Evening Star Newspaper, June 29, 1929, Page 12

FINANCIAL. XPANSION URGED [N BANKING FIELD é’l!ming Recommends Seven Steps for Consideration of D. C. Association. BY EDWARD C. STONE, Further ‘expansion of the District of Columbia Bankers' Association and its| work was urged by the retiring. presi- dent, Robert V. Fleming, at the Mon- tauk convention. His suggestions have been talked about among local bankers since their return to the city. In his address Mr. Fleming made seven very definite T e c o mmendations after holding office for four years and being at the head of the association for one year. Al- seven distinct r e c o mmendations are printed here on account of the special interest which they have lrcused.l In filing his report Mr. Fleming made | these recommendations: | “1. T desire to urge upon all of our { members the careful observance of the rules and regulations pertaining to the operation of the credit bureau, and to endeavor, with fairness to one’s own institution, to co-operate to the fullest extent with the other members of .the association who may be affected in matters which will arise resulting from the operations of the bureau. “2. I urge a careful and strict ad- ‘herence to the rules and regulations by all members participating in the Christ- mas .savings clubs. “3. I urge co-operation by our mem- bers with the committee on -taxation to the end that legislation may be eriacted by Congress, giving to our members ‘a tax law, the rate of which ‘will be fair and equitable to all, accord- ing to the classification and kind of business transacted. “4. I recommend_the adoption by this association of a resolution author- izing the committee on law and legis~ Jation tg take all possible steps to assist in the Passage of the fraud law, known as Senate bill No. 1332. “5. 1 recommend the adoption of a resolution authorizing the committee on law and legislation to take all steps possible for the introduction in Con- gress and passage of “an act to limit the lability of a bank or trust com-| pany -in the District of Columbia for non-payment through error ci a check or other instrument ‘drawn upon or payable at the bank or trust company,” this law having been drafted by the office of our general counsel. “6. I recommend to the incoming ad- | ministration the careful consideration of the “bank collection code,” a la by the general counsel of the American Bankers' Association, the passage of which is recommended by the American Bankers’ Association and by the committee on State legislation of that body and which has Leen passed by & number of States. ! 1 recommend to the incoming ad- ministration and its committees the - stimulation of closer contacts with our parent association, the American Bank- ers’ Association, in order that our com- mittees may be of full benefit to that bodyjand theirs to ours,” Praises Virginia Convention. ‘Walter J. Harrison, vice president of the Commercial National Bauk, who attended tie annual convention of the Virginia Bankers' Association at Old Point Comfort, reports an unusually interesting session. The autendance | was noet as large as usual, but the discussions were of a high order. Mr. Harrison considered the speech of President E. H. H. Simmons of the New York Stock Exchange as the out- standing address of the convention. His address, which appeared- in T Star at the time of the conclave, show- ed the indispensable part which the exchange plays in the handiing of the enormous number of new issues con- stantly being brought out and presented a host of other facts of cqual interest and importance. - The gathering at the Chamberlin- ‘Vanderbilt took place at the same time that the local association was at Mon- tauk. Washington bankers were scarce at Old Point, but the city was well rep- resented with bond salesmen. Urges Study by Investors. ‘With millions of Americans now own- ing securities, a background of facts for their investments has become essen-- tial to the people of the United States generally, Hugh Bancroft, president of Dow, Jones & Co. and publisher of Barron's, declared in a Halsey, Stuart & Co., radio program. This background, Mr. Bancroft said, could be obtained by reading the well edited financial pages of the general and financial press for the essential underlying facts that determine values | Tather than for the surface news which ‘may or may not have a temporary effect on prices. " : “As you'look through the stock .and bond tables,” Mr. Bancroft advised, “make it a point to notice the course of seasoned securities