Evening Star Newspaper, January 24, 1928, Page 11

FINANCIAL. NEW RECORDS SET ! IN CURB DEALINGS Kroger Stores, Gobel, Bohack and Swift International Features. BY WILLIAM F. HEFFERNAN. &pecial Dispatch to The Star. | NEW YORK, January 24.—New high | records for the year and In several in- | stances for all time were marked up in | the curb trading today. The market was taking its cue from the trend of | prices on the Stock Exchange, and spec- ulation for the rise continued unabated in many directions. Shares of food, chain store, utility and oil companies | were selected for leadership. Kroger Stores, which had been a fea- ture during yesterday's session. “‘Fnl‘ forward briskly to another new high record., responding to the recent plac- ing of the stock on a regular annual dividend basis and reports from Cleve- land concerning the trade outlook for the company. nothwithstanding indica- tions of & price-cut war in the bread | industry. ' Gobel Sells at Its Highest. Gobel sold at its highest. crossing 75, ‘Expectation of increased earnings as a yesult of expanding operations was the factor in the speculative calculations. Bohack was another of this group to advance sharply and it reached 279, s t vesterday's final of Swift International, responding to the better outlook of its South American usiness following culmination of the | packers' trade war. also reached a| Iresh top. | Atlas Plywood, selling at its best prices, above 68, was responding to report that the corporation had in- | creased plant capacity in order to keep | pace with increased business in the Pennsylvania and New Jersey term- tory. In the mining division Newont had another ot its characteristic sharp upturns, the gain extending 8 points before the demand was supplicd. i United Gas Improvement. United Gas Improvement was in de- | mand following the announcement that | the operation of the traction system | of the Wilmington Light and Power Co., | 1o be acquired by the United, will be | continued under supervision of inter- ests associated with the American Elec- | tric Power Co., present owners of the | ‘Wilmington property. | Lehigh Power was still feeling the | effects of a favorable statement of i927. while Brooklyn City Rallroad sold at | its previous high, and American Gas | and Electric was bid up a point or so. e Stock Exchange | Sales. Washington Gas 6s “A"—$1000 at 1063, $4.000 at 106%. | Capital Traction Co.—10 at 109%. Norfolk & Wash. Steamboat Co.—10 at | 3001 | Potomac Electric 5'-% pfd.—40 at 1087, 40 at 108%,. 20 at 108'%, 15 at| 10812, 20 at 108%. | Lanston Monotype—20 at 109. 22 at 109. | Peoples Drug Stores pfd.—9 at 122%. | Columbia Sand & Gravel pfd—5 at| » 104 ‘ After Call ! rm-le“lkcmc 513 % pfd.—5 at 108%. at 109%, 5 at| | Washin;ton Potomac % pfd—15 at 108%. 20 at 108%. { Potomac Electric 6% —15 at 112%.| ‘Washington Gas 6s —%500 at 106%. $1.500 at 1061 | Capital Traction 5s—8&500 at 1041, $.“b00‘l at 104%. | City & Suburban 55—$3.000 at 100. 1 ‘Washington Gas 6s “A"—$300 at 105':.| ‘Washington Gas Light—5 at 85 | ‘Washington Gas 6s B—$500 at 108z, | Real Estate Title Ins. Co.—5 at 206. Money—Call loans, 5% and 6%. Bid and Asked Prices. BONDS. PUBLIC TTILITY Ty ot Ava & Potumar & P Tel 5 avital Traction B R 5 City & $aburban oe. . Georzctows Gas 1af Poiomas Blee. I8t 58 Poromac Elec b, A & Mt Ban. & Annao W amhineton Gas st Gas On. weries Be werien Wash 2 » Waah Rwy. & Eiec. gen 04 MISCELLANEOUS Parter & Rows Jne 64 Fhctmut Yarms Dairy STOCKS. PUBLIC UTILITY Amer. Tei. & Telga 7 Caonal Trartm . Puromar ¥ Potomar Eleo Following is the list of stocks and bonds traded in on the New York Curb Market today: INDUSTRIALS 1eh. 3 Acetol Prod.. . Alb P Bar A pf ance Insur.... Drug AL 2oy Drug B.. 14 R Am Nat Gas Am Pow & L pf 1075 Am Rayon Prod. 1870 oling M. 104 | . Wi it wn CTAm T sa g 104 o/ &S T i &SP 1 nf wi S P& L6 nfd Futier'Ga e pid 3 putler Ga_pr i Fuiton Caspnine * n _war. exden Chem N Torn & Hardart 12 Ind Ray Cor A inwur Co N A 2 Intern Tl A 4 Intern Ttil B 30 Johne-Manv 1 Kroger G & B Kruskal & Krusk 5 Lackawana See n 1 Lefconrt Real nfd 73 Lsh Coal & Nav.1 avie Bottling v Drug