Evening Star Newspaper, December 17, 1928, Page 13

THE EVENING STAR. WASHINGTON, D. €, MONDAY, DECEMBER 17, 1928. PLANE ISSESLEAD " INCIRB DEALNGS Arregularity Prevails, to Evening-Up Process. Some Gains Noted. BY WILLIAM F. HEFFERNAN. Bpecial Dispaten NEW YORK dssues held the terest in tod ket that was otherwise siderable irreguiarity esire to even up a Slood out strong, mar tatularly to new high s ‘The incer furnished in tt week end of a Decembe! Airplane ative in- In a mar: use of the| those stocks | was | U ment over the | c $150.000,000 mer- | ng Air | g ney Air- | eraft are to be the dominating factors. | The deal will be consummated through ; ge of present of | v corporation. | rransport opened more | at 96% and sub- | it later lost most | i Bement which controls Pratt & Whit- opened on a biock of 3000 compared with d later rea sequently of the Pond, ney, the price dow Douglas Aircraft cros: than a point. All th new peak es, K shared in the improver of the group we fected. ‘The oil stocks failed to be influenced by the upward tendency of crude oil price schedules, but no acute weakness developed The mining issues wers in- clined toward y er levels ‘While utilities moved indecisively ‘Tulip Cup was a feature among low- priced specialties, running up suddenly 1o a new high above 15. Cities Service common continued in demand, advanc- ing to a nmew high above 90! market for Marconi i considerably and prices held around COTTON IS STEADY ON, INITIAL SALES Market Shows Advance of Two to Decline of One ! Point. and others tietically af- By the' Associated Press. NEW YORK, December 17.—The cot- ton market opened steady at an ad- «vance of 2 points to a decline of 1 point. A considerable volume of liquida- tion was evident, particularly in March cantracts, but it was quite readily ab- Sorbed around the initial prices, and the market soon showed net advances of 5 0 8 points with January advancing to 20,15 and May to 20.12, or about 5 to & points net higher. *There was probably some buying on the relatively steady showing of the Liyerpool cables and talk of a steadier spot basis in the South. - Private cables said that local and con- tinental liquidation in Liverpool had DBeen absorbed by trade caliing and prices there did not fully meet the local decline of Saturday.- Manchester re- Pported a well sustained demand for cot- ton gloths and said that yarn sales were ‘equal te production. WHEAT 1S LOWER " ON EARLY TRADING Market Sags in Selling by Houses o With Northwest Con- nections. By the Assoclated Press. CHICAGO, December 17.—Selling on the pari of houses with connections Northwest led to an early downturn in wheat prices today. On the other hand, prevailing adverse weather for the corn erop movement tended to strengthen the corn market. Opening unchanged to 4 up, wheat later underwent a gen- eral decline. Corn started unchanged t % higher and subsequently scored & moderate advance all around. Oats showed a downward slant. Provisions held about steady. Early indications of an increase of the United States wheat visible supply total gave some advantage much of the time today to the selling side of the wheat market. Bears pointed out that reductions instéad of an increase are usual at this time of year. Mean- while, bullish traders failed to make much headway with talk that a sudden cold wave would menace a large por- tion of the domestic Winter wheat area without snow protection. Wheat on ocean passage showed 5,000,000 bushels decrease today, com- pared with a week ago. However, the total was still considerably in excess of the amount afloat at this time last year. Furthermore, figures at hand showed Canadian stocks of wheat con- tinuing to increase, with the aggregate at Fort William and Port Arthur nearly double last year’s total. HISTORY PRIZE AWARDED. Michigan Faculty Member's Work on South Chosen as Best. ‘BOSTON, December 17 (#).