Evening Star Newspaper, November 17, 1928, Page 26

® FINANCIAL, . : X NEW YORK STOCK EXCHANGE_’ Oy oY STOHS WERILAR N ACTE HARKET Week End Profiit - Taking| Confuses Price Movement. | Trading Heavy. 'UNUSUAL DECLINE IN MONEY CIRCULATION IS DISCOVERED 26 REALESTATEFARN VALUES PROVING Declines Per Acre Lowesl Since Pre-War Deflation, Latest Survey Shows. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 17. Potatoes, white, 100 pounds, 80a reds, 75a85: sweet potatoes, barrel, 1.25a2.00; bushel, 50a1.15; yams, bar- rel, 3.00a3.50; beans, bushel, 3.00a4.00; beets, 100, 4.00a5.00; broccoli, bushel, | 60a75; cabbage, 100, 3.00a6.00; carr@s, 100, 4.00a5.00; cauliflower, crate, 1.50a 2.25; celery, crate, 150a3.00; kale, bushel, 50a60; onions, 100 pounds, 1.50a 4.50; oyster plants, 100, 6.00a7.00; pep- pers, basket, 60a75; parsnips, ket, 50a60; pumpkins, 100, 10.00a30.00; spinach, bushel, 35a70; Savoy cabbage, bushel, 75a1.00; tomatoes, crate, 2.50a | Received by Private Wire Direct to The Star Office. amount of money in circulation failed to respond to this upturn in the Fed- eral reserve figures through September. ‘The demand for currency is largely | seasonal, rising sharply to a peak at the Christmas holidays and falling off to about the year's low point late in January. Holidays generally cause sharp increases in demand. Next to Christmas, Independence day and Labor day are most important. The amount in circulation varies rather widely from day to day, normally declining each week unflf Wednesday, then rising about $45,000,000 to Saturday to meet By the Associated Press. ‘The amount of money in circulation has dropped about $200,000,000 in the past two years. The Federal Reserve Board. comment- ing on this development in its monthly bulletin, states that such a drop is an unusual occurrence, especially in years when industry and trade have been relatively active, and that the reasons for it are not altogether clear. It points out, however, that factory pay rolls declined from October, 1927, to April, 1928. Business and trade have undergone marked expansion in Oven. High. Low Close 46 47 46% 46% 413 424 6% 3% 18% 38 9% 104% 113% 9% 22% 175 175 Oven. High Low Close. 38% 38% 3BY% 3844 Aoitibt Po pf(8) T9% T9% T9% T79% Abrahm&Straus 116 116 116 116 Adams Exp(6).. 376 375 375 375 Adv Rumley. 49 49 48% 48% Adv Rumley pf 62% 621 62% 62% Ahumada Lead. 3% Air Redctn (13) Ajax Rubher . Ala & Vicks(6) Aiaska Junea. Albany Papr(2). Allied Chem. Allis-Chalm (7). Mohwk Car 2% . Montzsmry W 15 Moon Motor. ... | Mother Lo(30c). Motor Meter A.. Motor Whil(t21 Mullins Mfg. .. Mullins pr (n) 7 Murray Corp. ... | Nash Motrs(16). " | Nat Acme(sta). 188% at Bellas Hess 578 Natl Riscuit(+7) 1% Nat Cash R A(3) High Low. Close. { 32 132 132 58 58 201% 201% 16% ' Open | Del L& Wit7).. 132 Den RG Wn pf.. 58 Detroit Edi8).. 201% Detroit Ed (rts) 16% Devoe A (73.20). 54% Diamond M(9). Dome Mines(1). Drug Inc(4) Dunhill Int¢ Dupont(#13.50). Durham Hos pf. stman(18). on Axle(2). . EatonAxle(rts) Abitibi Pow (4). 18% 387 91y 104% 114% 9% 22% 175% 175% 98 165 8% 118% 957 435 36% 8% 9 81 8% 118% 118% 118% 118% 8% 8% 8% 8% 25 25 25 25 238% 238% 234Y 234% 145 145 144 144 BY GEORGE T. HUGHES. BY EDWARD C. STONE. Improvement in the farm real estate situation is noted by the Department of Agriculture in its third sanual survey of the farmlands market covering the period March 1, 1927, o March 1, 1928. During the pe- riod under review farm real estate values, averaged for the Un‘ted States as a whole, showed the smallest de- cline recorded in any smgle year since the drastic post-war _deflation set in. Values of improved farmland per acre declined but 2 per cent on the average during 1927 end early 1928 es compared Louis Rothschild. with a decline of twice that figure reg- istered between March 1. 1926, and March 1, 1027. i As of March 1, 1928, the national av- erage value per acre was 1/ per cent above the pre-war level, compared with a figure of 19 per cent above pre-war reached on March 1, 1927,°and a peak of 70 per cent above recorded on the same date in 1920. Averaged for the entire country, the current figure of 17 per cent above pre-war represents ap- proximately the same level of values 2s prevailed in 1917. Declines in Values Reduced. ‘The major declines n valuss con- tinued to be felt in the same regions in which the heaviest losses appear to | have been centered in recnt vears, prin- cipally the corn and cotton belts. Ho ever, in both of these the decre shown