Evening Star Newspaper, December 27, 1928, Page 13

NG STAR, WASHINGTON 13 SL0fS HURSDAY, DECEMBER 27, 192 13 CURB STOCKS SHOW |EFFECT OF SELLING [Traders Reduce Holdings as | Credit Situation Tightens. | Utilities Exception. f BY WILLIAM F. HEFFERNAN. Bpecial Dispatch to The Star. NEW YORK, December 27.—The fnain body of stocks on the Curb Ex- fhange today was influenced by the flevelopments in the credit situation. With the year-end strain in money fefinitely asserting itself, the disposi- lon was to lighten speculative holdings, Ithough the selling was orde: | There were the usual exceptions to| fhe general trend, but where st ¥moved higher the advances were | limited. The place of prominence was imaintained by the new Ford Motor, Ltd.,, which again moved forward to the highest since listed. Opening on a block of 30,000 shares at 23%, the price compared with the previous final of 22Y;, and subsequently pushed through 24. Having appreciated in market value fmore than 300 per cent from the price at which it was offered for public subscription it was plainly evident that the fld\ancfl was due to x‘nlhm:‘, more than the technical conditi in the merket for the s question in the mind of the s element was how long this cou tinue before the necessary correcti action set in. The more conser had in mind the sequels to the unwar- ranted speculation for the rise in both Bancitaly shares and Canadian Marconi ‘earlier in the year and viewed with isgivings what was now taking place Ford Motors, Ltd. Announcement of plans for extensive jeorporate changes by directors of realty associates, which are expected to in- clude declaration of a 900 per cent stock dividend, failed to have any material eflect upon the market for the stock. At 481 the price was a point above the previous final. Some of the utilities resisted thn gelling better than other issues, notably American Super Power issues, Middle West Utilit: the Commonwealth Edison. The last named at 227 was at a new high and up 11 points on the day. Mining issues failed to be influenced by the further advance in the price for export copper. DING’ LAUDS NEWS WORK Cartoonist Sees Newspaper Office as Best Training School. IOWA CITY, Iowa (#).—J. N. Dar- ling, the cartoonist, best known as “Ding,” calls two vears in a newspaper office “the best post-graduate course” for “any profession.” It offers oportunities for self-expres- sion, he told a luncheon club here, and initiative that come in most professions after several years’ experience. “In my 12 years’ experience as a car- toonist I never have been asked to curb my convictions or to change my policy,” said Darling. AMERICAN ICE EXTRA. NEW YORK, December 27, (Special). —The American Ice Co. has declared an extra dividend of $1 on the com- mon stock and the regular quarterly dividends of 50 cents on the common and $1.50 on the preferred, all payable January 25 to stockholders of record January 7. Earnings have established a record.this yesr CHICAGO LIVE STOCK MARKET CHICAGO, December 27 (£ (U. S. ‘Department of Agriculture) —Hogs— Receipts, 50,000 head; market opened 10a15 lower; later trade mostly 25a35 lower; top, 9.00 paid early for load of 200-pound butchers; medium to choice 250-300 pounds, 8.5028.95; 200-250 pounds, 8.50a9.00; 160-200 pounds, 8.50 IDW' 130-160 gunds 8.0028.85; pack- ing sows, 7.60a8.25; pigs, medium to choice, 90-130 pounds, 7.25a8.50. Cattle—Receipts, 7,000 head. Calves —Receipts, 2,000 head. Weighty steers slow, except on meager supply of choice offerings; light steers and yearlings along with fat she stock and bulls strong to 25 higher; vealers, 1.00 up; speeialty yearlings and heavy steers, 17.00 and 16.75, respectively; slaughter classes, steers, good and choice, 1,300- 1,500 pounds, 13.25a16.0f 1,100-1,300 pounds, 13.25a16.25; 950-1,100 pounds, 13.00816.75; common and medium, 850 up, 