Evening Star Newspaper, July 12, 1929, Page 15

FIN ANCIAL STODK PRES AR INBULLISH DRV Utilities - Continue in Fore- froni ©f Advance—Indus- trial List Strong. BY STANLEY W. PRENOSIL, Associated Press Pinancial Editor. NEW YORK, July 12—With & vio- lent bidding up of uti and several of the industrials, particularly steels, | the bull party celebrated the first re- duction in brokerage loans since late May on the stock merket today. Al- though the reduction was but $14.000.- | 000, it was interpreted as indicating | that the gain of about $485,000.000 dur- ing June was due largely to the exer- cise of stock rights. The late buving converged on the principal stocks, among which were | United States Steel, American Can, American Telephone, Allied Chemicals Radio, Public Service of New Jersey ‘Montgomery Ward and International Telephone. The selling of the motors) and oils stopped and the market ab-| sorbed the week-end realizing well. The close was strong. | The market was lifted sharply higher at the op/ning, when feverish buying | cropp: t in the utilities. A block of 11,600 shares of Consolidated Gas was taken at 144, A new top and up 7'z | oints: a block of 20,000 shares of | Inited Gas Improvement at 53, a new | high and up 1'> points, and a block | of 15,000 shares of National Power & Light, up 3! points. Public Service of | New Jersev, United Aircraft and Mont- gomery Ward rose 2 to 3 points: Auburn | Auto, 41;; Union Carbide, 3'.. and sev- eral issues mounted 1 to 2 points. The impressive bullish demonstration : THE EVENING STAR. WASHINGTON, D. C. FRIDAY, JULY 1 NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. (Continued From Fourteenth Page.) High. 202 181 6812 Stock and Dividend Rate. Macy (RH)&Co(ct3) Madison Sq G (114). Magma Copper (5).. Mallinson & Co.... Mallinson pf (7).... Manati Sugarpf. ... Man Elec Supply. ... Man Elev mod (d5) Man Shirt (2)... Maracaibo Ol Exp. - Marlin-Rockw (T4).+ Marmon Motor (4).. Martin-Parry. Mathieson Alk (e2) May Dept Stre (4) Maytag Co (12)..... Maytag Co pf (3).. Mavtag Co 1st pf(6). Melville Shoe (1.40). Mengel Co. Mexican Seaboard Miami Copper (4)... Michizan St1 (234).. Mid-Continent P (2). Middle States Ol1. Middle States Ofl ct Midiand Stl pf 10% . Minn Moline Pwr. Minn Moline nf 6% . MStP&SSM Mo Kan & Texas. ... Mo Kan & Tex pf(7). Missouri Pacific. . Missouri Pac pf (5) Mohawk Carpet 12 Mont Ward (233). Morrell J (3.60). Mother Lode (40¢). Motion Picture...... Motor Products (7). Motor Wheel (2). Mullins Mfg. . . Mullins Mz pf (7). Sales— Add 00, 39 2 19 1920~ . Low. 148 17% 60 241 95% 31 25 211y 25% 12 69% 66% ™ 25 9614 40% 29% Prev. Divid Low. Close. Ciose. Seaboard Sel Sharon $ - Shattuck Simmons Skelly OF Sloss Snider P So Porto Southern Southern Sonthern ithern onthern Spalding Sparks W Spicer M Spicer M 9% 100 45 56% 1041@ 104 95 97 140% 1404 69 69 1234 126 T8 Ry 3 3 574 133 44 49% Stand Col Stand Ga Sterling Sterling Stewart Sun Ol ( Sun Oil p Stock and Savage Arms (2).. Schulte Retall Strs. Sears Roebck (32%). a Copper. .. Shell Union (1.40), Shubert Theater (5). Spiecel-Mav was inspired by the decline in brokers'| ] loans, which, ilthough amounting to, only $14,000.0-0, came after about & month of ssive large increases. Bankers, nevbrtheless, look for little | case in call ngoney for another week or 0. as the Pederal Reserve condition | statements disclosed that the New York banks had not reduced their neavy bor- | rowings. and_that discounts for the en- tire svstem had increased rather than | drereased during the week. | A block of 10000 shares of United | States Steel was taken at 20014, up 2Vg Points. Underwood Elliott Fisher rose 7| points, Commercial Solvents. 6: Mid-| jand Steel Products preferred. Westing- house Electric, Johns Manville, General Electric and National Supply, 4 to 5.