as well as those that may be temporarily in the lime- light or those who happen to own.” Prices. in. the long run, Mr. Bancroft said, are determined by values, which in turn are determined by earnings. Earn- ings statements, he said, should be read in comparison with reports for the cor- responding period of the previous year as most companies show seasonal varia- tions. Other items which Mr. Bancroft ad- vised watching included car loadings, one.of the most significant business in- dexes and one which should also compared with. the previous year; the money market, with special reference to time money and commercial paper rates; the Federal Reserve statement and the export and import movement of gold and commodity prices. New Insurance Firm for Capital. E. P. Melson, former president of the Missouri State Life Insurance Co. of St. Louis, has decided to come to Wash- ington and assume the duties of general manager of the National Defense Life Insurance Co., which will open for busi- ness in the National Capital in Sep- tember. Mr. Melson organized the St. Louis company and has wide experience in the insurance field. While the name of the new concern has a patriotic ap--| peal, the company has been organized ; on conservative lines and will do a gen- | eral business among all classes of people. Rear Admiral R. E. Coontz is presi- | dent of the new company. ‘He was one of the original stockholders in the Mis- souri State Life, and in this way came in contact with Mr. Melson and secured his services for the new compapy. Aside from Admiral Coontz, the fol- lowing are officers and directors: | H. A. Jung, industrialist, Chicago; Maj. Gen. Mark L. Hersey, U. S. A., retired; Charles C. Lamborn, treasurer, National Savings & Trust Co.; Mrs. A. J. Brosseau, past president general, D. A. R., Greenwich, Conn.; Mrs. William | Sherman Walker, vice president gen- eral, D. A. R, Scattle, Wash.; Maj. Hobart H. Hawkins, Reserve Corps, U. S. A, and Capt. Harlan Wood, com- mander, American Legion, Department District of Columbia. New Business Bureau Trustees. - Ben T. Webster, E. C. Graham, S. H. Reizenstein and Abraham Sigmund were added to the board of trustees of - the Washington Better B\u'l:ra Bureau . &t the annual mee yes! s Walter J. Harrison. < TP% 64% Bang & Aroos (3%).. 2 ¥ LT2% 48 ~Prev. 1920~ Stock ana Sates— ‘High. Low. Dividend Rate. Add 00. High. 381 Abitibl Power & Pap 42 101 Abraham & Straus. . 133 27% Adams Millis (2) 2 Ahumada Léad 95% Air Reduction (3). 37% Air Wal El Ap(2%).. 4’2 Ajax Rubbe: . 4% Alaska Junea 12 Albany P W Faper. 27% Alleghany Corp. .. 9914 Alleghany.C pf (5%) 100% Alleg'y pf rets(53%). 241 Allled Ch & Dye (6). 166 Allis-Chalm Mf (7).. 5 Amal Leather. ...... 10% Am Agricul Chem. 40% Am Agticui Ch pf. 110 Am Bank Note (13).. 40% Am Bosch Magneto. . 41 Am Brake Shoe 2.40. 15% Am Brown Bov Elec. 107% AmCan (t4)........ 92 Am Car & Fdy. (6). 46% Am Chicle (2). i 4312 Am Com Ale (K1.60). 75% Am & For Power. 4 104 Am & For Pw pf (7). « 88 Am & For Pw 2d pf Am Home Prd (3.6 52 Am Internat (12) 41; Am La F & Foamite. 126% 102% Am Locomotive (8).. 119% 113 Am Loco pf (7) 81% 50 Am Metal (3) 2% 1521 964 59% 457% 123 105 97 1% % 5 1247 115 5 64% 5 21% 143% 99. 46% 47% 119% 334 4 5 Am Piano.. 18% Am Plano pf. 81% Am Pow & Lt (11 98% Am Pow & Lt pf (6). 40% Am Rad&Std San2% 64% 43 Am Republics... 121% 106} Am Roll Mill (c2). 41% 324 Am Seaung (3) 7 3% Am Ship & Com 124% 93le Am Sm & Ref (4) 112 106 Am Snuft pt (6). 9% 56 Am Steel Fdy (3) 85 65 Am Stores (). 94% 71'; Am Sugar Rfg (5). 111 104% Am Sugar Rig pf. 35% Am Sumatra (3). Am Tel & Ca ( Am Tel & Tel (¥ Am Tobacco (9) 160% Am Tobacco B (8). 67% Am Water Wks (cl 110% s 107 23841 171 171% 146 16% 13 41 28% 9615 39% Am Writ Papr pf (3). 24% Am Zinc Ld&Sm. ..., 941 Am Zinc Ld&Sm pt. . 99 Anaconda Copper (5). 43% Anchor Cap (2.40)... "2 44% Andes Copper (3)... 1 29 Archer-Dan-M (2)... 85% Armour Del pf (7)... 10% Armour il (A). 5% Armour 111 (B). 19% Arnold Constable. 49% Asso’'Appl Ind (4). 43 AssoDry G (23%) 9114 Asso D G st pi(6). 2363 195%, Atch T & S Fe 110 104% 99 Atch T&SF pf (5) 191% 169 Atl Coast Line (1 73% 53% Atl Refining (11%) 115 90 Atlas Fowder (4) 345 221 Auburn Auto (j4) 10 5% Austmn Nichol 36% 224 Autosales.. 1 90 287 102% 190% Ty 3 31% 183 115% Balto & Ohio (6). 30 128% 123% Balto & Ohio fullpd. 1 126% 1234 77 33% 26 Barker Bros (2) 491 384 Barnsdall 2915 20 Beacon Ofl 6 101 73 Beech-Nut Pack (3). 24 17% 11% Belaing-Hemnway.. 6 1 5 26 847 31 Belg N Ry pt pf (16) 984 78 Hendix Aviation (2). 