Evening Star Newspaper, December 26, 1928, Page 11

FINANCIAL. 45 BoND 15U * REACH LOW LEVEL High Money Rates Depress List—Some Securities Make Record Drops. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 26.—The most striking effect today of high year-end money rates was on the list of United States Government issues. A number of them sold at the lowest of the year. To some extent this represented a moderate amount of institutional sell- ing. It was also an adjustment to the maximum rates for money for 1928 now being quoted. U. 8. Liberty fourth 4Ys dropped to within a slight distance of par compared with their high for the year of 104. The Treasury 3% per cent certificates of 1947 were at a new low and § points under the best of the year, while the 3%s of 1943 duplicated their previous low. The recent issues of 44 per cent short notes were % under the subscrip- tion price, the 415s issued in September were at a slight discount and the 4%s issued in October were back to par. Moving in sympathy with Govern- ments were the municipals, which have also been disturbed by high money rates, and ac a group are approximately at the low of the year. Next to -these two lists of partially tax exempt and fully tax exempt bonds, in point of quality and sensitiveness to the money situation are the legal rails and public utilities, which still stand above the low level of last August, though not very much better off than at that time. Trading in them the past week has dwindled to nominal propor- tions. There were few movements of impor- tance in the remainder of the list. The convertibles were relatively quiet and fluctuations moderate. Anaconda Cop- per 7s opened 2 points lower, rallied and then dropped off again. Public Service of New Jersey 4.8 had a substantial gain. The oil issues were off from !> to 2 points. Cuba Cane Sugar 8s lost about 2 points. A new low price for the year was made on Consolidation Coal 5s below 73, com- pared with a_price of about 84 some months ago. The strength in the rub- ber and tire stocks was communicated to some of the bonds of this group, notably Goodyear Refunding 5s. The foreign department was quiet, with prices irregular. South Americans were steady. Japanese issues were heavy, the Tokio Electric 6s breaking 90 for the first time. Fiat convertible 7s declined 4 points, but railied, with other Italian issues showing an im- proved tone. No new issues of bonds or stocks were offered today. Washington Stock Exchange SALES. Chesapeake & Potomac Telephone 5s of Virginia—$1,000 at 103. ‘Washington Gas 65 “A"—$200 at 103, 330% at 10315, $100 at 10315, $500 105%. ‘Washington Market Cold Storage 55— $2,000 at 96. Chestnut Farms Dairy pfd.—5 at 106%. Potomac Electric 5%s pfd.—13 at 108%%. W;sh}nmn Rwy. & Elec. pfd.—5 at 914 . mg‘g;' National Bank—2 at 546, 20 at this month’s | Ch! I ON NEW YORK BONDS STOCK nxcmcr.l The Star Office Received by Private Wire Direst to UNITED STATES. (Saias are tn $1.000.) Low. Close Bales. High. z Lib3%s.... 18 9915 9910 9915 Lib1st4%s 139 1008 1005 1005 4 9916 9916 9916 US3%843.2795 986 UBS3%s47. 24 9814 987 US4s1944. 41068 1068 US4xss2., 5111 11031 111 FOREIGN. Sales. High. Low. Close. tine6s Juby. 6 997 99% 99 tne6sOct 59 3 9913 99% 99% ‘62, 1 95% 95% 9% 6 1004 100% 100% 2100 100 100 30 8% 87 BT 96'% 9 High. Low. Olose. 108% 108% 103'% 102% 102% 102% 1067% 106% 1067 102% 102% 102% 97 96% 97 804% 90 90% 101% 101 101% 107% 107 107 100% 100 100 102% 102 102 110% 110 110% 104% 103% 103% 9 103% 103% 103% Yngstn S&T Sswi. 41 100% 100 100 RAILROAD. Atchison adj 4s. 1 88 Atchison gen 4s 2! AtlanticCL 1. AtlanticC Lcl 48 ‘Transcontl Oi1 6%s 3 United Drug 58 53.. 20 U 8 Rub 1st rt 5 4 USRub7%s.... U S Steel s f bs. . Utah Pow & Lt §s. Westn Unfon 5861, 12 Westn Union 6%s.. 11 88 92% 92 90 22 4 23 19 98 98'% 2 100% 100% 100% 5 101% 101 101 3 1037% 108% 103% 1109 109 100 « 1 102% 102% 102% 7 83 83 83 93 92% 9245 9815 98%. 981 92 92 987 96% 96% 3 9% 9T 1 115% 115% 115% 2 85% 85% 86% 29 90% 90% 90% 1 102% 102% 102% 18 98% 98% 24 99% 99 694 68 9% 83% 69 954 9414 % 0 20 101% 101% Kl 81% 88% 88 88 Bank of Chile 6%s. Belgium 6s... Belgium 634! Belgium 78 1955 Belgium 7s 1956 Belgium 7% Belgium Bolivia 7 Bolivia 8 Bordeaux 6s. . 1 96% 42 100'5 100 o1 105% 105% 105% 4 107% 107% 107% 14 106 105% 105% 7115 115 115 1 109% 109% 109% . 156 94 931 91 16 102% 102 6 9915 993 32 9% 93% B & O SW5s 50 Bang & Aroos Brooklyn Elec Bklyn Mannat 6, Buff R& Pitt 4% Can Nat 4%s 30 Can Nat 4148 54 Can Nat 4%s 57 Can Nor 4% s 1935.. Canad North 83;s.. Canad Pac deb 4 Central Pacific 4s. 93% 101 2 100% 100 100% 7 103% 1038% 103% 8 100% 100 100% 7 92% 9214 924 23 93 9% 92% 3 101% 101 101% Christiania 6s. 4 101% 101 Colombia 6s Jan'61. 