Evening Star Newspaper, June 28, 1929, Page 13

FINANCIAL. CUBR SHAR IN HEAVY TRADING Utilitieg Are Most Active Is- sues'in Rapid Turnover. “List Strong. BY HAREY M. BECKER. @pecial Dispatch 40 The Star. the Curb Exchange set a furious pace today and thredtened the former record five-hour turnever of 3,046,400 shares established last November, The list contipued extremely buoyant, with the utilitibs again in the lime- light and a further broadening of inter- est in most other sections. Trading On Large Scale. The big feature was Commonwealth & Southern, which opened on a block ©of 100,000 shares, equaling the record initial transaction in the history of the exchange established by the same issue on June 14 last. Innumerable lots of 5,000 to 10,000 shares were taken throughout the day and the volume of trading in the warrants was almost as tremendous. The stock extended its recent rally anpther point or so to the best level on [the current movement. pite the revival of large scale trad- in the issue none of the recent lve favorites:lost their buoyant char- acteristics. American Fofeign Power and Utilities ht & Power A featured the medium iced issues, soaring to new highs, ‘while Electric Bond & Share, stimulated by reports that it would be transferred to the Stock Exchange within the next few weeks, climbed above 120 for the first time under the present capital structure. The buying, as has been the case all along,|'was,aiso based on_the sharp appreciation in the value of its investments. The movement in utli- ities was basedion the supposition that one of the various holding companies was buying stock. American Gas & Electric was also ‘conspicuous ng‘onl the high-priced power issues, and there was a sharp advance in Columbla Electric Power to new high ground for the year. The strength spread into the shares of the & Hudson holding group, but ¥ went on in certain others, especially United Gas Improvement old, :r.m its violent rise of the preceding y. Miscellaneous Division. Decided strength continued to char- acterize such recent proriinent per- formers in the: miscellaneous division a8 Checker Cab, Bristol Myers, United States Freight, Vick Financial and numerous others. International Pro- Jector new went through its former top on publication of reports that negotia- tions have beem practically completed for a mz:gfi.wlt several other con- cerns in ted lines. The aviation stocks steadied after the nervousness which followed the break in most of those issues excluded from the new Curtiss-Wright 'com! Stock of the holding company was comparatively and heavy. Fleischmann Royal slightly betfer. progress, relapsing ullness. - issues and, the :motors continued and firregular. Baltimivre Markets v.»md Dispatch o The Star. BALTIMORE, Md, June 28.--Pota- onions, 1 .00!2#'5: Ramper, 25040 " 840 ; inach, bushel, 6a13; watermeions, 25850 Dairy Market. 21a22; old hens, 29a30; Leg! 25; old roosters, 18a20; ducks, 20a23; guinea fowls, each, 50al1.10; pigeons, pair, 35a40. Eggs—Recelpts, 980-cases; native and mearby, firsts, 'dozen, 30; current re- ceipts, 29; small, undersized, 25. pound. A2eAsig; edics, 3aa3d: siors , 42a45%%; , 33a35; s packed, 30; rolls, 31a32; process butter, Hay and Grain Markets. ‘Wheat—No, 2 red Winter, garlicky, spot, 1.11%; June delivery, 1.11%. Corn—No. 2 export, June delivery, no quotations; No. 2 yellow, domestic, spot, 1.10; cob corn, old, 5.50. Oats—No. 2 white, domestic, spot, 55; No. 3 white, domestic, spot, 53a5315. Rye—Nearby, 85a1.00. Hay—Receipts, 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 carioads be- ing received. There is not enough busi- ness passing to establish prices on the various kinds of merit at a range of 14.00218.00 per ton for timothy or clover uginw—m. 1 wheat, 12.00812.50 per ton; No. 1 oat, 12.50a13.00. Live Stock Market. Cattle—Recelpts, 225 head: fair sup- ply, market steady; steers, choice, 13.50 214.25; good. 13.00a13.50; medium, 12.00 2775; common, 10.00a11.50; heifers, choice, 11.50a12.25; good, 10.25a11.00; medium, 9.00210.00; common, 7.7588.75; bulls, good to choice, 10.00a10.50; fair to good, 9.25210.00; common to me- dium, 8.00a9.00; cows, good to choice, 9.80a10.00; fair to good, 8.25a9.25; com- mon to medium, 5.00a8.00. Sheep and lambs—Receipts, 300 head; fair supply, market, higher; sheep, 2.00a 6.50; lambs, 8.00a14.75. Hogs—Receipts, 200 head: light sup- ply, market higher; lights, 12.10; heav- ies, 11,75a12.00; rough, 7.50a10.25; light plgs, 10.10; pige, 11.90; trucked hogs, 15 to 30 lower than quotations. ‘Calves—Receipts. 