Evening Star Newspaper, November 5, 1928, Page 13

CURB PRICES GAIN INLIVELY TRADING: Operations for Rise Contin- ued—Niles-Bement-Pond Is Favorite. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, November 5.— Opera- tions for the rise carried the curb mar- ket favorites up sharply today, and in no quarter was there any pronounced | weakness, despite the imminence of the election. The outstanding incident of the day ‘was the sharp fluctuations in Niles-Be- ment-Pond. Having lett off last week at 101, the stock opened on a block of 3,000 shares at 115, a new peak, and subsequently reached 120. Then the movement turned about abruptly, and, | dropping points between sales, the price receded to 104 before profit-taking was completed. Rumors, although officially denied, were to the effect that a merger of its subsidiary, the Pratt & Whitney Aircraft, with E. W. Bliss 1s under con- sideration. The stock also had in its favor the change for the better in the earnings situation during the past year and a half. As a group, public utilities gave an- other impressive display of strength. Electrification programs of various rail- Toads was one of the chief incentives for the demand. Electric Bond & Share securities, one of the promonent hold- ing companies, was bid up from 1155 to 121, Arizona Power reached a new high, United Gas & Improvement ral- lied & point or so and Northeasterr Power was actively bought between 271, and 401;. American & Foreign Power warrants, crossing 36, gained almost 4 po.l‘g‘ts '?1 a new high. e oils were featured by pronounc- ed strength and activity inp Humble, Standard of Kentucky, Standard of In- diana and International Petroleum. Capitalization of cash surpluses was the gossip current with their strength. Barnsdall warrants moved forward sympathetically with the stock on the big board and reached the best price around 22. Gulf Oil of Pennsylvania gained another two points or more. Boeing Air & Transport preferred shared interest with Niles-Bement- Pond in its group, making a new high at 70, a gain of five points. Stutz into new high ground featured the motors. The leaders among special- ty favorites were Follansbee, Rainbow Luminous, - Realty Associates and Lib- bey-Owens into new high ground. COTTON IS STEADY AT OPENING PRICES Market Shows Slight Drop Under Southern Selling After Crop Reports. By the Assoclated Press. NEW YORK, November 5.—The cot- ton market opened steady at a decline of 3 to 11 points under liquidation and Southern selling. The decline extended to 19.00 for December and 18.81 for May by the end of the first half hour, or about 18 to 22 points net lower, and the selling was evidently promoted by the publication of two private crop re- ports, one of which "gut. the yleld at 14,250,000 bales and the other at 14,- 355,000 bales. The decline brought in a good deal of trade buying and covering which ab- sorbed offerings on a scale down, but the market was still more or less nervous at the end of the first half hour, w) were within a point or two of the lowest. Private cables said that trade calling had absorbed liquidation in the Liverpool market and that Man- chester was rather quiet. Reports of low temperatures in the South over the week end attracted bullish comment, but appeared without much effect on the early market. WHEAT PRICES GAIN AFTER INITIAL DROP Rainy Weather in Argentina and Liverpool Firmness Affect Quotations. By the Associated Press. CHICAGO, November prices here rallied today downturns. Unwelcome rainy weather in Northern Argentina, together with unexpected relative fairness of Liver- pool wheat quotations, had a steadyin, effect. Opening at 3%a’; decline to lz advance, Chicago wheat later averaged slightly above Saturday’s finish. Corn, | oats and provisions were firm, with corn starting 15 off to % up, and sub- sequently continuing to point higher. Fairly good buying support for wheat developed at times today in the market here. The fact that despite 7,000,- 000 bushels increase of the amount of wheat on ocean passage, the Liverpool market was showing resistance to price setbacks tended to encourage buyers in Chicago. Besides complaints of rust and of excessive moisture were received from districts in Argentina, where cut- ting of wheat is expected to begin about the middle of this month. Corn values derived firmness much of the time today from a statement by Secretary Jardine advocating again the use this season of 50,000,000 bushels of corn in feeding cattle and hogs. ‘There were also reports indicating thal the corn crop in Europe this year will be 25 per cent less than last year. On the other hand, corn belt weather to- day was auspicious for husking and for movement of new corn. . Stock Posted for Merger. NEW YORK, November 5 (#).