33 88% 87Y% Con Pow Japan7s.. 1 98 98 Copenhagen 4%853 5 88 88 Copenhagen 5sct.. 11 95% 95 95% Czecho 83 1951 2 1092 109% 109% Czecho 83 1952 8110 110 110 Danish Munic 88 A. 2 110 109% 109% Denmark 6s....... 5 104% 1047 104% DE15%s Mch53., 1 102% 1025% 102% Dutch East16s47.. ~ 10J% 103% 103% Finland s f 65 '45 1 9 9 96 Finland 7s. 5 100% 100% 100% French 7s. 2 107% 1067 107 French 7% 5 11215 112% 1124 German EI P 6% 1 90 iow Aok German 7s. . 22 106' 105% 105% GerAmBank 7s.... 4 971 97 97 Ger Gen Elec 7s. 2101 101 101 Halti 6s, ces 3 100% 100% 100% Italy 7s.. .34 97 96% 96% Italian Pub S 7s. 9 954 95 95 Japanese 4s. 2 91% 9115 91 Japanese 633s..... 41 100% 100 100 Chi & Alt 3%s CB&Q4%s717B CRi&E 111 gn 6s 51 Chi Gt West 45 59 CM&StP ret 4388 ChiMilSP&Pachs75 Chi Rys 5s.. Chi R L& P gn 4s. ChiR1&Prf4s... CRIPac4lswi ChiTH&S . Chi T H inc 6s 60... Chi Un Sta 4% C&WI15%s6. CCC&StLrfésA. Colo & Sou 414s. Cuba RR 7%s Den & Rio G cn 4s D Rio G West bs DRG & Wst s Det United 41;s Sooxans 99% 99% 4 108% 103% 103!y 2 100% 100% 100% 2 9% 9T% 9T 3 106% 106'% 106'% 2 9% 91 FORD MOTOR ISSUE 15 CURB FEATURE Numerous Odd-Lot Orders for Stock Are Received. Firestone Tire Active. BY WILLIAM F. HEFFERNAN, Special Dispatch to The Star. NEW YORK, December 26.—Spec- tacular advances in Ford Motor issues marked trading on the Curb Exchange today. The demand for the new Ford Motor, Ltd., was again pronounced. The fact that much of the buying was of the odd-lot variety indicated that it was coming from small specu- lators desirous of participating in the profits expected on the long side. Nevertheless, it came primarily from a short interest which evidently had “sold into a bag” and was anxious to take in its commitments at any cost. Ford Motor, Ltd., left off Monday at 19%. It opened today on a block of 40,000 spares at 2135, & new high since trading started, and reached 24 before the demand subsided. Current prices reported an appreciation in market value of the issue amounting to more than 325 per cent from the subscription figure. How far the rise would carry before the technical position of the market for the stock could be corrected was a matter of speculation. There was reason to believe that the sharp upturn in Ford Motor of Canada shares was merely sympathetic with what was happening in the market for the related issue. , The floating supply of the former issue is known to be limited and when the demand got under way today the price soared to above 670, where it was up more than 70 points on the day. Firestone Tire was another feature among high priced shares, making a new peak around 250, a gain of more than 6 points. The upturn accom- panied announcement of plans for the erection of a new building to provide more adequate sales and distribution tacilities, Reports that application had been made to list the new Royal Baking Powder shares on the Stock Exchange were followed by increased activity in Marseille 6s. 13 99% 99 99 Mexico 45 04 2 20% 20% 20% Mexico 45’10 asnt.. 10 20% 20% 20% Milan 6% 6 90 89 89 Montevide 2101 101 Netherlands 6s54.. 6 100% 100% 100% Netherlands 6s72.. 3 105 105 105 New So Wales57s.. 2 93% 93% 93% New 80 Wales58s.. 7 93% 934 93% Norway 5s1963.... 23 97 96% 96% Norway 5%S8...... 9 100% 100% 100% Norway 6s1943.... 3 102 102% 102% Norway 681944.... 15 1024 102% 1024 Norway 6%s 1952.. 9 101% 101% 101% Orient Devdeb6s.. 8 97 96% 97 Paris-Ly-Med 6: 3 99% 99% 99y Paris-Ly-Med 7. 8 103% 103% 103% Peru 6567 w1 31 90% 90 90 Peru 7s. 1 101% 101% 101% Peru 7%, 6 107% 107% 107% Poland 7s 7 87% 87 87 9 9T% 97 97 1 105% 105% 105% 3110 110 110 5 90%2 90% 90Y% 9 9244 92 2 RbineWst EP 7s'50 2 1011 101 Rio deJaneiro 63%s. 5 93% 93 93 Rio de Jan 85 1946.. 2 105% 105% 105'% Rio Gr Do Sul 8s. 4 105% 105% 105% Erie 1st cons 4 Erie Gen 4s. Erie conv 45 Erfecvt 5567 wi., Erieconv ext 7s. Erie & Jersey 6s... Erie Genessee R 6s. Erie (Pa) cit tr 4s. Fla Bast C5s 74 Gr Trunk stdb 6s.. Grand Trunk 7s. Gt Nor 414576 D. T 95% 94% 948 3 102% 102% 102% 6 11042 110% 110% 6 110% 110% 110% 1 100% 100% 100% 14 6% 5% 5% 2106 106 106 2 111% 111% 111% | 6 97 97 97 2 108% 108% 108% 26 112% 1124 112% 9 83% %3 83 7 97 . 9% 97 111 Cent 4s 52 2 91 91 91 1li Cent 4%s 6 99% 99% IntRapid Tran5s.. 37 79 79 79 Int Rap Tr5s stpd. 100 79 784 179 Int Rapid Tranés.. 1 79 79 IntKap Trans7s... 32 99% 99 Int&GtNoradj 6s53 7 91 IntRysCAb872... 