Evening Star Newspaper, August 29, 1929, Page 13

12 FINANCIAL . D. C., THURSDAY, AUGUST 29, 1929. FINANCIAL. #%% 13 CURBSTOKS RN N PROFT TAKING 0il, Industrial and Mining Issues Lead in Upward Movement. Epecial Dispatch to The Star. NEW YORK, August 20.—New York curb stocks presented a strong front today to & wave of liquidation by some {raders in preparation for the triple holiday over the week end. Ofl, indus- trial and mining issues led the forward movement, while the utilities recovered from early losses. Cosden Oil crossed the century mark, | with an opening sale at 101, setting its! second consecutive high, but failed to hold its gain. Gulf Oil advanced 4 points. Standard Oil of Indiana con- tinued to gain on its absorption of Pan American Petroleum. International Petroleum and H\&nbhi] were other strong spots among the olls. Dugm‘: Condenser continued its ad- vance on the succ;‘s: of its pa'zntnk‘tl: ation, again reaching a new max! fit 20, L’Air Liquide, the French stock recently listed, also established another peak at 91, later easing below its pre- vious close. Crocker_ Wheeler fluctuated sensa- tionally. It opened at 460, off 29 points from its previous sale, and then jumped to 494, 499'; and then to 500, its all- time peak recently established. Crocker ‘Wheeler is expected to split up its stock ten for one and give rights to its pres- ent shareholders to buy new stock. The meeting is expected to be held early next week and the present program is to list the issue on the “big board” after the new shares are issued. Standard Brands, the Morgan food} combine, firmed on the announcement that it would go to the “big board" shortly. Aluminum Co. of America sold at 460, off 247 points from its previous sale, Shaeffer Pen eased on profit-tak- ing following the increase in its divi- dend. Newmont and Noranda were the strong spots in the mining group. ‘Among the investment trusts, Blue Ridge dropped to a new low at 24. 'rfl»c:an!mentnldadvunced and National Investors sagged. Electric Bond & Share featured the utilities with a 5-point advance. Duke Power was again in favor, advancing 141, points, American Superpower was | strong, and the electric shareholdings issues also jumped ahead. Common- wealth & Southern tended easier on its earnings statement. Standard Power & Light continued to advance. Many utilities were easier, however. Allied Power & Light, the American Cities Power issues, Electric Investors and International Superpower showing losses. PRESENT-DAY AUTO | PRODUGT OF YEARS First Scientific Hint of Horse- | less Carriage Credited to Roger Bacon. Although the automobile has devel- oped very rapidly, says a student of transportation, this machine perhaps ex- perienced a more difficult evolutionary period in its early stages than either the airplane or dirigible. Probably the first scientific hint of the wonders that were to be in the way of horseless carriages was made by Roger Bacon, who in his “Opus Magnus” declared: “One may also make carriages which, without the aid of any animal, will run with re- markable velocity.” It is probable also, the student said, that the earliest motor car ever described in print was that designed and built about the middle of the seventeenth century by a Jesuit missionary in China. This machine, an improvement on the wind coach of the natives, was driven by a jet of steam playing on a mill wheel connected by gearing with one of its axles. Delay in Developing Idea. Tt seems incredible, yet historical rec- ords show that it was a century later before any notable progress was made in the horseless carriage. It was at this time when the London Daily Advertiser of March 4, 1742, announced the arrival from Bern, Switzerland, of a chaise! that traveled without horses. A year| later the same newspaper said: “This curious machine chaise that travels without horses ran from Hampstead to Tottenham Court, a distance of about 4 miles, in less than 40 minutes in the sight of several hundred people.” 