Evening Star Newspaper, November 19, 1928, Page 13

+ Special Dispatch to The Star. CURB ISSUES FIRM IN PROFIT-TAKING Important Price Changes Oc- cur on Side of Advance. Market Active. BY WILLIAM F. HEFFERNAN, Spécial Dispatch to The Star. _NEW YORK, November 19.—A feel- 18g of nervousness over the immediate fature price movement was in evidence the curb market today. At inter- WIS recent favorites were tive profit-taking. Howev open break occurred in prices, while on the other hand the majority of im- portant price changes were made on the side of advance. From time to time certain of the oil stocks were taken up, with Standard of Indiana prominent at new high prices above 89, a gain of more than 2 points. Heavy realizing came upon the market for Humble Oil, carrying the price down | several points to below 109. Among the independents, Gulf Oil"was the feature, advancing to a new high above 157, a gain of more than 7 points. Marmon and Stutz featured the motor group, the former at a new high while the latter worked upward in further response to the benefits to be derived by stockholders through the offering of additional stock. Isotta Fraschini war- rants jumped 10 points between sales to & new top at 186. Equaling its previous top, Newmont Mining was still reflecting the strength- ening of its financial position through the further price appreciation in issues held in the company's treasury. Shat- tuck Den was another in this group that attracted attention, opening on a block of 10,000 shares at 2075 and ad- vancing subsequently to 22. High priced industrials were led by Sparks Withington. up more than 10 points at 18215, Others that went into new high ground included Hazeltine Corporation. American Stores, Southern Asbestos, St. Regis Paper, National Sugar of New Jersey and Follansbe. International Harvester new com- manded considerable attention, crossing 85 for a gain of almost 3 points. The volume of business continued large with the tape again expressing difficulty in keeping pace with opera- tions on the floor. Baltimore Markets BALTIMORE, Md., November 19.— Potatoes, white, 100 pounds, 80a90; reds, 75a85; sweet potatoes, barrel, 1.25 42.00; bushel, 50al15; yams, barrel, 3.0023.50. beans, bushel, beets, 100, 4.0025.00; broceoli, 60a75: cabbage, 100. 3.0026.00; carrots, 100, 4.00a5.00; cauliflower, crate, 1.50a 225; celers rate, 1.5023.00; kale bushel, 50260; onions, 100 pounds, 1.50 24.50; oyster plant, 100, 6.00a7.00; pep- pers. basket, 60a75; parsnips, basket, 50a60; pumpkin: 100. 10.00a30.00; spinach, “bushel, 35a70; Savoy cabbage, bushel, 75a1.00; tomatoes, crate, 2.50a 3.00: turnips, basket, 25a35. Apples, bushel, 75a2.00; cranberries, box, 3.00n4.00; grapes, basket, 40a50; grapefruit, box, 2.50a4.00; oranges, box, 2.50a5.00; pears, bushel, 1.25a3.00; Kieffer pears, basket, 20a35. Live Stock Market. Cattle—Receipts, 750 head; fair sup- ply. market steady. Steers—Choice, 13.00 to 13.75; good, 1250 to 13.00; medium, 11.50 to 13.75; common, 9.50 to 10.50; feeders and stockers, 10.50 to 12.50. Heifers—Choice, 11.00 to 11.50; good, 10.00 to 10.50; medium, 9.25 to 9.75: common, . 800 to 9.00; feeders and sbec‘l:lers, 9.25 mwm.zs. choice. 900 to 9.50; fair to good. 9.00 to 9.75; common to medium, 6.00 to 7.50. : Cows—Good to choice, 8.50a 9.00; fair to good, 7.00 to 8.00; common to me- dilél’ll:. 3.50 t%G.?O. eep an lambs—Receipts, 5,300 head; fair supply, market slow. 1:“Esl;eep, 2.00 to 6.50; lambs, 7.00 to Hogs—Receipts, 5,500 head: fair sup- play, market steady; lights, 9.60; l‘oughs'sss.got u‘é gfll}] hTEdium. 9.90; , 6. o 8.75; , 6.4 8.50: pigs, 9.50. R Calves—Receipts, 375 head: light sup- Ply, market steady; calves, 6.00 to 17.00; no extras. Hay and Grain Prices. Wheat—No. 2 'red Winter, garlicky, spot, 1.311%; November delivery, 1.3175. Corn—No. 2. export. December de- livery, 953,: No. 2, domestic, yellow, 1.00a1.01: cob corn, 4.50 per barrel. Oats—No. 2, white domestic, spot, 54a55; No. 3, white, domestic, spot, 52a53. Rye—Nearby, 1.10a1.20. Following is a list of stocks and bonds traded in on the New York Curb Market today: Sales INDUSTRIALS. in hundreds. 