Evening Star Newspaper, October 30, 1928, Page 13

THE EVEN’ING' STAR, WASHINGTON, D. C. TUESDAY, OCTOBER 30, 1978, Y \ THIRTEEN-MONTH YEAR RATE EARNINGS INCREASE. |of $1.235, 844 reported for the first three NEW YORK CURB MARKET | MARKET VALUATION STOCK INCREASE URGED. ks of th th. “The v POSAL IS PUSHED) _BAUTIMORE, October 30 (Speciah S e Tost St ‘maves | - NEW YORK, October 30 (#)—Direc- ISE PRO | —October earnings, both gross and net, Received by Private Wire Direct to The Star Office OF STOCKS MAY R s Spectal Dispatch to The Star. Indication of Gain Seen in Quota- | Ie enue in September was $268,125 less tcrs of the Coca-Cola Co. of Atlanta, have recommended increasing the capital by 1,000,000 no par shares of >cial non-voting $4 dividend class A | stock, callable at $52.50. Wall Street undcrstands the new stock will be issued s a stock dividend, one share for each * ADVANCES N CURB PRICES CONTINUED ihan it was in September, 1927, operat- | ;o ing income was down only $19.712.. ‘ o | of the Western Maryland Railway will show an increase compared with the corresponding month last year. This will be the first gain reported in 1928. Indications are that earnings for the remainder of the year will be larger NEW YORK, October 30.—George Eastmen, ‘Rochester camera manufac- turer, has taken up the championship of the 13-month year in earnest. Al- Following is a list of stocks and | bonds traded in on the New York Curb Market today: Gold Shipment Is Due. NEW YORK, October 30 (¥).—The $8alt Ck Prod . 11 Texon Ofl & La 27 Venezuelan Pet 1 Woodley Pet . 5% S'a Leaders Again Establish New High Marks—Oil Shares Are Bid Up. BY WILLIAM F. HIFFERNAN, Special Dispatch to The Star. NEW YORK, October 30.—The confi- dent tone which characterized opera- Sales in hundreds. tions for the rise during the recent ses- sions was not so much in evidence on¢ the curb exchange today, although the ! outstanding features again occurred on | the side of advance. The customary | new high records were establishad in the | leaders-and in some instances gains were | pronounced. In the oil group, Standard of Ken-| tucky and Prairie Pipe Line were bid up | to their highest, the latter 10 points above the previous final at 236. In each instance expectations that directors | would resort to the capltalizing of ca: surpluses was the incentive for the demand. In the case of Standard of Kentucky | a 50 per cent stock dividend was men- tioned. .Carib -Syndicate was again prominent among low prices issued. Columbia Graphophone resumed its upward movement and was one of the features among specialties in point of | activity. Opening on a block of 10.300 shares at 657, it established a new peak, but fatled to hold the improvement when profit taking develcped. Another | noteworthy performer was Ralnbow Luminous, which sold at its highest since listing at 41, with a turnover on | a large scale. Upward revision of carn- | ings estimates for 1928, based on the closing of important contracts, was the incentive. In this respect the Neve con- tract to supply its 120 stores in the | metropolitan district with this form of {llumination was said to be an im- portant acquisition. Neve shares themselves were bid | up more than a point following the{ denial by the president of rumors of | his intention to resign. He said that he had added to his holdings of the stock during the past 30 days. Davega, Inc., responded to the report that negotiations had been completed for the opening of three new stores, which will give the company a chain of 13 in the New York district. Public utilities were featured by East- ern Statets Power “B” and Northeast- ern Power. both of which reached new highs. Mining shares moved irreg- ulariy, with Noranda off more than a point under profit taking and New- mont again in higher demand at ‘higher prices. Other specialties that went to their best included St. Regis Paper, five points higher at 102; Realty Associates, morc than 30 points, at 405; Fairchild Avia- ton, more than a point higher; Hercules Powder, up five points, at 300, and Prop- r Silk Hosiery Mills, almost a point her. Ford Motor of Canada, after early weakness, rallied sharply for a gain of 19 points of the day, when it changed hands at 624. Firestone Tire was little affected by the tire price-cut announcement, while Checker Cab was pressed for sale below the 50 level. COTTON IS STEADY AT OPENING PRICES Market Eases Off in Early Deals. Southern Selling Apparent. By the Associated Press. NEW YORK, October 30.