Evening Star Newspaper, November 13, 1928, Page 13

SPECULATIVE CURB ISSUES IN DEMAND Trading Continues Active. Anchor Post Fence and Others Advance. BY WILLIAM F. HEFFERNAN, Special Dispatch to The Star. NEW YORK, November 13.—The ex- citement which characterized trading on the Curb Exchange yesterday was not as pronounced today. - Trading con- tinued active, but it was evident from the early operations that no new records in point of volume were to be established. At intervals prices broke sharply on belief that the market was getting out of hand and the technical position had been considerably weak- cned. During the early dealings the ticker ran 12 minutes late in recording transactions, but it managed to Tegain the lost ground. When the market appeared weakest the Joss in recent favorites ranged from 1 to more than 5 points and in the case of the high-priced Tubize Artificial Silk 24 points. Notwithstan ing heavy profit taking, many spec lative favorites managed to reach new high records. Included among these was Anchor Post Ferce, which was influenced by reports of favorable dividend action and belief that in addi- tion to a regular annual rate of $3 a share stockholders were in line for snml(; form of special distribution in stock. Standard of Ohio equaled vious high, but others of the group were under pressure. Illinois Pipe Line at_one time lost more than 7 points. Declaration of an extra 50-cent di: tribution on South Penn Oil was fol- lowed by profit taking, which reflected either “selling on the news” or disap- pointment over the size of the extra inasmuch as special consideration of stockholders nad been expected. General Fireproofing, up almost 4 points, Massey Harris up 2, Buffalo, Niagara & Eastern up more than 5 on a heavy turnover, Walgreen up almost 2 points were others that reached new tops. Mining shares lost a good deal cf their recent buoyancy. With one or two exceptions the les were inclined toward lower levels, while tne motors did nothing noteworthy. WHEAT PRICES FIRM IN EARLY DEALINGS Argentina Reports of Rust Damage Fears Send Values Upward. its pre- By the Associated Press. CHICAGO, November 13.—Influenced by Argentine dispatches, telling of fear of rust damage, wheat values here de- veloped firmness early today. Pre- viously, however, the wheat market was easy owing more or less to bearish estimates of the Canadian crop. Start- ing at % off to 5 up, Chicago wheat underwent a slight sag all around and then scored general gains. Corn, oats and provisions averaged lower, with corn starting at 5 deciine to 1§ ad- vance, and subsequently holding near to_initial limits. News from Buenos Aires today said that too much rain was in evidence over Northern Argentina, where the wheat harvest is about to begin. It was added that rust damage appeared prob- eble. Scme notice was also taken of famine reports from Russia. On result- ing advances in price, however, in- craased selling was noted here. Favorable weather throughout the corn ktelt gave some advantage at times today to the selling side of the corn market. Besides, today’'s receipts of corn in Chicago were liberal, 437 cars. And arrivals were mlso enlarged at St. Louis and Kanses City. Export bids lf\:cm abroad were regarded as out of ina. g Baltimore Markets Special Dispatch to The Star BALTIMORE, Md., November 13 Potatoes, white, 100 pounds, 75a1.1 sweet potatoes, barrel, 1.50a2.75; bushel, 50a1.15; yams, barrel, 2.25a2.75; beans, bushel, '3.0024.50; beets, 100, 3.50a4.50; broceoli, bushel, 60a75; Brussels sprouts. quart, 1215a20; cabbage, 100, 3.0026.00; carrots, 100, 4.00a6.00; celery, crate, 1.25a2.50; caulifiower, crate, 1.75a2.75; kale, bushel, 50a60; lettuce, bushel, 90a 155; lima beans, bushel, 2.50a5.50; onions, 100 pounds, 1.25a3.75; oyster plants, 100, 6.00a7.00; parsnips, basket, 50a60; peppers, basket, 40a50; pump- kins, ‘100, 8.00a20.00; spinach, bushel, 50a75; tomatoes, crate, 2.50a3.00; tur- nips, basket, 25a40; Savoy cabbage, bushel, 90a1.10; apples, bushel, 7522.00; cranberries, box, 3.00a4.50; grapes, basket, 35a45; pears, bushel, 1.25a3.00; grapefruit, box, 2,00a3.50; oranges, box, 3.00a5.00; Kiefer pears, basket, 20235. Hay and Grain Prices. ‘Wheat- . 