for the year encded March 1, 1928, were smaller than those registered during the corresponding preceding pe- riod from March 1, 1926, to March 1, 1927. In some Southern States, the bureau observes, val hardened materially. Equally encouraging resvlts were re- ported from Montana and the two Da-. kotas, where values for the first time in many years exhibited a tendency toward comparative firmness. Although continuing their decline of the last seven years, Jowa values showed the | smallest decrease record>d since the | wartime peak was reached. i Farm real estate valuss in the New | England and Middle Atlantic States, according to the bureau, showed very little change. Pacific Coast values de- clined very little on the average. A third section in which the downward | trend of values was apparently halted includes the eight States of the West originally designated as the Mountain group. Fewer Foreclosures Reported. Data on foreclosures and related losses of title through defanlt. averaged for the country as a whole, indicated a slight decline to have takan place dur- ing the year ended March 15, 1928. The farm tax burden cortinues to be a heavy charge upon land ownership, taxes on farm real estate having risen still further during 1927 w reach a fig- ure 158 per cent higher then before the war, A review of the credit situation as it sffects farm real estate presents con- trasting aspects, the bureau finds. First mortgage money on the whole contin- | uced in good supply, with iaterest rates generally favorable. Terms offered by owners to move farms in the present ‘market were frequently found to be at- tractive. On the other hand, the recent tightening in theé money markets, ac- cording to the report, may be reflected in slightly higher farm mortgage inter- | est rates later. Urges Greater Care .n Investing. Louis Rothschild, director of the ‘Washington Better Business Bureau, gave two fine radio talks this week in which he urged the investing public to use greater care in the selection of investments. He announced that the Better Business Bureau is always ready to give information regarding any so- called doubtful investment, and asked his hearers to take advantage of the | service before rather than after putting out their money. He added: “While the majority ot investment houses and stocks, bonds ana lands are sound, innumerable fraud schemes are presented as safe investments A sound preliminary investigation wil' separate the wheat from the chaff and the wolves from the sheep. “Losses in Washington from unwise | investments are enormous. They are an economic drain on the community as well as on the individual who loses his money.” Turning to the present importance of aviation, M. Rothschild asserted that there are plenty of genu- ine, hard - working, proiit - producing companies, but there are cthers which are trading upon the good will of the public. “It is against this latter group the public is warned,” the bureau head | concluded. Reflecting probably a <rop in com- mercial demands for funds, rediscounts at the Federal Reserve System declined | 1o the sharp extent of $93,851,000 in the second week of Novemo.r to a total ! of $857,439,000. At the same time the | central banks continued their activitics in buying acceptances in il open mar- ket, adding $25,755,000 to their holdings | and bringing the total to ¢ ,400,000. Government_sccurities 1> the hands of the banks changed but siightly. The more important changes in the banks’ statement seemed to point to greater | ease in the money situaiion The re- | serve ratio changed only to minor | extent. 1 At the Richmond Fedcral Reserve Bank rediscounts reversed tre direction of their trend and rose o $44,380,000 from $42,770,000. Financial District Jottings. Th: Washington Stock Exchange will | hold its annual election of officers fol- lowing the regular trading session next | ‘Wednesday. Walter J. Harrison, vice president ot the Commercial National Bank, is tak- ing a few days vacation and doing a little hunting in his old haunts around | Lynchburg, Va. | Secretary Mellon says that intercst | rates on the coming Government De- | cember securities are still undecided, the terms largely depending on the | bond market at that time. | President Wade H. Cooper of the | Continental Trust Co. and Drlhe Untted | States Savings Bank, has been invited by his cousin, Gov.