1Acme Steel..... 13 Acoustic Prod. . 1Aero Sup Mf A 1Acro Sup Mf B 8 Agra Ansco 2 Allied “Pack 2 Alpha Port_Cel 7Am & Fo 7 Amer Dept Stores 1 Amer Howailan §'S 53 Amer Rayon Prod.. . 18 Amer Roll Mill. . 8 Amer_Superp B 61 Am Stores ; 3Am Tiread pid.. 5 Anchor_Cap S 11 Anglo_Chil Niira 3 4 Asso Dye & Prini 8 Asso Gas & El 1Al Pruit & Su 2BAT &S 3 Atlas Plywood, c beock & Wilcox 4 Bahia Corp nfd 13 Balab & Katz vic 7 Bancitgly ....... 6 Bliss E'W . 12 Boeinz Atrplane wi 5 Boeine, Airpl prd i s relinon (o 97 Can_Marconl ‘W 7 Cavanagh Dobb 2505 B8 Fedders 13 Fed 34 Fiat 6 Filenes Sol 13 Firestone Tire. 29 Follansbee Bros 7Fox Theaters A. 28 Fokker Afrcraft 8 Freed Eisem R C 351 Freshman Chas c Mach 1 3 Gramophone Co Ltd. 3 Granite City Steel. SHAIL PAYr ...0ni0s 18 Hazeltine Corp e 39 Hiram Walk G & W 82% AC. a2 2 Kemsley-Milbourn Keystone Alr 2 Mohawk d wal 10 Mond Michel rcts. 43 Montgy Ward n wi 5 Montecat deb rts. 3 4Nat Rub Macl 1% Nat Sug R N J..000 Nat Trade Journal.. p . 25! Hay—Receipts, 14 tons. While hay is arriving 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- loads being received. There is not enough business passing to establish prices on the various kinds and grades, and all arrivals sell strictly on merit at a range of 16.00a18.50 per ton for timothy and clover hay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 cat, 12.00a13.00 per ton. 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, 183 20; geese, 20a25: guinea fowls, each, 40a85: pigeons, pair, 30. Eggs—Receipts, 617 cases; native and nearby selected, white, free cases, dozen, 52; firsts, 47; current receipts, 45. Butter—Good to fancy, creamery, pornd. 46a52; prints, 52a54: blocks, 50a 52; labels. 37a38: store packed, 34a35; process butter, 43a44. AVIATION IS THIRD HOBBY OF CLOTHIER Other Two Made to Pay, He Ac- quires Airplane Sales Agency. KANSAS CITY (#).—Having turned two hobbies to profit, Herbert M. Woolf has a new one—aviation—and he in- tends to put it on a dividend basis. Vocationally, Woolf is a men's clo- thier. Years ago he became a horse- man, so he could enjoy outdoor recrea- tion. This hobby led to the establish- ment of a 360-acre farm near Kansas City, where he raises fancy horses. Every year the Woolf farm sells 100 to 125 horses at prices ranging from $5,000 to $15,000. Woolf then made a hobby of the the- ater. .Eventually, he invested 1n a show house, and this interest has grown into 2 chain of 52 theaters. After taking up aviation for the sport of it, Woolf now hopes to make this new hobby a source of pay as well as a means of play. He has recently ac- quired the saies agency for an airplane manufactured in Detroit. NEW YORK BANK CLEARINGS. NEW YORK, November 19 (Special).— New York bank clearings, $616,000,000; New York bank balances, $125,000,000; New VYork Federal Reserve credit, $117,000,000. — Peru's gasoline tax is to be raised &rom 4 cents a gallon to 12 cents, v Gen Am Inv pid1 26, T 13% 18yra W Mac 50 Texas Corp ris 4 Thomps Prod dy A 3 Transcon Air Trsp Pict 52 8 B vic .. 535 & 257 1Worth Inc 10% 10% Sales MINING STOCKS. in hundreds 28 Carnegie Metals. 30 Goldfid 3 Heela 10 Hoilinger Hud B 5 Nipissing 20 Noranda. . 14 Ohio_ Coppe: 3 Roan Antelops Cop. 183 Shattuck Denn . 22 Tech_Hughes 5 Utah "Apex . 58 Wendon Cop Sales in INDEPENDENT OIL STOCKS. hundreds. 13 Am’ Con Oilflds 57Am_Maracaibo 39 Barnsd _deb rts 57Cities Serv n. I 3h 1571 153 74 1 24 ex Ariz Lal 45N Y Pet Rovalty 10 Northwest Of : 43 Pac Western Ol ‘Wi 9 Pantepec Oil.... e 1 THE EVENING STAR, WASHINGTON, D. €. MONDAY, NOVEMBER 19, 1928 NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Ck 17 Texon Of 2Tid Os O n 78 Venezn 25°Y" O STANDARD OIL ISSUES AND FOR- MER SUBSIDIARIES—STOCKS. 