43% 75% Best & Co (3).. 118% 8214 Bethlehem'Steel (4). 123 116% Bethlehem St pf (7). 61% 424 Bloomingdale Bro 136% 110% Bohn Alum&Br(14) 98 5314 Borden Co (3).. 143% 107 Borg Warner (j4) 631 30% 2riggs Mfx.... 73% -42)a Brockway M T 3). 817% 60% Bklyn-Manhat (4 170 Bklyn Union Gas (5) 55% 38% Bruns-Balk-Col(3) 42% 25% Bucyrus firie (1) 50 38% Bucyruscvpt(z). 829% 234 Burr Add Mch (15).. 110% 102% Bush Term deb (7).. 91 4l Butte Copper & Zinc. 12% 6% Butte & Superior (2) 41 28 . ButterickCo........ 1 138 104% By-Prod Coke (13). 02 111% 1118 50 128% 94 119% $3% 50 63 212% 3 41 B0% 41% 317% 102% 29% 1127 81% 724 Calif Packing (4)... 2 75% 135 124 Calumet& Ariz (10). 16 129 61% 863 Calumet & Hecla(4). 14 43 90% 78 Canada Dry G A (5). 891, 265% 218 Canadian Puc (10).. 21 331% 308 Cese (J 1) etfs (6). 3 319 48% 29%% Cent Aguirre (2). 32 52% 40% Cent Alloy Steel (2) 47 128" 88% Cerro de Fasco (6).. 98% 28% 163 Certain-teed Prod 2 231% 195 Ches & Ohio (10). 23312 10415 78% Chesapeake Corp (3) 19% 8% Chi& Alton. 25% 11 - Chi& Alton pf 43 28 Chi& Eastlil 667 49 Chi& East 11l 237 12% Chi Great Western, % 38 ChiGreat Westn pf 27% Chi Mil St P&Pac. . . 63% 46% Chi Mil St P&Pac pf. 94% 80% ChI&NW (4)...... 39% 28% Chi Pneu Tool 561 48l Chi Pneu T pf (3% 139% 115 ChiR1& Pac (7).. 4 Chi Yellow Cab (3) fckasha C Ol (3). % Childs Co (2.40). ‘66 Chrysler Corp (3). 49 City lce & F (3.60). 19% City Stores (1). 56 Cluett Peabody (5) 120 Coca-Cola (4).. 47 Coca Cola A (3) Collins & Atkman 783 56 Colo Fuel & iron. 12z 101 Colo & South (3). 80 70% Colo & Sou 1st pf (4) 81 ' 53l Columbia G&E (2).. 108 103% Colum G&E pf A (6). 88% 55%, Couml Graph (29.1c) 1199 121% Columbn Carbn t4%. 162% 43 ' Com Credit (2)...... 2 95 131% Com Inv Trust (14). “446% 225%’ Com Solvents (h8).. 240% 107% Comnwealth Pwr 4. 92% 60 Cong Cigars (153).. 84 Consol Cgrprpf6%. ‘1943 Congoleum-Nairn, 75% Consol Cigar (7). ... 25 Consol Film In pf(2) 9515 Consol Gas (3)...... 2 96'3 Consol Gas pf (5). 51 nsol RR Cub pf(6) 213 Consol Textile. .. 12 Container Corp A 4T% Contl Baking A 814 Contl Baking B 8815 Contl Baking pf (8). 60 ContlCan (2%4)..... 79 Contl Insurance (2). 14% Contl Motors (80c). . 201 Continental Oil 82 Corn Prod (t3) 51 Coty Inc (82) 8515 Crosley Radio 94% 85 Crucible Steel (5) 102 1% Cuba Cane Sugar.. 214 . 1 13% 138 63% 3 51% 123 39 195% 5214 168% 2 444% 2 238% 26% 132% 9612 Baix 2% 14% 60% Cuban-Am Sug pf. 2 Cuban Dom Sugar 4914 Cudahy Packing (4). 129 117 Curtis Publishing(6) 118 118% © Publish pf(7) 173% 135% Curtiss Aero (1) 67 581 Cutler-Ham (3% 164 65 69'4 427 Davison Chem.. 8 116 Deere & Co pf (7). i1 Delaware & Hud (9). “ Del Lack & W (17).. 290% 224 Detroit Edison (8) e*au 431 Devoe & Ray A (13) 164 130 Diamond Match (8). 53% 43 Dominion Strs (1%). 101 92 57 Dunhill Inter (14) 126% 105 Drug Corpn (4)..... 198 156% Du Pontde N(t4%). 119 115 Dupontd N deb (6).. 45 36 Durham Hosiery pf. 40s 40% 191% 168 tman Kod (18).. 4 181% 128 125% Kastman Kod pf (6). 20s '126% 76% 56 Iaton Axle & S (3).. 39% 26% Eitingon-Sch (23%).. 172 126% Elec Auto Lite () 18% 1113 Flectric Boat. 63 53% 60s 118 4 199% 2 122% 534 5% 6109 17 185% 1 115% 131 177 81% 5 105 Flec Stor Bat (5).... 7T B84% Eng Pub Serve (1), Eng Pub Sve pf (5).., 81% KEquitable Bldg(2%). 64 FErleRR . Erie R R 1st pf. Grie R R 2d pt. . 44'% Eureka Vac Cl (4) 55 Evans Auto L(1214). 40% Falrbanks Morse (3) 115% THE EVENING STAR, WASHINGTON, Prev. Low. Close. Close. 42 133 2 42 133 30% 30% 30% 2% 145% 40% 6 18 374 101 4 100% 151% 96 59 45% 1201 105 94% 0% 70 5 124 115 64 5 19 140 99 46 45 117% 33 4 107 107 229% 170% 171 '143% 16% 13 41 28 95 23414 102% 190% 6 31% 125% 1231 77 27% 41% 28 B35 11% 82 8514 901y 111 118 49 121% 92 1181 33 49% 62% 211 40 30 41 317 102y e 29% 127 5 1 42 89 230 315 31% 464 97% 23 231 192 49% 165% 4443 238% 9 2l 5% 25%, 1311 9613 34% 99y 61% 94 101% 2% 13% 13 63% 2% 51% 123 115% 162 6474 51% 116% 199 122y 507 574 109 184 115% 40% 181 126Y% 27% 13% 9% 105 83% 3251 1524 961 594 457 122 105 97 1% It 5 124% 115 64 5 19% 142 99 16 119% 33 4 1093 107 675% 657n 7 234% 170% 171 146 16% 13 41 28 95 830 6 31% 126 1281 ki 28 417% 28 857 11% 82 8714 123% 92 1 50 63 212% 41 30% 41 317% 1024 5 7 29 127 5% 129 89% 231% 315 31% 47 98% 23%% 2331 101 813 31% 51 88 36% 54 427% 125 30 2 145% 40% 5% 10115 100% 32¢ 1 9615 59% 46 120 105 9% 2% 697% 4% 123% 115 631% 5 18% 139% 9974 46% 46 117% 33% 3% 106% 107% 6Th 651y % 226% 17214 172% 142% 16% 134 41 27% 9614 116 43% 521 31% 88 10% 5% 214 56%, 49% 6 324 125% 1234 7 121% 93 1184 33% 50 6215 209% “a0, 2914 Rt 315 - 108% 5 7 29% 129 5 127% 42 B8% 231% 320 33% 464 9% 23% 231 98 3% 511y 861 36 B51% 133 1325, 30%’ 314, 39 T4% T4 52 201 5915 132% 47 55 63 12 a3 8614 107 6414 19515 52'4 68y 4443 238% 72 89 22% 5% 25% 123 116% 162 647 538 116% 199 122y 293 51% 141 58'% 5714 109 185 115% 40% 1814 124% 274% 13% 804 105 8374 611 9% 3974 80 65% 633, 51 61% 474 8%, 2% 3% 132% 47 54% 63% 115 70% 83 106% 61% 192 49% 165 445% 239 122% 114 163 65 513 1194 198 12214 288 52 140% 50% 57% 109 182% 115% 40 181% 126Y% 47 68% 66'% 67% 66 28 4 162%. 