Evening Star Newspaper, June 29, 1929, Page 11

FINANCIAL, ~ CURB SALES LARGE AT SHORT SESSION Utilities Again Lead in Heavy Turnover—List Turns Irreguiar. BY HARRY H. BECKER. Epecial Dispatch to The Star. NEW YORK, June 29.—Maintaining s trading volume fuily up to the pro- portions witnessed in yesterday's record session, the curb market today was again featured by exceptionally heavy dealings in utility stocks. The list as a whole was irregular out- side of the electric power and light | group, reflecting to a large extent the usual Saturday realizing. But the of- ferings mad little or no impression on the price trend, which was again upward for the most t. ‘There were a number of extraordinary opening transactions in the utility is- sues, while the volume in Commonwealth & Southern continued the overshadow- ing feature. Its initial block was for 85,000 shares. Some of the other big openings included 20,000 shares Utilities Power & Light “A,” 18,000 shares Elec- tric Bond & Share and equal blocks in the case of several rights. Strength of the utilities was again broadly dis- tributed. Among the issues to record new highs were American Gas & Elec- tric, American Superpower, Middle West Utilities, influenced by reports of a merger with North American, which were unconfirmed, and Electric Bond & Share. The last named sold above 125, making a total advance of more than 20 points since a week ago. Most of the other active features in the section dis- played their characteristic firmness. Aside {rom the utilities, the important movements in the general list were con- tributed by Ainsworth Manufacturing on a report that a new property is | about to be acquired and an offering of rights to subscribe to new stock. Zenith Radio staged a spirited recovery, and St. Regis Paper, Grigsby-Grunow, International Mercantile Marine, new; United States Finishing and Checker Cab showed creditable strength. Ofl stocks did somewhat better, fea- tured by brisk demand for Cities Service, ‘which carried the new stock to the best price since it was issued. Indiana Pipe Line also sold at & new peak in belated Tesponse to the $20 dividend declared out of capital reduction account. Humble, Vacuum and Gulf Oil of Penn- zy::lnh were other strong representa- s, Aviation shares were inclined to softness under realizing and the mining group was devoid of special feature, i NEW BUILDING. By "u:e Associated Press. ew building begun in territory of the United States Iying east of " the Rocky Mountains last week failed to show as great a volume as that ex- enced in comparable periods. The res which follow are the calcula- m released through the Census m, ot the daily average of new building contracts let in each period: Week ending June 22 + $20,454,000 Preceding week .. 23,942,000 Same wesk last year. + 25,570,000 —_—— * CHICAGO STOCK MARKET. Special Dispatch to The Star CHICAGO, June 29.—Following is a Teport of today’'s sales, high, low and closing quotations on the Chicago Stock Exchange: Sal Bt landreds. 2 Commonweal Ut C 2 Comm Tel Co .. 2 Construction Mat ,3 Construct M_Cor »: 1 Crane Co .. 1 Decker & Col 4 Dexter Co ... 3 Elec Housetiold . s % Iron Fireman Mig Katz Drug 2 Kelioge Swiic) 1 Keystone Stl Lane & Co ptd MeNeill . Ref Co [incoln Erinting eadow: B %3 Merch & Mirs A."\0 22 id Con Laund Inc A 28 a West ULl 215 mn_Mot_Pow 54 iss Kan Pipe Line. . odine MIg......... 7 BEEERER 52 55 o8 1 Nat Term pt pfd. 12 moolict Sparks 4zangamo Blec... ... %; Saunders Strs pid.... 1Sigroae Stl 8 prd 2 Tube. 2Stend Dreaging Co 28tand Drea_ Co pid 6 Steinite C Radio ); Studebaker Mail sezygesEsus | eSS n sands. 