Evening Star Newspaper, January 5, 1928, Page 13

- SHARES TAKE DROP INCURB DEALINGS Recent _ Favorites Hit by Break Due to Big Gain in Brokers’ Loans. BY WILLIAM F. HEFFERNAN. Dispatch to The Star, NEW YORK, January §.—For a brief interval after the opening today the speculative favorites on the Curb Exchange ignored the weakness in the main body of stocks on the big board the support accorded these issues finally proved to have been artificial and prices gave way readily. In view of the fact that the specu lative element for several months had completely ignored new peak records n brokers’ I it was difficult on the latest increase of meore §341,000.000 in the Stock Ex change fi as the reason for the heavy liquidation today. Neverthe. what the Street set e for the weakness ay from the fact, however, participating v time in histor: em had re technical where the e of the market was te as United down over two an Rolling v 1 mon, one of on_the up- ral weeks ago, broke § points compared with 5 points made itself felt for those issues which 1sible to operations had %o 1 of been most r cd 1o extremes. becau: of its issues, natu- when weakness oped on t { shares on the Stock Exchan the price compared with the 1927 high of 139%. BANDIT SLAIN, TWO CAPTURED IN CHICAGO By the Associated Pres CHICAGO, January 5.—It was : bad for bandits. One was shot iead, another was captured and a third surrendered under pistol persuasion. James Doody, who dn't. forgotten what he learned as policeman, walked into a holdup at the Frank Nelson radio store and opened fire with a revolver when the robber whipped his own weapon around. Doody's single shot was fatal to the bandit. who was identified as Stan- ley Hodana, 19. At the Silver Moon Athletic Club Robert Ahlgrin, 28, and John Rowan, 29, who said they were making their maiden venture with masks and pis- tols, found a bullet reception awaitirg them from Patrolman Jeremiah Ma- honey. Ahlgrin surrendered under Mahoney’s fire, and Rowan was taken later after he had jumped from a win- dow. They said they were without work and had families to support. pas e WOOL QUOTATIONS. BOSTON, January 5 (Special).— Strength in foreign wools, with domes- tic wools in light supply here, plus & steady absorption for mill account, is sustaining optimism in the Boston wool rket. Worsted mill buying is @ factor in the market for good comb- ing sorts. Fine territory was quoted ) basis, French half blood at hths blood at 95a9% and quarter blood at $5ass. Fine Ohio flceces were quoted at 4748 grease basis, half blood and threeeighths blood at 48a49 and quarter blood at 48a50. MEREDITH PROMOTED. NEW January Oscar 8. ) ith has been elected vice president of the Bank of Amer- jca. He formerly was assistant vice president and exccutive in charge of the bank's business in the Central West and the Wes! —_——— NEW MILL PLANNED. XEW YORK, Ja y 5 P — ppropriated rolled strip enlargement Work will| RUBBER DECLINES. » YORK, 5 (Bpecial).— L bed sh COTTON GOODS QUIET. Print ur 64x60m The raw BUTTER 1S HIGHER. { CHICAGO, Janus ).~ Puttes — | hv:)'rva IH‘-:;, ipts, POTATOES UNCHANGED CHICAGO, Janunry 5 (United Btates ure) —Potatoes LAY cark, prices NEW YORK MARKETS, ) g r Tar New YORK, J 7 I b ngen SILVER QY‘J')’I'A’HUNS, ‘(‘;l“"l-‘, Jian : .":’4”,‘4 GEEMAN BUNI;K AND STOCKS. P Star i Aewen BM o wion ezou s L 00 4% ol NG STAR, WASHINGTON, D. C.” THURSDAY,” JANUARY NEW YORK CURB MARKET , Recelved by Private Wire Direct to The Star Office Following is a list of stocks and bonds traded in on the New York Curb Market today: INDUSTRIALS, High. 3 “ Sales in g Low. rod A wi 20 uth. - 102 10 Alum Co n ptd ] 1 5 Am Arch Co 6Am Br B El'F m T LY i B30, nid pd 9514 S 16 BRay D Surs 1pi 1 Hrocky Mot n.." Bkin City R ,\. o1 or B ¢ vie %4 Dixon Crucible. . 