2, red Winter, garlicky, spot, 1.34Y;; November delivery, 1.34%. Corn—No. 2, export, December de- “jvery, 9514 : No. 2, yellow domestic, spot, 1.02; cob corn, 4.10a4.25 per barrel. 2, white domestic, spot, No. 3, white domestic, spot, Rye—Nearby, 1.10a1.20. Hay—Receipts, 42 tons. While hay ving here in limited quantities only, it is more than ample for the demand, which is being supplied mostly by truck from nearby points, few car- load lots being received. There is not enough business passing to establish | ices on the various kinds and grades | ad all arrivals sell strictly on merit | at a range of 16.00a18.50 per ton for timothy and clover hay. aw—No. 1, wheat, 11.00a12.00 per on; No. 1, oat, 12.00a13.00 per ton. Dairy Market. ung_ turkeys, pound, Spring chickens, 20a27; old hens, 23a2 {072n, 50; firsts, 45; current receipts, 40. Butter—Good and fan , 46a51; prints, 51 ks, ladles, 35a38: store packed, ss butiter, 42a43. o taitine ¥. 5. COTTONSEED REPORT. Cottonseed crushed in the three- | month period_August 1 to October 31 1,397,709 tons, compared . with 585 for the same period a vear 220, and cottonseed on hand at mills | Cetober 31 totaled 1,182,175, compared | with 1,054,405 tons & year ago 1s Bureau announced today. PAR}S BOURSE PRICES. PARIS, ' Novemt 13 (P Y 'S were mix ‘Three percent rentes, 65 francs times. Five per cent loan, 92 40 centimes -hange on London s The dollar 602 centim 8 124 francs, 13 s quoted at 25 1an New Stock Offer. E 3 o mbor 13 (A).—Dun- hill Intern of New York is THE EVENING STAR, WASHINGTO NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds traded in on the New York Curb Market today: INDUSTRIALS. High. ‘Dept Stores . alian 8'S as Hayw at Gas tores ... 9 Anchor (Post’ Fence 8 Anchor 'Cap .. 1 Anchor Cap pfd 1Anglo Chil Nitra 3 Apponaug Co . 1Atk N P oeing. Airplane pi 3 Crosse & Black pid. wley_ Milner. Pub_pfd G {8 8 Gold Seal El 197 Gotham Knitba § Granite City Stl a 53 Hiram Walk G & § Household Finance 14 Libby McN & L n. 5Loew's deb rts. 4 Mapes_Cons Mfs 58 Marc Wire Lond ‘B - 5 Marion Steam Shov. 7 Marmol 6 Nat Theater Suj 6 Nehi Corp wi. 3Neve Dru; 2N ¥ Auct 15 Niagara Shares 2 Niles Bem Pnd © 14 18 Paramovnt ~Cab Mg L 7s pfd.. 10 c Gen A inv pfd wi 118 rv_El D_vtc 10% caffer _Pen. 2 Sharon St Hoov. ... 7 Sikorsky Avia "Corpi u 1 Southw Strs pfd 24 Spanish & Gen ¥ 5 Spencer Kelloge Stutz Met, 38 Swift Intl 115 & Co.... 20 8yra W_Mach B, 1Tenn Prod... 26 Texas Corpn rts 5 Transcon Air Trsp. 16 Trans Lnx Pict... 6 Tung_Sol Lamp. 140 Union ~Tob i Eler Imp C P " Wesson O & S 24 Young Spr & Wire Sales in MINING STOCKS, hundreds, 10 Ariz_ Globe C. 1Cent Am Mines n & D 21 Ohio Cop % i 5 Premier Gold M. h 5 Roan Antelope Cop.. 2317 ttuck Denn ..... 187 5 Tech Huches L i 33 Uni Verde Est 234 7 Wendon Con 1 12 Yukon Gold .10 Sales INDEPENDENT OIL STOCKS. in hundreds. m Con Oilflds o Am Maracaibo Co ... ep; ec Of1’. er-Foster Ol elan Pet " Sales in_ STANDARD OIL ISSUES _AND unifs. FORMER SUBSIDIARIES—STOCKS. 700 Anglo Am Oil 18% 18% 18500 Contl Ol i 38 2600 Humble O & R anirg to subscription by £to is of 1 share for every 4 shares now heid. 1300 Imp O Can 5000 Inter Pet Lid 1600 Ohio Oil 1300 Prairie O & G " iis indicated by in 700 Prairie P L. 1600 South Penn 46008 O Ind. 21008 O Ky 1000 S O Ohia 230 Vacuum Oil... . Sales BONDS. in’ thousands. 37 Abra Straus bi P & 9 Abitibi k 5 L 110t L118% 1 3 it Serv 8s.. . . 