—More than 75 per cent of the outstanding Pan-American Western Petroleum Co. class B stock has been deposited under the plan of merger with the Richfield Oil Co. of California. The time for making deposits ends November 11. 5. — Wheat after initial New 0il Well Completed. NEW YORK, November 5 (#).—The Barnsdall Corporation has completed a new well in the newly discovered El- wood oil field near Santa Barbara, Calif. It is within 600 feet of the dis- covery well and is flowing at the rate of 4,500 barrels and 1,000,000 cubic feet of gas daily. New Sears, Roebuck Building. NEW YORK, November 5 (#).—Sears, Roebuck & Co., of Chicago, will build a $1,000,000 retail distributing and mail order store in Houston, Tex., on & 3% acre site. ‘The building will be eight stories high and is expected to be com- pleted by May 1, next. The company earlier in the year opened test stores in Houston, Plans Chain of- S;;res. NEW YORK, November 5 (#).—Presi- dent Anthony J. Trentacoste of the Innovation Trunk Co. of New York, announced today the company would open a chain of retail stores in the principal cities of the United States to market its products. ‘The company, established in 1898, has acquied the Cosmopolitan Luggage Co., Inc., of New work THE EVENING NEW YORK CURB MARKET Received by Private Wire Following is a list of stocks and bonds Marke! Sales in hundreds. 22 Acoustic Prod. traded in on the New York Curb t today: INDUSTRIALS. High. Low. Noon. . 20% 19% Direct to The Star Office Sales STANDAI IL_ISSUES AND FOR- T ties. ST R S b IR YRS - STOCKS 100 Anglo An. Oil 100 Atl_Lobos, 100 Chesbrgh 1508 O Ohio. . 800 Vacuum Ol Sales in BONDS. 2 | thousends. 1De For R C,. 5 Doehler Die C G 1 Bomtnton 8t Ltd &'R. Gobel A n_ 6Gold Seal Eiec. 12 Gothas ¥4 Griet 1 Grigsby Grun 3 Hall Lamp 2 Happin C St 2 Ha; 18 Hi 1 Hij -3 0000081t ao b s Bag a0 fod - 4 Mohawk Hug 4 Mohawk Hu SEEE kre Wive Lond B Marmon Mot. 3 BRRCC 2 Knit Mach. 14 13 & B pid 1005 100 rt_Parr . r Walk G B L awes = A 5 a! ”"%34.=‘.‘.:§5‘$‘-'S‘.‘=$..S= Tt RN O 385, 1383, 91 201 181 Eudra 14 b 1 1843 1 g8 & e cn g 853 8RNE 5 Pow wa 6 Montecat deb rts 99 Niles Bem Png 1 Niles Bem Pnd 10 Noma Elec k Bar 2 Picl 3 Pitney Bowes P M. 2 Pratt b C. & Lam! S er ‘Ot ‘B 3 Reinbow Luminous: ith O 4 Radio Keith 1 Thomps 1 Tinkem Tody 12 Transce Trans “Tubl 1 4 1 ™ A o 497 137 1830 123 8 25Ys % 23 10! 8 683 88% 14 16174 161% e T 13 Abra Strauss 5's will0 bott Dairies 6s..... 102 & P 8% Bag ' 6: 4 Beacon Ol 6s..... 4 Boston & Me 65 M. .. 18 Boston & Me 5s A C. 991 1 Cent, States EI 55 93 s 1Cit Ser Gas Pip 65 . 8Cit Serv Pow 5!as... 1Cons G G Balt 5s A locons] Tex 8s . 4Gen Am Iny 55 V8 1Gen Laun Ma 6is.. 2Gen Vend 6s.. . B85 nves Phila E P 5148 itts Steel 6s.. 30 Western Pow 5%s 5 Wheel Stl 4%s B.. FOREIGN BONDS. 3B Alres Tas uenc res z 2 Cauca_Valley Ts. 3Com & Priv BI 7% | volume, and a demand on the part of || 10 Isotts_Frasch 7s 4 Leon Tietz C Tlos ... 165 165 1 Leon Tietz C Tiis ww 102% 18 Mendoza, 728 51 5 Montevideo 3 Parana s us Sice’l 20 Russ Gov, 67 Hyd ‘Blé¢ 73’ A 92 s’t‘fi:{"gn Wk 6748 A. xd—Ex-dividend, wi—When issued. FwoWith warrants, Maryland Tobacco Receipts. BALTIMORE, November 5 (Special). —Both recelpts and sales of Maryland leaf tobacco last week showed sharp declines compared with the previous week, the former totaling only 396 hogs- heads and the latter 461 hogsheads, against receipts of 551 hogsheads and sales of 815 hogsheads the previous week, leaving a stock in State tobacco warehous.s of 20,337 hogsheads. Buying, however, has been mostly for export, and the market holds fairly firm at the following quotations per 100 pounds: Maryland, inferior, 6.0027.00; frosted, 3.0024.00; sound common and greenish, 8.00a15.00; good common, 16.00a25.00; medium, 26.00240.00; good | to fine red, 41.00a50.00; fancy, 50.00a 51.00; seconds, common to good com- mon, 6.00a15.00; medium, 16.0023.00; seconds, good to fine, 25a00285.00; up- per country, burley, nominal; ground leaves, 3.00a25.00. Bond Issue Before Voters. BALTIMORE, November 5 (Special). —Voters of Baltimore lsltxyrt?;or;m will pass upon proposals fol issue loans ?fi?fllll:lgp:l&oofl,fiflfl for va- 12 | rious municipal improvements, e Chain Store Expands. NEW YORK, November 5 (#.— Kroger Grocery & Baking Co. of Cin- cinnat! has acquired the Bowes chain 12 | of 114 stores in Memphis and the sur- inkem De dy A . 