Evening Star Newspaper, December 10, 1928, Page 13

THE EVENING STAR, WASHINGTON, D. C, MONDAY, DECEMBER 10, 1928. EARCY CORB RALLY VIELDS TOSELLING Many Issues Lose Initial | Gains—High-Priced Fa- vorites Decline. BY WILLIAM F. HEFFERNAN. Bpecial Dispatch to The Star. NEW YORK, Docember 10.—An early | y on the Curb Exchange today was | as pronounced as that which oc- curred on the Stock Exchange. For a time it encouraged belief that most of the liquidation, forced and otherwise, had been completed at the close lost | week, but t proved unfounded and ! shorily after midday further pressure | made iiself feit. | Prices rallied 1 to more than 6 po { but fafled to hold thei improvement | and many issues recorded subs. | lJosses. Marconi issues held rela . possible because they had enced one of the sharpesi de: Fractional advances were the rule ex- cept in the case of Canadian Marconi, which was in supply around the low for the current movement. American Light & Traction was 11| points higher at the start, .but subse- | quently lcst more than half the i provement. Electric Bond & Share curities, after recovering almost 4 poinis, | dropped back to the Saturday final. These were typical instances of the price trend in public utilities generally. | Standard of Kentucky, at 170, gained | more than 6 points, but later lost prac- | tically all the gain. Standard oi In- diana and Humble Oil did better than most other ofls. | Among high-priced issues Tubize Ar- | tificial Silk was off almost 9 points, | Libby Owens was subjected to further | pressure -and Sparks Withington drop- ped more than 3 points. Zenith Radio, at 42, dropped 2 points to a new low for the year. Todd Shipyard, at 6115, was down 2!, points. Interest centered in the Initial trad- | ing in Goldman Sachs Trading Corpo- ration: capital stock of no par value, | which was admitted to temporary list- ing. "The price opened at 109%; for 200 shares, and compared with the offer- ing price of 104. Thereafter the stock was actively dealt in at 109. COTTON PRICES DROP IN EARLY DEALINGS Selling Movement, Started by U. S. Crop Report, Is Renewed Today. ra By the Associated Press. NEW YORK, December 10.—A re- newal of the selling movement which developed right after the publication of the Government crop report on Sat- urday sent prices on the cotton market down from unchanged to 15 points. ‘This wes promoted by relatively easy Liverpool cables, but the decline to 19.60 for January seemed to bring in considerable covering or trade buying. and the market recovered 9 or 10 points of its losses durirg the early trading. The bulges, however, met continued sclling from one source or another, and the market was more or less unsettled at the end of the first half hour, with the active months showing net losses of 10 or 11 points. Private cables said thet heavy general liquidation on the crop estimate had been absorbed by Continental and Bombay buying in the Livetpool market. WHEAT IS LOWER ON INITIAL DEALS Falling Off in Exports Is Cause of Slump at Opening of Market. By the Associated Press. CHICAGO, December 10.—With ex- ports of wheat and flour from the United States and Canada showing a decided falling-off, wheat prices here averaged lower early today. Besides the amount of wheat on ocean passage con- tinued materially in excess of a year 8go. Starting unchanged to !¢ off, Chicago wheat later displayed but lit- tle power to rally. Corn, oats and pro- visions were also easier, with corn open- ing 1% to 3 down and subsequently holding near to the initial range. Baltimore Markets Erecial Dispatch to The Star. BALTIMORE, Md., December 10.— Potatoes, white, 100 pounds, 80al.l5. Sweet potatoes, barrel, 1.50a2.50; bushel, 50a1.50. Yams, barrel, 1.50a3.00. Beans, bushel, 2.5024.00. Beets, 100, 4.00a 5.00. Broccoli, bushel, 60a75. Brussels sprouts, quart, 10a18. Cabbage, ton, 30.00245.00. Carrots, 100, 4.00a6.00. Celery, crate, 150a3.00. Cucumbers, | bushel, 3.00a5.00. Eggplants, crate, 5.00a7.00. Lettuce, hamper, 1.50a2.75. Onions, 100 pounds, 1.25a4.50. Peas, bushel, 3.00a4.00. Peppers, crate, 5.00a 9.00. Squash, crate, 3.5024.50. Savoy cabbage, bushel, 50a1.00. Parsnips, basket, 50a60. Spinach, bushel, 35a65. Oysterplants, 100, 5.00a8.00. Tomatoes, crate, 2.0025.00. Turnips, basket, 25a 35. Apples, bushel, 75a2.00. Cranber- Ti 1z-barrel box, 7.50a9.75. Grape- ruit, “box, 2.00a4.00. Oranges, box, gzgu.so. Tangerines, 