Evening Star Newspaper, April 23, 1928, Page 12

TN <« bl THE EVENING STAR, WASHINGTON, D. C., MONDAY, 'APRIL 90 FINANCTATS™ TREND DOWNWARD ONCURB EXCHANGE Credit Situation Big Factor. Some New High Marks Are Set. | BY WILLIAM F. HEFFERNAN. ; Dispatch to The Stai | YORK, April atest developmen the attitude on Uneasiness in the credit | of Federal | he. current market was | b proceed- | d been late last| determined in es stood aside | ral taxes, against COTTON HAS ADVANCE! IN TODAY'S DEALINGS| After | | sorbs Heavy Realizing | Early Climb, and Prices Hold Most of Advance. W YORK, April 23.—The cotton | opened firm today at an ad-| of 10 to 12 points on a renewal week's buying movement which | v found additional incentives in | reports of unfavorable weather in the South over the week end. Liverpool was better than due and brokers with continental connections were buyers here at the opening. There | was also active covering, with some | trade buying and a broadening of the commission house demand. | All months made new high ground | for the movement, May selling up to 20.30 and October to 20.00, or about | 20 to 25 points net higher, in early trading. This advance met heavy rYealizing. but it was absorbed on re- actions of 8 or 10 points from the best Private cables said there had been| London and continental buying in Liverpocl. and renorted a builish senti- ment there owing to the adverse weather pews from the South. | Reactions from the opening advance extended to 20.15 for May and 19.88 for October, or about 12 to 15 points from the best, but prices stiffened up again towasd gaiiday son the: detailed weather reports showing heavy rainfall in sections of the Eastern and Central belts. There were private reports that sced had been washed out, necessitat- | ing turther replanting. At midday ac- tive positions were about 10 to 15 points net higher. POULTRY EASY, 5 — | CHICAGO LIVE STOCK MARKET CHICAGO, April 23 (%) (United States tment of Agriculture) —Hogs— e1p! ead, market fauly sctive, mostl ly to 10 Jower than Saturday. packing sows, 10 to 28 Jower; top, 10.40 paid for 190-220 pound averages. Butchers, medium to choice, 250-350 poun 9.40a10.10: 200-250 ds, 9 . 1¢0-200 pounds, 970810 40 podnds, 8.75a10.35. Packing sows. 8.10a8.90. Pigs, medium o cholee, 90-136 pounds. 8.25a9.50. Cattle—Receipts, 21,000 head. Calves— 2.000 head; weight steers slow; lower: light kinds getting action than heavie steady 1o we 900-pound 14507 best v Slaughter 12.00a14.50; 950 3.00a14.75. common and 2 5413.00. Ped | 50 ‘shie w teeding | s, gond 1), 16258 culland m 0 cholce [ SILVEE QUOTATIONS REW YORK, A M SECURITIES. aw P, 44 SHORT-TER NEW YORK CURB MARKET Received by Private Wire Direct te The Star Office Following 1s a list of stocks and bonds traded in on the New York Curk Market today: Sates INDUSTRIALS. W hundreds, ; § Acetol Prog A, 1 Aero Sup Mfs B b Plok Bar vie Alb Tow. 1:30 IRAT. .. Colorivpe amid B & e 100 1% Atlas uhurn FEEEE o war 2 # B Foe 9 2 mp . . 163 SH nting b4 121 Happiness © & Hercul Powd pf. 1 11 Holland Furnace ter ULl By s, nterst Dep $tfe.” 43 Dept 8 pi 1 ac g M ourt Rity_ of 3 val & Nav 1 MeN L deb e Wire Lon 3 Corp E Mavie_Boftiing. . Drug Store cest Tin P Johnson . . 10 Wy 0w g 108 B0l 01 25 e 1011 LKL KRRE TR t B&BOC St A. 2 Mid West Uti) Mid West Ul ris innean Ho Reg. ohawk Hud Po Moha Val For A Sery 3 em Prid 2 mer Cem sz s > o Sz ens o 2323332 Rz s s L Wht S M 6 Winter BJ 3 Wire Wheel Cord § Woodworth. Ine. - 8 ou Sh & W ptd A Zontte” 5. vutas Sales in hundreds. 10 A Con M&M Ltd .03 5 Auclo Chil €N 60 Ariz Globe 1 funker M1 8 Carnegle SITERLeIenITENARS powen S . ARy MINING STOCKS. mac P M 10 Rt Warrior 36 S tuck n N G t ’ Wenden ' Cob WoERd Ext N 09 4% 3 Wi =i _zow PE I R AFEFE s rriry Ryan _Con.. 3§ Salt Ck_ Prod 305 Texas Oil & Li 4 Tidal Osage ¢ 24 T Osaze O non-vt 4 Venezuelan Pet. 4 Wilcox 0 & G 2 Woodiey Pet Sales in STANDARD OIL ISSUES AND units FORMER SUBSIDIARIES—STOCKS. 0’ B3 umberiand PL n 102 150 Eureka P L .. .. 84 e &R 3 Sons = P 1L 2000 South Penn 100 Southern P I, A 100 Sou W Pen P L 014 117008 O Ind any 5008 0 K 24 27008 O Ky 133 1008 0 Ohio’ 111 78% 1600 Vacuum Ol . 