Evening Star Newspaper, July 22, 1929, Page 13

FINANCIAL." UTILITIES FEATURE TRADING ON CURB/. ;Ticker Falls-Behind in Heavy ! Turnover—Investment *Issues Active. BY HARRY H. BECKER. Special Dispatch to The Star. NEW YORK, July 22—In another section of extremely heavy trading, with the ticker falling far behind busi- ness on the floor, utility stocks staged a violent upturn on the Curb Exchange toda: Elsewhere in the list active stocks were mostly higher and there were only one or two cases of real weakness, Prominent among the electric light and power leaders was Central States Electric. Closing at 184 on Saturday the stock mounted rapidly to 222, where it was up 38 points on the day and at a new high. Another high priced issue to make a peak price was Middle West Utilities, which gained almost 9 points. Duke Power likewise added 8 points to its gain of last week and reached a fresh top. Electric investors rose spectacularly between sales. It has a reputation for violent fluctuations and lived up to it today. Last week it lost over 16 points, but most of this was recovered in to- day’s forward movement. In lower priced issues Commonwealth & Southern opened at a new top on a block of 25000 shares. Columbus Electric Power was still another strong utility. ‘The utilities, however, did not monop- olize trading interests. Urgent demand appeared for the stock of Pennroad Corporation, the investment subsidiary of the Pennsylvania Railroad. The initial sale was a block of 25.000 shares at an advance of over a point and the best since trading in it was begun. Un- doubtedly this can be used by the Penn- sylvania to further its various merger plans, but there was no fresh news on the subject today. Investment trusts were actively bought. The list included Goldman Sachs, up nearly 5 points just under 117; National, up almost 10 points under 125 on top of the more than 37- point gain of last week, and, third, National Investors, with a more modest gain, but still a record high. Among general industrials Grigsby- Grunow. out at a new peak up over 6 points as it sold at 21. Aluminum Co. of America advanced 10 points, taking with it Aluminum Co., Ltd., both sell- ing at record prices. An exception to the trend was Checker Cab, which had another sink- ing spell. Selling at 86, it was off 5 points net. Firestone Tire weakened in sympathy with the heaviness in rub- ber and tire stocks on the big board. Washington Ticker By the Associated Press. Final French decision to start at Jeast on the formal attempt to pay off the entire $4,000,000,000 of its war debt to the United States opens a whole ave- nue of new possibilities of effect on the international monetary and credit situa- tion. Gains to the United States Treas- ury from the.first-year installments are quite trivial and will amount to but $30.000,000, offset by the fact that France will cease to pay the $20,000,000 annually that has been regularly re- ceived since 1920 as interesi on war supplies portions of the whole debt. The installments will increase yearly, how- ever, for the first 37 ytars and eventu- ally promise to become important in size. But the Banque de France, acting in part for its government to acquire funds for international use and in part as a lending institution seeking high inter- est, holds now $1,000,000,000 or there- ebouts in American and English cur- rency biils, gold and short-term obli- gations. American Government offi- cials have known for months that more than $400,000,000 of this sum lay in New York, destined to be used for pa ing off the war supplies portion of French debt to the United States, which step has been made unnecessary by the ratification. Will this great sum now go home to France? Few informed people in ‘Washington think that it will do so im- mediately. In fact, the earnings from it during the prevailing period of high collateral loan interest in New York will more than meet present French obliga- tions under the debt settlement. While call rates remain high in the United | States that cash is expected to stay | here, simply because this is the point of | the greatest practicable return. However, France owes England nearly as much as she owes the United States, and is a creditor from Germany in amounts that will theoretically be more than over both accounts. Thus begins to grow an outline of the business that awaits the new International Exchange | Bank that the reparations settlement agrecment contemplates. It may be ex- pected to assume the not ungoofitable Job of matching up the back-and-forth czpital movement that will adjust these gigantic French accounts. Railroad officials,. who have studied Jast week’s decision of the Interstate Commerce Commission limiting the free use of railroad-owned private cars, are inclined to exchange congratulations with each other. Though the matter is hardly important financially, it has been the custom for every railroad to haul the private cars of officials of other ccmbanies free, and to receive reciprocal service from other lines for its own cars. Now each system will have to pay reg- ular rates for the haulage given its cars off the home rails. Or rather, it will receive bills from other carriers for such -haulage every six months, wiil render bllls for the haulage it has given other lines and will pay or receive the differ- ence necessary to balance the accounts. But—and this is why the decision is welcomed—there are certain small rail- roads in the country, some owned by large industries, rated s railroads, which sport flocks of private cars. They are assigned to wealthy owners of the small rodd or banking representatives with a free hand and move all over the United States at the expense of other cerriers. Their home lines are only garages for these beautiful equi- ges and scldom are the home lines ever visited by the cars of a strange railroad. Now ell these little roads will be forced to pay up for the private car service their owners have had free so many years. It can be expected that the first effect will be an immediate shrinkage in the amount of private car mileage, and railroads will be happy about that, for such attachments to regular trains are regarded as a serious nuisance by all omrating officials. METAL MARKET NEW YORK, July 23 (#)—Copper dy; electrolytic, 18. Iron steady; 1. o. b. Eastern Pennsylvan| bama, 1 8737 tuture, 48.00, Lead sieady; shot, New York, 6.75; East Si. Louls, 6.55. Zine steady; East St. Louis, spot and future, 6.80. Antimony, £.50. Quick- silver, 121.00. COTTON PRICES DROP. ¢ NEW YORK, July 22 (Special).— Generally favorable weather over Sun- day with predictions of fair weather in : Eastern States brought out more con- “tracts today and cotton prices reacted about $2 a bale from high levels of last ! week, Profit-taking operations caused the list to end around the bottom. Spots were reduced 45 points to 19.00. Cotton unxe (Ehmane maty «mm&‘i&fi i ve S () NEW YORK CURB MARKE Pow W 2 Amer Atch e, 3 Amer Br Bov EU'F. m § Anchor - Post Fence.: 2 Anglo Chil Nitra 1 Appon Co pf.. 2 Arcturns Radio T Natl G ital Admin Al 2 Capital Admin A pfd 1Celan C Am 1 pfd ur 8 Caterpi] Tract Celan Cor Am 16elan EoAm T pid’ Atl Sta Ser v Sor Fub S7A States El Sta El'TA 22 Sta El conv pfd 68 t 8 El cony nfd n199:» 3 Eent Sta Ei pia w 887, 20 Chain Store Stoc % Glove Tract : 1Cohn Hall Marx 3 Columbia Pictures & Columbus EI Pow 1 Commonw P pfd 2130 Commonw & Sou 9 502 Commenw &S opt war 11 3 Consol Dairy P. 2 Consol Film. 3 Cooper Bessemer Jgno‘;er Bessem pfd A ;: 186 Guirtiss-wright wi.. 57 Curtiss- Wright A 4 Curtiss-Wrig war wi 1 Davega Inc 3 131 Decca Record. 