Evening Star Newspaper, February 14, 1928, Page 13

" INAGTIVE TRADING IN LOCAL MARKET Walesale-. Dealers in Pro- visions Note No Material * Changes in Prices. A dull market with no changes in price quotations was the report from the local dealers this morning, who are optimistie'in thelr expectations for im- provement tomorrow. The fowl market today and the optimis tomorrow is due to the | of the Government pay day coming is_expected that the ¢ market will increase notably. —One-pound prints, 4 packed. 32. selected, 35a36; hennery 35. 7a38; Spring 26: roosters, 18; 70a75: old, Spring 24a25; | sacsed, per pe. 1.00. New uce crates 50. few higher: 2.5023.00. e 4 mostly 3.00; rates iceberg type. 5 dozen, demand 160- low as 3.50: 00; poorer. 5024 00; repacked demand s-bushel fair g demand | Florida, pepper } Cucumbers—Inciana, hothouse swck,: 2-dozen crates, double extra fancy, 4.50; ®xira fancy, 400 per crate. Carrots—Supplies light; demand mod- market stea Texas, Western unched, 35024.00; most- bushel baske bunched, wer—Supplies moderate; de- mend moderate, market about steady: . : wberries—Supplies light: demand narket dull; Florida, holdovers, rys, 50a75; mostly ——— RAW SUGAR QUIET. XEW YORK, February 14 (#).—The sugar market was quiet early to- sules reporte Cubas in ms were avallable at 427, Tee sugars were available Lz VISIELE GRAIN SUPPLY. i 7 ~The | grain shows in busheir | 405,000, corn in- used 551,000, | riey gecreased | | LXCHANGE it & Co Germeny Norwiy Lyetimurk JaW seiwmey & Co) Following is the list of stocks and bonds traded in on the New York Curb NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Curb Market today: Sales in hundreds. 2 A JiAla Gt INDUSTRIALS, High. cotol Prod A .. South Ala Gt _So pfd: 1 ar A vid Port Ce n Ravon Rollng ol & Ch Ve S&CH b P, “h i J16 R Con 1 b A Merenuiby G, Bo tone T 3 Pow Ts ptd 1078 X Theatrs A, 195 k HH Mtx € n Mot. ... sis Bottling. t &1 it P& Ly th P& L war « Ar Weet B Eall | talen INDEPESDENT O11, $TOCKS, 0 Ark Nat Gas.... 1 & Frie 20 Sy t Serv pfd. & Columbia Synd " 216 Creols Synd . 1 Darby Pete IE F 7 i reE aacaEE & ITES s > 052 Sales n units, 304 An ) uckeye B 1 b ol i 100 Tmp_ O "¢ 1800 Inter, Pet 700 Nat Tiar 2 i 1008 O Neb in thousands. HTAY “Dairies 6e. 1008 4las. 0330 s, .. & A"Gas G1an 1 &Lt 61 ating 6 Anaconda fis boal El P e-a 6 Beaverboard 20 Hos & Me 5s A 14 Caro P & 1L C Sta P& GG Gl i) u Pow ean Pow Os A Am v Ba Gen Lau Ma 815 Georgia_Pow 5 e ntl Sec Am nierst Pow b nterst_Pow nv Cor Am & C Bal0iig Gas 5128 10113 . 107 . i 4 Ser Cor Del 1 Schulte R Est s A< hults R E 60X 5 Shawsheen 4 South P&l 4 Staley M1z 3 Stand Invest 258 6N ¥ Gln ©10; P &L 6100 i R Rub 6150 S Rub 4 2 W Sales in | thousants FOREIGN BONDS Fi 7. g M B 0w 37 it 4 Ad 6 Aen 1Asri M I 7s 46 10 Baden 5 Batavia 46 & St Pr 6% Ger Coun Mu % Hanover State Gs mbard Fidlon BB i 7 8l J Bige wi ‘| Tobacco Products to Dissolve. NEW YORK. February 14 (A - A potntnient of ominittee headed Thomus F. ] financler, W work out a plan of dissolution for the ‘Tobaceo Products Corporation, which will be sub- mitted 1o stockhiolders was announced today by Ceorge J. Whelan, president of whaceo products. Others on the committee are Albert H. Wiggin, chalr- mun;, Chase Natlonal Bank; Willlam C. Potter, president, Guaranty ‘Irust Co., and €A Whelan, president, United Cigar Stores Co. of America NEW YORK SILK PRICES. NEW YORK, Februsry 14 (A —Raw sili, stendy: prices per pound’ Japanese extius, 505a5 16, Japanese crack dou- ble extra, 5208830, Japanese erand double extra, b b0ud 80, Japanese d ble extra, 5 1085 20, Dallan ex-clussical, 546, Hhanghal steams, three dancers 5 Canton double extra, A 14-16% | 405 Town May Be Attached Unless 1t pays the insur panles money thist hns been ndvinced, the entire town of Rumoye, Japan, will be sttached ‘The Life Assurance Amsociation, sn orgenization composed of all the lfe tnsurance companies of that country, has announced that it plans to take legal action if the debl W uob sovn cwred tor, com- STRENGTH SHOWN IN CURB MARKET| CALLED BY MAYOR}s-- Selected Issues Tend to Higher Points, With New Highs Recorded. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, February 14.