1In April of the same year this machine ‘was described as “one of the most com- plete pieces of mechanism ever in- vented.” ‘The next step in the development of the horseless carriage was the an- nouncement by the London Public Ad- vertiser of May 15, 1759, of a patent for & “four-wheel carriage that goes with- out horses and will carry four or five persons at the rate of 6 miles an hour.” Still more celebrated was the sailing chariot invented a little later by Simon Stevin of Bruges, Brussels. This machine was thus described in the sec- ond volume of “Tristram Shandy”: “‘Tho' I cannot guess,’ says the elder Shandy, ‘upon what principles of phi- losophy the inventor has achleved it, yet certainly his machine has been con- structed on very solid ones.’” Primitive Models Exhibited. With the coming of the nineteenth century, models of the primitive auto- mobile run by steam appeared in rapid succession. Drawings of these old steam carriages are, however, scarce and rare, as they are eagerly snapped up by automobilists who make a hobby of col- lecting all memoranda referring to the infancy of their favorite recreation. One of the most famous of these old drawings, now preserved in a Glasgow museum, it was pointed out, is that of an accident which occurred in Scotland in 1843. The drawing was designed by an eyewitness of the catastrophe, and shows the unlucky passengers as they | were shot into the air as the boiler of the carriage burst. only air- Some premonitory glimpse, not of the automobile but also of plane, it was stated, may have been presented to the mind of Alexandre)- Dumas (1802-70) when he penned ' this passage in “The Brigand”: “For those who are carried onward by the hand of God, all the rules of motion are trans- posed, and when they have reached their goal it seems to them that they have made the journey, not on foot, not on horseback, not in & carriage, but in some fantastic machine, rolling Ehmuh cities, and flelds like a locomo- tive, emitting smoke and flame; or in & balloon. sailing so rapidly through the air that plains, villages and cities van- ish like mere specks lost in space.” Summer Salad. Cut Into one-inch squares one large cucumber, three tomatoes and three cold boiled potatoes. Mix thoroughly two tablespoonfuls of French dressing, a scant teaspoonful of prepared table mustard and one teaspoonful of lemon uice, and over. the . vegetables. ith two silver forks mix all togther carefully and set aside to chill for at t three hours. Serve in a salad olives. NEW a list of stocks and the New York Curb Sales in INDUSTRIALS, 7 s, 1 Aero Indust . Aero Indust war. 2'Aero Sup Mt B n 2 Aero Underw 1Apn Ansco 3 Ainsworth Mi§ 1Air Inv vte.. r Gas & E i Invest rts._. Investors B Lt & Trac. . 55 5 er 1Amer Nat G 2 Amer_ Phenix 1Am Salamands 1Am Scot Inv i 2 Amer Superp 1st pfd. 98, 385 Amer Tob rts 14% 1 Amer Yvette . 1 Amsterdam Tiad . 17 Anchor Post Fence 20 Anchor Post Fe 1 Anchc Post 23 Apex £l Mfg 6 Arcturus _Radio 1 Arizona Power 231 Ark Natl Gas. k Natl Gas A 23 G cum ‘Bid. 57d 2 ug . 3 achine 1% o s6%s 1880 10% EW 2 3 Bliss (SRRl RIS i wi 31t u 3 Braz Tr LAP.. his 1Brill Corp A. 1 Brit-Am Tob Cp 3 Brit-Celanese Lid. ad Tube ¥ig 1 ‘Wireless A 5% 38 RNy wi Smmercial Ty’ b Commonwith . 3 1 Commonw 314 515 2 Consol 3 Cons Gas Ttil A 12 Consol Instru 2 350 Cons Gas N s 2 Consol Laund _..... 13% 3 Contl Diamond Fiber. 38, 3 Sont Be ‘oon (W B). . 2 Gooper Bessenie: 2 Cooper_Besse pfd 1 Prod A. 1Crosse, ptd. . 1Cuba Tob Co vee.... 9 Curtiss Airport vic.. 11 3 Curtiss Airp vic COD 6 Curtiss Wright wa 1Daniel Reeves . 1 Davenport 1 Dayvis Drug 34 Dayton 2 De For 33 Detroit Air 26 Dix Gas_& 2 Doehler Die C C. 39 Dix Gas&UMI ris. nner Bteel 1 Ediso 121 Eastman Kodak ri 16 Eisler Elec .. 