Evening Star Newspaper, January 14, 1929, Page 11

f | ; FINANCIRED * CURB SPECILTIES | SCORE FRESH GAIN 0il and Picture Screen Issues Are Prominent in Up- ward Move. BY WILLIAM F. HEFFERNAN. Bpecial Dispatch to The Star. NEW YORK, January 14.—Specialty favorites which had been in demand at intervals last week in the Curb Market continued upward today, new high rec- ords being established in a number of instances. For the moment the utilities most likely to be affected by the plans for a gigantic Eastern holding corporation were less prominent than they had been last week, but no weakness was appar- ent. Mohawk Hudson rallied a point, then settled back. Electric Bond & Share Securities felt the effect of profit taking, which carried the price off sev- eral points, and American Super Power issues held around Saturday’s finals. Speculative interest centered more * in the specialty favorites. In the oil group Vacuum and Standard of In- diana were active. In the case of the former, which was carried to a new high on a gain of 6 points to 122, the pros- pect of special consideration of stock- holders at the February meeting ap- » peared to be the incentive. The markot for Standard of Indiana appeared lit- tle concerned over the Rockefeller- Stewart controversy and moved upward & point or so on a heavy turnover. Trans-Lux Daylight Picture Screen was an outstanding feature among the low-priced specialties, making a new high on the announcement of the elec- tion of one of the board of governors of the New York Stock Exchange to its board. West Coast interests are said to have been responsible for much of the recent demand following the per- fecting of the company's rear projec- tion device to be used in connection with talking movies. New Jersey Zinc moved upward sev- j eral points to a new top, responding to * the recently announced plan for split- ting up the present share capitalization. Hart Parr, Grigsby-Grunow, Thompson Products ” and J. C. Penny were others that made new highs., The last made up 15 points at 395. Universal Aviation was turned over in theavy volume at record prices. Rumors were current that a recently formed in- vestment trust had been responsible for much of last week’s demand and was in the market for additional stock today. Keystone Aircraft and Niles Bement Pond werg others of the group promi- nent at higher prices. American International Corporation new shares of no par value were re- ¢ moved to irading on the Stock Ex- change. ‘The committee on listing sus- pended dealing in the capital stock of American Rayon Products Corporation until further notice. No explanation was given as to the reason for the ‘suspension. » SUGAR PRODUCERS SEEKING MARKETS Heavier Production Causes Move- ment to Increase World Consumption. BY J. C. ROYLE. Special Dispatch to The Star. _NEW YORK, January 14.—Most of the Cuban centrals are now grinding 3 Iutrcmznu:gespetdmd'.henew from CTOp sugar island is coming on to the American market. ‘The restriction on output of Cuban sugar by the government of that coun- try has been removed. In consequence, it'is anticipated that around 4,700,000 tons will be produced before grinding ceases, It is alleged by domestic grow- ers that perhaps 5,000,000 tons could ‘be produced if prices and pressure war- Tanted it. Indications are that Europesn beet ¢ up the year with a sizable amount of sugar on hand. The Louisiana cane growers produced about 165,396 tons, as with 70,792 a year ago. Southern Sugar Co., affiliated Celotex Co., which makes wall rom bagasse, or sugar cane pulp, ‘opened its new sugar mill at , Fla, which has a capacity tons of cane a day. The com- more than 125,000 acres of near Lake Okeechobee and eventually to operate a string with a total of 30,000 tons The concern is ‘The company has projected a 2,500-ton mill at Canal Point, where a 600-ton mill already is in operation. ‘Work on this will begin in a few weeks. The Hawalan pianters are