166% 163 13% 80 104% 841y ~Prev. 1920~ Low. 310 215 22% 4 Grt ) Stock and Dividend Rate. Fed Mining & Smlt. . Fed Motor Tr (80c).. fo Fox Film A (4 Freeport-T Gabriel Snub A. Gardner Motor. vee 11 Geén Am Tnk Car(34) 225 6 Gen Cigar pf (1).... Gen Electric (6)..... Gen Elec spec (60c). Gen Gas&El A (e1%) % Gen Mills (3)....... Gen Mills pt (§ Gen Motors (13. Gen Motors pf (7) Gen Qutd Ad vie (2). Gen Public Serv (b6) Gen Ry Signal (5)... Gen Refrac (13%).. Gillette Safety R (5) Glidden Co (11%) Gobel (Adolf). . Gold Dust (234) Goodrich BF (4). Goodrich pf (7). Goodyear Tire (5) Goodyear 1st pf (7). Gotham Silk H (23%) Gould Coupler. . Graham-Pal) . .Granby Consol (7).. 4 ‘Grand Union Granite City Stl (3). Grant W T (1) . Grt North pf ( Grt North pfet (5).. 3 or Ore (a1%).. 29 Grt West Sug (2.80). 20 Grt West Sug pf (7). 10s Greene Can Cop (8). 44 Guantanamo Su Hahn Dept Stores. .. Hahn Dept 8 pL(6%). Hartman-B (1.20) Havana ElecRy..... Hayes Bdy (b8 %stk) Hershey Chocolate. . Hershey Choe pt (4). Hoo (R) & Co. o Holland Furn (. Hollander & Son s Houd Hersh B (1 Househd Fin pf (3).. Howe Sound (1434).. Hudson & Man (234). Hudson Motor (5)... Hupp Motor (f2).... 4 Tllinols Central (7).. Independ Oil & G (2) % Indian Motor Cycle. . Indian Refining..... Indian Refining ct... Inland Steel (3%)... Inspiration (4)... Interboro Rap Tran. Intl Agricultural. ... Int] Business M (5). Intl Comb Eng (2) . Intl Cmb Eng pf (7). Intl Harvester (214). Intl Match pf (3.20). Intl Mer Marine..... Intl Mer Marine pf. . Intl Nickel Can (80c) Intl Nick Can pf (7). Intl Pap & P A(2.40). Intl Print Ink (2%). Intl Print Ink pf (6). 60s 4 Intl Ry Cn Am pf(5).130s Intl Tel & Teleg (2). 900 Inter DeptSt (2).... 3 Intertype (f1134). 2 Island Creek Conl(lt) 4 52 Jewel Tea new (3).. 1 Johns-Manville (3).. & 1 6% Jordan Motor Ca Kan City Sou (5). Kan City Sou pf (4) Keit| Kelly-Spring Tir: i Kelsey Hayes (2)... Kelvinator Corp. % % Kennecott (5)..... .. 374 Kimberly Clrk(2%). Kinney (G R) (1)... Kinney (G R) pf (8) Kolster Radio. . Kraft Ph Ch (13%) esge S S (1.60). Kreuger & Tol(1.34). 136 Kroger Gr&Bak(c1) Lago Ofl & Tra Lambert Co (8)..... Leh Port Cem (234). Leh Port Cm pf(7).. 10s Lehigh Valley Coal.. 29 Leh Val Coal pf t3). 1 Lehn & Fink (3) i Liggett & My (15) Liggett & My B (t Lima Locomotivi Link Belt (2.40) 10 15 . 208 e 13 13 % Lig Carbonie (4 Loew's Inc (13) Loew’s Inc pf (6%). Loft Inc Long Bell Lumb A. . Loose-Wiles (2.60).. Lorillard (P) Co.... Louisiana Ofl....... LouG & K1 A (1%). Ludlum Steel (2). MecCall Corp (4). .. McKeesport T P (4). McKesson & Rob (2) McKes & Rb pf(3%). Mack Trucks (6). Macy Company (13). Madison Sq G (1%). Magma Copper (5).. Mallinson & Co...... Mandel Bros (2%).. Man Elec Supply . Man Elev mod (d§) Man Shirt (2). Marland Oil. ... Marmon Motor (4).. Martin-Parry. .. Mathieson Alk (e2) May Dept Strs (4) Maytag Co pf (3). Mengel Co. Mexican Seaboard 4 Miami Copper (4) Michigan St1 (2%).. Mid-Continent P (2). Middle States Oil. .. 4 Middle Sta: Minn Mol Minn Moline p: 4 Mo Kan & Texa. Mo Kan & Tex p! Missouri Pacific Missouri Pac pf Mont Ward (2%) Motor Products (17). Motor Wheel (2). Mullins Mfg. z Munsingwear (1313) Murray Corp (a3)... -N- Nash Motors (6).... 24 Nash Chat & St L(7). 40s Natl Acme (1) v Natl Air Trans 2 Natl Bella Hesa($1). 15 Natl Biscuit (16%).. 9 Natl Cash Reg (14) 73 Natl Dairy ($1%) 65 Natl Dept Store atl Distillers . atl Distillers pf(7) atl Lead (5 “e atlEnameling (2) Natl Pwr & Lt (1) Natl Radiator. Natl Surety (5). Natl Tea (1%)... Nevada Copper (3). Newport Co A (3) Newton Steel (3). % N Y Air Brake (3) N Y Chi &StL (). . N Y Chi & St L pf(6) 50; N Y Steam 1st pf(7). 10s Norfolk&Wstn(t10). 3 North Am(b10%stk) 99 North Am pf (3)..... 82% 186% 7 97 . 