Evening Star Newspaper, December 7, 1928, Page 13

- CURB SHARES GAIN AFTER EARLY DROP Market Goes Upward After Hour of Selling—Recov- ery Rapid. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, December 7.—Following almost an hour of heavy liquidation, the Curb Market turned abruptly about today. Much of the early selling was set down to liquidation of accounts which had become impaired as a result of yesterday's weakness, and after this bad been completed it became appar- ent that the technical position had been strengthened. Oll stocks suffered sharply in the forenoon selling. Standard of Indiana lost almost 2 points before recovery set in. ‘The decline in Illinois Pipe Line carried the price down almost 14 points. Cities Service, which had been moving forward daily into new high territory, dropped below the 80 level for a loss of some 2 points. Standard of Ohlo, Humble and Vacuum were un- der pressure. In almost all instances prices snapped back readily later in the session. Gulf Oil of Pennsylvania stood out strongly even when most oth- ers were under pressure. "The motors were featured by a drop of 6 points in Auburn Auto, a similar decline in Ford of Canada and a loss of more than 4 points in Marmon be- fore support was encountered. The manner in which the utilities re- covered was impressive from the stand- point of those who had acquired this class of stock on the theory they were behind the market. Electric Bond & Share Securities rallied almost 5 points from the early low and special buying was noted in United Gas & Improve- ent. mcanndhn ‘Marcon! opened on & block of 6500 shares at 8, down a small fraction. Marconi Radio International received good - support and Marconi Wireless Telegraph lost only slightly. N HISTORIC CHICAGO GRAIN PITS TO BE DESTROYED By the Assoclated Press. CHICAGO, December 7.—The famil- far old gong whose deep-throated com- mand: “Cease trading!” has rung out each day for nearly half a century in the world’s largest grain markets will toll its last today. ‘When the grain pits, where fortunes have been won and lost in hectic trad- ing, have obediently emptied themselves and the traders, after a final service in their ancient sanctuary, have filed out into the street, an army of workmen will take possession with pick and sledge and rip down the old stone structure of the board of trade. In place of the famous landmark that has looked down La Salle street for 44 years and has watched mighty skyscral of other financial institu- tions rfin to dwarf it, the will rear a new 44-story building of monu- mental design, towering 600 feet above the street and with the land it oc- cuples. valued at $20,000,000. Dingy now, its floors worn and warped with the scuffiing of thousands of feet, the trading hall teems with the mem- ories of dramatic incidents of its past. Its history has lent color to many a novel, and into that history have been woven the names of Philip Armour, Arthur Cutten and ioped b she poins whers, ing was devel point wi , 1.":: year, 16,982,120,000 bushels of grain were sold for future delivery on the Chicago board alone. In late years a cotton pit has been added to the grain and ions exchanges, and when _the board of trade moves into its new home it will begin to list stocks and bonds on its own blackboard. _NEW YORK PRODUCE MARKET NEW YORK, December 7 (Special) ‘Western and Central white Danish cab- bage sold at 40.00-45.00 per ton. Mexico fresh green peas sold at 6.50 per crate of 45 pounds, California peas sold at 5.00a7.00. Yellow onions from Orange County, N. Y., sold at 3.25a3.75 per 100-pound sack. Fancy stock from the Middle ‘Western States sold at 4.90. New York'cut carrots were 2.00a2.10 & ~bushel basket and unwashed stock, 2.65 +100-pound sack. Crates of 48 and 60 Dull%hu ‘were 2.75a3.25; oceasionally 3.50 - New York bulk round white potatoes _sold at 2.00 per 180 pounds. State cel- > ery sold at 2.25, 2.75 and 3.00 per two- thirds crate. Celery in poor condition - Went at 5. . RORIERES T r o 41Q dyCrn&Clrn 8% DL4%s-aJan. Can Bread Ltd A Jan. ool s i Do. 7% pf a5 Cluett Pbdy & Coleman La PEEE SEBBE f go t1; x ! g entinental Do. 7% n(.c' H @’sne Lt 5% 1 pt. Fan Farm Cd’As j24 rod. ;. .50 & E.$1.10 $175 125 60c 25¢ IR we Foote & Burt Bo. bt.... e Ft Worth B'& L pf.1% Heath (DC) ‘& Co pf.1 Indian Mtrcycle pf.§1.7 Insurance tacy 20¢ Q N O oremnororsnsss Hrosnsnsrr = Bacron Ling 6% pt B 7% DEA... Q Manhattan Ry’ gt..S1.75 Mountain Producers. .65c North Mex P & D Ltd. 51 Do. ... $1.75 b e NSRS st Co..... Public Nati''Bank Reece Button Hole. '3 Reece Folding Mach..5c Reynolds (R J) Tob.$1.25 Richiteld Gil pf ... 