davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
TAX|-RA|L MERGER
SEEN IN GAS FIGHT
All Carriers in New York May
Be Placed Under State
Regulation.
BY ]. c. ROYLE.

Special Dispatch to The Star.
NEW YORK. March 13.--The strong
opposition which has developed on the
part of the taxicab industry of New
York to the imposition of a gasoline
sales tax by the State may result in
notwithstanding the regulation Of taxls
in many States.
This opposition seems to have crystal
lied the desire of some leaders in the
industry to see it under the regulation
of the State public service commissions.
MANY of the taXicab owners have not
vet gone so far In their plans, but out
of the turmoil it is believed some DELI
mite plan will be formulated.
Taxi Mems Position.
The position Of the industry with re-
gard to the gasoline tax is easy 10 I'M
derstand. The taxi men say that the
major part of the funds produced by
tho tax will go toward the building ana
maintenance of country highways, on
which not one taxi in 10 ever is called
on to venture. They hold that such a
tax is an occupational tax and that, IN
view of the other payments asSoSae.'
against them. it Is unjust; ,u,.
They point out that III new 1olk x
City alone there are 10000 taXicans, VI
which about $4,000 are ndiViotlai.y
owned. These 10000 men, STRIVING W
make a living. are being assessed, my
cav for the benefit of drivers VINO are
driving for pleasure. They cite the
taxes already placed against them,
which consist of a SIS State tax, SlO
citv tax So drivers license and a oU
cont hackman's lcense-a total OF
cor 20 In addition each must take OUT
S3eo worth of compulsory liability III
surance. ,.,,,;,,, tive
nronosed law or not. it is believed prom
able that their fight will stir up taxl-
cab operators in other States. most OF
which already have gasoline sales taxes
IT am convinced" said #. II. Miller
,ras;dent of the yellow Cab Co. OF New
Work today. that eventually the lndus-
trv must be taken under the regulation
of the State utilities commission. Not
only would such a move equallze TAXA.
tion and iron out rate structures, put
II, would have a tendency to keep tne
number of cabs down to the require
ments of the public. THIS "ouio re-
lieve street congestion and teno 10 lh-
prove profits. .,. +ov,-
cabs are being absorbed by the StIee.
railroads. This OF necessity Wouiu a.
once put those cab lines IN inc pupii0
utility class for regulation. Inc eec.
trio street cars still are one OF the most
essential forms of transportation. put
thev need at the moment every ala
they can gather to increase earnings,
Revenue passengers carried by the
street cars in 1928 totaled over lb,Ouo,
ooO 0cO. This was drop OF about l
per cent as compared with 1927. The
car fares over the country rose from
an average of sos cents to 8;25 cents.
but this was counterbalanced by higner
wages maid
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
CURB SPEC|ALT|ES
!. ADVANCE SHARPLY
Easier Credit Situation Fol-
lowed by Gains-0iI
Issues Active.
BY HARRY II. BECKER.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March discriminating
The credit situation from their calcula-
tons, for the time being at least, specu-
lators proceeded TO bid up their favor
ates on the Curb Exchange today.
The market displayed a much better
tone than for several days: in fact a
number of specialties were advanced
rather violently, but it was in individual
cases rather than groups in which the
best results were obtained.
Notwithstanding the selective char
cater of the buying, demand was rather
urgent for a while in the Oh section,
and there was more sustained improve
ment in certain representative members
of that department than in some time.
The utilities participated in the sd-
vance with more vigor. and several of
the aviation shares were actively ex-
plotted.
Gains in the oils ranged from large
fractions in the low-priced independents
to almost points in the case of Hum
bic, which was influenced by merger
gossip. Indiana Standard joined in the
demonstration. and there was much bet
ter buying of Ohio Standard, a few of
the pipeline shares, Vacuum and Gulf
OF Pennsylvania. Cities Service was
Quieter. acting after fashion with the
good news of the four-for-one split-up
o matter Of public record
The outstanding feature in the high
priced class was a spectacular run-up
of 10 points TO 800 III Ford of Canada
reviving rumorS of a recapitalization.
Ford of England was higher in SYM
pathy, but most of the other automo-
bile and accessory stocks looked on. West
Waco Chlorine, prominent yesterday.
started off sensationally, 10 points
higher, but came down as rapidly. There
was a spirited rise in TranS-America
in response TO reports that negotia-
tons were on for sale of its holdings
of Bank of America, estimated in the
neighborhood of 100000 shares, to an
other banking group.
Electric Bond and Share Securities
we're exceptionally strong in the utility
group in further response to approval
of the merger with Electric Bond &
Share Co. At one time the stock was
up points, with that of the holding
concern even more.
With one or two exceptions, like Niles
Bement-Pond, Fokker and Sikorsky,
aviation issues held close to the recent
price level Denial was made by the
head OF the Fokker Co. that control of
the property was being absorbed by the
Aviation Corporation.
New high prices were reached by
TIsns-LuX and Ground Gripper COM
xaoaa and preferred. Mining stocks were
less prominent, although Newmont was
favorably Influenced by a report that 1t
had liquidated its holdings of Ken
necott at a considerable profit. Outside
of extraordinary activity in Falcon
Lead. in the penny class, other metal
shares did little.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
BY KENNETH S. VAN STRUM.