-elect M. Y. Cooper | ©f Ohio, to attend his inauguration. | The Federal Reserve board held a conference this week with the agents | and governors of the 12 Federal Re- s2rve banks, who were in Wash.ngton | for their semi-annual meeting. Improvements Showing Much Progress. The changes and additions being made by the Columbia National Bank | are advancing with rapidity toward early completion. Extensive changes and enlargements in the offices of W. B. Hibbs & Co. also are being steadily carried forward. Enlarging of the order department was the first completed move. ‘The new entrance on H street to the Merchants’ Bank & Trust Co. was put iato service this week. The fine corner entrance will soon be converted into a waliting room for the bank's women customers. ‘The American Security & Trust Co. has made banking connections with the Guardian Detroit Bank in the Michigan automobile city. . The Bank of Commerce & Savings has adopted a new bookkeeping method which, Vice President John M. Riordan says, has reduced an intricate system to one process. { Amai Leather pf 3% T 3% 78% Amerada(2) . 39 39% 39 39% Am Agricul Chm 22% 24% 22% 24% Am AzriChpf.. 4% 8% T4% 78% Am Bk Note i2). 138 138 137% 137% Am Bk N pf. 61 61 61 61 Am Beet Sugar. 18. 18 18 Am Rosch 87T% B3TH 37% Am BrSh(j160) 46% 46% 45 Am Brown Bov. 14 14% 14 14 Am Can(2). 11674 117 115% 116% Am Can pf(7)... 141% 141% 141% 141% AmCar&Favi6) . 96 9 96 Am Chicle (2).. 46 Am Drug(80e).. 1 Am EncauTil Am&For P24 7. Am Hide & L pf. Am Home Pr(3) Am Ice(t23%). .. Am Internatl(2) 6 39 81% 43% W 80% 43% 42% 132 132 130% 131 8% 8% 8 8% . 145% 1457% 145% 145% Am Locomot(8). 104% 104% 104% 104% Am Metals(3).. B0% b50% B50% 50% 14 14 14 14 81% 81% Bl 81% 86% 864 85% Am Radiater(b) 189% 190 185% Am Ry Ex(6)... 128 128% 128 Am Republiv, % 5% Am Saf Razira) 0% 70% Am Seating(3).. 32% 33 Am Ship & Com. Am Smelting(8) 2! Am Sruff( . 182 Am Stl Fds 64 Am SUF 3% 285 182 2834 284 182 182 67% . B3N . 108 61 60% & Tel(9) 200 200 194 Am Tobacco(8). 180% 180% 180 Am Tobac B(8). 180% 180% 177 Am TypeFo(8). 141% 141% 139 AmMWWERI(c). 64 641 63 Am Woolen..... 24 25 7 | Am Woolen pf.. 59% 58 Am Zine .45 45 45 45 Am Zine pf..... 101% 101% 101% 101 Anaconda (4 105% 106 104% 104 Andes Copr 46% 4T 46% 47 Archer-Da 1041 105 Arch-Dan pfe7). 113% 118% 113% 113% Armour 11(A).. 17% 17 1 Armour HI(B).. 8% S48l Armour 1l pfi7) 85% 5% 85 Arnoid Con & Co 44 Artloom(3)..... 35% Art Metal(1%). AssoDryG 85 108 61 607 19415 180 1% 81 857 4415 350 31 57 202 201% 201% | 1 104% 104 104% AtlCoast L(T10) 172% 172% 172% 172% Al Gulf & W1 48Y% ATH 48% At Gulf pfe3) 0% 60% 60% | Atlantic Ref(1). 65% 55 b5 Atlan Ref pf(7). 11754 117% 1174% 117% AtlasPowder(4) 583 88% 88% 8% Atlas Pow pf(6). 103 103 104 3 6 104 Austin-) e e | isentonr&Bro. . Eisenlohr pf(7). Eitingon(2t).. Eitingn pf6%). Klec Auto L(4). Electric Boat. .. Eleclow&Li(1). EP&LDE 40% (7 Eec Stor Bat(5) Bk Horn. End-John(5). .., Eug Pub Ser(1). Eng Pu § pf(5). Erie 1st pf Eureka V(t F.irbanks(3)... Federal M & Sm. Fed Min pf(7) Fed MotT(f80c). Fidelity-Phoenx First NatSc1%) Fisk Rubber.... Fisk Rub 1st pf. Fieischmann(3). Florsheim (A). . Florsheim pf(6) Foundation Co. . 1°ox Film A(4).. Freeport (16%). Gardner Motor. , Gen Am Tnk(4). Gen ATC pf(7).. Gen Asphalt. ... Gen Cable. . Gen Cable A(4). Gen Cigars(4) Gen Elec(15). GenElec sp(§0c) Gen GasA(ol%) Gen Ice Crm(3) Gen Mot (New). Gen Mot pf(7) GenOutdrAd(2). Gen Outdr Ad(4) Gen Ry Sig(b).. Gen Refrac (: Gillette S R(e5). G'mbel Brox Gimbl Br pf(7). Glidden Co... ... Gobel (Adolph). Gold Dust (5)... Goodrich(4). Goodyear Tire. . Goodyr 15t pf(7) Gotham($2%). . Gothamn v {2 Graham-Paige. . Granby-Mini4). Grand F&W (1), Grand Unon. Grand Un pf(3). Grant W T (1).. Grasselli (2.68). Grt North pf(5) Gt Nor pf cfst5) Gt NoOr cfs 2% 6 824 32% 8uy . 15% 15% 154 Auto Sales p(3) 35% 35% ° 539 850 Balto& 0(6)... 116% 116% 116% 116% Bambgr pf(81:). 109% 109% 109% 1093 Bang & Ar(33 ). Wh 0% Barker Bros(z). 29" 29 Barnet Leather. 24% 25 24% 25 Barusdall A (2). 48% 48% 475 48 Bayuk Cgrs 10: Bayuk 15t pf(7). 10: Beacun Ol o Beecn-Nut (3) Belding-Hemwy Best&Cotd)... 9i% 97% 97% Be hichem Steel 79 81 19 Beth Steel pf(7) 121 121 121 Bioomingdale... 46 d6% d6 Bon AmiAG4).. Ti% T4% 4% Bootn Fisheries. 11% 114 Booth FishIst.. 69 69 69 69 Borden Milki6). 171 171% 169% 169% Briggs MfgFCo. 54% b5 b3% 6o Brockwy Mot(4) 724 73 Gl% 73 Bklyn Kdisn(8). 200 290 290 290 BKiyn-Man(4).. 68% 8% 6S% 68% BKlyn-Man pf(6. 90% 904 90% 90l BKklynUnGas(5). 172 172 17z 172 Biunswick R(3) 05% 55% b4 bd% Brunswick Ter.. 40% 41% 40% 41% Bueyrus(l)..... .36 36 55% 3o% Bucyruscvi2ie) 4o% 4ok 454 45k Buff Roch&P(4) 99% 99y 99% 994 Buff R&P pf(6). 