Evening Star Newspaper, March 16, 1924, Page 37

* TIRE AND MOTOR: SHARES ATTAGKED Tobacco Stocks Also u,.de,! Bear Pressure in Brief Saturday Session.. KELLY-SPRINGFIELD OFF Chesapeake & Ohio Sh'vng—l-‘mncs! Again Improve—Matket ! Professional. Er the Associated Press. NEW YORK, March 15.—Bear pres- i sure against the tire, motor and to- baceo shares, apparently based on un- favorable earnings and dividend ru- mors, unsettled today's stock market, | although independent strength was shown by some of the medium priced rall issues. Trading was largely of a professional character, as it has been for the last month or more. Specu- lali.vo fears for the safety of the dividend on Kelly Springficld 8 per cent preferred, action on which is due about April 1, were reflected in 4 seven point break in that stock to 56. Heavy liquidation of the com sent that down more than 3 points to 17%, a new low record for the t, losses in most of the other r ssues were held to fractio Godrich touching a4 new low ‘at i Auto Rumors Start Salew. Selling of the motor shares was based on unconfirmed reports that | some of the leading companies were not finding ready market for their vars andt storing a large portion of their output. Chandier broke 3% points o 5674, 2 new 1924 low; Max. well A dropped 2 to 50; Stewart-War- Depedld down 1% to 86, and Stude- and most of the other: fractlonally. o e essure against the tobacco gro centered in Tobacco Produsts |smer, cach of which dropped more-than 3 points to new 1924 lows, on rumors auestioning the maintenance of the 6 per cent dividend. New lows in this ZToup also were recorded by Ameri- can Sumatra common and preferred, Consolidated Cigar common and pre- ferred and General Cigar, Genera] Electric advanced fraction- ally to 226, a new high since 1902 and then broke nearly 6 polnts from the top on profit taking corn prod- ucts, DuPont and Gulf States Steel reacted sharply on realizing sales. Silk Stocks Thrown Over. Another decline in commodity prices resulted in further liquidation of the =ilk shares, Malinson and Jullus Kay- * ser dropping 2% and X respectively, to the lowest prices of the year, Coca Cola was again In supply, touching another low at 63%. off 3% 18 further reflection of speculative dis appointment over 1923 earnings, Wwhich left u slight gin over 17 per cent dividend rate. Chesapeake and Ohio was one of the active features of the rall group, closing ¥ higher at 75%. Good buy- inzg also was noted in Norfolk and Western, New Orleans, Texas and Mexico 'and Erie first preferred. Lackawanna and Northern FPacific were heavy. 2 Francs Improve Further. The weekly clearing house state- ment showed increases of $97,785,000 in loans, discounts and investments; $799.000 'in_cash in own vault; $87,- ©31.000 in net demand deposits and %5.489.000 in time deposits. Reserve of .member banks in_the federal re- ve bank dropped, $4.517,000. Further improvement in the French tranc, which carried it above 4%, icatured the foreign exchange mar- ket. Most of the other rates held steady, although Brazilian milrels dropped about 50 points on the heavy purchases of dollars in Rio De Ja- neiro to meet interest payments. AUTO PRODUCTIONS AND SALES HEAVY Truck Reports Indicate Extra Good Business So Far This Year. Special Dispatch to The Star. NEW YORK, March 15.—People may be clinging to their old clothes, but they are buying automobiles. In the nrst two months of this year the mills of the auto gods turned out 150,000 vars and trucks more than in the first two months last year. They made three times as many as they did in January and February, 1922, Are they making money out of this business?” The high cost of material, the high wages paid, the credit system on which cars are sold are said to be devouring the profits. One answer to this is found in the statement of the Mack Trucks, Inc. published this week. This company showed a profit of $8,053,665 in 1923. Thi nearly twice the 1922 return. After paying preferred dividends, the company has 32071 a_snare in profits, compared with $9.94 a share in the preceding year. In this amazing production of cars the part played by the truck is im- portant. February saw motor trucks turned out at the rate of 1.350 a day. This is the greatest monthly output since June last year when the peak was reached The industry is at capacity and 13 planning extensive cnlargements. B. & 0. WILL EXTEND CO-OPERATIVE PLAN BALTIMORE, March 15.