9.00a13.25; fed yearlings, and choice, 750-950 pounds, 12.75 a1525; heifers, good and choice, 850 pounds down, 11.00a14.00; common and medium, 8.00a11.35. Cows, good and choice, 8.75a11.25; common and medium, 6.7528.75; low cutter and cutter, 5.75a6.75. Bulls, good and choice (beef), 9.50a11.50; cutter to medium, 7.5029.50. Vealers (milk fed), good and choice, 14.50a16.50; medium, 13.00a14.50; cull and common, 7.50a 13.00. Stocker and feeder steers, good and choice (all weights), 10.50a12.00; common and medium, 8.50&10.50. BSheep—Receipts, 14,000 hea trade unevenly steady; light and moder- ately sorted lambs, 14.75a15.00; closely sorted kinds, 15.25; extreme top, 15.5 top fat ewes, 8.00. Lambs, good and choice, 92 pounds down, 14.15a15.50; medium, 12.50a14.15; cull and com- mon, 9.00a12.50; ewes, medium to choice 150 pounds down, 5.50a8.00; cull ‘and common, 2.25a6.00. Feeder lambs, good and choice, 13.00214.50. e TREASURY CERTIFICATES. (Reported by J. & W. Seli FateMatuity, Mar. ¥ OREIGN EXCHANGE (Quotations furrished by W. B. Hibbs & Co.) Nominal gold Selling checks value (ot o ay. ar). London, pound 1665 oday. 84852 ) 11 Zurieh, franc. Athens, drachim: Madrid, peseta.. Vienna, schilling Budapest, peno. Erague; crown « SHOR’T-TEBM SECfiR}TIES. (Reported by J & W. Seligman & Co) Allis-Chalmers Co. 55 1937 Alaminum Co; of Amer. 55 19 ‘American Tel 451929 ARwconda Copper 65 1929 Balto. & Ohio 4':s 1933 Bagevian Fet. corp. 433 "igd2; Tel. Canada 5s 1955 Balitornia bet. Corp. sias 1638 Gamadian Nat. Ruy. dizs 1030, Camadian Nor! Rwy. 42¢3 1930, S0 TRy, 413s 1030, Shicavo Rock Isiand 45 1934. - Colorado & Sou. Rwy. 4s 1929 Columbia Gas & Elec, 5s 1952 Cudahy Packing 5155 1937 Falson, EL. Il Boston 4123 1930 Gen. Mot. Accep. Corp. 6s 1937 General Pet. Corp. 5 1940, Goodyear T. & R. 55 1957 G Trunk of C a vift' & Co. Unign 0l Co. of Call DO Eetiang Cor biat 1935 1 Wentern Electric Go. 58 1944, 1. estinghouse Bl & M. 5s 1045 Wheeling Steel Corp. 5ias 1048, 100 Sales in hundreds. Received by Private Wire Special Dispatch to The Star. NEW YORK, December 27.—Follow- ing is a list of stocks and bonds traded in on the New York Curb Market today: INDUSTRIALS. High. Low. N 187, 1813 Sales in hundreds. oom. 5 Aco 18} 1 an 1 Goldbers stores 2 4 Gotham Kaith Mach D S ¥ 2 Lack: L Fon 32 T 5 Leh Co - 1557 MA 7 it B 0 £on 6'> Libb Owens Sh 178% 175 1751 1 Mapes Cons Mg 0" 40 i 71 Marconi Intl Mar 13‘ 27 Marc Wire Lond B. 22'% ’YB jon_Steam Shov. ng‘ 5915 i 29 (3 0% g 3 257 ‘l‘ll B d 23 T8 4 4834 143% 113’ 1437 smuer ‘Deniai i 5 Roch Cent Pow 6s Bf 42': b1t 3 Ruberoid .. 96%s 96 Sta NEW YORK CURB MARKET Direct to The Star Office Sales in thousands. 31 BONDS. Abitibl P & P 5s A. w 4las 3Snider Pack 65 . 5 Solvay Amer 55 A 8 Southeast P&L’ 65 10Sou Cel Ed 5 15 Ger Cons Mun Com 6'3s A. § Indt M Bk Finl' 7s... 5 Isarco Hyd Elec ki 5 Isotta_Frasch 7s w 3 Monteviden 05 A # Nippon " Elec 613! e § Sntres 11 s 136 wa.. 89 10ni"Elec Serv s A. 111!. 115% 120nt Ind 8 : 8912 89%% 13 0n1 S0 Wi 6k AL 81 81 xd—-!x-mvld nd, wi-When issued. WW—With warrants. CONVENTION OPENED BY BACTERIOLOGISTS Richmond Mayor Greets American Society Delegates &t Thirteenth Annual Session. By the Assoclated Press. RICHMOND, Va., December 27.— Assembling delegates from all parts of the country, the thirtieth annual con- vention of the Sociefy of ‘American Bacteriologists opened its three-day session here today. Mayor J. Fulmer Bright delivered the address of welcome. Business meetings were held through- put the day with a public gathering programmed tonight for the address of Prof. C. E. A. Winslow, professor of public health in Yale University Medical School, on the “Significance of Bacterlology.” Alice C. Evans of the United States Hygenic Laboratory, president of the society, is to speak tomorrow night at the annual banquet which will conclude 6° 3 5 7 Transcon Air Tiss.. 24, 23% 23% 7Trans Lux Pict. 4% 4 4% 3 Truax Traer Co: L 1Tulip’ Cup o Sl A Sol L : 9 1 Woodworth 13 Zonite MINING sToCKS 1 Carnegie Metals .... 