110% 235 148 1 b2 148 2% 148 2% 117% 324 1% 808 T4 95'% 75 & 1234 331 3% 2% 39 99 57% 104% 4% 136 108% 4% 78 3% 5314 18% D. C. SATURDAY, 4 North Am Ed pf (6). No Ger Lloyd (3.41). Northern Pac (5).... North Pac ct (5). Northwestn Tel ( % OfF Well Supply. Ofl Well Sup pf (7) Oliver Farm Equip. . Olivr Fr Ep ev pt(3). Otis Ele: Otis Steel Owens 11l Glass H’) 208 Pacific Gas & E (2).. Pac'fic Lighting (3). Pacific Oil stubs..... Pacific Tel & T (7) Packard Motor (15). Pan-Am Petroleum. . Pan-Am Pete B . Paramount-F-L Park & Tilford (13 Park Utah (80c) . Pathe Exchange. Pathe Exchange A. .. (3.89). Peerless Motor Car. . Penick & Ford. Penn Dixie Cement 4 Pennsylvania RR(4) People’s Gas Chi (8). 67 56 2 308 Phelps Dodge (3). Phila Co (17).. Phila & Read C& I Philip Morris (1).... Phillips-Jones (3) ... Phillips Pete (1%) Pierce-Arrow A..... i Plerce Arrow pf (6). Pierce Oil..... Pierce Petroleum Pirelli Co A (2.88 Pitts & W Va (6) Poor & Co (12) Postum Co (3). Prairie Oil & Ga. Prairie Pipe L (1 Pressed Steel Car. Prod & Refiners. Pub Sve NJ (2.60)... Pub Sve NJ pf (6)... Pub Sve NI pf (7)... o rrem S srnRerBaReasnnancos Pub Svc B&G pt(6). Pullman Corp (4). Punta Alegre Sugar. PureOil (1%). Purity Bakeries ¢ Radio Corp. . Radio pt B (5). Radio-Keith-Orph 4 Reading (4). Reading 2d pt Real Silk Hoslery. Remingto: nd Reming-Rnd 2d (8). Reo Motors (11.60) Rep Brass Corp. Rep Iron & Stl (4). Reynolds Spring Reynolds Tb B(2.40). % Richfield O (2)..... Rio Grande Oil (k2). Ritter Dental (333).. Rosala Ins (220).... Royal Bak Pwdr(1). Royal Bak P pf ( 29 Safeway Stor Strs pf h Lead (13). St L-San Fran (3)... 3).. ). « Schulte Retail Strs. . Schulte Retail pf(8). 10s 4 Sears Roebck (12%). 65 Seneca Copper....... 4 Sharon Stl Hoop (1). 138 4. Shell Union (1.40)... 70 Shubert Theater (5). 11 Simmons Co (3)..... 27 Simms Pet (1.60). 4 SinclairOil (12%). Skelly Of1 (2)... Sloss Sheffield steel. Snider Packing pf. So Porto R Sug t2 % Southern Cal Ed (2 Southern Dairies A . 141 37 Southern Rwy (8)... Span . . Sparks Withgtn (n). Spear & Co......... 20 Spear & Copt (7).... 7 Spencer Kelg(1.60).. Spicer Mty 5 Spicer Mg pt (3)... Spiegel-May-St (3).. Stand Com Tob (1).. Stand Gas & EI (3%) 197 Stand GEEpf (4)... 1 Stand Ol Calif (13). 23 Stand OHIN J (12)... 78 Stand O/l N Y (1.60). 31 25% Sterling See (A). 81 13% Sterling Sec pf1.20.. 43 2 19% 98% 1 36 14% JUNE 29, '1929. Subm. Sun Of1 Wileox Yale & Towne (4) Yellow Young Sp&W (2 Young Sheet & T (5 RIGHTS EXP] Am Tel&T..July 1 193 7 Ches & Ohlo.. July 1 4 Colum GastElec # Col Graph Div! cash payments based aration. sUn! 97 |in_ stock ' d Paya | #Blus 10% in " stock. 14% | j Plus 8% In stock. By the Associated Fress. over sugar tariff schedules presents an unusual intercorporation contest, which the Great Western Sugar Co., leading beet producer, occuples a cen- tr ‘That company, through took the unusual step of portraying the company’s entire financial history yesterday before a Senate committee, in view of the repeated assertion from cane sugar interests that its profits are very great and indicate a lack of neces- sity for any raising of the present sugar Tate. Senator Harrison, one of the Demo- cratic opponents of the sugar increase, had s pamphlet about Great Western profits which Chairman Smoot, who stands regularly for beet sugar pro- tection, scornfully asserted “really came from the National City Bank of New York,” an institution credited with im- portant Cuban interests. “I don't care; what it says about the Great Western Co. is very ocompli- mentary,” Senator Harrison retorted. Mr. Lippett gave exact records, which showed that by 1906, soon after forma- tion, the Great Western had invested $30,000,000 in cash and property in Colorado, Wyoming, Nebraska and Mon- tana beet sugar refining. Total divi- dends since that date he placed at $83,- 000,000, while its assets today he said were $65,773,000. He estimated that its earnings over the entire period average 9.24 per cent on actual capital invested, | and that the dividend rate had been 8.46 per cent. ‘That other beet '“K“ enterprises had been much less profitable, the witness and his senatorial interlocutors L. Mr. Lippet said that the Great West- ern location, in the center of a sugar market lying between Chicago and the Rocky Mountains, into which Cuban, Philippine or Hawaiian cane sugar can reach only on the payment of a freight toll, was the chief factor in maintaining its. vlptl;o: rity. ether the company needed s higher tariff on incoming sugar to maintain its position was & point raised by Senator Watson of Indiana. “Tariff is only one of a number of factors,” Mr. Lippet responded. “If the price of sugar will stay up, we can go on with the present rate; if it fails, as it has this year, that wiil be a different outlook. Tell me what the market will be and I can