Evening Star Newspaper, August 4, 1929, Page 75

BEARS ARE ROUTED - INSTOCK DEALINGS * Bullish Operation Again Cen- *' ters In Utilities—Metals ¢+ -and Motors Active. - :2 & O BY CLAUDE A. JAGGER, Associated Press Financial Writer. NEW YORK, August 3. bullish operations in selected in today's stock market sent shorts to cover who had been expecting a week end reaction and sustained the general upward trend of prices. was moderately ~active, 1,842,080 shares chnl::ln‘ hands in the two hours of ding. Operations for the advance again centered in the utilities, but a notable . assortment of rail, metal, motor and miscellaneous shares joined in the for- ‘ward movement. Week end liquidation st part quickly although gains were reduced somewhat during the last half hour. The market took t passing notice of the over- “night announcement of & gain of ap- proximately $400,000,000 in stock change member borrowings during July, making a gain of more than $800,000- 000 in the past two months. Endured To Loan Gains. ‘Wall ‘Street is becoming inured to sharp gains in brokers' loans. As long as there seems to be no general agree- ment among bankers as to whether the absorption of funds by the stock market. reduces or liberates funds for the use of business, Wall Street looks for no more restrictive measures on the of the Federal reserve system. Although call money was & little easier yesterday, holding at 10 per cent all day, which rate carried over the week end, comparatively tight money is expected next week, as August 1 dividend and interest checks return to the banks for collection. Also borrow- ings. - Traders, however, are mot in- clined to worry about high money rates as long as price trends continue upward. ‘There was nothing in the day’s meager industrial news to influence the market. Week end reviews re little change in the generally pleasing conditions. Commission house advices to customers were varied, many in- ereasing their buying recommendations, while some regarded the present bid- ding up of high-priced issues as forming a screen for extensive distribution and continued to advocate extreme caution. Utility Index Rises. The further bidding up of the util- ities carried the index of 20 leading utility stocks up 5 points to another record level. Laclede Gas, which soared 50 points yesterday, mounted 18 more ‘today. but lost much of its gain in realizing. Consolidated Gas, Columbia Gas & Electric, General Public Service, Pacific Lighting. Southern California Edison and Peoples’ Gas sold up 2 to 7 points to new peaks. Stone & Webster sold close to its record xflce. - X ‘Westinghouse Electric displaced Gen- - eral Electric as a market leader, while the latter was dep! t- taking. Westinghouse was bid up 16 points to a record price at 231, in .. response to rumors of & split-up, an excellent first half earnings report, and plant expansion plans. American Tele- phone mounted a point to 292, & new top. then encountered realizing, closing with & small net loss. American Can, International Telephone, Chicago Pneu- matic. Tool, Hollander & Son, and Phillips Jones reached record high ter- ritory in moderate gains, and Crown Cork & Scal was sent up 8 points to & new top. 8 Metals and Motors Revived. Revived interest in the metals and * motors ‘was- ugain-apparent. Interna- tional Silver ‘and ‘International Nickel ros: 9 and 4 points, respectively, while American Smelting, Greene ea and Kennecott were well bought. Nash was a leader of the motors, rising 4 points, Auburn shot up 10 points, re- aining most of yesterday's loss, then ‘fell back 6 from the . Some of the rails made good headway, includin Delaware & Hudson, New York Cen! and Union Pacific. Pensylvania, how- ever, sagged more than a point. ive Wholesale Markets snmrdly;:l m?rket. E:‘?o;t &\e fruits and vegetables (comp! Y Mar- ket News Service Bureau of Agricul- tural Economics) quoted: Cantaloupes—Supplies liberal; de- mand moderate, market slightly strong- er; North Caroling salmon tints, stan- dards, . 