43%ic 8andusky Cement. .. f2 B EHE R RS he EREB AR 55 s Bt st Ly S . S Rt ittt o] 10 DTy Do 2d pf.. . 1. West Penn Ei A W Penn Pow 775 b Do. 67 pf s Woodworth Inc..... Armstrong Cork. BAryCrn&Cn 8- Continental G la 'Co Reynolds (R 3} Tch 00 B.s.o.on Sandusky ' Gem Warren Bros.. RPN Cent St El cnv 24 Haygrade Lamp.. Do. $650 pf Increased. Pinance Co cf Penn...$4 Q Jan. Accumulated. Wilson Co Pf......1%7% ac Dec. Resumed. Porto Ric Am Tb A$1.75 Q Jan. Adjustment. Chi Pneu Tool....151.10 ,. Dec Stock. THE EVENING STAR, WASHINGTON, 10,501 FRIDAY, DECEMBER 7, 1928. 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: Sales INDUSTRIALS. in hundrads. High. Low. Noon. 52 Acoustic _Prod 2015 204 1 Adams Millis 29% 297 ‘Ans 36% 1l 6 45% 38 45 46 o a1 13 182% 1841% iy 201y 200 21512 2151 18718 15 4 2312 4155 12 v 89ls bt 21 184 2 216 18 17 Amer Sol & Chem 18 Amer 8 & G p pfd’ . 3 Amer States Sec A 2 Amer Sta Sec 4 Amer Stores . 11 Amer Superp A 10 Amer Superp B Anchor Cap Anchor Cap pf Anglo Chil Nitra k Natl Gas pfd!! 129% 130 21'a 21 21 37 5, 94% 1% 557 45% 2612 37 641, 8 35 45 53'% 13 353, 083, 5. 1 a1ty 5 31 4% 91 10% 75, 557 451, T 19 Bohn Al & Br 3 Brill Corp B 20 Bkiyn City R R 9 Buf Niag & 4 Buf Niax & 1Buf N & 27 Butler 1 Campbell yant Can Marecni W . by Dcbb. 351 35 451, gs 15314 15314 1 83, 98 60l 60 127 11% Fageol Mot Co. 5% 5% Fairehild Aviatn 3 13 3 Mfg A. 1% Joid 11 10% 191 10% 217 el 203 5 Gold Sea] Elec 26 Gotham Knith v, xd B34 Harvester ne Nickel .. 1 h Coal & Ni 1 o Swvens S 2Lit Bros . 1Long Isl 47 Marconi Intl Mar. Ma: 12 Ma: 4 Met 5&50¢ L3 4%s 34% 1 ‘ugh oEtuynamyl Bunuus | MR ROER S - FERRS Saguus sowus 5 BE88 B2 RYRELS £ 19 19 611 671 431 431, 9" 29 453 16% 32Y 321, 8 158%% 2;". 217 ] Shredded wheat' 13 Sikorsky Aviation 21 Southeast P & L n. 17 South Astestos. 2 Sou Col Pow A ... 5 Southern Ice & U’ 6 Southw Strs. .. 48 Spanish & Gen 6 Sparks Withing. 3 Spencer Kellogg 8Stand Mot 4 41y 46% 46% 43 NY Pet Roy ..... Nor Cen Tex ‘Off % Woodiey Pet v 0 3°Y"Oiln .. . 4% Sales in_ STANDARD_OIL ISSUE: units FORMER SUBSIDIARIE: 1000 Anglo Am Ofl s 5000 C 2400 Humble O 1008 O Ohio_xd. 900 Vacuum Ofl ... Sales BONDS. in thousands. tibl P & P5S A... bram & Straus 51 la Pow 41ss.... 22 Cit Serv Pow 5} 20 Cudahy 515 4 Det Intl 613, a s 7 Gatineau Pow 5s. Gen Laun M s n 55 G 68 Gas 6s... 1082 L5sA. 99% E 9 10 Rem Arms 5'25, 5 Richfid Ofl 6s 4 Richfld Oil 5%s 19 Roch Cent Pow. [ 3 Westy Chior 51}s 8 Western Pow 5% 6 Wheel Stl 4148 Sales FOREIGN BONDS. in thousand: s, 8 Adriatic Elec Ts . 4 Aeri Mor Ba 78 ‘4 9 Nippon Eleo 678 5 Russ Gov 5138 ol 34 Russ Gov 6%s cfs n 2 Saarbruecken 7t 20 GhCEIES Sory s ni Elec Serv 9 Uni Stl Wks 6%s A 12% 00, New. Sw_With warrants. GOTTON IS STEADY IN EARLY TRADING Steady Cables Cause Advance of Three to Seven Points on First Sales. By the Associated Press. NEW YORK, December 7.—The cot- ton market opened steady at an ad- vance of 3 to 7 points in response to relatively steady cables, with January selling up to 20.19 and May to 20.15 on covering, together with some Liverpool and continental buying. The com- paratively moderate demand was sup- plied by further liquidation and South- ern selling, however, and the market eased back to about yesterday's closing quotations during the early trading. The buying continued in sufficient vol- ume to promote a fairly steady under- tone and prices at the end of the first half hour ruled about 3 to 4 points net higher. Private_cables reported calling and Bombay buying in the Liverpool mar- ket and said there was a fair inquiry for cotton cloth from South America. Some of the early buying here may have been promoted by reports that a Liverpool trade interest estimated the world's consumption of American lint cotton for this- season at 15,250,000 bales. ¥ Railway Operating Income. By the Associated Press. The net railway operating income of the class 1 railroads in October amounted to $166,311,162, which for that month showed an annual return of 5.88 per cent on their property in- vestment. This report was made yes- terday by the Bureau of Rallway Economics, maintained by the carriers, and was based on reports from 185 class 1 railroads representing a total mileage of 240,306 miles. Gross operating revenues for the Wire Wheel GOrp. 5 Zonite . ,. Sales MINING STOCKS. o hyind, reds. 2 Gold M Ltd 1.0 lcon Lead Min. 6 Golden Center M 10 Goldfid Cons. ... 5 64 Hud Bay Min &'Sm Iron Cap Copper. n_Val.. 28 Ne 11 Nipissing 90 Noranda 329 Ohio Cop 12 Roan Ante] 30 Shattuck. 