Evening Star Newspaper, June 21, 1929, Page 13

FINANCIAL.® THE EVENING STAR, WASHINGTON, D. C., FRIDAY, JUNE 21, 1929. FINANCIAL.” PRICES IRREGULAR INCURS TRADIG Heavy Profit-Taking Oceurs in Utilities—Some Spe- cialties Strong. BY HARRY H. BECKER. Bpecial Dispatch to The Star. NEW YORK, June 21.—A larger volume was combined with an irregular price movemeht on the Curb Exchange today. Interest still centered in the utilities, which, however. had to absorb heavy realizing that in many cases brought about recessions Next to the utilities, the feature was the trading in the stock of the new food combination, arbitrarily designed as “Fleischmann Royal.” This is the $430,000,000 merger of Fleischmann, Royal Baking Powder and the E. W. Gillett Co. Others are expected to be brought in subsequently. Large Turnover. The first trading was in the over- the-counter market, with a quotation of 33% bid, 34}, asked. On the Pro- duce Exchange the stock opened at 34';, The first transaction on the curb was made shortly after noon, when 1,500 shares were sold at 35%. There was a large turnover in Niagara Hudson Power at slightly lower prices, and the stocks of the constituent com- panies were heavy. Buffalo, Niagara & Eastern sold down to 98 in contrast with. its recent high of 112. Electric Bond & Share, which made its top yesterday, sold off today, but Electric Investors, affiliated with Elec- tric Bond & Share, rose 4 points to a new top. Another strong light and power stock was Central States Electric, in demand because of its holdings in other utilities, notably North American. Selling above 139. it was at a new peak also. United Gas Improvement was active, but not importantly changed. Application has been made to list the issue on the Stock Exchange. Long Island Lighting sold above 80 for the first time. Crocker Wheeler Gains. An interesting incident was the rise in Crocker Wheeler of 7 points on top of a 20-point gain the day before. This stock is very closely held and the float- ing supply is so small that any increase in demands results in sharp advances. There have been rumors that General Electric was interested in the property, but they have never been confirmed. Strong specialties included Trans- America and Walgreen. Oils were heavy, an exception being the low priced Derby Oil & Refining. St. Regis Paper sold off somewhat, but Babcock & Wiléox was strong. Baltimore Markets BALTIMORE, Md., June 21.—White potatoes, 100 pounds, 1.00a1.35; new po- tatoes, barrel, 17523.00; yams, bushel, 2. sweet potatoes, bushel, 1.50a 2.50; asparagus, dozen, 1.0023.00; culls, 50a1.00; beets, 100, 2.50a3.00; beans. ‘bushel, 2.00a2.50; cabbage, hamper, 40a 50; carrots, crate, 3.00a3.25; celery, crate, 1.50a3.50; cucumber: bushel, 1.25a2.25; corn, bushel, 1.50a1.75; beans, bushel, 3.00a4. lettuce, bushel 50a 1.25; onions, crate, 1.75a2.10; Spring on- ions, 100, 1.00a1.25; spinach, bushel, 50 a75; tomatoes, crate, 1.50a3.00; appies, bushel, 1.25a3.00; blackberries, quart, 8 al3; cherries, d, 6al18; huckleber- ries, 18a20; grapefruit, box, 2.25a3.75; ora . box, 2.0084.00; strawberrles, quart, 3a15; watermelons, 25a60. Dairy Market. Poultry, alive — Spring chickens, pound, 30a43; Leghorns, 26a34; poor and thin, 23a25; old hens, 32a33; Le; horns, 26a28; old roosters, 18a20; ducks, 20a28; guinea fowls, each, 50al.10; pigeons, pair, 35a47. s—Receipts, 2,129 cases: native and nearby firsts, dozen, 30a31; current receipts, 28a29; small, 23a24. Butter—Good to fancy creamery, pound. 