1% Deere & Co 2DeForR C land e Ha 23 Detron Aleratt $ Douslas’ Aircratt or aE‘ s iy olf B 18 ul 19 Evans Well Lead 164 i L oa% 2% 3 ::': 2312 28 2412 41 Tnut Alcehol b Laund 190 20% u*- " Rubensizin . G&W n 19% Horn & Hard 2 Hygrade _Food 2 Indust Finance cif '3 Indust Finance pid MeLelan® Stor A 11 umllh‘l?l Elfl O‘I ‘THE EVENING STAR, WASHINGTON, D. C, ;Hlllar M & Sons. § Motor Meter c-uu 1Mount 8t 1 Municipal Sery " 3 Nat 3 Natr Contair 2Nat Ei Pow A. 4Natl Pam Strs. 8Nat Investors 2NaL Investors 1Nat Imestors wid 3 Nat 2 Perryman’ Elec 14 Petrol Corp 1st ‘b 1 Philippe (Louis) A 4 Pick Bar & Co pfd 1 Pierce Governor 33 s Buget 8 PowaLt nld 9914 iRainbow Lumin P A 327, § Relnbow Lumin s cob 4 Ravbestos Manh' Tiic 50 § Rellance Management 377 i : 1 Root Rfg pr ptd.. 1 Roval Type . e 15t Regis Paper pfd. 1Schlet e 10 Select Ind 1st pd Ifr Prov Stores .. 33, 47 Sentry Safety Control 23 408erv E 5 a Pac E 16 Sikorsky "Aviation Ia Singer Mfg 23 Smith Co (AG) Southenst F & I, 1Southe P & 2 South Aabuvox : 1Sou ptd 1S E A Bl Sou 15 Southern Corp. 2 Southiand Rovaliv:® 4 Southw Dairy Prod 4 Southw Gas Util com 32 Southw P & L pi 2 Southw Strs E 4 Sbanich & Gen rets 18panish_& Gen B 8 Starrett Corp 18tein & Co . 2Stein & Co ptd . 4 Stein ‘Cosmetics 19 Stand Steel Prop 6 Stinnes Hugo 26 Sione & Webster lnc 2 Strauss Roth Sts I 2 Thomps Prod A. 1Thomps Starrelt 91 5 Gont Corp. Tri Cont_Corp pid ;. ;Trin)u Safe G Ltd @ @ o 0% Rror Ao edes Do B 0 T 51 cne k. Pkg 2. 22 Vicks rm.ncx-l Sorp 57 Wagner | Ele 3 H w-lmen 2 Way, & & Wextark m |o stor- 2 Wil Low d 45 Zonite Sales in ds. Cop_Mine: 3 Gresson Ccn Eond: 2 Dolores Esper. 2Eng Gold M Ltd mc 14 fllcoré Lead Min SRSERN onbRoneitaanie Sonas mae 3 aee W e IR e L S R | Sugar steadv Received by Private’ Wire Direct to The Star Offics 500 Inter Pet Ltd n. MONDAY, Special Dispatch to The Star. NEW HAVEN, Conn, July 22.—The farmer benefited in increased purchas- imwer by last week’s shifts in com- ity prices. While products of the farm went up, non-agricultural looa declined. slightly, both working to crease purchasing power of hrm products. Corn, wheat, oats, potatoes, eggs steers were the most mpormm ll!‘lcul- tural products which went Index numbers of urlcununl and non-agricultural prices for various periods are given in the followin ublt the index of farm purcl v | with | power which is their quotient. For each 'GAE 58 A 188 l1” 1Gontl Oil las 31, 5 Denv. % 40 70 3 Det"cify 0 n A 47,1055 Det Intl 78 79! 9 Gulf States U 55 A 1Houston G G 12t 2 Houston G G 65 A '43 80 8 Ind ON_& Gas 63 '3 10875 61Indian P & L 58 A '53 982 21061 Pow Sec' 18 £ 87 981 5 Intersta Pow 35 '57.. 89 1Proct & Gam 4iss '47 96 2Relian Br & 8t 65 44 991 & Rel Manage 55 54 45 Rlchfld Otl 63 ‘44 .t 2 Qe s 031, 5 Mor Bk Chile 65 u 5 5 Mor Bk Den 55 " 18 Mot Medel. 75 B181 6 Parana Ts '58 10 Potrero Sug 7s 47 ww 7 20 Ruhr Gas 6'as A '53. 1Rumania Inst 7s '59. 17 Russ Gov 6128 '19 15 Russ G 6123719 efs 1 1Sta Maranh Br 7s '58 82 28tin Hugo 78 '36 wa 55tin_Hugo 7s '46_wa 2 Uni Elec 6. Markets at a Glance NEW YORK, July 22 (/)—Stocks ir- regular; General Electric at new high. Bonds mixed; American I. G. Chemical 5125 at new top. Curb irregular; Mid- dle West utilities soar to record price. Foreign exchanges firm; Japanese yen soars nearly hali cent to new 1929 high. Cotton lower; beneficial showers Texas. improved spot market. Coffee easy; lower Brazilian reports. CHICAGO, July 22 (P).