Evening Star Newspaper, October 29, 1928, Page 12

12 BUSNESS IS QUIET HTD.0 MARKET mand light, market steady; New York 90-100-1b. sacks, Domestic round type, mostly 2.25; Wisconsin, bulk, per hun- dred weight, Danish type, 2.25. Celery—Supplies moderate; demand light, market steady; New York, two- third crates, 2.7523.00; some ordinary quality and condition, 2.0082.25. Grapes—sSupplies moderate; demand light, market steady; California lugs, Flame Tokays, 1.25a1.50; New York, 1 quart climax baskets Concords, 50a5! THE EVENING STAR, WASHINGTON, STOCK PRICES RISE INWEEK' TRADING week to $61,900,000 from $78,100,000 and the stores turnover decreased from $38,600,000 & day to $17,300,000 via less activity among Montgomery Ward, Sears-Roebuck and Grand Stores stocks. (Copyright, 1928, by Irving Fisher.) Money and Prices B 204 MONDAY, OCTOBER 29, . 1928. MALROAD ECNOHY OVERCOMES L0SSES reports of the Atchison and of the Bal- timore & Ohio. Both roads have been losing business this year, Until recent- ly they have not been able to offset this by sufficient decrease in their operating expenses to make a satisfac- tory net showing. In September, how- ever, the Balgmore & Ohlo, with a gross loss of néarly $450,000, had a net gain of $940,000, or 20 per cent. The Atchison, decreasing in gross $219,000, gained $450,000, or 8 per cent in net. Plan Common Stock Increase. NEW YORK, October 29 (#).—Libby- Owens Sheet Glass Co. of Toledo, Ohio, stockholders will meet November 5 to vote on increasing the common stock to 1,000,000 shares from 400,000. able to offset this by expense cumll-lpln.slon of the firm's laminated glass ment so that its net was only $13,000 | units, less than a year ago. | Mahoning Steel Operations. NEW YORK, October 29 (#).—Ma- honing Valley Steel operations are re- ported at 90 per cent of capacity, with 50 of the 53 open hearth furnaces and 112 of the 127 sheet mills running. ‘The | The tin plate operations are expanding " . ;. ’ . A - i ital is reported needed for ex-'on export business. « | 2-quart climax baskets, Concords, 14a15, Special Dispatch to The Star. i k ‘Similar efiiciency in railroading had | ReY. capi App'e Shlpments FrOm Mary i fl?:ué—suppues light; demand A" Grou" 'nd'ces Except NEW HAVEN, 'Corm., October 29.— B & 0 afld AtGhlSOn Make previously been shown by the Pennsyl- — - moderate, market steady; California, The wholesale price index fell again vania management, which in spite of a 5 land and Virginia Large. Prices Steady. Lively political discussions this morn- ing claimed attention of many persons in and about the wholesale market district. Business was so quiet, accord- ing to merchants, that they had plenty time to talk politics, and it was general- ly agreed that business probably will not get brisk until after the election Dealers this morning had their usual attractive displays of foodstuffs to offer the retall trade. Receipts of frults and vegetables were light, however, and soon will become lighter, heavy frosts in some sections having done much damagz. Apple growers in nearby Maryland continue to ship portions of their crops to' this city, keeping down prices of selected fruit from other sections. It arrots—Supplies light, demand | when Hudson, Hupp and Mack Truck |for various periods. The average for Ober-arThird e is reported that growers in some sec-|yight; market dull; California, Western | jssyes sold lower. Bethlehem Steel, [ the year 1926 is the base used. : % securities measure up to the tlons of Virginia have stopped gather- | jetuce crates, bunched, 3.00. Colorado Fuel and Iron and Republic Wiinles . Parohstis I B ing fruit for market, finding they are| Tomatoes—Supplies —moderate, de-| Steel declines depressed the steel index sale power; cts. [ of o exacting standards set by our unable to reap any benefits. mand light; market steady: California, | 135 points, While. the auto acCESSOFIES | weex ended price “depariure 100,000 Sq. Ft. of Ground l s 2 o On a recent visit to the apple grow- | jugs, ripes, wrapped, hest, mostly 3.00; | group lost 2 index points through lower | " Ocioser 36.. N aus ’ q' 2 I Century experience of over a Third- ing sections of Virginia, a local dealer | few poor condition low Niotor Wheel, Goodrich and Goodyear | getober 10 ] i itabl | k gLy g i e i Tire quotations. 