Evening Star Newspaper, January 23, 1927, Page 41

| LISTREACTIONARY INLAST MINUTES Stock Prices Show Reversal of Form After Early Rapid Rises. By the Associated Press. NEW YORK, January 22.—The stock market displayed another sharp reversal of form today, heading up ward under the leadership of the low priced merger rails In the first hour and then turning reactionary when selling pressure was renewed against the motors and other leading ipdus trials in the last few minutes of trad ing. This reversed the movement of vesterday when a heavy opening J followed by a strong close. Trading was fairly heavy for a half-holiday sessior’, total sales running above 1,000,000 shares. Wheeling and Lake Erie i sumed their sensational adv common touching a new high at 4 and then easing to 483, up 6% net and the preferred touching a new top at 68, up 5% points net, Pittsburgh and West Virginia, which is mentioned as a likely purchaser of Wheeling and Lake Erie shares, jumped 7 points to closing a point below the top. stern Maryland common crossed 26 to a new peak and then shpped back to 24% and the second preferred fell from a high of 32% to 311z, up % net. Wall street was filled with ru mors about stocks of these three roads, but all lacked confirmation from re sponsible sources. Widespread speculative activity also took place in other law-priced rail road issues. Erie common touched 4215, the highest price in 10 vears, and the highest prices in a year or more were recorded by Wabash pre ferred B, Denver & Rio Grande pr ferred and “Big Fou On the other hand, several of the high-grade in- vestment issues were heavy. net de- clines of a point or more being re- corded by Atchison, Baltimore & Ohio, and Lackawanna. Atlantic Coast Line dropped 3 points. A sudden outburst of selling in General Motors carried that stock down nearly 2 points to 148. Savage Arms dropped 2% to a new low at 64. Heaviness also developed in such recent strong spotsas American Smelt Ing, Colin, and Aikman, Pierce Arrow preferred, Pullman, F. H. Shattuck and Woolworth. United States Cast Iron Pipe dropped 4 points. Pressed Steel Car and Producers and Refiners touched their highest prices in a year or longer. The principal were firm. Foreign exchanges held steady, de- mand sterling ruling just under $4.85 and French francs around 3.97 cents. Btrength of Peruvian exchange was in anticipation of some Peruvian financing here during the next few weeks. ues re- commodity markets e WHEAT CLOSES FIRM AT SMALL ADVANCE Chinese Disturbance and Russian Connection Have Bearish Effect on Market. By the Associated Press. CHICAGO, January 22.—Wheat proved responsive today to talk about possible market effect of disturbances China should Russia become more olved. Likelthood that the United States visible wheat supply will show ® material decrease on Monday count- ed also as a strengthening influence. Closing quotations for wheat were firm, %4 to %a3% net higher, with corn unchanged to % up, oats at % to % edvance, and provisions varying from 7 decline to 12a15 gain. An outstanding feature in the wheat market today was the fact that pre- miums_for domestic hard wheat at the Gulf of Mexico were firmer. This circumstance had a tendency to upset the plans of would-be sellers disposed to act on _the basis that the tradi- tional bear period is right now and until March 1. It was pointed out also that inasmuch as the market has had no boom the situation lacks the inducement for short selling usual at this time. Estimates that the world supply of wheat and flour as compared with a vear back shows about 50.000,000 bushels increase were offset today hy indicattons of greatly reduced stocks in consuming countries, inlly Gireat Britain, and by word that there is a dearth of quick shipment offers from Argentina. Due notice was also taken that wheat being shipped at present from Argentina and Australla will fail to reach Europe end of February. S Corn and oats reflected unfavorable weather conditions for the movement of corn. Interest was Iikewise shown In news that the Senate ageicultural committee as well as the House com- mittee 8 ndorse eNi y- Haugen bill, Lt Mty Selling of land by cas ened that commodity, ed to advance. NICKEL PLATE SURPLUS, NEW YORK, January 22 () plus of the New York, St Louls (Nickel Plate) ver was $570.857 after charses against $422,468 in yw»-;.mh"vf"" bringing the total for 1 to $8,066 808, compared with $6,445,807 1n 190 December net incc of the Nickel Plate road, after all charges. was $570,857, an Increase of $148 8% oue the same month in 1925, For the year net income was $8,066,308, a1 inoree: of $1620501. Raliway operating revenue for December was $4,460,691 a decrease of $192,301, while for. 12-month « period operating was $54938,491, an increase « Net operating revenu was $788,435, an incr s nd the vear $10,157.501 crease of $434,606 houses weak ut meats tend Sur. for Decem revenue ase LISTINGS ARE HEAVIER. N YORK, January Corporate ind Government securities totaling nearly six billion dollars were listed on the New York Stock 15 change during 1926, an increase of - per cent over 1925 lstings, it is cal culated by Dominick & Dominick Forelgn and domestic corporate list ings reached & mew high record $4,803,119,408, while foreign and U Government bonds increased to §1,10s . | 000,000 from $608,000,000 the fore vear be DIVIDEND REDUCED. CHICAGO, January 22 (®).