Evening Star Newspaper, January 4, 1929, Page 13

FIN FORD MOTOR STOCK 1S AGTIVE ON GURB Exchange Absorhs Heavy Selling Due to Gain in Brokers’ Loans. BY WILLIAM F. HEFFERN: Bpeclal Dispatch to The NEW YORK, Janua pectedly large inc weekly statement of to have the same M: rices ident that the specula clement was desirous of lightening up its commitments. ‘The public utilities heid surprisingly well considering the recent heavy buying in this quartcr. Empire Power managed to atiain a new high record when it crossed the 50 level. Associated Gas & Electric advanced al- most 2 points while American Light & Traction and United Gas & Improve- ment were well supported when offer- ings came upon the merket. In point of activity, Ford Motor, Ltd., shares were prominent. After opening fractionally higher on a block of 4,000 | shares, the stock continued in demand and around the 20 level compared w! the previous final of 17's. Ford Mot of Canada continued to be influenced by rumors of “buying for controi” at 750 established & new high. | Interest centered in General Electric, Ltd, which also went into new high ground at 17, a gain of 5 points. was pointed out that notwithstanding the similarity of names, the company has no connection whatever with the Amer- jcan General Electric and is operated exclusively in Great Britain. | Because of the favorable outlook | speculative interest continued in shares of airplane compenies. Universal Aviation was said to be one of the most attractive in view of its strong cash position and affiliations with sub- sidlary interests. h American Aviation and Sikorsky went into new high ground and Aviation Corporation of America was taken at higher prices. A. G. Spalding added 20 points to its rceent_sensational gain, still influenced by rumors of a prospective recapitaliza- tion plan. Others that went'into new high ground were Mond Nickel, General Fireproof, new; Fox Theatess, A, which opened on a block of 25200 shares up almost a point, and Shredded ‘Wheat. . COTTON UNSETTLED IN EARLY TRADING Prices Are Depressed as Southern Selling Movement Appears, By the Assoclated Press. NEW YORK, January 4.—The cotton market opened unchanged to 9 points lower in response to relatively easy Liverpool cables. There was some over- night buying orders brought in by the firmer tone of yesterday, which absorbed the initial oTerings. Prices stiffened up during the first few minutes, with the more active months selling back to or a shade above yesterday's closing quo- tations. This bulge was checked by seme New Orleans and Southern sell- ing, while there also seemed to be a little selling for Wall Street and west- ern account.” The market became rather unsettled. At the end of the first half hour active months were 1 to 10 points net lower, with March selling around 19.95 and July 19.66. Private cables said that ANCIAL) | THE EVENING STAR, WASHINGTON, D. C, FRIDAY, JANUARY 4, 1929.° l? NEW YORK CURB MARKET Following is a list of stocks and bonds { traded in or the New York Curb Markst rowley urtiss [STeTete] ors 0L 2 1Frank (H H) Mfg Go 38 = 17 Freshman Chas Co.. 12 1Gamerwell Co -...... Bronzs 408 Gea Elec Ltd fox 10 Gen Fireprig n - 3Gen Laund Ma . 1 Goldberg Stores 18 Goldman Sachs 1 Gleaner Cor 4 Gotham K. _4 Grigsby Grunow n 178 Hahn Dept Strs Inc ahn D S 6'2s cvt pl 16 Hart Parr_....... 