150 head; light sup- ply, market steady; calves, 5.00a15.50; no extras. Conveniences of Electric Welding. The elimination of the noise of the pneumatic riveter in the erection of a steel structure is not the only advan- tage, although that is the one which appeals most to the average observer. But there is much more than this. Until a short time ,ago the makers of Jarge electrical generators had to cast the metals in molds, with many con- sequent chances for imperfections. Now the machines can be assembled in pleces and weided together by electric- ity, assuring a job that is one complete and perfect piece. ‘There are several reasons for the re- eent tremendous increase in the use of structural steel and ‘welding as a substitute for the use of castings. The cost of constructing patterns and the expense of storing them, the loss oc- casioned by defects in the castings, and the likelihood of failure in service as a result of internal strains, blowholes and 1 B G 28 1 H 7 32 20 2 7 3 a8 the like are some of the disadvantages of the old method of construction. uires from 20 to 40 ‘The cork oak r¢ rk of commercial years to yield a value. les in hundreds. 29 Acoustic Prod . ¥ & Alb_R'R 5 Briggs & Stratton 20 Brist Myers. 5 Budd 2 Consol Dairy P i Consol Filn 96 Cu T 177 Curtiss Airport vie!'. 13 Curtiss Wright A wil 2 Curtiss Reid Air pfd. 2 Daniel Ree 3 st 'n Res Und 1o Beors 0083 Wi Benes Srooane enn Wt A 2 Philippe (Louts) B 1 Pick Bar & Co pfd 2 Pilot Radio Tube . 65 Pitney Bowes P 2 Select Ind Inc pfd. EL vte Pac E 2113 1033, 103%s 10: 208% 20175 205 ° 53! 5 e B camacmon, e A SETSSEES A 2w auauna | $3585 858585819205 pas P oy Pennroad Corp’ vie Peo Lt & P 3% 88ta 00% 8810 34 13y 4 287 28 287 203'a 203'a 303% 47 4T 91% 30 89% 14% 23 245 » R et 3usammnEianus & 1ARES GAN | [NEW YORK CURB MARKET IS Bu5e e igdgada PO EEECEE S s H - Ert = *TE FEERE 38R ABS pesyu [T TP, BT <7 SRz, P ettt o et 2522 dgacaadadagael SR a e 5% 4 illiams (R C) & Go eliow . 3 $5z [ Sales MINING STOCKS. in hundreds. 20 Ariz Globe C. a) otal & Min fewmont Mining xd. . ipising xd e . “”' Bales in INDEPENDENT ITOCKS. hundreds. - 1 Am Maracaibo Co. 3Carib Synd. Received by Private Wire Direct to The Star Office § Shers S : . 1 lu‘llh'l PAL 6s A 2022 1%:‘. H M%KIMBI Chile 6s 'Sg.. 96° B Swi iy Vi—When issued. n—New. Ww—With warrants. LTS 1 COTTON PRICES FIRM IN OPENING SALES Trade Buying and Covering Cause Steadiness in Early Trading. By the Associated Press. NEW YORK, June 28—The cotton » | market opened steady today at an ad- 28altCk Pr 2 Woodley Pet Balesin _ STANDARD OIL ISSUES AND FORMER SUBSIDIARIES-—STOCKS. Y 14 20! 5515 118% 115% thousands. 15 Abitibl P&P Bs A 84 84 1Ala Pow 55 '56. 983, 98% 5 Allied Pk 6s '3 9212 9203 01 ° 101 1007 “* | covering, which sent the price o vance of 5 points to a decline of 3 points. No further May notices were reported, and near months were rela- tively firm on some trade buy.\n? and July up to 18.35 during the early trading, or about 12 points net higher. There was some buying of later de- liveries on weather and boll weevil advices, but this was supplied by sell- ing ' encour: by relatively easy cables and prices worked 3 or 4 points below yesterday's closing quotations 32 | right after call Later the market was quiet and fair- ly steady within a point or two either way of yesterday’s closing figures ex- cept for July, which held the early advance. ‘Two private reports were issued, one estimating the increase in acreage at 4.14 per cent, while the other pointed 1033 | to an ipcrease of 3.3 per cent in acre- 26 12 or 11 points net higher, age and placed the condition at 72.7 per cent. A third private report was issued later placing the condition at 72 and point- ing to an increase of 4 per cent in acre- age. These private reports were without any apparent effect on the market, which remained very quiet but held generally steady late in the morning. At midday July was selling at 18.24, while later months were within a point or two of yesterday’s closing quotations with De- 9 " cember holding around 18.86. B onca i or a0 S il Q000! o Brmaesoen! 