5 on Afr Tre Lux Plct . Art 8 B vis LA 3 3 487 148% 14i 2515 25 i 2 7 Bales in hundreds. 12 17 Sales in hundreds. 3 Cent Am Mines & Di .54 13% 23 3 1% .1; IB“Z 4 A 30 8 fl!:{: 2332 iy 114 3% m . W74 3, 3 il W% o o84 OIL STOCKS. o 1831 1 534 INDEPENDENT 1Am’ Con Oi1fid: 95 Am Maracaibo 504 Barnsd deh 11 Ci 3 Cc 22 G 101 Tts. arib & risd olumbia 8ynd reole 8yn rown Cel s | rounding tes t the . It 1s understood that the transaction involved more than $2,000,000. Potatoes. CHICAGO, November 5.—There has been a firming of the market for pota- toes in recent days, but orices still are low. Wisconsin farmer: are receivin only about 30 cents a bushel for No. grade, whicch pays little more than the seed cost. rritory. ‘Wheat. FORT WORTH—The bulk of the Texas wheat crop is being planted 30 to 60 days later than usual, owing to the Panhandle and Plains counties in the Pan Handle and Plains Counties in September, but_farmers have been un- able to put seed in the dry ground. As rains now have fallen, planting is in full swing. Steel. CLEVELAND.—The ‘Truscon Steel Co. is steadily increasing operations at the Cleveland plant of the Hydraulic Steel Co., which concern Truscon re- cently bought at etver’s sale, 0il. PORT ARTHUR, Tex—The Texas Co. is planning on a pipe line to run from the Panhandle oil flelds to the refinery here and improvements are contemplated at other plants of the company. Hats. PHILADELPHIA.—The demand for felt hats continues unabated, but com- titlon in the industry is keen and local manufacturers say their margins + | made into lumber.. STAR, WASHINGTON, ROSIN PRODUCERS ARE FACING LOSSES Production Has Dropped in Year, but Prices Also Show Reduction. BY J. C. ROYLE. 4 | Special Dispatch to The Star. NEW YORK, November 5.—The dead past will not bury its dead—at least not in the naval stores industry. In the season which came really to a close today few turpentine and rosin pro- ducers have made adequate profit and some have suffered severely. Some turpentine and rosin experts hold re- sponsible the fact that trees which long have ceased to be trees are still pro- ducing naval stores. The experts do not complain of this. They are willing to admit that the proper method of producing naval stores is from the stumps, limbs, roots and wastage of trees which have been But while that de- velopment is in process of growth, the lcxtra production from the wood dis- tilling plants of the big lumber mills of tge ?outh is having an unsettling price effect. Production in the South in the sea- son which has just ended was about 20 per cent below that of 1927, but. despite that fact, prices have dropped around 9 per cent. There was a ter- rifically heavy crop in 1927, which was aided by ideal production weather and the spur of high prices. The big users of turpentine and rosin have been buy- ing from hand to mouth because this was a presidential year, and because new developments in the auto and fur- niture paint field made undue pre- cipitancy in buying hazardous. As a result, stocks on hand at the end of the season are about the same as they were a year ago, despite re- stricted production. This year's output is estimated at between 525000 and 550,000 barrels of turpentine and 1,700,- 000 barrels of rosin. The reason that the crop still must be estimated is that there remains the “scrape” from the edges of the cuts in the trees and from the cups which catch the gum to be collected. This accounts for 12% per cent of the rosin crop and 8 per cent of the turpentine output. Only about 66 2-3 per cent as man: crops were put in in 1928 as in 1927, A crop is 10,000 cups. That means that for each so-called “crop” 10,000 trees are tapped or slashed. Under the spur of high prices in 1926 and 1927 small trees were slashed, and these have shown a falling off in “bleed” after the first year. This, with low prices, has discouraged increase of production, and it is very probable that less than 50 per cent as many cups will be placed in opens April 1 for the new crop. TRACTION COMPANIES ARE FACING PROBLEMS Spectal Dispatch to The Star. NEW YORK, November 5.—Traction companies have not shared in the gen- eral prosperity of the United States during the last few years. Indications are that their earnings this year will be little, if any, larger than the unsatis- factory ones reported in 1927. Passen- ger traffic totals for the first eight months of this year were slightly below that of last year. The permanent so- appear to lie in the immedate future. With companies formerly prosperous now not earning their overhead charges, their credit standing is being lowered, and they are not able to secure from the bankers long-term financing con- | tracts, as they formerly did. Increased fares have not accomplish. ed in many cities what was e They have often resulted in further loss of good will, a curtailed traffic em:llloyes for additional compensation. industry at the moment, is becoming companies to get. ‘The outlook cannot be sald to b: promising. (Copyright, 1928, by North American News. r Alllance.) RATE CUT IN FREDERICK. 