Evening Star Newspaper, January 26, 1928, Page 13

CUBA SEES PROFIT. IFU.S. CUTS DUTIES World Sugar Situation Not to Liking of the Island Republic. - BY J. C. ROYLE. #pecial Dispatch to The Star, NEW YORK. January 26.—Belief was | sed today in various trade circles. | v the su- the confectionery field and the soft drink lines, that the move for ing of tariffs made by some of the American cou the Pan-American Conference co at for Cuba The Cuban sugar planters have never a lowering of t W situat the pr Excess of Sugar. There is apparently an_excess sugar the world over. Latest fig from F. O. Licht, leading authori European beet crops, indicate E » between 6.628.000 and 6.- gar this vear. 2.000 ‘s ice of < of ates will show productions favorable tions rto Rico 1S ex- rease. increased weather cor a n §0.000 tons, s may produ Philippine 18 more their plantings planters have increase from 87,000 the ¥ tons to 175,000 or more. The domestic producers are having a struggle to get by in many instances owing to the prese sugar. The Louistana industry is just getting back on its feet. The beet growers are just getting over a bad sea- son and the island producers are just tting into full swing in an infant in- dustry. 2 While the Cuban restrictions seem un- likely to make any decided change in the price, any reduction in the tariff on Cuban sugar would just about put the domestic producers out of business and would result, according to experts, in wide fluctuations. This would have & bearing on scores of industr ‘The canners, the confectioners. the tin plate manufacturers and even the bottle pro- ducers need and want stability in sugar prices. ‘Widespread Effect. The widespread effect can be judged from the fact that there are over 5,000.- 000,000 tin cans used in this country every year. The fruit canning industry s one of the basic lines of endeavor 8nd sugar is extensively used as a pre- servative. In 1926. a big year, Califor- nia alone packed 21.000,000 cases. | Nearly $260,000,000 was spent on| sented | { tained one step for themselves and one the | low prices of | THE _EVENING FEWER FREIGHT CARS INSTALLED DURING 1927 American railroads of class 1 in- stalled 75,386 freight cars in service { ,in 1927, a decrease of 28,614, as com- | pared with 1926, and a decrease of l 53036 under 1925 [ AN_ACTIVE, STOCK wamase i The car service division of the Amer. jean Railway Association said that, S;.}- e ithough there was a decrease for t | past two years, the average cari ' capacity per freight car in 1927 was 6 per cent greater than in 1923. Tocomotives had a better showing. there being 1955 of them placed in service, & decrease of 444, compared to 1926, and an increase of 222 over 1925. The total number of locomotives owned on January 1, 1925. amounted to 60.845. a decrease of 3.721, com- pared with January 1, 1923. LEAD PRODUCTION. NEW YORK, January 26 (9.—Out- {put of lead in December by countrics producing 96 per cent of the world to- | tal. was 136.447 short tons, against 137.- | 358 in November, the American Bu |reau of Metal Statistics reports. Pro- duction of zinc for the month, 126831 | short tons, against 119,645 in November. Ry The oldest medical book in_existence nt is an Egyptian papyrus of 1,600 B. C.. as ta fur- hich has been translated into a book ack ol s {of about 600 pages. cap o a0 889 sw | 80MDS $10K, 908,200 PER SHARE ANALYSIS. | | | | | | What Is Back of Each share. ™ canital sto S10800 3 o i rosent stock amtnuously phook thie for future reference —— e TS T CREATER MERGERS IN STEEL ARE SEEN Youngstown-Inland and Re- public Become Giants Through Unions. T Br the Associated Press YOUNGSTOWN. Ohio. January 26.— Legal consummation of two Ohio steel mergers which has resulted in the for- | mation of two great companies with | combined assets of more than $500.000,- 00Q is believed to have paved the way | for still greater consolidations. Merger of Youngstown Sheet & Tube with Inland Steel of Chicago was | officially announced last night. giving the new combine assets of more than £325.000.000 and materially strengthen- ing 1ts place as third steel giant of the | Nation. Consolidation of Trumbull Steel with | Republic Iron & Steel was announced | about the same time in New York and | there arose in the Mahoning Valley of | Ohio the fifth greatest steel concern in | the country, with assets estimated at | £180,000,000. | Eaton Interests Concerned. | Financial gossip before