The Cincinnati Enquirer from Cincinnati, Ohio • Page 6

THE ENQUIRER, CINCINNATI, SATURDAY, APRIL i 1929 Prices In Healthier Trend Exchange CHEFiillCALj Public Directors Suggested To Represent Small Holders On Boards Of Corporations TRADING ON CINCINNATI STOCK EXCHANGE The table shows the sales, the range of prices, the net changes, the closing bid and ask quotations for 100-share lots, and the dividend rates of Company in March produci-d around 5,300,000 pounds copper, a new peak, aglty-ist 4,047,610 in February and 3.397,172 in March. 1928. according to interests close to company. April output is expected to be around 5,000,000 pounds. These interests conservatively estimate that company for full year 1929 will produce- more than pounds copper, against nearly 44,000,000 in 1928.

Based on average price at 18 cents a pound for copper this output will yield earnings of $-a share on 1,050,000 shares outstanding before depreciation and depletion. In 1928 profit before reserves was $3,825,421, or $3.64 a share, and after tant. Through such an avenue a demand for further information i might find satisfaction, as a precedent to approval or to denial of any action proposed; or, contrariwise, the full warrant for continuation of the existing status might be made plain to tho great body of those who have the right to know." STEEL ISSUE Sets New Year's High. Gains Made By Frocter Gamble And Amrad. Paragon Stocks In Better Demand --Crosley Up 7 Points On Odd-; Lot Trading Buckeye Weak.

Cloil I A.ik. Dlv. STOCKS. 19 15 28 11454 I riO.Ahin.t''jx A 1 on va a 4 oo.Amcr Lily Machy 2 OOiAmer 2 00 Do life 2 00 aAmcr rtolllng Mill Amer Seeding Mach I I'o I'f 1 00: Amer Thermal A 3 601 Do pt 1 00 Amrad Corp 1 60 Baldwin 5 00 Do pf Buckeye Incubator Burger llro 8 OOjC'arey Mfg 8 00 Do pt Carthage Mills 2 00, Central Brans A 10 OOiCentral Trust 20 40 17 47 4914 to 19 320 49 HI 275 160 108 104 106 34 91 V4 1714 4 24 10(1 21) 4 350 300 2 '-4 if'pntlnl AHA. 6 00 7 00 7 00 7 00 00 2 25 Oil 10 00 600 4 60 8 10 Ciiun.plon I'ap3r do pr lift MnMlnl nf jOhamplon Fibre pf 30 35 jc'lnclnnatl Bait Crank pf tas ec tieo pt a Cincinnati CI is Transport.

liJInclnnatl J.anit 52 lii so 120 32 4514 Do rf 405 30 49'i lis 63 Ilr 5 00 1 0 Cincinnati Stocliyards 3 iiOjClnclnnatl Street Hallway 4 60 Cincinnati Te.ophone 3 60 ice ec rum Coca-Cola Ohio A 2 60 Cooper 1 00 cCroMey Radio 8 ou Crown Overall pf 1 G0Dan Cohen 4 (Ml)txle Ice Cream 1 OOiDow Druir Id 29 57'. 30 18 70 15 20 lOSli 3.15 433 3 28Vi 104 35 340 3954 BaKle-I'lcner i.eau 3 00 IdKarly A Donlel Kay Kgan Do it Kntnn TTllilftll flf 7 00 11 00 15 00 1 40 fi'nn IrKlfth Third Union Klrnt national oFormlca iFoimdatlon Invest Do pf 1 541French-Bauer (dep) 01 Do fundeD) ales, Prlca Itang'a I Net ieres-1 Open. HHh. Low. Clou.

Cli'ge. "l5 izV4 1214 'i 45 82 8214 82 8214 731 116 116 11354 'il4 '432 17 Vi 1714 17 17 "'A "lOi 4954 l'. "ij5 20 20 18 1914 'i 2 331 331 "i ''72 281) 280 io 108 108 "50 106 107 106 107 35 2814 2914 54 25 34 14 3414 5i 106 96 9654 9654 96 8 440 440 '78 4954 4954 49 54 'A. "23 63 it H'A 64 3 100 100 7 "80 28 29 28 29 "ioo 30 3014 30 30 1 240 18 18 54 39 39 38 38 'A "7 1214 1254 -'7 26 16 15 'A 20 61 61 '61 6154 Vi "35 64 "A ti 'a ft 66 64 4 25 64 i. 64 -1 150 6 237 2054 21 2054 21 "l7 0V4 102 102H 1H 7 6 3 6 54 3 5 54 36 36 '659 21 21 720 2914 2914 2954 29 Vt 112 7 541 714 714 754 54 "lO 29 I V.

29 1 I 'l74 24 24 2454 24 210 23 23 1 I 831- 347 350 347, 350 S54 130 103 103 54 "il5 9954 10054 ,9954 10054 'l54 'ioo ei ti i 7 9 8 54 854 By Merryle Stanley Ekeyser. Copyright, 1929, Universal Service, Inc. New York, April 12 Calvin Cool- idge gracefully made the transition from public to private life by becoming a Director of the New York Life Insurance Company, a non-profit- making institution, which Is owned mutually by the policyholders. Incidentally, with public interest in profit-making industrial, railroad and public utility corporations greater than ever before, there is a new and useful avenue for service open to publicists. By sitting on the boards of great corporations they can act as watchdogs for the small outside investors.