3 ine-w Pine ¢ - Holland Furn o0 B B0, "B oo sk Cutten and Fisher interests are said to have taken a eositlfln in Allegheny tion, the Van Sweringen Rail- - holding company, NEW YORK CURB MARKET THE EVENING STAR. WASHINGTON, IHARVESTER CHIEF Received by Private Wire Direct to The Star Office Sal INDUSTRIA Bugdreds. e Acoustic Prod 1 Aero Sup Mf e: 3 Aefa Ansco. . 26 Ainsworth Mig .o 1 Alexander Industries. Back. 4 io3 ie3 1 218% 2154 s 285 10 1 Amer Sol & Chem: .. 27 2 Amer Sta Pub Serv A 449amer Supern n.. 57! 205 Amer Superp B ris . 205 Amer Superp rts. 4 Amer Super 1st pid. 4Anchor Post Fence. 1 Anglo_Chile Nitra. 14 Aviation Corp.. GAviat Sec...... 1 Axton Pisher A. 1 Bellanca Aire vic. 4 Benson & Hed pf X d 4Bliss EW...... 4 5 Go. . & Stration. 1 Capital Admin A & Co A 5 Celan Cor_Am.. 2 Cent Al Sta Ser nt Pub B A 37 Cent States El 2 Cent States 5 Cent States El war.. 6 Cent Sta El conv pfd. 4 Cent Sta El conv pf 1 3 Chain Store Stoc 3: 7 Check Cab Mf mmo; oy 3151 Commonwith & Sou. €96 Commonw & Sou op 5 Cons Aircraft Consol Pilm 7 Consol G 1 1 Consol G Balt pfd A. 10X 1Cons Gas ULl A..... 3 2 Contl Diamond Fiber. 1 Cooper Bessemer bt 12 Crocker Wheeler. . 1¢ Curtiss Flying Serv 1 Curtiss Reid Air pid 14 Det _Aircraft e 1De For R C. 2 Doeliler Die C 1 Douglas Adrcraft 1Dresser Mfg A 3 Dubilier C & R 3; Duke Pow 2 Durant Mot o tates Po 4 Eisler Elec . 320 E1 Bond & Sh 1 El Bond & Sh Fabrics Pinish . hild_Aviat ‘& do Co 3 ischmann Roy restone Tire .. 3, B85 s 3essn d d reg . 1 n Real & TUtil Cor R & Ut Cor pfd Und_ xd. old Elec Seal Goldberg Store 4 Goldman Sachs 290 ] W s St Q aas 2 8 Varn 19% Die., 18 143, a1l Pri 2 Handley_ 2 Harris on o 1 Huylers Strs of 1Indust Finance pfd.. 3Insur Co N A Secur r_Shares A 21Int] Mer Marine n. 5Intl Prod : 11Intl Project 3intl Shoe Marr_Stores . Mangel Stores 13] Marcon Intl emphis_Natl Mid West Tt} 12 Mohawk Hud Pow. . 92% 1<Moh Hud Pow 1 pid 108 2 Moh Hud Pow 2 pfd 1023 Mohawk Hud war... 87% 43 Montgomer W ris wi otor Meter Gauge.. 2 Nachman Spehd o b i =z2 . S ites "o’ Fad g 2 Noma, o medy: or Amer A 2 64 North East Fow .. 2 North Am U1 Sec | INor Sta P AL ST 108 10il Stocks A1l utboard Moiors A. 3 Quiboard Motors B as G & Elpfd. . . 15 Packard Moter 1 wi & Bl A 20%; 2 Penn Oh Ed optl war 71 3Pern Wt P C........108 M: ;::n’:?l; gnrn vte 2% 1 perrect “clien ©F A § 2 Perryman Elec... .. 8 Petrol Corp 1st pd. iRt & : 113 Pitne : 'l"uhl & 034 7Y, 3 Am_Tn L & Hard Indust guuzssdunss. soreneds 27 2% % TR T S M 1l Gas o 14t Midland Roy conv pfd 28% Vews 13, W ) 108 1 1023, 84 usnaeeas: CRL L s 253% 2% 4 L3 th 62 ”'« £33 i 5 Southland Rovalty . 18pies M Stern cum 18tand G & E pr B 18tand Iny ... nd Sil 12 Stein_Cosmetics . 3 Stromd Carls Tel 9 Stutz Mot ... 3 3 Swift Intl 2 Prod A hn\vnn Realty & o ’ 20ni L & P A pf gnt Bu sher. Lol Uni Stores Corp B aggssgggggdcmacdc 25 EZnnan®an algreen 1Ll estern Alr Exp. inter 14 Zenith 1 Zonite 1 D tit1303 ca w20 e AN SR 4 Radio MINING STOCKS Globe C© neg! le Metals . n Tun & Drain n. ines. ... 3 3 Yukon Gold . Sales in INDEPENDENT OIL STOCKS. hundreds. pec Oil 2 Relter-Foster Ofl 1Rvan Con.. ok 2 Woodley Pet 100A A O non vtc cod.. Salasin __STANDARD OIL ISSUES AND units, PORMER SUBSIDIARIES—STOCKS. 200 Anglo Am OIl.. 300 A A O non vic. 1400 Cont1 OIl 3 300 Humble O & R 00 Imp O_Can_ reg 4% 13 Sales in thousands. . 252359 %8 2 tht] 2, : s 99 9 bt - 5 58, . Pow 5ias nd Oil & Gns'#s ndianep P&L 5s A tl Pow Sec 7s E 00 5 00 00 e 09 s OB 16300 1 5 i 09 e DA 00 0 B SR SRR 3080y >g 35 ] 3 ) 1 Shawsheen 1s '31 Snider Pack 6s Solvay Amer 55 A ‘42 9813 Bouthe P&L 6s A 2025 102 46,100 1 0 7 West Pow 8%s A '87. 