358 Bec IRV s Kby & inve IRV icoram s 4T why 10 70t 7 Lehigh Pow 6s A 2036 102% 1023, 8 Libby McN & 9034 %00 ng Isl Lt 91 102% Tetikee O 4128 'I"' iz b3 ] 78 £ 9 ; i g RPN D S s TR 10272222 ZREE EECEFPRCH 3 §Ea g 238 Special Dispatch to The Btar. Lumber. NEW ORLEANS, La., June 28— Orders to the mills of the Southern Pine Association increased 9.47 per cent in the last week to 57,594,000 feet, production decreased 9.24 to 57,028,000 feet and shipments dro) a little less than 1-per cent to 59,263,000, Unfilled orders total 197,502,480 feet. Fruit. SAN FRANCISCO.—A steamshipline to run from the west coast to the east coast of South America is now building five steamers with refrigeration space which will be used to carry California, Oregon and Washington fruit to South Amerl- can markets. The pre-cooling plant here will be completed in time to han- dle the 1930 Northern California crops. Tobaceo. LANCASTER, Pa.—Tobacco plants have all been transplanted to the flelds and most of the crop 18 in excellent condition. Business Notes By the Assoclated Press. NEW YORK, June 28.—A summary of business conditions taken at the an- nual convention of the National Asso- ciation of Credit Men indicates that 64 per cent of the delegates look for improved _business conditions during the next three months. Ethyl alcohol output during May 8,008,230 wine gallons, compared with 7,741,638 in April, and 5,812,026 in May, 1928, the Industrial Alcohol Institute reports. The New York Stock Exchange firm of White & Blackwell, founded in 1854, will merge next Monday with Rutter & The Wood Newspaper Machinery Corporation has received orders for eight automatic autoplate machines. The company has recently recelved orders for 72 machines for newspaper plants in_Baltimore, New York, Chicago, Tor- onto, ton, St.Louls and other cities. The Modine Manufacturing Co. of Racine, Wis, has arranged to manu- facture all the radiators for trucks made by the International Hervester Co. The City of Philadelphia will receive proposals until July 22 for a $9,350,000 15-year loan with 474 and 43 per cent coupons. May net profit of the Barnsdall 3 Corporation was $765,451, against $189,- 587 in the same month a year ago. “Re) from the glove trade state that- the demand for short gloves for women is so great that manufacturers 4| are considerably behind on deliveries. ‘s les of 4 rate o Renewed popularity of short gloves was said to have started with the younger set and spread rapidly. ERIE DIVIDENDS RESUMED. NEW YORK, June 28 (#).—Directors of the Erle Railroad today ordered the resumption of dividends on both class- refrred stock at the full annual 4 per cent, after a lapse of 27 years. The stock is non-cumulative, WHEAT IS HIGHER IN EARLY TRADING i Estimates of Drop in Canadian Crop Cause Advance at Opening. By the Assoclated Press. CHICAGO, June 28 —Influenced by estimates that Canada would harvest 200,000,000 bushels less Spring wheat than last year, wheat prices advanced today after an irregular start. The market also was strengthened by re- ports of notable absence of rain today in the Spring wheat belt. Opening % off to 15 up, wheat after- ward scored pronounced gains all around. Corn, oats and provisions were likewize firmer, with corn starting 15 to % higher, and subsequently continuing up grade. At noon wheat was 213 to 24 net higher, and corn 5 to 1% up. Quick response today by the wheat market here was made to crop nmm from the Canadian growers’ pool, indi- cating that the 1929 Spring wheat yleld in Canada would total only about 315,000,000 bushels, compared with 508, 000,000 in 1928. The big falling off thus forecast was rendered more ex- traordinary by the fact that estimates