NEW YORK, March 13.-The North
west has shown steady improvement
during the past two years of favorable
crop conditions. 1t is believed that
much grain is still due to come forth
from the Northwest during the first half
of the year, and that If this region Is
favored with the third successive year
of good crops in 1929 the readiustment
period needed to put it in a prosperous
condition will have been completed
The steady advance in the prices of
the securities of three of the leading
railroads in this section reflects the
improved business conditions. While it
is generally expected that the freight
traffic will continue at high level
during the first half of this year, the
results for the second half will depend
to a great extent upon the new crop,
which cannot yet be estimated.
Great Northern.
Few railroads of the country have
had more dramatic careers than those
of the Northwest. They were pioneers
in the true sense of the word. After
James j. Hill and interests bought con-
troll of Great Northern after the panic
of 1873 an era of judicious expansion
for the road began which has few coun-
terparts in railroad history.
Unlike the organizers of many rail-
roads. Hill avoided apitaliza ton
and today the Great Northern extends
southWestward from Chicago to Denver,
Omaha and Kansas City and even down
to the Gulf of Mexico over lines of the
Chicago Burlington e. Quincy Railroad,
which is jointly owned with Northern
Pacific. 1t extends northweStward
through Wisconsin and Minnesota and
then follows the Canadian border into
the Pacific Northwest.
1t was always Hills dream to ex-
tend south to San Francisco, and today
it looks as though his dream might be
fulfilled, under direction of Arthur Cur
tiss James, largest individual stock
holder in the Hill roads. He has recently
bought control of Western Pacific which
reaches San Francisco through the
States Of the lower Mississippi Valley,
and the two roads are petitioning the
Interstate Commerce Commission for
permission to build connecting lines be-
tween Great Northern at klamath Falls
and Western Pacific at Keddie, Calf. If
approved. it will give Southern Pacific
competition between San Francisco and
Portland.
There has not been much change In
the character of the traffic of Great
Northern in recent years, its traffic be-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
CANNED FRUIT OUTPUT
SHOWS DROP FOR 1927

| Inc DeDaTlUltIlt VI "'s
nounces that, according to data Collect
! ed at the biennial census of manufac-
lures taken in 1928, the total value OF
canned and processed fruits and vege-
| tables and OF pickles, jellies, preserves
and sauces produced by commercial es-
| Establishments in the United States IN
| 1929 amounted TO $552 1894. $40, a decrease
OF 80 per cent, as compared with tne
corresponding value for l925-~namely,
| 5000, 939.7l8.
The total production in 1927 was made
I'D as follows: Canned vegetables and
soups. 97.355, 500 cases, valued at $234,-
! 259.659; canned fruits, 27,564 .341 cases.
SOL ,730, 500; dried fruits, 1912, 1875, $50
pounds, $64l67, 036: dried and deny
drafted vegetables, 200,180 pounds. $780,
584; pickles. sauces, etc, 81 l4,9 74 ,229;
preserves, jellies and jams, $37 ,682 1898.
OF the value of the total production
for 1927, as given above. S539,4l8, 694
was contributed by establishments In
the canning and preserving" industry,
| as classified for census purposes, ana
Sl3,475,8l6 by establishments in other
industries, which produced these COM
modities as secondary products. The
, establishments in the canning and pre-
serving industry are engaged primarily
in canning and preserving fruits ana
| vegetables and III manufacturing pickleS'
| jellies, preserves and sauces.
OF the 2.436 establishments in the
industry reporting for 1927, 81 were To-
Gated in California. 283 in Maryland,
229 in New York. 155 in Wisconsin, 137
in Indiana. 1903 in Illinois, 90 IN ONO, 83
In Pennsylvania, 70 in Missouri. 10 IN
Maine, sc in Michigan, 81 in Washing
ton. SO in Delaware, SO in New Jersey,
SIS in Oregon, 81 in Iowa, 35 In Mime
sofa, 80 in Massachusetts. 80 in Utah
and 90 in Kentucky. and the remaining
397 were distributed throughout rs
other States. In 1925 the industry was
represented by 2,403 establishments, the
increase of 2,436 being the net result OF
gains and losses. OF the establishments
gained, part had been engaged In manu-
| featuring activities other than canning
and preserving in 1925 and the re-
mainder reported for the first time at
the present census. OF the establish
ments lost, some were idle throughout
the year. some went out of business prior
to 1927 and others were engaged in &C
tivities other than canning and pre-
serving in 1927 and were therefore
transferred to the appropriate indus
! tries.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
Auto Merger Causes Stir.