1 | Sales in FOREIGN BONDS. thousands. 4 Buenios Alres 7s '52.. 1011 7 Buenos Alres 7'as 47 1 1 5Burm & Wain_6s. '40. 1Cauca Valley 7s 4 Cent Bk G St 65 B 0. A S 1 Hamburg E 51.5 '38.. 12 Ind M Bk Finld 75 81tal Superpow 6s '63. 18 M Bk 7 59.. 96 COTTON PRICES DROP. NEW YORK, June 29 (Special).— Beneficial rains in Texas and predic- tions of clearing weather over Sunday in the Eastern belt brought forth favorable weather in the South and cotton prices eased off today, closing around the battom. October sold within 3 points of 18, cents, Spots were advanced 20 points to 18.45. COTTON RANGE. - Low. R 1S ABLE EXECUTIVE %! Legge Held Well Qualified to Serve on Farm Board. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 29.—If Alexander Legge of Chicago, president of the In- ternational Harvester Co., agrees to serve on the new Farm Relief Board, it will bring into the service of the Na- tion one of its most experienced, astute and able business men. Mr. Legge has been interested in the farming problem nearly all his life. He began his business career as a_youth with_the McCormick Harvester Co., in Omaha, Neb., in 1891. So during the last 33 years he has been associated with a business that is vitally bound up with agriculture pros- rity. peW}!:en the McCormick and, the Deer- ing peerle merged into the Huge Inter- national Harvester Co. Mr. Legge be- came an important executive in the business. Sixteen years ago, 1913, he became general manage and seven years ago_president. “The United States is so big, rich and powerful that it can get along for a time without farmers sharing in its prosperity. But only for a time. Sooner of that prosperity. “He has waited a long time already, and has been discouraged many_times in recent years. But ultimately he will come into his own,” is the way Mr. Legge expressed it on one occasion. ‘While Mr. Legge is a well known big business leader (although “Who's Who in America” gives him but seven lines), the farmers have in him one of their stoutest and wisest champions. An ex- cellent appointment. Albert N. Marquis, founder of “Who's Who in America,” is “a dead ringer” physically for Thomas A. Edison— younger by 10 or 15 years, but with many of the characteristics of the fa- mous inventor. Mr, Marquis was born in Brown County, Ohio. He was left an orphan in enrlyd childhood and reared by his -andparents. STier & few years spent in his grand- father's general store in Hammersville, Ohio, he organized the publishing com- pany of A. N. Marquis & Co. in Cin- cinnati, Ohio. In 1884 he moved to Chicago, and 15 years later began the publication of what has become Ameri- ca's most famous book—"Who's Who in America.” He was the sole owner of the publication until the incorporation of the company on May 1, 1926. “Yes it was hard at first to get the people we wished to include to edit their own copy,” said Mr. Marquis in reminiscing the other day. “That wore off with the years. Now our problem is how to get the most representative names in ‘Who's Who' and keep out many who are anxious to be in. We have four times as many names in ‘Who's Who' as we had 30 year§ ago. When & name goes in, it i5 because we believe that name should be in. No influence can put a name in the book. It has been tried hundreds of times. ‘We never accepted a cent in 30 years g from any one included in ‘Who's Who. “Our records today contain probably more than 100,000 names of distin- guished American men and women—the most complete file in existence.” Mr. Marquis is still president and editor-in-chief, George Harrison of Minneapolis, dynamic manager of Winston Newell & or later the farmer must get his share | Butter—Good {pound, - 42a4514: Iadies, D. C. SATURDAY., Baltimore Markets. Epecial Dispatch to The Star. BALTIMORE, ‘Md., June 29.