1 5 Dominion St Lid 1 & Dubilier R P ey i NI ot P S FZx & F B BFE F PG pattir - 55 e a Co arod_Corp en Bak A =Zias SETu6sIES e Lamp - . 6 Happiness C St ¥ Hazeltie Corp. 3 Hercules v 1% Holland" Fuirnace 1 Hn\]'r’-‘n}d 2 Hygrad ood 3% 1nd Ray Cor A 10 Insur ¢ A 11Int Rw; G ZELS! FEF R R za £288 S E vie roc vie K C Pub Ser vi Kroger GraBak Kroger Gr&Bak SECRY,E Ko 3 Lackawan %l{and‘!‘n Via ", L So135s 1300 b i 12 e A SRRLIEREEEE2Y oris e baigets oo SR PEtied WS 23388 Mavis Botthing. . B McCall Corp n wi 60 87 ¢ 23y S35 3y n O F 0 pfd 5 Fenn O ¥ p'ptd. SPP&t 3 el 1 Serv " SR > Wighde: | Wi nr o L WaaWidimanptw 439 MINING STOCKS uit Am Con ON A B Am O o o) 0 Em'd &'F'a 'bl 4 p Teonard O M. 2 N R 3N o or Cen salt f P 100 Eureka P 1. T400 1 )0 Inter_Pet C l" er t C X i o ) e $ & 00 Sothern 3900 Indi 100 30 Cardinal Pote B 70 City _ Serv’ :!}:w Serv n_pfe ‘olumbin "a¥nd Synd it AL Houston Gulf G 8 Intercontl Pt R 2 e et T o PIIIF SR SIS S Venesuelan Mex Pl\l‘l\!elr\ Pet. Wilcox 0&G n. . STANDARD OIL ISSU D AMACAR P 3 3 S on in unita. FO! UBSIDIARI] 580 Ohio n. 1500 Vacuum Oii Sales in thousands. 118 Ala Pow 4 5 Al % Anaconda s A 101 17 Apval EI Pow bs 904 2Ark P & L Bs. Ry 0 Bia107 Larabee 21y G Bal 5z E 106 13 Cont Of 8ge, .- LN 3 Contl & . i00 12 0% t Intl ng iXGu I Ref Core s i) P 58 A ms & Millb Os. 155 eyoTOPh 5 0 op Gas&kCoke bs 0% clede Gas 5138101 high Pow 6s A 106 bby McN&L B3 04 as Bigs. . 1 155 Phils .‘mh 36 Philioa Per 818 b4t 1Pitts SckBt 84s 00 9 s, o8 2 Cavses o) EEL S 555350 = gEfi-.sm ke B4 100 1 arn Quin s, 100 f Webster Mil 6% 06 3West Pow b%s A 00 % Sales in thousands. FOREIGN BONDS. M Ba 7« 48 08 1 Agri M Ba 7 1K Batavia Fel 40 Brazil 6 s 1 Brisban 4 "3 S50 ) = .04 ;»}:‘\:flnll A ) enos A 7 e 101 B850 -’?, t 0 Ger Cone Mun Hamburg State s 1 Hanover Stato fie 04 M B ¥in 7s. 100% 4 fel 07 LM ‘5”" 7 ) L Medeilin 78 or My % 6% n A 1§ Niirembers fo. Rio Gran 1o Gran en, G % Y80 W0 6 anda’ Falls 8% 1030 Ber 7o 1 N 4 i mr % i i i % i vidend. RO o s STEEL OUTPUT GAINS, NEW YORK, January 6 P .—Ingot output of the United Htaten Hieel (Cor poration is nuw at 70 per cent of o pacity, & substartisl ge'n in the last week from the low level of the Christ mas holldayw, around 60 per cent Operations were ut 73 per cent before the hollday tdowns. The aver for the entire Industry I8 now arounq 7 per cent, ugainst 67% per cent in the holiday pertod. Karly fn 1927 the average for the Industry was ahout 6 per cent NEGOTIATIONS INCOMPLETE, NEW YORK, January 6§ (). Jamaw A Campbell, president of Youngstown Hheet & Tube (o, says negotlations for the acquisition 'of f o sl incomplete, “One wam his comment when her Youngstown HBheet & pntemplated waking overtures to Jones & Laughlin HBleel, ORDERS LIKELY TO GAIN, NEW YORK, January & OP),—Due 10 the tncreased demand for st unfilled tonnage of the Unjted Htat. Hteel Gorporation at the close of De. cembar s expocted (o whow a gain of more than 200,000 t , and_prob: y exceed 800,000 ton, {1 this develop, 1t would b Increass in hookings sin 1926, Unfilled orders at the ol ovenier were 8,341,040 tons, WARFARE N MEAT INDUSTRY GROWS East Against Cattle Grow- ing Areas One Result of “Battle on Beef.” BY J. C. ROYIL Special Dispatch to The Star. NEW YORK, January 6.