Evening Star Newspaper, June 18, 1929, Page 12

* JUNE 18, 1929. FINANCIAL. BANKERS T0 STUDY ADVERTISING PLAN Committee Presents Ambi- tious Program for Consider- ation at Montauk Conclave. | THE NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. EVENING STAR, WASHINGTON, D. ADVANGE IN STOCK PRIGES CONTINUES Market Makes Further Re- covery Despite Appearance of Profit Taking. C., TUESDAY, indicated a gradual return of public| participation in the market. The early demand centered largely in issues in which special developments are believed to be pending. | Allied Chemical and Commercial Sol- vents each ran up about 5 points in the early trading, and American Water ‘Works advanced nearly 4 to a new high record at 142%. General Electric and Air Reduction also set a new top price for the year. Early Favorites. Early gains of 2 to 3 points were re- corded by Public Service of New Jersey, Graham-Paige, Brooklyn Union Gas and Electric Auto Lite. Commonwealth Power and Columbia Carbon quickly made up initial gains of 5 and 2 points, respectively. Foreign _exchanges opened steady, with sterling cables unchanged at $4.84 25-32. COT OF SICKNESS MOUNTING IN U.S. Medical Profession Studies Modern Trend Toward In- creased Doctors’ Bills. Spectal Dispatch to The Star. BALTIMORE, Md., June 18.—WhHife potatoes, 100 pounds, 1.00a1.25; new po- tatoes, barrel, 1.75a3.50; yams, bushel, 1.5082.00; sweet potatoes, bushel, 1.25a 2.25; asparagus, dozen, 1.00a3.00; culls, 50a1.25; beets, 100; 2. .50; beans, bushel, 1.50a3.00; cabbage, hamper, 40a 50; carrots, crate, 3.00a3.25; celery, crate, 1.5024.00; cucumbers, bushel, 1.00 a2.50; corn, bushel, 1.75a2.25; lima beans, bushel, 3.25a4.25; lettuce, bush- el, 50a1.25; onions, crate, 1.40al.75; spinach, bushel, 30a75; tomatoes, crate, 2.00a4.00; apples, bushel, 1.2522.50; blackberries, quart, 10a15; grapefruit, ~Prev. 1020~ High. Low. 19 "1 95 60% 6% 3 677% 1731 130 115% 65% Prev. Low. Close. Close. 13% 14 14 635% 641 63 3 3 i 50% 51 163% 163% 120% 120% 110% 1101 60% 591 Stock and Dividend Rate. Cuban-Amer Sugar.. 32 14% Cuban-Am Sug pf... 80s 645 Cuban Dom Sugar... 7 34 Cudahy Packing (4). 3 51 Curtiss Aero (1). 11 164 Cushman’s pt (7) 10s 120% Cushman's pf (8) 10s 110% Cutler-Ham (334) . 7 61 Cuyamel Fruit. 3 88% = 39 For Complete Compilation of Sales See 5:30 Edition. Add 00, High. —Prev. 1020 Stock and Sales— Pres Higsh Low. Dividend Rate. Add 00. High. Low. Close. Close. 54% 381 Abitibi Power & Pap 13 44 4215 431 43% 96 85 AdamsExppf(5)... 1 85% Bb% 85% 85% 27% Adams Millis (2). 1 31% 31% 31% 31% 27 " Advance Rumley.... 15 43% 411 42 40% Advance Rumiey pf. 11 624 62 62 Ahumada Lead. . 1 2u %% 2w Air Reduction (3)., 50 146% 1421¢ 14216 Airway Elec (23)... 11 42% 41% 424 415 Ajax Rubber. T8 bW bW B% 4% Alaska Juneau. . A prrig e 12 Albany PW Paper.. 2 20 19% BY EDWARD C. STONE. % Alleghany Corp..... 167 35 34 § v i 99'% Alleghany C pf 1 100% 100'% Chairman Eliot H. Thomson of the | 150 1008 Alleg'y pfrets(5%). 4 100% 100% District Bankers' Assoclation advertis- | 5055 541" Allfed Ch & Dye (6). 68 302 298 ing committee has forwarded to mem- £ 49% 135% 120% 50% 35% 120 6 195% 123% 6715 Davison Chem Debenhams (a1.59) Deere & Co pf (7)... Delaware & Hud (9). Del Lack & W (17) . Denv&R G W pf. . Detroit Edison (8) 357 120 & 1943 1227 6715 20 34 100% 100% 298 214% BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, June 18.—Stock prices BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 18.—Dr. Homer Folks, secretary of the State Charities 100% 100% 297 212 2141 -Cha D.. W 0 ber banks the most comprehensive ad- | 215,¢ 108 Allis-Chalm Mf (7).. 11 214k 21 2215 Amerada Corp (2)... 104 Am Agricul Chiem. 40% Am Agricui Ch pf. 1341% 110 Am Bank Note (13).. 15 Am Beet Sugar...... Am Bosch Magneto. ., 45 AmBrS&F (h1.60). 15% Am Brown Bov Elec. 49% Am Brown Bov pf 7 vertising cam- palgn plan ever presented to the organization. It will be given thor- ough consideration at the annual con- vention later in the week. Mr. Thom- son quotes Calvin Coolidge as stating that advertising is the greatest single factor in _creating the prosperity of the country, and then calls atten- tion to the success already attained by the local associa- tion. In his letter F. P. H. Siddons. | he adds: H “Christmas clubs have increased their | membership from 30,000 to 87,000 and deposits from two to nearly eight mil- lions of dollars. The educational cam- paign of 1926 brought direct profit to the banks in one year that many times exceeded the cost of the campaign, one bank alone reporting that the following | year netted to it a