18% Sales tn units. 18% 150 3200 Qhio Ofl..... 1400 Prairie 0’ & 100 Prair o 100 Southern - P 8008 O T i e 3008 O Kansas W08 O Ky ... 2008 O N 2200 Vacuum Sales in thousands. 31 Abr Strauss_§1%s wi. 11] TADbitibi P & P 55 A... 857 Ala Pow 4135 96 3Ala Pow < 9Alum Co Amer 2 Alum Ltd 5s.... 2Am Asureg Cor i 1Am Con Ale_6s A 3Am Gas & El 5s 2Am Pow & Lt 65 1Am Roll Mil 2 Am Seating 65 17Am Sol 67.s b0l ol BONDS. c G & E T&SFE 1Can Nat Ry 1Det Intl 1Dix Gult 2Fed Sup 49Ind Oil & Gas 6s..... 1 17ntl Sec Amer 3 Intersta Pow 5s 2 Invest Cor 16 Kelvin Corp 2 Kendall 5ios... 10 Kop Gas & Coke 7Lehigh Pow 65 A 1 Manitoba_Pow 515 2 McCord Rad 6s 14 Missouri P 55 wi . 8 Nathan Straus Inc 65 1 3Nat D Prod 6iss ... I 2Nat P & L 62 A 10 Nat Rub M 65 9 New Enz G & E 530 BNY P& L 8155 1 Ohio Pow 4':s D 15 Oszood Co_ 65, 10Fac G & E 4 73 Pac West Oil 6135 d 65 A W 5125 A 1023 10: o4, 531001 1061 1 29 o 0015 1Texas P & L b5 23 Truax Treer C 6! 5 Uni Lt & Rail 5! U S R cel St1 415 s 13 White Sewg Mch 65 wi Sales in FOREIGN BONDS. thousands. 1Asri Mor Ba Ts '47.. 3 Bank Prussia 6s..... a 5. Cons 5145, K 5128 . 8 Denmark 415 1Elec Pow Ger 6! 5 Free St Prus 6y 2 Nippon El 2 Potrero Sug Ts,.. Grands ‘67 ni Ind 6%s........ 92 ni St Wks 68725 Al WArsaw 78 .....v.... 86 xd—Ex _dividend. wi—When issued. n—New. Ww—With warrgnts. BOONE’S MISSOURI HOME IS RENOVATED Now Serves as Country Estate of Descendant of Famous Hunter and Scout. NEW MELLE, Mo, (.—Down a dusty country road, almost isolated from the tourist, is the frontier home of Daniel Boone, now restored and serv- ing as a country estate for F. M. Cur- lee, St. Louis attorney, and a de- scendant of the famous hunter and scout. Curlee landscaped the 15-acre tract in which the home stands and refur- nished the heavy walnut and white oak interior and native stone exterior of the structure, Operation on Elm. ‘The venerable “judgment elm,” under which Boone held court, al fresco, as syndic of the Femme Osage district, has undergone surgical treatment. A re- vitalized splendor is promised. The mansion, as it was considered in Boone’s day, was finished in the early part of the nineteenth century on the 845 acres awarded him by the Spanish government. Hewing the wood from virgin timber, fitting it with oak pegs and hauling stones on sledges drawn by oxen represented part of Boone's architectural venture. Boone Died There in 1820. The “hero of a thousand encounters with Injuns and varmints” as a con- temporary described Boone, died at the homestead in 1820. Curlee has built a guest house on the place, and the estate largely is a Summer vacation and Winter week end retreat. It stands well back from the old Boone trail in a remote part of St. Charles County near here. Because of its inaccessibility by motor car most tourists have not discovered the home of one of Missouri’'s most picturesque early history characters YATES’ FATE UNUSUAL. Comes Back From What Was Thought Political Oblivion. CHICAGO (#).—Fate came to the 53, |aid of Richard Yates, Congressman-at- large, who, defeated in the primary last April, faced what politicians thought was political oblivion. Between the April primary and the November = election, Henry R. Rath- borne, who, with Mrs. Ruth Hanna Mc- Cormick, had received the Republican nomination for Congressman-at-large, died. Yates, a former governor, re- ceived the appointment to fill Rath- hone's Plflgt. He was elected, | neous and preferred stocks. STOCK PREEINDE GANSDURNE WEEK Three Per Cent Advance Re- corded as Compared to Previous Record. Special Dispatch to The Star. NEW HAVEN, Conn., November 19.