Evening Star Newspaper, December 4, 1927, Page 56

50 TRADING IS LIGHT ON EXCHANGE HERE Prices Are Firm—Washing- ton Loan & Trust Sells at 502 1-4. ¥ BY EDWARD c. STONE. Ong share of Washington Loan & Trst Co. stock sold on the Washing- m Stock Exchange yesterday at 023, the highest price this bank issue has recorded this year. The last sale vas made at 500 and the previous high point was 500%. The week ended on the local ex- change’ with prices firm and trading ather light. Washington Railway & iSlectric preferred led the market In volume. After 46 shares had sold at par:the last sale was made with 10 ~hares selling at 100%. Washington Gas opened at 84% and closed at 843, the day’s turnover be- ng 40 shares. Federal American Co. common sold at 381, 100 shares of National Mortgage & Investment pre- erred came out at 6%, and two shares of Lanston were bought at 106%. In the bond division Washington Market §s sold at 96%. Wardman Park Hotel 532s changed hands at 96, there was a $1,000 sale in Washington Rail- way & Electric 4s at 9013, and the cur- tain was rung_down with a $2,000 transaction in Potomac Electric Con- solidated bs moving at 1031. Trading during the week as a whole was un- usually heavy, bonds attracting more than usual attention. Praises Southern’s Expense Cuts. Walter 'S. Case, a_director in the Southern Railway, who was in Wash- ington the other day after a tour of inspection, reports that the road's policy of continued improvements to the property is being carried on stead- ily. He believes the most significant jeature of the road’s reports for the last few months has been the manage- ment’s holding down of expenses, while traffic has shown a decline. Net operating income from rail- way operations amounted to $3,669, 000 in October as compared, with 53,683,000 in October, 1926. For the 1lirst ten montns of the year net operating income was $27,426,000, as against $29,749,000 in the same period of last year. After allowance for all tixed charges, deductions and pre- ferred dividends, estimated net in- come available for the common stock was equivalent to $1.80 a share, as compared with $1.88 in October, 1926. For the first ten months of the year, estimated earnings were equivalent to $11.62, as compared with §13.31. “In the last two months of 1926, Mr. Case adds, “Southern’'s net earnings, available for dividends on common stock, amounted to $3,286,~ 000, equivalent to $2.53 per share bdn the present capitalization. While we expect no increase in gross during the last two months of this year, | we look for some increase in net. ‘With earnmgs equivalent to $11.62 per share for the first ten months, we feel assured that our forecast of 814 for the year is approximately correct.” Bank Stock Speculation Discussed. “‘The speculative crazg in bank and trust company stocks, creating vio- lent fluctuations and excess market values in New York, and to a lesser degree in other large cities, cannot be ascribed as due chiefly to pro- fessional enthusiasm,” says Trust Com: panies Magazine. “It is rather sym tomatic of more deep-seated conditions ‘Ballimore Markets BALTIMORE, December 3 (Special). —Closing grain quotations—Wheat, No. 2 red Winter, export, 1.39; No. 2 red Winter, garlicky, domestic, 1.38% corn, No. 2 yellow, domestic, corn, new, 3.65a3.70 per barrel; oats, No. 2 white, 61'a62; No. 3 white, 6013 a6l1; rye, nearby, 90a1.00. The live poultry market continues quiet as is usual at this time of the year and not much improvement is looked for, especially on turkeys un- til buyers begin taking on stock for the Christmas holidays. Yourg tur. keys eight pounds and over are bring- ing 42 and 43 cents a pound, while old sell mostly, 35a37; but poor and crooked breasts are slow sale at 25. Medium to large Spring chickens in good demand at 24, but Leghorns wil not bring oyer 20 to 22, while poor and thin stock is slow sale at 16 to 18. Demand for old hens has eased off to some extent and the market is quiet at 20 to 24 for stock weighing 3% pounds and over, but lighter fowl s well as Leghorns are neglected at 15 to 17, while old roosters are plenti- ful at 14 and 15. Demand only fair for ducks and geese at 22 to 25 for