94y it Ser Gas Pip 6s. . 982 G 2 Gen Rayon 6s. 14 Georgia_ Pow 5 2 Grand_Trunk 63§ 3 Intersta_ Pow 19 Kelvin Corp 6s. 1 Kendall ‘51:s. 1 Kimberly Clark 2 5Kop Gas & Coke 5s.. 100 1Laclede Gas 5's.... 100 26 Lehigh Pow 65 A 1 Manitoba Pov 5! 5Rem Arms 5! 3 Richfid Oil 6s 35 Richfld Oil 5! @ Snider Pack 6 5 Solvay Amer 55 20 Southeast P & L SEEE] an_Cany arner Quinlan T Blhs reiad X 1070 A st mssonarts 222 Wheel S B.... a1 Sew Mch 65 'wi 10112 FOREIGN BONDS. 8 White Sales in thousands. ‘Adriatic Elec Ts ri Mor Ba s 9 Agrl Mor Ba 75 4711 @ 1 Buenos Aires T%s o 5 gent Bi Ger Sta 65 B 2 5 : 0" s 36 W 1 Stin Hugo 7s 46 wi.. 89 89 Vi Govt 5lzs..... 1004 100's 28 Oni Bt ks 6125 A, 90 90 xd—=x dividend, ~hen " lssued. e WwoWith warrants. Copper Stocks Report. 25 91 2 101 8 100% 20 NEW YORK, November 13 (®.— Stocks of finished copper at refiners the end of October totaled 45,648 tember and 83,88: 1927. Debentures Are Called. its 6 per cent debentures at 104. company’s Pipe Line Deliveries. NEW YORK, November 13 ¢ October deliveries by 11 pipe line the Standard Oil group, totaled 16, barrels. barrels in Scptember. Machine Tool Business. NEW YORK, November 13 week met with a tributed chiefly to the automobile cen chinist reports. the New Engl | market. a factor in the i Good cquipmcnlts the Indiavapoiis | Used equipment is finding the imand in some time. B Plan Steel Car Purchase. orders were plac gistrict coal ind { Rock Island Railrcad is inquirin 300 all- capacity. November first entrance into the cars. 26. This is the Rock Isl: New Bond Issues Spectal Dispatch to The Star. Province of i ,000 issue of $2,000 % per Scotia (Canada) 20-year 4} group. comprised of Blair & Co., E. H. Rollins & Sons, Corporation, tion, Illinois liam R. Compton Co. Corpfiatlon 0., gnd Wells-Dickey Co. The hond: priced to yeld 4.75 per cent. Offering is being made today new issue of $1,501 Wash,, Municipal Plant ‘and System 43 per cent bonds, due serially Movember 1, to 1958, inclusive, by a syndicate up of the Bancitaly Corporation, Van Ingen & Co. rchants Trust Co., el the Sha: and in North and South America at tons st 51,812 tons at the end of Sep- e 2 at the end of October, NEW YORK, November 13 (#).—The Container Corporation of America has called for redemption on December 15 The head offices are in Chicago. (P).— es of 117, 3 rels and averaged daily 539,270 iy e'l‘his compares to 16,119,356 barrels or a daily average of 537311 »)— hine tools in the past Business I s slight setback, at- lessened activity in ters, American Ma- Sustained activity in and metal working plants quiries reaching the ‘Aeronautical plants were also New England inquiries. ed by s best de: NEW YORIK, November 13 (#).—The g for cel tank cars of 12,500 gallon Bids will be received up and’s market for oil NEW YORK, November 13.—A new Nova cent bonds, maturing November 15, 1948, is bging marketed today by a banking Inc.; Chase Security Royal Securities Corpora- ‘Wil- wmut McLeod, Young, Weir & innesota Loan & Trust Co. s are of a 0,000 City of Seattle, Light and Power gold 1939 made B. J. Stranahan, Harris & Otis, Biddle & Henry and the Federal Securities Corporation. The bonds are priced at 100. ILAKE SHIPMENTS | INCREASE SHOWN Freight Movement Thus Far This Seascn Has Broken All Records. BY J. C. ROYLE. Spectal Dispatch to The Star. NEW YORK, November 13.