Evening Star Newspaper, February 14, 1927, Page 13

\d COTTON DECLINES AFTER EARLY RISE Opening Advance Due to! Farm Relief Action—Census Report Disappoints. . By the Associated Press. ¥ NEW YORK, February cotton market opened firm today at an advance of 14 to 18 pointg tn response to higher Liverpool cablés. There was further covering and buying based on the passage of the farm bill by the Senate after the close of business last the advance brought in ¢ realizing, while there may also have been some selling for a reaction. May contracts sold up to 14.18 and October 1o 14.63 on the initial demand, but soon lost 10 or 12 points of the} % advance, May ruling around 14.06 and October 14.50 at the end of the first hour. ; The censas report showing domestic consumptjon of 604,584 bales for Jan- uary, comphred with 605,217 for De- cember and 582,315 for January last vear, was scarcely up to bullish ex- Ppectations, and probably increased the disposition to take profits on recent purchases. New Orleans Market. NEW ORLIANS, La., February 14 (). Firsj trades in the cotton mar ket today were 17 to 19 points up, but so0on cased off a few points when the Census Bureau report of domestic consumption during January proved smaller than expected. March traded down to 1397, May 14.13 and July 14.30. 1 to 7 points down from the opening. but still 12 points above Fri- day’s close. Passage of the McNary Haugen farm relief bill by Congre Friday was responsible for the open- ing bulge. WHEAT HAS SETBACK IN TODAY’S DEALINGS Increased Quantities Afloat for Import Acts as Weight on Grain Value—Corn Down. By the Associated Press. CHICAGO, February 14—Wheat underwent a sinking spell today. Tnitial prices had an upward slant, but buying power was inadequate and the market quickly fell back. In- creased quantities of wheat afloat for import acted as a weight on values. Opening at 1, to 7 cent advance, wheat dropped to well below Friday's finish. Corn, oats and provisions also declined. corn starting at i cent off to '3 cent up and then rm-ed!v\i!y‘ Much of the selling which at times sent wheat prices down today was credited to the Northwest. —Simul- taneously Winnipeg reportéd large country marketings of wheat in the last week. 2,744,000 bushels with car: loaded totaling 2,242, an unusually big showing for this time of yvear. Plentiful snowfall giving needed moisture and protection to a wide sec- tion counted further as a bearish in- fluence, Washin_gtbn Stock%x&hange SALES. Washington Gas 68 S ‘Athington Rwy. & Eler, 4s—S$1.000 at -1 at 100 0 at 6! 28 % oss A—$1.000 at tomag Electric nfd achington Gas Light Washington Rwy. & Ele 00N t tnmm- cial National Bank—10 at 240 pylanston Monotype—10"at 81 10 5 at AFTER CALL. Washineton Gas 6e Ser. 10474 000 at 1041 £3.000 1041, Capital Traction Co.—50 at 1081, 0ail 10_at 240 A--$2.000 at L000 at 10412 5 at Commercia] National Bank. Fotomac Electric Cons. B5a-—-$1.000 Faderal-American com — at 341, at 31% a‘z‘ml‘i':flv‘A!'rlnl\mn Bank—10 at 317 \t..-n'm ton Gas Bs Ser. A—$300 at 103% a 4, I National Bank—10 at 242 Mones—Call loans. 5 and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Bid Ask onsy DA% 813 ) at 5 75 onal at American Tel, & Telea Amer_Tel. & Telra. 4 'as. Am. Tel. & Tel ctl. tr. Anacostia & Pot R R Ana e cuar €. & P_ Telephone Hi G & B Tel of Va Capital Traction R City & Suburhan 5 Georgetown Gas 1st 5s. . Potomac Elec. 1t bs. . tomac Eled rons 'otomac Elec. 8s 195 Pot. El. Pow. gl & Wash., Alex, & Mt Wash. Alex & Mt. .. Wash . Balto_ & Annap. 5s Washington Gas bs e Wash. Gas 6s peries A Wash. Gas Os. series B Wash' Ruy. & Flec. 4a Wai Bwy & EN MIS Barber & Ross 618 Chestout Farms Datiry Chevy Chase Club Bis. .