1 Tech Hug} 10 Tonopah E 20 Uni_Vérde [} 2 Con Oilfids . Maracaibo 4 Carib Synd Citi Sery month of October amounted to $617,- 782,406, compared with $581,006,228 in October, 1927, or an increase of 6.3 per cent. Operating expenses in Oc- tober totaled $401,159,687, compared in 1927, or an increase of three-tenths of 1 per cent. The railroads in Oc- tober paid $39,082,169 in taxes, an in- crease of 7.4 per cent over the same month in 1927. POTATO MARKET DULL. CHICAGO, December 7 (#) (United States Department of Agriculture).— Potatoes—Receipts, 69 cars; on track, 275; total United States shipment, 554 cars. Trading very slow, market dull; ‘Wisconsin sacked round whites, 85a1.05; Minnesota and North Dakota sacked round whites, 80a95; sacked Red River Ohios, mostly around 1.00; Idaho, sacked Russets, 1.40a1.80. Steal Chickens; Drop $300. WHITWELL, Tenn. (#).—James Stevenson, farmer, discovered a coopful GAINS IN HOLIDAY TRADE ARE SHOWN Increase of Approximately 15 Per Cent Is Noted Over Last Year. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, December 7.—Holiday trade now is in full stride. In many of the big shopping centers of the country, sales are showing an increase of approx- imately 15 per cent above those of last year. In consequence, re-orders are coming in briskly. The value of money being spent is larger than ever before. The money avallable for the holiday season has been brought up to extraordinary fig- ures by steady employment and high level wages, and the wages which have come to the agricultural communities from their crops and livestock. High- riced goods are in demand. The buy- ng, however, is far better directed and considefed than in 1927. Advertising Campaigns. Windew displays are playing a larger part in the mechandising campaigus than usual. Mechanical devices are being freely used to catch the attention of passing shoppers. Another move has been to display goods on models made vga reserable stage, screen and sport stars. Industrial plants, in the meantime, are working at a rate far higher than is usual at this time of year. Steel mills are averaging above 80 per cent with $399,841,398 in the same month’ of fowls he had prepared for market had disappeared. But in his path lay a pockethook containing $300, for which he found no claimant. TU. 8. TREASURY RECEIPTS. Canfleld *Payal /i tock. ¥Reriod ending December 3L . Treasury receipts for December 5 were $7,193,166.26, expenditures $15,783, 923.46 and balance $71,617,853.84, of indicated capacity for the country as a whoie, and the demand is keeping up. ‘The automobile industry is still en- gaged in preparations for the annual shows, but the factories are being put in condition for enormous production within the next 10 days. The body builders are speeding up and so are nearly all the other specialty manufac- turers, Building has continued at a strong rate longer than usual in the North, owing to the favorable .weather. This is gratifying to the cement and lumber industries. ¢ Furniture factorles are busily engaged and some of the pot- tery makers, have strengthened their positions by mergers. The rayon manufacturers are working their n'ants at capacity. There are indications that their activity will continue at least until some of the new factories can reach quantlyy production next year. Oil Industry. ‘The oll industry is gradually over- coming some of the difficulties under which it has been laboring, although production is high and has been in- creased by new gushers recently brought in. Railroad freight movements are ex- tremely heavy. The nonferrous metal mines_in this country and in Canada and Mexico gre very active. Lead prices are strong, and foreign sales of copper continue high. The iron ore shipping seasorj on the Great Lakes is over, with a total of 53,980,874 tons, a gain of 2,873,838 tons over 1927. Baltintore Markets Spectal Dispatch to The Star. BALTIMORE: Md., December 7.—| Potatoes, white, 100 pounds, 80al.10; | sweet potatoes, barrel, 1.50a2.50; bushel, 50a1.50; yams, barrel, 1.50a3.00; beans, bushel, 3.00a4.59; beets, 100, 3.50a4.50; broccoll, bushel,:60a75; Brussels sprouts, quart, 20a25; cebbage, ton, 33.00a45.00; carrots, 100, 4.06a5.00; celery, crate, 1.50 | 23.00; caylifiower, crate, 1.75a2.75; kale, | bushel, 40a60; _lettuce, hamper, 2.00a | 3.50; onions, 100 pounds, 1.2584.50; ! oyster plants, 100, 5.00a8.! parsnips, | basket, 50a60; peppers, crate, 4.50a9.00; pumpkins, - 100, 10.00230,00; spinach, | bushel, 35a85; tomatoes, crate, 2.75a! 5.50; turnips, baskets, 20a30; Savoy cab- bage, bushel, 50a1.00. Apples, bushel, 75a2.00; cranberries, box, 4.00a5.00; pears, bushel, 1.50a2.50; grapefruit, box, 2.00a4.00; oranges, box, 2.50a4.50: Keifer pears, basket, 25a35. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.32%; December delivery, 1.32%. Corn—No. 2 export, December deliv- ery, no quotations; No. 2 yellow, 1.02; cob corn, 4.6544.75 barrel. Oats—No. 2 white, domestic, spot, 57a58; No, 3 white, domestic, spot, 56a57. Rye—Nearby, 1.10a1.20. Hay—Receipts, 48 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 carloads being received. There is not enough business passing to establish prices on the va- rious kinds and grades and all arrivals sell strictly on merit at a range of 16.0021850 per ton of timothy and clover hay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. Dairy Markets, Poultry, alive—Young turkeys, pound, 38a40; old, 32a36; crooked breasts, 25a 30; Spring chickens, 20a30; Leghorns, 20a26; old hens, 22a28; Leghorns, 20a 22; small and poor, 18a20; old roosters, 17a18; ducks, 22a25; small and poor, 18 820; geese, 20a26; guinea fowls, each, 40a85; pigeons, pair, 30. Dressed pountry—Turkeys, choice to fancy, pound, 40a42; fair to good, 38a 40; oid toms, 33a35; poor and crooked breasts, 25a30; chickens, young, 30a32; old and mixed, 25a30; old roosters, 18a 20; ducks, 25a28; geese, 22a2 Eggs—Receipts, 1,628 cases; native and nearby selected whites, free cases, dogen, 50; firsts, 45; current receipts, 43. Butter—Good and fancy creamery, pound, 48a54; prints, 54a56; blocks, 52 a54; ladles, 38a40; store packed, 34a35; process butter, 43a44. .. Colorful Javanese People. The natives of Western Java are gen- erally considered the most intelligent and agreeable of all the milllons in the close populated island. The varied and radiant hues of their raiment, the adornment of finger and ankle and wrist, the true artistry of an occasional batik “sarong” lend them a picturesque- ness unknown to the simpler-garbed Tahitian. Along the wayside everywhere they are grouped in a colorflu multi- tude, for this is Sunday morning, and the Dutch see to it that Sunday is, as far as possible, a day of rest in Java. e, Assuan Dam to Be Enlarged. It has been practically determined to make a further extension of the As- saun Dam on the Nile, by which the storage capacity will be more than dou- bled. The plans have been made, but before they are finally adopted they are to be passed upon by a commission of foreign engineers of which an American is to be & member. The construction of the dam is to be carried on 23 feet higher, and this will make it surpass anything of the kind in the world. This will be the second extension, the first having been made in 1910, 10 years after the completion of the original structure. ‘The present capacity is 2,400,000,000 tons of water, and the pro- posed enlargement will bring the ca- pacity up to nearly 5,000,000,00 tons. Levee Work. Man's first effort to control the Mississippl was by building levees. The first planters thus sought to protect their own plantations and passed the danger along to the mnext fellows. Gradually the levees were enlarged and extended until they now form a set of rallel banks enough to reach 'rom New York to Ghicago. They have cost, so far, more $250,000,000. | _ Sy, ) BY KENNETH S. VAN STRUM. NEW YORK, December 7.—Interest rates on both call loans and commer- cial paper for December will probably be the highest for that month since 1920, despite the fact that rates de- clined slightly during October and No- vember. There now seems to be little possibility that easier rates will come before the first of the year. The ques- tion arises, can the stock market con- tinue to advance in the face of high | money rates. | ‘When interest rates first began to rise early this year, many were of the opinion ‘that stock prices would de- cline immediately. This feeling was prompted by the widespread idea that rising interest rates are unfavorable to stocks, whereas falling rates are favorable. This year, as stocks con- tinued to rise in the face on increasing interest rates, the theory was shaken a bit. The conclusion was evidently reached that interest actually has lit- tle to do with stock prices, but that the factor influencing stock to rise is increasing business activity, making for greater profits and higher dividends. Interest Rates and Stock Prices. The idea that stock prices and in- terest rates automatically move in op- posite directions has never been in strict agreement with the facts. The truth of the matter scems to be that stocks begin to rise when interest rates first begin to decline from a high point, but the stock market soon makes heavy demands on the supply of credit. In addition, business becomes more active and requires more money. At this oint, with stock prices advancing and industrial production increasing, great- er demands are made upon the banks for credit, and interest rates rise.even more rapidly. Rising interest rates do not cause stock prices to_ decline at