43a46; ladles, 33a35; store gg:‘k!l’d, 30; rolls, 31a32; process butter, | Hay and Grain Markets. Wheat—No. 2 red Winter garlicky, spot, 1.1414; June delivery, 1.141,. | Corn—No. 2 export, June delivery, no | quotations; No. 2 yellow, domestic, spot, 1.09a1.10; cob corn, old, 5.2585.50. Oats—No. 2 white, domestic, spot, 55; No. 3 white, domestic, spot, 53a54. Rye—Nearby, 95a1.00. Hay—Receipis, none, While hay is | arriving here in limited quantities only it is more than enough for demand which is being supplied mostly by trucks | from nearby points, a few carloads being | received. There is not enough business | passing to establish prices on the various | kinds on merit at a range of 14.00a16.00 per ton for timothy or clover hay. Straw—No. 1 wheat, 12.00a12.50 per ton; No. 1 oat, 12.50213.00. | Live Stock Market. { Caitle—Receipts, 250 head: fair sup- ply, market lower on cows. Steers, | choice, 13.50a14.25: good, 15.00a15.50; medium, 12.00a12.75; common, 10.00a | 11.50. Heifers, choice, 11.50a12.50; | good, 10.25a11.00; medium, 9.00210.00° common. 7.75a8.75. Bulls, good to e, 10.00a10.50; fair to good, common to medium, 8.00a Cows, good to choice, 9.50a10.00; | : 5259.25; common to me- d lambs—Receipts, 250 head; fair supply, market lower. Sheep, 2.00a 6.50; lambs, 10.00a14.50. | Hogs—Receipts, piv. market steady. Li heavies. 11.75a12.00; roughs, 7.50210.35 light pigs. 10.75; pigs, 11.90. Trucked hogs, 15 to 30 lower than quotations. | Calves—Receipts, 100 head: fair sup- | ply, market steady. Calves, 5.00a15,50; | ne extras ; fair sup-| hts, 12,00 COMMODITY PRICES. the Associated Press. | A trend toward stiffening prices of | general commodities was evidenced to- | cay in the Census Bureau index. That figure, which is based on_considering the weighted average of 1926 prices as | 100, showed nearly a point advance be- tween June 8 and June 15, though it was still below the scale for the safe period last year. The commodity index, together with the figure for average prices of a composite of steel products, for last week and comparable periods ollows Be Week endint June 15 Preceding week Bame week' last ve SILVER QUOTATIONS. NEW YORK, June 21 (#)—Bar sil- ver, 521, can dollars, 39%. GERMAN BONDS AND STOCKS. | NEW YORK, June 21 (Spacial) | Ger Govt Red Loan with draw ctfs attached per 100 R ‘Asked. ing M.... 55.00 69.00 ars erthousand m: German Gen Elect 4'2s pre-war German Gen Elect 4125 1919 SE¥s8ss 45 pre-war. .. : (Quoted in doliars per share.) A E G (German Ge Elec). .00 A E G (German Gé Elec) pfd B Commerz and Privat Bank 33333332838 kitis834388" B.zabsgugace NEW YORK CURB MARKE Special Dispatch to The Star. NEW YORK, June 21.—Foll the New York the volume of sales an and including the close Sales INDUSTRIALS. huny 222> 9Am Br Bov 1 Amer Chain .. upasal voneagle assy poue er Gas & El . 3Amer Gas & E pid 1Amer Laund Mach 315 Amer Lt & Trac 1Am Lt & Trac s 4 Amer Sol & Chem . Ni 1 Armstrong. 39 Asso El Gas & Ei A 35 Asso Gas & El deb rts 31Ass0 G & E . 7 Burrough Ad Mch 9 By-Prod Coke . 7 Cable Rad Tube Vi 3 Marconi W ... 3 Capital Admin A ... 3 4 Capital Admin A pid , Garman & Co A : b 3 Gaterptl Traci 1Gellu Co n b 1Cent Atl Sta Ser vic 12 Gent ‘& South Ut 43 Cent & Sou U prd. 1 Gent Pip Cor. 3 Cent Pub 8 A 29 Cent States Ei n. 01 Gent n h Sub Col Auto Pts lumbus El "} Commonw & 8% 14 218 4 Gommonw P ptd. ... 1001 vessasiien. ity 358 ® neele 15 Crocker Wheeler. T et .===§§§=E 3 r R C. 91 Detroit 3 Dov S8 SEERTRPE IR 5 2 5 - Rol 11 East States Pow i, Educat Pict pfd. 14 Eisler * Elec 78 El Bond & 22832 REdxes: TREFES FEFE gy nu e ug e 2 Foundation For A 34 Fox Theaters A 6 Frank (H H) Mis 3¢ Frank (H H) M C 5 Preshman Chas Co. 1 Gamewell Co. 19 Garlock ' Pkg Real & 3 R & U C pld xd § Globe Un Exc. 12 Gold Seal Eilec i 50 Goldman Sachs n. 1Gorham Incs A i 25 b rdian all Printing ... andley Page pid.. appin C_St A i Hartman Tob 9 Haygart Corp 2 Hazeltine Corp ' Helena Rubenstein B! 4 ousenold Pinsn ptd 4 Hygrade Food Prod 7Imp Chemical. .. 3 Inas Finance etf 2 Insur Co N A. 3 Insur Secur... . 18 Tnsur_Shares A 3 Intl Prod. . 125 Intern Tul B 3Irving Air Chue. 3Ttal Superpow A 21l Superp’ den 5 Mayflower _Assn 2 McLellan Stor A 1 Mead Johnson Memphis Ni eBaesieyecesy, 2 g S guuuaasys lowing is a list of stocks and bonds traded in on Curb Market today with d_prices up to of the market: 2Nat Rub Mach...... 1Nat Scree . s t Sug R N J 0 Nat_Theater Sup. Nisg Hud iag Hud P mer Amer C forth Am Utili orth Easter, Nor Bta P_A. Ty ard Motors A itbosrd Motors B. ackard Mr n %! al 3 man Bros ... oge Isl P S pid Cent "' Poy Cent. Pow Cosh kland Lt P C n.. oosevelt Field . uberoid .. .. ussek's Fifth Ave . fe C H & Lt.... e t % 05 e R B NI O b 55 e B0 g Stat Regis Paper... Reai Est Un 5c-51 Am Tnv..... & Hwd. | siries Inc Inc_pfd flg;‘!? 