—The con- test between meat consumers and the producers, packers and retailers 18 be- coming more bitter every day, to the detriment of each party in the con- troversy, over the increased prices for beef. It is involving a marked change in diet among the inhabitants of some gections of the United States, and is bringing about a buyers’ resistance to the products of certain sections which, while it has not yet assumed the mag- nitude of a boycott, is undoubtedly showing a trend in that direction. Consumers in some sections of the East have appealed to their fellows to restrict their consumption of beef un- til the price of that commodity comes down. In retaliation, the beef-pro- ducing sections have urged their friends and neighbors to refuse to buy goods produced in or shipped from those districts where this anti- beef movement is most active. Additional Sale of Pork. Meat production and consumption for the last year in the United States was slightly higher than in 1926, but this increase was due almost entire- ly to the additional sale of pork prod- ucts and there has been a marked abandonment of beef and mutton in tavor of pork. Pork products at wholesale are at the lowest levels in three years, according to Oscar G. Mayer, president of the Institute of American Meat Dackers, but beef prices are on a higher level than in 1926, J The sharp fluctuations in the price of veal, beef and mutton have made the year an uncertain one for the packers, but it has been a prosperous one for the live stock growers. The outlook for this year, accord- ing to the packers, i showing im- provement. The gencral opinfon in the industry is that {ndustrial condi- tions will be as good as they were in 1927. That means a still further in- crease in the consumption of various kinds of meat. Substitutes in Europe. The price of live stock, however, is such as to put American meat prod- ucts beyond the reach of. some of the Furopean consumers, who have substituted other articles of diet. This country, however, is growing in population at the rate of a million and a half a year and the great majority of this increase is composed of meat consumers. ‘The rise in live stock prices, accord- ing to Louls F. Swift, president of Swift & Co., will set apart 1927 as a year distingulshed from all other years in the iIndustry. “Heretofore,” he said, “‘supplies had been heavy and prices low. Returns to the range cattle producer had been discouraging and many of them were forced out of business. Each year it was thought that liquidation must be about completed, but each year sup- plies continued heavy until 1927, Then came the long-expected turn, “The total volume of cattle slaugh- tered during the early months of the year was only slightly below the same months in 1926, but beginning in June the numbers declined materially and the last seven months of the year were about 10 per cent under the previous year. Shortage of Best Steers. “The shortage was particularly acute in high-grade beef steers, and prices for this kind of cattle reached a peak never before approximated ex- cept for a brief time during the war, ‘The higher prices revived the cattle- men's intereat in breeding stock, re- sulting in decreased supplies of range cows for slaughter. Young stock also was held back for further growth, which restricted the supply of this kind of cattle. “‘Taken altogether, producers were paid $560,000,000 more for their cattle in 1027 than In 1926, although the marketing was 7 per cent less, as far as numbers are concerned. That is the situation Mr. Swift a, other packers declare is responsi for the present price to the consumers. Baltimore Markets BALTIMORE, January 5§ (Speclal). 