Evening Star Newspaper, February 2, 1927, Page 13

Further Break in Eqg Values Foreseen by Dealers, Due to Heavy Receipts. Egg receipts from nearby Maryland and Virginia continue much heavier than usual at this season, and dealer: believe the continued open Winter is responsible for the early laying. While prices this morning were sub. stantially the same as those reported vesterday, dealers anticipated further decreased prices before the close of the week. Because of the break in the market it is stated, buyers are not taking hold in large quantities, limiting supplies to current demands. A low price of 33 cents was quoted for current re ceipts this morning. A recovery from the brief spell of celd weather in the vegetable market | ix reported. Dealers have fairly large supplies of numerous varieties of vege tables for the trade, and prices quoted are what dealers regard as reasonable to_cheap. Dealers are still offering a few rab. bits to the trade, supplies on hand at the close of the season Monday, but the supply is so small that prices are not guoted. Today’s Wholesale Prices. Butter—Fresh, 1-pound prints, B6: tub, 53a54; store packed, 30 Eggs—Fresh, selected, 35a36: nery. 38; current receipts, 33a34 Poult — Alive, turkeys, 40a chickens, 30a82: White Leghorns, 24a 25; fowls, 27a20; roosters, 20: ducks, 5ba hen- | stocks traded in on the 20a25; keats, young, 65: old. 30a35 Dressed—Turkeys, 45a46: old toms, 85; fowls, 28a30; capons, fancy, heavy, 87a40; smaller, 30a32; fowls, 28230 keats, voung, 80a85: old, 50; ducks, 28a30; chickens, 33a35. Meats—Beef, 15a17; veal, 2a23; lamb, 25a27; fresh hams, 26a28; shoul. ders, 21a22; loins, 24a26; smoked hams, 28a30; smoked shoulders, 20. Live stock—Calves, choice, 14al5; medium, 11a13; thin, 7a8; lambs, 13. Fruit and Vegetable Review. ‘Today's market report on fruits and Yyegetables, compiled by the Market News Service Bureau of Agricultural Economics, says: Apples—Supplies liberal; demand light, market steady; few sales; bar- rels, New York, A 2%-inch Rhode Island Greenings, fine quality and con- dition, 5.00; Virginia, No. 1, Twigs, 23 inches up, fair quality, 2.00; boxes, Washington, medium to large smize, extra fancy Winesaps, 2.5028.00; mostly 2.75; extra fancy de- licious, some ripe, 3.50a4.00; best mostly 3.75a4.00; bushel baskets, no asales reported. Cabbage—Supplies liberal; demand light, market Mfl{ steady; new stock, ida, 1%-bushel hampers, pointed and round types, 1.50a1.75; Texas, bar- rel crates, approximately 100 pounds net, round type, 8.50; old stock, New Yerk, sacked, per cwt., Danish type, 1.4021.50. Celery—Supplies liberal; demand light, market steady; California, crates, 5.00a5.25; Florida, 10-inch crates, 2.50a3.00. Lettuce—Supplies liberal; demand light, market slightly weaker; Cali- fornia, Imperial valley crates, Ice- berg type, 4 dozen, 3.50; few, 3.75; 5 dozen, 3.00a3.25; few, 3. Florida, 13%-bushel hampers, big Boston type, 2.00a2.25. Onions—Supplies light: light, marke 1gan, 100-po s, U, S. No. 1, large size, 3.50; Indiana and Ohfo, 100-pound sacks yellows, U. 8. No. 1, medium size, 3.00a3.25; mostly 3.00. Potato Market Steady. Potatoes—Supplies moderate; de- mand moderate, market steady; Michigan, 150-pound sacks Russet Rurals, U, 8. No, 1, 4.00a4.25; mostly, 4.26; Maine, 150-pound sacks Green Mountains, 4.50; 120-pound sacks Green Mountains, 3.50. demand Mich- 5 baskets Savoy type mostly Strawberries—Supplies light. Ne % pplies very lig! String beans—Supplies very light; denua? light, market dull; Florida, %-bushel hampers, Green, 7.0028.00. Carrots—Supplies liberal; demand light, market slightly weaker; Texas, bushel baskets, 1.90a2.00; California lettuce, crates, few sales, 3.50. Tomatoes—Supplies light; demand moderate, market steady; Florida, 6s, ripes and turning, wrapped, fancy count, 6.00a6.50; mostly 6.00. Mexico, :ll‘lol. ripes, wrapped repacked, 3.00a AUBURN AUTO EARNINGS, CHICAGO, February 2 (#).—Net earnings of $949,181 for 1926, as com- pared with $765,685 for the wear pre. ceding, were made public yesterday in the annual report of the Auburn Au- tomobile Co. This is at the rate of $11.17 per share on 84,929 shares of capital stock outstanding. POTATO MARKET DULL. CHICAGO, February 2 (#).