Evening Star Newspaper, March 9, 1928, Page 13

\ . FARMER IN STRONG BUSINESS POSITION Rail Heads’ Optimism Re-| flects Good Outlook in Outlying Areas. BY J. €. ROYLE. Bpecial Dispatch to The Star NEW YORK, March 8.—The largest retail customer in the United States, the farmer, finds himself today in excel- lent condition. In consequence the | femainder of the industrial and com- | mercial” world is losing some of the| pessimistic viswpoint with which it has | régarded conditions for the last few weeks. | Weather has beén propitious in many sections and the present price trend of agricultural products is such as to| Indicate no lessening of buying power. Canada. the Northwest and Texas seem likely to have excellent grain crops. although the weather is still a deter~ mining factor. The cotton growers are optimistic of prices, provided acreage is held down Live stock growers and feeders have done well and seem likely to do equally weil for some months to come. Wool is yielding satisfactorily. Although the shearing season has just begun 1 the Southwest. money for this crop shortly will begin to roll in. Railroads Feel Effects. ‘The railroads are the first to feel the | of the agricultural situation, | is is clearly perceptible in the | statements this week by executives who have recently returned from tours of | the Middle and Far West. The agri- | cultural implement demand is improv- ing even more rapi than was hoped., but the expectations of the fertiizer manufacturers for heavy sales in the Bouth have not been entirely realized. | Stability has marked the situation in | iron and steel. Ore shipments have ot commenced to flow from the head | of the lakes vet, but demand seems likely 1o be higher than a year ago. The steel mills are working at the same| high rate of capacity as in the first| week of March. and some units are| at 100 per cent. Prices are firm. If the steel industry were not in excellent condition, it is not likely that the pro-| posed merger between the Youngstown | Sheet & Tube Co. and the Interna- Co. would have fallen through yesterday. | The automobile trade is spotty, ll- though total production and total em- | ployment are improving. Not all the| concerns, however, are making the| profl'x which General Motors and | Chrysier have shown in their reports. Crude rubber is down, and tire eom rmes are facing additional inventory josses. Building Is Gaining. Building is getting under way for its | Bpring drive, but the movement has not yet taken on anything like fts full pro- | romons The building material manu- lacturers, however, are preparing !or increased demand. The soft coal industry is groanlng and creaking in every joint and mal little progress. The seme is true to a lesser degree of the petroleum indus- try. although the output of crude is | alowly diminishing. The print paper | situation is showing some slight w ness despite the fact that national ad- veruisers in the last year spent $225,- | 000.000 in newspaper advertising. il o et g | 3 food companies, | which come next, are maintaining about the s2me level, vhile the tobacco com- . panies are spending a trifle more than | 8 year ago. More Money Available. The business situation has been | strengthened materially by the volume of money available for ail commercial | purposes. Much of the total which has | Sowed in Irom @ividend distribution | this month will go into stocks d | bonds. but the fact that the banks are | full of money willsbolster up the com- mercial and industrial position. ‘The mines of the country are turning | out non-ferrous metals at s rate which | seems unlikely to allow any marked ad- | vances in metal prices for the moment ‘The wholesale trade in apparel is picking up day bz day. and the volume | of business recorded in their annual late | ‘Winter furniture sales by department stores has been especially gratifying. | | Wall Street Briefs STRUCTURAL STEEL ORDERS.