1, | septemver *wverags: Il 991 103 Suitable for a group it Without a of-a-Century without loss to $oT% there to decay. Much of the fancy e LA industrials galned 304 | U5 " era Fa] 184 of apartment buildings i any invest stock recetved rm'm'dis;m places, it Commodity Notes D e yhion appreclated 5 and | June Sreras b it g i o any investor. is stated, is being put in cold storage S - Aprit 991 09 Thi irable H Ce ded | ? y to be held until the cheap stock of un- 5 b | ggg;;-cg";f;f;;"g}’ Htock Exchange %‘{L'&";:"nm s 3;.3 e This f‘le“'mbl“ ’""“'f’dj in the oo ‘“l“‘? "‘Pl“] Available in Amounts E;adegegoumry apples has about dis- pflomlx\nggsm]:i‘ T MOyt & rgive;‘ below by indexes f;;’,“‘.'z.,‘""" 3212 *3:; (un(llon {v)rt a ;,mu[} o ‘l[_)artment;, and can be of $250 and Upward ea NIXVILLE, Pa. 29.— return: 2 : +8: urchased at a very low price. Prices of most commodities today | The Phoenixville Hostery Mills, Inc, is | 300 Per cent of retilth: @ @ atoor |]128 Averis 1000 o P 3 r | were substantially the same as prices | opening this week its new addition, ‘traded held return | 1924 average 989 e 3 2 i 4‘ Quoted Saturday. which contains 50,000 square b(eet lof Week ended— e i 1923 average. (011 —11 to inspect—phone I A w floor space. The company has been lo- | Zetop: 5319 1619 : B F SA CO sy R olesnle BIAvAeL: \cm‘ed here only 18 months, el 2043 1221 Forelgn Prices. I A % [ ] l 7 o S September average 4704 1564 Cables from Europe report foreign Real Estate Main 5027 I i o August average o0 e wholesale commodity prices as follows: oans 023 New York, Ave. | . 925 13 ¢ e | e June average 580 1397 (1926--100) England, France, Italy. el Main 2100 925 15th St. N.W. | HELENA, Mont—Live sm“;k is in ex | May averace 01 1407 Week ended Insurance and Tl 2 | cellent condition_all over the State at | April average . 3 1418 4 o ates | e ey, s e | (0 s o i il b | (SR W B S SREALEON . MR- 2; 27a28; fowls, | ready signaled its arrival w anuary average . 5 o : ° IBST 3 ; < b oo, Jaa0a: nackiers. 19930 | furries. -Marketings have been fairly | i aversee e 108 At sven THERE IS NO. SUBSTITUTE FOR SAFETY Keats, young, 60a80: old, 30. Dressed, | heavy and demand for dairy stock 15 | sigh" (36, 2 '3 9 a8 C R | i .2 turkeys, 40a45. Spring chickens, large, 38a40; Leghorns, 27a28; capons, large, 42945; small, 30a35; 20a30; keats, young, 80a1.00. Meats, fresh killed—Beef, 20a25; veal, 20a25; lamb, 25a28; pork loin, 28; fresh hams, 24a25; fresh shoulders, 25a28; smoked hams, 27; smoked shoulders, 22; bacon, 20a22; lard, 14al6. Live stock—Calves, 15; lambs, 13. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables, compiled by the Mar- ket News Service Bureau of Agricul- ture Economics, says: Apples—Supplies liberal; light; market steady; box Wash:- ington, medium to large size, extra fancy Delicious, 3.25; extra fancy Jona- thans, 2.50a2.75; bushel baskets, Vir- ginia, U. 8. No. 1, 2% .inches up, Grimes, 1.25a140; U. 'S. No. 1, 21 inches up, Staymans, 1.25a1.50; few fine quality and condition Delicious, 5,inches up, 2.50; 3-inch Staymans, 1.50a2.00. Cabbage — Supplies moderate; de- ducks, demand crates, Iceberg type, 4-5 dozen, 5.50a 75. 5.75. Onions—Supplies light, demand light; market steady; Michigan and Indiana, 100-pound sacks, yellows, U. S. No. 1. medium to large size, mostly 3.75; few high as 4.00. Pears—Supplies light, demand light; market steady; New York, bushel baskets, Bartletts, No. 1, 3.00a3.25. Potatoes—Supplies moderate, demand light; market steady; Pennsylvania, 150-pound sacks, round whites, U. S. No. 1, 2.00a2.15; Michigan, 150-pound sacks, russet rurals, U. S. No. 1, 2.15a .25. Sweet potatoes—Supplies moderate, demand light; market dull; nearby | Maryland, bushel baskets, Nancy Halls, | No. 1, 1.00a1.25. Cauliflower—Supplies moderate, de- | mand light; market slightly weaker; | New York, Long Island, crates, mostly 2.50. » good. Steel. PITTSBURGH, Pa.—Steel ingot pro- duction in this district is over 90 per cent of capacity. Steel men continue to look for the expected falling off in buying, but so far this has not made its appearance. Packing House Products. CHICAGO.