‘C. Paper_Co. Mg bs.. Pot Joim_ Stack 1/ Bk Routhern Bldg & Wa ) Blae s Ye 4 Mkt Cold Storage B8 man Park Hotel 5las. STOCKS. PUBLIC UTILITY Tel. & Telga. .. Traction & Wash Steaniboat Elec. pid.... ¢ dom pid < & Elec & Elec x1 com’ NATIONAL BANK t1onal Capital ol trict armers & Mechauics Federal-American berty . incoln National Riges | tional Bank of Wash TRUST COMPANY urity & Trust. 370 T : 106 15015 310 180 SAVINGS BANK 1 Bethesds ek ot Bt ast_ Washington ity Saving & Com enth Strest Pited Statcs Washington Mechanics FIRE INSURANC Metropolitan Trist Corcors y remen s " National Union TITLE INSURANCE “olumbia Tit al Estate ftle Tov. of M MISC per_& Ross com . C. Paper pid a] Storags pfd merican - com “American pfd Monotype. Tran. & Storaze ran. & Stor. vid nthater, Linotype.. Mtge. & Inv. vld rug Stores pid rity Storage Lington Market Veash Merh. Mige. com Woodward & Lothrop pfd “Ex. dividend POULTRY MARKET FIRM. ‘ February 14 (P).—Poul- irm: receipts, c 14.--The | por Following is a list of bonds and| stocks traded in on the New York | Curb Market today. | Sules INDUSTRIALS in hundreds. X Pick Bar vte Roi M i Seat it Siberpow ‘B Thread ¢ nfd Al Post e o Gas & F FAT Froj Auburn " Aurio *Co Bancitals Corp. ar war S By Tackat Val G&E 2 Bohn Alim & Bonier (o, 3 Bord Co' pr ris wi L ERCAm Fob T 5 Brit- 7 Bk of Niag & E of en Aguirre Sug. n Leath n A wi n Lea n o wi ent Pip Cor. hilds Co pfd. ‘ohn-Hall * Maric. ommonw P ¢ 1 ommonw P n pt ‘on Gas N Y nw. ‘onsol Ga Balt n oneol Laund. 2 Cuneo Press. . 3 Curties Aero M. 14 Curt “Aero’ MBI, ,fi Curtis Pub. . De For R C vte. 3De F RC vte of d ¢ Dixon Crucible... Doehler Die € €. % "_‘;l\m'v'u‘-‘nn' Sy unhill _ Int! fl‘_“ T‘;llran'd.\knv, . s on Sh nfd B & Sh n Corp « « C « ¢ ana ‘B, i Fageol Mot C 'y Fajardg i Firest T 14 Ford Mot & Foundation Fo Fox Theaters A B Fr HOH M C % Freed Eise R C.. 1 Freshman Chas. . 4 Fulton S: AT Gen Bak B 2Gen Pub Ser. I Gilenmst’ Co 10 Gillette 8 R iGoody T'& R 7 Happt € St AL i Hazeltine Cor 1Hires Ch A..00] 1 Hobart Mfs’ 'y Horn & Hard pfd Tnd Rayon Cor A Tnaur Co N A... Int N Intern Util A, Johne-Manv "n.. GLeh Pow n. ... S Teh Val € cfa. Leh Val C Sales h Teon Tie Inc war 1 T 1Lit Bros. 5 1 Marmon Mot o Mossy H all Meall M 261 &0 D514 & Johne e] Box. .... 2 Mid W U1 pid 110 ohawk Hud, 1 Pac Stl Bojler % Pender D G i Penn’ Ohio 'Ser. 1 Penn O Ed p p 13 Penn War Pow 1 Philip Morrix A. 19% 4 Pittsb & Lake E. 176 -1 Pow Corp N Y A 100% 4Puk S P & L.. 3l 15 Pullman N will 761 44 Rand Kard B'n_. 68% 15 Rand K Bur war 550 47 Remrand bt £ it Rem Noisel 1 Reo Motor ... .. 1Rich Rad ptd Rickenback =~ Mot Safeway Str chulte R Fst erv El_Corp. Sherwin Wms Co 49 cosa 2ty wid 86 E L . 30% 1 Southw P & 1, nf 105 14 Spaldine A G&Br 115 1 SO Regia Pap.. . 1 Stand Com Tol 15tand Pub ¢ 4 Stutz Mol i Ca PSS T Wesson O&Sn vie West Pow pfd White Sew Mach. Yel Taxi C NY n MINING STOCKS .06 14 SN et et e R & 2513 o A D B [t Sales in hundreds. 10 Am Con M&M b 1 Anglo Chil € N 30 Atz reka Croesis. 1 Falcon Lead EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHES. Time to Be Cautious. The opening weeks of 1937 witnessed one of the broadest investment mar- kets on record. Practically every class and all grades of bonds and preferred stocks were in urgent demand and prices on the average went higher than at any time in 14 years. At first it was the highest grade of bonds that investors concentrated upon, then the middle and second grade issues were | taken up and finally those verging on the speculative. The next step was to turn to stocks where a reasonable current income was combined with the