Evening Star Newspaper, February 27, 1928, Page 12

ap . FIN THE EVENING STAR, WASTINGTON, n. O, REACTION HALTS ADVANCE ON'CURB Bancitaly Drops—Oils and Prairie Pipe Line Work Lower. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star NEW YORK, February 2 For a brief interval on the Curb Exchange today the upward movement predomi- nated. Buying centered in special issues | which had been able to resist the gen- eral trend last week. But after the de- mand had been satisfied the general list turned reactionary. Definite annoncement of control of the Bank of Amer Giannini _interests was followed by a ne of some 3 points in Bancitaly The development had been dis ted by the previous substantial rise stock. 1t is understood that a price of $510 a share was paid for the s hold of Bank of America, in- ng t 00.000. se holdings are expected eventually to be distributed to stockholders of Bank of Italy and the Banci v Corporation. Campbell, nt & _Cannon within 2 points of its high for the vear of 44. Preliminary estimates placed 1927 earnings at $5.90 a share for the 209.548 sh: of stock outstanding. Oils worked lower in the absence of ctive developments in the out- plans announced | 4 made a new | oc ted : nd lower | prices were the rule for both Aluminum | and Tubize Artificial Silk The upward movement in the utilities was short lived, although Blackstone Valley Gas & Electric, which rose to & new high for the year. maintained & good part of the improvement. CORN AND WHEAT SAG IN TODAY’S DEALINGS Big Receipts of Coarse Grain Bring About Lower Prices for Cereal Produce. Br the Ace . CHICAGO, February 27.—Big receipts | of corn today brought about an early downturn of corn values and led also to lower prices for wheat. Continued unfavorable wheat crop reports from the Central West had only a transient influence on the wheat market. Opening unchanged to !; and % lower, corn subsequently underwent a general sag. Wheat started 3 off to % up and later receded all around. Oats were steady. Provisions tended to advance. COTTON GOES LOWER ON LIVERPOOL NEWS Realizing Influenced by Cables and | Talk of Easier Technical Position of Market. Br the Associated Press NEW YORK, February 27.—The Cotton Market opened easy at a de- cline of 10 to 14 points today under realizing influenced by relatively easy Liverpool cables and talk of an Easter technical pasition. May contracts sold off to 1858 and October to 18.28, mak- ing net declines of about 15 to 17 points. Prices were within a point or two of the lowest at the end of the first | our | Private cables reported early hedging } had been absorbed by trade calling in Liverpool, but that the market later | eased under local, London, Continental and Bombay liquidation. The demand for cotton cloths in Lancashire was said 10 be sustained, with an improve- ment in the demand from South America. After showing net declines of about 17 w 22 points, May selling down to 1854, the market became quiet and Steadier. There may have been some seliing on t f er tone in the stock market, after the first half hour offerings were comparatively light and at midday prices showed rallies of 3 or 4 points from the lowest. COTTON GOODS ACTIVE. NEW YORK, February 27 (Special) — Cotton goods markets started the week with mod active trading at un- changed prices. Print cloths were quoted 8t 77 for 64x60s and at 8% for 68x72s. Raw silks were active at unchanged prices. SHORT-TERM SECURITIES. By I &W.Sehs & CRCASEESIARS S FEDERAL LARD BANK BONDS. prranmcsnnann: TREASURY CERTIFICATES, PR HANGE w FOREIGN E SULueline S &ty | 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 today: Sales in hundreds. N i Nol & Copopt 15 celin Cor A 4 el €01 Pl 1o P & 3, Deore 8 Doehler D € Drug Prod ‘wi. P&L optl w Pow Cor rand Stoves 1, G A&P T C 1 pd 118 ‘f L&B nid X 1001 inl Shos Intern T'til B hain Stor 1 Prod T 3 Metro ¢ 1 Ml St 10 Mid W Y Pow o Bl T h Rl con ptd ! Hak P opfd 1 2 300 a0 Joms To 100 014 106 104 NP O, SToKs WA | il SUASLARD O11 1851 AVIC RS A IR 2008 O Kentucky ., 126 126 S0 wka DoTION 40N & P T8t s 1 PRELLNS RE R BONDS. Yo N7A TORY 10815 ou, .. i 08 Roll Mill" b o Roll Mt i< 10 in o 10 s e Siny