101% 101% 101% 101 Buf&Susq..... 63 63 62 621 Burns BrosA(8) 124 124 124 124 Burns Bros(B). 34 34% 34 34 Burroughs(f4). 172% 172% 172% 1741, Bush Term(g?). 2% 724 7l 723 Bush Terde(7). 107% 107% 107% 107% | Bush Ter pf(7). 115% 116 115% 116 ButteCop & Zinc ¥ 9 8y 8% Butte & Sup(2). 10% 10% 10% 10% rick Co.... 444 4413 4415 44y | C 153% 1645 161% 163 | 95 9% 95 T 4% g5 g 122 12 46% 46! 32 15% 22% 14% T4 s 11% 121% 121 | 44% 45 60 60 T9% 80 Callahan Zi . Calumet&Ar6). alu & Hecla(4) ‘anad Sou(3)... 60 60 Can Dry «14%). 9% 80 Can Pacific(10). 233 233 231% 232 Canon M{lls 2.80 45% 45% 45 45% Case Threshg(6) 4297 429% 429% 4294 Cent Alloy.2 4o 44% 44 | Cerro de Pas - 109% 109% 107 107% 1 Certain-Teed(4) 31% 31% 81% 81% ' CertoCorpn(t4). 76 76 76 176 Chandler-Clev.. 19 19% 18% 18% Clandler-Clpf.. 26% 27 26% 26% ) Cres & Ohio(10) 196% 198% 196 C&OCorpn(3). 2% 72;: s Chi % Alton pf. . Chi & Bast 111 pf Ch1 Great West. Cni Gt West pf.. Chi Mil & St P.. Chi Mil & StP pf Chi & Nwnid). . Chi&Nwn pf (7 Chi Pne Tocli6) Chi RI&Pac(). CRI&P pf(6). CR1&Ppf(7). Chi Yel Cab(3). . Chickasha(3) Childs(2.40) T2% 151 154 149% 149% 133% 134% 133% 134% 102 102 102 102 109 109 109 109 | 52 32 32 5 50% 50% E o 54% b Chile Copper(3). 68 68% 66% 67+ Chrysler(3).... 134% 134% 131% 1313 City SUB5% stk 109 109% 109 109% Cluett-Peab(5). 72V 124 12% 2% | Cluett-Pea pf(7) 118 118 118 118 | Coca-Cola(6)... 171% 170% 171 171 Collias & Alkmn 60% 60% 59% 591 Col Fuel & Iron. 1% 82 78 Col Gas & EI(5). 129% 130% 129 Col G&E pfA(6) 107 107 Columbia Graph 70% 70% Col Carbon(4).. 8% 98l Columb Carbrts 2% 25 Com Credi1). . u i Com Crlstpf 6% 98% Com Cr pf Bi2). 26 “om Inv Tr(31). Com Inv (war). Com Invst(rts) ‘omm Solv (J8). om Powertis) ‘onde Nast(2).. Congoleum-Nair 98% 2% 54 98% | 26 Cong Cgrs (16). Consul Cgrsi7) Con Film p1(z2). Consol Gas(5) . ConsolGaspf(; ConRRCuba pf 6 Consol Textile. Container.A 1.20 Container B 6uc. Cont Baking A .. Cont Baking B.. Cont Bak pfe8) . Cont Can(5) | Cont Insur(6).. &9 59% Contl Mot(80c). 18% 19% CornkixBank(20) 750 760 ' Proctsy ) 89% 90 Coty Inc (8).... 302 302 Crucible Sti(5). 83% CubaCaneSugar Y Cuba Company Cuba R R(4.80). !Cuban Am S(1) ban Dom Suss. Cudahy PKg(4) Curtiss Aeroc1) 1 2% 95% 25% 927 Y9% T4% 4% 22 11 i 7 87 23% 124% 88k B84 18% 19% 750 89%, 302 824 124% 124% 68% 63% 4 138 1381 687 687K L Grt Wn Su pf(7) Greene Cana(4) . Galf Mo & Nor ... Gulf Stat Sti(4). Hacknsk W(1%) Hartman A(2).. Hartmn B(1.20). HavEI Ry pf(6) Aershey Corp... Hershey pfi4).. Hershey pr pf(6) HockingVal(10) Hollander & Son Household: #4) ., Howe Sound(4). Houston Oil.... Hudson Mot(5)., Hupp Mot(12). 1llinois Cen(7) InAON(1%)... Indian Mot (1). . Indian Refining. Indian Refg ctfs Ingersoll Rith). Inland S(k16% ). Inspiration Coj InterboroRapTr. InterconRubber. Internat Agri. .. Int Bus Ma(5).. Int Cement(4) Int Com Enge2). Int Harv(j6)... Int Mtch pt 3.20. Int Mer Marine. Int Mer Mar pf. Int Nickel (3).. Inter Nick pf(6) Int Paper(2.40). IntPap efsi2 40) Int Preg Ink 23 Int Ry Cent Am. Intl Silver pf(7) Int Te & Tel(6) Interstate D S. . Interiype(tiiy). Island Creek(4). Jewel Tea (15).. Johns-Manvi3). Johns-Man pf(7) Jordan Motor. .. Kan City South. Kan C So pf(4).. Kaufmn DS 1% . Kayser J(3). Keith-Albee. Keith-Al pf(7) Kelly-Sprinz. .. Kelly Tire 6 %pf Kelly Tire 8% pf | Kels Hayes(2).. Kelvinator Corp. Kennecott(t). Kinney (G R). Kinney pf(8) Kolster Radio. .. Kraft(gl) Kresge(i1.60). Kreuger & Toll. Kroger Grotel). LagoOil....... Lambert (16%). Lee Tire & Rub. Leh Por Cmt 2% LehighVal(3'%) Lehn & Fink(3). Lig Myers(15) Lig & Myrs B t Lima Locomive. Liq Carb (14%). Loew's Inc (2).. Loew’s pf(6l ) Loft. i Loose-W (160). Loose-W 1st(7). Loritlard Co. Louisiana Oil. Louis GasA 1.75. Louis & Nash(7) Ludlum Stl(2) McAndrews 2.60 MacAndrw pf(6) McCrory A(2). { McCrory B(2). McKeespt Tin P McKes&Ro 1.60. | McKsn pf A 3% Mack Truck(6) Macy Co (2 Mad Sq Gar(2). Magma Cop(3). Mallison & Co. .. Min Elec Sup); Man EI m2g(ds) Man Shirt(2). Maracaibo Oil. Marlan Oil. . Marlin-R(73 Mathieson(6) Mathieson pf(7) May Dept S(4). Maytag (13%)... Maytag pf(3)... Maytag 1st pf(6 Mengel Co. Mexican Seab. .. Miami Cop(1). .. Mid-Continent Middle Statet Mid States Midland pfet M'ller Rubber. . Minn & St Louis 62 Davison Chem. . 3% Deere&Copfii). 126 126 Del & Hud(9)... 193% 193'%5 19315 193% 61 6l 624 620 9% 195 | cutir-Ham(3%) MStP&SSM 1i(4) | Mo Kan & Tex. . Mo K&Tex pf17) Missonri Pacific Mixsouri Pacaf. 