1, strap, 1.50a Live Stock Market. Cattle—Receipts, 700 head: fair sup- | ply; market dull and draggy. Steers, | choice, 13.25214.00; good, 12.25a13.00; | medium, 11.25a12.00, common, 9.25a 10.50; feeders and stockers, 10.25a12.50. Heifers, choice, 11.00a11.50; good, 10.00a 10.50; medium, 9.2529.75; common, 80029.00; feeders and stockers, 9.25a | 10.25. Bulls, good to choice, 9.50a10.00; | fair to good, 8.0029.00; common to med- jum, 6.00a7.10. Cows, good to choice stable, 8.1029.00; fair to good, 7.00a8 00; common to medium, 4.00a6.00. | Sheep and lambs—Receipts, 2300 | head; moderate supply, market steady. | £heep, 2.00a6.50; lambs, 7.00 to 14.50. Hogs—Receipts, 4.000 head: fair ply, market lower; lights, 92089.25: medium, 9.4: 850; light pigs. 7.50a: pigs, Western hogs, 10 to 15¢ higher quotations. | Calves—Receipts 425 head; light sup- ply, market stea calves, 5.00a17.00; extra, no. | Dairy Markets. Live poultry—Turkeys, pounds, 40a42; old, 35a40; Spring chickens, Leghorns, 20a26; old hens, Leghorns, 21a22; small and poor, 20; old roosters, 17al18; ducks, 22 small, 18a20; geese, 20225; ruinea each, 40a85; pigeons, pair, 30. Dressed poultry—turk..s, pound, 38a 42; old, 35a36; young chickens, 30a32; old and mixed, 25a30; old roosters, 18a 20; ducks, 25a28; geese, 22a28. Eggs—Receipts, 1,559 cases; native and nearby, selected, whites, free cases, dozen, 50; firsts, 45; current receipts, 43. Butter—Good to fancy creamery, pound, 48a54; prints, 54a56; blocks, | 52a54; ladles, 38a40; store packed, 34a 35; process butter, 43a44. | Mrs. George Watt, who died recently at Joppa, England, at the age of 101 ieft 32 grandchildren, 74 great-gran :;hlkirm and ‘9 great-great-grandchil- ren. 25; fowl, NEW YORK CURB MARKET Received by Private Wire Following is a list of stocks and bonds traded in on the New York Curb Market today: Sales INDUSTRIALS, in hundreds. Hikh. Low. Noon 2 4 1% "1t 8 Stores ... . r Superp A X Tts. uperp B x rts. 50 Lyrts:e P . e T ot e n 52,38 9 Asso Rayon wi 24 Atl Fruit & Suz [ 2 Cory 3 Bancitaly .. 1Benson & Hedges! ners i Knox new ... E W z 2 Clark. ... n Marconi ‘W rnation Mill ater) T P et it P Uten. ... 8 Colz Palmol P... 1+ Commonwith “Ed 8 Cons Auto M 5 Consol Dairy P. 14 Consol ¥ilm . 3 Consol Laund 6 Cons Ret Str: 1Ceon (NB) pid. 5 Copel Prod a..... 1 Gourtaulds Ltd """ 1 Crovley Milner ' \d. 1 Curtiss Aero Exp. Curtis_Fivh 0 117 reraft 10 Dubllier C & R...... 8% 10 Dup De Nem new ‘Wi 140 1Duplan’ Sk prd.... 1077 5 Durant Mot.. ... . 111} 10 East States Pow s 57 Fros 5 Gen Bax® ones 12 Gen Bak prd wi Keystone Aircraft Found "& M. 13 Coal & NMdv 4 1’ h Val C c:{ é2p 3008 bb Owens Sh GI.D lgé bb Owens 8h GI ris 83 it Bros ... . 258, assey Harris 28 Mavis Bottling 19 Mesabi Iron . 11 Nehi Corp . 4 Neve Drug 6Neve Drug A. 3N Y Auct... 22 Niles "Bem Pud. 4 North Amer Util 1 80 North Fastrn Pow.xd 42 4Nor Sta P A.. - 140" 4 Northwest Exigrg’. 5Pac G&E 1st pi § Pitney Bowes P, 7 Pratt & Lamb C..... 10 Prop_Silx Hos Mil... IPubSP & L......... Foop 2 Shredded Wheat 9 Sikorsky Aviation 4 Southeast P & L 5 Wayne, Pump i1l 1West Auto Sup A 1West Auto Sup war 1. West Point Mte 2 o Chlorine | 5 Zonite Sales in hundreds. 19% .64 14 .18 ‘83 Min al New Cornelia 35 Newmont Mining X Zine Direct to The Star Office 10 Roan Antelope Cop. Denn 1Yukon Goid. Salesin INDEPENDENT OIL STOCKS. hundreds. 23 Am Con Oilfids onlal 7 Am Maracaibo Go.... 3 o 23 Columbia St 7 Colon Oil 60 Creole Pete 6 Darby Pete | 8 Gulf Oil Pa 8 Homaokla Oil Intercont Pet Sales in units. MER SUBSIDIARIES—STOC] 800 Anglo Am Ol 18, 100 A A O non vic. 900 Contl Oil 3400 Humble O & R 200 imp Oil Can nds. bitibi P&P 55 A. 7Abrah & Straus 5 7Ala Pov 4las g Allied Pk 8 2 5 4Gulf Oil Pen 58 '31. 1013 BGulf Oil Pen 58 '47. 10134 3 Houston Guif G 6'as. 9314 1 Houston Gulf G 6s A 92'2 2101 Pow & L 5%s '57 941 11l Pow & L 5128 '54. 100 d Ofl & Gas 6s.: 105 4 B .. te Sew Mach 65 10014 Salesin FOREIGN BONDS. thousands. 