— Prices of stocks on the New York Ex- change showed, on the average, a 3 per cent r last week, as compared with prices for the previous week. The up- ward movement was reflected in gains for coppers, stores and steels, and to a les: in oils auto acces- sories . public s, miscella- ‘Motors fell off slightly. The coppers price index moved forward to 210.9 from 199.1, be- cause of rises in_ Kennecott Copper, Federal Mining & Smelting and Vana- dium. _Stores rose to 217.4 from 206.7 through the catapulting of Montgomery Ward, and the rises in Sears, Rochuck and_National Bellas Hess, while the steels' buoyancy, showing an index reaching 142.2 from 1374, was due to higher Republic Steel, Sloss-Sheflield and Colorado Fuel & Iron quotations. Slight recessions in General Motors, Hudson Motors and Willys Overland responsible for the motors’ drop to from 297.0. ded industrials First-grade stocks 1o 169.6 the previous week increased to 159.8 from 2. ade industrials registered at 162.6, as compared with 155.3 for the previous week. The price index for the 50 most ac- 1 all _advanced. to 1738 from Second-grade | tively traded stocks last week registered a 5 per cent Increase over the previous weck. A compact survey of Stock Exchange movements is given below by indexes and per cent, of return: ‘Week ended— Stocks {raded. 16. 9 Rate of Tetur November November A aver February a 1926 ave High ('26, " Low (126, Increase in Trading. Trading of industrial common stocks on the New York Stock Exchange shot upward last week by 38 per cent in- crease over the previous week. The average daily value of tradings was $387,500,000 as compared with $281.- 300,000 for the weck previous. All stocks traded on the New York Ex- change showed a net increase in ac- tivity of 41 per cent, registering an average of $448.900.000 a day. Aside from slight trading decrease in oils and public utilities, all groups rose.in ac- tivity. Steels turned over an average daily value of $38,500,000 as compared with $12,900,000 the previous week. Increases were due to activity in U. S. Steel, Bethlehem and Republic Steel. Motors activity rose to a daily average of $71.- 200,000 from $62,500,000 because of vigor in Chrysler, Packard and Hudson Motors transactions. The coppers also showed a trading rise to $42,600,000 per day from an average of $38,100,000 for the previous week via more Kennecott, Greene Cop- per and Vanadium shares changing hands. The diminished interest in oils, whose trading fell to $43,500,000 a day from $45,500,000, was primarily due to de- creased activity among Pan American Petroleum B, Marland Oil and Amerada Corporation issues. (Copyright, 1928, by Irving Fisher.) COTTON IS STEADY IN OPENING SALES 2| Market Slightly Irregular After Near-Month Evening Up. By the Assoclated Press. NEW YORK, November 19.—The cotton market opened steady at an ad- vance of 4 polnts to a decline of 4 points, with the irregularity attributed | to further near-month evening up, which was partly in the form of switch- ing from December to later months. Reports of unfavorable weather in the South and relatively steady Liverpool cables seemed to have little effect, and prices eased off a few points right after the opening under Southern selling and realizing. The dip brought in some trade buying, however, and the market held fairly steady during the first half hour, with the active months about 2 to 4 points net higher. Private cables repoited continental buying and calling supplied by hedging and Bombay liqui- dation in "Liverpool, and said the de- mand for cotton cloth was less insi ent, with buyers showing a disinclina- ion to e present rates. EARNINGS REPORTED. NEW YORK, November 19 (P — Hecla Mining Co. of Wallace, Idaho, ended the first nine months with a profit of $986,104, against $1,223,993. in the corresponding 1927 period. For the year ended September 30, Federal Water Service Corporation of New York, operator of water companies in all sections of the country, reports net earnings of $7,662,504, against $6,- 803,548, in the preceding year. Norwalk Tire & Rubber