—Pro- nounced strength in ‘selected issues gave the curb market a firm appearance to- day. Even in the ofl group, where pro- nounced weakness was in evidence on the Stock Exchange, prices in one or two instances were carried up sharply. Prairie Pipe Line was the feature, selling at & new top for all time when it changed hands at 191 as against Saturday’s final of 187%. In this in- stance conditions in the industry itself were lost sight of and the buying ap- parently was based wholly upon the prospect for a substantial stock dis- tribution. More Made by Standard. While this stock was moving for- ward, others of the group, notably Standard of Indiana, selling ex-divi- dend, retraced part of the amount de- ducted from the price, which amounted to 8715 cents taking into consideration the extra distribution of 25 cents a share. Humble Oil and Continental Oil were under pressure. Deere common again featured the high priced industrials. extending last week’s gain of 22 points more than 25 points further when it changed hands above 204. The ability of the com- pany to pay off all accumulations on the preferred and establish the com- mon on a regular annual $6 basis was thought to foreshadow even larger common_distribution is in view of the increased rate of earnings. New High Record. Atlas Plywood responded with 8 new high record to the favorable report for the six months ended December 31. This disclosed net profit of $207,775 after charges and Federal taxes, the equivalent of $4.15 a share on the 50,000 no-par stock. Gorham preferred ap 2 points, Aluminum Co. up over 2 points, Hygrade Food Products almost a point higher, Sanitary Grocery up 2 points, Warner Bros. common Stock and 6! per cent bonds, and Swift International all went into new high ground for the year, and in some instances the best prices represented the highs for all time, Bohn Aluminum equaled its previous top, when it crossed 48 for a gain of 3 points. Celanize Corporation suffered a rather sharp reaction, but recovered later. Public utilities were actively dealt in at prices only little changed from Saturday's finals. Mining shares continued buoyant, with Shattuck Den and Hudson Bay Mining inclined to- ward higher levels. CORN AT HIGH MARK IN CHICAGO MARKET Active Trading Due to Rainfall in Crop Districts—Wheat Prices Ease Down. By the Associated Press. CHICAGO, February 14.—High prices for corn as well as active trading re- sulted early today from wet weather over the corn July establishing new top quotations for the season. Wheat was steadied by corn strength, despite, isture where needed. Open- 1 bmn 1'3 up, corn reacted & little and then rose hlsher than be- fore. Wheat started at 35 lower to an equal advance and held near to initial figures. Oats were firmer. Provisions also tended upgrade. At noon corn was 7 to 1!3 cents net higher and wheat varying Jrom !s de- cline to a shade advance. Business in the corn pit today quick- ly assumed large proportions, with com- mission houses persistent buyers, - es- pecially of the May delivery. Meéan- while reports were at hand that prevail- ing wet weather had put some rural wagon roads into the worst condition 1n vears. With farmers apparently unable to deliver much corn even if willing, country offerings were small. With heavy snow and rain over the West and Southwest helping to make crop prospects ideal for Winter wheat, | easing down of wheat values today was | noticeable at times. Trade in the wheat | market here, however was relatively light and the decided upward swing of | the corn market did much toward nul- litying any downward tendency of wheat. There were also reports of a revival of wheat purchasing for Europe with indications of a continuance. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co. — Allis Chalmers 5s 1937 A Ohto 414e 1 Hatavian et Co 3ixe 10 Caht, ¥ s 108K Biyn 1080 3 Bigs 1040 Ha 041 s i rc Ol o Rou. Pac R R Co 48 14 St O of N. Y. 0%n 1033 St O of N3 belndg St. 1. & 87 I Aw 1090 Swiii & ¢ 3 Union ¢ Uiion Pae 8 R FEDERAL LAND BANK BONDS. (Quoted by Alex Brown & Sonw. Clostig ) Ruto- Maturity Yield [ SETO T it ] GERMAN BONDS AND STOCKS. By Special Loased Wire to The Star, NEW YORK, February 13 Ba Asked 6700 6100 A700 8000 mllion arks ) o0 a0 00 Ger Gt Red Loan with diew thn Wit per 100 K M Ger GU Ned | 1Qoted Haninie 4 (Gt i fn hue & A e war ik A Lae 4 by e anth Gcman Lluyd 45 W1 doivais var sl (i W [ e o SPECIAL SESSION Delay in Street and Sidewalk Work Bring Action to Push Plans. Special Dispatch to The Star. HYATTSVILLE, Md., February 14.