Evening Star Newspaper, June 17, 1929, Page 16

16 N( STAR T ! STOCKPRGE INDEX MAITAINS LEVEL Various Groups Move Irreg- ularly—Week Is Marked by Slump. BY IRVING FISHER. Bpecial Dispatch to The Star. NEW HAVEN, Conn. June 17.—The stock market ended last week at about the same price level as a week before, but there was considerable variation in o action of the erent grou A o slump <.as, however, quite general. The food stocks have climbed back o within about 2 er cent of their aigh on May the March high of this group. The ell-inductrial index 15 11 points below its high of May 4, which was identical with its March high. The motors group clcsed the week at €0 index points, or 28 per cent, under its March and all-time high. The cop- pers are 14 points under their May high ! and more than 60 points under their March and all-time hig The steels moved most ur ward, 8 of the 11 issues in the group advancing, only one falling. The steels made a sharp advance on Friday, when the index for the day moved up 6 points to nearly 183, only 8 points below the racord high on April 24. Bethlehem. Crucible and United States were all | buovant The oils did not partake of the stronger market toward the end of the weck, declining slowly throughout 1hs week. Fifteen stocks of the twenty- three in this group showed losses for the week, and only two made gains. The utilities gained _consistently throughout the week, jumping up about % index points on Friday, with merger talk to whet the speculative appetite The compact survey of New York Stock Exchange movements of common | industrial shares is given below in price indexes (1926=100). There are two indexes of market price movement The first (“Shares Outstanding”) represents all common industrial shares | listed on the exchange, the importance of each stock being considered accord- | ing to the shares in existence, or out- | standing. The second index (“50 Leaders™) shows the price movement | of the common industrial 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 representa- | tive $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. Irving Fisher. bout 250, which is uniformly for- The last column of the table | gives | ! the rate of return on the leaders at current prices. Shares week's 50 Rate. | retyrn. | 287 | out- market standing. leaders. nded Week e June 14 1926 ‘average High (28-29). Low (128-29).. 3 3 3 2 2 3 i 5 3 i Siookas e (Feb.28) (Feb.'38) (May'29) (Copyright, 1939, by Irving Fisher.) w Securities By the Associated Press. NEW YORK, June 17—New securi- ties offered today include: 51,187,000 Western Power, Light & Telephone Co. first lien collateral 20- year 6 per cent gold bonds, series A, priced at 97/, and interest, yielding about 6.20 per cent, due February 1, 1940, 320,000 shares Detroit Aircraft Corpo- ration capital stock without par value at $15 per share. Business Note By the Associated Press. NEW YORK, June 17—For the sec- ond time this year the Dupont Rayon Co. has reduced prices on rayon yarns The latest, decrease in prices ranges from 10 cents to 25 cents, according to the type of yarn. The Imperial Oil Co. is understood to be planning to pipe gas from Southern Saskatchewan east as far as Winnipeg, a distance of about 500 miles. Fall and Winter fashions will appear predominantly in browns this year, the shades ranging from coppery tones to the deeper and more restrained shades of French chocolate, fashion experts have decreed. Factory employment and pay rolls in Pennsylvania during May increased despite the usual seasonal trend in the opposite direction. Gains over April, both in the nuumber of workers and in wage payments, amounted to about 1 per cent. TREASURY CERTIFICATES. (Reported by J & W Seligman & Co) Rste—Maturity id Vas Sept. 15, 1920 13 15, 1 15 1 FOREIGN EXCHANGE. (Quotations turnished by W. B. Hibbs & Co.) Nom‘nal gold Selling ehecks value (or par;. _today. London. pound.. 5. dra 1d. pe: Vienna. Copenhagen. Oslo. crown Stockholm, crown.. SHORT-TERM SECURITIES. (Reported by J. & W. 8¢ Allis-Chalmers 55 19: Co. 0. of Am Western 1953 . . 