profit exceeding 12 | times the amount of its subscription. “The fiduciary campaign of 1928 has | successfully conveyed the idea of a cor- | porate fiduciary instead of an individual and it only remains for each institution to capitalize the public’'s favorable re- actions. Several member banks report & coincidental increase in trust business | out of all proportion to previous ex- | periences.” The communication states that the| committee recognizes the importance of sustained effort rather than a spas- modic campaign of short duration, and recommends the following advertising campaign: First The campaign contemplates 130 advertisements of commanding size in the five principal daily newspapers, one appearing in one paper each day of the week except Sunday throughout the pericd. This_scries will cover every phase of banking service with continual emphasis upon such as are common to all types of banks and will constitute | the backbone of the campaign. Second. Coupled with it will be that modern instrumentality of dominating influence, the radio. Twenty-six weekly programs from WRC, to be known as “Historic Washington™ programs, spon- sored. Third. An essay contest each month open to every citizen and announced in the newspapers, with cash prizes of $50. $25 and $10, to authors of the three best. Fourth. Suitable literature furnished o each bank to be given to radio listen- ers and newspaper readers upon request. Further Convention Guests. It was announced today that William Montgomery, president of the Acacia Mutual Life Assurance Association, will be among the guests at the Montauk convention. Manager Frank S. Hight | of the Willard Hotel also has accepted an invitation to take the trip and look over the remarkable development on the ocean end of Long Island. Commis- sioner Sidney F. Taliaferro also will be present again this year. Chairman F. P. H. Siddons of the program committee has completed the arrangements to the last detail, and Chairman Claude G. Woodward of the transportation committee has made ar- rangements for eyerybody who will leave here tomorrow evening on the special all-steel Pullman train, starting at 9 o'clock. Tickets will be delivered this afternoon or early tomorrow and with them will be hotel reservation cards. | President Robert V. Fleming and Vice President Wilmer J. Waller have al- ready gone to Montauk to be ready to 1% 19 18 1408 9 ar & Fdy (6). 70% Am Chain pf (7). 46% Am Chicle (2)....... s Am Com Ale (k1.60) neaust Til ( For Power Am & For Pw 2d pf % Am Hawaiian (1). . Am Home Prd (3.60) Am Ice (13). . 64 Am Internat (12 4% AmLa F & Foamite. 3 60 Am La Fr & Foam pf 1408 1267 102% Am Locomotive (8). 34 188% 147% Am Mch & Fdy (4). 6 116% 108 Am M&F pf xw (7).. 108 81% 50 Am Metal (3).. 21 981, 67 Am NatGaspf (7).. 30s 814 Am Pow & Lt (11). 98% Am Pow & Lt pf (6). 79 Am P&L pf A st (5). % 40% AmRad &S S (1%). 88 129% Am Ry Express (6).. 64% 43 Am Republic 121% 1061 Am Roll Mill (e2) 74% 61 Am Safety Raz (15). 6 4 81% Am Shipbuilding (8) 24%, Am Sm & Ref (4) .. Am Sm & Ref pf ( Am Snuff pf (6) . Am Steel Fdy (3). Am Steel F'd Am Stores (2). % Am Sugar Rfg (5). 104% Am Sugar R(g pf(7). 15 1981 Am Tel & Tel (9). 13 160 Am Tobacco (8) 188 160% Am Tobacco B (8 121% 116 Am Tobacco pf (6).. 155 136% Am Type Fdry (8)... 140 7 Am Water Wks (c1). 2 18 Am Woolen. 58% 435 Am Woolen pf. : 15% 9 Am Writ Paper ctfs. 49% 4 Am Zinc Ld&Sm. 140 99 Anaconda Copper. 86% 62% Anaconda W&C (3).. 62% 44 Anchor Cap (2.40)... 124 108 Anchor Cap pf (6%). 68% 44% Andes Copper (3)... 29 Archer-Dan-M (2) 85% Armour Del pf 10% Armour 111 (A). 5% Armour Il (B). 49% Asso App! Ind (4) 3 AssoDry G (2%). 4 Atch T & SFe (10).. SF pf (5). 191% 169 Atl Coast Line (110). 214 Atl G & W Indjes. 7 312 Atl Refining (f1%).. 210 115 90 Adlas Powder (4)... 24 106' 100 Atlas Powdr pf (6).. 20s 4 221 Auburn Auto (34). o 10 ‘Austin Nichols 28 424 Austin Nichols pf... 5 35% Autosales 4 17 4 10s 329 111 8 7 2 6 570 2 4 124 .. 1685 6 2 2 185 5 3 18 4 . 441 19 10 8 6 9i 18% 101 32 271% 210 Baldwin Loco (7)... 30 125 114% Baldwin Loco pf (7). 10s 133 115% Balto & Ohio (6).... 475 110% 104 Bamberger pt (614). 10s 767 6416 Bang & Aroos (3%). 38 110% 105 Bang & Aroos pf (7). 10s 333 26 Barker Bros (2). 2 29y, 7 Barnet Leather. 491% 384 Barnsdall (2). 281 20 Beacon Oil. 101 73 Beech-Nut Pack (3). 17% 11% Belding-Heminws 931 78 Bendix Aviation (2). 75% Best & Co (3) . 1 32 2 2 123 116% Bethlehem St pf €7). 61% 421 Bloomingdale Bros. . 136% 110% Bohn Al &Brass(t4). 