The legal setup of corporations has not yet been changed to take cognizance of the wider diffusion of company ownership, but forward-looking companies might well open up one or more directorates for direct representation of outside small stockholders. They could be designated as public directors, who would be Independent of the management and of the controlling interests. The public directors, if they sought to be helpful, ought not ordinarily to be obstructionists, but ought to make an independent checkup on the powers that be in order to make sure that the interests of the outside stockholders were wisely served. If the idea of public directors were to succeed, men of outstanding capacity and reputation ought to be chosen. Mr.

Coolidge, of course, would be ideally suited for such a purpose. But there would not be enough Cx-Presidents to go around if the, custom became general. Retired fftianciers, such as Frank A. Vanderlip and Bernard Baruch, would also be singularly equipped for such service. Provision ought to be made for special audits and investigations at the instigation of the public director out of corporate funds.

Recognizing the changes implicit in the wide diffusion of ownership, two leading attorneys Eustace Sel-igman of Sullivan and Cromwell, and A. A. Berle Jr. have advocated special machinery, such as permanent committees representative of stock holders' interests, and William Z. Ripley, Harvard economist, has recognized a similar need.

In advocating such a reform, Mr. Ripley pointed out: "What an advantage it would be to the perplexed and isolated little shareholder under such circumstances, to have a dependable source of advice, constitutionally set up, to serve as a channel of communication between the management and the owners! And to the management, the benefit might be equally impor Oil Producers Price trends on the Cincinnati Ex- Change yesterday showed Improvement as a whole, and closing- quota- tions for the greater purt of the list were higher than Thursday's close. American Rolling Mill continued its leadership and again set a new high for the year when the call opened at 116, within four points of tho peak since the stock was placed on a $25 par basis. Offerings were smaller than those of Thursday, 731 shares being sold; the closing quotation of 113 VI was a net gain of VA points. Stock on the New York Curb at one time yester- day was quoted at 117, while the close was about the same as that here.

Procter Gamble common recov- ered 3V4 points, to 350, after Bales had been made at 347. Turnover was only 83 shares. Tho 5 preferred was fractionally easier at 103. Trading in Amrad resulted in an upturn of a fraction. It was rumored Jn the Street that the company's plant in Massachusetts may be removed to Cincinnati.

Crosley Radio stock was up 7 points, with sales of a few hares at 100. Fractional upturns were recorded by Kodel, Street Railway and City Ice, and Kroger gained halt a point at 80Vi. with sales ot 17 Paragon Issues were in better demand, the stcck gaining three-eighths, while the voting trust certificates were at 23, up 1 points. Pure Oil 6 preferred has been active in recent days and yesterday's sales of 815 shares were at 99 and a point higher, closing with a net gain of more than a point. Moores-Coney is-; sues were In good demand and gained fractions.

Selling orders in Dow Drug were uncovered around 30, and tho issue declined 1 points, with sales of 100 ihares. Buckeye Incubator was weak and dropped a point, to 19 Fractional declines were made by Formica, Eagle-Picher Lead, United States Trlntlng and American Thermos A. Oruen Watch was down 2 points, while National Pump and Printing lnlr enr-h drorjoed a point. 2 1 2 Gtlmon Art Onldsmlth IP) Sons fOruen Watch llatfleld-Camobell 6 00 Mfif 2 60 Intor Printing Ink 6 00 Do pf Do warrants 75 Jultan-Ko-tenire 7 00 Kalin'a 1st pf 3 20 Do partptg A Kodel Ele-jlrlc A 1 40 Do pf 1 00 hKroKer 2 OOjI.eland Electric 4 30 Little Miami gtd 1 50 ILunkennelmer 1 80'Manlgchewltz 7 001 Do pf 4 00 Mead 2 00 Meteor Motor 1 40iMcDaren Cone A 2 26Moore Coney A Do 10 00Nah 3 00Natlonal Iter 7 OOlOhlo Hell Tel 6 00 Ohio Shares pf Paragon Do vtc 3 001 Do rf 12 OOlPearl Market Bank 8 00 Procter Gamble 6 00 Do 5 of 8 00 6 00 7 00 lo 8 of Piita rill (1 nf. Queen City Poto pf 1 60 8 00 6 00 2 00 kitapid Electrotype fchfl rrtftnn IRitarla I V.

Inirlnn r.f 4i 1vr iu mini ima 4 00IU 8 Playlnsr Card punuen miik itri 6 00 6 00 IT Print Do pf lUnlted States Shoe Do pf WhttRker Pnnfti rf 45 104 117 7 00 7 00 Iwurlltzer 7 aTlus 6 pr cent stock dividend, No dividend, Plus 6 per cent stock dividend, 6214 28 63 64 1314 5 ioi 25 28 54 100 37 41 21 22 47 101 30 SOU 36 118 69 21 21 2114 29 2914 7'i 754 lr.s 29 30 113 102 104 24 54 24 4 22 24 4314 46 5fi0 34514 360 102-X 103 185 101) 61 63 45 60 180 29 32 10354 105 99 10114 6 8 property write-offs $1,020,035, or 97 cents a share. Dividend was recently increased from $3 to $4 per annum. Oil Merger, The consolidation of the Continental Oil Company and the Marland Oil Company, with the likelihood that one or more Important units will eventually be included, is construed In important oil circles as tending, to bring about further stabilization in the industry. It will mean the building up of another, nation-wide oil organization with tremendous resources. The stocks of these two companies marketwlse have apparently not fully discounted the improved position to result from the merger and many important oil men are expecting the stock of the new company, which will absorb both Marland and the Continental, to be among the most active issues of the oil United Aircraft, Following its introduction to trading on the New York Stock Exchange there was a sharp run-up in' United Aircraft Transport and the stock was one of the leaders i in the aeronautical group.