58 1944 . Wheeling ‘orp. 512 1948. . co Ele Steel C |of this year's fruit meaning decreased | were attractivel | popular fruit, by dealers to be of the finest quality, {19. SUPPLIES OF FRUIT ARE LARGEIN D. . Apples, Peaches and Water-| melons on Display at Cap- ital Market. 1 June apples, received from North | Carolina growers and offered around £250 and $3 a bushel, this morning in- creased attractive displays of fruits wholesalers were offering the retail | trade. | Dealers_are closing stock of last year's appl up supplies of appearance demands for the old stock. Cannons from the Bedford, Va. neighborhood, presenting very much the appearance of new stock, were of- fered this morning at $10 a barrel, while fancy Ben Davis stock sold at| £3.50 a bushel. Wholesalers this morning had North Carolina_peaches to offer the retail trade. They were not very large, but | colored and possessed the genuine flavor of the best of the Watermelon Prices. ‘Watermelons, 30 and 32 pounds, said were offered this morning at 75 cents, being the choicest of the Florida melon receipts. Smaller melons brought pro- portionately lower prices. Cantaloupes continued in plentiful supnly and dealers had all varieties of practically every fruit to offer the trade. Vegetables also were in fairly heavy supply_this morning, Mississippi tom: toes claiming a great amount of a tention. The tomatoes were offered around | $1.25 and $1.40 a crate of four large pans, Florida 6-pan stock selling at | §2.50 and $3. Only small quantities of | asparagus were received this morning. season for the “grass” being almost at an_end. Business was not particularly brisk | this _morning. dealers reported, while | supplies were fairly heavy. Prices were | about the same as prices reported at the close of last week’'s market, with the exception of a slight advance in butter prices. Today's Wholesale Prices—Jobbers® Prices Slightly Higher. One-pound prints, store packed, 30 Eggs—Hennery, 33a34; fresh selected, 33a34: current receipts, 31. Poultry, toms, 40; large, 42a45: 30a32; roosters, 21: voung. 60a65: ' old, Turkeys, 38a40: Spring chickens, 48a5 Leghorns, 38ad0; fowls, 37a38; horns. 34a35; ducks, 30a32; 80a1.00. | Meats. fresh killed—Beef, 22a25: veal, 23a26; lamb. 28a30; pork loins, 31a32; fresh ham, 26a27; fresh shoulders, 18a Smoked hams, 27a28; smoked choulders, 17a18: bacon. 26; lard, in bulk, 12: in packages, 131%%. (Live stock—Calves, 15; Spring lambs, Butte: 45a46; tub, 44a | i Leg- keats, Fruit and Vegetable Review. The daily market report on fruits and vegetables compiled by the Mar- ket News Service Bureau of Agricul- tural Economics_says: Cantaloupes—Supplies liberal: de- mand-moderate, market about steady; | California, jumbos, 27s. Salmon Tints, 3.5024.00; " standards 45s and jumbos 36s, 4.50a4.75; jumbe flats 12s and 11s, 1.75a1.9 standard flats 12s and 11s. 1.50a1.75; Georgla, standards 36s and 27s Salmon Tints, some green, 2.25| a Lettuce — Supplies light: demand | moderate, market firm; _California, crates, Iceberg type, 4-5 dozen, 6.00- 7.00; New York, 2-dozen crates, big Boston type, fair quality, 2.25a2.50; mostly 2.50. | _ Onions—Supplies moderate: demand | light, market about steady; California, | standard crates, Yellow Bermudas, U. S. | No. 1, 2.15a2.25. Peaches—Supplies light: demand light, market slightly weaker; North Carolina, sixes, Early Rose and Arps, medium size, '3.00; small size, 2.50; sixes and bushel baskets Early Rose, very small size, some ordinary quality and condi- tion, 1.50a2.00; few badly spotted, 1.25. Potatoes—Supplies of old stock moderate; demand light, market about steady; _Michigan, 150-pound sacks, Russet Rurals, U. S. No. ; weak; North Carolina and Norfolk sec- tion Virginia, cloth top stave barrels, Cobblers, U. 8. No. 1, 3.50a3.75; few 4.00. Tomatoes—Supplies liberal; demand moderate, market slightly weaker: Mississippi, ‘fours,” ripes and turning, wrapped, No. 1, 1.25a1.50, mostly 1.358 1.40; South Carolina, sixes, ripes and turning, wrapped, fancy count, 3.50a 4.00; poorer low as 3.00; choice count, 2.50a2.75; poorer low as 