Evening Star Newspaper, December 13, 1928, Page 15

FINANCIAL.? TRADING IN BONDS ON SMALLER SCALE Price Changes Slight in Dull Market—Treasury Issue Qversubscribed. BY CHARLES F. SPEARE. (Copyright, 1928.) Special Dispatch to The Star. NEW YORK, December 13.—The changes in bond prices today were with- out much significance. Dullness pre- vailed in long periods of the session, with little incentive on the part of buy- ers to sct so long as money rates re- main at their present level. Instead of easing, time money has advanced slightly in the last few days. The high-grade issues were quiet and showed & heavy tone. The market for them is so thin that it has been mov- ing back and forth as much as a point recently on comparatively small trans- actions. There is not much liquida- tion, but there is a smaller demand than has existed at this season in years. It was announced that the ne Treasury 414 per cent certificates had been oversubscribed, but the opinion in investment circles was that the margin of oversubscription was mnot large. Moving along with the low-priced railroad stocks was a group of low- priced bonds, which showed some of the best advances of the day. Of these Chicago Great Western 4s were con- spicuous in a gain of about 13 points. Chicago and Eastern 5s, St. Paul ad- justment 5s and Western Maryland 4s were !i to !, up and others 'y to 1. Following opening declines in ' Ana- conda 7s and Andes 7s of 4 to 11 points, both issues recovered about half of their loss. Public Service of New Jer- sey 41,5 were at one time down nearly 3 points, recovering 2 points later, Prominent industrials such as Dodge 63, Armour 5!3s, International Paper £s and United States Rubber 5s were soft. ‘The new International Telephone & ‘Telegraph convertible- 415s, offered to stm‘ll;ho ders at 98, were quoted as high as 107. There were indications of liquidation in Polish, Serbian, Bulgarian and Greek bonds, which have been affected by the break this week in the Bolivian issucs. ‘The latter were steadier. Peru 6s broke below 90 and several other members of the South American group were lower. ‘There was a recovery in French and Belgian issues and in some of the Ger- ysu’an industrials, as United Steel Works 38. Again today the new offerings were &mall, including two issues of invest- ment trust preferred stocks and deben- ture bonds with common stock war- rants. Little is expected in the way of new financing until after the Christ- mas holidays. ARGENTINE EXPORTS. BUENOS AIRES, December 13 (#).— ‘The ministry of finance today an- nounced Argentine exports for the 11 months of 1928 reached 15,794,000 tons, valued at $950,979,000, against 17,456, 000 tons, valued at $925543,000, for the same period 1927. The icrease in value was explained as due to a rise in prices of exported products. Exports of corn decreased 1,754,000 tons this year and meats 182,000 tons. Washington gtock E;change SALES. W;sl_!ix_!mn Gas 65 “A"—$1,000 at 5 Potomac Electric 512 % pfd.—10 at 108, 5 at 1077%. Washington Gas Light—10 at 1021;. Riggs National Bank—1 at 555. Merchants’ Bank & Trust Co—25 at 158. Wishington Loan & Trust Co,—1 at 515. Barbér & Ross com.—15 at 20. Lanston Monotype—8 at 119. Mergenthaler Linotype—5 at 1047, 10 at 1047. Peopnlle;_ll)ru[ Stores pfd.—5 at 127, 20 AFTER CALL. Potomac Electric 5!5% pfd.—4 at 108. C. & P. Tel. 55—$1,000 at 993 . Washington Gas 65 “B"—$400 at 10514, W:lsl;nmn Rwy. & Elec. 45—$500 at . Potomac Joint Stk. L'd Bk. 55—$2,000 at 100. Washington Rwy. & Elec. gen. 6s— $2.000 at 102. Capital Traction Co.—3 at 108, Washington Rwy. &, Elec. pfd—5 at 9935, 10 at 9915, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4% Amer, Tel. & Telga. | Beth Steel 5325 53 UNITED STATES. (Sales are (o $1.000.) % Sales. High. Low_ Close Lib3%s.... 184 9920 9917 9917 Lib1st41s 24 100 11 10010 100 10 Lib 4th 438 245 100 20 10016 10016 US3%s43. 