— Structural steel orders the last week totaled 45000 tons, against 22,000 the | week before. New inquiries for 40,000 tons were reported. i AMERICAN STEEL POUNDRIES.— Profit and loss surplus of American steel ! foundries 8t the close of 1927 amounted | 0 $13748.838, against $12,990,889 the | year before. Total assets were $36,- 167,220 against $55.771643. Curr t‘ Asse's were $20.520,219 and current lia- | bliities 32216, 3 | CUTLER-HAMMER MAHUPAL‘I'UR-; ING CO.—Common stock of the Cutler- | Hammer Manufacturing Co.. Wisconsin, will be offered to the public for the first time with the marketing shortly of 75,- by & banking group headed | & Co. The company pro- | control apparatus, Pro- | oeeds w.ll m used toward retirement of | the preferred, which will be called for redemption on May 1 NATIONAL TEA CO.—February sates | Cations) Tea Co. jumped 1o $6.222.- | om $4.412544 in Pebruary last| T MERGER—Reports were | 4 in Wall Street sgan that | tions for a merger of the Penn- | s Dixie Cement Co. snd the rican Cement Co. were in | no offictal Information | | AmmrAN METAL €O, LTD.— of American Metal Co wd an issue of $10,000,000 | of € per cent cumulstive non-callable preferred stock. 8100 par. Directors | were wuthorised W offer the new [,r!-w ferred 5 per « e 55000 shares of | preferred will be re- remnaining 45,000 ; tala for ceahi wt par and acer), s s preferred and eommon slocknoibers 1t #v was voted 1o divide the iorrd of direcron dnvy three classes 4 50 that every third 1 boxrd would come for & wrm of three “TON TEXTILE SALES - fule of 800 yerds of slandard eolon cloths out of 300,322,000 produced dur- g Februery was snnounced in & regort by the Assciation of Coton ‘Textile Werchania New York. The ratio of seler U production in February was 20 per cent higher than during Jenu- ary. Bhipments smounted o 285A404,- 0y yarde. Biocks on hand el the end o the month were 383,142,000 and un- flled orders wt the end of the monuth were 2848171000 COTION CLOTH OUTPUT tnued vesdjustment of production of | - dard cotion clotim v current de mend & reflected In statistics complied by the Aswcietion of Cotton “Festile Merchants of New York. Februsry pro @uction wmounted 1o 300323000 yerde Beles Lolnied 296526000 yarde ‘The 18130 of eales Lo production in Febrisry Was 20 per cent higher Un in Janu- LMD NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office Following s the lst of stocks and| 34 Qbie fon - bonds traded in on the New York Curd Shattuck Denn. . Market today: s Aech Hushes Sales in '\'UI'GTRIAI 8. - nundpeds \ch etol Prod AL . S04 T Aro Sup Mfe T % :hl ('v‘l South nf. 1 3 Verde 1 Wenden Cop. Sales INDEDE rede. Bar A i mer Arch o' 81y Amer 13 Am Hawajian $ 19 UAm Lawnd Mach. 18 M 8 n . Ravon Prod. 13' & Intercont Ralllwe Ml 103 1 Kirhy Pet RN <7 1088 10 B & Leonard |hin- Stap ' et Ny A Pandem 3 Reiter-Fos q 2 Rieh O Cal pfd i salt Clc cone S« 2 Vo Peil A% 7 Veneruelan neruela o i Wouodley Pet.. B DARD, 011 IS8T e e AN AR KR A 600 Auglo Am Ol . Brillo N 100 AngAmO non Vi 13 Brocky Ruf N ransit 1 0 Ohto O . 100 Pean Mex Fust." 300 Pratrie O & 6. ¢ 00 Vavuum 0l Salee 11 thausands. ety “Mim Roll ‘M1 Roll Mill 6 l«n& Seating s o’ b 1 AV Har fila k8 §Ba Valve Bac 84107, Beacon 0118 ant_Sts Chi Preu serv QU Sery r. .\ % B ot { Comm 1. .nh 1% Foundation F Fox Theaters Ba Bronze. .. . Jee Cream | 1003 10010 1004 kL] 3lnterst D $ pt wi1]4 1 1ot Shoe L-‘.‘L”z’ o A 2 Sk HIER CL gn 104 4 Rop GuskCoke 5810014 Lamish Pow s A 107 ¥ McN&I Botting” ¥ Drue Swres ohawh Hod' Po MohawiHud war ohawk Val K rh- 1008 e ; AL H N 134 e ol w-‘. o G 47 B 88 J i o Fub Ser X R hulte RE. fis x u E rvel 00 Northwest Frx Ohio Brams . molive C A\ & Sumd et 1013 Ljun Muid Rglzs o 6 Swift & Co jats Tex P & 1 s Drug Plerin Salen in thousand, by Manitary 30 % hyite R 1 Sehuite Grovery 2. i""d"'r"fl" A Spaid AG b4 - M1 i ~ 3 et P et Py Siigo 8t g .