—The cot- tor: market cpened steady at a decline of 5 to 8 points and eased off during the early trading under raalizing or re- selling by yesterday’s buyers, who were influenced by the failure of ' early weather reports to mention any frost in the South and relatively easy late cables from Liverpool. There was also some selling for Southern account on the decline, which carried prices off to about 19.50 for December and 19.35 for May, or 12 to 18 points below yes- terday’s closing quotations, by the end of the first half hour. Private cables said that hedging and Bembay liquida- tion had becn absorbed by trade calling and continental buying in the Liver- pool market and reporled an improved cloth demand from India, with yarn sales cqual to production. The outlook for wermer weather in the South seemed to stimulate early selling and prices eased off to 19.41 for December and 19.38 for March, or about 20 to 25 points below yesterday's close. The decline was checked by covering and trade buying, but business tapered off on rallies of 7 or 8 points from the lowest. - At middey the market was quiet and steady at net declines of about 14 to 17 points. WHEAT VALUES SAG ON INITIAL DEALS Revised Estimates of Crop Northern Hemisphere Af- fect Market. in By the Assoclated Press. CHICAGO, October 30.—Wheat values sagged today after an opening advance. Revised estimates of the wheat crop in the Northern Hemisphere indicated a total world crop of 298,000,000 bushels more than last year. Opening unchanged to 5 up, wheat prices hardened a little more and then receded all around to be- low yosterday’s finish. Corn and oats were firm, corn starting i to % up; and then holding near to initial figures. Provisions were steady. According to estimates current today, the world crop of wheat aggregates 4,104,00,000 bushels, compared Wit 3,806,000,000 bushels in 1927. However, the yield of other cereals in Europe is smaller and, therefore, larger quan- tities of wheat are likely to be import- ed than last year. The total European requirements of wheat, neverthelcss, ere still figured at 824,000,000 bushels, ebout 300,000,000 bushels under the available surplus. Comparative steadiness of Liverpool wheat quotations today, on the other hard, helped to induce some strength at times in wheat at Chicago, espe- clally after downturns. In_various quarters the action of the Liverpool market was ascribed to buying orders from America, but it wes also pointed out that Liverpcol stocks of wheat are decreasing. Another steadying influence was talk from some trade leaders that it is advisable to treat the wheat market now as a trading affair until after election. . % Inventor's Happy Discovery. Casting about for a non-tarnishing metal suitable for the manufacture of cutlery, Elwood Haynes 15 years ago found such an alloy, but this composi- tion was soon discovered to have quali- ties which made it much more valuable for an entirely different purpose. When propexly applied to the steel bits use in drilling oil. wells. “stellite,” as it Is called, has been the means of speeding up the work of boring and in effecting jmportant economies. The amount of footage has been more than doubled, increased 136 per cent to be exact, the drilling rate has been increased by 56 per cent. and the total working time |1>quired cut down by 36 per cent. The alloy is nsed as & coating to-ths usual Q{ bit and while it must be carefully pplied it is not a difcult operation. Sales in hundreds, INDUSTRIALS. Adams Millis 127 Acoustic Prod " 19 Consol Dairy P 4 Consol Film . I G B A Black ‘pid. . rowley Milner . €0 Press...... . rtiss Aero Ep. .. uriiss Flying Serv De For R C.... Doehler Die G C. 6 Dubilier C & 1 Duplan Silk.... Durang Mot': . Coew States Pow B.l. E: wond & Sh Cor. 32 119 11 Federal Water 42 Fiat deb rts 2 Filenes Son: 4 Filenes Sons pfd. Tiry 4) Gen Bak... 1Gen Bak pfd n. 3 ze Gold Seal Eiec. Goldberg_ Stores. Golden Sta Mill Gotham Knitbs M 'wi Granite City Steel rts ASP .. 