—The co- operative plan between the Ballimore and Ohifo railroad and certain of its shopmen in this city will be extend- od to ali parts of the system under an agreement that has been signed by unfon representatives of the shop- men and officials of the railroad. It will affect approximately 20,000 em- a number of whom are in ‘Washington. The co-operative plan, which has been in effect in the Glenwood shops here for a year, has as its basis im- proved shop conditions, based upon amproved efficiency on the part of the employes. Kresge 8. §. Liggett & Mrers 9 NtShatan Bnirt ‘Radit iridjum, - Thodiam, um ang@ lld.lm?:l'z_mew!" all °=vn v ‘thin geid. [ 12 | 5 378 The Year 1924 to Date on the Washington| Stock Exchange_. Furaisked by W. B. Hibba & Co. Hibbs B » nd includiag Saturday, March 15, 1934, Tp to ales. BONDS. 16.000—C. and P. Tel. of V. 35,700—P. E. P. 63, 1953, 5,000—Ana. and Pot. 5 29,000—C. and P. Telephone 1st bs §7,500—Capital Traction 1st 5s.. 8,000—City and Suburban Ry. 1st 5i 5,000—Metropolitan R.R. 1st b 10,000—Pot. Elec. Power 1st 5s $6,000—Pot. Elec. Power cons. §s. 2,500—Pot. Elec. Power deb. 6s 1,000—W 53,500—Wash. Gas Light gen. 5s. 45.000—Wash. Ry. and Elec. cons. 48 69,800—Wash. Gas 6s, 1933. .. .- !.%‘:)“_POL Elec. Power re: STOCKS. Capital Traction . 813—Washington 0—N. and W. a ash. Ry. and Elec. com. Wash, Ry. and Elec. pfd. O sh., Balt. and Annap. 1st 55... ‘Wash,, Alex. and Mt. Ver. ctfs. 1 National Bank. ational Bank.. Lincoln National Bank Riggs National Bank. i Amer. Security and Ti ( ~—Continental Trust 30—Real Estate Title Insurance. 41—Merchants’ Trans. and Storage 79—Mergenthaler Linotype - —Lanston Monotype 10—Security Storage Co. 283 —Washington Market ... 310—Nat. Mortgage and Invest. pi UNLISTED 1—Departmental Bank . 100-—Standard National Bank 10—Chapin-Sacks 8s pfd o—Chapin-Sacks 7s pfd. 'SIGNS OF REVIVING | | INTEREST IN BONDS | Disposition of Income Tax Pay- ments Partial Cause of Bet- ter Undertone. By the Associated Press. NEW YORK, March 15.—Signs of reviving interest in the bond market, which had been awaiting final dispo- sition of the income tax payments. were noticeable in today's brief ses- sion. Trading activity naturally w; reduced. but the strong. undertone of the market was reflected in an up- ward price trend for all leading issues. The reltet of Wilson & Co. bond haolders over abandonment of th company’s plan for a capital read- Jjustment was shown in the further recovery of its obligations. The con- vertible 7l:s gained 3 points and the 63 were 15 points higher. Quietbuy- ing carried a wide range of high- grade and low-priced railroad issucs into higher ground. Selling of Kelly-Springfield stocks. based on uneasiness over the safety of the 8 per cent preferred dividend. brought liquidation of the company's 8 per cent bonds, which fell 2 points befow par (o a new low price for the year. Profit-taking continued to cut the recent gain of Punta Alegre Sugar 7s, which attained & new high of 122 yesterday. Al:hough some concern was felt in investment circles over the recent ol der of the Interstate Commerce Com- mission directing the sale of $850,000 Chicago Unlon station bonds to the highest bidder, bankers regarded the move as only an experiment and were inclined to believe that only a wide extension of the method would dis- turb market conditions. MAY COTTON SCORES NEW HIGH ON MOVE General Market Closes Firm, 20 to 30 Points Higher, in Satur- day Trading. By the Associated Press. NEW YORK, March 15.—The cotton market was quiet but comparatively steady today. After selling at 29.98 May eased off to 29.12, but rallied and closed at 29.24. The general market closed steady at net advances of 20 to 36 points. 5 The opening was firm at an ad- vance o{’elfi to 31 points in response to relatively steady Liverpool cables, further buillish comment on yester- day's statistics and an unfavorable view of weather conditions in the 0 his advance carried May into new high ground for the movement and about 172 points above the low level touched on the decline at the begin- ning of the month. It attracted realizing by recent buyers and there were reactions of several points from the best, with October selling off from 25.85 to 25.77 during the early trading. The decline was checked by further covering_promoted by prospects for unfavorable weather in the mulh:@rsel over Sunday, e within a few points of the best. LIVE STOCK MARKETS. BALTIMORE, Md., March 15.