Evening Star Newspaper, August 3, 1929, Page 10

10 * LFE INSURANCE PAYMENTS JUNP Local Policyholders Receive $11,455,000 in Year, Gain A of $5,542,000. - RY EDWARD C. STONE. Policy holders and beneficiaries re- reived $2.057.000,0000 from Jife insur-| ance companies in the United States ! and Canada last year. according o the National Underwriter, an insurance | journal, This is an increase of $311- | 000,000 over 1927. The 'increase in | 1927 over 1926, was $160,464.432. i Policvholders in the District of Co- | “Jumbia received. $11.455,000: Maryland holders got, $29.400.000, an estimated £25.250.000 was distrubuted in Vlrglnln' and $17,450,000 was turned over to policyholders living in West Virginia. The District of Columbia showed a gain | of $5542.000 in 1928 over the amount | paid t> policyholders during 1927. | The largest payment anywhere in the : Tnited States was on the life of Rod- man Wanamaker. whose insurance | amounted 1o $5.823.450 Mr. Wana-l maker for many years was noted as the ! most heayily msured man in the world, | although with the adaptation of life ! insurance to protect business enters| prises, a number of individuals are| reputed to carry more than was paid on ! Mr. Wanamaker's death. ] New York naturally leads the States: In volume of payments, the life insur- | ~Prey. High. SATk 1047 121% 1 At 18 2460 ance distributions in {hat State being | 3 5327,500.000. Pennsylvania comes sec- ond with $180.000,000 and Tllinois third | with $173.500.000. Ohio shows $129.- | 000.000. ail otber States receiving less | than $100.000.000. | R4 _Cities With $1.000,000. | There were 84 citiss in the United fiates and Canada in which the pa amounted (o $1.000,000 or m “: York naturally led, the amount | there being $68.046.000, an increase of 55,000,000 over 1927. Payments in | Chicago were $42.500.000, an_increase of nearly Philadelphia came third with $23,023.000, 8 gain of | nearly $4.000.000. Pittsburgh again | ~was fourth, with $12,700.000, somewhat less than in 1927, Brooklyn shows £12,179.000, passing _Detroit, which ows §11.030,000. St. Louis holds | ceventh place with $10.850.000, being £ newcomer in the $10.000.000 rank. | leveland comes nexi. after St. Louis | ith $9.586,000, followed by Cincinnati with $9.226.000. Then come Los Angeles | with $8.767.000, Buffalo with $8,740,000. Raltimore with $8.173.700, Minneapolis with $7.335.000, Kansas City with £7058,000 and San Francisco with | 36,540,000, Milwaukee shows $5.800,000 | and Washington. which ranged seventh in 1927, follows Milwaukee for 1928 with 3 2,000, Newark, N. shows £5.000.000. | Leading the $2.000,000 class is Co- Tumbus, Ohin. followed by Richmond. | Va.; Toledo. Indianapolis. Montreal, | New Orleans. St. Paul. Memphis. Seattle, Hartford. Dallas and Nashville, | Ten. | Check Payments Decline, | Check pavments during the week ehd- ed July 27 were smaller than in the preceding week, but larger than for the corresponding period of 1928, accord- : ing to the Department of Commerce. Greater activity in steel plants was re- corded than in éither the preceding week or the similar period of last vear. Distribution of goods through primary channels, a5 indicated by ear loadings. covering the latest reported week, was greater than A vear ago. General index of wholesale prices =howed a gain over the preceding week. but was still below the level which pre- vailed a year ago. Prices for jron and eel were lower than in the preceding ‘week, but higher than in the corre- sponding week of last year. _Cotton prices. on the other hand. were lower than in the previous week or a vear | g0, Business failures were more num- erous than in either the preceding week or the corresponding period of 1928. Receipts of cotton into-sight were | greater than a year ago. ! Conditions in South Tmprove. Despite the fruit fiy quarantine and | the epidemic of bank failures in Florida and recent strikes in other Southern | Gtates, a special survey of trade and | credit conditions in the Southeast, con- | ducted by the National Association of | Credit Men, shows conditions generally | Amproved over last year. The survey covers the States of North Carolina, | Kentucky, Tennessee, Georgia and | FINANCIAL. 9 Stock ana Low Dividend Rate. 384 Abitib) Power & Pap 27 Advance Rumley . 2 831 Air Reduction (3)... 2 1712 42 Ajax Rubber. an 41 Alaska Juneau 6 12" Albany P W Pap 19% 278 Allezheny Corp 52 1003 Alleghny pf rets 5%, 115 241 Alifed Ch & Dyve (6). 315 166 * Allis-Chalm Mf (7).. 274 2213 Amerada Corp (2)... 29% 110 Am Pank Note (13).. 141 141 Am Reet Sugar 5 16% 46 Am Reet Sugar pf... A0k 40'; Am Bosch Magneto. . 