Evening Star Newspaper, July 25, 1929, Page 13

FINANCIAL. TRADINGON CURB INLARGE VOLUME List Turns Irregular, With Shenandoah Corp. and Uti ities Featuring Sales. ' BY HARRY H. BECKER. Bpecial Dispatch to The Star. NEW YORK, July 25.—Maintaining a trading volume close to the record turnover of the preceding session, the Curb Exchange again today was marked by considerable {rregularity in price movements. ‘The market, with a few exceptions, was slightly lower in the forenoon. The most interesting feature of the day was the admission to dealings of the shares of the newly formed Shenandoah Corporation by the Gold- man Sachs Central States interests In the preliminary trading over the counter yesterday the issue closed at 30-31, but it jumped -considerably above that figure today on a rise that was accompanied - by tremendous ac- tivity. Public offering of the securities | of the corporation is expected to be made in units of one share of common and one preferred at $67.50 per unit, with separate certificates of common at $17.50 a share and of the preferred at $50. Next to_ Shenandoah, interest con- tinued to be absorbed by the utilities. Although there was heavy seiling in some issues, the majority were higher, with the turnover again extraordinary in the holding company stocks. Stand- ard Power & Light was the most spec- tacular performer, making a new top with a gain of 10 points before midday. American Light & Traction showed a | corresponding gain on smaller sales. The effect of renewed realizing was felt most strikingly in United Gas Im- provement. American Gas & Electrie, the Buffalo, Niagara & Eastern issues and some of the other high-priced representatives. In the general list Marconi Intern: tional Marine rose fractionally to an- other new top at 32, while others to establish new aks included United Molassas and Aluminum, Ltd. Invest- ment trust issues were subjected to| intervals of profit taking following their recent buoyancy, but losses were of minor size. Heavy selling broke out in the ofl division with the principal issues reced- ing sharply. Humble and Gulf of Penn- svivania were off several points and re- actionary tendencies also affected Stand- of Indiana and most of the independ- ents. Cosden yielded the ground gained following publication of the favorable report for the half year. The aviation group continued to present a neglected appearance and the ;nn:.or and mining issues were devoid of eature. i By the Associated Press. NEW YORK, July 25.—American pe- troleum companies operating in France are understood to be planning the es- tablishment of co-operative refineries in that country. Standard Oil of New Jersey_and the Texas Co., both with large French interests, are reported in active negotiations toward such a step, while the Royal Dutch Shell and the Anglo-Persian Oil companies also are said to be interested. The projected refineries would be capable of handling 25 per cent of France's consumption of naptha. Eighteen new securities were to have | eome up for listing at yesterday's meet- ing of the governors of the New York Stock Exchange, but the absence of a auorum necessitated postponement of the session. Among the stocks sched- uled for listing was that of Pennroad Corporation, securities subsidiary of the Pennsylvania Railroad. Westinghouse Electric & Manufac- turing Co. has received an order for multiple unit control equipment for 40 motor cars for the Long Island Rail- Toad. The New York Life Insurance Co. sees “indication of continued general prosperity” in the fact that its new paid business for the first half year totaled $511,074,600, a gain of $28.