Co. of Nor- walk, Conn.,, ended the year on Sep- tember 30 with net profit of $46,883, equal to $4.44 a share on $1,054,600 of 7 per cent preferred stock, against a net loss of $46,865 in the preceding year. American Crown Boveri Electric Cor- poration of New York and Camden, N. J., reports a net loss of $336,941 in the first nine months, against a net loss of $151,640 In first nine months of 1927. Kansas City Southern Railway Co. reports for the 10 months ended Octo- ber 31 a decrease in net rallway operat- ing income of $80,654 from the preced- ing year. Income totaled $4,959,687. POTATO MARKET STEADY. CHICAGO, November 19 () (United States Department of Agriculture).— Potatoes—Receipts, 145 cars; on track, 385 cars; total United States shipments, Saturday, 821; Sunday, 28 cars; trad- ing just fair, market steady; Wisconsin, sacked round whites, 80a1.00; Minnesota and North Dakota, sacked round whites, 80a95; sacked Red River Ohios, 1.00a 1.05; sacked Sand Land Ohios, 85a90; Idaho, sacked Russets, 1.50al.75; fancy shade higher. Kennecott Copper Dividend. NEW YORK, November 19 (P).— Directors of Kennecott Copper Co. declared a quarterly dividend of $2 today, placing the common stock on an $8 annual basis. Only three months ago the dividend rate was raised from $5 to $6 annually by a quarterly pay- ment of $1.50. The dividend is payable January 2 to stockholders of record November 30. California 0il Output. NEW YORK, November 19 (P)— Daily average of California crude ofl olitput was 642,000 barrels in the week ended November 17, an increase of 500 barrels over preceding Weeky . oo Money and Prices Special Dispatch to The Star. NEW HAVEN, Conn., November 19.— For the first time in many weeks the wholesale price index based on Dun's quotations appreciated slightly, netting 1-10 point gain and resting at 97.7. The dollar's buying power consequently sagged a bit. The purchasing power of the dollar is still strong, however, when compared with quotations since March. A nor- mal generally strong current of busi- ness continues to be registered by most of the factors which determined the | wholesale price index. 1 Fluctuations in the general wholesale price level and in the purchasing power {nr the dollar are given below for va- rious periods. The average for the year 1926 is the base used. ! 3 Whole- Purchasing e power: cts. departure from 1926. sal price index. Week ended-— November 16 November 9...... November 2. . Year ago....... Qclober average September average August average... July “average.. June average May average April average March av February o eraze.. ooonoonesnons: 2523332882883333 7 G average 1925 average 1024 average... 1923 average SRt e 253, = ;989 1011 Foreign Prices. Cables from Europe report foreign wholesale commodity prices as follows: (1926=:100.) England. France. Italy. Week ended-— November 1 Bzaaaaaaaa SREIR > SSFUFTH Sabbataan: by Irving Fisher.) /INDUSTRIAL ISSUES LEAD INVESTMENTS Special Dispatch to The Star. NEW YORK, November 19.—The at- tention of the financial community in ‘Wall street was still focused today on the unprecedented volume of business transacted last week in the speculative industrial favorites. The stock market went ahead under the momentum gath- ered early in the week. All this was brought about without any specific change in outside business conditions, which could possibly be ascribed as a basis for the frenzy which has gripped the speculative public. Prolonged bull markets in the past have almost invariably culminated with the taking up of the copper stocks. But in the present case it has been the coppers that have been among the out- standing leaders. They are faced with the prospect of considerably higher prices for the metal before the first of the year, which naturally will have its jreflection in increased earnings per share during the final quarter opera- tions. The question