Evening Star Newspaper, January 15, 1929, Page 13

FIN FORD MOTOR STOCK 15 CURB FEATURE Standard 0il of Indiana Also ¢ Registers Spectacular Ad- vance in Trading. BY WILLIAM F. HEFFERNAN, Bpecial Dispatch to The Star. NEW YORK, January 15—Two spec- tacular developments occurred on the curb éxchange today, and in each in- stance the demand for the issues in- volved was influenced by reported de- velopments in the respective companies —Ford Motor of Canada and Standard ©Oll of Indiana. Ford Motor of Canada left off at 730 yesterday. It opened at 825 today, re- acted to 781, then shot forward to its highest in history, at 890, before the session was half over. Speculative Wall Street has heard rumors recently of a fight for control of the company in the open market, and the unprecedented demand today for such a high-priced | issue appeared to give foundation to these reports. It has been rumored that the Ford family is desirous of in- creasing its holdings with a view to ex- panding the company’s operations in the Dominion. Officials of the company were quoted as denying the report that a recapital- ization plan was under contemplation whereby the present shares of $100 par value (of which there are only 70,000 outstanding) would be changed to stock of §5 par and 100 shares of the new issued in exchange for each of the present. Standard of Indiana 6n an enormous turnover soared from the previous final of 91% to a new high around the 100 level. There was no doubt that the buying 1_presented competitive bidding by the two factions involved in the Rockefeller-Stewart controversy, in order to obtain sufficient proxies to accom- plish their respeciive purposes at the caming annual meeting. Because of the impending fight it is expected that leading commission houses will leave the voting of the proxies up to margin holders instead of signing and return- ing them, as has been the method in previous years. New high records were marked up in other instances. Vacuum Oil managed to make a new top, but felt the effect | ;ffl Droflb)stsaking later. American Super wer ues continued ive hkhil‘. active and | ‘Others which reached new tops in- cluded Trans-Lux, Thompson Prgduct& class “A,” up some 5 paints; R. C. Wil- liams, up almost 4 points, and Dubilier Radio, some 2 points higher. ~Aircraft issues were featured by a heavy demand for both E. W. Bliss and Uhiversal Aviation Corporation, the lat- bt:-':t:gerespond{ng‘m buylnlg said fo account of a recent] investment trust. g Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., Janua 15— Potatoes, white, 100 pounds, 113'0-1.40: sweet potatoes, barrel, 1.50a3.25; bushel, 78al.75; yams, barrel, 1.5023.25; beans, , 4.0028.00; beets, 100 pounds, 4.0026.00; brussels sprouts, quart, )a25; cabbage, hamper, 2.25a2.50; 100, o.c;z.oo. St Ty, crate, 1.50a3.50; cucumbers, bushel, 4.00a8.00; egg plants, crate, 5:00a8.00; kale, bushel, 50a65; lettuce, hamper, 1.50a2.25; onions, 100 pounds, 1.25a4.00; oyster plants, 100, 6.00210.00; squash, crate; 4.00a15.00; savoy cab- bage, bushel, 75a1.00; spinach, bushel, 60a1.00; crate, = 1.0023.00; turnips, - 2pp a2.00; Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.29%; January delivery, 1.29%. Corn—No. g export, January delivery, 1.04%; No. 2 yellow, 1.06; cob corn, Oats—No. 2 white, domestic, spot, 58a6812; No. 3 white, domestic, spot, 5615a57%5. Rye—Nearby, 1.10a1.20. ANCTAL.” THE EVENING STAR, WASHINGTON, D. C., TUESDAY, JANUARY 15, 1929. NEW YORK, January 15.—Following is a list of stocks and bonds traded in on the New York Curb Market today, with the volume of sales and prices up to noon. Sales INDUSTRIALS Hizh. Low. Noon. P VT I T 44 a4 i 36) 1Asta Ausco’ pid it 1Alles & Pisher 2 Allied “Pack i 2Aipna Poit Cem . 2Am & For Fow w 1Am Com Alco vic 11 Am Cyanamd B . 7Am Cyanamid B ris Strs . or Superp B lo, Chil Nitra . Nat 5 4 2y 3 6Auto Reg Mch wi 17 Auto Reg Mch cv. 1A C Bliss E W ... 6Boeing A & T 6Boeing A & T 8 3 Bohn Al & Br &P 10% . 48" 471, 48 5 1074 107 107% City Ice & Fuel. 34t 24 3 City Mach & Tool U234 Commonwlth Ed Commonw P pfd. 10 Cons Auto Mer vi 10 Cons Auto Mer pfd 1 Consol Dairy P, 39 Consol Film . 