made allowance for an assumed in- crease of 10 per cent in the 1929 planted acreage of each of the three prairie provinces. According to the figures of the Ca- nadian wers' 1, Alberta province will ral but 86,400,000 bushels of wheat this year, against 152,000,000 bushels last year; Saskatchewan, 188,- 000,000, against 303,399,000, and Mani- toba, 40,400,000, against 52,383,000. Supp].em:nfl.n, the pool forecast were trade reports from Minnipeg today put- ting the present conditions of the Ca- nadian wheat crop at 85 per cent, com- pared with 101 a year ago, showing al- most entirely the result of persistent unusual moisture shortage this season. CHICAGO LIVE STOCK‘ ;{ARET CHICAGO, June 28 (#).—(U. 8. De- partment of Agriculture) —Hogs—Re- ceipts, 12,000 head, 4,500 direct; mar- ket g to 25 higher; early top, 11.40; 160 250 pound weight, 9.75 to 11.10; butcher, medium to choice, 250 to 300 pounds, 10.50 to 11.00; 200-250 pounds, 10.75 to 11.30; 160-200 pounds, 10.65 to 11.40; 130-160 pounds, 10.40 to 11.35. Packing sows, 8.25 to 10.10. Pigs, me- dium choice, 90-130 pounds, 10.25 to 11.25. Cattle—Receipts, 1,500 head; calves, receipts, 500 head; generally steady, close, not much life to market except to well finished weighty steers; top, 15.65 paid to 1,358 averages; slaughter classes, steers, good and choice, 1,300 to 1,500 pounds, 13.00 to 15.65; 1,100 to 1,300 pounds, 13.00 to 15.65; 950 to 1,100 pounds, 13.35 to 15.60; common and medium, 850 pounds up, 10.25 to 13.50; fed yearlings, good and choice, 750 to 950 pounds, 13.25 to 15.50. Heifers, good and choice, 850 pounds down, 1325 to 14.75; common and medium, 9.00 to 13.00. Cows, good and to 12.0¢ common and low cutter and Bulls, good and choice (beef), 10.15 to 11.50; cutter to medium, 8.00 to 10.15. Vealers (milk fed), good and choice, 13.00 to 15.75; medium, 11.00 to 13.00; cull and com- mon, 8.00 to 11.00. Stocker and feeder steers, good and choice (all weights), 12.25 to 13.50; common and medium, 9.75 to 12.25. Sheep—Receipts, 7,000 head: market strong, 10 to 25¢ higher; bulk, native sheep, 14.00 to 14.25; few, < 14.50; Tdahoes, 14.75; native throwouts, 10.25 to 10.50; yearlings, 11.50 to 12.25 (fat ewes). Lambs, good and choice, 92 pounds down, 13.75 to 14.85; medium, 12.25 to 13.75; cull and common, 9.50 to 12.25. Ewes, medium to choice, 150 pounds down, 550 to 6.75; cull and common. 2.50 to 5.50. Feeder lambs, good and choice, 12.50 to 13.60. AVERAGE MONEY RATE. NEW YORK, June 28 (#).—The av- erage renewal rate of call money during June was 7.60 per cent, compared with 6.17 per cent in June 1928. Telephone Company Income. NEW YORK, June 28 (#).—April op- crating income of 98 telephone com- panies amounted to $22,551,833, against $22,016,658 in April, 1028, et Nicaragua' tion is now esti- mated at w.a&?."“‘ . GROWTH OF DAIRY FIRM 15 REVEALED :‘. {McIneerny Started Organiza- tion of Company Six Years Ago. BY JOHN F. SINCLAIR. Special Dispatch to The Star. CHICAGO, June 28.— Thomas H. McIneerny of Chicago, now president | of the powerful National Dairy Prod- ! ucts Co., went to New York six years a;o to interest capital in the formation of a large national dairy corporation. He found hard sledding. New York bankers were not interested. They could see no future in such an ar- rangement. He pleaded with - them, argued with them and drew rosy pic- tures of the future. But to no avail One of the most powerful bankers in New York, a man well known na- tionally, refused at first. to ses Mr. McIneerny upon the ground that such a business “lacked dignity.” He couldn’t connect cows with finance. Mr. McIneerny finally received five minutes of this man’s time. He went into the banker’s ‘office and put his watch on desk, gnpmd to talk “cows” just five minutes. The banker kagb him talking an hour. t i a long story. The banker of- fered him $5,000,000. Mr. MclIneerny scorned it as chicken feed. At last he got a group of bankers to go the limit with him on the development of what has become the National Dairy Prod- ucts Co. “We started first in the larger cities {and gradually extended our business until today we