140 Sales in BONDS. 252, =23, 232 1o S233383 H P st 22> rrnarn £ CEEEED) PEOBNFIEE §F F F FEEREFE FF RSP e g 3 o 2332532223 e EowEL, 3 L~ S EESEEisteazes s = = - e e I ind Trk 6 bulf O Pa b Gulf Ol P B b b 70 Intl Match b ntl Pow 8 7a 10 Interstate Pow i Interstate Pow 68 101 Bn A 10K ba A 08 tor tn i Manito P B 10 Muss Gas 6inn S ERE L P 2 han An 8 by 0 8L 1 G v Coul s ) Pack 0w 1145 i g o fow In FOREIGN BOND, Foandn A Adpiatic lee Ta 100 § 4w Mor ¥ 70 40 101 ”' . % " ot udnn 1 ke “~ | pare \ ; | CIGARETTE SALES GAINING HEAVILY Bright Leaf Acreage to Show Big Gains, Especially in Georgia Districts. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, April 23.—Sales of cigarettes today are running approxi- mately 15 per cent ahead of those of April, 1927. In order to accommodate the demand which. is in prospect bright leaf growers.in the Southeast, from Virginia to south Georgla, are incraas- ln%ncruxe and planting. he days when George Washinzton and his fellow planters found their hogsheads of tobacco as fluld as King George's guineas seem llkel¥wm be approximated again, so far as the bright leaf producers are concerned. The gain is specially noticeable in the newer districts of Georgla, which only in recent years have turned to the production of ~tobacco. Georgia last year produced 60,000,000 pounds of bright leaf. This year the State agri- cultural authorities predict a yield of 75,000,000 to 100,000,000 pounds if the weather is ordinarily propitious. Grow- ers have been repeatedly warned that overplanting would mean disaster to prices, but in the 10 years the leaf has been cultivated in Georgia the increase in demand has always been sufficlent to keep prices fairly stable. Sales Promotion Program. Extensive sales promotion campalgns are in progress by all the leading do- mestic manufacturers of cigarettes, and sales have responded nobly. These heavy advertising expenditures have narrowed margins of profit somewhat, but have proved unquestionably their utility as expanders of volume. This is specially true of daily newspaper adver- tising, according to the trade. The average gain of cigarette sales in the last eight years has been 12 per cent. The demand from woman smok- ers has done more than a little to ac- count for this. Aggregate sales possibly may reach 111,000,000,000 cigarettes this year, as compared with 97,200,000,000 for 1927. Competitive conditions of the most severe character prevail, but the adver- tising of the leading brands has sufficed to keep profits of the larger manufac- turers high, despite the slender margin between cost and price. Some of the chain retall distributors have resorted at times to price cuts for a brief period, but these have acted as a stimulus to sales of other commodities, so many of the retailers have not suffered, while the manufacturers have benefited from increased volume. The price-cut made today in the wholesale prices of cigarettes by three big manufacturers reflects accurately the competitive conditions in the in- dustry and the possibilities afforded by high volume production. ‘The export sales of American tobacco and cigarettes undoubtedly will benefit this year from the more stable condi- tions existing in China, which takes huge quantities of the American prod- ucts. Growers here were faced with a Chinese boycott for a time, but this did not prove so damaging as was feared. British to Invade Fleld. ‘The chief British manufacturer, which always has left the American market to the American manufactur- ers, has announced its intention of in- vad! this fleld. The announcement, now t the trade has had time to di- gest it is welcomed rather than feared Any such invasion means a terrific in- crease in advertising in American pub- lications. The growers see an increased demand for any increase in the sales of the English company. The growers also stand to benefit from the improved sales of the so-called domestic cigars. There has been little ad- vance in the higher-priced hand-rolled