—Pota- toes—Receipts, 79 cars; on track, 236; total United States shipments, 704; de- meand and trading slow, market dull; Wisconsin sacked round whites, 2.00a 2.20; mostly, 2.06a2.10; ungraded, 1.60; Idaho sacked russets, 2.70a2.85; most- 12_\'6,"2.75!12'!0; commercial pack, 2.50a NEW YORK MARKETS. NEW YORK, February 2 (#) —Firm; No. 2’ Western, 1.18% f.0.b. New York and 1.17 c.Lf. export. ' Bar- ley—Quiet; maiting, 89%a91% c.if. Wheat futures opened steady; domestic May, 1.44%. Other articles unchanged. DETROIT, February 2 ' (Special), More than 30 Michigan agricuiturui organizmtions are holding meetings here this week, which is farmers week, at the Michigan State College, Special attention is being given the danger from the corn borer and the growing qualities of potatoes. EARNINGS $7.27 A SHARE. NEW YORK, February 2 (#). Pennsylvania-Dixie Cement Corpo; tion reports profit of $5,196,083 for 1926. Balance applicable to the com- mon stock, after charges and prefer- l';d dividends, was equal to $7.27 a share. A T S N EXTRA IS DECLARED. NEW YORK, February 2 (#).— Associated Oil Co. declared an extra dividend of 40 cents and the regular quarterly of 50 cents. Similar dis- tributions were made In three pre| ceding quarters. EARNS $65 A SHARE. NEW YORK, February 2 (#).- Goodall Rubber Co. of New York and Philadelphia reports net earnings of 64,809 for 1926, or about $66 a share n the outstanding common stock. An extys of $6 and the regular dividend of $6 a share were declared, both pay- ®rble 1o NEW YORK CURB MARKET Received by Private Wire list of bonds and New York Following is a Curb Market today. Sales INDUSTRIALS in’ hundreds. i"ero Sup Mfs A Am Areh Co 1 2 Am 1Am 8 B i m Super 1st pt 19 Asso Gas & 2 Bancitaly Seat " vie Superpow 100% 1088 48 2 en C 6 Bridgep Macl 19 Brill orp s 10 Brill Corp B | 5Can Merconi W % Caro P & L pf 4 Caterpil Tra 6 Cen Cen Ciiseson: SRS — o = 2o Film Tnspec M irestone Tire Ford Mot ToC 11 Foundation Fo 'y Frank HH MC F e [ +33z0naB03 30w e o o e a-S0 F T s S e BB RAIDNEL IS LB B 3 Freed Eisem R C 1 Fulton Slyphon... 3 Garod Corp’. " 8Gen Bak A 14 Gen Bak B 14 Gen Fireorfg 13 Gen Fub’ Ser Si sz PRy i 355 b 5 A e S B D o Happiness C S A Happinees C S F Hazeltine_Corp ellman R pf eyden Chem i 3 20 aoe FEEE 8 o 5 =5 <nq ) ! o 1o =5t 2 R " Cond Xllerllui,'ul ohnaMany n vetg Sotether Bow oot ,u,_ Yo 2 t_ COMENT I 20kt 1008 290t D LD e DA D h Val C cfs. b Owens Sh G1 1. ad r Vi B e = - & - o5 D S L 0 DB AV B 2 NG < B B = " - oEEBEamR ot e ] BEpome n malinsais - F e Brots nin 2 5 s e2 5550303 et e triiiaTd 213 = g83 i ais S ETRERES ! FREFS PR R RN 13 355 2 R5E £ Sooeess e = - 53325200 285358 Eqp! " - 1 32 05 2% INDEPENDENT OIL STOCKS. Con Oilfids. 1 Maracaibo ¢ B Oy | B85 91 1 ~ oSS! © FEOERENE R A 1 2 & ey 228 RE e R S B me & 5 pei bty §9 bR nn SRR Yo S Snte: 350 2 292 #E ales STANDARD OIL ISSUES. n unite. 00 Buckeye P L.... 47% gEEhpdr i of) 50 900 Hum COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY MANCHESTER, N. H., February 2. -Officlals of the Amoskeag Manu- facturing Co. are making strong pro. tes against present tax rates here. They say they are being taxed at the rate of $25 a spindle, and point out that the Tremond and Suffolk prop. erty recently was sold on a basis of $2.50 a spindle. NEW ORLEANS.—Jobbing and wholesale trade in this territory has slowed down in the last two weeks and collections are slow. This is at tributed to low cotton, rice and other tarm products price CLOQUET, Minn.—Continued heavy snows throughout the Minnesota north woods and _extremely cold weather have made sleighing good this vear and cuts of logs for lumber mills are heavy. SACRAMENTO.—Farm value of California vegetables amounted to about $60,000,000 in the last year and acreage planted this season promises to show an increase. Farmers say, however, the margin of profit has narrowed. DETROIT.—Apple growers in Mich- igan are seriously considering packing | part of their 1927 output in boxes instead of barrels or baskets, as here- tofore. They hope in_ this manner to combat the entry of Western apples @ Michigap, markets Direcs to The Star Office s 100 Southern P L .. 20% 190 Sonenern b ' B8 4600 8°0 Indiana ... 71 0 Kaneas 194 10%! O Nebraska n 508 O Ohio 80 S 200 P EOEDAS Sx8aame & n & Finch. . Benum Ofl - . i ¥ousande IR ow o . 