sell milk, ice cream and other dairy products as far South as Tennessee and as far West as Ne- braska,” Mr. McIneerny said. Last year the sales of the National Dairy Products Co. amounted to $212,000,000. “There is one cow in the United States for every five people,” sald Mr. MclIneerny, “but you don't see them walking down Michigan avenue. That's why people can’t realize the size of our business—it's larger than either steel or automobiles—it “exceeds radio and 20 per cent of all the food consumed by the American people is in the form of dairy products.” “Do the people of the United States consume more milk per capita than the people of any other counrty?” I asked. “Denmark leads and the United States is second, But many European nations are way down the scale. The people of Italy, for instance, consume about one-eighth of what Americans do_per capita. ‘When I asked about the extension of the National Dairy Products Co. in Europe, Mr. McIneerny only smiled— non-committedly. He had nothing to uyn?n that subject—not a thing— but wal Charles 8. Pearce, 51, president of the Palmolive-Peet-Colgate Co., is a thorough believer in advertising. It has been a.life study with him. After he was graduated in 1903 from the University of Wisconsin law de- rtment (he was born in Walworth, 1s.) he entered the employ of the B. J. Johnson Soap Co., manufacturers of Palmolive soap at Milwaukee. Four years later he became advertising and sales manager, “I remember in 1904, after our sales had dropped, we had a lonq conference to decide whether we should put $10,- 000 into =dvertising,” he said. “This year we will spend $100 in advertising for every dollar spent then. We are spending $1,000,000 a month in ad- vertising and we are not through yet.” Probably the mast famous of this company's ads has to ‘do with “that schoolgirl complexion.” “Years ago,” he sald, “an artist had drawn for us a picture of a very beau- tiful schoolgirl. When I saw it I said to my associates, ‘now that's what we want, something that will maintain that fresh schoolgirl complexion.’ It was sald without any thought and the expression immediately took. ‘There we have it said an associate, and so the expression ‘that schoolgirl com- plexion’ was born.” ‘This company has just completed one of the largest and finest buildings | will in Chicago. a 40-story structure across from the Drake Hotel, two miles from the Loop, upon which will be placed the most powerful searchlight in the world. 8o strong will the light be, for the help of aviators, that it will seen as far as Des Moines, Jowa. It probably will be finished in about three | States months. James Simpson, Scotch-born presi- dent of Marshall Field & Co., and chair- man of the Chicago Plan Commission, believes Chicago must overcome two big obstacles if it is to maintain its place of leadership. “What icago is interested in is transportation, rapid transit,” he re- marked. “The form this will take can be left to engineers and traffic experts. The Legislature has now granted the city the power it needs to solve its problem, and Chicago must inaugurate a prompt use of that power. I think that's our first job. “The second one is to meet the in- creasing difficulties of traffic conges- tion. Every week a thousand new auto- mobiles join the downtown procession to make the problem still more diffi- cult. These are our twi big immediate problems.” While Chicago maintains its leader- ship as the greatest railroad center in the world, with 23 important trunk lines, feeding the city's commerce and in- dustry daily, Mr. Simpson believes that rallroads “are a factor of gradually decreasing relative importance.” ““We can no longer hope to maintain our commerce prestige because Chicago se i““ railroad center,” he said. Chicago, almost the geographical cen- ter of United States, certainly the commerelal and banking center of the Middle West, got its great start when it became the railroad magnet. Now gll eyes are centered upon the newer forms of transportation—auto- mobile and airplane. Detroit already is the automobile cen- ter. But the airpl L airplane center—where (Copyright, 1929, by North American News- paper Alliance. LENIENCY IN RESERVE CREDIT POLICY SEEN By the Assoclated Press. NEW YORK, June 28.