In addition to operating well established passenger and air mall lines, company also produces planes and airplane motors. Stock enjoys National City sponsorship. Current earnings are believed to be running at an annual rate in excess of $4 a share, with possibilities of substantial increases being shown later on. i ACQUIRES BRIDGE RIGHTS. Washinglon, April 12 (AP) The Alton Southern Railroad, which operates a short line in Illinois, ob tained permission today from the Interstate Commerce Commission to "use the St.

Louis Municipal Bridge across the Mississippi River, for traffic Interchange. The will pay a standard rental based on traffic volume for the facility granted. STOCK SALESMAN WANTED West Virginia Corporation, in business eight years, with excellent dividend record, is Increasing Its stock and is looking for a reliable, experienced stock salesman to sell Its stock where it la known in Southern West Virginia. Official of Company be In Cincinnati April 5tlt and 16th. Please srlve telephone number.

Address 188, Enquirer. Grand FHx.Pmrh.ldoe. Tha Grmd Prim, St. Umi; 104. TBI MUtm HAM CO, WW, 4 ft, The Board of Directors his declared the following- quarterly dividends payable Jane 1, 1820, to holders of record April 30.

1929: No. IT Dividend Series referred Stack ll.M per share in cash. OivMud No. 14 IJ.SJ Dividend Series Preferred Stock 11.62ft per share in cash. Dividend No.

1 $5 Dividend Series Preferred Stock flM per share in cash, payable June 16, 1128, to holders of record May 15, 1929. M. OTCEEFFE, Secretary. TAX FREE IN OHIO INVESTMENT SECURITY The Procter and Gamble Company Common Stock The Irwin-Ballmann Co. Nos.

328, 330 and 332 Walnut St. Amrad Corporation Common Stoqk. Crosley Radio Common Stock. Cincinnati Ball Crank Participating and Convertible Preference Stock. Bought Sold Quoted Descriptive circular upon requeit.

R. E. Field Co. Member Cincinnati Stock Exchange 1124 UNION CENTRAL BLDC. Telephone Main 808 ftBttUCWCI rent stock dividend, I Plus 25-cent special dividend.

Plus 6 per ceni siock dividend, Plus 40o extra, Plus 315So participating dividend, Plus 81. extra. Total sales were 6.727 shares. Direct representation of outside investors might be useful chiefly in educating the public about financial affairs. There is no warrant for assuming that the small stockholder, if they were empowered, could run enterprises more efficiently or more honorably.

In the recent Standard Oil of Indiana dispute, John D. Rockefeller, raising a moral issue, ousted Colonel Robert W. Stewart by rallying to his banner other large interests. The smaller stockholders backed Colonel Stewart two to one. It was disclosed that Mr.

Coolidge and the other Directors of New; York Life are to receive $50 fees. The more customary corporate fee is $20 in gold. Thus the compensation to directors is nominal. Directors accordingly serve either to protect their own or associate's stock interests or out of public spirit or because of a belief that they can profit indirectly from the inside information obtained. It might be wiser to compensate Directors more directly instead of In the present indirect manner.

In spite of the nominal character of the fee, even the richest men are glad to get the gold-pieces. They usually, keep them in a fund for a special purpose. One well-known financial veteran told me that over a period of 30 years he collected $60,000 in Director's fees, and placed them in a special fund for his children, which as a result of compound interest had recently grown to more than $100,000. To encourage full attendance, some Directors have recently adopted the vogue of dividing the fees of absentees among those who attend. The reduction of broker's loans of some $366,000,000 from the March 20 peak Is more apparent than real, for it has been partly offset by an Increase In collateral loans by banks directly to customers.

it is 'Indisputable that the Federal Reserve campaign has applied the brake to a runaway market, and checked further expansion. Broker's loans are down more than $240,000,000 since the Federal Reserve Issued Us famous February 7 warning. The setback in individual overex-ploited stocks was far more drastic than the averages indicated. Unquestionably, the Federal Reserve has strengthened the technical position of the market, but unfortunately this has been accomplished at the expense of individuals least able to bear losses. And Refiners be the chief money, makers in the industry.

Childs. i Under the new management net income of Childs Co. showed a marked Increase in the quarter ended March 31. Present indications are that earnings in that period were in the neighborhood of $125,000, against $56,000 In the same period last year. This showing was accomplished despite a falling off in sales.