73 om “4un & Draii Sales in _ STANDARD OIL ISSUES AND units. FORMER SUBSIDIARIES—STOC! 100 Auzlo Am O A A O non vte. CKS. 4 liam F. Kerwin has been elected wor« * | eggplants, a day’s program filled with group meet- ings and a general business assembly. Group discussions are programmed for the final day. e R S R Lodge Officers Elected. Special Dispatch to The Star. POTOMAC, Va,, December 27.—Wil shipful master of Henry Knox Field Lodge of Masons, with George M. Carr, senior warden; J. Frank Moriarty, Junior warden; H. Joseph Price, t.reas- urer; R. Léon Eddington, secretary, Roy Dale, senior deacon; W. E. Sellers, senior steward, and William Morgan, junior steward. Percy E. Clift of Alex- andria, district deputy grand master of district No. 2, installed the newly elect- ed officers, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, December 27.-- Potatoes, white, 100-pounds, 1.00a1.25; sweet. potm.oes barrel, 1.50a2.! bushel 75a1.50; yams, ban'el 1.75a2.75; beuns, bushel, 3.0024.00; beeh! 100, 4.00a6.00; broccoli, bushel, 60a75; brussels sprouts, quart, 10a20; cabbage, ton, 30.00a40.00; carrots, 100, 4.00a5.00; celery, crate, 1.50a3.00; cucumbers, bushel, 4.00a6.00; crate, 5.00a7.50; lettuce, bushel, 75a1.50; onions, 100 pounds, 1.50a4.50; peppers, crate, 4.00a8.00; | equash, crate, 400a5.00; savoy cabbag=, | bushel, 75a90; spinach, bushel, 50a75; tomatoes, crate, 200a4.00; turnips, bas- ket, 25a35. Apples, bushel, 1.00a2.00; cranberries, one-half box, 8.00a10.00; grape fruit, box, 2.0024.00; oranges, box, 2.50a4.50; tangerines, one-half strap, 2.00a3.50. Dairy Market. Live poultry—Turkeys, pound, 40a45; old, 33a38; Spring chickens, 20a28; Leg- horns, 20a25; old hens, 22a30; Leg- horns, 22a24; small and poor, 20; old roosters, 17a20; ducks, 25a30; small, 20; | geese, 25a30; guinea fowls, each, 40a 80: pigeons, pair, 30. Dressed pouitry—Turkeys, pound, 40a 45; old, 35a40; young chickens, 30a: ()ld nd mixed, 25a30; old roosters, 20; s, 25a20; gees | Eggs—Receipts, | and nearby, free cases, dozen, firsts, 42; current receipts, 40; butter, good to fancy, creamery, pound, 48a53; prints, 53a55; blocks, 51a53; ladles, 38a :ga store packed, 33; process butter, Hay and Grain Prices, ‘Wheat—No. 2 red Winter, garlicky, spot, 1.30; December delivery, 1.30. Corn—No. 2 export, December de- livery, 99%:; No. 2 yellow, 1.01a1.02; cob corn, 4.75a4.85. Oats—No. 2 white, domestic, spot, 5715a58; No. 3 white, domestic, spot, 56a57. Rye—Nearby, 1.15a1.25. Hay—Receipts, none. While hay is arriving here in limited quantities only, it is more than ample for the demand, which is being supplied mostly by truck from nearby points, few carloads being received. There is not enough business 1300 At Lobos pid L. 100 Imp passing to establish priees on the vari- ous kinds on merit at a range of 16.00a 18.50 per ton of timothy and clover hay. Straw—No. 1 wheat, 11.00a12.00 per «s/. ton; No. 1 oat, 12.00a13.00 per ton, MARINE PRODUCTS IN'LIGHT DEMAND Oysters, Frozen Fish and Shrimp on Display at D. C. Market. Marine products were in light de- mand at Municipal Fish Market this morning, a condition dealers naturally expected during the holiday week. Re- ceipts were correspondingly light, deal- ers reported, and prices probably would have been much higher had the demand been heavier. Oysters continued plentiful, dealers reported, dredgers apparently not hav- ing taken off their accustomed Ch: mas holiday this season. Shell i sold at $1.50 and $2 a bushel, Norfolk | stock selling slightly higher. | Dealers had ample supplies of frozen | fish from the North to offer the trade | at prices that prevailed last week. Among them were quantities of Cana. dian smelts that proved a good