605 45 Am Brake Shoe 2.40. A8 15 Am BrownwRov Klec. 3% 1078 Am Can (14). X 169% 92 AmCar& Fdy (6)... 1017 46% Am Chicle (2)....... £ Am Com Ale (k1.60). 4R Am European Sec. .. 4 Am & For Power.... Am & ¥or Pw of (7). Amn & For Pw 2d pf.. Am Hawaiian (1). Am Hide & Lea ... Am Home Prd (3.60) Am lce (13) Am Internat (12).... Am La F& Foamite. Am Locomotive (8).. Am*Loco pf47) Am Metal (3)... Am Pow & Lt (11)... Am Pow & Lt pf (6). AmP& Lpf A (3). Am Rad&Std S(1% Am Republics. . Am Roll Mill (c2 Am Safety Raz (15). i Am Sm& Ref (4).... Am Steel Fdy (3) Am Sugar Rfg (5). Am Sugar Rfg pf(7 Am Tel & Tel (9) Am Tobacco (8). Am Tobacco B (8). Am Tobacco pf (6) Am Water Wks (c1). Am Woolen f. ... Am Zine Ld&Sm. . Anaconda Copr. (7). . Anaconda W&C (3).. Anchor Cap (2.40) . Anchor Cap pf (63). Andes Copper (3). her-Dan-M nour 11 (A) Armour NI (K) Avmour Il pf (7). Asso Appl Ind (4). Asso Dry G (2'3). As0 DG 2d pf(7). Atch T & S Fe (10) Atl Coast Lina (110). AUIG & W Indies. .. AlG& W Lpf (4) Atl Refining (11%).. Atlas Powder (4).... AtlasTack....... Auburn Anto (34). Austin Nichols Aptosale: . Autosales pf (3). Bales— & A0Th 34 17 —am P —an e T8 2o Ralto & Ohie (6). ... Rang & Aroos (3%). Barnsdall (12%) Beech-Nut Pack (3). Relding-Heminway . . Belg N Ry pt bf (16) Bendix Aviation (2). Rest & Co (3).. Rethlehem Steel (6). Bethlehem St pf (7). Bohn Alum&Br(14).. Borden Co (3). Borg Warner (ja Briggs&Stratton Rristol Myers(t4%4). Rrockway M T (3)... Rklyn-Manhat (4). Bklyn Union Gas (5) Eruns-Balk-Col(3).. Rucyrus Erfe (1).... Bucyrus ev f (233). Rullard Co (1.60).... Rurns Bros R. Rush Tenm (22)..... Rutte Copper & Zinc. Rutte & Superior (2) Rutterick Co. Rvers (A M). Calif Packing (4). .. Calumet & Ariz (10). Calumet & Hecla (4 Camphell W 2 Canada Dry R Canadian Pac (10). 4 Cent Alloy Steel (2). Century Rib Mil Cerro de Pazco (6) Ches & Ohio (10) Chesapeake Corp Chi & Alton. . Chi & Alton nf. Chi Great Western. Chi Great Westn pf.. Chi Mil St P&Pac. Chi M{] St P&Pac pf. Chi & N'W (4) Chi & N W pf (7). Chi Pneu Tool. . Chi Pneu T pf (3%4).. Chickasha C Oil (3).. THE EVENING STAR. WASHINGTON, Prev Add 00. High. Low. Close. Closs. Stock and Divider d Ra Gen Electric (16)... Gen Elec spec (60c). i Gen'l Food Corpn (3) Gen Gas&FEl A (e1%) i« Gen Mills (3)....... Gen Motors (13.30 Gen Motors pf (7) Gan Outd Adv A (4). Gen Outd Ad vie (2), Gen Public Serv(b§) Gen Ry Signal (5) Gen Refrae (13%). . Gillette Safety R (5) Gimbel Brothers. ... Glidden Co (11%)... Gobel (Adolf). . Gold Dust (214). Goodrich BF (4). Goodrich pf (7)...., Goodyear Tire (5) Goodyear 1st pf (7). Graham-Paige . 4 Granby Consol (7).. Grand Stores (1). Grand Unlon. . Grand Union pf (3). Granite City St (3) Grt North pf (5).... Grt North pf et (3).. i Grt Nor Ore (al%). Grt West Sug (2.809, Greene Can Cop (8) Guantanamo Suga: Gulf Sta Steel (4) ~Prev. 1979 zh. Low. 396 219 11% 11 777 72 104% Hahn Dept Store: Hartman B (120), Hayes BAy (b8 % stk) Hershey Chocolate. . Hershey Choe pt (4). Hoo (R) & Co....... . Holland Kurn (e215), Hollander & Son Houd Hersh B (1), Household Prd (14). How ound (t43,).. Hudxon & Man (273 ). Hudson Motor (5)... Hupp Motor (£2), Illinols Central (7).. Independ O11 & Indian Motor Cye Indian Iiefining. Indian Lefining et Inland Steel (3% ) Juspiration (4) Interboro Intercontin Intt Agricultural. Intl Bus Mo Intl Cement (4) Intl Comb Eng (2). 1utl Cmb Eng pf (7). Inti Harvester (23). Intl Hary pf (7). Int Hydio Kl A ( Intl Match pf 13,20). Int Mer Marine etfs.. Intl Nickel Can (80c) Intl Pap & P A(2.40). Intl Pap & Pwr B Intl Pap & Pwr C... Intl Pap & Pwr pf(7) Intl Print Ink (2%).. Intl Silver (8). ... Intl Tel & Teleg (2). Island Creek Coal(4) —_—d Johns-Manville (3). Jordan Motor Car. Kan City Sou (5). Kaufmann DS (1'% ) Kayser J & Co KKelly-Spring Tir Kelsey Hayes (2). ielvinator Corp. kennecott (5 Kimberly Cirk(2% Kinney (G R) (1). holster Radio. Kraft Ph Ch (1%) Kresge §'S (1.60). Kresge Dept & Kreuger & Tol(1.34). Kroger Gr&Bak(c1) TLago Ofl & Lambert Co (8). L.ee Rubber & Tire lenigh Valley (3% Lehigh Vailey Coal. . Tehn & Fink (3)..... Liggett & My B (15). Lima Locomotiv Link Belt (2.40). Liq Carbonie (14% ). Loew’s In¢ (2). Loft Ine Lorillard (P) Co Loufsiana Ofl. ...... LouG & KLA (1%).. Ludlum Steel (2) McCall Corp (4) McCrory B (2) McKeesport T P (4).. McKesson & Rob (2) Mckes & Rb pf(3%). Mack Trucks (6).... Macy (RH)&Cot(cts) Madison Sq G (1%4).. Mazgma Copper (5). Mallinson & Co... Man Elec Supply.... Man Elev mod (45). Maracajbo Oil Exp Marlin-Rockw (14).. Sales— Add 00. High. 59 395 8 1% 48 3% 108 7 168 814 9 146 104% 3% il Low Clase. Close. 390 1 2% 12% 1028 104% % 16 1'% 124 451 393% 11 Prev. | --Prev. 1020~ Stoe* and sales— Dividend Rate. Phillips-lones (3)... 