—Poul- try, alive—Spring chickens, pound, 32a Leghorns, 23a31; poor and thin, 21 222; old hens, 25a30; Leghorns, 24a35; old roosters, 18a20; ducks, 20a28; guinea fowls, each, 50a1.10; pigeons; 35247 Receipts, 1,101 cases: native and nearby firsts, dozen, 30; current re- ceipts, 29; small, 25. # to fancy creamery, 33a35; store- packed, 30; , 31a32; process but- ter, 40a41. Vegetable Prices. ‘White potatoes, 100 pounds, 75a1.25; new potatoes, barrel, 1.50a3.50; yams, bushel, 1.75a2.¢ sweet potatoes, bushel, 1.50a2.25; asparagus, dozen; 1.00a3. culls, 50a1.25; beets, 100, -1.50a2.00; beans, bushel, 50a1.50; 'cabbage, 100, 1.0022.00; carrots, 100, 3.00a4.00; cel- ery, crate, 9.00210.00; cucumbers, hamp- er, 1.00a2. corn, crate, 1.50a2.00; cu- cumbers, hushel, 1.00a2.50: lettuce, bushel, 50a1.00; lima beans, bushel, 3.50a4.50; onions, hamper; 1.40al. Spring onions, 100, 1.00a1.25: spinach, bushel, 50a75; tomatoes, hamper, 1.75a 2.25; apples, bushel, 1.25a3.00; black- berries, quart, 8al5; cherries, pound, 10a18; cantaloupes, crate, 1.60a5.50; huckleberries, 15a221;; grapefruit, box, 2.25a4.00: oranges, box, 2.00a3.50; ‘watermelons, 25a55. FORD MOTOR OUTPUT. NEW YORK, June 29-(#).—Domestic, foreign and Canadian output of the Ford Motor Co. on June 26 totaled 9,100 model A cars and trucks, & new high daily record, compared with 8,600 cars, the dally record for production of the old model T cars. Electrical Equipment. NEW YORK, June 29 (#).—Demand of electrical equipment is above the average of recent years, with few in- dications of any important recession in activity for the Summer season, Elec- trical World reports. Power company orders are coming in at a good rate and purchases by industrials are fairly active in most sections of the country. TREASURY CERTIFICATES. 3 Biu : E")"" 99 26 %6283 974 % i 18, 4 91333 FOREIGN EXCHANGE. “urnish . B._HN ) (Quotations TurBiged, 271 Vold selline checks Value (or par). . today. London. pound. . Parls, franc. ... Bruseels, belgs. . ‘mark Budapest, pengo. Prague, crown (nom. Warsaw. zloty. ... SHORT-TERM SECURITIES. (Reported by J. & W. !!"l’ml.I‘ld& Co.) Ofer. Allis-Chaimers Co. 53 1937 98: Aluminum Co. of Amer. 53 Beliimore & OMlo 41as 19 m y 4 atavinn Wye 1042 ohia. Chesn. & O Enicko Kook IHlara ¢ e F Co. dahy Packing e & Hudson R Edison £1. 1) Boston Co., jobbers of the Independent Grocers' H Alliance in the Northwest, acts as the buying agent for more than 500 grocery stores in that section. He says that neither the “jobber nor the retailer today is interested primarily in per- centages, but both are interested in volume and turngver.” “Modernize and systematize are the watchwords of the independent grocer today,” said 'Mr. Harrison in dis- ausfln with me the future of the in- lependent T “This Me. comprising several thousand independent grocers through- out the Nation, selects a responsible jobber in each section to act as pur- chasing agent. When this is accom- plished the problem of membership in the alllance becomes the important thing. Naturally our buying power with 500 stores is excellent, but in ad- dition to that we co-operate by sending eers to each store member and help set it up economically. Our en- gineers stay there until the work is finished. “We have remodeled over 500 in- dependent grocery stores since last Sep- tember. Many grocery