—Wall Street interpreted this week’s Federal Reserve statements as not alone explaining, in a large way, the relative complacency of the money market in the face of heavy shifting against July 1 settlements, but more than that, as indicating a much more lenient attitude on the part of that organization. True, the Reserve, while adding moderately to its holdings of Government bonds, was not very active in acquiring opening market bills. The New York bank increased its holdings slightly over $2,000,000, but the sys- tem’s bill portfollo was cut by about $4,200,000. pear to be discouraging rediscountin; by member banks to the same_exten &S was the case until recently. Largely due to the increase of $57,800,000 in re- discounts, with the New York total ex- panded $63,000,000, the aggregate of Reserve credit in use increased $64,000,~ 000 during the week. Forms Holding Corporation. NEW YORK, June 28.—The Johns- Manville Corporation $1,000,000 holding corporation, which will control all its foreign operations except the branches in Canada. - Russia does not possess 100 miles of smooth paved road in all her vast ter- airplanes combined. Remember that | i Washington Ticker By the Assoclated Press. A knotty Shipping Board has just been passec up to a advisory committee for a § ent and will likely be several Wwe in that mill before a solution is farth- coming. The committee, recently cre- ated by President Hoover, includes it making sugwsstions. to. the m: e ns Post Office Department on the man- ner and size of subsidies to be paid boat lines for carrying ocean mails, while the problem arises because there is actually a market, and a compet- itive market at that, for some of the Government merchant marine ton- nage. ‘When the board recently offered for sale the American-France Line, sail- ing out of North Atlantic cities with nine vessels to French ports, and the American Diamond Line, with 14 ships in the low country trade, it received two sets of bids on each. The Black Diamond Steamship Corporation, op- erator of the last named fleet, bid about $14 per ton for the ships that had been in its charge, while the Cosmopolitan Shipping Co., which had been operating the French boats, bid about the same for the others. Then the United States Lines, which has been going to sea heavily lately, offer- ed In excess of $25 per ton for both fleets. ‘The disparity between the bid prices, in private bi ess, would quickly set- tle the new ownership, but the Gov- ernment has a different outlook. The old operating concerns are held to have a claim on the boats, of an in- uugb!o but definite sort, because of their investment -g‘d dxtht:nlnuon for TR problem Fede! particular clgn to train operating organizations, and to turn them loose on their own in- nitiative after a period, with the idea of upbuilding the natlonal sea service. Likewise, the board would prefer to maintain as much competition as pos- sible. ~Yet the higher offer of the United States Line for the vessels makes it extremely desirable. Wherefore the appeal to the special advisory committee, which in a way will get rather general administrative re- :g:nflbufly behind any final decision t may be made. The mail subsidies, under the theory of the Jones-White law which authorizes them, are intended to be a practical stimulus to national shipping interests, not merely a pay- ment for getting the mails and President Hoover’s proclamation estab- the committee instructed it to give icular weight to the possibility of establishing additienal merchant ma- rine under the American flag in consid- ering mail payments. Through one small office, located in Washington, the Panama Canal organ- ization, one of the Government's well established business branches, buys about $5,000,000 yearly of supplies and replace- ments that go to keep the waterway FINANCIAL. URGES ANTI-SMITHS = 10 AVOID COALITION Virginia’s Democratic Nomi- nee Says Fight Will Have Far-Reaching Consequences. By the Associated