5 &1 IntRy CA6¥%srct. 3 96% Towa Cent rf 4s. 5 11% Kan City Ft S 4s 3 92 Kansas City S 5s 3 99% 99% 4 89% 89% Hud & Man ref 5. 995 80l Federal-American Co. pfd.—10 at 101%. AFTER CALL. Potomac Elec. 6s pfd—5 at 112. National M. & Inv. pfd.—100 at 515, Bid and Asked Prices. y n Georgetown Gas 1st 5 Potomac Elec lst S5s. Potomac Elec Cons. Potomac_ Elec. 6s 1953. Wash., Alex. & Mt. Vernon ctf. h.. . & Ann PUBLIC UTILITY. Amer. Tel. & Telga. Capital Traction C: ‘ashington Gas . Leamboa pfd... o pid. ec._com. Elec. pfd. NATIONAL BANK. National Capital Columbia y. & Wash. Rwy. Lineoln Natfonal Metropolitan Rigss .. i 7 RN Nationel Bank TRUST COMPANY. American Security National Savings & Trust . Union Trust...... % Wash. Loan & Trust SAVINGS BANK. Bank of Bethesda Commerce & Savings East Washington ... Potomac : 15 Security Savings & Commercial’*50y Seventh Street 310 United States. . Washington Mecl FIRE INSURANCE. American .. rcoran Firemen's National Union.. TITLE INSURANCE. Golumbia Title — eal e Title & Invest. Co. of M Wash. Cons. Tille pfd, MISCELLANEOUS. Barber & Ross. Inc.. com... Chevy Chase Dairy pfd. Chestnyl rarms Dairy com chesinut Farms Dairy pfd. Columbia ‘Sa Gr. pid Sand 1d." com Merch. Trans. & Storage.... & Storage pid r Linotype Was Wasn: Mec odwir. WeRkldiviacna: exira 3 1 ext: 156" cents extra o Copper Advance Expected. NEW YORK, December 26 (Spe- cial).—The advance of copper to 16 cents a pound makes the rise for the metal about 3 cents in one year and explains the belter earnings and divi- dend increases of the leading copper companies. Some producers arc asking 16, cents a pound and theye is under- stood to be a possibility that the price, both in the United States and abroad, may be advanced to 161 cents gener- ally. Sales of copper continue in large volume and producers are working at top speed as one of the most prosper- ous years in the copper industry draws to a close. Indications are that the same fast pace will be maintained by *{ConGasN Y 5%s.. 8 97T 9T% 97Y% 3 87 87 87 L 95% 95% 95% 4 102% 102% 102% 1 66% 66'a 66% 5 96% 96% 96l 5 99% 994 994 5 1025% 1025 102% 1 100% 100% 100% 271 20 19% 20 25 88% 8Bl 884 100 100 91 91 100% 100% 84% 843 8% 1 103% 103% 103% 23 100% 100 100 3 76% 6% To% 8 99 98% 98% 24 98% 9TH 9Ty 1 98% 98% 98% 2 95 95 95 3 991 99% 993 e - el ey 19 90% 89% B89N 6 96% 96l 96'% 12 99% 99% 994 6 106% 108% 106% 22 79 i) 9 1 106% 106% 106% 7 106% 106% 106% 2 101% 101% 101% 1 73 73 73 57 85 844 85 14 83% .83% 83% 11 90% &9% 90 2116 116 116 8 104% 104'% 104% 69% 69% 2 21 894 444 Rome 6%s... .33 91 90% 91 Sao Paulo 8s 1936 1105 105 105 Sao Paulo 1950. 2 106% 106% 106Y% Saxon (PW) 7 4 99% 99% 99% Seine 7s 42. 46 105% 105% 108% 41 81% 81% 81% 1 95% 95% 95% 20 104% 103% 103% 3°102% 102% 102% 20 102% 102% 102% 2110 110 1 89 89 89 1 118% 118% 118% 7 104% 104 104 1108 108 108 Yokohama 6swi... 22 95% 95% 95% MISCELLANEOUS, ..o 15 103 102t 102% 2 104% 104% 104% AmChain6s’33.... 8 97% 97% 97% Am NatGas 6%s'42. 10 97% 97 97% AnSmit& R1st5s. 11 101 100% 101 - 26 104% 103% 103% 76 991 991 99% 9 104% 104% 104% « 27 104% 104% 1045% 7 106% 106% 106% 19 96% 95% 95% - 60 105% 105 105% 57 18214 173% 179 74 220 215% 218% 16 92% 92% 92y 19 90'%5 90% 90% 4 102% 102% 102% Barnsdall 6s1940.. 3 130 129 129 Barnsdl 6s w o war. 41 99% 99% 995 3 104% 104% 104% . 1 107% 107% 107% Bethlehm Stlpm 5s 3 101% 100% 101% Beth Steel 5%s53.. 6 101% 101% 1017% Bethlehem Steel 6s. 5 104% 104% 1041 Bklyn Edisbn 5s... 25 104% 104% 104% Bklyn Union 5%s.. 10 375 371 375 Bush Term Bldg 5s. 3 103% 103% 103% Certain-Td5%srets 3 83 83 Chile Copper 5S.... 25 95% 94 94 Colon Oi1 6s'38. ... 12 112% 111% 112% 24 99% 99 995 Con Coal Md 1st 6s. 14 74 2% T4 5 105% 105% 105% 0 102% 102% 102% 6 17 e 71 « 21 78 T TT% Cuban Am Sug 8s.. 1 108% 103% 103% DetroitEdison5s40. 10 102% 102% 102% Detroit Edison 6s. 3 107 107 107 74 102% 101% 101% Duquesne .o 2 100% 100% 100% Gen Cable 5%s '47 199 99 99 Gen Mot Ac Cor6s. 39 103 102% 102% Goodyear 5srcts... 15 934 92% 93 Humble Oil 5s..... 43 100 100 100 Humble O & R5%s. 2 101% 10i% 101% Illinois Bell 1st 5s.. 11 104 103% 104 Illinois Steel 4%s.. 1 99 99 99 Inland St! 4%s'78. 1 92% 921 92% Intl Cement 5s 48.. 81 109% 108 109 Intl Match 5s 47. Int Mer Marine 6; Int Paper 58 47.... Inter Paper 6s..... int Tel&Telez 4%s. 10 95 Int Tel&Tel 4%5 wid4l 110 KanG & E 68D 22 105 105 105 Kelly-Spring 8s. 4110 110 110 Laclede 5s........ 1 1017% 101% 10 Ligget&Myershssl. 