1Nat Sug RN J 3 Nat Theater Sup. 1 Neisner Bros trade calling and London buying had been: supplied by hedge selling in Liver- pool, but that there was an improved business in cotton cloths for India and |’ China, DECLINE IN VEGETABLE SHIPMENTS IS SHOWN Shipments of fruits and vegetables have shrunk to about one-fourth the carlot movement at the height of the season in October, says the United States Market Service Review. Potatoes, the leading item, are light even for the time of year, and daily totals are sometimes not more than half the average requirements. Low gflees. combined with severe weather, ave tended to restrict shipments from distant sections, particularly from the upper Lakes region. Combined carlot shipments from the main crop region are still some 25,000 cars behind last season’s figures. Limited supplies in city markets resulted in some price gains early in January, usually 5 to 10 cents per 100 pounds, and sales in Western New York producing sections made similar advance, reaching $1 to $1.05 per 100 pounds for sacked stock in the Rochester district. Prices to growers formerly 35 cents per bushel in bulk became mostly 40 cents, but position was considered none 00 strong, owing to signs of increasing shipments from more distant sections. Wire inquiry was reported good, and some sales were made for Southern markets, where prices are considerably above general level, owing to absence of competing local suppli Commodity Notes Agricultural Machinery. KANSAS CITY, January 4—The de- mand for combines in ti Southwest is so strong that the export output of the Gleaner Harvester Corporation will be restricted although the company has adopted methods similar to that used in quantity production of automobiles in order to advance capacity. Steel. YOUNGSTOWN.—Operations at the plants of the Youngstown Sheet & Tube Co. both here and in the Chicago district now are at a rate between 82 and 85 per cent of capacity, Automobiles. DETROIT.—As soon as the new men are placed in the Detroit plants of the second largest automobile producer, production will be sle‘rped up to 8,750 cars daily. The added men will draw down $46,950,000 annually. Oil. SHREVEPORT, La.—Four new pro- ducers have been brought in in the Arkansas fields in the last week with initial capacity of 1,240 barrels. How- ever, average daily production in the North Louisiana and Arkansas fields fell off from the previous week to 115,- 601 barrels. Eggs. SAN FRANCISCO.—Egg prices have strengthened all over the Pacific Coast with the arrival of colder weather. It is estimated 500 carloads of California eggs were shipped to Eastern markets in the last year. Meats. CHICAGO.—Now that the holiday season is well past, the packing in- dustry is beginning to recover sharply from its usual seasonal slump. There is greater buying of meats in evidence and demand for pork is good. NEW YORK fiANK CLEARINGS. NEW YORK, January 4 (Special).— New York bank clearings, $1,925,000,000; New York bank balances, $218,000,000; 9 Sec 78 Sel Ind Inc... 5Sel Ind Inc 1st El vic 6 Taggert Cor 9 Thomps Prod A p: Toddy A ... 2 Toddy vte B! Trans Am ranscon Alr Trsp ! 3 Trans Lux DL P S A Travel Air Co ....... Truax Traer Conl Trunz Pork Stores Tung Sol L A . cornsaBiaansolSaasE ST 22 2qac cacgac ! cgecacgaggag = Whitenight Inc Wildar Food Prod. 5 Williams (R C) & Ct 2 Wire Wheel Corp... 1 Woodworth Inc ..... 373 2Yel Taxi C N ¥.[I.! 18% Sales in MINING STOCKS. Rhundreds 10 Am’Con M&M Ltd 0 Ariz Globe C 20 Com Tun & Dral POt ns Cop Mines. rtes Silver . esson Con Goid. lores Esper .. Min on Cap_Copp! : irkl & Lake Goid.. Hughes .. 4 2 Tonopah Belmont ... 18 Uni Verde Ext 23 9 Uni Zinc Smell 18 Wendon Cop . Sales in INDEPENDENT OIL STOCKS. hundreds, 9 Am’Con Oilfds... 6 Darby Pete . 6 il Pa 2 Homaokla_Oil Intercont Pet . Kirby Pet . Magdal Synd 64 Mo Kansas Pipe Line Prod 20! Pete Roy 21 2% o 12 6ia 6l S AND FOR- 1'5 1311 { week ended December 22 968 cars, the car service.division of the American _Railway A nounced. Due fo the usual seasonal de- cline in traffic which always takes place at this time of the year, this was a decrease of 66,118 cars under the pre- ceding week, with decreases reported in the total loading of all commodities except ore, which showed an increase. load lot treight totaled increase of 5,606 cars 34,310 cars over 1926, Forest products loading amounted to 58,342 cars above 1927 and 10,273 cars above 1926, Ore loading amounted to 10,946 cars, 2,775 cars above 1927 and 2,231 cars above 1926. Coke loading