possibilities of larger price appreciation than could be expected in bonds. This is the normal order of events in a period of surplus investment funds. Now a little reflection will convince even @ layman that in the later stages of such a market the purchaser incurs cuccessively greater risks. This is es- pecially the case with common stocks taken because bonds no longer give | the return the buyer thinks he must have. It will not be out of order then ! to say a few words as to the charac- teristics that make a common stock a suitable investment under conditions such as have obtained since the first of this vear. In the first place only those stocks qualify which are shares in a cor- tion that has been tested by periods of business depression and not simply one that has made a good record in times of prosperity. In other words, common stocks bought for investment should be “seasoned.” as the Wall Street phrase is. Of equal importance is it that the in- dustry concerned should be an essen- tial one. There is room for difference of opinion as to just what is essential, but there is nmot much difficulty in | seeing that a corporation that sells electric light and power, for instance, will have u steadier demand for its service than one that deals in what | are admittedly luxuries. The next es. sentlal is a strong financial position. 1f & company is not rich in cash re- ources in times of prosperity what can be expected of it whern business generally falls off? The test here is the balance sheet. Finally it is inadvisable to take tocks whigh have been the objects of excited spitulation, no matter what their other merits may have been. All these matters are of greater import than the vield the stock happens to give at the -prevailing market price. In other words, the investor who turns to stocks because he believes bonds have gone oo high for this purpose hould convince himself that funda- mental conditions as affecting that particular stock are right, rather than trusting_to the fact that it is the fa- fowls, 23a26, springs, 29: turkeys. 30; | vorite of the hour. roosters, 20; ducks, 20a3Z; geese, 23. (Copyright. 1927.) | hill, Mass THE EVENING STAR, WASHINGTON, D. C. MONDAY, FEBRUARY 14, 1927. indicated that the system would take |during which the Van Sweringens OIL OUTPUT LOWER. NEW YORK CURBR MARKET Received by Private Wire Direc. to The Star Ofice Goldfd M State | Mi! Min. . nger Conner 20 Elor 30 Golden 20 Noranda 110 Red Warrior 20 San Tov 50 Spearhead Gold Teck Hughes Ini Verde 4 Utah Apex INDEPENDENT Kreon_oitfas A a0 Co Salee n by PO Sery it serv B'B pid bia Synd. Pate o Ol Cor Oil of Pa Lion OF Marda: Svid 3 Mexien, Ohio i Papio Mount Prod T X Mex, Land Cen Tox O oit aii Oil’ Cal Yol n 3 STANDARD OIL 185U an Saes 000 Cont’l il n 0 Comperiand P 1. D Qumperiand 000 Humble OiF & R Son T $00 1mp ¢ 30 ter Prt 300 Liter s < Transit pren 900 Prairie 10 Solar_Refin 430080 India 1008 0 K. % 2008 0 K Ky 7008 O Nebraska n.. 1000 Vacuum Oil ... Salenin BONDS nde. thougiAThied Pk & @ Alm i5n " ! T2 A a7 Ba 1021 17 Am Pow ‘& Tt 65101 % ITRADING I SLOW INGENTER MARKET Draggy Condition Is Not Un- usual at This Time of Year, | Dealers Report. | | Market conditions this morning ap: peared a trifle draggy, not an unusual | condition the first market day of the | week, according to dealers, as very lit- | tle stock is received before Tuesday - Closing of last week's market found many dealers having cleaned up the week's receipts, more especially those engaged in the poultry and egg busi- Prices of most commodities this morning were about the same as those quoted at the close of last week's market. Tod: Butter 's