Evening Star Newspaper, September 8, 1929, Page 77

ADVANGE IN STOCK PRICES BUNIINUES Market Shows Strong Under- tone Despite Heavy Profit- Taking Sales. BY CLAUDE A. JAGGER, Associated Press Pinancial Writer. NEW YORK, September 7.—The Btock Market.ended the most turbulent week since early August today, with speculative enthusiasm still at a high piteh. Week end profit-taking came into the market in some volume before the close of the two-hour session, but the market displayed a firm undertone, | and net gains more than offset a long | list of net loSses at the close. Trading Is Rapid. ‘Trading was at a rapid pace, the day's turnover falling just short of 2,600,000 shares, the largest Saturday’s business since last March. A heavy accumulation of overnight buying or- ders _set prices rapidly higher during the first half hour. when many_ hlocks of 5,000 to. 25000 . shares changed ‘hands, but selling then appeared in in- creasing volume. Yesterday's sharp drop in call money from'9 to 6 per cent—there is no call money market on Saturday—and the swift recovery from the levels reached in Thursday’s break, appeared com- pletely to have revived confidence in the market in many professional quar- ters. ‘The public, however, was in- clined to be wary, as was indicated by & 13MY volume of odd lot orders, and uwenl conservative commission houses garded yesterday's upturn as un- ‘-‘l-hllv rlpld and advised customers | to kee; accounts in a highly liquid condition. ‘Renewed firmness of call money 'is expected later in the month. The ‘business news coming to hand was-meagre, but was generally satis- factory. The week end reviews stated that vetail #trade had fallen off to about dast year's level, what with the hot weather and the Labor day holi- day, but that little change appeared in the generally satisfactory funda- mental conditions. More satisfactory reports of chain store sales for August appeared, and a compllation of the total sales of 21 large chains showed an increase of ;l;l;l;e than 26 per cent above August, Tssues Advance Rapidl; Some of the utilities and specialties were bid up rapidly. Simmons was a high fiyer, selling up 17 points to 175, = gain of 100_‘%«» nts over it low price of the year. company is ex shortly to go into mass production of radically new line of furniture, which will- sell very cheaply. Standard Gas & [Electric, and American Water Warks again rose several ints to new high- ground. Philadelphia Co. jumped 10 points to a new top. Ameri- can Power & Light and American For- eign Power did likewise, but reacted before the close. l Baltimore Markels l Boecial Dispatch to The Star. BALTIMORE, Md., September 7. ‘The live poultry market has taken on a. firmer tone and values on Spring chickens and young ducks advanced a cent & pound the latter part of the ‘week, with oeher lines holding steady at former prices. Demand continues good, and especially for large Spring chicken: but stock under 11, pounds not so de- sirable and hard to move even at the lower values quoted. Colored Sprin; chickens, 3 pounds re bring- ing 30 and 1=enu-{>o 1% to 3! pounds, 26 and 28, Leghorns wm not bring over 24 to 28, while all thin stock, as well as stags, move si uwly at 18 to 20; old hens in only moderate receipt, and under a fairly good demand the market holds steady at 23 to 30 for stoek weighing over 3%, pounds, but Leghorns will not bring over 21 to 24, while poor, thin fowl is not wanted at any.price; old roosters in ample supply for the demand, which is limited at 18 to 20; choice, fat young. ducks in good demand at 22 and 