7 Phillips Pete (1%) 3 Pierce-Arrow A Pierce Ofl. .. Pilisbury Flour (2).. Pirelli Co A Pittsburgh Coa Poor & Co (12). P Riean Am To (A)7 stal Tel & C of (7). 'rairie Oil & Gas. Prairie Pipe L (14) Pressed Steel Car Pub Sve NJ (2.60). Pub Sve NJ pf (7). Pullman Corp (4) Punta Alegre Sugar. Pure Oil (1%) Purity Bakeries (3). 394 1" 73 103 76i4 71 123% 45y 327 Radio Corp Radio pf A (1 Radio pf B (5). Radio-Keith-Orph A. 163 Reading (4). ; Reading 1xt pf (2)... Real Silk Hostery temington-Rand 0 Motors (11.60 Fep Brass Corp.. Rep Iron & St (4). Jeynolds Sprinz. A . ine West (1.92). Richfeld Ou (2). Rio Grande Oil (k?) Ritter Dental (235) <ia Ins (2 20). Royal Bak Pwdr(1).. Itoyal Dutch(a1.336) i Safeway Stores (1) St.Joseph Lead (13 an kran pf (6) t L Southwestern. . Schulte Retail Strs. . eaboard Air Line pf eazrave (e1.20). ... ars Roebek (32%4). neca Copper vel e, ... ¥ G nell Linjon (1.40). Simmons Co (3). mms Pet (1.60).... inclairOil (1213)., <kelly Ol (2). < Sheffield Porto Southern Pacific (6). Southern RRwy (8). Spalding A G (1.60). ng See pf 11 wart Warnr(3%) tone & Webster, Studebaker (15). Submarine Boat. Sun Ol (z1) Superior O1l Superior Steel <yminzton. Tenn Cop & Ch (1). xas Corp (3).: Tex Gulf Sul (4).. Texas P C & Oil ( Texas Pac Land Tr Thatcher Nf, & Thompeon J R (360) 172 Tide Water Asso. a0 27" Tide Water Oil(80c). 2 a0 Tide Water Oil pf(s) 1 22% Timken Det Ax(S0e) WATERCARRERS | - - - - Freight, Not Passengers, However, Paying Way for Transport Concerns. BY J. €. ROYLE. Special Dispatch to The ar. NEW YORK. August 3.—No matter who pavs the freight. it is the freight which pays the carrier. This was em- phasized today by reports from the transportation systems which depend Tittle, if at all. on passenger traffic as a source of revenue. The rivers and lakes of the count Add 00. High. Low Close. Close. 45 7 36 D. C. SATURDAY, AUGUST 3, 1929. Prev. | —Prev. High 445 45 47 4 Timken 33 1% 477y 66 Underw-El-Fish(4).. IInion Rax & Paper. . 1infon Carbide(2.60). Union DIl Calif (2).. Union Pacific (10)... 19 Utd Alrcraft&Trans. 746 1 Utd Alrcraft&T pf 3. 1 Utd Biscult (1.60)... 1td Biscuit pf (7)... tinited Carbon. 1Itd Cigar Stores(1). Utd Corporation. . Utd Corp pf (3) 1 ctrie Co rult (ed). 1114 Gas & Imp (1) d Paperboard . 8 Cst U S Dis U S For FornSec pf (1) U S Hoftman (4). U S Ind 11 8 Leather. U S Leather A (4)... ealty (5)...... U S Rubber . U S Rubber 1stpf... 1 S Smelt Ref (3 Steel (7)..... 11 S Steel pf (7)... USs 1 s tintv Py Vadseo Vanadium (14 Waldor: Walworth (1.20) Ward Baking B Warner Bros Tle (n) Warner Warren Bros (15)... Warren Fdry & Pie Wess O Wess O & Snpf (4).. Westn Dairy A (4) Westn Dairy (B) Wester Western Pacif pf.... Western Union (8).. Westnzh Air Brk Westnzh EI&M (4).. Westvaco Chlor (2). Stock and Dividend Rate Tobacéo Pr (1.40)... Tobacco Pr A ¢1.40). 3 Transcontinental, 4« Trico Prod (2%).. 2 Truax Traer (1.60).. Sales— Prev Add 00. Aigh. Low. Close. Clone 9 103% 103 103 101 13 13% 13 13% 13% 16% 16%° 16% 16 1% 1% 11 56 6% 55%a 20% 20 #6231 Roller (3)... 145 10 - 156% 367n 121% 47% 272% 2 1Petts(2).. trib pf (7). eizn Secur. » Alco (6). 2 SRR nalauRua=Se3a3ne—a cuBu pe & Rad. Sa £ Systm (1) -Quinian (2). il & Snow (2). n Marylan: 2). UTILITIES GIVEN WHIRL BY BULLS Realizing ni Final Sales Cuts Some of Gains in Vio- lent Trading. RY STANLEY W. PRENOSIL, Azsociated Press Finaaeial Editor. NEW YORK. August 3 ().—The bull movement on the stock market assumed extraordinarily violent proportions. in the utlities during today's two-hour session. An impressive assortment of the utility stocks was hurled up 5 tn 13 points to record levels, and the en- tire list was buoyed up by this demon- stration. Gains were reduced some- what by realizing in the final sales, Some profit taking was inspired by the overnight Announcement, of a gain of more than $400,000.000 in Stock Fx- change member ' borrowings, during Julv. but it was readily absorbed at bullish enthusiasm was held at a high | pitch. In general. however, the public still held 2loof from the market. Trad- ing s bul moderately active, total 1750000 anares: " APPEosimating Concern in Some Quarters, The recent violent bidding up of priced issues has rauscd‘lfin‘x?c':nhmv: some quarters lest it may be a shield for distribution. This theory. however. has not been generally accepied. because of the lack of public partieipation in the market. Commission houses, while still advising their customers tn exereise great caution. have in the past two nr *hree da extended their lizts of buving “uzzc-tions. . The easier fone in call money ves- terday, which held at 