There was a considerable reduction in operating expenses effected in the initial three months of 1929. It will be recalled that at a recent stockholders' meeting control of the company was wrested from the Childs- family by the du Pont interests. New Haven. Among the iow-priced railroad stocks there has been some food buying of late in New York, New Haven Hartford. Purchases are said to be based on estimated earnings of be-twjen $10 and $11 a share for the 12 months nded February 28, including its Boston Maine equities.

A Bharp recovery in earning power has occurred In the case of New Haven during the past few years and Directors placed the common stock or a dividend basis last year. Prominent New York houses with Boston connections have taken a bullish stand on the issue. United Verde. United Verdo Extension Mining stated dividend, Pins 4 per cent stock Plus 2 per cent stock, Plus 6 per and expenditures at the close of business UNITED STATES TREASURY STATEMENT SPECIAL DISPATCH 10 THB ENQOtRM. Washington, April 12 Revenue receipts April 1U ioiiow: rany was to have authorized cap italization of 600,000 shares of no par, of which 60,000 shares were to be exchanged 1 for 10 for 600,000 Bhares of present stock outstanding.

Bank ers were to subscrlBo" for 40,000 shares of new stock at $10.50 and have option on 80,000 additional shares at the same price. Bank Clearings. Cincinnati, clearings $13,443,705. New York, exchanges $1,425,000,000, bal ances $172,000,000, Federal Ituaerve bank creditor $137,000,000. Chicago, clearings $111,400,000, balances $10,100,000.

Detroit, clearings uo.uuu.vuu. Balances $11,000,000. Hostr.n. exenanges J.s.utio.uuu.- balances $29,000,000. DIVIDEND ACTIONS Davega.

declared 25c extra and regular ouaiterly dividend of 25c on common, payable May 1, record April 18, Isrner Btorjs Corporation declared Ini tial quarterly preferred dividend, payable May record April 20. Petroleum Tiadlng Corporation declared Initial dividend of lVi per cent on Class A stock, payable May 1, record April 17. Regular Quarterly Dividends. Allied Power and Light Corporation de clared regular quarterly dividends of $1.26 on $5 cumulative preferred and 75c ou $3 cumulative preferred, payable May 15, record May l. California Packing Corporation, $1 Juno record May 31.

Carman 50c on Class A. June 1. record May 15, and 60c on Class April to, record April aij. General Cable Company. $1 on Class A.

May 1, record April 22, and $1.76 on preferred, Juno 1, record May. 10. Italian Superpower Corporation of Dela ware, $1.50 on preferred. May 1, record April 16. Sinclair Consolidated Oil.

on tire. ferred, May 15, record May 1. Southern Colorado Power. 60c on A com mon. May 25, record April 30.

United Biscuit. 40c on common. record May 17. Ohio Bhares. $1.50 pf.May Apr.

20 Julian Kok'Ke 1 Apr. 15 Arnxner aoi 260 May 1 Apr. 20 Foster Klelser Comnanv. 25c on common May 15, record May 1. Stocks Ex-Dividend.

Monday. Anrll IS Arim Hf inpr common, 60c. Mulllns Manufacturing $7 Dreferred. 1 per cent. nw utver preferred, $1.60.

Russell Motors Dreferred. 1 nar cent. and common. Hi per cent. Consolidated Bond Bhare 7 per cent preferred, $1.75.

National Groceries, 10c, AianuiacturinK common. 2 ner Standard Power Light preferred, $1.75. Adams 60e. Blrtman Electric common. 60c.

and 17 preferred, $1.75. uuehrist 75c. CaniDa Corporation 6iA ner cont r.r. Baking preferred, 28 per cent. Federated Pub.

proforred, 60c; Illinois Power LlCht 10 nrpferrafl $1.50. Abraham Straus preferred. IK ner Alabama Power, $5 $1.25. Alleghany Corporation preferred, $1.37 Amerada Corporation. 60c.

American Foreign Powprt nonnnri nra. iui reu, 9 1. u. American cigar common, 2 per cent. American Home Products.

25c, American Shipbuilding preferred. 11.75. and common, $2. Anaconda Wire Cable, 75c. Atlantic Refining preferred, $1.75.

J. Bancroft Son preferred, lli per cent. Beldlng-Cortlcelll. common. per cent.

Bon Ami Class A common, $1, Brockway Motor common, 75c. Buffalo. Niagara Eastern Power first preferred, $1.25. A. m.

tjyers preierrea, i.7o. Central States Electric. 100 per. cent in stock. Certo Corporation, $1 special.

Cherry Burrell common, 62V4C, and preferred, $1.75. Wilmington ft Franklin Coal preferred, $1.60, Cities Service Co. common, of 1 per cent cash and ft of 1 per -cent stork. Cities Service preferred and BB preferred, 50c. City Stores Class 874c Cleveland Cliff Iron, $1.

Commonwealth Edison, $2. Consumers' Power 6.6 per cent preferred, 65c. Continental Motors, 20c. Cruclblo Steel common, $1.25. Katon Axel Spring common, 75c' Electric Bond Share preferred, $1.60.

Electric Investors' $ii preferred. $1.60. Emple Gaa Fuel 6 per cent preferred. 50c: 6 per cent preferred. 54 U6c: 7 per cent preferred, 68 l-3c; 8 per cent pre ferred, 60 Z-3c.

Eureka Pipe Line. $1. Fashion Park Association preferred, $1.75. Freeport, Texas, $1. General Mills common, 75c.