1 9817 9817 9817 US3%s47. 2 9830 9830 9830 US4%s§2. 111124 11124 11124 FOREIGN. 8sics. High. Low. Close Argentine 6s Ju 59 994 998 Acgentine 6s Oct 5! 993 Argentine 535 '62. 9% Argentine 6s A. Argentine 6s B, Australia 4%s 5 Australia 55 1 Australla 58 1957 Austria 7s.. Bank of Chile 6 Belgium 63. Belgium 61s. | Belgium 7s 195 Belgium 78 1956 Belgium T%s. Bolivia 8s. 99% 100 87% BTK 95 4 96 102% 1 96% 96% 100 100 105% 105 107% 107% 105% 105% 115 115% 99% 100 991, 9 931y 934 91 94 100 1004 1067 1074 100 100% 103 103 100 Brazil 6%s 1927 Brazil s Brazil 8s.. Bremen State 7s Canada 58 1952. ... Canada 5%s1929.. Chile 65 60. Chile 6561, Chile 751943 Chinese Gov Ry Christiania 6. Colombia 6s Jan'61. Copenhagen 4%s 53 Copenhagen 5s ct. Czecho 85 19 Czecho 85 1952... Danish Munic 8s B. Denmark 6s. . Dutch East I 65 62. Finland 5%s. . Finland s £ 6s°45... 7 95 Finland 7s 8 100% Framerican 73;s. French French 7% German German 7s.. Ger Am Bank 7s. Ger Gen Elec 7s Greek 7s Hungary 71 Irish Free State 5s. Italy 78...... Italian Pub § 7s. Japanese 4s. Japanese 6% 14 100% 80 107% 11 100% 14 1031 43 100 s 35 100 100 881 . 8814 881, 881y 961 964 9ix 110 109% 110 110% 110% 1044 104% 103% 103% 901 90%; 95 95 100" 100% 10415 10414 107 107 112% 113 934 9% 105% 105% 971y 97% 102% 1023 981y 3110 1110 1 110% 19 100% 1 99% 14 90 3 101 100 100% 993 99y 89T 9% 100t 101 100% 100% 105 105 931 94 93% 93y 102 102 96% 96% 100% 100% 10215 102 102'5 10: 102t 102% 96% 96% 9% 99% 103% 103% 8912 90 1024 102Y% 1074 107% 821 824 882 8Rly 98 >98. 105% 1C5% 110 110 Montevideo 7s. Netherlands 6s 54.. 11 100% Netherlands 6s 72.. 6 105 New So Wales 3 94 29 94 4 102% 30 97 Norway 6s 1944.... Norway 6%s 1952.., Orient Dev deb 6s. Peru 6567 w1 Peru Perulis. Poland 6s 40 o Poland 7s (rets)... Poland 8s..... Porto Alegre 8s. Queensland 7s.. Rhinelbe Un 7 RhineWst EP 65 RhineWst EP 65’53 RbineWst EP 75'50 Rio de Janeiro 6% Rio de Jan 8s 1946 Rio Gr Do Sul 8s Rome 63%45.... Sao Paulo 851936, Saxon (PW) 7s. Seine 7s 42.. e 90 9 923 94 94 1065 106% 105% 106 90 90% 106 106 994 994 105 105 80 81 94k 94k 981 98U 1034 103% 102 1021 109% '109% 98 98 88 88u 118% 118% 9 103% 108% 1034 Swiss Confed 8s. Toho El Pow 78 Tokio 5%s 1961 Utd Kingm 5%s 29, Utd Kingm 5% 37. Urugiay 8s. .. 3108 108 108 Yokohama 6swi... 4 95% 95% 95% MISCELLANEOUS. AmAgriChem 7%s. 6 104% 104% 104'% AhSmit& R1st5s. 31 101 100% 100% Am Sugar Ref 6s... 12 104 103% 104 AmT&Teltr4s.. 22 99% 99% 991 AmT&Tel trbs.. 13 104% 104 104 5 98 6 88% 15 118% AmT&Ts{bs. 76 105% 105 105% Am Tel & Tel 5%s. 26 107 106% 107% Am Water Wks 5s. 13 98% 08 93 Anaconda 1st 6s 43 105t% 105% 105% Anaconda cvdb 7s. 25 174% 171 174 Andes Copper 7s. 85 210 200 205% Armour&Co4%s39 20 93 92% 9215 Armour Del 5%s... 13 90% 90%s 90% Atlantic Refin 1 100% 100% 100% Barnsdall 6s 1940, 4133 131 131 Rell Tel Pabs B. 2105 105 105 Bell Tel Pa is C. 1 107% 107% 107% Bethlehm Stl pm 5s 11 100% 100 100 Beth Steel rf 5s. 1 102% 102%°102% 25 101% 101% 101% 3 105 1 19 10415 Bethlehem Steel 6s. Bklyn Edison 5 Bklyn Union 53% 1335 i°* | Chile Copper 5s.... 10013 102 1084 i Wi Gas 6s i Fael. Gus a.hu;?’-: 5 ol . Rwy. & Elec. Wash. Rwy. & Elec. gen. 8 it MISCELLANEOUS. Barber & Ross, Inc., 6los. Cham.-Venbit. Hotel 6'as. Chestnut Farms Dairy 61 Chevy Chase Club 5! D. C. Paper Mfg. 65 L9 Pot. 3 K Ld. Bk 100 | Wash. MEt. Cold Storae 5s. Wash. Cons. Title Co. s, : 102 Wardman Park Hotel 5% 105 | STOCKS. LIC UTILITY i Amer. Tel. & Tl i Capital Tractior ingis | Washington Ga 1025, s, | 1osys | i00° 100 Nattonal C: | iumbia 5 2 Commercial Diat; T 4] Frderal-American berty 5 265 . o 260 of ‘Washington! 305 11117 TRUST COMPANY, 454 al Savings Loan & Trust SAVINGS BANK. Bank of Bethesc mmerce & Sav st Washifixion BRI Savinis 4" 6 urity Savin Seventh Streel . ..o T & Savings Bank . Washington Mechanic: N Wash. : Ad. ‘Coni Wash.