974 un 6s.; 88 6155 Ad 88% B e A0 5 Swiss Govt 5%s. 1Tyrol Tyd Elec Ts. 9 Uni Elec Bery s A gUni EI 8 wi—When issucd. - n—New. ww—With warrants. Wolves Kill Man in Poland. Eastern Poland s alarmed at the daring of packs of ferocious wolves which are roaming several districts. Some of the animals are displaying unusual hardihood, into the villages. One man is reportecd to have been attacked and devoured, and a dairymaid who encountered a pack, but who escaped, was afterward so overcome with fright that she has been unable to speak since. A trackwalker met some wolves on the railway line, and kept them at bay by flashing his Jantern in their eyes, the animals finally fleeing at the approach of a train. Attacks from other packs have also been reported. Swallow Oysters to Music. For the first time in the history of the femous annual opening of "the ovster season at Gloch>ster, Englend, the bivalves were swallowed to music this year. To encourage the guests to do so rhythmically, the mayor of Glou- chester invited many distinguished mu- sicians, including Sid Edward Elgar, Sir Henry Wood, and Sir Hugh Allen, di- rector of the Royal College of Music. A special train took guests, among them being the Duke of Marlborough, Lord Birkenhead, the lord mayor of London and Signor Marconi, to the rose-decked tab'es. The innovation was a success and will be tried again next year. 1,000 Whn;el to Be éinght. Equipped with the latest ideas in whaling machinery, the whaler Antarc- tic is on her way from Cardiff, Wales, for the waters off South Georgia, where she is expected to capture 1,000 whales this season. They should yleld about 60,000 barrels of oil, which alone would be worth approximately $1,500,000. One of the new features of the vessel is a H "2.: whales will be hauled by winches into landing_grating for the big swimmers. Once h ed and subdued, the the steamer up the special slipway just above the water line. An iron lattice will be dropped to keep out the waves. The vessel has 22 large boilers for the manufacturing of oil, STANDARD OIL ISSUES AND FOR- | | McFarren’s | police. One of the blankets brought into even penetrating | FIVE HELD IN NAVY ™= HOSPITAL ROBBERY Two Men and Three Women| | the year had been established, equals Implicated in Wholesale Theft of Clothing. Mystery attending the wholesale theft of large quantitics of clothing from the Naval Hospital during the past seven months is believed to have been solved with the arrest by third precinct police | of two men and three women yesterday and the recovery of some of the goods. Other arrests are expected shortly. Edward J. McFarren of Cabin John, Md.. a former patient of the hospital, | and Iferbert J. McMahon, a patient, are | charged with larceny of Government property, while Kate Tolson, Mary Jones and Viola Jones, all colored. face charges of receiving stolen goods. deny the charges. Some of the property was recovered in the home of the Tclson woman in the 2500 block of E street, while several sheets and pillowcases, said to be the property of the hospital, were found in residence, according to court today as evidence had a large hole in its center. wher>, police claim, | stamped insignia of the hospital had been cut out. Altogether about 180 blankets and a large quantity of other bed clothing has | been missing from the hospital. Police- men Rufus McNeil and Harry L. Jacobs of the third precinct, who inyestigated the case and made the arrests, say the patients took the goods, and “traded i them off” for liquor irom the women. BUSINESS HELD SAFE IN STOCK PRICE DROP Indications Seen That Public Has Been Using Surplus Funds in Market. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, December 10.—Develop- ments have failed to appear which would indicate that fluctuations on the Stock Market—up or down—will affect commerce, trade or industry adversely. Thousands of individuals will be forc- ed to “take a sock™ on the financial chin. But even in their cases the blows will be more painful than dangerous. Business concerns and corporations are not likely to suffer materially, even from a temporary check to buying. The reason for this is that the busi- ness capital of the Nation is not tied up dangerously in stock speculation. It is the surpius funds of individuals which are in danger. In order to allow the tremendous volume of speculation which has engulfed no small part of the population, brokers’ loans have risen recently to the apparently enor- mous height of about $5,250,000,000. But even if that money were in danger, which 1t is not, it is not as important as it seems when it is considered that the income of this country this year will be approximately $90,000,000,000. Moreover, the five and a quarter bil- lion dollars can be turned into cash and returned to the lenders at one day’s notice and in the meanwhile is more than adequately protected by