BERLIN, March 10 P).-Seldom has
fusion of leading German indus
trial concern with foreign interests
called forth more extended comment in
the German press than the recently re-
ported Opel-Gcneral Motors combine.
Official denials of the final signing of
the contract thus far have not seemed
to initiate against the general impress
sion that the fusion is an accomplished
fact.
American commercial circles in Ger
many see in the impending combina-
ton a transfer of the fight between
General Motors and Ford to the Eu-
ropean field. 1t is believed that the in
tention of General Motors Is to launch
from the Opel works four cylinder car
In Europe of lower horsepower as a
countermove to Ford's recent plan to
throw shares upon the German market.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
CONVEX TIBLE BOND IS PROVING
POPULAR AMONG INVESTORS
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, March 13-The growing
insistence on the part Of the investor
that he be given a share in the profits
of the corporation to which he advances
his funds is strikingly Illustrated in the
announcement of $65, 100000 issue of
Az per cent bonds by the Southern
Pacific Co. with stock warrants attached.
bonds may eventually have the privilege
of buying the shares of the road at las
and so participate in any Improvement
in their price that may come through
i an increase in the dividend rate.
Bankers find increasing resistance to
offerings of bonds that have nothing to
recommend them except their security.
The preSent-day buyer is more con-
cerned with appreciation in his capital
than in immediate return on it. This
is one of the curious phases OF the
speculation in stocks on which the in
come ranges from to 3 per cent while.
in many instances, there is no yield at
ALL Consequently, 1t has been found
necessary by those financing industrial
and public utility companies to sweet
en-" their issues with stock conversion
privileges. Most of those that have had
the stock warrant feature have gone
well. while straight mortgage bonds
have been difficult to distribute.
The railroads have been slow to take
advantage of this condition. although
they were pioneers in the fiotation of
convertible bonds. Twenty years or
more ago the Atchison, Union Pacific,
| Southern Pacific. Norfolk e. Western
Baltimore e. Ohio, and later the New
York Central, found that the convert
ible bond was the best vehicle with
which TO raise new capital. In subse-
quent years all of these debentures were
exchanged into stock. Recently the
Atchison brought out a new issue Of "A
per cent convertibles, to be followed by
the Southern Pacific loan just arranged
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
BILL0N-D0LLAR OIL
MERGER is RUMORED


Special Dispatch to The Star.
NEW YORK, March 13,-The Stand
ard Oil Co. of New York and the
Vacuum Oil Co, an old-line Standard
Oil unit. are nearing the point where
they will be merged in a combination
with assets close to 81 900 600 900. it is
expected in Wall Street. where it was
definitely established yesterday that dis
cussionS had taken place between prin-
cipal interests in the two companies.
AS yet no tangible plan has been
formed for this gigantic consolidation.
the first to be limited since the disso-
luton into many companies Of the old
Standard Oil Co. by Supreme Court de-
cree in 1911. II is understood. however.
that three shares of Standard of New
York will be exchanged for each share
of Vacuum stock.
Various methods of obtaining Gov
eminent sanction for the deal, 1t is I'M
derstcod. have been discussed. Federal
sanction is necessary because the dis
solution decree forbids specifically the
regrouping of any of the companies
formed as result Of the decree.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
RESTRICTION OF BRITISH
STOCK ISSUE APPROVED