cigars, which utilize much Cuban to- bacco, but the machine-made cigars which retafl at a moderate price have regained a part of the markets they lost after the war. One surprise this year has been the unusual increase in snuff sales, which amount to some 15 per cent as com- ed with those of the early monthe of 1927. This increase is taken to re- fect the dm&oh\ demand for chewing tobacco end more rigid enforcement of non-smoking regulations in factorles and industrial plants. ‘The burley tobacco producers still are in a position which is unsatisfactory to them, but they also stand to benefit to a decided degree from the trends now indicated. WOOL SUPPLIES LIMITED. BOSTON, April 23 (Special) —De- mand from mills remained slow at the start of the week in the Boston wool market, although some business was transacted on choice fine Australian wools at 1.05a1.10. Supplies, however, were limited. ~IMne territory was quoted at 1.18a1.22 clean basis, French combing at 1.10al.15, half blood at 1.12a1.15, three-eighths blood at 1.05a 1.10 and quarter blood at 95 to 1.00. PFine Ohlo fleeces were quoted at 48a51 grease basis, half blood at 50a52, three-eighths blood at 52a53 and quarter blood at 52a53. s COTTON GOODS QUIET. NEW YORK, April 23.—Cotton goods markets started the new week quietly, with prices generally unchanged. Print cloths were quoted at 7% for 64x60s and 8% for 68x725. Raw silks con- tinued their advance In an active mar- other 5 cents a pound. BUTTER IS LOWER. CHICAGO, April 23 (#).—Butter 2,475 tubs; creamery, dards, 44 1l 43843 ; Eggs higher; seconds, 42 receipts, 39,352 g:e “‘L\nm‘,o 2728, kurmmry firsts, . ; storage ed, extras, 31 3144 firsts, 30%,. i i 52 100 % 104 0 0 Ger 8 Gul 1% m & Dl B 1o Abn wio0o o b 11 % Fo City e i Mod I Be 0704 ) ORGANIZATION TO BACK CHAIN STORE TAX BILL Special Dispatch to The Star. BALTIMORE, April 23.—A new or- ganization of merchants has been formed to back the Kelley-Capper bill in Congress, which would impose a tax on chain stores. A. G. Ames has been chosen temporary head of the group. The following form a committee of organlzation of the new association: R. L. Wright of the Retall Meat Dealers' Association; ‘8. L. Mason, representing the Market Assocfation; I. S. Shapofm of the Jewish Grocers' Alllance; Ear- nest Johannsen, Hardware Dealers' As- soclation: A. G. Ames of the Whole- sale Produce Dealers: George A. Sohl Tobacco Dealers’ Assoclation, and Nor- man Wilson of the Retail Meat Dealers. STOCK BOOST 0. K.'D. NEW YORK, April 23 (#).—Stock- holders of the Fidelity Phenix Insurance Co. have approved an increase in rng- ital stock to 1,000,000 shares from 400,- 000 shares, $25 par, providing for a 21j-for-1 split-up. EARNINGS SHOW GAIN. NEW YORK. April 23 (#).—Seagrave Corporation earned 53 cents a share on the common in the first quarter, against 20 cents a share a year ago. Net profit rose to $78,226 from $42,984. ALWAYS INVESTIGATE WHEAT SCORES GAINS ON WEATHER NEWS Firm Liverpool Prices Also Have Bullish Effect on the Chi- cago Market Today. By the Associated Press. CHICAGO, April 23.—With reports at hand that moisture in the Southwest and West has proved to be insufficient, wheat prices moved upward today in the early dealings. Besides, Liverpool quotations were relatively firm and Eu- ropean crop advices bullish. Opening unchanged to % higher, Chicago wheat later showed an all-around advance. Corn, oats and provisions were also firmer, with corn starting %4 to ', up and subsequently continuing to score gains. JOINING BANKING FIRM. NEW YORK, April 23 (#).—Faris R. Russell, vice president of the National Bank of Commerce in New York, will become a partner in the investment | | TOBACCO TRABE GAINS. Receipts and Saless of Maryland Leaf Show Increases. Special Dispatch to The Star. BALTIMORE, April 23.