—Hib {he obtaine piled up traffic among monkeys. lution was not in any way involved. Chicago and | for the More in Next BY M. S. RUKEYSER. When Victor Macomber Cutter was graduated from the Tuck School of Business Administration at Dartmouth College in 1904, he decided that he wanted to see the world. Accordingly, i employment on a planta- tion in Costa Rica as a timekeeper for the United Fruit Co. Today, he is »nt of the company, and in the world's biggest banana grower. In the first 25 vears of its existence the United Fruit Co., pioneer in American economic imperfalism, has paid rich rewards to its shareholders, having paild out $90,000,000 in cash dividends and having reinvested in the properties more than a dollar for every one distributed. Besides grow- ing bananas, the company has the distinction of being the fourth largest producer of sugar in Cuba, and the owner of a fleet of 79 ships. Few, if any, Americans have as good an opportunity as Mr. Cutter to size up conditians and opportunities in the republics to the south. Mr. Cutter thinks that the great development there, which has been delayed, is now imminent. ‘Tn the next 10 years.” said Mr. Cutter, whose business headquarters are in Boston and whose home is at Newton, Mass., “Latin Amerfca will make greater progress than in the previous 150 vears. The buds of eco- nomic development are now ready to blossom. Much has already been ac- complished in the last 20 years, but it will seem small compared with what lies ahead. The whole of Latin Amer. ica is on the verge of a great period of development. Latin Amerfca will be opened up by a new program of road building. The automobile in the next decade will begin to do for Latin America what it has already don= for the United States. Cuba is furthest advanced In working out a program for road building. All of Latin Amer ica will offer a huge outlet for Amer- itan cars and truck Must Regard Competition. sked Mr. Cutter if he believed the road building program would be financed by American capital. Mr. Cutter thought that the bank- ers ought, in their loan policies to for eign corporations, to have some re. gard to the effect on competition with Amel an enterprise: “In sdme countries,” explained Mr. Cutter, “there is hostility to American corporations. Bankers in the United States lend funds to Germans at low ates of interest and they relend in outh America at high rates and, in doing so, further a campaign to drive qut American concerns. “I think that the governments will be able to continue to get loans in the United States, if they handle their affairs properly.” In further painting the canvas of future opportunities in Latin Amer- ica, Mr. Cutter, who spoke with real usiasm, added: nditions never before were 8o favorable to American exporters. American banks are now established in Latin America, and are able to sup- THE SUNDAY LATIN AMERICAN GROWTH AHEAD Predicts Countries to South ”Will Develop| 10 Years Than in the Last 150. | ply the requisite credit. The Depart-| ment of Commerce has able commer clal attaches, who are a distinct asset | to American business men interested | in foreign trade. Moreover, shipping facilities are distinctly better. Ships | now call at the leading ports two or| three times a week. compared with | once every two or three months in| the past. . Has Great Resources. “Latin America has everything we | want—raw materials, fruits, cattle, | ardwoods and many other products. | Accordingly, that whole area is a good market for foreign manufac- | tured good. American concerns lack ales representation hey should | treat foreign sales the same as do-| mestic business and should always be In the field ready to develop new con tac! Mr, lack adeguate ‘ Cutter was asked to appralse political conditions in Latin America. | Incidentally, Nicaragua, present cen ter of conflict, is one of the few Latin | American countries in which the United Fruit Co. does not actively operate. It has wireless stations | there, | “In the last 20 years.” Mr. Cutter declared, ‘there has been a marked improvement in the character of gov- ernments in Latin America. Foreign ships will not make a port that is in | open revolt, and this fact has become | a stabilizing influence, for the people do not wish to be cut off from the rest of the world.” . _Shipping is a by-product line for the | United Fruit Co., which regards its | ships as delivery wagons bringing its | products to world markets. Whereas other ships sailing under the Amer ican flag have difficulty in meeting foreign competition, the United Fruit fleet is automatically assured of freight on its northward journeys Whatever it gets in the way ef pas senger travel and southbound freight | is looked upon as velvet. Tourist Trade Growing. Mr. Cutter pointed