56 90 36% 109% 113 12% 42 1213 96 Gen Motors t9% 2 106%% 78 100% 901 8612 46'% 82 89% Int Ag Ch pf(7). 1 169% 185 119% 12% % 697 3 150% 87 51 107 105% 114 72 467 551 1 1 o 69% 137 55% 142% 3Tw 26% 169% 183% 1 119% 12 % 69% 31 105% 114 724 4674 55% b3 | 101 179% 20% i | 700 123 4 123 at Dairy (13). Nat Dept Stores. Nat Distiliers. Nat Knamel &S. Nat Lead:h) Nat Pow&Lt(1) Nat Radiator Nat Ry Mex 2d. Nat Supply (+6). Nat Surety(10). Nevada C(13%).. N Y AirBr(d).. N Y Central(s). N Y L &StL6). NYNH&H (2). NY NH&H pf(7) N Y ont&Westn N Y State Rys pf Norf & Wnui NorAm b10%stk North Pac(5).. 0il Well Supply. Omnibus OppmCollins(f) Otis Elevatr {§. Otis Steel...... Owens Bot(ct4). Pacific Gas Pac Lightg (3 Pac Oii Stub: Packard M t5 Pac Tel & Tel(7) Pan-Am Petrolm Pan-Amer Pet B Pan-Am Wn B Panhandle. Paramount-F-L Park & Til($3) .. Park Utah (80c Pathe Pathe Ex Patino M(2.92).. Peerless Motor. . Penick & Ford. Penn C&Coke. .. Penn Dixie Cmt. Penn R R(3%).. People’s Gas(8). Pere Marq(18) Pere M prior Phila Co pf(3) Phila & RC& 1. Phil Morris1).. PhilhpsPetlg) Pierce Uil...... Inerce Oil pf. Pierce Petroim Pillsbury (12.10) Pitts Coal. Pitts& WVa(6) Purtokico obA. PortoRicoTobB. Postal T&C pf 7 Postum3) Pressed Stl Car. Pr Sl Car pf(7). Produ & Refinrs. Producers&R pf. Pub Serv NJ(2). Pub Serv pf(6).. Pullman Cot4).. Punta Aleg Sug. Pure U1l (1).... Pure Oil pf(8).. Purity Bak(3 PurityBak pf(6) Radto Corp. ... ReadimgRy(4). Iea Silk Hos. Remingtn-Rand. Rem-Rd 1st(7) Reo Mot (11%). Rep 1 &S(4).... Reyrolds Spngs. IteynldsTobB(5) RhineWE(1.92). Richtieid O11(2). 2 Rossia Ins( Royal D(a3.222). St Jos Leaa:13). StL & SanF(18). StL&Southwest. StL Swn pf(5).. Savage Arms(2) Schulte (j2} Seagrave(el.20). Sears-Roe($2%) Seneca Copper. . Shattuck FG(2). Shell Un(1.40). Shubert The(5). Simnions Co(3). Simms Pete. ... Sinclair O1l Skelly Oi}(2)... Sloss-Shef(§). .. Snider Packg Co Snider Pkg pt... So PoRicS 2% South Cahf Ed. . South Dairies A. South Dairies B. South Paci6) South Ry(8). SoultyM&O e Spang Chalfnt. . Spear & Co..... Spicer Mfg. Spiegel Co (3).. Std Com To(f1). SG&E (3%). Std G & Epfed). Std Miiling(5) .. Std O of Cal(13) StdOiINJ (1132). StdOiINY(1.60). S1d Plate Glass. Std P Glass pf. . StdSan¥ro(1.68) Staniey Co..... Stewart-War(6) Strom Care2)... Studetaker(5) Submarine Boat. Sun Ol (g1) Superior Oil.... Superior Steel. Telantogh(8oc) . Tenn Copper(1). Texas Corpn(3). TexasGulfSul(4) Texas & Pac(5). Tex Pac C & Oil. Tex Ld Trinew) Thatcher Mfg. .. Thatchr pf 3.60. . The Fair(2.40) Third Avenue. .. ‘Thomp J R(3.60) Tidewater AsOil TIdWASOIIDPT(6) Timken R B(6) . Tobac Prod (8). Tobac Prod A(7) Transcont Oil. .. Trico Prod(2% Truscon Steel. Twin City RaTr. Indwd-El F (4) Union Carb(6).. Un Ol Cal.2) Union Pac(10) Un Pacific pf (4 Union Tank(5). . Utd Biscuit 1.60. Utd Cigar St(1). Utd Car St pf(6) Utd Eiec Coa. .. Utd Fruit(ts%) Utd Paperboard. U S Cast Ir Pipe U S Distributing U S Hoffman (4). U S Alcohol (5). . U S Alchohol rts USIndAlcopft7) U S Leather. US Leather A.. U S Realty(4).. | U'S Rubber. . U S Kub 1st pf. U S Smelt(334). U S Steel(7)... U 8 Steel pf(7) Uni Leaf Tob(3) Un Leaf T pf(8) Univ Pipe & Rad Util P&L Ate2 Vanadium (14). Vick Chem(4) .. Victor Talku(4) Vietor pr pf(7) Va-Caro Chem. Vir-CarCh pf(6) Va-Car Ch pf(7) Vivaudon Co.... Vulean Detin. .. Waldorf(1%) ... 124% 198 171% 141% 84% 120 24% 41% 5 104% 7 . | lcal and Virginia Carolina. 140 per cent over the corresponding | corresponding 1927 period. Special Dispatch to The Star. NEW YORK, November 17.—With ! speculators who had purchased stocks | early in the week hastening to realize, | and new buyers eager to share in the profits to be made in the greatest bull market of all history coming into | violent collision, stock prices today showed a confused movement. Some- times the buyers had the better of it and sometimes the sellers. The volume in the first hour was still very large, but not quite up to that i of the day before. Those still com- | mitted to the so-called constructive side took this as a good sign. They welcomed some letup in the pace. Still the difference was so small as not to be of any great significance and left the future of the market as uncertain as ever. The striking features today, as in all other recent sessions, were on the side of advance. Radio was an example. It started in on a block of 2,000 shares at 300, a figure never before reached, I acted 7 points to 293 and then shot up- ward to 303. American [feic.rone & Telegraph went through a somewhat