“Cons. Thite pia ;O MISCELLANEOUS. Barber & Ross. Inc.. com... Chevy Chase Dairy pfd... Chestnut Farms Dairy com. . Chestnut Farms Dairy pd Col. Sand & Gravel pfd " Natl. Se éral Storaze Federal-American Co, ederal-American pid “Lanston _Monotype ? erch. Trans. & Storaue. Merch. Trans. & Storage pfd.’. Mergenthaler Linotspe. .. Natl, Mige. & Inv. ptd Peoples Drug Stores nfd Security Storage Ter. Ref. & Whrs Wash. Conv. H: Wash. ) Wash Woodi: com Corp id P TLov ideng cinged. 3% extrm. Bush Term Bldg 5s. 15 103% Certain-Td5%srcts 1 86% 9 96 Colon Oil 6s°38.... 17 110% Col Gas&El deb 6s.. 21 100 Con Coal Md 1st5s., 4 76% ConGas N Y 6%s.. 65 106% Cuban Am Sug 8s... 2 108% DetroitEdison5s40.. 2 102 Detroit Edison 6 7 107% Dodge 6s... 36 10215 Duquesne 4% 16 99k East Cuba Sug T%s 13 94% Fisk Rubber §s. 5 111% Gen Asphalt 6s36.. 1 107 Gen Cable 53847, 1 99% Gen Mot Ac Cor 6s. 32 103 Goodrich 6348, ..... 2 106% Goodyear 68 rets... 22 927 Humble Oil 5s. . 4101 Humble O & R5%s. 3 101% Ilinois Bell 1st 5s.., 3 1037% Indiana Steel 55 8 1025 Inland Stl 4% s 13 934 Intl Cement 55 48. Intl Match 55 47 Int Mer Marine 6. Int Paper 55 47. Inter Paper 65 Int Tel&Teleg 4% Kan City P & L bs. Kan G & E 6552 Kelly-Spring 8s. Laclede G 5%s 52,4 Ligget&Myers5ss1, Lorillard 5s. Lorillard (P) 7s Louisv G & 1 58 52, Mid-Con 6%s 40.. Midvale Steel 5s. 105% 105% 103% 103% 101 102 107% 107% 102% 102% 9% 9913 9 94 111% 111% 107 107 991, 991, 102% 103 106% 106% 921 923 100% 101 10i% 101% 103% 10334 102% 1023 101% 101% 93% 93y 96% 96y 4% 943 104 104 106% 105% 110% 110% 104% 1045 102% 102% 90 91 12 112 N Y Edison 58 44... N Y Edison 6%%... NYGELH&P4s N Y Tel 43s. Y Tel 6s41. Y Tel 65 4 North Am Edis 5s. . No Am Ed 51863, Nor States Pow 5s. Pacific Gas & El 5s. PacT & T 1st bs Pac T & T 53 52... Pan-Amer Pete 6s. Paramount 6s 1947 ' 106% 107 11w 1115 100% 101 101% 101% 100% 100 102% 102% 1023 1024 104 104% 104% 104 99% 99 ki 78 21 101% 1100 2 102 102% 99 i 93 1015 101 94l 941y 96k 9744 1584 160 93 93 100 100 93% 93 Por Rie Am Tob 6s. Postal Tel & C 5%s. 47 Pressd Steel Car 53 61 Public Service 4%s 54 161 Punta Alegre7s.... 5 93 RemingtonAr 6s 32, 6 100 Rem Rnd 635 war. 10 93% Sinclair Ol 6s..... 20 9915 991 993 Sinclair Oil 6§s... 1101 101 101 Sinclair O1l 7s. 20 102% 102% 102 Sinclair Crude 58 974 Sin Plpe Line 68. Southwest Bell 5: 2| Ore Short L rfs 4s 103% 103% | & THE EVENING STAR, WASHINGTO! Bales. High. Low. USSteelsfbs.... 14 107% 107% Utah Pow & Lt 4 100% 100% Vertientes Sug T 3 98% 97% West Elec 58...... 11 102% Westn Union 5s 51. 11 102% Westn Union 6%s.. 1 110% Wiison & Co 1st 6s. 33 103% WinRepeatAr 73%s. 1 107l Yngstn S&T s wi. 15 100% RAILROAD. Atchison adJ 4s. 99% | Atchison gen 4s. 51 1 Atlantic C L el 4s. 99% 1001 | B & O Gold 4s.... B&Ocviks. B & Oref 5s. B& O 1st 5s ct B&OTrfimp 6s. B&OPLEWY 4s, B & O Toledo 4 Boston & Maine 5s. Brooklyn Klec 634s. Brooklyn Elev 6148 Bklyn Mannat 6s. .. Buff R & Pitt 43 Can Nat 4148 30 Can Nat 4%s 57, Canad North 614 !t Canad North 7s Canad Pac deb 4s. . € Central of Ga 6! Central Pacific 4 Chesa Corp 5s w i.. 2| Ches & O cv 4748 Ches & O gn 41, Chi B & Q1st rf 5s. Chi&E 111 gn 55 51.. Chi Gt West 4s59., 61 ChiM&StP41sC89. 2 CM&StP ret 413889, 5 ChiMilSP&Pac5s75. 68 03,365 Chi & NW gen 5 W 4155 20 NW ref 5s 1034 NW s W 102 s. Chi R1& P gn 4s. Chi R1&Prf4s CRIPac4%swi, ChiTH&SF L [C&W15%s CCC & StL bs CCC & StLrf s Clev Term 5s. Cuba R R Tis. Cuba Nor 515 cts., D & Hud ev Del & Hud 5% Den & Rio G cn 4s. Den&RioG 4% = 36. DRG & Wst 5578 1004 104% 106% 94 101% 101 1041 10415 'y 9lix 894 o 931y 544 4 108% Fla East C 5s T4. 80 Grand Trunk 7: Gt Nor 414576 D. Grt Northn 43%s Hav El Ry 5%s 51 Hud & Man aj 5s... Hud & Man ref 5s.. 111 Cent ret 111 Cent 45 53 I Cent 4% s 66.... 