— Calling attention to the fact that the acceptance of the improvements recent- ly completed on Oakwood road in the form of a concrete roadbed and side- walks had been delayed for some time and might be delayed considerably longer, at the expense of the taxpayer: Dr, H. T. Willis, mayor, announced las night that a special meeting would be held tomorrow night to give this matter consideration, and he was perfectly will- ing to hold other special sessions often until the matter is disposed of. Follow- ing the claim of some members of the council that the work had not been done in accordance with specifications the town employed Dr. A. N. Johnson, dean of the College of Engincering of the University of Maryland, who gave it as his opinion that the work as a whole was satisfactory. The council as a body, however, was still opposed to accepting the street, and employed Edward L. Latimer, county surveyor, to check up further. Mr. Latimer's re- port was received and filed at last night's meeting, but some members of the council still were unwilling to accept the street and order final payment, pointing out that in their opoinion some | of the important detalls had not yet been given attention. Dr. I. K. Atherton, chairman of the | council's police committee, addressed the council, vigorously defending the work of Chief of Police Carl J. Blanchard. Dr. Atherton pointed out that since Blanchard took the place of Robert C. Gallagher, who was dis- missed by the council several months ago, after he had been accused of conduct unbecoming anp officer, both he and Blanchard had been subjected to much criticism. Truston H. Cannon, 408 Maryland avenue, was, upon recommendation of the police committee, named a town| bailiff. Council authorized the publication, starting early in March, of the list of property owners in the town who have not by that time paid their town taxes for 1927. Charles H. Welsh, Herbert J. Moffat and Waldo Burnside were reappointed 8S5essors. Monthly report of Town Treasurer William “A. Shepherd showed total | receipts to have been $3,568.39. in- cluding $1612.37 in taxes. Expendi- tures totaled $3,075.95. EXPORT OF GOLD STIFFENS MONEY and Sale of U. S. Securities Bring Firmer Conditions. Export of gold in the amount of more than $200,000.000 during the last fol |months of 1927 was partly the ca {of firmer money conditions, accordin {to the Federal Reserve Board. Another influence working against easier money rates, the board said, was the sale during January of more tha $120.0000.000 of United States securiti by the Federal Reserve Banks out of the system's investment account. “These sales of securities,” the re- view added, “offset the effect in part of the seasonal return flow of currency with the consequence that member bank borrowings at the Reserve banks declined less than would have other- wise been the case. Other Conditions Noted. “There were also longer-term influ- ences in the direction of firmer money rates. Reserve requirements of mem- half of 1927, reflecting a growth in ber banks increased rapidly in the last [the banks' deposit liabilities and par- | ticularly in their demand deposits. “In January gold exports continued lon a considerable’ scale, but were for | the most part offset by the usual sea- sonal flow of gold from Canada, so that there was littie change in the gold stock | for the month. | “The previous loss of gold during the {pericd of the maximum seasonal cur- | |rency demand, however, was a factor in the fincreased volume of member | bank borrowings at the Reserve Banks and continued to be an influence | | toward er money conditions after the turn the year.” Distribution of Exports. Of the gold exports, Argentine got 61,390,000, Brazil, $33,010,000; Canada, $25,274.000; F A land, $8,548,000: Netherlands, $8.055.- 000; Poland, $5.000,000, and Belgium, $2,200,000. With other exports and deposits for earmarking, the gold de- crease from September 1 to January 1 totaled $212,000.000. “At first,” the review said, “the re- serve banks pursued the policy of off- setting the effects of these decreases on | the money market through the purchase of securities, but such purchases were both avsolutely and relatively in much smaller volume after the beginning of | November. The larger part of the gold withdrawals, therefore, exerted its usual Influence on credit conditions in this country The system’s policy is not offsetting | the gold exports in the last wecks of the year was due largely to the fact that, in the absence of demand for ad- ditional credit from trade and