expected to turn out an increasing output in the coming crop year and efforts which are being made to curb the production yof sugar in the Philippines on the ground that the owners of many of the mills are foreign companies and_that coolie labor is employed, are being vigorously opposed by the War Depart- ment, which administers many insular affairs. Java sugar crops are expected to be large and England is pushing production at home by means of bonuses to British growers. In view of these facts the attention of sugar producers and refiners is being turned toward increasing consumption, which has shown a material falling off in the last year. As measured by meltings, this drop exceeded 7.5 per cent for the year. Consumption in Europe and elsewhere has been re- stricted by lack of buying power. This; / however, does not apply in the United States. Many solutions are suggested, but it seems likely that a co-ordination be- tween sugar producers and fruit grow- ers will be one of the means employed. There are few preservatives of fruit equal to sugar. If fresh fruit is put up in barrels with sugar when ripe and when there is an excess of fresh fruit on the market and in the can- neries, it can be marketed later, per- haps, to better advantage to all con- cerned. Commodity Notes Coal. NEWARK, January 14.—Coal must be considered as more than mere fuel according to George E. Leonard, head ‘of the International Combustion En- gineering Corporation. It must be processed so that gas, oils, tars and other derivatives are exiracted before tige residue is devoted to domestic heat- g or industrial steam production. Steel. PITTSBURGH.—Ingot production in this district is somewhat higher than the 85 per cent of capacity maintained in December. There has been ho re- vision of capacity figures since Decem- ber 31, 1927, and as there has been the usual amount of building it is probable actual operations are 2 to 3 per cent higher than 85, Turkeys. PORTLAND, Ore.—An unusual con- ditfon exists in the turkey market of the Northwest. Usually after the holi- days prices ease off. Now they are 1 - to 2 cents & pound higher than before New Year, with demand unfilled. THE EVENING Following is a list of stocks and bonds t;:ded in on the New York Curb Market lay: Sales in hundreds. INDUSTRIALS. High. Low. Noon. 19% 19% 1 Acetol Prod A A Acoustic_Prod. 547% 547 1641 4 Am & For Pow 5 8 Amer_Dept Stores. 1Am Comw SW B.... 5 Amer Gas & El 1 7 Amer Hardware m m 287 29 4% S 5" 43 21% 213 uiiussey a 9, 8 5 41 70, 63, 2 a7 9 50 503 i 100 A 1Cent Sta El pfd..... 11C G Spring & Bump 4 Check Cab Mig...... 10 City Ice & Fuel. 14 City Mach & Tot 15 Commonwith Ed . 13 Commonw P pfd..... 10 Cons Auto Mer vic.. 2 Cons Auto Mer pfd. 7 Cons R 1 Crowley Milner .. 6 Curtis~ Flying _Ser 1 Daniel Reeves 2 Donner S| 7 Douglas Aircraft 95" 95 95 23% 23 B% 213 204 20% 9i3 912 9% DR 3% 2% 60 58% S8% 65 6 63 31 2, 0% Do23% 24% 25% oy, 9% Ol s 21 274 30 0% 1 Nat INCSEry.. iy §Nat Bellas Hess N wi. 787 byl strs. L@ i 15 ‘ T2 39 ;0 H 113 2 Ohio Ed. 30 Benn oh'Ba opit war 3812 3914 1 Penn Wt P C 20 B % Penn_Balt s 98 1Peo 1t & p e 491 Pio Bar & Co ptd. 19 19 19 3 Piecmont & North.. 81 59% 61 $ 3h 1P ™ 914 Candy ...... Reynold Metal pt pfd § Ritter Dentat h Cent P 105 185, 28% 4 gd’/n % 20 25% % 6 Spanish & 6 Spanish & Gen rcts B 2 Sparks Withing . 13 Spencer Kello Stahl M 70 68% 69 2% 25% Pre s Thomps Starret . 5T 21 Timken Det Axle.... 337a 32 1Tishman Realty & © 813 81% 12 Todd_Ship. 6% 69 1Toddy A... 3 4 Toddy yic 1 4Trans Am Tr. 26} Franscan Al l"f‘r'l;n % ns Lux l’!“r;nz Pork Store: 5912 57:? 35 Tubl Art 8 B.. 525 520%2 525’, 1 Union Amer Inves 59%, 593 5',/1 1 Uni Biscuit B.. 28Ys 28% 28Ys 3 Uni Carbon vic 563, b5 6 33Unl Elec bond ris... 2% 2% 29 Uni Gro Co.. 263, 26%a 26% 1 % 169% 18815 16817 39U 333, 33%a 33 10U 19 19 19 10; 4% 50 5712 iy L 3y 9% 6 U 3y 24% 2 U g 30 g 25% fi'l:( it 8 50 d0it 5 Zenith Ri 52 . 