—Ulrich ‘B. Phillips, professor of American his- tory at the U y of Michigan, was announced ay as the winncr of red by Little, Brown on publishers, for the best d work on American history. His book, a history of the South, will be published next May under the title of “Life and Labor in the Old South.” Prof. Phillips is a native of La Grange, . and was cducated at the University of Georgia and Columbia Universit, BANANA STRIKE ENDS. Colombian Workers Return to Jobs on Fruit Plantations. BOGOTA, Colombia, December 17 (#). —Dispatches today from the banana- growing regions, where a recent strike precipitated numerous clathes, indi- cated the strike has been settled. The dispatches said that plantations were going ahead with the cutting of bananas, which are now being regularly transported on trains protected by troops. ek Dairy Products. CHICAGO, December 17.—Cold stor- age holdings of butter have dropped sharply in the last month and now total 71,054,000 pounds as compared with 105,611,000 a month ago. Holdings of cheese also are smaller at 74,359,000 pounds as compared with 82,318,000 a month ago. Retail Trade. PHILADELPHIA.—The volume of Foliday shopping is increasing steadily this territory as Christmas draws Due|’ 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. n hundreds 8" 3B 2 Appon Co p! Natl G fd ler Bros . 48 Can Marconi ‘W 2 Caterpil Tract ... 18 Celan C Am 1st Bid 1 Cellulotd Co n e 002029000090 J1eretet 2 Doebler Die C 1 Dominion St L.t 54 Douelas Atrcra 4 Durant Mot .....il. East Linies 1017 1 & Sh Cor 'xd 14612 h Co pd . 1091 33 Federal Water A" RI. 12 Fiat deb ris 1Filenes Sons pfd 1 Fireman Funs In: 13; Firestone Tire 11 Fokker Atrcraft Hart Parr . 1 Hazeltine Corp 53 Hiram Walk G 1]tal Superpow A 20 Ital Superp deb rt 5 Karstadt R . 34 Keystone Afrcra 7 Kimberly Clark 1Kinnear Stores 3Leh Coal & Nav 5Leh Val C cfs cod. 2 LIt Bros . ...... 109 Marconi Intl Mar. 28 Marc Wire Lond B 2 Marion Steam Shov e -3 Remis Papér Tis hulte Uni pfd 2: Sec Gen Am In Sec Gen Am Inv Sentry Safety Control I r n 1 ty 3 v El n vte. 3 19 Swift Intl 28yra W 2 Taggert Corp 4 3 Thompsn_Starett pid Det Axie.... 2 Imp C. i Lt & P A Uni, Plece Dye Sec. ree: 15 Warner 2 Wash Gas 4 Watson J W.. 1 West Auto Sup 20 W 0 _Chiorire n_Wa . B Bros Pic n bt Lt . 16 Sales in hundreds. 3 Shattuck 7 Tech Hughes 24 Uni Verde Est . 13 Wendon Cop ... Sales INDEPENDENT OIL STOCKS. in hundreds. 20 Am Con Olifids .66 27 Am Maracaibo n 90 : L 90% 1Citles Serv new s 7'd 90 Serv pf 99 1 New Mex Ariz 2N Y Pete Roy. 20 Nor Cent, Tex Gl 6 Venezuelan Pet 1°Y" Oil n.. MER SUBSIDIARIES—STO! 1 units. 100 200 | 5700 A 900 H 50 11} % 200 Imp O _Can 300 Inter Pet Ltd €00 Ohio Ol ..... Eenn Mex Biel 150 Prairie P L 1100 Prairie Pipe Line 31008 O Ind ....... 2008 O Kansas . O Kyn . Anclg Am Oil 2 % 97 212% 8 47 umble I P L 45 1508 O Ohlo . 15 1l 300 Vacuum Ol 93% "93% Sales in BONDS. closer and will reach a peak this week. “*The colder weather has been a great trade stimulant, Pow M High. Low. Noon. 18% T18% 18 6% 22 Allied Pk s 2Am C Al d 10§ Fed 3 Firestore T & R 5 12Fa P & L 5s 10 Gatineau Pow G 3 Gatineau Pow 4 Gen Ravon 63 3Gen Vend 65 ,.... 8 Georgia Pow 5% 1 Houston Gulf G 6125 11Intl Sec Amer 55 ... 9 13 Invest Corp Am 55 A 1Iowa Neb I & P 55 A 9 5 & B 6s A ... 10 & 1 Lehigh Pow 1Libby McN & L 58 16 Louis Pow & 1 Manitoba Pow | dustrial alcohol plants or other fac- Orl_Pub S Y P Phila E P 53 s 1°6 TRy 5 E Y 5ia8 | of the embattled parties. Pow 55 A 83 Gas & Coke 65 91%2 10 Servel Co Del 55.... 8) 18 Shawin W & P 41 3 10 Southeast P & 2Sou Cal Ed bs 18ou Cal Ed 5 1Southw P & L 78tand P & L G 16 Sun Maid Rai: 6Swift& Co 55 ... 1Ulen & Co 6} §Uni Lt & Ra 1Uni R of Ha: 19 Western Pow Sales in 2 65 A 105% s, ... 99 4Com & P 1Cuban Tel 7ias A.... 109 14 Finland Res Mts 6. 6Parana 13 . 2 Potrero Sug 10 Russ Gov 613 1 Saarbruecken BY KENNETH S. VAN STRUM. NEW YORK, December 17.