- 472,800 over the same period of 1928. Since the public buys jts life insurance with surplus funds, says the announce- ment, “life insurance business expands most when the people are earning & substantial margin over their current obligations and can foresee the proba- bility of being able to continue their premium deposits.” WHEAT CLOSES HIGHER. CHICAGO, July 25 () .—Wheat ices jumped 5 cents a bushel higher ay, with Canadian crop ‘reports sug- gesting virtual failure and with much of the American Northwest asserted to be but little better. Latest unofficial forecasts of wheat yield this season put the Canadian prairie provinces at only 150,000,000 bushels,- and the Dakotas, Minnesota and Montana at about the same figures. One dispatch received from Glendive, Mont., sald drought and heat have destroyed 80 per cent of the ‘wheat acreage in that territory. The day's top quotations, reached just before the close, which was ex- tremely nervous, at 4% to 4% above vesterday's finish. Corn closed 1!z to 2% up, oats s to 1'2 advance, and provisions varying from 12 decline to ll Coy Juiy Eeptember December te— September Beember . Rye— July ... Acptember . Betember ara July September . Sover .. No_trading. Inle 117 Ribs— July " Beptember ..l - . NEW YORK, July 25 (Special) sharp break in Liverpool and heavy rain at Galveston caused heaviest liquidation of the week in cotton today, but after & 10-point drop the market developed resistance. and recovered quarter of a cent, ending slightly higher than last night. ospou were advanced 20 points to 18.80. 52 BES eoe an 288 8 ' ‘Telephons high. ixed; phone convertible 43%s points to new top. mi; Grunow at new - peak. changes easy; vil damage. _Sugsr fimmm‘" Coffee declines; liquida- CHICAGO, July 25 (P).—Wheat strong; bullish *~ American-Canadian crop reports. Corn strong: crop damage reports from Nebraska. Cattle irregular. Hogs higher. 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St nv pfd 3 ol Gen St E cong pran 108 L % 6 Chain Store Stock My monwith Ed 31 Commonw Util B 4 Commonw P pfd, 1 Commonw & Sou’. 255 Commonw & So 13 Cons Aircraft .... 127 Cons Auto Mer 3 Cons Autg Mer pd.. el 21 2Cont'l Diamond Fiber 37% 1Cont G&E pr pfd.... 1031z 4 Cooper Bessemer. ! . 43 1Coop Bessemer pfd A 43 1Corroon & R pfd A.. 100 ty-Crocker Whee! ng 2 Davenport Hos . 55 Dayton Airplane 55 Dayton Aircraft 1s Deere & Co . 8 De For R 10 Detroit Alrcrafi. 4 Doehler Die C C. 1 Douglas 4 Dubllier C & 1'4 Duke Pow 10 Durant Mot. 2Duz Co AL 11 East States Pow B. i ULl Invest A. Atrerat °. = ::‘INII!! TS 23 Water iat stk deb rts. 5 Fokker Ap . m Fol i Be e oo renenn co S Bi D 10 00 WS 000 b3 o0 R B E 5 SERN A BRI M- o E g £ H : g g Sl s R — - R BEENI I NeEy! und_Ma ’ Thea Equip vic! n Real & Util Cor & U Cor pfd. 11 SRBES! Gt errard Co wi len Aiden Coal: . Globe _ Underwriie; Buat es o Mach 1 Grampho Co Ltd rcts Corp . ggs y Grunow . 5 Ground Grip Bhot 2 Ground G Shoe pid. ardian Fire onss 13 288! & oS! Zow, 8. ueua e 8 FERE esuREsNeTes TR SRS R S 8 Smex FESRRE SEL o e & T o5 e it 1 Investors Equity - Hrving Air Ohut 33588 IS Eas.cycue ) N 35 =2 I R T ST B F e TTI R R EI RRE B3.5 FEEES S 3358 41 e S e 283285880 St . 1571 id E2E 2% L P o s oot 2949, A 3 ok Y - Euuey BREERER2233VRTITUNIS! 2533358588 EEEEE geE i 23 C i .