seller at 25 cents a pound. Shrimp Supplies. Supplies of shrimp from Florida were offered the trade, the green shrimp selling at 25 and the cooked at 50 cents a pound. There were some trout and kingfish from North Carolina_waters, but receipts from the lower Potomac were so small that dealers were scarcely able to quote prices s along all 1 tock was reported of most com- v ally the same as prices reported during the holiday mar- keL Christmas eve. A slight stiffening of the egg market was Teported this morning, due, it is be- lieved, to haulers remaining at home to enjoy the holiday season. Heavier re- ceipts before the close of the week's market are anticipated. Hennery eggs this morning were quoted at 45, fresh selected at 43 and 44, and current receipts at 38. Poultry dealers had fairly large quantities of turkeys on hand, but chickens, in greater demand, were a trifle higher. ‘Wholesale fruit and vegetable dealers continued with their attractive displays of commodities from all sections of the country. They had strawberries, oranges, tangerines and persimmons among their fruit displays, while new lima beans from Cuba was the leader in the vegetable market. ' The beans from Cuba were offered at $6 and $7 a bushel and were said to be of excellent quality and the pods well filled. Kale and spinach, received from Norfolk, found ready sale, the former at $1.75 and $2 and the latter at $2.25 and $250 a barrel. Prices Slightly Higher. i Butter—One-pound prints, 40%a50%;; tub, 48%;a493,; store-packed, 30835. Eggs—Hennery, 45; fresh, selected, 43a44; current receipts, 38. Poultry—Alive: Turkeys, 38a4 Spring chickens, 28; Leghorns, 2 fowls, 25; rooste: 19a20; ducks, 2. geese, 20a25; keats, young, 60a80; old, 30. Dressed—Turkeys, 40a45; Spring | chickens, 30a32; L<ghom= 28a30; fowls, 28a30; capons, large, 45248; small, 38a40; ducks, 30; geese, 30; keats, young 8021.00. Meats—Beef, top, medium, 21%a .| pound sacks round whst, U. 8. No. 1, 23; common, 17a18; veal, 25a27; lamb, 28; pork loins, 22a24; fresh hams, Zla 2. fresh shoulders, 18a19; smoked haxmx, 25a26; smoked shoulders, 18; bacon, 20a22; lard, in tins, 12%; in ackages, 1312 pLivé‘estock——Calves 16; lambs, 13al4. 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 dull; barrels, Virginia, un- classified Staymans, 21> inches up, 4. 50; U. S. No. 1, 2, inches up, Black Twigs, 4.50; boxes, Wnshlngton. medium to large size, extra fancy. Delicious, 3.25a 3.50; extra, fancy Romes, Stayman: 2.50; extra fancy Jonathans, 2.00a2.2: bushel baskets, Virginia and Pennsyl- vania, U. S. No. 1, 212 inches up, Stay- mans, 1.50. Cabbage—Supplies moderate; demand light, market steady; New York, Danish type, 90-pound sacks, few sales, 2.50; South Carolina, barrel crates, pointed type. 3.50a3.75; fair condition low as 0; 1 bushel ‘hampers, pointed type, 2 25 Celery—Supplies light; demand ll% market steady; California, crates, 26.50; few fancy higher. Lettuce—Western stock, supplies lib- eral; demand light, ‘market slightly weaker; Arizona, crates, Iceberg type, 4-5 dozen, 3.50a3.75; leafy low as 3.00. Southern stock, supplies light; demand light, market dull; Florida, 1%;-bushel hampers, Big Boston type. fair quality and condition, 1.15a1.25. Onions—supplies light; demand light, market steady; Michigan and Ohio, 100- pound sacks Yellows, U. S. No. 1, me- dium to large size, 4.75a5.00. Potatoes—Supplies ~ liberal; _demand light, market about steady; Pennsyl- vania, 150-pound sacks round whites, U. 8. No. 1, 2.00a2.10; New_York, 150~ 2.16a2.25; Michigan, 150-pound sacks russet rurals, U. S. No. 1, 2.15a2.25. Spinach—Supplies Iiber demand light, market slightly weaker; Virginia, Norfolk section; veneer barrels, Savoy type, 2.75a3.00; Texas, bushel baskets, Savoy type, 1.35. String beans—Supplies moderate; demand light, market slightly weaker; Florida, 7g-bushel