733 E} Bond & Shares 1El Bond & Shares i BEl Invest Inc. o & 1Elec Sharehold 2 Elec Sharebold 1Em Pow_Cor.. 2 Empire Steel 26 El Power Assoc B4 El Power Assoc A 1Evans Wall Lead a) Cable w Elec Ltd reg. . Elec Co Ger.... n Indust Aleo Vic. n Real & Util Cor n 1 ubber 10 Hygrade Food Prod.: § 100k Chifnes ctr.: ndus 17 Insul Otil 16 Insur 4 Insur 6 Insur _Shar 22 Intercoast Tre It Prod ntl B 86 Intl. SBuperpower 23 Intl Superpower 14 Intern Util B. Intetst ur . Cos 16 Merchants Mf- 8é¢ 3Mesabi Iron... YORK, August 20.—Following is traded in today with the volume of sales and prices up to and including the close of the market. 7 3% iy o 8 Peop Lt & 1A 1 Pepperell Mfg 8ais 2 Perryman Elec Bwnoaum s 4 Reynolds Metal A 3 Rice Btix Dry G 1Rich R cum pid. 3Rockland L & P tii m 05% 4 Sec Nat Inv Cor units 157 22 Segal Lock & Hardw 1% 680 Selected Indus Inc 267s 2 Select Ind Inc pfd.. 37 Select Ind Inc Is pfd 101 18 Sentry Safety Contr 177a 12 Shattuek n 631 o inig: i 30 18k 3 1N roPen o o 81% C cvt pid 81D 34 8 s Pac gl 1§ Sikoracy aviation - Gk Aviation . Silica _Gel ctfs. . Fi Corp. 1 Spanish en 649 Stand Brandis Thermoid . Third Nati Tnv Thomps Starreft 6 ‘ pid 2 Toddy vtc B...... 0 . 0 COl Uni Car Fastener. pL D! S 55 acgddadaadadaaddacc <ggac 82355 F 38, —oweal S 1 Wendon Cop 7 Yukon Gold Sedset, & 32,88 ST S L2855 Bun5uBs S8, = =5 582! = & 2, £ 5 & 2BBL. S 5 sugausuty, R EEREF 830930983 iter,_Pef it g s 7. 58Y fin’ i 1% ‘”E" " s 2 2 13 d! 6 6% 88 37 o } 574 i iy s TRV Bs3ss oS 55 FF INDEPENDENT OIL STOCKS. Received by Private Wire Direct to The Star Office Wall Street Briefs By the Associated Press. }fi* ;;‘ An aggregate net income of $06,770,- % hl;l 000 was earned by 60 railroads of the te: 10674 nstt: country last month, it whs shown yes- g 131 }z terday in a compilation of as Bell 188y, 108y, | published z“;e carriers in _making Capital Ad 1 Pt their monthly reports to.the Interstate 11 Cent. e 84 |Cnmmerce Commission. The total in- Sen 33 [come represents an increase of 20.2 Serv 55 '68; Ber rou” has 184 s EL Tllum 7 R B 90990 2 Georgin & Fl 68 Eow 35 Gulf Oil Pen 55 '47 L UC 58 A ’56. ¥ ThveSp Aohaa el ww 1 nv "t 1n ‘Neb Lab bs A 187 Kop Gs & Cok 85 Lehigh Pow o5 A 2 Long 1al L& 8 ‘43 3 a Menm) S o Mt Bd CoPa digs D Mhwie Gas ‘4l4s Miss Rvr FIC 6s 44 115 Parrag 55 Nt o ‘serv 83 58 '57.. Nebr Power 05 A 6s A 50 ww 8Penn O E Sias 59 B, 1 Peoples Lt & P 58 'T9 1 Pitts Coal 6 r & Co P 5s A 53 AL 328iL G & C 6s '47 38cripps B W 8'as §Servel Co Del 5Sha W & P 4128 A Sheri Wy Coal 68 '47. Snider Pack 65 32,0 per cent over the $74,123,000 of July, 1928. The same railroads reported net gpentln‘ income of $84,776,000 for une. Stockholders of Allis-Chalmers )lll’:,- to vote on changing the compan; capital structure, also will vote on a proposal to authorize directors to sell not more than 100,000 shares to officers and employes on a partial-payment | Mi plan. ‘The New York, Rio and Buenos Aires Line, Inc., has been granted an air mail contract by the Venezuelan gov- ernment_for carrying Venezuelan mail to the United States, Canada, Cuba, Haiti, Santo Domingo, Porto Rico, Guadaloupe, Martinique and Trinidad. Service will start in December. August sales of the Grigsby-Grunow Co. of Chicago, radio receiver manufac- turers, will approximate $8,000,000, B. J. Grigsby, president, said at the annual meeting ay. Sales for the first half of the year were more than double those for the same period last year, he added. ‘The Sinclair Pipe Line Co. has started a 34-mile 8-inch line to connect its Payson station, a junction point out- side of the Seminole area, with the new Oklahoma City pool. The line will have a capacity for 25,000 barrels a day and is expected to be completed about August 1. Negotiations have been completed by the Federal Screw Works of Detroit for acquisition of the Superior Screw & Bolt Manufacturing Co. of Cleveland, which specializes in the manufacture of high-carbon steel screws and bolts. « From_the AVEN Within the past year Federal also has acquired the Chelsea Screw Co. of Chelsea and_ the Michigan Screw Co. of Lansing, Mich. Public financing in connection with its latest acquisition is expected next week. . NEW YORK COTTON. A futher advance in cotton pricees oc- curred today as a result of a reduction in end-of-the-month private estimates. December moved up to 19%, the highest quotation since immediately preceding the last Government estimate. Final prices showed a gain of 12 to 14 points. Spots were advanced 15 points to 19.05. Cotton range: Qctober (old) October (new December January March Ay July $7,000,000 CORPORATION. BALTIMORE, August 29 (Special).