totaled 10,661 cars, 717 cars above 1927, but 358 cars below 1926. Received by Private Wire Direct to The Star Office 4 | oven ear of Overconfidence Felt in Present Condition of U. 8. Trade. DY J. C. ROYLE. The only ; | compa t universal feeling in the sugar pro- ir J There is f optimism, ng of ed up rared nd tabilized univers a; Purch ower is hig! ng oyment is keeping improvement has d for er sod, sound, flavored ppeal to the taste. xpect so much that of bu which ordi- narily would may not matter for the > present. c industries, d bullding, | have such as steel, staried off an ar * | ciou . 92 11001 7 1023 Cent Bk Ger Sta 6 B 10 Guant & W 1 Hambure E 51.s 2Indt M_Bk Fin 75.. 11Iserco Hyd Elec 7s.. 13 Ital Superpow_ 6s.. 3 Leon Tietz C 713w 2 Mendoza 7ies '51.. 5 Santiagg Ts. 1Silesia s 4 Stinnes H 7 5 Stinnes H 7s "4 9 Uni Stl Wks xd—Ex-dividend wi—When issued. 981, 975 847, g4 B4, 891, 89%; B9y £9° 89 89 8 88 88 ew. Ww—With warrants. WHEAT PRICES DROP TO NEW LOW MARK Sales of Argentine Product Abroad Have Bearish Effect on Market. By the Assoclated Press. CHICAGO, January 4.—All deliver- eries of wheat dropped today to a new low-price record for the. season. creasing pressure of Argentine wheat abroad, lower quotations at Liverpool and bearish crop estimates from Canada were leading factors. In- Opening 3 to 5% off, wheat values here underwent soon additional down- turns. steady, with corn starting at 13 decline to a shade advance, and_ subsequently holding near to initial figures. visions tended to sag. Corn and oats were relatively Pro- Emphasizing reports today of price cuts on Argentine wheat offerings in Europe and of lower quotations than due at Liverpool were grain dealers’ es- timates that the 1928 wheat yield in Canada is about 60,000,000 bushels more than the Canadian government's Jatest total. Confronted by such a show- ing, gereral selling and lack of support developed quickly in the wheat market here, and numerous standing orders to let go of holdings and thus put a stop to losses were automatically forced into operation. Despite seasonable weather for the movement of corn and notwithstanding wheat weakness corn pri siderable resistance to declines. export demand for corn at the seaboard continued to be In evidence, and Buenos Alres guotations on corn were higher, with corn shipments from Argentina in the last week announctu“as less than | helf as much as was the case at this time last year. REVENUE FREIGHT CAR ces showed con- Some LOADINGS SHOW DROP Loading of revenue freight for the 2 totaled 897,- sociation an- The total was an increase of 68,158 cars over the corresponding week in 1927 and 129,928 cars over the same week in 1926. Miscellancous freight loading for the week totaled 315,127 cars, an increase of 38186 cars over the corresponding week in 1927, and 62,623 cars over the same week in 1926. Coal loading totaled 191,787 cars, an increase of 15,001 cars above 1927 and 12,153 cars over two years ago. Grain and grain products loading amounted to 43,085 cars, a decrease of 1,928 cars under 1927, but 4,731 cars ahove 1926, alone grain and grain products loading totaled 30,273 cars, a decrease of 2,730 cars below amounted to 26,371 cars, an increase of 2,485 cars over 1927 above 1926. alone livestock loading totaled 19,954 car:, an increase of 2,201 cars above 19217, In the Western, districts 1927. Livests loading and 3,965 cars In the Western districts Loading of merchandise less than car- 241,649 cars, an above 1927 and cars, 5,226 All districts except the Northwestern reported increases in the total loading of all commodities compared with the same week in 1927, while all distric reported increases compared with t! same period in 1926, . Construction Contracts. NEW YORK, January 4 (#)—Con- tracts awarded on heavy construction operations in the United States in 1928 2% | were valued at $3,572,585,000, an ‘n- 20"®| crease of 10 per cent over 