~ ~EE =E35 £33 3% we S 53555 ¥ o SIS Gl THE EVENING 3 Swils, 22 it wF SeRRRg: 55 35 g:z:s_:-.‘s’e_“ 0903 000 491 e 3 -‘-"—'SB#Sg:BSR%S 2% x Pt et T S B 283.381228! SEEOEF B8 2! 0] ortn Eastern Pow.. 84% P_ctfs of dep 77 P n"r A9 e i 1 “’4 l":’/. gl i i 8 2Buns: SRS Manh llance Brass & 2 2 E?ug 38! 3 e O Y (X3t gituEses xSy ses, SpnpBusuudl ; 3 g T FOERTEEIE & s uzesiefogryses ugs seSyss v5es_SunsSucnisestunsasusoers: ¥ s 3 5 & 2 FESSE o fivr-;: £ St dvasl fxa44 pezzsy, auctend EKH i 2 Bentry lec ;—o Safety i Ind 1st pfd. Ei vie.. ¥4 Sherwin Wm 3Sierra Pac £ SEEESEESS WSS T susfustuse, , oBu 30, Webster ine. 153% ~ 203 FEEE ST 1 2Tob & Allied 8. 3 Transcon Air Tr Am..... Ve i§§=3=288 e . us = walanSu, P52 02725288 23 Ulen & Co w i Union 8, & w2 BYuSEs ! et a8 2 o e 5 ] Jo sagn o0 Beansra 8 rson B 2.8 b b oS8T & e o e te Sgagsass i 238, IRNERRE = G ayus: ‘co a1 2 5 r Food illiams (R C) & 3358 S 8! 2 g 2 2 # ¥ ter llow B Taxi MINING STOCKS. e £ 2555 b 5 wBZeE T 2 3 ws | 5. £ TESES SHEE. P SEET ¢ 18% 5. 3= & W, LTI 5 a: L) Falnpid £3 i § B SRRSES o - pg‘&-.?:-&“" s STAR, WASHINGTON, D. C, | P ik %g,. il i & Sales in thougands. e ‘Abbott Dairies 6s '42 tihi PaP 32 A 83 Demand for Fish Is Reported Good at D. C. Market. 9% 22223025 5'555? 3 R EegSesans SRS 85 s e, 3535 2082 5l 3t 3 What was lacking in variety was made up in quality, was reported of the condition of business at Municipal Fish Market this morning. Most of the fish were from Boston shippers, dealers re- ported, practically no supplies coming from the South during the heated period. ‘While reports from points along the 83 So1p 3 e 3 222> 3 B ngE5ERasestesse & & a1 FEE L3 2. edbatsy! g!l!'> E = H & SIS R soft crabs and cheap prices, market dealers reported light receipts and high rices. Receipts in the local market ve been very light the past few days, according to dealers, and prices this ;noo;nln; were around $2 and $2.50 a n. St gszss:sssx:::sai::— 3 822323822 SESEEE Hard Crabs Plentiful. Hard crabs this morning were more plentiful than usual and cheap prices prevailed. They were quoted at $2.50 and $3 a barrel, retailers selling them at 60 cents a dozen, and fairly good de- mand for them was reported. Crabmeat was particularly plentiful. Packers in the vicinity of Norfolk and Portsmouth, Va., reported plentiful supplies of the crabmeat and solicited orders at low prices, quoting a price as low as 12 cents for claw meat. The claw meat is not always a good seller, however, most consumers want. ing white meat. Clawmeat in the local market this morning was offered at 25 cents a pound. White flake meat was 35 and the white lump 60 cents a pound. Swordfish, halibut, salmon and blue- fish were quoted at 25 cents a pound, all being in good demand. ton mackerel, not so plentiful, were quoted at 20 cents; flounders and butterfish at 15 cents, trout at 10 and croakers at 8 cents, Fillet of haddock and fillet of sole, in demand, both because they are bone- less and possessing a vor, were % offered the trade this morning, the lforlfler at 15 cents and the latter at 30 cents a pound. Shrimp, both green and cooked, and clams also were in demand. Almost. complete demoralization of the market on cantaloupes and peaches this morning was reported as a result of largely increased shipments of the two fruits, the cantaloupes from the Ridgeway section of North Carolina and the peaches from both North and South Carolina. Late receipts of peaches by local wholesalers yesterday afternoon were virtually ruined by this morning, hot weather having hastened the ripening of them. Peaches that cost $1 express charges to get them here, dealers stated, could not be sold for 50 cents & bushel this morning. Peaches and Cantalopes. Many of the average run of peaches were offered as low as $1 a bushel basket this morning, while the best of the fruit brought as much as $2.50. Some show fruit sold a trifie higher. Large quantities of the cantaloupes from the Ridgeway, N. C.. section were oF aRggo T s 120! 