36s, 1.25a1.50; stands, 45s, 1.00a . 1.25; East Shore Maryand salmon tints and pink meats, crates, all sizes, 1.00a 1:50; fiats, all sizes, 65a90. Miscel- laneous melons—Supplies moderate; de- mand moderate; honey dews, market steady; California Imperial Valley and Arizona, stendard crates, honey dews, 8s to 12s, 2.00a2.25; 6s to 9s, 1.75a3. honey balls; market slightly stronger; .“California, standard size, 36s and 48s, 3.75; jumbos, 36s and 45s, 4.25; stand- ard ‘flats, 12s and 15s, 1.50. Lettuce — Western stock: mv&l;l .. light; demand moderate, market about steady; Washington, crates, Iceberg type, 4-5 dozen, 6.2526.50; California, »s'trates; Iceberg type, 5 dozen, mostly #1* 6,00, Eastern stock—Supplies moderate; “8emand moderate, market steady; New : :‘ ;{orki;’!-umn crates, Big Boston type, #5a1.00. - . Onion Market Dull. Onions—Supplies light; demand light, market dull; Washington, 100-pound .« sacks, Valencia type, U. 8. No. 1, 3.508 - 3.7 jpain, crates, Valencias, 2.25; half - cases, few sales, 3.00. Peaches—Supplies liberal; demand 'moderate, market steady; North Caro- liga, bushel baskets and 6s, Elbertas, U, S. No. 1, medium to large size, 2.50a unclassified, 2.00a2.50; bushel |, size, mostly around 150; small size, ““ostly 1.00; very small size, 60a75; 6s, ys, and bushel baskets, Hileys, U. 8. 0. 1; ‘medium size, 2.00a2.50; ‘small size, 1.2521.75. light; ‘market slightly East Shore, Virginia and Virginja, cloth-top stave barrels Cob- biers, U. 8. No. 1, best mostly 6.00, few Iow as 5.75. ‘-— Melon Mariet Steady. ! Watermelons—Supplies light; demand ate, market steady. . North Caro- 1ina Tom Watsons, 32-34 pound average rhostly 1.00; 28-pound average, 75a80; Thurmond Grays, 30-pound average, mostly 90 each. | String beans—Supplies moderate: de- mand moderate, market steady. Near- bushel baskets, 00. demand Mayy! North Carolina, “falr quality and condition, :mmfl.’" ¥ crates, - liberal te, market sbout steady.: finia, bushel baskets O 8. No. 1 inches u) thys, 2.00a2. el 2,600° - THE- SUNDAY STAR, WASHINGTON, D. BOND SUMMARY FOR THE WEEK UNITED STATES GOVERNMENT. Lew, High., 96. Lib 33 1932-47. 984 Liblst4 1008 108.4 102,25 102.25 +107.20 107:2 111.26 1060 U 100% 98 Argentine 5s June ‘G) 101 - 98% Argentin: 51 97 914 Austral 105 - 101% Austri 99% “'95% Bank of Chil 100% 97 Bankof Chile 6 101 98 Belgium 6s ‘56 115% 112% Belgium 78" Belgium 1 Bolivia 7, Bordeaux 65 '3 Chile Republic 6s 1960. Chinese Govt Ry 58’51 Colombia 6s 1961 Jan. Copenhagen 63’5 Czechoslovaki: 5! Denmark 5%s 1955, Denmark 6s "43. Dutch East Indie Dutch East Indies Fiat 78 '46 war. Finland 7s ‘60 French 7s'49. French 73s'41... German 7s°49. German Bank 6s 1938. Greek 65 1968. e i Japanese 6158 'G4. 100 Kreuger&Toll 58 ct wi ‘69 104% Mexico 45 1904-54 18 Milan 6155 5. 89% 93 ParisOrleans %8s 97% Paris-Lyons-Med €s 6! Uruguay 6s 1°60 Vienna 68 1952. . Yokohama MISCELLANEOUS. Abram & Straus 535’42 Alleghany Co cv b8 ‘44 Am Agri Chem 7%, Am Chain 6s 1933 Am 1G Chm §%s I Am International 5% 6% Ain Sugar Ref Am Tel & Telcv 4l Am Tel & Tel s £ b: Am Writ Pap 6 Anaconda Cop Anaconda cv deb Armour & Co 435 '39. Armour of Del 538 43 Atlantic Ref deb 58737 Bell Tel (Pa) ref 5348, Beth Steel p m 5336 Beth Steel s f 6s°48. Certain-teed 5%s 1948 Chile Copper 6347 38 Comm Invest b3;s'49 Comm. Invest deb 6s '48. Con Coal (Md) 1stref fs. 80 * Cuba Cane Sug cv deb 8s. 108% 105% Detroit Edison ref 63 '40. . 105% 98 Dodge 65°40...... 100% 96% Duquesne 435 1967. 95% East Cuba Sug 7%8°3 109% General Asphalt 6s 1939.. General Cable 5%s 1947. ‘Gen Motors 6s '3’ Goodrich (B F) 6348 '47.