255520 205 523232538 :. & PRERRRES & dhi b & 101 AT S B o 3 532 C s A os & Me Os M 102 1004 1007 01 % 0 P; nd 21Ind P 1Int G N » 0222422 S 111?11 o vo3 35 »un»v et LR P EEELE «:c:::él 43, i Gk AR S # FOREIGN BONDS. TR 52 974 Dir 7k D03 Wiy 9 987 Lt ?3'95% wodinny 333 Ciiitots o) 2329238383003 22 2 s b s R RS FEARRRASEE & PAE 922 2380222508 5e5305 000000003005 [ 93 14 Thile ds D85 or il llin 78 93 B35 1% % OB SDDBRARDBBR AT EEKERZ! 23 oooesSono0s! DDD DD DDDE D ot EEET AT <E SEEE E R PPRPESEEEE RPER S JERRERINE R S 2 £ 3 *Ex-dividend. CROP OUTLOOK AS GOOD AS 1926, U.S. REPORT SAYS Heavy Curtailment of Cotton Acre- age Advised in Government Data. Potato Planting Heavy. By the Associated Press. ‘The outlook for agriculture the com- ing season is at least as good as a year ago, and “it is possible for con- ditions to improve materially if effec- tive readjustment is made in acreages of cotton and certain other cash crops, and if the growing season proves fairly normal,” the Department of Agriculture declared yesterday in l&,l February report on the farm situa- jon. Unless there is a drastic cut in cot- ton acreage or a mear crop failure, the report said, cotton supplies “will be heavy next Fall” The difficulty of substituting _alternative crops for cotton “is recognized,” it added, “but there seems to be general agreement that the South would profit by curtail- ing cotton acreage, even up to 30 per cent reduction.” ‘With about 41,000,000 acres-of Win- ter wheat in the ground, which is 6 per cent more than 2 year ago, the report said, “any substantial increase in Spring wheat acreage would be apt to put all hard wheat on an export basis next Fall.” A strong probability that farmers will plant an excessive acreage of po- tatoes this Spring was seen by the department, which sald reports indi- cate an increase of about 13 per cent over 1926. g 5 5553s55ennens 2383 [ wFon, Wall Street Briefs NEW YORK, February 2 (#).—Net loss of $620,801 for 1926 is reported by Pressed Steel Car Co., in contrast to net income of $939,049 in 1925. Earnings reports of 72 railroads for December show aggregate net operat- ing income of $80,779,000, a . decrease of 10.7 per cent' under December, 1926, and 28.3 per cent below Novem- ber, 1926. On this basis, net for all class 1 carriers s estimated at $83,- 1500,000 against $14,656,5612 a year ago, | representing one month’s return at the rate of 4.69 per cent. Reported accumulation of the shares of Remington Typewriter Co. is being linked in the financial district with talk of a possible combination with Rand Kardex Bureau or Burroughs Adding Machine. Kuhn, ILoeb & Co. will receive on the Olympic a shipment of about 600,000 pounds sterling in South Afri- can gold bought in the open market. [ The insolvency index of R. G. Dun { & Co. for January is higher than a | vear ago and is in excess of the five- year average period. A ratio of 141.9 | contrasts with 133.9 for the same time | & year ago. This is 27.5 points higher | for January than it was for Decem- ber, a gain of 24 per cent. Commer: clal failures in January were 2465— the highest mrfi any” month since January, 1922, hnd is 19 per cent {above December fallures and 7% per {cent more than in January, 1936 | Liabllities increased to $51,290,232. ‘0., subsidiary of Tidal O 1, is redeeming all of it outstanding bonds at 1021 and ac- crued interest. Par value of $1,400,000 $33392238823322 EERRRR ¥ ¢ BUSIESS S 00D INBUFFALD ARE Spring Movement of Wheat to Flood Veins of U. S. With New Money. BY J. C. ROYLE. Special Dispatch to The Star BUFFALO, N. Y. February 2.— Scores of millions of dollars in frozen assets will come flowing through this gateway early this Spring. These assets are in the form of wheat and are as thoroughly frozen in as the vessels in which much of it is stored. The owners of this wheat have not yet recelved the money for it, and its movement and sale wiil send a flow of new money through the veins in every section of the country. There are 55,000,000 bushels at the head of the lakes and other millions are scattered in vessels frozen in the ice at various points, whers the last storm of the season forced them to take shelter. Vessel men here antici- pate moving 275,000,000 bushels of grain through this port in 1927. Al- ready shippers at the head of the