1173 T C . it oD 1 Haznltine Corp HW erhay 4 Household, Fin o .,_ TROT LS, Famreen <gggadadadea High. Low. Noon STANDARD OIL ISSUES, BUBSIDIARIES—STOC! Sales in_ units 600 Anglo Am Oil . 4000 Cont’l Ofl ... 100 Gal 8is Oil AND FORMER KE. 450 I | 1100 Imp Q Can . 112300 Inter Pet Ltd . 400 Nat_Transil {2300 Vacuum Oil 1 30 | Sates in g S o e o R ot a <2 SBERAES SRS 4" 93 0t 5 1084 1031 i 15 1 Woodworth Inc .. MINING STOCKS. 1Cant Am Mines 7 Hollinger . . 14 Hud Bay Min & Sm.. $ Iron Cap Copper - 121 Uni Verde Eal 10 Wendon Cop 9 Lion O e 1 Lone Star & Del "l G Mount Guil 4 Mount Prod .)l: .10 1 New Mex Aria'Larid. 20 Northwest 0l 7 Pantepec Ol ... 2 Reiter-Foster Ol 30% 31 0 %0 taousande. 30A & B 51as 8 wi ... 1L 2 Abitibl P& P b8 Al 10 Ala Pow 4'as 9; 10 Allied Pk 6s 7 Aliled Pk 85 14 Alum Co A it 89% ata 60 60 101t 9314 Pow & Lt 65 Roll Mill 5s Beating 63 e’ b ] e Gas 0%s. 10 Lehigh Pow 63 A. 1Lone Star Gas 5s 55 99 an e 119 1140 Chlor 8 37 100y Western Pow 5%s A. 100 10 Sales FOREIGN BONDS. in thousands. Berlin 6 ; S 1 Ser 0 Uni El Ser 75 A ww. 3 Uni 8t Wka, 6%8 A.. 44 Warsaw 78 xd—Ex _dividend, wi—When issued. n—New, ww—With warrani Jack Horner a Real Personality. A direct descendant of the original Jack Horner, who “put in his thumb and pulled out a plum,” has been found. He is Julian, grandson and heir of the late Earl of Oxford and Asquith, whose mother was formerly Miss Horner of Mells Manor, - Somerset. Legend has it that the famous Horner of the nursery rhyme was steward to the Bishop of Glastonbury in the reign of Henry VIII. The bishop, a lover of good fare, bullt a kitchen with a stone roof and boasted that it could not be burned down by “all the King's men.” To which the King replied, ominously: *Is that so?” Fearing to lose his estates, the bishop sent his steward, Horner, to Henry with an enormous pie, but his emissary’s curi- osity was such that during the journey he pried beneath the crust and found the deeds of 12 manors belonging to his master. A prudent man, Horner extracted onlv one deed, that of the Manor of Mells, now the Horner fam- ily's seat. That was the plum. The King was satisfied, the bishop kept his | sar, which hap tchen. Puk Calendar Chaotics. Prior to the time when Julius Caesar conquered Egypt, the Egyptians divided the year into 12 months of 30 days each, with five extra days for holidays. Caesar distributed the five extra days by adding one day to alternate months. This he did because he thought odd numbers were lucky. In 28 B. C., Augustus Cae- sar, in his pride, decided to have as many deys in the month of his birth, which happened to be August, as there were in the birth month of Julius Cae- ned to be July. The superstition of the one and the ambition of the other thus produced something of the chaos which we still suffer. In 1582 Pope Gregory dropped 10 days out of the calepdar. and in 1752 his plan was adopted by England and her colonies. A Defense of the Owl. The great horned owl, found all over the United States, is destructive to poultry and game birds, but not when rabbits and squirrels are plentiful. It hes been an important ally of prairie ranchers in keeping down the ground squirrel, gopher, prairie dog and cot- ton-tail rabbit population. The small- est, such s the screech owls and pigmy owls, live largely on insects. In California the barn owl has been useful, it is recorded, in destroying the pouched gopher, and in the South At- Jantic and Gulf States in attacking cot- ton rats and common rats. Nine-tenths 3:1 its food has been found to consist of cap tions of Shares on Exchange. Epectal Dispatch to The Star. NEW YORK, October 20.