General Stock Yards Corporation common and preferred, $1.60. Hamilton Bridge, 1 per cent. Hunt 60o, Hupp Motor, 214 per cent stock and 60c Illinois Northern Utility 6 per cent preferred. 11.60. Incorporated Investment common, 60 per cent stock and uc.

International Printing Ink common, 62ViC and preferred, $1.50. International Shoe preferred, 60c. Kroger Groceries Baking- second pre ferred. 141 ner cent. Lakey Foundry Machine, t'A per cent stock ana 60c.

Mandel 62'Ac Massachusetts Gas $1.50.. Mascot (111. 1 ner cent. Maytag preferred, $1.60, and cumulative jjreierrea, ioc. Mid-Continent Petroleum common.

50c. Mississippi Valley Utility Investment $6 prior lien, ji.su. Mulllns Manufacturing preferred, 1 per cent. National Acme, 25c. National American, 50c.

National Department Stores first preferred, I1i per cent, National Groceries, 10c. Nelsner 1 per cent. New River preferred, $1.50 back, New York Hamburg. $1.26. Ohio Edison 6 per cent preferred, and 6.6 per cent, 55c.

Pacific Coaat Biscuit common, 25c, 60c, and preferred, 87 Penn-Ohlo Edison common 160 stock and 25c. Philadelphia Rapid Transit preferred, $1.75, and common, $1. Public Service of Illinois per cent preferred, 7 per cent preferred, $1.75, and common, $2. Railway A Light Securities common, 60c, and preferred, $1.50. Russel Motor common, Vi per cent, and preferred, 1H4 per cent.

Savannah Sugar Refining common, $1,60. Salt Creok Producers, 75c. Seeman Bros, common. 50c. Selby Shoe preferred, $1.50.

Sierra Pacific Electric common, 60c, and preferred, $1.50. Spiegel, May Stern common," 75c and preferred, $1.624. Sweets of America, 25c. Universal Pipe Radiator preferred, 1 per cent. United Light ft Power new A and common, 72c.

V. S. Induatrlal Alcohot common, $1.60. Western Air Express, 14c. Wieboldt StoreH, 40c.

Tuesday. April in Standard ower Light preferred, $1.75. Acme Wire preferred, 2 per cent. Beldlng Cortlcelll common, 1 per cent. Chicago Rapid Transit ser.

65c, and ser. 60c. General Cigar common, $1. Scott Paper 6 per cent ser. preferred, 1H per cent, and 7 per cent ser.

1 per cent. Seton Tjeather common, 60c. Teck-Hughea Gold Mines, 15c. Universal Leaf common, 75c. DUN'S STATISTICAL RECORD.

Latest Week. Bank 1928, 1929.. cloarlngs $10, 807,849,000 -uruaa on output(brls) 2,658,100 907,027 475 2,395,250 948,743 318 Freight car loadings Failures (number) Commodity price advances Commodity price declines Latest Month. Merchandise exports Merchandise Imports Building permits Pig Iron out IS 30 1925. 444.000,000 371,000,000 193,550,000 S.714,473 4,410,711 E9S.08S 613,394 $191,696 1,987 37 19:9.

351,035,000 229,325,900 3,199,874 672,875 626,141 $196,415 2,236 tDomsatH put (tons). Unfilled steel tonnage tCotton consumption (bales) Cotton exports (bales) Dun's price Index Failures (number) Dally avtragt consumption. The first industries attempted In America were of a chemical nature glass, potash and pine tar. All these substances were made more or less successfully in Virginia as early as 1618. Salt mines were discovered in Pennsylvania in 1654, but it was not until 1787 that its manufacture was begun.

This industry) as well as metallurgical ones and the making of dyes, saltpeter, sulphur, gunpowder and paper, each of which required the use of chemistry and chemicals, were encouraged by the British Government and the individual colonies before the Revolution. Before 1800 several white lead factories had been started, mines had Separating rose peals for perfumes. been opened and the manufacture of sulphuric acid had begun. Then followed a brisk period when the country seemed to burst forth with new plants and factories. In 1802 Thomas Jefferson encouraged Eleuthere Irenee duPont de Nemours to leave his munitions works In Franco and start making gunpowder In America.

DuPont's name is still famous In this phase, as well as in many other phases, of the chemical industry, In 1831 a convention was held "Friends of Domestic Industry," chief purpose of which was to tain tariff protection for the chemical establishments in of the the United States; Old-Xnshloned dye works. combined capital of $1,158,000 and employed about 900 workers. These figures are amusing in the light of present-day standards, but from that timo the chemical industries have grown steadily, profiting by eyery war, plague or Invention; in Europe or America. By 1860 the basic laws which make chemistry a science had been discovered and the era in which civilization was dominated by industrial chemistry had begun. 1929.

financial Press Service,) REPORTS OF EARNINGS Diamond' Electrical Company reports net profits for the' first quarter of 1928 after all charges $30,669, against $17,426 In the same period of 1928. First quarter earnings are equal after preferred dividends to $1.10 a share on 19.492 shares of the common stock outstanding, as compared with earnings of about 45c a share on the same number of shares in same period of yievioua year. Poor and Company and subsidiaries re ports for the year ended December 31, 1928, net Income of 11.418.223 nfter de preciation and Federal taxes, equal after cumulative preference requirement to $3.67 a share on Class stock outstanding, aKtuiiai net income or or $2.17 share In 1927. Foundation Company reports for year ended December 31. net Income of $310,206 after expenses, depreciation, equal to fj.iv tt eiiare on iuu.uuo common snares, against $483,378 or $4.83 a share in 1927, Pathe Exchange.