lakes have affered 313 cents a bushel to carry their wheat to Buffalo the moment the ice is out. This com- pares with an average price of 2% to 21 cents, but vessel owners have not as vet accepted. In the meantime, there are 9,000,000 bushels of wheat in storage here, but this amount is not regarded as bur- densome in view of the pace at which | the milling industry is moving. With |a capacity of 240,000 barrels of flour a week, the Buffalo mills are working at about $0 per cent of capacity and accounting for a large quantity of grain. The growth of the milling in- dustry here has been phenomenal and is due in no small degree to the fact that it is cheaper to ship wheat here than flour, since one is bulk freight handled in the least expensive man- ner, while the other is package freight. This reverses the general theory that it is cheaper to ship a finished product than the raw mate- rials for it. These are only two of the factors here which indicate progress and prospects in other sections of the country. Buffalo, with a half dozen huge industries such as the produc- tion and sale of electric power, iron and steel, automobile manufacture, the packing of meats and the han- dling of coal and a score of smaller industries, is keenly responsive to changes of conditions in other sec- tions whence raw materials come or whither finished products go. Power Sales Increase. The curve of power sales to indus- try in this section has moved steadily upward in the last year. The Buffalo, Eastern Power Co., this city, Syracuse, Rochester, Niagara Falls, Jamestown and Auburn, covering 18 counties, sold power to the amount of 4,088, 528,083 kilowatt hours in 1926 as against 8,678,283,219 in 1925, This company sells 7 per cent of all the power produced in the United States. In January the concern sold for in- dustrial purposes 43,180,000 kilowatt hours as against 44,143,595 in Janu- ary, 1926. This is a fair measure of the slack period which hit industry all over the country and which is passing. ‘The above conclusion is supported by the sales of the Buffalo General Electrio Co. to factories in Buffalo only, which in the last week amounted to about 10,100,000 kilowatt hours, as against about 10,225,000 in the cor- responding period a year ago. There is no disguising the fact that the steel situation has shown a slump re- cently in this section, where quanti- ties of automobile sheets are pro- duced. Competition is of the keen- est nature and prices have been cut in some instances. Unemployment Seasonal. There has been some unemployment here, but it has been largely seasonal. Buffalo is called upon each Winter to absorb some 10,000 men off the lakes, who leave again in the Spring. Employment has risen steadily since January 15. The meat packers starting out the year most satisfac- torily. The automobile factories are not at capacity, but their pace is steadily improving. The situation of the local banks shows plainly the condition of busi- ness in this barometer territory. De- posits are at least §10,000,000 higher than a year ago. are §40,000,- 000 higher and reserves over $1,000,- 000 higher. That would seem to indi: cate a most healthy condition, since it is plain that the loans are moving money into commercial and trade ex- pansion channels. PR R COURT RULING ASKED ON BOOTLEGGERS’ TAX Government Wants to Know Whether Liquor Sale Profits Are Taxable, A Supreme Court ruling as to whether bootleggers must pay a Fed- eral income tax upon their liquor sales profits or submit tax returns showing such business is sought by the Gov- ernment. The questions arose in a case from Charleston, 8. C., where Manly 8. Sul- livan refused to report tax returns on alleged bootleg profits. He took the position that income tax returns could not be compelled nor the levies im- posed on gain derived from criminal operations. The District Court held the' taxes and returns could be compelled, but the Circuit Court of Appeals reversed its decision. In asking the Supreme Court to review the case, the Govern- ment pointed out that the Treasury Department had collected taxes on in« come known to have been derived from eriminal operations, and for the proper administration of the income tax laws it was highly important to have a final ruling on the question. —_— ‘WILL BUY ENGINES. NEW YORK, Ferbuary 2 (#). Boston and Main Railroad plans to purchase 26 fast freight engines in a few months. One will be a trial Diesel direct-drive locomotive, to be manufactured by the Freid Krupp ‘Works, at Essen, Germany. " DIVIDENDS. - Holders of 53 Feb. Ee 2 > e & \18&& R SN 5 O a!