3 10213 10213 102% Liggett & Myers7s 3 120 120 120 Lorillard 5 4 9 9 9 Louisv G & 52, { ManatiSug st 7%s. Mid-Con 6% 40. Midvale Steel 5s. Mont Pow 58 43. ... Mor's&Co 1st 4%s. Nat Tub 1st 5s. . NewEngiandTel s. N Y Edison 55 44... NYGELH&P4s N Y Tel $%s N Y Tel 65 41, N Y Tel 65 49. North Am Edis 5s.. No Am Ed 5%s'63. Nor States Pow 5s. Pacific Gas & El 5s. PacT & T 1st bs. Pan-Amer Pete 6s. Paramount 6s 1947. Pathe Exchange 7s. Phila Co 58 67 1 Man Ry 1st 4s 90 Market St 75 40. Mich Cen deb 4s 29. Mil El Ry & L 58 51 Mil El Ry & L 55 61 Minn & StL ref 4s.. M 8t P&SSM cn 4s. MStP&SSM5s38ztd MStP & SSM 5%s, M StP & SSM 6%s. MK&T 1st MK & T adj MK&Tprin Mo Pacific gen 4s.. Mo Fac5sF 77.... Mo Pacific 5s G '78. MontrealTr s B 55 NOTex&M 4%s 56. NOTex&M5bsB.. N Y Cen gen 3%s.. N Y Cent 4s 98 N Y Cent deb 4 NYCrfim 4% N YCentrf s N Y CentLsS cl NYChi&StL 51 8A NYChi&StL %8s NYC&StL6sA. New Haven 3%s 56. New Haven 45 55. .. NYNH&H 4556, NYNH&H4% NY NH&H cv db 6: NY NH&H cit 6s... NY O&W gen 4s 55, NY Rys6s65.. NYRys6sA65 N Y State Ry 4%s.. 1 NYW&B4ks.... Nor & S gen 55 54.. Nor Pac 35 2047.... Northern Pacific 4s. Northern Pacr i 6s. Ore Short L rfs 4s. Ore Wash 1st 4s. .. Pennsyl con 4%s. 5%s37. 1 1 3 6 1 5 6 9% % 89% 2 112% 1127% 112% 2 98% 984 981 5 884 884% 88l 3 100% 100% 100% 1 99% 95% 99% 17 99 99 99 16 108% 107% 108% 1103 108 103 9 110% 110% 110% 6 103 102% 102% 5169 109 109 Portland EI P L 2104 102 104 Port RL&PGs42. 1 99 99 99 Reading gen 43%sA 11 99 98% 99 StLIM&S 4829... 19 98% 98% 98% StL IM&Sgnbs31. 2 100 100 100 StLIM&S R&G4s. 10 91 93% 93% StL&SFpl4sA.. 8 874 874 8% StL&SFr4%s78. 69 89% 89 89Y% StL&SFprinbs. 4 100% 100% 100% StLSWistds.... 2 B884% 884 88Y% StLSWecon4s32. 12 96% 96 96% StP & KCShL 4%s. 6 93% 93% 93% St P UnDepbs..... 11056 105 105 Seaboard AL 4ssta. 21l 73 73 Seab A L ref 4s. 9 SeabAL ad) 5s 1949. 29 Seab A L con 6s.... 16 Consumers Pow 5s. 1 941 | 109% 1093 SB Al Fla 6535 A, SB All Fla 6335 B | Sou Pac 45 29. Sou Pacific ref 4 Sou Ry gen 4s. Sou Ry Con 58 6 87% 8Tk 7 109% 109% 109% 1 114% 114% 1141 11219 121% 121% 4 88 88 88 2 99Y% 2 102% 45 87% 87 874 1104 104 104 1 1065% 106% 106% 26 103% 103% 1037 10 94 94 94 4100 995 99% 7 107'% 106% 107% 3 110% 110% 110% 8 100% 100% 100% 18 101% 100% 101 9 100% 100% 100% 18 101% 101% 101% 13 102% 102 102% 1104 108% 104 99% 99 99 “Third Ave ref 4s 60 Third Ave adj Tol Tr L&P 5%s Union Pac st 4s... Union Pacific 4868, 9 88% 83l 88l Virginia Ry 1st §s. 6 104% 104% 104% VaRy&PoO6s...... 3 100% 100% 100% Whbash 4%s T8 rcts, 46 91 91 91 Wabash 1st 5s..... 1 101% 101% 101% Wabash 68 76 B 5 99% 99% 99% Wabash 5%s 76 10 102% 102% 102% West Maryland 4s 8 8lk 81 81 Western Md 6% < 4 98% 98% 98 Western Pacific6s. 10 99% 99 99% FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Seillns checks value (of oar) e % 62 1 100% 100% 100% 9 9% 94k 94y 5 106% 100% 106% 19 101% 101 10i% Postal Tel & C5%s. 13 94 93% | & Pressd Steel Car 58 35 97 96% | Public Service 4% 209 16774 165 166% Rem Rnd 5%swar. 10 94% 93% 94% |\ Simms Petm 65 1100 100 100 | Sinelair 011 6s 1 99% 99% 99% | Sinclair Ol 6158 1100 100 100 Sinclair 01l 7s. ... 12 102% 101% 102% Sinclair Crude 5%s 6 975 97 97 the stock at advancing prices. Recent declaration of a quarterly 25-cent divi- dend had been taken as disappointing. The best opinion, however, was that this action was taken merely to round ?:':e tht.;l;c ui;::l;nge of $8 lc;: the old, the W] en revious to the recapitalization. e 5 St. Regis Paper was prominent among specialties, opening up more than nine points at 135%. The rise was due, for the most part, to the market’s techni- cal position. When it was found that offerings were lacking, shorts were forced to bid the price up in order to co;e‘:'bul: ct:g:xlt\;mnenm. utilities were inclined toward zx‘i’[l:.e‘; l‘e;els. ‘:‘l;e og.: were little chang- e mining issues appeared to resting for the time being?pe k Public Utilities Special Dispatch to The Star. NEW YORK, December 26.—Kansas City Power & Light reports November gross of $1,248,120 compared with $1,- 159,060 in November, 1928, and net, after taxes and charges but before depreciation, of $534,425 against $465,- 554. QGross for the 12 months ended November 30 amounted to $13,675,776, contrasted with $12,305,413 in 1927, The vice president of the Bell Tele- phone Co. of Pennsylvania states that the company will spend some $35,500,~ 000 throughout the State during 1929. Of this amount more than $12,000,000 will be spent in Philadelphia for addi- tions to the telephone plant. RETIRED EDUCATOR DIES. Albert H. Tolman, Shakespearean Authority, Succumbs in Chicago. CHICAGO, December 26 (4).