2 - 4 S B BT 05 A 0w B B e S B s s BB i e e e B 88! ", - Sec Amer, Nat G 65 '36 w! tersta Pow S5 ' terstate Pow 6s '53 HEEESES! 923 £ S 3 £y i 282832383328382822: FEESRRE W ZZEEK S ZZZR: L 5% Ak S8esvaluunan 9 BBumn8uass oy some of the fruit was returned to North Carolina. ‘Wholesalers quoted the best quality of the Ridgeway fruit at $2.50. Arizona cantaloupes, splendid quality. were quot- cd at $3.25 and $3.75 a crate. Dealers continued to have plentiful supplies of honeydews and honeyballs to offer the trade. ¥ - Continued plentiful supplies of vege- tables made it possible for retailers to obtain all the supplies they needed for the day's trade. Quantities of green corn were received from the vicinity of Norfolk, Va., and offered at 25 cents a dozen. It was not strictly of the sugar variety, corn of that variety from nearby ging 50 cents. Quantities of damson plums from the vicinity of Winchester, Va., first of the preserving fruit of the season, were received this morning and offered at $2 a bushel. Crabapples, for jelly pur- poses, first of the season, were similarly priced. 9412 " | 2% 110 102 Today’s Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound prints, 43a44; tub, 42a43; store packed. 28a30. Eggs—Hennery. 35a36; fresh selected, 35a36; current receipts, 31a32. Pouitry, alive—Turkeys, hens, 35: toms, 33; Spring chickens, large, 35a36; medium, 33; small, 30a32; gh 28a30; fowls, 32a33; roosters, 22; 15; keats, young, 60a65; old, Dressed—Turkeys, 38a40; Spring chick- ens, large, 42a45; medium, 37a38; small, 35a36; Leghorns, 35a36; fowls, 36a37; m::flen, 26; ducks, 28a30; keats, 90a Meats, fresh killed—Beef, 24%;; veal, 23; lamb, 28a30; pork loins, 34; fresh hams, 30a32; fresh shoulders, 22 smoked hams, 32; smoked shoulders, Zl;mbicon.ufliio; lard in bulk, 15; in packages, 16. Live stock—Calves, 15%2; lambs, 12%3. Fruit and Vegetable Review. ‘The daily market report on_ fruits and vegetables compiled by the Market News Bervice Bureau of Agricultural Economics says: Cantaloupes — California, Imperial Valley and Arizona, mastly Arizona, supplies liberal; demand moderate, eesiies 3 : n—New. ww—With warrants. — GERMAN BONDS AND STOCKS. NEW YORK, July 25 (Special) Bid. Ger Govt Red Loan with drawi ctfs attached per 100 R Govt Red Loan without Asked. bos, 36s a X standards, 36s and 45s, 2.7523.00; jum- bo flats, 9s and 11s, 1.25; North Caro- lina, supplies heavy: demand moderate, market weak; mostly fair quality, idgeway section, jumbos, 36s and 45s, ts, 1.50a2.00; few ordinary as Miscellaneous pplies 1.00. 