5 Consol Laund " 3 Cons Ret, Strs Cu 2 Gurtiss Flying S5 7d 2 igo Cor 1Fashion Park.. 6 Federal Water 20 Fox Theaters A. 1French Line B.. 13 Freshman Chas 1Gen Brnnpu . § Gornam B stl ranite ?GHHD\‘-'X . 1% 1% 115 2 Grigsby Grunow n ... 1613 1613 16134 4 Habirshow El & Cable 30 21 30 1H: 2 20 20 203 243 a8l Haygart Co 1 Hazeltine Corp 111} 47 2 Helena Rubenstein . 16 Hiram Walk G & W. 6 Horn A C 5 Household § Huylers NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office 30 Cresson Con Gold 270 Fa 47Hud Bay Min & Sim. < Lake Gold . 185t Anthony 1 Tonopah 4Yuk Alas Tt efsi. s INDEPENDENT OIL STOCKS. hundreds. 13 Cities Serv rts ... 2 Citles Serv_pfd %d 27 Columbia_Synd .. s 25 4% 15814 634 Salesin STANDARD OIL ISSUES AND units. FORMER SUBSIDIARIES—STOCKS. 4300 Anglo-Am Oil loaa A O non' vy 500 Hui SOHIPL ... 600 Imp O Can 100Ind P L . 5400 Inter_Pet "Lt 200 Nat_Tra 4700 Vacuum Of 3 Abitibl P & P 5 Ala Pow 4 s 25 WW & 8 Fe 4125 s 3Bell T Can 10 Can Nat Ry 78 Elll] 10Can Nat Ry 4%as: 1Cent Sta P & L'5iis. 95 4Cit Serv 5s... 6 Cudahy 5lzs .. 993 1Denv & Salt Luke 65 90%2 2Det Intl 6los .. . 951 9 x n{ mer 55 ... 5 Intersta Pow 5s n... 1 Interstate Pow 65 ... 32 Invest Corp Am 55 e o 4 1» Leh Val © Rty ’ TEDD Owens dncar- 5 53 918 3§Ma;€nm Int) M Hay—Receipts, 19 tons. 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 busi- ness passing to establish prices on the various kinds on merit at a range of 16.00a18.50 per ton of timothy or clover hay. Straw—No. 1 wheat, 11.00212.00 per ton; No. 1 oat, 12.00213.00 per ton. Dairy Market. Live poultry—Turkeys, pound, 32a35; old, 25a30; Spring chickens, 32a38; poor and thin, 20; old hens, 26a31; leg- horns, 25a27; small and_poor, 20; old roosters, 18; capons, 34a40: ducks, 20a30; small, 20; geese, 20a26; guinea fowls, each, 85; pigeons, pair, 30. Dressed poultry—Turkeys, pound, 30a35; old, 25a30; young chickens, 30a35; old and mixed, 25a30; old roosters, 18a20; 34a43; ducks, 25a30; geese, Eggs—Regeipts, 724 cases; native and mearby firsts, free cases, dozen, 36a36)2; current receipts, 30a35. Butter—Good to fancy creamery, pound, 454915 prints, 49%%a51%: blocks, 4813a50%5; ladles, 38a40; store packed, 30; process butter, 42a43. CHICAGO LIVE STOCK MARKET CHICAGO, January 15 () (United States Department of Agriculture). — Hog—Receipts, 47,000 head; mostly steady, to 10 lower, largely, 8.90a9.05; market on desirable, 160-290 pounds; top, 9.10 paid for 180-200 pounds. Butchers—medium to choice, 250-300 pounds, 8.65a9.00; 200-250 pounds, 8.75a 9.10; 160-200 pounds, 8.75a9.10; 130- 160 pounds, 8.35a9.00. Packing sows— 7.8528.50. Pigs—medium to choice, 90-130 pounds, 7.85a8.50. Cattle—Receipts, 8,500 head; calves, 2,500; dull weak trade on fed steers; only reliable outlet being for desirable light yearlings and a few loads of well finished, weighty steers; choice weight) bullocks up to 15.90; bulls, higher. Slaughter classes, steers, good and choice, 1,300-1,500 pounds, 12.75a16.00; 1,100~ 1,300 pounds, 13.25216.25; 950-1,100 pounds, 13.25816.50; common and medi- um, 850 pounds up, 9.50213.50; fed year- lings, good and choice, 750-950 pounds, 13.25a16.50; heifers, good and choice, 850 pounds down, 11.50a13.75; common and medium, 8.25a11.75. Cows, good and choice, 8.25a11.25; common and medium, 6.5028.25; low cutter and cut- ter, 5.50a6.50. Bulls, good and choice (beef), 9.75a11.75; cutter to medium, . 8.00a10.15. Vealers (milkfed), good and choice, 15.00a17.50; medium, 12.50a 15.00; cull and common, 8.00a12.50. Stocker and feeder steers, good and choice (all weights), 11.00a12.25; com- mon and medium, 8.75a11.00. Sheep—Receipts, 7,000 head; limited early trade 25a40 above Monday's aver- age; moderately sorted lambs, 16.25a 16.50; closely sorted to outsides, 17.00; sheep steady; top ewes, 10.00; feeding lambs scarce; lambs, good and choice, 92 pounds down, 15.85217.00; medium, 14.15a15.85; cull and common, 10.00a 14.1: ewes, medium to choice, 150 pounds down, 7.75a10.25; cull and com- mon, 3.50a8.25; feeder lambs, good and choice, 13.75a15.25. . Plans Plant Improvement. NEW YORK, January 15 (4).