1 Light Company Announces Reduc- tion Effective December 1. Spectal Dispatch to The Star. FREDERICK, Md.,, November 5.—Po- tomac Edison Co. has announced a rate reduction applicable to commereial light-~ ing consumers to take effect December 1 as follows: For Frederick City, a reduc- tion of 1 cent per kilowatt hour net, from 9 to 8 cents, and a 215 cent reduc- tion in rural sections from 12 to 9% cents. The reduction will affect stores, hotels, garages, churches, etc. NEW YORK PRODUCE MARKET NEW YORK, November 5 (Special).— Western New York celery in the rough packed in two-thirds crate sold at 2.25-3. Some exceptionally fine quality celery commanded as high as 3.75, while in- ferior sold down to 1.50. Sales on Western and Central New York white Danish cabbage in bulk, were made on the basis of 33-38 per ton. State Concord grapes in 12-quart bas- kets brought from 421,-50 cents. ‘Western New York washed carrots re- alized from 1.25-1.75 a bushel basket. California bunched carrots sold at 2.25- 3.25 per crate of 48 and 60 bunches, quality yellow onions from up-State New York jobbed out at 3.25-3.75, but fancy stock from the Middle Western States realized as high as 4.40. Crates of 24 heads of big Boston let- tuce peddled out at 1.25-2.50. Romaine Most sales on Western New York round white potatoes in bulk were made at 2 per 180 pounds. Maine Green Mountains s0ld at 2.15-2.40, chiefly around 2.25. PLAN STOCK SPLIT-UP. NEW YORK, November 5 (P).— Stockholders of the Tobacco Products Corporation of New York will meet De- value of the class A and common shares to $20 from $100 and splitting the shares on a 5-for-1 basis, This action is considered to bring dissolution of the company a step nearer. A dividend of $2 on the common was declared by directors today, payable January 15 to stockholders of record December 17. Sales Increase Reported. NEW YORK, November 5 (#).—G. C. Murphy Co. of McKeesport, Pa., oper- in Connecticut, Illinois, Indiana, Ken- tucky, New Jersey, New York, Ohlo, Pennsylvania and West Virginia, re- ports sales in the past 10 months in- creased 16.8 per cent over the same 1927 period to $8,536,340, s Steel Production Report. NEW YORK, November 5 (®).— The rate of steel production in the Midwest has declined elightly, with 46 of 53 independent open hearths melting. Bessemer steel plants, how- ever, have larger schedules, and Ma- honing Valley producers are making both steel ingots and pig iron at rec- ord rates. Indications are that the seasonal decline this month will be much- less than normal. . SCHOOL BOND ISSUE. BALTIMORE, November 5 (Special). —Alleghany County, Md., will offer an issue of $250,000 school bonds on No- vember 20 to the highest bidder. These bonds, which will bear 4% per cent in- terest, are the first Maryland State or municipals to be offered for a long time. Local dealers report & keen demand for Maryland municipals, the dearth of which has beeg the subject of com- went for the pasi*few months, the next season as in 1927. The season || lution of the traction problem does not | d credit, the crying need of the |/ harder and harder for the traction ‘Hurdred-pound sacks of unattractive || in similar packages brought 100-125. | cember 19 to vote on changing the par || ator of a chain 5-cent-to-$1 stores || - D. €, MONDAY, NOVEMBER 5, 1928 SAYS MARKET CONTROL HAS NOW BEEN SHIFTED Control of the stock market has passed from the hand of the old-fashioned con- servative banking fraternity into the|in hands of progressive business interests, and the new market mentors are not be- ing frightened from their position by mounting brokers’ loans, fluctuations in money rates or the ancient bogey of a presidential year, according to Albert M. Chambers, partner of F. J. Lisman & Co. “The tom of a presidential year upsetting the market has been relegated to the past in a decisive manner,” Mr. Chambers said, “and whatever may be the result of the election there seems no reason to believe there will be a reversal our prosperity. While there are in- ividual stocks that may have ted their future profits for some years in advance, there are scores of good stocks which must sell higher if they are to be brought in line with the steadily mount- ing returns in representative industries mau-hmavm'mmbe paid to stoc) ders either in the form of higher cash rates or substantial stock dividends or rights. Motors Firm Enlarges Plant. NEW YORK, November 5 (#).