Wholesale Prices. esh, 1-pound print, store packed, 30. boa «h, selected, 35a36: hen- current receipts, 31. Poultry -~ Alive -— Turkeys, 38a40: hickens, 30a32; White Leghorns, 24a : fowls, 25a27; roosters, 18; ducks, keats, 3 65; old, 30a35. Dressed—Turkeys, 42a48: old toms, 35; fowls, 28a30; capon: v, heavy 37a40; smaller, 30a32; fowls, 28a30 keats, young, 80a85: oid, 50: ducks, 28a30; chickens, 3 Meats lamb ders veal, 22a23; fresh hams, 26a28; shoul L oins, 2 moked hams, 28a30; smoked shoulders, 18a20. Live stock—Calves, choice, 14al3; medium, 11a13; thin, 7a8; lambs, 13. Fruit and Vegetable Review. Today's market report on fruits and vegetables, compiled by the Market News Service, Burcau of Agri- cultural Economics, says: Apples—Supplies light; market stead No. 1, Staymans, 3.00. few 3.50; ‘Washington, medium to large size extra fancy De- liclous, 3.75a4.00, some ripe, 8.25a3.50; extra fancy winosaps 543.00. liberal: demand . Virginia. up, 2.50n 4 Am Seating ts.. 1031 | Am Wr Pap 63 6 Anaconda s Appal El Pow Ark P& U Be 5 Asko G & B 6 Lard 6158 10 Atl Fruit 8s on_ Ol 68 Cop B ery 68 T fum' 5 B 10 Command L Gs.. & Cons G Balt 65 A 10 3 Cons Tex 8w.... O 2 Contain A 6% T 7l A1ll% A agty 2 Cudahy Blaa’ ) 07N 3 Dot City G0 A 1068 63 Det ¥ G 5« BI10DIG 6 Duke Pr P 6s 2 Eiting ' Schild 6, Refrie _Hs. Fisk Tire Fla P & L 5k Gair, Robt 76 ia & Fla 65 A tinean Pow Chile = ZZeslss REEERERRIS “uban 1 Cudahy e i i H H i 5 Gatineau Pow 61 & Gen Mot Gs...... 10073 Gen_ Pet_6s. 10145 4G T&R Blas 26 2 Grand Tk 6lys 10 Gult 0l P 56 '47 10 11 Gulf Stat U'bs A 6 1Hood Rub 3¢, . 1Hood Rub 834 0710 d P & L 5 A OB Nor Bx R 99 TG 61y RARITY 6s i 3 Jeddo Highl € 65 102 Tehizh Pow 6s A 0715 Lig Win re est 78 108 % x Il 1088 104 ‘ombard FI 7 33 3 ® MeCrory St bigs 0 4 Maiil Pow 51y 8 Mass Gas 1 Mont WP ¢ 1 & C or Am Fd & 5Nor Ste P M 6 10kla Nat G Ohio P 5s 5 Ohio Riv Ed ta. IPQE s A ww 1P P&L bs D " 1 Phila EI s 1PN Fail, 3 ap Tr s 17 Por Rie Tob i Poto Bs F 25 Pub e NJ Biga1 1P Ol ¢ 6156 A 106 Servel Dl du 4 Schulte R E 65 % 1 8loss Sh_6s P 18on Cal E bs 44 1Son Cal E bx bl 1%0u Gas 6iae . oneast P & I, 5327 =ozz® 2233 32233 FETETREES Z3xx3350n ZX2233 3B Y Y 4155 & Sun Ot 5340 2Swift & Co' Bs i Transcont Oil 75 #9815 s Ulen & 'Co G145 0pa; STni_Ind 64e, B S R ght 2 5178 S & Ref b1 13 Wabash R ( ha'B 0 Webster Mil 655 98% Sales in N - Wit FOREIGN BONDS, aden 9 Buenos A 52 Buenos A Hambu: 1 Hung L . 9 :(rllnrrl} E;‘V‘i!l’ [, 7e 2 Leon| [+] s 6 Men 718 ‘51 "V: B Miag M M 7s 10 Mex Govt 6s. .. 80 Mont s ., 10 Moxnl" A 98T 6. 10014 1 Muni Medellin 7s 941, 22°Peru Tige ... 100 2 Rio Grande 7s I Russ Gov 5hys. 2 Rus G _cfs & i Russ Gox 6 o s Er WA bad 1 BiE s 2k 1 Df 104 7 4 B.104 70 Sosenss EEREFSS 1 e B A PERAESEE, 25523 S553E353 AR 14Un St W g *Ex dividend. COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY PORTLAND, Oreg., February 14.— The sale of 100,000 pounds of fine staple and half-blood wool at local warehouses leaves not more than 0,000 pounds unsold here and Kast- ern buyers are expected to clean this In the Willamette Valley are bidding 28 to 30 cents for spring clips. LOUIS.—Many shoe operativ are coming to St. Louis from Hav seeking employment. Se eral Haverhill factories have announ ed they would transfer their activities { here. DETROIT.