—Wheat strong; absence rain in Canada. Corn strong; bullish Illinois and Missouri re- Cattle irregular. Hogs steady. EARNINGS REPORTED. NEW YORK, July 22 (P)—Beechnut Packing Co. ended'the first half year I with profit of $1,553,242, equal to $3.24 a share on the common, against | 81, 510,484, or $3.13 a share, in the first six_months of 1928. Net_earnings of Briggs & Stratton Corporation for the first half year were the largest in the company's history The tota] of $812.966, equal to $2.10 & share, compared with $338,898, or $1.12 a share, in the first six months of 1928. ST. ANNE TO BE HONORED. Rev. James M. Cotter to Conduct Solemn Triduum at St. Aloysius. Rev. James M. Cotter, noted preach- ed of the Jesuit Order, "will conduct a solemn triduum in honor of St. Anne, mother of the Virgin Mary, in St. Aloysius Church, North Capitol and I streets, beginning tomorrow night at 7:30 o'clock and ending Thursday night, the eve of the saint's feast day. An authentic relic of St. Anne, 1900 years old, will be exposed for veneration at all the exercises of the triduum. A triduum mass will be celebrated hy Rev. Father Cotter each morning at 7 o'clock. ‘The sermon Tuesday night will be on “Why We Honor St. Anne": Wed- nesday night, “St. Anne's Position in the Church”; Thussday night, “St. Anne’s Miraculous Powers.” ———— FEDERAL LAND BANK BONDS. NEW YORK, July 22 (Speclah — llnk s No' .i Benk m- July 38, . Bank 415 May 19430p33. Kk 4125 Jan 283888:..48! s8228EsE 888335. |%888 G Ho.‘v“l’l 19410p! D:l ung Bahk 38 oy llflo UNITED CIGAR STORES. NEW YORK, July 22 (#).—Sales nl the United c’”fl:fi !wrell and sul the average for 1926 represents 100 Agricul- No - cultural prices. 2 94 9 9 9 9! 5 9 5 5 5 1 ] 5 100. Copyright, 1929, Irving Pisher Syndicate, Inc. Baltimore Markets Special Dispatch to The Ster. BALTIMORE, Md,, July 22.—Poultry, allve—Spring chickens, pound, 29a4 Leghorns, 24230; poor and thin, 21222; old hens, 30a33; Leghorns, 28a30; old roosters, 18a20; ducks, 20a28; guinea fowls, each, 50a1.00; pigeons, pair, 25. Eggs—Recelipts, 2,229 cases; native and nearby firsts, 31a32; current re- celpts, 30; small, 25. Butter- to fancy creamery, pound, 4la44; ladles, 33a35; store packed, 29a29'2; rolls, 31a32; process butter, 40a41. = Hay and Grain Markets. arlicky, July delivery, 1.373,: August 138, No. 3’ garlicky, spot, | sfles bag lots nearby, new, 1.15a1.2¢ rgnn on ‘l'l-d!, No. 2 red Winter,: u:ky, 1.38; No. 3, ; No. 4, 1.31; Cem ‘No. 2 export, July delivery, no quotations; No. 2 yellow domestic, spot, 1.20a1.21; cob corn, old, 5.75a6.00. ts—No. 2 white, domest!c, 60; No. 3 white, domestic, spot, Rye—Nearby, 1.00a1.10. 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 carloags be- ing received. There is not enough busi- ness passing to establish prices on the various kinds of merit at a range of 13 00216.00 per ton for timothy or clover stnw—No 1 wheat, 9.00a10. ton; No. 1 oat, 9.50a10.50. i Vegetable Prices. Potatoes, 100 poundu, 75a1.25; new poutou barrel, ; sweet pota: bushe] l§0l2 25 Beets, 100, 175 X 1.25a1.50. bu-,. hlmper lmm 10. ots, 10 Celery, crate, 4.00a5.00. Cu- 3.50a4.50. cumbers, hamper,, 50a85. Corn, dozen, Lel,luc! crate. 1.00a4.00. Lima 18a35. beans, bushel, 3.25a4.25. Onions. ham- Peas, bushel, 4.00a4.50. o nnnh 25. eppers, hamper, 1.00a1.25. hamper, 35a40. Tomatces, Mmp%‘:u:sg:) 82.75. Apples, bushel, 75a2.50. Black- berries, quart. 15a18. Cantaloupes, crate, 125a3.50. Huckleberries, quart, 15a25. Oranges, box, 2.0024.00. Peaches, hamper, 65a90. Watermelons, 15a60. Live Stock Market. Cattle—Receipts 400 head: falr sup- ply, market dull at steady prices. Steers —Choice, 13.50 to 14.00; gocd, 12.75 to 13.75; medium, 11.75 to 12.25; common. 