Evening Star Newspaper, December 11, 1927, Page 56

R 20 I SUNDAY STAR. WASTINGTON, D. €. DECEMBER 11 RAILS TAKE SLUNP * ONCOURT FNDI Final Quotations Irregularly Lower After a Strong Opening. By th octated Press NEW YORK, Decer. verse Federal Court decision the St. Louis & O'Fallon Rai valpation proceedings, under the * cature clause” of the transportati . brought about heavy liquidation ©of the railroad shares in today’s stocl market. This brought halt an impressive rally carried prices up 1 to lifted more than a sco; veak prices for the Final quotations were irre er, with many of the high-g showing net decl Barly buying was lief that the recent re ciently corrected the u nical position of the feeling more con dtate credit strin arted to bi of the list “bear” trader: until the O'Fallox and then ther again for both a Repeal of Decision Discussed. While W tnitial r to the O'Fallon decision wa able there was a rather ge ing in banking and railroad ci that the St. Louis decision would repealed and eventually carricd to t United States Supreme Court. with the possibility of a final determination of the case months away. Selling of the raile embraced both the higi- grade investme! ssues, whose exi earnings are li to be shared with the Government, and the low-priced ocks of weaker roads which should benefit if the disputed clause of the transportation act is upheld Southern Pacific had been lifted to , the highest price since 1910, but 233 and then ser 10.—An ad hich had pints ane to 1y longer 1c 1267 the stock mulation of this issue b on the confident bellef that the an 1 dividend would be increased to next year. Delaware & Hudson dropped from 191 186 and then moved back to 187%, New York Cen tral reacted from 16315 to 160% Atchison fell from snappad back to 193, nes and recoveries throughout the railroad I Industrials, which were tront of the early advance, with the railroad shares which sold early this vear as low as 291, attained a record gh level at 123% in the first hour broke to 117% and rallied to 119%, of 1% ,net. Excited speculation in thi: issue has been based on the reported discovery on its Colorado properties ot ane of the richest ore bodi in the world. United States Steel common rallied 6 points above yesterday's low to 144 and then sold off to 14 changed on the d Radio dropped from 88% to 8 closing slightiy above that level for a net loss of 2%. Reynolds Spring responded to reports ot increasing earnings by touching a new high record at 13, or more than three times the year's low. stocks to break through to new peak prices for the year were Nash, Pack rd, American Steel Foundries, Tran- sue & Willlams, Freeport Texas, Mc- rory: Stores preferred, Reid Ice Cream, Porto Rican Tobacco ‘B and Wright Aeronautical. Forelgn - Exchauges ® Steady. Foreign -exchanges held steady in quiet trading, demand sterling ruling just under $3 88. The weekly clearing" ‘house state- ment showed excess reserve of $18,- 095,650, as against a deficit in reserve of $5,435400 a week ago., Aggregate reserve totaled $681,728.000. The de- tailed statement of actual condition this _day showed mixed °changes. Loans, discounts: and investments dropped $62,5623,000; net demand de- posits, $22,047.000, and time deposits, $30,064,000. Cash in own vauits in creased $4,893,000, and reserve in the Federal Reserve Bank of member banks, -$19,073,000: TONE IS IMPROVED INWHEAT MARKET Grains Generally Show Drop for Week’s Trading—Corn Undertone Firm. BY GEORGE C. SCHNACKEL. Special Dispateh 1o The Star. CHICAGO, December 10.—Wheat had a better tone today, although trade could not be called active. There was a slight dip in opening values as a result of scattered selling based on the disappointing Liverpool market; but local traders bought on the dip, sup- posedly against sales in Winnipeg. Tater December acted tight, shorts having. difficulty in covering because | of light offerings, and Winnipeg was | firm, which caused some pit shorts to | cover. The close was 1 to % higher | and for ‘the week % to 1 lower. De-| cember, 1.29%5 to 1,283;; March, 1.32%: | May, 134%al.34% | Grain' prices- generally show slight | declines from a week ago. largely be- | cause of liquidation caused by the bearish private crop estimates. There is a disposition in the trade to look for ‘Winnipeg prices to slump | with the closing of lake navigation. | With the export outlet stopped up, there is likely to be a burdensome ac- cumulation of stocks at the head of the lakes. Buenos Aires was firmer today, closing % higher on reports of | showers, Wheat movement in that country is expected to start in the tirst , week of anuary. Argentine | shippers sold fair lots of new wheat | at 149 c.if. United Kingdom. The | seahoard reported erate export | husiness. Milling demand was better, | sales of 22,000 bushels be : Minneapoljs s Lushgls for one day. ©orn met better buyl power and the undertone was firm. Country houses bought at the start and later Jocals were Inclined to reinstate long corn because of the prospect of un.| favorable weather over the week end. | Commission houses sold. Shippin: | sales were 87,000 bushels, Closed 7 10 1 higher, and for the week, 1% to 214 Jower. December, 887,a89; March, May, 9 83 - improved com iission heuse wuying and short cover- Jng. Reaiizing sales checked the ad- | vance, Shipping sales were 42,000 bush- | els. The close was % to 13 higher an for the week 1 lower to 3, up. Decem i: March, 55%a55%: May, the fore. vielde 67%as7% Provisions were a shade lower with hog. Lard closed 121 to 17'% lower; bellies, 5 to 5% lower. ELECTRIC EQUIPMENT. NEW YORK, Decen 10 (P).— An improved tone in central-station «demand is noted in the market for TE plectrical equipment, with buying In- ferest on the part of industrials and rallroads also fairly active, Electiical AWork reports. e- | weather | k - | and | Greene | Other | Baltimore Markets port, 1.38%: corn. 1.05: cob corn, oats, No. 2 white. 3 white, spot, 6lasll: | s0at.00 Shipments of | the Christma: intended d be | Moriog i the followi being the big week for live poultry. If weather is fa dressed poultry, ind feet on. his market. K stock preferred only choice f: nearby for (f im- | n tock and see that all the animal hoat ore packing and Shippers are warned not to anything which will arrive I s all outlets and stock to an abrupt | poultry nerally good den hen turkey ceipts and in fair 1y for chol pre . 8 poun old hens 140, but poor | will not bring ove e bringing and old ton: »oked bre Springer Demand Good. | Demand good for medium to la | smooth Springers at 27, will not bring over pounds and over, 6. but lighter fow! well as Leghorns, slow sale at 17al8, while old roosters are plentiful 15a17 former and small, poor stock is slow sale fow! and p 40a83 each for the f a pair for the latter. With the e. tion of ch young chick choice to f: y ducks and g which bring a premium of a cent two a pound, dressed poultry will not | bring any more than liv The cold weather prevailing, how- ever, the demand for dr ed poultry will increase next week and more lib- eral shipments are advisable The general movement fresh-laid native and nearby eggs has been curtailed the past week, owing to the high values prevailing, and prices are now easing up with fe premiums being paid over quotations Demand Will Improve. While receipts have been fairly li tal Shis osk tha Gethand t e cneoten to improve next week and prices will hold ance. The market closed today at cents a dozen for firsts in free ses and 43 cents a dozen for current receipts in free cases. Rabbits have i been in lighter receipt this week and {under an improved demand the mar- et is firmer and values a shade high- er. Choice, fresh stock arriving in =" order finds ready sale, but there are still some arrivals that show poor quality, and with this sort it is more a question of a buver than price | Choice rabbits are bringing 4.00a5.00 o .00, but poor ady and 20 2.00. Under only moderate receipts and a better demand, the market for white potatoes rules a shade firmer and good movement is noted on well grad- ed round stock at 1.50a1.90 per 100 pounds and 2.50a3.00 a barrel, but No. 2 stock sells mostly half price. Sweet potatoes and yams in lighter receipt this week and market firmer with values higher under a fairly active de- mand at 2.50a3.00 a barrel for the for- mer and 2.25a2.70 a barrel for the lat ter. - Bushel baskets sweets and sell mostly 75a as to quality and condition, but culls are not wanted at any price. Truck Prices Steady. Pemand for native and nearby gar- den truck continues good and prices on choice well maintained at the fol- lowing