358 uite wite Gen al Lock lect. Indu: str 1 s orno Brscai” o ppaEzaEeeRe T 1Spanish & Gen rets. . CoB ... }B" Sec A nd Sec 4 Sterling 2 Thomps Pi 3 Tob Prod Export. ‘odd _ Shi) 23 55 a0 B 24 ...._..u... gaaada-se Ss5552e saaé 28 2> e Q! 83 H n 4 nion_Oll Assn. em pr pf imp Imp € 3 Beaodls Uni G Imp C n ris.. M5 C b pld &P B P A ptd..... ni Piece Dye Wks... T, Wi Wal Watson Wayne Pum) 1 Wi 1Winter B J .. 7 Zenith Radio Zonite ... Sales in hundieds. 1 Ariz Globe 2 Carnegle Metals. 1&nier Cons Min Utah Apex . ... 4 Am Con Ollfieids S Am Maracaibo Co.... 1Carib_Synd 1 7 Gosden OIl.... 1 Cosden Ofl ‘pfd. . 19 Creole Pete. ... . 1Crown Cent ‘Pete. 2 Darby Pele . 62 Derby O & Rel...... AP s Cum pid Gas 5 Bradford O 1New Mex Ariz Land Y Pete Roy_ STANDARD OIL ISSUES AND FOR- MER SUBSIDIARTES, lo Am Ofl. © gg-og:z s3siesaysss & Pty 20000 8 ., t ‘A ¥nolds Metal Al .13 308 LT 3¢ 199 o+ o 11 1T R 8ec pid ailot. s, N 1] % 2 Tishman Reaits &'C 617 ; [ 3% MINING STOCKS. 171% 2 a3 a3 33e 12 634 32z 221 [ 131, 36 a | 18341 1% 80 8 18 | 143 11 937 4% T -y FRTRFERE BTOCKS. 143 1 145 141 L i 123, a1 i 111 | than yesterday's finish, s 1 quly . September Ly September -~ Received by Private Wire Direet to The Star Office Ty e | st E—H ¥ ¥ 9233 d3585 0 = 3 938220909909 <733 Ay LR ol 0005 o Ban Mot S matio ! WPO0RZZZ 222 ZRERRAC AL gfgz.“:,::gggi_,g,az ¢ A ] g 11100 52.. 90% 9815 92 . FEC et 5 ..-;'IE E T o e Qacagaa-nne: 555 A West P 5%s A Sales FOREIGN BONDS. in thousands. 1 Agri Mor Ba 7s ¢ C E 6las ;10174 10; 4710314 10: 1 '8 314 'Wain 6 40 99 48.. 86 r 28 ‘A8 2 Rumania Inst 7s '50.. 83 5 6 Uni El 8 75 20 Uni Sty W 6! d—Ex-dividend When issued. ew. With warrants Alww a8 A 4T 90% WHEAT IRREGULAR. CHICAGO, June 21 (#).—European purchases of 2,000,000 bushels of wheat from North America did much to bring about a further advance in wheat values today. Widespread lack of rain in Spring wheat territory northwest continued and although some reports from the Southwest said Winter crop damage advices were exaggerated, a leading authority went on record that Kansas would do well to obtain 12 bushels per acre. Export purchases were almost entirely Canadian wheat, but some No. 2 hard domestic Winter wheat at the Gulf of Mexico was sold at 3; to 14 under Chicago July de- livery. Price upturns for wheat failed to hold well at the last, and the close was irregular, 13 lower to !2 higher Corn closed at 35 to 34 net decline, oats 4 off to Ya up, and provisions unchanged to a rise of 10 cents, HEAT— July . September December RYE F2d December LARD- Octaber RIBE 382 832 July September 3 $35,000,000 DEAL. NEW YORK, June 21 (#).—The Gen- eral Steel Castings Co. it was learned today, will pay approximately $35,000,- 000 for the property of the Common- wealth Steel Co. of Granite City, Il which it has contracted to purchase. Funds for the transaction will be raised through the sale of the $30,000,- 000 issue of first mortgage 5% per cent bonds, which General Steel Castings offered today, and also through the sale of 420,000 shares of no par com- mon stock at $50 a share, and the de- livery of 100,000 shares of no par $8 preferred stock. The latter s carried on General Steel's balance sheet at $6,€66,000. COTTON PRICES DROP. NEW YORK, June 21 (Special).— The cotton market felt the effect of increasing July liguidation and an e | cellent weather report and prices de- clined about a dollar a bale today, ending around the bottom. July sold within 10 points of 18 cents. Spots were re- duced 25 points to 185, Cottén range: NEW YORK, June 21 (Special).— Bid. " Asked. d Bank 4%s Nov. 1058.39 Tond Bank 4 buay ioss-3s 43 Nov. 19, | Spectal Dis NEW % |arousing _considerable TRADE ACTVITIES AT RECORD LEVELS Practically All Lines Are| Closing Half Year of Great Gains. BY J. C. ROYLE. atch to The Star. 