1Zonite 33 Sales in NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office 1 100 Anglo Am oIl 87, she | Sale 13 14 Shattuck Denn 22% 2% 2% 1 Teck Hughes . 9% 9% 9% 10 Uni Verde E; 223% 22%a 22% 4 Unity Gold 1% 1% 2Utah Apex o 7 Wendon Cop . 1% 1 Sales in INDEPENDENT OIL STOCKS. 17% 17is | hundred. o 32 Cities ‘Serv ri 275, 20 e 2 Cit Sery pfd. 98la 98'a 9Bl 3 Colon Ofl ... 13% 13t 13% 4 Columbia Synd 1 1% 1t 23 Creole Pete 117 10% 10% 7 y 5 4% 5 19 Gult oil Pa 1607 158 = 1587 6% 6% 6% em Ol ... r-Foster Ol con, ‘o 2 Salt Ck Prod 1]2Tex Oil & Land 21 Tid non- 1Venezuelan Pet . Sales in _ STANDARD OIL ISSUES units. 5 Reite: 13 Ryan al MER SUBSIDIARIES. BTOORE, 8 O Ons 7500 Vacuum, Ofl ales in thousands. 20 6Am Pow & Lt 6s 44 Am Sol 6las . 61 Asso Gas & El 312 Assoc Gas & EI 412s. 112 150 Assoc G & EI 4las ww 104 1As Sim Hard g1zs 861 ¥ Fo 73 Ateh T 1143 Beacon Oil 65 11 2Bell T Can 55 102 4Can Nat Ry 7s E .. 110 2Cent Sta P & L 57 5 101 3Chi 5Cit Serv 5s 733570 °05% 98 98 102% 102% 102% 9215 92 S S Bl 5, 1043 105 25! ' - 715 &, S 2288058005 WEFE R R = 21/ SRR giiigsegesstes 1Yy 91% 5% 55;2 o8 96 96 87, 87! 951, 95 971, 97V 88'a 88Y 5, 101 101 Blu 3in 9513 9513 S17% 181 oliz 18 118 wi—When issued. n—New. ww—With warrants. 215 | week's level. 1434 | from 161.7, owing to gains in National STAR, WASHINGTO D. €, MONDAY, JANUARY 14, 1929. STOCK PRIGE INDEX | SHOWS INCREASES Upward Trend Indicated Dur- ing Week, but Gains Are Small. Special Dispatch to The Star. NEW HAVEN, Conn, January 14— The price index of industrial common stocks listed on the New York Exchange showed an upward course, even though registering a negligible increase last week. The index of 180.0 netted but a one-tenth point rise over the previous Increases in coppers, foods, steels and miscellaneous stocks overbalanced falls in stores, motors, oils and accessories. ‘The coppers and miscellaneous metals index moved up to 2526 from 249.0 through gains in Kennecott, Calumet and Arizona and National Lead, while the foods price barometer rose to 163.4 Biscuit and Cuyamel Fruit. Steels American Car & Foundry and Otis Steel quotations. Increased values of General Electric, American' Radiator and National Surety shares were also evident. ‘The stores index receded to 220.7 from 222.1 via falls in Montgomery Ward, National Bellas Hess and Macy prices, while motors coasted downhill to 2848 from 2858 through lower Chrysler, Packard and Nash prices. Ralls were drawn upward to 131.4 from 129.2 by Delaware & Hudson and Southern Railway strength, and _the from 149.8. The 50 most actively traded common industrials moved to 696.0 from 693.0, with a slight drop in the percentage cash rate of return. Aside from this indication of the selection for turnover of stocks paying smaller dividends, the market gave every indication of cau- tion and hesitancy. The_compact survey of New York Stock Exchange movements of common industrial shares is given below in price indexes (1926 = 100) for all shares out- standing and for the week’s 50 most active stocks. The last oolumn of the table gives the rate of return on the week’s 50 leaders at current prices. 50 Shares Market Rate of o outst's. leaders, return. Week ended— b January 11. 180.0 696.0 4% 4 179.0 693.0 % 135.3 258.0 i 1le edos 27% 172.1 606.3 % 1613 527.4 % g4 gme 307 August average. 145.1 X 2% \l‘ ave 140.6 365.0 .. :" June average. 139.7 358.0 ’i May average. 147.4 369. % ril avera 1430 33 % March avers 1343 20! o February averag 127.9 263 "_‘ January 130.4 260.0 1928 average 1475 4078 Y 1927 averag 119.6 175.4 % 1928 WRTOEC 5 1000 eene 837 iy Jan'29) (Jan29) (Jul’2e) e Ap'r-m (Apr'26) (Nov'28) Hesitant Activity. Graded industrial common stocks showed hesitant activity last week. First grade stocks gained an index point, second grades 1.4 points, while third grade issues likewise moved up & single point. 