—United States Steel Corporation is reported . Cem....| 7 North Am Utility Sec. 15 North Eastern Pow. 3Nor Am Warr pfd wl 11 Nor Sta P pfd rts. 4 Northwest Engre. 8Pac G&E 1 pf 3 Param Cab M d ¥ Penn O Ed pfd 4Penn O Ed optl o} 2Penn Ohio Sec s b LB war 42 2 Pitney Bowes 18 Radio Corp N 2 Rainbow 0 2 Sec Gen Am 1 2Sec Gen_Am 2 Taggert Cor 6 Tampa . 51 Thomps 6 Timken 17 Trans Pro Det 3 Tung Sol Lam 4 Union Amer Inv 2 Union ‘Tobacco. R Uni Blse Carbon ped FElec bond ts. G Imp C Sodadagy 8595553 PR Foil ‘Bl Freight iversal Aviation. Loctf B. o e T iapats gagac < Wms Ol Miams’ (R'C) & Go & er B J ... 24 Wi Winter 18 Zonite ... Salesin lanning complete modernization of its cKeesport and Duquesne works and ‘I,d.z!r Thompson works at Braddock, Dundreds. 20 Am Con M 430 Ariz Globe C ... 7 Com Tun & Dratn 4 Cons Cop Mines 1 13% BY KENNETH S. VAN STRUM. NEW YORK, January 15.—The lower money rates which had been generally anticipated in January are now a fact. The average renewal rate for call loans dropped from 10%; per cent during the first week in January to 6.25 per cent last week. But in spite of easier money | the stock market has not shown the vitality which a few weeks ago was s0 widely predicted for it. The market lately seems to rise when money is tight and fall when it is easy, .contrary to a common idea that the market automatically responds sympa- thetically to call money rates. The recent sharp changes in call rates, how- | ever, have been largely seasonal in | character. Seasonal Fluctuations Misleading. The trader who uses the erratic fluc- tuations of call money rates as a guide in trading would be misled about half of the time. Statistical studies have been made which prove this point. Ad- ditional proof can be had merely by observing that call money has distinct seasonal fluctuations; phenomena im possible in the stock market, since trad- ers would anticipate them and, by try- ing to take advantage of such trends, would promptly remove them altogether. Because of seasonal demands for credit, call money rates normally fall through January and February, rise slightly through March and April, and fall again until Midsummer, when a gradual rise ssts in, continuing up to the seasonal peak of the year in De- cember. When rates do not follow this path fundamental changes are taking place in the call money market. A Minor Influence. Merely because the demand for funds is greater at certain periods of the year than at others, thus causing seasonal fluctuations in call money, it does not follow that the stock market will re- spond. It is only the more fundamental influences that have any important ef- ! 1929 CALL MONEY RATES fect on stock trends. In a broad way a generally rising level for call money such as we have witnessed during 1928 exerts a restraining influence in stocks, but rising call money rates exert little influence in the stock market as long as business continues to expand. Stocks and Business Inseparable. While business men and bankers are now, as the new year is begun, almost unanimously of the opinion that money rates will be on a higher level this year than last, they also say that there will be plenty of money to finance all rea- sonable needs of business, which they expect will maintain its present high rate of activity. But they frown upon the possibility that the stock market also will continue to absorb credit. They believe it advisable that the stock mar- ‘| ket stand still or even decline moderate- 1y, while industry continues to turn in | gyers Co, rights have been admitted to LA LG L 5”23, a B L] 2 Eur Mtg & 11 Finland Res Mtg s ts. Such an event would t for the first time in rd mea ‘Thistory E d cease to fore- the stock market woul cast business profits. The Banking Problem. Probably whatever happens to the credit situation of 1929 will affect the stock market and business alike. Bank- ers continually point out that it is prac- tically impossible to extend credit for business purposes without some of the credit finding