10 per eent | caused greater optimism regarding the edit outlook. although the return of the month end checks 1o the banks for collection next week is expected to kecp money tight. and with growing comme:- «ial demands. bankers hold out no hope of any substantial decline in monet W axton Kl Instru. White Motor (1) Wileox Wilcox Wileox W Wilson Wilson Woolworth Co. Worthi Iy s Oil & Gas. ;.. Rich(A)2'% .. Rich(B)e Over (¢ & Co. & Copt 5 57 A o | sa | ngton Pump. . Worthington B Wrizht ellow Aero (2 Truck & Zenith Radio. ....... RIGHTS EXPIRE Col Gas&El..Aug 15 246 Mont Ward..Aug 26 @ nd Gas rts Auz.31 €1 Transcont Oil ris 514 Utd Corp. Divigend rates as eif h pavments based on the latest quarterly or h . taration 4% 1 stock 34 | aPaid this s\ar—no a3 |in atock d \avable 2% |¢®is 10% 0 stock. 23 1ipus 8% 1p stock aUnit of trading less than 100 shares. 19 $Plus | BY CLINTON COFFIN, Ascociated Press Financial Writer. Few legislative proposals have ever had more careful preparation than the liding scale of sugar tariff. just made public by Senator Smoot. Tt has been apparent from the beginning of tariff diccussion that the sugar schedule’ Was 1o be the center of bitter and prolonged controversy. _Opponents have con- tinuously_emphasized that the pending House hill would increase the levy on | Cuban raw sugar from $1.76 per 100 | pounds to $2.40, with like increase in | refined resulting Aug1s A n in the above table are the annu: ( yearly dec- 4Partiy extra. fPlus preterred stock. Plus 1-35 in stock b Pavable in stock. c Plus 5% e Pavable in cash or ftock in stock. hPius 3% In slock. n atock. 33 in regular raie. when earned & Plus 6% k Plus vear things are different, for tin looks a little higher, and more of the old cans may get worked over. The nld cant are far from the greatest source of raw | material for the de-tinning plants. they | nse immense amounts of scrap trimmed off sheet tin plate in all the factories ' where such material is worked. The coating isn't scraped off, but is chem- | ically dissolved, in most cases. and exactly the same as new metal when ' recovered. Ordinary hand pumps for .raising | water from wells, as manufacturéd in ' the United States: are possibly:articles | of almost more importance in_ world trade thap in domestic trade. The last . monthly customs report shows that 2,793 such articles wére shipped to Brit- ish India. a notably dry country, which accounted for one-third of the fotal | ground. | Purthermore, sugar as a commodity haz a runaway record behind it, though | not in receni years. and probably no one better understands this than President Hoover, because of food ad- ministration experience. The Smoot | proposal, as advanced. clearly indi- | cates that a lot of experience has been brought to bear in devising a novel way | exports. a sprinkliny | to give the beet sugar growers protec- tion. and meet the objections of the| Almost every other country in the world got a period, 183 being credited to Turker. 205 to South Africa. 150 to Egypt and 'W pumps in the same % to evervwhere els Baltimore Markets i President, rates for sonf> time. wan Street, how- ever, is expeeting the Federal Reseruve ystem tn make credit available for commercia] ses in inerrasing amounts Westinghouse Elecrite wrested the | leadership from General Fleetric. sure- ing up nearly 16 poin's to a record pri-~ above 230 Buiinz of thiz stock wa inspired b rmimors of a stock split-up. reports of expancion of plant, and rx- cellent first half earninas Laclede Gas Leader. Ga- Laclede = again a high fiicr |in the utilities, mounting 18 peints to = Tale & Towne (4). 3 5 i racord price. Brooklyn Union Ges, General Public Service. Peoples Gas. Consolidated Gas. Southern Californis Edison and Pacific Lighting were among sues Surging up 3 to more than 10 points to new peaks. | Avburn Auto regained 10 of yecter- = 11-point drop. and International r sold up 9 points tu a new peak. Gencral Motors showed revived strength, a block of 10.600 shares changing hands at 73. up 2 points. International Tele- phone again broke into new high Johns Manville amd Union Pacific mounted 3 to 4 points. The close was stronz. Markets at a Glance NEW YORK (/.—Stocks strong: Westinghouse Manuiaciuring soars 1o poinis to new pcak. Bonds steady: Telephone convertibles at new high. Curb steady: Aluminum Co. rises near- Iy 50 points to new high. Foreign ex- changes irregular; sterling holds steady. Cotton higher; absence of rain South- Ve Sugar. holiday. - Coffee, holiday. CHICAGO .—-Wheat, “lower: favorabie véather Northwest. = Corn. lower; bene- nrmdl rains, Cattle irregular.. Hozs steady. B. & 0. OFFERS TO ACQUIRE B. &S. R. R. STOCK AT 90 Barlow, Buffala & Susquehanna Advis Stockhojders to Accept Morzer Terms. Bv the Associated Prese NEW YORK. August 3.