| n the utility group, Standard Gas & Electric and American Power & Light also reached new record prices in moderate advances, American Can once more reached | new high ground, with a gain of about a pomnt, and other shares moving up 1 to 2 points included American Tele- phone, Radio, Anaconda. International Telephone, Gold Dust, New York Cen- | tral, American International. Northern Pacific. Kroger Groceries, Giliette, Safe- | vay Stores, Bethlehem Steel, National | Cash Register and Curtiss Aero. Texas Corporation, however, sagged nearly & point. Foreign _exchanges opened barely | steady. with Sterling Cables 1-16 lower | at $4.851-16. AUTOMOTIVE EXPORTS | SHOW DROP FOR MAY. Ry the Associated Pross. Automotive exports from the United States in May dropped more than, $21,- 000,000 below the previous month and were 8 per cent less than the total for May. 1928. The Department of Commerce said | the decline reflected “the usual tend- ency of postponing purchases untl after the arrival of new models, together with the advent of the Winter season in cer- tain of the foreign markets.” | Exports for May were valued at | $45,264.634, compared with $66.686, 6351 for April and $49,021401 for May last | year. Passenger car and truck shipments for May were valued at $28,286.253, & decline of $13.654.053 from the previous month gnd $6,320,253 below the May, 1928, toval. Total automotive exports for the January-May period of this year were valued at $299.399.551, compared with $213,770,339 for the same period in | 1028, HI;M WINS SUIT. BALTIMORE, July 12 (Special)— | Litigation between the German I G. Farbenindustrie, the' famous chemical trust, and the Silica Gel Corporation, | which has been in progress for the past | eight years, hal ended in a complete | victory for the local company, it was; announced here yesterday. The Silica Gel basic patents were upheld by the German court of final appeal, which concludes all litigation. C. Wilbur Miller is president of the Silica Gel Corporation and the Davison | Chemical Co. | Chief interest in Silica Gel in this; country recently has centered on the fleet of refrigerator cars operated by | the Safety Refrigeration. Inc., a sub- sidiary of the Safety Car Heating & Lighting Co. RAILWAY TRAFFIC VOLUME. By the Associated Press. | A new peak for railroad freight traf-| fie volume at this season was attained on American railroads for the weck ending June As reported by the| American Railway Association, the| number of cars loaded in the period not. only exceeded the ‘preceding week | snd the corresponding week last vear | but was the greatest ever recorded in the first half of any year. Figures for the loadings, in car totals, of the week and comparable periods| follow 1 Week ending June 29. 1,095,724 cars. Preceding week, 1,069,046 cars. Same week last year, 1,003,669 cars. PRICE TENDENCIES GAIN. Br the Associated Press. | A sluggish advance in general price | tendencies is observable in latest in- dex caleulations of. the Census Bureau | for general commodities. The figures | which follow represent the average of | wholesale charges for a general collec- | tion of articles, based on 1926 price, levels as 100, and show also the prices | for an average composite ton of steel product; steer. | 53676 | 36.84 | 3493 | All Commodities. 28 2. Wark ending July 6 982 Preceding week Same week last year Firm Buys Plant. BALTIMORE, July 12 (Special).— | The plant, good will, etc.. of the Camp. bell Metal Window Corporation of Balti- more and New York, has been acquired by the American Radiator and Stand- ard Sanitary Corporation, which al- ready has a plant here. The American Thaanator will issue 5000 shares of commot: stock in ex- change for 5000 shares of 8 per cent cumulative convertible preferred stock and 10,000 shares of common stock of Munsingwear (13%) Murray Corp (a3) Nash Motors (6).... 43 Nash Chat & St L(7) 1008 Nat Acme (1%)..... 