Evening Star Newspaper, December 31, 1928, Page 11

ADVANCE I R PRIGES CONTIE Bome Issues Establish New| High Records, Utilities Are Active. s o s, BY WILLIAM F. HEFFERNAN, Bpecial Dispatch to The Star. NEW YORK, December 31.—Higher rices were the rule on ‘the Curb Ex- | hange today. Operations for the 1ise | centered in which had been | among the leaders at intervals last high records were estab- dmar hs g, the first time; and Dominion ts around 162. | utilities continued prominent ership of American and “B,” both new high price: were led by Avia which went 1 ground at 351 Ne gained over 2 Were for the most part I [Btores, up almost 2 poir Public pnder X Power ached Super of which Airplane ion Co. new high ont M Oil sh BY KENNETH S. V NEW YORK, Decem the first half of the I year the sharp recovery came to a halt and a sli r' curred. But by rsday noon the bot- tom of the reaction was reached and rices again advanced sharply, reach- ng new high levels by the close of the week. 31—During of the | Stocks Ignore “Money Squeeze.” Undoubtedly call money rates caused fmore uncertainty during the week than mny other factor. It has been widely heralded that a year-end “money Equeeze" was coming, but the market ad largely discounted the high rates When they came. According to predic- tions, call money on Monday was 9 per cent and the day after Christmas 11 per cent. But to show how optimistically the market is now taking high money rates compared with ecarlier in the month, on Thursday while money was A0 per cent stocks fell sha but the idecline was actually stopped when call money went to 12 per cent around noon. JAll Thursday afternoon and Friday the rate remained at 12 per cent and stocks rose sharply. One naturally wonders if the lower rates expected aftér the turn of the year will bring falling stock prices. But still the best advice -in Wall Street seems to be that stocks cannot continue to advance in the face of high money rates, and that it will take easier rates after the first of the year 1§ bring about a broad advance in stocks. Even now, while the industrials have regained practically all of the ground lost in the reaction, the rails have recovered only one, half their loss. In recent years easy mdney has meant more to a good rail market than it has to the industrials. Copper Situation Improves. . From a stock market point of view one of the outstanding developments of last week has been the advance in the price of copper from 16 cents to 161 cents. The copper situation is strong, and most producers are expecting a further advance of ¥4 cent in the next few days, and possibly to 17 cents before the end of January. They say that there is little chance of copper prices declining before next Summer, and some are even more optimistic than that. In the meantime the earning position of the leading copper producers, such as Anaconda, Kennecott, Calumet & Hecla, Phelps-Dodge, and others, continues to improve. New York curb prices last week were irregular, a relaxation after the sharp advance of the preceding week. Utility stocks showed good gains, but as a whole curb prices did not advance as 51 3D 13 9 13 9 s 20 e B s 2 B0 T 008 gt D B 0 16 N 4 N 2 Ps SAN_ FRANCISCO \ PHILADELPHIA ST. LOUIS ?\\ 7Y o BOSTON .1‘\ # CLEVELAND - DETROIT ‘:’}"&fii CHICAGO Koo~ Ponomcn BALTIMORE (o NOIN_en CINCINNATI o PO PITTSBURGH Nov rongly as prices on the stock ex- ange. Notwithstanding the hesitancy bf last week, however, leading curb stocks used in the chart are selling higher than before the carly December break, while leading stock exchange issues are now just approaching their former highs after a week's fairly steady climbing. Stocks Follow Local Conditions. Reports from local exchanges last week again proved that stocks on local mar- kets do not move together unless there is a violent reaction in the New York market. During the December reaction prices throughout the country moved in unison for the first time in many months. Last week, however, while New York prices were advancing, local stocks remained about the same except in Cleveland. The Cleveland Exchange has more tire stocks than any ot local exchange and last week prices there responded vigorously to the sharp advances in tire stocks in’ New York. ‘While the trend of local stock prices 1s not yet available over a long period, one of the most striking features is that local stocks respond to busir conditions in each particular locality, as contrasted with New York, where many more industries are represented and stocks fluctuate more closely with general business conditions. In New York, too, the trend is apt to be more confused, since more businesses are in- volved. One thing is certain, that in- [ 3 wvestors can well afford to watch local securities, because, being closed to home, they can keep in closer touch with a company’s condition. B 28 Sec Gen Am 3 Sec_ Ge NG STAR, WASHINGTON, D. MONDAY, DECEMBER 31, 1928. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office & G p pfd e A s Sec B a Sec war.. irtis. Fly e For R C Johler Die ¢ G hn D '8 “pfd C St A al a) 1 Walk G &V AC 5 nd Fin xd id. 1 Mapes Cons Mfg. . 28 Marcon! Intl Mar arc Wire Lond B.. M 10 Mayis _Bottling. . 5 Mavis Bottling cas 3 McLellan Stor A € Mead Johnson.... 2 Minne ‘Hon Reg. 3 Mohawk Hud war. r or Sta P ovadel Agi ac G & B D ne T 149 baram Gab Mls - ny en Am 1 Sentry Satety Control n 2 Chief Con: 3 Com Tun & d 1 Serv pfd ! 21 Columbia Synd 25 Columbia Synd Ci 0 Creole Pets 5 Crown R Cent Pete il Pa .. 407, 4 251 9 159 15 26% 26% 247 24% 10 40 2115 20% 22 9 \ Following is a list of stocks and bonds 1 traded in on the New York Curb Market today: LB 25‘2 23’1 48alt Ck Cons... 17 Venezuelan Pei.. ..l 5% in_STANDARD_ OIL ISSUES AND FORMER SUBSIDIARIES—STOCK! 18% 00 Contl 0 Humble 300 Imp O Ind P L 8 1700 Inter Pet 503 300 Nat Transit Penn 400 Prairie P L.......... 2 3500 P'rairie_Pipe ‘Line’ 1 400 South Penn O..... O Ind O Ky new = O Neb.... s 487 505 O Onio 119 1800 Vacuum Gil . 108% Sales in BONDS i 5Ala Pow 4la Allied Pk 83 8 Alum Co Amer 19 Alum Ltd 55 ¢ Se Ser Sei G oGS A 9 Slas I Pow & L 5128 8 Kop Gas & Coke 5s... 10 Lehigh Pow 65 A 9Libby McN & L 55 1Louis Pow & Lt 5s. Memphis Nat Gas 6 fot E ar P C 55 Serv 5 Ele s 0 estern Pow 5aseA 113 2Wheel Stl 4%2s B ., 88% Salesin FOREIGN BONDS. Mor Ba 7s '46 97% s 911, 1 Danish Cons 1Eur Mtg & In 18 Finland 974 (o0 e ) s A 811 M Bk Fin 1011 ias '81 xd—Ex-dividend. wi—When issued. n—New. Ww—With warrants. ATHLETE DROWNS INRESCUE EFFORT After Saving Girl, He Stays in lcy Water After Yale Classmate. CRANFORD, N. J., December 31. Norman S. Hall, Yale athlete, gave his life yesterday in an attempt to save a classmate from drowning after having rescued the classmate’s sister when ice gave way under skaters. Leonard F. Ggnz, a fellow junior with Hall at New Haven, was rescued by Donald Rosencranz, a Boy Scout of Cranford. The foot ball player never rose to the surface after plunging back into the pond in which he, Genz and Genz's younger sister, Vera, had been precipitated when ice crumbled beneath them as they skated. Plunge Into Water. ‘The pond is really a widened portion of a small stream which has current enough to render the ice in its middle insecure. As the three skaters ap- proached midstream they were plunged into about eight feet of water. Hall fought his way with the girl through the thin ice to a point where he could place her upon a solid surface. Without an instant’s hesitation he plunged back after Genz. After Rosen- cranz had pulled out Genz, he dived repeatedly for Hall. Finally the Boy Scout was ordered from the water by firemen. They recovered tne body only after several hours’ effort with grap- pling hooks. Son of Jersey Banker. Hall, 20 years old, was the son of a Neptune, N. J., banker. He had been spending part of his Christmas vaca- tion with the Genz family in Cranford. As a sophomore and a junior at Yale, Hall was a substitute guard on the var- sity foot ball team and was a varsity track star last Spring, his specialties being the shotput and hurdles. Injuries kept him on the sidelines of the grid- iron much of the last season. He earned his letter both as a sophomore and as a junior by playing against Princeton and Harvard. He was the most experi- e{u:ed guard available for next Fall's eleven. Good-Will Flyers at Rio. By Cable to The Star. RIO DE JANEIRO, Brazil, December 31.—The Peruvian good-will aviators, Martinez de Pinillos and Lieut. Ze- garra, landed here last night after a flight of nearly 1,500 miles, much of it over perilous jungles from Montevideo, Uruguay, whence they had departed at dawn. ' They announced that they would continue to New York, with stops en route. They began their flight at Lima, Peru. CHICAGO POULTRY PRICES. CHICAGO, December 31 (#).—Poul- | try—Alive, easy, receipts, six car & fowls, 22a27; Springs, 27; roosters, 20; 4 turkeys, 25; ducks, 25; geese, 18. 