-The Balti- more & Obhin Railroad has offered $90 Florida. Of the manufacturers and whole- | salers reporting, 57 per cent indicated | a larger and 43 per cent a smaller | volume of sales in 1920 than in 1928. | Childs Co (2.40) Chryxler Corp (3). City Ice & F (3.60). 4 City Stores (1). Marmon Motor (4).. Mathieson ATk (#2)., May Dept Strs (4)... Maytaz Co (i2)... | are carrying more freight than in any | consuming public to unnecessarily mghi BALTIMORE. August 3 (Speeial).— | A chare for preferred and common | previous season in vears and the com- | prices. By the arrangement proposed.' Poultry, alive—Spring chickens, pound. | stocks of the Buffalo & Susquehanna panies plying them and those operating if refined sugar cver gets to $7.50 | 25a31: poor and | Railroad. E. D. Barlow. president of the Leghorns, 22a25: | freight services on the highways seem | wholesale in the United States again, > & Susquehanna, disclosed thin. 18a20; old hens, 22a25; Leghorns, Buffalo Reflecting fair _collection _conditions during the first half vear. 42 per cent | reported a larger and 58 per cent a | #maller volume of receivables on July 1, | 1929, than on July 1, 1923, | For the next six months 38 per cent | anticipated a larger and 51 per cent | a smaller number of failures. while 11 per cent. expected no change. Sum- marizing the general business outlook in the Southeast, 60 per cent expected improved sales and collections for the remainder of the vear. 35 per cent mo | change, and 5 per cent less favorable conditions. B. & 0. Half Year Showing. Baltimore & Ohio's net_jncome for ! the first ix months of the vear. with | other income and fixed charges esti- mated on the basis of those reported for the first quarter, approximated £10.205,000, equivalent to $4.75 a share on the $215.187,000 common stock out- standing during nearly all of the period. In the first half of 1928 the road earned a little less than $3 a share on the same amount of stock. On the $256.- 300,000 common 10 be outstanding when the new stock subscribed June 20 is fully paid. earnings for the first half of this year would be $3.98 a share. Heard in Finanecial Distriet, George M. Whitwell, secretary of the ‘Washington Gas Light Co., will spend his_vacation motoring in Maine. Charles W. Warden, vice president of the Continental Trust Co., is dis- pensing cheer to bond salesmen. He aees easing of the money situation ahead and looks for a better tone in thé bond market, one reason being the large number of county bond offerings avaii- able at prices to yield up to 6.25 per “eent. B. Gwynn Dent and G. Francis Rainey, assistant cashiers of the Riggs Nationel Bank, left this week for their annual vacation of a month. Robert F. Cahill of M. J. Meehan & Co. has returned’ from a visit with Jo- €esph P. Tumuity at Spring Lake, N. Arthur Foraker, manager of the ‘Washington office of Eastman, Dillon & Co., passed part of the week in New York on business. Washington Bank Clearings. Bank clearings in Washington for the week ending August 1 totaled $25,214.- 000 in comparison with $26,504,000 in the previous week. The total was an in- crease of 1.6 per cent over the corre- #ponding period a year ago. Clearings for the country as a.whole showed a gain of 3.3 per cent over the previous week and 23.2 per cent over the like period last year. PRODUCE EXCHANGE. 'NEW_YORK, August 3 (#)—Flour sy: Spring patents, 7.60a8.10: -soft ~#inter straights, 6.4526.90; hard Winter £ straights, 6.55a7.25. Rye weak; No. 2. ‘Western, 1.22%; {. 0. b. New York. and 2 c 1. f. export. Barley weak: % ¢. 1. f. New York. Lard iddle West, 12.45212.55. Other erticles unchanged. iy i SILVER QUOTATION§. WEW YORK. August 3 #ltver, 5212 Mexican dollars, 39%. | Coca-Cola (4) Collins & Aikman Colo Fuel & lron. 4 Columb G & K (2). Colum G&E nf A(8) Col Graph (29¢) Col Graph F P (23€). Columb Carbon t4% . Com Credit (2). Comm Credit A ..... Com Inv Trust (t4).. Com Inv Tepf(6%). i Com Solvents (h%). .. Conde Nast Pub (2).. Congoleum-Nairn. Cong Cigars (t5%) Consol Clzar (7). Consol Film 1n pf(2) 4 Consol Gas (3). Conso! Gas pf (5) Consol Textile. Container Corp A. . Container Corp B Contl Baking A.....: Contl Baking B...... Contl Baking of (8).. Cont’l Bankof N. Y Contl Can (2%) Contl Insurance (2).. Contl Motors (80c) Cont) Oll of Del. ... Corn Prod (13%).... Coty ne (g2).. Crosley Radio (11).. Crown Cork & Seal. . Crown Zellerbach (1) 4 Cuba Cane Sugar. . Cuba Cane Sugar pi Cuban-Amer Sugar.. 23 131 Cudahy Packinz (4). 