the consum- | mation of the Youngstown-Inland deal was to the effect that this consolidation, | if completed. would open the way soon | for the merger of the new Youngstown Co. with holdings of Cyrus S. Eaton, who is heavily interested in Republic | and Trumbull. Official comment is lacking, however, as the Youngstown-Inland venture is only legal to the extent of deposit of & sufficient amount of the stock, having still to be approved by both directors and stockholders. | Stockholders of Republic Iron & Steel ratified the merger with Trumbull Steel |at Jersey City vesterday. but the ap- | proval of the Trumbull stockholders still is awaited. James A. Campbell, present head of the Youngstown Sheet & Tube, is ex- 't T T T STAR. WASHINGTON, PEANUT YIELD LOWER. Virginia and North Carolina Goober Crops Fall Off. The total production of peanuts in Virginia and North Carolina for 1927‘ was estimated yesterday by the United tates Crop Reporting Board at about 274,000,000 pounds as against 322, 000,000 pounds in 1926. | The principal reasons given for the | lower yields now reported by the growers and others were: Decreased settings of |late nuts and rotting of stems of earl, matured nuts owing to heavy Fall rains: ! robbing of crop from grass growth and the tendency toward only one setting of nuts instead of two or three as is customary. CRUCIBLE EARNINGS DROP. NEW YORK, January 26 (#).—Earn- ings of Crucible Steel Co. of America for 1927 were affected by the sudden | and severe decline in the volume of blls-' iness the last six months of the year,| resulting in a decrease in net profits to $5.617.144, from $6,547,730 in 1926, H. §. wilkinson, chairman, reported in the innual statement toda SILVER QVUOTATIONS‘ silver. 56'»: Mexican dollars, 43! T 3 -~ D. C. THURSDAY, MISBRANDING SHIRTING FABRICS IS CONDEMNED The Federal Trade Commission today ndemned as an unfair trade practice he misbranding of shirting fabrics and discrimination in selling to one man on the basis of f.0.b. mill and to an- other on a free delivery basis. A trade ractice conference of the shirting fab- cles industry, held in New York Decem- ber 10, adopted the rules. Rules condemning piracy of styles and providing for discontinuance of the iving away of free sample cards, adopt- 'd at the conference, were not approved by the commission, which said that it couid not undertake to enforce the rule. This does not mean, it was sald, how- ever, that these rules have actually been disapproved by the commission or that the commission would not, in a proper case, undertake to give them effect. METALS ARE HIGHER. NEW YORK, January 28 (). Prices ) copper, lead, zinc and tin are all Jlightly higher than a week ago. The Armer market has resulted from in- creased disinclination by producers to sell rather than to a good consuming demand, Engineering and Mining Jour- nal reports. It is felt that buying for NEW YORK, January 26 (4 - Bar|most metals 1s likely to improve within ported by the Metropslitan Lii a week or two o T T TN TN T T JANUARY 26, 1928. FAVORS RAIL MERGER. Donnelly Says Resultant Savings ‘Will Offset Short-Haul Loss. MILWAUKEE, January 26 (4).—Con- solidation and unification is the only the Northern Pacific, sees as a means of bringing about operating economies by which railroads can offset decreases in revenue resultant from loss of short- haul traffic. Mr. Donnelly was one of 12 railroad executives who were guests last night of the Milwaukee Traffic Club. Although he was the only one to suggest unifi- cation as & remedy for railroad flls, all the others who spoke agreed that the Middle and Far West faces a serlous situation in the loss of short-haul busi- ness. LEHIGH VALLEY INCOME. NEW YORK, January 26 (4.—De- cember net operating income of the high Valley Railroad fell to_$558 | from $779.455 in_November for 1927 to $9,83; from $13 in 1926. PO METROPOLITAN ’L’I-FE NEW YORK, January 26 (4" [rome of $ 8.588 for 19 is re fe Insur- lance Co. T method Charles Donnelly, president of | OFFER FOR BEAVER BOARD| MADE BY CERTAINTEED NEW YORK, January 26 (#).