“ o 1+, "Bt ot vi MEN AND MONEY By M. S. Rukeyser. (Copyright. 1927.) In the current drama of business in the United States the persistent clash of wills between city folk and rural classes i{s an outstanding theme. By better organization, city work- ers and urban husiness managers have succeeded in getting relatively higher rewards for their productive activities than the men on the farms. The old pre-war ratios have changed to the disadvantage of the urban classes. In their distress, the farm- ers have turned for rellef to poli- ticlans, and the recurrent McNary- Haugen bill is the suggested legis- lative answer. The bill, which though defeated and blocked from time to time, will not down, involves subtle and far-reaching economic experiments, little understood by the adversaries or its proponents. The proposed law would entail a far-reaching application of economic therapeutics. It represents at bot- tom an attempt of the farmers to get a larger purchasing power—to turn wheat, corn, cattle and cotton into larger amounts of automobiles, clothing, radios and agricultural machinery. Purposes of the Bill. Apart from the abstract merits of the principles, are the city workers likely to assent to an attempt by Government authorities to stack the cards against them, even though the purpose may be to restore 1013 rela- tionships? The purpose of the present bill is to prevent “surpluses from unduly depressing the prices obtained for such commodities.” In a way, this is an effort to get the Government to dam up natural economic forces. Price ordinarily reflects the state of production, as well as the nature of the demand for products. The new machinery would he administered by a Federal farm board to “aid in the orderly marketing and in the con- trol and disposition of the surplus of agricultural commodities.” It would receive wide powers to “gssist in re- moving or withholding or disposing of the surplus” of commodities under its supervision, and would offset losses by levying an equalization fee upon all producers of the commodities on which it is operating. In last year's bill it was clearly intended to mar- ket commodities at home ahove world prices and to dispose of the surplus abroad below the domestic prices. In the case of wheat, it was suggested that a price of 42 cents above the nearest competing foreign market, plus transportation charges, be charged in the home market. Wall Street Opposed. The business and financial interests are for the most part opposed to the proposed legislation. Perhaps the most enlightened expression of the grounds for opposition h been made by George E. Roberts, vice president of the National City Bank of New York, who seys: “The fundamental objection to the plan is that it proposes an arbitrary interference with the free play of economic forces, impracticable because the undertaking is far too great to be intrusted to such a body as is pro- posed. No scheme of price control ever has been successful which did not include a scheme for controlling production also. Prices and produc- tion are inseparably related. Prices are the natural agency by which pro- duction is directed. If they are unduly high or low for certain commodities, productive effort is shifted accordingly and thus fairly adjusted relations among commodities and industries are maintained. These relations are often disturbed by chang- ing conditions, but the natural price system is always tending to restore the natural -equilibrium, . Efforts at arbitrary ptice regulation interfere with this natural process and wher- ever the Influence upon production is disregarded they not only fail of their purpose, but work mischief. ““There is something abnormal and repugnant in the idea of deliberately adopting a national policy of selling foodstuffs and other necessaries abroad below prices artificially fixed to our own people. It cannot be sup- posed, in view of the large wage-earn- ing population, that such a policy would last long. The