1.50; few ex- press receipts ordinary quality and con- dition, fancy count, 2.00a2.25. Watermelons—Supplies liberal; de- mand moderate, market slightly weaker; Florida, Tom Watsons, 32-pound aver- age, 75; 30-pound average, 65; 28-pound average, 50 each. String beans—Supplies moderate: de- mand light, market steady; North Car ina, bushel baskets, green, 2.00a2.2 Norfolk section Virginia, bushel baske green Bountifuls, 2.50: some ordinary quality and condition, hold-overs, lower. Cucumbers—Supplies moderate; de- | mand moderate, market firm: North Carolina, bushel hampers, fancy, 1.75a | 2.25; few higher. ! Squash—Supplies liberal; demand light, market slightly weaker; North Cerolina, bushel hampers, white mostl 1.25. Peppers—Supplies light: demand light, market steady; Florida, pepper | crates, fancy, bes:, mostly 3.00; poorer, | low as 2.50. | Eggplant—Supplies light; demand moderate, market steady; Florida pepper | crates, fancy, high bush, 3.00; fair | quality and condition, 2.25a2.50. | Carrots—Supplies = moderate; de- mand light, market steady: Norfolk | section Virginia, barrels, 3.00a3.50 per | 100 bunches. Corn—Supplies moderate; demand moderate, market steady; Texas, bush- el baskets, best, 2.25a2.50; fair qua y a3.00; Alabama, crates, 2.25a Oranges—Supplies moderate; _de- mand moderate, market steady; Flori- da, boxes, No. 1, medium size, 3.50a 4.00. Grapefruit—Supplies very light; many light, market firm; Florida, bo: es, No. 1, medium to large size, mostly 450, GERMAN BONDS AND STOCKS. NEW YORK, June 17 (Special).— Bid.” Asked Ger Govt Red Loan w ctis attached per 1 $5.00 60.00 Ger 'Govt Red Loan drawing cifs per 1, - 26,00 30.00 (Quoted in dollars per miliion marks.) Hamburg 4135 1919 AT 45.00 (Quoted in”dollars_ per ihousand ‘marks) Gennan Gen Elect 4128 pre-war 23.00 24.00 German Gen Elect 4148 1919 3.0 Berlin 4s pre-war. s Hamburg 3s. 3'as & 48 Dre Hamburg American Tine 41as North German Lloyd 4'3s. Krupp 55 1921............ Dusseldort 45 pre-war. . . Frankfort a-M 4s Dre-war ith drawing 00RM... 30 33.00 200 30 41.00 1100 4600 Tokio, Japan, has 19 authorized dance halls, employing nearly 200 _profession- als who are teaching the taiigo and fox trot, ‘The Spanish government is conduct- ing a campaign for the surchase of Spanish-made automobiles, |deemed fair by the board and | corporation. 50 30, Washington Ticker By the Associated Press. Representatives of practically every wheat-growing district in the United States in conference here have fairly well outlined the organization of a wheat stabilization corporation to take advantage of the new farm relief ap- propriations. The conference began last week and will continue this week, but, despite ifficulties and disagreements which di have been encountered, it now looks as though a nation-wide organization | borrow | would spring into existence, $100,000,000 from the Federal Farm Loan Board created by the new law as soon as the body comes into ex- istence, and t over the 192 esumr;(?d to run at about 80,000,000 bushels. My anticipation now is that the wheat interests will be ready to start at the first chance,” said Chester H. Gray, Washington representative of the American Farm Bureau _Federation. “There have been some doubts about it, due to the size of their problem, but {htey have gotten together very well of ate. ganizations have been very fast, though they will not require so much aid as the wheat situation. Secretary Hyde at the Agriculture Department has been kept informed | of every step in the wheat procedure and has been frequently consulted.” In the theory adopted tentatively by the wheat growers’ representatives the scheme of organization for the wheat stabilization corporation will partake of public utility character. of growers in all the wheat districts will be invited to participate in its activities on the basis of the amount of wheat they have to market Its capital will be mostly supplied by the Government out of the $500,000,000 farm relief program. “It doesn’t seem likely that the indi- vidual grower will deal with the wheat stabilization