+ Goodyear Rubber 55 1957, Humble Oll & R5%8 Indiana Steel 5s'52. Inland Steel 4358 1973 Inter Cement 5s '48. Inter Match 65 °47. . Inter Mer Marine 65°41. Inter Paper 68 A ‘47. ... Inter Tel&T cv %839 Kendall 6% '48 (war). Lackawanna Steel 3 '50. Inc 63’41 war.... 93 Loe 80% Lorillard 54837, c0.o. o Manati Sugar s£ 7%842. Montana Power 58 194: Nat Dairy Prod 53s48. . Nat Radiator 635 1947. .. - New England Tel 6852, N Y Edison 1st 638 °41... N'Y Tel4%s’3 N Y Tel 6541, North Amer Ed- Northern States Powe! Pacific Gas & Elec 55 '43 Pacifio Tel & Tel 58 ‘52 - Pan-American 6s ‘34 Paramt-Fam-Lasky 6s Philadelphia Co 5567, Sinelair O11 65 '30. Sinclair Oi} 78'37. Sinclair Crude Oil 5 Sinclair, Pipe Line 5s 1 Southwesn Bell Tel 68’54 Stand OILN J b 8tand OIIN Y 4 Sugar Est Oriente 5s Tenn Copper 68'44 B Transcon Oll United Drug U S Rubber 1st &ref 6s.. 89 U 8 Rubber 7%5°30...... 101 8 —.6 1008 =4, 10 79 +3 - e d P AR FEErFeRFs s X +41 I+14+4401 04 411 FPEFEISIES § ¥ 414+ FEE P Net Migh. Low. Close. Chae. 109% 109% 109% 99% 97% 98 ~1 92 2% — % 88 89 +1 99% 101 +1% 107% 107% — % 9 99 - 95% Utah Power & Light 5 90 Utilitles P& L 6%8’47. + % B&Oref 5595, B&Oref 68D 2 # Balto & Ohlo 6s 48 Balto & Ohlo 68795, B&OPItLE& W V: B&OS W Div s '50.. - Bangor & Aroos 48 ‘51 Boston & Maine Broadwy & 7th Av Brooklyn Manhat 1s! 97§ Canadian Natl 4 3% o SEFEEFFRE F 88% Central Pacific 4 993 Central Pacific 6 19| 96% Chesapeake Corp bs 981 Ches & Ohiocv 4% 3! 941 Ches & Ohio gen 4% 90% Ches & Ohio 4%8°93 A, 93'4 Chi B&Q4%s B 17 101% Chi B & Q ref bs'71 74% Chi & East 111 gen 63 Chi Great West 48 I.L++l(+++l++| % 107% Chicago Northwest 78'30. 101% Chicago Rys is ‘27 EETE P Chi Union Station 6% Chi & Western Ind con 4 3% Chi & Wesern Ind 5% '62.. 103 CCC&StL5sD... 101% 4 Cleveland Terml 58 B '73.. 102% Cleve Terminal 5%48. . ..., 106% Colo & Sou ret 4%5°3 Cuba RR 68 '52. Cuba North 5%s 43 Del & Hudson 5%8'37 Den & Rio Grande en 4 Den & R G West 6555 Den&Rio Gr Westn 58'78. Detroit United 4% 332, Krfe 1st con 4596 Erie gen lien 45 '96. Erie ref 5567 Erle con 78'30..... . Florida East Coast 5574, Fonda J & G 4%8°52 Grand Trunk s £ deb 6 Grand Trunk 7s *40. Great North 4%3'76 9 Great North gen 5%8'63. 107 Great North gen 7s 110 Havana Elec Ry 6% 4 Hudson & Man adJ 5! Hud & Man ref 58 '57. 8 Illinols Central ref 45 '65. 8 1llinois Central 4%s v Inter Rapid Tran Inter Rap Tr bs s % Inter Rapld Trans 6s'32.. Inter Rapid Tran cv 7 Inter & Great Nor adj 6s.. Inter Ry Cent Am 6%s. ., Kan City South 35 1950 . Kan City South 53 '5! Kan City Ter 1st 4560, Lake Shore 4s°31. Lehigh Valley cn 4s 200: 4 Louis & Nash uni 4s'40. Louis& Nash 7s, 1930. Market Street Ry Mil ElRy & Lt 1st ret & Minn & St L.ref 45°49. . % MAtP&SSM6E%s S1... 101 1 69% 1 LriNen FEEE 2EF 8 9% 981 U+t 4 Mo Kan & Tex prin 5s A Mo Pacific gen 48'75..... Missouri Pacific 63 A '65.. Mo Pacific 53 F. Missouri Pacific 68 G.. Mobile& Ohio 434877 Nassau El 4s 51 i N Y Cent deb 4s'34. N Y Cent ref imp 58 2013.. 104 &' N YCentdeb 65'35...... 107% NYChi&StLref5%s A 105% 3% N Y Chi & St Liref 538 B. 105's NYChi&StL6ésA193 North Pacific 65 D 2047. North Pacific r 1 65 2047 Ore Short L ref 48 '29 Ore Wash 1st ref 4s Pennacn 4% Penn gen 414865, Penn 4% Penn gen 55 6! Pennsylvania 78 Reading 4%s'97 RIATk& L 4%s StL & San Fran 5s B 50 2 St Louis S W con 4s " 4 StPKCSLine4 Seaboard A L ref 4s Southern Ry 1st bs ‘94 4 Southn Rw? gen 68 19| Southern Ry dev 6% Third Ave 1st re Third Ave adj 5s '60 Union Pacific 15t 43°47. Union Pacific 4s'68. .. Union Pacific ref 4s iool. Wabagh 1st 58 °39. Wabash 55 B 1976 Wabash 5%8'75. . 93% 93% 97% 97% 8 8Tk ‘West Shore 1st 48 2361... 87% stronger. | ___y ‘West Shore = . Woolworth (¥ Worthington Pump. Werthington Pump ( Wot thington Pump (B). Wright Aero new (2)... 131 Wrigley Wm (4)....... 176 Yale & Towne (4)....... £8% Yellow Truck & Coac] 38% Young Spring (12%) . Youngston Sheet & T ( 233 AL 1 S B i RIGHTS—EXPIRE. 4% Col Gas& Elec, Aug15.. 7 3, TR0 e 17% Mont Ward, Aug15..... 23% 17% 22% + 4 4% Standard Gasrts Aug.3l. 5% 4% 5% + % Transcon Oil. Aug 21st.. 1% 1 1% + % 4% United Corpn, Aug15... 