Evening Star Newspaper, January 17, 1928, Page 13

FINANCIAL/S UP SDE FAVORED ONCURB EXCHANGE Numerous Sharp Advances. New St. Paul Bonds Are Heavily Bought. BY WILLTAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, January 17.—Notwith- standing the heavy loan calling yester- day and the advance to 4'%: per cent in the call loan renewal rate today. the speculative element still favored the buying side. The Curb Market moved uniformly _with the recovery on the Stock Exchange and in numerous in- stances sharp advances were recorded The new St. Paul bonds to be issued | under -the reos ization pian were heavily bought. adjustment 58 at- taining th started on ities Feature. were featured by ited Gas & Improve- ing appeared to be in direct to the formal announcement merger of this company with the Fublic Service Corporation of New | Jerser, which is also to include other | improvement utility organirations. Newmont Mining Iden Center iace of prom- { n the metal group. The former at its highest in hisf was ad- t price to a selling ensurate with th asset enever came were readily ab- which al- ready has occurred from the low of the year. : Atlas Plywood Advances. 1 Atlas Plywood at & new top was re- sponding to the optimistic statements concerning new business on the books of the company at the outset of the vear and the outlack for increased earnings. American Roiling Mills received the sue right along and both * issues went forward gh ground. er was there any weak- rge part of the list the improvement. It vy market with in individual into new In no aqu: mess. alth failed to s was strictly a s sponsors for stocks meeting their efforts the long side CORN HAS UPTURNS; 'WHEAT ALSO FIRMER Coarse Grains Rise Due to Scanty Country Oferings end Un- favorable Weather. By the Associated Press. CHICAGO, January 17.—Corn devel- grester activity and strength than todey in early dealings. Scantiness of coun! offerings of corn, together with unfavorable’ weather, as well as bullish Argentine advices, tend- ed 10 stimulate corn buyers. Opening at 3 decline to % advance, corn soon made a decided general upturn. Wheat and oats were also firmer, wheat start- ing at % to i; gain and then harden- ing a little more. Provisions held steady. WALL ST. ICONOCLAST EDITOR IS INDICTED Ggorge G. Rice, Boise, Idaho, Man and Geologist, Charged With Misuse of Mails. By the Associated Preds. NEW YORK, January 17.—George Graham Rice, editor of the Wall Street KROGER VOTES DIVIDEND. NEW YORK, .hnuxry Kroger Grocery & Baking Co. quarterly dividend of 25 cents in cash on the common stock, payable March 1 % holders of record February 10, and a dividend of 5 per cent in stock on the common, payable April 2 to holders of record March 10. The stock was split two for one. The quar- terly dividend of 25 cents places the stock on an annual basis of $1 & share. ‘The old stock paid $2 am.\uu; GOLD FROM CAHADA NEW YORK, January 17 (®).—A shipment of $2,000,000 in gold bars from Canzda has been received by the bank of Montreal in New York, mak- ing & total of $16,000000 to this insti- tution since the movement began. The seasonal Ciscount on Canaqian ex- change, which started in December, r{'nnuw«n about $29,000,000 W New ork, B — PRICES ON PARIS BOURSE. PARIS, January 17 () —Prices were steady on the Bourse today. Three cent yenics, 66 francs, 90 centimes; nmm on london, 124 francs 2 cen- mes. 5 per cent-loan, 88 francd 40 mes. The dollar was quoted at nes 44% centimes NEW YORK MARKETS, NEW YORK, Janusry 17 (#)—Rye, Sezdy, Bo. 