effects which it would have on this country’s position in forelgn trade are obvious. Sees Great Speculation. “The bill contemplates the great- est venture in commodity speculation ever undertaken and the farmers are compelled to participate whether they want to or not.” Apart from technical arguments what the farmers really want is a larger slice of the aggregate pie which American industry produces. Perhaps the real remedy is in emulating the methods which have been successful in cities—better or- ganization of production and distri- bution. Labor-saving machinery, scientific management and a relent- less battle to get costs down have characterized the efforts of the more successful manufacturers. Labor in the cities has shared in the progress by the.force of its own organization efforts. 5 Co-operative marketing of farm products, better information regard- ing world supply and demand for farm products and perhaps larger scale production units among farm- ers are factors which offer more hope for substantial progress. If labor is better compensated in the cities than in the country a migration of men will tend ultimately to set up a new equilibrium. Mean- time, Representatives and Senators have the immediate problem of de- ciding how to cast their votes on the proposed legislative remedy, de- signed to bring short cut relief. THE BUSINESS OF GETTING AHEA] Rewarding Meritorious Service. ‘Where men do non-routine work they can frequently be stimulated by graduated rewards in accordance with the nature of the service ren- dered. A straight salary is frequently the least satisfactory method of com- pensating services in which origi- nality and the spirit of creation are important factors. Money rewards are not the only form of recognition, though without them other gestures from employers are likely to be in vain. But even high wages and high salaries can well be supplemented with other honors. The New York Building Guild has re- cently been taking a leaf from govern- ments and armies in singling out and citing for meritorious services ar- tisans who did conspicuously fine work in helping to erect a bullding. Practice in Infancy. Such forms of recognition to the lower strata of employes is in its il fancy, but employers generally should be encouraged to develop along lines. Such stimuli to the competitive impulses tend to turn drab work into an interesting contest. In ing of rewardi higher types of employes, Charles M, Schwab his as follows: once expressed “I might be g to pay, as indeed I have pald, an onal executive more for a year’ than $100,000. 1 should, however, never will pay Lc- l:l salary. Stch an amount n only as & for. operation results plished, manu- waste elimi- | WHEAT PRICES RIS Export Figures Have Bearish |3 Effect on Values Today, Fol- lowing Sag at Opening. By the Associsted Press. CHICAGO, February 2.—With es- timates current that the United States can hereafter export less than 2,000,- 000 bushels of wheat this season, wheat developed early firmness today. On the other hand, vessel chartering from Argentina and Australia was re- ported very active. Starting unchang- ed to ¥ higher, wheat sagged a little and then scored an advance .all around. Corn, oats and provisions were easy, corn opening unchanged to 1% off and subsequently averaging lower A leading authority figured today that practically every available bushel of United States wheat can be sent abroad this season. Averags exports of domestic wheat during the last five years for the final 28 weeks of the crop season have been 45,500,- 000 bushels, an amount but Httle in excess of the present United States surplus and allowing an export rate hereafter not to exceed 2,000,000 bushels a week until July 1 next. Houses with eastern connections ‘were . principal buyers of .wheat futures here at times today. This purchasing was associated with re- ports that the movement of wheat to Kansas City from interior points was diminishing. Talk wt also heard that export business of the Canadian growers' pool today appeared to be of liberal volume, 1,000,000 bushels or more. AKRON, Ohio, February 2 (#)— Net sales of the Seiberling Rubber Co. for 1926 were $14,920,204.08, an increase of $4,350,771.31, or 41.16 per cent, over the previous year. Net profits after charges, including pre- ferred stock payments, passed to were $359,117.01, making the urplus applicable to the com- mon stock $1,891,242.90, or $9.60 a share on the common. WILL RESUME PARLEYS. NEW YORK, February 2 (#.