collateral. This money has not come entirely from the banks which normally finance com- mercial and industrial requirements, for which the banks are sorry. Prosperous cor?orntlons. with millions of dollars in their surplus accounts which they mo- mentarily have not needed in their own operations, have turned their cash into the call money market. If they need the money, they can get it promptly. The extent of these loans can be estimated when it is realized that not a few American corporations have from $40,000,000 to $100,000,000 and over in their surplus accounts. The loans of the banks have not created a shortage in funds available for legitimate com- mercial and industrial expansions or crop movements. The banks have more cash today than a year ago. Bank de- posits. both time and demand, have risen about a billion dollars in the na- tional banks as compared with a year ago. Savings deposits have risen to $237 per capita and have reached a total, of about $28,400,000,000. Commercial loans are still at a rea- sonable rate. Savings deposits have in- creased gather than diminished. Con- sequently statisticlans estimate that most of the independent speculators in the market are gambling with surplus funds and that even if they lose those funds, their ordinary buying power and their financial stability will not be ma- terially affected. It is also figured, however, that less money will go into permanent long-time investments. Diamond diggers in Namaqualand, South Africa, have denied that stones are being smuggled, pointing out that they are not allowed to put their hands into_their pockets during_their work. ‘The most severe pains ef rheumatism. head- ache neuraliis, oothache,neurtigete quickly Vanish when vou take oneor two Anti-Kamnia Tablets Relieve where others fail. Aisc break up colds. mrippe: Atop insomnia, nervousness, fevers women's pains _ Prescribed by doctors Tor 36 years 25 millions used annually - At all druggiste in veat-pocket tins. 25 cents. A-K on everv tablet of the genuine. Anti-Kamnia trom Pains and Aci AVOID UGLY A pimply face will not em- barrass you much longer if you get a package of Dr. Edwards’ Olive Tablets. The skin should begin to clear after you have taken- the toblets a few nights. Cleanse the blood, bowels and liver with Dr. Edwards’ Olive Tablets, the successful substitute for calomel; there's no sickness or pain after taking them, Dr. Edwards’ Olive Tablets do that which calomel does, and just as effectively, but their action is gentle and safe instead of severe and irriteting. No one who takes Olive Tab- lets is ever cursed with a “dark- brown taste,” a bad breat! dull, listless, “no good” feeling, con- stipation, torpid liver, bad dis- position or pimply fa Olive Tablets are a purely vegetable compound mixed with olive oil, know them by their olive color. Edwards spent years among patients afflicted with liver and bowel complaints and Olive Tab. 1 e the immensely effective result. Take nightly for a week. See how much better you feel and look. m;!)e, 60c. All} ithe question. Special Dispatch to The Star. NEW YORK, December 10.—With Saturday's decline in the stock market | the break in prices which began on| November 30, after the high average of the only other stlump in,the market this year—that which ~occurred last June. H The force of the seclling movement, however, was more violent last week than it was in June, for it took the market from about the end of May to | the latter part of June to bring about an average break of nearly 18 points, whereas since thi. decline started on the last day of November there was an average loss of approximately 17 points. This is explained in two ways. First by the fact that the general average of STERN TRADERS HARD HIT BY BREAK IN STOCK PRICES | stocks on November 30 was about 45| points higher than at the end of June, and second by the number of people speculating on the last great rise which | has boen estimated as at least 50 per cent, greater than when the market was | in its earlier stages. | Once more it has bsen the Western oublic that has had to throw over stocks uniess it had the resources to put up additional capital, The heaviest liqui- dation of the three days last week came from tHe stock exchange houses with Nation-wide wire ems and those especially active with clients from Chi- go west to the Pacific Coast. It was this same clientele that was most badly hurt last Spring, broke following the Giannini bank and securities. collapse in_the investment trust PLAN STOCK SPLIT-UP. Special Dispatch to The Star. DANVILLE, Va., December 10.