its way into the stock market. The Reserve Bank authorities realize this well enough, and it is the chief influence which keeps them from applying more drastic methods to force stock market liquidation. As long as business continues to ex- and at a rapid pace no major decline B: stock prices can be expected. In the past_stocks have anticipated business conditions, and if past experience can still be depended wpon, stock prices will commence to fall only at the first sign of a halt in busheéss expansion. Be- cause of this inseparable relationship between stocks and business conditions, the forecasts of contlnue%good business recently published can only be accom- panied By a forecast of continued high stock prices, for only when one is satis- fled that the present phase of business expansion has been carried to the limit is a forecast of generally lower stock prices warranted. (Copyright, 1929.) o FOREIGN EXCHANGE. (Quotations furnished by W B. Hibbs & Co.) Nominal gold Selling checks value (or pan). " today. London, pound. 665 $4.85 Paris, franc. 193 0 n Hug 75’38 18tin Hugo 7s 48 14 gnl Elec Serv 7s xd—Ex dividend. Wi—When issued. n. ew Ww—With warrants. Public Utilities Special Dispatch to The Star. NEW YORK, January 15.—Middle West_Utllities Co. in its statement for the 12 months ended October 31 shows a profit of $11,819,445 after expenses but before Federal taxes. Total in- come amounted to $13,810,506, and bal- ance after preferred and prior lien dividends but before Federal taxes was $5,062,592. These figures are exclusive of undistributed earnings of subsidiaries applicable to common stock owned by the Middle West Utilities, Commonwealth Power Corporation system reports sale for the month of December amounting to 157,060,561 kilowatt hours of electrjcity and 666,- 130,100 cubic feet of ‘gas, compared with 137,882,192 kilowatt hours and 574,239,100 cubic feet in December, 1927, representing increases of 13.91 per cent and 16 per cent, respectively. GRAIN EXPORTS GROW. BALTIMORE, January 15 (Special). —For the first time in a year the mari- time exchange reports exports of grain from this port as exceeding 1,000,000 bushels in a week. Last week 1,118,456 bushels were sent out, of which three were full cargoes. Grain exported was made up of 515414 .bushels of wheat, 447,248 of corn, 29,919 of oats and 125,877 of barley. The full cargoes, all of mixed grain, were for continental Europe, There were 2,989 barrels of flour exported. S G T Ry TREASURY CERTIFICATES. (Reported by J. & W. Scligman & Co.) Rate--Matuiity. Bld.” °’ Ofter Mar. 15, 992232 9924-32 3%s 920 37us Mar, 15, 9925-32 99 27-32 Mar, 1 B i —_— St. George's Methodist Church, Phila- i 7 3 9712-32 peset; schilling. g Oslo, crow Stockholm, SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid. " Off Allis-Chalmers Co. 55 1987.. £ Aluminum Co. of Amer. 5s 1953 Tel. Co. ‘4s 1929. n crown. 1 e O1l Corp. 937, Shell Union Oil Co. 58 1947 Sinclair Crude Oll 5%as 193 Southern Pac. R. R. ds 1020.. 99% Stancard Oil N. Jersey 5s 1946 . Lo AT ML & So Ry. 4s 1020 95 105, 100% DIVIDENDS. Pe- Pay- riod.Rate. able. ... Q 3175 Feb. Co. Fel Hldrs. of Corporation. record. Jan. tata st Ll onia: 222 ean023838 2 R LSRR RN 3101 IO OIS, . |- JOTNSTS RERREEE L R s M M L b = u delphia, has just celebrated its 159th anniversary, | WATER CASE VERDICT MAY AID COMMERCE Supreme Court Decision Is Held Possible Factor in Lakes Freight Situation. BY J. C. ROYLE, Spectal Dispatch to The Star. NEW YORK, January 15.