2214 COTTON IS STEADY Holidays Cause Restriction in Business. SRR By the Assoclated Press. ton market opened steady at a declin | Business was r abroad, but there appeared to be som trade buying to fix prices and a Jittl | commission housc demand which wa: | of “optimistic opinfons regarding _th | general business outlook for 1929. Jan | July to 19.92, about 2 to 3 Points, and the market wa within a point or two of the best a the end of the first half hour. New Firm Organized. Kirsch Co. has been to take over assets of the Kirsch organize Manu will specialize” in curtain rods and drapery Sturgis, Mich,, with branches in Boston, New Atlanta, Detroit, Chicago, St. Los Angeles and Portland, Oreg. New Construction. NEW YORK, December 31 (4).—Th New York Telephone Co. has appropri. year above $79,000,000. IN OPENING SALES in Foreign Countries NEW YORK, December 31.—The cot- of 2 points to an advance of 4 points. ricted by the holidays orobably prompted by the favorable tone | of year-end reviews and the expression {uary contracts sold up to 20.25 and making net advances of | VEW YORK, December 31 ().—The facturing Corporation, established 23 years ago at Three Rivers, Mich., and 3 the manufacture of ‘hardware. The new company will have plants at and Oakland, Calif., York, Louis, ated an additional $9,904,000 for new | construction, bringing the total for th Special Dispatch to The Star. NEW YORK, December 31.—The present week is expected by Wall Street to establish a record in volume of cash distributed to stockholders and investors | throughout the country in the form of dividends and interest. While accurate figures on the probable turnover are not available, estimates place the aggregate at well over $1,000,000,000. More than a thousand of the Nation's largest cor- porations will make dividend payments on_approximately 1,800 issues of shares. e| In the main, two ors are Te- > | sponsible for making this dividend date s | the largest in the country’s history. One of these is the fact that the end of the year finds business extracrdinarily e | prosperous and industrial production - | proceeding at a record rate. This cir- ance has resulted in increased ends in some cascs and the initi- s | or resumption of dividends in| ¢ | other cases. The other major factor in | the situation is the expansion of cor- | porate business during 1928, first, through the transferring of private e terprise to the corporate form; second, threugh stock split-ups and stock divi- dends, which have increased rapidly the number of shares on which dividends must be paid, and which tend to make for increased cash distributions. In addition to the fact that the prosperity of American corporations | this year will result in larger cash dis- tributions_because there will be more cash available, prosperity affects the volume of dividends in another and less direct manner. In periods of good times, when the volume of business is growing, profits are large and confi- dence prevails, stocks generally come into favor as the medium of corporate e | financing, as against_bonds. Figures | - | compiled” by the Commercial and | Financial Chronicle show that the ratio of stock financing during the year which ends today has been the largest e d 1- e | bution, paying $1.75 on DIVIDENDS TO EXCEED BILLION IN YEAR-END DISTRIBUTION since the war, accounting for 31.1 per cent of all corporate new capital and refunding. As a rule, it is safe to. say that dividend disbursements on each dollar of capital may be expected far to exceed interest disbursements More than 30 corporations will iribute extra cash dividends this we: of §1 a share or more. © as run as high as $5 share. As usual, General Motors heads the g out large sums Stockholders of ve $2.50 a share shares, or $43,500,- ‘The amount of this distribution is the same as that made a year ago. Du Pont de Nemours, which paid $3.75 a share extra a year ago, will distribute $4.75 a share on the same number of shares this year, or a total of $13,422,- 487 in cash distributed, against $10,- 611 r ago. The split-ups of tors and du Pont do not | take effect in time for the new shares to participate in the cash distribution. ‘The United States Steel Corporation will make the third largest cash distri- its common in all. Among the orporations pay- s the ng: Amer & Electrie, $7; Hercules Powde: Manufac- turing, $4.50; West Coast Oil, $3; G. W. Pratt & Lambert, Inc., cco, $1.50; Chese- , $1.50; American Can, $1: American Banknote, $1; Gen- eral Electric, $1; Indiana Pipe Line, $1; Ingersoll-Rand, $1; Leew’s, $1; Na- tional Cash Register, $1; National Sugar Refining, $1; United States Playing Card, $1, and Warren Bros., 1 stock, or $12,453411 paying no e s prominent ing extra c year are t $2; Conti In a few| Steel is Guarantee & Trust, $5; American Surety, $2; Empire Trust, $3; National Bank of Commerce, $2; New York Title & Mortgage, $2, and Union Guaranty & Mortgage, $1.50. The Atlantic Coast Line, Missouri Pacific and Mobile & Ohio are among the raiiroads paying extras. (Copyright, 1928.) POTATO MARKET DULL. CHICAGO, December 31 (#).