—The American National Bank is the second financial institution in this city whose | directors have approved a split of the stock on a ratio of 10 shares to 1. The stockholders meet January 8 to pass on Last week the First Na- tional Bank directors indorsed a 4 and 1 stock split. If the American National Bank’s plan is carried out, the stock will have a par value of $10 and will bring it within the range of pcople who have not been able to make such investments. It means that there will be 30,000 shares in circulation rather than 3,000, as at present. The stock split innovation is pattern- ed from the policy noted in recent action by half a dozen New York banks. The American National Bank is also to change its name to the American National Bank & Trust Co. POTATO MARKET FIRM. CHICAGO, December 10 (#) (United States Department of Agriculture).— Potatoes—Receipts, 87 cars; on track, 269 cars; total U. S. shipments Satur- day, 616 cars; Sunday, 49 cars; trading rather slow, market firm on early Ohios, steady on other stock; Wisconsin sacked round whites, 85a1.05, few shade higher; Minnesota and North Dakota sacked Ohios, 1.05a1.15; Idaho sacked russets, Ohio’s, 1.05a1.15; Idaho sacked russets. 1.45a1.75. U. S. TREASURY RECEIPTS, Treasury receipts for December 7 were $7,569,079.72; expenditure: 069,440.26; balance, $62,329,718. MARYLAND TOBACCO SALES. BALTIMORE, December 10 (Spe- clal).—Both receipts and sales of Maryiand leaf tobacco continue light, the former totaling only 116 hogsheads last weck with sales of 149 hogsheads, leaving a stock in Statd tobaccd war houses of 16,645 hogsheads. Demand continues slow, especially for new crop ground leaves, which are mostly of inferior color. 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; gocs common, 16.00a25.00; medium, 26.00a40.00; to fine red, 41.00a50.00; fancy, 51.00; seconds, common to good com- mon, 6.00215.00; medium, 16.00a23.00; seconds, good to fine, 24.00a35.00; up- per country, Burley, nominal; leaves, 3.00225.00. CHICAGO VDAIRY MARKET. CHICAGO, December 10 () —But- ter, unchange receipts, 9,060 tubs; creamery extras, 50; standards, 48 extra firsts, 48'2a49; firsts, 46a47':: seconds, 43a45. Eggs—Lower: receipts, extra firsts, 43a44; first, firsts, 30a36; refrigerator refrigerator firsts, 31. Foultry—Alive, steady; receipts, 7 cars; fowls, 25a25':; Springs, 27; roosters, 20; turkeys, 25a30; ducks, 17a 24; geese, 22. 4,482 cases; 212; ordinary tras, 32; PARIS BOURSE PRICES. PARIS, December 10 (#).—A heavy tone prevailed on the bourse today. Three per cent rentes, 65 francs; 5 per cent loan, 92 francs 85 centimcs. Exchange on London, 124 francs 18!% centimes. The dollar was quoted at 25 francs 60 centime when the market | P T AT T L T AT LT :_B 50.00a | ground | % B ® Annual : clearance Here is a way Christmas peak. vou 20-38 M Street N.E. You ¢ that you can afford to junk them in January. Sterrett Operatizg Service, Inc. ERYRL R LR AR R AR F R U R AR sale of good used trucks of every description. Dec. 8 to Dec. 15 5] ; can take care of yow an buy them so cheap SOS Call Fr. 505 When Food SO(ITS Sweeien the stomach—instantly About two houis after eating| many people suffer from sour stomachs. They call it indiges- tion. It means that the stomach nerves have been over-stimulated. There is excess acid. The way to| correct it is with an alkali, which‘ neutralizes many times its volume | in acid. | The right way is Phillips’ Milk | of Magnesia—just a tasteless dose | in water. It is pleasant, efficient | and harmless. It has remained the standard with physicians in the 50 years since its invention. It is the quick method. Results ccme almost instantly. It is the approved method. You will never use another when you know. Be sure to get the genuine Phil- lips’ Milk of Magnesia prescribed by physicians for 50 years in cor- recting excess acids. 25c¢ and 50c a bottle—any drug store. “Milk_of Magnesia” has been the U. S. Registered Trade Mark of The Charles H. Phillips Chem- ical Company and its predecessor Charles illips since 1875 Youve read that often en ough to know when its all spelled out it Ibé AMERICAN OIL COMPANY ASlisted with Paa Americsa Petroleum & Traaspon Company General Offies: Amesican Buildiog, Baltimore, Md. -