—Albert Harris Tolman, 72, Shakespearean au- thority and formerly professor of Eng- lish at the University of Chicago, died :\‘I;dedenly yesterday, presumably of heart ase. Prof. Tolman was associated with the University of Chicago since it foun- dation, in 1893, unill two years ago, when he was retired. He was born in Lanesboro, Mass., in 1856, and studied at Williams College, Johns Hopkins University and the University of Strass- burg. He held the degree of doctor of philosophy. Prof. Tolman was a member of the Modern Language Assoc:ation of Amer- ica, the American Folk Lore Society nnl;in rt!he Deutsche Shakespeare Gelell- schaft. HE WASN'T FOOLING. Man Shot by Police After Sniping at Taxi Drivers. DETROIT, December 26 (#).—When Willard Remsen hails a taxicab, he be- lieves it should stop. As a result of that theory he yesterday was in a hospital with a bullet wound in his leg. Remsen was shot by a patrolman who answered a report that Remsen was sniping pro- miscuously at passing taxis. Remsen told police he fired when the cabs failed to heed his. hail. CHICAGO LIVE STOCK MARKET CHICAGO, December 26 (®) (U. S. Department of Agriculture).—Hogs— Receipts, 27,000 head; mostly 15a25 higher; shipping demand broad; top, 9:15; mostly 9.0029.10; market for 170- 300-pound butchers, medium to choice 250-300 pounds, 8.85a9.15; 200-250 pounds, 8.75a9.15; 160-200 pounds, 8.75 a9.15; 130-160 pounds, 8.25a9.00; pack- ing sows, 8.00a8.50; pigs, medium to choice, 90-130 pounds, 7.60a8.75. Cattle—Receipts, 15,000 head; calves, 3,000 head; steer run excessive; mostly 25a50 lower, although many early bids ! suggest more decline; killing classes strong to higher; best heavies, 15.90; slaughter classes, steers, good and choice, 1,300-1,500 pounds, 13.25a16.25; 1,100-1,300 pounds, 13.25a16.50; 950- 1,100 pounds, 13.00a17.00; common and medium, 850 pounds up, 9.00a13.25; fed yearlings, good and choice, 750~ 950 pounds, 12.50a16.25; heifers, and choice, 850 pounds down, 11.00a 13.75; common and medium, 7.75a11.00; cows, good and choice, 8.50a11.00; cor mon and medium, 6.75a8.50; low cut- ter and cutter, 5.7526.75; bulls, good and choice (beef), 9.25a11.50; cutter to medium, 7.25a9.25; vealers (milk fed), good and choice, 13.50a15.75; medium, 13.00a13.50; cull and com- mon, 7.50a12.00; stocker and feeder steers, good and choice (all weights), 10.50a12.00; common. and medium, 8.25a10.50. Sheep—Receipts, 11,000 head; market opening steady to strong; early bulk light and moderately sorted lambs, 14.75a15.00; best held above 15.25; sheep and feeding lambs scarce, steady; lambs, good and choice, 92 pounds down, 14.15a15.35; medium, 12.50a14.15; cull and common, 9.00a12.50; ewes, medium to choice, 150 pounds down, 5.50a8.00; cull and common, 2.25a6.00; feeder lambs, good and choice, 13.00a 14.23. S L NEW YORK BANK CLEARINGS. NEW YORK, December 26 (Special). Sin Pipe Line 55 22 94% 94 94 Skelly O11 6% 8 93% 93% 93| TFailure of dog racing at Durban, the industry in the coming year, due ) 1o the Beavy demand, South Africa, has resulted in & Je- South Bell Tel 5. . 1.103% 103% 103% % ceivership for the tracks So Por Rico Sug 75, 4 406 106 306 —New York bank clearings, $1,636,- 000,000; New York _bank balances, $155,000,000; New York Federal Re- serve credit bo,lmu‘\ $143,000,000, By Special Dispatch to The Star. hundreds. s i Sales in ‘hund; In_STANDARD OIL ISSUES AND FOR- Salts.™ MER SUBSIDIA . Sales in thousands. » THE EVENING STAR, WASHINGTON, D. O, WEDNESDAY, DECEMBER 26, 1928. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office 96% 9634 CURB STOCK MARKET. 8 97 113 wEdt Em Following 1s a list of stocks and bonds traded in on the New York Curb Market B ot e Q’ S aCTErR B, (S e <00, Sales in INDUSTRIALS. High Low 4 Acoustic Prod 1943 1 11 Allied Pack . 1% Allison Dr A 8 Allison_Dr. O 2oF! 5=s§ 35 Bl ¥ 28225558822, 0] 1 235! . 8rmaa®, * QQ! 29, Q) 30 3 92% 9 91Y% 98% 2325235853 0E8es 3 258 3 28 Jof 229 ggzs ey Q! 8915 104% u. 89% 98U 86 102 28 ¥ 1071 ' 100 ° 100% 03 9b14 B 95 90 T w— - 1O ot gEEsegssaseavYe 200 e 99, 98% 99 104! 100! 104 98Y% 5 Cons Ret Btoi 88 Curtis Fiying Sei 1 Curtis Fly Serv r R C.. Texas P&L EIE'\‘IIOX"TEIFQ ‘l:l 625 1 10n Tod Bs... . 5 Western Pow 5'zs A. 110 Sales FOREIGN BONDS. in thousands. 5 Azri Mor Ba Ts '46. 5 2Evans Auto ‘meis & Wain 6s.. 2Evans Wall Lead o fes Mg 05 01 3 Fageol Motor Co 5t b 3, Pasardo Sug Co 11 Fed Screw ... 138 Federal Water A 4 Fiat deb rts. L ww—With warrants. kb en El G L}“AIIC"I. .. ¥ Baltimore Markets 1 Goldberg _Stores. 4 Gotham Knitb_Mach. IQ{'ound Grip ‘S 0e ctl 2 Special Dispatch to The Star. BALTIMORE, Md., December 26.