once, how- ever, for at this point the business outlook is usually good. Stocks gen- erally continue to rise until improved business has been fully discounted. By this time. interest rates usually will have advancéd quite sharply. Warning Signals. It is not safe to credit any stock market theory with too great mathe- matical accuracy. Times change and econoric forces do not always affect a_ situation in exactly the same .way twice, Thero are, however, two theories, one originated by the Harvard Eco- nomic Society and the other by Col. L. P. Ayres, each of which have indi- cated in the past when rising money rates have reached the point where stock prices may soon be expected to decline, In the Harvard theory, an advance of 1!, per cent in commercial paper rates after correcting for seasonal variation is taken as an indication that stock prices may react. In Ayres’ the | warning comes when commercial paper rates are above 4!4 per cent, the aver- age rate over a long period of years, Stocks Ignore High Money. Another barometer, based upon the same general principles, but constructed in a different way, is shown on the chart. When the trend of money rates | | | COMMERCIAL PAPER RATES a1 2220 [as as [ [ was favorable to stocks, both lines are black, when unfavorable they are shown by an open line. Over a long period of years this barometer has also been an efficient guide to the security markets. All_three barometers gave warning this Spring and Summer. One came in May, one in July. and the other in Au- ust. Meanwhile, the market has apparent- ly ignored high money rates. Business | conditions have been excellent and the | market may have been taking this time to discount the larger profits of corpora- | tions. | The outlook for December is for con- | tinued high money rates, for aside from the large demand for stock market and business credit, the holiday retail trade as well as the record dividend payments of corporations. will create heavy cur- rency demands. Many still believe that | the point will be reached where high | money rates will prevent a further rise of stock prices. | (Copyright, 1928.) WHEAT IS LOWER ON INITIAL SALES| Bearish Reports on Crop Outlook Cause Price Drop at Start. By the Assoclated Press. i CHICAGO, December 7.— Wheal prices here tended downward early to- | day, despite relative strength shown by the wheat market at Liverpool. Sellers | of wheat in Chicago outnumbered the | buyers, owing more or less to bearish reports regarding the crop outlook for ADVANCES IN MONEY RATES AFFECT TREAS Speclal Dispatch to The Star. NEW YORK, December 7.—The dif- ficulty that even a Secretary of the Treasury has in guaging the trend of the present money market was indicated yesterday in the preparations being made for a new issue of short-term Government notes_to take up obliga- tions maturing on December 15. | In September it became necessary | for the Government to sell a 415 per cent note in order to provide funds to retire, in part, the outstanding third Liberty 4!, per cent bonds. This fol- lowed a long period during which the refunding operations had been at suc- cessively lower rates of interest and at rates_under those of the maturing issues. When the 4!4 per cent certifi- cates were Issued in September call money was renewing at 72 per cent, October Maturities. In October other maturities had to be taken care of and the embarrassment of Treasury officials was increased when call money rose to 10 per cent and was renewing at 8 per cent as the policy regarding the rate to be offered was being established. ‘That there might not be any chance of failure of this issue, inasmuch as the September 4!4 per cent notes had gone to a discount, the Treasury out- bid the market slightly and put a rate of 43, per cent on the October loan. This subsequently advanced to a sub- stantial premium and sold at a price to yield about 3.80 per cent, as money dropped from 8 and 10 per cent down to 6 per cent in the following month, FINANCIALD," URY FINANCING It was at this time that bankers gen- erally began to feel that the crest of the high money movement had been reached and that the late Autumn would see a decided improvement, mak- ing possible a December Treasury note issue ‘at 4 per cent. This ‘was the opinion up to the last week of No- vember when rates began to stiffen and bond prices started to decline, Unexpected Advance. In the judgment of specialists in Government securities it would have been possible two weeks ago to have sold a Treasury note on a 4 per cent asis. Unexpectedly, and contrary to the judgment of the Federal Reserve, and as it appears to the Treasury D partment, money rates have since ad- vanced