'Ighe ‘:’l‘}st grade or investment issues registered at 183.0, as against 182.0 for the previous week, because of overbal- ancing price increase in General Elec- tric, American Radiator, house, National Lead and National Biscuit. Trading activity in the first week’'s 50 leaders. Second grade or semi-investiment stocks moved up to 1654 from 164.0, owing to gains in Union Carbon, Ana- conda, Calumet & Arizona, Collins & Aikman and Marland Oil. Vigorous trading activity was noted in Anaconda and Union Carbon & Carbide. The most speculative issues advanced to 180.8 from 179.8, primarily because of gains in Radio, Congoleum, Federal Mining, National Surety and Cuyamel Fruit. ‘The turnovers in Radio and Congoleum were large. Altogether, no one type of stock made unusual gains. The uneveness of price movements were apparent in issues of all grades. Below are shown index numbers for prices of three groups of stocks traded on the New York Stock Exchange, graded in accordance with their sea- soning dividend history, credit strength Spectal Dispatch to The Star. BALTIMORE, Md., January 14— Potatoes, white, 100 pounds, 1.10a1.40; sweet potatoes, barrel, 75a1.70; yams, barrel, 1.50a3.25; beans, bushel, 4.00a 8.00; beets, 100, 4.0026.00; Brussels sprouts, quart, 20a25; cabbage, hamper, 2.25a2.60; 100, 4.00a6.00. Celery, crate, 1.5023.50; cucumbers, bushel, 4.00a8.00; eggplants, crate, 5.00a kale, bushel, 50a65; lettuce, 0a2.25; onions, 100 pounds, ; oyster plants, 100, 6.00a10.0( crate, 4.00a15.00; Savoy cabbage, squash, bushel, 75a1.00; spinach, bushel, 60a 1.00; tomatoes, crate, 1.0023.00; turnips, basket, 50a65; apples, bushel, 75a2.0 cranberries, !> barrel, 7.50a10.00; grape- fruit, box, 20.00; oranges, box, 2.50a 450; tangerines, 1, strap, 2.00a3.25; strawberries, per quart, 65a70. Dairy Market. Live poultry—Turkeys, pound, 32a35; old, 25a30; Spring chickens, 32a38; poor and thin, 20; old hens, 26a31; Leghorns, 25a27; small and poor, 20; old roosters, 8; capons, 34a40; ducks, 27a30; small, geese, 20a26; guineafowls, each, 85; pigeons, gam'v 30. essed poultry—Turkeys, pound, 30a 35; old, 25a30; young chickens, 30a35; old and mixed, 25a30; old roosters, 18a 20;2?pons, 34a43; ducks, 25a30; geese, 20a26. Eggs—Receipts, 1,027 cases; native and nearby firsts, free cases, dozen, 85a 36; current receipts, 30a34. Butter—Good to fancy creamery, pound, 25:39',/?: prints, 491%a51%; blocks, 4815a50%,; ladles, 38a40; store packed, 30; process butter, 42a43. Hay and Grain Prices. ‘Wheat—No 2 red Winter, garlicky, spot, 1.3033; January delivery, 1.30%. Corn—No. 2 export, January delivery, 1.05}2; No. 2 yellow, 1.07; cob corn, .00. o =3 Oats—No. 2 white, domestic, spot, 58a581,; No. 3 white, domestic, spot, 56%a57%. Rye—Nearby, 1.10a1.20. Hay—Receipts, none. While hay is ariving here 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 busi- ness passing to establish prices on the various kinds on merit at a range of ;&00:19.50 per ton of timothy or clover y. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. Live Stock Market. Cattle—Receipts, 800 head; fair sup- ply; market dull and draggy. Steers— Choice, 13.25 to 13.75; good, 12.00 to 12.75; medium, 10.00 to 11.75; common, 9.00 to 10.25; feeders and stockers, 9.00 to 11.00. Heifers—Choice, 11.00 to 11.50; good, 10.00 to 10.50; medium, 9.25 to 9.75; common, 8.00 to 9.00; feed- ers and stockers, 7.50 to 9.00. Bulls— Good to choice, 10.00 to 10.50; fair to good, 8.50 to 9.50; common to medium, and size. 1st Grade 2dGrade 3dGrade (Invest- (Inter- (Specu- ment), . mediate). lative). (Jo26-100); nded— W huary ... 1830 1634 182.0 164.0 1344 1190 165.0 1498 161.3 140.9 1508 1264 146.5 120.7 1447 121.4 May average. 152.3 128.6 April average. 