out that the tourist trade to Latin America is | growing each vear, and is an impor- tant factor in linking up the two con- tinents. Most of the travelers are residents of the United States, bu Cubans and other Latin Americans are beginning to travel more. Mr. Qutter believes that after the economic development which he fore- sees takes place Latin Ameriga will develop an important culture Mr. Cutter applies his knowledge of | economics to his conduct of the busi- ness of the United Fruit Co. “In raising fruit,” he said, “it is our policy to get a large production and a low average selling price, rather | than to hold our products from the | market to boost prices. The latter policy i& dangerous and uneconcmic That is what Cuba is now doing with sugar. The government has restricted production. Meantime, Europe and the English colonies and other sugar- growing countries are planting beet sugar heavily to take advantage of the situation. Ultimately, Cuba is likely to find itself holding the bag.’ (Copyright. 19" DISCUSSION BY MONKEYS TIES UP FLORIDA TRAFFIC Little Chinese in Green Silk Pa- jamas Directs Attack Against Screeching Simians. By the Aseociated Press. ST. PETERSBURG, Fla., January 22 —Several score' persons, led by a little Chinese in green silk pajamas, for a mile yesterday, while listening to a heated discussion The theory of evo- Ten little monkeys were set up to an undisturbed existence several years ago by a real estate developer, who placed them on a tiny island in a lake, supposing that swimming was not Yesterday a usurper in the kingdom precipitated a fancy fight, and when among their accomplishments. it was finished 10 screeching simians took to channel swimming. Across 50 feet of water to the tops of pine trees they scooted, tearing awnings on the way and chattering excitedly all the while. It took 10 men to bring them down. The Chinese, his gavly colored pantaloons fluttering, di | rected the attack from a treetop. Arbor Day Decreed in Turkey. CONSTANTINOPLE, January 22 (P).—Arbor day will be inaugurated in Turkey under a decree approved by the cabinet yesterday. All Turks between the ages of 168 and 40 will be required to plant three trees on the day to. be selected. It s to be made. an annual national holiday and constitutes the first measure for rem- edying the nation’s serious problem of deforestation. SAY “BAYER A | Colds Headache Neuritis WIFE SUES COMSTOCK | FOR ABSOLUTE DIVORCE New Bill Disposes of Rumors That | She Was Seeking Recon- | ciHation. By the Associated Press. MIAMI, Fla, January 22.—Mrs. Evelyn Cady Comstock filed a new bill of complaint against Stanley E. Comstock in Circuit Court here seek- ing an absolute decree of divorce from the former fiance of Peggy Hopkins Joyce and later betrother to Connie Almy, night club dancer. The action terminates reports that Mrs. Comstock was endeavoring a reconciliation with the Chicago and Miami sportsman following his whirl- wind three-day courtship of Miss Almy. Mrs. Comstock's amended petition sets forth that she returned and lived with him in Miami from August, 1926, until November 18, when she left his apartment upon his refusal to “make g00d” his promises ! Mrs. Comstock also charges that after leaving the apartment in Novem ber Mr. Comstock came to her apart- ment on December 18 “in an intoxi- cated condition” and threatened to ill_he; -Back Guaran ‘Whyte-Fox knocks pimples. Try it. At Rarbers and Druggists SPIRIN" ~ Gonuine When you see the “Bayer Cross” on tablets you are get- ting the genuine Bayer Aspirin, proved safe by millions and prescribed by physicians over 25 years for Lumbago {ary 1 |1 and October 1, |is meant by bonds selling STAR, WASHINGTON, D. C., JANUARY 23, 1927—PART 1. insly tor o tong . time. s there s | SUES FOR ESTATE ON NAPOLEON GRANT no reasonable doubt about their con- tinuing to do so, and these are bought and sold in the regular way; that is, “and interest.” When, then, the status of a bond is altered as that of St. ——— Aged Grandson of French Marshal Claims Villa Bestowed { on Villatte. 8t. Louis have cities spectively, with INVESTMENTS BY GEORGE T. HUGHES. dinner given by Prof. R. Mich Schoell of the nia Mra. Claude Ski; Louis. Louls-San Francisco income 65 has been, it is recognition of the fact that interest payments are for all practi- cal purposes as sure as if they were fixed instead of a contingent charge “And Interest” and “Flat” Sales A short time ago the New York Stock Exchange authorities changed the basis of trading in St. Louls Francisco 6 per cent income b due 1960, from a “flat” basis to a interest” basis. This action makes timely an explanation of just what these terms mean The procedure with regard to bonds on which interest payments are a fixed charge is to express the price in dollars per $100 par value, regard- of the amount pf interest th v have accrued between the pay- ment of the last coupon and the date of the sale. That is the quotation, but the practice invariably is that the buyer pays to the seller the amount of this accrued interest in_addition to the quoted price of the