hampers; green, stringless, 3.75a4.00; Black Valentines, 3.00. Peppers — Supplies light; demand light, market steady; Florida, pepper crates, 8.00a9.00; choice, 6.00a7.00. Squash—supplies light; ~ demand ngm market steady; Florida, pepper whites; wrapped, fancy, 5.50a Cucumbers—supplles very light; de- mand limited, market steady; Florida, 7a-bushel hampers, fancy, 6.00. Eggplant—Supplies very light; few sales reported to quote. Peas—Supplies light; demand light, market steady; Mexico, 40-pound crates, 6.2526.50. Tomatoes—Supplies light; demand moderate, market steady; Florida, sixes, too ripes and turning, wrapped, fancy count, 5.50a6.00; choice count, 4.00a 4.50; few 5.00. Strawberries—Supplies light; demand slow, market slightly weaker; Florida, pony refrigerators, Missionarys, 60a75 per quart, Cauliflower—Supplies moderate; de- mand light, market steady; California, pony crates, 2.50. Beets—Supplies light; demand light, market dull; Texas, Western lettuce crates, bunched, 5 dozen, 4.00; few highor. Carrots—Supplies light; demand light,.| market steady; California, Western lettuce crates, 3.50a3.75. Oranges—Supplies moderate; demand light, market steady; Florida, boxes, No. 1, medium size, mostly 4.00; few fancy higher; No. 2, 3.25a3.50. Grapefruit—sSupplies light; demand light, market dull; few sales; Florida, boxes, No. 1, medium to large size, 3.50 24.00; small size, 3.0023.25; medium size, No. 2, 3.00. Financial Agency to Close. MEXICO CITY, December 27 (#).— The treasury department announced to- dey that the Mexican government's financial agency at New York will be closed on January 1. All financial transactions after that date will be handled through the consul general. Stock Rights Decision. NEW YORK, December 27 (#).—The New York Stock Exchange announces Mengel Co.'s common and Atchison, Topeka & Santa Fe stock will be traded ex-rights on December 28, BY KENNETH S. VAN STRUM. NEW YORK, December 27.—1In spite of the fact that the market for new securities has received a severe jolt this year, it looks as though the total amount of new stocks and bonds issued will closely approach the record levels of last year. The most interesting differ- ence is that in recent years over 75 per cent of the new securities have been bonds and only 25 per cent stocks. This year the figures will probably show about 55 per cent bonds and 45 per cent stocks. Stocks have gained on bonds, although bonds are still in the majority. Back in 1923, when around $257- 700,000 new securities were issued each nonth, 77.1 per cent were bonds end 9 per cent stocks. Although the vol- ume of busin increased rapidly dur- ing the next four years, these relative proportions did not change materially, for in 1927, with $628,500,000 new se- curities offered monthly, 76.7 per cent were bonds and 23.3 per cent stocks. ‘Thus, while the volume of securities of- fered to the buying public had more than doubled, the popularity of bonds had grown with the greater demand for stocks. This was rather remarkable, in view of the fact that during that period the popularity of stocks as permanent investments had grown by leaps and bounds, and one would naturally have expected that a larger percentage of stocks would be turned out. Tables Are Turned. ‘This year, for the first time, there have been some radical changes in the proportions. During the e ‘months of the year bonds maintained their su- premacy fairly well, but in the early Spring new bond issues began to fall, while stocks increased. By July the old relationship had almost reversed, with only 36 per cent bonds and 64 per cent stocks. Since then a larger proportion of bonds have been issued, but as yet they have not regained the wide mar- gin of leadership held for so many years. It looks as though 1928 will Produice 55 per cent new bonds to 45 per cent new stocks. As yet it is too early to decide