simfiar series of fluctuations. It had closed at 1951 Friday. The opening price was 200, after which it declined to where it left off the day before. Merchandising Stocks. May Department was the leader of the merchandising stocks. It jumped 5 points at the start to 101 on a block 2f 7,000 shares, making a new high rec- ord. Montgomery Ward sold at its pre- vious top, but met stock around that level, National Bellas Hess, on the other grounds. The public utilities were represented by Consolidated Gas and Public Service of New Jersey, both at new tops and both turned over in huge volume. In- ternational Telephone & Telegraph raa up in sympathy with American Tele- phone. In the steel group Bethlchem was the outstanding leader. The demand was urgent and the stock pushed ahead steadily, touching 81 in the first hour, the highest since 1920. Sloss-Sheffield participated to the extent of 4 or 5 points. United States Steel opening Many of the equipments were including American Locomotive, Westinghouse Air Brake and American Steel Foundrics. The fertilizer stocks were strong, under lead- ership of Am-rican Agricultural Chem- ress. quietly bought, There was copsistent buving of th> ofls, most of which did not figure in th> vioent advance of Friday. New high records for the year were established by Sh-11-Union, by Phillips and by Stand- ard Oil of California. Against the: advances were moderate declines in Sears-Roebuck, in General Electric and in Kenneectt Copper. Andcs Copper was consistently bought, crossing 47 to a new top since listed. Many Declines Listed. Railroad stocks were not especially prominent. More interest was taken in Northern Pacific with advances in both th> certificates and in the undeposited stock. Th» buying reflects ballef n 2 tavorable decision on the merger plan now before the Interstate Commerce Commission. The merket left off with mixed price changes, but there were more declines than advances. Out of 47 active stocks 2 showed losses at the end and 15 advances. The feature was Mont- gomery-Ward, up 10 points at 424, re- sponding to the optimistic statement credited to a large operator. Packard was well supported, leaving off at a new high around the best of the day at 121. National Dairy Products was also strong at the closz and so was Radio, both of them new high ground. Among the stocks that showed losses were Allied Chemical, down more than 4 points; Curtiss Aero, off about as much; Wright Acronautical, down 2 points; United States Steel, down 1% points at 171%; Canadian Pacific, down 11, at 232; New York Central, down 115 at 184; Kennecott, down 133 142%: General Electric, down 17 at 18312, and Anaconda, down % at 104%. Markets at a Glance Movember 17 (A)— Radio crosses 300 for first time. Bonds: Lower; Con- solidated Gas 5!zs off fractionally. Foreign exchang>: Firm; Canadian dollar at par. Cotton: Lower; Southern selling. Sugar and coffee: Holiday. NEW YORK, Stocks: Strong; EARNINGS REPORTED. NEW YORK, November 17 (P).— Columbian Carbon Co. of New York and subsidiaries earned in the first nine months of the year $2,105851, equal to $5.21 a share, a gain of nearly 1927 period, when $1,511,991 was earned. Increased net profit for the first nine months is reported by Weston Electrical Instrument Corporation of Newark, N. J. Not was $380,430, equal to $2.19 a share on 75,000 no par class A shares, and $1.44 a share on 150,000 no par common shares. This compares to $349,778, or $1.95 on 87,000 class A shares and $1.20 a common share in the Utica Gas & Electric Co. of Utica, N. Y. ended the 12 months on Sep- tember 30 with net income of $1,111,035, against ‘$1,168,229 in the preceding 12 months. Open. Walworth(1.20). 23% Ward Baking B. 16% Ward Cl A(8) K Ward Bak pf(7). 81 Warner Bros Pic 128% Warner Pic A... 129 Warner-Qu(z2).. 43% Warren Bros(4). 147 Warren F&Pipe 32% 82 Web & Heil . 81% 81 W Penn Bl pf(6) 99% 99% W Penn El pf(7) 109% 109% West P Po pf(7) 115% 115% West DairyA(4) 587 5 West Dairy B. .. 281 West Maryland. 43% West Pacific. ... 317k West Pacific pf. 57 West Union(8).. 197% 197% Westhse A B(2). 50 Westinghse(4). 140 Westhse 1st(4). Weston Electrie High. Low. Close 8ty 2 16 6 81%" 81% B1% 129% 128% 12815 120% 1284 128% 43%, 421 4 53 147 1 WhitRek efs(2). White Sew Mach Wilcox Oil & G... Willys Ov(1.20) Willys-Ovd pf 7. Wilson & Co. ... Woolworth(3). . Worthn Pump. . Worth Pump(B) 53 3 Ve Wright Aero(2) 202% Wrigley (13%). ki Yale&Twne(i5). 64% Yellow Truck. .. 