—With the lenten season here the live cattle market generally rules quiet and easy and demand easily satisfied and cen- tered on top-grade stocks. Current receipts light on wharves and only moderate at stock yards. _Spring lambs, however, are selling_ good under very light receipts. Quola- tions today at Light street T Beef cattle, first quality, per 1b, 7 to 8; medium, 5 to 6; bulls, as to quality, 4 to 5; cows, choice to fancy, 4% to 5%; common to fair, 2 to 4. Oxen, as to quality, 4% to 6%. Mk cows, cholce to fancy, per head, 50.00 to 75.00; common to fair, per head, 30.00 to 50.00, Calves, veal, choioe, per Ib, 10 to 12; ordinary to medium, 10 to 11: rough, heavy, common, 8 to 9. Sheep, choice, 6 to_ ol 4 to 5; common, 2 to 3; lambs, fat cholce ‘stock, 16'te 16; falr to gvod, 12 to 14; common thin, 9 to 10. Hogs, 8, 5 to 6; stags and boars, 4 live pigs, as to size and quality, 9 to 10; shoats, as to size and quality, 7 to 8. ceipts, . 660 head: steady: steers, 5.75a 10:85; state bulls, 3.00a5.50; cows, 2.00a 4.50. eals, 15.50al culls ‘and little Yfih:i; 4.5026.0 buttermilks, 6.00a Bheep and lambs—Receipts, none: v Sheep, 4.50a7.00; culls, 2.75a hgn».,mn.fl.oo: culls, 3.50a 11.00. Ho‘s—fim!:zh. 230 .head; steady. Light to medium weights, 8.10a8.40. pigs, 7.70a7.90; heavy hogs, 7.50a%.75: roughs,_ 6.75a7.50. 'NET INCOME DROPS. ALTIMORE, March 15.—The Mer- ‘up.nym rts net income of $565, re] ome of - ?;’n for “R against $819,210 the previous year. No References Required. Prom the Bostsa Tramseript. “Before giving you a final answer,” she sald with a becoming blush, T shall refer you to papa.” “But I am perfectly willing to take without any" referemce,” he sald Calves—Reoeipts; 360 Tead; steady. | pi BUILDING HOLDS UP ! IN NEW YORK CITY,| { Operations Continue at Very High Rate—Less Activity Noted in South. Special Dispatch to The Star. NEW YORK, March 15—Building permits here continue to be astonish- Ing. Permits throughout the country, gathered by Bradstreet from 157 cities, totaled $52,000,000 ahead of January and $47.000,000 shead of February of year. This is a gain of 211 per t over Januars and 211 per cent * February, 1923. Notwithstanding is great gain, the central. northwest- southwestern and southern states The greatest increase ork_city. However, tion need be alarmed at a failing off, is the demands on the buflding re- sources of the country are well in cx- | €55 of its resourres. | To sum up briefly the whole business situation, it may be said that while con- ditions in general are good and basically =ound, some objection may be made to the uneven character of activity. There | is a little uncertainty about prices and there is a slight incrense In.the spread of prices, which iz bad. This should ve way in the spring in an evening up of prices. On the whole, the situation may be described as satisfactory. A i QUIET WEEK ON CURB. Dubilier Condenser and Ford Motor Are Features. NEW YORK, March 15.—Business on the curb exchange bprogressed during the week in an unusually quiet man- Price changeés. weré small, move- ments generally being Ifmited within @ narrow range. There were. however, several prominent features, chief among them being Dubilier Condenser, which ranged from 26% to 33, making a new high on each day of the week. Ford ! Motor of Canada also strong, advanc- ing € points to 477, and Glen Alden Coal! had intervals of activity, gain in the first half of the week of more than 2 points to 863,. Lehigh Coal Sales, after moving up over 3, points, yielded more than 6 points. ‘high Power Securities was active and strong and made a gain of over 4 points. Ward Baking issues were in demand, and were established in a moderately higher range. i —— NEW RECORD FOR FORD. DETROIT, March 15.—Swinging into its big spring production program, the Ford Motor Company reached the highest mark In its history Wednes- day, when its domestic assembly plants produced 7,456 cars and trucks. This does not include the daily out- put of 500 cars and trucks for export, nor the production of the Manchester, (England) and Ford of Canada plants. —_— BALTIMORE PRODUCE. BALTIMORE, Md.. March 15.