—The se= curity markets entered last week ex- tremely doubtful of the future. In the drastic- decline which had, just. ended stocks had Jost their large past-elec- tion gains, an experience that chilled speculative sentiment for the first time in_months. Stocks opened the week slightly higher than at the previous Saturday’s close and the gains were fairly well main- tained for the first hour. Then a sharp liquidating movement sent prices below the lows of the previous week, but heavy liquidation at these low prices did not take place and stocks came back quick- ly, closing at the highest prices of the day. Big Leaders at Rest. For the balance of the week prices followed a backing and filling process, first advancing, then retreating, but on the whole the main body of stocks made little progress beyond the moderate re- covery of Monday. A few stocks like Mon | Tue Tha Packard, - International Nickel, Radio, Victor and Greene Cananea, which have long been leaders in the advance, were still the features last week. It is im- possible to say whether the advance was due to an oversold short interest or:to really substantial buying based on the proposed merger of the Radio and Vic- tor, or the reported bright prospects for the other companies. It is difficult to believe that really substantial buying has begun yet, for the old line leaders which must be used as the backbone for any upswing have kept in the back- ground. While the average of leading stocks shown on the chart rose toward the end of the week, this was caused by the more highly speculative stocks rather than by a broad general rise. Sales i STANDARD OIL ISSUES AND FOR- 17 97" 2m% 45 - B i 855 today. On Monday S80siven S0l u’azt at 9 per cenh but they declined grad- Question of Floating Supply. Opinfon is almost unanimous in Wall Street that the market before the break had overdiscounted the business future, which is only another way of saying that the market had advanced out of all reason, since the opinion is widely held that the business outlook is ex- cellent. But whether or not the stock market can be held down remains to be seen. The public has had a real taste of common stock ownership and while enthusiasm had been chilled by the recent decline, the situation to- day is quite different from the past. ‘What will be the final effect of pri- vate investors and investment trusts taking millions of shares of stock out of the market for safe keeping is yet to be proved. A good sized floating sup- ply of a stock is essential in order to maintained a free interplay of specula- tive force and to make manipulation difficult. The wild gyrations of certain stocks show that this reduction of the floating supply has put many issues in a position where operators are tempted by the possibilities of price manipula- tion. One can only condemn stock manipulation based upon technical sit- uations rather than fundamental values and one wonder if the Stock Exchange may not run into some difficultise if the floating supply of certain stocks is allowed to get too low to allow a free market. Money Easier. ‘The money situation, which was used as the excuse for,the break, eased some- 0.5, IMPORTS FACE { e is ! '\ War Between Bolivia and CHECK IN GONFLIGT c Paraguay Would Hinder Trade Relations. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, December 17.—There isl of producers of raw materials United States or of American manufac- tured products from any armed clash | between Bolivia and Paraguay. there is no war, although there have | been fighting and casualties. It is sure that any extra materials sold to either nation would fall far| short of balancing the davger to Amer- | ican investments in the South American countries. None of the American rayon mills is likely to change over to the manufacture | of munitions, and neither are the in-| tories which, built originally during the war for wartime purposes, have proved far more productive and profitable in time of peace. The demand for totuol for TNT, is not likely to be such as to improve the situation of bituminous coal materially. ‘The United States is in a position to sell to either side. So is every other nation so far as international law fis concerned. But should there be a for- mal declaration of war, it is almost | certain, business men here believe, that President Coolidge will declare an em- bargo on shipments of munitions