InrornnrRtert. nnrt sldiaries report for year ended December 29, 1928, consolidated net loss of $2,812,665 after costs, rentals, expenses, depreciation and $3,00.0,000 provision for special reserve, against net loss of $2,151,882 after Bpeuiai reserve or $1,150,000 In 1927. Transue-Wllllams Steel reports for March quarter net income of $150,678, equal to luu.vuu capital snares, against or ode a snare in 1828. nortn American Aviation, reports fr quarter ended March .31 net Income of alter cnarges, equal to 25c share on 2,000,000 common shares. Zonlte Products Corporation reports for quarter ended March 31, 1929, net income of $89,600 after charges, equal to 61c a mmro on lYB.ooo common shares, BANK CLEARINGS.

sracur, PISrATCH io thh snquirkr New York, April 12 Bank clearings in the United States for the week ending April 11, as reported to Bradstreet's Journal, New York, aggregated $12,098,648,000, against $13,767,252,000 last week and $10,345,622,000 In this week last year. Canadian clearings aggregate $340,661,000 as against $329,582,000 last week and In this week last year. Following are the returns for this week, with percentages of change from this week last year: Cities. Clearlnsg. Inc.Dec.

New York Chicago Philadelphia Boston Han Francisco Kansas City Detroit Los Angeles Cleveland Minneapolis Cincinnati New Orleans Richmond Atlanta Buffalo Omaha Seattle Portland, Ore. Milwaukee Denver Dallas Louisville Houston Birmingham Oklahoma Memphis Washington, C. St. Paul Indianapolis Nashville Columbus Oakland Fait Lake Prnvlrlanco Fort Worth Wichita Rochester Des Moines Norfolk Galveston Pittsburgh Baltimore Montreal Toronto Winnipeg $8,027,000,000 663,900,000 649,000,000 472,009,000 189,035,000 134,100,000 3 95.764,000 8.4 15.0 1.2, 8.2 3.01 8.9 200,309,000 143,948,000 82,034,000 11.7 7.0 2.4 74,013,000 48,766,000 40,981,000 05,344.000 67,284,000 45,460,000: 83.811,000 34,274,000 21.5 2.8 8.8 11.0 9.6 1.1 3.3 18.0 36,274,000 38,491,000 52,818,000 36,090,000 33.127,000 12.9 11.9 14.4! 15.3 26,399,000 21,798,000 31,053,000 28,866,000 22,510,000 24,100,000 17,627,000 18,915.000 17.9; 1.7 16. i 12.0 2.7 6.6, 17,635,000 18,165.000 13,200,000 8, 307,0001 13.0(5(1,000 9.642,000 4.349,000 0,691,000 8.0 10.0 9.7 6.7 12.7 8.6 6.7 10.3 108,406.000 1 142,241,000 12.5; 44.6 39.21 48,784,000 12.328.000 20.0 Hpoaane Savannah St.

Louis 13.7 20.8 4.6 I 17,822,0001, 127.000, 000. Last week's. DRY GOODS New York, April 12 (AP) Gray cotton goods were quieter, with prices barely steady, today. Finished goods are being oougnt moderately, hut continued to move In large Calcutta was reported unchanged on burlaps, and the flee of prices of Thursday was maintained. Raw silk was slifhtly higher.

Silk merchandise In printed form. Is selling moderately to cutters. Wool foods are In moderat de which then had a I ICorrosponding Fiscal I Cor, Period RECEIPTS ORDINARY. This, Month. I Period Year, 1939, Fiscal I 1 T.aat Year.

1 (Note). Year, 1938. Custom 16,966,926.30 469,273,373.96 454,611, 419.81 Income and profit taxes. 8, 618, 476. Ul 10,936,020.10 1,695,083,075.74 1,635,109,816.93 MIkc.

Internal revenue 13,160,539.41 20,326,356.51 403,753,293.84 474.974,032.53 Foreign principal 28,662,640.00 27,000,648.81 Foreign lntcrcMt 90,252,461.22 90,996,449.42 Railroad Securities 309,653.24 386.337.38 14,824.648.49 161,906,225.37 All others 104.81 383,040.30 6,664,536.30 6,072,656.80 Trust fund receipts 216,911.13 922,747.32 41,024,982.36 60,206,880.03 Sale surplus property 322,521.23 73,344.22 7,034,808.86 7,607. 468.2S Panama Canal tolls 507,361.44 614,216.65 21,732.483.89 22,131,639.92 Miscellaneous I 10, 430, 024, 0l 10,754,364.40 141,492,089.31 159,169,813.87 Total ord. 61.669,832.05 61,261,961.08 $2, 978, 698, 384. 03 J3, 089,785,944. 76 Total ord.

expenditures. 99,668,024.47 86,906,636.82 2,406,651,626.87 2,338,681,346.18 Such issues as American laundry Machinery, Dan Cohen, ManlBChewuz and Hobart were steady at their pre vious closing quotations. McLaren Cone at 21 was sold in comparatively large volume, unchanged from Its previous close. Bonds And Money. 'New developments were lacking in the money market yesterday and rates were unchanged.