to the highest average this year and ell opportunity for financing the December Treasury requirements at the low figure has been lost. Opinion yes- terday afternoon was that the rate would be 415 per cent. This means that again the Government is compelled to pay considerably higher interest on the certificates to be sold than is car- ried on the certificates that are ma- turing. Tt has been an expensive six months for the Government in refinanc- ing as well as for corporations that have been forced to resort to the money market for accommodations. Secretary Mellon in his annual report again urges on Congress an amendment of the Liberty loan act, which would exempt future fssues of Government securities from the surtax. SALARY ALLOWANCE PROVISO IS RETAINED Effort of La Guardia to Have It Stricken From Bill Rejected by House. ‘The House today retained in the ‘Treasury-Post Office appropriation bill the proviso on salary allowances, which is’ viewed as Congress’ stabilizing fea- ture of the classification act. This pro- viso has been carried in the appropria- tion bills for the last five years. Rep- resentative La Guardia, Republican, of New York today endeavored to have it stricken from the bill, but his amend- ment was rejected. ‘The purpose of the proviso is to pre- vent the jumping of salaries in any grade under the classification act to the higher salary levels by providing that the average for all the ranges within the grades shall be maintained. ‘The House appropriations committee and the House, in indorsing the proviso, hold that the limitation does not change the term of the classification act, but prevents the average of the salaries of all persons found in any classification grade in any bureau or office from exceeding the average of the compensation rate of the grade. It dose not mean, however, that no indi- vidual in that grade shall draw a salary greater than the average of the rates specified for the grade, but that in averaging up salaries of the personnel the general average shall not exceed the average rate-for the grade. It is| emphasized that this results in a uniform distribution in grades in bureaus throughout the departments generally. SERB AND CROATIAN TENSION INCREASES Appointment of Governor Zagreb Adds Fresh Fuel to Political Unrest. at By the Associated Press. BELGRADE, Jugoslavia, December 7 —Extreme tension prevails between the Serbs and Croatians over the ap- pointment by the central government here of Col. Maximovitch as govern- or of Croatia at Zagreb. His designation to the prefecture has added frsh fuel to the fires of political unrest which in recent months had given rise to or- ganized efforts for provincial autonomy én the western provinces of the king- lom. Leaders of the Croatian separatist movement have asserted that the colonel’s appointment was unconstitu- tional and that his continuance in office would mean the establishment of a military regime in Croatia. ‘While there has been no outward sign of open revolution or an attempt at a coup d'etat, the general situation has become chaotic. The Croats have con- tinued their demands for resignation of the present cabinet, dissolution of Parliament and fresh elections, to be followed by administrative decentrali- zation of the present political system. LINDY HOPS FOR VIRGINIA; DUE HERE WEDNESDAY He and Guggenheim to Visit Rich- mond, Then Attend D. C. Conference. By the Assoclated Press. NEW YORK, December 7.—Col Charles A. Lindbergh, accompanied by Harry F. Guggenheim of the Guggen- heim Foundation for the Promotion of Aviation, hopped off from the East River at 10:50 a.m. today in a Loening amphibian plane for a trip to Rich- mond, Va. Col. Lindbergh and his companion will visit Gov. Harry Byrd of Virginia. They will stop en route for luncheon and then proceed directly to Richmond. They will return to Washington in time for the International Aeronautic Con- ference, which begins next Wednesda, NEW TARIFF SCHEDULES GET CHINESE APPROVAL ‘“Complete National Tariff Auton- omy” Aim of New Council domestic Winter wheat. Opening at 1, off, to 33 up, Chicago wheat later | showed a material setback all around. | Com, oats and provisions were co; paratively firm, with corn starting 13 to 3; higher, but subsequently reacting. Wheat traders took particular notice today of an official crop summary from Kansas, the banner wheat State of the country, saying that wheat is going into ing of Australian wheat for India, where_imports are expected to aggre-| gate 30,000,000 bushels, compared to usual exports -of 10,000,000 bushels to 20,000,000 bushels. | Corn opened higher in the absence of any selling pressure, but afterward reflected wheat weakness. Besides, ar- | rivals of corn in Chicago today were | larger, 462 cars. On the other hand | there were intimations of some corn ex- | port business overnight. Penney Co Sales. NEW YORK, December 7 (#).