uppermost in the minds of the more conservative ele- ment, however, is how far the market for copper stocks has already gone in discounting improvement, present and prospective. The week end reports from the steel trade were not as optimistic as they had been throughout the greater part of October. The slight contraction in pro- duction at the steel centers was nothing more than seasonal and is not consid- ered significant, especially when con- sideration is given the remarkable ac- tivity throughout the previous month. Wall Street was much interested in the report of the formation of one of the largest investment trust organizations in the world. While negotiations have not been fully consummated, it is esti- mated that the deal will involve upward of $500,000,000 in security holdings of a number of the foremost operators in the campaign for high prices during the past two years. The names of Fisher Bros. and Arthur Cutten are mentioned as the leading interests in the transac- e WHEAT IS HIGHER ON INITIAL TRADING By the Associated Press. CHICAGO, November 19.—Unex- pected firmness of Liverpool wheat Jquotations, together with rain reports from Argentina, tended to lift wheat prices here today at the start. Offerings increased on the advances here, however, and a reaction ensued. Opening un- changed to 14 up, Chicago wheat after- ward showed something of a setback all around. A forecast of fair weather helped to ease corn, which opened un- changed to 2 higher and subsequently reacted. Oats were steady. Provisions advanced. Decreasing stocks of wheat at Liver- pool, as well as advices of unfavorable harvest weather in Argentina, received first attention of Chicago wheat traders today, but the bullish effect of such advices failed to hold well in the face of enlarged selling here. It was pointed out in this connection that world ship- ments of wheat continue heavy and have approached nearly to record figures, Corn belt weather reports dominated the corn market much of the time to- day, especially an official prediction of clear skies ahead. Earller, the chief influence was prevailing moist condition unfavorable for the progress of husking and hauling. Meanwhile, arrivals of corn in Chicago today were liberal, 329 cars, against 88 cars a year ago. - MARYLAND TOBACCO SALES. BALTIMORE, Md., November 19 (Special) . —Sales of Maryland leaf to- bacco last week showed a slight de- crease, while receipts increased slight- ly compared with the previous week, sales totaling 253 hogsheads and re- ceipts being 196 hogeheads, laeving a stock in State tobacco warehouses of 20,020 hogsheads. Demand for new crop of ground leaves continues very slow and prices on some grades of seconds are lower. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior, 6.00a 7.00; frosted, 3.00a4.00; sound common and greenish, 8.00a15.00; good com- mon, 16.00a25.00; medium, 26.00a40.00; good to fine red, 41.00a50.00; fancy, 50.00251.00; seconds, common to g common, 6.00a15.00; medium, 16.00a 23.00; seconds, good to fine, 24.00235.00; upper country, Burley, nominal; ground leaves, 3.00a25.00. STEEL OPERATIONS DROP. NEW YORK, November 19 (#).— Steel operations in Northeastern Ohio have declined to 80 per cent of capacity, with new business in all grades of steel sheets, cold rolled strips, sheet bars and other semi-finished steel curtail- ed by price advances averaging $2 a ton on first quarter shipments. The in- dustry is expected to maintain sched- ules on t) asis for the balance of the year, Steel ingot production in Chicago district has declined about 5 points to 80 per cent of capacity. o Makes New Stock Offer. NEW YORK, November 19 (P).