Pew brokers' loans were made and commercial commlt-' menta were normal. Over-the-counter remains comparatively quiet, although Inquiries are more numerous as to issues with investment features. Government securities were reported in slightly better turnover in some quarters, but bond trading as a whole remains dull. Cone Company Deal Beported. Reports are current In the financial district to tho effect that the McLaren Consolidated Cone Company, Dayton, has been acquired by the National Biscuit Company.

According to the rumors. National Biscuit will offer stockholders cash for their holdings or exchange of stock on the basis of one share for each six shares of Mo- Profits of oil companies In general were materially higher in 1928 than In 1927. For a group of 20 representative companies In the Industry the Increase amounted to 81.43, according to figures published. Net Profits 1928. Amerada Corporation 2,214,109 4 Atlantic Refining Company Barnsdall Corporation Gulf Oil Corporation of Pennsylvania 30,347,608 13,717,218 Humble OU and Refining Company 19,277,148 7,111,738 Marland Oil Company 4,987,504.

Mld-Contlnent Petroleum Corporation 3,89,7,050 3,298,576 Ohio Oil Company 5'US'5? Phillips Petroleum Company 6,960,171 4,937,931 Prairie Oil and Gas Company 10,541,698 2,356,062 Richfield Oil Company of California 7,818,070 3,742,884 Pkelley Oil Company .4,104,378 1,438,228 Standard Oil Ccmpany of California 46,083,817 40,210,953 Standard Oil Company of Indiana 755,515,296 30,132,456 Standard Oil Company of Kentucky 4,746,604 4,492,008 Standard Oil Company of Ohio 3,896,548 2.336,042 Texas Corporation 44,967,534 20,029,406 Tide Water Associated Oil Company 18,329,683 8,288,012 Union Oil Company of California 11,101,935 10,048,494 Vacuum Oil Company 37,659,458 25,559,899 Totals $183,770,425 Percentage Increase, 81.43. Where figures published are before cfrtaln charges they have been so Included here. 'Exclusive of special cash dividend of $21,821,870 from subsidiary, Compiled from published financial statements by Department of Ernst Ernst. expenditures for June reaching the Treasury Laren A stock neia. we I holdings of officers of the cone com-I pany have already been acquired by the National Biscuit Company, to the reports.

Walter Mc- laren. President of the McLaren Con-t oolidated Cono Company, when asked about the reports at Dayton yester-5 day, denied that any deal has been I consummated. He admitted, however, his company has been ap-i proached with a proposition by the National Biscuit Company. Balance today, 1358,662,818.68. Note Receipts, disbursements and Department In July are Included.

to the amount of $30,808,000 by Drexel Co. at 100 and Interest, to yield 6. Massachusetts Utilities Associates, 5 per cent sinking fund debentures due 1940, offered to the amount of $4,000,000 by a syndicate headed by Lee, Hlgglnson Co at 84 and accrued interest, to yield about 5.50. Roekvtlle Center (N. Vk per cent sewer, due 1934-69, offered to the amount of $900,000 by a syndicate headed by Bankers' Company of New York.

Stock Offerings. United States Lines, no par preferred, cumulative, participating and noncallable, offered to the amount of 600,000 shares by. P. W. Chapman Co.

at 17. Foremost Dairy Products, convertible preferred and common no par. offered to the amount of 125,000 units by a syndicate headed by George M. Foreman Co. at 29 and accrued dividend.

(Unit consists of one share preferred and one half share of common.) Russeks Fifth Avenue, capital stock, no par, offered to the amount of 60,000 shares by George II. Burr Co. at 35. Ellas Aircraft and Manufacturing Corporation, no par common, offered to the amount of 30,000 shares by Lowell Underwriters, at 25. Plans Holding Company.

Westmoreland Coal Company has called special meeting of stockholders June 14, to vote on changing par value of capital Block from $50 a share to no par. Company has shares outstanding stockholders, also will vote on Incorporating new holding company in Delaware having authorized capital stock of 200,000 no par value. It is proposed to offer stockholders one share of new holding company's stock for each share of Westmoreland Coal. There will be no new financing in connection with this program. Bonds May Be Exchanged.

Roy N. Bishop announces that holders of Sperry Flour Company 6 per cent bonds may exchange them for General Mills Company 6 per cent preferred stock in ratio of one $1,000 bond for 11 shares of stock before May 1. Interest on bonds ran to April 1, after which date Interest accrues on preferred stock. Stock Increase Approved, Q. R.

S. stockholders approved the Increase in the authorized common stock from 75.000 shares of no par value to 400,000 shares of no par common stock. The new stock is to be exchanged In the proportion of three shares of the new for one Bhare of the old stock. This will require shares, leaving 175,000 unissued, which is to be offered to stockholders at $40 a ehare in the ratio ot one share for each 6 held. Stockholders approved the acquisition the De Vry Corporation.