4 §1% Curtiss Aero (1 11881, Cutler-Ham (3 978 D— 11 a3 2 222% 17 150% 1354 5814 Davison Chem. Delaware & Hud Del Lack & W (17) Devne & Ray A (13). 9 48 Dome Mines (1)..... 28 10% Drug Corpn (4) 27 115% Duplan Silk (1) 2028 Du Pont de N(14%). 197 Dupontd N deb (6) 121 B Fastman Kod (12) 18 194% Faton Axle & S (3) 7 61% Fllec Auto Lite (6)... 161 164% Flectric¥Boat. 6 10% Bl Pwr & Lt (1) . 57 80% FIPwr&Ltnf (1).. 1106 Elec Stor Bat (5).... 88 901 Fndicott-Tohn (F)... 29 5913 FEng Pub Serve (21). 211 76% Eng PubSvepf (5).. 4 118 Eng Pub Sve pf(5%) 3 1026 FrieRR........... 43 Erie RRIstpf(4).. 2 Frie RR2dpf (4)... 1 Eureka Vac Cl (4)... Fed M & S pf (7) Fid Phen F Ins (2).. First Nat Stores 1%. Fisk Rubber. Flelschmann Fleischmann ctf: Florsheim Shoe A. .. Follansbee (12%5)... Fox Film A (4), Freeport-Texas (4).. — G * Gabrlel Snub A Gamewell Co (b).... Gardner Motor.... 81 Gen Am Tnk Car(14) 61 Gen Asphalt . 3743 Gen Cable. 81 GenCable A (4). 2 107 34 7% 11 7. EETTE 20 7 10% aenBomn Ma¥tag Copf (3).... Maytag Co 1st pf(6). Melville Shoe (1.40). Mengel Co. . s i Mexican Seahoard. .. Miami Coprer (4)... Michigan Stl (274).. Mid-Continent P (2). Middle States Ofl. ... Middle States Ofl ct.. Minn Moline Pwr. Minn Moline of 6% .. Minn & St Louis. # Mo Kan & Texas Mo Kan & Tex pf Missour) Pacific..... Missour! ac pf (5)., Mohawk Carpet 2% . Mont Ward (2%). Moon Motor: Morrell T (3.60)..... Mother Lode (40c) Motion Picture Moto Meter A ct. Motor Meter G & K. Motnr-Wheel (2) 4 Mullins M{g. . Murray Corp (a3)... N Nash Motors (8) NatAcme (1%)..... Natl Air Trans. . Natl Bella Hess(11). atl Biscuit (16%) .. atl Cash Reg (14). atl Dairy (t1%). .« Natl Distillers pf(7). Natl Pwr & Lt (1) Nat] Radiator. Nati Supply (18) Natl Surety (5). ‘ea (1%). . vada Copper ( wport Co A (3). Newton Steel (3). N Y Air Brake (3) N Y Central (3). NYChi&StL () NYNH&H 4) NYNHE&H pf Norfolk&Wstn(110), North Am(b10%stk) No Ger Lloyd (3.41). Northern Pac (5). North Pae ct (5) Rt 90 49% % n 37 75 Olivr Fr Eq pt A(8). Olivr FrEp cv pt(3). Omnibus Corp. . Oppenheim Col (5).. b nuBnue 26 14 8915 - 128 893 3T, 4313 6 44 3 20615 129 1 53 1 N [RTIVE- TOPRE fei ~ 74 1 84 P Pacific Gas & E (2).. Pacific Lighting (3). Pacific Ojl stubs. Pagkard Motor (15). Pan-Am Petroleum. . Pan-Am Pete B, Paramount-F-L (3) Park Utah (30¢c) . Pathe Exchange. Patha Exchange A Patino Mines ( ) Peerless Motor Car.. Penick & Ford Penn Dixie Cement. . Pennsylvania RR(4) 400% 208 People's Gas Chi (8). 45%_ 31 Pet Milk (13%). 797 56% Phelps Dodge (3). 228 157% Phila Co (+7) . 17% Phila& Read C& L., 53% 70 1 116% 40% 40% 55% 5% T 13% 34 11 38 11% 99 724 1% 14 153% 63 66% 72 13% 14% *30 AT 221 60% 27 121 66 1 7 7 1 2 6 88 13 9 2 10 10 2 3 923 21 4 1324 324 23 61% 60% 61 60%|has been assured by 30ta 797a 31t 48% 09% kLI 3% 21 1 31% 611n 61'a 681y 6 874 1912 40% 12% 56% 13% 9674 03% 1 229 25 27 2% A 158% b2% % n 47% 5% 73% 120% 1 131% 614 61% 68% 6 8% 19%5 40% 12% 56% 13% 95 32 17 1 130t 614 61 67% 5 Rig 19 40% 128 56% 13% 95 399 229" 220 273 generally at a high pitch of prosperit A report today by J. E. Carpenter. | overseer of dams on the Ohio River. indicates that by September a channel | of 9-foot depth and 300 feet wide will ' if sugar drops to $4.50 wholesale. the land nearby. . 8 | be Provided along the entire length of | grower will nave the fullest, protection ariote S1eys, 10 SIn% the river 964 miles. Government dredges now are rushing the work of compl tion. When the Ohio dams were co structed. it was planned that the chan- nel should be 500 feet wide. The last of the dams is nearing completion and the’ channel over bars is being widened 1o facilitate passage of big to channel will be expanded to 500-foot Ohio Tonnage Larger. In the last vear tonnage handled on the Ohio totaled 20,938,267 tons. or 1,344,687,000-ton miles. The freight year and so will the average hau which in 1928.for all commodities w: opening the South, Southwest, inter- mountain West and Pacific Coast to | shippers of the East and giving producers, of the' South and West an fmportum',v to reach Eastern markets by a route permitting low freight costs. Before ‘the year is ended, the new equipment already ordered for the Federal Barge Line on the Mississippi will be in full operation and the great river probably will carry more freight than at any time since the Civil War. The level of the Great Lakes is higher 3L 49 10915 665 513 125 1094 | 6814 48 72y 104 441 23818 This is permitting the vessels on the great inland seas to load far more cargo than has been possible hitherto. This has stimulated and increased shipments and increased vessels profits. So great has been the rise that there is serious talk of levee