— Manhattan Electrical Supply Co., Inc. of New York is offering stockholders of record November 30 rights to subscribe to 32,500 common shares of $30 a share in ratio of one additional share for every four shares held. o Maryland Bond Offerings. BALTIMORE, November 19 (Special). —Two offerings of Maryland bonds will be niade this week. The commissioners of Allegany County will open bids to-' morrow for $250,000 of bonds and on Friday the Washington Suburban Sani- tary Commission will sell $300,000 of it st kit il = RAYON CONSUMPTION SHOWS LARGE GAIN United States Plants Held Able to Meet Competition From Foreign Firms. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, November 19.—Rayon plants of the United States today are running at capacity in most instances. Despite this fact, imports are being brought in from Europe at a constantly increasing rate to meet demand. This is going to be the greatest year rayon has ever had. Manufacturers have their entire outputs sold up to January 1, and many are sold through January and part of February. There has been some price weakness abroad and this has aided the volume om imports, but domestic manufactur- ers are not in the slightest degree wor- ried, according to some experts, as to the competition furnished by the French and English manufacturers. Hiram Rivitz, president of one of the large rayon companies, who has just concluded a tour of the European plants with Vice President Niederhauser and W. C. Durant, a director of the same company, says the “pauper labor” dan- ger of Europe is a good deal of a myth. “Although wage scales are 40 per cent lower in the European rayon mills than in ours,” he said, “costs are just about the same as in American plants. Greater concentration of production, more modern machinery and better ar- rangement of plants seem to prevail in this country than in the plants we vis- ited abroad, which included French, German and Austrian concerns. The foreign plants operate six days a week while in this country plants run seven days a week and some of them 24 hours a day.” Mr. Rivitz visited one foreign plant which produces 7,500,000 pounds of rayon a year. This plant has 1,200,000 square feet of floor space and employs 5,000 workers. He compared this plant with one in the United States, which turns out 5,000,000 pounds of rayon on 265.000 square feet of floor space and a working force of 1,500 employes. “Scientifically and in the use of chemicals,” he continued, “European manufacturers are ahead of the rayon producers of this country, but from the standpoint of production and operating costs they seem to be behind us.” A substantial portion of the new bus- iness being written by the rayon manu- facturers is for the new non-lustrous yarns, used in the manufacture of hos- lery and underwear. The volume of rayon in storage is gradually shrinking and fabric and textile experts predict firm price levels well into 1929. In con- sequence, profits of the major producers will be higher than those reported for 1927, which was a prosperous year in the industry. In 1929, competition will surely be keener, for the new plants now building or projected will raise the capacity of the industry to approximately 150,000, 000 pounds a year. CHICAGO DAIRY MARKET. CHICAGO, November 19 (#).—Butter —Higher; receipts, 10,860 tubs: creamery, extras, 49; standards, 473 extra firsts, 4612a4713; firsts, 44ad57s; seconds, 41a43. [Eggs—Unsettled; receipts, 1,628 cases; extra firsts, 47ad8; firsts, 40ad6; ordinary firsts, 28a35; refrigerator ex- tras, 31a3175; refrigerator firsts, 30%5. Poultry, alive—Steady; receipts, 6 cars; fowls, 21a2413; Springs, 25a26; roosters, 19; turkeys, 30a38; ducks, 17a 22; gecse,.20. PARIS BOURSE PRICES. PARIS, November 19 (#).—Price changes were mixed on the Bourse to- day. Three per cent rentes, 65 francs 45 centimes; 5 per cent loan, 92 francs 25 centimes. Exchange on London, 124 francs 12!> centimes. The dollar was quoted at 25 francs 597, centimes. OvVErLAND RouTE FARM BUYING POWER. Agricultural Dollar Shows Further Slight Decline in Week. Special Dispatch to The Star. NEW HAVEN, Conn., November 19.