—The General Motors Corporation is enlarg- ing the plant at Tolede which manu- factures all the transmissions for Chev- rolet cars and many of those for Pontiac cars. 13 Lead Stocks Report. NEW YORK, November 5 (#)— Stocks of lead in the United States and Mexico on October 1 were 155,385 short tons, against 156,976 tons September 1, and 158,919 tons August 1, the American Buredu of Metal Statistics rm;l; re by smelters in tons in September, inst 78,007 tons in Auzmt.pmd 12.11‘1‘.'4)“ in July. | —you'll learn the given. National Strand Columbia [ Little Theater irel A.P. and Special Correspondents The great staff of the Associated Press which completely covers the country from coast to coast—will keep the telephone, telegraph and radio hot with the figures. ‘The Star’s own corps of special corre- spondents stationed in the pivotal States will keep you apprised of every development in those States and communities where the un- expected may happen. From the nearby States of Maryland and Virginia, spec nections will be maintaned with the corre- spondents of the Associated Press and mem- bers of our own staff. 1 direct telephonic con- If You Come Downtown to The Star Office Election Night latest election returns as they are received—detail by detail—over the special public address system of loud speakers which will be used by The Star— so that every one within many blocks in every direction will be able to hear. Stereopticon and Radio Will Be Used —and in this connection an interesting and entertaining moving picture program will be Star Bulletins at the Theaters In the following theaters the latest bul- letins, furnished by The Star, will be read at frequent intervals: Republic M Street Blue Mouse Broadway Dunbar Mid-City Happy Land Smoking Palace Carolina Seco Ashtona American The Star Has Arranged an Elaborate Election News Service for Tomorrow Night Nobody will have to wait for reliable and authentic news of the election tomorrow night. Whether you join the crowds downtown, go to the theater, or remain at home, The Star will keep you informed by stereopticon, radio, bulletins to be read at the theaters, phone serv- ice, extra editions—and a gigantic Army searchlight to flash the news. when the result is definitely known. : No matter where you are or what you are doing Tuesday night The Star’s Election returns service will reach you. Tune in on WMAL The Star has made arrangements to broadcast the election results over Station WMAL, beginning at 6 o’clock on Tuesday evening and continuing until the decision is determined. In case there be an unexpected delay in transmission of news bulletins, a group of cal artists will intersperse the program, but it is believed the entire evening will be devoted to bulletins and interpretative talks. political expert, with radio audiences for his clear and impartial discussion of national political problems, will make frequent comment upon the ing listeners-in advised as to their significance. A microphone installed in The Star Of- fice with Thornton Fisher announcer, will give the returns as fast as received. Flashing the Results By Searchlight In order that the thousan in nearby Maryland and Virgi to remain at home may learmn the result, The Star has arranged for a gigantic Army anti-aircraft searchlight to be placed on th Monument grounds—and if weather cond; tions permit, its rays can be seen for 40 miles. If returns indicate a trend in Smith’s favor the beams of this mammoth light will flash from north to south three times. If the returns indicate important returns will flash from east William Wile, famous favoring Hoover the light to west three times. As long as there is doubt the will play directly upward at frequent intervals. In case there is definite news of a decision the light will play east and west or north and south, as the case may be, for a period of ten minutes. Phone Service Will Be a Feature If you have been unable to obtain the information of the returns in any other Frederic popular returns, keep- of people who want searchlight way, call The Star Office on the phone— Main 5000 Extra Editions Will Be Issued —from time to time during the evening as the news received justifies. Look to The Star—the Latest Election News Will Be Promptly Given Out