indus- y, there was a continued and rapid growth in the volume of member bank credit used for investments and loans on securities. Thus, notwithstanding the drain on member bank reserves through gold exports, reserve balances of theso banks with the reserve banks tncreased n the Autumn and early Winte a consequence of the growth of the member banks' deposit labili- | Ues | Standing Credits, For last year as a whole, the board | sald, outstanding reserve bank ¢ inereased $130,000,000, which exceednd the $70,000,000 decrense I gold stock during the year by approximately $60 - 000,000. Reserve funds also were re- leased through the reduction of about $30.000,000 I deposits held by the re- serve banks for the Treasury and other non-member depositors and ot §90,- 000,000 1n the volume of currency in clreulation This decrease In the currency de- mand, which reflected the somewhat less active condition of trade and in- dustry, vesulted In an accumulation of currency at member banks, which de- posited this cash with the reserve banks und thus obtained an equivalent amount of reserve bank funds. These additions to the funds at the disposat of the member banks were absorbed 1n the member banks, reserve balances, which increased by $180,000,000 during the year.” . Baths With Bunks for Miners. Baths with aleeping quarters are to be provided for 600 miners at Methey- well, Heotland, Each bath will have a separate room with bunk. A modern } [ hospital yoom will be tncluded i the k" e W K::"“ Bank Vi / i Gernn Ll . Austiian A K G (den Biseh project. ‘The cost of maintenance will he about 4 cents a week a man, one- ) half of which will be borie by the owns ers of the conl mine, ;Shipments of $200.000,000 | dliv’ ACTIVITY IS NOTED IN COTTON MARKET Offerings Absorved by id Buying Based on Census Bureau Reports, NEW YORK, February 14 (#).—The cotton market opened easy today at a decline of 8 to 19 points under heavy liquidation and selling orders, inspired by relatively easy Liverpool cables and reports of rain or snow in the South- west, ‘These offerings were absorbed by ac- tive buying at the decline on the report of the Census Bureau, showing domes- tic consumption of 532.417 bales for January, compared with 543598 for December and 603,242 for January, last vear. The figures on the January consump- tion were much above expectations and made a bullish impression on sentiment which offset the bearish features and sent prices up from 17.97 to 1837 for May and from 17.85 to 18.16 for Octo- ber or 8 to 20 points above Saturday's closing quotations. LIVERPOOL, February 14 (#).—Cot- ton—Spot, moderate business done; prices easter; American strict good mid- dling. 10.67; good middling, 10.37; strict middling, 10.22; middling, 10.1' low middling, 10.07; low middling, 10.0: strict good ordinary, 9.77: good ordinary, 9.47. Sales, 7,000 bales, including 5,400 American. Receipts, 14.000 ican, 11.300. Futures closed March, 9.78: May, 9:73: Jul; toher, 9.51; December, | uary, 9.4 ‘The rally from the opening decline carried the market up to 13.43 for May | and 18.23 for October, making net ad- vances of 15 to 26 points and new high ground for the movement. The upturn was checked by realizing at these fig- ures, but otherwise there was compara- tively little selling, and the market held steady. Trading was much less active after the first half hour and was quiet at midday, when prices showed re- g:tions of some 5 or 8 points from the st. —_— ‘The Hindus have a superstitious be- lief that in an eclipse the sun or moon swallowed by a dragon. at cost. Shirts Fancy collar attached or sep- arate collar to 51.39 match. Wore $2, T 3fors4 $2.50, $3 . Fine Imported Madras, etc. Collar attached or parate $3.29 collars to match. 3 for $6.50 Were $350, $4 and $4.50 x Imported White Broadcloth; neck- band and collar attached were $2.50 cloth; collar at- tached and neck- band. Whits only. 3 for $9.00 Silk _Shirts, radium, otc. Separate col- las Were $8.75 and $10 .......... crepes, 539 3 for $16.00 Mufflers I Black and White and with embroid- spots. Were $3.50 and $5. Rayons, $1.89 ered 3, Vests—Street Street Vests—in fancy Flannel, etc. Were $10 & $12. 