1l moderate; demand light, market slightly weaker; LR 8853333883388 -555738538! Call- fornia, Imperial Valley, standard crates, Honey Dews, 8s to 12s, 1.25a1.75, mostly around 1.50; jumbo flats, 12s and 11s, in_doliars an Ge Elee). i 3.50, few low as 3.25; stas ney Balls, 2.7583.00; standard fiats, 12s and 18s, 1.00a1.25. Lettuce—Supplies moderate; demand ‘moderate, market steady; Washin crates, iceberg type, 4-5 dozen, 4.50a 5.00, mostly 4.50a4.75; New York, 2- dosen crates, big Boston type, 50a 75, best mostly 75; Colorado, crates, iceberg type, 4-5 dozen, fair to ordi- nary quality and condition, 2.00a3.00. s, L4 | ™Ghions—Supplles light: deinand mod- e Berliner AKUen: | ugre, market steady; Virginia, bushel or the manufac- | o ers yellows, No. 1, 1.50a1.75; Spain, crates, Valentias, 50s and 72s, 2.2503.40. lies heavy; demand o x North Carolina, Bank ¥ forsh Cerman "Lissa. Austrian A E G (General iec) . Kolster Radio Expands. NEW YORK, July 25 (#).—Kolster wSpedsHZ88Sed: .50a1.75; poorer, wormy, sales, 40a1.00; Virginia and size, 1.50; fe Vll'flnx. . 1, large size, 1.50; few s ty and condition high as 2.00; ality, 75a1.25. e I oiiea” liberai; ~ demand Pota J moderate, nn:& about steady; cloth- stave barrels, Cobblers, U. 8. No. 1, % Shore nie. nu_}ll’y 4.50; Eastern Shore .5084.75; near. 8. Ro. 1, 1.26a1.50. ‘Tomatoes—Supplies moderate: U salt water tell of plentiful catches ol.!u;m Dispatch to The Star. 50 ripe that they had to be disposed of | in a hurry at largely reduced prices, and | |in at least one instance, it is stated, | . | let preparations this year. . | Lambs, and _choice, down, 13.00e16.35; ‘medium, THURSDAY, JULY 25, b aee o INVESTMENT TRUST e 4| ISSUES ARE POPULAR by Maryland, five-dozen . 2.25; few low as 1.50; Norfolk section, Virginia, five-dozen bags, fair quality and condition, 1.0021.25; few 1.50. Apples—Supplies moderate; demand good for good stock, market steady; Virginia, bushel baskets, Oldenburgs, U. 8, No. 1, 2% to 214 inch, 2.00a2.25; U. 8, No. 1, 2}, inches up, 2.2522.50; Virginia and Maryland, bushel baskets, early various varieties, U. 8., No. 1, 2% inches up, 1.75a2.25. Peas—Supplies liberal; demand mod- erate, market slightly weaker; Oregon and Washington, 50-pound crates, 6.25a 6.50; New York, bushel baskets, Tele. phones, most 3.00; few higher. Lima beans—Supplies liberal; de- mand moderate, market about steady; North Carolina, bushel hampers, best, 4.25a4.50; fair quality, low as 3.50; Eastern nsrzo;: Maryland, bushel ham- 24.75, Baltimore Markets July 25 —Potatoes, : new potatoes, bar- sweet potatoes, bushel, 100, 2.00a3.50; beans, 0a1.65; cabbage, hamper, 90a carrots, 100, 3.00a4.00; celery, , 4.0005.00; cucumbers, hamper, 40 corn, dozen, 25a40; lettuce, craf 1.00a4.00; lima beans, hamper, 3.50a 4.50; onions, hamper, 1.00a2.25; peas, bushel, 3.2523.50; peppers, hamper, 75a 85; squash, hamper, 25a30; tomatoes, hamper, 1.25a2.00; apples, bushel, 75a 2.50; blackberries, quart, 12a20; canta- loupes, crate, 1.25a3.50; huckleberries, quart, 20a22Y; peaches, hamper, 50a75; 15a50. Dairy Market. Poultry, alive—Spring chickens, pound, 28a36; Leghorns, 25a29; r and thin, 21a22; old hens, horns, 27a28; old roosters, 18a2( lucks, 20a28; Guinea fowls, each, 50a1.00; pigeons, pair, 25. Eggs—Receipts, 1,101 cases; native and nearby first, 33; current receipts, 31a32; small, 25. Butter, good to fancy creamery, pound, 4la4 ladles, 33a3 store packed, 2! ; rolls, 31a32; butter, '40a41. Wheat—No. 2 red Winter. garlicky, new, 1.39; July delivery, 1.39'5; Au gust delivery, no quotation; No. 3, gar- Ticky, spot, 1.34%. Sales, bag lots nearby, new, 1.07a1.22; cargoes on grade, No. 2 red Winter, garlicky, 1.39%: No. 3, 1.34!4; No. 4, 1.3174; No. 5, 1.28%4. Corn—No. 2, export, July delivery, no quotations; No. 2 yellow domestic, spot, 1.20a1.21; cob corn, old, 5.7526.00. Oats—No. 2 