9 Natl Air Trans sa By Natl Bella Hess(11). Natl Bel Hes pf (7) Natl Biscuit (16%) Natl Cash Reg (1 Natl Dairy (11% Xatl Dept Stor: Natl Dept St 1st ( Natl Ristillers. .. Natl Distillers pf(7). NatlEEnameling (2) Natl Pwr & Lt (1) Natl Radiator..... Natl Radiator pf. Natl Rys Mex 2d pf Natl Supply (18). Natl Surety (5). Natl Tea (1%4) Nevada Copper (3). NOTex & M (7). Newport Co A (2) Newton Steel (3).. Y Air Brake (3). Y Central (8). Y Chi & StL (6). Y Chi & St L pt(6) Y Do E Y & Ha 5) NH&H (4) Y N H& Hpt (1) N Y Ont & West N Y Steam pf (6). N Y Steam 1st pf(7). Norfolk&Wstn(110). North Am (b10%stk) North Am pf (3). North Am Ed pf (6).. No Ger Lio: Northern Pac (5) North Pac ct (3). Norwalk Tire & Rb N N N N N N N Y P 0il Well Sup pf (1) Oliver Farm Equip. Olivr Fr Ep ev pt(3). Olivr Fr Eq pt A(6). Omnibus COrp. ... ... Oppenheim Col (5). Orpheum Cir pf(8). Otis Steel.. Owens 111 Glass (4) r Pacific Coast 2d pf.. Pacific Gas & E (2) Tacific Lighting (3). Tacific Mills. . Pacific Oil stubs Pacific Tel & T (7).. 2008 Packard Motor (15). 13 Pan-Am Petroleum Pan-Am Pete B. PAn-Am West B Paramount-F-L (3). Park & Tliford (13). Park Utah (80c). Pathe Exchange. Patie Exchange A. Patino Mines (5.89) Peerless Motor Car Penick & Ford E Tenn Coal & Coke Penn Dixie Cement Penn Dixie Cm pf(7) Pennsylvania RR(4) Pere Marquette (8). Pere Marq pr o (5). Pet Milk (14) ... Phila Co (7). Phila Rap pf (314) 4008 Phila& Read C&I.. & Philip Morris (1). Phillips Pete (1%) Pierce-Arrow A Pierce OIl. Pierce Oil pf. Plerce Petroleum Pillsbury Flour (2).. Pirelli Co A (2.88)... Pittsburgh Coal Pitts Terminal Coal. Pitts Term C: Pitts & W Va (6).. P'Rican Am To (A)7 P Rican Am To (B).. Tostal Tel & C pf(7). Postum Co (3) Prairie Ol & Gas. Prairie Pipe L (14) Pressed Steel Car Prod & Refiners Pub Sve NJ (2.60). Pub Sve NJ pf (6). Pub Sve E&G pf Pullman Corp (4) Pure Oil'(1%) Pure Oil pf (8). 4 Purity Bakerfes (3).. % St L-San Fran (8)... Radio Corp. .. Radio pf B (5) Radio-Keith-Orph A. 23 Reading (4). - Reading 1st pf (2). Reading 2d pf (2) Real Silk Hosiery Reis (R) & Co... Remington-Rand Reo Motors (11.60).. Rep Brass Corp Tep Iron & Stl (4). Reynolds Spring. Revnolds Th A (2.40) '108 Reynolds Tb B(2.40). 57 Rhine West (1.92)... 1 Richfield Oil (2)..... 2 Rio Grande O1l (k2). 14 Ros<ia Ins (220).... 4 Royal Bak Pwdr(1 64 e — 31 170% 6 4 i Safeway Stores (3).. Safeway pf(8).. Safeway Strs pf (7). St Joseph Lead (13). 108 108 21 St L-San Fran pf (6) St L Southwestern St L Southwn pt (5). 5 130% 65 127 Superior perior weets of mingtc Telautos: Prev Low. Close. Close. 30 39 39 23% 25 24 13% 14 14 172% 173% 171% 54 5% 5 487 4R7 ATY; 177% 177% 175 27 21 26% 27 Sales— Add 00. High, 6 o 143 25% 10 14 60 1 10 end Rate, Afr Line teel H (2 FG(2). Co (3) Simma et (1.60) Sinclairoii (1215) 1(2)..... Sheffield steel cking. Snider Packing pf. Cal I Dairfes B Pacific (6). Rwy (8)... Ry pres).. A Spang-Chalfant..... Fithgtn (n). Spencer Kelg(1.60).. o pf (3) St (3) m Tobh (1).. s & F1(21%) 48 Stand G & B pf (4)... Stana Ofl Calif (+3). Stand @I N T (12). Stand ONI N Y (1.60). id Plate Glass. and Plate Gla Sec (A). ... Sec pf 11.20, Warnr(3% Studebaker (35). £1) £ (6) oil Ste 5 £ Amer (1).. . ymington A. ph (1) “Penn Cop & Ch (1). b Tex Gulf Texas & Texas P C Te Th: as Pa The Fair Tide Wat Tide Wat Timken I Timken T Texas Corp (3). Sul (4). Pac (3) , * & Oil (h5) c Land Tr her Mfg B Thateher nf (3.60).. 45 as 4874 20 K71y 247 15 106 63 15 (2.40). er Asso.... Asso pf(6) det Ax(80c). toller (3)... Pr(1.40). .. TrA(1.40), Prod ctfs(1.40), Transcon divers AL, ctfs A 140, I'rR et tinental ico Prod (213).. TUnderw- T T'nion Bax & Paper Unlon Ca Union O rbide(2.60). 1 Calif (2) Union Pacific (10). 7. Union Pacifig pf (4). Union Tank Car(3).. Utd Afrcraft&’ Utd Alres Utd Bise rans. raft&T pf 3. uit (1.60). Tnited Carhon. . 1td Ciga « Utd Ciza: Utd Corporation. .. Utd Frul Utd Gas 1td Gas Utd Paperboard S Distr TS Fore 7S Ind Alco (6). S Leather... Leather A (4). s I8 TS Real ] S Rubb r Stores(1 PI(6) 1937 30 108 tric Coal(3) 2 t (cd). & & 1mp (1) .. 