9.50 to 11.00. Heifers—Cholce, 11.75 t0 12.25: good, 10.25 to 10.75; medium, 8.50 to 9.50; common, 7.55 to 8.25. Bulls —Choice stable, 9.50 to 10.50: fair to good, 8.50 to 9.50; common to medium, 7.00 to 8.00. Cows—Choice stable, 9.00 t0 10.00; fair to good, 6.75 to 8.75; com- mon to ‘medium, 5.00 to 7.50. Sheep and Lambs—Receipts, 4,000 head, 5,000 supply: market lower! sheep, deuver'y 59a 858, Hogs—Receipts, 1,500 head: moderate supply, market higher; lights, 13,30; heavies, 12.50 to 13.10; medium, 13.3( roughs, 8.00 to 11.20; tht pl‘l 12.2! pigs, 13.10; Western hogs, 15 to higher than quotations. Calves—Receipts, 750 head; fair sup- ply, market xknds calves, 6.00 to 16.50. WHEAT PRICES SOAR. CHICAGO, July 22 (#).—Hurricane buying of wheat today ran prices up 8 cents a bushel above Saturday’s closing figures. Sizzling temperatures and rainless skies, causing worse and worse crop damage in the Northwest, Wwere reported. and. despite huge profit- taking sales, the market went skyward. especially in the last dealings. Word of big purchases of North American 2.00 to 6.50; lambs, 8.00 to 15.00. | di JULY 22, 1929. STOCK PRICE INDEX CONTINUES 10 GAIN Rail and Utilities Groups Show | 2 Rapid Advance in Quoted Values. BY IRVING FISHER. Spectal Dispatch to The Star. NEW HAVEN, Conn, July 22.—The stock market last week gave strong evidence of its confidence that serving the public is going to be increasingly common vanced to mew high records. The common in- dustrials as a whole were off slightly from last week's level although ending the week only about two index points from the peak record of July 7. The week’s 50 heaviest traded industrials, how- ever, made a record high. ‘The rail and utllity groups both showed 5 per cent rise for the week. The ralls sagg slightly from their record peak on Tuesday but the utjlities made a new high on Priday, advancing each day of the week except Monday and Thur: day. The foods group also made a new high on Priday. The motors, auto accessories and cop- pers were ail off sharply from last wez-ks prices and the oil group index slightly lower for the week, although mnre individual issues in the group showed gains than losses. The compact survey of New York Stock Exchange movements of com- mon industrial shares is given below in price indexes (1926-=100). There are two indexes of market price move- ment. The first (“shares outstand- ing”) represents all common industrial shares listed on the exchange, the im- portance of each stock being considered according to the shares in existence, or outstanding. The second index (“50 leaders”) shows the price mowfi menz of the common industrial stocks | most heavily dealt in during the week, | this list changing weekly with the Irving Fisher. FINANCIAL. FIRM ANSWERS SUIT. Stanley Co. Claims Legal Action Is|agement. to Hinder Management. Answer has been filed at Wilming- S ton, Del, in the Superior Court PARIS, July 22 (#).—Price move- the Stanley Co. of America to & man- ""““""‘mf‘mthenmw- damus procedure, filed several weeks | 99Y: ago by three stockholders, who seek to | Three per cent rentes, 75 francs 30 examine books and records of the com- | centimes. Five per cent loan, 102 francs :.ny| mmlelrnm tkhemml value of the 70 !e:rflmes Stanley ey own. ichange on London, 123 ‘The answer states that examination | centimes. “en:e dolln was quoft?dn: ;g of the books was refused because it was ' francs 523 centimes. _®x% 18 benzvea that the request was not mth but Jorthe purpose ot embarrassing the man- PARIS BOURSE PRICES. Consult Us Regarding Your Maturing Mortgage LONG-TERM REAL ESTATE LOANS %% ‘We Make First Mortgages on chn. Apertments and Business Properties in the District ¢f Columbia end Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent. New York Life Insurance Company Mountain Fell In 1905 when geologists stood on the slopes of Monte Arbino, Switz- erland, overlooking the beautiful Arbedo Valley, they predicted that within twenty-five years the