5414 53% 317 31% 103 102% 1461 143 139% 139% 60% 122% 121% 16414 1641 110 110 915 58 T4 T4 114% 11 6315 6 83 1074 106% 2174 215 172 % 172% 5% 115% 147 144 144% 139 18 181 44%: 44 1% 11% 32 30w 112% 109% 67% 64% 45% 45% 104 5474 33 87% 11% 6 58% 57% 49 4815 2205 2181 102 102 188 186% 61 60%% Yo Tl 9 9214 101% 100% 285 280% 7 6% 40% 31 1 1 1 1 821 87 11 2321 218 115% 115k 124% 12 104 104 77 5% 1073% 1074 oy e 1% 11% 42% 42 201 28% 81 12 841 514 85 108% 105% 118 118 44 44 117% 117% 51 % Fisk Ru Devoe & Ray A (13). Diamond Match (8) . Dome Mines (1)..... Dominion Stores (3). Drug Corpn (4). . Duluth S S & Atl. Duluth S S & Ati pf.. Dunhill Inter (14). . Du Pont de N(141%). stman Kod (18). ton Axle & S (3) Auto-Lite (41 Auto-Lite pf (7) ectric Boat. . Pwr & Lt (1) & Pub & Pub Sve pf (5 uitable Bldg ( ie R R. RR 1st pf. cka Vac CI (4) . Svans Auto L(1214). § Exchange Buf (11%). 50s Fairbanks Morse (3) irbanks M pf Fash Pk Assok21%). Fed Lt & Tre (11%). Fed M &S pf (7). Fed Motor Tr (80c) Fid Phen F Ins (2). Filene's S ¥ Filene’ First her. . iaiis hmann (+31) . Freeport-Texas (1) . —_— e Gabriel Snub A..... 2 sardner Motor. ..... n Am Tnk Car($4) n Asphalt. . n Bronze (2). 4 Gen Cable. n Cable pf (7). n Cigar (4). . PLA (8). 50s Gen G & El pf B (7). 1008 Gen Mills (3).... 10 Gien Motors (13.30).. 897 n Motors pf (7) 4 Gen Outd Ad vte (2). 56 n Ry Signal (5)... 78 Gen Refrac (13%)... 13 iillette Safety R (5) mbel Brothers. ... Gimbel Bros pf (7).. lidden Co (11%) lidden pr pf (7). obel (Adolf). . 0ld Dust (235) . old Dust pf (6) Goodrich BF (4). Goodrich pf (T Goodyear Tire Goodyear 1st pt (7). Gotham Silk H (234) Graham-Paige s Graham-Paige ct Granby Consol (7).. Grand Stores (1) Grand Union pf (3). iranite City Stl(3).. Grant W T (1) Grt North pf (5) Grt Nor Ore (a1%). . Grt West Sug (2.80). rt West Sug pt (7). ireene Can Cop (8). Gulf Mo & North.... -H- Hahn Dept Stores. .. Hahn Dept S pf(61) Hanna (M A) 1st(7) Hartman B (1.20) . Hav El Rwy pf (6). . Hayes Bdy (b8 %stk) 208 38 3 59 15 0s 2 10s 34 1001 100 289 10014 14% 95% 68 98, 68 8% 843 67 31% 87 . | scription “rights.” | ber borrowings and in loans on securi- | perity of the country. | | made further recovery in today’s market, | although there was an increasing tend- ency to take profits on the rallies be- fore the fhidyear credit stringency began to make itself felt. Operators for the advance succeeded in bringing for- ward new leaders whenever the general list showed signs of weakening, but pub- lic participation was still on a rela- tively small scale. Credit Situation. Call money renewed unchanged at 7 per cent, with indications in the early afterncon that the rate would be main- tained all day. Return of the June 15 checks for payment at the banks has | been offset to some extent by the heavy jaccumulation of finds here by large corporations in preparation for midyear payments, and by the temporary em- ployment in the call market of funds received in connection with stock sub- Official announcement of the organi- gxuon of the Niagara Hudson Power ! Corporation to acquire a substantial |stock interest in the Buffalo, Niagara & Eastern, Northeastern Power and Mohawk Hudson Power corporations stimulated speculative activity in the public utility and electrical equipment stocks. American walpisworks. Con- solidated Gas, Public Service of New Jersey, Standard Gas & Electric, Gen- eral Electric and Westinghouse Electric all moved into new high ground. Telephone & Telegraph Co. shares | were in the van of the final rise, which clevated a number of additional issues into record territory. American Tele- p_hnnc, International telephone, Western Union and Pacific Telephone improved from 3 to 6 points. Commercial Sol- vents was up nearly 10 points when it touched 416, a new high. Baldwin Locomotive gained 11 points. Demand also prevailed for Bgthlehem and Va- nadium Steel and ~Greene Cananea | | Copper. The close was strong. | Bulls Active at Opening. | |, Bullish operations were resumed at! | the opening. Standard Gas & Electric opened 3 points higher at 1145, a new high record, and National Distillers Products preferred moved into new high ground on the announcement of a plan ‘m retire that issue; Union Carbide (new) also reached & new 1929 high. Early gains of a point or two were re- corded by New York Central, Electric Auto Lite, Packard Motors, American | & Foreign Power and National Biscuit. The Federal Reserve Board condition statement, showing a decrease in mem- | ties, had a cheerful effect on speculative | sentiment. Merger of the Chase Na- | tional and National Park Banks also was construed as a bullish influence on the theory that banks were enlarging their capital and resources