23, but ducks under 4 pounds, hard to pllee at 20. The mn-ke'. holds steady on guinea fowl at 40 to 65 each, but pigeons are in ample supply and generally slow sale at 25 a pair for both youn d old. _Receipts i by eTx'lu! light, and all dutnhle especially hennery whites grading first, meet with ready sale, in some cases at & premium over quotations. Owing to quality of nearby eggs, however, much of the receipts not grading firsts. Buyers give preference to Western refrigerator stock, which is better grad- ed.. The market shows an advance of 2 _THE ' NDAY STAR, 4 +. mol! 100. |8 100.1' -3 103.24 101.18 102,26 —.7 111:26 105 FOREIGN. ——1 High. Low. \ 100% 98 Argentine 5s June’s9.... 98% Argentine /s A BTerenens Bank of Chile Bank of Chi! 98 Belgium 655 115% 112% Belgium 7%8"46. 110 107% Belgium 8s'41. 91% 80 Bolivia 7s ot '69. 101 98% Bordeaux 6s ‘34 961 87% Brazil 6348 1926-57 109 105 Brazil 8s*. 106% 100% Canada bs H.. ‘e " 88% Chile Republic 6s 1960... 44% 34 ° Chinese Govt Ry 6a 51 91 76% Colombia s 1961 Jan 97 94 Copenhagen 58 '52. 111 109 Czechoslovakia 8s ‘51 101% 98 Denmark b 104% 102 104 171 101 105% French Ts 109% French 7 104% German 49 84% German Bank és 1938 8% Greek 63 1968 95 Irish Free State 65 94'% Italy 7851, 98% Japanese 6348 ‘64 96 Kreuger&Toll 58 ct wi ‘59 16 Mexico 45 1904-54 84 Milan 6%s'52 m'lv,, 103 Netherland: 90% New South Wal 98% Norway b%s. 83 Orient Dev 58’57 93 Parls Orloln- 5148 1968. . lm»’. 90 96% 101 90 103 99 113 106% Queensland 7s°41 106'% 99 Rhinelbe 7s. Rhine Westphalia §'52. . Rio de Janeiro 8s "4 80% Rio Grande Do Sul és 108 1024 Sao Paulo State of 83 ‘26, 108% 102'% Seine Dept of 7s. 8113 172 Serbs, Croats&Slav 7 96 8413 Serbs Croats Slov $s5°62.. 104% 101% Sweden 6: 105% 100% Swiss 5% " 100 95% Uruguay 6s1°60.... 881 84% Vienna 6s 195 86% 75° Warsaw 7s 19 964 89% Yokohama 6s Wigh. Low. Close. 98% 99 9% 9% £ 94% 102% 102% 9% % 9% 100 .106.30 106.12 106.14 —.18 Net Chge. - % - % + % o 100% 99% 100% 114% 115 107% 108 102% 108% 102% 102% 102% 102% 121 126 9B MU 108% 108% 111% 112% 105% 106% 85% 85% 82 824 95 95% 94% 9% 100 100% 100% 101% 16 103% 103% @ 92 99% 83 95'% 991 83 9% 94% 102% 103% 108% 109% 52 106 106'% 87 874 106 105 80'% 81 86 86% 102% 103 106% 105% Kt} 4 B4% 84% 101% 101% 102 102 95% 95% % 101% 102% MISCELLANEOUS. 120 102% Abram & Straus 5% 111% 98 Alleghany Cocv 58 1063 103% Am Agri Chem 7 90 99 9314 Am Chain 65 1933 135 95% AmIGChm3% 116% 101 Am International 6% 97 75 Am Natural Gas 6% 102 98% Am Sm & Ref 1 104% 100 ' Ain Sugar Ref 22415 119% Am Tel & Telcv 4 105% 101% Am Tel& Tels? 6% 75% Am Writ Pap 927 87% Armour & Co 448" 9215 85 Armour of Del 5% 102 100 Atlantic Ref deb 1054 102 Bell Tel (Pa) ret 102 97% Beth § 105% 102% 8314 68 Certain-teed b 96% 92% Chile Copper b8 '47. 19y 91 Colon OIl 238 100% 1104 981 90% Comm Invest.s % 90% Comm Invest deb 78% 68 Con Coal(Md) 1stref 80 57 Cuba Cane Sugcvdeb 108% 105% Detroit Edisen ref és. 105% 98 Dodge 65°40..... 100% - 96 Duquesne 435 1967 95% 79 [EastCubaSug7%s’37... 111% 103 General Asphalt 631939, 100 94% General Cable 5%s 1947.. 108% 100 Gen Motors 6s 37 108'% 106% Goodrich (BF) 6%s"47 95 90 Goodyear Rubber 58 1957. 102% 100 105 101% Indiana Steel 5352 93 89% Inland Steel 41481978, 118% 98!% Inter Cement b5 "48.. 98% 93 Inter Match 6s ‘47 302 99% Inter Mer Marine Inter Paper 5s A "47 Kendall 5% "48 (war) 102% 96 ' Lackawanna Steel 55 '50. 