the former and 20 to 25 for the latter, but stock weighing under 4 pounds is slow sale at 16 to 18. Guinea fowl and pigeons fairly active at 40 to §5 each for the former and 20 to 30 a pair for the latter. Market for dressed poultry con- tinues quiet, the weather being too mild, and while there is a fair demand prevailing for fancy, fat turkeys liberal shipments' not advisable for the next two weeks. Should\ the weather turn colder a better demand is looked for on choice, young, dressed chickens, which is the only line to- day bringing a premium dressed over live. Egg Receipts Liberal. Receipts of native and nearby eggs have been more liberal the past week and with the demand light the market rules easy and shows a decline of 2 cents a dozen from opening prices Monday. Most of the arrivals from nearby points consist of mixed as well as held stock which when put under the candle, show considerable loss as well as affecting the sale and price. Prompt and frequent shipment as well as careful grading are advisable as dealers do. pot hesitate to pay a premium over quotations on strictly tresh, new lald eggs showing quality. The market closed today at 45 cents a dozen for firsts in free cases and 43 cents a dozen for current receipts in_free cases. With colder weather prevaliling, tresh killed nearby rabbits arriving in good order will find ready sale, but if weather turns warm again ship- ments should be curtailed. Many ship- ments of rabbits received this week had to be condemned as unfit for sale and consequently were a total loss to the shipper. Choice nearby rabbits will bring 8.00a4.00 a dozen, fair to good, 2.00a2.50; but poor and sticky stock is neglected at 1.00a150. The market for white potatoes holds steady under a fair movement for well graded No. 1 stock at 1.50al.75 per 100 pounds, and 2.50a3.00 per barrel], but No. 2 stock not so active at hali price. Sweet potatoes and yams in liberal receipt and the market rules easy with demand only fair at 1.50a1.75 per barrel for the former and 2.00a2.50 a barrel for the latter. Shipment of small or irregular stock not advisable as this class is hard to move, even at sharp discounts, while No. 2 stock and culls are not wanted at any price. Garden Truck Plentiful. Native-and nearby garden truck in ample receipt and under only a fair demand, the market rules easy, with prices mostly in buyers favor at the following quotations: Beets and car- rots, 2.00a3.00 per 100; cabbage and Savoy cabbage, 20a30 per bushel; and changes which are affecting the structure of American banking, par- ticularly in the leading financial cen- ters. “It may be more truly traced to the play of unseen but intensive move- ments under the surface which have to do with attempts to obtain stock con- trol, the merger of banks and trust companies into ever-larger units and the quest for favorable branch loca- tions, “Formation of bank stock holding companies, buying from numerous mnewly created investment trusts and @ somewhat belated genuine public in- ‘vestment interest, have all contributed to set the pot boiling to a point which gives occasion for real concern among conservative banking and trust com: pany managements.” School Savings Nearly 24 Million. One of the gratifying developments emphasized at the Houston convention was the remarkable increase in school savings. Nearly 4,000,000 pupils in the schools of the country are partici- pating with savings deposits of almost $24,000,000. Within the past seven years the number of schools reporting #avings facilities has increased from 2,786 to 12,678, and number of enrolled pupils from 1,015,653 to 4.658,156. .In Pennsylvania, school savings are in excess of $4,000,000; in New York over 83,000,000, and with other leading States, including California, Connec- ticut, Illinois, Indiana, Massachusetts, Michigan, Minnesota, New Jersey, Wisconsin and Ohio. More Foreign Securities Offered. Foreign securities publicly offered in the United States for first 11 months of 1927 amounted to $1,494,000,000, or nbout $175,000,000 more than in the 32 months of 1926, the Department of Corpmerce reports. The November total of foreign loans ‘was $175,000,000, or about $40,000,000 higher than the same month of 1926, but about $90,000,000 less than the high total for October. During November only one German Joan was offered in the American mar- ket, this being the $20,000,000 issue of North German Lloyd Steamship . One of the new features of the No- ‘vember foreign financing was the ac- tive entrance of Scandinavian coun- ;(ries into the American financial mar- et. e MANY FRENCHMEN UNFIT. Military Service Tests Weed Out More Than Half Those Called. Correspondence of the Associated Press. PARIS.