—Packers report the recent slump in beef prices has been due to lessened demand caused by a long pe- riod of high meat prices. There is a brisk call for smoked meats and a bet- ter call for pork. Bridge Works Reported Sold. NEW YORK, October 29 (#).—Beth- lehem Steel Corporation’s Buffalo, N. Y., bridge works was reported sold today | to McClintic-Marshall Construction Co. | of Pittsburgh. McClintic-Marshall Con- struction Co. of Buffalo has been form- ed to operate the plant. Three Were Higher—Cop- pers Most Volatile. Special Dispatch to The Sta: NEW HAVEN, Conn., October 29.— Prices on the New York Stock Ex- change “were again generally higher last week when every group index save three rose. Steels, motors and auto accessories reflected lower .quotations. Coppers stecks were the most volatile, the index jumping 16'2 points with Utah Copper, International Nickel and Kennecott Copper the speclal features. The stores price index gained 3% points via the sensational Montgomery Ward and National Tea advances, while the foods index appreciated a point through higher Jewel Tea, American Sugar and United Fruit quotations. The motors index declined slightly Sesq b3 (Oct'28) (Oct'28) Low (26,'27,'28) L. o, N5 et Trading Value of Shares. The trading value of all New York Stock Exchange issues and of the in- dustrial shares ‘again’ increased last week—all the issues averaging $368,- 700,000 & day against $359,851,100 the week before, and the industrial activity rising from $328,491,500 a day to $336,- 600,000. The olls, coppers and foods reflected marked trading gains, while the motors, steels and stores registered loss ac- tivity. Larger turnover of Atlantic Refining, Phillips Petroleum and Sinclair Con- solidated issues raised the oils trading value from $25,300,000 a day to $34,- 500,000, while increased activity among International Nickel, Greene & Kenne- cott Copper shares elevated the coppers trading to $55,100,000 from $35,200,000 & day the previous week. Fewer Chrysler, Packard and Willys Overland issues changing hands low- cred the motors trading value last last week, this time reaching 98.4 and reflected a dollar whose purchasing power increased six-tenths of a cent to 100.7. This wholesale price index is the lowest since last July. In view of the comparative proximity of the current index to those since 1923, commodity prices will have to fall considerably more than they have during recent weeks before the mone- tary situation can be considered to have reached the danger zone in that respect anyway. Good economic and credit policy during recent years has taken ad- vantage of a fortuitous gold reserve and kept the ship of business on a middle course between the two shoals of inflation and deflation. Index num- bers are the sextant which give the ship’s position week by week. Fluctuations in the general whole- sale price level and in the purchasing };ower of the dollar are given below o BUILDING CONTRACTS DROP. Building and engineering contracts let in New York metropolitan district for the week ended October 27 were $29,642,200, against $31,963,600 in the previous week, F. W. Dodge Corpora- tion ‘reports. This brings the daily average for the first 10 months of 1928 to $4,555,700. Plan Gas Output. Check. NEW ' YORK, October 29 (#)—A committee appointed by Santa Fe Springs, Calif,, oil operators has called a meeting to formulate plans for the proposed curtailment of gas output in the field when production has reached the point. where such conservation is necessary. ot Soak spark plugs overnight in & solu- tion of household ammonia and water (680 per cent ammonia). Subscriptions from dealers have been received in excess of the amount of this issue New Issue 50,000 Shares Convertible Cumulative Preference Stock (no par) 50,000 Shares Common Stock (no par) Davis Drug Stores Corporation (Incorporated in Maryland) Preference Stock is preferred as to dividends, and as to assets up to $37.50 per share. Dividends payable quarterly on the 15th days of January, April, July and October, at the annual rate of $2.50 per share. First divi id payable January 15, 1929. Callable a5 a whole only at any time on at least 30 days’ notice, at $37.50 per share and accrued dividends. The Preference Stock is convertible into Common Stock of the Company, at any time up to and in- cluding the redemption date, on the basis of 2 shares of Common Stock for 3 shares of Preference Stock. THE FARMERS’ LOAN AND TRUST COMPANY, NEW YORK ‘THE GUARANTY TRUST COM ANY OF NEW YORK T Good Showings in Septem- ber Earnings. Special Dispatch to The Star. NEW YORK, October 29.