— Potatoes, white, 100 pounds, 1.00a1.25; sweet potatoes, barrel, 1.50a2.50; bushel, 75a1.50; yams, barrel, 1.75a2.75; beans, bushel, 3.00a3.50; beets, hundred, 4.00a 6.00; broccoli, bushel, 65a85; brussels sprouts, quart, 10a20; cabbage, ton, 30.00240.00; carrots, hundred, 4.0026.00; celery crate, 1.50a3.00; cucumbers, bush- el, 4.0026.00; eggplants, crate, 5.008 8.00; lettuce, b%ak;egb 15a1.50; oxé::n':, , 1.50a4.50; ppers, 3 P p:oo-s.oo; Sa- Huylers 1§ Hyerade bushel, 5 4.00; turnips, basket, 25a35. Apples, bushel, 1.00a2.00; cranberries, 1 box, 8.00a10.00; box, 2.00a4.00; oranges, box, 2.50a4.50; tangerines, strap, 2.0023.50. Hay and Grain Prices. Wheat—No. 2 red Winter, garlicky, spot, 1.30; December delivery, 1.30. Corn—No. 2 export, December de- livery, 98%; No. 2 yellow, 99a1.00; cob corn, 4.75a4.85. Oats—No. 2 white, domestic, spot, 58a58'2; No. 3, white, domestic, spot, SO ve—Nearby, 1.15a1.25 earby, 1.15a1.25. H;;:Meipu, none. While hay is arriving here in limited quantities only, 1t 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 on merit at a range of 16.00a18.50 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 Market. Live poultry—Turkeys, pound, 40a45; Spring cm&’;ns, 35a40; old hens, 22a 30; Leghorns, 22a24; small and poor, 20; old roosters, 17a20; ducks, 25a30; small, 20; geese, 25a30; guinea fowls, each, 40a80; pigeons, pair, 30. Dressed poul keys, pound, 40 ad5; old, 35a40; young chickens, 30a35; old and mixed, 25a30; old roosters, 20; ducks, 25a30; geese, 24a30. Eggs—Receipts, 1,255 cases; native and nearby, free cases, dozen, firsts, 42; current receipts, 40; butter, fancy creamery, pound, 48a53; prints, 53a55; blocks, 51a53; ladles, 38ad0; store packed, 33; process butter, 43ad4. s e QUEEN MARY THANKS PREMIER FOR MESSAGE Expresses Appr;ciation for Greet- ing of Canadian to British Monarch. Natl Fam Str: Food Prod B Drug. ... R R ka a 94 Penne: Cab, y J C 3 Philip_ Morri uauss 8 19 Safe-T-Stat 173 Safeway Stor: i 4 Safew Stores Opt war 94Y 178t Regls Paper. 136 18 Schulte United 18ec Gen Ai 3Spanish & Gen 3 Sparks Withing By the Associated Press. LONDON, December 26.— Queen Mary, replying to a Christmas greeting sent” by Premier Mackenzie King of Canada to King George, expressed deep appreciation in a message dated at Buckingham Palace “Christmas day. It reads: “Please be assured that the messages of greetings which you so kindly sent in behalf of the King’s government of Canada and the people of the Dominion will be highly appreciated and valued by the King when his progress to re- covery has sufficiently advanced for him to receive it personally. “The expressions of love and devotion of the Canadian people; the knowledge of their prayers and sym&sthetic solici- tude durfn( the past anxious weeks and the message’s note of joy and thank- fulness to God for the hopeful condi- tion of the King touched me profoundly and on this Christmas morning my children and I thank you from our hearts. I look forward to the day when the King will be cheered and strength- ened by this testimony that the heart of Canada is with him in weal ‘nd"m woe.” (Signed) “Mary R. Zenith Radio ....... 53% ales MINING STOCKS. n hundreds. on_Leay 10 Pirst Na_Copper 5 Golden Center M 2 Unity Gold 2 Wendon Cop' . INDEPENDENT reds. :|DR. CHARLES L. MINOR DIES IN NORTH CAROLINA! Famous Tuberculosis Expert Sur- vived by Widow, Son and Two Daughters. By the Associated Press. ASHEVILLE, N. C., December 26.— Dr. Charles L. Minor, 63, one of the Nation’s most distinguished physicians, died at his home, in Biltmore Forest, at e rtans oo Boal.amEEN2 Gl FINANC BY KENNETH S. VAN STRUM. NEW YORK, December 26.—One of the favorite wal s which trac s use to judge a turning point in the market is the number of shares sold. Since more stocks are traded in when stock prices are high than when they are low, large volumes are always associated with distribution and low vol- umes with accumulation. Large volumes would tell the trader to sell, low vol- umes to buy. But today many estimates of volumes have had to go by the board, for after all volumes are a relative matter and the increased listing of stocks on the exchange have made larger volumes a normal condition without necessarily meaning that stocks are being distrib- uted. The statistics of total sales do not give volumes in relation to the number of shares listed, and this has made it more difficult to tell when the danger point is reached. A few years ago a record day was a 2,000,000-share day, while recently 