Stores. Call Corn Mercantile St 16 Metr, Chain 1 Sl P Wasn. Bwy & Wash Rwy & ¥ NATIONAL BANKS v In Bn % pt 41 hman Brow | 2NR b midver 1 & B s Awres &1 s W ihinls MISCRLLANEOUS Bartwr & Bore Chavy Chnme | dal But . Englsnd's Proudest Mother 3 the proudest mothur in the United | Blates 16 Mrs Linabergh, Uie proudes! | w Englend ought W be Mrs | Weimster of Welssll, mother of Siduey Notmen Webster fight “l'lllln"lll Wi whs viclor in the Bchneider Cup Vvaws, i which he fiew 6t the rate of b miles & minute Mre Webster has| wen overwhelmed with Congraule- Mook, anc i el recedving them Bhe ok 8 prominent pert o the e coming 1eception scooided the fiyer by L s tier " Wiy 1on el Row 1h%, in THE EVEN 'NEW YORK CURB MARKET . Received by Private Wire Direct to The Star Office » 21 Uni Verdi X 10 Wenden Cop. INDEPENDENT OIL STOt indreds, on Oilflds. . m bo Co tin 3 b U Fuel Gas Mex "1 Y ol ndem Ol e 01 r Oi al nfd b & k Prod exuelan Pei. . T NDARD OIL 1 SUBSIDIL 16200 Anglo - Am Oil 1000 Ank A O non vie b ackeve POL, ntl On 7503 0 Ghia 400 Vacuum 0il ?(‘nltu in BONDS. iae t e 100 S ¢ & Lt Gs 10 Rad 31 1M s conda s A Pow B L . & ne St Ra b 't Svn“‘ ” 4 Interst Pow Interst Pow fis INL &P oeA 0% Gan & € Be. 1007 gh Pow Ay A 10 115k Valles 4a" w1 2Lih MN & 1. Sa 1 ax1y at I Prod 614y, lNkl"hL’h‘A"‘ Nat P S ditis A Eng lil. E L, 4% NYNHAH 455D 81 Ru’)hm Pow 45,8 D 95% 2UNOrTM A3 D one hols & Shep fis ar P " Oh 7 Phillips P S pun A S e R g 3 14 1L i Proc & Gam 41, 100 AR Pu Ser E&G . A Rl Gias Gt He% R # 10 Stheast P "‘:!;:v GAE R the PAT. e 31 Staley Mig e M Vienne o Went 10 1 o i idond Commodity News e ———— CHICAGO, January 24 (Bpecial) Dressed beef prices dropped sharply in the lmst week ns & resull of slackening demand s took place despite Hirm prices for live animals. Bmoked mests were firm and moved in good volume YOUNGETOWN — Bleel operations in the Mahoning Valley continue i the Wighest rate Uit hus prevalled for months, with 360 of the 57 open-hearth furnnces and 104 of the independent sheet-making units active this week WILIKES - BAIRE,. — Smuller wage pay- ments continue o reflect the curtail- ment of operations in the anthracite mines Tol yunning ahout 10 per cent less than st . | compared with this time last year. For- | : leign demand is in Dbetter 1 wage payments are now | n. 0. TUESDAY. TANUARY 24, 1928, STAR. ILEAD CONSUMERS LAYING IN SUPPLIES !upward Tendency Indicated. Other Metals in Not So Strong a Position. WASHINGTON, BY J. C. RO Special Disvateh to The Star. NEW YORK, January 24.—Careful buyers now are providing for their lead ! requirements for the next two or three months. This policy was caused pri- marily by the statistical position of the metal, and the upward tendency indi- cated has been aided, in turn, by the buying by consumers. The first quarter of 1928 may mean otter profits for some producers, but ituation still leaves something to be by many mine owners. of lead in the hands of Ameri- can and Mexican producers have shown <tendy declines, and now are believed o be well under 30,000 tons. Further de- clines in supplies are forecast owing 1o the heavy demand by battery and cabie | manufacturers. Statisticians. therefore, | forecast a price Increase of at least haif | 1 cent a pound. but even this will leave the metal a cent below the level of a year ago. Zine Production Heavy. Slab zine production has been so high that price increases in that metal have been checked before they got well start- ed. but there is a good demand from | galvanizers. Reserve stocks are well over |40.000 tons, a gain of 18,000 tons as hape, but | | there is still an nertia noticeable in | the market 1 | The position of silver has fmproved | to a certain extent, but the volume pro- | duced has made it difficult for the de- | mand to keep pace. Betterment fs| present in the orlental situation, al- though the political situation in the | heaviest buyers of silver in the Far | East is precarious at best. These three metals are showing | marked resistance to downward move- | but there is almost equally strong pressure to hold prices down ex- cept in the case of lead. The position of