answer.” Coal trade reports say that union organizers are now invading three of the important West Virginia producing territories which have been on a non- union basis for many - years, the New River, Kanawha and Willlamson dis- tricts. The performance is being watched th considerable interest, as it is the st sign of attempting to rebuild strength that has been given by the United Mine Workers, the coal union, since 1927, when union scales and agree- ments were abandoned in most of the Eastern United States. Wage scales in coal have been most uncertain since, but have been gradually tending down- ward, much to the dissatisfaction of all the workers and of many of the opera- TS, Attempts to reorganize the union are naturally favored by the situation, and rable headway.' The of union policy is to dis- a period of ini- & strike One phase of the pending contest | in | Stewart Warnr(3%) Studebak Superfor Oil Superior Ste Symington Symington A. Telautograph (1).. Tenn Cop & Ch (1). Texas Corp (3).:... Tex Gult Sul (4).... Texas P C & O1l (b5) Texas Pac Land Tr.. 4 Thatcher Mfx. .. Thatcher pf (3.60). . The Fair (2.40).... . Thompson J R (3.60) 4 Tide Water Asso. ... Tide Water Oil pf(5) Timken Det Ax(80c). Timken Roller (3). Tobaceo Pr (1.40) Tobacco Pr A (1.4 Transcontinental, Trico Prod (23%). Truscon Stl (11.20).. Twin City Rp T (4) . Underw-El<Fish(4) . Union Bax & Paper. . Union Carbide(2.60). Union Oil Calif (2).. Union Pacific (10)... Union Pacific pf (4). Utd Atrcraft&Trans. Utd Aircraft&T pf 3. Utd Biscuit (1.60). .. Utd Cigar Stores(1) Utd Cigar St pf(6) Utd Corporation Utd Corp pf (3) Utd Electrie Ci Utd Fruit (e4)...... 1'td Gas & Imp (1).. Utd Gas & Imp pf(5) Utd Paperboard. .. .. U S Cast Irn Pip (2). U 8 Distrituting. U S Ixpress. . S Hoffman (4). Virginia-Car Chem Virginia-Car 6% pf. Vulcan Detinning Willys-Over (c1.20). Willys- Wilson & Co A. 214 Woolworth Co ( Woolworth Co, Worthington Pu; Worthington B. Wright Aere (2) it of trading Pl FINANC Sales— Prey. Add 00. High. Low. Close. Clost 19 3% 72 1 (1) ™ 1% 17 - 19 C18% o 17T% 17% 628 61% 70 70% 1% 174 16% 16% 234 23% 42 43 35 35 46 46 19% 19% 92% 92% 25 24% 107% 107% 14% 15 18% 18% 100 10% 591 59% 49 48n 40% 40 T 63 146% 143 37 36% 102% 102% Leather.... 190% 18915 140 140% 7% 5% 46% . 10 90% - 1% 4214 89 Wabash. Waldort Systm (1% Walworth (1.20). Ward Baking B Warner Bros Pict % \Warner Bros Pic (n) Warn Br P p£(2.20). Warner-Quinl; Warren Bros (15)... Warren Fdry & Pipe. 4 Wess Oil & Snow(2). WessO&Snpf(4).. 6 West Penn El pf (6). 108 West Penn El pf (7). 10s Western Maryland. Western Pacific Western Pacif pf, Western Union (8) Westngh Alr Brk(2). Westngh EI&M (4). . Westngh E 1st pf(4) 140s Weston El Instru... 5 White Eagle Oil (2). 4 White Motor (1).... 9 White Sewing Mach. 2 2) 26 30 2 1 Rich(B)e2... 24 154 2 Over pf (7) 62% T 5 132 132, 728 42 0% 140 72% 424 68% 141% Truck & C ¥ ) az 4 5% A% July 85 July 5 315 % the annuai yearly dec- less than 100 shares. +P: o 33°1n preferred stocl g afaerate 5 Fags when earned. e € Plus €% in ‘stock: Plus 3% In stock. on © Plus 5% or gtock. n le in 5 hPlus 2% in stock call will allow, and then trying to get s Latest reports from Alnerican rail- ways, which are substantially all in pri- are higher this Spring than ever re- corded, with traffic volume setting new records, while labor troubles are prac- trast, three current items of railway news from countries where railroads are government owned and government run, picked up by Commerce Department trade observers in regular routine, are most interesting. The first, from Australia, tells of a demand by the Australian Railway Commission upon all employes to wori: 48 hours per week instead of the exist- ing 44-hour week; the second repeats the annual report of the New Zealand railroad ministry, estimating a deficit for 1929 of $5,000,000 on its system; while the third, from British Columbia, recounts the passage of a law freeing the Pacific Great Eastern Railway, a state-owned system, from all taxation because of the continuous loss experi- | enced 1n its operations. Canadian enterprise is little, if any, behind that shown in the United States in the way of establishing long-distanc> passenger flying service. One of the most recent extensions, undertaken hy the Canadian Colonial Airways, con- templates a New York-Montreal air line, with a four-hour schedule tentatively drafted. Flying boats are to be used for the trip, and six planes have been ordered for.the service. National preferences among tobacco grades and types show extreme