105% 100% Laclede Gas 5% fl“olt & Myers bs '51. Lo Lorillard 5%8°37....0000 Manati Sugarsf 1%- 43, Midvale Steel Montana Po cents a dozen over opening prices Mon- day at 45 cents a dozen for hennery white firsts, 38 to 40 for nearby firsts and 35 and 36 for current receipts, but small dirty eggs will not bring over 25 to 30. White potatoes in only moderate T t, but lmple for the demand, ‘whi is slow and centered on well graded No. 1 stock at 4.00 to . 450 a barrel, and 2.50 to 3.50 for ungraded stock, while No. 2 potatoes sell mostly, 1.50-te 2.00; sack-potatoes selling, 2.75 to 3.00 per 100 pounds, and ungraded, 240 to 2.65; sweet potatoes in more liberal receipt and the market is easy and values lower at 3.00 to 3.75 a barrel for No. 1 stock, and 1.50 to 1.75 for No. 2, while bushel hampers sell mostly 1.00 to 1.60 as to size and qual- ity; yams running more uniform, both as to size and quality, with Virginia n'oekl the best seller at 3.00 to 325 a Garden Truck. Native and nearby garden truck in lighter reulpt the past week, and under a good demand the market holds steady |~ ‘o firm on most lines at the follo beans, tooow 1.1 1,00 hampe: :5 hamper; “lima ‘veanns, ; onions, 1.75 to 2.00 pouhds; ' peppers, 20 to 30 aquash, 15 to 35 hamper; to- Mwnhlmm and 85 to 90 r canne! tock. rutts in lighter reeelm from nmve and nearl and under a good demand the market holds.steady and values on some lines higher at the rollmn; ?uouthm. Apples, 1,00 ‘to bushel talou hes, hamper, and watermelons, 8.00 w 40.00 100. Live Stock Prices. Receipts of live cattle continue light on the whasves and also at the stock vnrds. and undn- good demand the market holds. steady on all lines with exception of eold clipped mm :;nmthp:cle: Quot:uom wdnot it I an ‘Wharf: Beef cattle, nm q &7. : st ] i i 100 98 Sinelair Ol 103% 100% Sinclair Oil 97% 94% Sinclair Cru % 95 92 Sinclair Pipe Line 5s 105% 101 Southwesn Bell Tel 5554 103% 100% Stand OJIN J b= 92 StandOUNTY4 9% 90 3 Stoel dividend. 22 Wuum El Instrument. , 49% Waest Vaco Chlorine(2). 30% White Eagle (2). 28 White Motors (1) 1 White Sewing Machin 41% White Sewing M pf (4). 17 Wilcox Of] & Gas. . 37 Wileox & Rich (A) 3%. Wilcox Rich B (e2) Willys-Overland 1.20). Willys-Overland pf (7). A). 55 Wilson&Copt... 85 Woolworth Co (2.40)... 43 . Worthington Pump..... 77% Worthngton Pump A(7) 66 Worthngton Pump B(6) 109 Wright Aero new (3) 70 Wrigley Wm (4). Humble Oil & R5%s8 '32.. : 109 109 109% 111 106 105 84 84 9% % 116 116% 111% 113 101% 101% 80 80 894 6% 100 103% 100 104% 104% 70% 75 93 93% 51 95% A 96% 97% 105 106% 904, 104% 104% 94% 9474 100% 101% 106% 107 895 90 100% 100% 10415 10415 100% 100% 95% 96% Al% 42% 102% 102% 110% 110% 100% 101% 101% 101% Lokl En ek FEEER IS FER £ 455 111 ++ FEFPE FFEIR . & ® (R |+|++L+ +1 L+ FFEEFIES FEFEE FEr P 7 S5 X - FS s sae"sTasee s 212% z'l! vl‘ 1% 971’ 98% 98 - 98t 101% 101% 9% 95 921 926 101% 1014 100 . 101 92 93 2 12 108% 104% 101% 102% - 'Z‘a 91 92 % W % % % Y% -3 - % -2 + % 85 U SRubber 1st & ref bs.. 99% U 8 Rubber 7% '3 107 UIIluuu- 3 01 95% Utah Power & L 98 89% Utilitien P& L 5%s \ 93 85% Walworth lflfl 87 Walworth 6%s'35.... 411 ' 106% ‘Western Union Tel 638, 103% 98 Wilson & Co 1n 101 99% Youngstown Steel bs'78. ., RAILROAD. Atch, To & S Feadj 4 '95 Atch T &5 ¥ gen.4s'95... Atch,To & San F 4% 43, B & O gold 4s'48 B&Ocv4ys's B & Oref 53'95. Balto & Ohio 65’95 B&OPItLE& W‘r Boston & Maine 5s "67. Brooklyn Manhat 1st 6s A Canadian Natl ¢3s 30 Capa ational 4%s. Cana Natl 43857 Canadian Pacific Central Pacific Central Pacific 55 1960 Chesapeake Corp 534’ Ches & Ohio cv 4% 3 '3 Ches & Ohio Ches & Ohio 43%8 &Qé%sB '11 ChiB&Qref 58’7 Chi & East 111 gen Chi Great West 45’5 ChiMStP&P bs'75. Chi M St P & Padj b Chi& N W 6%s°36 ; Chicago Northwest Chicago Rys 5827 . of 4534, Chi & Western Ind con 4s. 4 Chi& Wesern Ind 5% '62. Cleveland Terml 55 B '73. Cleve Terminal 5%s. Colo & Sou ref 4338 '35 Cuba North B%s 42, Del & Hudson §%s'37 Den & Rio Grande en 4 Den & RG West 55 °55... Den&Rio Gr Westn 6#°78. Detroit United 4%s ‘33, Erle 1st con 48 °9| Erie gen lien ¢5'96. 