6% 5% 6% + % Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half-yearly declarations. SUnit of trading less than g00 shares. tPartly extra. 1Plus 4% in stock. §Plus 33 in preferred stuck. YPlus 3/25 in stock. Paid last year—no regular rafe. bPavable in stock. ¢ Plus 5% stock. d Payable when earned. ePayable in cash or stock. £ Plus 10% in stock. ' @ Plus 6% in stock. h Partly stock. J Plus 3% in stock.” k 1%% s share i stock. n Plus 3% in stock. m Plus 1/25 of & share in stock. - COTTONSEED' OIL DOWN. |CHILD Market More Active, but Under Pressure, and Values Drop. ber, 9.62; January, 9.68; Vo3 ¥ S RESTAURANT EARNINGS IMPROVE| 5. 0ue Special Dispatch to The Star. CAR LOADINGS DROP. Freight on Canadian | with 10 or 15 per cent money, but he ONISSUES NEEDE Question of Stnckg ‘or Bonlis for Investor Now Under - .+ Different Light. x Special Dispatch to The Star. : NEW YORK, August 3.—The two in- determinate, questions that arise from the discussion of securities today take' this form:. - R > 1. Do the prices of common stock at their present high record average rep- resent their full value. when considered in the light of probable develcpments in the next few years? > 2. Are prices of mi e bonds at the existing low average highér than is warranted by demand and by a com- parison of their yield with that of money? At the opposite ends of the measur- rod of values are common stocks, until recently consjdered as speculative but now admitted into the (mu{ of nds conservative buyer of securities, but to- day are discarded and in contempt. Predictions Are Awry. B ‘Those who predicted all of last year that common. stocks were too high, who again claimed in May that they were inordinately high and-who be- lieved that the ‘new average of early June must be followed by a’reaction were wrong. Others who stated in the Spring of 1928 that bonds had entered a period that would not end until yields of 3% and 3 per cent had been fixed on highest grade corporation and tax-free obligations were wmns. were the bankers who predicted easy eredit conditions and another long term of low interest rates on the eve of the stiffest money markets that have been witnessed during the past decade. It is as difficult at presént to come to a conclusion regarding fair prices for common stocks, reasonable prices. for bonds and the probable course of money rates as it has been at any time during the confused era of market inflation. That a readjustment will come in time and bring with it serious financial con- sequences is generally admitted. When and for what causes or to what extent the existing stock. averages will be pared down no one really knows. Those who now claim to know what stocks are going up or are going down later. and sell their advice, are simply dishonest, mentally or commercially. New Measuring Rods. The main reason why so many stu< dents of securities have erred in their | Y judgment of common stocks is that they have applied to them old tests and rejected new ones. accepted that a. stock was too high when it failed to return to the owner a rate of income somewhat above that of a bond, a fair margin being 35 to 1 per cent. Long ago the yleld of “equities” fell below that of the primest investment securities, with scores of those that gave the least yield showing the greatest percentage of appreciation. People- who were wisest have been buy- ing stocks the past two years for appre- ciation and not for income. Another error, which dovetails the first one, was that stocks could not go on rising while money rates were h. ‘There have been contradictions to argument in the markets of the past, but never for so long a period and sel- dom where the buyer of stocks had so little in the way of dividends from them. He may have been carrying his stocks was getting between 5 and 7 per cent on the cost price. Frequently this year he has been holding $200 and $300 specialties on° which' the retarn was nominal, but he has not been at all worried by a 10 per cent or 11 per cent monthly’ brokets’ charge, as this was covered times over in' the rise in his stocks. A There is, of course,-a situation affect- ing the high average price range which had never until this bull market been operative—namely, that of the ifcome tax—which in its practical effect pro- hibits the sale of securities on wi Ch| substantial profits have accrued. Finally | there is -the increasing factor of the investment -trust and trading corpora< | cos , whose combined purchases have tion, taken millions of shares of common | B stocks from the market and reduced | Tobacco the supply to such a Jow- e in some cases that efforts to obtain additional shares have resulted in overnight ‘price advances. Higher Levels Visioned. When the ill-informed in Wall street, as well as the better lnlngned. say that American Telephone & Telegraph will sell for $500 a-share, that General Elec- tric will reach the same level and that United States’ Steel common “will go” to 300 “on this movement,” they have no facts on which to'base such conclu- sions. Probably the men who are most intimately {dentified with the three cor- porations would say today, as they have for a year or-more, that the stocks were already too highi. The historical record, however, is that they have all 'lmz through’ several sets of prices t seemed fantastic when they were first mentioned. This makes the possibility of higher and higher levels seem logl- cal and explains why holders of such stocks and scores of others will not sell them so long as there is the present volume of high revenue business in the country. Neither will they sell when they look back at the prices that have been set as | P the probable high on each occasion when the speculation seemed to have.culmi- nated, but which have been exceéded by | ints in the succeeding mhr- Some {llustrations. of how ne from one high peak to dozens of ket revivals. stocks have another wif suggest” the difficulty of persuading shareholders to take their profits and, with cash in hand, be able to buy them back at, lower levels. Record of Advances. Allied Chemical last year touched 252. By May it was 50 points higher. Sub- mmuenfly it sold nearly 100 points -bo;e in price considered. 1928. Between 1926 and 1928 Allis Chalmers rose. from 78 to 200. In May it reached 212, but it has since sold within, & fraction of 285. ~American Power & Light went from 62 to 95 last year. In May it was 117. This week it ‘was 40 points above the level at which it was regarded as a logical sale two months . -American- & TForeign Power sta at 19 in 1927, touched 78 in 1928, was 117 in May and on Friday above 140, ‘When American Telephone sold at 211 last year there were many who said it was too high for its 9 per cent divi- dlhl’;d. It went to 233 in°May. thu&heyw:lfln—’ It had long been | M astonishing L 60 ued to hold their stock to the end of this week. 4 ‘Within o United s'tnm Steel was in a bearish May, when it sold at 1 N_gw ‘Low Records Outweigh Highs in Week’s Stock Trade 3 new -four sold at new to new lows for new tops were: - American Telephone & ‘Tele- [nAh. 5 P & Santa Fe. ethlehem Si 4 Gas of New York. Internatfonal Telephone & Tele- ph. U, 8. Bteel. . . Six 1issues ‘to sell at new lows were: ' Bai pm By-Products Coke, Cluett-Peabody. ‘Endicott-Jahnson. Pisk Rubber Tirg Graham Raigs. have ‘fulfilled all of their obligations to holders. & weekly Eu of “new low fortunate that the stocks that have the largest, Yol.ln'lnf have merit behind them, for even if ly later on, their owners will have title | to securities over which they will have no need to worry. Investing Practices Change. An epochal article has appeared ‘this week under the sponsorship of John J. Raskob. It will have the effect of supporting conclusions that an army of American