corporation directly,” said Hugh J. Hughes, who has entered the discussions as a Tepresentative of the Minnesota wheat pool. “Local organi- zations now exist in all the wheat ter- ritories, some of them competitive, but all of them can join hands with the na- tional corporation.” As the program is sketched, the wheat corporation will stand ready to take wheat from the 1929 crop almost as soon as it comes to harvest, though it will not be expected to handle actually more_than a small proportion of the crop. The notion is that it will buy enough to pin the price at IC\'(;IS the Player-planos manufactured in the United States are much more popular with foreign buyers than the types that require human operators. In the last recorded month of the customs reports 428 player-planos went abroad, and but 194 ordinary pianos. Australla is by far the best customer for the American mechanical music device, taking 230 player-pianos a month, but Mexicans, Peruvians and Cubans are important buyers. “We certainly hope the resolution passes the Senate,” Mr. Gray asserted. “The House bill failed in many respects to give agriculture protection on the | processed products based on agricul- tural articles. We shall keep up the at- “DUCO” for Autos and Furniture “Barreled Sunlight” Roof and House Paints Deck Pairt —by RET St Enam “Phenoid” Auto Body Cleaner and Polish PAINT ONCE a person realizes the truth about innocent body odors this perplexing question need never trouble again. You have been told you may give offence and not know it. And to use soaps, baths or lotions to guard against it. And when you ‘were done you knew as much as before. So we say find out whether you ‘may be troubled, by an easy home test and then if necessary use the method science knows gives pro- tection. Only Acid Perspiration. Causes Body Odor ‘The cause of body odors is acid perspiration. Every chemist knows it. Every doctor knows Perspiration contains certain acids which unfortu- | nately are offensive. Whether you are troubled can be shown by a simple test | which will be sent you free. It is scien- | tific. Well known to all chemists. It is 1 conclusive. It will put the evidence before your own eyes. Then if the test is positive in your case, simply use SpiC. It just unfail- ingly and instantly changes the offen- sive acids, if they are present to harm- less salt. It gives perfect protection for an average of 14 hours with each STOPS [ ° and perspiration FREE, post paid. Name. ackle the job of carrying | wheat crop surplus, now | Also, the fruit and vegetable or- | Organizations | thtRtRtRLRLRLALR! Prolong the Usefulness of the Screens PAINT. it an efticient foe. 9] Paints, Viarnishe's, cial purposes, at— Low Prices Floor Wax and Polishing Brushes HUGH REILLY CO. 1334 N. Y. Ave.—Phone Main 1703 G Now be safe always from offence to those who come close | Free Coupon HELEN LEE SCOTT ©/0 SPIC LABORATORIES, INC. Dept. Chicago, 1 Send me a liberal su; MERGERS OPERATE | TO STABILIZE PRICE iSurvey Shows Combines Have Tended to Resist Upward Movement. Consolidations in the manufacturing industry have been a factor tending to resist the general upward movement of prices and in stabilizing the markets in which they operate, according to a re- port just completed by the National In- dustrial Conference Board, 247 Park avenue, New York. Consolidations in general were found to have achieved an | appreciable superiority in production over independent producers in their re- spective fields, although the same may | or may not be true of the distributive phase of their operations, which were not included in the scope of the con- ference board's study. Aspopular impression as to the finan- cial success of consolidations generally is proved illusory in that the study of the business history of a large number of consolidations over a period of from 10 to 23 years prior to the war showed that, by ‘and large, these mergers did not ' prove exceptionally profitable. | Their combined record was found not to differ much from that of independent business concerns, in that, while many