100 pounds, 2.00a .50, sweet potatoes, yams, barrel, 2.60a bushel, 3.00a4.50; brussels sprouts, quart, 20a2b; cabbage, ton, 12.00a16.00; caulifiower, crate, 2.60a 2.75; carrots, 100, 3.00u5.00; celery, crate, 1.60a2.26; Kale, bushel, 36ad5; lettuc i , 2.00a2 51 2.50; Bavoy cabbag spinach, bushel, 1.25a1.5 crate, 2.50a4.50; squash, cre 2.50; turnips, basket, 20a40. Applen, basiet, 1.26u2.50; barrel, 3.5007.00; cranberries, one-half box, 9.00n10.00; grapefruit, box, 3560n4.50; oranges, box, 4.50a6.00; tangerines, box, 2.60a3.50; strawberries, quart, 1.26a1.60, Live poultry- keys, pound, 40a 44; old toms, 30a e poor and crooked breasts, Hpring chickens, 27a28; leghornn, poor and thin, 20a 22, old hens, 22a28; poor and leg- horns, 20, old roosters, 16a18; duc 26028; poor and , 20n22; Keese, 2 a7, guinea fowls, each, 60a85; pig- patr, 20435, med poultry-——Turkeys, pound, 40a44; 014 tons, 30a32; poor and crooked nnts, 20028; young ehick- ens, 24u26; 0ld and mixed, 20a24; old roosters, 1..al8; ducks, 26a28; geewe, 24u28, Fggn— Recelpts, 2,367 cases; native and nearby, firsts, in free cases, d en, 46ad6; current recelpts, anen, 42044 Hutter-—Good to funcy o pound, 48ab4; prints, 64a68; blocks. b3a66; Indlew, 37udf; rolls, 34a36; store packed, 32a33; dalry prints, 34a 46, procesw butter, 4zudd, Hay and Grailn Prices, Wheat No. 2 red Winter, expo L39%; No. 3 red Win export, no quotation; No. 2 ved Winter, warlioky, domentio, 1.39%; No, # red Winter, garlickly, domentic, no quotation, Corn—-No, 2 yellow, domentic, 99a 1.00; No. 2, contract, export, 06'%; cob corn, new, 3.70a8.76 per barrel, Oate—No. 2 white, domeatio, 63%a 84, No. 8 white, domestic, 62n83, ~Nearhy, 904100, o8- In free mery, New hay d quantity. Iy n othy and clover grades, Hiraw-—No, 1 wheat, 11.00a12,00 per ton; No. 2 oat, 13.00a14.00 FREDERICK BANKS PAY. #pecial Dispatoh 4o The Bias, PRAKDERICK, Md, Januar Hotw, $600,000 and §600,00 pald out 1 dividends to holders of the six looal bank uary 1, Of this amount §as, 1 waa pald out In sembannual divi- dends on capltal stook by the Com: munity Pinance Co, and the alx hank T J Ni paid the caplital montha, wan | SOV K] iao] mes T wes | s T nev | TR C— PER SHARE ANALYSIS. What Is Back of Each Share. February 28, 1027. Per ahare. Total gross . 847 assets ... Less unpaid current biils Net assets for common N-year average earnin stock et earnin) c Net_earnings 1037. 0" Stock pays dividend of Business for 7 months present fiscal year about equal to total for previous year. Dividends bave been paid continuously since Ur'nnlliuun. At 76, stock yields 5.2 per cent. (Consult your banker or broker for fur- ther informatlon as to valucs back of this WHEAT HAS SETBACK AFTER EARLY CLIMB Bear Pressure Comes on Heels of Statements of Widely Known Trader on Conditions. By the Asrociated Press. CHICAGO, January 5.—All grain prices underwent a decided setback to- day after showing an early upward trend, Increased selling pressure de- veloped on account of a bearish con- struction given to statements by a widely known trader regarding gen- eral grain trade conditions. Notice was also taken of heavy Argentina exports of wheat, larger both than last week and a year ago. Wheat closed heavy % to 1'3 net lower; corn, % to % off: oats, 1 to 13a% down, and provisions showing 2 cents decline, HE. Low 1 1 1) Close. 120% 131 iy d | points in early trading under liquida- | —— 5.7 1078} SEE-SAW TRADING INCOTTON MARKET Early Offerings Take Prices Down, but Small Ad- vance Follows. By the Assoclated Press. NEW YORK, January 6.