2790 & Imp p(5) 11 ib pe (7). 1 ign Secur... 10 a2 ty (5). per. . Rubber 1! Smel oba tRef (3% cco (3).. Univ Leaf Tob (3) Univ Pic t1stpf(8).. 208 Univ Pipe & Rad. 2 Univ Pip & Util Pwr Vadsco Sales. ® Vanadiu an Itaa Van Raa Vick Cher Virginia- Virsi 86 16 R pf (7 &LtA (e2) 80 -V —— g 925 40 82 9R1y 1%, 413, m (14) &9 Ite. . .. Ite 1st pf. ical (4) r Chem.. ‘ar 6% pf.. a-Car pf (7). . Vulcan Detinning. « Waldorf Walwort Ward Ba Ward Bal Ward Ba Systm (1%) h (1.20) king A. Kking B king pf Warner Bros Pic (n) Warn Br wars Wa Warr Webstel Wess O Wess O & P pf(2.20) er-Quinlan (2). en Bros (15)... n Fdry & Pipe senlohr. . & Snow(2). D (4).% West Penn El pf (6). West Penn El P (7). 5 West Penn Pw pf(6) West Per nn Pw nf (7) Westn Dairy (B).... Western Western Western Westngh Westnzh F stngh F § 1121 W 106% stvacy Maryland. . Union (8).. 3 Pacif pf.... Air Brk(2). &M (4).. 1st pr(4) o0 Chlor (2). White Eagle Oil (2). White M otor (1).... White Sewing Mach. Whit Sw Mch pf(4) Wilcox Oil & Gas. ... Wilcox Rich(A)2% .. Wileox Rich(B)e2. .. Willys-Over (¢ <on & Co. W 20). Wilson & Co A. Wilson & Co pf Woolworth Co...... Worthington Pump. Worthington Wrizht Aero Wiigley Yale & T ellow Truck & C Young Sp&W (12%). Younz Sheet & T (5) Wm (). . owne (4)... 38% 700 154 RIGHTS EXPIRE 58% 41y 28% 71 36% 9 & laration 4| 4% 1n stock. 9414 95l 94% | R9% 92 ! in_stock d Pa: ¢Plus 10% YPlus 8% 1 in_stoci n s Col Gas&F Mont Ward rte...... Spencer Kel.July 15 Uni Corp rts Aug 15. 5 Sales of Stocks on New York Exchange. Dividend Tafes as given in the cash_pavments based on the latest quarterly or hei( yearly dec- sUNIt of trading less than 100 shares. iPlus $3 in preferred stock. | aPaid this year—no reguiar rate. ble when earned .Aug 15 614 697 6la 873,800 12:00 Noon. e the annual 4Partly extra. fPlus §Plus 1-25 in stock b Payable in stock. ¢ Plus 5% ePavable in cash or ftock. @ Plus 6% in stock. /hPlus 2% In stock KPlus 3% In stock. Wal By the Assoc Wall Stre 1 Street Briefs iated Press. eet understands that the newly formed United Stores Corpora- tion, which already operates the United and 10. Exports totaled $307.000 and gold earmarked for foreign account in- creased $9,994,000. The importations included $5,506,000 from Argentina, $4.868,000 from England and $108,000 from Ecuador, while of the exports $107,000 went to Mexico and $200,000 to Venezuela. , Standard Gas & Electric Co. is of- | . road valuation case will result in a stimulation of interest of the railroad in buying new equipment. Warren Bros. announced today that | it had been awarded a contract for paving in Guatemala, involving about $500,000. AIRPLANE INDUSTRY 'Exacting Regulations Cafiée Lengthy and Costly Prep- aration for Pilots. BY JOHN F. SINCLAIR. | Special Dispatch to The Star. NEW YORK, July 1 £ atomobile? “No. There is no reason yet for the automotive industry to become unduly alarmed,” said Edward S. Jordan, auto- mobile manufacturer, Man power behind the airplane in- dustry is still limited. the air is still small. Government regulations are exacting for aviators who carry passengers. They must have had 200 hours before they receive transport pilots’ licenses. The qualifications are prohibitive to | m st young men who easily operate | motor cars. Aviation courses cost from 1$5.000 to $7,000. The Government | spends approximately $82,000 to pro- duce a finished pilot. Man power in the air, therefore, will | be_slow in development. There i5 plenty of money available for the airplane industry, but the possibil- ities of permanent profit are still re- mote. The chief handicap to aviation de- LACKS MANPOWER i ~1Is the air- | plane to become a serious rival of the | Man power in | solo flying | 9 1929 has promoted C. ice pre dent and gemeral manager, to vice president and managing director, while