1927, Engi- 3% | neering News-Record reports. greatest activity, as well as the largest gain, occurred in commercial, ucal accounted e ‘The pacity. ‘The oduction p ease in profits which Thousands of new took plac 192 n on in the produc- men are being tal tion centers, i The uncompleted construction work carried over from last year would keep the building trades busy for months, but in the last week additional vrojects have bcen announced in nearly every section ¢: the country. Building ma- terial prices are strong, but not ex- cessive. The agricultural implement makers have large orders still unfilied and are adding o their foreign business at a time when it is sure to tide over a slack period in the factories. Work clothing producers are doing splendidly, and so the makers of silk hose. In fact, for all apparel producers the outlook is better than a year ago. The fer- tilizer industry has a brilliant outlook and the chemical manufacturers wili prosper accordingly. The demand for dye materials in the cotton goods trade will be strong, although over-produc- tion of cotton textiles is not as immi- nent as a year ago. Elcctrical Equipment. Volume in the electrical equipment trades has been so heavy that makers have been able to stimulate sales by slightly lower prices and still keep up profit margins. The demand for power is h s anticipated that radio manufac- T WD p» e and sell $125,000,000 s and equpment in the next three months. Later, television and other factors may affect operations. Railroad equipment manufacturers are fairly sure of better business. The spectacular efforts of (‘he Ship- ping Board do not seem likely to put he American merchant marine on a footing -of equality with the foreign bows, even in the American-Cuban trade. However, shipyards will shortly begin to benefit. Baltimore Markets Special Dispatch to The Sxar. BALTIMORE, Md., January 4.— Potatoes, white, 100 pounds, 1.00a1.35; SV potatoes, barrel, 1.50a3.00; bushel, 75a1.25; yams, barrel, 2.00a3.25; beans, bushel, 3.00a5.00; beets, 100, 4.0025.00; brussels sprouts, quart, 121:a20; cab- bage, hamper, 2.00a2.25; carrots, 100, 4.0025.00; celery, crate, 1.5023.50; cu- cumbers, bushsl, 4.0026.00; eggplants, crate, 5.00a8.00; kale, bushel, 50a75: lettuce, bushel, 1.00al.50; onions, ‘!00 pounds, 1.5024.50; peppers, crate, 5.50a 10.00; squash, crate, 4.00a5.00; savoy cabbage, bushel, 60al1.10; spinach, bushel, 60a90; crate, 1.50a 4.00; turnij basket, bushel, 75a2. cranberries, 7.50210.00; grapefruit, box, oranges, box, 2.30a4.50; tanger strap, _ 2.00a3.25; quart, 75a85. Dairy Market. Live poultry—Turkeys, pound, 40a42; old, 35a38; Spring chickens, 30a35; Leghorns, 25a30; old hens, 27232; Leg- horns, 22a27; small and poor, 20; old To!( s, 18a20; ducks, 25230; small, ; geese, 25a30; guinea fowls, 40285; pigeon: 30. ssed poultry—Tur pound, 38a 43; old, 35a36; young chickens, 30a35; old and mixed, old roosters, ducks, 2! 25a30. gas—Receip ;. native and nearby sclected whites, free cases, dozen, 45; firsts, 42; current Ye- 40. tomatoe: cach, D to fancy pound, 46a50'%; prints, 51 blocks, 50%,a523%; ladies, 38ad packed, 33; process butter, 4Jadd. Hay and Grain Prices. Wheat—No. 2 red Winter, garMcky, spot, 1.27'2; January delivery, 1.27%: Corn—No. 2 export, January del ery, 98; No. 2 yellow, 1.02; cob. corn, 4.8024.85. Oats—No. 2 white, domestic, spot, 5715a58; No. 3, white, domestic, spot, 56256 Rye—Nearby, 1.1521.25. Hay—Receipts, none. While hay is arriving here in limited quanties 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 i to estal h prices on the va- rious 1 erit at a range of {16.00218.50 per ton of timothy and clover hay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. CUSTOMS RECEIPTS DROP. BALTIMORE, January 4 (Special).