2 Weswern 121% fob, Kew Yore and 1.19% cif, export Bariey, seady; No. 2, 1.06% cif, New York. Bucewheal, steady, ordinary, export, 200; Canadian for 145 lard, essy, Middlewest, 25 Bpot cof steady: No. 1$%wlb. Other sricls un~ COTTON GOODS QUIET. Bpeisl b b 16 Lo Bler NEW Y YORK, Janusry 18-Colton s MiGTECS WeTE i) Temained unchenges Taw silis were quict Py RUBBER DECLINES. NEW YORK, J yubisr, smaoked ribied b Yo wl UayE BOON QUOLS peres with 40% & mouth sgo & yesr 80 BUTTER 18 LOWER. SAGO, Junuary V1 P~ Butber e ipls, 14,367 Lubs, cremnery 457, standaids, 4% extra 44,045, fusls, 4)edd, seconds, 6080 Coses, 35640, ghey; receipls. Luks, ordinaery Drste, BELGIAN BONDE S0LD WEW YOI, Jenuary 11 (% —An Sooic OF LO.OUL Auwrian Khires of L THE EVENING STAR, WASHINGTON, D. ,NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Following is the list of stocks and bonds traded in on the New York Curb Market tod.ll! Sales in Hardware Trac v OEE @ PELES SIE G At 97 At} Froit 18 Athas Bl Aub Tan. 5 I LW Lol rrrFrPR 2392325 e alta 3213302333852, ] FF S £ 33832203 FRE - 3.82.82%% 3233a0%a820 f2 PR & au srzeTon s aSess Sy WL NR2,530R85 252 ,] Pratt & Lamb ¢ % Pridence Co vt Rad . an. 1 scineriing 2 Seltr Pry Stores 814 Com T 181 Pw & Lt %514 Sanit Mfg. | 1 8tein Bloch . 1 8 4 1 8tern By 2 &tromb Can 1% Strock Co 25 Kwite Intl B Switt 2 Tamos ¥l 3 1% 10m% 15° 18 & Tuh i Tune ol Lamn. . ni Plseuit A ) Biaenit Bl Warner Dros Bic. Watson J 1 Whentewnrth ‘fric, 4 Wh few M debs ria 4 Woodworth 4 1 Worth luc A Sales in : bundreds, MINING Zl»nl Am Minew oy 164 Newmgnt” Mg 1414 Vik W N T Zine ing "t gng % m.m,a ey North, Btia Ohie Coy Fremie Com Of1AAs Marnouibi ol P, Toaan (8) vop i T ARTLL ||~ ston, G e 12 [ i i) b Viswrielan l’.l Ly “TANLAKD 11, ISSUES AND . LU h*HllAl‘ll’B BIOCK: Pelginn Nutionu) Fulways Co, paitict- peting preferred slock, merkeed Wdsy W BELL0 & whiare, wes suld. 1St Am on B4 e A0 oy Ve FORMER 8, . l 5 ~ 30 138 a1 Ry | sal L] |0 it a ” i I3 p l % 1 04 oh % ‘ < Ean »?33‘;5?‘ e 48 10 Gal 8 O pfd n SEE5 100 Tnd 8000 Inter Pei & Litd. l I?\ Y Trangit. () Northern 1 Ohio Ol SRR ESPE y vyoR n Lo Amiee 5 10 1 Bl nl:lmr 4 ve 85,0101 1T Can Bs AL 108 % Bell T Can 58 B. 10514 Bos Cons G it M BsA Wi 63 R"\ SheA 10ty SR C Blge nd_Trun’ 6 £ 01l P Bu i nd Oil & uu 08 0 ndian P&L 5s A. 10 ntl Matol Cor_Am i Tnvest E} I \nhi;unn 'ssx.n o . I K10 55 & bo n A 10510 b Val da Wit 923 ’\lnnh & ‘k‘ux:""” 1 Fo da100% aw THP 5 % G&E 1135 %':m &y Fam 1 T FITET =30t S -, i % i :HZ. MQ “"E" EqQ l"‘ll‘l' mn w Co N ¥ 3in 100 Ser F & fl 4% NI B G&F "' % 104 5 104 ichfid O l|l A R Serv Del 58 n wi I|‘l7 1Sckulia RE €8 X. 001 2 Shawsheen 7u . 0 a8 “\FH Pine Ymp £ 1\":2 Sha W&P §%a A 071 Sin Crude Bua A DAY nider Pack (s m;; zg-.l ree 1010 & M8 'x: R 7Ha ww 107 8 Lomb Elae s 1 7 A 06 > ellin 7a 191 Nor Ger Lioyd 68 Norwsv R Ganta Fa City 7e SR80 T 7 48 4 3 TR 100 ] ha BReA. 9% 020% o WOOL VALUES FIRMER. Special Dispatch to The Star, BOSTON, January 17.—Dealers, ask- ing prices were firmer today in the Boston wool market, strengthened by the knowledge that stocks here are light, Pine Ohlo ficece has sold at 1.20 clean basis, with dealers said to be holding 1.25a1.30. ‘Texas 12 months wool 15 held at 1.15a1.20 clean. Pulled wools were slightly firmer. Fine terri- tory was quoted at 1.15a1.18 clean basls, French combing at 1. 