'ORK, June 21.—Boards of business strategy are sitting almost con- tinuously this week, formulating plans to clean up inventories for the close of the half year and increase business for the remaining six months. first part of this program is not giving executives much worry. ~Stocks are melting off the shelves and out of the warehouses and plants. The first two quarters have produced such a de- mand in most lines that there is small excuse for burdensome inventories. Trend of Times. The second part of the program is consternation. Firms in nearly every line of business are dashing into other lines which they have never touched before. Other firms which thought they had gauged competition now find themselves faced by opponents heretofore considered as in a completely different line of busi- ness. The retail tobacco interests, for ex- ample, have shown a desire to go into the food products business. Manu- facturers who have sold through jobbers to retailers now are providing their own retail oul . Paint companies have gone into the food business. Some producers of.food are preparing to turn byproducts into paper. Automobile makers are turning to airplanes. Elec- | trical equipment manufacturers are weaving and bleaching textiles. J. P. Morgan & Co. has just an: nounced & $30,000,000 consolidation of | food products concerns, which will in- | clude Fleischmann Yeast. Royal Baking | Powder and the E. W. Gillett Co., Ltd. largest maker of baking powder in | Canada. Eventually, it is reported, this may also take in‘Chase & Sanborn, with an extensive coffee and tea busi- ness. ‘The Firestone Tire & Rubber Co. is building a $500,000 plant in Dayton to make automobile batteries which will have a capacity of 2,000 batteries a day at the outset. A thousand men will be given work and the batteries will be sold through Firestone tire dealers. Copper mine owners are entering the | wire manufacturing fleld. | These are only a few of the changes | taking place. The oil concerns are ac- | tively engaged in developing side line: and in entering new flelds within the | 'x:trole]um industry. The same applies | coal. Industrial Activities Great. In the meantime, industries are plug- ging away at a terrific pace. Men in the industry say steel is in hetter shape | than in any June since the war. There | are 48 open hearths, 113 finishing units | and 12 pipe makers active in the Ma- honing Valley alone this week, and fin- ishing mills are being held up by short- age of steel. Th? peak of automobile production seems to have passed, but the volume of cars still being turned out is tremendous. Road construction is more active than ever before and construction of public buildings is pro- eding as fast as possible. Wheat and cotton now are being shifped from the South and Southwest , with the farm relief measure on the statute books, the feeling in rural communities seems to have bettered. Industrialists and distributors feel bet- ter now that Oongress: has recessed without taking action on the tariff. ‘They know that it will be 1930 before any general tariff revision can become effective, d feeling safe, therefore, in making and carrying out plans for the immediate future on the present cus-| toms basis. Pros) growers look very tions. ts for the fruit right in many sec- Railroad Earnings. Railroad earnings are such that the carriers are greatly heartened. The volume of freight traffic is undimin- ished, while the gain in passen busi- ness has been most acceptable. The tourist season is on in earnest and promises to be more profitable for the retailers of the country than ever be- fore. It is estimated that atomobile rties yield a volume of retail trade of at least $10 each the country through which t! Volume of Summer clot! compares most favorably with last year. Radio sales have not encountered the slump usual at this time of year and phonograph instruments and records are moving briskly. i RS BANK SEES SEASONAL DECLINE IN BUSINESS By the Associated Prers. NEW YORK, June 21.