— Both re- ceipts and sales of Maryland leaf to- bacco last week chowed increases over the previous week, the former totaling 318 hogsheads, while the latter amount- ed to 173 hogsheads, leaving a stock of 3,715 hogsheads in State tobacco warehouses Reports reaching head- quarters here are that southerr. Mary- land tobacco farmers have planted rather more beds than usual and prac- ticaily all have begun to sprout, which Indicates ample plants when the time comes to transplant. Quotations today for Maryland leaf tobaceo per 100 pounds: Inferior, $6a$7; frosted, $3a$4: sound common and greenish, $8a$15: good common, $16a $25: medium, $26a$40; good to fine red. | $41a850; fancy, $50; $23; seconds, good to fine, upper country, burley, nominal; leaves, $3a$25. e APPLIANCE SALES HEAVY. _NEW YORK, April 23 (#).—Public Utility subsidiaries of the cities service banking firm of White, Weld & Co., on | organization had total sales of gas and July 15 many foreign and domestic loans in addition to its general businet investment | clectric The firm has underwritten |electric consuming appliances amount- ing to $9,537,376 for 1927. About 6,000 ice machines were sold and installed. m—— PLAN $4,000,000 PLANT. / Procter & Gamble to Build Fac tory in Baltimore. Special Dispateh to The Star. BALTIMORE, April 23.—Procter & Gamble, soap manufacturers, will butld a $4,000,000 factory on the waterfront, adjoining the $3,000,000 plant of the American Sugar Refinery. The plani will employ about 500 workers. The Procter & Gamble Co., establish- ed in 1837, is ranked as one of the largest soap companies in the world. It operates 10 ofl factories and factories at glrl.]cmn:,u. New York, Kansas City, allas, Macon, St. Lo o uis and Hamilton, | The company has a profit-sharin; system and its employes now own 41.008 shares of 18 stock. Owning employes |are assured 48 weeks' employment a NEW ENGLAND PHONE. NEW YORK, April 23 (®).—New | England_Telephone & Telegraph Co, earned $2.16 a share in the first quarter with ne. income of $2,398.288, against $2.12 a share In the first quarter last year and net income of $2,352,792. STANDARD PLATE GLASS, NEW YORK, April 23 (#).—Standard | Plate Glass Co. had net loss of $239,921 | for the first quarter, against net loss of , 92,400 in the same oeriod of 1927. WHAT GENERAL MOTORS HAS BEFORE YOU BUYI Steadily increasing demand for General Motors Trucks has made necessary this new $8,000,000 plant at Pontiac, Michigan.” It is generally conceded to be the largest and most modern of plants devoted to commercial car manufacture. Its one purpose is to produce modern commercial vehicles of high value at lowest possible cost. GENERAL MOTO TRUCKS No matter how you figure it, a General Motors Truck is an unusually good invest- ment. Low in first cost, through the savings of volume production. Low in cost to operate and maintain. Long-lived . .. And all through its long life, performing up to a new and higher standard. Covering a wider territory profitably—and in less time. Keeping your driver comfortable, satisfied, efficient. Throughitsfine appearance,advertising your business to advantage ... Whatever you need in delivery or haulage, there is just the right size and type in this completeline. Y2 ton up to 15 ton capacities—with a full range of factory-built bodies . .. Values that only the resources of this organization could produce. Investigate them! The World's Lowest Priced Six - Cylinder Trucks —of 1000 and 2000 pounds pay load capacity = The Fast Duty Series—1; 1% and 2 tons=powered by the Improved BUICK Engine wered by the New Series PONTIAC $585 1 $5820 (Chassis prices F.O. B. Pontiac, Michigan) S. O. S. Call—Franklin 505 TRANSPORTATION ENGINEERS TER TRUCK SALES T TRUCK LEASES MAINTE NANCE CONTROLLED BY YELLOW TRUCK AND COACH MFG. CO..A SUBSIDIARY OF GENERAL MOTORS 30-38 M St. N.E. Richmond Branch 107 West Canal St. Miller Hoover Mot Broadway, V Motor Service Co. Danville, H. 8. Thom Charlottesville, Vo Co. Norfolk Branch 1611-13 Granby St. Eugene M Garrett, Ine. Winchester, Va. Wright Motor Co. Covington, Va. Laey Bdgerton, Ine. Roanoke, Va. Shefeld Motor Truck Co Newport News, Va. T Turner Gloucester, Va, Simpson Motor Co Suffolk, Va. Specializing in Commercial Transportation GMC Sales & Service Fredericksburg, Ve. Duval Motor Co. Lyachburg, Va. Hudsex Moter Coa Hopewell, Va. ‘