4 Erleref bs Erle con Fonda J &G 4%s'52 Grand Trunk s f deb 6: Grand Trunk 7 Great North 4%s " Great North gen 5% Great North gen 75’36 Havana Elee Ry § Hudson & Man adJ b Hud & Man ref 685 *Inter Rap T'r bs st Inter Rapld Trans 6 Inter Rapid Trancv 7s. Inter & Great Nor adj Inter Ry Cent Am 6% Kan City South 35 195 Kan City South 5s "5/ Kan City Ter st 45 Liake Shore 4s'31. Market Street Ry Mil El Ry & Lt 1st Minn & St L et M3tP&SSM Mo Kan & Tex Mo Pacific ggn Missout] Pabinc North Pacific r 1 Ore'Short L ref 4 Ore Wash 1st ref 4s 4 Penmacn4%s Reading %897 RIArK& L 4%s°34 StL Iron Mt gen 58 1931 StLIM&SR&G4'33., StL&SF prin4s A’'s0. StL&SF 4%s'78 StL & San Fran is B 8t Louls S W con 4a'32. StPKCSLined4% Southern Ry gen 45’5 Southern Ry 1st 55 ‘94 Southn Rwy 19 Southern Ry dev 6% 6 Third Ave 1st ref 4s 6| ‘Third Ave adj §s Union Pacific 1st 48°47. Union Pacific 45’68 Union Pacific re Virginia Ry 1st 5s Wi Wi W W w ____(Continued From Eighth Page.) Net | ~—1920—4 Chge, | High, 6% TH+++ 101 L1+ +0 0 144401 ++ % 1% 1% l% FEEE BFEF o -y FEF 2 sEr > 88 . 61% Yale & Towne (4), 51% 34% Yellow ’rruek & co‘n 53 ngs! Zenith Raaio (2) % Auto Sad % Coty, Inc, Sept 20. 5% Eastman Kodak..Sept Il 1 Glidden Co, Sept 11. 1% Lorfllard (P) Sept. 50, 1% lllthllltm Alk !09!637 Wish, Low.. 109% ‘'WASHINGTON, Close. mn. 86 85 86 00% 9% 99% 109% 96 90 87 9T 90% 88 . €. | automobile industry does not fear any 0f 0L+ 106% — h w 9h 1% 83% —1% 8 - h loi\t + % MU — % 3 64+ Y% 2% + % /| manufacture, in Austria, 10 per cent; 108 JO8K + % , 300 ooy 9 -1 9% — % 99— 5 92 96% +1% 86 ~—1% 1% 1% 15 R SEPTEMBER 8; AUTO EXPORTS NflW CREAT SALES AID Industry’s Progress Helq More and More Dependent on Foreign Demand. Special Dispatch to The Star. NEW YORK, September 7.—With ex- ports playing an inereasingly important part in its fotal sales, the American severe slackening in the amazing cur- rent of its prosperity, according to & survey published by Prazier Jelke & Co, “The extent of automobile ownership in this country would indicate that the number of new,consumers cannot - be very greatly increased,” the survey “This does not mean that the mn in the domestic market will fah to continue. Reports of a saturf- tion point in the American market for automobiles have proved to be an‘an- nual error for several years, There been a very interesting trend wnrd muuottwomnn-mnfly. and § is estimated that 15 per cent of Aner- ican families today two cars h,vhllflnlperuuzonheumnhl there are three cars each. Prosperity will, of course, greafly enhance thll tendency. World Registratiop ‘Gains. “In addition, there is a normal re- placement demand, which increases by about 10 per cent annually. Out of a world production of . 5,302,000 motor vehlcln in 1928, it is estimated that over 55 per cent was requmd for re- placements, as compared with approxi- mately 50 per cent in 1927 and 37 per cent in the preceding year. In the United States alone-the estimated num- ber of uphumenu in ll?l was 2,450, On basis the replacement demnnd ((r tho current year will be around 2,700,000. “It seems likély, however, that ex- 5.9 per cent. World n:tl'ufion increased 7.4 per cent. This margin is lnely to widen In the coming years, hut with the American car ding dominant position in every Indln( market except in three or four European countries the ‘automobile manufacturer in this country can Jook forward to a very large expansion of his export trade. Percentage of United States Cars. “The sales sl have been con- Summated everi in countries with a well developed automobile industry of their own, Of the passengér cars in use in Prance 12 per cent sre of American Germany, 18 per cent; United xmmom. 