to both It is also un- likely that the South American nations would regard with calmness the entry of munitions from other countries, espe- cially as they are all watching each | other like hawks and are in a position | from the geographical situation of the | two countries to stop such shipments promptly. All of this takes into no ac- | count the action which the League of | Nations may take. American investments in Bolivia amount to roughly $125,000,000 or-more. This country selis Bolivia more goods than does any other nation, and she ex- ports to the United States more ma- terials than to any other nation. The tin mines of the country are extremely valuable and war might have an effect on the price of that metal temporarily. America has made no government! loans to Paraguay, but American capi- tal is highly interested in the Gran Chaco, the territory under dispute. This capital is backing a Mennonite colo- nization plan there, having gone in un- der the assumption that since President Hayes had recognized Paraguay’s title to the territory in 1878 this title was good. Many Americans see great future possibilities in the region, which is rich in timber, minerals and agricultural lands. There also are supposed to be oil deposits there. The American leath- er and tanning industry is dependent on the area to no small extent for que- bracho wood, used in tanning leather. FIVE KNOWN TO HAVE DIED IN $500,000 HOTEL FIRE One Other Person Missing and Half a Dozen Under Treatment for Burns. By the Associated Press. HAZARD, Ky.,, December 17.—With recovery of two additional bodies late yesterday afternoon, five persons are known to have lost their lives in the fire which destroyed the five-story brick Combs Hotel here Saturday night, caus- ing property damage of approximately $500,000. One other person still was missing, while half a dozen were un- der treatment for burns at a local hos- pital today. H..F. Rainey of Lancaster, Ky., was the only one of more than 50 persons krtown to have been in the building at the time the fire broke out not accounted for yesterday. It was con- sidered probable that he also lost his life. The blaze, which started in the rear of the ground floor, swept up a wooden stairway and quickly enveloped the building. The five whose bodies have been recovered all were trapped on_the top floor. Firemen were able to rescue 25 guests from upper windows of the hotel be- fore the heat and smoke and danger of falling walls made further efforts impossible. Ror a time the fire threat- ened to spread to nearby buildings in the heart of the business district of this Eastern Kentucky mining center, but finally was brought under control. R i N Buys Gas Property. NEW YORK, December 17 (#)—W. B. Forshay Co. of Minneapolis today announced purchase of gas property of Missoula, Mont., s & Coke Co. The gas and coke company operates under a 40-year franchise, which has 22 years to run. ually to 6 per cent by the end of the week. The direct cause of easier credit conditions was the decline of $218,839,- 000 in brokers’ loans, the largest change on record. Whether or not this cut was drastic enough remains to be seen, for /\I// o | T CLEVELANDI s ]‘ PHILADELPHIA. o) ,‘\0 sT Lours | oo i [ PITTSBURGH ot ‘%:l,\sosro N CHICAGO o~ BALTIMORE SO e \»CNCINNA_TI, Ot | Nov. | Dee SAN FRANCISCQ brokers’ loans still total over 5 bil- lions, compared with 3% billions a year ago. The &rospect is for continued high money rates, with increasing firmness toward the end of December, and it is belicved that this will have a temper- ing influence on the security markets, Local Markets Move in Unison. Stocks on the local exchanges throughout the country have fluctuated more widely during the past two weeks than for months past. The break in New York affected prices in all cities, and last week when prices in New York regained some of their losses, the local market followed. St. Louis, Pittsburgh, Baltimore and Cleveland have regained most of the ground lost, while San Special Dispatch to The Star. high tide of merchandise