111-C-C-StL&NO 55. Int:Rapid Tran §s.., Int Rap Tr s stpd. Int Kap Trans 7s P w ManleaiiteSaa Int Ry C Am 6s 41.. Int Ry CA6Y fowa Cent 1st 5s. .. Kan City Ft S 4s... Kansas City S 5s. Lake Shore 4s 31 Lehigh Val cn 4s. LehighVal con 4% Long Isrf4s49.... Louis&Nash uni 4s. L & N 438 2003... Louis & Nash 58 B. Man Ry 1st 4s 90 Mich Cen deb 4s 29. M St P&SSM cn 4s. M StP & SSM 6%s. MK&T 1st 4s . MK & T adj 5s. . MX & T pr In 55 A, Mo Pacific gen 4s. Mo Pac 55 A 65. .. Mo Vac 5s F 17 Mo Pacific 55 G '78. NOTex&M 4%s 56, NOTex&M5sB.. NOT&M5%s N Y Cen gen 3% N Y Cent 4s 98. ©S~Saa 104% 66 99% 88% 100 85's 104!y b DS ulennwn~n ~o San NYCentrfis, N Y Cent deb 6s. NYC & StL deb 4s. NYChi&StL 5%sA. NYChi&StL 5125 B. NYC&StL6sA.. NYNH&H 4s56. NYNH&H4%s. NY NH&H cv db 6s. o » ok Raam—Sanmra-Bawtiew~5a N Y Rys 68 65..... N Y State Ry 4%s., NYStateRy 6%s 62. @ rthern Pacific 4s. Northern Pac 55 D. rthern Pacri 6s. — Ore Short L cn 5s Ore Short L s gtd. Ore Wash 14t 4s. .. Pennsyl gen 4%s. . Penna R R 4% '63. 3¢ Pennsyl gen 58.... Pennsyl 55 64. Pennsyl gold 7 Peo & I 1t 45 40 Pere Marq 1st 5s. .. PCC&SLLASA., PCC&SUL 55 B 75. . Portland El P L 6s. Port RL P 6s47... Port RL&P 745 46. 106% BBY 994 99 108 1 87 106% 1070 RIArk& L4%s St L IM&S 45 29..., StL IM&S gn 5831, SCL IM&S R&G 4s. StL&SFplesA., StL&SKr4ls78, SIL&SFbY%sD.. StL s W con4s 32, Seaboard A L 4s eaboard AL 4s sta SeabAL ad) 5s 1949. Seab A L con 6s.... SBAIIFla6s35A. Sou Pac 4829....., Sou Pacific ref 4s.. Sou Pac 4%srets. Sou Ry gen 4 u Ry 6% TexArk K'S 5% 550, Tex & Pac 5s B 1977 Third Ave ref 4s 60. Third Ave adj 6s. .. Tol Tr L&P 5%s 30. Union Pac 1st 4s Union Pacific 4s Union Pac 4%s 67., UnionPaclst ref 58. Whbash 4123 78 rets. Wabash 15t 5S..... Wabash 53 76 B. West Maryland 4s. Western Pacific 5s. West Shore 4s 2261 Wis Cen gn 4s 49. 100% 91 B8 9 97TH 5 1081 : 904 10112 Special Dispatch to The Star, NEW YORK, December 13.— Land Bank 4s May 1958-38 Land Bank 45 Nov. 19873 Land Bank 4'as Land Bank 4'is July 1936-36.. and Bank 4'2s May 10420p32 nd Bank 4% 1943033 . Land Bank 125 J.&J. 19830033 k 4738 JAI 10850535 Stand Oil N J 55 46. 11 103 SugarEstOriente7s. 1 97 97 97 enn Copper 65°41. 5 111 110% 111 TennBleclPow 6547 8 106% 106% 106% Transcont! O] 102 101% 10y United Drug 5¢53., 23 95% 95 95 US Rub Istrfss.. 45 K0 884 8994 U S Rub 74s.. o 14101 100% 100% 102% 103 SILVER QUOTATIONS, NEW_ YORK, December 13 silver, 57. Mexican dollars, 427 [ BONDS o s Received by Private Wice Direct 80 The Star Ofice Close. 107% 100% 97'% 102% 10214 110% 10314 107% 3 100% 8734 92% 89% FIS) 983 101 101% 1044 66 99% 88% 100% 8515 104% 9 7 10115 82% a1 17% 104 100% 95 FEDERAL LAND BANK BONDS’\ (/). —Bar G INo. 1, D. C, THURSDAY, DECEMBER >]3. 1928, MARINE PRODUCTS IN LIGHT RECEIPT Fresh Fish Supplies Are{ Scarce—O0ysters and Crab Meat Plentiful. Business at Municipal Fish Market this morning was not very brisk. Re- ceipts of fresh fish were light, dealers reported, but there were plenty frozen fish from distant markets to be had at prices that usually prevail at this sea- son. Oysters, both shucked and shell stock, were plentiful and cheaper. Selects were offered at $2.25 and standards at $2 a gallon. There were fairly large supplies of shell stock from the lower Potomac that were offered as low as $1.50 a bushel. White and yellow perch and carp, caught by Potomac netters operating Winter seines, found ready sale, the perch bringing 20 and the carp 25 cents a pound. Trout were quoted at 15 and flounders at 20 cents a pound. Crabmeat was plentiful at 40 cents a pound. The meat was received from Hampton, Va. packers and was of splendid quality, dealers reported. It was not much in demand. Another drop. in the price of pork loins was reported this morning, dealers reporting a price of 21 cents, a drop from 23 and 24 cents, reported yester- day. Fresh shoulders, quoted yesterday at 18 and 19 cents, were offered this morning at 17 and 18 cents. + Reports from