— With about a month’s traffic still possible be- fore ice closes the waterways, the freight movement on the Great Lakes has ex- ceeded all previous records for the sea- son so far. A new record seems cer- tain to be established by close of actual navigation. It is sure at least that the iron ore and wheat tonnages will sur- pass those of any previous years. The entire Lake Erie ore fleet still remains on the lakes. In the season up to November 1 shipments of the raw red ore have exceeded 48,500,000 tons and a total of 56,000,000 or more for the season is forecast. The wheat movement for November 1 totals 267,- 082,500 bushels, a gain of nearly 60,- 000,000 bushels as compared with 1927, and the total movement through the Sault Ste Marie promises to.be 400, 000,000, D;pend on Weather. Shipping men watch the weather with an eagle eye. There are cargoes awaiting them which would tax their capacity for three months and they hesitate to send vessels into Winter quarters until the last possible dollar has been earned. In the past taking of such risks has sometimes been fatal. It is not only on the ocean that marine risks are taken and vessels lost like the Vestris. Fifty-five vessels have becn lost in the late season since 1905 on Lake Superior alone. Six steamers sank in 1927 and 25 vessels were ice- bound in the St. Marys River. The last “trippers” gamble their ships, cargoes and lives against Jack Frost and Boreas, since for the late trips insurance companies will not ac- cept the risks. In order to minimize the risks the Canadian government has recommended that all vessels carrying grain from the Canadian head of the lakes leave by December 5. The Sault 1 locks close December 14 and the nearer that time approaches, the higher cargs rates rise. Production of iron ore was very low in the Spring, but is now being rushed fast, totaling 6,543,952 tons in October. Early this year there were heavy stocks on the Lake Erie docks. These have melted away under activity of the steel mills, and mining operations on the Minnesota ranges have had to be expanded. This was accomplished this year without the addition of many men to the pay rolls. Electric shovels were installed in many properties. Effi- ciency in the industry has reached the point where a consumer in Pennsyl- vania may order 10,000 tons by wire and have the ore mined and delivered at Lake Erie ports in 10 days. This has been a development necessary to keep pace with the trend toward hand- to-mouth buying by customers. Investments in Plants. About four-sevenths of all the iron ore mined in the United States comes from the Minnesota ranges. About a third of this output is treated before shipment by crushing, washing, sinter- ing or screening to eliminate payment of freight charges on waste material. This is due to the fact that mining operations are gradually getting into the lower grade ores which cannot be shipped as mined. Large investments have gone into crushing and washing piants in recent years. More than 13- 000,000 tons this year went through some “benefication” process before it was dumped into the holds of the ore carriers. The value of the fron ore shipped out of Minnesota in 1927 was put roughly at $90,000,000. Much of the production now comes from open pit mines where steam or electric shovels are used. Few of the open pit mines can be operated through the Winter, since thawing is necessary and this is expensive. Many of the shaft mines will work throughout the Winter, how- ever. The profits of the various ore companies are hard to estimate since many of them are subsidiaries of steel concerns, but it is believed they will be higher than for some years because of the heavy production. EADY AT OPENING PRICES Market Shows Slight Gains After Report of Firmness at Liverpool. By the Associated Press. NEW YORK, November 13.—The cot- ton market opened steady at an ad- vance of 4 to 7 points in response to relatively steady Liverpool cables, but soon eased under Southern hedging and liquidation. January sold off from 19.50 to 19.39, with the general list working about 4 to 6 points net lower, but these prices seemed to bring in a little more trade buying and the market was quict but steady during the early trading. At the end of the first half hour January was selling around 19.49, with the market generally showing net advances of 4 to 6 points. After the early selling had been absorbed offer- ings were light. Private cables reported continental buying and trade calling in the Liverpool market and said that hedge selling there was light. o~ CHICAGO LIVE STOCK MARKET CHICAGO, November 13 (/) (United States Department of Agriculture).