5,000,000 and 6,000,~ 000 share days have been common. And in spite of these tremendous volumes the market has continued upward. ‘When Volumes Mean Distribution. It is necessary to consider the trend of stock prices along with volumes, for experience over a long period of time has shown that large volumes are not particularly helpful as long as stock prices advance. The danger int is reached only after the market has had a substantial and continuous advance and then refuses to go further, prices remaining steady or even declining, while the volume of trading remains large. Under such circumstances large :&lumes are taken to mean distribu- n. Sometimes it is possible to observe 3 [ tLis situation over a period of weeks or even months, and the longer the period the more serious the break is apt to be when it comes. reactions are indicated by the daily vol- umes. The most recent example oc- curred in the recent break. In Novem- ber stocks had risen sharply, with vol- umes making new records daily. Finall; about November 22, prices began to Eenuu. although volumes grew still o ger. One day a new record for trading was set up, when 6,942,500 shares traded in, durin, declined. es came again a few days later, but made little progress, while the tremendous volumes contin- ued. Finally prices to drop slow- ly and in a few days break came. Low Vofumes Favorable. The other side of the picture is shown when volumes grow smaller but stocks refuse to go lower. This is taken as a bullish point. In recent years we have not had a chance to ob- serve the low volumes at the bottom of a bear market. The chart shows clearly how stocks eventually rise after they have repeatedly refused to go lower as the volume of trading declines. This theory also holds true on a tech- nical reaction, as is demonstrated in the recent reaction. On a decline the first time stocks meet with real resist- ance volumes are apt to be tremendous. This happened recently, bat each time stocks approached the first umes fell off noticeably. the third dip was duller than it had been since July. Prices refused to go down and the present rise was the result. In such a market as that the old trading rule, “Never sell a dull mar- ket,” originated. ‘When considering volumes a estimat- ing the future of the market it i§ also necessary to consider the trend of prices. Large volumes making no progress recommends cau- tion; low volumes, with prices remain- ing steady are favorable to rising prices. hart also shows bond prices in relation to volumes. In the case of bonds, volumes are not so closely re- lated to })flm. although there is a tendency for large volumes to accom- pany rising prices; low volumes, low rices. Bond volumes, however, do not nd to increase or decrease propor- tionately with prices as stock vol- to | umes do. (Copyright, 1928.) GIFTS OF INS_UBTNCE. BALTIMORE, December 26 (Special). Employes of many of the financial and industrial firms received Christmas presents in their pay envelopes in the form of life insurance policies, to go into effect with the new year. An agent for one insurance company which wrote many of these policies es- timated 500 Baltimore firms, with an average of 100 on’ each pay roll, have taken out such group policies. . In most cases employes are paying a share of the premium, the balance be- ing the Christmas gift from the firms. PLAN TRADE MEETING. BALTIMORE, December 26 (Special). —Oscar K. Davis and his assistant, G. L. Harding, of the National Foreign Trade Council, will come to Baltimore tomorrow from the New York head- quarters to confer with officials of the Association of Commerce and others in- terested in the National Foreign Trade Convention to be held in Baltimore on April 17, 18 and 19 of next year. Many organizations of the city are planning to co-operate with the com- merce body to assure the success of the convention. nicluding the Export Man- agers’ Club, it was stated. Warning on Production. NEW YORK, December 26 (Special). —In the December summary of the current crop situation, the Department of Agriculture voices a warning to farmers that agricultural expansion must be tempered by the recollection thatpopulation is not increasing at as great a rate as formerly. Inevitably some of the important crops were larger than the average and some smaller. The livestock industries have been a large factor in substaining the general price level of farm products this Fall. The action of Congress in regard to farm relief, whatever method may eventually be worked out, is anxiously awaited. ——— @ift for Employes. NEW YORK, December 26 (#).