the big egg centers this morning suggested a further easing of the egg market, while reports from tur- key-raising sections indicated lower prices for the Christmas supply of the king of the poultry family. Butter prices remained unchanged. A Government flash report from New York, told of a weaker market, with a possibility of a slight decrease in prices. while the report from Chicago showed a steady condition of the market. ‘Wholesalers this morning had plenti- ful supplies of fruits and vegetables to offer the retail trade at a wide range of prices. Today's prices were sub- stantially the same as prices reported yesterday. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. Butter—One-pound _prints, tub, 52a53; store packed, 30a35. Eggs—Fresh selected, 47a48: hennery, 53a55; current receipts, 45a46; storage, 33a35. Poultry, alive- chickens, 28a3 26a27; roosters, 53a54; 'urkeys, 38a40; Spring Leghorns, 25; fowls, 19a20; keats, voung, 60a80; old, 30. Dressed—Turkeys, 40a 46; Spring chickens, 32a. Leghorns, 28a30; fowl, 30a32; capens, large, 45a 48; small, 38a40; ducks, 30a32; keats, young, 80a1.00. Meats, fresh killed—Beef, medium, 21!2a23; common, 17al 25a27; lamb, 28; pork loins, 21; hams, 22a23: fresh shoulders, bacon, 22; lard, in tins, 1272 ages, 14a15. Live stock—Calves, 13al14. 5 ‘Game—Rabbits, No. 1 grade, 25; No. 2 grade, 15a20. Fruit and Vegetable Review. ‘The daily market report on fruits and vegetables (compiled by the Market News Service Bureau of Agricultural Economics) says: ‘Apples—Supplies moderate; demand light, market steady. Boxes: Washing- ton, medium to large size, extra_fancy delicious, 3.25; Staymans and Romes, 2.50; few higher; Jonathans, 2.00a2.25. Bushel baskets: Virginia and Pennsyl- vania, U. S, No. 1, 2': inches up, Grimes, 1.40a1.50: Staymans, 1.5021.60; mostly 1.50; 3-inch Staymans, 1.75a 1.85. Cabbage—Supplies moderate; demand moderate, market steady; New York, 100-pound sacks, Danish type, 2.75; 90- pound sacks, 2.50. Celery—Supplies moderate ;™. demand moderate, market about steady; Cali- fornia, crates, 6.00a6.50; New York, 2-3 crates, 2.75a3.00. Lettuce — Supplies liberal; demand moderate, market steady. Western stock: California, crates, Iceberg type, 4-5-dozen, 4.00a4.25; fair quality and condition, 3.25a3.75. Eastern stock: Florida, 11;-bushel hampers, Big Bos- m;l type, fair quality, 1.25a1.50; mostly 1.50. Onions—Supplies moderate: demand | light, market steady; Michigan and Ohio, 100-pound sacks, yellows, U. S. No. 1, medium to large size, 5.00; Michi- gan, 100-pound sacks, yellows, small| size, fair quality and condition, 4.00. | Potatoes—Supplies moderate; demand moderate, market steady; Michigan, 150-pound sacks, Russet Rurals, /U. S. No. 1, 2.15a2.25; Pennsylvania and New York, 150-pound sacks, round whites, U. S. No. 1, mostly 2.00; Maine, 120- pound sacks, Green Mountains, U. S. 2.00; Idaho, 100-pound sacks, 1, 2.25a2.40; 16a17; lambs, Russet Burbanks, U. S. No. 50-pound sacks, 1.25. Spinach—Supplies liberal; demand light, market slightly weaker: Norfolk . Savoy bushel Mdlso Plant of the Ohio Public Service Co., an impartant public widly subsidiary of the Cities ervice Co. Four-fold BIG STOCK DECLINE DOUBTED IN VIEW OF Special Dispatch to The Star. NEW YORK, December 13.—There are many obvious signs such as record car loadings, retail sales and building activity that business is not only good but is improving. Under these circum- stances many cannot believe that the stock market has suffered a severe break, because the present increasing rate of business activity should mean larges sarnings, and in the final analysis large earnings mean high stock prices. One old theory is that since the stock market is & speculative medium, it anticipates business changes; that is, stocks move upward before business im- proves and decline before business grows