10; half blgod at 1.06s1.10; three-eighths blood at 95 10 $1 and quarter hlood at tnno DIVIDEND DECREASED. NEW YORK, January 17 (#)—Ham- fiton Brown Shoe Co. declared a month- Jy dividend of 12'% cents, payable Feb- ruary 1. The company had been pay- ing mumhly dividends of 25 cents, BUDGETS APPROVED, NEW YORK, January Budgets for 1928 of the operating com- anies of Public Service Corporation of jew Jersey, representing about $37,000,- 000, have n approved. The money will be used for new construction, ex- tenstons and betterments for gas, clec- uric and transportation services i New Jersey. More than $22,000,000 will be used by the electric ammmmt of Pub- i l!crvlw Elet.lrlc & Uu Co, PEOPLE'I OAS lHCOH! NEW YORK, Januury 17 (#),—Net income of People's Ous, Light & Coke for 1927 was $5,678,363, equal to 81114 4 in 1026, or @ share, pgainst § smaller kmount of $11.32 a share, on sock outstanding IH.VEI QUOTATIOIGS NEW YORK, January 17 (A).--Bar silver, 567 ; Mexican dol hu 3%, i it FEDERAL LAND BANK BONDS. (Quuted by Alex. Brown & Sons Closing ) Jd. Aghed Vi g ug g L C., TUESDAY, BATTLE OF GIANTS |FARM PRIGES GA IN OIL OLD FEUD Most of War Between Shell and Standard to Be in India and China. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 17.—The gage of battle between the Royal Dutch Oil Co. and some of the Standard Ofl group has been flung down and ac- cepted. The formal lifting of the gauntlet was signified by a recent state- ment issued by the Standard Oil of New York in outlining its position as to the purchase of Russian oll. This oil, according to charges by the Dutch Shell group, is alleged to have been “stolen” from British interests through nationalization of natural re- soutces by the Soviet government. The United States, for a time ‘at is likely to see only minor skir- mishes on its sectors. The main bat- tles at present are likely to be staged in the Far East, where competition for business in Indla and China is acute. It also may spread into European mar- kets, where both Standard of New York and Vacuum Ofl, which also buys from the Soviet gqvernment, are active distributors. The value of the oriental markets lies more in the future development of the Eastern nattons than in the actual volume of present-day trade. Will Broaden Eventually. Few doubt that the struggle will broaden eventually to include trade all over the world. The actual struggle in the East has been in progress for some months, but the statement issued by Standard Oll of New York was the first formal reply to Sir Henrl Deterding's declaration of war on behalf of the Dutch Shell. The Shell interests, it is admitted even by rivals, are situated so as to the most formidable antagonists. ‘The Royal Dutch Co. for the work- ing of petroleum wells in the Nether- lands Indies is affiliated with the Shell Transport & Trading Co. and the Shell Union Oil Corporation. Together they account for production of about a tenth of the entire crude ofl supply of the world. About 70 per cent of this out- put comes from properties in the United States, Mexico and Venevuela, while much of the remainder comes from the Dutch East Indies. The Dutch Shell interests also own hold- ings in Rumania, Egypt, Panama, Peru, Equador and other countries. Conse- quently, they are in a position to com- pete on an advantageous basis in almost any market. The Shell Union Ol Co. is the third largest producer of crude oil in this country, with holdings in 14 States, and Is largely interested in developing the West Texas fields, now in the center of the oil stage. Through the Roxana Petroleum Co., the Dutch Shell com- petes in the Tetail and filling station field in many sections of the United tates. It is reported to have