—Vistas of wider expahsion of profitable commerce were opened today, even for Chicago, the point most seriously affected, as a result of the decision of the Supreme Court of the United States in the Great Lakes water diversion case, according to transportation men. At first glance the decision holding that the increase in diversion of the waters of Lake Michigan above 8,500 cubic feet a second in order to dispose of the sewage of Chicago was improper and must be reduced so as to restore the navigable capacity of Lake Michigan to its proper level, would seem to fall heavily on the Illinois city, since it must find other means of sewage dis- posal. But the increase in traffic to and from the great Midwest manufacturing and distributing center is likely to more than compensate therefor. It is notable the diversion of water | for navigation of the proposed lakes- to-the-gulf deeper waterway may be increased. Chicago is now completing another septic sewage disposal plant, but the task of caring for future re- quirements in this line will be a costly one. It will, however, mean employment to thousands and account for consump- tion of a huge amount of raw and man- ufactured materials. Operations of the Federal barge line on the Mississippi River are now show- ing a profit. The increase of that profit, according to the Army Engineers, is merely a matter of increasing equip- ment. Congress is now being asked for $10,000.000 to enable the Inland Water- ways Corporation (the Federal barge line) to develop channels in the Missis- sippi, Missouri and Illinois Rivers. This would be spent largely for terminal fa- cilities at St. Louis, additional towboats for the upper Mississippi and four tow- boats each for the Missouri and the llinois, The Missouri channel will have a 6- foot draft, and that of the Illinois 9 feet. It is estimated the freight carried by the Federal Barge Line in 1929 will be 50 per cent heavier than in 1928. With the opening of the Illinois River channel, the lake States will have water transport for their products as far West as Kansas City, as far South as New Orleans, with improved position to fight for the trade of the Pacific Coast through the Panama Canal; as far North as Minneapolis. and as far East as Montreal and Pittsburgh. The im- provements on the Ohio River have réached a stage whege their final com- pletion is now a matter of months rather than years. New Construction Contracts. NEW YORK, January 15 (#)—New construction contracts awarded in 37 States east of the Rocky Mountains the week ended January 11 totaled $89,962,- 200, the F. W. Dodge Corporation re- ports. ‘Total since the first of the year increased to $120,982,500, a daily aver- age of $13.442,500 compared with a daily $16,296,000 for January of last year. $aiodats PARIS BOURSE PRICES. PARIS, January 15 (#).—Price changes were mixed on the Bourse today. Three per cent rentes, 69 francs 10 centimes. Five per cent loan, 97 francs 151 centimes. Exchange on London, 124 francs 16 centimes. The dollar was quoted at 25 francs 59'2 centimes. Rights Admitted to Trading. NEW YORK, January 15 (#).—A. M. trading .on. the New .York sfiock';cva: gold With the corporations leaning on the stock market and the stock market leaning on the 'corporations, and both leaning heavily on the banks, the most important question about business in 1929 is whether one of these three partners in prosperity will withdraw support, according to Col. Leonard P. Ayres, vice president of the Clevoland‘ Trust Co., in the bank’s current bul- letin. “Interest rates on time loans secured | by collateral have been higher during the past six months” the bulletin | states, “than they have been during any other six months’ period in our history, except in 1920. This unusual condition has caused nearly all the year-end com- mentators to view the credit situation with alarm in their reviews of business and finance during 1928 and in their estimates of the prospects for 1929. Reaction Possible. “Their anxiety is well founded, for we have never had a period with in- terest rates even comparably as high |as those now prevaill | been followed by a | security prices and by a serious reces- sion in general business.” Public enthusiasm in the stock mar- ket has been aroused, according to Col. Ayres, by the phenomenal growth of a few of the country's pig corporations. Speculators, he finds, are buying on ex- pectation and almost without regard to present earnings, dividends or asset values. Earnings Discounted. “In the last two years,” writes Col. Ayres, “stock prices have been advanced far more rapidly than have dividends, and dividends have increased much faster than earnings. This process is known as discounting the future.” Earnings declined in 1927, reports the | bulletin, “but, nevertheless, dividends were jncreased and prices advanced sharply. * * * The buil market had begun to discount the future. This FINANCIAL. 