— Agricultural buying power dropped again last week, but not as much as it has been falling weekly since August. The index slipped one-tenth of a point, now registering 101.8. This compara- tive halting of the downward trend may be due to the harvest season beginning | to make itself felt in connection with the strength of the farmer's dollar. Apple and hog price levels were low- er, as against, and slightly offsetting, recoverles in cotton, wheat, lambs, beet steers and oats. Index numbers of farm purchasing power, and of agricultural and non- | agricultural prices for various periods | are given in the following table, in | which the average for 1926 represents | Farm Agricul- Non-agri- | tural cultural Week ended— es. ve 16 9 970 068 937 96.4 1092 96 Year 2go...... October _average Sept. average... Auzust _average May Avril March averaze February avernge January average 1927 . = CHAIN STORE FIRMS DO ENORMOUS BUSINESS Special Dispatch to The Star. NEW YORK, November 19.—There are eight chain store corporations, each of which is doing business of $5.000,000 a month or more. The list follows, in the order of their importance, based on volume of salcs. F. W. Woolworth Co,, Kroger Grocery Co., J. C. Penney Co., S. S, Kresge Co. Safeway Stores, National Tea, S. H. Kress and W. T. Grant. Comparing the volume of the first 10 months of this year with that of the first 10 months of 1927, the National Tea leads with 51.6 per cent gain: then safeway Stores, 36.7 per cent: W. T. Grant, 27.2 per cent, and Kroger with a gain of 23.8 per cent. F. W. Woolworth Co. now takes in more than a million dollars cash every working day. while Kroger and J. C. Penney ecach take in about three- quarters of a million dollars, Sears, Roebuck & Co., however, in volume of sales is larger than any of the chains. Its October sales amounted to over $37.000.000, a gain of 26.3 per cent over October of last year. Monte | gomery Ward & Co., the next in ime portance, based on sales, took in $26,- | 584.000, 2 gain of 23.3 per cent over last year. RSN WA B U. S. TREASURY RECEIPTS. ‘Treasury receipts for November 16 788.241.71; expenditures, $7,~ Sosonoaos 222232383 ottt 100.0 by Irving Fisher r) as the Zodiac. It is signs, named from the which coincided with has taken place. The never change. safeguarded against Road of Romance to all o the West. Short, scenic transcontinental route California VISIT HAWAIL The tropic isle of eternal beauty. Palatial steamers, frequent sailing; about escorted a ense California-Hawaii ‘ours, DEATH VALLEY En route California, see its mysterious grandeur by comfortable 2-day expense rail-motor trip. balance, $127,360,035.62. The Zodiac The zone through which the sun passes in its yearly path among the stars is known divided into twelve twelve constellations these signs in the time of the astronomer Hipparchus about two thousand years ago. But even here, where calculations seemed constant as the stars themselves, a change path of the sun has moved forward until now each sign of the Zodiac is actually found in the constella- tion which precedes it. The first mortgage notes issued by Swart- zell, Rheem & Hensey Company are not based on any assumption that things will Rather, the selection of the properties which secure them is made to anticipate the changes which our experi- ence of nearly sixty years in Washington tells us must take place. 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CONTINENTAL LIMITED Choice of standard or tourist Pullmans. 68 hours to California. 2 Leaves Chicago - « All trains leave C. & N. W. « 2:30 p. m. Terminal, Chicago For complete travel information and booklets, ask UNION PACIFIC Commercial Trust ) 15th and Market Ste, or Philadelphia, Pa. CHICAGO & NORTH 201 Franklin Trust 15th and Cheat: STERN Philadelphia, Overland Route:West Chicago:& North Western-Union Pacific n%A