dull. Always, then, when the trend of the market changes the ques- tion arises as to whether a change in business is forecast. And so, at pres- ent, many are wondering if this recent break means that a dull period of busi- ness is ahead. Business Outlook Good. In spite of this theory, many au- thorities are of the opinion that the break means better business ahead, in- stead of worse. They say that the re- cent rise in stock values went so far and absorbed so much of the available credit supply that a break in stocks would improve business because funds now used in speculation would be re- leased for business purposes. The con- sensus seems to be that while a change in the trend of stock prices might sig- nify decreased business activity some- time next year, business will continue to be good for the present. Since most authorities have come to the conclusion that the drop in stock prices is not forecasting poor business, it is interesting to look at the situation from another angle. What will be the effect of better business if it comes, on stock prices? Business Progress Not Continuous. In the past each time business has taken a good stride forward it has in- variably reached a point where it had to take a short step backward. A few months in advance of this period stocks would begin to decline. Many me- chanjcal rules have been devised for gauging the point at which the decline in stocks will begin, although none of them give any consideration to- such fundamental factors as money rates’ or cbmmodity prices. The principal rule of thumb barome- ters for this purpose are based on fig- ures showing activity in the iron and steel industry which, because iron and baskets, Savoy type, mostly 75c. String beans—Supplies light: de- mand light, market firm; Florida, 7~ bushel hampers, green, best, 3.50a4.00; fair to ordinary quality and condition, 1.50a2.50. Eggplant—Supplies light; demand light, market steady: Florida, pepper crates, fair quality and condition, small size, 5.00; very few large size, 7.00a7.50. Peppers—sSupplies light; demand moderate, market firm; Florida, pepper crates, fancy, 10.50a11.00. Squash—Supplies very light; demand light, market steady; Florida, pepper crates, fancy white, wrapped, 6.50. Cucumbers—Supplies very light; de- | mand, light, market steady; Florida, few fine quality and condition, 7.00; poor condition, medium size, 2.50a3.50. Peas—Supplies light; demand light, market about steady; California, 40- pound crates, 6.0086.50. Tomatoes—Supplies light; ~demand light, market steady; Florida, sixes, | ripes, wrapped, fancy count, 5.50a6.0 few higher; choice count, 4.50a5.00; green and turning, wrapped, fair qual- ity, fancy count, 4.00a4.50; choice count, 3.0023.50; Ohio, 10-pound baskets hot- house stock, medium size, 2.50a2.75; small size, 1.75a2.00; large size, few cales, 2.25. Strawberries—Supplies very light; de- mand light, market about steady; Flor- ida, pony crates, Missionaries, 1.15a1.25 per quart. Cauliflower—Supplies moderate; de- mand moderate, market steady; Cali- fornia, pony crates, mostly around 2.00. Beets—sSupplies light; demand light, market steady; Texas, bushel baskets, bunched, 4.00. Carrots—Supplies moderate; demand moderate, market steady; California, Western lettuce crates, bunched, 3.50. Kale—Supplies liberal; demand mod- erate, market slightly weaker; Norfolk section, Virginia, barrels, mostly 1.50. Oranges—Supplies liberal; demand moderate, market steady; Florida, boxes, various varieties, No. 1, medium to large size, 3.50a4.00; small size, 2.50a3.00; few fancy, medium to large size, 4.50. Grapefruite—Supplies liberal; demand light, boxes, No. ‘mostly 3.5 1, medium size, 3.50a4.00: No. 2, medium size, 3.00. | Flat .Rolled Steel Demand. NEW YORK, December 13 (#).