exports which has distinguished foreign trade in re- S the report of the Department of Com- merce, increased $86,000,000 over the same month in 1927 and was again one war. age in merchandise imports of $16,500,- 000, vember amounted to $219,000,000, com- pared with | year exports were approximately $200,- little prospect of profits accruing to the | 000,000 greater than in 1927, while im- in thc: ports suffered a_shrinkage of $100,000,~ 0 | November 30 was $903,000,000, against $605,000,000 last year, an expansion of So far | 50 per cent. Palinces in favor of the United States | on_record. movements, in and out, of gold. imports approximated $30,000,000, whil | exports were about $27,000,000, so that this situation did not add to or take away much from the basis of credit on t U. S. MERCHANDISE EXPORTS INCREASE DURING NOVEMBER | NEW YORK, December 17.—The ent months was maintained in No- ember, when their value, according to ¢ the largest for the month since the At the same time there was a shrink- so that the trade balance for No- $117,000,000 & year ago. For the 11 months of the calendar| 00. As a result, the trade balance to This is one of the largest | November was & month of small ‘The e American banking system SEVEN CONVENIENT LOCATIONS Main Office 1503 Penna. Ave. Obpl U, S\ Treasiry Farmers & Mechanics Branch Wisconsin Ave. & M St. Friendship Branch Wisconsin Ave. & Warren St. Dupont Circle Branch 1913 Mass. Ave. N. W. Northwest Branch 18th St. & Columbia Road Park Road Branch 14th St. & Park Road Seventh Street Branch Tth & Eye Sts. N.W. Complete Banking and Trust Service = SENIOR at a fraction L AR These special suits Francisco, Philadelphia, Boston, Cin- cinnati and Chicago have followed the course of prices in New York more closely, regaining a smaller part of the ground lost the week before. It is in- teresting to observe that while many of the local markets did not share in the broad advance that has taken place what last week, according to the stand- ards by which easy money is measured call loans renewed in New York since July, most of them have suffered rather severe declines thin the two weeks. ?_IJIIIIIIIllIIIIlIIIIIIIIlIIIIIIlllllillllllllllllllllllIlIIIIIIIIIIIIIIIIIIllIIIIIIIIIIIIIIIIIIIIIIII!IIllIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII (T imports by $416,000,000, whereas a year [50.00: fancy, 50.00251.00; seconds, com- T Customized and every conceivable shade. cellence. An opportunit; operates. For the 11 months of the year, bowever, gold exports exceeded ago there was a reversed trend, with' imports for the 11 months about $74,-) 000,000 over exports. MARYLAND TOBACCO SALES. | BALTIMORE, December 17 (Special). —Receipts of Maryland leaf tobacco showed an increase last week totaling | 208 hogsheads, compared with 116 hogs- heads the previous week, but sales de- clined to 112 hogsheads against 149 | hogsheads, leaving a stock in State 10- bacco warehouses of 15,711 hogsheads. There was no improvement in de- mand for ground leaves, but other grades are holding steady at the follow- ing quotations per 100 pounds: In. ferior, 6.00a7.00; frosted, 3.00a4.00: | sound common and greenish, 8.00a15.00: good common, 16.00a25.00; medium, 26.00a40.00; good to fine red, 41.00a mon to good common, 6.00a15.00; me- dium, 16.00a23.00; seconds, good to fine, 24.00235.00: upper country, Burley, nominal; ground leaves, 3.00a25.00. More than 900,000 tons of sugar were grown in Hawaii this yea: .S Bonds. «vv.ineers Other Bonds...s. 0. Banking Houses and Furniture and Fix- tures Due From Banks..... Cash and Reserves. . .. Not RESOURCES. Loans and Discounts. .