in order to keep pace with the growth and pros- Buying continued largely professional, | although the increased business of the | odd lot houses in the last few days has' ' ADDITIONAL ISSUE A warrant detachable after December 1, of 3 shares of Class A Common Stock of the C per share until December 31, 1932, and at $30 per share until December 31, 1933. Wall Street Briefs By the Associated Press. Arrangements have been made by a New York bank to import $2,000,000 in gold from England. The gold will be shipped June 19, due to reach New York June 25. The Monsanto Chemical Works, & subsidiary of Graesser-Monsanto Chém- ical Works, Ltd., has bought the busi- ness, manufacturing facilities and good will of the British Saccharin Manu- facturing Co. The City Stores Co. has acquired the Goerke Co. of Newark, N. J., and the Goerke-Kirsh Co. of Elizabeth, N. J, A comparatively small cash considération and 93337 shares of City Stores Co. common no par stock figured in the transaction. Stockholders_of Cornstalk Products Co, Iit, of Danville, I, have ap- pwved an increase in the authorized common stock from 250,000 to 600,000 shares. Holders of 25,000 shares of $7 class A stock have been offered rights to convert each share of their stock for four common shares. The company manufactures paper from cornstalks. An issue of $11,450,000 Toho Electric Power Co., Ltd., of Japan, 3-year 6 per cent notes has been offered by a bank- ing syndicate for public subscription. ‘The number of service stations in the 10 States in which it operates had in- creased on June 1 to 6,783 from 5,220 on June 1, 1928, the Standard Oil Co. of Indiana reports. The Prudential Investors, Inc., or- ganized last February, reports net profits to June 3 of $365,960. About 55 per cent of the corporation’s $18,750,000 capital has been invested. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par). d London. pound.... 34.8665 Baris. fra i Bruesels, beiga. Berlin, mark ns, drachii Madrid, peseta.. Vienna. schilling dapest, Prague, crown (nom.) Warsaw, zloty Copenhagen. cro Oslo. crown. % Stockholm, crown TREASURY CERTIFICATES. | (Reported by J. & W Seligman & Co) Rale—Maturity Bid. 4345 Sept. . 100 iy 99 27-32 4lis 992132 99 30-32 15, 13, | the West. s 3tis 96 12-32 3 96 10-32 31 96 10-3; Ald of New York, has estimated the annual direct expenditures for illness in the United States at nearly $4,000,000,000. With medicine and similar supplies included, $700,000,000 must be added. The loss of future net earnings because of premature deaths. due to illness, in the United States is $12,000,000,000 a year. This subject has received considerable attention from the medical profession. A committee on the “cost of medical care” was organized some time ago under the presidency of Dr. Ray Lyman Wilbur, president of Stanfccd Uni- versity, and at present Secretary of the Interior. Says Dr. Wilbur: “What other ecall- ing has a sliding scale of charges vary- ing from $25 to $10,000 for the same service?” "Again he’ asks: “When a man earns $8 a day ($2400 a year if he works continuously) and is support- ing a family of five how will he pay icz medical service if his wife requires an operation and he has a ‘spell of rheumatism’ in the same year?” Mme. Fay Kazi, who went as a dele- gate of modern Egypt to the French League of Women’s Rights, told the league Eastern women were happier by far than their Western sisters. “Women's sphere is not in business offices,” says this Egyptian lady. “In the rush and roar of the office and the factory woman loses her vivacity because she is out of her natural ele- ment. The types of woman I saw in New York and Paris, Berlin and Lon- don are nothing but cheap imitations of men. But the women of the East. and Egypt particularly, have remained true daughters of Eve, even though | they don't Jive exactly in a Garden of Eden.” Mme. Kazi believes woman needs more leisure than she can hope to get under the pressure of modern busi- ness. She laughs at the so-called mod- ern beauty contests. “Come with me and I will show you feminine beauty that will dazzle your eyes—the East does not parade its beauties: it treas- ures them. One does not wear jewels on a shopping tour; neither do East- erners show their women in the bazaars.” Asked about the development of mod- ern women in the East, Mme. Kazi said the Turkish woman is the most inde- pendent. “Of course, slaves of conven- tion are the real slaves—they live in The ‘terrible Turk’ of the East is a blown-up myth. The Turks, | like other Easterners, respect their | women. They do not interfere with their living their own life, and the | women are unhampered by the man- | nish modes and the delusion that hap. piness lies in the emulation of man.’ (Copyright, 1929, by North American News- paper Alliance.) The South Manchuria Railways of | China made more than $20,000,000 prof- | its last year, an increase of $4,600,000 | 15,000 Shares Intercontinents' Power Company $7 Cumulative Preferred Stock, First Series With Class A Common Stock 1920, will be attached to pany for each share Purchase Warrants Attached each permanent certificate, entitling the hs of Preferred Stock at $25 per share until box, 2.25a3.75; oranges, box, 2.00a4.00; strawberries, quart, 6al2; watermelons, 20a50. Hay and Grain Markets. Wheat—No. 2 red Winter, garlicky, spot, 1.10;; June delivery, 1.10%5. Corn—No. 2 export, June delivery, no quotations; No. 2 yellow, domestic, spot, 1.09a1.10; cob corn, 5.2585.50. Oats—No. 2 white, domestic, spot, 55; No. 3 white, domestic, spot, 53a54. Rye—Nearby, 95a1.00. Hay—Receipfs, none. “While hay is arriving here'in limited quantities only, 1t is more than enough for the demand, which is being supplied mostly by srucks from nearby points, a few car- loads being received. There is not enough business passing to establish prices on the various kinds on merit at a range of 13.00a16.00 per ton for timothy or clover ha; Straw—No. i wheai, <2.00a12.50 per ton; No. 1 oat, 12.50a13.00. Live Stock Market. Catle—Receipts, 50 head; light sup- ply, market steady. Steers, choice, 13.50a14.25; good, 15.00a15.50; medium, 12.00a12.75; common, 10.00a11.50. Heif- ers, choice, 11.50a1250; good, 10.25& 11.00; medium, 9.00a10.00; common, 7.75 a8.75. Bulls, good to choice, stable, 10.00a10.50; fair to good, 9.35a10. common to medium, 8.00a9.00. Cow good to choice, 9.50a10.50; fair to good, 532%39.25; common to medium, 5.00 28.00. Sheep and lambs—Receipts, 500 head; fair supply, market lower. Sheep, 2.00 26.50; Spring lambs, 10.00a15.50. Hogs—Receipts, 150 head; light sup- market steady. Lights, 12.10: heav- 11.75a12.00; roughs, 7.50a10.40; light pigs, 10.50; pigs, 12.00. Trucked hogs. 15 to 30 lower than guotations. Calves—Receipts, 250 head: fair sup- ply, market higher. Calves, 5.00a16.00, no extras. Dairy Market. Poultry, alive—Spring chickens, pound, 30a45; Leghorns, 24a34: poor and thin, 25a28; old hens, 32a33; Leghorns, 26a 30; old roosters, 18a20; ducks, 20a25; guinea fowls, each, 50al.10; pigeons, pair, 35a47. Eggs—Receipts, 1403 cases; native and nearby firsts, dozen, 30}2a31; cur- rent receipts, 28a29; small, 23a24. Butter—Good to fancy creamery, pound, 43a46; ladles, 33a35; store packed, 30; rolls, 31a32; process butter, 40a41. Rail Revenues Gain. NEW YORK, June 18 () —May gross revenues of the Minneapolis, St. Paul ad Sault Ste. Marie Railway were con= siderably higher than a year ago and officials hope to show a surplus for May, | against a deficit in May, 1928, C. T. Jaffray, president, said today. June traffic, he said, is running even with last year, and present prospects for the Fall are nearly equal to the business of that period a year ago. er to purchase in the ratio cember 31, 1530; at $27.50 dividends of $2 per share per annum before any dividends are paid on Class B Com- tent of the aggregate amount of dividends paid or tstanding Class B Common ther dividends in any year Helme (G W) (17)... Hershey Chocolate. . Hershey Choc pf (4). Hocking Val (10)... Hoe (R) & Co. Holland Furn ( Hollander & Son. . ... Homestake Min (17). Houd Hersh B (1%). Household Prd (t4). Howe Sound (4).... ¢ Hudson & Man (23). Tudson Motor (5)... Hupp Motor (£2) 4 Class A Common Stock is entitled to non- mon Stock, after which Class B Common Stock set apart for the Class A Common Stock as a Stock. Thereafter the Class A Common Stock ulaf class is entitled to dividends to the s but not exceeding $2 per share per annum on the then Class B Common Stock participate equally as classes in all ring the bell for the opening session | 114 ‘Thursday. ( Decreases in Loans Reported. The Federal Reserve Board’s condi- tion statement of weekly reporting member banks in 101 leading cities shows decrease for the week . ended June 12 of $11,000,000 in loans and investments, of $35,000,000 in borrow- ing from the Federal Reserve banks and $52,000,000 in time deposits, and an increase of $169,000,000 in net demand deposits. Loans on securities increased $10,- 000,000 at all reporting banks and $13,000,000 in the Boston district and Geclined $7,000,000 in the New York district. All other loans were $8,000,000 above the amount reported a weck ago at Teporting banks in the Chicago district 98 . 