—Production is gradually picking up at the automobile plants. Chevrolet will turn out about 75,000 units in February. Buick has 22.000 cars scheduled for this month. Paige Detroit plans to make 2,285 cars dur- ing the month. The Hupp schedule calls for 5,000 and Hudson plans to turn out 500 Hudsons and 700 Essex cars daily. farketings of beef cat- to be much smaller in 1927 than in 1926, when there was an unusually heavy slaugbter reducing the number on farms and ranges to CHICAGO. tle are expec Cabbage—Supplies moderate; de mand moderate: market steady: new Texas, varrel crates, approxi 100 pounds_net round type. 2.75a3.00; old stock, New York, sacked, per hundredweight, Danish type, 1.50. Celery——Supplies ' moderate; demand moderate; market slightly California crates, 4.50u5.00: 10-inch crates, 2.00az Lettuce—Supplies hea moderate, market dull; crates Iceberg type, 4-doz demand California n, 2.75a3.00. market fair 3 and Indiana, 100-pound sacks U. 8., No. 1, large size, 8.00. Potatoes— Supplies moderate: de mand moderate, market slightly weaker; Michigan, -pound sacks Rus: <. U. 8. No. 1, 3.9084.00 few higher pound sacks Green Mountains, U. No. 1.3 new stock Tlorida. bushel crates Bli Triumphs, No. 1, 5.00; No. 2, 4.00. spinach Market Weak. Spinach~Supplies heavy; demand moderate, market weak: no change in pr xas, bushel baskets savoy type, few sales §5: South Carolina, tdb fow sales to establish market. Sweet potatoes-Supplies 1ight mand light, market dull; Mary bushel hampers yvellows, No. 1. North Carolina, cloth-top barrel lows, No. 1, fair quality and condition, Strawberries ~Supplies ~ light: de mand light. market much weaker: Florida, pony refrigerators, mis rvs, 65a75; few 85. beans —Supplies moderate, .market Florida, 7%-bushel hampers, 7.00a10.00;" wax, 6.00. Peppers—Supplies light; demand moderate, market steady: Florida. and Cuba, pepper crates, fancy, 6.00a6.50; choice, 5.00. Tomatoes—Too few sales to estab- lish market Eggplant —Supplies light; demand moderate, market dull; C‘uba, pepper crates, fancy, 5.0025.50, mostly 5.50. AR R é NEW YORK MARKETS. NEW YORK, Februar Spring patenta, soft Winter straights, 6.25a6.50; hard Winter straights, 7.15a7.60. R : No. 2 Western, 1.167, f.0.b. N York, and 1.187, c.if. export. Barley quiet; malting, 8812a901%, c.lf. New York. Buckwheat quiet: Japanese, 2.10; milling, 2.00; Canadian, 1.95. Pork firm; mess, 37.50. family, 39.50a 41.50. Lard easier: Middle West, 12.6; Tallow steady; special loose, T3%: extra, 7%. Wheat futures opened steady; May, domestic, 1.4415. Sty SiE e POTATO MARKET DULL. CHICAGO, February 14 ().—Pota- toes—Receipts, 97 cars; on track, 219; total U. S. shipments, 849 cars; sup- plies liberal; demand and trading slow. market dull; Wisconsin sacked round whites, 1.90a2.10, mostly Idaho, sacked Russets, No. 2.80, ‘mostly 2.70a2 commercial, 2.40a2.60, Selie g st OPPOSE CHECK MEASURE. BOSTON, February 14 (Special).— Labor unions in Massachusetts are vigorously opposing the bill before the Legislature to permit manufacturers to pay employes by check. Under the present law, employers may pay by check, but the workers have the right to demand cash if they wish it. Where employers pay by check means must be provided so workers can cash their checks readHy. WILL CUT CAPITAL. CAMDEN, N. J., February 14 (Spe- cial).—Stockholders of the Philadel- phia and Camden Ferry Co. will meet Friday to cut down the capitalization of the company from $2,000,000 to $1,600,000: Earnings have been re- duced by the dpening of the Delaw: River Interstate Bridge, and it is no longer necessary to retain the former amount of capital in the business, _ de- String. mand light; de steady green, 5 CLOAK AND SUIT SALES. NEW YORK. February 14 (P).— January sales of National Cloak & Suit were $2,573,046, against $2,832,347 in January, 1926, a decrease of 9.1 per cent. SHARON STEEL HOOP. NEW YORK, February 14 (#).— Sharon Steel Hoop earned $4.54 al share on the common stock in 1926, after preferred dividends, compared with $1.50 a share in 1925. Net income | rose to $1,381,715 from $511,414. PRESSED STEEL CAR. NEW YORK, February 14 (#).