—Ce: tain-teed Products Corporation has of- fered to purchase the assets and prop- erties of Beaver Board Cos. and its sudsidiaries, it became known yester- day. It agrees to pay the funded in- debtedness amounting to $6.463,205; to assume all other liabilities of the par- 1t company, also Beaver Board Prod- ucts Co., Inc., and In addition to pay | an amount equal to $50 a share on | each ontstanding share of preferred | stock of Beaver Board Cos. and 85 on each share of outstanding common as- senting to the sale. Each holder of preferred stock of Beaver Board has the option to accept instead of $50 cash, one-half share of new 7 per cent preferred stock of Cer- tain-teed Products, the new issue of which will be $25,000,000. { Stockholders of Beaver Board Co ill vote on the proposal in Baltimore February 14. STOCK ALLOTMENT VOTED. | PHILADELPHIA, January 26 (#).— The directors of the Lehigh Coal & Navigation today authorized a 10 per cent stock allotment at par to stork- holders of record February 4. The reg- nlar dividend of 2 per cent was d clared. No extra cash dividend was de- | | clared FRIGIDAIRE THE : CHOI CE *OF 1+ THE * MAJORITY ‘w13 AMERICAN SHARES LISTED. | Belgian National Railways Stock on New York Exchai NEW YORK, January 26 “American shares” of the Belgian N: tional Railways Co. were included in score of new issues admitted to trading vesterday on the New York Stock Ex- change. This is the first stock of & foreign railway to be listed in accord- ance with the new rules of the Stock Exchange. Other listings included 1.102.944 no par common stock of the Kroger Grocery & Baking Co.. and 3.000.000 ;har-T ot Hnnxpardulue 7 per cent cumulative preferre the eral Cable Co. Li of e ACID PLANT PLANNED. BALTIMORE, January 26 (8 1). A new murfatic acid plant, the first of its kind in Baltimore, will be erected his Spring by the Standard Wholesale Phosphate & Acid Works. Inc. Mu- riatic acid is used chiefly in the refining of metals. - NEW ANACONDA PLANT. NEW YORK, January 26 (#).—Ana- onda Copper Mining Co. has started a new electrolytic plant at Anaconda. Mbont.. with a monthlv capacity of 150 tons of electrolytic zine candy alone in this country and one of | pected to be named president of the the chief raw materials bought was, Youngstown-Inland Corporation. while sugar. Each of these industries is de- {L. E Block and P. D. Block of Chicago, pendent on price stability for raw ma- chairman and president, respectively, of terials. !Iniand, probably will be named vice The sugar producers in the United | presidents in charge of Chicago opera- States anticipate far better results from ! tions. Youngstown-Inland Capital. the activities of the sugar institute just ) formed than from Cuban restrictive | The Youngstown-Inland company will legisiation. The institute is counted On | have an issued capital of 3,200.000 to eliminate unfair trade practices, 10 shares common stock, of which 2,000,- cheek cut-throat competition, indiscrim- | 600 will be divided among Sheet & Tube inate consignment of sugar throughout | stockholders and the remainder among and favoritism to certaili Inland shareholders. 3 In place of the usual March dividends, . — Sheet & Tube will declare special EARNINGS OF BANCITALY |G 0oa st ehmmon stock"oute | 927,606 shares of common stock out- REPORTED $32,917,823 sianding, while Inland will disperse NEW YORK, January 26 UP).—Net $6.000,000 on 1182700 shares of com- earnings of the Bancitaly Corporatios Frigidaires 0 Surpassing Beauty mon. The official statement declared the Inland dividend would be $4.50 a announced after the annual meeting here yesterday, was $32,817.823 for the share. with period from January 8, 1927, to Janu- Consolidations Inland gives Bheet & Tube a combined ingot ary 20, 1928. During the same period capacity of 4.942,000 tons annually. This the capital investment of the corpora- compares with 23035100 for United e L e o 15000 005 4 | Bates Btrel Corporation and 7.600.000 $250.000.000. for the Bethiehem Bteel Corporation 0. aly Corporation is headea | REDUDIIC-Trumbull will be 8fth with ni, who earlier this week 11,500,000 tons 00,000 for the promotio ics at the Un This amount is t profit figure re- ported 1w stock holders. Mr, Gianinni suggested that all stock- See them today new designs new beauty ~ o~ McFADDEN RETIRES. Active Head of Marland Oil Drops Managerial Duties. PONCA CITY, Okla, January 26 () —Reurement of W. H. McFadden of Ponea City as active operating head of farland Ol Cos. was announced | rday at the offices of the Mar- Now on Display for the First Time with Tu-Tone Porcelain Enamel Cabinets in Gray and White—Created by Eminent Style Authorities ing immune 1 market fluctuations, BANK RESOURCES GAIN. BALTIMORE, so regarded everywhere. 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