—The current trade survey of the Union Trust Co. of Cleveland says that business is entering upon a period of seasonal recession after the recent months of record-breaking activities. The bank does not interpret the de- cline as a depression, but rather as a slowing down to a more normal pace. Four major factors indicating the sea- sonal slackening are said to be a de- credse in automobile production, an an- ticipated decline in iron and steel pro- duction, a decline in prices of srgicul- 'é;"“ commodities, and the credit situa- jon. Lg—?gs on :Autos e 3% Confidential Our Only Charge UNITED LOAN CO. (Bonded) Rosslyn, Virgi Phone West 2920 Azross Key Bridge—Opposite Bank ENTERPRISE SERIAL BUILDING ASSOCIATION Tth St. & La. Ave. N.W. 62nd Issue of Stock No for Suherlpun' oo Money Loaned to Members on Easy Monthly Payments E. Com b L iy L Just OPPOSITE STATE DEPARTMENT Entire Second Floor of Seven Rooms for $165 a month, or will rent in small units. Large, light rooms with high cell- ng 'NORTH WASHINGTON REALTY COMPANY Shepherd 2400 53 n to Ln e uatiing nter of Joseph [. Weller .:,,M- ~ 6% First Mortgages For Sale JAMES F. SHEA 643 Louisiana Ave. N.W. First Mortgages Safe—Conservative 42 Years’ Experience in finaneins homes and in the sale of thess se- curities. Make your savings and surplus funds W H. Saenders Co, Inc. =EALTORS Main 1016 1433 K You’re Fully Protected when you invest in GUARANTY FIRST MORTGAGE NOTES AND BONDS These safe and _soun prriiRett o5 iR Lawyers, Investment Bankers, Brokers And other professional men have the unusual opportunity to ht highest rearrange to suit tenants. Act quick. Only a few offices left. Phone Main 5437, 9 to 5 daily. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Trevelers’ 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 NATIONAL MORTGAGE AND INVESTMENT CORPORATION Capital $3,000,000. This corporation offers for sale n: secared by FIRST DEEDS OF TRUST On District of Columbia Real Estate These Notes Are Absolutel Fully Guaranteed Bafe Investments and Are y This Corporation Denominations as low as $250.00 6% Interest A Special Service Is Offered to Investors. NATIONAL MORTGAGE AND INVESTMENT CORPORATION 1004 Vermont Ave. N.W. “How long will my money be tied up if I buy ,-~’\ Cities Service?”—asked the reader - v | l o asibSI, a8 s prrs _.‘.\::‘o “\?\,. b= ase 8 yiofe ¥ ‘This clipping is from one of America's great dailies, and is one of many in our files. Name of newspaper fromwhichitwastakencan be furnished on request. conRigin b b oD I “You are at liberty to sell two minutes after buying,” replied the editor FINANCIA!. editors, like the one quoted above, are by Since the incorporation of CitiesService Company, eight- een years ago, net to common stock_and reserves has aver- aged 25.22% on the average amount of common stock outstanding. only ex securities. rts who have set their seal of ong the 450,000 investors in n0 means the :ggmnl on Cities Service tion are many banks, insurance companies, trust companies and other institutions widely experienced in the selection of sound investments. ‘The reason for this is that Cities Service securities meet the three tests easily and promptly turn into cash at any time. Widespread ownership tendsto stabilize the market for these securities and demonstrates the confidence with which the investing:public regards the Cities Service organization. : HENRY L. DOHERTY & COMPANY Fiscal Agents for Cities Service Company 634 Southern Building of a good investment: Safety of principal, satisfactory income and ready marketability. Of these, the last is by no means the least. Conmng:fl ersonal and business conditions make the marketabili investment holdings of prime consideration. When you own Cities Service stocks you have a security you can fluctuatin, ity of one’s Washington, D. C. Branches in Principal Cities HENRY L. DOHERTY & CO. Southern Blds., Washington, D. C. Sead copy of booklet describing the lavesemeat possibilicies of Cieis Service secaicie.