— Recent orders received by Pressed Steel Car Co, are said to have been larger than the total business for the first half of 1926 and included 2,000 freight cars, of which 1,500 will be built in the Pittsburgh plant and 500 in Chicago. COPPER STOCKS UP. NEW YORK, February 14 (®). Stocks of refined copper on Janua 31 amounted to 187,964,000 pounds, an increase of 16,962,000 pounds over the month before. January production of the lowest in years. The dairy in- dustry is reported on a better footing than in 1926 with good earnings anticipated. 266,220,000 pounds was a gain of 18,372,000 pounds. Shipments were 249,258,000 pounds, an increase of 19,- 700,000 powids. | were accumulating its stock f W { man of the | his p { not likely to be fav | chased for MEN AND MONEY By M. S. Rukeyser. (Copyright. 1927.) The recent Wheeling and Lake épisode on the New York Stack Ix- change again {llustrates the willing- ness of mortal man to risk great for- tunes on hunches, guesswork and half information. The rise in the price of the stock of the long-neglected short line spra from the fact that the larger railroads o 8o the trol. Without knowing what v ing on, outsiders began to sell stock short merely because it was rising. The withdrawal of much 'of the floating supply of the stock from the marketplace by the railroads made it difficult for short sellers to borrow stock with which to make deliveries. In the early days of the Eife Rail- voad, when the late Daniel Drew had difficulty m getting stock to make de ies, he wriggled out of a corner enlisting the aid of the printing press, discovering that some of the bonds, which he heli were converii ble ‘into stock. The directors of th ‘heeling and Lake 1me. in their dr sire to end the embgrrassing short of floating supply of the: asked the Interstate Copune mission to authorize the Issuance ¢ new commion stock, into which out standing preferred shares may be con- verted, L C. C. Can Intervene. Under existing conditions, the Tn tertate Commerce Commission can in tervene on behalf of the public to pre vent manipulations and ments which seem undesirable, A few dec ades ago, however, financial operators were restrained only bygtheir own can science Although a weelk s Com 180 the New York Central, the Baltimore and Ohio and the Nickel Plate simultaneously an nounced that they had jo enough Wheeling and Lake stock to give them control, the tory of the coup has not vet told. Tn the vise thus far in 19 Wheeling and Lake ¥ from 271y to 130, these three trunk lines did not pay anything like top prices for thei: holdings, which. according to trust worthy information which T received, averaged about $41 a share. these three railroads were through buying. other interests, not informed as .to what fhey had done, began to k control. I am informed that Frank 1. Taplin, president and Pittsburgh and W ginia; was a heavy buyer. The incident is” not vet closed, cause the controlling railroads have to get the sanction of the I. C. ¢ Irie full been of stock, have | tly hought | After | | | If the popularly ascribed reason for | ‘the purchase—to keep L. I, Railroad, from getting the roposed fifth trunk line rsented to the commis road for ystem ion, it ix ¢ impressed the ailvoads, mention the alleged Loree competition, is p pokesmen for however, do not desire to throttle but assert that the purchase was in | accordance with the four-system plan | for consolidation in the ka was formulated and announced in August, 1924, before Mr. Loree dis closed his plan for an additional trunk