quotations: Beets, 3.00a4.00 per 100: cabbage, 2.00a4:00 per - 100: -earrots, 2.00a3.00 per 100; celery, 1.25a2.25 crate: kale v cabbage, 20a30 bushe! steady and probably show a light | ams | here | ¥ { colonel | has a | corps | Robert E d " | lation he in strictly | e at 1.50a | a5 Army. With the appointment last week of | . George S. (Hbbs, who has been ¢ at Governors Island, N. Y., d Maj. Gen. Charles McK. | Saltzman chief | signal officer of | the Army, and to' hold that rank while performing | those duties for the next four the War rtment has iblished a pol- limiting the tours of duty of the chiefs of the supply and techni cal branches of the War Depart- ment to one term of four vears only This will caus Gen. tzman who is but 56 age, o revert to the grade of | as he held the grade of major i only by virtue of being the chief his branch, and it will be cight vears before he will reach the tutory age limit of 64 year 1t is thie reduction in rank with its wccompanying decrease in pay that jused members of the staff f the Re Army to make their protests inst limiting the chiefs of the supply and technical nehes to but one term of four In this connection, it is point- of Gen - Gen. Saltzman, years of gene 2 out, twe mates, Maj Johnson H serve Saltzman's class Dennis Nolan and would continue to to nine years as major line. In addition named classm: 1ls of the line and to major gen- G brigadier g ne for promo Is before they Merch B. € Lucius For the past several months specu- been rife In military circles as to the identity of the ceessor of M Gen. W 1 J. Snow as chief of field 1 retire on Deeem subfect with the Austin (F week selection of Col. Fred T. A.), who has been on duty Philippine department, de- tailed to the inspector general's de- rtment, to be the new chief of the d artillery arm. Owing to the faet that Col. Austin will be 62 years of age on the s month, which use his s y retirement on mber e to his reach- x the derable a8 evinced appointment, as in the n officer appointed to be chief branch usually is at an age so that he can at least serve out one full term of four years. Col. Austin s appointed in the Artillery Corps ,- 1901, served in the and was promoted to X dnk on September 17, ttle aver two years ago. He 24 on the list of field artillery which indicates that the is. not following variou: is No. colonels, onions, 1.00a2.00 100 pounds: oyster 6.00a7.00 per 100; parsnips, 40 spinach, 75a1.00 bushel; sket. cattle .rules steady but quiet on the wharves, the boat re ceipts 5 mostly common to or dinary stock. Receipts at the stock vards continue light, however, and being largely of better quality find ready sale at outside values. Handy veight veal calves in light receipt nd good demand but heavy rough are slow sale at irregular . Quotations today at Light street whart: Beef cattle, first quality, pound, 10 to 12; common to wedium, 6 to 9: bulls, as to quality, 5 to 7is: co choice to fancy, 6 to 7, common. 3 to 5: oxen, as to quality, 5 to 7: calves veal, choice, 13% to large, fat, 12to 1 large, rough, 8 to 10: rough, common. 7 to 8; sheep, choice, 5 to ; old bucks, 4 to lambs, spring, choice, 13 to 13%: fair to good, 10 to 12; common, thin, 7 to 8; hogs straight, 9; sows. 6-to 8; stags, 4 t 5: live pigs, 13 to 15; shoats, 10 to 1 | closely ¢ | selections, -1S. Hughes, O. to seniors in general officer but is making selections whenever it deems best. Authorization has been granted by the War Department for the organi- tion of the first authorized band in the Army Air Corps, which will be anized at France Field, Department. Prior to the Al y 26, there was rganization of an Air Corps band. France Field was selected becauge of the existence at this fleld of a volunteer musical or- ganization. The new band is to have a strength of 28 men—the uniform strangth of Army bands. Wilford G. Archambeault has been appointed a warrant officer, band leader, and he has been ordered to France Field for duty leader of this band, sailing from New York on the December 21 transport. The following officers have been as- signed to duty with the War Depart- ment General Staff, effective July 1, 1928: Cols. George Willlams, Cavalry, d I3dward Croft, Infantry, and Mags. Harvey C. Allen, John T. H. O'Rear. and William Shedd, Jr., all Coast George G. Bartlett, Dwight r, Eugene