Taxi Company Formed. New York, April 12 (AP) Organ! zation of the Parmelee Transporta tion Company, holding a controlling interest In- the Parmelee Transfer Company and the Yellow Taxi Corpor ation in New York, and a substantial interest in the Chicago Yellow Cab was announced today. Ernest H. Miller, head of the Yellow Taxi Corparlton in New York, Is President of the new company, which by operating a chain of transportation companies throughout the country, expects eventually to become the world's biggest taxlcab company. Miller, once employed as a newsboy by the Marion, Ohio, Star when Mrs.

Warren Harding was the circulating manager, began his career in the taxi-cab business In 1909 in East Orange, New Jersey. In 1912 he started the Newark, N. Yellow Cab Company. He became President of the Yellow Taxi Corporation in New York, a $7,000,000 corporation, three years ago. About a year ago he was invited by John Herti, then controlling owner of the Chicago Yellow Cab Company, to assist in revamping that company's policy.

Oil Merger Submitted. New York, April 12 (AP) A plan to merge Tidal Osage Oil Company, a subsidiary of Tidewater Oil Company, with Darby Petroleum Corporation on a stock exchange ba)sls has been approved by the Board of Directors of Tidal Osage, it was announced today in a letter directed to the company's stockholders. The 631,319 capital shares of Tidal Osage Company would be exchanged, share for share, for Darby Petroleum capital shares to be authorized and issued. Both companies operate in the Mid-Continent oil fields. The proposed merger Is to be voted on at a special meeting of the Tidal shareholders May 14.

Tidewater Oil Company and other large stockholders have indicated approval of the plan, the letter said. Oil Right Announced. Offerings will be made to stockholders of Signal Oil Gas, of record April 25, to subscribe for stock of Signal Royalties Company on basis of one for 10 held at $10. Rights expire May 10. i Xinner Deal Off.

Members of the banking group who were to underwrite new financing of Klnner Airplane Motor Company under proposed reorganization have asked to be relieved from their commitments In deal. The new com- GOSSIP OF WALL STREET A SrlCUL DISPATCH 10 THB ENQUIRER. New York, April 12 Sentiment In the financial district is now beginning to show relief from the apprehension created by the constant men ace of some aggressive steps by the Federal Reserve Board and Banks. This feeling of relief, is confined to the less important speculative element, but those having a full knowledge of the situation, In cluding what are referred to as Important banking groups, are taking a more pronounced position and havo had much to do with directing advances that have occurred since the beginning of the week. The most important development influencing speculative Bentiment is the1 appearance of a large supply of time money.

For many months there has been virtually no time money, market, although some loans of a bootleg character were, made, that is, by outside lenders, who are not affiliated the important banking circles. On Thursday, however, the most 'important banking interests loaned many millions of time money at 9 per cent, filling all the visible demand. It is to be assumed that after all the de mand for time money has been filled, there will be then art overflow supply of call money, As the money situation has been the chief moving force in the market for so long a time, this chance seems to justify a more bull ish attitude in market operations Better Gasoline Prices. The stiffening gasoline prices throughout the country indicate that the oil companies engaged principally in refining and marketing this prod uct should again experience a favorable year from an earnings standpoint. During the first quarter of this year gasoline prices were above the similar quarter of last year, and as a result the earnings of oil companies specializing fhalnly in this branch of the Industry were considerably better than the first quarter of last year.

However, gasoline prices were below the last quarter of last year, but at the beginning of March prices were again on the upgrade. The heavy demand and better prices for gasoline accounted for the excellent showing of many refining companies during the past year, and the present trend in the industry Indicates that these companies will again Aviation Merger Formed Around Bendix General Motors Interested New York. April 12 (AP) Formation' of the Eendlx Aviation Corpora- tion to take over several aviation accessory companies whose stocks have a present market value of was announced here tonight. Motors Corporation is to hold a minority; interest in the new company. 1 The corporation Is being organized to acquire the Bendix Corporation and its subsidiaries, including the Eendlx Brake Company, of South Eclipse Machine Company, of Elmlra, N.

and its subsidiaries, Strombers Carburetor Company, of America, and Its subsidiaries, Delco Aviation Corporation, Corporation, and other companies interested in aviation accessories. General Motors, the announcement aid, "will turn in its valuable rights In the aviation accessory field and rights in connection with other devices." The Electric Auto-Light Company, which formerly owned a mlnor- interest in the Eclipse Machine will likewise contribute patent rights. The company is to have an author-' Ized. capital stock of 3,000,000 shares of which 2,200,000 will be outstanding. Bendix Corporation stockholders will be asked to exchange their hares on the basis of two Bendix 'Aviation shares for each Bendix share held.

Stromberg shareholders Will be offered one and one-fifth hares of Eendlx Aviation for each ihare of Stromberg. Vincent Eendlx, President of Bendix Corporation, will be President of the new aviation corporation. New Bond Syndicates. Philadelphia and Reading Coal find -Iron Company, 6 per cent convertible debenture, due 1940, offered Crosley Radio Corp. STOCK Reynolds, Brett Ernst, Inc.

Members Cincinnati Stock Exchange 1127-31 Union Trust Bldg. Telephone Main 1087. Out of respect to the memory of the late MYRON T. HERRICK oar offices, will be closed MONDAY, APRIL 15th THE HERRICK COMPANY mands.