mountain would completely fill the valley. Heeding this warning, the residents moved their homes and so when last year the 30,000,000 cubic yards of rock shifts in trading popularity. The “shares outstanding” index shows what a substantially representa- tive $400 worth of stocks in 1926 would | now amount to if held unchanged since | that year. The “50 leaders” index | shows the result of reinvesting the $100 | every week in the market favorites of that week. | The last column of the table gives the rate of return on the week's 50 leaders at curent prices. | Shares 50 out- market stand's. leaders. Week ended— s nnwn00e 3 mmasarscataces: 120 0y 20) (Ja 1251 "2 '(Feb'28) (Peb'28) (May' (Copyris by Irving Pisher.) CHICAGO DAIIIY MARKET. CHICAGO, July 22 (#).—Butter un- | changed: receipts, 15,104 tubs: cream- ery extras, 4114; standards, 41 ; extra firsts, 40a40%2; firsts, 3812a39'3; sec- | a38. onds, Eggs higher; receipts, 19.132 cases; extra firsts, 32a32 rsts, 31a31}2; or- inary firsts, 29a30!;. Poultry—Alive, stendy: receipts, 2| cars; fowls, 2815: Springs, 34: broilers, 29: turkeys, 20a30; roosters, 2112: ducks, | 17a21; geeseA15; Spring geese, 22. Wheat for shipment to Europe tended likewise to hoist values and L‘I’leer! were authoritative estimates of as low as 219,000,000 bushels yield of wheat this fplmnfln ]lh! t‘l:‘lm.d“n prairie prov- inces, far less than half of I | | production. e Wheat closed wild. 7 to 7% higher than Saturday's finish, with rye l’l{ol- ing 5% to 53, gain. Corn closed 2%, to 313, oats 1'4 to 2 advanced and pro- | visions unchanged to 5 down. S VHEAT— Hieh Low. 36 Beptermier Decemb Gloe T8 1523 1.01% 108 140 1471 Juiy September December RYE— September December LARD— uly . September POTATO MARKET. CHICAGO, July 22 (#) (United States Dea:rtment of Agriculture). — Potatoes—Receipts, 135 cars, on track 368, total United States shipments Sat- urday, 772; Sunday, 23 cars; trading on sacks moderate, market slow, hnrrels. v.ndtng slow, market. dull; Kansas an ‘| new plant in in Argen issouri, sacked, Irish Cobblers, be!t. l 9022.10; Kgntuv:ky sacked, Irish Cob- blers, 2.50a2.60;: Kansas, sacked, Early Ohio’s, 1.10; vlrfln barrels, Irish Cobblers, best, 5.00; others, 4.65. AIRCRAFT EXPORT COMPANY. NEW YORK, July 22 (#).—United Alrcraft Exports, Inc., is being formed by thé United Aircraft & ‘Transport Corporation to handle the latter's ex- port business. Francis H. Love will be president of the new company, Fred- erick B. Rentschler, president of United | Aircraft & Transportation, will be chairman, and William E. Boein; chairman of the pa renzeonuem'hn plaee on the directorate. Mr, - schler reports that United's torelln orders in the last year exceeded - H’Ay Build New Plant. NEW YORK, July 22 (P).—Wall Street advices from Akron, Ohio, say that directors of the Goodyur Tire & Rubber Co, are expemd dhcuu at e me:;m Am le- bl er] y tina. u&’..“’.?: vice president of Ooodyur recen retyrned from a survey of the Sou American fleld. Stock Sale Planned. NEW YORK, July 22 (#).—Stock- ::eolaen of Procter & Gaml thundered in the valley, not a soul was there, not a life was lost. Preparation for the future is only possible by playing safe. When you can place your savings in securities which you are confident will be worth 100c on the dollar through the years to come, it is foolish to take chances. Such in- vestments are the First Mortgage Notes issued by Swartzell, Rheem and Hensey Company, which pay 67 steadily and keep your money intact during the life of your in- vestment. Let us explain their advantages to you. SWARTZELL, RHEEM & HENSEY CO.". MORTGAGE BANKERS 727 15 STREET N.W. / ., WASHINGTON D.C. ZThe New BUICK with 3 New Series.. 3 New Wheel- bases.. 3 New Price Ranges SATURDAY