white, domestic, spot, 60; No. 3 white, domestic, spot, 58a58'3. Rye—Nearby, 1.05a1.12, ‘Hay—Receipts, none. While hay is arriving here in limited quantities only, it _is more than cnough for demand, which is being supplied mostly by trucks from nearby points, a few car- loads being received. There is not enough business passing to establish prices on the various kinds of merit at a range of 13.00a16.00 per ton for tim- othy or clover hi Straw—No. 1 w 9.00a10.00 per ton; No. 1 oat, 9.50a10.50. Live Stock Market. Cattle—Receipts, 500 head: light sup- ply, market steady. Steers, choice, 13.50 to 14.00; good. 12.75 to 13.75; medium, 11.75 to 12.25; common, 9.50 to 11.00. Heifers, choice, 11.75 to 12.25; good, 10.25 to 10.75; medium, 8.50 to 9.50: common. 17.75 to 8 Bulls, choice stable, 9.50 to 10.50; fair to gooa. 8.50 to 9.50; common to medium, 7.00 to 8.00. Cows, choice stable, 900 to 10.00; fair to good. 6.75 to 8.75; com- mon to medium, 5.00 to 7.50. Sheep and lambs—Reccip's, 1.209 head; g-od supply: market dull and slow; sheep, 2.00 to 6.50; lambs, 8.00 to_15.00. Hogs-—Receipts, 200 head: light sup- Ely. market higher; lights, 13.25; eavies, 12.60 to 13.00; medium, 13.25; roughs, 8.00 to 11.00; light pigs, 12.25; igs. 13.10; Western hogs, 15 to 30 her than quotations. Calves—Receipts, 100 head: fair sup- ply, market steady; calves, 6.00 to 16.50. 0DOR OF COSMETICS ALTIMORE, Md., 75a1.2! 1.5082.25; 1, 1 BIG HELP IN SALES &:.. Special Dispatch to The Star. NEW YORK, July 25—Over $100.- 000,000 will be spent before the end of 1929 on nose appeal. This expenditure will not be confined to the toilet article and cosmetic trade, although that line of business will absorb huge sums. Merchants in all lines of business en- deavor have recognized that odor has a distinct sales appeal, or rather that disagreeable odors have the faculty of killing sales and alienating customers. Approximately $500,000,000 will be spent by Americans on soaps, cosmetic and toi- Tts declare that odor is a determining factor in in- fluencing such sales. It is as potent in its way as eye appeal and is being stressed similarly by the manufacturers. Chemists who are engaged in the cos- metic fleld say the first act of a pros- pective customer is to pick up a package of tollet preparation and smell it. If the odor is appropriate in kind and in- tensity, the other merits of the prepara- tion may be considered, but unless the odor is satisfactory the article is dis- carded for another which smells sweet- er by any other name. CHICAGO LIVE STOCK MARKET CHICAGO, July 25 (# (United States Department of Agriculture) —Hogs— Receipts, 22,000 head, including 3.500 direct, Market mostly 10 higher; top, 12.40. Bulk, good, 160 to 220 pounds, 12.10a12.35; 230 to 250 pounds, 11.70a 12.00; 260 to 290 pounds, 11.35a11.6¢ packing sows, 10.00a10.60. Butchers, medium to choice, 250 to 300 pounds, 11.00a11.90; 200 to 250 pounds, 11.40i 12.40; 160 to 200 pounds, 11.75a12.40; 130 to 160 pounds, 11.35a12.40; packing sows, 9.75a10.60. Pigs, medium to choice, 90 to 130 pounds, 11.00a12.25. Cattle—Receipts, 6,000 head; calves, receipts, 2,000 head; two-way steer mar- ket strictly choice kinds tending higher; 16.75 new high, top Eu!d; long yearlings, 16.60; heifer yearlings, 15.25; lower grades, medium to more choice kinds, tending lower. Slaughter classes, steers, good and choice 1,300 to 1,500 pounds, 14.50a16.75; 1,100 to 1,300 pounds, 14.00 816.75; 950 to 1,100 pounds, 