21 per cent, and Italy, 9 per cent. The number of persons per automobile in the United States market is now less n 5; in Argentina, our ludln( ex- En market, it is 34; in Brazil, 223; in | l 'm, 70; Sweden, 48, and !mlll.l CHICAGO STORES HAVE LARGER RETAIL SALES Special Dispaich to The Star. CHICAGO, September 7.—The Chi- cago Federal Reserve Bank reports that July sales of 115 dzpcruncnt stores in the seventh district dec! seasonally 22.3 per cent from the .Yune though showing an increase of eelat::erlmrp mluol§7 32 cent_recorded the Chica 32 runtfnthnful stores in lmnfler centers, In the first seven ‘months of 1929 department store trade in the district has averaged 3.8 per cent above the same period of 1928, sales in the larger cities effecting the increase shown, as the total for the smaller centers was ar Salesmen has | interests suffered when the Soviets con- 1929—PART 5. SOVIETS PLANNING . FOR WORLD TRADE; SEEKING EXPORTS (Contiued from seventh page.) ,| that the need of American goods is so pressing in Russia that Soviet raw ma- terials are being sold in the United States, as well as in other countries, CONVERTIBLE BONDS .FEA]'URE TRADING .‘(mm Issues Gain After !llunp ot b Last Thursday—U. 8. Group Quiet. By the Assoclated Press. at a loss in order to establish good | oo, eredits, Mr. Knappen declares that it is planned to. deliver 100,000,000 feet of lumber to United States buyers during 1929 at prices below those of domestic lumber, while Russia’s coal is actually u;»znm in the United States s, Will the United States recognize Runh’ Three administratios f Wilson, Harding and Cool refused such recognition. the Hpover administration do? Five years ago I was l.n Russia with a prominent Chicago business man. Together we saw the Soviet foreign minster, Mr. ‘Tchitcherin. r. Tchltchefl.n 1 do not think we will ever recognize t.h- Soviet govern- ment until it agrees to recognize and adjust the debts of the former Russian fflvemmenu and also to compensate for the loss which American business je—have fiscated all private property,” said the Ohlmlobulll\ulmlnlnrlblywl question put by Mr. Tchitc! suave and very mpn.b)e foreign minister centered his clear-cut blue eyes on the Chicago business man. “We have already agreed to do this —to meet the very ecndmam ‘which you suggest. We have so stated our posm«n -publicly,” replied Mr. Tchi- "mnu news to me. T have never press, “Nevertheless, the facts are as I have off against your claims. But when a conference is called we are willing to adjust everything. Many important business men in the for the calling of such a conference. (Copyright, 1 In Nearby Virginia Prudential 5 l/z % lmul:::ca Co. Protected Investments — se- cured by mortgages on conserv- atively appraised property—the highest type of security knowm offering su s of income with safety of principal As an additional safeguard the 6',% Mortgage Bonds of the + Federal Seecurity. & Mortgage Company bear a $5,000,000.00 guarantee, FPederal Security 4 Mortgage Co. 1522 K Street N If you have a good record and are willing to interview ten pro- spective investors daily, our ‘proposition will please you. Drawing