begun hostilities against the Standard Ofl in- terests in Ohio and other sections of the Midwest. However, Standrardof New York is well intrenched in its pare ticular American distributing field, New England. Splendid Shape for Battle. [0 POINTS IN YEAR No Further Rise Foreseen in Janyary by Agriculture DEPOSITS OF 100 BIGGEST BANKS UP $1,407,755,877 Total Deposits in 1027 of.mdlnt Institutions $18,191,058,885, American Banker Reports. By the Associated Press. NEW YORK, Jlnulry 17—~The 100 largest banks in point of deposits in the United States showed an increase on December 31, 1927, of $1,407,755,877 over the total dzposm of the first 100 banks at the end of 1926, figures com- FINANCTAL. yllsd by the vern 18,191,958, dlnflbu lon City, 2; Newark, Kansas City, Cincinnat Orleans, 1; Bt. Paul, 1; Bavannah, Portland, Orel., 1; Rochester, 1. The first 10 banks are: National City, New York, $1,275,051,000; Chase Na- tional, New York, $72,339,000; Guaranty Trust, New York, $720,029,000; Bank of NEW YORK, January 17 (#).—Net carnings of Mullins Manufacturing Cor- poration for 1927 were $588,000 against szmm in 1926, a preliminary state- ment shows. Standard of New York is in splendid shape for battle. It has heavy produc- Ing interests and has added to these materially in recent periods. Its refin- ing and marketing position is strong. It has working c-plu.l of $219,993 ooo and its physical properties are valued at s:‘l)s.au,ooo. It a surplus of $04,- Vacuum Ofl, the ally of Standard of New York, also is extremely powerful. It owns its own fleet of tankers and does a tremendous export business. It has a working capital of $89,528,000 and & surplus of $68,699,000. It is primarily a and marketing o e The it situation in dustry the United States does not lend itself to active hostilities between the rivals for the moment. The ofl in- dustry here is in a state of depnman. Prices, which are among main weapons of a trade war, Alrudy are down to rotk bottom for both gasoline and oll, and Standard of New York this week has made further cuts in Ni England. Much oll is in storage demand has not diminished the supply to & marked degree. But sooner or later, the Industry feels that the two rivals will clash in American selling ter- ritories and that it will then indeed be & battle of giants ‘The stand taken by the Standard Oil Co. of New Jersey is & hands-off atti- tude. It is belleved in some quarters to emphasize the complete independence of the various so-called Standard Ol units split from the main stem of Stand- ard of New Jersey at the order of the Supreme Court in 1911. SILVER PRODUCTION. NEW YORK, January 17 (#.—The United States produced 4,748,000 fine ounces of silver in December against 5,010,000 in November, bringing total output for 1027 to 50,145,000 ounces against 60,918,000 in 1926. Canada's production for the year was 20,918,000 ounces against 31,255,000 in 1926, Peru produced 18,396,000 ounces in 1927, against 21,100,000 the year before and Australia, 9,276,000 ounces against 8,557,000 in 1026, Btocks of silver in the United States at the end of Decem- ber were 353,000 fine ounces against 136,000 on December 1 DIVIDENDS. Pe. Pay. Hidrs. of Raty 0d. \hle. Lecond 3 :'.'A'm.n'n o dineth § é-h !“ \Compy i -f Am i Gal 2w uul.mnnn Sons, ln ‘l s pome N vanklin ( h‘fl’ o, o BT (Cle) iy Fg |fln 'hu N i A | Sapannah Wi b1 50 w 17 (P~ e T GEEHAN BONDS AND STOCKS. By Bpectal Leused Wire to Tho Star, NEW YORK, Junuary 17.