—More than half the young Frenchmen called to do their 1R nonths military service each vear are found unfit. The proportion of re- jected men has been growing each year since the war. Officials and medl- cal men are anxious to learn why. Before the war when the young conscripts did three and even four years service in the army. only about 1 man in 10 was relieved of duty. Many of these, examined later, were nccepted for office duty. About one-third of the young men are refused as physically below par when they app the age of 20. About a sixth are sent home during their first three months service, the hard life of the army and the manual Jabor or exercise developing defects yreviously undetected. LOSES BEER AND BET. German Saloonk:eper Also Wears Out Shoes in Stunt. Qorrespondence of the Associated Prees. JERLIN.—Peeved because a beer lraymen’s strike prevented him from yeplenishing his cellar, a Halensee sloonkeeper named Luetteke declared 7bat he would fetch the beer from abe Friedrichshagen brewery and 2rundle the barrel there and back him- £eif, a distance of 10 miles, right ghrough the center of Berlin. " He started at 4 p.m. and midnight onions, 1.00a1.75 per 100 pounds; oyster plants, 4.00a5.00 per 100; pars- nips, 35a40 per basket; pumpkins, 10.00a20.00 per 100; spinach, 30a65 per basket; turnips, 20as5 per basket. The general live cattle market rules steady to firm under a fairly good and active demand for first quality stock, but common to ordinary cattle moves slow at inside prices. Handy weight veal calves in good demand at full value. Quotations at Light Street ‘Wharf: Beef cattle, first quality, 10 to 12; common to medium, 6 to 9; bulls, as to quality, 5 to 7%: cows, choice to fancy, 6 to 7; common to fair, 3 to 5; oxen, as to quality, 5 to 7; milk cows, choice to fancy, per head, 50.00 to 75.00; common to fair, 30.00 to 50.00; calves, veal, cholce, 141 to 15; fat, 12 to 14; large, rough, 8 to 10; rough, common, 7 to 8; sheep, choice, 5 to-6; old bucks, 4 to 5; lambs, Spring, choice, 13; fair to good, 10 to 12; common, thin, 7 to 8; hogs, straight, 9% to_10; sows, G to 8; stags, 4 to 5; live pigs, 13 to 15; shoats, 10 to 12. % TIN CAN INDUSTRY. NEW YORK, December 3 (#).—Tin plate manufacturers estimate that more than 30,000 workers are kept busy making the 2,000,000 tons of tin plate, worth $200£00,000 and more, needed to supply the 5,000,000,000 tin cans used yearly by the American public. The per capita allotment is one tin can a week for every person in the United States, and it is increasing daily. Only one and one-half per cent of each can really is tin, the rest be- ing specially processed steel. KING’S COAT FOR SALE. Correspondence of the Associated Press. BERLIN.—After the ex-Kaiser's bath tub, a Bavarian King’s coat and vest are now to be knocked down to the highest bidder. A Munich Neueste Nachrichten ad- vertisement runs: his majesty King Ludwig II, for sale. Warranted genuine. Write, etc.” Buffet! fuill found him 2 miles from home. “Then the barrel burst, Hkewise his nd Herr Luetteke knew he had #ho a het of 500 marks as well. dost 710 12th St. N. W. “Dark blue coat and vest, worn by | THE SUNDAY STAR, WHEAT IS HIGHER - ONWEEK'S TRADING December” Shorts in Tight Place—Corn and Oats Meet Broader Demand. BY GEORGE C. SCHNACKEL. Special Dispatch to The Star. CHICAGO, December 3.