—The egg market has held steady all week | at 25 cents a dozen, and although re- | ceipts have been fairly liberal all de- sirable stock has moved promptly, with values well sustained. With no surplus at the moment, the market closed firm, but prompt shipments are advisable to command top prices. A good demand is noted for duck eggs at 45 cents a d with receipts generally light. live poultry market is firm under light receipts, especially of young winter chickens, two pounds and under. Fat, Smooth stock of all kinds is in demand at full quotations, but small and poor fowl are slow sale at the lower values: There is a good demand for choice hen turkeys and young gobblers at 40 a pound for the former and 35 for the latter. Heavy old toms and poar and crooked breasts sell 25a30. chickens bring 40; large young, 25, and leghorns, 30, but rough thin stags will not bring over 25. Old hens also in good demand at 27a28 for medium, 25a26 for small and 24a25 for leg- horns. Old roosters are in better de- mand and are bringing 16217, Ducks are running light and choice fat stock will readily sell at 24a32, while small and r bring 24. Season for Eeese early over and not much demand at 0a25. Pigeons scarce and wanted at 45a50 a pair for young and old. - - Guinea fowls, demand at 60865 each for young and 30 each for old. Season for dressed poultry drawing to a close with demand centered on choice to fancy freshly killed stock, and ordinarily mixed lots_of poultry are slow to find favor with values about the same as live. Dressed tur- keys will bring about 2 cents a pound over live and, with the exception of capons, is the only stock bringing a premium over live. Large capons,-7 pounds and over, sell at 40, medium 36a38, while small ilps will*bring’ 32 ple receipt and srul at 1.75a1.90 per 100 poun! for No.'2; Maryland and’Vir, Cormicks, however, sell”mostly. liéds 1.60. while 150-pound sacks.)all- vayi- eties, sell 1.4022.75, as t&" quality and condition. With receipts, atttl -com+ paratively light, market for vg:u and yams st at 6.50a7.50"a -par- rel for former and 5.00a5.50 for the latter. No. 2 and ungraded stock of both, however, will not bring over 2.50 to 3.50. An improvement is noted in the demand for native and nearby garden truck, with a slight increase in values on some of the lines at the | following quotations: - Bee! carrots, 426 ‘broceolf and 35a40 bushel; 3.00a. el; onlons, - 100 pounds; oyster fih:mi-o. c.ou:‘u uni parsnips, 50860 . bas pinach, 1.00a1.25 bushel, 35850 bushel. The apple market rules firm under a good démand for known brands of soft eating varieties, 2.7584.50 & barrel for packed stock and 2.00a2.50 for No. 2s,-busheil-asslis mostly 50a1:30; a¥ to quality and: ditions, i THE SUNDAY - making a |- ‘Winter |- BUTTER DEMAND LIGHT. Drop of 1,875 Tubs During First Three Days of Week. CHICAGO, March 15.—The week’s butter market closed steady, largely the result of firmer feeling carried over from the previous week, avcord- ing to the weekly review of the Fed: eral Bureau of Agriculture , Econ- omics today. Speculative demand was almost entirely lacking and con- sumptive buying was a hand-to- mouth nature, with supplies of . top scores liberal, but interest chiefly con- fined to the medium grades, Receipts at Chicago, Philadelphia, New York and Boston were 1,875 tubs lighter for the first three days than for the same period in the preceding week. I'roduction, however, was un- certain. Imports were light, although STAR, WASHINGTON, D. lurger than were expected and had a slight weakening effect on the New York market. Coverings wide (2 yds. wide). 49c Spuare Yard T T LT Felt-Base Floor COTTONSEED OIL HIGHER. NEW YORK, March 15.~-Cottonseed oil' was higher tkrough moderate buying by commission houses, inspir- ed by the firmness in lard and cotton and continued cold weather south. Shorts _showed more disposition to cover. Refiners sold September on the advance. Closing bids ‘were off one to-five points from top, but six to twelve net-higher. Sales 6,100 bar- rols. Prime crude, 8.25 bid; prime summer yellow, 'spot, 9.70a9.90; March, closed 9.70; May, 9.9%; July, 10.32 &1l bid. S FLOUR'GOES UP 10 CENTS. MINNEAPOLIS - Minn., March 15— Flour unchanged to 10 cents higher; tamily patents, 6.40a6.55 a barrel. Shipments, 42,420 barrels. Bran, 23.00. Wheat, No. | northern, 113%ai.18%; May 1 L14%: September, 1.14%. y low, 68%a70. Oats, N 42%. Flax No. 1, 2.43 All well kmowm makes, includ- g Red Seal Comgolewm, Floor- , Pro-Liso and Neponset, §- 4 192¢—PART: 1. BUSINESS FAILURES UP. NEW YORK, Marsa 15.