‘,,,.. Siind fan M1eth 3 i v Realiy 414 s Fawnt 300 o " y Y% de i b " dividend sgsss ] “Ex . WOOL 18 SCARCE. BOBTON, March 0 (Speclal), Purchases of Arizona shorn .wool at prices as high as 43 cents were a m.um of today's Boston wool market It was sull & seller's market, owin, Inck of muterial to offer ’-‘ln! territory was quoted wt 118l basis; French combing st 1.08a1.13, half blood st 1.10a1.16, three-elghths blood st 1008) 05, wud quarter blood 956100 Fine Ohlo fleecen were quoted At 40n51 grease basis, half blood at S0an1, and thr hlood and quarter hlood at w.,«m\.,,. th Jue Telieromn don MINING STOCKS Y New York Is taking steps Lo regulate and supervise aviation, w D. C. TRIDAY., M MANY NEW HIGHS ON GURB EXCHANGE Tubize Silk Feature, Soaring 35 Points—Bancitaly Another Bull Favorite. BY WILLIAM F. HEFFERNA! Special Dispatch to The Star. NEW YORK, March 9.—One of the most convineing displays of the willing- ness of the speculative element to come in on the buying side was given by de- velopments on the Curb Exchange to- day. Enthusiasm over the future trend of prices was heightencd by the latest decrease in brokers' loans. But this merely was used as an added excuse for the demand which carried prices up sharply, in many instances to their highest on record. The only logical ex- planation was that despite recent, heavy purchases, a plethora of funds was still seeking employment. Tubize Artificial Silk rose spectacu- larly from 525 to a new high record of 560. Bancitaly, having absorbed profit taking recently, started forward again, advancing almost 10 points. Safeway Stores responded to the increase in the quarterly dividend rate to $3 from the previous $2.50 with a rise of almost 15 points. The new Sheaffer pen stock jumped 2 points or more to its highest since listing. Merger gossip was respon- sible for the heavy demand at a new high for the year in Checker Cab Man- ufacturing. Others that reached new tops in- cluded Plerce Governor, National Food Products, Nichols & Shepard common stock, warrants and convertible bon Carnegle Metals and Golden Cer Mines. It was difficult to attempt to assign reasons for the strength of many other issues. They were merely being bought because they were thought to b entitled to sell at higher prices in view of the strength elsewhere. Utilities were not without Electric investors, United Gas & Im- provement reached new peaks for the year, Others of the group holding pros- pects for further expansion of opera- tions shared in the improvement. Illi- nois Pipe Line features the ,Standard ofls at its best prices, while others of the group were more or less neglected Citles Service made a new high despite the reported plans for new financing. and Creole Syndicate was discounting feature. benefits to be derived through the ex-| tensive program for development of its South American ofl acreage. CITIES SERVICE RIGHTS. Offer of One Share for Each Held Will Be Made Soon. NEW YORK, March 8 (7).—Rights to buy additional shares of common | stock of the Cities Service Co. at the 10 rate of one new share for each 10 now | held will be offered soon to the 64.000 common stockholders, th: company announced yesterday. The stock will be priced at $45. The rights will be issued to holders of record. March 28, and must be exercised by April 17 Such shares as may not be ftaken by common stockholders will be offeced at the same price to owners of the pre- ferred and preference stock. Pioceeds of the sale will be used for further DEALINGS ARE QUIET IN COTTON FUTURES Farly Advance Due to Unfavorable Weather and Followed by Small Reactions. By the Assoriated Press, NEW YORK, March 9.