—De- mands for flat rolled steel in Youngs- | town district are piling up and automobile interests, especially makers of low-priced cars, promise to be active contenders for material. Indications are independents will enter the first quarter with heavy unfilled tonnages in these products, especially sheets, strips | and other forms of flat: market about steady; Florida, f BUSINESS GAINS steel are so widely used, is typical of general industrial conditions. Stock Market Theories. Col. Ayres has offered two suggestions. The first points out that over a long period of time stocks reached their highest point in a bull market 18 months after pig iron production reached a low point in a period of depression. According to this theory, then, stocks woula pe nignesu next June, since the pig iron’s last low point was reached last December. According to Col. Ayres’ second theory, when 60 per cent of the blast furnaces of the country are in operation, condi- tions are normal. A greater activity than this cannot be maintained, so that when more than 60 per cent of the furnaces are in operation stocks will begin to decline, forecasting decreased activity. When production is below the normal 60 per cent, not enough steel is being produced to meet the country's demands and production, naturally, will have to be increased. Before this actually occurs, however, stocks will rise, forecasting the improved business. Revision of Theory. Col. Ayres now feels that the original 60 per cent is too high for normal be- cause many older blast furnaces have been put out of commission in recent years and those left have been repaired s0 that they can produce more than all of the original ones together. It is too early to determine just what a normal percentage would be today. At any rate, during September, Oc- tober and November of this year, ap- proximate'y 58 per cent of the total number of furnaces have been in blast, a percentage somewhat above normal because of the changed conditions in the industry. Business Conditions Sound. Both of these theories must be used with a generous supply of common sense, for the future is always enough different from the past so that it is risky to project statistical niceties too far into the future. In the past rising actlvity in the steel industry was ac companied by certain unhealthy condi- tions which have been for the most part done away with. Since the 1919- 1921 debacle, rising commodity prices and the accumulation of large inven- tories have not taken place and as a result there has been no drastic business deflition and bear market in stocks since that time. On the other hand, production has increased on several occasions at a pace which could not possibly be maintained and the intensity o the movement has given warning that the trend of stocks would change in anticipation of a slight slackening of business activity. While it is impossible to know just how far business can improve in each upswing, many authorities felt that most stocks had discounted before the recent break, any improvement which would come within the next few months. Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Company Incorporated Paid ap Cash Capital. 5500,000 reial Nation th WANTED Security Salesmen E desire the services of several experienced sequrity salesmen who can furnish excellent _refer- ences; who preferably have a standing clientele to whom they have sold high- grade stocks. We will fur- nish a financial statement. See Mr. Bellman between 9 and 10 A. M. at 602 Wes- tory Building, 14th and F Sts. N.W. The telephone number is Metropolitan 2123, New ley FINANCIAL. RAILROAD EARNINGS. Earnings of 185 Class 1 railroads, in- cluding 16 swit and terminal com- panies, as re] to the Interstate Commerce Commisison for October and 10 months, compares as follows: 1928. 1927, Oct. gross.. 617,782,404 $581,006,227 Net oper. inc.. 166,315,460 134,040,213 10 mos. gross Net oper. inc. 986,144,838 044,017,103 POTATO MARKET DULL. CHICAGO, . December 13 (United States Department of Agriculture).