13 —— INCREASE IN STOCK TRADING IS LOOKED FOR BY COL. AYRES pidity in 1928. Earnings made a good Tecovery, dividends were again increased and prices mounted very much higher. During the four years since 1924 earn- ings increased 78 per cent, dividends were advanced 120 per cent and prices were marked up 230 per cent. If the relationship established in 1924, 1925 and 1926 may be considered normal, it would appear that prices for these stocks have discounted dividends about four years ahead'and earnings about | eight years ahead.” Trend Analyzed. In the study of the trend of earnings, dividends and prices 29 issues—4 ral stocks and the rest industrials and util- ities—were chosen “as being those that have furnished the greatest volume of trading during the last five years.” Regarding the volume of stock specu- lation, the bulletin says: “Three inferences seem justified. The first is that the relative volume of stock market speculation appears to have moved in long, irregular waves during the last half century. The 80s seem to have been a time of large but declining stock speculation and the 90s a period of relatively low speculation, rapidly increasing toward the end of the decade. The next decade, up to 1910, seems to have been a time of very great speculation, followed. by some 15 years of relatively low speculation. “The second inference that seems warranted is that the volume of specu- lation during the last year has been relatively very large, when compared with the standards to which we have become accustomed since 1910, but not relatively large when compared with the speculation of the first 10 years of the century, or with that of the 80s. The third conclusion is that we appear to be entering another period of relatively high volume of stock speculation rather than merely experiencing a purely tem- porary flare-up of public interest and participation in market operations. It seems unlikely that the phenomenal records of 1928 will constitute durable process continued with increasing ra-landmarks in stock market progress.” Special Dispatch to The Star. NEW YORK, January 15—For the first time since 1921 the merchandise balance of trade of the United States last year crossed the $1,000,000,000 mark. The actual difference between he value of exports and that of im- ports was $1,040.000,000, compared with $680,000,000 in the 12 months of 1927. During 1928 exports increased $264,- 000,000. Of this amount nearly 70 per cent represented the growth of foreign sales of American manufactured prod- ucts, which aggregated $2,258,000,000 out of the total exports of all kinds of $5.120,000,000. The remainder was chiefly to shipments of farm products, as well as of metals and oil, at consider- ably higher prices than had to be paid by foreign consumers quring 1927. One significant trerd in the year's trade was the decline in the value of imports. This amounts to $95,000,000, as against the increase in exports noted of $264,000,000. Some l:ght on this sit- uation was given in the statement that, due to the higher rates for call money in this country, American firms that purchase commodities abroad have been delaying such purchases as long as pos- sible in order to use their capital on the advantageous terms provided by Wall Strect. It suggests another way in which the vast sum of brokers’ loans credited to corporations may be drawn on when money rates eventually drop down to a rate at which it will be more profitable to put®capital into busi- ness than into stocks. In addition to the commercial trade balance of over $1,000,000,000 was the excess of $392,000,000 of d exports imports: ana of $19,000,000 of of silver over .imports of this COTTON IS STEADY IN OPENING SALES Realizing Causes Declines in Early Trading—Cables Are Unsatisfactory. By the Associated Press. NEW YORK, January 15.