1478 125.4 March average. ;ggi HZ; 1336 1188 1000 1000 0, 1695 179.8 *29) (Nov.'38) (Jan.'28) Low (1926, '27,'28, g 953 93.8 (ABi26) (ApT26) (May'26) ‘Watchful Waiting. Turnovers of all New York Stock Exchange common industrials were toned down somewhat last week in & reduction of average daily trading values: to $298,000,000 from $322,500,~ 000 for the previous week. g in all stocks, including rails, public utili- ties and preferreds, receded to $347- 000,000 per day from the previous week’s level of $379,000,000. Diminished_activity was noted in all common stock groups. Coppers turn- overs fell off to'$34,500,000 per day from $45,000,000 through lessened interest in Kennecott, Anaconda and Chile Cop- per, while the ofls daily trading sagged to $20,800,000 from $27,500,000, mostly because fewer Standard Ofl of New York, Atlantic Refining and Richfleld Ofl issues changed hands. Motors ex- changes eased off to $50,300,000 from $55,300,000, traceable to tranquillity in Chrysler, General Motors and Willys- Overland trading. Steels, accessorles, foods, stores, rails and public utilities registered trading recessions, but slightly more interest was paid to preferred stock turnovers. An attitude of watchful waiting seems to have pervaded last week’s market. The stationary rediscount rate and the falling off in brokers’ loans, coupled with relatively favorable call loan rates, were viewed with uncer- tainty. The market awaits a possible change in the Federal Bank rate. (Copyright, 1929, by Irving Fisher o DIVIDENDS. NEW YORK, January 14 (P).—Mock Judson Voehringer Co., Inc., of Phila- delphia, hoslery makers, today an- nounced declaration of an initial quar- terly 50-cent dividend on the common stock, placing the issue on a $2 annual basis. The dividend is payable Febru- ary 15 to stockholders of record Febru- ary 1. Nathaniel Judson, chairman, said the company will expand manu- facturing facilities in 1929. Philip Maslansky, president of New York Merchandise Co., announced the company’s directors will declare in the near future an extra 50-cent dividend on the common stock, reflecting an ex- ceptionally good year in 1928. '20) weekly.... ply; market lower; hts, 9.75: 6.00 to 8.00. Cows—Good to choice 2 L 1 1 stable, 9.00 to 10.00; fair to good, 7.00 to 8.00; common to medium, 4.00 to 6.00. Sheep and lambs—Recelpts, 700 head; moderate supply; market higher. Sheep, 61341 3.00 to 8.00; lambs, 9.00 to 17.5¢ .50, Hogs—Recelpts, 4,300 head; falr sup- heavies, 9.50 to 9:80; m; lum, 10.00; roughs, 6.50 to 8.50. it pigs, 8.50; touched 146.6 from 145.7 via higher | g public utility index advanced to 152.0 | gei Se b Westing- | 4 three stocks placed them among the |y Special Dispatch to The Star. NEW HAVEN, Conn,, January 14— Practically steady at 97.1, the index of wholesale commodity prices as based on Dun’s quotations continued to show the result of sustained large consumption in face of very high production records in_many industries. The dollar lost only a mill in purchasing power last week. The small fluctuations in these two gauges indicates a nice adjustment of factors, fairly high rates for money precluding inflation of business activity and bettered employment conditions in- suring sizable consuming power. Fluctuations in the general wholesale price level and in the purchasing power of the dollar are given below for the United States for various periods, based mainly on Dun’s quotations. The aver- age for the year 1926 is the base used. Whole- Purchasing sale power; cts. price departure index. from 1926. 7.1 +3.0 91.0 +3.1 95, +3.1 97.0 +3.1 97.5 +2.6 98.8 *+1.2 99.7 +0.3 99.8 +0.2 99.6 +0.4 June average. 93.0 +2.0 May average 99.1 +09 April average 99.1 9 March average. 97.6 5 February average 08.7 January average. 95.5 1927 ave 94.2 100.0 1923 average. 101.1 Foreign Commodity Prices. Cable reports from abroad indicate the following European wholesale move- ments: (1926=100) Week ended— January 11 January 4. England.France. Italy. 