—Po- tatoes— eipts, 64 cars; on track, 231 cars; iotal U. . shipments, 528 cars. Too few sales reported to quote; market nominally unchanged, dull. New York 1508 H Street Telephone Metropolitan Soay WASHINGTON LOANS Let us have your applications “LOANS ON REAL ESTATE immediate Action Courteous Treatment Our record-of 35 years speaks for itself. Percy H. Russell Co. | 1731 K St. NW. G. M.-P. MURPHY & CO. Richmond MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange Chicago Stock Exchange New York Curb Market - Copy of,our “Fortnightly Review” on Request Connecticut at K Main 9600. Private Wire and Telephone to New York CLARK,CHILDS &% COMPANY 120 Broadway New York, N. Y. WASHINGTON OFFICE 1508 H STREET NORTHWEST MEMBERS NEW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGH BOSTON STOCK EXCHANGE ‘CHICAGO BOARD OF TRADE CHICAGO STOCK EXCHANGE JAMES SLOAN, Jr,, Manager FIRS'T A Third of a Century Without a up. Loss B. Main 2100 THERE MORTGAGES ettt WHEN IN DOUBT —what to do with your surplus funds, you will be on the safe side if you place them in our 6% FIRST MORTGAGES They offer a worry-free in- vestment that promises a liberal return and keeps the promise. Offered in amounts from $250 F. SAUL CO. 925 15th St. NW. IS NO SUBSTITUTE FOR SAFETY Exempt from all Federal Income Taxes $1,229,000 City of Norfolk, Virginia diversity protects your 7%% yield from this common stock Every share of Cities Service Common stock you buy makes you an investor in these four essential industries in which the Cities Service organization is en- (3) natural gas indu: price. Southern Building H. L. Doberty & Co. Southern Bldx., Washinzton, D. C. Please send me full ation ubout e Service Com- Name cAddress ..... gaged: (1) electric light and power in- dustry; (2) manufactured gas industry; stry; (4) petroleum industry. This diversified source of earnings is protection for the excellent yield of about 7 % in cash and stock dividends which you get when you buy this 18-year-old security at its present HENRY L. DOHERTY & COMPANY Washington, D. C. Branches in principal cities Dated May 1, 1922, and Dec. 1, 1928 Principal and semi-annual Interest payable in New York. Coupon bends in 51,000 d 415% and 5% Bonds Due May 1, 1952, and Dec. 1, 1956 mination with privilege of registration as to princial only or as to beth principsl and interest. THE CITY OF NORFOLK, the second largest city in Virginia, is located on Hampton Roads, one of the largest and most im The industries-of the City are large an States. rtant harbors of the United diversified. The population, 1920 census, was 117,555 and the present population (United States Govern- ment estimate, July 1, 1928) is 182,200. The assessed valuation of the properties for taxation in 1928 was officially reported to be $177,178,777 and the actual value is estimated at $308,179,718, the net bonded debt being $28,116,257. The debt of the City of Norfolk in- cludes bonds issued for schools as there is no separate’ school district. is not liable for any county indebtedness; therefore the debt shown above Cit; The includes obligations which would normally be issued for county purposes. These bonds, issued for Public Improvement and Water and general o_bl,lggflom of the entire City of Norfolk, ad valorem taxes Legality to be approved by M. $1,133,000 4%29% Bonds Due December 1, 1956 Public Improvement Prices to Yield 4.40% purposes, are direct ayable from unlimited evied against all the taxable property therein. rs. Reed, Hoyt & Washburn $96,000 59, Water Bonds Due May 1, 1952 Stein Bros. & Boyce Woodward Building- WASHINGTON, D. C. MAIN OFFICE: BALTIMORE, MD. The above information, while not guaranteed, has béen received from sources which, we belie December 13, 1928, to be reliable,