— Hogs—Receipts, 43,000 head; mostly 15 a25; largely 25 lower; top, 0 paid for an occasional load of 220-250-pound weigths; relatively few loads above 9.00: butchers, medium to choice, '250-300 pounds, 8.75a9.10; 200-250 pounds, 8.75a 9.10; 160-200 pcinds, 8.40a9.10; 130-160 pounds; 8.15a8.90; packing sows, 7.85a 8.3 pigs, medium to choice, 90-130 pounds, 8.00a8.75. Cattle—Receipts, 10,000 head; calves, 3,000 head; trade steady to 26 higher; not much beef in run; stockers and feeders firm; weighty fed steers showing most upturn over late last week; she stock slow, steady. Slaughter classes, steers, good and choice, 1,300- 1,500 pounds, 13.75a17.! 1,100-1,300 pounds, 13.75217.75; 950-1,100 pounds, 14.00a18.00; common and medium, 850 pounds, 8.75a14.25. Fed yearlings, good and choice, 750-950 pounds, 13.75a 17.25. Heifers, good: and choice, 850 s down, 13.25a15.90; common and 8.00213.25. Cows, good and 9.25212.00; common and med- 2 ; low cutter and cutter, good and choice cutter to medium. (milk fed), good and choice, medium, 12.50a 14.00; cull and common, 8.00a12.50. Stocker and feeder steers, good and choice (all weights), 11.00a12.50; com- mon and medium, 8.75a11.00. Sheep—Receipts, 15,000 head; fat lambs weak to 25 lower; early top, 13,85; bulk comebacks around 13.50; sheep steady; feeding lambs strong; lambs, good and choice, 92 pounds down, 12.75a14.00; medium, 12.00a12.75; cull and common, 825a13.00; ewes, medium to choice, 150 pounds down, 4.5026.85; cull and common, 1.75a5.00; f%egser lambs, good and choice, 12.25a 13.35. choice, jum, 7 6.00a7.: (beef), Eniscopalian missionaries reach 20,000 deal persons yearly. D. C; TUESDAY, NOVEMBER 13, 1928. TO REPEAT: - Thelargest allowanceoffered <4 on your present car may NOT be the best deal for you OR the past two years General Motors has been publishing basic facts about trading allowances. During that time many car buyers have come to a realization that the largest allowance offered is not necessarily the best deal. The facts are re- peated here: Your present car has only one fundamental basis of value: i.e., what the dealer who accepts it in trade can get for it in the used car market. ' Your present car has seemingly different values because competitive dealers are bidding to sell you a new car. The largest allowance offered is not necessarily the best deal for you. Sometimes it is; sometimes it is not. An excessive allowance may mean that you are paying an excessive price for the new car in comparison with its real value. First judge the merits of the new car in comparison with its price, including all delivery and finance charges. Then weigh any difference in allowance offered on your present car. Remember that you are making a purchase—not a sale. You are buying a new car and simply using your present car as a credit against the new car’s purchase price. ENERAL MOTORS A car for every purse and purpose ™ CHEVROLET » PONTIAC » OLDSMOBILE OAKLAND » BUICK » LASALLE CADILLAC ~ All with Body by Fisher GENERAL MOTORS TRUCKS YELLOW CABS and COACHES FRIGIDAIRE—The Automatic Refrigerator DELCO-LIGHT Electric Plants GMAC Plan of Credit Purchase When you are in Atlantic City, see the General Motors Exhibit on the Steel Pier TUNE IN—General Motors Family Radio Party. Every Monday evening 9:30 Eastern Standard Time. WEAF and 31 other stations associated with N. B. C. ARSI A “USED CAR” IS UNUSED TRANSPORTATION J T s