W. Fales, Ed- gar L. Field, and William H. Simpson, all Infantry; John B. Anderson, Joe R. Brabson, and George M. Peak, all Fleld Artillery; William C. Christy and Arthur W. Holderness, Cavalry; Garlington, Corps of Engi and Horace M. Hickam, Alr Lieut. Col. George L. Werten- C. A. C.. will also report for General Staff duty on July 1 next. The following majors are detafled to the War Department General Staff on the dates indicated; all in 1928: Owen S. Albright, 8. C., July 19; William C. Crane, I. A, August Roscoe C. word, C. August 24; Everett August 18; Bley P. Infantry, August 29; Ray- Lee, F. A., August 1; How- ghry, Infantry, August 18: Edward W. Wildrick, F. A.. August 14; and Clement H. Wright, Infantry, August 15. Upon the completion of their present tours of foreign service, Lieut. Col. Avery J. Cooper, C. A, C., Philippine _Department, and Maj. Homer R. Oldfleld, C. A. C., Panama Canal Department, will be assigned to duty with the War Department Gen- eral Staff. Navy. Recommendations have been. made to the Navy Department by Rear Ad- miral Edward R. Stitt, surgeon gen- eral of the Navy, that there be estab- lished commissioned hospital corps for the N The proposal made by Admiral Stitt provides for the rani of lieutenant commander, lieutenant, lieutenant (junior grade), and ensign in the hospital corps and.is for the purpose of providing a_promotion- to 2ommissioned rank for thé eulisted and warrant personnel of the . hespital corps. ~ This proposal also provides that the number in the commissioned hospital corps shall not exceed 50 and that but one officer in that corps shall have the rank of lisutenant com- mander. Those who would be eligible for examination and appointment in the commissioned hospital corps would be chief pharmacists and pharmacists who have bad not less than four years warrant or chief warrant service, and when appointed shall be given the rank of ensign. Twenty-five officers are to be originally appointed with the rank of ensign and five annually tnereafter until the authorized num- ber are commissioned. Promotion to the higher ranks of lieutenant (Junior grade) and lieutenant will be governed by the same laws as now pertain to officers of the other staff corps of the Navy in the same grades or ranks. Officers so commissioned in the hos- pital corps are to take rank and prece- dence with each other and with other officers of the Navy, under the same regulations as apply to all other of- ficers of the Navy, and they will be entitled to the same pay and allow- ances and have the same retirement rights as is now provided by law for the officer personnel. Capt. Andrew T. Graham, who had been on duty as inspector of ma- chinery at-the works of the American Brown Boverl Electric Corporation, will be transferred to duty in the MEDITERRANEAN BY WHITE STAR Panama | To the lands where civilization was born. Four 46-dav cruises to Egypt and the Holy Land viaMadeira, Gibraltar, Algiers, the French Riviera, Italy, Greece and Turkey. Stopovers from ship to ship allow great latitudein your trip. Also re- turn home from a north Euro- pean port if desired. $695 (up) allexpensesincluded. The popular cruising liner ADRIATICJan. 7and Feb. 25. The palatial luxury ship LAURENTICJan.16—Mar.6. WEST INDIES BY WHITE Twoideal 22-day cruises to the aradiseof the WesternWorld. g ust the trip for the busy per- son —only about three weeks away You see Havana, Pan- ama Canal, Jamaica, Porto JTAR Rico, Bermuda and Curacao or Santo Domingo. $250 (up.) Perfect comfort and service on the CALGARIC Feb. 4—Mar. 3. CALIFORNIA VIA HAVANA and PANAMA CANAL on the largest, fastest ships in the service— S.S.Manchuria,S.S.Mongolia, 8. 8. Finland—and the new S. S. CALIFCRNIA Largest steamer ever buiit under the American flag. Asfine a ship as sails the seas Sails —-mannificent, an, 28, Mar. 10, April 21 and regularly thereafter, al- ternating with Manchuriaand Mongolia in semi-monthly service, Check your auto as baggage. No crating. huge, fast. Ask about special round trips — One Way Water, ater, One Way Motor. WHITE STAR LINE PANAMA PACIFIC LINE One Way Rail; and One Way INTERNATIONAL For complete inforr 1419 G St. N.W <teamship agent. on apply to R, M. [} MERCANTILE MARINE COMPANY Hicks, ., Washingtop, D. C'P or any authorized Mgr., STEEL MAKERS SEE BETTERBUSINESS Higher Price Levels and More Activity in First Quarter of 1928 Predicted. By the Associated Press. NEW YORK, December 10.