BY the Associated Press.
LONDON. March 13.--Decision OF the
directors of the British General Eiec-
trio Co. restricting the issue OF new
shares to British subjects was approved
by a large majority OF sharehoners at
a general meeting today.
The meeting was crowded TO over
flowing when Sir Hugo Hirst, the cnalr-
man, explained the boards reasons Ior
asking authority to increase the COM
pany's capital by the creation OF SUI,
900 ordinary 81 shares. He said tnat
the General Electric Co. had always
been looked on as a British concern and
that 1t was vital that it retain its Brit
ish character in order to secure the
continuity of the employment Of. its
Is 900 workers and their well being and
happiness. For these reasons 1t was
proposed to confine the present issue to
the British public.
THE American public, who before
long may hold practically all our ordi-
nary shares issued, are barred from
giving us this help by their protective
fiscal legislation" he said.
The resolution authorizing the in
crease in capital was carried with only
one dissension and the meeting then
proceeded to discussion OF the resolution
combining the new shares TO British
holders.
One shareholders, who said that he
represented American holders of stock
in the company. protested the adoption
of resolutions that the new shares be
called British ordinary" and that they
be issued only subject to the condition
that they should not be registered in
the name or transferable to or held by
any foreigner, foreign corporation or
corporation under foreign control.
In the course of his talk to the
shareholders Sir Hugo expressed regret
that the resolution barring foreigners
apparently had given umbrage in some
quarters, but expressed belief that the
criticism was due to misunderstand-
ing Of the company's aims.
Referring to the fact that half of
the ordinary share capital had crossed
the Atlantic already. he said:
I'VE don't take exception to this in
terest in our shares on the part Of our
American friends. but when we con-
sidered the situation we realized that
we have been deprived Of 60 per rent,
il not more. OF our ordinary share
holders"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
MARGIN OF $3.15 WINS
$350,0O0 BOND ISSUE

Special Dispatch to The Star
NEW YORK, March l3.-The Nation
al City Co. was awarded an issue of
$3.50 900 Chautauqua County. N. Y.
bonds yesterday, by what is believed to
be record narrow margin for recent
years. The successful bidders tender for
the entire issue was but S3.15 higher
than that of It's nearest competitor the
Bankers Co. of Now York. This means
difference in price of nine-tenths Of
cent bond.
The high tender for the per cent
obligations. which mature In 1888 and
1889, was 103S49, while the second best
was 10384o. Kean, Taylor e. CO. Of
fered 103s29 for the issue and the
Guaranty Co. of New York 1903 SO.
There were eight bids in all.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
EXCHANGE HEAD RETURNS.

NEW YORK, March l3 lP)-E. II. II.
Simmons, president Of the New York
Stock Exchange, returned on the
Olympic today from u follr-week Eu-
ropean trip. He visited the stock ex-
changes in Paris. Berlin and Amsterdam
and studied their operations Although
he would not discuss his visit to the
exchanges, it has been understood that
his researches were intended to be of
service in the expansion of membership
and the enlargement of quarters OF the
lew York StocNeExchange.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
COTTON PRICES FIRM
IN EARLY TRADING
Opening Advance Brings Out Real
izing and Market Drops
Slightly.
b. the Associated Press.

b. the Associated Press.
NEW YORK, March 13.-Cotton
opened steady today at an advance of
3 to Is points. Active months showed
net advances of to II points during
the first few minutes on covering or re-
buying by recent sellers, apparently
promoted by an unfavorable view of the
weather map and relatively firm Liver
pool cables.
The advance to 2127 for May and
20.46 for new october contracts was
checked by rather heavy realizing,
however. and the market sagged off a
few points during the first half hour.
The weekly report of the weather
bureau was considered rather more
favorable than otherwise and may have
increased the disposition to take profits,
although it was partially If not entirely,
Offset by the unfavorable conditions re-
ported today.
Private cables reported general buy
Ing and covering in Liverpool on
weather reports.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
PETITION ASKS EXCHANGE
CLOSE ON MARCH 1880

Special Dispatch to The Star.
NEW YORK. March ia petition
asking governors Of the Stock Exchange
to suspend trading on Good Friday,
March 20. end Saturday. March 30, was
posted on the floor yesterday. 1t is ex-
pected that governors will act on the
petition at their regular meeting on
March q.
every Good Friday since 1900, with the
ly has trading been suspended on the
Saturday following, although such was
the case last year, when the bull mar
ket was getting well under way and
clerks were beginning to show the ef-
fects of the strain they were working
under.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
CHICAGO DAIRY MARKET.