831 Borden Co (3). Borg Warner (j4). 5 Boston & Muine. ... 30% Brigss Mfg 3 3% British Emp 1 % 42 Brockway M T (3)... 300 Bklyn Edison El (8). 1 60% Bklyn-Manhat (4)... 26 Bklyn Union Gas {5) 103 it 1 9212 88% 1173 116 106% 105% 36% 35% 3% 3% 5213 51 345 345 64 3 190% 185 40% 40% a1 41 19% 19 304 30% 42% 42% 115% 115 497 4815 300 300 60% 601 104% 104% 5 4% 5 97 1 24 Dividends cumulative at the rate of $7 per share per annum and are payable quarterly on the first days of March, June, September ynd December in each vear. Preferred both as to assets and dividends over any other class of stock. Redeemable at the optien ‘of the Comy.:¥ as a whole or in part on any dividend date upon thirty days' previous written notice at $110 per share plus accrued dividends. Entitled to $100 per share and accrued dividends in the event of liquidation or dissolution. Transfer Agent, Chatham-Phenix National Bank and Trust 0 34 ,Company, New York. Registrar, The Bank of America National Association, New York. 817 200% 170 47 38% Brown Shoe (23£)... 55% 381 Bruns-Balk-Col(3).. 44% 18 BrunsTer &Ry S... 42% 25% Bueyrus Erle (1). 50 38% Bucyruscvpf(2%). 117 112 Bucyruspf (7)...... 40s 53% 46 Bullard Co (1.60). 14 329% 234 Burr Add Mch (15).. 2 89% 66 Bush Term (£2). 1 110% 103% Bush Term deb (7).. 10s 91 4% Butte Copper & Zinc. 15 12% 6% Butte & Superfor (2). 2 7 7 41 28 Butterick“o..... T e ) and $17,000,000 bove at all reporting | 19974 122% Ryers (A M)..... 17 138% 133 banks. 138 104% By-Prod Coke (13) 2120 120 Tulsa Delegates Reach Home. » The delegates from Washington| 81% chapter to the convention of the Ameri-| 4 can Institute of Banking have returned home, more than pleased with their visit. Their crowning effort was the election of T. Hunton Leith to the na- tional executive council. Aubrey O. Dooley landed on the national publicity committee and, as already announced; Dollars and Sense was rated as the best publication of its kind. Those attend- ing the convention were A. E. Henze of W. B. Hibbs & Co., president of the chapter; Mr. James A. Soper. Lincoln National Bank; H. W. Burnside, Farm- ers & Mechanics Branch of Riggs; John De Marco, Seventh Street Savings: J. Fred English, Commercial National; Gerald Kcene, Second National; Ray- mond Lewis and Frank M. Perley, American Security & Trust Co.; Rich- | ard Norris, Lincoln National; Miss Rose L. Royce, Washington Loan & Trust; Robert A. Sisson, Washington Savings: Robert G. Whitfon, First National of Alexandria; William Winstead, National Metropolitan, and L J. Roberts, Riggs National. Prices Steady on Exchang Trading as in moderate volume on the | Washington Stock Exchange today, bonds getting their full share of atten- tion. The bond leaders were Washing- ton Gas 5s and Gas 6s, series b. All the stock trading was in small lots. Capital Traction opened at 93% and closed at 92!, ex-dividend. Mergen- thaler sold ex-dividend 104% and 105. Other prices were steady. Acacia Employes Plan Outing. Plans for_the annual outing of 400 employes of the Acacia Mutual Life Association, to be held at the Manor Ciub, Norbeck, Md., Tuesday, June 25, | now are being completed. The outing | will be featured by outdoor sports and | games of all kinds, including numer- ous athletic events, in_which ail of those in attendance will participate. The assoctation’s offices will be ciosed for the day. The committee handling arrange- ments for the oufing follows: ~Mrs. Hannah Wantz, chairman; Waiter T. Parker, secretary; Etta Webb, Kate Rielley, E. Hawson, Andrew Long and Nathan Clark, Mr. Theodore E. Seelye, President of the Company, has furnished the following information: Intercontinents Power. Company, incorporated under the laws of the State of Delaware, s organized to acquire, operate and participate in the ownership, directly or through subsidiaries, of public utility properties in South America and other countries. The Company owns the entire outstanding capital stock (except qualifying shares) of S. A. Cia Sud Americana de Servicios Publicos (an_Argentine corporation) which owns or has under contract electric light and power properties located in Argentina with approximately 14,585 H.P. installed capacity and serving 24,012 consumers in seventy-one (71) communities having an estimated population of 444,000. This subsidiary will also own over ninety (90) per cent. of the capital stock of the S. A, Luz Elcctrica de Tres Arroyos, having an installed capacity of approximately 4000 H.P. and serving 5,500 consumers in a community in the Province of Buenos Aires, estimated at 63.000. In addition, this subsid- iary will own two properties located in Southern Brazil having an installed capacity of 1,140 H.P. and serving 3,047 consumers in a population of 44,000. 