construction near Detroit gan, where the lake has backed up streams until property is endangered. Pays Better Than Passengefs. Freight business has been far more successful from an earnings standpoint 114% 122% 264% 1841 54% 108% 106 transport fleld. This is specially so in the Northwest and Midwest, where the {motor truck is hauling all types®of freight from live stock down. The Min- nesota Railroad and Warehouse Com 937 | mission, which has just compiled its re 53 | port, declares that truck companies in 7% | that State showed earnings of 18 per 74 |cent on their business, while the pas- 47% | senger bus companies earrmfd a little 6% | less than 6 per cent. The Minnesota freight trucking busi- 70% 7 ness is largely in the hands of a_sub- 1161 | sidiary of the Great Northern Railroad 1 |and its development has been sys- 130% | tematic. idea that freight 18 43 61 It is with the 61% | transportation is more profitable than 69 r carrying that new develop- 6 | ments are being outlined in the com- 15: mercial aviation field. 401 12% 57 13 196% 398 32 MERGER IS ASSURED. NEW YORK, August 3 (/P).-—Me: of J. W. Brown Manuf: g” bus, Ohio, with Electric Auto- ., xchange of atoc through e: .of 228 'the Brown Co. having deposited 88,000 - 270 of 100,000 common ghares outstanding. the tariff rates on raw will drop to less 123230 old Toosters, 18a20: ducks. 20a | than half their present basis, and the | 24: American consumer can draw freely | pigeons, guinea air. 25. fowls, each, 50a1.00: hauled will show a decided increase this | than at any time in modern memory. | and at some points along Lake Michi- | than passenger traffic in the motor | |on all the world supply. Conversels ever proposed against any product grown outside the United States. People conversant with the sugar | trade point particularly to new pro- | posal's method of determining the | price, making the actual sales of sugar by refiners, as determined from their The | books, over reasonable periods, the test. | ery dif- | potatoes. barrel, 2.0026.00: sweet pota- | Baltimore & Ohio. | Published prices, which are width later and the depth made 12 feef. | ferent sometimes from the figures at toes. bushel. 2.00a3.00. Beets, 100, 2.00 | which business is done, would have no | control. Another point particularly | cited with respect to the proposed sys- tem is the relation of the rate of raw | sugar to the refined price. i Hesitate on Future of Oil | Astounding advances which have 64.3 miles. This improved waterway is | heen made of Jate in petroleum produc- | | tion are causing observers of the in- | dustry to hesitate to predict its future, | The ‘only thing that outmatches the production increase has been the in- crease in consumption, especially in the consumption of the gasoline proportion of the supply. The last Government figures indicate a small increase in crude stocks at the end of June. but an_actual decrease in gasoline stocks. Yet, there are some signs that the in- creasing output. registering as it does now nearly 2,900,000 barrels of petrol- eum a day. s not going to rise further, at least in the immediate future. “Most; of the trade informatior leads to the opinion that California’s new | gas law will cut off perhaps 200,000 | barrels a day of production” G. R. | Hopkins. Government petroleum eco: industry’s figures. be the Tesult, it will cut off just about | the surplus of present consumption above demand. Outside of that. there isn't any sign of curtailment, and the :[nduslr_v seems to be letting the idea Irop. “The California measure is intended | to prevent the wastage of the gas which | ordinarily drives petroleum to the sur- | face, and in so far as it brings about | productioncurtailment, does i, in an indirect wa; ‘There are no ticular signs of absolutely new fields developing | just. now, though the remarkable suc- cession of sands. one underlaying an- other, at Santa Fe Springs in the Cali- fornia area, makes deeper drilling there | have the effect of bringing new sup- | plies into sight.” Tin Can Comes wk“ The economic life of an old tin can, is & mrmewhlt1 more etxunxgegu:fld: | than most people suspect. out | of their ken along with the garbage, | but there is a mighty good chance that the tin on its surface will come back again with the grocer’s boy. protectin, the contents of still another can of beans or something. This suggestion i$ drawn from Mines Buresu research into the operluunm of the Nation’s de- vlants. car the salvage work recovered l,lllmaa of the metal, which was ly less than in previous years because the price of new tin was rather weak last vear. That made it less profitable to scrape the cans. This | nomist, remarked in a discussion of the | “1f that proves to | Fggs—Receipts. 