stores carry from three to five times more stock than is needed. We co-operate, help to select items and advertise those ilems gen- erally throughout the district. Each store is charged a small amount each week for advertising, and the advertis- ing brings out certain items that all stores specialize in. Not a store in our organization but what has shown an increase in business since last Sep- tember.” “Then you are not afraid of the chain store’s future any longer?” ‘This aggressive young business man, a product of the new school of mer- chandising, was not slow in answering: “There is room for everybody, but give me a home town boy and a chain store set-up, and success is his middle name.” (Copyright, 192 by North American News- er Alliance.) i BALTIMORE STOCKS, BALTIMORE, June 6.— By Special Leased Wire to The Star. Bales. A nare Froat o re Trust Go 210 Black & Decker com’ - ] : Com 29 Commercial Credit pf 1 Contiren i Brist 6 5 C ' nt Cflfllelifll. as ¥ 5 New Amsterdam 2 DIVIDENDS. Pe- Corporation. riod Am Eu'S Copf.. @ § Byers A M C pf Pa.. Bk of Siclly it Co n £30 par.. Bks Hold Tr pf | Bangor & Aroes.. cetn 86 1t pi. enul &p 1t 5 Do 37 pf ‘e Gomn b 0000050 DpOD; 000000000%: 180000005300} Do pf’ Elec P &L Goll Erie R R st bf Gen’ Cable” PRRUE FERET R 2 Do Cless A Gr_Grip Shoe. Do 83 _p Househ Pr. Indiana P EEEEE Lo e B Sel Telautosta Cp. U 8 Fi Co 82538823530 5385:14388, : poobo0oHo JULY 1 PAYMENTS NEARLY A BILLION Huge Sum to Be Disbursed Among Investors in Few Days. Special Dispatch to The Star NEW YORK, June 20.—If all of the bonds and notes issued during June were to be absorbed by the interest and dividend disbursements to be made on July 1 less than half of the new funds available on that -date would have been reinvested. It is estimated that these payments will reach nearly $1,000,000,000, an amount much in excess of any other similar period. Many dividends have been increased since Janu 1 both in the rate itself and in the dollar amount, the latter due to larger capital issues as stocks have ben “split” up. The effect of & year of the heaviest financing in bonds and notes by corporations and municipalities on record will also be visible when the interest payments be- come due on Monday. New Bonds Issued. Against this figure is a total of a) mmmaaa-hfi; to its_income for new investment rather than for current living expenses. As most of the new issues give a higher return than the older ones, such as the high-grade rails and public utilities, they attract a pub- lic that demands “6 per cent and safety” after years when “5 per cent and safety” was the slogan in the in- vestment world. Prior to June the greater portion of this year’s financing has been done with stocks. They outranked bonds for two for one, but the supply became so t that the markets could not absorb and some of them fell on evil days. Latterly there has been an inclination to resort gage issues, which have one-third greater than in May. It is significant also that foreign financing has been resumed on quite an_extensive scale. June there were three Canadian d issues, mflu $90,000,000; two South American loans account of $52,000,000 more; a Jaj borrowed lese corporation $11,450,000 in this market; New York The OLUMBIAN to New York Ne Extra Fare Parlor Cars... Individual Seat Coaches. .Obser- vation-Parlor Car ..Colonial Dining Car . . New type Club-Lounge Car Leaves Washington 4:00 P.M. Baltimore & Ohio FINANCIAL, Markets at a Glance NEW YORK, June 29 (&) —Stocks strong; investment rails at new highs. :;na ;. several convertibles led Telephone at new . Curb strong; sales establish a mfiy rec- ord irregular; ster- X exchanges ling up slightly on gold imports. Cotton lower; _forecast favorable weather. Sugar, holiday. ffee, holiday. CHICAGO, June 29 (#).