— Customs receipts at the port of Bal- timore for the calendar year of 1928 fell off nearly $5,000,000 ‘as compared with 1927 figures, according to the re- port of H. Holtzman, collector of cus- toms. This was due, Mr. Holtzman explain- ed, mainly to the decline in imports of dutiable sugar. t as much sugar was received, he sald, as in 1927, but it came mostly from the Philippine Islands and other United States insular creamery, 53 ssions of dut b and therefore whs entered free Crude 0il Prices Advanced. PITTSBURGH, January 4 (P).— Principal grades of Pennsylvania crude oil, quoted on the market here, were advanced 25 cenis a barrel today by the leading purchasing agencies. ‘The new prices are Pennsylvania grade in New York Transit lines and X?{algcrd‘:llfirlcm vuu l,ln National Tran- s es, $4.10 epgh; Pennsylvania grade in National Tnnil lines and in South- 8, $9.90, ureka 1 OPTIVISTS WARNED, Speclal Dispatch to The Star. NEW YORK, January 4—While there probably will be in time an extension of | the electrified division of the New §ork | Central lines, the feeling among rail- i road men today was that it is the powel companics and the manufacturers of clectrical equipment who are anxious for an early Increase in electrified mile- rather than railroad officials them- es. It is well known that the New York { Central has developed one of the most | economical steam locomotive operations {in the country. It is questionable, there~ | fore, whether, aside from the prestige that electrification would give the it would be justified from a purely_dollars-and-cents standpoint in {expending the amount required to en- large the scope of its electrified lines. Large Order Placed. It has recently placed one of the |largest orders for steam logomotives in years, When this is completed 1t will e | have delivered to it 100 engines that {represent the last word in_locomotive | construction and which will Tun at a |cost comparable with the lowest costs lof any electrical locomotives in use | under similar operating conditions. | Undoubtedly the New York Central | management has been influenced in RAILROAD ELECTRIFICATION NOW FACING EXPENSE TEST making its recent studies of electrical npvr:\tfan by the large program an- nounced by the Pennsylvania Railroa although a considerable part of the la ter applies to suburban and not to long- haul traffic. The power companies have been in- tegrated and their output greatly in- creased in the last few days. Naturally they would like to have a customer of the size of the New York Central to absorb a substantial annual supply of | surplus power. It is understood that the New York, New Haven & Hartford has no intention of electrifying beyond the present castern terminus at New Haven. Studies that have been mac> of this electrified joperation indicate that the cost of elec- | tricity for power about equals that of steam generated power. The Illinois Central has made a satisfactory test of electricity on its suburban lines around Chicago and its management feels that the cost of this installation has been fully justified. If the initial outlay were not so large, undoubtedly the Chi- cago & Northwestern would, in time, also ritor; Difference of Opinion. While rail electrification in areas of traffic, as those in suburban de clectrify its lines in the same ter- | FINANCIAL/ fistricts, 1is belleved to be more cconomical than steam operation, there is still a wide difference of opinion among engineers as to the advantage of electricity over steam where long- haul business is concerned. . BANKRUPTCY PETITION. BALTIMORE, January 4 (Specfal).