929 92.9 3 8 B 1926 average. (Copyright, 1029, by Irving Pisher.) FARM BUYING POWER Special Dispatch to The Star. NEW_ HAVEN, Conn. January 14— The fall in farm purchasing power and agricultural prices continues with the rise in non-agricultural prices, but at a more rapid pace. The first now stands at 97.8, a drop of a point in two weeks. The second, at.96.1, shows only one- tenth of a point decrease, but is lower than the 1928 low of the last week in December. The price index of non- agricultural commodities, on the other hand, is higher than at any time last year, registering 98.3. The high points in the first two in- dexes were, respectively, the second week in May and the last week in August last year. Descent has been generally sustained since its high point in farm purchasing power, and since mid-Sep- tember in agricultural prices. Non- agricultural prices are well above the annual averages since 1926. Index numbers of farm purchasing power and of agricultural and non- agricultural prices for various periods are given in the following table, in wul‘l)ich the average for 1926 represents 100: Farm _ Agricul- Non-agri- purchasing tural cultural power. prices. prices. Week ended— January 11 918 96.1 o83 98'3 962 979 04.6 298 952 99.1 96.7 9T 1011 98.2 91 1079 1040 964 138 1092 96.0 1146 1103 96.2 119 10890 96.6 1006 1043 951 164 1092 938 162 1095 942 1133 1064 939 11011 1039 944 January average 058 1006 95 1928 . 100 1050 9515 1927 1057 1000 94.6 1926 .. 1000 1000 1000 (Copyright, 1929, by Irving Fisher.) - Crude 0il Production. NEW YORK, January 14 (#).—Cali- fornia crude ofl production averaged 723,500 barrels daily in week ended January 12, an increase of 1.700 bar- rels daily over preceding week. F Southwestern part fore the discovery them “Turkis” RANL of Turkey. MAANANA her recovery. advisors, your capital is safe confidence for the HEEM & H Lig] pigs, 9.40. Western hogs 10 to 15 higher than quotations. Calves—Receipts, 325 head; light supply; market higher; calves, 5.00 to 14.00; no extras, 4 Cle STORY OF THE GEMS The Turquoise OUR thousand years ago the Egyptians mined these blue stones in the desert of Sinai and they were actually found in the name, however, originated in the old country when Europeans used to call because the Persian stones came to them by way Always connected with this stone was the superstition that the wearer was believed to be protected from serious injuries from falling. likewise the turquoise was supposed to grow paler when the wearer was ill and to regain its lustre on his or Such idle superstitions often attach themselves to investors. bought this or that security for no other reason, and naturally the results have not always sustained their occult No such reasons prompt thousands to invest in the First Mortgage mnotes issued by Swartzell, Rheem & Hensey Co. Here you know what you are buying, are assured that MORTGAGE BANKERS 727 15 STREET N.W. WASHINGTON D.C, WHEAT PRICES GAIN IN EARLY TRADING Corn Values Also Rise—Drought in Argentina Affects Market. By the Associated Press. CHICAGO, January 14.—Corn and wheat today both outdid highest prices heretofore touched this season. Reports were current that owing to drought the prospect of a bumper crop of new corn in Argentine is definitely gone. The fact that for the first time of late European wheat markets were reflecting full advances scored on this side of the Atlantic had also a noticeable bullish influence. Corn started at l5c off to l5¢ up, and subsequently established sharp gains all around. Wheat, open- ing ¢ to 3¢ higher, advanced further, but gains failed to hold well. Oats were firmer. Provisions tended to sag. Corn buying on a big scale for com- mission houses lifted all deliveries of corn today to a new high-price record for the season. Drought damage reports from Argentina formed the basis of much of the new demand in the corn market, although showers in Buenos Aires provinces were noted. On the other hand, simultaneous advices came also that hopes of a large corn crop in Argentina this season apparently had been at last wiped out by the persistent lack of adequate moisture at the criti~ cal growth period. ‘Wheat for July delivery rose today to a new peak price for the scason, and other