one, moreover, has a distinct bear- ing on the others, The three metals in many ores are found in conjunction. Thus, for example, 8 mine which relies on lead principally for its profits fre- | quently depends on meeting mining and | smelting charges by the sale of the metals found in conjunction with lead. | If these are down in price, profits are cut_materially. | Copper has improved its position to a | greater extent than the others of the| non ferrous group. Buying both at| home and abroad has improved and stocks of the red metal have been re-| duced, while prices have clung close around 14 cents a pound. This figure, it is estimated. gives many of the pro- ducers a fair margin of profit Pipe Demand Helps. The expansion of the electrical in- dustry, the increased production of au- tomobiles and the enormous volume of | building construction have all helped improve the situation. Perhaps one of | the most potent factors has been the | remarkable demand established hri brass and copper pipe, which have re- placed steel and wrought iron pipe for | plumbing purposes in many new con- | struction projects. This has rendered it necessary for the copper and brass re- search organization to open a Pacific Coast branch. The main trouble with all the non-/ ferrous metal mines at present is that mine capacity far excceds consump- tive demands To secure advances ol prices to profitable levels for all strict | regulation of output is necessary. But | no sooner has restriction raised the| price of the metals than there is an jmmediate inclination on the part &7!l the low cost producers again to increase production. which in turn resuits In a, decline in metal prices. per, for example, at 7 cents a pound. | are not greatly exercised as to wh-tr happens to those who cannot produce it below 11 or 12 cents, so long as thlr‘ own profits are secure. This situation | eventually is bound to be remedied, either by consolidations or by other means. . WHEAT STAGES RALLY * AFTER EARLY SLUMP Weather Reports From Kansas and | Southeast Have Sustaining Ef- | fect on Grain Prices. By the Associatd Press CHICAGO, January 24 —Reports of high winds in Kansas and persistent dearth of molsture in large areas in the Southwest rallled wheat values to- day after initial downturns. Corn | prices developed firmness, owing largely to unfavorable weather over the corn belt. Starting at ', to ' decline, wheat Inter rose in some cases to above | yesterday's finish. Corn opened 'y off to % up and subsequently advanced all around. Oats likewise tended to harden Provisions, 00, were stronger. | SHORT-TERM SECURITIES. (Reported by J & W Seligman & Co ) Allin Chatmers 5s 1937 i al iy G Gomvear Mimble o1l fHTEN e by Fiton O ot " (N P T LR TUIM T FEDERAL LAND BANK BONDS. (Quoted by Alox Brown & Son [ Srasers, FOREIGN EXCHANGE. (Quotations furlshed by W B Hibbe & © Nl kold Bulling ohe: R i Wi this time last yesr, according W es |\ s e, Fivikboin wen @, Companies, which can produce rup-‘ # LIFE’S DARKEST MOMENT WELL, | SEE YOU RE ALL READY., WHERE D YA WANT TH REMAINS SHPPEDT THE E0Y WHO THOUGHT SHIMNNY WAS THE SAME AS HOCKEY — Copmrieht Press Pk og Cn (Now Yark Wi FINANCTATL.' By WEBSTER BALTIMORE TRADE GAINS. | DAVEY HEADS STEEL FIRM. CLEVELAND, January 24 Steel Activities Stepped Up and H. Davey Employment Is Better. Special Dispatch to The Star | holders here late yesterday. P .—W BALHIMORE, January 24.—Business company represents a combination of activities here have shown some im-|six northern Ohio steel and sheet stecl provement since the turn of the year, firms which recently merged. according to officials of leading indus-| firms were: Mansfield Sheet tries, who say the general outlook to- months. Froduction of steel i the Baltimore | Niles istrict is larger than it has been for | of the Mansfie ern. i Tt aleal e | e osndiennd too, are confident that business activ itles are increasing, but they do not ex- pect the betterment to be reflected to a marked extent in car loadings until the beginning of the second quarter Another important factor is the rising tide of employment here. NEW YORK, William Wrigle; a share in 192 January jr.. Co.. earn against $5.05 from $9.100.170 'ings were equal Men of Shakespeare’s time wore ear- ring: 83 cen Subscriptions having been received in excess of’ These & Tin Plate Co. Ashtabula Sheet Stecl, Em- | day is better than it has been for pire Steel of Cleveland, Falcon Steel. | Waddell Steel and Thomas Steel, all of Davey formerly was president WRIGLEY EARNINGS GAIN. 24 ).