line. . which Should Explain Waiting, If the threatened l.oree competition was not a factor, it is difficult to de. termine why the railroads waited until | the current period to b the whose stock could have heen one-quarter of what paid for it in i when the four-sys tem plan was first drawn up. V. B. Storey, president of the ad mirably administered Atchison, To peka and Santa Ke Raflroad, in' com !nnnnpk on reports as to the road’ itention to absorb maller which were assigned to it 1 . € tentative consolidati road pur ads the they | Torec, | president of the Delaware and Hudson | in the other roads only at an attrac- tive price. The recent rise in raflread stocks has to some extent at least taker| them off the bargain counter, and may reduce the incentives for consoli dation. The effect of the vise could | be to some extent offset, however the transportation act of 1920 clarified in respect to its clause. With a freer' hand, railroad matchmakers would join roads through | the exchange of stocks, and that would | be a matter of ratios and wouhl not be affected by the general level of | security prices The consolidation idea is fashionable present, but I find some skeptics among the thoughtful men in the Street. In England the merger of all systems into four main lines has not worked any magic. 5. E. Loomis, president of the Lehigh Valley Co.. frankly says that he thinks the merger movement has become a fetish. e thinks that rail- roads can become so large as (o make good management difficult. Diverts Public Attention, at | to the non-union mines. conceived their proposed new system, economic conditions changed and helped to make the Chesapeake and Ohfo a more important railroad, than it had ever been before. The so-called Jacksonville wage agreement between the United Mine Workers and the soft scale above the market. there was 4 significant trend of bi tuminous coal buginess from the union drift some of the big operators in Ohio and Pennsylvania repudiated the wage agreement, and in the coal mine owned by officials of the Brotherhood of Locomotive Engineers non-union wages were paid. As a result of these changing conditions non-union mines, Which formerly produced 30 per cent of the bituminous output of the coun- try, are now turning out close to 70 per cent. Many of the non-union mines, which have flourished, are in West Virginia along the route of the Chesapeake and Ohio. The anthracite coal strike and the subsequent British coal strike, also The dramatic rie episode div om the re merger plan Ches: ed public_attention d Van Sweringen which substitutes the 1 Ohio for the Nickel nEpin of the proposed consc incidentaily in the last three vears, Wherling and Lake | favored the bituminous mines, and | swelled the tonnage of the Chesapeake { and Ohlo. | SILVER dUOTATIONS. | ‘ORI, February 14 (). | NEW silv Mexican dollars, 43. Bar z ; | coal operators provided for a wage Accordingly. | During the | » 1B NEW YORK, February 14 P). | Crude oil production in California last | week averaged 641,600 barrels daily, & decrease of 7,000 barrels daily com pared with the week before. Output in the Los Angeles Basin was 330,000 barrelsdaily, a drop of 6,000 barrels . GOLD IMPORTS. EW YORK, february 14 (@.— 10 imports through the port of New York last week totaled $3.075.000, of which $2.920,000 came from Great Britain. Exports were §174,000. Ship. | ments from Canada amounted to | $1,200,000 STEEL PLANTS ACTIVE. NEW YORK, February 14 (® Youngstown dispatches say steel pro duction in the Mahoning Valley this week approximates 85 per cent of ca pacity, in contrast to a low of 70 per cent in December. Rolling mills will be on a parity. 