vari- ance. Taking the monthly customs 'ds of American tobacco exports, English-speaking countries are shown to demand practically all of the “bright leat” flue-cured tobacco that goes from the United States. France, which is also a great consumer of American tobaccos, rejects the bright almost com- pletely, but takes instead the Kentucky and Tennessee crop to the total of 7,000,000 pounds per month. For tobacco made up into cigarettes China is far and away the best nation- al customer. In the last monta recorded, China took 504,260,000 cigar- ettes, or nearly two thirds of all Ameri- can cigarette exports. The Philippines, with 124,000,000, were the nearest com- petitor. Fish Located by Sound. By a new invention known as the “echo sounder,” fishermen off the coast of England expect to increase their catches by “listening” for schools of the finny tribe. In a recent test a trawler was able to keep in touch with the fish hundreds of fathoms below the surface. They were located at & depth of 1,200 feet and the fishermen were able to fol- low them and keep their nets at the right depth instead of wandering off into deeper water and losing the fish, as would have been done by old methods. The instrument records the depth of water to a maximum of 2,400 feet, and indicates changes in the depth at the rate of 192.feet to the minute. Toy ;ut Insurance Paid. A 14-year-old schoolboy recently col- lected $40 insurance for the total loss of his toy boat in » London 3 Lioyd's had sent experts to try to and salve the n-a-ln‘ but their efforts the century, was vate ownership, indicate that earnings | tically non-existent. By way of con- | ST. LOUIS WELGOMES LINDY AND HIS BRIDE Noted Couple Entertained by Peo- ple Who Backed Colonel in His Paris Flight. By the Associated Press. ST. LOUIS, June 29.—Entertained by the backers who first believed the ob- scure National Guard captain could fly from New York to Paris, Col. Charles A. Lindbergh and his bride had a pro- | gram of business and informal pleasure today with the intention of taking off for Kansas City on their leisurely Western flight late this afternoon or to- morrow morning. While Col. Lindbergh yesterday con- ferred with Transcontinental Air Trans-' port officials and inspected the facilities | of the line, Mrs. Lindbergh was enter- | tained privately by Mrs. Harry Hall Knight. [Col. and Mrs. Lindbergh were guests at'a small dinner party given by | Maj. Willlam B. Robertson, a backer of the New York-to-Paris flight and the colonel’s old air mail boss. Lindbergh told interviewers that St. Louis was a logical crossroads in the future of commercial aviation and ad- vised the construction of Tmanent | runways before freezing weather sets.in at any rate,” at Lambert-St. Louis FUMy duties tn the # Trans “My duties e future with E continental Transport will of my time in St. Louis than hereto- fore,” he said, “but, of course, I'll be ;pe:kdlnl quite a bit of my time in New ork." Air Views of Persia Boomed. Seeing the Euphrates from the air is one of the inducements being offered by the new air sexvice that connects Bag- dad and Gasa. The management claims that in no other way can the beauties of the’river and of Persia be fully ap- preciated. The view of the serpentine river at the time the “hind of morn- Ing” struggles to break through is un- usual. As the sun finally bursts forth in all its glory, the stream takes on more and more the appearance of a snake, twisting and writhing, its skin a dazzling metal. A splendid view of th Dead Sea Is also obiainable. The trip by air takes eight hours, compared with 40 days.of travel by camel. Channel Try for hc;:t Ship. ‘To prove that “rocket ships” are fea- sible for water travel, Max Valier, a German inventor, will attempt to pel one of the craft from Dover to gfi-u, If successful, it will be the first “rocket ship” to cross the English Channel. On Lake Starnberg, Valier reeently attained a speed of 235 miles an hour with his machine fitted with ski-runners, The craft for the Dover-Calals experiment will be on hydroplane lines, with plane surface, and the wings besides acting as support will be attached so as to en- ble special maneuvering. In appear. TAL. ADVANCE IN STOCK PRICES CONTINUES “IMarket Closes Strong De- spite Usual Week End Profit-Taking. By the Associated Press. NEW YORK, June 29.