Press. RICHMOND, Va., June 28—G. Wal- ter Mapp, candidate for the Democratic nomination for Governor of Virginia, last night urged anti-Smith Democrats to carry out State reforms they advo- cated from within the party whose principles they indorsed rather than O dresting nimseit Brimrly o anti y to anti- Smith Democrats in his first campaign speech in Virginia’s capital city, Mr. Mapp said the fight in Virginia this year would have far-reaching conse- , economically and o u;;uegau':s. he said, part e campaign, adding that if the anti-Smith conven- tion held at Roanoke had desired to compliment him by indorsing his plat- form, it could not have meore clearly done so than in “Practically all Virginia Democrats,” he said, “are agreed that the selection of Mr. Raskob, an alleged Republican, as national chairman was a serious party mistake and that his determina- tion to retain for the present that po- sition is, from a party standpoint, un- wise and unfortunate.” .. Reiterating his opposition to the ‘short ballot,” Mr. Mapp declared that Robert Angell, chairman of the Vir- ginia Republican organiza been & member of the committee thas advocated this move and declared the approval of the He for many hen government an State P, open. The list of things bought is some- | P rlhl;nt r:t:n rmag. in trh.f. it illustrates cations of an enterprise that maintains & population, looks after an imposing military guard and sells n?ceanr{el muflu of life to legions of people, ting vessel over '.hazm.hmux - i “Everything goes through from needles to fuel oil,” eommm'ud A. L. Flint, general purchasing officer of the canal establishment, “but the amount bought fluctuates yearly.” The canal and iis most important ap- B‘I:mmé: the Pl:!lnwl;edifiluroad Co., ly Government oy Tun amon; other things several farms, a hotel, : laundry, a bakery, a coffee-roasting plant, an ice cream manufactury, a bot- tling works, a slaughter house, and a sausage plant. There were 5,000 head of cattle on the canal's grazing lands at last count, and there was a horse and mule stable organized as a special sec- tion. This is aside from the commissary organization, which is a department store affair. The railroad company is the mechanism for running most of them, and the last report ires that t‘l:.m .ch; e:zh-n:. :{1 the e;t'aprhu there rof u.’gog.ooni P in excess of aturally, canal bookkeeping is far from a simple matter, but the e'lflmlu! for the fiscal year 1930 indicate that the entire expenditure on the waterway will be $17,649,000, while there will be :e“cel\:';d !ron;. lbnllu and ‘:zrvlnu through e establishments re: $9,460,000. That Yo etony pald by ships passing through the government is ukel.‘v1 to receive as much as $24,000,000 in the same period, and thus haye an earning of perhaps B PSSR ST uge investment made in cutting the path between the oceans. Exact causes for the striking re of the country’s be | May, which resulted in a $12,000,000 unfavorable to the United are now coming to light. slons have been rare in the shij abroad had a value of but $57,000,000, which was $32,000,000 less than like shipments in the same month last year. The great export of American manu- factured goods hardly contributed to the loss at all, since the May manufa tures exported amounted to $202,00 000, almost the same as in the same month last year. Taken together, the two figures are regarded as proving that the low price of cotton this year and the reduction in its movement abroad were chiefly responsible for turning the trade balance. ‘There was, however, a sharp increase in imports for the month, which mostly centered in the class of partly manu- factured goods, brought into the United States for er treatment. The total of those imports in May amounted to $85,000,000, against $59,000,000 dur- ing the same month last year. One of the most important factors here seems to be the rise in iron and steel imports. May imports of iron and steel, all o thl{ fabricated articles, amounted to 74,272 tons against about 54,000 tons of such imports in April. Pig iron, hoops, strips, and cast iron pipe, nearly all intended for further