3574 by 207% T basket, 25a35. the latter months of this year, but the 3.00; turnips. the week end requirements. Apples, bushel, 75a2.00; cranbreries, box, 3.00a4.00; grapes, basket, 40a50; grapefruit, box, 2.50a4.00; oranges, box, 2.50a5.00; pears, bushel, 1.25a3.00; Fieffer pears, basket, 20a35. Dairy Market. Poultry, alive—Young turkeys, pound, 38a40; old, 33a38; Spring chickens, 20a 28; Leghorns, 20a25; old hens, 22a27; Leghorns, 20; small and poor, 18; old roosters, 18a20; ducks, 22a25; small, 18a 20; geese, 20a25; guinea fowls, each, 40a85; pigeons, pair, 30. Eggs—Receipts, 1503 case: native and nearby selected, white, free cases, dozen, 52; firsts, 47; current receipts, 45. Butter—Good to fancy creamery, pound, 46a52; prints, 52a54; blocks, 50a 52; ladles, 37a38; store packed, 34a35; process butter, 43a44. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.32%; November delivery, 1.32%. Corn—] 2, export, December de- livery, 9633; No. 2, domcstic, yellow, 1.00a1.01; cob corn, 4.50 per barrel. Oats—No. 2, white domestic, spot, 54a55; No. 3, white, domestic, spot, 52a53. WALL STREET SCALPERS BUSY IN BULL MARKET By the Associated Press. NEW YORK, November 17.—The In- [ dians are gone and the scalping knife discarded as a weapon, but the practice of scalping continues on the Island of Manhattan. ‘The activity, which has become more pronounced of late, is confined, however to the stock market, where “scalpers” take advantage of rising prices to buy bullishly active stocks in early trading, sell out before the close of the session and pocket their profits. soaring 10 to 15 points in a day, the “scalpers” apparently have found trad- ing on a day-to-day basis a profitable | occupation Purchase Plan Rumored. NEW YORK, November 17 (#).—In- | ternational Telephone & Telegraph Co. jwas rumored in Wall Street to bz ne- gotiating for control of Kolster Radio With issues Rye—Nearby, 1.10a1.20. Hay—Receipls, 11 tons. While hay is arriving here in limited quantities only, it_is more than ample for the demand, Corporation of Newark, N. J., and San Francisco. Kolster now supplies Inter- rational Telephone with wireless equip- LONDON GOLD SHIPMENT T0 U. S. FLOWS STEADILY By the Associated Press. NEW YORK, November 17.—Ship | ments of gold to this Country from | London have continued so steadily, al- | though in comparatively small amounts. | since the middle of September, when the movement began, that Wall street has expectations that total imports will far exgee:d the estimated $25,000,000. Actually they are aiready beyond that point and, augmented by gold im- | ports from South America, may reach a | total in the neighborhood of $100,- | 000,000 before the influx ceases. Incoming gold shipments, which have reversed the flow that once ap- peared to threaten this country’s credit ease, have arrived despite some dis- couraging factors. One such factor has been that while | sterling has been close to the gold im- port point, about $4.84';, fluctuations have been narrow and declines tempo- rary. Another has been the continued acquisition of London gold by Germany, purchases in one month alone excced- ment and is understood to be negotiat- ing tor acquisition of De Forest Radio hand, swept forward into new high | hay. ! COTTON PRICES STEADY. practically unchanged made little prog- | | hedges. which is being supplied mostiy by truck from nearby points, few carloads being received. There is not enough business passing to establish prices on the vari- ous kinds and grades, and all arrivals sell strictly on merit at a range of 16.00 al8.50 per ton for timothy and clover Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. Market Closes 3 Points Higher to! 13 Lower. NEW YORK, November 17 (#).—The cotton market opened steady at 5 points higher to 1 point lower and early in the day was reactionary under Decem- ber liquidation and Southern selling. | December declined to 19.51 and March to 19.46, but trade buying and week end | covering due to heavy rains in the Southwest gave the market a steady undertone and prices hardened, al- | though the volume of business was not large. The amount of cotton on shipboard | awaiting clearance at the end of the | week was estimated at 202,508 balcs, | | against 122,594 lest year. Private ca- bles reported tradz calling and conti- nental and Bombay buying absorbing | Futures closed steady, 3 poinis higher | to 13 lower; December, 19.54-57; Jan- | uary, 19.45-47; March, 19.47-48; May, 19.38-39; July, 19.22. Spot quiet; mid- dling, 19.70. 