—A com- parison of prices of stocks at the end of October with those at the beginning of the mionth indicates that there is to be another considerable addition to the market valuation of all shares dealt when the final reckoning is made. It was stated a few days 2go by a prominent banker that there had been an increase of approximately $12,000,- 000,000 in the value of listed “chiefly as a vesult of the rise in pr This is supposed to cover the period since 1924. The combined gains of July, August and September were rougily $3.000, 000,000, or twice as much as the d cline in the June reaction. g the motor group the results in Octs should be nearly as good as those for September, when the valuation rose $900,000,000. The most striking changes during the month have been in the metal and min- ing stocks, those of the oil refining and producing companies, in the mail order shares and in what might ba classified as communications stocks. Western ‘Union is the leader in this group with a rise.of over 50 points. Radio Corpora- tion stock is up about 30 points. Montgomery Ward has had an ad- vance of 100 points, Smelters common 30 points, Atlantic Refining nearly 50 and International Nickel over 50 points. The motors have not done so well this month, with the exception of Chrysler, which is up 10 points, and General Motors about 8. Until today Hudson Motors was under the price Tui- ing on October 1, as were Hupp, Graham, Paige and Studebaker, with others showing a small change. The iron and steel stocks will make gbou'. the same showing as in Septem- or. tion list, however, will come from:the oils, the metals .and mail order, de- partment store, telephone, telegraph and radio issues. ‘Another month has passed without bringing any definite improvement in the rails, which in September were up comparatively little. In the list of 20 prominent raflroad issues a majority shows a lower price at the end of October than at the beginning of the month, especially what are known as the standard investment rails. - Some of the rail specialties from the South- western group have, however, made sufficient addition to their market value to counterbalance losses elsewhere. The public utilities have had spells of ac- tivity and strength during October, but have not made the gain that took place last month when they added near- 1y $90,000,000 to their market worth. CONSTRUCTION CONTRACTS. NEW YORK, October 30 (/).—Con- struction contracts awarded in 37 states east of the Rocky Mountains dur- ing the week ended October 26, totaled $139,520,000, F. W. Dodge Corporation reparted today. This is 3 per cent above the av:rage a.te.ned since he fir of the year and is the second succes sive week in which an increase was maintained over the previous week. Contracts awarded in 1928 to date t tal $5,655,072,200, making a daily ave: ags of $22.533,800, compared to a dal average of $21.016,900 for the first 10 months of 1927. TELEPHONE CO. PROFITS. » ‘BALTIMORE; October 30 (Special). —The report of operations of the Chesapeake & Potomac Telephone Co. of Baltimore City, just filed with the Public Serviee' Commission, shows that telephone operating revenues for the month of September were $1,083,976, operating expenses were $343,834, mak- ing net operating revenues $220,092. in on the New York Siock Exchange | The big additions to the valua- | ready he has the support of nearly 100 prominent Americans, who have agreed to usz all” their efforts to get public cpinion aroused to the benefits of such a calendar. -~ Should such a movement be success- | ful, a new calendar consisting of 13 i months of 28 days each would result. A new month between June and July would be added. “Business would be greatly helped by it,” says Gebrge Eastman. “'The Natlonal Association of Cost Ac- countants has indorsed the move. So have many other organizations. If Monday nappened to be the first, #t would then always be the first, the elghth, the fifteenth, the twenty-second and the first again. No ane raises objection to it. The difficulty is merely lack of interest, bul George Eastman is not used to peeple jenoring matters in which he haopens to be vitally interested, nor will he allow this movement for a 13-month year to be ignored. Among those oclated with the vet- eran Rochester manufacturer are Henry Ford, Newion D. Baker, A. P. Sloan, Dr. Charles Mayo, Frank O. Lowden, Otto H. Khan, Paul M. Warburg, Dean Roscoe Pound, Ralph' Pulitzet, Adolhh | Ochs. Miss Mary G. Woolley, Mrs. John D. Sherman, Silas H. Strawn, Paul D. Cravath, Gen. H. M. Lord, Robert . Dollar, President James R. Angell and many others 5 (Conyright. 