Cor Am b A 06 1 Kems & Milllh s 16214 1 10 Lehigh Pow fis A 10io 1 1L MeN 31 Jouts Pow oI B wi 100 1087 & 16 [N 11613 1 Muni M 10 N K 5N Ger 1. GERMAN BONDS AND STOCKS. By Special Leased Wirs to The Star NEW YORK, February 27 it Asked r G Red Loan with draw e att per 100 R M Ger GU Red Loan draw oifn BIO0 6200 A100 a0 00 arkn 0| philosophy 0 Eler Berhin 4n 1 Humb e [ A ; o oltuin o Bl G e G Riedr old B 10 o1 PPyt Hank K0 o i | 2 Auistrian A K G (Gen ¥ HOME-MADE HOSIERY. CAPE TOWN Popularity of woolen hostery In South Africa 15 ascribed 1o the large amount of home knitting, especially mmong the upper classes i the urban centers. The moarket for woolen hose consequently 1s limited . SECURITY VOLUME. An ddew of the enor- arity trading in the 15 galned from the re- broker ouse which says tran wveraged more Win $47,1 ute of trading hours every duy These vales teflected the supply und demand of Virtuadly the entire countiy, since the house by numerous branclies PRUSSIA BANS TOLLS BERLIN A surtax on sutomobiles tolls from motor under n re nt of the - will e used for nance of bndges and the e wmadnder for upkecp of public hlghways . I England & young woman with only (riting caphtal has succeeded tn build g up o proftabile business bhreeding Clleha Jubbite, )| BUTTER IS HIGHER INLOCAL MARKET Gain of 2 1-4 Cents Since Saturday Noted—Fowls Also Dearer. Although the wholesale market showed very lttle change over the week end an upward tendency was noted in the prices of butter and fowls, Tub but- ter showed the greatest advance, with a gain of 21 cents since Saturday. The opening of the second week of Lent brought the expected dullness to the meat market, although some merchants reported that the cool weather had helped increase the volume of their sales. Quotations on the wholesale market today were: 3 Butter—One-pound prints, 471524815 tub, 49a50; store packed, 31. Eggs—Fresh selected, 31a32; hennery, 31a32; current receipts, 28. Poultry, alive—Turkeys, 37a38; Spring chickens, 35a38; fowls, 26a27: roosters, 17a18; ducks, 18a20; keats, young, 70a old, 35; Spring broilers, 40a42. Dressed—Turkeys, 38a45; Spring chick- 000,000 1 33a35; fowls, large, 26a28; small, 23; roosters, 20; capons, fancy, heavy, 42043; small, 30a35; ducks, 24a25; keats, 80a90. Meats, fresh killed—Beef, 20a24; veal, 25; lamb, 28a30; fresh hams, 18a19; shoulde! 3; 13; calves, alive, 15; lambs, alive, 13'2. Fruit and Vegetable Review. Today's market report on fruits and vegetables, compiled by the Market News Service, Burcau of Agricultural Economi 3 Apples—Supplies moderate; demand moderate, market steady; barrels, Vir- ginia, U.'S. No. 1, 2'3 inches up, Stay- mans, 8.00a9.00; boxes, Washington, me- dium to large size, extra fancy Wine- saps, 3.7504.00; extra fancy Staymans, 3.50; Delicious, 4.50; bushel baskets, U. S. No. 1, Romes, 3 inches, 2.75; U. 8. No. 1, Yorks, 2!z inches up, few sales, 3.00; Virginia, U. 8. No. 1, 2'3 inches up. 2.753.00. Cabbage—Supplies moderate: demand moderate, market steady; new stock, Florida, 1'%-bushel hampers, pointed type, 1.5002.00; Texas, barrels, domestic, round type, packed locally, 3.00 per hun- dredweight; old stock, New York, sacked, per hundredweight, Danish type. 1.00. Celery—Supplies moderate: demand moderate, market steady: Florida, 10- inch crates, 3-6 dozen, 3.00: washed precooled, 4-6 dozen, 3.25a3.50; Califor- nia, crates, 5.50a6.00. Lettuce—Supplies moderate; demand light, market steady; California, crates, Iceberg type, 4-5 dozen, best, 3.50% poorer, 3.00a325: Florida, 1}:-bushel hampers, big Boston type, fair quality, 1.75a2.00. Onion Market Steady. Onions—Supplies light; demand light, market steady; Michigan and New York, 100-pound sacks yellows, U. §. No. 1, medium to large size, 2.75a2.90; Indiana and Ohio, 100-pound sacks yellows, U. 8. No. 1, medium to large size, 3.00. Potatoes—Supplies moderate; demand moderate, market steady: Michigan, 150-pound sacks Russet Rurals, U S. No. 1, 400; new stock, too few sales reported to quote. Spinach—Supplies _heavy: demand light, market dull; Texas. bushel bas- type, 1.00a1.10. ‘Tomatoes—Supplies light: demand light, market dull; repacked in New York City, unknown origin, threes ripes wrapped, fancy and choice counts, 2.75a 3.50. Peppers—Supplies very light; demand slow, market dull; Florida, pepper crates, few sales, 5.00, Squash—No supplies on market. Cucumly *s—8upplies moderate: de- mand slo @ A dull; Indiana, hot- | house stock, . wuzen crates extra faney, 4.00a4.50; fancy. 