CHICAGO. March 10 lP,.-Butter--
Lower; receipts. $3.50 tubs: creamery
extras. 1914; standards. 4774 a48: extra
flrsts, 4Sa48I2 firsts, 46l2a47l2; sec
onds, 45a46
Eggs-Lower: receipts, 2o.379 cases:
extra firsts. 27a2S; firsts, 36ls; ordinary
firsts. 24a25
Poultry-Alive. firm; receipts, cars
fowls, 29a30: Spring. "a; broilers. Asa
AZ; BOOSTERS, %; turkeys, 80; ducks,
24a30; geese, 81.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
INDUSTRIAL GAIN SHOWN.

NEW YORK. March 10 GP'.-Meas-
ured by consumption of electrical ener-
gy for power purposes and by manu-
featuring plants, industrial operations
of the country set a new high record
in February with an advance of $40
per cent over the previous high record
last September. per cent above jan
uary operations and 10 per cent higher
than in February, 1923, says Electrical
World
The new high rates of productive ac-
tivity were made in rolling mills and
steel plants, Woodworking plants. rub
Der products, automobile manufacturing,
including parts and accessories, and
chemicals and allied products.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13

The expectation is that other railroads
will adopt the same methods when out
standing bonds mature or when they
need to provide for capital charges.
One of the unexplainable features of
this situation is the unwillingness Of
most OF the railroads to sell stock, in
spite of the fact that the market price
of thir shares has been at higher
average in recent months than in many
years. The Atchison brought out con-
vertible bonds when its common stock
was selling around 5000 a share.
The American Telephone e. Tele-
graph Co. has an issue of SIC, 000, 900 of
collateral trust 4 per cent bonds coming
due on July l. 1t could not refund its
As in the present bond market at the
original rate of 80 years ago. The prob
abilities are that it will resort to an
issue with a convertible feature.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
General Motors Acceptance Co.

NEW YORK. March 13 (SpeciaD -
The General Motors Acceptance Cor
poration reports that a record volume
Of business was done last year. totaling
1857 SIS. Gross income totaled s49.-
ISL 472. After all expenses and charges
net profit totaled Sl0.370,453, against
so.573,475.
The net profit was equivalent to
S25.82 a share on 400 900 shares, against
$245l share on $4,000 shares out
standing in 1927 The 1928 profit ex-
cludesa gain OF s2.ll2S05 from reVal-
uation Of as cts. The balance sheet
shows cash amounting to S55 1877 f94
against s45 975.l6l last year and In
veStments reyalued al S5,363.535 COM
pared with S3,257.7 02 at the end Of
1927.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
Soft Coal Production.

NEW YORK. March Is LP1.-Do-
nestle soft coal production last week,
as estimated by the National Coal Asso-
cation. decreased to l0.5700 900 net tons
from IL 1850 600 tons the previous week
and ll,752000 tons In the week ended
February %.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
Budgets Are Large.

Leaders in the industry, however are
gradually working out means Tor better
ing the situation, which now Is not
sufficiently strong to attract the new
capital desired for some needed develop
ments. Budgets for these improve
ments this year call for the expenditure
of 1929, 100000. Much OF this VIII go
for new equipment, but some. 1t IS 1eit;
will be utilized to take over ous ana
taxi companies, thus relieving conges,
ton and making coordination instead
Of competition possible.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
EXPORT COPPER HIGHER.

NEW YORK, March 10 LPl.-The ex-
port price of refined copper was ad-
vanced one-half cent to 2014 cents
pound today to correspond with a
rise in domestic copper to 20 cents yes
terday. More than 100000 pounds of
the metal were reported to have been
sold at the new price. Foreign buying
Of copper has been heavy this year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
PARIS BOURSE PRICES.

PARIS, March Is (P).-Prices i'm
proved on the Bourse today. Three
per cent rentes. II francs 35 centimes.
Five per cent loan. 81 francs so GEN.
times. Exchange on London. 124 francs
81 centines. The dollar was quoted Of
rs francs go centimes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13

DIR. K Anan will conduct classes in
conversational Japanese during the
Winter and Spring terms of the Port
land extension center Of the University
Ct Oregon.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-13
SILVER QUOTATIONS.

NEW YORK. March IS dP.-Bar
silver, 1928; Mexican dollars, 42ss.