13.50a16.65; common and medium 850 pounds up, 9.50a13.60. Fed yearlings, good and choice 750 to 950 pounds; 13.50a16.00; heifers, good and choice 850 pounds down, 13.00a15.50; common and medium, 8.00813.25; cows, good and choice, 8.90a 12.00; common and medium, 7.4028.90; low cutter and cutter, 6.00a7.40; bull good and choice (beef), 10.35a12.00: cutter to medium, 8.00a10.25; vealers (milk fed), good and choice, 14.00216.50; ‘medium, 13.00a14.00; cull and common, 8.00a13.00; stocker and feeder steers, good and choice, all weights, 12.00a13.50; common and medium, 9.25a12.25. Sheep—Recelpts, 9,000 head; market slow, 26 to 50 lower; rangers, 14.00; natives, mostly 13.50 down; few choice, 14.25; fat ewes weak to 25 lower; few, 6.0026.50; feeding lambs mnominal. nd 92 pounds 11.50a13.00; and common, 9.00a11.50; ewes, medium to’ choice, 150 pounds down, 5.2626.75; cull and common, 2.5085.2: 400“ lambs, good and choice, 12. 14.00. Declares Stock Dividend. divi of record August 20. ot e Gasoline Price Reduced. NEW W) dard OB B o New Jeruey nas reduced th of othgr companies, process | 1 i | comparad with $£10.942.373. or $9.24 a | PINANCIAL. Mortgage Loans STORY & CO.: 812 17th St. Met. 4100 Mluc llo At Low Interest Rates Tyler & Rutherford Special Dispatch to The Star. NEW YORK, July 25.—All of Wall| i e s R T get a lon of at}ll n.llofmtnzcoln lh:b mrup‘ol the enandoah Corporation, s Goldman- Sachs investment trust, whose securi- ties were to be offered soon for public subscription, It is understood that the common mhu.;'a D‘f‘ :lohll:ih llhdel'e will be 1,000,000 sl 3 s0ld at $17.50 per share. | | Revresenting Mutua) Benesit Lite tns. Co. Today in the outside market the stock i was already 35 bid with very Tttle of- || 20 K Strect National 0478 fered under 40. The preferred stock, ~g= 2o amounting to 1,000,000 shares, is to be sold at $50 a share with a par value of $50. It also was quoted at a premium, though a moderate one. The tremendous demand for a slice of this business was due to several preced- ent conditions. of which the most in- fluential was the success of the Gold- man-Sachs Trading Co., brought out last January at $104 a share and selling within six weeks around $230 a share. Subsequently this corporation declared & 100 per cent stock diviaend and the new shares are at a considerable pre- mium over the old ones. ‘The other factor is the relation that the new Shenandoah Corporation will have to the public utility industry and particularly to a group of power light companies that have been unusually successful in the industry and have made large profits for holders of their Junior shares. b Identity has been established between the Shenandoah Corporation and the North American Co. group of utilities which has had a phenomenal record for theé past five years. It is estimated that the market value of the shares of the ;:ol?fin:nlu g‘l:lx:m be drawn together In new Goldman-Sachs organization approximates $1,000,000,000. The reception to the new investment trust issues that have been brought out in the past six months has only been | equaled by the advance that has oc- curred in public utility stocks and in a | small group of convertible bonds. | Among the popular investment trust issues have been those of the Pennroad Co., which was offered to holders of Pennsylvania railroad stock at $15 and | was quickly quoted at $25 a share and | is even higher now: the issues of the| Alleghany Corporation, in which are | held the securities of the Van Swerin- | gen interests, and those of the Amer- | ican International Complete Investment Service GreeeT & Co. BANKERS INVESTMENT BUILDING WASHINGTON, D.C. Telephone, Ndtional 2468 a Third of a Century’s Isn’t Impartial You cannot be expected te render unbi nection with ap houses you own. NEW YORK, July 25 (#).