—Sales of J. C. Penney Co. Chain Stores in the past 11 months increased to $151,590,~ 467, from $130,158,343 in the corre- sponding 1927 period. . Glaclers have been known in rare in- stances to move 100 feet a day, of State. By the Assoclated Press. NANKING, China, schedules. one year from February 1, 1929. | 'T. V. Soong, Nationalist minister of | the Winter this year abundantly sup- | finance, announced about a month ago | plied with moisture, and is generally that a new general tariff would be put | reported in good condition. Under such | into effect by China on February 1.l circumstances the wheat market here | This step was taken in connection with displayed a decided downward trend at | the movement for “complete national times in the face of Liverpool advances | tariff autonomy,” which is one of the that were attributed to persistent buy- | cardinal foreign policies of the Na- tionalist government. The tariff treaty the United States negotiated which with Nanking last July recognizes thi principle, and several other countries It has not ! by Japan, ! have signed similar pacts. been accepted, however, Great Britain and France. FLYER LEAVES $500,000. TUCSON, Ariz, December 7.—The will of George B. Peck, deceases Detroit aviator, which was filed here yesterday, disposes of property valued at $400,000 to his young widow and $100,000 to an aunt, Belle C. Smith of Detroit., Peck made the will October 22, the day before he and three com- panions crashed to death in the Cata- lina Mountains north of here while they were scarching for & boy who had been killed accidentally while hunting. sippl floods, says farm 5= ciseiopts VATl ers of the Mis reduce the ing lands, he says, 27.4 the falling rain )drnlns R o where corn, wheat and cl - tated the run-off is as1et b cent. December 7.— |The new council of state today ap- proved and promulgated fresh tariff | They will be effective for DR. FISHER TELLS OF FIGHT ON DRUGS Defendant in Girl's Death Follow- ing Operation Breaks Down on: Keyser Witness Stand. Special Dispatch to The Star. KEYSER, W. Va., December 7.—Dr. Otto Fisher, charged with the death of Miss Lonnie Beckone, student nurse of Harrisonburg, 'Va., today affirmed his original statement that his only motive was to save the girl's life after she had presented herself to him, very ill from a condition the nature of which he had no knowledge at the time. He broke down in telling how he bat- tled to overcome the narcotic habit. Orville Liskey, indicted as an_accom- plice in the death of Miss Beckone, denied on the witness stand that he was in any way responsible, Dr. H. H. Irwin of Woodstock, Va., will go on the stand for the State, J. H. Piper of Staunton, Va., uncle of Dr. Fisher, who had been here, was called home suddenly by the death of his wife, Mrs. Emma Piper. ADVERTISING MAN ESTABLISHES PATROL Barron @. Collier Equips and Main- i tains Road Traffic Cops in : Florida. NAPLES, Fla. (#)—The Canadian | Northwest mounted police, with scar- | let tunic, are famed in song and story, but few persons have heard of the Southwest mounted constabulary, also scarlet clad, whose duty is that of bringing mercy to travelers in the mystic fastnesses of the Florida Ever- glades, When the Tamiami trail was com- pleted, connecting the east and west coasts of Florida and running through virgin wilderness, the excellent roadbed became a temptation to motorists to speed. As a result many accidents oc- curred when cars got out of control. Then, too, there was the man who lfl:l;tlzd ‘b(é ?Il lupkthe gas tank or who ected to look at the th; weak tire, R arron G. Collier, New York s car advertising magnate, who m practically the whole of Collier County | and a good bit of several others in Southwest Florida, decided that some- thing should be done to protect the un- fortunates, so he organized and equip- ped the mounted police, who patrol the road through a land once occupied only by the Seminole Indian, the bear, the deer and the panther. g Patrol stations were built by the Col- lier interests at 10-mile intervals along the road and at these stations all re- quirements of the motorists can be met. In addition, patrolmen mounted on motor cycles cover the road between each emergency sta o Y tion once every CAN CUT FLOOD LOSS. Drainage Expert Says Crop Rota- tion Will Reduce Hazard. PHILADELPHIA (#).