3.50a4 .00, ‘ | _ Carrots—Supplies light; demand mod- erate, market steady; Texas, bushel | baskets, 2.00. Beets Are Stronger. Beets—Supplies light: demand mod- erate, market slightly stronger; Texas, bushel baskets, 2 0. Peas—Supplies light erate, market steady 4.7585.00. Cauliflower—Supplies moderate; de- mand light, market slightly stronger; California, pony crates, 1.90a2.00; fair quality and condition, 1.50. String beans- | mand light, market steady bushel hampers, green, b poorer, 3.00a4.00; wax. 4.00. Strawberries—Supplies light: demand | light, market dull; Florida, pony refrig- erators, varlous varieties, 65875 per quart, Sweet potatoes—Supplies moderate; demands light, market steady; North Carolina, bushel baskets, Porto Ricans, No. 1, 140; cloth-top barrels, Porto Ricans, No. 1, 50, ENVOY GETS HONOR. Schurman Paid Tribute by Alma Mater, Heidelberg U. | Correspondence of e Amsociated Press BERLIN.— Ambassador _Jacob Gould Schurman, returning to Germany from | bts annual leave i the United States, found that he has been presented with another title. now call him “the Mac berg." | The Ambi devotion {0 man_alma Heidelberg versity, which last Summer conf the honorary degree of goctor of upon him, found expres- slon in his ralsing the funds for a new main hall M metlon was Wi acclaimed by Germun editors gen berg,” was thelr meed of gratitude. The new title, “Maecenas of Heldel- WOOL PRICES FIRM. BOSTON, Februnry 27 (Speclal) firm In the Boston wool the start of the week with ks lmited. Fine territory wits quoted bt L15al 20 clean basts, French combing at 10Bal 12, half blood at L10ul 15, three-clghths blood at 1.00a 1.05, and quarter blood at 950100, Fine Ohlo fleeces were quoted at H0ad1 busts, half blood st 50052, thr blood al blas2, wnd quarter demand mod- Mexico, crates, Florida, t, 6.00a6.50; his SOMBER CRAVATS POPULAR. COPENIAGEN “The brightly colored combinations und patterns of Ameriean neckties meet with Httle favor in Den- mark. Phe well dressed Danes prefer o purchuse the somber or plain coloved cravats made in wrmany, England, France and Switzerland WATER TRAFFIC HEAVY. MONTREAL: Pow-fifths of 105,- cls of gratn ariving at the port of Mantreal last year was carcled I ships and 18 per cent i rallrond cars - Phe percentuge of - shipping galned notic .\rl\' over 1926 ENGINES FOR TURKEY. BIOCKIOLM Bwedish mannfucturers have delty an dnitlal order of locomatives. They are five-wheel ditve superheaters of 15,000 horsepower wnd weve dviven and ferrted 1o Constantinople BOURSE TURNOVER DOUBLES, HTOCKHOLM “The 1927 Ganover on e Btockholn Bourse — was nearly ddouble (hat of 1026, stocks making the wreatest waln The 1927 total was A45.000000 crowns ws compared with #60,000,000 1 J9d0, - tocomotive 1o Turkey WORLD DEBT TO U. S. IS $25,600,000,000 Owed to Britain When Its Loans Abroad Hit Peak. By the Assoclated Press. NEW YORK, February 27.—The world’s debt to American investors, ap- proximately $25,600.000,000, is more than $5,000,000,000 greater than was owed to Great Britain when British forelgn investments were at their peak, Dr. Max Winkler said yesterday in a report prepared for the Foreign Policy Association. Exclusive of the so-called political obligations held by the United States Government, American invest- ment in foreign securities on the first of the year aggregated about $14,600,- 000,000. Dr Winkler, who is well known in bond circles, estimates the amount of foreign investments made in 1927 at $2,071,954,100. “This figure,” he says, “4s materially larger than the amount given by other agencles. The apparent discrepancy is explained by the fact that these figures include not only pub- licly offered loans, but also issues placed privately as well as the purchase by Amecricans of foreign internal securi- 1pplies moderate; de- | Broadw $5,000,000,000 More