made high profits and grew in size and importance, many failed absolutely, and the majority failed of conispicuous suc- | cess, indicating that consolidation in | tself is no substitute for business acu- | men or eflicient management. ‘The efTect of consolidation upon the price level is demonstrated with volum- inous statistical evidence. Based upon 60 lines of manufacturing, the study discloses that the general upward trend of prices from 1900-1925 has been much |less pronounced in those branches of | manufacturing in which industrial con- solidations have been a dominant factor in the market. The rise in prices in | | these 26 lines of manufacturing was | only 28.8 per cent, as against a rise of | 110.6 per cent during the same period | in the 21 lines of manufacture which | have not been affected by the consolida- | | tion movement. | POTATO MARKET WEAK. | cHICAGO, June 17 (®).—(United | States Department of Agriculture) — Potator ~Receipts, 134 new, 85 old: on track, 276 new, 134 old; total United | States shipments, Saturday, 1,151; Sun- | day, 30 cars: new stock, trading slow, | market weak; Southern sacked Bliss ‘Triumphs, best, 2.00a2.40; poor, 1.00 up; North Carolina, barrel, Irish Cobblers, | 3.00a3.50; old stock, trading slow, mar- | ket dull; Wisconsin and Michigan sacked Round Whites, 95a1.05 tempt to get these schedules on starches and oils, but the Borah reso- lution is right in line with our attitude now.” Serious calculations now show clearly that the whole tariff program has been endangered by the Scnate situation. It | is deemed to be more than possible that the special session will adjourn without | effectuating a new law in the field, but the roll call on the Borah resolution ! will be the real test of that. giving them a coat of LLYY'S SCREEN Screen rust finds ns, Lacquers and els for all other spe- Speciall P) S and GLASS application. No guess work about this. 1t 15 patented. So there is nothing else like it. To use SPIC, simply dust and rub it on the body, under the arms, on the feet. It cannot irritate. It cannot harm. It does not stop perspiration. But it does absorb moisture and neutralize the acids. This soothing, splendid prer- aration stops chafing. And prickly heat. This Test is FREE Thatis the wholestory of body odors. Now substitute scientific knowledge for guess work. Your druggist has SPIC for 50c. Or clip the special coupon et now. _E] 986, 416 W. Ontario St. Iy of Spic the test_outfit for ACID WASHINGTON, | D. C JUNE 17, 1929. W. B, MWoses & S SINCE 1861—SIXTY-EIGHT YEARS OF PUBLIC CONFIDENCE 9 AM. to 6 P.M. F Street at Eleventh L i 7}(&\?’ A .'I Q) £y Beginning Tomorrow Annual June Clearance o0 Oriental Rugs To make room for incoming stock, we annually hold this clearance. Sav- ings are actually from 10% to 50%. IF THE PROPOSED TARIFF RE- VISION GOES THROUGH, ORIENTAL RUGS WILL BE HIGHER PRICED THIS FALL. There is much to gain now, when EVERY RUG, large or small, is priced for clearance. OUR large and varied stock includes practically every known weave of the Orient. There are gorgeous Mesheds, famed for their wonderful borders; silky Lilehans, beautifully designed and colored; sturdy Gorevans, suitable for any room; semi-antiques which embrace such old weaves as Sereband, Shiraz, Fereghan, Karabaugh, Bijar and Daghestan. There are scatter sizes including Hamadans, Mosuls, Belu- chistans, Heriz, Saruks and Lilehans: HE CHINESE Rugs featured in this great clearance are only those of the finest quality. Mats, scatter sizes, room sizes and large carpets—all gems of the rug-weaver’s art. TO SEE this magnificent stock and to inspect the values offered in this sale is due to yourself if you contemplate replacing any of your floor coverings in the future. We suggest an eatly selection while the stock is complete. For those who do not wish to have their purchases delivered immediately, we will gladly reserve in our storage rooms any rugs which may be selected in the sale; and a telephone call at a future date will deliver them to your home. All Sales Final —No Exchanges or Credits | &3 S ———