1llinols Central (7). . 1llinois Cnt Is In (4). Independ Oil & G (2) % Indian Motor Cycle. Indian Refining . Indian Refining ct Industrial Rayon. Inland Steel (3 Inspiration (4) Interboro Rap Tran. Intercontinental Rub Intl Agricultural. Intl Business M Intl Intl C: 2).. Intl Cmb Eng pf (7). Intl Harvester (2 Intl Harv pf (7)..... Intl Match pf (3.20). Intl Mer Marine. . ... Intl Mer Marine pf. .. 4 Intl Nickel Can (80c) Intl Paper pf (7).... Intl Pap & P A(2.40). 4 Intl Pap & Pwr B. Intl Pap & Pwr C. Intl Pap & Pwr p Intl Print Ink (2%). Intl Salt (1%). Intl Silver (18).... Intl Tel & Tel new Inter Dept St (2). Inter Dpt 8 pf x w(7) Intertype (ft13%).... 34 Island Creek Coal(4) 6 52% Y SO Jewel Tea (163). 4143 Johns-Manville (3).. 16 177 Jones & Laugh pf(7) 50s 120% 4 Jordan Motor Car. 2 8 5 10s 15 1 19 33 S 72% Calif Packing (4)... 1% Callahan Zinc & L. .. 12414 Calumet & Ariz (10). 36% Calumet & Hecla(4) . 90% 78 Canada Dry (143).. 330 320 Case (JI) ctfs (6) 70% 52 Celotex (3)... 265% 218 Canadian Pac (10) 40% Cent Alloy Steel (2). 1121 105% Cent Alloy St pf(7).. 10s 360 305 Cent RRof NJ (112). 120~ 88% Cerro de Pasco (6).. 28% 16% Ceftain-teed Prod... 230 The Company also owns the entire outstanding capital stock (except qualiiying shares) of a Chilean corporation which bears a name similar to that of the Argentine subsidiary, and which owns the electric light and power property located in the City of Antofagasta, Chile. This property has a 3,695 H.P. installation and serves 3,318 consumers in an estimated population of 65,000. ; 135 617% 331 5814 23 229 46 45% 109% 109% 319t 319%° 102 98% 25 25 221% 219 The properties so purchased or contracted for are either key locations at important railroad junctions or lend themselves advantageously to the principles of central static n operation. The Company proposes to continue the acqui- sition of additional properties after thorough investigation, CAPITALIZATION: (After giving effect to the present financing) 581 To be presently outstanding $7,500,000 30,000 shares** Authorized . £200,000 shares 500,000 shares*** 100,000 shares 500,000 shares 251,000 shares +*First Series, $7 Dividend (including this Issue). 195 Ches & Ohio (10). 7815 Chesapeake Corp (2) 14 Chi& Alton pf. 12% Chi Great Wes 234 38 Chi Great Westn pf 27% Chi Mil St P&Pac. . . 46'% Chi Mil St P&Pac pf. R0Y Chi& N W (4). 2814 Chi Pneu Tool. . 4814 Chi Pneu T pf (333). 115 ChiRIL&Pac (7).. 99 ChiRI& Pacpf (6). 4 ChiR1 & Pacpf (7). 291 Chi Yellow Cab (3). 381% Chickasha C Oil (3). | ilds Co (2.40) | 4 6% Debentures, Series A, due 1948 Cumulative Preferred Stock (No Par), Class A Common Stock (No Par) Class B Common Stock (No Par) G 4its . *Limited The above-mentioned subsidiary companies at present have no securities outstanding in the hands of the public. VALUATION: The cost of the properties owned and under contract, together with working capital and cash to be available after present financing for the purchase of additional properties and/or other capital expenditures, is in exzess of $12,800,000. After deducting the principal amount of 6% Debentures to be outstanding, there is an equity remaining for the Preferred Stock of over $170 per share. g EARNINGS: The combined earnings of the properties owned or under contract of purchase by the subsidiaries of Interconti= nents Power Company for the twelve months ending February 28, 1929, as prepared by Messrs. Price, Water- house, Faller & Co., Buenos Aires, adjusted to include interest at the rate of 6% on $1,500,000 cash to be available after present 2;1?gfiing and to deduct provision for depreciation in accordance with the terms of the Indenture covering the Debentures, are ows: 1 30s 107% 107% 2915 29 38Y% 54 101 7% 514 A 101 75 507 21% 6013 130 47% 71% Chile Copper (3 66 Chrysler Corp (3) 507% City Ice & F (3.60).. 15 City Stores (1).... 56 Cluett Peabody (5). 120% Coca-Cola (4)..... 47% Coca-Cola A (3)... 48 Collins & Aikman 56 Colo Fuel & Iron. 101 Colo & South (3).... 70% Colo & Sou 1st pf (4) 531% Columbia G&E (2).. 442 103% Colum GEEPfA (6). 3 58% Colum Graph (29.1c) 199 4 Columbn Carbn t4%. 68 Kan City Sou (5). Kaufmann D S (1%). Kayser J & Co (5)... Keily-Spring Tire. .. Kelsey Hayes (2). Kelvinator Cory. Kennecott (5).. Kimberly CIrk(2%).; Kinney (G R) (1). Kolster Radio. . <raft Ph Ch (13%) Kraft Ph Ch pf (6%%) Kresge S S (1.60). 6 Kresge Dept S pf.... 10s Kreuger & Tol(1.34). 127 Kroger Gr&Bak(cl). 29 Lago Ol & Trans. 