—Pere Mar- quette Railway had net income of $3.- 921,670. equal to $7.39 a share, against ' $2,696,728, or $4.67 a share, in the first | six menths of 1928, | almers reports net earnings | for’the first half year of $2,179,087, g:‘ $7.72 a share, on the common. against | $1.480.007. or $5.69 a share in the initial | half of 1928. " Second quarter net wa: $1.165712, or $4.07 a share, compared with $804.407, or $3.09 a share, for the | corresponding period last vear. Book- | ings for the second quarter were $14,- 762,806, a gain of 61.28 per cent over | the s!millrJ 19233 period.” and _unfilled orders on June 30 totaled $15,657, ‘x;r?:u !9.?31314, Ain ooy _International Silver Co. and sub- | sidiaries had first half net income of | $652.442, or $4.84 a share, against $476.136, or $2.90 Haontis or 8290 & share, in the first six Chesapeake & Ohio Railway's net in- come of $13,530,659 for the first ha'f is equal to $11.43 a share on th» commen, But our management is capable of just that impar- tiality which considers your best interest in the long run. B. F.. SAUL ©O. Nat. 2100. 925 15th St. N.W. 1929 ALEX. BROWN «* SONS £ gmpflhuco“né"k’éxfl:"éa 4 : .: Underwriters - Distributors le Copper Co. 5s 194’ 5 INVESTMENT SECURITIES share, in the first six months of 1928 SHORT TERM SECURITIES. (Reported by J. & W. Seligman & Co.) 58 1927 co, . ) . of Amer. 8s 1952 100 Amer. Rolling Mills fi:muur & Cfl‘ of D‘e gl Cudahy Packing Co. 5'a Delaware & Hudson Ry. 7s on EL L Bosten 4%2s 18 s Mot~ Accep. Corp. Pet. Corp. 5s 1940. & R 55 1957 WasnincroN Orrics 737 15th Street N. W, Telephone, National 1053 "$14 10 P Corp. 518 1037 Shell Union Oil Co. 5s 1947 Sinclair Crude Off Co. 5! ra Ol e * 8 Un 551935 9 United Drug Co. 5s 1953 - Western Electric Co. 5¢ 1944 0 101 Wheeling Steel Corp. 5'as 1943. 99'% —_— Smart dressers of Germany now pre- fer American patent leather to that from any other foreign count: Maix Orrics - Barrinons r—-mmmlmmm—mmnmmnmmm Where Should Public Utility Stocks Sell Compared with Earnings Per Share? A comparison of the current market prices of ten representative Public Utility Common Stocks with their 1928 earnings per share reveals the interesting information that the prices of these securities average more than 20 times earnings per share. United Power Gas and Water Corporation Common Stock which represents two hundred million dollars of pub- lic utility properties with annual gross earnings of over $23,000,000 affords exceptional potentialities in view of the above comparison. Consolidated earnings of the combined properties for the twelve months ended April 30, 1929, were equivalent to over $3.43 per share on United Power Gas and Water Common. Basgd on the past record of normal growth, earnings for the future are esti- mated at in excess of $4.00 per share for the calen- . dar year 1930. United Power Gas and Water Corporation Com- mon Stock is currently selling around $38 per share. Write for Special Folder G.L.OHRSTROM & CoO. Southern Building, Washington, D. C. NEW YORK PHILADELPHIA BOSTON CHICAGO LOS ANGELES BAN FRANCISCO Please send me a copy of Special Folder S-2 Name Address