— After the arrival here yesterday of O. P. and M. J. Van Sweringen of Cleveland it is understood that con- ferences with minority stockholders of the Chesapeake and Ohio regard- ing differences of opinion over the new “Nickel Plate” merger plan are to be resumed within a day or two. Although George S. Kemp of Rich- mond, Va, head of the minority group, had not yet arrived, he is expected to reach New York for the conference some time this week. BB TR DIVIDEND INCREASED. SAN FRANCISCO, February 2 (#). —The regular dividend rate of the Standard Ofl Co. of California yester- day was increased from an annual basis of $2 per share to $2.50 per share. A regular quarterly dividend of 621, cents per share was declared on the company’'s outstanding stock, and an extra dividend was announced, amounting to 12% cents per share. e i EARNINGS SET RECORD. BALTIMORE, February 2 (Special). —Gross earnings of the Consolidated Gas, Electric Light and Power Co., which controls these two public utili- ties in Baltimore, in 1926 exceeded any year in the company's h according to the operating statements filed with the Public Service Commis- sion. They aggregated $24,710,608, compared with $22,746,142 in 1925, the previous peak year. but none the less potent phrase, busi- ness efficiency.” A large number of representative concerns have adopted the bonus plan of rewarding production executives. Out of 61 companies studied in a sur- vey by the policy holders’ bureau of the Metropolitan Life .Insurance Co., 22, or about one-third, have an extra compensation arrangement with their superintendents. Moreover, the heads of a considerable number of others declare that they believe in the prin- ciples of such plans and that they are taking steps to put such a program into operation in the near future. Share in the Profits. In most instances, extra compen- sation plans for chief production executives take the form of a share in net profits at the end of the year. The Motor Wheel Corp. reports favorably on the operation of such a . The workers of the Monitor Controller Co., who receive extra com- pensation, urged that their produc- tion executive should also get extra incentives. C. S. Redding, treasurer and factory manager of Leeds & Northrup Co., in giving a practical man’s angle on this newer business philosophy, sald: “We are convinced in our mind that a bonus arrangement in which production officials can see the results of their work in direct returns to their pocketbooks is very desirable and very much worth while. Few individuals fail to respond to the spur of reward for increased effort.” The principle of bonuses in direct ratio to accomplishments was much earlier adopted in rewarding sales executives. EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. “Over the Counter” Market. Many {nvestors insist on buying only securities listed on some ex- market than listed ones. The advantage that the listed se- curity has over the unlisted is that the counter” market, however, there is active dealing every of the year in a long list of securities involving large blocks and at a small spread between the bid and the asked prioe. Purchases and sales are not, of course, made literally over the counter: the trades are closed by tele- phone between the investment houses and the dealers who make a specialty of this business. This trading includes ~-in bonds, at least—listed as well as unlisted securities, Some of the Intgest dealings in active bonds are made outside the stock exchange, al though the bonds in question are list- ed .and actively dealt in ‘“on the The real market for the preferred stocks of many public utility operat- \ng companies is “over the counter” ud not on any exchange. Simply be- cause o many investors are distrust- ful of any stock which is not listed these unlisted shares and especially in the utllity group are obtainable to give a higher return than listed stocks of the same grade. In many instances the investor pays a premium for list- ing which is entirely unnecessary if safety and return are the prime con siderations. These remarks apply with more force to utilities than to industrial stocks. The reason for the distinction is simply that earnings of utility com- panies are so much more stable than those of industrials that there is not the same necessity for keeping in close touch with the market price. ELECTED TO DIRECTORATE. NEW YORK, February 2 (#).