$29,744,242.44 - NEW YORK PRODUCE MARKET NEW YORK, December 17 (Special). —Sales on New York State celery in the :gh were consummated within the price range of 1.50a2.75 per two- thirds crate. California celery sold at 5.002%.00 per large crate, and Oregon 4.50a5.50. Barrcled United States grade No. 1, 215-inch Baldwin apples, peddled out at 0; Rhode Island greenings, 4.50- McIntosh, 8.00a12.00; Northern 5.0027.00, and various other kinds, 4.50a6.00. State white cabbage sold on the basis of 40.00245.00 per ton. Car lot sales were reported at 35.00 per ton. New crop cabbage from Florida realized 2.75- 23.00 per 115-bushel hamper, while late crop stock from South Carolina brought 1.75a2.75. Unwashed carrots in 100-pound sacks changed hands in car lots at 2.25a2.40, with some extra fancy at 2.75. Washed stock in bushel baskets realized 2.00. New crop bunched carrots from Cali- fornia jobbed out at 3.00a3.75 per crate of about five dozen bunches. The price on the best middlewestern yellow onions was 4.30 per 100-pound sack. Most of the upstate New York round white potatoes in bulk wholesaled around 200 180 - pernds. ~ Maine Green Mountain potatoes sold at 2.25a 240 for the same quality. Great Britain now owns half the ocean-going ships of the worl of the of Washington. D. C. 8,813,711.86 5,871,663.44 gencies . 13 FINDS MOTION PICTURE FINANCING HAS GAINED Special Dispatch to The Star. NEW YORK, December 17.—C. J. North, chief of the motion picture di- vision of the Department of Commerce, says the motion picture industry is on a much sounder basis financially than ever before. Economy in production of pictures likewise is being practiced to an _increasing degree. The sound picture is the cause of whatever anxiety there is today. The present sound pictures are roughly com- parable to the motion pictures of 1909 and 1910. General Electric and West- inghouse are behind sound pictures development. Many types of equipment have been installed in different thea- ters, but the forward march in this di- rection will really not take place until a plan can be worked out for inter- changeability of sound films. Not al- lowed today. Distribution of “talkie” films in for- eign lands, so far, remains unsolved. The language of America is not under- stood except in England. This makes thle‘ American “talkie” film difficult to sell. It looks as though “sound” movies, particularly those with musical score, will develop much more rapidly than the “talkie” pictures, because such films can be understood in all parts of the orld. CONDENSED STATEMENT OF CONDITION RIGGS NATIONAL BANK AT THE OPENING OF BUSINESS, DEC. 17, 1928. AFTER CONSOLIDATION WITH THE FARMERS & MECHANICS NATIONAL BANK Capital ...t.......... $3,000000.00 Stsplus e il LT Undivided Profits and Reserve for Contin- 2,750,000.00 785,326.62 Reserve for Taxes, In- 2,796,288.12 3,805,642.66 5,398,639.68 tion ... Deposits chase U. bent Bonds Sold.... terest and Deprecia- 213,212.09 48977,313.82 Agreements to Repur- S. Govern- 304,335.67 Bills Payable Secured by U. S. Bonds (Fed- eral Reserve Bank, Richmond) ......... $56,430,188.20 IllliIIFIIIIJIIIIIIIIIIIllllllllllllllllllllil"lHIIIIIIIIIIII!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII|II|III BUT Hand Custom Tailored to Order To the Highest Type of Excellence Not Sensational BUT Values That Are Unobtainable At Any Place or At Any Time, Are Offered By Us Now in Our Great Rebuilding and Expansion Sale Almost 2 for 1 Nothing of the cost. as well as all others bearing oar label entitle the wearer to valet service gratis. All garments So great are these values that one can now almost purchase TWO SUITS OR A SUIT AND OVERCOAT at the price he would ordinarily pay for one. . JANUARY OR FEBRUARY SALES will not offer you greater values or more dras- tic reductions than those we are offering now in our rebuilding sale. Our Entire Stock Is Included Excepted Business Suits and Golf Suits in all the season’s newest creations. The finest English Worsteds, Scotch Tweeds, Homespuns, from foreign looms. Coatings in all weights Cutaway frocks in English Shetlands, Tuxedos and Full , that are tailored in our own shop by masters in their profession, at prices TWO- THIRDS LESS than those charged by tailors producing clothes up to our standard of ex- y no one can afford to pass, who wants to be well dressed hand pressed W. M. FREENY CO., Inc. Tailors and Direct Importers of Exclusive Woolens 611 14th Street N. W. 400,000.00 $56,430,188.20 15 JUNIOR T e AT