— ed $5.35 a share in 1926, net income rising to $9.637.575 Fourth quarter earn- o $104 a against $160 in the third quarter and in the last quarter of 1926. share. INTERNATIONAL SHOE CO. NEW YORK, January 24 (P.— | additional and two replacing D. E. Wirts, resigned, and E. H. Peters, who |died. P. B. Jamieson and E. H. Peters. jr. were elected vice presidents and B. A. Gray secretary. MOON MOTOR STATUS. NEW YORK. January 24 (@ .— Moon Motor Car Co. had $600.000 cash at the end of the year, against esti- mated current liabilities of $525.000. . TREASURY CERTIFICATES. (Repartat by J & W Seligman & Co.} Tose $45,912,000 Republic of Chile * 11 \WORLD IS ON DOLLAR BASIS, SAYS BRITON | Reginald McKenna, Midland Bank Head, Sees United States in Control of Prices. By the Associated Press LONDON. January 24.—The world fs on a dollar basis, Reginald McKenna, chairman of the Midiand Bank. said in addressing the annual meeting of the bank. “Although gold is still the nominal basis of most currencles,” he asserted, “the real determinant of movements in the general world level of prices is the purchasing power of the dollar. “1 am naturally led w ask how long i the world is to continue on a dollar | basts. | “As long as conditions remain at all stmilar to those we know today, America will be able to pursue her credit policy without regard to gold movements and to maintain control over the world level of prices “The only condition as far as I can dge under which America might be | drained of her gold surplus is that she should continuously make foreign loans beyond her true capacity to lend. That she will lend excessively at times is quite probable. There are indications. indeed. that she has done so recently. But that she should overlend so heavily as to make a serious inroad into her surplus of gold seems to me very unlikely.” Declaring that America holds half of the total monetary gold of the world, McKenna added: ‘Moreover, her cred- itor position constitutes a permanent | magnet for gold. Her debtors must pa: | and. if they can find no other way, must pay in gold.” NEW YORK, January 24 (#).— December net operating income of the Delaware, Lackawanna & Western de- clined to $1.161,655 from $1.264142 a year ago, and for 1927 to $17.398.099 from $19.331.909 in 1926. December RToss revenues were $6.461.191, against 1$7,270.358 in December, 1926. | OIL SHIPMENTS LARGER. { NEW YORK. January 24 (& Creole Syndicate’s shipments under its contract with the Venezyela Gulf Oil Co. are now averaging about 11.000 bar- rels daily, against 4,750 barrels daily a | vear ago. an increase in Creole’s pro- duction of more than 130 per cent, | Maxwell Stevenson, president, an- nounced. B. HOCHSCHILD DIES. | NEW YORK, January 24 (P.—Bert- | holdt Hochschild. 68, former president fand chairman of the board of the American Metal Co.. of which he was a founder. died at his home here today. He had been in ill health for some time. Since he retired from active participa- tion in the affairs of the American of Mansfield, Ohio, was O. F. Peters, C. Filder, J. O. Rand and fetal Co., 10 . J. 0. Metal Co.. 10 years ago. he ha clected president of the Consolidated W. M. Sitton have been elected di- a member of its hoard oX disecustii i | Empire Steel Co. at a meeting of stock- | rectors of International Shoe Co.. two e new also was a director of the Miami Copper Co.. the Granby Consolidated Mining. Smelting & Power Co. and the Chino Copper Co. DIVIDENDS. Company. Bond & M © © o|coccon|’ » P the amount of this issue, this advertisement appears as a matter of record oaly Railway Refunding Sinking Fund 6% Gold External Bonds Due January 1, 1961 Cumulative Sinking Fund will Operate to Redeem Entire Issue by Drawings at Par Dated January 1, 1928 