—The im-| portant feature of the September rail- | road earnings, which have now been published by nearly all of the import- ant system, is the continued gain shown in net revenues even when the man- agement has been faced with a decided decline in gross receipts. This was reflected prominently in the {in net over 1927. heavy inroad into its revenues this calendar year expects to end the 12 months with a very substantial increase Likewise the New | ||f Haven, Illinois Central, St. Paul, Chi-| ago & Northwestern, Chicago & East- | rn Illinois, Chicago Great Western and the Lehigh Valley have succeeded in turning gross losses into net in-| creases. Other roads have overcome the han- dicap of smaller gross in a remurkable‘ way, notably the Chesapeake & Ohio, | Western Maryland & Central Railroad | of New Jersey. The New York Cen-| tral, with a gross loss of $548,409, was | S:AF°E IS T MORTGAGES TESTED AND APPROVED When prospective investors give consideration to our 69, FIRST MORTGAGES —they know that the mort- gage loans are based on con- servative values and that the A Real Work Test we pre Let us tell yoa abo: which gives you vide ut this plan— a GENERAL MOTORS TRUCK for an ade- quate practical try-out, at our expense. Its purpose is to pro- vide you with a real demon- str n, under your regular working conditions insofar as available chassis or REGISTRAR TRANSFER Af bodics permit. Wefurnish CAPITALIZATION -:;;;ud;‘ ; = ‘: = A any s ver, (Upon completion of this financing) o gaseline.” Let s 10 Highlightss To be Authorised To be Outstanding to make this test. 1: Power: 72'2 HP (at 2500 rpm) * Exclusive of 33,334 shares reserved for conversion of Convertible Cumulative Preference Stock. tioned the success of Buick-pow= (at 2500 rpm) for 3 and 4 ton mod- Mr. Charles S. Davis, Chairman of the Board of Davis Drug Stores Corporation, has-summarized-as-follows his ered General Motors Trucks in the els 77+ B: 4~wheel brakes of greatee letter to the Bankers: medium duty range. No ope has HERFE power and simplicity 77+ 3: Ade= BUSINESS: Davis Drug Stores Corporation, a Maryland Corporation, will own the entire outstanding capital been able to question that success. THEY ARE: quate cooling and thermostatie stock of Davis Drug Stores, Inc.,a New York Corporation, which, after the completion of this financ- s il et - sune cannied s+ . A i ing will own and operate 43 strategically located, successful retail drug stores in the Borough of Brooklyn, City of New York. The operating Company will use approved chain store merchandising methods, thereby obtaining various advantages in volume purchasing, central warehousing, reduction of distributing costs and other econo- mies. All of the stores operate under leases which run on.an average for 874 years. The warehouse distributing plant and gengral offices of the Company will be located at the corner of 14th Avenue and 36th-Street, Brooklyn, New York. This warehouse will be centrally located and readily accessible to all of the Company’s stores. SALES AND EARNINGS: Based on an examination of the records by Messrs. Haskins & Sells, Certified Public Accountants, after providing for depreciation, New York State franchise and fed- eral income taxes at present rates, the sales and net earnings accruing to the former owners of the 43 stores pro- posed to be included in this operating group are as summarized below. The Management believes that any addi- tional store management salaries in lieu of former owner’s services, administrative, warehousing and other expenses of the new organization, will be more than offset by economies effected through buying and merchandising as a chain store group. That success made necessary an increased range of this equipment, including heavier duty models. It is here today. Great increases in power, provided by the new Buick engines. Matched by real advance- ments in general design and con- struction. advances in frame strength amd rigidity ¢ v + &: Nickel chrome molybdenrum steel -axle shafts < -« 6: 4-epeed unit transmissions, 5% nickel steel gears + + + 7: Durable double-disc clutch; very easy shift- ing ¢ v + 8: 25 available wheel- bases, frame lengths, tire combi- nations + -+ 9: Easy steering; self- adjusting tie-rod; short-turning ing increased capacities 11, ton Model T-30) $1395 2 ton (Model T-42) $1685 ton (Model T-60) $2800 ton (Model T-80) $3160 3 4 Note the accompanying brief re- sume of a few important points. e Times Dividend Balonce . S < L Net Sales s Onslined Abows Froference Sioch Compmon Stech Bat don’t stop there. See these + r + 10: Filtered air N Year ended Dec. 31,1927. . $2,137,855.72 $110,012.47 3.28 $2.85 cks. Accept the offer that backs * ventilator; oil and air filters; foel 7 months ended July 31, 1928. 1,365,947.92 283,122.53 3.88 210 (Y monihs e G i : pump—and many other features equally important! £ 4 up every statement made about The earnings in 1927 were equivalent to 3.28 times the total dividend requirements on the 50,000 shares of Pref- erence stock to be outstanding. After deducting such Preference stock dividend requirements, earnings in 1927 amounted to $2.85 per share on the 100,000 shares of Common stock to be outstanding. Net earnings for the first seven months of 1928 were at the annual rate of approximately 3.88 times dividend requirements on the Preference stock, and $3.60 per share on the Common stock after allowance for dividends on the Preference stock. MANAGEMENT: The management of the Company will be under the direction of Mr. Charles S. Davis as Chair- man of the Board of Directors, Mr. Leon A. Luther as President and Mr. Joseph Brady as Vice-President. Mr. Davis is at present Managing Director of the 28 Read Drug Stores in Baltimore, Mary- them—put them to the work-test. You'll discover even more than you expect—greater value, more real JNOW", more than cver, & complete line—with PON- TRAC-powered light duty equipment, and the BI& progress in commercial transpor- tation. (Time payments financed through Y. M. A, C. plan, at lowest land, prior to which he was for many years an executive of the Liggett Drug Company. available rates.) 5 BRUTE for heaviest duty. Mr. Luther was for fifteen years connected with the Liggett Drug Company. He later became General Manager 3 : . and Secretary of H. S. Benedikt & Company, New York, which is an association of Drug Store combinations S. O. S. Call—Franklin 505 {or the purpose of group buying. “TRANSPORTATION ENGINEERS We offer this stock, when, as and if issued and received by us and subject to the approval of counsel, Messrs. Horn- blower, Miller & Garrison for the Bankers and Sol A. Herzog, Esq., for the Company. Audits hove been made by Messrs. Haskins & Sells, Certified Public Accountants and appraisals by the American Appraisal Company. J1 share Convertible Cumulative Preference Stock Price $57 per unit of \1 share Common Stock Unlts will be delivered in the first instance in the form of allotment certificates exchangeable for both Preference stock certificates and Common stock eertificated on or aiter May 1, 1929, or earlier at the Company’s option. pER TRUCK LEASES TRUCK MAINTENANCE The Company will make application to list the Allotment Certificates on the Baltimore Stock Exchange and the New.York Curb Market, and also in due course the Preference and Common Stocks. Descriptive Circular upon request RS CONTROLLED BY YELLOW TRUCK AND COACH MFG. CO.,A SUBSIDIARY OF GENERAL MOTORS Richmond Branch 30-38 M St. N.E. Norfolk Branch 107 West Canal St. CHARLOTTESVILLE, Va.—Carpenter Motor Co. 1611-13 Granby St. AR i G WINCHESTER, Va.—Eugene M. Garrett, Inc. e , Va.—I ler-Hoover r Co. “ el Nt » Va.~Martin Bros. DANVILLE, Va.—Motor Service Co. NEWEGIET NEWS, Vi SECHIEN Muter Truck (o= (. GROUGREIRI Vo ¥ W, Tubie MADISON, Va.—J. B. Carpenter. LYNCHBURG, Va.—Duval Motor Co. SUFFOLK, Va.—Highway Motors, Inc. COVINGTON, Va.—Wright Motor Co, HOPEWELL, Va.—Hudsex Motor Co. FREDERICKSBURG, Va.—GMC Sales & Serviea Stein Bros. & Boyce . Baker, Watts & Co. The Continental Company Specializing in Commercial Transportation The above Information has been obtained from relisble sources and, while not guaranteed, we belleve it to be correet. ‘ : 4 -