—Grain markets were booming today. Not only was local sentiment bullish, but there was a notable increase in out- side trade in all pits. Sentiment in what has turned to the buying side because of belief that the market is failing to respond to all bearish items, and this, together with the strength in other grains, as well as tightness in the December delivery, caused the trade to buy. A little selling for Northwest account slowed up the ad- vance, but persistent buying through commission houses kept prices on the upturn in the last hour. The close was 3 to % higher and for the week 1% to 2% higher. December, 1.29%a 1.30%; March, 1.3312a1.33%; May, 1.35%a1.35%. ‘Wheat finished the week higher, largely the result of short covering the last two days. Corn has shown greater activity and strength because of light receipts and better cash de- mand and oats were bulled for the same reason. December shorts are in a tight posi- tion and finding it difficult to get cash wheat to deliver. Winter wheat local- ly is selling at almost prohibitive premiums and the only source of sup- ply left is the Northwest, and their ideas of values are about 3c above the local idea. Efforts to cover by shorts in the current delivery have disclosed a tight position which has attracted attention of outside trade and stimu- lated buying of deferred futures. ‘There is confidence in belief that spec- ulative trade will switch from . the stock market to grains within a few weeks if this advance can be main- tained because stocks are already so high as to make conservative traders cautious. Export trade was quiet. Buenos Aires closed unchanged and Liverpool showed no change, lately because of ' pressure of Argentine wheat. . Locals bought-corn early and this was followed by commission house buying. Pressure to sell was light. The country showed no indication of selling cash corn. Shipping sales were smaller at 53,000 bushels. The close was % to 7 higher and for the week 4% to 4%c higher. December, 91% to 3&4. March, 95%,a9%; May, 98% to 98%. Oats met broader commission house and local investment buying, but en- countered realizing sales on the bulge. Shippjng sales were only 8,000 bushels. ‘The close was % to % cent higher and for the week 4% to 4% cents higher. December, 52%a58%; March, 055%; May, 567%ab7. Provisions Were irregular in tone, lard meeting realized sales and closed 5 cents to 123 cents lower; ribs, 15 cents higher; bellies, unchanged to 16 cents higher. PRICES IRREGULAR -IN STEEL MARKET Further Advance in Domestic Copper Values—Tin Has Moderate Reaction. By the Associated Press. NEW YORK, December 38.—Mod- erate activity was reported in the steel market during the week. The rate of withdrawals against contracts suggested steady consumption. Prices, however, were somewhat irregular, al- though in nearly all instances mills were maintaining schedules for prompt delivery. Ingot output by the United States Steel Corporation for November was slightly above the rate for October. A large producer of tin platé announced a reduction of 25 cents a bqx in its quo- tations for delivery for a part of next year, the first change in price since 1923. Pig iron prices were unchanged. A further advance in domestic cop- per prices to 14 cents, for electrolytic delivered in Connecticut Valley was at- tributed largely to the continued heavy export demand. ‘Domestic sales have been comparatively moderate recently. Most sales, both*foreign and domestic, | are confined to nearby shipments. Wire drawers advahced bare copper wire % cent a pound and other prod- ucts advanced accordingly. Tin_prices were irregular, showing a moderate reaction toward the close; the world’s visible Supply decreased moderately, whereas'the trade expect- ed an increase. Consumers were fair buyers. Lead was strong and advanced $5 a ton. Demand was brisk with the bulk for January delivery. Strength abroad was largely responsible for the upturn. Zinc was steadier. The consuming demand, ho‘\'ever. was disappointing, especially in! view of the activity in other metals. Ore was slightly higher. Antimony was steady for spot mate. rial, with the demand continuing mod- erate; more inquiry prevailed for fu- tures and the market was slightly Would you choose a unique, practical Gift? Then select A Glass Top For Table or Buffet Gift giving becomes more of a pleasure to both parties when the article selected is something that’s not likely to be duplicated—such as a Glass Top for Table or Here at the Murphy Co. glass tops will be cut to any desired size—and their constant protection of your friends’ furniture will ever be a reminder of your ‘good taste and thoughtfulness. Come in and learn the modest prices we quote on this article. WASHINGTON, TREND IS IRREGULAR | ON CURB EXCHANGE | By the Assoctated Press. NEW YORK, December 3.