Interest payable January 1 and July 1. Coupon Bonds in denominations of $1,000 and Principal and interest payable in New York City in United States gold coin of the p York, without deduction for any present or future Chilean taxesy ness at The National City Bank of New $300, registerable as to principal only resent standard of weight and fine~ in time of war as well as in time of peace, irrespective of the nationality of the holders or owners. The Republic reserves the right to increase the semi-annual Sinking (Fund paymeats. THE NATIONAL CITY BANK OF NEW YORK, Fiscal Agent. The Bonds of this Loan, authorized by Law 4160 of the Chilean obligations of the Republic of Chile, which agrees that if, in the future, it in any manner dispose of any bonds or contract or create any loan, internal or external. secured the Bonds of this Loan shall be secured equally and ratably therewith. on any revenue or asset of the Republic, The following is summa of Seitor Don Pedro Blanquier, Director of the O zed from the letters of SeMor Dom Pablo Ramires, Mimister of an State Railways, copies of which may de secwred Congrees, dated August 12, , The ordinary revenues for 1927 om the wmdersigmed: 1927, will be direct shall sell, offer for public subscription or by i harge qnd totalled $112,489,- The proceeds of the present loan will be applied to the redemption of the two issues of 8¢ dollar bonds of the Republic of Chile, to thie repayment of short term dollar indebtedness of the Chilean State Rail- ways, to the purchase of Railway equipment and supplies, and to the repayment of borrowings made by the Chilean Treasury from funds originally des tined for harbor improvements and public works. Chile with an estimated population of 4,000,000 has an area of 290,000 square miles. The leading indus- tries are agriculture and mining. Agriculturally the country is self-supporting and its mineral output averages approximately $200,000,000 per annum. American capital invested is estimated at $425,000,000, and British at $485,000,000. The gold and gold exchange held by the Banco Central de Chile on January 18, 1928, was $56,307,901 providing a ratio of gold cover to notes outstanding and deposits of 108.7%. 147, as compared with ordinary expenditures of $111,686,175. Budgetary estimates for 1928 place ordinary revenues at $116,686,503 and ordnary expenditures at $114,601,238. The total funded debt as of January 1, 1927, including all guaranteed obligations, amounted to $328,354,361. The Chilean Government as owner of the Chilean State Railways Company is responsible for its obl- gations. The Company operates 3,390 mules ar 63°¢ of the tota] railroad mileage in Chile. Although not operated for profit, averagejannual earnings dunng the period 1923.1927 inclusive, after deducting inter- est charges and depreciation, were $1,638,300. Nitrate exports in 1927 totalled 2,375,441 metric tons compared with 1,612,000 metric tons i 1920 During the last six months of 1927 nitrate exports were more than double those of the corresponding months of 1926. Application will be made te list these Bonds on the New York Stock Exchange. Price 93% and interest Yield if not drawn prior to maturity 6.48%; yield on average expectation of redemption over 6.60%. Approximately $6,000,000 of this isaue he 000 to be publicly offered the Netherlands by Pierson & Co., been reservad for sale abroad, including $1,280. edectlandwhe Handel- Maatschappi), Mendelssahn & Co., Amsterdam, Prochl & Gutmann and Vermeer & Cov We offer these Bowds, of, as and when 1sswed o amd res New York City, and Sedor Don Manwed Foster and S on or abowt belruary 7, 1928, ved By w, sudiact e tha appron Dow Hector Baccari s, Mossrs Nhaarmas & Stoding, 107\ 1N doms AV ArY Far A en N The Natio Head Office: nal City Company National City Bank BRuilding, New Yark Washington—741 15th Street N.W, Offcos in mor Tho above infarmation & it Believe it (0 be et B ——— Polephons Aaw 30 cvives Main 8t16 e Unaied Stades and Canada heon abtaitied PATEY by cabie, From aificial statements and statistion Wo da ok guan AL anversions e Uied Staies dollars have ool ade 44 tar o ow Maige