44 3 Lambert Co (8)..... 54 Lee Rubber & Tire.. 7 Lehigh Valley Coal.. 30 Lehigh Valley (3%). Lehn & Fink (3) 3 Liggett & My (15 3 Liggett & My B (15). 8314 Lima Locomotive. .. 51 5 Link Belt (2.40). 50 Liq Carbonic (14%) . 85 Loew's Inc (13)..... 56% Loft Inc : 9% Loose-Wiles (2.60). . 6214 Lorillard (P) Co 26 25% Loulsiana O1il. . 10 12% Louis Ofl pf (6%)... 10s 90% LouG&EIA (1%).. 317 41 Louts & Nash (7). 2 143% Ludlum Steel (2) 20 9314 27 1 6 8 123 19 217 1 14 29 14 3 6015 130 4% 55 5314 626 60 115% 114% % T1% TN T2 105% 105% 60% 5814 175 170% 45 437 100 100 26% 26% 28 27 150 144% 416 408 28 221% 645 64 21% 20% % 69 76% 6% 89% 89y, 93 92 26% 26% 124% 120% 98% 98 3 3 17 14 8 T 83% 80w 14% 18% 9% 97 % 70% 83 82 18% 181 94% 927 141% 141% 63 62% 94% 98 97% 95% 2% 2% 6% 6% Gross earnings, including other income Operating expenses, including maintenance, local taxes, prov Arroyos minority interest. ... 2% 140 $2,246,172 50 72% 7818 122 80 9% 108 88% 170 625 43 105% 95% 26% 24 28 195 410 40% 12 7% 45% 27% 254 32% 95 43% 691 3314 75% 1,199,481 Net earnings. . y . . $1,046,691 208 Annual interest requirement on debenture: 450,000 $596,691 210,000 Balance available for income taxes, dividends, etc. . Annual dividend requirement on Preferred Stock (including tl issue) The above balance is equal to 2.84 times annual tssue). - Over 97% of gross operating revenues of subsidiaries are derived from the electric light and power business. Further contracts have been entered into for additional properties which will use all or a major portion of the $1,500,000 aforesgid and should result in an increase of the above net earnings. MANAGEMENT: The development and operation of Intercontinents Power Company and its subsidiaries are under the management of Gannett, Seelye & Fleming, Inc., public utility engineers and operators, who, with Westing- !};ousé Electric International Company and the bankers have made a substantial investment in the Class B Common Stock of he Company. ! idend requirements on the issue of Preferred Stock (including this 26 127% 10 19 1% 51 Bl 81% 42% 49% T1% 48% % 56 20 12% 89 357% 138'% 66% 225% Com Solvents (h8).. 107% Comnwealth Pwr t4. 59% Conde Nast Pub (2). 19% Congoleum-Nairn 71 Congress Cigar (5 77% Consol Cigar (7).... 84 Consol Cgr pr pf 6%. 20s 89% Consol Cigar pf (7). 508 25 Consol Film In pf(2) 16 95% Consol Gas (3). 1170 98 Consol Gas pf (5)... .14 214 Consol Textile. . 12 Container Corp A 7 6 Container Corp B 15 47% Contl Baking A..... 81 Contl Baking B..... 8815 Contl Baking pf (8). 60 Contl Can (23)..... 79 Contl Insurance (2). 28% 17 Contl Motors (80c). . 101% 82 Corn Prod (13).. 144% 141% Corn Prod pf (7). 821 51- Coty Inc (g2).. 125 85% Crosley Radlo ( 98% 85 Crucible Steel (5) 5% 1% Cuba Cane Sugar. 18% 5% Cuba Cane Sugar pf.. 24% 11% Cuba Co. 96 96 100 30% 119% 100% 6% 23% 11% 81% 14% 100 8014 9414 51 50 87 56% 9% 62% 26 12% 90% 44% 1433 9% 98% 100 40% 70 97% 171 18 81 3 98 51 Ali legal matters in connection with this issue will be passed upon by Messrs. Townsend, Elliott & Munson, Philadelphia. for the Bankers and by Messrs. Raule & Henderson, Philadeiphia, for the Company. Al auestions pertaining to South American Law il be passed upon by Messrs. Edve, Roche & de la Vega, Buenos Atres, Argentine, and by Messrs. Ward & Pricto, Valparaiso. Chile. Monies of the respective countries have been converted into United States currency on the basis of par of exchange. This Preferred Stock is offered, when, as and i md subject to approval of counsel. Permanent certificates will be uallable for detivery on' o lavout Sty s, 1ogss 1/ lsrued and received by us a : p SIGNS CALL MONEY BILL. SPRINGFIELD, Iil, June 18 (@).— Gov. Louis L. Emerson today signed the call money bill. ‘The measure authorizes an interest charge at a rate greater than 7 per cent on loans of not less than $5,000 which are secured by warehouse re- ceipts, bills of lading, stock or other wlTltel’a] security. ‘The bill was designed to check the flow of money from Chicago to New agrki when call poney pays higher in- rest, Price $99 per share flat, to yield 7.07 per cent 144% 95 us8 b 9% 97% 0% 621 91 148 17% McCrory A (2) . 708 98% MecCrory B (2). .. 8 101 McGraw-Hill (2), 3 41% McKeesport T P (4 TRk Mack Trucks (6). 13 97% Macy & Co (cf3).... 33 173% 167 Madison 8q G (1%). - 2 18 18 (Continued on Thirteenth Page.) 9819 970 407% 70 §7% 9718 97, 40% T0% 971 16614 18 The information contained iIn this advertisement has been obtained from sources which we consider relable. While not guaranteed, it has Sl R G e - . EH NG 208 144 4 52 5 8 115% 48 82 114% 186% 24