M. W. Wilson, assistant to Mr. Nefll, | has taken his place as general man- ager. | "Mr. Neill entered the Royal Banks | service 40 years ago and became chief inspector in 1903 and general manager in 1916, In January, 1927, he was ap- pointed vice president. Mr. Neill, in addition to his banking | activities, is a director of several large Canadian companies, former president of the Canadian Bankers' Association and a governor of McGill University, He takes over the active management and more than 800 branches in every | part of Canada, as well as 100 branches in 31 foreign gountrie: Branch banking has always been an | essential element in Canadian finance. | “Less than 20 hours from Chicago | |to San Prancisco, daily schedule.” | This is what Harold Crary of the Boeing Air Transport, Inc.. which for ihe last three years has flown the mail | from San Francisco to Chicago, an- nounced this week. | October 1, Boeing planes, each with | seats for 18 passengers and powered with three 525-horsepower Hornet mo- tors, start under the new arrangement Here's the schedule: Leave Chicago at 8 at night, fly all night and arrive in San Francisco about noon the next | day. Eastbound. leave San Francisco at 8 o'clock at night, fly all night down | “The Lighted Main Street” and arrive | at Chicago at 4 p.m. the following day, Chicago time. | In addition, a route is being devel- oped from Seattle to Juneau, Alaska, , entirely over water, by the same com- pany. ~ Five-passenger Boeing flying boais will be used. Four days are reg quired now for the trip. The fiying | time will be eight hours. (Copyright, 1929. by North American News- paper Alliance.) signed contracts to acquire the stock or assets and business of 52 companies, | including - subsidiaries, Canada, Europe and China. h The concerns involved are engaged in | cheese, dried milk. butter and milk | O e e e T e T L AT be matled [mat in practically every case, except | for the cash necessary to retire exist- | ing bonds or preferred stock issues, the consideration in these acquisitions has been Borden Co. stock. When a landlord recéntly asked for eviction of a family from a room at Highbury, England, he told the magis- trate that the room measured 12 by 18 | fest and was occupied by a man and wife_and eight _children. Representing Mutual Bénefit Life fns. Co FINANCIAI 52 OTHER COMPANIES, NEW YORK, July 12 (#).—The Bor- ||| den Co., through its president, Arthur W. Milburn, has announced it had || 923 N. Y. Ave. First Mortgage Loans Fair Rates of Interest J. LEO KOLB Dis. 5027 BORDEN CO. TO ACQUIRE } I | in 13 States, the manufacture of ice cream, An_announcement to to the stockhoiders states || '3h National Savings an &N, X Ave. NW. Trust Bldg. National 435 Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford . 1520 K Street Main 475 ay Investments JAMES Y. PENNEBAKER Nat. 5291 1520 K St. N, In Nearby Virginia 5% 1 Commonwealth Investment Co. Phone Main 2623 Loans 15th §t. N. Prudential nsurance Co. velopment is its failure to adopt the same methods as the automobile in dustry in its earlier days. Mass pro- | duction of airplanes is by no means far along. The production of airplane motors { has been limited, and the cost is high. ‘Then, too, these motors cannot be de- livered to the manufacturer in the same condttion in which motors are delivered | to automobile manufacturers. They | | must be ready from the start to run the limit of their capacity The automotive industry, then, need | not_“view with alarm” the growth of airplanes. They are an addition, not rivals. “The_airplane will not replace the automobile nor will it seriously affect | the sale of motor cars and their use,” said Mr. Jordan, “It will merely supple- | ment ail ‘other forms of transportation.” Roval. | Woman farm laborers in France are receiving 56 cents a day. " Money to Loan 3 Seenred by first deed of tr Prevailing interest a Joseph 