—The cotton market opened steady today at an ad- vance of 1 to 6 points in response to relatively steady Liverpool cables, re- ports of an advance in the market for Egyptian cotton at Alexandria, an un- favorable view of the carly weather map which showed no rain in West Texas, with considerable rain in the Eastern belt, and reports that cotton cloth pro- duction during February had excceded the January outturn. Trading was very quiet, however, and after selling up to 18.64, for May and 18.18 for October, prices eased back 3 | or 4 points, with the market about 1to 4 points net higher-at the end of the first hour. Private cobles reported trade calling with continental and BEombay buying in Liverpool. he turnover of cotton | cloths in Manchester for India was re- ported disappinting, but more sales were reported for China Business remained quict later in the morning. with prices working off a few points under comparatively small offer- ings attributed chicfly to liquidation. co of May sagzed off to 18.57, points net lower. Octo~ ber declined to 13.13, or within a point of yesterday's closing quotations. The market at midday was within a point or two of thos» X\"H" 3 CN F'*'DERAL REPORT Figures cn Farm Reserves Have Sharply Bullish Effect on the Coarse Grain Values. | By tha Acsoclatd Press | CHICAGO. March 9.—Active trading | in corn and sharply higher prices de- | veloped carly today on account of the | uncxpected bullish” aspect of the Gov= | ernment report regarding farm reserves. | Begides, weather conditions were un- favorable for corn movement. Starting at 1, to 1 cent gain, corn subsequently <howed dccided further upturns. Wheat also developed strength, opening at 's to 1, ernt higher and afterward harden- | inz a little more. Oats were firm. Provicions held abmn. xt-ady WALL PAY DIVIDEND NEW 1 ORK, March 8 (F).—Payment ol sz dividend of 1! per cent de- 1 by Inland Steel Co. and payable | March 15 to holders of recmd February 15 will not be affected. it is understood. by abandonment of the merger plumi | with Youn; n Sheet & Tube. | INCREASES DIVIDEND. | NEW YORK. March 9 (® —Safeway | Stores increased the quarterly dividend | on its common stock with a payment | of §3 a share on April 1 to holders of record March 20. Previous quarterly | payments on the common had been | \WHEAT AND CORN RISE| ARCH 9. 1928. VOTES FIRST DIVIDEND. Consolidated Film Industries’ Stock Placed on $2 Basis, NEW YORK, March 9 (#).—Pre- ferred stock of Consolidated Pilm In- dustries, Inc., was placed on a $2 an- nual basis yesterday, when directors declared an initial dividend of 40 cents a share, covering part of the first quar- ter. anment in the remaining qua: ters is to be at the rate of 50 cents a share. Disbursement will be made April 1 to holders of record March 15. Buicks. 2 tional Buick Gold Seal, he regular quarterly of $1.75 on the preferred nlso was declared. Feb- rua les rose World's Largest Makers and Retailers of fine Two Pants Swit rvice~Exactly the same as on new Bulcks. Selected=Only Buick cars conforming to excep- andards of fitness are selected to carry the Genuine Buick Parts— Only genuine Buick parts are used in replacements. Tested~Gold Seal Buicks must pass a thorough in- spection and rigid tests. Cliie Gold a guaranteed used car DICK MUPPHY, Inc. 1835 Fourteenth Street and 604 H Street N. E. STANLEY HLHHORNER EMERSON & ORME 1015-1017 Fou:tcenth Street il [, LUMBER TRADE DROPS. . uary 1 NEW YORK, March 9 ().—A sharp A dividend of $7 a share on common and class “B” common stock of Elliott | decline in lumber production and or-’, Fisher Co. and the regular quarterlyders for the week ended March 3 Is dividend of 1% per cent on the urr-hhm,,n in Teports from 40 hardwood, ferred were dmclnrrd All are paj March 31 to holders of record March | #nd softwood mills to the Nationay 15. The concern was merged last De- Lumber =~ Manufacturers' cember with Underwood Typewriter Co., | Shipments increased slightly, under the name of Underwood-Eliott | h;,"'d( fguies showed & oghal, L7000 Fisher Co., but some of the stock was 000 feet In production and 37.000.000 | feet in orders. Softwood mills gained . not exchanged. in production. shipments and (‘n“flemu | compared with a year ago. 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