—The cot- ton market opened steady today at a decline of 1 to 2 points, active months showing net losses of about 6 to 9 tion and local selling. Offerings were comparatively 1ight and after the decline to 19.28 for March prices frmed up on covering and trade buylng, with that delivery selling up to 19.43, and active months showing net advances of about 4 to 7 Kolnu by the end of the first half our, Private cables said there had been some continental selling in_ Liverpool, but later the news from Manchester was more encouraging, demand for cotton clotha showing an improvement in many directions. The rally from the early decline ap- peared to meet slightly increased of- ferings and the market eased off again under a renewal of liquidation, with a little local and Southern selling. March declined to 19.20 and active months generally showed net losses of about 14 to 18 points, but the market was narrow enough to be influenced by comparatively small orders either way and prices were 4 or 5 points up from || the lowest at midday on covering. R Money Back T HAT is the guarantee of the Surety Company on the Insured 6% Bonds of the Federal Security & Mortgage Co. If the maker of the Bond cannot pay. the Surety Company will—but no Surety is going to guarantee a bond unless it is sure the maker can pay. Mail Coupon for Information Regarding 6%2% Insured Mortgage Bonds C.E.Moran&Co. Incorporated [ I Investment Bankers E 1716 HSt. NW. | C. E. Moran & Co., 1716 H §t. N.W,, Washington, D. C. Ser‘xd me Circular No. MBI3. Name Address....coennnnnnnnse CHICAGO LIVE STOCK MARKET CHICAGO, January 5 (United States Department of Agriculture).—Hogs— Receipts, 80,000 head: uneven: 26 to 40 loWwer; most loss on weight aver- ages 170 pounds down; early 8.70: bulk, desirable 210 to 300 pound aver- 8.45a8.65; 160 to 200 pounds, 8.35 .55; most pigs, 7.50a8.00; packing sows, largely. a7.50; heav hogs, $.15a8.70; medium, light, 8.00a8.60; light light, packing sows, 1.00a7.60; pigs. 7.25a8.00. . Cattle—Receipts, 14,000 hea trade on fed steers weak to »m cts more decline; shippers fairly active; buyers of fat cows and heifers; blg packers bidding 25 or more lower; bulls, steady: light vealers, 50 to 7 lower; shipper kinds, steady; largely a steer and vearling run; best steers a0 m»" WILL SPEND NEARLY BILLION NEW YORK, January 5 (#).—Elec- tric light and power companies in the United States plan to spend $300,363,- 000 on new construction in 1928. The budget for the new year is one of the largest for new facilities indicated in the history of the industry, Elec- trical World reports. While all sec- tions of the country show gains, con- trasted with actual expenditures in 1927, the Southern States and North Central States lead in the rate of growth of proposed capital expendi- tures. Actual expenditures on new construction and improvements by the ;lrfll’lc utilities in 1927 reached $760,- 53,000, Commodity News OWOSSO, Mich., January & (Spe- clal).—A basic price of $7 a ton, with $8 a ton for deliveries to the factory, is offered heet sugar growers of Mich- fgan by the refineries for the 1928 erop. CHICAGO.