account allowed. MONEY"T0 "T.0AN T Consult’ WEL Rolltorl 3 ‘st Go. Blds) 4346 I WILL SELL Con.o- uu Invesiment 200 Nat. 100 R. THOMAS L HUME 1412 G Street hew to answer every differ- . ' ing question to your ad- ulh‘.. . Construetiv urvln B, F. SAUL. co. : Nat'l 2100 m 15th St. N.W. NATIONAL WATER WORKS CORPORATION offers an opportunity to share in the profits of this vital bus- iness. This company is a con- solidation of numerous water companieswhichserve prosper- ous cities and towns in various states. Similar consolidations in this and other branches of the public utility business have returned unusual profits for investors. An investment may be made now in National Water Works Corporation which will give_ you a substantial immediate” income and a permanent, life- time investment that may . achfeve exceptional value enhancement for your funds. For complete information show- ing the results obtainable from suchinvestmentsclip the and send for a copy of"Every- body Uses Water "’ and its com- panion booklet, “A Message To Those Who Invest Their Funds In Public Utility Securi- ties”, or ask for P-34. will l-. ex-waranta, each of wh stated them. Of course, we have a few || counter claims which have to be set || United States believe the time has come | | soared 5% points to 218%;. share-privilege jssues were able to com- plete their recovery from the iosses they suffered in the Thursday slump, Trading: in the remainder o( the un was typical of a dull Saturday session. Gains lnd losses were about even points including H:i te S8ewing Machine ints. tional Cement.5s drop- ped 1%, Ralls, utilities and United States Goy- ernment securities were sluggish and price fluctuations ruled narrow on luht turnovers. Internal FIRST TRUST NOTES A sure and falr veturn with safet; and security for your savings. Call for particulars. Thos. E. Jarrell Co. & Realtors 721 10th Sireet N.W. National 0765 h rose 2 || Invest in _First Trust- Notes - Interest Yiélding 6% : “Money to'Logn ‘on Reat Eetete First Mortgage Loanfl Applications lriv;itea' n; Current Rates: of Interest Glover & Flath'er : * 1508 H St. N.W. National 1753 The Investment Building 15th & Kay Sts. NNW. over and you are again. mak- ing plans for Fall and Winter businéss ' why not consider makmg a fresh stast in. an office or suite here. ' Rents as low as $45 per month for an outside office. arranged to meet your rrqu-nmenu garage in the basement for tenants) use eliminates all parking problems. NO\’\' that the vacation season is Suites: A Wardman Management James W. Graham, Mgr. @LARK.CHILDS % COMPANY 120 Broadway New Yerk, N. Y. WASHINGTON OFFICE 1508 H STREET NORTHWEST MEMBERS «EW YORK STOCK EXCEA}‘IGI NEW YORK COTTON EXCHANGR NEW YORK COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGE BOSTON STOCK lxmlfll CHICAGO ‘BOARD OP TRADI CHICAGO STOCK EXCHANGE Telephone Metropolitan 3020 JAMES SLOAN, Jr, Manager 110,000.000000 INTO ONE GREAT DEPOSIT: BOX “THE: American public has put capital estimated to your money. \ No competition— No credit risks— No labor troubles— VSnnmbn- be $10,000,000,000. This huge investment in one mdustry is surrounded with more economic safeguards ‘than protect the investor in any other business field of the world. We speak of the Water Works industry. Whether you have $100 or $1,000,000 to invest,’ you probably can find no safer enterprise fu: To WHAT OTHER INDUSTRY DO ALL THE FOLLOWING CHARACTERISTICS APPLY— -lcn-udfwevu— DETWILER & CO. Pmm—-lmmu—,an of Public Uuhia = { ! . " 11 BROADWAY, NEW YORK WASHINGTON ~ BALTIMORE BUFPALS m NOCUESTER ALl WEwARE