— Edward Jverson Stacy, a salesman of Silver Spring, Md., yesterday filed a voluntary bankruptcy petition in the United States District Court. The peti- 975.35 labilitles. Orders were signe | adjudicating him a bankrupt and refer- | ring the case to Arthur D. Willard, ref- | eree. . S Tobacco seeds are so minute that a thimbleful will furnish enough plants for_an acre of groun Buck & Company Estabiahed 1916 Stocks ' Bonds Grain Cotton Write or call for weekly market tetter. No obligations BUCK AND COMPANY Evans Bldg. 1420 New York Frankl tioner has no available assets and $5,- | Investments JAMES Y. PENNEBAKER Main5328 1520K St. N.W, Mortgages WE FINANCE ~all classes of income-producing property Large Loans a Specialty Current interest ra nd commission. Higbie & Richardson, Inc. 816 15th St. N.W. Money Available for FIRST DEED OF TRUST LOANS On Completed Properties and for Conatruction Use Reasonable Interest and Commission Rates AMES F. SHEA INVESTMENT S.W.ST Seasoned Odd Lots for January Funds the heart of the industrial OR years past many shrewd investors have made selections for F their January funds from our odd lot list of seasoned bonds. Our present list of such bonds is probably the most attractive we have ever been able to offer. It consists principally of first mortgage bond issues on fully completed, well rented by ample margins. Most of these issues fund or serial payments. ; The following issues, all original Straus underwritings, are typical, but we have many other odd lots in small amounts total $591,700 — exclusive of our current offerings. WESTINGHOUSE BUILDING First Mortgage Fee 6% Serial Gold Bonds. .......... 5.90% The building, located in downtown New York, is 1009, rented. The original issue, underwritten nearly six years ago, has been reduced approximately $360,000 by three serial payments. - 60 PARK PLACE OFFICE BUILDING - (The Military Park Building) Fitst Fee 6% Leasehold Bonds. - The building, located in Newark, N. J., is 95% rented. The original issue, underwrit- ten three years ago, has been reduced by a serial payment. THE GREAT ATLANTIC & PACIFIC TEA COMPANY BUILDING First 5'2% Bonds......... The building, located in We suggest that you write for our complete list of odd lots as well as for our January investment suggestions, and our booklet “How to [nvest Money”. Ask for ODD LOT LIST 59%4-G BONDS * - o9 FAUS . 929 FIFTEENTH ST. N.W.,, WASHINGTON Telephone Main 5847 roperties, eaining all charges iave been reduced by sinking gin all only district of Philadelphia, has leased to the Great Atlantic & Pacific Tea Company at a net rental of more than twice the greatest annual interest charge. The issue has been reduced by two serial payments. Legal investment for trust funds in Pennsylvania. Free of Pennsylvania four mills tax. HARBOR BUILDING First Fee 6% Sinking Fund Bonds . . The bonds are free from the Massachusetts 69, state income tax in the hands of the bondholders. The building, located on Atlantic Avenue, Boston, is approximately 859, rented. The issue has been reduced through the operations of the sinking fund. RUSKIN ANNEX APARTMENT BUILDING First Fee 6% Serial Bonds. ......... This property, located in Pittsburgh, is operated as one unit with the Ruskin Apart- ments, and the property is 949 rented. The issue has been reduced by a serial payment. Pennsylvania four mills tax paid. LEFCOURT MANHATTAN BUILDING First Fee 5%% Serial Gold Bonds. ....... The building, located in New York, is 1009, rented on long term leases. The original issue, underwritten two years ago, has been reduced by a serial payment. 277 PARK AVENUE APARTMENT BUILDING First Leasehold 6%% Bonds. .. The building, located in New York, is practically 1009, rented. The original issue, underwritten five years ago, has been reduced almost $500,000 by three serial pay- ments. 1088 PARK AVENUE APARTMENTS First Fee 6% Serial Loan................... The building, located in New York, is 9o%, rented. The original issue, underwritten four years ago, has been reduced by two serial payments. Legal for trust funds in New York State. All the above offerings are strictly subject to prior sale. We have only small amounts of each of these issues, and we therefore suggest that if you are interested in investments at this time you get in touch with us promptly. Orders may be telephoned or telegraphed at our expense. been & CO. INCORPORATED YIELD e 5.90 5.50 ESTABLISHED IN 1882-