—The majority of the steel mills were re- ported to have maintained production during the week at about the same rate as recently. As regards the sit- uation for the first quarter of the new year an optimistic feeling was sald ‘to exist with the idea that mill produc- tion will Increase to meet railroad and {other consuming demands against or- ders already placed. Advices also in ai ed that in some Instances new business would be accomplished only at higher price levels. Ingot produc- tion during November was the small- est since July, 1925. Pig iron was unchanged. While export demand earlier in the week led to further advances in cop- per, business has since tapered off somowhat, due partly to a slightly easier price. trend in London. Rus- sian buying, as well as active demand from Germany and France, has veen the feature earller. Domestic con- sumers were moderate buyers, confin- ing most purchases for nearby re- quirements, although a slight increase was noted in orders for shipment be- yond January. Producers are asking 14% cents to 14% for electrolytic de- livered in Connecticut Valley. Tin prices reacted somewhat toward the close of the week. Trade was not active. The canning and automobile industry requirements for 1928 are ex- pected to be liberal. Demand for lead was active early, especially for December-January and February positions, but later this in- quiry subsided somewhat. Prices con- tinued very stead. Zine was in small demand but the tone was steady. Stocks are estimat- ed as ample. Antimony was in good demand-for a time with inquiries for all positions up to May. Later a reaction took place with easier offerings from China. Navy Department as a member of the board of inspection and survey. The following officers of the Navy medi- cal corps have been found qualified for promotion to the next higher ranks, respectively: Lieut. Warwick T. Brown and Lieuts. (J. G.) Arra B. Chesser, Carl M. Dumbauld, Robert K. Y. Duisberre, John R. Lynas and Lloyd R. Newhouser. Comdrs. David G. McRitchie, Edward R. Wilsor and Everett G. Morsell have been eommis- sionied captains in the supply corps of the Navy, with rank from June 2, 1927, 3 Lieut. Comdr. Louis H. Roddis, has been ordered to report ‘to the Navy recruiting. station, in - this city, for duty. Lieut. Comdr. George C. Sim- mons. who has been’on duty on the Arizona, will come to duty in the bureau of supplies and accounts, Navy Department. Lieut. (J. G.) Frank . McCrory. has been ordered to duty in the bureau of mavigation for tem- porary duty, Lieut. Comdrs. Leo B. Sartin and Jack S. Terry, both medi- cal officers, have been ordered on tem- porary duty at the Naval Medical Sehool, this eity. Motor Fuel or That Good Gulf Gasoline add miles of satisfac- tion to a motor trip. No more faulty switches, short circuits or broken cases . . . fewer shattered bulbs or soiled reflectors . . . and this new Ray-O- Vac flashlight is built to last a lifetime! important in flashlight history. Now you can have a flashlight to fill every need. Ask any flashlight dealer to show you his Ray-O-Vac assortment case containing nine different types of 2- and 3-cell cases in nickel and black. The name Ray-O-Vac isoneach endcap. RAY-OVAL rensnrser FLASHLIGHTS THE things that so often put ordinary flashlights out of commission areguarded againstinthe new Ray-O-Vac. All the working parts—in- cluding the complete switch mechanism and bulb—are in one removable unit. In extreme cases, it can be replaced, and the flashlight will last a life- time. Other im- provements are among the most MADISON, WISCONSIN BURNED BEARINGS are common occur- rences in these forgetful days of diluted oil in the crankcase. Crank cases should be drained and oil re- newed periodically—when old “procrastina- tion” extends the change to the danger line it is a safe plan to use an oil that has the maxi- mum resistance to heat and dilution—then if you forget—you are safe. That New Improved Supreme Motor Oil will tide you over the danger point. It pos- sesses a tough, viscous body, which resists the ravages of hard driving. Oils continuously— preserves bearings, cylinders and pistons. At the Sign of the Orange Disc GULF REFINING COMPANY