1. Well Canada’s largest bank, the On Improved Real Estate, Situated in Washington or Its Suburbs Come to s if vou need money a tiird of a century's experience More than "mq"m",. refinancing completed proper- r construction. We make amount, quickly. <ting loan, give brief for ties or loans In ontline of property valuation, and amount desired. in ar Management Service reat its ap- - includes every detail of prosuns & supervision of your prop- s—especially apartment houses, where the questions requiring experienced han- dling are many and unex- pected. It will take a losd of worry off your mind—and put dollars in your pocket. B: F. Nat'l 2100 of money REALESTATE MORTGAGE & GUARANTY CORPORATION Capital Resources §3,400.000 24 JACKSON PLACE SAUL €O 925 15th St. N.W. All of this issue having been sold, this advertisement 300,000 Shares Our NEW Telephone Number Is Now NATIONAL 0540 W. B. HIBBS & Company WASHINGTON Equitable Co-Operative Bldg. Ass'n JOHN JOY EDSON. President Organized 1879 $5,513,051.63 WALTER S. PRATT, Jr.. Seeretary 49th EAR COMPLETED Surplus & Profits....$1,601,704.98 Subscription for the 97th Issue of Stock Being Received SAVE NOW and Spend Later Don’t spend all your earnings... <ave now while you have a steady income. lLater your savings will take care of you. Join the Equitable and save systematically. Our plan encourages thrift in a man- ner that if consistently fol- lowed will lead to financial inde- pendence. Start now. 915 F St. N.W. Assels . is published as a matter of record only. SOUTHERN CORPORATION Common Stock (Without Par Value) Trancfer Agent: The National Park Bank Of New York, New Y.rk, N. Y. The Corporation has no Funded Debt and upon comple talization will be as follows: Compon Stock (without par value) « o o o+ o *Not to exceed 150.000 shares of common stock are to-be reserved against the exercise of option PR Registrar: Bankars Trust Company Of New York, New Yo .Y, tion of its present financial program, its capi- Authorized To be Presently Outstanding *750,000 shares 400,000 shares arrants mentioned below. Stockholders have no preemptive rights to subecribe 10 stock or securities now or hereafter anthorized. The following information has been furnished by Mr. hold stock and securities of any signed mainly to supplement the e Corporation may promote and/or finance various busi provisions of the certificate of incorporation. poration will receive $3,000,000 net from the sale of 300,( completion of the financing, the Corporation will receive The Corporation’s office is located at Washington, D. C. management. The Board of Directors will comprise the *JOHN W. HANES R C. D. Barney & Company ROBERT-M. HANES Viee-Pres., Wachovia Bank & Trust Co., Winston-Salem, North Carolina. J. EDWARD JOHNSTON Baltimore, Maryland W. W. LANAHAN W, W. Lanahan & Company Baltimore, Maryland *C. ‘E *\fember Ereeutive C Corporation. and including January 1, 19: $15.00 per share thereafter up to and including January Curb Morket. subjeet o approval of option warrants entitling them to subscribe to and purchase at any 5, a total of 150,000 shares of Common Stock at $12.50 per'share and at H. J. Adair, President of tke Corporation: The Southern Corporation (herein called the “Corporation”) has becnorganized underthe laws of the State of Delaware with broad powers, including among others, the privilege to buy, sell, trade in or nd, without restriction, participate in svndicates and other under- writings, and to engage in such other investment activities as its Board of Directors may from time to time determine. The Corporation is not a so-called investment trust but a financial corporation de- isting facilities of the South, although not restricted thereto. The nesses and enterprises of every kind and de- seription. There will be no restrictions in the investment authority of the Directors within the broad The Directors of the Corporation have subscribed {o 100,000 shares at $10.00 per share, and the Cor- )00 additional shares of common stock. Upon 24,000,000 net. The books will be audited by Haskins & Sells. In the administration of the business of the Corporation, the President will be assisted by an Fxeen- tive Committee which includes Directors who are experienced in corporate financing and investment following: . 