—The stock market coasted along today on the wave of bullish enthusiasm created this week by definite indications of a relaxation in credit conditions. There were a few soft spots here and there, but prices generally moved upward with the pub- Iic utility, merchandising, chemical and investment railroad shares all present- ing numerous points of strength. Operators for the advance resumed their activities with confidence in the belief that the worst of the tight-money period was over. While admitting the possibility of an upward flurry in the call rate before the middle of next month, they state that any increase is likely to be temporary and that the rul- ing rate will be 7 or lower before the end of the month. . Rail Shares Active. Investment railroad shares were in brisk demand on the theory that those issues had not fully discounted the sharp expansion in earnings in the first half of the year, and the beneficial effects of the St. Louis & O'Fallon i decision, setting aside the Interstate Commerce Commission’s basis of valua- tion. Atchison, Chesapzake & Ohio | Chesapcake Corporation and Pere Mar- ! quette all advanced 2 to 314 points io new high reco: A widespread belief that two or three additional large public utility mergers |are in the making helped to maintair interest in the power and light stocks. American Water Works. Columbia Gas & Electric, Detroit Edison, American Power & Light and several others ad- vanced 2 or more points. ‘Telephone issues also renewed their advance, International Telephone cross- ing to a new high for the present time. while American Telephone was marked up 4%, points. R. H. Macey soared 13 points to a new high record at 217, Abraham ‘& Straus ran up 8 points and Woolworth (old stock), 5. Newport Co. ran up 5 points to & new hign at 75. Mexican Seaboard, | which has just opened up a new field i California, was again in brisk demand. moving up 3 points above yesterday's close. The closing was strong. Opening Irregular. Prices moved irregularly higher at the opening. Auburn Auto showed an | Initial gain of 4 points, and General | Elcctric, Allied Chemical, Westinghouse Electric and Wright Aeronautical ad- vanced & point or two. American Power & Light moved into new high ground. R. H. Macy dropped a point. ‘The first sale of the International Tele- phone was a block of 5,000 shares at 995, off 1. Absence of many traders from the financial district over the week end tended to keep the volume of trading down, but speculatiie sentiment con- tinued bullish as a result of the grow- ing belief that credit conditions had definitely turned easier. Wall Street still considers the possibility of a flurry in call money rates next week, but this may be avoided if banks pursue the policy adopted last week of enlarging their borrowings at the Federal' Re- serve banks. Some irregularity developed as & re- sult of the usual week end profit taking. Peoples Gas, which ran up 25 points yesterday, fell back 4!, points and American Tobacco A and B, Detroit Edison, Lambert and Union Carbide ylelded a pemt or two. ] R. T Macey quickly made up its ini- j tial loss of 1 point and climbed mearly 4 points above last night’s close to a new high record at 2073;. Westinghouse Electric quickly’ ran up more than 4 points to a new top at 189%. Trico Products, Missas-Texes common, New- | port Co. and Pere Ma-quette also moved }into new high ground. | Early Gains. Allis-Chalmers was quickly bid up 5% ! points, American Telephone 312, Brook- | lyn Union Gas 2!2 and American & | Foreign Power 2. Foreign exchanges open=d steady, with | sterling cables unchanged at $4.84 15-16 CHIC;GO DAIliY MAi!.KET. CHICAGO. June 29 (#).—Buttef lower; recelpts, 10,071 tubs; creamery extras, 411;; standards, 42; extra firsts, 40a407;; firsts, 39a391%; seconds, 3715 a38l>. Eggs unchanged; receipts 15,095 cases. Mortgage i,oans STORY & CO. 812 17th St. Met. 4100 First Mortgage Loans Fair Rates of Interest J. LEO KOLB oney to Loan Secured by first deed of trust on r o Joseph I. W:fif i Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Bepresenting Mutual Benefit Life Ins, Co. 1520 K Street Main In Nearby V'la 5 1/2 % Prudential Insurance Co. Loans Will sell or lease two-story brick and concrete building on main thoroughfare within two squares of Woodward & Lothrop's. Suitable for light manufac- turing, store, etc. WARDMAN Call Office, Main 3830, or Mr. Hill, Main 10291 Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National roon. with a length about three times ts wing span. e e rt of Londor thority, which KX of the docks and waterways B now trols ‘The has cl the con ‘were unsuccessful, the claim, one of. the most unique of Company Paia wp ERR"ENRNL. snon.000 - Commersial Naticnal Benk Bids.