22 . | STEEL PLATES LOWER. | NEW YORK. February 14 (#) | Prices of steel plates are lower in the Pittsburgh district. concessions aver aging about $2 a ton on moderate and large lots. Stop-JookJisten! American railroads are the safest in the world to ride on.They are safer than any other kind of transportation. But you can make them even safer reduce accidents. Won't you help? You can help in many ways by observing these ten don’ts. v Y v v ) DON'T cross railroad tracks, either walking or driving, until you stop and look in both directions, whether view is not. Stop—look—listen! DON'T try to cross tracks in front of an ap- proaching train. It pays to wait. DON'T cross a track after a train has passed, until you have made sure no train is com- ing from the opposite directién. DON'T walk or stand on railroad tracks. If compelled to walk in railroad yards, avoid walking between the rails of by bei of yourself and £ ‘The railroads are making a vigorous effort to road tracks and especiallv more careful.The welfare family may be involved. or trains. Teach them to play train or crawl under it. DON'T attempt to get on or off a moving passenger train. Wait until it stops. DON'T be careless when stepping on or off step. obstructed of DON'T stand a standing passenger train. Watch your on platforms of passenger cars. It is safer inside. DON'T place You share in accidents. any one track. There is usually room between the tracks. DON'T let your children play around rail- hand or arm in an open win- dow. The window may close unexpectedly. Two-thirds of all railroad accidents are incurred bypersons going on railroad tracks without stopping, looking and listening. the responsibility for these Your co-operation means greater safety. ‘W. B. STOREY, President ‘The Atchison, Topeka and Santa Fe Railway System. EXCEPTIONAL INTRODUCTORY VALUES | AT THE INCHESTER srores TUESDAY, WEDNESDAY & THURSDAY LOOK ior the WINCHESTER STORE SIGN GALVANI PAIL 12-0Qt. Galvanized Water Pail. Special, 19¢ ZED HAIR CLIPPERS High-grade nickel plated —extra fine teeth. Cut hair very short. A $1.50 value during this c BIG BEN ALARM CLOCKS Nickel plate. 7 inches high, $ plain_dial, dust- -49 proof case, $3.25 =— value. Sale price, Columbia Ignitor Batteries For all kinds of ignition work. A high amperage * battery. Special sale price— 3 for 98¢ SCREW DRIVER - “As Good as the Gun” A mechanics’ tool. 4-inch blade. Made of special steel, full tempered. Posi- tively the best Screw Driver made. Regular value 40c. Sale price....... Berwyn Supply Company, 2 Berwyn, Md. Cavanagh & Kendrick, 3271 M St. N.W. H. Colman & Sons, 1319-1321 Seventh St. N,w. I. P. Dinowitzer, WINCHESTER AGENTS 620 Penna. Ave. N.W. W. S. Jenks & Son, 723 Seventh St. N.W. R. E. Knight & Son, 621 King St., Alexandria, Va. H. E. Walls, 106 Thirteenth St. S.E. PEN KNIFE A very fine Pen 77 Knife " of high quality. Nickel silver bolsters, lining and shield. Finest tem- pered steel blades. A $1.25 value. CLOTHESLINE A 50-foot hand-braided cotton Clothesline, none better made in its class. Reg- ularly 50c. Sale price CARPENTER’S HAMMER Winchester Quality Head and claw will not chip—perfect balance—fully guarante, Sale price . “As Good ed. 14-ounce. as the Gun” JE FLASH LIGHT Winchester Flash Light wi ith a patented safety switch. Spun-in lense—octagonal base caps. Duco finish—in any one of six colors. Com- plete with battery and bulb. sale price ($1.25 value) Special 12 Winchester No. 2 Carpenter “As Good as the Gun” ionally Guaranteed Uncondi Moore & Half Hatchet 18 Cain, Fourth St. & R. 1. Ave. N.E. Paul F. Moore, 3509 Twelfth St. N.E. A. F. Thomsen, Clarendon, Va.