whether or not stocks have increased in public favor at the expense of bonds. In appraising the situation several fac- tors must be considered. Investment bankers realize that new securitiés can’best be floated on a ris- ing market. A bull market creates a public interest and confidence in new security offerings of stocks and bonds; a falling market puts buyers in a pessi- mistic frame of mind. Because bonds are more stable and the demand is steadier, new issues of bonds are not so radically affected by a falling mar- ket, but it is extremely difficult to sell new issues of stocks when the market is declining. Since 1923 up to the first of this year both the bond and stock markets have risen steadily. While the number of new securities has increased rapidly throughout the period, the proportion of stocks to bonds remained about the same—one stock to three bonds. Credit Stringency Upsets Bond Market. Early th% Spring, however, the situ- ation changed. The Reserve banks de- cided that too much money was being employed for speculative purposes in the stock market and began to tighten credit by raising the rediscount rate and selling Government _securities. Bonds are always first to feel the effect f tighter money, and after April bond s declined sharply. On the other hand, since the business outlook was rapidly improving, stock prices contin- ued to rise. At this point the old ratio of 75 per cent bonds and 25 per cent stocks was upset, for the declining bond market was unfavorable to the issuance of new bonds, while rising stock prices led to a record volume of new stock flotations. During the last few months only about 41 per cent of the new issues have been bonds, with 59 per cent stocks. The pressure brought to bear on the credit situation has caused an artificial situation, which most authorities believe cannot last. Normally stock and bond prices move together, and today ab- normal credit conditions have caused COTTON PRICES DROP IN EARLY DEALINGS Market Opens Slightly Lower Fol- lowing Disappointing Cables. By the Associated Press. NEW YORK, December 27.—Prices opened 1 to 4 points lower on the cot- ton market today in response to rather disappointing Liverpool cables and some near month liquidation, due to the cir- culation of a few additional January notices. The offerings were well enough taken to give the market a fairly steady undertone, however. Trading was quiet after the call, with prices holding around 20.20 for March and 19.93 for July at the end of the first half hour, or within a point or two of yesterday's closing quotations. Private cables said there had been London, Bombay and local liquidation in the Liverpool mar- ket absorbed by trade calling on the decline and that business in the cloth and yarn market had not been fully re- sumed following the holiday. POTATO MARKET DULL. CHICAGO, December 27 (#) (United States Department of Agriculture).— Potatoes—Receipts, 39 cars; on track, 168; total United States shipments, 325 cars; trading slow, market dull, Wis- consin sacked round whites, 80a1.00; fancy shade higher; Minnesota-North Dakota sacked round whites, 80a90; Idaho sacked russets, 1.45al1.65; fancy, 1.70a1.80. Buys Theater amin Stock. NEW YORK, December 27 (#).— Paramount-Famous-Lasky Corporation has acquired privately 60,000 additional voting trust certificates of Balaban & Katz Corporation, Chicago theater chain, giving Paramount 87!, per cent of the corporation’s outstanding voting trust certificates. Paramount issued 1.6 shares of its new stock for each Bala- ban & Katz share. bonds to decline, while stocks have con- tinued upwards. It is not to be expected that this will continue indefinitely. ‘When the stock and bond markets again move together and public interest is more evenly divided, it is probable that a lndrger proportion of bonds will be is- sued. (Copyright, 