1978, by Narth American News- vaver Alliance.) PROFITS IN LOAN FUNDS | By the Assoeiated Press. NEW YORK, October 30.—“Big | money,” which long .has turned a cold shoulder to “little money,” apparently | has opened its-eyes to the fact that the collection of a‘few dollars here and a few more there makes a sum quite worthy of consideration. ‘That may explain the sudden growth in the number, and resources of com- t panies loaning funds to wage earners. |One concern alone is p'anning to put out $50,000,000 «in such-loans next year and there are dozens of others ready to do a similarly extensive business. Then there are numerous banks inviting the borrowing of small but necessary sums on good collateral, such as securities or the signatures of friends. Much of the small loan business, however, probably will be done by com- panies making loans under the uniform small loan law affecting. sums below $200. With interest rates on personal | loans averaging 3 per cent a month, | millions of dollars passing over their | counters and the call money market hungry for any temporarily idle fun®s, such . companies evidently see a good opportunity to turn little money into big withoyt ungdue risk and with small overhead, New Securities Corporation. NEW YORK, October 30 (#).—Or- ganization of the United States & In- ternational Securities Corporation, an international investment = corperati with one of the largest imitial capital structures of any yet formed, was an- nounced coincident with an oflering of $50,000,000 first preferred stock by Dil- lon, Read & Co. Among” the directors are Walter P. Chrysler, Clarence Dillon, Dean Mather, S. Z. Mitchell, George M. Moffett, M. 8. Sloan and Ernest B, Tracey. . Manage- }ment of the new corporation will be’ closely affiliated with that of the United fitau:s & Foreign Securities Corpora- on, Heads fiailrund Company. NEW YORK, October .30 (#).—Harry Burgess was elected president of the Panama Railroad Co. to suceeed M. L. Walker, yesigned, at & speclal meeting of the road's, board of directors today. than they were a yeir ago. ‘hare held about January 1. Profit for | steamship Vestris is due in New York | Increased grain lo: and 2 > fir: s!a:tlsl]y heavier coal trafe wcrcs‘tlkl:e | tomorrow with ‘more than $1,000,000 in ‘gl; zag.‘;xtn,n"-';-m:? m‘.' :4'3 Lfii' a'.‘."‘"f.‘i principal factors in the gross revenues ! gold frem Argentina. cama 1937 period. i And so they called it Cert-i-fide Anthracite As Graham MacNamée said in a recent broadcast “Cert-i-fide Anthracite is just like Certified Milk— only it’s black.” Cert-i-fide Anthracite comes from mines that produce 45,000,000 tons of clean, wellsized, hard coal every year. The .companies producing this coal have joined to- gether in an agreement to ship nothing but Anthracite that, after close inspection, is shown to be up to the highest standards. That's why it’s called Cert-i-fide. Go to a Cert-i-fide dealer and ask for Cert-i-fide An- thracite. Besides getting good coal you will get good service and fair treatment. Cert-i-fide dealers, like the Cert-i-fide producers, have set a high standard—and live up to it. Anthracite Coal -the unfailing fuel Lehigh Valley Coal Co. Madeirs, Hill & Os Northumberland MiningCo. and Se. Clalr Coal e vas o Cor: 1aes) o PeansylvaniaCoal Co, and Hillside Ceal & Iron Gy Price-Pancoast Coal Co. and West Bad Coal Cev (Dickson & Eddy) Jeddo-Hightand Coal Co. Hatle Traok Cont Co. Racket Brook Coal Ga. Scrastea Coal Co: o N \ . ool Lehigh & Wilkes-Barre Coal Co. R Lehigh Coa & Navigation Co. 1¢ Weston Dodson & Co., Ine. Delaware; Lackawanna & Western Coal Co. Haddock Miaing Co. (Meeker & Co., Inc.) J. L. Schley was élected second vicé president.