— A new financial corporation, sponsored by Hambieton & Co., is about to be launched with an initial capital of more than $7,000,000. T. Edward Hambleton will bagrqlldtnt of the company and other officeys and directors will be mem- bers of the, Hambleton firm. There will be no public offering of the - | stock, all of it to be placed privately. Mr. bleton, commenting on the for- mation of the corporation, said: “The Hambl'eton Corporation has been formed for the purpose of acquiring con- trol or substantial interests in banks, public utilities, industrial companies, in- vestment companies and other concerns in order to b about consolidations or to engage in development work look- ing to the creation of seasoned securi- ties for sale to affiliated banking organ- izatlons and othess.’ - — Orders Gomdola Cars. NEW YORK, Awugust 20 (#)—The Central Railroad of New Jersey has NEW YORK, August 29 (Special).— Hay Commodity Notes Fruit. SAN FRANCISCO, August 20.—In the Santa Clara Valley and other sec- tions of California prunes are mostly out of independent growers' hands. ving been sold at prices, recent offers in the Santa Clara district have been around or close to 10 cents. 0il. OKLAHOMA CITY.—Tax collections from the sale of gasoline for the first time .in history passed the $1,000,000 mark during the month of August, with 000, according to H. V. Bird, State collector. The raise in income is due to an increase in tax from 3 to 4 cents a gallon. Rice. NEW ORLEANS, La.—The rice crop of Louisiana is estimated at 16,189,000 bushels by the Louisiana representative of the United States Department of Agriculture. Last year's crop was 18, 392,000 bushels. Cranberries. go forth shortly after September 1. color excellent. Grain. FORT WORTH.—Wheat acreage will be increased in Texas this Fall. Plows are already running in many Panhan- dle Counties, preparatory to planting next year's crop. Good prices, big yields and favorable weather have pro- duced the greater acreage. The grain belt of the State is the only one that has not suffered from drouth. Heavy rains or showers have fallen in all the wheat country. ordered 200 gondok: cars from the Bethlehem Steel Corppration. More than half the people of Egypt do not wear hosiery. an estimated return of nearly $1,250,- Crop conditions in Oregon and Wash- | Special Meeting Called. NEW YORK, August 20 ().—A spe- gal meeting of the directors of the ount-Famous-Lasky Corporation has been Called Tor ‘Wedresaty, Beptem - STEEL OUTLOOK. NEW YORK, August 29 (#)-—E. T. McCleary, president of the‘B iblic Iron & Steel Corporation, said today that the new business is holding up satisfactorily for this season and that he anticipates improvements after Labor day. Montgomery, Ward to Expand. NEW YORK, August 29 (#).—Nego- tiations are reported underway vrhe:g:y Montgomery, Ward & Co., will acquire the Hartman Corporation, operating 44 department stores in Chicago and vi- cinity, the merger to be effected on an exchange of stock basis. COLLATERAL INTEREST. | By the Associated Press. Another slight decline in collateral interest rates was reported by the Cen- PORTLAND, Oreg—Canadian cities |Sus Bureau for last week as compared already are secking Northwest cran- | O the previous week. Time money rates berries, the first car of which will likely | Temained the same. The rates for the last reported week ending August 24, the preceding week ington are fairly good, with quality and [ 8nd the same weck last year were: Call loans. 