—Prices on the cotton market opened steady at unchanged . prices to a decline of 7 points_under realizing combined with some Southern and local selling. The latter was believed to be prompted by the rather indifferent showing of the later Liverpool cables. After easing off to 20.32 for March and 19.98 for July, prices steadied on a rcnewal of trade and commission house demand. March sold up to 2041 and July to 20.07, making net advances of about 4 to 8 points. The volume of busi- ness tapered off and the market was quiet at the end of the first hour. Private cables rcported continental Japanese and Chinese buying in Liver- pool, supplied by realizing, and saic there was more activity in cotton cloth for Egypt and the Near East. CORN VALUES GAIN AFTER EARLY DROP Reports of Drought Damage in Ar- gentina Cause Bullish Movement. By the Assoclated Press. CHICAGO, January 15.—Fresh strength deyeloped here in corn values today after early downturns. A wave of extreme heat, intensifying drought damage, was reported as sweeping over Argentina and Buenos Aires. Quotations on corn were sharply higher. Opening unchanged to 1% off, Chicago corn prices FOREIGN CAPITAL INVESTED HEAVILY IN AMERICAN STOCKS metal. In 1927 gold exports and imports nearly balanced, while the difference between the one item and the other was about the same as in 1928. In the past six months Europe has borrowed comparatively little in dollars from this country. On the other hand, the European participation in the American stock market has been heavy and has greatly overbalanced the pur- chases by American investment trusts and private investors of currency secu- rities of continental Burope, which were extremely popular throughout 1927 and the early part of 1928, All of these counter-movements have been on such a gigantic scale recently, where Ameri- can credit balances are concerned, though showing a shrinkage in some of the important debit items, that the final figures of what must eventually be paid this country as a result of trade and financial operations for the past 12 months will be more interesting than ever. CHICAGO DAIRY MARKET. CHICAGO, January 15 (#)—Butter —Higher; receipts 14,442 tubs; cream- ery extras, 45%; stan 45%; ex- tra firsts, 45a45%4; firsts, 44a443; sec- onds, 43a43l3. Eggs—Higher; receipts, 10,216 cases; extra firsts, 36a37; firsts, 34a341%; or- dinary firsts, 30a32. Poultry—Alive, firm; receipts, 1 car; fowls, 30; Springs, 30; roosters, 20; turkeys, 25; ducks, 24a28; geese, 19. SILVER QUOTATIONS. NEW YORK, January 15 (#).—Bar silver, 57%; Mexican dollars, 43%5. later showed gains all around. Wheat, affected by Liverpool weakness, started 12 to 1 cent lower and afterward dis- played but little power to rally. Oats also were easier and provisions likewise inclined downward. With advices at hand indicating drought damage to the Argentine corn crop was rapidly becoming worse on ac- count of record high temperatures ap- proximating 100 degrees, the corn market here began early today scoring new upturns in price. Aside from drought reports, dispatches also were current estimating that Argentine corn zupplies available for export in the next 10 weeks would total only 22,000,000 bushels, an amount altogether inade- quate to meet European requirements and pointing to enlarged purchases else- where, the United States in particular. Big buying of May delivery of corn took place here today when the price for that month sagged early to 98% cents. A leading speculater took hold on a large scalé and the price jumped more than a cent a bushel in short order. Meanwhile receivers reported country offerings of corn to Chicago as being smaller and chiefly held at 1, to 1 cent above the market. Pipe Line Deliveri NEW YORK, January 15 (#).—De- cember deliveries by 11 pipe lines of group totaled 15,766,284 barrels, compared to 15,528,310 barrels Deliveries in 1928 totaled 187,707,957 barrels, an increase of 5,488, 981 barrels over 1927. mfler Made. NEW YORK, January 15 (®).