— Bid 5500 4800 ver milli Asked Ger @4 Med Loan with draw e utt per 100 aor’ O ool nulmul draw etis per 1000 1 (Quotad (i ol e 400 ! il i 1600 100 or r Gor Asilun A ‘i! LA Honor lormou Missionary. MEISBEN, lnwng Clermany, Jan- uary 17 (). ~The 100th anniversary of Uie birth of Dr. Karl Maeser, Mormon missionury, was celebrated here In the presence of numerous Americans, A Pleture and & memorlal tablet were un. Volled I the house where the mission- Wy was born, B B ———— Department. || By the Associatea Press. ‘The general average of farm prices on December 15 was 137, the same as on November 15, and 10 points higher than a year ago, the Depart- ment of Agriculture reported in fits monthly summbry of farm prices and business conditions. Most of the commoditles included in the index showed moderate price increases, but were offset by a decline in the prices of cotton and hogs, the report said. Many Commodities Up. With the exception of wheat, hay, tatoes, hogs, eggs .and chickens, |, t sald, most of the commodities are above last year's prices. The report predicted that the level of farm prices on January 15 would not be materi- ally different from that of the past three months. Although stating that business con- ditions in" general during December appeared to have shown no material change from those of November, the report said production and freight dis- tribution ended the year at levels con- siderably below last year. Factory employment and total wage payments also ended the year at lower levels, and tended toward a lower purchas- ing power of industrial consumers at the beginning of this ycar. Depends on Steel. The prospects for Improvement on this factor of domestic demand de- pend upon the improvement of the automobile and iron and steel indus- tries, which were largely responsible for the 1927 recession in industrial actfvity, and a scasonal rise in these industries may be looked for, it was stated. Factors which would ordinarily sug- gest a seasonal advance in business activity age the lack of burdensome in- ventories and the ample supply of credit at moderate interest rates, the report continued. “The latter, however, has been a favorable factor throughout 1827, which did not prevent a moderate in- dustrial recession,” it said. “Instead, they have formed the basis for specu- lative activity, with the result that stock prices have continued to reach new peaks to the end of 1927." Debate Nicaraguan Issue. A debate on the guestion of whether American forces in Nicaragua should be withdrawn immediately will be held to- night by the Little Congress at a meet- ing at 8 o'clock in the caucus room of the House Office Building. The affirma- tive will be argued by Donald B. Gat- ling of Arkansas and Robert Davis of Tennessce and the negative by Hilton Butler of Mississippi and A. O. Hearn of Texas. Discussion will be open to all members of the Little Congress after the debate has concluded. b Gt R RS e An American™“company may estab- lish a large banana plantation in Costa Rica, NE afternoon in the late *Forties an itinerant quack—of the picturesque genre now extinct— was describing between banjo interludes the merits of his “famous Indian Remedy.” It was specific, he said, for innumerable maladies, beginning with apoplexy and asthma and ending very probable with zymosis. And it sold, on this special occasion, for only fifty cents the bottle. The “Indian Remedy” was crude mineral oil from the Western foothills of the Alleghanies. Though the “Indian Remedy” could not cure even warts or toothache, it could do hundreds of things that the imaginative “doctor” never dreamed of. But presently, and one by one, the world began to discover the uses of mineral oil—as a lubricant, as an illuminant, as a fuel and finally as a source of energy. Thus, with the aid of invested capital, the great oil fields of the world were discovered and exploited and the great automotive industry was reared. Today oil has attained an economic im- portance scarcely second to electric power. HAMBLETON ¢ CO. Establisked 1565 SOUTHERN BUILDING—WASHINGTON, D. G BALTIMORE—NEW YORK—PHILADELPHIA—CHICAGO The Men Who Sponsor GUARANTY BONDS "Officers and Directors of the Real Estate Mortgage & Guaranty Corporation L. E. BREUNINGER President Patsonnr L E Barowwces & Sons ConsTaucTion Coupany Forure Presioent Cimizens Savines Bank R. L. NEUHAUSER Vice-President Mewpen or Ta Bur oF T DisTRT oF Coupmma ‘THOMAS SOMERVILLE Vice-President PREVOINT Thouas Somewviii Coupany Puownns Surruiry Presioent Pask Savines Bang Ditecron NATiowaL METRoroLiTAN Bame PresionT Wasnmaron PRESOENT WAsnne Maj. Gen. ANTON STEPHAN Treasurer GonenaL Manace Do & Maatin Coumant [y Commanoms Govtaae DuTncy or Couuanoms Gentan o Twenrv-Nume W. P STICKLE Secvetary Meuntn o7 THE Ban oF Tae DISTRCT oF CoLomms ANo TwE STaTE of New Jeaser FRED DREW NationaL Bawe HAYDEN JOHNSON DoNALDION & Jownson, ATTorRITS Dintc1on axo Counsit MounT Veanow Savives WILLIAM MUEHLEISEN Patsimens Mouwt Vianox Savives Bang DONALD WOODWARD Loan an0 Taust Compant CHARLES A. CARRY Drmec ron Naronas Camras Bane Cuanr Prortanis. i) Dingcron Natowac Carivar Insuhanc Coupany or DisTRICT oF Corvuma T. C. DULIN Secarrany ano Tarasoats Do & MArT L Surres [ o NATIORAL Bane FRANK H. EDMONDS ormcun Dinecron Contmentat Taust Company Exrcungy orACTVREN oF Coumtace or UNTE STATRS ANDREW LOFFLER Paesoent A Lorren Provision Courany, Ine. Dunecron Livcoun NaTionat Bawk HENRY L. BREUNINGER BOL LANSHURGH PReioINT Lanssorin & Brorwes, Daranruin S1ose HORACE Q. SMITHY ViCHPaEsonT anp Tuas THOMAS SOMERVILLE, Je, Dot Ton Pask Savines Bans THouAs BomErvLE Coupany, Puumng Sumies EDWARD © BRNST BT Conrmacion VRPUEBOENT, FIDERAL LoAn & Discommt Conr, MICHAEL A, WHLLER PORBORNT WELLER CoNv IR 1ion Coumant, e, Dinecton NaTionsy, Camrae Bane DUREGTON NATIWAL CAPITAL INsubanch Counant op DI THY OF Cobuuma NN AN0 TaVHT Commany SOOI VD WIS WITO MO MO MO G MR MO M D MR MO0 5 MO M DG MO D G0 G D G D G D N Would You Trust the Judgement of These Men on Real Estate Bond Investments ? N the accompanying panel are the names of the officers and directors of the REeaL Estate MORTGAGE AND Guaranty CorporaTioN You will recognize them as widely known capitalists, merchants, lawyers and engineers. These are the men who sponsor GuaranTy Boxps and who judge the merit of every real estate mortgage by which GuaranTy Bonbs are secured Nor only that, but these men are so satisfied of the strength and safety of GuaranTy Boxs that they permit the ReaL Estate MORTGAGE AND Guaranty CorPoRaTION, with capital, surplus and reserves of more than $3,700,000, to guarantee every dollar of principal and interest of every Guaranty Bonp This guarantee is direct and unequivocal On the other hand, when yiclds on bonds in general are extremly low, Guaranty Boxos offer the high yield of 6%, with a greaser degree of secarity and a choice of maturities varying from one to ten years Whether or not you bave decided upon your Jansary Snvestments, write to us or call at eur offices for further particulars wbout Guaranty Bowds which pay % REAL ESTATE MORTGAGE & _GUARANTY CORPORATION 26 JACKSON PLACE W™ é