4 WHEAT PRICES LOWER. Absence of New Farm Relief Plan | Depresses Valuss. CHICAGO, November 17 (4).—In ab- | | | sence of any specific new farm-relief | development looked for by numercus | traders, wheat averaged lowst in price | today. Continued rainy weather and Kansas reports of floods giave an, | upward turn to the corn narket. Open- | ing at 53 decline to 33 advance, wheat later showed some setback alk arcund ’Com started 13 to 33 up, and subse- | quendly held near to the initial range | | Oats were firm. Provisions also tended | to advance. | WHEAT— December . March . Mar .. CORN-— December Maich M ais December ... a:ch Hizh, 118 1.21% 124 May D-cember .. Wnrch ... May A FEDERAL LAND BANK BONDS Special Dispatch to The Star. NEW YCRK, Novembcr 17— Bid, Asked P T S Bank 4s Noy. 1037-37. | Bank 4l4s Jan. 1957-37. . J.&J. 19530p: Bank 4%s Jan. 19540p34. Bank 4%s July 19540034, d Bank 35 Nov. 19410p31 Bank 5s May 19410p31 b s ol DIVIDENDS. Regular. Pe- Pav- HIdrs. of Company Rate. riod. able. record. Am British & Cont Co'p OO R Celotex Co. c Do, pf.. '.: 1 3175 Claremont Inv pf...32c Dominion Glass. .. $1.75 0. pI.... LT Federated’'Capital. 37i2c . 6% pf ... 3Tz Metro-Gold Pic i 47'5¢ Mt Diablo M & D. 1% Nat Pow & Lt pi.$ Tel.....21 Pac Tel & . 5 Do pft .ol sV 80 | Thom_Eleé” Welding. 50 | Vole OII & Gas. ... 35 Whi R M 8 1st pd.51.75 3 Extr: Mt Diablo Oil M&D. Thom ' Elec Welding White R M £000002000000000 - Ext Dec. _.$1 Ext Dec. Qas....... 5c Ext Dec. S 2d pf.§7.50 Ext Jan. Initial. Claremont _Investing.18c Q Gt North Sec.... .37l.c Q Pitts Plate G new...50c Q Stand Natl Cor new.35c Q Inereased. White R Min S ....§150 — Stock. *o shs Dec. Omitted. United Inv Sce pf....T5¢ Q Unit Rys of Hav pf *Payable in North L 14 Nov.26 | Diamond M.. H Due Sep. 15 TODAY'S BOSTON STOCK MARKET. | Special Dispatch to The Star. BOSTON, November 17.—Following is a list of today's highest, lowest and closing prices for the most active stocks dealt in here. Sales. High. Low. Close. 135 Aero Under . 3 36 38 [ 250 East Steamship 1500 Economy Grocers 165 Engineers Pub Ser 200 Gillette ...... 00 H: 15 Island Creek Young Spring 5 b5 54 54% Youngstn Sh(3) 99% 997, 99 99'«: Dividend rates as given in the above tabie | are the annual cash payments based on th Iatest quarterly or half-vearlv declarations < Unit of trading less than 100 shares 2 Partly extras 1 Plus 4% in stock. § Plus $3 in preferrea stock 4 Plus 1/25 in stocy a Paid this vear—no resular rate b Pay able in stock. ¢ Plus 5% In stock d Pay. | able when earned, e Pavable 'n cash oi | plock, ['Plus 10% in slock, & Plus 67 v n 160 Isle _Rovale 100 La_Salle 700 Mass Gias 0 Nat Lea 30 New Cornelia 10 North Butte 200 014 Dominion 09 Pacific Mills 49 Quiney. 00 St Mary's Land 100 Sterling Secur 125 Switt & Co . 350 Torrington . 900 United Shoe 130 United Twis 200 Uta Apex 200 Uiah Metal 25 Warren Bros . MO Drili Co of Jersey City. | ing $65.000,000. Germany has boen uying gold from other countries also, | especially Russia APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the Di: et of Columbia and adjacent suburbs in Montgomery and Prince Georges Counties. Md. 51%% INTEREST Apply to H. L. RUST COMPANY LOAN CORRES NDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA 11001 15th St. N.W. Main 8100 A Third of a Century - Without a Loss B. F. SAUL CO. Main 2100 THERE IS NO Freedom vou make an investment is of even more importance than the interest earned. Our 69 FIRST MORTCAGES —not only pay this liberal re- turn, but there is no danger of the principal depreciating. s SUBSTITUTE MORTGAGES FIXED AND INFLEXIBLE from worry when 925 15th St. N.W. FOR SAFETY Falling Leaves saying, “All wealth comes from the soil,” is made more evident to us at this time of the year as we watch November winds sweep the last of summer leaves back to the earth from which they came. Also it brings home to us the reason for the solidity and safety of the First Morigage Investments issued by Swartzell, Rheem & Hensey Co. For these notes have, as their se- curity, the very soil underlying the Nation's Capital, which, from year to vear, steadily increases in value as the population of Washington in- creases. And as this value grows, the marrin of safety behind these notes like: ise widens. You may share in this innate se- curity of your Capital city, for these notes are aiways available in as small dencminations as $100 and, at present, they pay interest at 67. SWARTZELL, PHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W. WASHINGTON D.C.