8. REYNOLDS President, Selected Industrios 65 Broadway, New York City . K. REYNOLDS Vice-Pres., United States Foil Compa New York DWARD 8. PEROT, JR. President, Perot, Adair & Company, Ine.; Washington, D. C. *HERBERT J. ADATR President, of the Corporation ommitiee % Thes'orporation will have no Management Contracts and the Board of Directors as such will receive no fees (except ordinary Directors’ fees) for its management and advice in handling the affairs of the The Organizers, Underwriters and Directors of the Corporation will receive, however, time and from time to time up to 1, 1940. The Corporation has agreed to make application in due course to list these shares on the R Al We affer the abore stoct: subject tol allotmen? or prior sale, when, as and if issued and accepled by ns Messrs. Beekman, Bogue and Clark. 10471 be deliverable onvor about July 17, 1929. at the office of W. W .Lanahan & Company, Baltimore Md. 11 is expected that definitive certificates the Campbell corporation.* . Cigar Stores chain and a large number PRICE, $11 PER SHARE ) Western Maryland Earnings. BALTIMORE, July 12 (Special).— Fstimated earnings of the Western Maryland Railway for the first week of July were $305,279, an Increase of $30.772, or 11 per cent, clomplred with e corresponding week last year. "le traffic contributed nearly half the gain in %4al receipts. revenue rom that source being $14,319, or 12 er cent larger than it was a year Ago. Earnings from traffc other than coal gained $21 277, or per cent, Pas- senger revenue showed a loss of $2.117, or 21 per cent, whilé miscellaneous was down‘$2,115, or 23 per cent. of drug stores, will take over other chain interests, providing capital for their development and- expansion. Grocery and other lines are to be in- ciuded. The Associated Telephone Utilities Co. has_acquired the Standard Tele- phone Co. and its three subsidiaries, Standard Telephone Co. of Illinois, Standard Telephone Co. of Texas and the Interstate Ucilities Co., operating in important areas of fllinois, Idaho, Oklahoma, Texas and Washington. Gold imports at New York were $10,- 589,000 in the week fering stockholders of record July 23 rights to subscribe to additional com- mon stock at $85, on the basis of 1 new share for each 10 held. The rights are worth about $3.89 each. The 141,- 895 shares to be gold will provide $12,- 061,075 in new capital. The American Can Co. has acquired the Simcoe canning and pr Lfilnl plant of the Canadian Canners, Iftd. William H. Woodin, president of the American Car & Foundry Co., at the annual mecting today said he expected the company to have a good half year. He believes the Supreme Court’s de- FEDERAL LAND BANK BONDS. NEW YORK, July 12 (Special).— Bank 4%s Nov. 19 Bank 4s May 1958-38. Bank 4s Nov. 1957-37 Bank #Ys Jan. 1957-37 Bank 4'is May 1967-37. d Bank 4%as July 1956-36 Rank 4i2s May 19420p3: Bank. 4128 Jan. 19430p3: Bank 4135 J &J. 19530p3 Bank 4las J.&J. 19550p3! Bank 41:s Jan. 1956-36. Land Bank 43ss J.&J. 19530p33. Land Bank 43 Jan. 19540p: Land Bank 4%s Jniy’ 1Asdon3: Land Bank 3s Nov. 19810p31 Land betweet July 3 cision in the St. Louis-O'Fallon Rail- Land Bank 55 May 194iop3l W. W. LANAHAN & Co. HILL BUILDING, WASHINGTON, D. C. CALVERT BUILDING, BALTIMORE, MD. Members New York & Baltimore Stock Exchanges Associaté Member New York Curb Market PEROT. ADAIR & Co. INCORPORATED SECURITIES BUILD 729 FIFTEENTH STR WASHINGTON, D. All statements made herein, whife not guaranteed, are believed by us to be aceurate. ING EET C.