investors had already reached from their experiences with common stocks. Mr. Raskob tells how a $25,000 investment related to General Motors in 1923 is today worth $1,000,- 000, Most significant of all, he de- stroys accepted ideas of thrift and.of steady accumulation of wealth through deposits in savings banks and by pur- chase of bonds. ‘There is a revolution going on rather openly among small and large Amer- ican capitalists which will deeply ef- fect the traditions and practices of in- ves it. ‘That is why ‘it is just as difcult today to determine whether high-grade bonds are still high in price, although at the lowest average in several years, as it is to establish sound arguments for selling common stocks when they yield practically nothing and when money rates yield so much. Many have doubled and trebled in market value since the time when con- servative bankers throughout the coun- transferred all of their securities into cash and felt that they had done w’l;;ld and could henceforth sleep HALF-YEAR EARNINGS SHOW SHARP GAINS Steel Group Leads With 103 Per Cent Increase—Oils Confe Next. Special Dispatch to The Star. L3 NEW YORK, August 3.—Earnings of the 188 principal corporations so far ‘reporting for the half year ended June' 30, totaled $689,006,000 against $562,054,000 for the similar period of 1928, a gain of 22.6 per cent. The steel group led in percentige gain over the 1928 half year with an in- crease of 1031 per cent. Oils were next with a gain of 85.6 per cent. Of thé groyps in’ which the number .of firms. reposting is large enough to. give a fair pomposite picture, foods and leather made the poorest showings. First half-vear % 1928, 1 HiY Steel .. 53 swien 08 Petroleum fris Machinery .- Housenold Bro: Electrical ‘ecuipment. ers Auto parts a Lswws s n PIEBSEE SO Preobiatana e mu_e&'l.’l'-:fiumm. v Chemicals . Building Food 8o aoaw it SHORT TERM SECURITIES, (Reported by J. & W. Seligman & Co.) Bid. Offer. ul . mes 1 Amer. lelnt }fflll 58 1948.... Armour & Co. of Del. 8 19¢ Baltimore & Ohio, 4% Batavian Pet Corp. 4l3s 19 Bell Tel. of Canada 55 1955 orn! n. Pet gorm s 1 10458 99 892 101 the present year will m‘x‘m Dr1 Western Electric_ Co. Whoeling Steel Corp. 85 104 BALTIMORE STOCK MARKET. Special Dispatch to The Star. itable Trust Co... elity & Guaranty elity & Deposit Co Caterina.' to the Public same time con- American Locomotive . }2 | American Steel Foundries Bohn Aluminum & Bra: COTTON IS FIRM™ AFTER EARLY SAG Uncertainty Over Coming Crop Prospects Principal Factor in Trading. By the Associdted Press. NEW YORK, ' August 3.—The cot- ton market again appeared to be dom- inated by uncertainty as to the com- ing ‘crop prospett during the greater part of today's trading. and reactions from an openirig advance were fol- lowed by renewed firmness, =Decem- ber contracts, after selling off from 19.17 ‘to 19.08, advanced to 19.25 and closed at 19.24, with the general ‘mar- ket closing firm at net advances of 10 | to 14 points. ‘The opening was steady at an ad- vance of 2 to 10 points on reports of continued hot weather in the South, but the market soon eased under week wea! T in | Northwest and the market was rather unset- tled during the early trading. Octobe: eased off to 18.81 and March to 19.21, making net declines of about 2 to 6 ! points on the general list, but offerings ‘were absorbed by covering and trade buying on a scale down. " ‘This steadied the market, while there seemed to be comparatively few contracts for sale after the early pres- sure had run its course, and the firmed up again in the late trading on renewed covering. October sold up to 18.99 and March to 19.40, making new highs for the day,in the late trading and recoveries of about 17 to 20 points from the low levels of the morning. Business was comparatively quiet during the. entire morning, with the market sensitive to orders, but Te was .a little more activity during the last. half hour. The official forecast was for showers in West and North por- tions of West Texas and for showers in Oklahoma, with lower tem it k which was considered favorable. Pri- vate reports of deterioration and weevil :!cl:tvlty or n-?z‘m.