1928.) CORN PRICES GAIN ON INITIAL SALES Active Buying and Small Receipts Start Upward Swing. Wheat Steady. CHICAGO, December 27. — Active buying of corn and fresh advances in price went together early today, but selling broadened out on the upturns. Receipts of corn here were meager, 209 cars, and rural offerings were mostly above the market. Opening at 13 off to % up, corn subsequently at times showed gains all around. Wheat start- ed at 15 decline to '3 advance and afterward held near to initial figures. Oats were firm. Provisions kept about steady. Bulls in corn had the advantage much of the time today, but the mar- ket was by no means altogether one- sided. One of the striking features was that a house with export connections sold December delivery of corn and bought May. Meanwhile deliveries on December contracts here were at a minimum, arrivals small and the coun- try giving evidence of reluctance to part with holdings. Some aggressive selling of wheat was done here today, apparently for Win- nipeg account. Bears put stress on the fact that the domestic visible supply is the heaviest ever known — 50,000,000 bushels more than last year—and that prices here are above world parity. ia Stock Increase Voted. NEW YORK, December 27 (#).— Steckholders of J. C. Penney Co. of New York today authorized increasing the common stock to 3,000,000 shares from 1,250,000 This paves the way for offering to common stockholders two new shares at $7 a share for each com- mon share hel SILVER QUOTATIONS. NEW YORK, December 27 (#)—Bar silver, 57%; Mexican dollars, 43% NEW YORK BANK CLEARINGS. NEW_YORK, December 27 (Special). —New York bank clearings, $1,423,000,- 000; New York bank balances, $179.- 000,000; New York Federal Reserve credit balance, $120,000,000. Friday Is the Second Big Day of the Greatest Sale Event Sigmund Ever Announced at This Time of Year Bargain Basement Specials! Usually you would have to wait until the first of the year for but we're going to clean house early for yourself of these extraordinary Savings Opportunities . . . and we advise you to come early for best choice. Slashing Reductions on WINTER COATS. ?Fur-Trimmed Winter Coats That For- merly Sold Frem $13.85 to $16.85 Reducedto...................... GROUP No. 1 ) Fur-Tr GROUP No. 2 GROUP No. 3 ) to $6.50. A Sigmund Basement Special Raincoats A special purchase en- ables us to offer th waterproof Raincoats of thor- oughly Rubberized fabric at this price. reductions like these . . 1929 so come in and av ILLIITIIL ISP 1L 1 LLIE LT LI I AT P 2L T AL AT 7 VLA IIILLEL I L1 LI AL LI LTS 1L LTI P AL Fur-Trimmed Winter Coats That Formerly $18.85 to $25 Reduced to. . . .. e L 2 P 22T Equally Sensational Reductions on NEW SILK DRESSES, 279 High-Shade Flat Crepe FROCKS! Formerly Scld From $6.50 to $8.90. Reduced Basement—Coats. mmed Winter Coats That Formerly Sold From $16.85 to $18.85 Reduced to Sold From 327 Stunning Silk FROCKS! Formerly Sold From $5 Reduced to Almost Cost Price. Sigmund—Bargain Basement—Dresses 3.88 A Sigmund Basement Special Fur Fabric Coats trimmings. 9.5 fur lmed Very -pocully LILLLIEII I LTIV 2 1L A AL ISR E LA LA AL $13.85 (L1712 1 1111 A IIII I AT LTI DI I LA LI LIS T L P AL 21101V $16.%5 DAYS o Super SAVINGS | 10 N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N Most Sensaticnally. Sigmund—Bargain Basement—Dresses A Sigmund Basement Special Sport Coats Our regular $7.50 coats at this special price. Light smart, dura- ble, practical HAT! nery b lar Basement Hat Department. You'll find every mew style and color in smart modes for Misses and Women, in large and small head si duced, in many cases, to less than actual cost. N7 Every Basement 97 Were Selling at $1.98 and $2.39 Here's the greatest milli- reduction we' ble to offer in this popu- And re- Basement—Hats A Sigmund Basement Special Underwear Shpn, step-ins, blmmn-.