—W. H. Foster, president of General Fire- proofing Co., has been elected a di- rector of Trumbull Steel, succeeding W. H. B. Ward, former vice president and, general manager. PRICES ON PARIS BOURSE. PARIS, February 2 (#). — Prices were irregular on the Bourse today. Three per cent rentes, 53 francs 40 centimes; exchange on London, 123 francs 28 centimes; five per cent loan, 68 francs 70 centimes. The doll was quoted at 25 francs 42 centimes. —_— BUY ROLLER-BEARING CARS. NEW YORK, February 2 (#).—The Hyatt roller bearing division of Gen- eral Motors has received an order from the Chicago & North Western Railroad for 120 Hyatt roller-bearing equipped cars. The Rock Island also has started a test program on its passenger coaches with an order for 15 cars with the same bearings. eepmelistie VICK CHEMICAL PROFITS. GREENSBORO, N. C., February 2 (®).—The Vick Chemical Co. made a net profit of $1,323,813.73 during the six months ending December 31, an in- crease of approximately $83,000 over the same period the preceding year, it was announced at the offices here yes- terday. This is equivalent to $3.31 on each of the 400,000 shares of no par value stock outstanding. Quarterly dividend checks for 873 cents on each ¢ |Share were mailed to stockholders yesterday. POULTRY PRICES STEADY. CHICAGO, February 2 (#).—Poul- try—Alive, steady; receipts, 1 car; fowls, 26; springs, 27: turkeys, 30; roosters, 20; ducks, 20a32; geese, 22. b v METRO-GOLDWYN PROFIT. NEW YORK, February 2 (#).— Metro-Goldwyn Pictures Corporation reports profit of $583,732, before Fed- eral taxes, for the 12 weeks ended No- vember 20, 1926, against $311,820 in the same period of 1925. PRICES ARE STEADY: INCOTTON MARKET Early Sag Overcome on Cov- ering and Trade Buying. Offerings Light. By the Associated Pross. . NBW E”O‘ler:m; 2.—The cot- on market o arely steady to- day at a decline of 3 to 6 points under local liquidation and a little Southern selling. Offerings wers light, however, while Liverpool made & fairly steady showing. Prices here soon steadied on covering or a little buying for trade account. May sold up from 13.50 and _ October from 13.94 to 13.97, with the market about net unchanged to 3 Kolnu higher at the end of the first our. Private cables maid trading in Tdver. Pool was restricted by the Chiness sit-. uation, but reported continued good demand for coiton goods in Man. eheeter, New Orleans Market. NEW ORLEANS, February 2 (#). A bullish weekly weather report and trade buying, which developed soon after the opening, enabled prices in the cotton market today to gain 4 to § points from opening losses of 6 to 7 points. On the advance Maroch was t at 13.32, May 15.50 and July 13.68. Liverpool cables were disap. pointing and the opening tone here Was easler, - " A Fool and His Money. Tne fact that a stock certificate 15 | printed in fancy green scroliwork is no proof that it is worth any mors than ordinary wall paper. Thousands of people in Washington would have saved their money if they simply had asked their banker to teil them what he knew of some supposedly wonder- ful investment. Banlfcn come from all over the country to inspect the magnificent banking room of the Federal-Ameri- can. We invite all Wash- ington to visit us, too. Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. Interest on DAILY Balances Come in and let us explain Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 R. GOLDEN DONALDSON. PRESIDENT Money Available For First Deed of Trust LOANS Ruw-(.:bh {-l,rut and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. We announce the removal of our office in Washington, D. C. to 624 Southern Building H axp Frereents Streers, N. W. Telephone Main 2037-8 E. H. ROLLINS & SONS Pounded 1876 New Yorx San Francisco PHILADELPHIA Los Ancrres Lonpon, Exc. Arex. Brown & Son (Established 1800) ——BALTIMORE— Announce the Removal of Their WASHINGTON OFFICE From 1424 H St. NW. to New and Larger Quarters-at definite |