32.9=§ Choice .... EVERYMAN’S INVESTMENTS BY GEORGE T. HUGHFES. Selling Government Securities. The Federal Reserve Banks have various ways by which they may regu- late discount rates. The one most in evidence today to effect higher quota- tions for money is the sale of Gov- ernment securities which the Federal Reserve Banks hold in their portfolios. ‘Throughout 1927 these banks persist- ently bought Government securities. In the early part of the year they held of such securities $314,000000. By the end of the year the amount had in- creased to $604,000,000. When they bought these securities they released their funds in payment to the opei market and thereby assisted in keeping the money market at a level con- sistent with the 35 per cent discount rate, Recently the process has been re- versed. In order to correct the tendency to overspeculate in securities and to expand brokers’ loans unduly the Federal Reserve Banks have been letting out a liberal supply of Govern- ment securities. In doing so they have compelled the market to take up these securities and thereby have reduced the supplies of loanable funds. This has had the effect of strengthening the rate for time money without, how- ever, affecting the rate for day-to-day money, known familiarly as “call loans.” ‘The experience of other periods, such as those between June, 1922, and July. 1923, and November, 1924, and Marc! 1925, has been the sales of Govern ment obligations by the Federal Re- serve Banks have preceded an advance in the discount rate by the banks. The | effect of such sales is to increase the direct borrowing of member banks. This year the selling of Government securities has taken place coincident with the first step in the refunding of the third Liberty 4% per cent bonds, but the pressure of these sales on the market has had very little effect on the prices of either Liberty bonds of United States Treasury cer- tificates. _— Edith Mae Cummings is a real estate operator in Detroit. Her total earnings as president and manager of her own company have been well over the $1.000,000 mark. Neckwear Cut and Knitted Silks, $1.00 Cut Silks.. 49C 3 for $1.25 $1.50, $2 and $250 89c Cut Silks 3 for $235 tted and $1.59 3 for $4.50 Underwear Mode Madras Ath- 89c letic Union Suits that 3 for 250 were $1.50, now Bath Robes Blanket and 53_95 ritin <t 510-95 $18.75 Finest of the K Cut Silks -— were S?' $350 and Terry Cloth; were $S and $7.50........ $6.95 $9, $10 and $12 .. .. Mercerised Blanket, Ravon were $15. S1650 and $20 ... . Full Silk-lined Robes: were §25, $30 and $35 J dling. Were §8 to $10. Choice. ... ARLINGTON’S WATER RATES WILL STAND Schools to Pay for Amount Used, as Will County for That Re- quired at Fires. Special Dispateh to The Star. CLARENDON, Va, February 14— L. C. McNemar, president of the Claren- don Citizens’ Association, addressing a meeting of that body last night, said that he had been reliably informed that the estabiished domestic water rate in Arlington County of $27 per year, which, according to Engineer Asa E. Philli would nec rily have to be increas if schools are would d The hoard s, A ps & tuation 1o date. McRemar declared that he had been assured that no water used will be charged against the water fund; tha! all water wil metered; that water used by the schools will be paid for out of schyol funds, and that used for fire protection will come out of county funds. A special com: tion, consist. Porter and ee of the assocla- g of A. M. Dawson, A. J. RE AAdF'!T.ViX!. was au- ar before the board at of the visor B. M. trict to ¢ ment for housing the fire departmen . Cotton Exchange Seat Peak Price. NEW York, Febuary 14 () —Value of membersh:p on the New York Cotic Exchange advanced $500 today with a sale at $28.500 of the membership ! owned by the est: of Walter C. Hut- bard to John Salari. Hedrick Yes—Every One! Your choice of every Fashion Park, Charter House, Richard Austin (English) and Mode Suit, Overcoat and Top Coat—remaining of the present season— (only Full Dress excepted) —is offered regardless of previous price—at 2 $29.00 Of course, the sizes are broken—but there is most every size in the combined assortments. Alterations Get the Furnishings you'll need to carry you over —while these extravagant reductions are featured Hose Wool and Silk and Woal. Were §1 59¢ Wool and Silk and Wool. Were $1.50 and $2 .. "3 for 500 Golf Hose Choice of $3 and 5195 $3.50 grades ....... s " $2.95 $4.95 Choice of §T. §8 nd S0 ...... Pajamas Plai chades. ————— 3 for 848 English Broadeloth. Saisette and famey colors Q Were $3, S350 $4 52-55 and § “eeee 2 3 for ST and Dress Dress Vests—White Pique, a little soiled from han- The Mode—F at Eleventh =7