-A moder- ate inerease in the number of com- mercial failures this week in com- parison with last ‘week is shown in tabulations made by R. G. Dun & Co. Failures reported to this agency during the current week numbered 419, or eighteen more than in the previous week. In the corresponding week of 1923 371 failures were re- ported. Except for the west, where there was a slight drop in the num- ber of defaults, there were increases in insolvencies in every other geo- graphical section of the country. JEWEL TEA INCOME UP. NEW YORK, March 15.—The Jewel Tea Company reports for the year ended December 31, 1923, net income of $624,201, after charges and federal taxes, equivalent to $17.10 a share on $3,640,000 cumulative preferred stock, against $152,149, or $4.15 a share on the preferred in”the previous year. TWO DIVIDENDS' VOTED. INDEPENDENCE, Kan., March 15. —The Prairfe Oil and’ Gas Company and Prairie Pipe Line Company have each declared a quarterly dividead of $2 a share, payable April 30 to §fotk: holders of record March 31. .. ., -—— COPPER STAYS AT 14 CENTS. NEW YORK, March 15—Somo fall- Ing off has ‘been: reported in the volume of business, but the copper market has held generally steady at about the 14-cent level for electro- Iytie, Iron st DRY hOODS‘ STEAD}EB NEW YORK, March 15&-Cotton goods were steadier today, with in- quiry Dbetter. Yarns showed little change. Linens were in fair demand, dress Jinens being scarce for quick delivery. Silks were barely steady and raw silks were again lower. Burlaps were weaker here and at Cal- cutta. "STUDENTS UNLOAD:SHIP:= Take - Places -of Striking Dock | ‘Workers in-Germany. HAMBURG, March 15.—Two hun- )} dred students turned stevedores yes- terday, volunteering to unload the freight steamer Pittsbyrgh, which arex rived here Thursday with food from America. .The dockworkers are on strike and refused to discharge ths cargo. The students will live aboard the Pittsburgh until the vessel it emptied. == s HUGE GAIN IN MONTREAL, March 15.—Net earric ings of the Canadian National Rail. ways for 1923 were $20,326,563, af - compared with $2.886,711 in 1922, ci- net increase of $17,34%,851. O g Brains and brawn find a ready mu:- ket through Star Want Ads. Blankets Savings Here Sisgle Plaid BLANKETS, Dosxble Gray BLANKETS, "Doxble Size COMFORTS, $1.98 $2.98 Sale of Alex. Smith and Sons RUGS Our buyer at the recent Alex. Smith & Sons Rug auction found prices had taken a big drop—youw’ll find the identical quality Smith Axminster rugs here on our floors, which we are going to pass on to you at the same proportionate savings—uwise homemakers will buy now, while the stocks last. You Can’tAffordtolgnore BothSavings andEasy Terms Velvets or Axminsters Two sizes—8Y%x10Y; feet and 9x12 feet —choice seamless wool velvets or high $29.50 pile axminsters, oriental and other patterns m o VWorst'et-i Brussels Rugs . Close-woven Worsted Brussels Rugs. Regular $35 quali- feet. Special ties in two sizes— 9x12 and 8%x10Y2 and harmonious colors Velvets or Axminsters Convenient room size 6x9 feet, in choice axminster and wool velvet rugs. All the $19.75 st favored 27x54 Scatter Rugs These small rugs are ideal to scatter about the bedroom or living room. 9.50 27 x514 Choice of axmin- ster or velvet. .. inches. $9.98 cluded — all seam- and 8Y,x10%; feet. Fine Axminsters Just fifty (50) of these—Velvet Rugs in- less grade, -$69.50, 00 values. Sizes 9x12 ° W ool and Fiber Rugs Size rugs in two sises, 9x12 and 8Y%x10% feet. Reduced to. Al our $15 grades of these serviceable $10-75 The New 1924 Patterns in Congoleum Rugs ‘Are Included in This Timely Sale of Floor Coverings 4%x9 Feet Gold Seal Rugs 7Y%x9 Feet Gold Seal Rugs 11 9x12 Feet Gold Seal Art Squares $Q.75 18536 Inch Gold Seal Mats 251 1INPI i 3x9 Feet Red Seal Rugs Red Seal Rugs Seconds of $9 Grade 55 75 9x9 Feet Red Seal Rugs Seconds of $13.50 Grade Housewives "all over.the. land find Congoleum floor coverings eéasy to keep clean—serviceable and attractive when used in any room. Buy now during this sale and have your selections charged. Seventh and D o T T $8.75 18 Inx9 Feet Red Seal Runners - WASHINGIONS GREATEST FURNITURE STORE ..CASH = CREDIT G