Than Was|3 Eugene M. Garrett, Inc. Winchester, Va. Miller Hoover Motor Co. y, Va. MONDAY, FEBRUARY 27, 1928 ties and the purchase of properties n’bonrd not involving the sale of securi- tles.” American investments in Europe, ap- proximately $4,327,000,000, exceed those in other part of the world. Cana- dian holdings by Americans are about $3,922,000,000; South America, $2,246,- 00,000; Central America, $2,914,600,- Far Eastern, $726,500,000, and miscellaneous, $363,400,000. Dr. Winkler predicted that 1928 and subsequent years will see further ex- pansion of American holdings of foreign securitles, with corporation financing assuming a much more important part than before, o CELANESE RIGHTS OFFERED. NEW YORK, February 27 (#).— Celanese Corporation of America offers holders of first preferred and common stocks of record March 7 the right to subscribe, at $100 per share, for 114,818 shares of new 7 per cent $100 par prior preferred in ratio of one share of new Rr(l‘g:rrcd for every ten shares of stock eld. ACCESSORY TRADE GOOD. NEW YORK, February 27 (#).—The Motor and Accessory Manufacturers’ Assoclation reports that first-quarter business scems certain to break all rec- ords. January business was the largest ever recorded in the first month of the year, February has produced even greater volume and advance schedules indicate further expansion in March. FINANCT e SAN FRANCISCO, February 27 (Special) —It is announced that the personnel of the Ford branch here has now been trained so that capacity pro- duction could be commenced at any time. About 500 workers are employed at present. Some few retail deliveries of new cars have been made. WICHITA, Kans—The ofl and gas industry in Kansas has slumped ma- terially in the last year. Only 1,118 wells have been drilled In the last year a5 against 1851 the previous year. Ofl production was off ubout 100,000° bar- rels. FORT WORTH.—Of the estimated 32,000,000 pounds of Spring wool that will be sheared in Texas this year, 6,- 000,000 pounds have been contracted for. Wool growers predict they will get almost as much for their short wool as for their long wool this year. The de- mand for elght-month wool 15 increas- ing. Shearing will start March 1. YOUNGSTGWN.—Tin_plate prodiic- tion in the Mahoning Valley is at a considerabiy higher rate, with plants working at about 80 per cent of ca- pacity. Those of the Trumbull Steel Co. are at full capacity. Th® biggest difference between men is wemen. HOUSTON OIL PROFIT UP. Gain in Natural Gas Business Helps Two Companies, HOUSTON, Tex., February 27 (#).— Consolidated net earnings of the Hous- ton Ofl Co. of Texas and the Houston Pipe Line Co. for 1927 were $2,429,331 compared with $2,226,801. in 1926, the companies report. Net earnings of Houston Oil Co. were $719,561, as compared with $1443467 for the preceding year. The increase in consolidated earnings was attributed to a big Increase In natural gas business, After providing for dividends on the preferred stock, the net earnings of the year are $7.57 on the common stock, as compared with $6.75 for the preced- ing year. BUYS POWER FIRMS. Special Dispatch to The Star. BALTIMORE, February 27.—Transfer of the capital stock of properties of the Clear Spring Electric Light & Power Co. and the Potomac Light & Power Co. to the Potomac-Edison Co. of Hagerstown has been authorized by the public service commission. The twn aew companies are the last of more than half a dozen the Potomac-Edison has absorbed In recent months. For the Potomac Light & Power Co’s stock the Potomac-Edison paid $106,000, the par value. ALWAYSHVINVESTIGATE WHAT GENERAL MOTORS HAS BEFORE YOU BUY! The exhaustive tests of the General Motors Proving Ground provide, for our operations, a background of exact knowledge of motor truck performance under competitive conditions. There is no speculation in a General Motors product. GENERAL MOTORS TRUCKS Expect from a General Motors Truck the maximum number of profitable hours... Expect performance of a new standard . .« Expect speed, with safety—and comfort that increases the efficiency of drivers and helpers . . . 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