—Butter prices are rela- tively high at present and there is talk of an increase in imports early this year, since the difference between the New York and London price now 18 almost as much as the tariff on but- ter shipments into the United States from Canada. PHILADELPHIA. Philadelphia woolen mills have been contracting for their 1928 supplies of raw mate- rial, with a good deal of activity in the last few days. One Philadelphia | buyer paid 40c a4 pound in the grease ®r two chol Montana clippings. Much desert wool is being taken over of fine gloves in totaled approxi- mately 6,000 dozen pairs more than for the corresponding period of 1926, The increase in work glove production has been even higher. early, 17.00; numerous loads, 12.50a 15.00; weighty sausage bulls. up to 9.00; light vealers, 12.50a13.50; ship- pera, 15.00a15.50. Sheep—Receipts. 14,000 head; fat lamba opening fairly active: strong with vesterday; asking 15 to 25 higher; around 13.75 and 13.80 for choice handy-weight; early sales of better grade lambs, 88 pounds down, 13.00a 13.50; good to choice, 92 to 98 pound offerings, 12.25a12.75; 100 to 120 pound kinds, 11.25a12.00; sheep. firm; fat ewes, 6.00a6.75; choice light-weights, 7.00. BUYING B. & 0. STOCK. BALTIMORE, January 5 (Special).— Investors are reported to be quletly buying Baltimore & Ohlo common stock. Paying $6 a share and earning more than double that amount in 1927, it is believed that the stock wiil be placed upon a $7 dividend basis as soon as the management feels confl- dent that the business situation will ymen! mbe: e declared a quarterly divi- (B0c) cents a share on_the I nd of six of this company. payable Feb- common_stocl ruary 187 102K, to common eiod ¢ ol record e close of MX'IM? L0E8 ok W e Wi ot el N Preaident. and Treasurer. ON HOMES Prompt Attention Given AN Applications 5v59 Interest Run for 5 years without curtailment. Wm.H Saunders Co., Inc. Founded 1887 Main 1016 1433 K Loan Correspondent for the Provident Mutual Li) Company of Phii On the eve of a most sensational victory ~ The New 8-Cylinder PRESIDENT 100 horsepower~*1985 ...z, Inaugural reception = Saturday, January 7 1928 olders of bruary 1. | In addition to this luxurious new 8cylin- der car, see the new American Edition of the Erskine Six, the new Dictator and The Commander, world's champion car Joseph McReynolds 14th St. at R Pot. 1631 1636 Conn. Ave. N. 6575 STUDEBAKER es a return of personal property, The law xe%m.r which is subject to the District of Columbia In- tangible Tax of one-half of one per cent (4 of 1%) of the current value, based on values of January 1, 1928 (closing securities quotations as of December 31, 1927). If you will send us a list of your securities, we shall be pleased to assist you in prepari: return by and i We shall be glad to offer perrha s indicating those which are taxable the necessary quotations. suggestions to strengthen your investment position and to assist you in placing current funds to the be:* advantage. By consulting us you incur no obligation. CRANE, PARRIS & COMPANY Investment Bankers Since 1883 823 15th Street N. W. Telephone, Main 593 LOANS On Improved Property We invite applications for loans on im- proved property on a MONTHLY PAYMENT BASIS OR STRAIGHT THREE-YEAR PLAN Low Interese Rates /w;sm‘c;m SECURITY ZAND TRUST COMPANY | ND_TRU T _COMPA) Real Estate Dept. 15th and Penna. Ave. Central—7th Northeast—8th and H Southwest—7th Northwest—1140 SAFE Qeer a Century IWithowt Laoss B\ F. Main 2100 THERE 1S NO BRANCHES and Mass, AN N s\ AW\ Ave Streets Streets Street and E 15th FIRST FOUR FACTORS FORETELL the utmost desirability ot any mvestment of surplus vou may make in our ds 6° FIRST MORTGAGES UChey are bevond all question safe. Their income-earning power is sure and definite, Their security real and tangible. Their issuance is based exclusively on conserva- tive appraisals, SAUL CO. 925 15th St N.W. SUBSTITUTE FOR SAFETY