—F, L. drainage expert engaged by the. %‘Ial:r:l' Journal to study problems of the Missis- corn belt can greatl; e pmgpre:’:dlcral hazard by a sys}-’ ati of cry i terracing on sloping Xnggs‘mmuon and Where corn alone is grown on slop- with it a rich part of zheo'g‘p o cut to 14.1 per Land with a fall of 3 to 1 100 feet can be terraced sxzds u’:e"dt g advantage for cultivated crops. Over the 1,200,000 square miles of the Missis- sippi dainage area, Dules says, far- mers can save millions of dollars rep- resented by the richr soil and fertiliz- er that is washed from the bare lands into the rivers and at the same time curtail the fatal flow of water, CORNSTALK 'PAPER USED. Book Is Published to Show Use of y. NEW YORK (#).—A book printed on paper made entirely from cornstalks is being published here as a demonstration of the use of farm waste in industry. The waste material was gathered on farms near Danville, 11, and made into pulp there. .Then it was shipped to Michigan and put through standard paper-making machinery. The book, “Farm Products in Indus- try,” by George M. Rommel, is a popu- lar treatment of technical chemical in- novations in the utilization of farm waste. It forecasts an increase of in- come for American farmers from that source amounting to a billion and a half dollars annually. Night Work on the—I.awn. ‘The fall of night need never be an cxcuse to warrant the suburban resi- | | dent from keeping his lawn in perfect | order, for the new lawn mower is | electric, and it has only to be guided | about the lawn and the current keeps the blades in motion. -In addition it is | equipped with an electric light which facilitates night work on the lawn. is d A Gaining Religion. Mohammedenism is sweeping down over Africa rapidly. This religion has a great appeal to the natives ceremony and dress. that happens-when a vil ll‘/lrfhnmmedm is a gens plg et . Farm Waste. i THIRTEEN-MONTH YEAR CONFERENCE PROPOSED Special Dispatch to The Star. . NEW YORK, December 7.—The work of George Eastman for the 13-month calendar is bearing fruit. Representa- tive Stephen G. Porter, chairman of the foreign affairs committee of the House of Represertatives, has intro- duced a resolution in Congress to cail an international conference to simplify the_calendar. The conference would be held some- time during 1929, when, its advocates hope, & 13-month calendar may be de- cided upon by all the world, January 1, 1933, which falls on Sun- day. The calendar would have months of 28 days each. A number of America’s leading men and women are urging the change. Rea~ son? All months would have the same number of working days, Saturdays and Sundays, and accurate comparative sta- tisties would, for the first time, be avail- able. Sharps on statistics would shout with joy. Each month would have the same number of full weeks, and frac- tions of a week at the end of the month would be eliminated. “Everything to recommend it and nothing to condemn it,” says Repre=- sentative Porter. (Copyright, 1928, by North American Newse Dpeper Alliance.) —_— Bankruptcy Petition Filed. BALTIMORE, December 7 (Special), —Listing his debts at $6,087.17, due building supply houses, hardware and housefurnishings firms of Washington, and no available assets, Francis E. Proctor, a contractor, of 4408 Stanford avenue, Chevy Chase, Md., has filed a petition in the United States District Court here asking to be adjudged a bankrupt. Directors Elected. NEW YORK, December 7 (#)—Wil- liam Wiseman of Kuhn, Loeb & Co.; Henry Rogers Winthrop of Harrls, Winthrop & Co., and a vice president of the Wabash Railroad, and Henry David of Wilmington, Del, have been elected directors of the United States Rubber Co. SILVER QUOTATIONS. NEW YORK, December 7 (#)—Bar silver, 57%; Mexican dollars, 43%. Money to Loan Secured by first deed of trust on real estate. Prevailing Interest and cc isslon. Joseph I. Weller 531755 % $ Wt in Vi . it American Small Loan Co. 3306 Rhode Island Ave. Mt. Rainier, Md. “WE FINANCE —all classes of income-producing property Large Loans a Specialty Current interest rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. oney Available fo FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. First and Second Trust Money Available On Homes, Apartments and Business Properties Prevailing Interest Rates Moderate Charges No Appraisal Fees District National | Securities Corporation Main 2994. 1406 G St. N.W. Buck & Company Esianiohed 1916 Stocks Bonds Grain Cotton Write or call for weekly market tetter. No obligations . BUCK AND COMPANY Evans Bldg. 1420 New York Ave. Franklin 7300 Continental Trust Co. 14th and H Streets Capital,” $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Checques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets WADE H. COOPER, President