—(Unit- cd States Department of Agriculture) — ‘I’cm(ot‘s-Recclpts, 150 cars; on track, | 170 cars; total United States shipments, | Saturday 5 trad- ing slow, % £ sacked round whites, 85a1.00: fancy, 1.05a1.10; Minnesota and North Da- | kota sacked round white, 80a90; Idaho | sacked Russets, 1.40al.75; mostly 1.63. —e Orders Locomotives. NEW YORK, December 31 () —New | York Central Railroad has ordered 100 heavy freight locomotives from the American Locomotive Company for de- livery early in 1929. Total costs of the locomotives, which are duplicates of the Mohawk type developed by the Central in 1925, is approximately $9,000,000. — i Petroleum Product. NEW YORE, December 31 (#).—Com- mercial production of crude petroleum in domestic fields for 1928 is estimated 993,632,000 barrels in 1927. Gross do- mestic production is placed at 892,000~ 000 barrels, against 912,000,000 barrels in 1927, Steel Mills Active. NEW YORK, December 31 (/).—Dis- patches from Youngstown, Ohio, say the Valley iron and steel trade enters 1929 with sheet and strip mills operating at capacity and indications of a record Banks paying extras include: Title production during the first quarter. at 883,405,000 barrels, as compared with | | 11 WHEAT PRICES SAG IN EARLY TRADING Market Turns Bearish After Heavy ‘Deliveries on December Contracts. By the Assoclated Press. CHICAGO, December 31.—All wheat today went under the lowest prices which the market had herctofore touched this season. Good sized deliveries on December wheat contracts here, togeth- er with world shipments of wheat on a large scale, had a decided bearish ef- fect. Opening unchanged to 3} lower, wheat values later showed a material setback all around. Corn, oats and pro- visions were a little easier, with corn starting at 15 off to 14 up, and subse- quently showing slight general declines. Selling which carried wheat prices to & new low record for the 1928 cron began to develop today as soon as busi- ness commenced. World shipments of wheat for the last week, 20,391,000 bushels, were shown to be nearly double those of a year ago. and month end deliveries here gave evidence that the trade as a rule was unwilling to keep custody of actual grain. It was asserted also that the United States is now prac- tically certain to carry over a large pro- portion of the world's excess wheat surplus. Relative steadiness of corn prices to- day was owing in part to the fact that a large share of the corn delivered to settle Chicago December corn contracts was being taken over by shipping in- terests. On the other hand, receipts of corn here today were of liberal volume, 531 cars. Besides forecasts of a cold wave were construed as favorable to an increased movement of the corn crop. While Eddie was chortling with glee about his new bicycle--and little Babette was tenderly caressing her life-size doll--and Mother was giving the vacuum cleaner its trial spin--and you were taking those first troublesome whiffs from the imported pipe --was the family car standing out in the garage --forgotten, desolate, forlorn? Fortunately it’s not too late yet to make amends-- and the gift it would appreci- ate the most would be 2 New Year’s resolution to “make it AMOCO all the way during 1929.” Your car would express its thanks in many delightful ways--by instant starting on the coldest mornings, by lightning get-away in traffic, by sailing up hills that it had never been able to take in high, by cutting down your repair bills so that youw’ll hardly recognize them. And this New Year you will find it easier than ever before to “Make It AMOCO All The Way.” For AMOCO territory has spread during the past year, now giving almost complete coverage from the New York State line deep down into North Carolina--and from Atlantic City on the coast to Youngstown, Ohio and Charles- ton, West Virginia. So, as a Christmas present, give your car a steady diet of AMOCO-GAS and AMOCO Motor Oil during 1929. There’ll be many thanks all arovnd --and many from yourself. 9hé¢ AMERICAN OIL COMPANY Afiiliated with Pan American Petroleum & Transport Company General Offices; Baltimore, Md.