manufacturing in the United States, showed the great- :;':.f‘”“' At the same time, American exports fell off. —_— Tailor-President and Blacksmith. Among the historic pieces owned by the State of Tennessee in the museum maintained for the purpose there hangs a black broadcloth coat which was made by Andrew Jackson while the ex- President was Governor of Tennessee. The why of it was this: When Jack- son was elected governor it was not so long before that he was a tailor. So as a recognition of his friend's achievement in politics, Judge W. W. Pepper, who was formerly a black- smith, went down to the village forge and shaped some fire irons for the governor'’s fireplace. In return Jack- son obtained the necessary measure- ments of the judge's anatomy and made him a coat. It is said that the governor sat cross-legged on his guber- natorial desk at nights and sewed the cloth together. In the museum is a n&te which seems to substantiate this story. ——— TREASURY CERTIFICATES. (Revorted by J. & W. Seligman & Co.) R The Reserve, however, does not ap- has formed & | Rome 093133 100951 132 108 3ot % éét i ?”i’ o 358 Mar. 97 z S #un HE FOREIGN EXCHANGE. (Quotations furnighed by W. B. Hibt ? - omlll(;l void selithe Shecka ndon, pound. .. s LR 4R aris, franc 193 “ose! Brussels, belg: o .1389 Beritm, mark i 293, n 1082313 192037 Pe- P, riod. Rate, al Q '30.63% Jul Lfi E-. 1 Juy 1 e €. 1 1 3 30 i 5 Corporation. Al Ry Gor ‘Am Coal Co Allegheny Amer Metal Co. Do_pf... B Aug. Aug. July 10 July 10 iy 20 luly 20 e Oct. 10 July 18 2% July 18 % WA FEIE el | A8 Aus. 1 i Gilehrist Intl Bus n§:1 i'uaux Agamoflwnflo!ooaosuo $o0 oooe o Bo 0 oo’ 150 Aug 1 00 Oet. 1 .75 e '& m nt of arrears. = First Mortgage Loans Fair Rates of Interest J. LEO KOLB 923 N. Y. Ave. Dis. 5027 S 90 MINUTES TO NEW YORK Planes Leave Washington Afrport 9:30 Dally ONE WAY, $35—ROUND' TRIF, 840 Washington-New York Air Line or_rese P Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Beprosenting Mutual Benefit Life Ins. Ce. 1520 K Street Main 475 ' BE | 3436 14th Street N.W. fseem te | De_maintained. EQUIP WITH GOODYEAR Double Eagles... then forget about Tires ... Safety at “70” N HUNDLEY’S 1 GOODYEAR TIRES BUSINESS IS ACTIVE AS HALF YEAR ENDS Pace Is Somewhat Faster Than Usual—Most Lines Re- port Gains. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, June 28.—Business this week went into its final spurt before the end of the fiscal year and the coming of the Independence day holi- day. Even so, activity was noticeably down in some few lines, as was per- fectly natural. They were “clean-ups” preparatory to fiscal year reports and plant repairs and condi- tioning. In general, however, the pace was far faster than is usually the case at this time of year and compared more than favorably with the corresponding period of 1928. Steel mills in Pennsylvania, Ohio, especially in the Mahoning Valley, and in Indiana and Illinois maintain the same heavy operations. There is & re- ble vity manifested in iron mining in the Northern ranges. Once navigation opened, and it opened early, the ore piles at the head of the lakes were soon diminished; but now the dumps are again. HMO mflu!n%u been shown in the {1':: “h - zmxfm idual . v producers to have struck a pace which can Building contracts are on a basis, but actual work is awaif the of the Fourth of July hol fore starting some projects in earnest, INTEREST RATES. By the Associated Press. Collateral interest rates avera definitely Tower last week, by Genous Bureau calculation, than those prevail- ing during recent weeks. Figures which follow, however, indicate that the rate levels are still above those of last year. tion, hldm NASH “Cenvenlently Located 14th Street™ 1828 14th St. N.W. Deec. 3320 USED CAR SALE For details see owr od in Classified Section THE TREW-MOTOR CO. First Mortgages Safe—Conservaiive 42 Years’ Experience in finsneing and tn the ‘est rate consistent with absolute sale of these se- safety. curities. Wm. H. Saunders Co., Inc. .TO! Main 1016 1433 K Complete Investment Service GreeeT & CoO. SANKERS INVESTMENT BUILDING ‘WASHINGTON. D.C. 14th St. at Newton