—Wheat firm: bullish private crop estimates. Corn firm; unfavorable Iowa reports. Cattle steady to higher. Hogs steady. gran foreign barrowers in June in dollar form than in the five months previously. Recovery Is Seen. Behind this resumption of domestic and foreign bond financing on a mod- erate scale is the belief that the inyest- ment market has turned and that there will again be those this Summer who will prefer bonds to stocks. The fact that time money rates have come down from above 9 per cent to 7!, per cent for four-month loans is evidence in it- self that the movement has Jong while since there has tion in bonds; fact, since the crisis among the compelled heavy sales last Mar —, Corn Products common ed on the London LIt been ngno.mlr’x may be list- Stock Exchange. wear, major importance. 5-0O- peak of the h-money | Land Ban bunnuhcl:‘l hyl WHEAT CLOSES HIGHER. } CHICAGO, June 20 (Special).— P e e flnn; tendency of the wheat market Closing prices were 1% to 2 cents higher and for the week 1) to 13 higher. July, 1.15'5 to 1.15; September, }20". to 1.20%3; December, 1.26'% 04 Corn was strong with wheat. Clos- ing prices were unchanged to 33 higher and for the week 15 lower to 134 higher. July, 92% to 92%; December, 9214 to 92. Country offerings were fairly liberal on the advance, with 86,000 bushels booked to arrive. Shipping sales were only 43,000 bushels. Oats showed a moderate advance with wheat. Merger Near Completion. NEW YORK, June 29 (#)—Negotia- tions are understood to be about com- pleted for the acquisition of the Barnes ' Chemical Co., by the Zonite Products Corporation. FEDERAL LAND BANK BONDS. NEW YORK, June 29 (Special)— Bank 4%4s Nov. o B! 1958-38... 90 ank 42 May 18 ¥ 3R82Y Y otiopss Jan. 19430p33. an. 19430033 82283 SERVICE A Portable Electric Tool Is Only as Good as the Service Behind It Any mechanical device will eventually show When this occurs the QUICK CAN I GET SERVICE?” becomes of bt o . W uestion of “HOW . We maintain a complete service station carry- ing a stock of parts and manned by factory-trained mechanics, thus assuring prompt and efficient service on Black & Decker Electric Tools. CENTRAL ARMATURE WORKS 625-627 D Street N.W. ' Phone Main 3660-1-2 THE STAR HAS A NEW TELEPHONE NATIONAL NUMBER O-0 Making a Profit Selling $10 Bills for $20 That is the way certain so-called national and interna- tional investment firms fleece the public and make a large profit. They sell little known securities that are not listed on any reputable exchange at prices far above which they are being sold in unlisted security circles. Most notable of this scheme is the selling of foreign Ford Motor Company stock by such operators for twenty dollars a share, when any reputable broker will buy the same stock for you for less than fifteen dollars a share. b A slogan that should go with “Before You Invest—In- vestigate” is “Know Your Broker.” Do not do business with strangers who may call you on the telephone or visit vour home at night, no matter how convincing their high- pressure arguments may be. self against trickery and Take the time to pretect your- “Before You Invest—Investigate” The publication of this an- nouncement in these columns is evidence that this news- paper co-operates with and supports the Better Business Bureau for your protection. The Better Business Bureau " of Washington 336 Evening Star Building Telephone Main 8164