6% Time mone; 3 Week ending August 24 Preceding week. Same week a Held for Illegal Entry. LOS ANGELES, Calif., August 29 (#). —Charles Hazlett Cahan, 42, who, United States immigration authorities said, is the son of C. H. Cahan, Mon- ireal member of the Canadian Parlia- ment, was arrested yesterday for al- leged illegal entry. Cahan said he was born in New York, but officers declared he entered New York from Canada in By UE ¢ NINTH-® Store;‘Open All Day Saturday At the End of Clearance Time Ger Cons Mun 7 Ger Cons Mun 7 Gu & W RR 6s A 58 Hambure E 3138 ‘38 . 8 Hanover Cred 6s “31. 24 s : ‘51 0 78 47 0 ‘31, 9 2. uss Gv st 78 59 83 8izs 19cfsn 12} 49, 95! 10025 857 WI_When issued. N_New. WW—With warrants. - GRAIN MARKET CHICAGO, August 20 (#).—Bullish cables from the Argentine and short covering in an oversold market reversed an early downturn on_the Chicago wheat market today. Exporting was still quiet and dullness at Liverpool | weakened Chicago at first, but a rally of 4 cents from the bottom ensued with shorts buying all the way up. Profit- taking trimmed down the net gain. Other grains firmed up on adverse crop news and corn for December delivery crossed the dollar mark. Wheat finished strong, 2a33; higher, and corn strong, 'sal’z up. Oats were steady, 34 to 7sal up, with provisions steady. WHEAT— Close September . 1321 December 1415 March His May . 1811 RN Sepiember 10218 Decembe: 100 March 103 Ma, 107 Onte September . 413 December s arch Soie 1.02% 112 117 119% PARIS BOURSE PURICES. PARIS, August 29 (#).—Prices were firm on Bourse today. Three per cent rentes, 75 francs 5 centimes; 5 per cent loan, 103 francs 35 centimes; ex- change on London, 123 francs 84l centimes. The dollar was quoted at 24 francs 55 centimes. Persia, has more than 4,000 ‘Teheral ‘motor. the market may cause you to lose money. An un. expected blow- out may cost you your life.” 1636 Conn. Ave. N.W. Broken Lots of P-B Men’s Wool Suits Formerly Selling At $35 and $40 Choice at $ 79.50 Included are many lots and many patterns—but more or less scat- tering sizes. For your convenience we print the exact size scale with the quantities of each. They are cheviots, worsteds, cassimeres, tweeds—single and double breasted-—and every one a P-B Suit. Of course, the price argues the importange of this offering—and emph: sizes the need of prompt attention. In these sizes only— (34353637 3839 40 4244 W0 Regulars 1 R ) e e ] Shorts | T e e o | Longs | L1120 2) 1] 1] 1 P Stouts ] [ sE3p2i3ial || Long Stouts | oA T 1 O T P-B Genuine Palm Beach Suits $0.75 The genuine Palm Beach, which have been given that distinctive P-B tailoring. Here, too. sizes are broken—as follows: 134/35/36/37]3 Regulars 1 3532l 30/40[32/ 44136148501 T4 Shorts 2| 4| 1] 1] el | Stouts 1 1{ 1}-1] 319/ 9] 1 —Tonge L LBIEIHETAL [ Longs Long Stouts Short Stouts | 11 (T 2| 3| 6] 1| | | [4]1]541 Linen Golf Knickers Divided into two groups for this end of clear- ance time. Cut on the big plus-four models. Values up to $4.00—%2:25 Values up to $6.00—33:5 o A T the same time you may choose of the ) more complete lots at prices which streqs important reductions: $40, \$45 and $50 Suits. .......$34.50 0\t . ... $60, $65 and $75 Suits. . $39.50 E'nd of Clearance— Men”’s Furnishings Broadcloth and Fancy Shirts; neck- band and collar @a'ttached. Athletic Union Suits. the popular values up to §3... Athletic Union Suits. of ‘the regular $1 gnade.......cco00uee $1.55 3roken sizes. 1 3 for $4.50 $129 59c¢ Broken lots of Broken sizes Golf Hose; cottory, cotton and wool: and all wool; plain colors and jacquard Broken sizes o f grades up to $3. effects. Silk Cravats—broken smart $L grade:..i..uonene Silk Cravats—broken' lots of “best sellers”—$1.50 and $2 grades. .. End of Clearance— $1.35 55c¢c 95¢ the lots of Luggaye Cases. Popular size: Gladstone Bags and Genuine .\],ez\lher Sui.t $9_75 L4 End of Clearance— Men’s and Boys’ Shoes Men's tan and black oxfords. sizes of our $6 Shoe...........ccooooqupereeens Children’s spring-heel Oxfords. Fusgset, tan and smoked elk. Broken sizes, 6 to 11 = = N Broken poosse