quotations on wheat. Likellhood, however, that farm relief would go into effect imme- diately was the chief stimulating influ- ence, much more than offsetting the market effect of wonderful weather, which was sald to be adding many a bushel to the domestic Winter wheat crop Southwest. ‘Wheat closed unsettled, 3% to % above yesterday's finish. Corn closed % to 3 up, oats %4 to La% advance and pr ns varying from 5 decline to a rise of 10. High EE5E ol # o B 283 238 ser g8 =3 | Juiy . 'lfinumbor METAL MARKET. NEW YORK. June 14 (#).—Copper steady: electroiytic, spot and future, Iron steady; unchanged. { steady; spot, 43.75: future, 44.25a44.50. | Lead steady; spot, New York, 7.00; East 8t. Louls, 6.80. Zinc steady; East Bt. Louis, spot and future, 6.65a6.70. Anti- mony, 8.87a9.00; quicksilver, 122.00, PR Y 4 1L MONEY MARKET. NEW YORK, June 14 (#).—Call money easler, 7 per cent all day. Time loans firm: 30 days, 8 -8 days, ‘.?‘&; 4-6 :lmthl. s comme: . Bankers' accept- Shces, unchanged i o FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Ne 1 'm.h(?: £0ld Selling checks s | & discount of per it picked up 61, orders totaled 200,430,138 feet eet. ‘Wheat. CHICAGO.—Winter wheat conditions in Tlinois now are 10 points below that in May, with & of 38,763,000 bushels indicated, against 18,915,000 last year. Spring wheat conditions are 83 per cent of normal. The condition of the corn érop is spotted because of ex- cessive rains, | Steel. YOUNGSTOWN, Ohio. — Demand from the automotive industry for flat rolled products continued d this week, with some makers increasing their specifications and others dropping theirs. Prices are holding steady. NEW YORK, June 14 (#).—Stocks irregular; Commonwealth Power rises 20 points to new peak. Bonds irreg- ular; United States Government issues 3 ; Common- in record volume for single issue.. Foreign ex- changes irregular; Canadian doliar at % -of a cent. Cotton lower; favorable weather, Sugar higher; e e T e P LT ropean 3 cago— steadier; frost northwest and better ex- port demand. Corn higher; unfavor- able weather forecast. Cattle steady; hogs lower. e e EXCHANGE OFFER MADE. NEW YORK, June 14 (#).—The Trans-America Corporation, Glannini holding company, has made an offer to exchange 1 1-3 shares of its stock for each of the 500,000 shares of stock of the Bank of America of California, suc- cessor to the United Security Bank &' Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President Capital, $1,000,000.00 WOULD YOU LIKE TO FORGET YOUR CAR HAS TIRES? Safety at *70” GOOD YEAR DOUBLE EAGLE Tires and Tubes BEN HUNDLEY GOODYEAR TIRES 3436.14¢h St N.W.. (4t Newton) and stormy s ings account . ly to it 509 Seventh Street N.W. It's never top late to start a sav- fter that it soon becomes a tablished habit that rewards all who stick firm- Second National Bank “The Bank of Utmost Service” 1333 G Street N.W. What Payday Deposits? q That's the question those who are intent upon creating a competence. @ Our patrons’ cash has the protection of large capital and management and the s Capital & Surplus $3,500,000 of most importance to surplus—backed by experienced tanding built by sixty- three years of successful banking. Deposits in any amount are welcome, and the SAME RATE of INTEREST is paid on accounts, lgrge and small. Open Until 5:30 P.M. June 17th OFFICERS: WILLIAM D. HOOVER, President ‘WOODBURY BLAIR, 1st V. Pres. FRANK W. STONE, 2nd V. Pres. FRANK STETSON. Trust Officer CHAS. C. LAMBORN, Treasurer B. HARLEY . WILSON > National Savings & Trust Co. 63rd Oldest Savings Institution in the District of Columbia Year Cagr, 15th and New York Ave.