1.186 ca netive current, re- | | Butter—Good fo faney creamery. pound. 41a45: ladles, 33a35; store | packed. 201.a30; rolls, 31a32: process | butter, 40a41. - | Potatoes. 100 pounds. 75a1.25: new ! a3.50. Beans, bushel, 1.50a1.70. 'Cab- | | bage. hamper. 1.00a1.25. Carrots, 100, | 3.0024.00. Celery, crate, 3.00a4.00. Cu- | cumbers, hamper, 30a60. Corn, dozen, | 15a20. Lettuce, crate, 5021.00. Lima beans. hamper, 1.2521.50. Onions, bushel, 1.00a).25." Peppers. hamper, 30a | 50. Squash. hamper, 15a35. Tomatoes, hamper. 1.00a2.00. Apples, bushel, 1.00 a2.00. Blackberries. quart, 15a20. Can- taloupes. hamper, 40a65. Huckleberries, | quart, 20a25. Oranges, box, 2.00a4.00. 1;;;:;195‘ hamper, 25a50. Watermelons, 250. Wall Street Briefs " NEW YORK, August 3 (#).—Business failures in the United States this week | numbered 409, compared with 400 last week, R.'G. Dun & Co. reports. The number reported for the corresponding weck last year was 424. “R. E. Wood, president of Sears Roe- buck Co., in a letter to stockholders ac. companying dividend checks, said that company officials had estimated that the 1929 sales would be in excess of $425.- | l;l;!;‘m Sales last year totaled $346,973,- The Pilot Radio & Tube Corporation | reports sales for the six months ending June 30, amounted to $760,399, com- pared with $552.110 in the corresponding pen:fl last year, an increase of 27.9 per cent. StockhoMors of the Associated Laundries of America, Inc., will vote at a special meeting in Baltimore on Au- gust 20 on a proposal to increase the authorized number of shares from 525,~ 000 no par common, of which 375,000 are class A ting shares and 150,000 class B n shares, to 1,000, 000, all of which shall be no par com- mon stock. 1t is also proposed to give holders of each share of class A par- ticipating two shares of the new stock, and one and one-half shares of the new stock * for each share of the class B common. vesterday. The merger. if ‘consummated. will involve thg expenditure of $6,300.000. Mr. Barlow said he had recommended that the stockholders accept the offer. conditional upon the approval of the The Baltimore & Ohio offer was said to be in line with the plan of con- trolling the interests to establish a fifth railroad from New York ‘o Chicago. This plan would call for combination of the Central of New Jersey and Reading lines with the By using part of the Buffalo & Susquehanna lines, as well &s those of the Buffalo, Rochester and Pittsburgh. the Baitimore & Ohio could connect with itz track north of Pitts- burgh. The Buffale & Susquehanna it & heavy carrier of coal and coke. and originates from 80 to 90 per cgnt of its own traffic. CHICAGO LIVf STOCK MARKET CHICAGO. August 3 (United States Department of Agriculture).—Cattle— Receipts, 200 hecad, compared with & week ago strictly choice fed steers steady; all others unevenly to 1.00 lower: light vearlings off most; she stock outside dry lot heavy cows. heifers and cutter cows mostly 75 to 1.00 lower: 50c more on grassv half fat light butcher heife bulls, 50 to 75 off: vealers, 1.50a2.00 lower. extreme top fed steers, 17.60: best vearlings on out- side prices: bulk grain fed, 13.00 to 14.75; grassers on killér aceount. 10.50 fo 12.00; on stocker account, 9.25 to 11.00. 500 head: market | Interstate Commerce Commission. Sheep—Receipts. nominal; 100 direct late Prid: 61-pound feeding pounds, 13.00 to 1 doubles from feeding stations: 18.500 direct; soft price break Monday was later replaced leaving closing values steady with week ago; dull dressed lJamb trade bearish factor: light receipts prompting improvement: rangers, 13.75: natives, 13.75: ewes, 6.75; bulk rangers, 13.50 to 13.75; natives, 13.25 to 13.50: ewes, 5.00 to 6.50; feeding lambs weak to 25 lower; bulk sales, 13.00 to 13.50; ewes. 13.75 to 13.90: early 1op, 13.40. Hogs—Reoeipts 500 head: 4.000 direct: market 10 to 20 lower than Fri- day's average: top, 11.85: bulk, 170-220 pounds weight, 11.70 to 11.85; packing sows, 9.25 to 9.40: shippers, 200; hold- overs, 2,000; ' butchers, medium to choice, 250-300 pounds. 10.40 to 11.30. 200-250 . 10.90 to 11. 160-200 pounds, 11.25 to 11.85; 130- pounds, 10.85 to 11.75:. packing sows. 9.00 to 9.90; pigs, medium to choice, 90-130 pounds, 10.50 to 11.35. FEDERAL LAND BANK BONDS. of operations last November to of business, June 30. In addition rgurtsho%:n tion in marke! value over of securities owned by $253 & share. making a total of $7.78 a share on this besis. NEW YORK, August 3 (Special).— e $ Bid. Asks iy Nov lesa.3 5 2oggpnas £238888e; L5 a . 332882282328 32N!