—Renewal of aggressive operations lifted quota- tions of numerous industrial leaders to new high records with several scor- ing wide advance at the opening on the curb market today. Thie condition was offset, however, by selling pres- sure|in some sections in which new low gquotations for the were reached, with the operations in both directions affecting an extremely ac- tive section, with ticker facilities un- able to convey immediate reports of transactions. Ford Motor of Canada opened off 3 points at 672 and then rose to 682. Aluminum Company of America gain- ed 4 points and Bancitaly rose 23 points. New highs were established in Borden Co., Atlas Plywood and Fire Assoclates of Philadelphia. Richmond Co. improved 10 points, while Lehigh Valley Coal sales, Libbey Owens and American Arch were in supply at re- cessfons. . In the public utility group American Gas yielded a point and Electric Bond dropped 1% points, while others were neglected. Salt Creek was a strong feature in the ofls, which were mostiy unchanged and somewhat mixed in trend. United Verde Extension developed increased activity on an upshoot of about 4 points to the year's high at 33%. DD D BT TIINP SRS AN AT DB ARG AR :; ?j‘ = £ \ \ ¢ Q 0 2 D. C, DECEMBER 1, COTTON IS EASY IN SHORT SESSION Late Reactions Find Market 3 Points Up to 10 Points Down. By the Associated Press. NEW YORK, December 3.—The cotton market was quiet today, with business again attributed largely to evening-up of accounts in preparation for the Government crop report next Thursday. After selling off to 19.45 v, January advanced to 19.62, but eased later, closing at 19.50. The general market closed easy, net 3 points higher to 10 points lower. The market opened steady at a de- cline of 2 points to an advance of 2 points. Liquidation and Southern sell- ing, and probably local selling, pro- moted by the relatively easy showing of Liverpool, sent prices off a few points after thes call. December de- clined to 19.46 and May to 19.83, net losses of about 4 to 6 points under this pressure, but comparatively small offerings were absorbed by covering and trade buying. which became more active during the forenoon, when sentiment may have been influenced b 4] 1927—PART 1. by a private report estimating the crop at 12,642,000 bales. Reactions Follow Gains. December sold up to 19.62 and May to 19.96, net advances of 8 to 12 points, but there was a renewal of liquidation or realizing and some Southern selling which caused reac- tions in late trading. Seven private crop reports have been issued the past few days with estimates of the yield ranging from 12,542,000 to 12,275,000 bales. Most of the reports, however, have ranged between 12,700,000 to 12,900,000 bales and the average of the seven is 12, 793,000, or slightly under the Govern- ment’s November 1 indication of 12,842,000 bales. There does not appear to have been any very definite crystalization of sentiment as to per cent showing of next Thursday’s report on ginnings prior to December 1, but traders have been talking from 700,000 up to nearly a million bales ginned for the last half of November, or a total to December 1 of about 11,600,000 to about 11,800,000 bales. Hedging and Bombay Selling. Private cables reported hedging and Bombay selling in Liverpool, but said there was a more cheerfui feeling in the Manchester goods trade, with a better business for shipment to India. The amount of cotton on shipboard awaiting clearance at the end of the eek was estimated at 105,431 bales, against 154,951 last year. AT T e Used_postage stamps are being col- lected by a charity in_ Palestine and sent by the sackful to this country for sale, 440 100 100 400 400 100 400 104 s S8 00 000 000 00 4 s S0 S0 s et S TS MOTHER! Look at Child’s Tongue if Sick, Cross, Feverish : Look at the tongue, mother! 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