bond To illustrate, suppose City of Co penhagen 5%s of 1944 to be quoted at par and a sale to be made on Janu- The bond pays interest Apri! so that the buyer would pay to the seller $1,000 plus interest at 515 per cent from October 1 to January 1, which would be $13.75, or $1,013.75 in all for a $1,000 plece. If the sale had taken place in Decem- ber the interest would have heen cor respondingly less and if in February correspondingly more. This is w “and inter " | On the other hand, when a hond sells “flat” the quotation represents the entire cost to the purchaser ex cept, of course, for commission. All bonds in default sell “flat” and so generally do income bonds. Now in come bonds are obligations on which interest is paid_only if earned or at the discretion of the directors. Such | bonds are quoted “flat” on the theor that until the interest Is actually paid there it some uncertainty about it and it would not be fair to the buye to make him pay ccerued interest which he might never receive. There are, howev some Skys The ,betting force in Engls ielded $1,630, By the Associated Press. CINCINNATI January A. E. Villatte, 8: ear-old claimant to the Ville de Vilatte, in north of Paris, plans to vi this Summer and lay his c fore the French government present his claim a grd Henry Villatte, marshal of under Napoleor. “Jules Jusserand, formerly French Ambassador at Washington, ivised | me to make my claim id hte aged man. “I may have some difficulty in establishing my titlo to the Ville illatte after all these years, but Jusse rand told me he felt certain the French government wculd provide lib r me." ndfather,” he said, ‘“‘won Iship in the campaign in For his =ervices Napoleon him a g t est north of | It is that ground on which .H]l:u)l[~ the suburb of I , the Ville de Villatte—still bearing my grand father’s nam y | “After Waterloo and th Louls XVIII the marsh rested. Marshal Murat FORM RICE EXPORT FIRM. NEW ORLEANS, La., January (#).—Formation of the American Ric Export Corporation with headquarters in New Orleans and branch offices in Crowley and Lake Charles, La., and Beaumont and Houston, Tex., was an- nounced here today. The company will ba capitalized at $1,000,000. Rep resentatives of the company will be stationed In New York and London and within a short time it is hoped to establish branches in Memphis, Little Rock and Stuttgart, Ark rance ms be He will ndson of France LESS COMPETITION. NEW YORK, January an manufacturers of industrial re encoufitering less com petition from foreign chemicals, says the Oil, Paint and Drug Reporter, |Bave Manufacturing costs in Europe have| Parls. been mounting steadily and since the first of the year the export price of several important chemicals have been s advanced. 29 his marshs Spain. AT THE return of [ Most men a were ar- | must give to t was executed | sional help, else on October 13, 1815, and Marshal Ney ;:im,,l-‘,,,:,[p'f)[“» two mionths later. My u,,.m,u)u-rmp, i aped to America with his two sons | 1€ 310 weak e and bought an estate in Louisiana.” | Neglect a gentl He sald his father was lost in a | shipwreck returning to Loulsidna from ifornia, and that he th came to Cineinnati with his mother. ADOPT FRENCH ART. | - | i 22 ().—The Duc | t0 de Trevise, president of the Soclety to | MOveme Safeguard French Art, hasannounced, | constipate d the Paris edition of the New York | or the BANK STOCKS STRONG. NEW YORK, January ) .— | Bank stocks displayed a strong tone and railroad bonds showed general jm- provement in the week's trading in | the “over-the-counter” market. In- dustrials and utilities were irregular National City and Chemical Natio led the bank stocks with gains of points or mote est Is your ver form regularity “physic” every ick headache colds or Dr. ( esta prese pro sour, ¥ aldwell rlish t even NEW YORK, January 2 Gross sales of First Natio 26 rose to $59,081,055 495 in 1925. ), Stores from income Tribune says, that San Franclsco and of Rouen and their art treasures. The announcement was made at representing It n West Virginia Fights Woods. Toulouse, re-| :CHARLESTON. W. Va. Januacy the idea of preserving | 22 (). —Calling attention to the “com | mercial warfare” between Pennay| | vania and Wesr V nia. the Statp adopted fon protestin onfirming of the nomination : Woods o ennsylvania as a mem of the tate Commerce Cgni | mission clerk of the Senate Wi | instructed to send a copy of the resc lution to the United States Senatg . adopted the French a the duke in hone 1 and Pr nk iiversity of Califor- | san_Francisco, and | o Matthews of St. | )¢ nner . tax which came into nd last November 1 ) for t month 0ld Folks Need a Mild Laxative Women of Am Portugal smet are taking DR. W. B. CALDWELL. AGE OF 83 nd past he bowels some they suffer from cor might well refu fifty occa women any WetE, I BOTTLE Dr. Caldwell's SYRUP PEPSIN e aid to weak bowel ut laxative, in motit r mus day or dizzine FREE SAMPI what € bowel and you pt gassy 's S helps atur 1 n for the ver g hronically crapers areReady-Cut Why Not Your HOME ? 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