— Borg-Warner Corporation of Chicago stockholders of record January 24 will be cfler:d‘ lr;sh!u to buy one additional share . af for every 10 shares held. Proceeds will be used to complete pur- Manufacturing Co. of $15,920,391. 27.96 per cent. January 15, 1029, Rights to rfih:cflbe for these Shares are being of record January 15, 1929, and the sale of the Shares is being underwritten. given to Common Shareholders 199,000 Common Shares American Founders Corporation AMARYLAND CORPORATION Successor of American Founders Trust A MASSACHUSETTS TRUST Transfer Agents: THE SFABOARD NATIONAL BANK OF THE CITY OF NEW YORK THE FIRST NATIONAL BANK OF BOSTON First Preferred (850 par) . Second Preferred ($25 par).... Common (no par). . 8,600,000 shares The Corporation may issue bonds or debentures maturing one year or more from the date thereof to an amount equal to the aggregate of the then paid-in capital, surplus and reserves, and may borrow money for temporary purposes to an amount equal to 25 per cent of its total assets from all sources. Earnings: During the fiscal year ended November 80, 1928, Common Share dividends of 50 cents per share paid in cash were-earned 3.66 times before Preferred Dividend Reserves. On the average number standing, $1.81 was earned per share before the reserves and $1.63 after reserves. The rate of net cash earn- ings after Preferred dividends on the average net Common Share paid-in capital and paid-in surplus was Common Shares: No Par Value. Dividends payable February 1, May 1, August 1and November 1. Registrars: THE CHEMICAL NATIONAL BANK OF NEW YORK NATIONAL SHAWMUT BANK OF BOSTON The information supplied by Louis H. Seagrave, President of the Corporation, is summarized by him as follows: Company and Business: American Founders Corporation was organized under the laws of Maryland in 1928 as successor of American Founders Trust, a voluntary trust organized under the laws of Massachu- setts in January, 1922. The Corporation is a management and holding organization which supplies invest- ment supervision to four investment companies of the general management type: International Securities Corporation of America, Second International Securities Corporation, United States & British Inter- national Company, Ltd., and American & General Securities Corporation. The Corporation has a general investment portfolio internationally diversified. The general invest- ments, cash and call loans as of November 80, 1928, plus the cash to be received from the sale of 199,000 Common Shares, exceed $35,000,000. The Corporation also owns substantial blocks of the Class B Com- mon shares of the four affiliated companies. 2 The combined resources of American Founders Corporation and the affiliated investment companies exceed $150,000,000. Assets: As shown by the balance sheet at November 30, 1928, after giving effect to the issue and sale of 199,000 additional Common Shares, the resources of the Corporation will investment securities at market quotations November 80, 1928, these resources would be increased by ToBe Presenily Outstanding $14,961,350 8142,575 In addition to cash dividends paid, scrip totaling one thirty-fifth share was given, having a November 30 market value of $1.80. Rights were given per share during the year which if exer- cised were worth $2.70 at November 30 quotations. The holder of one Common Share, therefore, received during the year cash, scrip and rights worth $5. In addition, there was an increase of $9.11 per share in asset value through earnings and appreciation in value of investments at No- vember 30 market quotations. The outstanding Common Shares of the Corporation are listed on lllg Boston Stock Exchange Legal matters in connection with these shares will be passed upon by Messrs. Seidert & Riggs of New York Founders General Corporation Mackubin, Goodrich & Co. " Al statements miade herein, while not guaranteed, are believed by us to be accurate. John P. Baer & Co. $56,750,607.85. Taking the Capitalization: "The capitalization of the Corporation, as of November 30, 1928, after giving effect to. the sale of 199,000 additional Common Shares, is as follows: 1,794,932 shares out-