“t wnunu«lln ‘t‘o ';el&h trade from scattering South, however, and n’er‘: was evi- dently a disposition to. even up com- mitments in advance of the private and official crop expected - during the coming week. Owing to the holiday there were no cables from Liverpool. ‘The market there will also be closed on mated at about 33,000 bales, against 40,000 last year. BUILDING IS LIGHTER. | Shows Declining Tendency. New building operations in that por- tion of the country west of the Rocky Mountsin line did not expand so much last week .as in comparable periods. Figures on the situation, which fol- low, give the daily average of new bullding contracts let in the. territory for the week and com] le periods: Week ending July 27. Preceding week .... 25,391,000 Same week last year. 31,795,000 —_— PRODUCE EXCHANGE. .0b. New 3% cif. export., Barley, easy; domestic, 831: ¢if. New York. Wheat, spot, easy; No. 1 Northern Spring, cif. New York, 159%; No. 2 hard Winter, fob. New York, 149; No. 2 mixed durum, do., 1.39; No. 2 Manitoba, do., 1.78. Corn, spot, easy; No. 2 yellow c.if New York, 1.181; No. 3 Yellow, do.,, 1.17%. , spot, easy; No. 2 white, 63. Other- articles unchanged. . SEAT BRINGS $80,000. NEW YORK, August 3 (P).—A seat on the Chicago Stock Exchange has been sold for $80,000, an increase of $5,000 above the last recorded transfer. Company Earnil;gs NEW YORK, August 3 ().—Earnings per common share were reported- by corporations during the week as follows: 8ix months ended June 30: Corporation. la Corporation 1 3 Endicott Johnson T s e 7 Motor Wheel Col Netional Bisesis oor oo Pittsburgh Steel Pullman. Inc. Fuwnwm owows: (ReaR AR At SREaSRaRIRIERERRE:" nited States Wabash Ralwey e ooy (Earnings’ for ‘week of 1929 of Com. mercial Investment . Trust, - United B o St ST onau = creased capitalization.) H TREASURY-CERTIFICATES. - (Reported by J. & W. Seligman & Co.) R P © 15, 1929 18!, 1929 5 1929 FEEERTRPER R oo S 974 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) y Nominal gold Selling checks ndon, sound..." . s48085 " £s aris, franc. russels, erlin, e, Zurich, tr r | 4 Construction West of Rockies || ‘BETTER ‘REPORT. Crown Cor‘ &'Seal Co. Halt Year to Skow Profit Gain, 3 HD H i B g m will begin to be reflected until the enq f the current year, or early in 1930. corporation ' is spending $1,500,000 enlarging its plant to manufacture tha new line in which it will enpage. The new units are being financed out of earnings. % ——iiy o BUTTER IS STEADY. we p 43a43%;; 92,42%; 91, 2; 90, 4 15 88, 39%;; a#uv,. ;}:ntnuud 90 score, 4215;- 39, Fresh: 93 score, 88, 40 In Nearby Virginia 51/ 7 ll’nidenbal n . z 0 isurance Co. : Commonwealth Investment Co. || 917 15th St. N.W. Phene National 2028 2 o -l estate, Fitst Mortgage Loans Fair Rates of Interest J. LEO KOLB 923 N. Y. Ave. Di LOANS u{.e: us have your applications ' LOANS ON REAL ESTATE Immediate Action - Courteous' Treatm Our record of 35 years speaks for itsclf. ¥ Percy H. Russell Co. 1731 K St. NW. First Mortgages " For Sale JAMES F. SHEA “3. Louisiana A'VQ..N.W- 7th St. & La Ave. N.W. 62nd Issue of Stock Now Open for Subscription Money Loaned to Members on Easy Monthly Payments E. Connelly ames P. Shea resident he L1 Established .1926 6% Participating Certificates [ You participate in the earnings and enhancement in value of about 150 carefully selected stocks and bonds. Write for Booklet No. 7 Marlow-Beech Corp. 1732 Conn. Ave Pm-c 6167 The F. H. Smith Company Stocks and Bonds Bought and Sold " Thomas L. Hume 1412 G St. National 1346, 1347 CLARK,CHILDS & COMPANY 120 Broadway New York, N. Y. ".WASHINGTON OFFICE. 1508 H STREET NORTHWEST