deliveries went above the highest point reached heretofore on the present upturn. Severe cold weather in domes- tic Winter wheat territory was a bullish factor helping bread-stuff values. Be- sides, Liverpool wheat quotations were showing more relative strength has been the rule of late, and there was evidence of wheat buying in Chicago for Canadian account. A contrasting influence was selling here said to come from Europeans. COTTON IS HIGHER ON OPENING SALES Reactions Are Caused by Realizing in Trading Early in Session. By the Assoclated Press. NEW YORK, January 14—The cot- ton market opened today 6 to 17 points higher, with the active months selling 10 to 19 points net higher on covering and trade or commission house buying, promoted by relatively steady Liverpool cables. March sold up to 20.33 and July to 19.92. These prices attracted consid- erable realizing, and there were reac- tions of 6 or 7 points from the best. The offerings were absorbed on reactions of 7 or 8 points, and the market held steady at the end of the first half hour. ‘The census report placed domestic con- sumption for December at 534,352 bales of lint cotton, compared with 610,834 for November and 538,786 for December last year. CHICAGO DAIRY MARKET. CHICAGO, January 14 (#)—Butter higher; receipts, 9,688 tubs; creamery, extras, 4515; standards, 45l; extra firsts, 44',a45; firsts, 4315a44; seconds, 42a43. Eggs higher: receipts, 10,805 cases; extra firsts, 35a36; firsts, 33a- 3415; ordinary firsts, 30a32. Poultry, alive, firme: cars; fowls, 29; springs, 2! turkeys, 25; ducks, 24a28; SILVER QUOTATIONS. receipts 2 roosters, 20; geese, 18. Mexican dollars, 43%. PARIS BOURSE PRICES. PARIS, January 14 (#).—Prices were firm on the Bourse today. Three per cent rentes, 68 francs 50 centimes. Five per cent loan, 97 francs 50 centimes. Ex- change on London, 124 francs 181 centimes. The dollar was quoted at 25 francs 60% centimes. | silver, 57 of our country be- of America. The finest And \e BB\ BNANLINE Many have ANZ and can look with semi-annual inter- est checks on the day they are due. Is this the method you are looking for? SWARTZFELL, ENSEY Co. 0 NEW YORK, January 14 (#).—Bar || "FINANCIAE. GRAIN MARKETS Special Dispatch to The Star. CHICAGO, January 14—Grain mar- kets have greeted the definite news of a special congressional session in April to consider farm reliet with the greatest activity and strength in months. It has sounded so good to speculators that some of the largest of them are reported to have come back home after long association with the boom in the stock market. As a result the local com- modity exchanges are hopeful that they may again see some real bullish action. ‘There has been evidence of it in the recent trade. With no change in an essentially bearish world situation, wheat prices have moved from the lowest level in four years to a point over 6 cents a bushel higher in less than a week. But corn has been the real leader. Here conditions are construed as bullish and with aggressive buying values have been shoved up rapidly until they are just scraping on the $1 level. This gives the Midwest farmer his first thrill in a long while. He has been holding his corn, banking on specula- tive activity, His judgment this time has been vindicated and now corn is coming to market in larger volume at the higher prices. I ARE REVIVED BY HOPES OF FARM RELIEF It is the possibility of congressional action to provide machinery for handling crop surpluses, before the next ‘Winter wheat cn:gcmavn to market, which has given incentive to push up wheat prices now. This prospect is said to e sufficiently alluring to attract the attention of big stock traders who find their own market hesitant and un- certain in trend. Wheat has been selling at the lowest level in over four years. World supplies are excessive and there is no evidence of prospective curtailment. Proposed farm relief legislation, however, would set up