— Gulf Refining Co. of Houston, a sub- sidiary of Gulf Oil Corporation, has 24 ? 8 o'clock this morning.. Mr. Minor spe- clalized in the treatment of tubercu- losis. ;fl studies (:;\ the dlsel:e are ngrrd as classics in medical lore. . Minor's death was attributed to heart disease. A week ago he returned to Asheville to spend the Christmas hol- Yor! Dr. Minor is su‘rvlved by his widow, the former Miss Mary McDowell Ven- able of Virginia, and three children— Dr. John Minor, Washington, D. Mrs. Fauntleroy Ball of Columbia, S. C., and Mrs. Paul Barringer of Locust Valley, Long Island. Funeral services will be held at Trin- ity Episcopal Church here, at 3:30 o'clock tomorrow afternoon. The body '8 A.. 3612 38% 853 will be sent to New York-for burial-in 8459 10114 101% 1011 Groenwgipd Cemeterys 2028 B FEERS 1 8 1171 1008 O Ohio 1306 Vacuum 011 9735 16 Abitibl P & P 55 A.. 862 88 1Alliek P K 8s 1alum Co Amer sold its employes $18,000,000 in Gulf Oll stock at $80 a share, the company paying one-third of the as & Christmas gift. The stock is now sell- ing on the New York Curb Market around $143. PARIS BOURSE PRICES. PARIS, December 26 (#)—Prices were firm on the Bourse today; 3 per cent rentes, 67 francs; 5 per cent loan, 95 francs 85 centimes. Exchange on London, 123 francs. 99 centimes. The dollar was quoted at 25 francs, 54': centimes. In present-day Germany there are 30,000,000 males and 32,500,000 fe- 1 o . IAD. oy COTTON IS HIGHER ON INITIAL SALES Trade Buying Follows Reports of Stiffening in Spot Market. By the Assoclated Press. $ NEW YORK, December 26.—The cot- ton market opened 3 to 5 points highe: on cu\'erln% combined with some local and trade buying, accompanied by talk of a probable gradual stiffening up of Southern spot markets now that Christ- mas is passed. There were no cables to influence sentiment either way, as Liverpool does not reopen for bus! until tomorrow. The chief feature was the issuance of Jan notices, esti- mated at about 45.20“0‘%1::. January liquidation seemed to be absorbed by trade buying or covering. While trading was quiet, prices held. steady, with January selling up to 20.28 and May to 20.33 by the end of the first gln;xr. or about 7 to 11 points net T WHEAT IS LOWER IN EARLY DEALINGS Absence of Demand and Selling Movement Causes Price Drop. By the Associated Press. CHICAGO, December 26.—With the Liverpool wheat market closed until to- morrow, and no big demand for wheat in sight anywhere, wheat values here underwent an early setback today. Wheat selling here was led by houses with connections Northwest. Opening unchanged to Y, off, wheat afterward | showed moderate declines all around. Corn and oats displayed relative firm-- ness, with corn starting at Y, lower to s advanced, and subsequently holding near to initial figures. 2 Provisions kept about steady. Wheat bears today continued to em< phasize expectance that enlarged move-~- ment of newly harvested wheat from’ the Southern Hemisphere would bring about more general pressure on the selling side of the market. Meanwhile, advices were at hand that English mil= lers were bidding ldvmed' rices be- cause reserve stocks of wheat in Great Britain were light, the zheat onwoceln' non-European countries as- sumed importance and were likely to O ihera seials of in_Chicago corn in today, 407 cars, together with favorabls we“h"t for mmt‘:“ oiut:;eeorn crop, a comparative effect on the market. Small of deliveries needed to fill the of December contracts here a sustain- Teports GUrrent (A of deiayed. husking n o and of fields and roads in such shape that made fast work difficult. Mortgage ?"oney Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street Main 475 Money to Loan Secured by first deed of trust on real estate. Prevailing Interest and co: Joseph L. Weller 2% L. & Trust * & FNW LEHMAN'’S TIRE SHOP 12th & K N.W. ~ First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, l“-/ and Construction Loan Applications Invited at 5%2% Glover & Flather 1508 H St. N.W. Main 1753 On Improved Property in Maryland and District of Columbia 6% Interest No Commission Charges R BROQ | REALTORS 809 15th Street N.W. Main 9486 Mortyage Loan Correspondent Metropolitan Life Insurance Company Money for “irst Mo'rtgage_s/ In the event of your wanting a loan to build a home, an apartment house or a business building — or for .re- financing—the cation will be prompt consideration. If granted the money b e c o mes immediately available. and Commission B. F. SAUL CO. 925 15th St.—M. 2100