machinery for handling the American surplus, with a revolving fund totaling $250,000,000 available for that purpose. ‘The prospect is one which traders appear willing to speculate upon. During recent months, and in fact for nearly two years, local commodity markets have stagnated while attention was devoted to stocks. So dublous was the outlook for future trade that the Board of Trade has laid plans to trade in securities. Now the center of interest is back on grains, with stock traders them- selves interested. It remains to be seen 'fl'm" the present activity is a false alarm. HIGHWAY CONSTRUCTION PROGRAMS ARE PUSHED Special Dispatch to The Star. NEW YORK, January 14.—Thirty-two States have already issued bonds to help in the construction of their paved high- ways. This includes Iowa’s $100,000,000 issue, agreed to by the voters at the last election. Thirty-one of the States have outstanding bonded indebtedness for State road and bridge work of $860,- 000,000. To this must be added the county and township bond indebtedness, not only in the 31 States referred to, but in 14 others—45 States in all—of $1,386,000,000. Figures for last year are not yet available for comparative purposes, but for 1927 the county and township road income was $840,000,000, of which about 21%5, per cent, or $181,000,000, was de- rived from the sale of bonds, or more than double the sum received from motor vehicle fees and gas taxation. Interest rates for bond issues for road purposes have averaged from 3 to 5 per cent. The average interest on all State road and bridge bonds sold in the last 33 years is 4.35 per cent, according to tcl‘::t United States Department of Agri- ure. MARYLAND TOBACCO SALES. BALTIMORE, January 14 (Special) — The market for Maryland leaf tobacco has been at a standstill the past week with no receipts or sales reported and prices show no change from last week. Stocks on hand in State warehouses to- tal 12,544 hogsheads and 194 hogsheads of ground leaves. Quotations today for Maryland tobacco per 100 pounds: In- ferior, 6.00a7.00; frosted, 3.00a4.00: sound ccmmon and greenish, 8.0015.00; good common, 16,00a25.00; medium, 26.00a40.00; good to fine red, 41.00a 50.00; fancy, 50.00a51.00; seconds, com= mon to good common, 6.00a15.00; me- dium, 16.00a23.00; seconds, good to fine, 24.00a35.00; upper country, Burley, nom- inal; ground leaves, 3.00225.00. e e Steel Plants Active. NEW YORK, January 14 (#).—U. S. Steel Corporation's plants are oper- ating at 85 per cent of capacity in Youngstown district, with independent output_averaging 75 per cen First Mortgage Loans Lowest Rates of Interest and Commission Cattle, sheep and the luction of woo! are important indt in Chile, Thomas J. Fisher & Company, Inc. Safe Deposit Boxes A Moderate —than a larger yield, plus Capital & Surplus $3,000,000 WOODBURY BLAIR, 1st V. Pres. FRANK W. STONE, 2nd V. Pres. FRANK STETSON, Trust Officer. CHAS. C. LAMBORN, Treasurer. BRUCE BAIRD. Asst. Tr. Officer. BORNET, Asst. Tr. Officer. ALVERT, Asst. Treas. 8 'S PARDOE. Asst. Treas. ALEXANDER J. FANT, Asst. Sec. Jol . BOTELER, Asst. See. AUDLEY A. P. SAVAGE, Auditor. Year Your Cash Is Better PAYDAY times, and put your surplus where it will not only earn steady interest, but will have the protection of a time-tried bank, like “National Savings.” ‘}m Open Until 5:30 P.M. i t AI: January 15th and on, fl Amm{nt January 16th .Acumm.- OFFICERS: ;uncroug WILLIAM D. HOOVER, President. - sy National Savings & Trust Co. 62nd Oldest Savings Institution in the District of Columbia Cor. 15th and New York Ave. at Nominal Rentals Return from risk. Keep that in mind, at Mortgage Bonds through 56 years can faction. Coupons peyable our latest booklet. (815 - 15th Street, K. ODERN, inceme-produ‘cfing city properties secure the 6129 First January investment. Each issue is pro- tected by a system of positive safeguards developed by The F. H. 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